About SA
Statement of Financial Position 73
Statement of Profit or Loss
and Other Comprehensive income 74
Statement of Changes in Equity 75
Statement of Cash Flows 76
Other notes to the financial statements 77 - 99
Risk Management Report 99 - 125
Appendices to the financial statements 126
Branch Network 130
Unclaimed Dividends Position 131 - 148
Consolidation of Account 151
Proxy Form 153
E-Dividend Activation Form 155
CONTENTS
Corporate Profile 1 - 3
Notice of Annual General Meeting 4 - 5
Result at a Glance 6
Chairman’s Statement 7 - 8
Board Of Directors 9 - 11
Approval & Statement of Responsibilities 12
Director’s Report
Directors’ Report 13 - 17
Corporate Governance Report 18 - 26
Management Discussion and Analysis 27 - 30
Ceo’s Report 31 - 32
Management Team 33 - 37
Report of The Independent Auditor 38 - 40
Report of The Audit Committee 41 - 42
Summary of Significant Accounting Policies 43 -72
Corporate Information
Financial Summary
To be the leading
provider of insurance,
risk management and
investment services
in Africa.
OUR MISSION
TO THE INSURING PUBLICA prime company
that provides full
protection against
the unexpected at an
affordable cost and in
an efficient manner.
OUR VISION
TO EMPLOYEESA place of pride to
work; a pleasant and
c o n d u c i v e w o r k
environment that in
addit ion rewards
merit and engenders
ownership approach
to duty.
TO SHAREHOLDERSA prime and profitable
investment; a pride to
own, and
To become the best within the shortest time possible, through hard
work and innovation and the employment of superior men and
machine resources:
TO THE STATEA r e s p o n s i b l e
corporate citizen
About S.A
2014 ANNUAL REPORTS AND ACCOUNTS 1
CORPORATE PROFILEStandard Alliance Insurance Plc (SA Insurance Plc) is a high
profile, technology-driven and customer-oriented company
ranking among the best and most respected insurance
companies in Nigeria, both in terms of product and service
delivery. SA Insurance Plc, a frontline underwriting company
licensed by the National Insurance Commission, NAICOM, to
transact general and special risk insurance businesses,
emerged from the now defunct Jubilee Insurance Limited
which was acquired in August 1996 by keen Nigerian turn-
around investors.
The company commenced full operations as Standard Alliance
Insurance Limited in 1996 it went public and became quoted
on the Nigerian Stock Exchange in 2003. SA Insurance Plc
which was recapitalized in 2008 when it issued additional
shares to the public has an authorised share capital of N7bn, a
shareholders' funds of N4.3bn and an asset base which is
currently N8.6bn. The company's gross production written as
at the end of 2014 is N4.3bn.
Gemrock Management Co. ltd. In December 2014, acquired a
strategic interest in Standard Alliance with a new Board and
Management put in place to implement a transformation
programme that will see the company emerge as a dominant
player in the insurance sector within the next five years.
OUR VALUES Our corporate organizational values derive from the letters of the word STAR
S SERVICE
AACCOUNTABILITY
T TRUST
R RESILIENCE
2014 ANNUAL REPORTS AND ACCOUNTS2
Country of
Incorporation
and domicile
Company
registration
number
Nature of
business and
principal activities
Directors
Company
Secretary
Registered office
Registrars
Nigeria
RC: 40590
The principal activity of the
Company is general and special
risk insurance business
Brig. Gen. Dominic Oneya (Rtd.)
Bode Akinboye (CEO)
Omolola Oshiafi
Orerhime Emerhor-Iwuagwu
Adetayo Akintunde
Etigwe Uwa, SAN
Johnson Chukwu
Austin Enajemo-Isire
Nwadiuto Onuoha
FRC/2014/NBA/00000007426
Plot 1 Block 94, Providence Street
Lekki Scheme 1, LekkiLagos
First Registrars
Plot 2 Abebe Village Road,
Iganmu, Lagos
Access Bank Plc
Ecobank Plc
Enterprise Bank Limited
FCMB Plc
Fidelity Bank Plc
First Bank of Nigeria Limited
Guaranty Trust Bank Plc
Mainstreet Bank Limited
Lagoon Homes Savings&Loans Limited
Skye Bank Plc
Sterling Bank Plc
Union Bank Plc
United Bank for Africa Plc
Bankers
Reinsurers JLT Group Plc, London
African Reinsurance Corporation, Nigeria
Continental Reinsurance Plc, Nigeria
Nigeria Reinsurance Plc, Nigeria
WAICA Reinsurance Pool, Nigeria
Reinsurance
Broker
Auditors
Actuaries
Glanvill Enthoven
Reinsurance Brokers Limited
BDO Professional Services
(Chartered Accountants)
ADOL House
Plot 15, Central Business District
Alausa, Ikeja
Lagos.
HR Nigeria Limited
FRC/NAS/0000000738
2014 ANNUAL REPORTS AND ACCOUNTS 3
About S.A
NOTICE IS HEREBY GIVEN that the Nineteenth Annual General meeting of STANDARD ALLIANCE INSURANCE PLC
will be held at the Event Hall, Plot 1, Block 94, Providence Street, Lekki Phase 1, Lekki, Lagos State on 30th
September, 2015 at 1:00pm prompt to transact the following business.
Ordinary Businessa) To receive and adopt the Audited Financial Statements together with Auditor's Report and
Audit Committee's Report therein for the year ended 31st December, 2014.
b) To re-elect retiring Directors.
c) To ratify the appointment of new Directors and Group Managing Director/CEO
d) To approve the remuneration of the Directors.
e) To ratify the appointment of BDO Professional Services as External Auditors.
f) To authorize the Directors to fix the remuneration of the Auditors.
g) To re-elect/elect members of the Audit Committee.
Special Business:To consider and if thought fit, pass the following resolutions being proposed as Special Resolutions:
1. To approve the sale of the Treasury Shares amounting to 2, 212, 046, 824 ordinary shares of 50 kobo each at
25 kobo per share by way of Special Placement to identified Strategic Investor, Gemrock Management
Company Limited.
Dated this 4th day of September, 2015
BY ORDER OF THE BOARD
NWADIUTO ONUOHA
COMPANY SECRETARY
FRC/2014/NBA/00000007426
STANDARD ALLIANCE INSURANCE PLC
PLOT 1, BLOCK 94, PROVIDENCE STREET,
LEKKI PHASE 1, LEKKI,
LAGOS.
NOTICE OF THE NINETEENTH ANNUAL GENERAL MEETING
Nwadiuto OnuohaCompany Secretary
2014 ANNUAL REPORTS AND ACCOUNTS4
NOTES
1. Proxies
A member of the company entitled to attend and vote is entitled to appoint a proxy on his or her
behalf. A proxy need not be a member of the company. A detachable blank proxy form is attached to
the Annual Reports and Accounts and if it is to be valid for the purpose of the meeting, it must be
duly completed and deposited with the Registrars, FIRST REGISTRARS OF NIGERIA LIMITED at Plot 2,
Abebe Village Road, Iganmu, Lagos State not less than 48 hours before the time of the meeting.
2. Closure of Register of Members and Transfer Books
The Register of Members and Transfer Books of the Company will be closed from Monday 14th
September, 2015 to Friday 18th September, 2015 (both dates inclusive) for the purpose of
preparing an up-to-date Register.
3. Unclaimed Share Certificates and Share Warrants
All Shareholders are hereby informed that the Registrars of the Company are holding share
certificates and dividend warrants which have been returned by the Post Office as “unclaimed”.
Some dividend warrants sent to Shareholders' registered addresses or their bankers too are yet
to be presented for payment or returned to the Registrars of the Company for revalidation. The
affected shareholders should please get in touch with the First Registrars.
4. Nomination for Audit Committee
In accordance with Section 359 (5) of the Companies and Allied Matters Act CAP C20, Laws of the
Federation of Nigeria, 2004, any shareholder may nominate another Shareholder for appointment
to the Audit Committee. Such nomination should be in writing and must reach the Company
Secretary not less than 21days before the Annual General Meeting. The National Insurance
Commission's code of Corporate Governance has indicated that some of the members of the Audit
Committee should have requisite knowledge of accounting, financial analysis and financial
reporting. Also the Securities and Exchange Commission's code of Corporate Governance has
indicated that members of the Audit Committee should have basic financial literacy and should be
able to read financial statements. We would therefore request that nominations be accompanied by
a copy of the nominee's curriculum vitae.
5. Election of Directors
In accordance with Articles 83(2) and (3) of the Articles of Association of the Company, one-third of
the non-Executive Directors or if their number is not three or a multiple of three, then the number
nearest one-third shall retire from office each year and being eligible, offer themselves
for re-election.
2014 ANNUAL REPORTS AND ACCOUNTS 5
About S.A
RESULTS AT A GLANCE % 2014 2013
Statement of Comprehensive income: N'000 N'000
Gross premium written 4,333,254 3,792,076 14
Net premium income 3,863,664 3,095,919 25
Claims expenses 1,477,173 1,166,515 27
Underwriting results 1,430,687 1,005,363 42
Investment income 239,631 335,212 (29)
Management expenses 1,795,804 1,497,228 20
Loss before tax (1,982,613) (789,736) 151
Statement of Financial Position:
Cash and cash equivalents 701,236 230,396 204
Investment in Associates 433,507 1,081,612 (60)
Investment property 1,415,000 1,435,000 (1)
Insurance contract liabilities 2,402,454 2,000,759 20
Paid up share capital 5,996,587 5,996,587 -
Shareholders' funds 3,417,482 4,777,750 (28)
Total Assets 7,721,387 8,788,881 (12)
Per share data
Basic loss per share (kobo) (17.35) (7.35) 136
Proposed dividend - - -
Net assets per share (Adjusted) - (0.07) (100)
Share price (kobo) 0.50 0.50 -
General
Number of Shareholders 71,053 71,073 (0)
Number of Employees 118 168 (30)
Number of Branches 14 14 -
19 2014 ANNUAL REPORTS AND ACCOUNTS6
CHAIRMAN�S STATEMENTFellow shareholders, distinguished guests, ladies and gentlemen. It
is my pleasure to welcome you to the 19th Annual General Meeting
of our great company, Standard Alliance Insurance Plc.
GLOBAL ECONOMY
The year 2014 witnessed a sustained but fragile recovery in the
global economy. Based on the estimates by IMF, the global economy
grew by a modest 3.4% supported largely by the performance of the
US economy and the drop in oil prices from the second half of the
year. Other advanced economies and the emerging markets
however showed mixed performances, as geo-political risks and a
slow pace of recovery in the Euro zone continued to stifle growth.
Financial markets across the globe also showed mixed
performances as a result of the volatility created by divergent
monetary policy paths. While the equity market in the US hit record
highs, (S&P index was up 11.4%), Europe underperformed as key
equity market indices, FTSE and CAC 40, the benchmark for UK and
France respectively returned negative (-) 2.71% and (-) 0.54%
respectively.
DOMESTIC ECONOMY
Growth slowed considerably in 2014 as the economy recorded a
GDP growth rate of 5.9% in the last quarter of the year compared to
an average of 6.2% recorded in the first three quarters of the year
and marginally higher than the estimated growth rate of 5.8% for
sub-saharan Africa.
At all times, the non-oil sector remained the major driver of growth,
expanding by 6.4% in the 4th quarter of the year as against the 1.2%
growth by the oil sector during the same period.
The monetary policy environment remained tight as expected even
as the CBN tried to rein in excess liquidity in the financial system and
keep inflation under control in a pre-election year. There were
upward adjustments to the Cash Reserve Ratios for both private
and public sector funds. This effectively reduced systemic liquidity
with the attendant spikes in rates in the money and fixed income
markets.
Consumer inflation remained within the single digit band for two
years. It opened the year at 8%, dipped to an all-year low of 7.7% in
February, and rose consistently till it peaked at 8.5% in August
before closing at 8%. This meant that inflation remained within the
benchmark range of 6.0% and 9.0% set by the CBN.
The drastic fall in the prices of oil and the attendant attrition in
external reserves necessitated drastic policy responses from the
CBN in the 4th quarter of the year. Some of these measures include
an adjustment of the Monetary Policy Rate (MPR) to 13% and an 8%
devaluation of the currency from =N=155/dollar to =N=168/dollar.
In the equity market, The Nigerian All Share Index (NSEASI) suffered
a decline of 16.1% as against the growth experienced in 2013.
Market Performance was generally poor in the year as there were
BRIGADIER GENERAL
DOMINIC ONEYA (RTD)Chairman
2014 ANNUAL REPORTS AND ACCOUNTS 7
16
major set-backs, prominent of which was the
depreciation in the value of the Naira. Notable was the
approx. 21% dip in gross external reserves which, as at
December 31, 2014, stood at US$34.47 billion after
dropping from its level of US$43.61 billion in December,
2013. The dip mirrored the fall in the price of Brent Crude
oil of about 60%, from the peak of US$ 115 per barrel in
June, 2014.
Overall, the year was mainly defined by foreign exchange
rate uncertainty, build-up of political activities, security
challenges, especially in the North-Eastern parts of the
country, and the Ebola incidences that were quickly
curtailed.
FINANCIAL PERFORMANCE
Despite the challenging macro-economic environment in
the financial year 2014, our company recorded a gross
premium income of N4.33B, which is an improvement on
the N3.78B posted in the previous year. The underwriting
profit was N1.4B, compared to the N1B posted in 2013.
Our company recorded a loss of N1.9B, compared to the
N240M loss of 2013. The rise in loss recorded was
occasioned by impairment provisions on assets, as well
as share of losses at our associate company.
Notwithstanding the performance of 2014, we have
continued to improve our efforts to take advantage of the
positive business atmosphere from the ‘No Premium, No
Cover’ principle, as well as from positive post-election
realities. I wish to assure you that the Directors and the
Management of your company are determined to bring
improvements to the bottom line going forward.
BOARD CHANGES
In the course of the year, the following five Directors
retired from the Board: Alhaji Aliyu Yahaya Sa'ad,
Olorogun O'tega Emerhor (OON), Dr. Tom Imokhai, Mr.
Ayodele Ajayi and Dr. Ramsey Mowoe (CON) while two
Directors were retained on the Board, namely: Brigadier-
General Dominic Oneya (Rtd) and Mrs. Orerhime
Emerhor-Iwuagwu. Furthermore, the following six
Directors were appointed to the Board: Mr. Bode
Akinboye, Mrs. Adetayo Akintunde, Mr. Johnson Chukwu,
Mr. Etigwe Uwa, Mr. Austin Enajemo-Isire and Mrs.
Omolola Oshiafi. I wish to thank all the Board members
who retired during the year under review for their service
to the company. In particular, Alhaji Sa'ad, who has
served as Chairman of the Board for nearly a decade;
Olorogun Emerhor (OON), who founded the company
and also managed its affairs as Vice Chairman with
foresight and determination and Dr. Imokhai for
navigating the company during the past six financial
years.
Please, join me in wishing the retiring Board members
the very best in their future endeavours.
FUTURE OUTLOOK
We expect the Nigerian business environment to become
noticeably but steadily altered. One crucial driver of the
outlook in 2015 will be reform and change agenda of the
government which we expect corporate businesses to align
with. With crude oil prices averaging around $55/barrel
mid-way into 2015, the Nigerian government is expected to
find and perfect alternative revenue sources, or has to lay
the foundation for such in the medium term.
The future outlook for insurance appears to be positive,
especially as the insuring public becomes fully adjusted to
'No Premium, No Cover' principle. The recent happenings in
the global economy have brought risks to the top of the
agenda of businesses and investors, especially the rout in
the crude oil markets as well as weakening of performance
in the emerging markets. Domestically, the impacts of a
mixed macro-economic environment also paint the picture
of a possible surge in insurance activities. These are
reshaping the business mind towards risk management
strategy and the need for effective and appropriate
insurance products for protection against a myriad of risks.
CONCLUSION
At this junction, we are very positive about the current
financial year 2015. Our company is determined to take
advantage of the wind of change and to turn this into
profitable opportunity by readdressing our focus and
efforts to the market place.
In closing, fellow shareholders, let me at this point express
my gratitude (and that of the Board) to our steadfast
customers for their loyalty and continued patronage. I also
wish to enlist my appreciation (and that of the Board) of the
trust and support of our shareholders, our business
brokers and several allied business partners.
Lastly, I wish to thank fellow members of the Board for their
selfless involvement in the various committees and
decision-making processes of the company as well as
Management and the entire workforce for the immense
hard work they have put in during the financial year 2014.
I thank you all, our valued and esteemed shareholders, for
making it a point of priority to attend the 19th Annual
General Meeting of Standard Alliance Insurance Plc.
Thank you all and God bless.
BRIGADIER GENERAL DOMINIC ONEYA (RTD)
Chairman
2014 ANNUAL REPORTS AND ACCOUNTS8
BOARD OF DIRECTORS
BRIG. GEN. DOMINIC ONEYA (rtd.)Chairman
- Chairman/CEO, Kaddara Group of Companies, Kaduna and Warri.
- Former Military Administrator: Kano State; Benue State.
- Former Chairman, Nigerian Football Association.
- Member, FIFA Youth Committee (2001-2002).
- Member, CAF Nations Cup Organising Committee.
- Alumnus, University of Ife (now Obafemi Awolowo University).
- Alumnus: Nigerian Defence Academy, Kaduna;
Nigerian Military Training College, Jaji-Kaduna;
Ghana Armed Forces Staff College, Teshi-Accra;
Command and Staff College, Jaji-Kaduna and
Canadian Land Forces Staff College, Ontario.
MR. BODE AKINBOYE- Long standing experience in the Nigerian insurance sector.
- Strategist in products packaging, marketing and
corporate management.
- Public speaker.
- Expert in capacity building and human resources development.
- Group Managing Director/ Chief Executive Officer,
Standard Alliance Insurance Plc.
- Vice Chairman, Gemrock Management Company Limited.
- Former Group Managing Director, Standard Alliance Group.
- Championed the execution and success of the strategic plans
of the Group.
- Former Managing Director/CEO, Standard Alliance Insurance Plc.
- Spearheaded the listing and quotation of the company on the
Nigerian Stock Exchange.
- Grew the company's asset base to over N20bn and
- Facilitated foreign direct investments of about USD $
20m to the company.
- Former Chief Executive Officer, Standard Alliance Life Assurance Ltd.
- Former Financial Controller,
- Former AGM (Oil/Energy, Financial Institution Marketing),
Standard Alliance Insurance Plc.
- Former Management Accountant,
Industrial and General Insurance Plc (IGI).
- Fellow, Institute of Chartered Accountants of Nigeria (ICAN).
- Member, Nigerian Institute of Management (NIM).
- Member, Institute of Directors (IOD)
- Alumnus, Lagos Business School (LBS), Pan African University.
- Alumnus, Owner President Management Program (OPM).
- Alumnus, Harvard Business School, Boston, USA.
- Former member, Governing Council of the
Nigerian Insurers Association (NIA).
- Former Treasurer, Nigerian Insurers Association (NIA).
7 2014 ANNUAL REPORTS AND ACCOUNTS 9
Corporate Information
- Expert on human capital development, IT
and brand management.
- ED, Standard Alliance Insurance Plc.
- Board Director:
- SA Life Assurance Ltd.
- SA Properties Ltd.
- SA Capital & Asset Management Ltd.
- Was with:
- Vetiva Capital Management Limited;
- Oando Plc;
- Lagoon Home Savings & Loans Ltd.
- Alumnus, Lagos Business School.
- Alumnus, University of Manchester, UK.
- Alumnus, University of Sheffield, UK.
- Member, Institute of Directors (IoD).
- Member, Chartered Insurance Institute
(London).
- Distinguished Member,
AES Excellence Club.
MRS. ORERHIME EMERHOR-IWUAGWU
- Currently engaged in investment activities covering
insurance, banking.
- Former Managing Director/CEO, Springlife
Assurance Company where she championed the
company's return to profitability within six months.
- Former Managing Director, ADIC Insurance Limited.
- Former Managing Director of African
General Insurance Brokers.
- Former Senior Management Staff, Unic Insurance
as well as Industrial and General Insurance.
- Alumnus, University of Ilorin.
- Fellow, Chartered Insurance Institute of Nigeria.
MRS. ADETAYO AKINTUNDE: MR. JOHNSON EGU CHUKWU
- Initiator/Founder, Cowry Asset Management Limited.
- Facilitator, Institute of Chartered Accountants of
Nigeria (ICAN).
- Facilitator, Financial Institutions Training Centre (FITC.
- Media commentator on the Capital Market, banking
industry and general economic issues.
- Pioneer General Manager/Chief Executive Officer,
Guardian Express Trust Limited (now Spring Capital) –
a subsidiary of Guardian Express Bank Plc
(now Spring Bank Plc).
- Former Deputy General Manager and Group
Executive, Operations, Spring Bank Plc.
- Supervised at various times functions as Structured/
Corporate Finance, Treasury, Risk Management,
Operations, Human Capital Management, Information
technology and Facilities management at Guardian
Express Bank Plc.
- Pioneer Chief Financial Officer,
Guardian Express Bank Plc.
- Championed the setting up of Guardian Express
Bank's Accounting systems, processes and
Management/Financial reporting systems.
- Former Deputy Financial Controller,
Diamond Bank Plc.
- Worked in Credit and Marketing (Trade Finance),
Financial Control, Treasury Operations and Branch
Operations, Intercontinental Bank Plc
(now Access Bank Plc).
- Alumnus, Lagos Business School
(Pan African University).
- Attended courses at IESE Business School
(University of Navarra) Barcelona, Spain; Wharton
Business School (University of Pennsylvania)
Philadelphia, USA.
- Alumnus, University of Lagos.
- Fellow, Institute of Chartered Accountants of Nigeria.
- Fellow, Chartered Institute of Taxation.
82014 ANNUAL REPORTS AND ACCOUNTS10
MR. ETIGWE UWA, SAN
- Vast experience in insolvency practice, litigation
and alternative dispute resolution.
- Asset to creditors and debtors for the resolution
of proceedings in liquidation, winding-up and
company restructuring.
- Former Head, Litigation and Arbitration differently
at Sofunde, Osakwe, Ogundipe & Belgore and F. O.
Akinrele & Co Law firms.
- Private practice at own Streamsowers & Co.
- Dispute Resolution Partner, Streamsowers & Köhn
(after a merger).
- Participated through Federal Government
appointment in the winding-up of Nigerian Airways.
- Acted in the restructuring of four of the then
national carrier's subsidiaries.
- Fellow, Chartered Institute of Arbitrators (UK).
- Senior Advocate of Nigeria (April, 2010).
- Seasoned Banker.
- Executive Director (Operations & Emerging
Markets), TrueBond Investments and
Capital Limited.
- Former Senior Manager and Head of Corporate
Banking, FSB International Bank Plc
(now Fidelity Bank Plc).
- Deputy Manager, former Citizens International
Bank Limited (now Spring Bank Plc).
- NYSC, former Nigerian-American Merchant Bank
(now First City Monument Bank).
- Alumnus, Ahmadu Bello University, Zaria.
- Associate, Institute of Chartered Accountants
of Nigeria (ACA).
MRS. OMOLOLA OSHIAFI
- Former Managing Director/CEO, Standard Alliance
Life Assurance Limited.
- Former Deputy General Manager, BAICO
Insurance Plc.
- Former Assistant General Manager, Standard Trust
Assurance Plc.
- Pioneer member of staff, Globe Reinsurance Plc.
- Alumnus, Lagos Business School.
- Alumnus, Robert Morrison University, Moon Town,
Pennsylvania, USA.
- Alumnus, Delta State University, Abraka.
- Fellow, Institute of Directors.
- Fellow, Institute of Chartered Accountants of
Nigeria (FCA).
- Member, Chartered Insurance Institute
of Nigeria (CIIN).
- Associate Member, Chartered Institute of
Taxation of Nigeria (ACTI).
- Member, Ikoyi Club.
MR. AUSTIN ENAJEMO-ISIRE
BOARD OF DIRECTORS (CONTINUED)
2014 ANNUAL REPORTS AND ACCOUNTS 11
Corporate Information
STATEMENT OF DIRECTORS' RESPONSIBILITIESStatement of Directors' Responsibilities in relation to the Financial Statements
for the year ended 31 December 2014.
In accordance with the provisions of the Companies and
Allied Matters Act CAP C20 LFN 2004, the Insurance Act
CAP I17, LFN, 2004 and National Insurance Commission's
operational guidelines 2011, the Directors are responsible
for the preparation of annual financial statements which
reflect a true and fair view of the state of affairs of the
Company and the profit or loss and other comprehensive
income for the financial year.
The Directors responsibilities include ensuring that the
Company:
I. implements appropriate internal controls to secure
the assets of the Company, prevent and detect fraud
and other financial irregularities
2. the Company keeps accounting records which
disclose with reasonable accuracy the financial
position of the Company and which ensure that the
financial statements comply with the requirements
of the Companies and Allied Matters Act CAP C20,
LFN 2004, Insurance Act CAP I17, LFN 2004, and
NAICOM Operational Guidelines and Circulars
3. the Company has used appropriate accounting
policies, consistently applied and supported by
reasonable and prudent judgments and estimates,
and that all applicable accounting standards have
been followed.
…………...………..………
Mrs. Orerhime Emerhor-Iwuagwu
Director
FRC/2013/IODN/00000004229
…………...………..………
Mr. Bode Akinboye
Chief Executive Officer
FRC/2013/ICAN/00000005139
……………………….………………
Mr. Kadiri Ijeremhe
Head, Finance & Accounts
FRC/2013/ICAN/00000002076
The Directors accept responsibility for maintaining
adequate accounting records as required by:
a. International Financial Reporting Standards (IFRS)
as issued by the International Accounting
Standards Board (IASB);
b. Companies and Allied Matters Act, CAP C20,
LFN 2004;
c. Insurance Act, CAP I17, LFN 2004;
d. NAICOM Operational Guidelines and circulars.
The Directors are of the opinion that the financial
statements give a true and fair view of the state of affairs of
the Company and of the loss for the year. The Directors
further accept responsibility for the maintenance of
accounting records that may be relied upon in the
preparation of financial statements, as well as adequate
systems of internal control.
Nothing has come to the attention of the Directors to
indicate that the Company will not remain a going concern
for at least 12 (twelve) months from the date of approval of
the financial statements.
2014 ANNUAL REPORTS AND ACCOUNTS12
2014 ANNUAL REPORTS AND ACCOUNTS 13
REPORT OF THE DIRECTORSThe Directors have the pleasure in presenting their annual report and the audited financial
statements of the Company for the year ended 31 December 2014. The financial statements of the
Company were prepared in compliance with the International Financial Reporting Standards (IFRS).
Principal activities and business review
The Company's principal activity is the provision of non-life risk underwriting and related financial services to its
customers. Such services include provision of general insurance services to both individual and corporate
customers.
The following is the summary of the Company's operating results:
2014 2013N'000 N'000
Gross premium income 4,338,679 3,779,634
Claims incurred (1,194,074) (1,070,890)
Underwriting expenses (1,341,981) (1,053,465)
Underwriting results 1,430,687 1,005,363
Share of loss of associates (610,519) (239,741)
Investment income 239,631 335,212
Loss before tax (1,982,613) (789,736)
Taxation (98,029) (91,206)
Loss after tax (2,080,642) (880,942)
Directors
The Directors of the Company are as follows:
Brig. Gen. Dominic Oneya (Rtd.) - Chairman
Mr Bode Akinboye - Group Managing Director/CEO
Mrs Omolola Oshiafi - Director
Mrs Orerhime Emerhor-Iwuagwu - Executive Director
Mrs Adetayo Akintunde - Director
Mr Johnson Egu Chukwu - Director
Mr Etigwe Uwa, SAN - Director
Austin Enajemo-Isire - Director
Retirement of Directors
The following Directors retired from the Board of the
Company during the year, however, their retirement
shall take effect from 20 January 2015.
1. Alhaji Aliyu Sa'ad
2. Olorogun O'tega Emerhor, OON
3. Dr. Tom Imokhai
4. Mr. Ayodele Ajayi
5. Dr. Ramsey O. Mowoe, CON
Appointment of Directors
The following Directors were appointed to the Board of
the Company during the year, however, their
appointments shall take effect from 20 January 2015.
1. Mr Bode Akinboye
2. Mrs Adetayo Akintunde
3. Mr Johnson Chukwu
4. Mr Etigwe Uwa,SAN
5. Mr Austin Enajemo-Isire
6. Mrs. Omolola Oshiafi
2014 ANNUAL REPORTS AND ACCOUNTS14
Report of The Directors
Directors' interests
The Directors' direct interests in the issued share capital of the Company as recorded in the Register of members as
at 31 December 2014 is as follows:
Number of shares held at the end of:
2014 2013
Units % Units %
Olorogun O'tega Emerhor, OON
Alhaji Aliyu Sa'ad
Brig. Gen. Dominic Oneya (Rtd.)
Mr . Ayodele Ajayi
Dr. Ramsey O. Mowoe, CON
Dr. Tom Imokhai
Mrs. Orerhime Emerhor-Iwuagwu
2014 2013Units % Units %
Olorogun O’tega Emerhor, OON:
Standard Alliance Investments Limited
Synetics Technologies Limited
New Heroes Limited
3,158,892,140
309,581,094
113,580,709
26.34
2.58
0.95
415,130,000
73,012,500
3,009,900
1,442,900
1,200,000
6,000,000
25,200,000
3.46
0.61
0.03
0.01
0.01
0.05
0.21
415,130,000
73,012,500
3,009,900
1,442,900
1,200,000
6,000,000
25,200,000
3.46
0.61
0.03
0.01
0.01
0.05
0.21
The Directors' indirect interests in the issued share capital of the Company as recorded in the Register of members
are as follows:
3,158,892,140
309,581,094
113,580,709
26.34
2.58
0.95
Contracts
In accordance with Section 277 of the Companies and
Allied Matters Act, CAP C20, LFN 2004, none of the
Directors has notified the Company of any declarable
interest in contracts.
Acquisition of own shares
By virtue of the existence of treasury shares per these
financial statements arising from the issue of shares
that did not result in net cash inflow to the Company
during its public offer of 2008, the Company has
secured an investor Gemrock Management Company
Limited who acquired the Treasury shares of
2,212,046,824 units ordinary shares valued at
N8,737,585,955 (par value of N1,106,024,412 and
premium of N7,631,561,543) as at 31 December 2014.
The transaction is however subject to obtaining all
regulatory approval which is ongoing.
Property, plant and equipment
Information relating to changes in tangible assets is
given in Note 15 to the financial statements. The
Directors are of the opinion that the market value of
the Company's assets is not lower than the value
shown in the financial statements.
2014 ANNUAL REPORTS AND ACCOUNTS 15
Share capital information
a) Share range analysis
Number of Shareholders Share Units % TotalRange of shares
1
1,001
5,001
10,001
50,001
100,001
500,001
1,000,001
5,000,001
10,000,001
50,000,001
Total
- 1,000
- 5,000
- 10,000
- 50,000
- 100,000
- 500,000
- 1,000,000
- 5,000,000
- 10,000,000
- 50,000,000
and above
15,048
27,790
11,756
12,371
2,018
1,531
240
164
47
47
41
71,053
14,482,854
86,881,305
103,982,398
292,440,169
164,783,016
339,199,594
200,181,217
366,674,318
348,264,647
1,095,873,246
8,980,410,686
11,993,173,450
0.12
0.72
0.87
2.44
1.37
2.83
1.67
3.06
2.90
9.14
74.88
100
b) Substantial interests in shares
Apart from Standard Alliance Investments Limited and FCMB Plc which hold 3,158,892,140 units (26.34%) and
1,120,000,000 units (9.34%) respectively, no other shareholder held more than 5% of the issued share capital of the
Company as at 31 December 2014.
Corporate Social Responsibilities
The Company makes donations to charitable and non-profit organisations in appreciation of the society's
contributions toward the Company progress.
During the year, the Company donated a sum of N700,000 to Fair Life Africa Foundation during the year.
Human resources
a) Employment of disabled persons
The Company operates a non-discriminatory
policy in the consideration of applications for
employment, including those received from
disabled persons. The Company's policy is that
the most qualified and experienced persons are
recruited for appropriate job levels irrespective
of applicants state of origin, ethnicity, religion or
physical condition. In the event that any
employee becoming disabled in the course of
employment, the Company is in a position to
arrange appropriate training to ensure
continuous employment of such person without
being subjected to any disadvantage in his/her
career development.
2014 ANNUAL REPORTS AND ACCOUNTS16
b) Health, safety and welfare
of Employees
The Company's business premises are designed with a
view to guaranteeing the safety and healthy living
conditions of its employees and customers alike.
Health, safety and fire drills are regularly organised to
keep employees alert at all times. Employees are
adequately insured against occupational hazards. In
addition, the Company provides medical facilities to its
employees and their immediate families at its expense.
c) Employee involvement and training
The Company encourages participation of employees
in arriving at decisions in respect of matters affecting
their well being. Towards this end, the Company
provides opportunities for employees to deliberate on
issues affecting the Company and employees' interests,
with a view to making inputs to decisions thereon. The
Company places a high premium on the development
of its manpower. Consequently, the Company
sponsored its employees for various training courses
both in Nigeria and abroad in the year under review.
Auditors
BDO Professional Services, have indicated their willingness to continue in office in accordance with section 357(2)
of the Companies and Allied Matters Act, CAP C20 LFN 2004.
A resolution will be proposed at the Annual General Meeting to authorize the directors to fix their remuneration.
By order of the Board
Nwadiuto Onuoha
Company Secretary 6 July, 2015
FRC/2014/NBA/00000007426
Report of The Directors
2014 ANNUAL REPORTS AND ACCOUNTS 17
CORPORATE GOVERNANCEREPORT
2014 ANNUAL REPORTS AND ACCOUNTS18
Reporting entity
Standard Alliance Insurance Plc is a
C o m p a n y i n c o r p o ra t e d a n d
domiciled in Nigeria. The address of
the Company’s registered office is
Plot 1, Block 94, Providence Street,
Lekki Scheme 1, Lekki – Epe Express
way, Lekki, Lagos. The Company
underwrites non-life insurance risks.
The Company is listed on the
Nigerian Stock Exchange.
These financial statements of the
Company as at and for the year
ended 31 December 2014 comprise
that of the Company and its interest
in associates (together referred to as
the 'Company' and individually as
'Company entities). The Company
primarily operates in the insurance
and other financial services sector
but also in property development
through one of its associates.
Standard Alliance Insurance Plc has
over the years built an enviable
reputation and has consistently
adopted, implemented and applied
international best practices in
corporate governance, service
delivery and value creation for all its
stakeholders.
T h e C o m p a n y ' s c o r p o r a t e
governance principles are embodied
in its Code of Corporate Governance,
which represents the core values
upon which the Company was
founded. Code of Corporate
Governance is designed to ensure
that the company's business is
conducted in a fair, honest and
transparent manner that conforms
to high ethical standards. For the
entity, good corporate governance
goes beyond just adhering to rules
and policies of the regulators; it is
about consistently creating excellent
value for our stakeholders using the best possible
principles within a sustainable and enduring system.
In order to remain a pace setter in the area of good
corporate governance practice, the Company's
corporate governance practices are constantly under
review in line with the dynamics of the business
environment and guidelines of the regulatory bodies.
Governance Structure
The Company is committed to high standards of
corporate governance. Corporate governance practice
in the Company is drawn from various applicable codes
of corporate governance issued by National Insurance
Commission (NAICOM) and Securities and Exchange
Commission (SEC). This ensures compliance with
regulatory requirement as well as the core value which
the company was established.
The provision of the codes is geared towards ensuring
transparency and accountability of the Board and
Management to shareholders of the company.
The Board of Directors
Presently, the company has an eight man Board led by
a Chairman who is a non-executive Director. There are
two executive directors one of whom is the Group
Managing Director/CEO. All other five directors are
non-Executive. All the Directors bring various and
varied competencies to bear on all Board
deliberations. The Directors individually have attained
the highest pinnacle of their chosen professions. The
Board meets quarterly and is responsible for effective
control and monitoring of the Company’s strategy.
The ultimate responsibility for the governance of the
Company resides with the Board of Directors, which is
accountable to the shareholders for creating and
delivering sustainable value through the management
of the Company's business. The Board is also
responsible for the management of the company's
relationship with its various stakeholders. The day to
day running of the Company is delegated to the Group
Managing Director by the Board of Directors assisted
by the Management Committees.
2014 ANNUAL REPORTS AND ACCOUNTS 19
Corporate Governance
Responsibilities of the Board
The responsibilities of the Board of Directors include:
Review corporate strategy, major plans of actions, risk
policies, business plans, setting performance
objectives, monitoring implementation and corporate
performance and overseeing major capital
expenditures and acquisitions
Select, compensate, monitor and when necessary,
replace key executives and oversee succession
planning.
Monitor the effectiveness of the governance practices
under which it operates and make changes as may be
necessary.
Ensure the integrity of the Company s accounting and
financial reporting systems, including the independent
audit and that appropriate systems of control are in
place, in particular, systems for monitoring risk,
financial control and compliance with the law.
Monitor and manage potential conflicts of interest of
management, board members and shareholders,
including misuse of corporate assets and abuse in
related party transactions.
Supervise and monitor the execution of policies and
providing direction for the management.
Monitor potential risks within the company including
recognising and encouraging honest whistle blowing.
Oversee the process of disclosure and communication
in the company.
Roles of Chairman and Chief Executive
The roles of Chairman and Chief Executive are separate
and no one individual combines the two positions. The
Chairman's main responsibility is to lead and manage
the Board to ensure that it operates effectively and fully
discharges its legal and regulatory responsibilities. The
Chairman is responsible for ensuring that Directors
receive accurate, timely and clear information to enable
the Board take informed decisions, monitor effectively
and provide advice to promote the success of the
Company. The Chairman also facilitates the
contributions of Directors and promotes effective
relationships and open communications between
Executive and non-Executive Directors, both inside and
outside the Boardroom.
The Board has delegated the responsibility for the day-
to-day management of the Company to the Managing
Director, who is supported by Executive Management.
The Managing Director executes the powers delegated
to him in accordance with guidelines approved by the
Board of Directors. Executive management is
accountable to the Board for the development and
implementation of strategies and policies. The Board
regularly reviews group performance, matters of
strategic concern and any other matters it regards as
material.
Board Committees
The Board carries out some of its responsibilities
through the Board sub-committees whose terms of
reference set out clearly their roles, responsibilities,
scope of authority and procedures for reporting to the
Board. Each committee is chaired by a non-Executive
Director in compliance with principles of good
corporate governance and the Audit Committee is
chaired by a representative of the shareholders. These
committees report to the Board of Directors on their
activities and decisions, which are ratified by the full
Board. The committees are as follows:
1) The Investment and Finance Committee
This is a standing committee of the Board with the
responsibility for investment. The terms of reference of
the committee includes:
I Ensure investment policies in place are
documented, including placement limits.
ii. Review existing investments and investment
strategies
The Board Investment and Finance Committee has the
following members during the period under review:
Mr Joshua Ayodele Ajayi - Chairman
Dr Ramsey O. Mowoe - Member
Mr. Thomas Imokhai - Member
Mrs. Orerhime Emerhor-Iwuagwu - Member
2014 ANNUAL REPORTS AND ACCOUNTS20
2) The Strategy and Establishment Committee The members of the Committee includes the following:
Dr. Ramsey Mowoe (CON) - Chairman
Mr. Thomas Imokhai - Member
Brig. Gen. Dominic Oneya (Rtd) - Member
Mrs. Orerhime Emerhor-Iwuagwu - Member
The terms of reference of this Committee include the following:
• To recommend strategic initiatives to the Board
• Review and approve capital expenditure and recommend for Board ratification.
• Review and make recommendations on procedural manuals, policies, staff issues and
staff remuneration and staff welfare.
3) The Risk and Remuneration Committee
The terms of reference of this Committee includes the following:
• Considers credit and risk management policies of the company and make recommendation to the Board
for changes where necessary.
• Review risk portfolio of the Company and make recommendation to the Board
• Ensure an effective risk culture is built and maintained in the Company.
• Review and approve risk appetite of the company and recommend for Board ratification.
• To approve compensation policy and review compensation for General Managers and above.
The Committee has the following members:
Brig. Gen. Dominic Oneya (Rtd) - Chairman
Mr. Thomas Imokhai - Member
Mrs. Orerhime Emerhor-Iwuagwu - Member
Mr Joshua Ayodele Ajayi - Member
4) The Audit Committee
The Audit Committee is made up of 6 (six) members, three representatives each of Shareholders and
Directors. Its members are elected at the Annual General Meeting.
In addition to its responsibility to review the scope, independence and objectivity of the audit, the Committee
carries out all such matters as are reserved to it by the Companies and Allied Matters Act, CAP C20 Laws of the
Federation of Nigeria, 2004. These functions include to:
• Review and make recommendation of recruitment, promotion, termination of top management to the Board.
• Review the adequacy and effectiveness of the company s internal control policies prior to endorsement by
the Board.
• Direct and supervise investigations into matters within the scope, such as evaluation of internal controls,
cases of employee, business partners and client misconduct or conflict of interest.
The Committee is made up of the following members:
Mr Chuka Onwuchekwa - Chairman (Shareholder)
Mr. Matthew Esonanjor - Member (Shareholder)
Mr. Godwin Anono - Member (Shareholder)
Dr. Ramsey Mowoe - Member (Director)
Brig. Gen. Dominic Oneya (Rtd) - Member (Director)
Mr. Ayodele Ajayi - Member (Director)
Corporate Governance
2014 ANNUAL REPORTS AND ACCOUNTS 21
Security Trading Policy
The Company ensures strict compliance with the
Investment and Securities Act 2007, the Securities and
Exchange Commission Code of Corporate Governance
for Companies in Nigeria 2011 and other laws that may
be applicable from time to time bordering on Insider
Trading. To this end, the Company has put in place
mechanism to ensure that the categories of person
and entities that may be classified as “Restricted
Persons” for the purpose of Insider Trading are clearly
identified and in the know. In addition, there are
stringent restrictions on dealing with the Companies
Securities. Directors and Key Managements also have
to comply with rules in relation to dealing with
company securities particularly obtaining prior
approval before dealing with company's securities.
There are also mechanisms in place to ensure that
detailed reports are submitted to the Nigerian Stock
Exchange, the Securities and Exchange Commission
on the extent of compliance with this rule, permitted
exception and any instances where same may have
been breached. This Policy has become an essential
company document that has been brought to the
notice, and will be brought to the notice of all
concerned and continuous efforts are made to ensure
strict compliance and implementation.
Internal Control
It is the responsibility of the Board of Directors to
ensure that all the records are accurate and correctly
reflect the financial position of the Company. The
Board is mindful of the fact that as an insurance
company, great relevance is placed by policy holders
and potential investors on the accuracy of information
contained in its financial statements.
In order to ensure the accuracy of its records, the
Board sets standards that the Quality Assurance
department implements system of internal control
comprising policies, standards and procedures to
ensure that the safety of assets and reduction of the
risk of loss, error, fraud and other irregularities. Both
the Quality Assurance (Internal Auditors) and the
External Auditors independently appraise the
adequacy of the internal controls.
BDO Professional Services acted as external auditors
to the Company for the 2014 financial year. Their
report for the year under review is contained on pages
20 and 21 of these financial statements
Attendance of Board
and Committee MeetingsThe table below shows the frequency of meetings of
the Board of Directors and Board Committees, as well
as Members attendance for the financial year ended
31 December 2014.
Board Meetings
30/1/2014 12/5/2014 10/11/2014 15/12/2014 30/12/2014 Total
1 1 1 1 1 5
Olorogun O tega Emerhor, OON 1 1 1 1 1 5
Mr Thomas Imokhai 1 1 1 1 1 5
Brig. Gen. Dominic Oneya (Rtd) 0 1 1 1 1 4
Mr Ayodele Joshua Ajayi 0 1 1 1 0 3
Dr Ramsey Mowoe, CON 1 1 1 1 1 5
Mrs Orerhime Emerhor-Iwuagwu 1 1 1 1 1 5
Alhaji Yahaya Sa’ad(Chairman)
2014 ANNUAL REPORTS AND ACCOUNTS22
Strategy and Establishment Committee Meetings
14/8/2014 7/11/2014 Total
Dr Ramsey Mowoe, CON (Chairman) 1 1 2
Mr Tom Imokhai 1 1 2
Brig. Gen. Dominic Oneya (Rtd) 1 1 2
Mrs Orerhime Emerhor-Iwuagwu 1 1 2
Risk and Remuneration Committee Meetings
14/8/2014 6/11/2014 Total
Brig. Gen. Dominic Oneya (Rtd) 1 1 2
Mr Tom Imokhai 1 1 2
Mr Ayodele Joshua Ajayi 1 1 2
Mrs Orerhime Emerhor-Iwuagwu 1 1 2
Audit Committee Meetings
24/4/2014 8/8/2014 6/11/2014 Total
Mr Chuka Onwuchekwa (Chairman) 1 1 1 3
Dr Ramsey Mowoe, CON 1 1 1 3
Brig. Gen. Dominic Oneya (Rtd) 1 1 1 3
Mr Matthew Esonanjor 1 1 1 3
Mr Godwin Anono 1 1 1 3
Mr Ayodele Joshua Ajayi 1 1 1 3
Investment and Finance Committee Meetings
8/8/2014 6/11/2014 Total
Mr Ayodele Joshua Ajayi (Chairman) 1 1 2
Mr Thomas Imokhai 1 1 2
Dr Ramsey Mowoe, CON 1 1 2
Mrs Orerhime Emerhor-Iwuagwu 1 1 2
2014 ANNUAL REPORTS AND ACCOUNTS 23
Corporate Governance
Support Committees
1) Business Committee
The Committee is responsible for strategic initiatives on business generation and membership includes:
i. Group Managing Director/CEO
ii. All Divisional Heads
iii. Group Head, Technical
iv. Group Head, Corporate Services
v. Chief Finance Officer
vi. Head, Internal Control/Quality Assurance
vii. Head, Information Technology (IT)
viii. Head, Enterprise Risk Management
SCHEDULE OF YEARLY BOARD/COMMITTEE MEETINGS & AGM
S/N DATES TYPE OF MEETING PROPOSED AGENDA
1st week of December
each year
Board Finance, Establishment & Risk
Committee/ Board meetings
Consideration/approval of coming
year's budget
Last week of April
1
2 All Committees and Board meetings To consider and approve 1st quarter
accounts for period ended30th March
of each year under review and audited
accounts for the year ended 31
December of each year under review
and general Company‟s brief
To consider and approve 2nd quarter
accounts for the periodended 30th
June of year under review and general
Company’s brief
All Committees and Board meetings
All Committees and Board meetings To consider and approve 3rd quarter
accounts for period ended 30
September of each year under review
and general Company's brief.
Last week of July
Last week of October
Complaints Management Policy Framework
The Company's Complaints Management Policy Framework on how to resolve complaints arising from
issues covered under the Investment and Securities Act 2007 is currently undergoing review and awaiting
approval by the Board of Directors. Upon sign off, it would be incorporated into the Company's operational
policy and forwarded to the Nigerian Stock Exchange and posted on the Company's website accordingly.
2014 ANNUAL REPORTS AND ACCOUNTS24
2) Weekly Activity Review Committee
This Committee meets weekly to review business development activities of the entire Company.
The Committee consists of:
i. Group Managing Director/CEO
ii. All Divisional Heads
iii. Group Head, Technical
iv. Head, Information Technology
v. Head, Corporate Services
vi. Head, Internal Audit/Quality Assurance
vii. Chief Finance Officer
viii. Head, Enterprise Risk Management
ix. All marketing staff
3) Management Performance Review Committee
This Committee meets every quarter to review the Company’s performance. The meetings are usually
held two weeks following the end of a quarter. The Committee consists of:
i . Group Managing Director/CEO
ii. Executive Director
iii. All Divisional Heads
iv. All Regional Heads
v. All Branch Managers
vi. Group Head, Technical
vii. Head, Information Technology
viii. Chief Finance Officer
ix. Head, Corporate Services
x. Head, Internal Audit/Quality Assurance
xi. Head, Enterprise Risk Management
2014 ANNUAL REPORTS AND ACCOUNTS 25
Corporate Governance
We the undersigned hereby certify the following with regards to our audited report for the year ended 31st
December 2014 that:
(a) We have reviewed the report;
(b) To the best of our knowledge, the report does not contain:
(i) Any untrue statement of a material fact, or
(ii) Omit to state a material fact, which would make the statements, misleading in the
light of circumstances under which such statements were made;
(c) To the best of our knowledge, the financial statements and other financial information included in the
report fairly present in all material respects the financial condition and results of operations of the
company as of, and for the periods presented in the report;
(d) We:
(i) are responsible for establishing and maintaining internal controls;
(ii) have designed such internal controls to ensure that material information relating to the company
Is made known to such officers by others within the entity particularly during the period in which the
periodic reports are being prepared;
(iii) have evaluated the effectiveness of the company‟s internal controls as of date within 90 days prior
to the report;
(iv) have presented in the report our conclusions about the effectiveness of our internal controls
based on our evaluation as of that date;
(e) We have disclosed to the auditors of the company and audit committee:
(i) all significant deficiency in the design or operations of internal controls which would adversely
affect the company’s ability to record, process, summarize and report financial data and have
identified for the company’s auditors any material weakness in internal controls, and
(ii) any fraud, whether or not material, that involves management or other employees who have
significant role in the company’s internal controls;
(f) We have identified in the report whether or not there were significant changes in internal controls or
other factors that could significantly affect internal controls subsequent to the date of our evaluation,
including any corrective actions with regard to significant deficiencies and material weaknesses.
CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO.29 OF 2007
Mr. Bode Akinboye
Group Managing Director/CEO
FRC/2013/ICAN/00000005139
Mr. Kadiri Ijeremhe
Head, Finance & Accounts
FRC/2013/ICAN/00000002076
2014 ANNUAL REPORTS AND ACCOUNTS26
MANAGEMENT'S DISCUSSIONAND ANALYSIS
2014 ANNUAL REPORTS AND ACCOUNTS 27
This “Management Discussion and Analysis’ as at 31
December 2014 has been prepared in line with the
regulatory requirements and also the need to foster
deeper understanding of our strategy, operating risk
and performance.
The financial information presented in this report
including the tabular amounts is in Naira and is
prepared in accordance with the International Financial
Reporting Standards („IFRS )’
To facilitate wholesome understanding of the
Company s position, it is advised that the content in
this report be read in conjunction with the financial
statements.
The principal activities of the Company during the year
remained as general insurance business. The
management commentary was as at 31 December
2014 and should be read in conjunction with the
financial statements as at 31 December 2014.
During the year under review the activities of Boko
Haram continued unabated in some states in the
North. This has caused unprecedented loss of lives and
properties and gradually grounding the businesses of
the affected states. Despite the initiatives by policy
makers to encourage low cost or micro insurance
products and to expand policies to better reach low
and medium income community, low level acceptance
of insurance among the wider public continue to
remain the biggest hurdle for the industry.
Business Objective and Strategy
Standard Alliance Insurance Plc is a public liability
company registered in Nigeria to provide a range of
insurance services to individuals, corporate bodies
and government. Its objective is to be an Insurer of
choice.
To achieve this, the Company is trying to lay down well-
structured plans and corporate strategies to drive its
growth. It is the intention of management to
continually churn out new products that will satisfy the
quest of our numerous customers while deepening
the existing ones.
To ensure that this goal is achieved, the Company's
strategy is to broaden and align service delivery
channels along customer segment taking cognizance
of the difference between policy administration
product support and customer care to adequately
cater for peculiar needs for each segment.
2014 ANNUAL REPORTS AND ACCOUNTS28
The business experienced some challenges resulting
from the on-going business model restructuring and
transformation of the service channels. These
imperatives along with other initiatives targeted at
strengthening our enterprise support capabilities have
started yielding results.
Performance Review
The Company experienced a growth of 14% in gross
premium written when compared to the prior year’s
result of N3.79 billion. The growth was mainly
attributable to increasing marketing network.
The increase in the Company’s activity was also
reflected in the earned premium of N3.9 billion, an
increase of N856 million over that of 2013.
Operating Expenses
Operating Expenses which includes underwriting
expenses, claims expenses, reinsurance expenses and
management expenses totalled N5.09 billion for the
year ended December 2014 as against N4.31 billion
recorded in 2013, an increase of N0.7 billion which was
Performance Indicators
Operating results and financial position
BUDGET ACTUAL % ACTUAL
2014 2014 ACHIEVED 2013
N’000 N’000 N’000
Gross premium 7,044,091 4,338,679 62 3,799,634
Net premium 6,057,918 3,863,664 64 3,095,919
Claims expenses 886,182 1,477,173 167 1,166,515
Investment income 242,268 239,631 99 335,212
Profit/loss before tax 1,136,534 (1,982,613) (174) (789,736)
Taxation 409,152 (98,029) (24) (91,206)
Loss after tax 727,382 (2,080,642) (286) (880,942)
Property, plant and equipment 2,344,791 2,222,606 95 1,909,303
Net assets 6,345,118 3,417,482 54 4,741,472
Ordinary share capital 5,996,587 5,996,587 100 5,996,587
Shareholders fund 6,345,118 3,417,482 54 4,741,472
Insurance fund 1,817,703 2,402,454 132 2,000,759
largely due to increase in gross premium income
during the year, consequent upon which the
management expenses increased.
Loss before Taxation
The Company recorded a loss before tax of
N1.982 billion in 2014 as against loss of N790 million in
2013. This increase in loss is as a result of our share in
the losses of our associate company.
Liquidity, Capital Resources
and Risk Factors
The Company’s cash investment continues to be in
accordance with its investment policy and complies
with regulatory requirements. The Company’s
investment strategy is underpinned by a focus on
highly liquid financial instrument such as term deposit,
equity and debt instrument. We expect our investment
income to grow considerably in the coming years as we
are poised to take advantage of the investment
opportunities in the money market and capital
markets.
2014 ANNUAL REPORTS AND ACCOUNTS 29
Management Analysis and discussion
Future Outlook
We expect to see a number of significant adjustments
in the year 2015, especially to the realities of vastly
changed government revenue profile and the Naira
exchange rates against foreign currencies. The private
sector may see intensification of existing and new
export initiatives. There are signals that regulatory
emphasis will be placed on promoting GDP-enhancing
and foreign exchange earning activities. Inflation is very
likely to commence an upswing and the need for cost
control by both government at all levels and private
sector operators is imperative.
On our own part there are plans to merge the
operations of the Company with that of its associate,
Standard Alliance Life Assurance Limited. When
consummated it is hoped that the resulting bigger
composite company will take advantage of the huge
potentials in both the General and Life segment of the
insurance market. The coming on board of the new
strategic investor, Gemrock Management Company
Limited and the reconstitution of the Board and
management team will lead to significant improvement
in both corporate governance and financial
performance going forward.
Government policies
and economic reforms
We expect to see policy decisions and developments in
the industry. Elections would have been held across
the country freely and fairly. The activities of States and
Federal tiers of government will continue to impact
positively on the business environment.
Performance Management The Company will continue with its quarterly
nationwide performance review as a means of
focussing and driving marketing activities. This will also
aid in monitoring and matching actual performance
with budget.
IT Support
The Company will continue to accord IT investment the
deserved priority not only for its traditional investment
status but also as a means of ensuring efficient and
prompt service delivery.
Conclusion
Many factors and assumptions may affect the
manifestation of the Company’s projections, including
but not limited to production rate, claims rate,
employees turnover, relationships with Brokers,
Agents and Suppliers, economic and political
conditions, non compliance with laws or regulations by
the Company’s employees, brokers, agents, suppliers
and/or partners and other factors that are beyond its
control.
Without prejudice to the Company, such forward
looking-statement reflects Management’s current
belief and based on available information which are
subject to risks and uncertainties as identified.
Therefore, the eventual action and/or outcome could
differ materially from those expressed or implied in
such forward–looking statements, or could affect the
extent to which a particular projection materializes.
The forward looking statements in this document
reflect the Company s expectation at the time
Company’s Board of Directors approved this
document and are subject to change after this date.
The Company does not undertake any obligation to
update publicly or revise any such forward-looking
statements, unless required by applicable legislation
or regulation.
2014 ANNUAL REPORTS AND ACCOUNTS30
CEO�S REPORT
Dear shareholders, the immediate financial year 2014 turned out to
be one of mixed events. The first half was filled with excitements
about a rebasing exercise that revised national GDP to well over half
a trillion US$, and a second half preoccupied with preparation for
elections and an oil rout that dampened business tone for the rest
of the year.
INSURANCE BUSINESS
The Nigerian insurance industry is among the fastest growing
sector of the Nigerian economy, with annual insurance sector real
GDP growth of about 7.2% in 2014. But the industry's 5-year
average annual growth in premium income over 2010-2014 was at
about 11%. The industry's performance is reflective of aggressive
marketing by insurers, as well as the impact of recent policy
changes, in particular the upholding of the sanctity of the 'No
Premium, No Cover' principle which NAICOM began in 2013, and
the Local Contents Law 2010 for the energy industry. Such robust
growth ushered in foreign investor entries into the industry,
especially private equity firms and a handful of global brands.
Nevertheless, the industry still faces the three principal challenges
of low penetration due to little public awareness, weak enforcement
of insurance legislation, and claims fraud.
COMPANY PERFORMANCE
Your company operated in the business environment just
described above and it took an adept Management and strong
Board oversight for us to arrive at this junction. With hard work and
thoughtful customer service, we succeeded in growing our
premium incomes at 14% in the year under review, well above
industry premium growth rate of about 7.3% in 2014. While we
managed our claims and expenses effectively, we also had
challenges of non-renewal of key customer accounts. We also had
to provision for impairments of assets, and needed to book some
charges for associate entities we longer wanted to hold
investments in. Thus, the overall effects of these impacts were
brought upon our P&L in the year under review.
