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Tag: Abbey Mortgage Bank

  • Abbey Mortgage Bank seeks nod for conversion to commercial bank

    Abbey Mortgage Bank seeks nod for conversion to commercial bank

    Abbey Mortgage Bank Plc is seeking shareholders’ approval to proceed with its plan to convert from a mortgage bank to a regional commercial bank.

    Shareholders of the bank are scheduled to meet later this week to consider ordinary and special resolutions that will facilitate the conversion.

    In a regulatory filing at the weekend at the Nigerian Exchange (NGX), shareholders of  Abbey Mortgage Bank  are expected to authorise the board of directors of the company to increase and allot the issued share capital of the company for the purpose of raising additional capital and meeting the new N50 billion share capital and share premium capital requirements of the Central Bank of Nigeria for a regional commercial bank.

    The meeting is also expected to mandate the board to take all such actions as they may deem necessary or advisable in order to carry into effect the recapitalisation resolution, including without limitation the appointment of professional parties and advisers, alloting the shares arising from the share capital increase and listing same on the floor of the Nigeria Exchange, complying with the directives of regulatory authorities, and to take all such actions as they may deem necessary or advisable in order to carry into effect the purpose and intent of the resolutions.

    Shareholders would also authorise the company’s strategy of transitioning into a regional commercial bank and change of the legal and brand name of the company from Abbey Mortgage Bank Plc to “Abbey Bank Plc”.

    The resolutions also included change in the company’s Memorandum and Articles of Association to reflect the change of name and new object clauses in alignment with the company’s strategy of transitioning into a regional commercial bank.

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    The CBN had in March 2024 released its circular on review of minimum capital requirement for commercial, merchant and non-interest banks. The apex bank increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional licence, N50 billion.

    Others included merchant banks, N50 billion; non-interest banks with national licence, N20 billion and non-interest banks with regional licence will now have N10 billion minimum capital. The 24-month timeline for compliance ends on March 31, 2026.  

    Under the new minimum capital base, CBN uses a distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds.

  • Abbey Mortgage Bank holds AGM

    Abbey Mortgage Bank holds AGM

    Abbey Mortgage Bank Plc has held its 32nd annual general meeting (AGM) with active participation from shareholders and the company’s management team.

    The bank reported a pre-tax profit of N951 million, up from N827 million in 2022.

    Managing Director, Abbey Mortgage Bank Plc, Mobolaji Adewumi, emphasised the institution’s ongoing commitment to innovation and collaboration.

    “Abbey will continue looking for alternative ways to partner with developers, help more people to continue to acquire homes, and work with the government to make home ownership more affordable,” Adewumi said.

    According to him, looking ahead, Abbey Mortgage Bank is poised to achieve new heights, with a clear vision for transforming the bank and further growth in the coming years.

    Read Also: Abbey Mortgage Bank hosts sustainability stakeholders

    He said the management team remains dedicated to enhancing the value for its shareholders and contributing significantly to the Nigerian mortgage industry

    The AGM was anchored by Brig-Gen John Obasa, standing in for the newly appointed chairman, High Chief Samuel Oni, who was unable to attend in person.

    For the fourth consecutive year, Abbey Mortgage Bank reported profit growth, highlighting its robust financial health and strategic foresight. This milestone was celebrated with the announcement of dividend distribution for the first time in several years, a decision that was met with enthusiasm and pride by the shareholders present.

    During the AGM, various key resolutions were put to vote, including the re-election of Non-executive directors, the Declaration of Dividends, and the approval of the Financial Statement. All resolutions received majority, if not unanimous, votes in favor, reflecting the strong confidence in the bank’s leadership and strategic direction.

  • Bank donates 400 food packs to community

    Bank donates 400 food packs to community

    Abbey Mortgage Bank has distributed over 400 food packs to Kuramo community on Victoria Island, Lagos State.

    The donation is an initiative under the bank’s Corporate Social Responsibility Initiative tagged: “Nourishing Communities”, created to reach out to vulnerable persons and reduce the effect of hunger and poverty in the society.

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     Speaking during the distribution of the food packs to Kuramo community that includes: Adetokunbo Ademola Street, Olosa Street, Karimu Kotun Street, Oyin Jolayemi Street and Oko Awo Street; Mr. Dipo Adeoye, executive director, Treasury & Business Growth at Abbey Mortgage Bank, noted that “this initiative shows the bank’s commitment to social responsibility and highlights Abbey’s efforts to make a positive impact beyond finance.”

    He said: “Abbey recognises importance of giving back to the society through Abbey Food Drive.

    “The success of our ‘Nourishing Communities’ Food Drive truly embodies the spirit of Abbey Mortgage Bank and we are proud to have made a tangible impact on the lives of those in need.”  

  • Abbey Mortgage Bank hosts sustainability stakeholders

    Abbey Mortgage Bank hosts sustainability stakeholders

    Abbey Mortgage Bank Plc has expressed its willingness to partner with stakeholders in the sustainability ecosystem through long-term sustainable investments.

    Managing Director, Abbey Mortgage Bank, Mobolaji Adewum, said the bank was creating an ecosystem where non-profits can flourish and contribute meaningfully to society and drive sustainable change. 

    “We are committed to helping individuals, build wealth and attain financial empowerment and we are proud to collaborate with these distinguished leaders to make a lasting impact by supporting financial growth and empowerment,” Adewumi said.

    He spoke at a workshop organised by the bank for stakeholders in the sustainability ecosystem in Abuja. The theme of the event was: Financial Management: A Sustainability Tool for Non-Profit Organizations.

    He explained that the event was part of efforts aimed at creating impactful investment opportunities to aid sustainability efforts in line with SDG 17 which supports the implementation and revitalisation of global partnership for sustainable development in the civil society.

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    Group Head, Non-Profit Organisations, Abbey Mortgage Bank, Bukola Ewedairo said the bank was rightfully positioned to partner with institutions in the civil society by creating opportunities for long-term sustainable investment. 

    “We believe that non-profit organisations need to be strengthened to achieve their mission and this workshop was our way of collaborating to ensure that they can thrive especially with the volatilities in our local economy,” Ewedairo said.

    She said the bank remains committed to fostering continued partnerships with NGOs, furthering its impact on the non-profit sector.

    According to her, the bank looks forward to ongoing collaboration, contributing to the achievement of sustainable development goals in Nigeria.

    The workshop had informative and interactive discussions, providing a forum for participants to share insights and explore collaborative opportunities. Attendees engaged in dynamic conversations, delving into strategies to enhance financial sustainability and drive positive change within the civil society sector.