2016 ANNUAL REPORT & ACCOUNTS
INSURANCE REGENCY ALLIANCE INSURANCE PLC RC 223946
We earn your trust www.regencyalliance.com
Authorized and Regulated by the National Insurance Commission RIC 034
Table of Contents Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Notice of Meeting...... 2 Corporate Information ...... 3 Financial Highlights ...... 4 Directors Certification ...... 5 Statement of Directors' Responsibilities ...... 6 Chairman's Statement...... 7 Board of Directors...... 9 Board Performance Evaluation ...... 14 Management Staff ...... 15 Report of the Directors ...... 16 Corporate Governance Report ...... 21 Management Discussion and Analysis ...... 25 Audit Committee Report ...... 26 Independent Auditors' Report ...... 27 Statement of Significant Accounting Policies ...... 30 Statement of Financial Position...... 53 Statement of Profit or Loss and other Comprehensive Income...... 54 Statement of Changes in Equity ...... 55 Statement of Cash Flows ...... 57 Notes to the Accounts ...... 58 Enterprise Risk Management ...... 84 Assets/Liability Management...... 96 Hypothecation...... 99 Segment Information ...... 100 Other National Disclosure ...... 104 Share Capital History ...... 107 Proxy Form...... 109 Mandate Form ...... 111 Unclaimed Dividend List ...... 113 Our Office Network...... 125
Regency Alliance | 2016 Annual Report 01 Notice of Annual General Meeting
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
NOTICE IS HEREBY GIVEN that the 23rd Annual AUDIT COMMITTEE MEMBERS General Meeting of Regency Alliance Insurance Plc. In accordance with Section 359(5) of the Companies will be held at the Skyline Hall of the Lagos Oriental and Allied Matters Act Cap. C20, Laws of the Hotel, 3, Lekki Road, Victoria Island, Lagos State on Federation, 2004, any Shareholder may nominate Thursday the 25th Day of May, 2017 at 10am.to another Shareholder as a member of the Audit transact the following business: Committee by giving notice in writing of such nomination to the Company Secretary at least twenty- 1. To receive the report of the Directors, the Audited one (21) days before the Annual General Meeting. Financial Statements for the year ended 31 December 2016 together with the reports of the CLOSURE OF REGISTER Auditors and the Audit Committee thereon The Register of Members and Transfer Books of the Company will be closed from Monday the 24th day of 2. To re -elect the Director retiring by rotation. April 2017 to Friday the 28th day of April 2017 for the purpose of reviewing and updating the register of 3. To declare a Dividend. members.
4. To elect members of the Audit Committee. RIGHT OF SHAREHOLDERS TO ASK QUESTIONS 5. To authorise the Directors to fix the remuneration Shareholders have a right to ask questions not only at of the Auditors. the meeting, but also in writing prior to the meeting, and such questions must be submitted to the Company Special Business: Secretary before close of work on Thursday the 11th day of May 2017. To consider and if thought fit to pass the following as an ordinary resolution:
6. To approve the remuneration of Directors.
NOTES:
PROXIES A member of the Company entitled to attend and vote is entitled to appoint a proxy to attend instead of him. A proxy need not be a member. A Proxy Form is attached to the Annual Report and Accounts. If the Proxy Form is to be valid for the purposes of the meeting, it must be completed and deposited at the office of the Registrars; Meristem Registrars Limited, 213, Herbert BY ORDER OF THE BOARD Macaulay Way, Sabo - Yaba, Lagos not less than forty- eight (48) hours prior to the time of the meeting.
DIVIDEND If approved a dividend of 3kobo per every unit of share will be payable to shareholders whose names appear on the register of members at close of business on ANU SHOBO Friday the 21st Day of April 2017. Dividend warrants COMPANY SECRETARY will be posted on Friday the 26th day of May 2017. FRC/2013/NBA/00000003654 DATED THIS 10TH DAY OF APRIL 2017
02 Regency Alliance | 2016 Annual Report Corporate Information
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
DIRECTORS : Ambassador Baba Gana Kingibe, CFR (Acting Chairman) appointed WEF 01/01/2016 Mr. Biyi Otegbeye (Managing Director) Mr. Akin Adelakun (Executive) Mr. Sammy Olaniyi (Executive) Mr. Kehinde Oyadiran (Executive) Mr. Clem Baiye Col. Aminu Isah Kontagora Mr. Matt Osayaba Aikhionbare, OON Lady Mary Anegbode-Eromosele (Resigned WEF 31/03/2016) Chief Wale Taiwo (Resigned WEF 31/03/2016)
COMPANY SECRETARY : Mrs. Anuoluwapo Shobo FRC/2013/00000003654
AUDITORS : TAC PROFESSIONAL SERVICES. (Chartered Accountants) 9 Military Street, Onikan Lagos Island. Lagos FRC/2012/ICAN/00000000325
SOLICITORS : WALE TAIWO & CO. (Legal Practitioners) Elizabeth Court 24 Queens Street Alagomeji, Lagos FRC/2014/NBA/00000008128
HEAD OFFICE : Regency Place 2 Ebun Street Gbagada Expressway Gbagada, Lagos. www.regencyalliance.com
BANKERS : First Bank of Nigeria Plc Sterling Bank Plc Zenith Bank Plc Access Bank Plc
REGISTRAR : Meristem Registrars Limited 213, Herbert Macaulay Way Sabo, Yaba, Lagos
RE-INSURERS : African Reinsurance Corporation WAICA Reinsurance Limited Continental Reinsurance Limited
ACTUARY : TAF Consulting (Nigeria) Limited FRC/2013/NAS/00000002723
COMPANY RC NO. : RC 223946
COMPANY FRC REG. NO. : FRC/2013/0000000000598
Regency Alliance | 2016 Annual Report 03 Financial Highlights
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016 261) (10) 605) (9) 26 (4,332) (2) 726,540 129,151 2 719,846 1,342,645 187 4,673,521 272,766 6 THE COMPANY THE COMPANY 2016 2015 CHANGE 740 3,329,094 (228,353) (7) 34,375 3,334,375 - - 1,457,326 1,617,026 (159,699) (10) ) 1,520,147 2,604,463 (1,084,316) (42) N000 N000 (Decrease) % (Decrease) % THE GROUP THE GROUP 2016 2015 CHANGE N000 N000 Increase/ CHANGE N000 N000 Increase/ CHANGE 611,199 611,199 373,112 238,087 64 470,594 333,329 137,265 41 761,701 569,249 192,452 34 532,928 494,695 38,233 8 3,526,765 2,819,518 707,247 25 1,891,161 2,109,422 (218, 2,001,592 1,538,349 463,243 30 1,118,642 1,229,247 (110, STATEMENT OF FINANCIAL POSITION OF FINANCIAL STATEMENT Assets Cash and equivalents 1,644,372 3,249,435 (1,605,063) (49 Financial AssetsFinancial 3,254,439 872,368 2,382,071 273 2,062,491 Total Assets Total 8,466,800 7,291,144 1,175,656 16 6,855,691 6, Insurance Contract Liabilities 2,259,954 2,096,391 163,563 8 Issued and Paid share capital 3,334,375 3,334,375 - - 3,3 Shareholder Fund 5,088,810 4,525,265 563,546 12 4,946,288 STATEMENT OF COMPREHENSIVE INCOME STATEMENT Gross Premium Written 5,017,315 4,301,132 716,183 17 3,100, Net Premium Income Underwriting Profit/(Loss) Investment Income 382,902 279,660 103,242 37 187,494 191,8 Profit before tax Profit after Taxation Per Share Data Basic earnings per share (in kobo) 9.17 5.59 7.06 5.00
04 Regency Alliance | 2016 Annual Report Directors Certification Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
CERTIFICATION PURSUEANT 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 Financial Statements for the year ended December 31, 2016 that:
We have reviewed the report;
To the best of our knowledge, the report does not contain: Any untrue statement of a material fact, or Omit to state a material fact, which would make statement, misleading in the circumstances under which such statement were made;
To the best of our knowledge, the financial statement and financial information included in the report fairly present in all material respect the financial condition and results of operations of the company as of , and the period presented in the report.
We: Are responsible for establishing and maintaining internal control, Having designed such internal control to ensure that material information relating to the company and its consolidated subsidiary is made known to such officers by others within those entries particularly during the period in which the periodic reports are prepared; Have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report; Have presented in the report our conclusion about the effectiveness of our internal controls based on our evaluation as at that date;
We have disclosed to the Auditors of the company and Audit Committee:
All significant deficiencies in the design or operation of internal control which would adversely affect the company's ability to record, process, summarized, report financial data and have identified for the company's Auditor any material weakness in the internal control, and Any fraud, whether or not material, that involves management or other employees who have significant role in the company's internal control;
We have identified in the report whether or not there were significant change in internal control or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective action with regard to significant deficiencies and material weakness.
MR. BIYI OTEGBEYE MR. KEHINDE OYADIRAN FRC/2013/NBA/00000003749 FRC/2013/ICAN/00000003559 GROUP MD/CEO GROUP CFO
Regency Alliance | 2016 Annual Report 05 Statement Of Directors' Responsibilities
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
The Companies and Allied Matters Act (Cap C20) Laws of the Federation, 2004 requires the Directors to prepare financial statements for each financial year that give a true and fair view of the state of financial position of the Company at the end of the year and of its financial performance. This responsibility includes:
a) Ensuring that the company keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the company and comply with the requirements of the Companies and Allied Matters Act (Cap C20) Laws of the Federation, 2004.
b) Designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; and
c) Preparing the company's financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates that are consistently applied.
The Directors accept responsibility for the Annual Financial Statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with,
- International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB); - the requirements of the Insurance Act; - relevant Guidelines and Circulars issued by the National Insurance Commission (NAICOM); and - the requirements of the Companies and Allied Matters Act (Cap C20) Laws of the Federation, 2004
The Directors are of the opinion that the financial statements give a true and fair view of the state of the financial position of the Group and of its financial performance for the year. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control.
Nothing has come to the attention of the Directors to indicate that the Group will not remain a going concern for at least twelve months from the date of this statement.
Signed on behalf of the Board of Directors by:
……………………………… …………………………….. MR. SAMMY OLANIYI MR. AKIN ADELAKUN DIRECTOR DIRECTOR FRC/2013/CIIN/00000003716 FRC/2013/CIIN/00000003713
DATED THIS 21ST DAY OF MARCH, 2017
06 Regency Alliance | 2016 Annual Report Chairman’s Statement
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Partnership- also negatively impacted the world economy as a whole. There was also heightened expectation, which became reality in December, of a raise in the Fed rates in the USA.
Local Lower foreign exchange inflows occasioned by both lower oil prices and reduced crude oil production, tight capital controls and currency volatility combined to make 2016 the most challenging year economically for Nigeria since 1999. For the first time since 1991, Nigeria went into a full recession for a whole year. The GDP fell by 1.51% year on year in real terms in 2016 while the year on year inflation rate rose to 18.55% in December 2016, the highest in eleven years. External reserves also fell year on year by 7.41% from US$28.364bn to US$26.263bn as at December 31st 2016.
There was heavy pressure on the value of the naira Distinguished shareholders, colleagues on the Board resulting in an increased widening of the gap between of Directors, special guests, gentlemen of the press, the official interbank rate and the parallel "street" rate. eminent ladies and gentlemen. The introduction of the managed floating of the Naira in June 2016 by the CBN could not stem the tide. Various It is with much pleasure that I welcome you all to the rates were applied for different segments of the 23rd Annual General Meeting of our company where economy and many foreign operators found it difficult the Audited Annual Financial Statements and Annual to repatriate their earnings and fees. As at December Reports will be presented for your kind consideration. 31st 2016, while the CBN rate was =N=304.50/$1, the parallel "street" rate was =N=490/$1. However, I will begin by giving you an overview of the environment in which the company operated in the With the successful political transition of 2015 and the past year. various victories recorded against the insurgents in the North East, hopes were high for a brighter 2016. 2016 BUSINESS OVERVIEW However, the delay in the passage of the budget, increase in fuel and energy prices, together with the Global drop in the value of the currency and increase in the It has been estimated that in 2016 the world economy inflation rate impacted heavily on the cost of living. grew by 3.10% year on year. This was lower than the During the year, the MPR and the Treasury bill rates 3.20% and 3.40% growths recorded in 2015 and 2014 were raised. This in no small way reduced credit to the respectively. Therefore, 2016 was a year when the real sector of the economy, thus stifling economic global economy continued to grow at a disappointing growth. The expected harmonization of fiscal and pace, with growth being held back by an anemic monetary policies as well the expected reflation of the performance particularly in the advanced economies. economy did not materialize. Finally, most of the Though the price of oil dropped considerably in the proposed welfare programmes of the Government had early part of the year to below US$30, the uncertainty to be scaled down considerably. generated by the political shocks firstly, the decision by the UK electorate in a referendum in June to leave the On the industry level, the Regulatory Authorities, EU, Brexit, followed by the election to the US NAICOM, SEC and NSE, continued their supervisory Presidency of Donald Trump who campaigned on a activities with the view to ensuring a robust and more US-centric policy with the intention to abandon healthier insurance industry. major trade agreements like NAFTA and Trans Pacific
Regency Alliance | 2016 Annual Report 07 Chairman’s Statement (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
2016 FINANCIAL HIGHLIGHTS FOR THE MOVING FORWARD COMPANY The expansion of the company's activities in the North West has been worthwhile. The company will continue The company's performance modestly improved to expand to other areas of the country and will during the 2016 financial year. The gross premium continue to implement its strategic plan for expansion, written decreased by 6.86%, from =N=3.329bn to growth and increase in value. There are signs that the =N=3.101bn. The underwriting profit also decreased country will move out of recession this year and we are by =N=110.605m from =N=1.229bn to =N=1.119bn. poised to leverage on the opportunities that will arise. During the year, the company had a net claim expense Our subsidiaries are being strengthened to make them of =N=344.726m. showing a decrease of =N=82.641m not only compete effectively in their core areas, but or 19.34% compared with the figure for the previous also to add more value to the group. year. CONCLUSION Overall, the profit after tax for the company increased The Management and staff of the company are highly from =N=333.931m in 2015 to =N=470.594m in 2016 commended for their deep sense and display of loyalty, an increase of 41.18%. commitment, honesty and dedication in the year. Their efforts in moving the company forward will always be For the group, the contribution of the subsidiaries to the recognized and adequately rewarded. I must also overall profit after tax, after deducting that attributable appreciate our esteemed clients, agents and brokers to Non-Controlling Interests, increased from for continuing to do business with us. We trust we have =N=33.261m in 2015 to =N=74.041m in 2016. earned their enduring confidence and we look forward to their increased support and patronage going The total assets for the group and the company as at forward. December 31st 2016, stood at =N=8.467bn and =N=7.291bn respectively. I want to assure you all that Regency Alliance Insurance Plc is here for the long haul. We have strong DIVIDENDS confidence that the dampened socio-economic As a way of appreciating our esteemed shareholders, climate is temporary and Nigeria remains a land of the Board is recommending a total dividend payout of immense opportunities and prospects. Your company =N=200,062,500 representing 3k per 50k share for is positioned to make the best of the brighter future eligible shareholders. We believe that with your ahead. We will always be guided by our corporate continued support and patronage, the company will ideals and values of Professionalism, Integrity, succeed in its goal of paying dividends annually. Commitment and Efficiency as we create wealth for all our stakeholders while mitigating all associated risks GHANA SUBSIDIARY that may arise. That is our commitment to you our dear Sequel to the directive of the National Insurance shareholders. Commission, Ghana, for all insurance companies in Ghana to recapitalise, our subsidiary in Ghana, Thank You Regency Alliance Insurance Ghana Limited, had to merge with NEM Insurance Ghana to form RegencyNem Insurance Ghana Limited.
The foregoing notwithstanding, and in line with the provisions of the International Financial Reporting Standard No 10, the merged company is still being Ambassador Baba Gana Kingibe, CFR treated as a subsidiary and its accounts will continue to FRC/2017/IODN/00000016361 be consolidated in our group accounts. Acting Chairman
08 Regency Alliance | 2016 Annual Report Board of Directors Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Amb.Baba Gana Kingibe CFR Acting Chairman
Baba Gana Kingibe is an elder statesman and colourful politician who played significant roles in the events that shaped the Nigerian state in the past 30 years. A thorough bred bureaucrat.
In a bid to tap from his wealth of experience, he was appointed Secretary to the Federal Government in 2007, a position he held until 2008.
Amb. Kingibe is a Commander of the order of the Federal Republic (CFR).
Biyi Otegbeye (B.SC, ACII, MBA, LLB, BL) Group Managing Director
Biyi Otegbeye is the Managing Director of Regency Alliance Insurance Plc. Following the consolidation with three other strong insurance brands in 2007, he was retained as the Managing Director of Regency Alliance.
Prior to the founding of Regency Insurance Company in 1993, he began his career at the United Nigeria Insurance Company Limited (UNIC) in 1986. He was the General Manager, Capital Asset Insurance Brokers Between 1990 and 1991. In 1991, he became CEO of Excel Insurance Brokers.
Biyi holds a B.Sc. in Insurance and a Masters' Degree (MBA) in Financial Management and Accounting from the University of Lagos. He is an Associate of the Chartered Insurance Institute London (ACII). He obtained his LLB degree from the Lagos State University and was called to the Nigerian Bar as a Barrister and Solicitor of the Supreme Court of Nigeria in year 2003.
He sits on the Boards of many companies either as Chairman or Director, they include Regency Nem Insurance Limited, Ghana, RIC Microfinance Bank Limited, RIC Properties and Investment Limited, and RIC Technologies Limited.
He also served as Chairman of the Governing Board of the University of Uyo Teaching Hospital.
Regency Alliance | 2016 Annual Report 09 Board of Directors (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
Lady Mary Chibuzor Anegbode-Eromosele Director
A distinguished Business Tycoon and Industrialist, Lady Mary Anegbode-Eromosele is the Managing Director/CEO of Tohan Group of Companies. An astute businesswoman with substantial interests in many industries, Lady Eromosele was also a Director of Nigerian Alliance Assurance Corporation Limited. She belongs to the prestigious Institute of Directors (IOD)
Chief Wale Taiwo (LLB, BL, LLM) Director
A distinguished commercial law guru, Chief Wale Taiwo is an alumnus of the University of Lagos LLB (Hons) (1984) and LLM (1989). He was called to the Nigerian Bar as a Solicitor & Advocate of the Supreme Court of Nigeria in August 1985.
A member of the prestigious Island and mainland Executive Clubs, Chief Taiwo holds the traditional title of Bamofin of Ikosi/Kosefe Land, Lagos. He is a member of the Nigerian Bar Association [NBA] and the International Bar Association [IBA].
10 Regency Alliance | 2016 Annual Report Board of Directors (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Clem Baiye
Clem Baiye is a media entrepreneur and human resource expert with significant banking and corporate experience. Baiye has built a solid reputation for integrity and a superior grasp of public affairs and is on the board of several companies, including; The Capital Consortium Limited, Security Swaps Limited and Partnership Trust Investment Limited. Baiye is also Chairman of the Editorial Board of NewAge, a quality daily newspaper. He is also the Chief Executive Verity Communications Limited, a bespoke publishing outfit and Verity Associates, a human capital outsourcing company.
Aikhionbare Osayaba Matt OON
Aikhionbare Osayaba is a seasoned statesman with many years of service in various capacities. Aikhionbare was Chairman, Sub Committee on information Management and Community Relations, Presidential Security Committee on Niger Delta and Chairman Board of Directors, Edo Broadcasting service (Radio & Television). He was also Chief Executive Officer, Lifestlye Limited a public relations consultancy and is currently a Member, Board of Regents, Benson Idahosa University, Benin. In 2012, he was awarded National Honour of Officer of the Order of the Niger (OON) for his outstanding contribution to national development.
Regency Alliance | 2016 Annual Report 11 Board of Directors (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
Col. Aminu Isah Kontagora (rtd)
Aminu Isah Kontagora is a retired Colonel of the Nigerian Army and served as military Administrator. Kontagora has held various Military and Administrative appointments including Battery Commander, Regiment Commander Air Defence Regiments, ADC/MA to General Officer Commanding, Commander Corps of Artilery and Minister of Defence and Chairman Joint Chief of Staff. He was a member of Board of intercity Bank Plc.
Akin Adelakun BSc, ACII, MBA Executive Director (Technical Operations)
A 1984 Graduate of University of Ibadan, Akin Adelakun started his Insurance career with Glanvill Enthoven & Company (Nigeria) where he worked extensively in Reinsurance Division. He is an Associate of the Chartered Insurance Institute, London and Nigeria with wide experience in General underwriting and Claims. Adelakun is a specialist in Reinsurance. He was an Executive Director in Regency Insurance Plc, and retained his position in the post- merger Regency Alliance Insurance Plc as the Executive Director (Operations).
12 Regency Alliance | 2016 Annual Report Board of Directors (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Sammy Olaniyi BSc, MSc Executive Director (Business Development)
Sammy Olaniyi is the Executive Director, Business Development. A business strategist and a versatile marketer, he is a member of the Institute of Directors, and is also a Chartered Insurer. He has attended various specialized courses both internationally and locally.
Sammy has extensive experience in Insurance Business Development and Marketing Research that makes him a leading resource person in modern business penetration.
Kehinde Oyadiran MBA, FCA Executive Director (Finance & Administration)
Kehinde Oyadiran is a seasoned Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Member of Nigerian Institute of Management (NIM). Oyadiran attended several Management courses. He started his working career as an Underwriter with WAPIC Insurance Plc and later worked in Finance and Administration Department of the same company and rose to the position of Company Accountant. He joined Nigerian Alliance Assurance Corporation Ltd in 2001 where he rose to the position of Head of Finance.
Regency Alliance | 2016 Annual Report 13 Board of Directors (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
F & B FUTURES & BONDS LTD.
(INVESTMENT ADVISORS & BUSINESS SYSTEMS CONSULTANTS)
REPORT OF THE EXTERNAL CONSULTANTS
ON THE ASSESSMENT OF THE BOARD OF DIRECTORS OF REGENCY ALLIANCE INSURANCE PLC FOR THE YEAR ENDED 31ST DECEMBER, 2016
In accordance with the provisions of the NAICOM Code of Corporate Governance (NAICOM Code) in Nigeria, Regency Alliance Insurance Plc engaged Futures and Bonds Limited to carry out an assessment of the Board of Directors ("the Board") for the year ended 31st December, 2016.
The review performed covered all aspects of the Board's structure and composition, responsibilities, processes and relationships, as well as individual members' competencies and respective roles in the Board's performance. The Board is responsible for the preparation and presentation of information relevant to its performance. Our responsibility is to examine the information provided and reach a reasonable conclusion on the Board's performance. Our conclusion is based on work carried out within the scope of our engagement as contained in our letter of engagement. In carrying out the evaluation, we have relied on the documents provided for our review.
We also facilitated a self and peer assessment of each Directors performance in the year under review. This assessment covered the perceived time commitment to the business of the Company, commitment to continuous learning and development and a self & peer assessment. Each individual Director's Assessment report was prepared and made available respectively while a consolidated report of the performance of all Directors was also prepared.
The Board of Regency Alliance Insurance Plc was made up of a Non-Executive Acting Chairman, five (5) Non-Executive Directors and four (4) Executive Directors including the Group Managing Director/Chief Executive Officer (GMD/CEO). The company GMD/CEO is responsible for the day to day running of the company and oversees the company structure, assisted by three (3) Executive Directors. The Board of the company was made up of members with diverse discipline and skills, chosen on the basis of professional background and expertise, experience and integrity as well as knowledge of the insurance business. Directors are fully abreast of their responsibilities and are knowledgeable in the business. They are therefore able to exercise good judgment on issues relating to the company's business. They have on the basis of this acted in good faith, with due diligence and skill and in the overall best interest of the company and relevant stakeholder. We observed that the frequency of Board meetings was within the minimum requirement of the NAICOM rule. The Board held four meetings, and the level of attendance was generally satisfactory. The Board and Board Committees meetings were held regularly except for certain Board committees, in which the company has to significantly improve upon The roles of the Acting Chairman of the Board and the Managing Director of the company are clearly defined and separated. However, it was observed that the Board Acting Chairman also doubles as an Independent Director. On the basis of our review, the company's Board Performance is adjudged satisfactory and in-line with best practices and is largely in compliance with the NAICOM rules. Specific recommendations for improving the company's performance practices have been articulated and included in our detailed report to the Board.
………………………………………………….. Adegoke Adewole FRC/2013/ICAN/00000001904 Principal Consultant
12A Victoria Arobieke Street, Lekki Phase 1, Lekki, Lagos. Tel: 234 1 4738364 Company Registered in Nigeria No: RC210847 Futures & Bonds Ltd. is authorised and regulated by Securities and Exchange Commission.
14 Regency Alliance | 2016 Annual Report Management Staff
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Biyi Otegbeye (Managing Director)
Akin Adelakun Sammy Olaniyi Kehinde Oyadiran (Executive Director Operations) (Executive Director Business Development) (Executive Director Finance & Administration)
Dayo Ayeni Sunmbo Adeleke Anu Shobo (Divisional Director Business Development) (Divisional Director Business Development) (Company Secretary)
Tunde Alao Aji Maina Akin Omodele (Divisional Director Internal Audit) (Regional Director North) (Assistant Director Technical)
Regency Alliance | 2016 Annual Report 15 Report of the Directors
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
The Directors have pleasure in presenting their report on the affairs of Regency Alliance Insurance Plc. ("the Company") and its subsidiaries ("the Group") together with the Group Audited Financial Statements and the Auditor's Report for the year ended 31 December, 2016.
1. LEGAL FORM AND PRINCIPAL ACTIVITY The Company was incorporated on the 16th day of June, 1993 as a private limited liability Company known as "Regency Insurance Company Limited" and was licensed by NAICOM to underwrite all classes of Non-Life Insurance Business. On the 11th of March 2005, the Company obtained license to underwrite Life Insurance Business in addition to the Non-Life Insurance Business thereby becoming a composite Insurance Company.
However, in 2007, the Company's name was changed to Regency Alliance Insurance Plc. after a successful merger with three other companies. The Company was re-registered and licensed to underwrite all classes of Non-Life Insurance Business.
The Company's principal activity is the provision of general insurance cover to corporate and individual clients in Nigeria.
The Company has four subsidiaries: Regency Alliance Insurance Ltd Ghana, RIC Properties & Investment Limited, RIC Microfinance Bank Limited and RIC Technologies Limited. In the course of the year the National Insurance Commission in Ghana directed all Insurance Companies to increase their share capital, to achieve this Regency Alliance Insurance Limited successfully merged with NEM Insurance Company Ghana. As a result of the merger the Company's name was changed to Regency NEM Insurance Limited.
The information on the subsidiaries is provided in note 50 to the Financial Statements.
2. OPERATING RESULTS The following is a summary of the Group's operating results:
THE GROUP THE COMPANY
2016 2015 2016 2015 N'000 N'000 N'000 N'000
Profit Before Tax 761,701 569,249 532,928 494,695 Income Tax Expense (150,502) (196,137) (62,334) (161,366) Profit For the year 611,199 373,112 470,594 333,329 Non Controlling Interest (66,564) (9,975) - - 544,635 363,138 470,594 333,329 Transfer to Contingency Reserves (137,867) (129,030) (94,119) (99,873) Other Transfers 95,681 3,667 - - Profit for the Year 502,450 237,775 376,475 233,457 Retained Profit Brought Forward 259,037 21,262 426,447 192,991 Dividend Paid (200,063) - (200,063) -
Retained Profit Carried Forward 561,424 259,037 602,860 426,447
16 Regency Alliance | 2016 Annual Report Report of the Directors (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
3. DIRECTORS
3.a Directors who held office for the year 2016 are listed hereunder; §AMB. BABA GANA KINGIBE, CFR - Appointed Acting Chairman (WEF 1st Jan. 2016) §MR. OTEGBEYE OLUBIYI - Managing Director /Chief Executive Officer. §CHIEF TAIWO WALE - Director (resigned WEF 31/03/16) §LADY MARY ANEGBODE-EROMOSELE -Director (resigned WEF 31/03/16) §MR. CLEM BAIYE - Director (Appointed WEF 01/01/16) § MR. MATT OSAYABA AIKHIONBARE, OON - Director § (Appointed WEF 01/01/16) §COL. AMINU ISAH KONTAGORA. - Director (Appointed WEF 01/01/16) §MR. ADELAKUN AKINDELE - Executive Director (OPRS) §MR. OLANIYI SAMMY - Executive Director (BD) §MR. OYADIRAN KEHINDE - Executive Director (FIN/ADMIN)
3.b. DIRECTORS' BENEFICIAL INTERESTS The interests of Directors of the Company in the issued share capital of the Company as recorded in the register of members as at 31 December 2016 and notified by the Directors for purpose of Sections 275 and 276 of the Companies and Allied Matters Act (Cap C.20) Laws of the Federation, 2004 and the listing requirement of the Nigerian Stock Exchange are as stated below.
S/N DIRECTORS Direct Holdings Indirect Holdings Units
1 AMB. BABA GANA KINGIBE, CFR. ********* ********* *********
2 MR. OTEGBEYE OLUBIYI 789,328,879 ********* *********
3 CHIEF TAIWO WALE (resigned WEF 31/03/16) 14,349,235 633,531,250 *********
4 LADY MARY ANEGBODE-EROMOSELE ********* 111,830,400 ********* (resigned WEF31/03/16)
5 MR. CLEM BAIYE (Appointed WEF 01/01/16) ********* ********* ********* 6 MR. MATT OSAYABA AIKHIONBARE, OON ********* ********* ********* (Appointed WEF 01/01/16) 7 COL. AMINU ISAH KONTAGORA. (RTD) (Appointed WEF 01/01/16) ********* ********* *********
8 MR. ADELAKUN AKINDELE 89,224,919 ********* ********* 9 MR. OLANIYI SAMMY 43,580,457 ********* ********* 10 MR. OYADIRAN KEHINDE 206,250 ********* *********
Lady Mary Anegbode - Eromosele held 111,830,400 units through the Estate of late sir Tony Eromosele; while Chief Wale Taiwo held 633,531,250 units through Alexander Riesse Consulting Limited 3.c. DIRECTORS' INTEREST IN CONTRACT Chief Wale Taiwo who was a Director of the Company until 31st March, 2016 is the Principal Partner of Wale Taiwo & Co. (Legal Practitioners) who are the Company's external Solicitors. In compliance with Section 277 of the Companies and Allied Matters Act (Cap C. 20) Laws of the Federation 2004, no other Director has given notice of interest in any contract involving the Company during the year under review. 3.d. DIRECTORS REMUNERATION In compliance with the provisions of Section 34.5 of the Code of Corporate Governance for public companies as issued by Securities and Exchange Commission (SEC), the remuneration of the Company's Directors is disclosed as follows:
Regency Alliance | 2016 Annual Report 17 Report of the Directors (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
Remuneration Description Timing
Basic Salary This represents part of the gross salary package for Executive Paid monthly during Directors. This reflects the insurance industry competitive salary the financial year. package and the extent to which the Company's objectives have been met for the financial year.
13th Month Salary Paid during the last This represents part of the gross salary for Executive Directors month of the year
Directors' Fees Paid once during Allowances paid to Non-Executive Directors. the financial year
Sitting Allowance Allowances paid to Non- Executive Directors only for siting at the Paid during the Board meetings and other business meetings. financial year
3.e. DIRECTORS RETIREMENT In compliance with the provisions of section 5.04 (vii) of the NAICOM's Code of Corporate Governance two of our Directors, Chief Wale Taiwo and Lady Mary Anegbode - Eromosele haven served for the maximum allowable number of years retired from the Board with effect from the 31st day of March 2016.
4. ANALYSIS OF SHAREHOLDERS (a) Active Shareholders Summary Position as at 31 December 2016.
RANGE Number of Shareholders Shareholding Units Cumm. From To No %age No Units %age Cumm. Units 1 1,000 483 9.33% 483 205,318 0.00% 205,318
1,001 5,000 923 17.83% 1,406 2,472,187 0.04% 2,667,505
5,001 10,000 640 12.36% 2,046 4,568,742 0.07% 7,246,247
10,001 50,000 1601 30.93% 3,647 36,919,942 0.55% 44,166,190
50,001 100,000 502 9.70% 4,149 35,573,710 0.53% 79,737,900
100,001 500,000 643 12.42% 4,792 127,588,866 1.91% 207,328,766
500,001 1,000,000 115 2.22% 4,907 78,432,958 1.18% 285,761,724
1,000,001 5,000,000 175 3.38% 5,082 359,019,278 5.38% 644,781,002
5,000,001 10,000,000 35 0.68% 5,117 243,807,489 3.66% 888,588,491
10,000,001 Above 60 1.16% 5,177 5,780,161,509 86.68% 6,668,750,000
GRAND TOTAL 5,177 100.00 6,668,750,000 100.00
(b) Substantial Interest in Share Listed hereunder are Shareholders, who held more than 5% of the issued share capital of the Company as at 31 December, 2016.
S/NO NAME UNIT % 1 OTEGBEYE OLUBIYI O 789,328,879 11.84% 2 ALEXANDER-REISSE CONSULTING. LTD 633,531,250 9.50%
18 Regency Alliance | 2016 Annual Report Report of the Directors (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
5. PROPERTY, PLANT AND EQUIPMENT Information relating to changes in property, plant and equipment is given in note 16 of the financial statements. In the opinion of the Directors, the market value of the Company's assets is not less than the value shown in the financial statements.
6. DONATIONS AND CHARITABLE GIFTS The Company did not make any Political gifts during the year, the following is the schedule of gifts made during the year. = N = = N = 2016 2015 =N='000 =N='000 The Nigeria Council of Registered Insurance Brokers 100 - Shareholders Association of Nigera 100 - Modupe Cole Memorial Childcare 150 - Pacelli School for the Blind 200 - Wesley School for the Deaf 100 - Heritage Home 150 - Little Saint Orphanage 100 - Love Home Orphanage CSR 100
Chartered Insurance Institute of Nigeria - 100 Actuarial Science & Insurance Student Association - 100 Nigerian Red Cross Society Motherless Babies' Home - 100 Missionaries of Charity (Mother Theresa) - 100 Modupe Cole Memorial Childcare - 100 Hearts of Gold Children's Hospice - 100 Delta State University - 450 Total 1,000 1,050
7. HUMAN RESOURCES (a) Employment of Disabled Persons The Company operates a non-discriminatory policy in consideration of applications received for employment. The Company engages the most qualified applicant after necessary assessment irrespective of the applicant's physical condition, state of origin, ethnicity or religion.
In the event of any employee becoming disabled in the course of employment, the Company is in a position to arrange appropriate training to ensure the continuity of his or her employment without subjecting such employee to any disadvantage in his/her career development. (b) Health, Safety and Welfare at Workplace The Company maintains medical scheme which provides medical facilities to members of staff and their immediate family.
Safety rules and procedures are strictly enforced at the work place, the rules and procedures are reviewed regularly. Fire prevention and fire fighting equipment are installed within the Company's premises and Members of staff are trained and re-trained on the use of the equipment. In addition, the Company also maintains Group Personal Accident and Life Insurance covers for all members of staff and in accordance with the Pensions Reforms Act 2004, the Company maintains a contributory pension plan for all members of staff.
(c) Training and Development The Group places a high premium on the development of its manpower by maintaining a policy of continuous Training and Development for optimal performance.
Regency Alliance | 2016 Annual Report 19 Report of the Directors (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
Several internal courses were arranged for members of staff to address perceived deficiencies and improve their performance on the Job.
In addition to the internal courses members of staff were sponsored on relevant external seminars, workshops and on the job attachment programmes both within and outside the country during the year under review.
(d) Gender Analysis The Company maintains a non-discrimination Gender employment policy and ensures adequate attention is given to gender parity in employing its work force. The structure of the workforce is as shown below:
MALE FEMALE TOTAL MALE % FEMALE % S/N CATEGORY NUMBER NUMBER
1. JUNIOR STAFF 43 26 69 55.13 54.17
2. SENIOR STAFF 6 6 12 7.69 12.50 3. LOWER 12 10 22 15.38 20.83 MANAGEMENT 4. SENIOR 17 6 23 21.79 12.50 MANAGEMENT TOTAL 78 48 126 100.00 100
8. ACQUISITION OF OWN SHARES The Group did not acquire any of its own shares during the year.
9. EVENTS AFTER THE REPORTING PERIOD As at 31st December, 2016, there were no events after the reporting period which could have material effects on the financial position of the Group and profit attributable to the equity shareholders.
10. AUDITORS The Auditors, Messrs. TAC Professional Services whose appointment was ratified at the Company's last Annual General Meeting have indicated their interest to continue serving the Company.
BY ORDER OF THE BOARD
ANU SHOBO COMPANY SECRETARY FRC/2013/NBA/00000003654 LAGOS, NIGERIA 21st March, 2017
20 Regency Alliance | 2016 Annual Report Corporate Governance Report Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
INTRODUCTION §" Ensuring effective communication with shareholders and other stakeholders of the Company. The Company is guided in its operations by the principles of Corporate Governance. For the achievement of its 1.2 CHAIRMAN AND CHIEF EXECUTIVE OFFICER corporate goals and enhancing the interest of In accordance with the provisions of the existing Codes of stakeholders, the Company complied with all applicable Corporate Governance and best practice, the position, Corporate Governance Regulations and embraced role and responsibilities of the Chairman and the international best practices. The Board ensured the Managing Director/ Chief Executive Officer have continued separation of the person, position and remained separate and distinct. functions of the Chairman and Managing Director/Chief Executive Officer. To assist with its oversight functions, THE ACTING CHAIRMAN the Board made use of committees with clearly defined The Acting Chairman of the Board is a Non - Executive terms of reference. The Company has entrenched the Director. He is responsible for managing and providing principle of Accountability and Transparency in Financial leadership for the Board. He also ensures that adequate Reporting. information in respect of the operations and performance of the Company is received by all Board members as at 1 BOARD OF DIRECTORS when due. The Acting Chairman apart from ensuring that The Board is made up of highly respected individuals the Board functions cohesively also presides over and who are well exposed and experienced in their chosen ensures that Meetings of the Board are properly professional fields with sufficient experience in insurance conducted. thus enabling them to provide broad guidance and oversight Functions to the Company. THE INDEPENDENT DIRECTOR The Independent Director was appointed in compliance Amb. Baba Gana Kingibe, CFR was appointed the Acting with the existing Codes of Corporate Governance. He Chairman of the Board with effect from 1st January, does not hold any shares in the Company neither does he 2016.Thus, at the commencement of the year the Board have other business interests in the company. He was consisted of 6 Non - Executive Directors and 4 Executive appointed to protect the rights and interests of Directors making a total of 10 Directors. Shareholders.
No two members of the same extended family are THE MANAGING DIRECTOR members of the Board. The Managing Director is the Chief Executive Officer and head of the Management team. He is charged with the 1.1 ROLE OF THE BOARD responsibility of overseeing the day to day administration The Board had continued to play the underlisted roles of the Company, ensuring the Implementations of amongst others strategic and financial policies as well as compliance with relevant Regulatory Provisions. The Managing Director §Ensuring good governance of the Company reports regularly to the Board. §Setting performance objectives and ensuring the right strategies are employed to achieve set BOARD CHANGES objectives. Chief Bayo Adejumo the Acting Chairman of the Board §Formulation and Management of the Company's resigned his appointment with effect from 31st December Risk Management Framework. 2015, Amb. Baba Gana Kingibe, CFR was therefore §Monitoring and Evaluating Management appointed as the Acting Chairman of the Board with effect performance and implementation of set objectives. from 1st Jan 2016. Three new Directors, Mr. Clem Baiye, §Succession planning and appointment, appraisal Mr. Matt Osayaba Aikhionbare OON, and Col Isah Aminu and compensation for Board members and Senior Kontagora (rtd) were appointed with effect from 1st Jan Management staff. 2016, in line with the provisions of the Memorandum and §Ensuring the financial and accounting integrity of the Articles of Association of the Company. Their Company appointments were ratified by the Shareholders at the §Ensuring that appropriate checks and balances are Company's 22nd Annual General Meeting on the -26th in place in compliance with the applicable Laws. day of May 2016. Necessary documents regarding their §Ensuring that the Company's operations are appointment has been filed with the Regulators and conducted in a fair and transparent manner that approval obtained. conforms to high ethical standards.
Regency Alliance | 2016 Annual Report 21 Corporate Governance Report (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
By virtue of the Provisions of Section 5.04 of the NAICOM The Committee met thrice in the course of the year. Code of Good Corporate Governance two Directors Members of the Committee and their record of namely Lady Mary Anegbode-Eromosele and Chief Wale attendance are as stated below: Taiwo haven completed the maximum number of years allowable under the Code resigned their appointments DATES OF MEETINGS with effect from 31st March 2016. S/N NAME STATUS 28/01/16 12/04/16 29/11/16 Chief Wale Taiwo Non-Executive 1.3 MEETINGS OF THE BOARD 1. (rsgwef 31st Director/ ------March 2016) Chairman The Board met four times during the year to formulate policies, evaluate performance, provide strategic Mr. Clem Baiye Non-Executive 2. Director/ --- direction and leadership in attaining the Company's Chairman objectives. Mr. Biyi Otegbeye Managing 3. Director RECORD OF DIRECTORS' ATTENDANCE Mr. Sammy Olaniyi Executive --- 4. Director DATES OF MEETINGS S/N NAME 10/03/16 25/05/16 30/08/16 29/11/16 (b) ESTABLISHMENT AND GENERAL PURPOSE 1. Ambassador Baba Gana Kingibe, CFR --- COMMITTEE
2. Mr. Biyi Otegbeye The Committee was made up of two non-Executive
3. Mr. Clem Baiye Directors and two Executive Directors and was charged with the responsibility for the 4. Mr. Matt Osayaba --- Aikhionbare OON appointments, acquisition, preservation and disposal of assets, staff matters and other matters 5. Col. Isah Aminu Kontagora (rtd) that may specifically be referred to it by the Board.
6. Lady Mary Anegbode - Eromosele ------The Committee met thrice in the course of the year. (rsgwef 31st march 2016) Members of the Committee and their records of 7. Chief Wale Taiwo attendance are as stated below:
(rsgwef 31st March 2016) ------DATES OF MEETINGS 8. Mr. Akin Adelakun S/N NAME STATUS 03/03/16 21/07/16 29/11/16 9. Mr. Sammy Olaniyi 1. Non-Executive Col. Isah Aminu --- 10. Mr. Kehinde Oyadiran Kontagora (rtd) Director
Chief Wale Taiwo Non-Executive 2. (rsgwef 31st Director ------2 BOARD COMMITTEES March 2016)
The Board performed its oversight functions through Mr. Biyi Otegbeye Managing three Committees. The Committees were made up of 3. Director --- Executive and Non - Executive Directors with clearly Mr. Sammy Olaniyi Executive defined terms of reference. 4. Director
The Committees in operation during the period under ('C ) ENTERPRISE AND RISK MANAGEMENT review were: COMMITTEE (a) Finance and Investment Committee The Committee was made up of two Non-Executive (b) Establishment and General Purpose Committee Directors and one Executive Director and was charged (c) Enterprise and Risk Management Committee with risk assessment, review of the adequacy and effectiveness of the Company's risk management (a) FINANCE AND INVESTMENT COMMITTEE policies and control, review of compliance level with the existing Laws and Regulations; assessment of the The Committee was made up of two Executive Company's risk portfolio as well as regular review of Directors and two Non- Executive Directors and corporate risk policies. was charged with budget monitoring and control, formulating and reviewing investment strategies The Committee met thrice in the course of the year. and ensuring financial prudence. Members of the Committee and their record of attendance are as stated below:
22 Regency Alliance | 2016 Annual Report Corporate Governance Report (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
DATES OF MEETINGS structure of the Company except for the usual S/N NAME STATUS 10/03/16 13/05/16 17/11/16 changes as a result of it being traded in the Capital
Mr. Matt Osayaba Non-Executive market. 1. Aikhionbare, OON Director/ --- Chairman The Company remains 100% owned by individuals Lady Mary Anegbode Non-Executive and corporate organisations. 2. -Eromosele Director --- (rsgwef 31st March --- 2016) 5.1 SHAREHOLDERS PROTECTION Executive 3. Mr. Akin Adelakun The Company's report and other relevant Director information are made available to shareholders in Executive plain easy to understand format. The Board is 4. Mr. Kehinde Oyadiran Director responsible for the protection of the statutory and general rights of the shareholders. The Board 3. AUDIT COMMITTEE therefore ensures that all shareholders irrespective The Committee was established in compliance with S. of the volume of their holding are treated fairly and 359 (6) of the Companies and Allied Matters Act, (Cap. they enjoy equal rights and access to information C20), Laws of the Federation, 2004. The Audit Committee about the Company. was made up of six members consisting of three elected Shareholders representatives and three members of the 6. COMPLAINT PROCEDURE Board The Company has a robust complaint procedure to resolve promptly and satisfactorily complaints from The Committee was set up to fulfill the statutory all stakeholders. obligations as set out by the applicable Laws and NAICOM Regulations. The Committee also assists the a. Complaints can be lodged by submitting a letter Board with its audit responsibilities and ensuring the addressed to the Managing Director at the Head Company's financial integrity through adequate internal Office, No. 2, Ebun Street, Gbagada Express control system. Road, Lagos or at any of the Branch offices. b. By surface mail addressed and delivered to - The Committee met five times during the year under The Managing Director, review. Members of the Committee and their record of attendance are as stated below: Regency Alliance Insurance Plc. P. O. Box 70333, Victoria Island, Lagos. DATES OF MEETINGS c. Through completion of a complaint feedback S/N NAME STATUS 21/01/16 25/02/16 20/04/16 15/07/16 14/11/16 form on the company's website www.regencyalliance.com Shareholder/ 1. Chief Amos Idowu, FCA d. Through e-mail - [email protected] Chairman 2. Mr. Lateef Adeola Shareholder e. By Telephone 080-53499073 -74 Where the complaint was made orally and the 3. Mr. Solomon Akinsanya Shareholder Company considers it appropriate, the 4. Executive Mr. Akin Adelakun --- Company may ask for same in writing. Director 5. Lady Mary Anegbode- Director ------It is essential that all complaints be properly dated and Eromosele (resigned WEF 31/03/16) contain at the minimum the underlisted: 1. Name of the Complainant 4. EXECUTIVE COMMITTEE 2. Address of the Complainant The Executive Committee of the Company consists 3. Telephone Number (s) of the Complainant of the Managing Director/Chief Executive Officer 4. Clear description of the complaint and the Executive Directors. The Committee's 5. Complainant's e-mail address primary responsibility is the implementation of 6. Signature of complainant. policies approved by the Board, the implementation of Financial and Strategic policies of the Company The receipt of the Complaint shall be acknowledged by a with a view to ensuring the Company is profitable. senior Officer of the Company within 24 hours of receipt The Committee also assists the Managing Director and the Company shall use its best endeavours to resolve in the day to day running of the Company. the complaint within 10 working days of the receipt. Where however the Complaint is not so resolved, the 5. SHARE HOLDING AND LEGAL STRUCTURE Company shall inform the relevant Regulator. There was no material alteration in the shareholding
Regency Alliance | 2016 Annual Report 23 Corporate Governance Report (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
The Company maintains a Complaint Register at its head office for the purpose of recording all complaints received, It also files quarterly reports on complaints received with the Nigerian Stock Exchange. 7. STAFF CODE OF CONDUCT The Company has in place a code of conduct for its employees which state the expected professional behavior of all members of staff from assumption of duties .All members of staff subscribe to the code and are guided in their official dealings by the Code 8. PRICE SENSITIVE INFORMATION The Company has in place a policy that prohibits insider trading by members of the Board of Directors, Management staff, Key officers and related persons who in the cause of their duties are privy to price sensitive information. The Policy also precludes them from passing such price sensitive Information to other persons for the purpose of trading in the Company's shares. They are also prohibited from disposing, selling, buying or transferring their shares in the Company for specific periods stated in the policy until the information is made public.
9. RETIREMENT OF DIRECTORS BY ROTATION In accordance with section 259 of the Companies and Allied Matters Act, (Cap C20), Laws of the Federation 2004, Mr. Clem Baiye retire by rotation, but being eligible offer himself for re-election. 10. COMPANY SECRETARY The Company Secretary provides the needed support for the Board. The duties of the Company Secretary includes updating Board members regularly with relevant information, planning and organising training for Directors, scheduling and arranging Board meetings as well as ensuring that the proceedings of the meetings are accurately recorded. The Company Secretary also acts as a link between the Audit Committee and the Board. In addition to the support provided by the office of the Company Secretary to the Board, the Board reserves the right to seek and obtain advise as it may require from relevant independent external professionals at the company's expense. 11. RELATIONSHIP WITH REGULATORY AUTHORITIES The Company's activities are regulated primarily by the National Insurance Commission, the Company is however also responsible to the Nigerian Stock Exchange, the Securities and Exchange Commission as well as the Financial Reporting Council and the Corporate Affairs Commission. The Company reports to the Nigerian Financial Intelligence Unit of the Economic and Financial Crimes Commission on matters relating to money laundering and combating the financing of terrorism. The Company strives to comply with all Laws, Regulations, Guidelines and Directives issued by all Regulatory Authorities. The Company filed all Reports required to be filed by the Regulators and responded to all requests for information as well as cooperated fully with Regulators when visited for inspection and verification However, in the course of the year, the Company had to pay penalty to regulatory bodies as detailed below for contraventions. Excess deposit in a Bank - NAICOM N500,000.00 Late submission of 3rd Quarter Report - NAICOM N5,000.00
...... MRS. ANUOLUWAPO SHOBO AMBASSADOR BABA GANA KINGIBE (CFR) FRC/2013/NBA/00000003654 FRC/2017/IODN/00000016361 SECRETARY ACTING CHAIRMAN
24 Regency Alliance | 2016 Annual Report Managements Discussion and Analysis
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
This analysis is of the Group's performance as at 31st December 2016 and should be read in conjunction with the consolidated financial statements of the Group as at 31 December 2016.
The financial statements of the Group for the year ended 31st December 2016 comprise the financial statements of the parent company and its subsidiaries.
Business Profile Regency Alliance Insurance Plc. (Regency Alliance) is a company incorporated under the Laws of the Federal Republic of Nigeria and is listed on the Nigerian Stock Exchange. It is licensed by the National Insurance Commission to carry out all forms of Non-Life Insurance business.
