Oyebamiji asserts that the sale occurred during the administration of former Governor Rauf Aregbesola, with Dr. Wale Bolorunduro serving as Commissioner for Finance. He emphasizes that the transaction was not under his tenure, countering claims that he facilitated the sale to Cititrust Holdings, a firm later implicated in fraudulent activities.
The controversy centers on Cititrust Holdings, which acquired a significant stake in LivingTrust Mortgage Bank. In 2025, a Federal High Court ordered the final forfeiture of Cititrust's N6.67 billion worth of shares in the bank, identifying them as proceeds from a Ponzi scheme. The Economic and Financial Crimes Commission (EFCC) had earlier listed Cititrust among 58 companies operating fraudulent investment schemes.
Stakeholders have criticized both the Osun State Government and the Central Bank of Nigeria (CBN) for allowing Cititrust to maintain control over the bank despite the court's ruling. The CBN faced backlash for approving board appointments linked to Cititrust, raising concerns about regulatory oversight.
Oyebamiji's denial comes amid broader political tensions in Osun State, with the PDP and All Progressives Congress (APC) exchanging accusations over financial mismanagement. The PDP has petitioned the EFCC to investigate alleged misappropriation of a $20 million World Bank health grant during the tenure of former Governor Gboyega Oyetola, implicating Oyebamiji as a member of the committee overseeing the funds.
As the political landscape in Osun State becomes increasingly contentious, Oyebamiji's rebuttal seeks to distance himself from the LivingTrust controversy, framing the PDP's allegations as politically motivated attacks ahead of the upcoming elections.
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