Kayode Tokede

The Nigerian Exchange Limited (NGX) has urged the management from Living Trust Mortgage Bank to strive for sustainability, by upholding the highest levels of integrity in delivering value to all its stakeholders.

Speaking at the Mortgage Bank virtual “Facts Behind the Figures” event to present its 2021 financial year reports to capital market stakeholders, the Divisional Head, Capital Markets, NGX, Mr Jude Chiemeka, noted that the capital market is driven by timely, relevant, and accurate information and interactions with the market remain vital for transparency, price discovery and overall performance of securities.

He noted that the NGX remains committed to helping issuers derive great value from their interaction with the market.

“The Facts-Behind-the-Figures Presentation would help existing and prospective shareholders gain a greater insight into the operations and future growth plans of the company,” he said.

Chiemeka added that NGX continues to implement policies aimed at strengthening the corporate governance of listed companies.

“The Exchange provides an efficient, liquid, and multi-asset securities platform, that offers investors varied options including Equities, Fixed Income, Derivatives and other Exchanged Traded Products (ETPs) including Mutual Funds.

“We are committed to developing the Nigerian capital market by providing a market that thrives on innovation and responds to the needs of stakeholders in accessing the capital market”, Chiemeka posited.

Also speaking at the meeting, the Managing Director of Living Trust Mortgage Bank, Dr. Adewole Adekunle during his presentation said the bank has maintained consistency in profitability in the last five years.

“The bank’s profitability has increased by over 500per cent under the new management, making it one of the most profitable mortgage banks in Nigeria.

“This led to the gains in the bank’s share price, rising from 62kobo in Q2, 2021 to N1.20kobo at the end of Q1, 2022.

In the same vein, its total asset increased by 81per cent from N6.3 billion recorded as of the end of 2020 to stand at N11.39 billion at the end of December 2021”, he added.