United Bank for Africa (UBA) has announced an extension of its ongoing rights issue application, originally scheduled to close on Friday, 5th September 2025.
The disclosure, published on the Nigerian Exchange and signed by Bili Odum, UBA’s Group Company Secretary, informs shareholders and the general public of the revised timeline.
Following approval from the Securities and Exchange Commission, the rights issue will now close on 19th September 2025.
Explaining the reason for the extension, UBA stated: “This is aimed at providing shareholders with additional time to fully exercise their rights and participate in the Rights Issue.”
This move is part of UBA’s effort to strengthen its capital base in line with the Central Bank of Nigeria’s recapitalization directive.
The rights issue involves 3,156,869,665 ordinary shares of 50 kobo each, priced at N50 per share, through which the bank intends to raise over N157 billion.
Backstory
In mid-July 2025, United Bank for Africa (UBA) Plc announced plans to raise over N157 billion through a rights issue, according to a notice from the Nigerian Exchange (NGX) to trading license holders.
Through its stockbroker, United Capital Securities Limited, the bank submitted an application to list a rights issue of 3,156,869,665 ordinary shares of 50 kobo each, priced at N50 per share.
- The offer is structured on the basis of one new share for every thirteen ordinary shares held as of the close of business on 16th July 2025.
This followed a similar initiative in November 2024, when UBA sought NGX approval for a N239 billion rights issue priced at N35 per share.
Investor response was robust, with subscriptions totaling N251 billion. Following the offer terms, the bank accepted N240 billion, lifting its total capital base to N355.2 billion.
With the latest rights issue now extended from 5th to 19th September, shareholders have additional time to participate, supporting strong uptake and helping UBA reach the CBN’s N500 billion capital threshold.
UBA Q1 performance
United Bank for Africa (UBA) Plc delivered solid results in the first quarter of 2025, posting a pre-tax profit of N204.27 billion, up 30.65% from the same period in 2024.
Net profit also grew strongly by 33.15%, reaching N189.84 billion, compared to N142.58 billion in Q1 2024.
A key driver of this performance was interest income, which rose 36.09% year-on-year to N599.83 billion. The breakdown shows:
- Income from loans and advances grew 31% to N260.56 billion, accounting for 43.44% of total interest income.
- Income from investment securities jumped 44.96% to N291.86 billion, making up 48.66% of the total.
- Income from cash balances rose 17% to N47.42 billion, contributing 7.9%.
UBA also recorded healthy non-interest income, led by fees and commissions. Notable figures include:
- Electronic banking income: N47.84 billion (+7.86%)
- Account maintenance fees: N10.39 billion (+11.09%)
