THE Nigerian Exchange Limited (NGX) has approved the listing of an additional 3.156 billion ordinary shares of United Bank for Africa (UBA) Plc on its Daily Official List, a move expected to boost the bank’s market capitalisation and further enhance liquidity in the capital market.
The approval was conveyed in a confirmatory letter dated January 12, 2026, signed by Head of the Issuer Regulation Department at NGX, Mr Godstime Iwenkehai. According to the NGX, the newly listed shares followed the successful completion of UBA’s recent rights issue.
In the letter, NGX explained that the rights issue involved 3,156,869,665 ordinary shares of 50 kobo each, priced at N50.00 per share, and offered on the basis of one new ordinary share for every 13 ordinary shares held. The shares were formally admitted to trading on the exchange on Monday, January 12, 2026.
UBA, which ranks among Africa’s largest financial institutions, employs about 25,000 people across its operations and serves more than 45 million customers globally, reinforcing its position as a major player on the continent’s financial landscape.
Reacting to the development, the Group Managing Director and Chief Executive Officer of UBA, Oliver Alawuba, welcomed the confirmation from NGX, describing it as a reflection of strong investor confidence in the bank’s strategy and outlook.
He said the successful rights issue demonstrated confidence in UBA’s financial strength, corporate governance and growth plans, adding that the additional capital would support the bank’s Pan-African and global expansion while strengthening its ability to create sustainable value for stakeholders.
UBA had earlier raised N239 billion in November 2024, increasing its capital base to N355 billion at the time. The recently concluded rights issue injected a further N158 billion, lifting the bank’s total capital to N513 billion.
With this increase, UBA’s qualifying capital base now exceeds the N500 billion threshold set by the Central Bank of Nigeria (CBN), placing the bank comfortably above the recapitalisation requirement for institutions with international banking authorisation.
UBA exceeds N500bn recapitalisation
On January 9, UBA announced it had successfully raised N178.3 billion from a rights issue, lifting its capital base beyond the N500 billion minimum prescribed by the CBN for banks operating with international licences.
The offer, which closed in September 2025, followed an earlier N239 billion capital injection completed in November 2024 that had taken UBA’s capital to N355.2 billion. Together, the two fund-raising exercises place the bank comfortably above the CBN’s recapitalisation requirement ahead of the March 2026 deadline, subject to final regulatory approval.
Under the current framework, the CBN directed all internationally licensed banks to maintain a minimum capital base of N500 billion by March 2026, a move aimed at strengthening the resilience and stability of Nigeria’s financial system.
UBA disclosed that the rights issue recorded 6,404 valid acceptances covering 3.57 billion shares, with standard applications making up the bulk of the subscriptions. Traded rights accounted for just 10,462 shares from five transactions on the Nigerian Exchange, while total applications, including invalid entries, stood at 4.13 billion shares.
The offer was priced at N50 per share and comprised 3.16 billion ordinary shares of 50 kobo each, made available to shareholders on the register as of July 16, 2025. PAC Registrars and Investor Services is expected to credit successful investors’ CSCS accounts by February 7, 2026, while refunds of surplus funds are scheduled for completion by January 13.
Crossing the N500 billion capital threshold enhances UBA’s ability to finance large-scale corporate and infrastructure projects, deepen its presence across Africa, and retain its Tier 1 status as regulatory requirements tighten within the banking industry.
