By Ogbuotobo Chuks

Shareholders of Afribank plc are not impressed at all with the bank as there has not been any trading activities on the stocks of the company since September last year. This has resulted in them not being able to reap from the capital gains so far this year in the capital market, worth over N1 trillion.

The bank’s share price was placed on technical suspension since its management informed the Council of the Nigerian Stock Exchange ( NSE) about its plan to raise N30 billion from an offer of three billion ordinary shares of 50 kobo each at N10 per share.

The planned capital raising has remained on hold due to the aborted hostile takeover attempt by Access Bank Plc. Regulatory authorities in both money and capital market have refused to lift the technical suspension on the share price of the stock until all issues affecting the forceful take-over was resolved conclusively.

The company presently is indeed a source of concern to most investors. This is in view of the fact that companies like IBTC and Diamond Bank that were selling for below N6.00 last year have all overtaken the bank. It is hoped that the issues arising will be sorted out soon and the company will resume full activities on the equity.

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