UBA Plc Launches ₦239.4bn Rights Issue To Drive Growth

United Bank for Africa (UBA) Plc, Africa’s Global Bank, has officially commenced its ₦239.4 billion Rights Issue, offering 6,839,884,274 ordinary shares at ₦35.00 per share.

The offer, which was opened on Friday, 15 November, 2024, is based on a ratio of one new ordinary share for every five existing shares held as of November 5, 2024.

This marks the first phase of UBA’s broader ₦400 billion equity shelf programme, approved by shareholders during the recent Annual General Meeting (AGM) in May 2024. Group Chairman, Mr. Tony Elumelu, emphasised that the Rights Issue aims to bolster UBA’s capacity to seize growth opportunities, enhance lending capabilities, invest in digital infrastructure, and expand sustainable business practices across Africa.

Mr. Elumelu also highlighted UBA’s commitment to driving economic growth through initiatives such as its partnership with the AfCFTA Secretariat, pledging up to $6 billion to support small, medium- sized enterprises (SMEs) across Africa.

With a strong track record of resilience and consistent shareholder rewards, UBA continues to reinforce its leadership in the financial sector while complying with the Central Bank of Nigeria’s revised capital requirements. Shareholders can apply for the Rights through the NGX e-offer portal or UBA’s digital banking channels during the offer period.

This initiative reaffirms UBA’s vision of connecting Africa and the world through innovative banking solutions and fostering economic development.