Abbey Mortgage Bank Plc, founded by Nigerian banker Rose Ada Okwechime, has received approval from the Central Bank of Nigeria to convert from a Primary Mortgage Bank into a Regional Commercial Bank, marking a major strategic shift in its operating model and market reach.

The approval allows the lender to expand beyond mortgage financing into broader commercial banking activities, positioning it for a larger role in Nigeria’s financial services industry.

In a related regulatory update, the bank also announced a name change following shareholder approval at an Extraordinary General Meeting held on Jan. 24, 2025, transitioning from Abbey Mortgage Bank Plc to Abbey Bank Plc.

The development was formally disclosed in Lagos on June 3, 2026, to the Nigerian Exchange Limited (NGX), regulators, and investors.

Strong earnings underpin strategic expansion

The conversion comes on the back of a sharp improvement in financial performance, which has strengthened investor confidence and supported a recent rally in the bank’s valuation.

Abbey reported a 102.67% increase in profit for 2025, rising to N2.17 billion ($1.58 million) from N1.07 billion ($777,634) a year earlier.

Total assets nearly doubled, increasing 96.83% to N165.83 billion ($120.72 million), compared with N84.25 billion ($61.35 million) at the end of 2024. Retained earnings also more than doubled, rising 115.3% to N2.43 billion ($1.77 million).

Dividend boost and shareholder value

The strong performance led the board to propose a dividend of N0.12 per share, later approved at the Annual General Meeting, reinforcing the bank’s improving capital position and shareholder returns.

Rose Ada Okwechime, who holds a 14.23% stake in Abbey Bank, equivalent to 1.445 billion shares, received N173.43 million ($125,963) in dividend payout, underscoring her position as one of the institution’s key long-term shareholders.

Strategic repositioning in Nigeria’s banking sector

The transition into a regional commercial bank places Abbey among a growing group of mid-tier financial institutions seeking to scale operations in Nigeria’s competitive banking landscape.

The shift is expected to unlock new revenue streams across retail, SME, and corporate banking segments, while aligning the institution with broader regulatory and capital market reforms shaping the sector.

For Okwechime and her leadership team, the move marks a structural evolution from a niche, mortgage-focused lender to a diversified regional financial institution with broader growth ambitions.