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UBA to raise N239.4Bn through Rights Issue
• 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.
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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Three brothers charged with murder after beating mother’s boyfriend to death
Three brothers have been charged with murder in Eswatini after allegedly beating their mother’s boyfriend to death over claims that he was involved in a romantic relationship with her.
The accused — Mlondi Mbuli, 25, Sakhelwe Mbuli, 18, and Lindani Mdziniso, 23 — appeared before the Mbabane Magistrates Court in connection with the killing, which reportedly occurred on June 28, 2026, in Hholoshini, located in the country’s Hhohho Region.
During the hearing, Principal Magistrate Sfiso Vilakati ordered that the three men remain in custody until July 10, 2026, while prosecutors prepare to transfer the case to the High Court, where murder cases are typically tried.
According to investigators, the suspects allegedly attacked the victim, identified as Njabulo Ngwenya, using bricks, stones, sticks, punches and repeated kicks, inflicting injuries that proved fatal.
Police believe the alleged assault stemmed from accusations that Ngwenya was having an affair with the
brothers’ biological mother.

The incident came to the attention of authorities after Sibongile Motsa reported finding her son dead inside her sister’s home in the early hours of June 28.
Court documents state that Motsa discovered Ngwenya’s body at about 1 a.m. before notifying the Royal Eswatini Police Service, which subsequently launched an investigation and arrested the three suspects.
Following their first court appearance, the accused were remanded in custody pending the next hearing and the formal transfer of the matter to the High Court.
Authorities have not disclosed additional information beyond the facts presented during the initial court proceedings.
The case has drawn widespread public interest across Eswatini as investigations continue.
Eswatini, formerly known as Swaziland before Mswati III officially renamed the country in 2018, is a landlocked nation in southern Africa bordered by South Africa and Mozambique. Under the country’s judicial system, serious criminal offences such as murder are generally transferred from the Magistrates Court to the High Court after the initial hearing.
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Gunmen ambush, kill ex-Benue SSG Salifu
Former Secretary to Benue State Government (SSG), Prof. David Salifu, has been killed after suspected armed men ambushed and shot him along the Wukari–Joota Road in Katsina-Ala Local Government Area, LGA, a border community between Benue and Taraba states.
Salifu, a Professor of Public Administration and former Dean of the Faculty of Social Sciences at the Federal University Wukari, was reportedly travelling to Makurdi for the burial of his uncle when he encountered the attackers.
He sustained gunshot injuries during the attack and was initially rushed to a hospital in Wukari, where doctors removed bullets from his stomach.
He was later transferred to the Federal Medical Centre (FMC), Makurdi, but succumbed to his injuries at about midnight on Thursday.
A former aide to the deceased, Mr. Ben Ekah, who confirmed the incident, said Salifu and his driver were returning to Benue from the Federal University Wukari when they were ambushed.

According to him, the driver’s account revealed that the gunmen stopped their vehicle, dragged the former SSG out and attempted to whisk him away.
“The driver said they were coming from the Federal University Wukari where Prof. Salifu lectures when they were waylaid along the Wukari–Joota Road, a border route between Taraba and Benue states.
“The attackers were trying to take him away, and he kept asking them what they wanted. As they continued dragging him, one of them suddenly pulled out a gun and shot him at close range in the stomach.
“They abandoned him after the shooting, leaving him in a pool of blood. His driver, however, managed to take him back to Wukari, where surgeons successfully removed the bullets from his stomach.
“On Thursday, he was referred to the Federal Medical Centre in Makurdi for further treatment, but sadly he passed away around midnight,” Ekah said.
He described the late Professor as a humble and peace-loving man, noting that he had left a Senate meeting at the university to attend his uncle’s burial before the fatal attack.
“He was a lecturer and Dean of the Faculty of Social Sciences at the Federal University Wukari. We learnt that the university management was holding a Senate meeting, but he excused himself to travel home for his uncle’s burial. It is heartbreaking because everyone knew him as a peaceful man,” Ekah added.
Prof. Salifu served as Secretary to Benue State Government during the administration of former Governor Gabriel Suswam between January 2011 and May 2015.
The Benue State Police Public Relations Officer, DSP Udeme Edet, could not be reached at the time of this report.
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Another batch of 268 Nigerians evacuated from South Africa arrives Lagos
Another batch of Nigerians evacuated from South Africa amid ongoing anti-migrant violence arrived safely at the Murtala Muhammed International Airport, Lagos, on Friday, as the Federal Government continued efforts to bring home citizens affected by the unrest.
The Minister of Foreign Affairs, Mrs. Bianca Odumegwu-Ojukwu, disclosed that the Air Peace charter flight conveyed 268 returnees, alongside two officers and crew members, from Johannesburg to Lagos.
According to the minister, the special flight, funded by the Federal Government, departed Oliver Tambo International Airport at 5:36 a.m.
In a statement posted on her X handle, Odumegwu-Ojukwu said President Bola Tinubu had directed that the evacuation exercise should continue despite the expiration of the June 30 ultimatum issued by anti-migrant groups in South Africa.
“The President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, President Bola Ahmed Tinubu GCFR, has directed that the evacuation of Nigerian nationals from South Africa at risk as a result of the ongoing xenophobic protests and attacks continues, even after the deadline of 30th June 2026,” she said.

She noted that three earlier evacuation flights had already brought home nearly 600 Nigerians before the deadline, adding that the exercise remains ongoing for all citizens who voluntarily registered and were duly screened.
“The evacuations remain ongoing. The Federal Government is committed to bringing home safely our Nationals who voluntarily registered to be evacuated and have been duly screened and cleared,” the minister said.
She reaffirmed that protecting Nigerians abroad remains a key priority of the administration.
“Our Ministry of Foreign Affairs, in adherence to that unbreakable bond between citizen and state, remains dedicated to this mandate,” she added, describing the protection of Nigerians overseas as “a central pillar of the Renewed Hope Agenda.”
The evacuation comes as anti-immigrant protests intensified across South Africa, where demonstrators have demanded the departure of undocumented foreign nationals, blaming them for unemployment and pressure on public services.
The latest wave of violence has reportedly claimed at least four lives, while several African countries, including Nigeria, Ghana, Zimbabwe, Malawi and Mozambique, have organised voluntary repatriation for their citizens.
The Nigerian government has also indicated plans to engage South African authorities on compensation for businesses and properties abandoned by affected Nigerians.
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