A leading primary mortgage institution, Livingtrust Mortgage Bank Plc, has effected a smooth transition on its board.
In a corporate announcement filed by the Company Secretary, Timothy Gbadeyan, on the Nigerian Exchange Limited (The Exchange), the company informed the Exchange and the public that by two letters dated April 8, 2024, the Government of Osun State, a major shareholder in the bank, wrote to withdraw the nomination of the erstwhile chairman, having served in the capacity for eight years and to replace him with a new nominee – Dr. Wale Bolorunduro.
In the letter signed by the Secretary to the State Government, the state thanked Alhaji Adebayo Jimoh for his services, acknowledging that the bank grew in leaps and bounds under his leadership.
The bank said Dr. Bolorunduro is a remarkable and distinguished banker whose achievements in the finance services space stand as a testament to his intellect, acumen and perseverance.
It further stated that the appointment represents a second coming for the new chairman, as he had previously served as the chairman of the bank’s Board of Directors between 2011 and 2016.
It was under his leadership that the bank initially carried out a successful recapitalisation and listing on the Exchange.
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In line with corporate governance principles and due process, Dr. Bolorunduro appeared before the bank’s Board Nomination and Governance Committee on April 17.
The committee found the nominee to be suitable and highly qualified to lead the board.
Based on the recommendation of the committee, the Board of Directors met on April 19 and appointed Dr. Bolorunduro as a Non-Executive Director and Chairman in a convivial atmosphere.
The former chairman, Alhaji Jimoh, thanked the Government of Osun State and congratulated Dr. Bolorunduro on his appointment, with assurances of his unalloyed support for his leadership.
As expected under the extant laws and regulations, the notification of the appointment of Dr. Bolorunduro has since been sent to the Regulator and the relevant announcement has been made on the bourse.
The bank stressed that all internal and external procedures were followed.
Since the appointment of Dr. Bolorunduro, felicitations have continued to pour in from all the stakeholders of the bank, including the majority shareholder.
The appointment of Dr. Bolorunduro as a non-executive Director of the bank is subject to the approval of the Central Bank of Nigeria and the shareholders at the upcoming Annual General Meeting.