Monday, November 19, 2007

JENKINS INVESTMENT LTD COMMENCE DEBT SETTLEMENT

Following complaints received from 30 investors against Jenkins Investments Limited (JIL), the Nigerian Stock Exchange notified the Commission that the cumulative indebtedness of JIL to investors as at January 30, 2007 was N457, 007,494.80.

Based on above, the Commission ordered an inspection on the company which revealed the following:

a) That N67 million claimed by Afribank Plc against the company was a commercially secured transaction thus could not be regarded as part of the company’s indebtedness to investors.

b) That the claim of N147,828,261.30 by Mr. Mike Igbinedion was overstated by N96,167,577.31. This was reduced on verification of authentic CSCS statements to N51,660,683.99

c) That the actual total indebtedness amounted to:

Figure disclosed by the Stock Exchange N457, 007.494.50
Figure disclosed by JIL records N104, 735,920.05
Total N561, 743,414.55

Less:
Afribank Plc’s claim (N67, 000,000.00)
Mike Igbinedion (overstated claim) (N96, 167,577.31)
Total (N163, 167,577.31)

Total outstanding liabilities to be settled by JIL N398, 575,837.24



Settlement Proposal

The Directors of JIL submitted proposals to the Commission for the repayment of all the debts owed investors.

Following the proposal, the Commission on June 25, 2007 held a meeting with the Directors of JIL and the affected investors to discuss the scheme of repayment. The investors did not object to the proposal but raised issues on the computation of their entitlements. The company agreed to review same jointly with the investors.

Another meeting was held on October 17, 2007 where the proposal was considered and ratified by all the parties.

I. CATEGORY A

All investors who deposited various sums of money for the purchase of Dangote Sugar Plc and Dunlop Nigeria Plc initial public offers would be paid back in full.

The investors within this category were 38 in number and the total amount was N7, 139,720.00.

II. CATEGORY B

All investors whose claims against JIL were below N500, 000.00 as at December 31, 2006 would be paid back in full.

The affected clients/creditors within this category were 153 in number and the total amount was N26, 233,203.84.

III. CATEGORY C

All investors whose claims are above N500, 000.00 as at December 31, 2006 would be paid N100, 000.00 each.

75 investors fell within this category and the N100, 000.00 each amounted to N7.5m.

The total amount as computed for the three categories was N41, 172,903.84 out of which the sum of N21, 536,390.00 has been paid to investors.

The repayment exercise is ongoing.
INFORMATION FROM SECURITIES & EXCHANGE COMMISSION,NIGERIA

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