CBN Under Fire Over Livingtrust Mortgage Bank’s Board Appointments

•Cititrust Holdings, one of mortgage lender’s institutional shareholders allegedly on EFCC’s list of ponzi scheme operators

James Emejo in Abuja

The Central Bank of Nigeria (CBN) has come under fire for reportedly approving board appointments for LivingTrust Mortgage Bank Plc.

Managing Director/Chief Executive of the bank. Dr. Olumide Adedeji, recently notified the Nigerian Exchange Group Limited (NGX Group) that it had secured the apex bank’s nod to make eight board appointments.

The development signalled a strategic move to strengthen leadership and drive the company’s growth agenda.

The appointments included Mr. Timothy Gbadeyan and Dr. Gbadebo Ayinde, as Executive Directors.

Others were Mrs. Adedoyin Amosun, Dr. Kamaldeen Adekilekun, and Mr. Michael Omolaja as Independent Non-Executive Directors.

There were also Olanrewaju Afolabi, Chairman of EAIN Capital and Globevest Limited, the parent companies of Cititrust Holdings; Olajide Adeola; and Olumide Adedeji.

Sources expressed disappointment over the central bank’s decision to green-light the appointments, claiming Cititrust Holdings, one of the three institutional investors of the mortgage institution, was named by the Economic and Financial Crimes Commission (EFCC) as one of the 58 ponzi scheme operators.

Cititrust allegedly appointed directors on the board of Livingtrust Mortgage Bank, an action approved by the central bank on March 21, 2025.

Sources particularly questioned the central bank’s decision to confirm the nominees of Cititrust Holdings to the board of Livingtrust Mortgage Bank, which will give the former absolute rights to also manage the bank.

They further alleged that investigations revealed that the founder of Cititrust Holdings, Yemi Adefisan, had fled the country.

They added that the ponzi company was currently being managed by Olawale Wasiu Oluwo, a former commissioner in Lagos State in the administration of Governor Akinwunmi Ambode, as well as a former CBN Deputy Director, Other Financial Institutions Supervision Department, Elizabeth Amvovhe Oghenesivwo, now retired.

Effectively, the Cititrust appointed directors were Olumide Adedeji, Timothy Gbadeyan, Olanrewaju Afolabi, Adedoyin Amosun and Olajide Adeola.

Osun State, one of institutional shareholders of the mortgage bank, also had board appointees, including the Commissioner for Finance, Hon. Sola Ogungbile; Mrs. Olaitan Aworonke; Dr. Gbadebo Ayinde; Dr. Kamaldeen Adekilekun; and Mr. Micheal Omolaja.

Livingtrust’s 2024 unaudited financial statement, as published by NGX, indicated that the mortgage lender was owned significantly by Cititrust Holdings (40.82 per cent), Osun State Government (18.03 per cent), Osun State Local Government Areas (21.80 per cent), and Adekunle Adewole (7.39 per cent).

THISDAY investigation further revealed that the Federal High Court, Lagos, had on May 15, 2024, in suit number: FHC/L/MISC/185/2024, filed by EFCC against Cititrust Holdings, Cititrust Financial Service Limited, and Cititrust Asset Management Limited, granted an Order of Interim Forfeiture of the assets of the three firms.

EFCC had through its counsel, G.G. Ejere, listed assets of Cititrust Holdings, including its 40 per cent shareholding in Livingtrust Mortgage Bank Plc, then valued at N6.5 billion.

Cititrust Holdings was also one of the 58 companies listed by EFCC on March 11, 2025,

Other directors of the firm were Ohio Ifiabor, Chairman; and Elizabeth Amvovhe Oghenesivwo, a recently retired director of the apex bank.

CBN had approved five director nominees of the alleged ponzi operator in a letter addressed to Livingtrust Mortgage Bank with reference number: OFI/SG2/CON/PLI/018/171, dated March 21, 2025, titled, “Re: Resolutions Reached at the Settlements Held on August 28, 2024 in Relation to LivingTrust Mortgage Bank PLC.”

Sources also alleged that two of the nominees approved by the CBN were the Managing Director, an Executive Director, and three others.

Findings further revealed that the Osun State Governor, Senator Ademola Adeleke, had written to the CBN governor, Mr. Olayemi Cardoso, to draw his attention to the scandalous omission of the bank’s OFISD department, and called on the apex bank to conduct a “fit and proper” test on CitiTrust Holdings, in relation to their fitness to have management control of LivingTrust Mortgage Bank Plc.

Adeleke, in the letter, further drew the bank’s attention to Core Capital Limited, a defunct subsidiary of Cititrust Holdings, which made away with depositors’ funds in excess of N10 billion.

The sources also alleged that the Cititrust nominees were approved, despite all red flags by EFCC.