The Nigerian Exchange (NGX) has officially listed an additional 3.16 billion ordinary shares of United Bank for Africa (UBA) Plc, stemming from the bank's recently concluded rights issue. This move is anticipated to significantly boost the bank's market capitalization and further enhance trading liquidity on the Nigerian capital market.

According to a confirmatory letter from the NGX dated January 12, 2026, the listing encompasses 3,156,869,665 ordinary shares of 50 Kobo each, priced at N50.00 per share. Godstime Iwenkehai, Head of the Issuer Regulation Department at the NGX, signed the letter, clarifying that the shares were listed following the successful completion of UBA’s rights issuance exercise, offered on the basis of one new ordinary share for every 13 ordinary shares held.

UBA’s Group Managing Director/CEO, Oliver Alawuba, acknowledged the confirmation and highlighted that the listing reflects strong investor confidence in the bank’s financial strength, governance, and overall growth strategy. He stated that the additional capital raised through the rights issue will further support UBA's Pan-African and global expansion plans. “We welcome the formal confirmation from NGX on the listing of our rights issue shares," Alawuba said. "This successful transaction reflects strong investor confidence in UBA’s financial strength, governance, and growth strategy."

The rights issue, a mechanism for existing shareholders to purchase additional shares in a company, allows UBA to raise capital for strategic initiatives. Market watchers believe this capital injection will allow UBA to further solidify its position as a leading financial institution in Africa, enabling it to pursue new opportunities and strengthen its existing operations across the continent. This comes as UBA recently exceeded the N500 billion minimum capital base ahead of the CBN deadline.

The listing of these additional shares is expected to have a positive impact on trading activity of UBA stock on the NGX, potentially attracting more investors and contributing to price discovery. The development underscores the importance of rights issues as a tool for companies seeking to raise capital and bolster their financial position in the Nigerian market.