Abbey Mortgage Bank is charting a bold new course as it prepares to transition into a regional commercial bank, with the Board of Directors approving a capital raise of at least ₦100 billion to fund the move.
This strategic fundraising effort will be executed through a mix of financial instruments and is aimed at strengthening the bank’s balance sheet in line with the Central Bank of Nigeria’s (CBN) revised capital requirements. Under the new framework, regional commercial banks must maintain a minimum capital base of ₦50 billion.
The bank’s leadership views this development as a crucial step toward expanding its service offerings and deepening its footprint in the Nigerian banking sector. The decision to raise capital follows shareholder approval granted earlier this year, clearing the path for the bank’s transformation from a mortgage-focused lender into a broader commercial banking institution.
By repositioning itself within the regional banking landscape, Abbey is aiming to diversify its portfolio, attract a wider customer base, and play a more significant role in driving financial inclusion across the region.
Further details on the structure of the capital raise, including timelines and instruments to be used, are expected to be announced in the coming weeks.
