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.
Also read: UBA Group Dominates 2025, Banker Awards, Emerges Africa’s Bank of the Year, For Third Time in Five Years
The bank offers retail, commercial, and institutional banking services across its markets.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has dismissed allegations that it appropriated the Niger Delta Economic & Investment Summit (NDEIS) brand, insisting it lawfully obtained trademark acceptance for the name and will proceed with its 2026 summit as scheduled.
In a statement issued on September 12, 2026, the chamber described claims by Kunle Nwiwa Junior as “cheap blackmail, misleading, mischievous and a misrepresentation of the facts,” maintaining that it independently developed the summit and followed all required regulatory procedures.
According to NDCCITMA, it applied for and received a Trademark Acceptance Letter for the name Niger Delta Economic & Investment Summit (NDEIS) in August 2025 under File No. NG/TM/O/2025/387284.
The chamber said the chronology of events contradicts allegations that it copied another party’s application, arguing that its trademark acceptance predated the period during which Nwiwa’s own application was reportedly still pending before the relevant authorities.
“Economic Summit” is a generic expression
NDCCITMA further argued that the phrase “Economic Summit” is a generic description widely used for conferences that bring together governments, investors, businesses, development institutions and other stakeholders to discuss investment and economic development.
The chamber maintained that while concepts may be widely used, legal protection only arises from recognised intellectual property rights, including duly registered trademarks and other enforceable proprietary interests.
It therefore rejected suggestions that any individual or organisation has exclusive ownership of the broader concept of an economic summit.
Court grants interim injunction
Addressing reports that the summit had been halted, NDCCITMA said the dispute is already before the Federal High Court in Port Harcourt and that there is no court order restraining the event.
The chamber disclosed that in Suit No. FHC/PHC/CS/57/2026, Justice Stephen Dalyop Pam granted an interim injunction restraining the defendants—Kunle Nwiwa Junior and Keneva Consult Ltd.—from interfering with the planned summit.
According to NDCCITMA, the court also directed the defendants to remove publications, notices, petitions, social media posts and other statements allegedly considered damaging to the chamber’s name, integrity and reputation pending the hearing of its motion for interlocutory injunction.
The matter has been adjourned until September 22, 2026 for further hearing.
Chamber rejects ₦500 million demand claim
NDCCITMA also alleged that it had received a demand from Nwiwa Junior requesting ₦500 million as a condition for abandoning his claims over the summit.
The chamber said the demand was rejected, adding that it subsequently petitioned the Inspector-General of Police over what it described as repeated harassment and threats directed at its officials.
It said the petition sought police intervention, including inviting the complainant for questioning and caution where necessary.
Summit opens September 15
Despite the legal dispute, NDCCITMA reaffirmed that the 2026 Niger Delta Economic & Investment Summit will hold from September 15 to 17, 2026, at the Obi Wali Conference Centre in Port Harcourt, Rivers State.
The summit will be held under the theme “Driving Investment, Innovation & Industrial Growth in the Niger Delta” and is expected to bring together policymakers, investors, business leaders, development partners and industry stakeholders to discuss economic transformation across the region.
The chamber said it remains committed to promoting commerce, industry, trade, mining, agriculture and sustainable economic development throughout the Niger Delta while allowing the courts to determine all outstanding legal issues.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
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