The approval allows the long-standing primary mortgage institution to evolve into a full-fledged commercial bank, broadening its capacity to deliver retail, corporate, digital, and specialised financial services across Nigeria.

The development is regarded as a significant milestone for the bank, which has built a reputation over the years for consistent performance, strong risk management practices, and leadership within the mortgage banking sector.

With the new licence, Abbey Mortgage Bank is expected to retain its core strength in real estate financing while expanding into broader banking services, including SME financing, trade services, electronic banking solutions, and wealth management offerings.

Preparations are already underway for a smooth transition, including infrastructure upgrades, technology integration, and corporate rebranding initiatives scheduled over the coming months.

The bank has set its official commencement of commercial banking operations for the fourth quarter (Q4) of 2026, while further details on its new corporate identity, product rollout, and exact launch date are expected to be announced in due course.

The transition is expected to position the institution for stronger market competitiveness and improved customer experience through expanded financial solutions and enhanced digital banking channels.

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.

The NGX market All-Share Index on Wednesday had declined by 1.4 per cent, closing at 82,024.38.

Consequently, investors gained N313 billion, as the overall market capitalization, which opened at N44.885 trillion, appreciated by 0.70 per cent to close at N45.198 trillion.

As a result, the Year-To-Date (YTD) return rose to 10.46 per cent, while the market breadth closed positive with 45 equities on the gainer’s table and 22 others on the loser’s.

Market statistics indicated that the improved performance was mainly due to investors gaining in MTN Nigeria, BUA Cement, and Zenith Bank.

Specifically, 877.28 million shares valued at N14.41 billion were exchanged in 14,919 deals, as against 1.64 billion shares at N25.38 billion exchanged in 20,223 deals on Wednesday.

On the gainer’s table, Guinea Insurance and Royal Exchange led in percentage terms, each gaining 10 per cent, closing at 44k and 99k per share, respectively.

Julius Berger followed, gaining 9.92 per cent to close at N5.10 per share.

Also, Cadbury gained 9.77 per cent, closing at N21.90 per share, while The Initiative Plc (TIP) appreciated by 9.74 per cent, closing at N1.69 per share.

Conversely, Abbey Mortgage Bank and Ikeja Hotels led the loser’s table by 9.90 per cent, closing at N2.73 and N7.83 per share, respectively.

Caverton trailed by 9.66 per cent, closing at N1.87, while Daar Communications lost 9.38 per cent, closing at 87k per share.

Also, NPF Microfinance Bank shed 7.91 per cent, closing at N1.98 per share.

However, Transcorp led the activity chart in terms of volume with 74.54 million shares traded at N934.42 million.

It was followed by Sterling Bank, which transacted 54.32 million shares valued at N341.58 million.

Access Holdings also traded 54.11 million shares worth N1.51 billion, while AIICO Insurance sold 53.90 million shares valued at N71.98 million.

United Bank of Africa (UBA) sold 52.27 million shares at N1.6 billion.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions going down by 43.20 per cent. (NAN)

The event will be held virtually and be accessible through a secure online platform for attendees and members of the public that intend to observe as the board and executive management reflect on the bank’s accomplishments.  

The Annual General Meeting which will take place at the company’s head office located at 23, Karimu Kotun Street, Victoria Island Lagos, will showcase the Bank’s 2022 financial performance and engage with valued shareholders on strategies and prospects.   

The AGM will provide an opportunity for Abbey Mortgage Bank on comprehensive discussions on the Bank’s strides toward technological innovations, customer-centrism, and commitment to sustainable banking practices.

Abbey is embracing digital advancements to improve its operational efficiency as well as staying dedicated to being at the forefront of industry trends and adapting to evolving customer needs.

Despite the domestic and international economic challenges, the Bank has continued its impressive profitable trajectory, generating record revenue for the third consecutive year in 2022 with a pre-tax profit of N827mn, a 25.14% rise from the 2021 position of N661m.

Abbey has increased its brand recognition with notable growth in its professional reputation and closed the year on a high with a BBB investment rating from Augusto & Co., a renowned credit rating agency. 

The bank was also recognized for its commitment to excellence, receiving awards for “Best Mortgage Bank, 2022”, “Best Mortgage Bank Brand 2022”, and “Best Mortgage Bank CEO from prominent industry organizations 2022”.

The MD/CEO of Abbey Mortgage Bank, Mr. Mobolaji Adewumi noted that “We are excited to convene with our esteemed shareholders for our 31st Annual General Meeting to provide details of our progressive journey over the past year and plans on what looks like an illustrious future for the banks, and you.

Mr. Adewumi stated in conclusion “Our committed shareholders, customers, and stakeholders. We look forward to sharing our accomplishments and future strategies and receiving valuable input from our shareholders” 

The bank encourages its shareholders to save the date and connect to the 31st Annual General Meeting slated for the 31st, of May 2023. 

During the year Abbey Mortgage Bank had a rebound in its result, recording a N622 million profit from a loss of N4.3 billion in the previous year.

The year 2021 was indeed a positive one for the bank as evident by its improved income, asset and general operations in the face of double-digit inflation and after a slowdown in economic activities in the country due to Covid

In 2021, the bank’s total interest income was N3.3 billion which is a 137% increase from the N1.4 billion recorded in 2020 largely driven by mortgages, construction finance, and treasury investments.

Expectedly, the interest expenses jumped during the period recording a N1.7 billion in 2021, a 212% increase from last year’s, leaving the net interest income to circa N1.6 billion.

Consequently, the net operating income hit N2.2 billion in 2021 from a negative of N2.9 billion in the previous year.

This is because of the increase in total operating income which rose significantly from N980 million to N2 billion.

The bank’s expenses increased marginally to N1.5 billion in 2021 from N1.3 billion a year before due to increased personnel and other operating expenses. This led to a rise in profit before tax to N661 million.

Total assets by the bank increased to N34 billion in 2021 depicting a 86% rise from N18.5 billion while the bank’s market capitalization stands at N18 billion. Also, the bank last traded at N1.8 per share price as of Friday, 28th May 2022 which is a signal that the performance of the bank is gradually reflecting on the trading price of its stock.

The bank also recently announced the replacement of MD/CEO Mr. Madu Hamman, upon his appointment by President Mohammad Buhari as the new MD of Federal Mortgage Bank Of Nigeria with Mobolaji Adewumi, effective from 25th May 2022.