The Central Bank of Nigeria (CBN) has rejected the nomination of former Osun State Finance Commissioner, Dr. Wale Bolorunduro, as a Director of LivingTrust Mortgage Bank, an Osun State-owned financial institution. Governor Ademola Adeleke had appointed Bolorunduro, a key figure from former Governor Rauf Aregbesola’s administration, as both Director and Chairman of the bank in 2024.
According to a report by The Nation, the CBN’s rejection was conveyed in an official letter dated March 21, 2025, with reference number OFI/SG2/CON/PLI/018/171. The letter, signed by Oluwasola Ajewole, Director of the Other Financial Institutions Supervision Department, cited findings from an investigation by CBN Examiners. The probe revealed Bolorunduro’s involvement in a boardroom crisis at the bank as of May 31, 2024, which was deemed sufficient grounds for disqualification.
While the CBN approved ten other appointments, including those of the Managing Director, Executive Directors, Non-Executive Directors, and Independent Non-Executive Directors, Bolorunduro’s candidacy was declined.
In addition to rejecting Bolorunduro, the apex bank requested further documentation for two other appointees, Afolabi Olanrewaju Olatunji and Ogungbile Adeola Olusola. The bank gave a three-month deadline to submit the required documents, warning that failure to comply would result in revocation of their approvals.
- Olatunji was instructed to provide a letter of undertaking to settle a non-performing loan with Prudential Mortgage Bank.
- Olusola was asked to submit a completed Code of Conduct form for directors of Other Financial Institutions.
The CBN also addressed tenure limits for two existing board members:
- Mrs. Olaitan, on the board since 2018, has only four years left as an Executive Director under current regulations.
- Mr. Michael Omolaja, who served from 2016 to 2023, has just one year remaining as an Independent Non-Executive Director, in line with the Revised Guidelines for Primary Mortgage Banks in Nigeria.
The rejection of Bolorunduro’s nomination raises questions about internal conflicts at LivingTrust Mortgage Bank and the state government’s choice of candidates for key financial institutions.
