Nigeria, March, 09 2007 - The United Bank of Africa, Nigeria`s biggest bank on thursday march 1st,2007 stormed the capital market to raise funds with the launch of its 54 billion naira offer.The offer which is one of the largest in recent years includes a public offer of 1,127,400,000 ordinary shares of 50k each at 35 naira per share and a right issue of 423,600,000 ordinary shares of 50k each at 34naira per share.

The breakdown of the offer shows that,UBA is to raise 14,402,400,000 naira by way of right issue and another 39,459,000,000 naira from the open market.

Speaking at the completion of the board meeting,the group managing Director/CEO,Mr. Tony Elumelu said,the additional capital being sought by the bank `will go towards funding the bank`s strategic expansion programmes,espectially on the African continent,Also at the meeting,held at the Victoria crown Plaza,Victoria Island ,Lagos ,two issuing houses,UBA Global markets and BGL Securities were approved to package the offer.

UBA, has a history of being the first in its initiatives,besides being the first ever and only Nigeria bank to hit one trillion naira in balance sheet and contingents,UBA was the first Nigeria bank to offer an IPO following its listing on the stock exchange in 1970 and the first Nigerian bank to introduce a cheque Guarantee scheme called UBA CARD.

The bank`s leadership of the Nigerian banking industry was recently buttressed by the acclaimed Agusto & Co rating company which rated UBA as the number one bank in Nigeria {in terms of balance sheet size} and most recently,UBA emerged bank of the year at the 2007 Thisday awards for excellence.

With a thriving subsidiary in Ghana that boasts of seven branches,and office on Cayman Islands and being the only sub-saharan African bank with a presence in the United States{new york},and the only Nigerian company with a GDR,UBA has made some bold statement to be a truely Global African bank.

The bank offer a range of consumer banking solutions,including Money transfer products,check guarantee card,smart card,savings account products,overdrafts,global loan facilities,dealer finance,contract finance,share purchase scheme,small to medium size enterprise/micro finance loans and others.       UBA share value as at 1995…N14;75K PER SHARE

UBA share value before the offer…N37;99k

UBA offer price…………………N35 per share {ordinary}
UBA offer price…………………N34 per share {right issue}