ANNUAL REPORT ACCOUNTS &2020
REGENCY ALLIANCE INSURANCE PLC O U R M I S S I O N
TO CREATE WEALTH FOR ALL STAKEHOLDERS AND MITIGATE RISKS ASSOCIATED WITH IT.
O U R C O R E V A L U E S
PROFESSIONALISM INTEGRITY COMMITMENT EFFICIENCY
WE EARN YOUR TRUST www.regencyalliance.com
REGENCY ALLIANCE INSURANCE PLC RC 223946 Regency House, 2 Ebun Street, Gbagada Expressway Phase 1, Gbagada, Lagos. P.O.Box 70333 Victoria Island, Lagos Nigeria. Tel: 234 (1) 0700REGENCY [email protected] www.twitter.com/regencyalliancef www.facebook.com/regencyallianceinsurance
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts [email protected] TABLE O CONTENTS
Our Company 2
Notice of eeting 3
Corporate Information 4
inancial Highlight
irectors Certi cation 6
Statement of irectors Responsibilities 7
Chairman s Statement 9
Board of irectors 11
Report of External Consultant on Board Appraisal 1
anagement Sta 16
Report of the irectors 17
Corporate Go ernance Report 2
anagement iscussion and Analysis 32
Audit Committee Report 33
Independent Auditors Report 34
Statement of Signi cant Accounting Policies 3
Statement of inancial Position 60
Statement of Comprehensi e Income 61
Statement of Changes in E uity 62
Statement of Cash lows 64
Notes to the inancial Statements 6
Enterprise Risk anagement 96
Assets/Liability anagement 111
Hypothecation 11
Segment Information 117
Other National isclosures 121
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 1 [email protected] OUR CO PANY
REGENCY ALLIANCE INSURANCE PLC is one of the leading Insurance companies in Nigeria and the est African sub region.
ith o er 20years experience in the Nigerian insurance space, we remain unri aled in the General Insurance business market. e pro ide only the best insurance ser ice, culti ated from our deep underwriting expertise, superior claims handling and market experience. e o er a selection of customi ed Insurance products in collaboration with our Intermediaries and Technical Partners all o er the world.
e hitherto were Regency Insurance Ltd., howe er following the merger and consolidation of four insurance companies in ebruary 2007 Regency Alliance Insurance Plc was born.
rawing from technical expertise and knowledge of both local and international markets ac uired in the past two decades, we are constantly inno ating to pro ide e en better ser ice to our customers.
Our clientele is growing progressi ely, and our business portfolio is expanding leading to the formation of subsidiaries. e are expanding our operations in est Africa, with a goal of unifying and growing the sub regional insurance market
Our Board of irectors consists of distinguished and eminently uali ed persons from key sectors of the economy.
Regency Alliance Insurance Plc is a publicly uoted company and listed on the Nigerian Stock Exchange market.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 2 [email protected] NOTICE O ANNUAL GENERAL EETING
NOTICE IS HEREBY GIVEN that the 27th Annual General eeting of Regency Alliance Insurance Plc. will be held at the Conference Hall, Ground oor, The In line with the pro isions of the Companies and Allied atters Act, 2020, one Plot 9, Gbagada Expressway, Gbagada, Lagos State on Thursday the r. att Osayaba Aikhionbare, OON will retire by rotation and being eligible 27th ay of ay 2021 at 11am. to transact the following business: o ers himself for re election at the Annual General eeting. His pro le is contained in page 13 of the Annual Report and Accounts for the year ended 1. To recei e the Report of the irectors, the Audited inancial 31st ecember 2020. Statements for the year ended 31st ecember 2020 together with the Reports of the Auditors and the Audit Committee thereon. 2. To re elect irectors retiring by Rotation. The Board a er necessary due diligence is recommending the rati cation 3. To ratify the appointment of the Non Executi e irectors. of appointment of : 4. To disclose the remuneration of anagers of the Company. l r. onald ames Etim . To elect members of the Audit Committee. l Chief ale Taiwo, SAN 6. To authorise the irectors to x the remuneration of the Auditors. As Non Executi e irectors of the Company, their Pro les are on page 14 of ecial ine the Annual Report and Accounts for the year ended 31st ecember 2020. To consider and if thought t to pass the following as Ordinary The appointment of the new irectors is sub ect to the appro al of NAICO . Resolution: 7. To appro e the remuneration of irectors. In accordance with the pro isions of the Companies and Allied atters Act 2020 any Shareholder may nominate another Shareholder as a member of the Audit Committee by gi ing notice in writing of such nomination to the Company Secretary at least twenty one (21) days before the Annual In iew of the pre ailing circumstance, Go ernment directi es on public General eeting. gathering and the Company s concern for the safety and well being of Please note the pro isions of the Nigerian Code of Corporate Go ernance Shareholders, Employees, Clients and all Stakeholders and in compliance 201 , in respect of members of the Audit Committee are expected to ha e with the Guidelines of the Corporate A airs Commission on the conduct of basic nancial literacy to be able to read inancial Statements. Public Companies Annual General eetings by Proxy, the Company s 27th Annual General eeting shall be by proxy only, In compliance with the irecti es and Regulations of the go ernment on maximum number Shareholders ha e a right to ask uestions not only at the eeting, but also allowable for gathering and safety measures against the spread of Co id 19, in writing prior to the eeting. Such uestions must be submitted to the the number in attendance shall be limited to 20 people. Company Secretary or sent to info regencyalliance.com before close of work on or before Thursday the 20th day of ay, 2021. A member of the Company entitled to attend and ote is entitled to appoint a proxy to attend and ote instead of him. A proxy needs not be a member. A Proxy orm is attached to the Annual Report and Accounts. The proxy form In addition to the posted Annual Report compact discs, so copy of the can also be downloaded from the Company s website Annual Report will be mailed to all Shareholders who ha e pro ided their www.regencyalliance.com Email addresses. The so copy can also be downloaded from the In compliance with the Corporate A airs Commission s Guideline, Company s website www.regencyalliance.com or from the website of the attendance at the 27th Annual General eeting shall be by proxy only, Registrars , eristem Registrars and Probate ser ices shareholders are re uired to appoint any one of the underlisted persons as http://www.meristemregistrars.com their proxy: 1. r. Clem Baiye (Acting Chairman) 2. r. Biyi Otegbeye (G /CEO) To ensure Shareholders, clients and other stakeholders who will not be 3. rs. Anu Shobo (Company Secretary) attending the Company s 27th Annual General eeting physically watch the proceedings, the Annual General eeting will be streamed li e. or the Proxy orm to be alid for the purpose of the meeting, it must be Shareholders, clients and other stakeholders can log on to completed and deposited at the o ice of the Registrars eristem Registrars www.regencyalliance.com to watch the li e streaming. and Probate Ser ices Limited, 213, Herbert acaulay ay, Yaba, Lagos not less than forty Eight (4 ) hours prior to the time of the meeting. The Proxy forms will be stamped at the expense of the Company pro ided BY OR ER O THE BOAR they are duly completed and submitted as stipulated abo e.
The Register of embers and Transfer Books of the Company will be closed from onday the 10th day of ay to riday the 14th day of ay 2021 (both days inclusi e) for the purpose of re iewing and updating the register of members.
Se eral i idend remains unclaimed or are yet to be presented for payment or to be returned to the Registrar for re alidation. A schedule of members CO PANY SECRETARY who ha e Unclaimed i idend is attached to the Annual Report and RC/2013/NBA/000000036 4 Accounts, such members are ad ised to write to or isit the Company s ATE THIS 14TH AY O APRIL, 2021 Registrars, eristem Registrars and Probate Ser ices Limited, 213 Herbert acaulay way, Ebute etta, Lagos, Lagos State.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 3 [email protected] CORPORATE IN OR ATION
: r. Clem Baiye (Acting Chairman) r. Biyi Otegbeye ( anaging irector) r. Sammy Olaniyi (Executi e) r. ehinde Oyadiran (Executi e) Col. Aminu Isah ontagora ( eceased) r. att Osayaba Aikhionbare, OON
: Anu Shobo RC/2013/NBA/000000036 4
: TAC PRO ESSIONAL SERVICES. (Chartered Accountants) Plot 22, Adebisi Oguniyi Crescent. O Oladime i Alao Street. Lekki Phase 1 Lagos RC/2012/ICAN/0000000032
: ALE TAI O CO. (Legal Practitioners) 9B ale Taiwo Close O PSS C Road agodo GRA Phase 2 RC/2014/NBA/0000000 12
: Regency Place 2 Ebun Street Gbagada Expressway Gbagada, Lagos. 0 0 3499073 74 info regencyalliance.com www.regencyalliance.com
: irst Bank of Nigeria Plc Sterling Bank Plc enith Bank Plc Access Bank Plc
: eristem Registrars and Probate Ser ices Limited 213, Herbert acaulay ay Sabo, Yaba Lagos
: African Reinsurance Corporation AICA Reinsurance Limited Continental Reinsurance Limited
: TA Consulting (Nigeria) Limited RC/2013/NAS/00000002723
. : RC 223946
. . : RC/2013/0000000000 9
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 4 [email protected] INANCIAL HIGHLIGHTS
THE GROUP THE COMPANY
CHANGE CHANGE Increase/ Increase/ STATEMENT OF FINANCIAL POSITION 2020 2019 (Decrease) CHANGE 2020 2019 (Decrease) CHANGE =N='000 =N='000 =N='000 % =N='000 =N='000 =N='000 %
Assets Cash and Cash equivalents 1,998,354 2,551,588 (553,235) (22) 1,431,473 2,219,991 (788,518) (36) Financial Assets 5,937,982 3,972,111 1,965,871 49 4,804,960 2,646,559 2,158,401 82 Total Assets 12,745,746 10,374,147 2,371,599 23 10,052,954 8,536,393 1,516,561 18 Insurance Contract Liabilities 4,341,272 3,018,623 1,322,649 44 2,971,806 2,318,367 653,439 28 Issued and Paid share capital 3,334,375 3,334,375 - - 3,334,375 3,334,375 - - Shareholder Fund 6,473,736 5,764,441 709,295 12 6,329,304 5,700,717 628,587 11
STATEMENT OF COMPREHENSIVE INCOME
Gross Premium Written 6,543,160 6,274,793 268,367 4 3,878,536 3,946,287 (67,751) (2) Net Premium Income 4,486,261 4,473,384 12,877 0 2,475,203 2,539,375 (64,172) (3) Underwriting Prot/(Loss) 2,026,983 2,462,567 (435,584) (18) 1,137,227 1,433,635 (296,408) (21) Investment Income 443,513 583,350 (139,837) (24) 331,557 411,661 (80,104) (19) Prot before tax 660,457 1,004,708 (344,252) (34) 681,137 838,548 (157,410) (19) Prot after Taxation 590,289 716,389 (126,100) (18) 628,587 649,594 (21,006) (3)
Per Share Data
Basic earnings per share (in kobo) 8.85 10.74 9.43 9.74
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts [email protected] CERTI ICATION PURSUANT TO SECTION 60(2) O INVEST ENT AN SECURITIES ACT NO.29 O 2007
e the undersigned hereby certify the following with regards to our Audited inancial Statements for the year ended ecember 31, 2020 that:
e ha e re iewed the report
To the best of our knowledge, the report does not contain: Any untrue statement of a material fact, or omit to state a material fact, which would make statement, misleading in the circumstances under which such statement were made
To the best of our knowledge, the nancial statement and nancial information included in the report fairly present in all material respect the nancial condition and results of operations of the company as of , and the period presented in the report.
e:
Are responsible for establishing maintaining internal control, Ha ing designed such internal control to ensure that material information relation to the Company and its consolidated subsidiary is made known to such o icers by others within those entries particularly during the period in which the periodic reports are prepared Ha e e aluated the e ecti eness of the Company s internal controls as of date within 90 days prior to the report Ha e presented in the report our conclusion about the e ecti eness of our internal controls based on our e aluation as of the that date
e a e i clo e o e a i or of e com any an a i commi ee
All signi cant de ciencies in the design or operation of internal control which would ad ersely a ect the company s ability to record, process, summari ed and report nancial data and ha e identi ed for the Company s auditor any material weakness in the internal control, and Any fraud, whether or not material, that in ol es management or other employees who ha e signi cant role in the Company s internal control
e ha e identi ed in the report whether or not there were signi cant change in internal control or other factors that could signi cantly a ect internal controls subse uent to the date of our e aluate, including any correcti e action with regard to signi cant de ciencies and material weakness.
. . RC/2013/NBA/00000003749 RC/2013/ICAN/00000003 9 GROUP /CEO GROUP C O
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 6 [email protected] STATE ENT O IRECTORS RESPONSIBILITIES
The Companies and Allied atters Act 2020 re uires the irectors to prepare nancial statements for each nancial year that gi e a true and fair iew of the state of nancial position of the company at the end of the year and of its nancial performance. This responsibility includes: a) Ensuring that the company keeps proper accounting records that disclose, with reasonable accuracy, the nancial position of the Company and comply with the re uirements of the Companies and Allied atters Act 2020. b) esigning, implementing and maintaining internal control rele ant to the preparation and fair presentation of nancial statements that are free from material misstatement, whether due to fraud or error and c) Preparing the Company s nancial statements using suitable accounting policies supported by reasonable and prudent udgments and estimates that are consistently applied.
The irectors accept responsibility for the Annual inancial Statements, which ha e been prepared using appropriate accounting policies supported by reasonable and prudent udgments and estimates, in conformity with,
International inancial Reporting Standards (I RS) as issued by the International Accounting Standards Board (IASB) the re uirements of the Insurance Act rele ant guidelines and circulars issued by the National Insurance Commission (NAICO ) and the re uirements of the Companies and Allied atters Act 2020
The irectors are of the opinion that the inancial Statements gi e a true and fair iew of the state of the nancial position of the Group and of its nancial performance for the year. The irectors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of nancial statements, as well as ade uate systems of internal nancial control.
Nothing has come to the attention of the irectors to indicate that the Group will not remain a going concern for at least twel e months from the date of this statement.
Signed on behalf of the Board of irectors by:
...... . . IRECTOR IRECTOR RC/2013/CIIN/00000003716 RC/2013/ICAN/00000003 9 ATE THIS 24TH AY O ARCH 2021
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 7 [email protected] M C A c t i n g C a i r m a n CHAIR AN S STATE ENT
istinguished Shareholders, Colleagues on the Board of irectors, 97.7 performance at year end. There was howe er a 6 drop in regulatory o icials, gentlemen of the press, ladies and gentlemen. pro ected net 2020 go ernment re enues from the oil and gas It is with much pleasure that I welcome you all to the 27th Annual sector, which ad ersely a ected foreign exchange in ows. The General eeting of our Company where the Audited Annual resultant e ect being that the debt pro le of the GN grew from inancial Statements and Annual Reports will be presented to you. 23,111.27m(foreign) and N 14.273tn(local) in 2019 to Let me begin by gi ing you an o er iew of the en ironment under 2 , 74.4 m(foreign) and N 16.024tn (local) in 2020. which our company operated in the past year. On a positi e note, the All Share Index of The Nigerian Exchange Limited increased from 26, 42.07 to 40,270.72, a 0.03 growth, thus making it one of the world s best performing Exchange in lo al 2020. 2020 was an unprecedented year, due to the corona irus outbreak, as the global economy was suspended for almost six months The drop in Treasury bill rates and that of bank deposits which during the year to safeguard human health. Oil prices plummeted began in the third uarter of 2019 was sustained during the year to le els ne er seen before, airlines were grounded, hotels shut 2020, impacting hea ily on money market returns. down, and all forms of congregational or socio economic acti ity halted. This triggered a global recession across ad anced and low In 2020 the CBN de alued/ad usted the Naira on three occasions to income countries, as G P growth numbers printed nosedi ed ameliorate the pressure on the forex rate and bridge the gap amid demand and supply shocks. As such, the I estimates between the o icial and parallel market rates. Interestingly the global G P to contract by 4.4 in 2020. Surprisingly, stock ad ustments coupled with lower in ow extended the gap in markets in many ad anced and emerging economies surged in both markets. Increasing demand for the US dollar, lower response to massi e monetary and scal stimulus. In 3 2020, the in ows and economic uncertainty are key factors that ha e global economy began to reopen as countries looked to reco er pressured the foreign exchange rate during the year. As a result, from the sharp blow dealt by the pandemic. Howe er, the cost of the external reser es of the country declined from US 3 . 9 bn to reopening was e ident in 4 2020, as the second wa e of US 3 .373bn, a drop of .3 year on year. infections began in many ad anced markets, particularly in the United States and Europe. This forced some countries to halt n rance n ry e ie economic reopening and, in some cases, reintroduce lockdowns. As a result of the economic disruption caused by Co id 19 pandemic, the National Insurance Commission (NAICO ) further ome ic extended the deadline for compliance of the new minimum capital Nigeria being part of the global market was negati ely impacted by to September 30, 2021 in a two phased approach. the e ects of the global Co id 19 pandemic. Lagos and Ogun States together with the CT were under total lockdown for April In No ember 2020, NAICO issued operational licenses to six new 2020 while most of the country were under di erent stages of insurance rms and one reinsurer in line with arket Conduct lockdown during much of the year. This disrupted a lot of Business Practice Guidelines. economic acti ity and led the country to a recession in the 3rd uarter of the year which was exited in the last uarter of 2020. There was a slight decline in the gross premium income from In addition to the abo e, the le el of insecurity worsened and there N 3.946bn in 2019 to N 3. 7 bn in 2020 or 1.71 , and a were the End SARS protests which resulted in massi e loss of life decrease of 2. 2 in the Net earned premium from N 2. 39bn in and property in di erent parts of the country in October 2020. 2019 to N 2.47 bn in 2020.
In ation was on a steady rise during the year increasing from On the ma or expense items, while there was an 1.02 increase in 11.9 in ecember 2019 to 1 .7 in ecember 2020, the highest net claims, there was a .73 decrease in Underwriting expenses in three years. and 3.96 decrease in anagement Expenses when comparing the 2020 gures with that of 2019. The sharp increase in the net On the scal side of things, the ederal Go ernment recorded 9 claims were due to increased claims from the oil and gas business per cent release to inistries epartments and Agencies ( As) line. The prudent e ort of management to strategically curtail cost for the capital component of the 2020 budget and an o erall in the face of dwindling business prospects is highly commendable.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 9 [email protected] CHAIR AN S STATE ENT cont d
There was a signi cant drop of 19.46 in the in estment income of On the recommendation of management, the board has appro ed our company due mainly to the low market rates. the commencement of the construction of a be tting Head O ice complex in Gbagada. Preliminary regulatory appro al is currently O erall, there was a drop of 3.24 in Pro t a er tax from on going and once appro ed, the pro ect is expected to last twel e N 649. 94m in 2019 to N 62 . 7m in 2020. It is expected that months. with things normalising in the economy our company, building on the gains of past nancial discipline and strategic positioning, will continue to produce better results in future. I regret to announce that in the course of the year, we lost our Regional Head (North) A i aina. I also regret the passage of one of The total asset base of our company grew by 17.77 from our non executi e directors Col Aminu Isah ontagora (rtd). N . 36bn in 2019 to N 10.0 3bn in 2020, while the Aminu, as I called him, was a fantastic gentleman. Humble, Shareholders fund stood at N 6.329bn at the end of 2020, which knowledgeable and forthright in his contributions. He will be is 11.02 higher than the position as at year end 2019. sorely missed. or our group, the contribution of the subsidiaries to the o erall pro t a er tax, a er deducting that attributable to Non Controlling Interests, decreased from a pro t of N 27.61 m in The anagement and sta of our company are highly commended 2019 to loss of N 6.221m in 2020. for their continued deep sense and display of loyalty, commitment, honesty, and dedication to duty in the year. Their The total asset base of our group as at ecember 31, 2020 stood at e orts in mo ing the company forward will always be recognised N 12.746bn, while the e uity attributable to the company in the and ade uately rewarded. group at the same date was N 6.474bn. I must also appreciate our esteemed clients, agents, and brokers for continuing to do business with us. e trust we ha e earned The impressi e result notwithstanding, your board is not your enduring con dence and we look forward to your increased recommending any di idend payout. This is to retain funds and support and patronage going forward. ade uately position the company to meet the new minimum share capital as prescribed by NAICO . I want to assure you all that Regency Alliance Insurance Plc is here for the long haul. e ha e strong con dence that Nigeria remains a land of immense opportunities and prospects. Our company is A resolution was passed at the last AG empowering your Board to positioned to make the best of the brighter future ahead. e will take all necessary steps to meet up with the recapitalisation always be guided by our corporate alues of Professionalism, deadline. I can report that your company is currently in Integrity, Commitment and E iciency as we create wealth for all discussions with di erent in estors, both local and foreign, with a our stakeholders while mitigating all associated risks that may iew to in ecting fresh funds. As at ecember 31, 2020 a sum of arise. US 700,000 has been recei ed from an interested party and this has been re ected as a deposit for shares in the nancial Thank You all for your support and cooperation. statements. Let me state that your company is also exploring the possibility of merger with other leading insurance companies as a God bless Regency Alliance Insurance Plc. back up option. I want to reassure all our shareholders and other stakeholders that your company s fundamentals remain strong God bless Nigeria. and we are well positioned to meet the new minimum capital re uirements.
ith the early passage and assent of the 2021 budget in ecember 2020, together with the assent of the inance Act 2021, and the appro al for the continued implementation of the 2020 capital Mr. Clem Baiye budget well into 2021, it is expected that the perennial challenges FRC/2020/003/00000021054 of slow and poor budget implementation should become a thing Acting Chairman of the past. Pro ections are that the economy will continue to grow in 2021 and your company is poised to take full ad antage of the upsurge in economic acti ities.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 10 [email protected] BOARD OF DIRECTORS
Clem Baiye Acting Chairman
Clem Baiye is a media entrepreneur and human resource expert with signi cant banking and corporate experience.
He studied at the Ahmadu Bello Uni ersity (ABU), where he obtained a degree in Political Science and at arwick Uni ersity (England) where he was awarded .A. in International Political Economy.
As Assistant General anager, Human Resources anagement at the then NAL erchant Bank from 19 1991, he was responsible for training and sta de elopment. Baiye was a founding irector and later, Chairman of Cornerstone Insurance Plc. He was also founding Chief Executi e of Anchor Properties and Trust Plc before he le to pursue other interests.
Baiye has built a solid reputation for integrity and a superior grasp of public a airs and is on the Board of se eral companies, including The Capital Consortium Limited, Security Swaps Limited and Partnership Trust In estment Limited.
Baiye is the Chairman of the Editorial Board of New Age, a uality daily newspaper. He is the Chief Executi e O icer of Verity Communications Limited, a bespoke publishing out t and Verity Associates, a human capital outsourcing company.
He became Acting Chairman on the 27th day of ebruary, 2020.
Biyi Otegbeye Group Managing Director
Biyi is the G of Regency Alliance Insurance Plc. He holds a B.Sc. in Insurance and an BA in inancial anagement and Accounting from the Uni ersity of Lagos. He is an Associate of the Chartered Insurance Institute, London (ACII). He obtained his LLB degree from the Lagos State Uni ersity and was admitted to the Nigerian Bar as a Barrister and Solicitor of the Supreme Court of Nigeria.
He sits on the Board of many companies as Chairman or irector. They include: Regency Nem Insurance Limited, Ghana, RIC icro nance Bank Limited, RIC Properties and In estment Limited, and RIC Technologies Limited.
In recognition of his outstanding leadership ualities, in April 2013 he was appointed as Chairman of the Go erning Board of the Uni ersity of Uyo Teaching Hospital.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 11 [email protected] BOARD OF DIRECTORS cont d
Aikhionbare Osayaba att (OON) irector
Aikhionbare Osayaba att is a seasoned statesman with many years of ser ice in arious capacities. He studied at the Uni ersity of Ilorin where he obtained a degree and .A in Linguistics.
He has ser ed as Principal Aide to three Nigerian Presidents and was appointed by President Olusegun Obasan o in 2006 as his Special Assistant for Policy Programme onitoring. Until this appointment, he was Special Assistant to the President s Special Ad iser (Policy Programme onitoring).
He ser ed as Secretary of the Go ernment of Edo State, the highest appointi e position in the Executi e at the state le el.
Aikhionbare was Chairman, Sub Committee on information anagement and Community Relations, Presidential Security Committee on Niger elta and Chairman Board of irectors, Edo Broadcasting ser ice (Radio Tele ision).
He was Chief Executi e O icer, Lifestyle Limited a public relations consultancy and is currently a ember, Board of Regents, Benson Idahosa Uni ersity, Benin.
In 2012, he was awarded National Honor of O icer of the Order of the Niger (OON) for his outstanding contribution to national de elopment.
Late Col. Aminu Isah ontagora (rtd) irector
Late Aminu Isa ontagora was a Colonel of the Nigerian Army and ser ed as military Administrator in ano and Benue States.
He studied at the Uni ersity of Abu a where he obtained a degree in Economics. ontagora has held arious ilitary and Administrati e appointments including Battery commander, Regiment Commander Air efence Regiments, A C/ A to General O icer Commanding, Commander Corps of Artillery and inister of efence and Chairman oint Chief of Sta .
He was a member of Board of Intercity Bank Plc. He was the anaging irector of Sight and Sound Communications Limited and Chairman of Barmo arm and Allied Products Limited, arga e elopment Trust und and una Gaba icro inance Bank. He was a member of the Board of irectors of Regency Alliance Insurance Plc until his demise on the 11th of anuary 2021.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 12 [email protected] BOARD OF DIRECTORS cont d
r. Sammy Olaniyi Executi e irector, Operations
Sammy Olaniyi is the Executi e irector, Operations, Regency Alliance Insurance Plc. A member of the Institute of irectors, Olaniyi obtained B.Sc. Accounting and .Sc. Organi ational Beha ior from Uni ersity of Lagos, Nigeria.
He is a Chartered Insurer of the Chartered Institute of Insurance, London. He has attended arious specialised courses both internationally and locally. A business Strategist and a ersatile marketer, he had his Insurance training in the United ingdom including the Chartered Insurance Institute s Lloyd s Training Centre.
He has extensi e experience in Insurance Business e elopment and arketing Research that makes him a leading resource person in modern business penetration. Olaniyi was a leading member of the consortium of in estors who ac uired Nigerian Alliance Assurance Corporation Limited in 1996 and was subse uently elected as its Executi e irector. He has obtained a octoral egree in Insurance, specialising in Oil and Gas from the prestigious iddlesex Uni ersity in London.
ehinde Oyadiran Executive Director, Finance & Admin
ehinde Oyadiran is a graduate of Accountancy from ederal Polytechnic, Ilaro, a ellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a ember of Nigerian Institute of anagement (NI ). He has a asters egree in Business Administration ( inance) from Abubakar Tafawa Balewa Uni ersity (Bauchi). Oyadiran has attended se eral anagement courses.
He started his working career as an Underwriter with APIC Insurance Plc and later worked in inance and Administration epartment of the same company and rose to the position of Company Accountant. He oined Nigerian Alliance Assurance Corporation Ltd in 2001 where he rose to the position of Head of inance before oining Regency Alliance Insurance Plc.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 13 [email protected] PROPOSED DIRECTORS
Chief ale Taiwo, SAN (LLB, BL, LL )
A distinguished commercial law guru, Chief ale Taiwo SAN is an alumnus of the Uni ersity of Lagos LLB (Hons) (19 4) and LL (19 9). He was called to the Nigerian Bar as a Solicitor Ad ocate of the Supreme Court of Nigeria in August 19 . He started his legal career in the law rm of essrs Adesanya Adesanya (Solicitors) between August 19 and September 19 . He was therea er the Company Secretary/Legal Ad iser of Okada Group of Companies where he was until 1993 when he set up his pri ate Legal Practice ale Taiwo Co where he remains the Principal Partner till date.
He is a member of the Nigerian Bar Association NBA and the International Bar Association IBA . Chief Taiwo was the prime mo er of a consortium of in estors who bought into the defunct estiny Insurance Company Limited prior to the merger into Regency Alliance Insurance Plc. He is an ardent a music lo er. A member of the prestigious Island and mainland Executi e Clubs, Chief Taiwo holds the traditional title of Ba mo n of Ikosi/ osefe Land, Lagos.
onald ames Etim onald ames Etim is a seasoned professional with multifaceted experience and a global world iew that has been garnered o er the past 2 years. He has de eloped strong management skills and deli ered lucid solutions for the Public and Pri ate Sectors in the areas of strategic planning, research, corporate a airs, corporate go ernance, transport management, resources planning, nancial forecasts, pro ect de elopment and super ision. He is a ery creati e and result oriented leader with a pro en success in pro ect coordination, administration, and execution.
He is an alumnus of the prestigious Ahmadu Bello Uni ersity where he studied History and Political science and graduated with a BA (Combined Hons) (19 4). He has an extensi e work experience in the corporate world and public ser ice. He ser ed as Honorable Commissioner, inistry of works and transportation in Akwa Ibom state from 2007 to 201 .
He ser ed as a member of The inancial and General Purposes Committee ( GPC) in charge of awarding all the ma or contracts in Akwa Ibom state. He ser ed as a member of the Airport Implementation Committee (AIC) which monitored and super ised the construction of the fully operational Ibom Airport. He is indeed a strong people s person with excellent interpersonal, negotiation and diplomatic skills. He ser ed as a dean college of commissioners for e years and worked closely with the executi e management of the state. He is currently the Chairman of Papi printing Company Limited.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 14 [email protected] F & B FUTURES & BONDS LTD. (INVESTMENT ADVISORS & BUSINESS SYSTEMS CONSULTANTS)
21A Fola Osibo Road, Lekki Phase 1, Lekki, Lagos. Tel: 234 1 4738364 Company Registered in Nigeria No: RC210847 Futures & Bonds Ltd. is authorised and regulated by Securities and Exchange Commission.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 1 [email protected] ANAGE ENT STA
Biyi Otegbeye, GMD Dr. Sammy Olaniyi, Mr. Kehinde Oyadiran, E. D. Operations E. D. Finance and Admin
Mrs Anu Shobo Mr. Tunde Alao, Mr Akin Omodele, Late Aji Maina Company Secretary/Chief Compliance Officer Divisional Director, Internal Audit Asst. Director Technical Regional Director, North Anu currently serves as Company Secretary/ Tunde is a Chemical Engineer and a Chartered Akin Omodele is a seasoned underwriter and A seasoned marketer, Aji Maina attended Chief Compliance Officer at Regency Alliance Accountant who was trained at Nigeria’s reinsurance expert with bias for oil and gas Ahmadu Bello University Zaria and Abubakar Insurance P lc. foremost accounting rm, Akintola Williams & insurance. He began his career at Oasis Tafawa Balewa University, Bauchi where he obtained his PGD in Management and MBA Co Chartered Accountants. He joined Nigeria- Insurance where he rose to the position of respectively. A quali ed Legal Practitioner with a French Insurance Plc in 1994 where he rose to Superintendent in 2003. He joined Regency reputation for hard work and exceptional the p osition o f M anager, F inance. Insurance Limited as Assistant Manager in Maina started his Insurance career with Royal brilliance. She joined Regency as the Company 2003. Exchange Assurance (Nigeria) Plc and later Secretary/Administration Manager. Until her He moved to Regency Insurance Limited in moved to Kapital Insurance Company Ltd. He appointment, she was an Assistant Manager 2003. He holds a B.Sc. Chemical Engineering Akin Omodele is an Associate, Chartered joined NICON Insurance Plc in 1995 where he (Legal) in Wema Bank Plc. Anu obtained her from one of Nigeria’s leading universities, Insurance Institute of Nigeria (CIIN) and an rose to the position of Assistant General LLB and LLM Degrees from the University of Obafemi Awolowo University, lle Ife. He is an Associate Member, Nigeria Institute of Manager. He held various positions during his stay in NICON: Assistant General Manager Lagos and was called to the Nigerian Bar in Associate of the Institute of Chartered Management (NIM). He holds B.A, (Marketing) North, Assistant General 1987. As the Company’s Chief Compliance Accountants o f N igeria. Comparative Studies of Religion from Manager, Abuja Zone, Assistant General Officer (CCO) she also oversees and manages University of llorin and MBA Marketing Manager, Property and Liability, Chief the company’s compliance with regulatory Management f rom U niversity o f L agos. Operating Officer (Marketing) and Chief requirements and internal policies and Operating Officer (Branch Operations). procedures. He is a member of the Nigeria Institute of She has behind her a work experience of Management (NIM), Nigeria Institute of Marketing of Nigeria (NIMN), Fellow about 25 years, of which 21 years have been Chartered Institute of Professional Practice as a Practicing Company Secretary. She had Nigeria (CIPP) and Member Chartered successful pre-practice work tenure in the Institute of Professional Practice USA. Late Aji Ministry of Justice, Bendel State Office of the Maina was the Regional Director of our North Director of Public Prosecutions and Beatrice operation until his demise on the 11th of Fisher & Co. as Legal Counsel. A relentless December 2020. learner that she is, Anu has been quenching her thirst for knowledge and all-round development by constantly updating herself in various avenues of knowledge. She has participated in Risk Management, Anti- Money Laundering, Effective Leadership, Team Building & Manpower Management courses.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 16 [email protected] REPORT O THE IRECTORS
The irectors present their Annual Report on the a airs of Regency Alliance Insurance Plc. ( the Company ) together with the inancial Statements and the Auditors Report for the year ended 31 ecember 2020.
. The Company was incorporated on the 16th day of une 1993 as a pri ate limited liability Company known as Regency Insurance Company Limited and was licensed by NAICO to underwrite all classes of Non Life Insurance Business. On the 11th of arch 200 , the Company was licensed to underwrite Life Insurance Business in addition to the Non Life Insurance Business thereby becoming a composite Insurance Company.
In 2007, a er a successful merger with three other companies, the Company s name was changed to Regency Alliance Insurance Plc. The Company was re registered and licensed to underwrite all classes of Non Life Insurance Business.
The Company s principal acti ity is the pro ision of General Insurance co er to Institutional and indi idual clients.
The Company has three subsidiaries: RIC Properties In estment Limited, RIC icro nance Bank Limited and RIC Technologies Limited, and one associate company, Regency NE Insurance Ltd Ghana.
The information on the subsidiaries is pro ided in note 4 to the Audited inancial Statements and Reports.
. The following is a summary of the Company s operating results:
Pro t Before Tax 660,4 7 1,004,70 6 1,137 3 , 4 Income Tax Expense (70,16 ) (2 ,319) ( 2, 0) (1 ,9 4) ro or e year Non Controlling Interest 32,077 (39,177) Transfer to Contingency Reser es (196,29 ) (1 ,244) (12 ,717) (129,919) Other Transfers 3,3 3,3 Pro t for the Year Retained Pro t Brought orward 772,22 2 3,2 7 1,021,793 02,119 i idend Paid e aine ro arrie or ar
.
3.a irectors who held o ice for the year 2020 are listed hereunder. l R. CLE BAIYE Acting Chairman (appointed E 27th eb. 2020) l R. OLUBIYI OTEGBEYE anaging irector /Chief Executi e O icer. l R. ATT OSAYABA AI HIONBARE, OON Non Executi e irector l COL. ISAH A INU ONTAGORA(RT ) Non Executi e irector ( eceased) l R. SA Y OLANIYI Executi e irector (OPRS) l R. EHIN E OYA IRAN Executi e irector ( in/Admin)
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 17 [email protected] REPORT O THE IRECTORS cont d
. . The direct and indirect interest of irectors of the Company in the issued share capital of the Company as recorded in the register of members as at 31 ecember 2020 and noti ed by the irectors for purpose of Sections 301 and 302 of the Companies and Allied atters Act 2020 and the listing re uirement of the Nigerian Exchange Limited are as stated below.
irec ol ing n irec ol ing
1 R. CLE BAIYE 1,000,000 1,000,000 2 R. OLUBIYI OTEGBEYE 7 9,32 , 79 7 9,32 , 79 3 R. ATT OSAYABA AI HIONBARE, OON 4 LATE COL. ISAH A INU ONTAGORA R. SA Y OLANIYI 44,9 ,4 7 44,9 ,4 7 6 R. EHIN E OYA IRAN 206,2 0 206,2 0
Clem Baiye holds the shares ointly with another shareholder.
.c. None of the irectors has noti ed the Company of any declarable interest in any contract in ol ing the Company in compliance with Section 303 of the Companies and Allied atters Act, 2020 during the year under re iew.
. . In compliance with the pro isions of Section 34. of the Nigerian Code of Corporate Go ernance for public companies as issued by Securities and Exchange Commission (SEC), the remuneration of the Company s irectors is disclosed as follows:
Remuneration Description Timing
Basic Salary This represents part of the gross salary package Paid monthly during the nancial year. for Executi e irectors. This re ects the insurance industry competiti e salary package and the extent to which the Company s ob ecti es ha e been met for the nancial year.
13th onth Salary This represents part of the gross salary for Paid during the last month of the year. Executi e irectors
irectors ees Allowances paid to Non Executi e irectors. Paid once during the nancial year. Sitting Allowance Allowances paid to Non Executi e irectors Paid during the nancial year. only for siting at the Board meetings and other business meetings.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 1 [email protected] REPORT O THE IRECTORS cont d
. (a) Acti e Shareholders Summary Position as at 31 ecember 2020.
ange ol er ol er ni ol er
1 1,000 733 13.39 306,724 0.00 1001 ,000 9 1 .0 2,663,474 0.04 001 10,000 6 12.02 4,74 ,33 0.07 10001 0,000 1, 9 29.19 36,927,61 0. 0001 100,000 49 9.10 3 ,49 ,0 7 0. 3 100001 00,000 619 11.31 122,113,379 1. 3 00001 1,000,000 111 2.03 76, 9 ,2 9 1.1 1000,001 ,000,000 17 3.2 36 , 1 ,977 . 3 000,001 10,000,000 33 0.60 226, 77,91 3.40 10000001 ABOVE 9 1.0 ,794, 00,232 6. 9 . .
Apart from the underlisted Shareholders, no other Shareholder held more than of the Company s shares during the year under re iew.
OLUBIYI OTEGBEYE 7 9,32 , 79 11. 4 ALE AN ER REISSE CONSULTING LT . 633, 31,2 0 9. 0
uring the year under re iew, Alexander Reisse Consulting Limited s interest was not represented on the Board.
. Information relating to in estment and changes in property, plant and e uipment is gi en in note 1 of the Audited inancial Statement and Reports. In the opinion of the irectors, the market alue of the Company s assets is not less than the alue shown in the Audited inancial Statement and Reports.
. There were no political donations made during the year under consideration, howe er, as a responsible and sensiti e corporate entity, the Company made cash donations to the underlisted institution in the course of the year.
1 esley School for the eaf, Surulere, Lagos 100,000.00 2 Heart of Gold Children Hospice, Surulere, Lagos. 100,000.00 3 odupe Cole emorial Children Home, Akoka, Lagos 100,000.00 4 issionaries of Charity other Theresa, etu, Lagos 100,000.00 Nigeria Red Cross otherless Babies Home, akoko, Lagos 100,000.00 6 Nigerian Insurers Association (COVI 19 Palliati e) 3,000,000.00 7 Police community Relations committee, Pedro, Lagos. 200,000.00 . .
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 19 [email protected] REPORT O THE IRECTORS cont d
.
a m loymen of i a le er on On the employment of physically challenged persons, the Company operates a non discriminatory policy while considering applications recei ed for employment. The Company engages the most uali ed applicant a er necessary assessment irrespecti e of the applicant s physical condition, state of origin, ethnicity or religion.
In the e ent of any employee becoming disabled in the course of employment, the Company is in a position to arrange appropriate training to ensure the continuity of his or her employment without sub ecting such employee to any disad antage in his/her career de elopment.
eal afe y an elfare a or lace The Company has continuously impro ed the work en ironment to make it safe for all stakeholders. It also ensures safety rules and procedures are strictly enforced at the workplace, the rules and procedures are re iewed regularly. ire pre ention and re ghting e uipments are installed within the Company s premises and embers of sta are trained and re trained on the use of the e uipment.
As a result of the Global Pandemic, the Company in its e orts to ensure the pre ention of the spread of the COVI 19 irus and sta protection pro ided within the Head O ice Complex and all Branch O ice Premises rele ant and necessary safety items, all members of sta were taken through detailed counselling on best way to protect themsel es within and outside the o ice complex.
The IT infrastructure of the Company was also made more robust to facilitate work o site. hile sitting arrangement within the o ice was restructured to ensure proper distance is maintained.
As part of the welfare scheme for sta , the Company maintains medical scheme which pro ides medical facilities to members of sta and their immediate families. In addition, the Company also maintains Group Personal Accident and Life Insurance co ers for all members of sta . In compliance with the Pensions Reforms Act 2004, the Company maintains a contributory pension plan for all members of sta .
c raining an e elo men The de elopment of the skills of the work force is regarded as ha ing direct relationship with the performance and pro tability of the Company, as such, the Company maintains a policy of continuous Training and e elopment of members of sta for optimal performance.
Unfortunately howe er, during the year under re iew, the Global Pandemic with the resultant e ects disrupted the training plans of the Company substantially. That notwithstanding some of the sta were still able to attend some rele ant external irtual training.
en er naly i The Company maintains a non discriminatory gender employment policy and ensures ade uate attention is gi en to gender parity in employing its work force. The structure of the workforce as at the 31st ecember 2020 is as shown below
1 UNIOR STA 42 22 64 66 34 2 SENIOR STA 7 12 42 3 LO ER ANAGE ENT 9 7 16 6 44 4 SENIOR ANAGE ENT 1 7 22 6 32 TOTAL 73 41 114 64 36
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 20 [email protected] REPORT O THE IRECTORS cont d
. The Company did not ac uire any of its own shares during the year under re iew.
. . In ay 2019 the NAICO directed that all Insurance Companies in Nigeria should recapitalise, the Board immediately set about this, as a result of a series of occurrences including the global Co id 19 pandemics, the Regulator on the 20th of une 2020 made an amendment re uiring 0 recapitali ation by the 31st ecember 2020 and full recapitali ation by the 30th September 2021.
The Board is glad to report that as at the 31st of ecember 2020 the Company had gone beyond the 0 recapitalisation. Though there seem to be no clear directi e on the recapitalisation as a result of it being challenged, the Board is not relenting on its e orts to ensure the Company is fully recapitalised so as to remain competiti e in the Industry.
. Since ecember 2019, the spread of COVI 19 has se erely impacted many local economies around the globe. In many countries, businesses were forced to cease or limit operations for long or inde nite periods of time. easures taken to contain the spread of the irus, including tra el bans, uarantines, social distancing, and closures of non essential ser ices ha e triggered signi cant disruptions to businesses worldwide, resulting in an economic slowdown. Global stock markets ha e also experienced great olatility and a signi cant weakening. Go ernments and central banks ha e responded with monetary and scal inter entions to stabilise economic conditions.
The Company has identi ed the following as high risk areas in the Co id 19 and Post Co id 19 era. Business Risk Operational Risk In estment Risk Li uidity Risk Regulatory Risk iscal monetary policy Risk oreign Exchange olatility Risk Cybersecurity Risk Customer attrition Risk Health, Safety and En ironment Risk
Below are the likely impact of the aforementioned risks and steps taken and to be taken to mitigate the e ects thereof.
ine i Based on a ailable data on the di ergent impact of the pandemic on the di erent economic sectors, the P C (April 2020) predicted that the most impacted sectors in Nigeria were: A iation, oil gas tra els, hospitality, tourism, entertainments, e ents managements and expected general slack in in estments in new entrepreneurial acti ities due to pressure on incomes.
Our policyholder s portfolio characteristics shows that about 37.71 of our total GPI was exposed to seriously impacted industries as a iation and oil gas for the entirety of 2019. uring the second uarter of 2019, the income generated was about 29 of the year s income. The Company recorded fair performance in these sectors in the year howe er, ust like others in the sector and across the world, experienced a hit in these sectors.
e were able to sustain insurance contracts as en isaged in our COVI 19 impact report albeit slowly with remarkable losses due to closure of the economy as the impact of the Pandemic grounded the economy while the discounted premium policy or demands did not materialised to the extent that could ha e impacted our performance ratings beyond the extent en isaged , we were able to sustain our market performance but the greater challenge was securing more insurance contracts from these sectors beyond the COVI era as restrictions continued to a ect global economic performance.
The1 downward re iew of our re enue pro ection ser ed as our protecti e shield in gauging our business risk limit and how the Company hope to perform in 2021. Howe er, our cost sa ing measures are expected to make positi e impact on our non technical expenses.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 21 [email protected] REPORT O THE IRECTORS cont d
era ional i In the area of operations, the Company has a cloud based so ware package which is easily accessible online. Technical (Underwriting, Claims/Reinsurance) and inance Operations are fully functional online real time 24/7. The Company also uses online meeting tools for management and departmental meetings where issues and matters can be discussed, agreed and implemented. In addition, payments are recei ed and made ia the arious online bank channels. All payments go through the normal appro ing channels albeit online. The Company did not experience any disruption of her acti ities in any aspect beyond residual risks that are manageable within the acceptable risk le els.
n e men i The COVI impact on the market is the olatility dynamics through the interplay of arious risks which a ected in estors con dence. Gains in the capital market o set some of the pandemic induced losses but insurance stocks performance was generally cold which did not impro e aluation. This was made worse by the huge drop in money market incomes, a general characteristic of the market responses to in estments acti ities. As a result, the pro tability of the Company was a ected and the Company will continue to re iew its nancial risks to protect its alue so as to build greater con dence into the new year.
i i i y i Based on change in in estments position from the systematic market e ect on the Company s portfolio, this impacted the asset liability balance due to incomes loss at the asset end. This re uired the Company to nance its liability through its in estments portfolio and other alternati e a ailable funding opportunities in absorb the shock.
The Company was able to meet its li uidity re uirements. Ade uate reinsurance co er is in place for our lines of business and cash calls were utilised where necessary.
eg la ory i The Legal and Compliance epartment continued to notify Executi e anagement, anagement together with all rele ant epartments of any new legislation, guideline or directi e as gi en from time to time.
In addition, The Internal Audit conducted regulatory compliance audit in line with the Internal Audit mandate. Insurance businesses are generally incepted on a No Premium No Co er basis, while allowing for a 30 day window in line with NAICO guidelines. The Company continue to ensure strict compliance and in line with Regulations, report defaulters in accordance with industry best practices.
oreign c ange ola ili y i The Company has been managing this risk by ensuring that assets are held in foreign currencies to match the estimated liabilities that may arise. These assets also generate income as they are interest earning.
The Company also does scenario planning which anticipates multiple exchange rates where the foreign currency liabilities cannot be matched by the foreign currency assets (in the area of cash and bank balances) and plans the olumes of transactions against worse case scenarios. The impact of the foreign exchange olatility risk is disclosed in the inancial Statements in line with I RS
y er ec ri y ri One of the fallouts of the post Co id 19 pandemic is the rise in the use of the Internet in business transactions together with remote working which entails the use of di erent de ices outside the o ice.
The three main goals of Cybersecurity are Con dentiality, Integrity and Accessibility of data and information contained on the company s so ware.
The Company s cybersecurity architecture has been enhanced to address the arious threats and ulnerabilities that can arise.
The Company will continue to build capacity to respond and stay resilient to any cyber attack. e intend to conduct ata Pri acy Impact Assessment of existing processes.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 22 [email protected] REPORT O THE IRECTORS cont d
The Company will continue to: a. Raise awareness, with the Company warning all sta of the heightened risk of COVI 19 themes phishing attacks b. Enhance security awareness to all customers ia email and text messages, pro iding tips on safe use of the Company s digital channels. c. Share de niti e sources of ad ice on how to stay safe and pro ide regular communications on the approach the Company is taking to the COVI 19 pandemic d. Ensure that all sta set up strong passwords, e. Pro ide remote workers with straightforward guidance on how to use remote working solutions including how to make sure they remain secure and tips on the identi cation of phishing f. Assess third party risks of endors who pro ide support for critical systems, digital interfaces and channels. g. Ensure that all pro ided laptops and de ices on which Company s so ware is run ha e up to date anti irus and rewall so ware h. Run helpline and online chat line which were easily accessible for ad ice, for any security concerns including potential phishing i. isable USB dri es to a oid the risk of malware.
ec nology nfra r c re i The Company o er the years has continued to in est in technology infrastructure. It has and will continue to de elop a technology strategy that aligns with business ob ecti es through ade uate go ernance for technology infrastructure management and in estment. Presently, the Company s network is cloud based and this is closely being monitored in line with Cybersecurity risk policy. In addition to the abo e, the Company is updating its technology risk management framework.
omer ri ion i The Company realises that the tastes and demands of her customers are e er e ol ing and dynamic. It also appreciates that due to the downturn in the economy, the preference for insurance among indi idual and corporate entities will reduce.
In iew of the abo e, the Company has set out a clear ision for impro ed and interacti e customer experience. The Company intends to use both data analytics and technology to de elop new products that will be customer tailored and regulatory compliant.
The Company will also impro e on its brand isibility by making the Company a household name. Our pricing policy and payment model will re ect the realities of the time.
eal afe y an n ironmen i The Co id 19 pandemic has brought to the fore the Health, safety and en ironment risk that can ad ersely a ect the Company In line with the NC C guidelines, the Company:
a. e eloped and acti ated an infectious disease preparedness action plan to reduce the risk of exposure in the workplace and communicate it to all sta members which enabled it to a oid any ma or disruption to its operations. b. Ensured the contact details and emergency contact details of all sta members were kept up to date and were always easily accessible for use both by the company or whene er statutorily re uired. c. Ensured that sta members, through di erent media forms, know how to spot the symptoms of corona irus and they ha e a clear understanding what to do if they feel unwell d. Pro ided handwashing facilities and ensure employees ha e access to water and soap, and sanitisers and also ensure that the working en ironment is kept clean and safe. e. e eloped policies and practices that will enable sta to work more exibly and remotely e.g. working from home f. e eloped and enforced social distancing strategies to safeguard the health and safety of employees whose role re uires face to face interactions with customers g. iscouraged the sharing of work e uipment, tools, computers, phones and desks h. Limited face to face meetings with clients, but promoted the use of meeting technology support systems in conducting business meeting irtually and remotely i. Stayed abreast of guidelines and recommendations from federal and state health authorities, regarding changes in national directi es as a result of the changing transition of corona irus locally and nationally
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 23 [email protected] REPORT O THE IRECTORS cont d
. The ci il unrest which broke out in the city of Lagos in October 2020 which is widely referred to as the EndSARS unrest was not without its e ect on the Company.
Se eral claim reports in huge amounts ha e been recei ed. The reports ha e been documented and are recei ing attention.
The Company remains committed to ful lling its obligations to all our clients always.
. As at 31st ecember 2020, there were no e ents a er the reporting period which could ha e material e ects on the nancial position of the Company and pro t attributable to the e uity shareholders.
. The Auditors, essrs. TAC Professional Ser ices ha e indicated their interest to continue ser ing the Company.
BY OR ER O THE BOAR
CO PANY SECRETARY RC/2013/NBA/000000036 4 LAGOS, NIGERIA 24TH ARCH, 2021
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 24 [email protected] CORPORATE GOVERNANCE REPORT
The Company embraced the principles of Corporate Go ernance The Chairman of the Board retired as a irector and the Chairman in all areas of its operations for the achie ement of its corporate of the Board of irectors with e ect from Tuesday the 31st day of goals and enhancing the interest of all stakeholders. The Company ecember 2019. complied with all applicable Corporate Go ernance Regulations as well as international best practices. uring the reporting The Acting Chairman of the Board is a Non Executi e irector. He period, the Board made use of Committees with clearly de ned is responsible for managing and pro iding leadership for the terms of reference for its o ersight functions. The Company has Board. He ensures that ade uate information in respect of the also entrenched the principles of Accountability and Transparency operations and performance of the Company is recei ed by all in inancial Reporting. Board members as at when due. The Acting Chairman, apart from ensuring that the Board functions cohesi ely also presides o er . and ensures that eetings of the Board are properly conducted. The Board is made up of highly respected indi iduals who are well The Acting Chairman o ersees the Annual Board e aluation exposed and experienced in their chosen professional elds with process and discusses the outcome with indi idual irectors. He su icient experience in insurance thus enabling them to pro ide also presides o er the general meeting of Shareholders. broad guidance and o ersight unctions for the Company. uring the year under re iew the Board consisted of 6 irectors The anaging irector is the Chief Executi e O icer and head of (Executi e and Non Executi e) the anagement team. He is charged with the responsibility of o erseeing the day to day administration of the Company, No two members of the same extended family are members of the ensuring the Implementations of strategic and nancial policies as Board. well as compliance with rele ant Regulatory Pro isions. The anaging irector reports regularly to the Board. . The Board had continued to play the underlisted roles amongst . others. The Independent irector was appointed in compliance with the l Ensuring good go ernance of the Company existing Codes of Corporate Go ernance. He does not ha e other l Setting performance ob ecti es and ensuring the right business interests in the Company. As an Independent irector, he strategies are employed to achie e set ob ecti es. is responsible for the protection of the rights and interests of l ormulation and anagement of the Company s Risk Shareholders. anagement ramework. l onitoring and e aluating anagement performance and . implementation of set ob ecti es. The Chairman of the Board, Amb. Baba Gana ingibe GCON, retired l Succession planning, appointment, appraisal and as a irector and the Chairman of the Board of irectors with e ect compensation for Board members and Senior anagement from Tuesday the 31st day of ecember 2019. Subse uently the sta . Board appointed r. Clem Baiye as the Acting Chairman of the l Performance appraisal and compensation of Board Board of irectors with e ect from the 27th of ebruary 2020. members and senior executi es l Ensuring the nancial and accounting integrity of the . Company and the maintenance of ethical standards. The Establishment and General Purpose Committee of the Board l O erseeing the e ecti eness and ade uacy of internal is charged with the responsibility of leading the process of control systems identifying, e aluating and nominating suitable persons to the l Ensuring that appropriate checks and balances are in place Board for the purpose of appointing them to the Board. in compliance with the applicable Laws. l Ensuring that the Company s operations are conducted in a The Committee considers candidates on merit against set fair and transparent manner that conforms to high ethical ob ecti e and criteria for the bene t of di ersity on the Board as standards. well as the balance and mix of appropriate skills and experience. l Ensuring e ecti e communication with shareholders and other stakeholders of the Company. . In compliance with the pro isions of the Codes of Corporate . Go ernance and as part of the Company s commitment to sound In compliance with the pro isions of the existing Codes of Corporate Go ernance practice, the Company ensured that the Corporate Go ernance and best practice, the person, position, Performance of indi idual irectors and the Board is e aluated role and responsibilities of the Acting Chairman and the anaging annually through a system of independent e aluation. irector/ Chief Executi e O icer are separate and distinct.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 2 [email protected] CORPORATE GOVERNANCE REPORT cont d
The E aluation is undertaken by a competent external consultant and it co ers all areas of the Board operation including Non-Executive appointment, indi idual competence, structure and relationship 1 Mr. Matt Osayaba Aikhionbare, OON 2 2 with the Company. Director Chairman 2 Mr. Clem Baiye Non-Executive 2 1 Director
. 3 Mr. Biyi Otegbeye Managing Director 2 2 As a result of the Global pandemic, a number of the meetings of the Board were held irtually. The Pandemic notwithstanding, the The committee meetings were held on 27th eb. and 2 th ul. 2020 Board was still able to comply with the Extant Laws and . Regulations and met once e ery uarter of the year making a total of four meetings during the year under re iew. At the meetings the The Committee was made up of two Non Executi e irectors and Board performed their responsibilities, formulated policies, one Executi e irector and was charged with the responsibility of e aluated performance of the Company, pro ided strategic the appointments of new Board members, risk assessment, direction and leadership in attaining the Company s ob ecti es. re iew of the ade uacy and e ecti eness of the Company s risk management policies and control, re iew of compliance le el with the existing Laws and Regulations assessment of the Company s risk portfolio, regular re iew of corporate risk policies as well as all matters of corporate go ernance, sta matters and other matters 1 Mr. Clem Baiye Acting Chairman 4 3 that may speci cally be referred to it by the Board.
2 Mr. Biyi Otegbeye Managing Director 4 4 The Committee met only twice during the year as a result of the global pandemic. embers of the Committee and their record of 3 Late Col. Isah Aminu Kontagora Non - Executive Director 4 4 attendance are as stated below: 4 Mr. Matt Osayaba Aikhionbare OON Non - Executive Director 4 4 Executive Director 5 Dr. Sammy Olaniyi 4 4 (Operations) Executive Director 6 Mr. Kehinde Oyadiran 4 4 (Fin/Admin) Non-Executive 1 Mr. Clem Baiye 2 2 Director Chairman Board meetings were held on the 27th eb. 16th une, 2 th uly and 2 th October 2 Late Col. Isah Aminu Kontagora Non-Executive 2 2 2020 Director 3 Mr. Kehinde Oyadiran Executive Director 2 2 The Board performed its o ersight functions through three The committee s meetings were held on the 26th eb and 27th uly 2020 Committees with clearly de ned terms of reference. The Committees were made up of Executi e and Non Executi e . irectors The Committee was established in compliance with S. 404 (7) of The Committees in operation during the year under re iew were: the Companies and Allied atters Act, 2020. The Audit Committee (a) inance, In estment and General Purpose Committee was made up of e members consisting of three elected (b) Enterprise Risk anagement and Go ernance Committee Shareholder s representati es and two members of the Board. (c) Audit and Compliance Committee The Committee was set up to ful ll the statutory obligations as set . out by the applicable Laws and NAICO Regulations. The Committee also assisted the Board with its audit responsibilities The Committee was made up of two Non Executi e irectors and and ensuring the Company s nancial integrity through ade uate one Executi e irector and was charged with the responsibility of internal control system. budget monitoring and control, formulating and re iewing in estment strategies and the Company s In estment portfolio As a result of the global pandemic most of the meetings of the and ensuring nancial prudence and integrity of the Company, the committee were held irtually. The Committee met four times Committee also re iewed the ac uisition, preser ation and disposal of assets, during the year under re iew. embers of the Committee and their record of attendance are as stated below: The Committee was only able to meet twice in the course of the year, this was as a result of the e ect of the global pandemic. Record of the Committee s eeting and attendance are as stated below:
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 26 [email protected] CORPORATE GOVERNANCE REPORT cont d
The Enterprise Risk anagement epartment through the anagement is accountable to the Board for the proper 1 Chief Amos Idowu, FCA Shareholder/Chairman 4 4 assessment, management and mitigation of risks. anagement reports regularly to the Enterprise Risk anagement Committee of 2 Mr. Solomon Akinsanya Shareholder 4 4 the Board. 3 Chief Wale Taiwo, SAN Shareholder 4 4 Non-Executive . . 4 Mr. Matt Osayaba Aikhionbare, OON 4 3 Director The Company has continued to stri e to ensure maximum 5 Dr. Sammy Olaniyi Executive Director 4 3 satisfaction of clients and stakeholders and iews the satisfaction of clients and other stakeholders as ery important. Howe er, in The committee s meetings were held as follows 2 th anuary 2 th arch 27th uly and 27th October2020. the unlikely e ent of any client or stakeholder being dissatis ed or ha ing a complaint whatsoe er, the Company has in place a . robust complaint procedure to resol e promptly and satisfactorily To assist the anaging irector in the day to day running of the complaints from any client and or stakeholder. The policy and Company, the Executi e Committee of the Company which procedure are on the Company s website consists of the anaging irector/Chief Executi e O icer and the wwwregencyalliance.com Executi e irectors was put together. The Committee s primary responsibility is the implementation of policies appro ed by the . . Board, the implementation of inancial and Strategic policies of To ensure all members of sta are constantly at their best, a Code the Company with a iew to ensuring the Company remains which states the expected professional beha ior of all members of pro table. sta from assumption of duties is in place. All members of sta subscribe to the Code and are guided in the performance of their . o icial duties by the Code.
. . i le lo ing olicy . . In line with good Corporate Go ernance and best practice, the Company has in place a whistle Blowing policy. The policy makes The Company s Security Trading Policy prohibits insider trading by pro isions for clients, shareholders, stakeholders, and employees irectors, anagement Sta , Employees, Related Entities, to disclose timeously any on going illegal, illegitimate or Associates, Consultants, Employees of subsidiaries and related suspicious acti ity in the Company which may a ect the interest of persons who in the course of their duties are pri y to price sensiti e the Company and or its shareholders/stakeholders. The whistle information. blower is ade uately protected by the pro isions of the policy.
uring the year under re iew there was no whistle blowing They are also precluded from passing such price sensiti e acti ity. information to third parties for the purpose of trading in the Company s shares. . . n i orr ion olicy. The Company is committed to high ethical standards and integrity irectors and employees ha e responsibility to inform the in all transactions and does not tolerate corruption in any way. Company Secretary of e ery transaction in their shares and notify There is in place an Anti Corruption Policy which guides the Securities and Exchange Commission within 4 hours of the performance of duties and relationship of members of sta with occurrence of the transaction. clients and other parties with whom the Company transacts business howsoe er. uring the year under re iew, en uiries re ealed that the irectors complied with the pro isions of the Company s Security Trading The Internal Audit epartment of the Company on a uarterly Policy and The Nigerian Exchange Limited Rules relating to basis audits and reports on fraud and other malpractices if any. information disclosure. There was no record of any corrupt practices throughout the year under re iew. . or ora e ocial e on i ili y The Company considers certain alues integral to its business and . . i anagemen these alues dri e its decisions. e alue: The Company is in business basically to underwrite risk howe er, l Our commitment to pro ide excellent ser ice to our the Company has put in place policies and procedures to identify, customers, with integrity, at all times assess, e aluate and mitigate risks generally associated with its l Impro ing our immediate community (and the nation) business. l Assisting our sta to thri e professionally and personally The Company has in place a Risk anagement Policy which clearly sets Risk appetite and procedures for identifying, e aluating and e understand that the way we engage our customers, a ect not mitigating risks. only our organi ation but also our community and business en iron. e ensure that by meeting our present business needs,
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 27 [email protected] CORPORATE GOVERNANCE REPORT cont d
we do not neglect or hinder the future generation from meeting The ramework is designed to ensure that there is ade uate their own. Our Corporate Social Responsibility goal is to add alue identi cation and mitigation of risks, compliance with current to our community and nation at large. laws and regulations and best global practices as it relates to Health, Safety and En ironment (HSE) matters. The framework e belie e that our immediate community (and nation) should will be re iewed and updated at least annually. bene t from our presence. e operate an inclusi e strategy and therefore encourage our employees to olunteer towards n i corr ion acti ities that align with our CSR ob ecti e. anagement awareness, in ol ement and responsibility are ital in ensuring ade uate anti bribery and anti corruption systems r ocal rea and controls are in place and that appropriate resources are The Company s CSR agenda is focused on allocated to mitigate identi ed risks. l Infrastructure Building l Youth Empowerment The anagement understands the bribery and corruption risks l Community outreach Charity pro ects faced by the Company and has responsibility for o erseeing the risks associated with it and there is clarity among front line sta nfra r c re il ing about the anti bribery and corruption standards expected, The Company acti ely supports the go ernment s e orts in particularly in their dealings with third parties. de eloping the country s physical infrastructure. e are happy to undertake small pro ects around us, e.g., road repair and anagement is responsible for making appropriate assessment of reno ation, beauti cation, and landscaping amongst others nancial risks, including those relating to bribery and corruption, within our en irons. maintaining e ecti e systems and controls for countering the risk that the Company might be used to further nancial crime. The o m o ermen Company therefore assesses the risks of becoming in ol ed in or The Company is committed to educating, empowering, and facilitating bribery and corruption and takes reasonable steps to inspiring the youth, through e ecti e and inno ati e alue adding pre ent those risks crystalli ing. acti ities. e encourage and reward academic excellence by o ering guidance, mentorship, and ob opportunities for The Company fully supports the UN Charter on Anti Corruption exceptional students. and has taken steps to: 1. Pre ent corrupt acti ities in all our dealings ari y ro ec reac 2. Support law enforcement agencies in the in estigation of The Company belie es strongly in gi ing back to the community corrupt acti ities and and caring for those in need. Our outreach programs represent an 3. ork with all bodies, within and without Nigeria in anti opportunity for us and our sta to gi e back to the community. corruption acti ities E ery year, we isit and donate money and gi items to many charitable organi ations. In iew of the abo e, the Company has an anti corruption policy manual which is gi en to all sta on assumption of the duties in the . Company and to all who act on behalf of the Company. The Company belie es in the continuous existence and the ability to constantly impro e without the depletion of natural resources Under the Company s anti corruption policy, no sta or person and the maintenance of ecological balance. acting on behalf of the Company in any respect whatsoe er is to: a. Gi e, promise to gi e, or o er, a payment, gi or i anagemen hospitality with the expectation or hope that a business The Company has a well detailed Enterprise Risk anagement ad antage will be recei ed, or to reward a business (ER ) framework which is one of the pillars of the Company s ad antage already gi en o erall corporate business strategy. The Board is responsible for the risk strategy, setting the o erall risk appetite limits and b. Gi e, promise to gi e, or o er, a payment, gi or ensuring that the Company has an ade uate and e ecti e Internal hospitality to a go ernment o icial, agent or Control ramework. representati e to facilitate or expedite a routine procedure Risks that arise from sustainability issues are addressed and c. Accept payment from a third party that you know or managed in line with the company s En ironment, Social and suspect is o ered with the expectation that it will obtain Go ernance (ESG) guiding considerations. The Company has an a business ad antage for them En ironmental Safety and anagement System (ES S) ramework which ensures all pro ects and processes undergo risk d. Accept a gi or hospitality from a third party if you know e aluation as part of a comprehensi e en ironmental and social or suspect that it is o ered or pro ided with an risk due diligence process. expectation that a business ad antage will be pro ided by us in return
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 2 [email protected] CORPORATE GOVERNANCE REPORT cont d e. Threaten or retaliate against another worker who has stakeholders. They include the owners, managers and employees refused to commit a bribery o ence or who has raised of insurance undertakings, agents, insurance brokers, pri ate and concerns under this policy or institutional clients, banks, reinsurers. f. Engage in any acti ity that might lead to a breach of this policy. The Company is making signi cant contribution to socioeconomic de elopment by creating awareness through training and building The Company o en deals with wide range of classes of business the capacity of our employees in the sub ect of sustainability and and third parties. enlightening our customers, clients, and all other stakeholders.