Regency Alliance has the following subsidiaries.
Name of Subsidiary Line of Business Regency Nem Insurance Limited (Ghana) Non-Life Insurance business (Subsidiary) RIC Properties and Investment Limited Financing Leasing(Subsidiary) RIC Microfinance Bank Microfinance banking (Subsidiary) RIC Technologies Limited Sale and Installation of vehicle trackers (Subsidiary)
Objectives and Strategies
Our objectives and strategies include: 1. The provision of innovative and quality service to our esteemed clients and customers. 2. The employment and retention of honest, diligent, professionally qualified, well trained and dedicated members of staff who are adequately remunerated. 3. To provide adequate returns to shareholders 4. To be a good corporate citizen.
Operating Results (in thousands of Nigerian Naira)
GROUP COMPANY Dec-16 Dec-15 %Change Dec-16 Dec-15 %Change Gross premium written 5,017,315 4,301,132 16.65 3,100,740 3,329,094 (6.86) Net premium income 3,526,765 2,819,518 25.08 1,891,161 2,109,422 (10.35) Net Claim Expenses 911,681 729,751 24.93 344,725 427,366 (19.34) Underwriting profit 2,001,592 1,538,349 30.11 1,118,642 1,229,247 (9.00) Investment income & Other Income 560,175 364,023 53.88 342,935 214,039 60.22 Operating expenses 1,815,584 1,291,780 40.55 838,064 821,864 1.97 Profit before tax 761,701 569,249 33.81 532,928 494,697 7.73 Profit after tax 611,199 373,112 63.81 470,594 333,331 41.18
The Group's increased its gross premium written while the Company experience slight reduction in gross premium written when compare to prior year's result, the Group's net claim increase by 24.93% while the Company's reduced by 19.34%. Profit after tax of the group increase by 63.81% While the Company increase by 41.18% .Investment and other income increase by53.88% and 60.22% for the Group and Company respectively a reflection of the Group's strategic direction which leveraged on investment income as a key revenue source due to the challenging investment environment witnessed during the year. Moving Forward The company intends to expand its operation base while the subsidiaries are being repositioned to increase their contribution to the Group. RIC Properties & Investment Ltd is being recapitalized to expand into the property market. Members of staff will continuously undergo internal and external training to keep them abreast of the changing environment and make them add value to the group.
Regency Alliance | 2016 Annual Report 25 Report of the Audit Committee
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
In compliance with the provisions of Section 359 (6) of the Companies and Allied Matters Act (Cap C20) Laws of the Federation, 2004, the members of the Audit Committee of Regency Alliance Plc. hereby report on the financial statements for the year ended 31st December 2016 as follows:
a) We have reviewed the scope and planning of the audit for the year ended 31st December, 2016 and confirm that they were adequate.
b) The company's reporting and accounting policies as well as the internal control systems conform to legal requirements and agreed ethical practices.
c) We are satisfied with the management's responses to the External Auditors' findings on management matters for the year ended 31st December, 2016.
………………………………………………….. Chief Atoyebi Idowu FCA FRC/2013/ICAN/00000003656 CHAIRMAN OF THE AUDIT COMMITTEE 14th March, 2017
MEMBERS OF THE AUDIT COMMITTEE
Chief Atoyebi Idowu, FCA Shareholder's Representative (Chairman)
Mr. Lateef Adeola Shareholder's Representative (Member)
Mr. Solomon Sunday Akinsanya Shareholder's Representative (Member)
Mr. Akin Adelakun Executive Director (Member)
Lady Mary Anegbode Eromosele Non-Executive Director (Member) (Resigned with effect from 31st March 2016)
26 Regency Alliance | 2016 Annual Report Report of the Independent Auditor
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
30 83
Regency Alliance | 2016 Annual Report 27 Report of the Independent Auditor (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
28 Regency Alliance | 2016 Annual Report Report of the Independent Auditor (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Regency Alliance | 2016 Annual Report 29 Statement of Significant Accounting Policies
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
1.0 GENERAL INFORMATION regarding its claims exposures. The investment portfolio of the company ranges from financial 1.1 Reporting Entity instruments, investment in unquoted shares and The company was incorporated in Nigeria under subsidiaries. the Companies and Allied Matters Decree 1990 as Regency Insurance Company Limited on the 16th 1.3 AuthorisationFor Issue day of June 1993, and was licensed by the National The consolidated financial statements, including Insurance Commission (NAICOM) to underwrite all the assets and liabilities of the Company and its classes of Non-Life insurance business. On the Subsidiaries, and were approved for issue by the 11th day of March 2005, the company obtained Board on 21st March 2017. license to underwrite Life Insurance business in addition to the Non-Life Insurance business 2.0. BASIS OF PREPARATION thereby becoming a composite insurance company. However, after a successful merger with 2.1 STATEMENT OF COMPLIANCE WITH three other companies in 2007, the company's INTERNATIONAL FINANCIAL REPORTING name was changed to Regency Alliance Insurance STANDARDS Plc. The consolidated and separate financial The company, which is listed on the Nigerian Stock statements of the group have been prepared in Exchange, was registered and now licensed to accordance with and comply with International underwrite all classes of Non-Life Insurance Financial Reporting Standards (IFRSs), as issued business risk associated with accident, fire, marine by the International Accounting Standards Board and oil and gas among others. The registered (IASB) and adopted by the Financial Reporting address of the company is at 2, Ebun Street, Council of Nigeria. Gbagada Lagos, Nigeria. Statement of compliance 1.2 Going Concern The consolidated and separate financial statement The financial statements of Regency Alliance of the group comply with, International Financial Insurance Plc and it's subsidiaries have been Reporting Standards (IFRS), Companies and prepared on a going concern basis. The directors of Allied Matters Act CAP C20 LFN 2004, Financial the company have a reasonable expectation that Reporting Council Act 2011, Investment and the group and the company have adequate Securities Act 2007, Insurance Act 2003 of Nigeria, resources to continue in operational existence for relevant National Insurance Commission the foreseeable future. The annual financial (NAICOM) guidelines and circulars, the Banking's statement of the group for the year ended 31 and Other Financial Institutions Act of Nigeria, and December 2016 comprises the parent company relevant Central Bank of Nigeria circulars to the and its subsidiaries. extent that these laws are not in conflict with the requirement of IFRS. 1.3 Principal Activities Regency Alliance Insurance Plc. and its 2.2 Basis of Measurement subsidiaries (the Group) are engaged in various These financial statements have been prepared on business lines ranging from general accident the historical cost basic except for the following: insurance, oil/gas insurance, property leasing and investment and banking business. §Derivative financial instruments which are measured at fair value The underwriting strategy adopted by the group §Non-derivative financial instruments, carried attempts to ensure that the underwritten risks are at fair value through profit or loss, are well diversified in terms of type, amount of risk and measured at fair value industry. §Available-for-sale financial assets are measured at fair value through equity. The Company's principal activity continues to However, when the fair value of the Available- include risk management and claims advisory for-Sale financial assets cannot be measured services to corporate and retail customers in reliably, they are measured at cost less Nigeria. The company's insurance claims received impairment. prompt and effective services to all numerous §"Liabilities for cash-settled shared-based clients and the company takes all reasonable steps payment arrangements are measured at fair to ensure that it has appropriate information value.
30 Regency Alliance | 2016 Annual Report Statement of Significant Accounting Policies (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
§The liability for defined benefit obligation is a) Fair value of financial assets and liabilities recognised as the present value of the defined All financial assets and liabilities are recorded obligation less the fair value of the plan assets. initially at fair value. Subsequently, available- §The plan assets for defined benefit obligations for-sale financial assets, financial assets and are measured at fair value liabilities at fair value through profit or loss are §Assets and Liabilities held for trading are carried at fair value, as of the reporting date. All measured at fair value other financial instruments are carried at §Assets and Liabilities held to maturity are amortized cost, with their fair values disclosed. measured at amortised cost §Loans and Receivables are measured at b) Fair value of unquoted equity financial amortised cost. instruments The fair values of financial instruments where 2.3 Judgment, Estimates and Assumptions no active market exists or where quoted prices The preparation of financial statements requires are not otherwise available are determined by directors to make judgments, estimates and using valuation techniques. In these cases the assumptions that affect the application of policies fair values are estimated from observable data and reported amounts of assets and liabilities, using valuation models. The models used to income and expenses. determine fair values are validated and periodically reviewed by quailed personnel These estimates and associated assumptions are independent of those that sourced them. All based on historical experience and various other models are certified before they are used, and factors that are believed to be reasonable under the models are calibrated to ensure that outputs circumstances. reflect actual data and comparative market prices. Changes in assumptions about these The results of which forms the basis of making the factors could affect the reported air value of the judgments about carrying values of assets and relevant securities. liabilities that are not readily apparent from other sources. Actual results may differ from these c) Fair value of HTM investment securities estimates under different assumptions and Financial instrument designated as held-to- conditions. maturity are carried by the group at amortized cost. The quoted prices for the determination The estimates and underlying assumptions are of the fair of such instruments are readily reviewed on an on-going basis. Revisions to available for quoted instruments. Valuation accounting estimates are recognized in the period techniques are used for unquoted instruments in which the estimate is revised, if their revision by using discounted cash flow valuation affects only that period or if there revision affects techniques. In the latter cases, the fair values both current and future periods. are estimated from observable data in respect of similar financial instruments. 2.3.1 Critical Accounting Judgments and Estimates Critical accounting estimates are those which d) Liabilities arising from Insurance Contracts involve the most complex or subjective judgments or assessments, and relate to general insurance i) Claims arising from non-life insurance reserves, the determination of fair value for contracts financial assets and liabilities, impairment charges, the determination of fair values of assets and Liabilities for unpaid claims are estimated on a liabilities attributable to business combinations, case by case basis. The liabilities recognized deferred policy acquisition costs and deferred for claims fluctuate based on the nature and taxes. severity of the claim reported. Claims incurred but not reported (IBNR) are determined using In each case, the determination of these items statistical analyses which arise from the claims requires management to make informed development tables in respect of not less than judgments based on information and financial data five (5) years' experience. The Group deems that may change in future periods. Because of the liabilities reported as being adequate since uncertainties involved in such judgments, actual such liabilities have been subjected to the outcomes and results may differ from assumptions liability adequacy test. and estimates made by management.
Regency Alliance | 2016 Annual Report 31 Statement of Significant Accounting Policies (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
ii) Unexpired risk and unearned premium value, an impairment loss is recognized in the In determining unearned premium, the policy is statement of comprehensive income. DAC are taken to be evenly spread across the period of also considered in the liability adequacy test cover for all policies except engineering for each reporting period. policies where policies are skewed towards the later policy coverage period. DAC are derecognized when the related contracts are either settled or disposed off. e) Impairment of Trade Receivables In accordance with the accounting policies on g) Deferred taxes financial assets, the Group tests annually Deferred income tax liabilities are recorded for whether trade receivable has suffered any temporary differences, which are based on the impairment. In respect of premium difference between financial statement receivables, the group makes allowances for carrying amounts and income tax bases of amounts not collected as at time of preparing assets using enacted income tax rates and its financials. The carrying amount of loans and laws. receivables is reduced through an impairment allowance determined using an analytical The utilization of deferred tax assets arising method based on knowledge of each loan from temporary differences depends on the group or receivable. generation of sufficient taxable profits in the period in which the underlying asset or liability f) Deferred Acquisition Costs is recovered or settled. Deferred acquisition costs (DAC) generally consist of commissions, underwriting 3.0 Significant Accounting Policies expenses and policy issuance costs. The Significant accounting policies are defined as those amount of acquisition costs to be deferred is that are reflective of significant judgments and dependent on judgments as to which issuance uncertainties, and potentially give rise to different costs are directly related to and vary with the results under different assumptions and acquisition. conditions.
The related asset is amortized over the The accounting policies set out below have been premium earning pattern for non-life. consistently applied to all periods presented in these financial statements. Those direct and indirect costs incurred during the financial year arising from the writing or These policies have been consistently applied to all renewing of insurance contracts and all other years presented unless otherwise stated. acquisition costs are recognized as an expense when incurred. 3.1.1 Basis Of Consolidation
DAC for general insurance are amortized over 3.1.1 Subsidiaries the period in which the related revenues are Subsidiaries are all entities (including structured earned. The reinsurers' share of deferred entities) over which the Group has control. The acquisition costs is amortized in the same Group controls an entity when the Group is manner as the underlying asset amortization is exposed to, or has rights to, variable returns from recorded in the statement of comprehensive its involvement with the entity and has the ability to income. affect those returns through its power over the entity. Subsidiaries are fully consolidated from the Changes in the expected useful life or the date on which control is transferred to the Group. expected pattern of consumption of future They are deconsolidated from the date that control economic benefits embodied in the asset are ceases. accounted for by changing the amortization period and are treated as a change in an The Group applies the acquisition method to accounting estimate IAS 8. account for business combinations. The consideration transferred for the acquisition of a An impairment review is performed at each subsidiary is the fair values of the assets reporting date or more frequently when an transferred, the liabilities incurred to the former indication of impairment arises. When the owners of the acquire and the equity interests recoverable amount is less than the carrying issued by the Group. The consideration transferred
32 Regency Alliance | 2016 Annual Report Statement of Significant Accounting Policies (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
includes the fair value of any asset or liability the purposes of subsequently accounting for the resulting from a contingent consideration retained interest as an associate, joint venture arrangement. Identifiable assets acquired and or financial asset. In addition, any amounts liabilities and contingent liabilities assumed in a previously recognised in other comprehensive business combination are measured initially at income in respect of that entity are accounted for their fair values at the acquisition date. The Group as if the group had directly disposed of the related recognises any non- controlling interest in the assets or liabilities. This may mean that amounts acquiree on an acquisition-by-acquisition basis, previously recognised in other comprehensive either at fair value or at the non-controlling interests income are reclassified to profit or loss. proportionate share of the recognised amounts of acquiree's identifiable net assets. Acquisition- 3.2. Foreign Currency Translation related costs are expensed as incurred. (a) Functional and Presentation currency The individual financial statements of each If the business combination is achieved in stages, entity in the Group are presented in the the acquisition date carrying value of the acquirer's currency of the primary economic previously held equity interest in the acquiree is re- environment in which the entity operates, "its measured to fair value at the acquisition date; any functional currency". The consolidated gains or losses arising from such re-measurement financial statements are presented in are recognised in profit or loss. Nigerian Naira, which are the company's functional currency and the group's Any contingent consideration to be transferred by presentation currency. Except where the Group is recognised at fair value at the otherwise stated, consolidated financial acquisition date. Subsequent changes to the fair statements are presented in thousands of value of the contingent consideration that is Naira (NGN) which is the Groups deemed to be an asset or liability is recognised in presentation currency. accordance with IAS 39 either in profit or loss or as a change to other comprehensive income. (b) Foreign Currency Contingent consideration that is classified as In preparing the financial statements of the equity is not re-measured, and its subsequent entity, transactions in currencies other than settlement is accounted for within equity. the entity's functional currency (foreign currencies) are recognised at the rates of Inter-company transactions, balances and exchange prevailing at the dates of the unrealised gains on transactions between Group transactions. At the end of each reporting companies are eliminated. Unrealised losses are period, monetary items denominated in also eliminated. When necessary, amounts foreign currencies are retranslated at the reported by subsidiaries have been adjusted to rates prevailing at that date. Non-monetary conform to the Group's accounting policies. items carried at fair value that are denominated in foreign currencies are 3.1.2 Changes in ownership interests in subsidiaries retranslated at the rates prevailing at the date without change of control when the fair value was determined. Non- monetary items that are measured in terms of Transactions with non-controlling interests that do historical cost in a foreign currency are not not result in loss of control are accounted for as retranslated. equity transactions - that is, as transactions with the owners in their capacity as owners. The difference between fair value of any Exchange differences on monetary items are consideration paid and the relevant share acquired recognised in profit or loss in the period in of the carrying value of net assets of the subsidiary which they arise except for: is recorded in equity. Gains or Losses on disposals to non-controlling interests are also recorded in §exchange differences on foreign equity. currency borrowings relating to assets under construction for future productive When the group ceases to have control any use, which are included in the cost of retained interest in the entity is remeasured to its those assets when they are regarded as fair value at the date when control is lost, with the an adjustment to interest costs on those change in carrying amount recognised in profit or foreign currency borrowings; loss. The fair value is the initial carrying amount for
Regency Alliance | 2016 Annual Report 33 Statement of Significant Accounting Policies (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
§ exchange differences on transactions eliminates or significantly reduces a entered into in order to hedge certain measurement or recognition inconsistency foreign currency risks (see note below for (sometimes referred to as "an accounting hedging accounting policies); and mismatch) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different §exchange differences on monetary bases; and whose performance is evaluated items receivable from or payable to a and managed on a fair value basis. foreign operation for which settlement is neither planned nor likely to occur (b) Available for sale (therefore forming part of the net Available-for-sale investments are financial investment in the foreign operation), assets that are intended to be held for an which are recognised initially in other indefinite period of time, which may be sold in comprehensive income and reclassified response to needs for liquidity or changes in from equity to profit or loss on repayment interest rates, exchange rates or equity prices of the monetary items. or that are not classified as loans and receivables, held-to-maturity investments or 3.3 Cash and Cash Equivalents financial assets at fair value through profit and Cash and cash equivalents comprise cash in hand, loss. demand deposits with banks and other short-term highly liquid investments that are readily (c) Held-to-maturity investment securities convertible into cash and are subject to an Held-to-maturity investments are non- insignificant risk of change in fair value. The derivative financial assets with fixed or deposits have original maturities of three months or determinable payments and fixed maturities less from the acquisition date. that the Group's management has the positive intention and ability to hold to maturity, other 3.4 FINANCIAL ASSETS than: The Group classifies its financial assets into the i) Those that the Group upon initial following categories: at fair value through profit and recognition designates as at fair value loss, loans and receivables, held to maturity and through profit or loss; available for sale. The classification is determined ii) Those that the Group designates as by management at initial recognition and depends available for sale; and on the purpose for which the investments were iii) Those that meet the definition of loans acquired. and receivables.
3.4.1 Classification Interest on held-to-maturity investments are (a) Financial assets at fair value through profit and included in the statement of profit or loss and loss are classified as follows: are reported as "Investment income. In the i) Investment securities held for trading; and case of impairment, it is been reported as a ii) Those designated at fair value through deduction from the carrying value of the profit and loss at inception. investment and recognised in the income statement as "impairment charge for credit A financial asset is classified into the "financial losses within operating expenses. Held-to- assets at fair value through profit and loss? maturity investments comprise of category at inception if acquired principally for Government bonds, Treasury bills and other the purpose of selling in the short term, if it deposit with original maturity day greater than forms part of a portfolio of financial assets in 90 days. These are initially recognised at fair which there is evidence of short-term profit- value taking, or if so designated by management. (d) Loans and receivables Financial assets designated as at fair value Loans and receivables are non-derivative through profit or loss at inception are those financial assets with fixed or determinable that are held in internal funds to match payments that are not quoted in an active insurance and investment contracts liabilities market other than those that the Group intends that are linked to the changes in fair value of to sell in the short term or that it has designated these assets. The designation of these assets as at fair value through profit and loss or to be at fair value through profit and loss available for sale. Receivables arising from
34 Regency Alliance | 2016 Annual Report Statement of Significant Accounting Policies (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
insurance contracts are also classified in this counterparty will default. Trade receivables arising category and are reviewed for impairment as from insurance contracts are stated after deducting part of the impairment review of loans and allowance made for specific debts considered receivables. Those for which the holder may doubtful of recovery. Impairment of trade not recover substantially all of its initial receivables are presented within other operating investment, other than because of credit expenses. deterioration. Trade and Other receivables amounts are short- Loans and receivables are initially recognised term. The net carrying value of trade receivables is at fair value - which is the cash consideration considered a reasonable approximation of fair to originate or purchase the loan including any value. Trade receivables are reviewed at every transaction costs - and measured reporting period for impairment. subsequently at amortised cost using the effective interest rate method. Loans and 3.4.2 Recognition and measurement receivables are reported in the statement of Financial assets are initially recognised at fair value financial position as loans and advances to plus, in the case of all financial assets not carried at customers or as investment securities. fair value through profit and loss, transaction costs Interest on loans is included in the income that are directly attributable to their acquisition. statement and is reported as "Interest Financial assets carried at fair value through profit income". In the case of impairment, the and loss are initially recognised at fair value, and impairment loss is reported as a deduction transaction costs are expensed in the statement of from the carrying value of the loan and comprehensive income. Financial assets are recognised in the income statement as derecognised when the rights to receive cash flows "impairment charge for credit losses? within from them have expired or where they have been operating expenses. transferred and the Group has also transferred substantially all risks and rewards of ownership. Loan granted to staff at below market rate are fair valued by reference to expected future Available-for-sale financial assets and financial cashflows and current market interest rates for assets at fair value through profit and loss are instruments in a comparable or similar risk subsequently carried at fair value. Loans and class and the different between the historical receivables and held-to-maturity financial assets cost and fair value is accounted for as are carried at amortised cost using the effective employee benefits under staff costs where interest method. these are considered material. Gains and losses arising from changes in the fair Receivables arising out of Insurance value of the "financial assets at fair value through arrangements are also classified in this profit and loss? category are included in the income category and reviewed for impairment in line statement in the period in which they arise. with IAS 39. Receivables in the financial Dividend income from financial assets at fair value statement are disclosed as trade receivables, through profit and loss is recognised in the reinsurance receivables and other statement of comprehensive income as part of receivables. Investment income when the Group's right to receive payments is established. Trade receivables Trade, reinsurance and other receivables are non- Changes in the fair value of monetary and non- derivative financial assets with fixed or monetary securities classified as available for sale determinable payments that are not quoted in an are recognised in other comprehensive income. active market. After initial recognition these are measured at amortised cost using the effective When securities classified as available for sale are interest method, less provision for impairment. sold or impaired, the accumulated fair value Discounting is omitted where the effect of adjustments recognised in equity are included in discounting is immaterial. the income statement as net realised gains on financial assets within Investment income. Individually significant receivables are considered for impairment when they are past due or when Interest on available-for-sale securities calculated other objective evidence is received that a specific using the effective interest method is recognised in
Regency Alliance | 2016 Annual Report 35 Statement of Significant Accounting Policies (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
the income statement. Dividends on available-for- and receivables as well as liabilities to banks and sale equity instruments are recognised in the customers are determined using a present value income statement when the Group's right to model on the basis of contractually agreed cash receive payments is established. Both are included flows, taking into account credit quality, liquidity in the investment income line. and costs. The fair values of contingent liabilities and irrevocable loan commitments correspond to 3.4.3 Determination of fair value their carrying amounts. For financial instruments traded in active markets, the determination of fair values of financial assets 3.4.4 De-recognition of financial instruments and financial liabilities is based on quoted market The Group derecognises a financial asset only prices or dealer price quotations. This includes when the contractual rights to the cash flows from listed equity securities and quoted debt the asset expire or it transfers the financial asset instruments on major exchanges. The quoted and substantially all the risks and rewards of market price used for financial assets held by the ownership of the asset to another entity. If the Group is the current bid price. Group neither transfers nor retains substantially all the risks and rewards of ownership and continues A financial instrument is regarded as quoted in an to control the transferred asset, the Group active market if quoted prices are readily and recognises its retained interest in the asset and an regularly available from an exchange, dealer, associated liability for amounts it may have to pay. broker, industry, company, pricing service or If the Group retains substantially all the risks and regulatory agency, and those prices represent rewards of ownership of a transferred financial actual and regularly occurring market transactions asset, the Group continues to recognise the on an arm's length basis. If the above criteria are financial asset and also recognises a collateralised not met, the market is regarded as being inactive. borrowing for the proceeds received. Indications that a market is inactive are when there is a wide bid - offer spread or significant increase in 3.4.5 Reclassification of financial assets the bid - offer spread or there are few recent Financial assets other than loans and receivables transactions. are permitted to be reclassified out of the held-for- trading category only in rare circumstances arising For all other financial instruments, fair value is from a single event that is unusual and highly determined using valuation techniques. In these unlikely to recur in the near-term. In addition, the techniques, fair values are estimated from Group may choose to reclassify financial assets observable data in respect of similar financial that would meet the definition of loans and instruments, using models to estimate the present receivables out of the held-for-trading or available- value of expected future cash flows or other for-sale categories if the Group has the intention valuation techniques, using inputs (for example, and ability to hold these financial assets for the NIBOR, MPR etc.) existing at the dates of the foreseeable future or until maturity at the date of statement of financial position. reclassification.
The Group uses widely recognised money market Reclassifications are made at fair value as of the rates in determining fair values of non- reclassification date. Fair value becomes the new standardised financial instruments of lower cost or amortised cost as applicable, and no complexity like placements, and treasury bills. reversals of fair value gains or losses recorded These financial instruments models are generally before reclassification date are subsequently market observable. The carrying value less made. Effective interest rates for financial assets impairment provision of trade receivables and reclassified to loans and receivables and held-to- payables are assumed to approximate their fair maturity categories are determined at the values. reclassification date. Further increases in estimates of cash flows adjust effective interest The fair value of financial liabilities for disclosure rates prospectively. purposes is estimated by discounting the future contractual cash flows at the current market 3.4.6 Impairment of Financial Assets interest rate that is available to the Group for similar The group assesses as each reporting date financial instruments. In cases where the fair value whether there is objective evidence that a of unlisted equity instruments cannot be financial asset or group of financial assets is determined reliably, the instruments are carried at impaired. Objective evidence of impairment exists cost less any impairment. The fair value for loans if one or more loss events occurred after the initial
36 Regency Alliance | 2016 Annual Report Statement of Significant Accounting Policies (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
recognition of the asset which impacts the future cash flows discounted at the original estimated future cash flows such as: effective interest rate. Objective evidence of impairment exists if it is probable that the group §Significant financial difficulty of the issuer or will not be able to collect principal and/or interest debtor; due according to the contractual terms of the §A breach of contract, such as a default or instrument Impairment is the product of the loss delinquency in payments; given default rate and the gross value of each §It becomes probable that the issuer or debtor trade receivables. will enter bankruptcy or other financial reorganization; 3.4.6b Available-for-sale Financial Assets §The disappearance of an active market for When there is objective evidence that an that financial asset because of financial available-for-sale financial asset is impaired, the difficulties; or cumulative loss that had been recognized directly §Observable data indicating a measurable in OCI is recognized in income as an impairment decrease in the estimated future cash flows loss. The impairment loss is the difference from a group of financial assets since the between the acquisition cost and the current fair initial recognition of those assets, although value, less any impairment loss on that security the decrease cannot yet be identified with the previously recognized in income. individual financial assets in that group. If the fair value of a security increases in a In addition, for an available-for-sale financial asset, subsequent period, and the increase can be a significant or prolonged decline in the fair value of objectively related to an event occurring after the below its cost is also considered objective impairment loss was recognized in income, the evidence of impairment. While the determination impairment loss is reversed through income, up to of what is significant or prolonged is a matter of the amount of the previously recognized judgments. In respect of equity securities that are impairment loss, as adjusted for any amortization quoted, the group is guided by the following: already recognized in income. Any further gains are recognized directly in OCI. Any subsequent §a decline in excess of 20% is generally losses, to the extent that they do not represent regarded as significant; and further impairment losses, are also recognized in §a decline in quoted price that persists for nine OCI. months is considered to be prolonged. Objective evidence of impairment exists for an The recoverable amount of an asset or cash available-for-sale equity security when its fair generating unit is the greater of its value in use and value is below the weighted-average cost by a its fair value less costs to sell. In assessing value in significant amount. use, the estimated future cash flows are discounted to their present value using a pre-tax Impairment thresholds are determined quarterly discount rate that reflects current market on the basis of the underlying price volatility of assessments of the time value of money and the securities within the equity market in which the risks specific to the asset. group invests which is basically the Nigerian Stock Exchange. Additionally, the group 3.4.6a Financial Assets Carried At Amortised Cost considers an equity security to be impaired when For financial assets measured at amortized cost, its fair value has been below the weighted- the company first assesses whether objective average cost for a prolonged period of 24 evidence of impairment exists individually for consecutive months or longer. financial assets that are individually significant and individually or collectively for financial assets 3.4.7 Trade Receivable that are not individually significant. Individually Trade receivables on insurance contract include significant financial assets are tested for amount due from agents, brokers, and co- impairment on an individual basis. The remaining insurance and insurance contract holders. financial assets are assessed collectively in groups that share similar credit risk The company adopts the 'No Premium, No Cover' characteristics. An impairment loss in respect of a policy in respect of Insurance Contract. Insurance financial asset measured at amortized cost is covers are only granted on receipt of full premium calculated as the difference between its carrying in advance or full premium notification (credit value and the present value of the estimated note) from a licensed Insurance Broker. Full
Regency Alliance | 2016 Annual Report 37 Statement of Significant Accounting Policies (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
premium notification (credit note) shall subsist for 3.5.2 Reinsurance liabilities a period of 30days. Liabilities are valued gross before taking into account reinsurance. Reinsurance liabilities are Any premium not received, in respect of premium primarily premiums payable for reinsurance notification, after 30days is fully impaired and the contracts and are recognised as an expense cover cancelled. Hence no impairment was when due. recognized. 3.6 Deferred acquisition costs (DAC) 3.4.8 Offsetting Financial Assets and Financial Acquisition costs comprise all direct and indirect Liabilities costs arising from the writing of insurance Financial assets and financial liabilities are offset contracts (life and non-life contracts). Deferred and the net amount reported in the statement of acquisition costs represent a proportion of financial position when there is a legally commission which are incurred during a financial enforceable right to offset the recognized year and are deferred to the extent that they are amounts and there is an intention to settle on a net recoverable out of future revenue margins. It is basis, or to settle the asset and settle the liability calculated by applying to the acquisition simultaneously. expenses the ratio of unearned premium to written premium. 3.5 Reinsurance contracts Contracts entered into with reinsurers under Commissions and other acquisition costs that which the Group is compensated for losses on vary with and are related to securing new one or more long-term policy contracts issued by contracts and renewing existing contracts are the Group and that meet the classification capitalised as an intangible asset. All other costs requirements for insurance contracts are are recognised as expenses when incurred. The classified as long-term reinsurance contracts. The DAC is subsequently amortised over the life of the expected claims and benefits to which the Group contracts as follows: is entitled under these contracts are recognised as assets where material. For short-duration life insurance contracts, deferred acquisition cost is amortised over the If there is objective evidence that the reinsurance terms of the policies as premium is earned. asset is impaired, the carrying amount is reduced to a recoverable amount, and the impairment loss For long-term insurance contracts with fixed and is recognised in the statement of comprehensive guaranteed terms , deferred acquisition cost is income. amortised in line with premium revenue using assumptions consistent with those used in 3.5.1 Reinsurance asset calculating future policy benefit liabilities; and Reinsurance assets consist of short - term balances due from reinsurers, as well as longer For long-term insurance contracts without fixed term receivables that are dependent on the terms and investment contracts, deferred expected claims and benefits arising under the acquisition cost is amortised over the expected related reinsured insurance contracts. Amounts total life of the contract Group as a constant recoverable from or due to reinsurers are percentage of estimated gross profit margins measured consistently with the amounts (including investment income) arising from these associated with the reinsured insurance contracts contracts. The resulting change to the carrying and with the terms of each reinsurance contract. value of the DAC is charged to statement of comprehensive income. The reinsurance asset is reviewed quarterly for impairment. Where there are objective evidence 3.7 Other Receivables and Prepayments that the insurance asset is impaired, the Group Other receivable and prepayment are stated after reduces the carrying amount of the insurance deductions of amount considered impairment asset to its recoverable amount and recognises losses. These are loans and receivables other that impairment loss in the statement of than investment securities, insurance trade comprehensive income. Evidence that the receivables and reinsurance assets. When a debt reinsurance asset is impaired is gathered where is deemed not collectable, it is written off against the reinsurance Group has refused payment of the related impairment or directly to profit or loss any balance. account to the extent not previously provided for.
38 Regency Alliance | 2016 Annual Report Statement of Significant Accounting Policies (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Any subsequent recovery of written -off Goodwill in respect of associates and joint impairment is credited to profit or loss. ventures is included in the carrying amount of investments in associates and joint ventures. For Prepayments represent prepaid expenses and impairment purposes each investment is tested are carried at cost less amortisation expenses in for impairment individually and goodwill is not profit or loss. tested separately from the investment in associates and joint ventures, nor is any 3.8 Inventory impairment allocated to any underlying assets. Inventories are stock of tracker devices used to track down vehicles that are held for sale in the 3.9.2 Purchased and Developed Computer ordinary course of business of the group. They are Software initially recognized at cost. The cost comprises of The Group recognises computer software actual purchase price and cost of freight. acquired as intangible asset.
The group uses First in First Out (FIFO) method Software acquired by the Group is stated at cost for valuation purpose. less accumulated amortisation and accumulated impairment losses. Acquired intangible assets are 3.8.1 Measurement recognised at cost on acquisition date and are to In line with IAS 2, the group has elected to be amortised for the period of five years. measure inventories at the lower of cost and net Subsequent to initial recognition, these assets are realizable value. carried at cost less accumulated amortization and impairment losses in value, where appropriate. 3.9 Intangible Assets Subsequent expenditure on software assets is 3.9.1 Goodwill capitalised only when it increases the future Goodwill arises on the acquisition of a subsidiary economic benefits embodied in the specific asset company or the acquisition of a business. It to which it relates. All other expenditure is represents the excess of the cost of an acquisition expensed as incurred. over the Group's share of the fair value of the identifiable net assets of the subsidiary or Amortisation is recognised in the statement of business at the date of acquisition. Goodwill is not comprehensive income on a straight line b a s i s amortised. The gain or loss on the disposal of a over the estimated useful life of the software, from subsidiary or business includes the carrying the date that it is available for use since this most amount of goodwill attribute to the entity or closely reflects the expected pattern of business sold. consumption of the future economic benefits embodied in the asset. Cost of Computer software Goodwill is not recognised when an interest in an recognized as assets are amortized over their existing subsidiary is increased. The difference estimated useful lives not exceeding 5 between the cost of the acquisition and the years. Amortisation methods and useful lives are minority interest acquired is accounted for directly reviewed at each financial year-end and in equity. When an interest in an existing adjusted if appropriate. subsidiary is decreased without a loss of control, the difference between the proceeds received and Intangible assets are derecognised at disposal the share of the net assets disposed of, including date or at the date when it is permanently an appropriate portion of the related goodwill is withdrawn from use without the ability to be accounted for directly in equity. disposed of. The differences between the carrying amounts at the date of de-recognition and any For impairment purposes, the carrying amount of disposal proceeds, as applicable, is recognised in goodwill is allocated to cash generating units the statement of comprehensive income. (CGU), reviewed annually for impairment and written down where this is considered necessary. Expenditure on internally developed software is The carrying value of the CGU containing the recognised as an asset when the Group is able goodwill is compared to the recoverable amount, to demonstrate its intention and ability to complete which is the higher of value in use and the fair the development and use the software in a value less costs of disposal. Any impairment is manner that will generate future economic recognised immediately as an expense in the benefits and can reliably measure the costs to statement of comprehensive income and is not complete the development. The capitalised cost subsequently reversed.
Regency Alliance | 2016 Annual Report 39 Statement of Significant Accounting Policies (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
of internally developed software include all cost financial position date and adjusted as directly attributable to developing the software appropriate. and capitalised borrowing costs, and are amortised over its useful life. Internally developed Depreciation: software is stated at capitalised cost less Depreciation is recognized so as to write off the accumulated amortisation and impairment. cost or valuation of assets (other than freehold land) less their residual values over their useful However, the Group does not have internally lives. These assets are depreciated usually on a developed software at the date of reporting. straight-line basis to statement of profit or loss over the following estimated useful lives: 3.9.3 Trademarks and licenses §Motor vehicles - 4 years No value is attributed to internally developed §Furniture and fixtures - 5 years trademarks, patents and similar rights. Costs §Office equipment - 5 years incurred on in renew its operating licenses §Plant and machinery - 5 years annually with both NICOM and CBN are §Library Books - 5 years recognized in profit or loss as incurred. §Building - 20-50 years Expenditure on the development and marketing of §Leasehold Land - Over the lease period the Group's brands is also recognized in profit or loss as incurred. Assets that are subject to depreciation are reviewed for impairment whenever events or 3.10 Property, Plant and Equipment changes in circumstances indicate that the carrying amount may not be recoverable. An Recognition and measurement impairment loss is recognized for the amount by Own use property is defined as property plant and which the carrying value of the asset exceeds its equipment held by the group for use in the supply expected recoverable amount. The recoverable of services or for administrative purposes. Land amount is the higher of fair value less costs to sell and buildings comprise mainly outlets and offices and value-in-use. Assets are grouped on cash occupied by the Group. generating unit (CGU) level if the recoverable amount cannot be separately determined. All other Property, Plant and equipment, are initially recognized at cost and subsequently De-recognition measured or carried at cost less accumulated An item of property, plant and equipment is depreciation and any accumulated impairment derecognized upon disposal or when no future loss. economic benefits are expected to arise from the continued use of the asset. Any gain or loss Subsequent costs are included in the asset's arising on the disposal or retirement of an item of carrying amount or recognized as a separate property, plant and equipment is determined as asset, as appropriate, only when it is probable that the difference between the sales proceeds and future economic benefits associated with the item the carrying amount of the asset and is will flow to the Group and the cost of the item can recognized in profit or loss. be measured reliably. Maintenance and repair costs are charged to statement of profit or loss as 3.11 Assets Held For Sale incurred. Non-current assets held for sale and discontinued operations Property and equipment are derecognised at disposal date or at the date when it is permanently Non-current assets (and disposal groups) withdrawn from use without the ability to be classified as held for sale are measured at the disposed of. The differences between the carrying lower of carrying amount and fair value less costs amounts at the date of de-recognition and any to sell. disposal proceeds, as applicable, is recognised in 'other income' in the statement of profit or loss. Non-current assets and disposal groups are classified as held for sale if their carrying amount If the expected residual value is equal to or greater will be recovered through a sale transaction rather than the carrying value, no depreciation is than through continuing use. This condition is provided for. The residual values, estimated regarded as met only when the sale is highly useful lives of the assets and depreciation probable and the asset (or disposal group) is methods are reviewed at each statement of available for immediate sale in its present
40 Regency Alliance | 2016 Annual Report Statement of Significant Accounting Policies (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
condition. Management must be committed to flow to the Company; otherwise they are the sale which should be expected to qualify for expensed as incurred. recognition as a completed sale within one year from the date of classification. Upon the disposal of such investment property any gains or losses are recognised in the Impairment losses on initial classification as held statement of profit or loss. for sale and subsequent gains or losses on measurement are recognized in profit or loss. 3.13 Lease Gains are not recognized in excess of any Leases are accounted for in accordance with IAS cumulative impairment los 17 and IFRIC 4. They are divided into finance and operation lease. The determination of whether an In the statement of comprehensive income of the arrangement is a lease contains a lease, is based reporting period, and of the comparable period, on the substance of the arrangement at the income and expenses from discontinued inception date and requires an assessment of operations are reported separately from income whether the fulfillment of the arrangement is and expenses from continuing operations, down dependent on the uses of a specific asset or to the level of profit after taxes. In the statement of assets and the arrangement conveys a right to financial position, non-current assets held for sale use the asset, even if that right is not explicitly are usually separately identified. specified in an arrangement.
Property, plant and equipment and intangible (i) Operating lease assets once classified as held for sale are not Leases in which a significant portion of the depreciated or amortized. However, the decision risks and rewards of ownership are retained to sell and actual sales take place within the year. by another party, the lessor, are classified as operating leases. Payments, including 3.12. Investment properties prepayments, made under operating Investment property comprises investment in land leases(net of any incentives received from or buildings held primarily to earn rentals or capital the lessor)are charged to the income appreciation or both (Including property under statement on a straight-line basis over the construction for such purposes). period of the lease. When an operating lease is terminated before the lease period has Investment property is initially recognized at cost expired, any payment required to be made to including transaction costs. The carrying amount the lessor by way of penalty is recognized as includes the cost of replacing part of an existing an expense in the period in which termination investment property at the time that cost is takes place. incurred if the recognition criteria are met; and excludes cost of day to day servicing of an (ii) Finance lease investment property. Leases of assets where the company has substantially all the risks and rewards of The Group adopts Cost Model for subsequent ownership are classified as finance leases measurement of its investment property. Finance leases are capitalized at the lease's Investment properties are subject to depreciation commencement at the lower of the fair value are reviewed for impairment whenever events or of the leased property and the present value changes in circumstances indicate that the of the minimum lease payments. Each lease carrying amount may not be recoverable. An payment is allocated between the liability and impairment loss is recognized for the amount by finance charges so as to achieve a constant which the carrying value of the asset exceeds its rate on the finance balance outstanding. The expected recoverable amount. The recoverable corresponding rental obligations, net of amount is the higher of fair value less costs to sell finance charges, are included in deposits and value-in-use. Investment Properties are from bank so deposits from customers grouped on cash generating unit (CGU) level if the depending on the counter party. The interest recoverable amount cannot be separately element of the finance cost is charged to the determined. income statement over the lease period so as to produce a constant periodic rate of Subsequent expenditure on investment property interest on the remaining balance of the is capitalized only if future economic benefit will liability for each period.
Regency Alliance | 2016 Annual Report 41 Statement of Significant Accounting Policies (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
(b) The Group is the lessor of the revised regulatory and supervisory (i) Operating lease guidelines for Microfinance banks in Nigeria When assets are subject to an operating - An appropriation of 50% of profit after tax is lease, the assets continue to be recognised made if the statutory reserve is less than the as property and equipment based on the paid-up share capital, nature of the asset. Lease income is - 25%of profit after taxi the reserve is 50% or recognized on a straight line basis. more and greater than the paid-up share capital. (ii) Finance lease When assets are held subject to a finance 3.15.3 Statutory Credit Reserve. lease, the related asset is derecognized In compliance with the Prudential Guidelines for and the present value of the lease licensed Microfinance Institutions, the payments (discounted at the interest rate microfinance bank assesses qualifying financial implicit in the lease)is recognized as a assets using the guidance under the Prudential receivable. The difference between the Guidelines. The guidelines apply objective and gross receivable and the present value of subjective criteria towards providing for losses in the receivable is recognized as unearned risk assets. Risk assets are classed with finance income. Lease income is attendants provision as per the table below based recognized over the term of the lease using on objective criteria. the net investment method (before tax), which reflects constant periodic rate of Provision Classification requirement Basis return. Performing 1% Interest / Principal not due The subsidiary Ric Properties and Interest / Principal over due by 1 Investment engaged in finance lease. Pass and Watch 5% day but less than 30 days
Substandard Interest / Principal over due by 31 3.14 Impairment of Other Non-Financial Assets 20% days but less than 60days Assets that have an indefinite useful life-for Interest / Principal over due by 61 Doubtful example, land are not subject to amortization and 50% days but less than 90 days are tested annually for impairment. Assets that Lost 100% Interest / Principal over due by 91 are subject to amortization are reviewed for days and above impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is A more accelerated provision may be done using recognized for the amount by which the asset's the subjective criteria. A 1% provision is taken on carrying amount exceeds its recoverable amount. all risk assets are not specifically provisioned. The recoverable amount is the higher of an The results of the application of Prudential asset's fair value less costs to sell and value in Guidelines and the impairment determined for use. For the purposes of assessing impairment, these assets under IAS39 are compared. The assets are grouped at the lowest levels for which IAS39 determined impairment charge is always there are separately identifiable cash flows (cash- included in the statement of profit or loss. generating units). Where the Prudential Guidelines provision is greater, the difference is appropriated from 3.15 Statutory Deposit Retained Earnings and included in a non- distributable reserve "Statutory credit reserve". 3.15.1 Statutory Deposit (Insurance) Where the IAS39 impairment is greater, no These deposits represent bank balances required appropriation is made and the amount of the by the insurance regulators of the Group to be IAS39 impairment is recognized in Income placed with relevant central banks of the Group's Statement. operating jurisdictions. The deposits are not available for day to day use and are stated at 3.15.4 Collateral amortised cost. The microfinance bank obtains collateral where appropriate, from customers to manage their 3.15.2 Statutory Reserves (Microfinance Bank) credit risk exposure to the customer. The Central bank of Nigeria requires all Microfinance collateral normally takes the form of alien over Banks to make an annual appropriation to a the customer's assets and gives the company a statutory reserve. As stipulated in Section18.1.7 claim on these assets for both existing and future customer in the event that the customer defaults.
42 Regency Alliance | 2016 Annual Report Statement of Significant Accounting Policies (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Collateral received in the form of securities is not ultimate cost varying from the original recorded on the statement of financial position. assessment. Adjustments to the amounts Collateral received in the form of cash is of claims provisions established in prior recorded on the statement of financial position years are reflected in the financial with a corresponding liability. These items are statements for the period in which the assigned to deposits received from bank or other adjustments are made and disclosed counterparties. Any interest payable or separately, if material. receivable arising is recorded as interest expense or interest income respectively. The liability for Incurred but not Reported (IBNR) claims is calculated at the end of 3.16. NON-Life Insurance Contract Liabilities the reporting period, using a range of standard actuarial claim projection a). Technical Reserves techniques, based on empirical data and These are there serves computed in current assumptions that may include a compliance with the provision of Section margin for adverse deviation. The liability 20, 21, and 22 of the Insurance Act2003. was not discounted for time value of They are: money; and no further provision was made for equalization or catastrophe reserves b). General insurance contracts (as prohibited by IFRS 4). Reserves for unearned premium In compliance with Section 20(1) (a) of 3.17 Liability Adequacy Test Insurance Act 2003, the reserve for At the end of each reporting date, a Liability unearned premium is calculated on a time Adequacy Test (LAT) is performed by an Actuary apportionment basis in respect of the risks to ensure the adequacy of the contract liabilities accepted during the year. net of any related Deferred Acquisition Cost and Reinsurance recoveries. Where a shortfall is c). Reserves for unexpired risk identified, an additional provision is made and The provision for unearned premiums the company recognizes the deficiency in profit represents that part of written premiums, or loss. gross of commission payable to intermediaries that is estimated to be 3.18 Liabilities and Related Assets under Liability earned in subsequent periods. The change Adequacy Test in the provision is recorded in the income The net liability for insurance contracts is tested statement to recognize revenue over the for adequacy by discounting current estimates of period of the risk. all future contractual cash flows and comparing this amount to the carrying value of the liability A provision for additional unexpired risk net of deferred acquisition costs. Where a reserve (AURR) is recognized for an shortfall is identified, an additional provision is underwriting year where it is envisaged made and the company recognizes the that the estimated cost of claims and deficiency in the statement of profit or loss and expenses would exceed the unearned other comprehensive income for the year. premium reserve(UPR). Incurred but Not Reported (IBNR) claim reserves d). Reserves for outstanding claims were determined by projecting Ultimate Claims The reserve for outstanding claims is using Chain Ladder method and then deducting maintained at the total amount of for claims paid to date and outstanding amounts outstanding claims incurred and reported on reported claims. The paid claims plus claims incurred but not reported development factors are adjusted, where felt ("IBNR") as at the reporting date. The IBNR necessary due to data limitations and credibility is based on the liability adequacy test. issues. Loss Ratio method is used where use of Chain Ladder method was not appropriate or Material salvage and other recoveries possible. including reinsurance recoveries are presented as assets. Unearned Premium Reserve (UPR), for all policies except Engineering, is determined by In many cases delays experienced in the apportioning the premium over the duration of notification and settlement of certain types policy and calculating UPR based on premium in of general insurance claims result in the respect of remaining term of the policy.
Regency Alliance | 2016 Annual Report 43 Statement of Significant Accounting Policies (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
However, for engineering policies, policies at risk which has been announced to those affected and amounts are skewed towards the later policy the amount can be reasonably estimated. coverage period. Hence UPR determination is based on a different approach which results in 3.22 Other payable higher premium being earned at later stages of Other payable are initially recorgnised at fair the policy. value and subsequently measured at armortised cost. 3.19 Borrowings Borrowings are recognized initially at fair value, 3.23. Employee Benefits net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any a). Pension obligation difference between the proceeds (net of The group operates a defined contributory transaction costs) and the redemption value is pension scheme for eligible employees. recognized in the income statement over the Employees and the Group contribute 8.5% period of the borrowings using the effective and 10.5% respectively of the qualifying interest method. Fees paid on the establishment staff's salary in line with the provision of of loan facilities are recognized as transaction Pension Reform Act 2014. Under the cost of the loan to the extent that it is probable defined contributory scheme, the group that some or all of the facility will be drawn down. pays fixed contributions to a separate entity In this case, the fee is deferred until the draw - Pension Fund Administrators; employees down occurs. To the extent there is no evidence also pay a fixed percentage to the same that it's probable that some or all of the facility will entity. Once the contributions have been be drawn down, the fees capitalised as a paid, the company retains no legal or prepayment for liquidity service and amortised constructive obligation to pay further over the period of the facility to which it related. contributions if the fund does not hold sufficient assets to finance benefits Borrowings are classified as non-current accruing under the retirement benefit plan. liabilities under where the group has an unconditional right to defer settlement for at least The company's obligations are recognized 12 months after the date of the statement of in the profit or loss as employee benefit financial position. expenses when they are due.
