By Felix Olise
The Nigerian Stock Exchange has admitted leading mortgage lender, Omoluabi Mortgage Bank Plc, which recently changed its name to LivingTrust Mortgage Bank Plc, to the Standard Segment of the Growth Board of The Exchange.
The development followed the approval of the bank’s request to migrate from the Alternative Securities Market (ASeM) Board to the Standard Segment of the Growth Board by the National Council of the Exchange.
In a letter dated October 23, 2020 and addressed to the Managing Director of LivingTrust Mortgage Bank, the NSE said the approval was granted after due consideration of the bank’s application.
The letter, which was signed by Mojisola Adeola, Secretary to the Council of NSE, reads in part, “We refer to your letter dated 28 July 2020 with respect to the above application which Omoluabi Mortgage Bank Plc (Omoluabi ) filed with The Nigerian Stock Exchange (The Exchange).
“We are pleased to inform you that after due consideration of your application, The National Council of The Exchange had, on Thursday, 17 September 2020, approved the migration of Omoluabi from the Alternative Securities Market (ASeM) Board to the Standard Segment of the Growth Board of The Exchange.”
LivingTrust in a statement by its Managing Director, Adekunle Adewole, said the bank is delighted at the migration, which is a reflection of the bank’s consistent growth year on year.
He added that “the ultimate goal is to migrate to the main board of the NSE by 1Q 2021 and also take advantage of the FMDQ OTC Securities Exchange to tap the enormous opportunities in the Debt and Equity Capital market”.
Felix Olise/
Leading financial and investment services company, Omoluabi Mortgage Bank Plc, has changed its name to LivingTrust Mortgage Bank Plc.
The bank in a statement on Sunday said the name change followed the approval granted to it by the Central Bank of Nigeria and Corporate Affairs Commission.
It also announced the launch of a new mobile app, named TRUSTMOBILE, and a new corporate website.
It described the developments as fallouts of the strategies introduced by the new management of the bank, led by seasoned banker and technocrat, Mr. Adekunle Adewole, to ensure that it effectively discharges its commitments to it’s growing customer base.
The bank’s management was recently overhauled, while its board of directors was also reconstituted, following the acquisition of majority shareholding in it by Cititrust Holdings Plc.
According to the bank, with the increasing cultural diversity of its fast growing customer base, it became necessary for it to adopt an image which correctly reflects its current outlook and strategic focus.
The statement further says that the name change is also a reflection of its corporate transformation plan, which primarily aims at delivering superior quality products and services to all customers, regardless of their status or location.
On the newly introduced mobile app and corporate website, the bank said both became necessary due the phenomenal growth it has achieved within a very short period and the need to adopt a multi-channel approach to service delivery for an enhanced customer experience.
Speaking on the development, chairman of the bank, Alhaji Adebayo Jimoh, said the new name reflects the renewed vision of the reconstituted board to transform LivingTrust into a leader in the nation’s financial landscape.
According to Jimoh, the new board which comprises tested administrators, technocrats and financial experts with track records of excellence, has mapped out strategies that would ensure the bank remains the partner of choice in the business of mortgage finance in the country.
On his own part, the bank’s Managing Director said the change of name reflects the evolution of Omoluabi Mortgage Bank over the past 27 years from a regional powerhouse to an emerging leading national player in the mortgage finance sub-sector of the economy.
Felix Olise/
Leading financial service provider, Omoluabi Mortgage Bank Plc, today, held its sixth Annual General Meeting (AGM) in Osogbo, the Osun State capital.
Many of the shareholders took part in the meeting online due to the need to comply with the COVID-19 protocols prescribed by the health authorities.
One of the major decisions taken at the meeting was the approval granted by shareholders for the bank to change its name to LivingTrust Mortgage Bank Plc.
Shareholders at the event also voted to ratify the appointments of Messrs Adewole Adekunle as Managing Director, Oyewole Olowu as Executive Director, and Yemi Adefisan, Olufemi Adesina and Adeniran Adewole as Non Executive Directors, while Mrs. Fehintola Olatunde-Agbeja was elected an Independent Director of the bank.
Others elected were members of the statutory audit committee.
Addressing the shareholders, the bank’s Chairman, Alhaji Adebayo Jimoh, explained that the name change is in line with the bank’s short and mid-term strategic focus, to enhance brand visibility and acceptability, and also reinforce its national outlook.
In his address, the Managing Director thanked the shareholders for the confidence reposed on him and the new management team.
He stated that despite the economic headwinds and challenges of COVID -19, the bank is poised to delivering excellent customer experience, as well as superior returns to shareholders in the year 2020.
Also speaking at the event, the Group Chief Executive of CITITRUST Holdings Plc, the bank’s core investors, Mr. Yemi Adefisan, said that his group preferred to invest in Omoluabi Mortgage Bank, amongst others considered, due to the bank’s healthy balance sheet and strong corporate governance practices.
He expressed confidence in the ability of the management and board, led by Jimoh, a foremost technocrat, in taking the bank to the desired level of playing in the top five in the Mortgage Banking Industry in the next three years.
Felix Olise/
The Speaker of the Osun State House of Assembly, Rt. Hon. Timothy Owoeye, has commended Omoluabi Mortgage Bank Plc for its constant support for the state government in housing and urban development.
Owoeye gave the commendation while receiving the new management team of the bank, led by the Managing Director, Mr. Kunle Adewole, in his office, in Osogbo, today.
The Speaker observed that the company, which is partly owned by the state government, has been “playing an important role in bridging the state’s housing deficit”.
He therefore urged the bank to continue to see itself as a critical stakeholder in the development of Osun State and the country at large.
In his response, Adewole thanked the Speaker, members of the State Assembly and the Osun government for the encouragement the bank has been receiving from the state since its inception.
“The bank is particularly grateful to His Excellency, Governor Adegboyega Oyetola for the support the bank has been getting from the state as founding fathers, partners and customers,” Adewole said.
He also used the opportunity to unveil the bank’s mid-term strategic direction aimed at building capacity to contribute more to the state’s housing development.