UBA Exceeds N500bn CBN’s Capital Requirement After Raising N157.84bn

Kayode Tokede

United Bank for Africa Plc (UBA) has exceeded the N500 billion capital requirement of Central Bank of Nigeria (CBN) after successfully raising N157.84 billion from its fully subscribed rights issue on the floor of the Nigerian Exchange Limited (NGX).

An investigation conducted by THISDAY revealed that UBA, as at half-year (H1) ended June 30, 2025 audited results, had a share capital and share premium at approximately N350 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 N157.84 billion to shareholders, the bank’s total share capital now exceeds the N500 billion minimum capital requirement prescribed by CBN.

The management of UBA offered shareholders a rights issue of 3,156,869,665 ordinary shares at N50 per share, on the basis of 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 N206.74billion.

Following scaling adjustments by shareholders, the final allotment amounted to 3.16 billion shares worth N157.84 billion, representing 100 per cent subscription of the rights issue.

A breakdown of the subscriptions shows that 6,404 valid applications were received for 3.57 billion shares valued at N178.3billion, 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, a total of 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 a scale-down by one shareholder.

The PAC Registrars and Investor Services Limited will credit the CSCS accounts of allottees by Friday, January 16, 2026, while surplus subscription monies will be returned by Tuesday, January 13, 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 affirms UBA’s strong balance sheet and demonstrates its full compliance with applicable regulatory capital requirements.