James Emejo in Abuja
Osun State Governor, Senator Ademola Adeleke yesterday approved the appointment of Dr. Wale Bolorunduro as Director/Chairman-designate of Living Trust Mortgage Bank Plc.
The appointment which was conveyed via a letter dated April 8, 2024, and signed by the Secretary to the State Government, Hon. Teslim Igbalaye, takes effect from April 19, 2024, according to a separate correspondence addressed to the bank’s company secretary.
The State Government expects that Bolorunduro will garner his wealth of experience as a seasoned banker and finance consultant to bear on his new role, and steer the bank to its next growth stage amid the country’s hostile economic climate – coupled with the new recapitalisation hurdles recently imposed on the banking industry by the Central Bank of Nigeria (CBN).
The letter reads, “I present to you the very warm compliments of the government and people of Osun State. I am pleased to inform you that the executive governor of Osun State, His Excellency, Senator Dr. Ademola Jackson Nurudeen Adeleke has graciously approved your appointment as a director and chairman designate on the board of Living Trust Mortgage Bank Plc.
“It is believed that you will employ your wealth of experience as an experienced banker and finance consultant to steer the bank in its next growth stage.
“The current economic climate of the country and recent development in the banking sector would pose challenges to banks, hence the state government’s decision to be proactive in ensuring someone with your wealth of banking and finance experience leads the bank. “Wishing you well in your onerous assignment.”
Nonetheless, Bolorunduro is a banking and finance consultant with over 35 years industry experience in the financial service sector.
He obtained a PhD from the University of British Columbia, and served as commissioner for finance in the state and later as the bank’s chairman, until 2016.
He led the team to raise the capital that saved the mortgage bank from losing its license.
Living Trust Mortgage Bank is owned by the Osun State Government, corporate and private individuals.
The bank is quoted on the NGX with its shares trading at N3.27 on the last trading day.
