The Nigerian Stock Exchange has admitted leading mortgage lender, Omoluabi Mortgage Bank Plc, which recently changed its name to LivingTrust Mortgage Bank Plc, to the Standard Segment of the Growth Board of The Exchange.
The development followed the approval of the bank’s request to migrate from the Alternative Securities Market (ASeM) Board to the Standard Segment of the Growth Board by the National Council of the Exchange.
In a letter dated October 23, 2020, and addressed to the Managing Director of LivingTrust Mortgage Bank, the NSE said the approval was granted after due consideration of the bank’s application.
The letter, which was signed by Mojisola Adeola, Secretary to the Council of NSE, reads in part, “We refer to your letter dated 28 July 2020 with respect to the above application which Omoluabi Mortgage
Bank Plc (Omoluabi ) filed with The Nigerian Stock Exchange (The Exchange).
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“We are pleased to inform you that after due consideration of your application, The National Council of The Exchange had, on Thursday, 17 September 2020, approved the migration of Omoluabi from the Alternative Securities Market (ASeM) Board to the Standard Segment of the Growth Board of The Exchange.”
LivingTrust in a statement by Adekunle Adewole, its managing director said the bank is delighted at the migration, which is a reflection of the bank’s consistent growth year on year.
He added that “the ultimate goal is to migrate to the main board of the NSE by 1Q 2021 and also take advantage of the FMDQ OTC Securities Exchange to tap the enormous opportunities in the Debt and Equity Capital market”.
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