Get Guardian on GoogleThe Central Bank of Nigeria has reaffirmed Dr. Kamaldeen Adekilekun as the substantive Chairman of LivingTrust Mortgage Bank Plc, putting to rest recent uncertainty surrounding the bank’s leadership.
In an official letter dated March 27, 2026, addressed to the Osun State Government, the apex bank made it clear that Dr. Adekilekun’s appointment remains valid and binding.
The CBN reiterated that board nominations and appointments, once 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It stressed that such appointments cannot be arbitrarily withdrawn without clear regulatory justification.
From the copy of the letter obtained by our correspondent, the CBN stated:
“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 (the Code).”
The apex bank further clarified that there was no regulatory breach that could invalidate the chairman’s position: The letter stated “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”.
The letter was in response to an earlier request seeking the withdrawal of his appointment.
However, the apex bank declined the request for the second time, having previously communicated the same position in a letter dated January 19, 2026.
Industry observers note that the decision reinforces the CBN’s commitment to regulatory discipline, corporate governance, and institutional stability within Nigeria’s financial system.
The development is expected to bring clarity and reassurance to stakeholders, investors, and customers of LivingTrust Mortgage Bank, as the institution continues its operations under the current board leadership.
