The Nigerian Exchange Regulation (NGX RegCo) has officially confirmed the listing of 3.16 billion additional ordinary shares of United Bank for Africa Plc (UBA) on its Daily Official List. The confirmation, formalized in a letter dated January 12 and signed by Godstime Iwenkehai, Head of the Issuer Regulation Department, marks the completion of the bank’s recent rights issue.
UBA’s rights issue, which raised N157.83 billion, has helped the bank meet the Central Bank of Nigeria’s (CBN) minimum capital requirement for banks with international operations. With the new shares listed, UBA’s total share capital now exceeds N500 billion, solidifying its position as one of Nigeria’s most capitalized banks.
According to NGX, the rights issue offered one new share for every 13 shares held, priced at N50 per share. Following the listing, UBA’s total outstanding shares increased from 41.04 billion to 44.20 billion ordinary shares of 50 kobo each, reflecting the bank’s strategic move to strengthen its capital base and investor appeal.
UBA Group Managing Director and CEO, Oliver Alawuba, welcomed the confirmation, describing it as a sign of “strong investor confidence” in the bank’s governance, financial strategy, and growth ambitions. Alawuba emphasized that the additional capital would support UBA’s Pan-African and global expansion, while enhancing its capacity to deliver sustainable value to shareholders and customers.
UBA, which employs 25,000 staff across 20 African countries and international offices in the UK, USA, France, and the UAE, serves over 45 million customers worldwide. With the combination of share capital, share premium, and proceeds from the rights issue now exceeding regulatory requirements, the bank is well-positioned for continued growth and international operations.
source: punch