September 03, 2008 2165 VIEWS

-As investors complain of desertion



Proshare NI

September 03, 2008 at 15:43 GMT



There are doubts if Alliance Capital Management Company Limited, Member of the Nigerian Stock Exchange (NSE) is still operational.


This is coming on the heels of a complaints sent to Proshare NI. As a case study, we took on one from Adenopo Oluwatoyin Olayinka of the Bureau of Public Services Reforms in Abuja Nigeria.


Her mail reads thus, “Good day to you all, I got to know about you from a friend who advised me to present my case to you.


My name is Adenopo Oluwatoyin Olayinka, a civil servant with the Bureau of public Service Reforms, Asokoro, Abuja.


I visited a company named Alliance Capital Management Company Limited, Abuja Branch on 28/03/08 to register and verify my share certificates for (10 different types).  On this same day, the original certificates were collected and receipts were issued to me.


Since then I have not heard or received a text message from this company. 


For the past one month, the Abuja office has been locked up, no staff to attend to customers, I could not reach them on phone, either not available or not being picked up.  Many customers queue up in front of the office everyday, yet no one to give information.


I don’t know what is going on at all. I don’t know if an account has been opened for me, neither do I know the status of verification,


Please I\'ll appreciate every assistance you can render in investigating this matter. Hope to hear from you very soon. Thank you”


Proshare NI in a bid to clarify the true position of issues as regards Alliance Capital paid a visit to New Africa House, Royal Exchange Building in Marina Street, Lagos.


As at the time of filling in this report, Proshare NI met an almost deserted office of Alliance Capital; with just a handful of staff on hand.


However, some of the investors whom where at the office to transact one business or the other confirmed to Proshare NI that the company maybe having some slight challenges which has affected its operations.


One of the staff of the company Proshare NI spoke with affirmed that very soon the staff of the company would resume duties. This confirms the speculations that at the moment, the company is not operational.


“Don’t worry very soon they will resume” the source said.


However, the source declined to give an explanation in respect of the above statement.


Proshare NI also contacted another source of the company on phone; who was not around as at the time of its visit.


The source on his part affirmed that the staffs of the company were on their break period when Proshare NI visited.


“When you came to our office; most of the staffs were out on break; including me” the source affirmed.  


Some market sources contacted by Proshare NI on the issue could not give any explanation concerning Alliance Capital. 


However, as at the time of filling in this report, we could not confirm the true status of the company from the NSE.


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