Bloomberg News

UBA Shareholders Approve Nigerian Bank’s Plans to Raise Capital

November 18, 2011

Nov. 18 (Bloomberg) -- Shareholders of United Bank for Africa Plc have approved the Nigerian lender’s plans to raise capital for business expansion, Chairman Israel Ogbue said.

“The bank will issue 12.7 billion ordinary shares by any of a special placing, a rights issue or a public offering at a price and on terms that will be determined by the directors,” Ogbue told reporters today in Lagos, the commercial capital.

To contact the reporter on this story: Emele Onu in Johannesburg at

To contact the editor responsible for this story: Hilton Shone at

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