Livingtrust Mortgage Bank: Adebayo Jimoh’s Daring Posture towards Gov. Ademola Adeleke

 

Alhaji Adebayo Jimoh, the former group Managing Director of Oodua investment and the Chairman of Livingtrust Mortgage Bank until 19th April 2024, may be in the news again.

He was an Executive Director in John Holt but through his political connection got a job to become MD of the regional conglomerate, Oodua Investment.

However, after serving his 2 terms, Alhaji Jimoh created many administrative bottlenecks to ensure he stayed another year longer.

Against the company’s long drawn tradition, he insisted on an executive director succeeding him despite the tradition of hiring from outside, of which he was a beneficiary as he was head hunted from John Holt to head Oodua. As expected, there was no love lost between him and his successor.

Fast forward to about 15 years. He has served as the chairman of Livingtrust Mortgage Bank since August 2016 when he was appointed by Ogbeni Rauf Aregbesola as a representative of the state government and chairman, on the board.

He was retained subsequently by Governor Oyetola, who introduced him to Aregbesola abinitio.

He was the chairman till 8th April 2024, when the state government under Governor Adeleke replaced him with his new appointee.

Sources close to Osun state government revealed that the company secretary, one Mr. Timothy Gbadeyan wrote a letter dated the same day to the state government, introducing bottlenecks that will prevent the emergence of the new appointee of Governor Adeleke until June 2025.

 

 

It’s clear that Gbadeyan could not have taken the decision unilaterally. Could this be a case of history repeating itself?

It remains to be seen if on 19th April 2024 when he should hand over to the new appointee of Governor Adeleke as the bank’s chairman, Alhaji Jimoh will tow the path of honour, or allow a bad history of sitting tight on a position to repeat itself.

Having yielded to pressure he has agreed to resign but will not be replaced as directed by the Governor. Will it not be tantamount to daring the government who is a major shareholder and number 1 customer.

Another plan being hatched is for him to accept to resign and accept the new appointee, as acting chairman with a recommendation from the board sub committee on nomination to recommend that he continues as a Director, under the guise of a board charter, hurriedly prepared by his cronies on the Board.

The board charter, which is equivalent to rules of engagement is not supposed to contradict the Companies and Allied Matters Act (CAMA 2020) and existing shareholders agreement.

Therefore, who will Adebayo Jimoh be representing (perpetually) on the board? Is it not against the rule of corporate governance to continue to stay on a board, which you were once a Chairman.

CBN circular requires a cooling off period before returning to the board too. LivingTrust is owned about 41 percent by CItiTrust and about 40 percent by Osun state.

The existing shareholders agreement between the two major shareholders give MD to CitiTrust and Chairman to Osun state.

The remaining twenty percent is owned by diverse individuals with no single person holding up to 10 per cent.

Alhaji Jimoh was alleged to have been the one who supervised the sales of the sixty (60) per cent of the shares to CitiTrust in 2019.

However, people are watching and waiting to see if Alhaji Jimoh will tow the path of honour, or allow a bad history of sitting tight on a position to repeat itself.

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