United Bank for Africa has raised N178.3 billion through a rights issue, pushing its capital base above the N500 billion minimum set by the Central Bank of Nigeria (CBN) for lenders with international license.
The capital raise, which closed in September 2025, follows a N239 billion injection completed in November 2024 that had lifted the bank’s capital to N355.2 billion. Combined, the transactions position UBA above the CBN’s recapitalisation threshold ahead of the March 2026 deadline, pending formal regulatory confirmation.
Nigeria’s Central Bank is requiring all internationally licensed banks to maintain a minimum capital base of N500 billion by March 2026 as part of broader efforts to reinforce financial system stability.
UBA said the offer attracted 6,404 valid acceptances for 3.57 billion shares, with standard applications accounting for the bulk of subscriptions. Traded rights contributed a marginal 10,462 shares through five transactions on the Nigerian Exchange. Total applications, including invalid submissions, amounted to 4.13 billion shares.
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The rights issue was priced at N50 per share and involved 3.16 billion ordinary shares of 50 kobo each, offered to shareholders on the register as of July 16, 2025. PAC Registrars and Investor services is scheduled to credit investors’ CSCS accounts by February 7, 2026, with refunds of surplus funds to be completed by January 13.
Meeting the N500 billion capital requirement strengthens UBA’s capacity to support large corporate and infrastructure financing, expand across its African footprint, and maintain its Tier 1 status as regulatory standards tighten across Nigeria’s banking sector.
Shareholding data as of June 30, 2025 show Heirs Holdings Limited owning 5.15 percent of the bank, while UBA Nominees holds 6.27 percent. Heirs Holdings is controlled by Tony Elumelu, UBA’s chairman.
The capital raise comes alongside steady earnings growth. The bank reported unaudited profit of N537.5 billion for the first nine months of 2025, up 2.33 percent from a year earlier, while gross earnings rose nearly three percent to N2.5 trillion, driven by interest income.