United Bank for Africa (UBA) Plc, Africa’s Global Bank will raise N239.4 billion through a Rights Issue of 6,839,884,274 ordinary shares of 50 kobo each at N35.00 per share.

The Rights Issue, which opened on Friday, November 15, 2024, gives existing shareholders the opportunity to purchase additional shares in proportion to their current holdings and is being offered based on one new ordinary share for every five existing ordinary shares held by shareholders, as of November 05, 2024.

In his letter to the shareholders informing them, the Group Chairman of United Bank for Africa, Tony Elumelu, noted that following the resolution of the Group’s shareholders at the Annual General Meeting held in May 2024, authorising the establishment of the N400 billion Equity Shelf Programme, UBA will embark on a Rights Issue, as the first step in its broader capital raising programme.

“UBA’s Rights Issue aims to raise N239.4 billion, through the issuance of new Ordinary Shares to our shareholders. The primary objective of this Rights Issue is to further strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry,” Elumelu said.

Explaining the use of proceeds, the Group Chairman noted that, beyond regulatory compliance, the funds will expand the Group’s lending capacity, investment in digital infrastructure, support sustainable business practices and expanding the Group’s African operations.

Elumelu also highlighted how UBA is driving economic growth across Africa. “Our historic partnership with the Africa Continental Free Trade Area (AfCFTA) Secretariat, where UBA pledged up to US$6 billion in financing over the next three years to support eligible SMEs across Africa underscores our commitment to fostering economic development”.

The issuance is in compliance with the revised minimum capital requirements for Nigerian commercial banks announced by the apex banking regulator in Nigeria – the Central Bank of Nigeria (CBN) earlier this year.

UBA has consistently demonstrated growth and resilience, evidenced by the Group’s strong financial performance and recent recognition within the industry. UBA’s progressive dividend policy, which has seen an increase by 14.8% annualised dividend yield has demonstrated the Group’s ability to reward shareholders consistently.

In 2023/2024, UBA won “Bank of the Year” Awards in eight of its subsidiaries – Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Republic of Congo; Sierra Leone; Tanzania, as well as the Regional Award for Africa and in 2024 has won World Best Frontier Markets Bank and Best SME Bank Africa.

Application for the provisional allotment of the Rights to the new ordinary Shares will be made exclusively through the NGX e-offer portal during the offer period, while existing shareholders may also apply for additional shares above their provisional allotment as described in the Provisional Allotment Letter.

Shareholders who are customers of the Bank are also encouraged to access their Rights through UBA’s internet banking and mobile banking channels.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With a unique international presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa and globally, through retail, commercial, corporate and institutional banking, innovative cross-border payments and remittances, trade finance and related banking services.

To commemorate the upcoming International Anti-Fraud Awareness Week, PalmPay, a leading financial institution in Nigeria, is launching a series of community-focused initiatives to educate the public on fraud prevention and digital security.

The highlight of this initiative is a community walk themed “United Against Fraud: Building a Safer Future”, set to take place across Lagos on November 22, 2024. This walk will gather key stakeholders from various sectors, PalmPay staff, and members of the public, reinforcing a collective commitment to a safer digital finance ecosystem in Nigeria.

The walk will commence at designated PalmPay offices, moving towards the vibrantIkeja tech hub, Computer village. Along the route, participants will distribute informative materials and engage with local residents and passersby, sharing tips on fraud prevention and encouraging safe digital practices. The event is open to all who are interested in standing against fraud and learning about ways to protect themselves in today’s digital landscape.

Fraud continues to be a significant challenge within Nigeria’s growing digital financial ecosystem. Recent data has shown a staggering increase in fraud related cases , making it imperative for both businesses and consumers to be proactive in safeguarding themselves.

PalmPay, committed to promoting a secure and trustworthy digital finance landscape, will be spearheading an awareness campaign throughout Anti-Fraud Awareness Week to support financial literacy among its customers. The goal is to encourage its users to adopt safe digital practices, such as setting strong passwords, recognizing phishing attempts, and reporting any suspicious activity promptly.

“At PalmPay, we are deeply committed to safeguarding our users from fraud by providing the tools and knowledge they need to protect themselves,” said Adenekan Oluwatosin, Anti-Fraud Officer at PalmPay. “As digital finance becomes more integral to everyday life, it’s crucial to stay vigilant and informed about potential risks. Our Anti-Fraud Awareness Week reaffirms our commitment to proactive security measures and financial literacy.”

Chika Nwosu, Managing Director of PalmPay, added,  “This initiative aligns with PalmPay’s mission to foster a secure and trustworthy financial landscape for Nigerians. We believe that collaboration with the public and industry stakeholders is vital to tackle fraud effectively.”

PalmPay encourages the public to participate in this awareness walk to stand against fraud, learn essential self-protection strategies, and contribute to building a safer, more secure digital financial landscape for all Nigerians.

United Bank for Africa (UBA) Plc, Africa’s Global Bank, has collaborated with Mastercard to launch a commemorative debit card in celebration of UBA’s 75th anniversary.

L-R: Olusola Olakanmi , Vice President, Account Management, Nigeria, Mastercard; Kari Tukur, Vice President, Customer Solutions Center, East and West Africa, Mastercard; Folasade Femi-Lawal, Country Manager and Area Business Head, West Africa, Mastercard; Mark Elliott, Division President, Africa, Mastercard; Oliver Alawuba, Group Managing Director, United Bank for Africa(UBA); Shamsideen Fashola, Group Deputy Managing Director; Group Head, Retail and Alero Ladipo, Digital Banking and Group Head, Marketing & Corporate Communications, at the unveiling of special UBA Mastercard Debit Card in commemoration of the bank’s 75th platinum jubilee.

This collaboration aims to honor UBA’s long-standing customer relationships and enhance their banking experience with a range of offers and discounts across multiple platforms.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who spoke at the unveiling, highlighted that the card comes loaded with certain benefits aimed at rewarding customers, including limited 25% off purchases on Jumia and USD75 cashback on transactions made through AliExpress.

He added that this initiative symbolizes the shared vision between UBA and Mastercard towards empowering Africans by enhancing customer experience through secure and convenient transactions.

“This new card represents the deepening of our relationship and our shared mission to empower millions of Nigerians and Africans, by providing them with access to secure transactions and new opportunities across the continent,” Alawuba said.

The GMD also disclosed the bank’s plans to unveil similar products across all its subsidiaries. “We are proud of this collaboration, and we are confident that Mastercard’s role in Africa will only grow stronger in the coming years,” he added.

Mark Elliott, Division President for Africa, Mastercard, expressed his appreciation for the UBA collaboration, emphasising its significance in supporting Africa’s digital economy. “We are excited to collaborate with UBA to celebrate this milestone and bring more value to customers across Africa.

“This commemorative card is more than just a product; it reflects our commitment to advancing financial inclusion and supporting Africans in accessing secure, convenient and impactful financial solutions.”

Elliott highlighted the immense opportunities within the African payment ecosystem and shared that Mastercard is eager to explore new opportunities with UBA.

“Together with UBA, we are focused on delivering innovation that meet the evolving needs of the region, empowering individuals, and promoting digital growth across the continent,” he stated.

The launch of the commemorative debit card represents a significant step in UBA and Mastercard’s shared journey towards financial empowerment and innovation across Africa.