CITITRUST Holdings Plc, a leading Pan-African financial and investment conglomerate, has reaffirmed its decision to transform into a publicly owned company by listing on the Nigerian Exchange (NGX) by the end of the first quarter.
In a statement signed by its Group Executive Director, Mr Afolabi Martins, the Company noted that its transition into a listed publicly owned company is part of ongoing efforts to realign their operational model with the strategic visions of its shareholders and the long-term sustainability of our businesses.
The Company stated, “these decisions culminated in what we termed: ‘Cititrust Holdings Plc 2022 Sustainability Goals.’ The overriding objective is to create a roadmap for a sustainable organisation, while adopting best-in-class corporate governance.”
According to the statement, the total divestment of CITITRUST Holdings in Cititrust Financial Services Plc Nigeria was one of the two major operational milestones the company achieved in 2021.
The Company, founded in Nigeria in 2007, now operates across 12 African countries. It has also clarified the implications of its 100% divestment from its former subsidiary, CITITRUST Financial Services (CFS) Plc Nigeria, in 2021.
What they are saying
“With sustainability at the core of CITITRUST business model, we embarked on numerous initiatives targeted at different focal areas to build a strong and sustainable organisation that guarantees outstanding performance and excellent returns for its customers and stakeholders.
“We successfully implemented our strategic decision to divest our 100% holdings in Cititrust Financial Services Plc (CFS) Nigeria, after considering the company’s long-term sustainability and objectives of our business model that no longer align with the vision of Cititrust Financial Services Plc, Nigeria.
“CITITRUST Financial Services Plc Nigeria (now known as Grandvest Financial Services Plc) is now owned and represented by Clandun Business Advisory, which will be responsible for the management and operations of the company and its six (6) subsidiaries: Cititrust Credit Limited, Cititrust Portfolio Limited, Core Capital Limited, First Guaranty Healthcare Limited, First Option Microfinance Bank Limited, and Great Hope Insurance Brokers Limited.
“It is important to emphasise that there is no prior or ongoing relationship or connection whatsoever between CITITRUST Holdings Plc and either Grandvest Financial Services Plc (formerly CITITRUST Financial Services Plc, Nigeria) or Clandun Business Advisory, which now owns 100% stake in the new company.
“Within the Commercial Banking space, CITITRUST Holdings Plc has become a leading Mortgage provider combining both mortgage lending and commercial services together through the innovative products and services of our subsidiaries, LivingTrust Mortgage Bank Plc and CITITRUST Savings & Loans Limited Liberia.
“We have also set the standard in Rwanda by obtaining the first Merchant banking license with the combination of both Investment Banking License from the Capital Market Authority and Finance license from Central Bank of Rwanda. Our Wealth Management Group also grew exponentially in the total Fund under Management.
On the other hand, LivingTrust Mortgage Bank Plc posted stellar performance in the 2021 full year, which saw its profit surge by 347% to N676.6 million and revenue by 149% to N1.6 billion, compared to the previous year, as stated by the company in the press release.
Giving a peep into what the future holds for its customers, as well as its current and potential shareholders, the Company says, “We are focused on creating a pathway for a sustainable growth in all our business locations across Africa with the aim of contributing our quota to the improvement of the Nigerian economy and Africa at large.
“CITITRUST Holdings Plc will also consistently deliver superior performance and excellent results, while reassuring its stakeholders of seamless customer service, best-in-class governance that follows all rules, policies, and procedures,” the statement reads.
