By Newsshelve Correspondent.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced plans to raise N239.4 billion through a Rights Issue of 6,839,884,274 ordinary shares.
The issue, which opened on November 15, 2024, allows existing shareholders to purchase additional shares at N35.00 per share, with one new share offered for every five existing shares held.
UBA’s Group Chairman, Tony Elumelu, explained that the Rights Issue aims to strengthen the bank’s capacity to capitalize on growth opportunities and maintain its industry leadership.
The funds raised will be used to expand lending capacity, invest in digital infrastructure, support sustainable business practices, and enhance the bank’s African operations.
Elumelu highlighted UBA’s commitment to driving economic growth across Africa, citing its partnership with the Africa Continental Free Trade Area (AfCFTA) Secretariat, where UBA pledged up to US$6 billion in financing over three years to support eligible SMEs across Africa.
The Rights Issue complies with the Central Bank of Nigeria’s revised minimum capital requirements for commercial banks.
UBA has consistently demonstrated growth and resilience, evident in its strong financial performance and industry recognition.
The bank has won several awards, including “Bank of the Year” in eight subsidiaries and the Regional Award for Africa. In 2024, UBA was named World Best Frontier Markets Bank and Best SME Bank Africa.
Shareholders can apply for the provisional allotment of Rights through the NGX e-offer portal or UBA’s internet and mobile banking channels.
The offer period will allow existing shareholders to apply for additional shares above their provisional allotment.
United Bank for Africa Plc is a leading Pan-African financial institution, serving over 45 million customers across 1,000 business offices and customer touchpoints in 20 African countries.
With international presence in New York, London, Paris, and Dubai, UBA connects people and businesses across Africa and globally through retail, commercial, corporate, and institutional banking services.
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