United Bank for Africa has successfully navigated the Central Bank of Nigeria’s (CBN) recapitalisation requirements, raising N178.3 billion through a strategic rights issue. This substantial capital injection propels UBA’s capital base well beyond the N500 billion minimum threshold mandated for banks with an international license. The recent capital raise, which concluded in September 2025, builds upon a significant N239 billion injection from November 2024, a move that had previously boosted the bank’s capital to N355.2 billion. These combined efforts position UBA favorably ahead of the March 2026 deadline, pending official confirmation from regulatory bodies.
The Central Bank of Nigeria has set a firm N500 billion minimum capital base for all internationally licensed banks by March 2026. This directive is a crucial component of a wider strategy aimed at bolstering the stability and resilience of Nigeria’s financial system. UBA’s proactive approach demonstrates a commitment to not only meet but exceed these evolving regulatory standards.
Featured snippet paragraph: The answer is that UBA met the CBN’s N500 billion recapitalisation bar by raising N178.3 billion through a rights issue, adding to a previous N239 billion injection, exceeding the required threshold before the March 2026 deadline.
The rights issue, priced at N50 per share, involved the offering of 3.16 billion ordinary shares. Shareholders who were on the bank’s register as of July 16, 2025, were eligible to participate. The offer garnered substantial interest, with 6,404 valid acceptances for 3.57 billion shares, indicating strong shareholder confidence and support for the bank’s strategic direction.
Standard applications constituted the majority of the subscriptions, reflecting broad participation from UBA’s investor base. Traded rights contributed a smaller portion, with only 10,462 shares transacted across five separate deals on the Nigerian Exchange. The total number of applications received, including those deemed invalid, reached 4.13 billion shares.
PAC Registrars and Investor Services is set to credit investors’ Central Securities Clearing System (CSCS) accounts by February 7, 2026. Furthermore, the process for refunding surplus funds to investors is scheduled to be completed by January 13 of the same year, ensuring a smooth conclusion to the share sale process.
Meeting the N500 billion capital requirement is more than just a regulatory obligation; it significantly enhances UBA’s capacity. The strengthened capital base allows the bank to undertake larger corporate and infrastructure financing projects, facilitating economic development. It also supports UBA’s continued expansion across its extensive African footprint.
Maintaining its Tier 1 status is paramount for UBA, especially as regulatory standards become more stringent within Nigeria’s dynamic banking sector. The substantial capital raise ensures the bank remains a leading financial institution, capable of weathering market fluctuations and seizing new opportunities.
Shareholding data as of June 30, 2025, reveals that Heirs Holdings Limited holds a notable 5.15 percent stake in the bank. Additionally, UBA Nominees accounts for 6.27 percent of the bank’s shares. Heirs Holdings is notably controlled by Tony Elumelu, who also serves as UBA’s chairman, underscoring a strong leadership connection.
This successful capital raise coincides with a period of consistent earnings growth for UBA. The bank reported impressive unaudited profits of N537.5 billion for the first nine months of 2025. This represents a 2.33 percent increase compared to the same period in the previous year, highlighting the bank’s operational efficiency and market performance.
Gross earnings also saw a healthy uptick, rising by nearly three percent to reach N2.5 trillion. This growth was primarily driven by robust interest income, a testament to UBA’s effective financial intermediation and lending activities. The bank’s financial performance indicates a strong underlying business momentum.
