Sh142m in Safaricom IPO refunds yet to be claimed

Nearly 2 years since the landmark 50 billion shillings Safaricom Initial Public Offering was concluded, 142 million shillings in refunds lies uncollected to date. The Bank that played the lead receiving bank role during the share sale – Citibank Kenya – has stated that 5,757 cheques are still outstanding out of the original 852,000 refunds. Citibank’s Chief Executive Officer, Ade Ayeyemi has added that the bank is awaiting instructions from the Capital Markets Authority on how soon the unclaimed funds should be cleared from its custody.