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Abbey Building Society may be listed on NSE


November 18, 2007/ Punch



Abbey Building Society Plc, a leading mortgage banking institution may soon be listed on the Nigeria Stock Exchange. Speculations were rife last week that, based on the drive for more operational funds by the company’s management, the institution has begun the process of going to the public domain for more capital.



The mortgage bank had, earlier, in the year embarked on a massive fund drive at home and abroad in a private placement exercise that fetched more than N1bn.





The Head of Media of the organisation, Mr. Tayo Mustapha, confirmed the desire of the company’s management to acquire the status of a public liability company.





He said that in addition to the naira inflow, Abbey was also presently negotiating for a massive additional direct investment from leading foreign financial institutions in North Africa, Europe and Asia.



Since commencing business 15 years ago, Abbey Building Society Plc has enjoyed consistent ratings in the ranks of the most versatile financial institutions.





According to Mustapha, Abbey’s performance in the past two years shows an unprecedented growth in profitability and other key performance indicators between 2004 and 2007.





He disclosed that, with sustained discipline and dedication on the part of the management, the years ahead would see the company getting stronger. 


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