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Key Milestones

  • Licensed to carry on business as a PMB by the Central Bank of Nigeria on January 11, 1992
  • Commenced full commercial operations on March 11, 1992
  • Started with an initial authorized share capital of N5mln now has over N5bn as shareholder funds
  • April 2008, Euros 2.5million debt and equity investment from Africinvest
  • Listed on the Nigerian Stock Exchange in October 2008.
  • Set up an Asset Liability Management Policy and subsequently a department and committee to implement the policy framework;
  • Reviewed our lending processes and recently come up with a Revised Underwriting Procedures;
  • Upgraded our IT infrastructure and software to enhance on-line-real time transaction processing;
  • Set up an Environmental and Social Policy to guide our internal and external engagements. – This is in line with international standards and recommended practices for organizations in our sector;
  • Signed an agreement with the leading e-banking switch network service provider, Inter Switch Ltd.
  • November 2009, Abbey secured a $5 million on-lending facility from Shelter Afrique
  • December 2009, Abbey successfully executed a $10 million on-lending facility with FMO
  • The 20th Annual General Meeting of Abbey Building Society plc was held at the Protea Hotel, Aja. Results were found to have improved considerably in 2011 than the 2010 preceding year.
  • We enhanced the No of members of our management and staff in order to render quality services to our customers and ultimately enhance the value of our stakeholders through increased earnings.
  • Engagement of an Enterprise Risk Management (ERM) consultant, Themis Risk Advisory who carried out an organization-wide review, development of risk policies, parameter, monitoring/execution plan and setting up a risk management department.  This is to work in conjunction with Asset and Liability, compliance and Audit departments in ensuring quality assets created meet CBN guidelines and international best practices.
  • January 21st 2011, Abbey signed a US$ 15M joint financing agreement of the Agbara phase III project with FMO aimed at developing 220 affordable income housing units. Also a joint financing with FMO to the tune of US$ 17.5M for Citigate estate to deliver over 1000 homes in Ibadan.
  • Investment in a mortgage software (Finnone lending from India)
  • Relocation of our Head office to the Hub of the Financial services interest in Nigeria (Victoria Island, Lagos)
  • Creation of a new Victoria Island branch
  • Relocation of our Abuja Regional office, as well as a cash center in Baze University Abuja.
  • Continuous engagements in charitable acts to help the less privileged, such as events sponsored for the sick, the down syndrome sufferers and physically handicapped children in hospitals.
  • Abbey successfully set up compliance and risk departments in 2011 and 2012.
  • New Heads of departments for Marketing, Risk Management. As well as a new Compliance department.
  • 2012, Abbey became IFRS compliant with a re-valued shareholder’s fund in excess of N7 billion.
  • Abbey Building Society Plc changed its name to Abbey Mortgage Bank Plc by virtue of CBN approval dated June 20th 2013.