Adekunle Adewole Has Resigned as MD of LivingTrust Mortgage Bank Ahead of Tenure Expiration

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

His resignation was announced in a corporate notice that was filed with the Nigerian Exchange Limited, where the MD voluntarily resigned from his position ahead of the expiration of his tenure.

Mr Adewole assumed office in May 2020. Much improvement was achieved during his tenure as the MD of LivingTrust Mortgage Bank. The Bank's Profit Before Tax rose from N57 million in 2019 to N1.02 billion in 2022.

Read the full statement here

According to the statement filed, Mr Adewole's assumed office resignation became effective on January 30, 2024.

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

Under the watch of Adewole, LivingTrust won the Development Bank of Nigeria Award for the 'Financial Institution with Highest Impact on Start-Ups and MSME Accessing Credit for the First Time' in 2022 and 2023. The Bank also received awards for 'Most Improved Mortgage Bank 2022' and 'Africa's Most Reliable Mortgage Bank 2022' from Africa Fintech Brands.

Following the resignation of Adewole, the board of LivingTrust Mortgage Bank appointed Dr. Olumide Adedeji as the Acting Managing Director/Chief Executive Officer of the Bank. Before the appointment of Adedeji, he was an Executive Director of the Bank.

Bank Report

LivingTrust Mortgage Bank's profit after tax declined by 17.96% to N745.80 million at the end of December 2023, when compared to the corresponding year, which settled at N909.15 million in 2022.

LivingTrust Mortgage Bank gross earnings increased by 14.22% to N2.9bn in the period under review, strengthened by interest and similar income, which rose to N2.31bn from N1.87bn.

LivingTrust Mortgage Bank fees and commission income declined by 7.63% to close at N152.33 million, while basic earnings per share for LivingTrust Mortgage Bank was N14.92, lower than N18.18 in 2022.

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