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Tag: Livingtrust Mortgage Bank

  • LivingTrust Mortgage Bank named ‘Mortgage Bank of the Year 2025’

    LivingTrust Mortgage Bank named ‘Mortgage Bank of the Year 2025’

    For its exceptional growth, innovation, and leadership in Nigeria’s mortgage and housing finance sector, LivingTrust Mortgage Bank Plc has clinched the coveted “Mortgage Bank of the Year 2025” award at the Africa Fast Growth Brands Awards.

    The award, held in Lagos, recently, further cements LivingTrust Mortgage Bank’s position as a leading force in Africa’s mortgage and housing finance ecosystem.

    The Africa Fast Growth Brands Awards celebrate organisations driving transformative growth, customer trust, and sustainable impact across the continent.

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    LivingTrust Mortgage Bank stood out for its remarkable financial performance, customer-centric service delivery, and commitment to bridging Nigeria’s housing gap through accessible and innovative mortgage solutions.

    Organisers of the awards said under a visionary led management, a Bank like LivingTrust Mortgage Bank will always achieve impressive growth milestones, expanding its customers base and empowering thousands of Nigerians with affordable home financing options.

     The Bank’s consistent performance and strong governance have also earned it growing investor confidence and widespread industry acclaim.

  • Court orders final forfeiture of Livingtrust Mortgage Bank’s N6.6bn Shares, N42.4m, $26.44

    Court orders final forfeiture of Livingtrust Mortgage Bank’s N6.6bn Shares, N42.4m, $26.44

    Justice F. N. Ogazi of the Federal High Court sitting in Ikoyi, Lagos has ordered the final forfeiture of 2,041,087,747.00 units of Livingtrust Mortgage Bank Plc, formerly known as Omoluabi Mortgage Bank Plc, valued at N6,674,356,932.69.

    The court also ordered the final forfeiture of the sums of N42,461,096.66 and $26.44.

    The shares and the funds in the accounts were traced to Cititrust Holdings Plc and its subsidiaries.

    The Judge gave the order, following a motion on notice filed by the Lagos Zonal Directorate 2 of the EFCC, Okotie Eboh, Ikoyi, Lagos through its counsel, Ahmad A Usman.

    Justice Ogazi had earlier granted the interim forfeiture of the properties and also ordered the publication of the said order in a national newspaper for any interested parties to show cause why they should not be finally forfeited to the victims.

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    Moving the application for the final forfeiture, Usman said the Commission had published Cititrust Holdings Plc and some of its subsidiaries as part of the companies being prosecuted for operating as a Ponzi scheme. 

    He said the properties were found to have been purchased with several investors’ funds.

    “The shares were initially purchased from Osun State Government by Cititrust, using some SPVs and later harmonised and transferred to the name of Cititrust Holdings Plc,” he added.

    The respondent, Cititrust Holdings Plc, however, contested the EFCC’s application for the final forfeiture through a motion and an affidavit.

    In his ruling, the court discountenanced Cititrust’s application and affidavit to show cause and saw merit in the EFCC’s application.

    The Judge, consequently, ordered the final forfeiture of the 2,041,087,747.00 units of Livingtrust Mortgage Bank Plc, the sums of N42,461,096.66 and $26.44 to the victims. 

    The Judge also ordered that the victims be paid what is due to them and the remainder, if any, be forfeited to the Federal Government of Nigeria.