The United Bank for Africa (UBA Plc) has surpassed the N500 billion capital requirement set by the Central Bank of Nigeria (CBN) for banks with international licences.

As at the 2025 half-year audited results, the UBA’s share capital and share premium stood at approximately N350 billion.

However, following the successful completion of the second tranche of its Rights Issue, for which the Securities and Exchange Commission (SEC) approved the allotment of N157 billion to shareholders, the bank’s total share capital now exceeds the N500 billion minimum capital requirement prescribed by the CBN.

This outcome affirms the bank’s strong balance sheet and demonstrates its full compliance with applicable regulatory capital requirements.

The CBN had, on March 28, 2024 announced a two-year bank recapitalisation exercise which commenced on April 1, 2024. The recapitalisation plan requires minimum capital of N500 billion, N200 billion and N50 billion for commercial banks with international, national and regional licences respectively. The 24-month timeline for compliance ends on March 31, 2026.

A joint report by Vetiva Advisory Limited, United Capital and CardinalStone, which handled the rights issue, said N157.84 billion was raised after the exercise was fully subscribed. The rights issue offered 3,156,869,665 ordinary shares at N50 per share.

The shares were offered on the basis of one new share for every 13 existing shares held by shareholders on the register as of 16 July 2025.

“At the close of the acceptance list on Friday, 19 September 2025, a total of 6,404 acceptances for 4,134,747,690 ordinary shares valued at N206,737,384,500.00 were initially received in connection with the rights issue. However, the issue is now valued at N157,843,483,250.00 for 3,156,869,665 ordinary shares,” the report said..

Following scaling adjustments by shareholders, the final allotment amounted to 3.16bn shares worth N157.84 billion, representing 100 per cent subscription of the rights issue.

Analysis of the subscriptions shows that 6,404 valid applications were received for 3.57 billion shares valued at N178.3 billion, while 568.7m shares valued at N28.43 billion were deemed invalid.

Full acceptances accounted for 453.58 million shares, and partial acceptances totaled 135.27 million shares, resulting in 190.93 million shares partially renounced.

During the exercise, a total of 2,568,006,215 shares were renounced and reallocated. Applications for additional shares amounted to 2.98 billion shares valued at N148.86 billion, of which 2.57 billion shares valued at N128.4 billion were allotted, following a scale-down by one shareholder.

The Securities and Exchange Commission has cleared the basis of allotment. The PAC Registrars and Investor Services Limited will credit the CSCS accounts of allottees by Friday, 16 January 2026, while surplus subscription monies will be returned by Tuesday, 13 January 2026. Shareholders without CSCS accounts will have shares credited using a Registrar Identification Number in line with SEC directives on dematerialisation of share certificates.

The successful rights issue highlights strong investor confidence in UBA and provides additional capital to support the bank’s operations and expansion initiatives across Africa.