RSL Shareholders’ Fund Drops by N2bn

  • 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He said, “To worsen his case, his nomination has been withdrawn by his principal and was fully acknowledged by him; so he is no longer a member of any board.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.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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