TRANSFORMATION
Against the background of our performance in financial year 2014,
we have embarked on a transformation agenda that will refocus our
strategy and match same with sufficient capital injections. By
December 2014, we effectively exited all non-core activities via a
divestment in associate companies in real estate, financial advisory
and asset management businesses. Our refocused strategy is to
aggressively build up our life assurance franchise as currently
embedded in SA Life Assurance Limited. Following the divestment
from non-core activities, we have increased our equity stake in SA
Life Assurance Limited to majority control cadre, and we intend to
significantly inject resources in order to be able to cross-sell retail
products. Our strategy will also see us launch new products that we
have found to be missing in the wider insurable risks spectrum of
Nigeria. We intend to operate a lean insurer model, by turning to
BODE AKINBOYEGMD/CEO
2014 ANNUAL REPORTS AND ACCOUNTS 31
mobile and payment technology in the marketing and
collection functions. New senior hands have been hired
in retail, investment portfolios, corporate strategy, quality
process, and technology.
In order to achieve the best cross selling platforms, we
have commenced a process of merger of SA Insurance
Plc and SA Life Assurance Limited, in order to bring our
life and non-life businesses under a single, post-merger,
composite insurance company. Approval in principle for
the merger has been granted to us by the primary
regulator, NAICOM, and we envisage that all other
necessary regulatory approvals will be in place shortly. A
post-merger composite platform will boost our risk
underwriting scale along a wider customer base, cross
selling opportunities, lower marketing costs, shared
central costs, and a richer retail outreach network across
the country. We are currently in discussions with
potential investors in order to inject the needed capital to
support the composite business model. These strategic
steps are expected to impact positively on our midterm
earnings and profitability, on our solvency, on our ability
to serve customers, and on our overall brand in the
Nigerian insurance market.
2015 OUTLOOK
While global oil markets continue the price depression,
we expect energy insurance to slide into a lull, and thus
competition to become fiercer in the non-energy wing of
the insurance business. Under the current policy stance
of the regulator, it is possible to sustain premium income
earnings, but strong indications are emerging that retail
and life products are the midterm direction of insurance
business in Nigeria. Your Directors and Management are
prepared for these and are working tirelessly to beat the
competition in every business segment of the company.
I wish to express my sincere appreciation to everyone
connected in one way or the other to Standard Alliance
Insurance Plc. I specifically thank our customers and
brokers for their patronage and loyalty; I wish to
thank the entire members of Staff for their hard
work and dedication in the services of the
company; I wish to thank our different advisers and
professionals who worked with us in the course of
the financial year 2014. Lastly, I am thanking you all
as shareholders of the company for giving the
Directors the opportunity to manage the affairs of
the company.
BODE AKINBOYE
GMD/CEO
2014 ANNUAL REPORTS AND ACCOUNTS32
MANAGEMENT TEAM
Bode Akinboye is the Group Managing Director
of the company. He has a verifiable and significant
record of performance in the Insurance Industry.
He is the Vice Chairman of Gemrock Management
Company Limited, the special purpose vehicle which
acquired strategic stake in Standard Alliance
Insurance Plc in December 2014.
He had an exemplary career spanning close to
twenty years as Financial Controller, AGM Oil/
Energy, Financial Institution Marketing, Managing
Director/Chief Executive and then Group Managing
Director of Standard Alliance Group from where he
left in 2009 to set up the private equity company.
As the then Group Managing Director/Group Chief
Operating Officer of Standard Alliance Group, he was
responsible for co-ordinating the strategic plans of
the six member companies with focus on non-Life
Insurance, Life Assurance, Pension Funds
Administration, Asset Management, Mortgage
Banking, Property and other investments.
Mr. Akinboye was responsible for driving the team
that transformed Standard Alliance Group into one
of the most formidable, innovative and profitable
non-bank financial services group in Nigeria. During
his tenure at Standard Alliance Insurance Plc, he led
the team to achieve listing and quotation of the
company on the Nigerian Stock Exchange, grew the
company's asset base to over N20bn and facilitated
foreign direct investments of about USD$20m to the
company.
A former Management Accountant with Industrial
and General Insurance Plc (IGI) before joining
Standard Alliance, Mr. Akinboye is a Fellow of the
Institute of Chartered Accountants of Nigeria (ICAN);
Member, Nigerian Institute of Management (NIM);
Member, Institute of Directors (IOD) and an Alumnus
of Lagos Business School (LBS), Pan African
University. He is also a graduate of the Owner
President Management Program (OPM) and an
Alumnus of Harvard Business School, Boston, USA.
He has attended various courses locally and
internationally. Mr. Akinboye served on the
Governing Council of the Nigerian Insurers
Association and was the Treasurer of the Association
for four (4) years. He is a strategist in products
packaging, marketing and corporate management;
public speaker and an expert in capacity building
and human resources development.
MR. BODE AKINBOYE ORERHIME EMERHOR-IWUAGWU
Mrs. Orerhime Emerhor-Iwuagwu is an Executive
Director at Standard Alliance Insurance Plc. She
holds a Bachelor's degree in Economics from the
University of Manchester, UK and a Master's degree
in Leisure and Hospitality Management from the
University of Sheffield, UK. She is an alumnus of
the prestigious Lagos Business School and has
had trainings in London and Pan-Asian
insurance markets.
She brings into the management team years of
quality experience from Vetiva Capital Management
Limited, Oando Plc and Lagoon Home Savings and
Loans Limited. She is a Distinguished Member, AES
Excellence Club; member, Institute of Directors
(IoD) and member, Chartered Insurance Institute
(London).
Miss. Anietie Udo, a General Manager, leads the
company's Financial Institutions/Multi-Clients and
General Business Division. She holds a Bachelor of
Science degree in Banking & Finance (1993) from
the University of Uyo, Akwa Ibom State and Master's
Degree in Business Administration (Marketing) from
the University of Calabar. She is a member of
Chartered Insurance Institute of Nigeria (CIIN).
Miss Udo began her career in insurance with
Industrial and General Insurance Company Limited
(IGI) in 1997 as a Field Officer and was promoted to a
Field Analyst in 1998. While with IGI, she won the
Leadership/Best Marketer's award in 1999 and 2000.
In 2001, she joined Standard Alliance Life Assurance
Limited as the Head, Oil & Energy Unit and then had
a brief stint with African Development Insurance
Company Limited (ADIC) (2003) before joining
Standard Alliance Insurance Plc.
ANIETIE LAWRENCE UDO
2014 ANNUAL REPORTS AND ACCOUNTS 33
Management Analysis and discussion
MANAGEMENT TEAM (CONTINUED)
Mr. Ebose Austin Osegha is a General Manager
with the company. He heads the organisation's
Public Sector/Brokers' Division. He holds a Bachelor
of Science Degree in Economics and a Master's
Degree in Business Administration from Delta State
University and University of Ado-Ekiti respectively.
He joined A & G Insurance Plc in 2000 as a branch
staff and rose to the position of a Branch/Business
Development Manager from where he joined Capital
Express General Insurance Limited as Group Head,
Public Sector in November, 2004. He later moved to
SA Insurance Plc where he has been an asset.
Mr. Ebose is a member of the Chartered Institute
of Stockbrokers of Nigeria and Member, Chartered
Insurance Institute of Nigeria. He has attended
courses in Insurance, Management and Relationship
Marketing Economics locally and internationally.
EBOSE AUGUSTINE OSEGHA
Miss. Nkeiruka Uzoechi is Group Head, Human
Capital Management of the company. She holds a
Bachelor of Law degree (LLB) Hons from Nnamdi
Azikiwe University, Awka and was called to the
Nigerian Bar in 1991. She also holds a Master's
degree in Business Administration (Management)
from the Lagos State University.
She has over 20 years of experience in Human
Resources Management, having worked at various
organizations. She started her career as a Legal
Officer with Sea Petroleum Ltd and rose to the level
of Company Secretary/Legal Adviser before her exit.
She has also worked with Trust Bank of Nigeria,
Standard Alliance Insurance Plc and Spring Life
Assurance Plc where she held positions as Head
of Human Resources and served
in several management committees.
She was part of the team that repositioned
Standard Alliance Insurance Plc from a limited liability
company to a leading insurance company listed on
the Nigerian Stock Exchange.
Nkeiruka was a partner at HR Support Company
Limited, a Human Resources Consulting firm which
offers services ranging from Consulting, Outsourcing,
Training and Development.
She has expertise in human resource administration
and human capital development. She has designed
and implemented human resources strategies for
various organizations spanning from performance
management systems, HR policies, structure and
design as well as compensation and reward
structures.
She has attended various human resources,
leadership and strategic courses, has facilitated
in several training programmes and spoken at
various seminars.
NKEIRUKA UZOECHI
Miss. Nwadiuto Olamma Onuoha is the Company
Secretary/Legal Adviser of the organization. She
joined the company in January 2015 from Helios
Towers Nigeria Limited where she was Chief Legal
and Regulatory Officer. She was responsible for the
legal, regulatory & Company Secretarial functions at
Helios Towers Nigeria.
A graduate of Queen Mary College, University
of London, where she also obtained her LL.M in
Telecommunications Law, Ms. Onuoha has not less
than 14 years legal and regulatory advisory
experience with particular focus on West and
East African Region (WECA). Her experience
includes advising on general commercial matters,
Mergers and Acquisition (M & A), outsourcing,
regulatory assignments, litigation and company
secretarial duties.
Over recent years, she had led and managed legal
teams, handled major advisory transactions, sale and
lease backs, M&A's in relation to a range of assets
classes in the telecoms sector.
Prior to joining Helios Towers Nigeria, she had
worked in almost all segments of the Nigerian
telecommunications sector, including the role of
AGM; Head, Legal and Regulatory/Company
Secretary in Visafone Communications (CDMA) and
Senior Manager level at Airtel Nigeria (GSM). She also
served as Chief Legal and Regulatory Officer for
UNOTELOS, a Value-Added Services Company (VAS)
and Country Interconnect Clearing Company
(CICC FZ), a Dubai based telecoms financial
reconciliations firm.
NWADIUTO OLAMMA ONUOHA
2014 ANNUAL REPORTS AND ACCOUNTS34
JEGEDE BIODUN
Mr. Jegede Biodun is the Divisional Head, Brokers
Marketing. He rejoined the company from Associated
Insurance Brokers where he was General Manager.
An expert in sales channel development in insurance,
Mr. Jegede holds a Post Graduate Diploma (PGD) in
Marketing from Tafawa Balewa University, an HND in
Finance and Banking, The Polytechnic, Owerri and a
National Diploma in Banking and Finance from The
Polytechnic, Ibadan.
He commenced his working career as an Assistant Credit Officer with the AfriBank Nigeria Plc in 1987.
He joined Equity Indemnity Insurance Company Ltd
in 1998 as Senior Marketing Executive after his NYSC
year as Accounts Officer at Dehinde Odusanya & Co.
In 2003, he moved to SA Insurance Plc and was
Principal Manager/Group Head, Brokers Marketing
Group in 2010 when he moved to Associated
Insurance Brokers.
Mr. Jegede is an Associate, Chartered Institute of Bankers of Nigeria. He has attended several relevant
training programmes.
OLUKOLAJO EZEKIEL. O
Mr. Olukolajo Ezekiel Oluseun is an Assistant
General Manager with the company and he heads
the organisation's Technical Division. He joined the
company in March, 2015 from Old Mutual Nigeria
where he was Head, Technical & Reinsurance Group
(General Insurance).
He holds a Higher National Diploma in Insurance
from The Polytechnic, Ibadan (1997) and in 2008,
he obtained a Post-Graduate Diploma in Education
Administration and Management from the Lagos
State University, Ojo, Lagos.
Mr. Olukolajo has a consistent and vast experience
in insurance, cutting across General Insurance
Underwriting and Risk Management, Reinsurance,
Claims Administration and Insurance Broking.
He started his working career at Law Union &
Rock Insurance of Nigeria Plc, Warri office, Delta
State in 1999 where he functioned as Assistant
Superintendent. In 2001, he moved to Royal
Exchange Assurance (Nig.) Plc where he served as
Senior Officer, Commercial Property Division.
Thereafter in 2003, he joined Guardian Express
Assurance Limited as the Head of Operations at its
Port Harcourt branch.
Mr. Olukolajo also worked in various subsidiaries of
the United Bank for Africa (UBA). From 2005 to 2007,
he was with UBA Insurance Company Limited as the
Unit Head, Underwriting & Risk Management. He
moved on to UBA Insurance Brokers Limited as Chief
Operations Officer (COO) from 2007 to 2012 and
then to United Bank of Africa Plc, Victoria Island
office, Lagos in 2013 where he was Profit Centre
Manager. He later joined Old Mutual Nigeria same
2013 as Head, Technical & Reinsurance Group
(General Insurance).
Mr. Olukolajo who is an Associate of the Chartered
Insurance Institute of Nigeria (ACIIN) has attended
several courses and training in General Business
underwriting, Engineering, Energy & Special Risks
including the prestigious 'Siyafunda' Training on
Commercial Risks Underwriting & Reinsurance
promoted by Swiss Re.
THOMPSON AKHIGBE
Thompson Akhigbe is Head, Internal Control of the
company. He joined Standard Alliance Insurance Plc
in January, 2015 from AIICO where he was Head,
Budget and Financial Reporting.
Mr. Akhigbe who is bringing his over 21 years of
experience in the nation's insurance industry to the functions of the company began his insurance
career in 1993 at The Lion of Africa Insurance
Company Limited.
He moved later to Equity Assurance Plc in 2006
where he became Head, Credit Control. He left
Equity Assurance for Cornerstone Insurance Plc in February 2008 and served as Internal Auditor
before joining AIICO in September 2008. While at
AIICO, he functioned severally as Senior Manager,
Credit Control/Strategy; Head, General Accounts and Head, Budget and Financial Reporting.
He holds HND in Marketing from the Lagos State
Polytechnic. He is an Associate Member of the
following professional bodies: the Institute of
Chartered Accountants of Nigeria (ICAN), Chartered
Insurance Institute of Nigeria (CIIN) and the
Chartered Institute of Taxation of Nigeria (CITN).
Mr. Akhigbe who has attended several strategic trainings, both locally and internationally, is a
member of The Apapa Club.
MANAGEMENT TEAM (CONTINUED)
2014 ANNUAL REPORTS AND ACCOUNTS 35
Management Analysis and discussion
MANAGEMENT TEAM (CONTINUED)
MS ADEBAYO OLUFUNKE
Ms Adebayo Olufunke is the Divisional
Head SA Direct Sales, responsible for the
Company's Retail Business.
With a proven track record of leading teams to
combine strong product knowledge with excellent
negotiation skills for the maximization of sales and
target delivery and the minimization of cost whilst
proffering personal or enterprise risk solutions to a
diverse range of stakeholders across both the public
and private sectors, She brings to bear over 16
years industry experience in managerial and client
handling, strategic planning, sales and business
development.
She has served in management capacity in the
following organizations Nem Insurance Plc, Law
Union & Rock Insurance Plc, Mutual Benefits
Assurance Plc where she was the pioneer Regional
Manager Northern Operations, responsible for the
creation, control and coordination of branches and
inter-branch operations respectively, brand
projection, staff motivation and selection, strategy
design and implementation for the region. She later
had a stint with Old Mutual Nigeria as Head of Sales
and Distribution. She joins the company from Dutee
Insurance brokers Ltd where she was General
Manager Marketing of the Brokerage Firm.
Ms Adebayo is an Associate member of the
Chartered Insurance Institute of Nigeria, the
Nigerian Institute of Management, and the Institute
of Strategic Management of Nigeria. She has an
MBA from Ambrose Alli University Ekpoma, a
Post Graduate Diploma in Insurance and Risk
Management from the West African Insurance
Institute in the Gambia and a B.Sc. Degree from
the University of Ibadan Nigeria.
She has attended many professional courses both
locally and internationally.
KADIRI IJEREMHE EMMANUEL
Mr. Kadiri Ijeremhe Emmanuel is the Senior Manager
Finance. He is a graduate of Banking and Finance
from the University of Calabar, Calabar, Cross River
State. He also holds a Master's degree in Business
Administration (MBA) from Ambrose Alli University,
Ekpoma, Edo State and a Master of Science (M.Sc.) in Finance from the University of Lagos. Kadiri is an
Associate Member of the Institute of Chartered
Accountants of Nigeria (ICAN).
He has an enormous experience in financial
accounting, analysis and modeling backed with an uncanny ability to solve complex financial
problems. He is an expert at providing strategic
decision support to business operations, budgeting
techniques and designing financial strategy.
Before he began his insurance career with the company in 2001, he had worked with S.S. Afemikhe
& Co (Chartered Accountants) as Audit Senior from
1996 to 2001. Prior to this, Mr. Kadiri was the
Accountant at Gemini Trust Limited, an investment
and financial advisory services outfit. He also had a brief stint with Canon Mortgage Finance Ltd
(Mortgage Bankers).
AKINTOMIDE BOSEDE GRACE
Mrs. Akintomide Bosede Grace, the Group Head,
Brokers' Business of the company. She joined the
company from FBN Insurance Limited. She began
her insurance marketing career in 2000 as a Senior
Marketing Officer at Metropolitan General Insurance.
She later worked with Trustworld Insurance
Company as Head, Brokers' Unit, Oasis Insurance Plc
as the Branch Manager, Ikeja and Surulere offices
and FBN Insurance Limited respectively before
joining Standard Alliance Insurance Plc in March,
2015 as a Senior Manager.
Mrs. Akintomide is a Member, National Institute of Marketing of Nigeria (NIMN) and an Associate
Member of the Nigerian Institute of Management
(ANIM) and the Chatered Insurance Institute of
Nigeria (CIIN).
She holds a 2007 Master of Business Administration (MBA) in Marketing from Ladoke Akintola University
of Technology, Ogbomosho, a Post-Graduate
Diploma (PGD) in Management from the University of
Calabar (2002) and a Higher National Diploma (HND)
in Insurance from The Polytechnic, Ibadan.
2014 ANNUAL REPORTS AND ACCOUNTS36
BLESSING IYAJI ANA
Mrs. Blessing Iyaji Ana is the Group Head, Financial
Institution. She joined the company from FBN
Insurance Limited. She started her insurance career
with the company as Business Development
Executive and was later promoted as Acting Group
Head, Financial Institution, from 2002 to 2006. She
moved over to Staco Insurance Plc in 2007 and took
up the same position at its Lagos Control office. She,
thereafter, joined Equity Assurance Plc as Group
Head, Financial Institution, Commercial Division. In
2014, she took up a job at FBN Insurance Limited as
Corporate Business Development Manager. In March
2015, she rejoined the Standard Alliance Insurance
Plc team as a Senior Manager.
Mrs. Ana holds a Higher National Diploma in
Accountacy from the Institute of Management and Technology, Enugu State (2000), an Executive
Master's Certificate from British School of
Management (2007) and a Diploma (2013) from the Chartered Insurance Institute of Nigeria.
She is a Member of both the Chartered Insurance Institute of Nigeria and the Institute of Chartered
Accountants of Nigeria (ICAN).
TOPE AGBOOLA
Tope Agboola is the Chief Investment Officer. He has over 15 years of work experience, across investment
banking, economics consulting, and corporate
strategy. Previously, he worked in the London office
of US investment bank HoulihanLokey, and at the
Afreximbank in Cairo, Egypt. In Nigeria, his career
footprints were at FSB International Bank Plc, the
Lagos Business School, Economic Associates Limited,
Gelnd Equity & Co. Limited, KainosEdge Consulting
Limited, and Alternative Capital Partners Limited.
Tope graduated as best student and with a first class honors degree in accounting at the
Obafemi Awolowo University Ile–Ife, and later went on to study economics at Essex and Cambridge
Universities in England, and at the University of New
Brunswick, in Canada
MANAGEMENT TEAM (CONTINUED)
2014 ANNUAL REPORTS AND ACCOUNTS 37
Management Analysis and discussion
INDEPENDENT AUDITORS' REPORT
2014 ANNUAL REPORTS AND ACCOUNTS38
We have audited the accompanying financial statements of Standard Alliance Insurance Plc. These financial
statements comprise the statement of financial position as at 31 December 2014, the statement profit or loss and
other comprehensive income, the statement of changes in equity, the statement of cash flows for the year then
ended, a summary of the significant accounting policies and other explanatory notes.
Directors' responsibility for the Financial Statements
The directors are responsible for the preparation and fair presentation of these financial statements in accordance
with International Financial Reporting Standards issued by the International Accounting Standards Board, and in
compliance with relevant provisions of the Financial Reporting Council of Nigeria Act, No 6, 2011, the Companies and
Allied Matters Act, CAP C20 LFN 2004 and the Insurance Act, CAP I17, LFN 2004 and its interpretations issued by the
National Insurance Commission in its Insurance Industry Policy Guidelines. This responsibility includes: designing,
implementing and maintaining internal controls relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error, selecting and applying
appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.
Auditors' responsibility
Our responsibility is to express an independent opinion on the financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards require that we
comply with ethical requirements and plan and perform our audit to obtain reasonable assurance that the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial
statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,
the auditors consider internal controls relevant to the entity's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis on matter
Without qualifying our opinion, we draw your attention to note 50(c) to the financial statements which indicates that
the Company had a shortfall of N262,331,000 in solvency margin as at 31 December 2014.
Contravention of laws and regulations
During the year the Company contravened certain sections of the Insurance Act, CAP I17, LFN 2004 and NAICOM's
operational guidelines. Details of the contravention and appropriate penalties thereon are disclosed in note 44.
TO THE MEMBERS OF STANDARD ALLIANCE INSURANCE PLC
2014 ANNUAL REPORTS AND ACCOUNTS 39
Report of Independent Auditors
Opinion
In our opinion, the financial statements give a true and fair view of the state of affairs of the Company's financial
position as at 31 December 2014 and of its financial performance and cash flows for the year then ended in
accordance with International Financial Reporting Standards and in compliance with the relevant provisions of the
Financial Reporting Council of Nigeria Act No 6, 2011, the Companies and Allied Matters Act, CAP C20, LFN 2004 and
Insurance Act, CAP I17, LFN 2004 and its interpretations issued by the National Insurance Commission in its
Insurance Industry Policy Guidelines.
Report on other legal requirements
The Companies and Allied Matters Act, CAP C20, LFN 2004 requires that in carrying out our audit, we consider and
report to you on the following matters. We confirm that:
I) we have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit;
ii) in our opinion, proper books of account have been kept by the Company; and
iii) the Company's statement of financial position and statement of comprehensive income are in agreement with
the books of account.
Lagos, Nigeria
21, July 2015
Olugbemiga A. Akibayo
FRC/2013/ICAN/00000001076
For: BDO Professional Services
Chartered Accountants
2014 ANNUAL REPORTS AND ACCOUNTS40
2014 ANNUAL REPORTS AND ACCOUNTS 41
REPORT OF THE AUDIT COMMITTEE
In accordance with the provisions of Section 359(6) of the Companies and Allied Matters Act, CAP C20 of the Laws of
the Federation of Nigeria 2004, we the Members of the Audit Committee of Standard Alliance Insurance Plc having
carried out our statutory functions under the Act, hereby report as follows:
• We have reviewed the scope and planning of the audit for the year ended 31
December, 2014 and we confirm that they were adequate.
• The Company’s reporting and accounting policies as well as internal control
systems conform to legal requirements and agreed ethical practices.
• We are satisfied with the departmental responses to the External Auditors’ findings on
management matters for the year ended 31 December, 2014.
Finally, we acknowledge and appreciate the cooperation of Management and Staff in the conduct of these duties.
TO THE MEMBERS OF STANDARD ALLIANCE INSURANCE PLC
Mr. Chuka Onwuchekwa
FRC/2013/IODN/2788
Chairman of the Audit Committee 6 July, 2015
Members of the Audit Committee
Mr Chuka Onwuchekwa - Chairman (Shareholder)
Mr. Matthew Esonanjor - Member (Shareholder)
Mr. Godwin Anono - Member (Shareholder)
Dr. Ramsey Mowoe - Member (Director)
Brig. Gen. Dominic Oneya (Rtd) - Member (Director)
Mr. Ayodele Ajayi - Member (Director)
2014 ANNUAL REPORTS AND ACCOUNTS42
For
SUMMARY OFSIGNIFICANT ACCOUNTINGPOLICIES
2014 ANNUAL REPORTS AND ACCOUNTS 43
The following are the significant accounting policies
adopted by the Company in the preparation of its
financial statements. These policies have been
consistently applied to all year's presentations, unless
otherwise stated.
1 The reporting entity
The Company was incorporated in July 1981 as a
Private Limited Liability Company and commenced full
operations in 1982 under the name Jubilee Insurance
Units %
Standard Alliance Investments Ltd 3,158,982,140 26.34
FCMB Plc 1,428,700,000 11.91
Synetics Technologies Limited 309,581,094 2.58
New Heroes Limited 113,580,709 0.95
PanAfrica Capital Plc 252,931,000 2.11
Stanbic Nominee Trading Ltd 321,013,371 2.68
The Company has interest in the following associates:Units %
Standard Alliance Life Assurance Ltd 1,905,000 47.47
Standard Alliance Properties Ltd 275,000 40
Standard Alliance Capital and Assets Ltd 400,000 40
2. Basis of presentation
2.1 Statement of compliance with International
Financial Reporting Standards (IFRSs)
The financial statements are prepared in accordance
with International Financial Reporting Standards
(IFRSs) as issued by the International Accounting
Standards Board (IASB) and the interpretations of
these standards, issued by the International
Accounting Standards Board (IASB) and the
requirements of the Companies and Allied Matters Act
CAP C20, LFN 2004 and the Insurance Act, I17, 2004
and regulatory guidelines as pronounced from time to
time by National Insurance Commission (NAICOM), to
the extent that they are not in conflict with IFRS.
Company Limited. The name was changed to Standard
Alliance Insurance Company Limited (Standard
Alliance) in August 1996.
Standard Alliance Insurance became a Public Liability
Company (Plc) on 30th May 2002 and was quoted on
the Nigerian Stock Exchange in December 2003.
The Company is 100% fully owned by Nigerian citizens
and Institutional investors. Its major shareholders are:
2.2 Going concern
The financial statements are prepared on a going
concern basis. The Company has no intention or need
to reduce substantially its business operations.
2.3 Basis of measurement
Historical cost basis was used in the preparation of the
financial statements as modified by certain items of:
Investments at fair value
Available for sale financial assets that are
measured at fair value
Impaired assets at their recoverable amounts
Insurance contract liabilities at fair value
Land and Building stated at revalued amount
These financial statements for the year ended 31 December 2014 were approved for issue by the Board of Directors
on 6 July 2015.
The Company’s principal activity continues to be provision of risk underwriting and related financial services to its
customers. Such services include provision of general insurance services to both corporate and individual
customers.
2014 ANNUAL REPORTS AND ACCOUNTS 44
2.4. Functional and Presentation Currency
The financial statements are presented in Nigerian
naira (N), which is also the functional currency of the
Company, rounded to the nearest thousand (N'000)
unless otherwise indicated.
2.5. Order of presentation
The Company presents its statement of financial
position broadly in order of liquidity. An analysis
regarding recovery or settlement within twelve months
after the reporting date (current) and more than 12
months after the reporting date (non-current) is
presented in the notes.
3. Significant management judgements and key
sources of estimation uncertainty
In the process of applying the accounting policies
adopted by the Company, the directors make certain
judgments and estimates that may affect the carrying
values of assets and liabilities in the next financial
period. Such judgments and estimates are based on
historical experience and other factors, including
expectations of future events that are believed to be
reasonable under the current circumstances. The
directors evaluate these at each financial reporting
date to ensure that they are still reasonable under the
prevailing circumstances based on the information
available.
The preparation of the Company‟s financial
statements requires management to make judgments,
estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities
and the disclosure of contingent liabilities, at the
reporting date. However, uncertainty about these
assumptions and estimates could result in outcomes
that could require material adjustments to the carrying
amount of the asset or liability affected in the future.
These factors could include:
(i) Significant judgements made in applying the
Company's accounting policies
The judgements made by the directors in the process
of applying the Company’s accounting policies that
have the most significant effect on the amounts
recognised in the financial statements include:
Whether it is probable that future taxable profits
will be available against which temporary
differences can be utilised; and
Whether the Company has the ability to hold
'held- to maturity' investments until they mature. If
the Company were to sell other than an insignificant
amount of such investments before maturity, it
would be required to classify the entire class as
"available-for-sale" and measure them at fair value.
(ii) Key sources of estimation uncertainty
a) Valuation of insurance contract liabilities
Critical assumptions are made by the actuary in
determining the present value of actuarial liabilities.
These assumptions are set out in accounting policy
5.19 and as embedded in the report. The liability for
insurance contracts is either based on current
assumptions or on assumptions established at
inception of the contract, reflecting the best
estimate at the time increased with a margin for risk
and adverse deviation. All contracts are subject to a
l i ab i l i t y adequacy tes t , wh ich re f lec ts
management s best current estimate of future
cash flows.
Estimates are also made as to future investment
income arising from the assets backing insurance
contracts. These estimates are based on current
market returns as well as expectations about future
economic and financial developments.
Assumptions on future expenses are based on
current expense levels, adjusted for expected
expense inflation if appropriate.
b) Property, plant and equipment
Critical estimates are made by the directors in
determining the useful lives and residual values of
property, plant and equipment.
c) Impairment losses
Estimates are made in determining the impairment
losses on assets. Such estimates include the
determination of the recoverable amount of the asset.
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 45
d) Income taxes
The Company is subject to income taxes under the
Nigerian Tax Laws. Significant estimates are required in
determining the provisions for income taxes. There are
many transactions and calculations for which the
ultimate tax determination is uncertain during the
ordinary course of business. Where the final tax
outcomes of these matters are different from the
amounts that were initially recorded, such difference
will impact the income tax and the deferred tax
provisions in the period in which such determinations
are made.
e) Critical judgments in applying the entity's
accounting policies
In the process of applying the Company's accounting
policies, management has made judgements in
determining:
I) The classification of financial assets and liabilities
ii) Whether assets are impaired.
iii) Whether land and buildings meet the criteria to
be classified as investment property.
2014 ANNUAL REPORTS AND ACCOUNTS46
4. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED
THAT ARE NOT YET EFFECTIVE
The amendments to IFRS 3 clarify that:
- The formation of all types of joint arrangements as defined in
IFRS 11 (ie joint ventures and joint operations) are
excludedfrom the scope of IFRS 3
- The scope exception only applies to the accounting by the
joint arrangement in its own financial statements and not to
the accounting by the parties to the joint arrangement for
their interests in the joint arrangement.
No impact
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
The amendment clarifies that the reclassification of an asset or
disposal group from being held for sale to being held for
distribution to owners, or vice versa is considered to be a
continuation of the original plan of disposal.
Upon reclassification, the classification, presentation and
measurement requirements of IFRS 5 are applied.
If an asset ceases to be classified as held for distribution to
owners, the requirements of IFRS 5 for assets that cease to be
classified as held for sale apply.
Mandatory adoption
for periods beginning
on or after 1 January
2016. Early adoption
permitted.
No impact
Annual
Improvements
(2011-2013
Cycle)
Issued
December
2013
Annual
Improvements
(2012-2014
Cycle)
Issued
December
2013
IFRS Reference Nature of change Application date Impact on
initial Application
Annual
Improvements
(2011–2013
Cycle) Issued
December
2013
The amendment to the Basis for Conclusions clarifies that an
entity has an option to use either:
- The IFRSs that are mandatory at the reporting date, or
- One or more IFRSs that are not yet mandatory, if those IFRSs
permit early application.
Mandatory adoption
for periods beginning
on or after 1 July
2014. Early adoption
permitted.
No impact, as
the Company
has already
adopted IFRS
IFRS 2 Share-based Payment
Annual
Improvements
(2010-2012
Cycle) Issued
December
2013
The amendment clarifies vesting conditions by separately
defining a performance condition and a service condition, both
of which were previously incorporated within the definition of a
vesting condition.
IFRS 3 Business Combinations
The amendment clarifies that contingent consideration is
assessed as either being a liability or an equity instrument on
the basis of IAS 32 Financial Instruments: Presentation, and
also requires contingent consideration that is not classified as
equity to be remeasured to fair value at each reporting date,
with changes in fair value being reported in profit or loss.
No impact, as
Company is
not involved in
any business
combination.
IFRS 1 First-time Adoption of International Financial Reporting Standards
Annual
Improvements
(2010-2012
Cycle)
Issued
December
2013
No impact as
the Company
has no share
based
payment
Mandatory adoption
for periods beginning
on or after 1 July
2014. Early adoption
permitted.
Mandatory adoption
for periods beginning
on or after 1 July
2014. Early adoption
permitted.
Mandatory adoption
for periods beginning
on or after 1 July
2014. Early adoption
permitted.
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 47
A consequential amendment has been made to IFRS 1 First-
time Adoption of International Financial Reporting Standards,
in order that the same transitional provision applies to first
time adopters. Applicability of the offsetting amendments in
condensed interim financial statements.
A further amendment to IFRS 7 has clarified that the
application of the amendment Offsetting Financial Assets and
Financial Liabilities (Amendments to IFRS 7) issued in
December 2011 is not explicitly required for all interim
periods. However, it is noted that in some cases these
disclosures may need to be included in condensed interim
financial statements in order to comply with IAS 34.
The amendments require additional disclosures regarding
management’s judgements when operating segments have
been aggregated in determining reportable segments,
including:
- A description of the operating segments that have been
aggregated
- The economic indicators considered in determining that the
aggregated operating segments share similar economic
characteristics.
Reconciliation of the total of a reportable segment‟s assets to
the entity’s assets:
The Company
would implement
the standard on
adoption.
Annual
Improvements
(2010-2012
Cycle)
Issued
December
2013
Mandatory adoption
for periods beginning
on or after 1 July
2014. Early adoption
permitted.
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
IFRS 7 Financial Instruments: Disclosures
The IASB clarified the circumstances in which an entity has
continuing involvement from the servicing of a transferred
asset.
Continuing involvement exists if the servicer has a future
interest in the performance of the transferred financial asset.
Examples of situations where continuing involvement exists
are where a transferor’s servicing fee is:
- A variable fee which is dependent on the amount of the
transferred asset that is ultimately recovered; or
- A fixed fee that may not be paid in full because of
nonperformance of the transferred financial asset.
The amendment is required to be applied retrospectively in
accordance with IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors. However, the amendment
needs not to be applied for any period beginning before the
annual period in which the entity first applies the
amendments.
The Company
is yet to assess
the impact of
the adoption of
this standard.
Annual
Improvements
(2012-2014
Cycle)
Mandatory adoption
for periods beginning
on or after 1 January
2016. Early adoption
permitted.
IFRS 8 Operating Segments
IFRS Reference Nature of change Application date Impact on
initial Application
2014 ANNUAL REPORTS AND ACCOUNTS48
IFRS Reference Nature of change Application date Impact on
initial Application
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
The amendment clarifies that a reconciliation of the total of
reportable segments assets to the entity‟s assets is only
required if a measure of segment assets is regularly provided
to the chief operating decision maker.
IFRS 9 Financial Instruments
Can only be applied
if an entity’s date of
initial application is
before February
2015.
IFRS 9 (2009)
Issued:
November
2009
IFRS 9 (2009) applies to all assets within the scope of IAS 39
Financial Instruments: Recognition and Measurement. IFRS 9
requires that on initial recognition, all financial assets are
measured at fair value (plus an adjustment for certain
transaction costs if they are not measured as at fair value
through profit or loss) and are classified into one of two
subsequent measurement categories:
- Amortised cost
- Fair value.
IFRS 9 (2009) eliminates the Held to Maturity (HTM), Available
for Sale (AFS) and Loans and Receivables categories. In
addition, the exception under which equity instruments and
related
derivatives are measured at cost rather than fair value, where
the fair value cannot be reliably determined, has been
eliminated with fair value measurement being required for all
of these instruments. A financial asset is measured after initial
recognition at amortised cost only if it meets the following two
conditions:
1. The objective of an entity’s business model is to hold the
financial asset in order to collect contractual cash flows
2. The contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
All other instruments are required to be measured after initial
recognition at fair value. IFRS 9 (2009) retains the current
requirement for financial instruments that are held for trading
to be recognised and measured at fair value through profit or
loss, including all derivatives that are not designated in a
hedging relationship.
Hybrid contracts with a host that are within the scope of IFRS 9
(2009) (ie a financial host) must be classified in their entirety in
accordance with the classification approach summarised
above. This eliminates the existing IAS 39 requirement to
account separately for a host contract and certain embedded
derivatives. The embedded derivative requirements under IAS
To be
implemented
on adoption of
the standard.
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 49
IFRS Reference Nature of change Application date Impact on
initial Application
39 continue to apply where the host contract is a non-financial
asset and for financial liabilities.
IFRS 9 (2009) includes an option which permits investments in
equity instruments to be measured at fair value through other
comprehensive income. This is an irrevocable election to be
made, on an instrument by instrument basis, at the date of
initial recognition. Where the election is made, no amounts are
subsequently recycled from other comprehensive income to
profit or loss. Where this option is not taken, equity
instruments with the scope of IFRS 9 (2009) are classified as at
fair value through profit or loss. Irrespective of the approach
adopted for the equity instrument itself, dividends received on
an equity instrument are always recognised in profit or loss
(unless they represent a return of the cost of investment).
Subsequent reclassification of financial assets between the
amortised cost and fair value categories is prohibited, unless
an entity changes its business model for managing its financial
assets in which case reclassification is required. However, the
guidance is restrictive and such changes are expected to be
very infrequent. IFRS 9 (2009) states explicitly that the following
are not changes in business model:
1. A change in intention relating to particular financial assets
(even in circumstances of significant changes in market
conditions)
2. A temporary disappearance of a particular market for
financial assets
3. A transfer of financial assets between parts of the entity with
different business models.
IFRS 9 (2010)
Issued:
October
2011
As noted above, IFRS 9 (2009) was published in November
2009 and contained requirements for the classification and
measurement of financial assets. Equivalent requirements for
financial liabilities were added in October 2010, with most of
them being carried forward unchanged from IAS 39.
In consequence:
- A financial liability is measured as at fair value through profit
or loss (FVTPL) if it is held for trading, or is designated as at
FVTPL using the fair value option
- Other liabilities are measured at amortised cost. In contrast
to the requirements for financial assets, the bifurcation
requirements for embedded derivatives have been retained;
similarly, equity conversion features will continue to be
accounted for separately by the issuer.
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
2014 ANNUAL REPORTS AND ACCOUNTS50
However, some changes have been made, in particular to
address the issue of where changes in the fair value of an
entity‟s financial liabilities designated as at FVTPL using the fair
value option, which arise from changes in the entity‟s own
credit risk, should be recorded.
This amendment is a result of consistent feedback received by
the IASB from its constituents that changes in an entity’s own
credit risk should not affect profit or loss unless the financial
liability is held for trading.
IFRS 9 (2010) requires that changes in the fair value of financial
liabilities designated as at FVTPL which relate to changes in an
entity‟s own credit risk should be recognised directly in other
comprehensive income (OCI). However, as an exception, where
this would create an accounting mismatch (which would be
where there is a matching asset position that is also measured
as at FVTPL), an irrevocable decision can be taken to recognise
the entire change in fair value of the financial liability in profit
or loss.
IFRS 9 (2013)
Issued:
November
2013
Three significant changes/additions were made compared to
the previous version of IFRS 9:
- Add new hedge accounting requirements
- Withdraw the previous effective date of 1 January 2015 and
leave it open pending the completion of outstanding phases of
IFRS 9
- Make the presentation of changes in „own credit’ in other
comprehensive income (OCI) for financial liabilities under the
fair value option available for early adoption without early
application of the other requirements of IFRS 9.
The new hedge accounting requirements are more principles-
based, less complex, and provide a better link to risk
management and treasury operations than the requirements
in IAS 39 Financial Instruments: Recognition and
Measurement.
The new model allows entities to apply hedge accounting more
broadly to manage profit or loss mismatches, and as a result
reduce „artificial hedge ineffectiveness that can arise under
IAS 39.
Key changes introduced by the new model include:
- Simplified effectiveness testing, including removal of the 80-
125% highly effective threshold
- More items will now qualify for hedge accounting, eg pricing
components within a non-financial item, and net foreign
exchange cash positions
Can only be applied
if an entity’s date
of initial application
is before February
2015.
No impact
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
IFRS Reference Nature of change Application date Impact on
initial Application
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 51
IFRS Reference Nature of change Application date Impact on
initial Application
- Entities can hedge account more effectively the exposures
that give rise to two risk positions (eg interest rate risk and
foreign exchange risk, or commodity risk and foreign exchange
risk) that are managed by separate derivatives over different
periods
- Less profit or loss volatility when using options, forwards, and
foreign currency swaps
- New alternatives available for economic hedges of credit risk
and ‘own use’ contracts which will reduce profit or loss
volatility.
IFRS 9 (2014)
Issued:
July 2014
IFRS 9 Financial Instruments (2014) incorporates the final
requirements on all three phases of the financial instruments
projects – classification and measurement, impairment, and
hedge accounting. IFRS 9 (2014) adds to the existing IFRS 9:
- New impairment requirements for all financial assets that are
not measured at fair value through profit or loss .
-Amendments to the previously finalised classification and
measurement requirements for financial assets.
In a major change, which will affect all entities, a new ‘expected
loss’ impairment model in IFRS 9 (2014) replaces the ‘incurred
loss’ model in IAS 39 Financial Instruments:
Recognition and Measurement. Under IFRS 9 (2014), the
impairment model is a more ‘forward looking’ model in that a
credit event (or impairment ‘trigger’) no longer has to occur
before credit losses are recognised. For financial assets
measured at amortised cost or fair value through other
comprehensive income (FVTOCI), an entity will now always
recognise (at a minimum) 12 months of expected losses in
profit or loss. Lifetime expected losses will be recognised on
these assets when there is a significant increase in credit risk
after initial recognition.
For trade receivables there is a practical expedient to calculate
expected credit losses using a provision matrix based on
historical loss patterns or customer bases. However, those
historical provision rates would require adjustments to take
into account current and forward looking information. The new
impairment requirements are likely to bring significant
changes. Although provisions for trade receivables may be
relatively straightforward to calculate, new systems and
approaches may be needed. However, for financial institutions
the changes are likely to be very significant and require
significant changes to internal systems and processes in order
to capture the required information.
Mandatory adoption
for periods beginning
on or after 1 January
2018. Early adoption
permitted.
The Company
is still assessing
the impact of
adoption.
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
2014 ANNUAL REPORTS AND ACCOUNTS 52
IFRS 9 (2014) provides an option to early adopt the ‘own credit’
provisions for financial liabilities measured at fair value through
profit or loss (FVTPL) under the fair value option without any of
the other requirements of IFRS 9. This option will remain
available until 1 January 2018.
Entities that use the fair value option and designate financial
liabilities at fair value through profit or loss (FVTPL) present the
fair value changes in ‘own credit’ in OCI instead of profit or loss.
Therefore, for financial liabilities designated at FVTPL, entities
can continue to apply IAS 39 Financial Instruments:
Recognition and Measurement but follow the presentation
requirement in IFRS 9 and present the changes in ‘own credit’ in
OCI.
Can be applied until
the effective date of
IFRS 9 (2014) which
is 1 January 2018.
IFRS 9
(own credit risk
requirements)
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
In other changes, IFRS 9 (2014) also introduces additional
application guidance to clarify the requirements for contractual
cash flows of a financial asset to be regarded as giving rise to
payments that are Solely Payments of Principal and Interest
(SPPI), one of the two criteria that need to be met for an asset
to be measured at amortised cost. Previously, the SPPI test
was restrictive, and the changes in the application of the SPPI
test will result in additional financial assets being measured at
amortised cost. For example, certain instruments with
regulated interest rates may now qualify for amortised cost
measurement, as might some instruments which only
marginally fail the strict SPPI test.
A third measurement category has also been added for debt
instruments - FVTOCI. This new measurement category applies
to debt instruments that meet the SPPI contractual cash flow
characteristics test and where the entity is holding the debt
instrument to both collect the contractual cash flows and to
sell the financial assets.
In comparison with previous versions of IFRS 9, the
introduction of the FVTOCI category may result in less profit or
loss volatility, in particular for entities such as insurance
companies which hold large portfolios with periodic buying
and selling activities.
The amendments could lead to significant reclassifications of
debt instruments across the different measurement
categories: amortised cost, FVTOCI, and FVTPL. This may lead
to less volatility in profit or loss for debt investment portfolios,
but greater equity volatility if assets are reclassified from
amortised cost to FVTOCI (which could affect regulatory
capital).
IFRS Reference Nature of change Application date Impact on
initial Application
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 53
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
This amendment is expected to mainly affect financial
institutions and insurers.
IFRS 10 Consolidated financial statements
Amendments to IFRS 10 and IAS 28 - Sale or Contribution of
Assets between an Investor and its Associate or Joint Venture
The amendments clarify the accounting for transactions where
a parent loses control of a subsidiary, that does not constitute
a business as defined in IFRS 3 Business Combinations, by
selling all or part of its interest in that subsidiary to an
associate or a joint venture that is accounted for using the
equity method.
In the case of any retained interest in the former subsidiary,
gains and losses from the remeasurement are treated as
follows:
- The retained interest is accounted for as an associate or joint
venture using the equity method:
The parent recognises the gain or loss in profit or loss only to
the extent of the unrelated investors’ interests in the new
associate or joint venture. The remainder is eliminated against
the carrying amount of the investment in the associate or joint
venture.
- The retained interest is accounted for at fair value in
accordance with IFRS 9 Financial Instruments:
The parent recognises the gain or loss in full in profit or loss.
No impact.Mandatory adoption
for periods beginning
on or after 1 January
2016. Early adoption
permitted.
IFRS 11 Joint Arrangements
Amendments
to IFRS 11
Issued:
May 2014
Amendments to IFRS 11 – Accounting for Acquisitions of
Interests in Joint Operations
The amendments require an entity to apply all of the principles
of IFRS Business Combinations when it acquires an interest in
a joint operation that constitutes a business as defined by IFRS
3. The amendment also includes two new Illustrative
Examples:
- Accounting for acquisitions of interests in joint operations in
which the activity constitutes a business- Contributing the right
to use know-how to a joint operation in which the activity
constitutes a business.
A consequential amendment to IFRS 1 First-time Adoption of
International Financial Reporting Standards has also been
made, to clarify that the exemption from applying IFRS 3 to
past business combinations upon adoption of IFRS also
Mandatory adoption
for periods beginning
on or after 1 January
2016. Early adoption
permitted.
No impact.
IFRS Reference Nature of change Application date Impact on
initial Application
2014 ANNUAL REPORTS AND ACCOUNTS54
IFRS Reference Nature of change Application date Impact on
initial Application
applies to past acquisitions of interests in joint operations in
which the activity of the joint operation constitutes a business,
as defined in IFRS 3.
The amendment clarifies that short-term receivables and
payables with no stated interest rate can still be measured at the
invoice amount without discounting, if the effect of discounting
is immaterial.
Mandatory adoption
for periods beginning
on or after 1 July
2014. Early adoption
permitted.
Annual
Improvements
(2010-2012
Cycle) Issued:
December 2013
No impact.
IFRS 13 Fair Value Measurement
No impact.Mandatory adoption
for periods beginning
on or after 1 July
2014. Early adoption
permitted.
Improvements
(2011-2013
Cycle)
Issued:
December
2013
IFRS 13.52 defines the scope of the exception that permits an
entity to measure the fair value of a group of financial assets and
financial liabilities on a net basis. This is often referred to as the
portfolio exception.
The amendment clarifies that the portfolio exception applies to
all contracts within the scope of IAS 39 Financial Instruments:
Recognition and Measurement (or IFRS 9 Financial Instruments if
this has been adopted early), regardless of whether they meet
the definition of financial assets or financial liabilities in IAS 32
Financial Instruments: Presentation.
Scope of IFRS 13.52 (portfolio exemption)
No impact.Mandatory adoption
for periods beginning
on or after 1 January
2016. Early adoption
permitted.
In many countries, industry sectors (including utilities such as
gas, electricity and water) are subject to rate regulation where
governments regulate the supply and pricing. This can have a
significant effect on the amount and timing of an entity’s revenue.
Some national GAAPs require entities that operate in industry
sectors subject to rate regulation, to recognise associated assets
and liabilities. The scope of IFRS 14 is narrow, with this extending
to cover only those entities that:
- Are first-time adopters of IFRS
- Conduct rate regulated activities- Recognise associated assets
and/or liabilities in accordance with their current national GAAP.
Entities within the scope of IFRS 14 would be afforded an option
to apply their previous local GAAP accounting policies for the
recognition, measurement and impairment of assets and
liabilities arising from rate regulation, which would be termed
regulatory deferral account balances.
IFRS 14 Regulatory Deferral Accounts
IFRS 14
Issued:
January
2014
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 55
IFRS Reference Nature of change Application date Impact on
initial Application
Any regulatory deferral account balances, and their associated
effect on profit or loss, would be recognised and presented
separately from other items in the primary financial statements.
As a result, for those entities that elect to adopt IFRS 14, all other
line items and subtotals would exclude the effects of regulatory
deferral accounts, meaning that they would be comparable with
other entities that report in accordance with IFRS but do not
apply IFRS 14.
Application guidance is included in IFRS 14 in respect of other
IFRSs that would need to be considered alongside the previous
national GAAP accounting requirements in order for these
regulatory deferral accounts to be accounted for appropriately
in an entity s IFRS financial statements, including:
- IAS 10 Events after the Reporting Period
- IAS 12 Income Taxes
- IAS 28 Investments in Associates and Joint Ventures
- IAS 33 Earnings per Share
- IAS 36 Impairment of Assets- IFRS 3 Business Combinations
- IFRS 5 Non-current Assets Held for Sale and Discontinued
Operations
- IFRS 10 Consolidated Financial Statements
-IFRS 12 Disclosure of Interests in Other Entities.
IFRS 15 Revenue from Contracts with Customers
IFRS 15 Revenue from Contracts with Customers supersedes IAS
18 Revenue, IAS 11 Construction Contracts and related
Interpretations (IFRIC 13 Customer Loyalty Programmes, IFRIC
15 Agreements for the Construction of Real Estate, IFRIC 18
Transfers of Assets from Customers and SIC 31 Revenue – Barter
Transactions Involving Advertising Services).
The objective of IFRS 15 is to clarify the principles of revenue
recognition. This includes removing inconsistencies and
perceived weaknesses and improving the comparability of
revenue recognition practices across companies, industries and
capital markets. In doing so IFRS 15 establishes a single revenue
recognition framework. The core principle of the framework is,
that an entity should recognise revenue to depict the transfer of
promised goods or services to customers in an amount that
reflects the consideration to which the entity expects to be
entitled in exchange for those goods or services.
To accomplish this, IFRS 15 requires the application of the
following
Mandatory adoption
for periods beginning
on or after 1 January
2017. Early adoption
IFRS 15
Issued:
May 2014
The Company
is currently
assessing the
impact on
adoption.
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
2014 ANNUAL REPORTS AND ACCOUNTS56
IFRS Reference Nature of change Application date Impact on
initial Application
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
Annual
Improvements
(2010-2012
Cycle)
Issued:
December
2013
Revaluation method – proportionate restatement of
accumulated depreciation
The amendment clarifies the computation of accumulated
depreciation when items of property, plant and equipment are
subsequently measured using the revaluation model. The net
carrying amount of the asset is adjusted to the revalued amount,
and either:
I The gross carrying amount is adjusted in a manner consistent
with the net carrying amount (eg proportionately to the change
in the [net] carrying value, or with reference to observable
market data). Accumulated depreciation is then adjusted to
equal the difference between the gross and net carrying
amounts
ii. Accumulated depreciation is eliminated against the gross
carrying amount.
Mandatory adoption
for periods beginning
on or after 1 July
2014. Early adoption
permitted.
The standard is
not expected to
have a material
impact on the
future financial
statements.
Amendments
to IAS 16
Issued:
May 2014
Paragraph 62A of IAS 16 has been added to prohibit the use of
revenue-based methods of depreciation for items of property,
plant and equipment.
Paragraph 62A clarifies that this is because the revenue
generated by an activity that includes the use of an item of
property, plant and equipment generally reflects factors other
than the consumption of the economic benefits of the item, such
as:
- Other inputs and processes
- Selling activities and changes in sales
- Volumes and prices, and
-Inflation.
Mandatory adoption
for periods beginning
on or after 1 January
2016. Early adoption
permitted.
The Company
is currently
assessing
the impact
on adoption.
five steps:
Furthermore the guidance significantly enhances the required
qualitative and quantitative disclosures related to revenue. The
main objective of the requirements is the disclosure of sufficient
information in terms of the nature, amount, timing and
uncertainty of revenue and cash flows arising from contracts with
customers. In order to meet this objective, IFRS 15 requires
specific disclosures for contracts with customers and
significant judgements.
IAS 16 Property, Plant and Equipment
Amendments to IAS 16 and IAS 38 – Clarification of Acceptable Methods of Depreciation and Amortisation
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 57
IFRS Reference Nature of change Application date Impact on
initial Application
Paragraph 56 of IAS 16, which includes guidance for the
depreciation amount and depreciation period, has been
expanded to state that expected future reductions in the selling
price of items produced by an item of property, plant and
equipment could indicate technical or commercial obsolescence
(and therefore a reduction in the economic benefits embodied in
the item), rather than a change in the depreciable amount or
period of the item.
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
Amendments
to IAS 19
Issued:
November
2013
Amendments to IAS 19 - Defined Benefit Plans: Employee
Contributions
The amendment introduces a narrow scope amendments that:
- Provides a practical expedient for certain contributions from
employees or third parties to a defined benefit plan, but only
those contributions that are independent of the number of years
of service
- Clarifies the treatment of contributions from employees or third
parties to a defined benefit plan that are not subject to the
practical expedient. These are accounted for in the same way
that the gross benefit is attributed in accordance with IAS 19.70.
Contributions that are independent of the number of years of
service include:
- Contributions that are based on a fixed percentage of salary
- Contributions of a fixed amount throughout the service period
-Contributions that are dependent on the employee’s age.
Mandatory adoption
for periods beginning
on or after 1 July
2014. Early adoption
permitted.
The standard is
not expected to
have a material
impact on the
future financial
statements.
Annual
Improvements
(2012-2014
Cycle)
Issued:
September
2014
The guidance in IAS 19 has been clarified and requires that high
quality corporate bonds used to determine the discount rate for
the accounting of employee benefits need to be denominated in
the same currency as the related benefits that will be paid to the
employee.
Entities are required to apply the amendment from the earliest
comparative period presented in the financial statements, with
initial adjustments being recognised in retained earnings at the
beginning of that period.
Mandatory adoption
for periods beginning
on or after 1 January
2016. Early adoption
permitted.
IAS 19 Employee Benefits
IAS 19 Employee Benefits
The standard is
not expected to
have a material
impact on the
future financial
statements.
Annual
Improvements
(2010-2012
Cycle)
December
2013
The amendment clarifies that an entity that provides key
management personnel services (management entity) to a
reporting entity (or to the parent of the reporting entity), is a
related party of the reporting entity, and:
- Would require separate disclosure of amounts recognised as an
expense for key management personnel services provided by a
Mandatory adoption
for periods beginning
on or after 1 July
2014. Early adoption
permitted.
IAS 24 Related Party Disclosures
The standard is
not expected to
have a material
impact on the
future financial
statements.
2014 ANNUAL REPORTS AND ACCOUNTS58
IFRS Reference Nature of change Application date Impact on
initial Application
separate management entity
- Would not require disaggregated disclosures by the categories
set out in IAS 24.17.
The amendments include the introduction of an option for an
entity to account for its investments in subsidiaries, joint
ventures, and associates using the equity method in its separate
financial statements. The accounting approach that is selected is
required to be applied for each category of investment.
Before the amendments, entities either accounted for its
investments in subsidiaries, joint ventures or associates at cost
or in accordance with IFRS 9 Financial Instruments (or IAS 39
Financial Instruments: Recognition and Measurement for those
entities that have yet to adopted IFRS 9). The option to present its
investments using the equity method result in the presentation
of a share of profit or loss, and other comprehensive income, of
subsidiaries, joint ventures and associates with a corresponding
adjustment to the carrying amount of the equity accounted
investment in the statement of financial position.
Any dividends received are deducted from the carrying amount
of the equity accounted investment, and are not recorded as
income in profit or loss.A consequential amendment was also
made to IAS 28 Investments in Associates and Joint Ventures, to
avoid a potential conflict with IFRS 10 Consolidated Financial
Statements for partial sell downs.
Mandatory adoption
for periods beginning
on or after 1 January
2016. Early adoption
permitted.
The standard is
not expected to
have a material
impact on the
future financial
statements.
IAS 27 Separate Financial Statements
Amendments
to IAS 27
Issued:
August 2014
IAS 34 Interim Financial Reporting
Annual
Improvements
(2012-2014
Cycle)
Issued:
September
2014
The requirements of paragraph 16A of IAS 34 require additional
disclosures to be presented either in the:
- Notes to the interim financial statements or
- Elsewhere in the interim financial report.
The amendment clarifies, that a cross-reference is required, if the
disclosures are presented ‘elsewhere’ in the interim financial
report, such as in the management commentary or the risk
report of an entity. However, to comply with paragraph 16A of IAS
34, if the disclosures are contained in a separate document from
the interim report, that document needs to be available to users
of the financial statements on the same terms and at the same
time as the interim report itself.
Mandatory adoption
for periods beginning
on or after 1 January
2016. Early adoption
permitted.
The standard is
not expected to
have a material
impact on the
future financial
statements.
