By Lateef Dada, Osogbo
The Central Bank of Nigeria (CBN) has reaffirmed Dr Kamaldeen Adekilekun as the substantive Chairman of LivingTrust Mortgage Bank Plc, ending recent uncertainty about the bank’s leadership.
In an official letter dated March 27, 2026, addressed to the Osun State Government, the apex regulator stated that Dr Adekilekun’s appointment remains valid and binding.
The CBN explained that once board nominations and appointments are approved by the regulator, they are tenured and guided by the Code of Corporate Governance for Primary Mortgage Banks in Nigeria. It added that such appointments cannot be withdrawn arbitrarily without clear regulatory grounds.
In a copy of the letter obtained by our correspondent, the CBN noted that its earlier communication (reference number OFI/DOL/CON/PLI/001/213) highlighted that the appointment was tenured in line with Sections 2.4.5 and 2.4.6 of the Code.
The CBN also stated that there was no regulatory breach that would invalidate Adekilekun’s position, saying there was “nothing” in the request letter indicating that he breached relevant provisions of BOFIA 2020 or any CBN regulation that would disqualify him or prevent him from completing his term.
Rejecting the request for his removal, the CBN directed that the current board structure be maintained, stating, “Based on the foregoing, we therefore decline your request to withdraw Dr Adekilekun’s appointment.”
The development followed an earlier request seeking the withdrawal of the chairman’s appointment. The CBN said it had previously communicated the same position in a letter dated January 19, 2026.
Industry observers described the decision as a reaffirmation of the CBN’s commitment to regulatory discipline, corporate governance, and institutional stability in Nigeria’s financial sector.
The clarification is expected to bring confidence to stakeholders, investors, and customers of LivingTrust Mortgage Bank as operations continue under the existing leadership.
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