[Nigeria] UBA announces successful completion of its Rights Issue

United Bank for Africa Plc , announces the successful completion of its Rights Issue, following the approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). 

UBA raised N11.5 billion through a seasoned equity offering; a Rights Issue of one (1) ordinary share for every existing ten (10) units at a price of N3.50 each. The Offer was fully subscribed by its shareholders. 

With this additional equity, UBA has fortified its capital base ahead of the full implementation of BASEL II, which requires higher capital buffer for Banks, to accommodate credit, operational and market risks inherent in the business of financial intermediation. 

Speaking on the Rights Issue, the GMD/CEO of UBA Plc, Mr. Phillips Oduoza said; “I am pleased with the successful completion of this Rights Issue, as it provides further leverage to exploit our growth potentials. On behalf of the Management of UBA, I appreciate the shareholders for their strong commitment towards the growth of our dear Bank and for the unwavering confidence reposed in us in building a great Pan-African institution. We will remain true to our promise of delivering superior and sustainable return to all stakeholders over the near to long term, just as we are committed to the development of the African economies where we operate.” 

The Group CFO, Mr. Ugo Nwaghodoh also noted; “This additional equity provides further capital buffer for us to grow our business over the medium term, with a strong positive outlook on delivering our performance guidance in the year.

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