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Camey & Rocks Acquires Major Shares at Resort Savings & Loans

Camey & Rocks Business Consulting Limited has acquired the majority shares in Resort Savings & Loans Plc.

The current authorized share capital of the bank is 20 billion units of shares amounting to N10bn at N0.50k per share; the bank has over 13,000 shareholders.

At a briefing in Abuja recently, the Chief Executive Officer of Camey and Rocks, Mr. Peter Adejoh, said the Board and Management of Resort Savings & Loans Plc at its Board of Directors Meeting held on 24th October 2019 approved the acquisition of the 43.35 percent which makes the business consulting firm the majority shareholder in the mortgage bank.

He said the investment is aimed at taking the bank to the next level in mortgage banking services in Nigeria and beyond.

“The bank has executed a Share Purchase Agreement and the completion of the transaction is subject to regulatory approvals.

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

Adejoh stressed that Resort Savings and Loans was now poised to address the key challenges in the Nigerian housing sector, which are funding and pricing.

“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.

“However, with the optimization of the mortgage industry, the CBN over the years, and in recent times, has reviewed the minimum capitalization for mortgage banks. They’ve broken them into categories of state, regional and national. The reason for doing that is build capacity so they’ll be able to fund mortgages,” he explained. Source: Daily Trust

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