Concerns mount as Osun governor appoints chairperson for public-listed company

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The 2023 audited annual report of Living Trust Mortgage Bank shows Citi Trust Holdings now holds 40.82 per cent, while Osun State Government owns 39.83 per cent.

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A letter dated 8 April, signed by Olawale Rasheed, the chief press secretary to Osun State governor, named Wale Bolorunduro, a former commissioner of finance, budget and economic planning on Osun State as “a director and chairman designate on the board of Living Trust Mortgage Bank Plc.” “It’s by voting. So you have to nominate. Directors have different regimes. So after the tenure of let’s say someone that is already existing before, so after the person’s tenure has elapsed, whoever is eligible or someone they are trying to nominate,” David Adu, senior advisor at the investment bank Meristem Securities, said.

“Why these things are scary is because if we breathe here, we tell CBN. It is the most regulated sector of the economy,” Mr Gbadeyan said. To expand its capital base, Living Trust Mortgage is holding talks with international and domestic investors, the company said in a regulatory filing in March. An investment group owned by institutional and private investors, Citi Trust Holdings, has assets worth N45.6 billion, according to its latest earnings report, with interest in commercial banking, wealth management, investment bank, pension management among others.

 

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