GDR Programme ​

FAQs on our GDR Programme. A GDR is a negotiable certificate representing ownership of shares. GDRs are quoted and traded in US dollars​

GDR Programme

A shareholder wishing to convert Nigerian Stock Exchange-listed ordinary shares in to GDRs should, in the first instance, request that their broker contact the GDR Broker Desk at The Bank of New York. Contact details are:
Mark Lewis
Office: +44 207 163 7407

Damon Rowan
Office: +44 207 163 7511

Jac ek Jankowski
Office: +44 207 163 7427

  • A GDR is a negotiable certificate representing ownership of shares. GDRs are quoted and traded in US dollars. Also, the dividends are paid to investor in US dollars. GDRs were specifically designed to facilitate the purchase, holding and sale of non-US securities by foreign investors.

In order to get a CCI on conversion of GDRs into ordinary shares, documentation must be submitted to The Bank of New York Mellon. Further contact information:
Mr Patrick Small.
Tel: +1 212 815 2783

Mr Neftali Alger.
Tel: +1 212 815 2037

All relevant documentation must be completed and submitted to:
The Bank of New York Mellon
101 Barclay Street
New York, New York 10286

Faxes sent for the attention of:
Mr. Patrick Small
Mr. Neftali Alger
Fax: +1 732 667 9101

Due to capital movement restrictions in Nigeria, a Certificate of Capital Importation (CCI) should be obtained by any investor in order to be able to repatriate funds out of Nigeria. Please note that CCI’s can only be issued to Non-Nigerian domiciled investors.

You can buy a GDR through a broker, just as you would any other security. If you need a broker, you can contact:
UBA Capital
3rd Floor,
2-4 King Street
London SW1Y 6QL
+44 207 766 4600

UBA runs a GDR programme to enable foreign institutional investors to hold and trade UBA shares without having to expatriate funds into Nigeria.
UBA has run a bifurcated GDR programme since 8 May 1998 under the CUSIPs 90953F104 (144A), symbol UBAFYP and 90953F203 (Reg S). On 20 March 2007, UBA issued new Reg S GDRs to international investors, under a temporary CUSIP 90953F302. It is anticipated that Early in 2008 the programmes will be merged under a single CUSIP.

The Bank of New York Mellon. The depositary bank plays a key role in the process of issuance and as cancellation of GDRs. It also maintains the GDR holder register and distributes the dividends in US dollars. For additional information, please visit our profile at the Bank of New York Mellon’s website here.

For additional information not contained on this website, please visit Go to the DR Corporate Actions or DR Dividends Distribution buttons on the vertical scroll bar on the left and then enter company name, CUSIP or symbol.

The GDRs are preferred by some investors who are unable to hold Nigerian securities for compliance reasons or due to a lack of the appropriate infrastructure for holding an Ordinary share (a local custodian). The GDRs also trade, clear and settle according to international market conventions rather than those prevalent in Nigeria.

Dividends are paid in US dollars.

Investors receive annual reports and proxy materials in English.

The GDRs are traded Over-The-Counter. The ratio between the ordinary share and the GDR is 1:200.

Investor Relations

If you need assistance or have questions, we are always here to help.
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