Economy
Mortgage Firm Investigated For Alleged Diversion Of Consumer Funds
By Modupe Gbadeyanka
The Consumer Protection Council, CPC, says it is investigating Resort Savings and Loans Ltd., RSL, for alleged diversion of consumers’ funds.
This is contained in a statement issued by the Head, Public Relations of the Council, Abiodun Obimuyiwa, on Sunday in Abuja.
According to the statement, the Primary Mortgage Bank is to be investigated due to complaints by consumers bordering on alleged diversion of mortgage loans and consumers’ deposits.
The News Agency of Nigeria reports that RSL is licensed by the Central Bank of Nigeria, CBN, to undertake mortgage businesses. It is also registered with the Federal Mortgage Bank of Nigeria, FMBN.
The statement said the CPC had communicated details of the complaints from the aggrieved depositors and mortgage contributors to RSL for full response.
It stated that failure of the company to respond appropriately had placed the option of prosecution of the firm’s principal officers before it.
“CPC has already appraised the sector regulator, CBN and FMBN of the allegations against the company.
“Some of the allegations against the company included its failure to pay back deposits made by consumers, even after the agreed tenure was over,” it said.
In addition, the statement said that RSL allegedly diverted loans disbursed to mortgage beneficiaries by FMBN and gave incorrect information to consumers about their applications for National Housing Fund.
It said one of the complaints against the mortgage company was on behalf of a group of nine beneficiaries of FMBN Batch 54 loans.
“It alleged that RSL in 2014 received N149.3 million on behalf of 14 beneficiaries, including the nine and that RSL failed to disburse the loans to the developers of the said beneficiaries.
“The nine complainants alleged that five of the 14 in the said batch 54, who are staff of Independent Corrupt Practices Commission brought in the Commission to intervene on their behalf.
“The Commission thereby forced the mortgage company to disburse N47.25 million due to the five, leaving N102.1 million undisbursed to the developers of the remaining nine,’ ‘the statement stated.
It further stated that the action of the primary mortgage company not to disburse their loans led to the revocation of their letters of allocation by their developers.
It stated that other complaints bordered on default in paying back deposits to depositors and failure to refund equity contributions of disappointed mortgage applicants.
“This made the total worth of the claims against the company on the alleged diversion mortgagors’ funds and default in refund of consumers’ deposits to amount to N128,323,603.64,’’ the statement said.
Commenting on the development, the statement said that CPC’s Director-General, Mrs Dupe Atoki, said the Council was determined to investigate the operations of the company.
“CPC will also engage in other legal steps in line with its enabling law with a view to protecting the consumers of the services of the primary mortgage company,” the statement quoted Atoki as saying.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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