| 01 April, 2007 Foresight Securities & Investment Limited 163/165 Broad Street Old Niger House Lagos Gentlemen, On behalf of the Directors and Management of Benin Investment and Development Company Plc, I am pleased to provide you with the following information in connection with the Private Placement, which you are seeking to make on our behalf. In context, I will provide you with a brief Historical Perspective of the Benin Nation and the strategies needed to address the situation and overview of the Company. HISTORICAL PERSPECTIVE OF THE BENIN NATION Prior to 1897, the Benin Nation was internationally recognised as a sovereign and independent nation state and one of the most distinguished political systems in the world. However, with its incorporation into the Protectorate of Southern Nigeria, Benin lost her status of independent nationhood. What remains of the ancient Benin Kingdom which represents the present day South Senatorial District of EDO state shows a pathetic reflection of the glorious and illustrious historical and cultural heritage of the Benin people. It is now generally recognised that Benin and all it stands for is currently experiencing its most traumatic crisis of survival in its thousands of years of existence. There is near total collapse of values and standards. There is general feeling of despair and hopelessness particularly among the youth and surrender and helplessness among the elders. Our rural towns and villages which were thriving and throbbing centres of culture and enterprise have been deserted by our youths, who have moved to Benin metropolis in search of white collar jobs. The worst situation is where our youths now engage in anti-social activities abroad and other states of Nigeria, thereby denting the image of the Benins. OUR MOTIVATION AND CONVICTION Our motivation stems from the fact that the Benins, believing in themselves and having reflected on their pathetic faith have decided to collaborate and pull their resources together to establish a legal/business framework that would lead to economic transformation and rapid development of the Benin Kingdom and thus leading to the economic empowerment of the citizenry. The landmass of the Benin Kingdom is blessed with arable land, other natural and human resources. BIDCO promises to ensure the realisation of the dreams of its promoters for a better future for the Benin man. ECONOMIC ACTIVITIES Edo state is one of the nine oil producing states of the country because of the Oil and Gas deposits in Orhionmwon, Ikpoba – Okha and Ovia South West. We therefore intend to leverage the profile of some of our members so that BIDCO can take advantage of this God given resources in our land. Some of the economic resources which abound in Benin Kingdom are as summarized below: 1. ORHIONMWON 2. IKPOBA – OKHA 4. EGOR 5. OVIA NORTH – EAST 6. OVIA SOUTH – WEST 7. UHUNMWODE In conclusion, this private placement of our shares is a prelude to several other strategies that we intend to execute in the near future and beyond. I invite you to seize the unique opportunity of this Private Placement to invest in this ground breaking company which has a tremendous growth potentials in the years ahead. Kindly complete the Application Form at the end of this Private Placement Document indicating the number of shares you wish to purchase and the details of payment. The Form should be returned to Foresight Securities and Investment Limited as soon as possible. Thank you in anticipation of your investment in BIDCO. Yours faithfully, CHIEF SAM O. U. IGBE MON
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