CBN rejects Adeleke’s nomination of Bolorunduro as Director of Living Trust Mortgage Bank

The Central Bank of Nigeria (CBN) has turned down Governor Ademola Adeleke’s nomination of former Finance Commissioner, Wale Bolorunduro, as a director of Osun State-owned Living Trust Mortgage Bank.

According to The Nation, Bolorunduro, who previously served under former Governor Rauf Aregbesola, was appointed by Adeleke as the Director and Chairman of the bank in 2024.

However, the CBN, in a letter dated March 21, 2025, with reference number OFI/SG2/CON/PLI/018/171, rejected his nomination.

The letter, signed by Oluwasola Ajewole, Director of the Other Financial Institutions Supervision Department, cited Bolorunduro’s involvement in a board crisis uncovered during a CBN investigation conducted as of May 31, 2024.

The apex bank requested that a neutral individual be appointed in his place to maintain stability on the board.

While Bolorunduro’s nomination was declined, the CBN approved 10 other appointments for positions including Managing, Executive, Non-Executive, and Independent Non-Executive Directors.

Also, the letter mandated that two appointees, Afolabi Olanrewaju Olatunji and Ogungbile Adeola Olusola, submit further documentation within three months.

Olatunji was directed to provide a letter of undertaking regarding a non-performing loan with Prudential Mortgage Bank, while Ogungbile was required to submit an executed Code of Conduct form for Directors of Other Financial Institutions.

The CBN also clarified the tenure limitations of two existing board members. Mrs. Olaitan, who has been on the board since 2018, has only four years left as an Executive Director, in line with Section 2.5 of the Revised Guidelines for Mortgage Banks.

Similarly, Mr. Michael Omolaja, who served from 2016 to 2023, has just one year remaining as an Independent Non-Executive Director under the same guidelines for Primary Mortgage Banks in Nigeria.