The Osun State Government has strongly opposed the Central Bank of Nigeria’s (CBN) decision to reject its nominee Dr. Wale Boluwaduro for a directorial position at LivingTrust Mortgage Bank.
In a statement signed by Olawale Rasheed, spokesperson to Governor Ademola Adeleke, the state government described the CBN’s decision as unjust. It urged the apex bank to reconsider in the interest of due process, compliance with regulatory acts, and shareholder rights.
According to Mr Rasheed, “as a major shareholder and as largest depositor in the said bank, the state has an inalienable right to nominate a director which in this case is Dr Wale Boluwaduro.”
He added that Boluwaduro has no record of criminal or professional misconduct, while calling on the CBN to review its decision to protect the state’s interests.
The government warned that failing to grant the state its rights in the directorship appointment could prompt a reassessment of its banking relationship with LivingTrust. It also criticized the CBN for allegedly basing its decision on a one-sided internal visitation report from May 2024, while disregarding submissions made by the state government.
Governor Adeleke had appointed Boluwaduro, a former commissioner under Rauf Aregbesola’s administration, as Director and Chairman of LivingTrust Mortgage Bank in 2024. However, the CBN declined his nomination in a letter dated March 21, 2025, citing his alleged involvement in a board crisis identified during an investigation conducted in May 2024.
The letter, signed by Oluwasola Ajewole, Director of Other Financial Institutions Supervision at the CBN, approved 10 other nominees but excluded Boluwaduro.
It partially read: “Dr. Adewale Boluwaduro’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.”
The letter also included directives for other nominees, such as providing additional documents and letters of undertaking, and highlighted tenure limitations for some board members in line with revised guidelines for mortgage banks.
Osun State insists that the CBN reconsider Boluwaduro’s nomination, emphasising the need for fairness and adherence to shareholder rights in the governance of LivingTrust Mortgage Bank.