3.20 Trade Payables b). Short-term benefits Trade payables are recorgnised initially at fair Short-term employee benefit obligations value and subsequently measure at amortised include wages, salaries and other benefits cost using effective interest method. The value of which the Company has a present a non-interest bearing liability is its discounted obligation to pay, as a result of employees' repayment amount. If the effect of discounting is services provided up to the reporting sheet immaterial, discounting is omitted. date. The accrual is calculated on an undiscounted basis, using current salary 3.21 Provisions, Contingent Liabilities, rates. A provision is recognized for the Commitments and Financial Guarantees amount expected to be paid under short- Provisions, contingent liabilities, commitments term cash bonus or profit-sharing plans if and financial guarantees are recognized when the Company has a present legal or the Group has a present obligation (legal or constructive obligation to pay this amount constructive) as a result of a past event, it is more as a result of past service provided by the likely than not that an outflow of resources employee and the obligation can be embodying economic benefits will be required to estimated reliably. settle the obligation and a reliable estimate can be made of the amount of such an obligation. c). Termination Benefits Provisions are discounted when the effect of the Termination benefits are payable whenever time value of money is considered material. an employee's employment is terminated before the normal retirement date or Restructuring provisions comprise employee whenever an employee accepts voluntary termination costs and costs related to onerous redundancy in exchange for these benefits. contracts. Restructuring provisions are The Company recognizes termination recognized when the group has a present benefits when it is demonstrably committed obligation as a result of a detailed formal plan, either to terminate the employment of
44 Regency Alliance | 2016 Annual Report Statement of Significant Accounting Policies (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
current employees according to a detailed transfer cash or other assets. Incremental costs formal plan without possibility of directly attributable to issue of shares are withdrawal, or to provide termination recognized as deductions from equity net of any benefits as a result of an offer made to tax effects. encourage voluntarily redundancy if it is probable that the offer will be accepted and Dividend on ordinary shares the number of acceptances can be Dividends on the company's ordinary shares are estimated. Benefits falling due more than recognised in equity in the period in which they 12 months after balance sheet date are are paid or, if earlier, approved by the company's discounted to present value. shareholders.
3.24 Current and Deferred Income Tax Earnings per share The group provides current tax expense Basic earnings per share is calculated by dividing according to the tax laws of each jurisdiction in net income which it operates. Tax is recognized in the income statement, except to the extent that it relates to Available to ordinary shareholders by the items recognized in other comprehensive income weighted average number of ordinary shares in or directly in equity. In this case, the tax is also issue during the year, excluding the weighted recognized in other comprehensive income or average number of ordinary shares purchased directly in equity, respectively. by the Group and held as Treasury shares.
Deferred income taxes are recognized using the Earnings per share has also been calculated on asset and liability method. Deferred income taxes the adjusted operating profit before impairment are recorded for temporary differences, which of goodwill and other adjusting items ,after tax, are based on the difference between financial attributable to ordinary shareholders, as the statement carrying amounts and income tax directors believe this figure provides a better bases of assets and liabilities using enacted indication of operating performance. income tax rates and laws. Losses for tax purposes are treated as deferred tax assets to For the diluted earnings per share, the weighted the extent it is probable that they can be utilized average number of ordinary shares in issue is against future taxable income in the respective adjusted to assume conversion of all dilutive jurisdictions. potential ordinary shares, such as convertible debt and share options granted to employees. Current and deferred tax assets and liabilities are Potential or contingent share issuances are offset when the income taxes are levied by the treated as dilutive when their conversion to same taxation authority and when there is a shares would decrease net earnings per share. legally enforceable right to offset them. 3.26 Retained Earnings Taxes payable by either the parent company or Retained earnings are the amount of retained its subsidiaries on expected distributions to the profit not apportioned to any specified reserve parent company of the profits of subsidiaries are and which is available for distribution to not recognized as deferred income taxes unless shareholders. Retained earnings are carried at a distribution of those profits is intended in the book value. This account accumulates net profits foreseeable future. or losses from operations.
3.24.1 Minimum Tax 3.27 Fair Value and Other Reserves Where the group has no taxable profit or liability Fair value reserve represents unrealized arising from its tax assessment for the year, a gains/losses resulted from the valuation of minimum tax assessment shall be mandatory in available-for-sale and held for trading financial line with the provision of the Company Income assets based on current market prices and other Tax Act (as amended) reserves represent foreign exchange difference resulted from translation of foreign subsidiary 3.25 Equity operation at year end.
Share Capital 3.28 Contingency Reserve Ordinary shares are classified as equity. The The company maintains contingency reserves in company classifies ordinary shares and share accordance with the provisions of the Section premium as equity when there is no obligation to 21(2) of Insurance Act 2003 to cover fluctuations
Regency Alliance | 2016 Annual Report 45 Statement of Significant Accounting Policies (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
in securities and variations in statistical estimates periods of risks after the reporting date. It is at the rate equal to the higher of 3% of total computed separately for each insurance premium or 20% of the net profit after until the contract using a time proportionate basis, or reserve reaches the greater of minimum paid up another suitable basis for uneven risk capital or 50% of net premium for general contracts. Provision for unexpired risk is business. made for unexpired risks arising where the expected value of claims and expenses 3.29 Insurance Contracts attributable to the unexpired period of The Group enters into insurance contracts as its policies in force at the reporting date exceeds primary business activities. Insurance contracts the unearned premium in relation to such are those that the Group accepts significant policies after deduction of any deferred insurance risk from another party (the policy acquisition costs. Specifically, provision for holder) by agreeing to compensate the policy unexpired risk is based on time holder or other beneficiary, if a specified apportionment. uncertain future event (the insured event) adversely affects the policy holder or the other c) Gross premium Income beneficiary. The Group issues contracts that This represents the earned portion of transfer insurance risk or financial risk or both. premium received and is recorgnised as Insurance contracts are those contracts that revenue including changes in unearned transfer significant insurance risk. premium. Premiums are earned from the date of attachment of risk, over the insurance 3.30 Revenue Recognition period, based on the pattern of risk Revenue comprises the fair value for services, underwritten. Outward reinsurance net of value-added tax. Revenue is premiums are recorgnised as expenses in recognised as follows accordance with the pattern of risk reinsured.
Non-life insurance contracts d) Reinsurance The Group cedes reinsurance in the normal a) Premium course of business for the purpose of limiting Gross premium comprise the premium on its net loss potential on policies written. insurance contracts entered into during the Premium ceded comprise written premiums year, irrespective of whether they relate in ceded to reinsurers, adjusted for the whole or in part to a later accounting period. reinsurers' share of the movement in the provision for the unearned premiums. Premium on reinsurance inward are included in gross written premium and accounted for Reinsurance arrangements do not relieve the as if the reinsurance was considered direct company from its direct obligations to its business, taking into account the product policyholders. Premium ceded, claims classification of the reinsured business. reimbursed and commission recovered are presented in the statement of profit or loss Outward reinsurance premium are and other comprehensive income and accounted for in the same accounting period statement of financial position separately as the premium for the related direct from the gross amounts. insurance or reinsurance business assumed. Reinsurance assets represent balances due The earned portion of premium received is from reinsurance contracts. Reinsurance recognized as revenue. Premiums are liabilities are primarily premiums payable for earned from the date of attachment of risk, reinsurance contracts and are recognised as over the indemnity period, based on the an expense when due. pattern of risk underwritten. Outward reinsurance premiums are recognized as an Reinsurance recoverable is estimated in a expense in accordance with the pattern of manner consistent with the outstanding indemnity received. claims provision and claims incurred associated with the reinsurer's policies and b) Unearned premium are in accordance with the related insurance Unearned premium are those proportions of contract. They are measured at their carrying premium written in the year that relate to amount less impairment charges.
46 Regency Alliance | 2016 Annual Report Statement of Significant Accounting Policies (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Amounts recoverable under reinsurance b) Salvage and subrogation contracts are assessed for impairment at reimbursements each statement of financial position date. If Some insurance contracts permit the there is objective evidence of impairment, the Group to sell property acquired in settling a company reduces the carrying amount of its claim (like salvage). Estimates of salvage insurance assets to its recoverable amount recoveries are included as an allowance in and recognizes the impairment loss in the the measurement of the insurance liability statement of profit or loss and other for claims. Salvage property is recognized comprehensive income as a result of an as an asset when the liability is settled. The event that occurred after its initial allowance is the amount that can recognition, that the company may not reasonably be recovered from the disposal recover all amounts due and that the event of the property. has a reliably measurable impact on the amounts that the company will receive from The Group may also have the right to the reinsurer. The Group had the right to set- pursue third parties for payment of some or off re-insurance payables against the all costs (like subrogation). Subrogation amount due from re-insurance and brokers in reimbursements are also considered as an line with the agreed arrangement between allowance in the measurement of the both parties. insurance liability for claims and are recognized as assets when the liability is e) Commission earned settled. The allowance is based on an Commissions are recorgnised on ceding assessment of the amount that can be business to the re-insurer, and are credited to recovered from the action against the liable the profit or loss over the period the service is third party. provided. c). Underwriting expenses 3.31 Expenses Underwriting expenses are made up of acquisition and maintenance expenses a) Claims comprising commission and policy expenses, proportion of underwriting staff Claims incurred consist of claims and cost. Underwriting expenses for insurance claims handling expenses paid during the contracts are recognized as an expense financial year together with the movement when incurred, with the exception of in the provision for outstanding claims. The acquisition costs which are recognized on provision for outstanding claims represent a time apportionment basis in respect of the group estimate of the ultimate cost of risk. settling all claims incurred but unpaid at the statement of financial position date d). Receivables and payables related to whether reported or not. The provision insurance contracts includes an allowance for claims Receivables and payables are recognized management and handling expenses. when due. These include amounts due to and from agents, brokers and insurance The provision for outstanding claims for contract holders. reported claims is estimated based on current information and the ultimate liability If there is objective evidence that the may vary as a result of subsequent insurance receivable is impaired, the information and events and may result in Group reduces the carrying amount of the significant adjustments to the amounts insurance receivable accordingly and provided. Adjustments to the amounts of recognizes that impairment loss in the claims provision for prior years are statement of profit or loss. The Group reflected in the profit or loss in the financial gathers the objective evidence that an period in which adjustments are made, and insurance receivable is impaired using the disclosed separately if material. The same methodology adopted for financial measurement of non-life insurance assets held at amortized cost. The contract liabilities has been set out under impairment loss is calculated under the note 3.14. same method used for these financial assets.
Regency Alliance | 2016 Annual Report 47 Statement of Significant Accounting Policies (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
3.32 Other Revenue and Expense Recognition c) Net interest income Net interest income includes interest on a) Fees and commission loan and advances earned and interest Fees and commission income and expenses incurred. expense that are integral to the effective interest rate on a financial asset or liability d) Net Trading Income are included in the measurement of the Net trading income includes income effective interest rate. received on sale of goods and has been recognized in line with IAS 18 'revenue Other fees and commission income, recognition' criteria and related cost including account servicing fees, incurred. investment management fees, sales commission, placement fees and e) Investment and other operating income syndication fees, are recognised as the Investment and other operating income related services are performed. When a comprise interest income earned on short- loan commitment is not expected to result term deposits, rental income and dividends in the draw-down of a loan, the related loan and foreign exchange differences. commitment fees are recognised on a Investment income, other than interest straight-line basis over the commitment income, is recognized at fair value and on period. an accrual basis.
b) Interest Interest income is recognized in the Interest income and expense are statement of profit or loss as it accrues and recognised in profit or loss using the is calculated using the effective interest effective interest method. The effective rate method. interest rate is the rate that exactly discounts the estimated future cash Investment expenses consist of costs payments and receipts through the relating to investment management expected life of the financial asset or services and operating expenses for real liability (or, where appropriate, a shorter estate held for investment. These period) to the carrying amount of the expenses are recognized on an accrual financial asset or liability. When calculating basis. the effective interest rate, the Group estimates future cash flows considering all Rental income is recognized on an accrual contractual terms of the financial basis. instrument, but not future credit losses. f) Dividend income The calculation of the effective interest rate Dividend income is recognized when the includes all transaction costs and fees and right to receive payment is established, the points paid or received that are an integral right to receive dividend is established part of the effective interest rate. when the dividend has been duly declared. Transaction costs include incremental costs that are directly attributable to the g) Management and other operating acquisition or issue of a financial asset or expenses liability. Management and other operating expenses are expenses other than claims Interest income and expense presented in and underwriting expenses. They include the statement of profit or loss include depreciation expenses, employee benefit interest on financial assets and financial and other operating expenses. They are liabilities measured at amortised cost accounted for on an accrual basis and calculated on an effective interest basis. recognized in the income statement upon Interest income and expense on all trading utilization of the service or at the date of assets and liabilities are considered to be origination. incidental to the Group trading operations and are presented together with all other h) Borrowing Cost changes in the fair value. These are interest and other cost that the group incurred in connection with the
48 Regency Alliance | 2016 Annual Report Statement of Significant Accounting Policies (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
borrowing of funds. The cost include rate Details of other new and revised IFRSs applied in calculated using the effective interest rate these financial statements that have had no method. The costs are recognized as an material effect on the financial statements are set expense in the period in which they are out in section 3. 36.2. incurred. 3.36.2 Standards and interpretations effective 3.33 Segment Reporting during the reporting period A reporting segment is an operating segment or It is important to note that no standard or aggregations of operating segments that meet amendment to existing standard took effect specified criteria. Operating segments are during the reporting period. Hence, there was components of an entity which separate financial no impact on the accounting policies, financial information is available that is evaluated position or performance of the Group. regularly by the chief operating decision maker in deciding how to allocate resources and in None of these standards were early adopted in assessing performance. This financial the prior period by the Group as early adoption is information is reported on the basis as used not permitted by the Financial Reporting Council internally for evaluating operating segment of Nigeria (FRC). performance and deciding how to allocate resources to operating segment. For the For the preparation of these financial company the Chief operating decision maker is statements, the following new or amended the Executive Management Team standards are mandatory for the first time for the financial year beginning 1 January 2016 (the The Group's primary format for segment list does not include information about new or reporting is based on business/subsidiaries amended requirements that affect interim segments. Significant geographical regions have financial reporting or first-time adopters of IFRS - been identified as the secondary basis of eg IFRS 14 Regulatory Deferral Accounts reporting. (issued in January 2014) - since they are not relevant to IFRS Statements). 3.34 Dividends Dividend distribution to the Company's 1. Amendments to IAS 1 titled Disclosure shareholders is recognized as a liability in the Initiative (issued in December 2014) - The financial statements in the period in which the amendments, applicable to annual periods dividends are approved by the Company's beginning on or after 1 January 2016, clarify shareholders. Dividends that are proposed but guidance on materiality and aggregation, not yet declared are disclosed in the notes to the the presentation of subtotals, the financial statements. structure of financial statements and the disclosure of accounting policies. The 3.35 Cash Flows Method amendments had no material effect on IAS 7 permits a number of options in the the Company's financial statements. presentation of cash flow from operating activities as either direct or indirect method. Amendments to IAS 16 and IAS 38 titled However, where statement of cash flow is Clarification of Acceptable Methods of prepared using the indirect method, the company Depreciation and Amortisation (issued in shall be required to reconcile the net cash flows May 2014) - The amendments, from operating activities to the direct method. The prospectively effective for annual periods Group has presented its cash flow from operating beginning on or after 1 January 2016, add activities using direct method. guidance and clarify that (i) the use of revenue-based methods to calculate the 3.36 APPLICATION OF NEW AND REVISED depreciation of an asset is not appropriate INTERNATIONAL FINANCIAL REPORTING because revenue generated by an activity STANDARDS (IFRS) that includes the use of an asset generally reflects factors other than the consumption 3.36.1 Amendments to IFRS affecting amounts of the economic benefits embodied in the reported in the financial statements asset, and (ii) revenue is generally The following new and revised IFRSs have been presumed to be an inappropriate basis for applied in the current year and have affected the measuring the consumption of the amounts reported in these financial statements. economic benefits embodied in an
Regency Alliance | 2016 Annual Report 49 Statement of Significant Accounting Policies (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
intangible asset; however, this presumption 5 Amendment to IFRS 5 (Annual can be rebutted in certain limited Improvements to IFRSs 2012-2014 Cycle, circumstances. The amendments had no issued in September 2014) - The effect on the Company's financial amendment, applicable prospectively to statements. annual periods beginning on or after 1 January 2016, adds specific guidance when 2. Amendments to IAS 16 and IAS 41 titled an entity reclassifies an asset (or a disposal Agriculture: Bearer Plants (issued in June Company) from held for sale to held-for- 2014) - The amendments, applicable to distribution to owners, or vice versa, and annual periods beginning on or after 1 for cases where held-for- distribution January 2016, define bearer plants - i.e accounting is discontinued. This living plants which are used solely to grow amendment had no effect on the Company's produce over several periods and usually financial statements. scrapped at the end of their productive lives - and include them within IAS 16's scope 6 Amendment to IFRS 7 (Annual while the produce growing on bearer plants Improvements to IFRSs 2012-2014 Cycle, remains within the scope of IAS 41. As the issued in September 2014) - The Company does not undertake agricultural amendment, applicable to annual periods activity, this amendment had no effect beginning on or after 1 January 2016, adds on the Company's financial statements. guidance to clarify whether a servicing contract is continuing involvement in a 3. Amendment to IAS 19 (Annual transferred asset. The amendment had no Improvements to IFRSs 2012-2014 Cycle, effect on the Company's financial statements. issued in September 2014) - The amendment, applicable to annual periods 7 Amendments to IFRS 10, IFRS 12 and beginning on or after 1 January 2016, IAS 28 titled Investment Entities: clarifies that, in determining the discount Applying the Consolidation Exception rate for post employment benefit (issued in December 2014) - The obligations, it is the currency that the amendments, applicable to annual periods liabilities are denominated in that is beginning on or after 1 January 2016, clarify important, and not the country where they the application of the consolidation arise. Thus, the assessment of whether exception for investment entities and their there is a deep market in high quality subsidiaries. The amendments had no corporate bonds is based on corporate effect on the Company's financial bonds in that currency (not corporate bonds statements. in a particular country), and in the absence of a deep market in high quality corporate 3.36.3 New and amended standards in issue but not bonds in that currency, government bonds yet effective in the relevant currency should be used. The Company has not applied the following new This amendment had no effect on the or amended standards that have been issued by Company's financial statements. the IASB but are not yet effective for the financial year beginning 1 January 2016 (the 4 Amendments to IAS 27 titled Equity Method list does not include information about new or in Separate Financial Statements (issued in amended requirements that affect interim August 2014) - The amendments, applicable financial reporting or first-time adopters of IFRS to annual periods beginning on or after 1 since they are not relevant to IFRS Statements). January 2016, reinstate the equity method The Directors anticipate that the new standards option allowing entities to use the equity and amendments will be adopted in the method to account for investments in Company's financial statements when they subsidiaries, joint ventures and associates become effective. The Group has assessed, in their separate financial statements. This where practicable, the potential effect of all these amendment has no effect on financial new standards and amendments that will be statements. effective in future periods.
50 Regency Alliance | 2016 Annual Report Statement of Significant Accounting Policies (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
1. Amendments to IAS 7 titled Disclosure Group has assessed the potential effect of Initiative (issued in January 2016) - The the new standard and will reflect this in amendments, applicable to annual periods future financial statements when it becomes beginning on or after 1 January 2017, effective. require entities to provide information that enable users of financial statements to 5. IFRS 9 Financial Instruments (issued in July evaluate changes in liabilities arising from 2014) - This standard will replace IAS 39 their financing activities. This is not expected (and all the previous versions of IFRS 9) to have a material effect on the Group's effective for annual periods beginning on or financial statements. after 1 January 2018. It contains requirements for the classification and 2. Amendments to IAS 12 titled Recognition of measurement of financial assets and Deferred Tax Assets for Unrealised Losses financial liabilities, impairment, hedge (issued in January 2016) - The amendments, accounting and derecognition. applicable to annual periods beginning on or after 1 January 2017, clarify the accounting IFRS 9 requires all recognised financial for deferred tax assets related to unrealised assets to be subsequently measured at losses on debt instruments measured at fair amortised cost or fair value (through profit or value, to address diversity in practice. This is loss or through other comprehensive not expected to have an effect on the Group's income), depending on their classification financial statements. by reference to the business model within which they are held and their contractual 3. Amendments to IFRS 2 titled Classification cash flow characteristics and Measurement of Share-based Payment Transactions (issued in June 2016) For financial liabilities, the most significant - The amendments, applicable to annual effect of IFRS 9 relates to cases where the periods beginning on or after 1 January fair value option is taken: the amount of 2018, clarify the effects of vesting and change in fair value of a financial liability non-vesting conditions on the measurement designated as at fair value through profit or of cash-settled share-based payments loss that is attributable to changes in the (SBP), the accounting for SBP transactions credit risk of that liability is recognised in with a net settlement feature for withholding other comprehensive income (rather than in tax obligations, and the effect of a profit or loss), unless this creates an modification to the terms and conditions of a accounting mismatch. SBP that changes the classification of the transaction from cash-settled to equity- Since the list reflects new and amended settled. The amendments are not standards issued up to 30 September 2016, expected to have a material effect on the it should be extended to include all such Group's financial statements. changes up to the date of authorisation for issue of the 2016 financial statements For 4. Amendments to IFRS 4 titled Applying the impairment of financial assets, IFRS 9 IFRS 9 Financial Instruments with IFRS 4 introduces an "expected credit loss" model Insurance Contracts (issued in September based on the concept of providing for 2016) - The amendments give all entities expected losses at inception of a contract; it that issue insurance contracts the option to will no longer be necessary for there to be recognise in other comprehensive income, objective evidence of impairment before a rather than profit or loss, the volatility that credit loss is recognised. could arise when IFRS 9 is applied before implementing the replacement insurance For hedge accounting, IFRS 9 introduces a contracts Standard for IFRS 4 that is under substantial overhaul allowing financial drafting by the Board. Also, entities whose statements to better reflect how risk activities are predominantly connected with management activities are undertaken when insurance are given an optional temporary hedging financial and non- financial risk exemption from applying IFRS 9 (until 2021), exposures. The derecognition provisions are thus continuing to apply IAS 39 instead. The carried over almost unchanged from IAS39.
Regency Alliance | 2016 Annual Report 51 Statement of Significant Accounting Policies (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
The Directors anticipate that IFRS 9 will be customers), enhanced disclosures, and new adopted in the Group's financial statements or improved guidance (e.g the point at which when it becomes mandatory and that the revenue is recognised, accounting for application of the new standard might have a variable consideration, costs of fulfilling and significant effect on amounts reported in obtaining a contract, etc.). respect of the Group's financial assets and financial liabilities. However, it is not The Directors anticipate that IFRS 15 will be practicable to provide a reasonable estimate adopted in the Company's financial of that effect until a detailed review has been statements when it becomes mandatory and completed. that the application of the new standard might have a significant effect on amounts 6. Amendments to IFRS 10 and IAS 28 titled reported in respect of the Companys' Sale or Contribution of Assets between an revenue. However, it is not practicable to Investor and its Associate or Joint Venture provide a reasonable estimate of that effect (issued in September 2014) - The until a detailed review has been completed. amendments address a current conflict between the two standards and clarify that 8. IFRS 16 Leases (issued in January 2016) gain or loss should be recognised fully when - The new standard, effective for annual the transaction involves a business, and periods beginning on or after 1 January partially if it involves assets that do not 2019, replaces IAS 17 and its constitute a business. The effective date of interpretations. The biggest change the amendments, initially set for annual introduced is that almost all leases will be periods beginning on or after 1 January brought onto lessees' balance sheets under 2016, is now deferred indefinitely but earlier a single model (except leases of less than application is still permitted. This is not 12 months and leases of lowvalue expected to have an effect on the Group's assets), eliminating the distinction between financial statements. operating and finance leases. Lessor accounting, however, remains largely 7. IFRS 15 Revenue from Contracts with unchanged and the distinction between Customers (issued in May 2014 and operating and finance leases is retained. amended for clarifications in April 2016) - The Directors anticipate that IFRS 16 will be The new standard, effective for annual adopted in the Company's financial periods beginning on or after 1 January statements when it becomes mandatory and 2018, replaces IAS 11, IAS 18 and their that the application of the new standard will interpretations. It establishes a single and have a significant effect on amounts reported comprehensive framework for revenue in respect of the Company's leases. recognition to apply consistently across However, it is not practicable to provide a transactions, industries and capital markets, reasonable estimate of that effect until a with a core principle (based on a five-step detailed review has been completed. model to be applied to all contracts with
52 Regency Alliance | 2016 Annual Report Statement of Financial Position Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Note GROUP COMPANY 2016 2015 2016 2015 =N='000 =N='000 =N='000 =N='000 ASSETS Cash and Cash Equivalents 4 1,644,372 3,249,435 1,520,147 2,604,463 Financial Assets 5 3,254,439 872,368 2,062,491 719,846 Trade Receivables 6 127,314 87,339 11,976 9,675 Reinsurance Assets 7 1,186,813 1,093,769 816,319 955,535 Deferred Acquisition Cost 8 227,834 167,537 148,802 122,108 Prepaid Income Tax 22 - 2,816 - - Deferred Tax Asset 9 1,382 - - - Other Receivables and Prepayments 10 192,810 82,546 27,759 20,299 Inventory 11 10,384 9,789 - - Investment in Subsidiaries 12 - - 785,462 770,002 Goodwill 12a(i) 24,813 - - - Deposit of Shares in Subsidiary 13 - - - 15,460 Intangible Assets 14 48,226 51,818 34,370 41,876 Investment Properties 15 116,919 116,919 - - Property, Plant and Equipment 16 1,254,960 1,232,506 1,148,365 1,167,275 Statutory Deposits 17 376,532 324,302 300,000 300,000 Total Assets 8,466,800 7,291,143 6,855,691 6,726,540
LIABILITIES Insurance Contract Liabilities 18 2,259,954 2,096,391 1,457,326 1,617,026 Trade Payables 19 46,145 26,102 - - Provision and Other Payables 20 289,667 133,500 120,257 49,382 Retirement Benefit Obligation 21 2,711 2,700 2,711 2,166 Provision for Current Income Tax Liabilities 22 254,231 270,911 242,497 265,961 Deferred Income Tax Liabilities 23 86,612 122,229 86,612 118,484 Bank Overdraft 24 16,055 - - - Total Liabilities 2,955,373 2,651,833 1,909,403 2,053,018
EQUITY Total equity attributable to owners of the parent: Issued and Paid up Share Capital 25 3,334,375 3,334,375 3,334,375 3,334,375 Contingency Reserve 26 1,171,779 1,003,636 1,007,971 913,852 Retained Earnings 27 561,424 259,037 602,860 426,447 Fair Value Reserves on Available for sale 28 1,081 903 1,081 (1,153) Other Reserves -Translation Difference 29 20,151 (72,686) - - Total 5,088,810 4,525,265 4,946,288 4,673,521 Non-controlling Interest in Equity: Non-controlling Interest in Equity 422,617 114,045 - - Equity and Liabilities 8,466,800 7,291,143 6,855,691 6,726,540
These financial statement were approved by the board of directors on March 21,2017 and signed on behalf of the board of directors by the directors listed below:
AMB. BABA GANA KINGIBE, CFR MR BIYI OTEGBEYE MR KEHINDE OYADIRAN FRC/2017/IODN/00000016361 FRC/2013/NBA/00000003749 FRC/2013/ICAN/00000003559 (Acting Chairman) (Managing Director/Chief Executive Officer) (Chief Finance Officer)
The statement of significant accounting policies and accompany notes form an integral part of these financial statements.
Regency Alliance | 2016 Annual Report 53 Statement of Profit or Loss and Other Comprehensive Income
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
THE GROUP THE COMPANY
Note 2016 2015 2016 2015 =N='000 =N='000 =N='000 =N='000 Gross Premium Written 30 5,017,315 4,301,132 3,100,740 3,329,094 . Gross Premium Income 31 5,300,991 4,067,067 3,337,313 3,169,514 Reinsurance Expenses 32 (1,774,226) (1,247,549) (1,446,152) (1,060,092) Net Premium Income 3,526,765 2,819,518 1,891,161 2,109,422 Fees and Commission Income 33 206,611 134,729 49,804 70,091 Net Underwriting Income 3,733,376 2,954,247 1,940,964 2,179,513 Claims Expenses (Gross) 34 (1,082,691) (930,108) (395,434) (447,101) Claim Expenses Recovered from Reinsurance 35 171,009 200,357 50,709 19,735 Underwriting Expenses 36 (820,103) (686,148) (477,597) (522,899) Underwriting Profit 2,001,592 1,538,349 1,118,642 1,229,248 Interest Income 37(a) 83,738 63,805 - - Interest Expense 37(b) (8,297) (6,999) - - Net Trading Income 38 7,626 7,611 - - Finance Income 39 42,275 31,566 - - Finance Cost 40 (13,895) (7,826) - - Investment Income 41 382,902 279,660 187,494 191,826 Other Operating Income 42 177,273 84,363 155,442 22,213 Employee Benefit Expenses 43 (596,897) (493,859) (300,796) (301,498) Other Operating Expenses 44 (1,218,687) (797,920) (537,267) (520,366) Net Realised Loss on Finacial Assets 5.4(e) (2,620) (1,097) - - Unrealised fair value (loss) on equities 5.2(a) (90,310) (127,374) (90,586) (126,726) Impairment on trade receivables 6(bi) (3,000) (1,030) - - Result of Operating Activites 761,701 569,249 532,928 494,697 Profit Before Tax 761,701 569,249 532,928 494,697 Income Tax Expense 22 (150,502) (196,137) (62,334) (161,366) Profit For the year 611,199 373,112 470,594 333,331 Other Comprehensive Income/(Loss) Items that may be subsequently reclassified to the profit or loss account: Net Unrealised fair value gain/(loss) on AFS financial asset 5.3 2,235 (3,530) 2,235 (3,454) Foreign exchange translation difference 70,868 (5,991) - - Total other comprehensive income 73,103 (9,521) 2,235 (3,454) - - Total comprehensive income for the Period 684,302 363,591 472,829 329,877
Profit After Taxation Atributable: to Owner's of parent 544,635 363,138 470,594 329,877 to Non Controlling Interest 66,564 9,975 - - 611,199 373,112 470,594 329,877 Total comprehensive income for the Period Atributable: to Owner's of parent 617,738 359,661 472,829 329,877 to Non Controlling Interest 66,564 3,930 - - 684,302 363,591 472,829 329,877 Earnings per share Basic (in kobo) 9.17 5.59 7.06 5.00
54 Regency Alliance | 2016 Annual Report Statement of Changes in Equity
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
-
-
2,235 4,108 4,108 (3,539) 611,199 193,980 264,764 (27,580) (200,063) 373,113 341,994 373,113 Total Total Total Total 4,639,310 4,639,309 =N=000 =N=000 4,293,208
- - - - (32) 66,564 807,414 66,564 611,199 (5,550) 9,975 1,533 Non Non 66,564 9,975 114,045 (8,410) (5,550) =N=000 =N=000 Interest Interest 114,045 242,007 Controlling Controlling 118,062
- -
2,235 9,658 Total Total 9,658 740,850 Parent (3,507) (200,063) Total Total =N=000 544,635 544,635 193,980 - Parent (19,170) =N=000
363,138 363,138 340,461 4,525,265 4,175,146
------=N=000 Foreign Reserve 92,836
Exchange 92,836 =N=000 Translation Translation Foreign Reserve (72,686) Exchange (59,507) (13,179) (13,179) Translation Translation
- - - - 903
- - -
2,235 =N=000 Reserves Fair Value Fair Value 4,411 (3,507) (3,507) =N=000 Reserves Fair Value Fair Value - - 9,658 9,658 =N=000 70,868 477,637 =N=000 (5,991) Retained Earnings 21,262 259,037 Retained 406,769 Earnings (137,867) 234,108 228,117 363,138 544,635 - (129,030)
-
-
- - - -
- - - 168,143 137,867 =N=000 =N=000 874,606 129,030 129,030 129,030 Reserve Reserve 1,003,636 Contingency Contingency
- 22,757 ------(175,250) (2,056) - (177,306) 242,007 64,701 - - - - - Share Share Capital Capital =N=000 =N=000 3,334,375 3,334,375
At 31 January 2015 Other comprehensive income Change in the value of Unquoted investment 2,235 Transaction with owner's of equity, recorded directly in equity with owner's of equity, Transaction distribution to owners At 1 January 2016 to Contingency ReservesTransfer comprehensive income for the quarterTotal Change in the ownership interest subsidiary 3,334,375At 31 December 2016 1,003,636 137,867 259,036 - 903 (72,686) 4,525,264 24,813 3,334,375 (2,056) 1,171,779 - 561,424 1,081 20,151 5,088,810 422,616 5,511,427 Profit after tax for the year Changes in equity for 2016 Exchange Difference 30,276 Dividend Approved and Paid during the yearDividend (200,063) - - 2015 Changes in equity for 2015 Profit after tax for the year to Contingency Reserves Transfer Change in the value of Unquoted investment Exchange Difference Other comprehensive income Change in the ownership interest subsidiary Total comprehensive income for the year Total At 31 december 2015 2016 GROUP GROUP
Regency Alliance | 2016 Annual Report 55 Statement of Changes in Equity (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
- - Total Total 2,235 (3,454) 333,329 329,875 =N=000 472,829 470,594 470,594 4,343,647 (200,063) (200,063) 4,673,521 4,946,288 - - - - - 2,301 1,081 2,235 (1,153) Reserves Reserves Fair Value Fair Value Fair Value =N=000
- - 192,991 =N=000 602,860 470,594 426,447 333,329 376,475 376,475 (94,119) (99,873) (200,063) (200,063) Retained Retained Earnings Earnings - - - -
- - 94,119 94,119 94,119 =N=000 913,852 813,980 Reserve Reserve 1,007,971 ------99,873 233,456 - 333,329
=N=000 =N=000 =N=000 =N=000 =N=000 =N=000 3,334,375 3,334,375 3,334,375 913,852 426,447 (1,153) 4,673,521 3,334,375 Share Capital Contingency Share Capital Contingency
Transfer to Contingency ReservesTransfer 99,873 Other comprehensive income Change in the value of Unquoted investment comprehensive income for the period Total At 31 December 2016 2,235 At 1 January 2016 Changes in equity for 2016 Profit after tax for the year At 1 January 2015 Transfer to Contingency Reserves Transfer with owners Transaction Total Profit after tax for the year Other comprehensive income Change in the value of Unquoted investment (3,454) Total comprehensive income for the yearTotal At 31 December 2015 - 99,873 233,456 (3,454) Transaction with owner's of equity, recorded directly in equity with owner's of equity, Transaction distribution to owners Approved and Paid during the year Dividend Changes in equity for 2015 2016 COMPANY 2015 COMPANY
56 Regency Alliance | 2016 Annual Report Statement of Cash Flows
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
THE GROUP THE COMPANY
Notes 2016 2015 2016 2015
Cash Flow From Operating Activities =N='000 =N='000 =N='000 =N='000 Premium Received 6a(ii) 5,015,014 4,305,034 3,098,439 3,332,995 Reinsurance Premium Paid 32(a) (1,657,395) (1,524,441) (1,287,554) (1,306,104) Commission & Interest Received 292,980 181,750 49,804 70,091 Gross Claim Paid 34(a) (1,181,757) (981,210) (318,561) (602,678) Claim Expenses Recovered from Reinsurance 35(a) 151,628 89,631 31,327 27,932 Commission & Interest Paid (687,190) (545,749) (362,458) (385,469) Maintenance Cost Paid 36(b) (193,209) (98,731) (141,833) (98,731) Cash Received From Customers 70,028 75,581 - - Cash Paid to Suppliers/Creditors (161,401) (16,094) - - Cash Paid to and On behalf of Employees (627,557) (496,576) (332,170) (310,797) Cash Payments for Other Operating Expenses (1,214,037) (624,733) (379,284) (396,193) Tax Paid (119,671) (146,881) (117,671) (90,000) Net Cash Generated From Operating Activities (312,566) 217,583 240,040 241,047
Cash Flow From Investing Activities Purchase of Financial Asset-HTM 5i(b) (1,430,471) - (1,418,615) - Purchase of Financial Asset-AFS 5.3 (17,248) - - - Receipt From Repayment Of Loan & Advances 5.4 290,614 234,925 4,263 4,920 Additional to Loan & Receivables 5.4 (348,841) (258,400) (220) (5,800) Investment Income Received 41 390,529 279,660 187,494 191,826 Other Operating Income Received 42 1,120 46,718 668 727 Acquisition of Property, Plant & Equipment 16 (137,153) (48,716) (49,651) (13,950) Proceeds From Disposal of Property, Plant & Equipment 2,620 79 2,620 24 Acquisition of Investment properties 15 - (16,919) - - Rental Income Received 42 25,348 16,765 10,815 15,104 Acquisition of Intangible Asset 14 (8,125) (47,201) (3,015) (46,764) Net Cash Generated From Investing Activities (1,231,606) 206,911 (1,265,641) 146,087
Cash Flow From Financing Activities Unclaim Dividend Received From Registrar - 17,935 - 17,935 Dividend Paid (200,063) - (200,063) - Share Issue/Deposit for Shares in Subsidiaries - - - (76,429) Net Cash Generated From Financing Activities (200,063) 17,935 (200,063) (58,494)
Net Increase(Decrease) In Cash and Cash Equivalents (1,744,235) 442,429 (1,225,664) 328,640 Effect of Movement in Exchange Rate on Cash and Cash Equivalents 139,171 (54,560) 141,348 6,359 Cash and Cash Equivalents as at 1 January 3,249,435 2,861,565 2,604,463 2,269,465
Cash and Cash Equivalent as at 31 December 2016 1,644,372 3,249,435 1,520,147 2,604,463
Regency Alliance | 2016 Annual Report 57 Notes to the Accounts
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
GROUP COMPANY DEC. DEC. DEC. DEC. 2016 2015 2016 2015 4 Cash and Cash Equivalents N'000 N'000 N'000 N'000 Cash in Hand 3,896 4,643 365 953 Bank Balances-Current Account 1,062,670 543,564 929,478 479,850 Short term placements: Fixed Deposit 566,247 2,689,721 578,745 2,123,660 Treasury bills with maturity period <90 days 11,559 11,506 11,559 -
Total 1,644,372 3,249,435 1,520,147 2,604,463
For the purpose of the cashflow statement cash and cash equivalent comprise the following balances with less than 3 months maturity from the date of acqisition.
Cash in Hand 3,896 4,643 365 953 Bank Balances-Current Account 1,062,670 543,564 929,478 479,850 Shortterm placements: Fixed Deposit 566,247 2,689,721 578,745 2,123,660 Treasury bills with maturity period <90 days 11,559 11,506 11,559 - Total cash & cash equivalents 1,644,372 3,249,435 1,520,147 2,604,463
Current 1,644,372 3,249,435 1,520,147 2,604,463 Non- Current
5 Financial Assets The financial assets are summarised below by measurement category: Held to maturity (note 5.1) 2,392,312 - 1,435,039 - Fair Value through Profit or Loss - quoted Investment - (note 5.2) 623,807 713,856 620,755 711,341 Available-for-sale - Unquoted Investment ( note 5.3) 25,130 4,892 5,016 2,782 Loans and Receivables ( note 5.4) 213,189 153,620 1,680 5,724 3,254,439 872,368 2,062,491 719,846
Current 3,229,309 867,476 2,057,475 717,064 Non- Current 25,130 4,892 5,016 2,782
5.1 Held-to-maturity financial assets, at amortised cost Treasury Bill with Maturity period >90 days 792,814 - 693,539 - Federal Government Bond 603,500 - 603,500 - Deposit with Corporate Institution with Maturity period >90 day 995,998 - 138,000 - 2,392,312 - 1,435,039 - 5.1(a) Analysis of Held to Maturity At the beginning of the year - - - - Addition during the year 2,472,264 - 1,418,615 - Disposal/Repayment During the Year - - - - Fair Valua Gain/(Loss) - - - - Impairment Loss (99,873) - - - Accrued Interest 16,424 - 16,424 - Interest Received In Cash - - - - Market value as at 31 December 2,392,312 - 1,435,039 -
Held to maturity relates to Federal Government bond purchased during the year with coupon rate of 18.2% payable half yearly ,Federal government treasury bill and other deposit with corporate institution with maturity period above 90 days
5.1(b) Analysis of HTM For the purpose of cash flow: Addition during the year 2,472,264 - 1,418,615 -
HTM Taken over from Nem Ghana (1,041,793) - - -
HTM Purchased during the year 1,430,471 - 1,418,615 -
58 Regency Alliance | 2016 Annual Report Notes to the Accounts (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
GROUP COMPANY
2016 2015 2016 2015 N'000 N'000 N'000 N'000 5.2 Analysis of quoted financial assets FVTPOL are shown: a. Quoted Investments At the beginning of the year 713,856 841,494 711,341 838,067 Exchange difference 262 (264) Reinsurance Recoverable on Claims Paid - - - Addition during the year - - - - Disposal/Repayment During the Year - - - - Fair Value Gain/(Loss) (90,310) (127,374) (90,586) (126,726) Impairment Loss - - - - Accrued Interest - - - - Interest Received In Cash - - - -
Market value as at 31 December 623,807 713,856 620,755 711,341
The Group classified its quoted investment at market value which is a reasonable measurement of fair value since price of the shares are quoted in an active market.
5.3 Available-for-sale - Financial assets (a). Dominion Trust Limited 5,016 2,782 5,016 2,782 (b). Others, Own by Subsidiary (Regency Nem Insurance Ltd Ghana) 20,113 2,110 - - (c) Profund Securities Limited - - - -
25,130 4,892 5,016 2,782 5.3(a&b) Analysis of Unquoted Investment: At the beginning of the year 4,892 9,935 2,782 7,716 Exchange difference 755 Addition during the year 17,248 - - - Disposal/Repayment During the Year - - - - Fair Value Gain/(Loss) 2,235 (5,043) 2,235 (4,934) Impairment Loss - - - - Accrued Interest - - - - Interest Received In Cash - - - -
Balance as at 31 December 25,130 4,892 5,016 2,782
5.3(c) Profund Securities Limited 2,072 2,072 2,072 2,072
5.3c (i) Impairment on Profund Securities Financial asset At the beginning of the year (2,072) (2,072) (2,072) (2,072) Addition during the year - - - - Reversal during the year - - - -
Balance as at 31 December (2,072) (2,072) (2,072) (2,072) Carrying Value - - - -
5.3 (d). Analysis of Unrealised Fair Value gain/(loss) on AFS a.) Dominion Trust Limited 2,235 (4,934) 2,235 (4,934) (b). Others,Own by Subsidiary (Regency Nem Insurance Ltd Ghana) - (109) - -
Balance as at 31 December 2,235 (5,043) 2,235 (4,934)
Current 25,130 4,892 5,016 2,782
Non- current
The carrying amount of the unquoted equity is based on the cost model using the latest audited financial statement of the investee companies The fair value of the assets cannot be readily and reliably measured as there is no active market for both types of companies The fair value of the investment has been categorised as Level 3 fair value based on non observable market inputs into the valuation technique The group intends to dispose of the shares at a price above the initial investment purchase price. Dominion Trust Limited offers Investment, Financial and related products and services in the Nigerian Capital Market to private individuals, Corporate entities and Institutional clients.
Regency Alliance | 2016 Annual Report 59 Notes to the Accounts (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 5.4 Loans and receivables comprise as shown below: Staff Loan (note 5.4a) 15,516 15,629 1,680 5,724 Loans and Advances_Ric Microfinance Bank (note 5.4b) 197,673 137,992 - - 213,189 153,621 1,680 5,724 (a) Staff Loan and Advances Balance as at the beginning of the period 15,629 17,491 5,724 4,843 Addition during the Year 7,057 7,578 220 5,800 Repayment During the Year (7,171) (9,440) (4,263) (4,920) Fair Valua Gain/(Loss) - - - - Impairment Loss - - - - Accrued Interest 1,773 870 668 727 Interest Received In Cash (1,773) (870) (668) (727)
15,516 15,629 1,680 5,724
Staff Advances are less than 12 months, the estimated fair values of the advances are the undiscounted amount of estimated future cash flow estimated to be received. The effective rate were based on Goverment Interest rate
(b) Bank Loans and Advances Balance as at the beginning of the period 137,992 107,958 - - Addition during the Year 348,621 258,400 - - Repayment During the Year (283,443) (225,485) - - Fair Value Gain/(Loss) - - - - Impairment Loss (5,497) (2,881) - - Accrued Interest 49,038 43,426 - - Interest Received In Cash (49,038) (43,426) - - Balance as at 31 December 197,673 137,992 - -
(c) Loans and Advances-Maturity Profile Under 1 month 48,761 74,662 - - 1-3 months 81,268 47,897 - - 3-6 months 50,792 14,088 - - 6-12 months 20,317 1,409 - - Over 12 months 2,032 2,817 - - 203,169 140,873 - Allowance for impairment on loans and Advances (5,497) (2,881) - - 197,673 137,992 -
(a+b) 213,188 153,620 1,680 5,724
Current 213,188 153,620 1,680 5,724 Non-Current
(d) Provision for impairment on loans and advances to Customers Performing 1% 1,458 1,382 - - Pass and Watch 5% 2,712 20 - - Sub Standard 20% 308 520 - - Doubtful 50% 587 475 - - Lost 100% 432 484 - - 5,497 2,881 - -
(e ) Realised (loss) in Financial assets Balance as at 1 January 2,877 1,781 - - Less: Balance as at 31st December, 5,497 2,877 - - Transfer to Statement of Profit or loss & Other Comprehensive Income (2,620) (1,096)
The allowance for impairment of loans and advances to Customers is calculated in line with Prudential guidelines issued by Central Bank of Nigeria for each Non-performing Account rated as Pass and Watch, Sub-standard, Doubtful and Loss Facility as follows:
Interest and /or principal Outstanding for: Categorization percentage Below 30 days Paas & watch 5% 31 - 60 days Sub-standard 20% 61 - 90 days Doutful 50% 91 days & above & resructured facilities Loss 100% While a general provision of 1% is made on all performing account balances.
60 Regency Alliance | 2016 Annual Report Notes to the Accounts (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 6 Trade Receivables a Due from Brokers and Other Intermediaries 11,976 9,675 11,976 9,675 b Due from Finance Lease rental 110,117 72,231 - - c Due From Sales of Tracker 5,221 5,433 - -
127,314 87,339 11,976 9,675
Current 127,314 87,339 11,976 9,675 Non-Current - - - -
6a (i) Due from brokers and Other Intermediaries Premium receivable 11,976 9,675 11,976 9,675 Impairment -premium receivables - - - - 11,976 9,675 11,976 9,675
6a(ii) Analysis of premium received during the Year Balance as at 1 January 9,675 13,577 9,675 13,577 Premium Receivable During the Year 5,017,315 4,301,132 3,100,740 3,329,094 Premium Received during the Year (5,015,014) (4,305,034) (3,098,439) (3,332,996) Balance as at 31 December 11,976 9,675 11,976 9,675
6a(iii) Age Analysis - Premium Debtor 0 to 30 days 11,976 9,675 11,976 9,675 Above 30 days - - - - 11,976 9,675 11,976 9,675
The premium receivables were not impaired, this is in line with Group policy on 'No Premium No Cover'. The Group only recognised receivables from broker and intermediaries, however such premium receivable should not exceed a period of 30 days.
(6b) Analysis of due from Finance Lease Rental Under One Year 111,230 74,303 - - 1 - 5 Year 5,015 1,055 - - 5 Years and Above - - 116,245 75,358 - - Provision for Impairment on finance lease rental(6b.i) (6,128) (3,127) 110,117 72,231 - -
6b(i) Movement on impairement of lease Rental - - - - At the beginning of year 3,127 2,098 Allowance made during the year (3,000) 1,030 - Balance as at 31 December 6,128 3,127 - -
Receivables from Lease Rental represent the Subsidiary's (RIC Properties and Investment Ltd) gross investment in minimum lease payments receivable as at reporting date. All lease agreement is for period of one year. The allowance for impairment on finance lease represents accumulated allowance for uncollectable lease payment receivable. RIC Properties and investment provides finance lease for corporate body as well as individual, in the area of household equipment, motor cars, office and household furnitures and real estate.
(6c) Due from Sale of Traker Under One Year 5,221 5,433 - -
Above one year - - - -
5,221 5,433 - -
Regency Alliance | 2016 Annual Report 61 Notes to the Accounts (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 7 Reinsurance Assets Prepaid Reinsurance-UPR 783,376 900,207 667,324 825,922 Reinsurance Share of Outstanding Claims 235,291 47,833 23,256 4,429 Reinsurance Share of Outstanding IBNR 168,146 145,730 125,739 125,184
1,186,813 1,093,770 816,319 955,535
Current 1,186,813 1,093,770 816,319 955,535 Non-Current - - - -
The reinsurance assets of the Company were based on independent actuaries valuation report authorised by Junaid Akram on behalf of TAF Consulting Nigeria Limited. A professional actuary registered in Nigeria with the Financial Reproting Council of Nigeria with registration no-(FRC number 'FRC/2014/NAS/00000006904')
7.1 Prepaid Reinsurance-UPR Balance as at 1 January 900,207 628,177 825,922 579,911 Exchange difference - (4,862) - - Reinsurance Cost During the year 1,657,395 1,524,441 1,287,554 1,306,104 2,557,602 2,147,755 2,113,476 1,886,014 Reinsurance Expenses/Amortisation during the period (1,774,226) (1,247,548) (1,446,152) (1,060,092) Balance as at 31 December 783,376 900,207 667,324 825,922
7.2 Movement in the Reinsurance Share of Recoverables on Outstanding Claim Balance as at 1 January 47,833 66,427 4,429 66,427 Exchange difference 4,429 Reinsurance Recoveries From Outstanding Claim Paid (190,809) (14,957) 18,827 (58,361) Receipts from Reinsurance During the Year 138,547 (3,637) - (3,637)
Balance as at 31 December 235,291 47,833 23,256 4,429
7.3 Movement in Reisurance Share of Outstanding IBNR Balance as at 1 January 81,780 142,700 125,184 142,700 Charges During the period 86,366 3,030 555 (17,516) Balance as at 31 December 168,146 145,730 125,739 125,184
There were no indicators of impairments on re-insurance assets. Therefore, no impairment is required in respect of these assets. The carrying amounts disclosed above is in respect of the reinsurance of insurance contracts which approximates to the fair value at the reporting date.
