Livingtrust Mortgage Bank Plc has denied online media reports that suggest the bank’s involvement in proxy share acquisitions linked to money laundering.
The clarification was provided in a statement signed by Acting Company Secretary, Dorcas Ajayi, and shared on the Nigerian Exchange Group platform on Tuesday.
The reports, which emerged on media platforms (not Nairametrics) on March 22, 2026, were headlined: “Questions Mount Over Alleged Money Laundering Proxy Share Acquisition of Living Tru-Crime-Nairaland.”
What Livingtrust Mortgage bank is saying
In its statement, the bank clarified that it neither sponsored nor authorized the publication in question.
- “Livingtrust Mortgage Bank Plc has been made aware of an online media report dated March 22, 2026, on Nairaland (and similar reports on other platforms) with the title ‘Questions Mount Over Alleged Money Laundering Proxy Share Acquisition of Living Tru-Crime-Nairaland.’
- “We wish to inform the Nigerian Exchange Limited (NGX) and the public, particularly shareholders, that the publication was neither authorized nor sponsored by the bank.”
The statement explained that, as a company listed on the NGX Growth Board, shareholder movements are part of routine activities.
The bank noted that Apel Asset Ltd-Nominee acquired 2.24% of the bank’s shares in June 2025, and by July 2025, the shares were listed under Deril Academy Limited.
- “In July 2025, Deril Academy Limited, along with other shareholders, attempted a takeover by filing a case in the Federal High Court, Lagos. The attempt failed, and the case has now been withdrawn.”
Get up to speed
The media reports in question alleged that a money laundering scheme was unfolding around Livingtrust Mortgage Bank, pointing to a proxy acquisition of shares worth almost a billion naira (112,181,145 units) in the name of Deril Academy Limited.
- The report suggested that Osun State funds were used to finance private shareholding ambitions in the bank, using a small private school in Ibadan as a conduit.
- Deril Academy Limited, located in Ibadan, reportedly operates a school with fewer than 300 students.
- These allegations add to the ongoing challenges faced by the mortgage bank.
Last month, the Central Bank of Nigeria (CBN) reaffirmed Dr. Kamaldeen Adekilekun as the substantive Chairman of Livingtrust Mortgage Bank Plc after an earlier request to withdraw his appointment.
In an official letter dated March 27, 2026, the CBN emphasized that once board nominations and appointments are approved by the regulator, they are tenured and governed by the Code of Corporate Governance for Primary Mortgage Banks in Nigeria, and cannot be arbitrarily withdrawn without regulatory justification.
More insights
Livingtrust Mortgage Bank also clarified that it does not disclose the identities of corporate entities holding shares below the statutory 5% threshold.
- “Persons purchasing shares below 5% of the total shareholding in the open market are not required to report this to the CBN,” the statement explained.
In response to claims that a security agency’s investigation report was submitted to the CBN, the bank stated:
- “While we are not factually aware of this, we cannot comment further on the matter, as it may interfere with the discretion of our regulator.”
Livingtrust assured its shareholders and the investing public of its financial stability, expressing confidence in its regulator’s oversight.
- “We have complete confidence in our regulator, and we assure NGX and shareholders that our bank is stable. Any change in ownership will be properly communicated with formal notifications and announcements,” Ajayi concluded.
What you should know
Livingtrust Mortgage Bank reported strong financial performance for the year ending December 31, 2025.
- The bank’s profit after tax increased by 18.3%, rising to N1.01 billion, up from N854.5 million the previous year.
- Gross earnings saw a significant increase of 74.9%, reaching N6.52 billion in 2025, compared to N3.73 billion in 2024.
A major contributor to this growth was interest income from mortgage loans and term loans, which rose by 55% to N4.49 billion.
