Resort Savings Secures N8bn Investment


Resort Savings & Loans Plc has expressed its preparedness to play a dominant role in the country’s mortgage banking sector as a new investor is set to pump N8 billion into the organisation.

A statement wednesday explained that the bank, having overcome the board and management crisis which it faced for over two years, also recently appointed a new management team to steer the organisation.

It revealed that while Senator Sunday O. Fajinmi was appointed the Board Chairman; Mr. Olayemi Rabiu as the Managing Director/CEO, as well as the confirmation of two executive directors in the persons of Mr. Kolawole Adesina and Mr. Aliu Oshoke.

“The board equally accepted the interest of an investor in investing in the bank. Thebank is awaiting the approval of regulatory authorities in this respect before making it public.

“The investor is investing N8billion in the bank with immediate material cash investment after obtaining approvals from appropriate regulatory agencies.

“The bank is already normalising her relationship with various developers with a view to leveraging on them in creating good mortgages for her teeming customers in excess of 80,000.

“Issues are equally being resolved with appropriate agencies with a view to bringing the bank back to profitable operations within the shortest time possible,” the statement from the company read.

It described Fajinmi as a versatile business man, a politician and fair minded personality, had since taken the bull by horn in turning the Bank to profitability.

It added that the management team led by Rabiu had brought stability and confidence to the teeming customers with assurance that the bank has come to assume her leading role in the mortgage banking sector of financial system.

“The board and management are unified in recovery of all the assets of the bank from all concern and satisfy the yearning of teeming stakeholders.

“Subject to regulatory consideration theboard and management will be providing relevant information to all stakeholders as the bank is poised to be run transparently in line with good corporate governance,” it added.