Abbey Mortgage Bank Plc secured approval from the Central Bank of Nigeria to operate commercially nationwide.
The approval marked a major milestone for one of Nigeria’s oldest mortgage banking institutions nationwide.
Although operations begin during Q4 2026, preparations have already gained momentum across the bank’s expanding network.
Abbey Mortgage Bank Approval
Abbey described the approval as transformative and signalled broader opportunities beyond traditional mortgage financing services nationwide.
Business Expansion Plans
Consequently, the bank started upgrading technology systems, expanding infrastructure, and redesigning its corporate identity nationwide.
Additionally, Abbey plans offering retail banking, SME loans, trade finance, wealth management, and stronger digital banking services.
Read Also: CBN Conducts ₦1.95 Trillion OMO Auction On May 29
The transition followed months of strategic planning and impressive financial growth across the institution’s nationwide operations.
Meanwhile, shareholders approved a ₦164.5 billion private placement during the bank’s May 2026 annual meeting.
Furthermore, shareholders authorised directors to raise another ₦100 billion through debt and equity financing instruments.
Strong Financial Growth
Chairman Samuel Oni described the capital raise as crucial for securing regional commercial banking approval nationwide.
Moreover, Abbey’s financial performance strengthened investor confidence throughout 2025 and early 2026 trading activities nationwide.
Pre-tax profit climbed 154.3% to ₦3.12 billion during 2025, while first-quarter 2026 profit reached ₦750 million.
Meanwhile, Abbey shares closed at ₦7.05 on June 2, reflecting rising investor confidence across financial markets.
