UBA Begins Second Tranche of N400bn Capital Raise

United Bank for Africa Plc (UBA) launched on Wednesday its rights issue of 3,156,869,665 ordinary shares at N50.00 per share.

The offer, which has been duly approved by the Securities and Exchange Commission (SEC), is being made to existing shareholders on the basis of one new ordinary share for every 13 held as at the close of business on Wednesday.

“This rights issue represents the second tranche under the bank’s N400 billion Equity Shelf Programme, which was duly registered with the SEC,” the lender said. “The programme is designed to ensure compliance with the new minimum capital requirements stipulated by the Central Bank of Nigeria, while also supporting UBA’s strategic expansion objectives and long-term value creation for shareholders.”