Shareholders of Abbey Mortgage Bank Plc have authorised the bank to raise up to N164.5 billion in fresh capital.
The shareholders authorised this at the bank’s 34th Annual General Meeting recently held in Lagos, backing a N64.5 billion private placement while authorising the board to raise an additional N100 billion through various equity and debt instruments, subject to regulatory approvals.
Samuel Oni, chairman, board of directors, Abbey Mortgage Bank said 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.
The board also reaffirmed the bank’s commitment to sustainable growth, innovation, and long-term value creation for shareholders and stakeholders.
The AGM brought together shareholders, members of the Board, management, regulators, and other key stakeholders to review the bank’s performance, strategic direction, and outlook for the future.
During the meeting, shareholders also approved the declaration of dividend, presented to the Board and Management, while commending the Bank’s resilience, operational performance, and continued drive toward transformation within Nigeria’s financial services sector.
Mobolaji Adewumi, managing director/CEO of Abbey Mortgage Bank speaking at the AGM stated that, “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.”
The Bank’s leadership also highlighted Abbey’s strategic progress and strong corporate governance culture that positions the institution to deliver broader financial services and enhanced customer experiences.
The meeting also provided an opportunity to appreciate shareholders for their continued confidence, loyalty, and support, which have remained instrumental to the Bank’s growth journey over the years.
The lender said it remains committed to deepening financial inclusion, driving innovation, and delivering sustainable value as it continues to strengthen its position within the Nigerian banking industry.