CBN confirms Adekilekun as substantive chairman of Osun state-owned bank
The Central Bank of Nigeria has confirmed the appointment of Dr. Kamaldeen Adekilekun as the substantive Chairman of LivingTrust Mortgage Bank Plc, ending uncertainty surrounding the leadership of the Osun
- From Toba Adedeji, Osogbo
The Central Bank of Nigeria has confirmed the appointment of Dr. Kamaldeen Adekilekun as the substantive Chairman of LivingTrust Mortgage Bank Plc, ending uncertainty surrounding the leadership of the Osun State-owned financial institution.
In a letter dated March 27, 2026, and addressed to the Osun State Government, the apex bank affirmed the appointment. The correspondence was signed by Amonia Opusunju on behalf of the Director of the Financial Institutions Supervision Department.
The regulator referenced an earlier communication, stating: “In our letter with reference number OFI/DOL/CON/PLI/001/213, we drew your attention to the fact that board nomination and appointment, once approved by the CBN, is a tenured appointment as prescribed in Sections 2.4.5 and 2.4.6 of the Code of Corporate Governance for Primary Mortgage Banks in Nigeria.”
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The CBN reiterated that board nominations and appointments approved by the regulator are tenured and governed by the Code of Corporate Governance for Primary Mortgage Banks in Nigeria.
It stressed that such appointments cannot be withdrawn arbitrarily without clear regulatory justification.
The apex bank further clarified that there was no regulatory breach that could invalidate the chairman’s position, stating that “We also averred, in our letter, that there was nothing in your letter suggesting that Dr. Adekilekun was in breach of the relevant sections of BOFIA 2020 or any CBN regulation which could disqualify him from holding the position or completing his term of office.”
Reaffirming its regulatory stance, the CBN firmly rejected the request for his removal and directed that the current structure be maintained. “Based on the foregoing, we therefore decline your request to withdraw Dr. Adekilekun’s appointment”.
