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Aiico Insurance concludes dispatch of 07 offer certificates

Category: Investors NewsBeat

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Aiico Insurance concludes dispatch of 07 offer certificates

August 04 , 2008

-Investors complain of non-receipt of same



Proshare NI

August 04, 2008 at 17:39 GMT

Aiico Insurance Plc, (AIICO) has concluded the dispatch of share certificates to investors in its December, 2007 Public Offer (PO). John Atanda, Assistant General Manager (AGM) Human Resource/Corporate Secretariat of the Insurance Company confirmed this to Proshare NI today in LagosNigeria at the company’s Head Office.

This is coming on the heels of investors’ complaints that have inundated the mailbox of Proshare NI of non-receipt of the share certificates and return money in connection with the offer.

A complaint from one Obinna Duru, a Nigerian in diaspora reads thus: “I subscribed to the last AIICO PO (in December, 2007) and till date has neither had my over-subscription funds returned nor has my certificate   been received (nor CSCS credited).


Proshare NI visited the AIICO Head Office to ascertain the true situation of the AIICO offer share certificates and return money following some of these complaints.

Atanda affirmed that AIICO has concluded all as regards the issuance of share certificates/return money warrants and sent to United Securities Limited, Registrars to the offer for onward dispatch to investors.

To confirm the statement, he requested that Proshare NI speak with officials of Bulk Post Ventures who were at his office at the time of Proshare NI’s visit.

However, one of the Bulk Post officials confirmed to Proshare NI that they had since early last month, concluded dispatch of the share certificates to investors.

The official further affirmed that Bulk Post had not received any undelivered certificate to be returned to United Securities. “So far, we have not received any certificate that was not delivered to be returned to the Registrar  the Bulk Post official said.

“If there is any problem of non-receipt of share certificates, it is for those unregistered mail  the official affirmed.

On the issue of return money, the Bulk Post official could not clarify the true position of things as he affirmed that they did not handle such, therefore cannot say anything on it. 

In the same vein, an official of United Securities confirmed to Proshare NI that the certificates had been dispatched through Bulk Post earlier last month July 2008. “We have since early last month dispatched the share certificates to investors through bulk post  the source said.

The source also confirmed to Proshare NI that investors have starting coming to verify their certificates with the Registrar, but however, could not clarify on the issue of return money.

As reported earlier, the AIICO offer was 215.7 percent subscribed. Out of which a total of 369,105 applications for 5.329 billion ordinary shares of 50 Kobo each valued at N11.863 billion were considered for processing, but 3.223 ordinary shares valued at N7. 090 billion were approved for allotment.

AIICO in December, 2007 approached the Nigerian Capital Market to raise fresh funds of N5.5 billion by offering to members of the investing public by way of offer for subscription of 2.5 billion ordinary shares of 50 Kobo each at N2.20 Kobo per share.


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