8 Deferred Acquisition Cost Deferred acquisition costs represent commissions on unearned premium relating to the unexpired period of risks and comprise:
General Accident 33,767 53,918 26,437 50,211 Oil & Gas 1,613 15,341 1,613 15,341 Fire 25,360 18,738 12,912 11,603 Motor 53,250 33,984 16,613 17,953 Aviation 120 189 120 189 Bond 11,180 10,208 224 284 Engineering 56,532 16,233 50,491 10,873 Marine 44,469 17,847 40,100 15,392 Emp/Liability 1,541 1,078 292 261 - - 227,834 167,537 148,802 122,108
62 Regency Alliance | 2016 Annual Report Notes to the Accounts (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000
8.1 Movement in deferred acquisition cost At beginning of the year 167,537 209,006.00 122,108 160,808 Addition during the Year 468,100 549,911 362,458 385,468 Amortisation during the Year (428,620) (587,417) (335,764) (424,169) Exchange difference 20,817 (3,963) Balance as at 31 December 227,833 167,537 148,802 122,108
Current 227,834 167,537 148,802 122,108 Non-Current - - - -
9 Deferred Tax Assets-(note 23) At beginning of the year - - - -
Movement During The Year 1,382 - - - Balance as at 31 December 1,382 - - -
10 Other Receivables and Prepayments a Due From Treaty Reinsurance 6,716 3,104 6,716 3,104 b Gas and oil pool 14,218 10,473 - - c Prepaid Insurance 11,356 14,038 11,131 10,387 d Prepaid rent 42,195 40,777 8,552 6,807 f Sundry Receivable & Prepayment 118,326 14,153 1,360 - 192,810 82,546 27,759 20,299 Current 192,810 82,546 27,759 20,299 Non-Current
a Due From Treaty Reinsurance 6,716 3,104 6,716 3,104
Due from treaty represents the minimum deposit premium (M&D) paid to Reinsurance Company on year 2017 treaty arrangment.
b Oil & Gas Insurance Pool At beginning of the year 10,473 3,489 - - Exchange difference 3,745 (287) - - Addition during the Year - 7,271 - - - Balance as at 31 December 14,218 10,473 - -
c Prepaid Insurance At beginning of the year 14,038 11,410 10,386 9,115 Addition during the period 29,417 39,671 29,595 33,324 Charge to income statement (32,099) (37,043) (28,850) (32,053) Balance as at 31 December 11,356 14,038 11,131 10,386
Prepaid insurance represent premium paid in advance on the insurance of the Group assets
d Prepaid rent At beginning of the year 40,777 55,269 6,808 10,379 Exchange difference - (3,489) - - Addition during the Year 66,359 21,730 16,725 28,480 Charge to income statement (64,942) (32,732) (14,982) (32,052) Balance as at 31 December 42,195 40,777 8,552 6,807
Regency Alliance | 2016 Annual Report 63 Notes to the Accounts (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 e Sundry Receivable & Prepayment At beginning of the year 14,153 1,987 - - Movement 104,173 12,166 1,360 - At end of the year 118,326 14,153 1,360 -
Sundry receivable & Prepayment represent subsidiary 'Ric Microfinance Bank' receivables on ATM account, stock of cheque book,SMS alart, prepayment on 3years antivirus licence for the company.
11 Inventory Opening balance as at 1 January 9,789 8,234.17 - - Purchases during the Year 8,558 10,045 - - Issued out (7,962) (8,490) - -
Balance as at 31 December 10,384 9,789 - -
Inventory represents stock of trackers held by RIC Technologies Limited as at the reporting date Current 10,384 9,789 Non-Current
12 Investment in Subsidiaries a Regency Nem Insurance Limited, Ghana - - 395,077 379,617 b RIC Properties & Investment Ltd - - 217,269 217,269 c RIC Microfinance Bank Limited - - 161,396 161,396 d RIC Technologies Limited - - 11,720 11,720 Total (a+b+c+d) - - 785,462 770,002
Current Non-Current - 785,462 770,002
a Regency Nem Insurance Limited, Ghana Opening balance as at 1 January - - 379,617 379,617 Transfer from Deposit for Share in Subsidiaries. - - 15,460 - Balance as at 31 December - - 395,077 379,617
During the Financial year 2016 there was a merger between Regency Insurance (Ghana) limited and Nem (Ghana) Insurance Limited at ratio of 60% to 40% respectively. As a result of this, the Group controlling interest Regency Nem(Ghana) reduced to 42% which represent 60% of the 70% (initial holding in Regency Insurance Limited Ghana). How ever the Group chose to consolidate Regency Nem account in line with IFRS 10.
a(i) Analysis of merger Fair Value of Net Asset 350,575 Amount Atributable to Non Controlling Interest - 350,575 Purchase consideration (Equity) 375,388 Goodwill 24,813
The net asset assumed from Nem Insurance Limited Ghana were valued using the market price of a similar assets to determine the market value. Nem Insurance Limited Ghana is a wholly owned subsidiary of Nem Insurance Plc prior to the merger.
a(ii) Analysis of Shareholding of the Regency Nem Insurance Ghana Limited as at 31 December, 2016 Name of the Shareholder No. of Shares Percentage of Share Issued Regency Alliance Insurance Plc 16,800 42 Nem insurance Plc 16,000 40 Roland Agambire 7,200 18 40,000 100
64 Regency Alliance | 2016 Annual Report Notes to the Accounts (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 b RIC Properties & Investment Ltd Opening balance as at 1 January - - 217,269 100,350 Transfer from Deposit for Share in Subsidiaries. - - - 116,919
Balance as at 31 December - 217,269 217,269
During the financial year 2015, the company injected the sum of =N=16,919,000 as additional capital in 'Ric Properties & Investment Limited' to boost its property business.This in addition to initial sum of =N=100,000,000.00 has been converted to share capital and the Parent's holding in Ric properties has been inceased from 90 to 96%, all necessary documentation has been effected.
c RIC Microfinance Bank Limited Opening balance as at 1 January - - 161,396 117,346 Additional Share Capital - - - 44,050
Balance as at 31 December - - 161,396 161,396
During the financial year 2015, the company increased the share capital of its subsidiary 'Ric Microfinance Bank' by injecting the sum of =N= 44,050,000 as additional capital to boost its working capital, The Parent's holding in Ric Microfiance Bank has been increased from 91% to 95%, all necessary documentation has been effected.
d RIC Technologies Limited - - 11,720 11,720
Regency Alliance is the Parent Company with significant interests in the subsidiary Companies as at 31 December 2016 as follows:
Effective Non Controlling Place of Date of Subsidiary Activity Entity holding AMOUNT Interest Incorporation Incorporation/ % =N= '000 % Acquisition
Regency Nem Insurance (Ghana) Limited Insurance 42 395,077 58 Ghana 2015 RIC Microfinance Bank Limited Banking operation 95 161,396 5 Nigeria 17th Dec., 2008 RIC Technologies Limited Sale of vehicle trackers 90 11,720 10 Nigeria 18th Apr. 2009 RIC Properties and Investment Limited Property leasing and investment 96 217,269 4 Nigeria 4th Jan. 2005
The Company, along with its subsidiaries, make up the Regency group The Group does not have significant restriction on its ability to access or use its assets and settle its liabilities other than those resulting from the supervisory frame work within which the group operate. The supervisory framework require the insurance subsidiaries to keep certain levels of regulatory capital and liquid asset.
13 Deposit for shares: Opening balance as at the beginning of the Year - - 15,460 100,000 Addition during the Year - - - 32,379 Transfer to subsidiary share capital - - (15,460) (116,919)
Balance as at 31 December - - 0 15,460
The sum of =N=15,460,072 transferred to subsidiary's share capital represents Parent's initial payment on right issue towards recapitalisation of 'Regency Nem Insurance Ghana Limited respectively
14 Intangible Assets Intangible Assets- Computer Software COST Opening balance as at the beginning of the Year 102,567 57,846 74,168 27,405 Exchange difference 10,055 (2,480) - - ADDITIONS 8,125 47,201 3,015 46,764
Balance as at 31 December 120,747 102,567 77,183 74,168
Regency Alliance | 2016 Annual Report 65 Notes to the Accounts (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 Accumulated Amortisation Opening balance as at the beginning of the Year 50,750 36,282 32,292 21,647 Exchange difference 6,553 (1,194) - - Charge for the year 15,218 15,661 10,522 10,645
Balance as at 31 December 72,521 50,750 42,814 32,292
Carrying Amount as at the end of the year 48,226 51,818 34,370 41,876
Current Non-Current 48,226 51,818 34,370 41,876
The intangible assets of the group comprice the computer softwares with life span of five years. The computer softwares are accounted for using the cost model in line with IAS 38 i.e cost less accumulated armortisation and less accumulated impairment. The amortization is charged to the statement of profit or loss and other comprehensive income in line with the Company's policy. There were no indication of impairment on the intangible asset, hence no impairment was recorgnised.
15. Investment Properties Opening balance as at 1 January 116,919 100,000 - - Addition During the Year - 16,919 -
Balance as at 31 December 116,919 116,919 - -
Current 116,919 116,919 - -
Non-Current
The Investment Properties represent the subsidiary's (Ric Properties and Investment Limited) blocks of student's hostel, the carrying amount represents the purchase and development cost as at reporting date, the Group applied cost model in valuation of its Investment Properties, the Investment Properties were not depreciated as they were still under construction, there were no indication of impairment as at reporting date, hence the investment properties were not impaired. There are no restriction on the realisability of the investment properties or the remittance of income and proceeds of disposal.
66 Regency Alliance | 2016 Annual Report 16. THE GROUP 2016 PROPERTY, PLANT AND EQUIPMENT OFFICE MOTOR OFFICE FURNITURE PLANT AND LAND BUILDING VEHICLE EQUIPMENT AND FITTINGS MACHINERY LIBRARY TOTAL
COST/VALUATION =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 Opening Balance as at January 1 2016 920,000 291,678 374,083 221,888 65,254 33,886 241 1,907,030 Exchange Difference 3,573 20,676 7,891 4,056 1,288 37,485 Addition during the Year - 13,004 92,647 18,560 8,602 4,339 - 137,153 Asset Taken over from Nem Ghana 2,818 47,490 2,328 7,351 174 - 60,161 Disposal (34,988) (260) (35,248) Closing Balance as at June 30 2016 920,000 311,074 499,908 250,667 85,004 39,687 241 2,106,581 - ACCUMULATED DEPRECIATION - Opening Balance as at January 1 2016 76,869 48,628 323,089 153,703 46,131 25,880 222 674,523 Exchange Difference 4,038 20,798 5,726 4,028 1,575 36,166 Charged for the Year 21,389 61,475 41,066 36,871 7,624 1,694 18 170,137 Disposal (28,945) (260) (29,205) Closing Balance as at December 31, 2016 98,258 114,142 356,008 196,301 57,523 29,149 240 851,622 Carrying Amount as at December 31, 2016 821,742 196,932 143,900 54,367 27,480 10,538 1 1,254,960 Carrying Amount as at December 31, 2015 843,131 243,050 50,994 68,185 19,123 8,006 19 1,232,506
16. GROUP 2015 PROPERTY, PLANT AND EQUIPMENT OFFICE MOTOR OFFICE FURNITURE PLANT AND LAND BUILDING VEHICLE EQUIPMENT AND FITTINGS MACHINERY LIBRARY TOTAL for theyearended31December2016 Consolidated andSeparateFinancialStatements Notes to theAccounts
COST/VALUATION =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 Opening Balance as at January 1 2015 920,000 288,155 362,735 203,093 61,542 31,709 241 1,867,475 Exchange difference (895) (4,561) (1,820) (795) (323) - (8,394) Regency Alliance|2016AnnualReport Additions - 4,418 15,956 21,186 4,507 2,649 - 48,716 Disposal - - (47) (571) - (150) - (768) Closing Balance as at December 31, 2015 920,000 291,678 374,083 221,888 65,254 33,885 241 1,907,028
ACCUMULATED DEPRECIATION Opening Balance as at January 1 2015 67,379 40,115 291,314 138,821 42,256 22,618 206 602,708 Exchange difference (298) (1,618) (206) (582) (175) - (2,879) Charge for the year 9,490 8,812 33,435 15,653 4,457 3,587 17 75,451 Disposal - - (42) (565) - (150) - (757) Closing Balance as at December 31, 2015 76,869 48,629 323,089 153,703 46,131 25,880 223 674,523 Carrying Amount as at December 31, 2015 843,131 243,049 50,994 68,184 19,123 8,006 19 1,232,506 (Cont’d) Carrying Amount as at December 31, 2014 852,621 248,039 71,421 64,272 19,286 9,091 36 1,264,767
i. There are no other lease asset included in the Group's property, plants and equipments apart from leasehold land as at 31 December 2016 ii. The Group had no capital commitment as at reporting date, there were no restriction on the title of Group asset and no Group asset was pledge as a security for liabilities iii. The Group asset has been tested for impairment and there were no indication of impairment on the asset, hence no impairment was recognised iv. The decision to dispose the Group asset were made during the year and effected before year end. This does not give room for classification as held for sale on the face of statement INSURER 67 of Financial Position . RC: 023048 Notes to the Accounts (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016 (715) (715) TOTAL 48,736 13,950 531,277 483,256 1,167,275 1,202,062 1,698,553 1,685,318 f Financial 17 19 - - 241 241 205 222 (150) (150) 2,546 2,185 6,022 5,662 36 19,313 21,709 13,652 15,687
PLANT AND PLANT PLANT AND PLANT
1,406 2,960 7,767 9,321 3,206 1,608 18 68,552 6,4927,767 4,589 6,022 1 19 1,148,365 1,167,275 41,343 42,748 32,021 34,982 34,982 15,688 222 531,278 37,928 17,295 240 579,679 OFFICE OFFICE FURNITURE FURNITURE ent was recorgnised for classification as held sale on the face of statement o December 2016 Company asset was pledge as a security for liabilities 7 42,748 21,710 241 1,698,554 (565) (565) 9,737 44,420 21,884 241 1,728,045 7,001 5,581 24,033 27,468 45,752 45,752 47,172 108,235 108,235 148,971 153,987 101,799
24,033 37,632 21,443
(19,892) - (260) - - (20,152) 275,261 253,818 257,959 132,268
VEHICLE EQUIPMENTAND FITTINGS MACHINERY LIBRARY - 6,165 47,631 238,541 243,141 41,465.79 PROPERTY, PLANT AND EQUIPMENT PLANT PROPERTY, AND EQUIPMENT PLANT PROPERTY, BUILDING MOTOR OFFICE the year and effected before year end. This does not give room before year end. the year and effected were no indication of impairment on the asset, hence impairm
there were no restriction on the title of Company asset and perty,plants and equipments apart from leasehold land as at 31 perty,plants
LAND LAND VEHICLE EQUIPMENTAND FITTINGS MACHINERY LIBRARY TOTAL
=N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000
LEASEHOLD BUILDING MOTOR OFFICE
Position.
16. COMPANY 2016 16. COMPANY COST/VALUATION Opening Balance as at January 1 2016 920,000 284,606 275,261 2015 16. COMPANY 153,98 COST/VALUATION Opening Balance as at January 1 2015 920,000 280,189 Addition during the YearAddition during the - 1,566 40,230 5,750 1,931 174 - 49,650 Addition during the YearAddition during the - 4,418 - i. There are no other lease asset included in the Company's pro Disposal Closing Balance as at December 31, 2015 DEPRECIATION ACCUMULATED Opening Balance as at January 1 2015Charge for the yearDisposal 920,000Closing Balance as at December 31, 2015Amount as at December 31, 2015Carrying 67,379Amount as at December 31, 2014Carrying 284,606 76,869 843,131 852,621 36,134 275,261 41,466 9,490 243,141 244,055 232,066 253,818 5,332 21,443 43,195 21,752 Disposal - - (19,900) - (260) - - (20,160) Closing Balance as at December 31, 2016 DEPRECIATION ACCUMULATED Opening Balance as at January 1 2016 920,000 76,869 286,172 295,591 15 Charge for the year 9,489 Disposal - Carrying Amount as at December 31, 2015Carrying 843,131 Carrying Amount as at December 31, 2016Carrying 833,642 Closing Balance as at December 31, 2016 86,358 ii. The Company had no capital commitment as at reporting date, iii. The Company asset has been tested for impairment and there iv. iv. The decision to dispose the Company asset was made during
68 Regency Alliance | 2016 Annual Report Notes to the Accounts (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 17. Statutory Deposits Openning balance 324,302 320,513 300,000 300,000 Exchange difference 8,933 (1,932) - - Addition During the year 43,297 5,721 - -
Carrying Amount as at the end of the year 376,532 324,302 300,000 300,000 Current Non-Current 376,532 324,302 300,000 300,000
The Statutory Deposit represents amounts deposited with the Central Bank of Nigeria(CBN) pursuant to Section 10(3) of the Insurance Act,2003. The deposits are not available for use by the Group on a normal course of day to day business.The Parent has statutory deposit of =N=300,000,000.00 with (CBN) in line with Insurance Act,2003 .The movement in the Group represent the addition during the year from the subsidiary (Regency Nem Insurance Limited Ghana) in line with Insurance Act (724),(73) of National Insurance Act 2006, Ghana.
18. Insurance Contract Liabilities Provision for unearned premium (note 18.a) 1,687,404 1,536,691 983,122 1,219,695 Provision for outstanding claims (note 18.b) 221,814 198,966 123,468 44,682 Incurred But Not Reported (IBNR) (18.c) 350,736 360,733 350,736 352,649 2,259,954 2,096,391 1,457,326 1,617,026
Current 2,259,954 2,096,391 1,457,326 1,617,026 Non-Current
Allocation of Asset To Policy holders fund Cash and Cash Equivalients 1,644,372 2,096,391 1,457,326 1,617,026 Other Assets 615,582 - - - 2,259,954 2,096,391 1,457,326 1,617,026
The above figures for the Company were based on independent actuaries valuation report authorised by Junaid Akram on behalf of TAF Consulting Nigeria Limited. A professional actuary registered in Nigeria with the Financial Reproting Council of Nigeria with registration no-(FRC number 'FRC/2014/NAS/00000006904')
18a. Movement in unearned premuim provision(UPR): Openning balance 1,536,691 1,327,968 1,219,695 1,060,115 Movement during the year 150,713 233,935 (236,573) 159,580 Exchange difference - (25,212) - - Carrying Amount as at the end of the year 1,687,404 1,536,691 983,122 1,219,695
The company does not make provision for premium deficiency. This is because all classes of business in which the company is involved report a profit i.e the premium written is in excess of claims incurred.
18a. (i) Provision for unearned premium General Accident 204,981 332,121 139,663 312,692 Oil and Gas 196,765 252,859 196,765 252,859 Fire 163,912 101,499 52,980 55,381 Motor 440,683 244,122 114,197 125,341 Aviation 1,512 945 1,512 945 Bond 98,515 62,273 879 1,155 Engineering 325,598 221,946 271,764 183,978 Marine 242,942 312,401 204,004 286,118 Emp/Liability 12,495 8,524 1,358 1,226 1,687,404 1,536,691 983,122 1,219,695
18. b Movement in outstanding claims provision: Openning balance 198,966 156,726 44,682 116,305 Exchange diffence 25,904 (26,504) - - Claims incurred in the current year 1,084,604 930,109 397,347 531,056 Claims paid during the year (1,087,660) (981,210) (318,561) (602,678) Balance as at 31 December 221,814 198,966 123,468 44,682
Regency Alliance | 2016 Annual Report 69 Notes to the Accounts (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 18.b (I)Provision for outstanding claims General Accident 24,218 14,702 18,217 6,404 Oil and Gas 45,613 10,700 45,613 10,700 Fire 16,623 88,501 3,016 1,567 Motor 83,565 43,822 36,850 16,847 Aviation 600 400 600 400 Bond 20,132 4,047 30 30 Engineering 20,775 20,034 16,965 4,578 Marine 7,468 14,436 2,128 4,099 Emp/Liability 2,820 2,324 50 58 221,814 198,966 123,469 44,682
18.c Incurred But Not Reported (IBNR) Opening balance 360,733 444,688 352,649 436,604 Movement during the year (9,997) (83,955) (1,913) (83,955) - - - Carrying Amount as at the end of the year 350,736 360,733 350,736 352,649
Current 350,736 360,733 350,736 352,649 Non-Current
The Group 18. b(ii) Age analysis of Outstanding Claim Year 2016 OUSTANDING CLAIM TOTAL OUTSTANDING CLAIMS PER CLAIMANT 0-90 DAYS 91-180 DAYS 181-270 DAYS 271-365 DAYS 365 DAYS + 1 - 250,000 5,368 839 570 10,480 10,753 250,001 - 500,000 31,526 5,039 2,884 2,374 45,403 500,001 - 1,500,000 4,484 6,306 10,846 10,406 3,059 1,5000,001 - 2,500,000 14,089 0 4,176 0 0 2,500,001 - 5,000,000 9,902 12,452 4,608 3,945 5,418 5,000,001 - ABOVE 11,207 0 0 0 5,681 GRAND TOTAL 76,575 24,636 23,084 27,205 70,314
The Group 18.b(iii) Age analysis of Outstanding Claim Year 2015 OUSTANDING CLAIM TOTAL OUTSTANDING CLAIMS PER CLAIMANT 0-90 DAYS 91-180 DAYS 181-270 DAYS 271-365 DAYS 365 DAYS + 1 - 250,000 5,656 2,182 1,451 2,183 11,076 250,001 - 500,000 51,510 722 477 - 637 500,001 - 1,500,000 5,929 975 2,527 - 1,751 1,5000,001 - 2,500,000 32,171 - 4,176 - 6,059 2,500,001 - 5,000,000 6,571 11,301 2,815 3,945 4,836 5,000,001 - ABOVE 8,960 - - 11,500 19,555 GRAND TOTAL 110,797 15,180 11,446 17,628 43,914 The Company 18.b(iv) Age analysis of Outstanding Claim Year 2016 OUSTANDING CLAIM TOTAL OUTSTANDING CLAIMS PER CLAIMANT 0-90 DAYS 91-180 DAYS 181-270 DAYS 271-365 DAYS 365 DAYS + 1 - 250,000 1,700 839 458 370 10,753 250,001 - 500,000 1,287 1,472 1,201 2,374 45,403 500,001 - 1,500,000 4,484 5,331 1,319 4,638 3,059 1,5000,001 - 2,500,000 1,778 0 0 0 0 2,500,001 - 5,000,000 3,691 6,400 4,608 0 5,418 5,000,001 - ABOVE 11,207 0 0 0 5,681 GRAND TOTAL 24,146 14,043 7,585 7,382 70,314
The Company 18.b(v) Age analysis of Outstanding Claim Year 2015 TOTAL OUTSTANDING CLAIMS PER CLAIMANT 0-90 DAYS 91-180 DAYS 181-270 DAYS 271-365 DAYS 365 DAYS + 1 - 250,000 1,988 2,182 1,441 2,183 11,076 250,001 - 500,000 271 722 - - 637 500,001 - 1,500,000 707 - - - 550 1,5000,001 - 2,500,000 - - - - 2,500,001 - 5,000,000 3,360 5,250 2,815 - 5,000,001 - ABOVE - - - 11,500 GRAND TOTAL 6,326 8,154 4,256 13,683 12,263
70 Regency Alliance | 2016 Annual Report Notes to the Accounts (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Claim Development tables In addition to scenario testing, the development of insurance liabilities provides a measure of the Group’s ability to estimate the ultimate value of claims. The top half of each table below illustrates how the Group’s estimate of total claims outstanding for each year has changed at successive year- ends. The bottom half of the table reconciles the cumulative claims to the amount appearing in the consolidated Financial Position.
Claims Paid Triangulations as at December 2016
GENERAL ACCIDENT Development Year Accident year 1 2 3 4 5 6 7 8 9 pre-2008 42,102 42,102 42,445 42,445 42,445 49,161 53,719 53,719 53,719 2008 90,979 90,979 106,399 108,281 108,773 137,127 141,863 142,282 142,282 2009 - - 56,595 163,784 166,747 194,741 195,534 200,253 200,253 2010 - - 35,748 58,252 72,020 98,612 102,224 111,513 112,378 2011 - - - 53,245 98,168 101,705 102,301 103,507 105,787 2012 - - - - 19,070 38,710 42,224 56,720 58,172 2013 - - - - - 38,577 124,119 159,145 160,404 2014 ------94,081 137,109 140,914 2015 ------68,346 84,699 2016 ------28,703 MOTOR Development Year Accident year 1 2 3 4 5 6 7 8 9 pre-2008 5,539 5,539 5,759 5,759 5,759 5,759 5,765 5,765 5,765 2008 143,831 143,831 175,330 175,773 175,773 193,902 194,096 194,648 194,648 2009 - - 118,202 118,330 125,797 139,594 139,734 142,368 142,368 2010 - - 254,283 278,925 280,619 296,203 297,897 299,100 299,124 2011 - - - 59,731 91,065 107,720 107,748 110,972 110,972 2012 - - - - 58,486 88,956 91,287 93,508 95,689 2013 - - - - - 66,924 118,569 121,113 125,949 2014 ------165,710 202,310 202,815 2015 ------75,061 92,005 2016 ------63,954 FIRE Development Year Accident year 1 2 3 4 5 6 7 8 9 pre-2008 3,534 3,534 3,924 3,924 3,924 7,499 7,506 10,043 10,043 2008 47,500 47,500 47,587 48,990 48,990 53,392 53,445 53,445 53,445 2009 - - 50,849 59,007 59,007 60,486 60,547 60,547 60,547 2010 - - 14,304 15,959 17,092 21,234 21,484 21,543 21,543 2011 - - - 36,753 106,881 127,274 127,432 127,463 127,463 2012 - - - - 23,590 42,239 43,383 52,631 52,631 2013 - - - - - 10,048 60,918 61,117 61,305 2014 ------73,335 122,014 122,790 2015 ------39,612 41,125 2016 ------25,483 ENGINEERING Development Year Accident year 1 2 3 4 5 6 7 8 9 pre-2008 4,631 4,631 4,631 4,631 4,631 4,631 11,081 11,081 11,081 2008 7,800 7,800 16,067 16,067 16,067 16,067 16,083 16,191 16,191 2009 - - 219 490 490 1,836 7,519 7,519 7,519 2010 - - 1,348 1,928 1,928 1,928 2,054 2,214 2,214 2011 - - - 5,636 7,280 9,235 9,289 11,438 11,475 2012 - - - - 307 6,323 7,112 7,366 7,604 2013 - - - - - 452 7,645 8,457 10,511 2014 ------7,951 21,458 24,324 2015 ------17,541 29,853 2016 ------21,816
Regency Alliance | 2016 Annual Report 71 Notes to the Accounts (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
OIL & GAS Development Year Accident year 1 2 3 4 5 6 7 8 9 pre-2008 ------2008 - - - 687 687 687 688 688 688 2009 - - 60,958 60,958 60,958 60,977 66,002 66,002 66,002 2010 - - 15,544 16,114 41,705 41,705 42,043 44,835 44,835 2011 - - - 30,121 116,603 120,753 140,613 140,946 140,946 2012 - - - - - 15,733 62,312 112,663 144,367 2013 ------1,851 1,851 13,856 2014 ------19,408 19,408 2015 ------48,082 48,082 2016 ------2,220
MARINE HULL Development Year Accident year 1 2 3 4 5 6 7 8 9 pre-2008 4,602 4,602 4,602 4,602 4,602 5,945 11,612 11,612 11,612 2008 - - 306 306 306 2,617 2,619 2,619 2,619 2009 - - - 7,105 7,105 8,999 14,419 14,419 14,419 2010 - - - 331 331 331 331 331 311 2011 - - - 1,289 1,289 9,594 9,603 9,603 9,603 2012 - - - - 2,097 2,097 2,099 2,099 2,099 2013 - - - - - 1,769 3,162 3,162 3,162 2014 ------5,724 5,769 5,769 2015 ------2981 2,981 2016 ------5,973
EMPLOYER LIABILITIES Development Year Accident year 1 2 3 4 5 6 7 8 9 pre-2008 873 873 873 873 873 873 8,922 8,922 8,922 2008 10,452 10,452 13,247 13,494 13,494 49,474 56,390 56,390 56,390 2009 - - 7,457 7,457 7,457 27,495 27,522 27,522 27,522 2010 - - 10,311 21,058 21,638 65,446 65,511 66,048 66,048 2011 - - - 11,730 12,395 13,869 13,883 13,883 13,883 2012 - - - - 1,185 3,154 4,556 4,556 4,556 2013 - - - - - 4,403 5,056 5,335 5,335 2014 ------44 44 44 2015 ------1,619 2016 ------674
MARINE CARGO Development Year Accident year 1 2 3 4 5 6 7 8 9 pre-2008 ------1,350 1,350 1,350 2008 - - - - - 2,390 2,392 2,392 2,392 2009 - - 12,560 12,560 12,560 12,560 15,780 15,780 15,780 2010 - - - - 50,000 50,000 50,050 50,743 50,743 2011 - - - 514 7,089 11,113 20,585 20,585 20,585 2012 - - - - 593 1,218 1,300 1,576 1,576 2013 ------426 426 426 2014 ------96,537 103,768 104,097 2015 ------23,820 26,705 2016 ------199
AVIATION Development Year Accident year 1 2 3 4 5 6 7 8 9 pre-2008 ------2008 ------2009 ------2010 ------2011 ------2012 - - - - - 247 247 264 264 2013 - - - - - 271 2,962 2,962 2.962 2014 ------7,591 7,591 2015 ------10,152 11,020 2016 ------6,613
72 Regency Alliance | 2016 Annual Report Notes to the Accounts (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 19 Trade Payables Deposit and Other Accounts-(Ric Microfinance Bank) 46,145 25,434 - - Other trade payable- supplier of car trackers - 668 - - 46,145 26,102 - -
Current 46,145 26,102 - Non-Current - -
19.1 (a) Summary: Current Deposit Account 19,854 5,384 Savings Deposit Account 16,762 2,678 Fixed Deposit Account 9,529 17,372 46,145 25,434 - - (b) Maturity profile: Under 1 Month 4,262 4,978 1-3 months 5,395 2,440 6-9 Months 36,487 4,750 9-12 Months - 13,265 Above 12 Months - - 46,145 25,433 - -
20 Provision and Other Payables CBN MSME Dev't Fund 21,403 50,000 - - (b). Others Provision and Payable 268,264 83,500 120,257 49,382 289,667 133,500 120,257 49,382
Current 289,667 83,500 120,257 49,382 Non-Current - 50,000 - -
CBN MSME Dev't Fund belong to the Subsidiary (Ric Microfinance Bank Limited) Micro Small and Medium Enterprises Development Fund is an intervention fund Given By Central Bank of Nigeria to Nigerian Microfinance Bank to boost small and medium scale enterprises The carrying amounts disclosed above approximate the fair value at the reporting date.
20(b).Analysis of Other Provision and Paybles Accrued Rental Income 1,408 3,521 1,408 3,521 Accrued Expenses 100,914 62,044 100,914 27,927 Other trade payable 148,006 50,000 - - Unclaimed Dividend 17,935 17,935 17,935 17,935 268,264 133,500 120,257 49,382
Current 268,264 83,500 120,257 49,382 Non-Current - 50,000 - -
21 Retirement Benefits Obligations Balance as at the beginning of the period 2,700 5,278 2,166 5,226 Charge to Income Statement 31,919 37,516 31,919 30,621 34,619 42,794 34,085 35,846 Benefit Paid During the Year (31,908) (40,094) (31,374) (33,681)
Balance as at 31 December 2,711 2,700 2,711 2,166
Current 2,711 2,700 2,711 2,166 Non-Current
The Company runs a defined contributory plan in accordance with the Pensions Reform Act where contributions are made to approved pension fund administrator.
Regency Alliance | 2016 Annual Report 73 Notes to the Accounts (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 22 Income Tax Liabilities a Per Statement of Profit or Loss and Comprehensive Income Income Tax Expense for the year Income Tax, based on current results 146,894 213,211 77,519 183,227 Education Tax 11,888 9,025 11,359 8,616 158,782 222,236 88,877 191,843 National Fiscal Stabilisation Levy 12,648 3,135 - - Information Technology Levy 5,329 4,947 5,329 4,947 Charged for the year 176,759 230,318 94,206 196,790 Deferred Income Tax movement (note 23 b) (26,256) (34,181) (31,872) (35,424)
150,502 196,137 62,334 161,366 b Per Statement of Financial Position The movement on tax payable account during the period is as follows:
Balance as at 1 January 270,911 188,376 265,961 159,171 Charge for the year 176,759 230,318 94,206 196,790 Tax Paid (204,845) (144,065) (117,671) (90,000) Translation difference 11,406 (902) - - 254,231 273,728 242,497 265,961 Prepaid Income Tax - (2,816) - - Balance as at 31 December 254,231 270,911 242,497 265,961
Current 245,562 273,728 242,497 265,961 Non-Current - -
Prepaid income tax for year 2015 represents advance tax paid by Subsidiary 'Regency Alliance Ghana Limited' to Ghana Revenue Authority which will be used to offset future tax liability. Current income tax is the amount of income tax payable on the taxable profit for the year determined in line with the relevant tax legislation.
The tax on the Company’s profit before tax differs from the theoretical amount as follows:
Profit before income tax 760,625 569,249 532,928 494,695 Tax calculated at the tax rate of 30% (Nigeria) 218,305 117,249 159,879 98,939 Effect of: - - - - - Income not subject to tax (13,223) (24,923) (13,223) (24,659) - Expenses not deductible for tax purposes 59,164 139,412 44,449 121,302 Expenses deductible for tax purposes (117,352) (18,526) (113,585) (12,354) Education Tax 11,888 9,025 11,359 8,616 Information Technology Tax 5,329 4,947 5,329 4,947 National Fiscal Stabilisation Levy 12,648 3,135 - - Deferred tax (26,256) (34,181) (31,872) (35,424) 150,502 196,137 62,334 161,366
23 Deferred Tax Liabilities Balance as at 1 January 122,229 158,172.00 118,484 155,388 Movement during the period (26,256) (34,181) (31,872) (36,904) Translation difference (7,979) (1,762) - - 87,994 122,229 86,612 118,484 Transfer to Deferred Tax Asset (1,382) - - -
Balance as at 31 December 86,612 122,229 86,612 118,484
Current 86,612 122,229 86,612 118,484
Transfer to Deferred tax asset represents the Subsidiary 'Regency Nem Ghana Limited' defferred tax asset which will be used to offset future tax liability where applicable.
74 Regency Alliance | 2016 Annual Report Notes to the Accounts (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 Group Balance as Change/(credit) Charge/(credit) Balance as at 1 Jan. 2016 to income to other Comp. 31 Dec. 2016 income Movement in deferred tax Liabilities Property and equipment 16,858 (24,753) - (7,895) Unrealised Gaing on foreign currency translation (619) (34,295) - (34,914) Unrealised fair value gain/(loss) 109,703 27,176 - 136,879 Provisions for claim (3,712) 5,616 - 1,904 Translation difference - - - (7,980)
122,230 (26,256) - 87,994
Company Balance as Change/(credit) Charge/(credit) Balance as at 1 Jan. 2016 to income to other Comp. 31 Dec. 2016 income Movement in deferred tax Liabilities Property and equipment 8,747 (24,753) - (16,006) Unrealised fair value gain/(loss) 109,737 27,176 - 136,913 Unrealised Gaing on foreign currency translation - (34,295) - (34,295)
118,484 (31,872) - 86,612
Deferred tax asset and liabilities are offset when there is legally enforceable right to offset current tax asset against current tax liabilities and when the deferred income taxes asset and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on net basis.
24 Bank Overdraft Balance as at 1 January - - - - Movement during the period 16,055 - - -
Balance as at 31 December 16,055 - - -
This represent the subsidiary's Regency Nem Ghana Limited obligation to Ghana Financial institutions
25 Share Capital Share capital comprises: Authorised Share Capital 12,000,000,000 Ordinary shares of 50k each 6,000,000 6,000,000 6,000,000 6,000,000 Issued and fully Paid Share Capital 6,668,750,000 Ordinary shares of 50k each 3,334,375 3,334,375 3,334,375 3,334,375
26 Contigency Reserves Balance as at 1 January 1,003,636 874,606 913,852 813,980 Transfer from retained earnings 137,867 129,030 94,119 99,873 Translation difference 30,276 - - -
Balance as at 31 December 1,171,779 1,003,636 1,007,971 913,852
25(a). Analysis of Parent's Contigency Reserve Gross Premium Written 3,100,740 3% 93,022 Net Profit (Profit After Tax 470,594 20% 94,119
In compliance with Section 21 (1) of Insurance Act 2003, the contingency reserve for non-life insurance business is credited with the greater of 3% of total premiums, or 20% of the profits. This shall accumulate until it reaches the amount of greater of mininum paid up capital or 50% of net premium.
Regency Alliance | 2016 Annual Report 75 Notes to the Accounts (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 27 Retained Earnings Balance as at 1 January 259,037 21,262 426,447 192,991 The movement in this account was as follows: Transfer from Statement of comprehensive income 544,635 363,138 470,594 333,329 Transfer to contigency reserve (137,867) (129,030) (94,119) (99,873) Dividend Approved and Paid during the year (200,063) - (200,063) - Changes in value of subsidiaries 24,816 9,658 - - Translation difference 70,865 (5,991) - -
Balance as at 31 December 561,424 259,037 602,860 426,447
28 Fair Value Reserves Balance as at 1 January 903 4,410 (1,153) 2,301 Fair value changes in Value of Quoted Shares (net of deferred tax) 2,235 (3,507) 2,235 (3,455) Translation difference (2,056) - - -
Balance as at 31 December 1,082 903 1,081 (1,153)
29 Other - Foreign Exchange Translation Reserves Balance as at 1 January (72,686) (59,507) - -
Movement 92,837 (13,179) - -
Balance as at 31 December 20,151 (72,686) - -
30 Gross Premium Written General Accident 731,897 826,270 554,145 756,665 Oil/Gas 913,198 1,002,465 913,198 1,002,465 Fire 574,469 353,534 272,588 199,808 Motor 1,332,028 771,726 443,555 410,937 Aviation 13,465 24,708 13,465 24,708 Bond 272,690 240,873 6,990 91,834 Engineering 611,226 433,070 464,725 339,436 Marine 533,415 616,008 427,453 499,984 Emp/Liability 34,928 32,478 4,621 3,256
Total 5,017,315 4,301,132 3,100,740 3,329,094
30(a). Gross Premium Written 5,017,315 4,301,132 3,100,740 3,329,094 Change in UPR 283,676 (233,935) 236,573 (159,580)
Gross premium Income 5,300,991 4,067,197 3,337,313 3,169,514
31 Gross Premium Income General Accident 919,293 716,349 727,174 654,129 Oil/Gas 969,292 946,325 969,292 946,325 Fire 571,630 358,506 274,989 221,316 Motor 1,359,619 778,044 454,699 447,552 Aviation 12,898 27,456 12,898 27,456 Bond 281,420 219,328 7,266 94,706 Engineering 528,281 473,186 376,939 374,927 Marine 621,543 519,027 509,567 399,126 Emp/Liability 37,014 28,846 4,489 3,976
Total 5,300,991 4,067,067 3,337,313 3,169,514
76 Regency Alliance | 2016 Annual Report Notes to the Accounts (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 32 Reinsurance Expenses Prepaid reinsurance at the beginning of the year 900,207 628,177 825,922 579,911 Exchange difference - (4,862) - -
Reinsurance cost during the year 1,657,395 1,524,441 1,287,554 1,306,104 Total 2,557,602 2,147,756 2,113,476 1,886,014 Prepepaid reinsurance at the end of the period carry forward 783,376 900,207 667,324 825,922 Reinsurance expenses (1,774,226) (1,247,549) (1,446,152) (1,060,092)
32(a). For the purpose of cashflow statement, reinsurance expenses is reconciled as follows: 1,657,394.66 1,524,440.55 1,287,554.10 1,306,103.52 Reinsurance expenses as per income statement 1,774,226 1,247,549 1,446,152 1,060,092 Add reinsurance cost at the end of the year 783,376 900,207 667,324 825,922 Less rensurance cost at the beginning of the year (900,207) (628,177) (825,922) (579,911) Exchange difference - 4,862 - - Reinsurance expenses as per statement of cash flows 1,657,395 1,524,441 1,287,554 1,306,104
32(b). Reinsurance Expenses General Accident 372,839 181,206 361,019 158,723 Oil/Gas 556,156 513,947 556,156 513,947 Fire 184,257 214,959 148,807 154,217 Motor 279,281 21,694 46,308 2,335 Bond 16,371 24,369 1,652 1,164 Engineering 129,625 73,251 113,257 65,506 Marine 235,294 217,790 218,954 163,866 Emp/Liability 404 334 - 334 Total 1,774,226 1,247,549 1,446,152 1,060,092
33 Fees and Commission Income - General Accident 17,169 18,331 5,896 11,152 Oil & Gas 167 - 167 - Fire 60,290 56,462 23,217 33,106 Motor 70,518 5,709 303 828 Aviation - 52 - 52 Bond 8,619 7,553 248 227 Engineering 18,477 13,678 7,516 9,514 Marine 31,126 32,943 12,457 15,211 Emp/Liability 244 - - Total 206,611 134,728 49,804 70,091
34 Claim Expenses (Gross) Current Year Claim Paid 1,181,757 981,210 318,561 602,678 (Increase)/decrease in Outstanding Claim (97,153) 32,853 78,787 (71,623) Outstanding Claim -IBNR (1,913) (83,954) (1,913) (83,954) Gross Claim Incurred 1,082,691 930,109 395,434 447,101
34(a). For the purpose of cashflow statement, gross claim paid is reconciled as follows: Gross Claim Incured 1,082,691 930,109 395,434 447,101 Movement in outstanding claim 97,153 (32,853) (78,787) 71,623 Movment in IBNR 1,913 83,954 1,913 83,954 Claim Expenses (Gross) 1,181,757 981,210 318,561 602,678
35 Claim Recovered from Reinsurance Reinsurance Receipt on Claim Paid 151,628 61,997 31,327 99,248 Changes In Reinsurance Share of Outstanding Claim 18,827 279,870 18,827 (61,997) Changes In Reinsurance Share of IBNR 555 (66,439) 555 101,471 171,009 200,357 50,709 19,735
Regency Alliance | 2016 Annual Report 77 Notes to the Accounts (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 35(a)For the purpose of cashflow statement, reinsurance recoverables which involve payment of cash is reconciled as follows Recovery from reinsurance as per Income Statements 171,009 200,357 50,709 19,735 Reinsurance claim recoverables on outstanding claims/IBNR (18,827) 79,513 (18,827) 79,513 Reinsurance recoverables as per reinsurers debit/credit notes (555) (190,239) (555) (81,316) Reinsurance claim recovery as per statement of casflows 151,628 89,631 31,327 17,932
35.(b) Outstanding Claim Balance as at 1 January 198,966 156,726 44,682 116,305 Exchange difference (4,660) (9,387) - - Balance as at 31 December (97,153) 198,966 123,469 44,682 Translation difference (Increase)/decrease 97,153 32,854 78,787 (71,623)
35 (c) IBNR Balance as at 1 January 360,733 444,688 352,649 436,604 Exchange difference (8,084) - - -
Balance as at 31 December 350,736 360,733 350,736 352,649 (Increase)/decrease (1,913) (83,955) (1,913) (83,955)
35(c)Net Claims Expenses General Accident 112,356 182,425 65,541 177,164 Oil & Gas 78,483 152,929 78,483 152,929 Fire 4,957 78,398 10,550 (49,533) Motor 420,879 163,753 134,518 66,269 Aviation 10,146 10,341 10,146 10,341 Bond 173,235 22,317 350 (3,177) Engineering 35,945 68,458 41,014 55,735 Marine 44,125 46,917 1,193 22,168 Emp/Liability 31,555 4,213 2,931 (4,531) Total 911,681 729,751 344,725 427,366
36 Underwriting Expenses a Acquisition Cost 626,894 587,417 335,764 424,169 b Maintenance Cost 193,209 98,731 141,833 98,731 820,103 686,148 477,597 522,899
Acquisition cost are commission expenses on policies issued by the company ,while maitenance cost include engineering ,surveyor and superintending fees.
a Acquisition cost General Accident 201,031 149,624 161,406 134,664 Oil & Gas 18,241 53,609 18,241 53,609 Fire 68,956 72,594 27,334 41,252 Motor 183,734 100,918 49,825 50,037 Aviation 1,668 1,193 1,668 1,193 Bond 44,053 22,909 1,471 1,524 Engineering 52,649 97,181 34,391 76,500 Marine 51,474 84,167 40,511 64,609 Emp/Liability 5,089 5,222 916 781 Total 626,894 587,417 335,764 424,169
78 Regency Alliance | 2016 Annual Report Notes to the Accounts (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 b Maintenance cost General Accident 36,562 68,371 29,569 68,371 Oil & Gas 41,959 5,367 41,959 5,367 Fire 15,282 512 7,937 512 Motor 35,689 6,928 12,058 6,928 Aviation 429 178 429 178 Bond 7,726 11 211 11 Engineering 17,149 793 13,927 793 Marine 37,535 16,571 35,601 16,571 Emp/Liability 878 - 142 - Total 193,209 98,731 141,833 98,731
37(a) Interest Income Interest on loan & advances 49,038 43,426 - - Interest on Fixed Deposit 13,236 7,654 - - Management Fees 13,566 6,737 - - Default Charges 7,898 5,988 - - 83,738 63,805 - - 37(b) Interest Expense Fixed Deposit 8,022 6,771 - - Savings Account 275 228 - - 8,297 6,999 - -
38 Net Trading Income Turnover 15,589 16,101 - - Cost of sales (7,962) (8,490) - - 7,626 7,611 - -
This represents net trading income on sale of vehicle tracker by subsidiary 'Ric Technologies Limited.
39 Finance Income-(Finance Lease Rental Income) 42,275 31,566 - -
This represents income from finance lease of subsidiary (Ric Properties and Investment Limited), the Company provides finance lease for corporate body as well as individual, all lease agreement are for period of one year.
40 Finance Cost 13,895 7,826 - -
This represents cost incured on finance lease by the subsidiary (Ric Properties and Investment Limited)
41 Investment Income a Investment Income Attributable to Policyholders' Fund Income from statutory Deposit 29,102 32,944 29,102 32,944 Income from placement with Financial Institution 58,193 35,586 39,148 35,586 87,295 68,530 68,250 68,530 b Investment Income Attributable to Shareholders'Fund Income from placement with Financial Institution 297,991 208,809 114,316 121,239 Dividend Received 5,242 2,321 4,928 2,057 303,234 211,130 119,243 123,297
Total (a+b) 390,529 279,660 187,494 191,826
In line with NAICOM Prudential Guldline: Portion of Investment Income artributable to policyholder's fund and those artributable to Shareholders' Fund shall be presented as a sub-note under the Note on Investment Income
Regency Alliance | 2016 Annual Report 79 Notes to the Accounts (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 42 Other operating Income a Other operating Income Attributable to Policyholders' Fund Rental Income 10,815 15,104 10,815 15,104
b Other Income Attributable to Shareholders' Fund Rental Income 14,533 1,661 - - Exchange Gains 139,171 20,812 141,348 6,359 Sundry Income 1,697 9,225 668 727 Income from Oil & Gas Insurance Pool 2,554 7,597 - - Written off business now received 7,574 18,437 - - Income from COT/Loan fee (Microfinance Bank) 1,749 11,459 - - Realised gain/(Loss) on PPE (819) 68 2,612 23
166,459 69,259 144,627 7,109
(a+b) 177,273 84,363 155,442 22,213
Included in sundry income is the subsidiary's Ric Microfinance Bank Limited income on search fees, SMS, ATM, returned cheque e.t.c. Written-off business now received are cash receipt from Insurance business which had been written off in the previous years in line with regulators requirement for which payment were received in the year under review for the Company and its subsidiary 'Regency Nem Insurance Limited Ghana'.
43 Employee Benefit Expenses Salaries and Wages 497,137 372,560 223,342 232,264 Medical Expenses 18,057 21,362 13,575 13,300 Staff Training 23,025 30,261 20,875 16,193 Pension contribution cost 32,024 37,516 31,374 33,681 Staff Welfare 26,654 32,160 11,630 6,061
596,897 493,859 300,796 301,498
44 Other Operating Expenses Motor Running Expenses 41,102 54,908 35,763 32,252 Depreciation & Amortization 182,643 97,221 79,074 59,382 Advert/Marketing Expenses 184,455 99,808 94,857 89,113 Office Repairs & Maintenance Expenses 85,746 69,216 34,038 33,550 Professional fees 84,707 52,652 40,218 36,169 Subscription & Fees 82,432 31,032 18,831 15,099 Director's Emolument 104,873 28,669 7,453 10,267 Auditor's Remuneration 11,023 6,025 4,200 2,750 Electricity/Generator Maintenance 41,648 47,458 38,366 37,138 Tours & Travel 67,897 71,540 33,782 37,854 Printing & stationery 44,001 43,067 32,355 33,803 Statutory Annual Dues and Levies 26,282 34,653 26,282 22,310 Rent 64,942 42,362 14,982 23,569 Impairment loss on trade receivables (Regency Ghana) 40,992 4,587 - - Insurance Expenses 32,099 37,043 28,850 32,052 Telephone Expenses 9,444 5,508 5,160 4,312 Postages 2,924 7,772 2,890 5,569 Contract Service Expenses 93,608 26,698 22,659 23,893 Bank charges 6,303 15,680 5,819 10,437 Newspaper & Periodicals 714 2,804 569 1,740 Board & AGM Expenses 8,720 8,764 8,720 5,817 Entertainment Expenses 1,918 6,860 1,400 2,242 Donations 2,337 3,594 1,000 1,050
1,220,811 797,921 537,267 520,366
(i) Depreciation 170,137 81,560 68,552 48,736 (ii) Amortisation 12,506 15,661 10,522 10,645
182,643 97,221 79,074 59,382
80 Regency Alliance | 2016 Annual Report Notes to the Accounts (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000 45 PROFIT BEFORE TAX This is stated after charging: Depreciation & Amortization 182,643 97,221 79,074 59,382 Director's Emolument 104,873 28,669 7,453 10,267 Auditor's Remuneration 11,023 6,025 4,200 2,750
46 BASIC & DILUTED EARNINGS PER SHARE
Basic Earnings per share (calculated by dividing profit after tax attributable to ordinary equity holders of parent for the year), are based on the weighted average number of shares held during the year. Adjusted earnings per share is determined by dividing the profit or loss attributable to ordinary shareholders by the weighted average number of ordinary shares adjusted for the bonus shares issued.
Profit for the Year 611,199 373,112 470,594 333,329
Weighted average number of ordinary shares in issue 6,668,750 6,668,750 6,668,750 6,668,750
Basic earnings per share (in kobo) 9.17 5.59 7.06 5.00
The calculation of basic earning per share as at 31 December 2016 was based on the profit artributable to ordinary shareholders of =N=611,199,000 and =N=470,594,000 for the Group and the company respectively and waighted average number of ordinary shares outstanding of 6,668,750,000.The Group and the Company had no dilluted instruments as at 31 December 2016. Hence the basic and diluted earnings per share are equal.
