United Bank for Africa Plc has announced plans to raise over N157bn through a rights issue.
In a notice to trading licence holders on Wednesday, the Nigerian Exchange Limited disclosed that UBA, through its stockbrokers, United Capital Securities Limited, has submitted an application for the approval and listing of a rights issue of 3,156,869,665 ordinary shares of 50 kobo each at N50.00 per share.
The offer is on the basis of one new ordinary share for every thirteen ordinary shares held as of the close of business on Wednesday, which has been confirmed as the qualification date.
In a statement signed by the Head of Issuer Regulation Department at NGX, Godstime Iwenekhai, it was stated, “Trading License Holders are hereby notified that United Bank for Africa Plc (the Company) has through its Stockbrokers, United Capital Securities Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a Rights Issue of Three Billion, One Hundred and Fifty-Six Million, Eight Hundred and Sixty-Nine Thousand, Six Hundred and Sixty-Five (3,156,869,665) ordinary shares of 50 Kobo each at N50.00 per share.
“The Qualification Date for the Rights Issue is 16 July 2025. This is for your information, please.”
It was reported that United Bank for Africa Plc has reported a profit before tax of N803.73bn for the 2024 financial year, driven by solid core earnings and improved operational efficiency.
