How N239.4bn Rights Issue Will Contribute To Ubas Growth Elumelu

The United Bank for Africa UBA Plc will utilise the net proceeds of its ongoing N239.4 billion Rights Issue to invest in additional digital technologies and business expansions that will strengthen the banks seven and half decades of impressive performance.

UBA is offering 6.84 billion ordinary shares of 50 kobo each to existing shareholders at N35 per share. The rights issue is pre-allotted on the basis of one new ordinary share of 50 kobo each to every five ordinary shares held as at November 05, 2024. The rights issue is scheduled to close on December 24, 2024.

Group Chairman of UBA, Mr. Tony Elumelu, said the primary objective of the ongoing Rights Issue is to strengthen the banks position as a pan-African banking industry leader and a highly rewarding institution for all stakeholders.

He said the group decided on the rights issue to ensure that shareholders continue to derive undiluted benefits from a stronger, more innovative and resilient pan-African banking group.