Replies to post #237750 on ERHC Energy Inc (ERHE)

[mz157]

anyone with a passive stake would have to file a 13G by year-end of the year they acquired if over 5%. if an active investor, a 13D would need to be filed within 10 days. DK may be the best source for the answer.

[equity2all]

Sir Emeka Offor, who said he was about defraying the outstanding balance of N934.9 million that his Chrome Group of Companies, owed failed African Express (AFEX) Bank, has sent a proposal to the Senate Committee on Banking, Insurance and other Financial Institutions on how to liquidate the debt.
The total loan Offor got for Chrome Group of Companies, as contained in the NDIC report that the Senate Committee Chairman, Senator Nkechi Nwaogu, read out on the floor of the Upper House on Tuesday, was N7.5 billion.
According to the report, Offor paid back only N3.8 billion. But he disputed the claim, saying N934.9 million was the outstanding balance of his company's indebtedness to AFEX Bank.
In a letter dated May 14, 2009, addressed to Nwaogu and signed by Company Secretary/Legal Adviser of Chrome owned by Offor, Anthony Achebe, Chrome said AFEX Bank's total deposit liability as at December 31, 2005 was N6.6 billion.


The letter stated that the deductions/payments to date included N3 billion deposit to Central Bank of Nigeria (CBN) by Chrome Group on January 12, 2006; N449,980,379.00 deposit to NDIC on June 28, 2006; N100 million deposit to NDIC on December 18, 2007; N100 million deposit to NDIC on March 20, 2008; interest on the N3 billion deposited at CBN at 10 per cent per annum up to May 31, 2009; and payment of N1 billion to NDIC by UBA Plc under the cherry picking arrangement.
According to the letter, “Outstanding balance viz-a-viz the defunct African Express Bank total deposit liability is N934, 925, 129.00.”
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.
“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.
“Our request to pay the above stated sum is borne out of our genuine desire to offset the indebtedness and taking into consideration that other debtor customers of the defunct Bank are yet to take steps towards liquidating their outstanding indebtedness.