CBN rejects nomination of ex-Aregbesola’s commissioner as Osun Bank Director
The Central Bank of Nigeria (CBN) has turned down Governor Ademola Adeleke’s nomination of former Finance Commissioner, Wale Bolorunduro, as a Director of the Osun State-owned Living Trust Mortgage Bank.
Adeleke had appointed Bolorunduro—who previously served in the administration of former Governor Rauf Aregbesola—as Director and Chairman of Living Trust Mortgage Bank in 2024.
However, in a letter obtained by The Nation, with reference number OFI/SG2/CON/PLI/018/171 and dated 21st March 2025, the CBN declined the nomination.
The letter, titled “Re: Resolutions Reached at the Settlements Held on 28th August 2024 in Relation to Living Trust Mortgage Bank PLC”, was signed by the Director of the Other Financial Institutions Supervision Department, Oluwasola Ajewole. While approving the appointments of ten other individuals as Managing, Executive, Non-Executive, and Independent Non-Executive Directors, the apex bank rejected Bolorunduro’s nomination.
The letter states in part: “Dr. Adewale Bolorunduro’s approval is declined due to his involvement in the board crisis, as established in the investigation conducted by CBN Examiners as of 31st May 2024.
“The Osun State Government will be required to replace him with a neutral candidate to maintain stability within the board.
“Additionally, you are expected to submit the following documents for the appointees listed below within three months from the date of this letter.
“Failure to comply will result in the nullification of the appointments of Mr. Afolabi Olanrewaju Olatunji and Mr. Ogungbile Adeola Olusola.”
The letter instructed Olatunji to submit a letter of commitment to settle his non-performing loan with Prudential Mortgage Bank, while Ogungbile was asked to provide a duly signed Code of Conduct form for Directors of Other Financial Institutions.
Furthermore, the CBN noted that “Mrs. Olaitan, who has been on the board since 2018, has only four years remaining as an Executive Director, in accordance with Section 2.5 of the Revised Guidelines for Mortgage Banks.
“Similarly, Mr. Michael Omolaja, who served between 2016 and 2023, has only one year left as an Independent Non-Executive Director, in line with Section 2.5 of the Revised Guidelines for Primary Mortgage Banks in Nigeria.”
