N165m fraud uncovered in Resort Savings and Loans, EFCC invited


Resort Savings and Loans Plc is set to appoint an external auditor to carry out a forensic audit to determine details of fraud allegedly perpetrated by the previous management of the company

The Chairman, RSL, Senator Sunday Fajinmi, who was appointed during the company’s board meeting on October 17, 2016, said that an internal audit it conducted revealed massive financial mismanagement to the tune of N165m

According to him, the matter has been reported to the Economic Financial Crimes Commission, which will carry out further investigations and bring the perpetrators to justice.

Fajinmi told journalists at a news briefing in Lagos that a new management had taken over the operations of the company and was ready to hit the ground running.

He said, “We have contacted the EFCC and they are studying all the evidences we have given to them. Fortunately, these evidences were not discovered in a day, they kept revealing themselves.

“When our internal auditors went to the EFCC to show them a trace of about N100m the perpetrators had used in buying foreign exchange, we discovered another N65m fraud. In total, we have found about N165m that is missing.”

He added, “Although, we have not concluded on the forensic auditor to use. We want to involve the regulatory authorities so that they can assist us to choose the best. This is the first time we are doing this, but I am sure they have engaged many auditors.

“They have asked us to send the names and other information to them. We are still collecting information from them.  Some of them have yet to give us their brief. As soon as we have it, we will send it to the regulators.”

Stanbic IBTC Pension Managers

Resort Savings has been faced with allegations of diversion of depositors’ money and mortgage loans in the past few months.

It was reported that the Consumer Protection Council had pledged to probe the activities of the company based on complaints it received from the bank’s customers.

The chairman said the company was ready to collaborate with developers in Lagos and Abuja to bridge the housing gaps in the country, using resources from the Nigeria Mortgage Refinance Company.

He said the company had assets that would allow it to meet the housing demand in the country.

While assuring the bank’s customers, Fajinmi said, “Moving forward, we want to call the developers that are in Lagos, Abuja and all the state capitals. We will want to start with Lagos and Abuja because the  population density of these areas is high. If we have good developers who can build houses, the demand is there and the Federal Government is ready and willing to provide more money. That is why they have even created the NMRC.”

“We are going to tap into that to source for funds. Our new philosophy is not to steal anybody’s money but to capitalise on the resources that are available and then we can utilise that to build more houses. By the time we sell them, we will make our profit. We will also meet with the Federal Mortgage Bank of Nigeria to tell them what we want to do; we will give them our modus operandi and if they agree to it, they will assist us.”

According to the new Managing Director of the company, Mr. Olayemi Rabiu, the bank has over 71,000 customers nationwide and about 12,000 shareholders.

Stanbic IBTC Pension Managers


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