United Bank for Africa is celebrating a significant achievement after successfully completing its rights issue, raising an impressive N157.84 billion in what the bank describes as a resounding vote of confidence from investors.

The exercise, which concluded with 100 percent subscription, offered 3.16 billion ordinary shares at N50 per share, following a generous formula of one new share for every thirteen existing shares held by shareholders registered as of July 16, 2025.

The enthusiastic response from investors was nothing short of remarkable. When the acceptance list closed in September 2025, UBA received an incredible 6,404 applications for over 4 billion shares, initially valued at more than N206 billion. This overwhelming demand highlights the strong trust and optimism investors place in UBA's future prospects.

After careful scaling adjustments by shareholders, the final allotment settled at the targeted 3.16 billion shares worth N157.84 billion, representing complete subscription of the rights issue—a testament to the bank's stellar reputation and promising trajectory.

The subscription breakdown reveals the depth of investor enthusiasm. Valid applications poured in for 3.57 billion shares valued at N178.3 billion, demonstrating demand that exceeded the offering. Full acceptances accounted for 453.58 million shares, while partial acceptances added another 135.27 million shares to the tally.

Throughout the exercise, an impressive 2.57 billion shares were successfully reallocated following renouncement, ensuring that eager investors had the opportunity to increase their stakes in this dynamic financial institution. Applications for additional shares alone reached nearly 3 billion shares valued at N148.86 billion, further underscoring the market's appetite for UBA equity.

The Securities and Exchange Commission has given its stamp of approval, clearing the basis of allotment and paving the way for the next exciting phase. PAC Registrars and Investor Services Limited will credit allottees' CSCS accounts by January 16, 2026, while surplus subscription funds will be promptly returned by January 13, 2026.

In a forward-thinking move aligned with modern financial practices, shareholders without CSCS accounts will receive their shares using a Registrar Identification Number, in accordance with SEC directives on the dematerialization of share certificates. This streamlined approach reflects UBA's commitment to efficient, contemporary banking practices.

This successful capital raise provides UBA with robust financial resources to fuel its ambitious operations and expansion initiatives across the African continent. The bank's pan-African vision continues to resonate with investors who recognize the tremendous potential for growth and impact across diverse markets.

The overwhelming response to this rights issue sends a powerful message about investor confidence in UBA's leadership, strategic direction, and ability to deliver value. As the bank prepares to deploy this fresh capital, stakeholders can look forward to enhanced services, expanded reach, and continued innovation in the banking sector.

This milestone represents more than just numbers—it's a celebration of trust, partnership, and shared vision for a prosperous financial future across Africa.