Nigeria, April 20 -- Osun State Governor Ademola Adeleke has appointed a chairperson for Living Trust Mortgage Bank, a publicly quoted company listed on the Nigerian Exchange, in which institutional and individual Nigerian shareholders hold stakes.

The governor made the decision in what appears a contravention of Nigerian corporate governance law for such companies, which requires the members of such companies' boards of directors to recommend a nominee for election by shareholders, after which the industry regulator, the Central Bank of Nigeria (CBN) in this case, will then review and approve as appropriate.

Based in Osogbo, Living Trust Mortgage lends for home purchase and other real estate ownership purposes, and has been listed on t...