Adewole resigns as MD of LivingTrust Mortgage Bank

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The position of Managing Director at LivingTrust Mortgage Bank has been resigned by Mr. Adekunle Adewole.

His voluntary resignation from his position prior to the end of his tenure was stated in a corporate notice that he filed with the Nigerian Exchange Limited.

May 2020 saw Adewole appointed MD of the bank. Adewole oversaw the bank’s growth during his tenure, which saw its profit before taxes increase from N57 million in 2019 to N1.02 billion in 2022. According to the statement, Adewole’s resignation took effect on January 30, 2024.

Adewole is a graduate of Oxford University in the UK, INSEAD, Lagos Business School, and the Ph.D. program in strategic management. She also holds a master’s degree in business law.

Under his direction, LivingTrust was recognized as the “Financial Institution with Highest Impact on Start-Ups and MSME accessing Credit for First Time” by the Development Bank of Nigeria in 2022 and 2023. Additionally, Africa Fintech Brands named LivingTrust the “Most Improved Mortgage Bank 2022” and “Africa’s Most Reliable Mortgage Bank 2022.”

Dr. Olumide Adedeji has been named by the board of LivingTrust Mortgage Bank as the bank’s acting managing director and chief executive officer. Adedeji held the position of Executive Director at the Bank prior to his appointment.

In the meantime, the mortgage bank’s profit after taxes decreased by 17.96 percent to N745.80 million at the end of December 2023 from N909.15 million the year before.

The unaudited and interim financial statements for the month of December 2023 that were submitted to the NGX disclosed this.

During the period under review, its gross earnings increased 14.22% to N2.9 billion, driven by similar income and interest, which increased to N2.31 billion from N1.87 billion.

Nevertheless, basic earnings per share was N14.92, down from N18.18 in 2022, and fees and commission income decreased by 7.63 percent to close at N152.33m.



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