Nigeria: 10 Months After, Investors Still Awaiting Conclusion of N110.23 Billion AP Offer

opinion

It is now over 10 months since the end of the public offering and rights issue by African Petroleum Plc. The offer has since become protracted and another effect of the liquidity squeeze on the Nigeria economy. In this report, FINANCE EDITOR, Kingsley Ighomwenghian, reviews the entire offer, whose shares should have been listed on the Nigerian Stock Exchange (NSE) on January 6, 2009, but for the decision by some of the underwriters to hold on to the fund, because of "criminal alterations in the document" to the detriment of the issuer.

Several months after the end of the offer by directors of petroleum products marketing giant- African Petroleum Plc to raise a total of N110 billion through public offer for subscription and by way of rights last year, new revelations emerged last week, as the directors blamed some of the 11 underwriting companies for reneging on the underwriting agreement.

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