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LivingTrust Mortgage Bank majority shareholder sells off 2.72m shares amid stock market crash

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LivingTrust Mortgage Bank majority shareholder sells off 2.72m shares amid stock market crash

The majority shareholder of LivingTrust Mortgage Bank, Yemi Adefisan, has been busy on the exchange floor, selling off part of his shares amid the Nigerian bourse bearish run last week., which resulted to the capital market crashing -1.49%.

Adefisan is a Non-Executive Director in LivingTrust Mortgage, taking part in the policymaking of the company, as well as serving as an oversight function to the management’s decision.

The investor owns 2.98 billion in LivingTrust Mortgage Bank through his company, Cititrust Holdings. The investment firm accounts for 59.75% ownership of the real estate creditor.

Cititrust Holdings took out about N3.10 million from Livingtrust Mortgage, after selling over 2.72 million volume of shares on the exchange floor in the last two weeks.

Read also: Abbey Mortgage Bank grows full year 2021 profit before tax by 116%

Adefisan first sold 699,700 shares on June 8, then offloaded 921,000 stocks two days later, before selling two tranches on June 17; 100,108 volume of shares and another 1,000,000 sold.

His current investment in LivingTrust Mortgage Bank is now valued at N3.58 billion, as the total shares held by Cititrust in the real estate lender is 2.98 billion.

Despite the sale, Cititrust maintains its majority shareholder position, ahead of Osun State Government, which holds 909.70 million share (18.19%) and Osun Local Government’s 1.09 billion (21.80%).

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