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 59
IFRS Reference Nature of change Application date Impact on
initial Application
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
Annual
Improvements
(2010-2012
Cycle)
Issued:
December
2013
The amendment clarifies the computation of accumulated
amortisation when intangible assets are subsequently
measured using the revaluation model. The net carrying amount
of the asset is adjusted to the revalued amount, and either:
I The gross carrying amount is adjusted in a manner consistent
with the net carrying amount (eg proportionately to the change
in the [net] carrying value, or with reference to observable
market data). Accumulated amortisation is then adjusted to
equal the difference between the gross and net carrying
amounts
ii. Accumulated amortisation is eliminated against the gross
carrying amount.
Mandatory adoption
for periods beginning
on or after 1 July
2014. Early adoption
permitted.
The standard is
not expected to
have a material
impact on the
future financial
statements.
IAS 38 Intangible Assets
The standard is
not expected to
have a material
impact on the
future financial
statements.
Mandatory adoption
for periods beginning
on or after 1 January
2016. Early adoption
permitted.
The amendments clarify that for intangible assets there is a
rebuttable presumption that amortisation based on revenue is
not appropriate.
Paragraphs 98A - 98C of IAS 38 have been added to clarify that
there is a presumption that revenue-based amortisation is not
appropriate, and that this can only be rebutted in limited
circumstances where either:
- The intangible asset is expressed as a measure of revenue, or
- Revenue and the consumption of the economic benefits of the
intangible asset are highly correlated.
Paragraph 98B clarifies that as a starting point to determining
an appropriate amortisation method, an entity could determine
the ‘predominant limiting factor’ inherent in the intangible asset,
for example:- A contractual term which specifies the period of
time that an entity has the right to use an asset
- Number of units allowed to be produced
- Fixed total amount of revenue allowed to be received.
Paragraph 98C then clarifies that where an entity has identified
that the achievement of a revenue threshold is the predominant
limiting factor of an intangible asset, it may be possible to rebut
the presumption that revenue-based amortisation is not
appropriate.
IAS 27 Separate Financial Statements
Amendments
to IAS 38
Issued:
May 2014
2014 ANNUAL REPORTS AND ACCOUNTS60
IFRS Reference Nature of change Application date Impact on
initial Application
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
Annual
Improvements
(2011-2013
Cycle) Issued:
December
2013
The amendment notes that determining whether the acquisition
of an investment property is a business combination requires
consideration of the specific requirements of IFRS 3,
independently from the requirements of IAS 40, in relation to:
- Whether the acquisition of investment property is the
acquisition of an asset, a group of assets, or a business
combination (by applying the requirements of IFRS 3 only)
- Distinguishing between investment property and owner-
occupied property (by applying the requirements of IAS 40 only).
Mandatory adoption
for periods beginning
on or after 1 July
2014. Early adoption
permitted.
The standard is
not expected to
have a material
impact on the
future financial
statements.
Amendments
to IAS 41
Issued:
June 2014
The amendments extend the scope of IAS 16 Property, Plant and
Equipment to include bearer plants and define a bearer plant as
a living plant that:
- Is used in the production process of agricultural produce,
- Is expected to bear produce for more than one period; and
- Has a remote likelihood of being sold (except incidental
scrap sales).
The changes made result in bearer plants being accounted for in
accordance with IAS 16 using either:
- The cost model, or
- The revaluation model.
The agricultural produce of bearer plants remains within the
scope of IAS 41 Agriculture.
The amendments include the following transitional reliefs for the
purposes of their first time application:
- Deemed cost exemption – Entities are allowed to use the fair
value of the bearer plants at the beginning of the earliest period
presented as the deemed cost.
- Disclosures – Quantitative information describing the effect of
the first time application as required by IAS 8.28(f) is not required
for the current reporting period, but is required for each prior
period presented.
Mandatory adoption
for periods beginning
on or after 1 January
2016. Early adoption
permitted.
IAS 40 Investment Property
IAS 41 Agriculture
The standard is
not expected to
have a material
impact on the
future financial
statements.
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 61
5. Significant accounting policies
The principal accounting policies adopted in the
preparation of these financial statements are set out
below:
5.1 Cash and cash equivalents
Cash and cash equivalents include cash in hand,
deposits held at call with banks, other short-term highly
liquid investments with original maturities of three
months or less. They include bank overdrafts in the
context of the statement of cash flows.
5.2 Financial instruments
Financial instruments are recognized when the
Company becomes a party to the contractual
provisions of the instruments. They are recognized
initially at fair value plus transaction costs, except for
those carried at fair value through profit or loss, which
are measured initially at fair value. Financial assets are
derecognized when the contractual rights to the cash
flows from the financial assets expire, or when the
financial assets and all substantial risks and rewards are
transferred. A financial liability is derecognized when it
is extinguished, discharged, cancelled or expires.
Financial assets and financial liabilities are measured
subsequently as described below:
Financial Assets
The Company classifies its financial assets in the
following categories:
financial assets at fair value through profit or loss,
loans and receivables,
held-to-maturity,
available-for-sale investments
The classification depends on the purposes for which
the investments are acquired. Management
determines the classification of its investments at initial
recognition and re-evaluates such designation at every
reporting date.
I) Financial assets at fair value through
profit or loss
Financial assets at fair value through profit or loss
include financial assets held for trading and those
designated at fair value through profit or loss at
inception. Investments typically bought with the
intention to sell in the near future are classified as held
for trading. For investments designated as at fair value
through profit or loss, the following criteria must be
met:
The designation eliminates or significantly reduces
the inconsistent treatment that would otherwise
arise from measuring the assets or liabilities or
recognizing gains or losses on a different basis, or
The assets and liabilities are part of a portfolio of
financial assets, financial liabilities or both which are
managed and their performances evaluated on a
fair value basis, in accordance with a documented
risk management or investment strategy and
information regarding these instruments are
reported to the key management personnel on a
fair value basis.
These investments are initially recorded at fair value.
Subsequent to initial recognition, they are remeasured
at fair value. Fair value adjustments and realized gains
and losses are recognized in the income statement.
The Company’s financial assets at fair value through
profit or loss include some quoted shares and money
market funds which are considered as held for trading.
ii) Loans and receivables
Loans and receivables are non-derivative financial
assets with fixed or determinable payments that are
not quoted in an active market. Loans and receivables
are recognized initially at fair value and subsequently
measured at amortized cost using the effective interest
method, less provision for impairment. The amounts
receivable are discounted if they are receivable beyond
the current period and the effect of discounting is
material. The Company’s cash and cash equivalents,
trade and most other receivables fall into this category
of financial instruments. Individually significant
receivables are considered for impairment when they
are past due or when other objective evidence is
received that a specific counterparty shall default.
The Company’s trade receivables are its premium
receivables from co-assurers as at the end of the
reporting period.
These are considered to be impaired when such
premiums have been outstanding for three cumulative
months and all possible measures have been taken
2014 ANNUAL REPORTS AND ACCOUNTS62
without success to secure settlement. The impairments
are recognized accordingly in the profit or loss.
The receivables from co-assurers are considered
remote for impairment as they are usually off-set from
entitlements between the parties as a normal trade
practice.
iii) Held-to-maturity investments
Held–to-maturity investments are non-derivative
financial assets with fixed or determinable payments
and fixed maturities that the Company has the positive
intention and ability to hold to maturity other than
loans and receivables. Held-to-maturity investments
comprise Government securities (Treasury Bills etc).
The investments are initially recognized at fair value
plus transaction costs. Held-to-maturity investments
are subsequently measured at amortized cost using
the effective interest method. If there is objective
evidence that the investment is impaired, determined
by reference to external credit ratings, the financial
asset is measured at the present value of the estimated
future cash flows. Any changes to the carrying amount
of the investment, including impairment losses, are
recognized in profit or loss.
iv) Available-for-sale investments
Available-for-sale financial assets are non-derivative
financial assets that are designated as available-forsale
or are not classified in any of the three preceding
categories. Where financial instruments do not have a
quoted market price in an active market and whose fair
value cannot be reliably measured, the instruments are
measured at cost less any impairment charges. The
impairment charges are recognized in the statement of
other comprehensive income. The Company classifies
its investment in the Oil and Energy Pool in this
category.
The other available-for-sale financial assets are
measured at fair value. Fair value gains and losses are
reported as a separate component in other
comprehensive income and reported within the
available-forsale reserve within equity, except for
impairment losses and foreign exchange differences
on monetary assets which are recognized in profit or
loss. On derecognition of the asset or when
determined to be impaired, the cumulative fair value
gains and losses previously reported in equity are
transferred to the income statement. This category of
financial assets includes the Company’s equity
holdings in Transcorp Plc and the Company’s joint
venture investment in real estate development with
Standard Alliance Properties Limited.
5.3 Derecognition of financial assets
A financial asset is derecognised when:
the rights to receive cash flows from the asset have
expired
the Company retains the right to receive cash flows
from the asset or has assumed an obligation to pay
the received cash flows in full without material delay
to a third party under a ‘pass-through’ arrangement;
and either:
the Company has transferred substantially all the
risks and rewards of the asset; or
the Company has neither transferred nor retained
substantially all the risks and rewards of the asset,
but has transferred control of the asset.
When the Company has transferred its right to receive
cash flows from an asset or has entered into a pass
through arrangement, and has neither transferred nor
retained substantially all the risks and rewards of the
asset nor transferred control of the asset, the asset is
recognised to the extent of the Company’s continuing
involvement in the asset as guarantee over the
transferred asset.
In that case, the Company also recognises an
associated liability. The transferred asset and the
associated liability are measured on a basis that
reflects the rights and obligations that the Company
has retained.
5.4 Amortised cost
Amortised cost is computed using the effective interest
method less any allowance for impairment and
principal repayment or reduction. The calculation takes
into account any premium or discount on acquisition
and includes transaction costs and fees that are an
integral part of the effective interest rate.
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 63
5.5 Impairment of non-financial assets
The Company assesses at each reporting date whether
there is an indication that an asset may be impaired. If
any such indication exists, or when annual impairment
testing for an asset is required, the Company estimates
the asset s recoverable amount. An impairment loss is
recognised for the amount by which the asset’s carrying
amount exceeds its recoverable amount. An asset s
recoverable amount is the higher of an asset’s or cash-
generating unit’s fair value less costs to sell and its value
in use.
The recoverable amount is determined for an individual
asset, unless the asset does not generate cash inflows
that are largely independent of those from other assets
or groups of assets.
In assessing value in use, the estimated future cash
flows are discounted to their present value using a
pretax discount rate that reflects current market
assessments of the time value of money and the risks
specific to the asset. In determining fair value less costs
to sell, an appropriate valuation model is used.
Impairment losses of continuing operations are
recognised in the income statement in those expenses
categories consistent with the function of the impaired
asset, except for property previously revalue where the
revaluation surplus was taken to comprehensive
income. In this case the impairment is also recognised
in comprehensive income up to the amount of any
previous revaluation surplus.
An assessment is made at each reporting date as to
whether there is any indication that previously
recognised impairment losses may no longer exist or
may have decreased. If such indication exists, the
Company makes an estimate of recoverable amount. A
previous impairment loss is reversed only if there has
been a change in the estimates used to determine the
asset s recoverable amount since the last impairment
loss was recognised. If that is the case the carrying
amount of the asset is increased to its recoverable
amount.
That increased amount cannot exceed the carrying
amount that would have been determined, net of
depreciation, had no impairment loss been recognised
for the asset in prior years. Such reversal is recognised
in the income statement unless the asset is carried at
revalue amount, in which case the reversal is treated as
a revaluation in surplus.
The following criteria are also applied in assessing
impairment of specific assets:
The recoverable amount for the life insurance
business has been determined based on a fair value
less cost to sell calculation. The calculation requires
the Company to make an estimate of the total of the
adjusted net worth of the life insurance business
plus the value of in-force covered business.
New business contribution represents the present
value of projected future distributable profits
generated from business written in a period.
Growth and discount rates used are suitable rates
which reflect the risks of the underlying cash flows.
5.6 Fair value measurements
The fair values of quoted investments are based on
current market prices. If the market for a financial asset
is not active (and for unlisted securities), the Company
establishes fair value by using valuation techniques.
The techniques include:
the use of recent arm's length transactions,
reference to other instruments that are
substantially the same,
net asset value and
discounted cash flow analysis
5.7 Impairment of financial assets
The Company assesses at each reporting date whether
there is objective evidence that a financial asset or a
group of financial assets is impaired. A financial asset or
a group of financial assets is deemed to be impaired if,
and only if, there is objective evidence of impairment as
a result of one or more events that has occurred after
the initial recognition of the asset (an incurred ‘loss
event’) and that loss event has an impact on the
estimated future cash flows of the financial asset or the
group of financial assets that can be reliably estimated.
If an available-for-sale financial asset is impaired, an
amount comprising the difference between its cost
(net of any principal repayment and amortisation) and
its current fair value, less any impairment loss
previously recognised in other comprehensive income,
is transferred from equity to the income statement.
Reversals in respect of equity instruments classified as
available-for-sale are not recognised in the income
2014 ANNUAL REPORTS AND ACCOUNTS64
statement. Reversals of impairment losses on debt
instruments classified at available-for-sale are reversed
through the income statement if the increase in the fair
value of the instruments can be objectively related to an
event occurring after the impairment losses were
recognised in the income statement.
5.8 Off-setting of Financial Assets and Liabilities
Financial assets and financial liabilities are offset and
the net amounts reported in the statement of financial
position only when there are current and legally
enforceable rights to offset the recognised amounts
and there is an intention in each case to settle on a net
basis, or to realise the assets and settle the liabilities
simultaneously. Income and expenses will not be offset
in the income statement unless required or permitted
by any accounting standard or interpretation, as
specifically disclosed in the accounting policies of the
Company.
5.9 Trade receivables
Trade receivables are recognised when due. These
include amounts due from agents, brokers, reinsurers,
co-insurers and insurance contract holders. They are
initially recognised at fair value and subsequently
measured at amortised cost less provision for
impairment. An allowance for impairment is made
when there is an objective evidence (such as the
probability of solvency or financial difficulties of the
debtors) that the Company will not be able to collect all
amount due under the original terms. If there is
objective evidence that the insurance receivables are
impaired, the Company reduces the carrying amount of
the insurance receivables accordingly and recognises
that impairment loss in profit or loss. The Company first
assesses whether objective evidence of impairment
exists individually for receivables that are individually
significant. If the Company determines that no
objective evidence of impairment exists for an
individually assessed receivable, whether significant or
not, it includes the receivable in a group of receivables
with similar credit risk characteristics and collectively
assesses them for impairment using the model that
reflects the Company's historical outstanding premium
collection ratio per sector. If in a subsequent period the
amount of impairment loss decreases and the
decrease can be related objectively to an event
occurring after the impairment was recognised, the
previously recognised impairment loss is reversed to
the extent that the carrying value of the asset does not
exceed its amortised cost at the reversal date. Any
subsequent reversal of impairment loss is recognised
in profit or loss.
5.10 Reinsurance assets
The Company cedes insurance risk in the normal
course of business on the bases of our treaty and
facultative agreements. Reinsurance assets represent
balances due from reinsurance Companies. Amounts
recoverable from reinsurers are estimated in a manner
consistent with settled claims associated with the
reinsurer s policies and are in accordance with the
related reinsurance contract.
5.11 Deferred acquisition costs (DACs)
Incremental costs directly attributable to the
acquisition of investment and insurance contracts with
investment management services are capitalized to a
Deferred acquisition cost(DAC) asset if they are
separately identifiable, can be measured reliably and
its probable that they will be recovered. DAC are
amortized in the income statement over the term of
the contracts as the related services are rendered and
revenue recognized, which varies from year to year
depending on the outstanding terms of the contracts in
force. The DAC asset is tested for impairment bi
annually and written down when it is not expected to be
fully recovered.
5.12 Other receivables and prepayments
They are initially recognised at fair value and
subsequently measured at amortised cost less
provision for impairment. A provision for impairment is
made when there is objective evidence (such as the
probability of insolvency or significant financial
difficulties of the debtors) that the Company will not be
able to collect all the amount due under the original
terms of the contract. Impaired debts are
derecognised when they are assessed as uncollectible.
If in a subsequent period the amount of the
impairment loss decreases and the decrease can be
related objectively to an event occurring after the
impairment was recognised, the previously recognised
impairment loss is reversed to the extent that the
carrying value of the asset does not exceed its
amortised cost at the reversal date. Any subsequent
reversal of an impairment loss is recognised in profit or
loss. Prepayments are carried at cost less accumulated
impairment losses.
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 65
5.13 Non-current assets held for sale
Non-current assets or disposal groups comprising
assets and liabilities that are expected to be recovered
primarily through sale rather than through continuing
use are classified as held for sale. Immediately before
classification as held for sale, the asset, or components
of a disposal group are remeasured in accordance with
the Company s accounting policies.
Thereafter generally, the assets or disposal Company
are measured at the lower of their carrying amounts
and fair values less costs to sell. Any impairment loss on
a disposal group first is allocated to goodwill, and then
to remaining assets and liabilities on pro rata basis,
except that no loss is allocated to inventories, financial
assets, deferred tax assets, employee benefit assets,
investment property and biological assets, which
continue to be measured in accordance with the
Company’s accounting policies. Impairment losses on
initial classification as held for sale and subsequent
gains or losses on remeasurement are recognized in
profit or loss, subject to cumulative subsequent gains
not exceeding cumulative losses recorded for the asset.
5.14 Investment property
An investment property is property held to earn rentals
or for capital appreciation or both. Investment
property, including interest in leasehold land, is initially
recognized at cost including the transaction costs.
Subsequently, investment property is carried at fair
value representing the open market value at the
statement of financial position date determined by
annual valuations carried out by external registered
valuers. Gains or losses arising from changes in fair
value of investment property shall be recognized in
profit or loss for the period in which it arises.
Investment properties are derecognized when either
they have been disposed off or when the investment
property is permanently withdrawn from use and no
future economic benefit is expected from its disposal.
On disposal of an investment property, the difference
between the disposal proceeds and the carrying
amount is charged or credited to profit or loss.
Transfers are made to or from investment property only
when there is a change in use. For a transfer from
investment property to owner occupied property, the
deemed cost for subsequent accounting is the fair
value at the date of change in use. If owner occupied
property becomes an investment property, the
Company accounts for such property in accordance
with the policy stated under property and equipment
up to the date of the change in use.
When the Company completes the construction or
development of a self-constructed investment
property, any difference between the fair value of the
property at that date and its previous carrying amount
is recognized in the other comprehensive income.
5.15 Investment in associates
The Company’s investment in its associates are
accounted for using the equity method of accounting.
An associate is an entity in which the Company has
significant influence and which is neither a subsidiary
nor a joint venture.
Under the equity method, the investment in the
associate is carried in the statement of financial
position at cost plus post-acquisition changes in the
Company’s share of net assets of the associate.
Goodwill relating to an associate is included in the
carrying amount of the investment and is neither
amortised nor individually tested for impairment.
The income statement reflects the share of the results
of operations of the associate. Where there has been a
change recognised directly in the equity of the
associate, the Company recognises its share of any
changes and discloses this, when applicable, in the
statement of changes in equity. Profits or losses
resulting from transactions between the Company and
the associate are eliminated to the extent of the
interest in the associate.
The share of profit of the associate is shown on the face
of the income statement. This is profit attributable to
equity holders of the associate and, therefore, is profit
after tax and non-controlling interests in the
subsidiaries of the associate.
The financial statements of the associate are prepared
for the same reporting period as the Company. Where
necessary, adjustments are made to bring its
accounting policies in line with the Company’s.
After application of the equity method, the Company
determines whether it is necessary to recognize an
additional impairment loss on the Company’s
investment in an associate. The Company determines
at each reporting date, whether there is any objective
evidence that the investment in the associate is
2014 ANNUAL REPORTS AND ACCOUNTS66
impaired. If this is the case, the Company calculates the
amount of impairment as the difference between the
recoverable amount of the associate and its carrying
value and recognizes the amount in the „share of profit
of an associate‟ in the income statement.
Upon loss of significant influence over the associate,
the Company measures and recognises any remaining
investment at its fair value. Any difference between the
carrying amount of the associate upon loss of
significant influence and the fair value of the remaining
investment and proceeds from disposal is recognized
in profit or loss.
5.16 Intangible assets
Software licence costs and computer software that are
not an integral part of the related hardware are initially
recognised at cost, and subsequently carried at cost
less accumulated amortisation and accumulated
impairment losses. Costs that are directly attributable
to the production of identifiable computer software
products controlled by the Company are recognised as
intangible assets.
Amortization is calculated using the straight line
method to write down the cost of each licence or item
of software to its residual value over its estimated
useful life. For this financial, four years has been
approved as a Company policy. Amortization begins
when the asset is available for use, i.e. when it is in the
location and condition necessary for it to be capable of
operating in the manner intended by management,
even when idle.
Gains or losses arising from the derecognition of
intangible assets are measured as the differences
between the net disposal proceeds and the carrying
amount of the assets and are recognised in the income
statements of the periods in which the assets are.
5.17 Property, plant and equipment
All categories of property, plant and equipment are
initially recognized at cost or at fair value. Cost includes
expenditure directly attributable to the acquisition of
the assets.
Subsequent costs are included in the assets carrying
amount or recognized as a separate asset, as
appropriate, only when it is probable that future
economic benefits associated with the item will flow to
the Company and the cost of the item can be measured
reliably. Repairs and maintenance expenses are
charged to the income statement in the year in which
they are incurred.
Depreciation is calculated using the straight line
method to write down the cost or the revalued amount
of each of the following classes of assets to its residual
value over its estimated useful life:
• Building
• Furniture & Fittings
• Office Equipment
• Motor Vehicles
• Plant and machinery
40 - 50 years
3 - 7 years
4 - 8 years
5 - 8 years
10 years
Land is a component of property, plant and equipment
but not subject to depreciation.
Depreciation on an item of property, plant and
equipment commences when it is available for use and
continues to be depreciated until it is derecognized,
even if during that period the item is idle. Depreciation
of an item ceases when the item is retired from active
use and is being held for disposal.
As no parts of items of property, plant and equipment
of the Company have a cost that is significant in relation
to the total cost of the item, the same rate of
depreciation is applied to the whole item.
The assets’ residual values, depreciation method and
useful lives are reviewed and adjusted, if appropriate, at
each statement of financial position date.
Impairment reviews are performed when there are
indicators that the carrying value of an asset may not be
recoverable. Impairment losses are recognised in the
income statement as an expense.
The Company classifies all assets within a disposal
group as Non-current assets held for sale if the carrying
amount will be recovered principally through sale
transaction rather than continuous use.
Freehold land and buildings are subsequently carried
at revalued amounts, based on periodic valuations by
external independent valuers; less accumulated
depreciation and accumulated impairment losses. All
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 67
other items of property, plant and equipment are
subsequently carried at cost less accumulated
depreciation and accumulated impairment losses.
An item of property, plant and equipment is
derecognised upon disposal or when no future
economic benefits are expected from its use.
Gains and losses on disposal of property, plant and
equipment are determined by reference to their
carrying amounts and are taken into account in
determining operating profit.
Increases in the carrying amounts arising on
revaluation are recognised in other comprehensive
income and accumulated in equity under the heading
of revaluation reserve. Decreases that offset previous
increases of the same asset are recognised in other
comprehensive income. All other decreases are
charged to the Income statement. Annually, the
difference between depreciation computation based
on the revalued carrying amount of the asset and
charged to the income statement and depreciation
based on the asset’s original cost is transferred from
the revaluation reserve to income statement.
Amortization ceases at the earlier of the date that the
asset is classified as held for sale and the date that the
asset is derecognized and ceases temporarily while the
residual value exceeds or is equal to the carrying value.
5.18 Statutory deposit
Statutory deposit represents 10% of the minimum paid
up capital of the Company deposited with the Central
Bank of Nigeria (CBN) in pursuant to Section 10(3) of
the Insurance Act, CAP I17, LFN 2004 Statutory deposit
is measured at cost.
5.19 Insurance contract liabilities
Insurance contract liabilities include the outstanding
claims provision, the provision for unearned premium
and the provision for premium deficiency. The
outstanding claims provision is based on the estimated
ultimate cost of all claims incurred but not settled at the
reporting date, whether reported or not, together with
related claims handling costs and reduction for the
expected value of salvage and other recoveries. Delays
can be experienced in the notification and settlement
of certain types of claims, therefore, the ultimate cost of
these cannot be known with certainty at the reporting
date.
The liability is calculated at the reporting date using a
range of standard actuarial claim projection
techniques, based on empirical data and current
assumptions that may include a margin for adverse
deviation. The liability is not discounted for the time
value of money. No provision for equalisation or
catastrophe reserves is recognised. The liabilities are
derecognised when the obligation to pay a claim
expires, is discharged or is cancelled.
The provision for unearned premiums represents that
portion of premiums received or receivable that relates
to risks that have not yet expired at the reporting date.
The provision is recognised when contracts are entered
into and premiums are charged, and is brought to
account as premium income over the term of the
contract in accordance with the pattern of insurance
service provided under the contract.
At each reporting date, the Company reviews its
unexpired risk and a liability adequacy test is
performed in accordance with requirement of IFRS on
liability adequacy test to determine whether there is
any overall excess of expected claims and deferred
acquisition costs over unearned premiums.
This calculation uses current estimates of future
contractual cash flows after taking account of the
investment return expected to arise on assets relating
to the relevant non-life insurance technical provisions.
If these estimates show that the carrying amount of the
unearned premiums (less related deferred acquisition
costs) is inadequate, the deficiency is recognised in the
income statement by setting up a provision for
premium deficiency.
• Liability adequacy test
At the end of the reporting period, liability adequacy
tests are performed by an actuary to ensure the
adequacy of the contractual liabilities net of related
deferred acquisition cost assets (DAC). In performing
these tests current best estimates of future contractual
cash flows and claims handling and administrative
expenses, as well as investment income from the assets
backing such liabilities, are used. Any deficiency is
immediately charged to profit or loss initially by writing
off DAC and by subsequently establishing a provision
for losses arising from liability adequacy tests “the
unexpired risk provision”.
2014 ANNUAL REPORTS AND ACCOUNTS68
5.20 Trade payables
Trade payables are recognised initially at fair value and
subsequently measured at amortised cost using the
effective interest rate.
The estimated fair value of payables with no stated
maturity which includes no interest payables is the
amount repayable on demand.
5.21 Other payables and accruals
General Provisions are recognised when the Company
has a present obligation (legal or constructive) as a
result of a past event, and it is probable that an outflow
of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate
can be made of the amount of the obligation.
Where the Company expects some or all of a provision
to be reimbursed, the reimbursement is recognised
as a separate asset but only when the reimbursement
is virtually certain.
The expense relating to any provision is presented in
the income statement net of any reimbursement. If the
effect of the time value of money is material, provisions
are discounting using a current pre-tax rate that
reflects, where appropriate, the risks specific to the
liability. Where discounting is used, the increase in the
provision due to the passage of time is recognised as a
finance cost.
5.22 Financial liabilities
All financial liabilities are recognized initially at fair value
of the consideration given plus the transaction cost
with the exception of financial liabilities carried at fair
value through profit or loss, which are initially
recognized at fair value and the transaction costs are
expensed in the income statement.
The Company financial liabilities include Deawoo bond,
lease payables, trade and other payables. These are
measured subsequently at amortized cost using the
effective interest method. All interest related charges
and, if applicable changes in an instrument‟s fair value
that are reported in profit or loss are included within
finance costs or income.
• Borrowings
Borrowings are recognised initially at fair value, net of
transaction costs incurred, Borrowings are
subsequently stated at amortised cost; any difference
between the proceeds (net of transaction costs) and
the redemption value is recognised in the income
statement over the period of the borrowings using the
effective interest rate.
Fees paid on the establishment of loan facilities are
recognised as a transaction cost of the loan to the
extent that it is probable that some or all of the facility
will be drawn down. In this case, the fee is deferred until
the draw-down occurs. To the extent there is no
evidence that it is probable that some or all of the facility
will be drawn down, the fee is capitalised as a pre-
payment for liquidity services and amortised over the
period of the facility to which it relates.
5.23 Finance lease obligations
Asset held under finance leases are initially recognised
as asset of the Company at their fair value at the
inception of the lease or if lower at the present value of
the minimum lease payments. The corresponding
liability to the leasor is included in the statement of
financial position as a finance lease obligation.
Lease payments are apportioned between the liability
and finance charges. The corresponding rental
obligation, net of finance charges are included in long
term payables. The interest element of the finance cost
is charged to the income statement over the lease
periods so as to produce constant periodic rate of
interest on the remaining balance of the liability for
each period. The property, plant and equipment
acquired under finance leases is depreciated over the
useful life of the asset.
5.24 Employee retirement benefits
• Retirement Benefit Obligations
The Company operates a defined contribution scheme
for qualifying employees. The Company and all its
employees contribute 7.5% each of their pensionable
emoluments (basic salary, housing allowance and
transport allowance) to the Pension Scheme and this is
being managed by registered and licensed pension
managers ass may be chosen by the staff from time to
time.
5.25 Income tax liabilities
Income tax expense is the aggregate amount
charged/(credited) in respect of current tax and
deferred tax in determining the profit or loss for the
year. Tax is recognised in the income statement except
when it relates to items recognised in other
comprehensive income, in which case it is also
recognised in other comprehensive income.
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 69
Company Income tax
This is the amount of income tax payable on the
taxable profit of the Company for the year
determined in accordance with the Company
Income Tax Act, CAP. 60 LFN; 1990. The tax rates
and tax laws used to compute the amount are
those that are enacted or substantively enacted as
at the reporting date.
• Education tax
This is a component of the income tax. The tax
rates and tax laws used to compute the amount
are those that are enacted or substantively
enacted as at the reporting date.
5.26 Deferred tax liabilities
Deferred tax is provided in full on all temporary
differences except those arising from the fair value
measurement of assets.
Deferred tax is determined using the liability method
on all temporary differences arising between the tax
bases of assets and liabilities and their carrying values
for financial reporting purposes, using tax rates and
laws enacted or substantively enacted at the statement
of financial position date and expected to apply when
the related deferred tax asset is realised or the
deferred tax liability is settled.
Deferred tax assets are recognised only to the extent
that it is probable that future taxable profits will be
available against which the temporary differences can
be utilised.
Deferred tax assets and liabilities are measured at the
tax rates that are expected to apply to the year when
the asset is realized or the liability is settled, based on
tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
Deferred tax relating to items recognized outside profit
or loss is recognized outside profit or loss.
Deferred tax items are recognized in correlation to the
underlying transaction either in other comprehensive
income or directly in equity.
Deferred tax assets and deferred tax liabilities are
offset, if a legally enforceable right exists to set off such
current tax assets against current income tax liabilities
and the deferred taxes relate to the same taxable entity
and the same taxation authority.
5.27 Share capital and share premium.
Ordinary shares are recognized at par value and
classified as ‘share capital’ in equity. Any amounts
received over and above the par value of the shares
issued are classified as ‘share premium’ in equity. The
share premium account is utilized in accordance with
the provisions of Companies and Allied Maters Act
(CAMA) CAP. C20 LFN, 2004.
5.28 Treasury shares
This is where the Company acquire its own shares.
Treasury shares are deductible from total shareholders’
equity.
5.29 Contingency reserves
This is computed in accordance with the provisions of
section 22 of the Insurance Act, CAP 117 LFN 2004. It is
credited with amount equal to the higher of 3% of the
total premium written and 20% of the net profit until it
reaches the amount of the minimum paid up capital.
5.30 Retained earnings
Retained earnings are the carried forward recognised
income net of expenses plus current period profit or
loss attributable to owners of the Company.
5.31 Gross premium income
Insurance premium revenue is received or receivable
by the Company from in-force insurance contracts
during the reporting period. In-force insurance
contracts are those whose premiums have been
collected by the Company, its intermediaries or
collectible within 30 days of the reporting date.
Premium revenue is recognized on the date on which
the insurance policy commences. Gross premium
income comprises the total premium written in a year
after adjusting for unearned premiums.
• Unearned premiums
Unearned premiums are those proportions of
premiums written in a year that relate to periods of
risk after the statement of financial position date.
Unearned premiums are calculated on a daily pro
rata basis. The proportion attributable to
subsequent periods is deferred as a provision for
unearned premiums.
• Reinsurance premium
Reinsurance premiums are outward premiums
due to reinsurance companies in accordance with
the tenor of the reinsurance contract, after
2014 ANNUAL REPORTS AND ACCOUNTS70
adjusting for the unexpired portion, as at the end
of the period.
• Net premium income
The result of the gross premium income and
reinsurance premium expenses is the net
premium income accruing to the entity for
the period.
5.32 Commission on reinsurance
When the Company acts in the capacity of an agent
rather than as the principal in a transaction, the
revenue recognized is the amount of commission
made by the Company. Commission on reinsurance is
recognised as income over the period of the underlying
contracts. If the fees are for services provided in future
periods, then they are deferred and recognised over
those future periods.
5.33 Investment income
Investment income includes interest on bank
placements, dividend income and rental income
arising from operating leases on investment
properties, which are presented in the Income
statement.
Income from any earmarked investment is credited to
its source. Otherwise, the investment income is
distributed between the Insurance contract business,
Investment contract business and shareholders’
account on the basis of average investments
outstanding during the year as financed by the
respective funds.
The distribution is presented only as note to the
financial statements.
5.34 Realized/unrealized gains and losses
Realized gains and losses include gains and losses
arising from the disposal of financial instruments,
noncurrent assets held for sale and investment
properties and they are recognised in the Income
statement of the period in which the disposal occurred.
Unrealized gains and losses include gains and losses
arising from the fair valuation of financial assets,
noncurrent assets held for sale (that is, immediately
before classification as held for sale) and investment
properties. Unrealized gains and losses arising from
the fair valuation of investment properties are
recognized in the Income statement.
5.35 Underwriting and management expenses
Expenses are recognized in the Statement of profit or
loss and other comprehensive income when a
decrease in future economic benefit related to a
decrease in an asset or an increase of a liability has
arisen that can be measured reliably. This means, in
effect, that recognition of expenses occurs
simultaneously with the recognition of an increase in
liabilities or a decrease in assets.
• Underwriting expenses
These are acquisit ion costs and other
underwr i t ing expenses , which inc lude
commissions to brokers and other agents,
business development costs and other technical
expenses. The expenses are accounted for on
accrual basis.
• Brokers' and Agents’ commissions
The Company employs the services of brokers in
marketing its insurance policies. Commissions
paid to the brokers are charged against revenue as
underwriting expenses.
5.36 Benefits and claims expenses
• Gross benefits and claims
Gross benefits and claims for insurance contracts
are included in the cost of all claims incurred
during the period including internal and external
claims handling costs that are directly related to
the processing and settlement of claims as well as
changes in the gross valuation of insurance
liabilities. Claims are recorded on the basis of
notifications received.
• Reinsurance claims recoveries
Reinsurance claims recoveries are recognized
when the related gross insurance claim expenses
are recognized according to the terms of the
relevant contract.
• Salvage and subrogation reimbursements
Some insurance contracts permit the Company to
sell (usually damaged) property acquired in
settling a claim (for example, salvage). The
Company may also have the right to pursue third
parties for payment of some or all costs (for
example, subrogation).
Summary of Significant Accounting Policies
2014 ANNUAL REPORTS AND ACCOUNTS 71
Estimates of salvage recoveries are included as an
allowance in the measurement of the insurance
liability for claims, and salvage property is
recognized in other assets when the liability is
settled. The allowance is the amount that can
reasonably be recovered from the disposal of the
property.
Subrogation reimbursements are also considered
as an allowance in the measurement of the
insurance liability for claims and are recognized in
other assets when the liability is settled. The
allowance is the assessment of the amount that
can be recovered from the action against the liable
third party.
• Net claims expenses
The result of the gross benefits and claims
expenses and reinsurance claims recoveries is the
net claims expense for the period. Ceded
reinsurance arrangements do not relieve the
Company from its obligations to policyholders.
Policyholder benefits incurred comprise claims
paid in the year and changes in the provision for
insurance contract liabilities. Benefits paid
represent all payments made during the year,
whether arising from events during that or earlier
years. Insurance contract liabilities represent the
estimated ultimate cost of settling all benefits
accruing to policyholders and are discounted to
the present value.
5.37 Dividends
Dividends on ordinary shares are recognised as a
liability in the year in which they are declared. Proposed
dividends are accounted for as a separate component
of equity until they have been declared at an annual
general meeting. Dividends for the year that are
approved after the statement of financial position date
are dealt with as a non-adjusting event after the
statement of financial position date.
5.38 Earnings per share
The Company presents basic and diluted earnings per
share (EPS) data for its ordinary shares.
Basic earnings per share amounts are calculated by
dividing the profit for the year attributable to ordinary
shareholders of the Company by the weighted average
number of ordinary shares outstanding at the reporting
date.
Diluted EPS is determined by adjusting the profit or loss
attributable to ordinary shareholders and the weighted
average number of ordinary shares outstanding,
adjusted for own shares held, for the effects of all
dilutive potential ordinary shares, which comprise
convertible notes and share options granted to
employees.
5.39 Conversion of foreign currencies
On initial recognition, all transactions are recorded in
the functional currency (the currency of the primary
economic environment in which the Company
operates or transacts business), which is Nigerian Naira
and Kobo. Transactions in foreign currencies during the
year are converted into the functional currency using
the exchange rate prevailing at the transaction dates.
Monetary assets and liabilities at the statement of
financial position date denominated in foreign
currencies are translated into the functional currency
using the exchange rate prevailing as at that date. The
resulting foreign exchange gains and losses from the
settlement of such transactions and from year end
translation are recognised on a net basis in the income
statement in the year in which they arise.
5.40 Comparatives
Where necessary, comparatives have been adjusted to
conform to changes in presentation in the current year.
Where changes are made and affect the statement of
financial position, a third statement of financial position
at the beginning of the earliest period presented is
presented together with the corresponding notes.
5.41 Events after the statement of financial
position date
The financial statements are adjusted to reflect events
that occurred between the statement of financial
position date and the date when the financial
statements are authorised for issue, provided they give
evidence of conditions that existed at the statement of
financial position date. Events that are indicative of
conditions that arose after the statement of financial
position date are disclosed, but do not result in an
adjustment of the financial statements.
2014 ANNUAL REPORTS AND ACCOUNTS72
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014
ASSETS NOTES
Cash and cash equivalents 6
Financial Assets:
- At fair value through profit or loss 7.1
- Loans and receivables 7.2
- Available for sale investment 7.3
Reinsurance assets 8
Trade receivables 9
Other receivables and prepayments 10
Deferred acquisition costs 11
Investment in associate Companies 12
Investment property 13
Intangible assets 14
Property, plant and equipment 15
Statutory deposit 16
TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Insurance contract liabilities 17
Trade payables 18
Other payables and accruals 19
Borrowings 20
Finance lease obligations 21
Employee benefit liabilities 22
Income tax liabilities 23
Deferred tax liabilities 24
TOTAL LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 25
Share premium 26
Treasury shares 27
Contingency reserves 28
Accumulated loss 29
Revaluation reserves 30.1
Fair value reserves 30.2
TOTAL SHAREHOLDERS' EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
2014
N'000
701,236
58,949
956,232
821,950
607,664
32,646
32,469
96,442
433,507
1,415,000
7,686
2,222,606
335,000
7,721,387
2,402,454
75,954
395,441
757,803
32,408
-
334,285
305,560
4,303,905
5,996,587
7,667,475
-
1,243,423
(13,105,057)
1,114,518
500,536
3,417,482
7,721,387
Restated
2013
N'000
230,396
91,424
1,809,010
1,126,072
241,092
7,673
89,915
420,840
1,081,612
1,435,000
11,544
1,909,303
335,000
8,788,881
2,000,759
49,463
481,734
857,766
49,953
-
277,600
294,036
4,011,311
5,996,587
15,852,049
(8,737,585)
1,113,425
(10,894,417)
703,401
744,110
4,777,570
8,788,881
Signed on behalf of the Board of Directors on 6 July 2015 by: Additionally certified by:
………………………………………….. ……………………………………………. …………………………………………
Mr. Bode Akinboye Mrs. Orerhime Emerhor-Iwuagwu
FRC/2013/ICAN/00000005139 FRC/2013/IODN/00000004229
Group Managing Director/CEO Director
2014 ANNUAL REPORTS AND ACCOUNTS 73
Mr. Kadiri Ijeremhe
Head, Finance & Accounts
FRC/2013/ICAN/00000002076
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2014
NOTE 2014 2013
N'000 N'000
Gross premium written 31 4,333,254 3,792,076
Unearned premium 5,425 (12,442)
Gross premium income 31 4,338,679 3,779,634
Reinsurance expenses 32 (475,015) (683,715)
Net premium income 3,863,664 3,095,919
Commission income 33 103,078 33,799
Net underwriting income 3,966,742 3,129,718
Claims expenses (net) 34 (1,194,074) (1,070,890)
Underwriting expenses 35 (1,341,981) (1,053,465)
Total underwriting expenses (2,536,055) (2,124,355)
Underwriting profit 1,430,687 1,005,363
Investment and other income 36 239,631 335,212
Management expenses 37 (1,795,804) (1,497,228)
Finance charges 38 (48,483) (137,084)
Impairment charges on other assets 39 (1,145,650) (297,351)
Fair value (loss)/gains on financial assets 7.1.1 (32,475) 41,093
Fair value loss on investment properties 13.1 (20,000) -
Share of (loss)/profit of associate Company 12.3 (610,519) (239,741)
Loss before taxation (1,982,613) (789,736)
Income tax 23 (86,505) (64,879)
Deferred tax 24.1 (11,524) (26,327)
Loss after taxation (2,080,642) (880,942)
Other comprehensive income
Item that are or may be reclassified to profit or loss:
Fair value (loss)/gain on financial assets 30.2 (243,574) 641,102
Items that will be classified to profit or loss:
Revaluation surplus on building 30.1 411,117 -
Total comprehensive income for the year (1,913,099) (239,840)
Loss attributable to:
Owners of equity (1,913,099) (239,840)
Non controlling interest - -
(1,913,099) (239,840)
Loss per share : Basic/diluted (17.35) (7.35)
2014 ANNUAL REPORTS AND ACCOUNTS74
STATEMENT OF CHANGES IN EQUITY
Total comprehensive income for the year:
Other comprehensive income:
Balance 1 January, 2014
Loss for the year
Transfer to contingency reserve (Note 28)
Allotment of treasury shares
Revaluation surplus on building (Note 30.1)
Fair value loss on quoted shares - Available
for sale (Note 30.2)
Transactions with owners recorded directly
in equity Contributions by and distribution
to owners
Total comprehensive income for the year
Total comprehensive income for the year:
Dividends to equity holders
Total transactions with owners
Balance 31 December , 2014
Balance 1 January, 2013
Prior period restatement (Note 46)
Loss for the year
Transfer to contingency reserve (Note 28)
Other comprehensive income:
Fair value gain on quoted shares - Available
for sale(Note 30.2)
Transactions with owners recorded directly
in equity Contributions by and distribution
to owners
Total comprehensive income for the year
Dividends to equity holders
Total transactions with owners
Balance 31 December , 2013
Share
Capital
N'000
5,996,587
-
-
-
-
-
-
-
-
5,996,587
5,996,587
-
5,996,587
-
-
-
-
-
-
5,996,587
Share
Premium
N'000
15,852,049
-
-
(8,184,574)
-
-
(8,184,574)
-
-
7,667,475
15,852,049
-
15,852,049
-
-
-
-
-
-
15,852,049
Treasury
Shares
N'000
(8,737,585)
-
-
8,737,585
-
-
8,737,585
-
-
-
(8,737,585)
-
(8,737,585)
-
-
-
-
-
(8,737,585)
Contingency
Reserves
N'000
1,113,425
-
129,998
-
-
-
129,998
-
-
1,243,423
999,663
-
999,663
-
113,762
-
113,762
-
-
1,113,425
Retained
Earnings
N'000
(10,894,417)
(2,080,642)
(129,998)
-
-
-
(2,210,640)
-
-
(13,105,057)
(9,935,811)
36,098
(9,899,713)
(880,942)
(113,762)
-
(994,704)
-
-
(10,894,417)
Revaluation
Reserves
N'000
703,401
-
-
-
411,117
-
411,117
-
-
1,114,518
703,401
703,401
-
-
-
-
-
-
703,401
Total
N'000
4,777,570
(2,080,642)
-
553,011
411,117
(243,574)
(1,360,088)
-
-
3,417,482
4,981,312
36,098
5,017,410
(880,942)
-
641,102
(239,840)
-
-
4,777,570
-
-
500,536
103,008
103,008
-
-
641,102
641,102
-
-
744,110
Fair value
Reserves
N'000
744,110
-
-
-
-
(243,574)
(243,574)
FOR THE YEAR ENDED 31 DECEMBER 2014
2014 ANNUAL REPORTS AND ACCOUNTS 75
STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2014
2014 2013
Cash flows from operating activities NOTES N'000 N'000
Premium received from policy holders 4,313,706 4,414,220
Interest received on investments 36 136,138 134,088
Dividend received 36 11,679 700
Rent and sundry income 36 18,308 17,506
Other income 36 12,065 -
Claim paid (net of recoveries) (764,851) (939,791)
Fees and commission 33 103,078 33,799
Cash payments for reinsurance (475,015) (683,716)
Brokers commissions and allowances 35 (1,054,965) (1,067,538)
Agents allowances and commissions - 14,073
Cash payments to employees, suppliers and others (1,913,691) (1,715,236)
392,969 208,105
Taxes paid: Income tax 23 (29,820) (57,693)
VAT - (6,322)
363,149 144,090
Purchase of Property, plants and equipments 15 (162,943) (282,632)
Purchase of Intangible assets 14 (3,207) -
Proceeds from sale of Property, plants and equipments 2,753 1,729
Acquisition of interest in Blueberry project (102,300) -
(265,697) (280,903)
Finance charges 38 (48,483)
Loan obtained 200,000
-
Repayment of Loan (7,673)
Lease financing (net) 21 (17,545) 32,188
Payment of preference dividend 19.2 - (175,000)
Proceeds from sale of treasury shares 553,011 -
Net cash generated from operating activities
Cash flows from investing activities
Net Cash used in investing activities
Cash flows from financing activities
Net Cash flow from financing activities 482,840 (467,979)
Net increase/(decrease) in cash and cash equivalents 580,292 (604,792)
Cash and cash equivalents at the beginning of the year 120,944 725,736
Cash and cash equivalents at the end of the year 701,236 120,944
Cash and cash equivalent comprise:
Current Bank accounts balances 83,785 132,076
Short term deposits - Local banks 617,451 98,319
701,236 230,395
Bank overdraft - (109,451)
701,236 120,944
(188,083) Repayment of Daewoo loan (196,470)
(137,084)
-
2014 ANNUAL REPORTS AND ACCOUNTS76
OTHER NOTES TO THE FINANCIAL STATEMENTS
2014 2013
6 Cash and cash equivalents
N'000 N'000
Cash in hand
Bank balances
Short term deposits
3,851
79,934
617,451
701,236
626
131,451
98,319
230,396
7.1 Financial assets at fair value through profit or lossQuoted investments N'000 N'000
Cost 334,433 334,433
Fair value changes (Note 7.1.1) (275,484) (243,009)
Market Value 58,949 91,424
7.1.1 The fair value changes are further analysed thus: N'000 N'000
At 1 January (243,009) (284,102)
(Increase)/ Decrease in fair value losses (32,475) 41,093
At 31 December (275,484) (243,009)
7.1.2 Analysis of the fair value of the Company's investments in listed entities is shown below:
N'000 N'000
ABC Transport Plc 5,174 14,109
Dangote Sugar Refineries Plc 1,905 3,510
Diamond Bank Plc 1,674 2,250
Ecobank Transnational Plc 119 105
First City Monument Bank Plc 3,984 6,064
Fidelity Bank Plc 3,871 6,362
First Bank of Nigeria Limited 3,465 6,458
Guaranty Trust Bank Plc 11,803 12,619
Skye Bank Plc 798 1,290
United Bank for Africa Plc 1,974 4,106
WAPCO Nigeria Plc 24,150 34,500
WAPIC Insurance Plc 32 51
58,949 91,424
7.2 Loans and receivablesStandard Alliance Properties Limited 945,217 1,800,412
Staff debtors 11,015 8,598
956,232 1,809,010
7 Financial assetsN'000 N'000
At fair value through profit or loss (Note 7.1) 58,949 91,424
Loans and receivables (Note 7.2) 956,232 1,809,010
Available for sale investment (Note 7.3) 821,950 1,126,072
1,837,131 3,026,506
Short-term deposits are made for varying periods of between one day and three months depending on the
immediate cash requirements of the Company.
2014 ANNUAL REPORTS AND ACCOUNTS 77
7.2.1 Standard Alliance Properties Limited N'000 N'000
Balance, beginning of the year 1,800,412 1,714,678
Interest income for the year 90,021 85,734
Balance, end of the year 1,890,433 1,800,412
2014 20137.3 Available for sale financial assetsN'000 N'000
Quoted shares in Transcorp Plc (Note 7.3.1) 719,650 963,224
Oil & Energy Pool (Note 7.3.2) - -
Lagoon Homes Saving & Loans Ltd (Note 7.3.3) - 162,848
Investment in Blueberry Project (Note 7.3.4) 102,300 -
821,950 1,126,072
7.3.1 Investment in quoted shares (Transcorp Plc)N'000 N'000
Balance, beginning of the year 147,235 95,158
Additions during the year - 52,077
Balance, end of the year 147,235 147,235
Fair value gain 572,415 815,989
Market value 719,650 963,224
Fair value charges are further analysed as folows: N'000 N'000
At 1 January 815,989 103,653
Fair value (loss)/gain during the year (Note 30.2) (243,574) 712,336
At 31 December 572,415 815,989
7.3.2 Oil & Energy PoolN'000 N'000
Gross investment - 6,618
Investment amount now written off - (6,618)
- -
Impairment provision N'000 N'000
At 1 January - 6,618
Impairment allowance now written off - (6,618)
At 31 December - -
7.3.3 Lagoon Home Savings and Loans Limited N'000 N'000
5% 5 year Redeemable preference share 162,848 162,848
Impairment provision (162,848) -
- 162,848
Impairment provision N'000 N'000
At 1 January - -
Impairment allowance for the year 162,848 -
At 31 December 162,848 -
Standard Alliance Insurance Plc ventured into a joint estate development with Standard Alliance Properties Limited. The terms of
arrangement included an annual interest of 5% on contribution and share of profit from the joint venture. The balance due from Standard
Alliance Properties Limited represents accumulated interest and outstanding contributions.
During the year 2013, Standard Alliance Capital and Assets Management Limited transferred 32,035,807 units of shares of Transcorp Plc to
During the year 2013, the Company converted its term deposit and current accounts balances with Lagoon Homes Savings and Loans
Limited to a 5% 5 years preference shares holding in the bank.
Impairment provision
Balance, end of the year
(945,216)
945,217 1,800,412
2014 ANNUAL REPORTS AND ACCOUNTS78
7.3.4 Investment in Blueberry Technology Solutions Limited
8 Reinsurance assetsN'000 N'000
Claims recoverable 416,549 177,262
Deferred reinsurance cost 191,115 63,830
607,664 241,092
2014 20139 Trade receivables
N'000 N'000
Amount due from Insurance Brokers 32,646 7,673
Impairment allowance (Note 9.1) - -
Net premium receivables 32,646 7,673
9.1 Impairment allowance N'000 N'000
At 1 January - 3,288,804
Charge during the year - -
Written off during the year - (3,288,804)
At 31 December - -
Age analysis N'000 N'000
0-90 days 32,646 7,673
91-180 days - -
32,646 7,673
The balance of N32.6million due from insurance brokers has been fully received subsequent to year end.
10 Other receivables and prepaymentsN'000 N'000
Prepayments 25,069 81,816
Current account with related companies (Note 14.1) - 112
Sundry 7,400 7,987
32,469 89,915
10.1 Current account with related companiesN'000 N'000
At 1 January 112 506,997
Payments during the year (112) (52,077)
Balance written off - (454,808)
At 31 December - 112
This represents the Company's investment in Blueberry Technology Solutions Limited under a joint venture
arrangement for the provision of Electronic National Drivers' and Vehicles Identification System (ENDVIS) for the
Kaduna State Government. Under the terms of agreement investment is expected to be recovered within a period of
5 years and revenue from the project is to be shared by the parties.
This represents amount recoverable from reinsurers in respect of claims incurred and reinsurance premium paid of
which risk has not expired.
The reinsurance assets are of current maturity.
2014 ANNUAL REPORTS AND ACCOUNTS 79
11 Deferred acquisition costsN'000 N'000
Motor 25,462 111,478
Aviation 176 9,372
Engineering 11,168 40,554
Fire 16,038 44,716
General Accident 17,286 81,943
Marine 10,794 57,818
Bond 15,052 12,232
Oil & Gas 466 62,727
96,442 420,840
The movement in deferred acquisition cost is: N'000 N'000
At 1 January 420,840 140,728
Additions during the year 96,441 420,840
Amortisation for the year (420,840) (140,728)
At 31 December 96,441 420,840
12 Investment in Associate Companies
2014 201312.1 The Company has equity investments in the following entities:
N'000 N'000
Standard Alliance Life Assurance Limited (47.47%) 433,507 1,044,026
Standard Alliance Properties Limited (36.67%) - 30,495
Standard Alliance Capital and Assets Limited (40%) - 7,091
Standard Alliance Pension Limited (40%) - -
Total carrying amount at 31 December 433,507 1,081,612
12.1.1 Standard Alliance Life Assurance LimitedN'000 N'000
Cost 1,905,000 1,905,000
Share of post acquisition reserve (Note 12.2) (1,471,493) (860,974)
433,507 1,044,026
Impairment provisions/write off - -
Carrying amount at 31 December 433,507 1,044,026
12.1.2 Standard Alliance Properties Limited. N'000 N'000
Cost 275,000 275,000
Share of post acquisition reserve (Note 12.2) (244,505) (244,505)
Carrying amount at 31 December 30,495 30,495
Cost written off (275,000) -
Share of post acquisition reserve written off(Note 12.2) 244,505 -
Carrying amount at 31 December - 30,495
12.1.3 Standard Alliance Capital and Assets Limited. N'000 N'000
Cost 400,000 400,000
Share of post acquisition reserve (Note 12.2) (392,909) (392,909)
Carrying amount at 31 December 7,091 7,091
Cost written off (400,000) -
Share of post acquisition reserve written off(Note 12.2) 392,909 -
Carrying amount at 31 December - 7,091
The investments are accounted for using the equity method and further details of the investments balances are:
2014 ANNUAL REPORTS AND ACCOUNTS80
12.1.4 Standard Alliance Pensions Limited. N'000 N'000
Cost - 260,000
Cost written off against impaiment - (260,000)
Carrying amount at 31 December - -
Impairment provisions N'000 N'000
At 1 January - 260,000
Impairment provisions now written off - (260,000)
At 31 December - -
12.2 Share of post acquisition profit or losses
Standard Alliance Life Assurance Limited N'000 N'000
At 1 January (860,974) (658,609)
Share of current year profit/(loss) (Note 12.3) (610,519) (202,365)
At 31 December (1,471,493) (860,974)
Standard Alliance Properties Limited. N'000 N'000
At 1 January (244,505) (246,529)
Share of current year profit/(loss) (Note 12.3) - 2,024
Share of post acquisition profit or losses written off 244,505 -
At 31 December - (244,505)
Standard Alliance Capital and Assets Limited. N'000 N'000
At 1 January (392,909) (353,509)
Share of current year profit/(loss) (Note 12.3) - (39,400)
Share of post acquisition profit or losses written off 392,909
At 31 December - (392,909)
12.3 Summary of financial statements of Associates:2014 2013
Standard Alliance Life Assurance Limited 47.47% N'000 N'000
Property, plant and equipment 149,563 210,550
Investment property 1,825,563 1,807,762
Other assets 1,921,267 4,946,809
Liabilities (2,929,377) (4,711,991)
Net assets 967,016 2,253,131
Revenue 2,994,428 1,874,250
Loss before taxation (1,262,359) (406,915) Loss after taxation (1,286,115) (426,300)
47.47% thereof (610,519) (202,365)
Standard Alliance Properties Limited 40% N'000 N'000
Property, plant and equipments - 11,123
Non-current assets held for sale - 2,362,518
Investment property - 95,000
Other assets - 469,257
Liabilities - (293,999)
Long term deposits - (1,800,411)
Net Assets - 843,488
Revenue - 565,000
Profit/ (loss) before taxation - 10,966
Profit/ (loss) after taxation - 5,059
Adjustment for unrealised profit - -
- 5,059
40% thereof - 2,024
2014 ANNUAL REPORTS AND ACCOUNTS 81
Standard Alliance Capital and Assets Limited 40% N'000 N'000
Property, plant and equipments - 163,326
Other assets - 33,306
Long term investment 191,834
liabilities - (117,367)
Net Assets - 271,099
Revenue - 18,427
Profit/ (loss) before taxation - (98,501)
Profit/ (loss) after taxation - (98,501)
40% thereof - (39,400)
Total share of profit/(loss) for the year (610,519) (239,741)
2014 2013
13 Investment Properties
N'000 N'000
Cost at 1 January 1,435,000 1,435,000
Addition during the year - -
Cost at 31 December 1,435,000 1,435,000
Fair value loss (Note 13.1) (20,000) -
Market value 1,415,000 1,435,000
13.1 Fair value loss
N'000 N'000
At 1 January - -
Loss for the year 20,000 -
At 31 December 20,000 -
Fair value of invesment properties are stated below: Cost
2013
N'000 N'000 N'000
250 hecters of farmland at Mydumbi Village,
Kaduna-Zaria Road, Kaduna 40,000 40,000 40,000
Twin Duplex, Parkview Estate, Ikoyi-Lagos 350,000 330,000 350,000 11 units of 4-bedroom terrace houses at New
County Estate, Lekki, Lagos 1,045,000 1,045,000 1,045,000
1,435,000 1,415,000 1,435,000
Valuation
2014
The Company's investment properties are properties held to earn rentals or capital appreciation or both. A sum of
N18.3million naira was earned as rentals from investment properties during the year.
