United Bank for Africa (UBA) Plc has crossed a major regulatory milestone, surpassing the N500 billion minimum capital requirement for banks with international authorisation, after concluding its second Rights Issue, which raised an additional N157 billion for the lender.
The development comes less than a year after UBA’s first Rights Issue in November 2024, which generated N239.4 billion and helped the bank record a combined share capital and share premium of N350 billion by the end of the first half of 2025, according to BrandIconImage investigations.
The recently concluded Rights Issue offered 3,156,869,665 ordinary shares at N50 per share, based on a ratio of one new share for every thirteen existing shares held as of July 16, 2025. The offer closed on Friday, September 19, 2025, and recorded 6,404 acceptances for a total of 4,134,747,690 ordinary shares, valued at N206.737 billion. This translated to a subscription level of 113 per cent.
However, a portion of the applications—568.666 million shares worth N28.433 billion—was deemed invalid. Full acceptances accounted for 453.58 million shares, while partial acceptances totalled 135.27 million shares, leaving 190.93 million shares partially renounced. Further allocations analysis showed that 2,568,006,215 shares were renounced and reallocated, with additional applications for 2.977 billion shares valued at N148.86 billion. Of these, 2.568 billion shares valued at N128.4 billion were eventually allotted, following a scale-down by one shareholder.
The Securities and Exchange Commission (SEC) has approved the allotment, and the registrars for the Rights Issue, PAC Registrars and Investor Services Limited, are set to credit the shares to the Central Securities Clearing System (CSCS) accounts of allottees who provided their account details on acceptance forms.
With the capital injection, UBA’s total capital now stands at N507 billion, comfortably exceeding the N500 billion minimum required by the Central Bank of Nigeria (CBN) for internationally authorised banks. Analysts note that the strengthened capital base is expected to bolster UBA’s balance sheet, enhance its resilience to financial shocks, and support expansion across its African and global operations.