The Company also considers which sectors are higher risk, e seek to increase our clients understanding of how because of factors such as large contracts, high le els of en ironmental and social issues can impact their business, competition, the use of third parties to win business and state thereby reducing resistance to en ironmental and social risk in ol ement. Examples of classes of business generally regarded management re uirements and de eloping strong partnership for as higher risk are a iation and energy howe er, the company also sustainability. considers whether other classes of business ha e characteristics which might heighten the risk of bribery and corruption. i er i y in e or lace The Company belie es and operates di ersity across the rom time to time, through communication and training, workplace at all le els in alignment with our organisational members of sta and others are updated on matters concerning culture and demography. This has helped with creati e new ideas anti bribery and anti corruption. and perspecti es resulting in competiti e ad antage o er others with increased customers satisfaction. The compliance and legal department is aware of the correct procedure for reporting of Suspicious Transaction and do submit l ercen age of em loyee er ca egory report as at when due to the Nigeria inancial Intelligence Unit(N IU) ale emale ercen age a io of f ll ime em loyee a egory of f ll ime an con rac a o i ion em loyee el y omen The Company, its sta and all acting on its behalf ha e been acting 1 JUNIOR STAFF 66 34 100% Nil in compliance with the anti corruption policy. here there is a 58 42 Nil concern or uestion, the Company s policy allows for persons 2 SENIOR STAFF 100% concerned to report it immediately to one of the following: 3 LOWER MANAGEMENT 56 44 100% Nil l The sta s Head of epartment 4 SENIOR MANAGEMENT 68 32 100% Nil l Legal and Compliance epartment l Head of Internal Audit. 5 TOTAL 64 36 100% Nil
The Company has no record of any corrupt incident in ol ing members of sta , its agents or others representing the Company. Age Group In addition, the Company has neither been ned by any court of ge ange nior enior o er enior anagemen anagemen o al law and tribunal in respect of any corrupt practice. year a a 25 - 35 19 NIL NIL NIL 19 a e ol er 36 - 45 32 10 7 1 50 The main function of insurance is to protect the probable chances of loss. Insurance is important because both human life and 46 - 55 12 4 5 14 35 business en ironment are characterised by risk and uncertainty. Above 55 2 2 3 4 10 Insurance plays a key role in mitigation of risks. The time and amount of losses are uncertain and on the occurrence of risk, the person will su er the loss in the absence of insurance. Insurance a o r rac ice guarantees the payment of loss and thus protects the assured The Company has an all inclusi e and conduci e work from su erings. en ironment with best labour practices. Our employees are exposed to regular training and de elopmental programs. There is The Company remains passionate and dedicated to managing the also comprehensi e employee bene ts with minimal employee potential en ironmental and social risks of our business and turno er. applying the appropriate standards in the re iew of our business operations and those of our stakeholders, as well as in our l A erage hours of training per annum per employee by relationship with the communities in which we operate. employee category l On a erage, our employees recei ed 2 hours of training The Company conducts operations within the nancial market by per annum. collaborating with arious indirect market actors which are the l Employee Bene ts l Health insurance
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 29 [email protected] CORPORATE GOVERNANCE REPORT cont d
l Group life Insurance Bene t . l Group personal Accident Insurance In accordance with section 2 of the Companies and Allied l Pension Bene t in line with PENCO regulations. atters Act, 2020, r. att Osayaba Aikhionbare, OON retire l Employee Turno er Rate i.e the percentage of change for by rotation, but being eligible o er himself for re election. TEs and Contract Sta : l ull Time Employee Turno er was 9. . l There were no Contract Sta The Company Secretary pro ides the needed support for l A ailability and adherence to a non discrimination the Board. The duties of the Company Secretary include policy updating Board members regularly with rele ant l The Company has an anti discriminatory policy and information, planning and organising training for does not discriminate based on gender, disability, irectors, scheduling and arranging Board meetings as religion, race or ethnicity. well as ensuring that the proceedings of the meetings are accurately recorded. cc a ional eal afe y The Company is committed to the occupational health, safety, and The Company Secretary also acts as a link between the welfare of all our employees. Our Health and Safety policies and Audit Committee and the Board. procedures is to guide and direct all employees to work safely and In addition to the support pro ided by the o ice of the pre ent in ury, to themsel es and others. All employees are Company Secretary to the Board, the Board reser es the encouraged to participate in de eloping, implementing, and right to seek and obtain ad ise as it may re uire from enforcing Health and Safety policies and procedure by taking all rele ant independent external professionals at the reasonable steps to pre ent accidents and ne er sacri ce safety Company s expense. for expedience. The protection of health, safety and welfare of our employees is of great interest and is highly prioriti ed. e also . ensure compliance with the occupational, health safety The Company as public limited liability Company with its regulations. shares uoted on The Nigerian Exchange Limited is sub ect to the pro isions of the National Code of Corporate Total number of in uries and fatalities relati e to workforce was 1. Go ernance 201 , Securities and Exchange Commission s e ha e policies on occupational and global health issues which Code of Corporate Go ernance as well as the National adhere to best global practices. Insurance Commission Code of Corporate Go ernance. The Board of irector is charged with the responsibility of nergy ensuring compliance with these Codes of Corporate e ensure e icient use and consumption of energy within the Go ernance, the Board hereby submits that the Company organi ation and reduce energy wastage. complied with the pro isions of the codes during the year under re iew. The Company ensures that its alternate energy supply source is user friendly and safe for the en ironment causing no ha ards to . the en ironment. The Company s acti ities are regulated primarily by the National Insurance Commission, as a Company uoted on . The Nigerian Exchange Limited, the Company is also There was no material alteration in the shareholding structure of responsible to The Nigerian Exchange Limited, The the Company except for the usual changes as a result of it being Securities and Exchange Commission as well as the traded on in the Capital market. inancial Reporting Council and the Corporate A airs Commission. The Company remains 100 owned by indi iduals and corporate organisations. The Company reports to the Nigerian inancial Intelligence Unit of the Economic and inancial Crimes Commission on . matters relating to money laundering and combating the The Board is responsible for the protection of the statutory and nancing of terrorism general rights of the shareholders. The Board therefore ensures that all shareholders irrespecti e of the olume of their holding are uring the year under re iew the Company complied with treated fairly and they en oy e ual rights and access to all existing rele ant Laws, Regulations, Guidelines and information about the Company. The Company s report and other irecti es issued by Regulatory Authorities. The Company rele ant information are made a ailable to shareholders in plain led all Reports re uired to be led by the Regulators and easy to understand format. responded to all re uests for information promptly.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 30 [email protected] CORPORATE GOVERNANCE REPORT cont d
The penalty paid by the Company in the course of the year is as detailed hereunder.
INANCIAL REPORTING COUNCIL PENALTY OR LATE PAY ENT O 100,000.00 O NIGERIA CERTI ICATION EE
NAICO RE SUB ISSION O YEAR 2019 00,000.00 AU ITE INANCIAL STATE ENT
. . SECRETARY ACTING CHAIR AN RC/2013/NBA/000000036 4 RC/ 2020/003/000000210 4
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 31 [email protected] ANAGE ENT ISCUSSION AN ANALYSIS
This analysis is of the Group s performance as at 31st ecember 2020 and should be read in con unction with the consolidated nancial statements of the Group as at 31 ecember 2020.
The nancial statements of the Group for the year ended 31st ecember 2020 comprise the nancial statements of the parent company and its subsidiaries.
ine ro le Regency Alliance Insurance Plc. (Regency Alliance) is a Company incorporated under the Laws of the ederal Republic of Nigeria and is listed on The Nigerian Exchange Limited. It is licensed by the National Insurance Commission to carry out all forms on Non Life Insurance business.
Regency Alliance has the following subsidiaries and associate
ame of i iary ine of ine RegencyNem Insurance Limited (Ghana) Non Life Insurance business RIC Properties and In estment Limited inancing Leasing RIC icro nance Bank icro nance banking RIC Technologies Limited Sale and Installation of ehicle trackers
ec i e an ra egie Our ob ecti es and strategies include: 1. The pro ision of inno ati e and uality ser ice to our esteemed clients and customers. 2. The employment and retention of honest, diligent, professionally uali ed, well trained and dedicated members of sta who are ade uately remunerated. 3. To pro ide ade uate returns to shareholders 4. To be a good corporate citi en.
era ing e l in o an of igerian aira
ec ec ange ec ec ange Gross premium written 6, 43,160 6,274,793 4.2 3, 7 , 36 3,946,2 7 (1.72) Net premium income 4,4 6,261 4,473,3 4 0.29 2,47 ,203 2, 39,37 (2. 3) Net Claim Expenses 1,779,629 1,214, 21 46.49 71,279 76,916 1.02 Underwriting pro t 2,026,9 3 2,462, 67 (17.69) 1,137,227 1,433,63 (20.6 ) In estment income Other Income 70,194 40,694 .46 343,930 414,7 7 (17.0 ) Operating expenses 1,939, 44 2,0 2,04 ( .47) 96,326 933,296 (3.96) Pro t before tax 660,4 7 1,004,70 (34.26) 6 1,137 3 , 4 (1 .77) Pro t a er tax . .
The Group s increased its gross premium written by 4.2 while the gross premium written of the Company reduced slightly by 1.72 when compared with prior year s result, the Group s net claim increased by 46.49 while the Company s increased by 1.02 . Pro t a er tax of the group reduced by 17.60 hile the Company reduced by 3.23 . The Group In estment and other income increased by .46 and while the company reduced by 17.0 .
o ing or ar The Company has positioned itself for recapitali ation before the end of year 2021 in line with NAICO re uirement the Company intends to expand its operation base while the subsidiaries are being repositioned to increase their contribution to the Group. embers of sta will continuously undergo internal and external training to keep them abreast of the changing en ironment and make them add alue to the Group.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 32 [email protected] REPORT O THE AU IT CO ITTEE
In compliance with the pro isions of Section 404(7) of the Companies and Allied atters Act, 2020, the members of the Audit Committee hereby report on the nancial statements for the year ended 31st ecember 2020 as follows: a) e ha e re iewed the scope and planning of the audit for the year ended 31st ecember 2020 and con rm that they were ade uate. b) The Company s reporting and accounting policies as well as the internal control systems conform to legal re uirements and agreed ethical practices. c) e are satis ed with the management s responses to the External Auditors ndings on management matters for the year ended 31st ecember 2020.
...... ief mo o RC/2013/ICAN/000000036 6 CHAIR AN O THE AU IT CO ITTEE 23R ARCH 2021
Chief Amos Idowu CA Shareholder s Representati e (Chairman)
r. Solomon Sunday Akinsanya Shareholder s Representati e ( ember)
Chief ale Taiwo (SAN) Shareholder s Representati e ( ember)
r. Sammy Olaniyi Executi e irector ( ember)
r. att Osayaba Aikhionbare OON Non Executi e irector ( ember)
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 33 [email protected] 60 95
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 34 [email protected] REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 3 [email protected] REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 36 [email protected] REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 37 [email protected] STATE ENT O SIGNI ICANT ACCOUNTING POLICIES cont d
. and were appro ed for issue by the Board on 24th arch 2021. . e or ing n i y The company was incorporated in Nigeria under the . . a i of re ara ion Companies and Allied atters ecree 1990 as Regency Insurance Company Limited on the 16th day of une 1993 . a emen of om liance i n erna ional inancial and was licensed by the National Insurance Commission e or ing an ar (NAICO ) to underwrite all classes of Non Life insurance The consolidated and separate nancial statements of the business. On the 11th day of arch 200 , the company Group ha e been prepared in accordance with and comply obtained license to underwrite Life Insurance business in with International inancial Reporting Standards (I RSs), addition to the Non Life Insurance business thereby as issued by the International Accounting Standards Board becoming a composite insurance company. Howe er, a er (IASB) and adopted by the inancial Reporting Council of a successful merger with three other companies in 2007, Nigeria. the Company s name was changed to Regency Alliance Insurance Plc. a emen of om liance The consolidated and separate nancial statement of the The Company, which is listed on The Nigerian Exchange group comply with, International inancial Reporting Limited, was registered and now licensed to underwrite all Standards (I RS), Companies and Allied atters Act CAP classes of Non Life Insurance business risk associated with C20 L N 2004, inancial Reporting Council Act 2011, accident, re, marine and oil and gas among others. The In estment and Securities Act 2007, Insurance Act 2003 of registered address of the company is at 2, Ebun Street, Nigeria, rele ant National Insurance Commission Gbagada Lagos, Nigeria. (NAICO ) guidelines and circulars, the Banking s and Other inancial Institutions Act of Nigeria, and rele ant Central . oing oncern Bank of Nigeria circulars to the extent that these laws are The nancial statements of Regency Alliance Insurance Plc not in con ict with the re uirement of I Rs. and it s subsidiaries ha e been prepared on a going concern basis. The irectors of the Company ha e a . a i of ea remen reasonable expectation that the group and the Company These nancial statements ha e been prepared on the historical ha e ade uate resources to continue in operational cost basic except for the following: existence for the foreseeable future. The annual nancial l Non deri ati e nancial instruments, carried at fair alue statement of the group for the year ended 31 ecember through pro t or loss, are measured at fair alue 2020 comprises the parent company and its subsidiaries. l A ailable for sale nancial assets are measured at fair alue through e uity. Howe er, when the fair alue of the . rinci al c i i ie A ailable for Sale nancial assets cannot be measured Regency Alliance Insurance Plc. and its subsidiaries (the reliably, they are measured at cost less impairment. Group) are engaged in arious business lines ranging from l The liability for de ned bene t obligation is recognised as general accident insurance, oil/gas insurance, property the present alue of the de ned obligation less the fair leasing and in estment and banking business. alue of the plan assets. l The plan assets for de ned bene t obligations are The underwriting strategy adopted by the Group attempts measured at fair alue to ensure that the underwritten risks are well di ersi ed in l Assets and Liabilities held for trading are measured at fair terms of type, amount of risk and industry. alue l Assets and Liabilities held to maturity are measured at The Company s principal acti ity continues to include risk amortised cost less impairment management and claims ad isory ser ices to corporate l Loans and Recei ables are measured at amortised cost less and retail customers in Nigeria. The Company s insurance impairment. claims recei ed prompt and e ecti e ser ices to all numerous clients and the Company takes all reasonable . gmen ima e an m ion steps to ensure that it has appropriate information The preparation of nancial statements re uires directors regarding its claims exposures. The in estment portfolio of to make udgments, estimates and assumptions that a ect the Company ranges from nancial instruments, the application of policies and reported amounts of assets in estment in un uoted shares and subsidiaries. and liabilities, income and expenses.
. ori a ion or e These estimates and associated assumptions are based on The consolidated nancial statements, including the historical experience and arious other factors that are assets and liabilities of the Company and its Subsidiaries, belie ed to be reasonable under the circumstances.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 3 [email protected] STATE ENT O SIGNI ICANT ACCOUNTING POLICIES cont d
The results of which forms the basis of making the The uoted prices for the determination of the fair udgments about carrying alues of assets and liabilities of such instruments are readily a ailable for uoted that are not readily apparent from other sources. Actual instruments. Valuation techni ues are used for results may di er from these estimates under di erent un uoted instruments by using discount cash ow assumptions and conditions. aluation techni ues. In the latter cases, the fair alues are estimated from obser able data in The estimates and underlying assumptions are re iewed respect of similar nancial instruments. on an on going basis. Re isions to accounting estimates are recogni ed in the period in which the estimate is ia ili ie ari ing from n rance on rac re ised, if their re ision a ects only that period or if there re ision a ects both current and future periods. i laim ari ing from non life in rance con rac . . ri ical cco n ing gmen an ima e Liabilities for unpaid claims are estimated Critical accounting estimates are those which in ol e the on a case by case basis. The liabilities most complex or sub ecti e udgments or assessments, recogni ed for claims uctuate based on the and relate to general insurance reser es, the determination nature and se erity of the claim reported. of fair alue for nancial assets and liabilities, impairment Claims incurred but not reported (IBNR) are charges, the determination of fair alues of assets and determined using statistical analyses which liabilities attributable to business combinations, deferred arise from the claims de elopment tables in policy ac uisition costs and deferred taxes. respect of not less than e ( ) years experience. The Group deems liabilities In each case, the determination of these items re uires reported as being ade uate since such management to make informed udgments based on liabilities ha e been sub ected to the information and nancial data that may change in future liability ade uacy test by certi ed actuary. periods. Because of the uncertainties in ol ed in such udgments, actual outcomes and results may di er from ii ne ire ri an nearne remi m assumptions and estimates made by management. In determining unearned premium, the policy is taken to be e enly spread across a air al e of nancial a e an lia ili ie the period of co er for all policies except All nancial assets and liabilities are recorded engineering policies where policies are initially at fair alue. Subse uently, uoted e uity skewed towards the later policy co erage nancial assets, nancial assets and liabilities at period. fair alue through pro t or loss are carried at fair alue , as of the reporting date. All other nancial e m airmen of ra e ecei a le instruments are carried at amorti ed cost, with In accordance with the accounting policies their fair alues disclosed. on nancial assets, the Group tests annually whether trade recei able has su ered any air al e of n o e e i y nancial impairment. In respect of premium in r men recei ables, the group makes allowances The fair alues of nancial instruments where no for amounts not collected as at time of acti e market exists or where uoted prices are not preparing its nancials. The carrying otherwise a ailable are determined by using amount of loans and recei ables is reduced aluation techni ues. In these cases, the fair alues through an impairment allowance are estimated from obser able data using determined using an analytical method aluation models. The models used to determine based on knowledge of each loan group or fair alues are alidated and periodically re iewed recei able. by uailed personnel independent of those that sourced them. All models are certi ed before they f eferre c i i ion o are used, and models are calibrated to ensure that eferred Ac uisition Costs ( AC) generally outputs re ect actual data and comparati e consist of commissions, underwriting market prices. Changes in assumptions about expenses and policy issuance costs. The these factors could a ect the reported air alue of amount of ac uisition costs to be deferred is the rele ant securities. dependent on udgments as to which issuance costs are directly related to and c air al e of in e men ec ri ie ary with the ac uisition. inancial instrument designated as held to The related asset is amorti ed o er the maturity are carried by the group at amorti ed cost. premium earning pattern for non life.
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Those direct and indirect costs incurred ii) section 10(3) re uires insurance companies in Nigeria during the nancial year arising from the to deposit 10 percent of the minimum paid up share writing or renewing of insurance contracts capital with the Central Bank of Nigeria. and all other ac uisition costs are iii) section 2 (1) re uires an insurance company recogni ed as an expense when incurred. operating in Nigeria to in est and hold in estments in Nigeria assets e ui alent to not less than the amount AC for general insurance are amorti ed of policy holders funds in such accounts of the o er the period in which the related insurer. Note 17 sets out assets allocation that co ers re enues are earned. The reinsurers share policy holders funds. of eferred Ac uisition Costs is amorti ed in i ) the re uirement to pro ide 10 percent for the same manner as the underlying asset outstanding claims in respect of claims incurred but amorti ation is recorded in the statement of not reported at the end of the year under re iew comprehensi e income. under section 20 (1b). Howe er, claims incurred but not reported liabilities ha e been estimated in line Changes in the expected useful life or the with accounting policy 3.17 to comply with I RS. expected pattern of consumption of future economic bene ts embodied in the asset Section 9 of the inancial Reporting Council of are accounted for by changing the Nigeria Act, ( RCN Act) pro ides that in matters of amorti ation period and are treated as a nancial reporting, if there is any inconsistency change in an accounting estimate under as between the RCN Act and other Acts which are listed re uired by IAS .. in section 9(1) of the RCN Act, the RCN Act shall pre ail. The inancial Reporting Council of Nigeria An impairment re iew is performed at each acting under the pro isions of the RCN Act has reporting date or more fre uently when an promulgated I RS as the national nancial reporting indication of impairment arises. hen the framework of Nigeria. Conse uently, the pro isions reco erable amount is less than the carrying of section 20(1b) of the National Insurance Act, which alue, an impairment loss is recogni ed in con ict with the pro isions of I RS ha e not been the statement of comprehensi e income. adopted: AC are also considered in the liability a) The re uirement to pro ide 10 per cent for ade uacy test for each reporting period. outstanding claims in respect of claims incurred but not reported (IBNR) at the end of AC are derecogni ed when the related the year under re iew under section 20 (1b) contracts are either settled or disposed o . . igni can cco n ing olicie Signi cant accounting policies are de ned as those that g eferre a e are re ecti e of signi cant udgments and uncertainties, eferred income tax liabilities are recorded for temporary and potentially gi e rise to di erent results under di erent di erences, which are based on the di erence between assumptions and conditions. nancial statement carrying amounts and income tax bases of assets using enacted income tax rates and laws. The accounting policies set out below ha e been consistently applied to all periods presented in these The utili ation of deferred tax assets arising from nancial statements. temporary di erences depends on the generation of su icient taxable pro ts in the period in which the These policies ha e been consistently applied to all years underlying asset or liability is reco ered or settled. presented unless otherwise stated.
eg la ion . . a i f on oli a ion The Group is regulated in Nigeria by the National Insurance Commission (NAICO ) under the National Insurance Act of . . i iarie Nigeria. The Act speci es certain pro isions which ha e Subsidiaries are all entities (including structured entities) impact on nancial reporting as follows: o er which the Group has control. The Group controls an i) section 21 (1) re uires maintenance of contingency entity when the Group is exposed to, or has rights to, reser es at speci ed rates as set out under note 3.2 ariable returns from its in ol ement with the entity and to co er uctuations in securities and ariation in has the ability to a ect those returns through its power statistical estimates o er the entity. Subsidiaries are fully consolidated from the
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date on which control is transferred to the Group. They are hen the group ceases to ha e control any retained deconsolidated from the date that control ceases. interest in the entity is remeasured to its fair alue at the date when control is lost, with the change in carrying The Group applies the ac uisition method to account for amount recognised in pro t or loss. The fair alue is the business combinations. The consideration transferred for initial carrying amount for the purposes of subse uently the ac uisition of a subsidiary is the fair alues of the assets accounting for the retained interest as an associate, transferred, the liabilities incurred to the former owners oint enture or nancial asset. In addition, any amounts of the ac uire and the e uity interests issued by the pre iously recognised in other comprehensi e income in Group. The consideration transferred includes the fair respect of that entity are accounted for as if the group had alue of any asset or liability resulting from a contingent directly disposed of the related assets or liabilities. This consideration arrangement. Identi able assets ac uired may mean that amounts pre iously recognised in other and liabilities and contingent liabilities assumed in a comprehensi e income are reclassi ed to pro t or loss. business combination are measured initially at their fair alues at the ac uisition date. The Group recognises any . . oreign rrency ran la ion non controlling interest in the ac uiree on an ac uisition The Nigerian Naira is the Group s functional and reporting by ac uisition basis, either at fair alue or at the non currency. oreign currency transactions are translated at controlling interests proportionate share of the recognised the foreign exchange rate ruling at the date of the amounts of ac uiree s identi able net assets. Ac uisition transaction. onetary assets and liabilities denominated related costs are expensed as incurred. in foreign currencies are translated using the exchange rate ruling at the reporting sheet date the resulting foreign If the business combination is achie ed in stages, the exchange gain or loss is recogni ed in pro t or loss. ac uisition date carrying alue of the ac uirer s pre iously Unreali ed exchange di erences on non monetary held e uity interest in the ac uiree is re measured to fair nancial assets (in estments in e uity instruments) are a alue at the ac uisition date any gains or losses arising component of the change in their entire fair alue and are from such re measurement are recognised in pro t or loss. recognised in e uity (translation reser e). or a non monetary nancial asset held for trading or designated at Any contingent consideration to be transferred by the fair alue through pro t or loss, unreali ed exchange Group is recognised at fair alue at the ac uisition date. di erences are recogni ed in pro t or loss. or non Subse uent changes to the fair alue of the contingent monetary nancial in estments a ailable for sale, consideration that is deemed to be an asset or liability is unreali ed exchange di erences are recorded in other recognised in accordance with IAS 39 either in pro t or loss comprehensi e income and transfer to e uity when the or as a change to other comprehensi e income. asset is sold or becomes impaired. Contingent consideration that is classi ed as e uity is not re measured, and its subse uent settlement is accounted . a an a i alen for within e uity. Cash and cash e ui alents comprise cash in hand, demand deposits with banks and other short term highly li uid Inter company transactions, balances and unrealised in estments that are readily con ertible into cash and are gains on transactions between Group companies are sub ect to an insigni cant risk of change in fair alue. The eliminated. Unrealised losses are also eliminated. hen deposits ha e original maturities of three months or less necessary, amounts reported by subsidiaries ha e been from the ac uisition date. ad usted to conform to the Group s accounting policies. . . . ange in o ner i in ere in i iarie i o The Group classi es its nancial assets into the following c ange of con rol categories: at fair alue through pro t and loss, loans and recei ables, held to maturity and a ailable for sale. The Transactions with non controlling interests that do not classi cation is determined by management at initial result in loss of control are accounted for as e uity recognition and depends on the purpose for which the transactions that is, as transactions with the owners in in estments were ac uired. their capacity as owners. The di erence between fair alue of any consideration paid and the rele ant share . . la i ca ion ac uired of the carrying alue of net assets of the (a) inancial assets at fair alue through pro t and loss subsidiary is recorded in e uity. Gains or Losses on are classi ed as follows: disposals to non controlling interests are also recorded in i) In estment securities held for trading and e uity. ii) Those designated at fair alue through pro t and loss at inception.
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A nancial asset is classi ed into the nancial oan an recei a le assets at fair alue through pro t and loss category Loans and recei ables are non deri ati e nancial at inception if ac uired principally for the purpose of assets with xed or determinable payments that are selling in the short term, if it forms part of a portfolio not uoted in an acti e market other than those that of nancial assets in which there is e idence of the Group intends to sell in the short term or that it short term pro t taking, or if so designated by has designated as at fair alue through pro t and management. loss or a ailable for sale. Recei ables arising from insurance contracts are also classi ed in this inancial assets designated as at fair alue through category and are re iewed for impairment as part of pro t or loss at inception are those that are held in the impairment re iew of loans and recei ables. internal funds to match insurance and in estment Those for which the holder may not reco er contracts liabilities that are linked to the changes in substantially all of its initial in estment, other than fair alue of these assets. The designation of these because of credit deterioration. assets to be at fair alue through pro t and loss eliminates or signi cantly reduces a measurement Loans and recei ables are initially recognised at fair or recognition inconsistency (sometimes referred to alue which is the cash consideration to originate as an accounting mismatch ) that would otherwise or purchase the loan including any transaction costs arise from measuring assets or liabilities or and measured subse uently at amortised cost recognising the gains and losses on them on using the e ecti e interest rate method. Loans and di erent bases and whose performance is recei ables are reported in the statement of e aluated and managed on a fair alue basis. nancial position as loans and ad ances to customers or as in estment securities. Interest on aila le for ale loans is included in the income statement and is A ailable for sale in estments are nancial assets reported as Interest income . In the case of that are intended to be held for an inde nite period impairment, the impairment loss is reported as a of time, which may be sold in response to needs for deduction from the carrying alue of the loan and li uidity or changes in interest rates, exchange rates recognised in the income statement as impairment or e uity prices or that are not classi ed as Loans charge for credit losses within operating expenses. and Recei ables, Held to maturity in estments or inancial Assets at fair alue through pro t and loss. Loan granted to sta at below market rate are fair alued by reference to expected future cash ows c el o ma ri y in e men ec ri ie and current market interest rates for instruments in Held to maturity in estments are non deri ati e a comparable or similar risk class and the di erent nancial assets with xed or determinable between the historical cost and fair alue is payments and xed maturities that the Group s accounted for as employee bene ts under sta management has the positi e intention and ability costs where these are considered material. to hold to maturity, other than: Recei ables arising out of Insurance arrangements i) Those that the Group upon initial recognition are also classi ed in this category and re iewed for designates as at fair alue through pro t or impairment in line with IAS 39. Recei ables in the loss nancial statement are disclosed as trade ii) Those that the Group designates as a ailable recei ables, reinsurance recei ables and other for sale and recei ables. iii) Those that meet the de nition of loans and recei ables ra e recei a le Trade, reinsurance and other recei ables are non Interest on held to maturity in estments are deri ati e nancial assets with xed or determinable included in the statement of pro t or loss and are payments that are not uoted in an acti e market. A er reported as In estment income . In the case of initial recognition these are measured at amortised cost impairment, it is been reported as a deduction from using the e ecti e interest method, less pro ision for the carrying alue of the in estment and recognised impairment. iscounting is omitted where the e ect of in the income statement as impairment charge for discounting is immaterial. credit losses within operating expenses. Held to maturity in estments comprise of Go ernment Indi idually signi cant recei ables are considered for bonds, Treasury bills and other deposit with original impairment when they are past due or when other maturity day greater than 90 days. These are initially ob ecti e e idence is recei ed that a speci c counterparty recognised at fair alue
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will default. Trade recei ables arising from insurance . . e ermina ion of fair al e contracts are stated a er deducting allowance made for or nancial instruments traded in acti e markets, the speci c debts considered doubtful of reco ery. determination of fair alues of nancial assets and Impairment of trade recei ables are presented within other nancial liabilities is based on uoted market prices or operating expenses. dealer price uotations. This includes listed e uity securities and uoted debt instruments on ma or Trade and Other recei ables amounts are short term. The exchanges. The uoted market price used for nancial net carrying alue of trade recei ables is considered a assets held by the Group is the current bid price. reasonable approximation of fair alue. Trade recei ables are re iewed at e ery reporting period for impairment. A nancial instrument is regarded as uoted in an acti e market if uoted prices are readily and regularly a ailable . . ecogni ion an mea remen from an exchange, dealer, broker, industry, company, inancial assets are initially recognised at fair alue plus, in pricing ser ice or regulatory agency, and those prices the case of all nancial assets not carried at fair alue represent actual and regularly occurring market through pro t and loss, transaction costs that are directly transactions on an arm s length basis. If the abo e criteria attributable to their ac uisition. inancial assets carried at are not met, the market is regarded as being inacti e. fair alue through pro t and loss are initially recognised at Indications that a market is inacti e are when there is a fair alue, and transaction costs are expensed in the wide bid o er spread or signi cant increase in the bid statement of comprehensi e income. inancial assets are o er spread or there are few recent transactions. derecognised when the rights to recei e cash ows from or all other nancial instruments, fair alue is determined them ha e expired or where they ha e been transferred using aluation techni ues. In these techni ues, fair alues and the Group has also transferred substantially all risks are estimated from obser able data in respect of similar and rewards of ownership. nancial instruments, using models to estimate the present alue of expected future cash ows or other A ailable for sale nancial assets and nancial assets at aluation techni ues, using inputs (for example, NIBOR, fair alue through pro t and loss are subse uently carried PR etc.) existing at the dates of the statement of nancial at fair alue. Loans and recei ables and held to maturity position. nancial assets are carried at amortised cost using the e ecti e interest method. The Group uses widely recognised money market rates in determining fair alues of non standardised nancial Gains and losses arising from changes in the fair alue of instruments of lower complexity like placements, and the nancial assets at fair alue through pro t and loss treasury bills. These nancial instruments models are category are included in the income statement in the generally market obser able. The carrying alue less period in which they arise. i idend income from nancial impairment pro ision of trade recei ables and payables assets at fair alue through pro t and loss is recognised in are assumed to approximate their fair alues. the statement of comprehensi e income as part of In estment income when the Group s right to recei e The fair alue of nancial liabilities for disclosure purposes payments is established. is estimated by discounting the future contractual cash ows at the current market interest rate that is a ailable to Changes in the fair alue of monetary and non monetary the Group for similar nancial instruments. In cases where securities classi ed as a ailable for sale are recognised in the fair alue of unlisted e uity instruments cannot be other comprehensi e income. determined reliably, the instruments are carried at cost less any impairment. hen securities classi ed as a ailable for sale are sold or The fair alue for loans and recei ables as well as liabilities impaired, the accumulated fair alue ad ustments to banks and customers are determined using a present recognised in e uity are included in the income statement alue model on the basis of contractually agreed cash as net realised gains on nancial assets within In estment ows, taking into account credit uality, li uidity and income. costs. The fair alues of contingent liabilities and irre ocable loan commitments correspond to their Interest on a ailable for sale securities calculated using carrying amounts the e ecti e interest method is recognised in the income statement. i idends on a ailable for sale e uity . . e recogni ion of nancial in r men instruments are recognised in the income statement when The Group derecognises a nancial asset only when the the Group s right to recei e payments is established. Both contractual rights to the cash ows from the asset expire or are included in the in estment income line. it transfers the nancial asset and substantially all the risks and rewards of ownership of the asset to another entity.
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If the Group neither transfers nor retains substantially all hile the determination of what is signi cant or prolonged the risks and rewards of ownership and continues to is a matter of udgments. In respect of e uity securities control the transferred asset, the Group recognises its that are uoted, the group is guided by the following: retained interest in the asset and an associated liability for amounts it may ha e to pay. If the Group retains l a decline in excess of 20 is generally regarded as substantially all the risks and rewards of ownership of a signi cant and transferred nancial asset, the Group continues to l a decline in uoted price that persists for nine recognise the nancial asset and also recognises a months is considered to be prolonged. collateralised borrowing for the proceeds recei ed. The reco erable amount of an asset or cash generating unit . . ecla i ca ion of nancial a e is the greater of its alue in use and its fair alue less costs to inancial assets other than loans and recei ables are sell. In assessing alue in use, the estimated future cash permitted to be reclassi ed out of the held for trading ows are discounted to their present alue using a pre tax category only in rare circumstances arising from a single discount rate that re ects current market assessments of e ent that is unusual and highly unlikely to recur in the the time alue of money and the risks speci c to the asset. near term. In addition, the Group may choose to reclassify nancial assets that would meet the de nition of loans and . . a inancial e arrie mor i e o recei ables out of the held for trading or a ailable for sale or nancial assets measured at amorti ed cost, the categories if the Group has the intention and ability to hold company rst assesses whether ob ecti e e idence of these nancial assets for the foreseeable future or until impairment exists indi idually for nancial assets that are maturity at the date of reclassi cation. indi idually signi cant and indi idually or collecti ely for nancial assets that are not indi idually signi cant. Reclassi cations are made at fair alue as of the Indi idually signi cant nancial assets are tested for reclassi cation date. air alue becomes the new cost or impairment on an indi idual basis. The remaining amortised cost as applicable, and no re ersals of fair alue nancial assets are assessed collecti ely in groups that gains or losses recorded before reclassi cation date are share similar credit risk characteristics. An impairment subse uently made. E ecti e interest rates for nancial loss in respect of a nancial asset measured at amorti ed assets reclassi ed to loans and recei ables and held to cost is calculated as the di erence between its carrying maturity categories are determined at the reclassi cation alue and the present alue of the estimated future cash date. urther increases in estimates of cash ows ad ust ows discounted at the original e ecti e interest rate. e ecti e interest rates prospecti ely. Ob ecti e e idence of impairment exists if it is probable that the group will not be able to collect principal and/or . . m airmen of inancial e interest due according to the contractual terms of the The group assesses as each reporting date whether there is instrument Impairment is the product of the loss gi en ob ecti e e idence that a nancial asset or group of default rate and the gross alue of each trade recei ables. nancial assets is impaired. Ob ecti e e idence of impairment exists if one or more loss e ents occurred a er . . aila le for ale inancial e the initial recognition of the asset which impacts the hen there is ob ecti e e idence that an a ailable for sale estimated future cash ows such as: nancial asset is impaired, the cumulati e loss that had been recogni ed directly in OCI is recogni ed in income as Signi cant nancial di iculty of the issuer or debtor an impairment loss. The impairment loss is the di erence l A breach of contract, such as a default or between the ac uisition cost and the current fair alue, less delin uency in payments any impairment loss on that security pre iously recogni ed l It becomes probable that the issuer or debtor will in income. enter bankruptcy or other nancial reorgani ation l The disappearance of an acti e market for that If the fair alue of a security increases in a subse uent nancial asset because of nancial di iculties or period, and the increase can be ob ecti ely related to an l Obser able data indicating a measurable decrease e ent occurring a er the impairment loss was recogni ed in the estimated future cash ows from a group of in income, the impairment loss is re ersed through income, nancial assets since the initial recognition of those up to the amount of the pre iously recogni ed impairment assets, although the decrease cannot yet be loss, as ad usted for any amorti ation already recogni ed in identi ed with the indi idual nancial assets in that income. Any further gains are recogni ed directly in OCI. group. Any subse uent losses, to the extent that they do not represent further impairment losses, are also recogni ed in In addition, for an a ailable for sale nancial asset, a OCI. signi cant or prolonged decline in the fair alue of below its cost is also considered ob ecti e e idence of impairment.
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Ob ecti e e idence of impairment exists for an a ailable reco erable from or due to reinsurers are measured for sale e uity security when its fair alue is below the consistently with the amounts associated with the weighted a erage cost by a signi cant amount. reinsured insurance contracts and with the terms of each reinsurance contract. Impairment thresholds are determined uarterly on the basis of the underlying price olatility of securities within The reinsurance asset is re iewed uarterly for the e uity market in which the group in ests which is impairment. here there are ob ecti e e idence that the basically The Nigerian Exchange Limited. Additionally, the insurance asset is impaired, the Group reduces the carrying group considers an e uity security to be impaired when its amount of the insurance asset to its reco erable amount fair alue has been below the weighted a erage cost for a and recognises that impairment loss in the statement of prolonged period of 24 consecuti e months or longer. comprehensi e income. E idence that the reinsurance asset is impaired is gathered where the reinsurance Group . . ra e ecei a le has refused payment of any balance. Trade recei ables on insurance contract include amount due from agents, brokers, and co insurance and insurance . . ein rance lia ili ie contract holders. Liabilities are alued gross before taking into account reinsurance. Reinsurance liabilities are primarily The Company adopts the No Premium, No Co er policy in premiums payable for reinsurance contracts and are respect of Insurance Contract. Insurance co ers are only recognised as an expense when due. granted on receipt of full premium in ad ance or full premium noti cation (credit note) from a licensed . eferre c i i ion o Insurance Broker. ull premium noti cation (credit note) Ac uisition costs comprise all direct and indirect costs shall subsist for a period of 30days. arising from the writing of insurance contracts (life and non life contracts). eferred ac uisition costs represent a Any premium not recei ed, in respect of premium proportion of commission which are incurred during a noti cation, a er 30days is fully impaired and the co er nancial year and are deferred to the extent that they are cancelled. Hence no impairment was recogni ed. reco erable out of future re enue margins. It is calculated by applying to the ac uisition expenses the ratio of . . e ing inancial e an inancial ia ili ie unearned premium to written premium. inancial assets and nancial liabilities are o set and the net amount reported in the statement of nancial position Commissions and other ac uisition costs that ary with when there is a legally enforceable right to o set the and are related to securing new contracts and renewing recogni ed amounts and there is an intention to settle on a existing contracts are capitalised as an intangible asset. All net basis, or to settle the asset and settle the liability other costs are recognised as expenses when incurred. The simultaneously. AC is subse uently amortised o er the life of the contracts as follows: . ein rance con rac Contracts entered into with reinsurers under which the or short duration life insurance contracts, deferred Group is compensated for losses on one or more long term ac uisition cost is amortised o er the terms of the policies policy contracts issued by the Group and that meet the as premium is earned. classi cation re uirements for insurance contracts are classi ed as long term reinsurance contracts. The or long term insurance contracts with xed and expected claims and bene ts to which the Group is entitled guaranteed terms, deferred ac uisition cost is amortised in under these contracts are recognised as assets where line with premium re enue using assumptions consistent material. with those used in calculating future policy bene t liabilities and If there is ob ecti e e idence that the reinsurance asset is impaired, the carrying amount is reduced to a reco erable or long term insurance contracts without xed terms and amount, and the impairment loss is recognised in the in estment contracts, deferred ac uisition cost is statement of comprehensi e income. amortised o er the expected total life of the contract Group as a constant percentage of estimated gross pro t margins . . ein rance a e (including in estment income) arising from these Reinsurance assets consist of short term balances due contracts. The resulting change to the carrying alue of the from reinsurers, as well as longer term recei ables that are AC is charged to statement of comprehensi e income. dependent on the expected claims and bene ts arising under the related reinsured insurance contracts. Amounts
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. er ecei a le an re aymen considered necessary. The carrying alue of the CGU Other recei able and prepayment are stated a er containing the goodwill is compared to the reco erable deductions of amount considered impairment losses. amount, which is the higher of alue in use and the fair These are loans and recei ables other than in estment alue less costs of disposal. Any impairment is recognised securities, insurance trade recei ables and reinsurance immediately as an expense in the statement of assets. hen a debt is deemed not collectable, it is written comprehensi e income and is not subse uently re ersed. o against the related impairment or directly to pro t or loss account to the extent not pre iously pro ided for. Any Goodwill in respect of Associates and oint entures is subse uent reco ery of written o impairment is credited included in the carrying amount of in estments in to pro t or loss. associates and oint entures. or impairment purposes each in estment is tested for impairment indi idually and Prepayments represent prepaid expenses and are carried goodwill is not tested separately from the in estment in at cost less amortisation expenses in pro t or loss. associates and oint entures, nor is any impairment allocated to any underlying assets. . n en ory In entories are stock of tracker de ices used to track down . . rc a e an e elo e om er o are ehicles that are held for sale in the ordinary course of The Group recognises computer so ware ac uired as business of the group. They are initially recogni ed at cost. intangible asset. The cost comprises of actual purchase price and cost of freight. So ware ac uired by the Group is stated at cost less accumulated amortisation and accumulated impairment The Group uses irst In irst Out ( I O) method for losses. Ac uired intangible assets are recognised at cost on aluation purpose. ac uisition date and are to be amortised for the period of e years using straight line method. . . ea remen In line with IAS 2, the group has elected to measure Subse uent to initial recognition, these assets are carried in entories at the lower of cost and net reali able alue. at cost less accumulated amorti ation and impairment losses in alue, where appropriate. . n angi le e Subse uent expenditure on so ware assets is capitalised . . oo ill only when it increases the future economic bene ts Goodwill is measure at cost less recorgnised impairment. embodied in the speci c asset to which it relates. All other Goodwill arises on the ac uisition of a subsidiary company expenditure is expensed as incurred. or the ac uisition of a business. It represents the excess of the cost of an ac uisition o er the Group s share of the fair Amortisation is recognised in the statement of pro t or loss alue of the identi able net assets of the subsidiary or and other comprehensi e income on a straight line basis business at the date of ac uisition. Goodwill is not o er the estimated useful life of the so ware, from the date amortised. But tested annually for impairment. that it is a ailable for use since this most closely re ects the expected pattern of consumption of the future The gain or loss on the disposal of a subsidiary or business economic bene ts embodied in the asset. Cost of includes the carrying amount of goodwill attribute to the Computer so ware recogni ed as assets are amorti ed entity or business sold. o er their estimated useful li es not exceeding years. Amortisation methods and useful li es are re iewed at Goodwill is not recognised when an interest in an existing each nancial year end and ad usted if appropriate. subsidiary is increased. The di erence between the cost of the ac uisition and the minority interest ac uired is Intangible assets are derecognised at disposal date or at accounted for directly in e uity. hen an interest in an the date when it is permanently withdrawn from use existing subsidiary is decreased without a loss of control, without the ability to be disposed of. The di erences the di erence between the proceeds recei ed and the between the carrying amounts at the date of de share of the net assets disposed of, including an recognition and any disposal proceeds, as applicable, is appropriate portion of the related goodwill is accounted recognised in the statement of comprehensi e income. for directly in e uity. Expenditure on internally de eloped so ware is or impairment purposes, the carrying amount of goodwill recognised as an asset when the Group i s a b l e t o is allocated to Cash Generating Units (CGU), re iewed demonstrate its intention and ability to complete the annually for impairment and written down where this is de elopment and use the so ware in a manner that will
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generate future economic bene ts and can reliably e recia ion measure the costs to complete the de elopment. The epreciation is recogni ed so as to write o the cost or capitalised cost of internally de eloped so ware include aluation of assets (other than freehold land) less their all cost directly attributable to de eloping the so ware and residual alues o er their useful li es. These assets are capitalised borrowing costs, and are amortised o er its depreciated usually on a straight line basis to statement of useful life. Internally de eloped so ware is stated at pro t or loss o er the following estimated useful li es: capitalised cost less accumulated amortisation and l otor ehicles 4 years impairment. l urniture and xtures years l O ice e uipment years Howe er, the Group does not ha e internally de eloped l Plant and machinery years so ware at the date of reporting. l Library Books years l Building 20 0 years . . ra emar an licen e l Leasehold Land Not depreciated No alue is attributed to internally de eloped trademarks, patents and similar rights. Costs incurred on in renew its Assets that are sub ect to depreciation are re iewed for operating licenses annually with both NICO and CBN are impairment whene er e ents or changes in circumstances recogni ed in pro t or loss as incurred. Expenditure on the indicate that the carrying amount may not be reco erable. de elopment and marketing of the Group s brands is also An impairment loss is recogni ed for the amount by which recogni ed in pro t or loss as incurred. the carrying alue of the asset exceeds its expected reco erable amount. The reco erable amount is the higher . ro er y lan an i men of fair alue less costs to sell and alue in use. Assets are grouped on cash generating unit (CGU) le el if the ecogni ion an mea remen reco erable amount cannot be separately determined. Own use property is de ned as property plant and e uipment held by the group for use in the supply of e recogni ion ser ices or for administrati e purposes. Land and buildings An item of property, plant and e uipment is derecogni ed comprise mainly outlets and o ices occupied by the Group. upon disposal or when no future economic bene ts are expected to arise from the continued use of the asset. Any All other Property, Plant and e uipment, are initially gain or loss arising on the disposal or retirement of an item recogni ed at cost and subse uently measured or carried of property, plant and e uipment is determined as the at cost less accumulated depreciation and any di erence between the sales proceeds and the carrying accumulated impairment loss. amount of the asset and is recogni ed in pro t or loss.
Subse uent costs are included in the asset s carrying . e el for ale amount or recogni ed as a separate asset, as appropriate, Non current assets held for sale and discontinued only when it is probable that future economic bene ts operations associated with the item will ow to the Group and the cost of the item can be measured reliably. aintenance and Non current assets (and disposal groups) classi ed as held repair costs are charged to statement of pro t or loss as for sale are measured at the lower of carrying amount and incurred. fair alue less costs to sell.
Property and e uipment are derecognised at disposal date Non current assets and disposal groups are classi ed as or at the date when it is permanently withdrawn from use held for sale if their carrying amount will be reco ered without the ability to be disposed of. The di erences through a sale transaction rather than through continuing between the carrying amounts at the date of de use. This condition is regarded as met only when the sale is recognition and any disposal proceeds, as applicable, is highly probable and the asset (or disposal group) is recognised in other income in the statement of pro t or a ailable for immediate sale in its present condition. loss. anagement must be committed to the sale which should be expected to ualify for recognition as a completed sale If the expected residual alue is e ual to or greater than the within one year from the date of classi cation. carrying alue, no depreciation is pro ided for. The residual alues, estimated useful li es of the assets and Impairment losses on initial classi cation as held for sale depreciation methods are re iewed at each statement of and subse uent gains or losses on measurement are nancial position date and ad usted as appropriate. recogni ed in pro t or loss. Gains are not recogni ed in excess of any cumulati e impairment los
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In the statement of comprehensi e income of the reporting surplus pre iously recorded in e uity is transferred to period, and of the comparable period, income and retained earnings the transfer is not made through pro t expenses from discontinued operations are reported or loss separately from income and expenses from continuing operations, down to the le el of pro t a er taxes. In the . ea e statement of nancial position, non current assets held for Leases are di ided into nance and operation lease. The sale are usually separately identi ed. determination of whether an arrangement is a lease contains a lease, is based on the substance of the Property, plant and e uipment and intangible assets once arrangement at the inception date and re uires an classi ed as held for sale are not depreciated or amorti ed. assessment of whether the ful llment of the arrangement Howe er, the decision to sell and actual sales take place is dependent on the uses of a speci c asset or assets and within the year. the arrangement con eys a right to use the asset, e en if that right is not explicitly speci ed in an arrangement. . . n e men ro er ie In estment property comprises in estment in land or i era ing lea e buildings held primarily to earn rentals or capital Leases in which a signi cant portion of the risks and appreciation or both (Including property under rewards of ownership are retained by another party, construction for such purposes). the lessor, are classi ed as operating leases. Payments, including prepayments, made under In estment property is measured initially at its cost, operating leases (net of any incenti es recei ed from including transaction costs. The cost of a purchased the lessor) are charged to the income statement on a in estment property comprises its purchase price and any straight line basis o er the period of the lease. hen directly attributable expenditure. irectly attributable an operating lease is terminated before the lease expenditure includes, for example, professional fees for period has expired, any payment re uired to be legal ser ices, property transfer taxes and other made to the lessor by way of penalty is recognised as transaction costs. an expense in the period in which termination takes place. In estment property is subse uently measured at fair alue. The fair alue is determined annually by ii inance lea e independent aluation experts on the highest and best use Leases of assets where the company has basis. Gains or losses arising from changes in the fair alues substantially all the risks and rewards of ownership of in estment properties are included in the pro t or loss as are classi ed as nance leases. air alue gains/loss on in estment properties in the year in which they arise. inance leases are capitalised at the lease s commencement at the lower of the fair alue of the Property located on land that is held under an operating leased property and the present alue of the lease is classi ed as in estment property as long as it is minimum lease payments. Each lease payment is held for long term rental yields. The initial cost of the allocated between the liability and nance charges property is the lower of the fair alue of the property and so as to achie e a constant rate on the nance the present alue of the minimum lease payments. The balance outstanding. The corresponding rental property is carried at fair alue a er initial recognition. If an obligations, net of nance charges, are included in item of property, plant and e uipment becomes an deposits from banks or deposits from customers in estment property because its use has changed, any depending on the counter party. The interest di erence arising between the carrying amount and the fair element of the nance cost is charged to the income alue of this item at the date of transfer is recognised in statement o er the lease period so as to produce a re aluation reser es In estment properties are constant periodic rate of interest on the derecognised either when they ha e been disposed of, or remaining balance of the liability for each period. when the in estment property is permanently withdrawn from use and no future economic bene t is expected from e ro i e le or its disposal. Any gains or losses together with exchange gain or losses on the retirement or disposal of an i era ing lea e in estment property are recognised in the other hen assets are sub ect to an operating lease, the comprehensi e income as a re aluation of property, plant assets continue to be recognised as property and and e uipment. Howe er, if a fair alue gain re erses a e uipment based on the nature of the asset. Lease pre ious impairment loss, the gain is recognised in pro t or income is recognised on a straight line basis. loss. Upon the disposal of such in estment property, any
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ii inance lea e la i ca ion ro i ion a i hen assets are held sub ect to a nance lease, re iremen the related asset is derecognised and the present Performing 1 Interest / Principal not due alue of the lease payments (discounted at the interest rate implicit in the lease) is recognised as a Pass and atch Interest / Principal o er recei able. The di erence between the gross due by 1 day but less than recei able and the present alue of the recei able 30 days is recognised as unearned nance income. Lease Substandard 20 Interest / Principal o er due by 31 days but less income is recognised o er the term of the lease using than 60days the net in estment method (before tax), which oubtful 0 Interest / Principal o er due re ects constant periodic rate of return. by 61 days but less than 90 days The subsidiary Ric Properties and In estment Lost 100 Interest / Principal o er due Limited engaged in nance lease. by 91 days and abo e . m airmen of er on inancial e Assets that ha e an inde nite useful life for example, land A more accelerated pro ision may be done using the are not sub ect to amorti ation and are tested annually for sub ecti e criteria. A 1 pro ision is taken on all risk assets impairment. Assets that are sub ect to amorti ation are are not speci cally pro isioned. The results of the re iewed for impairment whene er e ents or changes in application of Prudential Guidelines and the impairment circumstances indicate that the carrying amount may not determined for these assets under IAS 39 are compared. be reco erable. An impairment loss is recogni ed for the The IAS 39 determined impairment charge is always amount by which the asset s carrying amount exceeds its included in the statement of pro t or loss. here the reco erable amount. The reco erable amount is the higher Prudential Guidelines pro ision is greater, the di erence is of an asset s fair alue less costs to sell and alue in use. or appropriated from Retained Earnings and included in a the purposes of assessing impairment, assets are grouped non distributable reser e Statutory credit reser e . at the lowest le els for which there are separately here the IAS 39 impairment is greater, no appropriation is identi able cash ows (Cash Generating Units). made and the amount of the IAS 39 impairment is recognised in Income Statement. . a ory e o i . . olla eral . . a ory e o i n rance The micro nance bank obtains collateral where These deposits represent bank balances re uired by the appropriate, from customers to manage their credit risk insurance regulators of the Group to be placed with exposure to the customer. The collateral normally takes rele ant Central Banks of the Group s operating the form of a lien o er the customer s assets and gi es the urisdictions. The deposits are not a ailable for day to day company a claim on these assets for both existing and use and are stated at amortised cost. future customer in the e ent that the customer defaults.
. . a ory e er e icro nance an Collateral recei ed in the form of securities is not recorded Central Bank of Nigeria re uires all icro nance Banks to on the statement of nancial position. Collateral make an annual appropriation to a statutory reser e. As recei ed in the form of cash is recorded on the stipulated in Section 1 .1.7 of the re ised regulatory and statement of nancial position with a corresponding super isory guidelines for icro nance banks in Nigeria. liability. These items are assigned to deposits recei ed An appropriation of 0 of pro t a er tax is made if from bank or other counterparties. Any interest the statutory reser e is less than the paid up share payable or recei able arising is recorded as interest capital, expense or interest income respecti ely. 2 of pro t a er tax if the reser e is 0 or more and greater than the paid up share capital. . . ife n rance on rac ia ili ie
. . a ory re i e er e. a . ec nical e er e In compliance with the Prudential Guidelines for licensed These are the reser es computed in compliance with icro nance Institutions, the micro nance bank assesses the pro ision of Section 20, 21, and 22 of the ualifying nancial assets using the guidance under the Insurance Act 2003. They are: Prudential Guidelines. The guidelines apply ob ecti e and sub ecti e criteria towards pro iding for losses in risk . eneral in rance con rac assets. Risk assets are classed with attendants pro ision as Reser es for unearned premium In compliance with per the table below based on ob ecti e criteria. Section 20 (1) (a) of Insurance Act 2003, the reser e for
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unearned premium is calculated on a time . ia ili ie an ela e e n er ia ili y e acy apportionment basis in respect of the risks accepted e during the year. The net liability for insurance contracts is tested for ade uacy by discounting current estimates of all future c . e er e for ne ire ri contractual cash ows and comparing this amount to the The pro ision for unearned premiums represents that carrying alue of the liability net of deferred ac uisition part of written premiums, gross of commission costs. here a shortfall is identi ed, an additional payable to intermediaries that is estimated to be pro ision is made and the company recogni es the earned in subse uent periods. The change in the de ciency in the statement of pro t or loss and other pro ision is recorded in the income statement to comprehensi e income for the year. recogni e re enue o er the period of the risk. Incurred but Not Reported (IBNR) claim reser es were A pro ision for Additional Unexpired Risk Reser e determined by pro ecting Ultimate Claims using Chain (AURR) is recogni ed for an underwriting year where it Ladder method and then deducting for claims paid to date is en isaged that the estimated cost of claims and and outstanding amounts on reported claims. The paid expenses would exceed the Unearned Premium claims de elopment factors are ad usted, where felt Reser e (UPR). necessary due to data limitations and credibility issues. Loss Ratio method is used where use of Chain Ladder . e er e for o an ing claim method was not appropriate or possible. The reser e for outstanding claims is maintained at the total amount of outstanding claims incurred and Unearned Premium Reser e (UPR), for all policies except reported plus claims incurred but not reported Engineering, is determined by apportioning the premium ( IBNR ) as at the reporting date. The IBNR is based o er the duration of policy and calculating UPR based on on the liability ade uacy test. premium in respect of remaining term of the policy. Howe er, for engineering policies, policies at risk amounts aterial sal age and other reco eries including are skewed towards the later policy co erage period. reinsurance reco eries are presented as assets. Hence UPR determination is based on a di erent approach which results in higher premium being earned at later In many cases delays experienced in the noti cation and stages of the policy. settlement of certain types of general insurance claims result in the ultimate cost arying from the original . orro ing assessment. Ad ustments to the amounts of claims Borrowings are recogni ed initially at fair alue, net of pro isions established in prior years are re ected in the transaction costs incurred. Borrowings are subse uently nancial statements for the period in which the stated at amorti ed cost any di erence between the ad ustments are made and disclosed separately, if proceeds (net of transaction costs) and the redemption material. alue is recogni ed in the income statement o er the period of the borrowings using the e ecti e interest The liability for Incurred but not Reported (IBNR) claims is method. ees paid on the establishment of loan facilities calculated at the end of the reporting period, using a range are recogni ed as transaction cost of the loan to the extent of standard actuarial claim pro ection techni ues, based that it is probable that some or all of the facility will be on empirical data and current assumptions that may drawn down. In this case, the fee is deferred until the draw include a margin for ad erse de iation. The liability was down occurs. not discounted for time alue of money and no further pro ision was made for e uali ation or catastrophe To the extent there is no e idence that it s probable that reser es (as prohibited by I RS 4). some or all of the facility will be drawn down, the fees capitalised as a prepayment for li uidity ser ice and . ia ili y e acy e amortised o er the period of the facility to which it related. At the end of each reporting date, a Liability Ade uacy Test (LAT) is performed by an Actuary to ensure the ade uacy of Borrowings are classi ed as non current liabilities under the contract liabilities net of any related eferred where the group has an unconditional right to defer Ac uisition Cost and Reinsurance reco eries. here a settlement for at least 12 months a er the date of the shortfall is identi ed, an additional pro ision is made and statement of nancial position. the company recogni es the de ciency in pro t or loss.
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. ra e aya le of employees ser ices pro ided up to the reporting Trade payables are recorgnised initially at fair alue and sheet date. The accrual is calculated on an subse uently measure at amortised cost using e ecti e undiscounted basis, using current salary rates. A interest method. The alue of a non interest bearing pro ision is recogni ed for the amount expected to liability is its discounted repayment amount. If the e ect of be paid under short term cash bonus or pro t discounting is immaterial, discounting is omitted. sharing plans if the Company has a present legal or constructi e obligation to pay this amount as a . ro i ion on ingen ia ili ie ommi men an result of past ser ice pro ided by the employee and inancial aran ee the obligation can be estimated reliably. Pro isions, contingent liabilities, commitments and nancial guarantees are recogni ed when the Group has a c . ermina ion ene present obligation (legal or constructi e) as a result of a Termination bene ts are payable whene er an past e ent, it is more likely than not that an out ow of employee s employment is terminated before the resources embodying economic bene ts will be re uired to normal retirement date or whene er an employee settle the obligation and a reliable estimate can be made of accepts oluntary redundancy in exchange for the amount of such an obligation. Pro isions are these bene ts. The Company recogni es discounted when the e ect of the time alue of money is termination bene ts when it is demonstrably considered material. committed either to terminate the employment of current employees according to a detailed formal Restructuring pro isions comprise employee termination plan without possibility of withdrawal, or to pro ide costs and costs related to onerous contracts. Restructuring termination bene ts as a result of an o er made to pro isions are recogni ed when the Group has a present encourage oluntarily redundancy if it is probable obligation as a result of a detailed formal plan, which has that the o er will be accepted and the number of been announced to those a ected and the amount can be acceptances can be estimated. Bene ts falling due reasonably estimated. more than 12 months a er balance sheet date are discounted to present alue. . er aya le Other payable are initially recorgnised at fair alue and . rren an eferre ncome a subse uently measured at armortised cost. The Group pro ides current tax expense according to the tax laws of each urisdiction in which it operates. Tax is . . m loyee ene recogni ed in the income statement, except to the extent that it relates to items recogni ed in other comprehensi e a . en ion o liga ion income or directly in e uity. In this case, the tax is also The Group operates a de ned contributory pension recogni ed in other comprehensi e income or directly in scheme for eligible employees. Employees and the e uity, respecti ely. Group contribute . and 10. respecti ely of the ualifying sta s salary in line with the pro ision eferred income taxes are recogni ed using the asset and of Pension Reform Act 2014. Under the de ned liability method. eferred income taxes are recorded for contributory scheme, the group pays xed temporary di erences, which are based on the di erence contributions to a separate entity Pension und between nancial statement carrying amounts and Administrators employees also pay a xed income tax bases of assets and liabilities using enacted percentage to the same entity. Once the income tax rates and laws. Losses for tax purposes are contributions ha e been paid, the company retains treated as deferred tax assets to the extent it is probable no legal or constructi e obligation to pay further that they can be utili ed against future taxable income in contributions if the fund does not hold su icient the respecti e urisdictions. assets to nance bene ts accruing under the retirement bene t plan. Current and deferred tax assets and liabilities are o set when the income taxes are le ied by the same taxation The Company s obligations are recogni ed in the authority and when there is a legally enforceable right to pro t or loss as employee bene t expenses when o set them. they are due. Taxes payable by either the Parent Company or its . or erm ene subsidiaries on expected distributions to the Parent Short term employee bene t obligations include Company of the pro ts of subsidiaries are not recogni ed wages, salaries and other bene ts which the as deferred income taxes unless a distribution of those Company has a present obligation to pay, as a result pro ts is intended in the foreseeable future.
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. . inim m a . on ingency e er e here the Group has no taxable pro t or liability arising The Company maintains contingency reser es in from its tax assessment for the year, a minimum tax accordance with the pro isions of the Section 21(2) of assessment shall be mandatory in line with the pro ision of Insurance Act 2003 to co er uctuations in securities and the Company Income Tax Act (as amended) ariations in statistical estimates at the rate e ual to the higher of 3 of total premium or 20 of the net pro t a er . i y until the reser e reaches the greater of minimum paid up capital or 0 of net premium for general business. are a i al Ordinary shares are classi ed as e uity. The company . n rance on rac classi es ordinary shares and share premium as e uity The Group enters into insurance contracts as its primary when there is no obligation to transfer cash or other assets. business acti ities. Insurance contracts are those that the Incremental costs directly attributable to issue of shares Group accepts signi cant insurance risk from another are recogni ed as deductions from e uity net of any tax party (the policy holder) by agreeing to compensate the e ects. policy holder or other bene ciary, if a speci ed uncertain future e ent (the insured e ent) ad ersely a ects the policy i i en on or inary are holder or the other bene ciary. The Group issues contracts i idends on the Company s ordinary shares are that transfer insurance risk or nancial risk or both. recognised in e uity in the period in which they are paid or, Insurance contracts are those contracts that transfer if earlier, appro ed by the company s shareholders. signi cant insurance risk.
arning er are . e en e ecogni ion Basic earnings per share is calculated by di iding net Re enue comprises the fair alue for ser ices, net of alue income a ailable to ordinary shareholders by the weighted added tax. Re enue is recognised as follows a erage number of ordinary shares in issue during the year, excluding the weighted a erage number of ordinary shares on life in rance purchased by the Group and held as Treasury shares. a remi m Earnings per share has also been calculated on the Gross premium comprise the premium on insurance ad usted operating pro t before impairment of goodwill contracts entered into during the year, irrespecti e of and other ad usting items, a er tax, attributable to whether they relate in whole or in part to a later ordinary shareholders, as the directors belie e this gure accounting period. pro ides a better indication of operating performance. Premium on reinsurance inward are included in gross or the diluted earnings per share, the weighted a erage written premium and accounted for as if the number of ordinary shares in issue is ad usted to assume reinsurance was considered direct business, taking con ersion of all diluti e potential ordinary shares, such as into account the product classi cation of the con ertible debt and share options granted to employees. reinsured business. Potential or contingent share issuances are treated as diluti e when their con ersion to shares would decrease Outward reinsurance premium are accounted for in net earnings per share. the same accounting period as the premium for the related direct insurance or reinsurance business . e aine arning assumed. Retained earnings are the amount of retained pro t not apportioned to any speci ed reser e and which is a ailable The earned portion of premium recei ed is for distribution to shareholders. Retained earnings are recogni ed as re enue. Premiums are earned from carried at book alue. This account accumulates net pro ts the date of attachment of risk, o er the indemnity or losses from operations. period, based on the pattern of risk underwritten. Outward reinsurance premiums are recogni ed as an . air al e an er e er e expense in accordance with the pattern of indemnity air alue reser e represents unreali ed gains/losses recei ed. resulted from the aluation of a ailable for sale and held for trading nancial assets based on current market prices nearne remi m and other reser es represent foreign exchange di erence Unearned premium are those proportions of resulted from translation of foreign subsidiary operation at premium written in the year that relate to periods of year end. risks a er the reporting date. It is computed
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 2 [email protected] STATE ENT O SIGNI ICANT ACCOUNTING POLICIES cont d
separately for each insurance contract using a time statement of pro t or loss and other comprehensi e proportionate basis, or another suitable basis for income as a result of an e ent that occurred a er its une en risk contracts. Pro ision for unexpired risk is initial recognition, that the company may not made for unexpired risks arising where the expected reco er all amounts due and that the e ent has a alue of claims and expenses attributable to the reliably measurable impact on the amounts that the unexpired period of policies in force at the reporting company will recei e from the reinsurer. The Group date exceeds the unearned premium in relation to had the right to set o re insurance payables against such policies a er deduction of any deferred the amount due from re insurance and brokers in ac uisition costs. Speci cally, pro ision for line with the agreed arrangement between both unexpired risk is based on time apportionment. parties.
c ro remi m ncome e ommi ion earne This represents the earned portion of premium Commissions are recorgnised on ceding business to recei ed and is recorgnised as re enue including the re insurer, and are credited to the pro t or loss changes in unearned premium. Premiums are o er the period the ser ice is pro ided. earned from the date of attachment of risk, o er the insurance period, based on the pattern of risk . en e underwritten. Outward reinsurance premiums are recorgnised as expenses in accordance with the a . laim pattern of risk reinsured. Claims incurred consist of claims and claims handling expenses paid during the nancial year ein rance together with the mo ement in the pro ision for The Group cedes reinsurance in the normal course of outstanding claims. The pro ision for outstanding business for the purpose of limiting its net loss claims represent the group estimate of the ultimate potential on policies written. Premium ceded cost of settling all claims incurred but unpaid at the comprise written premiums ceded to reinsurers, statement of nancial position date whether ad usted for the reinsurers share of the mo ement in reported or not. The pro ision includes an allowance the pro ision for the unearned premiums. for claims management and handling expenses.