The transfer documents on the 250 hecters of land at Mydumbi Village, Kaduna valued at N40 million has been fully
executed but issues relating to consent and ownership have not been perfected. The transfer documents and issues
relating to consent and ownership of the Twin Duplex at Parkview Estate, Ikoyi-Lagos, valued at N330 million have not
been fully executed and perfected.
91 2014 ANNUAL REPORTS AND ACCOUNTS82
14 Intangible assets
Computer software N'000 N'000
Cost
AT 1 January 36,605 36,605
Additions 3,207 -
At 31 December 39,812 36,605
Amortisation N'000 N'000
AT 1 January 25,062 16,754
Amortisation for the year 7,064 8,307
At 31 December 32,126 25,061
Carrying amount at 31 December 7,686 11,544
The intangible asset relates to the Company's accounting software packages (Turnquest) bought from Turnkey Africa,
a Company registered in Nairobi, Kenya.
2014 ANNUAL REPORTS AND ACCOUNTS 83
15 Property, plant and equipment
Land Building Motor Furniture Computer and Work in Total
vehicles and fittings other equipment Progress
Cost N'000 N'000 N'000 N'000 N'000 N'000 N'000
At 1 January 2013 285,000 1,362,563 385,822 119,929 201,110 - 2,354,424
Additions - 69,294 88,744 2,776 45,592 76,226 282,632
Disposals - - (23,608) - - - (23,608)
At 31 December 2013 285,000 1,431,857 450,958 122,705 246,702 76,226 2,613,448
At 1 January 2014 285,000 1,431,857 450,958 122,705 246,702 76,226 2,613,448
Additions 5,000 77,027 144,490 5,363 7,290 800 239,170
Revaluation surplus - 411,116 - - - - 411,116
Disposals - - (43,045) - - (43,045)
Assets written off - - (129,740) - - - (129,740)
At 31 December 2014 290,000 1,920,000 422,663 128,068 253,992 - 3,014,723
Accumulated depreciation and impairment
At 1 January 2013 - 60,790 323,760 57,406 161,734 - 603,690
Charge for the year - 27,940 58,686 10,735 24,690 - 122,051
On disposals - - (21,596) - - - (21,596)
At 31 December 2013 - 88,730 360,850 68,141 186,424 - 704,145
At 1 January 2014 - 88,730 360,850 68,141 186,424 - 704,145
Charge for the year - 30,178 75,169 10,369 25,185 - 140,901
On disposals - - (33,775) - - - (33,775)
On assets written off - - (19,154) - - - (19,154)
At 31 December 2014 - 118,908 383,090 78,510 211,609 - 792,117
Carrying amounts as at:
31 December 2013 285,000 1,343,127 90,108 54,564 60,278 76,226 1,909,303
31 December 2014 290,000 1,801,092 39,573 49,558 42,383 - 2,222,606
Transfers - 77,026 - (77,026)
-
- - -
Building was professionally valued by Messrs Osaro Eguasa & Co. FRC/2012/0000000000423 (Estate Surveyors and Valuers) as at 30th
December, 2014 on the basis of their open market values. The revised value of the properties was N1,920,000,000 resulting in a surplus
on revaluation of N411,116,000 which has been credited to the property, plant and equipment revaluation account.
The re-valued property is the Company's Head Office building located at Plot 94, Providence Street, Lekki Scheme 1, Lekki, Lagos and the
Ibadan building located at No. 20 MKO Abiola Way, Ring road, Ibadan, Oyo.
Included in Computer and other equipment is an amount of N27,035,597 being cost of the Company's generating set acquired on lease
in April 2013. The lease period is 24 months at an interest rate of 21% per annum.
Included in Motor vehicles is an amount of N61,250,000 being cost of the Company's cars acquired on lease in March 2014. The lease
period is 18 months at an interest rate of 22% per annum.
At the Board of Directors meeting held on 14 May 2015, it was resolved that the retiring Directors should be given possession and
ownership of the official vehicles bought for the during 2014 and the net book value of these vehicles should be written off the
company's books. The cost and depreciation charged in the year on these vehicles amounted to N129.7 million and N19 million
respectively.
The sum of N77 million transferred from work in progress to building represents the accumulated cost of construction of the Security
and administrative building at the Company's Head Office.
2014 ANNUAL REPORTS AND ACCOUNTS84
2014 2013
16 Statutory Deposits
N'000 N'000
Deposit with the Central Bank of Nigeria 335,000 335,000
17 Insurance contract liabilitiesN'000 N'000
Unearned premium reserve (Note 17.1) 917,378 922,803
Outstanding claims (Note 17.2) 1,485,076 1,077,956
2,402,454 2,000,759
The insurance contract liabilities balances above are covered by the Company's dedicated assets thus:
N'000 N'000
Cash and cash equivalents 617,451 225,396
Financial assets 719,650 963,224
Investment properties 380,000 812,139
2,052,101 2,000,759
17.1 Unearned premium reserve
N'000 N'000
Aviation 37,976 14,578
Bond 91,377 19,134
Engineering 55,720 48,768
Fire 92,577 109,910
General accident 101,846 151,043
Marine 86,226 115,472
Motor 310,254 317,586 Oil & gas 141,402 146,312
917,378 922,803
This represents 10% of the minimum paid up share capital deposited with the Central Bank of Nigeria in accordance with Section 10 (3) of the Insurance Act, CAP I17, LFN 2004.
Statutory deposits
(607,664)
1,794,790
Less: Reinsurance assets (Note 8) (241,092)
1,759,667
335,000 -
2014 ANNUAL REPORTS AND ACCOUNTS 85
17.2 Outstanding claims reservesN'000 N'000
Aviation 111,376 40,345
Bond 23,969 8,099
Engineering 101,438 63,578
Fire 239,976 208,151
General accident 97,832 70,131
Marine 98,380 37,192
Motor 124,806 57,451
Oil & gas 386,731 287,063
1,184,508 772,010
Provision for claims incurred but not reported (IBNR) 300,568 305,946
1,485,076 1,077,956
17.2.1 Movement in outstanding claims reservesN'000 N'000
Oustanding claims reserve at the beginning 772,010 939,805
Reported claims in the current year 1,482,551 867,621 Claims paid during the year (1,070,053) (1,035,416)
412,498 (167,795)
Oustanding claims reserve at the end 1,184,508 772,010
The age analysis of outstanding claims was as follows:
0 - 90 days 136,377 165,408
91 - 180 days 39,025 69,773
181 - 360 days 217,181 198,923
361 days and above 791,925 337,906
1,184,508 772,010
18 Trade payablesN'000 N'000
Due to Reinsurer 75,954 49,463 Due to Co-assurers - - Due to Brokers - -
75,954 49,463
The trade payables are all of current maturity.
2014 2013
19 Other payables and accruals
N'000 N'000
Due to government agencies 10,456 25,007 Lease rent received in advance (Note 19.1) 18,813 22,011 Due to staff 16,022 - Accrued expenses 117,064 - Other credit balances 58,086 259,716 Preference dividend payable (Note 19.2) 175,000 175,000
395,441 481,734
The above are further analysed as: N'000 N'000
Current 376,628 469,723 Non-current 18,813 12,011
395,441 481,734
2014 ANNUAL REPORTS AND ACCOUNTS86
19.2 Preference dividend payableN'000 N'000
At 1 January 175,000 350,000 Paid during the year - (175,000)
At 31 December 175,000 175,000
20 BorrowingsN'000 N'000
Daewoo Securities Bond (Note 20.1) 565,476 748,314 Term loan (Note 20.2) 192,327 - Bank overdraft - 109,452
757,803 857,766
Payment due date Principal Interest TotalJPY'000 JPY'000 JPY'000
12/15/2014 103,234 18,641 121,875 12/16/2015 107,622 14,253 121,875 12/17/2016 112,196 9,699 121,895 12/17/2017 115,552 4,911 120,463
438,604 47,504 486,108
19.1 Lease rent received in advance
The Company leased out three floors (ground, first and second) of its head office building to Standard Alliance Properties
Limited at an annual rent of N10 million effective July 2011. This is to ensure professional management of the lease
agreements with non-related tenants of the floors. Standard Alliance Properties Limited made an advance payment of rent
of N47 million in 2011 which is now being amortised at N10 million rent per annum.
The balance of this account as at 31 December 2014 is N18.813 million
The Company had 17,500,000 (Seventeen Million, Five Hundred Thousand units of preference shares of N100 (One
Hundred Naira) each prior to year ended 31 December 2011. These were converted to ordinary shares of 50k (50 Kobo)
each in the Company and issued to the holders of the preference shares as at 31 December 2011 in accordance with the
resolution passed at the 15th Annual General Meeting of 16th December 2011. The amount of N175 million is the balance
of pre conversion dividend yet unpaid as at 31 December, 2014
20.1 Daewoo Securities Bond
The Company received a capital inflow of JPY650,000,000 ($7,397,516) zero coupon bond raised from Daewoo Securities in
December 2009.
The bond was tenured originally for 20 years with the lenders' option to convert the bond to Standard Alliance Insurance
Plc's ordinary shares. If the option is not exercised, the Company must pay interest 4.25% per annum on the gross bond
value for the entire term it has been outstanding.
Daewoo Securities requested for the full redemption of the bond in 2011 following which the Company went to a
negotiation with it for a repayment plan. During the year 2012, the Company concluded the negotiation of the payment plan
with the bond owners on the balance of JPY 569,777,070 principal sum and accrued interest of JPY26,469,000 under the
following terms:
i. Non-payment of dividend to shareholders until 2014
ii. Outstanding balance and interest to be paid over five years starting from 2013 and as detailed hereunder:
2014 ANNUAL REPORTS AND ACCOUNTS 87
20.2 Term LoanN'000 N'000
Balance, at beginning of the year -
-
Additions during the year 200,000 - Repayment during the year (7,673) - Balance, at end of the year 192,327 -
Current 54,914 - Non-current 137,413 -
192,327 -
21 Finance lease obligationsN'000 N'000
Balance, at beginning of the year 49,953 17,765 Additions during the year 45,937 48,746 Repayment during the year (63,482) (16,558)
Balance, at end of the year 32,408 49,953
Further details of transactions during the year are:
Principal Interest Total 2014 2013JPY'000 JPY'000 JPY'000 N'000 N'000
At 1 January 500,010 6,052 506,062 748,314 1,072,192 Interest accrued during the year - 18,641 18,641 26,166 36,006 Payments during the year (103,215) (18,641) (121,856) (196,470) (188,083) Foreign exchange difference - - - (12,534) (171,801) At 31 December 396,795 6,052 402,847 565,476 748,314
Current maturities
Interest 67,477 94,717 8,949 Principal 107,622 151,069 243,453 Total current maturities 175,099 245,786 252,402 Non-current principal maturity 227,748 319,690 495,912
402,847 565,476 748,314
The balance of JPY 402,842,000 (N565,475,909) is stated in the financial statements at the Central Bank of Nigeria closing
exchange rate of N1.4037/JPY as at 31 December 2014. Subsequently in 2015, a sum of JPY 70,000,000 was paid in principal
and interest.
Daewoo Securities still has the option up to year 2029 to subscribe to the equity shares of the Company at a strike price of
50 kobo per share.
The Company took a loan facility of N200 million during the year from FCMB Plc for operational needs. The loan is payable in
thirty six equal monthly instalments from November 2014. The loan attracts interest at the rate of 20% per annum.
The Company obtained lease facility of N20,276,698 during 2013 from Diamond Bank at an interest rate of 21% for a period
of 24 months to finance the acquisition of a Mantrac Generator. During the year 2014, the Company obtained a new lease
facility of N45,937,500 from Diamond Bank at an interest rate of 22% for a period of 18 months to finance the acquisition of
8 units of motor vehicles.
2014 ANNUAL REPORTS AND ACCOUNTS88
These generators and motor vehicles are included in the property, plant and equipment of the Company as at 31
Decemberv2014. The rental due as at 31 December 2014 are further analysed as follows:
N'000 N'000Less than 3 months 10,657 995 Between 3 and 6 months 11,256 1,160 Between 6 and 12 months 10,495 31,058
32,408 33,213 Over 12 months - 16,740
32,408 49,953
22 Employee benefit liabilities:
GratuityAt 1 JanuaryCharge for the yearProvision no longer required (Note 46)At 31 December
N'000
- - - -
RestatedN'000
36,098 -
(36,098) -
During 2012, the Company changed its policy on gratuity. The Company no longer makes provision for gratuity and as such
the provision of N36 million made up to 31 December 2012 is no longer required.
23 Current income tax liabilities Per Statement of Comprehensive income
Company income tax
Education tax
Information technology development levy tax
Per Statement of Financial Position:Balance at beginning of the year:Company income tax Education tax Information technology development levy tax
Provisions for the year: Company income tax Education tax
Information technology development levy tax
Payments during the year:Company income tax Education tax Information technology development levy tax
At 31 December
24 Deferred tax liabilities
At 1 JanuaryCharged for the year (Note 24.1)At 31 December
2014N'000
75,989
10,516
-
86,505
N'000259,373 18,227
-
277,600
75,989 10,516
-
(21,000) (8,820)
334,285
N'000294,036 11,524
305,560
2013N'000
55,062
9,817
-
64,879
N'000254,507 15,907
-
270,414
55,062 9,817
-
(50,196) (7,497)
277,600
N'000196,475 97,561
294,036
97 2014 ANNUAL REPORTS AND ACCOUNTS 89
24.1 Charge for the year
N'000 N'000Profit or loss charged on timing differences of carrying amounts of taxable assets 11,524 26,327
Tax recorded in other comprehensive income:
Charge on timing difference of carrying amount of taxable assets - - Revaluation surplus on building (Note 30.1) - - Fair value (loss)/gains on available for sale investment(Note 30.2) - 71,234
11,524 97,561
25 Ordinary share capital Authorized
N'000 N'00014,000,000,000 ordinary shares of 50k each 7,000,000 7,000,000
Issued and Fully Paid N'000 N'000
11,993,173,000 units of ordinary shares of 50k each 5,996,587 5,996,587
26 Share premiumN'000 N'000
At 1 January 15,852,049 15,852,049
Discount on treasury shares (8,184,574) -
At 31 December 7,667,475 15,852,049
27 Treasury shares
N'000 N'000
At 1 January 8,737,585 8,737,585 Cash proceeds from investors (553,011) - Discount on sale of treasury shares (8,184,574) - At 31 December - 8,737,585
Share premium comprises additional paid-in capital in excess of the pair value. This reserve is not ordinarily available
for distribution.
These represent the offer price of 2,212,046,824 units of ordinary shares of 50k each (N1,106,024,412 and associated total
share premium of N7,631,561,991) for which no net cash inflow accrued to the Company during its public offer of 2008.
The Company at its 15th Annual General Meeting held on 16th December 2011 approved the cancellation of these shares
and to this effect a court order was also obtained on 26th of April 2012.
The Company applied to the Securities and Exchange Commission (SEC) for the final approval of the share cancellation. SEC
however, in its response subsequently in 2014 has directed that Standard Alliance Insurance Plc should realise the shares
presented for cancellation and report back to it on or before December 2014. The Company initiated urgent and
appropriate steps in engaging in discussions with prospective investors.
During the year, the Company offered the treasury shares to potential investors and subsequently Gemrock Management
Company Limited bought the shares at the sum of N553 million. The difference between the cash proceeds and the value of
treasury shares was transferred to the share premium account.
2014 ANNUAL REPORTS AND ACCOUNTS 90
29 Accumulated lossN'000 N'000
At 1 January (10,894,417) (9,899,712)
Loss for the year (2,080,642) (880,943)
Appropriation to contingency reserves (129,998) (113,762)
At 31 December (13,105,057) (10,894,417)
30 Other reservesN'000 N'000
Revaluation reserve 1,114,518 703,401
Fair value gain reserve 500,536 744,110
1,615,054 1,447,511
30.1 Revaluation ReserveN'000 N'000
At 1 January 703,401 703,401
Addition during the year(Note 15) 411,117 -
At 31 December 1,114,518 703,401
Further details are: N'000 N'000
Revaluation surplus - Building 411,117 -
Deferred tax on revaluation surplus - -
411,117 -
2014 2013
28 Contingency reserve
N'000 N'000
At 1 January 1,113,425 999,663
Charge for the year 129,998 113,762
At 31 December 1,243,423 1,113,425
Contingency reserve is provided for at the rate of 3% of the gross premium or 20% of profit (whichever is greater
for the year) in accordance with Section 22 (1)(b) of the Insurance Act 2003.
The Company's office building at Ibadan and Head Office in Lagos were revalued at N20 million in 2006 and
N1,431,857,000 in 2012 respectively by the firm of Messrs Osaro Eguasa & Co (FRC/2012/0000000000423). The
revaluations resulted in surpluses of N14,299,000 and N767,258,000 respectively, which has been credited to the
property, plant and equipment revaluation account.
During the year, the Head office was revalued at N1,900,000,000 by Messrs Osaro Eguasa & Co
(FRC/2012/0000000000423). The revaluations resulted in surpluses of N411,116,000 which has been credited to
the property, plant and equipment revaluation account.
2014 ANNUAL REPORTS AND ACCOUNTS 91
30.2 Fair Value Gains Reserve
This is the net accumulated changes in the fair value of available for sale assets.
N'000 N'000
At 1 January 744,110 103,008
(Decrease)/increase during the year - net of income tax (243,574) 641,102
At 31 December 500,536 744,110
The addition during the year is further analyzed thus: N'000 N'000
Fair value (loss)/gains on available for sale - (Note 7.3.1) (243,574) 712,336
Deferred tax on fair value gains for the year (Note 24.1) - (71,234)
(243,574) 641,102
General Motor
2014 2013
31 Gross premium income
Aviation Bonds Engine-
ering Fire Accident Marine Accident Oil & Gas
N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Premium written 14,999
418,662 243,778 274,119 816,722 801,009 1,003,722 760,243 4,333,254 3,792,076
Movements in unexpired
risks (Note 31.1)
(23,398)
(72,243)
(6,952)
17,333 49,197
29,246
7,332
4,910
5,425
(12,442)
Gross premium (8,399)
346,419 236,826 291,452 865,919 830,255 1,011,054 765,153 4,338,679 3,779,634
31.1 Movement in Unepired risks
Unexpired risk At 1 January 2014 14,578
19,134
48,768
109,910
151,043
115,472
317,586
146,312
922,803
910,361
Unepired risk At 1 December 2014 (37,976)
(91,377) (55,720) (92,577) (101,846) (86,226) (310,254) (141,402) (917,378) 922,803
Movement during the year (23,398)
(72,243)
(6,952)
17,333
49,197
29,246
7,332
4,910
5,425
(12,442)
General Motor
Aviation Bonds Fire Accident Marine Accident Oil & Gas Total
32 Reinsurance premium expenses
N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Charged for the year 2014 9,951
(241) 47,185 55,020 23,352 77,638 24,833 237,277 475,015
Charged for the year 2013 29,658
2,051
18,221
138,001
2,060
148,945
23,578
321,201
683,715
Engine-
ering
2014 ANNUAL REPORTS AND ACCOUNTS 92
2014 201333 Commission income N'000 N'000
Aviation 3,358 1,143
Bond - 84
Engineering 14,817 887
Fire 23,359 4,292
General Accident 9,989 7,915
Marine 33,016 4,235
Motor 5,110 4,279
Oil &Gas 13,429 10,964
103,078 33,799
34 Claims expenses N'000 N'000
Claims paid 1,070,053 1,035,416
Increase/(decrease) in outstanding claims(Note 17.2.1) 412,498 (167,795)
(Decrease)/increase in claims incurred but not reported (5,378) 298,894
1,477,173 1,166,515
Claims expenses recoveries from reinsurers (283,099) (95,625)
1,194,074 1,070,890
35 Underwriting expenses
Acquisition cost: N'000 N'000
Aviation 10,073 26,446
Bond 83,925 30,374
Engineering 73,778 78,385
Fire 91,436 109,128
General Accident 214,188 193,739
Marine 204,280 185,672
Motor 216,763 256,332
Oil &Gas 63,976 87,451
Others 96,547 100,011
Total acquisition cost 1,054,966 1,067,538
Maintenance cost 287,015 -
Deferred commision - (14,073)
1,341,981 1,053,465
36 Investment income N'000 N'000
Interest on deposits 136,138 134,088
Lease rental income 18,308 17,506
Dividend received 11,679 700
166,125 152,294
Balances with banks recovered 10,649 -
Foreign exchange difference 44,275 182,918
Other income 18,582 -
239,631 335,212
The total investment income is further classified as:
Investment income attributable to policyholders' funds 1,634 2,286
Investment income attributable to shareholders' funds 237,997 332,926
239,631 335,212
2014 ANNUAL REPORTS AND ACCOUNTS 93
2014 2013
37 Management expenses
N'000 N'000
Salaries and Allowances 454,163 513,011
Other staff costs 92,197 54,151
Directors' fees and Allowances 89,485 41,983
Insurance expenses 19,722 12,938
Rent and rates 24,176 25,330
Repairs and maintenance 142,318 175,000
Depreciation and amortisation 147,965 130,358
Professional fees 146,537 82,827 Bank charges 14,902 42,150
Printing and stationery 23,833 12,413
Advertising and promotion expenses 142,535 20,702 Books and periodicals 1,265 1,112
Telephone and postages 25,003 34,931
Other administrative expenses 37,293 28,104
Supervisory levies 25,000 72,522
Staff training and development 9,433 28,447 Audit fee 7,000 9,000
Corporate and public relation expenses 83,882 66,842
Travelling,outstation and hotel epenses 78,552 95,419
General management expenses 92,397 42,785
Annual general meeting expenses 19,249 7,203
Property, plant and equipment written off 110,586 -
Staff debts written off 1,794 -
1,795,804 1,497,228
38 Finance charges
N'000 N'000
Interest expenses 13,771 27,830
Lease charges 8,546 25,197
Interest on Daewoo bond 26,166 84,057
48,483 137,084
39 Impairment charges
N'000 N'000
Other receivables - Staff share loan - 5,279
Impairment provision on investment in associate companies 37,586 -
Current account balances - 454,920
Provision/(write back) of impairment on deposit (Note 7.3.3) 162,848 (162,848)
1,145,650 297,351
Loss on sale of property, plant and equipment 6,517 -
Impairment provision on loans and receivables 945,216 -
2014 ANNUAL REPORTS AND ACCOUNTS94
40 Information Technology Development Levy
N'000 N'000
At 1 January 3,191 3,191
Appropriation for the year - -
At 31 December 3,191 3,191
41 Loss before taxation
Loss before taxation is stated after charging/(crediting): N'000 N'000
Depreciation 140,901 122,051
Amortization 7,064 8,307
Auditors' remuneration 7,000 9,000
Director's remuneration 89,485 41,983
42 Premium receipt from policy holders N'000 N'000
Premium due from policy holder at 1 January 7,673 642,254
Gross Premium written in the year 4,338,679 3,779,639
4,346,352 4,421,893
Premium due from policyholders at 31 December (32,646) (7,673)
Premium receipts in the year 4,313,706 4,414,220
The Nigerian Information Technology Development Agency (NITDA) Act was signed into law on 24 April, 2007.
Section 12(a) of the Act stipulates that specified Companies contribute 1% of their profit before tax to the
Nigerian Information Technology Development Agency. No provision has been made as there was no profit
before taxation as at 31 December 2014.
43 Fair value Hierarchy
The Company's fair value measurements model is highlighted in accounting policy 5.6.
Level 1
Fair value measurements classified as level 1 include fair values of quoted investments based on current
market prices.
Level 2
Fair value measurements classified as level 2 include fair values of unquoted investments which the
Company established using valuation techniques such as:
• recent arm's length transactions
• reference to other instruments that are substantially the same
• net assets value and
• discounted cash flows
2014 ANNUAL REPORTS AND ACCOUNTS 95
Level 3
Fair value measurements classified as level 3 include fair values of financial assets of which there are no active
markets and no observable inputs. They comprise loans and other receivables.
The table below highlights financial instruments in their various fair value hierarchies at year end:
2014
Asset type Total Level 1 Level 2 Level 3
N'000 N'000 N'000 N'000
Quoted securities - At fair value through profit or loss 58,949 58,949 - -
Quoted securities - Available for sale 719,650 719,650
778,599 778,599 - -
2013
Asset type Total Level 1 Level 2 Level 3
N'000 N'000 N'000 N'000
Quoted securities - At fair value through profit or loss 91,424 91,424 - -
Quoted securities - Available for sale 963,224 963,224 - -
1,054,648 1,054,648 - -
44a. Penalty by NAICOM
During the year the Company contravened certain sections of the Insurance Act, CAP I17, LFN 2004 and
NAICOM's operational guidelines. Details of the contraventions and appropriate penalties thereon are as follows:
Section
2014 2013
Nature of infraction N'000 N'000
Supply of wrong information 250 -
Use of unregistered intermediaries 250 -
Late submission of 2013 audited accounts 215 -
Late submission of 2013 4th quarter returns 500 -
500 -
Amount of penalty
Late submissionof copy of self-assessment form (1A)
Section 49(3) of Insurance Act 2004
Section 30 of NAICOM Act 1997
Section 1.16 of operational guideline
Section 1.16 of operational guideline
Section 49(3) of Insurance Act 2004
Filing of 2013 Reinsurance treaty arrangement - 250
Failure to furnish information - 500
- 100
Non-rendition of of un-remitted premium report - 120
Late submission of fees - 610
Late submission of 2012 Audited Account - 1,000
Filling fees - 200
Non-submission of claims management expenses - 250
1,715 3,030
Nigeria Methodology AgencyOperational guidelines
Operational guidelines
Operational guidelines
operational guidelines
Section 81(1) of NAICOM ACT, 1997
Section 1.16 of operational guideline
Section 49(5) of NAICOM ACT,1997
Section 81(1) of Insurance Act 2004.
Penalty in respect of 2012 insurance account of
2014 ANNUAL REPORTS AND ACCOUNTS96
Appendix III Clause 14 [c] of the NSE
Post-Listing Requirements Late submission of 2014 audited accounts 1,800 2,600
44b. Penalty by Nigerian Stock Exchange
45 Directors and employees
Employees
The average number of persons employed by the Company during the year by category
Number Number
Excecutive Director 1 1
Management Staff 16 21
Non-management staff 101 146
118 168
Staff cost for the above persons (Excluding Executive Directors) was:
Wages and Salaries 527,897 546,292
Employees' Retirement Benefits 6,463 20,870
534,360 567,162
The details of the restatements are as follows: Number Number
N500,001 - N600,000 - 1
N600,001 - N700,000 - -
N700,001 - N800,000 2 2
N800,001 - N900,000 1 1
N900,001 - N1,000,000 1 1
N1,000,001 - N1,100,000 - 34
N1,100,001 - N1,200,000 20 -
N1,200,001 - N3,000,000 - -
N1,300,001 - N1,400,000 18 23
N1,400,001 - N1,500,000 76 106
Above - N1,500,000 118 168
Directors' Remuneration
The remuneration paid to the Directors of the company was: N'000 N'000
Fees and other allowances 33,906 27,750
Excecutive compensation 14,367 14,233
48,273 41,983
Fees and other emolument disclosed above include amount paid to: N'000 N'000
The Chairman - -
Highest paid Director 14,367 14,233
The number of employees of the company otherthan Director who received emolument in the following range was:
The number of Director who received fees and other emolument
(excluding pension contribution) in the following ranges was: Number Number
N1,000,001 - N2,000,000 5 5
N2,000,001 and above 2 2
7 7
2014 ANNUAL REPORTS AND ACCOUNTS 97
Employee benefits liabilities - (Gratuity) N'000
As previously stated 36,098
Correction of provision no longer required (36,098)
As restated -
Retained earnings
As previously stated (10,930,515)
Correction of provision for employee benefits no longer required 36,098
As restated (10,894,417)
46 Prior Period Restatements
46.1 Employee benefits liabilities
An amendment was made to the accounting policy on gratuity which took effect from 2012 but was not effected in
the books. The management had decided to discontinue its gratuity scheme and all prior year provisions were
cancelled. Based on the above, gratuity obligation amounting to N36,098,000 was written-back.
The financial statements have been restated to correct this error. The restatements required adjustments in the
statement of financial position as at 31 December 2013. To this effect, the Statement of financial position, statement
of changes in equity and affected notes showed restated comparative information for the year ended 31 December
2013.
The details of the restatements are as follows:
47 Contingent liabilities
No material contingent liabilities have been made or
are likely to be made in these financial statements.
48 Related party transactions
Insurance contract - Standard Alliance
Life Assurance Limited.
The Company buys Group Life Policy for the staff from
Standard Alliance Life Limited, a related Company. A
sum of N9,830,051 (2013: N1,910,226) was paid as
premium for the year ended 31 December 2014.
Group Expenses -
Standard Alliance Investment Group
The Company is a member of Standard Alliance
Investment Group. The Company's share of the
common expenses of the group for the year ended 31
December 2014 amounted to N92,396,774 (2013:
N43,285,000)
Purchase of Furniture - Heroes Furniture Ltd.
During the year, the Company purchase office
furniture from Heroes Furniture Limited to the total
sum of N10,055,300 (2013: N1,335,000). One of the
immediately past Directors of the Company, Olorogun
O'tega Emerhor, OON has beneficial interest in Heroes
Furniture Limited.
Investment in a property business -
Standard Alliance Properties Limited
The Company invested in a property business with
Standard Alliance Properties. The term of this include
an annual interest income of 4.5% and share of profit.
A sum of N90,020,596 accrued to the Company during
the year.
2014 ANNUAL REPORTS AND ACCOUNTS98
In the year 2012, SA Properties Limited assigned a total
of 3 blocks of 11 flat located at New County Estate,
Lekki to the Company at a valueof N95million each
(total value was N1.045billion as certified by Osaro
Eguasa & Co [FRC/2012/0000000000423] as at 8th
August 2012).
A recent valuation carried out by the same expert put
the market value of these properties at N1.05 billion as
at 31 December 2013.
The balance on this investment account was N1.89
billion as at 31 December 2014 (2013: N1.8 billion as at
31 December 2013)
The Company also has a lease agreement on three (3)
floors (ground, first and second) of its Corporate
Headquarters building with Standard Alliance
Properties Limited. The lease is for a period of 4 years
with an annual rent of 10million.
49. Events after the reporting period
There were no events after the reporting period which
could have a material effect on the financial position of
the Company as at 31 December 2014 and profit
attributable to equity holders.
50 RISK MANAGEMENT REPORT
A) Introduction and overview
The company was faced with the following risks in its
operations.
i. Capital Adequacy risk
ii. Regulatory risk
iii. Liquidity risk
This note presents information about the company's
exposure to each of the above risks, the company's
objectives, policies and processes for measuring and
managing risks.
Risk Management Philosophies and Principles
The following principles guide financial risk
management in the company:
I. A deliberate and conscious management of
the company’s investment portfolio to ensure that the
risk of excessive concentration on any one class,
industry, or sector is minimized, as well as to ensure
portfolio flexibility and liquidity.
ii. A strict adoption of sound internal policies
and processes resulting in consistent adherence to
investment guidelines issued by the National
Insurance Commission to enable the Insurance
industry maintain sound solvency margin and sound
liquidity health at all times.
iii. The Executive Management took responsibility for
establishing a robust liquidity management framework
consistent with regulatory requirements of the
Commission that ensures sufficient liquidity to
withstand a range of stress events.
iv. The financial risk procedural manual spell-out the
operational steps and procedures for executing
relevant controls to prevent the occurrence or reduce
the impact of risk events touching on Financial and
strategy risk. The manual is being reviewed periodically
reviewed and updated to take into account new
activities, system changes, and structural changes in
the industry.
v. The Board approves all strategies and policies in
respect of financial and strategic risk management.
vi. Evaluation of the effectiveness of risk
management process and the internal control system
shall be carried out by external consultants
periodically.
vii. The Company relies on its Risk Management
Committee
viii. lt develops early warning indicators to aid the
prompt identification of all risks from all of the
risk categories
2014 ANNUAL REPORTS AND ACCOUNTS 99
Risk Management Strategy
The Board and Management has put in place clearly
defined financial risk management framework that
provides the Company with guidance and prescribes
tolerable financial risk related losses considering
available capital and levels of other investment risk
exposures. The company’s financial risk policy and
strategy are anchored on the following:
I. Investment portfolio diversification which involves
the application of the Company’s investible funds in a
wide range and class of financial instruments
consistent with Regulatory Requirements.
ii. Liquidity risk Management taking within well
defined limits with the sole purpose of creating and
enhancing liquidity and competitive advantage,
iii. Effective utilization of Company’s liquidity position.
Risk Management Framework
The Standard Alliance Insurance Plc recognizes the
presence of financial risk in its process of delivering
value to its stakeholders. This financial risk
Management Framework is set out to manage financial
risks resident in the investment processes and
procedures of the company. It provides guidance on
related issues of Identification, Measurement,
Monitoring and Reporting of financial risks in order to
ensure the Company continually meets its contractual
liabilities to policy holders.
The company recognizes the importance of these
classes of risks, which is inherent in the investment,
market, and liquidity management of its insurance
business. This policy contains guidelines to help the
Company manage its assets in a sound and prudent
manner, taking account of the profile of its liabilities, its
solvency position and its
risk return profile.
The Company's financial risk shall be managed within
tolerable limits through an appropriate management
focus and deployment of resources.
Risk Management GovernanceThe overall responsibility for the management of
financial risk shall resides with the Board through its
Risk and Remuneration Committee. To ensure
consistency and prudent management of financial
risks, this responsibility shall be divided as follows:
I. Board of Directors/ Risk
& Remuneration Committee
ii. Finance and Investment Committee of the Board
iii. Executive Management Committee on Investment
iv. ERM Committee/CRO
v. Finance and Investment Department.
vi Quality Assurance and Control
Risk Tolerance/Appetite
The Company shall operate by managing its risks within
acceptable bounds so as to maintain and increase the
value of its resources for its stakeholders. An explicit
discussion of risks and risk tolerance will be part of the
STANDARD ALLIANCE INSURANCE’s decision making
process.
STANDARD ALLIANCE INSURANCE has defined
Enterprise risk appetite at two levels:
i. The enterprise level; and
ii. The Business/Support/Functional Unit levels
The ERM Committee set target key performance
indicators (“KPI’s”) at both an enterprise and a
b u s i n e s s / s u p p o r t u n i t l e v e l b a s e d o n
recommendations from the Chief Risk Officer. Target
KPI’s is reviewed at least on annual basis.
At the Business and Support unit levels, the enterprise
KPI’s is cascaded to the extent that the contribution of
each Business/Support Unit to enterprise risk shall
serve as input for assessing the performance of the
Business/Support Unit.
Tolerance levels is defined for each key risk indicator
and serves as a proxy for the risk appetite for each risk
area and Business/Support Unit.
2014 ANNUAL REPORTS AND ACCOUNTS100
Risk Management Process
The Company s disciplined approach to risk
management is iterative, scalable, and includes the
steps below. Consistent application of this process
enables continuous improvement in decision making
and performance by top Management. The process as
follows:
1. Communication and Dialogue: Communication
and dialogue with internal and, as appropriate,
external stakeholders as far as necessary takes place at
each stage of the risk management process.
2. Establishing the Context: This defines risk
parameters to be taken into account when managing
risk, and setting the scope and risk criteria for the
remaining process.
3. Risk Identification: This process helps the
company develop a comprehensive list of risks based
on those events that might enhance, prevent, degrade,
or delay the achievement of the objectives.
4. Risk Analysis: This context helps to understand
the causes and sources of risk, their positive and
negative consequences, and the likelihood that those
consequences can occur. Existing risk controls and
their effectiveness should be taken into account and
communicated.
5. Risk Evaluation: The purpose of risk evaluation is
to assist in making decisions based on the outcomes of
risk analysis about which risks need treatment and to
prioritize treatment implementation for those
unacceptable risks (i.e. those that exceed risk
tolerance)
6. Risk Treatment: This involves the selection of one
or more options for modification of unacceptable risks
and implementing those options. Risk treatment
options include: avoiding the risk, seeking out an
opportunity, removing the source of risk, changing the
likelihood, changing the consequence, sharing the risk
with another party, and retaining the risk by choice.
7. Monitoring and Review: This step should
encompass all aspects of the risk management
process to:
I. Analyze and learn lessons from events, changes,
and trends.
ii. Detect changes in the external and internal
context including changes to the risk.
Risks/ events shall be identified and analyzed against
the broad success criteria which may be affected.
The focus in risk identification is capturing all the
possible risks associated with an event, activity, project,
roles or management decisions. It also covers the
impact of an event occurring on the identified success
criteria.
I. Element of Risk- Description of the risk engaged
within a process and event or a role.
ii. Impact on business- Details the consequences of
a risk occurring upon the related success criteria.
iii. Mitigation Measures- Details controls already
established or in the process of being established.
iv. Responsibility- Identifies the officer and
department responsible for the implementation
and monitoring of compliance of the prescribed
controls.
B) Financial Risk Assessment
Risks is measured in terms of likelihood and
consequences on both inherent and residual basis
(pre and post controls). Both likelihood and
consequences may be measured qualitatively or
quantitatively depending on the risks being
considered.
The criteria for success adopted by the Company are;
I. Shareholders’ funds
ii. Market Share
iii. Company’s image
iv. Revenue growth
v. Employees welfare
vi. Solvency Margin
vii. Customer Service
2014 ANNUAL REPORTS AND ACCOUNTS 101
The impact of risk against this success criteria form the basis for the development of the consequence rating scale.
The specific evaluation criteria adopted in this document is:
Consequence rating scale
No Rating Quantification
1Catastrophic
2 Major
3 Moderate
4 Minor
5 Negligible
Likelihood rating scale
No Rating Interpretations
1 Almost certain More than 50% change that it will happen during the year and may occur several
2 Likely 50% change that it will happen during the year
3 Possible Less than 50% chance that it will happen during the year
4 Unlikely Could occur once over a 5-10 year period
5 Rare Very unlikely over a 10 year period
Consequence (impact on established success criteria)
>/= 10% of Shareholders’ fund
5% - < 10% of shareholders’ fund
1% - < 5% of shareholders’ fund
0.5% - < 1% of shareholders’ fund
< 0.5% of shareholders’ fund
Easily remedied, criteria can be recovered
Most success criteria threatened or one severely affected
Shareholder’s fund depleted, license withdrawn and
liquidation imminent
Some success criteria affected, considerable effort being
made to rectify
Very small impact, rectified in the course of normal
processes
a) Market Risks
Market risk refers to worsening financial condition
arising from adverse movements in the level of volatility
of market prices. It involves the exposure to movement
of financial variables such as; equity prices, interest
rates or exchange rates. It is usually introduced into a
Standard Alliance Operation through variations in
financial markets that cause changes in asset values,
product or portfolio valuation. Some of the events
under market risks are:
I Movement in interest rates to the extent that
future cash flows from the assets and liabilities are not
well matched.
ii. Movement in market values of equity, real
estate and other assets to the extent that the company
is exposed to changes in market value.
iii. Movement in exchange rates which may result
in losses from asset and liabilities denominated in
different currencies.
b) Credit Risks
i. Credit risk refers to the risk of financial losses
arising from default or movement in the credit quality
of issuers of security, debtors, or counterparties and
intermediaries to whom the company has exposures.
Such risk events are:
2014 ANNUAL REPORTS AND ACCOUNTS102
Default Risk: Risk that a company will not receive or
receipts delayed or partially the cash flow or assets to
which it is entitled because the other parties default in
one or more obligations. This risk has been
substantially eliminated by the regulations No
Premium, No Cover policy.
ii. Concentration Risk: Risk of increased exposure to
losses due to concentration of investments in a
geographical area, economic sector, counterparty, or
connected parties.
iii. Downgrade or Migration Risks: Risks that change
in the probability of a future default by an obligor will
adversely affect the present value of the contract with
the obligor today.
iv. Indirect or Spread Risks: Risk due to market
perception of increased risk on either a macro or
micro basis.
c) Liquidity Risks:
Liquidity risk refers to the risk that a company, though
solvent has insufficient liquid assets to meet its
obligations as they fall due. Liquidity is concerned with
the current and future maintenance of appropriate
levels of cash and liquid assets. Such risk events are:
i. Liquidation Value Risks: The risk that unexpected
timing or amount of needed cash may require the
liquidation of asset when market condition may result
in loss of realized value.
ii. Affiliated Investment Risk: The risk that an
investment in a member company of the group may be
difficult to sell or that such affiliate may create a drain
on the financial or operating resources of the
Company.
iii. Capital Funding Risks: The risk that the company
will not be able to obtain sufficient outside funding as
its assets are illiquid at the time of need.
iv. Negative Publicity with unexpected liquidity strain.
v. Negative Report about other companies in
similar trade.
vi. Deterioration of the Economy.
vii. Abnormally volatile or stressed market.
Identification of Financial Risk
The various risk types identified under financial risk
category as used in this policy are:
Market Risks Credit Risks Liquidity Risks
Interest Rate Concentration Risk Liquidation Value
Equity Default Risk Affiliated Investment
Real Estate Indirect or spread Risks Capital Funding
Currency Downgrade or Migration Risks Negative Publicity
Role of the CRO in conjunction with the finance/ Investment risk manager:
I Strive to anticipate the risks inherent in the above listed indicative factors and propose appropriate
preventive measures.
ii. Document the anticipated risks and reports to the ERMC for appropriate response and implementation.
111 2014 ANNUAL REPORTS AND ACCOUNTS 103
Assessment of Financial Risk
I. The Company measures its financial risk
exposures across risk types, risk factors and overall
investment portfolio
ii. The Company documents the appropriate
products to be used to hedge exposures, the
item that qualifies to be hedged, how hedging
instruments effectiveness shall be assessed and
identify individuals responsible for monitoring hedge
performance
iii. The Company has set appropriate limit
structure to control its financial risk exposures.
iv. The Company periodically reviews its financial
risk limits to verify its suitability based on current
market conditions, economic conditions and its overall
risk tolerance
v. The Company applies its stress testing to
determine the potential effect of economic shifts,
market events, changes in interest rates, changes in
foreign exchange and changes in liquidity conditions
Internal Risk Identification
and Assessment
Internal risk relate to risks that have their sources in
faulty or deficient internal systems, process or
negligence or indolence of persons responsible for
such roles. Such risk resides within the financial
management system of the Company.
i. Internal Processes
ii. Reporting System
iii. Bank reconciliation practices
iv. Budget preparation and monitoring
v. Working capital management
Financial risks also reside within financial processes,
people in financial management, compliance levels,
Reporting system, control processes.
External Risk Identification
and Assessment
External risks relate to risks that are exogenously
determined and impact directly on the financial health
of the company. Such risks can arise from the
following;
i. Changes in regulation
ii. Changes in currency and exchange rate
iii. Changes in interest rate
iv. Changes in capitalization and Solvency Margin.
v. Changes in shareholder’s structure
and composition
vi. Changes in money and capital markets
Risk & Control Self Assessments
Risk control self assessment of existing, newly
identified and emerging financial risk should be
carried-out regularly, at least once every quarter.
I For every Control-based financial risks such as fraud,
the CRO in conjunction with the finance/ Investment
managers risk shall;
a. Identify the control structure
b. Compare the control structure to a best
practice model
c. Identify the gaps
d. Recommend and implement new controls.
Risk Ratings
The CRO in conjunction with the finance/ Investment
risk managers.
Ensure every risk identified and assessed is given the
right risk priority rating for effective treatment.
Key Risk Indicators
Management considers several factors as indicative of
the presence of financial risks across the organization.
Some of these indicative factors are:
2014 ANNUAL REPORTS AND ACCOUNTS104
Market Risks – KRIs Credit Risks – KRIs Liquidity Risks - KRIs
Interest rate fluctuations Increasing receivables Earnings volatility
Proportion of debt to equity Changes in debt profile Asset coverage
Decline in market values Frequency of settlement failure Liquidity ratio
Guaranteed value losses Connected or affiliated Cash flow modelling
Changes in exchange rate Financial trends Frequency of Cash conversion
Rising inflation Counterparty exposures Working Variations in capital
Risk Mitigation
a. Insurance
i. The finance/ Investment risk manger brings to the
attention of the Head Administration department
every risk emanating from investment operations that
ought to be insured (refer to the risk register for
financial risks that are mitigated through insurance)
ii. The Administration Manager ensures that
premium due for all insurances are dully paid
iii. The finance/ Investment risk manager shall advise
the administration department of any insurance that is
no longer required.
b. Consultancy
All consultancy services relating to financial risk shall
have contract which clearly states the terms of
engagement of the consultant.
The Chief risk officer shall ensure that the contract
arising from all consultancy services covers the
following;
Standard Level Agreement (SLAs) which;
i. details the minimum level of performance/quality
required from the consultants
ii. clearly delineates the risks to be borne by
the consultant
iii. clearly specifies the penalty for default
Risk Reporting
Financial Risk Management requires an organization to
have an effective risk reporting process reflecting the
up-todate status of risk issues within the Company.
i. Such report should define the responsibility for
production of investment report, the layout of each of
the reports, timing of production and delivery,
presentation of result, basis evaluation, etc.
ii. Report should be analyzed to improve existing risk
management performance, evaluate the impact of
financial risk breaches and monitor compliance with
risk appetite levels.
iii. Separate report should be generated for each of
the three major risk types: Market, Credit and
Liquidity Risk.
Risk Reporting Template
The periodic report should include the following:
I Details of investment activities during the period
under reference
ii. Commentary on each of the investment activity
iii. Details of portfolio positions by asset type
iv. Concentration analysis of portfolio and/or
credit exposures
v. Details of any regulatory or internal limits
breached during the period
vi. Actions taken on such if any
vii. Planned future investment activities
113 2014 ANNUAL REPORTS AND ACCOUNTS 105
C) Capital management
The Company’s capital management framework is
designed to ensure that the company is capitalised in
line with the risk profile, regulatory requirements,
economic capital standards and target ratios approved
by the board. The capital management objectives of
the company are to:
• maintain sufficient capital resources to meet
minimum regulatory capital requirements set by
NAICOM
• maintain sufficient capital resources to support the
company’s risk appetite and economic capital
requirements;
• support the company’s credit rating;
• maintain adequate capital to support the
development of its business and to enable it continue
as a going concern, while at the same time maximising
the return to its shareholders.
• allocate capital to businesses to support the
company’s strategic objectives, including optimising
returns on economic and regulatory capital;
• ensure the company holds capital in excess of
minimum requirements in order to achieve the target
Capital Adequacy Ratios set by management and to
withstand the impact of potential stress events; and
• manage the net asset value currency management
process, including evaluating and implementing new
derivative instruments that could be used for hedging
purposes;
Capital Management Strategy
The Company’s Enterprise Risk Management (ERM)
committee ensures compliance with the Company’s
capital management objectives. The committee
reviews actual and forecast capital adequacy on a
regular basis. The processes in place for delivering the
group’s capital management objectives are:
• establish internal targets for capital adequacy;
• apply stress tests to assess the group‟s capital
adequacy under stress scenarios;
• plan and forecast capital requirements to ensure
that capital ratios exceed the targets set by
the Board.
In addition to these processes, the board, through the
ERM Committee, review and set risk appetite annually
and analyse the impact of stress scenarios to
understand and manage the Company s projected
capital adequacy.
The Company has had no significant changes in its
policies and processes to its capital structure during
the year under review through effective selection of
investment platforms and has shown concerns over
strict compliance with NAICOM investment guidelines.
Solvency MarginThe Company solvency margin position as at 31
December 2014 is summarised below:
Company solvency
Regulatory minimum capital required
Deficit in solvency margin
N'000
2,737,670
(3,000,000)
(262,330)
The Company had a solvency margin of N2.738 billion
for the year ended 31 December 2014, which is N262
million less than the regulatory minimum capital of N3
billion. The deficit is mainly due to non-admissibility of
the Company's loan to Standard Alliance Properties
Limited amounting to N956 million.
The directors are pursuing aggressively to realize these
assets and are confident that the solvency deficit shall
be rectified without any adverse effect on the
o p e r a t i o n s o f t h e C o m p a n y .
2014 ANNUAL REPORTS AND ACCOUNTS106
Valuation Methods
The Insurance Act, CAP I17, LFN 2004 does not specify
any particular approach that must be used in
determining the statutory value of insurance liabilities.
Whilst some sections of the Act appear to make
reference to the net premium approach to reserving,
we understand that this simply reflects the practice at
the time the Act was written and is not a requirement to
adopt a net premium valuation approach. We have in
the last few years adopted the gross premium
valuation approach for statutory purposes as standard
and this has been acceptable to NAICOM.
From the IFRS perspective, the main features of IFRS 4
that impact the liability calculations are as follows:
a) The IFRS prohibits provisions for possible claims
under contracts that are not in existence at the end of
the reporting period.
b) The IFRS requires an insurer to keep insurance
liabilities in its statement of financial position until they
are discharged or cancelled, or expire, and to present
insurance liabilities without offsetting them against
related reinsurance assets.
c) The IFRS requires a test for the adequacy of
recognised insurance liabilities and an impairment test
for reinsurance assets.
Liability adequacy
At each reporting date, an assessment is made of
whether the recognized long-term business provisions
are adequate, using current estimates of future cash
flows. If that assessment shows that the carrying
amount of the liabilities (less related assets) is
insufficient in light of the estimated future cash flows,
the deficiency is recognized in the profit or loss by
setting up an additional provision in the statement of
financial position.
Key assumption in liability
adequacy testing
IFRS 4 paragraph 15 describes the liability adequacy
test which, if conditions are not met, requires any
deficiency to be recognised in profit or loss. Paragraph
16 states that:
“If an insurer applies a liability adequacy test that
meets the specified minimum requirements, this IFRS
imposes no further requirements. The minimum
requirements are the following:
a) The test considers current estimates of all
contractual cash flows, and of related cash flows such
as claims handling costs, as well as cash flows resulting
from embedded options and guarantees.
b) If the test shows that the liability is inadequate, the
entire deficiency is recognised in profit or loss.”
2014 ANNUAL REPORTS AND ACCOUNTS 107
Accident
year
2007
2008
2009
2010
2011
2012
2013
2014
1
90,369
474,364
179,206
172,035
180,167
187,457
265,491
199,953
2
34,192
369,280
323,203
206,514
232,931
534,984
341,784
-
3
35,033
34,046
58,101
127,551
120,370
266,906
-
-
4
1,214
45,313
12,813
83,949
323,656
-
-
-
5
633
17,610
2,511
4,590
-
-
-
-
6
290
5,031
3,134
-
-
-
-
-
7
1,365
525
-
-
-
-
-
-
8
151
-
-
-
-
-
-
-
Table 1
Incremental Chain ladder-Yearly Projections (N’000)
1. Claims Data
The claims data has eight risk groups – (Marine, Motor, Engineering, Bond, Fire, General Accident, Oil & Gas and
Aviation).
The combined claims data, for all lines of business between 2007 and 2014, are summarized in the Table 1 below. A
further summary of this data for each individual class of business is detailed in Appendix 1 of this report
2. Premium Data
The gross premium written in 2014 by line of business is compared with the amounts recorded in the financial
accounts and there are no differences as shown below:
Table 22014 Financial Accounts compared with Premium Data
General Accident
Engineering
Fire
Marine
Motor
Bond
Aviation
Oil and Gas
Total 4,333,254,792
597,027,221
178,238,038
418,662,086
1,003,722,266
800,985,622
274,118,690
243,778,385
816,722,484
Gross Written Premium Account (N)
Class of Business
178,238,038
Gross Written Premium Data (N)
597,027,221
4,333,254,792
816,722,484
243,778,385
274,118,690
800,985,622
1,003,722,266
418,662,086
3. Valuation Methods
The provision for outstanding claims, including IBNR, was determined for each line of business on both gross and
net of reinsurance basis. An accident year cohort was used to group claims to study the settlement pattern.
2014 ANNUAL REPORTS AND ACCOUNTS108
The calculations was carried out using the following three (3) approaches explained below:
I) The Basic Chain Ladder Method (BCL):The Basic Chain Ladder method forms the basis to the reserving methods explained below. Historical incremental
claims paid were grouped into accident year cohorts by class of business – representing when they were paid after
their accident year e.g. a year after 2007 etc. These cohorts are called loss development triangles.
The incremental paid claims are accumulated to the valuation date and projected to their expected ultimate claim
estimate. The gross claim reserve is then derived from the difference between the cumulated paid claims and the
estimated ultimate claim.
For the more recent under developed years, the Bornheutter Ferguson method was used as a check on the reserves
that were calculated using the Basic Chain Ladder Model. The appropriate loss ratio used is normally the average of
fully developed.
ii) The Inflation Adjusted Chain Ladder Method (IACL):
Under this method, the historical paid losses are stripped off from inflationary effects using the corresponding
inflation index in each of the accident years. We then estimate loss development ratio used to project the cumulative
historical paid claims to their ultimate values for each accident year. The difference between the estimated ultimate
values and the cumulative historical paid clams forms the expected gross claim reserves. These are then inflated by
the corresponding inflation index from payment years to the future year of payment of the outstanding claims.
Due to the lack of historical reinsurance recovery data, reinsurance recoveries was calculated by the applying the
ratio of outstanding reported reinsurance recoveries to outstanding reported reserves to the total outstanding
claims reserves.
The following official inflation index was adopted:
Inflation Index
6.60%
15.10%
13.90%
11.80%
10.30%
12.00%
8.00%
8.30%
11.00%
Year
2007
2008
2009
2010
2011
2012
2013
2014
2015+
The calculations are also on two bases;
• By discounting the claims estimated to the valuation date at a discount rate of 14.5% p.a.
• With no discounting.
iii) Expected Loss Ratio: This method is simple and gives an approximate estimate. We adopted this method as a check on our ultimate
projections and also where the volume of data available is too small to be credible when using a statistical approach.
2014 ANNUAL REPORTS AND ACCOUNTS 109
Under the method, we obtained the Ultimate claims by studying the historical loss ratios, investigating any
differences and using judgments to derive a loss ratio. Paid claims already emerged is then deducted for from the
estimated Ultimate claims to obtain our reserves
iv) Frequency and Severity Method (Average Cost per claim).
This method investigates the trend of the claim frequency and average cost per claim for each accident year. An
Average of the fully run off accident years is used as a guide on the ultimate claim frequency and ultimate average
cost which is then adopted for the accident years that are not fully run off.
Large losses distorting the claims payment trend were excluded from all our chain ladder projections and analyzed
separately using the Average Cost per claim method.
v) Unearned Premium Reserve (UPR): Each policy’s unexpired insurance period (UP) was calculated as the exact number of days of insurance cover
available after the review date and calculated the UPR as the annualized premium * (UP)/policy duration
vi) Unexpired Risk Reserve (URR): The URR is estimated by multiplying the loss ratio by the unexpired premium (UP). This is the indication of the cost of
the future claims cost and all expenses expected to be incurred in the future by the unexpired portion of existing
policies.
Additional Unexpired Risk Reserve (AURR): This is defined as the max (0, URR-UPR).
It is the additional reserve calculated when we expect a loss to occur.
4. Assumptions underlying the Valuation Methods
• Policies are written uniformly throughout the year for each class of business.
• These methods assume the future claims follow a regression pattern from the historical data.
• Claims occur uniformly throughout the year for each class of business. This implies that claims occur
on average halfway through the year.
• Hence payment patterns will be broadly similar in each accident year. The proportionate increase in the known
cumulative payments from one development year to the next is used to calculate the expected cumulative
payments for the future development periods.
• An implicit assumption of the chain ladder is that weighted past average inflation will remain
unchanged in to the future.
• We assume gross claim amount includes all related claim expenses. If this is not the case, a separate
reserve will be held to cover claim expenses.
• The UPR is calculated on the assumption that risk will occur evenly during the duration of the policy.
• Under the Average Cost per claim method, we assumed the early years eg accident years 2006 and
2007 are fully developed
• For Bond, Oil and Gas and Aviation, we used the loss ratio method to calculated the reserves.
2014 ANNUAL REPORTS AND ACCOUNTS110
4.1 Large Losses
The table below shows the large loss cut of for each class of business. SD below means Standard Deviation.
Class OF business Large Loss Comment on Derivation
Aviation N/A Loss Ratio method used to derive reserves
Bond N/A Loss Ratio method used to derive reserves
Engineering 10,403,262 Average + 3SD of Losses
Fire 9,749,074 Average + 3SD of Losses
General Accident 10,000,000 10m Adopted
Marine 10,098,805 Average + 3SD of Losses
Motor 5,000,000 5m Adopted
Oil & Gas N/A Loss Ratio method used to derive reserves
5. Valuation Results
We summarise 4 sets of results in this section under the following methods
• Basic Chain Ladder– with claims discounted and undiscounted
• Inflation Adjusted Basic Chain Ladder– with claims discounted and undiscounted
5.1 Basic Chain Ladder – Result Table
We present Gross claims technical reserves under Basic Chain Ladder, Inflation Adjusted Chain Ladder. We have also
assumed a discounted approach of the methods used and results presented in table 5.1b and 5.2b. Reinsurance
recoveries for Bond, Special Risks and Engineering were taken from the Outstanding reported reserves.
