The United Bank for Africa (UBA) says it has successfully closed its rights issue, raising N157.84 billion with a full subscription rate.
In a result sheet on Wednesday, the bank announced that the rights issue offered 3,156,869,665 ordinary shares at N50 per share.
According to the document, the offer was made on the basis of one new share for every 13 ordinary shares of 50 kobo each held by shareholders whose names appear on the register of members as of July 16, 2025.
The bank reported receiving 6,404 valid applications for 3.56 billion shares worth N178.3 billion, translating to a 113 percent subscription, but said only 100 percent was finally allotted after a shareholder scaled down its request.
By the close of the acceptance period on September 19, 2025, the bank received 6,404 applications for a total of 4.13 billion shares valued at N206.74 billion.
However, the company said the final approved allotment stood at 3.16 billion shares valued at N157.84 billion, representing 100 percent subscription of the rights issue.
The financial institution said the subscriptions showed that 6,404 valid applications were received for 3.57 billion shares worth N178.3 billion, while 568.7 million shares valued at N28.43 billion were deemed invalid.
The bank said full acceptances accounted for 453.58 million shares, while partial acceptances covered 135.27 million shares, leading to 190.93 million shares being partially renounced.
Together, UBA said 2.56 billion shares were renounced and subsequently reallocated.
“Applications for additional shares of 2,977,218,174 ordinary shares valued at ₦148,860,908,700.00 were received and 2,568,006,215 ordinary shares valued at ₦128,400,310,750.00 were allotted due to a request by a shareholder to scale down its application for additional shares by 409,211,959 ordinary shares valued at ₦20,460,598,000.00,” the document reads.
According to the bank, the Securities and Exchange Commission (SEC) has cleared the basis of allotment.
“The Registrars to the Rights Issuer, PAC Registrars and Investor Services Limited (“PAC Registrars”) of 122 Bode Thomas Street, Surulere, Lagos State will credit the CSCS account of allottees who have indicated their CSCS account details on their respective acceptance forms with the shares allotted to them not later than Friday, 16 January 2026,” UBA said.
The bank added that surplus subscription monies would be returned by PAC Registrars no later than January 13, 2026 — five business days after clearance of the basis of allotment by the SEC.