NGX Lists 3.16 Billion UBA Shares, Boosting Market Liquidity and Capital Base

The Nigerian Exchange Limited (NGX) has officially listed an additional 3.16 billion ordinary shares of United Bank for Africa (UBA) Plc, strengthening the lender’s capital base and enhancing liquidity in the Nigerian capital market. The move follows the successful completion of UBA’s recent rights issue, a major step in the bank’s long-term growth strategy.

The newly listed shares, totalling 3,156,869,665 units, emerged from the rights issue that offered shareholders one new ordinary share for every 13 shares held, priced at N50 per share. This capital-raising exercise attracted strong participation from investors, reflecting sustained confidence in the bank’s fundamentals and future outlook.

In a formal letter dated January 12, 2026, the NGX confirmed the listing to UBA. The letter, signed by Godstime Iwenkehai, Head of the Issuer Regulation Department, stated that all post-approval requirements had been fulfilled, clearing the way for the shares to be admitted to the NGX Daily Official List.

With the listing now completed, UBA’s total outstanding shares on the NGX have increased from 41.04 billion to 44.20 billion ordinary shares. Market analysts say the expanded share base is expected to improve trading liquidity, support price discovery, and further boost the bank’s overall market capitalisation.

Welcoming the development, UBA Group Managing Director and Chief Executive Officer, Oliver Alawuba, described the listing as a clear vote of confidence from investors. He noted that the N158 billion raised from the rights issue, combined with N239 billion raised in November 2024, has lifted the bank’s total capital base to N513 billion, comfortably exceeding the Central Bank of Nigeria’s N500 billion minimum requirement for internationally authorised banks and reinforcing UBA’s position as a leading Pan-African financial institution.

source: punch