The outgoing chairman of the Living Trust Mortgage Bank Plc. , Alhaji Adebayo Jimoh , has been accused of allegedly taking steps and scheming to retain his position through the backdoor.
Alhaji Jimoh’s tenure as chairman of LTMB is expected to end on April 19, 2024, and Osun state government has already announced the appointment of a successor, who will take over from him.
Governor Ademola Adeleke has approved the appointment of Dr. Wale Bolorunduro as chairman of the Living Trust Mortgage Bank Plc and his letter of appointment as LTMB Chairman, which was dated April 8, 2024 , was signed by the Secretary to the State Government, Hon. Teslim Igbalaye..
It was learned that Citi Trust Holdings Plc owns 41% ownership of the financial institution while Osun state government owns 40% ownership, the remaining 19 % is owned by diverse individuals with no single person having up to 10 % ownership.
Also, based on the shareholders’ agreement, Citi Trust Holdings Plc produces the Managing Director, while the state government nominates the chairman. LTMB won the Mortgage Bank of the Year in 2022.
Sources told Team@orientactualmags.com that Alhaji Adebayo Jimoh , a former group Managing Director of Oodua Investment Company Ltd, who also supervised the sale of shares to Cititrust Holdings Plc in 2019, has already lined Bolorunduro’s path to the LMBT chairmanship with obstacles and he is said to be planning to stay beyond April 19, 2024.
‘He is known for promoting boardroom squabbles anywhere he serves. He was an Executive Director at John Holt but he explored contacts and got appointed as MD of Oodua Investment Company Ltd and he was allowed to serve a second term but as he was getting set to leave, against the company’s tradition, he insisted on having an Executive Director as his successor which made him not to have a good relationship with the person , who eventually succeeded him.
He has served as chairman of LTMB since 2016 , he was appointed during the Ogbeni Rauf Aregbesola administration , he was retained by Oyetola and his tenure is expected to end April 19, 2024 but he has begun to show signs that he does not want to leave’ said a source.
Sources also told Team@orientactualmags.com that the Company Secretary, Mr Timothy Gbadeyan had come up with propositions that would have Jimoh retained as chairman of the financial institution until June 2025.
‘Alhaji Jimoh is said to have proposed an arrangement that will have Bolorunduro as acting chairman while he will continue as a member of the board citing the board charter .
However, this will contradict the Companies and Allied Matters Act (CAMA 2020) . He is plotting to remain as chairman until next year or at least remain a voice to reckon with at the financial institution as a member of the board’ the source added–Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980 or get in touch via orientactualmag@gmail.com. Thank you