Reinsurance arrangements do not relie e the The pro ision for outstanding claims for reported company from its direct obligations to its claims is estimated based on current information policyholders. Premium ceded, claims reimbursed and the ultimate liability may ary as a result of and commission reco ered are presented in the subse uent information and e ents and may result statement of pro t or loss and other comprehensi e in signi cant ad ustments to the amounts pro ided. income and statement of nancial position Ad ustments to the amounts of claims pro ision for separately from the gross amounts. prior years are re ected in the pro t or loss in the nancial period in which ad ustments are made, and Reinsurance assets represent balances due from disclosed separately if material. The measurement of reinsurance contracts. Reinsurance liabilities are non life insurance contract liabilities has been set primarily premiums payable for reinsurance out under note 3.14. contracts and are recognised as an expense when due. al age an roga ion reim r emen Some insurance contracts permit the Group to sell Reinsurance reco erable is estimated in a manner property ac uired in settling a claim (like sal age). consistent with the outstanding claims pro ision Estimates of sal age reco eries are included as an and claims incurred associated with the reinsurer s allowance in the measurement of the insurance policies and are in accordance with the related liability for claims. Sal age property is recogni ed as insurance contract. They are measured at their an asset when the liability is settled. The allowance is carrying amount less impairment charges. the amount that can reasonably be reco ered from the disposal of the property. Amounts reco erable under reinsurance contracts are assessed for impairment at each statement of The Group may also ha e the right to pursue third nancial position date. If there is ob ecti e e idence parties for payment of some or all costs (like of impairment, the company reduces the carrying subrogation). Subrogation reimbursements are also amount of its insurance assets to its reco erable considered as an allowance in the measurement of amount and recogni es the impairment loss in the the insurance liability for claims and are recogni ed
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 3 [email protected] STATE ENT O SIGNI ICANT ACCOUNTING POLICIES cont d
as assets when the liability is settled. The allowance asset or liability (or, where appropriate, a shorter is based on an assessment of the amount that can be period) to the carrying amount of the nancial asset reco ered from the action against the liable third or liability. hen calculating the e ecti e interest party. rate, the Group estimates future cash ows considering all contractual terms of the nancial c . n er ri ing e en e instrument, but not future credit losses. Underwriting expenses are made up of ac uisition and maintenance expenses comprising commission The calculation of the e ecti e interest rate includes and policy expenses, proportion of underwriting all transaction costs and fees and points paid or sta cost. Underwriting expenses for insurance recei ed that are an integral part of the e ecti e contracts are recogni ed as an expense when interest rate. Transaction costs include incremental incurred, with the exception of ac uisition costs costs that are directly attributable to the ac uisition which are recogni ed on a time apportionment basis or issue of a nancial asset or liability. in respect of risk. Interest income and expense presented in the . ecei a le an aya le rela e o in rance statement of pro t or loss include interest on con rac nancial assets and nancial liabilities measured at Recei ables and payables are recogni ed when due. amortised cost calculated on an e ecti e interest These include amounts due to and from agents, basis. Interest income and expense on all trading brokers and insurance contract holders. assets and liabilities are considered to be incidental to the Group trading operations and are presented If there is ob ecti e e idence that the insurance together with all other changes in the fair alue. recei able is impaired, the Group reduces the carrying amount of the insurance recei able c e in ere income accordingly and recogni es that impairment loss in Net interest income includes interest on loan and the statement of pro t or loss. The Group gathers the ad ances earned and interest expenses incurred. ob ecti e e idence that an insurance recei able is impaired using the same methodology adopted for e ra ing ncome nancial assets held at amorti ed cost. The Net trading income includes income recei ed on sale impairment loss is calculated under the same of goods and has been recogni ed in line with IAS 1 method used for these nancial assets. re enue recognition criteria and related cost incurred. . er e en e an en e ecogni ion e n e men an o er o era ing income a ee an commi ion In estment and other operating income comprise ees and commission income and expense that are interest income earned on short term deposits, integral to the e ecti e interest rate on a nancial rental income and di idends and foreign exchange asset or liability are included in the measurement of di erences. In estment income, other than interest the e ecti e interest rate. income, is recogni ed at fair alue and on an accrual basis. Other fees and commission income, including account ser icing fees, in estment management Interest income is recogni ed in the statement of fees, sales commission, placement fees and pro t or loss as it accrues and is calculated using the syndication fees, are recognised as the related e ecti e interest rate method. ser ices are performed. hen a loan commitment is not expected to result in the draw down of a loan, the In estment expenses consist of costs relating to related loan commitment fees are recognised on a in estment management ser ices and operating straight line basis o er the commitment period. expenses for real estate held for in estment. These expenses are recogni ed on an accrual basis. n ere Rental income is recogni ed on an accrual basis. Interest income and expense are recognised in pro t or loss using the e ecti e interest method. The f i i en income e ecti e interest rate is the rate that exactly i idend income is recogni ed when the right to discounts the estimated future cash payments and recei e payment is established, the right to recei e receipts through the expected life of the nancial di idend is established when the di idend has been duly declared.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 4 [email protected] STATE ENT O SIGNI ICANT ACCOUNTING POLICIES cont d
g anagemen an o er o era ing e en e anagement and other operating expenses are expenses other than claims and underwriting expenses. They include depreciation expenses, employee bene t and other operating expenses. They are accounted for on an accrual basis and recogni ed in the income statement upon utili ation of the ser ice or at the date of origination.
orro ing o These are interest and other cost that the group incurred in connection with the borrowing of funds. The cost include rate calculated using the e ecti e interest rate method. The costs are recogni ed as an expense in the period in which they are incurred.
. egmen e or ing A reporting segment is an operating segment or aggregations of operating segments that meet speci ed criteria. Operating segments are components of an entity which separate nancial information is a ailable that is e aluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. This nancial information is reported on the basis as used internally for e aluating operating segment performance and deciding how to allocate resources to operating segment. or the company the Chief operating decision maker is the Executi e anagement Team
The Group s primary format for segment reporting is based on business/subsidiaries segments. Signi cant geographical regions ha e been identi ed as the secondary basis of reporting.
. i i en i idend distribution to the Company s shareholders is recogni ed as a liability in the nancial statements in the period in which the di idends are appro ed by the Company s shareholders. i idends that are proposed but not yet declared are disclosed in the notes to the nancial statements.
. a lo e o IAS 7 permits a number of options in the presentation of cash ow from operating acti ities as either direct or indirect method. Howe er, where statement of cash ow is prepared using the indirect method, the company shall be re uired to reconcile the net cash ows from operating acti ities to the direct method. The Group has presented its cash ow from operating acti ities using direct method.
.
. . an ar an in er re a ion e ec i e ring e re or ing erio no ye a o e Applying I RS 9 inancial Instruments with I RS 4 Insurance Contracts (Amendments to I RS 4) Insurance contract e ecti e 1 anuary 201 .
The company has elected to apply the temporary exemption (deferral approach) for I RS 9 and uali es for the temporary exemption based on the followings.
(a) Its acti ities are predominantly connected with insurance contracts.
(b) It has not pre iously applied any ersion of I RS 9
(c) The carrying amount of its liabilities arising from insurance contracts and insurance connected liabilities for the Group and the Company sum up to N .03billion and 3.2billion respecti ely as at 31 ec 2020 which is greater than 90 per cent of the total carrying amount of all its liabilities as at 31 ec 2020
(d) As at 31 ecember 201 , which is the reporting date that immediately precedes 1 anuary 2016, the carrying amount of the group and Company liabilities arising from insurance connected contracts were 91 and 93 for the Group and the Company respecti ely which is greater than 90 per cent of the total carrying amount of all its liabilities as at that date as showcases in the predominant test presented below
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts [email protected] STATE ENT O SIGNI ICANT ACCOUNTING POLICIES cont d
n rance onnec e ia ili ie arrying mo n n rance on rac arrying mo n on rac Insurance Contract Liabilities 2,096,391 2,096,391 1,617,026 1,617,026 Trade Payables 26,102 Pro ision and Other Payable 133, 00 34,117 49,3 2 Retirement bene t obligation 2,700 2,700 2,166 2,166 Pro ision for Current Income Tax Liabilities 270,911 270,911 242,497 242,497 eferred income tax liabilities 6,612 o al re ominan a io
(e) The company carry out predominant re assessment as per permitted by Amendments to I RS 4 at the end of reporting period ended 2019, at which the company s liability connected to insurance is 93 as shown below:
n rance onnec e ia ili ie arrying mo n n rance on rac arrying mo n on rac Insurance Contract Liabilities 3,01 ,623 3,01 ,623 2,31 ,367 2,31 ,367 Trade Payables 11,020 Pro ision and Other Payable 612, 4 3 , 7 200,716 9, 4 Retirement bene t obligation 3,007 3,007 3,007 3,007 Pro ision for Current Income Tax Liabilities 262,322 262,322 214,0 214,0 eferred income tax liabilities 99, 00 o al ea e men a io
(f) The company acti ities ha e remained the same and are predominantly connected with insurance contracts as re ected in (d) abo e. (g) There has been no any signi cant change in our business acti ities and model since 31 ecember 201 , which is the reporting date that immediately proceeds 1 anuary 2016. (h) The nature and carrying amounts of the liabilities connected with insurance contracts are disclosed in notes 17, 1 , and 21 respecti ely.
inancial in r men e ec i e an ary I RS 9 is part of the IASB s pro ect to replace IAS 39. It addresses classi cation, measurement and impairment of nancial assets as well as hedge accounting. I RS 9 replaces the multiple classi cation and measurement models in IAS 39 with a single model that has only three classi cation categories: amortised cost, fair alue through OCI and fair alue through pro t or loss. It includes the guidance on accounting
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 6 [email protected] STATE ENT O SIGNI ICANT ACCOUNTING POLICIES cont d for and presentation of nancial liabilities and derecognition of may impact future periods should the Group enter into any nancial instruments which was pre iously in IAS 39. business combinations. urthermore, for non deri ati e nancial liabilities designated at fair alue through pro t or loss, it re uires that the credit risk men men o an e ni ion of a erial component of fair alue gains and losses be separated and The amendments pro ide a new de nition of material that included in OCI rather than in the income statement. states, information is material if omitting, misstating or obscuring it could reasonably be expected to in uence decisions I RS 9 also re uires that credit losses expected at the balance that the primary users of general purpose nancial statements sheet date (rather than only losses incurred in the year) on loans, make on the basis of those nancial statements, which pro ide debt securities and loan commitments not held at fair alue nancial information about a speci c reporting entity. The through pro t or loss be re ected in impairment allowances. amendments clarify that materiality will depend on the nature or magnitude of information, either indi idually or in combination urthermore, the IASB has amended I RS 9 to align hedge with other information, in the context of the nancial statements. accounting more closely with an entity s risk management. A misstatement of information is material if it could reasonably be expected to in uence decisions made by the primary users. These The re ised standard establishes a more principles based amendments had no impact on the nancial statements of, nor is approach to hedge accounting and addresses inconsistencies and there expected to be any future impact to the Company. weaknesses in the current model in IAS 39. The Conceptual ramework is not a standard, and none of the The Group currently categori es of its nancial assets as Held to concepts contained therein o erride the concepts or re uirements maturity and fair alue through pro t or loss with the fair alue in any standard. The purpose of the Conceptual ramework is to changes recognised in pro t or loss, a ailable for sale with the fair assist the IASB in de eloping standards, to help preparers de elop alue recorgnised in OCI. The Group intends to classify most of its consistent accounting policies where there is no applicable nancial assets as nancial assets at fair alue through pro t or standard in place and to assist all parties to understand and loss and amortised cost, with few e uity securities classi ed as fair interpret the standards. This will a ect those entities which alue through OCI. The Group does not expect any material impact de eloped their accounting policies based on the Conceptual in the measurement of these nancial assets under I RS 9, as the ramework. The re ised Conceptual ramework includes some assets will continue to be measured at fair alue. new concepts, updated de nitions and recognition criteria for assets and liabilities and clari es some important concepts. These The Group has elected to apply the temporary exemption (deferral amendments had no impact on the consolidated nancial approach) for I RS 9 inancial Instruments. The expected impact statements of the Group. of I RS 9 on the group nancial statement has been summarised in note .2.4 of the nancial statement. men men o o i ela e en once ion On 2 ay 2020, the IASB issued Co id 19 Related Rent men men o an n ere a e Concessions amendment to I RS 16 Leases. The amendments enc mar eform pro ide relief to lessees from applying I RS 16 guidance on lease modi cation accounting for rent concessions arising as a direct The amendments to I RS 9 and IAS 39 inancial Instruments: conse uence of the Co id 19 pandemic. As a practical expedient, a Recognition and easurement pro ide a number of reliefs, which lessee may elect not to assess whether a Co id 19 related rent apply to all hedging relationships that are directly a ected by concession from a lessor is a lease modi cation. A lessee that interest rate benchmark reform. A hedging relationship is makes this election accounts for any change in lease payments a ected if the reform gi es rise to uncertainty about the timing resulting from the Co id 19 related rent concession the same and/or amount of benchmark based cash ows of the hedged way it would account for the change under I RS 16, if the change item or the hedging instrument. These amendments ha e no were not a lease modi cation. impact on the consolidated and separate nancial statements of the Group as it does not ha e any interest rate hedge relationships The amendment applies to annual reporting periods beginning on or a er 1 une 2020. Earlier application is permitted. This men men o e ni ion of a ine amendment had no impact on the nancial statement of the The amendment to I RS 3 Business Combinations clari es that to Group. be considered a business, an integrated set of acti ities and assets must include, at a minimum, an input and a substanti e process . . an ar i e no ye e ec i e that, together, signi cantly contribute to the ability to create The new and amended standards and interpretations that are output. urthermore, it clari es that a business can exist issued, but not yet e ecti e, up to the date of issuance of the without including all of the inputs and processes needed to Company s nancial statements are disclosed below. The create outputs. These amendments had no impact on the Company intends to adopt these new and amended standards consolidated and separate nancial statements of the Group, but and interpretations, if applicable, when they become e ecti e.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 7 [email protected] STATE ENT O SIGNI ICANT ACCOUNTING POLICIES cont d
n rance on rac 201 (the Conceptual ramework) without signi cantly changing In ay 2017, the IASB issued I RS 17 Insurance Contracts (I RS 17), its re uirements. E ecti e for annual periods beginning on or a er a comprehensi e new accounting standard for insurance 1 anuary 2022. contracts co ering recognition and measurement, presentation and disclosure. Once e ecti e, I RS 17 will replace I RS 4 The amendments add an exception to the recognition principle of Insurance Contracts (I RS 4) that was issued in 200 . I RS 17 I RS 3 to a oid the issue of potential day 2 gains or losses arising applies to all types of insurance contracts (i.e., life, non life, for liabilities and contingent liabilities that would be within the direct insurance and re insurance), regardless of the type of scope of IAS 37 Pro isions, Contingent Liabilities and Contingent entities that issue them, as well as to certain guarantees and Assets or I RIC 21 Le ies, if incurred separately. nancial instruments with discretionary participation features. The exception re uires entities to apply the criteria in IAS 37 or A few scope exceptions will apply. The o erall ob ecti e of I RS 17 I RIC 21, respecti ely, instead of the Conceptual ramework, to is to pro ide an accounting model for insurance contracts that is determine whether a present obligation exists at the ac uisition more useful and consistent for insurers. In contrast to the date. re uirements in I RS 4, which are largely based on grandfathering pre ious local accounting policies, I RS 17 pro ides a The amendments to I RS 3 is not expected to ha e a signi cant comprehensi e model for insurance contracts, co ering all impact on nancial statements of Group. rele ant accounting aspects. The core of I RS 17 is the general model, supplemented by: ro er y lan an i men rocee efore n en e e men men o ec i e for ann al erio eginning l A speci c adaptation for contracts with direct on or a er an ary . participation features (the ariable fee approach) l A simpli ed approach (the premium allocation The amendment prohibits entities from deducting from the cost approach) mainly for short duration contracts of an item of property, plant and e uipment (PP E), any proceeds of the sale of items produced while bringing that asset to the I RS 17 is e ecti e for reporting periods beginning on or a er 1 location and condition necessary for it to be capable of operating anuary 2023, with comparati e gures re uired. Early in the manner intended by management. Instead, an entity application is permitted, pro ided the entity also applies I RS 9 recognises the proceeds from selling such items, and the costs of and I RS 1 on or before the date it rst applies I RS 17. The Group producing those items, in pro t or loss. will not adopt the new standard before e ecti e date which is 1 anuary 2023. The amendments to I RS 16 is not expected to ha e a signi cant impact on the nancial statements. n ere a e enc mar eform a e men men o an nero on rac o of l lling a on rac men men o On 27 August 2020, the IASB published Interest Rate Benchmark In ay 2020, the IASB issued amendments to IAS 37 Pro isions, Reform Phase 2, Amendments to I RS 9, IAS 39, I RS 7, I RS 4 and Contingent Liabilities and Contingent Assets to specify which I RS 16. ith publication of the phase two amendments, the IASB costs an entity needs to include when assessing whether a has completed its work in response to IBOR reform. E ecti e for contract is onerous or loss making. E ecti e for annual periods annual periods beginning on or a er 1 anuary 2021. beginning on or a er 1 anuary 2022.
The amendments pro ide temporary reliefs which address the The amendments are intended to pro ide clarity and help ensure nancial reporting e ects when an intergroup o ered rate consistent application of the standard. Entities that pre iously (IBOR) is replaced with an alternati e nearly risk free interest rate applied the incremental cost approach will see pro isions increase (R R). to re ect the inclusion of costs related directly to contract acti ities, whilst entities that pre iously recognised contract loss The amendments is not expected to ha e a signi cant impact on pro isions using the guidance from the former standard, IAS 11 the separate nancial statements of the Group. Construction Contracts, will be re uired to exclude the allocation of indirect o erheads from their pro isions. udgement will be eference o e once al rame or men men o re uired in determining which costs are directly related to contract acti ities , but we belie e that guidance in I RS 1 In ay 2020, the IASB issued Amendments to I RS 3 Business Re enue from Contracts with Customers will be rele ant. Combinations Reference to the Conceptual ramework. The amendments are intended to replace a reference to a pre ious The amendments to IAS 37 is not expected to ha e a signi cant ersion of the IASB s Conceptual ramework (the 19 9 impact on the Group nancial statements. ramework) with a reference to the current ersion issued in arch
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts [email protected] STATE ENT O SIGNI ICANT ACCOUNTING POLICIES cont d
ir ime o ion of n erna ional inancial e or ing la i ca ion of ia ili ie a rren or on c rren an ar i iary a a r ime a o er men men o The amendment permits a subsidiary that elects to apply In anuary 2020, the Board issued amendments to paragraphs 69 paragraph 16(a) of I RS 1 to measure cumulati e translation to 76 of IAS 1 Presentation of inancial Statements to specify the di erences using the amounts reported by the parent, based on re uirements for classifying liabilities as current or non current. the parent s date of transition to I RS. E ecti e for annual periods beginning on or a er 1 anuary 2022.
i amen men i al o a lie o an a ocia e or oin en re The amendments clarify: a elec o a ly aragra a of . l hat is meant by a right to defer settlement An entity applies the amendment for annual reporting periods l That a right to defer must exist at the end of the reporting beginning on or a er 1 anuary 2022. Earlier application is period permitted. These amendments had no impact on the nancial l That classi cation is una ected by the likelihood that an statements of the of the Group. entity will exercise its deferral right l That only if an embedded deri ati e in a con ertible inancial n r men ee in e er cen e for liability is itself an e uity instrument, would the terms of erecogni ion of nancial lia ili ie a liability not impact its classi cation The amendment clari es the fees that an entity includes when assessing whether the terms of a new or modi ed nancial The amendments to IAS 1 is not expected to ha e a signi cant liability are substantially di erent from the terms of the original impact on the nancial statements. nancial liability. These fees include only those paid or recei ed between the borrower and the lender, including fees paid or ale or on ri ion of e e een an n e or an i recei ed by either the borrower or lender on the other s behalf. ocia e or oin en re men men o an There is no similar amendment proposed for IAS 39. In ecember 201 , the IASB decided to defer the e ecti e date of the amendments until such time as it has nalised any An entity applies the amendment to nancial liabilities that are amendments that result from its research pro ect on the e uity modi ed or exchanged on or a er the beginning of the annual method. Early application of the amendments is still permitted. reporting period in which the entity rst applies the amendment. An entity applies the amendment for annual reporting periods The amendments address the con ict between I RS 10 inancial beginning on or a er1 anuary 2022. Earlier application is Statements and IAS 2 In estments in Associates and oint permitted. These amendments had no impact on the nancial Ventures in dealing with the loss of control of a subsidiary that is statements of the Group sold or contributed to an associate or oint enture. The amendments clarify that a full gain or loss is recognised when a gric l re a a ion in fair al e mea remen transfer to an associate or oint enture in ol es a business as The amendment remo es the re uirement in paragraph 22 of IAS de ned in I RS 3. Any gain or loss resulting from the sale or 41 that entities exclude cash ows for taxation when measuring contribution of assets that does not constitute a business, the fair alue of assets within the scope of IAS 41. An entity applies howe er, is recognised only to the extent of unrelated in estors the amendment to fair alue measurements on or a er the interests in the associate or oint enture. beginning of the rst annual reporting period beginning on or a er 1 anuary 2022. Earlier application is permitted. This The amendments to I RS 10 and IAS 2 is not expected to ha e a amendment had no impact on the nancial statements of the signi cant impact on the nancial statements Group.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 9 [email protected] STATE ENT O INANCIAL POSITION
o e
ec ec ec ec Cash and Cash E ui alents 4 1,99 ,3 4 2, 1, 1,431,473 2,219,991 inancial Assets ,937,9 2 3,972,111 4, 04,960 2,646, 9 Trade Recei ables 6 20 ,010 132, 7,202 ,631 Reinsurance Assets 7 2,269,7 2 1,394, 3 1,127,47 1,01 ,101 eferred Ac uisition Cost 2 3, 27 160,677 ,069 76, 32 eferred Tax Asset 9 ,333 Other Recei ables and Prepayments 10 193,400 240,344 20,236 16,7 0 In entory 11 6,267 7,743 In estment in Subsidiaries 12 1,026,170 943,43 Intangible Assets 13 11,491 17,0 1 7, 20 14,644 In estment Properties 14 621,919 612, 1 0 ,000 49 ,962 Property, Plant and E uipment 1 20,60 69, 71 737, 1 01,7 4 Statutory eposits 16 424,110 406,436 300,000 300,000 o al e
Insurance Contract Liabilities 17 4,341,272 3,01 ,623 2,971, 06 2,31 ,367 Trade Payables 1 21,939 11,020 6, 2 Pro ision and Other Payables 19 7 7,3 1 612, 4 194,72 200,716 Retirement Bene t Obligation 20 3,013 3,007 3,013 3,007 Pro ision for Current Income Tax Liabilities 21 22 , 33 262,322 201,499 214,0 eferred Income Tax Liabilities 22 93,99 99, 00 101,077 99, 00 Bank O erdra 23 16,703 eposit for shares 24 24 ,000 24 ,000 o al ia ili ie
o al e i y a ri a le o o ner of e aren Issued and Paid up Share Capital 2 3,334,37 3,334,37 3,334,37 3,334,37 Contingency Reser e 26 1, 66, 21 1,670,226 1,466, 7 1,341,161 Retained Earnings 27 1,201,6 4 772,22 1, 2 ,0 1 1,021,793 air Value Reser es on A ailable for sale 2 7,769 10,226 (0) 3,3 Other Reser es Translation Reser e 29 63,3 7 (22,610) o al on con rolling n ere in i y Non controlling Interest in E uity 3,604 ,6 2 i y an ia ili ie
The nancial statements were appro ed by the Board of irectors on arch 24, 2021 and signed on behalf of the Board of irectors by the irectors listed below:
...... . RC/2020/003/000000210 4 RC/2013/NBA/00000003749 RC/2013/ICAN/00000003 9 (Acting Chairman) ( anaging irector/Chief Executi e O icer) (Chief inance O icer)
The statement of signi cant accounting policies and accompanying notes form an integral part of these nancial statements.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 60 [email protected] STATE ENT O PRO IT OR LOSS AN CO PREHENSIVE INCO E
o e ec ec ec ec Gross Premium ritten 30 6, 43,160 6,274,793 3, 7 , 36 3,946,2 7
Gross Premium Income 31 6, 2,0 6,271,032 3,934,024 3, 1,067 Reinsurance Expenses 32 (2,06 ,793) (1,797,64 ) (1,4 , 21) (1,311,692) e remi m ncome ees and Commission Income 33 242,796 211,07 66,646 , 43 e n er ri ing ncome Claims Expenses (Gross) 34 (2,941,04 ) (1, 24,94 ) (1,290, 62) (73 ,319) Claim Expenses Reco ered from Reinsurance 3 1,161,419 610,124 419,2 3 161,403 Underwriting Expenses 36 (922,444) (1,007,071) ( 33,343) ( 4,367) n er ri ing ro Interest Income 37(a) 44,021 43, 90 Interest Expense 37(b) (6,937) (9,914) Net Trading Income 3 6,412 7, 06 inance Income 39 39,397 37,113 inance Cost 40 (7,33 ) (14,042) In estment Income 41 443, 13 3,3 0 331, 7 411,661 Other Operating Income 42 21 ,010 16,416 12,373 , 3 air alue Gain on In estment Properties 14 9,03 40,000 9,03 40,000 Net Gain/(loss) on inancial Assets 43 (166, ) (104,14 ) 7,269 (117,33 ) Employee Bene t Expenses 44 ( 33,311) ( 0 ,20 ) (370,436) (364, 7) Other Operating Expenses 4 (1,106, 33) (1,243, 40) ( 2 , 90) ( 6 ,410) Impairment on uoted In estments .2 ( ,000) ( ,000) Impairment of Held to aturity Impairment on trade recei ables 6(bi) ( ,914) (9 9) e l of era ing c i i ie ro efore a Income Tax Expense 21 (70,16 ) (2 ,319) ( 2, 0) (1 ,9 4) ro or e year er om re en i e ncome o em a may e e en ly recla i e o e ro or lo acco n Net Unrealised fair alue gain/(loss) on A S nancial asset .3(a b) 1,330 4,9 0 460 oreign exchange translation di erence 29 ,997 (211,40 ) Income tax relating to component of other comprehensi e income 2 (399) (1,4 ) (13 ) o al o er com re en i e income ne of a
o al com re en i e income for e ear
ro er a a ion ri a le to Owner s of parent 622,366 677,212 62 , 7 649, 94 to Non Controlling Interest (32,077) 39,177 o al com re en i e income for e ear ri a le to Owner s of parent 70 , 23 466,664 62 , 7 649,916 to Non Controlling Interest (31,306) 41,7 1 arning er are Basic and diluted earnings per shares (in kobo) . 10.74 9.43 9.74
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 61 [email protected] (399) (1,4 ) (211,40 ) 4,9 0 1,330 ,997 on on
(399) (1,4 ) 677,212 39,177 716,3 9 4,9 0 1,330 622,366 (32,077) 90,2 9
c ange c ange oreign oreign (211,40 ) (211,40 )
(399) (1,4 ) 4,9 0
3,3 (3,3 ) 677,212 3,3 ,997 (3,3 ) ,997 1,330 622,366
196,29 (196,29 ) 1 ,244 (1 ,244) are are on ingency e aine al e air ran la ion aren on rolling o al are on ingency e aine al e air ran la ion aren on rolling o al a i al a i al e er e arning e er e e er e o al n ere a i al a i al e er e arning e er e e er e o al n ere 3,334,37 1,670,226 772,22 10,226 (22,610) ,764,441 ,6 2 6,3 0,124 3,334,37 1,4 1,9 2 2 3,2 7 6,760 1 ,79 ,29 ,172 46, 04 , 41,676 STATE ENT O CHANGES IN E UITY STATE ENT STATE ENT O CHANGES IN E UITY STATE ENT
Income tax relating to component of other comprehensi e income income of other comprehensi e component to relating tax Income i erence Exchange of a ne e year for income com re en i e o al in e i y irec ly recor e of e i y i o ner ran ac ion o ner i ri ion o e uity reser e of disposed un uotated alue ad ustment on fair Transfer i o ner ran ac ion o al ecem er er com re en i e income er com re en i e in estment of Un uoted in the alue Change
Transfer to Contingency Reser es Contingency to Transfer Pro t a er tax for the year the year for tax a er Pro t Changes in e uity for 2020 in e uity for Changes 1 anuaryAt 2020 ecem er ecem er
o al ran ac ion i o ner i o ner ran ac ion o al
of a ne e year for income com re en i e o al in e i y irec ly recor e of e i y i o ner ran ac ion o ner i ri ion o e uity reser e of disposed un uotated alue ad ustment on fair Transfer Transfer to Contingency Reser es Contingency to Transfer i erence Exchange income of other comprehensi e component to relating tax Income er com re en i e income er com re en i e in estment of Un uoted in the alue Change Changes in e uity for 2019 in e uity for Changes an ary the year for tax a er Pro t
GROUP GROUP GROUP
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 62 [email protected]
62 , 7 649, 94
460 (13 ) 460 (13 )
62 , 7
3,3 (3,3 ) 649, 94
e er e arning e er e e er e arning e er e
12 ,717 (12 ,717) 129,919 (129,919) are a i al a i al are on ingency e aine al e air o al a i al are on ingency e aine al e air o al STATE ENT O CHANGES IN E UITY O CHANGES IN E UITY STATE ENT STATE ENT O CHANGES IN E UITY O CHANGES IN E UITY STATE ENT ecem er Transfer to Contingency Reser es Contingency to Transfer income er com re en i e of a ne e year for income com re en i e o al in e i y irec ly recor e of e i y i o ner ran ac ion o ner i ri ion o E uity Reser e of isposed Un uoted Value Ad ustment on air Transfer i o ner ran ac ion o al an ary the year for income comprehensive Total the year for tax a er Pro t/Loss
an ary ange in e i y for in e i y for ange
Transfer to Contingency Reser es Contingency to Transfer Pro t a er tax for the period for tax a er Pro t
income of other comprehensi e component to relating tax Income er com re en i e income er com re en i e in estment of Un uoted in the alue Change Total comprehensi e income for the year the year for income comprehensi e Total
ran ac ion i o ner of e i y recor e irec ly in e i y irec ly recor e of e i y i o ner ran ac ion o ner i ri ion o Total Transaction with owners with owners Transaction Total
ecem er ecem er THE COMPANY THE COMPANY
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 63 [email protected] STATE ENT O CASH LO S
o e ec ec ec ec N 000 N 000 N 000 N 000 a lo rom era ing c i i ie Premium Recei ed 6a(ii) 6, 41, 9 6,277,013 3, 76,96 3,94 , 07 Reinsurance Premium Paid 29(a) (2,102,747) (1, 24, 90) (1,44 ,931) (1,304,4 7) Commission Recei ed 266,969 220,9 9 90, 20 6 ,427 Gross Claim paid 31(a) (1,4 9,9 ) (1, 72,3 4) ( 1,63 ) (901,327) Claim Expenses Reco ered from Reinsurance 32(a) 326,7 6 21 ,44 291, 6 1 0,24 Ac uisition Expenses .1 ( 04,223) (74 ,490) (331, 07) (349,476) aintenance Expenses 33(b) (210,073) (196,037) (210,073) (196,037) Other Intrest Recei ed (net of expenses) 37,0 4 33,677 Cash Recei ed rom Customers 107,617 74,9 Cash Paid to Suppliers/Creditors (26, 46) (23, 0 ) Cash Paid to and On behalf of Employees (944,962) (776,371) (442,17 ) (399,70 ) Cash Payments for Other Operating Expenses (1,117,221) (1,047,4 0) (600, 32) ( 67,26 ) Tax Paid (111,276) (160,792) (63, 9) (10 , 36) e a enera e rom era ing c i i ie
a lo rom n e ing c i i ie Purchase of inancial Asset HT .1(b) (2,142,11 ) (4 ,90 ) (2,03 ,0 9) (447,637) Proceeds rom isposal of HT .1(b) 433,102 36,013 36,013 Purchase of inancial Asset VTPOL .2(a) ( 6,701) ( 0) ( 0) Receipt rom Repayment Of Loan Ad ances .4(a b) 279,041 3 0,061 90,733 2, 79 Additional to Loan Recei ables .4(a b) (262, 2 ) (217,042) (3,91 ) (91,2 6) Addition to Statutory eposit 16 (1 ,969) ( , 91) In estment Income Recei ed 3 443, 13 3,3 0 331, 7 411,661 Other Operating Income Recei ed 39 9,737 7,7 6 7,303 1, 97 Ac uisition of Property, Plant E uipment 1 ( ,627) (4 , 21) (10,006) (20, 99) Proceeds rom isposal of Property, Plant E uipment 13, 41 7,6 7 11, 27 6,9 7 Addition to In estment properties 14 ( ,962) ( ,962) Proceeds rom isposal of In estment Property 14 2,6 4 2,6 4 Proceeds rom isposal of Un uoted In estment 3,0 4 3,0 4 Rental Income Recei ed 3 ,606 11,901 7,63 10,637 Ac uisition of Intangible Asset 13 (6,26 ) (3,9 ) (3,1 1) (3,423) Share Issue/ eposit for Shares in Subsidiaries ( 2,731) e a enera e rom n e ing c i i ie
a lo rom inancing c i i ie eposit for Shares 24 ,000 24 ,000 e a enera e rom inancing c i i ie
Net Increase/( ecrease) In Cash and Cash E ui alents (634,201) 42, 91 ( 7,723) 349,746 E ect of o ement in Exchange Rate on Cash and Cash E ui alents 0,96 22,334 69,20 9,103 e ncrea e ecrea e n a an a i alen ring e year Cash and Cash E ui alents as at 1 anuary 2, 1, 1,9 6,364 2,219,991 1, 61,142
a an a i alen a a ecem er
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 64 [email protected] NOTES TO THE ACCOUNTS As at 31st ecember
a an a i alen Cash in Hand ,4 6 2,9 4 3, 60 1,3 Bank Balances Current Account 6 4,303 4 7, 4 233, 3 312,1 9 Shortterm placements: ixed eposit 679,322 967,6 2 64,7 7 7 3,017 Treasury bills with maturity period 90 days 629,273 1,123,39 629,273 1,123,39 o al
The carrying amounts disclosed abo e reasonably approximate fair alue at the reporting date. or the purpose of the cash ow statement, cash and cash e ui alent comprise of the following balances with less than 3 months maturity from the date of ac uisition. The Group does not ha e signi cant restriction on its ability to access or use its assets and settle its liabilities other than those resulting from the super isory frame work within which the Group operate. The super isory framework re uire the insurance subsidiaries to keep certain le els of regulatory capital and li uid asset.
Cash in Hand ,4 6 2,9 4 3, 60 1,3 Bank Balances Current Account 6 4,303 4 7, 4 233, 3 312,1 9 Shortterm placements: ixed eposit 679,322 967,6 2 64,7 7 7 3,017 Treasury bills with maturity period 90 days 629,273 1,123,39 629,273 1,123,39 o al ca ca e i alen
Current 1,99 ,3 4 2, 1, 1,431,473 2,219,991 Non Current
inancial e e nancial a e are mmari e elo y mea remen ca egory Held to maturity (note .1) ,031,36 3,121, 73 4,224,934 1,992,33 air Value through Pro t or Loss uoted In estment (note .2) 639,3 64,460 72,964 4,900 A ailable for sale Un uoted In estment ( note .3) 40,104 4 ,7 9 7, 96 Loans and Recei ables ( note .4) 227,126 240,319 7,061 91,724
Current , 97, 79 3,926,3 3 4, 04,961 2,63 ,963 Non Current 40,104 4 ,7 9 7, 96
. el o ma ri y nancial a e a amor i e co Treasury Bill with aturity period 90 days 923,67 1,949,991 71,061 1,904,7 9 Go ernment of Nigeria Bond 1,31 ,7 1,31 ,7 eposit with Corporate Institution with aturity period 90 day 2,7 ,907 1,171, 2 2,03 ,0 7, 79
. a naly i of el o a ri y At the beginning of the year 3,164, 36 2, 62,143 1,992,33 1,397,913 Addition during the year 2,142,11 4 ,90 2,03 ,0 9 447,637 isposal/Repayment uring the Year (433,102) (36,013) (36,013) Impairment Loss Accrued Interest 200,77 1 2, 01 194, 07 1 2, 01 ar e al e a a ecem er Impairment (kept in books for record RegencyNem Ghana) (43,263) (43,263) arrying al e
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 6 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
Held to maturity relates to ederal go ernment treasury bill, ederal Go ernment 1 coupon rate Bond payable half yearly and other deposit with corporate institution with maturity period abo e 90 days.
None of these in estment securities ha e been pledged to third party as collateral. The Group does not ha e signi cant restriction on its ability to access or use its assets and settle its liabilities other than those resulting from the super isory frame work within which the Group operate. The super isory framework re uires the insurance subsidiaries to keep certain le els of regulatory capital and li uid asset.
. naly i of or e r o e of ca o e eginning of e year 3,164, 36 2, 62,143 1,992,33 1,397,913 Addition during the year 2,142,11 4 ,90 2,03 ,0 9 447,637 isposal/Repayment uring the Year (433,102) (36,013) (36,013) Impairment Loss Accrued Interest 200,77 1 2, 01 194, 07 1 2, 01 ar e al e a a ecem er Impairment (kept in books for record RegencyNem Ghana) (43,263) (43,263) arrying al e
.2 Analysis of uoted nancial assets VTPOL are shown: a. o e n e men At the beginning of the year 64,460 697, 93 4,900 6 ,4 7 Exchange di erence 10 (1,333) Addition during the year 6,701 0 0 isposal/Repayment uring the Year air Value Gain/(Loss) 1 ,119 (127,9 0) 1 ,064 (126,43 ) Impairment Loss ( ,000) ( ,000) ar e al e a a ecem er
The Group classi ed its uoted in estment at market alue which is a reasonable measurement of fair alue since price of the shares are uoted in an acti e market. The sensiti ity analysis for uoted e uity nancial instruments illustrates how changes in the fair alue or future cash ows of a nancial instrument will uctuate because of changes in market rates at the reporting date. A basis point mo ement in market rates will result in addition/reduction in the alue of the assets by Group of N 31.9 illion (2019, N 2 .2) and Company N 2 .6 illion(2019, N 27.7)
. aila le for ale inancial a e (a). ominion Trust Limited 7, 96 7, 96 (b). Others, Own by Subsidiary (Regency Nem Insurance Ltd Ghana) 40,104 3 ,163 (c) Profound Securities Limited
. a naly i of n o e n e men At the beginning of the year 4 ,7 9 46,6 6 7, 96 7,136 Exchange di erence 612 ( , 77) Addition during the year isposal/Repayment uring the Year (7, 96) (7, 96) air Valua Gain/(Loss) 1,330 4,9 0 460 Impairment Loss alance a a ecem er
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 66 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
. c rofo n ec ri ie imi e a co 2,072 2,072 2,072 2,072
m airmen on rof n ec ri ie inancial a e At the beginning of the year (2,072) (2,072) (2,072) (2,072) Addition during the year Re ersal during the year alance a a ecem er
arrying al e a a ecem er
. . naly i of nreali e air al e gain lo on a) ominion Trust Limited 460 460 b) Others, Own by Subsidiary (Regency Nem Insurance Ltd Ghana) 1,330 4,4 9 alance a a ecem er
The un uoted e uity instruments are measured at fair alue and classi ed as a ailable for sale. The fair alue of the un uoted e uity ha e been determined using ad usted net asset method and was based on the latest audited nancial statement of the in estee companies. The fair alue of the assets cannot be readily and reliably measured as there is no acti e market for both types of companies. The fair alue of the in estment has been categorised as Le el 3 fair alue based on non obser able market inputs into the aluation techni ue. The Group intends to dispose of the shares at a price abo e the initial in estment purchase price. uring the year the Company disposed its in estment in ominion Trust Limited with carrying alue of N 7.3million. A total proceed of N 3.0 million was recei ed from its disposal.
. oan an recei a le com ri e a o n elo Sta Loan (note .4a) 23,010 104,132 7,061 91,724 Loans and Ad ances Ric icro nance Bank (note .4b) 204,116 136,1 7 a a oan an ance Balance as at the beginning of the year 104,133 10, 96 91,724 3,031 Addition during the Year 12,369 99,710 3,91 91,2 6 Repayment uring the Year (97,014) ( ,1 9) (90,733) (2, 79) air Valua Gain/(Loss) Impairment Loss Accrued Interest 3, 24 1,6 2,1 316 Interest Recei ed In Cash
Sta loan and ad ance are measure at amortised cost using e ecti e interest rate, the infecti e interest rate for the purpose of sta loan aluation is the applicable interest rateat the time of a ailment Loan granted to sta at below market rate are fair alued by reference to expected future cash ows and current market interest rates for instruments in a comparable or similar risk class and the di erent between the historical cost and fair alue is accounted for as employee bene ts under sta costs where these are considered material.
an oan an ance Balance as at the beginning of the year 136,1 7 210,4 0 Addition during the Year 2 0,4 9 297,110 Repayment uring the Year (1 2,027) (371,902) air Valua Gain/(Loss) ( 03) 29 Impairment Loss alance a a ecem er
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 67 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
(c) Loan and Ad ances aturity Pro le Under 1 month 0,909 34,043 1 3 months 3,00 6,73 3 6 months 3,030 3 ,461 6 12 months 19, 71 12, 44 O er 12 months 3,462 2,7 9 llo ance for im airmen on loan an ance
a
Current 227,126 240,319 7,061 91,724 Non Current
ro i ion for im airmen on loan an a ance o omer la i ca ion ercen age rinci al Performing 1 199, 69 1,996 1,306 on erforming Pass and atch 4,4 274 196 Sub Standard 20 2,141 76 607 oubtful 0 1, 31 764 790 Lost 100 2, 1 2, 1 2,7 9
(e) Balance as at 1 anuary ,6 6,1 7 Less: Balance as at 31st ecember, 6,161 ,6
ran fer o a emen of ro or lo er om re en i e ncome
The allowance for impairment of loans and ad ances to Customers is calculated in line with Prudential guidelines issued by Central Bank of Nigeria for each Non performing Account rated as Pass and atch, Sub standard oubtful and Loss acility as follows:
n ere an or rinci al an ing for a egori a ion ercen age Below 30 days Paas watch 31 60 days Sub standard 20 61 90 days outful 0 91 days abo e restructured facilities Loss 100 hile a general pro ision of 1 is made on all performing account balances.
ra e ecei a le a ue from Brokers and Other Intermidaries 7,202 ,631 7,202 ,631 b ue from inance Lease rental 191,310 11 , 63 c ue rom Sales of Tracker 9,49 ,064
Current 20 ,010 132, 7,202 ,631 Non Current
a i e from ro er an er n ermi iarie Premium recei able 7,202 ,631 7,202 ,631 Impairment premium recei ables
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 6 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
a ii naly i of remi m recei e ring e ear Balance as at 1 anuary ,631 7, 1 ,631 7, 1 Gross written Premium Recei able 6, 43,160 6,274,793 3, 7 , 36 3,946,2 7 Premium Recei ed during the Year (6, 41, 9) (6,277,013) (3, 76,96 ) (3,94 , 07)
alance a a ecem er
a iii ge naly i remi m e or ue ithin 30 ays 7,202 ,631 7,202 ,631 ue A er more than 30 days
The premium recei ables were not impaired, this is in line with Group policy on No Premium No Co er . The Group only recognised recei ables from broker and intermidiaries, howe er such premium recei able should not exceed a period of 30 days.
(6b) Analysis of due from inance Lease Rental Under One Year 1 3,0 2 120,064 1 Year 22,62 7,2 Years and Abo e Pro ision for Impairment on nance lease rental(6b.i) (14,400) ( ,4 6)
o emen on im airemen of lea e en al At the beginning of year ,4 6 7,497 Allowance made during the year ( ,914) (9 9) alance a a ecem er
Recei ables from Lease Rental represent the Subsidiary s (RIC Properties and In estment Ltd) gross in estment in minimum lease payments recei ables as at reporting date. All lease agreement is for period of one year. The allowance for impairment on nance lease represents accumulated allowance for uncollectable lease payment recei able. RIC Properties and in estment pro ides nance lease for corporate body as well as indi idual, in the area of household e uipment, motor cars, customerers o ice and household furnitures and real estate.
c e from ale of ra er Under One Year 9,49 ,064 Abo e one year
ein rance e Prepaid Reinsurance UPR 922,631 ,677 6 ,91 66 , 0 Reinsurance Share of Outstanding Claims 902,303 174,320 3, 07 3 , 34 Reinsurance Share of Outstanding IBNR 444,3 0 332,123 417,2 3 30 ,026 Reinsurance Reco erable on Claims Paid 49 49 Recei able rom Reinsurance 2,433 2,433 Current 2,269,7 2 1,394, 3 1,127,47 1,01 ,101 Non Current
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 69 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
The reinsurance asset of the Company were based on independent actuaries aluation report authorised by unaid Akram on behalf of TA Consulting Nigeria Limited. A professional actuary registered in Nigeria with the inancial Reporting Council of Nigeria with registration no ( RC number RC/2014/NAS/00000006904 ) Recei ables rom Reinsurance in year 2019 represent the minimum deposit premium ( ) paid to Reinsurance Company on year 2020 treaty arrangement. indly note that our consultant has not e ect RC Rule 2(b) . re ai ein rance Balance as at 1 anuary ,677 ,43 66 , 0 676,043 Reinsurance Cost uring the year 2,102,74 1, 24, 90 1,44 ,931 1,304,4 7 Reinsurance Expenses/Amortisation during the year (2,06 ,793) (1,797,64 ) (1,4 , 21) (1,311,692) alance a a ecem er
. o emen in e ein rance are of eco era le on an ing laim Balance as at 1 anuary 174,320 27,733 3 , 34 127,334 Exchange di erence 6,07 (2 ,392) Changes Outstanding Claims 721,90 (32 ,021) 14,973 ( , 00) alance a a ecem er
. o emen in ein rance are of an ing Balance as at 1 anuary 332,123 31 ,4 1 30 ,026 23 ,371 Charges uring the year 112,227 16,672 112,227 69,6 alance a a ecem er
There were no indicators of impairments on re insurance assets. Therefore, no impairment is re uired in respect of these assets. The carrying amounts disclosed abo e is in respect of the reinsurance of insurance contracts which approximates to the fair alue at the reporting date.
eferre c i i ion o eferred ac uisition costs represent commissions on unearned premium relating to the unexpired period of risks and comprise: General Accident 19,947 19,203 12,22 10,769 Oil Gas 2,1 0 3,1 2,1 0 3,1 ire 43,363 33,276 9,634 7,33 otor 9 ,236 4 ,79 23,939 19, 3 A iation 3,963 4, 26 3,963 4, 26 Bond 32,392 6,31 2 3 922 Engineering 23,993 29,144 16,139 1 ,234 arine 32,1 4 14,9 16,621 14,9 Emp/Liability 9 1,271 11 67
. o emen in eferre c i i ion o At beginning of the year 160,676 223,220 76, 32 11 ,3 Addition during the Year 04,223 730,1 1 331, 07 349,476 Amortisation during the Year (712,371) ( 11,033) (323,270) (3 ,329) Exchange di erence 1,299 1 ,33 alance a a ecem er
Current 2 3, 27 160,676 ,069 76, 32 Non Current
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 70 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
eferre a e no e At beginning of the year ,333 ,107 o ement uring The Year ( ,333) 3,226 alance a a ecem er
er ecei a le an re aymen a Prepaid Insurance on Group assets and Group Life Policy ,723 7,000 ,723 7,000 b Prepaid rent 1 9,936 11 ,2 2 ,704 ,611 c Sundry Recei able Prepayment 24,742 11 ,092 , 09 4,13
Current 193,400 240,344 20,236 16,7 0 Non Current
a re ai n rance remi m on ro e At beginning of the year 7,000 10,11 7,000 10,11 Addition during the year 20,2 47, 29 17,701 20,023 Charge to income statement (1 , 63) ( 0,647) (1 ,97 ) (23,141) alance a a ecem er
Prepaid insurance premium on group asset represent insurance premium paid in ad ance to pro ide insurance co er for the Property, Plant and e uipment of the Group and life insurance policy co er for the sfa .
re ai ren At beginning of the year 11 ,2 2 1 1,246 ,611 6,032 Exchange di erence 1,671 (14,304) Addition during the Year 14 ,374 0, 12 10,690 10,119 Charge to income statement (10 ,362) (99,202) (10, 9 ) (10, 40) alance a a ecem er
c n ry ecei a le re aymen At beginning of the year 11 ,092 31,461 4,13 13,9 6 o ement (90,3 0) 3,631 1,671 (9, 4 ) en of e year
Sundry recei able Prepayment represent subsidiary s RegencyNem Ghana Limited recei ables, Ric icro nance Bank recei ables on AT account, stock of che ue book, S S alert, prepayment on 3years anti irus licence for the company.
n en ory Opening balance as at 1 anuary 7,743 , 39 Purchases during the Year 2,701 4,4 3 Issued out (4,176) ( , 49) alance a a ecem er
In entory represents stock of trackers held by RIC Technologies Limited as at the reporting date
Current 6,267 7,743 Non Current
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 71 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
n e men in i iarie a Regency Nem Insurance Limited, Ghana 3,0 4 3,0 4 b RIC Properties In estment Ltd 300,000 217,269 c RIC icro nance Bank Limited 161,396 161,396 d RIC Technologies Limited 11,720 11,720 o al a c
Current Non Current 1,026,170 943,43
a egency em n rance imi e ana Opening balance as at 1 anuary 3,0 4 3,0 4 Addition during the year Balance as at 31 ecember 3,0 4 3,0 4
ro er ie n e men Opening balance as at 1 anuary 217,269 217,269 Addition during the year 2,731 Balance as at 31 ecember
uring the nancial year, the company in ected the sum of N 2.7million as additional capital in Ric Properties In estment Limited to boost its property business. This has increase the Parent s holding in Ric properties from 96 to 97 respecti ely.
c icro nance an imi e Opening balance as at 1 anuary 161,396 161,396 Addition during the year alance a a ecem er
ec nologie imi e Opening balance as at 1 anuary 11,720 11,720 Addition during the year alance a a ecem er
Regency Alliance is the Parent Company with signi cant interest in the subsidiary Companies as at 31 ecember 2020 were as follows: ec i e on lace of a e of n i y ol ing on rolling ncor ora ion ncor ora ion i iary c i i y n ere c i i ion Regency Nem Insurance (Ghana) Limited Insurance 42 Ghana 201 RIC icro nance Bank Limited Banking operation 9 Nigeria 17th ecember, 200 RIC Technologies Limited Sale of ehicle trackers 90 10 Nigeria 1 th April, 2009 RIC Properties and In estment Limited Property leasing and in estment 97 3 Nigeria 4th anuary, 200
The Company, along with its subsidiaries, make up the Regency group uring the inancial year 2016 there was a marger between Regency Insurnce(Ghana) limited and Nem (Ghana) Insurance Limited at ratio of 60 to 40 respecti ely. Athough the Group owns less than half of the oting power of the in estee, the directors ha e determined that it has ac uired de facto control o er the in estee when it ac uired the in estment because the Group has held signi cantly more oting right than any other ote holders. The Group applied ac uisition account method to its in estment.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 72 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
The Group also has indirect exposure or right to ariable return through its de facto agent Roland Agambire who owns 1 interest in RegencyNem.
Hence the Group chosed to consolidate RegencyNem Insurance Ghana Limited.
igni can re ric ion The Group does not ha e signi cant restriction on its ability to access or use its assets and settle its liabilities other than those resulting from the super isory frame work within which the group operate. The super isory framework re uires the insurance subsidiaries to keep certain le els of regulatory capital and li uid asset.
n angi le e Intangible Assets Computer So ware Opening balance as at the beginning of the Year 133, 31 137, 60 91,06 7,64 Exchange di erence 24 ( ,013) 6,26 3,9 3,1 1 3,423 alance a a ecem er
cc m la e mor i a ion Opening balance as at the beginning of the Year 116,7 0 112,2 2 76,424 6 , 24 Exchange di erence 1 (7,469) Charge for the year 11, 73 11,997 9,976 10,900 alance a a ecem er
arrying mo n a a e en of e year
Current Non Current 11,491 17,0 1 7, 20 14,644
The intangible assets of the group comprise the computer so ware with life span of e years. The computer so wares are accounted for using the cost model i.e cost less accumulated armortisation and less accumulated impairment. The amorti ation is charged to the statement of pro t or loss and other comprehensi e income on straight line method in line with the Company s policy.
The computer so ware has been assesed for Impairment, there were no indication of impairment on the intangible asset, hence no impairment was recognised.
n e men ro er ie a i al or in rogre Opening balance as at 1 anuary 612, 1 646,919 49 ,962 30,000 Addition during the year ,962 ,962 isposal ( 0,000) ( 0,000) air alue Gain 9,03 40,000 9,03 40,000 alance a a ecem er
Current Non Current 621,919 612, 1 0 ,000 49 ,962
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 73 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
a . elo i a rea o n of in e men ro er ie o ing mo emen ring e year
an i ion ecla i ca ion i o al fair al e gain ec. No 21, Point Road, Apapa Lagos 49 ,962 9,03 0 ,000
. i of e n e men ro er ie an carrying amo n aoca ion a e of c i i ion e cri ion arrying mo n a re of i le No 21, Point Road, Apapa Lagos 2007 2 block of 3bedroom on 0 ,000 Consent granted by 4,000s m of land ederal Go ernment of
Nigeria and all necessary fees has been
In estment Properties represents the Group/Company s in estment in landed and Buildings for the purpose of capital appreciation. The Company s In estment properties are stated at fair alue, which has been determined based on aluations performed by Tun i Ologbon Partnership (Estate Sur eyor and Valuer), a professional rms of Estate Sur eyors and aluers registered with inancial Reporting Council of Nigeria ( RC)with registration NO RC/2012/NIESV/00000000097. The aluation was based on open market alue, Comparism method was adopted to arri e at the worth of the land. This in ol es the analysis of recent sales and a ailable listing of similar properties for sales within the neigborhood allowing for a di erences in the location, condition, time, uality of the infrastructures and other en ironmental factors that are likely in uence the alue of the land in its unde eloped state.
e ail of e al er The in estment properties were independently alued as at 31 ecember, 2020 by Tun i Ologbon Partnership (an estate sur eyor aluer) duly registered with the inancial Reporting Council of Nigeria. The aluer, which is located at N0. 14, Oladipo uku Street, O Alen A enue,Ike a Lagos, is a uali ed member of the Nigerian Institution of Estate Sur eyors and Valuers with RC No. RC/2012/NIESV00000000097.
indly note that our consultant has not e ect RC Rule 2(b)
The subsidiary s Capital ork in Progress (RIC Properties and In estment Ltd) represent blocks of hostel under de elopment, the group applied cost model in its aluation.
The fair alue can not be readily determined as they were still under construction. There are no restrictions on the realisability of in estment property or the remittance of income and proceeds of disposal. The Group has no contractual obligations to purchase, construct or de elop in estment property or for repairs or enhancement. The Group had no capital commitment as at reporting date and no Group In estment Property was pledged as a security for liabilities
The fair alue disclosure on in estment properties is as follows:
air al e mea remen ing o e rice in ac i e ignifican er a le ignifican mar e n no er a le n Group Le el 1 Le el 2 Le el 3 ate of aluation 31 ecember 2020 N 000 N 000 N 000
Investment Properties 621,919
air al e mea remen ing o e rice in ac i e ignifican er a le ignifican mar e n no er a le n Company Le el 1 Le el 2 Le el 3 ate of aluation 31 ecember 2020 N 000 N 000 N 000
In estment Properties 0 ,000
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 74 [email protected]
24,991 24,312
117,335 - 58,629 - (73,935) - (83,488) 1 869,871 - 13,310
- - (6,180) - - (18,442)
- (3,195) - (3,195)
(100)
(100) cont d
Vehicle Equipment Fittings Machinery (68,854) (1,887)
(78,407) (1,887)
Vehicle Equipment Fittings Machinery
- 33,147 18,373 3,538 549 PROPERTY, PLANT AND EQUIPMENT PLANT PROPERTY, - (6,080) PROPERTY, PLANT AND EQUIPMENT PLANT PROPERTY, As at 31st ecember
5,568 6,521 2,748 3,568 6,586 180,666 4,773 603,345 6,856 317,005 95,518 4,859 66,975 4,256 240 3,568 1,263,749
140,848 498,224 6,116 297,181 93,406 84,778 9,449 62,708 5,602 240 1,083,979 2,762
- - 5,998 191,437 76,124 617,471 10,639 330,617 103,750 3,976 69,630 2,282 240 1,313,145 - 99,019 - 180,666 603,345 317,005 95,518 66,975 240 1,263,748 - - (18,342) - 33,702 17,795 10,375 5,238 1,505 - 68,615 NOTES TO THE ACCOUNTS THE ACCOUNTS TO NOTES Land Land N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 2,285 2,132 2,748 4,557 1,588 3,000 491,404 199,747 149,858 13,070 7,732 8,058 491,404 380,413 753,203 330,075 103,250 75,033 241 2,133,619 491,404 199,747 149,858 13,070 7,732 8,058 1 869,871 494,404 194,544 96,993 18,713 6,607 9,343 1 820,605 491,404 380,413 753,203 330,075 103,250 75,033 241 2,133,619 494,404 385,981 714,465 349,329 110,356 78,973 241 2,133,749 485,000 185,610 259,288 21,957 10,829 2,161 1 964,846 485,000 367,562 757,512 319,138 95,607 64,869 241 2,089,929 Leasehold Building Motor Ofce Furniture & Plant & Library Total Leasehold Building Motor Ofce Furniture & Plant & Library Total
Carrying Amount as at December 31, 2019 Carrying
COST/VALUATION COST/VALUATION
Amount as at December 31, 2020 C arrying Addition during the Year Year Addition during the Exchange Difference Exchange Difference Opening Balance as at January 1 2020 DEPRECIATION ACCUMULATED Opening Balance as at January 1 2020 Exchange Difference Year Charged for the Disposal Closing Balance as at December 31, 2020
Disposal Closing Balance as at December 31 2020 15. THE GROUP 2020 15. THE GROUP 15. THE GROUP 2019 15. THE GROUP . . with no carrying alue. assets scrap were e uipment of the Group The disposed o ice i . The decision to dispose the Group asset was made during the year and e ected before year end. This did not gi e room for classi cation as held for sale on the face of statement of inancial Position of inancial Position statement i . of sale on the face as held for classi cation for end. This did not gi e room year before and e ected made during the year was asset dispose the Group The decision to iii. The Group asset has been assessed for impairment and there was no indication of impairment on the asset, hence no impairment was recorgnised. iii. recorgnised. was no impairment on the asset, hence of impairment no indication was and there impairment has been assessed for asset The Group Carrying Amount as at December 31, 2019 Carrying Carrying amount ii. The Group had no capital commitment as at reporting date, there was no restriction on the title of Group asset and no Group asset was pledged as a security for liabilities ii. liabilities as a security for pledged was asset and no Group asset on the title of Group no restriction was there date, as at reporting commitment had no capital The Group Carrying Amount as at December 31, 2018 Carrying
Disposal
COST/VALUATION COST/VALUATION I. 2020 land as at 31 ecember, leasehold from and e uipments apart property,plants included in the Group s asset no other lease are There 6,404 Additions Disposal 10,567 11,901 Opening Balance as at January 1 2019 Exchange difference Charge for the period 8,189 3,185 8,576 - 48,822 Exchange difference Exchange difference Opening Balance as at January 1 2019 Closing Balance as at December 31, 2019 ACCUMULATED DEPRECIATION DEPRECIATION ACCUMULATED
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 7 [email protected]
78,785
1 801,784 - (18,442) - (5,450) - (72,370) - (62,817)
- (3,195) - (3,195)
(100)
(100)
803 477 8,576 - 20,899 7,291 2,548 8,058 cont d
Vehicle Equipment Fittings Machinery Vehicle Equipment Fittings Machinery
- (18,342) - (5,350) - - (67,288) 447 (1,887) 5,844 167 549 - 10,006 - (57,735) (1,887) PROPERTY, PLANT AND EQUIPMENT PLANT PROPERTY, PROPERTY, PLANT AND EQUIPMENT PLANT PROPERTY, As at 31st ecember
4,994 65,080 4,610 1,422 2,679
- - 59,115 302,604 155,122 41,580 19,868 240 578,528 - - 64,109 362,334 159,732 42,902 22,547 240 651,864 - - 69,128 356,830 161,992 43,992 21,551 240 653,734 - 64,109 362,335 159,732 42,902 22,547 240 651,864 - - 5,020 52,231 4,147 1,090 2,200 - 64,687 NOTES TO THE ACCOUNTS THE ACCOUNTS TO NOTES Land Land N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 N‘000 6,404 4,262 378 3,000 491,404 250,986 467,939 167,023 45,450 30,605 241 1,453,648 491,404 186,878 105,605 485,000 246,725 485,903 166,220 45,074 22,029 241 1,451,191 485,000 187,609 183,299 11,098 3,494 2,161 1 872,663 491,404 250,986 467,939 167,023 45,450 30,605 241 1,453,648 494,404 250,986 401,098 170,980 45,617 27,959 241 1,391,284 494,404 181,858 44,268 8,988 1,625 6,407 1 737,551 491,404 186,878 105,605 7,291 2,548 8,058 1 801,784 Leasehold Building Motor Ofce Furniture & Plant & Library Total Leasehold Building Motor Ofce Furniture & Plant & Library Total . . with no carrying alue asset scrap were e uipment of the Company The disposed o ice i . The decision to dispose the Company asset was made during the year and e ected before year end. This did not gi e room for classi cation as held for sale on the face of statement of inancial Position of inancial Position statement i . of sale on the face as held for classi cation for end. This did not gi e room year before and e ected made during the year was asset dispose the Company The decision to iii. The Company asset has been assessed for impairment and there was no indication of impairment on the asset, hence no impairment was recorgnised iii. recorgnised was no impairment on the asset, hence of impairment no indication was and there impairment has been assessed for asset The Company
COST/VALUATION COST/VALUATION ii. liabilities as a security for pledged was asset and no Company asset on the title of Company no restriction was there date, as at reporting commitment had no capital The Company COST/VALUATION I. 2020 land as at 31 ecember, leasehold from and e uipments apart property,plants included in the Company s asset no other lease are There Closing Balance as at December 31, 2019
Opening Balance as at January 1 2019 DEPRECIATION ACCUMULATED Opening Balance as at January 1 2019
Carrying Amount as at December 31, 2018 Carrying Opening Balance as at January 1 2020 Addition during the Year Year Addition during the Disposal Closing Balance as at December 31, 2019 Closing Balance as at December 31, 2020 Addition during the Year Year Addition during the Charge for the period Disposal Amount as at December 31, 2019 Carrying Closing Balance as at December 31, 2020
Disposal ACCUMULATED DEPRECIATION ACCUMULATED Opening Balance as at January 1 2020
Carrying Amount as at December 31, 2020 Carrying Charged for the Year Year Charged for the Less:Disposal Carrying Amount as at December 31, 2019 Carrying 15. COMPANY 2019 15. COMPANY 15. COMPANY 2020 15. COMPANY
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 76 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
16 Statutory eposits Opening balance 406,436 410, 300,000 300,000 Exchange di erence 1,704 (10,343) o ement 1 ,969 , 91 Carrying Amount as at the end of the year Current Non Current 424,110 406,436 300,000 300,000
The Statutory eposit represents amounts deposited with the Central Bank of Nigeria(CBN) pursuant to Section 10(3) of the Insurance Act,2003. The deposits are not a ailable for use by the Group on a normal course of day to day business. The Parent has statutory deposit of N 300,000,000.00 with (CBN) in line with Insurance Act,2003 .The mo ement in the Group represent the interest capitalised during the year for (Regency Nem Insurance Limited Ghana) in line with Insurance Act (724),(73) of National Insurance Act 2006, Ghana.
n rance on rac ia ili ie Pro ision for unearned premium (note 17.a) 1,722,123 1,722,7 7 1,174,126 1,229,614 Pro ision for outstanding claims (note 17.b) 1,299,17 304,606 611,9 203,210 Incurred But Not Reported (IBNR) (17.c) 1,319,974 991,261 1,1 ,69 , 43
Current 4,341,272 3,01 ,623 2,971, 06 2,31 ,367 Non Current
lloca ion of e o olicy ol er f n Cash and Cash E ui alients 1,99 ,3 4 2, 1, 1,431,473 2,219,991 Reinsurance asset 2,269,7 2 1,127,47 GN Treasury bills/bond 73,136 467,034 412, 9 ,376
The Insurance contract liabilities of the Company were based on Independent Actuaries aluation report authorised by unaid Akram on behalf of TA Consulting Nigeria Limited. A professional actuary registered in Nigeria with the inancial Reporting Council of Nigeria with registration no ( RC number RC/2014/NAS/00000006904 ) indly note that our consultant as not e ect RC rule 2b.
a. o emen in nearne rem im ro i ion Opening balance 1,722,7 7 1, 20,727 1,229,614 1,134,394 o ement during the year ( , 9 ) (141,407) ( ,4 ) 9 ,220 Exchange di erence ,261 43,437
arrying mo n a a e en of e year
The company does not make pro ision for premium de ciency. This is because all classes of business in which the company is in ol ed report a pro t i.e the premium written is in excess of claims incurred.
a. ro i ion for nearne remi m General Accident 210,403 262,1 3 1 7, 4 209,334 Oil and Gas 323, 01 397,6 0 323, 01 397,6 0 ire 171,697 160,914 47,3 6 36,603 otor 390, 3 3 6,31 190,696 1 6,176 A iation 37,00 33,9 4 37,00 33,9 4 Bond 36,64 39,2 1,41 4,0 Engineering 244,971 243, 4 17 , 17 174,091 arine 294,992 217,3 3 240,13 217,3 3 Emp/Liability 11,774 11, 2 4 33
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 77 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
. o emen in o an ing claim ro i ion Opening balance 304,606 6 9,3 6 203,210 67,714 Exchange di erence (127,7 1) (13 , 7 ) Claim incured in the current year 2,612,33 1,623,449 990,410 36, 23 Claims paid during the year (1,4 9,9 ) (1, 72,3 4) ( 1,63 ) (901,327) alance a a ecem er
. ro i ion for o an ing claim General Accident 1,167 34,061 24,166 2 ,060 Oil and Gas 39 , 3 4 ,0 4 39 , 3 4 ,0 4 ire 1 3,49 67,7 3 64, 91 4,146 otor 1 6,29 90, 41 63,39 49,232 A iation 2,100 2,0 3 2,100 2,0 3 Bond 120,102 20,102 Engineering 12 ,1 7 23,932 3,347 17,122 arine 106,734 1 , 96 7,737 6,900 Emp/Liability 9 ,266 4,913 496 643
17.c Incurred But Not Reported (IBNR) Opening balance 991,261 6 4,047 , 43 6 4,047 o ement during the year 32 ,713 307,214 300,1 2 201,496
arrying mo n a a e en of e year
Current 1,319,974 991,261 1,1 ,69 , 43 Non Current
The Group 17. b(ii) Age analysis of Outstanding Claim Year 2020 OUSTANDING CLAIM TOTAL OUTSTANDING CLAIMS PER CLAIMANT 0-90 DAYS 91-180 DAYS 181-270 DAYS 271-365 DAYS 365 DAYS + 1 - 250,000 6,414 1,978 1,837 1,446 57,000 250,001 - 500,000 3,431 3,592 13,680 23,240 65,422 500,001 - 1,500,000 29,141 1,847 6,394 12,832 60,310 1,5000,001 - 2,500,000 9,536 - 24,366 7,693 60,851 2,500,001 - 5,000,000 28,820 4,876 - 23,622 89,042 5,000,001 - ABOVE - - - 761,805 GRAND TOTAL 77,341 12,293 46,277 68,833 1,094,433
The Group
17.b(iii) Age analysis of Outstanding Claim Year 2019 OUSTANDING CLAIM TOTAL OUTSTANDING CLAIMS PER CLAIMANT 0-90 DAYS 91-180 DAYS 181-270 DAYS 271-365 DAYS 365 DAYS + 1 - 250,000 75,833 20,727 2,198 2,818 19,366 250,001 - 500,000 4,209 2,855 2,068 4,100 39,904 500,001 - 1,500,000 3,561 3,999 3,451 2,738 13,410 1,5000,001 - 2,500,000 4,231 2,430 2,380 1,617 14,778 2,500,001 - 5,000,000 10,709 5,463 - 3,512 7,543 5,000,001 - ABOVE 39,906 - 10,800 - GRAND TOTAL 98,543 75,380 10,097 25,585 95,002
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 7 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember The Company
17.b(iv) Age analysis of Outstanding Claim Year 2020 OUSTANDING CLAIM TOTAL OUTSTANDING CLAIMS PER CLAIMANT 0-90 DAYS 91-180 DAYS 181-270 DAYS 271-365 DAYS 365 DAYS + 1 - 250,000 5,345 1,978 1,312 1,205 27,143 250,001 - 500,000 2,287 3,592 7,200 2,800 46,563 500,001 - 1,500,000 8,326 1,847 695 1,283 18,847 1,5000,001 - 2,500,000 5,960 - 4,061 4,049 15,643 2,500,001 - 5,000,000 16,011 4,876 - 19,357 5,000,001 - ABOVE - - - 411,605 GRAND TOTAL 37,930 12,293 13,268 9,337 539,158
The Company
17.b(v) Age analysis of Outstanding Claim Year 2019 OUSTANDING CLAIM TOTAL OUTSTANDING CLAIMS PER CLAIMANT 0-90 DAYS 91-180 DAYS 181-270 DAYS 271-365 DAYS 365 DAYS + 1 - 250,000 2,522 3,349 2,198 2,818 19,367 250,001 - 500,000 4,209 2,855 2,068 4,100 39,904 500,001 - 1,500,000 3,561 3,999 3,451 2,738 13,410 1,5000,001 - 2,500,000 4,231 2,430 2,380 1,617 14,778 2,500,001 - 5,000,000 - 5,463 - 3,512 7,543 5,000,001 - ABOVE - 39,906 - 10,800 - GRAND TOTAL 14,523 58,002 10,097 25,585 95,002
The Group recorgnised the existing outsanding claim in her book based on the fact that some claim were still under processing and awaiting documentation as analysed below.
