CONTENTS
About SA Corporate Profile 1 - 3 Notice of Annual General Meeting 4 - 5 Result at a Glance 6
Corporate Information Chairman’s Statement 7 - 8 Board Of Directors 9 - 11 Approval & Statement of Responsibilities 12
Director’s Report Directors’ Report 13 - 17 Corporate Governance Report 18 - 26 Management Discussion and Analysis 27 - 30 Ceo’s Report 31 - 32 Management Team 33 - 37 Report of The Independent Auditor 38 - 40 Report of The Audit Committee 41 - 42 Summary of Significant Accounting Policies 43 -72
Financial Summary
Statement of Financial Position 73 Statement of Profit or Loss and Other Comprehensive income 74 Statement of Changes in Equity 75 Statement of Cash Flows 76 Other notes to the financial statements 77 - 99 Risk Management Report 99 - 125 Appendices to the financial statements 126 Branch Network 130 Unclaimed Dividends Position 131 - 148 Consolidation of Account 151 Proxy Form 153 E-Dividend Activation Form 155 About S.A
OUR VISION To be the leading provider of insurance, risk management and investment services in Africa.
OUR MISSION To become the best within the shortest time possible, through hard work and innovation and the employment of superior men and machine resources:
TO THE INSURING TO EMPLOYEES TO TO THE STATE PUBLIC A place of pride to SHAREHOLDERS A responsible A prime company work; a pleasant and A prime and profitable corporate citizen that provides full conducive work investment; a pride to protection against environment that in own, and the unexpected at an addition rewards affordable cost and in merit and engenders an efficient manner. ownership approach to duty.
2014 ANNUAL REPORTS AND ACCOUNTS 1 CORPORATE PROFILE
Standard Alliance Insurance Plc (SA Insurance Plc) is a high profile, technology-driven and customer-oriented company ranking among the best and most respected insurance companies in Nigeria, both in terms of product and service delivery. SA Insurance Plc, a frontline underwriting company licensed by the National Insurance Commission, NAICOM, to transact general and special risk insurance businesses, emerged from the now defunct Jubilee Insurance Limited which was acquired in August 1996 by keen Nigerian turn- around investors.
The company commenced full operations as Standard Alliance Insurance Limited in 1996 it went public and became quoted on the Nigerian Stock Exchange in 2003. SA Insurance Plc which was recapitalized in 2008 when it issued additional shares to the public has an authorised share capital of N7bn, a shareholders' funds of N4.3bn and an asset base which is currently N8.6bn. The company's gross production written as at the end of 2014 is N4.3bn.
Gemrock Management Co. ltd. In December 2014, acquired a strategic interest in Standard Alliance with a new Board and Management put in place to implement a transformation programme that will see the company emerge as a dominant player in the insurance sector within the next five years.
OUR VALUES Our corporate organizational values derive from the letters of the word STAR S T A R SERVICE TRUST ACCOUNTABILITY RESILIENCE
2 2014 ANNUAL REPORTS AND ACCOUNTS About S.A
Country of Reinsurers JLT Group Plc, London Incorporation Nigeria African Reinsurance Corporation, Nigeria and domicile Continental Reinsurance Plc, Nigeria Nigeria Reinsurance Plc, Nigeria Company WAICA Reinsurance Pool, Nigeria registration RC: 40590 number Reinsurance Glanvill Enthoven Nature of The principal activity of the Broker Reinsurance Brokers Limited business and Company is general and special principal activities risk insurance business Auditors BDO Professional Services (Chartered Accountants) Directors Brig. Gen. Dominic Oneya (Rtd.) ADOL House Bode Akinboye (CEO) Plot 15, Central Business District Omolola Oshiafi Alausa, Ikeja Orerhime Emerhor-Iwuagwu Lagos. Adetayo Akintunde Etigwe Uwa, SAN Actuaries Johnson Chukwu HR Nigeria Limited Austin Enajemo-Isire FRC/NAS/0000000738
Company Nwadiuto Onuoha Secretary FRC/2014/NBA/00000007426
Registered office Plot 1 Block 94, Providence Street Lekki Scheme 1, LekkiLagos
Registrars First Registrars Plot 2 Abebe Village Road, Iganmu, Lagos
Bankers Access Bank Plc Ecobank Plc Enterprise Bank Limited FCMB Plc Fidelity Bank Plc First Bank of Nigeria Limited Guaranty Trust Bank Plc Mainstreet Bank Limited Lagoon Homes Savings&Loans Limited Skye Bank Plc Sterling Bank Plc Union Bank Plc United Bank for Africa Plc
2014 ANNUAL REPORTS AND ACCOUNTS 3 NOTICE OF THE NINETEENTH ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Nineteenth Annual General meeting of STANDARD ALLIANCE INSURANCE PLC will be held at the Event Hall, Plot 1, Block 94, Providence Street, Lekki Phase 1, Lekki, Lagos State on 30th September, 2015 at 1:00pm prompt to transact the following business.
Ordinary Business a) To receive and adopt the Audited Financial Statements together with Auditor's Report and Audit Committee's Report therein for the year ended 31st December, 2014. b) To re-elect retiring Directors. c) To ratify the appointment of new Directors and Group Managing Director/CEO d) To approve the remuneration of the Directors. e) To ratify the appointment of BDO Professional Services as External Auditors. f) To authorize the Directors to fix the remuneration of the Auditors. g) To re-elect/elect members of the Audit Committee.
Special Business: To consider and if thought fit, pass the following resolutions being proposed as Special Resolutions:
1. To approve the sale of the Treasury Shares amounting to 2, 212, 046, 824 ordinary shares of 50 kobo each at 25 kobo per share by way of Special Placement to identified Strategic Investor, Gemrock Management Company Limited.
Dated this 4th day of September, 2015
BY ORDER OF THE BOARD
NWADIUTO ONUOHA COMPANY SECRETARY FRC/2014/NBA/00000007426 STANDARD ALLIANCE INSURANCE PLC PLOT 1, BLOCK 94, PROVIDENCE STREET, LEKKI PHASE 1, LEKKI, LAGOS.
Nwadiuto Onuoha Company Secretary
4 2014 ANNUAL REPORTS AND ACCOUNTS About S.A
NOTES
1. Proxies
A member of the company entitled to attend and vote is entitled to appoint a proxy on his or her behalf. A proxy need not be a member of the company. A detachable blank proxy form is attached to the Annual Reports and Accounts and if it is to be valid for the purpose of the meeting, it must be duly completed and deposited with the Registrars, FIRST REGISTRARS OF NIGERIA LIMITED at Plot 2, Abebe Village Road, Iganmu, Lagos State not less than 48 hours before the time of the meeting.
2. Closure of Register of Members and Transfer Books
The Register of Members and Transfer Books of the Company will be closed from Monday 14th September, 2015 to Friday 18th September, 2015 (both dates inclusive) for the purpose of preparing an up-to-date Register.
3. Unclaimed Share Certificates and Share Warrants All Shareholders are hereby informed that the Registrars of the Company are holding share certificates and dividend warrants which have been returned by the Post Office as “unclaimed”. Some dividend warrants sent to Shareholders' registered addresses or their bankers too are yet to be presented for payment or returned to the Registrars of the Company for revalidation. The affected shareholders should please get in touch with the First Registrars.
4. Nomination for Audit Committee In accordance with Section 359 (5) of the Companies and Allied Matters Act CAP C20, Laws of the Federation of Nigeria, 2004, any shareholder may nominate another Shareholder for appointment to the Audit Committee. Such nomination should be in writing and must reach the Company Secretary not less than 21days before the Annual General Meeting. The National Insurance Commission's code of Corporate Governance has indicated that some of the members of the Audit Committee should have requisite knowledge of accounting, financial analysis and financial reporting. Also the Securities and Exchange Commission's code of Corporate Governance has indicated that members of the Audit Committee should have basic financial literacy and should be able to read financial statements. We would therefore request that nominations be accompanied by a copy of the nominee's curriculum vitae.
5. Election of Directors
In accordance with Articles 83(2) and (3) of the Articles of Association of the Company, one-third of the non-Executive Directors or if their number is not three or a multiple of three, then the number nearest one-third shall retire from office each year and being eligible, offer themselves for re-election.
2014 ANNUAL REPORTS AND ACCOUNTS 5 RESULTS AT A GLANCE
2014 2013 % Statement of Comprehensive income: N'000 N'000
Gross premium written 4,333,254 3,792,076 14
Net premium income 3,863,664 3,095,919 25
Claims expenses 1,477,173 1,166,515 27
Underwriting results 1,430,687 1,005,363 42
Investment income 239,631 335,212 (29)
Management expenses 1,795,804 1,497,228 20
Loss before tax (1,982,613) (789,736) 151
Statement of Financial Position: Cash and cash equivalents 701,236 230,396 204
Investment in Associates 433,507 1,081,612 (60)
Investment property 1,415,000 1,435,000 (1)
Insurance contract liabilities 2,402,454 2,000,759 20
Paid up share capital 5,996,587 5,996,587 -
Shareholders' funds 3,417,482 4,777,750 (28)
Total Assets 7,721,387 8,788,881 (12)
Per share data Basic loss per share (kobo) (17.35) (7.35) 136 Proposed dividend - - - Net assets per share (Adjusted) - (0.07) (100) Share price (kobo) 0.50 0.50 -
General Number of Shareholders 71,053 71,073 (0) Number of Employees 118 168 (30) Number of Branches 14 14 -
196 2014 ANNUAL REPORTS AND ACCOUNTS CHAIRMAN S STATEMENT
Fellow shareholders, distinguished guests, ladies and gentlemen. It is my pleasure to welcome you to the 19th Annual General Meeting of our great company, Standard Alliance Insurance Plc.
GLOBAL ECONOMY The year 2014 witnessed a sustained but fragile recovery in the global economy. Based on the estimates by IMF, the global economy grew by a modest 3.4% supported largely by the performance of the US economy and the drop in oil prices from the second half of the year. Other advanced economies and the emerging markets however showed mixed performances, as geo-political risks and a slow pace of recovery in the Euro zone continued to stifle growth.
Financial markets across the globe also showed mixed performances as a result of the volatility created by divergent monetary policy paths. While the equity market in the US hit record highs, (S&P index was up 11.4%), Europe underperformed as key equity market indices, FTSE and CAC 40, the benchmark for UK and France respectively returned negative (-) 2.71% and (-) 0.54% respectively.
DOMESTIC ECONOMY Growth slowed considerably in 2014 as the economy recorded a GDP growth rate of 5.9% in the last quarter of the year compared to an average of 6.2% recorded in the first three quarters of the year and marginally higher than the estimated growth rate of 5.8% for sub-saharan Africa.
At all times, the non-oil sector remained the major driver of growth, expanding by 6.4% in the 4th quarter of the year as against the 1.2% growth by the oil sector during the same period.
The monetary policy environment remained tight as expected even as the CBN tried to rein in excess liquidity in the financial system and keep inflation under control in a pre-election year. There were upward adjustments to the Cash Reserve Ratios for both private and public sector funds. This effectively reduced systemic liquidity with the attendant spikes in rates in the money and fixed income markets.
Consumer inflation remained within the single digit band for two BRIGADIER GENERAL years. It opened the year at 8%, dipped to an all-year low of 7.7% in DOMINIC ONEYA (RTD) February, and rose consistently till it peaked at 8.5% in August before closing at 8%. This meant that inflation remained within the Chairman benchmark range of 6.0% and 9.0% set by the CBN.
The drastic fall in the prices of oil and the attendant attrition in external reserves necessitated drastic policy responses from the CBN in the 4th quarter of the year. Some of these measures include an adjustment of the Monetary Policy Rate (MPR) to 13% and an 8% devaluation of the currency from =N=155/dollar to =N=168/dollar.
In the equity market, The Nigerian All Share Index (NSEASI) suffered a decline of 16.1% as against the growth experienced in 2013. Market Performance was generally poor in the year as there were
2014 ANNUAL REPORTS AND ACCOUNTS 7 major set-backs, prominent of which was the FUTURE OUTLOOK depreciation in the value of the Naira. Notable was the We expect the Nigerian business environment to become approx. 21% dip in gross external reserves which, as at noticeably but steadily altered. One crucial driver of the December 31, 2014, stood at US$34.47 billion after outlook in 2015 will be reform and change agenda of the dropping from its level of US$43.61 billion in December, government which we expect corporate businesses to align 2013. The dip mirrored the fall in the price of Brent Crude with. With crude oil prices averaging around $55/barrel oil of about 60%, from the peak of US$ 115 per barrel in mid-way into 2015, the Nigerian government is expected to June, 2014. find and perfect alternative revenue sources, or has to lay the foundation for such in the medium term. Overall, the year was mainly defined by foreign exchange rate uncertainty, build-up of political activities, security The future outlook for insurance appears to be positive, challenges, especially in the North-Eastern parts of the especially as the insuring public becomes fully adjusted to country, and the Ebola incidences that were quickly 'No Premium, No Cover' principle. The recent happenings in curtailed. the global economy have brought risks to the top of the agenda of businesses and investors, especially the rout in FINANCIAL PERFORMANCE the crude oil markets as well as weakening of performance Despite the challenging macro-economic environment in in the emerging markets. Domestically, the impacts of a the financial year 2014, our company recorded a gross mixed macro-economic environment also paint the picture premium income of N4.33B, which is an improvement on of a possible surge in insurance activities. These are the N3.78B posted in the previous year. The underwriting reshaping the business mind towards risk management profit was N1.4B, compared to the N1B posted in 2013. strategy and the need for effective and appropriate Our company recorded a loss of N1.9B, compared to the insurance products for protection against a myriad of risks. N240M loss of 2013. The rise in loss recorded was occasioned by impairment provisions on assets, as well CONCLUSION as share of losses at our associate company. At this junction, we are very positive about the current Notwithstanding the performance of 2014, we have financial year 2015. Our company is determined to take continued to improve our efforts to take advantage of the advantage of the wind of change and to turn this into positive business atmosphere from the ‘No Premium, No profitable opportunity by readdressing our focus and Cover’ principle, as well as from positive post-election efforts to the market place. realities. I wish to assure you that the Directors and the Management of your company are determined to bring In closing, fellow shareholders, let me at this point express improvements to the bottom line going forward. my gratitude (and that of the Board) to our steadfast customers for their loyalty and continued patronage. I also BOARD CHANGES wish to enlist my appreciation (and that of the Board) of the In the course of the year, the following five Directors trust and support of our shareholders, our business retired from the Board: Alhaji Aliyu Yahaya Sa'ad, brokers and several allied business partners. Olorogun O'tega Emerhor (OON), Dr. Tom Imokhai, Mr. Ayodele Ajayi and Dr. Ramsey Mowoe (CON) while two Lastly, I wish to thank fellow members of the Board for their Directors were retained on the Board, namely: Brigadier- selfless involvement in the various committees and General Dominic Oneya (Rtd) and Mrs. Orerhime decision-making processes of the company as well as Emerhor-Iwuagwu. Furthermore, the following six Management and the entire workforce for the immense Directors were appointed to the Board: Mr. Bode hard work they have put in during the financial year 2014. Akinboye, Mrs. Adetayo Akintunde, Mr. Johnson Chukwu, Mr. Etigwe Uwa, Mr. Austin Enajemo-Isire and Mrs. I thank you all, our valued and esteemed shareholders, for Omolola Oshiafi. I wish to thank all the Board members making it a point of priority to attend the 19th Annual who retired during the year under review for their service General Meeting of Standard Alliance Insurance Plc. to the company. In particular, Alhaji Sa'ad, who has served as Chairman of the Board for nearly a decade; Thank you all and God bless. Olorogun Emerhor (OON), who founded the company and also managed its affairs as Vice Chairman with foresight and determination and Dr. Imokhai for navigating the company during the past six financial years. BRIGADIER GENERAL DOMINIC ONEYA (RTD) Please, join me in wishing the retiring Board members Chairman the very best in their future endeavours.
8 2014 ANNUAL REPORTS AND ACCOUNTS 16 Corporate Information BOARD OF DIRECTORS
MR. BODE AKINBOYE - Long standing experience in the Nigerian insurance sector. - Strategist in products packaging, marketing and corporate management. - Public speaker. - Expert in capacity building and human resources development. - Group Managing Director/ Chief Executive Officer, BRIG. GEN. DOMINIC ONEYA (rtd.) Standard Alliance Insurance Plc. - Vice Chairman, Gemrock Management Company Limited. Chairman - Former Group Managing Director, Standard Alliance Group. - Championed the execution and success of the strategic plans - Chairman/CEO, Kaddara Group of Companies, Kaduna and Warri. of the Group. - Former Military Administrator: Kano State; Benue State. - Former Managing Director/CEO, Standard Alliance Insurance Plc. - Former Chairman, Nigerian Football Association. - Spearheaded the listing and quotation of the company on the - Member, FIFA Youth Committee (2001-2002). Nigerian Stock Exchange. - Member, CAF Nations Cup Organising Committee. - Grew the company's asset base to over N20bn and - Alumnus, University of Ife (now Obafemi Awolowo University). - Facilitated foreign direct investments of about USD $ - Alumnus: Nigerian Defence Academy, Kaduna; 20m to the company. Nigerian Military Training College, Jaji-Kaduna; - Former Chief Executive Officer, Standard Alliance Life Assurance Ltd. Ghana Armed Forces Staff College, Teshi-Accra; - Former Financial Controller, Command and Staff College, Jaji-Kaduna and - Former AGM (Oil/Energy, Financial Institution Marketing), Canadian Land Forces Staff College, Ontario. Standard Alliance Insurance Plc. - Former Management Accountant, Industrial and General Insurance Plc (IGI). - Fellow, Institute of Chartered Accountants of Nigeria (ICAN). - Member, Nigerian Institute of Management (NIM). - Member, Institute of Directors (IOD) - Alumnus, Lagos Business School (LBS), Pan African University. - Alumnus, Owner President Management Program (OPM). - Alumnus, Harvard Business School, Boston, USA. - Former member, Governing Council of the Nigerian Insurers Association (NIA). - Former Treasurer, Nigerian Insurers Association (NIA).
7 2014 ANNUAL REPORTS AND ACCOUNTS 9 MRS. ORERHIME EMERHOR-IWUAGWU MRS. ADETAYO AKINTUNDE: MR. JOHNSON EGU CHUKWU
- Expert on human capital development, IT - Currently engaged in investment activities covering - Initiator/Founder, Cowry Asset Management Limited. and brand management. insurance, banking. - Facilitator, Institute of Chartered Accountants of - ED, Standard Alliance Insurance Plc. - Former Managing Director/CEO, Springlife Nigeria (ICAN). - Board Director: Assurance Company where she championed the - Facilitator, Financial Institutions Training Centre (FITC. - SA Life Assurance Ltd. company's return to profitability within six months. - Media commentator on the Capital Market, banking - SA Properties Ltd. - Former Managing Director, ADIC Insurance Limited. industry and general economic issues. - SA Capital & Asset Management Ltd. - Former Managing Director of African - Pioneer General Manager/Chief Executive Officer, - Was with: General Insurance Brokers. Guardian Express Trust Limited (now Spring Capital) – - Vetiva Capital Management Limited; - Former Senior Management Staff, Unic Insurance a subsidiary of Guardian Express Bank Plc - Oando Plc; as well as Industrial and General Insurance. (now Spring Bank Plc). - Lagoon Home Savings & Loans Ltd. - Alumnus, University of Ilorin. - Former Deputy General Manager and Group - Alumnus, Lagos Business School. - Fellow, Chartered Insurance Institute of Nigeria. Executive, Operations, Spring Bank Plc. - Alumnus, University of Manchester, UK. - Supervised at various times functions as Structured/ - Alumnus, University of Sheffield, UK. Corporate Finance, Treasury, Risk Management, - Member, Institute of Directors (IoD). Operations, Human Capital Management, Information - Member, Chartered Insurance Institute technology and Facilities management at Guardian (London). Express Bank Plc. - Distinguished Member, - Pioneer Chief Financial Officer, AES Excellence Club. Guardian Express Bank Plc. - Championed the setting up of Guardian Express Bank's Accounting systems, processes and Management/Financial reporting systems. - Former Deputy Financial Controller, Diamond Bank Plc. - Worked in Credit and Marketing (Trade Finance), Financial Control, Treasury Operations and Branch Operations, Intercontinental Bank Plc (now Access Bank Plc). - Alumnus, Lagos Business School (Pan African University). - Attended courses at IESE Business School (University of Navarra) Barcelona, Spain; Wharton Business School (University of Pennsylvania) Philadelphia, USA. - Alumnus, University of Lagos. - Fellow, Institute of Chartered Accountants of Nigeria. - Fellow, Chartered Institute of Taxation.
10 2014 ANNUAL REPORTS AND ACCOUNTS 8 Corporate Information BOARD OF DIRECTORS (CONTINUED)
MR. ETIGWE UWA, SAN MRS. OMOLOLA OSHIAFI MR. AUSTIN ENAJEMO-ISIRE
- Vast experience in insolvency practice, litigation - Seasoned Banker. - Former Managing Director/CEO, Standard Alliance and alternative dispute resolution. - Executive Director (Operations & Emerging Life Assurance Limited. - Asset to creditors and debtors for the resolution Markets), TrueBond Investments and - Former Deputy General Manager, BAICO of proceedings in liquidation, winding-up and Capital Limited. Insurance Plc. company restructuring. - Former Senior Manager and Head of Corporate - Former Assistant General Manager, Standard Trust - Former Head, Litigation and Arbitration differently Banking, FSB International Bank Plc Assurance Plc. at Sofunde, Osakwe, Ogundipe & Belgore and F. O. (now Fidelity Bank Plc). - Pioneer member of staff, Globe Reinsurance Plc. Akinrele & Co Law firms. - Deputy Manager, former Citizens International - Alumnus, Lagos Business School. - Private practice at own Streamsowers & Co. Bank Limited (now Spring Bank Plc). - Alumnus, Robert Morrison University, Moon Town, - Dispute Resolution Partner, Streamsowers & Köhn - NYSC, former Nigerian-American Merchant Bank Pennsylvania, USA. (after a merger). (now First City Monument Bank). - Alumnus, Delta State University, Abraka. - Participated through Federal Government - Alumnus, Ahmadu Bello University, Zaria. - Fellow, Institute of Directors. appointment in the winding-up of Nigerian Airways. - Associate, Institute of Chartered Accountants - Fellow, Institute of Chartered Accountants of - Acted in the restructuring of four of the then of Nigeria (ACA). Nigeria (FCA). national carrier's subsidiaries. - Member, Chartered Insurance Institute - Fellow, Chartered Institute of Arbitrators (UK). of Nigeria (CIIN). - Senior Advocate of Nigeria (April, 2010). - Associate Member, Chartered Institute of Taxation of Nigeria (ACTI). - Member, Ikoyi Club.
2014 ANNUAL REPORTS AND ACCOUNTS 11 STATEMENT OF DIRECTORS' RESPONSIBILITIES Statement of Directors' Responsibilities in relation to the Financial Statements for the year ended 31 December 2014.
In accordance with the provisions of the Companies and The Directors accept responsibility for maintaining Allied Matters Act CAP C20 LFN 2004, the Insurance Act adequate accounting records as required by: CAP I17, LFN, 2004 and National Insurance Commission's operational guidelines 2011, the Directors are responsible a. International Financial Reporting Standards (IFRS) for the preparation of annual financial statements which as issued by the International Accounting reflect a true and fair view of the state of affairs of the Standards Board (IASB); Company and the profit or loss and other comprehensive b. Companies and Allied Matters Act, CAP C20, income for the financial year. LFN 2004; c. Insurance Act, CAP I17, LFN 2004; The Directors responsibilities include ensuring that the d. NAICOM Operational Guidelines and circulars. Company: The Directors are of the opinion that the financial I. implements appropriate internal controls to secure statements give a true and fair view of the state of affairs of the assets of the Company, prevent and detect fraud the Company and of the loss for the year. The Directors and other financial irregularities further accept responsibility for the maintenance of accounting records that may be relied upon in the 2. the Company keeps accounting records which preparation of financial statements, as well as adequate disclose with reasonable accuracy the financial systems of internal control. position of the Company and which ensure that the financial statements comply with the requirements Nothing has come to the attention of the Directors to of the Companies and Allied Matters Act CAP C20, indicate that the Company will not remain a going concern LFN 2004, Insurance Act CAP I17, LFN 2004, and for at least 12 (twelve) months from the date of approval of NAICOM Operational Guidelines and Circulars the financial statements.
3. the Company has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgments and estimates, and that all applicable accounting standards have been followed.
…………...………..……… …………...………..……… ……………………….……………… Mrs. Orerhime Emerhor-Iwuagwu Mr. Bode Akinboye Mr. Kadiri Ijeremhe Director Chief Executive Officer Head, Finance & Accounts FRC/2013/IODN/00000004229 FRC/2013/ICAN/00000005139 FRC/2013/ICAN/00000002076
12 2014 ANNUAL REPORTS AND ACCOUNTS REPORT OF THE DIRECTORS The Directors have the pleasure in presenting their annual report and the audited financial statements of the Company for the year ended 31 December 2014. The financial statements of the Company were prepared in compliance with the International Financial Reporting Standards (IFRS).
2014 ANNUAL REPORTS AND ACCOUNTS 13 Principal activities and business review The Company's principal activity is the provision of non-life risk underwriting and related financial services to its customers. Such services include provision of general insurance services to both individual and corporate customers.
The following is the summary of the Company's operating results:
2014 2013 N'000 N'000 Gross premium income 4,338,679 3,779,634 Claims incurred (1,194,074) (1,070,890) Underwriting expenses (1,341,981) (1,053,465) Underwriting results 1,430,687 1,005,363 Share of loss of associates (610,519) (239,741) Investment income 239,631 335,212 Loss before tax (1,982,613) (789,736) Taxation (98,029) (91,206) Loss after tax (2,080,642) (880,942)
Directors The Directors of the Company are as follows: Brig. Gen. Dominic Oneya (Rtd.) - Chairman Mr Bode Akinboye - Group Managing Director/CEO Mrs Omolola Oshiafi - Director
Mrs Orerhime Emerhor-Iwuagwu - Executive Director Mrs Adetayo Akintunde - Director
Mr Johnson Egu Chukwu - Director Mr Etigwe Uwa, SAN - Director Austin Enajemo-Isire - Director
Retirement of Directors Appointment of Directors
The following Directors retired from the Board of the The following Directors were appointed to the Board of Company during the year, however, their retirement the Company during the year, however, their shall take effect from 20 January 2015. appointments shall take effect from 20 January 2015.
1. Alhaji Aliyu Sa'ad 1. Mr Bode Akinboye 2. Olorogun O'tega Emerhor, OON 2. Mrs Adetayo Akintunde 3. Dr. Tom Imokhai 3. Mr Johnson Chukwu 4. Mr. Ayodele Ajayi 4. Mr Etigwe Uwa,SAN 5. Dr. Ramsey O. Mowoe, CON 5. Mr Austin Enajemo-Isire 6. Mrs. Omolola Oshiafi
14 2014 ANNUAL REPORTS AND ACCOUNTS Report of The Directors
Directors' interests The Directors' direct interests in the issued share capital of the Company as recorded in the Register of members as at 31 December 2014 is as follows:
Number of shares held at the end of:
2014 2013 Units % Units %
Olorogun O'tega Emerhor, OON 415,130,000 3.46 415,130,000 3.46 Alhaji Aliyu Sa'ad 73,012,500 0.61 73,012,500 0.61 Brig. Gen. Dominic Oneya (Rtd.) 3,009,900 0.03 3,009,900 0.03
Mr . Ayodele Ajayi 1,442,900 0.01 1,442,900 0.01
Dr. Ramsey O. Mowoe, CON 1,200,000 0.01 1,200,000 0.01
Dr. Tom Imokhai 6,000,000 0.05 6,000,000 0.05 Mrs. Orerhime Emerhor-Iwuagwu 25,200,000 0.21 25,200,000 0.21
The Directors' indirect interests in the issued share capital of the Company as recorded in the Register of members are as follows: 2014 2013 Units % Units % Olorogun O’tega Emerhor, OON: Standard Alliance Investments Limited 3,158,892,140 26.34 3,158,892,140 26.34 Synetics Technologies Limited 309,581,094 2.58 309,581,094 2.58
New Heroes Limited 113,580,709 0.95 113,580,709 0.95
Contracts Property, plant and equipment In accordance with Section 277 of the Companies and Information relating to changes in tangible assets is Allied Matters Act, CAP C20, LFN 2004, none of the given in Note 15 to the financial statements. The Directors has notified the Company of any declarable Directors are of the opinion that the market value of interest in contracts. the Company's assets is not lower than the value shown in the financial statements.
Acquisition of own shares By virtue of the existence of treasury shares per these financial statements arising from the issue of shares that did not result in net cash inflow to the Company during its public offer of 2008, the Company has secured an investor Gemrock Management Company Limited who acquired the Treasury shares of 2,212,046,824 units ordinary shares valued at N8,737,585,955 (par value of N1,106,024,412 and premium of N7,631,561,543) as at 31 December 2014. The transaction is however subject to obtaining all regulatory approval which is ongoing.
2014 ANNUAL REPORTS AND ACCOUNTS 15 Share capital information a) Share range analysis
Range of shares Number of Shareholders Share Units % Total 1 - 1,000 15,048 14,482,854 0.12 1,001 - 5,000 27,790 86,881,305 0.72 5,001 - 10,000 11,756 103,982,398 0.87
10,001 - 50,000 12,371 292,440,169 2.44
1.37 50,001 - 100,000 2,018 164,783,016 100,001 - 500,000 1,531 339,199,594 2.83 500,001 - 1,000,000 240 200,181,217 1.67 1,000,001 - 5,000,000 164 366,674,318 3.06
5,000,001 - 10,000,000 47 348,264,647 2.90
10,000,001 - 50,000,000 47 1,095,873,246 9.14
50,000,001 and above 41 8,980,410,686 74.88 Total 71,053 11,993,173,450 100
b) Substantial interests in shares Apart from Standard Alliance Investments Limited and FCMB Plc which hold 3,158,892,140 units (26.34%) and 1,120,000,000 units (9.34%) respectively, no other shareholder held more than 5% of the issued share capital of the Company as at 31 December 2014.
Corporate Social Responsibilities The Company makes donations to charitable and non-profit organisations in appreciation of the society's contributions toward the Company progress. During the year, the Company donated a sum of N700,000 to Fair Life Africa Foundation during the year.
Human resources a) Employment of disabled persons The Company operates a non-discriminatory policy in the consideration of applications for employment, including those received from disabled persons. The Company's policy is that the most qualified and experienced persons are recruited for appropriate job levels irrespective of applicants state of origin, ethnicity, religion or physical condition. In the event that any employee becoming disabled in the course of employment, the Company is in a position to arrange appropriate training to ensure continuous employment of such person without being subjected to any disadvantage in his/her career development.
16 2014 ANNUAL REPORTS AND ACCOUNTS Report of The Directors
c) Employee involvement and training The Company encourages participation of employees in arriving at decisions in respect of matters affecting their well being. Towards this end, the Company provides opportunities for employees to deliberate on issues affecting the Company and employees' interests, with a view to making inputs to decisions thereon. The Company places a high premium on the development of its manpower. Consequently, the Company sponsored its employees for various training courses both in Nigeria and abroad in the year under review.
b) Health, safety and welfare of Employees The Company's business premises are designed with a view to guaranteeing the safety and healthy living conditions of its employees and customers alike. Health, safety and fire drills are regularly organised to keep employees alert at all times. Employees are adequately insured against occupational hazards. In addition, the Company provides medical facilities to its employees and their immediate families at its expense.
Auditors BDO Professional Services, have indicated their willingness to continue in office in accordance with section 357(2) of the Companies and Allied Matters Act, CAP C20 LFN 2004.
A resolution will be proposed at the Annual General Meeting to authorize the directors to fix their remuneration.
By order of the Board
Nwadiuto Onuoha Company Secretary 6 July, 2015 FRC/2014/NBA/00000007426
2014 ANNUAL REPORTS AND ACCOUNTS 17 CORPORATE GOVERNANCE REPORT
18 2014 ANNUAL REPORTS AND ACCOUNTS Corporate Governance
Reporting entity value for our stakeholders using the best possible principles within a sustainable and enduring system. Standard Alliance Insurance Plc is a Company incorporated and In order to remain a pace setter in the area of good domiciled in Nigeria. The address of corporate governance practice, the Company's the Company’s registered office is corporate governance practices are constantly under Plot 1, Block 94, Providence Street, review in line with the dynamics of the business Lekki Scheme 1, Lekki – Epe Express environment and guidelines of the regulatory bodies. way, Lekki, Lagos. The Company underwrites non-life insurance risks. The Company is listed on the Nigerian Stock Exchange. Governance Structure The Company is committed to high standards of These financial statements of the corporate governance. Corporate governance practice Company as at and for the year in the Company is drawn from various applicable codes ended 31 December 2014 comprise of corporate governance issued by National Insurance that of the Company and its interest Commission (NAICOM) and Securities and Exchange in associates (together referred to as Commission (SEC). This ensures compliance with the 'Company' and individually as regulatory requirement as well as the core value which 'Company entities). The Company the company was established. primarily operates in the insurance and other financial services sector The provision of the codes is geared towards ensuring but also in property development transparency and accountability of the Board and through one of its associates. Management to shareholders of the company.
Standard Alliance Insurance Plc has over the years built an enviable The Board of Directors reputation and has consistently Presently, the company has an eight man Board led by adopted, implemented and applied a Chairman who is a non-executive Director. There are international best practices in two executive directors one of whom is the Group corporate governance, service Managing Director/CEO. All other five directors are delivery and value creation for all its non-Executive. All the Directors bring various and stakeholders. varied competencies to bear on all Board deliberations. The Directors individually have attained The Company's corporate the highest pinnacle of their chosen professions. The governance principles are embodied Board meets quarterly and is responsible for effective in its Code of Corporate Governance, control and monitoring of the Company’s strategy. which represents the core values upon which the Company was The ultimate responsibility for the governance of the founded. Code of Corporate Company resides with the Board of Directors, which is Governance is designed to ensure accountable to the shareholders for creating and that the company's business is delivering sustainable value through the management conducted in a fair, honest and of the Company's business. The Board is also transparent manner that conforms responsible for the management of the company's to high ethical standards. For the relationship with its various stakeholders. The day to entity, good corporate governance day running of the Company is delegated to the Group goes beyond just adhering to rules Managing Director by the Board of Directors assisted and policies of the regulators; it is by the Management Committees. about consistently creating excellent
2014 ANNUAL REPORTS AND ACCOUNTS 19 Responsibilities of the Board contributions of Directors and promotes effective relationships and open communications between The responsibilities of the Board of Directors include: Executive and non-Executive Directors, both inside and outside the Boardroom. Review corporate strategy, major plans of actions, risk policies, business plans, setting performance The Board has delegated the responsibility for the day- objectives, monitoring implementation and corporate to-day management of the Company to the Managing performance and overseeing major capital Director, who is supported by Executive Management. expenditures and acquisitions The Managing Director executes the powers delegated to him in accordance with guidelines approved by the Select, compensate, monitor and when necessary, Board of Directors. Executive management is replace key executives and oversee succession accountable to the Board for the development and planning. implementation of strategies and policies. The Board regularly reviews group performance, matters of Monitor the effectiveness of the governance practices strategic concern and any other matters it regards as under which it operates and make changes as may be material. necessary.
Ensure the integrity of the Company s accounting and Board Committees financial reporting systems, including the independent The Board carries out some of its responsibilities audit and that appropriate systems of control are in through the Board sub-committees whose terms of place, in particular, systems for monitoring risk, reference set out clearly their roles, responsibilities, financial control and compliance with the law. scope of authority and procedures for reporting to the Board. Each committee is chaired by a non-Executive Monitor and manage potential conflicts of interest of Director in compliance with principles of good management, board members and shareholders, corporate governance and the Audit Committee is including misuse of corporate assets and abuse in chaired by a representative of the shareholders. These related party transactions. committees report to the Board of Directors on their Supervise and monitor the execution of policies and activities and decisions, which are ratified by the full providing direction for the management. Board. The committees are as follows:
Monitor potential risks within the company including 1) The Investment and Finance Committee recognising and encouraging honest whistle blowing. This is a standing committee of the Board with the responsibility for investment. The terms of reference of Oversee the process of disclosure and communication the committee includes: in the company. I Ensure investment policies in place are documented, including placement limits. Roles of Chairman and Chief Executive ii. Review existing investments and investment strategies The roles of Chairman and Chief Executive are separate and no one individual combines the two positions. The The Board Investment and Finance Committee has the Chairman's main responsibility is to lead and manage following members during the period under review: the Board to ensure that it operates effectively and fully Mr Joshua Ayodele Ajayi - Chairman discharges its legal and regulatory responsibilities. The Dr Ramsey O. Mowoe - Member Chairman is responsible for ensuring that Directors Mr. Thomas Imokhai - Member receive accurate, timely and clear information to enable Mrs. Orerhime Emerhor-Iwuagwu - Member the Board take informed decisions, monitor effectively and provide advice to promote the success of the Company. The Chairman also facilitates the
20 2014 ANNUAL REPORTS AND ACCOUNTS Corporate Governance
2) The Strategy and Establishment Committee The members of the Committee includes the following: Dr. Ramsey Mowoe (CON) - Chairman Mr. Thomas Imokhai - Member Brig. Gen. Dominic Oneya (Rtd) - Member Mrs. Orerhime Emerhor-Iwuagwu - Member
The terms of reference of this Committee include the following: • To recommend strategic initiatives to the Board • Review and approve capital expenditure and recommend for Board ratification. • Review and make recommendations on procedural manuals, policies, staff issues and staff remuneration and staff welfare.
3) The Risk and Remuneration Committee The terms of reference of this Committee includes the following: • Considers credit and risk management policies of the company and make recommendation to the Board for changes where necessary. • Review risk portfolio of the Company and make recommendation to the Board • Ensure an effective risk culture is built and maintained in the Company. • Review and approve risk appetite of the company and recommend for Board ratification. • To approve compensation policy and review compensation for General Managers and above. The Committee has the following members: Brig. Gen. Dominic Oneya (Rtd) - Chairman Mr. Thomas Imokhai - Member Mrs. Orerhime Emerhor-Iwuagwu - Member Mr Joshua Ayodele Ajayi - Member
4) The Audit Committee The Audit Committee is made up of 6 (six) members, three representatives each of Shareholders and Directors. Its members are elected at the Annual General Meeting.
In addition to its responsibility to review the scope, independence and objectivity of the audit, the Committee carries out all such matters as are reserved to it by the Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria, 2004. These functions include to: • Review and make recommendation of recruitment, promotion, termination of top management to the Board. • Review the adequacy and effectiveness of the company s internal control policies prior to endorsement by the Board. • Direct and supervise investigations into matters within the scope, such as evaluation of internal controls, cases of employee, business partners and client misconduct or conflict of interest.
The Committee is made up of the following members: Mr Chuka Onwuchekwa - Chairman (Shareholder) Dr. Ramsey Mowoe - Member (Director) Mr. Matthew Esonanjor - Member (Shareholder) Brig. Gen. Dominic Oneya (Rtd) - Member (Director) Mr. Godwin Anono - Member (Shareholder) Mr. Ayodele Ajayi - Member (Director)
2014 ANNUAL REPORTS AND ACCOUNTS 21 Security Trading Policy Internal Control
The Company ensures strict compliance with the It is the responsibility of the Board of Directors to Investment and Securities Act 2007, the Securities and ensure that all the records are accurate and correctly Exchange Commission Code of Corporate Governance reflect the financial position of the Company. The for Companies in Nigeria 2011 and other laws that may Board is mindful of the fact that as an insurance be applicable from time to time bordering on Insider company, great relevance is placed by policy holders Trading. To this end, the Company has put in place and potential investors on the accuracy of information mechanism to ensure that the categories of person contained in its financial statements. and entities that may be classified as “Restricted Persons” for the purpose of Insider Trading are clearly In order to ensure the accuracy of its records, the identified and in the know. In addition, there are Board sets standards that the Quality Assurance stringent restrictions on dealing with the Companies department implements system of internal control Securities. Directors and Key Managements also have comprising policies, standards and procedures to to comply with rules in relation to dealing with ensure that the safety of assets and reduction of the company securities particularly obtaining prior risk of loss, error, fraud and other irregularities. Both approval before dealing with company's securities. the Quality Assurance (Internal Auditors) and the There are also mechanisms in place to ensure that External Auditors independently appraise the detailed reports are submitted to the Nigerian Stock adequacy of the internal controls. Exchange, the Securities and Exchange Commission on the extent of compliance with this rule, permitted BDO Professional Services acted as external auditors exception and any instances where same may have to the Company for the 2014 financial year. Their been breached. This Policy has become an essential report for the year under review is contained on pages company document that has been brought to the 20 and 21 of these financial statements notice, and will be brought to the notice of all concerned and continuous efforts are made to ensure strict compliance and implementation. Attendance of Board and Committee Meetings The table below shows the frequency of meetings of the Board of Directors and Board Committees, as well as Members attendance for the financial year ended 31 December 2014.
Board Meetings 30/1/2014 12/5/2014 10/11/2014 15/12/2014 30/12/2014 Total Alhaji Yahaya Sa’ad(Chairman) 1 1 1 1 1 5 Olorogun O tega Emerhor, OON 1 1 1 1 1 5 Mr Thomas Imokhai 1 1 1 1 1 5 Brig. Gen. Dominic Oneya (Rtd) 0 1 1 1 1 4 Mr Ayodele Joshua Ajayi 0 1 1 1 0 3 Dr Ramsey Mowoe, CON 1 1 1 1 1 5 Mrs Orerhime Emerhor-Iwuagwu 1 1 1 1 1 5
22 2014 ANNUAL REPORTS AND ACCOUNTS Corporate Governance
Audit Committee Meetings 24/4/2014 8/8/2014 6/11/2014 Total Mr Chuka Onwuchekwa (Chairman) 1 1 1 3 Dr Ramsey Mowoe, CON 1 1 1 3 Brig. Gen. Dominic Oneya (Rtd) 1 1 1 3 Mr Matthew Esonanjor 1 1 1 3 Mr Godwin Anono 1 1 1 3 Mr Ayodele Joshua Ajayi 1 1 1 3
Investment and Finance Committee Meetings
8/8/2014 6/11/2014 Total Mr Ayodele Joshua Ajayi (Chairman) 1 1 2 Mr Thomas Imokhai 1 1 2 Dr Ramsey Mowoe, CON 1 1 2 Mrs Orerhime Emerhor-Iwuagwu 1 1 2
Strategy and Establishment Committee Meetings
14/8/2014 7/11/2014 Total Dr Ramsey Mowoe, CON (Chairman) 1 1 2 Mr Tom Imokhai 1 1 2 Brig. Gen. Dominic Oneya (Rtd) 1 1 2 Mrs Orerhime Emerhor-Iwuagwu 1 1 2
Risk and Remuneration Committee Meetings 14/8/2014 6/11/2014 Total Brig. Gen. Dominic Oneya (Rtd) 1 1 2 Mr Tom Imokhai 1 1 2 Mr Ayodele Joshua Ajayi 1 1 2 Mrs Orerhime Emerhor-Iwuagwu 1 1 2
2014 ANNUAL REPORTS AND ACCOUNTS 23 SCHEDULE OF YEARLY BOARD/COMMITTEE MEETINGS & AGM
S/N DATES TYPE OF MEETING PROPOSED AGENDA
1 1st week of December Board Finance, Establishment & Risk Consideration/approval of coming each year Committee/ Board meetings year's budget
2 Last week of April All Committees and Board meetings To consider and approve 1st quarter accounts for period ended30th March of each year under review and audited accounts for the year ended 31 December of each year under review and general Company‟s brief
Last week of July All Committees and Board meetings To consider and approve 2nd quarter accounts for the periodended 30th June of year under review and general Company’s brief
Last week of October All Committees and Board meetings To consider and approve 3rd quarter accounts for period ended 30 September of each year under review and general Company's brief.
Complaints Management Policy Framework
The Company's Complaints Management Policy Framework on how to resolve complaints arising from issues covered under the Investment and Securities Act 2007 is currently undergoing review and awaiting approval by the Board of Directors. Upon sign off, it would be incorporated into the Company's operational policy and forwarded to the Nigerian Stock Exchange and posted on the Company's website accordingly.
Support Committees 1) Business Committee The Committee is responsible for strategic initiatives on business generation and membership includes: i. Group Managing Director/CEO ii. All Divisional Heads iii. Group Head, Technical iv. Group Head, Corporate Services v. Chief Finance Officer vi. Head, Internal Control/Quality Assurance vii. Head, Information Technology (IT) viii. Head, Enterprise Risk Management
24 2014 ANNUAL REPORTS AND ACCOUNTS Corporate Governance
2) Weekly Activity Review Committee This Committee meets weekly to review business development activities of the entire Company. The Committee consists of: i. Group Managing Director/CEO ii. All Divisional Heads iii. Group Head, Technical iv. Head, Information Technology v. Head, Corporate Services vi. Head, Internal Audit/Quality Assurance vii. Chief Finance Officer viii. Head, Enterprise Risk Management ix. All marketing staff
3) Management Performance Review Committee This Committee meets every quarter to review the Company’s performance. The meetings are usually held two weeks following the end of a quarter. The Committee consists of: i . Group Managing Director/CEO ii. Executive Director iii. All Divisional Heads iv. All Regional Heads v. All Branch Managers vi. Group Head, Technical vii. Head, Information Technology viii. Chief Finance Officer ix. Head, Corporate Services x. Head, Internal Audit/Quality Assurance xi. Head, Enterprise Risk Management
2014 ANNUAL REPORTS AND ACCOUNTS 25 CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO.29 OF 2007
We the undersigned hereby certify the following with regards to our audited report for the year ended 31st December 2014 that:
(a) We have reviewed the report;
(b) To the best of our knowledge, the report does not contain: (i) Any untrue statement of a material fact, or (ii) Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;
(c) To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operations of the company as of, and for the periods presented in the report;
(d) We: (i) are responsible for establishing and maintaining internal controls; (ii) have designed such internal controls to ensure that material information relating to the company Is made known to such officers by others within the entity particularly during the period in which the periodic reports are being prepared; (iii) have evaluated the effectiveness of the company‟s internal controls as of date within 90 days prior to the report; (iv) have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
(e) We have disclosed to the auditors of the company and audit committee: (i) all significant deficiency in the design or operations of internal controls which would adversely affect the company’s ability to record, process, summarize and report financial data and have identified for the company’s auditors any material weakness in internal controls, and (ii) any fraud, whether or not material, that involves management or other employees who have significant role in the company’s internal controls;
(f) We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Mr. Kadiri Ijeremhe Mr. Bode Akinboye Head, Finance & Accounts Group Managing Director/CEO FRC/2013/ICAN/00000002076 FRC/2013/ICAN/00000005139
26 2014 ANNUAL REPORTS AND ACCOUNTS MANAGEMENT'S DISCUSSION AND ANALYSIS
2014 ANNUAL REPORTS AND ACCOUNTS 27 This “Management Discussion and Analysis’ as at 31 Business Objective and Strategy December 2014 has been prepared in line with the Standard Alliance Insurance Plc is a public liability regulatory requirements and also the need to foster company registered in Nigeria to provide a range of deeper understanding of our strategy, operating risk insurance services to individuals, corporate bodies and performance. and government. Its objective is to be an Insurer of choice. The financial information presented in this report including the tabular amounts is in Naira and is To achieve this, the Company is trying to lay down well- prepared in accordance with the International Financial structured plans and corporate strategies to drive its Reporting Standards („IFRS )’ growth. It is the intention of management to continually churn out new products that will satisfy the To facilitate wholesome understanding of the quest of our numerous customers while deepening Company s position, it is advised that the content in the existing ones. this report be read in conjunction with the financial statements. To ensure that this goal is achieved, the Company's strategy is to broaden and align service delivery The principal activities of the Company during the year channels along customer segment taking cognizance remained as general insurance business. The of the difference between policy administration management commentary was as at 31 December product support and customer care to adequately 2014 and should be read in conjunction with the cater for peculiar needs for each segment. financial statements as at 31 December 2014.
During the year under review the activities of Boko Haram continued unabated in some states in the North. This has caused unprecedented loss of lives and properties and gradually grounding the businesses of the affected states. Despite the initiatives by policy makers to encourage low cost or micro insurance products and to expand policies to better reach low and medium income community, low level acceptance of insurance among the wider public continue to remain the biggest hurdle for the industry.
28 2014 ANNUAL REPORTS AND ACCOUNTS Management Analysis and discussion
Performance Indicators
Operating results and financial position BUDGET ACTUAL % ACTUAL 2014 2014 ACHIEVED 2013 N’000 N’000 N’000 Gross premium 7,044,091 4,338,679 62 3,799,634 Net premium 6,057,918 3,863,664 64 3,095,919 Claims expenses 886,182 1,477,173 167 1,166,515 Investment income 242,268 239,631 99 335,212 Profit/loss before tax 1,136,534 (1,982,613) (174) (789,736) Taxation 409,152 (98,029) (24) (91,206) Loss after tax 727,382 (2,080,642) (286) (880,942) Property, plant and equipment 2,344,791 2,222,606 95 1,909,303 Net assets 6,345,118 3,417,482 54 4,741,472 Ordinary share capital 5,996,587 5,996,587 100 5,996,587 Shareholders fund 6,345,118 3,417,482 54 4,741,472 Insurance fund 1,817,703 2,402,454 132 2,000,759
The business experienced some challenges resulting largely due to increase in gross premium income from the on-going business model restructuring and during the year, consequent upon which the transformation of the service channels. These management expenses increased. imperatives along with other initiatives targeted at strengthening our enterprise support capabilities have started yielding results. Loss before Taxation The Company recorded a loss before tax of N1.982 billion in 2014 as against loss of N790 million in Performance Review 2013. This increase in loss is as a result of our share in The Company experienced a growth of 14% in gross the losses of our associate company. premium written when compared to the prior year’s result of N3.79 billion. The growth was mainly attributable to increasing marketing network. Liquidity, Capital Resources and Risk Factors The increase in the Company’s activity was also reflected in the earned premium of N3.9 billion, an The Company’s cash investment continues to be in increase of N856 million over that of 2013. accordance with its investment policy and complies with regulatory requirements. The Company’s investment strategy is underpinned by a focus on Operating Expenses highly liquid financial instrument such as term deposit, equity and debt instrument. We expect our investment Operating Expenses which includes underwriting income to grow considerably in the coming years as we expenses, claims expenses, reinsurance expenses and are poised to take advantage of the investment management expenses totalled N5.09 billion for the opportunities in the money market and capital year ended December 2014 as against N4.31 billion markets. recorded in 2013, an increase of N0.7 billion which was
2014 ANNUAL REPORTS AND ACCOUNTS 29 Future Outlook IT Support We expect to see a number of significant adjustments The Company will continue to accord IT investment the in the year 2015, especially to the realities of vastly deserved priority not only for its traditional investment changed government revenue profile and the Naira status but also as a means of ensuring efficient and exchange rates against foreign currencies. The private prompt service delivery. sector may see intensification of existing and new export initiatives. There are signals that regulatory Conclusion emphasis will be placed on promoting GDP-enhancing and foreign exchange earning activities. Inflation is very Many factors and assumptions may affect the likely to commence an upswing and the need for cost manifestation of the Company’s projections, including control by both government at all levels and private but not limited to production rate, claims rate, sector operators is imperative. employees turnover, relationships with Brokers, Agents and Suppliers, economic and political On our own part there are plans to merge the conditions, non compliance with laws or regulations by operations of the Company with that of its associate, the Company’s employees, brokers, agents, suppliers Standard Alliance Life Assurance Limited. When and/or partners and other factors that are beyond its consummated it is hoped that the resulting bigger control. composite company will take advantage of the huge potentials in both the General and Life segment of the Without prejudice to the Company, such forward insurance market. The coming on board of the new looking-statement reflects Management’s current strategic investor, Gemrock Management Company belief and based on available information which are Limited and the reconstitution of the Board and subject to risks and uncertainties as identified. management team will lead to significant improvement Therefore, the eventual action and/or outcome could in both corporate governance and financial differ materially from those expressed or implied in performance going forward. such forward–looking statements, or could affect the extent to which a particular projection materializes. Government policies The forward looking statements in this document and economic reforms reflect the Company s expectation at the time We expect to see policy decisions and developments in Company’s Board of Directors approved this the industry. Elections would have been held across document and are subject to change after this date. the country freely and fairly. The activities of States and The Company does not undertake any obligation to Federal tiers of government will continue to impact update publicly or revise any such forward-looking positively on the business environment. statements, unless required by applicable legislation or regulation. Performance Management The Company will continue with its quarterly nationwide performance review as a means of focussing and driving marketing activities. This will also aid in monitoring and matching actual performance with budget.
30 2014 ANNUAL REPORTS AND ACCOUNTS CEO S REPORT
Dear shareholders, the immediate financial year 2014 turned out to be one of mixed events. The first half was filled with excitements about a rebasing exercise that revised national GDP to well over half a trillion US$, and a second half preoccupied with preparation for elections and an oil rout that dampened business tone for the rest of the year.
INSURANCE BUSINESS The Nigerian insurance industry is among the fastest growing sector of the Nigerian economy, with annual insurance sector real GDP growth of about 7.2% in 2014. But the industry's 5-year average annual growth in premium income over 2010-2014 was at about 11%. The industry's performance is reflective of aggressive marketing by insurers, as well as the impact of recent policy changes, in particular the upholding of the sanctity of the 'No Premium, No Cover' principle which NAICOM began in 2013, and the Local Contents Law 2010 for the energy industry. Such robust growth ushered in foreign investor entries into the industry, especially private equity firms and a handful of global brands. Nevertheless, the industry still faces the three principal challenges of low penetration due to little public awareness, weak enforcement of insurance legislation, and claims fraud.
COMPANY PERFORMANCE Your company operated in the business environment just described above and it took an adept Management and strong Board oversight for us to arrive at this junction. With hard work and thoughtful customer service, we succeeded in growing our premium incomes at 14% in the year under review, well above industry premium growth rate of about 7.3% in 2014. While we managed our claims and expenses effectively, we also had challenges of non-renewal of key customer accounts. We also had to provision for impairments of assets, and needed to book some charges for associate entities we longer wanted to hold investments in. Thus, the overall effects of these impacts were brought upon our P&L in the year under review.
TRANSFORMATION BODE AKINBOYE Against the background of our performance in financial year 2014, we have embarked on a transformation agenda that will refocus our GMD/CEO strategy and match same with sufficient capital injections. By December 2014, we effectively exited all non-core activities via a divestment in associate companies in real estate, financial advisory and asset management businesses. Our refocused strategy is to aggressively build up our life assurance franchise as currently embedded in SA Life Assurance Limited. Following the divestment from non-core activities, we have increased our equity stake in SA Life Assurance Limited to majority control cadre, and we intend to significantly inject resources in order to be able to cross-sell retail products. Our strategy will also see us launch new products that we have found to be missing in the wider insurable risks spectrum of Nigeria. We intend to operate a lean insurer model, by turning to
2014 ANNUAL REPORTS AND ACCOUNTS 31 mobile and payment technology in the marketing and brokers for their patronage and loyalty; I wish to collection functions. New senior hands have been hired thank the entire members of Staff for their hard in retail, investment portfolios, corporate strategy, quality work and dedication in the services of the process, and technology. company; I wish to thank our different advisers and professionals who worked with us in the course of In order to achieve the best cross selling platforms, we the financial year 2014. Lastly, I am thanking you all have commenced a process of merger of SA Insurance as shareholders of the company for giving the Plc and SA Life Assurance Limited, in order to bring our Directors the opportunity to manage the affairs of life and non-life businesses under a single, post-merger, the company. composite insurance company. Approval in principle for the merger has been granted to us by the primary regulator, NAICOM, and we envisage that all other necessary regulatory approvals will be in place shortly. A post-merger composite platform will boost our risk underwriting scale along a wider customer base, cross selling opportunities, lower marketing costs, shared BODE AKINBOYE central costs, and a richer retail outreach network across GMD/CEO the country. We are currently in discussions with potential investors in order to inject the needed capital to support the composite business model. These strategic steps are expected to impact positively on our midterm earnings and profitability, on our solvency, on our ability to serve customers, and on our overall brand in the Nigerian insurance market.
2015 OUTLOOK While global oil markets continue the price depression, we expect energy insurance to slide into a lull, and thus competition to become fiercer in the non-energy wing of the insurance business. Under the current policy stance of the regulator, it is possible to sustain premium income earnings, but strong indications are emerging that retail and life products are the midterm direction of insurance business in Nigeria. Your Directors and Management are prepared for these and are working tirelessly to beat the competition in every business segment of the company.
I wish to express my sincere appreciation to everyone connected in one way or the other to Standard Alliance Insurance Plc. I specifically thank our customers and
32 2014 ANNUAL REPORTS AND ACCOUNTS Management Analysis and discussion MANAGEMENT TEAM
MR. BODE AKINBOYE ORERHIME EMERHOR-IWUAGWU ANIETIE LAWRENCE UDO
Bode Akinboye is the Group Managing Director Mrs. Orerhime Emerhor-Iwuagwu is an Executive Miss. Anietie Udo, a General Manager, leads the of the company. He has a verifiable and significant Director at Standard Alliance Insurance Plc. She company's Financial Institutions/Multi-Clients and record of performance in the Insurance Industry. holds a Bachelor's degree in Economics from the General Business Division. She holds a Bachelor of He is the Vice Chairman of Gemrock Management University of Manchester, UK and a Master's degree Science degree in Banking & Finance (1993) from Company Limited, the special purpose vehicle which in Leisure and Hospitality Management from the the University of Uyo, Akwa Ibom State and Master's acquired strategic stake in Standard Alliance University of Sheffield, UK. She is an alumnus of Degree in Business Administration (Marketing) from Insurance Plc in December 2014. the prestigious Lagos Business School and has the University of Calabar. She is a member of had trainings in London and Pan-Asian Chartered Insurance Institute of Nigeria (CIIN). He had an exemplary career spanning close to insurance markets. twenty years as Financial Controller, AGM Oil/ Miss Udo began her career in insurance with Energy, Financial Institution Marketing, Managing She brings into the management team years of Industrial and General Insurance Company Limited Director/Chief Executive and then Group Managing quality experience from Vetiva Capital Management (IGI) in 1997 as a Field Officer and was promoted to a Director of Standard Alliance Group from where he Limited, Oando Plc and Lagoon Home Savings and Field Analyst in 1998. While with IGI, she won the left in 2009 to set up the private equity company. Loans Limited. She is a Distinguished Member, AES Leadership/Best Marketer's award in 1999 and 2000. Excellence Club; member, Institute of Directors As the then Group Managing Director/Group Chief (IoD) and member, Chartered Insurance Institute In 2001, she joined Standard Alliance Life Assurance Operating Officer of Standard Alliance Group, he was (London). Limited as the Head, Oil & Energy Unit and then had responsible for co-ordinating the strategic plans of a brief stint with African Development Insurance the six member companies with focus on non-Life Company Limited (ADIC) (2003) before joining Insurance, Life Assurance, Pension Funds Standard Alliance Insurance Plc. Administration, Asset Management, Mortgage Banking, Property and other investments.
Mr. Akinboye was responsible for driving the team that transformed Standard Alliance Group into one of the most formidable, innovative and profitable non-bank financial services group in Nigeria. During his tenure at Standard Alliance Insurance Plc, he led the team to achieve listing and quotation of the company on the Nigerian Stock Exchange, grew the company's asset base to over N20bn and facilitated foreign direct investments of about USD$20m to the company.
A former Management Accountant with Industrial and General Insurance Plc (IGI) before joining Standard Alliance, Mr. Akinboye is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN); Member, Nigerian Institute of Management (NIM); Member, Institute of Directors (IOD) and an Alumnus of Lagos Business School (LBS), Pan African University. He is also a graduate of the Owner President Management Program (OPM) and an Alumnus of Harvard Business School, Boston, USA. He has attended various courses locally and internationally. Mr. Akinboye served on the Governing Council of the Nigerian Insurers Association and was the Treasurer of the Association for four (4) years. He is a strategist in products packaging, marketing and corporate management; public speaker and an expert in capacity building and human resources development.
2014 ANNUAL REPORTS AND ACCOUNTS 33 MANAGEMENT TEAM (CONTINUED)
EBOSE AUGUSTINE OSEGHA NKEIRUKA UZOECHI NWADIUTO OLAMMA ONUOHA
Mr. Ebose Austin Osegha is a General Manager Miss. Nkeiruka Uzoechi is Group Head, Human Miss. Nwadiuto Olamma Onuoha is the Company with the company. He heads the organisation's Capital Management of the company. She holds a Secretary/Legal Adviser of the organization. She Public Sector/Brokers' Division. He holds a Bachelor Bachelor of Law degree (LLB) Hons from Nnamdi joined the company in January 2015 from Helios of Science Degree in Economics and a Master's Azikiwe University, Awka and was called to the Towers Nigeria Limited where she was Chief Legal Degree in Business Administration from Delta State Nigerian Bar in 1991. She also holds a Master's and Regulatory Officer. She was responsible for the University and University of Ado-Ekiti respectively. degree in Business Administration (Management) legal, regulatory & Company Secretarial functions at from the Lagos State University. Helios Towers Nigeria. He joined A & G Insurance Plc in 2000 as a branch staff and rose to the position of a Branch/Business She has over 20 years of experience in Human A graduate of Queen Mary College, University Development Manager from where he joined Capital Resources Management, having worked at various of London, where she also obtained her LL.M in Express General Insurance Limited as Group Head, organizations. She started her career as a Legal Telecommunications Law, Ms. Onuoha has not less Public Sector in November, 2004. He later moved to Officer with Sea Petroleum Ltd and rose to the level than 14 years legal and regulatory advisory SA Insurance Plc where he has been an asset. of Company Secretary/Legal Adviser before her exit. experience with particular focus on West and She has also worked with Trust Bank of Nigeria, East African Region (WECA). Her experience Mr. Ebose is a member of the Chartered Institute Standard Alliance Insurance Plc and Spring Life includes advising on general commercial matters, of Stockbrokers of Nigeria and Member, Chartered Assurance Plc where she held positions as Head Mergers and Acquisition (M & A), outsourcing, Insurance Institute of Nigeria. He has attended of Human Resources and served regulatory assignments, litigation and company courses in Insurance, Management and Relationship in several management committees. secretarial duties. Marketing Economics locally and internationally. She was part of the team that repositioned Over recent years, she had led and managed legal Standard Alliance Insurance Plc from a limited liability teams, handled major advisory transactions, sale and company to a leading insurance company listed on lease backs, M&A's in relation to a range of assets the Nigerian Stock Exchange. classes in the telecoms sector.
