The Central Bank of Nigeria (CBN) has officially confirmed the appointment of Kamaldeen Adekilekun as the substantive Chairman of the Board of Directors of LivingTrust Mortgage Bank Plc, bringing an end to a prolonged leadership dispute surrounding the Osun State-owned financial institution.
In a letter dated March 27, 2026, addressed to the Osun State Government, the apex bank affirmed that Adekilekun’s appointment remains valid and binding. The correspondence, signed by Amonia Opusunju on behalf of the Director of the Financial Institutions Supervision Department, reiterated the regulatory framework guiding such appointments.
The CBN referenced its earlier communication, stating that once a board nomination is approved, it becomes a tenured appointment in line with Sections 2.4.5 and 2.4.6 of the Code of Corporate Governance for Primary Mortgage Banks in Nigeria.
“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,” the bank stated.
The regulator emphasised that such appointments cannot be arbitrarily withdrawn without clear regulatory grounds. It noted that there was no evidence suggesting that Adekilekun had breached any provisions of the Banks and Other Financial Institutions Act 2020 (BOFIA 2020) or any CBN regulation that would warrant his removal.
“We also averred 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,” the CBN added.
The decision effectively resolves months of uncertainty following earlier attempts by the Osun State Government to withdraw his nomination in early 2025. Reaffirming its position, the apex bank declined the request for his removal and directed that the current board structure be maintained.
Adekilekun, a seasoned legal practitioner with over 23 years of experience and a PhD in Law, was nominated by the Osun State Government, a major shareholder in the bank. He has previously served in the Bayelsa State Government and as Managing Partner of a law firm.
