A former banker and a one-time Commissioner for Finance in Osun State, Dr Adewale Bolorunduro, has been recommended for appointment as Non-Executive Director/ Chairman of the Living Trust Mortgage Bank Plc.
A statement issued in Osogbo and made available to Team@orientactualmags.com on Tuesday by Governor Ademola Adeleke’s spokesperson, Mallam Olawale Rasheed noted that the state government has for the second time forwarded Dr Wale Bolorunduro’s name to the Central Bank of Nigeria (CBN) while faulting the apex bank’s previous decision to reject the person recommended by the state government on the basis of what it called ‘one-sided visitation panel report’ that had to do with the disputes between the financial institution and Osun State government.
The state government also referred to the official letters that were dated May 8 and 19 ,2023, to show that the disputes had been in existence since 2023 while threatening to make the contents of the letters in question public if remedial measures are not taken.
‘On the visitation of the CBN officials in May 2024 which was after the Citi Trust had obtained ‘court restraint’ disallowing the board from meeting to recover unauthorized funds disbursed to customers, the state cited its official letter dated 10th June 2024, to state its own side of the story’ the statement said.
The state government also noted that the CBN never notified the state that there were complaints, it was therefore puzzling that the apex bank took a decision to reject the person who had been nominated and who has not been faulted based on integrity, qualification and credit rating .
The CBN had according to the statement asked him to forward information in this respect until their decision of 18th March, 2025.
The state government also justified its decision to recommend Dr Adewale Bolorunduro for the job citing the inalienable rights of the state and its local governments to nominate directors to represent their interests on the board of the bank.
‘By doing this, the state has rejected the March 21st, 2025 verdict of the CBN officials from other Financial Institutions Supervision(OFIs) Department and urges the CBN governor to look into its various concerns which include predetermined and pre judicial rejection of Dr Bolorundunro, who has been on board since 19th April, 2024’ the statement submitted while adding that it is of a considered opinion that Citi Trust is the one causing the problem having gotten declared as a Ponzi scheme by the Economic and Financial Crimes Commission (EFCC).
The state government has also hinted at exiting the financial institution if necessary steps are not taken to correct the situation.
‘Osun State remains the largest depositors of the Living Trust Mortgage Bank with running cost accounts of the ministry , department and agencies of the government in the bank .
The state government is ready to review its relationship with the bank if its unjust treatment persists’ the statement added-Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980 or get in touch via orientactualmag@gmail.com. Thank you
