UNITED Bank for Africa (UBA) has successfully raised N178.3 billion from a rights issue, lifting its capital base beyond the N500 billion minimum prescribed by the Central Bank of Nigeria (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 has 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.
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Shareholding records as of June 30, 2025 indicate that Heirs Holdings Limited holds a 5.15 percent stake in the bank, while UBA Nominees controls 6.27 percent. Heirs Holdings is owned by Mr Tony Elumelu, UBA’s chairman.
The capital raise coincides with continued earnings growth. For the first nine months of 2025, UBA reported unaudited profit of N537.5 billion, representing a 2.33 percent increase year-on-year, while gross earnings climbed by almost three percent to N2.5 trillion, largely supported by higher interest income.
Banks racing to meet recapitalisation deadline
Economy Post reported that Rand Merchant Bank Nigeria Limited (RMBN) had successfully met the Central Bank of Nigeria (CBN)’s capitalisation requirement for merchant banks, in line with the Banking Sector Recapitalization Programme. The bank said it had met the requirement as of December 30, 2025.
Fidelity Bank Plc, on Tuesday, announced to the investing public that it had surpassed the N500 billion regulatory capital threshold after the successful completion of a N259billion private placement of ordinary shares.
The Company Secretary, Fidelity Bank, Ezinwa Unuigboje in a signed statement on Nigerian Exchange Limited (NGX) disclosed that the private placement, conducted with the approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), was opened and closed on December 31, 2025.
So far, 19 Nigerian banks have met the apex bank’s recapitalisation requirements.
The banks that have complied with the CBN’s minimum capital benchmark include Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), UBA, Zenith Bank, Rand Merchant Bank, among others0
First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (Titan), Taj Bank, Standard Chartered Bank, Parallex Bank, and SunTrust Bank, FBH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Alternative Bank, and other non-interest banks are yet to meet the recapitalisation requirements set dowb by the CBN.
Financial experts and economists are betting on mergers and acquisitions ahead of the March 31 deadline.
“I foresee mergers among some banks. Every recapitalisation exercise often results in mergers and acquistions. During the 2005 recapitalisation, Standard Trust Bank merged with old UBA to produce this resilient UBA you see today. The FCMB you see today is a result of a merger of old FCMB, Cooperative Development Bank, Nigerian American Bank and Midas Bank,” said a financial expert and former bank worker, Mr Joshua Ekemezie.