OUTSTANDING CLAIMS (BEING ADJUSTED/AWAITING SETTLEMENT DECISION) PER CLAIMANT 0-90 DAYS NO. OF CLAIMS 91-180 DAYS NO. OF 181-270 DAYS N'000 N'000 CLAIMS N'000 1 - 250,000 615 11 342 7 346 250,001 - 500,000 262 1 392 1 - 500,001 - 1,500,000 4,127 4 511 1 695 1,5000,001 - 2,500,000 5,960 - - 4,061 3 2,500,001 - 5,000,000 16,011 5 4,876 1 -
5,000,001 - ABOVE - - - - - GRAND TOTAL 26,975 24 6,121 10 5,102
PLEASE NOTE THAT MAJORITY OF THESE CLAIMS INVOLVE LONG TAIL LIABILITY AND SPECIAL RISK CLAIMS THAT TAKES A LONG WHILE TO CONCLUDE THE ADJUSTMENT OUTSTANDING CLAIMS (AWAITING SUPPORTING DOCUMENTS) CLAIMS PER 0-90 DAYS NO. OF CLAIMS 91-180 DAYS NO. OF 181-270 DAYS N'000 N'000 CLAIMS N'000 1 - 250,000 3,164 162 1,636 95 965 250,001 - 500,000 1,200 3 3,200 8 7,200 500,001 - 1,500,000 675 1 1,337 1 - 1,5000,001 - 2,500,000 - - - - - 2,500,001 - 5,000,000 - - - - - 5,000,001 - ABOVE - - - - - GRAND TOTAL 5,039 166 6,173 104 8,165
PLEASE NOTE THAT A ORITY O THESE CLAI S INVOLVE LONG TAIL LIABILITY AN SPECIAL RIS CLAI S THAT TA ES A LONG HILE TO ULLY OCU ENT THE CLAI S. URTHER ORE, IN A ORITY O THE CASES, E ARE NOT THE LEA INSURER IN OST O THE CLAI S UN ER THIS CATEGORY.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 79 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
laim e elo men a le In addition to scenario testing, the de elopment of insurance liabilities pro ides a measure of the Company s ability to estimate the ultimate alue of claims. The top half of each table below illustrates how the Company s estimate of total claims outstanding for each year has changed at successi e year ends. The bottom half of the table reconciles the cumulati e claims to the amount appearing in the inancial Position.
laim ai riang la ion a a ecem er
e elopment Year
Accident year 2011 2012 2013 2014 201 2016 2017 201 2019 2020 Pre 2011 23,2 9 23,724 39,6 1 4 , 7 6, 41 6, 41 6, 41 6, 41 6, 41 6, 41 2011 46, 34 147,023 179,9 7 1 4,122 1 7, 24 190,4 6 193,14 193,14 193,20 19 ,0 2012 34,76 49, 72 2, 11 66,912 66,966 66,966 66,966 66,966 66,966 2013 6, 19 137,231 166, 3 1 4,416 1 4,429 1 4,429 1 4,4 4 1 4,4 4 2014 1,200 134,611 176,64 1 0,301 1 2,0 2 1 2,147 1 2,171 1 2,171 201 70 66,01 1,906 91,671 93,039 93,213 99, 71 2016 2 , 42 47,44 2,429 2,704 2,704 2017 49,447 77,144 3, 0 4,6 201 1 ,003 26,497 4 ,279 , 21 2019 23,946 4 ,271 2020 22, 4
e elopment Year
Accident year 2011 2012 2013 2014 201 2016 2017 201 2019 2020 Pre 2011 13, 64 1 ,397 29,737 31,431 34,142 34,166 34,166 34,166 34,166 34,166 2011 67,366 77,334 10 ,0 7 10 ,0 6 112, 66 112, 66 112, 66 112, 66 112, 66 112, 66 2012 4, 6 102, 2 102,939 104,6 1 104,6 1 104,6 1 104,6 1 104,6 1 104,6 1 2013 92,206 121,317 123,293 123,447 123,447 123,447 123,447 123,447 2014 1 6,1 6 223,346 224,0 7 224, 22 224, 22 224, 22 224, 22 201 4, 33 79, 21 94,343 102, 39 102,9 9 102,9 9 102,9 9 2016 76,319 102,930 113,229 114,430 114,430 2017 ,93 9 ,707 9 ,707 9 ,707 201 29,74 1,2 4 9 ,3 0 9 ,3 0 2019 31, 0 76,717 110,162 2020 24,979
e elopment Year
Accident year 2011 2012 2013 2014 201 2016 2017 201 2019 2020 Pre 2011 10,937 10,937 10,937 10,937 10,937 10,937 10,937 10,937 10,937 10,937 2011 26, 79 29,021 33,34 33,7 6 36,3 1 36,3 1 36,3 1 36,3 1 36,3 1 36,3 1 2012 21,9 3 37,6 2 3 ,777 39,234 39,234 39,234 39,234 39,234 39,234 2013 41,679 42,769 42, 16 43,004 43,004 43,004 43,004 43,004 2014 123,136 137,372 13 ,10 13 ,10 13 ,116 13 ,20 13 ,20 201 3 , 22 40,301 40,3 7 40, 04 40, 04 40, 04 2016 24,729 31,362 31,36 31,7 1 31,7 1 2017 ,293 29,029 29,091 29,363 201 33, 16 4 ,232 63, 40 63, 1 2019 22,603 26,3 2 2020 ,294
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 0 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
e elopment Year
Accident year 2011 2012 2013 2014 201 2016 2017 201 2019 2020 Pre 2011 491 491 491 2, 91 2,699 2,699 2,699 2,699 2,699 2,699 2011 6,21 6, 0 6, 0 6,97 9,034 9,034 9,034 9,034 9,034 9,034 2012 6,6 4 12,331 13,121 13,231 13,2 7 13,276 13,276 13,429 13,429 2013 3, 72 ,0 2 9,0 1 10,236 10,304 10,603 10,603 10,603 2014 21,021 67,2 6 70,6 4 7 ,329 7 ,426 7 ,426 7 ,426 201 2 , 70 37, 49 3 ,676 40, 26 40, 26 40, 26 2016 22,317 ,611 61,14 61,21 61,21 2017 32,60 70,069 101,134 102,79 201 26,936 49,369 , 27 60, 6 2019 19,632 26,29
e elopment Year
Accident year 2011 2012 2013 2014 201 2016 2017 201 2019 2020 Pre 2011 6 7 6 7 6 7 6 7 6 7 6 7 6 7 6 7 6 7 6 7 2011 69 121,240 147,032 167,231 170,3 6 170,3 6 170,3 6 170,3 6 170,3 6 170,3 6 2012 930 17,20 2,796 94,24 94,24 94,24 94,24 94,24 94,24 2013 1 ,733 2 , 2 , 2 , 2 , 6 ,7 6 ,7 7 ,3 2 2014 1,490 20, 20, 20, 20, 20, 20, 201 47,710 47,710 47,710 47,710 47,710 47,710 2016 ,772 16,244 103,630 11 ,262 11 ,262 11 ,262 2017 117,2 222,2 44 ,11 644,121 201 91,2 0 116,947 2 , 71 343,091 2019 ,112 91,322
e elopment Year
Accident year 2011 2012 2013 2014 201 2016 2017 201 2019 2020 Pre 2011 331 331 331 331 331 331 331 331 331 331 2011 1,2 9 1,2 9 9,4 4 9,4 4 9,4 4 9,4 4 9,4 4 9,4 4 9,4 4 9,4 4 2012 2,097 2,097 2,097 2,097 2,097 2,097 2,097 2,097 2,097 2013 7,30 7,39 7,39 7,39 7,39 7,39 7,39 7,39 2014 1 ,11 1 ,11 1 ,11 1 ,11 1 ,11 1 ,11 1 ,11 201 2,912 2,912 2,912 2,912 2,912 2,912 2016 , 24 ,1 3 ,1 3 ,1 3 ,1 3 2017 7,4 9 12,093 19,601 19,601 201 ,622 164, 0 164, 0 2019 261 ,406 2020 1,0 9
e elopment Year
Accident year 2011 2012 2013 2014 201 2016 2017 201 2019 2020 Pre 2011 3,340 3,340 6,920 14,970 14,970 14,970 14,970 14,970 14,970 14,970 2011 9,41 10,04 , 37 , 37 9,073 9,073 9,073 9,073 9,073 9,073 2012 2,331 ,6 2 7,0 7,0 7,0 7,0 7,0 7,0 7,0 2013 44, 9 44,611 44,611 44,611 44,611 44,611 44,611 44,611 2014 3,74 11,34 11,34 11,34 11,34 11,34 11,34 11,34 201 311 1,930 1,930 1,930 1,930 1,930 2016 674 1,067 1,067 1,067 1,067 2017 42 9 6 9 9 201 24 24 903 2019 1 1 1 1
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 1 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
e elopment Year
Accident year 2011 2012 2013 2014 201 2016 2017 201 2019 2020 Pre 2011 1,3 0 1,3 0 1,3 0 1,3 0 1,3 0 1,3 0 1,3 0 2011 14 17,603 17,603 27,07 27,07 27,07 27,07 27,07 27,07 27,07 2012 1,072 ,024 ,10 ,10 ,10 ,10 ,10 ,10 ,10 2013 2, 1 2, 1 3, 21 3, 21 3, 21 3, 21 3, 21 3, 21 2014 1,236 ,134 ,463 ,463 ,463 ,463 ,463 201 21,947 4 ,764 4 ,403 4 ,403 4 ,403 4 ,403 4 ,403 2016 199 1 1 1 1 1 1 1 1 2017 2,670 2,670 2,670 2,670 201 7 4 7 4 7 4 2019 6,0 6 6,1 7
e elopment Year
Accident year 2011 2012 2013 2014 201 2016 2017 201 2019 2020 Pre 2011 2011 2012 2013 1 3,206 3,223 3,223 3,223 3,223 3,223 3,223 2014 7, 91 7, 91 7, 91 7, 91 7, 91 7, 91 201 9,972 10, 40 11,276 11,276 11,276 11,276 2016 6,613 7,006 7,006 7,006 7,006 2017 10 402 402 402 201 7 ,37 92,0 3 92,0 3 2019 1,99 2,6 7
e elopment Year
Accident year 2011 2012 2013 2014 201 2016 2017 201 2019 2020 Pre 2011 2011 2012 2013 2014 201 2016 2017 201 2, 00 12, 00 12, 00 2019 2020
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 2 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
ra e aya le ue to Treaty Reinsurer 6, 2 6, 2 eposit and Other Accounts (note 1 .2 Ric icro nance Bank) 1 ,414 11,020
Current 21,939 11,020 6, 2 Non Current
. a mmary Current eposit Account ,16 4,222 Sa ings eposit Account 4,3 9 3,12 ixed eposit Account 2, 60 3,670 a ri y ro le Under 1 onth ,126 ,900 1 3 months 2,2 7 1,64 6 9 onths ,001 3,473 9 12 onths Abo e 12 onths
ro i ion an er aya le CBN S E e t und 21, 0 21, 79 (b). Others Pro ision and Payable 76 ,471 90,969 194,72 200,716
Current 76 ,471 90,969 194,72 200,716 Non Current 21, 0 21, 79
CBN S E e t und belong to the Subsidiary (Ric icro nance Bank Limited)
icro Small and edium Enterprises e elopment und is an inter ention fund Gi en By Central Bank of Nigeria to Nigerian icro nance Bank to boost small and medium scale enterprises The carrying amounts disclosed abo e approximate the fair alue at the reporting date.
. naly i of er ro i ion an aya le Accrued Rental Income 3,067 922 3,067 922 Accrued Expenses 234,4 3 239,61 97,747 130,0 4 Other trade payable (RegencyNem Ghana) 434,007 2 0,692 Unearned Commission recei ed(note 19b(I) 34,0 7 9, 4 34,0 7 9, 4 Unclaimed i idend 9, 7 9, 7 9, 7 9, 7
o emen in ommi ion an ee ncome Unearned fees and Commission income at 1 anuary 9, 4 9, 4 ees and Conmmission Income uring the Year 266,969 220,9 9 90, 20 6 ,427 ees and Conmmission Earned uring the Year (242,796) (211,07 ) (66,646) ( , 43) eferred ees and Commission as at 31 ecember
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 3 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
en ion ene liga ion Balance as at the beginning of the year 3,007 , 62 3,007 3,2 2 Charge to Income Statement 36,1 9 77, 7 36,1 9 37, 39,166 3,437 39,166 41,16 Bene t Paid uring the Year (36,1 3) ( 0,430) (36,1 3) (3 ,161) Balance as at 31 ecember Current 3,013 3,007 3,013 3,007 Non Current The Company runs a de ned contributory plan in accordance with the Pensions Reform Act where contributions are made to appro ed pension fund administrator.
ncome a ia ili ie a Per Statement of Pro t or Loss and Comprehensi e Income Income Tax Expense for the year Income Tax, based on current results 7 ,490 212,091 43,44 127,9 6 Education Tax 1,339 1,361 1,2 6 1,2 6 76, 29 213,4 2 44,701 129,242 National iscal Stabilisation Le y 1,1 0 16,3 Information Technology Le y ,999 7, 46 6,272 7, 46 Charged for the year 4,007 237,6 3 0,973 137,0 o ement in deferred tax asset (note 9) ( ,334) 3,226 eferred Income Tax mo ement (note 22a) ( , 06) 2,121 1, 77 2,004 er a emen of inancial o i ion The mo ement on tax payable account during the period is as follows: Balance as at 1 anuary 262,322 1 9,30 214,0 1 , 34 Charge for the year 4,007 237,6 3 0,973 137,0 Tax Paid (111,276) (160,792) (63, 9) (10 , 36) Translation di erence (9,220) (3, 73) Transfer to Prepaid Income Tax Balance as at 31 ecember
Current 22 , 33 262,322 201,499 214,0 Non Current
Current income tax is the amount of income tax payable on the taxable pro t for the year determined in line with the rele ant tax legislation.
The tax on the Company s pro t before tax di ers from the theoretical amount as follows: Pro t before income tax 6 7,1 1 1,000,71 6 1,137 3 , 4 Tax calculated at the tax rate of 30 (Nigeria) 19 ,34 292,170 204,341 2 1, 64 E ect of: Income not sub ect to tax (172,972) (172,972) (99,467) (123,49 ) Expenses not deductible for tax purposes 101,22 1 7,293 (10,049) 64,316 Expenses deductible for tax purposes ( 1,3 3) (64,399) ( 1,379) (64,39 ) Education Tax 1,339 1,361 1,2 6 1,2 6 Information Technology Tax 6,272 7, 46 6,272 7, 46 National iscal Stabilisation Le y 1,1 0 16,3 eferred tax ( , 06) 47,410 1, 77 1, 66 o ement in deferred tax asset ( ,334) 3,226
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 4 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
eferre a ia ili ie Balance as at 1 anuary 99, 00 47,496 99, 00 47,496 o ement during the year ( , 06) 2,121 1, 77 2,004 o ement in deferred tax asset ( ,334) 3,226 Translation di erence ,339 4,991 93,99 107, 34 101,077 99, 00 Transfer to eferred Tax Asset ( ,333) Balance as at 31 ecember
Transfer to eferred tax asset represents the Subsidiary Regency Nem Ghana Limited. a ro Balance as Change/(credit) Charge/(credit) Balance as at 1 Jan 2020 to income comprehensive at Dec. 2020 statement income Property and e uipment 33, 09 (3 ,629) (1, 20) Unrealised fair alue gain/(loss) 122,722 ,436 399 12 , 7 Pro isions for claim 1,904 1,904 Unrealised Gain/(Loss) on foreign currency translation ( ,933) 24,290 (34,643)
om any Balance as Change/(credit) Charge/(credit) Balance as at 1 Jan 2020 to income comprehensive at Dec. 2020 statement income Property and e uipment 44,049 (24,604) 19,44 Unrealised fair alue gain/(loss) 11 ,0 0 ,419 123,469 Unrealised Gain/(Loss) on foreign currency translation (62, 97) 20,761 (41, 36)
eferred tax asset and liabilities are o set when there is legally enforceable right to o set current tax asset against current tax liabilities and when the deferred income taxes asset and liabilities relate to income taxes le ied by the same taxation authority on either the taxable entity or diferent taxable entities where there is an intention to settle the balances on net basis.
an er ra Balance as at 1 anuary 16,703 ,246 o ement during the year (16,703) ,4 7 Balance as at 31 ecember
This represent the subsidiary s Regency Nem Ghana Limited obligation to Ghana inancial institutions
e o i or are Balance as at 1 anuary Addition during the Year 24 ,000 24 ,000 Balance as at 31 ecember
are a i al Share capital comprises: Authorised Share Capital 12,000,000,000 Ordinary shares of 0k each Issued and fully Paid Share Capital 6,66 ,7 0,000 Ordinary shares of 0k each
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
on igency e er e Balance as at 1 anuary 1,670,226 1,4 1,9 2 1,341,161 1,211,242 Transfer from retained earnings 196,29 1 ,244 12 ,717 129,919 Balance as at 31 ecember
. naly i of on igency e er e Group Gross Premium ritten 6, 43,160 3 196,29 1 ,244 Net Pro t (Pro t A er Tax) 90,2 9 20 11 ,0 143,27
om any Gross Premium ritten 3, 7 , 36 3 116,3 6 11 ,3 9 Net Pro t (Pro t A er Tax) 62 , 7 20 12 ,717 129,919 In compliance with Section 21 (1) of Insurance Act 2003, the contingency reser e for non life insurance business is credited with the greater of 3 of total premiums, or 20 of the pro t. This shall accumulate until it reaches the amount of greater of mininum paid up capital or 0 of net premium.
27 Retained Earnings Balance as at 1 anuary 772,22 2 3,2 7 1,021,793 02,119 Transfer from Statement of pro t or loss 622,366 677,212 62 , 7 649, 94 Transfer to contigency reser e (196,29 ) (1 ,244) (12 ,717) (129,919) Transfer from fair alue reser e 3,3 3,3 alance a a ecem er
air al e e er e Balance as at 1 anuary 10,226 6,760 3,3 3,066 Re ersal of Accumulated depreciation on Leasehold Land air alue changes in Value of Un uoted Shares 1,330 4,9 0 460 Income tax relating to component of fair alue change (399) (1,4 ) (13 ) Transfer Ad ustment on air Value Reser e of isposed Un uoted E uity (3,3 ) (3,3 ) alance a a ecem er
er e er e oreign c ange ran la ion e er e Balance as at 1 anuary (22,610) 1 ,79 o ement ,997 (211,40 ) alance a a ecem er
ro remi m ri en General Accident 694,116 774,3 17,097 39,909 Oil/Gas 970, 13 1,267,24 970, 13 1,267,24 ire 633,927 672,496 19 , 6 22 ,9 otor 1,790,63 1,621,947 66 , 16 66 ,71 A iation 241, 69 221,37 241, 69 221,37 Bond 4 4,943 240, 1 2 ,3 6 2 ,24 Engineering 6 7,346 614,907 474,063 373,466 arine 1,046, 21 794,304 7 3,730 623,264 Emp/Liability 3,2 67,27 4,207 4,07 Total
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 6 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
a . ro remi m ri en 6, 43,160 6,274,793 3, 7 , 36 3,946,2 7 Change in UPR , 9 (3,760) ,4 (9 ,220) Gross premium Income
ro remi m ncome General Accident 7 2,992 7 7,134 6 , 47 37,327 Oil/Gas 1,044,692 1,1 7,321 1,044,692 1,1 7,321 ire 74,132 7 6, 90 1 ,073 272,614 otor 1, 7 ,391 1,703,000 631,296 667,967 A iation 23 , 1 197, 1 23 , 1 197, 1 Bond 412,13 23 ,30 2 ,029 22,292 Engineering 676,270 614,76 472,637 431,224 arine 91 , 77 747,712 760,97 30, 93 Emp/Liability 9,046 6 ,6 3,9 4,214 o al
ein rance en e Prepaid reinsurance at the beginning of the year ,677 ,43 66 , 0 676,043 Reinsurance cost during the year 2,102,747 1, 24, 90 1,44 ,931 1,304,4 7 o al 2,9 ,424 2,6 3,32 2,114,739 1,9 0, 00 Prepepaid reinsurance at the end of the year carry forward 922,631 ,677 6 ,91 66 , 0 ein rance e en e
a . or e r o e of ca o a emen rein rance e en e i reconcile a follo
Reinsurance expenses as per income statement 2,06 ,793 1,797,64 1,4 , 21 1,311,692 Add reinsurance cost at the end of the year 922,631 ,677 6 ,91 66 , 0 Less reinsurance cost at the beginning of the year ( ,677) ( ,43 ) (66 , 0 ) (676,043) ein rance e en e a er a emen of ca o
. ein rance en e General Accident 314,7 2 207,499 2 1,042 146,1 Oil/Gas 4 6,3 0 1,071 4 6,3 0 1,071 ire 342,3 340,191 4,947 139,202 otor 219, 92 17 ,629 177,9 2 142,339 A iation 100,4 7 ,900 100,4 7 ,900 Bond 7 ,4 3 2 ,471 3,176 2 0 Engineering 17 , 6 179,900 122,2 1 130,163 arine 3 9,740 2 2, 13 262, 06 143,626 Emp/Liability 1 ,47 473 (220) (49) o al
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 7 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
ee an ommi ion ncome General Accident 24, 94 29,740 16, 27 11,967 Oil Gas ire 91, 2 92,690 19,27 17,211 otor 4,677 4,74 1, 9 6 A iation 903 903 Bond 32,4 3 ,94 600 99 Engineering 29,339 33,397 13,9 3 10, 32 arine ,43 39, 06 14,103 14,144 Emp/Liability 4,14 46 o al
.a ommi ion ncome Unearned fees and Commission income at 1 anuary 9, 4 9, 4 ees and Conmmission Income uring the Year 266,969 220,9 9 90, 20 6 ,427 eferred ees and Commission as at 31 ecember (34,0 7) (9, 4) (34,0 7) (9, 4) ee an onmmi ion arne ring e ear
laim en e ro Current Year Claim Paid 1,4 9,9 1, 72,3 4 1,63 901,327 (Increase)/decrease in Outstanding Claim 1,122,3 0 (3 4,623) 40 ,77 (364, 04) Outstanding Claim IBNR 32 ,713 307,214 300,1 2 201,496 ro laim nc rre
34(a). or the purpose of cash ow statement, gross claim paid is reconciled as follows:
Gross Claim Incured 2,941,04 1, 24,94 1,290, 62 73 ,319 o ement in outstanding claim (1,122,3 0) 3 4,623 (40 ,77 ) 364, 04 o ment in IBNR (32 ,713) (307,214) (300,1 2) (201,496) Claim Expenses (Gross)
laim eco ere from ein rance Reinsurance Receipt on Claim Paid/Sal age 326,7 6 21 ,44 291, 6 1 0,24 Changes In Reinsurance Share of Outstanding Claim 721,90 32 ,021 14,973 ( , 00) Change in reinsurance Reco erable from paid claim 49 49 Changes In Reinsurance Share of IBNR 112,227 69,6 112,227 69,6
a or e r o e of ca o a emen rein rance reco era le ic in ol e aymen of ca i reconcile a follo
Reco ery from reinsurance as per Income Statements 1,161,419 610,124 419,2 3 161,403 Reinsurance claim reco erables on outstanding claims/IBNR (721,90 ) (32 ,021) (14,973) , 00 Reinsurance Reco erable frompaid claim (49 ) (49 ) Reinsurance reco erables as per reinsurers debit/credit notes (112,227) (69,6 ) (112,227) (69,6 ) ein rance claim reco ery a er a emen of ca o
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
e laim en e General Accident 64,406 22, 2 (24,003) 4, 9 Oil Gas 39,616 1 2,316 39,616 1 2,316 ire 174,392 116,7 2 7,206 49, 66 otor 39 ,0 9 3 9, 01 11,270 2,6 2 A iation (11 ,4 4) 11 ,9 7 (11 ,4 4) 11 ,9 7 Bond 76,633 0,42 3,32 (2, 77) Engineering 2 1,016 149,601 17 ,999 7, 4 arine 0, 29 16 ,402 (29,666) 4,90 Emp/Liability 40, 99 19,2 2 4 1 ( 36) Total
n er ri ing en e a Ac uisition Cost 712,371 11,033 323,270 3 ,329 b aintenance Cost 210,073 196,037 210,073 196,037
Ac uisition cost is commission expenses on policies issued by the company ,while maintenance cost includes engineering ,sur eyor and superintending fees.
a Ac uisition cost General Accident 132, 161, 22 104, 23 126,6 7 Oil Gas 14,290 ,132 14,290 ,132 ire 9 , 70 130,6 2 1 ,449 3 ,0 2 otor 217, 71 234,466 ,960 6 ,6 4 A iation 16,70 1 ,9 16,70 1 ,9 Bond 46,041 43,063 1, 49 1,0 7 Engineering 102,7 2 112,7 1 9, 97 67,166 arine 77,0 93,341 1,40 64,700 Emp/Liability 6,46 7,7 7 7 63 Total
ain enance co General Accident 40,733 46,767 40,733 46,767 Oil Gas 7 ,006 6 ,222 7 ,006 6 ,222 ire 7,792 1 ,724 7,792 1 ,724 otor 24,2 9 1 ,4 2 24,2 9 1 ,4 2 A iation 10,213 ,070 10,213 ,070 Bond 9 1 31 9 1 31 Engineering 1 ,42 19, 01 1 ,42 19, 01 arine 32,4 1 24,492 32,4 1 24,492 Emp/Liability 1 0 164 1 0 164 o al
a n ere ncome Interest on loan ad ances 2 , 1 20, 93 Interest on ixed eposit 4,937 1 ,06 anagement ees 2,6 4 7 ee Income Enterprise 7, 2 4, 7
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 9 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
n ere en e ixed eposit 6,730 9,721 Sa ings Account 206 193
e ra ing ncome Turno er 10, 13,3 4 Cost of sales (4,176) ( , 49)
This represents net trading income on sale of ehicle tracker by subsidiary Ric Technologies Limited.
inance ncome inance ea e en al ncome
This represents income from nance lease of subsidiary (Ric Properties and In estment Limited), the Company pro ides nance lease for corporate body as well as indi idual, all lease agreement are for period of one year.
inance o 7,33 14,042
This represents cost incured on nance lease by the subsidiary s Ric Properties and In estment Limited and RegencyNem Ghana Ltd
n e men ncome Income from statutory eposit 39,141 36,94 39,141 36,94 Income from placement with inancial Institution ith aturity 90 days 202,1 9 191,322 96, 190,20 Income from placement with inancial Institution ith aturity 90 days 200,77 3 3,0 0 194, 07 1 2, 01 i idend Recei ed 1,434 2,030 1,321 1,704
In line with NAICO Prudential Guldline: Portion of In estment Income artributable to policyholder s fund and those artributable to Shareholders und shall be presented as a sub note under the Note on In estment Income
er o era ing ncome Rental Income ,606 11,901 7,63 10,637 Interest Income (Sta Loan) 3, 24 73 2,1 316 Sundry Income 6,213 7,213 ,14 1,2 1 Income from Oil Gas Insurance Pool 3,999 ritten o business now recei ed 196,222 Loss on isposal of Un uoted E uity (4, 43) (4, 43) Gain on isposal of In estment Property 2,6 4 2,6 4 Realised Gain/(Loss) on PPE 3,9 ( ,9 ) 1,974 (6,03 )
Included in sundry income is the subsidiary s Ric icro nance Bank Limited income on search fees,S S,AT ,returned che ue e.t.c. Income from subsidiary Regency Nem Insurance Limited Ghana Oil A iation Pool .
e ain or o in inancial e Exchange Gain or (Loss) 0,96 22,334 69,20 9,103 Realised Gain/(loss) in inancial assets (Note .4e) ( 03) 29 Impairment loss on inancial Assets (Regency Ghana) (26 ,469) Unrealised fair alue gain/(loss) on uoted e uity (Note .2) 1 ,119 (127,007) 1 ,064 (126,43 ) alance a e en of e year
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 90 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
m loyee ene en e Salaries and ages 706,943 640,26 2 6,724 267,10 edical Expenses 12, 37 10, 70 12, 37 10, 69 Sta Training 2,620 61,4 6 41,143 31,707 Pension contribution cost 37,0 77, 7 36,1 9 37, Sta elfare 24,123 1 ,010 23, 73 17,317
er era ing en e otor Running Expenses 47,6 3 7 ,914 43,4 6 46,6 0 epreciation Amorti ation 110, 90 130,692 74,662 9,6 Ad ert/ arketing Expenses 142,224 141,323 7 ,29 77,266 O ice Repairs aintenance Expenses 112,704 72,226 3 ,404 37, 31 Professional fees 123,342 ,223 30,7 6 27, 03 Subscription ees 72, 13 7 , 27 11,660 17,6 9 irector s Emolument 0, 14 114,333 11, 20 12,17 Auditor s Remuneration 22, 42 12,716 4,200 4,200 Electricity/Generator aintenance 46,14 4,073 43, 92 43,770 Transport Tra elling 3,0 10 ,227 1,092 2,919 Printing stationery 2,411 3,7 33,139 34,797 Statutory Annual ues and Le ies 34,770 4,246 34,770 39,246 Rent 106,730 99,202 10, 9 10, 40 Insurance Expenses 1 , 63 0,647 1 ,97 23,141 Telephone Expenses 4,299 21,066 3,964 ,074 Postages 69 1,16 69 1,16 Contract Ser ice Expenses 2 ,1 3 2 ,474 26, 26,7 0 Bank charges ,240 1 ,792 7,601 6,9 1 Newspaper Periodicals 371 4 6 314 3 Board AG Expenses 4,9 7, 97 4,9 7, 9 Entertainment Expenses 2,16 2,631 1, 47 2, 13 onations 3,262 , 4 3,200 00
4 .(I) epreciation (note 1 ) 99,01 11 ,69 64,6 7 7 ,7 4 .(ii) Amortisation (note 13) 11, 73 11,997 9,976 10,900
This is stated a er charging: epreciation Amorti ation 110, 90 130,692 74,662 9,6 irector s Emolument 0, 14 114,333 11, 20 12,17 Auditor s Remuneration 22, 42 12,716 4,200 4,200
The Group Auditor s did not engaged in any other Professional ser ices apart from audit work, hence no auditor s fees was included in professional fees.
indly note that the Group Auditor has not e ect RC rule 2(b).
Basic Earnings per share (calculated by di iding pro t a er tax attributable to ordinary e uity holders of parent for the year), are based on the weighted a erage number of shares held during the year. Ad usted earnings per share is determined by di iding the pro t or loss attributable to ordinary shareholders by the weighted a erage number of ordinary shares ad usted for the bonus shares issued.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 91 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
Pro t for the Year 90,2 9 716,3 9 62 , 7 649, 94
eighted a erage number of ordinary shares in issue 6,66 ,7 0 6,66 ,7 0 6,66 ,7 0 6,66 ,7 0
Basic earnings per share (in kobo) . 10.74 9.43 9.74
The calculation of basic earning per share as at 31 ecember, 2020 was based on the pro t attributable to ordinary shareholders of N 90,2 9 and N 62 , 7 for the Group and the company respecti ely and weighted a erage number of ordinary shares outstanding of 6,66 ,7 0,000.The Group and the Company had no diluted instruments as at 31 ECE BER 2020. Hence the basic and diluted earnings per share are e ual.
i The a erage number of full time persons employed during the year were as follows:
m er m er m er m er anagement 7 9 39 41 Senior Sta 29 29 12 12 unior Sta 130 126 63 9
ii irectors remuneration paid during the year is analysed as follows:
irectors fees 23,710 23,702 1,910 1,910 irectors other entitlements 7,104 90,631 9,910 10,26 irec or emol men
iii The directors remuneration shown abo e includes: The Chairman and 7 directors. The numbers of irectors who recei ed fees and other emolument (excluding pension contribution) during the year were in the following ranges: 7 7 7 7
i Employee cost during the year amounted to: Sta Cost 33,311 0 ,20 370,436 364, 7
Employees of the group,other than directors, whose duties were wholly or mainly discharge in Nigeria, recei ed remuneration (excluding pension costs and certain bene ts)in the following ranges: N N Number Number Number Number 0,000 100,000 4 4 14 14 100,001 200,000 34 34 2 2 200,001 300,000 43 43 24 22 300,001 400,000 22 22 9 9 400,001 00,000 11 11 9 9 00,001 600,000 31 29 16 16 600,001 700,000 4 4 700,001 00,000 7 7 00,001 900,000 4 4 900,001 1,000,000 7 7 3 3 Abo e 1,000,000 3 3 1 1
216 214 114 112
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 92 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
on igencie i iga ion an laim In the normal course of business, transactions are entered into that generate a range of contingent liabilities. These include litigations arising out of insurance policies and consolidated entity s undertaking from maintenance of net worth and li uidity support to subsidiaries. Such undertakings constitute a statement of present intent only and are not intended to gi e rise to any binding legal obligation.
The Company is currently in ol ed in e litigations (2019: ). The actions are igorously contested, and the irectors, based on the ad ice of the Company Secretary/Legal Ad iser Anu Shobo with RC Number RC/2013/NBA/000000036 4, are of the opinion that pro ision are not likely re uired in respect of these matters. As it is not probable that a future sacri ce of economic bene t will be re uired or the amount is not capable of reliable measurement.
In 2012, one Alha i Ibrahim Isah led a suit against the Company. The claim arose from comprehensi e otor Insurance. The plainti is claiming the sum of N2, 04,911.00 being the incurred medical expenses, N , 200,000.00 as compensation for the plainti s damaged ehicle and N10, 000,000.00 as general damages. The matter came up on the 19th ecember, 2016 in the Niger High Court, Sule a but was ad ourned for adoption of nal written addresses. The Company had led its nal written address but was pending for adoption because the Plainti led an application to re open his case which was granted by the court. The matter is still pending before the High Court for adoption of nal written addresses.
The Company is optimistic of a fa ourable outcome of court ruling on the matter. Accordingly, no pro ision has been recognised in respect of the claims as at 31st ecember 2020.
There are no material capital expenditure commitment at the end of the reporting date.
ela e ar y ran ac ion
a aren Regency Alliance Insurance Plc (incorporated in Nigeria) is the ultimate parent company of the Group.
i iarie In the normal course of business, insurance policies are sold to related parties at terms and conditions similar to those o ered to ma or clients. Loans were also gi en to irectors of the Company (Regency Nem).
All intergroup transaction between the parent and its subsidiaries has been eliminated on consolidation.The Group s e ecti e interests and in estment in the subsidiaries as at 31 ECE BER 2020 are shown below:
Entity Activity Effective Date of incorporation Entity holding AMOUNT /Acquisition % =N= '000 Foreign / Insurance subsidiary: Regency Nem Insurance (Ghana) Limited Insurance 42 553,054 2015
Domestic / non-Insurance subsidiaries: RIC Micronance Bank Limited Banking operation 95 161,396 17th December, 2008 RIC Technologies Limited Sale of vehicle trackers 90 11,720 18th April, 2009 RIC Properties and Investment Limited Property leasing and investment 97 300,000 4th January, 2005
(b) Transaction between Regency Alliance Insurance Plc and its sunsidiaries which has been elimilated on consolidation were shown below
(i) ue from subsidiaries Ric icro nance bank Limited 4 ,07 ,007 Regency Alliance Insurance Limited Ghana 2,629 Ric Properties and In estment Limited 24, 12 Ric Technologies Limited 2,64 3,667 o al
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 93 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
(ii) ue to Subsidiaries Ric icro nance bank Limited Regency Alliance Insurance Limited Ghana 1 ,09 Ric Properties and In estment Limited 6,040 Ric Technologies Limited o al
ran ac ion i ey managemen er onnel ey management personnel is de ned as the Group s executi e and non executi e directors, including their close members of family and any entity o er which they exercise control. Close members of family are those family members who may be expected to in uence, or be in uenced by that indi idual in their dealings with the Group.
i ey managemen er onel com en a ion The Compensation to key management personnel comprised the following:
Short Term bene t 0, 14 114,333 11, 20 12,17 o al
ii ey anagemen er onel an irec or ran ac ion ey management Personel engaged in the following transactions with the Company during the Year
Directors Transactions Transaction Transaction Transaction Transaction Values Values Values Values for the year ended for the year ended for the year ended for the year ended
Chief ale Taiwo Retainership fee 360 360 360 360
iii a ance o ey managemen a ey anagement Sta (Regency/Nem Ghana) 1,103 2,909
on ra en ion an enal ie uring the year, The Company paid penalties to re ulatory bodies for the following contra entions: Resubmission of 2019 Audited inancail Statement NAICO 00 00 Late payment of certi cation fee RCN 100
om ara i e here necessary, comparati e gures ha e been ad usted to comform with changes in presentation in the current year.
ec ri y ra ing olicy The Company has a Security Trading Policy. The Policy prohibits insider trading by irectors and guides the irectors in their trading in the Company s Shares.
The Policy also precludes them from passing any price sensiti e information to third parties for the purpose of trading in the Company s Shares.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 94 [email protected] NOTES TO THE ACCOUNTS cont d As at 31st ecember
e ha e en uired from our irectors and from the information recei ed, there was no contra ention during the year under consideration.
Shareholding Structure/ ree loat Status irec n irec ni irec n irec ni irec or N 000 N 000 R. BIYI OTEGBEYE 7 9,329 11. 4 7 9,329 11. 4 R. CLE BAIYE 1,000 0.01 1,000 0.01 R. SA Y OLANIYI 43, 0 0.6 44,9 0.67 R. EHIN E OYA IRAN 206 0.00 206 0.00 ALE AN ER REISSE CONSULTING LT 633, 31 9. 0 633, 31 9. 0 SUB TOTAL 1,467,647 22.01 1,469,022 22.03 REE LOAT ,201,103 77.99 ,199,72 77.97
PAI UP SHARE CAPITAL . .
eclara ion Regency Alliance Insurance Plc with a free oat percntage of 77.99 as at 31 ecember 2020, complied with The Exchange s free oat re uirements for companies listed on the ain Board.
en er e or ing erio The director are not aware of any e ent which occurred since 31 ecember 2020 which may ha e material e ect on the nancial statements.
In compliance with the re uirements of inancial Repoting Council of Nigeria ( RC) and Institute of Chartered Accountant of Nigeria (ICAN) in respect of COVI , the directors ha e assess its impact on the nancial statements as a whole and are of the opinion that it has no material e ect.
. i i en No di idend has been recommended in respect of year 2020 account.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 9 [email protected]
. n ro c ion an e ie The insurance industry ust like the global economy su ered from the COVI 19 Pandemic in 2020 coupled with arious political and economic fallouts and pressures from local e ents such as End Sars that a ected economic acti ities in Nigeria, the year was a challenging year in risk management. Ha ing an e ecti e capital and risk management has been a key fundamental to our business acti ities of Regency Alliance insurance Plc. ( the Group ).
e deploy the best risk management practices applicable in our operating en ironment with a iew to identifying, measuring, monitoring, controlling, reporting and updating on emerging risks that are material to our operations and such pre ailing in our business operation. The Group s ER framework is in line with Committee of Sponsoring Organi ations of the Treadway Commission (COSO) as appro ed by the insurance industry regulator (NAICO ), to identify, assess, manage and monitor the risks inherent in our operations.
rinci le l The Group will accept only the risks that fall within the risk appetite. l The Group s ER risk principles will not be compromised rather it shall identify, e aluate, manage, control and communicate as possible all risks within the organi ation. l The Group will build and entrench an enduring risk culture, which shall per ade the entire organi ation. l The Group will always comply with all go ernment regulations and uphold international best practice.
ra egy
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 96 [email protected] ENTERPRISE RIS ANAGE ENT cont d
n ernal n ironmen considers how the Group s history, business operations and long term growth reckoning the culture, alues, organi ational structure, strategy, policies and constantly changing business climate. This incorporates new procedures a ects its risk culture. It forms the foundation for knowledge of global and local challenges to stability and de ning the Group s risk approach appetite. pro tability.
ec i e e ing This in ol es setting of strategic ob ecti es for As part of the risk strategy, the Group s risk management ensures the Group through its risk strategy. The Group s risk tolerance and the identi cation, treatment and uanti cation of all key risks, the alignment between its risk appetite and its ob ecti es form establish control on key threats and continue monitoring to keep part of the o erall Group strategy. a ersi e threshold within residual le el as spelled out in the appetite. Its ob ecti e is to add maximum sustainable alue to all The risk appetite is determined, while risk tolerance, the the acti ities of the organi ation. It aids the understanding of the acceptable le el of ariation around the ob ecti es, is aligned with potential upside and downside of all those factors, which can risk appetite. a ect the organi ation. It increases the probability of success reduces both the probability of failure and the uncertainty of en en i ca ion escribes those de elopments either achie ing the organi ation s o erall ob ecti es internal or external to the Group that could signi cantly a ect its ability to meet its strategic ob ecti es, either positi ely or ilo o y negati ely. In order to assure that the full scope of the Group is The Group s risk philosophies are as stated below: considered, e ent and trend identi cation is done broadly l e shall employ the best risk management practices engaging a cross section of Group sta . applicable in our operating en ironment with a iew to identifying, measuring, monitoring, controlling and i e men escribes the extent to which potential e ents reporting e ery material risk pre ailing in our business and trends might a ect the company s ob ecti es. E ents and operation in order to maximi e our alue to stakeholders. trends are assessed by two criteria impact and likelihood. Risk l e would not a oid risk but manage it. Risk controls would assessments can be done by ualitati e and/or uantitati e not constitute an impediment to the achie ement of our methods. Inherent and residual risk assessments are employed. strategic goals. Both positi e and negati e impacts and likelihoods are e aluated. l e would continually re iew our acti ities to determine the A catalogue of the full spectrum of risks, with impacts and le el of risks inherent in them in order to adopt appropriate likelihoods e aluated, form the Group s risk register. risk response at all times. l e would continue to adopt a holistic and integrated i e on e Identi es and e aluates possible responses to approach to risk management and, therefore, brings all risk, assesses options in relation to the Group s risk appetite, cost risks together under one or a limited number of o ersight s bene t of potential risk responses, and degree to which a functions. response will reduce impact and/or likelihood. Such proposed l Our decisions would be based on careful analysis of the responses are selected and executed based on e aluation of the implications of such risk to our strategic goals and portfolio of risks and responses. operating en ironment.
on rol c i i ie include policies and procedures that help . ensure that the risk responses, as well as other company directi es The Risk anagement ramework (R ) appro ed by the Board to mitigate risks to the achie ement of strategic ob ecti es are de nes how managing risk is a part of our day to day carried out. This is enterprise wide. management of the company, it is inherent within the strong working practices and incorporates the Go ernance ramework, nforma ion an omm nica ion anagement identi es, Risk Pro ling Process, Risk Appetite, Reporting Processes, Culture captures, and communicates pertinent information in a form and and Communications. This has been updated in the face of the timeframe that enables people to carry out their responsibilities. new global realities and shi s in technological deployment, issues Communication occurs in a broader sense, owing down, across, around the en ironment, safety and health. and up the organi ation. onitoring: E ecti eness of the other ER components is o ernance rame or monitored through ongoing monitoring acti ities and separate The key components of the Group s go ernance framework e aluations, and a combination of both. in ol es understanding our lines of defence, isibility of key functions, ensuring that each strategic sta is a t proper person, r a roac de ning arious roles and responsibilities and clearly de ned Our ER strategy is the approach to achie ing the ision and policies, procedures with e ecti e internal control systems in the mission of the company it is based on the implementation of an organisation. The ER framework and other formal risk policies e ecti e ER ramework which supports the deli ery of sound are part of the go ernance process for running the business and in
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 97 [email protected] ENTERPRISE RIS ANAGE ENT cont d doing so, it will maintain core business critical high risk functions risks identi ed, in some cases conducting ad hoc checks. These in house, outsourcing where appropriate from a commercial and functions are assurance pro iders to the Board and include risk perspecti e. Compliance and Risk anagement unctions.
e ro ree ine of efence ir line r line n e en en rance The company recognise the three lines of defence as integral to the Internal Audit act as the third line of defence and their primary control en ironment as detailed below: responsibility is to pro ide assurance to the Audit, Risk Committee and Board that the controls in place to manage risks identi ed are ir line line ine anagemen an i ner operating as intended and that there are no control gaps in place. The Board, anagement and Risk Owners are the primary line of Internal Audit has a direct reporting line to the Audit and Risk defence, identifying risks, implementing a control structure that is Committee. operated continually through a Risk Control and SEL Assessment that enables understanding the risk climate across di erent units to identify /pre ent errors and if errors occur, to rectify the current ir ine r ine n e en en rance e ent and to ensure lessons are learnt and a similar incident is Internal Audit act as the third line of defence and their primary pre ented in future. They ensure that all risks are contained within responsibility is to pro ide assurance to the inance, In estment appetite and that appropriate information is recei ed to monitor and General Purpose Enterprise Risk anagement and adherence. In some instances, other departments act as in Go ernance and Audit and Compliance Committees of the Board intermediate line of defence for errors that take place in other and the Board that controls in place to manage risk identi ed are parts of the business. Such functions include, but are not limited to operating as intended and that there are no control gaps. Internal inance, Underwriting and Claims. Audit has a direct reporting line to the Audit and Risk anagement Committee, Enterprise Risk anagement and Go ernance econ line n line on in e en en nc ion o Committee of the Board. ro i e c allenge unctions which operate in this area tend to be independent from the business lines and pro ide re iew and challenge o er the e ecti eness of the control en ironment in place to manage the
o ernance r c re
BOAR RIS BOAR BOAR O ANAGE ENT AU IT IRECTORS CO ITTEE
CHIE RIS O ICER INTERNAL AU IT
SENIOR ANAGE ENT BUSINESS UNITS SUPPORT UNCTIONS ENTERPRISE I E IN THE CO PANY RIS ANAGE ENT UNCTION
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 9 [email protected] ENTERPRISE RIS ANAGE ENT cont d
Board Audit Committees l O ersight of nancial reporting and accounting. l O ersight of external Auditor l O ersight of regulatory compliance l onitoring the internal control process l O ersight of enterprise risk management
Board Risk anagement l Ensuring an ade uate Risk anagement ramework l e ning the company s risk appetite in line with the company s nancial resources, business strategies, management expertise and o erall willingness to take risk. l Re iewing and appro ing the Risk anagement policies and procedures. l Re e aluating the framework and risk appetite at least annually, considering changes in the risk pro le of the business. l Ensuring that the Risk anagement ramework is regularly audited by appropriately trained and competent personnel that are operationally independent of the risk management acti ities. l Ad ising the Board on the Company s risk pro le and risk appetite in setting its future strategy, the current nancial situation of the Company and its capacity to manage and control risks within the Company s strategy l Re iewing the work and reports prepared by the Chief Risk O icer ( CRO ) and o erseeing the e ecti eness of the CRO s role
Chief Risk O icer l e elops risk management strategy, principles, framework and policy l Implements appropriate risk management processes and methodologies l Ad ises and coaches management and business units on risk management l onitors the application and e ecti eness of risk management processes l Coordinates appropriate and timely deli ery of risk management information
l ra s risk policies and risk management standards Enterprise wide Risk anagement l e elops and implements the risk framework unction l e elops and distributes tools, techni ues, methodologies, common risk language, risk framework, analysis, reporting, communication and training l Coordination, aggregation, facilitation and enabling function l onitors the o erall risk pro le, including accumulations of risk, trends, and risks from internal and external market changes l Escalates high priority issues to senior management and Board l Collates, challenges and reports on aggregate risk pro le, control e ecti eness and actions taken to risk committee and Board.
Business Units l own risks and controls l Assess risks and the e ecti eness of controls in line with documented risk policy l esign, operate and monitor a suitable system of control l anage and re iew risks as part of day to day business acti ity
Internal Audit l onitors e ecti eness of the risk management processes l Tests controls l Validates risk information and risk reporting l Identi es correcti e actions l liaises with the risk management department l Reports to the audit committee and Board
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 99 [email protected] ENTERPRISE RIS ANAGE ENT cont d
i l re Culture clari es the kind of beha iour acceptable within the group. Corporate failures occurred mainly because the written principles were simply like the good gospel preached and not practiced c insey Co. Our risk culture where e ecti e risk management is an integral and natural part of the way most people work embedding risk management is a long term aim for RAIP.
e ro a o e e follo ing a roac l The Board and management consciously promote a responsible approach to risk and ensure that the long term sur i al and reputation of the Company are not eopardi ed while expanding the market share. l Building awareness by communicating risk updates and using role models in the organisation. l Changing beha iour by helping sta to see risk management as important, by achie ing a healthy attitude to well managed risk taking, by recognising and working with di erent perspecti es on risk, by making the risk thermostat work well and a oiding bottom loop bias and by encouraging risk based decision making. l Taking the opportunities for culture change by taking ad antage of central initiati es and by using crises and failures. l Supporting and nurturing the new culture. l easuring how well change is being deli ered and sustained.
i e i e Our risk appetite which is the degree of risk, on a broad based le el, that re ects the extent of our risk opportunities and a ersi eness as we pursue pro tability.
The Group s Risk appetite reckoned all risks across the business in an integrated manner both uantitati e and ualitati e and is aligned with our business and capital strategy. uantitati ely, our risk appetite framework is designed such that we are able to monitor and manage both total risk and ful lment of our risk appetite within a set of pre de ned set of hard and so boundaries or risk limits. The Risk appetite framework is aligned with our risk policies.
Our high le el risk appetite summary is as follows: l e expect our counterparty exposure to be no greater than 1 years pro t and seek to balance reinsurance uality and di ersi cation. l e expect to be able to meet normal working liabilities immediately as they fall due l e do not expect any material compliance failures or breaches with regulatory re uirements l e do not expect any system or infrastructure failures which cause signi cant business disruption. l e will not incenti ise people to engage in risk taking acti ities that fall outside our targets and appetites.
The risk appetite is set by the Board of irectors annually, at a le el that minimi es erosion of earnings or capital due to a oidable losses in the Company, or from frauds or operational ine iciencies. The Company s appetite for risk is go erned by the following:
(i) Exception reporting by internal control o icers, auditors, regulators and external rating agencies (ii) Ad erse publicity in local and international press (iii) re uent litigations (i ) Payment of nes and other regulatory penalties and ( ) Abo e a erage le el of sta and customer attrition.
The Company will not compromise its reputation through unethical, illegal and unprofessional conduct.
n er ri e ri managemen a egori a ion The Group and Company has identi ed sixteen(16) broad risk areas arising from execution of its operations, which are: l In estment Risk l Talent Risk l Pro isioning Reser ing Risk l Claims anagement Risk l Regulatory l Li uidity Risk l Credit Risk l arket Risk l Operational Risk
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 100 [email protected] ENTERPRISE RIS ANAGE ENT cont d
l Underwriting Risk l Ha ard Risk l Anticorruption Risk l Legal/Compliance Risk l Outsourcing Risk l Cybersecurity Risk l Health Risk l Business Risk
i i i y i Li uidity risk is the risk arising from inability to ful ll its contractual and regulation obligations as and when due owing to insu icient li uid assets.
It is the policy that cash and cash e ui alents are ade uate to co er all expected out ows as the Group is committed to meeting all liabilities as and when due. The Group ensures that su icient funds are a ailable at short notice to meet such liabilities and unexpected le els of demands.
The following tables analy e the nancial assets and nancial liabilities by maturity date of the Company and the Group as at ecember, 2020
GROUP Total 0-3months 3-6months 6-12months 1-5years 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Cash and Cash equivalents 1,998,354 2,551,588 1,998,354 2,551,588 Investment Securities - - - Available-for-sale 40,104 45,759 ------40,104 45,759 - At fair value through prot or loss 639,385 564,460 572,964 554,900 ------Held-to-maturity 5,031,368 3,121,573 - - 5,031,368 3,121,573 - - - - Loan and receivable 227,126 240,319 150,763 189,255 53,030 35,461 19,871 12,844 3,462 2,759 Reinsurance Receivables 2,269,782 1,394,553 2,269,782 1,394,553 ------Other Receivables 447,227 401,021 447,227 401,021 ------Trade Receivables 208,010 132,558 208,010 132,558 ------Total Assets 10,861,355 8,451,831 5,647,099 5,223,875 5,084,398 3,157,034 19,871 12,844 43,566 48,519 Insurance Contract Liabilities 4,341,272 3,018,623 3,119,437 2,812,559 12,293 75,380 115,110 35,682 1,094,433 95,002 Trade Payables 21,939 11,020 21,939 11,020 ------Other trade payables 1,110,195 994,380 1,110,195 994,380 ------
Total Liabilities 5,473,406 4,024,023 4,251,571 3,817,960 12,293 75,380 115,110 35,682 1,094,433 95,002 Excess of Assets over Liabilities 5,387,949 4,427,808 1,395,529 1,405,915 5,072,105 3,081,654 (95,239) (22,838)(1,050,867) (46,483)
COMPANY Total 0-3months 3-6months 6-12months 1-5years 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Cash and Cash equivalents 1,431,473 2,219,991 1,431,473 2,219,991 Investment Securities - - - Available-for-sale - 7,596 ------7,596 - At fair value through prot or loss 572,964 554,900 572,964 554,900 ------Held-to-maturity 4,224,934 1,992,338 - - 123,592 123,592 4,101,342 1,868,746 - - Loan and receivable 7,061 91,724 - - - - 7,061 91,724 - - Reinsurance Receivables 1,127,475 1,015,101 1,127,475 1,015,101 ------Other Receivables 105,304 93,281 105,304 93,281 ------Trade Receivables 7,202 5,631 7,202 5,631 ------Total Assets 7,476,414 5,980,564 3,244,418 3,888,904 123,592 123,592 4,108,404 1,960,471 - 7,596
Insurance Contract Liabilities 2,971,806 2,318,367 2,397,750 2,129,681 12,293 58,002 22,605 35,682 539,158 95,002 Other trade payables 500,318 517,309 500,318 517,309
Total Liabilities 3,472,124 2,835,675 2,898,068 2,646,989 12,293 58,002 22,605 35,682 539,158 95,002
Excess of Assets over Liabilities 4,004,289 3,144,888 346,350 1,241,915 111,299 65,590 4,085,799 1,924,789 (539,158) (87,406)
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 101 [email protected] ENTERPRISE RIS ANAGE ENT cont d
re i o n er ar y i Credit / Counterparty Risk is de ned as the risk of loss or ad erse change in the nancialposition resulting directly or indirectly, from uctuations in the credit standing of issuers of securities, counterparties and any debtors to which undertakings are exposed, in the form of counterparty default risk, or spread risk, or market risk concentrations.
i en i ca ion Sub ect to regulatory guidance, the philosophy of the Group is to ensure that credit is only pro ided to counterparties where it is belie ed that default is unlikely. hen considering granting credit, the following must be considered: l The likelihood of a default e ent to occur compared to appetite l The likely gross credit exposure at the time of default, considering the potential for exposures to increase as a result of further drawdowns, collections and reco eries costs and other rights held by the obligor/guarantor/reinsurer which might increase the exposure. l The likely a ailability and alue of any speci c collateral to reduce the gross exposure. ue allowance should be made for the legal and nancial ability of guarantors to ful ll guarantees if called upon to do so. l Similarly careful analysis should be made as to the le el of protection a orded by risk netting arrangements, credit deri ati es, margin and other e ui alent arrangements. l Residual likelihood of loss, with reference to all rele ant domiciles, seniority of claim, likely a ailability of other assets, guarantees or insurances to reduce loss, legal system and political considerations as appropriate.
On reinsurance, the Group mitigates credit risk by applying minimum security standards for all its reinsurance programmes in terms of the credit rating of the reinsurance companies, and the proportion ceded to each reinsurance companies. The Group has a di erse panel of reinsurance companies to a oid concentration risk. The o erall distribution of the reinsurance recei able in percentage basis is gi en below
re i a ing A 4 BBB 10 B 4 o al
The o erdue premiums are considered by the Group on case by case basis. If an o erdue premium is recognised by the Group as uncollectible, a noti cation is sent to the cedants (ceding companies) and the reinsurance agreement is assigned for monitoring from the date of noti cation. The uncollectible portion of the premium recei able are considered as impaired and charged through the statement of comprehensi e income.
On insurance recei ables, the Group has a credit control policy which is enforced by the credit control unit and which forms part of the underwriting process in line with the No Premium, No Co er policy guidelines issued by NAICO in respect of Insurance Contract. Insurance co ers are only granted on receipt of full premium in ad ance or full premium noti cation (credit note) from a licensed Insurance Broker. ull premium noti cation (credit note) shall subsist for a period of 30days.
Any premium not recei ed, in respect of premium noti cation, a er 30days is fully impaired and the co er cancelled. Hence no impairment was recogni ed. The table below shows the ageing of recei ables:
2 Insurance Recei ables ue ithin 30 ays 7,202 7, 1 7,202 7, 1 ue A er more than 30 days
o al
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 102 [email protected] ENTERPRISE RIS ANAGE ENT cont d
Cash and cash e ui alients 1,99 ,3 4 2, 1, 1,431,473 2,219,991 Insurance Recei eble 7,202 ,631 7,202 ,631 Loan other recei ables 427,934 367,246 7,061 91,724 Other securities ,031,36 3,121, 73 4,224,934 1,992,33 o al of e earing cre i ri
re i ali y of inancial e er a e cla ro a a n rance oan o er el o e i alen recei a le recei a le a ri y ecem er N 000 N 000 N 000 N 000 Neither past due nor impaired 1,99 ,3 4 7,202 266,499 ,074,631 Past due but not impaired Impaired 1 1,996 Gross 1,99 ,3 4 7,202 44 ,49 ,074,631 Impairment allowance collecti e (20, 61) (43,263) e
ecem er Neither past due nor impaired 2, 1, ,631 146,23 3,164, 36 Past due but not impaired Impaired 23 ,1 1 Gross 2, 1, ,631 3 1,3 9 3,164, 36 Impairment allowance collecti e (14,144) (43,263) e
re i ali y of inancial e er a e cla om any a a n rance oan o er el o e i alen recei a le recei a le a ri y
ecember 2020 N 000 N 000 N 000 N 000 Neither past due nor impaired Past due but not impaired 1,431,473 7,202 7,061 4,224,934 Impaired Gross 1,431,473 7,202 7,061 4,224,934 Impairment allowance collecti e e
ecem er Neither past due nor impaired 2,219,991 ,631 91,724 1,992,33 Past due but not impaired Impaired Gross 2,219,991 ,631 91,724 1,992,33 Impairment allowance collecti e e
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 103 [email protected] ENTERPRISE RIS ANAGE ENT cont d
a inancial a e nei er a e nor im aire The credit uality of the portfolio of insurance recei ables and other loans and recei ables, and other nancial asset exposed to credit risk that were neither past due nor impaired can be assessed by reference to the capacity of the business to pay on written businesses.
The assets abo e are analysed in the table below using Standard Poors (S P) rating (or e ui alent when not a ailable from S P)
ro ecem er elo o a e o al a ing Cash and cash e ui alients 1,223,603 633,774 41,6 2 99,29 1,99 ,3 4 Held to aturity 2,9 2,770 2,03 , 0 12,74 ,031,36 Insurance Recei eble 7,202 7,202 Loan recei ables 227,126 227,126
ro ecem er a ing elo o a e o al
Cash and cash e ui alients 1,9 3,221 36 ,7 7 229, 0 2, 1,
Held to aturity 1, 07, 1 31, 34 29 , 229,301 3,164, 36
Insurance Recei eble ,631 ,631
Loan recei ables 367,246 367,246
om any ecem er a ing elo o a e o al Cash and cash e ui alients 701,601 9,699 41,6 2 9 ,491 1,431,473 Held to aturity 2,1 9,0 4 2,03 , 0 4,224,934 Insurance Recei eble 7,202 7,202 Loan recei ables 7,061 7,061
om any ecem er a ing elo o a e o al Cash and cash e ui alients 1,7 2,649 23 ,041 229,301 2,219,991
Held to aturity 1,94 ,622 43,717 1,992,339
Insurance Recei eble ,631 ,631
Loan recei ables 91,724 91,724
inancial a e a e no im aire The Group did not ha e any nancial asset in this category.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 104 [email protected] ENTERPRISE RIS ANAGE ENT cont d
. m ac of The impact assessment of I RS 9 on the company s nancial assets as ecember 31, 2020, the reporting date a er anuary 1, 2020, the e ecti e implementation date of the standard is stated below
inancial e
Held to maturity Amortised Cost (note .1) ,031,36 ,006,211 2 ,1 7 4,224,934 4,203, 10 21,12 air Value through Pro t or Loss uoted In estment (note .2) 639,3 639,3 72,964 72,964 A ailable for sale Un uoted In estment ( note .3) 40,104 39,703 401 Loans and Recei ables ( note .4) 227,126 22 ,991 1,136 7,061 7,026 3 Insurance Reci able (note 6(a) 7,202 7,202 7,202 7,202 o al
inancial e
Held to maturity Amortised Cost (note .1) 3,121, 73 3,10 ,96 1 ,60 1,992,33 1,9 2,376 air Value through Pro t or Loss uoted In estment (note .2) 64,460 64,460 4,900 4,900 A ailable for sale Un uoted In estment ( note .3) 4 ,7 9 29,14 16,611 7, 96 4, 3 Loans and Recei ables ( note .4) 240,319 239,117 1,202 91,724 91,26 Insurance Reci able (note 6(a) ,631 ,631 ,631 ,631 o al
air al e i clo re i) inancial assets with contractual terms that gi e rise to cash ows that are solely payments of principal and interest. The group nancial assets with contractual terms that gi e rise to cash ows that are solely payments of principal and interest on the principal amount outstanding are as follows: a) Premium recei ables b) Loans c) Other assets/recei ables d) Short term placements
The assets listed abo e are short term in nature and are recei able within 12 months from the end of the reporting period and as such the carrying amount of these nancial asset are deemed to be a reasonable approximation of its fair alue.
el o ma ri y nancial a e a amor i e co
Fair Value GROUP COMPANY 2020 2019 2020 2019 N'000 N'000 N'000 N'000
Treasury Bill with Maturity period >90 days 923,675 1,949,991 871,061 1,904,759 Government of Nigeria Bond 1,318,785 - 1,318,785 - Deposit with Corporate Is tu on with Maturity period > 90days 2,788,907 1,171,582 2,035,088 87,579 Total 5,031,368 3,121,573 4,224,934 1,992,338
air alue changes during the year are disclosed in notes .1 respecti ely.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 10 [email protected] ENTERPRISE RIS ANAGE ENT cont d
ii inancial a e i con rac al erm a o no gi e ri e o ca o a are olely aymen of rinci al an in ere . These are nancial assets that meets the de nition of held for trading in line with I RS 9 or that is managed and whose performance is e aluated on a fair alue basis. These assets are as follows:
uoted In esmtent (note .2) 639,3 697, 93 72,964 6 ,4 7 U uoted In estment (note .3) 40,104 46,6 6 7,136
air alue changes during the year are disclosed in .2 and .3 respecti ely
i moni oring The Group Board Risk Committee (GBRC) is the primary executi e go ernance and risk o ersight mechanism for risk matters across the Group.
