United Bank for Africa Cuts Share Capital to 44.2 Billion Shares Following AGM Approval
Shareholders of United Bank for Africa have approved a reduction in the bank’s share capital from 45 billion ordinary shares to 44.2 billion ordinary shares following resolutions passed at the lender’s 64th Annual General Meeting held virtually on May 25, 2026.
The approval forms part of amendments to the bank’s Memorandum and Articles of Association to reflect the updated share capital structure.
Under the new structure, the bank’s share capital was adjusted from N22.5 billion divided into 45 billion ordinary shares of 50 kobo each to N22.10 billion divided into 44.20 billion ordinary shares of 50 kobo each.
The resolution was among key decisions approved by shareholders during the annual meeting chaired by Tony Elumelu.
Shareholders also adopted the bank’s audited financial statements for the year ended December 31, 2025, including the reports of directors and auditors.
At the meeting, shareholders re-elected Caroline Anyanwu and Emmanuel Nnorom as non-executive directors, while Henrietta Ugboh was re-elected as an independent non-executive director.
The bank further constituted its audit committee for the 2026 financial year with Dr. Feyi Ogoji, Matthew Esonanjor and Alex Adio representing shareholders, while Angela Aneke and Emmanuel Nnorom will serve as board representatives.
Shareholders also approved directors’ remuneration for the 2026 financial year, fixing annual compensation at N100 million for the chairman, N90 million for board committee chairmen and N75 million for other non-executive directors effective January 1, 2026.
In addition, shareholders granted the bank and its related entities a general mandate to continue entering into recurrent related-party transactions considered necessary for day-to-day operations in compliance with the rules of Nigerian Exchange Limited governing related-party dealings.
The mandate will remain effective until the next annual general meeting of the bank.
Oliver Alawuba serves as Group Managing Director and Chief Executive Officer of United Bank for Africa.
The resolutions were signed by Bili Odum, Group Company Secretary and Legal Counsel of the bank.
