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Nigerian mortgage bank secures $250M funding

Nigerian mortgage bank Resort Savings & Loans Plc secured a $250 million investment from U.S. private equity firm Milost Global Inc.

The investment comprises $100 million in equity capital and $150 million of debt. The transaction will take place through a private placement, subject to the approval of Nigeria's stock exchange, Securities and Exchange Commission and central bank.

Resort Savings & Loans is also expecting to receive final central bank approval for an investment from a local investor.