United Bank for Africa Plc (NGX: UBA) has extended the closure of its ongoing Rights Issue by two weeks, pushing closing date from 5th September 2025 to 19th September 2025.
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In a notification on Monday, the Bank informed 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.
The extension, the Bank stated is aimed at providing shareholders with additional time to fully exercise their rights and participate in the Rights Issue.
Investogist reported in July of the commencement of the UBA Rights Issue which opened on Wednesday 30 July 2025 and scheduled to close on Friday 05 September 2025.
The offer made approved by the Securities and Exchange Commission was made to existing shareholders on the basis of one (1) new ordinary share for every thirteen (13) ordinary shares held as at the close of business on Wednesday, 16 July 2025.
This Rights Issue represents the second tranche under the Bank’s ₦400 billion Equity Shelf Programme, which was duly registered with the SEC.
The Programme is designed to ensure compliance with the new minimum capital requirements stipulated by the Central Bank of Nigeria, while also supporting UBA’s strategic expansion objectives and long-term value creation for shareholders.
In the first tranche, the Bank sort to raise ₦239.4 billion through a Rights Issue of 6,839,884,274 ordinary shares of 50 kobo each at ₦35.00 per share.
The first tranche of Rights Issue opened on Friday, November 15, 2024, and gave existing shareholders the opportunity to purchase additional shares in proportion to their current holdings and was offered based on one new ordinary share for every five existing ordinary shares held by shareholders, as of November 05, 2024.
With Rights Issue opening on a day UBA’s share was trading at ₦50.00 per share, the Bank expects to raise ₦157.8 billion new capital from the exercise.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
