UBA Sets New Record by Exceeding CBN’s N500bn Capital Target

United Bank for Africa (UBA) has officially crossed the ₦500 billion regulatory capital threshold, marking a historic achievement nearly three months ahead of the Central Bank of Nigeria’s (CBN) March 31, 2026, deadline.

The milestone was finalized following the successful conclusion of its second-tranche Rights Issue, which successfully brought in ₦157.8 billion, according to documents seen by MoneyCentral.

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.

This outcome affirms the Pan-African lender’s strong balance sheet and demonstrates the full compliance with applicable regulatory requirements as the Bank continues to deliver higher returns to shareholders in the form of share appreciation and bumper dividend.

A strong capital buffer improves the resilience of UBA against both local and foreign macroeconomic headwinds, strengthens investors’ confidence, and places it on a global competitive arena as well as ensures that the Bank has the financial strength to take on bigger risks by supporting the various sectors of the economy.

How UBA used capital raising to exceed threshold

To take its capital base beyond the N500 billion minimum required for Tier-1 banks with international license, UBA successfully raised N178.3 billion through a rights issue.

This is according to documents seen by MoneyCentral as the new capital raise builds on a prior N239 billion raised in November 2024, which had previously brought UBA’s capital to N355.2 billion.

The Pan-African lender had  received 6,404 valid acceptances for 3,566,081,624 shares, valued at N178.3 billion during the rights issue, which closed on Friday, 19 September 2025.

Out of the valid applications, 6,399 were standard rights issue applications, and 5 were from traded rights totaling 10,462 shares.

Invalid applications totaled 568,666,066 shares valued at N28.43 billion, bringing the total (valid and invalid) to 4,134,747,690 shares.

Expansion achieved, earnings growth momentum next

In the first nine months of 2025, UBA’s balance sheet or total assets have risen by 7.20 percent to N32.49 trillion, from N30.32 trillion as at December 2024, making it the second largest lender by assets in Nigeria.

Excluding the new capital raised, shareholders’ fund or total equity has hit N4.30 trillion in the first nine months, which is 25.80 percent higher than 2024’s N3.41 trillion.

As of the second quarter of 2025, UBA had 45 million customers and 1,000 plus branches and touch points, one of the largest in the country as it continues to make banking services easier for its customers who are both in the urban and rural areas across the country.

It is important to note that the Bank operates in 20 Africa countries, four of its operations are outside Africa, consolidating its position as both local and global player as all regions continue to grow the top line (revenue), reinforcing the Bank’s diversified African footprint is driving value.

UBA has 40.1 million digital customers as its digital platforms and innovative capabilities contribute strongly to revenue streams while unlocking revenue potential through innovative digital capabilities.

Strategic Use of the New “War Chest”

With the ₦500 billion requirement cleared, UBA’s Chairman, Tony Elumelu, and GMD, Oliver Alawuba, have outlined a clear path for the deployment of these funds:

• Digital Transformation (30%): A significant portion is being funneled into AI-driven customer fulfillment centers and cloud-based infrastructure to support 45 million customers.

• Global Footprint: Expanding operations in France, Saudi Arabia, and the UAE to strengthen UBA’s role as “Africa’s Global Bank.”

• Lending Capacity (40%): Increasing the bank’s ability to fund large-scale infrastructure and energy projects across the 20 African countries where it operates.

Market Reaction

The NGX responded positively to the news on January 7, 2026, with UBA shares gaining 2.1% to close at ₦43.90.

Investors are particularly optimistic as the capital raise was structured as a Rights Issue, protecting existing shareholders from significant dilution compared to a general Public Offer.

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