Yemi Adefisan, the majority shareholder of LivingTrust Mortgage Bank, has offloaded part of his shares amid bearish run in the Nigerian stock market.
Adefisan, a non-Executive Director in LivingTrust Mortgage, owns 2.98 billion in the 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.
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%).