Abbey Mortgage Bank Plc is seeking shareholders’ approval to raise up to N164.5 billion through a combination of equity and debt instruments as part of its expansion and restructuring plans.
The proposal is contained in the notice for the bank’s 34th Annual General Meeting scheduled to hold virtually on May 25, 2026.
According to the notice filed with the Nigerian Exchange Limited, shareholders will consider resolutions covering fresh capital raising, debt issuance, and broader corporate restructuring initiatives.
Bank Plans N64.55bn Equity Raise
According to the AGM notice signed by Company Secretary Geoff O. Amaghereonu, the bank intends to raise approximately N64.55 billion through a private placement of 26.56 billion ordinary shares priced at N2.43 per share.
If approved and completed, the exercise would significantly increase the bank’s issued share capital from about N5.08 billion to approximately N18.36 billion.
The proposed shares will rank equally with existing shares in all respects.
Abbey Mortgage Targets N100bn Debt Programme
In addition to the equity raise, the bank is also seeking approval for a N100 billion debt issuance programme.
The programme may include several instruments such as:
- Senior unsecured or secured notes
- Subordinated debt
- Convertible securities
- Commercial papers
- Medium-term notes
- Bonds
The bank said the fundraising would be executed in tranches and subject to approvals from the Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigerian Exchange Limited.
Capital Raise To Support Expansion
According to the bank, the capital raise forms part of a broader restructuring strategy aimed at strengthening capital adequacy, improving operational efficiency, and supporting long-term growth.
The lender stated that the fresh funding would help refinance existing obligations, expand its loan portfolio, and improve resilience within Nigeria’s evolving financial services sector.
“This will support the bank’s ability to meet minimum capital thresholds while ensuring continued compliance with industry regulations and sustaining business continuity,” the notice stated.
Shareholders To Receive Dividend
Shareholders will also consider approval for a dividend payment of 12 kobo per 50 kobo ordinary share for the 2025 financial year.
If approved, payment will be made on May 25, 2026, to shareholders whose names appeared in the register as of May 12, 2026.
The proposed dividend represents a 100 per cent increase from the 6 kobo dividend paid in 2024.
Profit Rises By 154%
In its audited 2025 financial results, Abbey Mortgage Bank reported a pre-tax profit of N3.12 billion, representing a 154.32 per cent increase compared to N1.22 billion recorded in 2024.
Post-tax profit rose to N2.16 billion, while interest income increased from N11.95 billion in 2024 to N18.97 billion in 2025.
The bank’s earnings per share also improved to 21 kobo from 11 kobo in the previous year.
