Nigeria’s UBA to Raise Additional Capital, Start France Unit
The offices of United Bank for Africa Plc (UBA), left, in the Central Business District (CBD) of Lagos.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigerian lender United Bank for Africa Plc plans to raise 144.8 billion naira ($90.2 million) in additional capital this year, as it aims to meet the central bank’s new threshold and expand into more countries.
This, and the 240 billion naira raised through a rights issue should enable UBA meet the 500 billion naira minimum capital requirement set by the Central Bank of Nigeria, Oliver Alawuba, chief executive officer said in an emailed statement.