CBN Rejects Adeleke’s Nomination of Ex-Aregbesola’s Commissioner as Osun Bank Director
The Central Bank of Nigeria (CBN) has declined Governor Ademola Adeleke’s nomination of former Finance Commissioner, Wale Bolorunduro, as a Director of the Osun State-owned Living Trust Mortgage Bank.
Governor Adeleke had appointed Bolorunduro, who served under former Governor Rauf Aregbesola, as Director and Chairman of the bank in 2024. However, the apex bank, in a letter dated March 21, 2025, with reference number OFI/SG2/CON/PLI/018/171, declined his nomination.
The letter, signed by the Director of Other Financial Institutions Supervision Department, Oluwasola Ajewole, cited Bolorunduro’s involvement in a board crisis as a reason for the rejection. The CBN stated that its investigation, as of May 31, 2024, confirmed his role in the dispute, prompting the decision to decline his approval.
“The Osun State Government (OSSG) will be required to replace him with a neutral person to ensure stability on the board,” the letter stated.
Approval for Other Nominees
While rejecting Bolorunduro’s nomination, the CBN approved 10 other individuals for various leadership roles, including Managing, Executive, Non-Executive, and Independent Non-Executive Directors.
However, the apex bank requested additional documentation within three months for two appointees—Mr. Afolabi Olanrewaju Olatunji and Mr. Ogungbile Adeola Olusola. Failure to provide the required documents, the CBN warned, would nullify their appointments.
Specifically, Olatunji is required to submit a letter of undertaking to settle a non-performing loan with Prudential Mortgage Bank, while Ogungbile must provide a duly executed Code of Conduct form for Directors of Other Financial Institutions.
Additionally, the CBN clarified the tenure limits for two existing directors. Mrs. Olaitan, who has served on the board since 2018, has only four years remaining as an Executive Director in accordance with Section 2.5 of the Revised Guidelines for Mortgage Banks. Similarly, Mr. Michael Omolaja, who served from 2016 to 2023, has only one year left as an Independent Non-Executive Director.
The rejection of Bolorunduro’s nomination underscores the CBN’s commitment to maintaining stability in financial institutions and ensuring that board members meet regulatory standards. The Osun State Government is now expected to propose a replacement to avoid further disruptions in the bank’s leadership structure.
Reference
CBN Rejects Adeleke’s Nomination of Ex-Aregbesola’s Commissioner as Osun Bank Director