47 DIRECTORS AND EMPLOYEES i The average number of full time persons employed during the year were as follows:
Number Number Number Number Management 56 57 45 44 Senior Staff 23 23 12 12 Junior Staff 119 112 69 62 198 192 126 118
ii Directors' remuneration paid during the year is analysed as follows: Directors fees 23,355 8,358 1,800 2,300 Directors other entitlements 81,518 20,311 5,653 7,967 Directors emolument 104,873 28,669 7,453 10,267
iii The directors remuneration shown above includes: The Chairman and 7 directors. The numbers of Directors who received fees and other emolument (excluding pension contribution) during the year were in the following ranges: 8 8 8 8
iv Employee cost during the year amounted to: Staff Cost 594,146 493,859 300,796 301,498
v Employees of the group, other than directors, whose duties were wholly or mainly discharge in Nigeria, received renumeration (excluding pension costs and certain benefits) in the following ranges: N N Number Number Number Number 50,000 100,000 45 21 15 11 100,001 200,000 33 39 30 30 200,001 300,000 41 40 23 23 300,001 400,000 19 9 9 9 400,001 500,000 10 18 9 9 500,001 600,000 24 35 22 18 600,001 700,000 6 5 5 5 700,001 800,000 7 5 4 4 800,001 900,000 4 7 4 4 900,001 1,000,000 6 11 4 4 Above 1,000,000 3 2 1 1 198 192 126 118
Regency Alliance | 2016 Annual Report 81 Notes to the Accounts (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
48 Contigencies (Litigation and Claim) Contigent liabilities arise as a result of transaction entered into in the normal course of business. These include litigation arising out of insurance policies and consolidated entity's undertaking from maintenance of net worth and liquidity surport to subsidiaries. Such undertakings constitute a statement of present intent only and are not intended to give rise to any binding legal obligation.The Directors,Based on the advise of the Company Secretary/Legal Adviser Anuoluwapo Shobo (Mrs) FRC number FRC/2013/NBA/00000003654, are of the opinion that provision are not likely required in respect of these matters, as it either not probable that a future sacrifice of economic benefit will be required or the amount is not capable of reliable measurement.
49 CAPITAL EXPENDITURE COMMITMENT There are no material capital expenditure commitment at the end of the reporting date
50 Related party transactions (a) Parent: Regency Alliance Insurance Plc (incorporated in Nigeria) is the ultimate parent company of the Group. Subsidiaries:
All intergroup transaction between the parent and its subsidiaries has been eliminated on consolidation.The Group's effective interests and investment in the subsidiaries as at 31 December 2016 are shown below:
Entry Activity % Effect Date of incorporation Entity /Acquisition holding Foreign / Insurance subsidiary: Regency Nem Insurance (Ghana) Limited Insurance 42 395,077 2015
Domestic / non-Insurance subsidiaries: RIC Microfinance Bank Limited Banking operation 95 161,396 17th December, 2008 RIC Technologies Limited Sale of vehicle trackers 90 11,720 18th April, 2009 RIC Properties and Investment Limited Property leasing and investment 96 217,269 4th January, 2005
(b) Transaction between Regency Alliance Insurance Plc and its sunsidiaries which has been elimilated on consolidation were shown below;
(i) Due from subsidiaries 2016 2015 2016 2015 =N='000 =N='000 =N='000 =N='000 Ric Microfinance bank Limited 45,908 59,958 - - Regency Nem Insurance Limited Ghana - 2,987 - - Ric Properties and Investment Limited 101,496 - - - Ric Technologies Limited - - - - Total 147,403 62,945 - -
(ii) Due to Subsidiaries Nil Nil Ric Properties and Investment Limited - - 0 - Ric Technologies Limited - - 0 - Total - - - -
(C) Transaction with Key management personnel Key management personnel is defined as the Group's executive and non-executive directors, including their close members of family and any entity over which they exercise control. Close members of family are those family members who may be expected to influence, or be influenced by that individual in their dealings with the Group influence, or be influenced by that individual in their dealings with the Group.
( i ) Key management Personel compensation The Compesation to key management personnel comprised the following:
82 Regency Alliance | 2016 Annual Report Notes to the Accounts (Cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
GROUP COMPANY 2016 2015 2016 2015 N'000 N'000 N'000 N'000
Short Term benefit 104,873 28,669 7,453 10,267
Total 104,873 28,669 7,453 10,267
(ii) Key Management Personel and Director Transactions Key management Personel engaged in the following transactions with the Company during the Year;
Directors Transactions Transaction Values Transaction Values Transaction Values Transaction Values for the year ended for the year ended for the year ended for the year ended 12/31/2016 12/31/2015 12/31/2016 12/31/2015 N'000 N'000 N'000 N'000
Chief Wale Taiwo Retainership fee 360 360 360 360
( iii ) Staff Advances to key management Staff Omololu Fatunbi 1,589 1,800 - -
Bode Oseni 5,554 5,084 - -
7,143 6,884 - -
51 Contraventions and penalties During the year, The Company paid penalties to requlatory bodies for the following contraventions: Excess deposit in a Bank-NAICOM =N=500,000 Late submission of 3rd Quarter Report - NAICOM =N=5,000
52 Events After the end of the Reporting Year No significant event that requires special disclosure occurred between the reporting date and the date when the financial statements were issued.
52 Comparative Where necessary, comparative figures have been adjusted to comform with changes in presentaion in the current period.
Dividend A dividend of 3 kobo per share amounting to =N=200 million naira in respect of the year ended December 2016 is to be proposed by the directors at the Annual General Meeting. The dividend has not been included as a liability in these financial statement.
Regency Alliance | 2016 Annual Report 83 Enterprise Risk Management
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
53.0 ENTERPRISE RISK MANAGEMENT
53.1 Introduction and review Effective capital and risk management is fundamental to the business activities of Regency Alliance insurance Plc. ("the Group").
As a result, we employ the best risk management practices applicable in our operating environment with a view to identifying, measuring, monitoring, controlling and reporting every material risk prevailing in our business operation. The Group's ERM framework is in line with Committee of Sponsoring Organizations of the Treadway Commission (COSO) as approved by the insurance industry regulator (NAICOM), to identify, assess, manage and monitor the risks inherent in our operations.
Principles § The Group will accept only the risks that fall within its risk appetite. § The Group's ERM risk principles will not be compromised; rather it shall identify, evaluate, manage, control and communicate as possible all risks within the organization. § The Group will continually build and entrench an enduring risk culture, which shall pervade the entire organization. § The Group will always comply with all government regulations and uphold international best practice.
ERM Strategy
84 Regency Alliance | 2015 Annual Report Enterprise Risk Management (cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Internal Environment: considers how the Group's responsibilities. Communication occurs in a broader history, culture, values, organizational structure, strategy, sense, flowing down, across, and up the organization. policies and procedures affects its risk culture. It forms the foundation for defining the Group's risk approach Monitoring: Effectiveness of the other ERM components appetite. is monitored through ongoing monitoring activities and separate evaluations, and a combination of both. Objective Setting: This involves setting of strategic objectives for the Group through its risk strategy. The Our approach Group's risk tolerance and the alignment between its risk The Group's ERM strategy assists the group in achieving appetite and its objectives form part of the overall Group its vision and mission; it is based on developing and strategy. implementing an effective ERM Framework, which supports the delivery of sound business operations and The risk appetite is determined, while risk tolerance, the long term growth. acceptable level of variation around the objectives, is aligned with risk appetite. As part of the risk strategy, the Group's risk management ensures the identification, treatment and quantification of Event Identification: describes those developments all key risks. Its objective is to add maximum sustainable either internal or external to the Group that could value to all the activities of the organization. It aids the significantly affect its ability to meet its strategic understanding of the potential upside and downside of all objectives, either positively or negatively. To assure that those factors, which can affect the organization. It the full scope of the Group is considered, event and trend increases the probability of success; reduces both the identification is done broadly engaging a cross-section of probability of failure and the uncertainty of achieving the Group staff. organization's overall objectives.
Risk Assessment: Describes the extent to which Philosophy potential events and trends might affect the Group's The Group's risk philosophies are as stated below: objectives. Events and trends are assessed by two criteria - impact and likelihood. Risk assessments can be § We shall employ the best risk management done by qualitative and/or quantitative methods. Inherent practices applicable in our operating and residual risk assessments are employed. Both environment with a view of identifying, positive and negative impacts and likelihoods are measuring, monitoring, controlling and reporting evaluated. A catalogue of the full spectrum of risks, with every material risk prevailing in our business impacts and likelihoods evaluated, form the Group's risk operation to maximize our value to stakeholders. register. § We would not avoid risk but manage it. Risk Risk Response: Identifies and evaluates possible controls would not constitute an impediment to responses to risk, assesses options in relation to the the achievement of our strategic goals. Group's risk appetite, cost vs benefit of potential risk § responses, and degree to which a response will reduce We would continually review our activities to impact and/or likelihood. Such proposed responses are determine the level of risks inherent in them and selected and executed based on evaluation of the adopt appropriate risk response at all times. portfolio of risks and responses. § We would continue to adopt a holistic and Control Activities: include policies and procedures that integrated approach to risk management and, help ensure that the risk responses, as well as other therefore, bring all risks together under one or a Group directives to mitigate risks to the achievement of limited number of oversight functions. strategic objectives are carried out. This is enterprise wide. Our decisions would be based on careful analysis of the implications of such risk to our Information and Communication: Management identifies, strategic goals and operating environment. captures, and communicates pertinent information in a form and timeframe that enables people to carry out their
Regency Alliance | 2015 Annual Report 85 Enterprise Risk Management (cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
53.2 Enterprise Risk Management (ERM) and prevent errors and if errors occur, to rectify the Framework current event and to ensure lessons are learnt and a similar incident is prevented in future. They ensure that The Enterprise Risk Management (ERM) Framework is a all risks are contained within the appetite and that Board approved document which defines how managing appropriate information is received to monitor adherence. risk is a part of the day to day management of the Group. It In some instances, other departments act as intermediate is inherent within the strong working practices and lines of defence for errors that take place in other parts of incorporates the Governance Framework, Risk Profiling the business. Such functions include, but are not limited Process, Risk Appetite, Reporting Processes, Culture to Finance, Underwriting and Claims. and Communications. Second line (2nd line) - Non-independent Functions Governance Framework who provide challenge The Group's governance framework involves the Functions which operate in this area tend to be following key components namely: understanding of our independent of the business lines and provide review and lines of defence, visibility of key functions, ensuring that challenge over the effectiveness of the control each strategic staff is a fit & proper person, defining environment in place to manage the risks identified, in various roles and responsibilities and clearly defined some cases conducting ad-hoc checks. These functions policies, procedures with effective internal control are assurance providers to the Board and include systems in the organisation. The ERM framework and Compliance, Risk Management Functions. other formal risk policies are part of the governance process for running the business and in doing so, it will Third line (3rd line) - Independent Assurance maintain core business critical high risk functions in Internal Audit act as the third line of defence and their house, outsourcing where appropriate from a commercial primary responsibility is to provide assurance to the Audit and risk perspective. and Risk Management Committees of the Board and the Board that the controls in place to manage risks identified The Group's three Lines of Defence are operating as intended and that there are no control The group recognises the three lines of defence as gaps. Internal Audit has a direct reporting line to the Audit integral to the control environment as detailed below: and Risk Management Committees.
First line (1st line) - Business Management and Risk Owners The Board, Management and Risk Owners act as a primary line of defence, identifying risks, implementing a control structure that is operated continually, to identify
86 Regency Alliance | 2016 Annual Report Enterprise Risk Management (cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
FIRST LINE (1ST LINE) SECOND LINE (2ND LINE) THIRD LINE (3RD LINE) POLICY DIRECTION (BOARD) RISK OVERSIGHT, INDEPENDENT & DAY TO DAY RISK POLICY AND ASSURANCE MANAGEMENT & CONTROLS METHODOLOGIES
BOARD RISK BOARD AUDIT MANAGEMENT ------COMMITTEE BOARD OF DIRECTORS
CHIEF RISK OFFICER
INTERNAL
AUDIT
SENIOR MANAGEMENT BUSINESS UNITS & ENTERPRISE-WIDE SUPPORT FUNCTIONS IN RISK MANAGEMENT THE COMPANY FUNCTION
Board Committees Functions
Board Audit Committee §Oversight of financial reporting and accounting. §Oversight of external Auditor §Oversight of regulatory compliance §Monitoring the internal control process §Oversight of enterprise risk management
Board Risk Management Committee §Ensuring an adequate Risk Management Framework §Defining the Group's risk appetite in line with the Group's financial resources, business strategies, management expertise and overall willingness to take risk. §Reviewing and approving the Risk Management policies and procedures. §Re-evaluating the framework and risk appetite at least annually, considering changes in the risk profile of the business.
Regency Alliance | 2016 Annual Report 87 Enterprise Risk Management (cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
§Ensuring that the Risk Management Framework is regularly audited by appropriately trained and competent personnel that are operationally independent of the risk management activities. §Advising the Board on the Group's risk profile and risk appetite in setting its future strategy, the current financial situation of the Group and its capacity to manage and control risks within the Group's strategy; §Reviewing the work and reports prepared by the Chief Risk Officer ("CRO") and overseeing the effectiveness of the CRO's role.
Chief Risk Officer §Develops risk management strategy, principles, framework and policy §Implements appropriate risk management processes and methodologies §Advises and coaches management and business units on risk management §Monitors the application and effectiveness of risk management processes §Coordinates appropriate and timely delivery of risk management information
§Drafts risk policies and risk management standards Enterprise-wide risk § management function Develops and implements the risk framework §Develops and distributes tools, techniques, methodologies, common risk language, risk framework, analysis, reporting, communication and training §Coordination, aggregation, facilitation and enabling function §Monitors the overall risk profile, including accumulations of risk, trends, and risks from internal and external market changes §Escalates high priority issues to senior management and Board §Collates, challenges and reports on aggregate risk profile, control effectiveness and actions taken to risk committee and Board.
Business units §Own risks and controls §Assess risks and the effectiveness of controls in line with documented risk policy §Design, operate and monitor a suitable system of control §Manage and review risks as part of day to day business activity
Internal audit §Monitors effectiveness of the risk management processes §Tests controls §Validates risk information and risk reporting §Identifies corrective actions §liaises with the risk management department §Reports to the Audit Committee and Board
88 Regency Alliance | 2016 Annual Report Enterprise Risk Management (cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Risk Culture wWe do not expect any material compliance "Culture clarifies the kind of behaviour acceptable in an failures or breaches with regulatory organisation. Corporate failures occurred mainly requirements because the written principles were simply like the good wWe do not expect any system or infrastructure gospel preached and not practiced" - McKinsey & Co. As failures which cause significant business a group, we will continue to havea culture where effective disruption risk management is an integral and natural part of the way wWe will not incentivise people to engage in risk we work. taking activities that fall outside our targets and appetites. The Group has adopted the following approaches; w wThe Board and management consciously The Group's risk appetite is set by the Board of Directors promote a responsible approach to risk and annually, at a level that minimizes erosion of earnings or ensure that the long-term survival and reputation capital due to avoidable losses in the Group, or from of the group is not jeopardized while expanding frauds or operational inefficiencies. The Group's appetite the group's activities. for risk is governed by the following: wBuilding awareness by communicating risk updates and using role models in the group. (i) Exception reporting by internal audit officers, wChanging behaviour by helping staff to see risk auditors, regulators and external rating management as important, by achieving a agencies; healthy attitude to "well-managed risk taking, by (ii) Adverse publicity in local and international press; recognising and working with different (iii) Frequent litigations; perspectives on risk, by making the "risk (iv) Payment of fines and other regulatory penalties; thermostat" work well and avoiding "bottom loop" and bias and by encouraging risk-based decision (v) Above average level of staff and customer making. attrition. wTaking the opportunities for culture change by taking advantage of central initiatives and by The Group will not compromise its reputation through using crises and failures. unethical, illegal and unprofessional conduct. wSupporting and nurturing the new culture. wMeasuring how well change is being delivered 53.3 Enterprise risk management Categorisation and sustained. The Group and Company has identified the following broad risk areas arising from execution Risk Appetite of its operations: Risk appetite is defined according to the COSO wLiquidity Risk Framework as "the degree of risk, on a broad-based level, wCredit Risk that a Group or other entity is willing to accept in pursuit of wMarket Risk its goals or its value". wOperational Risk wGeneral insurance Risk The Group's Risk appetite framework considers all risks wHazard Risk across the group in an integrated manner, comprising wAnticorruption Risk both quantitative and qualitative elements and is aligned wLegal/Compliance Risk with our business and capital strategy. Quantitatively, our wOutsourcing Risk risk appetite framework is designed such that we are able w to monitor and manage both total risk and fulfilment of our Liquidity Risk risk appetite within a set of pre-defined set of "hard" and Liquidity risk is the risk arising from inability to fulfill "soft" boundaries or risk limits. contractual and regulatory obligations as and when due owing to insufficient liquid assets. The Risk appetite framework is aligned with our risk It is the policy that cash and cash equivalents are policies. adequate to cover all expected outflows as the Group is committed to meeting all liabilities as and when due. The Our high level risk appetite summary is as follows: Group ensures that sufficient funds are available at short wWe expect our counterparty exposure to be no notice to meet such liabilities and unexpected levels of greater than 1 years' profit and seek to balance demands. reinsurance quality and diversification. wWe expect to be able to meet normal working The following tables analyze the financial assets and liabilities immediately as they fall due financial liabilities by maturity date of the Group and the Company as at December 31, 2016
Regency Alliance | 2016 Annual Report 89 Enterprise Risk Management (cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
GROUP Total 0-3months 3-6months 6-12months 1-5years 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
Cash and Cash equivalents 1,644,372 3,249,435 1,644,372 3,249,435 ------Investment Securities - - - Available-for-sale 25,130 4,892 ------25,130 4,892 - At fair value through profit or loss 623,807 713,856 620,755 713,856 Held-to-maturity 2,392,312 - - - 2,392,312 - - - - - Loan and receivable 213,189 153,620 140,048 134,252 50,792 14,087 20,317 1,409 2,032 3,872 Reinsurance Receivables 1,186,813 1,093,770 1,186,813 1,093,770 ------Other Receivables 420,644 250,083 420,644 250,083 ------Trade Receivables 127,314 87,339 127,314 87,339 ------Total Assets 6,633,582 5,552,994 4,139,946 5,528,734 2,443,105 14,087 20,317 1,409 27,162 8,765
Insurance Contract Liabilities 2,259,954 2,096,391 2,114,715 2,058,035 24,636 8,154 50,288 17,939 70,314 12,263 Trade Payables 46,145 26,102 46,145 26,102 ------Other trade payables 649,275 529,341 649,275 529,341 ------
Total Liabilities 2,955,373 2,651,833 2,810,135 2,613,477 24,636 8,154 50,288 17,939 70,314 12,263
Excess of Assets over Liabilities 3,678,209 2,901,161 1,329,811 2,915,257 2,418,469 5,933 (29,972) (16,531) (43,152) (3,498)
COMPANY Total 0-3months 3-6months 6-12months 1-5years 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
Cash and Cash equivalents 1,520,147 2,604,463 1,520,147 2,604,463 ------
Investment Securities - Available-for-sale 5,016 ------5,016 - - At fair value through profit or loss 620,755 711,341 620,755 711,341 Held-to-maturity 1,435,039 2,782 - - 1,435,039 2,782 - - - - Loan and receivable 1,680 5,724 - - - - 1,680 5,724 Reinsurance Receivables 816,319 955,535 816,319 955,535 ------
Other Receivables 176,561 142,407 176,561 142,407 ------Trade Receivables 11,976 9,675 11,976 9,675 ------Total Assets 4,587,494 4,431,926 3,145,758 4,423,420 1,435,039 2,782 1,680 5,724 5,016 -
Insurance Contract Liabilities 1,457,326 1,617,026 1,369,158 1,617,026 15,180 -29,074 -43,914 - Other trade payables 452,076 435,992 452,076 435,992 - - - -
Total Liabilities 1,909,403 2,053,018 1,821,235 2,053,018 15,180 - 29,074 - 43,914 -
Excess of Assets over Liabilities 2,678,091 2,378,907 1,324,523 2,370,402 1,419,859 2,782 (27,394) 5,724 (38,898) -
Credit/Counterparty Risk Credit / Counterparty Risk is defined as the risk of loss or adverse change in the financial position resulting directly or indirectly, from fluctuations in the credit standing of issuers of securities, counterparties and any debtors to which undertakings are exposed, in the form of counterparty default risk, or spread risk, or market risk concentrations.
Risk Identification Subject to regulatory guidance, the philosophy of the Group is to ensure that credit is only provided to counterparties where it is believed that default is unlikely. When considering granting credit, the following is always considered: § The likelihood of a default event occurring compared to appetite § § The likely gross credit exposure at the time of default, considering the potential for exposures to increase as a result of further drawdowns, collections and recoveries costs and other rights held by the obligor/guarantor/reinsurer which might increase the exposure. § The likely availability and value of any specific collateral to reduce the gross exposure. Due allowance is made for the legal and financial ability of guarantors to fulfill guarantees if called upon to do so. § Similarly, careful analysis is done to ascertain the level of protection afforded by risk netting arrangements, credit derivatives, margin and other equivalent arrangements. § Residual likelihood of loss, with reference to all relevant domiciles, seniority of claim, likely availability of other assets, guarantees or insurances to reduce loss, legal system and political considerations as appropriate.
90 Regency Alliance | 2016 Annual Report Enterprise Risk Management (cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Risk monitoring previous report or the 10 year changes by more The Group Board Risk Committee (GBRC) is the primary than 25 basis points since the previous report). executive governance and risk oversight mechanism for §After any material change in the business unit risk matters across the Group. liability profile.
Risk oversight of credit counterparty risk on behalf of the Aggregation of the Group's overall market risk exposure GBRC is a responsibility of the CRO function. will be reported by the Actuarial Function on metrics agreed with the Board Risk Committee (BRC) and Risk reporting Investment Committee. This section sets out the GBRC approved approach to credit risk reporting, with the overall objective of being to Risk monitoring ensure that: The Board Risk Management Committee is the primary §risk information supports the need of business units executive governance and risk oversight mechanism for and the Group to take a proactive response to risk matters across the group. developing business conditions in the context of the extent and diversification of the portfolio and Business units incurring Markets risk are required to the importance of individual exposures monitor the exposure and potential for loss across all §regulatory requirements and guidance are met asset classes in the light of changing external market and economic factors. For each asset class of business, the Credit portfolio modeling and reporting covers: Board requires: §credit equivalent exposure reporting, including §Appropriate market risk management identification of significant individual exposures infrastructure to be established and maintained §stochastic portfolio reporting making due subject to oversight of the Board Risk Committee; allowance for concentration and diversification §Appropriate documentation to be established and §stress and scenario analysis relating to 1 in 25 year maintained subject to oversight of the Group Board adverse economic conditions Risk Committee.
Credit counterparty risk reporting must include separate Risk reporting identification and assessment of problem exposures and The Group Board Investment and Risk Committee is defaulted exposures. Where appropriate the empowered to determine the reporting and record- identification and assessment may be made on a portfolio keeping requirements for Markets Risk across the Group rather than a case-by-case basis. proportionate to the nature of risk taking activities and sufficient to comply with all regulatory rules and guidance. Market Risk In addition, it ensures that Market Risk is defined as the risk of loss, or of adverse a. reporting of derivative contracts and/or structured change in the financial situation, resulting directly or investment products is appropriate to the indirectly from fluctuations in the level and in the volatility transaction volumes and purposes for which such of market prices of assets, liabilities and financial risks are undertaken. instruments. b. appropriate economic analysis and market data is available to it to ensure that risks are fully identified Risk Identification and to ensure a proper context for potential The key financial market risks that the Group is exposed management actions. to are fluctuations in the level and in the volatility of market prices of assets, liabilities and financial instruments. Interest rate risk Financial Markets Risk is identified through a combination The Group is moderately exposed to interest-rate risk of asset-liability management (ALM) reporting by the through its conservative investment approach with high business units and valuation reports provided by the investment in fixed interest income and Money Market Investment dept. These reports will cover the market risk instruments with little or no fluctuation in rates. The based on the key ALM and economic metrics agreed by fluctuations in interest rates cannot significantly impact the business unit with Board Risk Committee and the the group financial position as interest-rate bearing Investment Committee. These reports are updated by the liabilities are quite small compared with the interest-rate business unit and the Investment dept. and reviewed by earning assets. the Investment Committee on a quarterly basis; or §Prior to a proposed material change in investment Foreign currency exchange risk policy. The Group is exposed to foreign exchange currency risk §After any material financial market event (i.e. equity primarily through certain transaction denominated in market movements in excess of 10% since the foreign currencies.
Regency Alliance | 2016 Annual Report 91 Enterprise Risk Management (cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
The Group has US Dollar, Euro and GB Pound-denominated bank balances. At the year end, the foreign currency investments held in the portfolio were cash and cash equivalents. In addition, there are liabilities arising from transactions done using foreign currency. The Group ensures that balances held in foreign currency meet estimated liabilities in such currencies.
The carrying amounts of the Group's and Company's cash and cash equivalent on a currency by currency basis is as indicated in the following table
CURRENCY RISK GROUP COMPANY
2016 2015 2016 2015 N '000' % N '000' % N '000' % N '000' % DOLLAR 887,123 53.95 194,446 5.98 887,123 58.36 194,446 7.47 POUND 14,511 0.88 801 0.02 14,511 0.95 801 0.03 EURO 12,301 0.75 6,699 0.21 12,301 0.81 6,699 0.26 CEDI 83,854 5.10 519,635 15.99 - - - - NAIRA 646,584 39.32 2,527,854 77.79 606,213 39.88 2,402,518 92.25 1,644,372 100 3,249,435 100 1,520,147 100 2,604,463 100
The Group further manages its exposures to foreign exchange risk using sensitivity analysis to assess potential changes in the value of foreign exchange positions and impact of such changes on the Group's investment income. There have been no major changes from previous year in the exposure to risk or policies, procedures and methods used to measure the risk. GROUP COMPANY N '000' N '000' N '000' N '000' SENSITIVITY ANALYSIS 2016 2015 2016 2015 Naira equivalent of foreign currency balance 997,788 721,580 913,934 201,945 Potential Impact on Profit position 5% 49,889 36,079 45,697 10,097 10% 99,779 72,158 91,393 20,195
Equity risk The Group's investment policy establishes limits (as approved by the Board) on the level of risk in the investment portfolio. By so doing, the portfolio is diversified while allowing for a sufficient quality in line with the level of risk aversion. The huge investment in the stock market is anchored on the fact that the volatility in the market notwithstanding, the indicators show an upward trend in the medium to long term.
Operational Risk Operational Risk is defined as the risk of loss resulting from inadequate or failed strategy, internal processes or from personnel, systems, and external events or from reputational damage.
Risk Identification Inherent risks against the achievement of business objectives are identified on both a top-down approach through the business planning, objective and strategy process; and bottom-up approach, from detailed reviews of the whole range of people, processes and systems in each business area, to ensure all potential Operational risks are identified. Triggers are identified which will determine the need to undertake a reassessment and review of the risk profile and assessment. At a top down level, for example, this could be caused by a change in the business plan, strategic developments, change in operating model, external developments. Under a bottom up approach, for example, the need for reassessment can be cause by regulatory changes, process changes, system changes, or from changes in outsourcing approach.
92 Regency Alliance | 2016 Annual Report Enterprise Risk Management (cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
Risk assessment - stress and scenario testing insured events relative to the expectations of the firm at As part of the annual business planning process and for the time of underwriting. It also includes consideration of individual capital assessment (ICA) purposes, stress fluctuations in the timing and amount of claims testing analysis is conducted against a series of settlements. appropriate scenarios. Within this analysis, the implications for Operational risk are assessed using a Insurance risk is deemed to have been accepted (or range of modeling techniques based on the risk impact written) when the Group executes a contract under data recorded in the Group's Operational risk database. relevant insurance law to make payments to policyholders (insurance liabilities) in the event of Risk monitoring specified circumstances after the receipt of premium. Business Units have adequate and timely management Insurance risk management is concerned with the information to enable management of risks. All identification, analysis and response to potential Operational risks have an assigned owner, and they fluctuations in the occurrence, amount and/or timing of its regularly monitor their operational risks to detect any insurance liabilities. changes in exposure to them, including looking at. §Actual operational risk event losses and near misses. This policy covers all such Insurance risk that arises from §Key risk indicators identified for each risk to monitor our portfolios of General Insurance business, primarily each risk exposure. risks associated with: §Results of first line monitoring activity of §Underwriting - including inadequate or effectiveness of operation of controls. inappropriate pricing and policy terms, or §Findings from assurance activity arising from both inappropriate claims indemnity guidelines the second and third lines of defense external §Reserving - inappropriate provisions being set developments. aside for ultimate liabilities arising from the business written; inappropriate data modeling and In addition, the risk owners undertake regular assumptions leading to incorrect ultimate reserve assessment, reflecting the above, and assess the projections residual risk exposure. They support the overall §Reinsurance - inappropriate assumptions or monitoring of Operational risk at Group level by providing analysis leading to inadequate cover to protect reports on any changes in their exposure to operational against the frequency/severity of large losses risk to Group Risk Management. §Claims - emanating from fraud.
Risk reporting Risk Identification Business Units ensure that significant internal control Subject to regulatory guidance, the philosophy of the deficiencies and breakdowns are reported in a timely and group is to price insurance contracts on the basis of the transparent manner to the appropriate line management, risks presented and target returns required by the Group and escalate where appropriate having regard to:
Risk owners report § Underwriting standards/processes. §any significant changes in operational risk § Expenses. exposure and escalate to the appropriate Business § Charges to policyholders. Unit Risk Committee § Anticipated persistency. §any operational risk events arising, the corrective § Expected claims. action being taken to address the issue to ensure it will not recur, together with any resultant impact on As a practical matter, the pricing principles are the valuation of the corresponding risk implemented based on the expected business mix to be underwritten. Within each business unit, each functional head provides a risk report to be presented at the first line risk Periodic reviews are conducted to test the effectiveness committee. of pricing in relation to the original assumptions made.
Insurance Risk Any unit underwriting general insurance business is Insurance risk relates to the inherent uncertainty in the required to maintain a record of underwriting decisions, liabilities within our insurance contracts. It arises through incorporating the rationale for business acceptance, for a fluctuations in the timing, frequency and severity of period of five years.
Regency Alliance | 2016 Annual Report 93 Enterprise Risk Management (cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
Reinsurance arrangements §Emerging experience Reinsurance contracts (treaties) are executed for any of §Prospective environmental conditions the following purposes: §Projected persistency and expenses §Reduction of insurance risk §Trends in key risk indicators agreed with the BRC §Risk financing §Effectiveness of underwriting/claims arrangements §Obtaining access to reinsurer pricing models and/or underwriting approach For each type and class of business, the Board requires: §Appropriate Insurance risk management Normally, reinsurance contracts are to be subject to a infrastructure to be established and maintained formal tendering process in line with the Group Sourcing subject to oversight of BRC Policy. However, subject to documented approval by the §Periodic review of experience, prospective BRC, a Reinsurer can be selected directly. populations and prospective insurance environment All reinsurance contracts undertaken: §Appropriate expense, acquisition and other costs §Are subject to the laws of Nigeria and legal process, management to be established and maintained unless subject to specific approval by the Board subject to oversight from the Finance dept. Risk Management Committee. §Appropriate documentation to be established and §Only involve regulated insurance firms that meet maintained subject to oversight of the BRC. the criteria and limitations on acceptable counterparties as set out in the Group Credit Risk Risk reporting Policy The BRC is empowered to determine the reporting and §Are with regulated insurance firms domiciled in record-keeping requirements for General Insurance Risk Nigeria except where the regulatory body gives across the Group, proportionate to the nature of risk approval to other Insurance companies domiciled taking activities, and sufficient to comply with all outside Nigeria by Foreign Insurance Companies. regulatory rules and guidance.
The defined owner of any reinsurance contract is the Hazard Risk Managing Director. Hazard risk is the risk arising out of any condition, situation practice, behavior or conduct that has the Special Purpose Vehicles (SPV) owned by the Group potential to cause harm, including injury, disease, death, may be used as reinsurance counterparties, providing all environment or property and equipment damages. conditions within this policy are met. The credit rating of the SPV is deemed to be the credit rating of the Group (if Risk monitoring one is held) or as agreed for this purpose by the BRC. This involves ongoing monitoring of the hazards identified, risks assessed and risk control processes and Appropriate legal advice is taken before any reinsurance reviewing them to make sure they are working effectively. contract is concluded. All contracts include a resolution procedure in the event of disputes arising over wording Risk reporting and payout delays. If the resolution procedure is invoked Business Units must ensure that significant internal in relation to matters of significance, then the BRC must control deficiencies and breakdowns are reported in a be informed at the next meeting. timely and transparent manner to the appropriate line management, and escalate where appropriate All reinsurance arrangements are reviewed on a minimum cycle of one year, unless agreed by the BRC, to Legal and compliance risk ensure that: The level of awareness of the need to identify, mitigate §terms remain competitive and manage legal risks in our business activities and §the contract still represents good value for the transactions continues to improve. Processes have been Group put in place to enable officers within the Group to have access to sound legal advice on product development The credit status of the reinsurance counterparty/ies is and business initiatives. monitored on a regular basis. The Group's level of compliance has continually been Risk monitoring reviewed in line with the demand of the Regulators to Business units incurring General Insurance risk are know their customers and their businesses (KYC) as well required to monitor the effectiveness of risk rating and/or as implement processes/controls to combat money pricing approaches in the light of: laundering and terrorist financing. The Group identifies
94 Regency Alliance | 2016 Annual Report Enterprise Risk Management (cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
and mitigates these risks through continuous The group has a well-established reputation for improvement in technology infrastructure, process conducting business in an ethical and honest way. This rejuvenation/ revalidation and training of stakeholders to reputation is built on our Group value of Integrity, which is understand regulatory obligations and consequences of a major, underlying theme found throughout our Code of non-compliance. Responsible Business Practice.
The Group in the course of the year had been prompt and The group manages bribery and corruption risk in line accurate in rendering all relevant reports to the with the group's established risk management regulators. framework. The group ensures accurate books and record keeping for proper financial reporting, effective Outsourcing risk monitoring and internal control to prevent bribery and Outsourcing is an arrangement in which one entity corruption. provides services for another entity that could also be or usually have been provided in-house. Outsourcing is a In addition, the group ensures trend that is becoming more common in insurance Companies and other industries for services that have a. No payment is made or received by the group usually been regarded as intrinsic to managing a except as otherwise legally provided for business. b. No donation or contribution is made to any political Anti-corruption Risk party or organisation Bribery is the offer, promise, giving, demanding or acceptance of an advantage as an inducement for an c. All third parties who act on behalf of the company action which is illegal, unethical or a breach of trust. and group are under strict guidelines to act in line with the Group's code of reasonable business Corruption is the misuse of office or power or influence for practice. private gain.
Regency Alliance | 2016 Annual Report 95 Asset/Liability Management
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
53.0 ASSET/LIABILITY MANAGEMENT
54.1 Capital Management The Group's objectives with respect to capital management are to maintain a capital base that is structured to exceed regulatory and to best utilize capital allocations.
Insurance industry regulator measures the financial strength of Non-life insurers using a solvency margin model, NAICOM generally expect non-life insurers to comply with this capital adequacy requirement.
Section 24 of the Insurance Act 2003 define Solvency Margin of a Non-life insurer as the difference between the admissible assets and liabilities and this shall not be less than 15% of Net Premium Income (Gross Premium Income less Re-insurance premium paid) or the minimum capital base (3 billion) whichever is higher.
This test compares insurer's capital against the risk profile. The regulator indicated that insurers should produce a minimum solvency margin of 100%. During the year, the Group has consistently exceeded this minimum. The regulator has the authority to request more extensive reporting and can place restrictions on the Group's operations if the Group falls below this requirement.
COMPUTATION OF SOLVENCY MARGIN RATIO THE COMPANY ADMISSIBLE ASSETS: 2016 =N=000 Cash and cash equivalent 1,520,147 Financial Assets: (a). Held to Maturity 1,435,039 (b). Fair value through profit and loss 620,755 (c). Available for sale 5,016 (d). Loan and receivables (staff loan) 1,680 Trade receivables 11,976 Reinsurance assets 816,319 Deferred Acquisition Cost 148,802 Investment in subsidiaries 785,462 PPE- (Land&building) 1,072,183 PPE (Others) 76,182 Statutory Deposit 300,000 ADMISSIBLE ASSETS: 6,793,562
ADMISSIBLE LIABILITIES: Insurance Contracty Liability 1,457,326 Retirement benefit obligation 2,711 Other payables 120,257 Provision for Taxation 242,497 1,822,791 SOLVENCY MARGIN 4,970,771 Not lesser than either Higher of 15% of Net Premium or Minimum capital base 3,000,000
Surplus 1,970,771
SOLVENCY RATIO (%) 166
96 Regency Alliance | 2016 Annual Report Asset/Liability Management (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
THE COMPANY
ADMISSIBLE ASSETS: 2015 =N='000 Cash and cash equivalent 2,411,798 Financial Assets 719,846 Trade receivables 9,675 Reinsurance assets 955,535 Deferred Acquisition Cost 122,108 Investment in subsidiaries 770,002 Deposit for Share in Subsidiary 15,460 Property,Plant and Equipment 1,167,275 Statutory Deposit 300,000 ADMISSIBLE ASSETS: 6,471,700
ADMISSIBLE LIABILITIES: Insurance Contracty Liability 1,617,026 Trade payable - Retirement benefit obligation 2,166 Other payables 49,382 Provision for Taxation 265,961 1,934,535 SOLVENCY MARGIN 4,537,165 Not lesser than either Higher of 15% of Net Premium or Minimum capital base 3,000,000 Surplus 1,537,165
SOLVENCY RATIO (%) 151
54.2 Fair Value Hierarchy
The Group's accounting policy on fair value measurements is discussed under note 3.4
Level 1: Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities and equity securities unadjusted in active market for identical assets and liabilities.
Level 2: The valuation techniques based on observable inputs. This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data. Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data.
Regency Alliance | 2016 Annual Report 97 Asset/Liability Management (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
Level 1 Level 2 Level 3 Total N'000 N'000 N'000 N'000 Group 2016 Quoted Equities - Fair Value Through Profit or Loss 623,807 - 623,807
Unquoted Equity-Available-for-sale - - 25,130 25,130 Total 623,807 - 25,130 648,937
Company 2016 Quoted Equities - Fair Value Through Profit or Loss 620,755 - - 620,755 Unquoted Equity-Available-for-sale - - 5,016 5,016 Total 620,755 - 5,016 625,771
Level 3: This includes financial instruments, the valuation of which incorporate significant inputs for the asset or liability that is not based on observable market data (unobservable inputs). Unobservable inputs are those not readily available in an active market due to market illiquidity or complexity of the product. Hence fair values can only be calculated using estimates based on available data or risk adjusted value range.
The following table analyses financial instruments measured at fair value at the end of the reporting period, by the level in the fair value hierarchy into which the fair value measurement is categorized:
Determination of Fair Value The determination of fair value for each class of financial instruments was based on the particular characteristic of the instruments. The method and assumptions applied are enumerated as follows:
Cash and cash equivalent, borrowings and unquoted held to- maturity bonds The estimated fair value of fixed interest placement with banks, bonds and borrowings is based on the discounted cash flow techniques using prevailing money market interest rates for debts and similar credit risk and remaining maturity. If the due date of the liability or the asset is less than one year discounting is omitted
Quoted securities at fair value through profit or loss (FVTPOL) The fair value for quoted equity is based on market prices quotations prevailing at capital market at the reporting date
Unquoted equity securities (available for sale)
The fair value of unquoted equity is based on the cost model using the latest audited financial information available.
Insurance liabilities See Note 3.16
Trade receivables and payables, reinsurance receivables and other payables The estimated fair value of receivables and payables with no stated maturity which includes no interest payables and receivables is the amount repayable or to be received on demand.
98 Regency Alliance | 2016 Annual Report Asset/Liability Management (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
55 HYPOTHECATION
The Group is exposed to a range of financial risks through its financial assets, financial liabilities, reinsurance assets and insurance liabilities. In particular, the key financial risk is that the in the long- term its investment proceeds will not be sufficient to fund the obligations arising from its insurance contracts and investment portfolio . In response to the risk, the Group's assets and liabilities are allocated as follows:
THE GROUP THE COMPANY
INSURANCE SHARE HOLDER INSURANCE SHARE HOLDER CONTRACT FUND TOTAL CONTRACT FUND TOTAL NON-LIFE NON-LIFE NON-LIFE NON-LIFE Dec-16 Dec-16 Dec-16 Dec-16 Dec-16 Dec-16 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 ASSETS Cash and Cash equivalents 1,644,372 - 1,644,372 1,520,147 - 1,520,147 Financial Assets: ------Held-to-maturity 957,273 1,459,851 2,417,124 - 1,435,039 1,435,039 - Available-for-sale - 25,130 25,130 - 5,016 5,016 - At fair value through profit or loss - 623,807 623,807 - 620,755 620,755 - Loan and receivable - 213,189 213,189 - 1,680 1,680 Trade Receivables - 127,314 127,314 - 11,976 11,976 Reinsurance assets - 1,186,813 1,186,813 - 816,319 816,319 Deferred Acquisition Cost - 227,834 227,834 - 148,802 148,802
Other Receivables and prepayments - 194,193 194,193 - 27,759 27,759
Inventory - 10,384 10,384 - -- Investment Properties 116,919 116,919 Investment in subsidiaries - - - - 785,462 785,462 Deposit for Shares in Assiciates ------Goodwill and Intangible Assets - 48,226 48,226 - 34,370 34,370 Property, Plant and Equipment - 1,254,960 1,254,960 - 1,148,365 1,148,365 Statutory Deposits 376,532 - 376,532 300,000 -300,000 ------Total Assets 2,978,177 5,488,619 8,466,799 1,820,147 5,035,544 6,855,691
LIABILITIES
Insurance Contract Liabilities 2,259,954 - 2,259,954 1,457,326 - 1,457,326 Trade Payables - 46,145 46,145 - -- Provisions & Other Trade Payables - 289,667 289,667 - 120,257 120,257 Retirement benefit obligation - 2,711 2,711 - 2,711 2,711 Provision for Current Income Tax Liabilities - 254,231 254,231 - 242 ,497 242,497 Deferred income tax liabilities - 86,612 86,612 - 86,612 86,612 Bank Overdraft - 16,055 16,055 Total Liabilities 2,259,954 679,365 2,955,373 1,457,326 452,076 1,909,403
GAP 718,223 4,809,255 5,511,426 - 362,820 4,583,468 4,946,288
Regency Alliance | 2016 Annual Report 99 Asset/Liability Management (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
54 HYPOTHECATION The Group is exposed to a range of financial risks through its financial assets, financial liabilities, reinsurance assets and insurance liabilities In particular, the key financial risk is that the in the long- term its asset proceeds will not be sufficient to fund the obligations arising from its insurance contracts and investment portfolio . In response to the risk, the Group's assets and liabilities are allocated as follows:
THE GROUP THE COMPANY
31 December 2015 31 December 2015
INSURANCE SHARE HOLDER INSURANCE SHARE HOLDER CONTRACT FUND TOTAL CONTRACT FUND TOTAL
NON-LIFE NON-LIFE NON-LIFE NON-LIFE 2015 2015 2015 2015 2015 2015 ASSETS =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 Cash and Cash equivalents 3,249,435 - 3,249,435 2,604,463 - 2,604,463 Financial Assets: ------Available-for-sale - 4,892 4,892 - 2,782 2,782 - At fair value through profit or loss - 713,856 713,856 - 711,341 711,341 - Loan and receivable - 153,620 153,620 - 5,724 5,724 Trade Receivables - 87,339 87,339 - 9,675 9,675
Reinsurance assets - 1,006,962 1,006,962 - 955,535 955,535 Deferred Acquisition Cost - 167,537 167,537 - 122,108 122,108 Other Receivables and prepayments - 82,546 82,546 - 20,299 20,299 Prepaid Income Tax - 2,816 2,816 - - - Inventory - 9,789 9,789 - - - Investment in subsidiaries - - - - 770,002 770,002 Deposit for shares in subsidiary - - - 15,460 15,460 Goodwill and Intangible Assets - 51,818 51,818 - 41,876 41,876 Investment Properties - 116,919 116,919 - - - Property, Plant and Equipment - 146,234 1,232,506 - 81,003 1,167,275
Statutory Deposits 324,302 - 324,302 300,000 - 300,000 Total Assets 3,573,737 4,738,177 7,204,336 2,904,463 3,822,077 6,726,540 LIABILITIES Insurance Contract Liabilities 2,096,391 - 2,096,391 1,617,026 - 1,617,026 Trade Payables - 26,102 26,102 - - - Provisions & Other Trade Payables - 133,500 133,500 - 49,382 49,382 Retirement benefit obligation - 2,700 2,700 - 2,166 2,166 Provision for Current Income Tax Liabilities - 270,911 270,911 - 265,961 265,961 Deferred income tax liabilities - 122,229 122,229 - 118,484 118,484 Total Liabilities 2,096,391 555,442 2,651,833 1,617,026 435,992 2,053,018
GAP 1,477,346 4,182,735 4,552,503 1,287,437 3,386,084 4,673,521
100 Regency Alliance | 2016 Annual Report Segment Information
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
56 Segment Information Following the management approach of IFRS 8, the Group is organised into four operating segments. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. Management identifies its reportable operating segments by product line. These segments and their respective operations are as follows:
Non-life/General business The protection of customers’ assets (particularly their properties, both for personal and commercial business) and indemnification of other parties that have suffered damage as a result of customers’ accidents. All contracts in this segment are over a short contractual term.
Revenue in this segment is derived primarily from insurance premium, investment income, net realized gains on financial assets, and net fair value gains on financial assets at fair value through profit or loss.
Properties & Investment This segment undertakes real estate development projects and offers finance lease facilities to meet the needs of individuals and coporate bodies.
Revenue from this segment is derived primarily from fee income,investment income, net realised gain on finacial assets.
Retail and Microfinance Banking This segement provides financial services in retail and microfinance banking. Revenue from this segment is primarily derived from interest income, fees and commission.
Vehicle Tracking Services This segment provides quality and dependable automatic vehicle tracking and location solutions.It provides and installs vehicle tracking and fleet management products on daily basis. Revenue in this segment is derived primarily from trading income and investment income. The segment information provided by Management for the reporting segments for the year ended 31 December 2016.
