The United Bank for Africa (UBA) has officially surpassed the N500 billion capital threshold set by the Central Bank of Nigeria (CBN) for banks with international operations, following the conclusion of its N157.84 billion rights issue. This achievement positions UBA among the few Nigerian lenders that now comfortably meet the new minimum capital requirements.
As of 30 September 2025, UBA’s interim financial statements showed a combined share capital and share premium of N350.08 billion. The proceeds from the rights issue boosted this figure, helping the bank not only meet but exceed the regulatory requirement for commercial banks operating internationally. The bank offered 3.16 billion ordinary shares at N50 per share during the rights issue, which ran from July to September 2025.
According to the Lead Issuing House, Vetiva Advisory Services, and joint issuing houses, United Capital and CardinalStone, the rights issue was oversubscribed with a 113 percent subscription rate. The final allotment process involved careful adjustments, including a major shareholder scaling down its application, ensuring the bank raised N157.84 billion and allotted 100 percent of shares successfully.
The CBN had raised the minimum capital base for international commercial banks to N500 billion, with lower thresholds for national and regional banks. Since the recapitalization initiative began in April 2024, 16 banks have met the requirement, while 27 others have tapped capital markets for additional funds. UBA’s milestone reflects the bank’s strong financial management and investor confidence in the Nigerian banking sector.
The bank has outlined a clear timeline for completing the rights issue, with surplus subscription funds set to be returned by 13 January 2026 and allotted shares credited to investors’ accounts by 16 January. This achievement demonstrates UBA’s continued commitment to growth and regulatory compliance, reinforcing its status as one of Nigeria’s leading financial institutions.
source: punch