Resort Savings Weighs Offer from New Investor as Chairman Steps Down

By Dipo Olowookere

An unnamed investor is considering putting a huge amount of money into Resort Savings and Loans Plc, but the options are being weighed by parties involved.

At the meeting of the board of directors of the financial institution last Thursday, in Lagos, the offer brought by the new investor was looked into and discussed.

Business Post gathered that from all indications, there is the possibility of allowing the new business person to join the company and perhaps have a say on the constitution of the board.

At the moment, things are being done underground, with details of the transaction likely to be announced by the board and management as soon as agreements are reached by the parties.

But for now, Chairman of Resort Savings and Loans Plc, Mr Sunday Fajinmi, has stepped down from the position and Mr Chukwuocha Joseph has been picked to take over.

Mr Chukwuocha is not a new fish in the waters of Resort Savings as he has been on the company’s board before this latest appointment as a director. His appointment as Chairman of the firm was approved by the board during last Thursday’s meeting in Lagos.

The University of Nigeria Nsukka graduate of Law was called to the bar decades ago after he qualified as a Solicitor and Advocate of the Supreme Court of Nigeria.

He is the Principal Partner in J.O.J. Chukwuocha & Co and his experience in legal practice and commerce span over 25 years. He presently acts as an External Solicitor to First Bank of Nigeria Limited, Director; Save Earth Project Magazine and also the Coordinator, Youths for Change in Nigeria.

Mr Chukwuocha was previously on the board of International Humanitarian Initiatives (IHI) from 1999 to 2003, an organization involved in reaching to the remote and interior parts of the world alleviating poverty and Steven Properties Limited.

He chairs the board of Charystevens Ventures Ltd, an international consultancy company on ventures and investments. He is a legal adviser and consultant to reputable organizations amongst which are; Et-Zale Security Company, Ready Technologies Limited and Queens Image Formations Consult.