Nigerian mortgage bank changes name at virtual AGM

Nigerian financial service provider, Omoluabi Mortgage Bank, at its sixth Annual General Meeting in Osogbo, on Thursday, took a new name.

Many of the shareholders took part in the meeting online due to the need to comply with the Coronavirus Disease 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.

Shareholders at the event also voted to ratify the appointments of 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 Chairman, Alhaji Adebayo Jimoh, explained that the name change was 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 MD thanked the shareholders for the confidence reposed in him and the new management team.

He stated that despite the economic headwinds and challenges of COVID-19, the bank was poised to deliver excellent customer experience, as well as superior returns to shareholders this year.

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 bank, among other reasons considered, due to its 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.

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