Nigeria, April 21 -- Living Trust Mortgage Bank has appointed a new chairman in person of Wale Bolorunduro, once a general manager at Zenith Bank and a former Osun State commissioner for finance, budget and economic planning.

"Dr. Wale Bolorunduro was appointed as a Non-Executive Director of the Bank effective April 19, 2024," Living Trust Mortage said in a regulatory filing posted on the website of the Nigerian Exchange on Friday.

"Dr. Wale Bolorunduro replaces Alhaji Adebayo Jimoh as the chairman of the board," the firm said.

The appointment is subject to regulatory approval.

The announcement comes against the background of the conflict between the top two shareholders of the company as to who nominates the candidate for the chairma...