Five investors take 72.35% stake in Abbey Bank - Punch Newspapers
Abbey Bank Plc has disclosed five investors who have emerged as significant shareholders following the completion of its private placement of 26.56 billion ordinary shares. The bank said the shares, with a nominal value of 0.50 kobo each, were issued at N2.43 per share. In a notice to the Nigerian Exchange Limited, shareholders and the investing public dated September 17, 2026, Abbey Bank said the transaction had resulted in the five investors crossing the threshold for significant shareholding in the bank. Abdulganiyu Olajide Adeola emerged as the largest shareholder, with 6.996 billion shares, representing 19.05 per cent of the bank’s equity. Herei Limited followed with 6.784 billion shares, equivalent to 18.48 per cent. Archetype Energy Services Limited holds 6.333 billion shares, representing 17.25 per cent of the bank. Cardinalstone Asset Management Limited emerged with 4.012 billion shares, giving it a 10.93 per cent stake. Jotani Investment Limited holds 2.437 billion shares, representing 6.64 per cent. Banks’ capital raise reinforces balance sheet transparency – UBA GMD Abbey Bank names shareholders after private placement Tinubu tasks banks to make credit more affordable Together, the five significant shareholders hold about 26.56 billion shares, accounting for approximately 72.35 per cent of Abbey Bank’s equity based on the holdings disclosed by the bank. Hence, the private placement resulted in a substantial concentration of the bank’s issued shares among the disclosed investors. The transaction comes as Abbey Bank works to strengthen its capital base amid the ongoing recapitalisation of Nigerian commercial banks. The Central Bank of Nigeria’s recapitalisation programme requires commercial banks with international authorisation to raise their minimum paid-up capital to N500bn, while national banks are required to reach N200bn and regional banks N50bn. Abbey Mortgage Bank transitioned into a commercial banking operation as Abbey Mortgage Bank Plc changed its name to Abbey Bank Plc following regulatory approval, positioning the institution to operate as a commercial bank. Odinaka Anudu
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