The United Bank for Africa (UBA Plc) has successfully exceeded the N500 billion minimum capital requirement set by the Central Bank of Nigeria (CBN) for banks with international licences, ahead of the March 31, 2026, deadline.
According to UBA’s 2025 half-year audited results, the bank’s share capital and share premium stood at approximately N350 billion. Following the completion of the second tranche of its rights issue, which the Securities and Exchange Commission (SEC) approved, the bank raised N157.84 billion, bringing its total share capital above the required N500 billion.
The Rights Issue offered 3,156,869,665 ordinary shares at N50 per share, based on a ratio of one new share for every 13 existing shares held as of July 16, 2025. The exercise recorded 100% subscription, reflecting strong investor confidence in the bank.
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A joint report by Vetiva Advisory Limited, United Capital, and CardinalStone revealed that 6,404 valid applications were received for 3.57 billion shares valued at N178.3 billion, while 568.7 million shares valued at N28.43 billion were invalid.
Following scaling adjustments and reallocation, 3.16 billion shares worth N157.84 billion were finally allotted.
During the exercise, 2.57 billion shares valued at N128.4 billion were allotted for additional applications, following scale-down adjustments.
The SEC has approved the allotment, and PAC Registrars and Investor Services Limited will credit allottees’ CSCS accounts by January 16, 2026, with surplus subscription funds returned by January 13, 2026. Shareholders without CSCS accounts will receive shares using a Registrar Identification Number, in line with SEC dematerialisation directives.
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The achievement underscores UBA’s robust balance sheet and full compliance with regulatory capital requirements and positions the bank for further growth and expansion across Africa.
The CBN had initiated a two-year bank recapitalisation exercise in March 2024, requiring minimum capital of N500 billion, N200 billion, and N50 billion for banks with international, national, and regional licences, respectively.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
