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Abbey Mortgage Bank has secured regulatory go-ahead from the Central Bank of Nigeria (CBN) to proceed with its planned conversion to a regional commercial bank, the mortgage lender announced on Wednesday.

“In addition, pursuant to he resolution of shareholders at the extra-ordinary general meeting of the bank held on Friday, 24th January 2025, the name of the bank has been changed from “Abbey Mortgage Bank Plc” to “Abbey Bank PLC,” it stated in a regulatory filing.

Shares in the primary mortgage bank jumped by 5.4 per cent to N7.8 per unit in Lagos at the end of trade on Wednesday.

The institution, which provides real estate construction finance and personal banking services, follows in the steps of other financial institutions that have transitioned into full-fledged commercial banks, including Nova Bank, which converted from a merchant bank in 2024.

The new capital rules in Nigeria require regional commercial banks to have a minimum capital base of N50 billion, up from N10 billion.

READ ALSO: CBN targets 95% financial inclusion, faster money transfers by 2028

At its annual general meeting held last Monday, Abbey Mortgage Bank obtained shareholders’ approval to establish a debt issuance programme of N100 billion.

It also secured shareholders’ consent to raise an additional N64.5 billion in equity capital, subject to regulatory approvals.

The mortgage lender’s total assets stood at N222.4 billion as of March 2026, up from N165.8 billion as of December 2025, according to its latest earnings report.

Post-tax profit climbed to N715.3 million in the first quarter of the year from N340.5 million a year ago, while gross earnings went up by 85.6 per cent to N7 billion.

VFD Group, a proprietary investment company listed on the Nigerian Exchange, holds a 22.5 per cent stake in Abbey Mortgage Bank, making it its largest shareholder.

CBN approves Abbey Mortgage Bank's conversion to regional commercial bank

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