Abbey Mortgage Bank Plc has announced plans to raise N100bn in fresh capital as part of its strategy to meet regulatory requirements and strengthen its balance sheet.
The move was disclosed in a notice filed by the company with the Nigerian Exchange Limited recently, following resolutions passed at its 33rd Annual General Meeting held on Wednesday.
According to the bank, shareholders authorised the board of directors to raise “not less than N100bn” through a variety of instruments, including rights issues, public offers, bonds, commercial papers, global depository receipts, and other debt or equity-linked instruments.
The bank stated that the capital raise may be executed in tranches or series and through methods such as book building or other processes, subject to regulatory approvals.
Part of the resolution reads: “That the directors be and are hereby authorised to raise additional capital of not less than N100bn through an offer by way of issuance of shares (whether by rights issue and/or public offer), global depository receipts, commercial papers, loans, convertibles or non-convertibles, medium-term notes, bonds, and/or any other instruments either as a stand-alone or by way of programmes.”
The capital raise is aimed at enabling the mortgage lender to meet the new minimum capital requirement set by the Central Bank of Nigeria for banks.
In addition to the approval for capital raising, shareholders also endorsed a dividend of six kobo per 50 kobo ordinary shares for the financial year ending 31 December 2024. The dividend is payable to shareholders whose names appeared in the register as of May 12, 2025.
During the AGM, shareholders also approved the re-election of John Obasa and Christabel Onyejekwe as non-executive directors and appointed members of the statutory audit committee for the 2025 financial year.
They also approved the directors’ remuneration for the year ending December 31, 2025, fixing fees at N4m for non-executive directors and N6.5m for the chairman.
The PUNCH reported that Abbey Mortgage Bank Plc recorded a 23 per cent increase in profit after tax to N1.07bn in its audited financial statements for the year ended December 31, 2024, compared to N871.3m in the previous year.
