CBN Rejects Governor Adeleke's Nominee For Osun Mortgage Bank Director Role

CBN Declines Ex-Finance Commissioner’s Nomination Amid Board Crisis

Hey there, let me break it down for you. The Central Bank of Nigeria (CBN) has decided not to give the green light to Governor Ademola Adeleke’s choice of Wale Bolorunduro as a Director of Osun State’s Living Trust Mortgage Bank. This decision has raised eyebrows and sparked discussions around the state's financial leadership decisions.

As reported by Naija News, Governor Adeleke appointed Bolorunduro, who previously served as Finance Commissioner under former Governor Rauf Aregbesola, as both Director and Chairman of the Living Trust Mortgage Bank in 2024. But hold on—things didn’t go exactly as planned.

CBN's Letter: What Happened?

In a formal letter dated March 21st, 2025, the CBN officially turned down the nomination of Dr. Adewale Bolorunduro. The reason? The apex bank claims he was involved in a board crisis that was uncovered during an investigation conducted back in May 2024. Signed by Oluwasola Ajewole, Director of the Other Financial Institutions Supervision Department, the letter stated:

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“Dr. Adewale Bolorunduro’s approval is declined due to his involvement in the board crisis as ascertained in the investigation carried out by the CBN Examiners as at May 31, 2024.”

Now, here’s the kicker: the Osun State Secretariat Group (OSSG) is tasked with replacing Bolorunduro with someone who can maintain stability on the board. It’s like a chess game where every move matters.

Other Appointments: Approved but With Conditions

While Bolorunduro’s nomination hit a roadblock, the CBN approved the appointments of ten other individuals as Managing, Executive, Non-Executive, and Independent Non-Executive Directors. However, there are a few conditions attached.

“You are required to forward the following additional documents in respect of the below appointees within three months from the date of this letter. Failure to do so would nullify the approval of the appointments of Mr. Afolabi Olanrewaju Olatunji and Mr. Ogungbile Adeola Olusola.”

Specifically, the CBN wants Mr. Olatunji to provide a letter of undertaking to settle a non-performing loan with Prudential Mortgage Bank. Meanwhile, Mr. Ogungbile needs to submit an executed Code of Conduct form for Directors of Other Financial Institutions. These aren’t just formalities—they’re crucial steps to ensure transparency and accountability.

Term Limits: A Reminder

The CBN also highlighted term limits for some board members. For instance, Mrs. Olaitan, who has been serving on the board since 2018, only has four years left as an Executive Director, according to 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.

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It’s clear that the CBN is taking a firm stance to ensure stability, transparency, and compliance within the governance structure of Living Trust Mortgage Bank. This decision sends a strong message about the importance of integrity in leadership roles, especially in critical financial institutions.