The Nigerian Exchange Limited has admitted an additional 3.16 billion ordinary shares of United Bank for Africa Plc to its Daily Official List, signalling a significant enhancement of the bank’s market capitalisation and further deepening liquidity in the Nigerian capital market.
The NGX disclosed this in a confirmatory letter to the bank dated January 12, 2026, and signed by the Head of the Issuer Regulation Department, Godstime Iwenkehai, who explained that the additional shares were listed following the successful completion of UBA’s recent rights issue exercise.
“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 13 ordinary shares held were formally listed on the Daily Official List of Nigerian Exchange Limited (NGX) on , Monday, 12 January 2026”, Iwenkehai stated in the letter.
The letter was received by UBA’s Group Managing Director and Chief Executive Officer, Oliver Alawuba, who welcomed the confirmation, describing it as a strong validation of investor confidence in the bank’s capitalisation strategy and long-term growth outlook.
“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. Needless to say, the additional capital will further support our Pan-African and global expansion, and enhance our capacity to deliver sustainable value to all stakeholders,” Alawuba stated.
In November 2024, UBA raised N239 billion, which raised its capital base to N355 billion at the time, while the recently concluded rights issue injected an additional N158 billion, bringing the bank’s total capital to N513 billion.
This development means UBA’s qualifying capital base now exceeds the N500 billion minimum requirement set by the Central Bank of Nigeria for banks with international authorisation, placing the institution comfortably above the current recapitalisation threshold.
United Bank for Africa is one of the largest employers in Africa’s financial sector, with a workforce of about 25,000 employees across the group and a customer base of over 45 million people worldwide.
The bank operates in 20 African countries as well as the United Kingdom, the United States of America, France and the United Arab Emirates, where it provides retail, commercial and institutional banking services, while driving financial inclusion and deploying advanced banking technology.
