By Tony Obiechina, Abuja

Abbey Mortgage Bank Plc, one of Nigeria’s longest‑standing primary mortgage banks, has secured regulatory approval from the Central Bank of Nigeria (CBN) to convert into a commercial bank.

However, the bank expects to commence operations as a commercial bank in Q4 2026.

The approval is expected to unlock a major strategic milestone for the company, allowing the bank to expand beyond mortgage financing into comprehensive commercial banking services.

In a statement confirming the approval, Abbey Mortgage Bank said the regulatory green light marks the beginning of a “transformative era” in its business journey.

Preparations for the transition are already underway, including technology integration, infrastructure expansion, and corporate rebranding ahead of full commercial banking operations later this year.

Abbey also said it will retain its deep expertise in real estate financing even as it broadens its services to include enhanced electronic banking channels, tailored SME finance products, international trade services, and wealth management solutions.

Abbey’s transition to commercial banking has been in motion for months, supported by strategic decisions and strong financial performance.

At the Annual General Meeting (AGM) held on May 26, 2026, shareholders approved a N164.5 billion private placement and authorised the board to raise an additional N100 billion through various equity and debt instruments, subject to regulatory approvals.

Speaking at the meeting, the Chairman, Mr. Samuel Oni, described the capital raise as a cornerstone of the bank’s strategy to secure a regional commercial banking licence and position Abbey for its next growth phase.

“By the time we are meeting next year, by the grace of God, we will be talking about Abbey Plc as a commercial bank with regional authorisation,” he said.

Abbey Mortgage Bank delivered one of its strongest financial performances in recent years, providing a solid foundation for its commercial banking ambitions.

According to audited 2025 financial statements, the bank recorded a pre-tax profit of N3.12 billion, up 154.3% from N1.22 billion in 2024.

Profit after tax rose to N2.16 billion, while earnings per share increased to 21 kobo from 11 kobo.

Interest income climbed to N18.97 billion, driven by earnings from cash and short-term funds, investment securities, and loans.

The stock began the year at N6.40, giving it a 10.2% year-to-date gain, reflecting investor confidence amid the bank’s transition to commercial banking and its strong Q1 2026 profit performance.

Abbey is expecting to start full commercial banking operations in Q4, 2026. The bank has said it will share details on the official launch date, new corporate identity, and product rollout in the coming months.

Beyond traditional mortgage services, the newly licensed commercial bank will be able to offer retail banking, corporate banking, digital payment solutions, trade finance, SME lending, and wealth management products.

The transition is aimed at enhancing customer offerings through broader electronic banking platforms and a more diversified suite of financial products.

Abbey’s upgrade is seen as part of a broader trend of financial sector consolidation and innovation in Nigeria, as lenders position themselves to meet evolving market demands and deepen financial inclusion.

By David Torough, Abuja

More than three years after the gruesome attack on St. Francis Xavier Catholic Church, Owo, Ondo State, a Federal High Court in Abuja on Wednesday sentenced four members of a terrorist cell to death by hanging for their roles in the massacre that claimed over 40 lives and left more than 100 worshippers injured.

Justice Emeka Nwite convicted Idris Abdulmalik Omeiza, 25; Al Qasim Idris, 20; Jamiu Abdulmalik, 26; and Abdulhaleem Idris, 25, on a nine-count terrorism charge brought by the Department of State Services (DSS) on behalf of the Federal Government.

The court, however, discharged and acquitted a fifth defendant, Momoh Otuho Abubakar, 47, after ruling that the prosecution failed to establish his involvement in the June 5, 2022 Pentecost Sunday attack.

In his judgment, Justice Nwite held that the prosecution proved beyond reasonable doubt that the four convicts were members of a terrorist cell linked to the deadly assault on the church. He said evidence before the court showed they actively participated in the planning and execution of the attack, during which worshippers were held hostage and subjected to extreme violence.

The court heard that the attackers deployed improvised explosive devices and AK-47 rifles during the assault, causing widespread death, injuries and destruction inside the church.

To establish its case, the prosecution presented 11 witnesses and tendered 23 exhibits, including confessional statements, digital forensic reports and a mobile device containing communications allegedly exchanged by the defendants before and after the attack.

A Catholic priest who survived the massacre testified that at least three explosive devices were detonated inside the church, triggering panic and bloodshed among congregants gathered for worship.

Justice Nwite ruled that the totality of the evidence firmly linked the four convicts to the terrorist attack, warranting their conviction and death sentence.

Reacting to the judgment, Ondo State Attorney-General and Commissioner for Justice, Dr. Kayode Ajulo (SAN), described the verdict as a landmark achievement in the quest for justice for victims of one of Nigeria’s deadliest attacks on a place of worship.

