Ahead Tenure Expiration, LivingTrust Mortgage MD Resigns

Mr. Adekunle Adewole has resigned as the Managing Director of LivingTrust Mortgage Bank.

His resignation was contained in a corporate notice filed with the Nigerian Exchange Limited stating that he voluntarily resigned his position, ahead of the expiration of his tenure.

Adewole became the bank MD in May 2020. During his time in office, Adewole supervised the growth in the bank’s Profit Before Tax which rose from N57m in 2019 to N1.02bn in 2022. The statement further stated that Adewole’s resignation became effective January 30, 2024.

Adewole holds a master’s degree in business law, and a Ph.D. in Strategic Management, and is an alumnus of Lagos Business School, INSEAD, and Oxford University, UK.

Under his leadership, LivingTrust won the Development Bank of Nigeria Award of the ‘Financial Institution with Highest Impact on Start-Ups and MSME accessing Credit for First Time’ in 2022 and 2023, as well as the award of 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. Until his appointment, Adedeji was an Executive Director of the Bank.

Meanwhile, the profit after tax of the mortgage bank dipped by 17.96 percent to N745.80m at the end of December 2023 compared to N909.15m in the prior year.

This was revealed in the unaudited and interim financial statements for the period ending December 2023, filed with the NGX.

Its gross earnings were up 14.22 percent to N2.9bn in the period under review, strengthened by interest and similar income, which rose to N2.31bn from N1.87bn.

However, fees and commission income dipped by 7.63 percent to close at N152.33m, while basic earnings per share was N14.92, lower than N18.18 in 2022.