United Bank for Africa (UBA) Plc has pushed forward the closing date of its ongoing rights issue, which was initially set to end on Friday, September 5, 2025.
The extension was disclosed in a notification filed with the Nigerian Exchange and signed by the Group Company Secretary, Bili Odum. With approval from the Securities and Exchange Commission (SEC), the new deadline is now September 19, 2025.
Explaining the rationale behind the move, the bank noted: “This is aimed at providing shareholders with additional time to fully exercise their rights and participate in the Rights Issue.”
The offering is part of UBA’s broader recapitalisation strategy in line with directives from the Central Bank of Nigeria (CBN). It involves 3,156,869,665 ordinary shares of 50 kobo each at N50 per share, targeting over N157 billion in fresh capital.
Back in July 2025, UBA announced plans to raise this sum through its broker, United Capital Securities Limited, with the rights issue structured as one new share for every thirteen already held as of July 16, 2025.
The current initiative mirrors the bank’s earlier rights issue in November 2024, when it sought N239 billion at N35 per share. That offer recorded a strong subscription of N251 billion, with the bank eventually taking up N240 billion, raising its capital base to N355.2 billion.
With the latest extension, shareholders now have a longer window to subscribe, a move seen as pivotal in helping the bank meet the CBN’s N500 billion capital requirement.
UBA’s financial performance has also remained solid. In Q1 2025, it posted a profit before tax of N204.27 billion, representing a 30.65% increase year-on-year, while net profit grew by 33.15% to N189.84 billion. Interest income was a key driver, climbing 36.09% to N599.83 billion, with strong contributions from loans and advances (N260.56 billion), investment securities (N291.86 billion), and cash balances (N47.42 billion).
Non-interest income also grew, with electronic banking income rising to N47.84 billion and account maintenance fees hitting N10.39 billion.