Prior to joining Helios Towers Nigeria, she had Nkeiruka was a partner at HR Support Company worked in almost all segments of the Nigerian Limited, a Human Resources Consulting firm which telecommunications sector, including the role of offers services ranging from Consulting, Outsourcing, AGM; Head, Legal and Regulatory/Company Training and Development. Secretary in Visafone Communications (CDMA) and Senior Manager level at Airtel Nigeria (GSM). She also She has expertise in human resource administration served as Chief Legal and Regulatory Officer for and human capital development. She has designed UNOTELOS, a Value-Added Services Company (VAS) and implemented human resources strategies for and Country Interconnect Clearing Company various organizations spanning from performance (CICC FZ), a Dubai based telecoms financial management systems, HR policies, structure and reconciliations firm. design as well as compensation and reward structures.
She has attended various human resources, leadership and strategic courses, has facilitated in several training programmes and spoken at various seminars.
34 2014 ANNUAL REPORTS AND ACCOUNTS Management Analysis and discussion MANAGEMENT TEAM (CONTINUED)
JEGEDE BIODUN OLUKOLAJO EZEKIEL. O THOMPSON AKHIGBE
Mr. Jegede Biodun is the Divisional Head, Brokers Mr. Olukolajo Ezekiel Oluseun is an Assistant Thompson Akhigbe is Head, Internal Control of the Marketing. He rejoined the company from Associated General Manager with the company and he heads company. He joined Standard Alliance Insurance Plc Insurance Brokers where he was General Manager. the organisation's Technical Division. He joined the in January, 2015 from AIICO where he was Head, An expert in sales channel development in insurance, company in March, 2015 from Old Mutual Nigeria Budget and Financial Reporting. Mr. Jegede holds a Post Graduate Diploma (PGD) in where he was Head, Technical & Reinsurance Group Marketing from Tafawa Balewa University, an HND in (General Insurance). Mr. Akhigbe who is bringing his over 21 years of Finance and Banking, The Polytechnic, Owerri and a experience in the nation's insurance industry to National Diploma in Banking and Finance from The He holds a Higher National Diploma in Insurance the functions of the company began his insurance Polytechnic, Ibadan. from The Polytechnic, Ibadan (1997) and in 2008, career in 1993 at The Lion of Africa Insurance he obtained a Post-Graduate Diploma in Education Company Limited. He commenced his working career as an Assistant Administration and Management from the Lagos He moved later to Equity Assurance Plc in 2006 Credit Officer with the AfriBank Nigeria Plc in 1987. State University, Ojo, Lagos. He joined Equity Indemnity Insurance Company Ltd where he became Head, Credit Control. He left Equity Assurance for Cornerstone Insurance Plc in 1998 as Senior Marketing Executive after his NYSC Mr. Olukolajo has a consistent and vast experience in February 2008 and served as Internal Auditor year as Accounts Officer at Dehinde Odusanya & Co. in insurance, cutting across General Insurance In 2003, he moved to SA Insurance Plc and was before joining AIICO in September 2008. While at Underwriting and Risk Management, Reinsurance, Principal Manager/Group Head, Brokers Marketing AIICO, he functioned severally as Senior Manager, Claims Administration and Insurance Broking. Group in 2010 when he moved to Associated Credit Control/Strategy; Head, General Accounts Insurance Brokers. and Head, Budget and Financial Reporting. He started his working career at Law Union & Rock Insurance of Nigeria Plc, Warri office, Delta Mr. Jegede is an Associate, Chartered Institute of He holds HND in Marketing from the Lagos State Bankers of Nigeria. He has attended several relevant State in 1999 where he functioned as Assistant Polytechnic. He is an Associate Member of the training programmes. Superintendent. In 2001, he moved to Royal following professional bodies: the Institute of Exchange Assurance (Nig.) Plc where he served as Chartered Accountants of Nigeria (ICAN), Chartered Senior Officer, Commercial Property Division. Insurance Institute of Nigeria (CIIN) and the Thereafter in 2003, he joined Guardian Express Chartered Institute of Taxation of Nigeria (CITN). Assurance Limited as the Head of Operations at its Port Harcourt branch. Mr. Akhigbe who has attended several strategic trainings, both locally and internationally, is a Mr. Olukolajo also worked in various subsidiaries of member of The Apapa Club. the United Bank for Africa (UBA). From 2005 to 2007, he was with UBA Insurance Company Limited as the Unit Head, Underwriting & Risk Management. He moved on to UBA Insurance Brokers Limited as Chief Operations Officer (COO) from 2007 to 2012 and then to United Bank of Africa Plc, Victoria Island office, Lagos in 2013 where he was Profit Centre Manager. He later joined Old Mutual Nigeria same 2013 as Head, Technical & Reinsurance Group (General Insurance).
Mr. Olukolajo who is an Associate of the Chartered Insurance Institute of Nigeria (ACIIN) has attended several courses and training in General Business underwriting, Engineering, Energy & Special Risks including the prestigious 'Siyafunda' Training on Commercial Risks Underwriting & Reinsurance promoted by Swiss Re.
2014 ANNUAL REPORTS AND ACCOUNTS 35 MANAGEMENT TEAM (CONTINUED)
MS ADEBAYO OLUFUNKE KADIRI IJEREMHE EMMANUEL AKINTOMIDE BOSEDE GRACE
Ms Adebayo Olufunke is the Divisional Mr. Kadiri Ijeremhe Emmanuel is the Senior Manager Mrs. Akintomide Bosede Grace, the Group Head, Head SA Direct Sales, responsible for the Finance. He is a graduate of Banking and Finance Brokers' Business of the company. She joined the Company's Retail Business. from the University of Calabar, Calabar, Cross River company from FBN Insurance Limited. She began State. He also holds a Master's degree in Business her insurance marketing career in 2000 as a Senior With a proven track record of leading teams to Administration (MBA) from Ambrose Alli University, Marketing Officer at Metropolitan General Insurance. combine strong product knowledge with excellent Ekpoma, Edo State and a Master of Science (M.Sc.) She later worked with Trustworld Insurance negotiation skills for the maximization of sales and in Finance from the University of Lagos. Kadiri is an Company as Head, Brokers' Unit, Oasis Insurance Plc Associate Member of the Institute of Chartered target delivery and the minimization of cost whilst as the Branch Manager, Ikeja and Surulere offices Accountants of Nigeria (ICAN). and FBN Insurance Limited respectively before proffering personal or enterprise risk solutions to a joining Standard Alliance Insurance Plc in March, diverse range of stakeholders across both the public He has an enormous experience in financial 2015 as a Senior Manager. and private sectors, She brings to bear over 16 accounting, analysis and modeling backed with years industry experience in managerial and client an uncanny ability to solve complex financial Mrs. Akintomide is a Member, National Institute handling, strategic planning, sales and business problems. He is an expert at providing strategic of Marketing of Nigeria (NIMN) and an Associate development. decision support to business operations, budgeting Member of the Nigerian Institute of Management techniques and designing financial strategy. (ANIM) and the Chatered Insurance Institute of She has served in management capacity in the Nigeria (CIIN). following organizations Nem Insurance Plc, Law Before he began his insurance career with the Union & Rock Insurance Plc, Mutual Benefits company in 2001, he had worked with S.S. Afemikhe She holds a 2007 Master of Business Administration Assurance Plc where she was the pioneer Regional & Co (Chartered Accountants) as Audit Senior from (MBA) in Marketing from Ladoke Akintola University Manager Northern Operations, responsible for the 1996 to 2001. Prior to this, Mr. Kadiri was the of Technology, Ogbomosho, a Post-Graduate Accountant at Gemini Trust Limited, an investment creation, control and coordination of branches and Diploma (PGD) in Management from the University of and financial advisory services outfit. He also had Calabar (2002) and a Higher National Diploma (HND) inter-branch operations respectively, brand a brief stint with Canon Mortgage Finance Ltd in Insurance from The Polytechnic, Ibadan. projection, staff motivation and selection, strategy (Mortgage Bankers). design and implementation for the region. She later had a stint with Old Mutual Nigeria as Head of Sales and Distribution. She joins the company from Dutee Insurance brokers Ltd where she was General Manager Marketing of the Brokerage Firm.
Ms Adebayo is an Associate member of the Chartered Insurance Institute of Nigeria, the Nigerian Institute of Management, and the Institute of Strategic Management of Nigeria. She has an MBA from Ambrose Alli University Ekpoma, a Post Graduate Diploma in Insurance and Risk Management from the West African Insurance Institute in the Gambia and a B.Sc. Degree from the University of Ibadan Nigeria.
She has attended many professional courses both locally and internationally.
36 2014 ANNUAL REPORTS AND ACCOUNTS Management Analysis and discussion MANAGEMENT TEAM (CONTINUED)
BLESSING IYAJI ANA TOPE AGBOOLA
Mrs. Blessing Iyaji Ana is the Group Head, Financial Tope Agboola is the Chief Investment Officer. He has Institution. She joined the company from FBN over 15 years of work experience, across investment Insurance Limited. She started her insurance career banking, economics consulting, and corporate with the company as Business Development strategy. Previously, he worked in the London office Executive and was later promoted as Acting Group of US investment bank HoulihanLokey, and at the Head, Financial Institution, from 2002 to 2006. She Afreximbank in Cairo, Egypt. In Nigeria, his career moved over to Staco Insurance Plc in 2007 and took footprints were at FSB International Bank Plc, the up the same position at its Lagos Control office. She, Lagos Business School, Economic Associates Limited, thereafter, joined Equity Assurance Plc as Group Gelnd Equity & Co. Limited, KainosEdge Consulting Head, Financial Institution, Commercial Division. In Limited, and Alternative Capital 2014, she took up a job at FBN Insurance Limited as Partners Limited. Corporate Business Development Manager. In March 2015, she rejoined the Standard Alliance Insurance Tope graduated as best student and with a Plc team as a Senior Manager. first class honors degree in accounting at the Obafemi Awolowo University Ile–Ife, and later Mrs. Ana holds a Higher National Diploma in went on to study economics at Essex and Cambridge Accountacy from the Institute of Management Universities in England, and at the University of New and Technology, Enugu State (2000), an Executive Brunswick, in Canada Master's Certificate from British School of Management (2007) and a Diploma (2013) from the Chartered Insurance Institute of Nigeria.
She is a Member of both the Chartered Insurance Institute of Nigeria and the Institute of Chartered Accountants of Nigeria (ICAN).
2014 ANNUAL REPORTS AND ACCOUNTS 37 INDEPENDENT AUDITORS' REPORT
38 2014 ANNUAL REPORTS AND ACCOUNTS Report of Independent Auditors
TO THE MEMBERS OF STANDARD ALLIANCE INSURANCE PLC
We have audited the accompanying financial statements of Standard Alliance Insurance Plc. These financial statements comprise the statement of financial position as at 31 December 2014, the statement profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows for the year then ended, a summary of the significant accounting policies and other explanatory notes.
Directors' responsibility for the Financial Statements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board, and in compliance with relevant provisions of the Financial Reporting Council of Nigeria Act, No 6, 2011, the Companies and Allied Matters Act, CAP C20 LFN 2004 and the Insurance Act, CAP I17, LFN 2004 and its interpretations issued by the National Insurance Commission in its Insurance Industry Policy Guidelines. This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.
Auditors' responsibility Our responsibility is to express an independent opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform our audit to obtain reasonable assurance that the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal controls relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis on matter Without qualifying our opinion, we draw your attention to note 50(c) to the financial statements which indicates that the Company had a shortfall of N262,331,000 in solvency margin as at 31 December 2014.
Contravention of laws and regulations During the year the Company contravened certain sections of the Insurance Act, CAP I17, LFN 2004 and NAICOM's operational guidelines. Details of the contravention and appropriate penalties thereon are disclosed in note 44.
2014 ANNUAL REPORTS AND ACCOUNTS 39 Opinion In our opinion, the financial statements give a true and fair view of the state of affairs of the Company's financial position as at 31 December 2014 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and in compliance with the relevant provisions of the Financial Reporting Council of Nigeria Act No 6, 2011, the Companies and Allied Matters Act, CAP C20, LFN 2004 and Insurance Act, CAP I17, LFN 2004 and its interpretations issued by the National Insurance Commission in its Insurance Industry Policy Guidelines.
Report on other legal requirements The Companies and Allied Matters Act, CAP C20, LFN 2004 requires that in carrying out our audit, we consider and report to you on the following matters. We confirm that:
I) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
ii) in our opinion, proper books of account have been kept by the Company; and
iii) the Company's statement of financial position and statement of comprehensive income are in agreement with the books of account.
Lagos, Nigeria Olugbemiga A. Akibayo 21, July 2015 FRC/2013/ICAN/00000001076 For: BDO Professional Services Chartered Accountants
40 2014 ANNUAL REPORTS AND ACCOUNTS REPORT OF THE AUDIT COMMITTEE
2014 ANNUAL REPORTS AND ACCOUNTS 41 TO THE MEMBERS OF STANDARD ALLIANCE INSURANCE PLC
In accordance with the provisions of Section 359(6) of the Companies and Allied Matters Act, CAP C20 of the Laws of the Federation of Nigeria 2004, we the Members of the Audit Committee of Standard Alliance Insurance Plc having carried out our statutory functions under the Act, hereby report as follows:
• We have reviewed the scope and planning of the audit for the year ended 31 December, 2014 and we confirm that they were adequate.
• The Company’s reporting and accounting policies as well as internal control systems conform to legal requirements and agreed ethical practices.
• We are satisfied with the departmental responses to the External Auditors’ findings on management matters for the year ended 31 December, 2014.
Finally, we acknowledge and appreciate the cooperation of Management and Staff in the conduct of these duties.
For Mr. Chuka Onwuchekwa FRC/2013/IODN/2788 Chairman of the Audit Committee 6 July, 2015
Members of the Audit Committee Mr Chuka Onwuchekwa - Chairman (Shareholder) Mr. Matthew Esonanjor - Member (Shareholder) Mr. Godwin Anono - Member (Shareholder) Dr. Ramsey Mowoe - Member (Director) Brig. Gen. Dominic Oneya (Rtd) - Member (Director) Mr. Ayodele Ajayi - Member (Director)
42 2014 ANNUAL REPORTS AND ACCOUNTS SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2014 ANNUAL REPORTS AND ACCOUNTS 43 The following are the significant accounting policies Company Limited. The name was changed to Standard adopted by the Company in the preparation of its Alliance Insurance Company Limited (Standard financial statements. These policies have been Alliance) in August 1996. consistently applied to all year's presentations, unless Standard Alliance Insurance became a Public Liability otherwise stated. Company (Plc) on 30th May 2002 and was quoted on the Nigerian Stock Exchange in December 2003. 1 The reporting entity The Company is 100% fully owned by Nigerian citizens The Company was incorporated in July 1981 as a and Institutional investors. Its major shareholders are: Private Limited Liability Company and commenced full operations in 1982 under the name Jubilee Insurance
Units % Standard Alliance Investments Ltd 3,158,982,140 26.34 FCMB Plc 1,428,700,000 11.91 Synetics Technologies Limited 309,581,094 2.58 New Heroes Limited 113,580,709 0.95 PanAfrica Capital Plc 252,931,000 2.11 Stanbic Nominee Trading Ltd 321,013,371 2.68
The Company has interest in the following associates: Units % Standard Alliance Life Assurance Ltd 1,905,000 47.47 Standard Alliance Properties Ltd 275,000 40 Standard Alliance Capital and Assets Ltd 400,000 40
These financial statements for the year ended 31 December 2014 were approved for issue by the Board of Directors on 6 July 2015.
The Company’s principal activity continues to be provision of risk underwriting and related financial services to its customers. Such services include provision of general insurance services to both corporate and individual customers.
2. Basis of presentation 2.2 Going concern 2.1 Statement of compliance with International The financial statements are prepared on a going concern basis. The Company has no intention or need Financial Reporting Standards (IFRSs) to reduce substantially its business operations. The financial statements are prepared in accordance with International Financial Reporting Standards 2.3 Basis of measurement (IFRSs) as issued by the International Accounting Historical cost basis was used in the preparation of the Standards Board (IASB) and the interpretations of financial statements as modified by certain items of: these standards, issued by the International Investments at fair value Accounting Standards Board (IASB) and the Available for sale financial assets that are requirements of the Companies and Allied Matters Act measured at fair value CAP C20, LFN 2004 and the Insurance Act, I17, 2004 Impaired assets at their recoverable amounts and regulatory guidelines as pronounced from time to Insurance contract liabilities at fair value time by National Insurance Commission (NAICOM), to Land and Building stated at revalued amount the extent that they are not in conflict with IFRS.
44 2014 ANNUAL REPORTS AND ACCOUNTS Summary of Significant Accounting Policies
2.4. Functional and Presentation Currency Whether it is probable that future taxable profits The financial statements are presented in Nigerian will be available against which temporary naira (N), which is also the functional currency of the differences can be utilised; and Company, rounded to the nearest thousand (N'000) unless otherwise indicated. Whether the Company has the ability to hold 'held- to maturity' investments until they mature. If 2.5. Order of presentation the Company were to sell other than an insignificant amount of such investments before maturity, it The Company presents its statement of financial would be required to classify the entire class as position broadly in order of liquidity. An analysis "available-for-sale" and measure them at fair value. regarding recovery or settlement within twelve months after the reporting date (current) and more than 12 (ii) Key sources of estimation uncertainty months after the reporting date (non-current) is presented in the notes. a) Valuation of insurance contract liabilities Critical assumptions are made by the actuary in determining the present value of actuarial liabilities. 3. Significant management judgements and key These assumptions are set out in accounting policy sources of estimation uncertainty 5.19 and as embedded in the report. The liability for In the process of applying the accounting policies insurance contracts is either based on current adopted by the Company, the directors make certain assumptions or on assumptions established at judgments and estimates that may affect the carrying inception of the contract, reflecting the best values of assets and liabilities in the next financial estimate at the time increased with a margin for risk period. Such judgments and estimates are based on and adverse deviation. All contracts are subject to a historical experience and other factors, including liability adequacy test, which reflects expectations of future events that are believed to be management s best current estimate of future reasonable under the current circumstances. The cash flows. directors evaluate these at each financial reporting date to ensure that they are still reasonable under the Estimates are also made as to future investment prevailing circumstances based on the information income arising from the assets backing insurance available. contracts. These estimates are based on current market returns as well as expectations about future The preparation of the Company‟s financial economic and financial developments. statements requires management to make judgments, estimates and assumptions that affect the reported Assumptions on future expenses are based on amounts of revenues, expenses, assets and liabilities current expense levels, adjusted for expected and the disclosure of contingent liabilities, at the expense inflation if appropriate. reporting date. However, uncertainty about these assumptions and estimates could result in outcomes b) Property, plant and equipment that could require material adjustments to the carrying Critical estimates are made by the directors in amount of the asset or liability affected in the future. determining the useful lives and residual values of These factors could include: property, plant and equipment.
(i) Significant judgements made in applying the c) Impairment losses Company's accounting policies Estimates are made in determining the impairment The judgements made by the directors in the process losses on assets. Such estimates include the of applying the Company’s accounting policies that determination of the recoverable amount of the asset. have the most significant effect on the amounts recognised in the financial statements include:
2014 ANNUAL REPORTS AND ACCOUNTS 45 d) Income taxes e) Critical judgments in applying the entity's The Company is subject to income taxes under the accounting policies Nigerian Tax Laws. Significant estimates are required in In the process of applying the Company's accounting determining the provisions for income taxes. There are policies, management has made judgements in many transactions and calculations for which the determining: ultimate tax determination is uncertain during the ordinary course of business. Where the final tax I) The classification of financial assets and liabilities outcomes of these matters are different from the ii) Whether assets are impaired. amounts that were initially recorded, such difference iii) Whether land and buildings meet the criteria to will impact the income tax and the deferred tax be classified as investment property. provisions in the period in which such determinations are made.
46 2014 ANNUAL REPORTS AND ACCOUNTS Summary of Significant Accounting Policies
4. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
Impact on IFRS Reference Nature of change Application date initial Application IFRS 1 First-time Adoption of International Financial Reporting Standards
Annual The amendment to the Basis for Conclusions clarifies that an Mandatory adoption No impact, as Improvements entity has an option to use either: for periods beginning the Company (2011–2013 on or after 1 July has already Cycle) Issued - The IFRSs that are mandatory at the reporting date, or 2014. Early adoption adopted IFRS December - One or more IFRSs that are not yet mandatory, if those IFRSs permitted. 2013 permit early application.
IFRS 2 Share-based Payment
Annual The amendment clarifies vesting conditions by separately Mandatory adoption No impact as Improvements defining a performance condition and a service condition, both for periods beginning the Company (2010-2012 of which were previously incorporated within the definition of a on or after 1 July has no share Cycle) Issued vesting condition. 2014. Early adoption based December permitted. payment 2013
IFRS 3 Business Combinations
Annual The amendment clarifies that contingent consideration is Mandatory adoption No impact, as Improvements assessed as either being a liability or an equity instrument on for periods beginning Company is (2010-2012 the basis of IAS 32 Financial Instruments: Presentation, and on or after 1 July not involved in Cycle) also requires contingent consideration that is not classified as 2014. Early adoption any business Issued equity to be remeasured to fair value at each reporting date, permitted. combination. December with changes in fair value being reported in profit or loss. 2013
Annual The amendments to IFRS 3 clarify that: Mandatory adoption No impact Improvements - The formation of all types of joint arrangements as defined in for periods beginning (2011-2013 IFRS 11 (ie joint ventures and joint operations) are on or after 1 July Cycle) excludedfrom the scope of IFRS 3 2014. Early adoption Issued - The scope exception only applies to the accounting by the permitted. December joint arrangement in its own financial statements and not to 2013 the accounting by the parties to the joint arrangement for their interests in the joint arrangement.
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
Annual The amendment clarifies that the reclassification of an asset or Mandatory adoption No impact Improvements disposal group from being held for sale to being held for for periods beginning (2012-2014 distribution to owners, or vice versa is considered to be a on or after 1 January Cycle) continuation of the original plan of disposal. 2016. Early adoption Issued Upon reclassification, the classification, presentation and permitted. December measurement requirements of IFRS 5 are applied. 2013 If an asset ceases to be classified as held for distribution to owners, the requirements of IFRS 5 for assets that cease to be classified as held for sale apply.
2014 ANNUAL REPORTS AND ACCOUNTS 47 NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
Impact on IFRS Reference Nature of change Application date initial Application IFRS 7 Financial Instruments: Disclosures
Annual The IASB clarified the circumstances in which an entity has Mandatory adoption The Company Improvements continuing involvement from the servicing of a transferred for periods beginning is yet to assess (2012-2014 asset. on or after 1 January the impact of Cycle) Continuing involvement exists if the servicer has a future 2016. Early adoption the adoption of interest in the performance of the transferred financial asset. permitted. this standard. Examples of situations where continuing involvement exists are where a transferor’s servicing fee is: - A variable fee which is dependent on the amount of the transferred asset that is ultimately recovered; or - A fixed fee that may not be paid in full because of nonperformance of the transferred financial asset. The amendment is required to be applied retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. However, the amendment needs not to be applied for any period beginning before the annual period in which the entity first applies the amendments.
A consequential amendment has been made to IFRS 1 First- time Adoption of International Financial Reporting Standards, in order that the same transitional provision applies to first time adopters. Applicability of the offsetting amendments in condensed interim financial statements. A further amendment to IFRS 7 has clarified that the application of the amendment Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) issued in December 2011 is not explicitly required for all interim periods. However, it is noted that in some cases these disclosures may need to be included in condensed interim financial statements in order to comply with IAS 34.
IFRS 8 Operating Segments
Annual The amendments require additional disclosures regarding Mandatory adoption The Company Improvements management’s judgements when operating segments have for periods beginning would implement (2010-2012 been aggregated in determining reportable segments, on or after 1 July the standard on Cycle) including: 2014. Early adoption adoption. Issued permitted. December - A description of the operating segments that have been 2013 aggregated - The economic indicators considered in determining that the aggregated operating segments share similar economic characteristics. Reconciliation of the total of a reportable segment‟s assets to the entity’s assets:
48 2014 ANNUAL REPORTS AND ACCOUNTS Summary of Significant Accounting Policies
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
Impact on IFRS Reference Nature of change Application date initial Application
The amendment clarifies that a reconciliation of the total of reportable segments assets to the entity‟s assets is only required if a measure of segment assets is regularly provided to the chief operating decision maker.
IFRS 9 Financial Instruments
IFRS 9 (2009) IFRS 9 (2009) applies to all assets within the scope of IAS 39 Can only be applied To be Issued: Financial Instruments: Recognition and Measurement. IFRS 9 if an entity’s date of implemented November requires that on initial recognition, all financial assets are initial application is on adoption of 2009 measured at fair value (plus an adjustment for certain before February the standard. transaction costs if they are not measured as at fair value 2015. through profit or loss) and are classified into one of two subsequent measurement categories:
- Amortised cost - Fair value. IFRS 9 (2009) eliminates the Held to Maturity (HTM), Available for Sale (AFS) and Loans and Receivables categories. In addition, the exception under which equity instruments and related
derivatives are measured at cost rather than fair value, where the fair value cannot be reliably determined, has been eliminated with fair value measurement being required for all of these instruments. A financial asset is measured after initial recognition at amortised cost only if it meets the following two conditions:
1. The objective of an entity’s business model is to hold the financial asset in order to collect contractual cash flows 2. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
All other instruments are required to be measured after initial recognition at fair value. IFRS 9 (2009) retains the current requirement for financial instruments that are held for trading to be recognised and measured at fair value through profit or loss, including all derivatives that are not designated in a hedging relationship.
Hybrid contracts with a host that are within the scope of IFRS 9 (2009) (ie a financial host) must be classified in their entirety in accordance with the classification approach summarised above. This eliminates the existing IAS 39 requirement to account separately for a host contract and certain embedded derivatives. The embedded derivative requirements under IAS
2014 ANNUAL REPORTS AND ACCOUNTS 49 NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
Impact on IFRS Reference Nature of change Application date initial Application
39 continue to apply where the host contract is a non-financial asset and for financial liabilities.
IFRS 9 (2009) includes an option which permits investments in equity instruments to be measured at fair value through other comprehensive income. This is an irrevocable election to be made, on an instrument by instrument basis, at the date of initial recognition. Where the election is made, no amounts are subsequently recycled from other comprehensive income to profit or loss. Where this option is not taken, equity instruments with the scope of IFRS 9 (2009) are classified as at fair value through profit or loss. Irrespective of the approach adopted for the equity instrument itself, dividends received on an equity instrument are always recognised in profit or loss (unless they represent a return of the cost of investment).
Subsequent reclassification of financial assets between the amortised cost and fair value categories is prohibited, unless an entity changes its business model for managing its financial assets in which case reclassification is required. However, the guidance is restrictive and such changes are expected to be very infrequent. IFRS 9 (2009) states explicitly that the following are not changes in business model:
1. A change in intention relating to particular financial assets (even in circumstances of significant changes in market conditions) 2. A temporary disappearance of a particular market for financial assets 3. A transfer of financial assets between parts of the entity with different business models.
IFRS 9 (2010) As noted above, IFRS 9 (2009) was published in November Issued: 2009 and contained requirements for the classification and October measurement of financial assets. Equivalent requirements for 2011 financial liabilities were added in October 2010, with most of them being carried forward unchanged from IAS 39.
In consequence: - A financial liability is measured as at fair value through profit or loss (FVTPL) if it is held for trading, or is designated as at FVTPL using the fair value option - Other liabilities are measured at amortised cost. In contrast to the requirements for financial assets, the bifurcation requirements for embedded derivatives have been retained; similarly, equity conversion features will continue to be accounted for separately by the issuer.
50 2014 ANNUAL REPORTS AND ACCOUNTS Summary of Significant Accounting Policies
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE
Impact on IFRS Reference Nature of change Application date initial Application
However, some changes have been made, in particular to address the issue of where changes in the fair value of an entity‟s financial liabilities designated as at FVTPL using the fair value option, which arise from changes in the entity‟s own credit risk, should be recorded.
This amendment is a result of consistent feedback received by the IASB from its constituents that changes in an entity’s own credit risk should not affect profit or loss unless the financial liability is held for trading.
IFRS 9 (2010) requires that changes in the fair value of financial liabilities designated as at FVTPL which relate to changes in an entity‟s own credit risk should be recognised directly in other comprehensive income (OCI). However, as an exception, where this would create an accounting mismatch (which would be where there is a matching asset position that is also measured as at FVTPL), an irrevocable decision can be taken to recognise the entire change in fair value of the financial liability in profit or loss.
IFRS 9 (2013) Three significant changes/additions were made compared to Can only be applied No impact Issued: the previous version of IFRS 9: if an entity’s date November - Add new hedge accounting requirements of initial application 2013 - Withdraw the previous effective date of 1 January 2015 and is before February leave it open pending the completion of outstanding phases of 2015. IFRS 9 - Make the presentation of changes in „own credit’ in other comprehensive income (OCI) for financial liabilities under the fair value option available for early adoption without early application of the other requirements of IFRS 9. The new hedge accounting requirements are more principles- based, less complex, and provide a better link to risk management and treasury operations than the requirements in IAS 39 Financial Instruments: Recognition and Measurement.
The new model allows entities to apply hedge accounting more broadly to manage profit or loss mismatches, and as a result reduce „artificial hedge ineffectiveness that can arise under IAS 39.
Key changes introduced by the new model include: - Simplified effectiveness testing, including removal of the 80- 125% highly effective threshold - More items will now qualify for hedge accounting, eg pricing components within a non-financial item, and net foreign exchange cash positions
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Impact on IFRS Reference Nature of change Application date initial Application
- Entities can hedge account more effectively the exposures that give rise to two risk positions (eg interest rate risk and foreign exchange risk, or commodity risk and foreign exchange risk) that are managed by separate derivatives over different periods - Less profit or loss volatility when using options, forwards, and foreign currency swaps - New alternatives available for economic hedges of credit risk and ‘own use’ contracts which will reduce profit or loss volatility.
IFRS 9 (2014) IFRS 9 Financial Instruments (2014) incorporates the final Mandatory adoption The Company Issued: requirements on all three phases of the financial instruments for periods beginning is still assessing July 2014 projects – classification and measurement, impairment, and on or after 1 January the impact of hedge accounting. IFRS 9 (2014) adds to the existing IFRS 9: 2018. Early adoption adoption. - New impairment requirements for all financial assets that are permitted. not measured at fair value through profit or loss . -Amendments to the previously finalised classification and measurement requirements for financial assets.
In a major change, which will affect all entities, a new ‘expected loss’ impairment model in IFRS 9 (2014) replaces the ‘incurred loss’ model in IAS 39 Financial Instruments:
Recognition and Measurement. Under IFRS 9 (2014), the impairment model is a more ‘forward looking’ model in that a credit event (or impairment ‘trigger’) no longer has to occur before credit losses are recognised. For financial assets measured at amortised cost or fair value through other comprehensive income (FVTOCI), an entity will now always recognise (at a minimum) 12 months of expected losses in profit or loss. Lifetime expected losses will be recognised on these assets when there is a significant increase in credit risk after initial recognition.
For trade receivables there is a practical expedient to calculate expected credit losses using a provision matrix based on historical loss patterns or customer bases. However, those historical provision rates would require adjustments to take into account current and forward looking information. The new impairment requirements are likely to bring significant changes. Although provisions for trade receivables may be relatively straightforward to calculate, new systems and approaches may be needed. However, for financial institutions the changes are likely to be very significant and require significant changes to internal systems and processes in order to capture the required information.
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In other changes, IFRS 9 (2014) also introduces additional application guidance to clarify the requirements for contractual cash flows of a financial asset to be regarded as giving rise to payments that are Solely Payments of Principal and Interest (SPPI), one of the two criteria that need to be met for an asset to be measured at amortised cost. Previously, the SPPI test was restrictive, and the changes in the application of the SPPI test will result in additional financial assets being measured at amortised cost. For example, certain instruments with regulated interest rates may now qualify for amortised cost measurement, as might some instruments which only marginally fail the strict SPPI test.
A third measurement category has also been added for debt instruments - FVTOCI. This new measurement category applies to debt instruments that meet the SPPI contractual cash flow characteristics test and where the entity is holding the debt instrument to both collect the contractual cash flows and to sell the financial assets.
In comparison with previous versions of IFRS 9, the introduction of the FVTOCI category may result in less profit or loss volatility, in particular for entities such as insurance companies which hold large portfolios with periodic buying and selling activities.
The amendments could lead to significant reclassifications of debt instruments across the different measurement categories: amortised cost, FVTOCI, and FVTPL. This may lead to less volatility in profit or loss for debt investment portfolios, but greater equity volatility if assets are reclassified from amortised cost to FVTOCI (which could affect regulatory capital).
IFRS 9 IFRS 9 (2014) provides an option to early adopt the ‘own credit’ Can be applied until (own credit risk provisions for financial liabilities measured at fair value through the effective date of requirements) profit or loss (FVTPL) under the fair value option without any of IFRS 9 (2014) which the other requirements of IFRS 9. This option will remain is 1 January 2018. available until 1 January 2018. Entities that use the fair value option and designate financial liabilities at fair value through profit or loss (FVTPL) present the fair value changes in ‘own credit’ in OCI instead of profit or loss. Therefore, for financial liabilities designated at FVTPL, entities can continue to apply IAS 39 Financial Instruments:
Recognition and Measurement but follow the presentation requirement in IFRS 9 and present the changes in ‘own credit’ in OCI.
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Impact on IFRS Reference Nature of change Application date initial Application
This amendment is expected to mainly affect financial institutions and insurers.
IFRS 10 Consolidated financial statements
Amendments to IFRS 10 and IAS 28 - Sale or Contribution of Mandatory adoption No impact. Assets between an Investor and its Associate or Joint Venture for periods beginning The amendments clarify the accounting for transactions where on or after 1 January a parent loses control of a subsidiary, that does not constitute 2016. Early adoption a business as defined in IFRS 3 Business Combinations, by permitted. selling all or part of its interest in that subsidiary to an associate or a joint venture that is accounted for using the equity method. In the case of any retained interest in the former subsidiary, gains and losses from the remeasurement are treated as follows:
- The retained interest is accounted for as an associate or joint venture using the equity method: The parent recognises the gain or loss in profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture. The remainder is eliminated against the carrying amount of the investment in the associate or joint venture. - The retained interest is accounted for at fair value in accordance with IFRS 9 Financial Instruments: The parent recognises the gain or loss in full in profit or loss.
IFRS 11 Joint Arrangements
Amendments Amendments to IFRS 11 – Accounting for Acquisitions of Mandatory adoption No impact. to IFRS 11 Interests in Joint Operations for periods beginning Issued: The amendments require an entity to apply all of the principles on or after 1 January May 2014 of IFRS Business Combinations when it acquires an interest in 2016. Early adoption a joint operation that constitutes a business as defined by IFRS permitted. 3. The amendment also includes two new Illustrative Examples:
- Accounting for acquisitions of interests in joint operations in which the activity constitutes a business- Contributing the right to use know-how to a joint operation in which the activity constitutes a business.
A consequential amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards has also been made, to clarify that the exemption from applying IFRS 3 to past business combinations upon adoption of IFRS also
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applies to past acquisitions of interests in joint operations in which the activity of the joint operation constitutes a business, as defined in IFRS 3.
IFRS 13 Fair Value Measurement
Annual The amendment clarifies that short-term receivables and Mandatory adoption No impact. Improvements payables with no stated interest rate can still be measured at the for periods beginning (2010-2012 invoice amount without discounting, if the effect of discounting on or after 1 July Cycle) Issued: is immaterial. 2014. Early adoption December 2013 permitted.
Scope of IFRS 13.52 (portfolio exemption)
Improvements IFRS 13.52 defines the scope of the exception that permits an Mandatory adoption No impact. (2011-2013 entity to measure the fair value of a group of financial assets and for periods beginning Cycle) financial liabilities on a net basis. This is often referred to as the on or after 1 July Issued: portfolio exception. 2014. Early adoption December permitted. 2013 The amendment clarifies that the portfolio exception applies to all contracts within the scope of IAS 39 Financial Instruments: Recognition and Measurement (or IFRS 9 Financial Instruments if this has been adopted early), regardless of whether they meet the definition of financial assets or financial liabilities in IAS 32 Financial Instruments: Presentation.
IFRS 14 Regulatory Deferral Accounts
IFRS 14 In many countries, industry sectors (including utilities such as Mandatory adoption No impact. Issued: gas, electricity and water) are subject to rate regulation where for periods beginning January governments regulate the supply and pricing. This can have a on or after 1 January 2014 significant effect on the amount and timing of an entity’s revenue. 2016. Early adoption Some national GAAPs require entities that operate in industry permitted. sectors subject to rate regulation, to recognise associated assets and liabilities. The scope of IFRS 14 is narrow, with this extending to cover only those entities that:
- Are first-time adopters of IFRS - Conduct rate regulated activities- Recognise associated assets and/or liabilities in accordance with their current national GAAP. Entities within the scope of IFRS 14 would be afforded an option to apply their previous local GAAP accounting policies for the recognition, measurement and impairment of assets and liabilities arising from rate regulation, which would be termed regulatory deferral account balances.
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Any regulatory deferral account balances, and their associated effect on profit or loss, would be recognised and presented separately from other items in the primary financial statements. As a result, for those entities that elect to adopt IFRS 14, all other line items and subtotals would exclude the effects of regulatory deferral accounts, meaning that they would be comparable with other entities that report in accordance with IFRS but do not apply IFRS 14.
Application guidance is included in IFRS 14 in respect of other IFRSs that would need to be considered alongside the previous national GAAP accounting requirements in order for these regulatory deferral accounts to be accounted for appropriately in an entity s IFRS financial statements, including:
- IAS 10 Events after the Reporting Period - IAS 12 Income Taxes - IAS 28 Investments in Associates and Joint Ventures - IAS 33 Earnings per Share - IAS 36 Impairment of Assets- IFRS 3 Business Combinations - IFRS 5 Non-current Assets Held for Sale and Discontinued Operations - IFRS 10 Consolidated Financial Statements -IFRS 12 Disclosure of Interests in Other Entities.
IFRS 15 Revenue from Contracts with Customers
IFRS 15 IFRS 15 Revenue from Contracts with Customers supersedes IAS Mandatory adoption The Company Issued: 18 Revenue, IAS 11 Construction Contracts and related for periods beginning is currently May 2014 Interpretations (IFRIC 13 Customer Loyalty Programmes, IFRIC on or after 1 January assessing the 15 Agreements for the Construction of Real Estate, IFRIC 18 2017. Early adoption impact on Transfers of Assets from Customers and SIC 31 Revenue – Barter adoption. Transactions Involving Advertising Services).
The objective of IFRS 15 is to clarify the principles of revenue recognition. This includes removing inconsistencies and perceived weaknesses and improving the comparability of revenue recognition practices across companies, industries and capital markets. In doing so IFRS 15 establishes a single revenue recognition framework. The core principle of the framework is, that an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
To accomplish this, IFRS 15 requires the application of the following
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five steps: Furthermore the guidance significantly enhances the required qualitative and quantitative disclosures related to revenue. The main objective of the requirements is the disclosure of sufficient information in terms of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In order to meet this objective, IFRS 15 requires specific disclosures for contracts with customers and significant judgements.
IAS 16 Property, Plant and Equipment
Annual Revaluation method – proportionate restatement of Mandatory adoption The standard is Improvements accumulated depreciation for periods beginning not expected to (2010-2012 The amendment clarifies the computation of accumulated on or after 1 July have a material Cycle) depreciation when items of property, plant and equipment are 2014. Early adoption impact on the Issued: subsequently measured using the revaluation model. The net permitted. future financial December carrying amount of the asset is adjusted to the revalued amount, statements. 2013 and either:
I The gross carrying amount is adjusted in a manner consistent with the net carrying amount (eg proportionately to the change in the [net] carrying value, or with reference to observable market data). Accumulated depreciation is then adjusted to equal the difference between the gross and net carrying amounts
ii. Accumulated depreciation is eliminated against the gross carrying amount.
Amendments to IAS 16 and IAS 38 – Clarification of Acceptable Methods of Depreciation and Amortisation
Amendments Paragraph 62A of IAS 16 has been added to prohibit the use of Mandatory adoption The Company to IAS 16 revenue-based methods of depreciation for items of property, for periods beginning is currently Issued: plant and equipment. on or after 1 January assessing May 2014 2016. Early adoption the impact Paragraph 62A clarifies that this is because the revenue permitted. on adoption. generated by an activity that includes the use of an item of property, plant and equipment generally reflects factors other than the consumption of the economic benefits of the item, such as:
- Other inputs and processes - Selling activities and changes in sales - Volumes and prices, and -Inflation.
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Paragraph 56 of IAS 16, which includes guidance for the depreciation amount and depreciation period, has been expanded to state that expected future reductions in the selling price of items produced by an item of property, plant and equipment could indicate technical or commercial obsolescence (and therefore a reduction in the economic benefits embodied in the item), rather than a change in the depreciable amount or period of the item.
IAS 19 Employee Benefits
Amendments Amendments to IAS 19 - Defined Benefit Plans: Employee Mandatory adoption The standard is to IAS 19 Contributions for periods beginning not expected to Issued: The amendment introduces a narrow scope amendments that: on or after 1 July have a material November - Provides a practical expedient for certain contributions from 2014. Early adoption impact on the 2013 employees or third parties to a defined benefit plan, but only permitted. future financial those contributions that are independent of the number of years statements. of service - Clarifies the treatment of contributions from employees or third parties to a defined benefit plan that are not subject to the practical expedient. These are accounted for in the same way that the gross benefit is attributed in accordance with IAS 19.70.
Contributions that are independent of the number of years of service include: - Contributions that are based on a fixed percentage of salary - Contributions of a fixed amount throughout the service period -Contributions that are dependent on the employee’s age.
IAS 19 Employee Benefits
Annual The guidance in IAS 19 has been clarified and requires that high Mandatory adoption The standard is Improvements quality corporate bonds used to determine the discount rate for for periods beginning not expected to (2012-2014 the accounting of employee benefits need to be denominated in on or after 1 January have a material Cycle) the same currency as the related benefits that will be paid to the 2016. Early adoption impact on the Issued: employee. permitted. future financial September Entities are required to apply the amendment from the earliest statements. 2014 comparative period presented in the financial statements, with initial adjustments being recognised in retained earnings at the beginning of that period.
IAS 24 Related Party Disclosures
Annual The amendment clarifies that an entity that provides key Mandatory adoption The standard is Improvements management personnel services (management entity) to a for periods beginning not expected to (2010-2012 reporting entity (or to the parent of the reporting entity), is a on or after 1 July have a material Cycle) related party of the reporting entity, and: 2014. Early adoption impact on the December - Would require separate disclosure of amounts recognised as an permitted. future financial 2013 expense for key management personnel services provided by a statements.
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separate management entity - Would not require disaggregated disclosures by the categories set out in IAS 24.17.
IAS 27 Separate Financial Statements
Amendments The amendments include the introduction of an option for an Mandatory adoption The standard is to IAS 27 entity to account for its investments in subsidiaries, joint for periods beginning not expected to Issued: ventures, and associates using the equity method in its separate on or after 1 January have a material August 2014 financial statements. The accounting approach that is selected is 2016. Early adoption impact on the required to be applied for each category of investment. permitted. future financial statements. Before the amendments, entities either accounted for its investments in subsidiaries, joint ventures or associates at cost or in accordance with IFRS 9 Financial Instruments (or IAS 39 Financial Instruments: Recognition and Measurement for those entities that have yet to adopted IFRS 9). The option to present its investments using the equity method result in the presentation of a share of profit or loss, and other comprehensive income, of subsidiaries, joint ventures and associates with a corresponding adjustment to the carrying amount of the equity accounted investment in the statement of financial position.
Any dividends received are deducted from the carrying amount of the equity accounted investment, and are not recorded as income in profit or loss.A consequential amendment was also made to IAS 28 Investments in Associates and Joint Ventures, to avoid a potential conflict with IFRS 10 Consolidated Financial Statements for partial sell downs.
IAS 34 Interim Financial Reporting
Annual The requirements of paragraph 16A of IAS 34 require additional Mandatory adoption The standard is Improvements disclosures to be presented either in the: for periods beginning not expected to (2012-2014 on or after 1 January have a material Cycle) - Notes to the interim financial statements or 2016. Early adoption impact on the Issued: - Elsewhere in the interim financial report. permitted. future financial September statements. 2014 The amendment clarifies, that a cross-reference is required, if the disclosures are presented ‘elsewhere’ in the interim financial report, such as in the management commentary or the risk report of an entity. However, to comply with paragraph 16A of IAS 34, if the disclosures are contained in a separate document from the interim report, that document needs to be available to users of the financial statements on the same terms and at the same time as the interim report itself.
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Impact on IFRS Reference Nature of change Application date initial Application IAS 38 Intangible Assets
Annual The amendment clarifies the computation of accumulated Mandatory adoption The standard is Improvements amortisation when intangible assets are subsequently for periods beginning not expected to (2010-2012 measured using the revaluation model. The net carrying amount on or after 1 July have a material Cycle) of the asset is adjusted to the revalued amount, and either: 2014. Early adoption impact on the Issued: permitted. future financial December I The gross carrying amount is adjusted in a manner consistent statements. 2013 with the net carrying amount (eg proportionately to the change in the [net] carrying value, or with reference to observable market data). Accumulated amortisation is then adjusted to equal the difference between the gross and net carrying amounts
ii. Accumulated amortisation is eliminated against the gross carrying amount.
IAS 27 Separate Financial Statements
Amendments The amendments clarify that for intangible assets there is a Mandatory adoption The standard is to IAS 38 rebuttable presumption that amortisation based on revenue is for periods beginning not expected to Issued: not appropriate. on or after 1 January have a material May 2014 2016. Early adoption impact on the Paragraphs 98A - 98C of IAS 38 have been added to clarify that permitted. future financial there is a presumption that revenue-based amortisation is not statements. appropriate, and that this can only be rebutted in limited circumstances where either:
- The intangible asset is expressed as a measure of revenue, or - Revenue and the consumption of the economic benefits of the intangible asset are highly correlated. Paragraph 98B clarifies that as a starting point to determining an appropriate amortisation method, an entity could determine the ‘predominant limiting factor’ inherent in the intangible asset, for example:- A contractual term which specifies the period of time that an entity has the right to use an asset - Number of units allowed to be produced - Fixed total amount of revenue allowed to be received.
Paragraph 98C then clarifies that where an entity has identified that the achievement of a revenue threshold is the predominant limiting factor of an intangible asset, it may be possible to rebut the presumption that revenue-based amortisation is not appropriate.
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IAS 40 Investment Property
Annual The amendment notes that determining whether the acquisition Mandatory adoption The standard is Improvements of an investment property is a business combination requires for periods beginning not expected to (2011-2013 consideration of the specific requirements of IFRS 3, on or after 1 July have a material Cycle) Issued: independently from the requirements of IAS 40, in relation to: 2014. Early adoption impact on the December permitted. future financial 2013 - Whether the acquisition of investment property is the statements. acquisition of an asset, a group of assets, or a business combination (by applying the requirements of IFRS 3 only) - Distinguishing between investment property and owner- occupied property (by applying the requirements of IAS 40 only).
IAS 41 Agriculture
Amendments The amendments extend the scope of IAS 16 Property, Plant and Mandatory adoption The standard is to IAS 41 Equipment to include bearer plants and define a bearer plant as for periods beginning not expected to Issued: a living plant that: on or after 1 January have a material June 2014 2016. Early adoption impact on the - Is used in the production process of agricultural produce, permitted. future financial - Is expected to bear produce for more than one period; and statements. - Has a remote likelihood of being sold (except incidental scrap sales).
The changes made result in bearer plants being accounted for in accordance with IAS 16 using either: - The cost model, or - The revaluation model.
The agricultural produce of bearer plants remains within the scope of IAS 41 Agriculture. The amendments include the following transitional reliefs for the purposes of their first time application: - Deemed cost exemption – Entities are allowed to use the fair value of the bearer plants at the beginning of the earliest period presented as the deemed cost. - Disclosures – Quantitative information describing the effect of the first time application as required by IAS 8.28(f) is not required for the current reporting period, but is required for each prior period presented.
2014 ANNUAL REPORTS AND ACCOUNTS 61 5. Significant accounting policies intention to sell in the near future are classified as held for trading. For investments designated as at fair value The principal accounting policies adopted in the through profit or loss, the following criteria must be preparation of these financial statements are set out met: below: The designation eliminates or significantly reduces 5.1 Cash and cash equivalents the inconsistent treatment that would otherwise arise from measuring the assets or liabilities or Cash and cash equivalents include cash in hand, recognizing gains or losses on a different basis, or deposits held at call with banks, other short-term highly liquid investments with original maturities of three The assets and liabilities are part of a portfolio of months or less. They include bank overdrafts in the financial assets, financial liabilities or both which are context of the statement of cash flows. managed and their performances evaluated on a fair value basis, in accordance with a documented 5.2 Financial instruments risk management or investment strategy and Financial instruments are recognized when the information regarding these instruments are Company becomes a party to the contractual reported to the key management personnel on a provisions of the instruments. They are recognized fair value basis. initially at fair value plus transaction costs, except for those carried at fair value through profit or loss, which These investments are initially recorded at fair value. are measured initially at fair value. Financial assets are Subsequent to initial recognition, they are remeasured derecognized when the contractual rights to the cash at fair value. Fair value adjustments and realized gains flows from the financial assets expire, or when the and losses are recognized in the income statement. financial assets and all substantial risks and rewards are transferred. A financial liability is derecognized when it The Company’s financial assets at fair value through is extinguished, discharged, cancelled or expires. profit or loss include some quoted shares and money market funds which are considered as held for trading. Financial assets and financial liabilities are measured subsequently as described below: ii) Loans and receivables Loans and receivables are non-derivative financial Financial Assets assets with fixed or determinable payments that are The Company classifies its financial assets in the not quoted in an active market. Loans and receivables following categories: are recognized initially at fair value and subsequently measured at amortized cost using the effective interest financial assets at fair value through profit or loss, method, less provision for impairment. The amounts loans and receivables, receivable are discounted if they are receivable beyond held-to-maturity, the current period and the effect of discounting is available-for-sale investments material. The Company’s cash and cash equivalents, trade and most other receivables fall into this category The classification depends on the purposes for which of financial instruments. Individually significant the investments are acquired. Management receivables are considered for impairment when they determines the classification of its investments at initial are past due or when other objective evidence is recognition and re-evaluates such designation at every received that a specific counterparty shall default. reporting date.
The Company’s trade receivables are its premium I) Financial assets at fair value through receivables from co-assurers as at the end of the profit or loss reporting period. Financial assets at fair value through profit or loss include financial assets held for trading and those These are considered to be impaired when such designated at fair value through profit or loss at premiums have been outstanding for three cumulative inception. Investments typically bought with the months and all possible measures have been taken
62 2014 ANNUAL REPORTS AND ACCOUNTS Summary of Significant Accounting Policies without success to secure settlement. The impairments loss. On derecognition of the asset or when are recognized accordingly in the profit or loss. determined to be impaired, the cumulative fair value gains and losses previously reported in equity are The receivables from co-assurers are considered transferred to the income statement. This category of remote for impairment as they are usually off-set from financial assets includes the Company’s equity entitlements between the parties as a normal trade holdings in Transcorp Plc and the Company’s joint practice. venture investment in real estate development with Standard Alliance Properties Limited. iii) Held-to-maturity investments 5.3 Derecognition of financial assets Held–to-maturity investments are non-derivative financial assets with fixed or determinable payments A financial asset is derecognised when: and fixed maturities that the Company has the positive the rights to receive cash flows from the asset have intention and ability to hold to maturity other than expired loans and receivables. Held-to-maturity investments the Company retains the right to receive cash flows comprise Government securities (Treasury Bills etc). from the asset or has assumed an obligation to pay the received cash flows in full without material delay The investments are initially recognized at fair value to a third party under a ‘pass-through’ arrangement; plus transaction costs. Held-to-maturity investments and either: are subsequently measured at amortized cost using the Company has transferred substantially all the the effective interest method. If there is objective risks and rewards of the asset; or evidence that the investment is impaired, determined by reference to external credit ratings, the financial the Company has neither transferred nor retained asset is measured at the present value of the estimated substantially all the risks and rewards of the asset, future cash flows. Any changes to the carrying amount but has transferred control of the asset. of the investment, including impairment losses, are When the Company has transferred its right to receive recognized in profit or loss. cash flows from an asset or has entered into a pass through arrangement, and has neither transferred nor iv) Available-for-sale investments retained substantially all the risks and rewards of the Available-for-sale financial assets are non-derivative asset nor transferred control of the asset, the asset is financial assets that are designated as available-forsale recognised to the extent of the Company’s continuing or are not classified in any of the three preceding involvement in the asset as guarantee over the categories. Where financial instruments do not have a transferred asset. quoted market price in an active market and whose fair In that case, the Company also recognises an value cannot be reliably measured, the instruments are associated liability. The transferred asset and the measured at cost less any impairment charges. The associated liability are measured on a basis that impairment charges are recognized in the statement of reflects the rights and obligations that the Company other comprehensive income. The Company classifies has retained. its investment in the Oil and Energy Pool in this category. 5.4 Amortised cost The other available-for-sale financial assets are Amortised cost is computed using the effective interest measured at fair value. Fair value gains and losses are method less any allowance for impairment and reported as a separate component in other principal repayment or reduction. The calculation takes comprehensive income and reported within the into account any premium or discount on acquisition available-forsale reserve within equity, except for and includes transaction costs and fees that are an impairment losses and foreign exchange differences integral part of the effective interest rate. on monetary assets which are recognized in profit or
2014 ANNUAL REPORTS AND ACCOUNTS 63 5.5 Impairment of non-financial assets The following criteria are also applied in assessing The Company assesses at each reporting date whether impairment of specific assets: there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment The recoverable amount for the life insurance testing for an asset is required, the Company estimates business has been determined based on a fair value the asset s recoverable amount. An impairment loss is less cost to sell calculation. The calculation requires recognised for the amount by which the asset’s carrying the Company to make an estimate of the total of the amount exceeds its recoverable amount. An asset s adjusted net worth of the life insurance business recoverable amount is the higher of an asset’s or cash- plus the value of in-force covered business. generating unit’s fair value less costs to sell and its value in use. New business contribution represents the present value of projected future distributable profits The recoverable amount is determined for an individual generated from business written in a period. asset, unless the asset does not generate cash inflows that are largely independent of those from other assets Growth and discount rates used are suitable rates or groups of assets. which reflect the risks of the underlying cash flows.
In assessing value in use, the estimated future cash 5.6 Fair value measurements flows are discounted to their present value using a The fair values of quoted investments are based on pretax discount rate that reflects current market current market prices. If the market for a financial asset assessments of the time value of money and the risks is not active (and for unlisted securities), the Company specific to the asset. In determining fair value less costs establishes fair value by using valuation techniques. to sell, an appropriate valuation model is used. The techniques include: Impairment losses of continuing operations are the use of recent arm's length transactions, recognised in the income statement in those expenses reference to other instruments that are categories consistent with the function of the impaired substantially the same, asset, except for property previously revalue where the net asset value and revaluation surplus was taken to comprehensive discounted cash flow analysis income. In this case the impairment is also recognised in comprehensive income up to the amount of any 5.7 Impairment of financial assets previous revaluation surplus. The Company assesses at each reporting date whether there is objective evidence that a financial asset or a An assessment is made at each reporting date as to group of financial assets is impaired. A financial asset or whether there is any indication that previously a group of financial assets is deemed to be impaired if, recognised impairment losses may no longer exist or and only if, there is objective evidence of impairment as may have decreased. If such indication exists, the a result of one or more events that has occurred after Company makes an estimate of recoverable amount. A the initial recognition of the asset (an incurred ‘loss previous impairment loss is reversed only if there has event’) and that loss event has an impact on the been a change in the estimates used to determine the estimated future cash flows of the financial asset or the asset s recoverable amount since the last impairment group of financial assets that can be reliably estimated. loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable If an available-for-sale financial asset is impaired, an amount. amount comprising the difference between its cost (net of any principal repayment and amortisation) and That increased amount cannot exceed the carrying its current fair value, less any impairment loss amount that would have been determined, net of previously recognised in other comprehensive income, depreciation, had no impairment loss been recognised is transferred from equity to the income statement. for the asset in prior years. Such reversal is recognised in the income statement unless the asset is carried at Reversals in respect of equity instruments classified as revalue amount, in which case the reversal is treated as available-for-sale are not recognised in the income a revaluation in surplus.
64 2014 ANNUAL REPORTS AND ACCOUNTS Summary of Significant Accounting Policies statement. Reversals of impairment losses on debt exceed its amortised cost at the reversal date. Any instruments classified at available-for-sale are reversed subsequent reversal of impairment loss is recognised through the income statement if the increase in the fair in profit or loss. value of the instruments can be objectively related to an event occurring after the impairment losses were 5.10 Reinsurance assets recognised in the income statement. The Company cedes insurance risk in the normal course of business on the bases of our treaty and 5.8 Off-setting of Financial Assets and Liabilities facultative agreements. Reinsurance assets represent Financial assets and financial liabilities are offset and balances due from reinsurance Companies. Amounts the net amounts reported in the statement of financial recoverable from reinsurers are estimated in a manner position only when there are current and legally consistent with settled claims associated with the enforceable rights to offset the recognised amounts reinsurer s policies and are in accordance with the and there is an intention in each case to settle on a net related reinsurance contract. basis, or to realise the assets and settle the liabilities simultaneously. Income and expenses will not be offset 5.11 Deferred acquisition costs (DACs) in the income statement unless required or permitted Incremental costs directly attributable to the by any accounting standard or interpretation, as acquisition of investment and insurance contracts with specifically disclosed in the accounting policies of the investment management services are capitalized to a Company. Deferred acquisition cost(DAC) asset if they are separately identifiable, can be measured reliably and 5.9 Trade receivables its probable that they will be recovered. DAC are Trade receivables are recognised when due. These amortized in the income statement over the term of include amounts due from agents, brokers, reinsurers, the contracts as the related services are rendered and co-insurers and insurance contract holders. They are revenue recognized, which varies from year to year initially recognised at fair value and subsequently depending on the outstanding terms of the contracts in measured at amortised cost less provision for force. The DAC asset is tested for impairment bi impairment. An allowance for impairment is made annually and written down when it is not expected to be when there is an objective evidence (such as the fully recovered. probability of solvency or financial difficulties of the debtors) that the Company will not be able to collect all 5.12 Other receivables and prepayments amount due under the original terms. If there is They are initially recognised at fair value and objective evidence that the insurance receivables are subsequently measured at amortised cost less impaired, the Company reduces the carrying amount of provision for impairment. A provision for impairment is the insurance receivables accordingly and recognises made when there is objective evidence (such as the that impairment loss in profit or loss. The Company first probability of insolvency or significant financial assesses whether objective evidence of impairment difficulties of the debtors) that the Company will not be exists individually for receivables that are individually able to collect all the amount due under the original significant. If the Company determines that no terms of the contract. Impaired debts are objective evidence of impairment exists for an derecognised when they are assessed as uncollectible. individually assessed receivable, whether significant or If in a subsequent period the amount of the not, it includes the receivable in a group of receivables impairment loss decreases and the decrease can be with similar credit risk characteristics and collectively related objectively to an event occurring after the assesses them for impairment using the model that impairment was recognised, the previously recognised reflects the Company's historical outstanding premium impairment loss is reversed to the extent that the collection ratio per sector. If in a subsequent period the carrying value of the asset does not exceed its amount of impairment loss decreases and the amortised cost at the reversal date. Any subsequent decrease can be related objectively to an event reversal of an impairment loss is recognised in profit or occurring after the impairment was recognised, the loss. Prepayments are carried at cost less accumulated previously recognised impairment loss is reversed to impairment losses. the extent that the carrying value of the asset does not
2014 ANNUAL REPORTS AND ACCOUNTS 65 5.13 Non-current assets held for sale Company accounts for such property in accordance Non-current assets or disposal groups comprising with the policy stated under property and equipment assets and liabilities that are expected to be recovered up to the date of the change in use. primarily through sale rather than through continuing use are classified as held for sale. Immediately before When the Company completes the construction or classification as held for sale, the asset, or components development of a self-constructed investment of a disposal group are remeasured in accordance with property, any difference between the fair value of the the Company s accounting policies. property at that date and its previous carrying amount is recognized in the other comprehensive income. Thereafter generally, the assets or disposal Company are measured at the lower of their carrying amounts 5.15 Investment in associates and fair values less costs to sell. Any impairment loss on The Company’s investment in its associates are a disposal group first is allocated to goodwill, and then accounted for using the equity method of accounting. to remaining assets and liabilities on pro rata basis, An associate is an entity in which the Company has except that no loss is allocated to inventories, financial significant influence and which is neither a subsidiary assets, deferred tax assets, employee benefit assets, nor a joint venture. investment property and biological assets, which continue to be measured in accordance with the Under the equity method, the investment in the Company’s accounting policies. Impairment losses on associate is carried in the statement of financial initial classification as held for sale and subsequent position at cost plus post-acquisition changes in the gains or losses on remeasurement are recognized in Company’s share of net assets of the associate. profit or loss, subject to cumulative subsequent gains Goodwill relating to an associate is included in the not exceeding cumulative losses recorded for the asset. carrying amount of the investment and is neither amortised nor individually tested for impairment. 5.14 Investment property An investment property is property held to earn rentals The income statement reflects the share of the results or for capital appreciation or both. Investment of operations of the associate. Where there has been a property, including interest in leasehold land, is initially change recognised directly in the equity of the recognized at cost including the transaction costs. associate, the Company recognises its share of any Subsequently, investment property is carried at fair changes and discloses this, when applicable, in the value representing the open market value at the statement of changes in equity. Profits or losses statement of financial position date determined by resulting from transactions between the Company and annual valuations carried out by external registered the associate are eliminated to the extent of the valuers. Gains or losses arising from changes in fair interest in the associate. value of investment property shall be recognized in profit or loss for the period in which it arises. The share of profit of the associate is shown on the face of the income statement. This is profit attributable to Investment properties are derecognized when either equity holders of the associate and, therefore, is profit they have been disposed off or when the investment after tax and non-controlling interests in the property is permanently withdrawn from use and no subsidiaries of the associate. future economic benefit is expected from its disposal. The financial statements of the associate are prepared On disposal of an investment property, the difference for the same reporting period as the Company. Where between the disposal proceeds and the carrying necessary, adjustments are made to bring its amount is charged or credited to profit or loss. accounting policies in line with the Company’s.
