UBA Finally Beats CBN’s N500bn Target as Tier-1 Banks Race Toward March 2026 Deadline

• UBA surpasses N500 billion capital requirement ahead of CBN's March 2026 deadline
• Rights issue raised N178.3 billion with over 6,400 valid acceptances for shares
• UBA joins other banks in meeting recapitalisation target, enhancing Nigeria's banking sector stability

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United Bank for Africa (UBA) has officially surpassed the Central Bank of Nigeria’s N500 billion minimum capital requirement for Tier-1 banks with international licences, following the successful completion of a N178.3 billion rights issue.

The milestone places UBA among the earliest banks to fully comply with the apex bank’s sweeping recapitalisation directive, well ahead of the March 2026 deadline, and strengthens its position in Nigeria’s increasingly competitive banking landscape.

Details of the Rights Issue

UBA raised the N178.3 billion from shareholders through a rights issue concluded in September 2025. The offer recorded 6,404 valid acceptances for 3.57 billion shares, priced at N50 per share.

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Of the total applications, 6,399 were standard rights subscriptions, while five were traded rights transactions involving 10,462 shares.

Invalid applications amounted to 568.7 million shares valued at N28.43 billion, bringing the total shares applied for, both valid and invalid, to over 4.13 billion.

Full acceptances accounted for 6,293 applications covering 453.6 million shares, while partial acceptances involved 106 submissions for 135.3 million shares.

PAC Registrars and Investor Services Limited, the registrar to the issue, said successful allotments will be credited to CSCS accounts by 7 February 2026, while surplus funds are scheduled for refund by 13 January 2026.

UBA: Building on earlier capital raise

The latest exercise builds on UBA’s N239 billion rights issue completed in November 2024, which had lifted its capital base to N355.2 billion.

With the additional N178.3 billion, the bank now comfortably clears the CBN’s N500 billion benchmark for internationally licensed lenders.

Analysts say the early compliance gives UBA room to focus on growth rather than emergency capital raising as the deadline approaches.

Banks that have met the international licence target

UBA now joins a small but growing group of Nigerian banks with international licences that have crossed the recapitalisation hurdle.

These include Access Bank, Zenith Bank and First Bank of Nigeria, all of which have either completed or announced capital raises sufficient to meet the CBN’s new requirements.

The recapitalisation drive is aimed at strengthening the banking system, improving shock absorption and positioning Nigerian lenders to finance larger domestic and cross-border projects.

Strong earnings support capital push

UBA’s improved capital position is underpinned by solid financial performance.

The bank posted a profit of N537.5 billion in its nine-month unaudited results for 2025, up 2.33 per cent from N525 billion a year earlier. Gross earnings rose by 2.96 per cent to N2.5 trillion, driven largely by interest income.

Shareholding data as of 30 June 2025 shows a largely diversified ownership structure. Heirs Holdings Limited holds 5.15 per cent, while UBA Nominees controls 6.27 per cent.

Heirs Holdings is owned by billionaire Tony Elumelu, who also chairs the bank.

UBA: Positioned for expansion

With recapitalisation secured, UBA is better placed to fund large-scale projects, deepen its African and global footprint, and enhance shareholder value.

Market watchers say the move sends a strong signal of resilience and long-term ambition as Nigeria’s banking sector enters a new consolidation phase.

The big banks meet CBN's target

With UBA announcing the feat, all Nigerian banks with international licences have met CBN’s recapitalisation target.

A prior report by Legit.ng disclosed that Fidelity Bank also crossed the CBN recap threshold to continue to operate both in Nigeria and internationally.

As of the last count, 19 banks have beaten CBN’s March 31, 2026, recapitalisation deadline and will go on to operate.

Rand Merchant Bank Meets CBN Minimum Capital Requirement

Legit.ng earlier reported that Rand Merchant Bank Nigeria Limited (RMB Nigeria) has announced that it has met the new minimum capital requirement set by the Central Bank of Nigeria (CBN).

The bank disclosed this in a statement released on Monday, confirming that it achieved the required capital threshold on December 30, 2025, PUNCH reported.

In March 2024, the CBN reviewed and raised minimum capital requirements for banks operating in Nigeria.