The board and management of Resort Savings and Loans Plc have approved the proposal of Camey and Rock Business Consulting Limited to acquire all the unissued 8,670,267,596 ordinary shares of the bank.

With this move, Camey and Rock has emerged the majority shareholder of the bank with 43.35 per cent interest.

The Chief Executive Officer, Camey and Rock, Peter Adejoh, confirmed the development in a chat with journalists in Abuja.

He said the decision of the company to inject capital into the bank was to take the bank to the next level in mortgage banking services in Nigeria and beyond.

According to him, the execution of the Share Purchase Agreement, which is subject to regulatory approvals, will raise the capital of the bank by N4.3bn.

He said, “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.

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

On what would be done differently to reduce housing deficit, he said the bank would come up with affordable houses that would make it easy for low-income earners to own their houses.