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UBA to raise N239.4Bn through Rights Issue

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• Shareholders to receive one new share for five existing shares

• Further strengthens regulatory capital and positions Group for growth in lending, digital banking and unique diversified global banking strategy

Africa’s Global Bank, United Bank for Africa (UBA) Plc, 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.

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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.

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Nigerian Air Force speaks on its ‘C-130 Air Craft in Burkina Faso’

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Plans are ongoing to resume the mission as scheduled

*Hercules C-130 aircraft

(PRESS STATEMENT)

SAFE PRECAUTIONARY LANDING OF NAF C-130 AIRCRAFT IN BURKINA FASO*

The Nigerian Air Force (NAF) wishes to clarify reports regarding the diversion of a NAF C-130 aircraft during its ferry mission to Portugal on 8 December 2025. Following takeoff from Lagos, the crew observed a technical concern which necessitated a precautionary landing in Bobo-Dioulasso, Burkina Faso, the nearest airfield, in accordance with standard safety procedures and international aviation protocols. NAF crew is safe and have received cordial treatment from the host authorities.

Plans are ongoing to resume the mission as scheduled. The Nigerian Air Force appreciates the support received during this period and assures the public that NAF remains professionally committed to strict compliance with operational procedures and safety standards, ensuring the protection of its personnel while fulfilling its constitutional mandate.

E-Signed:
*Ehimen Ejodame*
Air Commodore
Director of Public Relations and Information,
Headquarters, Nigerian Air Force.

9 December 2025

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Army Commander, Brig-Gen Uba killed by ISWAP after terrorists intercepted his location

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Nigerian Army top officer and commander, Brigadier General M Uba, has been killed by Islamic State West Africa Province (ISWAP) fighters after the terrorists reportedly intercepted and tracked his location along the Damboa–Biu axis in Borno State, multiple security sources have confirmed.

The tragic incident occurred shortly after the Brigade Commander had participated in a successful joint air–ground offensive against insurgents in the area.

According to PRNigeria, the General had earlier spoken with his superiors, confirming that he was safe following the operation and was regrouping with his team.

However, the officer’s communication may have inadvertently exposed his coordinates.

He was captured alive while the terrorists interrogated him briefly before summarily executing him.

Earlier reports detailed a joint military operation in which the Nigerian Air Force (NAF) aircraft swiftly intervened to rescue ground troops who had come under heavy ambush by ISWAP terrorists.

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The operation began when ground forces, led by the Brigadier General, advanced into the area, unaware that the route had been booby-trapped.

Following an intense exchange of gunfire, the sudden surge in terrorist numbers forced the commander to order a tactical withdrawal and issue a distress call for air support.

Responding, NAF aircraft diverted from ongoing missions to provide close air support, delivering decisive strikes that helped disperse the terrorists and rescue the military commander, his troops, and accompanying members of the Civilian Joint Task Force (CJTF).

Earlier report on Saturday said that top military brass including the Operation Hadin Kai, Theatre Commander, Major General Abdulsalam Abubakar, stormed the military base in Damboa, Borno State, to lead rescue operations for some abducted army personnel.

It was learnt that the abduction of the officers followed a violent ambush by fighters of the Islamic State of West Africa Province (ISWAP) that left two soldiers and two members of the Civilian Joint Task Force (CJTF) dead.

The attack, which occurred on Friday night also led to the reported abduction of Brigadier General M Uba, along with two other soldiers.

Although the Nigerian Army in a release earlier denied the abduction of the 25 Brigade Commander, soldiers who spoke with SaharaReporters confirmed that the commander was not yet back to the base.

Multiple military sources told SaharaReporters that the Theatre Commander of Operation Hadin Kai (OPHK), Major General Abubakar, and the Sector 2 Commander arrived in Damboa shortly after the attack to coordinate rescue efforts and enhance troop morale.

“The Brigadier General who was abducted managed to send his live location to colleagues,” a senior military source revealed.

“They traced it and found the spot, but there was no trace of him. It’s unclear if his phone died or was seized by the terrorists.”

Another source added that the abducted officer appeared to have access to his phone under duress.

“Even yesterday morning, he made a video call to his dry cleaner but warned him not to talk,” the source said.

Despite deploying troops to the location shared by the officer, they returned without success. One soldier who was shot and abducted along with him was reportedly freed, but the senior officer and two others remained missing.

The sources noted that in response to the crisis, one Brigadier General Mustapha has been appointed to lead the 26 Task Force Brigade in Damboa, while troops previously engaged in the rescue operation were withdrawn early Sunday.

According to top military officers, “Information reaching us revealed that the Brigadier-General was abducted alongside three other soldiers. However, one of the soldiers was shot and left behind in the bush.

“Those who returned to the camp on foot yesterday were two Majors. A commander has been temporarily appointed to oversee the affairs of the Brigade pending confirmation from Army Headquarters.

“Another Brigade Commander, Brigadier-General Mustapha, has also been appointed. Nigerian Army top commanders have stormed the Damboa base in Borno State to rescue the Brigadier-General and two soldiers still in Boko Haram captivity.”

SaharaReporters previously reported that ISWAP fighters ambushed a Nigerian military convoy late Friday night, killing multiple soldiers and members of the Civilian Joint Task Force (CJTF), in northeastern Nigeria.

The attackers, armed and highly organised, targeted the convoy in what appears to be a coordinated strike, leaving a trail of casualties and panic in the region. (Sahara Reporters)

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DSS recaptures mastermind of church mass shooting

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How intelligence, security agencies uncovered plan to hijack protest – DSS
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The Department of State Services (DSS) has recaptured a top commander of the Ansari terrorist group, Abdulazeez Obadaki, believed to have masterminded the August 7, 2012 mass shooting of Christian worshippers at a Deeper Life Bible Church, near Okene, in Kogi State.

At least 19 worshippers, including the pastor were killed, with several others sustaining varying degrees of injuries after three men armed with AK-47 rifles walked into the church and opened fire on the worshippers.

Security sources said Obadaki, who, after the church mass shooting, also masterminded another attack on five commercial banks in Uromi, Edo State, was arrested, but escaped during the July 2022 jailbreak at Kuje prison Centre.

Security sources disclosed that the suspected terrorist leader confessed to orchestrating the Kuje prison centre jailbreak following his transfer from Kabba Custodial Centre in June 2022.

According to the sources, after over three years of being on the run, DSS operatives in a, well-oiled intelligence operation recaptured Obadaki aka Bomboy, on Friday morning.

This arrest came barely two months after the secret police arraigned five suspects linked to the 2022 Catholic Church attack in Owo, Ondo State.

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During the February 2022 daylight bank robberies in Uromi, Edo State, which instilled widespread fear across the region, several policemen and bank customers were killed, while hundreds of millions of Naira was reportedly carted away.

The secret police has, of recent, been recording a chain of successes in the capture of terrorists and criminal elements across the nation, with its new leadership fast-tracking the trial of the arrested suspects.

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