Abbey Mortgage Bank Shareholders approve ₦1.22bn dividend

…set to raise ₦100bn in fresh capital

By Damilare Adeleye

Shareholders of Abbey Mortgage Bank Plc have approved a dividend payout of ₦1.22 billion to investors, alongside plans by the bank to raise up to ₦100 billion in fresh capital and debt funding.

The approvals were granted at the bank’s 34th Annual General Meeting (AGM) held on May 25, 2026.

According to the resolutions signed by the Company Secretary, Geoff Amaghereonu, shareholders approved the payment of ₦1,218,461,538.48 as a dividend for the 2025 financial year.

This translates to 12 kobo per 50 kobo ordinary share for investors whose names appeared in the register of members as of May 12, 2026.

The bank stated in the resolutions: “A total sum of ₦1,218,461,538.48 (One Billion, Two Hundred and Eighteen Million, Four Hundred and Sixty-One Thousand, Five Hundred and Thirty-Eight Naira, Forty-Eight Kobo) be paid as dividend at the rate of 12 kobo per 50k share to shareholders whose names appear in the Register of Members at 12 May, 2026 for the financial year ended 31st December 2025.”

Shareholders also approved the election and re-election of directors to the board of the mortgage lender. Those confirmed include Ms. Chika Ochonogor and Ms. Jewel Okwechime as Non-Executive Directors, alongside Mr. John Okonkwo as an Executive Director.

The AGM also authorized the directors to establish a debt issuance program of up to ₦100 billion, or its foreign currency equivalent, for the issuance of debt securities in tranches under terms to be determined by the board.

Part of the resolution read: “That the Directors be and are hereby authorized to establish a Debt Issuance Programme (the ‘Programme’) in an amount of up to ₦100,000,000,000 (One Hundred Billion Naira) or such foreign currency equivalent thereof as the Directors may consider appropriate.”

In addition, shareholders approved plans to raise fresh equity capital of up to ₦64.55 billion through a private placement involving 26.56 billion ordinary shares of 50 kobo each at ₦2.43 per share, subject to regulatory approvals.

To accommodate the proposed capital injection, the shareholders sanctioned an increase in the bank’s issued share capital from ₦5.08 billion to ₦18.36 billion through the creation of additional ordinary shares.

The company also approved directors’ remuneration for the 2026 financial year, fixed at ₦20 million for Non-Executive Directors and ₦30 million for the Chairman.

The shareholders at the AGM also constituted a five-member statutory audit committee comprising shareholder representatives Adekunle Alli, Gbadebo Ajeigbe, and Engr. M.O.T. Tobun, alongside Non-Executive Directors Brigadier-General John Obasa (retd.) and Mr. Obinna Ufudo.