Africa Prudential Registrars Plc on Wednesday announced that it had purchased UAC Registrars Limited, a non-bank affiliated registrar in the capital market.

Until the purchase, UAC Registrars was a wholly-owned subsidiary of UAC of Nigeria Plc.

APR, one of the most prominent players in the Nigerian share registration industry, stated this in a statement by its Head, Strategic Business Transformation, Opeyemi Onifade.

According to the statement, the share sale and purchase agreement between Africa Prudential Registrars and UAC of Nigeria Plc was executed by both parties at the head office of UAC of Nigeria Plc in Lagos.

The statement explained that APR was attracted to UAC Registrars as a result of its “proven track record in the industry and its quality customer service and timely response to market trends.”

It read, in part, “The deal will integrate the resources of both companies and drive the deployment of even more robust information technology platforms to further reduce operating expenses and increase overall profitability.”

APR said the acquisition of UAC Registrars, currently managing the registers of six client companies, including UAC of Nigeria Plc, would open up new opportunities for the entity, not only in Nigeria, but across the African continent.

The Chairman, APR, Mrs. Eniola Fadayomi, was quoted as saying at the signing that the acquisition was part of the company’s strategy to achieve dominance in the share registration business in Nigeria.

She said, “Africa Prudential Registrars Plc is a thoroughbred in this sector. It has close to four decades of share registration experience in the Nigerian capital market, and is ranked number one in terms of automation and innovation among corporate registrars in Nigeria. The acquisition is part of our business expansion and growth strategy to deliver value to all our stakeholders.”

The Managing Director, APR, Mr. Peter Ashade, said, “In addition to championing the consolidation of Nigeria’s share registration industry, we are also driving improved service delivery in the country’s capital markets, and opening up new frontiers to deliver value-added returns to investors.

“We complement traditional registration with e-share registration. This has helped to grow our clientele base from 17 companies at the end of 2006 to over 32 in 2013.”

Source: Punch (by Simon Ejembi)