The Osun State Government has rejected the position of the Central Bank of Nigeria on its nominee for the directorship of Living Trust Mortgage Bank, urging the apex bank to review its position in the interest of due process, compliance with regulatory acts and shareholder interest.

The State Government In a statement signed by Mallam Olawale Rasheed, Spokesman of Governor Ademola Adeleke, posited that as a major shareholder and as largest depositor in the said bank, the state has inalienable right to nominate a director which in this case is Dr Wale Boluwaduro.

While affirming that its nominee has no criminal or professional misconduct, the government urged the leadership of the apex bank to reconsider its decision so as to protect the state's interest as a major shareholder in the said bank.

Osun State Government posited in the statement issued on Tuesday ?that failure to grant the state its due rights in the appointment of a director may lead to a review of its banking relationship with the Living Trust as the depositor with various running costs of the Ministry, Department and Agency in the bank.?

The statement narrated that up till March 18, there were attempts to evaluate Dr Bolorunduro based on technicality and credibility, noting that It was when that failed that a one sided internal visitation report, written since May 2024 was now used as a basis for the CBN decision.

?The State Government wonders why the submissions of the government on the visitation were not considered.

?The CBN is invited to note that officials who came only spoke to CitiTrust alone,? the statement said.

Update news