“CBN Approves Abbey’s Transition To Commercial Bank” — Abbey Mortgage Bank Becomes Abbey Bank Plc After Shareholders’ Nod

The Board of Abbey Mortgage Bank Plc has announced that the Central Bank of Nigeria has approved the conversion of the lender from a primary mortgage bank to a regional commercial bank.

The bank disclosed this in a regulatory filing submitted to the Nigerian Exchange Limited, other regulatory authorities, and the investing public on Wednesday.

According to a statement signed by the Company Secretary, Geoff Amaghereonu, the financial institution has also undergone a corporate name change as part of its transition strategy.

Pursuant to the resolution of the shareholders passed at the Extraordinary General Meeting of the bank held on Friday, January 24, 2025, the name of the bank has officially been changed from Abbey Mortgage Bank Plc to Abbey Bank Plc.

The management said the transition marked a significant milestone in the bank’s expansion plans within the Nigerian financial services sector.

Abbey Mortgage Bank Plc had earlier announced plans to aggressively expand its digital ecosystem and deepen financial inclusion across the country following the successful conclusion of its 34th Annual General Meeting.

The meeting, held virtually under the theme, “Shaping the Future”, brought together shareholders, regulators, and the Board of Directors to review the bank’s strategic trajectory and financial performance.

During the AGM, shareholders overwhelmingly backed the bank’s vision, approving key resolutions that included a substantial capital raise and the declaration of a dividend payout. Shareholders praised the financial institution’s resilience and operational performance amid a rapidly evolving macroeconomic landscape in Nigeria.

The primary objective of the new capital injection is to accelerate the bank’s transformation into a more robust financial services provider, allowing it to reach previously underserved demographics.

Speaking on the bank’s strategic direction, the Managing Director and Chief Executive Officer of Abbey Mortgage Bank, Mobolaji Adewumi, said the future of the institution relied heavily on breaking down conventional banking barriers.

“Our next phase is centred on delivering seamless and digitally driven banking experiences that eliminate the traditional barriers to premier financial services,” Adewumi said.

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