Livingtrust Mortgage Bank (NGX: LIVING TRUST) has publicly distanced itself from a Nairaland report that alleged proxy share acquisition and possible money laundering at the mortgage lender.
In an official statement dated March 30, 2026, the bank informed the NGX and its shareholders that the March 22 Nairaland publication titled “Questions Mount Over Alleged Money Laundry Proxy Share Acquisition at Living Trust” was “neither sponsored nor authorized” by Livingtrust Mortgage Bank Plc.
The bank, listed on the Growth Board of the NGX, acknowledged normal movements in its shareholder register. According to the statement:
The bank confirmed that Apel Asset Ltd-Nominee acquired 2.24% of its shares on June 25, 2025.
The same shares were later recorded under Deril Academy Limited in July 2025. Deril Academy and other shareholders filed an unsuccessful takeover suit at the Federal High Court, Lagos, which has since been withdrawn.
Livingtrust stressed it does not disclose details of corporate shareholders below statutory thresholds and expressed full confidence in the Central Bank of Nigeria’s oversight.
Livingtrust emphasized that purchases of less than 0.5% of total shares in the open market do not require reporting to the regulator.
The bank addressed media claims that a security agency had submitted an investigation report to the CBN, stating it had no factual knowledge of such a report and would not comment in a way that could interfere with the regulator’s discretion.
“We have complete confidence in our Regulator, and wish to assure NGX and members of the investing public, particularly the shareholders of the Bank, that our Bank is stable,” the statement read.
“In the event of any change in ownership, we will file the necessary formal notifications and publish detailed announcements.”
Administrator and Writer
