UBA Plans N144.8bn Capital Raise, Expands Operations

United Bank for Africa (UBA) is taking significant steps to meet the Central Bank of Nigeria’s new N500 billion minimum capital requirement for banks with international licenses, aiming to complete its recapitalization by the third quarter of 2025, ahead of the March 2026 deadline. The bank successfully raised N240-250 billion through an oversubscribed rights issue, prioritizing existing shareholders, and plans to raise an additional N144.8 billion this year to close the capital gap. UBA reported robust financial results for 2024, including a profit after tax of N767 billion, gross revenue of N3.19 trillion, and a 42% surge in total deposits to N24.65 trillion. The capital raised will support technology upgrades, business expansion across Africa and globally, and further strengthen UBA’s diversified balance sheet and commitment to shareholders. Leadership has emphasized that the recapitalization strategy reflects a long-term vision and strong stakeholder confidence, with CBN approval reinforcing the bank’s compliance and growth trajectory. Despite economic challenges, UBA’s financial performance and strategic moves position it as a leading pan-African financial institution poised for continued expansion.