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Shareholders Mobilize members ahead of Afribank Offer


September 13, 2007



Ahead of the Afribank Nigeria Plc Public Offer billed to open in October, shareholders’ associations across the country are already mobilizing their members to take huge advantage of the investment opportunities in the Bank through the Offer.


Leaders of shareholders groups at the Annual General Meeting of the Bank in Enugu last week said that Afribank’s Public Offer presents a unique opportunity for existing and prospective investors to reap bountifully in the capital market.


They said that with the current level of performance of Afribank as manifested in its first quarter results of over =N=4billion Profit Before Tax, projected performance and its investor-friendly policy, Afribank’s Offer is an ideal investment window for good capital appreciation and wealth expansion for both short and long term investors. 


Dr Umar Farouk, a prominent investor, said Afribank’s proposed public offer was a welcome development for investors because the Bank’s share is currently among the fastest growing stock in the capital market. According to him, in terms of predictable returns, Afribank’s current performance holds strong prospects for enduring investments stating that “I am already mobilizing current and prospective investors to subscribe massively to the coming Afribank Public Offer because of the assured good returns”.


Dr. Farouk noted that Afribank’s policy is among the best in the capital market as manifested in the bonus and dividend pay out in the last financial year assuring that an investment in Afribank, offers more wealth opportunities. He assured that investors would massively patronize Afribank Public Offer. He also expressed optimism that the Offer would record over-subscription as investors’ confidence in the current and future prospects of the Bank is very strong.


Alhaji Muktar Muktar, Chairman of the Shareholders’ Proceeds Association of Nigeria, commended Afribank and asked Nigerians to invest in a “Bank which stock has become one of the fastest growing stocks in the capital market”.  He added that shareholders have strong confidence in the strategies highlighted by the Board and Management of the Bank to sustain the tempo of good performance which would in turn boost investors’ investment.


Sir. Sunny Nwosu, National Co-ordinator of the Independent Shareholders Association, commended the transformation taking place in Afribank assuring that his Association is sensitizing members to buy massively into Afribank Offer. Mr. Nwosu expressed happiness that the Bank succeeded in its strategic initiatives which have improved its fortunes and extended to shareholders by way of capital gain, bonus, dividend payout and wealth expansion. He assured that his members have concluded plans to invest massively in the Bank’s Public Offer whenever it open to the public.


Mr. Boniface Okezie, President of the Progressive Shareholders Association of Nigeria, said his group would invest individually and collectively in the Bank’s Offer which has more prospects going by the positive development taking place in the Bank and its dynamic management.


 Mr. Gbenga Idowu, National Coordinator of Shareholders United Front (SUF) said his Association was happy for the good performance, improved outlook and prospects of the Bank which have made his members to conclude that they would invest the coming Public Offer of the Bank.
This is a Press Release
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