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Investor concern on Zenith Bank 07 PO return money

Category: Public Offers Private Placements

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Investor concern on Zenith Bank 07 PO return money


Proshare NI

December 17, 2008 at 18:58 GMT


Another investors has expressed concerns and disappointment over the Zenith Bank Plc (ZENITH) late 2007 Public Offer (PO) return money. This is coming on the heels of complaints as regards the above to Proshare NI.


A source close to Proshare NI affirmed that Zenith Bank has given a standing instruction to Zenith Registrars Limited to dispatch all 2007 offer share certificates and return money warrants in its possession.


However, a letter from Unyime Ituk a diaspora investor in respect of the subject matter to the mail box of Proshare NI reads: “Dear Editor, this is the shameful act which our so called mega banks are involved in.


These banks are carrying out practices that are not acceptable anywhere else in the world except Nigeria.


I have a similar problem with zenith registrars. I subscribed for 10,000 shares through the online application for foreign investors and paid for this with my credit card online.


Almost 12 months now since the closing of the offer, Zenith Registrars is yet to refund my money or issue a statement regarding shares allocated.


On contacting Zenith Registrars and furnishing them with the reference number; I was given at the time of application, they are just passing me from one official to the other.


I am ashamed that these people apparently are educated but they don\'t seem to know what they are doing.


I am still waiting to hear from them regarding my return money. I just thank God I never persuaded any of my non Nigerian colleagues to subscribe to this offer.


In the same vein, on December 13 2008, Proshare published on its website the Zenith Registrars and PSL Limited 2007 return money warrant case concerning one Ebulue Kamsy on the non-receipt of N1, 106,721.33 return money.


However, further investigations by Proshare NI indicated that Kamsy has recently received the money after much controversy.


The above notwithstanding officials of Deep Trust Investment Limited (Deeptrust) who are Brokers to Kamsy are calling on further investigations on Zenith Registrars to unravel other issues which may not come to public knowledge in respect of the Zenith Bank 2007 offer handled by Zenith Registrars.


In a letter dated December 10 2008, addressed to the Managing Director (MD) of Zenith Bank and made available to Proshare NI by Anetor Iwobhor, Executive Vice President (ECP) of Deeptrust.


There were complaints of reoccurring issues as regards Zenith Registrars in respect of an alleged account with Skye Bank Plc, where Zenith Bank 2007 offer return monies of Deeptrust clients were paid into.


Proshare in its effort to unravel the above wrote to Zenith Registrars on December 11, 2008, but as at the time of filling in this report has not received any official response from Zenith Registrars.


As earlier reported, Zenith Bank November 2007 sought to raise N130 billion through a hybrid offer of offer for subscription of 1.763, 000, 000 Ordinary Shares of 50 kobo each at N38.90 and a Rights Issue of 1,654,557,911 units at N36.90 per share respectively.

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