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1. Head Office:
Foreshore Towers (8th Floor)
2A, Osborne
Road,
Ikoyi, Lagos.
Tel: 234-01-2701680
Fax: 234-01-2694392
E-mail: info@afrinvestwa.com
Website: www.afrinvestwa.com
2. Nature of Business:
Closed-End Investment Fund designed to enable investors
invest in Nigerian Government US-dollar-denominated debt obligations.
3. Date of First Allotment:
1997
4. Date Listed on The Exchange:
7th April, 1997
5. NSE Classification:
Managed Funds
6. Manager:
Afrinvest (W.A) Limited
Foreshore
Towers,
2A, Osborne
Road,
P. O. Box
51045, Falomo,
Ikoyi, Lagos.
7. Trustees:
UBA Trustees Limited
UBA House, (2nd Floor)
57, Marina, Lagos.
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8. Auditors:
KPMG Professional Services
(Chartered Accountants)
22a Gerrard Rpad, Ikoyi,
P. M. B. 40014, Falomo
Lagos.
Tel: 234-01-4632090-3, 2694660-4, 2696040-4
Fax: 234-01-2691248, 2691775
Website: www.kpmg.com
9. Company Registrars:
United Securities Limited
UAC House,
1/5 Odunlami
Street,
Lagos.
10. International Custodian:
Citibank UK.
11. End of Accounting Year
December 31st
12.Capital Structure
i. Authorised: N2,055,200,000.00
ii. Paid-Up: N1,374,158,000.00
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FIVE-YEAR FINANCIAL SUMMARY
BALANCE 2007 2006 2005 2004 2003
SHEETS N’000 N’000 N’000 N’000 N’000
ASSETS:
Cash at Bank 1,080,210 1,157,323 421,065 220,331 350,084
Investments 359,640 552,496 1,293,929 1,498,193 1,327,006
Coupon receivable 35,462 35,481 26,062 19,125 12,294
Other assets 1,186 370 969 91 94
----------- ------------ --------------- ------------ ---------------
1,476,498 1,745,670 1,742,025 1,737,740 1,689,478
LIABILITIES:
Fees payable (9,095) (9,347) (7,560) (7,704) (7,568)
WHT Payable (2,520) (1,876) (41) (3,410) (10,671)
Other liabilities (8,053) (6,016) (5,934) (3,952) (5,609)
----------- ------------ --------------- ------------ ---------------
Net assets 1,456,830 1,728,431 1,728,490 1,722,674 1,665,630
====== ====== ====== ====== ======
CAPITAL AND RESERVES:
Investment notes 1,266,643 1,374,158 1.369.344 1.417.485 1.462.417
Note premium 616 668 666 689 711
Undistributed net profit 189,571 353,605 194,124 80,587 62,627
Unrealized gains on
investment - - 164,356 223,913 139,875
----------- ------------ --------------- ------------ ---------------
1,456,830 1,728,431 1,728,490 1,722,674 1,665,630
====== ====== ====== ====== ======
NAV per share 13,618 16,157 16,157 16,103 15,570
====== ====== ====== ====== ======
STATEMENT OF OPERATIONS
Total investment income 180,402 406,590 224,373 109,990 85,538
Total expenses (265,683) (177,662) (44,655) (40,229) (46,201)
----------- ------------ --------------- ------------ ---------------
Net income (85,281) 228,928 179,718 69,761 39,337
Coupon paid (58,779) (71,055) (60,837) (49,727) (60,562)
----------- ------------ --------------- ------------ ---------------
Net increase in the nets
resulting
from operations (144,060) 157,873 118,881 20,034 (21,225)
----------- ------------ --------------- ------------ ---------------
Undistributed net profit
Beginning of the year 353,605 194,124 80,587 62,627 79,452
Foreign currency
translation adjustment (19,974) 1,608 (5,344) (2,074) 4,400
----------- ------------ --------------- ------------ ---------------
End of the year 189,571 353,605 194,124 80,587 62,627
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