Abbey Mortgage Bank gets shareholders’ nod for N164bn

By Chukwuma Umeorah

Shareholders of Abbey Mortgage Bank Plc have approved a plan to raise up to N164.5 billion in fresh capital as the institution moves to strengthen its balance sheet and advance its application for a regional commercial banking licence.

The approval was granted at the bank’s 34th Annual General Meeting (AGM) held in Lagos, where shareholders endorsed a N64.5 billion private placement alongside an additional N100 billion to be raised through a mix of equity and debt instruments, subject to regulatory approvals. The capital programme is central to the bank’s broader strategic push to reposition itself within Nigeria’s financial services sector and support its planned transition into a regional commercial banking model.

Chairman of the Board of Directors, Samuel Oni, said the initiative forms a critical part of the institution’s growth agenda. “The capital raise is a critical component of the bank’s strategy to secure a regional commercial banking licence and position the institution for its next phase of growth,” he said.

At the AGM, shareholders also approved dividend payments and reviewed the bank’s performance, operational direction, and governance framework. Management said the institution’s focus remains on strengthening resilience while expanding service delivery capabilities.

Managing Director and Chief Executive Officer, Mobolaji Adewumi, said the bank’s next phase will prioritise digital transformation and service delivery expansion. “Our next phase is centered on delivering seamless and digitally driven banking experiences that eliminates the traditional barriers to premier financial services. Shaping the future means building a resilient institution that is as agile as it is reliable, while ensuring that every stakeholder benefits meaningfully from our growth and expansion,” he said.

The bank reiterated its commitment to financial inclusion, innovation, and long-term value creation, noting that the capital raise will support its expansion strategy and strengthen its competitive position in the banking industry. The AGM was attended by shareholders, board members, management, regulators, and other stakeholders who reviewed the institution’s performance and outlook.