The announcement lays to rest the conflict between the top two shareholders of the company as to who nominates the candidate for the chairmanship of the directors’ board.
By fabulous reports
Living Trust Mortgage Bank has appointed a new chairman in person of Wale Bolorunduro, once a general manager at Zenith Bank and a former Osun State commissioner for finance, budget and economic planning.
“Dr. Wale Bolorunduro was appointed as a Non-Executive Director of the Bank effective April 19, 2024,” Living Trust Mortage said in a regulatory filing posted on the website of the Nigerian Exchange on Friday.
“Dr. Wale Bolorunduro replaces Alhaji Adebayo Jimoh as the chairman of the board,” the firm said.
The appointment is subject to regulatory approval.
The announcement comes against the background of the conflict between the top two shareholders of the company as to who nominates the candidate for the chairmanship of the directors’ board.
A letter dated 8 April, posted on Osun State’s website and signed by Olawale Rasheed, the chief press secretary to Osun State governor said Governor Ademola Adeleke “approved the appointment of Dr Wale Bolorunduro as chairman of Living Trust Mortgage Bank Plc.”
That has caused a controversy as to whether a political figure like a governor has the authority to appoint the chairman of a public-quoted company like Living Trust Mortage Bank, where institutional investors and individual shareholders have stakes.
While Osun State Government holds 39.83 per cent of Living Trust Mortgage’s shares, Citi Trust Holdings, an investment firm with tentacles in investment banking, pensions and wealth management among others owns a larger stake of 40.82 per cent.
“Osun State and Citi Trust have shareholders agreement in place since 2019 that recognises Osun “seed investment” and as a founder. Both parties share board position by that agreement with Osun producing chairman, while Citi Trust produces MD,” Olawale Rasheed, the chief press secretary to Osun State Governor Ademola Adeleke told fabulous international magazine
“Since 2019, Citi Trust has produced 2 MDs while the outgoing Chairman was produced by Osun State under Oyetola,” the governor’s spokesperson added, referring to Gboyega Oyetola, the immediate-past governor of Osun State.
Mr Bolorunduro is an alumnus of Obafemi Awolowo where he holds a bachelor’s degree in Metallurgical and Materials Engineering. He is also a holder of master’s and doctorate degrees at University of British Columbia
