Abbey Mortgage Bank gets regulatory sanction for insider dealing

Abbey Mortgage Bank Plc has been sanctioned by the Nigerian Exchange for insider dealing in its shares during Closed Period a violation of the provisions of Rule 17:18: Period of Closure.

Insider trading refers to the practice of purchasing or selling a publicly traded company’s securities while in possession of material information that is not yet public information.

The close period, in accounting, is the time span covering the completion of a company’s finances and the subsequent release of those financials to the public.

During the close period, insiders are prohibited from trading company shares or making any relevant information public before it is officially announced.

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As at May 14, the share price of the company closed at N2.46. The share price of the company had reached 52-week high of N3.23 as against 52-week low of N1.

The regulatory sanction on the mortgage bank was disclosed in May 10 X-Compliance Report, which is a transparency initiative of NGX Regulation Limited (NGX RegCo).

The X-Compliance Report is designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.

Incorporated in August 1991 and licensed to carry on business as a primary mortgage institution in January 1992, Abbey Mortgage Bank has in the last 30 years developed strong resilience and brand stability.

In 2020, Abbey Mortgage Bank added a strategic investor to its family, which has boosted and diversified investment opportunities and secured its future growth.

Within a year, Abbey Mortgage Bank grew its customer deposit by 250 percent, from N6 billion to N21 billion in 2021.