Table 5.1a: Basic Chain Ladder Method
Class of Business
Gross Outstanding
Claims
N
Estimated
Reinsurance Recoveries
N
Net Outstanding Claims
N
Accident 139,227,767
(46,251,558)
92,976,209
Engineering 119,149,958
(110,689,597)
8,460,360
Fire 317,677,685
(227,139,545)
90,538,140
Marine 118,935,245
(70,954,985)
47,980,261
Motor 163,082,175
-
163,082,175
Bond* 80,364,813
-
80,364,813
Aviation* 113,802,487 - 113,802,487
Oil and Gas* 492,608,320
-
492,608,320
TOTAL 1,544,848,450
(455,035,685)
1,089,812,765
Accounts (Outstanding Claims) 1,184,507,628
(352,094,809)
832,412,818
Difference 360,340,822
(102,940,876) 257,399,947
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method
2014 ANNUAL REPORTS AND ACCOUNTS 111
Table 5.1b: Discounted Basic Chain Ladder Method
120,576,723 (40,055,669) 80,521,054
104,946,808 (97,494,957) 7,451,852
285,310,009 (203,996,656) 81,313,353
105,124,761 (62,715,857) 42,408,904
150,406,920 - 150,406,920
80,364,813 - 80,364,813
113,802,487 - 113,802,487
492,608,320 - 492,608,320
1,453,140,841 (404,263,139) 1,048,877,702 1,184,507,628
(352,094,809)
832,412,818
268,633,213 (52,168,329)
216,464,884
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method
Gross Outstanding
Claims
N
Estimated
Reinsurance Recoveries
N
Net Outstanding Claims
NClass of Business
Accident
Engineering
Fire
Marine
Motor
Bond*
Aviation*
Oil and Gas*
TOTAL
Accounts (Outstanding Claims)
Difference
5. Inflation Adjusted Chain Ladder Method – Result Table
Table 5.2a: Inflation Adjusted Basic Chain Ladder Method
156,390,668
121,221,067
324,030,044
125,097,170
171,398,885
80,364,813
113,802,487
492,608,320
1,584,913,453
1,184,507,628
400,405,825
(51,953,085)
(112,613,645)
(231,681,481)
(74,631,096)
-
-
-
-
(470,879,309)
(352,094,809)
(118,784,499)
104,437,583
8,607,421
92,348,562
50,466,073
171,398,885
80,364,813
113,802,487
492,608,320
1,114,034,144
832,412,818
281,621,326
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method
Gross Outstanding
Claims
N
Estimated
Reinsurance Recoveries
N
Net Outstanding Claims
NClass of Business
Accident
Engineering
Fire
Marine
Motor
Bond*
Aviation*
Oil and Gas*
TOTAL
Accounts (Outstanding Claims)
Difference
2014 ANNUAL REPORTS AND ACCOUNTS112
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method
Table 5.2b: Discounted Inflation Adjusted Basic Chain Ladder Method- Discounted
5. UPR (Gross and Reinsurance UPR) – Result Table
Table 5.4: Estimated UPR (net of reinsurance)
Gross Outstanding
Claims
N
Estimated
Reinsurance Recoveries
N
Net Outstanding Claims
NClass of Business
Accident
Engineering
Fire
Marine
Motor
Bond*
Aviation*
Oil and Gas*
TOTAL
Accounts (Outstanding Claims)
Difference
133,809,086
106,159,082
291,019,894
109,618,807
157,693,491
80,364,813
113,802,487
492,608,320
1,485,075,980
1,184,507,628
300,568,353
(44,451,469)
(98,621,152)
(208,079,224)
(65,396,937)
-
-
-
-
(416,548,782)
(352,094,809)
(64,453,973)
89,357,618
7,537,930
82,940,670
44,221,870
157,693,491
80,364,813
113,802,487
492,608,320
1,068,527,198
832,412,818
236,114,380
Class of Business
General Accident
Engineering
Fire
Marine
Motor
Bond
Aviation
Oil and Gas
Total
Gross UPR
N
101,845,928
55,720,485
92,576,880
86,226,613
310,253,890
91,376,694
37,976,051
141,401,677
917,378,217
Reinsurance UPR
N
(9,944,458)
(10,246,631)
(22,843,428)
(43,314,302)
(4,659,325)
-
(4,974,530)
(95,132,764)
(191,115,438)
NET UPR
N
91,901,469
45,473,854
69,733,452
42,912,311
305,594,565
91,376,694
33,001,521
46,268,913
726,262,779
6. Additional Unexpired Risk Reserve (AURR)
The AURR is the additional risk reserves required where the URR is greater than the UPR and is estimated by
multiplying the UPR by our estimated ultimate loss ratio for each business line. Illustrated below is the assumption
that the ultimate loss ratios are less 100% earned premiums for every class of business written. Accordingly a nil
AURR was estimated for the business.
2014 ANNUAL REPORTS AND ACCOUNTS 113
Table 6.0: Loss Ratio Table
11%
23%
64%
5%
29%
72%
16%
16%
Assumed Loss RatioClass of Business
General Accident
Engineering
Fire
Marine
Motor
Aviation
Bond
Oil & Gas
7. Conclusion
1,485,076 (416,549) 1,068,527
917,378
(191,115)
726,263
2,402,454
(607,664)
1,794,790
Gross Estimate of Outstanding Claims
Table 7.2: Technical Reserves
Valuation MethodFull Value
(No Discounting)N
Present Value(Discounting)
N
1,544,848,450 1,453,140,841
1,584,913,453 1,485,075,980IABCL
BCL
The Inflation Adjusted Basic Chain Ladder (Discounted) Method was adopted which presents a
gross claims reserve of N1.49 billion and reinsurance recoveries estimate N417 million (a net
position of N1.07 billion) as being representative of the liability.
This figure:
· anticipates that total claims may be exposed to inflationary increase
· recognises that present value needs to be reserved for anticipated future payments
7.2 Technical Reserves
The claims reserve net of reinsurance asset was estimated as N1.07 billion and net UPR
as N0.73 billion, leading to a total Net Liability of N1.79 billion as shown in Table 7.2
below, and this estimate meets the Liability Adequacy Test.
Gross
(N ‘000)
Reinsurance Assets
(N ‘000)
Net
(N ‘000)
Claims
UPR
Total
2014 ANNUAL REPORTS AND ACCOUNTS114
Accident year 1 2 3 4 5 6 7 8
Cumulative Chain ladder-Yearly Projections (N’000)
2.315 1.281 1.069 1.027 1.045 1.012 1.006Loss Dev Factors
2014 17,187 - - - - - - -
2007 - 7,492 20,653 20,883 21,144 21,434 22,799 22,928
2008 55,315 87,437 93,925 94,978 96,596 101,627 101,792 -
2009 1,567 44,984 56,289 65,854 68,365 71,499 - -
2010 31,722 53,294 73,216 81,371 84,184 - - -
2011 37,944 81,750 100,833 105,555 - - - -
2012 15,382 47,304 67,939 - - - - -
2013 26,390 74,848 - - - - - -
Accident year 1 2 3 4 5 6 7 8
2007 - 7,492 13,160 230 261 290 1,365 129
2008 55,315 32,122 6,488 1,054 1,618 5,031 165 -
2009 1,567 43,417 11,305 9,565 2,511 3,134 - -
2010 31,722 21,571 19,923 8,155 2,813 - - -
2011 37,944 43,806 19,083 4,722 - - - -
2012 15,382 31,921 20,636 - - - - -
2013 26,390 48,457 - - - - - -
2014 17,187 - - - - - - -
Incremental Chain ladder-Yearly Projections (N’000)
Appendix 1 : Illustration of Gross Claim Reserving
1.1 Basic Chain Ladder Method – Gross General Accident Claims
1.1.1 The claims paid are allocated to claim development years as illustrated below. Of the claims that arose in
2007, N0 million was paid in 2007 (development year 1), N7.492 million in 2008 (development year 2) etc.
Table 5.1
Incremental Chain Ladder (Table of claims paid excluding large claims (Attritional Table))
1.1.2 The claim was then cumulated as illustrated below. For instance, in 2007, N0 million was paid from claims
arising that year. At the end of 2008, the total claim payments arising from accidents in 2007 was N7.492
million, this increased to N20.653 million in 2009 etc.
Cumulative Data (for Attritional loses)
2014 ANNUAL REPORTS AND ACCOUNTS 115
1.1.3 This table was used to estimate the average ratio of claims paid at different periods e.g. it was estimated
that the ratio of total claims paid 1year after the accident year to those paid at the end of the accident year is
2.315 obtained as
=(74848+47304+81750+53294+44984+87437)
(26390+15382+37944+31722+1567+55315)
Similarly, the cumulative ratio of total claims paid at the end of year 3 to 2 is 1.281 Projecting the cumulative ratios, we
estimate cumulative payments for each accident year below.
1.1.4 For instance we project that; From the combined settlement patterns we project the accumulation amounts
payable in future
• no further claims will arise after 2014 in respect of claims incurred in 2007
• total claims from 2008 accident year will be N101.63 million, of which N101.63 million had been
paid as at the end of year 2015
Projected Table
1.1.5 Unwinding the cumulative payments we expect claim payments to be made till 2019 as follows
Accident year 1 2 3 4 5 6 7 8
2007 0 7,492 20,653 20,883 21,144 21,434 22,799 22,928
2008 55,315 87,437 93,925 94,978 96,596 101,627 101,792 101,874
2009 1,567 44,984 56,289 65,854 68,365 71,499 71,615 71,673
2010 31,722 53,294 73,216 81,371 84,184 85,459 85,597 85,667
2011 37,944 81,750 100,833 105,555 108,580 110,224 110,403 110,492
2012 15,382 47,304 67,939 72,862 74,950 76,085 76,209 76,271
2013 26,390 74,848 93,260 100,018 102,884 104,442 104,612 104,697
2014 17,187 39,782 49,569 53,161 54,684 55,512 55,602 55,648
Cumulative Chain ladder-Annual Projections (N’000)
Accident year 1 2 3 4 5 6 7 8
2007
2008 83
2009 116 58
2010 1,275 139 69
2011 3,025 1,644 179 90
2012 4,923 2,088 1,135 124 62
2013 18,413 6,757 2,866 1,558 170 85
2014 22,596 9,787 3,592 1,524 828 90 45
Non-Cumulative Chain ladder-Annual Projections (N'000)
2014 ANNUAL REPORTS AND ACCOUNTS116
1.1.6 The reserves for General Accident large loss is illustrated as follows
1.1.7 From the above tables, we illustrate the total expected payment for each future year as follows
Appendix 2A: An illustration of Expected Loss Ratio Method – Oil and Gas claims
*Earned premiums for 2008 - 2012 were not available so we adopted 2013 earned premiums
Attritional Losses 83,318,655
Large Loss 55,909,112
Total 139,227,767
2019 1,059,437
2020 175,052
2021 45,138
2016 20,473,269
2017 7,841,409
2018 3,294,525
Accident Year Incremental
2015 50,429,825
Accident
Year
Gross
Earned
Premium
(N' 000)
Claims Paid
till date
(N' 000)
Total O/s as
at 31 Dec
2014
(N'000)
Current
Incurred
(N'000)
Current
Loss
Ratio
Ultimate
Loss
Ratio
Ultimate
Losses
(N'000)
Outstanding
Claim
Reserves
(N'000)
2008* 778,690 2,930 9,360 12,289 2% 1.58% 12,289 9,360
2009* 778,690 86,324 0 86,324 11% 11.09% 86,324 0
2010* 778,690 127,782 36,448 164,229 21% 21.09% 164,229 36,448
2011* 778,690 315,950 178,147 494,098 63% 63.45% 494,098 178,147
2012* 778,690 228,564 144,680 373,244 48% 47.93% 373,244 144,680
2013* 778,690 36,625 18,096 54,721 7% 7.03% 54,721 18,096
2014 730,957 0 0 0 0% 25.00% 182,739 182,739
Total 569,470
Discounted 492,608
AccidentYear
Exposure / Earned
Premium (N'000)
Total Paid Amounts (N'000)
O/s Reported LG
Reserve
No. of Large Losses
Claim Frequency
Average Paid Cost (N'000)
Ult Avg
Cost
Ultimate Freq
2009 766,496 71,137 27,937 5 0.0007% 14,227 16,512 0.0008%
2010 882,640 12,205 0 1 0.0001% 12,205 12,205 0.0001%
2011 779,748 0 0 0 0.0000% 0 0 0.0000%
2012 1,722,833 35,437 0 2 0.0001% 17,719 17,719 0.0001%
2013 639,229 10,778 10,000 1 0.0002% 10,778 10,389 0.0003%
2014 881,547 0 0 0 0.0000% 0 14,962 0.0001%
Average Ultimate Frequency 0.000136%
Average Ultimate Severity 14,962
2014 ANNUAL REPORTS AND ACCOUNTS 117
Appendix 2B: Expected Loss Ratio Method – Bond Claims
*Earned premiums for 2010 - 2012 were not available so we adopted 2013 earned premiums
Accident
Year
Gross
Earned
Premium
(N' 000)
Claims Paid
till date
(N' 000)
Total O/s as
at 31 Dec
2014
(N'000)
Current
Incurred
(N'000)
Current
Loss
Ratio
Ultimate
Loss
Ratio
Ultimate
Losses
(N'000)
Outstanding
Claim
Reserves
(N'000)
2010* 63,090 0 0 0 0% 0% 0 0
2011* 63,090 0 9,959 9,959 16% 16% 9,959 9,959
2012* 63,090 0 4,190 4,190 7% 7% 4,190 4,190
2013* 63,090 0 9,820 9,820 16% 16% 9,820 9,820
2014 362,313 0 0 0 0% 16% 56,396 56,396
Total 80,365
It was assumed that the pre 2014 claims information is fully developed and have adopted the industry
average loss ratio for 2014 accident year.
It was assumed that the pre 2014 claims information is fully developed and have adopted the 2013 loss ratio for
the 2014 accident year.
Appendix 3: An illustration of Expected Loss Ratio Method – Aviation claims
*Earned premiums for 2008 - 2012 were not available so we adopted 2013 earned premiums
53,009 96 0 96 0.18% 0.18% 96 0
53,009 2,565 407 2,972 5.61% 5.61% 2,972 407
53,009 118,179 60,157 178,336 336.43% 336.43% 178,336 60,157
53,009 2,787 7,781 10,569 19.94% 19.94% 10,569 7,781
23,925 0 43,030 43,030 179.86% 190.00% 45,457 45,457
123,626 111,376 235,002 237,429 113,802
Accident
Year
Gross
Earned
Premium
(N' 000)
Claims Paid
till date
(N' 000)
Total O/s as
at 31 Dec
2014
(N'000)
Current
Incurred
(N'000)
Current
Loss
Ratio
Ultimate
Loss
Ratio
Ultimate
Losses
(N'000)
Outstanding
Claim
Reserves
(N'000)
2010*
2011*
2012*
2013*
2014
Total
It was assumed that the pre 2014 claims information is fully developed and assuming a further 10%
deterioration of the incurred loss ratio for the 2014 accident year.
2014 ANNUAL REPORTS AND ACCOUNTS118
Appendix 4 – Cumulative Claims Development Pattern: General Accident
Table 1 Table of claims paid excluding large claims (Attritional Table)
Accident year
1 2 3 4 5 6 7 8
2007 - 7,492 13,160 230 261 290 1,365 129
2008 55,315 32,122 6,488 1,054 1,618 5,031 165 -
2009 1,567 43,417 11,305 9,565 2,511 3,134 - -
2010 31,722 21,571 19,923 8,155 2,813 - - -
2011 37,944 43,806 19,083 4,722 - - - -
2012 15,382 31,921 20,636 - - - - -
2013 26,390 48,457 - - - - - -
2014 17,187 - - - - - - -
Incremental Chain ladder-Yearly Projections (N’000)
Table 2 Cumulative table for Attritional loses
0 7,492 20,653 20,883 21,144 21,434
55,315 87,437 93,925 94,978 96,596 101,627
1,567 44,984 56,289 65,854 68,365 71,499
31,722 53,294 73,216 81,371 84,184 85,459
37,944 81,750 100,833 105,555 108,580 110,224
15,382 47,304 67,939 72,862 74,950 76,085
26,390 74,848 93,260 100,018 102,884 104,442
17,187 39,782 49,569 53,161 54,684 55,512
22,799 22,928
101,792 101,874
71,615 71,673
85,597 85,667
110,403 110,492
76,209 76,271
104,612 104,697
55,602 55,648
Accident year
1 2 3 4 5 6 7 8
2007
2008
2009
2010
2011
2012
2013
2014
Cumulative Chain ladder-Annual Projections (N’000)
Appendix 4 – Cumulative Claims Development Pattern: General Accident
Table 3 Reserve for Large losses
Accident
Year
Exposure
/ Earned
Premium
(N'000)
Total Paid
Amounts
(N'000)
O/s
Reported
LG Reserve
No. of
Large
Losses
Claim
Frequency
Average
Paid Cost
(N'000)
Ult Avg
Cost
Ultimate
Freq
Ultimate
Paid
Amounts
(N'000)
Large
Loss
Reserves
(N'000)
2009 766,496 71,137 27,937 5 0.0007% 14,227 16,512 0.0008% 99,073 27,937
2010 882,640 12,205 0 1 0.0001% 12,205 12,205 0.0001% 12,205 -
2011 779,748 0 0 0 0.0000% 0 0 0.0000% 0 -
2012 1,722,833 35,437 0 2 0.0001% 17,719 17,719 0.0001% 35,437 -
2013 639,229 10,778 10,000 1 0.0002% 10,778 10,389 0.0003% 20,778 10,000
2014 881,547 0 0 0 0.0000% 0 14,962 0.0001% 17,972 17,972
Total Reserves 55,909
Average Ultimate Frequency 0.000136%
Average Ultimate Severity 14,962
2014 ANNUAL REPORTS AND ACCOUNTS 119
Appendix 5 – Cumulative Claims Development Pattern: FIRE
Table 1: Table of claims paid excluding large claims (Attritional Table)
- 3,764 4,481 - - - - 22
31,644
23,489
606
3,318 - - - -
6,639 20,498 16,274 119 - - - -
10,624 7,440 4,588 1,899 - - - -
4,652 28,986 19,862 1,782 - - - -
37,995 45,906 34,373 - - - - -
28,345 54,204 - - - - - -
8,788 - - - - - - -
Accident year
1 2 3 4 5 6 7 8
2007
2008
2009
2010
2011
2012
2013
2014
Incremental Chain ladder-Yearly Projections ( N’000)
Table 2 Cumulative table for Attritional loses
0 3,764 8,245 8,245 8,245 8,245 8,245 8,266
31,644 55,133 55,740 59,058 59,058 59,058 59,058 59,058
6,639 27,137 43,411 43,530 43,530 43,530 43,530 43,530
10,624 18,064 22,652 24,551 24,551 24,551 24,551 24,551
4,652 33,638 53,500 55,283 55,283 55,283 55,283 55,283
37,995 83,901 118,274 125,202 125,202 125,202 125,202 125,202
28,345 82,549 111,232 117,748 117,748 117,748 117,748 117,748
8,788 66,540 89,660 94,912 94,912 94,912 94,912 94,912
Accident year
1 2 3 4 5 6 7 8
2007
2008
2009
2010
2011
2012
2013
2014
Cumulative Chain ladder-Annual Projections (N’000)
2014 ANNUAL REPORTS AND ACCOUNTS120
Table 4 Combined results table (Attritional and Large Losses)
Accident year
2007
2008
2009
2010
2011
2012
2013
2014
Summary of Results
Ultimate
Loss
Ratio
5%
41%
22%
11%
14%
6%
20%
8%
Gross
Earned
Premium
766,496
766,496
766,496
882,640
779,748
1,722,833
639,229
881,547
Gross
Claims
Reserve
-
83
28,111
1,483
4,938
8,331
39,849
56,433
Total
Ultimate
35,907
315,665
170,747
97,872
110,492
111,708
125,475
73,620
Latest Paid Large Loss
(N'000)
12,979
213,790
71,137
12,205
-
35,437
10,778
-
Paid to
date
(N,000)
22,928
101,792
71,499
84,184
105,555
67,939
74,848
17,187
Total 139,228
Appendix 6 – Cumulative Claims Development Pattern: MOTOR
Table 1 Table of claims paid excluding large claims (Attritional Table)
Accident year
1 2 3 4 5 6 7 8
2007
2008
2009
2010
2011
2012
2013
2014
- 14,976 2,338 983 372 - - -
190,643 135,241 5,944 - - - - -
86,114 81,402 3,212 1,575 - - - -
100,312 63,455 8,926 2,640 1,379 - - -
109,817 74,299 8,106 516 - - - -
71,456 149,819 5,936 - - - - -
125,126 91,926 - - - - - -
132,756 - - - - - - -
Incremental Chain ladder-Yearly Projections (N’000)
Table 4 Combined results table (Attritional and Large Losses)
Appendix 5 – Cumulative Claims Development Pattern: FIRE
Table 3 Reserve for Large losses
228,621 50,000 - 1 0.0004% 50,000 50,000 0.0004% 50,000 -
288,027 22,422 - 1 0.0003% 22,422 22,422 0.0003% 22,422 -
326,449 134,108 27,738
6 0.0018% 22,351 23,121 0.0021% 161,846 27,738
404,105 78,350 91,798
4 0.0010% 19,587 24,307 0.0017% 170,148 91,798
243,246 34,567 - 3 0.0012% 11,522 11,522 0.0012% 34,567 -
295,603 0 63,790
0 0.0000% 0 21,453 0.0011% 69,890 69,890
Accident
Year
Exposure
/ Earned
Premium
(N'000)
Total Paid
Amounts
(N'000)
O/s
Reported
LG Reserve
No. of
Large
Losses
Claim
Frequency
Average
Paid Cost
(N'000)
Ult Avg
Cost
Ultimate
Freq
Ultimate
Paid
Amounts
(N'000)
Large
Loss
Reserves
(N'000)
2009
2010
2011
2012
2013
2014
Total Reserves
Average Ultimate Frequency 0.001102%
21,453Average Ultimate Severity
189,427
8,266 - 8,266 - -
59,058 12,644 71,701 - -
43,530 50,000 93,530 - 228,621 41%
24,551 22,422 46,972 - 288,027 16%
55,283 134,108 217,128 27,738 326,449 67%
118,274 78,350 295,350 98,726 404,105 73%
82,549 34,567 152,315 35,199 243,246 63%
8,788 - 164,803 156,014 295,603 56%
Total 317,678
Accident year
2007
2008
2009
2010
2011
2012
2013
2014
Summary of Results
Ultimate
Loss
Ratio
Gross
Earned
Premium
Gross
Claims
Reserve
Total
Ultimate
Latest Paid Large Loss
(N'000)
Paid to
date
(N,000)
2014 ANNUAL REPORTS AND ACCOUNTS 121
Table 4 Combined results table (Attritional and Large Losses)
18,670 -
18,670 - -
331,828
35,441
367,269
- -
172,302
48,018
220,320
-
1,325,911
17%
176,711
94,632
271,343 - 1,514,770
18%
192,738
22,426
215,556
391
1,680,780
13%
227,211
44,270
273,183
1,703
872,306
31%
217,052
42,212
267,501
8,238
992,937
27%
132,756
16,030
301,537
152,751
1,028,395
29%
163,082
Table 2 Cumulative table for Attritional loses
0 14,976 17,314 18,297 18,670 18,670 18,670 18,670
190,643 325,884 331,828 331,828 331,828 331,828 331,828 331,828
86,114 167,516 170,727 172,302 172,302 172,302 172,302 172,302
100,312 163,767 172,693 175,332 176,711 176,711 176,711 176,711
109,817 184,116 192,222 192,738 193,130 193,130 193,130 193,130
71,456 221,275 227,211 228,450 228,913 228,913 228,913 228,913
125,126 217,052 223,614 224,833 225,289 225,289 225,289 225,289
132,756 248,550 256,064 257,460 257,983 257,983 257,983 257,983
Accident year
1 2 3 4 5 6 7 8
2007
2008
2009
2010
2011
2012
2013
2014
Cumulative Chain ladder-Annual Projections (N’000)
Appendix 6 – Cumulative Claims Development Pattern: MOTOR
1,325,911 48,018 0 6 0.0005% 8,003 8,003 0.0005% 48,018 -
1,680,780 94,632 0 10 0.0006% 9,463 9,463 0.0006% 94,632 -
1,680,780 22,426 0 3 0.0002% 7,475 7,475 0.0002% 22,426 -
872,306 44,270 0 7 0.0008% 6,324 6,324 0.0008% 44,270 -
992,937 42,212 0 6 0.0006% 7,035 7,035 0.0005% 42,212 -
1,028,395 16,030 6,800 2 0.0002% 8,015 8,015 0.0005% 43,554 27,524
Accident
Year
Exposure
/ Earned
Premium
(N'000)
Total Paid
Amounts
(N'000)
O/s
Reported
LG Reserve
No. of
Large
Losses
Claim
Frequency
Average
Paid Cost
(N'000)
Ult Avg
Cost
Ultimate
Freq
Ultimate
Paid
Amounts
(N'000)
Large
Loss
Reserves
(N'000)
2009
2010
2011
2012
2013
2014
Total Reserves
Average Ultimate Frequency
Average Ultimate Severity
27,5240.000528%
6,680
Total
Accident year
2007
2008
2009
2010
2011
2012
2013
2014
Summary of Results
Ultimate
Loss
Ratio
Gross
Earned
Premium
Gross
Claims
Reserve
Total
Ultimate
Latest Paid Large Loss
(N'000)
Paid to
date
(N,000)
2014 ANNUAL REPORTS AND ACCOUNTS122
Appendix 7 – Cumulative Claims Development Pattern: MARINE
Table 1 Table of claims paid excluding large claims (Attritional Table)
Accident year
1 2 3 4 5 6 7 8
2007
2008
2009
2010
2011
2012
2013
2014
Cumulative Chain ladder-Annual Projections (N’000)
- 4,761 1,534 - - - - -
16,177 9,560 33 - - - - -
5,636
22,659
390
- - - - -
8,716 13,441 6,201 - - - - -
4,702
4,346
1,253
59
- - - -
3,722
15,527
1,571 - - - - -
15,633 19,170 - - - - - -
14,657
- - - - - - -
0 4,761 6,295 6,295 6,295 6,295 6,295 6,295
16,177 25,737 25,769 25,769 25,769 25,769 25,769
5,636 28,295 28,685 28,685 28,685 28,685
8,716 22,157 28,358 28,358 28,358
4,702 9,048 10,301 10,360
3,722 19,249 20,819
15,633 34,802
14,657
25,769
28,685 28,685
28,358 28,358 28,358
10,693 10,693 10,693 10,693
22,156 22,867 22,867 22,867 22,867
39,272 41,793 43,135 43,135 43,135 43,135
45,132 50,928 54,198 55,938 55,938 55,938 55,938
Accident year
1 2 3 4 5 6 7 8
2007
2008
2009
2010
2011
2012
2013
2014
Cumulative Chain ladder-Annual Projections (N’000)
Table 2 Cumulative table for Attritional loses
Appendix 7 – Cumulative Claims Development Pattern: MARINE
Table 3 Reserve for Large losses
Average Ultimate Frequency
Average Ultimate Severity
0.000116%
8,634
578,844 0 0 0 0.0000% 0 0 0.0000% 0 -
583,531 21,000 0 1 0.0002% 21,000 21,000 0.0002% 21,000 -
1,092,080 0 0 0 0.0000% 0 0 0.0000% 0 -
1,123,487 27,072 0 2 0.0002% 13,536 13,536 0.0002% 27,072 -
606,174 0 0 0 0.0000% 0 0 0.0001% 0 -
852,887 0 66,940 0 0.0000% 0 66,940 0.0001% 66,940 66,940
Accident
Year
Exposure
/ Earned
Premium
(N'000)
Total Paid
Amounts
(N'000)
O/s
Reported
LG Reserve
No. of
Large
Losses
Claim
Frequency
Average
Paid Cost
(N'000)
Ult Avg
Cost
Ultimate
Freq
Ultimate
Paid
Amounts
(N'000)
Large
Loss
Reserves
(N'000)
2009
2010
2011
2012
2013
2014
Total Reserves 66,940
2014 ANNUAL REPORTS AND ACCOUNTS 123
Table 2 Cumulative table for Attritional loses
Table 4 Combined results table (Attritional and Large Losses)
Accident year
2007
2008
2009
2010
2011
2012
2013
2014
Summary of Results
Ultimate
Loss
Ratio
Gross
Earned
Premium
Gross
Claims
Reserve
Total
Ultimate
Latest Paid Large Loss
(N'000)
Paid to
date
(N,000)
2,661 8,956 - -
141,860 167,630 - -
- 28,685 - 578,844 5%
21,000 49,358 - 583,531 8%
- 10,693 333 1,092,080 1%
27,072 49,940 2,048 1,123,487 4%
- 43,135 8,333 606,174 7%
6,295
25,769
28,685
28,358
10,360
20,819
34,802
14,657 - 122,879 108,222 852,887 14%
118,935
Total
Appendix 8 – Cumulative Claims Development Pattern: ENGINEERING
Table 1 Table of claims paid excluding large claims (Attritional Table)
- 538 541 - - - - -
3,769 1,197 - - - - - -
580 6,892 - - - - - -
1,210 705 - 385 398 - - -
1,314 7,868 8,957 - - - - -
415 18,734 849 - - - - -
412 2,149 - - - - - -
535 - - - - - - -
Accident year
1 2 3 4 5 6 7 8
2007
2008
2009
2010
2011
2012
2013
2014
Incremental Chain ladder-Yearly Projections (N’000)
0 538 1,079 1,079 1,079 1,079 1,079 1,079
3,769 4,966 4,966 4,966 4,966 4,966 4,966
580 7,472 7,472 7,472 7,472 7,472
1,210 1,916 1,916 2,301 2,699
1,314 9,181 18,139 18,139
415 19,149 19,998
412 2,561
535
4,966
7,472 7,472
2,699 2,699 2,699
19,186 19,186 19,186 19,186
22,009 23,280 23,280 23,280 23,280
3,391 3,732 3,948 3,948 3,948 3,948
3,535 4,681 5,151 5,448 5,448 5,448 5,448
Accident year
1 2 3 4 5 6 7 8
2007
2008
2009
2010
2011
2012
2013
2014
Cumulative Chain ladder-Annual Projections (N’000)
2014 ANNUAL REPORTS AND ACCOUNTS124
Appendix 8 – Cumulative Claims Development Pattern: ENGINEERING
Table 3 Reserve for Large losses
Accident
Year
Exposure
/ Earned
Premium
(N'000)
Total Paid
Amounts
(N'000)
O/s
Reported
LG Reserve
No. of
Large
Losses
Claim
Frequency
Average
Paid Cost
(N'000)
Ult Avg
Cost
Ultimate
Freq
Ultimate
Paid
Amounts
(N'000)
Large
Loss
Reserves
(N'000)
2009
2010
2011
2012
2013
2014
Total Reserves
Average Ultimate Frequency
Average Ultimate Severity
0.000386%
16,013
258,910 0 - 0 0.0000% 0 0 0.0000% 0 -
672,666 0 - 0 0.0000% 0 0 0.0000% 0 -
672,666 0 - 0 0.0000% 0 0 0.0000% 0 -
1,176,265 0 - 0 0.0000% 0 0 0.0000% 0 -
265,637 57,714 93,957
2 0.0008% 28,857 37,918 0.0015% 151,671 93,957
235,505 0 - 0 0.0000% 0 16,013 0.0004% 14,565 14,565
108,522
Table 4 Combined results table (Attritional and Large Losses)
1,079 - 1,079 - -
4,966 16,013 20,979 - -
7,472 - 7,472 - 258,910 3%
2,699 - 2,699 - 513,296 1%
18,139 - 19,186 1,047 672,666 3%
19,998 - 23,280 3,281 1,176,265 2%
2,561 57,714 155,618 95,344 265,637 59%
535 - 20,013 19,478 235,505 8%
119,150
Accident year
2007
2008
2009
2010
2011
2012
2013
2014
Summary of Results
Ultimate
Loss
Ratio
Gross
Earned
Premium
Gross
Claims
Reserve
Total
Ultimate
Latest Paid Large Loss
(N'000)
Paid to
date
(N,000)
Total
2014 ANNUAL REPORTS AND ACCOUNTS 125
APPENDIX TO THE FINANCIAL STATEMENTS
General
Aviation BondEngine-
ering Fire Accident Marine Motor Oil & Gas
N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Premium written 14,999 418,662 243,778 274,119 816,722 801,009 1,003,722 760,243
Decrease/(increase) in
Unearned premium
(23,398) (72,243) (6,952) 17,333 49,197 29,246 7,332 4,910
(8,399) 346,419 236,826 291,452 865,919 830,255 1,011,054 765,153
(9,951) 241 (47,185) (55,020) (23,352) (77,638) (24,834) (237,277)
(18,350) 346,660 189,641 236,432 842,567 752,617 986,220 527,876
Commission received on reinsurance 3,358 - 14,817 23,359 9,989 33,016 5,110 13,429
(14,992) 346,660 204,458 259,791 852,556 785,633 991,330 541,305
Less Claims Expenses
Claim paid 71,340 23,352 50,642 128,842 156,189 42,470 249,042 348,176
(Decrease)/Increase in provision for
outstanding claims 71,031 15,870 37,859 31,826 27,701 61,188 67,354 99,668
Claims incurred but not
reported (IBNR)
(2,103)
45,881
(40,811)
107,550
13,321
(21,950)
(116,099)
8,833
140,268
85,103
47,690
268,218
197,211
81,708
200,297
456,677
Claims expenses recoveries
from reinsurers
-
(5,000) (89,313) (92,040) (45,340) (49,326) (2,081) -
140,268 80,103 (41,623) 176,178 151,871 32,382 198,216 456,677
Underwriting expenses:
Acquisition cost 10,407 93,253 79,209 97,544 232,385 222,127 239,126 80,915
Maintenance cost 993 27,730 16,147 18,156 54,096 53,055 66,482 50,355
11,400 120,983 95,356 115,700 286,481 275,182 305,608 131,270
151,668 201,086 53,733 291,878 438,352 307,564 503,824 587,947
REVENUE ACCOUNT
Premium Income
Reinsurance premium expenses
Net premium written
Underwriting income
Net Claims expenses
Total underwriting expenses
Total Expenses
Underwriting profit (166,660) 145,574 150,726 (32,087) 414,204 478,069 487,506 (46,642)
2014 2013
N'000 N'000
4,333,254 3,792,076
5,425 (12,442)
4,338,679 3,779,634
(475,015) (683,715)
3,863,664 3,095,919
103,078 33,799
3,966,742 3,129,718
1,070,053 1,035,416
412,497 (167,795)
(5,377)
298,894
1,477,173
1,166,515
(283,099) (95,625)
1,194,074 1,070,890
1,054,966 953,453
287,015 100,012
1,341,981 1,053,465
2,536,055 2,124,355
1,430,687 1,005,363
2014 ANNUAL REPORTS AND ACCOUNTS126
APPENDIX TO THE FINANCIAL STATEMENTS
STATEMENT OF VALUE ADDED
2014 2013
N'000 % N'000 %
PREMIUM, INVESTMENT AND OTHER INCOME 4,199,856 3,464,930
PREMIUMS,COMMISIONS, CLAIMS PAID AND
OTHER OPERATIONAL COST (5,463,185) (3,404,408)
VALUE (LOST)/ADDED (1,263,329) 100 60,522 100
DISTRIBUTED AS FOLLOWS:
EMPLOYEES
Staff costs 534,360 (42) 609,144 1,006
PROVIDERS OF FUNDS
Finance charges 48,483 (4) 137,084 227
GOVERNMENT
Taxation including information technology
development levy 86,505 (7) 64,879 107
ASSET REPLACEMENT
Depreciation & amortisation 147,965 (12) 130,358 215
CONTRACTION/EXPANSION -
Shareholder's interest
Loss for the year after taxation (2,080,642) 165 (880,943) (1,456)
VALUE (LOSS) ADDED (1,263,329) 100 60,522 100
The value added statement represents the distribution of the wealth created by the Company through the use of
its assets and the efforts of the employees.
2014 ANNUAL REPORTS AND ACCOUNTS 127
APPENDIX TO THE FINANCIAL STATEMENTS
FIVE YEAR FINANCIAL SUMMARYSTATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
ASSETS EMPLOYED
Cash and cash equivalents
Financial assets
Trade Receivable
Reinsurance assets
Deferred acqusition costs
Other receivables and Prepayment
Non-Current Asset Held for sale
Investment in Associate
Investment Properties
Intangible Assets
Property, plants and equipments
Statutory Deposit
LIABILITIES
NET ASSETS
SHAREHOLDERS' EQUITY
Share Capital
Preference shares
Share Premium
Treasury shares
Contingency Reserves
Other reserves
Retained earning
TOTAL SHAREHOLDERS' EQUITY
TOTAL LIABILITY AND SHAREHOLDERS' EQUITY
STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
Gross premium income
Reinsurance premium expenses
Net premium Income
Commission earned on reinsurance
Underwriting income
Total underwriting expenses
Underwriting result
Investment income
Investment and sundry income
Management expenses
Exceptional charges - Provision for diminition in investment
Impairment charges on premium receivable
Finance charges
Impairment charges
Share of profit/ (loss) on Associate Company
Unrealised Fair value gain/(losses)
Information Technology Development levy
(Loss)/Profit before taxation
Income tax
Deferred tax
Transfer to contingency reserves
(Loss)/profit after taxation
Other comprehensive income/(loss)
Revaluation surplus on building
Fair value gain on devine benefit plan valuation
Total comprehensive income
Total comprehensive income (loss) for the year
Loss per share: Basic/Diluted (Kobo)
2014
N'000
701,236
1,837,131
32,646
607,664
96,442
32,469
-
433,507
1,415,000
7,686
2,222,606
335,000
7,721,387
4,303,905
3,417,482
5,996,587
-
7,667,475
-
1,243,423
1,615,054
(13,105,057)
3,417,482
7,721,387
2014N'000
4,338,679
(475,015)
3,863,664
103,078
3,966,742
(2,536,055)
1,430,687
239,631
-
(1,795,804)
-
-
(48,483)
(1,145,650)
(610,519)
(52,475)
-
(1,982,613)
(86,505)
(11,524)
-
(2,080,642)
411,117
(243,574)
167,543
(1,913,099)
(17.35)
2012
N'000
316,589
1,963,821
642,257
641,965
140,728
563,752
1,435,000
1,123,290
-
18,937
1,750,734
335,000
8,932,073
4,059,225
4,872,848
5,996,587
-
15,852,049
(8,737,585)
999,663
896,009
(10,133,875)
4,872,848
8,932,073
2012N'000
5,381,232
(480,958)
4,900,274
90,967
4,991,241
(2,430,346)
2,560,895
208,069
-
(1,386,984)
-
-
(190,144)
(358,959)
75,637
10,715
-
919,229
(120,192)
(17,855)
-
781,182
-
-
-
772,328
772,328
1,553,510
(16.88)
2011
N'000
662,801
2,802,762
2,074,009
301,491
97,332
608,913
390,000
1,047,654
-
17,345
1,117,053
335,000
9,454,360
3,415,418
6,038,942
4,246,587
1,750,000
15,852,049
(8,737,585)
834,764
37,869
(7,944,742)
6,038,942
9,454,360
2011N'000
4,551,723
(391,384)
4,160,339
92,726
4,253,065
(1,552,008)
2,701,057
176,948
-
(1,388,761)
-
(784,359)
(148,413)
(152,069)
(191,086)
(111,090)
(3,191)
99,036
(82,307)
(9,906)
-
6,823
-
-
10,800
3,786
14,586
21,409
(17)
2010
N'000
1,005,251
2,698,829
1,314,507
361,215
101,843
1,162,330
40,000
1,238,740
-
21,617
1,064,841
335,000
9,344,173
3,151,640
6,192,533
4,246,587
1,750,000
15,852,049
(8,737,585)
691,808
23,280
(7,633,606)
6,192,533
9,344,173
2010N'000
3,883,161
-
-
-
-
-
1,754,156
-
49,250
-
(3,789,950)
(6,475,611)
-
-
-
-
-
(8,462,155)
(137,349)
-
(116,495)
(8,715,999)
-
-
-
-
-
(8,715,999)
(99)
2013
N'000
230,396
3,017,908
7,673
241,092
420,840
98,513
-
1,081,612
1,435,000
11,544
1,909,303
335,000
8,788,881
4,011,311
4,777,570
5,996,587
-
15,852,049
(8,737,585)
1,113,425
1,447,511
(10,894,417)
4,777,570
8,788,881
2013N'000
3,779,634
(683,715)
3,095,919
33,799
3,129,718
(2,124,355)
1,005,363
335,212
-
(1,497,228)
-
-
(137,084)
(297,351)
(239,741)
41,093
-
(789,736)
(64,879)
(26,327)
-
(880,942)
-
-
-
641,102
641,102
(239,840)
(7.35)
IFRS NON-IFRS
Fair value gain on quoted shares(Available for sale) net of tax
2014 ANNUAL REPORTS AND ACCOUNTS128
DETERMINATION OF SOLVENCY MARGIN
The solvency margin for the Company as at 31 December 2014 is as follows:
Admissible assets N'000
Cash and cash equivalents 701,236 -
Financial assets: -
Reinsurance assets 607,664 -
Trade receivables 32,646
Deferred acquisition cost 96,442
Investment properties 1,415,000
Investment in associates 433,507
Property, plant and equipment 2,222,606
Statutory deposits with CBN 335,000 -
6,736,015
Admissible liabilities
Finance liabilities 757,803 -
Trade payables 75,954 -
Other payables 395,441 -
Current income tax liabilities 334,285
Emplyee benefits liability -
Insurance contract liabilities 2,402,454
Finance lease obligation 32,408
3,998,345
Excess of admissible assets over admissible liabilities 2,737,670 -
The higher of 15% of net premium and minimum paid up capital 3,000,000
Surplus in solvency margin (262,330)
Solvency ratio (0.09)
Fair value through profit or loss 58,949
Loans and receivables
Available for sale investment
11,015
821,950
2014 ANNUAL REPORTS AND ACCOUNTS 129
102
HEAD OFFICE
Plot 1,Block 94,
Providence Street,
Lekki Scheme 1,
Lekki, Lagos
Technical:
Ezekiel Olukolajo
GSM: 08033706152
ABUJA
3 Warri Street, Off Tafawa
Balewa Way, Behind
International Conference
Centre, Area 11,
Garki, Abuja
Okoriko Abah
GSM: 07032196282
AKWA IBOM
APICO Investment House
(2nd Floor), Plot 24 Block 1
Olusegun Obasanjo Way
(former Abak Road), Uyo.
Enobong Iyang Willie
GSM: 08039646630
BORNO
25 Chari House, Sir Kashim
Ibrahim Road, Maiduguri.
Bulama Mohammed
GSM: 08071823695
DELTA
9 Airport Road, Effurun, Warri.
Ogbonna Kelechi
GSM: 08037236544
EDO
131B Sapele Road, Benin-City.
Akporotu Emmanuel
GSM: 08036991436
EKITI
66 Secretariat/Bank Road.
Adjacent ECOBANK,
Bank Road, Ado-Ekiti.
Moyolade Dickson
GSM: 08033841325,
0807782137
IMO
134 Wetheral Road, Owerri.
Jude Emeruwa
GSM: 08033105490
KADUNA
24 Constitution Road, Opposite
ABS Gymnasium Hall, Kaduna.
Danjuma Caxton Emmanuel
GSM: 07036632253
KWARA
163 Ibrahim Taiwo Road,
Décor Plaza, Ilorin.
Oyindamola Lawal
GSM: 08023125827
LAGOS
Plot 1, Block 94, Providence
Street, Lekki Scheme 1, Lekki.
Olukolajo Ezekiel
GSM: 08033706152
28 Pelewura Crescent,
Off Randle Road, Apapa.
Ayodele Dapo
GSM: 08033335150
16 Opebi Road, Ikeja.
Yetunde Idowu
GSM: 08026304843
OGUN
2A Olusegun Osoba Way,
Oke-Ilewo, Abeokuta.
Iranloye Samson Lanre
GSM:08023237300,
07029416076
ONDO
9B Akure-Owo Road,
2nd Floor (Ule-Uyi),
Beside, ECOBANK,
Alagbaka, Akure.
Moyolade Dickson
GSM: 08033841325,
08077821373
Abuja
Akwa Ibom
Borno
Delta
Edo
Ekiti
Imo
Kaduna
Kwara
Lagos
OgunOndo
Osun
Oyo
Rivers
OSUN
42 Okefia Street, Opposite
All Souls Church, Osogbo.
Iranloye Samson Lanre
GSM: 08023237300,
07029416076
OYO
20 Bolumole Street,
Off Ring Road,
NEPA Bus-stop, Ibadan.
Iranloye Samson Lanre
GSM: 08023237300,
07029416076
RIVERS
11B Circular Road,
Presidential Estate,
GRA, Port Harcourt.
Charles Nnaemeka
GSM: 08037777031
A.) SA Insurance Branch Network Report
2014 ANNUAL REPORTS AND ACCOUNTS130
ABORISADE BABATOPE EBENEZER
ACHUNINE CHIDEBE
ADEBESIN KEHINDE B.
ADEDOKUN GBENGA HGRMW
ADEGBINDIN SIKIRU AKIN
ADEGBOYE DEBORAH ABOSEDE
ADEKOYA SHAKIRUDEEN O. ABOLORE
ADELABU ADETAYO
ADENIJI ADENIKE OLAYEMI
ADENIYI ABOSEDE
ADENUGA G.S. MICHAEL OLUMUYIWA
ADEOLA MUASIBAU ADEJARE
ADEOYE OLUMIDE SAMUEL
ADEPOJU KAZEEM
ADEWUSI EBENEZER ADEKUNLE
ADIGWE OGOM IRENE
ADIGWU ANDREW IKEMEFUNA
ADISIANYA UCHENNA KANAYOCHUKWU
AFOLABI BUKOLA
AFOLABI OLAWALE A JANI
AGBABIAKA ABIOLA ADELEYE OMOLARA
AGBABIAKA AYODEJI OLUSOLA
AGBABIAKA IBITAYO OMONIYI
AGBABIAKA OLUREMI GRACE OLAWUNMI
AGEH COSMAS UKPANUKPONG
AJAEBILI IFEANYI JOSEPHAT
A JANA OLA JIDE
A JAYI OLUWAFEMI SAMUEL
A JILEYE TAIWO JAMES
A JOSE LUKMAN OLABIRAN
A JUDUA STEVE ELUE
AKANJI YINUSA KAYODE
AKINDELE YISA ADEWALE
AKINOSO TAIWO
ALABI AYOBAMI ADEDAPO
ALABI MICHAEL OLASUNKANMI
ALADE ISREAL OLABODE
ALAFIATAYO LADE YEMISI
ALEX OLATUNDE RAPHAEL
ALI EMMANUEL OCHEIDO
ALLI AYANWOLE SIKIRU
ALUMA JOHN ALUMA
ANARAH FLORENCE OGOCHUKWU
ANARE PAUL GIDEON
ANIEROBI FELICIA ABOSEDE
ARHAVWARIEN JONES
ASAKPA JAMES
ASHIRU SHAKIRAT BOLANLE
AYANKOYA ELIZABETH BOLANLE
AYEGBA ABDUL
AYODELE ADEFUNKE OLUYEMISI
AYODELE JOHNSON
AYODELE OLUFEMI ADEYEMI
BAIYEWU OLUFEYIKEMI
BAKARE MURITALA ADEGBOYEGA
BAMIDELE MICHEAL MABINUOLA
BAMIDELE OLAGOKE
BEN-NWAKANMA NGOZI AMANDA
BOKINNI SIRA J KOLAWOLE
BOLARINWA FUNMI
DADA ABIOLA OYERONKE
DADA OLUFEMI ADETOLA
DADA SAMSON OLUGBEMIGA
DANBALA MAGAJI
DARE ADEBOLA J.
DIORU ARUBICA ROWLAND
EBOJIE KENNEDY
EDE MOSES NWEKE
EFFIONG ANIEKAN ETTE
EFUNNUGA ADEMOLA ADEWALE
EGWUATU THERESA NWANYIBUTE
EJIOFOR CHIOMA EBERE
EKUNDAYO OLUBUNMI DESOLA
EKWUEME MACFAB CHUKWUMA
ELOYE OJO MONAEKHIS
ENUJIOFOR NKIRUKA HOPE
ERUKU EBENEZER MAROMIPIN
ESUE ABAYELI IVUEDOYA
EZEMGBE SYLVANUS CHUKWUMA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
180.00
450.00
900.00
180.00
90.00
180.00
90.00
450.00
180.00
90.00
90.00
90.00
180.00
90.00
900.00
900.00
180.00
153.00
900.00
90.00
90.00
90.00
90.00
90.00
180.00
180.00
450.00
90.00
405.00
630.00
405.00
90.00
450.00
360.00
90.00
90.00
90.00
900.00
90.00
360.00
135.00
162.00
270.00
180.00
900.00
9,000.00
9,000.00
180.00
450.00
90.00
90.00
90.00
900.00
90.00
90.00
90.00
90.00
4,050.00
90.00
9,000.00
90.00
270.00
90.00
270.00
900.00
180.00
450.00
90.00
90.00
126.00
900.00
270.00
342.00
450.00
180.00
270.00
90.00
180.00
90.00
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
UNC�IMED DIVIDEND AS AT DEC 31ST 2014 S/N NAME AMOUNT PYT_NO
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
EZEOBI NWANKWO CHRISTOPHER
FADARE ADEJUMO ADIO
FAMOROTI BANKOLE OLUWATOYIN
FATOKE OLUKAYODE OLUSEGUN
FAZING ZINGKUN ZINGKUN
IBIROGBA ADEBOLA BABS
IDJAI MONDAY
IKEH OLUCHI M
ISA LADU ADEJO
IYEVHE LAZARUS ASEGIEMHE
JAIYEOLA ADEWUNMI ABIODUN
JINADU LAMIDU OLANIRAN
JOSEPH ADEBAYO
KABIRU YUSUF ZAINAB MARYAM FATI
KADIRI RAFIU
KALU OKEH GAIUS & HAPPINESS GAIUS
KALU UGO OKEKE
KAMFA AUWALU ISHAQ
KOLEOSO FOLASADE ARINADE
LAWAL MUTIU OLAKUNLE
LEWA JACINTA ASHE'NGOM
MADUAGWU DILICHUKWU DAMIAN
MADUAKO ANTHONY
MAYIKO JOSIAH OWHOBEVUGHE
MBAEMEKA C.DEAR JOHN
MBANUGO EMENIKE OLISAEMEKA
MEYANBE OLU ADEBISI
MOKOLO GLORY N.
MOMOH BEATRICE MODUPE
NDUBISI CHIDI NDUBISI O.
NKAK ARIT UDOFA
NKEMDILIM IKECHUKWU FRANCIS
NNADI FREDRICA AMAKA
NNAEBUE CHUKA EMMANUEL
NNAEMEKA ANNE OBIANUJU
NNAH SOLOMON KELECHI
NWADIKE PIUS EZIEFULA
NWAUWA DIVINE-WILL AKUJUOBI C.
NWEKE JOHN UKAESBU
NWOKE OGUWUIKE DAMIAN
NWOKE SOLOMON OBINNA
NWOSU PHILO NKEM
NXUMALO OSAMEDE ANNE
OBAFAIYE CLEMENT OLUWATOSIN
OBIANONWO BASIL UGOCHUKWU
OBITOLU GEORGINA UKAMAKA
OCHIAGHA LIVINUS
ODERO NYIMBI
OFOEDU IJEOMA JOY
OGA MOSES OGO
OGBONNA AGATHA AKUWUEZIUKA
OGBONNA NDIDI S.
OGBONNAYA EMMANUEL
OGHALI SUNDAY
OGUGUA MBADIWE EDMUND
OGUNWALE REGINA ADEDOYIN
OGUNYINKA BABATUNDE MICHEAL
OJEDOYIN TIMOTHY OLADAPO
OJEWUSI AYOOLA AYOBAMI
OKACHE CHRISTOPHER ODEY
OKAFOR JOHN
OKE ADEKUNLE OLAYINKA
OKEKE OBINNA MICHAEL
OKEREKE AKUNNA GEOEVIVE
OKEWOLE DOYIN
OKHIRIA GBENGA LUCKY
OKOH HYCENT
OKOLIGWE JUDE IKECHUKWU
OKONKWO CHIDI S. OKONKWO
OKONTA PAUL EJIME
OKORIE JOHN
OKOROAFOR NNENNA
OKOYE FRANCIS GABRIEL NWABISI
OKOYE IFEANYI PATRICK
OKPARA CHUKWUMA
OLAWOYE IFEOLUWA MOBOLA JI
OLOGAN OLUMIDE JOSEPH
OLOLA MULIKAT AWERO
OLORUNDAMISI OLANIKE GRACE OLAPEJU
450.00
180.00
90.00
90.00
180.00
1,800.00
180.00
450.00
90.00
90.00
900.00
450.00
450.00
90.00
162.00
810.00
450.00
90.00
180.00
90.00
90.00
90.00
450.00
180.00
135.00
1,800.00
90.00
180.00
180.00
126.00
90.00
135.00
900.00
450.00
270.00
450.00
135.00
180.00
225.00
90.00
135.00
180.00
450.00
90.00
90.00
90.00
90.00
9,000.00
450.00
270.00
270.00
90.00
135.00
450.00
90.00
90.00
450.00
9.00
90.00
540.00
1,350.00
90.00
90.00
900.00
180.00
900.00
90.00
180.00
270.00
180.00
180.00
180.00
180.00
180.00
900.00
729.00
225.00
90.00
99.00
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
OLORUNDARE KEHINDE JOSEPH (ACA)
OLOWU CLARA OLANREWAJU
OLUPAYIMO MICHAEL KAYODE
OLUSANYA ABIODUN ADEWALE
OLUSANYA OLUDAMILOLA OLUKEMI
OLUWO GANIYAT ADEBUKOLA
OMITOGUN AKINYEMI OLATUNDE
OMOKOREDE ADESHOLA ABOSEDE E
OMOKOREDE BOLANIRAN CYRIL
OMOLE MUYIWA
OMOLE OLUWATOSIN AFOLABI
OMOLUA ESIEMA DIANA
OMU ABRAHAM
ONADIPE SERIAN ERERE
ONYEOCHA CHARLES NNODIM
OPOROMO EMMANUEL PERE
OREAGBA ABAYOMI OLUFUNMILAYO
ORIDOTA LANRE ADEBOYE
OSANEKU LAWRENCE EFOMA
OSIFESO OLUSEYI OLUKAYODE O.
OSINUSI ADEGOKE
OTOKITI DAVID OLUWADARE
OTUBU OLUSEYE AKINOLA
OVIRIH ANDY DAVIDSON
OWARA OJO LAWRENCE OLADIRAN
OWOH EMMANUEL EMEKA
OYALOWO OLALEKAN OLAWALE
OYEDOTUN STELLA ADEFUNKE
OYELEKE RAFIU BALLE
OYIBO MOHAMMED ADJARHO
OZEMWONGIE JOSHUA M. O
RA JI FATAI ADEBAYO
SABITU ADEYEMI ISHAQ
SALAWU OLAYEMISI SERIFAT
SANGOSANYA TAOFEEK ADEYEMI
SANI LAWAN AMINA MUHAMMED YUSUF
SHOFUYI OLUWASEUN SAMUEL
SHUAIBU ABUBAKAR
SOFILE AFOLASHADE OLUWAFUNMILAYO
SOLIU LUQMAN M.
SONEYE ABAYOMI ADEBOLA
TIAMIYU EMMANUEL BAMIDELE
TOM-GEORGE DAREGO
UDOFIA ANIEKAN EFFIONG
UDOH JOHN
UGBECHIE FRANCA CHIKA
UMEADI ANDY UDEM
WANIYO UMARU TUMBA
WILLIAMS AFUSAT ADEOLA
YAHAYA MUHAMMED IMAM
YUNUSA UBA
YUSSUF AYINDE RAFIU
YUSUF BAKIN RUWA MUSA MOHAMMED
TOTAL FOR PYT 1
180.00
180.00
90.00
900.00
540.00
270.00
90.00
270.00
90.00
90.00
180.00
90.00
270.00
360.00
90.00
180.00
90.00
99.00
90.00
90.00
180.00
90.00
180.00
90.00
90.00
450.00
135.00
450.00
90.00
90,000.00
90.00
90.00
117.00
900.00
90.00
90.00
135.00
90.00
450.00
135.00
270.00
90.00
90.00
180.00
90.00
135.00
90.00
2,025.00
180.00
90,000.00
90.00
90.00
90.00
277,029.00
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2014 ANNUAL REPORTS AND ACCOUNTS 131
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
AFFI MICHAEL SABO
AGBAGA ANDREW OGHENEOVO
AGWERE CHRISTOPHER A JIRI
AKINJAYEJU IGBEKELE FESTUS.TOLA
AKOSILE JOHN OLAWALE
AKPOMIE MATTHEW
ALEGIEUNO JESSE
ALIYU SIKY ADEWALE
AMEH BENARD
AREKE KUNLE
ASIWAJU REMILEKUN OMOWUNMI
BAMIDELE OLUWAFUNMILOLA ADEBOWALE
BRANDT REAL ESTATE DEV.LTD
CATSEY INVESTMENT LTD
DAFETTA OGHENOVO ETA
DISU ADIO SULE
EKANEM SAMUEL ESSIEN
EMBASSY PHARM & CHEM LTD
ESONANJOR MATHEW
EZE CHIDIMMA
FIRST INLAND BANK/DE-LORDS SEC.-TRADING
GEORGE GRACE ALAERE
ILESANMI AFOLABI
IMOH ANITA INYANG
ISA LADU ADEJO
K.C.OGBONNAYA VENTURES NIGERIA LIMITED
KURA VICTORIA ISTY
MADU FIDELIS UCHE
MAYIKO JOSIAH OWHOBEVUGHE
MBAMAH LOUIS CHINEDU
NDARAKU CHESTER CHUKWUEMEKA
NJOKU VICTOR NNAEMEKA
NNAMANI KELVIN IKENNA NNA JIOFOR
NWANKWO EJE HELEN
NWOKEJI NWAENEZIE JOANNES-JUDE
NWOSU EMEKA FIDELIS
NZEIFE PIUS CHUKS
OAHIMIRE MICHAEL
OBAWOLE ADEWOLE
OBI EMEKA CHRISTOPHER
OBOM OTONYE
ODUSANYA SAKIRU OLUWASEUN
OGBODO MATTHEW
OJEI UDOKA ALEX
OKORONKWO MONDAY UCHENNA
OLUWA DURO
OMUBO MICHAEL A.C.
