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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.

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.

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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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Troops rescue 18 kidnapped victims, kill many criminals in Plateau

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No fewer than three septuagenarians and 15 other kidnapped victims have been rescued by Troops of the Three Division Nigerian Army and Operation Safe Haven in Plateau State.

Briefing newsmen about the latest developments in Jos, Operation Safe Haven Information Officer, Major Samson Zhakom, revealed that the rescue operation was carried out between the borders of Taraba and Plateau States while the rescued victims have been reunited with their families after profiling and documentation by relevant agencies.

Zhakom revealed that some of the criminals were apprehended with ammunition and firearms recovered during the counter-terrorism operations.

In a related development, Troops of Sector Five on Golden Peace Operations said they captured five bandits at a criminal hideout in the Tarangol In Bokkos Local Government Area of Plateau with several items recovered from the criminals which include fabricated rifles, rounds of 7.62 mm (special), cartridges and daggers.

Similarly, the troops intercepted bandits at Jannaret in Mangu local government area while attempting to cause mayhem in the general area.

He said the released victims have been reunited with their families after profiling and documentation by relevant agencies.

Also, troops of Sector Five on Golden Peace Operations said they captured five bandits at a criminal hideout in the Tarangol In Bokkos Local Government Area of Plateau with several items recovered from the criminals which include fabricated rifles, rounds of 7.62 mm (special), cartridges and daggers.

The troops intercepted bandits at Jannaret in Mangu local government area while attempting to cause mayhem in the general area.

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The apprehended suspects will be handed over to the appropriate authority for prosecution while investigations are ongoing.

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Alleged N12.3b fraud: EFCC to arraign Chairman of Honeywell Group, Otudeko, ex-First Bank MD, Onasanya

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EFCC arrests Edo Accountant General, others days to Obaseki’s handover
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The Economic and Financial Crimes Commission will on Monday arraign the Chairman, Honeywell Group, Chief Oba Otudeko, over alleged N12.3bn fraud.

The suit also names a former Managing Director of First Bank, Olabisi Onasanya; an ex-Honeywell board member, Soji Akintayo and Anchorage Leisure Ltd as defendants.

In a suit marked: FHC/L/20C/2025, the anti-graft agency filed 13 charges against the defendants at the Federal High Court in Lagos, bordering on fraud and forgery among others.

They will be arraigned alongside, a former member of the board of directors of Honeywell Flour Mills Plc, Soji Akintayo and a company linked to Otudeko, named Anchorage Leisure Ltd.

All four were listed as defendants in the suit filed by an EFCC prosecutor, Bilkisu Buhari-Bala on Jan. 16, 2025.

According to the EFCC, the four committed the fraud in tranches of N5.2b, N6.2b, N6.150b, N1.5b and N500million, between 2013 and 2014 in Lagos.

In proof of the charge against the defendants, the EFCC intends to call representatives of First Bank including Cecelia Majekodunmi, Ola Michael Aderogba, Abiodun Olatunji, Raymond Eze, Abiodun Odunbola and Adeeyo David all of whom are expected to give evidence of the fraudulent misrepresentation of the Defendants and tender relevant documents.

The EFCC will also rely on the testimonies of representatives of Central Bank of Nigeria, representatives of Stallion Nigeria Limited and representatives of V-tech Dynamics Ltd.

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Also included in the EFCC’s list of witnesses are one Farida Abubakar and Adaeze Nwakoby.

According to the Commission, the offences contravene Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and were punishable under Section 1 (3) of the same Act.

Count 1 of the charge says that Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only),from First Bank Limited on the pretence that the said sum represented credit facilities applied * for by V- Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you know to be false, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.

In Count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V Tech Dynamic Links Limited which representation you know to be false.”

The 3rd count claims that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

County 4 reads, that you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 26th day of November 2013 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to use the total sum of N6,150,000,000,.00 (Six Billion, One Hundred and Fifty Million Naira Only.), which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Sections 18(a), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

Count 5 accuses Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 11th day of December, 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

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BREAKING: Retired AIG’s wife kidnapped from her residence

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Retired AIG Hakeem Odumosu
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The wife of retired Assistant Inspector General of Police, Hakeem Odumosu, has been kidnapped from her residence in the Arepo area of Ogun State.

The police confirmed that the abduction no occurred in the early hours of Friday when heavily armed men stormed her home and forcibly took her away.

Thr kidnappers shot sporadically into the air while carrying out the attack.

In response to the incident, the Ogun State Police Command has deployed operatives to secure her release and apprehend the perpetrators.

A police spokesperson stated that efforts are underway to gather intelligence and locate the victim, assuring the public of their commitment to ensuring her safe return.

This incident has sparked concern among residents of Arepo, a community known for its relative calm.

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