LIVINGTRUST MORTGAGE BANK : SMOOTH SUCCESSION ON THE BOARD OF LIVINGTRUST
April 22, 2024 at 10:48 am EDT
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Osogbo April 22, 2024.
SMOOTH SUCCESSION ON THE BOARD OF LIVINGTRUST MORTGAGE BANK PLC
The attention of Livingtrust Mortgage Bank Plc (the Bank) has been drawn to several online media reports with various captions, regarding the recent changes to the Board of Directors of the Bank. We wish to provide a formal clarification to the Nigerian Exchange Limited (The Exchange) and members of the public, particularly the shareholders of LivingTrust Mortgage Bank Plc (the Bank) on the subject.
By two Letters dated 8th of April, 2024, the Government of Osun State, a major shareholder in the Bank, wrote to withdraw the nomination of the erstwhile Chairman, having served in the capacity for eight (8) years and to replace him with a new nominee in the person of Dr. Wale Bolorunduro. In that very warm letter, the Government of Osun State thanked Alhaji Adebayo Jimoh for his services, recognizing that the Bank grew in leaps and bounds under his leadership. The credential of the new Nominee was also forwarded to the Bank. Our new Chairman, Dr. Wale Bolorunduro is a remarkable and distinguished banker whose achievements in the finance services space stand as a testament to his intellect, acumen and perseverance. He had in fact, previously served as the Chairman of the Bank's Board of Directors between 2011 and 2016. It was under his leadership that the Bank initially carried out a successful recapitalization and listed on the Exchange.
As previously announced on the bourse, the Board of Directors met on the 19th of April, 2024 and appointed Dr. Wale Bolorunduro as a Non-Executive Director and Chairman of the Board under a convivial atmosphere. The appointment followed the recommendations of the Board Governance and Nomination Committee, after a prior engagement with Dr. Wale Bolorunduro on the 17th of April, 2024 and the whole board unanimously ratified the recommendations to welcome him on aboard. The former Chairman, Alhaji Adebayo Jimoh thanked the Government of Osun State and congratulated Dr. Wale Bolorunduro on his appointment, with assurances of his unalloyed support for his leadership.
Notification of the appointment of Dr. Wale Bolorunduro as Chairman has since been sent to the Regulator and relevant announcement has been made at the Exchange, as required. All relevant internal and external procedures were followed, and felicitations have continued to pour in from all the stakeholders of the Bank, including the majority shareholder. The appointment of Dr. Wale Bolorunduro as Non-Executive Director of the Bank is subject to the approval of the Central Bank of Nigeria and the Shareholders at the upcoming Annual General Meeting.
While thanking our esteemed shareholders and the public for their interest in the activities of our Bank, it is our hope that this statement has provided official clarifications on this subject.
For: LivingTrust Mortgage Bank Plc.
Timothy Gbadeyan
Company Secretary
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Livingtrust Mortgage Bank plc published this content on
22 April 2024 and is solely responsible for the information contained therein. Distributed by
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LivingTrust Mortgage Bank Plc (the Bank) is a Nigeria-based mortgage bank. The Bank is primarily involved in the business of residential and commercial mortgage financing as well as construction finance, among other financial services. Its products include mortgage and loans, and banking services. Its mortgage and loans products include national housing fund loan (NHF), home improvement loan, personal loan, government employee loan, residential mortgage, estate development loan, and micro, small and medium enterprises retail loan. Its banking services include target savings account, regular savings account, easy save account, star kiddies account, gold account (Personal), gold account (Corporate), Karakata Access Account and term deposit/fixed deposit. The Company's home improvement loan is a Residential Loan product designed to finance the acquisition of a house or property, which should be for residential purposes only. Its cash deposit can be fixed for a period of 30 to 180 days.