Insurance Private Placement

[bayoo]

Did any of our member subscribe to IGI insurance private placement? I understand that it opened in august 2006 and was to last for a month.after which they would come to the market.To date they have not done so and my money and so many others tied down. I understand that private placement is not govern by the regulator in terms of timing.
I think we investors should demand for this.

[olusolakemmy]

HOW?????????
How is it possible for regulatory bodies like NSE to interfere in company that is not registered with them????????
The function of SEC is also different and not related to overseeing private placement.
However, IGI has got alot to sort out, they will eventualy be listed, am sure it is the same regulatory bodies that is giving IGI tough time interms of their paper demands.

[bayoo]

You are right they are not currently being regulated. In effect anyone of them can sit on investor's money for possibly years without any consequence and that is what iam geting you to realise and that is why it has to be looked into by the regulators. The newspaper STOCKWATCH made the same point in there current edition and in a civilised world it would not happen and at least we are discussing it.
Thank you

[Apache]

can someone confirm if this monies raised through PPs are also going to be deposited the escrow account of CBN?

[hispy99]

Originally Posted by bayoo

You are right they are not currently being regulated. In effect anyone of them can sit on investor's money for possibly years without any consequence and that is what iam geting you to realise and that is why it has to be looked into by the regulators. The newspaper STOCKWATCH made the same point in there current edition and in a civilised world it would not happen and at least we are discussing it.
Thank you

Even in developed countries, I do not think that such activities are regulated by the SEC. It is obviously undesirable for a coy to hold your funds forever, but you should also be aware of the risk you are taking when you invest in pp. Hopefully the IGI issue will be resolved quickly...

[onyema]

I would like to think that such a Company [IGI for instance] has been doing business with the proceeds of the private placement over the period and as such investors should be entitled to returns just like the other owners otherwise it appears fraudulent.
Incidentally, I also placed some money then in the IGI private placement and all I have heard from them since is 'LISTING SOON'.
Must admit though that I did not check what remedies were open to me at the time and not that I am any wiser now!!!!!

[Yusuf]

Originally Posted by bayoo

You are right they are not currently being regulated. In effect anyone of them can sit on investor's money for possibly years without any consequence and that is what iam geting you to realise and that is why it has to be looked into by the regulators. The newspaper STOCKWATCH made the same point in there current edition and in a civilised world it would not happen and at least we are discussing it.
Thank you

I think most of us should do ourselve a favour and find materials that can help us on this line of work "Investing".

Private placement are meant for sorphisticated investors and are not regulated by SEC in any country. Thats why it s not always widely advertised like POs.

The company seeking PP are meant to write an official letter to some few selected investors for their participation in their PP. But you know, in every environment (Nigeria & developed world inclusive) there is always room to cut corners. Thus the reason why its possible for me and you to participate in PPs. But note that PPs are highly risky comparing it with POs but also, the riskier the juicier they say.