I start the tale of my ordeal by stating categorically that the Management team of IGI Insurance PLC especially its Vice-Chairman (Mr. Remi Olowude) has no iota of integrity.

I was approached in 2006 to participate in the private placement exercise of the company and I subscribed to a large chunk of the shares which was financed by equity/debt.

The Vice-Chairman had promised to list the shares on the floor of the NSE in July 2007 but relented on this promise and has been playing hide and seek ever since.

Not even a word has been communicated to investors about the activities of the company for 2008 and 2009; 3 years down the line, nobody has risen to challenge the company.

It’s all the more annoying because these guys take us for a fool and to add salt to the injury, the fools sent a marketer to me early in the year to buy their policy, what an insult!

If only the likes of Lamido Sanusi could beam their searchlight towards these shenanigans parading themselves as gurus/whiz kids; a lot of investors would have a sigh of relief.

I don’t know if anyone shares this experience particularly with IGI.

If I were you, I'd report them to NAICOM. I will also table my plight to Proshare. They are ever willing to take up the case of investors who feel agrieved by the firm into which they put their money.

@poster i knew when they did the PP,neither NAICOM nor proshare can help for this,we tried along with stockswatch convicing d mgt to list the shares of IGI,but nothing,the problem is with SEC,if SEC and EFCC can be non partial i dont think a company would not list her shares for 3years.it is only AFROIL AND CAPITAL OIL that they will see doing manipulations of prices,What of IGI mismanaging investors funds.SEC should be up and doing and even release AFROIL from long term suspension of over a year.

The regulations for the PP market (at least when IGI sought funds through that means) are quite extensively different than the regular market. IGI haven't lived up to their promises; many companies - even those listed - haven't lived up to their projections too.

But, tell: have you been receiving IGI dividends or not? If not, you need to check with the Registrars (I believe Union Registrars) and sort that out. IGI has been delivering. Of course, if you wish to sell your shares, then you could made private arrangements. Or, why're you eager for the listing?
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Nimshi:

IGI has been delivering.

Is that verifiable?

If that was the case,why would the poster cry out?

Kx:
Is that verifiable? If that was the case,why would the poster cry out?

Perhaps the poster isn't happy with the dividends, or that the poster hasn't been receiving dividends at all. People have different objectives. The IGI dividends have not been fantastic, but, the times haven't been fantastic either.

If you're really eager to sell, I could make a rather humble offer . . .

The last time IGI declared a dividend was for the year 2007 and it was 15k.

Is anyone aware of any dividend afterwards?

the IGI issue have left so many peeps frustarted , i really dont know why they refuse to get listed. they've not been true on their promises. Though not having the stock listed is a relief to many share holders, expecially in this period where the market is in shambles, they are happy knowing their funds are safe and working. but the bottom line is that the management of IGI, shld learn to stick to their words, like the poster pointed, they have shown they lack integrity.

I subscribed to the pp have not received any dividend or call for AG meeting. sometime i consider the investment as a lost.

The problem with the IGI board is that they are not sincere. Investors must ask the board to report the companies financials. They have just released the 2008 accounts this month that is eleven months into the new year. No one has seen the results as they published it according the Corporate Affair people in the Guardian and they dont even know the date. All investors should come to Lagoon Restuarant on the 15th of December to fight for the life of this communist company. We are finished in this country when you cant trust people like Gowon, Harfort Alile of the Oceanic fame, Lateef Adegbete, Vincent Ola to help rein in the EVC who it seems runs the firm as an extension of his house. Just came across a story of how the Ugandan Securities Commission has refused to sanction the capital raising of NIC IGI's Ugandan Subsidiary because of the character of our people. We need to fight to open up IGI and save our investments. pls come and lets throw out Gowon, Alile, and co.

The EVC you mentioned,hmmmmmm I think you're right
Most of the PP proceeds have been diverted to private ventures,believe that

Naija na wao. I just saw the postponement of the IGI AGM on the tuesday 15th of December,2009 in the Punch of same day. Wonder why small country Uganda had NIC's account qualified? We are all bereft of any integrity in this country. This company failed to publish its account, rush to convene a banana AGM and when the heat turned on they sent out the notice of cancellation on the date of the AGM. The trick is to tire the croud that want to travel to Lagos to confront them.Can we trust the accounts? No I dont cos something is fishy. Even if the pay dividend there is no gurantee it is not from the working capital or some debt. Afterall Union Bank, Oceanic paid before the bubble bust. This is a clarion call on all investors to come to Lagoon Resturant on the 23rd of December,2009. We have to take our destiny in our hands. If any one has a copy of the accounts pls help us put it on the net or Nairaland. We need to go and put the heat on on this scondrels.

Pintim

I'm just fed up of this coy.

They fail to understand that INTEGRITY is key in any business.

Let's hope there's books were not "cooked" and that they declare a dividend.

Cheers

I'm just fed up of this coy.

They fail to understand that INTEGRITY is key in any business.

Let's hope their books were not "cooked" and that they declare a dividend.

Cheers

IGI is a big disappointment. I bought the shares during their private placement, and have not heard anything from them, especially about the listing.They have lost my trust, confidence and needless to say it my business. I am lucky I bought a ''little'' of their shares. It is clear now that a lot of promoters are not sincere, and were busy selling hype to the public. This is one reason, it will take very long tor the stock market to come up again. A generation of investors especially new investors have been burnt, and believe me many will neither invest nor allow a friend to invest. Even if shares sell at a premium guys are too scared to touch it from a mile, because you can't just believe any report anymore. Too bad but true!

Anyone knows if the AGM slated for yesterday 23/12/09 was held?