Living Trust Bank Ignores Adeleke’s Directives, Recognises Adekilekun as Chairman
By Erewunmi Peace
Despite directives from Osun State Governor Ademola Adeleke, Living Trust Mortgage Bank has officially recognized Dr. Kamaldeen Adekilekun as Chairman of its Board of Directors, in a move that has stirred controversy in the banking and regulatory sector.
On April 19, 2025, Governor Adeleke issued a formal letter withdrawing Dr. Adekilekun’s nomination as a non-executive director, signed by Olusoji Wonuade, a permanent secretary in the Office of the Secretary to the State Government. The withdrawal letter, however, was reportedly not processed or acknowledged by the bank, allowing Dr. Adekilekun’s appointment to proceed.
The state government has expressed concerns over the bank’s dealings with the CitiTrust Group, which has been declared a Ponzi scheme by the Economic and Financial Crimes Commission (EFCC). Officials urged the Central Bank of Nigeria (CBN) to compel Living Trust Bank to hold its next Annual General Meeting (AGM) within 45 days and to respect shareholders’ rights to propose resolutions.
“The state government is closely monitoring the situation. We are particularly concerned about the bank’s governance practices and its association with groups previously flagged for fraudulent activities,” a government source stated.
The unfolding situation highlights ongoing governance challenges within Living Trust Mortgage Bank, raising questions about the influence of state directives on private banking operations. Industry observers note that the case may have implications for regulatory compliance and investor confidence in the Nigerian mortgage banking sector.
