The Managing Director of LivingTrust Mortgage Bank, Mr. Adekunle Adewole, has resigned from his position.
His resignation was announced in a corporate notice filed with the Nigerian Exchange Limited. It stated that he voluntarily resigned ahead of the expiration of his tenure.
Adewole assumed the role of bank MD in May 2020. During his tenure, he oversaw a significant increase in the bank’s Profit before Tax, which rose from N57m in 2019 to N1.02bn in 2022. The statement further mentioned that Adewole’s resignation became effective on January 30, 2024.
Adewole is a holder of a master’s degree in business law and a Ph.D. in Strategic Management. He is also an alumnus of Lagos Business School, INSEAD, and Oxford University, UK.
Under his leadership, LivingTrust received awards such as the Development Bank of Nigeria Award for the ‘Financial Institution with Highest Impact on Start-Ups and MSME accessing Credit for First Time’ in 2022 and 2023, as well as the ‘Most Improved Mortgage Bank 2022’ and ‘Africa’s Most Reliable Mortgage Bank 2022’ by Africa Fintech Brands.
The board of LivingTrust Mortgage Bank has appointed Dr. Olumide Adedeji as the Acting Managing Director/Chief Executive Officer of the Bank. Adedeji was previously an Executive Director of the Bank.
Meanwhile, the mortgage bank’s profit after tax decreased by 17.96 percent to N745.80m at the end of December 2023 compared to N909.15m in the prior year.
This was disclosed in the unaudited and interim financial statements for the period ending December 2023, filed with the NGX.
Gross earnings were up 14.22 percent to N2.9bn in the period under review, bolstered by interest and similar income, which rose to N2.31bn from N1.87bn.
However, fees and commission income decreased by 7.63 percent to close at N152.33m, while basic earnings per share was N14.92, lower than N18.18 in 2022.
