After ‘Cleaning’ its house, Resort Savings, Appoints Michael Olaonipekun As MD

Michael Olaonipekun

Resort Loans and Savings PLC has announced the appointment of Michael Olaonipekun Oyinloye as its new Managing Director.

In an email statement, the company said Michael Olaonipekun Oyinloye was a former Director of Operations in the bank.

Resort Savings and Loans PLC said his appointment to the Board of Directors was on March 4, 2016 was approved by the Central Bank of Nigeria on August 24, 2016.

The bank also announced the appointment of Barrister Joseph Jideofor Chukwuocha as its new Chairman of its board of Directors.

Shadow of fraud and mismanagement

The change in management is not unconnected from an alarm of massive fraud raised by the company in October.

The interim Chairman of Resort Savings had told journalist that the company had uncovered massive fraud and mismanagement by members of its management team to the tune of NGN165 million.

According to Punch, Senator Sunday Fajinmi, the former Chairman of the board explained that “We have contacted the EFCC and they are studying all the evidences we have given to them. Fortunately, these evidences were not discovered in a day, they kept revealing themselves”.

“When our internal auditors went to the EFCC to show them a trace of about N100m the perpetrators had used in buying foreign exchange, we discovered another N65m fraud. In total, we have found about N165m that is missing.”

He added, “Although, we have not concluded on the forensic auditor to use. We want to involve the regulatory authorities so that they can assist us to choose the best. This is the first time we are doing this, but I am sure they have engaged many auditors.

“They have asked us to send the names and other information to them. We are still collecting information from them.  Some of them have yet to give us their brief. As soon as we have it, we will send it to the regulators.”