The Nigerian Exchange Limited (NGX) has admitted an additional 3.16 billion ordinary shares of United Bank for Africa (UBA) Plc, to its Daily Official List, signalling a major enhancement of the bank’s market capitalisation whilst also deepening liquidity on the capital market.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally.
The NGX noted this in a confirmatory letter to the bank, dated January 12, 2026, and signed by Head, Issuer Regulation Department at NGX, Godstime Iwenkehai, who explained that the additional shares were listed following the successful conclusion of UBA’s recent rights issuance exercise.
Read also: Nigeria’s consumer goods stocks lead historic rally on NGX in 2025
“Following the submission of all post-approval documents, please be informed that United Bank for Africa Plc’s Rights Issue of 3,156,869,665 ordinary shares of 50 Kobo each at N50.00 per share on the basis of one new ordinary share for every 13 ordinary shares held were formally listed on the Daily Official List of Nigerian Exchange Limited (NGX) on Monday January 12, 2026”, Iwenkehai stated in the letter.
Oliver Alawuba, Group Managing Director/CEO, UBA who received the letter, commended the confirmation, as he noted that the move underscores robust investor confidence in the bank’s capitalisation strategy and future prospects.
“We welcome the formal confirmation from NGX on the listing of our rights issue shares. This successful transaction reflects strong investor confidence in UBA’s financial strength, governance, and growth strategy. Needless to say that the additional capital will further support our Pan-African and global expansion, and enhance our capacity to deliver sustainable value to all stakeholders,” Alawuba stated.
Read also: NGX Pension Broad Index surpasses broader market with 59.72% return in 2025
In November 2024, the bank had raised N239 billion, which elevated its capital base to N355 billion at that time, while the recently concluded rights issue has injected an additional N158 billion, bringing the bank’s total capital to N513 billion.
This latest influx means UBA’s qualifying capital base now surpasses the N500 billion requirement by the Central Bank of Nigeria (CBN), thereby exceeding the recapitalisation minimum for banks with international authorisation.