Regency Alliance Regency Nem Ric prop. & Ric Microfinance Ric Tecnologies Nigeria Ghana Invest Nigeria Bank Nigeria Nigeria 2016 2016 2016 2016 2016
Non life Non life Prop.& invest. Microfinance bank Vehicle Tracking
N’000 N’000 N’000 N’000 N’000 Gross premium income 3,337,313 1,963,677 - - - Insurance premium ceded to reinsurers (1,446,152) (328,073) - - - Net insurance premium revenue 1,891,161 1,635,604 - - - Fee and commision Income 49,804 156,807 - - - Net trading income - - - - 7,626
Interest Income - - - 83,738 Interest expense (8,297) Lease rental - - 42,275 Investment income 187,494 183,676 11,397 - 336 Other operating income 155,442 5,084 14,116 2,631 Share of Associate Profit - Net Income 2,283,900 1,981,171 67,788 78,072 7,962
Net insurance claims paid 344,725 566,956 - - - Underwriting expenses: Acquisition expenses 359,841 291,130 - - - Maintenance expenses 117,756 51,376 - - - Net expenses 822,322 909,462 - - -
Reportable segment profit 1,461,578 1,071,710 67,788 78,072 7,962
Profit before tax after charging the following: 532,928 197,645 17,375 12,737 1,015
Regency Alliance | 2016 Annual Report 101 Segment Information (cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
Management expenses 838,064 868,026 47,728 62,715 6,947 Net realised gain/(loss) on financial assets 90,586 6,039 316 2,620 Impairment loss 3,000 Income tax expenses 62,334 (85,089) 521 2,496 61
Total assets 6,855,691 1,448,232 145,116 122,809 10,127
Total Liabilities 1,909,403 966,599 100,336 116,915 2,110
Net assets 4,946,288 481,633 44,780 5,894 8,017
Reconciliation of segment results of operations to financial results of operations
Regency Alliance Regency Nem Ric prop.& Ric Microfinance Ric Tecnologies Nigeria Ghana Invest Nigeria Bank Nigeria Nigeria 2016 2016 2016 2016 2016
Non life Non life Prop.& invest. Microfinance bank Vehicle Tracking N’000 N’000 N’000 N’000 N’000 At 31 December Net insurance premium revenue 1,891,161 1,635,604 Fee Income 49,804 156,807 Net trading income - - 7,626 Interest Income - - 83,738 Interest expenses (8,297) Lease rental - - 42,275 Investment returns 187,494 183,676 11,397 - 336 Other operating income 155,442 5,084 14,116 2,631 - Share of Associate Profit - Net insurance claims paid (344,725) (566,956)
Underwriting expenses (477,597) (342,506) Management and Other expenses (838,064) (868,026) (47,728) (62,715) (6,947) Finance cost (5,999) Unrealised fair value gain/(loss) on equity (90,586) (40) 316 (2,620) Net realise (loss) on financial asset Impairment on trade receivables (3,000) - Operating profit 532,928 197,645 17,375 12,737 1,015
102 Regency Alliance | 2016 Annual Report Segment Information (cont’d)
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048 8,616 44,071 32,853 61,997 17,516 (83,955) 134,729 972,593 279,870 729,751 587,417 (233,935) 4,256,930 4,301,001 4,067,067 1,247,549 2,819,518 2,954,247 1,014,063 32 75,510 - - - - - 555 (1,913) 62,841 26,389 18,827 (97,153) 206,612 151,628 911,681 626,892 (283,677) 4,954,475 5,017,316 5,300,993 1,774,225 3,526,768 3,733,380 1,155,368 1,084,604
(1) - - - 404 244 731 6,594 5,088 (2,087) 34,928 34,928 37,015 36,611 36,855 26,521 10,896 37,417 30,093
tor W/Comp 2016 2015 - (474) 2,744 6,240 4,755 70,519 21,594
(27,591) 279,281 512,316 114,043 518,082 377,690 183,734 1,329,284 1,332,028 1,359,619 1,080,338 1,150,857
- - 3,265 6,954 2,682 3,597 (1,600) 31,127 53,595 51,995 38,762 51,473 (88,128) 530,150 533,415 621,543 235,293 386,250 417,377
- 236 2,839 2,900 1,746
60,290 10,443 86,921 68,956 (40,983) (40,141) 574,233 574,469 571,630 184,257 387,373 447,663 142,852 (132,409) - - 167 /Gas Fire Marine Mo 2,312 33,923 20,149 34,913 88,985 18,241 (56,094) (21,635) (11,132) 910,885 913,197 969,291 556,156 413,135 413,302 121,752
-
1,706
(8,463) 53,212 82,945 18,477 34,888 18,021 10,701 39,949 26,425 52,648 (43,952) 558,015 611,227 528,282 129,625 398,657 417,134
2 1 - -
128 (298) 8,619 (8,731) (3,856)
16,370 44,053
272,562 272,690 281,421 265,051 273,670 176,793 172,937 173,232
- 72 17,697 872 440 167 19 24,077 23,221
- - - - - 567 200 7,396 2,550 7,596 5,046 1,668
13,465 12,898 12,898 12,898
731,897 919,294 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 Accident Aviation Bond Eng Oil
Information on reportable underwriting profit on each line of non- life insurance business are below: shown business insurance life non- of eachline on profit underwriting reportable on Information THE 2016 GROUP INCOME Premium Direct 730,953 13,465 Facultative Inward Premium Inward Facultative 944 - Transfer to Unexpired Risk Transfer (187,397) Gross Premium WrittenPremium Gross Outward Reinsurance Expenses Reinsurance Less: Net PremiumIncome IncomeCommission Fees& 372,839 17,169 546,455 Gross Premium Income Premium Gross Total Income (A) 563,624 EXPENSES Paid Claim Gross 167,084 Adjuster FeeAdjuster - Transfer to Outstanding Claim Outstanding to Transfer 3,640 Less: Movement in IBNR in Movement Less: (6,803) Less: Outward reinsurance Recoveries reinsurance Outward Less: 3,414 Gross Claim IncuredGross Claim claims outstanding on recoverable Less: IBNR on Recoverable Less: 1,625 170,724 46,525 Net Claim Expenses (B) Expenses Claim Net 125,963 UNDERWRITING EXPENSES Acquisition Acquisition Commission 201,031 OthersMaintenanceTotal Underwriting Expenses ( C )Underwriting (A-B-C) Profit 237,593 2,097 51,778 200,068 69,797 5,755 31,823 4,739 48,660 60,200 358 391,289 84,238 71 7,725 231,350 89,009 276,504 17,077 219,423 289,606 24,262 5,966 553,744 14,410 820,101 37,096 796 686,148 2,001,598 35,522 1,538,349 859 169,1
Regency Alliance | 2016 Annual Report 103 Segment Information (cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016 092 2015 23,221 75,510 TOTAL 531,056 427,366 424,169 (83,955) (159,579) 2,179,514 555 17,516 ,900 3,285,023
2016
78,787 (71,623) 24,077 (1,913) TOTAL 117,756 335,764 397,347 477,597 522,900 344,725
(236,573) 3,100,740 3,329,095 3,337,313 3,169,516 1,940,964
19 (8) (1) 731 916 123 132 2,931 4,621 4,489 4,489 2,199 1,058 Empl/Liab
- 167
Motor 11,891 21,594 20,003 61,883 49,825 454,699 134,518 128,535 443,555 408,694 (11,144)
440 2,682 3,597 1,193 4,755 40,511 35,161 76,112 (1,971) Marine 303,069 509,567 427,453 (82,114)
872 Fire
1,449 7,065 35,271 24,874 27,334 10,550
(2,401) 274,989 149,399 272,588 (40,141) (40,983)
18,241 60,201 24,262 88,986 34,913 78,483 17,697 Oil/Gas 969,292 913,198 413,303 (21,635) (11,132) (56,094)
72 Eng 1,706 13,831 34,391 41,014 87,786 12,388 39,949 48,319 13,855 376,939 271,199 464,725
- - 1 2 211 350 349
(276) 1,471 5,862 6,990 1,683 7,266 Bond
Aviation 0 0 0 0 20,149 0 0 6,240 0 26,389 8,616
944 0 128 53,212 2,312 236 3,265 2,744 0 62,840 44,071 5,896 0 248 7,516 167 23,217 12,457 303 0 49,804 70,091 4,739 71 5,729 0 0 359 0 11,737 2,647 10,856 0 31,327 99,248 1,625 0 0 10,701 0 1,746 0 4,755 0 18,827 61,997
65,541 10,146 11,813 200 24,830 358 46,525 - (6,803) 2,550 553,201 13,465 6,863 411,514 910,885 272,351 424,188 440,811 4,621 3,037 372,051 12,898 114,410 7,396 349 1,444 33,923 23,425 6,727 102,292 2,207 292,171 594,062 161,406 1,668 126,223 7,596 361,019 0 1,652 113,257 556,156 148,807 218,954 46,308 0 1,446,152 1,060, 115,536 656 3,830 181,866 274,619 103,578 225,764 212,293 500 1,118,642 1,229,249 190,975 2,096 554,145 13,465 366,155 12,898 5,614 263,683 413,136 126,182 290,613 408,392 4,489 1,891,161 2,109,424 727,174 12,898 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 Accident (173,029) 567
INCOME Premium Direct Facultative Inward Premium Written Premium Gross Transfer to Unexpired Risk Income Premium Gross Reinsurance Outward Less: Reinsurance Expenses Income Premium Net Income Commission & Fees Income Total EXPENSES Gross Claim Paid Adjuster Fee Transfer to Outstanding Claim Incured Gross Claim Recoveries reinsurance Outward Less: Less: recoverable on outstanding claims Less: Recoverable on IBNR Less: Movement IBNRin (B) Expenses Net Claim UNDERWRITING EXPENSES Acquisition Commission Others Maintenance ) ( C UnderwritingTotal Expenses Underwriting Profit (A-B-C) COMPANY 2016 COMPANY
104 Regency Alliance | 2016 Annual Report Value Added Statement Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
18.86 35.24 11.67 27.29 100.00
------22,213 99,873 191,826 161,366 855,575 301,498 233,457 2,109,422 (1,467,886) 5.60 6.16 48,736 5.70 8.46 0.95 10,645 1.24 17.98 33.83 32.95 100.00 855,575 100.00 100.00 ------62,334 94,119 68,552 10,522
155,442 187,494 300,796 376,475 1,112,861 1,940,964 --- 6.59 1.90 17.14 43.16 11.28 19.93 100.00 1,112,861 100.00 - 228,117
1,144,364 (1,516,232) 31,566 84,566 195,094 7,611 7,611 56,806 2,109,422 196,137 493,859 129,030 75,451 21,770 GROUP COMPANY 8.23 0.75 8.99 11.95 35.64 10.16 24.29 100.00 1,144,364 100.00 3 40,428 1 43,935 2016 2015 2016 2015 200,063 200,063 406,769 790,354) (618,928) ,792,411 710,096 =N='000 % =N='000 % =N='000 % =N='000 % 1,674,740 1,674,740 (1,171,039) (1,171,039) - - 12,506 APPLIED AS FOLLOWS TO EMPLOYEES IN PAYMENT Salaries, Wages and other benefits 596,897 Claims Incured,Net Commissios and Operating Expenses: Investment Income -Foreign 195,408 - Foreign (1, IN PAYMENT TO PROVIDERS OF CAPITAL TO PROVIDERS IN PAYMENT Dividend TO GOVERNMENT IN PAYMENT TaxationRETAINED FOR REPLACEMENT OF ASSETSBUSINESS THE OF AND EXPANSION Depreciation 150,502 170,137 Other IncomeOther -Foreign 21,83 Net Interest Income -NigeriaTrading IncomeNet -NigeriaLease Rental Income - NigeriaInvestment Income -Nigeria IncomeOther -Nigeria -Nigeria 75,442 7,626 42,275 Added Value 382,902 177,27 Net Premium -Nigeria 1,940,964 Contingencyreserve Retained Profit 137,867 ArmotisationAsset of Intangible - Foreign 1
Regency Alliance | 2016 Annual Report 105 Five Year Financial Summary
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016 ,912 2,749
65,6925,692 ------4,843 4,961 1,186 THE COMPANY 13,577 8,72219,494 127,017 40,718 20,105
789,037160,808 629,795 116,535 492,076 95,548 609,033 609,033 609,033
- - - 695 304,407 705,141 649,773 ,000 300,000 300,000 300,000 5,724 9,675 20,299 955,535 122,108 770,002 333,329 294,908 403,603 386,786
- - - 1,680 62,334) (161,366) (9,499) (301,538) (262,987) 11,976 27,759 816,319 148,802 785,462
23 3,337,313 3,169,514 3,449,143 2,866,204 2,118,399 33 94,119 99,873 106,041 94,216 78,216 - - -
523 3,100,740 3,329,094 3,534,716 3,146,315 2,280,469 5,853 78,895 80,498 359,939 507,337 125,026 534,299 1,520,147 2,604,463 2,269,465 2,115,340 1,220,264 88 1,329,113 1,148,365 1,167,275 1,202,062 1,291,487 1,266,666 - -
,378 964,344 620,755 711,341 838,067 851,352 963,292 7,199
106,360 195,059 645,075 144,397 110,442 - - - 8,234 93,953 72,154 Five Year Financial Summary Year Five 125,450 837,303 209,006
THE GROUP - - 2,816 9,789 87,339 82,546 153,620 167,537 1,093,770
2016 2015 2014 2013 2012 2016 2015 2014 2013 2012 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 NCOME NCOME Intangible Assets Intangible 48,226 51,818 21,564 5,246 5,923 34,370 41,876 5,758 2 Gross Premium WrittenGross Premium IncomeGross Premium Profit before tax ExpenseTax Income Profit afterTaxation 5,017,315 5,300,991 4,301,132 4,067,067 4,313,998 (150,502) 4,084,073 761,701 3,777,118 611,199 (196,137) 3,490,151 2,857, 569,249 2,624,1 373,112 (66,222) 505,295 (336,929) 439,073 (295,263) 810,787 473,858 ( 735,243 439,980 532,928 470,594 494, Transfer to Contingency ReserveSTATEMENT OF FINANCIAL POSITION Assets Cash and Cash equivalents 137,867 Assets: Financial 129,030 - Held-to-maturity fairAt value - through profit or lossAvailable-for-sale - 1,644,372 130,347receivable and Loan - 3,249,435 623,807 111,304 2,861,565 713,856 91,9 2,457,431 2,392,312 841,494 1, 213,189 25,130 854 - 4,892 10,015 - 10,129 - 7,512 59,266 5,016 1,435,039 2,782 - 7,71 - - 59,266 Reinsurance assetsTax Prepaid 1,186,813 - STATEMENT OF COMPREHENSIVE I Deposit for shares in Subsidiary ------15,460 100,000 - - Trade Receivables Trade 127,314 DeferredTax Inventorysubsidiaries in Investment - 1,382 10,384 Deferred AcquisitionDeferred CostOther Receivables and prepayments 192,810 227,834 Investment propertiesInvestment Plant and EquipmentProperty, Statutory DepositsTotal Assets 1,254,960 1,232,506 116,919 1,264,767 116,919 1,349,7 376,532 100,000 8,446,800 324,302 7,291,144 320,513 6,766,019 319,857 6,205,361 5,376,704 318,699 6,855,691 300,000 6,726,540 6,319,861 300 - 5,976,548 5,162,894 - - Goodwill 24,813 ------
106 Regency Alliance | 2016 Annual Report Five Year Financial Summary Cont’d
Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
---- 403,434- 403,434 4.42 6.05 5.80 2,301 483,869 323,450 192,991 (815,521) (964,315) 4,343,646 4,114,0956,319,861 3,710,492 5,976,548 5,162,894
6 5,226 3,217 7,636 82 37,623 20,840 43,066 -- - - - 5.00 (1,153) 426,447 4,673,523 6,726,540 - -
7.06 ,971 913,852 813,980 707,938 613,549 1,081 Cont’d 602,860 4,946,289 6,855,691 78 86,612 118,484 155,388 191,397 122,645 6.60 9,818 98,782
403,434 323,707 3,482,627 5,376,704 (1,234,379) 201 1,320,051 1,457,326 1,617,026 1,613,024 1,425,774 1,063,434 7.11 4,375 3,334,375 3,334,375 3,334,375 3,334,375 3,334,375 3,334,375 96,590 (29,300) 403,434 486,000
3,888,014 6,205,361
(1,057,825)
75 247,417 249,985 242,497 265,961 159,171 221,223 215,621 - 6.58 4,410 21,262 (59,507) 118,062 4,175,146 6,766,019
- 903 5.59 Five Year Financial Summary Year Five (72,686) 259,036 114,045 4,525,266 7,291,144
422,617 5,088,810 Asset Revaluation Reserve - Fair Value Reserves Value Fair Subtotal Liability and Equity 1,081 8,466,800 Other Reserves 20,151 Non-controlling Interest in Equity in Non-controlling Interest Basic and diluted Earnings per share (in kobo) 9.17 Retirement benefitRetirement obligation 2,711 2,700 5,278 3,835 7,636 2,711 2,16 LIABILITIES Insurance Contract Liabilities Contract Insurance Trade PayablesTradeOther PayablesProvision Liabilities forTax Current Income Deferredliabilities tax income Bank OverdraftTotal Liabilities 2,259,954 254,231EQUITY Total attributable equity 2,096,391 to of owners parent: the Issued and Paid up share capital 270,911 1,929,381Reserve Contingency Retained Earnings 289,667 1,681, 188,3 86,612 46,145 133,500 122,229 26,102 3,334,375 95,222 158,172 3,334,375 16,055 2,955,373 96,382 49,553 3,334,375 193,470 2,651,833 1,171,779 45,278 3,33 2,472,810 121,3 1,003,636 62,775 - 561,424 2,220,754 33,469 874,606 120,257 1,795,294 751,330 - 1,909,403 49,3 - 2,053,018 645,671 1,976,214 1,007 - 1,862,451 - 1,452,402 5,782 ------
Regency Alliance | 2016 Annual Report 107 Share Capital History
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
YEAR Authorised Capital Issued and fully paid Consideration
Increase Cummulative Increase Cummulative Increase Cummulative Increase Cummulative
Units Units Units Units
=N= =N= =N= =N=
1994 10,000,000 10,000,000 20,000,000 20,000,000 7,680,000 7,680,000 15,360,000 15,360,000 Cash
1995 - 10,000,000 - 20,000,000 - 7,680,000 - 15,360,000
1996 - 10,000,000 - 20,000,000 2,320,000 10,000,000 4,640,000 20,000,000 Cash
1997 60,000,000 70,000,000 120,000,000 140,000,000 35,645,000 45,645,000 71,290,000 91,290,000 Bonus /Cash
1998 - 70,000,000 - 140,000,000 24,355,000 70,000,000 48,710,000 140,000,000 Bonus /Cash
1999 40,000,000 110,000,000 80,000,000 220,000,000 - 70,000,000 - 140,000,000
2000 - 110,000,000 - 220,000,000 12,000,000 82,000,000 24,000,000 164,000,000 Bonus
2001 - 110,000,000 - 220,000,000 13,000,000 95,000,000 26,000,000 190,000,000 Bonus
2002 140,000,000 250,000,000 280,000,000 500,000,000 5,000,000 100,000,000 10,000,000 200,000,000 Bonus
2003 100,000,000 350,000,000 200,000,000 700,000,000 2,000,000 102,000,000 4,000,000 204,000,000 Bonus
2004 - 350,000,000 - 700,000,000 248,000,000 350,000,000 496,000,000 700,000,000 Cash
2005 - 350,000,000 - 700,000,000 - 350,000,000 - 700,000,000
2006 600,000,000 950,000,000 1,200,000,000 1,900,000,000 - 350,000,000 - 700,000,000
2007 5,050,000,000 6,000,000,000 10,100,000,000 12,000,000,000 226,000,000 576,000,000 452,000,000 1,152,000,000 Merger
2007 - 6,000,000,000 - 12,000,000,000 499,000,000 1,075,000,000 998,000,000 2,150,000,000 Cash
2007 - 6,000,000,000 - 12,000,000,000 920,299,075 1,995,299,075 1,840,598,150 3,990,598,150 Cash
2008 - 6,000,000,000 - 12,000,000,000 429,700,925 2,425,000,000 859,401,850 4,850,000,000 Bonus
2008 - 6,000,000,000 - 12,000,000,000 606,250,000 3,031,250,000 1,212,500,000 6,062,500,000 Bonus
2009 - 6,000,000,000 - 12,000,000,000 303,125,000 3,334,375,000 606,250,000 6,668,750,000 Bonus
2010 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000
2011 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000
2012 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000
2013 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000
2014 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000
2015 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000
2016 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000
108 Regency Alliance | 2016 Annual Report REGENCY ALLIANCE INSURANCE PLC 23rd ANNUAL GENERAL MEETING
PROXY FORM
I/We …………………………………...... ORDINARY RESOLUTIONS (Name of Shareholder(s) in BLOCK LETTERS PLS.) YES NO
Of ………………………………………………...... ……………………… 1) To receive the report of the Directors, the Audited Financial Statements for year ended ………………………………………………………………...... …………… 31 December 2016 together with the reports of the Auditors and the Audit Committee. Being a shareholder(s) of Regency Alliance Insurance Plc hereby appoint: 2) To re-elect the Director retiring by rotation. ……………………………………………………………………...... ……… Mr. Clem Baiye or ……………………………………………………………...... ………… or failing him the Chairman of the Meeting as my/our proxy to act and vote on 3) To declare Dividend my/our behalf at the Annual General Meeting of the Company to be held on Thursday the 25th day of May 2017 and at any adjournment thereof. 4) To elect members of the Audit Committee.
Dated this ……………… day of …………………. 2017 5) To authorise the Directors to fix the remuneration of Auditors. Shareholders Signature …………………………………………
Please indicate an 'X' in the appropriate box how you wish your votes to be Special Business: cast on the resolutions set above. Unless so instructed, the proxy will vote or abstain from voting at his/her To consider and if thought fit to pass the discretion. following as an ordinary resolution . A shareholder(s) who is/are unable to attend an Annual General Meeting 6) To approve the remuneration of Directors. is/are allowed by law to vote by proxy. The above form has been prepared to enable you exercise your right to vote, in case you cannot personally attend the meeting. TO BE VALID, THIS FORM HAS TO BE DULY STAMPED Please sign the above proxy form and post it to reach the Registrars or the Company Secretary at the registered office of the Company not later than 48 hours before the time of holding the meeting. If executed by a corporate body, the proxy form should be sealed with a Common Seal. Provision has been made on the proxy form for the Chairman of the meeting to act as your proxy, but if you wish you may insert in the blank space on the form (marked) the name of any person whether a shareholder(s) of the company or not, who will attend the meeting on your behalf instead of the chairman of the meeting.
SHAREHOLDERS ADMISSION'S FORM
Please admit the bearer of this form or his/her appointed proxy to the 23rd Annual General Meeting of Regency Alliance Insurance Plc. to be held at the Skyline Hall, Lagos Oriental Hotel 3,Lekki Road, Victoria Island, Lagos, Lagos State. on Thursday the 25th day of May 2017.
Name of person attending: …………………………………………………………………………………………………………………………………………...... ………….
Shareholder: …………………………………………………………………………………………………………………………………………………………………...... ……..
No of Shares held: ……………………………………………………………………………………………………………………………………………………………...... …
Proxy: ………………………………………………………………………………………………………………………………………………………………………...... ………..
Signature: ……………………………………………………………………………………………………………………………………………………………………...... …….
Important: a) This admission form must be produced by the Shareholder/proxy in order to obtain admittance to the Annual General Meeting. b) Shareholders or their proxies are requested to sign the admission form before attending the meeting.
The Registrar Meristem Registrars P.O Box 51585 Falomo Anuoluwapo Shobo Lagos. Company Secretary FRC/2013/00000003654 Regency Alliance Insurance Plc. 2016 Annual Report.
Regency Alliance | 2016 Annual Report 109 Affix N50.00 Postage Stamp Here
The Registrar Meristem Registrar Limited P.O. Box 51585, Falomo, Lagos.
110 Regency Alliance | 2016 Annual Report
e-DIVIDEND PAYMENT– One Stop Solution to Unclaimed Dividend – Take Advantage of It! To:
The Registrar
Meristem Registrars Limited
213, Herbert Macaulay Way
Adekunle -Yaba Lagos. P.O.Box 51585 Falomo-Ikoyi, Lagos Phone: +234 (1) 2809250- 3, 0700MERIREG e-Mail: [email protected] Website: www.meristemregistrars.com
I/We hereby request that from now on, all my/our dividend warrant(s) due to me/us from my/our holding(s) in REGENCY ALLIANCE INSURANCE PLC be paid to my/our Bank named below.
Bank Name:
Bank Address:
NUBAN Account Number: Shareholder’s Full Name: (Surname First) BVN/TIN
Shareholder’s Address: (if address has changed, please indicate new address)
E-mail:
Mobile:
CSCS CHN CSCS A/C No
Single Shareholder’s Signature:
Joint Shareholder’Signature1)_
2)
If company, Authorized Signatories 1)
2)
Company Seal:
Authorized Signature & Stamp Of Bankers
Sort Code:
Regency Alliance | 2016 Annual Report 111 Affix N50.00 Postage Stamp Here
The Registrar Meristem Registrar Limited P.O. Box 51585, Falomo, Lagos.
112 Regency Alliance | 2016 Annual Report This part contains names of shareholders who are yet to claim their dividends approved at 2009, 2011, 2012 and 2016 AGMS for the 2008, 2010, 2011 and 2015 accounting years respectively. Any shareholder whose name appear on the list is required to contact the Registrar as soon as possible at the address below.
Meristem Registrars Ltd. 213, Herbert Macaulay Way, Adekunle-Yaba, Lagos. Tel: 01-8920492
Shareholders who have received their dividends after the compilation of this list should ignore the repetition of their name on the list.
Publication is made pursuant to section 332 (1) of the Companies and Allied matters Act (Cap C20) Laws of the Federation, 2004
Regency place: 2, Ebun Street, Gbagada Expressway, Gbagada Lagos. P. O. Box 70333, Victoria Island, Lagos, Nigeria. Tel: 0805 349 9073, 0805 349 9074 E-mail: [email protected] Website: www.regencyalliance.com (RC: 223946)
Regency Alliance | 2016 Annual Report 113 Unclaimed Divided List
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
S/No Names S/NoNames S/No Names S/No Names
1 ABALOGU CHINONSO PAUL 101 ADEBAYO MODINAT LOLA 201 ADEKOJE DAPO 301 ADESEMOYE ANTHONY BOLA 2 ABARIKWE ONYEMA IKWUNZE 102 ADEBAYO OLABODE TUNDE 202 ADEKOLA ANTHONETTE OLUBUNMI 302 ADESHINA IMRAN TAJUDEEN 3 ABATAN URIEL OLUSEGUN 103 ADEBAYO OLAWUNMI JULIUS 203 ADEKOLA MOROUNKOLA NURAENI 303 ADESHINA RILWAN ADEDEJI 4 ABAYOMI KAYODE 104 ADEBAYO OLUKAYODE 204 ADEKOLA MUIDEEN OYEKOLA 304 ADESIDA OREOLUWA MARY 5 ABAYOMI KAYODE ADEOLUWA 105 ADEBAYO OLUSEGUN OMOTAYO 205 ADEKOLA OLUWOLE OLADIMEJI 305 ADESINA AJAYI KOLADE 6 ABAZU UCHENNA ESTINA 106 ADEBAYO OLUSEGUN SUNDAY 206 ADEKOYA ALABA MATHEW 306 ADESINA OLAJIDE ABIODUN 7 ABBA GRACE 107 ADEBAYO OLUSOLA ALABA LATONA 207 ADEKOYA JOHNSON OLUSEGUN 307 ADESINA OLASUPO OKUNOLA 8 ABBAH MUSTAPHA ENDOWMENT FUND 108 ADEBAYO OMOLAYO 208 ADEKOYA MICHAEL OLAYINKA 308 ADESIPE ABDUL ADEYEMI 9 ABBAKWE CHIMEZIE NELSON 109 ADEBAYO SOLOMON ATILADE 209 ADEKOYA MORAKINYO OLUDARE 309 ADESIYAN TIMOTHY AYOBAMI A. 10 ABDUL MONSURAT OLUWATOSIN 110 ADEBAYO SUNDAY 210 ADEKU ADEWALE KAZEEM 310 ADESOJI ADEYINKA EMMANUEL 11 ABDULAZEEZ JAMIU OCHAWU 111 ADEBESHIN ADEBAYO AKANBI 211 ADEKUNLE AKANBI PIUS 311 ADESOLA ADEBAYO ABIOLA 12 ABDULFATAI BELLO OLASUNKANMI 112 ADEBESIN OLALEKAN ADEDEJI 212 ADEKUNLE FOLASHADE DORCAS 312 ADESOLA AJOKE KAFAYAT 13 ABDULKADIR SULEIMAN GARBA 113 ADEBISI ADESINA SAMUEL 213 ADEKUNLE PATRICK OLUWOLE 313 ADESOLA OLADAPO AYOSOLA 14 ABDULRAHEEM SAKIRAT ABIMBOLA 114 ADEBISI YAKUBU BANJI 214 ADEKUNLE RAIMI GBENGA 314 ADESOPE OLUWATOYIN ADEBUKOLA 15 ABDULRAHMAN MUHAMMAD MAUDE 115 ADEBIYI ALABI ADEWALE 215 ADEKUNLE REMI 315 ADESOTU USIOSEFE ADE 16 ABDURAHMAN SIDIK URAMAR 116 ADEBIYI DAVIES ADETOYESE 216 ADEKUNLE RICHARD 316 ADESOYE SEGUN 17 ABE OLUMIDE 117 ADEBIYI EBENEZER OLUWAGBENGA. 217 ADELABU GBADEBO 317 ADESUNLORO OLUWASEGUN GABRIEL 18 ABE OLUWASEUN 118 ADEBIYI OLUWASEYI PAUL 218 ADELAJA ADEBANJO 318 ADESWA IZEVBOKUN 19 ABEGUNDE AYODELE 119 ADEBIYI TOKUNBO OLUSEGUN 219 ADELAJA LAWRENCE 319 ADETIBA DAVIES SEGUN 20 ABEL VICTOR AUDU 120 ADEBIYI WASIU ADETUNJI 220 ADELAKUN FATAI ADEOYE 320 ADETIBA HELEN REMILEKUN 21 ABIA OSE PAUL 121 ADEBOLA OLUSEGUN OLAJIDE 221 ADELANI DAVID OLUFEMI 321 ADETOKUN MUSIBAU 22 ABIDOYE RASHEED OLALERE 122 ADEBOWALE BABATUNDE MICHAEL 222 ADELANKE MOBOLANLE 322 ADETOKUNBO ADEJUMO 23 ABIMBOLA DEBORAH AYOOLA 123 ADEBOWALE DAVID ADEDIBU 223 ADELANWA BOLA 323 ADETOLA OLAJIDE IBIKUNLE 24 ABIMBOLA ELIJAH AYODELE (REV) 124 ADEBOWALE OLUMIDE 224 ADELANWA DAVID ADETUNJI 324 ADETOLA OLUWAPELUMI 25 ABIODUN GBOLAHAN OLUWASEUN 125 ADEBOWALE OYEYEMISI OLADUNNI 225 ADELEKE ADEWALE MICHAEL 325 ADETOLA YUSUF 26 ABIODUN GRACE IYABO 126 ADEBOYE DEBORAH 226 ADELEKE GRACE OLUWAKEMI 326 ADETONA OLUKAYODE ADEMOLA 27 ABIODUN OLAKUNLE STEVE 127 ADEBOYE OREOLUWA 227 ADELEKE JOHNSON ADEKUNBI 327 ADETOYI ADESINA ABAYOMI 28 ABIODUN OLUFUNMILOLA ADEOLA 128 ADEBOYEJO HELEN TITILAYOMI 228 ADELEKE MUMINI TUNDE 328 ADETOYI OLAWALE KAYODE 29 ABIODUN OLUMIDE ADETOKUNBO 129 ADEBULE GABRIEL ADEBAYO 229 ADELEKE VICTORIA DAMILOLA 329 ADETUNJI BABATUNDE ISAAC 30 ABIOLA AKEEM ABIDEMI 130 ADEBULE OLUWASHINA 230 ADELEYE ADEDAMOLA SUNDAY 330 ADETUNJI OLUFUNKE 31 ABIONA BENJAMIN AJIBADE 131 ADEDAPO OLUSEGUN MICHAEL 231 ADELEYE ADEDAYO OLUWASEUN 331 ADETUWO DUPE 32 ABIONA BUSAYO FOLASHADE 132 ADEDARA ADEOYE SAMUEL 232 ADELEYE IDOWU STEPHEN 332 ADETUWO SAMSON ADEYEMI 33 ABIOSE ALLI ROTIMI 133 ADEDAYO SHAMSIDEEN OLUSEGUN 233 ADELEYE MARGRET ABIODUN 333 ADETUWO, YEMI 34 ABIOYE OLUWAFUNKE BUKOLA 134 ADEDEJI ADEFOWOPE GBENGA 234 ADELEYE SUNDAY SULEIMON 334 ADEWALE ADENIKE GANIYAT 35 ABIOYE RAPHAEL OLADEJO 135 ADEDEJI ADENIYI JAMIU 235 ADELEYE YEMISI ADERONKE 335 ADEWALE EHIANETA ADEROGBA 36 ABISOLA YETUNDE OLAPEJU 136 ADEDEJI OLATUNDE ADEOLUWA 236 ADELOYE FAVOUR OLUWAFERANMI 336 ADEWALE JULIANA MODUPE 37 ABMACSON'S NIG LTD 137 ADEDEJI SUNDAY 237 ADELOYE STEPHEN AYODEJI 337 ADEWOLE ADENIYI OLUWAFEMI 38 ABODUNRIN KUNLE 138 ADEDEJI SUNDAY JOSEPH 238 ADEMAKIN AKINDELE 338 ADEWOYE ADEWALE OLUGBENGA 39 ABOLARIN BRIDGET IRETIMBE 139 ADEDEJI UMAR ADEKUNLE 239 ADEMILOLA TAIWO SAMUEL 339 ADEWOYE OLUSOLA ADELANI 40 ABOLARINWA OLUKAYODE ISAAC 140 ADEDIGBA ABDULLATEEF 240 ADEMILUYI OMOBOLANLE MONSURA 340 ADEWOYIN FUNMILAYO TOROMOLA 41 ABORISADE DEBORAH ENIOLA 141 ADEDINSEWO ADEFEMI FEYISAYO 241 ADEMOLA COKER 341 ADEWUMI ADESINA DEMILADE 42 ABRAHAM EMMANUEL ONYEDIKACHI 142 ADEDIPE STEPHEN OLANREWAJU 242 ADEMOLUTI A. MORENIKE 342 ADEWUMI TITILOLA ADEOLA 43 ABRAHAM KAYODE WILLIAMS 143 ADEDIRAN ADELEYE MICHAEL 243 ADEMOSU SOLOMON TANIMOWO 343 ADEWUNMI FUNMILAYO TOYIN 44 ABRAHAM KEHINDE P 144 ADEDIRAN FUNMILOLA OLANIKE 244 ADENAIKE MUFTAU OLUWABUNMI 344 ADEWUSI JOSEPH ADEBAYO 45 ABRAHAM NNE BASSEY 145 ADEDIRAN GBENGA BENJAMIN 245 ADENEKAN BABATUNDE SAMUEL 345 ADEWUSI LOOKMAN ADEKUNLE 46 ABRAHAMS OJO 146 ADEDIRAN OLAWALE TAOFEEK 246 ADENEKAN TAIWO 346 ADEYANJU JAMES OLUROTIMI 47 ABUAH ASIKA PETER 147 ADEDIRE ADEMOLA KAYODE ABIODUN 247 ADENIJI ADEFUNKE OLUWATOSIN 347 ADEYANJU KEMI ELIZABETH 48 ABUBAKA SADIQ ABDULRAHMAN 148 ADEDIWIN OLUGBENGA 248 ADENIJI BEATRICE MOJIROLA 348 ADEYANJU SIMEON KOLAWOLE OLUGBENGA 49 ABUBAKAR ABDULMUMINI 149 ADEDOKUN ADEBAYO M. 249 ADENIJI CLEMENT BANJO 349 ADEYEMI ABIODUN OLUWASEUN 50 ABUBAKAR ADAMU IBRAHIM 150 ADEDOKUN DONALD SOJI 250 ADENIJI FELICIA ABIODUN 350 ADEYEMI ADEBAYO OLUWAFEMI 51 ABUBAKAR FAROUK UDUH 151 ADEDOKUN IBIKUNLE AFOLABI 251 ADENIJI HAMED BAMIDELE 351 ADEYEMI ADEDOYIN OLUWATIMILEHIN 52 ABUBAKAR JIMOH ARIBIDESI 152 ADEDOKUN ISSA AKANJI 252 ADENIJI OLAMIDE RUTH 352 ADEYEMI ADEJARE 53 ABUBAKAR MOHAMMED ALIYU 153 ADEDOKUN NAJIMUDEEN WALE 253 ADENIJO OLUKEMI 353 ADEYEMI ADESOLA ADENIYI 54 ABUBAKAR MUNIKATU 154 ADEDOKUN NOJIM OLUKAYODE 254 ADENIPEKUN OLUYEMISI TITILAYO 354 ADEYEMI ADETUTU ADERONKE 55 ABUBAKAR NASIRU RAHINA 155 ADEDOKUN OMOWUNMI ADEOLA 255 ADENIPEKUN TAIWO ADEMOLA 355 ADEYEMI BABATUNDE ALEX 56 ABUBAKAR YAHAYA DABO 156 ADEDOKUN SAKIRU BANDELE 256 ADENIRAN BABATUNDE SAHEED 356 ADEYEMI BASHIRU OYEWOLE 57 ABUBAKRE BANJI TAJUDEEN 157 ADEDOTUN ALABA RASAK 257 ADENIRAN BOLANLE BEATRICE 357 ADEYEMI BENSON ERIOLUWA 58 ABUGU BONIFACE OKONKWO 158 ADEDOYIN DEBORAH FUNKE 258 ADENIRAN JIDE PATRICK 358 ADEYEMI ELIZABETH 59 ABUGU CLARA 159 ADEDOYIN FLORENCE TEMITOPE 259 ADENIRAN MICHAEL OLUSEGUN 359 ADEYEMI ENOBONG ASUQUO 60 ABUGU EMMANUEL 160 ADEDUNNI ADEKUNLE ALANI 260 ADENIRAN RAFIU ADELEKE 360 ADEYEMI LATEEF ADESOLA 61 ABUMERE GODDEY BESTMAN 161 ADEEYO SAMSON 261 ADENIYI ABDUL MUFUTAU 361 ADEYEMI MONDAY OLADELE 62 ABUNDANT SEED INVESTMENT LIMITED 162 ADEFARASIN BABAJIDE ADEYEMI 262 ADENIYI AFOLABI PAUL 362 ADEYEMI MUSIBAU ADEKUNLE 63 ABUSI VENTURES LIMITED 163 ADEFEMI SAM OLAOLU 263 ADENIYI AYINDE OLANREWAJU (PRINCE) 363 ADEYEMI OLUMIDE OLALEKAN 64 ABUTU INNOCENT 164 ADEFILA F S OLAITAN 264 ADENIYI BABATUNDE SIKIRU 364 ADEYEMI OLUWASEUN SAMUEL 65 ACCORD ASSET MANAGEMENT LIMITED 165 ADEFILA JAMES DELE 265 ADENIYI FRANCIS AYODELE 365 ADEYEMI OLUYEMI SAMUEL 66 ACHI MARCELLINUS ONYEKACHI 166 ADEFIOYE BOSEDE OLUWATOYIN 266 ADENIYI GBENGA 366 ADEYEMI SEGUN 67 ACHIKEH CHUKWULOR 167 ADEFUYE ADEBOWALE PROFESSOR 267 ADENIYI GBENGA FELIX 367 ADEYEMI STANLEY 68 ACHILEFU CARINA 168 ADEGBAMI ADEBOWALE & PETER 268 ADENIYI JOSHUA EWARD 368 ADEYEMI TEWOGBOYE PETER 69 ACHUSIM CHINWE FLORENCE 169 ADEGBENGA HOPE AFOLAKE 269 ADENIYI SUNDAY ABRAHAM 369 ADEYEMO FRANCIS AYILARA 70 ADACHE SUNDAY ABAH 170 ADEGBENGA SAMUEL ADEBAYO 270 ADENLE ADEDAPO AYORINDE 370 ADEYEMO QASIM ADEKUNLE 71 ADAH IBEZIM MICHAEL 171 ADEGBENJO ADEWALE OLADAPO 271 ADENOPO SEMIU ADEBOLA 371 ADEYEMO RUFUS ABIDEMI 72 ADAH PETER AGABA 172 ADEGBESAN ABIOLA 272 ADENUGA FOLAKEMI YETUNDE 372 ADEYEMO SAMSON OLUTUNDE 73 ADAJA FELIX OLADUNJOYE 173 ADEGBITE ADETOLA IYABO 273 ADENUGA JOHNSON AYODELE 373 ADEYENI ADELOWO ADELEKE 74 ADAJI SALISU 174 ADEGBITE JULIUS OLAGUNJU 274 ADENUGBA OLASOJI EMMANUEL 374 ADEYERI ADEWALE MUNIR 75 ADAKOLE SUNDAY 175 ADEGBITE MUSA OLADIPUPO 275 ADENUOYE SAMUEL ADEYEMI 375 ADEYEYE GBENGA TEMITAYO 76 ADAM NURU 176 ADEGBITE OLUWASEUN MODUPE-ORE 276 ADEOLA ADEDEJI OMOSUNMIBO 376 ADEYEYE JOEL ADEBAYO 77 ADAMOLEKUN OLUSESAN BOLARINWA 177 ADEGBITE TEMITOPE GBENGA 277 ADEOLA OLUROTIMI 377 ADEYEYE MICHEAL ADENIYI 78 ADAMS IBRAHIM IROLEAIYE 178 ADEGBOLA ALICE BAMIDELE 278 ADEOSIN ADEJUMOKE AFOLASHADE 378 ADEYIGA ABIMBOLA OLUFUNKE 79 ADAMSON HELEN 179 ADEGBOLA JANET OLUFUNMILAYO (MRS) 279 ADEOSUN TOSIN WILLIAMS 379 ADEYINKA OLUSHOLA ADENIYI 80 ADAMSON SHAMUSIDEEN ABIODUN 180 ADEGBOLA OLUWATOSIN 280 ADEOYE ADEBAYO TIMOTHY 380 ADH NOMINEES/NSA AYI 81 ADAMU IBRAHIM LAU 181 ADEGBOLA OMORINOLA VICTORIA 281 ADEOYE ADEREMI OLATUNDE 381 ADIE FRANCIS ANIAH 82 ADAMU NURUDEEN ALIU 182 ADEGBOLA OMOWUMI ADEYINKA 282 ADEOYE OLUGBENGA ADEYEMI 382 ADIELE GOODLUCK PETER 83 ADAMU PETER EMMANUEL 183 ADEGBOYE DAYO 283 ADEOYE SOLOMON ABIOLA 383 ADIGUN OLAJUMOKE IBITAYO 84 ADAMU USMAN 184 ADEGBOYEGA M. OLAYINKA 284 ADEOYE SOLOMON OLUSEGUN 384 ADIGUN OMOWUMI .T. 85 ADASAKA AINA SOLOMON 185 ADEGBOYEGA MOSHOOD KAYODE 285 ADEPELUMI VICTOR AYO 385 ADIGUN TEMITAYO AJIBOLA 86 ADDEH STEPHEN PETER 186 ADEGBULUGBE BOSE COMFORT 286 ADEPOJU ADEKUNLE FATAI 386 ADIMOHA BLESSING OGBONNA 87 ADEAGBO ADEREMI JOHN 187 ADEGOKE ADEBISI 287 ADEPOJU ISAAC SEGUN 387 ADIO ADEMOLA ALEXANDER 88 ADEBANJO ADEWUNMI OLALEKAN 188 ADEGOKE ADETUNJI SAMSON 288 ADEPOJU OLUSEGUN ADEKUNLE 388 ADIO ODUNOLA E. 89 ADEBANWO FATAI ADEBOLA 189 ADEGOKE JHLIL ADEDIRAN 289 ADERANTI JAMES ADEBAYO 389 ADIO OLAOLUWA SIMEON 90 ADEBAYO ABIADE GABRIEL 190 ADEGORIOLU ELIZABETH MODUPE 290 ADERANTI MARIAN SHINA 390 ADIO OLUWATOSIN F 91 ADEBAYO ABIOLA HELEN 191 ADEGOROYE ADEBOWALE 291 ADERIBIGBE ADEWALE JACOB 391 ADISA OLUWASEYI AKINBIYI 92 ADEBAYO ADEBISI 192 ADEHONAIH DYNAMIC VENTURES 292 ADERIBIGBE MUSA DAMILOLA 392 ADISA RAFIU 93 ADEBAYO ADEGBOYEGA 193 ADEITAN ADEDAMOLA MATTHEW 293 ADERIBIGBE SADIQ 393 ADISA RAHEEM KABIR 94 ADEBAYO ADEGBOYEGA GABRIEL 194 ADEJEMILUA FEMI 294 ADEROJU SOJI 394 ADMOS MULTI BUSINESS LIMITED 95 ADEBAYO ADEMOLA ADEBAYO 195 ADEJOH JOSEPH E. 295 ADERONMU SEGUN RICHARD 395 ADODO OLUSOLA GODWIN 96 ADEBAYO ADEYINKA 196 ADEJOKUN ADESHINA JOHN 296 ADESANMI SAMUEL ADEKUNLE 396 ADODOH THOMAS MOSES 97 ADEBAYO ANTHONY ABAYOMI 197 ADEJOLA JEMIMA OLUFUNMILAYO 297 ADESANWO ADEMOLA OLUFUNSO 397 ADOLAT GOLDEN COMMUNICATIONS INVTS LTD 98 ADEBAYO AYORINDE OLABODE 198 ADEJONWO SAMSON ABIODUN 298 ADESANYA AFOLABI SUNDAY KOFOWOROLA 398 ADU AKINTUNDE SAMSON 99 ADEBAYO COMFORT OLAREWAJU 199 ADEJUMO TIMOTHY ADEYEMI 299 ADESANYA TOKUNBO ADEBOWALE 399 ADU OLAYINKA 100 ADEBAYO MICHAEL BABATUNDE 200 ADEKOGBE HASSAN ADEDEJI 300 ADESEGHA HENRY OLABODE 400 ADU RUFUS OJO
