CBN Rejects Osun Former Commissioner As Bank Director

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.

Adeleke had appointed Bolorunduro, who served under Rauf Aregbesola’s administration, as Director and Chairman of the bank in 2024.

However, in a letter dated March 21, 2025, and signed by the Director of Other Financial Institutions Supervision Department, Oluwasola Ajewole, the CBN declined Bolorunduro’s nomination, citing his involvement in a board crisis as revealed in an investigation conducted by CBN examiners as of May 31, 2024.

The letter stated partially, “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.”

It further directed the Osun State Government to replace him with a neutral candidate to ensure stability on the bank’s board, stating, “The OSSG will be required to replace him with a neutral person to ensure stability on the board.”

While rejecting Bolorunduro, the CBN approved the appointment of ten other nominees as Managing, Executive, Non-Executive, and Independent Non-Executive Directors.

Additionally, the apex bank requested further documentation within three months for two other appointees, Afolabi Olanrewaju Olatunji and Ogungbile Adeola Olusola, warning that failure to submit the documents would nullify their approvals.

The letter stated, “However, 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.”

It also directed that Olatunji “should provide a letter of undertaking that he would make good the non-performing loan with Prudential Mortgage Bank” while Ogungbile “should make available an Executed Code of Conduct form for Directors of Other Financial Institutions.”

Furthermore, the letter clarified the tenure limits of two directors, stating, “Also, note that Mrs. Olaitan who had served on the board between 2018 to date, has only four years remaining as an Executive Director, in line with Section 2.5 of the Revised Guidelines for Mortgage Banks. Likewise, Mr. Michael Omolaja who had served between 2016 to 2023, has only one year remaining as an Independent Non-Executive Director in line with Section 2.5 of the Revised Guidelines for Primary Mortgage Banks in Nigeria.”