The N157.8 billion rights issue of the United Bank for Africa (UBA) Plc will close on Friday, September 5, 2025.
The exercise commenced on Wednesday, July 30, 2025, and offered a total of 3,156,869,665 ordinary shares at a unit price of N50.
The financial institution is selling the shares to shareholders on the basis of one new ordinary share for every 13 ordinary shares held as of the close of business on Wednesday, July 16, 2025.
Proceeds from the rights issue, tradable on the floor of the Nigerian Exchange (NGX) Limited during the period of the offering, would be used to boost the capital base of the lender in line with minimum capital requirements of the Central Bank of Nigeria (CBN), which regulates the banking sector in the country.
The bank will specifically use about 40 per cent (N61.9 billion) of the total funds to increase its lending portfolio in the next 12 months, use about 30 per cent (N46.4 billion) to upgrade its business network, and the remaining 30 per cent (N46.4 billion) to invest in technology to improve its digital footprints within the next four years.
UBA is one of the big five banks in Nigeria. Apart from operating in Nigeria, it has branches in other African nations as well as in Europe.
Based on its spread, especially outside the country, it is required by the regulator to have at least N500 billion as capital base. All banks are expected to meet the new threshold on or before March 31, 2026.