Abbey Bank Plc has disclosed five investors who became significant shareholders after the lender completed a N64.55 billion ($48.47 million) private placement involving 26.56 billion ordinary shares. The transaction has placed more than 72% of the bank’s equity in the hands of the five disclosed investors.

Five investors take control

The shares, with a nominal value of 0.50 kobo each, were issued at N2.43 ($0.0018) per share, according to a notice dated Sept. 17, 2026. Abbey Bank made the disclosure to the Nigerian Exchange Limited, shareholders and the investing public.

Abdulganiyu Olajide Adeola emerged as the largest shareholder, holding 6.996 billion shares, or 19.05% of the bank. Herei Limited followed with 6.784 billion shares, representing 18.48%. Together, the two investors account for more than 37% of Abbey Bank’s equity.

Archetype Energy Services Limited holds 6.333 billion shares, giving it a 17.25% stake. Cardinalstone Asset Management Limited owns 4.012 billion shares, or 10.93%, while Jotani Investment Limited holds 2.437 billion shares, equivalent to 6.64%.

Capital raise reshapes ownership

The five investors collectively hold about 26.56 billion shares, representing approximately 72.35% of Abbey Bank’s equity based on the holdings disclosed by the lender. The private placement therefore significantly changed the bank’s ownership structure while providing fresh capital as Nigerian lenders face higher regulatory capital requirements.

The transaction comes as Abbey Bank builds its capital base following its transition from a mortgage lender to a commercial bank. Under the Central Bank of Nigeria’s recapitalisation programme, banks with international authorization must reach N500 billion ($375.5 million) in minimum paid-up capital, while national and regional banks face thresholds of N200 billion ($150.2 million) and N50 billion ($37.6 million), respectively.

Abbey Bank expands its reach

The capital raise comes as Abbey Mortgage Bank changed its name to Abbey Bank Plc after receiving regulatory approval from the Central Bank of Nigeria, marking its move into commercial banking. The institution, founded in 1992 by Rose Ada Okwechime, has more than three decades of experience providing mortgage and housing finance.

The bank said its commercial banking strategy will broaden its services beyond mortgages to retail customers, small and midsize businesses, corporate clients and public-sector institutions. It also plans to retain its housing-finance expertise while expanding technology-driven banking services across a wider customer base.