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CBN, CAC Approve Omoluabi Mortgage Bank’s Name Change

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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 [email protected]

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Development Bank of Nigeria Wins Financial Inclusion Leadership Award

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Development Bank of Nigeria

By Aduragbemi Omiyale

In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.

This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.

The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.

“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.

“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.

On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.

“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.

“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.

“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.

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The Banker Magazine Declares Zenith Bank as Bank of the Year in Nigeria

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zenith bank branch

By Modupe Gbadeyanka

The Banker Magazine of the Financial Times Group in the United Kingdom has announced Zenith Bank Plc as Bank of the Year, Nigeria.

At the Banker’s Bank of the Year Awards 2024 held on in London on Wednesday, December 4, 2024, it was stated that Nigerian lender clinched the award for its strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.

The chief executive of Zenith Bank, Ms Adaora Umeoji, described the recognition as a “testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.”

She said, “It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy.”

“We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s Number One Bank,” Ms Umeoji assured.

The Banker’s Bank of the Year accolade is among the most coveted and widely regarded award in the banking industry.

Often contested by the world’s leading financial institutions, the winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

Recall that last month, Zenith Bank commissioned its branch in Paris, France following the granting of the final approval by the country’s banking regulator, the Autorité de ContrôlePrudentiel et de Résolution (ACPR).

This is part of the bank’s global expansion strategy, and its commitment to serving clients wherever their businesses are around the world.

Zenith Bank has continued to earn numerous awards, with this latest accolade coming on the heels of several recognitions, including being the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.

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CBN Reveals Phone Numbers to Report Banks Not Disbursing Cash

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cash deposits

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has published some phone numbers citizens can call to report any bank that fails to give them cash over-the-counter or at Automated Teller Machines (ATMs).

In a circular, the banking sector regulator said cash has been made available to lenders to disburse to their customers, saying they have no reason to do so.

DMBs are directed to ensure efficient cash disbursement to customers OTC and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance,” a part of a circular signed by acting Director of Currency Operations, Solaja Mohammed Olayemi; and the acting Director for Branch Operations, Isa-Olatinwo Aisha, stated.

It encouraged members of the public who are unable to obtain cash at their banks to “report these instances using the designated reporting channels and format provided,” saying it will “assist the CBN in addressing issues hindering the availability of cash and further improve currency circulation.”

They are to reach the central bank through designated phone numbers of the CBN branch in the state where the incident occurred or via email.

According to the circular, the complaints should be sent with “the relevant details which shall include account name/name of the DMB/amount/time and date of incidents, amongst others.”

CBN directive cash banks

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