Cititrust Holdings Plc, a pan-African financial and investment conglomerate, has disclosed its decision to go public by documenting on the Nigerian Exchange by the end of the first quarter of this year.
In a statement signed by its Group Executive Director, Mr Afolabi Martins, the company explained the significances of its 100 per cent divestment from its former subsidiary, Cititrust Financial Services Plc Nigeria, in 2021.
According to the company, its transition into a listed publicly owned company is part of ongoing efforts to realign its operational model with the strategic visions of its shareholders and the long-term sustainability of its 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,” Martins said.
The statement 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.
“We successfully implemented our strategic decision to divest our 100 per cent holdings in Cititrust Financial Services Plc 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,” it added.
Martins noted, “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 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 Cititrust Holdings Plc and either Grandvest Financial Services Plc (formerly Cititrust Financial Services Plc, Nigeria) or Clandun Business Advisory, which now owns 100 per cent stake in the new company.”