ONATE SAMUEL
OPARA COLLINS
OPHIOHONREN EMMANUEL PHIEKPAMARE
OVBUDE OGODINMA LIZZIE
TIAMIYU KAMORU SUNKANMI
UDOUSOROH MERCY IMAOBONG
UZOMA NADOZIEM OLIVER (SQN LDR RTD)
TOTAL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
270.00
567.00
7,087.50
354.38
2,126.25
405.00
6,750.00
10,125.00
249.48
67.50
1,012.50
148.84
6,750.00
67.50
5,953.50
94.50
675.00
675.00
17,010.00
708.75
3,375.00
354.38
1,488.38
708.75
148.84
67.50
471.83
354.38
297.68
10.06
128.25
1,063.13
417.83
675.00
336.96
184.75
675.00
14,801.40
405.00
141.75
1,147.50
229.50
100.58
354.38
70.88
3,375.00
1,012.50
337.50
100.58
1,417.50
9,247.50
32,724.00
8,430.75
708.75
146,460.42
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2014 ANNUAL REPORTS AND ACCOUNTS132
S/N NAME AMOUNT PYT_NO
AAKO JOHN TAIWO
AALIYA EMEKA
ABABA TIMINIPERE
ABA JA HENRY IFEANYI
ABA JUE VERONICA CHIKA
ABAKUN SAMUEL OLUWADEMILADE
ABAKUN SARAH OLUWAFUNMILADE
ABALO OLUWATOSIN OLAOLU
ABAM DAVID EYONG
ABANE JOHN
ABANEKE KINGSLEY
ABANG ABUO SAM
ABANG OKON WILSON
ABANG YUSUFU
ABANI SHARON AMARACHI
ABANIWU LAURA IFE
ABANUM GRACE ASHINEDU
ABARATA BUKAR
ABARI SIMIDELE
ABASI-AKAMA GLORIA HARVEST
ABASS ADETOBA
ABASS OLOMISOLA
ABASS SEUN AZEEZ
ABATAN AYODELE
ABATI FELIXMORE
ABATI ISIAKA
ABATU IZEDONMWEN
ABAYE GOWON PIUS
ABAYOMI ANOSIKE
ABAYOMI BABAYEMI
ABAYOMI CHINEDUM
ABAYOMI OLUFEMI
ABAYOMI OLUSOLA
ABAYOMI SHADE
ABAZU AYOMIDE
ABBA JOHNSON
ABBAH FRANCO
ABBAS KEISHA
ABBAS MADUNEME
ABBAS PHYDELIA
ABBAS UGO
ABBEY ABBEY JAMES
ABBEY ABBEY JAMES B.
ABBEY JAMES NNAOMA
ABBEY JAMES NNAOMA J.
ABDEL GIGGS
ABDEL KEON
ABDU ADEWALE
ABDU PAT LEMMY
ABDUL ADAMU
ABDUL ADESOLA
ABDUL ADEYEMI
ABDUL EJAH
ABDUL FATAI MUFTAU
ABDUL HAMEED HASSAN LAWAL
ABDUL JOHN ABDUL
ABDUL KEISHA
ABDULAKEEM AMODU
ABDULATEEF KAYODE
ABDULAZEEZ S. AYODELE
ABIMBOLA LUFADEJU
ABIMBOLA TAWOJU
ABIMBOLA TEMITAYO ADENIKE
ABIMBOLA YAZID
ABIODUN CHRISTY
ABIODUN ELABOR
ABIODUN FAVOUR
ABIODUN FRANCIS
ABIODUN HENRY OLAWALE
ABIODUN IBRAHIM
ABIODUN ISAAC
ABIODUN MARGARET OLUREMI
ABIODUN RASHIDAT ADENIKE
ABIOLA A JOKPAGHENE
ABIOLA FLORIAN
ABIOLA JAMES
ABIOLA KANAYOCHUKU
ABIOLA OBINWANNE
ABIOLA OLUFEMI
ABIOLA UGWUZOR
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
0.14
1.40
4.50
6.75
6.75
9.00
9.40
11.25
11.25
11.25
11.79
16.20
20.25
20.66
21.38
22.14
22.50
28.08
28.12
30.92
31.50
31.82
33.75
33.75
41.98
42.75
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
ABIOLA UNWAM
ABIOSE KALEJAIYE
ABIOYE JEGO
ABIOYE OLAJUMOKE JANE
ABIOYE PETER MOLOYEOLA
ABIOYE RASHEED OYEKOLA
ABIR IBUKUNOLA
ABIR KIDEN
ABIR OGUNLANA
ABIRI JOE JIRHEVWE
ABIRI SOMOLU
ABISO IDEMUDIA
ABISOLA ADEWALE
ABISOLA OSEGHALE
ABISOYE BOLORUNDURO
ABIWO POPOOLA LEWIS
ABIYE EMMANUEL
ABIYE EMMANUEL F.
ABODE BOLA JI SANI
ABODERIN ADEYEMI
ABODUNRIN SAMSON
ABODUNRIN SANNI BALOGUN
ABOH MUYIWA
ABOH TAIWO MONDAY
ABOLA JI ABOLANLE SHOTUYO KAFAYAT
ABOLANLE OKENIYI
ABOLARIN DEINDE
ABOLARIN RAPHAEL ROTIMI
ABOLORE ABUBAKAR
ABOLRIN SIMON ROTIMI
ABOLUWODI BUKUNMI
ABONU Simonpeter
ABOOTU CANNICE
ABORISADE OZOEKWE
ABORO DARE
ABOSEDE OKECHUKWU
ABOSEDE OLATERU
ABRAHAM ADEMOLA
ABRAHAM CHIDI
ABRAHAM KOLAWOLE OMOTAYO T
ABRAHAM OLI
ABSALOM LATEEFAH
ABSALOM OTEDOLA
ABU KURFI
ABU MARYJANE
ABU OLUWOLE
ABU OLUWOLE OLATUNDE
ABU REKHIA
ABUAH BURAIMOH
ABUBAKAR BAZAK AYODELE
ABUBAKAR DANAMARY
ABUBAKAR DEGGE
ABUBAKAR MUSA
ABUBAKAR SALISU
ABUBAKAR YAHAYA GARBA
ABUDU OKOTIE
ABUDU OSHODI
ABUDULSALAM AAUWA AYINKE
ABUI BURHAN
ABULE DANJUMA
ABULUDE AYOKUNLE
ABUYA JULIET
ACHI EZEH HENRY
ACHIEKEH OLANIKE
ACHIKE ONYEMADU
ACHIKE TOBI
ACHODA BOSE
ACHODAS BOSE E.
ACHODAS WAHAB
ADAMU ABATI
ADAMU ALFARMA
ADAMU EGUONO THOMAS
ADAMU EJIROGHENE MOSES
ADAMU ESEOGHENE EMMANUELLA
ADAMU IKE
ADAMU LYDIA IGBEKELEOLUWA
ADAMU MOHAMMED BABANGIDA
ADAMU SULEIMAN
ADAMU UFUOMA PATIENCE
ADARA YETUNDE
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
ADARE HASSAN
ADARE HASSAN E.
ADAUTIN KUNLE BENJAMI F.
ADAUTIN KUNLE BENJAMIN
ADAUTIN LAWAL ADAUTIN
ADAUTIN LAWAL ADAUTIN G.
ADAYI HANNAH
ADDIE BULUS
ADE ADEOLA
ADEALA ADESOLA JOLAADE
ADEARA FUNKE PRINCESS
ADEBAMBO OLAWALE
ADEBAMBO TEMITOPE TITILAYO
ADEBANJO AFOLASHADE OMODUNMI
ADEBANJO OLUSEGUN SAMUEL
ADEBAYO ABAYOMI
ADEBAYO ABOLA JI OLUFEMI
ADEBAYO ABRAHAM ADEWALE
ADEBAYO ADEKUNLE
ADEBAYO ADENIYI OLUWASEUN
ADEBAYO AKANDE
ADEBAYO AKANNI AZEEZ
ADEBAYO BISI FOLAKE (MRS)
ADEBAYO BUSUYI
ADEBAYO EMMANUEL BABAFEMI
ADEBAYO GBENGA ADEBOLA
ADEBAYO HELEN ADEFOLAKE
ADEBAYO OMOBOLA JI SHERIFF
ADEBAYO OSIO
ADEBERO BOLUWATIFE ESTHER
ADEBIAYE AYISAT YETUNDE
ADEBIMPE KADIR
ADEBIMPE LATEEF
ADEBISI CALA
ADEBISI OLUFUNMILAYO
ADEBISI RUTH
ADEBISI TITILAYO O.
ADEBIYI AYODEJI MUHAMMED
ADEBIYI SARAH OLA JUMOKE
ADEBOLA OPENIYI
ADEBOLA SOBOWALE
ADEBOWALE ADEBAYO
ADEBOWALE WURAOLA NIMOTA
ADEBOYE ELIZABETH TOLUWALOPE
ADEDAMOLA ADEMOLA
ADEDAPO OLUROPO
ADEDAYO OLADOTUN
ADEDEJI DOHERTY
ADEDEJI FEMI LATEEF
ADEDIJI EBENEZER OLUMIDE
ADEDIPE KAYODE
ADEDIPE KENNEDY
ADEDIRAN ADEFEMI SAMSON
ADEDIRAN JOSEPHINE
ADEDIRAN JOSEPHINE J.
ADEDIRIN FOLUSHO
ADEDOYIN ADEDOTUN DAVID
ADEDOYIN MOSES BABATUNDE
ADEDOYIN OLADELE EMMANUEL
ADEDOYIN SAMUEL OLAYEMI
ADEEKO OLUWAGBOHUNMI
ADEEKO VERONICA ANUOLUWAPO
ADEFALU OPEYEMI GRACE
ADEFEMI SOLA KAREEM
ADEFILA TERRESA ABIBOLA
ADEFUNMI OSU
ADEGBESAN FEYINTOLA
ADEGBINDIN ADENIYI
ADEGBITE ANTHONY ABIODUN
ADEGBITE MATTHEW KAYODE
ADEGBITE MUDASIRU ADEREMI
ADEGBITE OLUWASEYI OLASUNKANMI
ADEGBOLA ADEBAYO MICHAEL
ADEGBOLA CANTARA
ADEGBOLA OLUGBENRO
ADEGOJU JOY AYOYINKA
ADEGOKE ADEJUMOKE ADERONKE
ADEGOKE ADEMOLA JAMIU
ADEGOKE ASIMIYU KOLAWOLE
ADEGOKE CARINA
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS 133
Unclaimed Dividend As At Dec 31st 2014 S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
ADEGOKE DEJI FRANCIS
ADEGOKE KORU ADE
ADEGUN IYABO
ADEGUNWA ISIAKA ABIODUN
ADEH CATE
ADEJIMOLA ADEBOLA
ADEJUGBE TA JUDEEN
ADEJUMO CECELIA
ADEJUMO JOHN ADELOMO
ADEJUMO KAZEEM
ADEJUMO OJUADE
ADEJUMOBI MUNIRUDEEN KEHINDE
ADEKANBI SOYEBO
ADEKO AFOLAKE BUSRAT
ADEKOLA WALE
ADEKOLEJO ADEWUNMI MOSES
ADEKOYA BOSE
ADEKOYA CELESTINA
ADEKOYA FANIKU
ADEKOYA MIKE
ADEKOYA SAMSON OPEOLUWA
ADEKUNLE ADETUNJI
ADEKUNLE ADEYEMI
ADEKUNLE CEMAL
ADEKUNLE CEMAL JUMAI
ADEKUNLE GABRIEL
ADEKUNLE MOROUNMUBO TEMITOPE
ADEKUNLE OLUDAYO ADEDOKUN
ADEKUNLE OLUWASEYI OLUKEMI
ADEKUNLE TUNRAYO LIZZY
ADELAGUN OLA JUWON
ADELAKUN FATOYINBO
ADELANI OLUWADAMILOLA MARIAH
ADELEKAN ADESHINA BABATUNDE
ADELEKE ADEDEJI OLAREWAJU
ADELEKE ADEJOKE OLUWAFI KUNAYOMI
ADELEKE ADERONKE OLA JUMOKE
ADELEKE ADEWALE THOMAS
ADELEKE CHARITY
ADELEKE DAMILOLA ADEIFE
ADELEKE IYABO ELIZABETH
ADELEKE JULIUS ADE
ADELEKE OLUWAFUNTO BOLU
ADELEKE PEREIRA
ADELEKE SAMUEL ADEDAYO
ADELEKE SULAIMAN ADEREMI
ADELEKE TOLULOPE ADEDAMOLA
ADELEYE ABIMBOLA ABIOLA
ADELOJA CHI
ADEMILOYE ADEYINKA ADEJOKE
ADEMIROKUN BIDEMI
ADEMOLA ADIO ADEBAYO
ADEMOLA GLORIA
ADEMOLA NIKE
ADEMOLA OJO EMMANUEL
ADEMOLA SAKIRU JIMOH ADEMOLA
ADEMOSU AHMED OLASUNKANMI
ADEMOSU BOLA JI BASHIR
ADEMOSUN SIMBIAT
ADEN ANISHANU
ADEN IKE
ADEN LAHANA
ADENAIKE KEHINDE
ADENEYE FUNMILOLA ABOSEDE
ADENIJI ADENIKE OLAYEMI
ADENIJI SIMON SANMI
ADENIKE CHIBUKE
ADENIYI ADEWALE OREOLUWA
ADENIYI AKIN AKINWOLE
ADENIYI AYODEJI SAMUEL
ADENIYI SAMSON ADELAGUN
ADENIYI VICTORIA OLUYEMISI
ADENIYI WILLIAM
ADENUGA BILIKIS
ADENUGA OLUFEMI
ADENUGA TAIWO STEPHEN BADE
ADENUSI OLUWATOSIN
ADEOGBA ADEBANJO
ADEOLA AMOS
ADEOLA AYANFEMI ADEYEMI
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
ADEOLA MUASIBAU ADEJARE
ADEOSO ADEBOYE
ADEOSUN & ADEYEMI SOLOMON Y
ADEOTI ADEMOLA OLABODE
ADEOWU ADENIYI WASIU
ADEOYE ABEL
ADEOYE ABIODUN EYITAYO
ADEOYE ADEKUNLE ISIAKA
ADEOYE IBUKUN
ADEOYE MICHAEL ADEDEJI
ADEOYE OLABISI MOTURAYO
ADEOYE OLUWASEUN JONATHAN
ADEOYE THOMAS ADEYEMI
ADEPOJU ADEDAPO PAUL
ADEPOJU ADEWALE ABIMBOLA
ADEPOJU TA JUDEEN .A.
ADEPOJU TA JUDEEN .A.
ADEPOJU TA JUDEEN .A.
ADEREMI ADEDAMI OTUN OLUWAPELUMI
ADEREMI ADEKEPEMI OLUWAFIYIBOMI
ADEREMI ADENIYI
ADEREMI ADESEKEMI OYAOPEMIPO
ADEREMI ADEWOJUMI OLUWASEMILORE
ADEREMI NNEKA
ADESANYA OLUWATOYIN KUDIRAT
ADESANYA SUBUOLA
ADESEKO ANSARI
ADESEKO CHIBUKE
ADESHINA ADEDAYO OLUFUNMILADE
ADESHINA BOLA
ADESHINA ENIOLA
ADESHINA OMOLARA
ADESHINA SAIDU ALADE
ADESHINA TOHEEB OLAMIPOSI
ADESIDA SAMUEL
ADESINA GAMALIEL ABIMBOLA
ADESINA RABIU
ADESINA TITILOPE LANRE
ADESINA TOMOTHY OLUGBENGA
ADESOJI SALAMI
ADESOLA ADEBANJI
ADESOLA GBADEGESIN
ADESOMOJU AKINDEJI
ADESOYE OLUWASEUN
ADESULU KEHINDE ESTHER
ADESUWA ADNA
ADESUYI EKUNDAYO ADEWUMI
ADESUYI JEFF AMALA
ADETOKUNBO ADEOLA SHAKIRAT
ADETOKUNBO EMEKA
ADETOKUNBO MACAULAY
ADETOMIWA OLADIPO STEPHEN
ADETONA SURA JUDEEN
ADETOYIN ADEWOLE
ADETOYINBO OBA OLA JUBU BENJAMIN
ADETUNJI CHEKUBE ADEOLA
ADETUNJI TOLANI
ADEWALE FATIMA FOLASHADE
ADEWALE FUNMI
ADEWALE MICHAEL
ADEWOLA ISAAC AYINDE ADEKANMI
ADEWOLE CALEB BABATUNDE
ADEWOYE JUMOKE ADEBOLA
ADEWUNMI SAHHED
ADEWUNMI TAOFIK ABDUL
ADEWUSU OLUGBENGA
ADEWUYA SAHEED
ADEWUYI ATINUKE ABOLANLE
ADEWUYI FOLASADE
ADEYALO MUSILI AHMED
ADEYALO MUSILI AHMED K.
ADEYANJU BOSE COMFORT
ADEYANJU FOLORUNSHO JOHN
ADEYEFA ADEGBOYEGA ABAYOMI
ADEYEFA BEATRICE BOLANLE
ADEYEFA JAMES ADELANI
ADEYEMI ADEOLA RAMAT
ADEYEMI AKINLOLU
ADEYEMI ANUOLUWA ABIODUN
ADEYEMI FEMI
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
ADEYEMI OGBEBOR
ADEYEMI OLA JUMOKE ABOSEDE
ADEYEMI OLUWATOYIN ESTHER
ADEYEMI OWOLABI TOMMY
ADEYEMI SUNDAY .O.
ADEYEMI TUNDE ENOCH
ADEYEMO ADEGBOYEGA OLUYEMISI P
ADEYEMO ADEWALE OLA JIDE
ADEYEMO FOLUSO OLANIKE
ADEYEMO KEHINDE ADEMOLA
ADEYEMO PATRICIA OMEGHIE
ADEYERI HAMMED
ADEYERI HAMMED M.
ADEYERI OLUWAGBEMIGA JULIUS
ADEYEYE OLUFEMI OLANREWAJU
ADEYEYE OPEOLUWA ADEOLA
ADEYEYE PAUL ABIODUN
ADEYEYE TEMITOPE OMOLOLA
ADEYINKA ADEFEMI JOHNSON
ADEYINKA AHMED BABATUNDE
ADGBONYIN OSARENOMA LEONARD
ADIBA AKINDELE
ADIBE PRINCE OLUFUNKE
ADIEKWUE CHINWEIKE VALENTINE
ADIGBE SAMSON
ADIGUN FATIMOH
ADIGUN LUKMAN
ADIGUN RICHARD RASHEED
ADIGUN SHERIFAT IYABODE
ADIGUN THOMAS AKINBAYO
ADIGUN WALIU
ADILA EGBEDA
ADILO VICTOR IZUCHUKWU
ADIM JOSEPHIN
ADIM NKEM CYRIL
ADIM OKOLIE
ADINGA MARGRET NDANGHA
ADIO RAFIU
ADIO RUFUS HENRY
ADIO SAULA FUNKE
ADIOHA CALISTUS ASHULOKA
ADIOLE ANAYOCHUKWU SABASTINE
ADIOLE NKECHINYERE GLORIA
ADIRI CHARLES OKWUDIRI
ADISA DADA LEO
ADISA GANIYU
ADIVA ASHAFA
ADJE DICKSON
ADJE FELIX
ADJE FUNMI DICKSON
ADJE OKPETU
ADJEKE FELICIA NUME
ADNAN ADEKOYA
ADNAN LIMBER
ADODO AGBENYIGA
ADOJOR OVWIGHO SOLOMON
ADU BASIL ADENRELE
ADUBIFA ABIMBOLA
ADUBUOLA OLUWATOYIN ATINUKE T
ADUFAT CHIBUNDU
ADUFAT CHIDINA
ADUKU MOHAMMED TENIMU
ADUMA JAMES
ADUNO OLUWOLE OLUKAYODE
ADUNOLA KADIN
AFAM EZEH
AFANGA BASSEY
AFFADI CLEMENTINA NJIDEKA
AFLABI OLUWAGBENGA SUNDAY
AFOCHA ESTHER UKAMAKA
AFOLABI ADEYINKA ADEBOWALE
AFOLABI BOLUWATIFE
AFOLABI FOLASHADE
AFOLABI ISIAKA OLABODE
AFOLABI KABIRU GBOYEGA
AFOLABI KEMI
AFOLABI MIKE YINKA
AFOLABI OLUFUNMILAYO
AFOLABI OWAGBENGA JACOB
AFOLABI SESAN EZEKIEL
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS134
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
501
502
503
504
505
506
507
508
509
510
511
512
513
514
515
516
517
518
519
520
521
522
523
524
525
526
527
528
529
530
531
532
533
534
535
536
537
538
539
540
541
542
543
544
545
546
547
548
549
550
551
552
553
554
555
556
557
558
559
560
561
562
563
564
565
566
567
568
569
570
571
572
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592
593
594
595
596
597
598
599
600
601
602
603
604
605
606
607
608
609
610
611
612
613
614
615
616
617
618
619
620
621
622
623
624
625
626
627
628
629
630
631
632
633
634
635
636
637
638
639
640
641
642
643
644
645
646
647
648
649
650
651
652
653
654
655
656
657
658
659
660
661
662
663
664
665
666
667
668
669
670
671
672
673
674
675
676
677
678
679
680
681
682
683
684
685
686
687
688
689
690
691
692
693
694
695
696
697
698
699
700
701
702
703
704
705
706
707
708
709
710
711
712
713
714
715
716
717
718
719
720
AFOLABI SHUKURAT ADEWUNMI
AFOLABI STELLA MARIS
AFOLARANMI KARIMU-BELLO
AFONJA A JAO PETER
AFONJA SIKIRU SEYIN
AFRAMA OLAWOLE
AFUAPE JACOB
AFUBE ANSLEM CHUDI
AGADA BLESSING
AGADA KOYA TOBI
AGADA PAMELA ONYOIBO
AGAHIU MOHAMMED DANLADI
AGBABIAKA ADETOLA AMINAT
AGBADE EBIOLADE
AGBAIAKA OLAOLU GANIAT
AGBA JE SAHEED IDOWU
AGBALAYA AYOMIDE MUIZ
AGBALU SEBASTAIN IFEANYI AGBALU
AGBAS OSEGBUE
AGHO EBIUWA SANDRA
AGHOMONU FESTUS
AGINAM CHRISTIANA NGOZI
AGINIGHAN DUBAMO
AGNES OGBU
AGOGO BERNICE NKONYE
AGOMOH CHIKA
AGOMOH CHIKA N
AGOMOH EMMANUEL NNAMDI
AGU IBIYEMI
AGU MICHAEL IFEANYICHUKWU
AGUBE BLESSING GODWIN
AGUDA OYEBIMPE OMOLOLA
AGUGHAGWO GABRIEL NWABUEZE
AGULONU AGBOR HELEN
AGUNBIADE JESUTOFUNMI OLABISI
AGUNBIADE JOSEPH OLUDAYO
AGUOCHA LUKE CHUKWUDI
AGUOFIA CHIJIOKE SAMUEL
AGUOFIA CHUKWUKA DAVID
AGUZIE CHIJIOKE
AGUZIE MUHAMMED
AGWARAGBO CHIOMA REBECCA
AGWERE CHRISTOPHER A JIRI
AGWU DANIEL K.
AGWU OKORIE
AGWULONU ONYESI
AHACHI MARTINS O
AHAME OHIRI
AHAMEFULE CHIZOBA PHILIP
AHAMEFULE PHILIP O
AHARAUMUNWA CHIKE & RITA
AHEKON A JOKE SULIAT
AHMAD ABDUL ABDUL AHMAD
AHMADU GAMBO
AHMADU MURTALA
AHMED BELLO
AHMED CHIKE
AHMED DIKKO
AHMED MABLEVI
AHMED SAHEED OLANREWAJU
AHMED TITI
AHOLU THANKGOD
AHUAANYA PRINCEWILL
AHUAANYA PRINCEWILL P
AHUAZA AISHA
AIBANGBE FESTUS
AIESHA ALAO
AIFA JUSTIN
AIGBE
AIGBINI-JOHN BLESSING
AIGBINI-JOHN BOSEDE
AIGBIREMONLEM ROSE
AIGBOKHAEVBO HUMPHERY
AIN ABIOLA
AINA ADEBAYO GANIYU
AINA ADEMOLA ADEDAYO
AINA DELE
AINA JAMES A JEKIGBE
AINA OLUWASESAN EMMANUEL
AINA RACHEAL TINU
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
AIRAMOEHI OBEHI
AIRHUNMWUNDE CHARLES OSAWARU
AISHA CENTURY INVESTMENT LTD
AISHA ALI ATIM
AISHA MOSES
AISHATU CHIKEZIE
AISIMI AISHA
AISIMI MUSA YUSUF
AISUEOGUN DAMISOLA
AIYEDUN ADEBOWALE F.
AIYETAN DAYO ADEKUNLE
AIYETAN OLAMIDE BUNMI
A JADI SUNDAY AKINTUNDE
A JAGBA MARTIN CHINWENDU
AJAGBE MANSUR BATO
AJAGBO DAVID ELLOH
AJAGU ONYEKA RAYMOND
AJAH CHUKWU BASIL
A JAKPO JOSEPHIN S
A JAKPO JOSEPHINE
A JAL EWUSI
A JALA ATINUKE
A JALA IBIYEMI
A JALA OYIZA
A JALA VALENTINE
A JANI IKATE
A JANI TIOLUWANI
A JANI WASIU KOLAWOLE
A JAO ADEBOLA OLUWATOYIN
A JAO BAMIDELE LAWRENCE
A JAO FOLORUNSHO AAKANJI
A JAO OLUWATOBI FOLORUNSHO
AJAO OLUWATOMI ADEBOLA
A JAO OLUWATOSIN TEMITOPE
A JAYI ABIODUN YETUNDE
A JAYI ABIOLA
A JAYI ADEOLA
A JAYI ADEPEJU MATILDA
A JAYI AFOLABI OLAMIDE
A JAYI A JOKE
A JAYI ANTHONIA OLAIDE
A JAYI AYOMIKUN OLUWAKOREDE
A JAYI AYOMIPOSI OLUWATOYIN
A JAYI BABALOLA
A JAYI BAMIDELE
A JAYI BOLANLE
A JAYI DEBORAH OLUFUNMILAYO
AJAYI GBENGA SAMUEL
A JAYI IDU
A JAYI JOSEPH
AJAYI JOSHUA AYODELE
A JAYI MAYOWA
AJAYI MICHEAL OLUWATOYOSI
A JAYI MOBOLA JI ABIODUN
AJAYI MUHEEB
A JAYI OLAYINKA OLUWASIJIBOMI
A JAYI OLUDARE RAPHAEL
A JAYI OLUGBENGA VICTOR
A JAYI OLUSOLA OLUGBENGA
AJAYI OLUWAFEMI SAMUEL
A JAYI OPEYEMI ADEWALE
A JAYI OPEYEMI KAYODE
A JAYI OYEWOLE
A JAYI REMI
A JAYI SOLA BENSON
AJAYI TEMI
A JAYI TEMIDUN
AJAYI TOKUNBO
AJAYI TOKUNBO OLUWALEKE
A JAYI TUNDE
A JE BADMUS
A JEMRONA FAMOUS
A JETOMOBI JOEL OLUWATOBERU
AJETOMORI ABIODUN SIMON
AJETUNMOBI FALILAT KEHINDE
A JEWOLE DAVID BAMIDELE
A JIBADE AINA VICTOR
A JIBADE AROYEWUN
AJIBADE KOSOKO
AJIBOLA CHIMA
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
A JIBOLA KABIIR OLALEKAN
AJIBOLA OLATUNJI
A JIBOLA TUNDE
A JIBOYE OMOLARA OLUWAKEMI
A JIDE MARY OLUFUNMILAYO
AJIE CHUKWUEMEKA EMMANUEL
A JIFOLAWE ADEKUNLE ADEREMI ADEREMI
A JIGO IJI
A JIMOTOKIN YEMISI
A JISAFE ABAYOMI
A JISAFE OLUFOLAHAN
AJISEGIRI OLUBUNMI KATE
A JOBI ABIOLA
A JOGI ARUBI
A JOGWU EJEH
A JOKE AYINLA
A JOKU OLUCHI NKECHI
A JOLOKO OLATUNDE MATTHEW
AJOMALE OLAITAN S
A JOSE MARVEL
A JUDUA STEVE ELUE
A JUKWU CHINEDU CHRISTIAN
A JUONOMA IGNATIUS IKECHUKWU
AJUWON SAIDATU
AKABIKE IME CHRISTIAN
AKABOGU KENNETH SUNDAY
AKABOM MARYJANE
AKABOM MARYJANE G.
AKABUIKE CHICHI (MISS) MARY
AKACHUKWU NNAMANI
AKADIRI ADEDOYIN SADAT
AKAGBUSI UCHECHUKWU RICHARD
AKAKABOTA DANIEL
AKAKABOTA DANIEL M
AKAKPOR MICHAEL
AKAKRA ELIZABETH ARUORIWO
AKALI CHINONSO PHIL
AKALI HENRY CHINEDU
AKALUMHE ONAGIE
AKAN DATA
AKANBI JAMES
AKIE JAMES CHIMA
AKIL JOE
AKIL MAIZAH
AKILA LIMAN
AKILAH ANSLEM
AKINADE ABDULSALAM ADEDOTUN
AKINADE SHAKIRATG TAIWO
AKINADE SHERIFF ADEYEMI
AKINBAYO JAMES
AKINBAYO OYO
AKINBAYO SUSAN
AKINBBOYE TOYIN
AKINBO MICHEAL
AKINBO OLUSOLA ABIODUN
AKINBODE KHALID
AKINBODE MOSES
AKINBODE TAIWO HAZANAT
AKINBOLA EMMANUEL OLUREMI
AKINBOYE KEHINDE STEPHEN
AKINDE OLUWAFEMI JONATHAN
AKINDELE DAUDA
AKINDELE OLAYINKA
AKINDIOSE MATTHEW OLANIYI
AKINDIPE KIZITO
AKINDIPE KIZITO V.
AKIN-DOSUMU TITILAYOMI ADEBIMPE
AKINGBA FOLASHADE M.
AKINGBA FOLASHADE MABEL
AKINGBOLA OBOT
AKININMADE SAID
AKINJEJI ADEOLA ISAAC
AKINJEJI ENIOLA PATIENCE
AKINJEJI OLA JIDE LAWRENCE
AKINJEJI OLAYINKA NAOMI
AKINJOLA JOSEPH AKINKUNMI (EVAN)
AKINLABI ABIMBOLA FELICIA
AKINLABI AKINWALE KEHINDE
AKINLABI SAMUEL AKINLOLU
AKINLADE MUKAILA AKINDELE
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS 135
Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
721
722
723
724
725
726
727
728
729
730
731
732
733
734
735
736
737
738
739
740
741
742
743
744
745
746
747
748
749
750
751
752
753
754
755
756
757
758
759
760
761
762
763
764
765
766
767
768
769
770
771
772
773
774
775
776
777
778
779
780
781
782
783
784
785
786
787
788
789
790
791
792
793
794
795
796
797
798
799
800
801
802
803
804
805
806
807
808
809
810
811
812
813
814
815
816
817
818
819
820
821
822
823
824
825
826
827
828
829
830
831
832
833
834
835
836
837
838
839
840
841
842
843
844
845
846
847
848
849
850
851
852
853
854
855
856
857
858
859
860
861
862
863
864
865
866
867
868
869
870
871
872
873
874
875
876
877
878
879
880
881
882
883
884
885
886
887
888
889
890
891
892
893
894
895
896
897
898
899
900
901
902
903
904
905
906
907
908
909
910
911
912
913
914
915
916
917
918
919
920
921
922
923
924
925
926
927
928
929
930
931
932
933
934
935
936
937
938
939
940
941
942
943
944
945
946
947
948
949
950
951
952
953
954
955
956
957
958
959
960
AKINLANWON ABIMBOLA SULIAT
AKINLEYE MODUPEFOLUWA
AKINLOLU IRENE SUMBO
AKINLOSOTU IRENE
AKINLOYE ADEWUSI SUNDAY
AKINLUWADE OLUFEMI EBENEZER
AKINMADE BAMIDELE DOLAPO
AKINMADE MICHAEL O.
AKINMADE T.A
AKINMADE TOLUWALASE ABIGAEL
AKINMOLAYAN JOHN
AKINMUYISITAN VINCENT
AKINOLA DEPO ADELEKE
AKINOLA OLANREWAJU MORUFF
AKINOLA OLAPE
AKINOLA OLUWAPELUMI AYOMIDE
AKIN-OLUWADARE OLUMIDE
AKINOSHO AKINLAWON
AKINOSHO DAVID
AKINOSO ASHAMU BABATUNDE
AKINOSO ASHAMU BABATUNDE
AKINPELU ADU MOSES
AKINPELU AKINBAMIJI JULIUS
AKINPELU BAMIDELE DOLAPO
AKINPELU BAMIDELE DOLAPO
AKINPELU SEUN ROBERT
AKINRADEWO TEMILOLUWA O
AKINREMI ADESHINA ADEBAYO
AKINREMI BABS OLUWASANMI
AKINREMI ESTHER OLUDAYO
AKINSANYA ADEBAYO WASIU
AKINSANYA ADEDOLAPO ADEYINKA
AKINSANYA FUNKE
AKINSANYA NOFISAT TEMIDAYO
AKINSANYA TOKE ADIJAT
AKINSANYA WASIU
AKINSANYA WASIU ADEBAYO
AKINSUNLOLA AKINNIMI JOSIAH
AKINTOLA OLUFEMI A
AKINTOYE OLUSEGUN OLUWATOBA
AKINTOYE VICTORIA OMOLARA
AKINTUNDE BOLA JI AWE
AKINTUNDE OJUTIKU
AKINTUNDE SAMSON BOLADE
AKINTUNDE VICTORIA ALABA
AKINWANDE EBENEZER OLUSEGUN
AKINWUNMI ABIODUN OLUWOLE
AKINYELE BEATRICE FOLUKE
AKINYEMI AKINDELE
AKINYEMI BABATUNDE SAMUEL
AKINYEMI MABOGUNJE
AKINYEMI OLAIDE FATIMA
AKINYEMI OLAYINKA AMINAT
AKINYEMI OLUWADAMILOLA OLAMIDE
AKINYOSOYE TENIOLA
AKIODE EMMANUEL
AKIOTU OLU EVELYN
AKIOYA MAC-DAVE
AKODU OLUWAKEMI
AKOGU AYEGBA
AKOGUN FATAI OLUWATAYO RICHARD
AKOGWU TAYI ELIZABETH
AKOMU VICTOR
AKONGWALE SABASTINE
AKOR EDWIN ABAH
AKOR GABRIEL
AKOSILE JOHN OLAWALE
AKOT VENTURES LTD
AKOWE LAWRENCE ABIMA JE
AKOWONJO ADEFEMI OLAYINKA
AKPA OMENKA
AKPAM MANDISA
AKPAM MARGARET
AKPAN EMMANUEL
AKPAN ESTHER UDUAK
AKPAN ETOP ANDY
AKPAN IDORENYIN CHRISTOPHER
AKPAN PETER AKPAN
AKPAN TADE
AKPAN UFOT JACOB
47.25
47.25
47.25
47.25
47.25
47.25
47.25
47.25
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
49.50
52.20
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
54.00
55.80
56.25
56.25
56.25
56.70
58.05
58.50
58.50
58.50
58.50
58.50
58.50
58.50
58.50
58.50
58.50
58.50
58.50
58.50
58.50
58.50
58.50
58.50
61.42
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
AKPAN UMOH ROSELYN
AKPANNAH UDONSAK EMMAN
AKPANNAH UDONSAK EMMAN Z
AKPANWA ROBINSON
AKPANWA ROBINSON Y
AKPASI OBRUCHE ABRAHAM
AKPATA JOHN EDEMA
AKPAWUSI NGOZI EVANGELINE
AKPE SALAMI
AKPE SALAMI B
AKPELU CHIDOZIE FELIX
AKPEWA OGHENEGWEKE EMMANUEL
AKPOBOERE CAROLINE
AKPOBOERE CAROLINE J
AKPOMIE MATTHEW
AKPOS EVELYN AFOKE
AKPOVESO ANTHONY ASHLEY
AKPOVOFENE ODIRIVWERENE KINGSLEY
AKPUNKU PETER MADUABUCHI
AKPUOKWE ESTHER NKECHINYELU
AKUBO ADEGBE WILSON
AKUBUIRO PAUL
AKUBUKO CHIGOZIE
AKUBUZE ONYEMACHI
AKUCHE NGOZI DIANA
AKUEKWE CHRISTOPHER SUNDAY
AKULUE ONYINYE BERNICE
AKUNNE DORIS CHIMA
AKWITI CHINYERE CELESTINA
AKWUBA GODWIN
AKWUZIE NNAMDI FELIX
AL AMIN HARUNA
ALABA IBUKUN
ALABI ADEOLA MURITALA
ALABI ADEREMI STELLA
ALABI AKINDELEAREMU
ALABI BAYO AKINADE
ALABI DEBORAH
ALABI EZEKIEL OLGBADE
ALABI FALILATU TITI
ALABI FOLASADE OMOYEMI
ALABI JAMES OLALEYE
ALABI JIMOH ODETAYO
ALABI LADI DEBORAH
ALABI MARIAM ABIDEMI
ALABI MURITALA ALABA
ALABI NOAMI
ALABI ONAOLAPO RAFIU
ALABI SUNDAY
ALABI TA JUDEEN
ALACHEWE DANIEL
ALACK ANNA
ALADDIN MANSA
ALADDIN MARTINS
ALADE ALAO
ALADE CHIMASON
ALADE DORCAS OLUWAFUNKE
ALADE OLAYEMI BEATRICE
ALADE OYEDELE MATTHEW
ALADHE DANIEL MELO
ALAEKWE DESMOND OKEZIE
ALAETO CHIZOBA
ALAGI JOYCE
ALAGWU CALISTUS EMEKA
ALAKA OMOTOLA
ALAMU ATILADE JAMES
ALAMU OLAWUNMI
ALAO AYOTUNDE YETUNDE
ALAO DELE DAVID
ALAO EZEKIEL OYENIYI
ALAO JALIL
ALAO JULIANA
ALAO RHODA
ALASOADURA ADETAYO
ALASOADURA OYINLADE OLUWABUSUYI
ALATISHE KUNLE SUNDAY
ALATISHE KUNLE SUNMADE
ALAUSA FUNMILAYO OBE
ALAWODE SADIKU
ALAWODE SADIKU C
63.00
63.00
63.00
65.11
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
67.50
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
ALAWODE SALIHU
ALAWONDE OLADIWURA DEBORAH
ALAWONDE OLASUBOMI ISREAL
ALBALTRADE LTD
ALBERT ADEYEMI
ALBERT GAMAL
ALBERT SUCCESS
ALCHENY CHINAKA
ALESEI ABIMBOLA
ALESER NABELUNG
ALEWI ABIMBOLA ELIZABETH
ALEWI FREDRICK OLUBUNMI
ALEWI OLAMILEKAN PETER
ALEWI OLUWASEYI GRACE
ALFRED CHINEDU
ALFRED CHINEDU
ALFRED ENWANTA ISIRHINRHIEN
ALFRED GODFREY
ALFRED JOSEPH EFEREMOH
ALHASSAN ABAS
ALHASSAN ALILU
ALHASSAN SHERIFAT TOLA
ALI ADEBANJO
ALI EMEMA
ALI ERACIMUS
ALI GARBA
ALI IRABOR
ALI OBIOHA
ALI RUTH EBELU
ALI-BIU DAUDA
ALICE NWACHUKWU
ALIEMEKA GOODLUCK DENNIS
ALIEMEKE GOODLUCK DENNIS
ALIKA OGHOGHO IFUERO
ALIKE ALIU
ALIM COMFORT
ALIM NAEEM
ALIMA GRACE
ALIU ADELEKE ODULOYE
ALIU AFOLABI
ALIU HUGH ALLI
ALIU KEHINDE OLANREWAJU
ALIU KEHINDE OLANREWAJU
ALIYA DAVID
ALIYU GOTE
ALIYU MAIMUNA ISMAIL
ALIYU MURITALA
ALIYU OLATUNJI ABDULWASIU
ALIYU ROBERT
AMALA MICHEAL
AMALA MICHEAL K
AMANI FAYSAL
AMAO ADEWALE PETER
AMAO OLUWASHOLA OLAYINKA
AMAO RITA
AMARA OKONOWO
AMARACHI OKOYE
AMARACHI OKOYE D
AMARAH JABIRAH
AMASIORAH IFEANYI GREGORY
AMAVU BOBO
AMBER FEROL
AMBER SANYA
AMBRA FERRAN
AMBURUM JOSEPHINE PHILIP
AMBURUM PALANG PHILIP
AMECHI O. WILLIAMS
AMECHI SAMSON
AMEEN ABIMBOLA RISIQAT
AMEERAH FIRDOS
AMEH BENIABI
AMEH CHARITY OGHENERELO
AMEH DANIEL
AMENE CHIDIEBERE
AMEOBI BUSAYO
AMIAHKHOR MAGDALENE IYAESOMI
AMIDU EGUDE
AMIN GADIL
AMINA ABUBAKAR
AMINA GAMAL
70.88
72.00
74.25
75.82
76.50
77.98
81.00
81.00
81.00
85.50
86.18
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS136
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
961
962
963
964
965
966
967
968
969
970
971
972
973
974
975
976
977
978
979
980
981
982
983
984
985
986
987
988
989
990
991
992
993
994
995
996
997
998
999
1000
1001
1002
1003
1004
1005
1006
1007
1008
1009
1010
1011
1012
1013
1014
1015
1016
1017
1018
1019
1020
1021
1022
1023
1024
1025
1026
1027
1028
1029
1030
1031
1032
1033
1034
1035
1036
1037
1038
1039
1040
1041
1042
1043
1044
1045
1046
1047
1048
1049
1050
1051
1052
1053
1054
1055
1056
1057
1058
1059
1060
1061
1062
1063
1064
1065
1066
1067
1068
1069
1070
1071
1072
1073
1074
1075
1076
1077
1078
1079
1080
1081
1082
1083
1084
1085
1086
1087
1088
1089
1090
1091
1092
1093
1094
1095
1096
1097
1098
1099
1100
1101
1102
1103
1104
1105
1106
1107
1108
1109
1110
1111
1112
1113
1114
1115
1116
1117
1118
1119
1120
1121
1122
1123
1124
1125
1126
1127
1128
1129
1130
1131
1132
1133
1134
1135
1136
1137
1138
1139
1140
1141
1142
1143
1144
1145
1146
1147
1148
1149
1150
1151
1152
1153
1154
1155
1156
1157
1158
1159
1160
1161
1162
1163
1164
1165
1166
1167
1168
1169
1170
1171
1172
1173
1174
1175
1176
1177
1178
1179
1180
1181
1182
1183
1184
1185
1186
1187
1188
1189
1190
1191
1192
1193
1194
1195
1196
1197
1198
1199
1200
AMINAH AMINU IBUKUN
AMINAT SHARAFADEEN
AMINU AMINU HABU
AMINU BAYO
AMINU CHRISTY
AMINU FATIMA
AMINU JAFARU
AMINU NASHA
AMINU OKORIE
AMINU OKORIE
AMINU YESOKO
AMIR GHASSAN
AMIR OBIA JULU
AMIRA GINTON
AMODE EDNA
AMODU TAIWO
AMOGBON PIUS AYODELE
AMOJI PETER OKORO
AMOLEGBE ADEBOWALE MOHAMMED
AMON CHUKA
AMOO ABIODUN
AMOS KATO
AMOS TESSY
AMOUH AMEN
AMU GIWA
AMUNU BABA
AMUSA ABORISADE
AMUSA SAMUEL
AMUSA SAMUEL
AMUSU INIOBONG ADE
AMUTA AGNES PRECIOUS CHIOMA
AMUZIENWA JELANI
ANA BARBARA
ANADI CHUKA
ANADUAKA FRED CHUKS
ANAENUGWU NDUBUISI VINCENT
ANAETO EMMA
ANAETO EMMANUEL
ANAETO OKWU
ANAETO PAT
ANAETO PATRICK
ANAGHARA LINDA CHIYERE
ANAN GIVON
ANARADO CHIDIKAONYE
ANARADO CHIDIKAONYE G.
ANATAN OSUJI
ANAWO DAVID ENEMONA
ANAZODO BUNU
ANAZODO UCHENNA
ANDEH CLETUS OGBONNA
ANDREW BATHLOMI
ANDREW CHUKWU
ANDREW ELEOJO JOY
ANDREW ELIJAH BOLANLE
ANDREW ELIJAH CHUKWU
ANDREW JOHNSON
ANDREW MANASSAH
ANDREW SUNDAY
ANDREW SUNDAY
ANDY ERONSE
ANDY MORGAN
ANDY PATIENCE BASSEY
ANDY SODIPO
ANDY-ADEBOLA FLORENCE O
ANEKE PERPETUA NKIRU
ANEKWE GABRIEL CHIKA
ANENE NDID PATIENCE
ANERU FAROUK UMORU
ANGBA ABIGAIL
ANGBASHIM AWAZI
ANGEL NNEKA DURU
ANGELA JAMES
ANGELA JOHNSON
ANGIE BAMGBALA
ANGULU MOHAMMED DANJUMA
ANI CHRISTOPHER IFEANACHO
ANI MARIA CHIOMA
ANI MATTHEW ONYEMECHI
ANI PATIENCE NGOZI
ANI UCHECHUKWU VICTOR
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
ANIA CELESTINA IYABO
ANIA MERCY CHUKWU
ANIBOWEI PATIENCE
ANICHO CHUKWUDI PHILIP
ANIEBONAM TOCHUKWU
ANIEFOK OGOCHUKWU
ANIEFOK OGOCHUKWU O.
ANIEKA CHIOMA
ANIEKE CHUKWUMA PETER
ANIERIOBI CHUKWURAH JOHN
ANIFOWOSE OLUWAFEMI KAHARU
ANIGBO NGOZI
ANIGBOGU IFEADI EBELE
ANIH TOLA
ANIJAH CHUKWUDI PETER
ANIKA CAROLINE IFEATU
ANINYE GREAT ANORKOR
ANIOGOR DAVID N.
ANIRE WASAN
ANISA HABIB
ANIYA RIFKATU BOBAI
ANKU EDU
ANKU EDU F.
ANLAINI MUBARAK
ANNA LUKAS
ANNISSA HADI
ANOCHIRIONYE UZODIMMA ALEXANDER
ANOFOWOKAN ADEGBOYEGA ANTHONY
ANOHU CHIDI
ANOKE JOHNNY
ANOKE JONNY W
ANOKE KENNETH ANI
ANOKE OMENOGOR
ANOKWU OKOLO
ANOLOPE NJOKU
ANOLUE EMMANUEL
ANONYE ROSEMARY
ANONYEI ONYINYE GLADYS
ANORUO ANYAEHIE CHRIS
ANOSIKE AZUKA THEOPHINE
ANOSIKE SHINA
ANSARI HAFIZ
ANSARI PAULA
ANTAI EDEM H.
ANTHONIA AKURA
ANTHONIA CHUKWUBUIKEM
ANTHONY ALOTO FUNMILAYO
ANTHONY FRANK
ANTHONY K.
ANTHONY KINGSLY
ANTHONY OJA JA
ANTHONY PIUS
ANTHONY SANUSI
ANUEBUNWA NDUBUISI CHIJIOKE
ANUFORO CLETUS UBAEZUONU
ANUGWA ECHEFULAM LOUIS
ANULIGO INNOCENT IKECHUKWU
ANUMAKA JOY CHINONSO
ANURUKEM CHINAS AUGUSTINA
ANURUKEM EZEWUNWA THOMAS
ANUSHIEM SUNNY
ANWANA UKUT-ABASI EDET WILLIAM
ANWAR HAKIM
ANWAR RACH
ANYADIBE NWANNEKA CHINYERE
ANYAI EDEM
ANYAMARA MARITHA
ANYANG UKPONG I.
ANYANWU ALPHONSUS OBIOMA
ANYANWU BOLANLE
ANYANWU CHIKAODINAKA DOLORES
ANYANWU OGADINMA OLUFUNKE
ANYAOHA MARTHA ODOCHI
ANYASI JOHN AGBATONAM
ANYAWU DOLORES CHIKAODINAKA
ANYIHA CHUKWUMA
ANYOHA CHUKWUMA
APALOWO SAMUEL OLUMAYOWA
APANPA SERIFAT OLORUNTOYIN
APARA PAUL
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
APATA OSAZUWA
APERE OLUWAYEMISI GRACE
APERI JOSEPH
APETE BOLANLE
APEX TEAM LIMITED
APPAH VICTOR
APPOLONIA NUZOEGBA
APUSIOBI EMEKA VINCENT
ARAROMI ADEOLA MARY
ARAROMI OLADAYO
ARAROMI OLADAYO
ARAROMI OLADAYO
ARAROMI OLAGOKE
ARAROMI OLAGOKE
ARAROMI OLUTOYIN
ARAROMI OLUTOYIN
ARAROMI SHAYE
ARAROMI SHAYE
ARAROMI SHAYE
ARAROMI SOLOMON
ARAROMI SOLOMON
ARAS OLADEPO AYODELE
ARAUH JACINTA
ARAUH JACINTA I.
ARCHIBONG SOLOMON DANIEL
ARDO CHUKWUMA
AREMU ALABI COLLINS
AREMU DARE PATRICK
AREMU SAMUEL OLUWASEGUN
AREMU SHERIFAT BUKKY
AREMU TOMILOLA MOTOLANI
AREMU YAKUBU AMUDA
AREN SIKIRU
AREO ABIOLA JOHN ADEYI
AREPO LOOKMAN ADENIYI
AREWA PETER
ARHAVWARIEN EFETOBORE JONES
ARHAVWARIEN OGHENEKEVWE JONES
ARHHYEL WASEME
ARIAHU CLARA
ARIAHU KASIM
ARICHA OGBO
ARIKAWE FOLORUNSO O
ARINOLA TOBA JULIUS
ARINZE CHIBUZOR ALOYSIUS
ARINZE CHUKWUEDOZIE KENNETH
ARINZE MOSES
ARIYIBI OLABODE DANIEL
ARIYO ISIAH
ARIYO WILLIAMS AYO
ARM NOM :OKAFOR AUSTIN AMILO
ARMSTRONG CHUKS
AROH EMMANUEL EDOCHIE
AROH LAWRENCE IWUCHUKWU
AROMOLARAN EMMANUEL TOLUWASE
AROMOLARAN JOYCE OMOJUOWO
ARON ULOTO
AROP INIABASI
AROP INIABASI J.
AROWOLO ADERONKE ARIKE
AROWOLO ALADE JACOBS
AROYEWUN HANNAH KASHI
AROYEWUN THEOPHILUS OLORUNTOBI
ARUKU MICHAEL NY IMUGOR
ARULOYE EMANUEL OMORUYI
ARUMAH COSMAS IKECHUKWU
ARUMAH COSMAS IKECHUKWU
ARUNA RUFUS MOBOLA JI
ATAGAMEHN DOUGLAS
ATAKPA NUMMI
ATAKPA NUMMI K
ATANDA ADEWALE
ATANDA BOSEDE MERCY
ATANDA HAFIZ ABIODUN
ATANDA KOLADE DAVE
ATANDA OLUWAFEMI
ATE GIDEON ATIM
ATE NELSON
ATEGHENE EJIRO JOSEPH
ATIBU NUHU
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
94.50
94.50
94.50
94.50
94.50
94.50
94.50
94.50
94.50
94.50
94.50
94.50
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS 137
Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
1201
1202
1203
1204
1205
1206
1207
1208
1209
1210
1211
1212
1213
1214
1215
1216
1217
1218
1219
1220
1221
1222
1223
1224
1225
1226
1227
1228
1229
1230
1231
1232
1233
1234
1235
1236
1237
1238
1239
1240
1241
1242
1243
1244
1245
1246
1247
1248
1249
1250
1251
1252
1253
1254
1255
1256
1257
1258
1259
1260
1261
1262
1263
1264
1265
1266
1267
1268
1269
1270
1271
1272
1273
1274
1275
1276
1277
1278
1279
1280
1281
1282
1283
1284
1285
1286
1287
1288
1289
1290
1291
1292
1293
1294
1295
1296
1297
1298
1299
1300
1301
1302
1303
1304
1305
1306
1307
1308
1309
1310
1311
1312
1313
1314
1315
1316
1317
1318
1319
1320
1321
1322
1323
1324
1325
1326
1327
1328
1329
1330
1331
1332
1333
1334
1335
1336
1337
1338
1339
1340
1341
1342
1343
1344
1345
1346
1347
1348
1349
1350
1351
1352
1353
1354
1355
1356
1357
1358
1359
1360
1361
1362
1363
1364
1365
1366
1367
1368
1369
1370
1371
1372
1373
1374
1375
1376
1377
1378
1379
1380
1381
1382
1383
1384
1385
1386
1387
1388
1389
1390
1391
1392
1393
1394
1395
1396
1397
1398
1399
1400
1401
1402
1403
1404
1405
1406
1407
1408
1409
1410
1411
1412
1413
1414
1415
1416
1417
1418
1419
1420
1421
1422
1423
1424
1425
1426
1427
1428
1429
1430
1431
1432
1433
1434
1435
1436
1437
1438
1439
1440
ATIFA HAROUN
ATIKAH BASHIR GBENGA
ATIOMO AKINWANDE
ATIYA HARUN
ATOBA SAKIRU
ATOLANI OLUWAKEMI
ATOLANI VICTORIA
ATOYEBI RASIDAT O.
ATTAMAH CECILIA ASANA
ATTUH JOSEPHINE AKUABATA
ATUNG JONATHAN
ATURAKA OLATOMIDE
AUDU JOHN FREDRICK
AUDU MARY ADUN
AUDU SAMUEL ABUH
AUGUSTINE BONIFACE UDOKA
AUSTIN COMAN
AUSTIN EDEGBE
AUTA TALA SARAH
AUTHUR SANUSI
AUWALU SAMINY YOHANA
AVAGA FELICIA
AWA NUHU
AWAISU OLADIGBOLU
AWANABA JUMOKE
AWAWU OBODUGO
AWE ESTHER OMOYENI
AWE KOLWOLE J
AWESU LOOKMAN OMOYAYO
AWI PATRICK
AWI PATRICK M
AWINNIMU-AKATAK FRANK SOSOROBIA
AWO FELICIA
AWOBOYA OLA JUWON OLUSEGUN
AWODUMILA COMFORT
AWODUMILA COMFORT
AWOKUNLE CALEB OLUSAYO
AWOLESI ADENIKE IDIAT
AWOLUMATE OLAMIDE DEBORAH I.
AWOMODU DAVID
AWOMODU DAVID N
AWOMOLO ENITAN OLAKUNBI
AWONIYI SULE
AWOSANMI PETER TEMITOPE
AWOSANYA JOSEPH BAMIKOLE
AWOSIKA SHITTU DAVID
AWOSIKA SHITTU FLORENCE
AWOTAYO OLALEKAN EMMANUEL
AWUDE CHRISTIANA OLUWAREMILEKU
AWUGO ALAGI
AWUTE MONDAY ONISURU
AWUZU OBY HENRIEATTA
AWWAL DADET
AYAM PETER AIBE
AYANKOLA KAZEEM AYANWALE
AYANKOYA OLUKEMI MOTUNRAYO
AYEBAE MOYOSOREOLUWA MICHELLE
AYEGBA O
AYEJIMIWO OLALEKAN DAVIDS
AYEJUTO OHUNENE FOLASHADE
AYELE CORDILLA
AYELEKE AYEKUNLE
AYENI HAMMED ADEBAYO
AYENI LARA EVELYN
AYENI OLUSHOLA ENIOLA
AYENI TUNDE EMMANUEL
AYEOLA MOSUNMOLA
AYETE SAMUNI NUT CICS LTD.
AYILARA ABDULQAYYUM
AYINDE LATI ANTHONIA
AYINLA AKOKO
AYITA OLUWAFISAYO STEPHEN
AYO BAKARE
AYO OYEOKA
AYO SUNDAY
AYOADE BASHIRU ADESHINA
AYOADE IDRIS ADEGBOYEGA
AYOADE KUDIRAT
AYOBOLU IBRAHIM
AYODABO ESTHER OLATUTU
94.50
94.50
94.50
94.50
94.50
94.50
94.50
94.50
94.50
94.50
94.50
94.50
94.50
94.50
97.88
99.00
99.22
99.22
99.22
99.22
99.22
99.22
99.22
99.22
99.22
99.22
99.22
99.22
99.22
99.22
99.22
101.25
103.50
103.50
103.50
103.50
108.00
108.00
108.00
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
AYODEJI UMAR
AYODELE ADEKUNLE BISIRIYU
AYODELE BOLA AKOMOLAFE
AYODELE GAFAR
AYODELE NIYI JULIUS
AYODELE OLUFEMI ADEYEMI
AYODELE-ESHO OLUWANIFEMI O
AYOKA MUSA
AYOKO ESTHER
AYOKUNLE ADAUTIN KUNLE
AYOKUNLE ADAUTIN KUNLE F.
