April 14, 2008 4254 VIEWS
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Public statement on the suspension of trading in Afroil Plc Shares on the Nigerian Stock Exchange

 

  1. The Board of Directors of Afroil Plc met today, 5th of April 2008 and reviewed recent events and happenings pertaining to the affairs of the company

 

  1. The Board acknowledges the regulatory functions of the Securities and Exchange Commission and also appreciates its efforts in protecting investors and the integrity of the capital market

 

  1. At this time of economic and political regeneration, it cannot be over-emphasized that all efforts be made to generate investors’ confidence which every Stakeholder in the community cannot fail to appreciate

 

  1. Against this background, we are concerned at recent developments leading to the suspension of trading in the shares of Afroil Plc on the Nigerian Stock Exchange which are quite capable of eroding the confidence of investors and other stakeholders in the affairs of Afroil Plc in particular, and the well being of our economy in general, especially, when it is considered that the Stock Exchange has become the major driver and engine of growth in the Nigerian Economy. The exercise of these functions must be done in a manner that will not do irreparable damage to institutions

 

  1. The Board of Directors recognizes that there are laws, regulations and procedures for carrying out regulatory functions and apportioning sanctions when and where necessary. The cardinal requirement of this process is the Principle of fair hearing, transparency and accountability to all concerned which we believe, with a very high degree of responsibility, in the present case of Afroil Plc, ought to be the case.

 

  1. There have been allegation of insider dealings and price manipulations, not having a corporate and functional office; not engaged in any business activity in petroleum products marketing as well as not informing the Securities and Exchange commission (SEC) of progress reports and business activities as per all media reports and business activities as per all media reports during the month of February and March 2008. These allegations which ostensibly provided the grounds for suspension are yet to be communicated to Afroil Plc.

 

  1. Afroil Plc as a responsible corporate organization which though went through a period of crises and the judgment by the Federal High Court, has now been redeemed with the integrity of the company totally restored and both customers’ and shareholders’ confidence fully re-established – hence the upsurge in the price movements on the floor of the Nigerian Stock Exchange. The company has up to date accounts as at 31st December, 2007 and management account as at 31st March, 2008 already submitted to the regulatory Authorities and would be released to the public accordingly. The company had also, as of date, fully settled all its tax liabilities to the Federal Inland Revenue Services at 31st December, 2006.

 

  1. To all intents and purposes, Afroil Plc as a law abiding Corporate Citizen operating with the highest levels of transparency, accountability and good corporate governance has absolutely nothing to hide from the SEC, the NSE and the investing general publics. Our operations and books are above board.

 

  1. Following from the above, the Board of Directors hereby resolves to appeal to the SEC and the NSE to immediately lift the suspension placed on the trading of Afroil PLC Shares. This is without prejudice to the consultations and further investigations that may be deemed necessary by the regulatory authorities.

 

  1. The Board of Directors wishes to convey to our customers; the SEC, the NSE and all Stakeholders, the assurances of our highest regards and full cooperation as we all endeavour to make Nigeria’s economy one of the world’s biggest 20 economies by the year 2020

 

  1. The Board of Directors has absolute confidence in the management of Afroil Plc under the able leadership of MR I. O. Sanni.

BY ORDER OF THE BOARD

 

I.O. Sanni, M.Sc; FCIB                                                    Larry Services Limited

Chairman and Chief Executive Officer                          Secretaries
 
AFROIL PLC  
PROFIT AND LOSS ACCOUNTS FOR THE FIRST QUARTER OF 
THE YEAR ENDED MARCH 31ST 2008
N N
Turnover     135,280,109.50
Less: Cost of Sales   124,056,400.00
       
Gross Profit     11,233,709.50
Other Income     247,729.50
      11,471,439.00
Deduct:
Administrative expenses 17,029,945.33  
       
Marketing expenses 7,754,750.00  
      24,784,695.33
Profit/(Loss) on ordinary
Activities Before Tax 13,313,256.33
 
 
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