Risk o ersight of credit counterparty risk on behalf of the GBRC is a responsibility of the CRO function, speci cally the Credit Counterparty Risk anager.
i re or ing This section sets out the GBRC appro ed approach to credit risk reporting, with the o erall ob ecti e of being to ensure that: l risk information supports the need of business units and the Group to take a proacti e response to de eloping business conditions in the context of the extent and di ersi cation of the portfolio and the importance of indi idual exposures l regulatory re uirements and guidance are met l Credit portfolio modeling and reporting co ers: l credit e ui alent exposure reporting, including identi cation of signi cant indi idual exposures l stochastic portfolio reporting making due allowance for concentration and di ersi cation l stress and scenario analysis relating to 1 in 2 year ad erse economic conditions
Credit counterparty risk reporting must include separate identi cation and assessment of problem exposures and defaulted exposures. here appropriate the identi cation and assessment may be made on a portfolio rather than a case by case basis.
ar e i arket Risk the risk of loss, or of ad erse change in the nancial situation, resulting directly or indirectly from uctuations in the le el and in the olatility of market prices of assets, liabilities and nancial instruments.
i en i ca ion The key nancial market risks that the Group is exposed to are uctuations in the le el and in the olatility of market prices of assets, liabilities and nancial instruments. inancial arkets Risk is identi ed through a combination of asset liability management (AL ) reporting by the business units and aluation reports pro ided by the unds anager. These reports will co er the market risk based on the key AL and economic metrics agreed by the business unit with Board Risk Committee and the In estment Committee. These reports should be updated by the business unit and the und anager and re iewed by the In estment Committee on a uarterly basis or l Prior to a proposed material change in in estment policy. l A er any material nancial market e ent (i.e. e uity market mo ements in excess of 10 since the pre ious report or the 10 year changes by more than 2 basis points since the pre ious report). l A er any material change in the business unit liability pro le.
Aggregation of the Group s o erall market risk exposure will be reported by the Actuarial unction on metrics agreed with the Group Board Risk Committee (GBRC) and In estment Committee.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 106 [email protected] ENTERPRISE RIS ANAGE ENT cont d
i moni oring The Board Risk Committee is the primary executi e go ernance and risk o ersight mechanism for risk matters across RAIP.
Business units incurring arkets risk are re uired to monitor the exposure and potential for loss across all asset classes in the light of changing external market and economic factors. or each asset class of business, the Board re uires: l Appropriate market risk management infrastructure to be established and maintained sub ect to o ersight of the Board Risk Committee l Appropriate documentation to be established and maintained sub ect to o ersight of the Group Board Risk Committee.
i re or ing The Group Board In estment and Risk Committee are empowered to determine the reporting and record keeping re uirements for arkets Risk across the Group, proportionate to the nature of risk taking acti ities and su icient to comply with all regulatory rules and guidance.
They are re uired to ensure that reporting of deri ati e contracts and/or structured in estment products is appropriate to the transaction olumes and purposes for which such risks are undertaken.
They are re uired to ensure that appropriate economic analysis and market data is a ailable to it to ensure that risks are fully identi ed and to ensure a proper context for potential management actions.
n ere ra e ri The Group is moderately exposed to interest rate risk through its conser ati e in estment approach with high in estment in xed interest income and oney arket.
The uctuations in interest rates cannot signi cantly impact the group nancial position as interest rate bearing liabilities are uite small compared with the interest rate earning assets.
oreign c rrency e c ange ra e The Group is exposed to foreign exchange currency risk primarily through transaction denominated in foreign currencies.
The Group is exposed to foreign currencies denominated in ollar, Euro and Pound denominated bank balances in other foreign currencies. At the year end, the foreign currency in estments held in the portfolio were cash and cash e ui alents.
The carrying amounts of the Group s and company s cash and cash e ui alent on a currency by currency basis is as indicated in the following table
OLLAR 11 ,649 .79 293,0 2 11.49 11 ,649 .0 293,0 2 13.20 POUN ,001 0.2 99 0.04 ,001 0.3 99 0.04 EURO 22,96 1.1 23,1 0.91 22,96 1.60 23,1 1.04 CE I 444,737 22.26 1 0,690 .91 NAIRA 1,409,999 70. 6 2,0 3,663 1.66 1,2 7, 9.97 1,902.7 7 .71
The Group further manages its exposures to foreign exchange risk using sensiti ity analysis to assess potential changes in the alue of foreign exchange positions and impact of such changes on the Group s in estment income. risk The global pandemic has impacted the global nancial risk le el with massi e disruption in global nancing acti ities and alue chain.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 107 [email protected] ENTERPRISE RIS ANAGE ENT cont d
Naira e ui alent of foreign currency balance 9 2,06 467,92 07,331 317,23
o en ial m ac on ro o i ion 47,603 23,396 2 ,367 1 , 62 10 9 ,207 46,793 0,733 31,724
i y ri The Group s in estment policy establishes limits (as appro ed by the Board) on the le el of risk in the in estment portfolio. By so doing, the portfolio is di ersi ed while allowing for a su icient uality in line with the le el of risk a ersion. The huge in estment in the stock market is anchored on the fact that the olatility in the market notwithstanding, the indicators shows an upward trend in the medium to long term.
era ional i Operational Risk is de ned as the risk of loss resulting from inade uate or failed internal processes or from personnel, systems, and external e ents or from reputational damage.
i en i ca ion Inherent risks against the achie ement of business ob ecti es are identi ed on both a top down approach through the business planning, ob ecti e and strategy process and bottom up approach through Risk Control Self Assessment, from detailed re iews of the whole range of people, processes and systems in each business area, to ensure all potential Operational risks are identi ed.
Triggers should be identi ed which will determine the need to undertake a reassessment and re iew of the risk pro le and assessment. At a top down le el, for example, this could be caused by a change in the business plan, strategic de elopments, change in operating model, external de elopments. Under a bottom up approach, for example, the need for reassessment can be cause by regulatory changes, process changes, system changes, or from changes in outsourcing approach.
i a e men re an cenario e ing As part of the annual business planning process and for indi idual capital assessment (ICA) purposes, stress testing analysis is conducted against a series of appropriate scenarios. ithin this analysis, the implications for Operational risk are assessed using a range of modeling techni ues based on the risk impact data recorded in the Group s Operational risk database.
i moni oring Business Units are re uired to pro ide ade uate and timely management information to enable management of risks with risk owners playing acti e roles in risks identi cation. All Operational risks ha e an assigned owner, and they: l Regularly monitor their operational risks in order to detect any changes in exposure to them, including looking at. l Actual operational risk e ent losses and near misses. l ey risk indicators identi ed for each risk to monitor each risk exposure. l Results of rst line monitoring acti ity of e ecti eness of operation of controls. l indings from assurance acti ity arising from both the second and third lines of defense external de elopments. l Undertake regular assessment, re ecting the abo e, and to assess the residual risk exposure. l Support the o erall monitoring of Operational risk at Group le el by pro iding reports on any changes in their exposure to operational risk to Group Risk anagement.
i re or ing Business Units ensured that signi cant internal control de ciencies and breakdowns were reported in a timely and transparent manner to the appropriate line management, and escalated where appropriate. Risk owners must: l report any signi cant changes in operational risk exposure and escalate to the appropriate Business Unit Risk Committee l report any operational risk e ents arising, the correcti e action being taken to address the issue to ensure it will not recur, together with any resultant impact on the aluation of the corresponding risk l ithin each business unit, each functional head should pro ide a risk report to be presented at the rst line risk committee.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 10 [email protected] ENTERPRISE RIS ANAGE ENT cont d
n rance i l Obtaining access to reinsurer pricing models and/or Insurance risk relates to the inherent uncertainty in the liabilities underwriting approach within our insurance contracts. It arises through uctuations in the timing, fre uency and se erity of insured e ents relati e to the Normally, reinsurance contracts are to be sub ect to a formal expectations of the rm at the time of underwriting. It also tendering process in line with the Group Sourcing Policy. Howe er, includes consideration of uctuations in the timing and amount of sub ect to documented appro al by the BRC, a Reinsurer can be claims settlements. selected directly.
Insurance risk is deemed to ha e been accepted (or written) if the All reinsurance contracts undertaken: Group executes a contract under rele ant insurance law to make l Are sub ect to the law of Nigeria and legal process, unless payments to policyholders (insurance liabilities) in the e ent of sub ect to speci c appro al by the BRC. speci ed circumstances. Insurance risk management is concerned l Only in ol e regulated insurance rms that meet the with the identi cation, analysis and response to potential criteria and limitations on acceptable counterparties as set uctuations in the occurrence, amount and/or timing of its out in the Group Credit Risk Policy insurance liabilities. l Are with regulated insurance rms domiciled in Nigeria except where the regulatory body gi es appro al to other This policy co ers all such Insurance Risk that arises from our Insurance companies domiciled outside Nigeria by oreign portfolios of GI business, primarily risks associated with: Insurance Companies. l Underwriting including inade uate or inappropriate pricing and policy terms, or inappropriate claims The de ned owner of any reinsurance contract is the anaging indemnity guidelines irector. l Reser ing inappropriate pro isions being set aside for ultimate liabilities arising from the business written Special Purpose Vehicles (SPV) owned by the Group may be used inappropriate data modeling and assumptions leading as reinsurance counterparties, pro iding all conditions within this to incorrect ultimate reser e pro ections policy are met. The credit rating of the SPV is deemed to be the l Reinsurance inappropriate assumptions or analysis credit rating of the Group (if one is held) or as agreed for this leading to inade uate co er to protect against the purpose by the BRC. fre uency/se erity of large losses l Claims risk emanating from fraud. Appropriate legal ad ice are taken before any reinsurance contract is concluded. All contracts should include a resolution procedure i en i ca ion in the e ent of disputes arising o er wording and payout delays. If Sub ect to regulatory guidance, the philosophy of the group is to the resolution procedure is in oked in relation to matters of price insurance contracts on the basis of the risks presented and signi cance, then the BRC must be informed at the next meeting. target returns re uired by the Group ha ing regard to: l Underwriting standards/processes. All reinsurance arrangements must be re iewed on a minimum l Expenses. cycle of one year, unless agreed by the BRC, to ensure that: l Charges to policyholders. l terms remain competiti e l Anticipated persistency. l the contract still represents good alue for the GroupThe l Expected claims. credit status of the reinsurance counterparty/ies must be monitored on a regular basis. As a practical matter, the pricing principles set out in the preceding paragraph are implemented based on the expected business mix i moni oring to be underwritten. Business units incurring General Insurance risk are re uired to monitor the e ecti eness of risk rating and/or pricing approaches Periodic re iews are conducted to test the e ecti eness of pricing in the light of: in relation to the original assumptions made. l Emerging experience l Prospecti e en ironmental conditions Any unit underwriting general insurance business is re uired to l Pro ected persistency and expenses maintain a record of underwriting decisions, incorporating the l Trends in key risk indicators agreed with the BRC rationale for business acceptance, for a period of e years. l E ecti eness of underwriting/claims arrangements l or each type and class of business, the Board re uires: ein rance arrangemen l Appropriate Insurance risk management infrastructure Reinsurance contracts (treaties) are executed for any of the to be established and maintained sub ect to o ersight of following purposes: Board Risk Committee (BRC) l Reduction of insurance risk l Periodic re iew of experience, prospecti e populations l Risk nancing and prospecti e insurance en ironment
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 109 [email protected] ENTERPRISE RIS ANAGE ENT cont d l Appropriate expense, ac uisition and other costs n i corr ion i management to be established and maintained sub ect Bribery is the o er, promise, gi ing, demanding or acceptance of to o ersight from inance Unit an ad antage as an inducement for an action which is illegal, l Appropriate documentation to be established and unethical or a breach of trust. maintained sub ect to o ersight of the BRC. Corruption is the misuse of o ice or power or in uence for pri ate gain. i re or ing The BRC is empowered to determine the reporting and record The group has a well established reputation for conducting keeping re uirements for GI Insurance Risk across the Group, business in an ethical and honest way. This reputation is built on proportionate to the nature of risk taking acti ities, and su icient our company alue of Integrity, which is a ma or, underlying theme to comply with all regulatory rules and guidance. found throughout our Code of Responsible Business Practice. The group manages bribery and corruption risk in line with the a ar i group s established risk management framework. The group Ha ard risk is the risk arising out of any condition, situation ensures accurate books and record keeping for proper nancial practice, beha ior or conduct that has the potential to cause harm, reporting, e ecti e monitoring and internal control to pre ent including in ury, disease, death, en ironment or property and bribery and corruption. e uipment damages. y er ec ri y i i moni oring This is the probability of exposure or loss resulting from a cyber This in ol es ongoing monitoring of the ha ards identi ed, risks attack or data breach. This risk has become heightened by the assessed and risk control processes and re iewing them to make need to implement remote working system across many sure they are working e ecti ely. organi ations globally and the high growth of digital economy. As more and more insurance business process and exchange are i re or ing digitali ed, breaches increase from hackers o en with pecuniary Business Units ensured that signi cant internal control or malicious intention for disruptions. This underscores a clear de ciencies and breakdowns were reported in a timely and need for threat intelligence tools and security programs to reduce transparent manner to the appropriate line management, and organi ation s cyber risk and highlight potential attack surfaces escalate where appropriate. e idenced by recent solarwind cyber attack that exposed many reputable organi ations and the US go ernment departments. egal an com liance ri Our company has in ested in safeguard of its data, third party data The le el of awareness of the need to identify, mitigate and and pro ide ade uate Business Continuity Plan(BCP). The manage legal risks in our business acti ities and transactions company experienced no cyber security issue in the year, and it is continues to impro e. Processes ha e been put in place to enable hoped that the ade uacy of our BCP and the company s isaster o icers within the Group to ha e access to sound legal ad ice on Reco ery Plan ( RP) can be deployed to ser e all stakeholders in product de elopment and business initiati es. case of any cyber attack on the company s operations.
The Company s le el of compliance has continually been re iewed eal i in line with the demand of the Regulators to know their customers The COVI 19 pandemic had its e ect on the acti ities of the and their businesses ( YC) as well as implement processes/ company as the o ices of the company were closed during the controls to combat money laundering and terrorist nancing. The total lockdown in line with go ernment pronouncements though Group identi es and mitigates these risks through continuous remote working was acti ated to enable the company to operate impro ement in technology infrastructure, process re u enation/ smoothly. ollowing the li of the lockdown and in line with NC C re alidation and training of stakeholders to understand regulatory protocols, the company and sta had continued to adhere strictly obligations and conse uences of non compliance. adhere to all the non pharmaceutical inter entions and directi es in all its o ices. This is to safeguard the health and well being of The Group in the year had been prompt and accurate in rendering sta and all who ha e reason to isit the company s o ices. all rele ant reports to the regulators. ine i o rcing ri The company, ust like others in the country felt the impact of the Outsourcing is an arrangement in which one entity pro ides COVI 19 pandemic. The Company examined the impact on the ser ices for another entity that could also be or usually ha e been business and strategy performance especially in the hardest hit pro ided in house. Outsourcing is a trend that is becoming more areas of the economy like A iation, Oil/Gas, Hospitality and common in insurance Companies and other industries for ser ices Tourism. Pro isions were made for the continued functioning of that ha e usually been regarded as intrinsic to managing a each Strategic Business Unit(SBU) which enabled the company to business. weather the peak of the pandemic in Nigeria. The company also ha e post COVI 19 plans aimed at repositioning the company for greater ser ice deli ery e iciency reckoning new realities of business climate.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 110 [email protected] ASSET/LIABILITY ANAGE ENT
a i al anagemen The Group s ob ecti es with respect to capital management are to maintain a capital base that is structured to exceed regulatory and to best utili e capital allocations. Insurance industry regulator measures the nancial strength of Non life insurers using a sol ency margin model, NAICO generally expect non life insurers to comply with this capital ade uacy re uirement.
Section 24 of the Insurance Act 2003 de ne Sol ency argin of a Non life insurer as the di erence between the admissible assets and liabilities and this shall not be less than 1 of Net Premium Income (Gross Premium Income less Re insurance premium paid) or the minimum capital base (3 billion) whiche er is higher. This test compares insurer s capital against the risk pro le. The regulator indicated that insurers should produce a minimum sol ency margin of 100 . uring the year, the Group has consistently exceeded this minimum. The regulator has the authority to re uest more extensi e reporting and can place restrictions on the Group s operations if the Group falls below this re uirement.
N 000 Cash and cash e ui alent 1,431,473 1,431,473 2,162, 0 inancial Assets 4, 04,960 4, 04,960 2,646, 9 Trade recei ables 7,202 7,202 ,631 Reinsurance assets 1,127,47 1,127,47 1,01 ,101 eferred Ac uisition Cost ,069 ,069 76, 32
Other Recei ables and Prepayments 20,236 20,236
In estment in subsidiaries 1,026,170 3,0 4 473,116 390,3 Intangible Assets 7, 20 7, 20 In estment Properties 0 ,000 0 ,000 49 ,962 PPE (Land building) 676,262 1 1,262 49 ,000 04,03 PPE (Others) 61,2 9 61,2 9 123, 03
Statutory eposit 300,000 300,000 300,000
Insurance Contracty Liability 2,971, 06 2,971, 06 2,31 ,367 Trade payable 6, 2 6, 2 Retirement bene t obligation 3,013 3,013 3,007
Other payables 194,72 194,72 200,716
Pro ision for Taxation 201,499 201,499 214,0 eferred Income Tax Liabilities 101,077 101,077 eposit for shares 24 ,000 24 ,000 101,077 3,622, 72 2,736,17
Not lesser than either
Higher of 1 of Net Premium or inimum capital base 3,000,000 3,000,000 Surplus 2,66 ,011
166
The Company s capital re uirement ratio and sol ency margin abo e is the re uirements of the insurance Act Cap117,L N 2004
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 111 [email protected] ASSET/LIABILITY ANAGE ENT cont d
air al e ierarc y The Group s accounting policy on fair alue measurements is discussed under note 3.2
Le el 1: air alue measurements classi ed as Le el 1 include exchange traded prices of xed maturities and e uity securities unad usted in acti e market for identical assets and liabilities. Le el 2: The aluation techni ues based on obser able inputs. This category includes instruments alued using: uoted market prices in acti e markets for similar instruments uoted prices for similar instruments in markets that are considered less than acti e or other aluation techni ues where all signi cant inputs are directly or indirectly obser able from market data. Obser able inputs generally used to measure the fair alue of securities classi ed as Le el 2 include benchmark yields, reported secondary trades, broker dealer uotes, issuer spreads, benchmark securities, bids, o ers and reference data.
Le el 3: This includes nancial instruments, the aluation of which incorporate signi cant inputs for the asset or liability that is not based on obser able market data (unobser able inputs). Unobser able inputs are those not readily a ailable in an acti e market due to market illi uidity or complexity of the product. Hence fair alues can only be calculated using estimates based on a ailable data or risk ad usted alue range.
The following table analyses nancial instruments measured at fair alue at the end of the reporting period, by the le el in the fair alue hierarchy into which the fair alue measurement is categori ed:
e el e el e el o al ro
uoted E uities air Value Through Pro t or Loss 639,3 - 639,3 Un uoted E uity A ailable for sale - - 40,104 40,104
o al -
om any uoted E uities air Value Through Pro t or Loss 572,964 - - 72,964
Un uoted E uity A ailable for sale - - - o al 572,964 - -
e el e el e el o al ro uoted E uities air Value Through Pro t or Loss 564,460 - 64,460 Un uoted E uity A ailable for sale - - 45,759 4 ,7 9 o al -
om any uoted E uities air Value Through Pro t or Loss 4,900 4,900 Un uoted E uity A ailable for sale 7, 96 7, 96
o al -
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 112 [email protected] ASSET/LIABILITY ANAGE ENT cont d
air alue of nancial assets and liabilities inancial instruments not measured at fair alue
ro arrying al e e el e el e el air al e inancial e Cash and cash e ui alients 1,99 ,3 4 1,99 ,3 4 1,99 ,3 4 Held to aturity ,031,36 ,031,36 ,031,36 Insurance Recei eble 7,202 7,202 7,202 Loan recei ables 227,126 227,126 227,126 o al e
LIABILITIES Insurance payables 4,341,272 4,341,272 4,341,272 Trade Payables 21,939 21,939 21,939 o al ia ili ie
ro arrying al e e el e el e el air al e inancial e Cash and cash e ui alients 2, 1, 2, 1, 2, 1, Held to aturity 3,121, 73 3,121, 73 3,121, 73 Insurance Recei eble ,631 ,631 ,631 Loan recei ables 367,246 367,246 367,246 o al e LIABILITIES Insurance payables 3,01 ,623 3,01 ,623 3,01 ,623.0 Trade Payables 11,020 11,020 11,020.4 o al ia ili ie
om any arrying al e e el e el e el air al e inancial e Cash and cash e ui alients 1,431,473 1,431,473 1,431,473 Held to aturity 4,224,934 4,224,934 4,224,934 Insurance Recei eble 7,202 7,202 Loan recei ables 7,061 7,061 o al e
2,971, 06 2,971, 06 2,971, 06 Insurance payables Trade Payables o al ia ili ie
om any arrying al e e el e el e el air al e inancial e Cash and cash e ui alients 2,219,991 2,219,991 2,219,991 Held to aturity 1,992,33 1,992,33 1,992,33 Insurance Recei eble ,631 ,631 Loan recei ables 91,724 91,724 o al e
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 113 [email protected] ASSET/LIABILITY ANAGE ENT cont d
Insurance payables 2,31 ,367 2,31 ,367 2,31 ,367 Trade Payables Total Liabilities 2,31 ,367 2,31 ,367 2,31 ,367
Note: inancial liabilities carrying amounts approximates their fair alue
e ermina ion of air al e The determination of fair alue for each class of nancial instruments was based on the particular characteristic of the instruments. The method and assumptions applied are enumerated as follows:
a an ca e i alen orro ing an n o e el o ma ri y on The estimated fair alue of xed interest placement with banks, treasury bill, bonds and borrowings is based on the discounted cash ow techni ues using pre ailing money market interest rates for debts and similar credit risk and remaining maturity. If the due date of the liability or the asset is less than one year discounting is omitted
o e ec ri ie a fair al e ro g ro or lo The fair alue for uoted e uity is based on market prices uotations pre ailing at capital market at the reporting date
Un uoted e uity securities (a ailable for sale)
The fair alue of un uoted e uity is based on the cost model using the latest audited nancial information a ailable.
n rance lia ili ie ee o e .
ra e recei a le an aya le rein rance recei a le an o er aya le The estimated fair alue of recei ables and payables with no stated maturity which includes no interest payables and recei ables is the amount repayable or to be recei ed on demand.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 114 [email protected] ASSET/LIABILITY ANAGE ENT cont d
The Group is exposed to a range of nancial risks through its nancial assets, nancial liabilities, reinsurance assets and insurance liabilities. In particular, the key nancial risk is that the in the long term its in estment proceeds will not be su icient to fund the obligations arising from its insurance contracts and in estment portfolio . In response to the risk, the Group s assets and liabilities are allocated as follows:
ec ec ec ec ec ec Cash and Cash e ui alents 1,99 ,3 4 1,99 ,3 4 1,431,473 1,431,473
Financial Assets: Held to maturity 1,31 ,7 3,712, 2 ,031,36 1,31 ,7 2,906,149 4,224,934 A ailable for sale 40,104 40,104 At fair alue through pro t or loss 639,3 639,3 72,964 72,964 Loan and recei able 227,126 227,126 7,061 7,061 Trade Recei ables 20 ,010 20 ,010 7,202 7,202
Reinsurance assets 2,269,2 4 2,269,2 4 1,127,47 1,127,47 eferred Ac uisition Cost 2 3, 27 2 3, 27 ,069 ,069 Other Recei ables and prepayments 193,400 193,400 20,236 20,236 In entory 6,267 6,267 eferred Tax Prepaid Income Tax In estment Properties 621,919 621,919 0 ,000 0 ,000 In estment in subsidiaries 1,026,170 1,026,170 Goodwill and Intangible Assets 11,491 11,491 7, 20 7, 20 Property, Plant and E uipment 20,60 20,60 737, 1 737, 1 Statutory eposits 424,110 424,110 300,000 300,000 o al e
Insurance Contract Liabilities 4,341,272 4,341,272 2,971, 06 2,971, 06 Trade Payables 21,939 21,939 6, 2 6, 2 Pro isions Other Trade Payables 7 7,3 1 7 7,3 1 194,72 194,72 Retirement bene t obligation 3,013 3,013 3,013 3,013 Pro ision for Current Income Tax Liabilities 22 , 33 22 , 33 201,499 201,499 eferred income tax liabilities 93,99 93,99 101,077 101,077 Bank O erdra o al ia ili ie
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 11 [email protected] ASSET/LIABILITY ANAGE ENT cont d
HYPOTHECATION
The Group is exposed to a range of nancial risks through its nancial assets, nancial liabilities, reinsurance assets and insurance liabilities. In particular, the key nancial risk is that the in the long- term its investment proceeds will not be sufcient to fund the obligations arising from its insurance contracts and investment portfolio . In response to the risk, the Group's assets and liabilities are allocated as follows:
THE GROUP THE COMPANY INSURANCE SHARE HOLDER INSURANCE SHARE HOLDER CONTRACT FUND TOTAL CONTRACT FUND TOTAL NON-LIFE NON-LIFE NON-LIFE NON-LIFE Dec-19 Dec-19 Dec-19 Dec-19 Dec-19 Dec-19 ASSETS =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 Cash and Cash equivalents 2,551,588 - 2,551,588 2,219,991 - 2,219,991 Financial Assets: ------Held-to-maturity - 3,121,573 3,121,573 - 1,992,338 1,992,338
- Available-for-sale - 45,759 45,759 - 7,596 7,596 - At fair value through prot or loss - 564,460 564,460 - 554,900 554,900 - Loan and receivable - 240,319 240,319 - 91,724 91,724 Trade Receivables - 132,558 132,558 - 5,631 5,631 Reinsurance assets 1,392,119 2,433 1,394,553 1,012,668 2,433 1,015,101 Deferred Acquisition Cost - 160,677 160,677 - 76,532 76,532
Other Receivables and prepayments - 240,344 240,344 - 16,750 16,750 Inventory - 7,743 7,743 - - - Deferred Tax - 8,334 8,334 - - - Prepaid Income Tax ------Investment Properties - 612,881 612,881 495,962 495,962 Investment in subsidiaries - - - - 943,438 943,438
Goodwill and Intangible Assets - 17,051 17,051 - 14,644 14,644 Property, Plant and Equipment - 869,871 869,871 - 801,784 801,784 Statutory Deposits - 406,436 406,436 - 300,000 300,000 Total Assets 3,943,708 6,430,438 10,374,146 3,232,659 5,303,734 8,536,393
LIABILITIES Insurance Contract Liabilities 3,018,623 - 3,018,623 2,318,367 - 2,318,367 Trade Payables - 11,020 11,020 - - - Provisions & Other Trade Payables - 612,848 612,848 - 200,716 200,716 Retirement benet obligation - 3,007 3,007 - 3,007 3,007 Provision for Current Income Tax Liabilities - 262,322 262,322 - 214,085 214,085 Deferred income tax liabilities - 99,500 99,500 - 99,500 99,500 Bank Overdraft - 16,703 16,703 - - - Total Liabilities 3,018,623 1,005,401 4,024,024 2,318,367 517,309 2,835,675
GAP 925,085 5,425,038 6,350,122 914,292 4,786,425 5,700,718
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 116 [email protected] SEG ENT IN OR ATION
ollowing the management approach of I RS , the Group is organised into four operating segments. These segments distribute their products through arious forms of brokers, agencies, and direct marketing programs. anagement identi es its reportable operating segments by product line. These segments and their respecti e operations are as follows:
on life eneral ine The protection of customers assets (particularly their properties, both for personal and commercial business) and indemni cation of other parties that ha e su ered damage as a result of customers accidents. All contracts in this segment are o er a short contractual term. Re enue in this segment is deri ed primarily from insurance premium, in estment income, net reali ed gains on nancial assets, and n e t fair alue gains on nancial assets at fair alue through pro t or loss.
ro er ie n e men This segment undertakes real estate de elopment pro ects and o ers nance lease facilities to meet the needs of indi iduals and coporate bodies. Re enue from this segment is deri ed primarily from fee income, in estment income, net realised gain on nancial assets.
e ail an icro nance an ing This segement pro ides nancial ser ices in retail and micro nance banking. Re enue from this segment is primarily deri ed from interest income, fees and commission.
e icle rac ing er ice This segment pro ides uality and dependable automatic ehicle tracking and location solutions. It pro ides and installs ehicle tracking and eet management products on daily basis. Re enue in this segment is deri ed primarily from trading income and in estment income
The segment information pro ided by anagement for the reporting segments for the year ended 31 ecember 2020
Regency Ric Ric icro nance Ric Alliance Regency Nem prop. In est Bank Tecnologies Nigeria Ghana Nigeria Nigeria Nigeria 2020 2020 2020 2020 2020 Prop. icro nance Vehicle Non life Non life in est. bank Tracking N 000 N 000 N 000 N 000 N 000
ro remi m income 3,934,024 2,61 ,031
Insurance premium ceded to reinsurers (1,4 , 21) (606,972) Net insurance premium re enue 2,47 ,203 2,011,0 9 ee and commision Income 66,646 176,149 Net trading income 6,412 Interest Income 44,021 Interest expense (6,937) Lease rental 39,397
In estment income 331, 7 10 , 72 6,093 291 Other operating income 12,373 203,707 1,029 902 air alue Gain on In estment Properties 9,03 Net Income 2, 94, 17 2,496,4 6 46, 19 37,9 6 6,703
Net insurance claims paid 71,279 90 ,3 0 Underwriting expenses:
Ac uisition expenses 323,270 3 9,101 aintenance expenses 210,073 Net expenses 1,404,622 1,297,4 1
Reportable segment pro t 1,490,194 1,199,03 46, 19 37,9 6 6,703
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 117 [email protected] SEG ENT IN OR ATION cont d
Regency Ric Ric icro nance Ric Alliance Regency Nem prop. In est Bank Tecnologies Nigeria Ghana Nigeria Nigeria Nigeria 2020 2020 2020 2020 2020 Prop. icro nance Vehicle Non life Non life in est. bank Tracking 000 000 000 000 000
Pro t before tax a er charging the following: 6 1,137 (24,047) 1,2 7 0 1,229
anagement expenses 96,326 96 ,926 39, 2 36,603 ,474
Net realised gain/(loss) on nancial assets ( 7,269) (2 4,1 ) ( 04) Impairment loss ,914 Income tax expenses 2, 0 (23 ) 444 49
Total assets 10,0 2,9 4 2,160,49 1 4,904 110,297 16,346
Total Liabilities 3,723,649 1, 41,120 133, 0 102,606 1,429
Net assets 6,329,30 319,37 1,324 7,690 14,917
econcilia ion of egmen re l of o era ion o nancial re l of o era ion
Regency Regency Nem Ric Ric icro nance Ric Nigeria Ghana Nigeria Nigeria Nigeria 2020 2020 2020 2020 2020 Prop. icro nance Vehicle Non life Non life in est. bank Tracking N 000 N 000 N 000 N 000 N 000 At 31 ecember Net insurance premium re enue 2,47 ,203 2,011,0 9 ee Income 66,646 176,149 Net trading income 6,412 Interest Income 44,021 Interest expenses (6,937) Lease rental 39,397 In estment returns 331, 7 10 , 72 6,093 291
Other operating income 12,373 203,707 1,029 902 air alue Gain on In estment Properties 9,03 Net insurance claims paid ( 71,279) (90 ,3 0) Underwriting expenses ( 33,343) (3 9,101) anagement and Other expenses ( 96,326) (96 ,926) (39, 2) (36,603) ( ,474) Net realise (loss) on nancial asset 7,269 (2 4,1 ) 04 ( 03) Impairment on trade recei ables ( ,914)
Operating pro t 6 1,137 (24,047) 1,2 7 0 1,229
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 11 [email protected] SEG ENT IN OR ATION cont d 2019 (3,760) 33,561 10,702 69,655 26,328 (88,500)
211,075 201,496 628,969 811,033 169,709 (248,905) 6,241,232 6,274,793 6,271,033 1,797,648 4,473,385 4,684,459 1,861,653 1,824,946 1,214,822 1,007,070 2,462,567 - - - 498 8,895 6,976
31,688 14,973 13,466 242,796 300,152 112,227 712,371 196,607 922,444 6,511,472 6,543,160 6,552,055 2,065,793 4,486,261 4,729,057 1,618,872 1,015,048 2,941,048 1,033,722 1,780,127 2,026,486 5 7 - - - - - 244 143 5,758 4,145 6,465 6,615 (4,600)
53,288 53,288 59,046 16,658 42,387 46,532 25,674 21,323 21,323 18,594 - 708 498 4,677 1,401 (8,293) (1,907) 84,753 22,889
(69,796) (19,153) 219,592 610,250 532,868 125,876 428,052 217,571 241,860 990,564 1,790,638 1,790,638 1,875,391 1,655,799 1,660,476 - 125 644 6,817 6,790 (6,976) 55,435 99,288 77,058 31,836 (33,767) 918,877 364,557 554,320 609,755 150,242 154,761 271,360 172,259 109,539 400,929
(127,644) 1,039,705 1,046,521 - 151 Fire Marine Motor W/Comp 2020 2,366 7,358 1,123 6,669 (8,130) (3,050) 91,852 47,669 82,820 98,870 (59,794) 631,561 633,927 574,132 342,358 231,775 323,627 217,592 272,770 201,130 106,662 134,145
- - - - 3,566 2,679 73,879 14,290 72,327 89,296 970,813 970,813 456,380 588,312 588,312 293,745 350,798 533,623 173,585 168,531 839,616 (340,600) 1,044,692 1,181,732
- 184 1,649 22,343 18,924 29,339 59,686 40,719 44,305 18,949 16,053 18,245 REVENUE ACCOUNT REVENUE ACCOUNT 635,003 657,346 676,270 175,556 500,714 530,054 207,624 309,679 230,371 102,782 121,210 178,473
4 47 - - - 100 977 (558) 75,483 32,453 38,641 46,041 47,022 (42,808) 454,843 454,943 412,135 336,652 369,105 414,546 452,676 248,491 204,184 117,899
31 47 - - - - - 2,583 1,988 8,225 (3,051) 16,708 26,921 (40,693) 241,569 241,569 238,518 100,457 138,060 138,060 226,593 (158,808) (156,147) (115,454)
62 - 695 435 5,437 (2,485) 24,894 54,787 35,297 58,877 72,521 (18,863) (10,074) 314,752 132,585 299,890 694,116 752,992 438,240 463,134 173,319 694,054 Accident Avia on Bond Eng Oil/Gas =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000
THE GROUP THE GROUP APPENDIX I Informa on on reportable underwri ng profit on each line of non- life insurance business are shown below: business are insurance on each line of non- life underwri ng profit on reportable Informa on Premium Inward Faculta ve Wri en Premium Gross Risk Unexpired to Transfer Income Premium Gross Reinsurance Outward Expenses Less: Reinsurance Income Premium Net & Commission Income Fees Income (A) Total EXPENSES Claim Paid Gross Fee Adjuster Claim Outstanding to Transfer on IBNR Less: Recoverable Claim Incured Gross Recoveries reinsurance Less: Outward on paid Claim Less: Recoverable claims on outstanding Less: recoverable in IBNR Less: Movement 68,075 Net Claim Expenses (B) EXPENSES UNDERWRITING (729) Acquisi on Commission Others Maintenance Underwri ng Expenses ( C ) Total (A-B-C) Underwri ng Profit INCOME Premium Direct
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 119 [email protected]
SEG ENT IN OR ATION cont d
33,561 55,543 10,702 69,655 26,328 (95,220) (88,500) 890,625 201,496 738,319 180,248 576,916 388,329 169,709 584,366 (364,504) 3,912,726 3,946,288 3,851,068 1,311,692 2,539,376 2,594,919 1,433,635
498 6,976 31,688 55,488 66,646 14,973 13,466 574,659 408,775 300,152 291,586 112,227 871,279 323,270 196,607 533,343 TOTAL TOTAL 3,846,848 3,878,536 3,934,024 1,458,821 2,475,203 2,541,849 1,290,562 1,137,227
5 7 ------379 244 481 481 788 143 939 (249) (220) (146) 4,207 4,207 3,958 4,178 4,178 2,758
- 708 498 1,859 3,365 1,401 (1,907) 58,291 14,163 13,156 11,270 55,960 22,889 80,250 (34,520) (69,796) (19,153) 665,816 665,816 631,296 177,952 453,344 455,203 363,683
- 125 838 644 6,817 7,323 6,790 (6,976) 14,103 10,275 51,405 31,836 83,885 (22,755) (33,767) (22,529) (29,666) 776,913 783,730 760,975 262,806 498,169 512,271 458,052
- 151 2,366 7,358 7,206 1,123 6,669 (8,130) (3,050) 84,947 19,275 12,445 10,745 30,699 34,673 18,449 26,241 85,954 (10,783) 193,490 195,856 185,073 100,126 119,401 - - - -
3,566 2,679 73,879 14,290 72,327 89,296 970,813 970,813 456,380 588,312 588,312 293,745 350,798 533,623 173,585 168,531 839,616 (340,600) 1,044,692 1,181,732 - 459 184
1,649 (1,426) REVENUE ACCOUNT REVENUE ACCOUNT 22,343 13,983 36,226 40,719 18,949 16,053 59,597 18,245 78,025 451,720 474,063 472,637 122,281 350,356 364,340 135,865 214,459 178,999 107,316 4 47 - - - - - 100 600 977 (558)
2,643 3,176 3,839 3,328 3,328 1,549 2,530 25,286 25,386 28,029 24,853 25,453 19,595 31 47 - - - - - 2,583 1,988 8,225 (3,051)
16,708 26,921 (40,693) 241,569 241,569 238,518 100,457 138,060 138,060 226,593 (158,808) (156,147) (115,454) 62 - 695 5,437 (2,485) (3,894) 16,827 57,236 35,174 35,297 51,750 (18,863) (24,003) 517,097 568,847 251,042 334,632 104,523 145,256 213,378 317,804 517,035 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 Accident Avia on Bond Eng Oil/Gas Fire Marine Motor Empl/Liab 2020 2019
APPENDIX II THE COMPANY Faculta ve Inward Premium Inward Faculta ve Wri en Premium Gross Risk Unexpired to Transfer Income Premium Gross Reinsurance Outward Expenses Less: Reinsurance Income Premium Net & Commission Income Fees Income Total EXPENSES Claim Paid Gross Fee Adjuster Claim Outstanding to Transfer in IBNR Less: Movement Claim Incured Gross Recoveries reinsurance Less: Outward on paid Claim Less: Recoverable claims on outstanding Less: recoverable 62,390 on IBNR Less: Recoverable Claim Expenses (B) Net EXPENSES UNDERWRITING (729) Acquisi on Commission Others Maintenance Underwri ng Expenses ( C ) Total (A-B-C) Underwri ng Profit INCOME Premium Direct
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 120 [email protected] VALUE A E STATE ENT
GROUP COMPANY 2020 2019 2020 2019 =N='000 % =N='000 % =N='000 % =N='000 %
Net Premium -Nigeria 2,541,849 2,594,918 2,541,849 2,594,918 - Foreign 2,187,208 2,089,541 - - Net Interest Income -Nigeria 37,084 33,677 - - Net Trading Income -Nigeria 6,412 7,806 - - Lease Rental Income - Nigeria 32,059 23,071 - - Investment Income -Nigeria 337,941 420,827 331,557 411,661 Investment Income -Foreign 105,572 162,524 - - Other Income -Nigeria 23,341 51,610 21,410 48,883 Other Income -Foreign 203,707 4,806 - - Fair value Gain on Investment Properties - - Claims Incured,Net Commissios and Operating Expenses: -Nigeria (1,975,994) (1,753,912) (1,642,863) (1,632,424) - Foreign (1,666,149) (1,542,196) - -
Value Added 1,833,031 100.00 2,092,672 100.00 1,251,953 100.00 1,423,038 100.00 APPLIED AS FOLLOWS IN PAYMENT TO EMPLOYEES Salaries, Wages and other benets 833,311 45.46 808,205 38.62 370,436 29.59 364,887 25.64 IN PAYMENT TO PROVIDERS OF CAPITAL Dividend - - - IN PAYMENT TO GOVERNMENT Taxation 70,168 3.83 288,319 13.78 52,550 4.20 188,954 13.28
RETAINED FOR REPLACEMENT OF ASSETS AND EXPANSION OF THE BUSINESS
Depreciation 99,018 5.40 118,695 5.67 64,687 5.17 78,785 5.54 Armotisation of Intangible Asset 11,873 0.65 11,997 0.57 9,976 0.80 10,900 0.77 Contingency reserve 196,295 10.71 188,244 9.00 125,717 10.04 129,919 9.13 Retained Prot 622,366 33.95 677,212 32.36 628,587 50.21 649,594 45.65 1,833,031 100.00 2,092,672 100.00 1,251,953 100.00 1,423,038 100.00
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 121 [email protected] IVE YEAR INANCIAL SU ARY
The Group The Company STATEMENT OF COMPREHENSIVE INCOME
2020 2019 2018 2017 2016 2020 2019 2018 2017 2016 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 Gross Premium Written 6,543,160 6,274,793 5,766,792 5,582,542 5,017,315 3,878,536 3,946,287 3,407,976 3,367,726 3,100,740 Gross Premium Income 6,552,055 6,271,032 5,869,759 5,388,945 5,300,991 3,934,024 3,851,067 3,480,086 3,144,344 3,337,313 Prot before tax 660,457 1,004,708 373,085 412,570 761,701 681,137 838,548 254,533 252,866 532,928 Income Tax Expense (70,168) (288,319) (99,733) (137,210) (150,502) (52,550) (188,954) (44,933) (56,391) (62,334) Prot after Taxation 590,289 716,389 273,352 275,360 611,199 628,587 649,594 209,600 196,475 470,594 Transfer to Contingency Reserve 196,295 188,244 173,004 137,867 137,867 125,717 129,919 102,239 101,032 94,119 STATEMENT OF FINANCIAL POSITION Assets Cash and Cash equivalents 1,998,354 2,551,588 1,986,364 1,944,231 1,644,372 1,431,473 2,219,991 1,861,142 1,580,186 1,520,147 Financial Assets: - Held-to-maturity 5,031,368 3,121,573 2,562,143 2,104,171 2,392,312 4,224,934 1,992,338 1,397,913 1,111,387 1,435,039 - At fair value through prot or loss 639,385 564,460 697,893 837,734 623,807 572,964 554,900 685,457 833,521 620,755 - Available-for-sale 40,104 45,759 46,686 49,065 25,130 - 7,596 7,136 6,547 5,016 - Loan and receivable 227,126 240,319 221,346 219,975 213,189 7,061 91,724 3,031 130 1,680 Trade Receivables 208,010 132,558 128,706 118,323 127,314 7,202 5,631 7,851 11,571 11,976 Reinsurance assets 2,269,782 1,394,553 1,707,436 1,613,431 1,186,813 1,127,475 1,015,101 1,044,565 909,635 816,319 Deferred Acquisition Cost 253,827 160,677 223,221 273,200 227,834 85,069 76,532 115,385 168,486 148,802 Other Receivables and prepayments 193,400 240,344 207,891 137,184 192,810 20,236 16,750 30,136 15,650 27,759 Prepaid Tax - 9,188 8,209 - - - - - Deferred Tax - 8,334 5,107 209 1,382 - - - - - Inventory 6,267 7,743 8,839 9,634 10,384 - - - - - Investment in subsidiaries - - - - 1,026,170 943,438 943,438 943,438 785,462 Deposit for shares in Subsidiary ------Goodwill 24,813 - - Goodwill and Intangible Assets 11,491 17,051 25,608 40,822 48,226 7,820 14,644 22,122 34,237 34,370 Investment properties 621,919 612,881 646,919 116,919 116,919 505,000 495,962 530,000 - Property, Plant and Equipment 820,605 869,871 964,846 1,433,720 1,254,960 737,551 801,784 872,663 1,333,229 1,148,365 Statutory Deposits 424,110 406,436 410,888 402,499 376,532 300,000 300,000 300,000 300,000 300,000 Total Assets 12,745,746 10,374,147 9,853,082 9,309,326 8,466,800 10,052,954 8,536,393 7,820,840 7,248,018 6,855,691
LIABILITIES - - Insurance Contract Liabilities 4,341,272 3,018,623 3,194,160 2,731,042 2,259,954 2,971,806 2,318,367 2,386,155 1,856,530 1,457,326 Trade Payables 21,939 11,020 6,680 28,016 46,145 6,525 - - - - Other Trade Payables 787,351 612,848 559,656 538,497 289,667 194,728 200,716 147,570 172,445 120,257 Retirement benet obligation 3,013 3,007 5,862 3,363 2,711 3,013 3,007 3,282 3,363 2,711 Provision for Current Income Tax Liabilities 225,833 262,322 189,305 174,419 254,231 201,499 214,085 185,534 162,425 242,497 Deferred income tax liabilities 93,998 99,500 47,496 109,024 86,612 101,077 99,500 47,496 109,024 86,612 Bank Overdraft - 16,703 8,246 4,089 16,055 - - - - - Deposit for shares 245,000 - - - - 245,000 - - - - Total Liabilities 5,718,406 4,024,023 4,011,405 2,955,373 2,955,373 3,723,649 2,835,675 2,770,038 2,303,787 1,909,403
EQUITY Total equity attributable to owners of the parent: Issued and Paid up share capital 3,334,375 3,334,375 3,334,375 3,334,375 3,334,375 3,334,375 3,334,375 3,334,375 3,334,375 3,334,375 Deposit for shares ------Contingency Reserve 1,866,521 1,670,226 1,481,982 1,361,412 1,171,779 1,466,878 1,341,161 1,211,242 1,109,003 1,007,971 Retained Earnings 1,201,684 772,225 283,257 342,862 561,424 1,528,051 1,021,793 502,119 498,241 602,860
Fair Value Reserves 7,769 10,226 6,760 2,612 1,081 (0) 3,388 3,066 2,612 1,081 Other Reserves 63,387 (22,610) 188,798 201,481 20,151 - - - - - Subtotal 6,473,736 5,764,442 5,295,172 5,242,742 5,088,811 6,329,304 5,700,717 5,050,802 4,944,231 4,946,289 Non-controlling Interest in Equity 553,604 585,682 546,504 478,133 422,617 - - - - - Equity and Liability 12,745,746 10,374,147 9,853,082 9,309,326 8,466,800 10,052,954 8,536,392 7,820,840 7,248,018 6,855,691
Basic and diluted Earnings per share (in kobo) 8.85 10.74 4.10 4.13 9.17 9.43 9.74 3.14 2.95 7.06
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 122 [email protected] SHARE CAPITAL HISTORY
YEAR Authorised Capital Issued and fully paid Consideration
Increase Cummulative Increase Cummulative Increase Cummulative Increase Cummulative
Units Units Units Units
=N= =N= =N= =N=
1994 10,000,000 10,000,000 20,000,000 20,000,000 7,680,000 7,680,000 15,360,000 15,360,000 Cash
1995 - 10,000,000 - 20,000,000 - 7,680,000 - 15,360,000
1996 - 10,000,000 - 20,000,000 2,320,000 10,000,000 4,640,000 20,000,000 Cash
1997 60,000,000 70,000,000 120,000,000 140,000,000 35,645,000 45,645,000 71,290,000 91,290,000 Bonus/Cash
1998 - 70,000,000 - 140,000,000 24,355,000 70,000,000 48,710,000 140,000,000 Bonus/Cash
1999 40,000,000 110,000,000 80,000,000 220,000,000 - 70,000,000 - 140,000,000
2000 - 110,000,000 - 220,000,000 12,000,000 82,000,000 24,000,000 164,000,000 Bonus
2001 - 110,000,000 - 220,000,000 13,000,000 95,000,000 26,000,000 190,000,000 Bonus
2002 140,000,000 250,000,000 280,000,000 500,000,000 5,000,000 100,000,000 10,000,000 200,000,000 Bonus
2003 100,000,000 350,000,000 200,000,000 700,000,000 2,000,000 102,000,000 4,000,000 204,000,000 Bonus
2004 - 350,000,000 - 700,000,000 248,000,000 350,000,000 496,000,000 700,000,000 Cash
2005 - 350,000,000 - 700,000,000 - 350,000,000 - 700,000,000
2006 600,000,000 950,000,000 1,200,000,000 1,900,000,000 - 350,000,000 - 700,000,000
2007 5,050,000,000 6,000,000,000 10,100,000,000 12,000,000,000 226,000,000 576,000,000 452,000,000 1,152,000,000 Merger
2007 - 6,000,000,000 - 12,000,000,000 499,000,000 1,075,000,000 998,000,000 2,150,000,000 Cash
2007 - 6,000,000,000 - 12,000,000,000 920,299,075 1,995,299,075 1,840,598,150 3,990,598,150 Cash
2008 - 6,000,000,000 - 12,000,000,000 429,700,925 2,425,000,000 859,401,850 4,850,000,000 Bonus
2008 - 6,000,000,000 - 12,000,000,000 606,250,000 3,031,250,000 1,212,500,000 6,062,500,000 Bonus
2009 - 6,000,000,000 - 12,000,000,000 303,125,000 3,334,375,000 606,250,000 6,668,750,000 Bonus
2010 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000 -
2011 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000 -
2012 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000 -
2013 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000 -
2014 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000 -
2015 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000 -
2016 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000 -
2017 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000 -
2018 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000 -
2019 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000 - 2020 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000 -
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 123 [email protected] REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 124 [email protected] 27TH ANNUAL GENERAL EETING
PROXY FORM
I/We...... (Name of Shareholder(s) in BLOCK LETTER please) RESOLUTIONS FOR AGAINST
1. To receive the report of the Directors, the Audited of...... Financial Statements for the year ended 31 December 2020 together with the Reports of the Auditors and the ...... Audit Committee thereon. being a Shareholder/Shareholders of Regency Alliance Insurance Plc hereby appoint Mr. Clem Baiye or failing him Mr. Biyi Otegbeye 2. To re-elect Mr. Matt Osayaba Aikhionbare, OON as a or failing him Mrs. Anu Shobo as my/our proxy to act and vote for Director. me/us on my/our behalf at the 27th Annual General Meeting of Regency Alliance Insurance Plc or any adjournment thereof. 3. To ratify the appointment of Non -Executive Directors. (Subject to the approval of NAICOM) l Mr. Donald James Etim l Chief Wale Taiwo, SAN
Dated this ………………….……. Day of ……………………... 2021 4. To disclose the remuneration of the Managers of the Company. Signature:...... 5. To elect members of the Audit Committee. A Shareholder entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy in his /her stead. The proxy 6. To authorise the Directors to x the remuneration of the form has been prepared to enable you exercise your right to vote. Auditors. 7. Special Business: Please sign the proxy form and post it to reach the Registrars To consider and if thought t pass the following as an Meristem Registrars and Probate Services Ltd. 213, Herbert Ordinary Resolution: Macaulay Way, Ebute Metta, Lagos, Lagos State or the Company Secretary at the registered ofce of the Company or mail to . To approve the remuneration of Directors. [email protected] or [email protected] not later than 48 hours before the time of holding the meeting. Please indicate with “X” in the appropriate box how you wish your vote to be cast on the resolutions set out above. Unless otherwise instructed, the Proxy will vote For Joint Shareholders any one of such shareholders may or abstain from voting at his/her discretion. complete the form, but the name of all joint shareholders must be stated. If executed by a corporate body, the proxy form should be sealed with a Company Seal. The Stamp Duties Act Cap 411 Laws of the Federation 1990 provides 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 be stamped. This shall be at the expense of the Company provided the proxy forms are duly completed and submitted as stated herein before.
SHAREHOLDERS ADMISSION'S FORM
Please admit the bearer of this form or his/her appointed proxy to the 27th Annual General Meeting of Regency Alliance Insurance Plc. to be held at the Conference Hall, The Zone, Plot 9, Gbagada Expressway, Gbagada Lagos, Lagos State on Thursday the 27th day of May, 2021.
Name of Shareholder:……………………………………………………………………………...... ………………………………………………………………………
No of Shares held:…………………………………………………………………………………………………………………...... ………………………………………
The Registrar Meristem Registrars and Probate Services Ltd. P.O Box 51585 Falomo Lagos.
Regency Alliance Insurance Plc. Anu Shobo Company Secretary FRC/2013/00000003654 2020 Annual Report.
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 12 [email protected] Afx N50.00 Postage Stamp Here
The Registrar Meristem Registrar & Probate Service Limited P. O. Box 51585 Falomo, Lagos.
&
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 126 [email protected]
e-DIVIDEND PAYMENT– One Stop Solution to Unclaimed Dividend – Take Advantage of It!
To: The Registrar Meristem Registrars and Probate Services Limited 213, Herbert Macaulay Way Adekunle -Yaba Lagos. P .O. Box 51585 Falomo-Ikoyi, Lagos Phone: +234 (1) 2809250- 3, 0700MERIREG e-Mail: [email protected] Website: www.meristemregistrars.com
I/We hereby request that from now on, all my/our dividend due to me/us from my/our holding(s) in REGENCY ALLIANCE INSURANCE PLC be paid to my/our Bank named below.
Bank Name:
Bank Address:
NUBAN Account Number:
Shareholder’s Full Name: (Surname First) BVN/TIN
Shareholder’s Address: (if address has changed, please indicate new address)
E-mail:
Mobile:
CSCS CHN CSCS A/C No
Single Shareholder’s Signature:
Joint Shareholder’Signature1)_
2)
If company, Authorized Signatories 1)
2)
Company Seal:
Authorized Signature & Stamp Of Bankers
Sort Code:
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 127 [email protected] Afx N50.00 Postage Stamp Here
The Registrar Meristem Registrar & Probate Service Limited P. O. Box 51585 Falomo, Lagos.
&
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 12 [email protected] This part contains names of shareholders who are yet to claim their dividends approved at 2009, 2011, 2012, 2016, 2017 and 2018 AGMS for the 2008, 2010, 2011, 2015, 2016 and 2017 accounting years respectively. Any shareholder whose name appears on the list is required to contact the Registrar as soon as possible at the address below.
Meristem Registrars and Probate Services Limited 213, Herbert Macaulay Way, Adekunle-Yaba, Lagos. Tel: 01-8920492
Shareholders who have received their dividends after the compilation of this list should ignore the repetition of their name on the list.
