United Bank for Africa Plc (UBA) has extended the deadline for the acceptance period of its ongoing rights issue by two weeks, moving the closing date from September 5 to September 19, 2025.
The bank disclosed the extension in a notice to the Nigerian Exchange Limited (NGX), shareholders, and the investing public. According to the statement, the Securities and Exchange Commission (SEC) granted approval for the adjustment.
“United Bank for Africa Plc (the Bank) hereby notifies its shareholders, the Nigerian Exchange Limited, stakeholders, and the general public that the acceptance/application period for its ongoing Rights Issue, initially scheduled to close on Friday, September 5, 2025, has been extended by two weeks and will now close on Friday, September 19, 2025, following the receipt of approval from the Securities and Exchange Commission. This extension is aimed at providing shareholders with additional time to fully exercise their rights and participate in the Rights Issue,” the bank announced.
UBA explained that the extension was designed to give shareholders enough time to subscribe and maximise their participation in the offer. The lender also reiterated its commitment to transparency and inclusivity throughout the process, assuring investors that adequate support would be provided via its Investor Relations unit.
The move comes as part of UBA’s efforts to raise fresh capital through a rights issue aimed at strengthening its capital base. Reports indicate that the bank intends to generate more than N157 billion from the offer.
Through its stockbrokers, United Capital Securities Limited, UBA has applied to the NGX for approval and listing of 3,156,869,665 ordinary shares of 50 kobo each, offered at N50.00 per share. If fully subscribed, the exercise will mark one of the largest capital-raising initiatives by a Nigerian bank in recent times.
Rights issues typically give existing shareholders the opportunity to purchase new shares in proportion to their current holdings, usually at a discounted price. This allows shareholders to maintain or increase their stake while providing the company with additional equity capital.
UBA’s fundraising drive aligns with broader efforts within Nigeria’s banking sector to strengthen capital buffers ahead of new regulatory requirements. Analysts note that the Central Bank of Nigeria has been pushing banks to boost their capital adequacy ratios in order to ensure resilience and stability in the financial system.
For UBA, the capital raise is expected to support its ambitious growth strategy. The pan-African lender, which operates in more than 20 African countries as well as the UK, France, and the U.S., plans to deploy the proceeds towards expanding its operations, investing in technology, and enhancing its ability to compete across key markets.
By extending the rights issue deadline, UBA is giving its shareholders a longer window to participate fully in the offering, especially those who may have faced logistical or financial challenges in meeting the earlier deadline. The bank said the decision reflects its commitment to ensuring that all eligible investors have fair opportunity to benefit.
The extension also signals UBA’s cautious approach to capital raising, ensuring that the exercise attracts broad shareholder participation and delivers the anticipated boost to its financial base.
