When rumours spread online, they cast a shadow over Livingtrust Mortgage Bank Plc.
Allegations linked the bank to proxy shares and raised money laundering concerns, and these claims unsettled investors.
LivingTrust Mortgage Bank Response And Denial
In response, the bank issued a firm statement.
Dorcas Ajayi signed and released the statement on the NGX platform, and the bank clarified that the report dated March 22, 2026 did not have its approval.
Furthermore, Livingtrust explained that share movements remain normal for NGX Growth Board firms, and it actively records such changes.
The bank noted that Apel Asset Ltd-Nominee acquired 2.24% of its shares in June 2025.
Subsequently, the bank recorded those shares under Deril Academy Limited in July 2025, and later the company attempted a takeover through the Federal High Court in Lagos.
However, the attempt failed, and the court dismissed the case after withdrawal.
Allegations And Claims
Meanwhile, the reports alleged a ₦1 billion proxy share deal linked to Deril Academy Limited, and they claimed that Osun State funds financed the transactions.
In addition, the reports pointed to a small school in Ibadan as a possible conduit.
However, Livingtrust rejected all these allegations, and it clearly stated that it does not disclose shareholders below the 5% threshold.
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Moreover, the bank explained that such investors do not need to report their acquisitions to the Central Bank of Nigeria.
Regulatory Assurance And Financial Performance
In addition, the bank chose not to comment on the alleged investigation report, and it stated that further comments could interfere with regulatory processes.
Nevertheless, Livingtrust expressed strong confidence in its regulator and reassured investors of its stability.
At the same time, the bank promised to disclose any ownership changes through formal announcements, and it reinforced its commitment to transparency.
Finally, Livingtrust highlighted its strong financial performance for 2025.
Specifically, profit after tax increased by 18.3% to ₦1.01 billion, and gross earnings rose by 74.9% to ₦6.52 billion.
Likewise, interest income grew by 55% to ₦4.49 billion.
Overall, the bank attributed its growth to stronger mortgage and term loan activity, and it emphasised its focus on stability, transparency, and continued financial progress.
