Ecobank’s Attributable Profits Surge 23% to $161 Million in First Half of 2023 (

Ecobank’s Attributable Profits Surge 23% to $161 Million in First Half of 2023


The members of LivingTrust Mortgage Bank Plc. convened at their 9th Annual General Meeting, held at Aenon Suites in Osogbo, Osun State, on July 20, 2023.

Amidst camaraderie and mutual understanding, pivotal resolutions were proposed and unanimously passed, marking a significant turning point for the institution’s future.

The meeting commenced with the ordinary business proceedings, where reports from various stakeholders were laid before the members.

The Reports of the Directors, Auditors, Board Appraiser, and Audit Committee, along with the Audited Financial Statements for the year ended December 31, 2022, received unanimous approval, signifying the transparent and prudent management of the bank’s affairs.

One of the major highlights of the gathering was the approval of a dividend payment of 0.012 kobo per 50 kobo ordinary share to all eligible members. This will be subjected to the appropriate withholding tax at the time of payment, reflects the bank’s commitment to rewarding its loyal shareholders.

In matters of corporate governance, the shareholders re-elected Dr. Adebayo Jimoh, Mrs. Fehintola Olatunde-Agbeja, and Mr. Olufemi Adesina as Directors, reaffirming their confidence in the leadership’s vision. Also, the Board was granted authorization to determine the remuneration of the Auditors for the 2023 financial year, reinforcing the bank’s dedication to fair compensation practices.

A point of interest that sparked discussions during the meeting was the disclosure of the remuneration of Managers of the Company in page 120 of the 2022 Annual Reports and Accounts. While no resolution was taken on this item, the transparency displayed by LivingTrust Mortgage Bank Plc. underscores their commitment to open communication with stakeholders.

In a display of democratic representation, Mr. Suraju Yaya Ajagbe, Mr. Ariyo Olugbosun, and Otunba Adeboye Oladejo were elected as shareholders’ representatives to the Audit Committee, ensuring the collective voice of investors in the bank’s oversight.

Similarly, Mr. Olufemi Adesina and Prof. Charles Ukeje were appointed as Board representatives to the Audit Committee, adding their expertise to bolster the committee’s effectiveness.

Transitioning into the special business segment, shareholders unanimously approved the appointment of Prof. Charles Ukeje and Arc. (Mrs.) Umma Dambo Mamman-Da as Independent Directors to the Board of Directors, effective from October 14, 2022.

The meeting’s climax was the unanimous approval of the Business Plan for the proposed upgrade of Operating License. This strategic move is expected to expand the bank’s horizons and unlock new avenues for growth and innovation, further solidifying its position as a trusted player in the mortgage banking industry.

Under the stewardship of Mr. Timothy Gbadeyan, Company Secretary, LivingTrust Mortgage Bank Plc. has charted a path of success and stability. The 9th Annual General Meeting has not only strengthened the bond between the bank and its shareholders but has also laid the groundwork for an even brighter future.

With unwavering resolutions passed and a united vision ahead, LivingTrust Mortgage Bank Plc. is poised to embark on a journey of prosperity, firmly rooted in the trust and confidence of its esteemed shareholders.

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