The Managing Director of the National Inland Waterways Authority (NIWA), Asiwaju Bola Oyebamiji, has refuted claims that he sold Osun State shares in Living Trust Bank to a Ponzi scheme, alleging instead that the transaction was carried out by an aide to Governor Ademola Adeleke. The Peoples Democratic Party (PDP) had accused Oyebamiji of overseeing the fraudulent sale while serving as Osun State’s Commissioner of Finance, demanding clarification on his alleged involvement. In a statement released Wednesday by Adebayo Adedeji, coordinator of his campaign team, Oyebamiji described the allegation as baseless and politically motivated.
He said it was a calculated attempt to tarnish his image ahead of the 2026 governorship race, where he is seen as a major contender determined to rescue Osun from what he called PDP’s failed leadership.
He explained, “Bola Oyebamiji played no role in how Osun State’s shares in Living Trust were sold to private investors, as the transaction, which ceded the shares to private investors, took place long before he became the Commissioner of Finance in the state. “The divestment of Osun’s shares occurred in 2013 when Dr Wale Bolorunduro, who reportedly is now a financial advisor to Governor Adeleke, was the Commissioner of Finance. “Living Trust Mortgage Bank, which used to be named Omoluabi Mortgage Bank, was wholly state-owned until 2013 when it was converted from a Private Limited Liability Company to a Public Limited Liability Company and subsequently listed on the Nigerian Stock Exchange, where its shares were publicly traded.”
He noted that Bolorunduro, who was the finance commissioner at the time, played a prominent role, hence, Oyebamiji should not be fingered or alleged. Adedeji stated that a letter dated March 21, 2025, addressed to the Managing Director of Living Trust, Central Bank of Nigeria (CBN), declined Bolorunduro’s nomination by Adeleke as Director, as they demanded a neutral person.
He added, “Since rejection of the nomination, Osun government agents are sponsoring a campaign of calumny against Oyebamiji, whose gubernatorial aspiration has become a big headache for the present government.
