The Central Bank of Nigeria (CBN) has rejected Osun State Governor, Ademola Adeleke’s nomination of former Commissioner for Finance, Wale Bolorunduro, as a Director of Living Trust Mortgage Bank.
The apex bank, in a letter dated March 21, 2025, cited Bolorunduro’s involvement in a previous board crisis as the reason for declining his nomination. The letter, signed by the Director of the Other Financial Institutions Supervision Department, Oluwasola Ajewole, stated that the CBN had approved the nomination of 10 other directors but insisted that Bolorunduro be replaced with a neutral candidate to ensure stability in the bank’s leadership.
“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 of May 31, 2024,” the letter read in part.
The CBN directed the Osun State Government (OSSG) to submit additional documentation within three months for two approved nominees—Afolabi Olanrewaju Olatunji and Ogungbile Adeola Olusola—or risk the nullification of their appointments. Olatunji was required to provide a letter of undertaking to resolve a non-performing loan with Prudential Mortgage Bank, while Ogungbile was instructed to submit an executed Code of Conduct form.
The letter also highlighted the tenure limitations for two existing board members, noting that Mrs. Olaitan, who has served since 2018, has four years remaining as an Executive Director, while Mr. Michael Omolaja, who served between 2016 and 2023, has only one year left as an Independent Non-Executive Director under the Revised Guidelines for Primary Mortgage Banks in Nigeria.
The CBN’s decision is expected to influence the leadership structure of the state-owned financial institution, as the Osun government will now be required to nominate a new candidate in place of Bolorunduro.