Transfers are made to or from investment property only After application of the equity method, the Company when there is a change in use. For a transfer from determines whether it is necessary to recognize an investment property to owner occupied property, the additional impairment loss on the Company’s deemed cost for subsequent accounting is the fair investment in an associate. The Company determines value at the date of change in use. If owner occupied at each reporting date, whether there is any objective property becomes an investment property, the evidence that the investment in the associate is
66 2014 ANNUAL REPORTS AND ACCOUNTS Summary of Significant Accounting Policies impaired. If this is the case, the Company calculates the the Company and the cost of the item can be measured amount of impairment as the difference between the reliably. Repairs and maintenance expenses are recoverable amount of the associate and its carrying charged to the income statement in the year in which value and recognizes the amount in the „share of profit they are incurred. of an associate‟ in the income statement. Depreciation is calculated using the straight line Upon loss of significant influence over the associate, method to write down the cost or the revalued amount the Company measures and recognises any remaining of each of the following classes of assets to its residual investment at its fair value. Any difference between the value over its estimated useful life: carrying amount of the associate upon loss of significant influence and the fair value of the remaining investment and proceeds from disposal is recognized • Building 40 - 50 years in profit or loss. • Furniture & Fittings 3 - 7 years • Office Equipment 4 - 8 years 5.16 Intangible assets • Motor Vehicles 5 - 8 years Software licence costs and computer software that are • Plant and machinery 10 years not an integral part of the related hardware are initially recognised at cost, and subsequently carried at cost less accumulated amortisation and accumulated Land is a component of property, plant and equipment impairment losses. Costs that are directly attributable but not subject to depreciation. to the production of identifiable computer software products controlled by the Company are recognised as Depreciation on an item of property, plant and intangible assets. equipment commences when it is available for use and continues to be depreciated until it is derecognized, Amortization is calculated using the straight line even if during that period the item is idle. Depreciation method to write down the cost of each licence or item of an item ceases when the item is retired from active of software to its residual value over its estimated use and is being held for disposal. useful life. For this financial, four years has been approved as a Company policy. Amortization begins As no parts of items of property, plant and equipment when the asset is available for use, i.e. when it is in the of the Company have a cost that is significant in relation location and condition necessary for it to be capable of to the total cost of the item, the same rate of operating in the manner intended by management, depreciation is applied to the whole item. even when idle. The assets’ residual values, depreciation method and useful lives are reviewed and adjusted, if appropriate, at Gains or losses arising from the derecognition of each statement of financial position date. intangible assets are measured as the differences between the net disposal proceeds and the carrying Impairment reviews are performed when there are amount of the assets and are recognised in the income indicators that the carrying value of an asset may not be statements of the periods in which the assets are. recoverable. Impairment losses are recognised in the income statement as an expense. 5.17 Property, plant and equipment All categories of property, plant and equipment are The Company classifies all assets within a disposal initially recognized at cost or at fair value. Cost includes group as Non-current assets held for sale if the carrying expenditure directly attributable to the acquisition of amount will be recovered principally through sale the assets. transaction rather than continuous use.
Subsequent costs are included in the assets carrying Freehold land and buildings are subsequently carried amount or recognized as a separate asset, as at revalued amounts, based on periodic valuations by appropriate, only when it is probable that future external independent valuers; less accumulated economic benefits associated with the item will flow to depreciation and accumulated impairment losses. All
2014 ANNUAL REPORTS AND ACCOUNTS 67 other items of property, plant and equipment are The liability is calculated at the reporting date using a subsequently carried at cost less accumulated range of standard actuarial claim projection depreciation and accumulated impairment losses. techniques, based on empirical data and current assumptions that may include a margin for adverse An item of property, plant and equipment is deviation. The liability is not discounted for the time derecognised upon disposal or when no future value of money. No provision for equalisation or economic benefits are expected from its use. catastrophe reserves is recognised. The liabilities are derecognised when the obligation to pay a claim Gains and losses on disposal of property, plant and expires, is discharged or is cancelled. equipment are determined by reference to their carrying amounts and are taken into account in The provision for unearned premiums represents that determining operating profit. portion of premiums received or receivable that relates to risks that have not yet expired at the reporting date. Increases in the carrying amounts arising on revaluation are recognised in other comprehensive The provision is recognised when contracts are entered income and accumulated in equity under the heading into and premiums are charged, and is brought to of revaluation reserve. Decreases that offset previous account as premium income over the term of the increases of the same asset are recognised in other contract in accordance with the pattern of insurance comprehensive income. All other decreases are service provided under the contract. charged to the Income statement. Annually, the difference between depreciation computation based At each reporting date, the Company reviews its on the revalued carrying amount of the asset and unexpired risk and a liability adequacy test is charged to the income statement and depreciation performed in accordance with requirement of IFRS on based on the asset’s original cost is transferred from liability adequacy test to determine whether there is the revaluation reserve to income statement. any overall excess of expected claims and deferred acquisition costs over unearned premiums. Amortization ceases at the earlier of the date that the asset is classified as held for sale and the date that the This calculation uses current estimates of future asset is derecognized and ceases temporarily while the contractual cash flows after taking account of the residual value exceeds or is equal to the carrying value. investment return expected to arise on assets relating to the relevant non-life insurance technical provisions. 5.18 Statutory deposit If these estimates show that the carrying amount of the Statutory deposit represents 10% of the minimum paid unearned premiums (less related deferred acquisition up capital of the Company deposited with the Central costs) is inadequate, the deficiency is recognised in the Bank of Nigeria (CBN) in pursuant to Section 10(3) of income statement by setting up a provision for the Insurance Act, CAP I17, LFN 2004 Statutory deposit premium deficiency. is measured at cost. • Liability adequacy test 5.19 Insurance contract liabilities At the end of the reporting period, liability adequacy Insurance contract liabilities include the outstanding tests are performed by an actuary to ensure the claims provision, the provision for unearned premium adequacy of the contractual liabilities net of related and the provision for premium deficiency. The deferred acquisition cost assets (DAC). In performing outstanding claims provision is based on the estimated these tests current best estimates of future contractual ultimate cost of all claims incurred but not settled at the cash flows and claims handling and administrative reporting date, whether reported or not, together with expenses, as well as investment income from the assets related claims handling costs and reduction for the backing such liabilities, are used. Any deficiency is expected value of salvage and other recoveries. Delays immediately charged to profit or loss initially by writing can be experienced in the notification and settlement off DAC and by subsequently establishing a provision of certain types of claims, therefore, the ultimate cost of for losses arising from liability adequacy tests “the these cannot be known with certainty at the reporting unexpired risk provision”. date.
68 2014 ANNUAL REPORTS AND ACCOUNTS Summary of Significant Accounting Policies
5.20 Trade payables the redemption value is recognised in the income Trade payables are recognised initially at fair value and statement over the period of the borrowings using the subsequently measured at amortised cost using the effective interest rate. effective interest rate. Fees paid on the establishment of loan facilities are The estimated fair value of payables with no stated recognised as a transaction cost of the loan to the maturity which includes no interest payables is the extent that it is probable that some or all of the facility amount repayable on demand. will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no 5.21 Other payables and accruals evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre- General Provisions are recognised when the Company payment for liquidity services and amortised over the has a present obligation (legal or constructive) as a period of the facility to which it relates. result of a past event, and it is probable that an outflow of resources embodying economic benefits will be 5.23 Finance lease obligations required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Asset held under finance leases are initially recognised as asset of the Company at their fair value at the Where the Company expects some or all of a provision inception of the lease or if lower at the present value of to be reimbursed, the reimbursement is recognised the minimum lease payments. The corresponding as a separate asset but only when the reimbursement liability to the leasor is included in the statement of is virtually certain. financial position as a finance lease obligation. Lease payments are apportioned between the liability The expense relating to any provision is presented in and finance charges. The corresponding rental the income statement net of any reimbursement. If the obligation, net of finance charges are included in long effect of the time value of money is material, provisions term payables. The interest element of the finance cost are discounting using a current pre-tax rate that is charged to the income statement over the lease reflects, where appropriate, the risks specific to the periods so as to produce constant periodic rate of liability. Where discounting is used, the increase in the interest on the remaining balance of the liability for provision due to the passage of time is recognised as a each period. The property, plant and equipment finance cost. acquired under finance leases is depreciated over the useful life of the asset. 5.22 Financial liabilities All financial liabilities are recognized initially at fair value 5.24 Employee retirement benefits of the consideration given plus the transaction cost • Retirement Benefit Obligations with the exception of financial liabilities carried at fair The Company operates a defined contribution scheme value through profit or loss, which are initially for qualifying employees. The Company and all its recognized at fair value and the transaction costs are employees contribute 7.5% each of their pensionable expensed in the income statement. emoluments (basic salary, housing allowance and The Company financial liabilities include Deawoo bond, transport allowance) to the Pension Scheme and this is lease payables, trade and other payables. These are being managed by registered and licensed pension measured subsequently at amortized cost using the managers ass may be chosen by the staff from time to effective interest method. All interest related charges time. and, if applicable changes in an instrument‟s fair value that are reported in profit or loss are included within 5.25 Income tax liabilities finance costs or income. Income tax expense is the aggregate amount charged/(credited) in respect of current tax and • Borrowings deferred tax in determining the profit or loss for the Borrowings are recognised initially at fair value, net of year. Tax is recognised in the income statement except transaction costs incurred, Borrowings are when it relates to items recognised in other subsequently stated at amortised cost; any difference comprehensive income, in which case it is also between the proceeds (net of transaction costs) and recognised in other comprehensive income.
2014 ANNUAL REPORTS AND ACCOUNTS 69 Company Income tax 5.27 Share capital and share premium. This is the amount of income tax payable on the Ordinary shares are recognized at par value and taxable profit of the Company for the year classified as ‘share capital’ in equity. Any amounts determined in accordance with the Company received over and above the par value of the shares Income Tax Act, CAP. 60 LFN; 1990. The tax rates issued are classified as ‘share premium’ in equity. The and tax laws used to compute the amount are share premium account is utilized in accordance with those that are enacted or substantively enacted as the provisions of Companies and Allied Maters Act (CAMA) CAP. C20 LFN, 2004. at the reporting date.
• Education tax 5.28 Treasury shares This is a component of the income tax. The tax This is where the Company acquire its own shares. rates and tax laws used to compute the amount Treasury shares are deductible from total shareholders’ are those that are enacted or substantively equity. enacted as at the reporting date. 5.29 Contingency reserves 5.26 Deferred tax liabilities This is computed in accordance with the provisions of Deferred tax is provided in full on all temporary section 22 of the Insurance Act, CAP 117 LFN 2004. It is differences except those arising from the fair value credited with amount equal to the higher of 3% of the measurement of assets. total premium written and 20% of the net profit until it reaches the amount of the minimum paid up capital. Deferred tax is determined using the liability method on all temporary differences arising between the tax 5.30 Retained earnings bases of assets and liabilities and their carrying values Retained earnings are the carried forward recognised for financial reporting purposes, using tax rates and income net of expenses plus current period profit or laws enacted or substantively enacted at the statement loss attributable to owners of the Company. of financial position date and expected to apply when the related deferred tax asset is realised or the 5.31 Gross premium income deferred tax liability is settled. Insurance premium revenue is received or receivable by the Company from in-force insurance contracts Deferred tax assets are recognised only to the extent during the reporting period. In-force insurance that it is probable that future taxable profits will be contracts are those whose premiums have been available against which the temporary differences can collected by the Company, its intermediaries or be utilised. collectible within 30 days of the reporting date. Premium revenue is recognized on the date on which Deferred tax assets and liabilities are measured at the the insurance policy commences. Gross premium tax rates that are expected to apply to the year when income comprises the total premium written in a year the asset is realized or the liability is settled, based on after adjusting for unearned premiums. tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. • Unearned premiums Deferred tax relating to items recognized outside profit Unearned premiums are those proportions of or loss is recognized outside profit or loss. premiums written in a year that relate to periods of risk after the statement of financial position date. Deferred tax items are recognized in correlation to the Unearned premiums are calculated on a daily pro underlying transaction either in other comprehensive rata basis. The proportion attributable to income or directly in equity. subsequent periods is deferred as a provision for Deferred tax assets and deferred tax liabilities are unearned premiums. offset, if a legally enforceable right exists to set off such • Reinsurance premium current tax assets against current income tax liabilities Reinsurance premiums are outward premiums and the deferred taxes relate to the same taxable entity due to reinsurance companies in accordance with and the same taxation authority. the tenor of the reinsurance contract, after
70 2014 ANNUAL REPORTS AND ACCOUNTS Summary of Significant Accounting Policies
adjusting for the unexpired portion, as at the end 5.35 Underwriting and management expenses of the period. Expenses are recognized in the Statement of profit or loss and other comprehensive income when a • Net premium income decrease in future economic benefit related to a The result of the gross premium income and decrease in an asset or an increase of a liability has reinsurance premium expenses is the net arisen that can be measured reliably. This means, in premium income accruing to the entity for effect, that recognition of expenses occurs the period. simultaneously with the recognition of an increase in liabilities or a decrease in assets.
5.32 Commission on reinsurance • Underwriting expenses When the Company acts in the capacity of an agent These are acquisition costs and other rather than as the principal in a transaction, the underwriting expenses, which include revenue recognized is the amount of commission commissions to brokers and other agents, made by the Company. Commission on reinsurance is business development costs and other technical recognised as income over the period of the underlying expenses. The expenses are accounted for on contracts. If the fees are for services provided in future accrual basis. periods, then they are deferred and recognised over those future periods. • Brokers' and Agents’ commissions The Company employs the services of brokers in 5.33 Investment income marketing its insurance policies. Commissions Investment income includes interest on bank paid to the brokers are charged against revenue as placements, dividend income and rental income underwriting expenses. arising from operating leases on investment properties, which are presented in the Income 5.36 Benefits and claims expenses statement. • Gross benefits and claims Income from any earmarked investment is credited to Gross benefits and claims for insurance contracts its source. Otherwise, the investment income is are included in the cost of all claims incurred distributed between the Insurance contract business, during the period including internal and external Investment contract business and shareholders’ claims handling costs that are directly related to account on the basis of average investments the processing and settlement of claims as well as outstanding during the year as financed by the changes in the gross valuation of insurance respective funds. liabilities. Claims are recorded on the basis of notifications received. The distribution is presented only as note to the financial statements. • Reinsurance claims recoveries Reinsurance claims recoveries are recognized 5.34 Realized/unrealized gains and losses when the related gross insurance claim expenses Realized gains and losses include gains and losses are recognized according to the terms of the arising from the disposal of financial instruments, relevant contract. noncurrent assets held for sale and investment properties and they are recognised in the Income • Salvage and subrogation reimbursements statement of the period in which the disposal occurred. Some insurance contracts permit the Company to Unrealized gains and losses include gains and losses sell (usually damaged) property acquired in arising from the fair valuation of financial assets, settling a claim (for example, salvage). The noncurrent assets held for sale (that is, immediately Company may also have the right to pursue third before classification as held for sale) and investment parties for payment of some or all costs (for properties. Unrealized gains and losses arising from example, subrogation). the fair valuation of investment properties are recognized in the Income statement.
2014 ANNUAL REPORTS AND ACCOUNTS 71 Estimates of salvage recoveries are included as an shareholders of the Company by the weighted average allowance in the measurement of the insurance number of ordinary shares outstanding at the reporting liability for claims, and salvage property is date. recognized in other assets when the liability is settled. The allowance is the amount that can Diluted EPS is determined by adjusting the profit or loss reasonably be recovered from the disposal of the attributable to ordinary shareholders and the weighted property. average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all Subrogation reimbursements are also considered dilutive potential ordinary shares, which comprise as an allowance in the measurement of the convertible notes and share options granted to insurance liability for claims and are recognized in employees. other assets when the liability is settled. The allowance is the assessment of the amount that 5.39 Conversion of foreign currencies can be recovered from the action against the liable On initial recognition, all transactions are recorded in third party. the functional currency (the currency of the primary economic environment in which the Company • Net claims expenses operates or transacts business), which is Nigerian Naira The result of the gross benefits and claims and Kobo. Transactions in foreign currencies during the expenses and reinsurance claims recoveries is the year are converted into the functional currency using net claims expense for the period. Ceded the exchange rate prevailing at the transaction dates. reinsurance arrangements do not relieve the Company from its obligations to policyholders. Monetary assets and liabilities at the statement of financial position date denominated in foreign Policyholder benefits incurred comprise claims currencies are translated into the functional currency paid in the year and changes in the provision for using the exchange rate prevailing as at that date. The insurance contract liabilities. Benefits paid resulting foreign exchange gains and losses from the represent all payments made during the year, settlement of such transactions and from year end whether arising from events during that or earlier translation are recognised on a net basis in the income years. Insurance contract liabilities represent the statement in the year in which they arise. estimated ultimate cost of settling all benefits accruing to policyholders and are discounted to 5.40 Comparatives the present value. Where necessary, comparatives have been adjusted to conform to changes in presentation in the current year. 5.37 Dividends Where changes are made and affect the statement of Dividends on ordinary shares are recognised as a financial position, a third statement of financial position liability in the year in which they are declared. Proposed at the beginning of the earliest period presented is dividends are accounted for as a separate component presented together with the corresponding notes. of equity until they have been declared at an annual general meeting. Dividends for the year that are 5.41 Events after the statement of financial approved after the statement of financial position date position date are dealt with as a non-adjusting event after the The financial statements are adjusted to reflect events statement of financial position date. that occurred between the statement of financial position date and the date when the financial 5.38 Earnings per share statements are authorised for issue, provided they give The Company presents basic and diluted earnings per evidence of conditions that existed at the statement of share (EPS) data for its ordinary shares. financial position date. Events that are indicative of conditions that arose after the statement of financial Basic earnings per share amounts are calculated by position date are disclosed, but do not result in an dividing the profit for the year attributable to ordinary adjustment of the financial statements.
72 2014 ANNUAL REPORTS AND ACCOUNTS STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014
Restated 2014 2013 ASSETS NOTES N'000 N'000 Cash and cash equivalents 6 701,236 230,396 Financial Assets: - At fair value through profit or loss 7.1 58,949 91,424 - Loans and receivables 7.2 956,232 1,809,010 - Available for sale investment 7.3 821,950 1,126,072 Reinsurance assets 8 607,664 241,092 Trade receivables 9 32,646 7,673 Other receivables and prepayments 10 32,469 89,915 Deferred acquisition costs 11 96,442 420,840 Investment in associate Companies 12 433,507 1,081,612 Investment property 13 1,415,000 1,435,000 Intangible assets 14 7,686 11,544 Property, plant and equipment 15 2,222,606 1,909,303 Statutory deposit 16 335,000 335,000
TOTAL ASSETS 7,721,387 8,788,881
LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Insurance contract liabilities 17 2,402,454 2,000,759 Trade payables 18 75,954 49,463 Other payables and accruals 19 395,441 481,734 Borrowings 20 757,803 857,766 Finance lease obligations 21 32,408 49,953 Employee benefit liabilities 22 - - Income tax liabilities 23 334,285 277,600 Deferred tax liabilities 24 305,560 294,036
TOTAL LIABILITIES 4,303,905 4,011,311
SHAREHOLDERS' EQUITY Share capital 25 5,996,587 5,996,587 Share premium 26 7,667,475 15,852,049 Treasury shares 27 - (8,737,585) Contingency reserves 28 1,243,423 1,113,425 Accumulated loss 29 (13,105,057) (10,894,417) Revaluation reserves 30.1 1,114,518 703,401 Fair value reserves 30.2 500,536 744,110
TOTAL SHAREHOLDERS' EQUITY 3,417,482 4,777,570
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,721,387 8,788,881
Signed on behalf of the Board of Directors on 6 July 2015 by: Additionally certified by:
………………………………………….. ……………………………………………. ………………………………………… Mr. Kadiri Ijeremhe Mr. Bode Akinboye Mrs. Orerhime Emerhor-Iwuagwu Head, Finance & Accounts FRC/2013/ICAN/00000005139 FRC/2013/IODN/00000004229 FRC/2013/ICAN/00000002076 Group Managing Director/CEO Director
2014 ANNUAL REPORTS AND ACCOUNTS 73 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2014
NOTE 2014 2013 N'000 N'000 Gross premium written 31 4,333,254 3,792,076 Unearned premium 5,425 (12,442) Gross premium income 31 4,338,679 3,779,634 Reinsurance expenses 32 (475,015) (683,715) Net premium income 3,863,664 3,095,919 Commission income 33 103,078 33,799 Net underwriting income 3,966,742 3,129,718
Claims expenses (net) 34 (1,194,074) (1,070,890) Underwriting expenses 35 (1,341,981) (1,053,465)
Total underwriting expenses (2,536,055) (2,124,355)
Underwriting profit 1,430,687 1,005,363
Investment and other income 36 239,631 335,212 Management expenses 37 (1,795,804) (1,497,228) Finance charges 38 (48,483) (137,084) Impairment charges on other assets 39 (1,145,650) (297,351) Fair value (loss)/gains on financial assets 7.1.1 (32,475) 41,093 Fair value loss on investment properties 13.1 (20,000) - Share of (loss)/profit of associate Company 12.3 (610,519) (239,741) Loss before taxation (1,982,613) (789,736) Income tax 23 (86,505) (64,879) Deferred tax 24.1 (11,524) (26,327) Loss after taxation (2,080,642) (880,942)
Other comprehensive income Item that are or may be reclassified to profit or loss: Fair value (loss)/gain on financial assets 30.2 (243,574) 641,102 Items that will be classified to profit or loss: Revaluation surplus on building 30.1 411,117 - Total comprehensive income for the year (1,913,099) (239,840)
Loss attributable to: Owners of equity (1,913,099) (239,840) Non controlling interest - - (1,913,099) (239,840)
Loss per share : Basic/diluted (17.35) (7.35)
74 2014 ANNUAL REPORTS AND ACCOUNTS STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2014
Share Share Treasury Contingency Retained Revaluation Fair value Capital Premium Shares Reserves Earnings Reserves Reserves Total N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Balance 1 January, 2014 5,996,587 15,852,049 (8,737,585) 1,113,425 (10,894,417) 703,401 744,110 4,777,570
Total comprehensive income for the year: Loss for the year - - - - (2,080,642) - - (2,080,642)
Transfer to contingency reserve (Note 28) - - - 129,998 (129,998) - - -
Allotment of treasury shares - (8,184,574) 8,737,585 - - - - 553,011
Other comprehensive income: Revaluation surplus on building (Note 30.1) - - - - - 411,117 - 411,117 Fair value loss on quoted shares - Available ------(243,574) (243,574) for sale (Note 30.2)
Total comprehensive income for the year - (8,184,574) 8,737,585 129,998 (2,210,640) 411,117 (243,574) (1,360,088)
Transactions with owners recorded directly in equity Contributions by and distribution to owners Dividends to equity holders ------Total transactions with owners ------
Balance 31 December , 2014 5,996,587 7,667,475 - 1,243,423 (13,105,057) 1,114,518 500,536 3,417,482
Balance 1 January, 2013 5,996,587 15,852,049 (8,737,585) 999,663 (9,935,811) 703,401 103,008 4,981,312 Prior period restatement (Note 46) - - - - 36,098 36,098 5,996,587 15,852,049 (8,737,585) 999,663 (9,899,713) 703,401 103,008 5,017,410 Total comprehensive income for the year:
Loss for the year - - - - (880,942) - - (880,942)
Transfer to contingency reserve (Note 28) - - - 113,762 (113,762) - - -
Other comprehensive income:
Fair value gain on quoted shares - Available ------641,102 641,102 for sale(Note 30.2)
Total comprehensive income for the year - - 113,762 (994,704) - 641,102 (239,840)
Transactions with owners recorded directly in equity Contributions by and distribution to owners Dividends to equity holders ------Total transactions with owners ------
Balance 31 December , 2013 5,996,587 15,852,049 (8,737,585) 1,113,425 (10,894,417) 703,401 744,110 4,777,570
2014 ANNUAL REPORTS AND ACCOUNTS 75 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2014
2014 2013 Cash flows from operating activities NOTES N'000 N'000 Premium received from policy holders 4,313,706 4,414,220 Interest received on investments 36 136,138 134,088 Dividend received 36 11,679 700 Rent and sundry income 36 18,308 17,506 Other income 36 12,065 - Claim paid (net of recoveries) (764,851) (939,791) Fees and commission 33 103,078 33,799 Cash payments for reinsurance (475,015) (683,716) Brokers commissions and allowances 35 (1,054,965) (1,067,538) Agents allowances and commissions - 14,073 Cash payments to employees, suppliers and others (1,913,691) (1,715,236) 392,969 208,105 Taxes paid: Income tax 23 (29,820) (57,693) VAT - (6,322) Net cash generated from operating activities 363,149 144,090
Cash flows from investing activities Purchase of Property, plants and equipments 15 (162,943) (282,632) Purchase of Intangible assets 14 (3,207) - Proceeds from sale of Property, plants and equipments 2,753 1,729 Acquisition of interest in Blueberry project (102,300) -
Net Cash used in investing activities (265,697) (280,903)
Cash flows from financing activities Finance charges 38 (48,483) (137,084) Loan obtained 200,000 - Repayment of Daewoo loan (196,470) (188,083) Repayment of Loan (7,673) - Lease financing (net) 21 (17,545) 32,188 Payment of preference dividend 19.2 - (175,000) Proceeds from sale of treasury shares 553,011 -
Net Cash flow from financing activities 482,840 (467,979)
Net increase/(decrease) in cash and cash equivalents 580,292 (604,792) Cash and cash equivalents at the beginning of the year 120,944 725,736
Cash and cash equivalents at the end of the year 701,236 120,944
Cash and cash equivalent comprise: Current Bank accounts balances 83,785 132,076 Short term deposits - Local banks 617,451 98,319 701,236 230,395 Bank overdraft - (109,451) 701,236 120,944
76 2014 ANNUAL REPORTS AND ACCOUNTS OTHER NOTES TO THE FINANCIAL STATEMENTS
6 Cash and cash equivalents
2014 2013 N'000 N'000 Cash in hand 3,851 626 Bank balances 79,934 131,451 Short term deposits 617,451 98,319 701,236 230,396
Short-term deposits are made for varying periods of between one day and three months depending on the immediate cash requirements of the Company.
7 Financial assets N'000 N'000 At fair value through profit or loss (Note 7.1) 58,949 91,424 Loans and receivables (Note 7.2) 956,232 1,809,010 Available for sale investment (Note 7.3) 821,950 1,126,072 1,837,131 3,026,506 7.1 Financial assets at fair value through profit or loss Quoted investments N'000 N'000 Cost 334,433 334,433 Fair value changes (Note 7.1.1) (275,484) (243,009) Market Value 58,949 91,424
7.1.1 The fair value changes are further analysed thus: N'000 N'000 At 1 January (243,009) (284,102) (Increase)/ Decrease in fair value losses (32,475) 41,093 At 31 December (275,484) (243,009)
7.1.2 Analysis of the fair value of the Company's investments in listed entities is shown below: N'000 N'000 ABC Transport Plc 5,174 14,109 Dangote Sugar Refineries Plc 1,905 3,510 Diamond Bank Plc 1,674 2,250 Ecobank Transnational Plc 119 105 First City Monument Bank Plc 3,984 6,064 Fidelity Bank Plc 3,871 6,362 First Bank of Nigeria Limited 3,465 6,458 Guaranty Trust Bank Plc 11,803 12,619 Skye Bank Plc 798 1,290 United Bank for Africa Plc 1,974 4,106 WAPCO Nigeria Plc 24,150 34,500 WAPIC Insurance Plc 32 51 58,949 91,424 7.2 Loans and receivables Standard Alliance Properties Limited 945,217 1,800,412 Staff debtors 11,015 8,598 956,232 1,809,010
2014 ANNUAL REPORTS AND ACCOUNTS 77 7.2.1 Standard Alliance Properties Limited N'000 N'000 Balance, beginning of the year 1,800,412 1,714,678 Interest income for the year 90,021 85,734 Balance, end of the year 1,890,433 1,800,412 Impairment provision (945,216) Balance, end of the year 945,217 1,800,412
Standard Alliance Insurance Plc ventured into a joint estate development with Standard Alliance Properties Limited. The terms of arrangement included an annual interest of 5% on contribution and share of profit from the joint venture. The balance due from Standard Alliance Properties Limited represents accumulated interest and outstanding contributions.
7.3 Available for sale financial assets 2014 2013 N'000 N'000 Quoted shares in Transcorp Plc (Note 7.3.1) 719,650 963,224 Oil & Energy Pool (Note 7.3.2) - - Lagoon Homes Saving & Loans Ltd (Note 7.3.3) - 162,848 Investment in Blueberry Project (Note 7.3.4) 102,300 - 821,950 1,126,072
7.3.1 Investment in quoted shares (Transcorp Plc) N'000 N'000 Balance, beginning of the year 147,235 95,158 Additions during the year - 52,077 Balance, end of the year 147,235 147,235 Fair value gain 572,415 815,989 Market value 719,650 963,224
Fair value charges are further analysed as folows: N'000 N'000 At 1 January 815,989 103,653 Fair value (loss)/gain during the year (Note 30.2) (243,574) 712,336 At 31 December 572,415 815,989
During the year 2013, Standard Alliance Capital and Assets Management Limited transferred 32,035,807 units of shares of Transcorp Plc to
7.3.2 Oil & Energy Pool N'000 N'000 Gross investment - 6,618 Investment amount now written off - (6,618) - -
Impairment provision N'000 N'000 At 1 January - 6,618 Impairment allowance now written off - (6,618) At 31 December - -
7.3.3 Lagoon Home Savings and Loans Limited N'000 N'000 5% 5 year Redeemable preference share 162,848 162,848 Impairment provision (162,848) - - 162,848
During the year 2013, the Company converted its term deposit and current accounts balances with Lagoon Homes Savings and Loans Limited to a 5% 5 years preference shares holding in the bank. Impairment provision N'000 N'000 At 1 January - - Impairment allowance for the year 162,848 - At 31 December 162,848 -
78 2014 ANNUAL REPORTS AND ACCOUNTS 7.3.4 Investment in Blueberry Technology Solutions Limited
This represents the Company's investment in Blueberry Technology Solutions Limited under a joint venture arrangement for the provision of Electronic National Drivers' and Vehicles Identification System (ENDVIS) for the Kaduna State Government. Under the terms of agreement investment is expected to be recovered within a period of 5 years and revenue from the project is to be shared by the parties.
8 Reinsurance assets N'000 N'000 Claims recoverable 416,549 177,262 Deferred reinsurance cost 191,115 63,830 607,664 241,092
This represents amount recoverable from reinsurers in respect of claims incurred and reinsurance premium paid of which risk has not expired.
The reinsurance assets are of current maturity.
9 Trade receivables 2014 2013 N'000 N'000 Amount due from Insurance Brokers 32,646 7,673 Impairment allowance (Note 9.1) - - Net premium receivables 32,646 7,673
9.1 Impairment allowance N'000 N'000 At 1 January - 3,288,804 Charge during the year - - Written off during the year - (3,288,804) At 31 December - -
Age analysis N'000 N'000 0-90 days 32,646 7,673 91-180 days - - 32,646 7,673
The balance of N32.6million due from insurance brokers has been fully received subsequent to year end.
10 Other receivables and prepayments N'000 N'000 Prepayments 25,069 81,816 Current account with related companies (Note 14.1) - 112 Sundry 7,400 7,987 32,469 89,915
10.1 Current account with related companies N'000 N'000 At 1 January 112 506,997 Payments during the year (112) (52,077) Balance written off - (454,808) At 31 December - 112
2014 ANNUAL REPORTS AND ACCOUNTS 79 11 Deferred acquisition costs N'000 N'000 Motor 25,462 111,478 Aviation 176 9,372 Engineering 11,168 40,554 Fire 16,038 44,716 General Accident 17,286 81,943 Marine 10,794 57,818 Bond 15,052 12,232 Oil & Gas 466 62,727 96,442 420,840
The movement in deferred acquisition cost is: N'000 N'000 At 1 January 420,840 140,728 Additions during the year 96,441 420,840 Amortisation for the year (420,840) (140,728) At 31 December 96,441 420,840
12 Investment in Associate Companies 2014 2013 12.1 The Company has equity investments in the following entities: N'000 N'000 Standard Alliance Life Assurance Limited (47.47%) 433,507 1,044,026 Standard Alliance Properties Limited (36.67%) - 30,495 Standard Alliance Capital and Assets Limited (40%) - 7,091 Standard Alliance Pension Limited (40%) - - Total carrying amount at 31 December 433,507 1,081,612
The investments are accounted for using the equity method and further details of the investments balances are: 12.1.1 Standard Alliance Life Assurance Limited N'000 N'000 Cost 1,905,000 1,905,000 Share of post acquisition reserve (Note 12.2) (1,471,493) (860,974) 433,507 1,044,026 Impairment provisions/write off - - Carrying amount at 31 December 433,507 1,044,026
12.1.2 Standard Alliance Properties Limited. N'000 N'000 Cost 275,000 275,000 Share of post acquisition reserve (Note 12.2) (244,505) (244,505) Carrying amount at 31 December 30,495 30,495 Cost written off (275,000) - Share of post acquisition reserve written off(Note 12.2) 244,505 - Carrying amount at 31 December - 30,495
Standard Alliance Capital and Assets Limited. 12.1.3 N'000 N'000 Cost 400,000 400,000 Share of post acquisition reserve (Note 12.2) (392,909) (392,909) Carrying amount at 31 December 7,091 7,091 Cost written off (400,000) - Share of post acquisition reserve written off(Note 12.2) 392,909 - Carrying amount at 31 December - 7,091
80 2014 ANNUAL REPORTS AND ACCOUNTS 12.1.4 Standard Alliance Pensions Limited. N'000 N'000 Cost - 260,000 Cost written off against impaiment - (260,000) Carrying amount at 31 December - -
Impairment provisions N'000 N'000 At 1 January - 260,000 Impairment provisions now written off - (260,000) At 31 December - -
12.2 Share of post acquisition profit or losses Standard Alliance Life Assurance Limited N'000 N'000 At 1 January (860,974) (658,609) Share of current year profit/(loss) (Note 12.3) (610,519) (202,365) At 31 December (1,471,493) (860,974)
Standard Alliance Properties Limited. N'000 N'000 At 1 January (244,505) (246,529) Share of current year profit/(loss) (Note 12.3) - 2,024 Share of post acquisition profit or losses written off 244,505 - At 31 December - (244,505)
Standard Alliance Capital and Assets Limited. N'000 N'000 At 1 January (392,909) (353,509) Share of current year profit/(loss) (Note 12.3) - (39,400) Share of post acquisition profit or losses written off 392,909 At 31 December - (392,909)
12.3 Summary of financial statements of Associates: 2014 2013 Standard Alliance Life Assurance Limited 47.47% N'000 N'000 Property, plant and equipment 149,563 210,550 Investment property 1,825,563 1,807,762 Other assets 1,921,267 4,946,809 Liabilities (2,929,377) (4,711,991) Net assets 967,016 2,253,131 Revenue 2,994,428 1,874,250 Loss before taxation (1,262,359) (406,915) Loss after taxation (1,286,115) (426,300) 47.47% thereof (610,519) (202,365)
Standard Alliance Properties Limited 40% N'000 N'000 Property, plant and equipments - 11,123 Non-current assets held for sale - 2,362,518 Investment property - 95,000 Other assets - 469,257 Liabilities - (293,999) Long term deposits - (1,800,411) Net Assets - 843,488 Revenue - 565,000 Profit/ (loss) before taxation - 10,966 Profit/ (loss) after taxation - 5,059 Adjustment for unrealised profit - - - 5,059 40% thereof - 2,024
2014 ANNUAL REPORTS AND ACCOUNTS 81 Standard Alliance Capital and Assets Limited 40% N'000 N'000 Property, plant and equipments - 163,326 Other assets - 33,306 Long term investment 191,834 liabilities - (117,367) Net Assets - 271,099 Revenue - 18,427 Profit/ (loss) before taxation - (98,501) Profit/ (loss) after taxation - (98,501) 40% thereof - (39,400) Total share of profit/(loss) for the year (610,519) (239,741)
13 Investment Properties 2014 2013 N'000 N'000
Cost at 1 January 1,435,000 1,435,000 Addition during the year - - Cost at 31 December 1,435,000 1,435,000
Fair value loss (Note 13.1) (20,000) - Market value 1,415,000 1,435,000
The Company's investment properties are properties held to earn rentals or capital appreciation or both. A sum of N18.3million naira was earned as rentals from investment properties during the year.
The transfer documents on the 250 hecters of land at Mydumbi Village, Kaduna valued at N40 million has been fully executed but issues relating to consent and ownership have not been perfected. The transfer documents and issues relating to consent and ownership of the Twin Duplex at Parkview Estate, Ikoyi-Lagos, valued at N330 million have not been fully executed and perfected.
13.1 Fair value loss
N'000 N'000 At 1 January - - Loss for the year 20,000 - At 31 December 20,000 -
Fair value of invesment properties are stated below: Cost Valuation 2014 2013 N'000 N'000 N'000 250 hecters of farmland at Mydumbi Village, Kaduna-Zaria Road, Kaduna 40,000 40,000 40,000 Twin Duplex, Parkview Estate, Ikoyi-Lagos 350,000 330,000 350,000 11 units of 4-bedroom terrace houses at New County Estate, Lekki, Lagos 1,045,000 1,045,000 1,045,000 1,435,000 1,415,000 1,435,000
9182 2014 ANNUAL REPORTS AND ACCOUNTS 14 Intangible assets
Computer software N'000 N'000 Cost AT 1 January 36,605 36,605 Additions 3,207 - At 31 December 39,812 36,605
Amortisation N'000 N'000 AT 1 January 25,062 16,754 Amortisation for the year 7,064 8,307 At 31 December 32,126 25,061 Carrying amount at 31 December 7,686 11,544
The intangible asset relates to the Company's accounting software packages (Turnquest) bought from Turnkey Africa, a Company registered in Nairobi, Kenya.
2014 ANNUAL REPORTS AND ACCOUNTS 83 15 Property, plant and equipment
Land Building Motor Furniture Computer and Work in Total vehicles and fittings other equipment Progress Cost N'000 N'000 N'000 N'000 N'000 N'000 N'000 At 1 January 2013 285,000 1,362,563 385,822 119,929 201,110 - 2,354,424 Additions - 69,294 88,744 2,776 45,592 76,226 282,632 Disposals - - (23,608) - - - (23,608) At 31 December 2013 285,000 1,431,857 450,958 122,705 246,702 76,226 2,613,448
At 1 January 2014 285,000 1,431,857 450,958 122,705 246,702 76,226 2,613,448 Additions 5,000 77,027 144,490 5,363 7,290 800 239,170 Revaluation surplus - 411,116 - - - - 411,116 Disposals - - (43,045) - - - (43,045) Transfers - 77,026 - - - (77,026) - Assets written off - - (129,740) - - - (129,740) At 31 December 2014 290,000 1,920,000 422,663 128,068 253,992 - 3,014,723
Accumulated depreciation and impairment At 1 January 2013 - 60,790 323,760 57,406 161,734 - 603,690 Charge for the year - 27,940 58,686 10,735 24,690 - 122,051 On disposals - - (21,596) - - - (21,596) At 31 December 2013 - 88,730 360,850 68,141 186,424 - 704,145
At 1 January 2014 - 88,730 360,850 68,141 186,424 - 704,145 Charge for the year - 30,178 75,169 10,369 25,185 - 140,901 On disposals - - (33,775) - - - (33,775) On assets written off - - (19,154) - - - (19,154) At 31 December 2014 - 118,908 383,090 78,510 211,609 - 792,117
Carrying amounts as at: 31 December 2013 285,000 1,343,127 90,108 54,564 60,278 76,226 1,909,303 31 December 2014 290,000 1,801,092 39,573 49,558 42,383 - 2,222,606
Building was professionally valued by Messrs Osaro Eguasa & Co. FRC/2012/0000000000423 (Estate Surveyors and Valuers) as at 30th December, 2014 on the basis of their open market values. The revised value of the properties was N1,920,000,000 resulting in a surplus on revaluation of N411,116,000 which has been credited to the property, plant and equipment revaluation account.
The re-valued property is the Company's Head Office building located at Plot 94, Providence Street, Lekki Scheme 1, Lekki, Lagos and the Ibadan building located at No. 20 MKO Abiola Way, Ring road, Ibadan, Oyo.
Included in Computer and other equipment is an amount of N27,035,597 being cost of the Company's generating set acquired on lease in April 2013. The lease period is 24 months at an interest rate of 21% per annum.
Included in Motor vehicles is an amount of N61,250,000 being cost of the Company's cars acquired on lease in March 2014. The lease period is 18 months at an interest rate of 22% per annum.
At the Board of Directors meeting held on 14 May 2015, it was resolved that the retiring Directors should be given possession and ownership of the official vehicles bought for the during 2014 and the net book value of these vehicles should be written off the company's books. The cost and depreciation charged in the year on these vehicles amounted to N129.7 million and N19 million respectively.
The sum of N77 million transferred from work in progress to building represents the accumulated cost of construction of the Security and administrative building at the Company's Head Office.
84 2014 ANNUAL REPORTS AND ACCOUNTS 16 Statutory Deposits 2014 2013 N'000 N'000 Deposit with the Central Bank of Nigeria 335,000 335,000
This represents 10% of the minimum paid up share capital deposited with the Central Bank of Nigeria in accordance with Section 10 (3) of the Insurance Act, CAP I17, LFN 2004.
17 Insurance contract liabilities N'000 N'000 Unearned premium reserve (Note 17.1) 917,378 922,803 Outstanding claims (Note 17.2) 1,485,076 1,077,956 2,402,454 2,000,759 Less: Reinsurance assets (Note 8) (607,664) (241,092) 1,794,790 1,759,667 The insurance contract liabilities balances above are covered by the Company's dedicated assets thus: N'000 N'000 Cash and cash equivalents 617,451 225,396 Financial assets 719,650 963,224 Investment properties 380,000 812,139 Statutory deposits 335,000 - 2,052,101 2,000,759
17.1 Unearned premium reserve N'000 N'000 Aviation 37,976 14,578 Bond 91,377 19,134 Engineering 55,720 48,768 Fire 92,577 109,910 General accident 101,846 151,043 Marine 86,226 115,472 Motor 310,254 317,586 Oil & gas 141,402 146,312 917,378 922,803
2014 ANNUAL REPORTS AND ACCOUNTS 85 17.2 Outstanding claims reserves N'000 N'000 Aviation 111,376 40,345 Bond 23,969 8,099 Engineering 101,438 63,578 Fire 239,976 208,151 General accident 97,832 70,131 Marine 98,380 37,192 Motor 124,806 57,451 Oil & gas 386,731 287,063 1,184,508 772,010 Provision for claims incurred but not reported (IBNR) 300,568 305,946 1,485,076 1,077,956
17.2.1 Movement in outstanding claims reserves N'000 N'000 Oustanding claims reserve at the beginning 772,010 939,805
Reported claims in the current year 1,482,551 867,621 Claims paid during the year (1,070,053) (1,035,416) 412,498 (167,795) Oustanding claims reserve at the end 1,184,508 772,010 The age analysis of outstanding claims was as follows: 0 - 90 days 136,377 165,408 91 - 180 days 39,025 69,773 181 - 360 days 217,181 198,923 361 days and above 791,925 337,906 1,184,508 772,010
18 Trade payables N'000 N'000 Due to Reinsurer 75,954 49,463 Due to Co-assurers - - Due to Brokers - - 75,954 49,463 The trade payables are all of current maturity.
19 Other payables and accruals 2014 2013 N'000 N'000 Due to government agencies 10,456 25,007 Lease rent received in advance (Note 19.1) 18,813 22,011 Due to staff 16,022 - Accrued expenses 117,064 - Other credit balances 58,086 259,716 Preference dividend payable (Note 19.2) 175,000 175,000 395,441 481,734
The above are further analysed as: N'000 N'000 Current 376,628 469,723 Non-current 18,813 12,011 395,441 481,734
86 2014 ANNUAL REPORTS AND ACCOUNTS 19.1 Lease rent received in advance The Company leased out three floors (ground, first and second) of its head office building to Standard Alliance Properties Limited at an annual rent of N10 million effective July 2011. This is to ensure professional management of the lease agreements with non-related tenants of the floors. Standard Alliance Properties Limited made an advance payment of rent of N47 million in 2011 which is now being amortised at N10 million rent per annum.
The balance of this account as at 31 December 2014 is N18.813 million
19.2 Preference dividend payable N'000 N'000 At 1 January 175,000 350,000 Paid during the year - (175,000) At 31 December 175,000 175,000
The Company had 17,500,000 (Seventeen Million, Five Hundred Thousand units of preference shares of N100 (One Hundred Naira) each prior to year ended 31 December 2011. These were converted to ordinary shares of 50k (50 Kobo) each in the Company and issued to the holders of the preference shares as at 31 December 2011 in accordance with the resolution passed at the 15th Annual General Meeting of 16th December 2011. The amount of N175 million is the balance of pre conversion dividend yet unpaid as at 31 December, 2014
20 Borrowings N'000 N'000 Daewoo Securities Bond (Note 20.1) 565,476 748,314 Term loan (Note 20.2) 192,327 - Bank overdraft - 109,452 757,803 857,766
20.1 Daewoo Securities Bond The Company received a capital inflow of JPY650,000,000 ($7,397,516) zero coupon bond raised from Daewoo Securities in December 2009.
The bond was tenured originally for 20 years with the lenders' option to convert the bond to Standard Alliance Insurance Plc's ordinary shares. If the option is not exercised, the Company must pay interest 4.25% per annum on the gross bond value for the entire term it has been outstanding.
Daewoo Securities requested for the full redemption of the bond in 2011 following which the Company went to a negotiation with it for a repayment plan. During the year 2012, the Company concluded the negotiation of the payment plan with the bond owners on the balance of JPY 569,777,070 principal sum and accrued interest of JPY26,469,000 under the following terms:
i. Non-payment of dividend to shareholders until 2014 ii. Outstanding balance and interest to be paid over five years starting from 2013 and as detailed hereunder:
Payment due date Principal Interest Total JPY'000 JPY'000 JPY'000 12/15/2014 103,234 18,641 121,875 12/16/2015 107,622 14,253 121,875 12/17/2016 112,196 9,699 121,895 12/17/2017 115,552 4,911 120,463 438,604 47,504 486,108
2014 ANNUAL REPORTS AND ACCOUNTS 87 Further details of transactions during the year are:
Principal Interest Total 2014 2013 JPY'000 JPY'000 JPY'000 N'000 N'000 At 1 January 500,010 6,052 506,062 748,314 1,072,192 Interest accrued during the year - 18,641 18,641 26,166 36,006 Payments during the year (103,215) (18,641) (121,856) (196,470) (188,083) Foreign exchange difference - - - (12,534) (171,801) At 31 December 396,795 6,052 402,847 565,476 748,314
Current maturities Interest 67,477 94,717 8,949 Principal 107,622 151,069 243,453 Total current maturities 175,099 245,786 252,402 Non-current principal maturity 227,748 319,690 495,912 402,847 565,476 748,314
The balance of JPY 402,842,000 (N565,475,909) is stated in the financial statements at the Central Bank of Nigeria closing exchange rate of N1.4037/JPY as at 31 December 2014. Subsequently in 2015, a sum of JPY 70,000,000 was paid in principal and interest.
Daewoo Securities still has the option up to year 2029 to subscribe to the equity shares of the Company at a strike price of 50 kobo per share.
20.2 Term Loan N'000 N'000- Balance, at beginning of the year - Additions during the year 200,000 - Repayment during the year (7,673) - Balance, at end of the year 192,327 -
Current 54,914 - Non-current 137,413 - 192,327 -
The Company took a loan facility of N200 million during the year from FCMB Plc for operational needs. The loan is payable in thirty six equal monthly instalments from November 2014. The loan attracts interest at the rate of 20% per annum.
21 Finance lease obligations N'000 N'000 Balance, at beginning of the year 49,953 17,765 Additions during the year 45,937 48,746 Repayment during the year (63,482) (16,558) Balance, at end of the year 32,408 49,953
The Company obtained lease facility of N20,276,698 during 2013 from Diamond Bank at an interest rate of 21% for a period of 24 months to finance the acquisition of a Mantrac Generator. During the year 2014, the Company obtained a new lease facility of N45,937,500 from Diamond Bank at an interest rate of 22% for a period of 18 months to finance the acquisition of 8 units of motor vehicles.
88 2014 ANNUAL REPORTS AND ACCOUNTS These generators and motor vehicles are included in the property, plant and equipment of the Company as at 31 Decemberv2014. The rental due as at 31 December 2014 are further analysed as follows:
N'000 N'000 Less than 3 months 10,657 995 Between 3 and 6 months 11,256 1,160 Between 6 and 12 months 10,495 31,058 32,408 33,213 Over 12 months - 16,740 32,408 49,953
22 Employee benefit liabilities: Restated N'000 N'000 Gratuity At 1 January - 36,098 Charge for the year - - Provision no longer required (Note 46) - (36,098) At 31 December - -
During 2012, the Company changed its policy on gratuity. The Company no longer makes provision for gratuity and as such the provision of N36 million made up to 31 December 2012 is no longer required.
23 Current income tax liabilities Per Statement of Comprehensive income
2014 2013 N'000 N'000 Company income tax Education tax 75,989 55,062 Information technology development levy tax 10,516 9,817 - - 86,505 64,879 Per Statement of Financial Position: Balance at beginning of the year: Company income tax N'000 N'000 Education tax 259,373 254,507 Information technology development levy tax 18,227 15,907 - - Provisions for the year: 277,600 270,414 Company income tax Education tax 75,989 55,062 Information technology development levy tax 10,516 9,817 - - Payments during the year: Company income tax Education tax (21,000) (50,196) Information technology development levy tax (8,820) (7,497) At 31 December 334,285 277,600
24 Deferred tax liabilities N'000 N'000 At 1 January 294,036 196,475 Charged for the year (Note 24.1) 11,524 97,561 At 31 December 305,560 294,036
97 2014 ANNUAL REPORTS AND ACCOUNTS 89 24.1 Charge for the year
N'000 N'000 Profit or loss charged on timing differences of carrying amounts of taxable assets 11,524 26,327 Tax recorded in other comprehensive income: Charge on timing difference of carrying amount of taxable assets - - Revaluation surplus on building (Note 30.1) - - Fair value (loss)/gains on available for sale investment(Note 30.2) - 71,234 11,524 97,561
25 Ordinary share capital Authorized
N'000 N'000 14,000,000,000 ordinary shares of 50k each 7,000,000 7,000,000
Issued and Fully Paid N'000 N'000 11,993,173,000 units of ordinary shares of 50k each 5,996,587 5,996,587
26 Share premium N'000 N'000 At 1 January 15,852,049 15,852,049 Discount on treasury shares (8,184,574) - At 31 December 7,667,475 15,852,049
Share premium comprises additional paid-in capital in excess of the pair value. This reserve is not ordinarily available for distribution.
27 Treasury shares
N'000 N'000 At 1 January 8,737,585 8,737,585 Cash proceeds from investors (553,011) - Discount on sale of treasury shares (8,184,574) - At 31 December - 8,737,585
These represent the offer price of 2,212,046,824 units of ordinary shares of 50k each (N1,106,024,412 and associated total share premium of N7,631,561,991) for which no net cash inflow accrued to the Company during its public offer of 2008.
The Company at its 15th Annual General Meeting held on 16th December 2011 approved the cancellation of these shares and to this effect a court order was also obtained on 26th of April 2012.
The Company applied to the Securities and Exchange Commission (SEC) for the final approval of the share cancellation. SEC however, in its response subsequently in 2014 has directed that Standard Alliance Insurance Plc should realise the shares presented for cancellation and report back to it on or before December 2014. The Company initiated urgent and appropriate steps in engaging in discussions with prospective investors.
During the year, the Company offered the treasury shares to potential investors and subsequently Gemrock Management Company Limited bought the shares at the sum of N553 million. The difference between the cash proceeds and the value of treasury shares was transferred to the share premium account.
90 2014 ANNUAL REPORTS AND ACCOUNTS 28 Contingency reserve
2014 2013 N'000 N'000 At 1 January 1,113,425 999,663 Charge for the year 129,998 113,762 At 31 December 1,243,423 1,113,425
Contingency reserve is provided for at the rate of 3% of the gross premium or 20% of profit (whichever is greater for the year) in accordance with Section 22 (1)(b) of the Insurance Act 2003.
29 Accumulated loss N'000 N'000 At 1 January (10,894,417) (9,899,712) Loss for the year (2,080,642) (880,943) Appropriation to contingency reserves (129,998) (113,762)
At 31 December (13,105,057) (10,894,417)
30 Other reserves N'000 N'000 Revaluation reserve 1,114,518 703,401 Fair value gain reserve 500,536 744,110 1,615,054 1,447,511
30.1 Revaluation Reserve N'000 N'000 At 1 January 703,401 703,401 Addition during the year(Note 15) 411,117 - At 31 December 1,114,518 703,401
Further details are: N'000 N'000 Revaluation surplus - Building 411,117 - Deferred tax on revaluation surplus - - 411,117 -
The Company's office building at Ibadan and Head Office in Lagos were revalued at N20 million in 2006 and N1,431,857,000 in 2012 respectively by the firm of Messrs Osaro Eguasa & Co (FRC/2012/0000000000423). The revaluations resulted in surpluses of N14,299,000 and N767,258,000 respectively, which has been credited to the property, plant and equipment revaluation account.
During the year, the Head office was revalued at N1,900,000,000 by Messrs Osaro Eguasa & Co (FRC/2012/0000000000423). The revaluations resulted in surpluses of N411,116,000 which has been credited to the property, plant and equipment revaluation account.
2014 ANNUAL REPORTS AND ACCOUNTS 91 30.2 Fair Value Gains Reserve
This is the net accumulated changes in the fair value of available for sale assets.
N'000 N'000 At 1 January 744,110 103,008 (Decrease)/increase during the year - net of income tax (243,574) 641,102 At 31 December 500,536 744,110
The addition during the year is further analyzed thus: N'000 N'000 Fair value (loss)/gains on available for sale - (Note 7.3.1) (243,574) 712,336 Deferred tax on fair value gains for the year (Note 24.1) - (71,234) (243,574) 641,102
31 Gross premium income
Engine- General Motor Aviation Bonds ering Fire Accident Marine Accident Oil & Gas 2014 2013 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Premium written 14,999 418,662 243,778 274,119 816,722 801,009 1,003,722 760,243 4,333,254 3,792,076 Movements in unexpired (23,398) (72,243) (6,952) 17,333 49,197 29,246 7,332 4,910 5,425 (12,442)
risks (Note 31.1) Gross premium (8,399) 346,419 236,826 291,452 865,919 830,255 1,011,054 765,153 4,338,679 3,779,634
31.1 Movement in Unepired risks
Unexpired risk At 1 January 2014 14,578 19,134 48,768 109,910 151,043 115,472 317,586 146,312 922,803 910,361 Unepired risk At 1 December 2014 (37,976) (91,377) (55,720) (92,577) (101,846) (86,226) (310,254) (141,402) (917,378) 922,803 Movement during the year (23,398) (72,243) (6,952) 17,333 49,197 29,246 7,332 4,910 5,425 (12,442)
32 Reinsurance premium expenses
Engine- General Motor Aviation Bonds ering Fire Accident Marine Accident Oil & Gas Total N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 Charged for the year 2014 9,951 (241) 47,185 55,020 23,352 77,638 24,833 237,277 475,015
Charged for the year 2013 29,658 2,051 18,221 138,001 2,060 148,945 23,578 321,201 683,715
92 2014 ANNUAL REPORTS AND ACCOUNTS 33 Commission income 2014 2013 N'000 N'000 Aviation 3,358 1,143 Bond - 84 Engineering 14,817 887 Fire 23,359 4,292 General Accident 9,989 7,915 Marine 33,016 4,235 Motor 5,110 4,279 Oil &Gas 13,429 10,964 103,078 33,799
34 Claims expenses N'000 N'000 Claims paid 1,070,053 1,035,416 Increase/(decrease) in outstanding claims(Note 17.2.1) 412,498 (167,795) (Decrease)/increase in claims incurred but not reported (5,378) 298,894 1,477,173 1,166,515 Claims expenses recoveries from reinsurers (283,099) (95,625) 1,194,074 1,070,890
35 Underwriting expenses
Acquisition cost: N'000 N'000 Aviation 10,073 26,446 Bond 83,925 30,374 Engineering 73,778 78,385 Fire 91,436 109,128 General Accident 214,188 193,739 Marine 204,280 185,672 Motor 216,763 256,332 Oil &Gas 63,976 87,451 Others 96,547 100,011 Total acquisition cost 1,054,966 1,067,538 Maintenance cost 287,015 - Deferred commision - (14,073) 1,341,981 1,053,465
36 Investment income N'000 N'000 Interest on deposits 136,138 134,088 Lease rental income 18,308 17,506 Dividend received 11,679 700 166,125 152,294 Balances with banks recovered 10,649 - Foreign exchange difference 44,275 182,918 Other income 18,582 - 239,631 335,212
The total investment income is further classified as: Investment income attributable to policyholders' funds 1,634 2,286 Investment income attributable to shareholders' funds 237,997 332,926 239,631 335,212
2014 ANNUAL REPORTS AND ACCOUNTS 93 37 Management expenses 2014 2013 N'000 N'000 Salaries and Allowances 454,163 513,011 Other staff costs 92,197 54,151 Directors' fees and Allowances 89,485 41,983 Insurance expenses 19,722 12,938 Rent and rates 24,176 25,330 Repairs and maintenance 142,318 175,000 Depreciation and amortisation 147,965 130,358 Professional fees 146,537 82,827 Bank charges 14,902 42,150 Printing and stationery 23,833 12,413 Advertising and promotion expenses 142,535 20,702 Books and periodicals 1,265 1,112 Telephone and postages 25,003 34,931 Other administrative expenses 37,293 28,104 Supervisory levies 25,000 72,522 Staff training and development 9,433 28,447 Audit fee 7,000 9,000 Corporate and public relation expenses 83,882 66,842 Travelling,outstation and hotel epenses 78,552 95,419 General management expenses 92,397 42,785 Annual general meeting expenses 19,249 7,203 Property, plant and equipment written off 110,586 - Loss on sale of property, plant and equipment 6,517 - Staff debts written off 1,794 - 1,795,804 1,497,228
38 Finance charges
N'000 N'000 Interest expenses 13,771 27,830 Lease charges 8,546 25,197 Interest on Daewoo bond 26,166 84,057 48,483 137,084
39 Impairment charges N'000 N'000 Other receivables - Staff share loan - 5,279 Impairment provision on investment in associate companies 37,586 - Current account balances - 454,920 Impairment provision on loans and receivables 945,216 - Provision/(write back) of impairment on deposit (Note 7.3.3) 162,848 (162,848) 1,145,650 297,351
94 2014 ANNUAL REPORTS AND ACCOUNTS 40 Information Technology Development Levy
N'000 N'000 At 1 January 3,191 3,191 Appropriation for the year - - At 31 December 3,191 3,191
The Nigerian Information Technology Development Agency (NITDA) Act was signed into law on 24 April, 2007. Section 12(a) of the Act stipulates that specified Companies contribute 1% of their profit before tax to the Nigerian Information Technology Development Agency. No provision has been made as there was no profit before taxation as at 31 December 2014.
41 Loss before taxation
Loss before taxation is stated after charging/(crediting): N'000 N'000 Depreciation 140,901 122,051 Amortization 7,064 8,307 Auditors' remuneration 7,000 9,000 Director's remuneration 89,485 41,983
42 Premium receipt from policy holders N'000 N'000 Premium due from policy holder at 1 January 7,673 642,254 Gross Premium written in the year 4,338,679 3,779,639 4,346,352 4,421,893 Premium due from policyholders at 31 December (32,646) (7,673) Premium receipts in the year 4,313,706 4,414,220
43 Fair value Hierarchy The Company's fair value measurements model is highlighted in accounting policy 5.6.
Level 1 Fair value measurements classified as level 1 include fair values of quoted investments based on current market prices.
Level 2 Fair value measurements classified as level 2 include fair values of unquoted investments which the Company established using valuation techniques such as:
• recent arm's length transactions • reference to other instruments that are substantially the same • net assets value and • discounted cash flows
2014 ANNUAL REPORTS AND ACCOUNTS 95 Level 3 Fair value measurements classified as level 3 include fair values of financial assets of which there are no active markets and no observable inputs. They comprise loans and other receivables.