Publication is made pursuant to section 375 (1) of the Companies and Allied Matters Act 2020
Regency place: 2, Ebun Street, Gbagada Expressway, Gbagada Lagos. P. O. Box 70333, Victoria Island, Lagos, Nigeria. Tel: 0805 349 9073, 0805 349 9074 E-mail: [email protected] Website: www.regencyalliance.com (RC: 223946)
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 129 [email protected] UNCLAI E IVI EN LIST
S/No Names S/No Names S/No Names S/No Names
1 ABALOGU CHINONSO PAUL 101 ADEBAYO OLUSOLA ALABA LATONA 201 ADELAJA ADEBANJO 301 ADETOYI ADESINA ABAYOMI 2 ABATAN URIEL OLUSEGUN 102 ADEBAYO OMOLAYO 202 ADELAJA LAWRENCE 302 ADETOYI OLAWALE KAYODE 3 ABAYOMI KAYODE 103 ADEBAYO SOLOMON ATILADE 203 ADELAKUN AKINDELE OLUMIDE 303 ADETUNJI BABATUNDE ISAAC 4 ABAYOMI KAYODE ADEOLUWA 104 ADEBAYO SUNDAY 204 ADELAKUN FATAI ADEOYE 304 ADETUWO DUPE 5 ABAZU UCHENNA ESTINA 105 ADEBESHIN ADEBAYO AKANBI 205 ADELANI DAVID OLUFEMI 305 ADETUWO SAMSON ADEYEMI 6 ABBA GRACE 106 ADEBESIN OLALEKAN ADEDEJI 206 ADELANKE MOBOLANLE 306 ADETUWO, YEMI 7 ABBAH MUSTAPHA ENDOWMENT FUND 107 ADEBISI ADESINA SAMUEL 207 ADELANWA BOLA 307 ADEWALE ADENIKE GANIYAT 8 ABBAKWE CHIMEZIE NELSON 108 ADEBISI YAKUBU BANJI 208 ADELANWA DAVID ADETUNJI 308 ADEWALE EHIANETA ADEROGBA 9 ABBAS ALI NASSEREDINE 109 ADEBIYI ALABI ADEWALE 209 ADELEKE ADEWALE MICHAEL 309 ADEWALE JULIANA MODUPE 10 ABDUL MONSURAT OLUWATOSIN 110 ADEBIYI DAVIES ADETOYESE 210 ADELEKE GRACE OLUWAKEMI 310 ADEWOLE ADENIYI OLUWAFEMI 11 ABDULAZEEZ JAMIU OCHAWU 111 ADEBIYI EBENEZER OLUWAGBENGA. 211 ADELEKE JOHNSON ADEKUNBI 311 ADEWOYE ADEWALE OLUGBENGA 12 ABDULFATAI BELLO OLASUNKANMI 112 ADEBIYI OLUWASEYI PAUL 212 ADELEKE MUMINI TUNDE 312 ADEWOYE OLUSOLA ADELANI 13 ABDULKADIR SULEIMAN GARBA 113 ADEBIYI TOKUNBO OLUSEGUN 213 ADELEKE VICTORIA DAMILOLA 313 ADEWOYIN FUNMILAYO TOROMOLA 14 ABDULQUADRI SANNI IDOWU 114 ADEBIYI WASIU ADETUNJI 214 ADELEYE ADEDAMOLA SUNDAY 314 ADEWUMI ADESINA DEMILADE 15 ABDULRAHEEM SAKIRAT ABIMBOLA 115 ADEBOWALE BABATUNDE MICHAEL 215 ADELEYE ADEDAYO OLUWASEUN 315 ADEWUMI FUNMILAYO TOYIN 16 ABDULRAHMAN MUHAMMAD MAUDE 116 ADEBOWALE DAVID ADEDIBU 216 ADELEYE IDOWU STEPHEN 316 ADEWUMI TITILOLA ADEOLA 17 ABDURAHMAN SIDIK URAMAR 117 ADEBOWALE OLUMIDE 217 ADELEYE MARGRET ABIODUN 317 ADEWUNMI FUNMILAYO TOYIN 18 ABE OLUMIDE 118 ADEBOYE DEBORAH 218 ADELEYE SUNDAY SULEIMON 318 ADEWUSI JOSEPH ADEBAYO 19 ABE OLUWASEUN 119 ADEBOYE OREOLUWA 219 ADELEYE YEMISI ADERONKE 319 ADEWUSI LOOKMAN ADEKUNLE 20 ABEGUNDE AYODELE 120 ADEBOYEJO HELEN TITILAYOMI 220 ADELOYE FAVOUR OLUWAFERANMI 320 ADEYANJU JAMES OLUROTIMI 21 ABEL VICTOR AUDU 121 ADEBULE GABRIEL ADEBAYO 221 ADELOYE STEPHEN AYODEJI 321 ADEYANJU KEMI ELIZABETH 22 ABIA OSE PAUL 122 ADEBULE OLUWASHINA 222 ADEMAKIN AKINDELE 322 ADEYANJU SIMEON KOLAWOLE 23 ABIDOYE RASHEED OLALERE 123 ADEDAPO OLUSEGUN MICHAEL 223 ADEMILOLA TAIWO SAMUEL OLUGBENGA 24 ABIMBOLA DEBORAH AYOOLA 124 ADEDARA ADEOYE SAMUEL 224 ADEMILUYI OMOBOLANLE MONSURA 323 ADEYEMI ABIODUN OLUWASEUN 25 ABIMBOLA ELIJAH AYODELE (REV) 125 ADEDAYO SHAMSIDEEN OLUSEGUN 225 ADEMOLA COKER 324 ADEYEMI ADEBAYO OLUWAFEMI 26 ABIODUN GBOLAHAN OLUWASEUN 126 ADEDEJI ADEFOWOPE GBENGA 226 ADEMOLUTI A. MORENIKE 325 ADEYEMI ADEDOYIN OLUWATIMILEHIN 27 ABIODUN GRACE IYABO 127 ADEDEJI ADENIYI JAMIU 227 ADEMOSU SOLOMON TANIMOWO 326 ADEYEMI ADESOLA ADENIYI 28 ABIODUN OLAKUNLE STEVE 128 ADEDEJI OLATUNDE ADEOLUWA 228 ADENEKAN BABATUNDE SAMUEL 327 ADEYEMI ADETUTU ADERONKE 29 ABIODUN OLUFUNMILOLA ADEOLA 129 ADEDEJI SUNDAY 229 ADENEKAN TAIWO 328 ADEYEMI BABATUNDE ALEX 30 ABIODUN OLUMIDE ADETOKUNBO 130 ADEDEJI SUNDAY JOSEPH 230 ADENIJI ADEFUNKE OLUWATOSIN 329 ADEYEMI BASHIRU OYEWOLE 31 ABIONA BENJAMIN AJIBADE 131 ADEDEJI UMAR ADEKUNLE 231 ADENIJI BEATRICE MOJIROLA 330 ADEYEMI BENSON ERIOLUWA 32 ABIONA BUSAYO FOLASHADE 132 ADEDINSEWO ADEFEMI FEYISAYO 232 ADENIJI CLEMENT BANJO 331 ADEYEMI ENOBONG ASUQUO 33 ABIOYE OLUWAFUNKE BUKOLA 133 ADEDIPE STEPHEN OLANREWAJU 233 ADENIJI FELICIA ABIODUN 332 ADEYEMI LATEEF ADESOLA 34 ABIOYE RAPHAEL OLADEJO 134 ADEDIRAN ADELEYE MICHAEL 234 ADENIJI HAMED BAMIDELE 333 ADEYEMI MONDAY OLADELE 35 ABOD-REUBENS NIG LTD 135 ADEDIRAN FUNMILOLA OLANIKE 235 ADENIJI OLAMIDE RUTH 334 ADEYEMI MUSIBAU ADEKUNLE 36 ABOLARIN BRIDGET IRETIMBE 136 ADEDIRAN GBENGA BENJAMIN 236 ADENIJO OLUKEMI 335 ADEYEMI OLUMIDE OLALEKAN 37 ABOLARINWA OLUKAYODE ISAAC 137 ADEDIRAN OLAWALE TAOFEEK 237 ADENIPEKUN OLUYEMISI TITILAYO 336 ADEYEMI OLUWASEUN SAMUEL 38 ABORISADE DEBORAH ENIOLA 138 ADEDIRE ADEMOLA KAYODE ABIODUN 238 ADENIPEKUN TAIWO ADEMOLA 337 ADEYEMI OLUYEMI SAMUEL 39 ABRAHAM EMMANUEL ONYEDIKACHI 139 ADEDIWIN OLUGBENGA 239 ADENIRAN BABATUNDE SAHEED 338 ADEYEMI SEGUN 40 ABRAHAM KAYODE WILLIAMS 140 ADEDOKUN DONALD SOJI 240 ADENIRAN BOLANLE BEATRICE 339 ADEYEMI STANLEY 41 ABRAHAM KEHINDE P 141 ADEDOKUN ISSA AKANJI 241 ADENIRAN JIDE PATRICK 340 ADEYEMI TEWOGBOYE PETER 42 ABRAHAM NNE BASSEY 142 ADEDOKUN NAJIMUDEEN WALE 242 ADENIRAN MICHAEL OLUSEGUN 341 ADEYEMO FRANCIS AYILARA 43 ABRAHAMS OJO 143 ADEDOKUN NOJIM OLUKAYODE 243 ADENIRAN RAFIU ADELEKE 342 ADEYEMO QASIM ADEKUNLE 44 ABUAH ASIKA PETER 144 ADEDOKUN OMOWUNMI ADEOLA 244 ADENIYI AFOLABI PAUL 343 ADEYEMO RUFUS ABIDEMI 45 ABUBAKA SADIQ ABDULRAHMAN 145 ADEDOKUN SAKIRU BANDELE 245 A D E N I Y I AY I N D E O L A N R E WA J U 344 ADEYEMO SAMSON OLUTUNDE 46 ABUBAKAR ABDULMUMINI 146 ADEDOTUN ALABA RASAK (PRINCE) 345 ADEYENI ADELOWO ADELEKE 47 ABUBAKAR ADAMU IBRAHIM 147 ADEDOYIN DEBORAH FUNKE 246 ADENIYI BABATUNDE SIKIRU 346 ADEYERI ADEWALE MUNIR 48 ABUBAKAR FAROUK UDUH 148 ADEDOYIN FLORENCE TEMITOPE 247 ADENIYI GBENGA 347 ADEYEYE GBENGA TEMITAYO 49 ABUBAKAR JIMOH ARIBIDESI 149 ADEEYO SAMSON 248 ADENIYI GBENGA FELIX 348 ADEYEYE JOEL ADEBAYO 50 ABUBAKAR MOHAMMED ALIYU 150 ADEFARASIN BABAJIDE ADEYEMI 249 ADENIYI JOSHUA EWARD 349 ADEYEYE MICHEAL ADENIYI 51 ABUBAKAR MUNIKATU 151 ADEFEMI SAM OLAOLU 250 ADENIYI SUNDAY ABRAHAM 350 ADEYIGA ABIMBOLA OLUFUNKE 52 ABUBAKAR NASIRU RAHINA 152 ADEFILA F S OLAITAN 251 ADENOPO SEMIU ADEBOLA 351 ADEYINKA OLUSHOLA ADENIYI 53 ABUBAKAR YAHAYA DABO 153 ADEFIOYE BOSEDE OLUWATOYIN 252 ADENUGA FOLAKEMI YETUNDE 352 ADH NOMINEES/NSA AYI 54 ABUGU BONIFACE OKONKWO 154 ADEFUYE ADEBOWALE PROFESSOR 253 ADENUGBA OLASOJI EMMANUEL 353 ADIE FRANCIS ANIAH 55 ABUGU CLARA 155 ADEGBAMI ADEBOWALE & PETER 254 ADENUOYE SAMUEL ADEYEMI 354 ADIELE GOODLUCK PETER 56 ABUGU EMMANUEL 156 ADEGBENGA HOPE AFOLAKE 255 ADEOLA ADEDEJI OMOSUNMIBO 355 ADIGUN OLAJUMOKE IBITAYO 57 ABUMERE GODDEY BESTMAN 157 ADEGBENGA SAMUEL ADEBAYO 256 ADEOSIN ADEJUMOKE AFOLASHADE 356 ADIGUN TEMITAYO AJIBOLA 58 ABUNDANT SEED INVESTMENT 158 ADEGBENJO ADEWALE OLADAPO 257 ADEOSUN TOSIN WILLIAMS 357 ADIMOHA BLESSING OGBONNA LIMITED 159 ADEGBESAN ABIOLA 258 ADEOYE ADEBAYO TIMOTHY 358 ADIO ODUNOLA E. 59 ABUNDANT SEED INVESTMENT LTD 160 ADEGBITE JULIUS OLAGUNJU 259 ADEOYE OLUGBENGA ADEYEMI 359 ADIO OLUWATOSIN F 60 ABUSI VENTURES LIMITED 161 ADEGBITE MUSA OLADIPUPO 260 ADEOYE SOLOMON OLUSEGUN 360 ADISA OLUWASEYI AKINBIYI 61 ABUTU INNOCENT 162 ADEGBITE OLUWASEUN MODUPE-ORE 261 ADEPELUMI VICTOR AYO 361 ADISA RAFIU 62 ACHI MARCELLINUS ONYEKACHI 163 ADEGBITE OLUWATOYIN 262 ADEPOJU ADEKUNLE FATAI 362 ADISA RAHEEM KABIR 63 ACHIKEH CHUKWULOR OLUWAFUNMILAYO 263 ADEPOJU ISAAC SEGUN 363 ADMOS MULTI BUSINESS LIMITED 64 ACHILEFU CARINA 164 ADEGBITE TEMITOPE GBENGA 264 ADEPOJU OLUSEGUN ADEKUNLE 364 ADODO OLUSOLA GODWIN 65 ACHUSIM CHINWE FLORENCE 165 ADEGBOLA ALICE BAMIDELE 265 ADERANTI JAMES ADEBAYO 365 ADODOH THOMAS MOSES 66 ADACHE SUNDAY ABAH 166 ADEGBOLA JANET OLUFUNMILAYO 266 ADERANTI MARIAN SHINA 366 ADOLAT GOLDEN COMMUNICATIONS 67 ADAH IBEZIM MICHAEL (MRS) 267 ADERIBIGBE ADEWALE JACOB INVTS LTD 68 ADAH PETER AGABA 167 ADEGBOLA OLUWATOSIN 268 ADERIBIGBE MUSA DAMILOLA 367 ADU AYODELE 69 ADAJA FELIX OLADUNJOYE 168 ADEGBOLA OMORINOLA VICTORIA 269 ADERIBIGBE SADIQ 368 ADU OLAYINKA 70 ADAJI SALISU 169 ADEGBOLA OMOWUMI ADEYINKA 270 ADEROJU SOJI 369 ADU RUFUS OJO 71 ADAKOLE SUNDAY 170 ADEGBOYE DAYO 271 ADERONMU SEGUN RICHARD 370 ADUEZE GOVERNOR KINGS 72 ADAMOLEKUN OLUSESAN BOLARINWA 171 ADEGBOYEGA M. OLAYINKA 272 ADESANMI SAMUEL ADEKUNLE 371 ADULOJU ROTIMI CORNELIUS 73 ADAMS IBRAHIM IROLEAIYE 172 ADEGBOYEGA MOSHOOD KAYODE 273 A D E S A N Y A A F O L A B I S U N D A Y 372 ADUNBI DAVID OLUWAFEMI 74 ADAMSON HELEN 173 ADEGBULUGBE BOSE COMFORT KOFOWOROLA 373 AEBA LOVE BARIWERE 75 ADAMSON SHAMUSIDEEN ABIODUN 174 ADEGOKE ADEBISI 274 ADESANYA TOKUNBO ADEBOWALE 374 AFADAPA VIVIAN ABIMBOLA 76 ADAMU IBRAHIM LAU 175 ADEGOKE JHLIL ADEDIRAN 275 ADESEGHA HENRY OLABODE 375 AFARIOGUN ISSA ABIODUN 77 ADAMU NURUDEEN ALIU 176 ADEGORIOLU ELIZABETH MODUPE 276 ADESHINA RILWAN ADEDEJI 376 AFESUMEH STELLA 78 ADAMU PETER EMMANUEL 177 ADEGOROYE ADEBOWALE 277 ADESIDA OREOLUWA MARY 377 AFFI JAMES MAIWADA 79 ADAMU USMAN 178 ADEGOROYE MONISADE OLUKEMI 278 ADESINA AJAYI KOLADE 378 AFOLABI IBIKUNLE RAFIU 80 ADASAKA AINA SOLOMON 179 ADEHONAIH DYNAMIC VENTURES 279 ADESINA JOHNSON GBADEBO 379 AFOLABI IYABO SAIDAT 81 ADDEH STEPHEN PETER 180 ADEITAN ADEDAMOLA MATTHEW 280 ADESINA OLAJIDE ABIODUN 380 AFOLABI JOHNSON OLUSEGUN 82 ADEAGBO ADEREMI JOHN 181 ADEJOH JOSEPH E. 281 ADESINA OLASUPO OKUNOLA 381 AFOLABI OLUMUYIWA AFOLABI 83 ADEBANJO ADEWUNMI OLALEKAN 182 ADEJOKUN ADESHINA JOHN 282 ADESINA OLUWADARE BABATUNDE 382 AFOLABI OMOTAYO BABATUNDE 84 ADEBANWO FATAI ADEBOLA 183 ADEJOLA JEMIMA OLUFUNMILAYO 283 ADESIPE ABDUL ADEYEMI 383 AFOLABI RAPHEAL ISHOLA 85 ADEBARI OLUSOLA ADUNNI 184 ADEJONWO SAMSON ABIODUN 284 ADESOJI ADEYINKA EMMANUEL 384 AFOLABI RUKAYAT TINUADE 86 ADEBAYO ABIADE GABRIEL 185 ADEJUMO TIMOTHY ADEYEMI 285 ADESOLA ADEBAYO ABIOLA 385 AFOLAYAN OLADELE SAMSON 87 ADEBAYO ABIOLA HELEN 186 ADEKOGBE HASSAN ADEDEJI 286 ADESOLA AJOKE KAFAYAT 386 AFOLAYAN PRECIOUS 88 ADEBAYO ADEBISI 187 ADEKOLA MOROUNKOLA NURAENI 287 ADESOLA OLADAPO AYOSOLA OLUWANIMOGBEGA 89 ADEBAYO ADEGBOYEGA 188 ADEKOLA MUIDEEN OYEKOLA 288 ADESOLA SELIMOT NIYIOLA 387 AFORO AKINWUNMI O. ATANDA 90 ADEBAYO ADEGBOYEGA GABRIEL 189 ADEKOYA ALABA MATHEW 289 ADESOPE OLUWATOYIN ADEBUKOLA 388 AGADA DAVID 91 ADEBAYO ADEYINKA 190 ADEKOYA JOHNSON OLUSEGUN 290 ADESOTU USIOSEFE ADE 389 AGBABIAKA ENOCH OMONIYI 92 ADEBAYO ANTHONY ABAYOMI 191 ADEKOYA MICHAEL OLAYINKA 291 ADESOYE SEGUN 390 AGBAEGBU CHRYSANTUS 93 ADEBAYO AYORINDE OLABODE 192 ADEKOYA MORAKINYO OLUDARE 292 ADESUNLORO OLUWASEGUN GABRIEL NWABUGWU 94 ADEBAYO COMFORT OLAREWAJU 193 ADEKU ADEWALE KAZEEM 293 ADETIBA DAVIES SEGUN 391 AGBAEGBU REMIGIUS CHIBUIKE 95 ADEBAYO MODINAT LOLA 194 ADEKUNLE AKANBI PIUS 294 ADETIBA HELEN REMILEKUN 392 AGBAEGBU UZOCHUKWU ROWLAND 96 ADEBAYO OLABODE TUNDE 195 ADEKUNLE GBENGA RAIMI 295 ADETOKUN MUSIBAU 393 AGBAFOR BLESSING 97 ADEBAYO OLAWUNMI JULIUS 196 ADEKUNLE PATRICK OLUWOLE 296 ADETOKUNBO ADEJUMO 394 AGBAI NWANNE NDUKWE 98 ADEBAYO OLUKAYODE 197 ADEKUNLE RAIMI GBENGA 297 ADETOLA OLAJIDE IBIKUNLE 395 AGBAJE OLUSEGUN ADEBAYO 99 ADEBAYO OLUSEGUN OMOTAYO 198 ADEKUNLE REMI 298 ADETOLA OLUWAPELUMI 396 AGBAMEGBULAM PEACE CHUKWUKA 100 ADEBAYO OLUSEGUN SUNDAY 199 ADEKUNLE RICHARD 299 ADETOLA YUSUF 397 AGBANIGO TAIWO ADEYINKA 200 ADELABU GBADEBO 300 ADETONA OLUKAYODE ADEMOLA 398 AGBANOMA ROSELYN A. 399 AGBARA FELIX ONYEKACHI 400 AGBARAKWE JEREMIAH CHUKWUYERE
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 130 [email protected] UNCLAI E IVI EN LIST cont d
S/No Names S/No Names S/No Names S/No Names
401 AGBAROJI JEOL IKENDUBOCHI 501 AJAYI OLUSANJO EMMANUEL 601 AKINSSETE ABIDEMI OLAKUNLE 701 ALI MAGAJI ABUBAKAR 402 AGBASIERE CHIKA PHILOMINA 502 AJAYI OLUSEGUN EMMANUEL 602 AKINTAYO MORAYO 702 ALIGBE EHIS TIMOTHY 403 AGBEBI ADENIKE FEYISITAN 503 AJAYI OLUWASAYOFUNMI RUTH 603 AKINTELURE MOPELOLA 703 ALIU ONI PETER 404 AGBEDO IKECHUKWU CHUKA 504 AJAYI OLUWASEYI OLUKOREDE 604 AKINTERINWA ADEWALE OLUMUYIWA 704 ALIWO JOSEPH OJODOMO 405 AGBEKOLA AKEEM BABALOLA 505 AJAYI OYEDELE OLUSANYA 605 AKINTOLA DANIEL AKINREMI 705 ALIYU DOMA RALIATU 406 AGBESANYA ELIZABETH OYEBOLA 506 AJAYI SOLA 606 AKINTOLA OLUWAYINKA FRANCES 706 ALIYU ROSELINE FUNKE 407 AGBIBOA AGATHA ILUMAMIE 507 AJAYI TOBA MARCUS 607 AKINTOLA VICTOR KAYODE 707 ALLI FUNMILAYO MUIBAT W 408 AGBIRO BRIDGET 508 AJEH AUGUSTINE ENENCHE 608 AKINTOLA, FAUSAT OLAYINKA 708 ALLIBALOGUN GBADEBO YEMISI (MR 409 AGBO BASIL ONYEDI 509 AJEWOLE ADELEKE HENRY 609 AKINTOLU OLUFEMI MICHAEL & MRS) 410 AGBO EDWIN G. & ZIPPORA I. 510 AJEWOLE FELIX KAYODE 610 AKINTOMIDE ADETOLA AJIBOLA 709 ALLISON AHMED TUNDE 411 AGBO IFEOMA MAUREEN 511 AJIBADE BIDEMI OLAYEMI 611 AKINTOYE ANDREW ADEBAYO 710 ALLU JOHN 412 AGBO MICHEAL O. 512 AJIBADE FEMI RICHARD 612 AKINTOYESE HASSAN ISHOLA 711 ALO ADEWALE 413 AGBO UCHENNA M 513 AJIBADE KAYODE WILLIAMS 613 AKINTUNDE ABIKE OLADUNJOYE 712 ALO OLAOLU AKINWANDE 414 AGBODO JUSTUS CHUKWUDI 514 AJIBADE TOYIN 614 AKINTUNDE MARY ADEOLA 713 ALONGE AGNES FUNMILAYO 415 AGBOGO DAVID INALEGWU 515 AJIBAIYE ABDUL SEMIU 615 AKINTUNDE OLUFUNMILOLA AINA 714 ALONGE ENOCH ADENIYI 416 AGBONENI GREGORY AVM 516 AJIBODE KEHINDE 616 AKINTUNDE OLUWASEUN AHMED 715 ALUKO EMMANUEL OLUSEGUN 417 AGBOOLA ADESOLA AYODELE 517 AJIBOGU JAMES SHAIBU 617 AKINTUNDE SEUN 716 ALUKO ESTHER MOSUNMOLA 418 AGBOOLA VICTORIA OLUFUNMILAYO 518 AJIBOLA ASIMIYU A.A 618 AKINWALE JOHNSON OLAYINKA OLUWAKEMI 419 AGBOZIOKO ANTHONY IKECHUKWU 519 AJIBONA OLAYINKA THOMAS 619 AKINWANDE JELILI ADISA 717 ALUKO SAMSON OLUSANYA 420 AGBU WINIFRED IFEOMA 520 AJIBOWU SARIAT BIDEMI 620 AKINWANDE OPEGBEMI 718 ALUKO SELINAH IRETI 421 AGHA DANIEL UZOCHUKWU 521 AJIGWU CHRISTIAN KARITA 621 AKINWOLEOLA ADEOLU 719 ALUKPE VERONICA AZEINMARI 422 AGHA PIUS MADUBUIKEIBEYA 522 AJILEYE BABATUNDE ISAAC 622 AKINWUMI OLADEJI 720 ALUKWU CHRIS SUNDAY 423 AGHANU GABRIEL CLARA 523 AJILEYE DAVID ALABA 623 AKINWUMIJU SABAINAH BAMITALE 721 ALUKWU IFEANYI 424 AGHEDO OSAIGBOVO OYEBODE 524 AJILEYE FELIX KAYODE 624 AKINWUNMI MOJISOLA NIHMATALAHI 722 AMACHUKWU EMMANUEL CHINONYE 425 AGHOLOR KOYENRI SAMUEL 525 AJILEYE FEMI EMMANUEL 625 AKINYEMI AKINJOGUNLA RICHARD 723 AMADA-AYAFA ANN 426 AGIDI TOBIAS 526 AJIROBA MOROOF ADEDOKUN 626 AKINYEMI GABRIEL ADESHOKAN 724 AMADI CHILE 427 AGIDI VICTOR AKAMUGA 527 AJISEBIOLOWO OLANIYI 627 AKINYEMI GABRIEL OLATUNDE 725 AMADI REGINALD OBINNA 428 AGODI CHUKWUEBUKA JOHN 528 AJOMALE ABISOLA OLUFUNMILOLA 628 AKINYEMI OLUWASEUN SAMUEL 726 AMADI THERESA ONUABUCHI 429 AGONU KENECHUKWU COLLINS 529 AJOSE PETER OLUSOLA 629 AKINYEMI OMOBOLANLE 727 AMAECHI ELIZABETH 430 AGOSA SAMUEL SAMENU 530 AJOSE TUNDE IDRIS OLANREWAJU 728 AMAECHI MAVIS IFEOMA 431 AGOSILE ILEMOBAYO CLEMENT 531 AJUMUKA JAMES OTUMA 630 AKINYEMI SAHEED OMONIYI 729 AMAH EDWINAH 432 AGU ANGELA CHIZ 532 AJUNWOKE EMMANUEL 631 AKINYOSOYE VIVIAN MODUPE 730 AMAIHIAN AYUBA PAUL 433 AGU ELIAS MBA 533 AKADIRI OBAGAIYE JIMOH 632 AKIOLU HRM -RBO(TRADING) 731 AMAIZE EUGENE IMONGBORE (DR) 434 AGU MAXWELL NNABIKE 534 AKANBI JUBRIL ABAYOMI 633 AKIOLU RILWAN – OBA OF LAGOS 732 AMANZE KENNETH FOLASHADE 435 AGU MICHAEL UZOMA 535 AKANBI MOSES ADISA 634 AKITOLA OLUYOMI IDOWU 733 AMAOGARANYA IMMACULATE AMAKA 436 AGUBE VICTORY OBOKPARO 536 AKANDE ADENIJI 635 AKITOYE ADEMIJUWON OLUWATOYIN 734 AMAOLE MARGARET KELECHI 437 AGUKU HOPE IHUOMA 537 AKANDE ADETUNJI 636 AKITOYE ADESEGUN 735 AMAOLE UZOMA B 438 AGUNA MICHAEL NOSIKE CHINEDU 538 AKANDE EBENEZER ADESOJI 637 AKNIMIEN ANTHONY 736 AMEDU DANIA 439 AGUNBIADE FUNMILAYO I. 539 AKANDE EMMANUEL OKIKIOLUWA 638 AKO JAMES OLUWAKAYODE 737 AMEDU ZENEBU 440 AGUNDO EMMANUEL OOTA CSSP 540 AKANDE SAMUEL OLUMIDE 639 AKODA STEPHEN AYOTUNDE 738 AMEH MICHAEL 441 AGUNKEJOYE OLUSEGUN SAMUEL 541 AKANDE SOLOMON SUNDAY 640 AKOGWU ELIZABETH 739 AMENIBO JUSTIN .M. 442 AGWU IKENNA LIVINUS 542 AKANMU OLUMIDE 641 AKOLADE MICHAEL K 740 AMIE JUSTINA BORO 443 AGWUNCHA AMAECHI ANTHONY 543 AKANNI AUSTIN 642 AKOTOR GODWIN 741 AMINU HARUNA ABDULLAHI 444 AHEMOKHAE EMMANUEL 544 AKANRO OLUWADAMILARE AKIN 643 AKPAN EME ETIM 742 AMINU TAJUDEEN EMMANUEL OYAKHILOME 545 AKANU HENRY OKWUDILI 644 AKPAN EMEM AMOS 743 AMMEH VICTORIA OLUWAKEMI 445 AHIA KENNETH CHUKWUEMEKA 546 AKAOSE EZE OKEY 645 AKPAN JOHN STEPHEN 744 AMODU BASIRAT A. 446 AHMED ADETOUN OMOSALEWA 547 AKARA JOSEPH UZOMA 646 AKPAN MERCY WILLIAMS 745 AMODU OLUWAFEMI 447 AHMOD YINKA RISIKAT 548 AKENI EFEMENA CHARLES 647 AKPAN PAULINUS NNANAH 746 AMOGBE ROTIMI REMI 448 AHTSEMA VENTURES LTD 549 AKERESOLA TAIWO CATERING 648 AKPAN PEACE JOSHUA 747 AMOGU VICTORIA IBE 449 AHUAMA VIDAH NWANYIEZE 550 AKEREWUSI JOSIAH DIMEJI 649 AKPAN PETER ETIM 748 AMOO ABIOLA BASIRAT 450 AIDEYAN UHUNMWUNOMA MICHAEL 551 AKHAGBENI CHARLES 650 AKPAN UDEME OBOT 749 AMOO AKANNI 451 AIFEGHAE OSAS ROLAND 552 AKHIBI AYO IFEOLUWA 651 AKPAVAN AMOS EGGA 750 AMOO BASIRAT 452 AIGBA PAUL IGIENEKPEME 553 AKINADE COMFORT ADEJOKE 652 AKPEJUNOR BEATRICE 751 AMOO GANIYU AJIBADE 453 AIGBE ERIC A. 554 AKINADEWO TEMITAYO VERONICA 653 AKPENYI NGOZI EWERE 752 AMOO KEHINDE ABIDOYE 454 AIGBOTSUA PHILOMENA EMAMHELU 555 AKINBILE TOMIWA 654 AKPOBOME MARY 753 AMOS EMMANUEL 455 AIGBOVBIOISE IGHODALO JOB 556 AKINBO OLAYIWOLA ADIO 655 AKPOIGBE ERUTOR JOSEPH 754 AMOS SALEH 456 AIKHOMU AUGUSTUS ADMIRAL 557 AKINBO OMOLARA OLABISI 656 AKPONAH ELIZABETH. O 755 AMOS STEPHEN 457 AIKHOMU EHIME 558 AKINBODE LUCAS OLAIYA 657 AKPUAFOR UGONNA CECILIA 756 AMOSUN ELIZABETH ADESOLA 458 AIKHOMU SUZZANNE OTHIVBOR 559 AKINBODE STELLA ABIODUN 658 AKUBOR SYLVESTER OSSAI 757 AMPITAN OLUWATOYIN KEMI 459 AIKPOKPO OMOLUA 560 AKINBOLA GIDEON OLUWAFEMI 659 AKUBUENYI FELIX CHINEDU 758 AMUTCHIE OKECHUKWU MACSPENCE 460 AILERU SALIMOTU AMOPE 561 AKINBOLUSIRE SUNDAY AKINTAYO 660 AKUCHUKWU MICHAEL EMEKA 759 ANABA ENYIOMA 461 AINA ADEMOLA EDWARD 562 AKINDELE ABIODUN RAMON 661 AKUEGBU NKECHI 760 ANACHUNA IFEANYI SAM 462 AINA BABAFEMI IBUKUNOLU 563 AKINDELE ADEWALE T 662 AKWUIWU UCHENDU KATE 761 ANAGBOSO GEORGINA UCHE 463 AINA ISREAL ODUNMAYOWA 564 AKINDELE FESTUS & OLUREMI 663 AL HASSAN BENJAMIN .E. 762 ANAKPE EMMANUEL OFFAELI 464 AINA TAIYE OLYODE 565 AKINDELE FLORENCE TAIWO 664 ALABI AYODELE OBAFEMI 763 ANAM CHINYERE DORATHY 465 AIYERIN OYEDELE 566 AKINDELE SOLA 665 ALABI DAMILARE 764 ANAMALU NWABUFO STANLEY 466 AJADI OLUGBENGA TIMOTHY 567 AKINDIPE OLUWASANMI EMMANUEL 666 ALABI ISA 765 ANAMENE COSTANCE NONYE 467 AJADI OPEYEMI SULEIMON 568 AKINDIYA MOJISOLA BOLANLE 667 ALABI MATTHEW OLUMUYIWA 766 ANANWA JOSEPH CHIKA 468 AJAGBE AFOLABI JOSHUA 569 AKINDURO MOYOSORE IFEOLUWA 668 ALABI OMOTOLA ADEDOYIN 767 ANASIUDU UZO LAWRENCE 469 AJAGBE BABATUNDE 570 AKINDURO PRAISE O. AKIN 669 ALABI REBECA RUKAHAT 768 ANDY OTO-OBONG EMAH 470 AJAGBE FATAI 571 AKINDURO RUTH OLABISI 670 ALABRABA DA-OKORIKOMA IBIM 769 ANENE CHUKWUDUMEBI GLADYS 471 AJAGBUSI OLUWAGBENGA JOSEPH 572 AKINFEMIDE HANNAH MAYOWA 671 ALABRABA IBIM DEBORAH 770 ANENE PATIENCE CHINWE 472 AJAGUNNA VICTORIA TITILAYO 573 AKINFENWA ATINUKE BERNICE 672 ALADE SAHEED 771 ANETOR NEWTON 473 AJAKA CHINEDU 574 AKINFENWA MARY OLUWADAMILOLA 673 ALADE TEMITAYO ABIDEMI 772 ANI BASSEY BERNICE 474 AJAKAIYE BABATUNDE 575 AKINGBADE ESTHER OLABISI 674 ALADEGBEYE FOLORUNSHO 773 ANI ONYEBUCHI 475 AJAKPOVI UFUOMA JOEL 576 AKINGBADE SEGUN 675 ALAGBE OLANREWAJU SEYI 774 ANIASHI BENEDICT UNDISAIKELE 476 AJALA ADEBUNMI ELIZABETH 577 AKINGBEHIN MUSA 676 ALAGOA MERCY GBORIBUSUOTE 775 ANIBABA AYODEJI OLUWOLE 477 AJALA KUDIRAT ABEBI OLABISI 578 AKINGBOYE AYODELE 677 ALAKA OLUKAYODE & OLUSUMBO 776 ANIBABA CHARLES FOLAJIMI 478 AJALA OLUFEMI EBENEZER 579 AKINJOBI JOSEPH ENIOLORUNFE 678 ALAKIJA ADEPEJU IBISOMI OLUWANGBEMIGA 479 AJALA OMOWUMI 580 AKINKUNMI JOHNSON AKINPELUMI 679 ALALADE OLUMUYIWA OLUSEGUN 777 ANIBABA IBUKUNOLUWA PEACE 480 AJALA SIRAJUDEEN ABIODUN 581 AKINKUOROYE OLUFUNMILAYO 680 ALALADE OLUSEGUN OLATUNJI 778 ANIBABA OLUSOLA ADENIKE 481 AJALA TAIWO FRANCIS FELICIA OLUMUYIWA 779 ANIBABA OLUWATOMISIN AYOMIKUN 482 AJALARURU BOLAJI TAIWO 582 AKINKUOWO GBENGA 681 ALANA OLURANTI ELIZABETH 780 ANIBABA OLUWAYOMI FAVOUR 483 AJANI OLADELE OYELOWO 583 AKINLABI YUSUF OLUNWATOSIN 682 ALAO TAOFEEQ ADESOLA 781 ANIEBONAM PASCAL CHIDIEBELE 484 AJANI VICTOR ADEOLU 584 AKINLADE MOJISOLA BISOLA 683 ALARAPE BOLANLE 782 ANIFOWOSE ADENIYI AKOREDE .O 485 AJAO ADEFUNSHO ADEYI 585 AKINLEYE E.A DR 684 ALASA ABDULGAFARU 783 ANIGBOGU OKEY ALPHONSUS 486 AJAO GABRIEL OLUSEGUN 586 AKINLOLA ERNEST ADEBOWALE 685 ALASOMUKA STEPHEN 784 ANIKE HUMPHREY MOSES 487 AJAO MOSUDI AYINDE 587 AKINLOYE WAHEED OLUWADAMILARE 686 ALATISE A. ADETUTU 785 ANIMASHAUN ABIODUN 488 AJAPE ABIIBAT BOLANLE 588 AKINLUA ELIZABETH OYINGOLARIN 687 ALATISE AMUDA YUSUF 786 ANISHE KOREDE 489 AJASIN STEPHEN KOLA 589 AKINMOLAYEMI FADEKE ADERONKE 688 ALATORU TAMUNOALA 787 ANOCHIE PETROLINA NZUBECHI 490 AJAYI ABAYOMI ROTIMI 590 AKINNIRAN SIKIRU ADISA 689 ALAWE ADEYEMI JOSHUA 788 ANOLIEFO ARINZE BENJAMIN 491 AJAYI BAYO 591 AKINOLA ADEBAYO EMMANUEL 690 ALAWODE CECILIA AJOKE 789 ANOMNEZE IJEOMA DORIS 492 AJAYI BOLAJI SEKINAT 592 AKINOLA TEKOBO OLUWAYEMISI 691 ALAYE ADEYEMI OLUFEMI 790 ANOSIKE ERIC IKENNA 493 AJAYI FEYISAYO MORENIKEJI 593 AKINPELU SAMUEL OLUWAPELUMI 692 ALAZIGHA TOKONI INARA PRAISE 791 ANTHONY EBERE MERCYMERIT 494 AJAYI FOLORUNSO SAMUEL 594 AKINRUJOMA KAYODE FRANCIS 693 AL-BARKA PRIVATE SCHOOL 792 ANTHONY EINERE 495 AJAYI GRACE OMOWUNMI 595 AKINSANYA ADEOLU 694 ALEGE MAZEED KOLAWOLE 793 ANUGE OBEHI ELIZABETH 496 AJAYI JOHN OLUKAYODE 596 AKINSANYA FOLASHADE OMOLAYO 695 ALEGE YUSUF OLAITAN 794 ANUGOM ENYINNAYA JOSEPH 497 AJAYI JOHN OMOTAYO 597 AKINSANYA JEREMIAH AKINOLA 696 ALEGI RASHIDAT ABYEM 795 ANULUGWO JAMES CHIJIOKE 498 AJAYI MATTHEW DADA 598 AKINSANYA JONATHAN OLUTUNDE 697 ALEGIUNO JOSEPH AWAVHEOKHA 796 ANUMNU OBIANUJU OGBEALU 499 AJAYI OLAWUMI 599 AKINSANYA MOSHOOD AKINOLA 698 ALEJO KAZEEM OLUSEYI 797 ANWAEGBU IKECHUKWU 500 AJAYI OLURANTI OLUKAYODE 600 AKINSOJI AKINPELU 699 ALEX-DUDUYEMI ADETOUN CHRISTOPHER 700 ALEXI ALICE UDOSEN 798 ANYAEBOSIM NGOZI BENEDETH 799 ANYAMENE BLESSINGS M. 800 ANYANWU EILEEN AMARACHI
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 131 [email protected] UNCLAI E IVI EN LIST cont d
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801 ANYANWU EUZABIUS AUSTIN 901 AWEDA AFEES OLARENWAJU 1,001 BALOGUN ADENIYI SHAKIRU 1,101 CHIABUOTU BLESSING ELOCHUKWU 802 ANYANWU OGBONNAH CHRISTIAN 902 AWESU ADEGOKE ECHIOMA OZIOH 1,002 BALOGUN IBRAHIM ADEBISI C. 803 ANYANWU UCHECHI DOROTHY 903 AWGUAGBAKA RICHARD O. 1,003 BALOGUN MABEL OLUWASANMI 1,102 CHIANA JUSTUS SUNDAY UKADIRE 804 ANYASI NDUKA 904 AWOBIMPE ISMAIL OPEYEMI 1,004 BALOGUN MUSIBAU ALHAJI 1,103 CHIBUIKE RUTH CHIOMA FAVOUR 805 ANYI EMMANUEL OKECHUKWU 905 AWOBIMPE KAYODE KAMALDEEN 1,005 BALOGUN OLUMIDE OLUWAFEMI 1,104 CHIELOZIE CHUKWUDI CHIBUZOR 806 ANYIAM-OSIGWE IJEOMA 906 AWOBUSUYI OLUBUKOLA DEBORAH 1,006 BALOGUN S. OLUBUNMI 1,105 CHIGBUNDU ONYEKACHI ROMANUS 807 APAMPA LOLA 907 AWOGBAYILA BALOGUN ADELEYE 1,007 BALOGUN SAMUEL BERNARD 1,106 CHIKA CHINYERE UKAEGBU 808 APENA IRIS EKUNDAYO 908 AWOGBAYILA OLUWABAMISE 1,008 BALOGUN SIKIRU AKANO 1,107 CHIKWENDU ONYEKA CHIGOZIE 809 APENUOLA ABIODUN OMOTAYO BENJAMIN 1,009 BAMGBOSE ABIODUN 1,108 CHIKWEUBA UBA 810 APPEH UCHENNA 909 AWOH PATRICK 1,010 BAMGBOSE JULIUS ODUNTAN 1,109 CHILAKA EMMANUEL CHIEDOZIE 811 AQUITY QWEUST COMPANY 910 AWOKOYA EMMANUEL 1,011 BAMGBOSE SEGUN 1,110 CHIMA GINIKA DONALD 812 ARACHE STELLA NNEKA OLUWADAMISOLA 1,012 BAMGBOYE ADEFUNKE ZAINAB 1,111 CHIMAH CHRISTIANA CHIZOMA 813 ARALEPO OLUWAFUNMINIKE 911 AWOLEYE TOBI OMOBOLANLE 1,013 BAMGBOYE VERONICA OLAITAN 1,112 CHINAKWE ALAIN NWABUGO 814 ARAMIDE ERIC ADEKUNLE 912 AWOLIYI OLALEKAN OLOYEDE 1,014 BAMIDELE OMOLARA Y.A 1,113 CHINAKWE ALIAN 815 ARANFAJO JAMIU OLADIMEJI 913 AWOLOLA KEHINDE OMOWUMI 1,015 BAMIGBADE EBENEZER ISREAL 1,114 CHINEDU CHIDIEBERE 816 ARANJU BAMIDELE ABIODUN 914 AWONUSI TEMIDAYO OMOYEMI 1,016 BAMKEFA OLADAPO JOSEPH 1,115 CHINEDU CHIOMA SANDRA 817 ARCHIBONG ENO EDET 915 AWOSANYA OLUWASEUN 1,017 BANK PHB/FVIEW/ELIZABETH EBI - 1,116 CHINWEIFE FAVOUR OBIAGELI 818 ARCHIBONG ETTE 916 AWOSOLU BABAJIDE OLALEYE TRADING 1,117 CHIOMA ANGELA CLETUS 819 AREMU ABIODUN AYINDE 917 AWOTULA IGBAYEMI INUMIDUN 1,018 BANKOLE BIODUN 1,118 CHIOMA AUGUSTA UWA 820 AREMU ABOSEDE OLUWASEUN 918 AWOTUNDE ISHAQ OYEWOLE 1,019 BANSO ADEKUNLE ADEMAYOWA 1,119 CHIWUBA CODELIA 821 AREMU ADEKUNLE MOSES 919 AWOYADE ODUNAYO OLUSEGUN 1,020 BASHIR A. KOLAWOLE 1,120 CHRISTOPHER OLADELE 822 AREMU ADEWALE SAHEED 920 AWOYEMI ABIODUN THOMAS ADEREMILEKUN 1,121 CHUKWU HENRY CHIBUZOR 823 AREMU OYEDELE NASIRU 921 AWOYEMI OLAJIDE HASSAN 1,021 BASHIR OLUWALAYOMI ENOCH 1,122 CHUKWU REGINA C. 824 AREO ABIOLA JOHN ADEYI 922 AWOYEMI OMOTOYOSI OMOBOLANLE 1,022 BASHORUN BASHIRU OLAWALE 1,123 CHUKWUDEBE KENNETH A.M 1,124 CHUKWUDI LILIAN CHIGOZIE 825 ARIGBEDE ROLAND 923 AYANDA YEMI OLUBUSOLA 1,023 BASHUA TAOFIKAT TYABODE 924 AYANDEJI ABASS DAVID 1,125 CHUKWUEMEKA PATIENCE & CHUKS 826 ARIHI MODUPE GRACE 1,024 BASSEY ANIETIE EYO 925 AYANDELE RASHEED TAYO 1,025 BASSEY MFON 1,126 CHUKWUJEKWU IFENNA & JULIET 827 ARILESERE-SATAR YESIRAT MOJISOLA 926 AYANDIBU AYODEJI OLUGBENGA 1,026 BASSEY MICHAEL EKPE 1,127 CHUKWUMA CHIZOMA THERESA 828 ARINZE MIKE OBUNEME 927 AYANSOLA PROMISE 1,027 BASSEY VICTOR EDET 1,128 CHUKWUNONSO NNAEMEKA C 829 ARIYO OLUWAKEMI MARY 928 AYANWALE OMOLOLA KABIRAT 1,028 BAWA DANLADI PAIKO 1,129 CHUKWUNWA AUGUSTINE E. 830 ARIYO ROTIMI DARE 929 AYANWALE YEWANDE 1,029 BAYODE SAMUEL OLUWAFEMI 1,130 CHUKWUWETALU OKWUDILI 831 ARO MARION YEMISI 930 AYARA JENNIFER YINKA OLUFUNSO CHIEDOZIE 832 AROGUNDADE FESTUS OLUFEMI 931 AYAWEI RHODA EREPETEI 1,030 BECK BIODUN SHOLA 1,131 CHUKWUWETALU TOCHKWU 833 AROH FUNKE KEMI 932 AYEMERE IBIRONKE 1,031 BEEHOO INVESTMENT LIMITED CAROLINE 834 AROLEOWO GANIAT ABIODUN 933 AYEMOBA CHARLES 1,032 BEJIDE AYOBAMIDELE ESTHER 1,132 CHUKWUYERE IFEOMA JOY 835 AROSANYIN ADEBAYO SOLOMON 934 AYENI B. OLUMIDE 1,033 BEJIDE OLUWASEUN BABATUNDE 1,133 CHUNU TOBOR OMAMERUME 836 AROTIBA RICHARD AYODELE 935 AYENI BABATUNJI FELIX 1,034 BELLO ABDULMAJEED 1,134 CIL-NOMINEE A/C-2 837 AROWO-FELA OLUWAFEMI MURTALA 936 AYENI JOHNSON AGBOADE 1,035 BELLO ADENIYI 1,135 CILORD GLOBAL INVESTMENT CO 838 AROWOLO ADEWALE MARTINS 937 AYENI LAWRENCE 1,036 BELLO ADEOLA JANET LTD 839 ARUBERE FELIX IKIYO 938 AYENI OLAYINKA OPEYEMI 1,037 BELLO ADISA SULE 1,136 CITADEL MERCHANT ENTERPRISES 840 ARUNA GANIYU COLLINS 939 AYENI OLUBOREDE BAMIDELE 1,038 BELLO ASUNMO SHITTU 1,137 CITISPREAD WEALTH LTD 841 ARUSI MERCY .O. 940 AYILARA TAOFEEK 1,039 BELLO AYOMIDE FAROUK 1,138 CLEMENT AYODEJI GBEMILEKE 842 ASAMAIGOR EMMNAUEL MORRISON 941 AYINDE ABIOLA HENRY 1,040 BELLO DANLADI GUSA 1,139 CNN COOP-SOCIETY LIMITED 843 ASCENT MICROFINANCE BANK 942 AYINDE KASALI 1,041 BELLO DAVID PEMI 1,140 COCO-BASSEY EKPOANWAN ENETIE LIMITED 943 AYINDE MODUPE ELIZABETH 1,042 BELLO EMMANUEL IBITOLA 1,141 COKER KEHINDE OJEWALE 844 ASELEBE FATAI ADEWALE 944 AYINLA KABIRU OMOTUNDE 1,043 BELLO ENIOLA KHADIJAT 1,142 COLE AGNES OLUBISI ATINUKE 845 ASEMOTA EFOSA EDWIN 945 AYINLA KAZEEM ADEKUNLE 1,044 BELLO JAMAL 1,143 COLE ENITAN GABRIEL 846 ASEMOTA MARYAN 946 AYINLA SURTHEIQ BABATUNDE O 1,045 BELLO JUDAH PELUMI 1,144 COLE OLUWAYOMI 847 ASHAJU JULIUS BABATOPE 947 AYISIRE WILFRED UFUOMA 1,046 BELLO KHADIJAT AINA 1,145 COLEMAN JANE BLESSING 848 ASHIGABU INNOCENT EWUGAH 948 AYOADE JOHN ADISA 1,047 BELLO OLALEKAN ISHAQ 1,146 COLLINS OREOLUWA SAMUEL 849 ASHIMOLE FIDELIA NGOZI 949 AYOADE PATIENCE OCHERI 1,048 BELLO OLATUNBOSUN GBENGA 1,147 COLOUR IMAGE PUBLICITY LIMITED 850 ASHIRU ADEBAYO KOFOWOROLA 950 AYODEJI WOLE WILSON 1,049 BELLO OLUSHOLA 1,148 COMFYKING CONCEPT 851 ASHIRU ADEDAPO 951 AYODELE ABIODUN AMOS 1,050 BELLO SIKIRU ADENIYI 1,149 COOKEY KUFRE WILLIAM 852 ASHIRU ADEDOYIN FIYINFUNOLUWA 952 AYODELE OLADAPO 1,051 BELLO TONY 1,150 CORDROS CAPITAL RESEARCH 853 ASHIRU WAIDI 953 AYODELE OLUWAFEMI SAMUEL A 1,052 BELLO, FATAI 1,151 CORDROS RESEARCH 854 ASIYANBI GABRIEL KOLAWOLE 954 AYODELE OLUWASEUN BABAJIDE 1,053 BEN SAMUEL EDUKERE 1,152 CORE FUNCTIONS AND ASSETS 855 ASIYANBI OLUFEMI OLADELE 955 AYODELE OMOLARA YETUNDE 1,054 BENJAMIN KIKSENENSO BENITARENI LIMITED 856 ASOGWA ANICETUS AZUMKALIA 956 AYOGU FREDERICK IFEANYI 1,055 BENTORO TERRY JOHN 1,153 COUNTRY COMPASS LTD 857 ASOGWA EMMANUEL NNAZIMAKOR 957 AYOOLA GILBERT OLUFEMI 1,056 BERNARD OKPIAIFO ELIMHIAN 1,154 COVENANT FREIGHT NIG LTD 858 ASOMNANYA CHIGOZIE CHRISTIAN 958 AYOOLA MATTHEW OLAYIWOLA 1,057 BFCL INVESTMENT A/C 1,155 CREDIBLE TRUST INVESTMENT 859 ASOMUGHA MIKE NNANYELU 959 AYOOLA ZAHEED OLADIMEJI 1,058 BHADMUS TUNDE LIMITED 860 ASOR EMEKA SYLVESTER 960 AYOOLA ZAHEED OLADIMEJI DR 1,059 BIALA EMMANUEL OKANOLA 1,156 CRESTERLOT NIGERIA LIMITED 861 ASOR PET LAUREN EBERE 961 AYO-VAUGHAN ADEDOTUN 1,060 BINJIN MUNPET GERALDINE 1,157 CRYSTAL ASSOCIATE 862 ASOR REGINA UKAMAKA OLUKAYODE 1,061 BISIRIYU MONSURU ADETOLA 1,158 CWSL-NOMINEE MARGIN 863 ASSET & WEALTH CREATION LIMITED 962 AYUBA ABDULSOMOD 1,062 BLANKSON AMPIM GOGO 1,159 DABIRI JELILI 864 ASSET MANAGEMENT NOMINEE LTD 963 AYUBA QUADRI YEMI 1,063 BLAZERS INVESTMENT LTD-A/C 2 1,160 DADA ADEKUNLE ADEBAYO 865 ASSOCIATED DISCOUNT HOUSE LTD 964 AZEEZ ABDULLAHI ADETUNJI 1,064 BLOSSOM PARTNERS NIG LTD 1,161 DADA EDWARD O. 866 ASSOR GAIUS WOKENNE KWERRI 965 AZEEZ KOLAWOLE 1,065 BLUEWATER LIBERTYWAY COMPANY 1,162 DADA OLUKEMI AYOYEMI 867 ASUELINMHEN STEPHEN 966 AZEEZ OLANIYI MUFUTAU 1,066 BOBADE EDWARD OLADAPO 1,163 DADA RAUFU ADETUNJI 868 ASUNMO AJAYI RASAQ 967 AZEEZ OLUWATOYIN 1,067 BODUNRIN MARIAN OLUFUNKE 1,164 DADA VICTORIA FOLORUNSO 869 ASUQOU EKAETTE EDEM 968 AZEEZ RASHEED KEHINDE 1,068 BODUNRIN OLABISI FOLASHADE 1,165 DAHUNSI AFEEZ AKANBI 870 ASUQUO ANSE OKON 969 AZIEKWE SUNDAY N. (ESTATE OF) 1,069 BOLAJI OLABISI A. 1,166 DAHUNSI AFEEZ AYODEJI 871 ASUQUO CHRISTOPHER ARCHIBONG 970 AZOR MARTIN CHIANUMBA 1,070 BOLANLE OLALEKAN OLATUNJI 1,167 DAHUNSI HELEN EKAETTE 872 ASURU GIFT OKECHUKWU 971 AZUBIKE OBUMNEME 1,071 BOLUWATIFE OPEYEMI 1,168 DAHUNSI RISIKAT OMOLARA 873 ATAGHA PETER C. 972 BABALOLA MICHAEL OLUFEMI 1,072 BONIFACE GODSTIME BEN 1,169 DAMIAN ILODIGWE 874 ATAKENU ABIMBOLA ABOSEDE 973 BABALOLA TITILOPE OMOTAYO 1,073 BORKINI YETUNDE 1,170 DAN AKPAN THANKGOD 875 ATAMAH GEORGE AISUGHEFOH 974 BABANUMI OLUMUYIWA OLALEKAN 1,074 BORNTOW ENTERPRISES LIMITED 1,171 DANAGOGO MONIMA WENIKE 975 BABARANTI OLUWUYI AJANI 1,075 BOT DAVOU SILAS 876 ATANDA ADEWALE L. 1,172 DANBOYI MARUS HENRY 976 BABARANTI OPEOLUWA TIMOTHY 1,076 BROADMINDS ENTERPRISES 877 ATANDA OLUREMI ADEMOLA 1,173 DANGANA MOHAMMED AMIN 977 BABATOPE ANN OLUWADOLAPO INVESTMENT CLUB 1,174 DANIA JAMES MAJEBI 878 ATANDA OLUREMI ADEMOLA (DR) 978 BABATUNDE ENITAN OLUFEMI 1,077 BUARI OLURANTI 1,175 DANIEL AYODELE JOSHUA 879 ATANO CHARLES O. 979 BABATUNDE MOBOLAJI OLAWALE 1,078 BUCKNOR OLUSOLA ADEYINKA 1,176 DANIEL EMEKA KENNETH 880 ATE GIDEON ATIM 980 BABATUNDEOLUWAFEMI 1,079 BUNYAMIN ISMAIL ALI 1,177 DANIEL ETUBI 881 ATENIOLA ABIODUN LAWRENCE OLUWASHOLA 1,080 BURAIMOH GBOLAHAN SALIU 1,178 DANIEL KEHINDE FEMI 882 ATEWOLOGUN DAVID OLABODE 981 BABATUNDE-SHOBANDE BABATUNDE 1,081 BURSAN DAN FULANI YAKUBU 1,179 DANIEL OLU 883 ATIBIOKE OLUWADARE DANIEL A 1,082 BUSARI AKEEM AYODELE 1,180 DANJUMA SHENI NANPON 884 ATIKU KAFARU 982 BABAYEMI OLUDOTUN ADENIYI 1,083 BUSARI KAMORU OLADIMEJI 1,181 DANKEFFI MAHMUD 885 ATOBAJAYE SAMSON ADEWALE 983 BABAYEMI THOMAS OLUKUNLE 1,084 BYTOFEL INVESTMENTS LIMITED 1,182 DANKUWO FEMI 886 ATOBATELE AKINYEMI AYODEJI 984 BADA MONSURU ABOLORE 1,085 CALVARY FARMS LIMITED 1,183 DAODU OLATUNJI 887 ATTAH EBO 985 BADEJO MOJISOLA IBIDUN 1,086 CALYX NOMINEE 1 1,184 DAODU OLUWATOSIN O 888 ATTAH ENEYE DANIEL 986 BADRU FAIDAT MOJISOLA 1,087 CALYX/SHAMO MENSAH NOMINEE 1,185 DAODU PATRICK BUSUYI 889 ATTAH ERNEST NWADIBE 987 BADRUDEEN SULAIMON ALANI 1,088 CAMPBELL CHARLES FOLARIN 1,186 DAORIN NIGERIA LIMITED 890 ATTAH ETIM BASSEY 988 BAFOR BENSON ESIMAJE 1,089 CANDY FLOSS LIMITED 1,187 DARAMOLA EBENEZER OJO 891 ATU TAYLOR GOODNEWS PROFESSOR 1,090 CAPITAL GUARANTY LIMITED 1,188 DARAMOLA ESTHER JUMOKE 892 ATUANYA ANTHONY TOCHUKWU 989 BAHNAM ADIB 1,091 CAPITAL TRUST BRKS.LTD.TRADED- 1,189 DARAMOLA OLUGBENGA SAMSON 893 ATUNRASE TUNJI ABIODUN 990 BAIYE ADEBOWALE FOLARINWA STOCK-A/C 1,190 DARANIJO AMOS OLANIYI 894 ATUSIUBA NED THERESA 991 BAKARE AL-HAMIS AGBOOLA 1,092 CAROL AJAYI 1,191 DARELOKS LTD 895 AU-ABJOEMGORE MULTIPURPOSE 992 BAKARE KAZEEM OLASEOJUMI 1,093 CASHDEAL VENTURES 1,192 DAUDA MOSHOOD OLADIPUPO ENTERPRISES 993 BAKARE MOJISOLA OMOBOLANLE 1,094 CASMIR AFUGBUOM 1,193 DAUDA YUSUF NDAKOTSU 896 AUGUSTINE ANVA 994 BAKARE NURUDEEN BALOGUN 1,095 CENTREHOLD RESOURCES & 1,194 DAVID OLAMBO ADEWUNMI 897 AUTA LARABA 995 BAKARE OLABISI FARUQ SEVICES LTD 1,195 DAVID SABO KENTE 898 AWAYE TEMILOLUWA 996 BAKARE OLADAYO DAUDA 1,096 CHARLES SAVIOUR 1,196 DAVIDSON N PETER 899 AWE ELIZABETH OLUWASAYO 997 BAKO ADAMS ITSE 1,097 CHARTWELL S ECURITIES LTD 3 1,197 DAWODU ADEYINKA 900 AWE OPEYEMI 998 BAKRI SEMIU BABATUNDE 1,098 CHARTWELL SECURITIES LIMITED 1,198 DAWODU LATEEFAT OMODUNNI 999 BALOGUN ABAYOMI 1,099 CHARTWELLSECURITIES LTD AC 2 1,199 DEDE STANLEY SHUWA 1,000 BALOGUN ABDULLAHI OLAYINKA 1,100 CHEVRON OIL STAFF M.C.S. LIMITED 1,200 DEGEAN INVESTMENT LIMITED
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 132 [email protected] UNCLAI E IVI EN LIST cont d
S/No Names S/No Names S/No Names S/No Names
