Overview

CardinalStone Partners Limited is pleased to inform you that United Bank for Africa Plc’s (the “Bank” or “UBA” or the Group”) Rights Issue of 6,839,884,274 ordinary shares of 50 Kobo each at ₦35.00 per share on the basis of 1 new Ordinary Share for every 5 Ordinary Shares held as at the close of business of Tuesday, November 5, 2024 is NOW OPEN and scheduled to close on Tuesday, December 24, 2024. This Rights Issue represents the 1st issuance under the ₦400 billion Equity Shelf Programme registered with the Securities and Exchange Commission (“SEC”).

UBA is a pan-African financial services group headquartered in Lagos, Nigeria with 75 years of operational excellence. The Bank is Africa’s global bank with over seven (7) decades in operations covering personal and SME banking, corporate banking, and digital banking using innovative products to penetrate different markets. UBA operates in 20 African countries and 4 international financial centres namely the United Kingdom, France, United Arab Emirates and New York, United States.

The Bank achieved a 149% growth in YTD Net Interest Income to ₦1.1trillion as at Q3-2024 from ₦443.1billion in Q3-2023, driving net interest margin to 8.03%. The Bank also recorded an impressive 20% growth in the YTD Profit Before Tax of ₦603.5 billion in Q3-2024 from ₦502.1billion in Q3-2023. UBA declared a record interim dividend of ₦2.00 per share for the first half of 2024, marking a 300% increase from the ₦0.50 per share declared in the same period of 2023, demonstrating significant value accretion for shareholders.