May 11, (THEWILL) — Abbey Mortgage Bank Plc is seeking shareholders’ approval to raise ₦164.5 billion through a combination of equity and debt issuances as part of plans to strengthen its capital base, expand operations, and support long-term growth.
The proposal is contained in the notice for the bank’s 34th Annual General Meeting (AGM), scheduled to be held virtually on May 25, 2026. Shareholders will consider resolutions relating to equity fundraising, debt issuance, and corporate restructuring initiatives to reposition the lender within Nigeria’s evolving financial services sector.
According to the AGM notice filed with the Nigerian Exchange (NGX), the capital raise will be executed in tranches and remains subject to approvals from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and NGX Regulation Limited.
Under the plan, Abbey Mortgage intends to raise about ₦64.55 billion through a private placement of 26.56 billion ordinary shares priced at ₦2.43 each. If completed, the exercise would increase the bank’s issued share capital from ₦5.08 billion to about ₦18.36 billion.
In addition, shareholders will be asked to approve a ₦100 billion debt issuance programme. The programme could include senior or subordinated notes, bonds, commercial papers, convertible securities, and medium-term debt instruments to refinance obligations, support lending activities, and improve liquidity.
The bank said the fundraising forms part of a broader restructuring strategy designed to enhance capital adequacy, improve operational efficiency, and ensure compliance with regulatory requirements.
Abbey Mortgage also proposed a dividend of 12 kobo per 50 kobo share for the 2025 financial year, double the 6 kobo paid in 2024. The lender posted a pre-tax profit of ₦3.12 billion in 2025, representing a 154.3 percent increase from the previous year, driven largely by stronger interest income and improved operating performance.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
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