Adekunle Adewole has tendered his resignation as the Managing Director of LivingTrust Mortgage Bank, according to a corporate notice filed with the Nigerian Exchange Limited. His departure from the position, ahead of the scheduled end of his tenure, was described as voluntary.
Assuming the role in May 2020, Adewole oversaw a remarkable increase in the bank’s Profit Before Tax, soaring from N57 million in 2019 to N1.02 billion in 2022. Effective January 30, 2024, his resignation marks the termination of his tenure.
Adewole holds a master’s degree in business law, a Ph.D. in Strategic Management, and has graduated from Lagos Business School, INSEAD, and Oxford University, UK. During his tenure, LivingTrust received numerous accolades, including the Development Bank of Nigeria Award for ‘Financial Institution with Highest Impact on Start-Ups and MSMEs accessing Credit for First Time’ in 2022 and 2023. It also clinched the awards for ‘Most Improved Mortgage Bank 2022’ and ‘Africa’s Most Reliable Mortgage Bank 2022’ by Africa Fintech Brands.
The board has named Dr. Olumide Adedeji as the Acting Managing Director/Chief Executive Officer of the Bank. Formerly serving as an Executive Director, Adedeji steps into this new role.
Meanwhile, the mortgage bank’s profit after tax experienced a 17.96% decline to N745.80 million by the end of December 2023, compared to N909.15 million in the preceding year. The unaudited and interim financial statements for the period ending December 2023, filed with the NGX, revealed that gross earnings rose by 14.22% to N2.9 billion. This growth was driven by interest and similar income, which increased to N2.31 billion from N1.87 billion.
However, fees and commission income decreased by 7.63% to close at N152.33 million, while basic earnings per share stood at N14.92, lower than the N18.18 reported in 2022.
