ERHC Energy Inc (ERHE)

[RUBY1100]

The letter stated further: “Security-Chrome Group’s Account with the defunct African Express Bank Plc were secured principally by a Lien on 100 (one hundred) million units of the common stock of Environmental Remediation Holding Company (ERHC) - an American registered company listed on NASDAQ. The originals of the share certificates of the above stocks are in the custody of the NDIC.

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“We wish to observe that despite our efforts towards the repayment to the outstanding depositors of the defunct AFEX Bank Plc, no effort is being made to recover the outstanding loans of about N4 billion from the other customers of the Bank.
“Our proposal has thus taken into consideration, our previous repayments vis-a-viz the receivables from the cherry picking exercise conducted by the regulatory authorities as well as the entire deposit liabilities of the defunct AFEX Bank Plc.


“In view of the foregoing representation, we humbly request that Chrome Group makes a good faith payment of N1,200,000,000.00 (One Billion, Two Hundred Million Naira) in twelve equal instalments effective June 1, 2009 in full and final settlement of its indebtedness as against the outstanding balance of N934,952,129.00 needed to pay the outstanding deposit liabilities of the defunct AFEX Bank Plc.