LivingTrust Mortgage Bank Plc has been granted an extension by NGX Regulations Limited to file and publish its 2024 Audited Financial Statements, now slated for release on or before April 30, 2025. This development, revealed in a statement signed by acting company secretary Dorcas Ajayi, follows a significant reconstitution of the bank’s board.
The delay, as articulated in the official statement, stems directly from the timing of the board’s approval by regulatory bodies. “The extension of time for publication of accounts became unavoidable, as the newly reconstituted Board of the Bank was approved by the Regulator towards the end of March 2025,” the statement explained. This late approval necessitated additional time for the new board to thoroughly review the financial accounts, submit them for regulatory approval, and subsequently publish them.
The new board members, whose appointments took effect on March 21, 2025, include Timothy Gbadeyan, Dr. Gbadebo Ayinde, Olusola Ogungbile, Adeola Olajide, Olanrewaju Afolabi, Adedoyin Amosun, Dr. Kamaldeen Adekilekun, and Michael Omolaja. This significant leadership change signals a pivotal moment for LivingTrust Mortgage Bank as it navigates its financial reporting obligations.
“This is to notify the Nigerian Exchange Limited and members of the public, particularly the shareholders of LivingTrust Mortgage Bank Plc that the Bank has applied for an extension of time within which to file and publish its 2024 Audited Financial Statements and has received the approval of the NGX Regulations Limited to file and publish same on or before the 30th of April, 2025,” Ajayi stated.
For shareholders and the public, this extension provides a window into the bank’s operational adjustments and the new board’s approach to financial oversight. It’s important to note, the regulatory process, while sometimes lengthy, is crucial for ensuring transparency and accuracy in financial reporting, especially within the banking sector.
As someone who has followed the financial sector closely, I understand the importance of timely reporting. However, a board reshuffle can introduce complexities that necessitate adjustments. The bank’s commitment to transparency, as evidenced by their prompt disclosure of the extension, is a positive sign.
LivingTrust Mortgage Bank has assured its stakeholders of its commitment to meeting the revised deadline. “The bank looks forward to filing and publishing the 2024 Audited Financial Statements on or before April 30, 2025. We thank our esteemed shareholders and the public for their sustained interest in our bank,” the statement concluded.
The Nigerian Exchange Limited (NGX) regulations are designed to maintain market integrity and protect investor interests, making this extension a regulated and transparent process. The financial community will be watching closely as LivingTrust Mortgage Bank navigates this transition and delivers its 2024 financial results.
