A Nigerian mortgage company, Omoluabi Mortgage Bank has announced that the company has undergone restructuring, changing the identity of the company. AllNews gathered that the company removed its local name to change its brand perception in the market.
The mortgage bank changed names from Omoluabi to LivingTrust Mortage Bank, a statement seen by AllNews disclosed. The reason for the name change wasn't stated by LivingTrust Mortage Bank, however, it stated that the Central Bank of Nigeria (CBN) approved its new identity.
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Also, the Corporate Affairs Commission (CAC) gave approval to the restructure by LivingTrust Mortage Bank. It was gathered that the shareholders of LivingTrust Mortage Bank had supported the move to replace "Omoluabi" from the company's name at its Annual General Meeting held in July.
In the statement signed by LivingTrust Mortgage Bank company secretary, it was disclosed that "This is to notify the general public and The Nigerian Stock Exchange that Omoluabi Mortgage Bank Plc has changed its name to LivingTrust Mortgage Bank Plc by virtue of the Central Bank of Nigeria's approval and the Corporate Affairs Commission's approval and certification dated August 4, 2020, and October 6, 2020, respectively.
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"The change of name was approved by the Bank's shareholders at its Annual General Meeting held on July 2, 2020."