The Osun State Government has resubmitted the nomination of former Finance Commissioner Adewale Bolorunduro as a non-executive director at Living Trust Mortgage Bank to the Central Bank of Nigeria.
This comes after the CBN recently rejected Bolorunduro’s appointment, citing a report from a visitation panel investigating a dispute between the bank and the state government.
In April 2024, Governor Ademola Adeleke had nominated Bolorunduro to serve as chairman of the bank, where Osun State holds the largest deposit. However, the CBN dismissed the nomination, referencing the visitation panel’s findings on ongoing disagreements between the state and the bank’s management.
In a statement issued from Osogbo, the governor’s spokesperson, Olawale Rasheed, argued that the state’s previous disputes with the bank were well-documented in official letters dated May 8 and 19, 2023. Rasheed added that the contents of these letters would be made public if the current impasse is not resolved.
The statement further clarified that the visitation by CBN officials in May 2024 occurred after CitiTrust, the bank’s management, obtained a court order preventing the board from convening to recover unauthorized funds disbursed to customers. The state also referenced an official letter from June 10, 2024, to share its side of the dispute.
The Osun government expressed concern that the CBN had not communicated any dissatisfaction with the state until March 2025 and criticized the rejection of Bolorunduro, who had not been faulted on grounds of integrity, qualifications, or credit rating.
The state emphasized that the previous disputes had been resolved amicably outside of court, with Bolorunduro playing a key role in securing fair and equitable terms for Osun. In light of this, Osun justified its decision to re-submit Bolorunduro’s nomination, asserting its right to nominate directors to represent its interests on the bank’s board.
The government also rejected the March 21, 2025, decision by CBN’s Other Financial Institutions Supervision Department, urging CBN Governor to review the concerns raised, including the premature and prejudicial rejection of Bolorunduro. Osun further pointed to the allegations of fraud involving CitiTrust, noting that the EFCC had declared the entity a Ponzi scheme, and suggested that the CitiTrust-led management was the source of the ongoing issues.
The state reminded the CBN that it remains the largest depositor at Living Trust Mortgage Bank, with active accounts for its ministries, departments, and agencies.
