Resort Savings and Loans seems to have put its turbulent times behind it, as it has secured a new investor that intends investing N8 billion in the company. The deal is however subject to the approval of regulatory authorities. The bank made this known in a statement issued by its board.
“The investor is investing N8billion in the bank with immediate material cash investment after obtaining approvals from appropriate regulatory agencies.
Other changes made
The company has recently made several changes, appointing Olayemi Rabiu as Managing Director and Kolawole Adesina as Chief Operating Officer (COO). Several board members were also appointed led by Senator Sunday Fajinmi as chairman.
The Nigerian Stock Exchange (NSE) last year placed Resort Savings and Loans Plc shares on full suspension based on instructions from the Securities and Exchange Commission (SEC) over allegations of corporate governance abuses .
About Resort Savings and Loans
Resort Savings & Loans commenced business on November 29, 1993 and is a Primary Mortgage Insitution (PMI). The Bank has done active business in Leasing and Credit Facilities, Property Acquisition Management and Fund Management.The company is listed on the Nigerian Stock Exchange (NSE).
Results for the third quarter ended September 2015 (which is the most recent on the NSE website) show interest income increased from N429 million in 2014 to N502 million in 2015. Net profit increased from a loss of N183 million in 2014 to a profit of N32 million in 2015.