January 08, (THEWILL) — United Bank for Africa (UBA) has successfully raised ₦178.3 billion through a rights issue, taking its capital base above the ₦500 billion minimum required for Tier 1 banks with international licenses under the current banking recapitalisation requirement.
Document seen by THEWILL, revealed that UBA received 6,404 valid acceptances for 3,566,081,624 shares, valued at ₦178.3 billion during the rights issue, which closed on Friday, September 19, 2025.
Out of the valid applications, 6,399 were standard rights issue applications, and 5 were from traded rights totalling 10,462 shares.
Invalid applications totalled 568,666,066 shares valued at ₦28.43 billion, bringing the total (valid and invalid) to 4,134,747,690 shares.
Full acceptances came from 6,293 submissions covering 453,578,211 shares, while partial acceptances totaled 106 applications for 135,274,777 shares.
The traded rights accounted for 5 NGX transactions during the acceptance period, with 10,462 shares worth ₦523,100.
Further investigation revealed that the rights issue was offered at ₦50 per share for 3,156,869,665 ordinary shares of 50kobo each to shareholders listed on the register as of July 16, 2025.
The Registrars to the Rights Issuer, PAC Registrars and Investor Services Limited (“PAC Registrars”) of 122 Bode Thomas Street, Surulere, Lagos State, will credit the CSCS account of allottees who have indicated their CSCS account details on their respective acceptance forms with the shares allotted to them not later than Friday, January 16, 2026.
Surplus subscription monies would be returned by PAC Registrars no later than Tuesday, January 13, 2026, being five (5) business days after clearance of the basis of allotment by the Securities and Exchange Commission.
Applicants without CSCS accounts will have their shares credited at the CSCS using a Registrar Identification Number (RIN), in line with the SEC Directive on Dematerialisation of Share Certificates no later than Friday, January 16, 2026.
The document explained that UBA initially received 6,404 applications for 4.13 billion shares valued at ₦206.74 billion at the close of the acceptance list on September 19, 2025. Following scaling adjustments by shareholders, the final allotment amounted to 3.16 billion shares worth ₦157.84 billion, representing 100 percent subscription of the rights issue.
As at the 2025 half-year audited results, the Bank’s share capital and share premium stood at approximately ₦350 billion.
Following the successful completion of the second tranche of its Rights Issue, for which the Securities and Exchange Commission (SEC) approved the allotment of ₦157 billion to shareholders, the Bank’s total share capital now exceeds the ₦500 billion minimum capital requirement prescribed by the Central Bank of Nigeria (CBN).
This outcome affirms the Bank’s strong balance sheet and demonstrates its full compliance with applicable regulatory capital requirements.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
