The Central Bank of Nigeria (CBN) has reaffirmed Dr Kamaldeen Adekilekun as the substantive Chairman of LivingTrust Mortgage Bank Plc, resolving recent uncertainty surrounding the bank’s leadership.
In an official letter dated March 27, 2026, addressed to the Osun State Government, the CBN confirmed that Dr Adekilekun’s appointment remains valid and binding.
The apex regulator explained that board nominations and appointments, once approved, are tenured and guided by the Code of Corporate Governance for Primary Mortgage Banks in Nigeria. Such appointments cannot be withdrawn arbitrarily without clear regulatory grounds.
According to the letter obtained by our correspondent, the CBN referenced its earlier communication (reference number OFI/DOL/CON/PLI/001/213), noting that the appointment was tenured in line with Sections 2.4.5 and 2.4.6 of the Code. The regulator also affirmed that there was no regulatory breach by Dr Adekilekun that would invalidate his position, stating there was “nothing” in the request letter suggesting a breach of BOFIA 2020 or any CBN regulation.
Rejecting the request for his removal, the CBN directed that the current board structure remain unchanged, stating: “Based on the foregoing, we therefore decline your request to withdraw Dr Adekilekun’s appointment.”
The reaffirmation follows an earlier attempt to withdraw the chairman’s appointment. The CBN had previously communicated the same stance in a letter dated January 19, 2026.
Industry observers have described the decision as a reinforcement of the CBN’s commitment to regulatory discipline, corporate governance, and institutional stability in Nigeria’s financial sector.
The clarification is expected to restore confidence among stakeholders, investors, and customers of LivingTrust Mortgage Bank, ensuring operations continue under the existing leadership.
