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In a major move within the Nigerian banking sector, a single high-net-worth investor, commonly referred to as a “Whale,” has taken up a staggering 78% of the United Bank for Africa (UBA) Plc most recent Rights Issue.
The investor committed ₦123.8 billion to secure this allotment, significantly consolidating their position in the pan-African lender.
The Rights Issue was part of UBA’s strategy to meet the Central Bank of Nigeria’s (CBN) new ₦500 billion minimum capital requirement for banks with international licenses.
The Investor
While the official allotment results seen by MoneyCentral did not list institutional or individual names, market intelligence strongly points toward Tony Elumelu, CFR (via Heirs Holdings).
The whale investor was allotted 2.47 billion shares.
The overall capital raise successfully brought in ₦157.8 billion in its second tranche, with the “Whale” providing the bulk of the liquidity.
Due to this massive commitment, the offer saw a high subscription rate, reinforcing investor confidence in UBA’s 2026 growth trajectory.
A total of 6,404 valid applications for 3,566,081,624 ordinary shares valued at N178.3 billion were received, therefore the rights issue was 113% subscribed, however only 100% was allotted.
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