United Bank for Africa (UBA) has announced a N239.4 billion Rights Issue, offering new Ordinary Shares to existing shareholders. The initiative aims to enhance the bank’s growth potential, expand lending capacity, and reinforce its leadership in the banking sector. Group Chairman Tony Elumelu emphasized that the funds will be used for regulatory compliance, digital infrastructure investment, sustainable business practices, and expanding UBA’s presence across Africa.
Elumelu also highlighted UBA’s commitment to economic development in Africa, citing the bank’s partnership with the Africa Continental Free Trade Area (AfCFTA) Secretariat, where UBA pledged $6 billion to support SMEs over the next three years.
This move aligns with the Central Bank of Nigeria’s revised capital requirements for commercial banks. UBA’s consistent growth and financial strength reflect its resilience and strong industry standing, with a 14.8% annualized dividend yield demonstrating the Group’s ability to reward shareholders consistently. In 2023/2024, UBA was recognized with “Bank of the Year” awards in eight of its subsidiaries across Africa, as well as winning the World’s Best Frontier Markets Bank and Best SME Bank Africa in 2024.
The application for the provisional allotment of new Ordinary Shares will be made exclusively through the NGX e-offer portal during the offer period. Shareholders may also apply for additional shares above their provisional allotment. UBA encourages its customers to access their Rights through the bank’s internet and mobile banking channels.
UBA is a leading Pan-African financial institution, serving more than 45 million customers across 1,000 business offices in 20 African countries, with an international presence in New York, London, Paris, and Dubai. The bank offers a wide range of services, including retail, commercial, corporate, and institutional banking, cross-border payments, and trade finance.
