Five investors now hold a combined 72.35% stake in Abbey Bank Plc following the completion of a ₦64.55 billion private placement that added 26.56 billion new ordinary shares to the lender’s capital base.
Abbey Bank disclosed the new ownership structure in a regulatory filing to the Nigerian Exchange Limited (NGX) dated September 17, 2026.
According to the filing, the private placement involved 26,562,647,265 ordinary shares of 50 kobo each issued at ₦2.43 per share, raising ₦64.547 billion.
Abdulganiyu Olajide Adeola emerged as the largest disclosed shareholder with 6,995,884,774 shares, representing 19.05% of the bank.
Herel Limited holds 6,784,362,140 shares, representing 18.48%, while Archetype Energy Services Limited holds 6,333,476,332 shares, equivalent to 17.25%.
CardinalStone Asset Management Limited holds 4,011,757,786 shares, representing 10.93%, while Jotani Investment Limited holds 2,437,166,233 shares, equivalent to 6.64%.
The five investors collectively hold all 26,562,647,265 shares issued under the private placement, giving them a combined 72.35% of Abbey Bank’s enlarged share capital based on the percentages disclosed by the lender.
The NGX confirmed on September 17, 2026 that the additional shares had been admitted to its daily official list. The listing increased Abbey Bank’s total issued and fully paid-up shares to 36,716,493,419 from 10,153,846,154 shares.
The private placement followed the Central Bank of Nigeria’s approval in June 2026 for Abbey Mortgage Bank to convert to a regional commercial bank. The bank also changed its name to Abbey Bank Plc following a resolution passed by shareholders at an extraordinary general meeting on January 24, 2025.
The CBN’s revised capital rules require regional commercial banks to maintain a minimum capital base of ₦50 billion. Abbey Bank said the conversion followed its compliance with the requirement.
At its 34th annual general meeting on May 25, 2026, shareholders authorised the directors to raise up to ₦64.547 billion through the private placement and separately approved a ₦100 billion debt issuance programme. The AGM notice also contained a separate resolution authorising the directors to raise up to ₦100 billion through additional equity or other approved instruments, subject to regulatory approvals.
Abbey Bank’s unaudited financial statements for the quarter ended March 31, 2026 showed that total assets rose to ₦222.4 billion from ₦165.8 billion at December 31, 2025, an increase of 34.1%.
The latest shareholding disclosure gives five investors substantial positions in Abbey Bank as the lender begins operations under its regional commercial banking licence.
