RSL mortgage bank makes operational changes

The mortgage bank, which currently operates at the regional level, also disclosed that it is set to meet the new Central Bank of Nigeria’s N5 billion capital benchmark to upgrade its operations to the national mortgage bank status.Chairman of the RSL Board, Chief  Francis Babatunde Adefarati, who took over from Joe Idudu, announced the new […]

The mortgage bank, which currently operates at the regional level, also disclosed that it is set to meet the new Central Bank of Nigeria’s N5 billion capital benchmark to upgrade its operations to the national mortgage bank status.
Chairman of the RSL Board, Chief  Francis Babatunde Adefarati, who took over from Joe Idudu, announced the new directors as Barrister Joseph Obioha Jideofor (Director), Senator Sunday Olawale Fajimi (Director), Dr. Nosike Agokei (Director), Mr. Danladi Tijo Baido (Director) and Arc. Usman Karaye Umaru (Director).
“With the exception of  the chairman, Adefarati,  a former director and  Olayinka who retained his position as managing director,
all other members are new on the  RSL board,” said Yemi Rabiu, the
Assistant General Manager of the bank.
Although the bank, which is already operating on regional status, targets about N10 billion paid-up capital, a successful IPO and Rights ssue is expected to put it well above the N5 billion benchmark thereby launching it into the league of national mortgage
institutions.
Chairman of the bank, Chief Francis Adefarati, said RSL aims to be the foremost mortgage bank in Nigeria. “We want to use that policy to raise our capital and get even more that the N5billion the CBN is asking for, so that we can do a lot of important things for the purpose of creating mortgages for Nigerians.”
According to him, Resort Savings and Loans “plans to give affordable accommodation and create programmes whereby loans can be given to people who want to pay house rents. This can only be possible with the help of the Fedral government and the CBN by creating windows of opportunities where funds can be available for housing; this is why the Federal government and the CBN are floating a capital of about N6billion”.
The N6billion would be available to banks who would create mortgages for the public.