Abbey Bank gets new major shareholders after share placement

Abbey Bank Plc has announced five new major shareholders after it completed a private placement of 26.56 billion ordinary shares.

The bank, which offers finance for real estate construction and personal banking, shared this news in a regulatory filing signed by its Executive Director, John Okonkwo, on Wednesday.

The private placement included 26,562,647,265 ordinary shares of 50 kobo each, sold at ₦2.43 per share.

Abdulganiyu Olajide Adeola is now the bank’s biggest shareholder, with 6,995,884,774 shares. This makes up 19.05 percent of the bank.

Herel Limited has the same number of shares, giving it an 18.48 percent stake in the bank.

Archetype Energy Services Limited holds 6,333,476,332 shares, which is 17.25 percent. CardinalStone Asset Management Limited has 4,011,757,786 shares, amounting to 10.93 percent.

Jotani Investment Limited owns 2,437,166,233 shares, making up 6.64 percent of the bank.

This announcement came after the completion of the private placement, which raised the level of listed investors' holdings in the bank.

This move follows the bank receiving regulatory approval from the Central Bank of Nigeria (CBN) to change into a regional commercial bank in June.

The bank achieved full commercial status after meeting the CBN’s new minimum capital requirement of ₦50 billion.

During its annual general meeting in May, Abbey Mortgage Bank also gained approval from shareholders to start a ₦100 billion debt issuance programme.

As of March 2026, the bank's total assets were ₦222.4 billion, up from ₦165.8 billion at the end of December 2025, according to its latest earnings report.