Abbey Bank announces new significant shareholders after private placement

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Abbey Bank Plc has announced five new significant shareholders following the completion of its private placement of 26.56 billion ordinary shares.

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The lender, which provides real estate construction finance and personal banking services, disclosed this in a regulatory filing signed by the bank’s Executive Director, John Okonkwo, on Wednesday.

According to the bank, the private placement involved 26,562,647,265 ordinary shares of 50 kobo each, issued at ₦2.43 per share.

Abdulganiyu Olajide Adeola emerged as the bank’s largest shareholder, holding 6,995,884,774 shares, representing 19.05 per cent of the bank.

Herel Limited holds the same number of shares, giving it an 18.48 per cent stake in the bank.

Archetype Energy Services Limited holds 6,333,476,332 shares, representing 17.25 per cent, while CardinalStone Asset Management Limited holds 4,011,757,786 shares, equivalent to 10.93 per cent.

Jotani Investment Limited holds 2,437,166,233 shares, representing 6.64 per cent of the bank.

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The disclosure followed the completion of the private placement, which increased the listed investors’ holdings in the bank to significant levels.

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The development followed the bank’s regulatory approval by the Central Bank of Nigeria (CBN) to convert to a regional commercial bank in June.

The lender attained full-fledged commercial bank status after meeting the CBN’s revised minimum capital requirements of ₦50 billion.

At its annual general meeting in May, Abbey Mortgage Bank also obtained shareholders’ approval to establish a ₦100 billion debt issuance programme.

The bank’s total assets stood at ₦222.4 billion as of March 2026, up from ₦165.8 billion at the end of December 2025, according to its latest earnings report.