United Bank for Africa Plc (UBA) has exceeded the N500 billion minimum capital requirement set by the Central Bank of Nigeria (CBN) after successfully raising N157.84 billion from a fully subscribed rights issue on the floor of the Nigerian Exchange Limited (NGX).
An investigation by THISDAY revealed that as of its half-year (H1) audited results ended June 30, 2025, UBA had a share capital and share premium of approximately N350 billion. The successful completion of the second tranche of its rights issue, approved by the Securities and Exchange Commission (SEC), now brings the bank’s total share capital above the CBN-prescribed threshold.
The rights issue offered 3,156,869,665 ordinary shares at N50 per share, based on one new share for every 13 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 N206.74 billion. After 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 breakdown shows 6,404 valid applications for 3.57 billion shares valued at N178.3 billion, with 568.7 million shares valued at N28.43 billion deemed invalid. Full acceptances accounted for 453.58 million shares, while 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. Applications for additional shares amounted to 2.98 billion shares valued at N148.86 billion, of which 2.57 billion shares valued at N128.4 billion were allotted following scale-down adjustments.
PAC Registrars and Investor Services Limited will credit the CSCS accounts of all allottees by Friday, January 16, 2026, while surplus subscription funds will be returned by Tuesday, January 13, 2026. Shareholders without CSCS accounts will have shares credited using a Registrar Identification Number, in compliance with SEC directives on dematerialisation.
The fully subscribed rights issue reaffirms UBA’s strong balance sheet and demonstrates the bank’s full compliance with regulatory capital requirements, positioning it for continued growth and stability.
