Shareholders of Abbey Mortgage Bank Plc have authorised the bank to raise up to N164.5 billion in fresh capital.
The shareholders authorised this at the bank’s 34th Annual General Meeting recently held in Lagos, backing a N64.5 billion private placement while authorising the board to raise an additional N100 billion through various equity and debt instruments, subject to regulatory approvals.
Samuel Oni, chairman, board of directors, Abbey Mortgage Bank said the capital raise is a critical component of the bank’s strategy to secure a regional commercial banking licence and position the institution for its next phase of growth.
The board also reaffirmed the bank’s commitment to sustainable growth, innovation, and long-term value creation for shareholders and stakeholders.
The AGM brought together shareholders, members of the Board, management, regulators, and other key stakeholders to review the bank’s performance, strategic direction, and outlook for the future. Related News Tinubu’s security scorecard: defence minister claims 70% progress amid rising school abductions Tinubu @ 3: How REA’s mini-grid solutions are driving Nigeria’s $1trn economy target IHS Towers invests $45m in communities, advances carbon reduction in Africa, Latin America
