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By Chukwuma Umeorah
United Bank for Africa Plc (UBA) has extended the deadline for its ongoing Rights Issue by two weeks, shifting the closing date from September 5 to September 19, 2025. The bank said the adjustment followed the approval of the Securities and Exchange Commission (SEC).
In a notice filed with the Nigerian Exchange Limited, UBA explained that the extension would allow shareholders more time to exercise their rights. “This extension is aimed at providing shareholders with additional time to fully exercise their rights and participate in the Rights Issue,” Bill A. Odum, Group Company Secretary and Legal Counsel state.
The offer, which is part of the bank’s N400 billion Equity Shelf Programme, involves 3.16 billion ordinary shares priced at N50.00 each, offered on the basis of one new share for every 13 held as of July 16, 2025. It opened on July 30 and was originally scheduled to end on September 5.
According to the Rights Circular, UBA expects net proceeds of about N154.74 billion after offer expenses. The funds will be allocated to expand the bank’s lending portfolio (40 per cent), upgrade its technology and digital platforms (30 per cent), and strengthen its business network across Africa and globally (30 per cent).
The capital raise is part of the bank’s strategy to meet the Central Bank of Nigeria’s recapitalisation directive, which requires internationally licensed banks to shore up their capital base to N500 billion by March 2026. The bank assured stakeholders of its commitment to ensuring that shareholders are “adequately carried along in the process and can maximize the benefits of the Rights Issue.”
