LivingTrust Mortgage Bank MD Bows Out
Managing Director of LivingTrust Mortgage Bank Plc, Dr Adekunle Adewole, who grew the bank’s PBT from N57 million in 2019 to N1,018 billion in 2022, has voluntarily resigned his appointment.
Adewole assumed office as Managing Director of the bank in May 2020, after Osun State government sold majority of its shareholding to individual investors.
Aside recording a phenomenal 1,800 percentage growth in profit, the bank also, last month, repaid a N1 billion DBN loan two months ahead of due date, setting a pace others will struggle to follow in the industry.
Confirmation of Adewole’s resignation is contained in a statement dated January 31, 2024, released on the NGX by the bank’s company secretary, Timothy Gbadeyan, titled: ‘Notice of Resignation of Director – LivingTrust Mortgage Bank Plc.’
It reads in part, “This is to notify the Nigerian Exchange Limited (The Exchange) and members of the public,
particularly the shareholders of LivingTrust Mortgage Bank Plc (the Bank) that the Managing
Director of the Bank, Mr. Adekunle Adewole, has voluntarily resigned his position, ahead of
the expiration of his tenure.”
The statement further stated that Adewole’s resignation was effective from January 30, 2024.
Adewole, who holds a Masters degree in Business Law, a PhD in Strategic Management, and is an Alumnus of Lagos Business School, INSEAD and Oxford University, UK, was recognised by BusinessDay as “one of the 50 top corporate executives who made the difference in 2022” and was described as “a strategic thinker and doer who contributes to national growth”.
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 bank similarly won the Award for the Overall Best Company of the Year 2022 and Mortgage Bank of the year 2022 by Daily Independent Newspapers, while Adewole also carted the Award for Chief Executive of the Year 2022.
