Abbey Mortgage Bank Plc will ask shareholders to approve a N164.5 billion capital raise at its 34th Annual General Meeting, scheduled to be held virtually on May 25, 2026.
The fundraising plan combines equity and debt instruments as part of a broader restructuring and expansion strategy.
The capital raise has two components, both subject to regulatory approvals from the Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigerian Exchange Limited. Directors will seek authority to issue shares and debt instruments in tranches, on terms they will determine.
The first component involves raising N64.55 billion in fresh equity through a private placement of 26.56 billion ordinary shares priced at N2.43 each. If completed, the bank’s issued share capital would rise from N5.08 billion to approximately N18.36 billion, with total shares expanding from 10.15 billion to up to 36.72 billion.
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The second component is a N100 billion Debt Issuance Programme covering senior and subordinated notes, commercial papers, convertible securities, medium-term notes, and bonds. Proceeds are intended to refinance existing obligations and expand the bank’s loan portfolio.
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The AGM notice, signed by Company Secretary Geoff Amaghereonu, states the fundraise will support the bank’s ability to meet minimum capital thresholds and ensure continued regulatory compliance. Shareholders wishing to participate must submit proxy forms to the registrar, Africa Prudential Plc, no later than 48 hours before the meeting.
Separately, shareholders will consider a dividend of 12 kobo per share for the 2025 financial year, double the 6 kobo paid in 2024. Payment is scheduled for May 25, 2026, to shareholders on the register as of May 12.
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The proposed raise comes on the back of a strong 2025 performance. The bank posted a pre-tax profit of N3.12 billion, up 154.32% year-on-year, while interest income grew to N18.97 billion from N11.95 billion in the prior year.
The fundraising effort aligns with the Central Bank of Nigeria’s broader push for recapitalisation across the banking sector ahead of regulatory deadlines.
