LivingTrust Mortgage Bank Postpones AGM Over Legal Dispute

LivingTrust Mortgage Bank Plc has announced the postponement of its 10th Annual General Meeting (AGM), originally scheduled for July 17, 2025, due to an ongoing legal dispute concerning the subject matter of the meeting.

The decision was disclosed in a regulatory filing to the Nigerian Exchange Limited (NGX) and made available to the investing public on Wednesday.

In the notice signed by Dorcas Ajayi, Acting Company Secretary, the bank cited the pending litigation as the key reason for the deferment, stating that a new date for the AGM will be communicated to shareholders and other stakeholders in due course.

“This is to notify the Nigerian Exchange Limited and members of the public, particularly the shareholders of LivingTrust Mortgage Bank Plc, that the 10th Annual General Meeting of the Bank slated for 17th of July, 2025 has been postponed as a result of a pending lawsuit in respect of the same subject matter,” the statement read.

While the bank did not disclose specific details of the litigation, checks by THE WHISTLER showed that one of the points of contention involves the role of the Osun State representative on the bank’s board.

The representative, who also serves as the state’s commissioner of finance, was allegedly sidelined from chairing any of the board’s oversight committees, a move perceived by some as a breach of shareholder rights and board governance norms.

The bank’s postponement adds to growing concerns about governance lapses, as it has reportedly failed to hold its 2023 AGM and has now delayed the 2024 edition, raising questions about compliance with statutory obligations under Nigerian corporate law.

According to the Companies and Allied Matters Act (CAMA) 2020, publicly listed companies are required to hold AGMs annually to perform key statutory functions.

These include presenting audited financial statements to shareholders, declaring dividends, and electing or re-electing directors.

The AGM also provides a platform for shareholders to receive updates and hold the board accountable.

Under CAMA 2020, directors are tasked with preparing and presenting these reports and are responsible for corporate oversight through various board committees.

These committees are meant to function independently to ensure transparency and accountability, while reporting to the board chairman who coordinates the broader governance architecture of the organization.

LivingTrust’s inability to convene two consecutive AGMs may attract regulatory scrutiny, particularly at a time when corporate governance, shareholder engagement, and compliance with disclosure obligations are central to investor confidence in Nigeria’s capital market.

Stakeholders are now awaiting further clarification from the bank on the nature of the legal dispute and a new date for the AGM, which is essential for maintaining operational legitimacy and fulfilling shareholders’ rights under Nigerian law.

LivingTrust Mortgage Bank Postpones AGM Over Legal Dispute is first published on The Whistler Newspaper