Prime Business Africa
United Bank for Africa (UBA) has successfully concluded its rights issue, raising ₦157.84 billion through the issuance of 3.16 billion ordinary shares at ₦50 per share.
The exercise, which closed on September 19, 2025, was fully subscribed, reflecting strong investor confidence in the bank’s growth prospects.
The rights issue offered one new share for every 13 existing shares held by shareholders as of July 16, 2025. Initially, UBA received 6,404 applications for 4.13 billion shares valued at ₦206.74 billion, but scaling adjustments resulted in a final allotment of 3.16 billion shares. The Securities and Exchange Commission (SEC) has cleared the basis of allotment, and PAC Registrars will credit allottees’ CSCS accounts by January 16, 2026.
Join our WhatsApp ChannelThis achievement is significant, as UBA’s total share capital now exceeds the ₦500 billion minimum capital requirement set by the Central Bank of Nigeria (CBN). Prior to this, the bank’s share capital and share premium stood at approximately ₦350 billion as of the 2025 half-year audited results. The successful rights issue demonstrates UBA’s strong balance sheet and compliance with regulatory capital requirements, positioning the bank for expansion across Africa
UBA’s expansion plans are focused on becoming Africa’s most diversified financial services group – expanding into new markets, deepening operations in existing 20 African countries, and upgrading licenses in France to serve cross-border trade and the African diaspora.
Plans to open operations in Saudi Arabia were also announced in January 2025.
Summary of the Bank’s Financial Performance
2024 Performance: Profit after tax rose 26.14% to ₦766.6 billion, gross earnings grew 53% to ₦3.187 trillion.
H1 2025: Profit after tax hit ₦335 billion, with gross earnings rising 17.28% to ₦1.607 trillion.
Revenue from non-Nigerian operations now contributes 51.7% of group revenue, up from 31% in 2019.
UBA also prioritizes innovation, digital transformation, and sustainability, with strategic investments in technology and enhanced risk management frameworks.
Country-Specific Performance of UBA
Ghana:
UBA Ghana clinched 22 awards, including “Bank of the Year” and “SME Bank of the Year”.
Balance sheet grew 28% to GHS 7.9 billion, driven by 34% customer deposits.
The bank is Plpioneering digital banking with products like Africash, Internet Banking, and Magic Banking.
Kenya:
UBA Kenya offers digital solutions like online banking, mobile app, and card services.
Partnerships with M-Pesa for seamless transactions.
UBA’s digital investments yielded N253 billion in e-banking income in 2024, growing 91.9% year-on-year. The bank aims to handle 95% of transactions digitally soon
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