LivingTrust Mortgage Bank Plc Seeks and Obtains Extension for Filing 2024 Audited Financial Statements
LivingTrust Mortgage Bank Plc, a prominent mortgage financial institution in Nigeria, has formally requested and secured an extension for the submission and publication of its audited financial statements for the fiscal year 2024. This announcement was made public through a notification filed with the Nigerian Exchange Limited (NGX) and signed by the acting company secretary, Dorcas Ajayi, on Thursday.
The bank’s statement explained that the request for an extension became necessary due to the recent reconstitution of its Board of Directors, which received regulatory approval towards the end of March 2025. This late approval left insufficient time for the newly appointed board to thoroughly review the financial statements before the original filing deadline. The extension, granted until April 30, 2025, will provide the board with adequate time to scrutinize the accounts, submit them to the regulatory authorities for their approval, and subsequently publish them for public review.
The delay in board appointments apparently necessitated the extension, as the incoming board members needed time to familiarize themselves with the bank’s operations and financial standing before endorsing the 2024 financial statements. This rigorous review process ensures the accuracy and integrity of the financial information presented to shareholders and the public. The bank expressed its commitment to transparency and accountability by seeking this extension, emphasizing its dedication to upholding good corporate governance practices.
The composition of the newly appointed board reflects a mix of executive and non-executive directors, bringing together diverse expertise and experience to steer the bank’s strategic direction. The new directors include Timothy Gbadeyan and Dr. Gbadebo Ayinde as Executive Directors, responsible for the day-to-day management and operations of the bank. They are joined by Olusola Ogungbile, Adeola Olajide, and Olanrewaju Afolabi as Non-Executive Directors, who provide oversight and strategic guidance to the executive team. The board also includes independent non-executive directors, Adedoyin Amosun, Dr. Kamaldeen Adekilekun, and Michael Omolaja, who offer objective perspectives and ensure adherence to ethical standards and best practices.
This new leadership structure is expected to contribute significantly to the bank’s future growth and stability. The diverse skill sets and experiences of the board members should enable them to navigate the challenges and opportunities within the mortgage banking sector, driving innovation and enhancing shareholder value. Their collective expertise will be crucial in overseeing the bank’s financial performance, risk management, and strategic initiatives.
The bank’s proactive communication regarding the extension demonstrates its commitment to keeping stakeholders informed. By publicly acknowledging the delay and providing a clear timeline for the release of the financial statements, LivingTrust Mortgage Bank Plc reinforces its commitment to transparency and accountability. This open communication fosters trust among investors and the public, contributing to a positive perception of the bank’s corporate governance practices. The bank’s expression of gratitude to shareholders and the public for their continued interest further underscores its commitment to maintaining strong stakeholder relationships.
