LivingTrust Mortgage Bank has postponed 10th AGM amid legal dispute.
NewsOnline Nigeria reports that LivingTrust Mortgage Bank Plc has announced the postponement of its 10th Annual General Meeting (AGM), previously scheduled for July 17, 2025, citing an ongoing legal dispute directly related to the meeting’s agenda.
The development was disclosed in a regulatory notice filed with the Nigerian Exchange Limited (NGX) and made public on Wednesday. The notice, signed by Dorcas Ajayi, the bank’s Acting Company Secretary, confirmed that the AGM has been deferred until further notice.
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“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 provide specifics on the nature of the litigation, THE WHISTLER gathered that the dispute centers around governance issues involving the Osun State government’s representative on the bank’s board, who also serves as the state’s Commissioner for Finance. The representative was reportedly excluded from chairing any of the board’s oversight committees—a move some stakeholders have interpreted as a violation of governance best practices and shareholder rights.
This latest postponement compounds concerns about governance lapses at LivingTrust, as the bank also failed to convene its 2023 AGM, raising red flags over compliance with Nigeria’s corporate laws.
Under the Companies and Allied Matters Act (CAMA) 2020, all publicly listed companies are mandated to hold AGMs annually. These meetings serve as a statutory platform for shareholders to:
Receive and review audited financial statements,
Declare dividends,
Elect or re-elect directors, and
Hold the board accountable on governance matters.
Corporate boards are also expected to operate through independent oversight committees to ensure transparency, with reports submitted to the board chair, who oversees overall governance structures.
Failure to convene two consecutive AGMs may invite regulatory scrutiny and penalties, particularly at a time when shareholder engagement, disclosure compliance, and corporate governance are increasingly under the spotlight in Nigeria’s capital market.
LivingTrust Mortgage Bank has assured shareholders that a new date for the AGM will be communicated in due course. However, investors and regulatory watchers alike are now awaiting more detailed disclosures regarding the litigation and the bank’s broader governance posture.
