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The bank, in a statement on Tuesday, said the partnership would enable middle-class Nigerians and interested individuals to own houses in housing estates located in Abuja, Ibadan and Lagos.

According to the bank, about 500 housing units are expected to be delivered before the end of the second quarter of this year, adding that mortgage facilities will be available for individuals that are unable to make cash purchase.

The statement read, “With this move, our bank, which is noted for its huge investment in real estate developments in Ofada, Ogun State; Karu Area Council, Abuja; Lekki, Lagos State; and a host of other places in Nigeria, will increase the number of beneficiaries of its facilities.”

The Head, Business Development, RSL, Mr. Yemi Popoola, stated that the bank had invested over N3bn in real estate, and had created mortgage in excess of N5bn over the past 36 months.

This, according to him, has helped in reducing the housing deficit in Nigeria.

He added, “The housing estates will be tastefully furnished in prime locations within Abuja and Lagos. A typical unit will go for between N9m and N20m, and it includes a large living room attached with toilet, fully-fitted kitchen and other rooms, which are en-suite with shower.”

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The Managing Director, Resort Savings and Loans, Mr. Abimbola Olayinka, said at the bank’s 8th Annual General Meeting that the mortgage sector had been operating in a very challenging time, adding that the company presented many houses into the market but could only find few buyers.

According to him, the situation has affected wealth creation for stakeholders.

Olayinka said the banking industry operated in a tight monetary system combined with multiple regulatory guidelines, deteriorating earnings and increasing costs.

“The company targeted raising new capital to boost operational base but the success that could have been recorded from raising new capital was seriously affected by the state of the economy majorly due to lack of interest of people in the capital market,” he explained.

The RSL boss noted that despite this, the bank was able to grow its deposit base by close to 100 per cent, from N1.6bn to N3.6bn.

“The bank’s balance sheet by the year 2013 had high level of investment in real estate, which gave the management the advantage of conversion of real estate investment to mortgage assets,” he said.

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