The ongoing open ended DVCF N1-billion Oil & Gas Fund has enjoyed resounding patronage with the on-line coupling of Electronic Share Administration System developed by Sidmach Technologies Nigeria Limited.

With this system, investors convenience has been improved through simple protocol arrangements of completing and submitting application form on-line. In less than five minutes after submission, data integrity and validity is confirmed and provisional allotment conveyed to the investor.

The major attraction of the platform, Anthony Eze, managing director/CEO, DVCF Oil & Gas plc, says is that, it opened up the investors space from a rural village in Nigeria to major money market centres in America Europe and Asia.

The software developers consortium, represented by Chijioke Eke, executive director, Sidmach Technologies Nigeria Ltd disclosed that the platform is capable of handling a public offer with zero tolerance for printed materials in form of prospectus, return forms, dockets etc.

Such development could be the solution that the regulatory authorities have been exploring as public offer administration from the Issuing Houses to CSCS can be completed within 55 days. The role of the contract key in staff, courier services and printers are completely eliminated thereby reducing cost by more than 60 percent while enhancing the market scope.

This was confirmed by Anthony Eze as significant subscription to the Oil & Gas Fund was done online from overseas while the rural dwellers who had access to cybercafes concluded the transaction within five hundred meters of their locations

Corporate Issuers now have a choice of towing the conventional all paper driven framework or the electronic share administration platform.

According to Eze, the DVCF N1bn Oil & Gas Fund offer ran on two platforms at varying stages of the public offer. Their experience shows that the electronic web enabled module was cost effective and most importantly very interactive. The interface created on the web environment enabled investors to resolve many issues on the investment and to get more acquainted with the Issuer. This is the future direction of capital market operations, predicted Eze.

The DVCF 1billion Oil & Gas Fund offer closed on December 6, 2006. As an open ended Fund, investors are reminded that the Fund has no fixed capitalization, and so attracts regular investment continuously.

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