The Nigerian Exchange Limited (NGX) on Monday formally listed 3.16 billion new ordinary shares of United Bank for Africa Plc (UBA), following the successful conclusion of the bank’s rights issue exercise, in a move expected to strengthen its capital base and deepen liquidity in Nigeria’s capital market.
The rights issue offered shareholders one new ordinary share for every thirteen shares held at a subscription price of 50 naira per share, raising significant additional capital for the Pan-African lender.
In a letter dated January 12, 2026, NGX’s Head of Issuer Regulation, Godstime Iwenkehai, confirmed the formal listing, noting that all post-approval documentation had been submitted and verified. “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 thirteen ordinary shares held was formally listed on the Daily Official List of Nigerian Exchange Limited,” the letter said.
The listing increases UBA’s total outstanding shares on NGX from 41.04 billion to 44.20 billion, reflecting a substantial expansion in the bank’s market capitalisation. Analysts said the additional shares would likely improve liquidity in the trading of UBA stock, enhancing market depth and investor participation.
UBA Group Managing Director and Chief Executive Officer Oliver Alawuba welcomed the confirmation, describing it as a demonstration of investor confidence in the bank. “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,” Alawuba said.
He added that the new capital would support the bank’s Pan-African and global expansion plans while enhancing its capacity to deliver sustainable value to shareholders. “The additional capital will further support our strategic objectives and strengthen our ability to provide innovative financial services across our markets,” Alawuba said.
The rights issue, which closed successfully in late 2025, is part of a broader initiative by UBA to reinforce its balance sheet and maintain a strong capital adequacy position amid growing domestic and regional banking opportunities. Market observers noted that the timing of the listing, early in the new year, could provide additional momentum for UBA’s stock performance in 2026.
Nigeria’s banking sector has increasingly leveraged rights issues as a tool to raise capital and support expansion while meeting regulatory requirements. The central bank continues to encourage lenders to strengthen their capital positions to accommodate rising credit demand and to support economic growth.
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Investors have responded positively to rights issues in recent years, seeing them as indicators of robust governance, growth potential, and management commitment to long-term value creation. UBA’s rights issue drew strong participation from institutional and retail investors, signalling confidence in the bank’s strategy and market outlook.
The NGX confirmed that the formal listing took effect on Monday, January 12, 2026, ensuring that the newly issued shares could be traded immediately on the Nigerian bourse. Analysts expect that the expanded share base will facilitate greater trading activity, enhancing price discovery and market efficiency.
The move aligns with UBA’s broader strategic priorities, which include strengthening its financial resilience, expanding its footprint across Africa and globally, and providing innovative banking services to a growing customer base. Market participants say that such capital-raising exercises will be critical for Nigerian banks as they compete regionally and adapt to evolving regulatory and economic conditions.
