UBA will meet N500bn capital base before deadline – CFO

The Executive Director of Finance and Risk Management for United Bank for Africa, Ugochukwu Nwaghodoh, has said that the banking group would meet the new capital requirement before the March 2026 deadline given by the Central Bank of Nigeria.

He stated this during the week at the 75th International Global Media Conference held at the bank’s headquarters in Lagos.

He said, “The central bank has said that every bank must have N500bn in pure share capital and that was not necessarily related to the existing shareholder funds. Obviously, it will strengthen the banking system and the banks in Nigeria will be able to do a lot more in terms of the economy.

“The central bank gave recommendations on how to achieve this, either by raising additional funds, mergers and acquisitions and you can choose not to raise more funds and step down your license to the level where your current capital can support.

“For UBA, we operate with the highest license around, which is an international licence. We have very strong, virile operations across Africa and centres across the world. We are maintaining this route and we are looking at options. We have engaged financial advisers, and we indeed have set in motion the process to get the requisite approval from shareholders.”

According to Nwaghodoh, the firm will on Friday get the approval of shareholders to enable it raise fresh fund.

“We note, however, that we are committed to achieving this well ahead of the deadline,” he added.