The Securities and Exchange Commission (SEC) has given approval to RT Briscoe Nigeria Plc to raise N10 billion in funds through a newly introduced savings and investments scheme.

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The Group Managing Director/ Chief Executive Officer of RT Briscoe Nigeria Plc, who revealed this in Lagos last week, said the savings and investment scheme would allow the rich, semi-rich, and the poor to participate by saving and investing.

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

He said the idea is to allow the existing 43,000 RT Briscoe shareholders who are mostly retired to be taken along by paying instalmentally owing to the impact of the harsh economic situation on people’s income.

Photo Caption
L-R: Group Managing Director/CEO of R.T. Briscoe Plc, Mr. Seyi Onajide and Chief Operating Officer of R.T Briscoe Plc, Dr. Femi Eguaikhide

The scheme is open to both existing share holders and non-share holders.

Onajide said the investment would go to a trustee, already set up by SEC, who will 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.

According to him, RT Briscoe is committed to meeting its debt repayment obligations to banks which comes with interest and charges, but promised that the debt would be resolved before converting the savings into shares.