Business
UBA lists 3.16bn shares, boosting capital and liquidity
UBA lists 3.16 billion shares on NGX following rights issue, boosting capital base, investor confidence, and market liquidity
The Nigerian Exchange Limited (NGX) has officially listed an additional 3,156,869,665 ordinary shares of United Bank for Africa Plc (UBA) on its Daily Official List, following the successful conclusion of the bank’s recent rights issue.
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The rights issue offered shareholders one new ordinary share for every thirteen shares held at a price of N50 per share.
NGX confirmed the formal listing in a letter dated 12 January 2026, signed by Godstime Iwenkehai, Head of the Issuer Regulation Department.
The listing increases UBA’s total outstanding shares from 41,039,305,642 to 44,196,175,307 ordinary shares, enhancing the bank’s market capitalisation and liquidity in its stock.
UBA Group Managing Director and Chief Executive Officer Oliver Alawuba described the listing as a clear demonstration of investor confidence.
“We welcome the formal confirmation from NGX on the listing of our rights issue shares. This successful transaction reflects strong investor confidence in UBA’s financial strength, governance, and growth strategy,” he said.
Alawuba added that the additional capital would support UBA’s Pan-African and global expansion while delivering sustainable value to stakeholders.
The recently concluded rights issue raised N158 billion for UBA, which, when combined with the N239 billion raised in November 2024, increased the bank’s total capital base to N513 billion.
The capital now comfortably surpasses the Central Bank of Nigeria’s N500 billion minimum requirement for banks with international authorisation, solidifying UBA’s position as one of Nigeria’s leading financial institutions.
UBA employs over 25,000 staff across Africa and globally, serving more than 45 million customers in 20 African countries as well as the United Kingdom, the United States, France, and the United Arab Emirates.
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The bank offers retail, commercial, and institutional banking services across its markets.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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