Nigeria’s latest commercial bank, Abbey Bank Plc, has completed a ₦64.5 billion private placement, issuing 26.56 billion new ordinary shares and introducing five significant shareholders who together hold more than 72% of the enlarged share capital.
The bank issued 26,562,647,265 ordinary shares of 50 kobo each at ₦2.43 per share as part of a broader ₦164.5 billion capital-raising programme approved by shareholders in May 2026. Anchoria Advisory and SHQ Legal acted as advisers on the transaction.
The placement marks a significant change in Abbey Bank’s shareholder structure. As at 31 December 2025, Nigerian citizens and associations held all the ordinary shares of the bank. At the time, no individual shareholder held more than 5% of the issued and paid-up share capital except VFD Group Plc, which held 2.284 billion shares representing 22.50%, and Madonna Ashib Comm. Enterprise Ltd, which held 1.445 billion shares representing 14.23%.
Following the private placement, Abdulganiyu Olajide Adeola holds 6.996 billion shares, representing 19.05% of the enlarged share capital, while Herel Limited holds 6.996 billion shares, representing 18.48%. Archetype Energy Services Limited holds 6.333 billion shares, equivalent to 17.25%, CardinalStone Asset Management Limited holds 4.012 billion shares, representing 10.93%, and Jotani Investment Limited holds 2.437 billion shares, representing 6.64%.
Together, the five shareholders hold 26.77 billion shares, equivalent to 72.35% of Abbey Bank’s enlarged share capital.
The transaction marks a key step in Abbey’s transition from a primary mortgage institution to a regional commercial bank. The Central Bank of Nigeria approved the conversion in June 2026, alongside the institution’s change of name from Abbey Mortgage Bank Plc to Abbey Bank Plc.
The recapitalisation is being undertaken against the CBN’s minimum capital requirement of ₦50 billion for regional commercial banks.
Abbey’s wider capital programme provides for an additional ₦100 billion to be raised through equity and debt instruments, beyond the completed private placement.
The bank plans to commence full commercial banking operations in the fourth quarter of 2026, with services spanning retail, corporate, SME and digital banking.
Abbey Bank is chaired by High Chief Samuel Oni, while Mobolaji Adewumi serves as managing director and chief executive officer. The disclosure to the Nigerian Exchange was signed by Executive Director John Okonkwo.
The completed placement provides Abbey with the capital base for its next phase as a commercial bank while substantially reshaping its shareholder base ahead of the commencement of full commercial banking operations.
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