A foreign investor is currently looking to acquire a 7% stake in LivingTrust Mortgage Bank Plc, according to reports.
The move is described as a demonstration of the increasing profile of LivingTrust Mortgage Bank Plc, a leading mortgage bank.
According to industry sources familiar with the development, the investor is set to file the regulatory paperwork for the deal following the conclusion of its due diligence.
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The investment would help LivingTrust Mortgage Bank Plc bolster its capital, especially as it moves to become a dominant player in the nation’s mortgage banking space.
The bank had only recently appointed Dr. Olumide Adedeji as its new Managing Director effective March 7, 2024, and subject to regulatory approval.
A statement by the company secretary Timothy Gbadeyan, on Friday, disclosed that before his appointment, Adedeji was the Executive Director in charge of Business Development, Information Technology, Operations, and Customer Experience.
He was subsequently appointed by the Board as the Acting Managing Director in January 2024.
It reads in part, “This is to notify the Nigerian Exchange Limited and members of the public, particularly the shareholders of LivingTrust Mortgage Bank Plc that Dr. Olumide Adedeji has been appointed as the substantive Managing Director of the Bank effective March 7, 2024”.
Adedeji is a fellow of the Institute of Chartered Accountants of Nigeria. He is also a Deloitte-trained finance expert with international banking experience at Standard Chartered Bank as well as FCMB, Diamond Bank (now Access Bank), Equitorial Trust Bank (now Sterling Bank), and Fidelity Bank, among others.
