Based on company filings and news reports published between 26 May and 22 October 2026. Plans and dates can change, so confirm details with the bank.
Abbey Bank Plc, formerly Abbey Mortgage Bank Plc, is changing from a mortgage lender into a commercial bank. The Central Bank of Nigeria (CBN) approved the conversion in June 2026, and the bank says it will begin commercial operations in the fourth quarter of this year. One report puts the start in November, but the bank has not published an exact date in the filings we reviewed.
This guide sets out what has been confirmed, what has not, how the bank’s finances look, and what customers should check.
What is confirmed. The CBN approved the conversion to a regional commercial bank, reported on 3 June 2026. The bank expects to start full commercial operations in Q4 2026. A specific launch date, a new corporate identity and the product rollout are still to be announced.
Abbey Bank Plc timeline
| Date | Event | Source type |
|---|---|---|
| 24 January 2025 | Shareholders pass a resolution to change the name from Abbey Mortgage Bank Plc to Abbey Bank Plc | News report |
| 26 May 2026 | Annual general meeting approves a capital raise of up to ₦164.5 billion, subject to regulatory approvals | News report |
| 3 June 2026 | CBN approval to convert to a commercial bank reported | News reports |
| Q4 2026 | Planned start of full commercial banking operations | Company statement |
Legit.ng’s report of 22 October says the CBN approval came in October 2024 and the licence in June 2026. We found no other source for an October 2024 approval. The June 2026 date is the one reported consistently.
Regional commercial bank: what the licence means
Under the CBN’s recapitalisation programme announced in March 2024, commercial banks had until 31 March 2026 to meet new minimum capital levels. They are ₦50 billion for a regional bank, ₦200 billion for a national bank and ₦500 billion for an international bank. A regional licence restricts a bank to a defined region of the country.
The bank is reported to be moving to the regional category. Its management has said it wants to reach a national licence later, within two to three years according to Legit.ng. That is a plan, not an approval, and it would require much more capital.
Capital raise: what has been approved
- Private placement. About ₦64.55 billion, from roughly 26.56 billion new shares priced at ₦2.43 each, subject to regulatory approvals.
- Further authority. The board may raise up to ₦100 billion more through equity and debt instruments, such as a rights issue, public offer, bonds or commercial paper.
- Not confirmed. Legit.ng says the capital-raising process was completed. We found no report confirming that it has closed, and none gives the bank’s current paid-up capital or says whether it meets the ₦50 billion regional minimum.
How Abbey Bank Plc has performed
| Measure | Result | Comparison |
|---|---|---|
| Profit before tax, 2025 | ₦3.12 billion | Up from ₦1.22 billion in 2024 |
| Profit after tax, 2025 | ₦2.16 billion | Not stated |
| Total assets, 2025 | ₦165.8 billion | Up from ₦84.2 billion |
| Interest income, 2025 | ₦18.97 billion | Not stated |
| Dividend for 2025 | 12 kobo per share | Payout backed at the AGM |
| Profit before tax, Q1 2026 | ₦750.3 million | About double the first quarter of 2025 |
Profit before tax more than doubled in 2025 and total assets almost doubled. Strong growth from a small base does not by itself show that the bank is ready for a wider commercial business, so the capital position matters more.
What the bank plans to offer
Management says the bank will keep its focus on housing and construction finance while adding:
- retail and individual banking products;
- loans for small and medium-sized businesses;
- trade finance and corporate banking;
- an upgraded mobile app, corporate banking platform and core banking system, with customers moving to the new platform.
The reports do not list branches, states of operation or specific new products. Mobolaji Adewumi is the Managing Director and CEO.
What customers should do
- Wait for the official launch notice. Dates, account details and new products should come from the bank’s own channels.
- Check your details after the migration. The move to a new core banking platform can change account numbers, cards or app logins. Ask the bank before you assume anything.
- Confirm the licence. Check the CBN’s list of licensed financial institutions before you open an account or deposit money.
- Read the terms. Compare fees, interest rates and deposit protection with other banks.
Watch out for fraud. New bank launches and rebrands attract scammers who send fake “account update” links, ask for your PIN or OTP, or offer “pre-launch” loans. A bank will not ask for your PIN or full card details by message or call. Use only the official website and app, and report suspicious messages.
Frequently asked questions
What is Abbey Bank Plc?
Abbey Bank Plc is the new name of Abbey Mortgage Bank Plc, a mortgage lender that the CBN has approved to convert into a regional commercial bank.
When will Abbey Bank Plc start commercial banking?
The bank says it expects to start full commercial operations in the fourth quarter of 2026. One report names November, but we could not confirm an exact date.
Does Abbey Bank Plc have a national licence?
No. Reports describe a regional commercial licence. Management aims to seek a national licence in the future, which would need far more capital.
How much capital is Abbey Bank Plc raising?
Shareholders approved raising up to ₦164.5 billion in total, including a private placement of about ₦64.55 billion at ₦2.43 per share and up to ₦100 billion more. Completion has not been confirmed in the reports we reviewed.
Are my savings safe during the conversion?
The CBN has said recapitalisation does not affect customer accounts. For specifics on your own account and deposit protection, ask the bank directly.
Conclusion
Abbey Bank Plc has regulatory approval to convert from mortgage banking to regional commercial banking, solid recent profit growth and shareholder approval for a large capital raise. What remains open is the exact start date, the closing and size of the raise, and the products and locations. Customers should rely on official announcements and avoid acting on unverified messages.
Sources and further reading
- Legit.ng: Nigerian bank set to begin full commercial operations in November (22 October 2026)
- Legit.ng: CBN approves firm’s transition to commercial bank (20 October 2026)
- Nairametrics: CBN grants approval to Abbey Mortgage Bank for commercial banking (3 June 2026)
- Nairametrics: Abbey Mortgage shareholders approve ₦164.5 billion raise (26 May 2026)
- BusinessDay: Commencement of operations expected in Q4 2026
- The Nigeria Lawyer: CBN approves Abbey’s transition; name changes to Abbey Bank Plc
- Mondaq: Status update on CBN’s banking sector recapitalisation
This article gives general information based on published news reports and company statements, and it is not financial, legal or investment advice. Plans and figures may change. Confirm details with the bank and the CBN before you act.
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