Abbey Bank Adds Five Major Investors After ₦64.55bn Share Sale

Abbey Bank Plc has disclosed the identities of five investors who became significant shareholders following the completion of its private placement.

In a regulatory notice submitted to the Nigerian Exchange, the bank said it issued 26,562,647,265 new ordinary shares with a nominal value of 50 kobo each.

The shares were offered to selected investors at ₦2.43 per share, raising approximately ₦64.55 billion in additional equity capital.

Following the transaction, Abdulganiyu Olajide Adeola emerged as the bank’s largest significant shareholder, holding 6,995,884,774 shares, equivalent to 19.05 per cent of the enlarged share capital.

Herel Limited acquired 6,784,362,140 shares, representing an 18.48 per cent interest in the bank.

Archetype Energy Services Limited became the third-largest shareholder with 6,333,476,332 shares, equivalent to 17.25 per cent.

CardinalStone Asset Management Limited holds 4,011,757,786 shares, representing 10.93 per cent, while Jotani Investment Limited acquired 2,437,166,233 shares, giving it a 6.64 per cent stake.

Together, the five investors subscribed to all the shares issued through the private placement and now control approximately 72.35 per cent of Abbey Bank’s enlarged share capital.

The transaction followed approval granted by shareholders at the bank’s 34th annual general meeting in May 2026.

At the meeting, shareholders authorised the board to raise up to ₦64.55 billion through the private placement, subject to regulatory approvals.

The bank’s issued share capital consequently increased from approximately ₦5.08 billion, comprising 10,153,846,154 ordinary shares, to about ₦18.36 billion, divided into 36,716,493,419 ordinary shares.

The newly issued shares carry the same rights and privileges as the bank’s existing ordinary shares.

Abbey Bank said the additional capital would support its restructuring and expansion strategy, strengthen regulatory capital, improve liquidity and expand its lending capacity.

The capital injection could increase the bank’s ability to finance mortgages, property development and other credit products. The eventual impact on housing finance will, however, depend on how much of the new funding is allocated to mortgage lending and residential development.

In addition to the private placement, shareholders had approved a broader ₦100 billion debt-issuance programme.

The programme allows the bank to raise funds through instruments such as commercial papers, senior or subordinated notes, convertible securities, medium-term notes and bonds.

The combination of equity and debt financing could provide Abbey Bank with greater flexibility to refinance existing obligations and pursue its expansion plans.

The transaction has substantially changed the bank’s ownership structure and reduced the proportional holdings of shareholders who did not participate in the private placement.

Attention will now focus on how the enlarged capital base is deployed, the bank’s future lending strategy and whether the investment translates into expanded access to mortgages and housing finance.

The post Abbey Bank Adds Five Major Investors After ₦64.55bn Placement appeared first on Housing TV Africa.

AG Mortgage Bank Plc (AGMB) has unveiled an ambitious five-year expansion strategy aimed at delivering one million mortgages by 2030 while targeting a 20 per cent return on equity (RoE) for shareholders, positioning the lender as a major driver of Nigeria’s housing finance transformation.

The plan, branded Project Momentum 2025–2030, outlines AGMB’s transition into a diversified financial services group with interests spanning mortgage banking, housing microfinance, real estate development, insurance, brokerage, and rental housing solutions.

Expansion Strategy and Housing Finance Growth

According to the bank, the strategy is designed to significantly expand its loan portfolio, grow its customer base, and deepen access to affordable and sustainable homeownership across Nigeria.

AGMB disclosed the details in its Q3 2025 Market Intelligence Report (MIR), which analyses economic and sectoral trends shaping Nigeria’s real estate and housing market. The report notes rising investor interest in real estate as a hedge against inflation, supported by easing inflationary pressures and more stable interest rates.

Nigeria’s Real Estate Market Outlook

The report highlights the scale of opportunity within Nigeria’s housing sector, projecting the residential real estate market to be worth $2.25 trillion by 2025. This demand underpins AGMB’s goal of originating one million mortgages within the next five years.

Beyond residential housing, the broader Nigerian real estate market is estimated at $2.61 trillion in 2025, with a projected compound annual growth rate (CAGR) of 6.87 per cent between 2025 and 2029, reaching approximately $3.41 trillion by 2029.

Growth is expected to be driven by rapid urbanisation, infrastructure investment, and ongoing housing policy reforms.

CEO Highlights Strategic Milestone

Speaking on the report, Managing Director and Chief Executive Officer of AG Mortgage Bank Plc, Ngozi Anyogu, described the period as a defining phase for the institution.

“In September 2025, we marked our 20th anniversary—two decades of innovation, resilience, and service to millions of Nigerians,” Anyogu said.

She added that the bank has evolved into a trusted provider of tailored housing finance solutions, with a renewed commitment to long-term value creation through integrity, innovation, and impact-driven growth.

Green Housing and Digital Innovation

As part of its expansion drive, AGMB has introduced new products including treasury solutions for institutional investors, sustainability-focused housing finance products, and digital-first platforms aimed at supporting SMEs and entrepreneurs.

The bank also plans to scale green and climate-resilient housing initiatives, aligning with Nigeria’s sustainability and climate goals.

Sector Performance and Outlook

The Market Intelligence Report shows improving fundamentals across the sector. Nigeria’s construction sector grew by 5.27 per cent in Q2 2025, while real estate contributed 12.80 per cent to GDP, expanding by 3.79 per cent during the period.

Looking ahead, the real estate sector is projected to grow between 6 and 8 per cent in 2025, with residential housing expected to expand at a CAGR of 7.55 per cent, reaching $3.01 trillion by 2029.

Urban population growth—particularly in Lagos, Abuja, and Port Harcourt—continues to fuel demand for affordable housing solutions.

Positioning for Long-Term Impact

With over 20 years of experience in housing finance, AG Mortgage Bank says it is well positioned to convert strong mortgage origination capacity into securitised, investor-grade assets, while expanding access to inclusive, technology-enabled, and sustainable housing nationwide.

The post AG Mortgage Bank Targets 1 Million Homes, Eyes 20% Return on Equity by 2030 appeared first on Housing TV Africa.