A leading primary mortgage institution, Livingtrust Mortgage Bank Plc, has undergone a smooth board transition.
In a corporate announcement filed with the Nigerian Exchange Limited (The Exchange) by the Company Secretary, Timothy Gbadeyan, on Wednesday, the firm informed stakeholders that the Government of Osun State, a major shareholder, nominated a new chairman, Dr. Wale Bolorunduro, to replace the previous chairman who served for eight years.
A letter signed by the Secretary to the State Government thanked Alhaji Adebayo Jimoh for his service and acknowledged the bank’s significant growth under his leadership.
The bank described Dr Bolorunduro as a distinguished banker with a proven track record in the financial services industry. His appointment marks a return, as he previously served as chairman from 2011 to 2016. During his prior tenure, the bank successfully recapitalized and listed on the Exchange.
Following corporate governance principles, Dr. Bolorunduro appeared before the bank’s Board Nomination and Governance Committee on April 17. The committee deemed him qualified to lead the board.
Based on the committee’s recommendation, the Board of Directors met on April 19 and appointed Dr. Bolorunduro as a Non-Executive Director and Chairman in a positive atmosphere.
The outgoing chairman, Alhaji Jimoh, thanked the Osun State Government and congratulated Dr. Bolorunduro, offering his full support.
As required by law and regulation, notification of Dr. Bolorunduro’s appointment has been sent to the relevant authorities, and the announcement has been made on the stock exchange. The bank emphasized adherence to all internal and external procedures.
Following the appointment, stakeholders, including the majority shareholder, have extended their congratulations to Dr. Bolorunduro.
Dr. Bolorunduro’s appointment as a non-executive director is subject to approval by the Central Bank of Nigeria and shareholders at the upcoming Annual General Meeting.
