CITITRUST Holdings plc divested in non-financial businesses in Nigeria market.
CITITRUST Holdings Plc today 2nd April 2020 announced that it has divested from the identified non-financial businesses in its Nigeria market to Commerce Alliance Limited (CAL).
The businesses and Sectors include Mapplefield Energy Resources Limited (Oil & Gas, Power and Energy Group), EM Towers Limited (Telecoms and ICT Group), CITITRUST Contracting Limited (Engineering, Procurement and Construction Group) and CITITRUST Realties Limited (Real Estates and Hospitality Group). The divestment was completed in Q1, 2020 after Board and Shareholders approvals.
In November 2019, CITITRUST announced its intention to divest its non-financial businesses to realise value for shareholders and simplify the business by enabling it to focus on its strength, Financial Services.
The Company had since restructured and regrouped its operations in Nigeria under the CFS Group Plc, in which CITITRUST Holdings Plc, will continue to remain the Majority shareholder. CFS Group Plc subsidiaries are Omoluabi Mortgage Bank Plc, First Options Microfinance Bank Limited, Bermuda Forex Bureau De Change Limited, Core Capital Limited (Finance Company), First Guaranty Healthcare Limited (Health Insurance) while awaiting regulatory approval in the acquisition of the Insurance and Stock Brokerage Firms and License approval of its Asset Management Company.