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The board of United Bank for Africa Plc, on Monday sought the approval of the Nigerian Stock Exchange (NSE) to allow it presented its audited financials for the half year ended June 30, 2018 on, or before August 29, 2018. As part of the NSE’s post-listing requirements, companies are required to submit their quarterly results one month after the end of the period and audited full-year 90 days after (on March 31) of the following year. The notice by Bili Odum, UBA Plc’s Group Company Secretary, also notified the exchange of its closed period, in line with Rule 17.18(b) of the NSE’s Rule Book. The closed period is a time when its officials (board members, top management and some group of stakeholders are forbidden from trading in its shares, thereby preventing them from taking advantage of price-sensitive information at their disposal. The notice set a closed period of Tuesday, “July 3 up until the release of UBA’s 2018 audited half year financial statements.” It is envisag...

Encouraged by the success of its $163m share sale in the 2017Q4 to boost lending, and the Federal Government’s $2.5bn Eurobond sale in February, Union Bank of Nigeria is working with Citigroup and Renaissance Capital on a planned Eurobond sale, two banking sources told Reuters. The $2.5bn Eurobond is for refinancing local currency bonds at lower cost, just as there are plans for a further $2.8bn this year. Union Bank and Renaissance Capital declined to comment, while a Citi representative was unable to make immediate comment. Sources say Union Bank, which is 22.1% owned by Atlas Mara, could issue up to $250m in bonds including one in local currency and plans to utilize lending opportunities in the agribusinesses sector. Nigerian banks are gearing up to tap Eurobonds to boost lending and to refinance existing dollar debts before interest rates begin to rise further in the United States. The race for more capital has also been fuelled by stricter accounting principles on how l...