Resort Savings and Loans PLC was incorporated under the Corporate Affairs Commission as a private Limited Liability Company on June 16, 1992. Resort is officially licensed by the Federal Mortgage Bank of Nigeria and the Central Bank of Nigeria to carry out mortgage banking services.
With about 30 years of operational experience, Resort Savings and Loans PLC has progressively grown in accomplishments, and acceptance and has continued to develop solutions that cater to clients’ unique needs, with Customer Service as a significant driving force and a determination to propel the mortgage sub-sector to greater heights.
As a part of our strategic turnaround, the bank converted to a public liability company on April 1, 2008, and was listed on the floor of the Nigeria Stock Exchange (NSE) by the way of introduction on November 23, 2009. The listing of the Bank’s shares on the floor of the Nigeria Stock Exchange brought the paid-up share capital to over 5 billion Naira.
However in 2015, following a major downturn in the economy that led to a recession, the bank was not spared. The credit portfolio was deeply affected and this, in turn, affected the fortunes of the Bank.
In 2021, Core investors were able to take on substantive shares and inject capital into the Bank by way of a private placement. This gave way to a reconstitution of the Board of Directors who have since initiated the process of restructuring and revamping the bank by appointing new management led by Kudi Badmus as the Managing Director, with the clear mandate to transform and reposition the bank as a technology-driven and leading financial institution in Nigeria.