United Bank for Africa (UBA) Plc has successfully closed its rights issue, raising ₦157.84 billion after the offer was fully subscribed, the bank announced on Wednesday.
The rights issue comprised 3,156,869,665 ordinary shares offered at ₦50 per share, on the basis of one new share for every thirteen existing shares held by shareholders on the register as of July 16, 2025.
At the close of the acceptance list on September 19, 2025, UBA initially received 6,404 applications for 4.13 billion shares valued at ₦206.74 billion. However, following scaling adjustments by shareholders, the final allotment stood at 3.16 billion shares valued at ₦157.84 billion, representing 100 per cent subscription of the rights issue.
A breakdown of the exercise showed that 6,404 valid applications were received for 3.57 billion shares worth ₦178.3 billion, while 568.7 million shares valued at ₦28.43 billion were deemed invalid. Full acceptances accounted for 453.58 million shares, while partial acceptances totalled 135.27 million shares, resulting in 190.93 million shares being partially renounced.
During the offer, a total of 2,568,006,215 shares were renounced and subsequently reallocated. Applications for additional shares amounted to 2.98 billion shares valued at ₦148.86 billion, out of which 2.57 billion shares valued at ₦128.4 billion were allotted, following a scale-down by one shareholder.
The Securities and Exchange Commission (SEC) has cleared the basis of allotment for the exercise. UBA disclosed that PAC Registrars and Investor Services Limited will credit the CSCS accounts of successful allottees by Friday, January 16, 2026, while surplus subscription monies will be refunded by Tuesday, January 13, 2026.
Shareholders without CSCS accounts will have their shares credited using a Registrar Identification Number, in line with SEC directives on the dematerialisation of share certificates.
The successful completion of the rights issue underscores strong investor confidence in UBA and provides the bank with additional capital to support its operations and expansion initiatives across Africa.
