United Bank for Africa (UBA) has successfully closed its rights issue, raising N157.84 billion after the exercise was fully subscribed, the bank announced on Wednesday.
The rights issue offered 3,156,869,665 ordinary shares at N50 per share, on the basis of one new share for every thirteen existing shares held by shareholders on the register as of 16 July 2025.
At the close of the acceptance list on 19 September 2025, UBA initially received 6,404 applications for 4.13 billion shares valued at N206.74 billion. Following scaling adjustments, the final allotment amounted to 3.16 billion shares worth N157.84 billion, representing 100 per cent subscription of the rights issue.
A detailed breakdown of the subscriptions shows that 6,404 valid applications were received for 3.57 billion shares valued at N178.3 billion, while 568.7 million shares valued at N28.43 billion were deemed invalid. Full acceptances accounted for 453.58 million shares, and partial acceptances totalled 135.27 million shares, resulting in 190.93 million shares partially renounced.
During the exercise, 2,568,006,215 shares were renounced and reallocated, while applications for additional shares amounted to 2.98 billion shares valued at N148.86 billion. Of these, 2.57 billion shares valued at N128.4 billion were allotted, following a scale-down by one shareholder.
The Securities and Exchange Commission (SEC) has cleared the basis of allotment. PAC Registrars and Investor Services Limited will credit the CSCS accounts of allottees by Friday, 16 January 2026, while surplus subscription monies will be returned by Tuesday, 13 January 2026. Shareholders without CSCS accounts will have shares credited using a Registrar Identification Number, in line with SEC directives on dematerialisation of share certificates.
The successful rights issue underscores strong investor confidence in UBA and provides additional capital to support the bank’s operations and expansion initiatives across Africa.
Godwin Okafor ✔
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.
View Archive →
