WATCH THE VIDEO HERE The United Bank for Africa (UBA) has announced the submission of an application to the Nigerian Exchange (NGX) for the approval and listing of a rights issue totalling 6,839,884,274 ordinary shares (six billion, eight hundred and thirty-nine million, eight hundred and eighty-four thousand, two hundred and seventy-four). This announcement follows the bank’s Q3 2024 financial report, which showed a 101.88% year-on-year rise in pre-tax profit to N194 billion and a nine-month total of N603.4 billion, reflecting steady financial growth. The rights issue, filed through UBA’s stockbroker, United Capital Securities Limited, proposes ordinary shares priced at N35.00 each, with a nominal value of 50 kobo per share. Structured on the basis of one new share for every existing share held, the offering is applicable to shareholders as of the qualification date, November 5, 2024. This was confirmed in a statement signed by Godstime Iwenekhai, Head of the Issuer Regulation Department, noting that the application is now awaiting NGX’s review and approval. UBA reported notable growth in Q3 2024, driven by improvements in revenue and profitability, with interest income accounting for 77% of gross earnings. UBA’s stock performance in 2024 has reflected both market conditions and investor sentiment. UBA’s rights issue represents a step toward enhancing its capital position while positioning itself for potential future growth.
UBA seeks NGX approval for rights issue of over 6.8 billion shares following profit surge
