Why CBN Rejected Ex-Commissioner’s Nomination as Bank Director

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The Central Bank of Nigeria (CBN) has rejected Governor Ademola Adeleke’s nomination of ex-Finance Commissioner, Wale Bolorunduro, as a director of Osun State-owned bank, Living Trust Mortgage Bank. This decision was made due to Bolorunduro’s involvement in a previous board crisis, as revealed by a CBN investigation in May 2024.

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Adeleke had appointed Bolorunduro, who served under former Governor Rauf Aregbesola, as the Director and Chairman of Living Trust Mortgage Bank in 2024. However, the CBN declined his nomination in a letter dated March 21st, 2025, stating, “Dr. Adewale Bolorunduro’s approval is declined due to his involvement in the board crisis… The OSSG will be required to replace him with a neutral person to ensure stability on the board”

The CBN approved the nomination of ten others as Managing, Executive, Non-Executive, and Independent Non-Executive Directors. However, two appointees, Afolabi Olanrewaju Olatunji and Ogungbile Adeola Olusola, were required to submit additional documents within three months. Olatunji must provide a letter of undertaking to make good on a non-performing loan with Prudential Mortgage Bank, while Ogungbile must submit an executed code of conduct form for directors of other financial institutions.

Additionally, the CBN noted that Mrs. Olaitan, who has served on the board since 2018, has only four years remaining as an Executive Director, in line 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 remaining as an Independent Non-Executive Director

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