TEMPLARS Advises United Bank for Africa plc on Its N239 Billion Recapitalization

According to the Chairman of the bank, Tony Elumelu, “beyond regulatory compliance, the proceeds of the Offering will expand the Group’s lending capacity, investment in digital infrastructure, support sustainable business practices and expand the Group’s African operations”.

The Offering is based on a ratio of one new ordinary share for every five ordinary shares held by each existing shareholder.

The TEMPLARS team that advised on the Offering was led by Deputy Managing Partner and Head of Finance Practice Group, Chike Obianwu who was supported by Managing Counsel, Obianuju Ifebunandu, Senior Associate, Ayodele Ashiata Kadiri and Associates, Martins Eke and Susan Omeh.

Commenting on the transaction, Chike Obianwu stated, “TEMPLARS is delighted to have advised UBA on this capital raising which is particularly important for the bank in the context of the ongoing regulator-mandated Banking Sector Recapitalisation Programme in Nigeria. Our role here once again confirms the firm’s leadership position as a trusted adviser to leading financial institutions and to issuers and other players in the Nigerian capital markets space, and we are grateful for the confidence that our clients continue to place in us to assist them on mission critical matters”.