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The United Bank for Africa (UBA) is set to return about N20.5billion surplus subscription monies to shareholders after its rights issues were oversubscribed, in a move to recapitalise ahead of time.
The bank said, it received 6,404 valid applications for 3.56 billion shares worth N178.3 billion, translating to a 113 per cent subscription, even as only 100 percent was finally allotted after a shareholder scaled down its request.
To this end, the bank stated that, surplus subscription monies would be returned by PAC Registrars, no later than January 13, 2026 — five business days after clearance of the basis of allotment by the Securities and Exchange Commission (SEC).
In a result sheet on Wednesday, the bank disclosed that the rights issue offered 3,156,869,665 ordinary shares at N50 per share.
The offer, according to the bank, was made on the basis of one new share for every 13 ordinary shares of 50 kobo each held by shareholders whose names appear on the register of members as of July 16, 2025.
By the close of the acceptance period on September 19, 2025, the bank received 6,404 applications for a total of 4.13 billion shares valued at N206.74 billion.
However, the company noted that, the final approved allotment stood at 3.16 billion shares valued at N157.84 billion, representing 100 per cent subscription of the rights issue.
The bank said, the subscriptions showed that 6,404 valid applications were received for 3.57 billion shares worth N178.3 billion, while 568.7 million shares valued at N28.43 billion were deemed invalid.
The bank said, full acceptances accounted for 453.58 million shares, while partial acceptances covered 135.27 million shares, leading to 190.93 million shares being partially renounced.
The financial institution noted that, the subscriptions showed that 6,404 valid applications were received for 3.57 billion shares worth N178.3 billion, while 568.7 million shares valued at N28.43 billion were deemed invalid.
The bank said, full acceptances accounted for 453.58 million shares, while partial acceptances covered 135.27 million shares, leading to 190.93 million shares being partially renounced.
Together, UBA said 2.56 billion shares were renounced and subsequently reallocated.
“Applications for additional shares of 2,977,218,174 ordinary shares valued at N148,860,908,700.00 were received and 2,568,006,215 ordinary shares valued at N128,400,310,750.00 were allotted due to a request by a shareholder to scale down its application for additional shares by 409,211,959 ordinary shares valued at N20,460,598,000.00,” the document reads.
According to the bank, SEC has cleared the basis of allotment.
“The Registrars to the Rights Issuer, PAC Registrars and Investor Services Limited (“PAC Registrars”) of 122 Bode Thomas Street, Surulere, Lagos State will credit the CSCS account of allottees who have indicated their CSCS account details on their respective acceptance forms with the shares allotted to them not later than Friday, 16 January 2026,” UBA said.
The bank noted that, surplus subscription monies would be returned by PAC Registrars no later than January 13, 2026 — five business days after clearance of the basis of allotment by the SEC.