The table below highlights financial instruments in their various fair value hierarchies at year end:
2014 Asset type Total Level 1 Level 2 Level 3 N'000 N'000 N'000 N'000 Quoted securities - At fair value through profit or loss 58,949 58,949 - - Quoted securities - Available for sale 719,650 719,650
778,599 778,599 - - 2013 Asset type Total Level 1 Level 2 Level 3 N'000 N'000 N'000 N'000 Quoted securities - At fair value through profit or loss 91,424 91,424 - - Quoted securities - Available for sale 963,224 963,224 - -
1,054,648 1,054,648 - -
44a. Penalty by NAICOM During the year the Company contravened certain sections of the Insurance Act, CAP I17, LFN 2004 and NAICOM's operational guidelines. Details of the contraventions and appropriate penalties thereon are as follows:
Section Amount of penalty 2014 2013 Nature of infraction N'000 N'000 Section 49(3) of Insurance Act 2004 Supply of wrong information 250 - Section 49(3) of Insurance Act 2004 Use of unregistered intermediaries 250 - Section 1.16 of operational guideline Late submission of 2013 audited accounts 215 - Section 1.16 of operational guideline Late submission of 2013 4th quarter returns 500 - Late submissionof copy of self-assessment form (1A) Section 30 of NAICOM Act 1997 500 - Section 49(5) of NAICOM ACT,1997 Filing of 2013 Reinsurance treaty arrangement - 250 Section 81(1) of NAICOM ACT, 1997 Failure to furnish information - 500 Penalty in respect of 2012 insurance account of Operational guidelines Nigeria Methodology Agency - 100 Operational guidelines Non-rendition of of un-remitted premium report - 120 Operational guidelines Late submission of fees - 610 Section 1.16 of operational guideline Late submission of 2012 Audited Account - 1,000 operational guidelines Filling fees - 200 Section 81(1) of Insurance Act 2004. Non-submission of claims management expenses - 250 1,715 3,030
44b. Penalty by Nigerian Stock Exchange Appendix III Clause 14 [c] of the NSE Post-Listing Requirements Late submission of 2014 audited accounts 1,800 2,600
96 2014 ANNUAL REPORTS AND ACCOUNTS 45 Directors and employees
Employees
The average number of persons employed by the Company during the year by category
Number Number Excecutive Director 1 1 Management Staff 16 21 Non-management staff 101 146 118 168
Staff cost for the above persons (Excluding Executive Directors) was: Wages and Salaries 527,897 546,292 Employees' Retirement Benefits 6,463 20,870 534,360 567,162
The number of employees of the company otherthan Director who received emolument in the following range was:
The details of the restatements are as follows: Number Number N500,001 - N600,000 - 1 N600,001 - N700,000 - - N700,001 - N800,000 2 2 N800,001 - N900,000 1 1 N900,001 - N1,000,000 1 1 N1,000,001 - N1,100,000 - 34 N1,100,001 - N1,200,000 20 - N1,200,001 - N3,000,000 - - N1,300,001 - N1,400,000 18 23 N1,400,001 - N1,500,000 76 106 Above - N1,500,000 118 168
Directors' Remuneration The remuneration paid to the Directors of the company was: N'000 N'000 Fees and other allowances 33,906 27,750 Excecutive compensation 14,367 14,233 48,273 41,983
Fees and other emolument disclosed above include amount paid to: N'000 N'000 The Chairman - - Highest paid Director 14,367 14,233
The number of Director who received fees and other emolument (excluding pension contribution) in the following ranges was: Number Number N1,000,001 - N2,000,000 5 5 N2,000,001 and above 2 2 7 7
2014 ANNUAL REPORTS AND ACCOUNTS 97 46 Prior Period Restatements
46.1 Employee benefits liabilities An amendment was made to the accounting policy on gratuity which took effect from 2012 but was not effected in the books. The management had decided to discontinue its gratuity scheme and all prior year provisions were cancelled. Based on the above, gratuity obligation amounting to N36,098,000 was written-back.
The financial statements have been restated to correct this error. The restatements required adjustments in the statement of financial position as at 31 December 2013. To this effect, the Statement of financial position, statement of changes in equity and affected notes showed restated comparative information for the year ended 31 December 2013.
The details of the restatements are as follows:
Employee benefits liabilities - (Gratuity) N'000 As previously stated 36,098 Correction of provision no longer required (36,098) As restated -
Retained earnings As previously stated (10,930,515) Correction of provision for employee benefits no longer required 36,098 As restated (10,894,417)
47 Contingent liabilities December 2014 amounted to N92,396,774 (2013: N43,285,000) No material contingent liabilities have been made or are likely to be made in these financial statements. Purchase of Furniture - Heroes Furniture Ltd. During the year, the Company purchase office 48 Related party transactions furniture from Heroes Furniture Limited to the total sum of N10,055,300 (2013: N1,335,000). One of the Insurance contract - Standard Alliance immediately past Directors of the Company, Olorogun Life Assurance Limited. O'tega Emerhor, OON has beneficial interest in Heroes The Company buys Group Life Policy for the staff from Furniture Limited. Standard Alliance Life Limited, a related Company. A sum of N9,830,051 (2013: N1,910,226) was paid as Investment in a property business - premium for the year ended 31 December 2014. Standard Alliance Properties Limited The Company invested in a property business with Group Expenses - Standard Alliance Properties. The term of this include Standard Alliance Investment Group an annual interest income of 4.5% and share of profit. The Company is a member of Standard Alliance A sum of N90,020,596 accrued to the Company during Investment Group. The Company's share of the the year. common expenses of the group for the year ended 31
98 2014 ANNUAL REPORTS AND ACCOUNTS In the year 2012, SA Properties Limited assigned a total I. A deliberate and conscious management of of 3 blocks of 11 flat located at New County Estate, the company’s investment portfolio to ensure that the Lekki to the Company at a valueof N95million each risk of excessive concentration on any one class, (total value was N1.045billion as certified by Osaro industry, or sector is minimized, as well as to ensure Eguasa & Co [FRC/2012/0000000000423] as at 8th portfolio flexibility and liquidity. August 2012). ii. A strict adoption of sound internal policies A recent valuation carried out by the same expert put and processes resulting in consistent adherence to the market value of these properties at N1.05 billion as investment guidelines issued by the National at 31 December 2013. Insurance Commission to enable the Insurance industry maintain sound solvency margin and sound The balance on this investment account was N1.89 liquidity health at all times. billion as at 31 December 2014 (2013: N1.8 billion as at 31 December 2013) iii. The Executive Management took responsibility for establishing a robust liquidity management framework The Company also has a lease agreement on three (3) consistent with regulatory requirements of the floors (ground, first and second) of its Corporate Commission that ensures sufficient liquidity to Headquarters building with Standard Alliance withstand a range of stress events. Properties Limited. The lease is for a period of 4 years with an annual rent of 10million. iv. The financial risk procedural manual spell-out the operational steps and procedures for executing 49. Events after the reporting period relevant controls to prevent the occurrence or reduce the impact of risk events touching on Financial and There were no events after the reporting period which strategy risk. The manual is being reviewed periodically could have a material effect on the financial position of reviewed and updated to take into account new the Company as at 31 December 2014 and profit activities, system changes, and structural changes in attributable to equity holders. the industry.
50 RISK MANAGEMENT REPORT v. The Board approves all strategies and policies in respect of financial and strategic risk management. A) Introduction and overview The company was faced with the following risks in its vi. Evaluation of the effectiveness of risk operations. management process and the internal control system i. Capital Adequacy risk shall be carried out by external consultants ii. Regulatory risk periodically. iii. Liquidity risk vii. The Company relies on its Risk Management This note presents information about the company's Committee exposure to each of the above risks, the company's objectives, policies and processes for measuring and viii. lt develops early warning indicators to aid the managing risks. prompt identification of all risks from all of the risk categories Risk Management Philosophies and Principles The following principles guide financial risk management in the company:
2014 ANNUAL REPORTS AND ACCOUNTS 99 Risk Management Strategy Risk Management Governance The overall responsibility for the management of The Board and Management has put in place clearly financial risk shall resides with the Board through its defined financial risk management framework that Risk and Remuneration Committee. To ensure provides the Company with guidance and prescribes consistency and prudent management of financial tolerable financial risk related losses considering risks, this responsibility shall be divided as follows: available capital and levels of other investment risk exposures. The company’s financial risk policy and I. Board of Directors/ Risk strategy are anchored on the following: & Remuneration Committee ii. Finance and Investment Committee of the Board I. Investment portfolio diversification which involves iii. Executive Management Committee on Investment the application of the Company’s investible funds in a iv. ERM Committee/CRO wide range and class of financial instruments v. Finance and Investment Department. consistent with Regulatory Requirements. vi Quality Assurance and Control ii. Liquidity risk Management taking within well defined limits with the sole purpose of creating and enhancing liquidity and competitive advantage, Risk Tolerance/Appetite The Company shall operate by managing its risks within iii. Effective utilization of Company’s liquidity position. acceptable bounds so as to maintain and increase the value of its resources for its stakeholders. An explicit discussion of risks and risk tolerance will be part of the Risk Management Framework STANDARD ALLIANCE INSURANCE’s decision making process. The Standard Alliance Insurance Plc recognizes the presence of financial risk in its process of delivering STANDARD ALLIANCE INSURANCE has defined value to its stakeholders. This financial risk Enterprise risk appetite at two levels: Management Framework is set out to manage financial i. The enterprise level; and risks resident in the investment processes and ii. The Business/Support/Functional Unit levels procedures of the company. It provides guidance on related issues of Identification, Measurement, The ERM Committee set target key performance Monitoring and Reporting of financial risks in order to indicators (“KPI’s”) at both an enterprise and a ensure the Company continually meets its contractual business/support unit level based on liabilities to policy holders. recommendations from the Chief Risk Officer. Target KPI’s is reviewed at least on annual basis. The company recognizes the importance of these classes of risks, which is inherent in the investment, At the Business and Support unit levels, the enterprise market, and liquidity management of its insurance KPI’s is cascaded to the extent that the contribution of business. This policy contains guidelines to help the each Business/Support Unit to enterprise risk shall Company manage its assets in a sound and prudent serve as input for assessing the performance of the manner, taking account of the profile of its liabilities, its Business/Support Unit. solvency position and its risk return profile. Tolerance levels is defined for each key risk indicator and serves as a proxy for the risk appetite for each risk The Company's financial risk shall be managed within area and Business/Support Unit. tolerable limits through an appropriate management focus and deployment of resources.
100 2014 ANNUAL REPORTS AND ACCOUNTS Risk Management Process 7. Monitoring and Review: This step should encompass all aspects of the risk management The Company s disciplined approach to risk process to: management is iterative, scalable, and includes the steps below. Consistent application of this process I. Analyze and learn lessons from events, changes, enables continuous improvement in decision making and trends. and performance by top Management. The process as ii. Detect changes in the external and internal follows: context including changes to the risk.
1. Communication and Dialogue: Communication Risks/ events shall be identified and analyzed against and dialogue with internal and, as appropriate, the broad success criteria which may be affected. external stakeholders as far as necessary takes place at each stage of the risk management process. The focus in risk identification is capturing all the possible risks associated with an event, activity, project, 2. Establishing the Context: This defines risk roles or management decisions. It also covers the parameters to be taken into account when managing impact of an event occurring on the identified success risk, and setting the scope and risk criteria for the criteria. remaining process. I. Element of Risk- Description of the risk engaged 3. Risk Identification: This process helps the within a process and event or a role. company develop a comprehensive list of risks based ii. Impact on business- Details the consequences of on those events that might enhance, prevent, degrade, a risk occurring upon the related success criteria. or delay the achievement of the objectives. iii. Mitigation Measures- Details controls already established or in the process of being established. 4. Risk Analysis: This context helps to understand iv. Responsibility- Identifies the officer and the causes and sources of risk, their positive and department responsible for the implementation negative consequences, and the likelihood that those and monitoring of compliance of the prescribed consequences can occur. Existing risk controls and controls. their effectiveness should be taken into account and communicated. B) Financial Risk Assessment Risks is measured in terms of likelihood and 5. Risk Evaluation: The purpose of risk evaluation is consequences on both inherent and residual basis to assist in making decisions based on the outcomes of (pre and post controls). Both likelihood and risk analysis about which risks need treatment and to consequences may be measured qualitatively or prioritize treatment implementation for those quantitatively depending on the risks being unacceptable risks (i.e. those that exceed risk considered. tolerance) The criteria for success adopted by the Company are; 6. Risk Treatment: This involves the selection of one I. Shareholders’ funds or more options for modification of unacceptable risks ii. Market Share and implementing those options. Risk treatment iii. Company’s image options include: avoiding the risk, seeking out an iv. Revenue growth opportunity, removing the source of risk, changing the v. Employees welfare likelihood, changing the consequence, sharing the risk vi. Solvency Margin with another party, and retaining the risk by choice. vii. Customer Service
2014 ANNUAL REPORTS AND ACCOUNTS 101 The impact of risk against this success criteria form the basis for the development of the consequence rating scale. The specific evaluation criteria adopted in this document is:
Consequence rating scale
No Rating Consequence (impact on established success criteria) Quantification
1 Shareholder’s fund depleted, license withdrawn and Catastrophic >/= 10% of Shareholders’ fund liquidation imminent
2 Major Most success criteria threatened or one severely affected 5% - < 10% of shareholders’ fund
Some success criteria affected, considerable effort being 3 Moderate 1% - < 5% of shareholders’ fund made to rectify
4 Minor Easily remedied, criteria can be recovered 0.5% - < 1% of shareholders’ fund
Very small impact, rectified in the course of normal 5 Negligible < 0.5% of shareholders’ fund processes
Likelihood rating scale
No Rating Interpretations 1 Almost certain More than 50% change that it will happen during the year and may occur several 2 Likely 50% change that it will happen during the year 3 Possible Less than 50% chance that it will happen during the year 4 Unlikely Could occur once over a 5-10 year period 5 Rare Very unlikely over a 10 year period
a) Market Risks ii. Movement in market values of equity, real estate and other assets to the extent that the company Market risk refers to worsening financial condition is exposed to changes in market value. arising from adverse movements in the level of volatility of market prices. It involves the exposure to movement iii. Movement in exchange rates which may result of financial variables such as; equity prices, interest in losses from asset and liabilities denominated in rates or exchange rates. It is usually introduced into a different currencies. Standard Alliance Operation through variations in financial markets that cause changes in asset values, product or portfolio valuation. Some of the events b) Credit Risks under market risks are: i. Credit risk refers to the risk of financial losses arising from default or movement in the credit quality I Movement in interest rates to the extent that of issuers of security, debtors, or counterparties and future cash flows from the assets and liabilities are not intermediaries to whom the company has exposures. well matched. Such risk events are:
102 2014 ANNUAL REPORTS AND ACCOUNTS Default Risk: Risk that a company will not receive or i. Liquidation Value Risks: The risk that unexpected receipts delayed or partially the cash flow or assets to timing or amount of needed cash may require the which it is entitled because the other parties default in liquidation of asset when market condition may result one or more obligations. This risk has been in loss of realized value. substantially eliminated by the regulations No Premium, No Cover policy. ii. Affiliated Investment Risk: The risk that an investment in a member company of the group may be ii. Concentration Risk: Risk of increased exposure to difficult to sell or that such affiliate may create a drain losses due to concentration of investments in a on the financial or operating resources of the geographical area, economic sector, counterparty, or Company. connected parties. iii. Capital Funding Risks: The risk that the company iii. Downgrade or Migration Risks: Risks that change will not be able to obtain sufficient outside funding as in the probability of a future default by an obligor will its assets are illiquid at the time of need. adversely affect the present value of the contract with the obligor today. iv. Negative Publicity with unexpected liquidity strain.
iv. Indirect or Spread Risks: Risk due to market v. Negative Report about other companies in perception of increased risk on either a macro or similar trade. micro basis. vi. Deterioration of the Economy. c) Liquidity Risks: vii. Abnormally volatile or stressed market. Liquidity risk refers to the risk that a company, though solvent has insufficient liquid assets to meet its obligations as they fall due. Liquidity is concerned with Identification of Financial Risk the current and future maintenance of appropriate The various risk types identified under financial risk levels of cash and liquid assets. Such risk events are: category as used in this policy are:
Market Risks Credit Risks Liquidity Risks Interest Rate Concentration Risk Liquidation Value Equity Default Risk Affiliated Investment Real Estate Indirect or spread Risks Capital Funding Currency Downgrade or Migration Risks Negative Publicity
Role of the CRO in conjunction with the finance/ Investment risk manager:
I Strive to anticipate the risks inherent in the above listed indicative factors and propose appropriate preventive measures.
ii. Document the anticipated risks and reports to the ERMC for appropriate response and implementation.
111 2014 ANNUAL REPORTS AND ACCOUNTS 103 Assessment of Financial Risk I. The Company measures its financial risk External Risk Identification exposures across risk types, risk factors and overall and Assessment investment portfolio External risks relate to risks that are exogenously determined and impact directly on the financial health ii. The Company documents the appropriate of the company. Such risks can arise from the products to be used to hedge exposures, the following; item that qualifies to be hedged, how hedging instruments effectiveness shall be assessed and i. Changes in regulation identify individuals responsible for monitoring hedge ii. Changes in currency and exchange rate performance iii. Changes in interest rate iv. Changes in capitalization and Solvency Margin. iii. The Company has set appropriate limit v. Changes in shareholder’s structure structure to control its financial risk exposures. and composition vi. Changes in money and capital markets iv. The Company periodically reviews its financial risk limits to verify its suitability based on current market conditions, economic conditions and its overall Risk & Control Self Assessments risk tolerance Risk control self assessment of existing, newly v. The Company applies its stress testing to identified and emerging financial risk should be determine the potential effect of economic shifts, carried-out regularly, at least once every quarter. market events, changes in interest rates, changes in foreign exchange and changes in liquidity conditions I For every Control-based financial risks such as fraud, the CRO in conjunction with the finance/ Investment managers risk shall; Internal Risk Identification a. Identify the control structure and Assessment b. Compare the control structure to a best Internal risk relate to risks that have their sources in practice model faulty or deficient internal systems, process or c. Identify the gaps negligence or indolence of persons responsible for d. Recommend and implement new controls. such roles. Such risk resides within the financial management system of the Company. Risk Ratings The CRO in conjunction with the finance/ Investment i. Internal Processes risk managers. ii. Reporting System Ensure every risk identified and assessed is given the iii. Bank reconciliation practices right risk priority rating for effective treatment. iv. Budget preparation and monitoring v. Working capital management Key Risk Indicators Financial risks also reside within financial processes, Management considers several factors as indicative of people in financial management, compliance levels, the presence of financial risks across the organization. Reporting system, control processes. Some of these indicative factors are:
104 2014 ANNUAL REPORTS AND ACCOUNTS Market Risks – KRIs Credit Risks – KRIs Liquidity Risks - KRIs Interest rate fluctuations Increasing receivables Earnings volatility Proportion of debt to equity Changes in debt profile Asset coverage Decline in market values Frequency of settlement failure Liquidity ratio Guaranteed value losses Connected or affiliated Cash flow modelling Changes in exchange rate Financial trends Frequency of Cash conversion Rising inflation Counterparty exposures Working Variations in capital
Risk Mitigation Risk Reporting
a. Insurance Financial Risk Management requires an organization to have an effective risk reporting process reflecting the i. The finance/ Investment risk manger brings to the up-todate status of risk issues within the Company. attention of the Head Administration department every risk emanating from investment operations that i. Such report should define the responsibility for ought to be insured (refer to the risk register for production of investment report, the layout of each of financial risks that are mitigated through insurance) the reports, timing of production and delivery, presentation of result, basis evaluation, etc. ii. The Administration Manager ensures that premium due for all insurances are dully paid ii. Report should be analyzed to improve existing risk management performance, evaluate the impact of iii. The finance/ Investment risk manager shall advise financial risk breaches and monitor compliance with the administration department of any insurance that is risk appetite levels. no longer required.
iii. Separate report should be generated for each of b. Consultancy the three major risk types: Market, Credit and All consultancy services relating to financial risk shall Liquidity Risk. have contract which clearly states the terms of engagement of the consultant.
The Chief risk officer shall ensure that the contract Risk Reporting Template arising from all consultancy services covers the The periodic report should include the following: following; I Details of investment activities during the period under reference Standard Level Agreement (SLAs) which; ii. Commentary on each of the investment activity iii. Details of portfolio positions by asset type i. details the minimum level of performance/quality iv. Concentration analysis of portfolio and/or required from the consultants credit exposures ii. clearly delineates the risks to be borne by v. Details of any regulatory or internal limits the consultant breached during the period iii. clearly specifies the penalty for default vi. Actions taken on such if any vii. Planned future investment activities
113 2014 ANNUAL REPORTS AND ACCOUNTS 105 C) Capital management group’s capital management objectives are: • establish internal targets for capital adequacy; The Company’s capital management framework is • apply stress tests to assess the group‟s capital designed to ensure that the company is capitalised in adequacy under stress scenarios; line with the risk profile, regulatory requirements, • plan and forecast capital requirements to ensure economic capital standards and target ratios approved that capital ratios exceed the targets set by by the board. The capital management objectives of the Board. the company are to: In addition to these processes, the board, through the • maintain sufficient capital resources to meet ERM Committee, review and set risk appetite annually minimum regulatory capital requirements set by and analyse the impact of stress scenarios to NAICOM understand and manage the Company s projected capital adequacy. • maintain sufficient capital resources to support the company’s risk appetite and economic capital The Company has had no significant changes in its requirements; policies and processes to its capital structure during the year under review through effective selection of • support the company’s credit rating; investment platforms and has shown concerns over strict compliance with NAICOM investment guidelines. • maintain adequate capital to support the development of its business and to enable it continue as a going concern, while at the same time maximising Solvency Margin the return to its shareholders. The Company solvency margin position as at 31 December 2014 is summarised below: • allocate capital to businesses to support the company’s strategic objectives, including optimising Company solvency N'000 Regulatory minimum capital required returns on economic and regulatory capital; 2,737,670 Deficit in solvency margin (3,000,000) (262,330) • ensure the company holds capital in excess of minimum requirements in order to achieve the target Capital Adequacy Ratios set by management and to The Company had a solvency margin of N2.738 billion withstand the impact of potential stress events; and for the year ended 31 December 2014, which is N262 million less than the regulatory minimum capital of N3 • manage the net asset value currency management billion. The deficit is mainly due to non-admissibility of process, including evaluating and implementing new the Company's loan to Standard Alliance Properties derivative instruments that could be used for hedging Limited amounting to N956 million. purposes;
The directors are pursuing aggressively to realize these Capital Management Strategy assets and are confident that the solvency deficit shall be rectified without any adverse effect on the The Company’s Enterprise Risk Management (ERM) operations of the Company. committee ensures compliance with the Company’s capital management objectives. The committee reviews actual and forecast capital adequacy on a regular basis. The processes in place for delivering the
106 2014 ANNUAL REPORTS AND ACCOUNTS Liability adequacy Valuation Methods At each reporting date, an assessment is made of The Insurance Act, CAP I17, LFN 2004 does not specify whether the recognized long-term business provisions any particular approach that must be used in are adequate, using current estimates of future cash determining the statutory value of insurance liabilities. flows. If that assessment shows that the carrying Whilst some sections of the Act appear to make amount of the liabilities (less related assets) is reference to the net premium approach to reserving, insufficient in light of the estimated future cash flows, we understand that this simply reflects the practice at the deficiency is recognized in the profit or loss by the time the Act was written and is not a requirement to setting up an additional provision in the statement of adopt a net premium valuation approach. We have in financial position. the last few years adopted the gross premium valuation approach for statutory purposes as standard and this has been acceptable to NAICOM. Key assumption in liability From the IFRS perspective, the main features of IFRS 4 adequacy testing that impact the liability calculations are as follows: IFRS 4 paragraph 15 describes the liability adequacy test which, if conditions are not met, requires any a) The IFRS prohibits provisions for possible claims deficiency to be recognised in profit or loss. Paragraph under contracts that are not in existence at the end of 16 states that: the reporting period. “If an insurer applies a liability adequacy test that b) The IFRS requires an insurer to keep insurance meets the specified minimum requirements, this IFRS liabilities in its statement of financial position until they imposes no further requirements. The minimum are discharged or cancelled, or expire, and to present requirements are the following: insurance liabilities without offsetting them against related reinsurance assets. a) The test considers current estimates of all contractual cash flows, and of related cash flows such c) The IFRS requires a test for the adequacy of as claims handling costs, as well as cash flows resulting recognised insurance liabilities and an impairment test from embedded options and guarantees. for reinsurance assets. b) If the test shows that the liability is inadequate, the entire deficiency is recognised in profit or loss.”
2014 ANNUAL REPORTS AND ACCOUNTS 107 1. Claims Data The claims data has eight risk groups – (Marine, Motor, Engineering, Bond, Fire, General Accident, Oil & Gas and Aviation).
The combined claims data, for all lines of business between 2007 and 2014, are summarized in the Table 1 below. A further summary of this data for each individual class of business is detailed in Appendix 1 of this report
Table 1 Incremental Chain ladder-Yearly Projections (N’000) Accident 1 2 3 4 5 6 7 8 year 2007 90,369 34,192 35,033 1,214 633 290 1,365 151 2008 474,364 369,280 34,046 45,313 17,610 5,031 525 - 2009 179,206 323,203 58,101 12,813 2,511 3,134 - - 2010 172,035 206,514 127,551 83,949 4,590 - - - 2011 180,167 232,931 120,370 323,656 - - - - 2012 187,457 534,984 266,906 - - - - - 2013 265,491 341,784 ------2014 199,953 ------
2. Premium Data The gross premium written in 2014 by line of business is compared with the amounts recorded in the financial accounts and there are no differences as shown below:
Table 2 2014 Financial Accounts compared with Premium Data
Gross Written Premium Gross Written Class of Business Data (N) Premium Account (N) General Accident 816,722,484 816,722,484 Engineering 243,778,385 243,778,385 Fire 274,118,690 274,118,690 Marine 800,985,622 800,985,622 Motor 1,003,722,266 1,003,722,266 Bond 418,662,086 418,662,086 Aviation 178,238,038 178,238,038 Oil and Gas 597,027,221 597,027,221 Total 4,333,254,792 4,333,254,792
3. Valuation Methods The provision for outstanding claims, including IBNR, was determined for each line of business on both gross and net of reinsurance basis. An accident year cohort was used to group claims to study the settlement pattern.
108 2014 ANNUAL REPORTS AND ACCOUNTS The calculations was carried out using the following three (3) approaches explained below:
I) The Basic Chain Ladder Method (BCL): The Basic Chain Ladder method forms the basis to the reserving methods explained below. Historical incremental claims paid were grouped into accident year cohorts by class of business – representing when they were paid after their accident year e.g. a year after 2007 etc. These cohorts are called loss development triangles.
The incremental paid claims are accumulated to the valuation date and projected to their expected ultimate claim estimate. The gross claim reserve is then derived from the difference between the cumulated paid claims and the estimated ultimate claim.
For the more recent under developed years, the Bornheutter Ferguson method was used as a check on the reserves that were calculated using the Basic Chain Ladder Model. The appropriate loss ratio used is normally the average of fully developed. ii) The Inflation Adjusted Chain Ladder Method (IACL): Under this method, the historical paid losses are stripped off from inflationary effects using the corresponding inflation index in each of the accident years. We then estimate loss development ratio used to project the cumulative historical paid claims to their ultimate values for each accident year. The difference between the estimated ultimate values and the cumulative historical paid clams forms the expected gross claim reserves. These are then inflated by the corresponding inflation index from payment years to the future year of payment of the outstanding claims.
Due to the lack of historical reinsurance recovery data, reinsurance recoveries was calculated by the applying the ratio of outstanding reported reinsurance recoveries to outstanding reported reserves to the total outstanding claims reserves. The following official inflation index was adopted:
Year Inflation Index 2007 6.60% 2008 15.10% 2009 13.90% 2010 11.80% 2011 10.30% 2012 12.00% 2013 8.00% 2014 8.30% + 2015 11.00%
The calculations are also on two bases; • By discounting the claims estimated to the valuation date at a discount rate of 14.5% p.a. • With no discounting. iii) Expected Loss Ratio: This method is simple and gives an approximate estimate. We adopted this method as a check on our ultimate projections and also where the volume of data available is too small to be credible when using a statistical approach.
2014 ANNUAL REPORTS AND ACCOUNTS 109 Under the method, we obtained the Ultimate claims by studying the historical loss ratios, investigating any differences and using judgments to derive a loss ratio. Paid claims already emerged is then deducted for from the estimated Ultimate claims to obtain our reserves
iv) Frequency and Severity Method (Average Cost per claim). This method investigates the trend of the claim frequency and average cost per claim for each accident year. An Average of the fully run off accident years is used as a guide on the ultimate claim frequency and ultimate average cost which is then adopted for the accident years that are not fully run off.
Large losses distorting the claims payment trend were excluded from all our chain ladder projections and analyzed separately using the Average Cost per claim method.
v) Unearned Premium Reserve (UPR): Each policy’s unexpired insurance period (UP) was calculated as the exact number of days of insurance cover available after the review date and calculated the UPR as the annualized premium * (UP)/policy duration
vi) Unexpired Risk Reserve (URR): The URR is estimated by multiplying the loss ratio by the unexpired premium (UP). This is the indication of the cost of the future claims cost and all expenses expected to be incurred in the future by the unexpired portion of existing policies.
Additional Unexpired Risk Reserve (AURR): This is defined as the max (0, URR-UPR). It is the additional reserve calculated when we expect a loss to occur.
4. Assumptions underlying the Valuation Methods • Policies are written uniformly throughout the year for each class of business. • These methods assume the future claims follow a regression pattern from the historical data. • Claims occur uniformly throughout the year for each class of business. This implies that claims occur on average halfway through the year. • Hence payment patterns will be broadly similar in each accident year. The proportionate increase in the known cumulative payments from one development year to the next is used to calculate the expected cumulative payments for the future development periods. • An implicit assumption of the chain ladder is that weighted past average inflation will remain unchanged in to the future. • We assume gross claim amount includes all related claim expenses. If this is not the case, a separate reserve will be held to cover claim expenses. • The UPR is calculated on the assumption that risk will occur evenly during the duration of the policy. • Under the Average Cost per claim method, we assumed the early years eg accident years 2006 and 2007 are fully developed • For Bond, Oil and Gas and Aviation, we used the loss ratio method to calculated the reserves.
110 2014 ANNUAL REPORTS AND ACCOUNTS 4.1 Large Losses The table below shows the large loss cut of for each class of business. SD below means Standard Deviation.
Class OF business Large Loss Comment on Derivation Aviation N/A Loss Ratio method used to derive reserves Bond N/A Loss Ratio method used to derive reserves Engineering 10,403,262 Average + 3SD of Losses Fire 9,749,074 Average + 3SD of Losses General Accident 10,000,000 10m Adopted Marine 10,098,805 Average + 3SD of Losses Motor 5,000,000 5m Adopted Oil & Gas N/A Loss Ratio method used to derive reserves
5. Valuation Results We summarise 4 sets of results in this section under the following methods • Basic Chain Ladder– with claims discounted and undiscounted • Inflation Adjusted Basic Chain Ladder– with claims discounted and undiscounted
5.1 Basic Chain Ladder – Result Table We present Gross claims technical reserves under Basic Chain Ladder, Inflation Adjusted Chain Ladder. We have also assumed a discounted approach of the methods used and results presented in table 5.1b and 5.2b. Reinsurance recoveries for Bond, Special Risks and Engineering were taken from the Outstanding reported reserves.
Table 5.1a: Basic Chain Ladder Method
Gross Outstanding Estimated Net Outstanding Claims Class of Business Claims Reinsurance Recoveries N N N
Accident 139,227,767 (46,251,558) 92,976,209
Engineering 119,149,958 (110,689,597) 8,460,360
Fire 317,677,685 (227,139,545) 90,538,140
Marine 118,935,245 (70,954,985) 47,980,261
Motor 163,082,175 - 163,082,175
Bond* 80,364,813 - 80,364,813 Aviation* 113,802,487 - 113,802,487
Oil and Gas* 492,608,320 - 492,608,320
TOTAL 1,544,848,450 (455,035,685) 1,089,812,765
Accounts (Outstanding Claims) 1,184,507,628 (352,094,809) 832,412,818
Difference 360,340,822 (102,940,876) 257,399,947
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method
2014 ANNUAL REPORTS AND ACCOUNTS 111 Table 5.1b: Discounted Basic Chain Ladder Method
Gross Outstanding Estimated Net Outstanding Claims Class of Business Claims Reinsurance Recoveries N N N Accident 120,576,723 (40,055,669) 80,521,054 Engineering 104,946,808 (97,494,957) 7,451,852 Fire 285,310,009 (203,996,656) 81,313,353 Marine 105,124,761 (62,715,857) 42,408,904 Motor 150,406,920 - 150,406,920 Bond* 80,364,813 - 80,364,813 Aviation* 113,802,487 - 113,802,487 Oil and Gas* 492,608,320 - 492,608,320 TOTAL 1,453,140,841 (404,263,139) 1,048,877,702 Accounts (Outstanding Claims) 1,184,507,628 (352,094,809) 832,412,818
Difference 268,633,213 (52,168,329) 216,464,884
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method
5. Inflation Adjusted Chain Ladder Method – Result Table Table 5.2a: Inflation Adjusted Basic Chain Ladder Method
Gross Outstanding Estimated Net Outstanding Claims Class of Business Claims Reinsurance Recoveries N N N Accident 156,390,668 (51,953,085) 104,437,583 Engineering 121,221,067 (112,613,645) 8,607,421
Fire 324,030,044 (231,681,481) 92,348,562
Marine 125,097,170 (74,631,096) 50,466,073 Motor 171,398,885 - 171,398,885
Bond* 80,364,813 - 80,364,813
Aviation* 113,802,487 - 113,802,487 Oil and Gas* 492,608,320 - 492,608,320 TOTAL 1,584,913,453 (470,879,309) 1,114,034,144 Accounts (Outstanding Claims) 1,184,507,628 (352,094,809) 832,412,818 Difference 400,405,825 (118,784,499) 281,621,326
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method
112 2014 ANNUAL REPORTS AND ACCOUNTS Table 5.2b: Discounted Inflation Adjusted Basic Chain Ladder Method- Discounted
Gross Outstanding Estimated Net Outstanding Claims Class of Business Claims Reinsurance Recoveries N N N
Accident 133,809,086 (44,451,469) 89,357,618
Engineering 106,159,082 (98,621,152) 7,537,930 Fire 291,019,894 (208,079,224) 82,940,670 Marine 109,618,807 (65,396,937) 44,221,870 Motor 157,693,491 - 157,693,491 Bond* 80,364,813 - 80,364,813 Aviation* 113,802,487 - 113,802,487 Oil and Gas* 492,608,320 - 492,608,320 TOTAL 1,485,075,980 (416,548,782) 1,068,527,198 Accounts (Outstanding Claims) 1,184,507,628 (352,094,809) 832,412,818 Difference 300,568,353 (64,453,973) 236,114,380
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method
5. UPR (Gross and Reinsurance UPR) – Result Table
Table 5.4: Estimated UPR (net of reinsurance)
Gross UPR Reinsurance UPR NET UPR Class of Business N N N
General Accident 101,845,928 (9,944,458) 91,901,469
Engineering 55,720,485 (10,246,631) 45,473,854
Fire 92,576,880 (22,843,428) 69,733,452
Marine 86,226,613 (43,314,302) 42,912,311
Motor 310,253,890 (4,659,325) 305,594,565
Bond 91,376,694 - 91,376,694
Aviation 37,976,051 (4,974,530) 33,001,521
Oil and Gas 141,401,677 (95,132,764) 46,268,913 Total 917,378,217 (191,115,438) 726,262,779
6. Additional Unexpired Risk Reserve (AURR) The AURR is the additional risk reserves required where the URR is greater than the UPR and is estimated by multiplying the UPR by our estimated ultimate loss ratio for each business line. Illustrated below is the assumption that the ultimate loss ratios are less 100% earned premiums for every class of business written. Accordingly a nil AURR was estimated for the business.
2014 ANNUAL REPORTS AND ACCOUNTS 113 Table 6.0: Loss Ratio Table
Class of Business Assumed Loss Ratio
General Accident 11% Engineering 23% Fire 64% Marine 5% Motor 29% Aviation 72% Bond 16% Oil & Gas 16%
7. Conclusion Gross Estimate of Outstanding Claims
Full Value Present Value Valuation Method (No Discounting) (Discounting) N N BCL 1,544,848,450 1,453,140,841 IABCL 1,584,913,453 1,485,075,980
The Inflation Adjusted Basic Chain Ladder (Discounted) Method was adopted which presents a gross claims reserve of N1.49 billion and reinsurance recoveries estimate N417 million (a net position of N1.07 billion) as being representative of the liability.
This figure: · anticipates that total claims may be exposed to inflationary increase · recognises that present value needs to be reserved for anticipated future payments
7.2 Technical Reserves The claims reserve net of reinsurance asset was estimated as N1.07 billion and net UPR as N0.73 billion, leading to a total Net Liability of N1.79 billion as shown in Table 7.2 below, and this estimate meets the Liability Adequacy Test.
Table 7.2: Technical Reserves
Gross Reinsurance Assets Net (N ‘000) (N ‘000) (N ‘000)
Claims 1,485,076 (416,549) 1,068,527 917,378 (191,115) 726,263 UPR Total 2,402,454 (607,664) 1,794,790
114 2014 ANNUAL REPORTS AND ACCOUNTS Appendix 1 : Illustration of Gross Claim Reserving
1.1 Basic Chain Ladder Method – Gross General Accident Claims 1.1.1 The claims paid are allocated to claim development years as illustrated below. Of the claims that arose in 2007, N0 million was paid in 2007 (development year 1), N7.492 million in 2008 (development year 2) etc.
Table 5.1 Incremental Chain Ladder (Table of claims paid excluding large claims (Attritional Table))
Incremental Chain ladder-Yearly Projections (N’000) Accident year 1 2 3 4 5 6 7 8
2007 - 7,492 13,160 230 261 290 1,365 129 2008 55,315 32,122 6,488 1,054 1,618 5,031 165 - 2009 1,567 43,417 11,305 9,565 2,511 3,134 - - 2010 31,722 21,571 19,923 8,155 2,813 - - - 2011 37,944 43,806 19,083 4,722 - - - - 2012 15,382 31,921 20,636 - - - - - 2013 26,390 48,457 ------2014 17,187 ------
1.1.2 The claim was then cumulated as illustrated below. For instance, in 2007, N0 million was paid from claims arising that year. At the end of 2008, the total claim payments arising from accidents in 2007 was N7.492 million, this increased to N20.653 million in 2009 etc.
Cumulative Data (for Attritional loses)
Cumulative Chain ladder-Yearly Projections (N’000) Accident year 1 2 3 4 5 6 7 8
2007 - 7,492 20,653 20,883 21,144 21,434 22,799 22,928 2008 55,315 87,437 93,925 94,978 96,596 101,627 101,792 - 2009 1,567 44,984 56,289 65,854 68,365 71,499 - - 2010 31,722 53,294 73,216 81,371 84,184 - - - 2011 37,944 81,750 100,833 105,555 - - - - 2012 15,382 47,304 67,939 - - - - - 2013 26,390 74,848 ------2014 17,187 ------Loss Dev Factors 2.315 1.281 1.069 1.027 1.045 1.012 1.006
2014 ANNUAL REPORTS AND ACCOUNTS 115 1.1.3 This table was used to estimate the average ratio of claims paid at different periods e.g. it was estimated that the ratio of total claims paid 1year after the accident year to those paid at the end of the accident year is 2.315 obtained as =(74848+47304+81750+53294+44984+87437) (26390+15382+37944+31722+1567+55315)
Similarly, the cumulative ratio of total claims paid at the end of year 3 to 2 is 1.281 Projecting the cumulative ratios, we estimate cumulative payments for each accident year below.
1.1.4 For instance we project that; From the combined settlement patterns we project the accumulation amounts payable in future • no further claims will arise after 2014 in respect of claims incurred in 2007 • total claims from 2008 accident year will be N101.63 million, of which N101.63 million had been paid as at the end of year 2015
Projected Table
Cumulative Chain ladder-Annual Projections (N’000) Accident year 1 2 3 4 5 6 7 8 2007 0 7,492 20,653 20,883 21,144 21,434 22,799 22,928 2008 55,315 87,437 93,925 94,978 96,596 101,627 101,792 101,874 2009 1,567 44,984 56,289 65,854 68,365 71,499 71,615 71,673 2010 31,722 53,294 73,216 81,371 84,184 85,459 85,597 85,667 2011 37,944 81,750 100,833 105,555 108,580 110,224 110,403 110,492 2012 15,382 47,304 67,939 72,862 74,950 76,085 76,209 76,271 2013 26,390 74,848 93,260 100,018 102,884 104,442 104,612 104,697 2014 17,187 39,782 49,569 53,161 54,684 55,512 55,602 55,648
1.1.5 Unwinding the cumulative payments we expect claim payments to be made till 2019 as follows
Non-Cumulative Chain ladder-Annual Projections (N'000) Accident year 1 2 3 4 5 6 7 8 2007 2008 83 2009 116 58 2010 1,275 139 69 2011 3,025 1,644 179 90 2012 4,923 2,088 1,135 124 62 2013 18,413 6,757 2,866 1,558 170 85 2014 22,596 9,787 3,592 1,524 828 90 45
116 2014 ANNUAL REPORTS AND ACCOUNTS 1.1.6 The reserves for General Accident large loss is illustrated as follows
Exposure / Total Paid O/s No. of Average Earned Claim Ult Avg Ultimate Accident Amounts Reported LG Large Paid Cost Premium Frequency Cost Freq Year (N'000) Reserve Losses (N'000) (N'000) 2009 766,496 71,137 27,937 5 0.0007% 14,227 16,512 0.0008% 2010 882,640 12,205 0 1 0.0001% 12,205 12,205 0.0001% 2011 779,748 0 0 0 0.0000% 0 0 0.0000% 2012 1,722,833 35,437 0 2 0.0001% 17,719 17,719 0.0001% 2013 639,229 10,778 10,000 1 0.0002% 10,778 10,389 0.0003% 2014 881,547 0 0 0 0.0000% 0 14,962 0.0001%
Average Ultimate Frequency 0.000136% Average Ultimate Severity 14,962
1.1.7 From the above tables, we illustrate the total expected payment for each future year as follows
Accident Year Incremental 2015 50,429,825 2016 20,473,269 2017 7,841,409 2018 3,294,525 2019 1,059,437 2020 175,052 2021 45,138 Attritional Losses 83,318,655 Large Loss 55,909,112 Total 139,227,767
Appendix 2A: An illustration of Expected Loss Ratio Method – Oil and Gas claims
Gross Total O/s as Outstanding Earned Claims Paid at 31 Dec Current Current Ultimate Ultimate Claim Accident Premium till date 2014 Incurred Loss Loss Losses Reserves Year (N' 000) (N' 000) (N'000) (N'000) Ratio Ratio (N'000) (N'000) 2008* 778,690 2,930 9,360 12,289 2% 1.58% 12,289 9,360 2009* 778,690 86,324 0 86,324 11% 11.09% 86,324 0 2010* 778,690 127,782 36,448 164,229 21% 21.09% 164,229 36,448 2011* 778,690 315,950 178,147 494,098 63% 63.45% 494,098 178,147 2012* 778,690 228,564 144,680 373,244 48% 47.93% 373,244 144,680 2013* 778,690 36,625 18,096 54,721 7% 7.03% 54,721 18,096 2014 730,957 0 0 0 0% 25.00% 182,739 182,739 Total 569,470 Discounted 492,608
*Earned premiums for 2008 - 2012 were not available so we adopted 2013 earned premiums
2014 ANNUAL REPORTS AND ACCOUNTS 117 It was assumed that the pre 2014 claims information is fully developed and have adopted the industry average loss ratio for 2014 accident year.
Appendix 2B: Expected Loss Ratio Method – Bond Claims
Gross Total O/s as Outstanding Earned Claims Paid at 31 Dec Current Current Ultimate Ultimate Claim Accident Premium till date 2014 Incurred Loss Loss Losses Reserves Year (N' 000) (N' 000) (N'000) (N'000) Ratio Ratio (N'000) (N'000) 2010* 63,090 0 0 0 0% 0% 0 0 2011* 63,090 0 9,959 9,959 16% 16% 9,959 9,959 2012* 63,090 0 4,190 4,190 7% 7% 4,190 4,190 2013* 63,090 0 9,820 9,820 16% 16% 9,820 9,820 2014 362,313 0 0 0 0% 16% 56,396 56,396 Total 80,365
*Earned premiums for 2010 - 2012 were not available so we adopted 2013 earned premiums
It was assumed that the pre 2014 claims information is fully developed and have adopted the 2013 loss ratio for the 2014 accident year.
Appendix 3: An illustration of Expected Loss Ratio Method – Aviation claims
Gross Total O/s as Outstanding Earned Claims Paid at 31 Dec Current Current Ultimate Ultimate Claim Accident Premium till date 2014 Incurred Loss Loss Losses Reserves Year (N' 000) (N' 000) (N'000) (N'000) Ratio Ratio (N'000) (N'000)
2010* 53,009 96 0 96 0.18% 0.18% 96 0 2011* 53,009 2,565 407 2,972 5.61% 5.61% 2,972 407 2012* 53,009 118,179 60,157 178,336 336.43% 336.43% 178,336 60,157 2013* 53,009 2,787 7,781 10,569 19.94% 19.94% 10,569 7,781 2014 23,925 0 43,030 43,030 179.86% 190.00% 45,457 45,457 Total 123,626 111,376 235,002 237,429 113,802
*Earned premiums for 2008 - 2012 were not available so we adopted 2013 earned premiums
It was assumed that the pre 2014 claims information is fully developed and assuming a further 10% deterioration of the incurred loss ratio for the 2014 accident year.
118 2014 ANNUAL REPORTS AND ACCOUNTS Appendix 4 – Cumulative Claims Development Pattern: General Accident Table 1 Table of claims paid excluding large claims (Attritional Table)
Incremental Chain ladder-Yearly Projections (N’000) Accident 1 2 3 4 5 6 7 8 year 2007 - 7,492 13,160 230 261 290 1,365 129 2008 55,315 32,122 6,488 1,054 1,618 5,031 165 - 2009 1,567 43,417 11,305 9,565 2,511 3,134 - - 2010 31,722 21,571 19,923 8,155 2,813 - - - 2011 37,944 43,806 19,083 4,722 - - - - 2012 15,382 31,921 20,636 - - - - - 2013 26,390 48,457 ------2014 17,187 ------
Table 2 Cumulative table for Attritional loses Cumulative Chain ladder-Annual Projections (N’000) Accident 1 2 3 4 5 6 7 8 year
2007 0 7,492 20,653 20,883 21,144 21,434 22,799 22,928 2008 55,315 87,437 93,925 94,978 96,596 101,627 101,792 101,874 2009 1,567 44,984 56,289 65,854 68,365 71,499 71,615 71,673
2010 31,722 53,294 73,216 81,371 84,184 85,459 85,597 85,667
2011 37,944 81,750 100,833 105,555 108,580 110,224 110,403 110,492 2012 15,382 47,304 67,939 72,862 74,950 76,085 76,209 76,271 2013 26,390 74,848 93,260 100,018 102,884 104,442 104,612 104,697 2014 17,187 39,782 49,569 53,161 54,684 55,512 55,602 55,648
Appendix 4 – Cumulative Claims Development Pattern: General Accident Table 3 Reserve for Large losses
Exposure Ultimate Large Total Paid O/s No. of Average Accident / Earned Claim Ult Avg Ultimate Paid Loss Amounts Reported Large Paid Cost Year Premium Frequency Cost Freq Amounts Reserves (N'000) LG Reserve Losses (N'000) (N'000) (N'000) (N'000) 2009 766,496 71,137 27,937 5 0.0007% 14,227 16,512 0.0008% 99,073 27,937 2010 882,640 12,205 0 1 0.0001% 12,205 12,205 0.0001% 12,205 - 2011 779,748 0 0 0 0.0000% 0 0 0.0000% 0 - 2012 1,722,833 35,437 0 2 0.0001% 17,719 17,719 0.0001% 35,437 - 2013 639,229 10,778 10,000 1 0.0002% 10,778 10,389 0.0003% 20,778 10,000 2014 881,547 0 0 0 0.0000% 0 14,962 0.0001% 17,972 17,972 Total Reserves 55,909 Average Ultimate Frequency 0.000136% Average Ultimate Severity 14,962
2014 ANNUAL REPORTS AND ACCOUNTS 119 Table 4 Combined results table (Attritional and Large Losses)
Summary of Results
Paid to Latest Paid Total Gross Gross Ultimate Accident date Large Loss Loss year Ultimate Claims Earned (N,000) (N'000) Reserve Premium Ratio 2007 22,928 12,979 35,907 - 766,496 5% 2008 101,792 213,790 315,665 83 766,496 41% 2009 71,499 71,137 170,747 28,111 766,496 22% 2010 84,184 12,205 97,872 1,483 882,640 11% 2011 105,555 - 110,492 4,938 779,748 14%
2012 67,939 35,437 111,708 8,331 1,722,833 6%
2013 74,848 10,778 125,475 39,849 639,229 20% 2014 17,187 - 73,620 56,433 881,547 8% Total 139,228
Appendix 5 – Cumulative Claims Development Pattern: FIRE Table 1: Table of claims paid excluding large claims (Attritional Table) Incremental Chain ladder-Yearly Projections ( N’000) Accident 1 2 3 4 5 6 7 8 year 2007 - 3,764 4,481 - - - - 22
2008 31,644 23,489 606 3,318 - - - - 2009 6,639 20,498 16,274 119 - - - - 2010 10,624 7,440 4,588 1,899 - - - - 2011 4,652 28,986 19,862 1,782 - - - - 2012 37,995 45,906 34,373 - - - - - 2013 28,345 54,204 ------2014 8,788 ------
Table 2 Cumulative table for Attritional loses Cumulative Chain ladder-Annual Projections (N’000) Accident 1 2 3 4 5 6 7 8 year 2007 0 3,764 8,245 8,245 8,245 8,245 8,245 8,266 2008 31,644 55,133 55,740 59,058 59,058 59,058 59,058 59,058 2009 6,639 27,137 43,411 43,530 43,530 43,530 43,530 43,530 2010 10,624 18,064 22,652 24,551 24,551 24,551 24,551 24,551 2011 4,652 33,638 53,500 55,283 55,283 55,283 55,283 55,283 2012 37,995 83,901 118,274 125,202 125,202 125,202 125,202 125,202 2013 28,345 82,549 111,232 117,748 117,748 117,748 117,748 117,748 2014 8,788 66,540 89,660 94,912 94,912 94,912 94,912 94,912
120 2014 ANNUAL REPORTS AND ACCOUNTS Appendix 5 – Cumulative Claims Development Pattern: FIRE Table 3 Reserve for Large losses
Exposure Ultimate Large Total Paid O/s No. of Average Accident / Earned Claim Ult Avg Ultimate Paid Loss Amounts Reported Large Paid Cost Year Premium Frequency Cost Freq Amounts Reserves (N'000) LG Reserve Losses (N'000) (N'000) (N'000) (N'000)
2009 228,621 50,000 - 1 0.0004% 50,000 50,000 0.0004% 50,000 - 2010 288,027 22,422 - 1 0.0003% 22,422 22,422 0.0003% 22,422 -
2011 326,449 134,108 27,738 6 0.0018% 22,351 23,121 0.0021% 161,846 27,738
2012 404,105 78,350 91,798 4 0.0010% 19,587 24,307 0.0017% 170,148 91,798
2013 243,246 34,567 - 3 0.0012% 11,522 11,522 0.0012% 34,567 -
2014 295,603 0 63,790 0 0.0000% 0 21,453 0.0011% 69,890 69,890 Total Reserves 189,427 Average Ultimate Frequency 0.001102% Average Ultimate Severity 21,453
Table 4 Combined results table (Attritional and Large Losses) Summary of Results
Paid to Latest Paid Total Gross Gross Ultimate Accident Large Loss Loss year date Ultimate Claims Earned (N,000) (N'000) Reserve Premium Ratio 2007 8,266 - 8,266 - - 2008 59,058 12,644 71,701 - - 2009 43,530 50,000 93,530 - 228,621 41% 2010 24,551 22,422 46,972 - 288,027 16% 2011 55,283 134,108 217,128 27,738 326,449 67% 2012 118,274 78,350 295,350 98,726 404,105 73% 2013 82,549 34,567 152,315 35,199 243,246 63% 2014 8,788 - 164,803 156,014 295,603 56% Total 317,678
Appendix 6 – Cumulative Claims Development Pattern: MOTOR Table 1 Table of claims paid excluding large claims (Attritional Table) Incremental Chain ladder-Yearly Projections (N’000) Accident 1 2 3 4 5 6 7 8 year 2007 - 14,976 2,338 983 372 - - - 2008 190,643 135,241 5,944 - - - - - 2009 86,114 81,402 3,212 1,575 - - - - 2010 100,312 63,455 8,926 2,640 1,379 - - - 2011 109,817 74,299 8,106 516 - - - - 2012 71,456 149,819 5,936 - - - - - 2013 125,126 91,926 ------2014 132,756 ------
2014 ANNUAL REPORTS AND ACCOUNTS 121 Table 2 Cumulative table for Attritional loses
Cumulative Chain ladder-Annual Projections (N’000) Accident 1 2 3 4 5 6 7 8 year 2007 0 14,976 17,314 18,297 18,670 18,670 18,670 18,670 2008 190,643 325,884 331,828 331,828 331,828 331,828 331,828 331,828 2009 86,114 167,516 170,727 172,302 172,302 172,302 172,302 172,302 2010 100,312 163,767 172,693 175,332 176,711 176,711 176,711 176,711 2011 109,817 184,116 192,222 192,738 193,130 193,130 193,130 193,130 2012 71,456 221,275 227,211 228,450 228,913 228,913 228,913 228,913 2013 125,126 217,052 223,614 224,833 225,289 225,289 225,289 225,289 2014 132,756 248,550 256,064 257,460 257,983 257,983 257,983 257,983
Appendix 6 – Cumulative Claims Development Pattern: MOTOR
Exposure Ultimate Large Total Paid O/s No. of Average Accident / Earned Claim Ult Avg Ultimate Paid Loss Amounts Reported Large Paid Cost Year Premium Frequency Cost Freq Amounts Reserves (N'000) LG Reserve Losses (N'000) (N'000) (N'000) (N'000) 2009 1,325,911 48,018 0 6 0.0005% 8,003 8,003 0.0005% 48,018 - 2010 1,680,780 94,632 0 10 0.0006% 9,463 9,463 0.0006% 94,632 - 2011 1,680,780 22,426 0 3 0.0002% 7,475 7,475 0.0002% 22,426 - 2012 872,306 44,270 0 7 0.0008% 6,324 6,324 0.0008% 44,270 - 2013 992,937 42,212 0 6 0.0006% 7,035 7,035 0.0005% 42,212 -
2014 1,028,395 16,030 6,800 2 0.0002% 8,015 8,015 0.0005% 43,554 27,524 Total Reserves 27,524 Average Ultimate Frequency 0.000528% Average Ultimate Severity 6,680
Table 4 Combined results table (Attritional and Large Losses)
Summary of Results
Paid to Latest Paid Total Gross Gross Ultimate Accident Large Loss Loss year date Ultimate Claims Earned (N,000) (N'000) Reserve Premium Ratio
2007 18,670 - 18,670 - -
2008 331,828 35,441 367,269 - -
2009 172,302 48,018 220,320 - 1,325,911 17%
2010 176,711 94,632 271,343 - 1,514,770 18%
2011 192,738 22,426 215,556 391 1,680,780 13%
2012 227,211 44,270 273,183 1,703 872,306 31%
2013 217,052 42,212 267,501 8,238 992,937 27%
2014 132,756 16,030 301,537 152,751 1,028,395 29% Total 163,082
122 2014 ANNUAL REPORTS AND ACCOUNTS Appendix 7 – Cumulative Claims Development Pattern: MARINE Table 1 Table of claims paid excluding large claims (Attritional Table)
Cumulative Chain ladder-Annual Projections (N’000) Accident 1 2 3 4 5 6 7 8 year 2007 - 4,761 1,534 - - - - - 2008 16,177 9,560 33 - - - - -
2009 5,636 22,659 390 - - - - - 2010 8,716 13,441 6,201 - - - - -
2011 4,702 4,346 1,253 59 - - - -
2012 3,722 15,527 1,571 - - - - - 2013 15,633 19,170 ------
2014 14,657 ------
Table 2 Cumulative table for Attritional loses
Cumulative Chain ladder-Annual Projections (N’000) Accident 1 2 3 4 5 6 7 8 year 2007 0 4,761 6,295 6,295 6,295 6,295 6,295 6,295 2008 16,177 25,737 25,769 25,769 25,769 25,769 25,769 25,769 2009 5,636 28,295 28,685 28,685 28,685 28,685 28,685 28,685 2010 8,716 22,157 28,358 28,358 28,358 28,358 28,358 28,358 2011 4,702 9,048 10,301 10,360 10,693 10,693 10,693 10,693 2012 3,722 19,249 20,819 22,156 22,867 22,867 22,867 22,867 2013 15,633 34,802 39,272 41,793 43,135 43,135 43,135 43,135 2014 14,657 45,132 50,928 54,198 55,938 55,938 55,938 55,938
Appendix 7 – Cumulative Claims Development Pattern: MARINE Table 3 Reserve for Large losses
Exposure Ultimate Large Total Paid O/s No. of Average Accident / Earned Claim Ult Avg Ultimate Paid Loss Amounts Reported Large Paid Cost Year Premium Frequency Cost Freq Amounts Reserves (N'000) LG Reserve Losses (N'000) (N'000) (N'000) (N'000) 2009 578,844 0 0 0 0.0000% 0 0 0.0000% 0 - 2010 583,531 21,000 0 1 0.0002% 21,000 21,000 0.0002% 21,000 - 2011 1,092,080 0 0 0 0.0000% 0 0 0.0000% 0 - 2012 1,123,487 27,072 0 2 0.0002% 13,536 13,536 0.0002% 27,072 - 2013 606,174 0 0 0 0.0000% 0 0 0.0001% 0 -
2014 852,887 0 66,940 0 0.0000% 0 66,940 0.0001% 66,940 66,940 Total Reserves 66,940 Average Ultimate Frequency 0.000116% Average Ultimate Severity 8,634
2014 ANNUAL REPORTS AND ACCOUNTS 123 Table 4 Combined results table (Attritional and Large Losses)
Summary of Results
Paid to Latest Paid Total Gross Gross Ultimate Accident Large Loss Loss year date Ultimate Claims Earned (N,000) (N'000) Reserve Premium Ratio
2007 6,295 2,661 8,956 - -
2008 25,769 141,860 167,630 - - 2009 28,685 - 28,685 - 578,844 5%
2010 28,358 21,000 49,358 - 583,531 8% 2011 10,360 - 10,693 333 1,092,080 1% 2012 20,819 27,072 49,940 2,048 1,123,487 4%
2013 34,802 - 43,135 8,333 606,174 7% 2014 14,657 - 122,879 108,222 852,887 14% Total 118,935
Appendix 8 – Cumulative Claims Development Pattern: ENGINEERING Table 1 Table of claims paid excluding large claims (Attritional Table)
Incremental Chain ladder-Yearly Projections (N’000) Accident 1 2 3 4 5 6 7 8 year 2007 - 538 541 - - - - - 2008 3,769 1,197 ------2009 580 6,892 ------2010 1,210 705 - 385 398 - - - 2011 1,314 7,868 8,957 - - - - - 2012 415 18,734 849 - - - - - 2013 412 2,149 ------2014 535 ------
Table 2 Cumulative table for Attritional loses
Cumulative Chain ladder-Annual Projections (N’000) Accident 1 2 3 4 5 6 7 8 year 2007 0 538 1,079 1,079 1,079 1,079 1,079 1,079 2008 3,769 4,966 4,966 4,966 4,966 4,966 4,966 4,966 2009 580 7,472 7,472 7,472 7,472 7,472 7,472 7,472 2010 1,210 1,916 1,916 2,301 2,699 2,699 2,699 2,699 2011 1,314 9,181 18,139 18,139 19,186 19,186 19,186 19,186 2012 415 19,149 19,998 22,009 23,280 23,280 23,280 23,280 2013 412 2,561 3,391 3,732 3,948 3,948 3,948 3,948 2014 535 3,535 4,681 5,151 5,448 5,448 5,448 5,448
124 2014 ANNUAL REPORTS AND ACCOUNTS Appendix 8 – Cumulative Claims Development Pattern: ENGINEERING Table 3 Reserve for Large losses
Exposure Ultimate Large Total Paid O/s No. of Average Accident / Earned Claim Ult Avg Ultimate Paid Loss Amounts Reported Large Paid Cost Year Premium Frequency Cost Freq Amounts Reserves (N'000) LG Reserve Losses (N'000) (N'000) (N'000) (N'000) 2009 258,910 0 - 0 0.0000% 0 0 0.0000% 0 - 2010 672,666 0 - 0 0.0000% 0 0 0.0000% 0 - 2011 672,666 0 - 0 0.0000% 0 0 0.0000% 0 - 2012 1,176,265 0 - 0 0.0000% 0 0 0.0000% 0 -
2013 265,637 57,714 93,957 2 0.0008% 28,857 37,918 0.0015% 151,671 93,957 2014 235,505 0 - 0 0.0000% 0 16,013 0.0004% 14,565 14,565 Total Reserves 108,522 Average Ultimate Frequency 0.000386% Average Ultimate Severity 16,013
Table 4 Combined results table (Attritional and Large Losses)
Summary of Results
Paid to Latest Paid Total Gross Gross Ultimate Accident Large Loss Loss year date Ultimate Claims Earned (N,000) (N'000) Reserve Premium Ratio 2007 1,079 - 1,079 - - 2008 4,966 16,013 20,979 - - 2009 7,472 - 7,472 - 258,910 3% 2010 2,699 - 2,699 - 513,296 1% 2011 18,139 - 19,186 1,047 672,666 3% 2012 19,998 - 23,280 3,281 1,176,265 2% 2013 2,561 57,714 155,618 95,344 265,637 59% 2014 535 - 20,013 19,478 235,505 8% Total 119,150
2014 ANNUAL REPORTS AND ACCOUNTS 125 APPENDIX TO THE FINANCIAL STATEMENTS
General Engine- REVENUE ACCOUNT Aviation Bond ering Fire Accident Marine Motor Oil & Gas 2014 2013 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 Premium Income Premium written 14,999 418,662 243,778 274,119 816,722 801,009 1,003,722 760,243 4,333,254 3,792,076
Decrease/(increase) in (23,398) (72,243) (6,952) 17,333 49,197 29,246 7,332 4,910 5,425 (12,442) Unearned premium (8,399) 346,419 236,826 291,452 865,919 830,255 1,011,054 765,153 4,338,679 3,779,634
Reinsurance premium expenses (9,951) 241 (47,185) (55,020) (23,352) (77,638) (24,834) (237,277) (475,015) (683,715) Net premium written (18,350) 346,660 189,641 236,432 842,567 752,617 986,220 527,876 3,863,664 3,095,919 Commission received on reinsurance 3,358 - 14,817 23,359 9,989 33,016 5,110 13,429 103,078 33,799 Underwriting income (14,992) 346,660 204,458 259,791 852,556 785,633 991,330 541,305 3,966,742 3,129,718
Less Claims Expenses Claim paid 71,340 23,352 50,642 128,842 156,189 42,470 249,042 348,176 1,070,053 1,035,416 (Decrease)/Increase in provision for outstanding claims 71,031 15,870 37,859 31,826 27,701 61,188 67,354 99,668 412,497 (167,795) Claims incurred but not (2,103) 45,881 (40,811) 107,550 13,321 (21,950) (116,099) 8,833 (5,377) 298,894 reported (IBNR) 140,268 85,103 47,690 268,218 197,211 81,708 200,297 456,677 1,477,173 1,166,515
Claims expenses recoveries - (5,000) (89,313) (92,040) (45,340) (49,326) (2,081) - (283,099) (95,625) from reinsurers Net Claims expenses 140,268 80,103 (41,623) 176,178 151,871 32,382 198,216 456,677 1,194,074 1,070,890
Underwriting expenses: Acquisition cost 10,407 93,253 79,209 97,544 232,385 222,127 239,126 80,915 1,054,966 953,453 Maintenance cost 993 27,730 16,147 18,156 54,096 53,055 66,482 50,355 287,015 100,012 Total underwriting expenses 11,400 120,983 95,356 115,700 286,481 275,182 305,608 131,270 1,341,981 1,053,465 Total Expenses 151,668 201,086 53,733 291,878 438,352 307,564 503,824 587,947 2,536,055 2,124,355
Underwriting profit (166,660) 145,574 150,726 (32,087) 414,204 478,069 487,506 (46,642) 1,430,687 1,005,363
126 2014 ANNUAL REPORTS AND ACCOUNTS APPENDIX TO THE FINANCIAL STATEMENTS STATEMENT OF VALUE ADDED
2014 2013 N'000 % N'000 %
PREMIUM, INVESTMENT AND OTHER INCOME 4,199,856 3,464,930
PREMIUMS,COMMISIONS, CLAIMS PAID AND OTHER OPERATIONAL COST (5,463,185) (3,404,408)
VALUE (LOST)/ADDED (1,263,329) 100 60,522 100
DISTRIBUTED AS FOLLOWS:
EMPLOYEES Staff costs 534,360 (42) 609,144 1,006
PROVIDERS OF FUNDS Finance charges 48,483 (4) 137,084 227
GOVERNMENT Taxation including information technology development levy 86,505 (7) 64,879 107
ASSET REPLACEMENT Depreciation & amortisation 147,965 (12) 130,358 215
CONTRACTION/EXPANSION - Shareholder's interest
Loss for the year after taxation (2,080,642) 165 (880,943) (1,456)
VALUE (LOSS) ADDED (1,263,329) 100 60,522 100
The value added statement represents the distribution of the wealth created by the Company through the use of its assets and the efforts of the employees.
