馃嚦馃嚞NigeriaWest Africa
Central Bank of Nigeria approves Abbey Mortgage Bank's conversion to commercial bank
via Punch Nigeria1 min read
The Central Bank of Nigeria has approved the conversion of Abbey Mortgage Bank Plc from a primary mortgage bank to a regional commercial bank. This was announced in a regulatory filing submitted to the Nigerian Exchange Limited. As part of this transition, the financial institution has also changed its corporate name from Abbey Mortgage Bank Plc to Abbey Bank Plc, a resolution passed by shareholders at an Extraordinary General Meeting on January 24, 2025. The management views this as a significant milestone in the bank鈥檚 expansion plans within the Nigerian financial services sector. Earlier, Abbey Mortgage Bank Plc had outlined plans to expand its digital ecosystem and enhance financial inclusion after its 34th Annual General Meeting. During this meeting, shareholders supported the bank's vision, approving a capital raise and a dividend payout. The new capital injection aims to accelerate the bank鈥檚 transformation into a more robust financial services provider, reaching previously underserved demographics. Mobolaji Adewumi, the Managing Director and Chief Executive Officer of Abbey Mortgage Bank, stated that the institution's future involves breaking down conventional banking barriers and delivering seamless, digitally driven banking experiences.
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Punch Nigeria.
Must ReadFuel prices have increased nationwide in Nigeria, with petrol reaching up to N1,230 per litre in some areas. This rise is attributed to the Dangote Petroleum Refinery's decision to sell petrol to marketers in dollars and a surge in global crude oil prices due to tensions between the United States and Iran. The Petroleum Products Retail Outlets Owners Association of Nigeria PETROAN has warned against monopoly and arbitrary pricing, stating that such practices could destabilize the downstream petroleum sector. Dr. Billy Gillis-Harry, National President of PETROAN, emphasized the need for a stable and competitive pricing framework. Marketers have reported delays in petrol loading at the Dangote refinery, a claim denied by the Dangote Group. The National Vice-President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, confirmed the loading delays but expressed optimism for resumption. Marketers are also facing difficulties in sourcing dollars to purchase petrol from the refinery. Depot prices for petrol remained high, ranging from N1,185 to N1,245 per litre across major depots. Retail pump prices in cities like Abuja, Port Harcourt, and Kaduna have also seen increases, with some stations selling at N1,200 to N1,230 per litre. Consumers and transporters express concerns that dollar-denominated pricing could lead to further price hikes and increased costs for transportation and goods.
Mrs Victoria Ojo, a 90-year-old retired nurse from Ile Ologbu Compound in Osogbo, Osun State, shares her life story, highlighting her unwavering passion for nursing. Born in 1936, she grew up in Osogbo and later Ifon-Osun. Despite initial setbacks, including being denied permanent admission to nursing training after a probationary period, her determination to care for others led her to re-enroll and successfully complete her nursing and midwifery education. She began her career as a ward maid, which ignited her desire to become a nurse, stating she would have committed suicide if she failed. Mrs Ojo also recounts her marital life, including a memorable incident where her mother fainted while helping with her first child in Atijere, an area only accessible by canoe at the time. She attributes her longevity to God, maintaining good hygiene, a healthy lifestyle, a balanced diet, and her commitment to the Christian faith, having given her life to Christ in 1978. After 26 years of service, she voluntarily retired to co-found a ministry focused on spiritual revival. She emphasizes the importance of raising children with the fear of God and laments the decline of patience and respect for elders in contemporary society. Mrs Ojo advises young couples to approach marriage with patience, maturity, and a focus on character and shared responsibility rather than material possessions or physical beauty.
Must ReadDr. Godknows Igali, National Chairman of the Pan Niger Delta Forum, stated that excluding the Niger Delta from major federal projects is unfair, especially since the region's resources largely fund these projects. He highlighted that 26 road projects totaling N3.9 trillion were announced, with only one near the Niger Delta, not within its core states. Additionally, the renovation and modernization plans for Lagos and Apapa ports, funded by a 拢746 million loan, excluded older Niger Delta ports like Port Harcourt, Onne, Koko, and Warri. Igali emphasized that the Niger Delta faces significant environmental challenges due to 70 years of oil production and inadequate infrastructure development, making construction costly. He called for a consistent remediation program beyond Ogoniland and improved infrastructure. While acknowledging recent improvements in the Niger Delta Development Commission's governance, he noted the absence of the Presidential Advisory Council. PANDEF has appealed to the Presidency and relevant ministries regarding these concerns but has received no response. Igali reiterated PANDEF's stance on resource control, advocating for a return to the federal system where regions managed their resources, as practiced by Nigeria's founding fathers. He also urged Niger Delta people to elect leaders committed to the region's progress in the upcoming 2027 general elections.