United Bank for Africa (UBA) is set to raise N239.4 billion through a rights issue to support its growth and strategic plans. The bank is offering 6.84 billion ordinary shares to existing shareholders at N35 each, with the issue closing on December 24, 2024. The proceeds will be directed toward expanding digital technologies and enhancing business operations, strengthening UBA’s position as a leader in pan-African banking.
The rights issue will not only improve the bank’s ability to meet new capital requirements set by the Central Bank of Nigeria, but it will also enable UBA to increase lending to small and medium-sized enterprises (SMEs) across Africa. With a significant portion of its performance derived from African subsidiaries, UBA plans to boost investments in these operations while expanding into international markets, including its recent move into France and continued growth in the UK, USA, and UAE.
In addition to expanding its global presence, UBA is focusing on enhancing its digital infrastructure, which will streamline operations and improve customer experiences. The bank aims to collaborate with telecommunications companies and fintechs to drive technology-enabled initiatives across Africa, enhancing cross-border trade, remittances, and payments. This expansion plan reflects UBA’s long-term goal of becoming the dominant financial institution in Africa, supporting economic growth and integration across the continent.
