CBN approves Abbey Mortgage Bank’s conversion to commercial bank

THE Central Bank of Nigeria has granted approval for Abbey Mortgage Bank Plc to transition from a primary mortgage institution into a regional commercial bank.

The development was disclosed by the bank’s Board of Directors in a regulatory filing submitted to the Nigerian Exchange Limited (NGX), regulators, and the investing public on Wednesday.

As part of the restructuring process, the institution also announced a corporate name change. According to the disclosure signed by the Company Secretary, Geoff Amaghereonu, the lender will now operate as Abbey Bank Plc.

The name change followed the approval of shareholders at the bank’s Extraordinary General Meeting held on January 24, 2025.

Management described the conversion as a major step in the bank’s long-term growth strategy and broader ambitions within Nigeria’s financial services industry.

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The lender had previously outlined plans to strengthen its digital banking ecosystem and expand financial inclusion efforts nationwide after the conclusion of its 34th Annual General Meeting (AGM).

Held virtually under the theme ‘Shaping the Future,’ the AGM brought together shareholders, regulators, and directors to assess the bank’s performance and future strategy.

At the meeting, shareholders approved key resolutions, including a major capital raise and dividend payment. Investors commended the bank’s resilience and operational performance despite Nigeria’s challenging macroeconomic environment.

According to the bank, the fresh capital injection is intended to support its transition into a stronger and more diversified financial institution capable of serving more underserved segments of the population.

Speaking on the bank’s outlook, Managing Director and Chief Executive Officer, Mobolaji Adewumi, said the institution’s next growth phase will focus on eliminating barriers to financial services through technology-driven banking solutions.

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