2014 ANNUAL REPORTS AND ACCOUNTS 127 APPENDIX TO THE FINANCIAL STATEMENTS FIVE YEAR FINANCIAL SUMMARY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
2014 2013 2012 2011 2010 ASSETS EMPLOYED N'000 N'000 N'000 N'000 N'000 Cash and cash equivalents 701,236 230,396 316,589 662,801 1,005,251 Financial assets 1,837,131 3,017,908 1,963,821 2,802,762 2,698,829 Trade Receivable 32,646 7,673 642,257 2,074,009 1,314,507 Reinsurance assets 607,664 241,092 641,965 301,491 361,215 Deferred acqusition costs 96,442 420,840 140,728 97,332 101,843 Other receivables and Prepayment 32,469 98,513 563,752 608,913 1,162,330 Non-Current Asset Held for sale - - 1,435,000 390,000 40,000 Investment in Associate 433,507 1,081,612 1,123,290 1,047,654 1,238,740 Investment Properties 1,415,000 1,435,000 - - - Intangible Assets 7,686 11,544 18,937 17,345 21,617 Property, plants and equipments 2,222,606 1,909,303 1,750,734 1,117,053 1,064,841 Statutory Deposit 335,000 335,000 335,000 335,000 335,000 7,721,387 8,788,881 8,932,073 9,454,360 9,344,173
LIABILITIES 4,303,905 4,011,311 4,059,225 3,415,418 3,151,640 NET ASSETS 3,417,482 4,777,570 4,872,848 6,038,942 6,192,533
SHAREHOLDERS' EQUITY Share Capital 5,996,587 5,996,587 5,996,587 4,246,587 4,246,587 Preference shares - - - 1,750,000 1,750,000 Share Premium 7,667,475 15,852,049 15,852,049 15,852,049 15,852,049 Treasury shares - (8,737,585) (8,737,585) (8,737,585) (8,737,585) Contingency Reserves 1,243,423 1,113,425 999,663 834,764 691,808 Other reserves 1,615,054 1,447,511 896,009 37,869 23,280 Retained earning (13,105,057) (10,894,417) (10,133,875) (7,944,742) (7,633,606)
TOTAL SHAREHOLDERS' EQUITY 3,417,482 4,777,570 4,872,848 6,038,942 6,192,533
TOTAL LIABILITY AND SHAREHOLDERS' EQUITY 7,721,387 8,788,881 8,932,073 9,454,360 9,344,173
STATEMENT OF PROFIT OR LOSS AND OTHER IFRS NON-IFRS COMPREHENSIVE INCOME 2014 2013 2012 2011 2010 N'000 N'000 N'000 N'000 N'000 Gross premium income 4,338,679 3,779,634 5,381,232 4,551,723 3,883,161 Reinsurance premium expenses (475,015) (683,715) (480,958) (391,384) - Net premium Income 3,863,664 3,095,919 4,900,274 4,160,339 - Commission earned on reinsurance 103,078 33,799 90,967 92,726 - Underwriting income 3,966,742 3,129,718 4,991,241 4,253,065 - Total underwriting expenses (2,536,055) (2,124,355) (2,430,346) (1,552,008) - Underwriting result 1,430,687 1,005,363 2,560,895 2,701,057 1,754,156 Investment income 239,631 335,212 208,069 176,948 - Investment and sundry income - - - - 49,250 Management expenses (1,795,804) (1,497,228) (1,386,984) (1,388,761) - Exceptional charges - Provision for diminition in investment - - - - (3,789,950) Impairment charges on premium receivable - - - (784,359) (6,475,611) Finance charges (48,483) (137,084) (190,144) (148,413) - Impairment charges (1,145,650) (297,351) (358,959) (152,069) - Share of profit/ (loss) on Associate Company (610,519) (239,741) 75,637 (191,086) - Unrealised Fair value gain/(losses) (52,475) 41,093 10,715 (111,090) - Information Technology Development levy - - - (3,191) - (Loss)/Profit before taxation (1,982,613) (789,736) 919,229 99,036 (8,462,155) Income tax (86,505) (64,879) (120,192) (82,307) (137,349) Deferred tax (11,524) (26,327) (17,855) (9,906) - Transfer to contingency reserves - - - - (116,495) (Loss)/profit after taxation (2,080,642) (880,942) 781,182 6,823 (8,715,999) Other comprehensive income/(loss) - - - - Revaluation surplus on building 411,117 - - - - Fair value gain on devine benefit plan valuation - - 10,800 - Fair value gain on quoted shares(Available for sale) net of tax (243,574) 641,102 772,328 3,786 - Total comprehensive income 167,543 641,102 772,328 14,586 -
Total comprehensive income (loss) for the year (1,913,099) (239,840) 1,553,510 21,409 (8,715,999) Loss per share: Basic/Diluted (Kobo) (17.35) (7.35) (16.88) (17) (99)
128 2014 ANNUAL REPORTS AND ACCOUNTS DETERMINATION OF SOLVENCY MARGIN
The solvency margin for the Company as at 31 December 2014 is as follows:
Admissible assets N'000
Cash and cash equivalents 701,236 - Financial assets: - Fair value through profit or loss 58,949 Loans and receivables 11,015 Available for sale investment 821,950 Reinsurance assets 607,664 - Trade receivables 32,646 Deferred acquisition cost 96,442 Investment properties 1,415,000 Investment in associates 433,507 Property, plant and equipment 2,222,606 Statutory deposits with CBN 335,000 -
6,736,015 Admissible liabilities Finance liabilities 757,803 - Trade payables 75,954 - Other payables 395,441 - Current income tax liabilities 334,285 Emplyee benefits liability - Insurance contract liabilities 2,402,454 Finance lease obligation 32,408
3,998,345
Excess of admissible assets over admissible liabilities 2,737,670 -
The higher of 15% of net premium and minimum paid up capital 3,000,000
Surplus in solvency margin (262,330) Solvency ratio (0.09)
2014 ANNUAL REPORTS AND ACCOUNTS 129 A.) SA Insurance Branch Network Report
HEAD OFFICE DELTA LAGOS OSUN Plot 1,Block 94, 9 Airport Road, Effurun, Warri. Plot 1, Block 94, Providence 42 Okefia Street, Opposite Providence Street, Ogbonna Kelechi Street, Lekki Scheme 1, Lekki. All Souls Church, Osogbo. Lekki Scheme 1, GSM: 08037236544 Olukolajo Ezekiel Iranloye Samson Lanre Lekki, Lagos GSM: 08033706152 GSM: 08023237300, Technical: 07029416076 Ezekiel Olukolajo EDO 28 Pelewura Crescent, GSM: 08033706152 131B Sapele Road, Benin-City. Off Randle Road, Apapa. Akporotu Emmanuel Ayodele Dapo OYO ABUJA GSM: 08036991436 GSM: 08033335150 20 Bolumole Street, 3 Warri Street, Off Tafawa Off Ring Road, Balewa Way, Behind EKITI 16 Opebi Road, Ikeja. NEPA Bus-stop, Ibadan. International Conference 66 Secretariat/Bank Road. Yetunde Idowu Iranloye Samson Lanre Centre, Area 11, Adjacent ECOBANK, GSM: 08026304843 GSM: 08023237300, Garki, Abuja Bank Road, Ado-Ekiti. 07029416076 Okoriko Abah Moyolade Dickson GSM: 07032196282 GSM: 08033841325, OGUN 0807782137 2A Olusegun Osoba Way, RIVERS AKWA IBOM Oke-Ilewo, Abeokuta. 11B Circular Road, APICO Investment House IMO Iranloye Samson Lanre Presidential Estate, (2nd Floor), Plot 24 Block 1 134 Wetheral Road, Owerri. GSM:08023237300, GRA, Port Harcourt. Olusegun Obasanjo Way Jude Emeruwa 07029416076 Charles Nnaemeka (former Abak Road), Uyo. GSM: 08033105490 GSM: 08037777031 Enobong Iyang Willie GSM: 08039646630 KADUNA ONDO 24 Constitution Road, Opposite 9B Akure-Owo Road, BORNO ABS Gymnasium Hall, Kaduna. 2nd Floor (Ule-Uyi), 25 Chari House, Sir Kashim Danjuma Caxton Emmanuel Beside, ECOBANK, Ibrahim Road, Maiduguri. GSM: 07036632253 Alagbaka, Akure. Bulama Mohammed Moyolade Dickson GSM: 08071823695 KWARA GSM: 08033841325, 163 Ibrahim Taiwo Road, 08077821373 Décor Plaza, Ilorin. Oyindamola Lawal GSM: 08023125827
Borno
Kaduna
Abuja Kwara Oyo Ekiti Osun Ogun Ondo Edo Lagos
Delta Imo
Rivers Akwa Ibom
130 2014 ANNUAL REPORTS AND ACCOUNTS 102 UNC IMED DIVIDEND AS AT DEC 31ST 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
1 ABORISADE BABATOPE EBENEZER 180.00 1 80 EZEOBI NWANKWO CHRISTOPHER 450.00 1 159 OLORUNDARE KEHINDE JOSEPH (ACA) 180.00 1 2 ACHUNINE CHIDEBE 450.00 1 81 FADARE ADEJUMO ADIO 180.00 1 160 OLOWU CLARA OLANREWA JU 180.00 1 3 ADEBESIN KEHINDE B. 900.00 1 82 FAMOROTI BANKOLE OLUWATOYIN 90.00 1 161 OLUPAYIMO MICHAEL KAYODE 90.00 1 4 ADEDOKUN GBENGA HGRMW 180.00 1 83 FATOKE OLUKAYODE OLUSEGUN 90.00 1 162 OLUSANYA ABIODUN ADEWALE 900.00 1 5 ADEGBINDIN SIKIRU AKIN 90.00 1 84 FAZING ZINGKUN ZINGKUN 180.00 1 163 OLUSANYA OLUDAMILOLA OLUKEMI 540.00 1 6 ADEGBOYE DEBORAH ABOSEDE 180.00 1 85 IBIROGBA ADEBOLA BABS 1,800.00 1 164 OLUWO GANIYAT ADEBUKOLA 270.00 1 7 ADEKOYA SHAKIRUDEEN O. ABOLORE 90.00 1 86 IDJAI MONDAY 180.00 1 165 OMITOGUN AKINYEMI OLATUNDE 90.00 1 8 ADELABU ADETAYO 450.00 1 87 IKEH OLUCHI M 450.00 1 166 OMOKOREDE ADESHOLA ABOSEDE E 270.00 1 9 ADENIJI ADENIKE OLAYEMI 180.00 1 88 ISA LADU ADEJO 90.00 1 167 OMOKOREDE BOLANIRAN CYRIL 90.00 1 10 ADENIYI ABOSEDE 90.00 1 89 IYEVHE LAZARUS ASEGIEMHE 90.00 1 168 OMOLE MUYIWA 90.00 1 11 ADENUGA G.S. MICHAEL OLUMUYIWA 90.00 1 90 JAIYEOLA ADEWUNMI ABIODUN 900.00 1 169 OMOLE OLUWATOSIN AFOLABI 180.00 1 12 ADEOLA MUASIBAU ADEJARE 90.00 1 91 JINADU LAMIDU OLANIRAN 450.00 1 170 OMOLUA ESIEMA DIANA 90.00 1 13 ADEOYE OLUMIDE SAMUEL 180.00 1 92 JOSEPH ADEBAYO 450.00 1 171 OMU ABRAHAM 270.00 1 14 ADEPOJU KAZEEM 90.00 1 93 KABIRU YUSUF ZAINAB MARYAM FATI 90.00 1 172 ONADIPE SERIAN ERERE 360.00 1 15 ADEWUSI EBENEZER ADEKUNLE 900.00 1 94 KADIRI RAFIU 162.00 1 173 ONYEOCHA CHARLES NNODIM 90.00 1 16 ADIGWE OGOM IRENE 900.00 1 95 KALU OKEH GAIUS & HAPPINESS GAIUS 810.00 1 174 OPOROMO EMMANUEL PERE 180.00 1 17 ADIGWU ANDREW IKEMEFUNA 180.00 1 96 KALU UGO OKEKE 450.00 1 175 OREAGBA ABAYOMI OLUFUNMILAYO 90.00 1 18 ADISIANYA UCHENNA KANAYOCHUKWU 153.00 1 97 KAMFA AUWALU ISHAQ 90.00 1 176 ORIDOTA LANRE ADEBOYE 99.00 1 19 AFOLABI BUKOLA 900.00 1 98 KOLEOSO FOLASADE ARINADE 180.00 1 177 OSANEKU LAWRENCE EFOMA 90.00 1 20 AFOLABI OLAWALE A JANI 90.00 1 99 LAWAL MUTIU OLAKUNLE 90.00 1 178 OSIFESO OLUSEYI OLUKAYODE O. 90.00 1 21 AGBABIAKA ABIOLA ADELEYE OMOLARA 90.00 1 100 LEWA JACINTA ASHE'NGOM 90.00 1 179 OSINUSI ADEGOKE 180.00 1 22 AGBABIAKA AYODEJI OLUSOLA 90.00 1 101 MADUAGWU DILICHUKWU DAMIAN 90.00 1 180 OTOKITI DAVID OLUWADARE 90.00 1 23 AGBABIAKA IBITAYO OMONIYI 90.00 1 102 MADUAKO ANTHONY 450.00 1 181 OTUBU OLUSEYE AKINOLA 180.00 1 24 AGBABIAKA OLUREMI GRACE OLAWUNMI 90.00 1 103 MAYIKO JOSIAH OWHOBEVUGHE 180.00 1 182 OVIRIH ANDY DAVIDSON 90.00 1 25 AGEH COSMAS UKPANUKPONG 180.00 1 104 MBAEMEKA C.DEAR JOHN 135.00 1 183 OWARA OJO LAWRENCE OLADIRAN 90.00 1 26 A JAEBILI IFEANYI JOSEPHAT 180.00 1 105 MBANUGO EMENIKE OLISAEMEKA 1,800.00 1 184 OWOH EMMANUEL EMEKA 450.00 1 27 A JANA OLA JIDE 450.00 1 106 MEYANBE OLU ADEBISI 90.00 1 185 OYALOWO OLALEKAN OLAWALE 135.00 1 28 A JAYI OLUWAFEMI SAMUEL 90.00 1 107 MOKOLO GLORY N. 180.00 1 186 OYEDOTUN STELLA ADEFUNKE 450.00 1 29 A JILEYE TAIWO JAMES 405.00 1 108 MOMOH BEATRICE MODUPE 180.00 1 187 OYELEKE RAFIU BALLE 90.00 1 30 A JOSE LUKMAN OLABIRAN 630.00 1 109 NDUBISI CHIDI NDUBISI O. 126.00 1 188 OYIBO MOHAMMED ADJARHO 90,000.00 1 31 A JUDUA STEVE ELUE 405.00 1 110 NKAK ARIT UDOFA 90.00 1 189 OZEMWONGIE JOSHUA M. O 90.00 1 32 AKANJI YINUSA KAYODE 90.00 1 111 NKEMDILIM IKECHUKWU FRANCIS 135.00 1 190 RA JI FATAI ADEBAYO 90.00 1 33 AKINDELE YISA ADEWALE 450.00 1 112 NNADI FREDRICA AMAKA 900.00 1 191 SABITU ADEYEMI ISHAQ 117.00 1 34 AKINOSO TAIWO 360.00 1 113 NNAEBUE CHUKA EMMANUEL 450.00 1 192 SALAWU OLAYEMISI SERIFAT 900.00 1 35 ALABI AYOBAMI ADEDAPO 90.00 1 114 NNAEMEKA ANNE OBIANUJU 270.00 1 193 SANGOSANYA TAOFEEK ADEYEMI 90.00 1 36 ALABI MICHAEL OLASUNKANMI 90.00 1 115 NNAH SOLOMON KELECHI 450.00 1 194 SANI LAWAN AMINA MUHAMMED YUSUF 90.00 1 37 ALADE ISREAL OLABODE 90.00 1 116 NWADIKE PIUS EZIEFULA 135.00 1 195 SHOFUYI OLUWASEUN SAMUEL 135.00 1 38 ALAFIATAYO LADE YEMISI 900.00 1 117 NWAUWA DIVINE-WILL AKUJUOBI C. 180.00 1 196 SHUAIBU ABUBAKAR 90.00 1 39 ALEX OLATUNDE RAPHAEL 90.00 1 118 NWEKE JOHN UKAESBU 225.00 1 197 SOFILE AFOLASHADE OLUWAFUNMILAYO 450.00 1 40 ALI EMMANUEL OCHEIDO 360.00 1 119 NWOKE OGUWUIKE DAMIAN 90.00 1 198 SOLIU LUQMAN M. 135.00 1 41 ALLI AYANWOLE SIKIRU 135.00 1 120 NWOKE SOLOMON OBINNA 135.00 1 199 SONEYE ABAYOMI ADEBOLA 270.00 1 42 ALUMA JOHN ALUMA 162.00 1 121 NWOSU PHILO NKEM 180.00 1 200 TIAMIYU EMMANUEL BAMIDELE 90.00 1 43 ANARAH FLORENCE OGOCHUKWU 270.00 1 122 NXUMALO OSAMEDE ANNE 450.00 1 201 TOM-GEORGE DAREGO 90.00 1 44 ANARE PAUL GIDEON 180.00 1 123 OBAFAIYE CLEMENT OLUWATOSIN 90.00 1 202 UDOFIA ANIEKAN EFFIONG 180.00 1 45 ANIEROBI FELICIA ABOSEDE 900.00 1 124 OBIANONWO BASIL UGOCHUKWU 90.00 1 203 UDOH JOHN 90.00 1 46 ARHAVWARIEN JONES 9,000.00 1 125 OBITOLU GEORGINA UKAMAKA 90.00 1 204 UGBECHIE FRANCA CHIKA 135.00 1 47 ASAKPA JAMES 9,000.00 1 126 OCHIAGHA LIVINUS 90.00 1 205 UMEADI ANDY UDEM 90.00 1 48 ASHIRU SHAKIRAT BOLANLE 180.00 1 127 ODERO NYIMBI 9,000.00 1 206 WANIYO UMARU TUMBA 2,025.00 1 49 AYANKOYA ELIZABETH BOLANLE 450.00 1 128 OFOEDU IJEOMA JOY 450.00 1 207 WILLIAMS AFUSAT ADEOLA 180.00 1 50 AYEGBA ABDUL 90.00 1 129 OGA MOSES OGO 270.00 1 208 YAHAYA MUHAMMED IMAM 90,000.00 1 51 AYODELE ADEFUNKE OLUYEMISI 90.00 1 130 OGBONNA AGATHA AKUWUEZIUKA 270.00 1 209 YUNUSA UBA 90.00 1 52 AYODELE JOHNSON 90.00 1 131 OGBONNA NDIDI S. 90.00 1 210 YUSSUF AYINDE RAFIU 90.00 1 53 AYODELE OLUFEMI ADEYEMI 900.00 1 132 OGBONNAYA EMMANUEL 135.00 1 211 YUSUF BAKIN RUWA MUSA MOHAMMED 90.00 1 54 BAIYEWU OLUFEYIKEMI 90.00 1 133 OGHALI SUNDAY 450.00 1 TOTAL FOR PYT 1 277,029.00 55 BAKARE MURITALA ADEGBOYEGA 90.00 1 134 OGUGUA MBADIWE EDMUND 90.00 1 56 BAMIDELE MICHEAL MABINUOLA 90.00 1 135 OGUNWALE REGINA ADEDOYIN 90.00 1 57 BAMIDELE OLAGOKE 90.00 1 136 OGUNYINKA BABATUNDE MICHEAL 450.00 1 58 BEN-NWAKANMA NGOZI AMANDA 4,050.00 1 137 OJEDOYIN TIMOTHY OLADAPO 9.00 1 59 BOKINNI SIRA J KOLAWOLE 90.00 1 138 OJEWUSI AYOOLA AYOBAMI 90.00 1 60 BOLARINWA FUNMI 9,000.00 1 139 OKACHE CHRISTOPHER ODEY 540.00 1 61 DADA ABIOLA OYERONKE 90.00 1 140 OKAFOR JOHN 1,350.00 1 62 DADA OLUFEMI ADETOLA 270.00 1 141 OKE ADEKUNLE OLAYINKA 90.00 1 63 DADA SAMSON OLUGBEMIGA 90.00 1 142 OKEKE OBINNA MICHAEL 90.00 1 64 DANBALA MAGA JI 270.00 1 143 OKEREKE AKUNNA GEOEVIVE 900.00 1 65 DARE ADEBOLA J. 900.00 1 144 OKEWOLE DOYIN 180.00 1 66 DIORU ARUBICA ROWLAND 180.00 1 145 OKHIRIA GBENGA LUCKY 900.00 1 67 EBOJIE KENNEDY 450.00 1 146 OKOH HYCENT 90.00 1 68 EDE MOSES NWEKE 90.00 1 147 OKOLIGWE JUDE IKECHUKWU 180.00 1 69 EFFIONG ANIEKAN ETTE 90.00 1 148 OKONKWO CHIDI S. OKONKWO 270.00 1 70 EFUNNUGA ADEMOLA ADEWALE 126.00 1 149 OKONTA PAUL EJIME 180.00 1 71 EGWUATU THERESA NWANYIBUTE 900.00 1 150 OKORIE JOHN 180.00 1 72 EJIOFOR CHIOMA EBERE 270.00 1 151 OKOROAFOR NNENNA 180.00 1 73 EKUNDAYO OLUBUNMI DESOLA 342.00 1 152 OKOYE FRANCIS GABRIEL NWABISI 180.00 1 74 EKWUEME MACFAB CHUKWUMA 450.00 1 153 OKOYE IFEANYI PATRICK 180.00 1 75 ELOYE OJO MONAEKHIS 180.00 1 154 OKPARA CHUKWUMA 900.00 1 76 ENUJIOFOR NKIRUKA HOPE 270.00 1 155 OLAWOYE IFEOLUWA MOBOLAJI 729.00 1 77 ERUKU EBENEZER MAROMIPIN 90.00 1 156 OLOGAN OLUMIDE JOSEPH 225.00 1 78 ESUE ABAYELI IVUEDOYA 180.00 1 157 OLOLA MULIKAT AWERO 90.00 1 79 EZEMGBE SYLVANUS CHUKWUMA 90.00 1 158 OLORUNDAMISI OLANIKE GRACE OLAPEJU 99.00 1
2014 ANNUAL REPORTS AND ACCOUNTS 131 S/N NAME AMOUNT PYT_NO
1 AFFI MICHAEL SABO 270.00 2 2 AGBAGA ANDREW OGHENEOVO 567.00 2 3 AGWERE CHRISTOPHER A JIRI 7,087.50 2 4 AKINJAYEJU IGBEKELE FESTUS.TOLA 354.38 2 5 AKOSILE JOHN OLAWALE 2,126.25 2 6 AKPOMIE MATTHEW 405.00 2 7 ALEGIEUNO JESSE 6,750.00 2 8 ALIYU SIKY ADEWALE 10,125.00 2 9 AMEH BENARD 249.48 2 10 AREKE KUNLE 67.50 2 11 ASIWA JU REMILEKUN OMOWUNMI 1,012.50 2 12 BAMIDELE OLUWAFUNMILOLA ADEBOWALE 148.84 2 13 BRANDT REAL ESTATE DEV.LTD 6,750.00 2 14 CATSEY INVESTMENT LTD 67.50 2 15 DAFETTA OGHENOVO ETA 5,953.50 2 16 DISU ADIO SULE 94.50 2 17 EKANEM SAMUEL ESSIEN 675.00 2 18 EMBASSY PHARM & CHEM LTD 675.00 2 19 ESONANJOR MATHEW 17,010.00 2 20 EZE CHIDIMMA 708.75 2 21 FIRST INLAND BANK/DE-LORDS SEC.-TRADING 3,375.00 2 22 GEORGE GRACE ALAERE 354.38 2 23 ILESANMI AFOLABI 1,488.38 2 24 IMOH ANITA INYANG 708.75 2 25 ISA LADU ADEJO 148.84 2 26 K.C.OGBONNAYA VENTURES NIGERIA LIMITED 67.50 2 27 KURA VICTORIA ISTY 471.83 2 28 MADU FIDELIS UCHE 354.38 2 29 MAYIKO JOSIAH OWHOBEVUGHE 297.68 2 30 MBAMAH LOUIS CHINEDU 10.06 2 31 NDARAKU CHESTER CHUKWUEMEKA 128.25 2 32 NJOKU VICTOR NNAEMEKA 1,063.13 2 33 NNAMANI KELVIN IKENNA NNA JIOFOR 417.83 2 34 NWANKWO EJE HELEN 675.00 2 35 NWOKEJI NWAENEZIE JOANNES-JUDE 336.96 2 36 NWOSU EMEKA FIDELIS 184.75 2 37 NZEIFE PIUS CHUKS 675.00 2 38 OAHIMIRE MICHAEL 14,801.40 2 39 OBAWOLE ADEWOLE 405.00 2 40 OBI EMEKA CHRISTOPHER 141.75 2 41 OBOM OTONYE 1,147.50 2 42 ODUSANYA SAKIRU OLUWASEUN 229.50 2 43 OGBODO MATTHEW 100.58 2 44 OJEI UDOKA ALEX 354.38 2 45 OKORONKWO MONDAY UCHENNA 70.88 2 46 OLUWA DURO 3,375.00 2 47 OMUBO MICHAEL A.C. 1,012.50 2 48 ONATE SAMUEL 337.50 2 49 OPARA COLLINS 100.58 2 50 OPHIOHONREN EMMANUEL PHIEKPAMARE 1,417.50 2 51 OVBUDE OGODINMA LIZZIE 9,247.50 2 52 TIAMIYU KAMORU SUNKANMI 32,724.00 2 53 UDOUSOROH MERCY IMAOBONG 8,430.75 2 54 UZOMA NADOZIEM OLIVER (SQN LDR RTD) 708.75 2 TOTAL 146,460.42
132 2014 ANNUAL REPORTS AND ACCOUNTS Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
1 AAKO JOHN TAIWO 0.14 3 81 ABIOLA UNWAM 45.00 3 161 ADARE HASSAN 45.00 3 2 AALIYA EMEKA 1.40 3 82 ABIOSE KALEJAIYE 45.00 3 162 ADARE HASSAN E. 45.00 3 3 ABABA TIMINIPERE 4.50 3 83 ABIOYE JEGO 45.00 3 163 ADAUTIN KUNLE BENJAMI F. 45.00 3 4 ABA JA HENRY IFEANYI 6.75 3 84 ABIOYE OLAJUMOKE JANE 45.00 3 164 ADAUTIN KUNLE BENJAMIN 45.00 3 5 ABA JUE VERONICA CHIKA 6.75 3 85 ABIOYE PETER MOLOYEOLA 45.00 3 165 ADAUTIN LAWAL ADAUTIN 45.00 3 6 ABAKUN SAMUEL OLUWADEMILADE 9.00 3 86 ABIOYE RASHEED OYEKOLA 45.00 3 166 ADAUTIN LAWAL ADAUTIN G. 45.00 3 7 ABAKUN SARAH OLUWAFUNMILADE 9.40 3 87 ABIR IBUKUNOLA 45.00 3 167 ADAYI HANNAH 45.00 3 8 ABALO OLUWATOSIN OLAOLU 11.25 3 88 ABIR KIDEN 45.00 3 168 ADDIE BULUS 45.00 3 9 ABAM DAVID EYONG 11.25 3 89 ABIR OGUNLANA 45.00 3 169 ADE ADEOLA 45.00 3 10 ABANE JOHN 11.25 3 90 ABIRI JOE JIRHEVWE 45.00 3 170 ADEALA ADESOLA JOLAADE 45.00 3 11 ABANEKE KINGSLEY 11.79 3 91 ABIRI SOMOLU 45.00 3 171 ADEARA FUNKE PRINCESS 45.00 3 12 ABANG ABUO SAM 16.20 3 92 ABISO IDEMUDIA 45.00 3 172 ADEBAMBO OLAWALE 45.00 3 13 ABANG OKON WILSON 20.25 3 93 ABISOLA ADEWALE 45.00 3 173 ADEBAMBO TEMITOPE TITILAYO 45.00 3 14 ABANG YUSUFU 20.66 3 94 ABISOLA OSEGHALE 45.00 3 174 ADEBANJO AFOLASHADE OMODUNMI 45.00 3 15 ABANI SHARON AMARACHI 21.38 3 95 ABISOYE BOLORUNDURO 45.00 3 175 ADEBANJO OLUSEGUN SAMUEL 45.00 3 16 ABANIWU LAURA IFE 22.14 3 96 ABIWO POPOOLA LEWIS 45.00 3 176 ADEBAYO ABAYOMI 45.00 3 17 ABANUM GRACE ASHINEDU 22.50 3 97 ABIYE EMMANUEL 45.00 3 177 ADEBAYO ABOLA JI OLUFEMI 45.00 3 18 ABARATA BUKAR 28.08 3 98 ABIYE EMMANUEL F. 45.00 3 178 ADEBAYO ABRAHAM ADEWALE 45.00 3 19 ABARI SIMIDELE 28.12 3 99 ABODE BOLA JI SANI 45.00 3 179 ADEBAYO ADEKUNLE 45.00 3 20 ABASI-AKAMA GLORIA HARVEST 30.92 3 100 ABODERIN ADEYEMI 45.00 3 180 ADEBAYO ADENIYI OLUWASEUN 45.00 3 21 ABASS ADETOBA 31.50 3 101 ABODUNRIN SAMSON 45.00 3 181 ADEBAYO AKANDE 45.00 3 22 ABASS OLOMISOLA 31.82 3 102 ABODUNRIN SANNI BALOGUN 45.00 3 182 ADEBAYO AKANNI AZEEZ 45.00 3 23 ABASS SEUN AZEEZ 33.75 3 103 ABOH MUYIWA 45.00 3 183 ADEBAYO BISI FOLAKE (MRS) 45.00 3 24 ABATAN AYODELE 33.75 3 104 ABOH TAIWO MONDAY 45.00 3 184 ADEBAYO BUSUYI 45.00 3 25 ABATI FELIXMORE 41.98 3 105 ABOLA JI ABOLANLE SHOTUYO KAFAYAT 45.00 3 185 ADEBAYO EMMANUEL BABAFEMI 45.00 3 26 ABATI ISIAKA 42.75 3 106 ABOLANLE OKENIYI 45.00 3 186 ADEBAYO GBENGA ADEBOLA 45.00 3 27 ABATU IZEDONMWEN 45.00 3 107 ABOLARIN DEINDE 45.00 3 187 ADEBAYO HELEN ADEFOLAKE 45.00 3 28 ABAYE GOWON PIUS 45.00 3 108 ABOLARIN RAPHAEL ROTIMI 45.00 3 188 ADEBAYO OMOBOLA JI SHERIFF 45.00 3 29 ABAYOMI ANOSIKE 45.00 3 109 ABOLORE ABUBAKAR 45.00 3 189 ADEBAYO OSIO 45.00 3 30 ABAYOMI BABAYEMI 45.00 3 110 ABOLRIN SIMON ROTIMI 45.00 3 190 ADEBERO BOLUWATIFE ESTHER 45.00 3 31 ABAYOMI CHINEDUM 45.00 3 111 ABOLUWODI BUKUNMI 45.00 3 191 ADEBIAYE AYISAT YETUNDE 45.00 3 32 ABAYOMI OLUFEMI 45.00 3 112 ABONU Simonpeter 45.00 3 192 ADEBIMPE KADIR 45.00 3 33 ABAYOMI OLUSOLA 45.00 3 113 ABOOTU CANNICE 45.00 3 193 ADEBIMPE LATEEF 45.00 3 34 ABAYOMI SHADE 45.00 3 114 ABORISADE OZOEKWE 45.00 3 194 ADEBISI CALA 45.00 3 35 ABAZU AYOMIDE 45.00 3 115 ABORO DARE 45.00 3 195 ADEBISI OLUFUNMILAYO 45.00 3 36 ABBA JOHNSON 45.00 3 116 ABOSEDE OKECHUKWU 45.00 3 196 ADEBISI RUTH 45.00 3 37 ABBAH FRANCO 45.00 3 117 ABOSEDE OLATERU 45.00 3 197 ADEBISI TITILAYO O. 45.00 3 38 ABBAS KEISHA 45.00 3 118 ABRAHAM ADEMOLA 45.00 3 198 ADEBIYI AYODEJI MUHAMMED 45.00 3 39 ABBAS MADUNEME 45.00 3 119 ABRAHAM CHIDI 45.00 3 199 ADEBIYI SARAH OLA JUMOKE 45.00 3 40 ABBAS PHYDELIA 45.00 3 120 ABRAHAM KOLAWOLE OMOTAYO T 45.00 3 200 ADEBOLA OPENIYI 45.00 3 41 ABBAS UGO 45.00 3 121 ABRAHAM OLI 45.00 3 201 ADEBOLA SOBOWALE 45.00 3 42 ABBEY ABBEY JAMES 45.00 3 122 ABSALOM LATEEFAH 45.00 3 202 ADEBOWALE ADEBAYO 45.00 3 43 ABBEY ABBEY JAMES B. 45.00 3 123 ABSALOM OTEDOLA 45.00 3 203 ADEBOWALE WURAOLA NIMOTA 45.00 3 44 ABBEY JAMES NNAOMA 45.00 3 124 ABU KURFI 45.00 3 204 ADEBOYE ELIZABETH TOLUWALOPE 45.00 3 45 ABBEY JAMES NNAOMA J. 45.00 3 125 ABU MARYJANE 45.00 3 205 ADEDAMOLA ADEMOLA 45.00 3 46 ABDEL GIGGS 45.00 3 126 ABU OLUWOLE 45.00 3 206 ADEDAPO OLUROPO 45.00 3 47 ABDEL KEON 45.00 3 127 ABU OLUWOLE OLATUNDE 45.00 3 207 ADEDAYO OLADOTUN 45.00 3 48 ABDU ADEWALE 45.00 3 128 ABU REKHIA 45.00 3 208 ADEDEJI DOHERTY 45.00 3 49 ABDU PAT LEMMY 45.00 3 129 ABUAH BURAIMOH 45.00 3 209 ADEDEJI FEMI LATEEF 45.00 3 50 ABDUL ADAMU 45.00 3 130 ABUBAKAR BAZAK AYODELE 45.00 3 210 ADEDIJI EBENEZER OLUMIDE 45.00 3 51 ABDUL ADESOLA 45.00 3 131 ABUBAKAR DANAMARY 45.00 3 211 ADEDIPE KAYODE 45.00 3 52 ABDUL ADEYEMI 45.00 3 132 ABUBAKAR DEGGE 45.00 3 212 ADEDIPE KENNEDY 45.00 3 53 ABDUL EJAH 45.00 3 133 ABUBAKAR MUSA 45.00 3 213 ADEDIRAN ADEFEMI SAMSON 45.00 3 54 ABDUL FATAI MUFTAU 45.00 3 134 ABUBAKAR SALISU 45.00 3 214 ADEDIRAN JOSEPHINE 45.00 3 55 ABDUL HAMEED HASSAN LAWAL 45.00 3 135 ABUBAKAR YAHAYA GARBA 45.00 3 215 ADEDIRAN JOSEPHINE J. 45.00 3 56 ABDUL JOHN ABDUL 45.00 3 136 ABUDU OKOTIE 45.00 3 216 ADEDIRIN FOLUSHO 45.00 3 57 ABDUL KEISHA 45.00 3 137 ABUDU OSHODI 45.00 3 217 ADEDOYIN ADEDOTUN DAVID 45.00 3 58 ABDULAKEEM AMODU 45.00 3 138 ABUDULSALAM AAUWA AYINKE 45.00 3 218 ADEDOYIN MOSES BABATUNDE 45.00 3 59 ABDULATEEF KAYODE 45.00 3 139 ABUI BURHAN 45.00 3 219 ADEDOYIN OLADELE EMMANUEL 45.00 3 60 ABDULAZEEZ S. AYODELE 45.00 3 140 ABULE DANJUMA 45.00 3 220 ADEDOYIN SAMUEL OLAYEMI 45.00 3 61 ABIMBOLA LUFADEJU 45.00 3 141 ABULUDE AYOKUNLE 45.00 3 221 ADEEKO OLUWAGBOHUNMI 45.00 3 62 ABIMBOLA TAWOJU 45.00 3 142 ABUYA JULIET 45.00 3 222 ADEEKO VERONICA ANUOLUWAPO 45.00 3 63 ABIMBOLA TEMITAYO ADENIKE 45.00 3 143 ACHI EZEH HENRY 45.00 3 223 ADEFALU OPEYEMI GRACE 45.00 3 64 ABIMBOLA YAZID 45.00 3 144 ACHIEKEH OLANIKE 45.00 3 224 ADEFEMI SOLA KAREEM 45.00 3 65 ABIODUN CHRISTY 45.00 3 145 ACHIKE ONYEMADU 45.00 3 225 ADEFILA TERRESA ABIBOLA 45.00 3 66 ABIODUN ELABOR 45.00 3 146 ACHIKE TOBI 45.00 3 226 ADEFUNMI OSU 45.00 3 67 ABIODUN FAVOUR 45.00 3 147 ACHODA BOSE 45.00 3 227 ADEGBESAN FEYINTOLA 45.00 3 68 ABIODUN FRANCIS 45.00 3 148 ACHODAS BOSE E. 45.00 3 228 ADEGBINDIN ADENIYI 45.00 3 69 ABIODUN HENRY OLAWALE 45.00 3 149 ACHODAS WAHAB 45.00 3 229 ADEGBITE ANTHONY ABIODUN 45.00 3 70 ABIODUN IBRAHIM 45.00 3 150 ADAMU ABATI 45.00 3 230 ADEGBITE MATTHEW KAYODE 45.00 3 71 ABIODUN ISAAC 45.00 3 151 ADAMU ALFARMA 45.00 3 231 ADEGBITE MUDASIRU ADEREMI 45.00 3 72 ABIODUN MARGARET OLUREMI 45.00 3 152 ADAMU EGUONO THOMAS 45.00 3 232 ADEGBITE OLUWASEYI OLASUNKANMI 45.00 3 73 ABIODUN RASHIDAT ADENIKE 45.00 3 153 ADAMU EJIROGHENE MOSES 45.00 3 233 ADEGBOLA ADEBAYO MICHAEL 45.00 3 74 ABIOLA A JOKPAGHENE 45.00 3 154 ADAMU ESEOGHENE EMMANUELLA 45.00 3 234 ADEGBOLA CANTARA 45.00 3 75 ABIOLA FLORIAN 45.00 3 155 ADAMU IKE 45.00 3 235 ADEGBOLA OLUGBENRO 45.00 3 76 ABIOLA JAMES 45.00 3 156 ADAMU LYDIA IGBEKELEOLUWA 45.00 3 236 ADEGOJU JOY AYOYINKA 45.00 3 77 ABIOLA KANAYOCHUKU 45.00 3 157 ADAMU MOHAMMED BABANGIDA 45.00 3 237 ADEGOKE ADEJUMOKE ADERONKE 45.00 3 78 ABIOLA OBINWANNE 45.00 3 158 ADAMU SULEIMAN 45.00 3 238 ADEGOKE ADEMOLA JAMIU 45.00 3 79 ABIOLA OLUFEMI 45.00 3 159 ADAMU UFUOMA PATIENCE 45.00 3 239 ADEGOKE ASIMIYU KOLAWOLE 45.00 3 80 ABIOLA UGWUZOR 45.00 3 160 ADARA YETUNDE 45.00 3 240 ADEGOKE CARINA 45.00 3
2014 ANNUAL REPORTS AND ACCOUNTS 133 S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
241 ADEGOKE DEJI FRANCIS 45.00 3 321 ADEOLA MUASIBAU ADEJARE 45.00 3 401 ADEYEMI OGBEBOR 45.00 3 242 ADEGOKE KORU ADE 45.00 3 322 ADEOSO ADEBOYE 45.00 3 402 ADEYEMI OLA JUMOKE ABOSEDE 45.00 3 243 ADEGUN IYABO 45.00 3 323 ADEOSUN & ADEYEMI SOLOMON Y 45.00 3 403 ADEYEMI OLUWATOYIN ESTHER 45.00 3 244 ADEGUNWA ISIAKA ABIODUN 45.00 3 324 ADEOTI ADEMOLA OLABODE 45.00 3 404 ADEYEMI OWOLABI TOMMY 45.00 3 245 ADEH CATE 45.00 3 325 ADEOWU ADENIYI WASIU 45.00 3 405 ADEYEMI SUNDAY .O. 45.00 3 246 ADEJIMOLA ADEBOLA 45.00 3 326 ADEOYE ABEL 45.00 3 406 ADEYEMI TUNDE ENOCH 45.00 3 247 ADEJUGBE TAJUDEEN 45.00 3 327 ADEOYE ABIODUN EYITAYO 45.00 3 407 ADEYEMO ADEGBOYEGA OLUYEMISI P 45.00 3 248 ADEJUMO CECELIA 45.00 3 328 ADEOYE ADEKUNLE ISIAKA 45.00 3 408 ADEYEMO ADEWALE OLA JIDE 45.00 3 249 ADEJUMO JOHN ADELOMO 45.00 3 329 ADEOYE IBUKUN 45.00 3 409 ADEYEMO FOLUSO OLANIKE 45.00 3 250 ADEJUMO KAZEEM 45.00 3 330 ADEOYE MICHAEL ADEDEJI 45.00 3 410 ADEYEMO KEHINDE ADEMOLA 45.00 3 251 ADEJUMO OJUADE 45.00 3 331 ADEOYE OLABISI MOTURAYO 45.00 3 411 ADEYEMO PATRICIA OMEGHIE 45.00 3 252 ADEJUMOBI MUNIRUDEEN KEHINDE 45.00 3 332 ADEOYE OLUWASEUN JONATHAN 45.00 3 412 ADEYERI HAMMED 45.00 3 253 ADEKANBI SOYEBO 45.00 3 333 ADEOYE THOMAS ADEYEMI 45.00 3 413 ADEYERI HAMMED M. 45.00 3 254 ADEKO AFOLAKE BUSRAT 45.00 3 334 ADEPOJU ADEDAPO PAUL 45.00 3 414 ADEYERI OLUWAGBEMIGA JULIUS 45.00 3 255 ADEKOLA WALE 45.00 3 335 ADEPOJU ADEWALE ABIMBOLA 45.00 3 415 ADEYEYE OLUFEMI OLANREWA JU 45.00 3 256 ADEKOLEJO ADEWUNMI MOSES 45.00 3 336 ADEPOJU TAJUDEEN .A. 45.00 3 416 ADEYEYE OPEOLUWA ADEOLA 45.00 3 257 ADEKOYA BOSE 45.00 3 337 ADEPOJU TAJUDEEN .A. 45.00 3 417 ADEYEYE PAUL ABIODUN 45.00 3 258 ADEKOYA CELESTINA 45.00 3 338 ADEPOJU TAJUDEEN .A. 45.00 3 418 ADEYEYE TEMITOPE OMOLOLA 45.00 3 259 ADEKOYA FANIKU 45.00 3 339 ADEREMI ADEDAMI OTUN OLUWAPELUMI 45.00 3 419 ADEYINKA ADEFEMI JOHNSON 45.00 3 260 ADEKOYA MIKE 45.00 3 340 ADEREMI ADEKEPEMI OLUWAFIYIBOMI 45.00 3 420 ADEYINKA AHMED BABATUNDE 45.00 3 261 ADEKOYA SAMSON OPEOLUWA 45.00 3 341 ADEREMI ADENIYI 45.00 3 421 ADGBONYIN OSARENOMA LEONARD 45.00 3 262 ADEKUNLE ADETUNJI 45.00 3 342 ADEREMI ADESEKEMI OYAOPEMIPO 45.00 3 422 ADIBA AKINDELE 45.00 3 263 ADEKUNLE ADEYEMI 45.00 3 343 ADEREMI ADEWOJUMI OLUWASEMILORE 45.00 3 423 ADIBE PRINCE OLUFUNKE 45.00 3 264 ADEKUNLE CEMAL 45.00 3 344 ADEREMI NNEKA 45.00 3 424 ADIEKWUE CHINWEIKE VALENTINE 45.00 3 265 ADEKUNLE CEMAL JUMAI 45.00 3 345 ADESANYA OLUWATOYIN KUDIRAT 45.00 3 425 ADIGBE SAMSON 45.00 3 266 ADEKUNLE GABRIEL 45.00 3 346 ADESANYA SUBUOLA 45.00 3 426 ADIGUN FATIMOH 45.00 3 267 ADEKUNLE MOROUNMUBO TEMITOPE 45.00 3 347 ADESEKO ANSARI 45.00 3 427 ADIGUN LUKMAN 45.00 3 268 ADEKUNLE OLUDAYO ADEDOKUN 45.00 3 348 ADESEKO CHIBUKE 45.00 3 428 ADIGUN RICHARD RASHEED 45.00 3 269 ADEKUNLE OLUWASEYI OLUKEMI 45.00 3 349 ADESHINA ADEDAYO OLUFUNMILADE 45.00 3 429 ADIGUN SHERIFAT IYABODE 45.00 3 270 ADEKUNLE TUNRAYO LIZZY 45.00 3 350 ADESHINA BOLA 45.00 3 430 ADIGUN THOMAS AKINBAYO 45.00 3 271 ADELAGUN OLA JUWON 45.00 3 351 ADESHINA ENIOLA 45.00 3 431 ADIGUN WALIU 45.00 3 272 ADELAKUN FATOYINBO 45.00 3 352 ADESHINA OMOLARA 45.00 3 432 ADILA EGBEDA 45.00 3 273 ADELANI OLUWADAMILOLA MARIAH 45.00 3 353 ADESHINA SAIDU ALADE 45.00 3 433 ADILO VICTOR IZUCHUKWU 45.00 3 274 ADELEKAN ADESHINA BABATUNDE 45.00 3 354 ADESHINA TOHEEB OLAMIPOSI 45.00 3 434 ADIM JOSEPHIN 45.00 3 275 ADELEKE ADEDEJI OLAREWA JU 45.00 3 355 ADESIDA SAMUEL 45.00 3 435 ADIM NKEM CYRIL 45.00 3 276 ADELEKE ADEJOKE OLUWAFI KUNAYOMI 45.00 3 356 ADESINA GAMALIEL ABIMBOLA 45.00 3 436 ADIM OKOLIE 45.00 3 277 ADELEKE ADERONKE OLA JUMOKE 45.00 3 357 ADESINA RABIU 45.00 3 437 ADINGA MARGRET NDANGHA 45.00 3 278 ADELEKE ADEWALE THOMAS 45.00 3 358 ADESINA TITILOPE LANRE 45.00 3 438 ADIO RAFIU 45.00 3 279 ADELEKE CHARITY 45.00 3 359 ADESINA TOMOTHY OLUGBENGA 45.00 3 439 ADIO RUFUS HENRY 45.00 3 280 ADELEKE DAMILOLA ADEIFE 45.00 3 360 ADESOJI SALAMI 45.00 3 440 ADIO SAULA FUNKE 45.00 3 281 ADELEKE IYABO ELIZABETH 45.00 3 361 ADESOLA ADEBANJI 45.00 3 441 ADIOHA CALISTUS ASHULOKA 45.00 3 282 ADELEKE JULIUS ADE 45.00 3 362 ADESOLA GBADEGESIN 45.00 3 442 ADIOLE ANAYOCHUKWU SABASTINE 45.00 3 283 ADELEKE OLUWAFUNTO BOLU 45.00 3 363 ADESOMOJU AKINDEJI 45.00 3 443 ADIOLE NKECHINYERE GLORIA 45.00 3 284 ADELEKE PEREIRA 45.00 3 364 ADESOYE OLUWASEUN 45.00 3 444 ADIRI CHARLES OKWUDIRI 45.00 3 285 ADELEKE SAMUEL ADEDAYO 45.00 3 365 ADESULU KEHINDE ESTHER 45.00 3 445 ADISA DADA LEO 45.00 3 286 ADELEKE SULAIMAN ADEREMI 45.00 3 366 ADESUWA ADNA 45.00 3 446 ADISA GANIYU 45.00 3 287 ADELEKE TOLULOPE ADEDAMOLA 45.00 3 367 ADESUYI EKUNDAYO ADEWUMI 45.00 3 447 ADIVA ASHAFA 45.00 3 288 ADELEYE ABIMBOLA ABIOLA 45.00 3 368 ADESUYI JEFF AMALA 45.00 3 448 ADJE DICKSON 45.00 3 289 ADELOJA CHI 45.00 3 369 ADETOKUNBO ADEOLA SHAKIRAT 45.00 3 449 ADJE FELIX 45.00 3 290 ADEMILOYE ADEYINKA ADEJOKE 45.00 3 370 ADETOKUNBO EMEKA 45.00 3 450 ADJE FUNMI DICKSON 45.00 3 291 ADEMIROKUN BIDEMI 45.00 3 371 ADETOKUNBO MACAULAY 45.00 3 451 ADJE OKPETU 45.00 3 292 ADEMOLA ADIO ADEBAYO 45.00 3 372 ADETOMIWA OLADIPO STEPHEN 45.00 3 452 ADJEKE FELICIA NUME 45.00 3 293 ADEMOLA GLORIA 45.00 3 373 ADETONA SURA JUDEEN 45.00 3 453 ADNAN ADEKOYA 45.00 3 294 ADEMOLA NIKE 45.00 3 374 ADETOYIN ADEWOLE 45.00 3 454 ADNAN LIMBER 45.00 3 295 ADEMOLA OJO EMMANUEL 45.00 3 375 ADETOYINBO OBA OLA JUBU BENJAMIN 45.00 3 455 ADODO AGBENYIGA 45.00 3 296 ADEMOLA SAKIRU JIMOH ADEMOLA 45.00 3 376 ADETUNJI CHEKUBE ADEOLA 45.00 3 456 ADOJOR OVWIGHO SOLOMON 45.00 3 297 ADEMOSU AHMED OLASUNKANMI 45.00 3 377 ADETUNJI TOLANI 45.00 3 457 ADU BASIL ADENRELE 45.00 3 298 ADEMOSU BOLA JI BASHIR 45.00 3 378 ADEWALE FATIMA FOLASHADE 45.00 3 458 ADUBIFA ABIMBOLA 45.00 3 299 ADEMOSUN SIMBIAT 45.00 3 379 ADEWALE FUNMI 45.00 3 459 ADUBUOLA OLUWATOYIN ATINUKE T 45.00 3 300 ADEN ANISHANU 45.00 3 380 ADEWALE MICHAEL 45.00 3 460 ADUFAT CHIBUNDU 45.00 3 301 ADEN IKE 45.00 3 381 ADEWOLA ISAAC AYINDE ADEKANMI 45.00 3 461 ADUFAT CHIDINA 45.00 3 302 ADEN LAHANA 45.00 3 382 ADEWOLE CALEB BABATUNDE 45.00 3 462 ADUKU MOHAMMED TENIMU 45.00 3 303 ADENAIKE KEHINDE 45.00 3 383 ADEWOYE JUMOKE ADEBOLA 45.00 3 463 ADUMA JAMES 45.00 3 304 ADENEYE FUNMILOLA ABOSEDE 45.00 3 384 ADEWUNMI SAHHED 45.00 3 464 ADUNO OLUWOLE OLUKAYODE 45.00 3 305 ADENIJI ADENIKE OLAYEMI 45.00 3 385 ADEWUNMI TAOFIK ABDUL 45.00 3 465 ADUNOLA KADIN 45.00 3 306 ADENIJI SIMON SANMI 45.00 3 386 ADEWUSU OLUGBENGA 45.00 3 466 AFAM EZEH 45.00 3 307 ADENIKE CHIBUKE 45.00 3 387 ADEWUYA SAHEED 45.00 3 467 AFANGA BASSEY 45.00 3 308 ADENIYI ADEWALE OREOLUWA 45.00 3 388 ADEWUYI ATINUKE ABOLANLE 45.00 3 468 AFFADI CLEMENTINA NJIDEKA 45.00 3 309 ADENIYI AKIN AKINWOLE 45.00 3 389 ADEWUYI FOLASADE 45.00 3 469 AFLABI OLUWAGBENGA SUNDAY 45.00 3 310 ADENIYI AYODEJI SAMUEL 45.00 3 390 ADEYALO MUSILI AHMED 45.00 3 470 AFOCHA ESTHER UKAMAKA 45.00 3 311 ADENIYI SAMSON ADELAGUN 45.00 3 391 ADEYALO MUSILI AHMED K. 45.00 3 471 AFOLABI ADEYINKA ADEBOWALE 45.00 3 312 ADENIYI VICTORIA OLUYEMISI 45.00 3 392 ADEYANJU BOSE COMFORT 45.00 3 472 AFOLABI BOLUWATIFE 45.00 3 313 ADENIYI WILLIAM 45.00 3 393 ADEYANJU FOLORUNSHO JOHN 45.00 3 473 AFOLABI FOLASHADE 45.00 3 314 ADENUGA BILIKIS 45.00 3 394 ADEYEFA ADEGBOYEGA ABAYOMI 45.00 3 474 AFOLABI ISIAKA OLABODE 45.00 3 315 ADENUGA OLUFEMI 45.00 3 395 ADEYEFA BEATRICE BOLANLE 45.00 3 475 AFOLABI KABIRU GBOYEGA 45.00 3 316 ADENUGA TAIWO STEPHEN BADE 45.00 3 396 ADEYEFA JAMES ADELANI 45.00 3 476 AFOLABI KEMI 45.00 3 317 ADENUSI OLUWATOSIN 45.00 3 397 ADEYEMI ADEOLA RAMAT 45.00 3 477 AFOLABI MIKE YINKA 45.00 3 318 ADEOGBA ADEBANJO 45.00 3 398 ADEYEMI AKINLOLU 45.00 3 478 AFOLABI OLUFUNMILAYO 45.00 3 319 ADEOLA AMOS 45.00 3 399 ADEYEMI ANUOLUWA ABIODUN 45.00 3 479 AFOLABI OWAGBENGA JACOB 45.00 3 320 ADEOLA AYANFEMI ADEYEMI 45.00 3 400 ADEYEMI FEMI 45.00 3 480 AFOLABI SESAN EZEKIEL 45.00 3
134 2014 ANNUAL REPORTS AND ACCOUNTS Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO 481 AFOLABI SHUKURAT ADEWUNMI 45.00 3 561 AIRAMOEHI OBEHI 45.00 3 641 A JIBOLA KABIIR OLALEKAN 45.00 3 482 AFOLABI STELLA MARIS 45.00 3 562 AIRHUNMWUNDE CHARLES OSAWARU 45.00 3 642 A JIBOLA OLATUNJI 45.00 3 483 AFOLARANMI KARIMU-BELLO 45.00 3 563 AISHA CENTURY INVESTMENT LTD 45.00 3 643 A JIBOLA TUNDE 45.00 3 484 AFONJA A JAO PETER 45.00 3 564 AISHA ALI ATIM 45.00 3 644 A JIBOYE OMOLARA OLUWAKEMI 45.00 3 485 AFONJA SIKIRU SEYIN 45.00 3 565 AISHA MOSES 45.00 3 645 A JIDE MARY OLUFUNMILAYO 45.00 3 486 AFRAMA OLAWOLE 45.00 3 566 AISHATU CHIKEZIE 45.00 3 646 A JIE CHUKWUEMEKA EMMANUEL 45.00 3 487 AFUAPE JACOB 45.00 3 567 AISIMI AISHA 45.00 3 647 A JIFOLAWE ADEKUNLE ADEREMI ADEREMI 45.00 3 488 AFUBE ANSLEM CHUDI 45.00 3 568 AISIMI MUSA YUSUF 45.00 3 648 A JIGO IJI 45.00 3 489 AGADA BLESSING 45.00 3 569 AISUEOGUN DAMISOLA 45.00 3 649 A JIMOTOKIN YEMISI 45.00 3 490 AGADA KOYA TOBI 45.00 3 570 AIYEDUN ADEBOWALE F. 45.00 3 650 A JISAFE ABAYOMI 45.00 3 491 AGADA PAMELA ONYOIBO 45.00 3 571 AIYETAN DAYO ADEKUNLE 45.00 3 651 A JISAFE OLUFOLAHAN 45.00 3 492 AGAHIU MOHAMMED DANLADI 45.00 3 572 AIYETAN OLAMIDE BUNMI 45.00 3 652 A JISEGIRI OLUBUNMI KATE 45.00 3 493 AGBABIAKA ADETOLA AMINAT 45.00 3 573 A JADI SUNDAY AKINTUNDE 45.00 3 653 A JOBI ABIOLA 45.00 3 494 AGBADE EBIOLADE 45.00 3 574 A JAGBA MARTIN CHINWENDU 45.00 3 654 A JOGI ARUBI 45.00 3 495 AGBAIAKA OLAOLU GANIAT 45.00 3 575 A JAGBE MANSUR BATO 45.00 3 655 A JOGWU EJEH 45.00 3 496 AGBA JE SAHEED IDOWU 45.00 3 576 A JAGBO DAVID ELLOH 45.00 3 656 A JOKE AYINLA 45.00 3 497 AGBALAYA AYOMIDE MUIZ 45.00 3 577 A JAGU ONYEKA RAYMOND 45.00 3 657 A JOKU OLUCHI NKECHI 45.00 3 498 AGBALU SEBASTAIN IFEANYI AGBALU 45.00 3 578 A JAH CHUKWU BASIL 45.00 3 658 A JOLOKO OLATUNDE MATTHEW 45.00 3 499 AGBAS OSEGBUE 45.00 3 579 A JAKPO JOSEPHIN S 45.00 3 659 A JOMALE OLAITAN S 45.00 3 500 AGHO EBIUWA SANDRA 45.00 3 580 A JAKPO JOSEPHINE 45.00 3 660 A JOSE MARVEL 45.00 3 501 AGHOMONU FESTUS 45.00 3 581 A JAL EWUSI 45.00 3 661 A JUDUA STEVE ELUE 45.00 3 502 AGINAM CHRISTIANA NGOZI 45.00 3 582 A JALA ATINUKE 45.00 3 662 A JUKWU CHINEDU CHRISTIAN 45.00 3 503 AGINIGHAN DUBAMO 45.00 3 583 A JALA IBIYEMI 45.00 3 663 A JUONOMA IGNATIUS IKECHUKWU 45.00 3 504 AGNES OGBU 45.00 3 584 A JALA OYIZA 45.00 3 664 A JUWON SAIDATU 45.00 3 505 AGOGO BERNICE NKONYE 45.00 3 585 A JALA VALENTINE 45.00 3 665 AKABIKE IME CHRISTIAN 45.00 3 506 AGOMOH CHIKA 45.00 3 586 A JANI IKATE 45.00 3 666 AKABOGU KENNETH SUNDAY 45.00 3 507 AGOMOH CHIKA N 45.00 3 587 A JANI TIOLUWANI 45.00 3 667 AKABOM MARYJANE 45.00 3 508 AGOMOH EMMANUEL NNAMDI 45.00 3 588 A JANI WASIU KOLAWOLE 45.00 3 668 AKABOM MARYJANE G. 45.00 3 509 AGU IBIYEMI 45.00 3 589 A JAO ADEBOLA OLUWATOYIN 45.00 3 669 AKABUIKE CHICHI (MISS) MARY 45.00 3 510 AGU MICHAEL IFEANYICHUKWU 45.00 3 590 A JAO BAMIDELE LAWRENCE 45.00 3 670 AKACHUKWU NNAMANI 45.00 3 511 AGUBE BLESSING GODWIN 45.00 3 591 A JAO FOLORUNSHO AAKANJI 45.00 3 671 AKADIRI ADEDOYIN SADAT 45.00 3 512 AGUDA OYEBIMPE OMOLOLA 45.00 3 592 A JAO OLUWATOBI FOLORUNSHO 45.00 3 672 AKAGBUSI UCHECHUKWU RICHARD 45.00 3 513 AGUGHAGWO GABRIEL NWABUEZE 45.00 3 593 A JAO OLUWATOMI ADEBOLA 45.00 3 673 AKAKABOTA DANIEL 45.00 3 514 AGULONU AGBOR HELEN 45.00 3 594 A JAO OLUWATOSIN TEMITOPE 45.00 3 674 AKAKABOTA DANIEL M 45.00 3 515 AGUNBIADE JESUTOFUNMI OLABISI 45.00 3 595 A JAYI ABIODUN YETUNDE 45.00 3 675 AKAKPOR MICHAEL 45.00 3 516 AGUNBIADE JOSEPH OLUDAYO 45.00 3 596 A JAYI ABIOLA 45.00 3 676 AKAKRA ELIZABETH ARUORIWO 45.00 3 517 AGUOCHA LUKE CHUKWUDI 45.00 3 597 A JAYI ADEOLA 45.00 3 677 AKALI CHINONSO PHIL 45.00 3 518 AGUOFIA CHIJIOKE SAMUEL 45.00 3 598 A JAYI ADEPEJU MATILDA 45.00 3 678 AKALI HENRY CHINEDU 45.00 3 519 AGUOFIA CHUKWUKA DAVID 45.00 3 599 A JAYI AFOLABI OLAMIDE 45.00 3 679 AKALUMHE ONAGIE 45.00 3 520 AGUZIE CHIJIOKE 45.00 3 600 A JAYI A JOKE 45.00 3 680 AKAN DATA 45.00 3 521 AGUZIE MUHAMMED 45.00 3 601 A JAYI ANTHONIA OLAIDE 45.00 3 681 AKANBI JAMES 45.00 3 522 AGWARAGBO CHIOMA REBECCA 45.00 3 602 A JAYI AYOMIKUN OLUWAKOREDE 45.00 3 682 AKIE JAMES CHIMA 47.25 3 523 AGWERE CHRISTOPHER A JIRI 45.00 3 603 A JAYI AYOMIPOSI OLUWATOYIN 45.00 3 683 AKIL JOE 47.25 3 524 AGWU DANIEL K. 45.00 3 604 A JAYI BABALOLA 45.00 3 684 AKIL MAIZAH 47.25 3 525 AGWU OKORIE 45.00 3 605 A JAYI BAMIDELE 45.00 3 685 AKILA LIMAN 47.25 3 526 AGWULONU ONYESI 45.00 3 606 A JAYI BOLANLE 45.00 3 686 AKILAH ANSLEM 47.25 3 527 AHACHI MARTINS O 45.00 3 607 A JAYI DEBORAH OLUFUNMILAYO 45.00 3 687 AKINADE ABDULSALAM ADEDOTUN 47.25 3 528 AHAME OHIRI 45.00 3 608 A JAYI GBENGA SAMUEL 45.00 3 688 AKINADE SHAKIRATG TAIWO 47.25 3 529 AHAMEFULE CHIZOBA PHILIP 45.00 3 609 A JAYI IDU 45.00 3 689 AKINADE SHERIFF ADEYEMI 47.25 3 530 AHAMEFULE PHILIP O 45.00 3 610 A JAYI JOSEPH 45.00 3 690 AKINBAYO JAMES 47.25 3 531 AHARAUMUNWA CHIKE & RITA 45.00 3 611 A JAYI JOSHUA AYODELE 45.00 3 691 AKINBAYO OYO 47.25 3 532 AHEKON A JOKE SULIAT 45.00 3 612 A JAYI MAYOWA 45.00 3 692 AKINBAYO SUSAN 47.25 3 533 AHMAD ABDUL ABDUL AHMAD 45.00 3 613 A JAYI MICHEAL OLUWATOYOSI 45.00 3 693 AKINBBOYE TOYIN 47.25 3 534 AHMADU GAMBO 45.00 3 614 A JAYI MOBOLA JI ABIODUN 45.00 3 694 AKINBO MICHEAL 47.25 3 535 AHMADU MURTALA 45.00 3 615 A JAYI MUHEEB 45.00 3 695 AKINBO OLUSOLA ABIODUN 47.25 3 536 AHMED BELLO 45.00 3 616 A JAYI OLAYINKA OLUWASIJIBOMI 45.00 3 696 AKINBODE KHALID 47.25 3 537 AHMED CHIKE 45.00 3 617 A JAYI OLUDARE RAPHAEL 45.00 3 697 AKINBODE MOSES 47.25 3 538 AHMED DIKKO 45.00 3 618 A JAYI OLUGBENGA VICTOR 45.00 3 698 AKINBODE TAIWO HAZANAT 47.25 3 539 AHMED MABLEVI 45.00 3 619 A JAYI OLUSOLA OLUGBENGA 45.00 3 699 AKINBOLA EMMANUEL OLUREMI 47.25 3 540 AHMED SAHEED OLANREWA JU 45.00 3 620 A JAYI OLUWAFEMI SAMUEL 45.00 3 700 AKINBOYE KEHINDE STEPHEN 47.25 3 541 AHMED TITI 45.00 3 621 A JAYI OPEYEMI ADEWALE 45.00 3 701 AKINDE OLUWAFEMI JONATHAN 47.25 3 542 AHOLU THANKGOD 45.00 3 622 A JAYI OPEYEMI KAYODE 45.00 3 702 AKINDELE DAUDA 47.25 3 543 AHUAANYA PRINCEWILL 45.00 3 623 A JAYI OYEWOLE 45.00 3 703 AKINDELE OLAYINKA 47.25 3 544 AHUAANYA PRINCEWILL P 45.00 3 624 A JAYI REMI 45.00 3 704 AKINDIOSE MATTHEW OLANIYI 47.25 3 545 AHUAZA AISHA 45.00 3 625 A JAYI SOLA BENSON 45.00 3 705 AKINDIPE KIZITO 47.25 3 546 AIBANGBE FESTUS 45.00 3 626 A JAYI TEMI 45.00 3 706 AKINDIPE KIZITO V. 47.25 3 547 AIESHA ALAO 45.00 3 627 A JAYI TEMIDUN 45.00 3 707 AKIN-DOSUMU TITILAYOMI ADEBIMPE 47.25 3 548 AIFA JUSTIN 45.00 3 628 A JAYI TOKUNBO 45.00 3 708 AKINGBA FOLASHADE M. 47.25 3 549 AIGBE 45.00 3 629 A JAYI TOKUNBO OLUWALEKE 45.00 3 709 AKINGBA FOLASHADE MABEL 47.25 3 550 AIGBINI-JOHN BLESSING 45.00 3 630 A JAYI TUNDE 45.00 3 710 AKINGBOLA OBOT 47.25 3 551 AIGBINI-JOHN BOSEDE 45.00 3 631 A JE BADMUS 45.00 3 711 AKININMADE SAID 47.25 3 552 AIGBIREMONLEM ROSE 45.00 3 632 A JEMRONA FAMOUS 45.00 3 712 AKINJEJI ADEOLA ISAAC 47.25 3 553 AIGBOKHAEVBO HUMPHERY 45.00 3 633 A JETOMOBI JOEL OLUWATOBERU 45.00 3 713 AKINJEJI ENIOLA PATIENCE 47.25 3 554 AIN ABIOLA 45.00 3 634 A JETOMORI ABIODUN SIMON 45.00 3 714 AKINJEJI OLA JIDE LAWRENCE 47.25 3 555 AINA ADEBAYO GANIYU 45.00 3 635 A JETUNMOBI FALILAT KEHINDE 45.00 3 715 AKINJEJI OLAYINKA NAOMI 47.25 3 556 AINA ADEMOLA ADEDAYO 45.00 3 636 A JEWOLE DAVID BAMIDELE 45.00 3 716 AKINJOLA JOSEPH AKINKUNMI (EVAN) 47.25 3 557 AINA DELE 45.00 3 637 A JIBADE AINA VICTOR 45.00 3 717 AKINLABI ABIMBOLA FELICIA 47.25 3 558 AINA JAMES A JEKIGBE 45.00 3 638 A JIBADE AROYEWUN 45.00 3 718 AKINLABI AKINWALE KEHINDE 47.25 3 559 AINA OLUWASESAN EMMANUEL 45.00 3 639 A JIBADE KOSOKO 45.00 3 719 AKINLABI SAMUEL AKINLOLU 47.25 3 560 AINA RACHEAL TINU 45.00 3 640 A JIBOLA CHIMA 45.00 3 720 AKINLADE MUKAILA AKINDELE 47.25 3
