Abbey Mortgage Bank MD, Hamman, resigns, heads to FMB

The managing director and Chief Executive Officer of Abbey Mortgage Bank, Madu Hamman, has resigned from his position, and has been replaced by the board of the company.

Hamman’s resignation took effect on April 14, 2022. A statement carrying the same date, disclosed the new managerial change in Abbey Mortgage.

Following his exit from the bank, Hamman, who is the third majority shareholder in Abbey Mortgage, would be resuming as the MD/CEO of the Federal Mortgage Bank of Nigeria.

In 2020, Abbey Mortgage had suffered N4.29 billion loss before tax, significantly higher than the loss a year before, which was N51.9 million, while it also recorded loss after tax of N4.30 billion, above the N62.6 million loss reported in 2019.

Read also: Abbey Mortgage Bank records N76m in profit for Q1 2021

Last year, the company’s finances began its recovery process, reporting N599.12 million profit after tax, but it has failed to impress investors in the capital market, with its share recording abysmal performance, as investors snub Abbey Mortgage Bank for other profitable equities – with the firm’s share stuck between N1.05 and N1.04 since January 2021 till date.

His position in Abbey Mortgage Bank would be taken over on a acting basis, by Mobolaji Adewumi, the former Executive Director at VFD Group. Adewumi had joined the bank in March 2020 as Executive Director, Finance & Administration.

Adewunmi has been instrumental to the growth of Abbey Mortgage Bank as an experienced professional with a deep knowledge of the financial services industry.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now