Resort savings raises N4.3 billion, as Camey and Rock acquire majority shares

Camey and Rock Consulting Limited has acquired the 8,670,267,596 unissued ordinary shares of Resort Savings and Loans Plc for N4.3 billion, to become the bank’s majority shareholder.

According to Punch, the Chief Executive Officer, Camey and Rock, Peter Adejoh, while speaking in Abuja about the new development, confirmed the share acquisition. Camey and Rock, with the acquisition, emerged the majority shareholder with 43.35% of the bank’s shares.

Mr Peter Adejoh disclosed that the purpose of the new capital inflow is to grow and expand the capacity of Resort Savings and Loans Plc in offering mortgage banking services in Nigeria and beyond. Mr Adejoh added that the execution of the Share Purchase Agreement, which is subject to regulatory approvals, would raise the capital of the bank by N4.3 billion.

The bank currently has over 13,000 shareholders and has the highest customer base in the mortgage banking sector with over 70,000 active accounts spread across Nigeria.

“The board and management of the bank believe that this strategic investment will change the face of the Resort Savings and Loans and efficiently reposition it for the benefit of customers, stakeholders and the Nigerian mortgage and financial services space,” said Peter Adejoh.

According to Camey and Rock, the newly injected capital will bring about remarkable returns and customer satisfaction.

With this, we expect to deliver impressive returns to our shareholders and satisfy the expectations of customers and other stakeholders in the nearest future.”

However, on what would be done

differently to reduce housing deficit in the country, Mr Adejoh disclosed that Resort Savings and Loans was positioned to address the key challenges in the Nigerian housing sector, which are funding and pricing. The bank would come up with affordable houses that would make it easy for low-income earners to own their houses.

When you look at the minimum wage today, it is a herculean task that will take a civil servant a very long time to put such money together to buy a house,” said Peter Adejoh.

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