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AP: Afribank Registrars defends self on delay in verificatio


September 05 , 2008



Proshare NI

September 05, 2008 at 16:54 GMT


Afribank Registrars Limited has defended itself on the delay in the verification of African Petroleum Plc (AP) share certificates today in LagosNigeria.


This is coming on the heels of investors’ complaint to Proshare NI that Afribank Registrar has not been verifying shares certificates for sometime now in respect of AP



An investor affirmed that for four months, his mother has not been able to verify her share certificate; while accusing the Registrars of fraudulent acts.



Proshare NI sought to clarify the issue from the Registrar, a source in the company confirmed that Afribank Registrars in its bid to check the excesses of Fraudsters decided to put some measures in place.



“We just tookover the AP’s account November, 2007 and due to the large volume and to avoid fraudulent acts, we decided to handle the verification in a different way” the source said.



However, the source further confirmed that as at today, Afribank Registrars is still verifying the AP’s share certificates contrary to the issues raised by certain investors on non-verification of the above matter.



As at the time of filling in this report, Proshare NI could not get in touch with the Managing Director of Afribank Registrars to formally clarify the issue.



As earlier reported by Proshare NI, AP is seeking to raise fresh funds of about N110 billion by offering to members of the  investing public by way of offer for subscription 199.1 million ordinary shares of 50 Kobo each at N250 per share and to existing shareholders; Rights Issue of 262.9 million ordinary shares at N230 per share.

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