Abbey Mortgage Bank’s Board of Directors has approved plans to raise at least N100 billion to meet regulatory requirements and aid its conversion from a regional bank to a commercial bank.
The decision, taken at the bank’s 33rd Annual General Meeting held on May 28, 2025, was disclosed in a statement signed by Geoff Amaghereonu, the company secretary.
According to the statement, the bank will raise the fund through various instruments including issuance of shares, commercial papers, loans, convertibles and non-convertibles and medium-term notes.
The capital raise will enable the bank to meet the Central Bank of Nigeria’s (CBN) minimum capital requirements of N50 billion for commercial banks with regional authorisation.
Abbey Mortgage Bank plans to deploy a range of strategies such as book-building and other financial methods to secure the fund while ensuring full compliance with regulatory guidelines.
This follows the CBN’s March 2024 announcement, which increased the minimum capital requirement for banks.
Under the new rules, commercial banks with international authorisation must now hold N500 billion, national banks N200 billion, and regional banks N50 billion.
