TheCable

Cititrust Holdings Plc, a pan-African financial and investment conglomerate, says it will transform into a publicly owned company by listing on the Nigerian Exchange Limited (NGX) by the end of the first quarter.

The company, founded in Nigeria in 2007, now operates across 12 African countries.

Last year, the company divested its entire 100 percent stake in its subsidiary, Cititrust Financial Services Plc Nigeria.

In a recent statement issued by the company, Afolabi Martins, group executive director, said the transition into a listed publicly owned company is part of ongoing efforts to “realign our operational model with the strategic visions of our shareholders and the long-term sustainability of our businesses”.

“These decisions culminated in what we termed: ‘Cititrust Holdings Plc 2022 Sustainability Goals.’ The overriding objective is to create a roadmap for a sustainable organisation while adopting best-in-class corporate governance,” the statement reads.

The company said the total divestment of Cititrust Holdings in Cititrust Financial Services Plc Nigeria was one of the two major operational milestones the company achieved in 2021.

“With sustainability at the core of Cititrust business model, we embarked on numerous initiatives targeted at different focal areas to build a strong and sustainable organisation that guarantees outstanding performance and excellent returns for its customers and stakeholders,” the statement adds.

“We successfully implemented our strategic decision to divest our 100% holdings in Cititrust Financial Services Plc (CFS) Nigeria, after considering the company’s long-term sustainability and objectives of our business model that no longer align with the vision of Cititrust Financial Services Plc, Nigeria.

“Cititrust Financial Services Plc Nigeria (now known as Grandvest Financial Services Plc) is now owned and represented by Clandun Business Advisory, which will be responsible for the management and operations of the company and its six (6) subsidiaries: Cititrust Credit Limited, Cititrust Portfolio Limited, Core Capital Limited, First Guaranty Healthcare Limited, First Option Microfinance Bank Limited, and Great Hope Insurance Brokers Limited.

“It is important to emphasise that there is no prior or ongoing relationship or connection whatsoever between CititrustHoldings Plc and either Grandvest Financial Services Plc (formerly Cititrust Financial Services Plc, Nigeria) or Clandun Business Advisory, which now owns 100 percent stake in the new company.

“Within the Commercial Banking space, Cititrust Holdings Plc has become a leading Mortgage provider combining both mortgage lending and commercial services through the innovative products and services of our subsidiaries, LivingTrust Mortgage Bank Plc and Cititrust Savings & Loans Limited Liberia.

“We have also set the standard in Rwanda by obtaining the first Merchant banking license with the combination of both Investment Banking License from the Capital Market Authority and Finance license from Central Bank of Rwanda. Our Wealth Management Group also grew exponentially in the total Fund under Management.

“LivingTrust Mortgage Bank Plc tops the list of the stocks to watch this year based on its strong earnings performance for the full year 2021, which saw its profit surged by 347 percent to N676.6 million and revenue by 149 per cent to N1.6 billion.”

The statement added Cititrust is focusing on creating a pathway for sustainable growth in all its business locations across Africa to contribute to the improvement of the Nigerian economy and Africa.

“Cititrust Holdings Plc will also consistently deliver superior performance and excellent results while reassuring its stakeholders of seamless customer service, best-in-class governance that follows all rules, policies, and procedures,” it said.