Abbey Mortgage Bank raises ₦64.5 billion via private placement

Abbey Mortgage Bank Plc has completed a private placement of 26,562,647,265 ordinary shares, raising approximately ₦64.5 billion. The shares were issued at ₦2.43 each, aimed at strengthening the bank’s capital base and supporting its transition to a regional commercial bank following regulatory approval from the Central Bank of Nigeria.

The placement has introduced five new significant shareholders. Abdulganiyu Olajide Adeola has emerged as the largest shareholder with a 19.05 per cent stake, followed closely by Herel Limited with 18.48 per cent. Other major stakeholders include Archetype Energy Services Limited (17.25 per cent), CardinalStone Asset Management Limited (10.93 per cent), and Jotani Investment Limited (6.64 per cent).

The capital injection follows the bank's efforts to meet the Central Bank of Nigeria’s revised minimum capital requirements. The bank reported total assets of ₦222.4 billion as of March 2026, an increase from ₦165.8 billion in December 2025. The funds are expected to be used to expand the mortgage loan book, upgrade technological infrastructure, and drive general expansion objectives.