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AIICO offer no certificate/return money yet for investors

Category: Public Offers Private Placements

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AIICO offer no certificate/return money yet for investors

- Registrars wait for SEC’s approval



Proshare NI

April 22, 2008 at 18:29 GMT


No share certificates yet for investors who took part in the AIICO Insurance Plc concluded offer of late December, 2007. A source at United Securities Limited, Registrars to the offer confirmed to Proshare NI today in Lagos Nigeria.


The source affirmed that the company is still waiting for Securities and Exchange Commission (SEC) who is yet to give its nod to the company to dispatch share certificates and return money to investors.


As at the time of filling in this report, Proshare contacted SEC on this allegation by United Securities that the regulatory body is yet to give its approval on the issue of share certificates and return money as regards the AIICO 2007 offer.


Lanre Oloyi, Head, Media of the regulatory body confirmed to Proshare NI in a telephone chat that he is not aware if SEC has received papers from the United Securities; concerning the AIICO offer.


“I am in Jos Plateau State as I am speaking with you and cannot confirm the true position of things concerning the AIICO offer, this is how some of these Registrars blame the regulatory authorities on issues as regards share certificates and return money” Oloyi noted.


“They will say that they have filled in their papers and are waiting for SEC’s approval, but at the end of it, it is not true, even those that do, sometimes we find out there are discrepancies; which we have to contend with, this is the information they keep feeding investors concerning return money and share certificates, blaming all on SEC all the time” Oloyi said.


However, efforts to get in touch with one Atanda of AIICO, an Assistant General Manager (AGM) who is in charge of the offer proved abortive as he was said to have commenced his leave.


Also enquires by Proshare NI to get a competent source at AIICO to clarify the issue at stake did not workout either; as Proshare NI was advised to visit United Securities Registrars to the offer; which up till now yielded no result as no competent source spoke to Proshare NI.


In its bid to shore up its capital base as a leader in the insurance sub sector of the Nigerian economy, AIICO in December, 2007 approached the market to raise fresh funds by way of offer for subscription of 2.5 billion ordinary shares of 50 Kobo each at N2.20 Kobo per share. And Issuing House to the offer was Greenwich Trust Limited.

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