CBN: Osun Ex-Commissioner Tossed Out of Bank Director Race

Governor Ademola Adeleke‘s nomination of Wale Bolorunduro, a former Finance Commissioner, to serve as a Director of Living Trust Mortgage Bank, a bank owned by the state of Osun, has been rejected by the Central Bank of Nigeria (CBN).

Governor Adeleke assigned Boluwaduro, who had previously worked for Rauf Aregbesola’s administration, the position of Director and Chairman of Living Trust Mortgage Bank in 2024.

However, the candidacy of Boluwaduro was rejected by the Central Bank of Nigeria (CBN) in a letter on March 21st, 2025 with the reference number OFI/SG2/CON/PLI/018/171.

The letter was titled “Re: Resolutions Reached At The Settlements Helf on August 28, 2024 In Relation to LivingTrust Mortgage Bank PLC.”

The nomination of 10 additional individuals was approved in a letter that was signed by Oluwasola Ajewole, Director of the Other Financial Institutions Supervision Department of the apex monetary authority.

These individuals were nominated for the positions of Managing, Executive, Non-Executive, and Independent Non-Executive Directors.

It reads, “Dr. Adewale Bolorunduro’s approval is declined due to his involvement in the board crisis as ascertained in the investigation carried out by the CBN Examiners as at May 31, 2024.

“The OSSG will be required to replace him with a neutral person to ensure stability on the board.

“However, you are required to forward the following additional documents in respect of the below appointees within three months from the date of this letter.

“Failure to do so would nullify the approval of the appointments of Mr. Afolabi Olanrewaju Olatunji and Mr. Ogungbile Adeola Olusola.

“Also, note that Mrs. Olaitan who had served on the board between 2018 to date, has only four years remaining as an Executive Director, In line with Section 2.5 of the Revised Guidelines for Mortgage Banks, Likewise, Mr. Michael Omolaja who had served between 2016 to 2023, has only one year remaining as an Independent Non-Executive Director in line with Section 2.5 of the Revised Guidelines for Primary Mortgage Banks in Nigeria”