2014 ANNUAL REPORTS AND ACCOUNTS 135 S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
721 AKINLANWON ABIMBOLA SULIAT 47.25 3 801 AKPAN UMOH ROSELYN 63.00 3 881 ALAWODE SALIHU 70.88 3 722 AKINLEYE MODUPEFOLUWA 47.25 3 802 AKPANNAH UDONSAK EMMAN 63.00 3 882 ALAWONDE OLADIWURA DEBORAH 72.00 3 723 AKINLOLU IRENE SUMBO 47.25 3 803 AKPANNAH UDONSAK EMMAN Z 63.00 3 883 ALAWONDE OLASUBOMI ISREAL 74.25 3 724 AKINLOSOTU IRENE 47.25 3 804 AKPANWA ROBINSON 65.11 3 884 ALBALTRADE LTD 75.82 3 725 AKINLOYE ADEWUSI SUNDAY 47.25 3 805 AKPANWA ROBINSON Y 67.50 3 885 ALBERT ADEYEMI 76.50 3 726 AKINLUWADE OLUFEMI EBENEZER 47.25 3 806 AKPASI OBRUCHE ABRAHAM 67.50 3 886 ALBERT GAMAL 77.98 3 727 AKINMADE BAMIDELE DOLAPO 47.25 3 807 AKPATA JOHN EDEMA 67.50 3 887 ALBERT SUCCESS 81.00 3 728 AKINMADE MICHAEL O. 47.25 3 808 AKPAWUSI NGOZI EVANGELINE 67.50 3 888 ALCHENY CHINAKA 81.00 3 729 AKINMADE T.A 49.50 3 809 AKPE SALAMI 67.50 3 889 ALESEI ABIMBOLA 81.00 3 730 AKINMADE TOLUWALASE ABIGAEL 49.50 3 810 AKPE SALAMI B 67.50 3 890 ALESER NABELUNG 85.50 3 731 AKINMOLAYAN JOHN 49.50 3 811 AKPELU CHIDOZIE FELIX 67.50 3 891 ALEWI ABIMBOLA ELIZABETH 86.18 3 732 AKINMUYISITAN VINCENT 49.50 3 812 AKPEWA OGHENEGWEKE EMMANUEL 67.50 3 892 ALEWI FREDRICK OLUBUNMI 90.00 3 733 AKINOLA DEPO ADELEKE 49.50 3 813 AKPOBOERE CAROLINE 67.50 3 893 ALEWI OLAMILEKAN PETER 90.00 3 734 AKINOLA OLANREWA JU MORUFF 49.50 3 814 AKPOBOERE CAROLINE J 67.50 3 894 ALEWI OLUWASEYI GRACE 90.00 3 735 AKINOLA OLAPE 49.50 3 815 AKPOMIE MATTHEW 67.50 3 895 ALFRED CHINEDU 90.00 3 736 AKINOLA OLUWAPELUMI AYOMIDE 49.50 3 816 AKPOS EVELYN AFOKE 67.50 3 896 ALFRED CHINEDU 90.00 3 737 AKIN-OLUWADARE OLUMIDE 49.50 3 817 AKPOVESO ANTHONY ASHLEY 67.50 3 897 ALFRED ENWANTA ISIRHINRHIEN 90.00 3 738 AKINOSHO AKINLAWON 49.50 3 818 AKPOVOFENE ODIRIVWERENE KINGSLEY 67.50 3 898 ALFRED GODFREY 90.00 3 739 AKINOSHO DAVID 49.50 3 819 AKPUNKU PETER MADUABUCHI 67.50 3 899 ALFRED JOSEPH EFEREMOH 90.00 3 740 AKINOSO ASHAMU BABATUNDE 49.50 3 820 AKPUOKWE ESTHER NKECHINYELU 67.50 3 900 ALHASSAN ABAS 90.00 3 741 AKINOSO ASHAMU BABATUNDE 49.50 3 821 AKUBO ADEGBE WILSON 67.50 3 901 ALHASSAN ALILU 90.00 3 742 AKINPELU ADU MOSES 49.50 3 822 AKUBUIRO PAUL 67.50 3 902 ALHASSAN SHERIFAT TOLA 90.00 3 743 AKINPELU AKINBAMIJI JULIUS 49.50 3 823 AKUBUKO CHIGOZIE 67.50 3 903 ALI ADEBANJO 90.00 3 744 AKINPELU BAMIDELE DOLAPO 49.50 3 824 AKUBUZE ONYEMACHI 67.50 3 904 ALI EMEMA 90.00 3 745 AKINPELU BAMIDELE DOLAPO 49.50 3 825 AKUCHE NGOZI DIANA 67.50 3 905 ALI ERACIMUS 90.00 3 746 AKINPELU SEUN ROBERT 49.50 3 826 AKUEKWE CHRISTOPHER SUNDAY 67.50 3 906 ALI GARBA 90.00 3 747 AKINRADEWO TEMILOLUWA O 49.50 3 827 AKULUE ONYINYE BERNICE 67.50 3 907 ALI IRABOR 90.00 3 748 AKINREMI ADESHINA ADEBAYO 49.50 3 828 AKUNNE DORIS CHIMA 67.50 3 908 ALI OBIOHA 90.00 3 749 AKINREMI BABS OLUWASANMI 52.20 3 829 AKWITI CHINYERE CELESTINA 67.50 3 909 ALI RUTH EBELU 90.00 3 750 AKINREMI ESTHER OLUDAYO 54.00 3 830 AKWUBA GODWIN 67.50 3 910 ALI-BIU DAUDA 90.00 3 751 AKINSANYA ADEBAYO WASIU 54.00 3 831 AKWUZIE NNAMDI FELIX 67.50 3 911 ALICE NWACHUKWU 90.00 3 752 AKINSANYA ADEDOLAPO ADEYINKA 54.00 3 832 AL AMIN HARUNA 67.50 3 912 ALIEMEKA GOODLUCK DENNIS 90.00 3 753 AKINSANYA FUNKE 54.00 3 833 ALABA IBUKUN 67.50 3 913 ALIEMEKE GOODLUCK DENNIS 90.00 3 754 AKINSANYA NOFISAT TEMIDAYO 54.00 3 834 ALABI ADEOLA MURITALA 67.50 3 914 ALIKA OGHOGHO IFUERO 90.00 3 755 AKINSANYA TOKE ADIJAT 54.00 3 835 ALABI ADEREMI STELLA 67.50 3 915 ALIKE ALIU 90.00 3 756 AKINSANYA WASIU 54.00 3 836 ALABI AKINDELEAREMU 67.50 3 916 ALIM COMFORT 90.00 3 757 AKINSANYA WASIU ADEBAYO 54.00 3 837 ALABI BAYO AKINADE 67.50 3 917 ALIM NAEEM 90.00 3 758 AKINSUNLOLA AKINNIMI JOSIAH 54.00 3 838 ALABI DEBORAH 67.50 3 918 ALIMA GRACE 90.00 3 759 AKINTOLA OLUFEMI A 54.00 3 839 ALABI EZEKIEL OLGBADE 67.50 3 919 ALIU ADELEKE ODULOYE 90.00 3 760 AKINTOYE OLUSEGUN OLUWATOBA 54.00 3 840 ALABI FALILATU TITI 67.50 3 920 ALIU AFOLABI 90.00 3 761 AKINTOYE VICTORIA OMOLARA 54.00 3 841 ALABI FOLASADE OMOYEMI 67.50 3 921 ALIU HUGH ALLI 90.00 3 762 AKINTUNDE BOLA JI AWE 54.00 3 842 ALABI JAMES OLALEYE 67.50 3 922 ALIU KEHINDE OLANREWA JU 90.00 3 763 AKINTUNDE OJUTIKU 54.00 3 843 ALABI JIMOH ODETAYO 67.50 3 923 ALIU KEHINDE OLANREWA JU 90.00 3 764 AKINTUNDE SAMSON BOLADE 54.00 3 844 ALABI LADI DEBORAH 67.50 3 924 ALIYA DAVID 90.00 3 765 AKINTUNDE VICTORIA ALABA 54.00 3 845 ALABI MARIAM ABIDEMI 67.50 3 925 ALIYU GOTE 90.00 3 766 AKINWANDE EBENEZER OLUSEGUN 54.00 3 846 ALABI MURITALA ALABA 67.50 3 926 ALIYU MAIMUNA ISMAIL 90.00 3 767 AKINWUNMI ABIODUN OLUWOLE 54.00 3 847 ALABI NOAMI 67.50 3 927 ALIYU MURITALA 90.00 3 768 AKINYELE BEATRICE FOLUKE 54.00 3 848 ALABI ONAOLAPO RAFIU 67.50 3 928 ALIYU OLATUNJI ABDULWASIU 90.00 3 769 AKINYEMI AKINDELE 54.00 3 849 ALABI SUNDAY 67.50 3 929 ALIYU ROBERT 90.00 3 770 AKINYEMI BABATUNDE SAMUEL 54.00 3 850 ALABI TAJUDEEN 67.50 3 930 AMALA MICHEAL 90.00 3 771 AKINYEMI MABOGUNJE 54.00 3 851 ALACHEWE DANIEL 67.50 3 931 AMALA MICHEAL K 90.00 3 772 AKINYEMI OLAIDE FATIMA 54.00 3 852 ALACK ANNA 67.50 3 932 AMANI FAYSAL 90.00 3 773 AKINYEMI OLAYINKA AMINAT 54.00 3 853 ALADDIN MANSA 67.50 3 933 AMAO ADEWALE PETER 90.00 3 774 AKINYEMI OLUWADAMILOLA OLAMIDE 54.00 3 854 ALADDIN MARTINS 67.50 3 934 AMAO OLUWASHOLA OLAYINKA 90.00 3 775 AKINYOSOYE TENIOLA 54.00 3 855 ALADE ALAO 67.50 3 935 AMAO RITA 90.00 3 776 AKIODE EMMANUEL 54.00 3 856 ALADE CHIMASON 67.50 3 936 AMARA OKONOWO 90.00 3 777 AKIOTU OLU EVELYN 55.80 3 857 ALADE DORCAS OLUWAFUNKE 67.50 3 937 AMARACHI OKOYE 90.00 3 778 AKIOYA MAC-DAVE 56.25 3 858 ALADE OLAYEMI BEATRICE 67.50 3 938 AMARACHI OKOYE D 90.00 3 779 AKODU OLUWAKEMI 56.25 3 859 ALADE OYEDELE MATTHEW 67.50 3 939 AMARAH JABIRAH 90.00 3 780 AKOGU AYEGBA 56.25 3 860 ALADHE DANIEL MELO 67.50 3 940 AMASIORAH IFEANYI GREGORY 90.00 3 781 AKOGUN FATAI OLUWATAYO RICHARD 56.70 3 861 ALAEKWE DESMOND OKEZIE 67.50 3 941 AMAVU BOBO 90.00 3 782 AKOGWU TAYI ELIZABETH 58.05 3 862 ALAETO CHIZOBA 67.50 3 942 AMBER FEROL 90.00 3 783 AKOMU VICTOR 58.50 3 863 ALAGI JOYCE 67.50 3 943 AMBER SANYA 90.00 3 784 AKONGWALE SABASTINE 58.50 3 864 ALAGWU CALISTUS EMEKA 67.50 3 944 AMBRA FERRAN 90.00 3 785 AKOR EDWIN ABAH 58.50 3 865 ALAKA OMOTOLA 67.50 3 945 AMBURUM JOSEPHINE PHILIP 90.00 3 786 AKOR GABRIEL 58.50 3 866 ALAMU ATILADE JAMES 67.50 3 946 AMBURUM PALANG PHILIP 90.00 3 787 AKOSILE JOHN OLAWALE 58.50 3 867 ALAMU OLAWUNMI 67.50 3 947 AMECHI O. WILLIAMS 90.00 3 788 AKOT VENTURES LTD 58.50 3 868 ALAO AYOTUNDE YETUNDE 67.50 3 948 AMECHI SAMSON 90.00 3 789 AKOWE LAWRENCE ABIMA JE 58.50 3 869 ALAO DELE DAVID 67.50 3 949 AMEEN ABIMBOLA RISIQAT 90.00 3 790 AKOWONJO ADEFEMI OLAYINKA 58.50 3 870 ALAO EZEKIEL OYENIYI 67.50 3 950 AMEERAH FIRDOS 90.00 3 791 AKPA OMENKA 58.50 3 871 ALAO JALIL 67.50 3 951 AMEH BENIABI 90.00 3 792 AKPAM MANDISA 58.50 3 872 ALAO JULIANA 67.50 3 952 AMEH CHARITY OGHENERELO 90.00 3 793 AKPAM MARGARET 58.50 3 873 ALAO RHODA 67.50 3 953 AMEH DANIEL 90.00 3 794 AKPAN EMMANUEL 58.50 3 874 ALASOADURA ADETAYO 67.50 3 954 AMENE CHIDIEBERE 90.00 3 795 AKPAN ESTHER UDUAK 58.50 3 875 ALASOADURA OYINLADE OLUWABUSUYI 67.50 3 955 AMEOBI BUSAYO 90.00 3 796 AKPAN ETOP ANDY 58.50 3 876 ALATISHE KUNLE SUNDAY 67.50 3 956 AMIAHKHOR MAGDALENE IYAESOMI 90.00 3 797 AKPAN IDORENYIN CHRISTOPHER 58.50 3 877 ALATISHE KUNLE SUNMADE 67.50 3 957 AMIDU EGUDE 90.00 3 798 AKPAN PETER AKPAN 58.50 3 878 ALAUSA FUNMILAYO OBE 67.50 3 958 AMIN GADIL 90.00 3 799 AKPAN TADE 58.50 3 879 ALAWODE SADIKU 67.50 3 959 AMINA ABUBAKAR 90.00 3 800 AKPAN UFOT JACOB 61.42 3 880 ALAWODE SADIKU C 67.50 3 960 AMINA GAMAL 90.00 3
136 2014 ANNUAL REPORTS AND ACCOUNTS Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
961 AMINAH AMINU IBUKUN 90.00 3 1041 ANIA CELESTINA IYABO 90.00 3 1121 APATA OSAZUWA 90.00 3 962 AMINAT SHARAFADEEN 90.00 3 1042 ANIA MERCY CHUKWU 90.00 3 1122 APERE OLUWAYEMISI GRACE 90.00 3 963 AMINU AMINU HABU 90.00 3 1043 ANIBOWEI PATIENCE 90.00 3 1123 APERI JOSEPH 90.00 3 964 AMINU BAYO 90.00 3 1044 ANICHO CHUKWUDI PHILIP 90.00 3 1124 APETE BOLANLE 90.00 3 965 AMINU CHRISTY 90.00 3 1045 ANIEBONAM TOCHUKWU 90.00 3 1125 APEX TEAM LIMITED 90.00 3 966 AMINU FATIMA 90.00 3 1046 ANIEFOK OGOCHUKWU 90.00 3 1126 APPAH VICTOR 90.00 3 967 AMINU JAFARU 90.00 3 1047 ANIEFOK OGOCHUKWU O. 90.00 3 1127 APPOLONIA NUZOEGBA 90.00 3 968 AMINU NASHA 90.00 3 1048 ANIEKA CHIOMA 90.00 3 1128 APUSIOBI EMEKA VINCENT 90.00 3 969 AMINU OKORIE 90.00 3 1049 ANIEKE CHUKWUMA PETER 90.00 3 1129 ARAROMI ADEOLA MARY 90.00 3 970 AMINU OKORIE 90.00 3 1050 ANIERIOBI CHUKWURAH JOHN 90.00 3 1130 ARAROMI OLADAYO 90.00 3 971 AMINU YESOKO 90.00 3 1051 ANIFOWOSE OLUWAFEMI KAHARU 90.00 3 1131 ARAROMI OLADAYO 90.00 3 972 AMIR GHASSAN 90.00 3 1052 ANIGBO NGOZI 90.00 3 1132 ARAROMI OLADAYO 90.00 3 973 AMIR OBIA JULU 90.00 3 1053 ANIGBOGU IFEADI EBELE 90.00 3 1133 ARAROMI OLAGOKE 90.00 3 974 AMIRA GINTON 90.00 3 1054 ANIH TOLA 90.00 3 1134 ARAROMI OLAGOKE 90.00 3 975 AMODE EDNA 90.00 3 1055 ANIJAH CHUKWUDI PETER 90.00 3 1135 ARAROMI OLUTOYIN 90.00 3 976 AMODU TAIWO 90.00 3 1056 ANIKA CAROLINE IFEATU 90.00 3 1136 ARAROMI OLUTOYIN 90.00 3 977 AMOGBON PIUS AYODELE 90.00 3 1057 ANINYE GREAT ANORKOR 90.00 3 1137 ARAROMI SHAYE 90.00 3 978 AMOJI PETER OKORO 90.00 3 1058 ANIOGOR DAVID N. 90.00 3 1138 ARAROMI SHAYE 90.00 3 979 AMOLEGBE ADEBOWALE MOHAMMED 90.00 3 1059 ANIRE WASAN 90.00 3 1139 ARAROMI SHAYE 90.00 3 980 AMON CHUKA 90.00 3 1060 ANISA HABIB 90.00 3 1140 ARAROMI SOLOMON 90.00 3 981 AMOO ABIODUN 90.00 3 1061 ANIYA RIFKATU BOBAI 90.00 3 1141 ARAROMI SOLOMON 90.00 3 982 AMOS KATO 90.00 3 1062 ANKU EDU 90.00 3 1142 ARAS OLADEPO AYODELE 90.00 3 983 AMOS TESSY 90.00 3 1063 ANKU EDU F. 90.00 3 1143 ARAUH JACINTA 90.00 3 984 AMOUH AMEN 90.00 3 1064 ANLAINI MUBARAK 90.00 3 1144 ARAUH JACINTA I. 90.00 3 985 AMU GIWA 90.00 3 1065 ANNA LUKAS 90.00 3 1145 ARCHIBONG SOLOMON DANIEL 90.00 3 986 AMUNU BABA 90.00 3 1066 ANNISSA HADI 90.00 3 1146 ARDO CHUKWUMA 90.00 3 987 AMUSA ABORISADE 90.00 3 1067 ANOCHIRIONYE UZODIMMA ALEXANDER 90.00 3 1147 AREMU ALABI COLLINS 90.00 3 988 AMUSA SAMUEL 90.00 3 1068 ANOFOWOKAN ADEGBOYEGA ANTHONY 90.00 3 1148 AREMU DARE PATRICK 90.00 3 989 AMUSA SAMUEL 90.00 3 1069 ANOHU CHIDI 90.00 3 1149 AREMU SAMUEL OLUWASEGUN 90.00 3 990 AMUSU INIOBONG ADE 90.00 3 1070 ANOKE JOHNNY 90.00 3 1150 AREMU SHERIFAT BUKKY 90.00 3 991 AMUTA AGNES PRECIOUS CHIOMA 90.00 3 1071 ANOKE JONNY W 90.00 3 1151 AREMU TOMILOLA MOTOLANI 90.00 3 992 AMUZIENWA JELANI 90.00 3 1072 ANOKE KENNETH ANI 90.00 3 1152 AREMU YAKUBU AMUDA 90.00 3 993 ANA BARBARA 90.00 3 1073 ANOKE OMENOGOR 90.00 3 1153 AREN SIKIRU 90.00 3 994 ANADI CHUKA 90.00 3 1074 ANOKWU OKOLO 90.00 3 1154 AREO ABIOLA JOHN ADEYI 90.00 3 995 ANADUAKA FRED CHUKS 90.00 3 1075 ANOLOPE NJOKU 90.00 3 1155 AREPO LOOKMAN ADENIYI 90.00 3 996 ANAENUGWU NDUBUISI VINCENT 90.00 3 1076 ANOLUE EMMANUEL 90.00 3 1156 AREWA PETER 90.00 3 997 ANAETO EMMA 90.00 3 1077 ANONYE ROSEMARY 90.00 3 1157 ARHAVWARIEN EFETOBORE JONES 90.00 3 998 ANAETO EMMANUEL 90.00 3 1078 ANONYEI ONYINYE GLADYS 90.00 3 1158 ARHAVWARIEN OGHENEKEVWE JONES 90.00 3 999 ANAETO OKWU 90.00 3 1079 ANORUO ANYAEHIE CHRIS 90.00 3 1159 ARHHYEL WASEME 90.00 3 1000 ANAETO PAT 90.00 3 1080 ANOSIKE AZUKA THEOPHINE 90.00 3 1160 ARIAHU CLARA 90.00 3 1001 ANAETO PATRICK 90.00 3 1081 ANOSIKE SHINA 90.00 3 1161 ARIAHU KASIM 90.00 3 1002 ANAGHARA LINDA CHIYERE 90.00 3 1082 ANSARI HAFIZ 90.00 3 1162 ARICHA OGBO 90.00 3 1003 ANAN GIVON 90.00 3 1083 ANSARI PAULA 90.00 3 1163 ARIKAWE FOLORUNSO O 90.00 3 1004 ANARADO CHIDIKAONYE 90.00 3 1084 ANTAI EDEM H. 90.00 3 1164 ARINOLA TOBA JULIUS 90.00 3 1005 ANARADO CHIDIKAONYE G. 90.00 3 1085 ANTHONIA AKURA 90.00 3 1165 ARINZE CHIBUZOR ALOYSIUS 90.00 3 1006 ANATAN OSUJI 90.00 3 1086 ANTHONIA CHUKWUBUIKEM 90.00 3 1166 ARINZE CHUKWUEDOZIE KENNETH 90.00 3 1007 ANAWO DAVID ENEMONA 90.00 3 1087 ANTHONY ALOTO FUNMILAYO 90.00 3 1167 ARINZE MOSES 90.00 3 1008 ANAZODO BUNU 90.00 3 1088 ANTHONY FRANK 90.00 3 1168 ARIYIBI OLABODE DANIEL 90.00 3 1009 ANAZODO UCHENNA 90.00 3 1089 ANTHONY K. 90.00 3 1169 ARIYO ISIAH 90.00 3 1010 ANDEH CLETUS OGBONNA 90.00 3 1090 ANTHONY KINGSLY 90.00 3 1170 ARIYO WILLIAMS AYO 90.00 3 1011 ANDREW BATHLOMI 90.00 3 1091 ANTHONY OJA JA 90.00 3 1171 ARM NOM :OKAFOR AUSTIN AMILO 90.00 3 1012 ANDREW CHUKWU 90.00 3 1092 ANTHONY PIUS 90.00 3 1172 ARMSTRONG CHUKS 90.00 3 1013 ANDREW ELEOJO JOY 90.00 3 1093 ANTHONY SANUSI 90.00 3 1173 AROH EMMANUEL EDOCHIE 90.00 3 1014 ANDREW ELIJAH BOLANLE 90.00 3 1094 ANUEBUNWA NDUBUISI CHIJIOKE 90.00 3 1174 AROH LAWRENCE IWUCHUKWU 90.00 3 1015 ANDREW ELIJAH CHUKWU 90.00 3 1095 ANUFORO CLETUS UBAEZUONU 90.00 3 1175 AROMOLARAN EMMANUEL TOLUWASE 90.00 3 1016 ANDREW JOHNSON 90.00 3 1096 ANUGWA ECHEFULAM LOUIS 90.00 3 1176 AROMOLARAN JOYCE OMOJUOWO 90.00 3 1017 ANDREW MANASSAH 90.00 3 1097 ANULIGO INNOCENT IKECHUKWU 90.00 3 1177 ARON ULOTO 90.00 3 1018 ANDREW SUNDAY 90.00 3 1098 ANUMAKA JOY CHINONSO 90.00 3 1178 AROP INIABASI 90.00 3 1019 ANDREW SUNDAY 90.00 3 1099 ANURUKEM CHINAS AUGUSTINA 90.00 3 1179 AROP INIABASI J. 90.00 3 1020 ANDY ERONSE 90.00 3 1100 ANURUKEM EZEWUNWA THOMAS 90.00 3 1180 AROWOLO ADERONKE ARIKE 90.00 3 1021 ANDY MORGAN 90.00 3 1101 ANUSHIEM SUNNY 90.00 3 1181 AROWOLO ALADE JACOBS 90.00 3 1022 ANDY PATIENCE BASSEY 90.00 3 1102 ANWANA UKUT-ABASI EDET WILLIAM 90.00 3 1182 AROYEWUN HANNAH KASHI 90.00 3 1023 ANDY SODIPO 90.00 3 1103 ANWAR HAKIM 90.00 3 1183 AROYEWUN THEOPHILUS OLORUNTOBI 90.00 3 1024 ANDY-ADEBOLA FLORENCE O 90.00 3 1104 ANWAR RACH 90.00 3 1184 ARUKU MICHAEL NY IMUGOR 90.00 3 1025 ANEKE PERPETUA NKIRU 90.00 3 1105 ANYADIBE NWANNEKA CHINYERE 90.00 3 1185 ARULOYE EMANUEL OMORUYI 90.00 3 1026 ANEKWE GABRIEL CHIKA 90.00 3 1106 ANYAI EDEM 90.00 3 1186 ARUMAH COSMAS IKECHUKWU 90.00 3 1027 ANENE NDID PATIENCE 90.00 3 1107 ANYAMARA MARITHA 90.00 3 1187 ARUMAH COSMAS IKECHUKWU 90.00 3 1028 ANERU FAROUK UMORU 90.00 3 1108 ANYANG UKPONG I. 90.00 3 1188 ARUNA RUFUS MOBOLA JI 90.00 3 1029 ANGBA ABIGAIL 90.00 3 1109 ANYANWU ALPHONSUS OBIOMA 90.00 3 1189 ATAGAMEHN DOUGLAS 94.50 3 1030 ANGBASHIM AWAZI 90.00 3 1110 ANYANWU BOLANLE 90.00 3 1190 ATAKPA NUMMI 94.50 3 1031 ANGEL NNEKA DURU 90.00 3 1111 ANYANWU CHIKAODINAKA DOLORES 90.00 3 1191 ATAKPA NUMMI K 94.50 3 1032 ANGELA JAMES 90.00 3 1112 ANYANWU OGADINMA OLUFUNKE 90.00 3 1192 ATANDA ADEWALE 94.50 3 1033 ANGELA JOHNSON 90.00 3 1113 ANYAOHA MARTHA ODOCHI 90.00 3 1193 ATANDA BOSEDE MERCY 94.50 3 1034 ANGIE BAMGBALA 90.00 3 1114 ANYASI JOHN AGBATONAM 90.00 3 1194 ATANDA HAFIZ ABIODUN 94.50 3 1035 ANGULU MOHAMMED DANJUMA 90.00 3 1115 ANYAWU DOLORES CHIKAODINAKA 90.00 3 1195 ATANDA KOLADE DAVE 94.50 3 1036 ANI CHRISTOPHER IFEANACHO 90.00 3 1116 ANYIHA CHUKWUMA 90.00 3 1196 ATANDA OLUWAFEMI 94.50 3 1037 ANI MARIA CHIOMA 90.00 3 1117 ANYOHA CHUKWUMA 90.00 3 1197 ATE GIDEON ATIM 94.50 3 1038 ANI MATTHEW ONYEMECHI 90.00 3 1118 APALOWO SAMUEL OLUMAYOWA 90.00 3 1198 ATE NELSON 94.50 3 1039 ANI PATIENCE NGOZI 90.00 3 1119 APANPA SERIFAT OLORUNTOYIN 90.00 3 1199 ATEGHENE EJIRO JOSEPH 94.50 3 1040 ANI UCHECHUKWU VICTOR 90.00 3 1120 APARA PAUL 90.00 3 1200 ATIBU NUHU 94.50 3
2014 ANNUAL REPORTS AND ACCOUNTS 137 S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
1201 ATIFA HAROUN 94.50 3 1281 AYODEJI UMAR 112.50 3 1361 BAKARE OLUFEMI OTUNBA 135.00 3 1202 ATIKAH BASHIR GBENGA 94.50 3 1282 AYODELE ADEKUNLE BISIRIYU 112.50 3 1362 BAKARE OREFALE 135.00 3 1203 ATIOMO AKINWANDE 94.50 3 1283 AYODELE BOLA AKOMOLAFE 112.50 3 1363 BALA SUNDAY 135.00 3 1204 ATIYA HARUN 94.50 3 1284 AYODELE GAFAR 112.50 3 1364 BALARABA JUDE 135.00 3 1205 ATOBA SAKIRU 94.50 3 1285 AYODELE NIYI JULIUS 112.50 3 1365 BALARABE MARY 135.00 3 1206 ATOLANI OLUWAKEMI 94.50 3 1286 AYODELE OLUFEMI ADEYEMI 112.50 3 1366 BALAT KADUNA 135.00 3 1207 ATOLANI VICTORIA 94.50 3 1287 AYODELE-ESHO OLUWANIFEMI O 112.50 3 1367 BALDWIN-OKOLI NWAMAKA GLORIA 135.00 3 1208 ATOYEBI RASIDAT O. 94.50 3 1288 AYOKA MUSA 112.50 3 1368 BALLA JOHNNY 135.00 3 1209 ATTAMAH CECILIA ASANA 94.50 3 1289 AYOKO ESTHER 112.50 3 1369 BALLA JOHNNY O. 135.00 3 1210 ATTUH JOSEPHINE AKUABATA 94.50 3 1290 AYOKUNLE ADAUTIN KUNLE 112.50 3 1370 BALOGUN ADEBAYO JOHNSON 135.00 3 1211 ATUNG JONATHAN 94.50 3 1291 AYOKUNLE ADAUTIN KUNLE F. 112.50 3 1371 BALOGUN AWUDU 135.00 3 1212 ATURAKA OLATOMIDE 94.50 3 1292 AYOMIDE AFOLAKE QUEEN 112.50 3 1372 BALOGUN OLAYINKA DELE 135.00 3 1213 AUDU JOHN FREDRICK 94.50 3 1293 AYOOLA ADENIJI ABAYOMI 112.50 3 1373 BALOGUN OLUSHOLA SHERIFAT 135.00 3 1214 AUDU MARY ADUN 94.50 3 1294 AYOOLA MODUPE AMUDAT 112.50 3 1374 BALOGUN OLUWASEGUN 135.00 3 1215 AUDU SAMUEL ABUH 97.88 3 1295 AYORINDE BEN JOHNSON 112.50 3 1375 BALOGUN PATIENCE 135.00 3 1216 AUGUSTINE BONIFACE UDOKA 99.00 3 1296 AZIKE MONICA AMONOMAH 112.50 3 1376 BAMA DAGGASH 135.00 3 1217 AUSTIN COMAN 99.22 3 1297 AZIM HAZIM 112.50 3 1377 BAMBI UCHE 135.00 3 1218 AUSTIN EDEGBE 99.22 3 1298 AZIM SAFIYA 112.50 3 1378 BAMGBOSE FELIX TAIWO 135.00 3 1219 AUTA TALA SARAH 99.22 3 1299 AZIZ HASSAN 112.50 3 1379 BAMIDELE HAROUN 135.00 3 1220 AUTHUR SANUSI 99.22 3 1300 AZIZ SAIDAH ABIKE 117.00 3 1380 BAMIDELE OLATAWURA 135.00 3 1221 AUWALU SAMINY YOHANA 99.22 3 1301 AZIZA HUSSAIN 117.00 3 1381 BAMMODU RONKE MORENIKE 135.00 3 1222 AVAGA FELICIA 99.22 3 1302 AZODE NNAGOZIE GABRIEL 117.00 3 1382 BAMODU ODUNAYO OLUTOMI 135.00 3 1223 AWA NUHU 99.22 3 1303 AZODE STELLA ADANNA 117.00 3 1383 BANAN IDRIS 135.00 3 1224 AWAISU OLADIGBOLU 99.22 3 1304 AZRA HUSSEIN 117.00 3 1384 BANIGU PRECIOUS 135.00 3 1225 AWANABA JUMOKE 99.22 3 1305 AZUAMAIRO CHIDOZIE 117.00 3 1385 BANIRE DAGOGO 135.00 3 1226 AWAWU OBODUGO 99.22 3 1306 AZUAMARIO CHIDOZIE GODWIN 117.00 3 1386 BANJI SUNBO GLORY 135.00 3 1227 AWE ESTHER OMOYENI 99.22 3 1307 AZUBUIKE JUSTIN 117.00 3 1387 BANJO BANJOKO 135.00 3 1228 AWE KOLWOLE J 99.22 3 1308 AZUH DAFE DAFE 117.00 3 1388 BANKOLE ISIAKA 135.00 3 1229 AWESU LOOKMAN OMOYAYO 99.22 3 1309 AZUH GERALDINE 117.00 3 1389 BANKOLE KAZEEM OLALEKAN 135.00 3 1230 AWI PATRICK 99.22 3 1310 AZUH MATHEW SOCHUKWUDI 117.00 3 1390 BANKOLE OLURANTI 135.00 3 1231 AWI PATRICK M 99.22 3 1311 AZUKA GIDEON 118.12 3 1391 BANNUA JANET 135.00 3 1232 AWINNIMU-AKATAK FRANK SOSOROBIA 101.25 3 1312 AZUKA MEZEYI JONATHAN 121.50 3 1392 BANRE DAGOGO 135.00 3 1233 AWO FELICIA 103.50 3 1313 BAAKO FARAT 123.75 3 1393 BAPPA TAIYE 135.00 3 1234 AWOBOYA OLAJUWON OLUSEGUN 103.50 3 1314 BABA KABIRU 126.00 3 1394 BARAKAH IMAM 135.00 3 1235 AWODUMILA COMFORT 103.50 3 1315 BABA-AGBA FELICIA O. 126.00 3 1395 BARAU PEJU 135.00 3 1236 AWODUMILA COMFORT 103.50 3 1316 BABADE-BABATUNDE AFOLAKE 126.00 3 1396 BARIRA YUNUSA OMAR 135.00 3 1237 AWOKUNLE CALEB OLUSAYO 108.00 3 1317 BABAFUNMITO KUNLE PETER 135.00 3 1397 BARKO DINCI IFEANYI 135.00 3 1238 AWOLESI ADENIKE IDIAT 108.00 3 1318 BABAFUNMITO KUNLE PETER H. 135.00 3 1398 BARU BELLO IBRAHIM 135.00 3 1239 AWOLUMATE OLAMIDE DEBORAH I. 108.00 3 1319 BABAGANA FATIMA 135.00 3 1399 BARU HAFSAT IBRAHIM 135.00 3 1240 AWOMODU DAVID 112.50 3 1320 BABALOLA BUKOLA MARY 135.00 3 1400 BARU HALIMA IBRAHIM 135.00 3 1241 AWOMODU DAVID N 112.50 3 1321 BABALOLA DEBORAH T. 135.00 3 1401 BARU IBRAHIM 135.00 3 1242 AWOMOLO ENITAN OLAKUNBI 112.50 3 1322 BABALOLA KOLA (CHIEF) 135.00 3 1402 BARU LUQMAN IBRAHIM 135.00 3 1243 AWONIYI SULE 112.50 3 1323 BABALOLA THOMAS OYEBAMIJI 135.00 3 1403 BARU ZAINAB BELLO 135.00 3 1244 AWOSANMI PETER TEMITOPE 112.50 3 1324 BABALOLA YINKA SUNDAY 135.00 3 1404 BASHIR HARUNA 135.00 3 1245 AWOSANYA JOSEPH BAMIKOLE 112.50 3 1325 BABAS SAMUEL INBIGE 135.00 3 1405 BASHIR JABIR 135.00 3 1246 AWOSIKA SHITTU DAVID 112.50 3 1326 BABASOLA ADAMS 135.00 3 1406 BASHIR SAIDI BIMPE 135.00 3 1247 AWOSIKA SHITTU FLORENCE 112.50 3 1327 BABATUNDE FAITH ADERINSOLA 135.00 3 1407 BASHIRU DAHIRU 135.00 3 1248 AWOTAYO OLALEKAN EMMANUEL 112.50 3 1328 BABATUNDE OKERE 135.00 3 1408 BASHORUN ABIMBOLA ADIJAT 135.00 3 1249 AWUDE CHRISTIANA OLUWAREMILEKU 112.50 3 1329 BABATUNDE OLUWASEUN GLENN 135.00 3 1409 BASHORUN TUNDE FATAI 135.00 3 1250 AWUGO ALAGI 112.50 3 1330 BABATUNDE SOYEMI 135.00 3 1410 BASIL ADEREMI 135.00 3 1251 AWUTE MONDAY ONISURU 112.50 3 1331 BABAWALE SAMSON BIBITAYO OLUFEMI 135.00 3 1411 BASIL DAKUM 135.00 3 1252 AWUZU OBY HENRIEATTA 112.50 3 1332 BABBA HASSAN USMAN 135.00 3 1412 BASIL DALHOTU 135.00 3 1253 AWWAL DADET 112.50 3 1333 BABI DAFEGHA 135.00 3 1413 BASIM FRIDAY 135.00 3 1254 AYAM PETER AIBE 112.50 3 1334 BABS KUFEJI OLUFUNKE AGBEKE 135.00 3 1414 BASIM JALEEL 135.00 3 1255 AYANKOLA KAZEEM AYANWALE 112.50 3 1335 BABSON ASSIAK 135.00 3 1415 BASIMAH JALEN 135.00 3 1256 AYANKOYA OLUKEMI MOTUNRAYO 112.50 3 1336 BABTUNDE BELLO 135.00 3 1416 BASSEY AFFIONG BOKIME 135.00 3 1257 AYEBAE MOYOSOREOLUWA MICHELLE 112.50 3 1337 BACK FLATS CONCEPTS 135.00 3 1417 BASSEY BASSEY JAMES 135.00 3 1258 AYEGBA O 112.50 3 1338 BACKRY OLUWAKEMI RASIDAT 135.00 3 1418 BELLO DANLADI 135.00 3 1259 AYEJIMIWO OLALEKAN DAVIDS 112.50 3 1339 BADA BABATUNDE YUSUF 135.00 3 1419 BELLO ESTHER 135.00 3 1260 AYEJUTO OHUNENE FOLASHADE 112.50 3 1340 BADA OLAWALE IDRIS 135.00 3 1420 BELLO GARBA ABUBAKAR 135.00 3 1261 AYELE CORDILLA 112.50 3 1341 BADA SUNDAY 135.00 3 1421 BELLO MARIAM OLAMIDE 135.00 3 1262 AYELEKE AYEKUNLE 112.50 3 1342 BADA YEMI 135.00 3 1422 BELLO MOMODU 135.00 3 1263 AYENI HAMMED ADEBAYO 112.50 3 1343 BADEJO EMORHIE 135.00 3 1423 BELLO OLADIPO RASHEED 135.00 3 1264 AYENI LARA EVELYN 112.50 3 1344 BADEJO OLATUNJI 135.00 3 1424 BELLO ONI 135.00 3 1265 AYENI OLUSHOLA ENIOLA 112.50 3 1345 BADEJO OLUBUKOLA 135.00 3 1425 BELLO OSEREMEN BLESSING 135.00 3 1266 AYENI TUNDE EMMANUEL 112.50 3 1346 BADEMOSI FADEKE 135.00 3 1426 BELLO RASAK OLALEKAN 135.00 3 1267 AYEOLA MOSUNMOLA 112.50 3 1347 BADMUS OLUSHOLA MICHAEL 135.00 3 1427 BELLO RASAQ OLADIPUPO 135.00 3 1268 AYETE SAMUNI NUT CICS LTD. 112.50 3 1348 BAIYESHEA OLUMUYIWA TOLA 135.00 3 1428 BELLO RAUF JNR 135.00 3 1269 AYILARA ABDULQAYYUM 112.50 3 1349 BAIYEWU OLUFEYIKEMI 135.00 3 1429 BELLO SAKIRU OLALEKAN 135.00 3 1270 AYINDE LATI ANTHONIA 112.50 3 1350 BA JOWA ADEDOTUN AYODEJI 135.00 3 1430 BELLO UMARU 135.00 3 1271 AYINLA AKOKO 112.50 3 1351 BA JULAIYE LEORNARD 135.00 3 1431 BELLO USMAN 135.00 3 1272 AYITA OLUWAFISAYO STEPHEN 112.50 3 1352 BAKARE ADEWALE RASEED 135.00 3 1432 BELLO USMAN MBULAMA 135.00 3 1273 AYO BAKARE 112.50 3 1353 BAKARE AFIS OLALEKAN 135.00 3 1433 BEM FAISAL 135.00 3 1274 AYO OYEOKA 112.50 3 1354 BAKARE ALI 135.00 3 1434 BEMA DAMILOLA 135.00 3 1275 AYO SUNDAY 112.50 3 1355 BAKARE BENJAMIN 135.00 3 1435 BENARD OCHELLE 135.00 3 1276 AYOADE BASHIRU ADESHINA 112.50 3 1356 BAKARE FADEKEMI GANIAT 135.00 3 1436 BENARDINE DANIEL 135.00 3 1277 AYOADE IDRIS ADEGBOYEGA 112.50 3 1357 BAKARE KINGLSEY 135.00 3 1437 BENIE DANASABE 135.00 3 1278 AYOADE KUDIRAT 112.50 3 1358 BAKARE MAGNUS 135.00 3 1438 BENITO MAC CHUKS 135.00 3 1279 AYOBOLU IBRAHIM 112.50 3 1359 BAKARE MUSTAPHA OLOLADE ADETUNJI 135.00 3 1439 BEN-IWU PRINCESS 135.00 3 1280 AYODABO ESTHER OLATUTU 112.50 3 1360 BAKARE OLANREWA JU 135.00 3 1440 BENJAMIN IYENGE 135.00 3
138 2014 ANNUAL REPORTS AND ACCOUNTS Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
1441 BENJAMINE OLUKAYODE 135.00 3 1521 BUBA HASSAN 180.00 3 1601 CHINASAOKWU EREGE 189.00 3 1442 BEN-JOHNSON DANBAKI 135.00 3 1522 BUBA JUMMA 180.00 3 1602 CHINEDU ADIM FRANCIS 189.00 3 1443 BENNY FOLARIN 135.00 3 1523 BUHARI DAPE 180.00 3 1603 CHINEDU OGOM 189.00 3 1444 BENSON A JAYI 135.00 3 1524 BUHARI OLUREMI 180.00 3 1604 CHINEDU ONWUEGBULE 192.78 3 1445 BENSON-OGUNSIPE ADERONKE 135.00 3 1525 BUHARI SHITTU 180.00 3 1605 CHINELU AMOS 195.88 3 1446 BENSON-OGUNSIPE ADERONKE A 135.00 3 1526 BUHARI SOLOMON 180.00 3 1606 CHINEMELUM UGOCHUKWU C 198.45 3 1447 BEN-UZOM NGOZI CALISTER 135.00 3 1527 BUKAR UCHE 180.00 3 1607 CHINENYE AMAECHI URSLLA 198.45 3 1448 BEN-WHYTE RICHARD 135.00 3 1528 BUKOLA BABACJI 180.00 3 1608 CHINOKO FAHD 198.45 3 1449 BENZOE SARAH OLUWAYEMISI 135.00 3 1529 BUKOYE BUKOLA RISQAUT 180.00 3 1609 CHINONSO STEPHEN IHEANACHO C 198.45 3 1450 BERCKLEY JOHN BILARY 135.00 3 1530 BUKUAGHANGIN UTIBE N. 180.00 3 1610 CHINWE ESEZOBOR 198.45 3 1451 BERCKLEY JOHN DANBALA 135.00 3 1531 BUKUGHANGIN UTIBE 180.00 3 1611 CHINWE ESEZOBOR P 198.45 3 1452 BERNARD EYO 135.00 3 1532 BUKUNMI REMI ANDREW 180.00 3 1612 CHINWEUB ANTHONY OBINNA 198.45 3 1453 BERNARD UTULU 135.00 3 1533 BUNGWON PRECIOUS 180.00 3 1613 CHINWUBA COSMOS ARINZE 198.45 3 1454 BERNARDIN BUBA 135.00 3 1534 BUNMI WRIGHT 180.00 3 1614 CHIROMA AMINAH 202.50 3 1455 BESONG DANIELA 135.00 3 1535 BURAIMOH RASAKI 180.00 3 1615 CHIROMA DANSANI 202.50 3 1456 BESONG ERIC NDOMA 135.00 3 1536 BURHAN JIBRIL 180.00 3 1616 CHIROMA DANSANI Z 202.50 3 1457 BETTY OBAYILO 135.00 3 1537 BURNAN SI BONGILE 180.00 3 1617 CHISOM BABALOLA 202.50 3 1458 BFCL INVESTMENT A/C 135.00 3 1538 BURUBOYEFE SUOKUMO CLEMENT 180.00 3 1618 CHIZIMDU ESEZOBOR 203.18 3 1459 BIAYE DAVIES 135.00 3 1539 BURUBOYERE 180.00 3 1619 CHIZOBA JENEVIVE IFEYINWA 209.25 3 1460 BIBI JALIJ 135.00 3 1540 BUSARI GANIYU ALADE 180.00 3 1620 CHIZOBA KENNETH JOHNBOSCO 221.85 3 1461 BIDMOS MUSLIH 135.00 3 1541 BUSARI RAIFU OLADELE 180.00 3 1621 CHIZOBA MARTHA EZINNE 225.00 3 1462 BIENOSE JOHN 135.00 3 1542 BUSARI UCHENNA 180.00 3 1622 CHIZOBA PHILOMENA 225.00 3 1463 BIKO OLA 135.00 3 1543 CEMAL SITEMBIKE 180.00 3 1623 CHIZOBA PHILOMENA N 225.00 3 1464 BILAL JAMAL 135.00 3 1544 CHAMA SIMON HASSAN 180.00 3 1624 CHIZOBA VICTOR IKENNA 225.00 3 1465 BILAL SHASMECKA 135.00 3 1545 CHAPPI DORCAS 180.00 3 1625 CHRISTA ETOP 225.00 3 1466 BILIKISU DANJUMA MOHAMMED 135.00 3 1546 CHARITY ARIBA 180.00 3 1626 CHRISTIAN ASSOCIATION OF NIGERIA 225.00 3 1467 BILIKISU DANJUMA MOHAMMED U 135.00 3 1547 CHARLLY EMMANUEL EMMANUEL 180.00 3 1627 CHRISTY THEOPHILUS 225.00 3 1468 BIMPE NGWUNZE 135.00 3 1548 CHI OKAFOR 180.00 3 1628 CHUKA AHAMAD 225.00 3 1469 BINDO BIOSE 139.50 3 1549 CHIAMAH OGOCHUKWU ROSEMARY 180.00 3 1629 CHUKA DIWA 225.00 3 1470 BINDO BIOSE R 141.75 3 1550 CHIBUIKE ISSAC JOHN 180.00 3 1630 CHUKE DANIEL 225.00 3 1471 BINI DANJUMA 141.75 3 1551 CHIBUIKE UZOMAKA 180.00 3 1631 CHUKS MAC BENITO 225.00 3 1472 BIRTUS DANLADI 141.75 3 1552 CHIBUNDU FRIDAY 180.00 3 1632 CHUKWU COLLINS OGBONNA 225.00 3 1473 BIRTUS TAIWO 141.75 3 1553 CHIBUZO DARAMOLA 180.00 3 1633 CHUKWU EMMANUEL VINTUS 225.00 3 1474 BISHOPTON ABIMBOLA ALAKE 141.75 3 1554 CHIDIKAONYE PKWECHIE 180.00 3 1634 CHUKWU GEORGE NDUBUISI 225.00 3 1475 BISIOLU RAMOTA ADUKE 141.75 3 1555 CHIDIKAONYE PKWECHIE N 180.00 3 1635 CHUKWU GOLD 225.00 3 1476 BITRUS BLESSING YOHANNA 141.75 3 1556 CHIDINDU LOIUS 180.00 3 1636 CHUKWU ICHEN 225.00 3 1477 BITRUS GRACE YOHANNA 141.75 3 1557 CHIDIOGO BOLADE 180.00 3 1637 CHUKWU NDUBUISI STANLEY 225.00 3 1478 BITRUS SAMUEL NINYIO 141.75 3 1558 CHIE MARCELLINUS IFEANYI 180.00 3 1638 CHUKWU NGOZI OLUCHI 225.00 3 1479 BITRUS SILAS 141.75 3 1559 CHIEKE GRACE 180.00 3 1639 CHUKWU NKEM 225.00 3 1480 BLEMOD VENTURES 141.75 3 1560 CHIELO JOHN 180.00 3 1640 CHUKWUBUIKEM HARUNA 225.00 3 1481 BLESSING ANYA 141.75 3 1561 CHIGBOGU LOTANNA JAMES 180.00 3 1641 CHUKWUDI AUSTINE AMAECHI 225.00 3 1482 BLESSING DANLADI 141.75 3 1562 CHIGBUZO ABBA 180.00 3 1642 CHUKWUDI SAMUEL CHIDIEBERE 225.00 3 1483 BLESSING EMELE 141.75 3 1563 CHIJINDU IVAN CHUKWUKA 180.00 3 1643 CHUKWUDIKE Q. 225.00 3 1484 BODE DANLADI 141.75 3 1564 CHIJIOKE AGBELE 180.00 3 1644 CHUKWUDIKE PRINCESS 225.00 3 1485 BODE HASIM 141.75 3 1565 CHIJIOKE BRYAN 180.00 3 1645 CHUKWUDINMA NZUBE MELVIN 225.00 3 1486 BOLABIRINWA OLUWAYEMI IBIDUN 141.75 3 1566 CHIJIOKE CLEMENT 180.00 3 1646 CHUKWUDUM JOHN OGBONNA 225.00 3 1487 BOLADALE AMIRAT IDERAOLUWA 146.48 3 1567 CHIJIOKE JOSEPHINE 180.00 3 1647 CHUKWUEMEKA SAMUEL 225.00 3 1488 BOLA JI ABIODUN OLUWAKEMI 148.50 3 1568 CHIJIOKE JOSEPHINE V 180.00 3 1648 CHUKWUGBO FRANKLIN AZUBIKE 225.00 3 1489 BOLA JI DANLAMI 148.82 3 1569 CHIJIOKE MACPETERS 180.00 3 1649 CHUKWUJEKWU COLLINS FRIDAY 225.00 3 1490 BOLA JI KAMIL 153.00 3 1570 CHIJIOKE MACPETERS S 180.00 3 1650 CHUKWUJIMBE EJIKE ANTHONY 225.00 3 1491 BOLA JI SAMUEL OLUFEMI 153.00 3 1571 CHIJUKA DARAMOLA 180.00 3 1651 CHUKWUJINDU DEBORA 225.00 3 1492 BOLANLE KARIM 157.50 3 1572 CHIKA CHIJIOKE ANDREW 180.00 3 1652 CHUKWUKA AZUBUIKE NWACHUKWU 225.00 3 1493 BOLARIN DAPO MOSES 157.50 3 1573 CHIKA CHIJIOKE ANDREW A 180.00 3 1653 CHUKWUMA BENEDICT 225.00 3 1494 BOLARIN MONILOLA MARY 157.50 3 1574 CHIKATARA RUTH 180.00 3 1654 CHUKWUMA CHRIS ONYEJEKWE 225.00 3 1495 BOLARIN WALE JOHN 157.50 3 1575 CHIKE ARIYU 180.00 3 1655 CHUKWUMA ECHEZONACHUKWU 225.00 3 1496 BOLARINWA FUNMI 157.50 3 1576 CHIKE UCHE 180.00 3 1656 CHUKWUDUBEM 225.00 3 1497 BOLARINWA OLUFELA OLAIYA 157.50 3 1577 CHIKELUBA UGOCHUKWU 180.00 3 1657 CHUKWUMA EWELE LUCKY 225.00 3 1498 BOLARINWA SALISU 157.50 3 1578 CHIKEZIE MADU AUGUSTINE 180.00 3 1658 CHUKWUMA JANE 225.00 3 1499 BOLARINWA SALISU U. 157.50 3 1579 CHIKEZIE OGECHI 180.00 3 1659 CHUKWUMA MABEL NKIRUKA 225.00 3 1500 BOLATITO GIWA 157.50 3 1580 CHIKWELU CHETA 180.00 3 1660 CHUKWUMA OGECHI 225.00 3 1501 BOMA DEDE 157.50 3 1581 CHILAKA CHUKA THOMAS 180.00 3 1661 CHUKWUMA SOWANDE KENNETH 225.00 3 1502 BONNY TAMMY 160.65 3 1582 CHILAKA CHUKA THOMAS B 180.00 3 1662 CHUKWUNEKE JOY AKA 225.00 3 1503 BORO ERNEST 162.00 3 1583 CHILAKA CHUKA WILFRED 180.00 3 1663 CHUKWURAH OKEY 225.00 3 1504 BORO ERNEST T. 162.00 3 1584 CHILAKA CHUKA WILFRED N 180.00 3 1664 CHUKWUZUEBULE WALTER C 225.00 3 1505 BORO MARK STANLEY 162.00 3 1585 CHILAKA DOGO 180.00 3 1665 DANLAMI WUNMI 225.00 3 1506 BORO MARK STANLEY .J 163.08 3 1586 CHILAKA DOGO P 180.00 3 1666 DANMUSA GONTO 225.00 3 1507 BORODO BORO 165.38 3 1587 CHIMA ABBA 180.00 3 1667 DANMUSA GONTO M 225.00 3 1508 BORODO BORO V. 165.38 3 1588 CHIMA MAC-COLLINS 180.00 3 1668 DAN-MUSA IDRIS GAMBO 225.00 3 1509 BOSE COKER 166.50 3 1589 CHIMA WILLIAMS IHKEKE 180.00 3 1669 DAN-MUSA JAMILA GAMBO 225.00 3 1510 BOSE OLUWALE 166.50 3 1590 CHIMADU DAREN 180.00 3 1670 DAN-MUSA NAFISAT GAMBO 225.00 3 1511 BOSEDE VAUGHAN 171.00 3 1591 CHIMADU ENITAN 180.00 3 1671 DANSADAIJ UBOHO 225.00 3 1512 BOYEDE BOLARIN 171.00 3 1592 CHIMAOBI NELLY UNWANA 180.00 3 1672 DANSADAIJ UBOHO Y 225.00 3 1513 BRAITHWAITE OLUWAFUNMILAYO A 175.50 3 1593 CHIMASON YUSUF 184.50 3 1673 DANSANI MSHELIA 225.00 3 1514 BRAITHWAITE OLUWASEMILOGO A 178.60 3 1594 CHIMBO IBEZIMAKO 184.50 3 1674 DAPE LIVINGSTONE 225.00 3 1515 BRAITHWAITE OREOLUWATOMI A 180.00 3 1595 CHIMGOZIM PATRICK 189.00 3 1675 DARAMOLA AFOLAKE 225.00 3 1516 BRALIZE TAMMY 180.00 3 1596 CHIMGOZIM PATRICK R 189.00 3 1676 DARAMOLA FABIAN 225.00 3 1517 BREDAN EGREGOR 180.00 3 1597 CHINAKA ABEL CHINAKA 189.00 3 1677 DARAMOLA IMRAN 225.00 3 1518 BRIGGS INNE 180.00 3 1598 CHINAKA EDNA NDIDI 189.00 3 1678 DARAMOLA LEWIS 225.00 3 1519 BROKA ONOYOVBERE 180.00 3 1599 CHINAKA PRINCESS 189.00 3 1679 DARE ABAYOMI JOSEPH 225.00 3 1520 BROWN IBIFUBARA 180.00 3 1600 CHINAKA ROSEMARY 189.00 3 1680 DARE AKINGBOLA WILSON 225.00 3
2014 ANNUAL REPORTS AND ACCOUNTS 139 S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
