(Corrects duration in first paragraph.)

Feb. 1 (Bloomberg) -- United Bank for Africa Plc of Nigeria headed for its lowest close in more than eight years.

The stock declined 5 percent to 1.9 naira by 11:38 a.m. in Lagos. A close at this price will be its lowest since Oct. 17, 2003.

--Editors: Dulue Mbachu, Karl Maier

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net