CBN Rejects Bolorunduro As Living Trust Mortgage Bank Director

The Central Bank of Nigeria (CBN) has rejected Governor Ademola Adeleke’s nomination of ex-Finance Commissioner, Wale Bolorunduro, as a Director of Osun State-owned bank, Living Trust Mortgage Bank.

A report by The Nation recalled that Adeleke had appointed Boluwaduro who served under the administration of Rauf Aregbesola as the Director and Chairman of Living Trust Mortgage Bank in 2024.

Meanwhile, CBN in a letter obtained by The Nation with reference number OFI/SG2/CON/PLI/018/171 dated March 21st 2025 entitled “Re: Resolutions Reached At The Settlements Helf on August 28, 2024 In Relation to LivingTrust Mortgage Bank PLC” declined the nomination of Boluwaduro.

The letter which was signed by the Director, Other Financial Institutions Supervision Department, Oluwasola Ajewole of the apex monetary authority approved the nomination of ten others who were nominated as Managing, Executive, Non-Executive, Independent Non-Executive Directors.

The letter read in part: “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.”

The letter directed that Olatunji should provide a letter of undertaking that he would make good the non-performing loan with Prudential Mortgage Bank while Ogungbile should make available an Executed Code of Conduct form for Directors of Other Financial Institutions.

“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.”