…Govt insists CitiTrust remains ponzi scheme, expresses concern over dealings
Despite repeated orders by Governor Ademola Adeleke to withdraw the nomination of Dr. Kamalideen Adekilekun, the Living Trust Mortgage Bank has adopted him as the Chairman.
InsightMedia recalled that Governor Adeleke in a letter dated April 19, 2025 and signed by Olusoji Wonuade, a permanent secretary in the Office of the Secretary to the State Government, withdrew the nomination of Adekilekun as a non-executive director at the bank.
The letter partly read, “After a careful consideration, the state has decided to further engage the Central Bank of Nigeria on the matter. The directorship of Dr. Kamaldeen Adekilekun stands withdrawn in reference to the letter dated 26th March 2025 signed by the Executive Governor, HE Senator Ademola Jackson Nurudeen Adeleke”.
However, sources familiar with the story revealed that Living Trust Bank did not process the letter to the CBN.
Osun Govt insists CitiTrust group remains a ponzi scheme
In another development, Osun State government has kicked against continuous dealing with CitiTrust Group, stating that the group has been declared ponzi scheme by the Economic and Financial Crimes Commission.
According to a strong-worded letter by the Commissioner for Finance, Adeola Ogungbile, to the CBN, the state said continous dealing with CitiTrust may affect its (govt’s) public trust and credibility.
The government also accused the Managing Director nominee, who is from the CitiTrust group, of forging a signature of one of the Executive Directors to make withdrawal.
“On the issue of the board of directors’ meeting, the declaration of CitTrust as a Ponzi scheme by the EFCC and the recent forfeiture of the shares of CitiTrust to FGN, places a moral burden on the State Government as representative of the people the of Osun state. The State Government has been avoiding running into public trust issues given the credibility of CitiTrust and the antics of its Managing director nominee, who recently forged the signature of one of the EDs to make a withdrawal. The vigilance of the correspondent bank prevented the fraud,” Ogungbile said.
“The State Covernment and other shareholders are yet to receive a stay of execution upturning of the judgment against CitiTrust by the Appeal Court. Section 17(1) of the Economic and Financial Crimes Commission (Establishment) Act, 2004, addresses the issue of dealing with property from Unlawlul Acts and states that “Any
person who deals with, receives, or assists in transferring any property derived from any unlawful act commits an offence. After all, the State Government has been holding board meetings with CitTrust since 2019 when they bought into the Bank, until 2025, when they were declared a Ponzi scheme.” The letter said.
“That the Central Bank of Nigeria should compel the manngement to hold the next Annual General Meeting (AGM) within 45 days of this meeting to enable the shareholders examine the bank’s books and exercise their other rights in line with CAMA 2020. That the right of the shareholders personally handle their proxy forms the one handling their proxy forms with the Registrar is inalienable and the Management of the bank should not be the one handling such process as was done recently by the management. It is wrong and the bank should caution the management to desist from it. How a shareholder votes or does not vote at the AGM is private and personal.
“That the CBN should compel the Company Secretary and the Management to honor the right of any member of the bank, entitled to propose a resolution at the AGM by virtue of holding up to 5% and above shareholding in the entity so long as the request is transmitted to the Company Secretary not less than 22 days to the date of the proposed AGM in line
wth section 260 (1)(a) of CAMA 2020. Such notice of resolution shall be notified to CBN to prevent denial of receipt.
However, some people have wondered why an appointee of Governor Adeleke has been recognized by chairman of Living Trust Bank despite Osun State Government kicking against continuous dealing with CitiTrust Group, reiterating EFCC’s declaration of the group as a Ponzi Scheme.
Allegations of bias against Osun Govt
Some powerful individuals from Ede have been hellbent that the board chairman should be from their community and hence, the insistence on Adekilekun, a source disclosed.
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