Cititrust Holdings To Fully Transform Into Publicly Owned Company By End Of Q1 2022

Pan-African financial and investment conglomerate, Cititrust Holdings Plc has disclosed plans to fully transform into a publicly owned company by listing on the Nigerian Exchange Limited (NGX).

According to the company, the listing will be done by the end of the first quarter in 2022.

Investors King recalls that recently, Cititrust Holdings announced its strategic decision to divest its 100% holdings in CITITRUST Financial Services Plc, Nigeria.

According to a statement issued by the company’s Group Executive Director, Afolabi Martins, this decision was taken after considering the company’s long-term sustainability and objectives of its business model that no longer aligns with the vision of CITITRUST Financial Services Plc Nigeria.

The statement noted that CITITRUST Financial Services Plc Nigeria is now owned and represented by Clandun Business Advisory, which will be responsible for the management and operations of CITITRUST Financial Services PLC Nigeria 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.

“Consequently, CITITRUST Financial Services PLC Nigeria and its direct subsidiaries cease to be a direct or indirect affiliate of CITITRUST Holdings PLC, as the new owners are not related to the Holding Company”, the statement reads.

While affirming its commitment to consistently deliver excellent service and performance, in line with its core business values and objectives, the company revealed that 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.

“Cititrust Holdings Plc is resolved to deliver outstanding performance to its stakeholders across the remaining 18 direct subsidiaries and 2 indirect subsidiaries across twelve (12) African countries”, the bank stated.

Investors King gathered that recently, one of its subsidiaries, Pan African Finance Limited Rwanda, was granted an Investment Banking license from the Rwanda Capital Market Authority, to upscale the business model to operate fully as a Merchant Bank.

Also, its solely CBN licensed Banking subsidiary, LivingTrust Mortgage Bank Plc, declared a Q3 2021 Profit After Tax of N533Million.