Nigeria’s largest lenders are trading at discounts to the value on their balance sheets, opening a window of opportunity for savvy investors to buy cheaply.

One of the country’s largest banks, United Bank for Africa (UBA), offers the most recent example of this.

UBA’s rights issue– extended to Sept. 19 to give shareholders extra time to subscribe – is priced at N50 per new share. But the bank’s stock has been trading below that level, underscoring a gap between market sentiment and what the business is worth.

UBA’s stock closed at N48.

Nigeria’s largest lenders are trading at discounts to the value on their balance sheets, opening a window of opportunity for savvy investors to buy cheaply.

One of the country’s largest banks, United Bank for Africa (UBA), offers the most recent example of this.

UBA’s rights issue– extended to Sept. 19 to give shareholders extra time to subscribe – is priced at N50 per new share. But the bank’s stock has been trading below that level, underscoring a gap between market sentiment and what the business is worth.

UBA’s stock closed at N48.