Concerns, apprehensions trail resignation of Resort Savings & Loans’ MD

…As shareholders await 2016 audited result
The intending resignation of the managing director Resort Savings and Loans Plc and the absence of a director from meetings for consecutive one year, have elicited shareholders concern on developments in the company.

Managing director, Resort Savings and Loans Mr. Michael Olaonipeku Oyinloye, has barely stayed six months in office, as the managing director, before tendering his letter of resignation notice. He was appointed into the office as MD, on 14th December, 2016.

This was coming as Resort Savings and Loans continue to deny shareholders information of the audited result of the company for the financial year ended 31 December, 2016, as well as, the first quarter 2017 result for the period ended 30 March, 2017.

Also, a director in the company, recorded 12 consecutive months’ absence from meetings without leave, reflecting, reflecting issues that pose great concern to shareholders and prospective shareholders.

The company, in a recent release on developments in the company, titled, “Changes on the board of Directors of Resort Savings and Loans,” signed by LPC Solicitors, Company Secretary, and dated, June 01, disclosed that the Managing Director of the bank at the board of Directors’ meeting, gave three months’ resignation notice, commencing May 26t,h 2017, barely one year in office, as executive director and MD of the finance company.

The company further said that its none executive Director, Mr. Danladi Baido, who recorded a 12 consecutive months’ absence from board meetings without leave, by virtue of such action, has vacated his seat and no longer serves as director in the company.

The company however, did not name a substantive managing director, but announced the appointment of Mr. Oshoke Aliu, as Executive Director, Operations, subject to the approval of the Central Bank of Nigeria (CBN).

The new Executive Director, with over 24 years’ experience in the banking sector, is seen by many stakeholders as the bank’s substantive Managing director, having held senior management positions in the bank.

He served as divisional head, business development, North, and as the bank’s chief operating officer.