United Bank for Africa Plc (UBA Plc) on Wednesday launched a fresh rights issue of 3,156,869,665 ordinary shares of 50 Kobo each at N50.00 per share, second step in its broader capital raising programme.

The offer which has been duly approved by the Securities and Exchange Commission (SEC) is being made to existing shareholders on the basis of one new ordinary share for every thirteen 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 N400 billion Equity Shelf Programme, which was duly registered with the SEC.

N400 billion Equity Shelf Programme was approved by Group’s shareholders at the Annual General Meeting held in May 2024.

The bank had raised N239.4 billion, in the first tranche, through a Rights Issue of 6,839,884,274 ordinary shares of 50 kobo each at N35.00 per share, in November 2024.

UBA says Programme is designed to ensure compliance with the new minimum capital requirements stipulated by the Central Bank of Nigeria (CBN), while also supporting UBA’s strategic expansion objectives and long-term value creation for shareholders.

Group Chairman Tony Elumelu had said at the launch of the first tranche that, ”beyond regulatory compliance, the funds will expand the Group’s lending capacity, investment in digital infrastructure, support sustainable business practices and expand the Group’s African operations.”