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RSL Shareholders’ Fund Drops by N2bn

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  • RSL Shareholders’ Fund Drops by N2bn

The Chairman of Resorts Savings and Loans Plc, Senator Sunday Fajimi, said the mortgage bank’s shareholders’ fund had dropped from N5.6bn to N3.6bn between 2008 and 2016.

He said in a statement that a total of N4.3bn of 71,000 depositors’ fund was eroded, adding, “You can’t withdraw one naira from any of our branches as of today. About 13,000 shareholders’ investment has been wiped off, while N2.5bn NHF collected from the FMBN could not be accounted for.

“These matters are currently under investigation and both the former managing director and the former chairman have been compelled to resign. So with all these and other atrocities, that the Economic and Financial Crimes Commission is investigating, they were panicking and trying all means to cover it up with the help of one of the regulatory authority, who now with our former secretary organise an illegal board meeting.”

RSL has been faced with allegations of diversion of depositors’ money and mortgage loans in the past few months.

Fajimi alleged that the man who claimed to be the chairman was part of the alleged fraudulent activities perpetrated in the bank being investigated by the EFCC

He said, “To worsen his case, his nomination has been withdrawn by his principal and was fully acknowledged by him; so he is no longer a member of any board. The other man who represented MAHFAS investment is no longer with the bank since his principal has written a letter withdrawing his interest from the bank.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Niger Insurance to Sell Property Worth N15bn in Recapitalisation Move

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Niger Insurance to Sell Property Worth N15bn in Recapitalisation Move

Niger Insurance Plc said it is working on a plan to sell off N15 billion worth of real estate and investment property to boost its cash flow and meet the liquidity requirements of the insurance industry.

Mr. Edwin Egbiti, the Managing Director of the company disclosed this during the company’s 2019 annual general meetings held virtually in Lagos recently.

He said, “Subsequent to the requisite approvals of the board on behalf of shareholders, a number of the company’s real estate and investment property valued at N15bn have been put on sale in order to improve liquidity/cash flows, ensure reserve adequacy and improve solvency margins.

“We are encouraged by the progress made so far, and confident that both capital restructuring and recapitalisation efforts will be successful in line with National Insurance Commission’s regulatory timelines.”

It added that Niger Insurance recognised that its people were the company’s most critical assets without whom its goals and plans would remain elusive.

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AMCON Takes Over Inducon Nigeria’s Assets Over N1.3 Billion Debt

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AMCON

AMCON Takes Over Inducon Nigeria’s Assets Over N1.3 Billion Debt

The Asset Management Corporation of Nigeria has taken over the assets of Dr. John Abebe, the Chief Promoter of Inducon Nigeria Limited over N1.3 billion debt.

According to a statement signed by the Head, Corporate Communications Department, AMCON, Jude Nwauzor, and titled ‘N1.3bn debt: AMCON takes over assets of Inducon Nigeria Limited’ the decision followed the order of Honourable Justice Aikawa of the Federal High Court, Lagos.

In compliance with the enforcement order, AMCON at the weekend took effective possession of the property situate at Plot12, Block 108, Lekki Peninsula Residential Scheme, Lagos, through its debt recovery agent – Ogunsola Shonibare L.P.

“The court also ordered that the bank accounts of the company and its directors, Dr. John Abebe, Mr Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.

The asset management corporation said the case of Dr. John Abebe and Inducon Nigeria Limited started shortly after the loan was procured by AMCON in 2011 during the first phase of Eligible Bank Asset purchases from the defunct FinBank, Now FCMB.

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CBN Pays N14.35 Billion for 263,860 Meters to End Estimated Billings

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CBN Pays N14.35 Billion for 263,860 Meters to End Estimated Billings

The Central Bank of Nigeria (CBN) said it has disbursed a total sum of N14.35 billion to the Distribution Companies of Nigeria (DisCOs) for the payment of 263,860 meters under the National Mass Metering Programme (NMMP).

In November 2020, the Federal Government announced that it would make funds available for 1 million meters in the first phase of President Buhari Mass Metering Initiative at no cost to consumers.

Between November 2020 and January 2021, the Federal Government through the CBN has disbursed N14.35 billion.

However, according to the apex bank DisCOs must pay back the amount disbursed based on the previously agreed amortisation schedule.

The facility disbursed is a loan that must be repaid by the DisCos on the basis of the previously agreed amortisation schedule. The repayment is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks (DMBs),” the CBN stated.

The maximum tenor of the facility is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.

A week ago, the Ibadan Electricity Distribution Company (IBEDC) announced it has commenced the distribution of 104,0000 free meters in Ibadan, Oyo State.

This, the IBEDC said was under the ongoing National Metering Scheme of president Muhammadu Buhari.

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