1,201 DEKPEN PEREGBE CORNELIOUS 1,301 EGBERONGBE WALIU ADIO 1,401 EMPORIUM PROPERTIES LIMITED 1,501 EZEIFE GABRIEL ARINZE 1,202 DELLYSONA NIGERIA LIMITED 1,302 EGBEWANDE OLUWAKEMI DADA 1,402 EMRY PARFEM LIMITED 1,502 EZEIGWE ANTHONIA NKECHI 1,203 DEMEHIN DAVIS OLAWALE 1,303 EGBEWUNMI OLANREWAJU SOJI 1,403 ENAKHIMION GEORGINA I. 1,503 EZEJA IGNATIUS ODO 1,204 DENNIS MACAULAY CHUKWUMA 1,304 EGBEYEMI SAHEED OMOTAYO 1,404 ENAOHWO GRACE 1,504 EZEJIBULU CHINYERE ROSEMARY 1,205 DENNIS ONYINYECGUKWU GIFT 1,305 EGBUCHE KENNEDY NWACHUKWU 1,405 ENATO MERCY ADENIKE 1,505 EZEKWE CHUKWUDI CHRISTIAN 1,206 DEPENDABLE SECURITIES LTD 1,306 EGBUNA PRISCA NNENNA 1,406 ENAUGHE PAUL 1,506 EZEKWEM MARYGRACE EBERE 1,207 DIALA SUNNY IFEANYI 1,307 EGEDE ONYEMA L 1,407 ENEMAH SYLVESTER EFFIONG 1,507 EZEKWONNA FLORENCE 1,208 DIAMOND BANK LIMITED 1,308 EGEKONYE KENNETH OKECHUKWU 1,408 ENEMUO CHRISTIAN CHUKWUELOKA ONYENAULOYA 1,209 DIAMOND BANK/ALANGRANGE SEC. 1,309 EGERUE PASCAL 1,409 ENEOJO MATHEW OKEYI 1,508 EZEMONYE LAWRENCE 1,509 EZENDIOKWERE BENJAMIN LTD-TRDG 1,310 EGHELE FELICIA 1,410 ENILAMA PASTOR PATRICK 1,510 EZENDUKA ANTHONY UCHECHUKWU 1,210 DIAMOND BANK/OPTIONS 1,411 ENIYE OSEMWEGIE ERO 1,311 EGHODAGHE JOHN 1,511 EZENWA DEBORAH ABOSEDE SECURITES - TRADING 1,312 EGHOEBO CHUKWUYEM SUNDAY 1,412 ENO SUNDAY USORO 1,512 EZENWA IKENNA 1,211 DIAMOND SECURITIES NOMINEE 1,313 EGUAVOEN JOAN 1,413 ENOBHAYISOBO ODIANOSEN DANIEL 1,513 EZENWAJIUGO CHIMEZIE FIDELIS 06510 1,314 EGWA SARATU 1,414 ENTERPRISE INVESTMENT 1,514 EZENWANKWO DAMIAN CHIMEZIE 1,212 DIANU THOMPSON 1,315 EGWU CHRISTOPHER OHUCHE MANAGEMENT II 1,515 EZEOKE C. SAMUEL 1,213 DIBIA MICHAEL 1,316 EGWU SYLVESTER CHUKWU 1,415 ENTERPRISE INVESTMENT 1,516 EZEOLISAH CLEMENT OBIORA 1,214 DIBIE FRANKLYN ONYEKACHUKWU 1,317 EGWUATU CHUKWUMA EMEKA MANAGEMENT LIMITED 1,517 EZEUDU ONYEKWELU CYRIACUS 1,215 DIBOYE B DIBOYE-SUKU 1,318 EGWUCHUKWU INNOCENT 1,416 ENTERPRISE MICROFINANCE BANK 1,518 EZEUGO CHIFUNAYA FAITH 1,216 DICKSON EBERE GEORGE MADUABUCHI 1,417 ENTERPRISES STOCKBROKERS PLC. 1,519 EZE-UZOMAKA OBIAGELI RITA 1,217 DICKSON IMEH 1,319 EGWUH MALACHY EKENE 1,418 ENUHA SOLOMON OGOMEGBUNEM 1,520 EZIASHI LOSIA JOHN 1,218 DIKE CHINYERE CYNTHIA 1,320 EHINMODE ADEREMI EMMANUEL 1,419 ENWANG EFFIONG ETIM 1,521 EZIE CYNTHME 1,219 DIKE MERCY MIKE 1,321 EHIOROBO ENDURANCE 1,420 ENYA YETUNDE DOLAPO 1,522 EZIGBO ADA FAVOUR 1,220 DIM EMMANUEL CHIKERE 1,322 EJALONIBU TOPE AKEEM 1,421 EQUIBOND LIMITED 1,523 EZIH HYACINTH NNAMDI 1,221 DIM REUBEN CHUKWUDI 1,323 EJE DAMIAN ALEX B. 1,422 EREM EREM ONUKA 1,524 EZIMORAH SIMON CHUKWUNACHI 1,222 DISI OGHENERERHUME 1,324 EJE JOSEPH ALEX. B. 1,423 ERETAN OLUWOLE RICHMOND 1,525 EZIRIM MICHAEL SUNDAY 1,526 EZIUZO CHRISTIANA OBIAGELI OVUAKPORAYE 1,325 EJEH ALICE 1,424 ERIBA S. ANGELA 1,223 DISU-SULE THOMPSON ADEYEMI 1,425 ERIKITOLA ABIMBOLA MARIAM 1,527 F & A ASSOCIATES 1,326 EJEKAMI CHRISTIAN EJIKE 1,528 F&C SECURITIES-DEPOSIT A/C 1,224 DIYA EMMANUEL AKINTUNDE 1,327 EJEZIE GODWIN CHUKWUJEKWU 1,426 ERINFOLAMI GAFAR BURAIMOH 1,225 DJEBUGHWE JULIUS 1,427 ERINLE KEHINDE OLUGBEMILEKE 1,529 F. O. C. INTERNATIONAL 1,328 EJIDIKE MARYJANE B. 1,530 FABIYI OLADAYO JOHN 1,226 DOCHIK INTERNATIONAL COMPANY 1,428 ERIOBU NKECHI NWAKAEGO 1,329 EJIGHIKE CHIDIEBERE HEZEKIAH 1,531 FABUNMI DAYO OLUYEMISI (NIG) 1,330 EJIKEME IFEANYICHUKWU 1,429 ERO AUGUSTINE OSAS 1,532 FABUNMI JAMES OLANIPEKUN 1,227 DOGBANYA GABRIEL EMMANUEL 1,430 ERONDU GODWIN ENYINNAYA 1,533 FABUNMI OLANIPEKUN JAMES 1,228 DOGWO BARNABAS 1,331 EJIM UGO HENRY 1,431 ESAN ABIODUN MAYOWE 1,534 FADAHUNSI MATHEW TUNDE 1,229 DOMINION SANCTUARY RCCG 1,332 EJIMADU FIDELIA 1,432 ESAN REMI 1,535 FADAIRO IYIOLA OLAPADE 1,230 DOUGLAS ANDIKAN IDARA 1,333 EJIMBE DANIEL AZUKA 1,433 ESANGBEDO FRIDAY 1,536 FADARE KEHINDE OLUFEMI 1,231 DOUGLAS MIEBA IKOMA 1,334 EJIRO TAFRI TERRY 1,434 ESAU INI JAMES 1,537 FADIPE KUDIRAT. O 1,232 DTL NOMINEE ACCOUNT 7 1,335 EJIRO TERRY TAFRI 1,435 ESAUINIOBONG FRIDAY 1,538 FADIPE SUNDAY ABIODUN 1,233 DUDUYEMI SUNDAY OLABODE 1,336 EKAJEH OGHENETEJIRI FRANCIS 1,436 ESEIGBE FIDELIS AKHABUE 1,539 FADIPE TUNDE ABODUNRIN 1,234 DUKE KANE 1,337 EKANEM EMA-EKOP SAMPSON 1,437 ESEMA EMAEDIONG JOSEPH 1,540 FADUNSIN GRACE OLAYINKA 1,235 DUNG HANATU EZE 1,338 EKE UZOMA SAMUEL 1,438 ESIH EDWIN ANAYO 1,541 FAGBAMIBE SUSANNA OLUSOLA 1,236 DUNMADE ADEDAYO ALABA 1,339 EKECHUKWU PAUL-MARIO CHINEDU 1,439 ESOGWAH BENJAMIN CHIJIOKE 1,542 FAGBEMI OLAYINKA ATINUKE 1,543 FAGOROYE AYODEJI 1,237 DUNMADE SAMUEL AYOMIDE 1,340 EKEGHE OGBONNAYA NDUKA AND 1,440 ESOM N HOPE 1,544 FAGORUSI GBENGA 1,238 DURODOLA MAYFLOWE OMOTAYO EUNICE O 1,441 ESSIEN IBORO . N, (MRS) 1,442 ESSIEN SYLVIA JACK 1,545 FAITH PRIDE INTERNATIONAL 1,341 EKEH MARTINS IKECHUKWU COMPANY 1,239 DURODOLA SAHEED ADEWALE 1,342 EKEH ONYEKAOZURU 1,443 ESTATE OF U. A. C. AMAJO 1,240 DUROJAIYE OLADELE OLUWASEYI 1,444 ESU ETIM 1,546 FAITH SCHOOLS OGERE-REMO 1,343 EKEMODE TAIWO JOHNSON 1,547 FAJEBE OLUSEUN AYODELE 1,241 DURO-LADIPO ABIMBOLA SAFIAT 1,344 EKENNA IKECHUKWU EZINWA 1,445 ESU MFON ASUKWO 1,446 ETADERHI EMMANUEL 1,548 FAKAA NGUTSWEN TERNA 1,242 DUROWOJU OLURANTI OLUSESI 1,345 EKEOCHA EZEKIEL CHUKWU 1,447 ETAGHENE SOLOMON 1,549 FAKAYODE GRACE IYABO 1,243 DURU DELPHINE IFEOMA 1,346 EKEOGU BATHOLOMEW 1,448 ETEKOCHAY EDITH 1,550 FAKROGHA PRERE CATHERINE 1,244 DURU SABASTINE 1,347 EKEOGU BRIDGET NKEM 1,551 FAKUNLE OPEYEM NOAH 1,449 ETEKOCHAY EDITH IFEAYI 1,245 DURUGO PAUL CHIDIEBERE 1,348 EKERE CHARLES ETAIGBENU 1,552 FALADE SAMUEL 1,450 ETI MARK CHUKWU 1,246 DURUSON CALISTUS CHINYERE 1,349 EKEZIE CHIBUEZE JOHNSON 1,553 FALADE TOYIN RHODA 1,451 ETIM EBONG REUBEN 1,247 DZERRMA MARY .J. 1,350 EKHAMETTE PATIENCE 1,554 FALANA BOLA MARY 1,452 ETOK AKPAN UDOFIA 1,248 E.A.(MR) & F.A. ADEBAYO (MRS) 1,351 EKHODEAHI BOLUWAJI FAITH (MRS) 1,555 FALOLA OLUMUYIWA DANIEL 1,453 ETOROKO FLORENCE LINUS 1,249 EBEBINU OLAWALE BABAWALE 1,352 EKPE EKPEDEME ANIEFIOK 1,556 FALUYI SAMSON 1,250 EBEDI EMMANUEL 1,454 ETTA HENRY ELLA 1,353 EKPE SAM ENI 1,557 FAMAKINWA GRACE OLUFUNKE 1,251 EBENEBE CORDELIA IFEYINWA 1,455 ETTU GODONU BABATUNDE 1,354 EKPENYONG BEATRICE BIODUN 1,558 FAMAKINWA JONATHAN ADEKANMI 1,252 EBENYI EDEMEKONG OKON 1,456 ETU NKOYO OKON 1,355 EKPENYONG SCHOLASTICA EFIONG 1,559 FAMIWO OLUWAGBEMIGA 1,253 EBEOWO PETER UBONG 1,457 ETUK IDORENYIN MICHAEL 1,560 FAMOUS-ADENIYE DAVID 1,356 EKPO NSEFI MATTHEW BARR. 1,254 EBERE REGINALD AHAM 1,458 EUNICE OTI-OKARDIE 1,561 FAMOUS-ADENIYE EMMANUEL SEUN 1,357 EKPO NSEGHE EMMANUEL 1,255 EBERINWA DAVID IFEANYI 1,459 EVANGELICAL CHURCH OF WEST 1,562 FAMUYIBO JUMOKE SEYI 1,358 EKPO ROBERT DANIEL 1,256 EBIAGHANNOR JOHN TOJU AFRICA 1,563 FAPOHUNDA LAWRENCE 1,359 EKPO SAMUEL DEMIAN 1,257 EBIJE ODEH ONJEFU JOHN 1,460 EWALEFO PETER OSEBHAGIMEDE 1,564 FARODOYE OLAYIWOLA 1,360 EKPO WISDOM SUNDAY JACKSON 1,258 EBINE FESTUS OLORUNWA 1,461 EWHRAWHRA GLORIA 1,565 FASAANU OLUWABUKOLA 1,361 EKWONWA OKEY ISAAC 1,259 EBOH ELIZABETH OMEVWEROVWE 1,566 FASANYA OMOTAYO OPEYEMI 1,260 EBOH EMMANUEL NWABUEZE 1,362 EKWUEME ANTHONY 1,462 EWUZIE LIVEWELL ODION 1,567 FASASI ISIAKA ADESINA 1,261 EBOIGBE ENOJASUN 1,363 EKWUEME GODWIN ONYEMACHI 1,463 EYA ROMANUS IFEANYI 1,568 FASEHUN FREDRICK DR 1,262 EBUBEALOR EKENE & FELIX 1,364 EKWUEME NGOZI P 1,464 EYAH HELEN 1,569 FASHINA OYEBOLA OLAWUNMI 1,570 FASOLA JOB ADEDOKUN 1,263 EBUJIE KINGSLEY UCHENNA 1,365 EKWURIBE EKENE SILAS 1,465 EYAIFE GAIN 1,571 FASOMOYIN OLUWASEYI OLUWAYOMI 1,264 EBUKANSON FRANCIS 1,366 EKWURUIBE JESSE IKENNA 1,466 EYETU BENJAMIN ONOSIGHO 1,367 ELAIHO JEROME 1,572 FASUNON ABAYOMI BAMIDELE 1,265 ECHEWODO ROSE AKUNNAYA 1,467 EYETU OWIGHO ANDREW 1,573 FATIMIRO OLUMUYIWA BOLANLE 1,266 ECL ASSET MANAGEMENT LTD 1,368 ELBIJU AFOLABI 1,468 EYINFUNJOWO OLUWAKEMI MUSILIU 1,369 ELEBERI OLIVER NNALEDE 1,574 FATOLA JOSEPH OLUFUNMILADE 1,267 ECOBANK NIG PLC/DAKAL SERVICES OLADIPO 1,575 FATOLU ADEGBOYEGA OLUFEMI - TRADING 1,370 ELECHI NKIRUKA MILLICENT 1,469 EYO BASSEY BASSEY 1,371 ELEFE GOODLUCK 1,576 FATOLU SUSAN OLUFUNKE 1,268 EDAKO JAMES ABUA 1,470 EYO. MARY UMOH 1,577 FATONA TEMITOPE OLUWASEUN 1,372 ELEGBEDE MORUF OLUMIDE 1,269 EDATIRE PATRICK OMAMIGUE 1,471 EYOH IMEH OKON 1,578 FATOYE LEYE 1,270 EDDOH DAVID KAIDIMMA 1,373 ELEKWACHI UGOCHUKWU 1,472 EZE CHUKS PATRICIA 1,579 FATUASE ALFRED ADENIYI 1,271 EDEANI JOSEPHAT UCHE CHRISTOPHER 1,473 EZE DONATUS OGO 1,580 FATUROTI ABIOLA IBUKUN 1,272 EDET AMUDA JOAN 1,374 ELEODIMUO JOHN CHIDI 1,474 EZE HELEN NKECHI 1,581 FAYESE STEPHEN OLATUNJI 1,273 EDHEKI IGHOKORO SAMUEL 1,375 ELEOGU EUNICE 1,475 EZE JANE (MRS) 1,582 FAYIME OLABANJI AMOS 1,274 EDIALE GODWIN 1,376 ELI MERCY W/A LIMITED 1,476 EZE KENECHUKWU K 1,583 FAYOSE OLAWALE JOSIAH 1,275 EDIYERE OBAKPORORO MONDAY 1,377 ELUDOYIN AKINOLA 1,477 EZE MELETUS & EZECHUKWU 1,584 FBN(AWOLOWO)FVIEW/EBI E.N-TRD 1,276 EDOGBANYA MARK OGU 1,378 ELUSOGBON OLUFEMI P CHIGOZIE J. 1,585 FCMB/CROWNWEALTH ASSET-TRDG 1,277 EDOKPAIGBE AFIAGBE BLESSED 1,379 ELUWA CHINEDU 1,478 EZE NDIDIAMAKA PATIENCE 1,586 FCUST/AMCON/ECOBANK/DAKAL 1,278 EDOKPAIGBE PRINCE A. 1,380 EMA BASSEY 1,479 EZE OBIOMA OBIAGELI SERVICES LTD. 1,279 EDOMWANDE SUNDAY 1,381 EMAMOKE CHARLES ENAKENO 1,480 EZE ONYEKACHI CHRISTIAN 1,587 FCUST/AMCON/ECOBANK/OMNI 1,280 EDOMWONYI SEGUN 1,382 EMBASSY PHARM & CHEM LTD 1,481 EZEABATA MARY JANE VENTURES LTD 1,281 EDORO OBHAJIADENOR AUGUSTINE 1,383 EMEABA UCHE 1,482 EZEADUA MODESTY R. 1,588 FCUST/AMCON/SPRINGBK/I&I 1,282 EDOZIE IFEANYI FRANK 1,384 EMEAGI CHIKE UDOCHI 1,483 EZEAGU STEPHEN NNAEMEKA INVESTMENT LTD 1,283 EDU MICHEAL OBINNA 1,385 EMEANA CHINEDU JOHN 1,484 EZEAJUGHI CHIKA REBECCA 1,589 FEBNET COMPUTERS 1,590 FEMI-FADEYI ROSEMARY JUMOKE 1,284 EDUN IBUKUN KOLA 1,386 EMECHEBE UCHENNA ANGUS 1,485 EZEAKAM CHUKWUJEKWU JUDE 1,591 FINMAL FINANCE COMPANY LIMITED 1,285 EDUNJOBI HAMMED BABATUNDE 1,387 EMEDE KESSINGTON AKARUWO 1,486 EZEAKUM BART UZODINMA 1,388 EMEKA HENRY 1,592 FIRM-BIDS VENTURES LIMITED 1,286 EDWARD OLUWASEGUN SAMUEL 1,487 EZEAMAKA HENRIETTA 1,593 FIRST ALLIANCE VENTURES & 1,287 EFEHI COSMAS EZAMA 1,389 EMELIKE OGBUAGU ANYAELE 1,488 EZEAMAMA UCHE MICHEAL 1,390 EMELIKE RICHARDSON NWEZE LEASING LTD. 1,288 EFFIOK ADENIKE 1,489 EZEAMASIOBI CHIBUZOR EDITH 1,594 FIRST ATLANTIC SEC. LTD-DEPOSIT 1,391 EMENIKE DENNIS AFAMEFUNA 1,289 EFFIONG COMFORT EDET 1,490 EZEAMASIOBI EMEKA EMMANUEL A/C 1,290 EFFIONG ELIZABETH 1,392 EMEUWA ANDREW OLUCHUKWU 1,491 EZEAMULUNAMMA VICTORIA 1,595 FIRST BANK PLC/FUTURE VIEW SEC - 1,291 EFFIONG EMMANUEL PHILIP 1,393 EMEZURUIKE UZOCHUKKWU FELIX CHINWE TRDG 1,292 EFIFIE EKENEDIRICHUKWU .C. 1,394 EMINA ANNIE 1,492 EZEANI CHIBUZO 1,596 FIRST EQUITY SEC.-DEPOSIT A/C 1,293 EFOBI ANGELA NGOZI 1,395 EMIOMA IFEANYI BENEDICTA 1,493 EZECHI EMEKA 1,597 FIRST TRSUTEES A/C OGWUCHE 1,294 EFOBI ANGELA NGOZI 1,396 EMMANUEL BOKIZIBE 1,494 EZECHUWKU CHIDI FRANCIS 1,295 EFUGHU IKECHUKWU GODSWILL 1,397 EMMANUEL MARTINS 1,495 EZEDINMA CHUKWUNONSO DAVID 1,598 FIRST TRUSTEES A/C IRUOHE 1,296 EGAH BENEDICT EJUGU 1,398 EMMANUEL-GWAR CHRISTINA 1,496 EZEG AUGUSTA NDIDI PATRICK 1,297 EGAN GLORY MESUUR 1,497 EZEH EMMANUEL CHIJIOKE 1,599 FIRSTINLAND BANK/FIDELITY FIN CO. - 1,298 EGBABOR EMMANUEL 1,399 EMODI IKECHUKWU CHUKWUEMELIE 1,498 EZEH LAWRENCE EJIKE TRDG 1,299 EGBAYELO ABIMBOLA ARAMIDE 1,400 EMORDI OGONNE CORDELIA 1,499 EZEH OKECHUKWU THEODORE 1,600 FIRSTINLAND SECURITIES & ASSETS 1,300 EGBERONGBE LEKAN SABURI 1,500 EZEH REJOICE UZOMA NKECHI MGT
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 133 [email protected] UNCLAI E IVI EN LIST cont d
S/No Names S/No Names S/No Names S/No Names
1,601 FIRSTINLAND/LION STOCKBROKERS - 1,701 IBEDE FELIX 1,801 IKECHI SOLOMON NDUBUISI 1,901 IZUEHIE REGINA UKAMAKA TRDG 1,702 IBEDIONU IDINMA GOODNESS 1,802 IKEGWUONU CHIDIEBERE C. 1,902 JACK EBUK 1,602 FLOODGATE FINANCE & SECURITIES 1,703 IBEKWE ANITA NGOZI 1,803 IKEH CHIDINMA 1,903 JACKSON MUYIWA AYODELE LIMITED 1,704 IBEKWE ANURI CHIDINMA 1,804 IKEKHIDE OMOKHODION RUFUS 1,904 JACOBS IWALEWA OLUWATOSIN 1,603 FLOODGATE FINANCE & SECURITIES 1,705 IBEKWE CHINWE RUTH 1,805 IKEKPEAZU GLORIA UCHE 1,905 JACOBS THEODORA NGOZICHUKWU LTD 1,706 IBEKWE OKECHUKWU 1,806 IKEM AUGUSTINE OGOEGBUNAM 1,906 JADESOLA GLOBAL LINK LIMITED 1,604 FOLA BANKOLE 1,707 IBEKWE UJU STELLA 1,807 IKEMBA GEORGE PRINCE 1,907 JAIYEOLA ABIMBOLA ANDREW 1,605 FOLAMI ISMAIL ADEBOWALE 1,708 IBELO ADAOBI BLESSING 1,808 IKENEKU FRANCIS OMAFUWE 1,908 JAJA ANDY 1,606 FOLARIN OLUSEGUN JOSEPH 1,709 IBEME CHRISTIAN CHUKWUMA 1,809 IKHALEA GBENGA JOSIAH 1,909 JAJA YINGIUBA CHIOMA 1,607 FOLARIN SHAKIRAT 1,810 IKHALEA OLUFEMI JOSIAH 1,910 JAMES ASUKWO EDET 1,608 FOLAYAN OLUWATOSIN DEBORAH 1,710 IBENEGBU CHIDOZIE ANTHONY 1,711 IBENEGBU JULIANA NWAKAEGO 1,811 IKOKO NASOM OSHAM 1,911 JAMES FOLASADE .S. 1,609 FOLORUNSO KOLAWOLE SAMUEL 1,812 IKOKWU UCHENNA LAWRENCE 1,712 IBENEGBU MOSES UDEKWU 1,912 JAMES OLUFUNKE OMOWUMI 1,610 FOMBA SUCCESS ENTERPRISES 1,813 IKONNE M. CHINEMEREM P.IKONNE 1,713 IBENEME CHIBUEZE (IBEC-PACIFIC) 1,913 JAMODU FUNMILAYO AYODELE 1,611 FORTE ASSET MANAGEMENT LIMITED 1,814 IKPA IFEANYI OKWUDIRI 1,612 FOURSQUARE GOSPEL CHURCH 1,714 IBENYE NDUBUISI EMMANUEL 1,914 JANE FRANCIS OBIAKOR 1,815 IKPABI DONATUS 1,613 FOWORA GBOLAHAN ADENIYI 1,715 IBEZIM OBIOMA IFEANYI 1,915 JATAU SHADRACK BENSON 1,816 IKPI OKPA EDET 1,916 JEGEDE OPEMIPO OPEOLUWA 1,614 FRANCAIS VICTOR OLUSEGUN OKURO 1,716 IBI CHUMA UKABAM 1,817 IKROK IKIKE ISOPIDA 1,917 JEJE KEHINDE OLUBUKOLA 1,615 FRANKBALZAC NIG. LTD 1,717 IBIAM INNOCENT ORJI 1,818 IKUBOLAJE GBENGA AMOS 1,918 JEJE TAIWO FUNMILOLA 1,616 FRIDAY CHINASAOKWU PAUL 1,718 IBIBOR ANNA MRS 1,819 IKUJEBI ODUNAYO AGNES 1,919 JEKIAYINFA OLUKAYODE 1,617 FSL SECURITIES LIMITED - TRADED 1,719 IBITOYE EMMANUEL KOLAWOLE 1,820 IKWUAKOLAM INNOCENT OLATOKUNBO STOCK A/C 1,720 IBITOYE, KOLAWOLE 1,618 FUBARA ANGA MADUABUCHI 1,920 JEREMIAH IBORO NSIKAK 1,619 FUND MANAGEMENT SECURITIES 1,721 IBIWOYE FUNMILAYO ADETOLA 1,821 ILESANMI ABIODUN EMIOLA 1,921 JEREMIAH MARY ABIODUN 1,620 FUNMILAYO MOJISOLA RACHEAL 1,722 IBIWOYE-OBA FUNMILOLA ADETOLA 1,822 ILO WALTER AMAECHI 1,922 JEREMIAH MOSES AKPAN 1,621 FUTURE FOCUS INVESTMENT CLUB 1,723 IBIYEMI ESTHER OMOYENI 1,823 ILOH BLESSING CHIDI EBERE 1,923 JIMO AJOKE IDOWU 1,622 GABRIEL GLORY 1,724 IBRAHEEM KAYODE 1,824 ILOKA EPHRAIM NWAFOR 1,924 JIMOH ADEGOKE RICHARD ELDER 1,623 GADEGBEKU GBOLAHAN MAURICE 1,725 IBRAHIM ABDUL RASHEED 1,825 ILOKA KENICE STANLEY 1,925 JIMOH AKEEM OGUNGBEMIRO 1,624 GAMBARI HALIMAT BOLATITO 1,726 IBRAHIM ABDULAHI 1,826 ILORI ADEWALE MARCUS 1,926 JIMOH MORUFU OLAYIWOLA 1,625 GAMBO AHMAD SULAIMAN 1,727 IBRAHIM ABDULLAHI NDA 1,827 ILORI OLUSEYE 1,927 JIMOH OLUDARE TAJUDEEN 1,626 GAMBO IBRAHIM 1,728 IBRAHIM ABUBAKAR KAYODE 1,828 ILUMAH GODWIN OSAGIE 1,928 JIMOH OMOTAYO RASHIDAT 1,627 GANIYU KAMAR AKANJI 1,729 IBRAHIM ADAMU 1,829 IMADE AFIANGBE AKUGBE 1,929 JIMOH RASHEEDAT ADUNNI 1,628 GANIYU TAJUDEEN ALEGE 1,730 IBRAHIM ISIAQ OLATUNDE 1,830 IMAFIDON KIKACHUKWU M 1,930 JIMOH SAHEED ADEYEMI 1,629 GARBA SALIHU DANLAMI 1,731 IBRAHIM MUHAMMAD TOYYIB 1,831 IMONIARO LUCKY MICHAEL 1,931 JIMOH TAWAKALITU 1,630 GASL NOMINEES LTD.- PFA ACCOUNT 1,732 IBRAHIM MUSA 1,832 IMONINA ERIC ONOH 1,932 JIMOH TEMIDAYO DAUDU 1,631 GASL NOMINEES- MERI 2 1,733 IBRAHIM RAMATU 1,833 INDIA MOSES ABANUM 1,933 JINADU BASIRU ADEWALE 1,632 GAYA CAROLINE ABDU 1,834 INEGBEBOH DAVID SYLVESTER JP 1,633 GBADAMOSI LATEEFA OMODUNNI 1,734 ICMGSEC - ZEN 1,934 JINADU OMOLARA OLUWATOYIN 1,735 IDAKPO MATHIAS 1,835 INEGBRDION DANIEL OSAMUDIAMEN 1,935 JIS ASSETS MANAGEMENT LTD 1,634 GBADAMOSI WASIU 1,836 INNAH EFFEMODE GODSPOWER 1,635 GBADEBO BUSAYO TEWOGBADE 1,736 IDANG NSINI LAWRENCE 1,936 JOB TITUS ABIOLA DR, AND OTHER 1,737 IDIARU EMEKE CHRIS 1,837 INOFOMOH PAUL AIGBONA 1,937 JOBARTEH HECTOR OLUWASEUN 1,636 GBADEBO MICHAEL OLASEHINDE 1,838 INTERCONT BANK/DEEP TRUST INV - 1,738 IDOBO ITA SABAS 1,938 JOEL ADEBOWALE SAMSON 1,637 GBADEGESHIN REKIAT AINA TRADING 1,638 GBADEGESHIN TAIWO ELIZABETH 1,739 IDODO PAUL OMOALU 1,939 JOEL AYODEJI ADEGOKE 1,839 INTERCONT BNK/PRIMEWEALTH 1,639 GBADEN RICHARD I. 1,740 IDOGUN ABIODUN OLADELE 1,940 JOEL OLATUNJI IGE CAPITAL- TRADG 1,640 GBELEYI SARAH ABOSEDE 1,741 IDOGUN EMETE CHRISTOPHER 1,941 JOHN & TEMI UWEN 1,641 GBENLE OLAWUMI 1,840 INTERCONTINENTAL WAPIC 1,942 JOHN ANE ROSE 1,742 IDONOR SAMUEL INSURANCE PLC 2 1,642 GBENLE OMOTAYO JOSHUA 1,743 IDOWU ADESINA GREGORY 1,943 JOHN CHINEDU T 1,643 GBENNEKU LAWRENCE EFEMENA 1,841 INTERCONTINENTAL/EQTL/AKALI 1,944 JOHN ESE JOHN ADEBOWALE PAUL-TRDG 1,644 GEGE EMMANUEL IBITAYO 1,744 IDOWU AKINOLA OLALOWO 1,945 JOHN GODWIN ODIBA 1,645 GEORGE LAWRENCE 1,842 INTERGRATEED PROJECTS 1,745 IDOWU CATHERINE O. (MRS) 1,946 JOHN KADE RIFKATU 1,646 GEORGE ROSEMARY ABODUNRIN 1,843 INUSA NANMWA 1,947 JOHN VICTOR AZUBUIKE 1,647 GEORGE SOGBEYE TONYE 1,746 IDOWU ELIZABETH OLUDAISI 1,844 INVESTAT CAPITAL MANAGEMENT 1,747 IDOWU MOJIROLA YETUNDE 1,948 JOHNGIFT CONSULTING 1,648 GEORGE TELEMA LESLIE LIMITED 1,949 JOHNSON BERNARD BABATUNDE 1,649 GIDEON NANKUME D. 1,748 IDOWU SAMSIDEEN 1,845 INVESTMENTS COMBINATIONS LTD 1,749 IDOWU SANNI QUADRI 1,950 JOHNSON HAPPY BONIFACE 1,650 GIDIGBIH OLUYEMISI MONSURAT 1,846 INYANG ANIETI CYRIL 1,951 JOHNSON OLUWOLE SAMUEL 1,750 IDOWU YAQUB ABIDEMI 1,651 GINIGEME OBINNA HENRY 1,847 INYANG OKON COBHAM EMMANUEL 1,952 JOHNSON VICTOR KELECHI CHIBUIKE 1,652 GIRE SONNEM 1,751 IDOWU-JAI ADEROLUWA OTHNIEL 1,848 INYANG PETER THOMPSON 1,953 JOINT HIERS RESOURCES 1,653 GIWA WAHEED AFOLABI 1,752 IDOWU-JAI FADESIN ELIAS 1,849 IQUASU VENTURES LTD 1,954 JOINT-MIND INTEGRATED SERVICES 1,654 GOAL SETTING LIMITED 1,753 IDOWU-JAI SUSAN FEHINTADE 1,850 IRABOR NJOKA 1,655 GODSON CHUKWURAH OKAFOR 1,955 JOKODOLA MATTHEW OLALERE 1,754 IDRIS MICHAEL OLORUNMAYE 1,851 IREHOVBUDE DORIS ENIYE 1,956 JOLAOSO OLUSOLA AKINWANDE 1,656 GODSWEALTH ENTERPRISE 1,852 IREOBA NELSON C. 1,755 IDU OMOWUNMI PATIENCE 1,957 JOLAOSO OLUWAROTIMI MICHEAL 1,657 GOLDEN COIN INVESTMENT CLUB 1,853 IRETI CLUB OF NIGERIA 1,756 IFARAJIMI GILBERT DEINDE 1,958 JONAH EMMANUEL K. 1,658 GOLDEN SECURITIES-DEPOSIT A/C 1,854 IREYOMI YEWANDE OLUFISAYO 1,757 IFEACHO CHINYERE HELEN 1,959 JON-AJUMOBI PAUL KEHINDE 1,659 GOLDWORTH-WHITE FLAME 1,855 IRO ONYEUKWU IRO 1,758 IFEANYI IFEYINWA LYNDA 1,960 JONATHAN CHIDI ANUKA INVESTMENT 1,856 IROANYA STANLEY CHIJIOKE 1,759 IFEPE PETER 1,961 JONES ABIODUN 1,660 GOMA ALEXANDER JAMES 1,857 IRURHE PATRICK 1,760 IGATTA PAULINE ADA 1,962 JOS ECWA THEOLOGICAL SEMINARY 1,661 GOODLUCK AKINDELE RAHEEM 1,858 ISAIAH EMEKA PHILIP 1,761 IGBANI CHIMERE JOSHUA 1,963 JOSEPH ADENIYI ADETAYO 1,662 GOODLUCK MMADUEKE IKENNA 1,859 ISAIAH PONDEI FRANCISCA EBITIMI 1,663 GOODWORKS PROPERTIES LIMITED 1,762 IGBANOI BENEDICTA AIGHIESIMHA 1,964 JOSEPH AYODEJI OYADIRAN 1,860 ISAIAH PONDEI O. EMMANUEL 1,664 GOSHEN WEALTH ZONE INVESTMENT 1,763 IGBASANMI JOHN OLATOMIDE 1,861 ISAIAH PRINCE JOSHUA 1,965 JOSEPHSON DENNIS IKECHUKWU LIMITED 1,764 IGBEARE SOLOMON OSAYABANWEN 1,862 ISAIAH ROSELINE NGOZI 1,966 JOSHUA AFWANKS OBADIAH 1,665 GRASSLE 'O CONSULTING 1,765 IGBINEDION OSARETIN CATHERINE 1,863 ISEI FRIDAY 1,967 JOSHUA BIGLA KWAYA 1,666 GRAZCOM ENTERPRISES 1,766 IGBOANUSI SOLOMON 1,968 JOSHUA IBIDUN YISEYON 1,667 GREEN ANAYO O 1,864 ISEI IMONIKHE STEPHEN 1,767 IGBOELI OLIVIA NDIDI 1,865 IS-HAQ ABDUL FATAI 1,969 JOY OGBONNA 1,668 GROVEG LIMITED 1,768 IGBOM STANLEY CHINAEMERE 1,970 JULIUS OSAHON 1,669 GROVEG LTD 1,866 ISHIE SIMEON 1,769 IGBRUDE OKEOGHENE MOSES 1,867 ISHIOKU MONDAY CHUKWUEMEKE 1,971 JULIUS STEPHEN KAYODE 1,670 GS INVESTMENT COMPANY LTD 1,770 IGE FELICIA MOJIROLA 1,972 JULLY & PARTNERS INSURANCE 1,671 GTB/OPTIONS SECURITIES LTD - 1,868 ISHOLA AMIDU O. 1,771 IGE JIDE 1,869 ISIBOR REUBEN BROKERS LIMIT TRADING 1,973 JUMUDJAYEN LUCKY O. 1,672 GTI SECURITIES LTD 1,772 IGE JIDE (PROF.) 1,870 ISIKAIYE DEBORAH IKEADE 1,974 JUWOBOR INIH-IVIBODOHU DENNIS 1,673 GUKUT JONATHAN MERPRING 1,773 IGE MICHAEL OLUMUYIWA 1,871 ISL ACQUIRED STOCK ACCOUNT 1,674 GURUMLAT FRANCIS 1,774 IGE SAMPSON BABATUNDE 1,872 ISMAEL BUKOLA MUJIDAT .S 1,675 GYIBRILLA OLU AKENE 1,775 IGHERE JOEL EDIRINVERERE 1,873 ISMAILA ADETUNJI MOJEED 1,975 KADALA REUBEN MARTIN 1,676 HAAZORDOZ MERCHANT & TECH LTD 1,776 IGHO AFOREN S.O 1,874 ISOLA-OLATUNJI JOYCE ADEKEMI 1,976 KADIRI ABDULKARIMU 1,677 HADJI LAWAL NURAINI ADETUNJI 1,777 IGINEDION NOSAZENA 1,875 ISSAH ABDULKAREEM 1,977 KADIRI ABDULKARIMU ESTATE OF ATANDA 1,778 IGOLO CHARLES IRUREMIE 1,876 ISTHMUS MARGINAL SERVICES 1,978 KADIRI ABEL 1,678 HAMMED CHIROMA 1,779 IGOMU MAGNUS 1,877 ISUKU THERESA 1,979 KADIRI WAHEED AYINLA 1,679 HAMZAT KAFAYAT OLAIDE 1,780 IGUNBOR EGHOSA 1,878 ISUKU THERESA AGBONDEBAMA 1,980 KADRI OLUWATOSIN 1,680 HAMZAT TUNDE 1,781 IGWE AKUJUOBI CHIEMEZIE 1,879 ITEGBE BLESSSING NGOZI 1,981 KAFARU OLUSEGUN 1,681 HAPPY HEART INTERNATIONAL 1,782 IGWE CHIGOZIE EBENYI 1,880 ITEIGWE GODWIN ARINZE 1,982 KAJOLA TUNDE AMOS 1,983 KAKEEM-BELLO OYEKEMI AMIMAT LIMTIED 1,783 IGWE COMFORT NKASIOBI 1,881 ITYAVYAR DENIS A. 1,682 HART IBHADE OMOZUSI 1,984 KALU ERINMA 1,784 IHANSEKHIEN DANIEL EHIZE 1,882 IVARE JOSIAH 1,683 HART JOYCE T. 1,985 KALU FRIDAY UCHENNA 1,785 IHANSEKHIEN GODWIN EKI 1,883 IVORY CAPITAL LIMITED 1,684 HARUNA AMIDU 1,986 KALU ORJI 1,786 IHEANETU ANDREW OKECHUKWU 1,884 IWATUJE OLUFUNKE GBEMISOLA 1,685 HARUNA DANIEL 1,885 IWEHO PRECIOUS NKEIRU 1,987 KAMAL ABIODUN 1,686 HARUNA IBRAHIM OLUKUNLE 1,787 IHEANYI-IGWE CHUKWUEMEKA 1,988 KAMAT LUTHER IDRIS 1,788 IHEDI NIKKI NGOZI 1,886 IWENWA ANTHONY ONYELUKACHI 1,687 HASHIM BABANNAN M 1,887 IWU NGOZI PRECIOUS 1,989 KANU CHRIS U. 1,789 IHEMENAM GEORGE IKENNA 1,688 HASSAN ADAMU WASE 1,888 IWUAMADI UCHE BERTRAM 1,990 KAREEM ABIODUN JOHN 1,689 HASSAN ILIYA 1,790 IHINMIKAYE SAMUEL OLORUNDARE 1,889 IWUJI AMARACHI BARNABAS 1,991 KAREEM NAFISAT YETUNDE 1,690 HASSAN, LEKE 1,791 IHUDIEBUBE SPLENDOR CHUKWUDI 1,890 IWUNDU ELEAZOR ONYEKACHI 1,992 KAREEM OLA ABDULAZZEZ 1,691 HCBM INTERNATIONAL ENTERPRISES 1,792 IJAYEKUNLE TEMITOPE ODUNAYO 1,993 KARIBI-WHYTE ADOLPHUS(HON 1,692 HERITAGE DYNACORP LTD 1,891 IWUNZE LIVY IHEAKOR 1,793 IJEH WILSON UCHECHUKWU JUSTICE) 1,693 HMSL ASSET MANAGEMENT LTD. 1,892 IWUOHA LINIUS O. 1,794 IKAGWU PETER A 1,893 IWUOHA TIMOTHY NDUKA 1,994 KARIBI-WHYTE, ADOLPHUS HON 1,694 I & I INVESTMENT LIMITED 1,795 IKE EMMANUEL EKENECHUKWU 1,695 IABONI OMOSALEWA A. 1,894 IYAJI OKACHE JUSTICE 1,796 IKE IFEOMA AMARACHI 1,696 IBANGHA LINUS AKPAN 1,895 IYANDA COMFORT YEMISI 1,995 KASSIM OMOSOLAPE OSEFAT 1,697 IBE ROSE 1,797 IKE SAMUEL C. 1,896 IYANDA JIDE 1,996 KAYODE JOSEPH 1,698 IBEABUCHI OKEY C 1,798 IKEANYIOWU CHIGOZIE 1,897 IYIEGWU CHINYERE FLORENCE 1,997 KAZEEM CARLOS 1,699 IBEAWUCHI JOHNSON ANAELE 1,799 IKEBELE PATRICK 1,898 IYIOLA FATAI BABATINDE 1,998 KAZIM OLUBUKOLA OLAJUMOKE 1,700 IBEAWUCHI VICTOR M. 1,800 IKEBUDE JOHNSON NWABUEZE 1,899 IYOHA OSAGIE BLESSING 1,999 KEHINDE BAMIDELE OLUSEGUN 1,900 IZIMA KINGSLEY EKELEME 2,000 KEHINDE DAVID OLALEYE (ARC.)
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 134 [email protected] UNCLAI E IVI EN LIST cont d
S/No Names S/No Names S/No Names S/No Names
2,001 KEHINDE OLUTOPE 2,101 MADU OGBONNA ERNEST 2,201 MOKELU MAKERE A. ODOH 2,301 NSIEGBE TINA OBIANUJU 2,002 KELECHUKWU MGBOJI CASMIR 2,102 MADUAGWU LINUS CHUKWUWIKE 2,202 MOKELU MAKERE A. ODOH 2,302 NSOFOR THEOPHILUS CHINEDU 2,003 KELTROS INVESTMENTS LTD 2,103 MADUBOGWU IFEANYI JOSEPH 2,203 MOLOKWU GEOFFREY CHIDEBEM 2,303 NSOLO NNAMDI AUGUSTINE 2,004 KENNETH COMFORT CHINAEMEREM 2,104 MADUBUKO ONWUEMELIE BRENDAN (VEN) 2,304 NUMERIC HEIGHT 2,005 KENNETH MBAH 2,105 MADUEKE FRANCIS OKECHUKWU 2,204 MOMODU YAKUBU OSHOKE 2,305 NUNGWA FRANCIS INNOCENT 2,006 KENUBIA FRIDAY OKAFOR 2,106 MADUEKE LILIAN CHIOMA 2,205 MOMOH ALICE BAMIDELE 2,306 NWABUDE ANTHONY NWABUNWANNE 2,007 KERRY ROBERT CHUKS 2,107 MADUEKWE AUGUSTINE CHUKWUMA 2,206 MOMOH COMFORT SHOLA 2,307 NWABUDIKE CHUKS MONDAY 2,008 KEYAGHA OWEIAREDE 2,108 MADUEMEZIA TERRY UCHE 2,207 MOMOH JAMIU OSIKHENA 2,308 NWABUEZE ANTHONY U. 2,009 KILANSE OLUGBENGA OLADIPUPO 2,109 MADUKA ELECHI 2,208 MOMOH JIMOH OBISESAN 2,309 NWABUEZE BOBMANUEL CHIDOZIE 2,209 MONUMENT SECURITIES & FINANCE 2,010 KINGS DAUGHTER NIGERIA LTD 2,110 MADUKAEGO IHEMEGBULAM 2,310 NWABUEZE EMEKA LTD/AC NPF 2,011 KIPDC NOMINEE-TRADE A/C OMEREOHA 2,311 NWABUFO ANTHONY CHUKWUMA 2,111 MAGIT ANYAMUS NUHU 2,210 MORAH EMEKA JOSEPH EVANG 2,012 KIPDC PENSION FUND 2,211 MORAKINYO ANUOLUWAPO 2,312 NWABUNIKE IKENNA ALEXANDER 2,013 KISSIEDU OMOLOLA ADEWUNMI 2,112 MAGNET SAVINGS AND LOANS 2,313 NWACHUKWU BOBMANUEL 2,113 MAHMUD ZAKARIA MUHAMMAD OLUWABUSAYOMI 2,014 KOFOWOROLA OLUFEMI ADEBAYO 2,212 MORAKINYO OLUWATOYIN HELEN UCHECHUKWU 2,015 KOLAPO SUNDAY 2,114 MAIGIDA KENNETH LONGNOE 2,314 NWACHUKWU CHINELO DOROTHY 2,115 MAINWAY INSURANCE BROKERS 2,213 MORDI PETER 2,016 KOLAWOLE KAZEEM 2,214 MORDI TONBARAUNDU 2,315 NWACHUKWU FRANCA NGOZI 2,017 KOLEOLUWA OLADEINDE EMMANUEL 2,116 MAJEKODUNMI IYABO AINA MEDANI 2,117 MAKINDE OLUWASEUN ELISHA 2,215 MORE DOLLARS NETWORK COMPANY 2,018 KONGI ADEKUNLE 2,216 MORKA ONYEKACHUKWU EDWIN 2,316 NWACHUKWU FRANCIS MAICA 2,118 MAKINDE PATRICK OLUWOLE 2,019 KONGI AKINOLA AKINPELU 2,217 MORODOLU OLUFEMI HAMMED IZUNDU 2,119 MAKINDE SAMUEL NURUDEEN 2,218 MORONKEJI MODUPEOLA 2,020 KONGI OLUSEYE 2,120 MAKOJI SIMON 2,317 NWACHUKWU ITSWELL CHIDIEBERE 2,021 KOREDE BIMBO OLUFUNMILAYO 2,318 NWACHUKWU JUDE .T 2,121 MALACHI IFUEKO GLADYS 2,219 MOSES GODWIN TUGWA 2,022 KORODELE FLORENCE 2,122 MALOMO KOLAWOLE BASHIR 2,319 NWACHUKWU UCHENNA 2,023 KOSEGBE ADETUTU OMOBOLANLE 2,220 MOSES NSIDIBE DAVIES 2,320 NWADIKE CHINENYE GOLD 2,123 MANAGED HEALTHCARE SERVICES 2,221 MOSES OLUWADARE 2,024 KOUDIABOR SUNDAY LIMITED 2,321 NWADIKE KENNETH NDUBUISI 2,025 KPROSO OKE OGENE 2,222 MOSES-GOMBO CHINAZUM CHIMEZIE 2,322 NWADINIGWE ROSELINE N 2,124 MANIVEST ASSETS MGT. LTD. 2,223 MOTUNRAYO HABEEB AKINMADE 2,026 KUDAISI AYODELE SARAT 2,125 MAPIS ROSELINE SULE 2,323 NWADIRI SUNDAY CHIKE 2,027 KUDEHINBU OLAYINKA QUAMDEEN 2,224 MOUNTAIN INVESTMENT AND 2,324 NWAESI LARRY CHIBUIKE 2,126 MAPIS SULE ZACHARIAH SECURITIES LTD 2,028 KUKU LATEEF TOSIN 2,325 NWAETO EBERE 2,127 MARAIYESA MODUPEOLA 2,225 MR ILORI RAFIU OLANIYI 2,029 KUKU, JAMIU OLALEKAN 2,128 MARK OFOEGBU MICHAEL CHIMA 2,226 MU,AZU FATIMA SANI 2,326 NWAFOR CYPRIAN 2,030 KUMAR RAJ 2,129 MARS RESEARCH 2,227 MUAZU MOHAMMED 2,327 NWAFOR EZEKIEL MONDAY 2,031 KUPOLIYI TITI 2,130 MARTADON O. EZEH 2,228 MUDASHIRU NURUDEEN KAREEM 2,328 NWAFOR HELEN AMAKA 2,032 KUTI HAKEEM OLASEGUN 2,131 MARTINO ETHICAL VENTURES 2,229 MUHAMMAD BASHIRU 2,329 NWAFOR OMOYEMI ADERIKE 2,033 KUWADINU JULIUS AROBA 2,132 MARTINS BABATUNDE OLADIPO 2,230 MUHAMMED ADEKUNLE MORUFF 2,330 NWAGBOM CONSTANTINA 2,034 KUYE ESTHER ABENI OLUTOYIN (JUSTICE) 2,231 MUHAMMED AWWAL SULAIMAN ONYEKACHI 2,035 KUYE KOFOWOROLA ADENIKE 2,133 MARY ADEMIDUN HAASTRUP 2,232 MUMU BERNADINE AGOZI 2,331 NWAGU KENNETH OKECHUKWU 2,036 KWAKFUT PATRICK S. MIKUK 2,134 MARY'S GROTTO FELLOWSHIP 2,233 MUOTTOH EMMANUEL ANDE 2,332 NWAHIRI JUDE DONATUS 2,037 KWASHI BENJAMIN ARGAK (M.G.F.) 2,234 MURANA ISIAKA ALAO 2,333 NWAIGWE EMELDA URENNA 2,038 KWAZEMA AUSTIN IKECHUKWU 2,135 MASOMINU EMMANUEL TAIWO 2,235 MUSA ABDULLAHI 2,334 NWAJEI LYDIA .N 2,039 KWAZEMA RACHEL OSEHISE 2,136 MATHEW -ANTAI OKON 2,236 MUSA USMAN ZAKARI 2,335 NWAKA IKENNA JOHNPAUL 2,040 LABEODAN KAFUI TOYIN 2,137 MATHEW ENEJOR 2,237 MUSAYAYI SIDIKAT KEMISOLA 2,336 NWAKANMA CHIDERA GIFT 2,041 LADEJOBI FATIMAH BOSE 2,138 MATTADELUS (NIGERIA) COMPANY 2,238 MUSIBAU MUKAILA OLAMILEKAN 2,337 NWAKANOBI UCHE FRANK 2,042 LADELE PETER IYIOLA 2,139 MATTI JUBRIL OLOLADE 2,239 MUSTAPHA AZEEZ .O 2,338 NWAKOR TIMOTHY CHINEDU 2,043 LADIPO KOLA 2,140 MAXIFUND INV. & SEC PLC 2,240 MUSTAPHA OLAREMATU SHITTU 2,339 NWAKWU IFEYINWA LILIAN 2,044 LADITAN OLUFUNMILAYO AMOKE 2,141 MAXWOED BRIDGET CAROLINE 2,241 MUSTAPHA OTOGIAGHE 2,340 NWALI OKWUDIRI N. ABDULRAHMAN 2,045 LAGOS STATE BAPTIST RONKE 2,341 NWAMU DANIEL NWACHUKWU 2,142 MAYAKI CHARLES FOLORUNSO S 2,242 MUYIWA RACHAEL MODUPE CONFERENCE 2,243 NABIC NIGERIA LTD 2,342 NWANDU IKECHUKWU BENJAMIN 2,046 LAKA AMOS AKINWUMI 2,143 MAYFIELD INV.LTD- TRADED-STOCK- 2,343 NWANGWU JOHN EBUKA A/C 2,244 NASIR ABDUL WASIU AKANDE 2,047 LAKPA GODWIN 2,245 NDANUKA VIVIAN IFEOMA 2,344 NWANKPU EKENE 2,048 LAMINA ALANI MONSURU 2,144 MBA IKECHUKWU PAUL 2,345 NWANKWO ADAOLISA EKENE 2,145 MBA NWANDO GERALDINE 2,246 NDAOWO CHARLIE JOSIAH 2,049 LAPITE AKOLADE OLUBUNMI 2,247 NDENE-GODWIN COMFORT NLEGALU 2,346 NWANKWO AMARA 2,146 MBABA VICTOR DANIEL 2,050 LASISI YEKINI OLAGBENRO 2,248 NDIYO VICTOR EYO 2,347 NWANKWO ELOCHUKWU J. 2,147 MBACHU JAMES IBEAWUCHI 2,051 LASOJU ABIKE MARY 2,249 NDUBUEZE CHINEDU CHRIS 2,348 NWANKWO EMEKA CHUKWUKA 2,052 LASOJU AGNES MODUPE 2,148 MBADUGHA AYOBA ATHANATIUS 2,250 NDUBUISI STANLEY CHINEGBO 2,349 NWANKWO ERIC DESTINY 2,053 LASOJU OLAKUNLE OLADIPO 2,149 MBAH VICTOR 2,251 NDUJEKWU ANTHONY TOCHUKWU 2,350 NWANKWO IBIAM 2,150 MBAJEKWE AUGUSTINE CHIJIOKE 2,054 LATEEF JAMIU OLADIMEJI 2,252 NDUKAUBA GRACE UGOCHI 2,351 NWANKWO IBIAM CHI 2,151 MBAKA GODWIN 2,055 LATEEF OLALEKAN RASHEED 2,253 NDUKWE ARUA KALU 2,352 NWANKWO LOUIS 2,152 MBAMALU CHUKWUDI UGOCHUKWU 2,056 LATEEF YINKA 2,254 NDUKWU AUGUSTINE AMAONYEZE 2,353 NWANKWO OGBU 2,153 MBANEFO IJEOMA LINDA 2,255 NDUUDEE DIKE 2,057 LAWAL AYODELE OLURANTI 2,154 MBANEFO MARTIN CHINEMELU 2,354 NWANKWO SUNNY 2,058 LAWAL FOLASADE OLUFUNKE 2,256 NELSON ADETUTU FUNMILAYO 2,355 NWANKWOALA CHINEKEMA STANLEY 2,155 MBONG JAMES OKPO ACHIEF 2,257 NELSON MICHEAL 2,059 LAWAL GRACE TAYE 2,156 MCRALLY VENTURE 2,356 NWANKWU JAJA NWACHUKWU 2,060 LAWAL IBRAHIM O. 2,258 NELSON-IWATT VICTORIA 2,357 NWANNUNU CYRIL EZE 2,157 MEDAHUNSI JOHN BABATUNDE 2,259 NESIS VENTURES LIMITED 2,061 LAWAL JIMOH OLUWOLE 2,358 NWAOGAZIE ANNE CHINYERE 2,158 MEDAHUNSI REBECCA OLUWASEYI 2,260 NETWORTH SEC-DEPOSIT A/C 2,062 LAWAL MOHAMMAD MASANAWA 2,159 MEDEYINLO ADEBOLA AFOLABI 2,261 NEW TRENDS INVESTMENT COMPANY 2,359 NWAOGAZIE IFY LAWRENCE 2,063 LAWAL MUFUTAU OLANREWAJU 2,160 MEDIX COMPANY NIG LTD LIMITED 2,360 NWAOGU CHIDIEBERE GODFERY 2,064 LAWAL OLAMIDE FUAD 2,161 MEGIDA OLANREWAJU ADISA 2,262 NEWDEVCO FIN. SERV. CO. TRADED- 2,361 NWAORA FABIAN CHIEF 2,065 LAWAL OLASOJI TEMITOPE 2,162 MEJOR UCHECHUKWU STOCK-A/C 2,362 NWAUKPELE MERCY NKEM 2,066 LAWAL OLAYINKA B. CHRISTIANTUS 2,263 NGBANWA GODWIN CHUKWUWUIKE 2,363 NWAUZO NATHANIEL OKWUDIRI 2,067 LAWAL OLUWATUNMISHE IDRIS 2,163 MEKILIUWA JOSEPH (MR.) 2,264 NGWOKE CHINAGO 2,364 NWAZUOKE CHUKWUDI CYRIL 2,068 LAWAL QUADRI AKOREDE 2,164 MEKWUNYE OKONKWO RAPHAEL 2,265 NGWOKE JONATHAN OGWU 2,365 NWEKE CHUKWU INNOCENT 2,069 LAWAL RUKAYAT ADENIKE 2,165 MENTHOR INV. MANAGEMENT LTD 2,266 NHIARAONYE CHINYIRIUWA QUENTIN 2,366 NWEKE DONATUS .O. 2,070 LAWAL SHUKURAT OLUWATOYIN 2,166 MERCOV NOMINEE LIMITED-E 2,267 NICATT NIGERIA LTD 2,367 NWEZE BLESSING CHIOMA 2,071 LAWAL SHUKURAT YEWANDE 2,167 MERCOV SECURITIES LIMITED 2,268 NIGERIA UNION OF TEACHER MULT. 2,368 NWEZE EMMANUEL 2,072 LAWAL SOJI 2,168 MERCURY OSAS EAGLE OBUYIOSA COP. SOC. 2,369 NWEZE IKENNA OJI 2,073 LAWAL TIMILEHIN ANU-OLUWAPO 2,169 MESELE OLUFEMI LAWRENCE 2,269 NIGERIAN STOCKBROKERS LIMITED 2,370 NWIMO GOODNEWS OHANEMERE 2,074 LAWANI JUSTINA EMIAGBA 2,170 MESOROH EKUEUVGBE AMBROSE 2,270 NIHI TOMILOLA BOLARIN 2,371 NWIZU WILLIAM DIKE 2,075 LAWRENCE IFEANYI CHIJIOKE 2,171 METIA ASHIM KUMAR 2,271 NISE RESOURCES LTD 2,372 NWOBI BENJAMIN 2,076 LAWSON ABIOLA MICHAEL 2,172 METU CHINTUA RAPHAEL 2,272 NJEMANJE EMMANUEL 2,373 NWOBODO OBUM INNOCENT 2,077 LAYONU LEKAN 2,173 METU CHIOMA CHUKWUEMEKA 2,374 NWOKEDI UKAMAKA GLORIA 2,078 LAZARUS BEN UNOGWU 2,174 MEWOYEKA ARINOLA OLUWATOYIN 2,273 NJOKU OBINNA SAMUEL 2,375 NWOKO HENRY EJIMKONYE 2,079 LAZEEZ BABATUNDE SABURI 2,175 MEZUE SAMUEL I. 2,274 NJOKU PATRICK ONYEKWERE 2,376 NWOKORO OGECHI MIRIAM 2,275 NJOKU PERPETUA NNEDINMA 2,080 LEIGH OLUWAYEMISI ABISOYE 2,176 MFON USOH SAMUEL 2,377 NWOKOYE PATRICK CHUKWUEMEKA 2,177 MGBECHETA LINUS N. 2,276 NJURU FRANKLIN J.U 2,081 LEMBOYE ABIOLA OLUWASEUN 2,277 NKADI MICHAEL CHUKWUKA 2,378 NWOLICHA S. LUKE (PASTOR) 2,082 LESI OLUFUNMILAYO ADENIKE 2,178 MGBEOKWERE RITA IFY 2,379 NWOSE CHARITY NKOLIKA 2,179 MICHAEL JOSEPH OTARU 2,278 NKIDEN VENTURES 2,083 LEWIS ELIZABETH 2,279 NKWOCHA CHARITY NWAKAEGO 2,380 NWOSU CHARLES CHUKS 2,084 LIASU OLATUNJI WASIU 2,180 MINAH KARIBI 2,381 NWOSU DOROTHY PATIENCE 2,181 MINIMA DAVEY AND OPUNNE 2,280 NKWUEKE CHUKWUEMEKA PAUL 2,085 LIGHT HOUSE ASSET MGT. LTD - 2,281 NLEMADIM CLETUS IKECHUKWU 2,382 NWOSU JUDAH CHIGOKE DEPOSIT 2,182 MIZBEACH LIMITED 2,383 NWOSU KENNETH CHINENYE 2,183 MMEREOLE VALENTINE BOBBY 2,282 NMAKWE AZUBIKE WINSTON 2,086 LIJOKA SOJI 2,283 NMAKWE MARY EZIUGOR 2,384 NWOSU PATRICK NNAMDI 2,184 MMOGBO PATMARY CHIZO 2,087 LIKE-MIND INVESTMENT (2004) LTD 2,284 NMOMAH ABRAHAM EMEKE 2,385 NWOSU RICHARD 2,185 MOBAT ENTERPRISES 2,088 LOMU ALENTINE E. 2,285 NMOMAN IFEYINWA 2,386 NWOSU SEBASTIAN ONYEKACHI 2,186 MODECOM CREDIT & THRIFT COOP 2,089 LOSIA JOHN 2,286 NNADI AUGUSTINE OKECHUKWU 2,387 NWOYE ANTHONY-GIDEON OBIORA SOCIETY 2,287 NNADI KAMNAENE J. 2,090 LOUIS ISAAC OSIGBEME 2,187 MODGAL ASSOCIATES LIMITED 2,388 NWOYE SUNDAY 2,091 LOVE CONSULT AND INVESTMENT 2,288 NNADI LILIAN 2,389 NWUGHA NKECHI O 2,188 MOGAJI HAMED BABATUNDE 2,289 NNAJIOBI SAM SERVICES LTD 2,189 MOHAMMED ABDUL AKANJI 2,390 NYAKO FADIMATU 2,092 LUKA DUNIYA RAUTHA 2,290 NNAM IFEANYI FRIDAY 2,391 NYONG INIOBONG ESTHER 2,190 MOHAMMED ADEKUNLE MORUFF 2,291 NNAMANI EJIKE KINGSLEY 2,093 LUKDEN STEPHEN 2,191 MOHAMMED ALIU 2,392 NZE ONYINYECHI CHRISTY 2,094 LUKE AYODELE & BUKOLA 2,292 NNEJI DONATUS 2,393 NZEDIGWE AZUKA 2,192 MOHAMMED FATIMA HALIDU 2,293 NNORM MARTINS 2,095 LUWAH EPHRAIM FARRANT 2,193 MOHAMMED S.A ZAINAB 2,294 NOKO JOHN NWANKWO 2,394 NZEKWE ANGELA 2,096 MABIA INNOCENT 2,194 MOHAMMED S.A. -N.N 2,295 NOKOH ALEX TOONA 2,395 NZERIBE HENRY CHUKWUDUM 2,097 MACT SECURITIES LTD -DEP A/C 2,195 MOHAMMED SA'ID TAFIDA 2,296 NOMINEE "D" 2,396 NZERUE KINGSLEY 2,098 MADIDI MICHAEL 2,196 MOHAMMED SARKI ABDALLAH 2,297 NOMINEE 013 2,397 NZEWI OLUCHI JOHN 2,099 MADU CHIKA OZIOMA 2,197 MOHAMMED TALATU IYA 2,298 NOMNOR JOHN TERHEMEN 2,398 OAIKHENA GEORGE DADA 2,100 MADU IFEANYI GLADYS 2,198 MOHAMMED UMAR 2,299 NOSIRU MOLIKI AKANDE 2,399 OBABOLUJO ABAYOMI 2,199 MOJISOLA AJOKE OKUSANYA 2,300 NSIDINANYA CHIEMELA NWANNA 2,400 OBADINA ALICE OLUWAKEMI 2,200 MOKA NONYEHIM NWAMAKA
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 13 [email protected] UNCLAI E IVI EN LIST cont d
S/No Names S/No Names S/No Names S/No Names
2,401 OBALE MUIBAH ATINUKE 2,501 ODO DESMOND IGWEBUIKE 2,601 OGUNBANWO ADEBAYO JULIUS 2,701 OJO HANNAH ADEBIMPE 2,402 OBAMUYI DUROJAYE OLUWAMBE 2,502 ODO VINCENT HENRY 2,602 OGUNBANWO DOYIN STEVEN 2,702 OJO LUCIA OLUFUNMILAYO 2,403 OBASAN JANET OLABISI 2,503 ODOH MAKERE MOKERU 2,603 OGUNBANWO SUNDAY ADENIYI 2,703 OJO M. O. 2,404 OBASANYA VICTOR 2,504 ODOHOFRE PAULINE 2,604 OGUNBANWO TEMITOPE MARY 2,704 OJO OLUKAYODE RAPHAEL 2,405 OBASEKI ABIODUN 2,505 ODONMETA AYO 2,605 OGUNBIYI FLORENCE IYABODE 2,705 OJO OLUSEYI FRANCIS 2,406 OBASI BARTHOLOMEW(ELDER) 2,506 ODUBAJO GABRIEL 2,606 OGUNBODE ADEBAYO 2,706 OJO OMOBAMIDELE TITUS 2,407 OBASI EMEKA FREDRICK 2,507 ODUBIYI AKINKUNMI OYEWUNMI 2,607 OGUNBOLUDE MATHEW OLUROPO 2,707 OJO OMOLOLA 2,408 OBASI IJOMA FRANCIS 2,508 ODUDU OKIEMUTE 2,608 OGUNBOR JOHN IKPONWENOSA 2,708 OJO RACHAEL KEHINDE 2,409 OBASOHAN OSARUMWENSE 2,509 ODUESO EMMANUEL ADEDOLAPO 2,609 OGUNBUNMI KAYODE 2,709 OJO SUNDAY KOFOWOROLA 2,410 OBATUASE BIDEMI 2,510 ODUFUNNADE LAWRENCE OLUDARE 2,610 OGUNDARE OLAKIITAN CECILIA HON. 2,710 OJODUN RAZAQUE 2,411 OBAYOMI IDOWU 2,511 ODUFUWA EDMOND IYIOLA 2,611 OGUNDE TAIWO JOHNSON 2,711 OJOH CHRISTIAN NWAOFEH 2,412 OBAYOMI MARY CHINELO 2,512 ODUFUWA JIMI TAIWO 2,612 OGUNDEJI OLAYINKA 2,712 OJOMO BASHUA FEHINTOLUWA 2,413 OBAZEE ELIZABETH 2,513 ODUFUWA KEHINDE S. 2,613 OGUNDELE ADEWALE AFOLABI 2,713 OJORO SOLOMON 2,414 OBECHE BIBIAN IJEOMA 2,514 ODUGBESAN ALH. MOHAMMED 2,614 OGUNDELE BOSEDE AJOKE 2,714 OJUADE ELIZABETH FOLASADE 2,415 OBELE JESSICA AMARACHI 'KUNLE YUSUF 2,615 OGUNDELE OLAGOROYE HEZEKIAH 2,715 OJUEROMI SAMSON TOYIN 2,416 OBELE MADUKAEGO CHICHEBE 2,515 ODUGBESAN EVANG ADEKUNLE 2,616 OGUNDELE OLUWADAMILOLA 2,716 OJUKWU JOSEPH CHUKWUJUGHA 2,417 OBEMBE OLANIYI OLATOYE MICHAEL 2,617 OGUNDEYI ADEBIYI OLUMUYIWA 2,717 OJUKWU LINDA ADANGOZI 2,418 OBI BENJAMIN KENECHUKWU 2,516 ODUKALE AYODEJI MR &MRS 2,618 OGUNDIPE REJOICE BERNICE 2,718 OJUMAH VALENTINE O. 2,419 OBI CHIBUEZE 2,517 ODUKOYA ADESUPO 2,619 OGUNDIRAN OMOLARA OLAWUNMI 2,719 OJURI (MRS) OLUFUNKE ADENIKE 2,420 OBI HENRY OGHENECHOJANO 2,518 ODUKOYA ANDREWS KEHINDE 2,620 OGUNDIYAN GBOLADE CLEMENT 2,720 OKAFOR AFAM STEVEN 2,421 OBI IFENYI 2,519 ODUKOYA PETER OLUSHOLA 2,621 OGUNDIYAN MODUPE AFOLAKE 2,721 OKAFOR AMAKA 2,422 OBI IJEOMA 2,520 ODUKOYA, ABIOLA 2,622 OGUNDIYAN OLADUNNI PAULINA 2,722 OKAFOR CONSTANCE C 2,423 OBI ORITSEWEYINMI 2,521 ODUNAIKE OLADAYO OLUFUNMI 2,623 OGUNDIYAN OLATUNJI OLUWATOSIN 2,723 OKAFOR EBERE 2,624 OGUNDOLANI ALEX 2,724 OKAFOR EMEKA NASSA CHRIS 2,424 OBI STELLA AMACHI MRS. 2,522 ODUNAIYA ENIOLA ADEDAYO 2,625 OGUNFUYI SEGUN 2,725 OKAFOR FRANCIS NKENCHOR 2,425 OBI UDOKA OLIVER 2,523 ODUNAIYA IFEOLUWA MARY 2,524 ODUNAIYA OLUSEGUN ODUMAKINDE 2,626 OGUNGBEMI LOUIS MONDAY 2,726 OKAFOR GRACE UCHECHUKWU 2,426 OBI UKAMAKA VERONIKA 2,525 ODUNEYE ODUSANYA DOTUN 2,627 OGUNJINMI OLUSEGUN 2,727 OKAFOR IFEANYI ALEXANDRA 2,427 OBI VICTORIA NNEAMAKA 2,526 ODUNNAYO MUSTAPHA 2,628 OGUNJOBI MICHAEL E 2,728 OKAFOR JOHN OBIORAH 2,428 OBIADI GREGORY 2,527 ODUNSI BOLANLE OPEYEMI 2,629 OGUNJOBI MURITALA 2,729 OKAFOR KENECHUKWU OBIAJULU 2,429 OBIANYO CHUKWUDI 2,528 ODUNTAN ADEBOLA OLUGBENGA 2,630 OGUNKELU OMOTOLA MICHAEL 2,730 OKAFOR NDUBISI CHIMAOBI 2,430 OBIDEYI SAMUEL OLUBUSAYO 2,529 ODUNTAN AYODELE JOSEPH 2,631 OGUNKOMAIYA ADEWALE 2,731 OKAFOR NONYELUM FRANCISCA 2,431 OBIDI CHUKWUNONSO 2,530 ODUNTAN OMOTAYO MORENIKE 2,632 OGUNLADE BUNMI 2,732 OKAFOR O ANSLEM 2,432 OBIDIKE CHINAKA CHRISTIAN 2,531 ODUNUGA FAROUK OLAMIDE 2,633 OGUNLANA YINKA 2,733 OKAFOR ROBINSON .N. 2,433 OBIDIKE KEN PAUL 2,532 ODUNUGA KAMORU BAMIDELE 2,634 OGUNLESI FEYIKEMI MODUPE 2,734 OKAFOR SAMPSON OBIOHA 2,434 OBIEFULE JULIET ADAKU 2,533 ODUNUGA OLANIYI 2,635 OGUNLEYE ABAYOMI 2,735 OKAFOR UCHE MARIA 2,435 OBIEGBU CHUKA FELIX 2,534 ODUNZE NNAMDI I R 2,636 OGUNLEYE ADEOLA OMOLEGHO 2,736 OKAFOR UDERIKE RAPHAEL 2,436 OBIENE THEOPHILUS DIENEYE 2,535 ODUSAMI JOCELYN ADELANKE MRS 2,637 OGUNLEYE OLADEJO JOHN 2,737 OKAFOR VICTOR ONYEBUCHI 2,437 OBIEWEVBI R O (DR) 2,536 ODUSANYA PHILIP OLADELE 2,638 OGUNMAYI OLAITAN DAVID 2,738 OKAH PAUL KINGSLEY 2,438 OBIEZE IFEYINWA CYNTHIA 2,537 ODUSHE OLUFUNSHO ABIODUN 2,639 OGUNMODEDE YEMI 2,739 OKANI OKECHUKWU 2,439 OBIJURU NGOZI JOYCE 2,538 ODUSOTE ADEBAYO LADIPO 2,640 OGUNMOKUNWA ANIKE EUNICE 2,740 OKANLAWON OLUFUNKE ABOSEDE 2,440 OBIKWELU AUTHUR UCHECHUKWU 2,539 ODUTAYO EUNICE KEHINDE 2,641 OGUNMOLA RACHEAL BOSE 2,741 OKANLAWON SULAIMAN OLAYIWOLA 2,441 OBIKWELU BRIDGET CHINWE 2,540 ODUTAYO OLUSOLA 2,642 OGUNMUSIRE OLUWATOYIN 2,742 OKANRENDE AKINSANYA O. 2,442 OBIKWELU CHIKA JACINTA 2,541 ODUTOLA BOLA TOLULOPE 2,743 OKARO IFEYINWA J. 2,443 OBIKWELU PAUL CHIBUEZE 2,542 ODUTUGA-CHUKUDI EMMANUEL 2,643 OGUNNAIKE OLUFUNKE AJOKE 2,744 OKATA LIGHT CHUKWUDI 2,444 OBINEME SIMON OGUEJIOFOR ADETOLA 2,644 OGUNNIRAN EZEKIEL 2,745 OKE ABOSEDE VICTORIA 2,445 OBINGENE FRANK 2,543 OFFOR BERNARD CHUKWUEMEKA 2,645 OGUNNUBI ROBERTS 2,746 OKE AKINGBADE OLATUNDE 2,446 OBINGENE FRANK O. 2,544 OFFOR EMEKA ANDREW 2,646 OGUNODE ABIBAT RACHAEL 2,747 OKE OLAWALE 2,447 OBINNA I. NWAZUE 2,545 OFFOR ONYEBUCHI ANTHONY 2,647 OGUNREMI MELUTIA 2,748 OKE PATIENCE MODUPE 2,448 OBINNA OFUORA 2,546 OFILI AUSTIN 2,648 OGUNRO STELLA OMOTAYO 2,749 OKEAGU IGNATIUS OKANANDU 2,449 OBINNA ONUNKWO AWELE EMEM 2,547 OFOLU ANDERSON 2,649 OGUNSAKIN TUNBOSUN 2,750 OKEAKWALAM CHINEDU 2,450 OBINNA VIRGINUS CHUKWUEMEKA 2,548 OFOMA PETER CHUKWUDUBEM 2,650 OGUNSEMOYIN JOHN KOLE 2,751 OKEBANAMA DAVID CHIJIOKE 2,451 OBIOMA BETHEL NDUKA 2,549 OFOMATA HERBERT CHIKA 2,651 OGUNSEYE CLEMENT ADENIYI 2,752 OKECHUKWU IFEANYI FELIX 2,452 OBIOMA YEWANDE SIMISOLA 2,550 OFORLE RUTH CHIDINMA 2,652 OGUNSEYE EUNICE OLUWATOYIN 2,753 OKEDELE JAMIU OLASUNKANMI 2,453 OBIOMA-IGWE CHIEDOZIE 2,551 OFULUE CYRIL CHUKWUNWEIKE 2,653 OGUNSHOLA SHAMUSIDEEN 2,754 OKEDOKUN TAJUDEEN ABIODUN KASARACHI C. 2,552 OFUNAMA JOHN ONAGA ABAYOMI 2,755 OKEDOYIN FOLAKE MOJISOLA 2,454 OBIORA IFEOMA PERPETUAL 2,553 OGA-PALMER ONOSETALE CHARLES 2,654 OGUNSOLA JOSEPH TEMIDARA O 2,756 OKEDU O. BISHOP & NDUMDI ARINZE 2,455 OBIORA UCHENNA PATRICK 2,554 OGAR STEPHEN AJA 2,655 OGUNSOLA OLUWASEYI ISAIAH E. 2,456 OBIORAH JOSEPH HARRISON 2,555 OGARAKU VICTOR CHIDI 2,656 OGUNSOLA SOLOMON BOLAJI 2,757 OKEGBENRO TAIWO OLANREWAJU 2,457 OBIOSIO FRANK OKON 2,556 OGBANJE FATU SHARON 2,657 OGUNSUADA LEKAN 2,758 OKEGBUAN IGBINEDION 2,458 OBISESAN SAMSON OLADOYIN 2,557 OGBEBOR MARTINS .Y 2,658 OGUNTADE MONSURAT ATINUKE 2,759 OKEKE CHIBUZOR 2,459 OBITAYO DEBORAH ADEBIMPE 2,558 OGBEBOR MARTINS YAYA 2,659 OGUNTADE TUNDE OLUWOLE 2,760 OKEKE CHIGBO CHRISTIAN 2,460 OBIUKWU ANITA AMARACHI 2,559 OGBECHIE GRACE NGOZI 2,660 OGUNTOLA SEBASTIEN AKINLERE 2,761 OKEKE CHINEDU GEORGE 2,461 OBIWALE OLUSOLA MOSES 2,560 OGBEIDE STEVEN OLUKOREDE 2,661 OGUNTOYE OLUWATOPE LAWRENCE 2,762 OKEKE CLETUS KENECHUKWU 2,462 OBLA, SAMUEL O. 2,561 OGBEIFUN ANGELA 2,662 OGUNTOYINBO ROTIMI SOLOMON 2,763 OKEKE FOSTER CHIDIMMA 2,463 OBODOAGU JESINTA NWAMAKA 2,562 OGBEMUDIA OSARUMEN 2,663 OGUNWALE BUKUNMI BENJAMIN 2,764 OKEKE KENECHUKWU WILLIAMS 2,464 OBODOMA UZOMA JUDE 2,563 OGBOGU FLORENCE 2,664 OGUNWALE OLUKUNMI AZEEZ KINGSLEY 2,465 OBOH BARTHOLOMEW 2,564 OGBOLOMA GODWIN 2,665 OGUNWUNMI JOHN ADEREMI 2,765 OKEKE LUCY UCHE OSENEKHOME 2,565 OGBONNA CHRISTIAN 2,666 OGUNYE IREAYO NATHANIEL 2,766 OKEKE MERCY NGOZI 2,466 OBOH STEPHEN IHEADINDUEME 2,667 OGUNYEMI ADESAYO SUNDAY 2,767 OKEKE OLIVER NWABUEZE 2,467 OBOIGBE BAMIDELE MIKE 2,566 OGBONNA CHRISTY TOBECHUKWU 2,668 OGUNYEMI FUNMILOLA FLORENCE 2,768 OKEKE PASCHAL UCHE 2,468 OBOLI ZULU HILARY 2,567 OGBONNA EMEKA 2,669 OGUNYINKA OLUWASEYE AYOOLA 2,769 OKEKE ROSELYN MAYEN 2,469 OBUALA IRIGHA JULIUS 2,568 OGBONNA OBIOMA TIMOTHY 2,670 OGUNYODE AKINOLA 2,770 OKEKE WHITNEY IFEOMA 2,470 OBULU ROSEMARY IKWUBIELA 2,569 OGBONNA ONYEBUCHI 2,671 OGUZIE IJEOMA PRECIOUS 2,771 OKELEYE ADENIKE ELIZABETH 2,471 OBUYIOSA GRACE 2,570 OGBONNAYA CHINEDU JAMES 2,672 OGWEMOH TONY ADOYE 2,772 OKELEYE ENOCH ANJOLA-OLUWA 2,472 OBUYIOSA OSARETIN GODSPOWER 2,571 OGBONNAYA OKEZIE 2,673 OGWEZI MICHAEL 2,773 OKELEYE ISRAEL AYODAMOPE GODWIN 2,572 OGBOR LOVETH MIYENI 2,674 OGWOLA JEREMIAH TIMOTHY 2,774 OKELEYE RACHAEL OREOLUWA 2,675 OHA NDUBUISI SAMUEL 2,775 OKENWA EMEKA 2,473 OCHAI ABA CLEMENT 2,573 OGBU CHUKWUEKWU GODWIN 2,676 OHAEBUKA EPHRAIM AFAMEFUNA 2,776 OKERE BENEDICT ONYEJIAKO 2,474 OCHEI OBIJULU CHIEDU 2,574 OGBU OGOCHUKWU VICTOR 2,575 OGBU SOLOMON OGUGUA 2,677 OHAEGBU ANAYO EMMANUEL 2,777 OKERE GINA 2,475 OCHU G. TITUS 2,576 OGBUEFI MARTINS CHIEF 2,678 OHOBI CHARLES 2,778 OKERE VIGINUS CHIMEREMEZE 2,476 OCTANE MEGA MULTI RESOURCES 2,577 OGBUEHI DAVID 2,679 OHUNYION PRECIOUS OSEWE 2,779 OKEREAFOR D. ONYEWUCHI 2,477 ODAGBOYI NGBEDE 2,578 OGBUJI SIMON CHUKWUKA 2,680 OHWEKEVWO ESE 2,780 OKEREAFOR KELECHI EUPHEMIA 2,478 ODAJI-UKU ZYGONY TIVERE 2,579 OGBUZUO PERPETUA CHIKA 2,681 OHWOVORIOLE AUGUSTINE 2,781 OKEREH EZINNE CHINENYENWA 2,479 ODE EUGENE IBEKWE 2,580 OGE STEPHEN OLATUNDE EFEDAYE 2,782 OKEREKE ALOYSIUS CHISOM 2,480 ODEBIYI ANTHONY ADENIYI 2,581 OGEH CHINEDU ANDREW 2,682 OISEWEMEN MARTINS ERAGBAH 2,783 OKEREKE CHRIS ONYEJEKWE 2,481 ODEBUNMI OLATUNJI OLABISI 2,582 OGEM VERA NEHMY 2,683 OJEBISI ADENIYI 2,784 OKEREKE CHRISTIAN CHIZOBAM 2,482 ODECHE PETER 2,583 OGHOGHORIE PHILOMENA 2,684 OJEDIRAN ISMAIL MICHEAL 2,785 OKEREKE ELIZABETH OLAYINKA 2,483 ODEDEJI OLUWOLE 2,584 OGINNI CHRISTIANAH OLUKEMI 2,685 OJEGOKE JIMOH 2,786 OKEREKE EMMANUEL 2,484 ODEH BLESSING EBIJE 2,585 OGINNI NURUDEEN ABIONA 2,686 OJELABI FLORENCE 2,787 OKEREKE ESTHER EFEAKPOKRIRE 2,485 ODELEYE SAMUEL DUROJAIYE 2,586 OGOCHUCKWU EUNICE MUOGILIM OLUWAFUNMILAYO 2,788 OKEREKE KINGSLEY IKENNA 2,486 ODELUGA CHIEF EMMA 2,587 OGOKE CHIDINMA ONYEKACHI 2,687 OJELOLA RASHEED AKIN 2,789 OKEREKE NKECHINYERE ROSELYN 2,487 ODETUNDUN BOSEDE THEREZA STEPHEN 2,688 OJEMOLA IBILOLA TOLULOPE 2,790 OKEREKE PATRICK NWANKWO 2,488 ODEWOLE ABIODUN OLUSOLA 2,588 OGOKE MICHAEL IKECHUKWU 2,689 OJERINDE ADEDIBU OKORO 2,489 ODEYEMI BENEDICT DIPO 2,589 OGOLO ETHEL 2,690 OJETUNDE PAUL ABIDEMI 2,791 OKEREKE THEODORA NGOZI 2,490 ODIAGBE AGNES 2,590 OGON DENNIS EGUONO 2,691 OJI SAMUEL ONYEKACHI CHUKWU 2,491 ODIAZOR CHIGOZIE JOHNSON 2,591 OGU CHIKAODI EMMANUEL 2,692 OJIEH GREGORY VINCENT 2,792 OKERINOLA DOTUN DANIEL 2,492 ODIBA YUSUF ADAMS 2,592 OGUAMA CHINYEREM ADA 2,693 OJIKUTU OLAWALE TAOFIK 2,793 OKEROKUN OLUWOLE DAVID 2,493 ODIDISON EVELYN 2,593 OGUDE BENJAMIN 2,694 OJIMBA FELIX CHUKWUNYEM 2,794 OKESHOLA ADOOBI KEMI 2,494 ODIETE THOMPSON OKIODESAN 2,594 OGUEBIE RITA NGOZI 2,695 OJIMBA SEBASTINE ODIRA 2,795 OKETE JOSEPHINE OLABI 2,495 ODIGBO TOLUWANI 2,595 OGUERI CHIBUIKE DAVID 2,696 OJIMUGHA CHRISTOPHER C 2,796 OKEWUSI ALICE ADERINOLA 2,496 ODIGIE CHRISTOPHER OTAIGBE 2,596 OGUGUA GODWIN CHUKWUDI 2,697 OJO ADEDAYO 2,797 OKEZIE EMMANUEL UZOKWE 2,497 ODIH ONYEMA HENRY 2,597 OGUH GEORGE O.C.LIUTENANT 2,698 OJO ADESHINA SUNDAY 2,798 OKEZIE GORDIAN MMERIWE 2,498 ODIMBA RAYMOND UZOAMAKA 2,598 OGUIKE-OLERU FABIAN NNAMDI 2,699 OJO AYODELE ABIODUN 2,799 OKHAI THERESA 2,499 ODINEX CONSULT LTD. 2,599 OGUNADE OLUWAFEMI ADEBOLA 2,700 OJO GRACE OLADOYIN 2,800 OKHIHIE ANTHONY 2,500 ODIONYE STEPHANIE CHIOMA 2,600 OGUNBANJO IDOWU
