Oyebamiji Not Linked To Osun’s Share Sale In LivingTrust Bank, AMBO Group Counters PDP

The campaign team of Asiwaju Munirudeen Bola Oyebamiji (AMBO), a former Osun State Commissioner for Finance and current Managing Director of the National Inland Waterways Authority (NIWA), has refuted allegations linking him to the controversial sale of Osun State’s shares in LivingTrust Mortgage Bank, describing the claims as “baseless and politically motivated.”

In a statement signed by the Coordinator of AMBO Media Fronts, Adebayo Adedeji, the group dismissed the recent accusations by the Peoples Democratic Party (PDP) in Osun as a calculated attempt to malign Oyebamiji’s reputation ahead of the 2026 governorship race.

According to the group, the divestment of Osun State’s shares in LivingTrust Bank—formerly known as Omoluabi Mortgage Bank—occurred in 2013 under the administration preceding former Governor Gboyega Oyetola. At the time, Dr. Wale Bolorunduro, now reportedly a financial advisor to Governor Ademola Adeleke, was the Commissioner for Finance.

“Bola Oyebamiji played no role in the sale of Osun’s shares. The transaction was completed in 2013, four years before he became Finance Commissioner,” the statement read.

The AMBO team explained that the bank was converted into a public liability company and listed on the Nigerian Stock Exchange in 2013 to raise capital, after which private entities acquired a majority of the shares. The Osun State Government and local councils reportedly retained a 40% stake.

They also referenced a 2013 media interview in which Dr. Bolorunduro confirmed the public sale of the bank’s shares to meet national mortgage banking requirements.

From May 2017 to November 2022, when Oyebamiji served as Commissioner for Finance, the state’s shareholding reportedly remained unchanged.

The statement further accused the current administration of using misleading narratives to discredit Oyebamiji’s growing popularity and political ambition.

“In recent weeks, the media space has been flooded with sponsored content aimed at attacking Oyebamiji’s record. The timing suggests a deliberate smear campaign orchestrated in response to the massive turnout during his recent declaration for the 2026 governorship race,” the group alleged.

They also pointed to a March 2025 letter by the Central Bank of Nigeria (CBN), which reportedly rejected Governor Adeleke’s nominee to the board of LivingTrust Bank—Dr. Wale Bolorunduro—due to involvement in a prior board crisis. The AMBO team urged the Osun government to focus on transparency and accountability, especially regarding proceeds from the privatization exercise.