LivingTrust Mortgage Bank Denies Nairaland Report, Affirms Stability Amid Shareholding Concerns
LivingTrust Mortgage Bank Plc has issued a formal clarification dismissing allegations contained in an online publication dated March 22, 2026, which raised concerns over alleged money laundering and proxy share acquisition involving the bank.
In a statement released on March 30, 2026, the Osogbo-based mortgage lender said the report, published on Nairaland and replicated across other platforms, was neither sponsored nor authorised by the bank and does not reflect its official position.
The publication in question alleged irregularities tied to share acquisitions and referenced a purported investigation by a security agency.
LivingTrust said it is not aware of any such investigation report submitted to the Central Bank of Nigeria (CBN) and declined further comment on the claim to avoid interfering with regulatory processes.
The bank clarified that, as a company listed on the Growth Board of the Nigerian Exchange Limited (NGX), fluctuations in its shareholder register are normal and expected.
It explained that its internal review of shareholder movements showed that Apel Asset Limited (Nominee) acquired 2.24 percent of its shares as of June 25, 2025, based on records from its registrar.
However, the bank noted that a subsequent register obtained in July 2025 reflected that the same shares had been transferred to Deril Academy Limited.
It added that Deril Academy Limited later aligned with other shareholders in an attempted takeover, which was filed at the Federal High Court in Lagos.
According to the bank, the takeover attempt was unsuccessful and the case has since been withdrawn.
LivingTrust further emphasised that it does not disclose the beneficial ownership of corporate entities investing below the statutory reporting threshold.
It stated that under existing regulations, investors acquiring less than 5 percent of total shareholding in the open market are not required to notify the CBN.
The bank reiterated that the responsibility for assessing the source of funds used in investments within financial institutions rests with the CBN.
LivingTrust assured the Nigerian Exchange and the investing public that it remains financially stable and fully compliant with regulatory requirements.
It added that any material change in ownership structure would be formally disclosed in line with regulatory obligations.
The management reaffirmed confidence in its regulator and urged shareholders to disregard the misleading publication.
LivingTrust Mortgage Bank Plc is listed on the NGX Growth Board and operates as a specialised mortgage institution providing housing finance solutions in Nigeria.
