Abbey Bank Plc has unveiled five significant shareholders who collectively control more than 72 per cent of the lender following the completion of its private placement of 26.56 billion ordinary shares.
The development represents a major shift in the bank’s ownership structure, with the new shareholding composition placing a substantial portion of the lender in the hands of five investors.
The bank, in a notice filed with the Nigerian Exchange Limited (NGX) and made available to shareholders and the investing public on Wednesday, disclosed that it had issued 26,562,647,265 ordinary shares of 50 kobo each at N2.43 per share.
At the offer price, the transaction amounts to approximately N64.55 billion, providing the lender with a significant injection of fresh capital as it continues efforts to strengthen its balance sheet and expand its capital base.
Abdulganiyu Adeola emerged as the largest shareholder, with 6.996 billion ordinary shares, representing a 19.05 per cent stake in the bank.
Herel Limited followed closely, holding 6.996 billion shares and accounting for 18.48 per cent of the lender’s equity.
Archetype Energy Services Limited ranked third among the major shareholders, with 6.333 billion shares, representing a 17.25 per cent stake.
CardinalStone Asset Management Limited holds the fourth-largest disclosed stake, with 4.012 billion shares, equivalent to 10.93 per cent of the bank.
Jotani Investment Limited completes the list of the five major shareholders, with 2.437 billion shares, representing 6.64 per cent of Abbey Bank.
Collectively, the five shareholders hold approximately 26.77 billion shares in the lender. Based on the percentages disclosed by the bank, their combined holdings amount to more than 72 per cent of Abbey Bank.
The concentration of ownership marks a notable development in the lender’s shareholder structure and follows the completion of the private placement, which substantially increased the number of shares held by the newly disclosed investors.
The transaction also comes as Nigerian banks continue to focus on strengthening their capital positions amid regulatory and market developments in the banking sector.
Abbey Bank, headquartered in Lagos, is chaired by Samuel Oni, while Mobolaji Adewumi serves as the bank’s managing director and chief executive officer.
The completion of the private placement and the emergence of the five major shareholders are expected to reshape the ownership profile of the lender as it moves into its next phase of capital growth and business expansion.