• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, September 8, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Abbey Mortgage Bank Shareholders Approve Share Premium Reduction By N3.5bn

by Olushola Bello
2 years ago
in Business
Abbey mortgage bank
Share on WhatsAppShare on FacebookShare on XTelegram

Shareholders of Abbey Mortgage Bank Plc have endorsed a reduction of the company’s share premium by N3.541 billion proposed by the board of directors.

Advertisement

Shareholders gave their approval at the company’s extraordinary general meeting held at the weekend in Lagos.

They considered and passed “the resolution which is subject to the confirmation of the court, the company’s issued share capital (including for this purpose its share premium account) be reduced by N3.541 billion, which has been lost or otherwise unrepresented by available assets and that the credit arising from the reduction be used to eliminate the retained loss in the company’s audited financial statements as at December 31, 2022.

The shareholders also authorised the directors of the company to do all such things and acts and to approve, sign and execute all documents which in their opinion may be necessary, expedient, or appropriate to effectuate, implement, and carry out the resolution including without limitation to seek confirmation from the Federal High Court.

The bank stated that, “over the past three years, it has undergone a remarkable transformation, consistently achieving increased profits year after year. This growth is a testament to the bank’s dedication to providing innovative financial solutions and maintaining quality banking services in the industry.

ADVERTISEMENT

“The focus of the EGM was for the shareholders to pass a resolution approving the utilisation of a portion of the share premium account to offset historically accumulated losses, enabling the bank to complete its financial housekeeping and resume the payment of dividends. This significant decision bolsters its sustainable drive to create sustainable value for both shareholders and investors.”

RELATED

Naira Depreciates to N1,175 Per Dollar At Parallel Market

Naira Soars 6-month High At N1,506 To 1$

3 hours ago
Schneider Electric Introduces Microgrid Power For Off-grid Communities

Schneider Electric Deploys Non-critical Applications In West Africa

6 hours ago

Speaking to shareholders at the EGM, the chairman of the company, Mazi Emmanuel Kanu, noted that, a review of Abbey Mortgage Plc’s financial statement for the year ended December 2022 established a deficit of N3.541 billion as accumulated permanent losses from legacy transactions.

Kanu explained that the balance sheet restructuring proposed will not affect the company’s issued share capital or regulatory capital but would result in a reduction of the credit balance in the company’s share premium account.

ADVERTISEMENT

He noted that the shareholder’s funds would remain unchanged, adding that it would not impact the company’s creditors but rather pave the way for shareholders to receive dividends out of the company’s future profits.

He noted that the company’s board of directors is proposing a reduction of N3.541 billion from the company’s share premium capital account of N5.117 billion, saying, the reserve arising from the reduction would be deployed to eliminate the negative retained earnings as of the 2022 financial year-end.

Also, the managing director, Mobolaji Adewumi, stated that, “we are immensely proud of the journey we have undertaken, and the support of our shareholders has been instrumental in our success. This momentous step is a testament to our resilience and sustainable growth focus.”

According to him, the bank is confident that this will strengthen its position in the industry and open up new avenues for growth and more success stories.


Join Our WhatsApp Channel



SendShare10174Tweet6359Share
ADVERTISEMENT
Previous Post

Be Patient With Tinubu, Gov Sule Urges Nigerians

Next Post

Experts Proffer Ways To Tame Rising Inflation

Olushola Bello

Olushola Bello

You May Like

Naira Depreciates to N1,175 Per Dollar At Parallel Market
Business

Naira Soars 6-month High At N1,506 To 1$

2025/09/08
Schneider Electric Introduces Microgrid Power For Off-grid Communities
Business

Schneider Electric Deploys Non-critical Applications In West Africa

2025/09/08
BUA Group Condemns Attack On NSCDC Personnel In Okpella, Edo
Business

BUA Group Condemns Attack On NSCDC Personnel In Okpella, Edo

2025/09/08
Equities Extend Losses By N345bn
Business

Risk-off Sentiment Deepens As Stock Investors Lose N832bn In 1 Week

2025/09/08
UBA Shareholders Approve N5 Per Share Dividend For 2024
Business

Recapitalisation: UBA Extends N157.84bn Rights Issue By 2 Weeks

2025/09/08
CBN Gov Tells Nigerians Not To ‘Japa’, Says Economic Reforms ’ll Address Current Challenges
Business

Recapitalisation Will Produce Stronger Banks – Cardoso

2025/09/08
Leadership Conference advertisement

LATEST

Olubadan-designate Oba Ladoja Pledges Visit, Teaching At Alma Mater

I Won’t Retract Comment On Tinubu Even If Ultimatum Extended Till 2027 — Sowore

Nigerian-born Musician Sings For Spanish Soccer Star Yamal

G4EP Launches Free Digital Training For Girls, Says It’s Preparing Them To Rise Above Limitations

1 Resident Dies, 7 Others Injured In Jigawa Building Collapse

Osun Government Widens Internet Access With Free Public WiFi Service

Tunisia Beat Equatorial Guinea 1-0 To Qualify For 2026 FIFA World Cup

BBNaija10: After Dede, Joanna, Ebuka ‘Evicts’ Rooboy

Oworonshoki Residents Protest Demolition, Shut Down Third Mainland Bridge In Lagos

Motorists, Pedestrians Lament As Flood Submerges Lagos Roads

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.