The board of Resort Savings and Loans Plc, on Thursday hinted investors through the Nigerian Stock Exchange (NSE) of the appointment of a new chairman and managing director to reposition the company as it moves compete for relevance in the country’s mortgage industry
The board in two separate announcements to the NSE, said it elected Senator Sunday Olawale Fajinmi, a non-executive director as chairman to replace Francis Adefarati, while Olayemi Rabiu, its former Chief Finance Officer was appointed in place of Abimbola Olayinka, the former MD and chief executive, according to information on its website, subject to the approval of the Central Bank of Nigeria (CBN).
The latest appointments is a further sign that all may not be well with the Primary Mortgage Institution (PMI) afterall, given that the board in December 2016, had appointed Barrister Jideofor Chukwuocha as Chairman, to replace Chief Babatunde Adefarati, who had earlier resigned his appointment and confirmed the appointment of Ola Oyinloye, as substantive Managing Director and CEO.
Senator Fajinmi, with a business and industry experience of over 30 years, holds a Higher National Diploma (HND), Marketing from Teesside University, Middlesbrough, UK and a fellow of the Nigeria Computer Society
Rabiu, a fellow of the Institute of Chartered Accounts of Nigeria (ICAN), Charted Institute of Taxation of Nigeria (CITN) and Chartered Institute of Credit Administration (ICA), is a graduate of Banking and Finance, University of Lagos.
He began his career as audit manager at A.O Popoola & Co., Chartered accountants, Financial Controller, GF Investment Group, GM, Ruthstar Limited and Head, Finance & Administration at Oasis Savings & Loans Limited.
Meanwhile, as a sign that of may not be well with the company, following which it needs refocusing, it is yet to submit its audited financials for the year 2015, just as it did not presented any financials, whether quarterly or full-year to investors throughout 2016 and in the three quarters of this year.
The 2015 Q3 score-card showed a return from N183.348m loss after tax in the corresponding period of 2014, as it reported a marginal N34.266m profit