AYOMIDE AFOLAKE QUEEN
AYOOLA ADENIJI ABAYOMI
AYOOLA MODUPE AMUDAT
AYORINDE BEN JOHNSON
AZIKE MONICA AMONOMAH
AZIM HAZIM
AZIM SAFIYA
AZIZ HASSAN
AZIZ SAIDAH ABIKE
AZIZA HUSSAIN
AZODE NNAGOZIE GABRIEL
AZODE STELLA ADANNA
AZRA HUSSEIN
AZUAMAIRO CHIDOZIE
AZUAMARIO CHIDOZIE GODWIN
AZUBUIKE JUSTIN
AZUH DAFE DAFE
AZUH GERALDINE
AZUH MATHEW SOCHUKWUDI
AZUKA GIDEON
AZUKA MEZEYI JONATHAN
BAAKO FARAT
BABA KABIRU
BABA-AGBA FELICIA O.
BABADE-BABATUNDE AFOLAKE
BABAFUNMITO KUNLE PETER
BABAFUNMITO KUNLE PETER H.
BABAGANA FATIMA
BABALOLA BUKOLA MARY
BABALOLA DEBORAH T.
BABALOLA KOLA (CHIEF)
BABALOLA THOMAS OYEBAMIJI
BABALOLA YINKA SUNDAY
BABAS SAMUEL INBIGE
BABASOLA ADAMS
BABATUNDE FAITH ADERINSOLA
BABATUNDE OKERE
BABATUNDE OLUWASEUN GLENN
BABATUNDE SOYEMI
BABAWALE SAMSON BIBITAYO OLUFEMI
BABBA HASSAN USMAN
BABI DAFEGHA
BABS KUFEJI OLUFUNKE AGBEKE
BABSON ASSIAK
BABTUNDE BELLO
BACK FLATS CONCEPTS
BACKRY OLUWAKEMI RASIDAT
BADA BABATUNDE YUSUF
BADA OLAWALE IDRIS
BADA SUNDAY
BADA YEMI
BADEJO EMORHIE
BADEJO OLATUNJI
BADEJO OLUBUKOLA
BADEMOSI FADEKE
BADMUS OLUSHOLA MICHAEL
BAIYESHEA OLUMUYIWA TOLA
BAIYEWU OLUFEYIKEMI
BA JOWA ADEDOTUN AYODEJI
BA JULAIYE LEORNARD
BAKARE ADEWALE RASEED
BAKARE AFIS OLALEKAN
BAKARE ALI
BAKARE BENJAMIN
BAKARE FADEKEMI GANIAT
BAKARE KINGLSEY
BAKARE MAGNUS
BAKARE MUSTAPHA OLOLADE ADETUNJI
BAKARE OLANREWAJU
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
112.50
117.00
117.00
117.00
117.00
117.00
117.00
117.00
117.00
117.00
117.00
117.00
118.12
121.50
123.75
126.00
126.00
126.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
BAKARE OLUFEMI OTUNBA
BAKARE OREFALE
BALA SUNDAY
BALARABA JUDE
BALARABE MARY
BALAT KADUNA
BALDWIN-OKOLI NWAMAKA GLORIA
BALLA JOHNNY
BALLA JOHNNY O.
BALOGUN ADEBAYO JOHNSON
BALOGUN AWUDU
BALOGUN OLAYINKA DELE
BALOGUN OLUSHOLA SHERIFAT
BALOGUN OLUWASEGUN
BALOGUN PATIENCE
BAMA DAGGASH
BAMBI UCHE
BAMGBOSE FELIX TAIWO
BAMIDELE HAROUN
BAMIDELE OLATAWURA
BAMMODU RONKE MORENIKE
BAMODU ODUNAYO OLUTOMI
BANAN IDRIS
BANIGU PRECIOUS
BANIRE DAGOGO
BANJI SUNBO GLORY
BANJO BANJOKO
BANKOLE ISIAKA
BANKOLE KAZEEM OLALEKAN
BANKOLE OLURANTI
BANNUA JANET
BANRE DAGOGO
BAPPA TAIYE
BARAKAH IMAM
BARAU PEJU
BARIRA YUNUSA OMAR
BARKO DINCI IFEANYI
BARU BELLO IBRAHIM
BARU HAFSAT IBRAHIM
BARU HALIMA IBRAHIM
BARU IBRAHIM
BARU LUQMAN IBRAHIM
BARU ZAINAB BELLO
BASHIR HARUNA
BASHIR JABIR
BASHIR SAIDI BIMPE
BASHIRU DAHIRU
BASHORUN ABIMBOLA ADIJAT
BASHORUN TUNDE FATAI
BASIL ADEREMI
BASIL DAKUM
BASIL DALHOTU
BASIM FRIDAY
BASIM JALEEL
BASIMAH JALEN
BASSEY AFFIONG BOKIME
BASSEY BASSEY JAMES
BELLO DANLADI
BELLO ESTHER
BELLO GARBA ABUBAKAR
BELLO MARIAM OLAMIDE
BELLO MOMODU
BELLO OLADIPO RASHEED
BELLO ONI
BELLO OSEREMEN BLESSING
BELLO RASAK OLALEKAN
BELLO RASAQ OLADIPUPO
BELLO RAUF JNR
BELLO SAKIRU OLALEKAN
BELLO UMARU
BELLO USMAN
BELLO USMAN MBULAMA
BEM FAISAL
BEMA DAMILOLA
BENARD OCHELLE
BENARDINE DANIEL
BENIE DANASABE
BENITO MAC CHUKS
BEN-IWU PRINCESS
BENJAMIN IYENGE
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS138
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
1441
1442
1443
1444
1445
1446
1447
1448
1449
1450
1451
1452
1453
1454
1455
1456
1457
1458
1459
1460
1461
1462
1463
1464
1465
1466
1467
1468
1469
1470
1471
1472
1473
1474
1475
1476
1477
1478
1479
1480
1481
1482
1483
1484
1485
1486
1487
1488
1489
1490
1491
1492
1493
1494
1495
1496
1497
1498
1499
1500
1501
1502
1503
1504
1505
1506
1507
1508
1509
1510
1511
1512
1513
1514
1515
1516
1517
1518
1519
1520
1521
1522
1523
1524
1525
1526
1527
1528
1529
1530
1531
1532
1533
1534
1535
1536
1537
1538
1539
1540
1541
1542
1543
1544
1545
1546
1547
1548
1549
1550
1551
1552
1553
1554
1555
1556
1557
1558
1559
1560
1561
1562
1563
1564
1565
1566
1567
1568
1569
1570
1571
1572
1573
1574
1575
1576
1577
1578
1579
1580
1581
1582
1583
1584
1585
1586
1587
1588
1589
1590
1591
1592
1593
1594
1595
1596
1597
1598
1599
1600
1601
1602
1603
1604
1605
1606
1607
1608
1609
1610
1611
1612
1613
1614
1615
1616
1617
1618
1619
1620
1621
1622
1623
1624
1625
1626
1627
1628
1629
1630
1631
1632
1633
1634
1635
1636
1637
1638
1639
1640
1641
1642
1643
1644
1645
1646
1647
1648
1649
1650
1651
1652
1653
1654
1655
1656
1657
1658
1659
1660
1661
1662
1663
1664
1665
1666
1667
1668
1669
1670
1671
1672
1673
1674
1675
1676
1677
1678
1679
1680
BENJAMINE OLUKAYODE
BEN-JOHNSON DANBAKI
BENNY FOLARIN
BENSON A JAYI
BENSON-OGUNSIPE ADERONKE
BENSON-OGUNSIPE ADERONKE A
BEN-UZOM NGOZI CALISTER
BEN-WHYTE RICHARD
BENZOE SARAH OLUWAYEMISI
BERCKLEY JOHN BILARY
BERCKLEY JOHN DANBALA
BERNARD EYO
BERNARD UTULU
BERNARDIN BUBA
BESONG DANIELA
BESONG ERIC NDOMA
BETTY OBAYILO
BFCL INVESTMENT A/C
BIAYE DAVIES
BIBI JALIJ
BIDMOS MUSLIH
BIENOSE JOHN
BIKO OLA
BILAL JAMAL
BILAL SHASMECKA
BILIKISU DANJUMA MOHAMMED
BILIKISU DANJUMA MOHAMMED U
BIMPE NGWUNZE
BINDO BIOSE
BINDO BIOSE R
BINI DANJUMA
BIRTUS DANLADI
BIRTUS TAIWO
BISHOPTON ABIMBOLA ALAKE
BISIOLU RAMOTA ADUKE
BITRUS BLESSING YOHANNA
BITRUS GRACE YOHANNA
BITRUS SAMUEL NINYIO
BITRUS SILAS
BLEMOD VENTURES
BLESSING ANYA
BLESSING DANLADI
BLESSING EMELE
BODE DANLADI
BODE HASIM
BOLABIRINWA OLUWAYEMI IBIDUN
BOLADALE AMIRAT IDERAOLUWA
BOLA JI ABIODUN OLUWAKEMI
BOLA JI DANLAMI
BOLA JI KAMIL
BOLA JI SAMUEL OLUFEMI
BOLANLE KARIM
BOLARIN DAPO MOSES
BOLARIN MONILOLA MARY
BOLARIN WALE JOHN
BOLARINWA FUNMI
BOLARINWA OLUFELA OLAIYA
BOLARINWA SALISU
BOLARINWA SALISU U.
BOLATITO GIWA
BOMA DEDE
BONNY TAMMY
BORO ERNEST
BORO ERNEST T.
BORO MARK STANLEY
BORO MARK STANLEY .J
BORODO BORO
BORODO BORO V.
BOSE COKER
BOSE OLUWALE
BOSEDE VAUGHAN
BOYEDE BOLARIN
BRAITHWAITE OLUWAFUNMILAYO A
BRAITHWAITE OLUWASEMILOGO A
BRAITHWAITE OREOLUWATOMI A
BRALIZE TAMMY
BREDAN EGREGOR
BRIGGS INNE
BROKA ONOYOVBERE
BROWN IBIFUBARA
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
139.50
141.75
141.75
141.75
141.75
141.75
141.75
141.75
141.75
141.75
141.75
141.75
141.75
141.75
141.75
141.75
141.75
141.75
146.48
148.50
148.82
153.00
153.00
157.50
157.50
157.50
157.50
157.50
157.50
157.50
157.50
157.50
157.50
160.65
162.00
162.00
162.00
163.08
165.38
165.38
166.50
166.50
171.00
171.00
175.50
178.60
180.00
180.00
180.00
180.00
180.00
180.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
BUBA HASSAN
BUBA JUMMA
BUHARI DAPE
BUHARI OLUREMI
BUHARI SHITTU
BUHARI SOLOMON
BUKAR UCHE
BUKOLA BABACJI
BUKOYE BUKOLA RISQAUT
BUKUAGHANGIN UTIBE N.
BUKUGHANGIN UTIBE
BUKUNMI REMI ANDREW
BUNGWON PRECIOUS
BUNMI WRIGHT
BURAIMOH RASAKI
BURHAN JIBRIL
BURNAN SI BONGILE
BURUBOYEFE SUOKUMO CLEMENT
BURUBOYERE
BUSARI GANIYU ALADE
BUSARI RAIFU OLADELE
BUSARI UCHENNA
CEMAL SITEMBIKE
CHAMA SIMON HASSAN
CHAPPI DORCAS
CHARITY ARIBA
CHARLLY EMMANUEL EMMANUEL
CHI OKAFOR
CHIAMAH OGOCHUKWU ROSEMARY
CHIBUIKE ISSAC JOHN
CHIBUIKE UZOMAKA
CHIBUNDU FRIDAY
CHIBUZO DARAMOLA
CHIDIKAONYE PKWECHIE
CHIDIKAONYE PKWECHIE N
CHIDINDU LOIUS
CHIDIOGO BOLADE
CHIE MARCELLINUS IFEANYI
CHIEKE GRACE
CHIELO JOHN
CHIGBOGU LOTANNA JAMES
CHIGBUZO ABBA
CHIJINDU IVAN CHUKWUKA
CHIJIOKE AGBELE
CHIJIOKE BRYAN
CHIJIOKE CLEMENT
CHIJIOKE JOSEPHINE
CHIJIOKE JOSEPHINE V
CHIJIOKE MACPETERS
CHIJIOKE MACPETERS S
CHIJUKA DARAMOLA
CHIKA CHIJIOKE ANDREW
CHIKA CHIJIOKE ANDREW A
CHIKATARA RUTH
CHIKE ARIYU
CHIKE UCHE
CHIKELUBA UGOCHUKWU
CHIKEZIE MADU AUGUSTINE
CHIKEZIE OGECHI
CHIKWELU CHETA
CHILAKA CHUKA THOMAS
CHILAKA CHUKA THOMAS B
CHILAKA CHUKA WILFRED
CHILAKA CHUKA WILFRED N
CHILAKA DOGO
CHILAKA DOGO P
CHIMA ABBA
CHIMA MAC-COLLINS
CHIMA WILLIAMS IHKEKE
CHIMADU DAREN
CHIMADU ENITAN
CHIMAOBI NELLY UNWANA
CHIMASON YUSUF
CHIMBO IBEZIMAKO
CHIMGOZIM PATRICK
CHIMGOZIM PATRICK R
CHINAKA ABEL CHINAKA
CHINAKA EDNA NDIDI
CHINAKA PRINCESS
CHINAKA ROSEMARY
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
180.00
184.50
184.50
189.00
189.00
189.00
189.00
189.00
189.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
CHINASAOKWU EREGE
CHINEDU ADIM FRANCIS
CHINEDU OGOM
CHINEDU ONWUEGBULE
CHINELU AMOS
CHINEMELUM UGOCHUKWU C
CHINENYE AMAECHI URSLLA
CHINOKO FAHD
CHINONSO STEPHEN IHEANACHO C
CHINWE ESEZOBOR
CHINWE ESEZOBOR P
CHINWEUB ANTHONY OBINNA
CHINWUBA COSMOS ARINZE
CHIROMA AMINAH
CHIROMA DANSANI
CHIROMA DANSANI Z
CHISOM BABALOLA
CHIZIMDU ESEZOBOR
CHIZOBA JENEVIVE IFEYINWA
CHIZOBA KENNETH JOHNBOSCO
CHIZOBA MARTHA EZINNE
CHIZOBA PHILOMENA
CHIZOBA PHILOMENA N
CHIZOBA VICTOR IKENNA
CHRISTA ETOP
CHRISTIAN ASSOCIATION OF NIGERIA
CHRISTY THEOPHILUS
CHUKA AHAMAD
CHUKA DIWA
CHUKE DANIEL
CHUKS MAC BENITO
CHUKWU COLLINS OGBONNA
CHUKWU EMMANUEL VINTUS
CHUKWU GEORGE NDUBUISI
CHUKWU GOLD
CHUKWU ICHEN
CHUKWU NDUBUISI STANLEY
CHUKWU NGOZI OLUCHI
CHUKWU NKEM
CHUKWUBUIKEM HARUNA
CHUKWUDI AUSTINE AMAECHI
CHUKWUDI SAMUEL CHIDIEBERE
CHUKWUDIKE Q.
CHUKWUDIKE PRINCESS
CHUKWUDINMA NZUBE MELVIN
CHUKWUDUM JOHN OGBONNA
CHUKWUEMEKA SAMUEL
CHUKWUGBO FRANKLIN AZUBIKE
CHUKWUJEKWU COLLINS FRIDAY
CHUKWUJIMBE EJIKE ANTHONY
CHUKWUJINDU DEBORA
CHUKWUKA AZUBUIKE NWACHUKWU
CHUKWUMA BENEDICT
CHUKWUMA CHRIS ONYEJEKWE
CHUKWUMA ECHEZONACHUKWU
CHUKWUDUBEM
CHUKWUMA EWELE LUCKY
CHUKWUMA JANE
CHUKWUMA MABEL NKIRUKA
CHUKWUMA OGECHI
CHUKWUMA SOWANDE KENNETH
CHUKWUNEKE JOY AKA
CHUKWURAH OKEY
CHUKWUZUEBULE WALTER C
DANLAMI WUNMI
DANMUSA GONTO
DANMUSA GONTO M
DAN-MUSA IDRIS GAMBO
DAN-MUSA JAMILA GAMBO
DAN-MUSA NAFISAT GAMBO
DANSADAIJ UBOHO
DANSADAIJ UBOHO Y
DANSANI MSHELIA
DAPE LIVINGSTONE
DARAMOLA AFOLAKE
DARAMOLA FABIAN
DARAMOLA IMRAN
DARAMOLA LEWIS
DARE ABAYOMI JOSEPH
DARE AKINGBOLA WILSON
189.00
189.00
189.00
192.78
195.88
198.45
198.45
198.45
198.45
198.45
198.45
198.45
198.45
202.50
202.50
202.50
202.50
203.18
209.25
221.85
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS 139
Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
1681
1682
1683
1684
1685
1686
1687
1688
1689
1690
1691
1692
1693
1694
1695
1696
1697
1698
1699
1700
1701
1702
1703
1704
1705
1706
1707
1708
1709
1710
1711
1712
1713
1714
1715
1716
1717
1718
1719
1720
1721
1722
1723
1724
1725
1726
1727
1728
1729
1730
1731
1732
1733
1734
1735
1736
1737
1738
1739
1740
1741
1742
1743
1744
1745
1746
1747
1748
1749
1750
1751
1752
1753
1754
1755
1756
1757
1758
1759
1760
1761
1762
1763
1764
1765
1766
1767
1768
1769
1770
1771
1772
1773
1774
1775
1776
1777
1778
1779
1780
1781
1782
1783
1784
1785
1786
1787
1788
1789
1790
1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1817
1818
1819
1820
1821
1822
1823
1824
1825
1826
1827
1828
1829
1830
1831
1832
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
DARODA ALIYU SANI
DAVID DANON AKOTEGNON
DAVID EBERE ONYEJE
DAVID ELIZABETH (REV)
DAVID ELIZABETH SUNDAY
DAVID GRACE
DAVID JIMMY FEMI
DAVID KAYODE
DAVID NWOKO
DAVID ODUNAYO OLARINDE
DAVID OLUJI
DAVID OLUSANYA
DAVID USMAN
DAVIDSON ORIGA BIBI
DAVID-WEST BANIGO
DAVIES ADEMOLA B
DAVIES AYI
DAVIES BABA JIDE A
DAVIES OWOLABI
DAVIES PAULINUS
DAWA FALANA
DAWODU OLUWOLE HEZEKIAH
DEBORA OKOOBA
DEBORAH DAUDA
DEBORAH GHASSAN
DEBORAH O.SIMON
DEEKAE OKWABE NWIBEKE NGOZI
DEHINBO ADEMOLA NURUDEEN
DEHUNIGBO OMOTAYO TEMITOPE
DEJE ABASS ABASS
DEJI BALA
DELE AYIO
DELE-GIWA OLUFUNMILAYO
DELUWA BIJIMI
DEMOLADE OLALUDE
DEREFAKE BLISS
DE-REGAL& ASSOCIATES LTD . .
DERIRAN KETURAH EROURE
DESMOND TUTU
DE-ULTIMATE STARS NIG LTD
DIANABASI STEPHEN
DIANABASI STEPHEN A
DIBIA AMA SAMUEL
DIBIA JUDE ISIOMA
DOGARA SOLONYE
DOGONDAJI AHMED SHEHU
DOLBIB NIGERIA LIMITED
DOMINIC MERCY JOSEPH
DONALD AKHUETIEM
DONALD FRIDAY
DOPEMU ADERINSOLA ADESOLA
DORA OKORIE
DORA OLANDO
DORGU CLARINA
DORKA COMFORT
DORKA COMFORT E
DOROTHY IDEMUDIA
DOSHIMA JOLLY
DOSUNMU GBENGA SIMEON
DOTUN KOYIN
DOTUN OLUGBODI
DOTUN PATRICK
DRAMBI TIZHE
DREAMLAND GLOBAL ASSETS LTD
DUBA COLLINS
DUBEM STEPHEN
DUDU MARGRET AGBAMIRONARA
DUKE MARYANU
DUKU EMMANUEL UDUMEBRAYE
DUMDE ELECHUKWU
DUNG KANGYANG DAYOU
DUNIYA CLINTON BIVAN
DUNIYA KENEDY BOBAI
DUNIYA MARTIN LUTHER KUYET
DUNIYA NELSON ZAKI
DUPE ABAMU
DUREKE IFEKA ANSLEM
DURODOYE RASHEED .A.
DUROJAIYE HAMZAT OLATUNJI
DUROJAIYE RASHEED
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
DUROTOLUWA ADEOLA OMOLOBA
DUROTOYE OLUSOLA
DUROTOYE OPEYEMI
DUROTOYE OPEYEMI
DURUAKU IJEOMA QUENETH
DURUNWOKEDI EMEKA HOPE
DUWA AUTA
E.C.P. GROUP
EARNEST TIMI
EBATA BENJAMIN
EBATA CHRISTOPHER
EBATA DOMINIC
EBATA DONATUS
EBATA FIDELIX
EBATA GIDEON
EBATA MACEL
EBATA MATTHEW
EBATA ROBERT
EBATA ROSEMARY
EBATA SOLOMON
EBEK PRINCE ASUKWO
EBELE AKPOBOME
EBENGE MARTIN
EBENGE MARTIN B.
EBEOGU CHIOMA EBELECHUKWU
EBERE AWULO
EBERE GLORY
EBERECHI EKENE
EBERECHI EKENE N.
EBHODAGHE TEGA IMHANDE
EBHOHON FEDINARD
EBHOHON FELIX
EBHOHON MAGNUS
EBHOHON PETER
EBHOHON SAMUEL
EBHOHON STANLEY
EBHOHON STEPHEN
EBHOHON VICTORIA
EBIBI SANDRA
EBIBI SANDRA C.
EBINUM DANIEL CHUKWU-YENUM
EBINUM DAVID ONYEKA-CHUKWU
EBINUM JOY AWURI
EBIOLADE RAYGIN
EBOH AHMED
EBOH ORITSEWENYIMI MICHAEL
EBOJI JUDE OKEBUNOR
EBOJIE KENNEDY
EBOJIE NEVISMONT MONDAY
EBOLOSUE CHUKWUMA HECTOR
EBRAHIM KAMIL
EBRAHIM SULAIMAN
EBRUSIKE OGHENETEGA
EDESIRI SATOPE
EDESIRI SATOPE I.
EDET ADAMS
EDET JOAN AISHATU
EDET LEONARD A.
EDET ROSE
EDET TUNDE
EDETAN DELIGHT PEACE
EDETAN MARVELLOUS OLUWASEMILORE
EDI D. JOHN
EDIGWE BLESSING OGHALE
EDI-OSAGIE SIDNEY IFEANYI
EDOGAME RITA SENUMA
EDOH ONYECHE CATHERINE
EDOHO EDOHO MFON
EDOHO JENNIFER EMMMANUEL
EDOHO JOY EDOHO
EDOSA FRIDAY OKPOKOR
EDOSA SUKUTAI
EDOSUYI FARA JI
EDREMODA EDITH OMAYEULI
EDU JERRY
EDU JERRY W
EDU SALILAH
EDUMELE JOSEPH ODOKO
EDUN OLUWATOSIN GRACE
EDUN OMOTAYO GEORGE
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
EDUNO CLEMENT
EDUNO CLEMENT E
EDUOK SALIM
EDWARD OLA JIDE O.
EDWARDS ADEBIYI ADEREMI
EDWIN PAUL CHIBUIHE
EEVNAS BEAUTY SALOONS LTD
EFE GODSPOWER EVI
EFE SULAIMAN
EFEMINI SAMUEL
EFEWAPE MOBOLA JI
EFFA ESU OTU
EFFI DERENICK
EFFIOM FELIX EFFIOM OKON
EFFIONG ASUKWO
EFFIONG ESSIEN GLORIA
EFFIONG MFIONISO ADOLF
EFFIONG MUKHTAR
EFFIONG TABANSI
EFFONG JOY AGNES
EFOBI EKENE ANTHONY
EFOSA PROSPER OSAREME
EFOSA PROSPER OSAREME K.
EFU EMMANUEL
EFUWAPE TITILAYO J
EGAUHON MAIZAH
EGBE SIBONGILE
EGBEDI ANTHONIA
EGBEDI ROY
EGBEKU BENIAH
EGBEKU HELEN SIM
EGBEKU SALEM
EGBEKU SARAH
EGBEKU SARIM EFE EGBEKU
EGBI EGUNIKE
EGBIREMHON DALINGTON EHIABHI
EGBO UCHENNA PAUL
EGBOH ADAEZE
EGBOKA NWAKAEGO AGATHA
EGBORAI NKECHI ANIREJUORITSE
EGBORDI UCHENNA ALERO
EGBOSIMBA OBIANAMA VICTORIA
EGBUIWE TAPANGA
EGBUNE BRIDGET NGOZI
EGBUNG AUGUSTINE UKWADA
EGBUNIKE RICHARD
EGWUTUHA IFEANYI PAULINUS
EHI CHIKOJILI MOSE
EHIAGWINA AGATHA OSEMUDIAMEN
EHIKIOYA DADA AYO
EHIKODI GINA
EHIMAH EGO FARIDA
EHINDERO MICHAEL OLUWATUYI
EHINMISAN OLATOMIDE FRANCIS
EHOYE NABLEYI
EIGBIREMHONLEN PHILIP EHIABII
EIGBOKHAN GODWIN EHIMEN
EILJAH GINGTON
EJALONIBU MUKAILA AKANJI
EJE EZEKIEL ODEY
EJEH OBAGWU
EJEM OBUMNEME M.
EJEMBA ISREAL IFY
EJEMBI PETER PATRICIA
EJIAMU KINGSLEY CHIDI
EJIBENAM OKWUDILI C.
EJIBENDU EVELYN
EJIKE CHINYERE AKUNNA
EJIKE COLLINS
EJIKE PHILIPS
EJIKS FEMI
EJIM FOLA
EJIMADU GIFT EMEKA
EJIMADU IWO
EJIMBA CHRISTIANA
EJINAKA INTERPRISES
EJIOFOR ANAYO
EJIOFOR DENNIS
EJIOFOR EMOS
EJIOFOR JONATHAN
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
225.00
234.00
234.00
234.90
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
236.25
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS140
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079
2080
2081
2082
2083
2084
2085
2086
2087
2088
2089
2090
2091
2092
2093
2094
2095
2096
2097
2098
2099
2100
2101
2102
2103
2104
2105
2106
2107
2108
2109
2110
2111
2112
2113
2114
2115
2116
2117
2118
2119
2120
2121
2122
2123
2124
2125
2126
2127
2128
2129
2130
2131
2132
2133
2134
2135
2136
2137
2138
2139
2140
2141
2142
2143
2144
2145
2146
2147
2148
2149
2150
2151
2152
2153
2154
2155
2156
2157
2158
2159
2160
EJIOGU DONATUS ONUOHA
EJIONYE RUTH IDOWU
EJOAMAHE EVAW
EKAMA TEGA
EKANDE OLUSEGUN
EKANEM ENOBONG ASUQUO (ADMOR)
EKANEM SAMUEL ESSIEN
EKANEM UDO
EKE CHRISTOPHER OSATO
EKE IKECHUKWU OLIVER
EKE MATTHEW CHIJIOKE
EKE OCHENEAWEROSU
EKE OGBONNA KEN
EKECHUKWU HARBERT EMECHETA IHEANYI
EKEKWE UKACHUKWU FREDERICK SUNDAY
EKEMODE UCHENNA
EKEMORUAH AVEROSUEOGHENE
EKEMORUAH MERCY ESEOGHENE O.
EKEMORUAH OGHALE
EKEMORUAH OTHUKE BEAUTY
EKEOCHA IJEOMA CHIBU
EKEREKA ANIFIOK FRIDAY
EKHENLEN ALBERT BELLO
EKIKERE IROAGBA
EKIKERE IROAGBA W
EKIKERE JOEL
EKIKERE JOEL T
EKO AREMU
EKO BABA JIDE
EKON BOYE
EKOP MFON DANIEL
EKPA MAGNUS YUNISA
EKPE JOHN AMAECHI
EKPE JONAH ETIM
EKPE V CHRIST
EKPENDU BEAUTY IFEOMA
EKPENYONG LUCY MICHAEL
EKPO EKPENO ITA
EKPO ISONGUYO MATTHEW
EKPO NAOMI
EKPO UCHE
EKUASE UHUNONA ELIZABETH
EKUKU OMOREGIEVA SUNDAY
EKUNDAYO OLABODE
EKUNDAYO OLUWATAMILORE
EKUNG TINEKA JAWANI
EKURE JOHN
EKWE JONATHAN SAMUEL
EKWE OKORIE JOHN
EKWE OKORIE JOHN N
EKWERE EMAH GODWIN
EKWERE EMAH GODWIN O
ELAIGU ANDREW EKWUOJO
EL-BASHIR ABDUL
EL-BASHIR LAWANI
ELEANYA KALU VICTOR
ELEBUTE SULAIMON
ELEDU EBE EDITH
ELEDU OGBONNA EDITH
ELEGEONYE JOSHUA CHINEDU
ELEKWACHI HART
ELEODIMUO FRANCISCA AMAKA
ELEWA MANDISA
ELUSHADE IBIYINKA OLUBUNMI
ELVIS PHIL
EMAFO HALIMA
EMAFO TALE
EMEBO BLAISE OGBONNAYA
EMEDIONG MFON
EMEFIELE AUGUSTINE
EMEKA AKUNLUYI
EMEKA AKWARANDU
EMEKA STEPHEN
EMEKAH HABIKAH
EMEM-ABASI MURITALA
EMENIYI ALFRED
EMENOGHA CHINEDU AUGUSTINE
EMENOGHA EBELE GRACE
EMENYI ALFRED Q
EMERE MATTHEW CHIKA
236.25
236.25
236.25
236.25
236.25
236.25
236.25
243.00
243.00
243.90
247.50
247.50
247.50
247.50
256.50
259.88
261.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
270.00
274.50
279.00
279.00
283.50
283.50
283.50
292.50
297.68
297.68
297.68
303.75
311.85
315.00
315.00
315.00
315.00
315.00
315.00
315.00
315.00
315.00
315.00
315.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
EMERUEH NKEM
EMERUEH OGE
EMERUEH OGE NKEM
EMIR KANIEL
EMIR TABANSI
EMMAH IKENNA
EMMAH IKENNA R
EMMANUEL ANTHONY ONAH
EMMANUEL BAMIDELE KOLAWOLE
EMMANUEL CHRIS O SEGUN LAWAL
EMMANUEL IBE
EMMANUEL IDRIS
EMMANUEL SOLOMON
EMMANUEL ULEGEDE
EMMANUEL VICTOR CHINEDU
EMOKPAIRE OGWIHI
EMUCHEYA VICTORIA ESTHER NKEMJIKA
EMUSA DATANIA NENGI
ENAHOLO EROMOSELE OZIEGBE
ENAHORO VICTOR
ENANG GLORY
ENANG GLORY B
ENANG MICHAEL ECHEMI
ENE AGBO
ENEBUSE MARIA
ENEBUSE MARIA D
ENECHUKWU OSITA FREDRICK
ENEFIOK MFONOBONG
ENEH AMINU
ENEKEBE CHINEDU
ENEKEBE NKECHI CHRISTINE
ENEKHIMION IYARE
ENENCHE FRANCIS OGBECHE
ENEUDE EJIKE FRANK
ENGOM EMMANUEL ANZAKU
ENI KYIJIAOSOWO
ENI N EHIS K.
ENILOLOBO DEBORAH AYOKUNMI
ENINOBOR LEWIS UFUOMA
ENO AKAN
ENO EMANGHA OMINI
ENOCH CHIMEZIE CELESTINE
ENYINNAYA JULIANA SARAH
EPANG ABENI RITA
EPANG KESIA
EPHRAIM KASIMU
EQUERE PROMISE
EQUERE PROMISE E
EQUINOX PROPERTIES LIMITED
EQUINOX ASSET MANAGEMENT LIMITED
EQUINOX CONSULTING LIMITED
ERABOR PHILIP
ERAKPOTOBOR KEON
EREH DAVID
ERENGAKA JABARI
EREOLA MUIDEEN ADEROJU
ERETAN FESTUS OLANREWAJU
ERIKAN JOSEPHIN U
ERIKAN JOSEPHINE
ERIKI ISOKPEHI EMMANUEL
ERIN PRINCE
ERINFOLAMI OLA OMOLARA
ERINLE OLAMIDE OLANIYI
EROMOSELE ELEDU MICHEAL
EROMOSELE STEPHEN
ERONDU ELIJAH ERONDU
ERONINI KANENE
ERUANOVUE OKPOKOR EDUN
ERUGO CHINEDUM EZENWA
ERUGO CHINYERE
ERUGO EZENWA CHINEDUM
ESAN JAYVYN
ESANG EKOM EFIONG
ESEDERE OMOTEJERE SARAH
ESEDERE OMOTUNDE BEATRICE
ESEGBONA KACHUKWU
ESEGBONNA SOLOMON
ESEGBONNA SOLOMON E
ESEIGBE KARIMAH
ESEKA EJIME PAUL
315.00
315.00
315.00
315.00
315.00
315.00
315.00
315.00
315.00
315.00
315.00
315.00
315.00
316.30
317.88
324.00
330.75
333.00
333.00
335.34
337.50
337.50
337.50
337.50
337.50
337.50
337.50
337.50
337.50
337.50
337.50
337.50
342.00
342.00
342.00
342.00
342.00
342.00
348.75
351.00
354.38
360.00
360.00
360.00
360.00
360.00
382.50
392.18
396.90
396.90
396.90
405.00
405.00
405.00
405.00
406.35
418.50
427.50
427.50
429.98
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
ESENEH JOAN EBINEHITA
ESENYIE KADIJA
ESEWE PROSPER
ESEWE PROSPER H
ESEZO DEJI
ESEZOBOR DELE
ESEZOBOR DELUWA
ESHEMOKHAI EMMANUEL EKPESHE
ESHIET ANURI PETER
ESHIET ANURI PETER W
ESHO JOSHUA OLUWAFEMI
ESHOKHAI PAUL SUNDAY
ESIAGA ISOKE
ETIENO MFON
ETIM ANTAN EFFIOM
ETIMENSI SUNDAY
ETINI EHIS
ETINI RAYGIN
ETINI RAYGIN Y.
ETOFILS VENTURES NIG LTD
ETOH DANIEL CHIBUIKEM
ETOKWUDO IFEYINWA AUGUSTINA
ETUKUDO INYANG VINCENT
ETUKUDO NKORI
EZE AUGUSTIN IKECHUKWU
EZE CHIKE LEO
EZE CHUKWUEBUKA TADIMMA
EZE DEBORAH
EZE IROHA URUM
EZE JULIET UCHECHUKWU
EZE NWANI PETER
EZE PHILIP
EZE STANLEY
EZE SUNDAY FRANCIS
EZEAGWASINWA KENECHUKWU C
EZEAMA BENJAMIN
EZEAMA CHINEDU EZEAMA
EZEANI GERALD ARINZE
EZEANI JOSEPHINE NKIRU
EZEANI OZOR CHRIS
EZEANYA CHINWE NENKA
EZEANYA NGOZI NKIRU
EZEBUIKE OGUGUA COLLINS
EZEBUIRO IGNATIUS
EZECHUKWU ROSELINE IFEOMA
EZEGWO CHIKE
EZEIFE EBERE MERCY
EZEIMO OKWUNNADI
EZEKWEM FRIDAY J.
EZEMA IJEOMA FAVOUR
EZENDU VICK
EZENNIA IKEMEFUNA IKENNA
EZENWA JOY UKAMAKA JOSEPHINE
EZENWAJIAKU ONYENKA DONATUS
EZEOKOYE UJU
EZEUKO PAUL OBUM
EZEWANJIAKU CHIKA EMELDA
EZUMA DANIEL NDUBUISI
EZUNAGU ANTHONY EMEKA
EZUTAH NNENNAYA-IGBO L.
FABIYI OPEYEMI REBECCA
FABORODE OLUWATOYIN MURTALA
FABUSIWA OLUWASEUN TEMITOPE
FABUSIWA VICTOR TEMITAYO OLUWATOBI
FADAIRO ABAYOMI PAUL
FADAIRO ABIDEMI OLAMITOKUN
FADAIRO JOHN KAYODE
FADEKE ALIU
FADEKEMI ADAMS
FADIMU YETUNDE
FAGBAMILA REMI
FAGBEMI BISAYO OMOGORIOLA
FAGBOHUN OLUWAKEMI HELEN
FAGBOLADE OLUTAYO
FA JANA DAVID OLUWASESAN
FA JANA OMOLOLA DEBORAH
FAKAYODE OLATUNBOSUN ANTHONY
FAKUNLE YETUNDE ELIZABETH
FAMIWO OLUWAGBEMIGA VICTOR
FAMUREWA DAMILARE ELIJAH
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
441.00
446.49
446.85
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS 141
Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
2161
2162
2163
2164
2165
2166
2167
2168
2169
2170
2171
2172
2173
2174
2175
2176
2177
2178
2179
2180
2181
2182
2183
2184
2185
2186
2187
2188
2189
2190
2191
2192
2193
2194
2195
2196
2197
2198
2199
2200
2201
2202
2203
2204
2205
2206
2207
2208
2209
2210
2211
2212
2213
2214
2215
2216
2217
2218
2219
2220
2221
2222
2223
2224
2225
2226
2227
2228
2229
2230
2231
2232
2233
2234
2235
2236
2237
2238
2239
2240
2241
2242
2243
2244
2245
2246
2247
2248
2249
2250
2251
2252
2253
2254
2255
2256
2257
2258
2259
2260
2261
2262
2263
2264
2265
2266
2267
2268
2269
2270
2271
2272
2273
2274
2275
2276
2277
2278
2279
2280
2281
2282
2283
2284
2285
2286
2287
2288
2289
2290
2291
2292
2293
2294
2295
2296
2297
2298
2299
2300
2301
2302
2303
2304
2305
2306
2307
2308
2309
2310
2311
2312
2313
2314
2315
2316
2317
2318
2319
2320
2321
2322
2323
2324
2325
2326
2327
2328
2329
2330
2331
2332
2333
2334
2335
2336
2337
2338
2339
2340
2341
2342
2343
2344
2345
2346
2347
2348
2349
2350
2351
2352
2353
2354
2355
2356
2357
2358
2359
2360
2361
2362
2363
2364
2365
2366
2367
2368
2369
2370
2371
2372
2373
2374
2375
2376
2377
2378
2379
2380
2381
2382
2383
2384
2385
2386
2387
2388
2389
2390
2391
2392
2393
2394
2395
2396
2397
2398
2399
2400
FAPOHUNDA KIZITO
FAPOHUNDA KIZITO N
FAPONLE JOHN ADEBISI
FARINRE JOHNSON
FARINRE JOHNSON Z
FARINTO OLALEKAN
FARINTO OLA-SAMME
FARINTO OLA-SAMOLA
FARINTO OLA-SAMUEL
FARINTO SAMUEL
FARINTO SAMUEL OLALEKAN
FARODOYE OLAWALE
FAROUK IBRAHIM BABA
FARQUAH AKPOTU GRACE
FASANMI ADEYEMI ADE
FASANMI MARGARET BOLA
FASANYA JONATHAN OLEKE
FASESIN SAMSON KUNLE
FASHANU OLUWATOSIN MARY
FATIREGUN AGBOOLA
FATIREGUN AGBOOLA OMOWUNMI
FATIREGUN AGBOOLA OMOWUNMI
FATIREGUN AGBOOLA OMOWUNMI
FATIREGUN EMMNAUEL O
FATIREGUN FALILAT
FATIREGUN KOFOWOROLA F.
FATIREGUN OMOLARA
FATIREGUN OMOLARA OLUWATOYIN
FATIREGUN OMOLARA OLUWATOYIN
FATIREGUN OMONIYI
FATIREGUN OMONIYI ADEBODUN
FATIREGUN OMONIYI ADEBODUN
FATOKI ADEBISI PAUL
FATOKUN ABDULFATAI ALABI
FATUYI OMOWONUOLA STEPHANIE
FATUYI SAMUEL OLUSEGUN
FAUZANA IFEDAYO
FAUZANA IFEDAYO J
FAWUMI HART
FAWUMI HART S
FAYE IGBEHINADARA
FAYELE MODUPE ELIZABETH
FAYEMO MICHAEL ADEBAYO
FAYEOFOBI JUDE W
FAYEOFORI JUDE
FOLUKE JEGEDE
FRANCIS BOLANLE
FRANCIS U ESSIEN
FRANK AKEEM
FRANK EKPE BRITUS
FREE POIT SOLUTION SERVICES LTD
FREGENE ALEX ABOYOWA
FRIDAY BELLO
GAIYA ALIYU RIFKATU
GALADIMA GLADYS
GAMBO NAFISAT
GANIYU ADEDOTUN
GANIYU AHMED
GANNY PETER AFOLABI
GARBA AGNES A JANI
GARBA HAFSAT DANLADI
GARUBA YAHAYA
GASL-NOMINEE LTD-DABANA ACCT.
GAZA ISSAKA
GBABO DAVID PEREKEBINA
GBADAMOGHO CYINTA N
GBADAMOSI KASALIYU AYOBAMI
GBADAMOSI MUYIDEEN WALE
GBADAMOSI OWODAMOLA
GBADEBO VICTOR OLUWATIMILEYIN
GBARAMOGHO CYNTA
GBE BARRY PERE
GBENEDIO HENRY KESIENA
GBENGA ONI IJEGBULEN
GBINDINNINUOLA ISMAIL KEMI
GBINDINNINUOLA ISMAIL OLUWAKEMI
GBINDINNINUOLA OLAYINK SUBOMI
GBOKOYI MARTINS OSHINTOLA
GBOLABO OLAYIWOLA
GBOLABO SENBA JO
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
GBOYEGA COSIN
GBOYEGA DEJI
GBOYEMI ISREAL OLUWADUROTIMI
GBOYEMI OLUWATOYIN
GBOYEMI TAIWO
GEGELESO BABA JIDE ADE
GEORGE AYORINDE ABIODUNRINDE
GEORGE GEORGE JOHN
GEORGE GEORGINA WEIGETUMBRA
GEORGE GRACE ALAERE
GEORGE HARRY
GEORGE ODODO
GEORGE TOYIN EBI
GEORGE-AHIRU GBOYINDE
GEORGEWILL BRIDGET
GEORGEWILL BUKOLA
GIMBA HARUNA AYUBA
GISANRIN OLUWATOSIN
GISANRIN ROBERT
GIWA ADAMSON
GIWA MORILIATU IYABO
GIWA MOTOLANI OLASUNKANMI
GIWA RAIMOT
GIWA-OSAGIE RHODA ESOSA
GLADYS JOSEPH
GLOBAL ASSET MGT. LTD-TRADED-STOCK-A/C
GLORY OHIOMAH NERILAGHABOFA
GODONU SOYINDE ALBERT
GODSWILL KAYODE
GODSWILL NWIGWE OLAWREWAJU
GODWIN OBIAGELI
GODWIN OKECHUKWU KELVIN
GOERGE MOPESOLA
GOMINA CHIDUME
GONI SERIKI
GONI SERIKI P
GORIOLA MOLAKE
GRACE OBENDE BOSE 2
GRACE OSAMUDIAME
GRANT PHILLIPS
GREGORY-UBIGEN NOSA FYONNA
GUASO MOSES MUSTAPHA
GUMBI JAIWO
GUMBI TAIWO R
GUSEN KENNETH
GUSEN KENNETH B
GWAZU OLALEYE
GWOM DEREFAKE
GYANG MANCHA PETER
HABEEB AZUKA
HABIB ADE
HADOME NGOZI
HAIGBE OKON
HALILU IJEOMA LEWISIK
HALILULAHI FARUK
HALIM FARUK OLUWATIMILEHIN
HALIM FATIMA OLUWADAMILOLA
HALIMA ALAO
HALIMA PHILOMENA
HALIMAT EMEKA
HAMEED MARTINA
HAMID GANIU BABATUNDE
HAMMED SHAHEED
HAMMED SHAHEED D
HAMZA SHEHU
HAMZAT OLASUNKANMI TAOFFET
HANDEL YEMI
HARBOR CHUKWUEMEKA LLOYD
HARRIS FUNMI
HARRISON IBINGIBO IBIFURO
HARRY OYINLOLA
HART CHRISTINE
HARU IBRAHIM
HARU IBRAHIM W
HARUNA MOHAMMED
HARUNA NUMMI
HARUNA NUMMI N
HARUNA SARUMI
HARUNA T WAZIRI
HASHIM ADEOLA MUTIU
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
HASSAN CHUWA
HASSAN CHUWA G
HASSAN DAVID
HASSAN EMMANUEL
HASSAN KAYODE RAHEEM
HASSAN LAWAL JUMMIA
HASSAN LAWAL JUMMIA N
HASSAN MOHAMMED NUHU
HASSAN OLADIMEJI
HASSAN SHERRY OLASUMBO
HASSANAT SWEET
HENRY TOLULOPE
HENSHAW CHINONYE
HILARY HENRY
HUGH ALLI
HUSSANI STEVE
HYACINTH SAOLA
IBAMA PHILIPS
IBAMA PHILIPS W.
IBANGA DANIEL MOSES
IBANGA EKERETTE BERNARD
IBANGA IBANGA GLORY
IBANGA IBANGA GLORY Q.
IBANGA IFEOMA
IBE ETTE
IBE JULIUS
IBE UCHE CHRISTIAN
IBEGBULEM CHRISTOPHER
IBEGBULEM CHRISTOPHER B.
IBEH FRANCIS ONYEMAEME
IBEH LOUIS MADUABUCHI
IBEKWE ABAZU
IBEKWE ANGELA OSITA
IBEKWE COLLINS OKWCHUKWU
IBEKWE COLLINS OKWCHUKWU
IBEKWE DANIEL DIKE
IBEKWE IBRAHIM
IBEME INEMESIT
IBEME INEMESIT X.
IBENEZI CHIKA THEOPHILUS
IBEREDEM STANLEY
IBEREDEM STANLEY M
IBESON CATHERINE AMAECHI
IBEZIAKO JOYCE UGOCHI
IBEZIM JOHN OKEY
IBIANG LOYOE NWANKE
IBIDAPO GBADEBO
IBIFUBARA CHIDI RAYMOND
IBIFUBARA CHIDI RAYMOND W.
IBIGBAMI ADENIKE MODUPE
IBIKUNLE ISAAC FOLORUNSHO
IBITOYE AREMU OLANREWAJU
IBITOYE OKONGWU
IBITOYE SAMUEL OLUSEGUN
IBIWOYE ABIGAIL ADESOLAPE
IBIWOYE JOSEPHKING AYOMIDE
IBIWOYE SAMUELKING MAKINDE
IBIYEMI OLAWEPO
IBIYINKA AKINSEMOYIN
IBRAHIM VICTOR
IBRAHIM VICTOR B
IBRAHIM YAHAYA OLUWAROTIMI
IBUBELEYE VICTOR
IBUBELEYE VICTOR A
IDA PHILIP
IDAKWO EICHAYI NAOMI
IDEAL BUSINESS LIFE INTERPRISES
IDEBOGHIE MICHEAL
IDEHEN EMMA
IDEM GEORGE
IDEM GEORGE I
IDIAKHEUA TINA AIWANEHI
IDIATA EBAS
IDIATA EBAS J
IDIKA VIVIAN NNEKA
IDIKAN BOLA JI
IDIOK ODOM
IDIONG ADETOKUNBO
IDISI CHRISTIAN OGBENEME
IDOGA ELIZABETH EYUM
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS142
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
2401
2402
2403
2404
2405
2406
2407
2408
2409
2410
2411
2412
2413
2414
2415
2416
2417
2418
2419
2420
2421
2422
2423
2424
2425
2426
2427
2428
2429
2430
2431
2432
2433
2434
2435
2436
2437
2438
2439
2440
2441
2442
2443
2444
2445
2446
2447
2448
2449
2450
2451
2452
2453
2454
2455
2456
2457
2458
2459
2460
2461
2462
2463
2464
2465
2466
2467
2468
2469
2470
2471
2472
2473
2474
2475
2476
2477
2478
2479
2480
2481
2482
2483
2484
2485
2486
2487
2488
2489
2490
2491
2492
2493
2494
2495
2496
2497
2498
2499
2500
2501
2502
2503
2504
2505
2506
2507
2508
2509
2510
2511
2512
2513
2514
2515
2516
2517
2518
2519
2520
2521
2522
2523
2524
2525
2526
2527
2528
2529
2530
2531
2532
2533
2534
2535
2536
2537
2538
2539
2540
2541
2542
2543
2544
2545
2546
2547
2548
2549
2550
2551
2552
2553
2554
2555
2556
2557
2558
2559
2560
2561
2562
2563
2564
2565
2566
2567
2568
2569
2570
2571
2572
2573
2574
2575
2576
2577
2578
2579
2580
2581
2582
2583
2584
2585
2586
2587
2588
2589
2590
2591
2592
2593
2594
2595
2596
2597
2598
2599
2600
2601
2602
2603
2604
2605
2606
2607
2608
2609
2610
2611
2612
2613
2614
2615
2616
2617
2618
2619
2620
2621
2622
2623
2624
2625
2626
2627
2628
2629
2630
2631
2632
2633
2634
2635
2636
2637
2638
2639
2640
IDOKO CHRISTIAN
IDONGESIT ABDULRAHMAN
IDONGESIT VICTORIA
IDONGESIT VICTORIA G
IDORENYIN ABASIYE
IDORENYIN ABASIYE P
IDORENYIN FRANKLIN
IDORENYIN FRANKLN B
IDORENYIN KABIRI
IDORO BELIEVE
IDOWU ADEGBOYEGA
IDOWU ADEKUNLE
IDOWU ADEKUNLE
IDOWU ADELEYE OLUSANYA
IDOWU ADEOLA
IDOWU AKINLOLU SOLOMON
IDOWU AMOS
IDOWU ATOBITE
IDOWU BASHIRU
IDOWU BISI
IDOWU CHRISTIAN
IDOWU EBUN
IDOWU FRANCISCA
IDOWU FUNMILAYO CHRITIANA
IDOWU GRACE
IDOWU JOHN
IDOWU KATE
IDOWU LANRE
IDOWU MOSES OLUSESAN
IDOWU MUSEWDIKU
IDOWU OLASUNBOMI ENITAN
IDOWU OLAYEMI
IDOWU OLAYINKA
IDOWU OLAYINKA
IDOWU OLAYINKA MUSEWDIKU
IDOWU OLISAEMEKA
IDOWU OLUFEMI
IDOWU OLUSESAN
IDOWU OLUSESAN MOSES
IDOWU OLUWADAMILOLA
IDOWU OLUWATOBI
IDOWU OLUWATONI
IDOWU OLUWATOSIN
IDOWU ORINAYO
IDOWU OYINDAMOLA
IDOWU RAMOTA
IDOWU SOARES
IDOWU TARA
IDOWU VICTORIA TEMILOLA
IDRIS OMODUNNI
IDRIS YAKUBU
IFEANYI - OKORO SYLVIA NECHI
IFEANYI OKAFOR
IFEANYI ROSE O
IFECHUKWU DARE
IFECHUKWU STEPHEN A.
IFEDAYO AKINLA
IFEDIORA CHUKWUNONSO
IFEKPOLUGO FADIJI
IFEKPOLUGO FADIJI E.
IFENNA DONATUS EMEODI
IFEOMA AKPAN
IFEOMA ODUNARO
IFETAYO JUMOKE ELIZABETH
IFEZUE CHIJIOKE OGOCHUKWU
IFEZUE SOPHIA ANGEL
IFEZUE ZANE YORAM CHUKWUEMEKA
IFIDI IKE
IFIDI IKE R.
IFIOK EKPA PETER
IFY KENNEDY
IGALAWUYE CHARLES ONYEKA
IGBAMOSUN LAZS TANEMOLA
IGBEGWU MICHAEL UCHECHUKWU O
IGBEKA ONAJITE
IGBEKOYI AKINYEMI GODWIN
IGBENG BENJAMIN DONATUS
IGBIKI NWAMAKA PHILOMENA
IGBINOVIA OGUGBUE
IGBO JUDE R.A.
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
451.30
454.50
454.50
461.25
462.78
463.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
472.50
473.26
483.75
495.00
495.00
496.12
496.12
496.12
503.14
503.14
503.14
503.14
517.50
519.57
522.00
526.50
531.00
531.00
533.25
539.33
540.00
540.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
IGBOEGBUNAM CHINYERE STELLA
IGBOEKWEZE OLUSOLA
IGBONEME MARK UCHENNA
IGBONUSI NNAMDI CHRISTIAN
IGBONUSI VICTOR
IGBOR VICTOR NINTOR
IGBUDU OREVAOGHENE GODSWILL
IGE A JOKE
IGE ANIKE
IGE ELIZABETH
IGE ESTHER
IGE LOLA
IGE OLAYINKA
IGE OLUFUNMILAYO
IGE OMOLADE PHILLIP
IGE OYINKANSOLA
IHETUGE GOODNESS NWADINMA
IHIME ALBERT
IHUNDA EZEKIEL
IHUNDA EZEKIEL E.
IHWIRO GIDEON NWAEZE
IIJEOMA OWUEGBULE
IJAGBUYIRO OFUASE
IJAOPO ISSAAC OJO
IJEOMA AGBASI
IJEOMA NWABUEZE JUSTICE
IJERE IJEOMA
IJOMA SANDRA ADAOBI
IKA TEGA
IKANDU GEORGEWILL UBANI
IKE AUGUSTINE C
IKE OKWUCHI
IKEAGU NNAMDI MICHEAL
IKEBEOTU EMEKA
IKEBUWA LUCKY
IKECHUKWU ANDREW
IKECHUKWU BLESSING
IKECHUKWU WILFRED U
IKECHUU BONAVACH OKWOMMA
IKEDIASHI JOSEPH CHUKS
IKEDINOBI ESTHER
IKEDINOBI ESTHER H
IKEDINOBI IKECHUKWUKA
IKEDINOBI IKECHUKWUKA F
IKEDINOBI UCHENDU
IKEDINOBI UCHENDU P
IKEDIOFOR SEGUN
IKEFUNA SAMUEL IKECHUKWU
IKEH CHINYERE
IKEH-UCHE RUBY
IKEH-UCHE UGOCHUKWU
IKELEGBE NSIDIGBE
IKELEGBE NSIDIGBE I
IKEM
IKENNA CORNELIUS
IKENNA GRACE
IKENNA KEMI
IKENNA SHOLA
IKEUBA LAWRENCE
IKHAYERE OMONEFE
IKHIMIOYA DOEGHOBONE ONOME
IKHIMIOYA EROMOSERE PRINCEWILL
IKHIMIOYA EZOMO
IKHIMIOYA OLOHIGBE GODGIFT
IKHIMIOYA OMOZUANUBO GEOFREY
IKINNA NOJI
IKO BUKOLA E
IKO ESTHER B
IKOGHO BENJAMIN F.
IKON NEHEMIAH
IKON NEHEMIAH E.
IKON PETER
IKUOMENISAN BUKOLA
IKUSEBIALA BUSAYO
IKWU ANKELI DANIEL
IKWUEZE EUNICE NWANNEKA
ILEGBINIJIE EDITH LUCY
ILEKA OLAOYE
ILESO FELIX ADEOYE
ILOKA AMAKA PERPETUA
540.00
540.00
540.00
540.00
540.00
540.00
540.00
540.00
540.00
540.00
540.00
540.00
540.00
540.00
540.00
540.00
571.50
571.50
576.00
585.00
585.00
585.00
585.00
585.00
585.00
585.00
585.00
585.00
585.00
585.00
585.00
586.08
590.62
607.50
630.00
630.00
637.88
642.60
661.68
666.32
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
ILOLAWOLE OLADIMEJI
ILORI ISAAC BABATUNDE
ILORI KUBURAT TOPE
ILORI SIMBI A JOKE
IMAAH JUBRIL
IMAAH JUBRIL J.
IMADOJEMU VIVIAN
IMAEKHAI OSHOBUGIE EMMANUEL
IMAFIDON FRANCISCA E.
IMAGHODOR BERNICE AMASIHOHU
IMANE (DISTRICT) DEVELOPMENT UNION
IME BASSEY COLLINS
IME BASSEY COLLINS P
IMEH VICTORIA
IMEKA FAITH
IMEKA FAITH C
IMEKA MIRACLE
IMEKA MIRACLE X
IMEKA NGOZIKA
IMEKA NGOZIKA V
IMEMA KENNETH
IMOH JEREMIAH
IMOH JEREMIAH R
IMOSEMI DONALD OREOSE
INAM ABAKASANGA JAMES
INAMETE MAYEN ISAAC
INCHI BALARABE
INEGBENOSUN AUGUSTINE
INEH ANITA I.
INEH CHIAMAKA IGUGU
INEH CHUKWUMA D.
INEH DAVID
INEH EMEKA
INEH ESTHER IYABO
INEH IFEOMA
INEH ISIOMA
INEH MARTHA
INEH PETER
INHERITABLE WEALTH INVESTMENT LTD
INIABASI STANLEY
INIABASI STANLEY F
INIBEH UKIRU UFOT
INIBEHE UKIRI UFOT X.
