The Central Bank of Nigeria (CBN) has rejected Governor Ademola Adeleke’s nomination of former Finance Commissioner Wale Bolorunduro as a director of Osun State-owned Living Trust Mortgage Bank.
Reports indicate that Bolorunduro, who served under former Governor Rauf Aregbesola, was appointed by Adeleke as the bank’s Director and Chairman in 2024.
However, in a letter dated March 21, 2025, with reference number OFI/SG2/CON/PLI/018/171, the CBN declined his nomination.
The letter, signed by Oluwasola Ajewole, Director of the Other Financial Institutions Supervision Department, stated that Bolorunduro’s involvement in a previous board crisis—revealed through a CBN investigation as of May 31, 2024—was the reason for the rejection.
The apex bank advised that a neutral individual be selected to ensure board stability.
While Bolorunduro’s nomination was denied, the CBN approved 10 other appointments, including individuals designated as Managing, Executive, Non-Executive, and Independent Non-Executive Directors.
Also, the CBN instructed two appointees, Afolabi Olanrewaju Olatunji and Ogungbile Adeola Olusola, to submit specific documents within three months.
Olatunji must provide a letter of undertaking regarding a non-performing loan at Prudential Mortgage Bank, while Ogungbile is required to submit an executed Code of Conduct form for Directors of Other Financial Institutions.
The letter also clarified the tenure limits for two board members. Mrs. Olaitan, who has served since 2018, has only four years remaining as an Executive Director under Section 2.5 of the Revised Guidelines for Mortgage Banks.
Likewise, Mr. Michael Omolaja, who was on the board from 2016 to 2023, has just one year left as an Independent Non-Executive Director under the guidelines for Primary Mortgage Banks in Nigeria.