RT Briscoe to raise N10bn with investment scheme

RT Briscoe Nigeria Plc has obtained the approval of the Securities and Exchange Commission (SEC) to raise N10 billion through a newly introduced savings and investment scheme.

The Group Managing Director of the company, Seyi Onajide, said the savings and investment scheme would allow the rich, semi-rich and the poor to participate, and the company to gradually build up capital.

On how it works, he cited an example that someone could buy 100,000 shares at N100,000 by saving over a specified period between 18 and 24 months, while big pocket investors could activate a one-time payment on their investments.

He said the idea was to allow the existing 43,000 RT Briscoe shareholders, who are mostly retired, to pay in instalments owing to the impact of the harsh economic situation on people’s income.

Onajide said the investment would go to a trustee approved by the SEC, who would keep the invested sum with interest until the trustee calls a meeting of all subscribers to decide if their money is to be converted into Briscoe shares or not.

“The savings and investment initiative gives opportunities to all interested parties to grow funds, either to buy Briscoe shares or not. There will be additional benefits for those who end up choosing to buy Briscoe shares,” he said.