INNOCENT EBELEBE
INTERNATIONAL BUSINESS SOLUTION LTD
INYANG IBOROABASI RICHARD
INYANG IDONGESIT ETIM
IORZUA ALPHA TERLUMUN
IQUO CHUKWUNEYE
IRABOR JOHN
IRABOR PATRICK
IRABOR SIMON
IREDIA EVBARUESE EDITH
IRIOGBE EMMANUEL EHIMARE
IRIS TRADING & INVESTMENTS LTD
IRIVWOTU GABRIEL EVUEVWIE
IROAKAZI GODWIN UGOCHUKWU
IRUENE ELFRIDA OKORIKA
IRUNOKHAI BRIGHT EGHIEBADE
ISA LADU ADEJO
ISA NWOKORO
ISA SAAMSUDDEN
ISA SAAMSUDDEN E
ISAAC BAYOWA
ISAAC ISAAC CHIGOZIE
ISAAC WERUCHE
ISAH ABDULLAHI
ISONGUYO PATRICK W
ISREAL OWOLABI OLATUNJI
ISYAKU MOHAMMED
ITODO EJIOFOR SHEDRACK
ITOHOWO ANIEBO
ITOHOWO ANIEBO J
ITORO SAMUEL BASSEY
ITORO SAMUEL BASSEY K
ITUEN NSIKAK ETIM
ITUMOH AMOBI NELSON
IVIENAGBOR AKPOSIBRUKE
IWANEFUN ISAAC
IWANEFUN ISAAC S.
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
697.50
697.50
697.50
697.50
697.50
697.50
697.50
697.50
708.75
708.75
708.75
708.75
713.43
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS 143
Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
2641
2642
2643
2644
2645
2646
2647
2648
2649
2650
2651
2652
2653
2654
2655
2656
2657
2658
2659
2660
2661
2662
2663
2664
2665
2666
2667
2668
2669
2670
2671
2672
2673
2674
2675
2676
2677
2678
2679
2680
2681
2682
2683
2684
2685
2686
2687
2688
2689
2690
2691
2692
2693
2694
2695
2696
2697
2698
2699
2700
2701
2702
2703
2704
2705
2706
2707
2708
2709
2710
2711
2712
2713
2714
2715
2716
2717
2718
2719
2720
2721
2722
2723
2724
2725
2726
2727
2728
2729
2730
2731
2732
2733
2734
2735
2736
2737
2738
2739
2740
2741
2742
2743
2744
2745
2746
2747
2748
2749
2750
2751
2752
2753
2754
2755
2756
2757
2758
2759
2760
2761
2762
2763
2764
2765
2766
2767
2768
2769
2770
2771
2772
2773
2774
2775
2776
2777
2778
2779
2780
2781
2782
2783
2784
2785
2786
2787
2788
2789
2790
2791
2792
2793
2794
2795
2796
2797
2798
2799
2800
2801
2802
2803
2804
2805
2806
2807
2808
2809
2810
2811
2812
2813
2814
2815
2816
2817
2818
2819
2820
2821
2822
2823
2824
2825
2826
2827
2828
2829
2830
2831
2832
2833
2834
2835
2836
2837
2838
2839
2840
2841
2842
2843
2844
2845
2846
2847
2848
2849
2850
2851
2852
2853
2854
2855
2856
2857
2858
2859
2860
2861
2862
2863
2864
2865
2866
2867
2868
2869
2870
2871
2872
2873
2874
2875
2876
2877
2878
2879
2880
IWAYANWU OLUKAYODE
IWEHA OBINWANNE ALOZIE
IWEJUA ONYEYECHI BLESSING
IWEKA CHIDUBEM ABATI
IWERE ABAYE
IWETAN ANIREJUORITSE JANE
IWO NEMI
IWOBI ADEBUKOLA
IWOK UBONG EDET
IWU FAITH
IWU IFEANYI ROGER
IWUAGWU SAMUEL CHUKWUKERE
IWUANYANWU OLUCHI SOPHIA
IWUCHUKWU UDEME
IWUCHUKWU UDEME O
IWUNO JACK
IWUNO JACK A
IWUOHA ADA AKUNNA
IWUOHA OLUCHUKWU J.
IWUOHA UZOMA KENNEDY
IYABODE GABRIEL
IYALEKHUE BRIGHT
IYEH ESTHER CHINYERE
IYEKEKPOLOR EMMANUEL O
IYEN IYAMU
IYENGE BOOSHIMA
IYENGUMWENA ADESINA
IYIOKU ALLEN CHIDOZIE
IYO DANIEL
IYO DANIEL H
IZAMOJIE ITOHAN ESTHER
IZAMOJIE ONOMEN PAULINE
IZEDONMWEN REMI
IZEGAGBE BOSE AIJOHI
IZEJIOHA FRANCIS EMEKA
IZOEBONIYE FARORE
IZUAKOR MICHAEL CHIEDOZIE
IZUDIM ANTHONY CHUKWUDI
JABOR JAMES
JACK SOALA ABEL
JACKSON IFIOK AMOS
JACOB AWUGO
JACOB GEORGE
JACOB GEROGE O
JADEED ALOH
JADEED ALOH D
JADESOLA GLOBAL LINK LTD
JAGODA MICHAEL ANNA
JAGUN ADETUTU
JAMES SABO
JAMES SUNDAY
JAMGBADI LAWAL
JATTO FATIMA
JAWANDO AYODELE
JEARIOGBE TUNDE SEGUN
JEGEDE ADEBAYO THOMAS S
JEGEDE OMOWUNMI ADIJAT
JEJE JIDE JACKSON
JEMERIGBE TEMITOPE KEHINDE
JENNY OGANAH
JEREMIAH CHUKA
JEREMIAH CHUKA B
JEROME BRIGGS
JHONNY EMEM LIFOT
JIBRIL MOHAMMED
JIDE OLANDIE
JIDE-JOHNSON OLUWAFUNMILAYO O
JIDEOFOR EZEUGO SYLVESTER
JIDEOFOR JACKSON
JIDEOFOR JACKSON S
JIKA OGUNLEYE
JIMOH ABIODUN NURUDEEN
JIMOH ASHY
JIMOH BUHARI
JIMOH ENIOLA
JIMOH FALILAT AGBALAYA
JIMOH GBENGA
JIMOH MARY
JIMOH MARYAM
JIMOH MUYIDEEN AKANNI
730.35
742.50
742.50
742.50
745.24
751.50
756.00
763.24
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
JIMOH UZOARU
JINADU ASHIRU
JINADU ASHRAF
JINADU MUSTAFAR UMAR
JOB UEUOMA ROLAND
JOCAB UZOARU
JOE ESSIEN AGNES
JOEL ISAAC
JOGUNOMI RAFIU-LASISI
JOHN AARON HASSAN
JOHN ADEKOYA
JOHN ADEYINKA ADEREMI AYODEJI
JOHN AGUZIE
JOHN AKINSHIPO
JOHN ALBERT HASSAN
JOHN AYO
JOHN BABA
JOHN CHIZOBA CHRISTOPHER
JOHN CLEMENT
JOHN FAGADE
JOHN IBRAHIM
JOHNSON IGE ANIKE
JOHNSON IGE ELIZABETH
JOHNSON IGE ESTHER
JOHNSON IGE FLORENCE
JOHNSON IGE MICHEAL
JOHNSON IGE OLANREWAJU
JOHNSON IGE OLUFUNKE
JOHNSON IGE OLUFUNMILAYO
JOHNSON IGE OLUSOLA
JOHNSON IGE OLUWOLE
JOHNSON IGE OMOBOLA
JOHNSON IGE OYINKANSOLA
JOHNSON IGE SAMUEL
JOHNSON IGE TEMITOPE
JOHNSON IGE TOBI
JOHNSON IGE WALE
JOHNSON NDUBUISI
JOHNSON UFUOMA ABOSEDE
JOHUA SHALL DAVID
JOKOTADE OPENIRO
JOKOTOYE OLAWAMIWA GILGA
JOLA JOHN
JOLAIYA JOHN JIDE
JOLAIYA OLUWATOYIN F.
JOLAIYA OLUWATOYIN FELICIA
JOLAOSHO RAMON OWOLABI
JOLAOSO AKINWANDE OLUSOLA
JONATHAN BAIYEKYSI
JONATHAN BANJOKO
JONES ADEGBOYE
JONSON IGE TOMI
JOSEPH CECILIA
JOSEPH CHUKWUEMEKA OGO
JOSEPH EMITAYO AGNES
JOSEPH FLORENCE
JOSEPH KOLADE
JOSEPH MARTINS
JOSEPH PATRICK
JOSEPH SINA ALABI
JOSHUA CHINWE
JOY ADEGBOLA
JOY JOHN
JUDE UDEH
JUDITH AWASAK
JULIA EKENE BOLARIN
JULIET NNAMDI
JULIUS FEMI JONATHAN
JULIUS MERCY
KANYIN SALEH
KAREEM AMIN JUMBO
KARIMU JOHN ADE
KASA MOHAMMED
KASALI IKOCHUKWU
KASHORO FRANKLIN IBIKUNLE
KASI POLLYN
KASI POLLYN E.
KASIM ABIMBOLA OLAKUNLE
KASUMU JAMIYU OLOWOPEKUN-ESOO
KATE BULURO
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
KATE MOBO
KATUKA JEREMIAH YAKUBU
KATUKA JONATHAN YAKUBU
KEJEH PHILIPS K
KELECHI AGWUOCHA
KELECHI EBOH
KELECHI SEDE
KELECHUKWU HENRY IKECHUKWU
KELEKUN ISHOLA
KELVIN TOPE
KEMAKOLAM ABDU
KEMIBEFUOJO STEVE G
KEMIBERUOJO STEVE
KEN OGU
KENNEDY JOHN
KETIKU KAYODE MICHAEL
KEWULERE YEMI
KEYE TOYIN
KEYE TOYIN V
KILANKO FIDELIS
KILANKO LAWI
KILANKO LAWI E
KINGDOM AIDED IDEAS LTD
KINGSLEY AKPASI
KINGSLEY LAI
KIRPSON OBINNA ODURUKWE
KOFFI LAWANI
KOFFI LAWANI J
KOKUMO FELIX OLUFEMI
KUFRE JACOB F
KUFRE JACOBS
KUFREABASI PATRICK J
KUKU OYEMAKINDE
KULEPA OSARAGUE
KULEPA OSARAGUE S
KUMANE OGHENEVWAIRHE
KUPOLUYI RITA
KUTI COPPER
KUYE JOSEPH OLUWATIMILEHIN
KWASAU STEPHEN
LABARAN BENEDICT
LADAGU OLUWASEYE
LADAPO OLA JIDE
LADEJOBI OLORUNDARE
LADELE FAITH AYODEJI IFEOLUWA
LADIPO AYOMUKUN ESTHER
LADIPO CHARLES
LADOJA DELE
LAGOKE OMOLOLA
LAI SHOLOLA
LAIDE EBENEZER
LAMID HAKIM A JIBOLA
LAMIDI FATAI ARABA
LAMIDI OLASENI TAIWO
LANDE IJEOMA
LARA A JAO
LARY LAT EULOGE
LASISI LATEEF ABIDEMI
LATEEF OJOYE
LAWAL OLANIPEKUN
LAWAL OLATUNJI OWOLABI
LAWAL OLAYEMI JIMOH
LAWAL OLAYEMI SAKIRAT
LAWAL OLAYINKA MUHEEZ
LAWAL OLAYOLE WAHEED
LAWAL SAHEED ADEWALE
LAWAL-ADEBAYO RACHEAL
LAWAN AHMAD
LAWAN AISHATU
LAWSON VICTOR MENSAH
LEBARI STEPHEN
LEBARI STEPHEN F.
LEBI MARGARET OLUFUNMILAYO
LEGBO GRACE MAME
LEKAN LARABA
LEKAN OGUNKOYA
LELEPETERS MIRACLE VIRGINIA M
LEPDUNG LOUIS GOLECK
LEWIS TAIWO
LIASU IKENNA
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS144
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
2881
2882
2883
2884
2885
2886
2887
2888
2889
2890
2891
2892
2893
2894
2895
2896
2897
2898
2899
2900
2901
2902
2903
2904
2905
2906
2907
2908
2909
2910
2911
2912
2913
2914
2915
2916
2917
2918
2919
2920
2921
2922
2923
2924
2925
2926
2927
2928
2929
2930
2931
2932
2933
2934
2935
2936
2937
2938
2939
2940
2941
2942
2943
2944
2945
2946
2947
2948
2949
2950
2951
2952
2953
2954
2955
2956
2957
2958
2959
2960
2961
2962
2963
2964
2965
2966
2967
2968
2969
2970
2971
2972
2973
2974
2975
2976
2977
2978
2979
2980
2981
2982
2983
2984
2985
2986
2987
2988
2989
2990
2991
2992
2993
2994
2995
2996
2997
2998
2999
3000
3001
3002
3003
3004
3005
3006
3007
3008
3009
3010
3011
3012
3013
3014
3015
3016
3017
3018
3019
3020
3021
3022
3023
3024
3025
3026
3027
3028
3029
3030
3031
3032
3033
3034
3035
3036
3037
3038
3039
3040
3041
3042
3043
3044
3045
3046
3047
3048
3049
3050
3051
3052
3053
3054
3055
3056
3057
3058
3059
3060
3061
3062
3063
3064
3065
3066
3067
3068
3069
3070
3071
3072
3073
3074
3075
3076
3077
3078
3079
3080
3081
3082
3083
3084
3085
3086
3087
3088
3089
3090
3091
3092
3093
3094
3095
3096
3097
3098
3099
3100
3101
3102
3103
3104
3105
3106
3107
3108
3109
3110
3111
3112
3113
3114
3115
3116
3117
3118
3119
3120
LILLY-TARIAH TELEMA MAGDALENE
LIMESHARE INVESTMENT LTD
LIMESHARE INVESTMENT LTD
LINDA DRATT
LINKINYO TAIWO OLUSOLA
LOTACHI SOLOMON
LOTACHI SOLOMON E
LOUIS EZIOKWU
LUCY AKIN
LUFADEJU ENWELIM
LUKE AMAKA JENIFER
LUKMAN SANDRA
MABAYOJE SUNDAY SAMUEL
MABEL AYODELE
MACAULAY IYABO MORENIKEJI
MADARIOLA BABA JIMI
MADUAGWU ANTHONY AZUAMAKA
MADUAGWU CHIZOBA CATHERINE
MADUAGWU JEREMIAH NNANYELUGO
MADUBUCHI LEAH
MADUBUCHI LEAH K.
MADUBUIKE CHRISTIAN CHIBUEZE
MADUBUKO A. CHUKWUDI
MADUBUKO ELISHA IHEME
MADUEKWE CHUKWUDIKE NNIA
MADUEKWE DROHA JOSEPH
MAGAJI MALIK
MAGAJI MALIK D
MAGBAGBEADE GRACE ABOLANLE
MAIGARI BABAYO MODIBBO
MAIRIGA RUFINA DONGJAAP
MAJARO IBILIBOR
MAJEKODUNMI ANABA
MAJEKODUNMI JOSEPH OLUWAFEMI
MAMMAN FATIMA SONIA
MAMMAN SHANJU VALERY
MAMUDU MARIAM EMIKE
MAMUDU OMOTOLA MUJIDAT
MAMUKUYOMI STEPHEN SOLEDAYO
MANAGEMENT EDY
MANAGEMENT OYEBODE
MANDY MAHN
MANGAI GODWIN
MANGIBO MARCUS
MARY ANN DAS
MARY EJEH
MARY LORA ADEH
MARY MARK
MARY OLUMUYIWA
MARYAM OHIOZE
MARYAN KALID
MASHAK HANS
MASHAK HANS D.
MATANA HARITH
MATHEW KAYODE OLALEKAN
MATHEW MODI
MBAGWU TOCHUKWU VICTOR
MBAH KELECHI GODWIN
MBAH UZOCHUKWU SOLOMON
MBAKA MATHER MATHER
MBANAJA PAULINE CHIOMA
MBASOH HUMPHREY M
MBASOH HUMPREY NNODU
MBATA JERRY
MBATA OBI MARK
MBELEDE IFEYINWA
MBOTO BALOGUN
MBRUK FAITH
MBRUK FAITH Q.
MBUBA FOLASHADE
MBUK ESTHER
MBUK ESTHER F.
MBUK MBUK FELICIA
MBUK MBUK FELICIA T.
MCDONALD MAHA
MCMMANUEL BENITO
MEDUGBON MICHAEL MAYOMI
MEGBA ESROM IYANU
MEJURU REUBEN OSONDU
MEKWUNYE AUGUSTINE COLLINS
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
MEKWUNYE JUDITH EKPELE
MELA OLUCHI JULIANA
MONDIUM JOSEPH KAYODE
MONSURUDEEN WISDOM
MONSURUDEEN WISDOM G.
MORADEYO DAVID ADEMOLA
MORADEYO OLUWADUNSIN DOLAPO
MORENIKE KELECHI
MORENIKEJI FOLA JINMI OYINDAMOLA
MORITIWON FLOARIN GBOLAHAN
MOSE AKUME
MOSERI ELIZABETH
MOSES ESEMAYON NATHANIEL
MOSES ETTA
MOSES HAMID
MOSES ONOVUGHE
MOSES PASCAL
MUHAMMED UZOM
MUHAMMED YISA AYANDA
MUKO CHIBUZOR
MUKO NKECHI PRISCILLA
MUKO OKORO OLUEBERE
MUKO OKORO ONYEDIKACHI
MUKO OKORO UBASI NACHI
MUKO PEACE ULOMA
MUKO UBSAINCHI
MUKO-OKORO JOY
MUKTAR ABDULJALAL
MUNET SAMUEL
MUNIK-SHONIBARE FOLASADE O N
NAMENE WISDOM BARITOSAN
NANZA DAVID
NARISA BAPPA
NARKEASHA SERAH
NASIR SALISU
NDA OKEY
NDAGI AISHATU
NDAGI HUSSIEN
NDAGI HUSSIEN R
NDAGI MOSES
NDAGI MOSES D
NDUKWE NELSON EME
NDULUE GENEVIEVE ADAOBI
NDUMELE CHINEDU OKECHUKWU
NEBEIFE SOLOMON
NEBO VICTOR CHUKWUKA
NEHIKHARE DOSUNMU
NELSON D JAMES
NGOMA LEZI THIERRY
NKECHI LASISI
NKECHI UZUEGBUNAM
NKEDILIRIM HARRY L
NKEM OMERUEH
NKEMDILI PETER
NKEMDIRIM HARRY
NKEMNACHO MOSES
NKEMNACHO MOSES F
NKENJIKA BELLO
NKESE NWAGU
NKORI NICHOLAS
NKWUKA SAMPSON
NMADUFOR BLESSING
NNA ASUKA
NNABOGU DON
NNABUGO DAVID
NNABUGO DAVID E
NNABUIHE HARBOR IJEOMA OBIAGERI
NNACHETAM FIDELIS CHUKWUJIKE
NNACHI UKPAI OJI
NNAEGBUNA AKUNNA
NNAEGBUNA AKUNNA W
NNAEMEKA CHIDIMMA
NNAEMEKA CHRIS
NNANNA INNOCENT UGONNA
NNEJI CHIDINMA STELLA
NNEJI CHIUGO CHINELO
NNEKA NWAKPA
NNEKA UDOKA
NNEMAKA ISREAL EBUBE H
NNNEJI OKECHUKWU STEPHEN
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
NNNENA BOYO
NNODIM POPOOLA
NNOLIM AFAMEFUNA ANTHONY
NNOROM CHUKWUEBUKA EMMANUEL
NNOZUBA ALOZIE JAMES
NNOZUBA ALOZIE JAMES T
NNUEIA GODWIN OGBONNA
NOBEL SERVICES
NOBLE FAITH CATERERS
NOIBI ADEMOLA
NTIOKIET NTIOKIET ANDY
NUGA BAMIDELE C
NWABIA EMMANUEL NONSO
NWAJEI TONY IFEANYICHUKWU
NWAJU SAIDAH
NWAKAMA IGBONEME
NWAKPA UCHENNA KINGSLEY
NWAKUNA KOYA
NWAKWUOKE NORBERT C C.(REV.FR)
NWALI JAMES IKECHUKWU
NWALOR IJEOMA VICTORIA
NWAMADI ANTHONY CHINEDU
NWAMARA LEMENE
NWAWUNA IFEOMA GRACE
NWAZU OLUKEMI NKEMDILIM
NWEKE DABIRI
NWEKE GLORIA
NWEKE GLORIA D.
NWIGWE- ANI JOHN OKEKE
NWINBARI HELEN
NWINBARIN HELEN
NWOBI PETER
NWOBI PETER W
NWODE EMMANUEL COLLINS
NWOFIA OBIAGELI CHRISTIANA
NWOSU OKECHUKWU ONYEKACHI
NWOSU ONYINYECHI CHINYERE
NWOSU S.OKECHUKWU
NWOSU SCHOLARSTICA UZOMA
NWOYE CHIZOBA IMELDA
NWOYE MADUKA PIUS
NWUJU OLOAKA STELLA
NWUME CHUKWUJEKWU
NWURUKU JESUSEME
NZELU EDWIN CHUKWUDUM
NZEMECHI IHEANYI OGUGUA
NZEMECHI ONYINYECHI LINDA
O YUSUF
OBASA JU MODUPE BETHY
OBASI FESTUS
OBI CHIKWENDEU WILFRED
OBI EKENE
OBI MIMBILA
OBI NDUBUISI MATTHEW
OBI STEPHEN OBI
OBI TONY MERRY HEART
OBI TUNJI
OBIAFULA IWUJI PATRICK
OBIAKEMHE TERRY DIRISU
OBIAKOR CHIKE
OBIANO MALDALENE NWABUGO
OBIANYO KINS CHUMA
OBIEJESI CHIJIOKE ERASMUS
OBINNA AMARACHUKWU C
OBINNA REGINALD IHEUKWUMERE
OBINWA PHILOMINA AKUADI
OBI-ODUN UKWE UKAMAKA DORIS
OBI-ODUNUKWE CHIDNMA FELICIA
OBI-ODUNUKWE CHINWIKE CALLISTUS
OBIOKOYE E. ANTHONY
OBIORA -OKAFOR CHINEDU AFAMEFUNA
OBIRI AMBROSE OKEY
OBI-UCHENDU IFEOMA
OBODOEZE DAVID ONUORAH
OBOH JACKSON IMHANS
OBONNA OVIEZAKUME EBELECHUKWU
OBOT INIABASI THOMAS
OBOT SEKEWED IFIOK
OBOTI SAMUEL
OBUMNEME LINUS IKEOKWU
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS 145
Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
3121
3122
3123
3124
3125
3126
3127
3128
3129
3130
3131
3132
3133
3134
3135
3136
3137
3138
3139
3140
3141
3142
3143
3144
3145
3146
3147
3148
3149
3150
3151
3152
3153
3154
3155
3156
3157
3158
3159
3160
3161
3162
3163
3164
3165
3166
3167
3168
3169
3170
3171
3172
3173
3174
3175
3176
3177
3178
3179
3180
3181
3182
3183
3184
3185
3186
3187
3188
3189
3190
3191
3192
3193
3194
3195
3196
3197
3198
3199
3200
3201
3202
3203
3204
3205
3206
3207
3208
3209
3210
3211
3212
3213
3214
3215
3216
3217
3218
3219
3220
3221
3222
3223
3224
3225
3226
3227
3228
3229
3230
3231
3232
3233
3234
3235
3236
3237
3238
3239
3240
3241
3242
3243
3244
3245
3246
3247
3248
3249
3250
3251
3252
3253
3254
3255
3256
3257
3258
3259
3260
3261
3262
3263
3264
3265
3266
3267
3268
3269
3270
3271
3272
3273
3274
3275
3276
3277
3278
3279
3280
3281
3282
3283
3284
3285
3286
3287
3288
3289
3290
3291
3292
3293
3294
3295
3296
3297
3298
3299
3300
3301
3302
3303
3304
3305
3306
3307
3308
3309
3310
3311
3312
3313
3314
3315
3316
3317
3318
3319
3320
3321
3322
3323
3324
3325
3326
3327
3328
3329
3330
3331
3332
3333
3334
3335
3336
3337
3338
3339
3340
3341
3342
3343
3344
3345
3346
3347
3348
3349
3350
3351
3352
3353
3354
3355
3356
3357
3358
3359
3360
OBUROTA CHIMAOBI
OBUROTA JACOB
OBUROTA PATRICK
OCHE CHARITY
OCHEJE ALEX DANJUMA
OCHEMI AKOJI TEMPLE
OCHI CHIOMA LOVETH
OCHIGBO AGBOSON PATRICK
OCHONOGOR SUNDAY
OCHULOR OBIOMA
ODEARA FATIMA OYEBIMPE
ODEBEATU OGENNA CHILO
ODEGHE OGBONNAC CHIOMA
ODEH WILLIAM EHIGIE
ODEKUOYE ADEREMI RALPH
ODELEYE YETUNDE OMOLARA
ODESANYA -OLOTO BASHIRU ABISOYE
ODESANYA OLUWATOYIN BOLA
ODETOLA DOLAPO DAMOLA
ODEY RICHARD ODEY
ODEYEMI FATIMAT ADESOLA
ODIDI ISAAC EGON SEUN
ODIDI RENA
ODIGIE MARY
ODILI FRANCISCA
ODINAKA PETER
ODIWE NNEBUOGO MARTHA
ODO NNEKA ROSELINE
ODONG NANCY
ODOWEGWU JOHN ONAH
ODU ABAYOMI OLUFEMI
ODUCHE IFEYINWA FAITH
ODUFALU OPEYEMI OLUWAGBAMILA
ODUGBESAN ADESOLA
ODULARU ADEMOLA
ODULATE JOSEPH OLUSOLA
ODULI OLUSEGUN
ODUMOSU ADEBIMPE
ODUNDOYIN ADEJUMOKE
ODUNELA MONSURAT B.
ODUNEWU KAYODE JOHN
ODUNSI E. VICTOR
ODUNSI ITUNOLUWA ADENIKE
OGHENEJODE RUTH
OGUNDIPE KOLAWALE
OGUNDIPE TOPE
OGUNDIRAN OMOLOLA GRACE
OGUNDOYIN AYODEJI OJO
OGUNGBADEJO ABDULKAREEM O
OGUNGBAMILA OLASOJI O.
OGUNGBE ADEYEMI ADEFEMI
OGUNGBE OLUFEMI
OGUNGBILE BIODUN
OGUNGBILE GBOLABO DAMILARE
OGUNJIMI TENIOLA FATAI
OGUNJOBI BUKAYO OLUWASEYI
OGUNJOBI SAMSON A JANI
OGUNKOMAIYA IDOWU TITILOPE
OGUNKOYA ADENIKE AFOLARIN
OGUNLANU ABIMBOLA OLADUNNI
OGUNLENDE ZAINAB JOSEPHINE
OGUNLENDE ZAWE ABIOLA
OGUNLESI AKINTUNDE A.
OGUNLESI VICTORIA A.
OGUNLEYE AMIDU TUNDE
OGUNSANYA OLUWAFEMI E
OGUNSANYA OYINDAMOLA A
OGUNSE SEGUN
OGUNSOLA EUNICE AFOLAKE
OGUNSOLA JOSEPH TEMI DARA O
OGUNTADE COMFORT MOJISOLA
OGUNTADE MODUPE TOMILAYO
OJEFUA GODSWILL
OJEFUA ISIBHAKHOMEN CONSTANCE
OJEFUA OFURE
OJEIKERE MARY OLAYINKA
OJEIKERE OHIKHUARE
OJELAKIN HANNAH OLUKEMI
OJIAKO OBIORA BASIL
OJIEH NWABUOGOR JONES
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
OJIGBEDE ESTHER
OJIGHO UFUOMA FOCUS
OJIKPE NKIRU UCHEDILI
OJIKUTU KEHINDE
OJO ADEDAYO
OJO ADEMOLA ABIODOLA
OJO ADEYINKA OLAKUNLE
OJO ADEYINKA OLUPONLE
OJO BAMISAYE SANMI
OJO BISOLA
OJO ESTHER
OJO OLUWAFEMI RICHARD
OJO TEMITOPE OLUWATOSIN
OJO VICTORIA OLASINBO
OJOBI ADOLE AMEH
OJOCHONU VICTOR SAMUEL
OJUGBELE ADEFOLAMI A. FARUQ
OJUKWU JOSEPH CHUKWUJUGHA
OJUKWU NEREUS IKEDI
OJUKWU TEMITOPE OLORUNTOBA
OJUROMI LUKY MICHEAL
OJUTIKU ADEDAPO
OJUTIKU MOROUNFOLU
OJUTIKU OLUGBOYEGA
OKAFOR ALFRED IWEBUNOR
OKAFOR CHARLES CHINEDU
OKAFOR EBERE AMARA
OKAFOR GODWIN FRANK
OKAFOR IKECHUKWU SAMUEL
OKAFOR JERRY
OKAFOR JUSTICE VINCENT
OKAFOR LINUS
OKAFOR NGOZI BLESSING
OKAFOR OBINA
OKAFOR OLIVER CHUKWUDI
OKAFOR STELLA IFEACHUKWU O
OKAGBARE SAMUEL EGUBE
OKAH AVAE MATHIAS OWIGHO
OKAH JOY EWA
OKAI CELESTINE IKE
OKARA CHARLES GILBERT
OKARO EMMANUEL OSELOKA
OKATTA BLESSING IDARA
OKE BOSEDE VICTORIA
OKE CHINWE CLARA
OKE FELIX
OKE GBOLARO BOSEDE
OKE GRACE OMOTOKE
OKENWA CHIIJIOKE PAUL
OKENWA PEACE CHINYERE
OKERE CLIFFORD CHUKWUEMEKA
OKERE CLIFFORD CHUKWUEMEKA
OKEREJI O.OLUSEYI
OKEREKE AUGUSTINE
OKEREKE NGOZI
OKEREKE STANLEY CHIDI
OKESANYA EMMANUEL O.
OKESANYA OLAMIJI
OKETOGUN DARE F
OKHUELEIGBE ADESUWA
OKHUELEIGBE EHIMARE
OKHUELEIGBE LIZZY
OKHUELEIGBE OMOYE
OKHUELEIGBE OTAIGBE
OKHUMALE CHRIS
OKIDE NNAEMEKA CHUKWUDILE
OKIKE IKECHUKWU OGBONNA
OKITAVWOTA EFE EMMANUEL
OKITAVWOTA EMMANUEL
OKITI ESOHE OSAGIE
OKOCHA AGBUNE VICTOR
OKOCHI ERNEST TOCHUKWU
OKOCHI TOCHUKWU ERNEST
OKODIKE ANGELA UJU
OKOEKI MABEL JEIEGBE
OKOH JERIMIAH ONYEKWERE
OKOH ORITSEMAJEMITE KATE
OKO-JA JA RICHARD ISHMAEL
OKOJI RAPHEAL OKON
OKOJIE SUNDAY
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
OKOJI-JONAH BLESSING
OKOLI ADAEZE
OKOLI BALDWIN CHUKWUELUE
OKOYE OBIAGELI CHINYERE
OKOYE-EZE SHADRACK ACHUFUSI
OKPAISE OLUTOYIN AYODEJI
OKPAISE OLUTOYIN AYODEJI
OKPEH WILLIAMS OCHEME
OKPERE KIZITO USIFO AYODELE
OKPETA PATRICK IBINGHA
OKPOFAA AYABOWEI CHRISTIAN
OKPOR EHINWEMA FELICIA
OKPORUANEFE KATE OMOLARA
OKUBA INNOCENT CHINEDU
OKUBOYE BOLAJI MORENIKE
OKUNADE ABIMBOLA TEJUMOLA
OKUNADE MUTIAT OLOLADE
OKUNDAYE FELICIA
OKUNMUYIDE DAVID BANJO
OKUNNEYE ADEMOLA OLADIPO
OKUNOLA AYOMIDE
OKUNOLA DAMILOLA
OKUNOLA EMMANUEL
OKUNOLA JOY MODUPE
OKUNOLA OLUMIDE
OLABANJI COMFORT MOSUN
OLABISI MOJISOLA REBECCA
OLABOLUDE OLATUNDE
OLABOWALE BAMIDELE BIDEMI
OLABULO OLAWUMI FEYIKEMI
OLADAPA ABIODUN
OLADAPO ABIODUN OLUWAKEMI
OLADAPO KABIRU OLADIRAN
OLADAPO OLUFEMI TAIWO
OLADAPO OLUWASEUN JADESOLA
OLADEJO ABIMBOLA
OLADEJO TAIWO JOHN
OLADELE OLUFUNKE OLADUNNI
OLADEMEHIN RALPH ABAYOMI
OLADIMEJI ISMAIL OLADOKU
OLADIMEJI JOSHUA
OLADIMEJI OLAYEMI RUTH
OLADIMEJI OLAYINKA SUNDAY
OLADIMEJI OLUWATOBI SUNDAY
OLADIPO OLUBUNMI TUNRAYO
OLADIPO OLUDARE
OLADIPO SUNDAY OLALEKAN
OLADIPUPO FLOURISH ADEKUNLE
OLADIRAN ROTIMI ELIJAH
OLADOSU VICTOR KOLAWOLE
OLADUNJOYE ELIJAH IBUKUNOLUWA O
OLADUNNI OLUWAFUNMIKE AMINAT
OLAEWE JACOB OLUSEGUN
OLAFIRANYE IBRAHIM OLAWALE
OLAFIRANYE SULAIMON ADEDAMOLA
OLAGBENJO SALAU
OLAGOKE TITILAYO ABEGBE
OLAGUNJU BAMIDELE J.
OLAGUNJU PAUL OLUFEMI
OLAIFA KAYODE TA JUDEEN
OLAIGBE OLUWAFUNKE MORENIKE
OLAIYA RUKAYATU A JOKE
OLA JIDE ABOLA JOKO DEBORAH
OLA JIDE GABRIEL TAIWO OLUSEGUN
OLA JIDE OLUFOLAKE ADEPEJU
OLA JIDE OLUFUNSHO OLAWALE
OLA JIDE SUNDAY OLALEKAN
OLA JIDE TAIWOLEKAN
OLA JIDE VERONICA TITILAYO
OLA JUBUTU OLUWASHOLA
OLAKUNLE BABATUNDE
OLAKUNLE ENYONAM TEMILOLUWA
OLALEKE FELICIA IYABODE
OLARINOYE MATTHEW A JEBAYO
OLASEINDE MOSES OLNREWAJU
OLASENHINDE KOLAWOL N
OLASOPE AKINYELE JINADU
OLASORE OLUSOLA YEMISI
OLATERU NGOZI
OLATERU OLATUNJI DANIEL
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS146
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
3361
3362
3363
3364
3365
3366
3367
3368
3369
3370
3371
3372
3373
3374
3375
3376
3377
3378
3379
3380
3381
3382
3383
3384
3385
3386
3387
3388
3389
3390
3391
3392
3393
3394
3395
3396
3397
3398
3399
3400
3401
3402
3403
3404
3405
3406
3407
3408
3409
3410
3411
3412
3413
3414
3415
3416
3417
3418
3419
3420
3421
3422
3423
3424
3425
3426
3427
3428
3429
3430
3431
3432
3433
3434
3435
3436
3437
3438
3439
3440
3441
3442
3443
3444
3445
3446
3447
3448
3449
3450
3451
3452
3453
3454
3455
3456
3457
3458
3459
3460
3461
3462
3463
3464
3465
3466
3467
3468
3469
3470
3471
3472
3473
3474
3475
3476
3477
3478
3479
3480
3481
3482
3483
3484
3485
3486
3487
3488
3489
3490
3491
3492
3493
3494
3495
3496
3497
3498
3499
3500
3501
3502
3503
3504
3505
3506
3507
3508
3509
3510
3511
3512
3513
3514
3515
3516
3517
3518
3519
3520
3521
3522
3523
3524
3525
3526
3527
3528
3529
3530
3531
3532
3533
3534
3535
3536
3537
3538
3539
3540
3541
3542
3543
3544
3545
3546
3547
3548
3549
3550
3551
3552
3553
3554
3555
3556
3557
3558
3559
3560
3561
3562
3563
3564
3565
3566
3567
3568
3569
3570
3571
3572
3573
3574
3575
3576
3577
3578
3579
3580
3581
3582
3583
3584
3585
3586
3587
3588
3589
3590
3591
3592
3593
3594
3595
3596
3597
3598
3599
3600
OLATINWO IBRAHIM ABIODUN
OLATUNBOSUN ONI
OLATUNBOSUN STEPHANIE KEHINDE
OLATUNDE RAHMAN OPEYEMI
OLATUNDE RASHEED AYOMIKUN
OLATUNDE RISKAT ADUKE
OLATUNJI BASHIRU ADEREMI
OLATUNJI OLALEKAN ABAYOMI
OLATUNJI OLUWASEUN JAMIU
OLIYIDE HAZMAT OLUDOLAPO
OLIYIDE ISMAILA OLANREWAJU
OLIYIDE JAMIU
OLIYIDE MODINAT
OLIYIDE MORUFF
OLIYIDE MUHAMMED TEMIDAYO
OLIYIDE SAHEED
OLIYIDE WOSILAT AMOPE
OLOJEDE SAMSON OLUSOLA
ONIKOSI SIKIRAT
ONILE FEMI GODWIN
ONIMISI JOHN ADOKE
ONOH ELIAS
ONOJA BLESSING EJURA
ONONYE MOSES
ONOPHURHI DANIEL
ONOVO AMAECHI SAMUEL
ONU SOLOMON ODINAKA
ONUCHUKWU JOHNSON OKWUNNA
ONUEGBU OBIAGELI ANTHONIA
ONUOCHA JOSEPHINE UCHENWA
ONUOHA BETHRAND C.
ONUOHA CHIDI
ONUOHA KATE OLUCHUKWU
ONUOHA RACHAEL NGOZI
ONUSELOGU CHRIS OLISA
ONWUAMAEGBU EMEKA
ONWUATOGWU FIDELIS OKECHUKWU
ONWUATOGWU IKECHUKWU ANTHONY
ONWUDINJO NNABUEKE PETER
ONWUEDO NKECHI OSONDU
ONWUKA IJEOMA
ONWUKJA MBA OGBAJA
ONWUMELU VALENTINE
ONWUNEME NNAMDI
ONWUSARAKA CHIKA
ONWUTALOBI ANGELA UKAMAKA
ONWUZOR THEO ILO
ONWUZULIKE DANIEL CHIGBO
ONWUZULIKE DORISS CHINONYE
ONYEABOR NDUBUEZE JOHN
ONYEAGHALA FORTUNATUS
ORIAIFO-ODARO FELICIA EBAIDE
ORIDAMI OLUSOLA TOKUNBO
ORIJA OLUWAKEMI OMOLARA
ORIMOLADE CLEMENT BAMIDELE
ORITU AFOLABI SOLOMON ABE
ORJI KINGSLEY ONWUCHEKWA
ORJI ODILIONYENMA GREGORY
ORJI ONYEABO CHIDIEBERE
ORJI STEPHEN
ORJI UDOCHUKWU VALENTINE
OSAMWONYI KEZIAH
OSANYINTADE OLUWASEGUN O
OSENI UMU
OSENI WALIKAT AFOLAKE
OSENI WASIU OLAYINKA
OSERUVWOJA OBUKOHWO VINCENT
OSHAI STEPHEN MADU
OSHEWA AYOWOLA OLUFUNSO
OSHIE DYGIM MARY
OSHIN ANTHONY OLUGBENGA
OTI ONYIYECHUKWU P
OTI PHILOMENA O
OTISE UCHE
OWOMERO EMILY
OWOSEJE KAYODE MR
OYAKHIRE OLUSEGUN WILLIAM
OYEBANJI OLUWATOSIN OYEBOLA
OYEBISI ROTIMI
OYEDE SEGUN ADEBAYO
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
765.00
810.00
810.00
810.00
810.00
810.00
810.00
822.15
832.50
850.50
850.50
900.00
900.00
900.00
900.00
900.00
900.00
900.00
900.00
900.00
900.00
900.00
900.00
900.00
900.00
900.00
900.00
900.00
909.00
913.50
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
OYEDEJI OYEGBOLA ADEDAYO
OYEDELE ADENIYI OLUGBENGA
OYEDELE ADEROMKE F
OYEDELE OLUWASESAN OYETUNDE
OYEDELE PAUL
OYEDELE TOLULOPE ADETOYESE
OYEDESI MUYIWA EMMANUEL
OYEDIRAN CHRISTIANAH FUNMILAYO
OYEDIRAN MODUPEOLA OLUWATOYIN
OYEDOKUN ISAIAH ADELANI
OYEKAN FATIMAH FADEKE
OYENIYI OLOLADE OMOPARIOLA
OYENIYI OLUWATOYIN OMOLOLA
OYENIYI ROTIMI JOSEPH
OYENIYI SIMEON KOLAWOLE
OYENIYI TAIWO OLUMUYIWA
OYENUGA OLUYEMISI
OYETADE OLUFEMI ADEGOKE
OYEWOLE BOSEDE ABIOLA
OYEWOLE DUROTIMI OLUSEUN
OYEWOLE FOLASHADE ABIOLA
OYEWOLE JOSEPH
OYEWOLE KASALI
OYEWOLE MUSIBAU OMOTOLANLE
OYEWOLE RASHEED ABIOLA
RABIU RAHEEMAT
RA JI OLUWAFUNMILAYO OLUWATOYIN
RA JI SHUKURAT OLASUMBO
RAMON ABAYOMI
RANTI ADEKUNLE ALAUSHA
ROSE OJOCHIDE DINGBA
SABO AL-AMIN YELWA
SADA MARYAM MUSA
SADA MOHAMMED MUSA
SADA MUJAHID MUSA
SADA NASIRUDDIN MUSA
SADA SAIFFUDDIN MUSA
SALAMI AOEOLA
SALAMI BABATUNDE
SALAMI FOLASAD AMINAY
SALAMI OLAWALE
SALAMI SUNDAY SAMUEL
SALAU LUKMAN ISHOLA
SALAU TIAMIYU OLADELE
SALAWU OLAYEMISI SERIFAT
SELUMUN IYENGE
SEVORDZI FREDERICK SIGISMUND
SHEYINDEMI EMMANUEL A. ADEDAMOLA
SHITTA WASIU
SHITTA WASIU OLADELE
SHITTU OWOLABI LATEEF
SHITU O. NIMOTALAI
SHOBAYO A JIGBOTOLA SADE
SHOTE MUTIU OLANIPEKUN
SHOYINKA RAFEHAT OLUBUKOLA
SHOYINKE FRIDAOS AYOMIDE
SILVARIUS ANIEBONAM
SILVARIUS ANIEBONAM TOCHUKWU
SILVER MICHEAL FEMI
SILVERGATE TRAVEL & TOUR LTD
SIMON BLESSING ACHENYO
SIYAKA ABUBAKAR OGIRIMA
SKINNER MOSES OMEIZA
SODIQ MUYDEEN
SOETAN OLUFOLAKE ARINOLA
SOFELA MICHAEL OLUFEMI
SOFIDIYA ELLIOT SOBAKIN
SOGBANMU FATIMAH FADEKE
SONIRAN TENIOLA
SOPEJU ADEMOYE HEFEISBA
SOWEMIMO CECELIA YETUNDE
SOWUNMI MOROHUNTODUN .A.
SOWUNMI STELLA BANKE
SOYEMI ADEDAYO
SPENCER MICHAEL AYODEJI
ST JOHN CHURCH IBO OLOYIN
STANBIC NOMINEES LTD-TRADING
STANDARD ALLIANCE INVESTMENT LTD
STAR INVESTMENT & SECURITIES LIMITED
STEWARD PROPERTIES ENTERPRISES
935.46
945.00
945.00
945.00
945.00
945.00
945.00
945.00
945.00
945.00
945.00
992.25
992.25
992.25
992.25
992.25
992.25
1,006.92
1,012.50
1,032.34
1,080.00
1,091.47
1,093.50
1,101.29
1,102.50
1,138.50
1,138.50
1,146.01
1,147.50
1,170.00
1,260.00
1,350.00
1,350.00
1,350.00
1,350.00
1,350.00
1,350.00
1,350.00
1,350.00
1,350.00
1,350.00
1,350.00
1,350.00
1,350.00
1,350.00
1,732.50
1,800.00
1,800.00
1,800.00
1,800.00
1,800.00
1,800.00
1,831.50
2,025.00
2,065.28
2,070.00
2,103.25
2,126.25
2,173.77
2,182.95
2,196.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
2,250.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
SUBERU AMUSAT ADEBOLA
THESCO & AGRO LTD
THOMAS ANIEFIOK DICKSON
THOMEX GROUPEX NIG. LTD.
THOMPSON OLUWAFEMI
THOMPSON TAMUNODIKI
TIAMIYU EMMANUEL BAMIDELE
TIAMIYY ALHAMEEN ADETAYO
TIJANI FATIMA
TIJANI OLADIPUPO MUHRTALA
TIMINIMI NELSON OTOH
TITE JOCELYN ERORO
TOCHUKWU A. S.
TOCHUKWU SILVARIUS
TOKODE OLUSEGUN OLAYINKA
TOKODE OLUWATENIOLA AYOMIDE
TOM EMMANUELLA ENO
TOWNSEND SEBASTIAN
TRADE LINK FIN.-DEPOSIT A/C
TRANSGLOBE INVESTMENT $ FIN CO LTD.
TUME AHEMBA
TUNDE SALAU GLOBAL VENTURES LTD
UBAH CHINONSO JUSTUS
UBAJEKWE CHUKWUEBUKA AZUBUIKE
UBAKA OLUOYE ANDREW
UCHEGBU GERALD CHIBUIKE PETER
UCHENWA CHRISTOPHER CHIAGOZIE
UCHENWA OBY VICTORIA
UCHEUKWU ALOZIE
UCHOBI NIG LTD
UDE CHIEMERE ANTHONY
UDEAGHA EGBEOMA
UDECHUKWU ADAUGO
UDEH CHIAMAKA NWACHUKWU
UDEH IKECHUKWU GERAD
UDEH JUDE CHUKWUDI
UDEH LEONARD IKECHUKWU
UDEICHI IDIA
UDEOJI UCHE VICTOR
UDEZE COMFORT
UDO MARY
UDO MARY ETETIM
UDOH ALICE ETIM
UDOH ANTHONY LINUS
UDOH CHRISTIAN JEREMIAH
UDOH JOHN ETUK
UDOH JOHN JONAH
UDOH M. DAVID
UDOH MICHAEL OKAFOR
UGWU RAYMOND OMABA
UGWU VICTORIA OLUCHUKWU
UGWUANYI KENNETH CHIBUIKE
UGWUEKE MATTIAS UGWUEKE
UGWUMBA CHIBUZO ATHANASIUS
UGWUMBA THEODORE IFEANYICHUKWU
UGWUOKE VALENTINE UCHE
UJOATUONU JONATHAN UWAOMA
UKA APPOLONIA OGOMA
UMAR MOHAMMED
UMEOZULU IFEANYI NOBERT
UMEZURIKE OLAYINKA
UMOETTE EKAETTE EKUTMFON
UMOH JOSHUA UBON
UMOH MFONIDOH DAVID
UMOH SUNDAY MOSES
UMOH UWEMEDIMO
UMOREN ANTHONY
UMORU JIMOH
UNAEGBU NKEIRUKA NKEMAKOLAM
UNEGBU BONIFACE GEORGE
UNEGBU ONYEMAECHI SUSAN
UROH OGBONNIA AUGUSTINE
USIAGWU HELEN A.
USIAYO BERNARD OMAMUZO
USIFOH AKHERE EGBELE
USMAN ABUBAKAR
USMAN BELLO MOHAMMED
USMAN HASSAN BABBA
USMAN MAINA DANAZUMI
USUANLELE JOHN AHON-MASE
2,250.00
2,340.00
2,340.00
2,342.93
2,362.50
2,362.50
2,362.50
2,362.50
2,409.75
2,475.00
2,488.50
2,502.32
2,551.50
2,565.99
2,598.75
2,693.25
2,700.00
2,700.00
2,700.00
2,700.00
2,700.00
2,722.18
2,722.50
2,790.00
2,835.00
2,946.64
2,976.75
2,976.75
2,976.75
2,997.00
2,997.00
2,997.00
2,997.00
2,997.00
2,997.00
3,006.00
3,010.50
3,150.00
3,150.00
3,150.00
3,307.50
3,420.00
3,420.00
3,490.38
3,521.52
3,543.75
3,543.75
3,600.00
3,600.00
3,600.00
3,600.00
3,600.00
3,604.05
3,780.00
4,095.00
4,252.50
4,500.00
4,500.00
4,500.00
4,725.00
4,725.00
4,950.00
4,961.25
4,961.25
4,963.27
5,081.27
5,242.50
5,485.50
5,535.00
5,680.17
5,692.50
5,940.00
6,142.50
6,217.38
6,300.00
6,525.00
6,750.00
6,750.00
6,750.00
6,750.00
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2014 ANNUAL REPORTS AND ACCOUNTS 147
Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
3601
3602
3603
3604
3605
3606
3607
3608
3609
3610
3611
3612
3613
3614
3615
3616
3617
3618
3619
3620
3621
3622
3623
3624
3625
3626
3627
3628
3629
3630
3631
3632
3633
3634
3635
3636
3637
3638
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
UVWO ADOGBEJI WILSON
UWADA EMMANUEL
UWADINEKE GLADYS NKEM
UWADINEKE IZUCHUKWU GABRIEL
UWAGUE EDWARD AKHAZOBUA
UWAKWE ANDREW CHUKWUEMEKA
UWANDU JUSTINA
UWAOMA SHULAMTTE AMARACHI
UWERU GODWIN ORUGBA
UYANWUNE CATHERINE CHIZOBA
UYANWUNE ERIC CHIZOBA
UYI JOVITA
UZU FAVOUR NKEMDILIM
UZUEGBU TONY
UZUWE PATRICK ONOCHEI
VALENTINE OLUWAKEMI FRANSISCA
VINCENT TOKUNBO
VIVIANA ADEYI
WABARA EDWIN CHIJIOKE
WAHAB ABEEB
WATTI EMMANUEL TEMITOPE
WISDOM OGBONNAYA
WISDOM OSONG ETENG
WOGU AGWAOMA PRECIOUS
YAKEEN KAZEEN
YAKUBU AREMU AMUDA
YAKUBU JIMOH AHMED
YARLING MARTHA LUKA
YUNUSA SODIQ ADESHINA
YUNUSA YAKUBU
YUSUF A. SHALLANGWA
YUSUF ABDULLAHI
YUSUF ABDULLATEEF KAYODE
YUSUF KOLAWOLE BOLA
YUSUF MADINAT MOTUNRAYO
YUSUF MULIKAT JOKE
YUSUF OLOLADE BILIKIS
YUSUF TAOFEEK
TOTAL FOR PYT 3
6,941.02
7,087.50
7,920.00
8,100.00
8,235.00
8,437.41
9,000.00
9,000.00
9,000.00
9,000.00
9,000.00
9,000.00
9,000.00
9,175.37
9,450.00
9,922.50
9,922.50
9,945.00
10,800.00
11,250.00
11,250.00
12,855.20
16,928.28
18,000.00
18,900.00
22,267.89
22,500.00
22,500.00
27,000.00
27,000.00
27,000.00
29,250.00
32,215.05
33,750.00
33,750.00
45,000.00
45,000.00
45,000.00
2,246,459.73
2014 ANNUAL REPORTS AND ACCOUNTS148
2014 ANNUAL REPORTS AND ACCOUNTS 149
Note
2014 ANNUAL REPORTS AND ACCOUNTS150
Dear Shareholders,
Records with our registrar and as revealed by the registrar of Members show that some members have multiple accounts in their
names.
This situation may have risen as a result of multiple applications made during new issues or as a result of purchases made through the
Stock Exchange Market.
Servicing this account is a huge administrative problem resulting in avoidable cost. E.g Postage, maintenance, issuing of certificates, etc.
This ultimately has an impact of the profit of your company.
The company appeals to you to make efforts to consolidate your multiple accounts, more especially to facilitate the operations and to
save the company cost.
We ask for you corporation in this respect.
Please complete the Consolidation Request Form below and send it to the Registrars: First Registrars Ltd; Plot 2 Abebe Village Road,
Iganmu, Lagos Nigeria.
Kindly state in your request for consolidation the name/addresses of those persons you bought shares for during any public offers by
the Company and the secondary market besides yourself. E.g your children, grandchildren, etc,
Certificates should not be forwarded.
…………………………………………........................................Tear off from here………………………………………………………….......
CONSOLIDATION OF ACCOUNT FORM
s/n Name Address
Unit
of Shares
Certificate
Number
A/C
Number
Date
Issued
Shareholder’s Signature:……………………. Date:………………………………
2014 ANNUAL REPORTS AND ACCOUNTS 151
Consolidation of Accounts
MAIL TO:
FIRST REGISTRARS NIG. LTD
PLOT 2 ABEBE VILLAGE ROAD,
IGANMU, LAGOS.
P.M.B 12692
MARINA, LAGOS
POSTAL STAMP
2014 ANNUAL REPORTS AND ACCOUNTS152
…………………………………………........................................Tear off from here………………………………………………………….......
Nineteenth Annual General Meeting of STANDADRD ALLIANCE INSURANCE PLC will be held at the Event Hall, Plot 1, Block 94
Providence Street, Lekki Phase 1, Lekki Lagos State on 30th September 2015 at 1:00pm prompt.
I/We………………………………………………….................................................................................of………………………………………………………………..................
being member/members of STANDARD ALLIANCE INSURANCE PLC herby
appoints…………………………………………………of…………………………………………………………………or failing him/her, the Chairman of the meeting
as my/our proxy to attend and vote for me/us on my/our behalf at the Annual General Meeting of the company to be held on 30th
September 2015 and at any adjournment thereof.
A member of the company is entitled to attend and vote at the meeting of the company. He is also entitled to appoint a proxy to
attend and vote instead of him or her. In this case the above Form and Admission slip herein may be used to appoint a proxy.
The name of the Chairman of the meeting has been entered on the form of the proxy to ensure that someone will be at the meeting
to act as your proxy, but if you wish, you may insert in the blank space marked on the form, the name of any person, whether a
member of the company or not, who will attend and vote on your behalf.
The above form of proxy, when completed, must be deposited with the Registrars: First Registrars Ltd; Plot 2 Abebe Village Road,
Iganmu, Lagos, not later than 48hours before the time of the meeting. If the form of proxy is executed by a corporation, it should be
sealed under the common seal of the corporation.
Stamp Duties Act Cap 411, Laws of the federation of Nigeria, 1990 requires that any instrument of proxy to be used for the purpose
of voting by any person entitled to vote at any meeting of shareholders must bear a stamp duty of two (2) kobo.
If you are unable to attend the meeting, kindly adhere to the following instructions:
(A) Write your name in Block Letters on the proxy form where marked.
(B) Write the name of your proxy where marked and ensure the proxy form is dated and signed by you.
………………………………………………………………………................. Tear off from here……………………………………………………………...................
ADMISSION CARD
STANDADRD ALLIANCE INSURANCE PLC Annual General Meeting will be held at the Event Hall, Plot 1, Block 94 Providence Street, Lekki
Phase 1, Lekki Lagos State on 30th September 2015 at 1:00pm prompt.
Name of Shareholder…………………………………………......…….........................................................
Signature of Person Attending………………………………….
NOTE:
This admission card must be produced by the shareholder or his/her proxy in order to be admitted at the meeting. Shareholders or their
proxies are requested to sign the admission card at the entrance of the venue of the Annual General Meeting.
For company use only:
Number of Shares………………………………………………
Nwadiuto Olamma Onuoha
Company Secretary
FRC/2014/NBA/00000007426
2014 ANNUAL REPORTS AND ACCOUNTS 153
Proxy Form
To receive and adopt the Audited Financial Statements together with
Auditor's Report and Audit Committee's Report therein for the year
ended 31st December, 2014.
To re-elect retiring Directors.
To ratify the appointment of new Directors and Group Managing Director/CEO
To approve the remuneration of the Directors.
To ratify the appointment of BDO Professional Services as External Auditors.
To authorize the Directors to fix the remuneration of the Auditors.
To re-elect/elect members of the Audit Committee.
ORDINARY BUSINESS FOR AGAINST
Brigadier General Dominic Oneya (rtd), Mr. Etigwe Uwa and Mr. Austin Enajemo-isire
2014 ANNUAL REPORTS AND ACCOUNTS154
MAIL TO:
FIRST REGISTRARS NIG. LTD
PLOT 2 ABEBE VILLAGE ROAD,
IGANMU, LAGOS.
P.M.B 12692
MARINA, LAGOS
POSTAL STAMP
…………………………………………........................................Tear off from here………………………………………………………….......
2014 ANNUAL REPORTS AND ACCOUNTS 155
Affix
Passport(To be stamped by Banker)
E-DIVIDEND ACTIVATION FORM
Instruction
Please fill the form and return to the address below:
The Registrar,
First Registrar Nigeria Ltd;
2, Abebe Villiage Road, Iganmu,
P.M.B 12692, Lagos, Nigeria
I/We hereby request that from now on, all my/our dividend warrant(s) due to me/us from my/our holdings in Standard Alliance Insurance Plc
be paid directly to my/our Bank name below.
Bank Name
Bank Branch
Bank Address
Bank A/c No
Company
Standard Alliance Insurance Plc
SHAREHOLDER ACCOUNT INFORMATION
Surname First Name Other Names
Address Line 1
Address Line 2
City State Country
Mobile Telephone
Email Address
Signature Company’s Seal
Joint/Company’s Signatories
Branch Sort Code (very important)
Authorised Signature of Banker Authorised Stamp of Banker
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