1681 DARODA ALIYU SANI 225.00 3 1761 DUROTOLUWA ADEOLA OMOLOBA 225.00 3 1841 EDUNO CLEMENT 225.00 3 1682 DAVID DANON AKOTEGNON 225.00 3 1762 DUROTOYE OLUSOLA 225.00 3 1842 EDUNO CLEMENT E 225.00 3 1683 DAVID EBERE ONYEJE 225.00 3 1763 DUROTOYE OPEYEMI 225.00 3 1843 EDUOK SALIM 225.00 3 1684 DAVID ELIZABETH (REV) 225.00 3 1764 DUROTOYE OPEYEMI 225.00 3 1844 EDWARD OLA JIDE O. 225.00 3 1685 DAVID ELIZABETH SUNDAY 225.00 3 1765 DURUAKU IJEOMA QUENETH 225.00 3 1845 EDWARDS ADEBIYI ADEREMI 225.00 3 1686 DAVID GRACE 225.00 3 1766 DURUNWOKEDI EMEKA HOPE 225.00 3 1846 EDWIN PAUL CHIBUIHE 225.00 3 1687 DAVID JIMMY FEMI 225.00 3 1767 DUWA AUTA 225.00 3 1847 EEVNAS BEAUTY SALOONS LTD 225.00 3 1688 DAVID KAYODE 225.00 3 1768 E.C.P. GROUP 225.00 3 1848 EFE GODSPOWER EVI 225.00 3 1689 DAVID NWOKO 225.00 3 1769 EARNEST TIMI 225.00 3 1849 EFE SULAIMAN 225.00 3 1690 DAVID ODUNAYO OLARINDE 225.00 3 1770 EBATA BENJAMIN 225.00 3 1850 EFEMINI SAMUEL 225.00 3 1691 DAVID OLUJI 225.00 3 1771 EBATA CHRISTOPHER 225.00 3 1851 EFEWAPE MOBOLA JI 225.00 3 1692 DAVID OLUSANYA 225.00 3 1772 EBATA DOMINIC 225.00 3 1852 EFFA ESU OTU 225.00 3 1693 DAVID USMAN 225.00 3 1773 EBATA DONATUS 225.00 3 1853 EFFI DERENICK 225.00 3 1694 DAVIDSON ORIGA BIBI 225.00 3 1774 EBATA FIDELIX 225.00 3 1854 EFFIOM FELIX EFFIOM OKON 225.00 3 1695 DAVID-WEST BANIGO 225.00 3 1775 EBATA GIDEON 225.00 3 1855 EFFIONG ASUKWO 225.00 3 1696 DAVIES ADEMOLA B 225.00 3 1776 EBATA MACEL 225.00 3 1856 EFFIONG ESSIEN GLORIA 225.00 3 1697 DAVIES AYI 225.00 3 1777 EBATA MATTHEW 225.00 3 1857 EFFIONG MFIONISO ADOLF 225.00 3 1698 DAVIES BABA JIDE A 225.00 3 1778 EBATA ROBERT 225.00 3 1858 EFFIONG MUKHTAR 225.00 3 1699 DAVIES OWOLABI 225.00 3 1779 EBATA ROSEMARY 225.00 3 1859 EFFIONG TABANSI 225.00 3 1700 DAVIES PAULINUS 225.00 3 1780 EBATA SOLOMON 225.00 3 1860 EFFONG JOY AGNES 225.00 3 1701 DAWA FALANA 225.00 3 1781 EBEK PRINCE ASUKWO 225.00 3 1861 EFOBI EKENE ANTHONY 225.00 3 1702 DAWODU OLUWOLE HEZEKIAH 225.00 3 1782 EBELE AKPOBOME 225.00 3 1862 EFOSA PROSPER OSAREME 225.00 3 1703 DEBORA OKOOBA 225.00 3 1783 EBENGE MARTIN 225.00 3 1863 EFOSA PROSPER OSAREME K. 225.00 3 1704 DEBORAH DAUDA 225.00 3 1784 EBENGE MARTIN B. 225.00 3 1864 EFU EMMANUEL 225.00 3 1705 DEBORAH GHASSAN 225.00 3 1785 EBEOGU CHIOMA EBELECHUKWU 225.00 3 1865 EFUWAPE TITILAYO J 225.00 3 1706 DEBORAH O.SIMON 225.00 3 1786 EBERE AWULO 225.00 3 1866 EGAUHON MAIZAH 225.00 3 1707 DEEKAE OKWABE NWIBEKE NGOZI 225.00 3 1787 EBERE GLORY 225.00 3 1867 EGBE SIBONGILE 225.00 3 1708 DEHINBO ADEMOLA NURUDEEN 225.00 3 1788 EBERECHI EKENE 225.00 3 1868 EGBEDI ANTHONIA 225.00 3 1709 DEHUNIGBO OMOTAYO TEMITOPE 225.00 3 1789 EBERECHI EKENE N. 225.00 3 1869 EGBEDI ROY 225.00 3 1710 DEJE ABASS ABASS 225.00 3 1790 EBHODAGHE TEGA IMHANDE 225.00 3 1870 EGBEKU BENIAH 225.00 3 1711 DEJI BALA 225.00 3 1791 EBHOHON FEDINARD 225.00 3 1871 EGBEKU HELEN SIM 225.00 3 1712 DELE AYIO 225.00 3 1792 EBHOHON FELIX 225.00 3 1872 EGBEKU SALEM 225.00 3 1713 DELE-GIWA OLUFUNMILAYO 225.00 3 1793 EBHOHON MAGNUS 225.00 3 1873 EGBEKU SARAH 225.00 3 1714 DELUWA BIJIMI 225.00 3 1794 EBHOHON PETER 225.00 3 1874 EGBEKU SARIM EFE EGBEKU 225.00 3 1715 DEMOLADE OLALUDE 225.00 3 1795 EBHOHON SAMUEL 225.00 3 1875 EGBI EGUNIKE 225.00 3 1716 DEREFAKE BLISS 225.00 3 1796 EBHOHON STANLEY 225.00 3 1876 EGBIREMHON DALINGTON EHIABHI 225.00 3 1717 DE-REGAL& ASSOCIATES LTD . . 225.00 3 1797 EBHOHON STEPHEN 225.00 3 1877 EGBO UCHENNA PAUL 225.00 3 1718 DERIRAN KETURAH EROURE 225.00 3 1798 EBHOHON VICTORIA 225.00 3 1878 EGBOH ADAEZE 225.00 3 1719 DESMOND TUTU 225.00 3 1799 EBIBI SANDRA 225.00 3 1879 EGBOKA NWAKAEGO AGATHA 225.00 3 1720 DE-ULTIMATE STARS NIG LTD 225.00 3 1800 EBIBI SANDRA C. 225.00 3 1880 EGBORAI NKECHI ANIREJUORITSE 225.00 3 1721 DIANABASI STEPHEN 225.00 3 1801 EBINUM DANIEL CHUKWU-YENUM 225.00 3 1881 EGBORDI UCHENNA ALERO 225.00 3 1722 DIANABASI STEPHEN A 225.00 3 1802 EBINUM DAVID ONYEKA-CHUKWU 225.00 3 1882 EGBOSIMBA OBIANAMA VICTORIA 225.00 3 1723 DIBIA AMA SAMUEL 225.00 3 1803 EBINUM JOY AWURI 225.00 3 1883 EGBUIWE TAPANGA 225.00 3 1724 DIBIA JUDE ISIOMA 225.00 3 1804 EBIOLADE RAYGIN 225.00 3 1884 EGBUNE BRIDGET NGOZI 225.00 3 1725 DOGARA SOLONYE 225.00 3 1805 EBOH AHMED 225.00 3 1885 EGBUNG AUGUSTINE UKWADA 225.00 3 1726 DOGONDA JI AHMED SHEHU 225.00 3 1806 EBOH ORITSEWENYIMI MICHAEL 225.00 3 1886 EGBUNIKE RICHARD 225.00 3 1727 DOLBIB NIGERIA LIMITED 225.00 3 1807 EBOJI JUDE OKEBUNOR 225.00 3 1887 EGWUTUHA IFEANYI PAULINUS 234.00 3 1728 DOMINIC MERCY JOSEPH 225.00 3 1808 EBOJIE KENNEDY 225.00 3 1888 EHI CHIKOJILI MOSE 234.00 3 1729 DONALD AKHUETIEM 225.00 3 1809 EBOJIE NEVISMONT MONDAY 225.00 3 1889 EHIAGWINA AGATHA OSEMUDIAMEN 234.90 3 1730 DONALD FRIDAY 225.00 3 1810 EBOLOSUE CHUKWUMA HECTOR 225.00 3 1890 EHIKIOYA DADA AYO 236.25 3 1731 DOPEMU ADERINSOLA ADESOLA 225.00 3 1811 EBRAHIM KAMIL 225.00 3 1891 EHIKODI GINA 236.25 3 1732 DORA OKORIE 225.00 3 1812 EBRAHIM SULAIMAN 225.00 3 1892 EHIMAH EGO FARIDA 236.25 3 1733 DORA OLANDO 225.00 3 1813 EBRUSIKE OGHENETEGA 225.00 3 1893 EHINDERO MICHAEL OLUWATUYI 236.25 3 1734 DORGU CLARINA 225.00 3 1814 EDESIRI SATOPE 225.00 3 1894 EHINMISAN OLATOMIDE FRANCIS 236.25 3 1735 DORKA COMFORT 225.00 3 1815 EDESIRI SATOPE I. 225.00 3 1895 EHOYE NABLEYI 236.25 3 1736 DORKA COMFORT E 225.00 3 1816 EDET ADAMS 225.00 3 1896 EIGBIREMHONLEN PHILIP EHIABII 236.25 3 1737 DOROTHY IDEMUDIA 225.00 3 1817 EDET JOAN AISHATU 225.00 3 1897 EIGBOKHAN GODWIN EHIMEN 236.25 3 1738 DOSHIMA JOLLY 225.00 3 1818 EDET LEONARD A. 225.00 3 1898 EILJAH GINGTON 236.25 3 1739 DOSUNMU GBENGA SIMEON 225.00 3 1819 EDET ROSE 225.00 3 1899 EJALONIBU MUKAILA AKANJI 236.25 3 1740 DOTUN KOYIN 225.00 3 1820 EDET TUNDE 225.00 3 1900 EJE EZEKIEL ODEY 236.25 3 1741 DOTUN OLUGBODI 225.00 3 1821 EDETAN DELIGHT PEACE 225.00 3 1901 EJEH OBAGWU 236.25 3 1742 DOTUN PATRICK 225.00 3 1822 EDETAN MARVELLOUS OLUWASEMILORE 225.00 3 1902 EJEM OBUMNEME M. 236.25 3 1743 DRAMBI TIZHE 225.00 3 1823 EDI D. JOHN 225.00 3 1903 EJEMBA ISREAL IFY 236.25 3 1744 DREAMLAND GLOBAL ASSETS LTD 225.00 3 1824 EDIGWE BLESSING OGHALE 225.00 3 1904 EJEMBI PETER PATRICIA 236.25 3 1745 DUBA COLLINS 225.00 3 1825 EDI-OSAGIE SIDNEY IFEANYI 225.00 3 1905 EJIAMU KINGSLEY CHIDI 236.25 3 1746 DUBEM STEPHEN 225.00 3 1826 EDOGAME RITA SENUMA 225.00 3 1906 EJIBENAM OKWUDILI C. 236.25 3 1747 DUDU MARGRET AGBAMIRONARA 225.00 3 1827 EDOH ONYECHE CATHERINE 225.00 3 1907 EJIBENDU EVELYN 236.25 3 1748 DUKE MARYANU 225.00 3 1828 EDOHO EDOHO MFON 225.00 3 1908 EJIKE CHINYERE AKUNNA 236.25 3 1749 DUKU EMMANUEL UDUMEBRAYE 225.00 3 1829 EDOHO JENNIFER EMMMANUEL 225.00 3 1909 EJIKE COLLINS 236.25 3 1750 DUMDE ELECHUKWU 225.00 3 1830 EDOHO JOY EDOHO 225.00 3 1910 EJIKE PHILIPS 236.25 3 1751 DUNG KANGYANG DAYOU 225.00 3 1831 EDOSA FRIDAY OKPOKOR 225.00 3 1911 EJIKS FEMI 236.25 3 1752 DUNIYA CLINTON BIVAN 225.00 3 1832 EDOSA SUKUTAI 225.00 3 1912 EJIM FOLA 236.25 3 1753 DUNIYA KENEDY BOBAI 225.00 3 1833 EDOSUYI FARA JI 225.00 3 1913 EJIMADU GIFT EMEKA 236.25 3 1754 DUNIYA MARTIN LUTHER KUYET 225.00 3 1834 EDREMODA EDITH OMAYEULI 225.00 3 1914 EJIMADU IWO 236.25 3 1755 DUNIYA NELSON ZAKI 225.00 3 1835 EDU JERRY 225.00 3 1915 EJIMBA CHRISTIANA 236.25 3 1756 DUPE ABAMU 225.00 3 1836 EDU JERRY W 225.00 3 1916 EJINAKA INTERPRISES 236.25 3 1757 DUREKE IFEKA ANSLEM 225.00 3 1837 EDU SALILAH 225.00 3 1917 EJIOFOR ANAYO 236.25 3 1758 DURODOYE RASHEED .A. 225.00 3 1838 EDUMELE JOSEPH ODOKO 225.00 3 1918 EJIOFOR DENNIS 236.25 3 1759 DUROJAIYE HAMZAT OLATUNJI 225.00 3 1839 EDUN OLUWATOSIN GRACE 225.00 3 1919 EJIOFOR EMOS 236.25 3 1760 DUROJAIYE RASHEED 225.00 3 1840 EDUN OMOTAYO GEORGE 225.00 3 1920 EJIOFOR JONATHAN 236.25 3
140 2014 ANNUAL REPORTS AND ACCOUNTS Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
1921 EJIOGU DONATUS ONUOHA 236.25 3 2001 EMERUEH NKEM 315.00 3 2081 ESENEH JOAN EBINEHITA 441.00 3 1922 EJIONYE RUTH IDOWU 236.25 3 2002 EMERUEH OGE 315.00 3 2082 ESENYIE KADIJA 441.00 3 1923 EJOAMAHE EVAW 236.25 3 2003 EMERUEH OGE NKEM 315.00 3 2083 ESEWE PROSPER 441.00 3 1924 EKAMA TEGA 236.25 3 2004 EMIR KANIEL 315.00 3 2084 ESEWE PROSPER H 441.00 3 1925 EKANDE OLUSEGUN 236.25 3 2005 EMIR TABANSI 315.00 3 2085 ESEZO DEJI 441.00 3 1926 EKANEM ENOBONG ASUQUO (ADMOR) 236.25 3 2006 EMMAH IKENNA 315.00 3 2086 ESEZOBOR DELE 441.00 3 1927 EKANEM SAMUEL ESSIEN 236.25 3 2007 EMMAH IKENNA R 315.00 3 2087 ESEZOBOR DELUWA 441.00 3 1928 EKANEM UDO 243.00 3 2008 EMMANUEL ANTHONY ONAH 315.00 3 2088 ESHEMOKHAI EMMANUEL EKPESHE 441.00 3 1929 EKE CHRISTOPHER OSATO 243.00 3 2009 EMMANUEL BAMIDELE KOLAWOLE 315.00 3 2089 ESHIET ANURI PETER 441.00 3 1930 EKE IKECHUKWU OLIVER 243.90 3 2010 EMMANUEL CHRIS O SEGUN LAWAL 315.00 3 2090 ESHIET ANURI PETER W 441.00 3 1931 EKE MATTHEW CHIJIOKE 247.50 3 2011 EMMANUEL IBE 315.00 3 2091 ESHO JOSHUA OLUWAFEMI 441.00 3 1932 EKE OCHENEAWEROSU 247.50 3 2012 EMMANUEL IDRIS 315.00 3 2092 ESHOKHAI PAUL SUNDAY 446.49 3 1933 EKE OGBONNA KEN 247.50 3 2013 EMMANUEL SOLOMON 315.00 3 2093 ESIAGA ISOKE 446.85 3 1934 EKECHUKWU HARBERT EMECHETA IHEANYI 247.50 3 2014 EMMANUEL ULEGEDE 316.30 3 2094 ETIENO MFON 450.00 3 1935 EKEKWE UKACHUKWU FREDERICK SUNDAY 256.50 3 2015 EMMANUEL VICTOR CHINEDU 317.88 3 2095 ETIM ANTAN EFFIOM 450.00 3 1936 EKEMODE UCHENNA 259.88 3 2016 EMOKPAIRE OGWIHI 324.00 3 2096 ETIMENSI SUNDAY 450.00 3 1937 EKEMORUAH AVEROSUEOGHENE 261.00 3 2017 EMUCHEYA VICTORIA ESTHER NKEMJIKA 330.75 3 2097 ETINI EHIS 450.00 3 1938 EKEMORUAH MERCY ESEOGHENE O. 270.00 3 2018 EMUSA DATANIA NENGI 333.00 3 2098 ETINI RAYGIN 450.00 3 1939 EKEMORUAH OGHALE 270.00 3 2019 ENAHOLO EROMOSELE OZIEGBE 333.00 3 2099 ETINI RAYGIN Y. 450.00 3 1940 EKEMORUAH OTHUKE BEAUTY 270.00 3 2020 ENAHORO VICTOR 335.34 3 2100 ETOFILS VENTURES NIG LTD 450.00 3 1941 EKEOCHA IJEOMA CHIBU 270.00 3 2021 ENANG GLORY 337.50 3 2101 ETOH DANIEL CHIBUIKEM 450.00 3 1942 EKEREKA ANIFIOK FRIDAY 270.00 3 2022 ENANG GLORY B 337.50 3 2102 ETOKWUDO IFEYINWA AUGUSTINA 450.00 3 1943 EKHENLEN ALBERT BELLO 270.00 3 2023 ENANG MICHAEL ECHEMI 337.50 3 2103 ETUKUDO INYANG VINCENT 450.00 3 1944 EKIKERE IROAGBA 270.00 3 2024 ENE AGBO 337.50 3 2104 ETUKUDO NKORI 450.00 3 1945 EKIKERE IROAGBA W 270.00 3 2025 ENEBUSE MARIA 337.50 3 2105 EZE AUGUSTIN IKECHUKWU 450.00 3 1946 EKIKERE JOEL 270.00 3 2026 ENEBUSE MARIA D 337.50 3 2106 EZE CHIKE LEO 450.00 3 1947 EKIKERE JOEL T 270.00 3 2027 ENECHUKWU OSITA FREDRICK 337.50 3 2107 EZE CHUKWUEBUKA TADIMMA 450.00 3 1948 EKO AREMU 270.00 3 2028 ENEFIOK MFONOBONG 337.50 3 2108 EZE DEBORAH 450.00 3 1949 EKO BABA JIDE 270.00 3 2029 ENEH AMINU 337.50 3 2109 EZE IROHA URUM 450.00 3 1950 EKON BOYE 270.00 3 2030 ENEKEBE CHINEDU 337.50 3 2110 EZE JULIET UCHECHUKWU 450.00 3 1951 EKOP MFON DANIEL 270.00 3 2031 ENEKEBE NKECHI CHRISTINE 337.50 3 2111 EZE NWANI PETER 450.00 3 1952 EKPA MAGNUS YUNISA 270.00 3 2032 ENEKHIMION IYARE 337.50 3 2112 EZE PHILIP 450.00 3 1953 EKPE JOHN AMAECHI 270.00 3 2033 ENENCHE FRANCIS OGBECHE 342.00 3 2113 EZE STANLEY 450.00 3 1954 EKPE JONAH ETIM 270.00 3 2034 ENEUDE EJIKE FRANK 342.00 3 2114 EZE SUNDAY FRANCIS 450.00 3 1955 EKPE V CHRIST 270.00 3 2035 ENGOM EMMANUEL ANZAKU 342.00 3 2115 EZEAGWASINWA KENECHUKWU C 450.00 3 1956 EKPENDU BEAUTY IFEOMA 270.00 3 2036 ENI KYIJIAOSOWO 342.00 3 2116 EZEAMA BENJAMIN 450.00 3 1957 EKPENYONG LUCY MICHAEL 270.00 3 2037 ENI N EHIS K. 342.00 3 2117 EZEAMA CHINEDU EZEAMA 450.00 3 1958 EKPO EKPENO ITA 270.00 3 2038 ENILOLOBO DEBORAH AYOKUNMI 342.00 3 2118 EZEANI GERALD ARINZE 450.00 3 1959 EKPO ISONGUYO MATTHEW 270.00 3 2039 ENINOBOR LEWIS UFUOMA 348.75 3 2119 EZEANI JOSEPHINE NKIRU 450.00 3 1960 EKPO NAOMI 270.00 3 2040 ENO AKAN 351.00 3 2120 EZEANI OZOR CHRIS 450.00 3 1961 EKPO UCHE 270.00 3 2041 ENO EMANGHA OMINI 354.38 3 2121 EZEANYA CHINWE NENKA 450.00 3 1962 EKUASE UHUNONA ELIZABETH 270.00 3 2042 ENOCH CHIMEZIE CELESTINE 360.00 3 2122 EZEANYA NGOZI NKIRU 450.00 3 1963 EKUKU OMOREGIEVA SUNDAY 270.00 3 2043 ENYINNAYA JULIANA SARAH 360.00 3 2123 EZEBUIKE OGUGUA COLLINS 450.00 3 1964 EKUNDAYO OLABODE 270.00 3 2044 EPANG ABENI RITA 360.00 3 2124 EZEBUIRO IGNATIUS 450.00 3 1965 EKUNDAYO OLUWATAMILORE 270.00 3 2045 EPANG KESIA 360.00 3 2125 EZECHUKWU ROSELINE IFEOMA 450.00 3 1966 EKUNG TINEKA JAWANI 270.00 3 2046 EPHRAIM KASIMU 360.00 3 2126 EZEGWO CHIKE 450.00 3 1967 EKURE JOHN 270.00 3 2047 EQUERE PROMISE 382.50 3 2127 EZEIFE EBERE MERCY 450.00 3 1968 EKWE JONATHAN SAMUEL 270.00 3 2048 EQUERE PROMISE E 392.18 3 2128 EZEIMO OKWUNNADI 450.00 3 1969 EKWE OKORIE JOHN 270.00 3 2049 EQUINOX PROPERTIES LIMITED 396.90 3 2129 EZEKWEM FRIDAY J. 450.00 3 1970 EKWE OKORIE JOHN N 270.00 3 2050 EQUINOX ASSET MANAGEMENT LIMITED 396.90 3 2130 EZEMA IJEOMA FAVOUR 450.00 3 1971 EKWERE EMAH GODWIN 270.00 3 2051 EQUINOX CONSULTING LIMITED 396.90 3 2131 EZENDU VICK 450.00 3 1972 EKWERE EMAH GODWIN O 270.00 3 2052 ERABOR PHILIP 405.00 3 2132 EZENNIA IKEMEFUNA IKENNA 450.00 3 1973 ELAIGU ANDREW EKWUOJO 270.00 3 2053 ERAKPOTOBOR KEON 405.00 3 2133 EZENWA JOY UKAMAKA JOSEPHINE 450.00 3 1974 EL-BASHIR ABDUL 270.00 3 2054 EREH DAVID 405.00 3 2134 EZENWA JIAKU ONYENKA DONATUS 450.00 3 1975 EL-BASHIR LAWANI 270.00 3 2055 ERENGAKA JABARI 405.00 3 2135 EZEOKOYE UJU 450.00 3 1976 ELEANYA KALU VICTOR 270.00 3 2056 EREOLA MUIDEEN ADEROJU 406.35 3 2136 EZEUKO PAUL OBUM 450.00 3 1977 ELEBUTE SULAIMON 270.00 3 2057 ERETAN FESTUS OLANREWA JU 418.50 3 2137 EZEWANJIAKU CHIKA EMELDA 450.00 3 1978 ELEDU EBE EDITH 274.50 3 2058 ERIKAN JOSEPHIN U 427.50 3 2138 EZUMA DANIEL NDUBUISI 450.00 3 1979 ELEDU OGBONNA EDITH 279.00 3 2059 ERIKAN JOSEPHINE 427.50 3 2139 EZUNAGU ANTHONY EMEKA 450.00 3 1980 ELEGEONYE JOSHUA CHINEDU 279.00 3 2060 ERIKI ISOKPEHI EMMANUEL 429.98 3 2140 EZUTAH NNENNAYA-IGBO L. 450.00 3 1981 ELEKWACHI HART 283.50 3 2061 ERIN PRINCE 441.00 3 2141 FABIYI OPEYEMI REBECCA 450.00 3 1982 ELEODIMUO FRANCISCA AMAKA 283.50 3 2062 ERINFOLAMI OLA OMOLARA 441.00 3 2142 FABORODE OLUWATOYIN MURTALA 450.00 3 1983 ELEWA MANDISA 283.50 3 2063 ERINLE OLAMIDE OLANIYI 441.00 3 2143 FABUSIWA OLUWASEUN TEMITOPE 450.00 3 1984 ELUSHADE IBIYINKA OLUBUNMI 292.50 3 2064 EROMOSELE ELEDU MICHEAL 441.00 3 2144 FABUSIWA VICTOR TEMITAYO OLUWATOBI 450.00 3 1985 ELVIS PHIL 297.68 3 2065 EROMOSELE STEPHEN 441.00 3 2145 FADAIRO ABAYOMI PAUL 450.00 3 1986 EMAFO HALIMA 297.68 3 2066 ERONDU ELIJAH ERONDU 441.00 3 2146 FADAIRO ABIDEMI OLAMITOKUN 450.00 3 1987 EMAFO TALE 297.68 3 2067 ERONINI KANENE 441.00 3 2147 FADAIRO JOHN KAYODE 450.00 3 1988 EMEBO BLAISE OGBONNAYA 303.75 3 2068 ERUANOVUE OKPOKOR EDUN 441.00 3 2148 FADEKE ALIU 450.00 3 1989 EMEDIONG MFON 311.85 3 2069 ERUGO CHINEDUM EZENWA 441.00 3 2149 FADEKEMI ADAMS 450.00 3 1990 EMEFIELE AUGUSTINE 315.00 3 2070 ERUGO CHINYERE 441.00 3 2150 FADIMU YETUNDE 450.00 3 1991 EMEKA AKUNLUYI 315.00 3 2071 ERUGO EZENWA CHINEDUM 441.00 3 2151 FAGBAMILA REMI 450.00 3 1992 EMEKA AKWARANDU 315.00 3 2072 ESAN JAYVYN 441.00 3 2152 FAGBEMI BISAYO OMOGORIOLA 450.00 3 1993 EMEKA STEPHEN 315.00 3 2073 ESANG EKOM EFIONG 441.00 3 2153 FAGBOHUN OLUWAKEMI HELEN 450.00 3 1994 EMEKAH HABIKAH 315.00 3 2074 ESEDERE OMOTEJERE SARAH 441.00 3 2154 FAGBOLADE OLUTAYO 450.00 3 1995 EMEM-ABASI MURITALA 315.00 3 2075 ESEDERE OMOTUNDE BEATRICE 441.00 3 2155 FA JANA DAVID OLUWASESAN 450.00 3 1996 EMENIYI ALFRED 315.00 3 2076 ESEGBONA KACHUKWU 441.00 3 2156 FA JANA OMOLOLA DEBORAH 450.00 3 1997 EMENOGHA CHINEDU AUGUSTINE 315.00 3 2077 ESEGBONNA SOLOMON 441.00 3 2157 FAKAYODE OLATUNBOSUN ANTHONY 450.00 3 1998 EMENOGHA EBELE GRACE 315.00 3 2078 ESEGBONNA SOLOMON E 441.00 3 2158 FAKUNLE YETUNDE ELIZABETH 450.00 3 1999 EMENYI ALFRED Q 315.00 3 2079 ESEIGBE KARIMAH 441.00 3 2159 FAMIWO OLUWAGBEMIGA VICTOR 450.00 3 2000 EMERE MATTHEW CHIKA 315.00 3 2080 ESEKA EJIME PAUL 441.00 3 2160 FAMUREWA DAMILARE ELIJAH 450.00 3
2014 ANNUAL REPORTS AND ACCOUNTS 141 S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
2161 FAPOHUNDA KIZITO 450.00 3 2241 GBOYEGA COSIN 450.00 3 2321 HASSAN CHUWA 450.00 3 2162 FAPOHUNDA KIZITO N 450.00 3 2242 GBOYEGA DEJI 450.00 3 2322 HASSAN CHUWA G 450.00 3 2163 FAPONLE JOHN ADEBISI 450.00 3 2243 GBOYEMI ISREAL OLUWADUROTIMI 450.00 3 2323 HASSAN DAVID 450.00 3 2164 FARINRE JOHNSON 450.00 3 2244 GBOYEMI OLUWATOYIN 450.00 3 2324 HASSAN EMMANUEL 450.00 3 2165 FARINRE JOHNSON Z 450.00 3 2245 GBOYEMI TAIWO 450.00 3 2325 HASSAN KAYODE RAHEEM 450.00 3 2166 FARINTO OLALEKAN 450.00 3 2246 GEGELESO BABA JIDE ADE 450.00 3 2326 HASSAN LAWAL JUMMIA 450.00 3 2167 FARINTO OLA-SAMME 450.00 3 2247 GEORGE AYORINDE ABIODUNRINDE 450.00 3 2327 HASSAN LAWAL JUMMIA N 450.00 3 2168 FARINTO OLA-SAMOLA 450.00 3 2248 GEORGE GEORGE JOHN 450.00 3 2328 HASSAN MOHAMMED NUHU 450.00 3 2169 FARINTO OLA-SAMUEL 450.00 3 2249 GEORGE GEORGINA WEIGETUMBRA 450.00 3 2329 HASSAN OLADIMEJI 450.00 3 2170 FARINTO SAMUEL 450.00 3 2250 GEORGE GRACE ALAERE 450.00 3 2330 HASSAN SHERRY OLASUMBO 450.00 3 2171 FARINTO SAMUEL OLALEKAN 450.00 3 2251 GEORGE HARRY 450.00 3 2331 HASSANAT SWEET 450.00 3 2172 FARODOYE OLAWALE 450.00 3 2252 GEORGE ODODO 450.00 3 2332 HENRY TOLULOPE 450.00 3 2173 FAROUK IBRAHIM BABA 450.00 3 2253 GEORGE TOYIN EBI 450.00 3 2333 HENSHAW CHINONYE 450.00 3 2174 FARQUAH AKPOTU GRACE 450.00 3 2254 GEORGE-AHIRU GBOYINDE 450.00 3 2334 HILARY HENRY 450.00 3 2175 FASANMI ADEYEMI ADE 450.00 3 2255 GEORGEWILL BRIDGET 450.00 3 2335 HUGH ALLI 450.00 3 2176 FASANMI MARGARET BOLA 450.00 3 2256 GEORGEWILL BUKOLA 450.00 3 2336 HUSSANI STEVE 450.00 3 2177 FASANYA JONATHAN OLEKE 450.00 3 2257 GIMBA HARUNA AYUBA 450.00 3 2337 HYACINTH SAOLA 450.00 3 2178 FASESIN SAMSON KUNLE 450.00 3 2258 GISANRIN OLUWATOSIN 450.00 3 2338 IBAMA PHILIPS 450.00 3 2179 FASHANU OLUWATOSIN MARY 450.00 3 2259 GISANRIN ROBERT 450.00 3 2339 IBAMA PHILIPS W. 450.00 3 2180 FATIREGUN AGBOOLA 450.00 3 2260 GIWA ADAMSON 450.00 3 2340 IBANGA DANIEL MOSES 450.00 3 2181 FATIREGUN AGBOOLA OMOWUNMI 450.00 3 2261 GIWA MORILIATU IYABO 450.00 3 2341 IBANGA EKERETTE BERNARD 450.00 3 2182 FATIREGUN AGBOOLA OMOWUNMI 450.00 3 2262 GIWA MOTOLANI OLASUNKANMI 450.00 3 2342 IBANGA IBANGA GLORY 450.00 3 2183 FATIREGUN AGBOOLA OMOWUNMI 450.00 3 2263 GIWA RAIMOT 450.00 3 2343 IBANGA IBANGA GLORY Q. 450.00 3 2184 FATIREGUN EMMNAUEL O 450.00 3 2264 GIWA-OSAGIE RHODA ESOSA 450.00 3 2344 IBANGA IFEOMA 450.00 3 2185 FATIREGUN FALILAT 450.00 3 2265 GLADYS JOSEPH 450.00 3 2345 IBE ETTE 450.00 3 2186 FATIREGUN KOFOWOROLA F. 450.00 3 2266 GLOBAL ASSET MGT. LTD-TRADED-STOCK-A/C 450.00 3 2346 IBE JULIUS 450.00 3 2187 FATIREGUN OMOLARA 450.00 3 2267 GLORY OHIOMAH NERILAGHABOFA 450.00 3 2347 IBE UCHE CHRISTIAN 450.00 3 2188 FATIREGUN OMOLARA OLUWATOYIN 450.00 3 2268 GODONU SOYINDE ALBERT 450.00 3 2348 IBEGBULEM CHRISTOPHER 450.00 3 2189 FATIREGUN OMOLARA OLUWATOYIN 450.00 3 2269 GODSWILL KAYODE 450.00 3 2349 IBEGBULEM CHRISTOPHER B. 450.00 3 2190 FATIREGUN OMONIYI 450.00 3 2270 GODSWILL NWIGWE OLAWREWA JU 450.00 3 2350 IBEH FRANCIS ONYEMAEME 450.00 3 2191 FATIREGUN OMONIYI ADEBODUN 450.00 3 2271 GODWIN OBIAGELI 450.00 3 2351 IBEH LOUIS MADUABUCHI 450.00 3 2192 FATIREGUN OMONIYI ADEBODUN 450.00 3 2272 GODWIN OKECHUKWU KELVIN 450.00 3 2352 IBEKWE ABAZU 450.00 3 2193 FATOKI ADEBISI PAUL 450.00 3 2273 GOERGE MOPESOLA 450.00 3 2353 IBEKWE ANGELA OSITA 450.00 3 2194 FATOKUN ABDULFATAI ALABI 450.00 3 2274 GOMINA CHIDUME 450.00 3 2354 IBEKWE COLLINS OKWCHUKWU 450.00 3 2195 FATUYI OMOWONUOLA STEPHANIE 450.00 3 2275 GONI SERIKI 450.00 3 2355 IBEKWE COLLINS OKWCHUKWU 450.00 3 2196 FATUYI SAMUEL OLUSEGUN 450.00 3 2276 GONI SERIKI P 450.00 3 2356 IBEKWE DANIEL DIKE 450.00 3 2197 FAUZANA IFEDAYO 450.00 3 2277 GORIOLA MOLAKE 450.00 3 2357 IBEKWE IBRAHIM 450.00 3 2198 FAUZANA IFEDAYO J 450.00 3 2278 GRACE OBENDE BOSE 2 450.00 3 2358 IBEME INEMESIT 450.00 3 2199 FAWUMI HART 450.00 3 2279 GRACE OSAMUDIAME 450.00 3 2359 IBEME INEMESIT X. 450.00 3 2200 FAWUMI HART S 450.00 3 2280 GRANT PHILLIPS 450.00 3 2360 IBENEZI CHIKA THEOPHILUS 450.00 3 2201 FAYE IGBEHINADARA 450.00 3 2281 GREGORY-UBIGEN NOSA FYONNA 450.00 3 2361 IBEREDEM STANLEY 450.00 3 2202 FAYELE MODUPE ELIZABETH 450.00 3 2282 GUASO MOSES MUSTAPHA 450.00 3 2362 IBEREDEM STANLEY M 450.00 3 2203 FAYEMO MICHAEL ADEBAYO 450.00 3 2283 GUMBI JAIWO 450.00 3 2363 IBESON CATHERINE AMAECHI 450.00 3 2204 FAYEOFOBI JUDE W 450.00 3 2284 GUMBI TAIWO R 450.00 3 2364 IBEZIAKO JOYCE UGOCHI 450.00 3 2205 FAYEOFORI JUDE 450.00 3 2285 GUSEN KENNETH 450.00 3 2365 IBEZIM JOHN OKEY 450.00 3 2206 FOLUKE JEGEDE 450.00 3 2286 GUSEN KENNETH B 450.00 3 2366 IBIANG LOYOE NWANKE 450.00 3 2207 FRANCIS BOLANLE 450.00 3 2287 GWAZU OLALEYE 450.00 3 2367 IBIDAPO GBADEBO 450.00 3 2208 FRANCIS U ESSIEN 450.00 3 2288 GWOM DEREFAKE 450.00 3 2368 IBIFUBARA CHIDI RAYMOND 450.00 3 2209 FRANK AKEEM 450.00 3 2289 GYANG MANCHA PETER 450.00 3 2369 IBIFUBARA CHIDI RAYMOND W. 450.00 3 2210 FRANK EKPE BRITUS 450.00 3 2290 HABEEB AZUKA 450.00 3 2370 IBIGBAMI ADENIKE MODUPE 450.00 3 2211 FREE POIT SOLUTION SERVICES LTD 450.00 3 2291 HABIB ADE 450.00 3 2371 IBIKUNLE ISAAC FOLORUNSHO 450.00 3 2212 FREGENE ALEX ABOYOWA 450.00 3 2292 HADOME NGOZI 450.00 3 2372 IBITOYE AREMU OLANREWA JU 450.00 3 2213 FRIDAY BELLO 450.00 3 2293 HAIGBE OKON 450.00 3 2373 IBITOYE OKONGWU 450.00 3 2214 GAIYA ALIYU RIFKATU 450.00 3 2294 HALILU IJEOMA LEWISIK 450.00 3 2374 IBITOYE SAMUEL OLUSEGUN 450.00 3 2215 GALADIMA GLADYS 450.00 3 2295 HALILULAHI FARUK 450.00 3 2375 IBIWOYE ABIGAIL ADESOLAPE 450.00 3 2216 GAMBO NAFISAT 450.00 3 2296 HALIM FARUK OLUWATIMILEHIN 450.00 3 2376 IBIWOYE JOSEPHKING AYOMIDE 450.00 3 2217 GANIYU ADEDOTUN 450.00 3 2297 HALIM FATIMA OLUWADAMILOLA 450.00 3 2377 IBIWOYE SAMUELKING MAKINDE 450.00 3 2218 GANIYU AHMED 450.00 3 2298 HALIMA ALAO 450.00 3 2378 IBIYEMI OLAWEPO 450.00 3 2219 GANNY PETER AFOLABI 450.00 3 2299 HALIMA PHILOMENA 450.00 3 2379 IBIYINKA AKINSEMOYIN 450.00 3 2220 GARBA AGNES A JANI 450.00 3 2300 HALIMAT EMEKA 450.00 3 2380 IBRAHIM VICTOR 450.00 3 2221 GARBA HAFSAT DANLADI 450.00 3 2301 HAMEED MARTINA 450.00 3 2381 IBRAHIM VICTOR B 450.00 3 2222 GARUBA YAHAYA 450.00 3 2302 HAMID GANIU BABATUNDE 450.00 3 2382 IBRAHIM YAHAYA OLUWAROTIMI 450.00 3 2223 GASL-NOMINEE LTD-DABANA ACCT. 450.00 3 2303 HAMMED SHAHEED 450.00 3 2383 IBUBELEYE VICTOR 450.00 3 2224 GAZA ISSAKA 450.00 3 2304 HAMMED SHAHEED D 450.00 3 2384 IBUBELEYE VICTOR A 450.00 3 2225 GBABO DAVID PEREKEBINA 450.00 3 2305 HAMZA SHEHU 450.00 3 2385 IDA PHILIP 450.00 3 2226 GBADAMOGHO CYINTA N 450.00 3 2306 HAMZAT OLASUNKANMI TAOFFET 450.00 3 2386 IDAKWO EICHAYI NAOMI 450.00 3 2227 GBADAMOSI KASALIYU AYOBAMI 450.00 3 2307 HANDEL YEMI 450.00 3 2387 IDEAL BUSINESS LIFE INTERPRISES 450.00 3 2228 GBADAMOSI MUYIDEEN WALE 450.00 3 2308 HARBOR CHUKWUEMEKA LLOYD 450.00 3 2388 IDEBOGHIE MICHEAL 450.00 3 2229 GBADAMOSI OWODAMOLA 450.00 3 2309 HARRIS FUNMI 450.00 3 2389 IDEHEN EMMA 450.00 3 2230 GBADEBO VICTOR OLUWATIMILEYIN 450.00 3 2310 HARRISON IBINGIBO IBIFURO 450.00 3 2390 IDEM GEORGE 450.00 3 2231 GBARAMOGHO CYNTA 450.00 3 2311 HARRY OYINLOLA 450.00 3 2391 IDEM GEORGE I 450.00 3 2232 GBE BARRY PERE 450.00 3 2312 HART CHRISTINE 450.00 3 2392 IDIAKHEUA TINA AIWANEHI 450.00 3 2233 GBENEDIO HENRY KESIENA 450.00 3 2313 HARU IBRAHIM 450.00 3 2393 IDIATA EBAS 450.00 3 2234 GBENGA ONI IJEGBULEN 450.00 3 2314 HARU IBRAHIM W 450.00 3 2394 IDIATA EBAS J 450.00 3 2235 GBINDINNINUOLA ISMAIL KEMI 450.00 3 2315 HARUNA MOHAMMED 450.00 3 2395 IDIKA VIVIAN NNEKA 450.00 3 2236 GBINDINNINUOLA ISMAIL OLUWAKEMI 450.00 3 2316 HARUNA NUMMI 450.00 3 2396 IDIKAN BOLA JI 450.00 3 2237 GBINDINNINUOLA OLAYINK SUBOMI 450.00 3 2317 HARUNA NUMMI N 450.00 3 2397 IDIOK ODOM 450.00 3 2238 GBOKOYI MARTINS OSHINTOLA 450.00 3 2318 HARUNA SARUMI 450.00 3 2398 IDIONG ADETOKUNBO 450.00 3 2239 GBOLABO OLAYIWOLA 450.00 3 2319 HARUNA T WAZIRI 450.00 3 2399 IDISI CHRISTIAN OGBENEME 450.00 3 2240 GBOLABO SENBA JO 450.00 3 2320 HASHIM ADEOLA MUTIU 450.00 3 2400 IDOGA ELIZABETH EYUM 450.00 3
142 2014 ANNUAL REPORTS AND ACCOUNTS Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
2401 IDOKO CHRISTIAN 450.00 3 2481 IGBOEGBUNAM CHINYERE STELLA 540.00 3 2561 ILOLAWOLE OLADIMEJI 675.00 3 2402 IDONGESIT ABDULRAHMAN 450.00 3 2482 IGBOEKWEZE OLUSOLA 540.00 3 2562 ILORI ISAAC BABATUNDE 675.00 3 2403 IDONGESIT VICTORIA 450.00 3 2483 IGBONEME MARK UCHENNA 540.00 3 2563 ILORI KUBURAT TOPE 675.00 3 2404 IDONGESIT VICTORIA G 450.00 3 2484 IGBONUSI NNAMDI CHRISTIAN 540.00 3 2564 ILORI SIMBI A JOKE 675.00 3 2405 IDORENYIN ABASIYE 450.00 3 2485 IGBONUSI VICTOR 540.00 3 2565 IMAAH JUBRIL 675.00 3 2406 IDORENYIN ABASIYE P 450.00 3 2486 IGBOR VICTOR NINTOR 540.00 3 2566 IMAAH JUBRIL J. 675.00 3 2407 IDORENYIN FRANKLIN 450.00 3 2487 IGBUDU OREVAOGHENE GODSWILL 540.00 3 2567 IMADOJEMU VIVIAN 675.00 3 2408 IDORENYIN FRANKLN B 450.00 3 2488 IGE A JOKE 540.00 3 2568 IMAEKHAI OSHOBUGIE EMMANUEL 675.00 3 2409 IDORENYIN KABIRI 450.00 3 2489 IGE ANIKE 540.00 3 2569 IMAFIDON FRANCISCA E. 675.00 3 2410 IDORO BELIEVE 450.00 3 2490 IGE ELIZABETH 540.00 3 2570 IMAGHODOR BERNICE AMASIHOHU 675.00 3 2411 IDOWU ADEGBOYEGA 450.00 3 2491 IGE ESTHER 540.00 3 2571 IMANE (DISTRICT) DEVELOPMENT UNION 675.00 3 2412 IDOWU ADEKUNLE 450.00 3 2492 IGE LOLA 540.00 3 2572 IME BASSEY COLLINS 675.00 3 2413 IDOWU ADEKUNLE 450.00 3 2493 IGE OLAYINKA 540.00 3 2573 IME BASSEY COLLINS P 675.00 3 2414 IDOWU ADELEYE OLUSANYA 450.00 3 2494 IGE OLUFUNMILAYO 540.00 3 2574 IMEH VICTORIA 675.00 3 2415 IDOWU ADEOLA 450.00 3 2495 IGE OMOLADE PHILLIP 540.00 3 2575 IMEKA FAITH 675.00 3 2416 IDOWU AKINLOLU SOLOMON 450.00 3 2496 IGE OYINKANSOLA 540.00 3 2576 IMEKA FAITH C 675.00 3 2417 IDOWU AMOS 450.00 3 2497 IHETUGE GOODNESS NWADINMA 571.50 3 2577 IMEKA MIRACLE 675.00 3 2418 IDOWU ATOBITE 450.00 3 2498 IHIME ALBERT 571.50 3 2578 IMEKA MIRACLE X 675.00 3 2419 IDOWU BASHIRU 450.00 3 2499 IHUNDA EZEKIEL 576.00 3 2579 IMEKA NGOZIKA 675.00 3 2420 IDOWU BISI 450.00 3 2500 IHUNDA EZEKIEL E. 585.00 3 2580 IMEKA NGOZIKA V 675.00 3 2421 IDOWU CHRISTIAN 450.00 3 2501 IHWIRO GIDEON NWAEZE 585.00 3 2581 IMEMA KENNETH 675.00 3 2422 IDOWU EBUN 450.00 3 2502 IIJEOMA OWUEGBULE 585.00 3 2582 IMOH JEREMIAH 675.00 3 2423 IDOWU FRANCISCA 450.00 3 2503 IJAGBUYIRO OFUASE 585.00 3 2583 IMOH JEREMIAH R 675.00 3 2424 IDOWU FUNMILAYO CHRITIANA 450.00 3 2504 IJAOPO ISSAAC OJO 585.00 3 2584 IMOSEMI DONALD OREOSE 675.00 3 2425 IDOWU GRACE 450.00 3 2505 IJEOMA AGBASI 585.00 3 2585 INAM ABAKASANGA JAMES 675.00 3 2426 IDOWU JOHN 450.00 3 2506 IJEOMA NWABUEZE JUSTICE 585.00 3 2586 INAMETE MAYEN ISAAC 675.00 3 2427 IDOWU KATE 450.00 3 2507 IJERE IJEOMA 585.00 3 2587 INCHI BALARABE 675.00 3 2428 IDOWU LANRE 451.30 3 2508 IJOMA SANDRA ADAOBI 585.00 3 2588 INEGBENOSUN AUGUSTINE 675.00 3 2429 IDOWU MOSES OLUSESAN 454.50 3 2509 IKA TEGA 585.00 3 2589 INEH ANITA I. 675.00 3 2430 IDOWU MUSEWDIKU 454.50 3 2510 IKANDU GEORGEWILL UBANI 585.00 3 2590 INEH CHIAMAKA IGUGU 675.00 3 2431 IDOWU OLASUNBOMI ENITAN 461.25 3 2511 IKE AUGUSTINE C 585.00 3 2591 INEH CHUKWUMA D. 675.00 3 2432 IDOWU OLAYEMI 462.78 3 2512 IKE OKWUCHI 586.08 3 2592 INEH DAVID 675.00 3 2433 IDOWU OLAYINKA 463.50 3 2513 IKEAGU NNAMDI MICHEAL 590.62 3 2593 INEH EMEKA 675.00 3 2434 IDOWU OLAYINKA 472.50 3 2514 IKEBEOTU EMEKA 607.50 3 2594 INEH ESTHER IYABO 675.00 3 2435 IDOWU OLAYINKA MUSEWDIKU 472.50 3 2515 IKEBUWA LUCKY 630.00 3 2595 INEH IFEOMA 675.00 3 2436 IDOWU OLISAEMEKA 472.50 3 2516 IKECHUKWU ANDREW 630.00 3 2596 INEH ISIOMA 675.00 3 2437 IDOWU OLUFEMI 472.50 3 2517 IKECHUKWU BLESSING 637.88 3 2597 INEH MARTHA 675.00 3 2438 IDOWU OLUSESAN 472.50 3 2518 IKECHUKWU WILFRED U 642.60 3 2598 INEH PETER 675.00 3 2439 IDOWU OLUSESAN MOSES 472.50 3 2519 IKECHUU BONAVACH OKWOMMA 661.68 3 2599 INHERITABLE WEALTH INVESTMENT LTD 675.00 3 2440 IDOWU OLUWADAMILOLA 472.50 3 2520 IKEDIASHI JOSEPH CHUKS 666.32 3 2600 INIABASI STANLEY 675.00 3 2441 IDOWU OLUWATOBI 472.50 3 2521 IKEDINOBI ESTHER 675.00 3 2601 INIABASI STANLEY F 675.00 3 2442 IDOWU OLUWATONI 472.50 3 2522 IKEDINOBI ESTHER H 675.00 3 2602 INIBEH UKIRU UFOT 675.00 3 2443 IDOWU OLUWATOSIN 472.50 3 2523 IKEDINOBI IKECHUKWUKA 675.00 3 2603 INIBEHE UKIRI UFOT X. 675.00 3 2444 IDOWU ORINAYO 472.50 3 2524 IKEDINOBI IKECHUKWUKA F 675.00 3 2604 INNOCENT EBELEBE 675.00 3 2445 IDOWU OYINDAMOLA 472.50 3 2525 IKEDINOBI UCHENDU 675.00 3 2605 INTERNATIONAL BUSINESS SOLUTION LTD 675.00 3 2446 IDOWU RAMOTA 472.50 3 2526 IKEDINOBI UCHENDU P 675.00 3 2606 INYANG IBOROABASI RICHARD 675.00 3 2447 IDOWU SOARES 472.50 3 2527 IKEDIOFOR SEGUN 675.00 3 2607 INYANG IDONGESIT ETIM 675.00 3 2448 IDOWU TARA 472.50 3 2528 IKEFUNA SAMUEL IKECHUKWU 675.00 3 2608 IORZUA ALPHA TERLUMUN 675.00 3 2449 IDOWU VICTORIA TEMILOLA 472.50 3 2529 IKEH CHINYERE 675.00 3 2609 IQUO CHUKWUNEYE 675.00 3 2450 IDRIS OMODUNNI 472.50 3 2530 IKEH-UCHE RUBY 675.00 3 2610 IRABOR JOHN 675.00 3 2451 IDRIS YAKUBU 472.50 3 2531 IKEH-UCHE UGOCHUKWU 675.00 3 2611 IRABOR PATRICK 675.00 3 2452 IFEANYI - OKORO SYLVIA NECHI 472.50 3 2532 IKELEGBE NSIDIGBE 675.00 3 2612 IRABOR SIMON 675.00 3 2453 IFEANYI OKAFOR 472.50 3 2533 IKELEGBE NSIDIGBE I 675.00 3 2613 IREDIA EVBARUESE EDITH 675.00 3 2454 IFEANYI ROSE O 472.50 3 2534 IKEM 675.00 3 2614 IRIOGBE EMMANUEL EHIMARE 675.00 3 2455 IFECHUKWU DARE 472.50 3 2535 IKENNA CORNELIUS 675.00 3 2615 IRIS TRADING & INVESTMENTS LTD 675.00 3 2456 IFECHUKWU STEPHEN A. 472.50 3 2536 IKENNA GRACE 675.00 3 2616 IRIVWOTU GABRIEL EVUEVWIE 675.00 3 2457 IFEDAYO AKINLA 472.50 3 2537 IKENNA KEMI 675.00 3 2617 IROAKAZI GODWIN UGOCHUKWU 675.00 3 2458 IFEDIORA CHUKWUNONSO 472.50 3 2538 IKENNA SHOLA 675.00 3 2618 IRUENE ELFRIDA OKORIKA 675.00 3 2459 IFEKPOLUGO FADIJI 472.50 3 2539 IKEUBA LAWRENCE 675.00 3 2619 IRUNOKHAI BRIGHT EGHIEBADE 675.00 3 2460 IFEKPOLUGO FADIJI E. 473.26 3 2540 IKHAYERE OMONEFE 675.00 3 2620 ISA LADU ADEJO 675.00 3 2461 IFENNA DONATUS EMEODI 483.75 3 2541 IKHIMIOYA DOEGHOBONE ONOME 675.00 3 2621 ISA NWOKORO 675.00 3 2462 IFEOMA AKPAN 495.00 3 2542 IKHIMIOYA EROMOSERE PRINCEWILL 675.00 3 2622 ISA SAAMSUDDEN 675.00 3 2463 IFEOMA ODUNARO 495.00 3 2543 IKHIMIOYA EZOMO 675.00 3 2623 ISA SAAMSUDDEN E 675.00 3 2464 IFETAYO JUMOKE ELIZABETH 496.12 3 2544 IKHIMIOYA OLOHIGBE GODGIFT 675.00 3 2624 ISAAC BAYOWA 675.00 3 2465 IFEZUE CHIJIOKE OGOCHUKWU 496.12 3 2545 IKHIMIOYA OMOZUANUBO GEOFREY 675.00 3 2625 ISAAC ISAAC CHIGOZIE 675.00 3 2466 IFEZUE SOPHIA ANGEL 496.12 3 2546 IKINNA NOJI 675.00 3 2626 ISAAC WERUCHE 675.00 3 2467 IFEZUE ZANE YORAM CHUKWUEMEKA 503.14 3 2547 IKO BUKOLA E 675.00 3 2627 ISAH ABDULLAHI 675.00 3 2468 IFIDI IKE 503.14 3 2548 IKO ESTHER B 675.00 3 2628 ISONGUYO PATRICK W 697.50 3 2469 IFIDI IKE R. 503.14 3 2549 IKOGHO BENJAMIN F. 675.00 3 2629 ISREAL OWOLABI OLATUNJI 697.50 3 2470 IFIOK EKPA PETER 503.14 3 2550 IKON NEHEMIAH 675.00 3 2630 ISYAKU MOHAMMED 697.50 3 2471 IFY KENNEDY 517.50 3 2551 IKON NEHEMIAH E. 675.00 3 2631 ITODO EJIOFOR SHEDRACK 697.50 3 2472 IGALAWUYE CHARLES ONYEKA 519.57 3 2552 IKON PETER 675.00 3 2632 ITOHOWO ANIEBO 697.50 3 2473 IGBAMOSUN LAZS TANEMOLA 522.00 3 2553 IKUOMENISAN BUKOLA 675.00 3 2633 ITOHOWO ANIEBO J 697.50 3 2474 IGBEGWU MICHAEL UCHECHUKWU O 526.50 3 2554 IKUSEBIALA BUSAYO 675.00 3 2634 ITORO SAMUEL BASSEY 697.50 3 2475 IGBEKA ONA JITE 531.00 3 2555 IKWU ANKELI DANIEL 675.00 3 2635 ITORO SAMUEL BASSEY K 697.50 3 2476 IGBEKOYI AKINYEMI GODWIN 531.00 3 2556 IKWUEZE EUNICE NWANNEKA 675.00 3 2636 ITUEN NSIKAK ETIM 708.75 3 2477 IGBENG BENJAMIN DONATUS 533.25 3 2557 ILEGBINIJIE EDITH LUCY 675.00 3 2637 ITUMOH AMOBI NELSON 708.75 3 2478 IGBIKI NWAMAKA PHILOMENA 539.33 3 2558 ILEKA OLAOYE 675.00 3 2638 IVIENAGBOR AKPOSIBRUKE 708.75 3 2479 IGBINOVIA OGUGBUE 540.00 3 2559 ILESO FELIX ADEOYE 675.00 3 2639 IWANEFUN ISAAC 708.75 3 2480 IGBO JUDE R.A. 540.00 3 2560 ILOKA AMAKA PERPETUA 675.00 3 2640 IWANEFUN ISAAC S. 713.43 3
2014 ANNUAL REPORTS AND ACCOUNTS 143 S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
2641 IWAYANWU OLUKAYODE 730.35 3 2721 JIMOH UZOARU 765.00 3 2801 KATE MOBO 765.00 3 2642 IWEHA OBINWANNE ALOZIE 742.50 3 2722 JINADU ASHIRU 765.00 3 2802 KATUKA JEREMIAH YAKUBU 765.00 3 2643 IWEJUA ONYEYECHI BLESSING 742.50 3 2723 JINADU ASHRAF 765.00 3 2803 KATUKA JONATHAN YAKUBU 765.00 3 2644 IWEKA CHIDUBEM ABATI 742.50 3 2724 JINADU MUSTAFAR UMAR 765.00 3 2804 KEJEH PHILIPS K 765.00 3 2645 IWERE ABAYE 745.24 3 2725 JOB UEUOMA ROLAND 765.00 3 2805 KELECHI AGWUOCHA 765.00 3 2646 IWETAN ANIREJUORITSE JANE 751.50 3 2726 JOCAB UZOARU 765.00 3 2806 KELECHI EBOH 765.00 3 2647 IWO NEMI 756.00 3 2727 JOE ESSIEN AGNES 765.00 3 2807 KELECHI SEDE 765.00 3 2648 IWOBI ADEBUKOLA 763.24 3 2728 JOEL ISAAC 765.00 3 2808 KELECHUKWU HENRY IKECHUKWU 765.00 3 2649 IWOK UBONG EDET 765.00 3 2729 JOGUNOMI RAFIU-LASISI 765.00 3 2809 KELEKUN ISHOLA 765.00 3 2650 IWU FAITH 765.00 3 2730 JOHN AARON HASSAN 765.00 3 2810 KELVIN TOPE 765.00 3 2651 IWU IFEANYI ROGER 765.00 3 2731 JOHN ADEKOYA 765.00 3 2811 KEMAKOLAM ABDU 765.00 3 2652 IWUAGWU SAMUEL CHUKWUKERE 765.00 3 2732 JOHN ADEYINKA ADEREMI AYODEJI 765.00 3 2812 KEMIBEFUOJO STEVE G 765.00 3 2653 IWUANYANWU OLUCHI SOPHIA 765.00 3 2733 JOHN AGUZIE 765.00 3 2813 KEMIBERUOJO STEVE 765.00 3 2654 IWUCHUKWU UDEME 765.00 3 2734 JOHN AKINSHIPO 765.00 3 2814 KEN OGU 765.00 3 2655 IWUCHUKWU UDEME O 765.00 3 2735 JOHN ALBERT HASSAN 765.00 3 2815 KENNEDY JOHN 765.00 3 2656 IWUNO JACK 765.00 3 2736 JOHN AYO 765.00 3 2816 KETIKU KAYODE MICHAEL 765.00 3 2657 IWUNO JACK A 765.00 3 2737 JOHN BABA 765.00 3 2817 KEWULERE YEMI 765.00 3 2658 IWUOHA ADA AKUNNA 765.00 3 2738 JOHN CHIZOBA CHRISTOPHER 765.00 3 2818 KEYE TOYIN 765.00 3 2659 IWUOHA OLUCHUKWU J. 765.00 3 2739 JOHN CLEMENT 765.00 3 2819 KEYE TOYIN V 765.00 3 2660 IWUOHA UZOMA KENNEDY 765.00 3 2740 JOHN FAGADE 765.00 3 2820 KILANKO FIDELIS 765.00 3 2661 IYABODE GABRIEL 765.00 3 2741 JOHN IBRAHIM 765.00 3 2821 KILANKO LAWI 765.00 3 2662 IYALEKHUE BRIGHT 765.00 3 2742 JOHNSON IGE ANIKE 765.00 3 2822 KILANKO LAWI E 765.00 3 2663 IYEH ESTHER CHINYERE 765.00 3 2743 JOHNSON IGE ELIZABETH 765.00 3 2823 KINGDOM AIDED IDEAS LTD 765.00 3 2664 IYEKEKPOLOR EMMANUEL O 765.00 3 2744 JOHNSON IGE ESTHER 765.00 3 2824 KINGSLEY AKPASI 765.00 3 2665 IYEN IYAMU 765.00 3 2745 JOHNSON IGE FLORENCE 765.00 3 2825 KINGSLEY LAI 765.00 3 2666 IYENGE BOOSHIMA 765.00 3 2746 JOHNSON IGE MICHEAL 765.00 3 2826 KIRPSON OBINNA ODURUKWE 765.00 3 2667 IYENGUMWENA ADESINA 765.00 3 2747 JOHNSON IGE OLANREWA JU 765.00 3 2827 KOFFI LAWANI 765.00 3 2668 IYIOKU ALLEN CHIDOZIE 765.00 3 2748 JOHNSON IGE OLUFUNKE 765.00 3 2828 KOFFI LAWANI J 765.00 3 2669 IYO DANIEL 765.00 3 2749 JOHNSON IGE OLUFUNMILAYO 765.00 3 2829 KOKUMO FELIX OLUFEMI 765.00 3 2670 IYO DANIEL H 765.00 3 2750 JOHNSON IGE OLUSOLA 765.00 3 2830 KUFRE JACOB F 765.00 3 2671 IZAMOJIE ITOHAN ESTHER 765.00 3 2751 JOHNSON IGE OLUWOLE 765.00 3 2831 KUFRE JACOBS 765.00 3 2672 IZAMOJIE ONOMEN PAULINE 765.00 3 2752 JOHNSON IGE OMOBOLA 765.00 3 2832 KUFREABASI PATRICK J 765.00 3 2673 IZEDONMWEN REMI 765.00 3 2753 JOHNSON IGE OYINKANSOLA 765.00 3 2833 KUKU OYEMAKINDE 765.00 3 2674 IZEGAGBE BOSE AIJOHI 765.00 3 2754 JOHNSON IGE SAMUEL 765.00 3 2834 KULEPA OSARAGUE 765.00 3 2675 IZEJIOHA FRANCIS EMEKA 765.00 3 2755 JOHNSON IGE TEMITOPE 765.00 3 2835 KULEPA OSARAGUE S 765.00 3 2676 IZOEBONIYE FARORE 765.00 3 2756 JOHNSON IGE TOBI 765.00 3 2836 KUMANE OGHENEVWAIRHE 765.00 3 2677 IZUAKOR MICHAEL CHIEDOZIE 765.00 3 2757 JOHNSON IGE WALE 765.00 3 2837 KUPOLUYI RITA 765.00 3 2678 IZUDIM ANTHONY CHUKWUDI 765.00 3 2758 JOHNSON NDUBUISI 765.00 3 2838 KUTI COPPER 765.00 3 2679 JABOR JAMES 765.00 3 2759 JOHNSON UFUOMA ABOSEDE 765.00 3 2839 KUYE JOSEPH OLUWATIMILEHIN 765.00 3 2680 JACK SOALA ABEL 765.00 3 2760 JOHUA SHALL DAVID 765.00 3 2840 KWASAU STEPHEN 765.00 3 2681 JACKSON IFIOK AMOS 765.00 3 2761 JOKOTADE OPENIRO 765.00 3 2841 LABARAN BENEDICT 765.00 3 2682 JACOB AWUGO 765.00 3 2762 JOKOTOYE OLAWAMIWA GILGA 765.00 3 2842 LADAGU OLUWASEYE 765.00 3 2683 JACOB GEORGE 765.00 3 2763 JOLA JOHN 765.00 3 2843 LADAPO OLA JIDE 765.00 3 2684 JACOB GEROGE O 765.00 3 2764 JOLAIYA JOHN JIDE 765.00 3 2844 LADEJOBI OLORUNDARE 765.00 3 2685 JADEED ALOH 765.00 3 2765 JOLAIYA OLUWATOYIN F. 765.00 3 2845 LADELE FAITH AYODEJI IFEOLUWA 765.00 3 2686 JADEED ALOH D 765.00 3 2766 JOLAIYA OLUWATOYIN FELICIA 765.00 3 2846 LADIPO AYOMUKUN ESTHER 765.00 3 2687 JADESOLA GLOBAL LINK LTD 765.00 3 2767 JOLAOSHO RAMON OWOLABI 765.00 3 2847 LADIPO CHARLES 765.00 3 2688 JAGODA MICHAEL ANNA 765.00 3 2768 JOLAOSO AKINWANDE OLUSOLA 765.00 3 2848 LADOJA DELE 765.00 3 2689 JAGUN ADETUTU 765.00 3 2769 JONATHAN BAIYEKYSI 765.00 3 2849 LAGOKE OMOLOLA 765.00 3 2690 JAMES SABO 765.00 3 2770 JONATHAN BANJOKO 765.00 3 2850 LAI SHOLOLA 765.00 3 2691 JAMES SUNDAY 765.00 3 2771 JONES ADEGBOYE 765.00 3 2851 LAIDE EBENEZER 765.00 3 2692 JAMGBADI LAWAL 765.00 3 2772 JONSON IGE TOMI 765.00 3 2852 LAMID HAKIM A JIBOLA 765.00 3 2693 JATTO FATIMA 765.00 3 2773 JOSEPH CECILIA 765.00 3 2853 LAMIDI FATAI ARABA 765.00 3 2694 JAWANDO AYODELE 765.00 3 2774 JOSEPH CHUKWUEMEKA OGO 765.00 3 2854 LAMIDI OLASENI TAIWO 765.00 3 2695 JEARIOGBE TUNDE SEGUN 765.00 3 2775 JOSEPH EMITAYO AGNES 765.00 3 2855 LANDE IJEOMA 765.00 3 2696 JEGEDE ADEBAYO THOMAS S 765.00 3 2776 JOSEPH FLORENCE 765.00 3 2856 LARA A JAO 765.00 3 2697 JEGEDE OMOWUNMI ADIJAT 765.00 3 2777 JOSEPH KOLADE 765.00 3 2857 LARY LAT EULOGE 765.00 3 2698 JEJE JIDE JACKSON 765.00 3 2778 JOSEPH MARTINS 765.00 3 2858 LASISI LATEEF ABIDEMI 765.00 3 2699 JEMERIGBE TEMITOPE KEHINDE 765.00 3 2779 JOSEPH PATRICK 765.00 3 2859 LATEEF OJOYE 765.00 3 2700 JENNY OGANAH 765.00 3 2780 JOSEPH SINA ALABI 765.00 3 2860 LAWAL OLANIPEKUN 765.00 3 2701 JEREMIAH CHUKA 765.00 3 2781 JOSHUA CHINWE 765.00 3 2861 LAWAL OLATUNJI OWOLABI 765.00 3 2702 JEREMIAH CHUKA B 765.00 3 2782 JOY ADEGBOLA 765.00 3 2862 LAWAL OLAYEMI JIMOH 765.00 3 2703 JEROME BRIGGS 765.00 3 2783 JOY JOHN 765.00 3 2863 LAWAL OLAYEMI SAKIRAT 765.00 3 2704 JHONNY EMEM LIFOT 765.00 3 2784 JUDE UDEH 765.00 3 2864 LAWAL OLAYINKA MUHEEZ 765.00 3 2705 JIBRIL MOHAMMED 765.00 3 2785 JUDITH AWASAK 765.00 3 2865 LAWAL OLAYOLE WAHEED 765.00 3 2706 JIDE OLANDIE 765.00 3 2786 JULIA EKENE BOLARIN 765.00 3 2866 LAWAL SAHEED ADEWALE 765.00 3 2707 JIDE-JOHNSON OLUWAFUNMILAYO O 765.00 3 2787 JULIET NNAMDI 765.00 3 2867 LAWAL-ADEBAYO RACHEAL 765.00 3 2708 JIDEOFOR EZEUGO SYLVESTER 765.00 3 2788 JULIUS FEMI JONATHAN 765.00 3 2868 LAWAN AHMAD 765.00 3 2709 JIDEOFOR JACKSON 765.00 3 2789 JULIUS MERCY 765.00 3 2869 LAWAN AISHATU 765.00 3 2710 JIDEOFOR JACKSON S 765.00 3 2790 KANYIN SALEH 765.00 3 2870 LAWSON VICTOR MENSAH 765.00 3 2711 JIKA OGUNLEYE 765.00 3 2791 KAREEM AMIN JUMBO 765.00 3 2871 LEBARI STEPHEN 765.00 3 2712 JIMOH ABIODUN NURUDEEN 765.00 3 2792 KARIMU JOHN ADE 765.00 3 2872 LEBARI STEPHEN F. 765.00 3 2713 JIMOH ASHY 765.00 3 2793 KASA MOHAMMED 765.00 3 2873 LEBI MARGARET OLUFUNMILAYO 765.00 3 2714 JIMOH BUHARI 765.00 3 2794 KASALI IKOCHUKWU 765.00 3 2874 LEGBO GRACE MAME 765.00 3 2715 JIMOH ENIOLA 765.00 3 2795 KASHORO FRANKLIN IBIKUNLE 765.00 3 2875 LEKAN LARABA 765.00 3 2716 JIMOH FALILAT AGBALAYA 765.00 3 2796 KASI POLLYN 765.00 3 2876 LEKAN OGUNKOYA 765.00 3 2717 JIMOH GBENGA 765.00 3 2797 KASI POLLYN E. 765.00 3 2877 LELEPETERS MIRACLE VIRGINIA M 765.00 3 2718 JIMOH MARY 765.00 3 2798 KASIM ABIMBOLA OLAKUNLE 765.00 3 2878 LEPDUNG LOUIS GOLECK 765.00 3 2719 JIMOH MARYAM 765.00 3 2799 KASUMU JAMIYU OLOWOPEKUN-ESOO 765.00 3 2879 LEWIS TAIWO 765.00 3 2720 JIMOH MUYIDEEN AKANNI 765.00 3 2800 KATE BULURO 765.00 3 2880 LIASU IKENNA 765.00 3
