UBA Extends Rights Issue Deadline to September 19 After SEC Approval

United Bank for Africa Plc (UBA) has announced a two-week extension of its ongoing rights issue, shifting the application deadline from September 5, 2025, to September 19, 2025, following regulatory approval from the Securities and Exchange Commission (SEC). In a notice to shareholders and the investing public, the bank explained that the extension was necessary to give existing shareholders more time to fully subscribe to the offer and ensure wider participation. The statement, signed by UBA’s Group Company Secretary/Legal Counsel, emphasized that all other terms and conditions of the offer remain unchanged. The ₦157.8 billion rights issue, which opened in July, involves the sale of 3,156,869,665 ordinary shares of 50 kobo each, offered at ₦50 per share, on the basis of one new share for every 13 ordinary shares held as at the qualification date of July 16, 2025. UBA initiated the capital-raising exercise as part of its broader strategy to boost its capital base, strengthen its balance sheet, and position itself for future growth. The bank, which operates across 20 African countries in addition to offices in the United States, the United Kingdom and France, said the proceeds of the rights issue would support expansion initiatives and enhance its ability to meet increasing regulatory requirements. Market analysts have described the extension as a standard move in public offers, noting that it allows shareholders who may have encountered administrative or financial hurdles during the initial window to still participate. They also noted that the eventual subscription level will provide an important indicator of investor confidence in UBA’s long-term growth strategy. The bank urged shareholders who have yet to exercise their rights to contact their stockbrokers, registrars or designated issuing houses for guidance on how to complete their applications. With the revised deadline now set for Friday, September 19, 2025, industry observers will be closely monitoring the outcome of the offer, which is expected to significantly boost UBA’s financial flexibility and strengthen its competitive edge within Nigeria and across its international markets.