Ajulo said while no judgment could erase the pain and trauma suffered by survivors, families of victims and the Owo community, the ruling represented a significant step towards accountability and reaffirmed the supremacy of the rule of law over terrorism and violent extremism.

He commended the DSS, prosecutors and witnesses whose efforts ensured the successful prosecution of the case and pledged the continued commitment of the Ondo State Government to strengthening security, protecting places of worship and supporting victims of violent crimes.

“Justice has spoken today. The memories of the victims endure. Our resolve to protect lives and uphold the rule of law remains unshaken,” Ajulo stated.

The state government also called for sustained collaboration among federal and state authorities, security agencies, religious institutions and community leaders to combat terrorism and prevent a recurrence of similar attacks across the country.

By Tambaya Julius, Abuja

The Nigeria Customs Service (NCS), in partnership with the World Bank Group, has commenced a two-week Technical Assistance Mission on Post Clearance Audit (PCA) under the Accelerated Revenue Mobilisation Reform (ARMOR) Programme to strengthen compliance management, revenue assurance, and trade facilitation through modern audit practices.

The programme, which began on June 1 and will run until June 12, 2026, is being held at the NCS Headquarters in Maitama, Abuja.

Speaking at the opening ceremony on behalf of the Comptroller-General of Customs, Adewale Adeniyi, Assistant Comptroller-General Babatunde Olomu described the mission as a major milestone in the Service’s ongoing modernisation efforts.

According to Olomu, the initiative aligns with the Customs Service’s vision of becoming a technology-driven, intelligence-led, and globally competitive customs administration capable of meeting contemporary trade and revenue challenges.

He noted that customs administrations across the world are increasingly adopting intelligence-based, risk-driven, and post-clearance interventions that encourage voluntary compliance while facilitating legitimate trade and supporting economic growth.

Olomu explained that the mission would provide an opportunity to evaluate existing operational processes, identify areas requiring improvement, and adopt international best practices aimed at strengthening the Post Clearance Audit framework.

He identified risk-based targeting, case management, registry management, quality assurance, standardisation, and integrated audit systems as critical areas that would receive attention during the programme.

The Assistant Comptroller-General emphasised that an effective Post Clearance Audit system allows Customs to move beyond transaction-based controls to a broader compliance management strategy that enhances revenue collection, promotes transparency, facilitates trade, and builds public confidence.

“This mission presents a valuable opportunity to critically assess our existing processes, identify gaps, learn from international best practices, and develop practical solutions that will strengthen our PCA framework and overall compliance management system,” he said.

Olomu also commended Adeniyi for his commitment to Customs modernisation and capacity development, while expressing appreciation to the World Bank and other development partners for their continued support of Customs reforms in Nigeria.

He urged participants to fully engage in the programme and ensure that knowledge acquired translates into measurable improvements in operational efficiency and service delivery.

In his remarks, World Bank Task Team Lead, Moses Kajubi, said the mission was designed to enhance the capacity of Post Clearance Audit officers through exposure to modern customs practices, practical audit tools, and globally recognised methodologies.

Kajubi stated that participants would gain valuable insights into international best practices, compliance management strategies, and case management techniques that could be adapted to Nigeria’s customs environment.

He stressed the importance of technology, structured case management systems, and data-driven decision-making in improving audit quality, compliance monitoring, and trade facilitation outcomes.

“This engagement will equip participants with practical tools and global best practices that can be applied directly in the field to improve the effectiveness of Post Clearance Audit operations,” he noted.

Kajubi expressed confidence that the programme would strengthen institutional capacity and contribute significantly to the broader modernisation objectives of the Nigeria Customs Service.

Also speaking, Lead Consultant for the ARMOR Programme, Colonel Aloke Dutt, said the mission seeks to improve trade facilitation, optimise revenue generation, and strengthen compliance management through a more coordinated and structured approach to Post Clearance Audit.

He underscored the need for standardised audit methodologies, effective monitoring frameworks, and the integration of data analytics into audit operations to improve accountability and operational efficiency.

Dutt further highlighted the role of technology-driven solutions, including the B’Odogwu platform, as well as the development of Standard Operating Procedures (SOPs), in supporting a competency-based audit system across the Service.

During a technical session, Assistant Comptroller of Customs, Muhammad Jubril, demonstrated the Post Clearance Audit process on the B’Odogwu platform, explaining how officers can initiate audit reviews using Harmonised Commodity codes and other risk indicators.

Closing the event, Comptroller Muhammad Shattima encouraged participants to take full advantage of the training and apply the knowledge gained towards achieving the strategic goals of the Nigeria Customs Service.

The Technical Assistance Mission forms part of ongoing efforts by the NCS to strengthen compliance systems, enhance revenue collection, and align its operations with international customs standards while facilitating legitimate trade