Daar Communications, owners of African Independent Television (AIT) and Raypower 100.5 FM stations, recently announced plans to raise N13.5 billion through the capital market.

The media giant will offer 1.829,478,000 shares of 50k at N5 per unit. The company will also offer another 9.6 billion shares belonging to existing shareholders.

Speaking at the company's business forum in Lagos, the Executive Chairman said that the offer is to allow Nigerians the opportunity to be part of the expansion and the improved content of the media conglomerate.

According to Dokpesi ``Nigerians should endeavour to take part in the ownership of the company that is theirs already," On the company's profitability profile, Dokpesi said that Daar profit appreciated to N25 billion in 2007 when compared with N3 billion recorded in 2002. He said that the company suffered losses between 2002 and 2003 `due to political persecution'.

The Chairman also commended President Musa Yar`Adua for approving the extension of AIT TV and Ray Power signals across the nation. According to him, Yar'Adua's approval showed his commitment and encouragement of the complementary role of private initiative in growing the nation's economy.

In his message, the Director-General of Voice of Nigeria, Alhaji Abubakar Jijiwa commended Daar Communications for opening another chapter in the history of the nation's media industry. Jijiwa, who is also the President the Broadcasting Organisation of Nigeria (BON), said that member stations have accepted a 25 per cent reduction in advertisement for the Daar Communications public offering.

We are in full support of Daar Communications voyage into the capital Market because they are only celebrating the broadcast industry," Jijiwa said.

The Present of the Nigerian Shareholders Solidarity of Association (NSSA), Mr Timothy Adesinyan, commended Dokpesi for appreciating the value of listing a company on the stock exchange. "To us in the association, we see the scheduled offer as Dokpesi's birthday gift to Nigerians," he said.