United Bank for Africa (UBA) Plc has successfully raised N178.3 billion through a recently concluded rights issue, pushing its capital base above the N500 billion minimum requirement for Tier 1 banks with international licences.
The bank disclosed this in information released after the close of the rights issue in September 2025. The latest fundraising builds on the N239 billion UBA raised in November 2024, which had earlier lifted its capital base to N355.2 billion.
According to the disclosure, UBA recorded 6,404 valid acceptances for 3,566,081,624 shares valued at N178.3 billion. Of this figure, 6,399 applications came through the standard rights issue process, while five applications were from traded rights involving 10,462 shares.
Invalid applications amounted to 568,666,066 shares valued at N28.43 billion, bringing the total number of shares applied for both valid and invalid to 4,134,747,690.
The bank noted that full acceptances were received from 6,293 submissions covering 453,578,211 shares, while partial acceptances accounted for 106 applications involving 135,274,777 shares.
Traded rights recorded five transactions on the Nigerian Exchange (NGX), with 10,462 shares valued at N523,100 during the acceptance period.
The rights issue was offered at N50 per share for 3,156,869,665 ordinary shares of 50 kobo each and was made available to shareholders on the register as of 16 July 2025.
PAC Registrars and Investor Services Limited, the registrar to the issue, said CSCS accounts would be credited by 7 February 2026, while refunds of surplus subscription funds would be completed by 13 January 2026.
With the additional N178.3 billion raised, UBA has now exceeded the Central Bank of Nigeria’s N500 billion recapitalisation requirement for international banks, subject to official regulatory confirmation.
This places the lender among the first banks to meet the new capital threshold ahead of the 2026 deadline.
Achieving the N500 billion capital base strengthens UBA’s position as a Tier 1 bank, enhances its capacity to finance large-scale projects, and supports further expansion across its international operations, while also boosting investor confidence in the Nigerian banking sector.