144 2014 ANNUAL REPORTS AND ACCOUNTS Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
2881 LILLY-TARIAH TELEMA MAGDALENE 765.00 3 2961 MEKWUNYE JUDITH EKPELE 765.00 3 3041 NNNENA BOYO 765.00 3 2882 LIMESHARE INVESTMENT LTD 765.00 3 2962 MELA OLUCHI JULIANA 765.00 3 3042 NNODIM POPOOLA 765.00 3 2883 LIMESHARE INVESTMENT LTD 765.00 3 2963 MONDIUM JOSEPH KAYODE 765.00 3 3043 NNOLIM AFAMEFUNA ANTHONY 765.00 3 2884 LINDA DRATT 765.00 3 2964 MONSURUDEEN WISDOM 765.00 3 3044 NNOROM CHUKWUEBUKA EMMANUEL 765.00 3 2885 LINKINYO TAIWO OLUSOLA 765.00 3 2965 MONSURUDEEN WISDOM G. 765.00 3 3045 NNOZUBA ALOZIE JAMES 765.00 3 2886 LOTACHI SOLOMON 765.00 3 2966 MORADEYO DAVID ADEMOLA 765.00 3 3046 NNOZUBA ALOZIE JAMES T 765.00 3 2887 LOTACHI SOLOMON E 765.00 3 2967 MORADEYO OLUWADUNSIN DOLAPO 765.00 3 3047 NNUEIA GODWIN OGBONNA 765.00 3 2888 LOUIS EZIOKWU 765.00 3 2968 MORENIKE KELECHI 765.00 3 3048 NOBEL SERVICES 765.00 3 2889 LUCY AKIN 765.00 3 2969 MORENIKEJI FOLA JINMI OYINDAMOLA 765.00 3 3049 NOBLE FAITH CATERERS 765.00 3 2890 LUFADEJU ENWELIM 765.00 3 2970 MORITIWON FLOARIN GBOLAHAN 765.00 3 3050 NOIBI ADEMOLA 765.00 3 2891 LUKE AMAKA JENIFER 765.00 3 2971 MOSE AKUME 765.00 3 3051 NTIOKIET NTIOKIET ANDY 765.00 3 2892 LUKMAN SANDRA 765.00 3 2972 MOSERI ELIZABETH 765.00 3 3052 NUGA BAMIDELE C 765.00 3 2893 MABAYOJE SUNDAY SAMUEL 765.00 3 2973 MOSES ESEMAYON NATHANIEL 765.00 3 3053 NWABIA EMMANUEL NONSO 765.00 3 2894 MABEL AYODELE 765.00 3 2974 MOSES ETTA 765.00 3 3054 NWA JEI TONY IFEANYICHUKWU 765.00 3 2895 MACAULAY IYABO MORENIKEJI 765.00 3 2975 MOSES HAMID 765.00 3 3055 NWA JU SAIDAH 765.00 3 2896 MADARIOLA BABA JIMI 765.00 3 2976 MOSES ONOVUGHE 765.00 3 3056 NWAKAMA IGBONEME 765.00 3 2897 MADUAGWU ANTHONY AZUAMAKA 765.00 3 2977 MOSES PASCAL 765.00 3 3057 NWAKPA UCHENNA KINGSLEY 765.00 3 2898 MADUAGWU CHIZOBA CATHERINE 765.00 3 2978 MUHAMMED UZOM 765.00 3 3058 NWAKUNA KOYA 765.00 3 2899 MADUAGWU JEREMIAH NNANYELUGO 765.00 3 2979 MUHAMMED YISA AYANDA 765.00 3 3059 NWAKWUOKE NORBERT C C.(REV.FR) 765.00 3 2900 MADUBUCHI LEAH 765.00 3 2980 MUKO CHIBUZOR 765.00 3 3060 NWALI JAMES IKECHUKWU 765.00 3 2901 MADUBUCHI LEAH K. 765.00 3 2981 MUKO NKECHI PRISCILLA 765.00 3 3061 NWALOR IJEOMA VICTORIA 765.00 3 2902 MADUBUIKE CHRISTIAN CHIBUEZE 765.00 3 2982 MUKO OKORO OLUEBERE 765.00 3 3062 NWAMADI ANTHONY CHINEDU 765.00 3 2903 MADUBUKO A. CHUKWUDI 765.00 3 2983 MUKO OKORO ONYEDIKACHI 765.00 3 3063 NWAMARA LEMENE 765.00 3 2904 MADUBUKO ELISHA IHEME 765.00 3 2984 MUKO OKORO UBASI NACHI 765.00 3 3064 NWAWUNA IFEOMA GRACE 765.00 3 2905 MADUEKWE CHUKWUDIKE NNIA 765.00 3 2985 MUKO PEACE ULOMA 765.00 3 3065 NWAZU OLUKEMI NKEMDILIM 765.00 3 2906 MADUEKWE DROHA JOSEPH 765.00 3 2986 MUKO UBSAINCHI 765.00 3 3066 NWEKE DABIRI 765.00 3 2907 MAGA JI MALIK 765.00 3 2987 MUKO-OKORO JOY 765.00 3 3067 NWEKE GLORIA 765.00 3 2908 MAGA JI MALIK D 765.00 3 2988 MUKTAR ABDULJALAL 765.00 3 3068 NWEKE GLORIA D. 765.00 3 2909 MAGBAGBEADE GRACE ABOLANLE 765.00 3 2989 MUNET SAMUEL 765.00 3 3069 NWIGWE- ANI JOHN OKEKE 765.00 3 2910 MAIGARI BABAYO MODIBBO 765.00 3 2990 MUNIK-SHONIBARE FOLASADE O N 765.00 3 3070 NWINBARI HELEN 765.00 3 2911 MAIRIGA RUFINA DONGJAAP 765.00 3 2991 NAMENE WISDOM BARITOSAN 765.00 3 3071 NWINBARIN HELEN 765.00 3 2912 MA JARO IBILIBOR 765.00 3 2992 NANZA DAVID 765.00 3 3072 NWOBI PETER 765.00 3 2913 MA JEKODUNMI ANABA 765.00 3 2993 NARISA BAPPA 765.00 3 3073 NWOBI PETER W 765.00 3 2914 MA JEKODUNMI JOSEPH OLUWAFEMI 765.00 3 2994 NARKEASHA SERAH 765.00 3 3074 NWODE EMMANUEL COLLINS 765.00 3 2915 MAMMAN FATIMA SONIA 765.00 3 2995 NASIR SALISU 765.00 3 3075 NWOFIA OBIAGELI CHRISTIANA 765.00 3 2916 MAMMAN SHANJU VALERY 765.00 3 2996 NDA OKEY 765.00 3 3076 NWOSU OKECHUKWU ONYEKACHI 765.00 3 2917 MAMUDU MARIAM EMIKE 765.00 3 2997 NDAGI AISHATU 765.00 3 3077 NWOSU ONYINYECHI CHINYERE 765.00 3 2918 MAMUDU OMOTOLA MUJIDAT 765.00 3 2998 NDAGI HUSSIEN 765.00 3 3078 NWOSU S.OKECHUKWU 765.00 3 2919 MAMUKUYOMI STEPHEN SOLEDAYO 765.00 3 2999 NDAGI HUSSIEN R 765.00 3 3079 NWOSU SCHOLARSTICA UZOMA 765.00 3 2920 MANAGEMENT EDY 765.00 3 3000 NDAGI MOSES 765.00 3 3080 NWOYE CHIZOBA IMELDA 765.00 3 2921 MANAGEMENT OYEBODE 765.00 3 3001 NDAGI MOSES D 765.00 3 3081 NWOYE MADUKA PIUS 765.00 3 2922 MANDY MAHN 765.00 3 3002 NDUKWE NELSON EME 765.00 3 3082 NWUJU OLOAKA STELLA 765.00 3 2923 MANGAI GODWIN 765.00 3 3003 NDULUE GENEVIEVE ADAOBI 765.00 3 3083 NWUME CHUKWUJEKWU 765.00 3 2924 MANGIBO MARCUS 765.00 3 3004 NDUMELE CHINEDU OKECHUKWU 765.00 3 3084 NWURUKU JESUSEME 765.00 3 2925 MARY ANN DAS 765.00 3 3005 NEBEIFE SOLOMON 765.00 3 3085 NZELU EDWIN CHUKWUDUM 765.00 3 2926 MARY EJEH 765.00 3 3006 NEBO VICTOR CHUKWUKA 765.00 3 3086 NZEMECHI IHEANYI OGUGUA 765.00 3 2927 MARY LORA ADEH 765.00 3 3007 NEHIKHARE DOSUNMU 765.00 3 3087 NZEMECHI ONYINYECHI LINDA 765.00 3 2928 MARY MARK 765.00 3 3008 NELSON D JAMES 765.00 3 3088 O YUSUF 765.00 3 2929 MARY OLUMUYIWA 765.00 3 3009 NGOMA LEZI THIERRY 765.00 3 3089 OBASA JU MODUPE BETHY 765.00 3 2930 MARYAM OHIOZE 765.00 3 3010 NKECHI LASISI 765.00 3 3090 OBASI FESTUS 765.00 3 2931 MARYAN KALID 765.00 3 3011 NKECHI UZUEGBUNAM 765.00 3 3091 OBI CHIKWENDEU WILFRED 765.00 3 2932 MASHAK HANS 765.00 3 3012 NKEDILIRIM HARRY L 765.00 3 3092 OBI EKENE 765.00 3 2933 MASHAK HANS D. 765.00 3 3013 NKEM OMERUEH 765.00 3 3093 OBI MIMBILA 765.00 3 2934 MATANA HARITH 765.00 3 3014 NKEMDILI PETER 765.00 3 3094 OBI NDUBUISI MATTHEW 765.00 3 2935 MATHEW KAYODE OLALEKAN 765.00 3 3015 NKEMDIRIM HARRY 765.00 3 3095 OBI STEPHEN OBI 765.00 3 2936 MATHEW MODI 765.00 3 3016 NKEMNACHO MOSES 765.00 3 3096 OBI TONY MERRY HEART 765.00 3 2937 MBAGWU TOCHUKWU VICTOR 765.00 3 3017 NKEMNACHO MOSES F 765.00 3 3097 OBI TUNJI 765.00 3 2938 MBAH KELECHI GODWIN 765.00 3 3018 NKENJIKA BELLO 765.00 3 3098 OBIAFULA IWUJI PATRICK 765.00 3 2939 MBAH UZOCHUKWU SOLOMON 765.00 3 3019 NKESE NWAGU 765.00 3 3099 OBIAKEMHE TERRY DIRISU 765.00 3 2940 MBAKA MATHER MATHER 765.00 3 3020 NKORI NICHOLAS 765.00 3 3100 OBIAKOR CHIKE 765.00 3 2941 MBANA JA PAULINE CHIOMA 765.00 3 3021 NKWUKA SAMPSON 765.00 3 3101 OBIANO MALDALENE NWABUGO 765.00 3 2942 MBASOH HUMPHREY M 765.00 3 3022 NMADUFOR BLESSING 765.00 3 3102 OBIANYO KINS CHUMA 765.00 3 2943 MBASOH HUMPREY NNODU 765.00 3 3023 NNA ASUKA 765.00 3 3103 OBIEJESI CHIJIOKE ERASMUS 765.00 3 2944 MBATA JERRY 765.00 3 3024 NNABOGU DON 765.00 3 3104 OBINNA AMARACHUKWU C 765.00 3 2945 MBATA OBI MARK 765.00 3 3025 NNABUGO DAVID 765.00 3 3105 OBINNA REGINALD IHEUKWUMERE 765.00 3 2946 MBELEDE IFEYINWA 765.00 3 3026 NNABUGO DAVID E 765.00 3 3106 OBINWA PHILOMINA AKUADI 765.00 3 2947 MBOTO BALOGUN 765.00 3 3027 NNABUIHE HARBOR IJEOMA OBIAGERI 765.00 3 3107 OBI-ODUN UKWE UKAMAKA DORIS 765.00 3 2948 MBRUK FAITH 765.00 3 3028 NNACHETAM FIDELIS CHUKWUJIKE 765.00 3 3108 OBI-ODUNUKWE CHIDNMA FELICIA 765.00 3 2949 MBRUK FAITH Q. 765.00 3 3029 NNACHI UKPAI OJI 765.00 3 3109 OBI-ODUNUKWE CHINWIKE CALLISTUS 765.00 3 2950 MBUBA FOLASHADE 765.00 3 3030 NNAEGBUNA AKUNNA 765.00 3 3110 OBIOKOYE E. ANTHONY 765.00 3 2951 MBUK ESTHER 765.00 3 3031 NNAEGBUNA AKUNNA W 765.00 3 3111 OBIORA -OKAFOR CHINEDU AFAMEFUNA 765.00 3 2952 MBUK ESTHER F. 765.00 3 3032 NNAEMEKA CHIDIMMA 765.00 3 3112 OBIRI AMBROSE OKEY 765.00 3 2953 MBUK MBUK FELICIA 765.00 3 3033 NNAEMEKA CHRIS 765.00 3 3113 OBI-UCHENDU IFEOMA 765.00 3 2954 MBUK MBUK FELICIA T. 765.00 3 3034 NNANNA INNOCENT UGONNA 765.00 3 3114 OBODOEZE DAVID ONUORAH 765.00 3 2955 MCDONALD MAHA 765.00 3 3035 NNEJI CHIDINMA STELLA 765.00 3 3115 OBOH JACKSON IMHANS 765.00 3 2956 MCMMANUEL BENITO 765.00 3 3036 NNEJI CHIUGO CHINELO 765.00 3 3116 OBONNA OVIEZAKUME EBELECHUKWU 765.00 3 2957 MEDUGBON MICHAEL MAYOMI 765.00 3 3037 NNEKA NWAKPA 765.00 3 3117 OBOT INIABASI THOMAS 765.00 3 2958 MEGBA ESROM IYANU 765.00 3 3038 NNEKA UDOKA 765.00 3 3118 OBOT SEKEWED IFIOK 765.00 3 2959 MEJURU REUBEN OSONDU 765.00 3 3039 NNEMAKA ISREAL EBUBE H 765.00 3 3119 OBOTI SAMUEL 765.00 3 2960 MEKWUNYE AUGUSTINE COLLINS 765.00 3 3040 NNNEJI OKECHUKWU STEPHEN 765.00 3 3120 OBUMNEME LINUS IKEOKWU 765.00 3
2014 ANNUAL REPORTS AND ACCOUNTS 145 S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
3121 OBUROTA CHIMAOBI 765.00 3 3201 OJIGBEDE ESTHER 765.00 3 3281 OKOJI-JONAH BLESSING 765.00 3 3122 OBUROTA JACOB 765.00 3 3202 OJIGHO UFUOMA FOCUS 765.00 3 3282 OKOLI ADAEZE 765.00 3 3123 OBUROTA PATRICK 765.00 3 3203 OJIKPE NKIRU UCHEDILI 765.00 3 3283 OKOLI BALDWIN CHUKWUELUE 765.00 3 3124 OCHE CHARITY 765.00 3 3204 OJIKUTU KEHINDE 765.00 3 3284 OKOYE OBIAGELI CHINYERE 765.00 3 3125 OCHEJE ALEX DANJUMA 765.00 3 3205 OJO ADEDAYO 765.00 3 3285 OKOYE-EZE SHADRACK ACHUFUSI 765.00 3 3126 OCHEMI AKOJI TEMPLE 765.00 3 3206 OJO ADEMOLA ABIODOLA 765.00 3 3286 OKPAISE OLUTOYIN AYODEJI 765.00 3 3127 OCHI CHIOMA LOVETH 765.00 3 3207 OJO ADEYINKA OLAKUNLE 765.00 3 3287 OKPAISE OLUTOYIN AYODEJI 765.00 3 3128 OCHIGBO AGBOSON PATRICK 765.00 3 3208 OJO ADEYINKA OLUPONLE 765.00 3 3288 OKPEH WILLIAMS OCHEME 765.00 3 3129 OCHONOGOR SUNDAY 765.00 3 3209 OJO BAMISAYE SANMI 765.00 3 3289 OKPERE KIZITO USIFO AYODELE 765.00 3 3130 OCHULOR OBIOMA 765.00 3 3210 OJO BISOLA 765.00 3 3290 OKPETA PATRICK IBINGHA 765.00 3 3131 ODEARA FATIMA OYEBIMPE 765.00 3 3211 OJO ESTHER 765.00 3 3291 OKPOFAA AYABOWEI CHRISTIAN 765.00 3 3132 ODEBEATU OGENNA CHILO 765.00 3 3212 OJO OLUWAFEMI RICHARD 765.00 3 3292 OKPOR EHINWEMA FELICIA 765.00 3 3133 ODEGHE OGBONNAC CHIOMA 765.00 3 3213 OJO TEMITOPE OLUWATOSIN 765.00 3 3293 OKPORUANEFE KATE OMOLARA 765.00 3 3134 ODEH WILLIAM EHIGIE 765.00 3 3214 OJO VICTORIA OLASINBO 765.00 3 3294 OKUBA INNOCENT CHINEDU 765.00 3 3135 ODEKUOYE ADEREMI RALPH 765.00 3 3215 OJOBI ADOLE AMEH 765.00 3 3295 OKUBOYE BOLAJI MORENIKE 765.00 3 3136 ODELEYE YETUNDE OMOLARA 765.00 3 3216 OJOCHONU VICTOR SAMUEL 765.00 3 3296 OKUNADE ABIMBOLA TEJUMOLA 765.00 3 3137 ODESANYA -OLOTO BASHIRU ABISOYE 765.00 3 3217 OJUGBELE ADEFOLAMI A. FARUQ 765.00 3 3297 OKUNADE MUTIAT OLOLADE 765.00 3 3138 ODESANYA OLUWATOYIN BOLA 765.00 3 3218 OJUKWU JOSEPH CHUKWUJUGHA 765.00 3 3298 OKUNDAYE FELICIA 765.00 3 3139 ODETOLA DOLAPO DAMOLA 765.00 3 3219 OJUKWU NEREUS IKEDI 765.00 3 3299 OKUNMUYIDE DAVID BANJO 765.00 3 3140 ODEY RICHARD ODEY 765.00 3 3220 OJUKWU TEMITOPE OLORUNTOBA 765.00 3 3300 OKUNNEYE ADEMOLA OLADIPO 765.00 3 3141 ODEYEMI FATIMAT ADESOLA 765.00 3 3221 OJUROMI LUKY MICHEAL 765.00 3 3301 OKUNOLA AYOMIDE 765.00 3 3142 ODIDI ISAAC EGON SEUN 765.00 3 3222 OJUTIKU ADEDAPO 765.00 3 3302 OKUNOLA DAMILOLA 765.00 3 3143 ODIDI RENA 765.00 3 3223 OJUTIKU MOROUNFOLU 765.00 3 3303 OKUNOLA EMMANUEL 765.00 3 3144 ODIGIE MARY 765.00 3 3224 OJUTIKU OLUGBOYEGA 765.00 3 3304 OKUNOLA JOY MODUPE 765.00 3 3145 ODILI FRANCISCA 765.00 3 3225 OKAFOR ALFRED IWEBUNOR 765.00 3 3305 OKUNOLA OLUMIDE 765.00 3 3146 ODINAKA PETER 765.00 3 3226 OKAFOR CHARLES CHINEDU 765.00 3 3306 OLABANJI COMFORT MOSUN 765.00 3 3147 ODIWE NNEBUOGO MARTHA 765.00 3 3227 OKAFOR EBERE AMARA 765.00 3 3307 OLABISI MOJISOLA REBECCA 765.00 3 3148 ODO NNEKA ROSELINE 765.00 3 3228 OKAFOR GODWIN FRANK 765.00 3 3308 OLABOLUDE OLATUNDE 765.00 3 3149 ODONG NANCY 765.00 3 3229 OKAFOR IKECHUKWU SAMUEL 765.00 3 3309 OLABOWALE BAMIDELE BIDEMI 765.00 3 3150 ODOWEGWU JOHN ONAH 765.00 3 3230 OKAFOR JERRY 765.00 3 3310 OLABULO OLAWUMI FEYIKEMI 765.00 3 3151 ODU ABAYOMI OLUFEMI 765.00 3 3231 OKAFOR JUSTICE VINCENT 765.00 3 3311 OLADAPA ABIODUN 765.00 3 3152 ODUCHE IFEYINWA FAITH 765.00 3 3232 OKAFOR LINUS 765.00 3 3312 OLADAPO ABIODUN OLUWAKEMI 765.00 3 3153 ODUFALU OPEYEMI OLUWAGBAMILA 765.00 3 3233 OKAFOR NGOZI BLESSING 765.00 3 3313 OLADAPO KABIRU OLADIRAN 765.00 3 3154 ODUGBESAN ADESOLA 765.00 3 3234 OKAFOR OBINA 765.00 3 3314 OLADAPO OLUFEMI TAIWO 765.00 3 3155 ODULARU ADEMOLA 765.00 3 3235 OKAFOR OLIVER CHUKWUDI 765.00 3 3315 OLADAPO OLUWASEUN JADESOLA 765.00 3 3156 ODULATE JOSEPH OLUSOLA 765.00 3 3236 OKAFOR STELLA IFEACHUKWU O 765.00 3 3316 OLADEJO ABIMBOLA 765.00 3 3157 ODULI OLUSEGUN 765.00 3 3237 OKAGBARE SAMUEL EGUBE 765.00 3 3317 OLADEJO TAIWO JOHN 765.00 3 3158 ODUMOSU ADEBIMPE 765.00 3 3238 OKAH AVAE MATHIAS OWIGHO 765.00 3 3318 OLADELE OLUFUNKE OLADUNNI 765.00 3 3159 ODUNDOYIN ADEJUMOKE 765.00 3 3239 OKAH JOY EWA 765.00 3 3319 OLADEMEHIN RALPH ABAYOMI 765.00 3 3160 ODUNELA MONSURAT B. 765.00 3 3240 OKAI CELESTINE IKE 765.00 3 3320 OLADIMEJI ISMAIL OLADOKU 765.00 3 3161 ODUNEWU KAYODE JOHN 765.00 3 3241 OKARA CHARLES GILBERT 765.00 3 3321 OLADIMEJI JOSHUA 765.00 3 3162 ODUNSI E. VICTOR 765.00 3 3242 OKARO EMMANUEL OSELOKA 765.00 3 3322 OLADIMEJI OLAYEMI RUTH 765.00 3 3163 ODUNSI ITUNOLUWA ADENIKE 765.00 3 3243 OKATTA BLESSING IDARA 765.00 3 3323 OLADIMEJI OLAYINKA SUNDAY 765.00 3 3164 OGHENEJODE RUTH 765.00 3 3244 OKE BOSEDE VICTORIA 765.00 3 3324 OLADIMEJI OLUWATOBI SUNDAY 765.00 3 3165 OGUNDIPE KOLAWALE 765.00 3 3245 OKE CHINWE CLARA 765.00 3 3325 OLADIPO OLUBUNMI TUNRAYO 765.00 3 3166 OGUNDIPE TOPE 765.00 3 3246 OKE FELIX 765.00 3 3326 OLADIPO OLUDARE 765.00 3 3167 OGUNDIRAN OMOLOLA GRACE 765.00 3 3247 OKE GBOLARO BOSEDE 765.00 3 3327 OLADIPO SUNDAY OLALEKAN 765.00 3 3168 OGUNDOYIN AYODEJI OJO 765.00 3 3248 OKE GRACE OMOTOKE 765.00 3 3328 OLADIPUPO FLOURISH ADEKUNLE 765.00 3 3169 OGUNGBADEJO ABDULKAREEM O 765.00 3 3249 OKENWA CHIIJIOKE PAUL 765.00 3 3329 OLADIRAN ROTIMI ELIJAH 765.00 3 3170 OGUNGBAMILA OLASOJI O. 765.00 3 3250 OKENWA PEACE CHINYERE 765.00 3 3330 OLADOSU VICTOR KOLAWOLE 765.00 3 3171 OGUNGBE ADEYEMI ADEFEMI 765.00 3 3251 OKERE CLIFFORD CHUKWUEMEKA 765.00 3 3331 OLADUNJOYE ELIJAH IBUKUNOLUWA O 765.00 3 3172 OGUNGBE OLUFEMI 765.00 3 3252 OKERE CLIFFORD CHUKWUEMEKA 765.00 3 3332 OLADUNNI OLUWAFUNMIKE AMINAT 765.00 3 3173 OGUNGBILE BIODUN 765.00 3 3253 OKEREJI O.OLUSEYI 765.00 3 3333 OLAEWE JACOB OLUSEGUN 765.00 3 3174 OGUNGBILE GBOLABO DAMILARE 765.00 3 3254 OKEREKE AUGUSTINE 765.00 3 3334 OLAFIRANYE IBRAHIM OLAWALE 765.00 3 3175 OGUNJIMI TENIOLA FATAI 765.00 3 3255 OKEREKE NGOZI 765.00 3 3335 OLAFIRANYE SULAIMON ADEDAMOLA 765.00 3 3176 OGUNJOBI BUKAYO OLUWASEYI 765.00 3 3256 OKEREKE STANLEY CHIDI 765.00 3 3336 OLAGBENJO SALAU 765.00 3 3177 OGUNJOBI SAMSON A JANI 765.00 3 3257 OKESANYA EMMANUEL O. 765.00 3 3337 OLAGOKE TITILAYO ABEGBE 765.00 3 3178 OGUNKOMAIYA IDOWU TITILOPE 765.00 3 3258 OKESANYA OLAMIJI 765.00 3 3338 OLAGUNJU BAMIDELE J. 765.00 3 3179 OGUNKOYA ADENIKE AFOLARIN 765.00 3 3259 OKETOGUN DARE F 765.00 3 3339 OLAGUNJU PAUL OLUFEMI 765.00 3 3180 OGUNLANU ABIMBOLA OLADUNNI 765.00 3 3260 OKHUELEIGBE ADESUWA 765.00 3 3340 OLAIFA KAYODE TAJUDEEN 765.00 3 3181 OGUNLENDE ZAINAB JOSEPHINE 765.00 3 3261 OKHUELEIGBE EHIMARE 765.00 3 3341 OLAIGBE OLUWAFUNKE MORENIKE 765.00 3 3182 OGUNLENDE ZAWE ABIOLA 765.00 3 3262 OKHUELEIGBE LIZZY 765.00 3 3342 OLAIYA RUKAYATU AJOKE 765.00 3 3183 OGUNLESI AKINTUNDE A. 765.00 3 3263 OKHUELEIGBE OMOYE 765.00 3 3343 OLA JIDE ABOLA JOKO DEBORAH 765.00 3 3184 OGUNLESI VICTORIA A. 765.00 3 3264 OKHUELEIGBE OTAIGBE 765.00 3 3344 OLA JIDE GABRIEL TAIWO OLUSEGUN 765.00 3 3185 OGUNLEYE AMIDU TUNDE 765.00 3 3265 OKHUMALE CHRIS 765.00 3 3345 OLA JIDE OLUFOLAKE ADEPEJU 765.00 3 3186 OGUNSANYA OLUWAFEMI E 765.00 3 3266 OKIDE NNAEMEKA CHUKWUDILE 765.00 3 3346 OLA JIDE OLUFUNSHO OLAWALE 765.00 3 3187 OGUNSANYA OYINDAMOLA A 765.00 3 3267 OKIKE IKECHUKWU OGBONNA 765.00 3 3347 OLA JIDE SUNDAY OLALEKAN 765.00 3 3188 OGUNSE SEGUN 765.00 3 3268 OKITAVWOTA EFE EMMANUEL 765.00 3 3348 OLA JIDE TAIWOLEKAN 765.00 3 3189 OGUNSOLA EUNICE AFOLAKE 765.00 3 3269 OKITAVWOTA EMMANUEL 765.00 3 3349 OLA JIDE VERONICA TITILAYO 765.00 3 3190 OGUNSOLA JOSEPH TEMI DARA O 765.00 3 3270 OKITI ESOHE OSAGIE 765.00 3 3350 OLA JUBUTU OLUWASHOLA 765.00 3 3191 OGUNTADE COMFORT MOJISOLA 765.00 3 3271 OKOCHA AGBUNE VICTOR 765.00 3 3351 OLAKUNLE BABATUNDE 765.00 3 3192 OGUNTADE MODUPE TOMILAYO 765.00 3 3272 OKOCHI ERNEST TOCHUKWU 765.00 3 3352 OLAKUNLE ENYONAM TEMILOLUWA 765.00 3 3193 OJEFUA GODSWILL 765.00 3 3273 OKOCHI TOCHUKWU ERNEST 765.00 3 3353 OLALEKE FELICIA IYABODE 765.00 3 3194 OJEFUA ISIBHAKHOMEN CONSTANCE 765.00 3 3274 OKODIKE ANGELA UJU 765.00 3 3354 OLARINOYE MATTHEW A JEBAYO 765.00 3 3195 OJEFUA OFURE 765.00 3 3275 OKOEKI MABEL JEIEGBE 765.00 3 3355 OLASEINDE MOSES OLNREWA JU 765.00 3 3196 OJEIKERE MARY OLAYINKA 765.00 3 3276 OKOH JERIMIAH ONYEKWERE 765.00 3 3356 OLASENHINDE KOLAWOL N 765.00 3 3197 OJEIKERE OHIKHUARE 765.00 3 3277 OKOH ORITSEMA JEMITE KATE 765.00 3 3357 OLASOPE AKINYELE JINADU 765.00 3 3198 OJELAKIN HANNAH OLUKEMI 765.00 3 3278 OKO-JA JA RICHARD ISHMAEL 765.00 3 3358 OLASORE OLUSOLA YEMISI 765.00 3 3199 OJIAKO OBIORA BASIL 765.00 3 3279 OKOJI RAPHEAL OKON 765.00 3 3359 OLATERU NGOZI 765.00 3 3200 OJIEH NWABUOGOR JONES 765.00 3 3280 OKOJIE SUNDAY 765.00 3 3360 OLATERU OLATUNJI DANIEL 765.00 3
146 2014 ANNUAL REPORTS AND ACCOUNTS Unclaimed Dividend As At Dec 31st 2014
S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO
3361 OLATINWO IBRAHIM ABIODUN 765.00 3 3441 OYEDEJI OYEGBOLA ADEDAYO 935.46 3 3521 SUBERU AMUSAT ADEBOLA 2,250.00 3 3362 OLATUNBOSUN ONI 765.00 3 3442 OYEDELE ADENIYI OLUGBENGA 945.00 3 3522 THESCO & AGRO LTD 2,340.00 3 3363 OLATUNBOSUN STEPHANIE KEHINDE 765.00 3 3443 OYEDELE ADEROMKE F 945.00 3 3523 THOMAS ANIEFIOK DICKSON 2,340.00 3 3364 OLATUNDE RAHMAN OPEYEMI 765.00 3 3444 OYEDELE OLUWASESAN OYETUNDE 945.00 3 3524 THOMEX GROUPEX NIG. LTD. 2,342.93 3 3365 OLATUNDE RASHEED AYOMIKUN 765.00 3 3445 OYEDELE PAUL 945.00 3 3525 THOMPSON OLUWAFEMI 2,362.50 3 3366 OLATUNDE RISKAT ADUKE 765.00 3 3446 OYEDELE TOLULOPE ADETOYESE 945.00 3 3526 THOMPSON TAMUNODIKI 2,362.50 3 3367 OLATUNJI BASHIRU ADEREMI 765.00 3 3447 OYEDESI MUYIWA EMMANUEL 945.00 3 3527 TIAMIYU EMMANUEL BAMIDELE 2,362.50 3 3368 OLATUNJI OLALEKAN ABAYOMI 765.00 3 3448 OYEDIRAN CHRISTIANAH FUNMILAYO 945.00 3 3528 TIAMIYY ALHAMEEN ADETAYO 2,362.50 3 3369 OLATUNJI OLUWASEUN JAMIU 765.00 3 3449 OYEDIRAN MODUPEOLA OLUWATOYIN 945.00 3 3529 TIJANI FATIMA 2,409.75 3 3370 OLIYIDE HAZMAT OLUDOLAPO 765.00 3 3450 OYEDOKUN ISAIAH ADELANI 945.00 3 3530 TIJANI OLADIPUPO MUHRTALA 2,475.00 3 3371 OLIYIDE ISMAILA OLANREWA JU 765.00 3 3451 OYEKAN FATIMAH FADEKE 945.00 3 3531 TIMINIMI NELSON OTOH 2,488.50 3 3372 OLIYIDE JAMIU 765.00 3 3452 OYENIYI OLOLADE OMOPARIOLA 992.25 3 3532 TITE JOCELYN ERORO 2,502.32 3 3373 OLIYIDE MODINAT 765.00 3 3453 OYENIYI OLUWATOYIN OMOLOLA 992.25 3 3533 TOCHUKWU A. S. 2,551.50 3 3374 OLIYIDE MORUFF 765.00 3 3454 OYENIYI ROTIMI JOSEPH 992.25 3 3534 TOCHUKWU SILVARIUS 2,565.99 3 3375 OLIYIDE MUHAMMED TEMIDAYO 765.00 3 3455 OYENIYI SIMEON KOLAWOLE 992.25 3 3535 TOKODE OLUSEGUN OLAYINKA 2,598.75 3 3376 OLIYIDE SAHEED 765.00 3 3456 OYENIYI TAIWO OLUMUYIWA 992.25 3 3536 TOKODE OLUWATENIOLA AYOMIDE 2,693.25 3 3377 OLIYIDE WOSILAT AMOPE 765.00 3 3457 OYENUGA OLUYEMISI 992.25 3 3537 TOM EMMANUELLA ENO 2,700.00 3 3378 OLOJEDE SAMSON OLUSOLA 765.00 3 3458 OYETADE OLUFEMI ADEGOKE 1,006.92 3 3538 TOWNSEND SEBASTIAN 2,700.00 3 3379 ONIKOSI SIKIRAT 765.00 3 3459 OYEWOLE BOSEDE ABIOLA 1,012.50 3 3539 TRADE LINK FIN.-DEPOSIT A/C 2,700.00 3 3380 ONILE FEMI GODWIN 765.00 3 3460 OYEWOLE DUROTIMI OLUSEUN 1,032.34 3 3540 TRANSGLOBE INVESTMENT $ FIN CO LTD. 2,700.00 3 3381 ONIMISI JOHN ADOKE 765.00 3 3461 OYEWOLE FOLASHADE ABIOLA 1,080.00 3 3541 TUME AHEMBA 2,700.00 3 3382 ONOH ELIAS 765.00 3 3462 OYEWOLE JOSEPH 1,091.47 3 3542 TUNDE SALAU GLOBAL VENTURES LTD 2,722.18 3 3383 ONOJA BLESSING EJURA 765.00 3 3463 OYEWOLE KASALI 1,093.50 3 3543 UBAH CHINONSO JUSTUS 2,722.50 3 3384 ONONYE MOSES 765.00 3 3464 OYEWOLE MUSIBAU OMOTOLANLE 1,101.29 3 3544 UBA JEKWE CHUKWUEBUKA AZUBUIKE 2,790.00 3 3385 ONOPHURHI DANIEL 765.00 3 3465 OYEWOLE RASHEED ABIOLA 1,102.50 3 3545 UBAKA OLUOYE ANDREW 2,835.00 3 3386 ONOVO AMAECHI SAMUEL 765.00 3 3466 RABIU RAHEEMAT 1,138.50 3 3546 UCHEGBU GERALD CHIBUIKE PETER 2,946.64 3 3387 ONU SOLOMON ODINAKA 765.00 3 3467 RA JI OLUWAFUNMILAYO OLUWATOYIN 1,138.50 3 3547 UCHENWA CHRISTOPHER CHIAGOZIE 2,976.75 3 3388 ONUCHUKWU JOHNSON OKWUNNA 765.00 3 3468 RA JI SHUKURAT OLASUMBO 1,146.01 3 3548 UCHENWA OBY VICTORIA 2,976.75 3 3389 ONUEGBU OBIAGELI ANTHONIA 765.00 3 3469 RAMON ABAYOMI 1,147.50 3 3549 UCHEUKWU ALOZIE 2,976.75 3 3390 ONUOCHA JOSEPHINE UCHENWA 765.00 3 3470 RANTI ADEKUNLE ALAUSHA 1,170.00 3 3550 UCHOBI NIG LTD 2,997.00 3 3391 ONUOHA BETHRAND C. 765.00 3 3471 ROSE OJOCHIDE DINGBA 1,260.00 3 3551 UDE CHIEMERE ANTHONY 2,997.00 3 3392 ONUOHA CHIDI 765.00 3 3472 SABO AL-AMIN YELWA 1,350.00 3 3552 UDEAGHA EGBEOMA 2,997.00 3 3393 ONUOHA KATE OLUCHUKWU 765.00 3 3473 SADA MARYAM MUSA 1,350.00 3 3553 UDECHUKWU ADAUGO 2,997.00 3 3394 ONUOHA RACHAEL NGOZI 765.00 3 3474 SADA MOHAMMED MUSA 1,350.00 3 3554 UDEH CHIAMAKA NWACHUKWU 2,997.00 3 3395 ONUSELOGU CHRIS OLISA 765.00 3 3475 SADA MUJAHID MUSA 1,350.00 3 3555 UDEH IKECHUKWU GERAD 2,997.00 3 3396 ONWUAMAEGBU EMEKA 765.00 3 3476 SADA NASIRUDDIN MUSA 1,350.00 3 3556 UDEH JUDE CHUKWUDI 3,006.00 3 3397 ONWUATOGWU FIDELIS OKECHUKWU 765.00 3 3477 SADA SAIFFUDDIN MUSA 1,350.00 3 3557 UDEH LEONARD IKECHUKWU 3,010.50 3 3398 ONWUATOGWU IKECHUKWU ANTHONY 765.00 3 3478 SALAMI AOEOLA 1,350.00 3 3558 UDEICHI IDIA 3,150.00 3 3399 ONWUDINJO NNABUEKE PETER 765.00 3 3479 SALAMI BABATUNDE 1,350.00 3 3559 UDEOJI UCHE VICTOR 3,150.00 3 3400 ONWUEDO NKECHI OSONDU 765.00 3 3480 SALAMI FOLASAD AMINAY 1,350.00 3 3560 UDEZE COMFORT 3,150.00 3 3401 ONWUKA IJEOMA 765.00 3 3481 SALAMI OLAWALE 1,350.00 3 3561 UDO MARY 3,307.50 3 3402 ONWUKJA MBA OGBA JA 765.00 3 3482 SALAMI SUNDAY SAMUEL 1,350.00 3 3562 UDO MARY ETETIM 3,420.00 3 3403 ONWUMELU VALENTINE 765.00 3 3483 SALAU LUKMAN ISHOLA 1,350.00 3 3563 UDOH ALICE ETIM 3,420.00 3 3404 ONWUNEME NNAMDI 765.00 3 3484 SALAU TIAMIYU OLADELE 1,350.00 3 3564 UDOH ANTHONY LINUS 3,490.38 3 3405 ONWUSARAKA CHIKA 765.00 3 3485 SALAWU OLAYEMISI SERIFAT 1,350.00 3 3565 UDOH CHRISTIAN JEREMIAH 3,521.52 3 3406 ONWUTALOBI ANGELA UKAMAKA 765.00 3 3486 SELUMUN IYENGE 1,732.50 3 3566 UDOH JOHN ETUK 3,543.75 3 3407 ONWUZOR THEO ILO 765.00 3 3487 SEVORDZI FREDERICK SIGISMUND 1,800.00 3 3567 UDOH JOHN JONAH 3,543.75 3 3408 ONWUZULIKE DANIEL CHIGBO 765.00 3 3488 SHEYINDEMI EMMANUEL A. ADEDAMOLA 1,800.00 3 3568 UDOH M. DAVID 3,600.00 3 3409 ONWUZULIKE DORISS CHINONYE 765.00 3 3489 SHITTA WASIU 1,800.00 3 3569 UDOH MICHAEL OKAFOR 3,600.00 3 3410 ONYEABOR NDUBUEZE JOHN 765.00 3 3490 SHITTA WASIU OLADELE 1,800.00 3 3570 UGWU RAYMOND OMABA 3,600.00 3 3411 ONYEAGHALA FORTUNATUS 765.00 3 3491 SHITTU OWOLABI LATEEF 1,800.00 3 3571 UGWU VICTORIA OLUCHUKWU 3,600.00 3 3412 ORIAIFO-ODARO FELICIA EBAIDE 810.00 3 3492 SHITU O. NIMOTALAI 1,800.00 3 3572 UGWUANYI KENNETH CHIBUIKE 3,600.00 3 3413 ORIDAMI OLUSOLA TOKUNBO 810.00 3 3493 SHOBAYO A JIGBOTOLA SADE 1,831.50 3 3573 UGWUEKE MATTIAS UGWUEKE 3,604.05 3 3414 ORIJA OLUWAKEMI OMOLARA 810.00 3 3494 SHOTE MUTIU OLANIPEKUN 2,025.00 3 3574 UGWUMBA CHIBUZO ATHANASIUS 3,780.00 3 3415 ORIMOLADE CLEMENT BAMIDELE 810.00 3 3495 SHOYINKA RAFEHAT OLUBUKOLA 2,065.28 3 3575 UGWUMBA THEODORE IFEANYICHUKWU 4,095.00 3 3416 ORITU AFOLABI SOLOMON ABE 810.00 3 3496 SHOYINKE FRIDAOS AYOMIDE 2,070.00 3 3576 UGWUOKE VALENTINE UCHE 4,252.50 3 3417 ORJI KINGSLEY ONWUCHEKWA 810.00 3 3497 SILVARIUS ANIEBONAM 2,103.25 3 3577 UJOATUONU JONATHAN UWAOMA 4,500.00 3 3418 ORJI ODILIONYENMA GREGORY 822.15 3 3498 SILVARIUS ANIEBONAM TOCHUKWU 2,126.25 3 3578 UKA APPOLONIA OGOMA 4,500.00 3 3419 ORJI ONYEABO CHIDIEBERE 832.50 3 3499 SILVER MICHEAL FEMI 2,173.77 3 3579 UMAR MOHAMMED 4,500.00 3 3420 ORJI STEPHEN 850.50 3 3500 SILVERGATE TRAVEL & TOUR LTD 2,182.95 3 3580 UMEOZULU IFEANYI NOBERT 4,725.00 3 3421 ORJI UDOCHUKWU VALENTINE 850.50 3 3501 SIMON BLESSING ACHENYO 2,196.00 3 3581 UMEZURIKE OLAYINKA 4,725.00 3 3422 OSAMWONYI KEZIAH 900.00 3 3502 SIYAKA ABUBAKAR OGIRIMA 2,250.00 3 3582 UMOETTE EKAETTE EKUTMFON 4,950.00 3 3423 OSANYINTADE OLUWASEGUN O 900.00 3 3503 SKINNER MOSES OMEIZA 2,250.00 3 3583 UMOH JOSHUA UBON 4,961.25 3 3424 OSENI UMU 900.00 3 3504 SODIQ MUYDEEN 2,250.00 3 3584 UMOH MFONIDOH DAVID 4,961.25 3 3425 OSENI WALIKAT AFOLAKE 900.00 3 3505 SOETAN OLUFOLAKE ARINOLA 2,250.00 3 3585 UMOH SUNDAY MOSES 4,963.27 3 3426 OSENI WASIU OLAYINKA 900.00 3 3506 SOFELA MICHAEL OLUFEMI 2,250.00 3 3586 UMOH UWEMEDIMO 5,081.27 3 3427 OSERUVWOJA OBUKOHWO VINCENT 900.00 3 3507 SOFIDIYA ELLIOT SOBAKIN 2,250.00 3 3587 UMOREN ANTHONY 5,242.50 3 3428 OSHAI STEPHEN MADU 900.00 3 3508 SOGBANMU FATIMAH FADEKE 2,250.00 3 3588 UMORU JIMOH 5,485.50 3 3429 OSHEWA AYOWOLA OLUFUNSO 900.00 3 3509 SONIRAN TENIOLA 2,250.00 3 3589 UNAEGBU NKEIRUKA NKEMAKOLAM 5,535.00 3 3430 OSHIE DYGIM MARY 900.00 3 3510 SOPEJU ADEMOYE HEFEISBA 2,250.00 3 3590 UNEGBU BONIFACE GEORGE 5,680.17 3 3431 OSHIN ANTHONY OLUGBENGA 900.00 3 3511 SOWEMIMO CECELIA YETUNDE 2,250.00 3 3591 UNEGBU ONYEMAECHI SUSAN 5,692.50 3 3432 OTI ONYIYECHUKWU P 900.00 3 3512 SOWUNMI MOROHUNTODUN .A. 2,250.00 3 3592 UROH OGBONNIA AUGUSTINE 5,940.00 3 3433 OTI PHILOMENA O 900.00 3 3513 SOWUNMI STELLA BANKE 2,250.00 3 3593 USIAGWU HELEN A. 6,142.50 3 3434 OTISE UCHE 900.00 3 3514 SOYEMI ADEDAYO 2,250.00 3 3594 USIAYO BERNARD OMAMUZO 6,217.38 3 3435 OWOMERO EMILY 900.00 3 3515 SPENCER MICHAEL AYODEJI 2,250.00 3 3595 USIFOH AKHERE EGBELE 6,300.00 3 3436 OWOSEJE KAYODE MR 900.00 3 3516 ST JOHN CHURCH IBO OLOYIN 2,250.00 3 3596 USMAN ABUBAKAR 6,525.00 3 3437 OYAKHIRE OLUSEGUN WILLIAM 900.00 3 3517 STANBIC NOMINEES LTD-TRADING 2,250.00 3 3597 USMAN BELLO MOHAMMED 6,750.00 3 3438 OYEBANJI OLUWATOSIN OYEBOLA 900.00 3 3518 STANDARD ALLIANCE INVESTMENT LTD 2,250.00 3 3598 USMAN HASSAN BABBA 6,750.00 3 3439 OYEBISI ROTIMI 909.00 3 3519 STAR INVESTMENT & SECURITIES LIMITED 2,250.00 3 3599 USMAN MAINA DANAZUMI 6,750.00 3 3440 OYEDE SEGUN ADEBAYO 913.50 3 3520 STEWARD PROPERTIES ENTERPRISES 2,250.00 3 3600 USUANLELE JOHN AHON-MASE 6,750.00 3
2014 ANNUAL REPORTS AND ACCOUNTS 147 3601 UVWO ADOGBEJI WILSON 6,941.02 3 3602 UWADA EMMANUEL 7,087.50 3 3603 UWADINEKE GLADYS NKEM 7,920.00 3 3604 UWADINEKE IZUCHUKWU GABRIEL 8,100.00 3 3605 UWAGUE EDWARD AKHAZOBUA 8,235.00 3 3606 UWAKWE ANDREW CHUKWUEMEKA 8,437.41 3 3607 UWANDU JUSTINA 9,000.00 3 3608 UWAOMA SHULAMTTE AMARACHI 9,000.00 3 3609 UWERU GODWIN ORUGBA 9,000.00 3 3610 UYANWUNE CATHERINE CHIZOBA 9,000.00 3 3611 UYANWUNE ERIC CHIZOBA 9,000.00 3 3612 UYI JOVITA 9,000.00 3 3613 UZU FAVOUR NKEMDILIM 9,000.00 3 3614 UZUEGBU TONY 9,175.37 3 3615 UZUWE PATRICK ONOCHEI 9,450.00 3 3616 VALENTINE OLUWAKEMI FRANSISCA 9,922.50 3 3617 VINCENT TOKUNBO 9,922.50 3 3618 VIVIANA ADEYI 9,945.00 3 3619 WABARA EDWIN CHIJIOKE 10,800.00 3 3620 WAHAB ABEEB 11,250.00 3 3621 WATTI EMMANUEL TEMITOPE 11,250.00 3 3622 WISDOM OGBONNAYA 12,855.20 3 3623 WISDOM OSONG ETENG 16,928.28 3 3624 WOGU AGWAOMA PRECIOUS 18,000.00 3 3625 YAKEEN KAZEEN 18,900.00 3 3626 YAKUBU AREMU AMUDA 22,267.89 3 3627 YAKUBU JIMOH AHMED 22,500.00 3 3628 YARLING MARTHA LUKA 22,500.00 3 3629 YUNUSA SODIQ ADESHINA 27,000.00 3 3630 YUNUSA YAKUBU 27,000.00 3 3631 YUSUF A. SHALLANGWA 27,000.00 3 3632 YUSUF ABDULLAHI 29,250.00 3 3633 YUSUF ABDULLATEEF KAYODE 32,215.05 3 3634 YUSUF KOLAWOLE BOLA 33,750.00 3 3635 YUSUF MADINAT MOTUNRAYO 33,750.00 3 3636 YUSUF MULIKAT JOKE 45,000.00 3 3637 YUSUF OLOLADE BILIKIS 45,000.00 3 3638 YUSUF TAOFEEK 45,000.00 3 TOTAL FOR PYT 3 2,246,459.73
148 2014 ANNUAL REPORTS AND ACCOUNTS Note
2014 ANNUAL REPORTS AND ACCOUNTS 149 150 2014 ANNUAL REPORTS AND ACCOUNTS Consolidation of Accounts
Dear Shareholders,
Records with our registrar and as revealed by the registrar of Members show that some members have multiple accounts in their names.
This situation may have risen as a result of multiple applications made during new issues or as a result of purchases made through the Stock Exchange Market.
Servicing this account is a huge administrative problem resulting in avoidable cost. E.g Postage, maintenance, issuing of certificates, etc. This ultimately has an impact of the profit of your company.
The company appeals to you to make efforts to consolidate your multiple accounts, more especially to facilitate the operations and to save the company cost.
We ask for you corporation in this respect.
Please complete the Consolidation Request Form below and send it to the Registrars: First Registrars Ltd; Plot 2 Abebe Village Road, Iganmu, Lagos Nigeria.
Kindly state in your request for consolidation the name/addresses of those persons you bought shares for during any public offers by the Company and the secondary market besides yourself. E.g your children, grandchildren, etc, Certificates should not be forwarded.
…………………………………………...... Tear off from here…………………………………………………………......
CONSOLIDATION OF ACCOUNT FORM
Unit Certificate A/C Date s/n Name Address of Shares Number Number Issued
Shareholder’s Signature:……………………. Date:………………………………
2014 ANNUAL REPORTS AND ACCOUNTS 151 …………………………………………...... Tear off from here…………………………………………………………......
MAIL TO: POSTAL STAMP
FIRST REGISTRARS NIG. LTD PLOT 2 ABEBE VILLAGE ROAD, IGANMU, LAGOS. P.M.B 12692 MARINA, LAGOS
152 2014 ANNUAL REPORTS AND ACCOUNTS Proxy Form
Nineteenth Annual General Meeting of STANDADRD ALLIANCE INSURANCE PLC will be held at the Event Hall, Plot 1, Block 94 Providence Street, Lekki Phase 1, Lekki Lagos State on 30th September 2015 at 1:00pm prompt.
I/We…………………………………………………...... of………………………………………………………………...... being member/members of STANDARD ALLIANCE INSURANCE PLC herby appoints…………………………………………………of…………………………………………………………………or failing him/her, the Chairman of the meeting as my/our proxy to attend and vote for me/us on my/our behalf at the Annual General Meeting of the company to be held on 30th September 2015 and at any adjournment thereof.
ORDINARY BUSINESS FOR AGAINST To receive and adopt the Audited Financial Statements together with Auditor's Report and Audit Committee's Report therein for the year ended 31st December, 2014.
To re-elect retiring Directors. Brigadier General Dominic Oneya (rtd), Mr. Etigwe Uwa and Mr. Austin Enajemo-isire To ratify the appointment of new Directors and Group Managing Director/CEO To approve the remuneration of the Directors. To ratify the appointment of BDO Professional Services as External Auditors. To authorize the Directors to fix the remuneration of the Auditors. To re-elect/elect members of the Audit Committee.
A member of the company is entitled to attend and vote at the meeting of the company. He is also entitled to appoint a proxy to attend and vote instead of him or her. In this case the above Form and Admission slip herein may be used to appoint a proxy.
The name of the Chairman of the meeting has been entered on the form of the proxy to ensure that someone will be at the meeting to act as your proxy, but if you wish, you may insert in the blank space marked on the form, the name of any person, whether a member of the company or not, who will attend and vote on your behalf.
The above form of proxy, when completed, must be deposited with the Registrars: First Registrars Ltd; Plot 2 Abebe Village Road, Iganmu, Lagos, not later than 48hours before the time of the meeting. If the form of proxy is executed by a corporation, it should be sealed under the common seal of the corporation.
Stamp Duties Act Cap 411, Laws of the federation of Nigeria, 1990 requires that any instrument of proxy to be used for the purpose of voting by any person entitled to vote at any meeting of shareholders must bear a stamp duty of two (2) kobo.
If you are unable to attend the meeting, kindly adhere to the following instructions: (A) Write your name in Block Letters on the proxy form where marked. (B) Write the name of your proxy where marked and ensure the proxy form is dated and signed by you.
………………………………………………………………………...... Tear off from here……………………………………………………………......
ADMISSION CARD
STANDADRD ALLIANCE INSURANCE PLC Annual General Meeting will be held at the Event Hall, Plot 1, Block 94 Providence Street, Lekki Phase 1, Lekki Lagos State on 30th September 2015 at 1:00pm prompt.
Name of Shareholder…………………………………………...... ……......
Signature of Person Attending………………………………….
NOTE: This admission card must be produced by the shareholder or his/her proxy in order to be admitted at the meeting. Shareholders or their proxies are requested to sign the admission card at the entrance of the venue of the Annual General Meeting.
For company use only: Number of Shares………………………………………………
Nwadiuto Olamma Onuoha Company Secretary FRC/2014/NBA/00000007426 2014 ANNUAL REPORTS AND ACCOUNTS 153 …………………………………………...... Tear off from here…………………………………………………………......
MAIL TO: POSTAL STAMP
FIRST REGISTRARS NIG. LTD PLOT 2 ABEBE VILLAGE ROAD, IGANMU, LAGOS. P.M.B 12692 MARINA, LAGOS
154 2014 ANNUAL REPORTS AND ACCOUNTS Affix Passport (To be stamped by Banker)
E-DIVIDEND ACTIVATION FORM
Instruction Please fill the form and return to the address below:
The Registrar, First Registrar Nigeria Ltd; 2, Abebe Villiage Road, Iganmu, P.M.B 12692, Lagos, Nigeria
I/We hereby request that from now on, all my/our dividend warrant(s) due to me/us from my/our holdings in Standard Alliance Insurance Plc be paid directly to my/our Bank name below.
Bank Name
Bank Branch Company Standard Alliance Insurance Plc Bank Address
Bank A/c No
SHAREHOLDER ACCOUNT INFORMATION
Surname First Name Other Names
Address Line 1
Address Line 2
City State Country
Mobile Telephone
Email Address
Signature Company’s Seal
Joint/Company’s Signatories
Branch Sort Code (very important)
Authorised Signature of Banker Authorised Stamp of Banker
2014 ANNUAL REPORTS AND ACCOUNTS 155