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 136 [email protected] UNCLAI E IVI EN LIST cont d
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2,801 OKHUOYA EDEIFO LARRY 2,901 OKWUOSA IFEANYICHUKWU 3,001 OLASUPO WASIU OLALEKAN 3,101 OMIDIRE IBIRONKE OLABISI 2,802 OKI ISIAKA AYODELE 2,902 OKWUSA CHUKWUEBUKA 3,002 OLATOKUN OLANREWAJU 3,102 OMIGADE YETUNDE ABOSEDE 2,803 OKIRI SANI SOTONYE CHIDIEBERE 3,003 OLATOYE OLUSEGUN OLUTAYO 3,103 OMIPIDAN JONAH OMOTAYO 2,804 OKOCHA NDUDI 2,903 OLA DAVID OLANREWAJU 3,004 OLATOYE SAMSON 3,104 OMIRIN FOLASADE OSARIEMEN 2,805 OKOECHA FRIDAY 2,904 OLABANJI OLUWAFEMI OLAYTAN OLUWALOFUNMINIYI 3,105 OMISORE PEACE EMEM 2,806 OKOGUN OSEMUDIAME ISAIAH 2,905 OLABANJI SUNDAY JOHN 3,005 OLATUNBOSUN ADEBANJI SUNDAY 3,106 OMITOGUN OLAKUNLE EMMANUEL 2,807 OKOH EMMANUEL 2,906 OLABINKE OLUGBENGA SAMUEL 3,006 OLATUNDE AKINWALE ANTHONY 3,107 OMIYALE, KAZEEM AYOBANI 2,808 OKOH PRINCE CHUKWUDEBE 2,907 OLABIRAN DAMILOLA AYOTUNDE 3,007 OLATUNDE FIYINFOLUWA IBUKUN F. 3,108 OMOBOWALE ADEBOYEJO 2,809 OKOJIE ANDREW 2,908 OLABISI OLSUNBO CELINA 3,008 OLATUNJI ADEYEMI GBOLAHAN 3,109 OMOBUWAJO VICTORIA 2,810 OKOJIE FRANCIS IYERE 2,909 OLABODE JEREMIAH OLATUNJI OLUFUNMILAYO 2,811 OKOKO EMMANUEL MICHAEL 2,910 OLABOSIPO OLABISI OMOWUNMI 3,009 OLATUNJI AKEEM OLAYODE 3,110 OMODE EMMANUEL OLADIMEJI 2,812 OKOKPUJIE OLIVER 2,911 OLADAPO AKINOLA OLADOTUN 3,010 OLATUNJI HENRY 3,111 OMODELE AKINDELE 2,813 OKOLI DAMION CHINWIKE 2,912 OLADAPO AZEEZ & FEBISHOLA 3,011 OLATUNJI OLUWASEUN 3,112 OMODELE OLUBUNMI ANTHONIA 3,113 OMODUDU OLUWADARE JOSHUA 2,814 OKOLI EVANGEL NNEDINMA 2,913 OLADAPO GBOLAHAN OLAITAN 3,012 OLATUNJI RACHEAL TAIWO 2,815 OKOLI FRANK EMEKA 2,914 OLADAPO MONI ABIODUN 3,114 OMOGBEHINWA AKINTUNDE FELIX 3,013 OLATUNJI TITILAYO OLUWASEUN 3,115 OMOGOROYE OLAJIDE OYEBOLA 2,816 OKOLI FRANK JOVITA EMEKA 2,915 OLADAPO MOSES ADEMOLA 3,014 OLAWALE-OKE BRIDGET TITILAYO 2,817 OKOLI VICTORIA EBERE 2,916 OLADAPO TIMOTHY 3,116 OMOIGUI KINGSLEY ETINOSA IDOWU 3,117 OMOIGUI OVOKE 2,818 OKOLI, HENRY OLUWADAMILARE 3,015 OLAWOORE SARAH SIDIKAT 2,819 OKOLIE CHINELO FELICIA 2,917 OLADEINDE EBENEZER 3,118 OMOLADE ESTHER OLUBUNMI 3,016 OLAWOYIN RAMOT ADENIKE 3,119 OMOLE OLAJIDE JOSEPH 2,820 OKOLIE OBIAGELI ROSEMARY 2,918 OLADEINDE MOSUNMOLA 3,017 OLAWUMI ROTIMI CHRISTOPHER 2,821 OKOLIE OSITADINMA PIUS OLUWAKEMI 3,120 OMOLE OLUWATOSIN AFOLABI 3,018 OLAWUYI FATIMAT SIYANBOLA PHILLIPS 2,822 OKOLO .A. UCHENNA 2,919 OLADEINDE SHAMSUDEEN 3,019 OLAYANJU ESTHER .T. 2,823 OKOLO BENEDICTA OBAKHUME MOBOLAJI 3,121 OMOMO BOLANLE ADEMOLA 3,020 OLAYEMI AYODEJI PATRICK 3,122 OMOMOWO GODWIN DAPO-OLA 2,824 OKOLO CHIKA EUNICE 2,920 OLADEJI ADEMOLA 3,021 OLAYEMI EBENEZER ADEWUNMI 3,123 OMONIYI DAYO SAMSON 2,825 OKON INNOCENT ETIM 2,921 OLADEJI OLABISI 3,022 OLAYEMI EMMANUEL AYO 3,124 OMONKHUA MOSES ENDURANCE 2,826 OKON UBONG UDOH 2,922 OLADEJO AQKINTOLA OLUWASEUN 3,023 OLAYIWOLA ADEMOLA DAVID 3,125 OMO-OSAGIE JUDITH E. 2,827 OKON UDOH ESTHER UDOH 2,923 OLADEJO OLAYINKA OLUWAFEMI 3,024 OLAYIWOLA GABRIEL OLALERE 3,126 OMOPE RUFUS ADELEYE 2,828 OKONJI PETER NKEDISHUKA 2,924 OLADEJO WASIU ADEWALE 3,025 OLEJEME CHIKEZIE 3,127 OMOREGBE CHARLES 2,829 OKONJI PETER NKEOISHUKA 2,925 OLADELE DAMILOLA MOSES 3,026 OLEJEME IZUCHUKWU PRINCE 3,128 OMOREGIE ANTHONY S. 2,830 OKONKWO ANGELA ANIELIKA 2,926 OLADELE EBENEZER OLAYIWOLA 3,027 OLELE CHIDINMA BLESSING EREMWANARUE 2,831 OKONKWO ANGELA ANULIKA 2,927 OLADELE ISEOLUWA ISAAC 3,028 OLIHA JOEL OSAS 3,129 OMOSANYA ADELEKE TAOHEED 2,832 OKONKWO BENJAMIN NNOROM 2,928 OLADELE MATTEW OLUYEMI 3,029 OLISA CHIGOZIE SAMUEL 3,130 OMOSANYA OLASUNKANMI 2,833 OKONKWO CHARLES CHIDUBEM 2,929 OLADELE OLUWATOSIN BOLAJI 3,131 OMOSANYA SAMUEL ABAYOMI 2,834 OKONKWO CHIDI ELIAS 2,930 OLADIMEJI MOSUDI AKINLABI 3,030 OLISA IJOMAH SAMUEL 3,031 OLOBOR GLORIA OSAYI 3,132 OMOSULE ANTHONY BABAMUYIWA 2,835 OKONKWO CHUKWUMA PATRICK 2,931 OLADIMEJI MURTALA ADEREMI 3,133 OMOTAYO SULAIMAN OLATUNJI 2,836 OKONKWO ELIAS CHIDI 2,932 OLADIMEJI TAOFEEK TUNDE 3,032 OLOJEDE ADEKEMI OMORINOLA 3,033 OLOJEDE JOSHUA OLUTAYO 3,134 OMOTOSHO ABRAHAM BOLA 2,837 OKONKWO IFECHUKWU IFEANYI 2,933 OLADIMEJI-IYANDA OLATOKUNBO 3,135 OMOTOSHO BAMIDELE JAMES 2,838 OKONKWO OFFORDILE A. (MRS) 3,034 OLOKE ABOLADE .O. 3,035 OLOLO CHIBUZOR ORIEKE 3,136 OMOTOSHO RHODA FUNMILAYO 2,839 OKONKWO TOCHUKWU KAODICHI 2,934 OLADIPO ADEBAYO BAMIDELE 3,137 OMOTOSO COMFORT 2,840 OKONTA MORRISON AUSTIN 2,935 OLADIPO MUSBAU ADEMOLA 3,036 OLOMIYE HELEN ORIMIPANYE 3,037 OLOMOLA OLAKUNLE ERNEST OLUWATUMININU 2,841 OKOOSI TADAGBE OLUMIDE 2,936 OLADIPO OLUWAKEMI ADUNNI .V 3,138 OMOTOYO TUNDE 3,038 OLONADE OLUWATIMILEHIN 2,842 OKOOSI THONA IREMIDE 2,937 OLADIRAN JULIUS OLUWADARE 3,139 OMOTUENMEN TERRY OSEHON 3,039 OLONIYO DANIEL OLUSEGUN 2,843 OKORIE CHRISTOPHER CHIJIOKE 2,938 OLADITI AKEEM ADEKUNLE PATRICK 2,844 OKORIE ERNEST 2,939 OLADOSU ISLAMIYAT ADETUTU 3,040 OLORIEGBE DENNIS ADE 3,140 OMOYAKHI JOHN OMOKHAGBO 2,845 OKORIE LAWRITTA NKIRUKA 2,940 OLADOYINBO OLABISI SURAJAT 3,041 OLORUNDERO ABIODUN SEUN 3,141 OMOZEJELE ONABU ERIC 2,846 OKORIE MARCEL 2,941 OLADUNJOYE GBOYEGA SAMUEL 3,042 OLORUNKUNLE MICHAEL MOYO 3,142 OMOZOKPIA CHINYELU EUCHARIA 2,847 OKORIE SUNDAY STEPHEN 2,942 OLADUNJOYE OLAWALE OLAWUYI 3,043 OLORUNLOSE KEHINDE MUYIBAT 3,143 OMUDU JUDE NDUBUISI 2,848 OKORO DIGHITORUSIN 2,943 OLAFUSI AKIN ISAAC 3,044 OLORUNSOLA KENNETH BAMIYO 3,144 OMUEZA FREEBORN 2,849 OKORO FREDERICK ULU 2,944 OLAFUSI OLUWATOSIN ABIODUN 3,045 OLORUNSOLA SAMUEL SEHINDE 3,145 ONABAJO ABOSEDE ABIOLA 2,850 OKORO GOLDING AND GRACE 2,945 OLAGBIYAN RASAKI FOLORUNSHO 3,046 OLORUNSOLA YEWANDE ADESANYA 3,146 ONABAJO ADEMOLU ADEOLA 2,851 OKORO JONES 2,946 OLAIFA MONSURU SANNI 3,047 OLOWE ESTHER MRS 3,147 ONABAJO OLUWATOYIN TIMOTHY 2,852 OKORO ZEPHRINUS MBADIWE 2,947 OLAIFA OLUFEMI OLAJIDE 3,048 OLOWOLAGBA OLUWASAYO SAMSON 3,148 ONABAJO TAIWO TOLULOPE 2,853 OKOROAFOR CHUKWUEMEKA PETER 2,948 OLAIGBE OLUWAGBENGA JACOB 3,049 OLOYE MOJISOLA ABAYOMI 3,149 ONABAJO VINCENT TOLA 2,854 OKOROAFOR IKECHUKWU 2,949 OLAIYA OLUYINKA YEWANDE 3,050 OLOYEDE MUFTAU OYEWUNMI 3,150 ONABANJO KEHINDE TEMITOPE NWANNEKA 2,950 OLAJENYO BUKOLA 3,051 OLOYEDE OLUYEMI 3,151 ONADEKO TAIWO & KEHINDE 2,855 OKORONTA CHUKWUDOMENDU 2,951 OLAJIDE ABIGAIL ADUKE 3,052 OLOYEDE SUNDAY OLATUNBOSUN 3,152 ONAGHISE ISREAL GREGORY 2,952 OLAJIDE JOHNSON AYOBAMI 3,053 OLUBIYI ADEYEMI GIDEON 3,153 ONAJI OLIVER FRIDAY 2,856 OKORORIE UCHE DONATUS 2,953 OLAJIDE OLUGBENGA G.O 3,054 OLUBOBADE ADEYINKA 3,154 ONAKOMAIYA OLUKAYODE ADETUNJI 2,857 OKOSI OLISA NWABUFO 2,954 OLAJITAN PAUL OLUSEUN 3,055 OLUDAIRO MATTHEW AYO 3,155 ONALAJA FEMI ONATADE 2,858 OKOSUN ABEL OLUFEYISAN 3,056 OLUEHI CHIDOZIE BARTHO 3,156 ONAOLAPO OLAWALE WASIU 2,859 OKOYA-THOMAS HENRY AYODEJI 2,955 OLAJORIN ADEYEMI 3,057 OLUFEMI GLORY OMOWUNMI 3,157 ONASANYA BENNETT ADESINA 2,860 OKOYE BENEDICT OSITADINMA 2,956 OLAJUBU ALABA JULIUS 3,058 OLUFEMI ISAAC 3,158 ONASANYA MUDASHIRU OLAYINKA 2,861 OKOYE DANIEL NNAGBO 2,957 OLAJUWON AYINDE AKANBI 3,059 OLUGBEMI OLUBUNMI 3,159 ONEAFOLU NGOZI PATIENCE 2,862 OKOYE ELEAZAR & JOY CHUKWUDI & 2,958 OLAKANLE TEMITAYO KEHINDE 3,060 OLUGBON TAJUDEEN AKANJI 3,160 ONEKPE OSHOZEKHAI MICHAEL NJIDEKA 2,959 OLAKUNORI SESAN 3,061 OLUIGBO COSMAS NGOZI 3,161 ONI ADEOLU OLUWOLE 2,863 OKOYE IKENNA F. 2,960 OLALEYE ADEYEMI ELIJAH 3,062 OLUIKPE BENSON O. 3,162 ONI AYOOLA OLAWALE 2,864 OKOYE KINGSLY EKE 2,961 OLALEYE IBIRONKE ABDEMI 3,063 OLUKOYA TUNDE OLANREWAJU 3,163 ONI FOLUKE EUNICE 3,164 ONI SEUN 2,865 OKOYE MAURICE CHUKWUNWIKE 2,962 OLALEYE KOLAWOLE DAMILARE 3,064 OLUNDU RAPHEAL KOLADE 3,165 ONI SOLA DAVID 2,866 OKOYE PAUL CHUKWUDI 2,963 OLALEYE OLUWABUNMI ADEMOLA 3,065 OLUNEYE ADEWALE SESAN 2,867 OKOYE THEMBA CHUKWEMEKA 2,964 OLALEYE OMOLARA ABOSEDE 3,166 ONI TEMITOPE ENITAN 3,066 OLUNWA ALEX OSADEBE 3,167 ONI VICTORIA OLUTOYIN GABRIEL 2,965 OLALEYE SIKIRU OLATUNDE 3,067 OLUNWA KEMI JULIANA .O. 2,868 OKOYE VIRGINIA 2,966 OLANEYE ADEKEMI O. 3,168 ONIDARE OLUWAKEMI 3,068 OLUOKUN ADEYEMI SUNDAY 3,169 ONIFADE KEHINDE BOLANLE 2,869 OKPABI NGBALA SUNDAY 2,967 OLANIPEKUN GAFAR ABIOLA 3,069 OLUSANYA EBUN OREBOWALE 2,870 OKPAKO BLESSING 2,968 OLANIPEKUN OLAKUNLE OLASOJI 3,170 ONIFADE TAIWO OLUFEMI 3,070 OLUSANYA OLUMIDE ADEYIGA 3,171 ONIGBINDE ADEWALE 2,871 OKPALA-NNEBUAKU CHUKWUMA .S. 2,969 OLANIPEKUN OLOYEDE FESTUS 3,071 OLUSEGUN SEUN EMMANUEL 2,872 OKPALLA JUSTINA OBIAGELI 2,970 OLANIPEKUN STELLA FOLAJIMI 3,172 ONIGBINDE FEYISIKE TOYOSI 3,072 OLUSEYE ABOLADE JEREMIAH 3,173 ONIGBODE MOIDAT 2,873 OKPARA ANTHONY UGO 2,971 OLANIRAN ABIODUN 3,073 OLUSHOLA TAIWO OLAOLU 2,874 OKPARAVERO LUCKY 2,972 OLANIRAN GABRIEL OLUFEMI 3,174 ONIKOYI MORILIAT ANIKE 3,074 OLUSIJI, KOLAWOLE 3,175 ONILE OLA VENTURES 2,875 OKPE ALEX OGBU 2,973 OLANIWUN OLUWABUKOLA ADENIKE 3,075 OLUSOJI OLUWASEUN DEBORAH 3,176 ONIPEDE DUNNI JANET 2,876 OKPETUE CHUKWUDI 2,974 OLANIYAN AYODELE AYOTUNDE 3,076 OLUTOLA LAWRENCE ADEBARI 3,177 ONIPINLA OLANREWAJU KEHINDE 2,877 OKPO MICHEAL ONUGU 2,975 OLANIYAN BUSAYO OMOWUNMI 3,077 OLUWABAMISE FUNMILOLA 3,178 ONIRETI JAMES AFOLABI 2,878 OKPOR AUSTINE ANDREW 2,976 OLANIYAN OLAFEMI IQUAIBOM 3,078 OLUWADARE EMMANUEL 3,179 ONIYIDE OPEYEMI OMOLOLA 2,879 OKPOR CHUKWUNWIKE GOD'STIME 2,977 OLANIYI FELIX O. 3,079 OLUWADARE OLUFUNMILAYO 3,180 ONODIGBO CHIBUIKE BRENDAN 2,880 OKPOR OMOKARO RUBY 2,978 OLANIYI FOLASHADE TUNRAYO 3,080 OLUWAGBEMI ADESOLA 3,181 ONOJA AUGUSTINE 2,881 OKPOYO COMFORT NKOYO 2,979 OLANIYI ISAAC OLADELE 3,081 OLUWAKEMI AMINAT 3,182 ONOJA AUGUSTINE CHIKWADO 2,882 OKUBOTE OLUFEMI O. 2,980 OLANLOKUN FOLASHADE SADIA 3,183 ONOJA SIMON 2,883 OKUDO CHIOMA HELEN 2,981 OLANREWAJU AKINOLA 3,082 OLUWAKEMI JAWANDO 3,083 OLUWALANA ABIODUN MUYIWA 3,184 ONOKPITE GODSPOWER 2,884 OKUH CHINEDUM OSCAR 2,982 OLANREWAJU BABATUNDE AKANBI OGHENEVBOGAGA 2,885 OKUH COMFORT A. 2,983 OLANREWAJU JOSHUA TUNDE 3,084 OLUWATOSIN SAMSON OLAWALE 3,085 OLUWOLE ANUOLUWA EASTHER .O 3,185 ONOMASE OZIEOGHEKET CHRIS 2,886 OKUNOLA AKANJI BABATUNDE 2,984 OLANREWAJU OLALEKAN MURITALA 3,186 ONOVA EMILY 2,887 OKUNOLA CHRISTIANAH OLABISI 2,985 OLANREWAJU VICTOR JNR 3,086 OLUWOLE JOSEPH ABIODUN 3,087 OLUWOLE SIMEON BABATUNDE 3,187 ONOZUTU DANIEL A. OMEIZA 2,888 OKUNOLA JOHN TEMILOLUWA OLATOKUNBO 3,188 ONOZUTU DORCAS BAMIDELE 2,889 OKUNSANYA, M. A. 2,986 OLAOFE ABIMBOLA KOYINSOLA 3,088 OLUWOLE SUNDAY ADEGBOLA 3,089 OLUYEMI OLUKAYODE YINKA 3,189 ONU JOHN CYPRIAN 2,890 OKURE BERNARD 2,987 OLAOFE AJIBOLA DAMILOLA OLAOFE 3,190 ONU STEPHEN OKECHUKWU 3,090 OLUYEMO LANRE SIKIRULAHI 2,891 OKUSANWO ABOLANLE 2,988 OLAOGE TUNDE PAUL 3,191 ONUCHUKWU EKENE 3,091 OLUYINKA MICHAEL 2,892 OKUSANWO BABATUNDE OMOTAYO 2,989 OLAOGUN RONKE K 3,192 ONUCHUKWU UZO KENNETH 2,893 OKUSANWO SHARON 2,990 OLAONIPEKUN OLAKUNLE 3,092 OMAGBOGU ONALO SOLOMON 3,193 ONUEGBU STANLEY-LEGAL N OLUWAFIKUAYOMI 2,991 OLAOYE ADEREMI ABDULGAFAR 3,093 OMALE ZAKARI EZEKIEL 3,194 ONUGHA GERALD ECHESIRIM 2,894 OKUSANYA, GBOKOYI F. 2,992 OLAOYE BOLARINWA MICHAEL 3,094 OMEH INNOCENT TAIYE 3,195 ONUIHA CHIDI INNOCENT 2,895 OKWESIRI CHUKWUEMEKA .C 2,993 OLAREWAJU FUNMI DARE 3,095 OMEH SAMPSON ZERUWE 3,196 ONUKWUE NKECHI ROSE 2,896 OKWOR EKIUWA 2,994 OLAREWAJU OLALEKAN SAMSON 3,096 OMEH TOM 3,197 ONUMAJURU BATHRAM UGOCHUKWU 2,897 OKWU MALVIN 2,995 OLASANOYE TITILOLA ANUOLUWAPO 3,097 OMEJE EMEKA SIMON 3,198 ONUMONU AZUKA AMEDE 2,898 OKWUAGBOR CHUKWUAKWU 2,996 OLASANOYE WILLIAMS ROTIMI 3,098 OMEKE STELLA NWAKAEGO 3,199 ONUOHA JAMES ARISA 2,899 OKWUMO ECHEZONA N 2,997 OLASOKO ADESOJI 3,099 OMENTA EZEKIEL KENECHUKWU 3,200 ONUOHA JULIUS CHINEDU 2,900 OKWUMUO CHUKWUNONSO A 2,998 OLASONYE HENRY AKINBOLAJI 3,100 OMEOGA AUGUSTA O. 2,999 OLASORE ANTHONY ADEMOLA (DR) 3,000 OLASUPO WASIU
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3,201 ONUOHA NKECHI GERALDINE 3,301 OSENI MUSA MAHMUD 3,401 OYEDUNTAN OLUWASEYI ADEBISI 3,501 RASAK KOLADE DAUDA 3,202 ONUORAH IFEANYICHUKWU PIUS 3,302 OSENI OLUREMI JOSEPHINE 3,402 OYEKALE HEZEKIAH OYEDOKUN 3,502 RASAQ ISIAKA 3,203 ONUORAH INNOCENT OKIKE 3,303 OSENI TAIWO ELUDOTUN 3,403 OYEKAN OLUWASEGUN PETER 3,503 RCCG GLORY TABERNACLE 3,204 ONWINENG IME JIMMY 3,304 OSENI YUSUF 3,404 OYEKUNLE SAMUEL INVESTMENT CLUB 3,205 ONWORDI LADI BARBARA 3,305 OSETA DIVINE ENTERPRISE 3,405 OYEKUNLE SUNDAY OLADEINDE 3,504 REGENCY FRACTION A/C 3,206 ONWU UGOCHUKWU ALBERT 3,306 OSHAKWUNI AUGUSTINE (CHIEF) 3,505 RENIX NIGERIA LIMITED 3,406 OYELADE TIMOTHY OLUYINKA 3,207 ONWUACHI ISIOMA PATRICIA 3,307 OSHIKOYA VICTOR O0LANREWAJU 3,506 RESURGENCE CAPITAL LIMITED 3,407 OYELAJA RUTH OLUBUNMI 3,208 ONWUACHI JOSEPH DIKEDI 3,308 OSHILAJA OLAYEMI VICTORIA 3,507 RICHARD-NWAJEI MARTINS 3,209 ONWUASOANYA DORIS 3,408 OYELAKIN RICHARD AHMED 3,309 OSHINOWO CLARE 3,409 OYELAYO EYITAYO OYEYEMI 3,508 RITA ANWULI NWANZE 3,210 ONWUBUIKE VICTORIA NGOZI 3,310 OSHINOWO KEHINDE & MODUPEOLA 3,410 OYELAYO OLUWAFEMI SAMUEL 3,509 ROBINSON BLESSING 3,211 ONWUCHEKWA CECILIA NNEBUIHE F. 3,311 OSHINOWO MUSTAPHA TOMOSEWO 3,411 OYELEKE OYERONKE BLESSING 3,510 ROTIFA OJO OLANIRAN 3,212 ONWUEGBUZIE SAMUEL IKE 3,312 OSHINOWO OLUSEGUN OLUSESAN IYABODE 3,511 ROYAL MAGNATE CONSULT LTD 3,213 ONWUEYI UCHENNA 3,313 OSHO MATTHEW AYODEJI 3,412 OYELEYE COMFORT OLUBUNMI 3,512 ROYAL TRUST CAPITAL CONSULT LTD 3,214 ONWUGHALU FRANCIS NWAFOR 3,314 OSHODIN J. ROBERT JP 3,413 OYELEYE OLUSEGUN SAMUEL 3,513 RUFAI ABAYOMI RASAQ 3,215 ONWUKWE EKENE 3,315 OSHOFODUNRIN ADEMOLA 3,414 OYENIRAN OLUWAGBEMIGA 3,514 RUFAI ABDULAKEEM OMOTAYO 3,216 ONWUMA GIDEON CHUKWUEMEKA OLATUNDE MOFOLUWAKE 3,515 RUFUS MONDAY OYAREKUA 3,217 ONWUMERE ISRAEL C 3,316 OSHOKO OMOLARA OLUWATOYIN 3,415 OYENIYI ADEBUKOLA GANIYU 3,516 RUFUS NGOZI 3,218 ONWUMERE JOHN CHUKWUDI E DR 3,317 OSHOMAH ALEXANDER AZAKAWANU 3,416 OYENIYI KAYODE 3,517 RVE. ERAGBAI BEN 3,219 ONWURAH UTCHMANN STEVEN 3,318 OSHUNDIYA AYOBAMI ADESINA 3,417 OYENIYI OLAOYE RASAKI 3,518 S G PAYNE ESTATE OF LATE 3,220 ONYEAKAZI FAITH NGOZI 3,319 OSHUNDIYA OLUPELUMI OYEYEMI 3,418 OYENIYI OYEWOLE 3,519 SAAIIO VENTURES 3,221 ONYECHERELAM ALEXANDER 3,419 OYENUGA OLUFUNSO 3,320 OSHUNDIYA TEMILOLUWA AYODEJI 3,420 OYERANMI WEMIMO OLANREWAJU 3,520 SABA ABIOLA MARIAM CHUKEUEMEKA JNR 3,321 OSHUNNIYI OLUGBENGA ABIOLA 3,521 SADIQ NURUDEEN AYINDE 3,222 ONYEDUM CHIDI 3,421 OYERINDE FAVOUR FIYINFOLUWA 3,322 OSIBOTE ADELEKE MICHAEL 3,422 OYERINDE PRECIOUS ELIJAH 3,522 SAGBAKESIYE SEPREBO 3,223 ONYEGASI MIKE CHUKWUNONYELUM 3,323 OSIBOTE BOLANLE R.F 3,523 SAKA ADEBAMBO 3,224 ONYEJEKWE JUDE 3,423 OYESOLA ABIMBOLA MARIAM 3,324 OSIDELE OLUJIMI AGBOLAHAN 3,524 SAKA ADESHINA OLUWASEUN 3,225 ONYEKA PAULINUS IFECHUKWU 3,424 OYESOLA TEMITOPE M 3,325 OSIEGBU GREGORY 3,425 OYETORO LAJA 3,525 SAKA NUSIRAT OMOBOLANLE 3,226 ONYEKACHUKWU BLESSING NNEKA ONYEKACHUKWU 3,426 OYETUNDE SURAJU OLALEKAN 3,526 SALAAM ABDUL JIMOH 3,227 ONYEKAONWU ANAYO ANTHONY 3,326 OSIFESO RONKE 3,427 OYEWALE RAPHEAL SUNDAY 3,527 SALAHUDEEN MUNIRU ADEKUNLE 3,228 ONYEKWELU MENAMON UGONNA 3,428 OYEWO BEATRICE BOLA 3,528 SALAKO LAWRENCE ABIODUN 3,229 ONYEKWENA MOJISOLA HELEN 3,327 OSIGBEME AUGUSTINE ETSEILENA 3,328 OSIJO OLAIDE O 3,429 OYEWO OLATUNDE PETER 3,529 SALAM ABIODUN LATEEF 3,230 ONYEKWERE BONIFACE.N 3,430 OYEWOLE FELIX OLURANTI 3,231 ONYEKWERE STEPHEN EMEKA 3,329 OSIKOYA OLUFEMI ADELEKE 3,530 SALAMI ADENIYI ADEOSUN 3,330 OSIKOYA OLUSOLA FOLASHADE 3,431 OYEWOLE RAOLAT 3,531 SALAMI AMUDALAT EBUNOLU 3,232 ONYEMA ROSELINE 3,432 OYEWOLE TEMITOPE MORADEKE 3,331 OSINAIKE DANIEL TOFUNMI 3,532 SALAMI AZEEZ KOLA 3,233 ONYERIKA EMEKA KENNEDY 3,433 OYEYEMI ALLAN KAYODE GBEMISOYE 3,234 ONYEUKWU NKEMJIKA OSINACHI 3,332 OSINUBI OLUWAFEMI SUNDAY 3,434 OYEYEMI EUNICE FOLASADE 3,533 SALAMI FATAI AYINLA 3,235 ONYEWADUME RITA ANWULI 3,333 OSINUBI OLUWATOYIN ADEBIMPE 3,435 OYEYEMI KAYODE AKANBI 3,534 SALAMI FEHINTOLA ABENI 3,236 ONYEWUCHIM PERPETUA C. 3,334 OSISANWO CLAUDIUS ALABA 3,436 OYEYEMI KOLAWOLE OLATUNDE 3,535 SALAMI ISMAIL ADEWALE 3,237 ONYIBOR SAMUEL UDEALOR 3,335 OSITAYO FOLASHADE MORENIKE 3,437 OYIBO GODDAY 3,536 SALAMI MA'ARUF AWEDA 3,238 ONYIDO EMEKA 3,336 OSOBU ADEFOLUKE OLUWATOYIN 3,438 OYIDI GABRIEL FEMI 3,537 SALAMI MOSES GBENGA 3,239 ONYIDO IKECHUKWU OLIVER 3,337 OSODE IFEANYI PATRICK 3,439 OYINDAMOLA SHAMSIDEEN 3,538 SALAMI OMONIYI OLAYINKA 3,240 ONYIGBUO STEPHEN UCHE 3,338 OSOFISAN OLUBUNMI OLASUNKANMI 3,539 SALAU TAOPHEEK IRANLOYE 3,241 ONYIRIMBA EMMANUEL EMEKA & 3,339 OSONDU EMMANUEL CHIDI 3,440 OYINWOLA MOSUNMOLA OLATUNDE 3,540 SALAUDEEN NOJEEMDEEN OTHERS 3,340 OSOYE ABIOLA AFOLUKE 3,441 OZEH JOSEPH OGBA ADEKUNLE 3,242 ONYISHI JOSHUA OKWUDILI 3,341 OSOYE GBEMISOLA OLUWAKEMI 3,442 OZILI ONYEKA THERESATONETTE 3,541 SALIMON AHMED ATANDA JAYEOLA 3,443 OZOEMELAM CHINEDU INNOCENT 3,243 ONYIWA SUSAN 3,342 OSUAGWU CALLISTUS CHIDI 3,542 SALISU REBECCA 3,343 OSUAGWU EBENEZER OGECHI 3,444 OZOEMELAM NDUBUISI LUNDY 3,543 SALIU SARAFA AYINDE 3,244 OPAAJE COMFORT OYEYEMI 3,445 OZOEMENAM REGINALD N. 3,344 OSUAGWU JOHN PIUS CHIMA 3,544 SALMA AUDU MANJARO 3,245 OPADOTUN GLORIA 3,446 OZOEMENE PETER 3,246 OPAKUNLE JOEL & KEHINDE 3,345 OSUAGWU JOHNPIUS CHIMA 3,447 OZOGBU FRANCIS & JULIET 3,545 SALU EBIGBOROWEI JOHN 3,247 OPALEYE JOSEPHINE ABIOLA 3,346 OSUAMKPE PAME ALEXANDER 3,448 OZONGWU VITUS CHIMEZIE 3,546 SAMBO JAMES 3,248 OPARAOCHA UGOCHUKWU 3,347 OSUJI PETER .N 3,449 OZOR VALENTINE UZOMA 3,547 SAMBO PAUL PATE & LAIATU 3,249 OPUORO VERA CHINYERE 3,348 OSULA ENAKARU EMMANUEL 3,450 OZOREMEZINEM OLUWASESAN 3,548 SAMS TOTAL TRADE LTD 3,250 ORABUCHI JULIET ONUAWUCHI 3,349 OSUNBOR LUCKY ONAYEMI 3,549 SAMSON OLUWASEGUN DADA 3,251 ORADUBANYA CHUKWUEMEKA 3,350 OSUNDE KEHINDE ADEOLA 3,451 OZOUDE CHIOMA RITA 3,550 SAMUEL IDONOR CYPRIAN 3,351 OSUNDOSUNMU AAYO 3,452 PARAGON ASSETS LIMITED 3,551 SAMUEL OLUWASEGUN ABEL 3,252 ORANU EGO UJU CLARA 3,352 OSUNKOYA MOSES 3,453 PARDESHI SATISH MOHANLAL 3,552 SAMUEL OREOLUWA FELIX 3,253 ORANYE FRANCIS IFEANYI 3,353 OSUNTUNSA TITUS 3,454 PARTNERSHIP INV CO/ECOBANK NIG 3,553 SAMUEL TEMITOPE OMETERE 3,254 ORDIA EHIKIOYA RANDY 3,354 OTALOR PETER NDIDI PLC-TRDNG 3,554 SANGODARA FOLARIN 3,255 ORDUNZE COSLEY CHIDINMA 3,355 OTANIYI ADEOLA OMOLARA 3,455 PASTOR ISAIAH SAMUEL AKPAN 3,555 SANGONIRAN OLUFEMI ADEDEJI 3,256 ORE AGNES TEMITAYO 3,356 OTEBIYI ABISOYE TOMILOLA 3,456 PATIENCE AJEMIGHOARAMI 3,556 SANI TANKO MU,AZU 3,457 PATIENCE AJEMIGHOARAMI POPO 3,257 OREDIPE ABOLAJI AHMED 3,357 OTEGBEYE, DR. & MRS. GLADYS 3,557 SANNI ABIODUN CHRISTIANA 3,258 OREDIPE ALBERT OLUSOLA 3,458 PATNAK INT CO LTD AYODEJI 3,459 PATRICK BLESSING 3,558 SANNI ISMAIL OLAKUNLE 3,259 OREDIPE FELICIA MODUPE 3,358 OTESILE ELIZABETH OLUYEMISI 3,460 PATRICK UGOCHUKWU NNAMDI 3,559 SANNI KAFILAT MOSUMOLA AMOKE 3,260 OREFUWA AMOS OLADIPO 3,359 OTHUKE JOSEPH EFE 3,461 PAUL FAITH NUNTAH 3,560 SANNI MUKTAKIL OLUSHOLA 3,261 OREFUWA TEMITOPE M 3,360 OTIOCHA ELEAZAR 3,462 PAUL OKEZIE SOLOMON 3,561 SANNI OMOTAYO RAFIU(MR) 3,262 OREKOYA MODUPE ELIZABETH 3,361 OTOKPEN JOHN MUME 3,463 PEJI TOPA JACOB 3,562 SANNI SIMBIAT ALAKE 3,263 OREMADE FEMI 3,362 OTTO KEMISOLA 3,464 PETER A OSAGIE 3,563 SANNI SULAIMAN AJADI 3,264 ORHUE PROF AUGUSTINE 3,363 OTUKA CHIMA EDMUND 3,465 PETER GLORIA UBONG 3,564 SANNI TOLU ADEBAYO ALENEZALA 3,364 OTUKOYA DAMILOLA EMMANUEL 3,466 PETER SANNI OLAYINKA 3,565 SANUSI OLADELE DAVID 3,265 ORIAGHAN IMOISILI OSAGIE 3,365 OTUKOYA OLUWASEYI 3,467 PHONEIX HAULAGE SERVICES 3,566 SANUSI WASIU 3,266 ORIAKHI HUMPHREY ATEKHA 3,366 OTUKOYA SAMSON OLUWASEGUN 3,468 PIPC SECURITIES LIMITED -DEPOSIT 3,567 SANYA ADEKUNLE PATRICK 3,267 ORIGHOYEGHA OVIE 3,367 OTUKOYAOLUYOLE ISAIAH A/C 3,568 SANYA SUSAN IYABO OGHENEVWOKE 3,368 OTULANA ADEOLA OMOKUNBI 3,469 PLATINUM HABIB/CASHVILLE INV & SEC- 3,569 SANYAOLU ABIODUN KUDIRAT 3,268 ORIJA TOLULOPE FELIX 3,369 OTUNUGA KOLAWOLE OTUNUGA TRDG 3,570 SANYAOLU OLABODE SUNDAY 3,269 ORIMOLADE SHINA ADETUNJI 3,470 PONNLE TAIWO CORNELIUS 3,370 OTUNUGA SAMSON OLUGBENGA .O. 3,471 PONUWEI BINIPERE OLU 3,571 SANYAOLU TEMITAYO T. A. 3,270 ORIMOLOYE OLUMIDE MARTINS 3,371 OVIE GODFREY EDERUKAYE 3,572 SARKI AHMID MOHAMMED 3,271 ORIMOLOYE OLUWASEYI 3,472 POPOOLA FOLAKEMI OLUBUNMI 3,372 OVIEMHO SYLVESTER 3,473 POPOOLA JOSEPH ADEDAYO 3,573 SARKI AMAL MOHAMMED OLUKAYODE 3,373 OVUEWHORIE EDWIN 3,574 SARKI HIND MOHAMMED 3,272 ORIMOYEGUN OLUWATOSIN ANNE 3,474 POPOOLA MUHAMMAD LANRE 3,374 OVUEZIRIE EMMANUEL EHIDIAMEN O. 3,475 POPOOLA SAM AYODEJI 3,575 SARKI MANAL MOHAMMED 3,273 ORIOLOWO NURUDEEN KOLAWOLE 3,375 OWAN MICHAEL BUKIE 3,476 POPOOLA TITILAYO AJIKE 3,576 SARKI NAFIU MOHAMMED 3,274 OROGBEMI ELIAS OLAJIDE 3,376 OWASANOYE AFUYE FUNMILAYO 3,477 PORTFOLIO ADVISERS LTD 3,577 SARUMI WAKILU ADEOLA 3,275 OROKEMI JOHNSON ADEWUMI 3,377 OWEIFAWARI PETER INEIKIDIDE 3,478 PRAMTECH CONSULTS 3,578 SEDI MOSES 3,276 OROPO SEGUN ADETAYO 3,378 OWO CHIKE 3,479 PRATT OLAYENI ATANDA 3,579 SEED PRINCIPLE INT'L LTD 3,277 OROSOLA MATHEW ADEWALE 3,379 OWOKUNLE BILQIS ABIOLA 3,480 PROFUND STOCKBROKERS LTD 3,580 SEIDU MUKAILA ALABA 3,278 OROTOLA BUSAYO FOLASHADE 3,380 OWOLABI ADEKUNLE WILLIAMS 3,481 PROPERTY & PECUNARY INS. BROKERS 3,581 SEKONI AHMED AYODEJI 3,279 ORUMA ADEMU UMORU 3,381 OWOLABI AKEEM ALAO LTD. 3,582 SERIKI AYOOLA 3,280 ORUWARI IJUYE JOSHUA 3,482 PURPOSETODAY INV LTD PIC 015 LA 3,382 OWOLABI CHRISTOPHER OYESINA 3,583 SESE ROSETTA TINKPOFUGHA 3,281 OSADEBE ANNE TEMITAYO 3,483 PYNE OLAKUNLE OMOLADE 3,282 OSADEBE REGINA JAPHET 3,383 OWOLABI FUNMILAYO ADESOLA 3,484 QUADRI FATAI OLUWATOYIN 3,584 SEVEN UP CO –OPEATIVE SOCIETY 3,283 OSADIAYE IRIAGBONSE DORIS 3,384 OWOLABI JANET OLUBUNMI 3,485 QUANTUM SEC. LTD/DIAMOND BANK 3,585 SFC/INTERCONTINENTAL 3,284 OSAGIE ANDREW 3,385 OWOLABI OLUDOTUN OYETUNDE PLC BANK/UNUDIKE ENT LT 3,285 OSAGIE DICKSON UYIOSA 3,386 OWOLU ORIYOMI T. 3,486 QUANTUM ZENITH SECURITIES & 3,586 SHADRACK MOFOLUKE ADENIUNJU 3,286 OSAGIE ERIC ODION 3,387 OWONIFARI VICTOR OLUFEMI INVESTMENTS LIMITED 3,587 SHAFE NURAT ABIODUN 3,287 OSAGIE HARRISON NOSA 3,388 OWOOLA EMMANUEL TEMITOPE 3,487 RADIX TRUSTEES LIMITED 3,588 SHAFE RASAQ BOLANLE 3,288 OSAGIE LAWRENTA 3,389 OWUSU OFORI BENJAMIN 3,488 RAFIU MUKAILA AYINLA 3,589 SHAIBU ABACHI MOHAMMED 3,289 OSAKUE JOSEPH OSARUEWENSE 3,390 OYAMA VICKY ORUNWAN 3,489 RAHEEM AKEM 3,590 SHAKUNLE HEZEKIAH OLUWATOBI 3,290 OSAKWE CHINWEUDE NDIDIAMAKA 3,391 OYANNA, OBONDA 3,490 RAHIM AJAO GANIYU 3,591 SHEDARA THOMPSON OLADELE 3,291 OSAKWE JULIE ANASE 3,392 OYE-ADENIRAN EMMANUEL ABIODUN 3,491 RAHMAN WASIU ANIFOWOSHE 3,592 SHEKARI PHILIP 3,393 OYEBANJI LEAH JOLADE 3,492 RAIMI IBRAHIM KOLAWOLE 3,593 SHEKAZ GLOBAL CONCEPT 3,292 OSAKWE ROSELINE OGONNA 3,493 RAIMI RASHEED ADIGUN 3,293 OSANEBI ALEXANDER OSSAI 3,394 OYEBANJI SEGUN LANRE 3,594 SHELL COOP/ ODIOH MUSTAPHA 3,395 OYEBISI FELICIA KEHINDE 3,494 RAJI ABDUL DAUDA IMOUDU 3,294 OSANYINBI JACOB DAMILOLA O. 3,495 RAJI ABDULYAKEEN BALOGUN 3,295 OSAYANDE OSAZE JEREMIAH 3,396 OYEDELE ISREAL OLADELE 3,496 RAJI FAISUDEEN ADEWOLE 3,595 SHEYIN BAKO GANGA RICHARD 3,296 OSAYEMI IDOWU HADIZA 3,397 OYEDELE NURAT ADENIKE EJIDE 3,497 RAJI MARTINA TAYELOLU 3,596 SHILOH DEVELOPMENT LTD 3,297 OSEKE SAMUEL BOSAH 3,398 OYEDIRAN CHRISTIANAH FUNMILAYO 3,498 RAJI SHAKIRUDEEN ALABI 3,597 SHIRASAKA TSUYOSHI 3,298 OSENI AKEEM ALABI 3,399 OYEDOKUN OLAFIOYE OLUTUNDE 3,499 RAJI YUSUF ADEBAYO 3,598 SHITTU IBRAHIM 3,299 OSENI BODE 3,400 OYEDOTUN OYEDELE 3,500 RAPHA NIGERIA LIMITED 3,599 SHITTU RIANAT ADERONKE 3,300 OSENI MORUFU BABALOLA 3,600 SHOBANDE MOJISOLA ENITAN
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S/No Names S/No Names S/No Names S/No Names
3,601 SHOBANJO BOLAJI SEUN 3,701 TABANSI JOHN IKECHUKWU 3,801 UDUJI EDWIN CHIBUEZE 3,901 UZOWULU ONYEBUCHI NDUKAIFE 3,602 SHODIPO RASAK OLANREWAJU 3,702 TADE OLUBUNMI ADEMOLA 3,802 UDUKU EDWIN EJIKEME 3,902 UZOZIE EMMANUEL CHINEDU 3,603 SHOFUYI AYOTUNDE SAMSON 3,703 TAIWO BABATUNDE OLUWATOYIN 3,803 UDUKWU ERNEST CHUKWUEMEKA 3,903 UZUM HENRY OBIAJULU 3,604 SHOGADE OLADEINDE .A 3,704 TAIWO ITIAYOMI MOYOSOREOLUWA 3,804 UFONDU EJIRO DALSY 3,904 VAUGHAN AMOS OLASUNKANMI 3,605 SHOKUNBI AKINWUNMI O. 3,705 TAIWO KASHIMAWO AKANJI 3,805 UFUDO P.I.C 3,905 VINSTAR CONSULTING 3,606 SHOLAJA SUNDAY SAMUEL 3,706 TAIWO OLUSOLA ADEDAYO 3,806 UGBEBOR IFEANYI 3,906 VIVA SECURITIES LTD 3,607 SHOLARU OLUTAYO 3,707 TAIWO OLUWASANMI ISAIAH 3,807 UGBOMA MARTIN OBI 3,907 WABARA MARC 3,608 SHOMEFUN EBENEZER OLUSHOLA 3,708 TAIWO TEMITOPE OYEWALE 3,808 UGOFURE GABRIEL 3,908 WADE JOHN EDWARD 3,609 SHOMKEGH ALYGBA SIMON 3,709 TAIWO WALE 3,809 UGOH FRANCIS 3,909 WAKAMA KIKELOMO SOLA 3,610 SHOMORIN OLUYEMI ADISA 3,710 TAIWO, WALE 3,810 UGOH IMMACULATE NWANYIEZE 3,910 WAKAMA MINAINYO TEKENA 3,611 SHONIBARE BOLADE ADEWALE 3,711 TAKO SUNDAY 3,811 UGOH NKIRUKA 3,911 WARIBO ISIOTU AMIESIA 3,612 SHONIBARE JOSEPH OMOSOLA 3,712 TALABI ADENIYI OLADIPUPO 3,812 UGWU CHIDI PETER 3,912 WARI-TOBY COTHBERT T 3,713 TALABI ADEWALE SEYI 3,813 UGWU LETICIA CHIKA 3,613 SHONOWO ISLAMIYYAT FADEKE 3,913 WELLINGTON IBOMA TAMMY 3,714 TAMAL INDUSTRIES LIMITED 3,814 UGWU MARTINA IFEYINWA 3,614 SHOPEJU EFUNBOSEDE AYOTUNDE 3,914 WEST SCENTBA 3,715 TANKO CHUNI LAWAL 3,815 UGWUANYA CONFIDENCE 3,615 SHOREMI EMMANUEL OLADIMEJI 3,716 TANKO IBRAHIM 3,816 UGWUANYI ANTHONY CHIMEZIE 3,915 WHETO SAMUEL 3,616 SHOTUYO ADEBOWALE S. 3,717 TARIAH TAMUNONENGIYEOFOR 3,817 UGWUNZE CHINO 3,916 WHYTE CHRISTIANA ONUOMA 3,617 SHUAIBU YUSUF AMAKS 3,818 UGWUOMARIMA UDOCHUKWU 3,917 WHYTE RITA MMA 3,618 SILAS ANIEFON AUGUSTINE 3,718 TEGU BENSON CHISOM 3,918 WILLIAMS ALADE 3,619 SILAS DINATU TAWAHU 3,719 TELA K. SALIHU 3,819 UIDC PLC BENIN 3,919 WILLIAMS DEBORAH ABOSEDE 3,620 SIMEON LUKOLM & DAYO OKEWOLE 3,720 TELLA DORCAS ADENIKE 3,820 UJAH EMEKA MATTHIAS 3,920 WILLIAMS ENIOLA 3,621 SIMISAYE RUFUS ABIOLA 3,721 TELLA KAYODE AYOBAMI 3,821 UJIAGBE EHI MOSES 3,921 WILLIAMS MERCILLINA 3,622 SIMON CHUKWUEBUKA LAWRENCE 3,722 TEMPLE -CHUKWUNYERE NNAMDI 3,822 UJU SHARON NDIDI 3,922 WILLIAMS MOYINOLUWA 3,623 SINA-FALANA BEATRICE OMOWUNMI 3,723 TFS SECURITIES & INVESTMENT CO 3,823 UKABI SAMUEL ETEA 3,923 WILLIAMS SUNDAY 3,624 SINULO EZIUCHE NNEAMAKA LTD 3,824 UKAEGBU UCHE JOHN 3,924 WILLIAMS TIMOTHY 3,625 SIWONIKU KEHINDE ADEPEJU 3,724 THE ANJI COMPANY LIMITED 3,825 UKAH DANIEL UGOCHUKWU 3,925 WILLOUGHBY MARTIN ABAYOMI 3,626 SIXTEX CONSULTANTS & CO. 3,725 THOMAS ADEOLA 3,826 UKANAH BAYO STEPHEN 3,926 WILSON KINGSLEY NDIFEREKE 3,627 SMART BOLA IDAYAT 3,726 THOMAS EZEKIEL 3,827 UKATU AMBROSE UZOCHUKWU 3,927 WILSON STEPHEN NSIKAK 3,628 SOBANDE SEGUN AYOBANMI 3,727 THOMPSON MOSES KOFI 3,828 UKENI ANTHONY 3,928 WINFUNKE OLUWAFEMI JOSEPH 3,629 SOBODU BUKOLA MARY 3,728 THOMPSON SIMON UDO 3,829 UKEOMA MOSES JAJA UKA 3,929 WINNERS BAPTIST CHURCH 3,630 SOBOWALE AYODELE O. 3,729 THREE DS-FUTURE VENTURES 3,830 UKET BASSEY OKPA (SCHOOL ACCOUNT) 3,631 SOBOWALE IDOWU A. 3,730 TIAMIYU AMOFE LAWAL 3,831 UKIM KINGSLEY OKON 3,930 WINZAMMANG LUKA 3,632 SOBOWALE MORENIKEJI M. 3,731 TIDONI BOYE OBU SYLVIA 3,832 UKO AGNES EFFIONG 3,931 WISE LINKS VENTURES 3,633 SODA YEWANDE OLUFEYIKEMI 3,732 TIFASE COMFORT OLUFUNMILAYO 3,833 UKO EFFIONG UDO 3,932 WUHE GIDEON HOUGHOR 3,634 SODEINDE BENJAMIN ADE-ABISOYE 3,733 TIJANI NAJEEM 3,834 UKOLI-OSAGIE AGNES TOYIN 3,933 WYTEHILL INVESTMENT COMPANY 3,635 SODEINDE OLUMUYIWA OLAYIWOLA 3,734 TIJANI OMOLOLA MODINAT 3,835 UKOT JESSICA LTD 3,636 SODIPE MORAYO ELIZABETH 3,735 TIJANI TEMITOPE OLUFUNMI 3,836 UKPABI JAMES 3,934 YAHAYA ENIOLA FAUSAT 3,637 SODIPE OLUTAYO OLUBUSOLA 3,736 TIJANI, ADIJATU-KUBURA OLUWATOSIN 3,837 UKPE NDIFREKE IME 3,935 YAJI JOYCE UGUUNGWA 3,638 SODIQ SUNDAY 3,737 TIJANI, QUZEEM AYOMIDE 3,838 UKPE VICTOR NSIKAN ADEBANJI 3,936 YAKAWONYA RUTSON (MR.) 3,839 UKPOMA JOE 3,639 SODIYA ALAO SURAJUDEEN OLUWADUROTIMI 3,937 YAKUBU HAKEEM ADEBAYO 3,738 TIM MICHAEL FELIX 3,840 UKPONG MARY BEN 3,640 SODOLA EMMANUEL OLUWAFEMI 3,938 YAKUBU MOMODU 3,739 TIMOTHY HAPPINESS NNEOMA 3,841 UKWANDU NZUBECHUKWU 3,641 SOFELA OLUMUYIWA BIOBAKU A 3,939 YAKUSAK EZRA 3,740 TIMOTHY INI AUGUSTINA 3,642 SOFELA TAIWO OLATUNDE 3,741 TOLULADE JOSHUA OLUWAPELUMI 3,842 ULOKO MARTHA MARTHA 3,940 YALE EZEKIEL 3,643 SOFOLAHAN OLAWALE OLADIMEJI 3,742 TONWE OSADIAYE GRACE 3,843 UMADIA KINGSLEY 3,941 YARO IBRAHIM ABUBAKAR 3,644 SOFOLAHAN SUNDAY AJAYI 3,743 TOPMOST FIN.& INV. LTD.TRADED- 3,844 UMAH CHIBUIKE 3,942 YEDE FRANCIS SENTONJI 3,645 SOFOLUKE OLATUNJI SIGISMUND STOCK-A/C 3,845 UMAH ONYEKACHI JOSEPH 3,943 YEKINI YINUSA OLAOSEBIKAN 3,646 SOFOLUWE ADENIYI ADEYINKA 3,744 TRANSWEALTH MICROFINANCE BANK 3,846 UMAHI ONYEKACHI 3,944 YELWA SUNDAY MARY 3,647 SOFOLUWE LOLA MARY LTD 3,847 UMAR ABUBAKAR AABUBAKAR 3,945 YESUFU KHALIL IRAGBOME 3,648 SOFOWORA ADESOLA ABEKE 3,745 TRUEBOND CAPITAL & ASSET MGT. 3,848 UMAR ABUBAKAR LAWAL 3,946 YILKYES JOSEPH 3,649 SOFUNIX INDICES LTD. 3,849 UMAR AHMED 3,947 YINUSA TEMITOPE 3,650 SOGANET INVESTMENTS LIMITED 3,746 TSEJA TALATU VERONICA 3,850 UMAR BASHIR 3,948 YOUNG-JACK SOKARI KIO (EST. OF) 3,651 SOJE BOLARINWA EMMANUEL 3,747 TSOWA ISAAC LIKALI 3,851 UMAR DAIHATU MOH'D 3,949 YUNANA GABRIEL 3,652 SOJE OLUWATOSIN IMPORTANT 3,748 TUGA OLOLADE OLUFUMBI 3,852 UMARU AISHAT EJURA 3,950 YUSUF ABDULMUMEEN 3,653 SOJENI NOMINEE ACCOUNT 3,749 TUMAKA NAGARTA ABA 3,853 UMEARUKWA HULDAH EZIAMAKA 3,951 YUSUF ABOSEDE ADENIKE 3,654 SOLAJA GANIYU OLANIPEKUN 3,750 TUNBI JANET TITILOLA 3,854 UMEH CYRIL 3,952 YUSUF ADEBAYO WASHEEU 3,655 SOLANKE OJUOLAPE OLUTOSIN 3,751 TUNDE JOHNSON GBAJA 3,855 UMEH INNOCENT CHIBUEZE 3,953 YUSUF ADEDAMOLA AYINDE 3,656 SOLANKE TAWA BUKANYO 3,752 TUROTI OLUFUNMILAYO .E 3,856 UMEH SAMSON CHUKWUNAEZU 3,954 YUSUF ADEKUNLE OLUWATOYIN 3,657 SOLID KAY ENTERPRISES 3,753 TUWASE OLUROTIMI ANTHONY 3,857 UMEODIEGWU OLIVIA C. 3,955 YUSUF MEDINAT ENIMIRE 3,658 SOLID-ROCK SEC. & INV.- DEPOSIT 3,754 UBA JASPER CHIKULIEM 3,858 UMOREN ANIEFIOK EKONG 3,956 YUSUF OLUWATIMILEHIN ACCOUNT 3,755 UBAH EUNICE ADANNA 3,859 UMOREN PRAISES JOHN 3,957 YUSUF SAHEED OLAYIWOLA 3,659 SOLOMON ANIEBIETABASI ENOBONG 3,756 UBAH JUDE NWAKA 3,860 UMUDE BOSE 3,958 YUSUF SURAJUDEEN ADENRELE 3,660 SOLOMON BOSE LARIL 3,757 UBAH NWABUEZE SUNDAY 3,861 UMUKORO ELIZABETH OMOTAYO 3,959 YUSUFF BASHIRU ADEGBOYEGA 3,661 SOMORIN ADEMOLA 3,758 UBAJEKWE CHIMKAMSO 3,862 UMUNNA EVANS JOE 3,960 YUSUFF OLAKUNLE MUDASHIR 3,662 SOMOYE SHERIFF OLALEKAN CHUKWUBUIKEM 3,863 UMUNNA JEFFERY JOE 3,961 ZAHARADEEN ADAMU YUSUF 3,663 SONOLA OLUWATOSIN TEMITOPE 3,759 UBARA MESHACK OGAGAGHENE 3,864 UMUNNA JESSE JOE 3,962 ZAKARI MOHAMMED 3,664 SONUGA BOLANLE OMOTAYO 3,760 UBI WOFIA KENNETH 3,865 UMUNNA JOE 3,963 ZENITH BANK/DE-LORDS SEC LTD - 3,761 UBU RICHARD EMERENO 3,866 UNABIA U. HILARY 3,665 SORHUE ABEL OBRUCHE TRADING 3,762 UC NETWORK LIMITED 3,867 UNDIE DAVID UKPASU 3,666 SORINMADE ADENIYI 3,964 3,763 UCHE ATUEGBU 3,868 UNICREDIT MICROFINANCE BANK LTD 3,667 SOSAN OLANIPEKUN.G 3,764 UCHE OGECHI NWANNEDIYA 3,869 UNILAG-MAGODO MULTI PURPOSE ZENITHBANK/AFRINVEST(W.A)/CLIEN 3,668 SOTIYO IGBALAWOLE EMMANUEL 3,765 UCHEGBU CHUKWUEMEKA NNANYELU COOP SOC. TS- TRDNG 3,669 SOWEMIMO MOJISOLA OYINDAMOLA 3,766 UCHENDU CHINYERE TAIATU 3,870 UNISTAR INTERNATIONAL CO. LTD. 3,965 ZIBIRI OMOH MARIA 3,670 SOWUNMI IRETIOLUWA OMOBOLAJI 3,767 UCHENNA KENNETH 3,871 UNITY BANK/CORE TRUST & INV. LTD- 3,966 ZIGMA TECHNOLOGIES LIMITED 3,671 SOYINKA MATTHEW OLU 3,768 UCHE-OKOLI AKUCHUWU FRANKA TRDG 3,672 SPRG/EMBASSY PHARM & CHEM LTD 3,769 UDAH JACOB EMMANUEL 3,872 UNITY BANK/TRUST YIELDS SEC LTD- 3,673 SPRING BANK PLC 3,770 UDEAGWU UDENSI UKPABI TRDG 3,674 ST PETERS CHURCH F A C M 3,771 UDEFUNA CHIDI 3,873 UNOH EMMA JOHN OBIDINMA 3,675 STANDARD ALLIANCE MONEY LTD (SA 3,772 UDEGBUNAM MARTINS CHUKS 3,874 UNOKANJODI VICTOR NDUBUISI MONEY) 3,773 UDEH CELESTINE IFEANYI CHIDUBEM JUNI 3,676 STERLING BANK PLC/TRADELINK 3,774 UDEH CHRISTOPHER CHUKWUNWE 3,875 URANJE RICHARD SEC. LTD-TRD 3,775 UDEH HYGINUS NWANNEBUIKE 3,876 URUAKPA CHIMEREMEZE 3,677 SULAEMAN KEHINDE FATIMOH 3,776 UDEH IFY FELIX 3,877 USMAN IDRIS ATERE 3,678 SULAEMAN MUJEEBAT . A . O 3,777 UDEH NICHOLAS EMEKA 3,878 USMAN MOHAMMED BELLO 3,679 SULAIMAN AYO 3,778 UDEKWE ANTHONIA UNOMA 3,879 USMAN MOROOF-ATANDA 3,680 SULAIMAN IDRIS 3,779 UDEKWE CHUKWUGOZIE CHIKE 3,880 USORO ENO OKON 3,681 SULAIMAN KAZEEM ADISA GODSON 3,881 USORO SUNDAY EDET 3,682 SULAIMON WASIU OLADEJI 3,780 UDEME AZUKA FRANK 3,882 UTAKE AJOKPAOGHENE 3,683 SULE EMMANUEL JNR 3,781 UDEME CHIKAOGU MARK 3,883 UTEH ANTHONY OGHENEREMU 3,684 SULE MOMOH 3,782 UDEME CHUKUTEM SPENCER 3,884 UWABOR NELSON LUCKY 3,685 SULE SAIBU 3,783 UDEME IGWEBUIKE DICKSON 3,885 UWADIEGWU EMMANUEL CHIGOZIE 3,686 SULEIMAN EMMANUEL ABIODUN 3,784 UDEONU MIKE 3,886 UWAIFO ANTHONY 3,687 SULEIMAN RASHIDAT 3,785 UDEOZOR EMMANUEL UCHENNA 3,887 UWAJE AZUBUIKE EMMANUEL 3,688 SULEIMAN SHEHU 3,786 UDEZE IGNATIUS BENJAMIN E. 3,888 UWAJE HELEN 3,689 SULEIMAN ZANINAB ADETUTU 3,787 UDIMINUE EDET SAMUEL 3,889 UWAJU CHARLES CHINEDU 3,788 UDO SAMUEL PETER 3,890 UWAKWE GEORGE MADUABUCHI 3,690 SULIAMAM SHINA 3,789 UDO SEBASTINE LAZARUS 3,891 UWAOMA CHIDOBE GREENWELL 3,691 SUNDAY CHARLES EBONGHO 3,790 UDO UDUAK JOSEPH UCHECHI 3,692 SUNDAY K OHAZIMIHE 3,791 UDOFIA INEMESIT JACKSON 3,892 UWAOMAH EMMANUEL UCHENNA 3,693 SUNDAY LEKARA THANKGOD 3,792 UDOFIA ITA MARCUS 3,893 UWOGHIREN EGHOSA 3,694 SUNDAY SOLOMON IDODEAGBOR 3,793 UDOH CHRISTIANA IDORENYEN 3,894 UWONWA RAPHEAL U. 3,695 SUNITA ENTERPRISES 3,794 UDOH HAPPINESS FRANCES 3,895 UZIBOR JOEL & EUNICE 3,696 SUNMOLA YEKINI SOLA 3,795 UDOISA DORIS E 3,896 UZOH DENNIS NDUBUISI 3,697 SURAJU OYETUNDE 3,796 UDOM EVANS THOMPSON 3,897 UZOIGWE EBERECHUKWU 3,698 SURHYEL SAMUEL MSHELLIA 3,797 UDOM OGEDI IGNATIUS UDOM AHAMEFUNWA 3,699 SURPORT SERVICES LTD-TRADED- 3,798 UDOM SAMPSON UDO 3,898 UZOKA EMMANUEL OSELOKE STOCK-A/C 3,799 UDOMAH EMMANUEL JAMES JONES 3,899 UZOMAH PETER IHEANACHO PASTOR 3,700 SYLVESTER ESOIMEME HON. 3,800 UDU INNOCENT 3,900 UZOR OLUWATOYIN MUTIAT
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 139 [email protected] NOTES
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts 140 [email protected] REGIONAL OFFICES
Abu a Ibadan Port Harcourt 8, Sawhaj Street,wuse Zone 1, Bayse 1 Checkmate Pla a,opp 5,ada George Rd, Off NTA/Mgbuoba Rd, FCT, Abuja Iyana Adeoyo Round About Ring Rd, Ph, Rivers State 08053499034 Ibadan Oyo State. 08053499078 Email: [email protected] 08070507400 Email: [email protected] Email: [email protected]
BRANCHES
Abeo uta Ado-e iti Oshogbo 16 Mapoly Road,onikolobo Suite 9 Aniyeloye Shopping Mall, Jesus Court Building Oke Fia Abeokuta,ogun State. Fajuyi, Ado Ekiti Oshogbo, Osun State. 08112793251 08053499101 08025567792 Email: [email protected] Email: [email protected] Email: [email protected]
Victoria Island Benin Port - Harcourt 9,kasumu Ekemode Street, 97b Forestry Road, 5, Ada George Rd, Victoria Island, Lagos Benin City Edo State. Off NTA/Mgbuoba Rd, Ph, Rivers State 08059465998 07059971427 08053499078 Email: [email protected] Email: [email protected] Email: [email protected]
Ilupe u ano aduna 46 Town Planning Way Ilupeju, Lagos 6 Post Ofce Road, Turaki Ali House (NNDC Building) 08053499025 Behind Sudan Airways, Kano. 3rd Floor, Kanta Road Kaduna Email: [email protected] 08150854567 09012831973 Email: [email protected] Email: [email protected]
arri O erri Abu a 16 Ogunnu Road, Court 4 Junction 1a Mcc Uratta Road, 8, Sawhaj Street, Warri South Local Government, Awibe Pla a, Wuse Zone 1,FCT, Abuja Delta State Owerri Imo State 08053499034 07055790337 08087667612 Email: [email protected] Email: [email protected] Email: [email protected]
Ibadan Bayse 1checkmate Pla a, opp Iyana Adeoyo Round About Ring Rd, Ibadan Oyo State. 08070507400 Email: [email protected]
SUBSIDIARIES
REGENCY NEM INSURANCE LTD, GHANA RIC MICROFINANCE BAN LIMITED 65, Patrice Lumumba Road 33, Hawley Street, Sangrose, Airport Residential Area Laifaji Lagos Island, Lagos State. Accra, Ghana. P.O.BOX 70333 Tel: 233 (0) 302778106, 233 (0)302768463, 233(0) 302769789 Victoria Island, Lagos Nigeria Fax: 233 (0) 302782871 Tel: (234) 07045561845 Website:www.regencyallianceghana.com Website: www.ric-micronance.com Email: [email protected] Email: mail@ric-micronance.com
RIC PROPERTIES & INVESTMENT LIMITED RIC TECHNOLOGIES LIMITED No 9 Kasumu Ekemode Street 9, Kasumu Ekemode Street, Off Saka Tinubu Street Off Saka Tinubu Street Victoria Island, Lagos Nigeria P.O.Box 70333 Victoria Island Lagos Tel: (234) 07059525703 Tel: (234) 07063682780 Email:[email protected] Email:[email protected] www.ric -properties.com www.ric-tech.com
REGENCY ALLIANCE INSURANCE PLC www.regencyalliance.com 2020 Annual Report & Accounts [email protected]