The Osun State chapter of the Peoples Democratic Party, PDP, and one of the leading 2026 governorship aspirants, Bola Oyebamiji, have traded blame over the fraudulent sale of Osun Living Trust Bank to a Ponzi scheme.

While the PDP’s Council on Public Communications challenged Oyebamiji to explain his role in the sale of the state government asset to a Ponzi scheme, as recently declared by the Economic and Financial Crimes Commission, EFCC, the incumbent Managing Director/CEO of the National Inland Waterways Authority, NIWA, denied pointing an accusing finger at Wale Bolorunduro, said to be an advisor to Governor Ademola Adeleke.

According to the PDP, Oyebamiji should explain his role before thinking of contesting the forthcoming poll.

“Before Mr. Oyebamiji, a.k.a Amunbo, should contest for Osun governorship, we dare him to explain his role in the corruption-ridden sale of Osun bank to a Ponzi scheme. He was the Commissioner of Finance who oversaw the sale.

“A major state asset was disposed of under criminal circumstances. On behalf of the Osun people, we demand explanations,” the ruling party said.

Reacting on behalf of Oyebamiji, the Coordinator of AMBO Media Fronts, Adebayo Adedeji, maintained that the claim that Oyebamiji was involved in the said transaction is imagined, false, and misleading, adding that “it is a calculative plot to cast aspersion on the good name of the man the patriotic Osun citizens are yearning for to rescue them from the current bad governance of Senator Ademola Adeleke.”

“In an interview with Daily News published on December 31, 2013, Wale Bolorunduro, who was the finance commissioner at the time, explained, ‘We believed that by December 27, 2013, Omoluabi Savings and Loans would have raised N1.65 billion, making the shares public.'”

“Following the privatisation, the Osun State Government and its 30 local governments retained a 40% stake, while Morgan Capital Securities Limited became the single major shareholder with 38.9% and UniCapital Limited obtaining 21%. The return made by the Osun State Government on the sale of its shares to private investors was well documented, and the government of Adeleke should be bold to disclose the role played by each official, particularly now that the leading figure in the transaction is his financial consultant,” he stated. (The Guardian)