• UBA extends rights issue to September 19, seeks NGN157 billion

• Offer includes 3.16B shares at NGN50 each, 1-for-13 ratio

• Move supports recapitalization; profits up over 30% in Q1 2025
  

United Bank for Africa (UBA) announced on Sunday that it is extending its rights issue, which was initially set to close on Friday.

In a statement to the Nigerian Exchange (NGX) signed by Group Company Secretary Bili Odum, the bank said that following approval from the Securities and Exchange Commission, the subscription period will now run until Friday, September 19.

The offer involves issuing 3.16 billion new ordinary shares at 50 naira each, aiming to raise more than 157 billion naira (about $103 million). The rights issue is structured on the basis of one new share for every 13 shares held as of July 16, 2025.

UBA explained that the extension is intended to give shareholders more time to exercise their rights and participate in the offer.

This fundraising effort is part of a broader push to strengthen bank capital, following recapitalization requirements set by the Central Bank of Nigeria, which has mandated a minimum capital base of 500 billion naira.

In November 2024, the group conducted a similar operation, raising 240 billion naira from the markets after strong investor demand.

UBA has seen sustained growth in its financials in 2025. In the first quarter, pre-tax profit grew by more than 30% to 204.27 billion naira, while net profit jumped 33% to nearly 190 billion. Net banking income was boosted by a 36% year-on-year increase in interest income.

Fiacre E. Kakpo