114 Regency Alliance | 2016 Annual Report Unclaimed Divided List (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
S/No Names S/NoNames S/No Names S/No Names
401 ADUEZE GOVERNOR KINGS 501 AINA LYDIA MOJISOLA 601 AKEREWUSI JOSIAH DIMEJI 701 AKUBOR SYLVESTER OSSAI 402 ADULOJU ROTIMI CORNELIUS 502 AINA TAIYE OLYODE 602 AKHAGBENI CHARLES 702 AKUBUENYI FELIX CHINEDU 403 ADUNBI DAVID OLUWAFEMI 503 AIYERIN OYEDELE 603 AKHIBI AYO IFEOLUWA 703 AKUBUEZE CHIBUZOR RAYMOND 404 AEBA LOVE BARIWERE 504 AJADI KASALI AYOADE 604 AKINADE COMFORT ADEJOKE 704 AKUBUIRO WALTER CHIKA 405 AFADAPA VIVIAN ABIMBOLA 505 AJADI OLUGBENGA TIMOTHY 605 AKINADEWO TEMITAYO VERONICA 705 AKUCHUKWU MICHAEL EMEKA 406 AFANGIDEH CHRIS GEORGE 506 AJADI OPEYEMI SULEIMON 606 AKINBILE TOMIWA 706 AKUEGBU NKECHI 407 AFARIOGUN ISSA ABIODUN 507 AJAGBE AFOLABI JOSHUA 607 AKINBINU FOLUKE TAIWO 707 AKULEY ENTERPRISES LTD 408 AFESUMEH STELLA 508 AJAGBE BABATUNDE 608 AKINBO OLAYIWOLA ADIO 708 AKWUIWU UCHENDU KATE 409 AFFI JAMES MAIWADA 509 AJAGBE FATAI 609 AKINBO OMOLARA OLABISI 709 AL HASSAN BENJAMIN .E. 410 AFOLABI IBIKUNLE RAFIU 510 AJAGBUSI OLUWAGBENGA JOSEPH 610 AKINBODE LUCAS OLAIYA 710 ALABI AYODELE OBAFEMI 411 AFOLABI IYABO SAIDAT 511 AJAGUNNA VICTORIA TITILAYO 611 AKINBODE STELLA ABIODUN 711 ALABI DAMILARE 412 AFOLABI JOHNSON OLUSEGUN 512 AJAJA ARIYO AYOWALE 612 AKINBOLA GIDEON OLUWAFEMI 712 ALABI ISA 413 AFOLABI OLUMUYIWA AFOLABI 513 AJAKA CHINEDU 613 AKINBOLUSIRE SUNDAY AKINTAYO 713 ALABI MATTHEW OLUMUYIWA 414 AFOLABI OMOTAYO BABATUNDE 514 AJAKAIYE BABATUNDE 614 AKINDE JOSEPH ADEBAYO 714 ALABI OMOTOLA ADEDOYIN 415 AFOLABI RAPHEAL ISHOLA 515 AJAKPOVI UFUOMA JOEL 615 AKINDELE ABIODUN RAMON 715 ALABI REBECA RUKAHAT 416 AFOLABI RUKAYAT TINUADE 516 AJALA ADEBUNMI ELIZABETH 616 AKINDELE FLORENCE TAIWO 716 ALABRABA DA-OKORIKOMA IBIM 417 AFOLAYAN OLADELE SAMSON 517 AJALA KUDIRAT ABEBI OLABISI 617 AKINDELE SOLA 717 ALABRABA IBIM DEBORAH 418 AFOLAYAN PRECIOUS OLUWANIMOGBEGA 518 AJALA OLUFEMI EBENEZER 618 AKINDIPE OLUWASANMI EMMANUEL 718 ALADE SAHEED 419 AFORO AKINWUNMI O. ATANDA 519 AJALA OMOWUMI 619 AKINDIYA MOJISOLA BOLANLE 719 ALADE TEMITAYO ABIDEMI 420 AGADA DAVID 520 AJALA SIRAJUDEEN ABIODUN 620 AKINDURO RUTH OLABISI 720 ALADEGBEYE FOLORUNSHO 421 AGBABIAKA ENOCH OMONIYI 521 AJALA TAIWO FRANCIS 621 AKINFEMIDE HANNAH MAYOWA 721 ALADESAWE ATINUKE OLAJUMOKE 422 AGBAEGBU CHRYSANTUS NWABUGWU 522 AJALARURU BOLAJI TAIWO 622 AKINFENWA ATINUKE BERNICE 722 ALAGBE OLANREWAJU SEYI 423 AGBAEGBU REMIGIUS CHIBUIKE 523 AJANI ADEWUNMI 623 AKINFENWA MARY OLUWADAMILOLA 723 ALAGOA MERCY GBORIBUSUOTE 424 AGBAEGBU UZOCHUKWU ROWLAND 524 AJANI VICTOR ADEOLU 624 AKINGBADE ESTHER OLABISI 724 ALAKA OLUKAYODE & OLUSUMBO 425 AGBAFOR BLESSING 525 AJAO ADEFUNSHO ADEYI 625 AKINGBADE SEGUN 725 ALAKIJA ADEPEJU IBISOMI 426 AGBAI NWANNE NDUKWE 526 AJAO GABRIEL OLUSEGUN 626 AKINGBEHIN MUSA 726 ALALADE OLUMUYIWA OLUSEGUN 427 AGBAJE OLUSEGUN ADEBAYO 527 AJAO MOSUDI AYINDE 627 AKINGBOYE AYODELE 727 ALALADE OLUSEGUN OLATUNJI OLUMUYIWA 428 AGBAMEGBULAM PEACE CHUKWUKA 528 AJAPE ABIIBAT BOLANLE 628 AKINJOBI JOSEPH ENIOLORUNFE 728 ALANA OLURANTI ELIZABETH 429 AGBANIGO TAIWO ADEYINKA 529 AJASIN STEPHEN KOLA 629 AKINKUOROYE OLUFUNMILAYO FELICIA 729 ALANGRANGE SECURITIES & INV LTD 430 AGBANOMA ROSELYN A. 530 AJAYI ABAYOMI ROTIMI 630 AKINKUOWO GBENGA 730 ALANGRANGE SECURITIES LTD DEPOSIT -A/C 431 AGBARA FELIX ONYEKACHI 531 AJAYI BOLAJI SEKINAT 631 AKINLABI YUSUF OLUNWATOSIN 731 ALAO TAOFEEQ ADESOLA 432 AGBAROJI JEOL IKENDUBOCHI 532 AJAYI FEYISAYO MORENIKEJI 632 AKINLEYE E.A DR 732 ALARAPE BOLANLE 433 AGBASIERE CHIKA PHILOMINA 533 AJAYI FLORA ADEBISI 633 AKINLOLA ERNEST ADEBOWALE 733 ALASA ABDULGAFARU 434 AGBASO CHIBUIKE VICTOR 534 AJAYI FOLORUNSO SAMUEL 634 AKINLOYE WAHEED OLUWADAMILARE 734 ALASOMUKA STEPHEN 435 AGBASO CHIDUMAGA BENITA 535 AJAYI GRACE OMOWUNMI 635 AKINLUA ELIZABETH OYINGOLARIN 735 ALATISE A. ADETUTU 436 AGBASO CHIGOZIRIM DANIEL 536 AJAYI JOHN OLUKAYODE 636 AKINMOLAYEMI FADEKE ADERONKE 736 ALATISE AMUDA YUSUF 437 AGBEBI ADENIKE FEYISITAN 537 AJAYI JOHN OMOTAYO 637 AKINNIRAN SIKIRU ADISA 737 ALATORU TAMUNOALA 438 AGBEDO IKECHUKWU CHUKA 538 AJAYI MATTHEW DADA 638 AKINOLA ADEBAYO EMMANUEL 738 ALAWE ADEYEMI JOSHUA 439 AGBEKOLA AKEEM BABALOLA 539 AJAYI MUYIDE AYODELE 639 AKINOLA TEKOBO OLUWAYEMISI 739 ALAWODE CECILIA AJOKE 440 AGBESANYA ELIZABETH OYEBOLA 540 AJAYI OLAWUMI 640 AKINPELU SAMUEL OLUWAPELUMI 740 ALAYE ADEYEMI OLUFEMI 441 AGBIBOA AGATHA ILUMAMIE 541 AJAYI OLURANTI OLUKAYODE 641 AKINRUJOMA KAYODE FRANCIS 741 ALAZIGHA TOKONI INARA PRAISE 442 AGBIRO BRIDGET 542 AJAYI OLUSANJO EMMANUEL 642 AKINSANYA ADEOLU 742 AL-BARKA PRIVATE SCHOOL 443 AGBO BASIL ONYEDI 543 AJAYI OLUSEGUN EMMANUEL 643 AKINSANYA FOLASHADE OMOLAYO 743 ALDER MEMUNAT IDOWU 444 AGBO EDWIN G. & ZIPPORA I. 544 AJAYI OLUWASAYOFUNMI RUTH 644 AKINSANYA JEREMIAH AKINOLA 744 ALEGE MAZEED KOLAWOLE 445 AGBO IFEOMA MAUREEN 545 AJAYI OLUWASEYI OLUKOREDE 645 AKINSANYA JONATHAN OLUTUNDE 745 ALEGE YUSUF OLAITAN 446 AGBO MICHEAL O. 546 AJAYI OYEDELE OLUSANYA 646 AKINSANYA MOSHOOD AKINOLA 746 ALEGI RASHIDAT ABYEM 447 AGBO UCHENNA M 547 AJAYI STEPHEN OLANIPEKUN 647 AKINSIPE SIMISOLA COMFORT 747 ALEGIUNO JOSEPH AWAVHEOKHA 448 AGBODO JUSTUS CHUKWUDI 548 AJAYI TOBA MARCUS 648 AKINSOJI AKINPELU 748 ALEJO KAZEEM OLUSEYI 449 AGBOGO DAVID INALEGWU 549 AJEH AUGUSTINE ENENCHE 649 AKINSSETE ABIDEMI OLAKUNLE 749 ALEX-DUDUYEMI ADETOUN 450 AGBONENI GREGORY AVM 550 AJENIKOKO ADEWUMI ALABI R 650 AKINTADE HEZEKIAH YINKA 750 ALEXI ALICE UDOSEN 451 AGBOOLA ADESOLA AYODELE 551 AJENIKOKO ADEWUNMI ALABI RICHARD 651 AKINTAYO MORAYO 751 ALI MAGAJI ABUBAKAR 452 AGBOOLA OLAWOLE MUSA 552 AJEWOLE ADELEKE HENRY 652 AKINTELURE MOPELOLA 752 ALIGBE EHIS TIMOTHY 453 AGBOOLA VICTORIA OLUFUNMILAYO 553 AJEWOLE FELIX KAYODE 653 AKINTOLA OLUWAYINKA FRANCES 753 ALIU ONI PETER 454 AGBOZIOKO ANTHONY IKECHUKWU 554 AJIBADE BIDEMI OLAYEMI 654 AKINTOLA VICTOR KAYODE 754 ALIWO JOSEPH OJODOMO 455 AGBU WINIFRED IFEOMA 555 AJIBADE FEMI RICHARD 655 AKINTOLA, FAUSAT OLAYINKA 755 ALIYU ABDULLATEEF 456 AGHA DANIEL UZOCHUKWU 556 AJIBADE KAYODE WILLIAMS 656 AKINTOYE ANDREW ADEBAYO 756 ALIYU DOMA RALIATU 457 AGHA PIUS MADUBUIKEIBEYA 557 AJIBADE TOYIN 657 AKINTOYESE HASSAN ISHOLA 757 ALIYU ROSELINE FUNKE 458 AGHANU GABRIEL CLARA 558 AJIBAIYE ABDUL SEMIU 658 AKINTUNDE ABIKE OLADUNJOYE 758 ALLI ABAYOMI MUTAIRU 459 AGHEDO OSAIGBOVO OYEBODE 559 AJIBODE KEHINDE 659 AKINTUNDE OLUFUNMILOLA AINA 759 ALLI FUNMILAYO MUIBAT W 460 AGHOGHOVBIA KEN 560 AJIBOGU JAMES SHAIBU 660 AKINTUNDE SEUN 760 ALLIBALOGUN GBADEBO YEMISI (MR & MRS) 461 AGHOLOR KOYENRI SAMUEL 561 AJIBOLA ASIMIYU A.A 661 AKINWALE JOHNSON OLAYINKA 761 ALLU JOHN 462 AGIDI TOBIAS 562 AJIBONA OLAYINKA THOMAS 662 AKINWANDE JELILI ADISA 762 ALO ADEWALE 463 AGIDI VICTOR AKAMUGA 563 AJIBOWU SARIAT BIDEMI 663 AKINWANDE OPEGBEMI 763 ALO OLAOLU AKINWANDE 464 AGIOGU OSIGBEMEH DUNCAN 564 AJIGWU CHRISTIAN KARITA 664 AKINWOLEOLA ADEOLU 764 ALONGE AGNES FUNMILAYO 465 AGODI CHUKWUEBUKA JOHN 565 AJILEYE BABATUNDE ISAAC 665 AKINWUMI OLADEJI 765 ALONGE ENOCH ADENIYI 466 AGONU KENECHUKWU COLLINS 566 AJILEYE DAVID ALABA 666 AKINWUNMI MOJISOLA NIHMATALAHI 766 ALUGBIN, DR. DAYO & MRS FUNKE 467 AGOSA SAMUEL SAMENU 567 AJILEYE FELIX KAYODE 667 AKINYEMI AKINJOGUNLA RICHARD 767 ALUKO EMMANUEL OLUSEGUN 468 AGOSILE ILEMOBAYO CLEMENT 568 AJILEYE FEMI EMMANUEL 668 AKINYEMI GABRIEL ADESHOKAN 768 ALUKO ESTHER MOSUNMOLA OLUWAKEMI 469 AGU ANGELA CHIZ 569 AJIROBA MOROOF ADEDOKUN 669 AKINYEMI GABRIEL OLATUNDE 769 ALUKO SELINAH IRETI 470 AGU ELIAS MBA 570 AJISEBIOLOWO OLANIYI 670 AKINYEMI OLUWASEUN SAMUEL 770 ALUKPE VERONICA AZEINMARI 471 AGU MAXWELL NNABIKE 571 AJOMALE ABISOLA OLUFUNMILOLA 671 AKINYEMI OMOBOLANLE OLANREWAJU 771 ALUKWU CHRIS SUNDAY 472 AGU MICHAEL UZOMA 572 AJOSE PETER OLUSOLA 672 AKINYEMI SAHEED OMONIYI 772 ALUKWU IFEANYI 473 AGUBE VICTORY OBOKPARO 573 AJUMOBI OLUWAKEMI FOLASHADE 673 AKINYOSOYE VIVIAN MODUPE 773 ALUMA OSITA CORNELIUS 474 AGUKU HOPE IHUOMA 574 AJUMOBI WILFRED KOLAWOLE 674 AKITOLA OLUYOMI IDOWU 774 AMACHUKWU EMMANUEL CHINONYE 475 AGUNA MICHAEL NOSIKE CHINEDU 575 AJUMUKA JAMES OTUMA 675 AKITOYE ADEMIJUWON OLUWATOYIN 775 AMADA-AYAFA ANN 476 AGUNBIADE FUNMILAYO I. 576 AJUNWOKE EMMANUEL 676 AKITOYE ADESEGUN 776 AMADI CHILE 477 AGUNDO EMMANUEL OOTA CSSP 577 AKADIRI OBAGAIYE JIMOH 677 AKNIMIEN ANTHONY 777 AMADI REGINALD OBINNA 478 AGUNKEJOYE OLUSEGUN SAMUEL 578 AKAEME CLEMENT 678 AKO JAMES OLUWAKAYODE 778 AMADI THERESA ONUABUCHI 479 AGWAMARA ONYEKWERE JAMES 579 AKANBI JUBRIL ABAYOMI 679 AKODA STEPHEN AYOTUNDE 779 AMAECHI ELIZABETH 480 AGWU IKENNA LIVINUS 580 AKANBI MOSES ADENIYI 680 AKOGWU ELIZABETH 780 AMAECHI MAVIS IFEOMA 481 AGWUNCHA AMAECHI ANTHONY 581 AKANBI MOSES ADISA 681 AKOKO EHIAKHMEN RAYMOND 781 AMAH EDWINAH 482 AHAMBA BETTY UCHECHI 582 AKANDE ADENIJI 682 AKOLADE MICHAEL K 782 AMAIHIAN AYUBA PAUL 483 AHAMBA EMMANUEL NKEIRUKA 583 AKANDE ADETUNJI 683 AKOMOLAFE BUSOLA ADUNNI 783 AMAIZE EUGENE IMONGBORE (DR) 484 AHAMBA EMMANUEL NKEIRUKAMMA 584 AKANDE AKINTAYO REUBEN 684 AKOTOR GODWIN 784 AMANZE KENNETH FOLASHADE 485 AHEMOKHAE EMMANUEL OYAKHILOME 585 AKANDE EBENEZER ADESOJI 685 AKPAN EME ETIM 785 AMAOGARANYA IMMACULATE AMAKA 486 AHIA KENNETH CHUKWUEMEKA 586 AKANDE EMMANUEL OKIKIOLUWA 686 AKPAN EMEM AMOS 786 AMAOLE MARGARET KELECHI 487 AHMED ADETOUN OMOSALEWA 587 AKANDE SAMUEL OLUMIDE 687 AKPAN JOHN STEPHEN 787 AMAOLE UZOMA B 488 AHMOD YINKA RISIKAT 588 AKANJI IYANU OLUWA 688 AKPAN MERCY WILLIAMS 788 AMBASSADOR ISRAEL VETURES 489 AHUAMA VIDAH NWANYIEZE 589 AKANJI JESUPEMI 689 AKPAN MORRIS SUNDAY 789 AMEDU DANIA 490 AIDEYAN UHUNMWUNOMA MICHAEL 590 AKANJI MOFIFOLUWA ABIODUN 690 AKPAN PAULINUS NNANAH 790 AMEDU ZENEBU 491 AIFEGHAE OSAS ROLAND 591 AKANJI OLUWATOYIN ELIZABETH 691 AKPAN PEACE JOSHUA 791 AMEH MICHAEL 492 AIGBA PAUL IGIENEKPEME 592 AKANJI TIJESUNIMI EBUNOLUWA 692 AKPAN PETER ETIM 792 AMENIBO JUSTIN .M. 493 AIGBE ERIC A. 593 AKANMU OLUMIDE 693 AKPAN UDEME OBOT 793 AMIE JUSTINA BORO 494 AIGBOTSUA PHILOMENA EMAMHELU 594 AKANRO OLUWADAMILARE AKIN 694 AKPAVAN AMOS EGGA 794 AMINU HARUNA ABDULLAHI 495 AIGBOVBIOISE IGHODALO JOB 595 AKANU HENRY OKWUDILI 695 AKPEJUNOR BEATRICE 795 AMINU TAJUDEEN EMMANUEL 496 AIKHOMU SUZZANNE OTHIVBOR 596 AKAOSE EZE OKEY 696 AKPENYI NGOZI EWERE 796 AMMEH VICTORIA OLUWAKEMI 497 AILERU SALIMOTU AMOPE 597 AKAPO AUGUSTINE 697 AKPOBOME MARY 797 AMODU BASIRAT A. 498 AINA ADEMOLA EDWARD 598 AKARA JOSEPH UZOMA 698 AKPOIGBE ERUTOR JOSEPH 798 AMODU GABRIEL OLUWAROTIMI 499 AINA BABAFEMI IBUKUNOLU 599 AKENI EFEMENA CHARLES 699 AKPONAH ELIZABETH. O 799 AMODU OLUWAFEMI 500 AINA ISREAL ODUNMAYOWA 600 AKERESOLA TAIWO CATERING 700 AKPUAFOR UGONNA CECILIA 800 AMOGBE ROTIMI REMI
Regency Alliance | 2016 Annual Report 115 Unclaimed Divided List (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
S/No Names S/NoNames S/No Names S/No Names
801 AMOGU VICTORIA IBE 901 ARUNA GANIYU COLLINS 1001 AYEMOBA CHARLES 1101 BASHORUN BASHIRU OLAWALE 802 AMOO ABIOLA BASIRAT 902 ARUSI MERCY .O. 1002 AYENI B. OLUMIDE 1102 BASHUA TAOFIKAT TYABODE 803 AMOO ADEGBOLA SAIDI 903 ASAMAIGOR EMMNAUEL MORRISON 1003 AYENI BABATUNJI FELIX 1103 BASSEY ANIETIE EYO 804 AMOO AKANNI 904 ASCENT MICROFINANCE BANK LIMITED 1004 AYENI JOHNSON AGBOADE 1104 BASSEY MFON 805 AMOO BASIRAT 905 ASELEBE FATAI ADEWALE 1005 AYENI LAWRENCE 1105 BASSEY MICHAEL EKPE 806 AMOO GANIYU AJIBADE 906 ASEMOTA EFOSA EDWIN 1006 AYENI OLAYINKA OPEYEMI 1106 BASSEY VICTOR EDET 807 AMOO KEHINDE ABIDOYE 907 ASEMOTA MARYAN 1007 AYENI OLUBOREDE BAMIDELE 1107 BAWA DANLADI PAIKO 808 AMOS SALEH 908 ASHAJU JULIUS BABATOPE 1008 AYILARA TAOFEEK 1108 BAYODE SAMUEL OLUWAFEMI OLUFUNSO 809 AMOS STEPHEN 909 ASHIGABU INNOCENT EWUGAH 1009 AYINDE ABIOLA HENRY 1109 BECK BIODUN SHOLA 810 AMOSUN ELIZABETH ADESOLA 910 ASHIRU ADEBAYO KOFOWOROLA 1010 AYINDE KASALI 1110 BEEHOO INVESTMENT LIMITED 811 AMPITAN OLUWATOYIN KEMI 911 ASHIRU ADEDAPO 1011 AYINDE MODUPE ELIZABETH 1111 BEJIDE AYOBAMIDELE ESTHER 812 AMUTCHIE OKECHUKWU MACSPENCE 912 ASHIRU ADEDOYIN FIYINFUNOLUWA 1012 AYINLA KABIRU OMOTUNDE 1112 BEJIDE OLUWASEUN BABATUNDE 813 ANABA ENYIOMA 913 ASHIRU WAIDI 1013 AYINLA KAZEEM ADEKUNLE 1113 BEKEDEREMO BETSY BENEDICTA.E. 814 ANACHUNA IFEANYI SAM 914 ASIYANBI GABRIEL KOLAWOLE 1014 AYINLA SURTHEIQ BABATUNDE O 1114 BELLO ABDULMAJEED 815 ANAGBOSO GEORGINA UCHE 915 ASIYANBI OLUFEMI OLADELE 1015 AYISIRE WILFRED UFUOMA 1115 BELLO ADENIYI 816 ANAKPE EMMANUEL OFFAELI 916 ASOGWA ANICETUS AZUMKALIA 1016 AYOADE JOHN ADISA 1116 BELLO ADEOLA JANET 817 ANAM CHINYERE DORATHY 917 ASOGWA EMMANUEL NNAZIMAKOR 1017 AYOADE PATIENCE OCHERI 1117 BELLO ASUNMO SHITTU 818 ANAMALU NWABUFO STANLEY 918 ASOMNANYA CHIGOZIE CHRISTIAN 1018 AYODEJI WOLE WILSON 1118 BELLO AYOMIDE FAROUK 819 ANAMENE COSTANCE NONYE 919 ASOMUGHA MIKE NNANYELU 1019 AYODELE OLADAPO 1119 BELLO DANLADI GUSA 820 ANANWA JOSEPH CHIKA 920 ASOR EMEKA SYLVESTER 1020 AYODELE OLUWAFEMI SAMUEL A 1120 BELLO DAVID PEMI 821 ANASIUDU UZO LAWRENCE 921 ASOR PET LAUREN EBERE 1021 AYODELE OLUWASEUN BABAJIDE 1121 BELLO EMMANUEL IBITOLA 822 ANDREW IGHO OMU 922 ASSET & WEALTH CREATION LIMITED 1022 AYODELE OMOLARA YETUNDE 1122 BELLO ENIOLA KHADIJAT 823 ANDY OTO-OBONG EMAH 923 ASSET MANAGEMENT NOMINEE LTD 1023 AYOGU FREDERICK IFEANYI 1123 BELLO JAMAL 824 ANENE CHUKWUDUMEBI GLADYS 924 ASSOCIATED DISCOUNT HOUSE LTD 1024 AYOGU NGOZI MARIAGORTTI 1124 BELLO JUDAH PELUMI 825 ANENE PATIENCE CHINWE 925 ASSOR GAIUS WOKENNE KWERRI 1025 AYOOLA MATTHEW OLAYIWOLA 1125 BELLO KHADIJAT AINA 826 ANENE PATRICK NNAMDI 926 ASUELINMHEN STEPHEN 1026 AYOOLA ZAHEED OLADIMEJI DR 1126 BELLO OLALEKAN ISHAQ 827 ANETOR NEWTON 927 ASUNMO AJAYI RASAQ 1027 AYO-VAUGHAN ADEDOTUN OLUKAYODE 1127 BELLO OLATUNBOSUN GBENGA 828 ANGYU NAFISAT MOHAMMED BALA 928 ASUQOU EKAETTE EDEM 1028 AYUBA ABDULSOMOD 1128 BELLO OLUSHOLA 829 ANI BASSEY BERNICE 929 ASUQUO ANSE OKON 1029 AYUBA QUADRI YEMI 1129 BELLO SIKIRU ADENIYI 830 ANI ONYEBUCHI 930 ASUQUO CHRISTOPHER ARCHIBONG 1030 AZEEZ ABDULLAHI ADETUNJI 1130 BELLO TONY 831 ANIASHI BENEDICT UNDISAIKELE 931 ASURU GIFT OKECHUKWU 1031 AZEEZ KOLAWOLE 1131 BELLO, FATAI 832 ANIBABA AYODEJI OLUWOLE 932 ATAGHA PETER C. 1032 AZEEZ OLANIYI MUFUTAU 1132 BEN SAMUEL EDUKERE 833 ANIBABA IBUKUNOLUWA PEACE 933 ATAKENU ABIMBOLA ABOSEDE 1033 AZEEZ OLUWATOYIN 1133 BENJAMIN KIKSENENSO BENITARENI 834 ANIBABA OLUSOLA ADENIKE 934 ATAMAH GEORGE AISUGHEFOH 1034 AZEEZ RASAKI KOLAWOLE 1134 BENSON CHIJIOKE LAWRENCE 835 ANIBABA OLUWATOMISIN AYOMIKUN 935 ATANDA ADEWALE L. 1035 AZEEZ RASHEED KEHINDE 1135 BENTORO TERRY JOHN 836 ANIBABA OLUWAYOMI FAVOUR 936 ATANDA ISIAKA AJANI 1036 AZIEKWE SUNDAY N. (ESTATE OF) 1136 BERNARD OKPIAIFO ELIMHIAN 837 ANIEBONAM PASCAL CHIDIEBELE 937 ATANDA OLUREMI ADEMOLA 1037 AZOR MARTIN CHIANUMBA 1137 BFCL INVESTMENT A/C 838 ANIEKAN EYO OTUK 938 ATANDA OLUREMI ADEMOLA (DR) 1038 AZU BESSY LAURETTA 1138 BGL INVESTMENT LTD 839 ANIFOWOSE ADENIYI AKOREDE .O 939 ATANO CHARLES O. 1039 AZUBIKE OBUMNEME 1139 BHADMUS TUNDE 840 ANIGBOGU OKEY ALPHONSUS 940 ATE GIDEON ATIM 1040 BABA SOLOMON 1140 BIALA EMMANUEL OKANOLA 841 ANIKE HUMPHREY MOSES 941 ATENIOLA ABIODUN LAWRENCE 1041 BABALOLA ABIMBOLA ABDUL-AZEEZ 1141 BINJIN MUNPET GERALDINE 842 ANIMASHAUN ABIODUN 942 ATEWOLOGUN DAVID OLABODE 1042 BABALOLA ABIMBOLA ABDULAZEEZ O 1142 BINUYO OLAWALE TAOFIQ 843 ANISHE KOREDE 943 ATIBIOKE OLUWADARE DANIEL 1043 BABALOLA ABIMBOLA ABDUL-AZEEZ OLADEJI 1143 BISBOL NIGERIA LIMITED 844 ANOCHIE PETROLINA NZUBECHI 944 ATIKU KAFARU 1044 BABALOLA MICHAEL OLUFEMI 1144 BISIRIYU MONSURU ADETOLA 845 ANOLIEFO ARINZE BENJAMIN 945 ATOBAJAYE SAMSON ADEWALE 1045 BABALOLA TITILOPE OMOTAYO 1145 BLANKSON AMPIM GOGO 846 ANOMNEZE IJEOMA DORIS 946 ATOBATELE AKINYEMI AYODEJI 1046 BABANUMI OLUMUYIWA OLALEKAN 1146 BLAZERS INVESTMENT LTD-A/C 2 847 ANOSIKE ERIC IKENNA 947 ATOYEBI MUFUTAU 1047 BABARANTI OLUWUYI AJANI 1147 BLOSSOM PARTNERS NIG LTD 848 ANOSIKE JAMES MR 948 ATOYEBI PETER OLUFEMI 1048 BABARANTI OPEOLUWA TIMOTHY 1148 BLUEWATER LIBERTYWAY COMPANY 849 ANTHONY EINERE 949 ATSAGBEDE NELSON IDOWU 1049 BABATOPE ANN OLUWADOLAPO 1149 BOBADE EDWARD OLADAPO 850 ANUGE OBEHI ELIZABETH 950 ATTAH EBO 1050 BABATUNDE ENITAN OLUFEMI 1150 BODUNRIN MARIAN OLUFUNKE 851 ANUGOM ENYINNAYA JOSEPH 951 ATTAH ERNEST NWADIBE 1051 BABATUNDE MOBOLAJI OLAWALE 1151 BODUNRIN OLABISI FOLASHADE 852 ANULUGWO JAMES CHIJIOKE 952 ATTAH ETIM BASSEY 1052 BABATUNDEOLUWAFEMI OLUWASHOLA 1152 BOLAJI OLABISI A. 853 ANUMNU OBIANUJU OGBEALU 953 ATU TAYLOR GOODNEWS 1053 BABATUNDE-SHOBANDE BABATUNDE A 1153 BOLANLE OLALEKAN OLATUNJI 854 ANWAEGBU IKECHUKWU CHRISTOPHER 954 ATUANYA ANTHONY TOCHUKWU 1054 BABAYEMI OLUDOTUN ADENIYI 1154 BOLARINWA BABATUNDE DELE 855 ANYAEBOSIM NGOZI BENEDETH 955 ATUNRASE TUNJI ABIODUN 1055 BABAYEMI THOMAS OLUKUNLE 1155 BONIFACE GODSTIME BEN 856 ANYAMENE BLESSINGS M. 956 ATUSIUBA NED THERESA 1056 BADA AZEEZ KOLAWOLE 1156 BORKINI YETUNDE 857 ANYANWU EILEEN AMARACHI 957 AU-ABJOEMGORE MULTIPURPOSE ENTERPRISES 1057 BADA MONSURU ABOLORE 1157 BOSPAF Network Limited 858 ANYANWU EUZABIUS AUSTIN 958 AUDU SANNI YUSUF 1058 BADA OLAWUNMI ISIKULU 1158 BOT DAVOU SILAS 859 ANYANWU OGBONNAH CHRISTIAN 959 AUTA LARABA 1059 BADEJO MOJISOLA IBIDUN 1159 BROADMINDS ENTERPRISES INVESTMENT CLUB 860 ANYANWU SIMON CHIMAEZE 960 AWAYE TEMILOLUWA 1060 BADEJOKO, LEKE 1160 BROWN OPTIMIST SILAS 861 ANYANWU UCHECHI DOROTHY 961 AWE AKINSHOLA CORNELIUS 1061 BADRU FAIDAT MOJISOLA 1161 BUNYAMIN ISMAIL ALI 862 ANYASI NDUKA 962 AWE ELIZABETH OLUWASAYO 1062 BADRUDEEN SULAIMON ALANI 1162 BURAIMOH GBOLAHAN SALIU 863 ANYATONWU PATRICK CHINKERE 963 AWE OPEYEMI 1063 BAHNAM ADIB 1163 BURSAN DAN FULANI YAKUBU 864 ANYI EMMANUEL OKECHUKWU 964 AWEDA AFEES OLARENWAJU 1064 BAIYE ADEBOWALE FOLARINWA 1164 BUSARI AKEEM AYODELE 865 ANYIAM-OSIGWE IJEOMA 965 AWESU ADEGOKE ECHIOMA OZIOH 1065 BAKARE AL-HAMIS AGBOOLA 1165 BUSARI KAMORU OLADIMEJI 866 APAMPA LOLA 966 AWGUAGBAKA RICHARD O. 1066 BAKARE KAZEEM OLASEOJUMI 1166 BYTOFEL INVESTMENTS LIMITED 867 APENA IRIS EKUNDAYO 967 AWOBAMISE JOSEPH AKINBANJI FOLORUNSO 1067 BAKARE MOJISOLA OMOBOLANLE 1167 CALVARY FARMS LIMITED 868 APENUOLA ABIODUN OMOTAYO 968 AWOBIMPE ISMAIL OPEYEMI 1068 BAKARE NURUDEEN BALOGUN 1168 CALYX NOMINEE 1 869 APETE AMUNDA AJIUN 969 AWOBIMPE KAYODE KAMALDEEN 1069 BAKARE OLABISI FARUQ 1169 CALYX SECURITIES LTD. * TRADED-STOCK-A/C 870 APPEH UCHENNA 970 AWOBUSUYI OLUBUKOLA DEBORAH 1070 BAKARE OLADAYO DAUDA 1170 CALYX/SHAMO MENSAH NOMINEE 871 AQUITY QWEUST COMPANY 971 AWOGBAYILA BALOGUN ADELEYE 1071 BAKO ADAMS ITSE 1171 CAMPBELL CHARLES FOLARIN 872 ARACHE STELLA NNEKA 972 AWOGBAYILA OLUWABAMISE BENJAMIN 1072 BAKRI SEMIU BABATUNDE 1172 CAMRY INVESTMENT LIMITED 873 ARALEPO OLUWAFUNMINIKE 973 AWOH PATRICK 1073 BALOGUN ABAYOMI 1173 CANDY FLOSS LIMITED 874 ARAMIDE ERIC ADEKUNLE 974 AWOKOYA EMMANUEL OLUWADAMISOLA 1074 BALOGUN ABDULLAHI OLAYINKA 1174 CAPITAL EXPRESS MANAGED FUND 875 ARANFAJO JAMIU OLADIMEJI 975 AWOLEYE TOBI OMOBOLANLE 1075 BALOGUN ABODUNRI MOSHOOD 1175 CAPITAL GUARANTY LIMITED 876 ARANJU BAMIDELE ABIODUN 976 AWOLIYI OLALEKAN OLOYEDE 1076 BALOGUN ADENIYI SHAKIRU 1176 CAPITAL TRUST BRKS.LTD.TRADED-STOCK-A/C 877 ARCHIBONG ENO EDET 977 AWOLOLA KEHINDE OMOWUMI 1077 BALOGUN ALAKE LOLA 1177 CAROL AJAYI 878 ARCHIBONG ETTE 978 AWONAIKE RACHAEL MOSEBOLATAN 1078 BALOGUN IBRAHIM ADEBISI 1178 CASHCRAFT ASSET MANAGEMENT LTD - OCCAM 879 AREMU ABIODUN AYINDE 979 AWONUSI TEMIDAYO OMOYEMI 1079 BALOGUN MABEL OLUWASANMI 1179 CASHDEAL VENTURES 880 AREMU ABOSEDE OLUWASEUN 980 AWOSANYA OLUWASEUN 1080 BALOGUN MUFTAU ADEOLA 1180 CASMIR AFUGBUOM 881 AREMU ADEKUNLE MOSES 981 AWOSOLU BABAJIDE OLALEYE 1081 BALOGUN MUSIBAU ALHAJI 1181 CENTREHOLD RESOURCES & SEVICES LTD 882 AREMU ADEWALE SAHEED 982 AWOTULA IGBAYEMI INUMIDUN 1082 BALOGUN OLUMIDE OLUWAFEMI 1182 CHARLES SAVIOUR 883 AREMU OYEDELE NASIRU 983 AWOTUNDE ISHAQ OYEWOLE 1083 BALOGUN RASHEED OLATUNDE 1183 CHARTWELL SECURITIES LIMITED 884 AREO ABIOLA JOHN ADEYI 984 AWOYADE ODUNAYO OLUSEGUN 1084 BALOGUN S. OLUBUNMI 1184 CHARTWELLSECURITIES LTD AC 2 885 ARIBANUSI AMOS SUNDAY 985 AWOYEMI ABIODUN THOMAS 1085 BALOGUN SAMUEL BERNARD 1185 CHEVRON OIL STAFF M.C.S. LIMITED 886 ARIGBEDE ROLAND 986 AWOYEMI OLAJIDE HASSAN 1086 BALOGUN SIKIRU AKANO 1186 CHIABUOTU BLESSING ELOCHUKWU C. 887 ARIHI MODUPE GRACE 987 AWOYEMI OMOTOYOSI OMOBOLANLE 1087 BAMGBOSE ABIODUN 1187 CHIANA JUSTUS SUNDAY UKADIRE 888 ARILESERE-SATAR YESIRAT MOJISOLA 988 AXHOLME NOMINEES LTD(PTA)A/C 1088 BAMGBOSE JULIUS ODUNTAN 1188 CHIBUIKE RUTH CHIOMA FAVOUR 889 ARINZE MIKE OBUNEME 989 AYANDA YEMI OLUBUSOLA 1089 BAMGBOYE ADEFUNKE ZAINAB 1189 CHIBUZO STANLEY AMOBI 890 ARIYO OLUWAKEMI MARY 990 AYANDEJI ABASS DAVID 1090 BAMGBOYE VERONICA OLAITAN 1190 CHIDOZIE AMECHI HELEN 891 ARIYO ROTIMI DARE 991 AYANDELE RASHEED TAYO 1091 BAMIDELE OMOLARA Y.A 1191 CHIDOZIE GODFREY CHIRA 892 ARO MARION YEMISI 992 AYANDIBU AYODEJI OLUGBENGA 1092 BAMIGBADE EBENEZER ISREAL 1192 CHIELOZIE CHUKWUDI CHIBUZOR 893 AROGUNDADE FESTUS OLUFEMI 993 AYANSOLA PROMISE 1093 BAMKEFA OLADAPO JOSEPH 1193 CHIGBUNDU ONYEKACHI ROMANUS 894 AROH IKECHUKWU LIVINUS 994 AYANWALE OMOLOLA KABIRAT 1094 BANE NIGERIA ENTERPRISES 1194 CHIKA CHINYERE UKAEGBU 895 AROLEOWO GANIAT ABIODUN 995 AYANWALE YEWANDE 1095 BANK PHB/FVIEW/ELIZABETH EBI-TRADING 1195 CHIKWENDU ONYEKA CHIGOZIE 896 AROSANYIN ADEBAYO SOLOMON 996 AYANWAMIDE KAYODE AYANTOKUN O 1096 BANKOLE ALABI LATEEF 1196 CHIKWEUBA UBA 897 AROTIBA RICHARD AYODELE 997 AYARA JENNIFER YINKA 1097 BANKOLE BIODUN 1197 CHILAKA EMMANUEL CHIEDOZIE 898 AROWO-FELA OLUWAFEMI MURTALA 998 AYASI AMBROSE AUGUSTINE 1098 BANSO ADEKUNLE ADEMAYOWA 1198 CHIMA GINIKA DONALD 899 AROWOLO ADEWALE MARTINS 999 AYAWEI RHODA EREPETEI 1099 BASHIR A. KOLAWOLE ADEREMILEKUN 1199 CHIMAH CHRISTIANA CHIZOMA 900 ARUBERE FELIX IKIYO 1000 AYEMERE IBIRONKE 1100 BASHIR OLUWALAYOMI ENOCH 1200 CHINAKWE ALAIN NWABUGO
116 Regency Alliance | 2016 Annual Report Unclaimed Divided List (Cont’d) Consolidated and Separate Financial Statements Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 for the year ended 31 December 2016 RC: 023048
S/No Names S/NoNames S/No Names S/No Names
1201 CHINAKWE ALIAN 1301 DEMEHIN DAVIS OLAWALE 1401 EGBABOR EMMANUEL 1501 EMI CAPITAL RESOURCES LTD-DEPOSIT A/C 1202 CHINEDU CHIDIEBERE 1302 DENNIS MACAULAY CHUKWUMA 1402 EGBAYELO ABIMBOLA ARAMIDE 1502 EMINA ANNIE 1203 CHINEDU CHIOMA SANDRA 1303 DENNIS ONYINYECGUKWU GIFT 1403 EGBERONGBE LEKAN SABURI 1503 EMIOMA IFEANYI BENEDICTA 1204 CHINWEIFE FAVOUR OBIAGELI 1304 DEPENDABLE SECURITIES LTD 1404 EGBERONGBE WALIU ADIO 1504 EMMANUEL BOKIZIBE 1205 CHIOMA ANGELA CLETUS 1305 DIALA SUNNY IFEANYI 1405 EGBEWANDE OLUWAKEMI DADA 1505 EMMANUEL MARTINS 1206 CHIOMA AUGUSTA UWA 1306 DIAMOND BANK LIMITED 1406 EGBEWUNMI OLANREWAJU SOJI 1506 EMMANUEL-GWAR CHRISTINA MESUUR 1207 CHIWUBA CODELIA 1307 DIAMOND BANK/ALANGRANGE SEC. LTD-TRDG 1407 EGBEYEMI SAHEED OMOTAYO 1507 EMODI IKECHUKWU CHUKWUEMELIE 1208 CHRISTOPHER OLADELE 1308 DIAMOND SECURITIES NOMINEE 06510 1408 EGBUCHE KENNEDY NWACHUKWU 1508 EMORDI OGONNE CORDELIA 1209 CHUKWU ALEXANDER OKORO 1309 DIANU THOMPSON 1409 EGBUNA PRISCA NNENNA 1509 EMPORIUM PROPERTIES LIMITED 1210 CHUKWU HENRY CHIBUZOR 1310 DIBIA MICHAEL 1410 EGEDE ONYEMA L 1510 EMRY PARFEM LIMITED 1211 CHUKWU REGINA C. 1311 DIBIE FRANKLYN ONYEKACHUKWU 1411 EGEKONYE KENNETH OKECHUKWU 1511 ENAKHIMION GEORGINA I. 1212 CHUKWUDEBE KENNETH A.M 1312 DIBOYE B DIBOYE-SUKU 1412 EGERUE PASCAL 1512 ENAMHE ENEJI MARC EBURU 1213 CHUKWUDI LILIAN CHIGOZIE 1313 DICKSON EBERE GEORGE 1413 EGHELE FELICIA 1513 ENAOHWO GRACE 1214 CHUKWUEMEKA PATIENCE & CHUKS 1314 DICKSON IMEH 1414 EGHODAGHE JOHN 1514 ENATO MERCY ADENIKE 1215 CHUKWUJEKWU IFENNA & JULIET 1315 DICKSON REUBEN 1415 EGHOEBO CHUKWUYEM SUNDAY 1515 ENAUGHE PAUL 1216 CHUKWUMA CHIZOMA THERESA 1316 DIKE CHINYERE CYNTHIA 1416 EGOZUCHA IGARA NIG.LIMITED 1516 ENEMAH SYLVESTER EFFIONG 1217 CHUKWUNONSO NNAEMEKA C 1317 DIKE MERCY MIKE 1417 EGUAVOEN JOAN 1517 ENEMUO CHRISTIAN CHUKWUELOKA 1218 CHUKWUNWA AUGUSTINE E. 1318 DIM EMMANUEL CHIKERE 1418 EGWA SARATU 1518 ENEOJO MATHEW OKEYI 1219 CHUKWUWETALU OKWUDILI CHIEDOZIE 1319 DIM REUBEN CHUKWUDI 1419 EGWU CHRISTOPHER OHUCHE 1519 ENILAMA PASTOR PATRICK 1220 CHUKWUWETALU TOCHKWU CAROLINE 1320 DISI OGHENERERHUME OVUAKPORAYE 1420 EGWU OKWUDILI ISU 1520 ENIYE OSEMWEGIE ERO 1221 CHUKWUYERE IFEOMA JOY 1321 DISU-SULE THOMPSON ADEYEMI 1421 EGWU SYLVESTER CHUKWU 1521 ENO SUNDAY USORO 1222 CHUNU TOBOR OMAMERUME 1322 DIYA EMMANUEL AKINTUNDE 1422 EGWUATU CHUKWUMA EMEKA 1522 ENOBHAYISOBO ODIANOSEN DANIEL 1223 CIL-NOMINEE A/C-2 1323 DJEBUGHWE JULIUS 1423 EGWUCHUKWU INNOCENT MADUABUCHI 1523 ENTERPRISE INVESTMENT MANAGEMENT II 1224 CILORD GLOBAL INVESTMENT CO LTD 1324 DOCHIK INTERNATIONAL COMPANY (NIG) 1424 EGWUH MALACHY EKENE 1524 ENTERPRISE INVESTMENT MANAGEMENT LIMITED 1225 CITADEL MERCHANT ENTERPRISES 1325 DOGBANYA GABRIEL 1425 EHINMODE ADEREMI EMMANUEL 1525 ENTERPRISE MICROFINANCE BANK 1226 CITISPREAD WEALTH LTD 1326 DOGWO BARNABAS 1426 EHIOROBO ENDURANCE 1526 ENUHA SOLOMON OGOMEGBUNEM 1227 CITY CODE SAVINGS AND LOANS LIMITED 1327 DOMINION SANCTUARY RCCG 1427 EJALONIBU TOPE AKEEM 1527 ENWANG EFFIONG ETIM 1228 CLEMENT AYODEJI GBEMILEKE 1328 DOMINION TRUST LIMITED ACCOUNT 1 1428 EJE DAMIAN ALEX B. 1528 EQUIBOND LIMITED 1229 CNN COOP-SOCIETY LIMITED 1329 DORTEC NIGERIA LTD 1429 EJE JOSEPH ALEX. B. 1529 EQUITY CAPITAL SOLUTIONS LIMITED 1230 COCO-BASSEY EKPOANWAN ENETIE 1330 DOUGLAS ANDIKAN IDARA 1430 EJEH ALICE 1530 EREM EREM ONUKA 1231 COKER KEHINDE OJEWALE 1331 DOUGLAS MIEBA IKOMA 1431 EJEKAMI CHRISTIAN EJIKE 1531 ERETAN OLUWOLE RICHMOND 1232 COLE AGNES OLUBISI ATINUKE 1332 DTL NOMINEE ACCOUNT 7 1432 EJEZIE GODWIN CHUKWUJEKWU 1532 ERIBA S. ANGELA 1233 COLE ENITAN GABRIEL 1333 DUDUYEMI SUNDAY OLABODE 1433 EJIDIKE MARYJANE B. 1533 ERIKITOLA ABIMBOLA MARIAM 1234 COLE OLUWAYOMI 1334 DUKE KANE 1434 EJIGHIKE CHIDIEBERE HEZEKIAH 1534 ERINLE KEHINDE OLUGBEMILEKE 1235 COLEMAN JANE BLESSING 1335 DUNG HANATU EZE 1435 EJIKEME IFEANYICHUKWU EMMANUEL 1535 ERIOBU NKECHI NWAKAEGO 1236 COLLINS OREOLUWA SAMUEL 1336 DUNMADE ADEDAYO ALABA 1436 EJIM UGO HENRY 1536 ERNEST JOHN & CO LTD 1237 COMFYKING CONCEPT 1337 DUNMADE SAMUEL AYOMIDE 1437 EJIMADU FIDELIA 1537 ERO AUGUSTINE OSAS 1238 COOKEY KUFRE WILLIAM 1338 DUNU JOSEPH 1438 EJIMBE DANIEL AZUKA 1538 ERO KIKELOMO GRACE 1239 CORDROS CAPITAL RESEARCH 1339 DURODOLA MAYFLOWE OMOTAYO (MRS) 1439 EJIRO TAFRI TERRY 1539 ERONDU GODWIN ENYINNAYA 1240 CORDROS RESEARCH 1340 DURODOLA SAHEED ADEWALE 1440 EJIRO TERRY TAFRI 1540 ESAN ABIODUN MAYOWE 1241 CORE FUNCTIONS AND ASSETS LIMITED 1341 DUROJAIYE OLADELE OLUWASEYI 1441 EKAJEH OGHENETEJIRI FRANCIS 1541 ESAN REMI 1242 COTTAGE FUNDS LIMITED 1342 DURO-LADIPO ABIMBOLA SAFIAT 1442 EKE UZOMA SAMUEL 1542 ESANGBEDO FRIDAY 1243 COVENANT FREIGHT NIG LTD 1343 DUROWOJU OLURANTI OLUSESI 1443 EKECHUKWU PAUL-MARIO CHINEDU 1543 ESAU INI JAMES 1244 CRESTERLOT NIGERIA LIMITED 1344 DURU DELPHINE IFEOMA 1444 EKEH MARTINS IKECHUKWU 1544 ESAUINIOBONG FRIDAY 1245 CRYSTAL ASSOCIATE 1345 DURU SABASTINE 1445 EKEH ONYEKAOZURU 1545 ESEIGBE FIDELIS AKHABUE 1246 CRYSTALIFE ASSURANCE PLC 1346 DURUGO PAUL CHIDIEBERE 1446 EKEMODE TAIWO JOHNSON 1546 ESEMA EMAEDIONG JOSEPH 1247 CTB-NOMINEE A/C 1347 DURUSON CALISTUS CHINYERE 1447 EKENNA IKECHUKWU EZINWA 1547 ESEMA IMAOBONG JOSEPH 1248 CWSL-NOMINEE MARGIN 1348 DZERRMA MARY .J. 1448 EKEOCHA EZEKIEL CHUKWU 1548 ESIH EDWIN ANAYO 1249 DABIRI JELILI 1349 E.A.