By Boluwatife Adedokun
The Central Bank of Nigeria (CBN) has reaffirmed Dr Kamaldeen Adekilekun as the substantive Chairman of LivingTrust Mortgage Bank Plc, putting an end to recent uncertainty surrounding the leadership of the bank.
In an official letter dated March 27, 2026, and addressed to the Osun State Government, the apex bank stated that Adekilekun’s appointment remains valid and binding. The letter was signed by Amonia Opusunju on behalf of the Director of the Financial Institutions Supervision Department.
The CBN explained that board nominations and appointments approved by the regulator are tenured and governed by the Code of Corporate Governance for Primary Mortgage Banks in Nigeria, adding that such appointments cannot be withdrawn arbitrarily without clear regulatory justification.
According to the letter obtained by our correspondent, the apex bank referenced an earlier communication which stated that the appointment was tenured in line with Sections 2.4.5 and 2.4.6 of the Code of Corporate Governance.
The bank also noted that there was no regulatory breach that would invalidate Adekilekun’s position, stating that there was nothing in the request submitted to the regulator indicating that he violated any provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 or any CBN regulation that would disqualify him from completing his tenure.
Rejecting the request for his removal, the CBN directed that the current board structure of the bank be maintained.
“Based on the foregoing, we therefore decline your request to withdraw Dr Adekilekun’s appointment,” the letter stated.
The development followed an earlier request seeking the withdrawal of the chairman’s appointment, which the CBN said it had previously declined in a letter dated January 19, 2026.
Industry observers say the decision reinforces the CBN’s commitment to regulatory discipline, corporate governance and institutional stability within Nigeria’s financial sector.
The clarification is expected to reassure stakeholders, investors and customers of LivingTrust Mortgage Bank as the institution continues operations under its current leadership.
