Group Hails Adeleke As EFCC Declares CitiTrust Holdings Illegal
A socio-political group, Osun Itesiwaju Alliance (OIA), has declared that Governor Ademola Adeleke has been vindicated over his stance on the management of Living Trust Mortgage Bank Plc following the Economic and Financial Crimes Commission (EFCC)’s recent declaration of CitiTrust Holdings Plc as an illegal entity.
The group, in a statement issued in Osogbo and made available to Osun Defender by its Chairman, Mr Paul Oderinu, and Secretary, Mr Iwaloye Sulaiman, commended the governor for taking proactive steps to protect the state’s interest in the financial institution.
It would be recalled that CitiTrust Holdings Plc was one of the 58 companies recently declared illegal by the EFCC, a development which OIA described as a confirmation of Adeleke’s foresight in repositioning the mortgage bank.
The statement noted that Alhaji Adebayo Jimoh, a former Group Managing Director of Oodua Investment Company Ltd, had in 2019 overseen the sale of Living Trust Mortgage Bank’s shares to CitiTrust Holdings Plc.
Under the arrangement, CitiTrust Holdings Plc acquired 41 per cent of the bank’s ownership, while the Osun State Government retained 40 per cent. The remaining 19 per cent was held by various individuals, none of whom owned up to 10 per cent.
According to the shareholders’ agreement, CitiTrust Holdings Plc was responsible for producing the Managing Director of the bank, while the state government nominated the Chairman.
However, in April 2024, Governor Adeleke appointed former Osun State Commissioner for Finance, Dr Wale Bolorunduro, as the Chairman of Living Trust Mortgage Bank Plc, with his appointment letter signed by the Secretary to the State Government, Hon Teslim Igbalaye.
Despite this, there were attempts to prevent him from assuming office, a move which the governor resisted.
OIA noted that Adeleke’s unwavering stance ensured Bolorunduro’s eventual takeover, adding that the latest development regarding CitiTrust Holdings Plc raises critical questions about the 2019 transaction and the future of the financial institution.
The group urged Dr. Bolorunduro to remain focused on his mission to reposition the bank, stressing that Osun people must continue to support conscientious leadership.
“The latest development has justified the governor’s efforts to safeguard the interests of Osun State. It is now imperative to ask: what becomes of the 2019 decision that led to CitiTrust Holdings Plc’s involvement in the bank? What is the future of our Living Trust Mortgage Bank Plc? These are crucial questions that require urgent answers,” the statement added.
Sodiq Yusuf is a trained media practitioner and journalist with considerable years of experience in print, broadcast, and digital journalism. His interests cover a wide range of causes in politics, governance, sports, community development, and good governance.
