CBN, CAC Approve Omoluabi Mortgage Bank’s Name Change

Omoluabi Mortgage Bank

By Dipo Olowookere

One of the mortgage banks in Nigeria, Omoluabi Mortgage Bank Plc, has formally changed its brand name to LivingTrust Mortgage Bank.

This is aimed at repositioning the company for better efficiency in line with its goal.

Recall that in July 2020, the shareholders of the company approved the name change of the company to the new one at the Annual General Meeting (AGM).

This was followed by the approval granted by the Central Bank of Nigeria (CBN) to the organisation to change its brand name in August and this month, the firm obtained a certificate from the Corporate and Affairs Commission (CAC) reflecting the new name.

In a notice on Monday, Omoluabi Mortgage Bank confirmed the latest development, saying, “This is to notify the general public and the Nigerian Stock Exchange (NSE) that Omoluabi Mortgage Bank has changed its name to LivingTrust Mortgage Bank by virtue of the CBN’s approval and the CAC’s approval and certification dated August 4, 2020, and October 6, 2020, respectively.”

“The change of name was approved by the bank’s shareholders at its AGM held on July 2, 2020,” the statement signed by the company secretary, Olabisi Fayombo, said.

Recall that in January 2020, Business Post reported how huge activities around the shares of the company on the exchange caused some investors to raise eyebrows.

What caught the attention of the investing community then was that the volume of shares of the firm bought, nearly 800 million units, comprising one-sixth of the total share outstanding of the mortgage bank.

Omoluabi Mortgage Bank, according to data obtained by Business Post from the stock exchange then, has shares outstanding of 5 billion and during the period the huge transaction occurred, the investor mopped up a total of 796,453,653 units of the company’s stocks from the market in a single deal.

In June 2020, the board of LivingTrust Mortgage Bank said it was awaiting the approval of the CBN for the appointment of its new MD/CEO, Mr Adewole Adekunle and a few others, including Mr Yemi Adefisan as a non-executive director, Mrs Feyintola Ibidunni Olatunde-Agbeja as an independent director, Mr Olufemi Adesina as a non-executive director, and Mr Oyewole Olowu as an executive director.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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