Institutional Stability: CBN Rejects Removal Request, Reaffirms Dr. Kamaldeen Adekilekun as LivingTrust Mortgage Bank Chairman

The CBN rejects the request to remove Dr. Kamaldeen Adekilekun as Chairman of LivingTrust Mortgage Bank, citing corporate governance and tenure rules.

By: AXL Media

Published: Mar 30, 2026, 4:20 AM EDT

Source: The information in this article was sourced from The Sun Nigeria

CBN Mandates Regulatory Discipline Over Board Appointments

The Central Bank of Nigeria (CBN) has intervened in the leadership dispute at LivingTrust Mortgage Bank Plc, providing a definitive ruling on the status of its board. In a formal communication to the Osun State Government, the regulator reaffirmed Dr. Kamaldeen Adekilekun as the substantive Chairman. This decision underscores the CBN's stance that once a board nomination is vetted and approved by the apex bank, it becomes a tenured position protected by the Code of Corporate Governance for Primary Mortgage Banks in Nigeria. The ruling effectively blocks attempts to replace the chairman through political or administrative directives.

Protection Under BOFIA 2020 and Corporate Governance Codes

Central to the CBN's refusal to withdraw the appointment is the Banks and Other Financial Institutions Act (BOFIA) 2020. The regulator noted that there has been no evidence of a regulatory breach or disqualifying conduct by Dr. Adekilekun that would justify his removal before the end of his term. By citing Sections 2.4.5 and 2.4.6 of the Governance Code, the CBN highlighted that institutional stability is prioritized over arbitrary changes. This move is seen as a safeguard against the "revolving door" of leadership that can sometimes plague financial institutions with state-level involvement.

A History of Leadership Continuity Disputes

The recent friction follows a previous attempt in January 2026 to alter the bank's leadership structure, which the CBN also rejected. The repeated attempts to withdraw Dr. Adekilekun’s appointment have raised questions regarding the intersection of state interests and independent financial regulation. By maintaining the current board structure, the CBN aims to ensure that LivingTrust Mortgage Bank remains insulated from external pressures that do not align with established financial safety and soundness standards.