The leadership uncertainty at LivingTrust Mortgage Bank Plc, an Osun State-owned financial institution, has been officially resolved, with the Central Bank of Nigeria (CBN) confirming Dr. Kamaldeen Adekilekun as its substantive Chairman.
In a letter dated March 27, 2026, addressed to the Osun State Government, the apex bank formally affirmed Dr. Adekilekun’s appointment. The correspondence, signed by Amonia Opusunju on behalf of the Director of the Financial Institutions Supervision Department, referenced an earlier communication outlining the regulatory framework for board appointments.
The CBN emphasized that nominations and appointments approved by the regulator are tenured, in line with Sections 2.4.5 and 2.4.6 of the Code of Corporate Governance for Primary Mortgage Banks in Nigeria. The apex bank further stated that such appointments cannot be withdrawn arbitrarily without clear regulatory justification.
The regulator also clarified that there was no evidence of any regulatory breach or disqualification on the part of Dr. Adekilekun. According to the CBN, “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 position, the CBN rejected requests for his removal and directed that the existing board structure remain intact, noting: “Based on the foregoing, we therefore decline your request to withdraw Dr. Adekilekun’s appointment.”
The development ends months of speculation over the bank’s leadership and reinforces the regulatory oversight role of the central bank in maintaining stability within Nigeria’s mortgage banking sector.