- There is a Security and Exchange Commission rule that stipulates that at least 80% of a share offer must be underwritten and the African Petroleum Shares offer was underwritten by the following financial institutions to the tune of ₦39, 814,144,000.00.
- The AP Initial Public Offer (IPO) was led by Union Bank while Zenith Bank was the lead underwriter for the rights offer. Other underwriters were Access Bank Plc, Afribank Nigeria Plc, Bank PHB, Diamond Bank Plc, Greenwich Trust Limited, Guaranty Trust Bank Plc, Sterling Bank Plc, Intercontinental Bank Plc, and United Bank for Africa Plc.
- The lead Issuing House for the offer was Union Capital Markets Limited. Other Issuing Houses were Access Bank Plc, Afribank Capital Markets Limited, FCMB Capital Markets Limited, Guaranty Trust Bank Plc, Intercontinental Capital Market Limited, UBA Global Markets Limited, UNEX Capital Markets Limited, Vetiva Capital Management Limited and Zenith Capital Limited.
- The Completion Board Meeting is the ceremony where all the participants (underwriters) meet to give their final approval to sign off a particular offer. At the Completion Board Meeting if any of the parties for some reason decide not to be part of the offer, it still has the right to say so. The SEC will hold any underwriter liable if they file a document and are reneging on the document after the Completion Board Meeting.
- A fundamental discrepancy was noted in the final underwritten document of the sent by SEC to the National Assembly. While the executed document sent to the National Assembly had no signature appended to it, the copy brought to the hearing by SEC was completely signed.
- It is a civil wrong and a criminal offence under the Investment and Security Act No. 29, 2007 to issue a prospectus that gives false and misleading statement or for any omission of a material fact all the underwriters signed to this document. The underwriters were bound by the content of this document and any alteration or any misleading information or any misstatement of facts makes all of them, who signed this document, jointly and severely liable.