(MR) & F.A. ADEBAYO (MRS) 1449 EKEOGU BATHOLOMEW 1549 ESOGWAH BENJAMIN CHIJIOKE 1250 DADA ADEKUNLE ADEBAYO 1350 EBEBINU OLAWALE BABAWALE 1450 EKEOGU BRIDGET NKEM 1550 ESOM N HOPE 1251 DADA BABATUNDE 1351 EBEDI EMMANUEL 1451 EKERE CHARLES ETAIGBENU 1551 ESSIEN IBORO . N, 1252 DADA EDWARD O. 1352 EBENEBE CORDELIA IFEYINWA 1452 EKEZIE CHIBUEZE JOHNSON 1552 ESSIEN SYLVIA JACK 1253 DADA OLUKEMI AYOYEMI 1353 EBENYI EDEMEKONG OKON 1453 EKHAMETTE PATIENCE 1553 ESU ETIM 1254 DADA RAUFU ADETUNJI 1354 EBEOWO PETER UBONG 1454 EKHODEAHI BOLUWAJI FAITH (MRS) 1554 ESU MFON ASUKWO 1255 DADA VICTORIA FOLORUNSO 1355 EBERE REGINALD AHAM 1455 EKPE EKPEDEME ANIEFIOK 1555 ETADERHI EMMANUEL 1256 DADA, ADEWALE OLUMUYIWA 1356 EBERINWA DAVID IFEANYI 1456 EKPE SAM ENI 1556 ETAGHENE SOLOMON 1257 DAHIRU MOHAMMED LAWAL 1357 EBIAGHANNOR JOHN TOJU 1457 EKPENYONG BEATRICE BIODUN 1557 ETEFIA EJIRIZUME TIERAYENA 1258 DAHUNSI AFEEZ AKANBI 1358 EBIJE ODEH ONJEFU JOHN 1458 EKPENYONG SCHOLASTICA EFIONG 1558 ETEKOCHAY EDITH 1259 DAHUNSI AFEEZ AYODEJI 1359 EBINE FESTUS OLORUNWA 1459 EKPO MOSES JOHN 1559 ETEKOCHAY EDITH IFEAYI 1260 DAHUNSI HELEN EKAETTE 1360 EBOH ELIZABETH 1460 EKPO NSEFI MATTHEW BARR. 1560 ETENG ETENG MBANG 1261 DAHUNSI RISIKAT OMOLARA 1361 EBOH EMMANUEL NWABUEZE 1461 EKPO NSEGHE EMMANUEL 1561 ETI MARK CHUKWU 1262 DALHA ISAH ABDULAKADIR 1362 EBOIGBE ENOJASUN 1462 EKPO ROBERT DANIEL 1562 ETIM EBONG REUBEN 1263 DAMIAN ILODIGWE 1363 EBUBEALOR EKENE & FELIX 1463 EKPO SAMUEL DEMIAN 1563 ETIMIRI OLUKAYODE SOWUNMI 1264 DAN AKPAN THANKGOD 1364 EBUJIE KINGSLEY UCHENNA 1464 EKPO WISDOM SUNDAY JACKSON 1564 ETOK AKPAN UDOFIA 1265 DANAGOGO MONIMA WENIKE 1365 EBUKANSON FRANCIS 1465 EKWERE GABRIEL SAMUEL 1565 ETOROKO FLORENCE LINUS 1266 DANBOYI MARUS HENRY 1366 ECHEWODO ROSE AKUNNAYA 1466 EKWONWA OKEY ISAAC 1566 ETTA HENRY ELLA 1267 DANGANA MOHAMMED AMIN 1367 ECOBANK NIG PLC/DAKAL SERVICES - TRADING 1467 EKWUEME ANTHONY 1567 ETTU GODONU BABATUNDE 1268 DANIA JAMES MAJEBI 1368 EDAKO ENTO BISONG 1468 EKWUEME GODWIN ONYEMACHI 1568 ETU NKOYO OKON 1269 DANIEL AYODELE JOSHUA 1369 EDAKO JAMES ABUA 1469 EKWUEME NGOZI P 1569 ETUK IDORENYIN MICHAEL 1270 DANIEL EMEKA KENNETH 1370 EDATIRE PATRICK OMAMIGUE 1470 EKWURIBE EKENE SILAS 1570 EUNICE OTI-OKARDIE 1271 DANIEL ETUBI 1371 EDDOH DAVID KAIDIMMA 1471 EKWURUIBE JESSE IKENNA 1571 EVANGELICAL CHURCH OF WEST AFRICA 1272 DANIEL KEHINDE FEMI 1372 EDEANI JOSEPHAT UCHE 1472 ELAIHO JEROME 1572 EWALEFO PETER OSEBHAGIMEDE 1273 DANIEL OLU 1373 EDEH INNOCENT NDUBUISI 1473 ELBIJU AFOLABI 1573 EWHRAWHRA GLORIA OMEVWEROVWE 1274 DANJUMA SHENI NANPON 1374 EDET AMUDA JOAN 1474 ELEBERI OLIVER NNALEDE 1574 EWUZIE LIVEWELL ODION 1275 DANKEFFI MAHMUD 1375 EDGAR OLUTOYIN OLUTAYO 1475 ELECHI NKIRUKA MILLICENT 1575 EXCEL SECURITIES LIMITED 1276 DANKUWO FEMI 1376 EDHEKI IGHOKORO SAMUEL 1476 ELEFE GOODLUCK 1576 EYA ROMANUS IFEANYI 1277 DANLADI HASSAN IBRAHIM 1377 EDIALE GODWIN 1477 ELEGBEDE MORUF OLUMIDE 1577 EYAH HELEN 1278 DAODU ABIODUN O 1378 EDIYERE OBAKPORORO MONDAY 1478 ELEGE ODIWE EMMANUEL 1578 EYAIFE GAIN 1279 DAODU OLUWATOSIN O 1379 EDOGBANYA MARK OGU 1479 ELEKWACHI UGOCHUKWU CHRISTOPHER 1579 EYANUKU PETER ONOBRHIE JOHN 1280 DAODU PATRICK BUSUYI 1380 EDOHO ANIEKAN DAVID 1480 ELEODIMUO JOHN CHIDI 1580 EYETU BENJAMIN ONOSIGHO 1281 DAORIN NIGERIA LIMITED 1381 EDOKPAIGBE AFIAGBE BLESSED 1481 ELEOGU EUNICE 1581 EYETU OWIGHO ANDREW 1282 DARAMOLA EBENEZER OJO 1382 EDOKPAIGBE PRINCE A. 1482 ELI MERCY W/A LIMITED 1582 EYINFUNJOWO OLUWAKEMI MUSILIU OLADIPO 1283 DARAMOLA ESTHER JUMOKE 1383 EDOMWONYI SEGUN 1483 ELUDOYIN AKINOLA 1583 EYO BASSEY BASSEY 1284 DARAMOLA OLUGBENGA SAMSON 1384 EDORO OBHAJIADENOR AUGUSTINE 1484 ELUSHADE IBIYINKA OLUBUNMI 1584 EYO. MARY UMOH 1285 DARANIJO AMOS OLANIYI 1385 EDOZIE IFEANYI FRANK 1485 ELUSOGBON OLUFEMI P 1585 EYOH IMEH OKON 1286 DARELOKS LTD 1386 EDU MICHEAL OBINNA 1486 ELUWA CHINEDU 1586 EZAGA DAVID OGHENOVO & ADEOLA O. 1287 DA-SILVA OLASENI THEODORE JULIAN 1387 EDUN IBUKUN KOLA 1487 EMA BASSEY 1587 EZE CHRISTOPHER 1288 DASUKI MOHAMMED SAMBO 1388 EDUNJOBI HAMMED BABATUNDE 1488 EMAMOKE CHARLES ENAKENO 1588 EZE CHUKS PATRICIA 1289 DAUDA MOSHOOD OLADIPUPO 1389 EDWARD OLUWASEGUN SAMUEL 1489 EMBASSY PHARM & CHEM LTD 1589 EZE DONATUS OGO 1290 DAUDA YUSUF NDAKOTSU 1390 EFEHI COSMAS EZAMA 1490 EMEAGI CHIKE UDOCHI 1590 EZE HELEN NKECHI 1291 DAVID OLAMBO ADEWUNMI 1391 EFFIOK ADENIKE 1491 EMEANA CHINEDU JOHN 1591 EZE JANE (MRS) 1292 DAVID SABO KENTE 1392 EFFIONG COMFORT EDET 1492 EMECHEBE UCHENNA ANGUS 1592 EZE KENECHUKWU K 1293 DAVIDSON N PETER 1393 EFFIONG ELIZABETH 1493 EMEDE KESSINGTON AKARUWO 1593 EZE MELETUS & EZECHUKWU CHIGOZIE J. 1294 DAWODU ADEYINKA 1394 EFFIONG EMMANUEL PHILIP 1494 EMEKA HENRY 1594 EZE NDIDIAMAKA PATIENCE 1295 DE-CANON INV.-TRADED-STOCK-A/C 1395 EFIFIE EKENEDIRICHUKWU .C. 1495 EMELERETA FREDRICT 1595 EZE OBIOMA OBIAGELI 1296 DEDE STANLEY SHUWA 1396 EFOBI ANGELA NGOZI 1496 EMELIKE OGBUAGU ANYAELE 1596 EZE ONYEKACHI CHRISTIAN 1297 DEGEAN INVESTMENT LIMITED 1397 EFOBI ANGELA NGOZI 1497 EMELIKE RICHARDSON NWEZE 1597 EZEABATA MARY JANE 1298 DEKPEN PEREGBE CORNELIOUS 1398 EFUGHU IKECHUKWU GODSWILL 1498 EMENIKE DENNIS AFAMEFUNA 1598 EZEADUA MODESTY R. 1299 DELIGHT VENTURES LIMITED 1399 EGAH BENEDICT EJUGU 1499 EMEUWA ANDREW OLUCHUKWU 1599 EZEAGU STEPHEN NNAEMEKA 1300 DELLYSONA NIGERIA LIMITED 1400 EGAN GLORY 1500 EMEZURUIKE UZOCHUKKWU FELIX 1600 EZEAJUGHI CHIKA REBECCA
Regency Alliance | 2016 Annual Report 117 Unclaimed Divided List (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
S/No Names S/NoNames S/No Names S/No Names
1601 EZEAKAM CHUKWUJEKWU JUDE 1701 FATUROTI ABIOLA IBUKUN 1801 GROVEG LIMITED 1901 IFEANYI IFEYINWA LYNDA 1602 EZEAMAKA HENRIETTA 1702 FAYIME OLABANJI AMOS 1802 GROVEG LTD 1902 IFEANYI JULIANA NKIRUKA 1603 EZEAMAMA UCHE MICHEAL 1703 FAYOSE OLAWALE JOSIAH 1803 GS INVESTMENT COMPANY LTD 1903 IFEPE PETER 1604 EZEAMASIOBI CHIBUZOR EDITH 1704 FBC TRUST & SECURITIES LTD. 1804 GTB/OPTIONS SECURITIES LTD - TRADING 1904 IFEZU E.E.UGO 1605 EZEAMASIOBI EMEKA EMMANUEL 1705 FBN SECURITIES LTD.-TRADED-STOCK-A/C 1805 GTI SECURITIES LTD 1905 IGATTA PAULINE ADA 1606 EZEAMULUNAMMA VICTORIA CHINWE 1706 FBN(AWOLOWO)FVIEW/EBI E.N-TRD 1806 GUKUT JONATHAN MERPRING 1906 IGBANI CHIMERE JOSHUA 1607 EZEANI CHIBUZO 1707 FCMB/CROWNWEALTH ASSET-TRDG 1807 GURUMLAT FRANCIS 1907 IGBANOI BENEDICTA AIGHIESIMHA 1608 EZECHI EMEKA 1708 FCUST/AMCON/ECOBANK/DAKAL SERVICES LTD. 1808 GYIBRILLA OLU AKENE 1908 IGBEARE SOLOMON OSAYABANWEN 1609 EZECHUWKU CHIDI 1709 FCUST/AMCON/ECOBANK/OMNI VENTURES LTD 1809 HAAZORDOZ MERCHANT & TECH LTD 1909 IGBINEDION OSARETIN CATHERINE 1610 EZEDINMA CHUKWUNONSO DAVID 1710 FCUST/AMCON/SPRINGBK/I&I INVESTMENT LTD 1810 HADJI LAWAL NURAINI ADETUNJI ATANDA 1910 IGBOANUSI SOLOMON 1611 EZEG AUGUSTA NDIDI 1711 FEBNET COMPUTERS 1811 HALIDU-GIWA ABDULMALIK 1911 IGBOELI OLIVIA NDIDI 1612 EZEH EMMANUEL CHIJIOKE 1712 FEMI ODUFOWOKAN INVESTMENTS LIMITED 1812 HALIM ENENIBIYO SEREREKUMA 1912 IGBOM STANLEY CHINAEMERE 1613 EZEH LAWRENCE EJIKE 1713 FEMI-FADEYI ROSEMARY JUMOKE 1813 HAMMED CHIROMA 1913 IGE FELICIA MOJIROLA 1614 EZEH OKECHUKWU THEODORE 1714 FIDELITY SECURITIES LTD-TRADED-STOCK-A/C 1814 HAMZAT KAFAYAT OLAIDE 1914 IGE JIDE 1615 EZEH REJOICE UZOMA NKECHI 1715 FILKMOU LIMITED 1815 HAMZAT TUNDE 1915 IGE JIDE (PROF.) 1616 EZEIFE GABRIEL ARINZE 1716 FINMAL FINANCE COMPANY LIMITED 1816 HAPPY HEART INTERNATIONAL LIMTIED 1916 IGE MICHAEL OLUMUYIWA 1617 EZEIGWE ANTHONIA NKECHI 1717 FIRM-BIDS VENTURES LIMITED 1817 HARMONY TRUST & INVESTMENT CO LTD-2 1917 IGE SAMPSON BABATUNDE 1618 EZEJA IGNATIUS ODO 1718 FIRST ALLIANCE VENTURES & LEASING LTD. 1818 HART IBHADE OMOZUSI 1918 IGHERE JOEL EDIRINVERERE 1619 EZEJIBULU CHINYERE ROSEMARY 1719 FIRST ATLANTIC SEC. LTD-DEPOSIT A/C 1819 HART JOYCE T. 1919 IGINEDION NOSAZENA 1620 EZEKWE CHUKWUDI CHRISTIAN 1720 FIRST BANK PLC/FUTURE VIEW SEC - TRDG 1820 HARUNA AMIDU 1920 IGOCHE PETER UTOBLO 1621 EZEKWEM MARYGRACE EBERE 1721 FIRST CUST./AMCON/BFCL INVESTMENT ACCT 1821 HARUNA DANIEL 1921 IGOLO CHARLES IRUREMIE 1622 EZEKWONNA FLORENCE ONYENAULOYA 1722 FIRST EQUITY SEC.-DEPOSIT A/C 1822 HARUNA IBRAHIM OLUKUNLE 1922 IGOMU MAGNUS 1623 EZEMBA, WALTER CHINEDU 1723 FIRST TRSUTEES A/C OGWUCHE FRANCIS 1823 HASHIM BABANNAN M 1923 IGUNBOR EGHOSA 1624 EZEMONYE LAWRENCE 1724 FIRSTINLAND BANK/FIDELITY FIN CO. - TRDG 1824 HASSAN ADAMU WASE 1924 IGUNBOR ESOSA KINGSLEY 1625 EZENDUKA ANTHONY UCHECHUKWU 1725 FIRSTINLAND SECURITIES & ASSETS MGT 1825 HASSAN ILIYA 1925 IGWE AKUJUOBI CHIEMEZIE 1626 EZENNADILI CHRISTOPHER ASONYE 1726 FIRSTINLAND/LION STOCKBROKERS - TRDG 1826 HASSAN RALIAT TOSIN 1926 IGWE CHIGOZIE EBENYI 1627 EZENWA DEBORAH ABOSEDE 1727 FLOODGATE FINANCE & SECURITIES LIMITED 1827 HASSAN, LEKE 1927 IGWE COMFORT NKASIOBI 1628 EZENWA IKENNA 1728 FLOODGATE FINANCE & SECURITIES LTD 1828 HCBM INTERNATIONAL ENTERPRISES 1928 IGWE OBIOMA CHIEDOZIE 1629 EZENWAJIUGO CHIMEZIE FIDELIS 1729 FOLA BANKOLE 1829 HEARTBEAT INV. LTD-TRADED-STOCK-A/C 1929 IHANSEKHIEN DANIEL EHIZE 1630 EZENWANKWO DAMIAN CHIMEZIE 1730 FOLAMI ISMAIL ADEBOWALE 1830 HERITAGE DYNACORP LTD 1930 IHANSEKHIEN GODWIN EKI 1631 EZEOKE C. SAMUEL 1731 FOLARIN ADEOLA 1831 HMSL ASSET MANAGEMENT LTD. 1931 IHEANETU ANDREW OKECHUKWU 1632 EZEOKE NONYE ONYINYE 1732 FOLARIN OLUSEGUN JOSEPH 1832 I & I INVESTMENT LIMITED 1932 IHEANYI-IGWE CHUKWUEMEKA 1633 EZEOLISAH CLEMENT OBIORA 1733 FOLARIN SHAKIRAT 1833 IABONI OMOSALEWA A. 1933 IHEDI NIKKI NGOZI 1634 EZEONYI JOHN ELOCHUKWU 1734 FOLAYAN OLUWATOSIN DEBORAH 1834 IBANGHA LINUS AKPAN 1934 IHEMENAM GEORGE IKENNA 1635 EZEUDU ONYEKWELU CYRIACUS 1735 FOLORUNSO KOLAWOLE SAMUEL 1835 IBE ROSE 1935 IHINMIKAYE SAMUEL OLORUNDARE 1636 EZEUGO CHIFUNAYA FAITH 1736 FOMBA SUCCESS ENTERPRISES 1836 IBEABUCHI OKEY C 1936 IHUDIEBUBE SPLENDOR CHUKWUDI 1637 EZE-UZOMAKA OBIAGELI RITA 1737 FORTE ASSET MANAGEMENT LIMITED 1837 IBEAWUCHI JOHNSON ANAELE 1937 IJAYEKUNLE TEMITOPE ODUNAYO 1638 EZEWUIRO CHIMA EDWARD 1738 FORTHRIGHT SEC.& INV.-TRADED-STOCK-A/C 1838 IBEAWUCHI VICTOR M. 1938 IJEH WILSON UCHECHUKWU 1639 EZIE CYNTHME 1739 FORTUNE WIND INVESTMENT LTD 1839 IBEDE FELIX 1939 IKAGWU PETER A 1640 EZIGBO ADA FAVOUR 1740 FOURSQUARE GOSPEL CHURCH 1840 IBEDIONU IDINMA GOODNESS 1940 IKE EMMANUEL EKENECHUKWU 1641 EZIH HYACINTH NNAMDI 1741 FOWORA GBOLAHAN ADENIYI 1841 IBEKWE ANITA NGOZI 1941 IKE IFEOMA AMARACHI 1642 EZIMA AKANINYENE IFEBEM 1742 FRANCAIS VICTOR OLUSEGUN OKURO 1842 IBEKWE ANURI CHIDINMA 1942 IKE SAMUEL C. 1643 EZIMORAH SIMON CHUKWUNACHI 1743 FRANKBALZAC NIG. LTD 1843 IBEKWE CHINWE RUTH 1943 IKEANYIOWU CHIGOZIE 1644 EZIRIM MICHAEL SUNDAY 1744 FRIDAY CHINASAOKWU PAUL 1844 IBEKWE OKECHUKWU 1944 IKEBELE PATRICK 1645 EZIUZO CHRISTIANA OBIAGELI 1745 FUBARA ANGA 1845 IBEKWE UJU STELLA 1945 IKEBUDE JOHNSON NWABUEZE 1646 EZULIKE IJEOMA SYLVIA 1746 FUND MANAGEMENT SECURITIES 1846 IBELO ADAOBI BLESSING 1946 IKECHI SOLOMON NDUBUISI 1647 F&C SECURITIES-DEPOSIT A/C 1747 FUNMILAYO MOJISOLA RACHEAL 1847 IBEME CHRISTIAN CHUKWUMA 1947 IKEGWUONU CHIDIEBERE C. 1648 F. O. C. INTERNATIONAL 1748 FUSL NOMINEE / SMALL CAP FUND 1848 IBENEGBU CHIDOZIE ANTHONY 1948 IKEH CHIDINMA 1649 FABIYI OLADAYO JOHN 1749 FUTURE FOCUS INVESTMENT CLUB 1849 IBENEGBU JULIANA NWAKAEGO 1949 IKEKHIDE OMOKHODION RUFUS 1650 FABUNMI DAYO OLUYEMISI 1750 FUTURE VIEW FIN. SERVICES - DEPOSIT A/C 1850 IBENEGBU MOSES UDEKWU 1950 IKEKPEAZU GLORIA UCHE 1651 FABUNMI JAMES OLANIPEKUN 1751 FUTURES & BONDS LIMITED 1851 IBENEME CHIBUEZE (IBEC-PACIFIC) 1951 IKEM AUGUSTINE OGOEGBUNAM 1652 FABUNMI OLANIPEKUN JAMES 1752 GABRIEL GLORY 1852 IBENYE BONIFACE IKWUEJEWUSI 1952 IKEMBA GEORGE PRINCE 1653 FADAHUNSI KEHINDE AYOOLA 1753 GADEGBEKU GBOLAHAN MAURICE 1853 IBENYE NDUBUISI EMMANUEL 1953 IKHALEA GBENGA JOSIAH 1654 FADAHUNSI MATHEW TUNDE 1754 GAMBARI HALIMAT BOLATITO 1854 IBEZIM OBIOMA IFEANYI 1954 IKHALEA OLUFEMI JOSIAH 1655 FADAIRO IYIOLA OLAPADE 1755 GAMBO AHMAD SULAIMAN 1855 IBIAM INNOCENT ORJI 1955 IKO STEPHEN FANIS 1656 FADARE KEHINDE OLUFEMI 1756 GAMBO IBRAHIM 1856 IBIBOR ANNA MRS 1956 IKOKO NASOM OSHAM 1657 FADIPE KUDIRAT. O 1757 GANIYU KAMAR AKANJI 1857 IBITOYE EMMANUEL KOLAWOLE 1957 IKOKWU UCHENNA LAWRENCE 1658 FADIPE SUNDAY ABIODUN 1758 GANIYU TAJUDEEN ALEGE 1858 IBITOYE, KOLAWOLE 1958 IKONNE M. CHINEMEREM P.IKONNE 1659 FADIPE TUNDE ABODUNRIN 1759 GARBA SALIHU DANLAMI 1859 IBIWOYE FUNMILAYO ADETOLA 1959 IKOTU NGOZI IGHOGHOR 1660 FADUNSIN GRACE OLAYINKA 1760 GASL NOMINEES LTD.- PFA ACCOUNT 1860 IBIYEMI ESTHER OMOYENI 1960 IKOTUN OLUYINKA OLUBOSOLA 1661 FAGBAMIBE SUSANNA OLUSOLA 1761 GASL NOMINEES- MERI 2 1861 IBRAHEEM KAYODE 1961 IKPA IFEANYI OKWUDIRI 1662 FAGBEMI OLAYINKA ATINUKE 1762 GAYA CAROLINE ABDU 1862 IBRAHIM ABDUL RASHEED 1962 IKPABI DONATUS 1663 FAGOROYE AYODEJI 1763 GBADAMOSI LATEEFA OMODUNNI 1863 IBRAHIM ABDULAHI 1963 IKPI OKPA EDET 1664 FAGORUSI GBENGA 1764 GBADAMOSI WASIU 1864 IBRAHIM ABDULLAHI NDA 1964 IKROK IKIKE ISOPIDA 1665 FAITH PRIDE INTERNATIONAL COMPANY 1765 GBADEBO BUSAYO TEWOGBADE 1865 IBRAHIM ABUBAKAR KAYODE 1965 IKUBOLAJE GBENGA AMOS 1666 FAITH SCHOOLS OGERE-REMO 1766 GBADEGESHIN REKIAT AINA 1866 IBRAHIM ADAMU 1966 IKUJEBI ODUNAYO AGNES 1667 FAJEBE OLUSEUN AYODELE 1767 GBADEGESHIN TAIWO ELIZABETH 1867 IBRAHIM ISIAQ OLATUNDE 1967 IKWUAKOLAM INNOCENT MADUABUCHI 1668 FAKAA NGUTSWEN TERNA 1768 GBADEN RICHARD I. 1868 IBRAHIM MUHAMMAD TOYYIB 1968 ILESANMI ABIODUN EMIOLA 1669 FAKAYODE GRACE IYABO 1769 GBELEYE TAIWO JOHNSON 1869 IBRAHIM MUSA 1969 ILESANMI KOLAWOLE OLATOYOLE 1670 FAKROGHA PRERE CATHERINE 1770 GBELEYI SARAH ABOSEDE 1870 IBRAHIM RAMATU 1970 ILESANMI O KOLAWOLE 1671 FAKUNLE OPEYEM NOAH 1771 GBENLE OLAWUMI 1871 ICHADO REUBEN OKOLIKO 1971 ILO WALTER AMAECHI 1672 FALADE SAMUEL 1772 GBENLE OMOTAYO JOSHUA 1872 ICMGSEC - ZEN 1972 ILOH BLESSING CHIDI EBERE 1673 FALADE TOYIN RHODA 1773 GBENNEKU LAWRENCE EFEMENA 1873 IDAIYE HARUNA O. 1973 ILOKA EPHRAIM NWAFOR 1674 FALANA BOLA MARY 1774 GBOBANIYI JIMOH ADIO 1874 IDAKPO MATHIAS 1974 ILOKA KENICE STANLEY 1675 FALANA, SUNDAY ADEWOLE 1775 GEGE EMMANUEL IBITAYO 1875 IDANG NSINI LAWRENCE 1975 ILORI ABIODUN BABATUNDE 1676 FALOLA OLUMUYIWA DANIEL 1776 GENTY YUSUF OLALEKAN 1876 IDIARU EMEKE CHRIS 1976 ILORI ADEWALE MARCUS 1677 FALUYI SAMSON 1777 GEORGE LAWRENCE 1877 IDIEGBE OBANOVWE THEOPHILUS 1977 ILORI OLUSEYE 1678 FAMAKINWA GRACE OLUFUNKE 1778 GEORGE ROSEMARY ABODUNRIN 1878 IDOBO ITA SABAS 1978 ILUMAH GODWIN OSAGIE 1679 FAMAKINWA JONATHAN ADEKANMI 1779 GEORGE SOGBEYE TONYE 1879 IDODO PAUL OMOALU 1979 IMADE AFIANGBE AKUGBE 1680 FAMIWO OLUWAGBEMIGA 1780 GEORGE TELEMA LESLIE 1880 IDOGUN ABIODUN OLADELE 1980 IMAFIDON KIKACHUKWU M 1681 FAMOUS-ADENIYE DAVID 1781 GIANT ROCK COMPANY 1881 IDOGUN EMETE CHRISTOPHER 1981 IMARAHI, A. S. 1682 FAMOUS-ADENIYE EMMANUEL SEUN 1782 GIDEON NANKUME D. 1882 IDOKO BENJAMIN OJOGBANE 1982 IMOH HANNAH 1683 FAMUYIBO JUMOKE SEYI 1783 GIDIGBIH OLUYEMISI MONSURAT 1883 IDONOR SAMUEL 1983 IMONIARO LUCKY MICHAEL 1684 FAPOHUNDA LAWRENCE 1784 GINIGEME OBINNA HENRY 1884 IDOWU ADESINA GREGORY ADEBOWALE 1984 IMONINA ERIC ONOH 1685 FARODOYE OLAYIWOLA 1785 GIRE SONNEM 1885 IDOWU AKINOLA OLALOWO 1985 INCO SERVICES LIMITED 1686 FASAANU OLUWABUKOLA 1786 GIWA WAHEED AFOLABI 1886 IDOWU CATHERINE O. (MRS) 1986 INDIA MOSES ABANUM 1687 FASANMI OLUWATOSIN JOSEPH 1787 GOAL SETTING LIMITED 1887 IDOWU ELIZABETH OLUDAISI 1987 INEGBEBOH DAVID SYLVESTER JP 1688 FASANYA OMOTAYO OPEYEMI 1788 GODSON CHUKWURAH OKAFOR 1888 IDOWU JOSEPH BABATOLA 1988 INEGBRDION DANIEL OSAMUDIAMEN 1689 FASASI ISIAKA ADESINA 1789 GODSWEALTH ENTERPRISE 1889 IDOWU MOJIROLA YETUNDE 1989 INNAH EFFEMODE GODSPOWER 1690 FASEHUN FREDRICK DR 1790 GOLDEN COIN INVESTMENT CLUB 1890 IDOWU SAMSIDEEN 1990 INOFOMOH PAUL AIGBONA 1691 FASHINA OYEBOLA OLAWUNMI 1791 GOLDEN SECURITIES-DEPOSIT A/C 1891 IDOWU YAQUB ABIDEMI 1991 INTERCONT BANK/DEEP TRUST INV - TRADING 1692 FASOLA JOB ADEDOKUN 1792 GOLDWORTH-WHITE FLAME INVESTMENT 1892 IDOWU-JAI ADEROLUWA OTHNIEL 1992 INTERCONT BNK/PRIMEWEALTH CAPITAL- TRADG 1693 FASOMOYIN OLUWASEYI OLUWAYOMI 1793 GOMA ALEXANDER JAMES 1893 IDOWU-JAI FADESIN ELIAS 1993 INTERCONTINENTAL WAPIC INSURANCE PLC 2 1694 FASUBA FRANCIS KOLA 1794 GOODLUCK AKINDELE RAHEEM 1894 IDOWU-JAI SUSAN FEHINTADE 1994 INTERCONTINENTAL/EQTL/AKALI PAUL-TRDG 1695 FATIMIRO OLUMUYIWA BOLANLE 1795 GOODLUCK MMADUEKE IKENNA 1895 IDRIS MICHAEL OLORUNMAYE 1995 INTERGRATEED PROJECTS 1696 FATOLU ADEGBOYEGA OLUFEMI 1796 GOODWORKS PROPERTIES LIMITED 1896 IDRIS SULEIMAN OKIKIRI 1996 INTERSTATE SEC-DEPOSIT A/C 1697 FATOLU SUSAN OLUFUNKE 1797 GOSHEN WEALTH ZONE INVESTMENT LIMITED 1897 IDU OMOWUNMI PATIENCE 1997 INUSA NANMWA 1698 FATONA TEMITOPE OLUWASEUN 1798 GRASSLE 'O CONSULTING 1898 IFARAJIMI GILBERT DEINDE 1998 INVESTMENT TECHNOCRATS LTD 1699 FATOYE LEYE 1799 GRAZCOM ENTERPRISES 1899 IFEACHO CHINYERE HELEN 1999 INYAMBE PETER UGBUT 1700 FATUASE ALFRED ADENIYI 1800 GREEN ANAYO O 1900 IFEAGWU KELVIN SUNDAY 2000 INYANG ANIETI CYRIL
118 Regency Alliance | 2016 Annual Report Unclaimed Divided List (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
S/No Names S/NoNames S/No Names S/No Names
2001 INYANG OKON COBHAM EMMANUEL 2101 JOHN GODWIN ODIBA 2201 LATEEF OLALEKAN RASHEED 2301 MBONU JANE CHITOO 2002 INYANG PETER THOMPSON 2102 JOHN KADE RIFKATU 2202 LATEEF YINKA 2302 MEDAHUNSI JOHN BABATUNDE 2003 IQUASU VENTURES LTD 2103 JOHN UWEM OKON 2203 LAWAL AYODELE OLURANTI 2303 MEDAHUNSI REBECCA OLUWASEYI 2004 IRABOR NJOKA 2104 JOHN VICTOR AZUBUIKE 2204 LAWAL FOLASADE OLUFUNKE 2304 MEDEYINLO ADEBOLA AFOLABI 2005 IREHOVBUDE DORIS ENIYE 2105 JOHNGIFT CONSULTING 2205 LAWAL GBADERO 2305 MEGIDA OLANREWAJU ADISA 2006 IREOBA NELSON C. 2106 JOHNSON HAPPY BONIFACE 2206 LAWAL GRACE TAYE 2306 MEJOR UCHECHUKWU CHRISTIANTUS 2007 IRETI CLUB OF NIGERIA 2107 JOHNSON VICTOR KELECHI CHIBUIKE 2207 LAWAL IBRAHIM O. 2307 MEKILIUWA JOSEPH (MR.) 2008 IREYOMI YEWANDE OLUFISAYO 2108 JOINT-MIND INTEGRATED SERVICES 2208 LAWAL JIMOH OLUWOLE 2308 MEKWUNYE OKONKWO RAPHAEL 2009 IRO ONYEUKWU IRO 2109 JOLAOSO OLUSOLA AKINWANDE 2209 LAWAL MOHAMMAD MASANAWA 2309 MENTHOR INV. MANAGEMENT LTD 2010 IROANYA STANLEY CHIJIOKE 2110 JONAH EMMANUEL K. 2210 LAWAL MUFUTAU OLANREWAJU 2310 MERCOV NOMINEE LIMITED-E 2011 IROCHE PATRICIA IFEANYICHUKWU 2111 JON-AJUMOBI PAUL KEHINDE 2211 LAWAL OLAMIDE FUAD 2311 MERCOV SECURITIES LIMITED 2012 ISAIAH EMEKA PHILIP 2112 JONATHAN CHIDI ANUKA 2212 LAWAL OLASOJI TEMITOPE 2312 MERCURY OSAS EAGLE OBUYIOSA 2013 ISAIAH PONDEI FRANCISCA EBITIMI 2113 JONES ABIODUN 2213 LAWAL OLAYINKA B. 2313 MESOROH EKUEUVGBE AMBROSE 2014 ISAIAH PONDEI O. EMMANUEL 2114 JOSEPH ADENIYI ADETAYO 2214 LAWAL OLUWATUNMISHE IDRIS 2314 METIA ASHIM KUMAR 2015 ISAIAH PRINCE JOSHUA 2115 JOSEPH AYODEJI OYADIRAN 2215 LAWAL QUADRI AKOREDE 2315 METU CHINTUA RAPHAEL 2016 ISAIAH ROSELINE NGOZI 2116 JOSEPHSON DENNIS IKECHUKWU 2216 LAWAL RUKAYAT ADENIKE 2316 METU CHIOMA 2017 ISEI FRIDAY 2117 JOSHUA AFWANKS OBADIAH 2217 LAWAL SHUKURAT OLUWATOYIN 2317 MEWOYEKA ARINOLA OLUWATOYIN 2018 ISEI IMONIKHE STEPHEN 2118 JOSHUA BIGLA KWAYA 2218 LAWAL SHUKURAT YEWANDE 2318 MEZUE SAMUEL I. 2019 IS-HAQ ABDUL FATAI 2119 JOSHUA DADA OLUFISAYO 2219 LAWAL SOJI 2319 MFON USOH SAMUEL 2020 ISHIE SIMEON 2120 JOSHUA IBIDUN YISEYON 2220 LAWAN SARKI 2320 MGBECHETA LINUS N. 2021 ISHIOKU MONDAY CHUKWUEMEKE 2121 JOY OGBONNA 2221 LAWANI JUSTINA EMIAGBA 2321 MGBEOKWERE RITA IFY 2022 ISHOLA AMIDU O. 2122 JULIUS OSAHON 2222 LAWRENCE IFEANYI CHIJIOKE 2322 MICHAEL JOSEPH OTARU 2023 ISIBOR REUBEN 2123 JULIUS STEPHEN KAYODE 2223 LAWSON ABIOLA MICHAEL 2323 MINAH KARIBI 2024 ISIKAIYE DEBORAH IKEADE 2124 JULLY & PARTNERS INSURANCE BROKERS LIMIT 2224 LAYONU LEKAN 2324 MINIMA DAVEY AND OPUNNE 2025 ISL ACQUIRED STOCK ACCOUNT 2125 JUMUDJAYEN LUCKY O. 2225 LAZARUS BEN UNOGWU 2325 MISSION SECURITIES LIMITED 2026 ISMAEL BUKOLA MUJIDAT 2126 JUWOBOR INIH-IVIBODOHU DENNIS .S 2226 LAZEEZ BABATUNDE SABURI 2326 MIZBEACH LIMITED 2027 ISMAILA ADETUNJI MOJEED 2127 KADALA REUBEN MARTIN 2227 LEIGH OLUWAYEMISI ABISOYE 2327 MMEREOLE VALENTINE BOBBY 2028 ISOK EMMANUEL SUNDAY 2128 KADIRI ABDULKARIMU 2228 LEMBOYE ABIOLA OLUWASEUN 2328 MOBAT ENTERPRISES 2029 ISOLA-OLATUNJI JOYCE ADEKEMI 2129 KADIRI ABEL 2229 LEWIS ELIZABETH 2329 MODECOM CREDIT & THRIFT COOP SOCIETY 2030 ISSAH ABDULKAREEM 2130 KADRI OLUWATOSIN 2230 LIADI BOLAJOKO WOSILAT 2330 MODGAL ASSOCIATES LIMITED 2031 ISTHMUS MARGINAL SERVICES 2131 KAFARU OLUSEGUN 2231 LIASU OLATUNJI WASIU 2331 MOGAJI HAMED BABATUNDE 2032 ISUKU THERESA 2132 KAITA ALI ISA 2232 LIGHT HOUSE ASSET MGT. LTD - DEPOSIT 2332 MOHAMMED ABDULRAHMAN 2033 ISUKU THERESA AGBONDEBAMA 2133 KAKEEM-BELLO OYEKEMI AMIMAT 2233 LIKE-MIND INVESTMENT (2004) LTD 2333 MOHAMMED ADEKUNLE MORUFF 2034 ITEGBE BLESSSING NGOZI 2134 KALU ERINMA 2234 LOMU ALENTINE E. 2334 MOHAMMED ALIU 2035 ITEIGWE GODWIN ARINZE 2135 KALU FRIDAY UCHENNA 2235 LOSIA JOHN 2335 MOHAMMED FATIMA HALIDU 2036 IVARE JOSIAH 2136 KALU ORJI 2236 LOUIS ISAAC OSIGBEME 2336 MOHAMMED S.A ZAINAB 2037 IWATUJE OLUFUNKE GBEMISOLA 2137 KAMAL ABIODUN 2237 LOVE CONSULT AND INVESTMENT SERVICES LTD 2337 MOHAMMED S.A. -N.N 2038 IWEHO PRECIOUS NKEIRU 2138 KANU CHRIS U. 2238 LUKA DUNIYA RAUTHA 2338 MOHAMMED SA'ID TAFIDA 2039 IWENWA ANTHONY ONYELUKACHI 2139 KAPITAL CARE TRUST & SECURITIES LTD 2239 LUKDEN STEPHEN 2339 MOHAMMED SARKI ABDALLAH 2040 IWU NGOZI PRECIOUS 2140 KAREEM ABIODUN JOHN 2240 LUKE AYODELE & BUKOLA 2340 MOHAMMED TALATU IYA 2041 IWUAMADI UCHE BERTRAM 2141 KAREEM NAFISAT YETUNDE 2241 LUWAH EPHRAIM FARRANT 2341 MOHAMMED UMAR 2042 IWUJI AMARACHI BARNABAS 2142 KAREEM OLA ABDULAZZEZ 2242 MABIA INNOCENT 2342 MOJISOLA AJOKE OKUSANYA 2043 IWUNDU ELEAZOR ONYEKACHI 2143 KASSIM OMOSOLAPE OSEFAT 2243 MACT SECURITIES LTD -DEP A/C 2343 MOKA NONYEHIM NWAMAKA 2044 IWUNZE LIVY IHEAKOR 2144 KAYODE JOSEPH 2244 MADIDI MICHAEL 2344 MOKELU MAKERE A. ODOH 2045 IWUOHA LINIUS O. 2145 KAZEEM CARLOS 2245 MADU CHIKA OZIOMA 2345 MOKELU MAKERE A. ODOH 2046 IWUOHA TIMOTHY NDUKA 2146 KAZEEM WASIU IYANDA 2246 MADU IFEANYI GLADYS 2346 MOLOKWU GEOFFREY CHIDEBEM (VEN) 2047 IYAJI OKACHE 2147 KAZIM OLUBUKOLA OLAJUMOKE 2247 MADU OGBONNA ERNEST 2347 MOMODU YAKUBU OSHOKE 2048 IYANDA COMFORT YEMISI 2148 KEHINDE BAMIDELE OLUSEGUN 2248 MADU UCHE PIUS 2348 MOMOH COMFORT SHOLA 2049 IYANDA JIDE 2149 KEHINDE CHIMDI (MRS) 2249 MADUAGWU LINUS CHUKWUWIKE 2349 MOMOH JAMIU OSIKHENA 2050 IYIEGWU CHINYERE FLORENCE 2150 KEHINDE DAVID OLALEYE (ARC.) 2250 MADUBOGWU IFEANYI JOSEPH 2350 MOMOH, SAMSON 2051 IYIOLA FATAI BABATINDE 2151 KEHINDE OLUTOPE 2251 MADUBUKO ONWUEMELIE BRENDAN 2351 MONUMENT SECURITIES & FINANCE LTD/AC NPF 2052 IYOHA OSAGIE BLESSING 2152 KELECHUKWU MGBOJI CASMIR 2252 MADUEKE FRANCIS OKECHUKWU 2352 MOOREHOUSE EDUCATIONAL SERVICE LTD 2053 IZEZE EMEKA 2153 KELTROS INVESTMENTS LTD 2253 MADUEKWE AUGUSTINE CHUKWUMA 2353 MORA ROTIMI ALBERT 2054 IZIMA KINGSLEY EKELEME 2154 KENNETH COMFORT CHINAEMEREM 2254 MADUEMEZIA TERRY UCHE 2354 MORAH EMEKA JOSEPH EVANG 2055 IZUEHIE REGINA UKAMAKA 2155 KENNETH MBAH 2255 MADUKA ELECHI 2355 MORAKINYO ANUOLUWAPO OLUWABUSAYOMI 2056 JACK EBUK 2156 KENUBIA FRIDAY OKAFOR 2256 MADUKO FIDELIS OGBOGU 2356 MORAKINYO OLUWATOYIN HELEN 2057 JACKSON MUYIWA AYODELE 2157 KERRY ROBERT CHUKS 2257 MAGIT ANYAMUS NUHU 2357 MORDI PETER 2058 JACOBS IWALEWA OLUWATOSIN 2158 KEYAGHA OWEIAREDE 2258 MAHMUD ZAKARIA MUHAMMAD 2358 MORDI TONBARAUNDU 2059 JADESOLA GLOBAL LINK LIMITED 2159 KILANSE OLUGBENGA OLADIPUPO 2259 MAIGIDA KENNETH LONGNOE 2359 MORE DOLLARS NETWORK COMPANY 2060 JAIYEOLA ABIMBOLA ANDREW 2160 KINGS DAUGHTER NIGERIA LTD 2260 MAINLAND TRUST-DEPOSIT A/C 2360 MORKA ONYEKACHUKWU EDWIN 2061 JAJA ANDY 2161 KIPDC NOMINEE-TRADE A/C 2261 MAINSTREET BANK SECURITIES LTD-DEPOSIT A/C 2361 MORODOLU OLUFEMI HAMMED 2062 JAJA YINGIUBA CHIOMA 2162 KIPDC PENSION FUND 2262 MAJEKODUNMI IYABO AINA 2362 MOSES GODWIN TUGWA 2063 JAMES ASUKWO EDET 2163 KISSIEDU OMOLOLA ADEWUNMI 2263 MAKANJUOLA OLADAYO ABDUL YEKINI 2363 MOSES NSIDIBE DAVIES 2064 JAMES FOLASADE .S. 2164 KOFOWOROLA OLUFEMI ADEBAYO 2264 MAKINDE OLUWASEUN ELISHA 2364 MOSES-GOMBO CHINAZUM CHIMEZIE 2065 JAMES KIKELOMO EBUDOLA 2165 KOLAWOLE BOSEDE OLUWAREMILEKUN 2265 MAKINDE PATRICK OLUWOLE 2365 MOSHOOD ALADE BANIRE 2066 JAMES OLUFUNKE OMOWUMI 2166 KOLAWOLE KAZEEM 2266 MALOMO KOLAWOLE BASHIR 2366 MR ILORI RAFIU OLANIYI 2067 JAMODU FUNMILAYO AYODELE 2167 KOLEOLUWA OLADEINDE EMMANUEL 2267 MANAGED HEALTHCARE SERVICES LIMITED 2367 MU,AZU FATIMA SANI 2068 JANE FRANCIS OBIAKOR 2168 KONGI ADEKUNLE 2268 MANIVEST ASSETS MGT. LTD. 2368 MUAZU MOHAMMED 2069 JEGEDE OPEMIPO OPEOLUWA 2169 KONGI AKINOLA AKINPELU 2269 MAPIS SULE ZACHARIAH 2369 MUDASHIRU NURUDEEN KAREEM 2070 JEJE KEHINDE OLUBUKOLA 2170 KONGI OLUSEYE 2270 MARK OFOEGBU MICHAEL CHIMA 2370 MUHAMMAD BASHIRU 2071 JEJE TAIWO FUNMILOLA 2171 KOREDE BIMBO 2271 MARS RESEARCH 2371 MUHAMMED ADEKUNLE MORUFF 2072 JEKIAYINFA OLUKAYODE OLATOKUNBO 2172 KORIE CHIKWENDU MOSES 2272 MARTADON O. EZEH 2372 MUHAMMED AWWAL SULAIMAN 2073 JEREMIAH IBORO NSIKAK 2173 KORODELE FLORENCE 2273 MARTINO ETHICAL VENTURES 2373 MUMU BERNADINE AGOZI 2074 JEREMIAH MARY ABIODUN 2174 KOROTOE EMMANUEL AGOSU 2274 MARTINS BABATUNDE OLADIPO (JUSTICE) 2374 MURANA ISIAKA ALAO 2075 JEREMIAH MOSES AKPAN 2175 KOSEGBE ADETUTU OMOBOLANLE 2275 MARY ADEMIDUN HAASTRUP 2375 MURITALA BAMIDELE RAMONI 2076 JIDUWA NDUBUISI LAWRENCE 2176 KOUDIABOR SUNDAY 2276 MARY'S GROTTO FELLOWSHIP (M.G.F.) 2376 MUSA ABDULLAHI 2077 JIMO AJOKE IDOWU 2177 KPROSO OKE OGENE 2277 MATHEW -ANTAI OKON 2377 MUSA USMAN ZAKARI 2078 JIMOH ADEGOKE RICHARD ELDER 2178 KUDEHINBU OLAYINKA QUAMDEEN 2278 MATHEW ENEJOR 2378 MUSAYAYI SIDIKAT KEMISOLA 2079 JIMOH AKEEM OGUNGBEMIRO 2179 KUKU LATEEF TOSIN 2279 MATTADELUS (NIGERIA) COMPANY 2379 MUSIBAU MUKAILA OLAMILEKAN 2080 JIMOH MORUFU OLAYIWOLA 2180 KUKU, JAMIU OLALEKAN 2280 MATTI JUBRIL OLOLADE 2380 MUSTAPHA AZEEZ .O 2081 JIMOH OLUDARE TAJUDEEN 2181 KUNDILA FINANCE SER.LTD.TRADED- 2281 MAXIFUND INV. & SEC PLC 2381 MUSTAPHA OLAREMATU SHITTU 2082 JIMOH OMOTAYO RASHIDAT STOCK-A/C 2282 MAXWOED ABIMBOLA ELIZABETH 2382 MUSTAPHA OTOGIAGHE ABDULRAHMAN 2083 JIMOH SAHEED ADEYEMI 2182 KUPOLIYI TITI 2283 MAXWOED BRIDGET CAROLINE RONKE 2383 MUYIWA RACHAEL MODUPE 2084 JIMOH TAWAKALITU 2183 KUTI HAKEEM OLASEGUN 2284 MAXWOED OLASUMBO RACHEAL 2384 NABIC NIGERIA LTD 2085 JIMOH TEMIDAYO DAUDU 2184 KUWADINU JULIUS AROBA 2285 MAXWOED OLASUNBO RACHEAL 2385 NASIR ABDUL WASIU AKANDE 2086 JIMOH YUSUF AKINWOLE 2185 KWAKFUT PATRICK S. MIKUK 2286 MAYAKI CHARLES FOLORUNSO S 2386 NDANUKA VIVIAN IFEOMA 2087 JINADU BASIRU ADEWALE 2186 KWAZEMA AUSTIN IKECHUKWU 2287 MAYFIELD INV.LTD- TRADED-STOCK-A/C 2387 NDENE-GODWIN COMFORT NLEGALU 2088 JINADU OMOLARA OLUWATOYIN 2187 KWAZEMA RACHEL OSEHISE 2288 MBA IKECHUKWU PAUL 2388 NDIYO VICTOR EYO 2089 JIS ASSETS MANAGEMENT LTD 2188 LABEODAN KAFUI TOYIN 2289 MBA NWANDO GERALDINE 2389 NDUBUEZE CHINEDU CHRIS 2090 JIT INVESTMENT LIMITED 2189 LADEJOBI FATIMAH BOSE 2290 MBABA VICTOR DANIEL 2390 NDUBUISI STANLEY CHINEGBO 2091 JOB TITUS ABIOLA DR, AND OTHER 2190 LADELE PETER IYIOLA 2291 MBADUGHA AYOBA ATHANATIUS 2391 NDUJEKWU ANTHONY TOCHUKWU 2092 JOBARTEH HECTOR OLUWASEUN 2191 LADIPO KOLA 2292 MBAH VICTOR 2392 NDUKAUBA GRACE UGOCHI 2093 JOEL ADEBOWALE SAMSON 2192 LADITAN OLUFUNMILAYO AMOKE 2293 MBAJEKWE AUGUSTINE CHIJIOKE 2393 NDUKWE ARUA KALU 2094 JOEL AYODEJI ADEGOKE 2193 LAGOS STATE BAPTIST CONFERENCE 2294 MBAJWA ZUNGWEGA NICHOLAS 2394 NDUUDEE DIKE 2095 JOHN & TEMI UWEN 2194 LAKPA GODWIN 2295 MBAKA GODWIN 2395 NELSON ADETUTU FUNMILAYO 2096 JOHN ANE ROSE 2195 LAMIDI EBUDOLA KIKELOMO 2296 MBAMALU CHUKWUDI UGOCHUKWU 2396 NELSON MICHEAL 2097 JOHN BASSEY UDOH 2196 LAMIDI SEMIU BABATUNDE 2297 MBAMARA GABRIEL OGBONNA 2397 NELSON-IWATT VICTORIA 2098 JOHN CHINEDU T 2197 LAMINA ALANI MONSURU 2298 MBANEFO IJEOMA LINDA 2398 NETWORTH SEC-DEPOSIT A/C 2099 JOHN DAVID IME 2198 LAPITE AKOLADE OLUBUNMI 2299 MBANEFO MARTIN CHINEMELU 2399 NEWDEVCO FIN. SERV. CO. TRADED-STOCK-A/C 2100 JOHN ESE JOHN 2199 LARTEY JOSEPH OLUSEGUN 2300 MBONG JAMES OKPO ACHIEF 2400 NGBANWA GODWIN CHUKWUWUIKE 2200 LASISI YEKINI OLAGBENRO
Regency Alliance | 2016 Annual Report 119 Unclaimed Divided List (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
S/No Names S/NoNames S/No Names S/No Names
2401 NGBEKEN DENNIS 2501 NWAZUOKE CHUKWUDI CYRIL 2601 OBLA, SAMUEL O. 2701 OGBEIDE STEVEN OLUKOREDE 2402 NGWOKE CHINAGO 2502 NWEKE CHUKWU INNOCENT 2602 OBODOAGU AMAKA JESSINTA 2702 OGBEIFUN ANGELA 2403 NGWOKE JONATHAN OGWU 2503 NWEKE DONATUS .O. 2603 OBODOAGU JESINTA NWAMAKA 2703 OGBEMUDIA OSARUMEN 2404 NGWOKE OKECHUKWU ANTHONY 2504 NWENE CHIDIMMA JENETA 2604 OBODOMA UZOMA JUDE 2704 OGBOGU FLORENCE 2405 NHIARAONYE CHINYIRIUWA QUENTIN 2505 NWEZE BLESSING CHIOMA 2605 OBOH BARTHOLOMEW OSENEKHOME 2705 OGBOLOMA GODWIN 2406 NICATT NIGERIA LTD 2506 NWEZE EMMANUEL 2606 OBOH FRIDAY 2706 OGBONNA CHRISTIAN IHEADINDUEME 2407 NIGERIA UNION OF TEACHER MULT. COP. SOC. 2507 NWEZE IKENNA OJI 2607 OBOH STEPHEN 2707 OGBONNA CHRISTY TOBECHUKWU 2408 NIGERIAN INTER. SEC-DEPOSIT A/C 2508 NWIMO GOODNEWS OHANEMERE 2608 OBOIGBE BAMIDELE MIKE 2708 OGBONNA EMEKA 2409 NIHI TOMILOLA BOLARIN 2509 NWIZU WILLIAM DIKE 2609 OBUALA IRIGHA JULIUS 2709 OGBONNA OBIOMA TIMOTHY 2410 NJEMANJE EMMANUEL CHUKWUEMEKA 2510 NWOBI BENJAMIN 2610 OBULU ROSEMARY IKWUBIELA 2710 OGBONNA ONYEBUCHI 2411 NJEMANZE EMMANUEL C 2511 NWOBODO OBUM INNOCENT 2611 OBUYIOSA GRACE 2711 OGBONNAYA CHINEDU JAMES 2412 NJOKU EDMUND UZOMA 2512 NWOKEDI UKAMAKA GLORIA 2612 OBUYIOSA OSARETIN GODSPOWER GODWIN 2712 OGBONNAYA OKEZIE 2413 NJOKU PATRICK ONYEKWERE 2513 NWOKIKE JONADAB CHINEDU 2613 OCHAI ABA CLEMENT 2713 OGBOR LOVETH MIYENI 2414 NJOKU PERPETUA NNEDINMA 2514 NWOKO HENRY EJIMKONYE 2614 OCHEI OBIJULU CHIEDU 2714 OGBU CHUKWUEKWU GODWIN 2415 NJOKU THOMAS 2515 NWOKOLO BONIFACE CHIMEZIE 2615 OCHU G. TITUS 2715 OGBU OGOCHUKWU VICTOR 2416 NJURU FRANKLIN J.U 2516 NWOKORO OGECHI MIRIAM 2616 OCHUBA NATHAN NNORUKA 2716 OGBU SOLOMON OGUGUA 2417 NKADI MICHAEL CHUKWUKA 2517 NWOKOYE PATRICK CHUKWUEMEKA 2617 OCTANE MEGA MULTI RESOURCES 2717 OGBUEFI MARTINS CHIEF 2418 NKANA ANTHONY OLUWAFEMI 2518 NWOLICHA S. LUKE (PASTOR) 2618 ODAGBOYI NGBEDE 2718 OGBUEHI DAVID 2419 NKWOCHA CHARITY NWAKAEGO 2519 NWOSU CHARLES CHUKS 2619 ODAJI-UKU ZYGONY TIVERE 2719 OGBUJI SIMON CHUKWUKA 2420 NKWUEKE CHUKWUEMEKA PAUL 2520 NWOSU DOROTHY PATIENCE 2620 ODE EUGENE IBEKWE 2720 OGBUZULU SAMPSON EDEH 2421 NLEMADIM CLETUS IKECHUKWU 2521 NWOSU JUDAH CHIGOKE 2621 ODEBIYI ANTHONY ADENIYI 2721 OGBUZUO PERPETUA CHIKA 2422 NMAKWE MARY EZIUGOR 2522 NWOSU PATRICK NNAMDI 2622 ODECHE PETER 2722 OGE STEPHEN OLATUNDE 2423 NMOMAH ABRAHAM EMEKE 2523 NWOSU RICHARD 2623 ODEDEJI OLUWOLE 2723 OGEH CHINEDU ANDREW 2424 NMOMAN IFEYINWA 2524 NWOSU SEBASTIAN ONYEKACHI 2624 ODEH BLESSING EBIJE 2724 OGEH LUCKY 2425 NNADI AUGUSTINE OKECHUKWU 2525 NWOYE ANTHONY-GIDEON OBIORA 2625 ODETUNDUN BOSEDE THEREZA 2725 OGELE PHILIPA 2426 NNADI KAMNAENE J. 2526 NWOYE SUNDAY 2626 ODEWOLE ABIODUN OLUSOLA 2726 OGHOGHORIE JOY SEGBUYOTA 2427 NNADI LILIAN 2527 NWUGHA NKECHI O 2627 ODEYEMI BENEDICT DIPO 2727 OGHOGHORIE PHILOMENA 2428 NNAJIOBI SAM 2528 NYAKO FADIMATU 2628 ODIAGBE AGNES 2728 OGIEVA EHIOZE DELON 2429 NNAM IFEANYI FRIDAY 2529 NYONG EFFIONG E. 2629 ODIAZOR CHIGOZIE JOHNSON 2729 OGINNI CHRISTIANAH OLUKEMI 2430 NNAMANI EJIKE KINGSLEY 2530 NYONG INIOBONG ESTHER 2630 ODIBA YUSUF ADAMS 2730 OGOCHUCKWU EUNICE MUOGILIM 2431 NNEJI DONATUS 2531 NZE ONYINYECHI CHRISTY 2631 ODIDISON EVELYN 2731 OGOKE CHIDINMA ONYEKACHI STEPHEN 2432 NNORM MARTINS 2532 NZEDIGWE AZUKA 2632 ODIETE THOMPSON OKIODESAN 2732 OGOKE MICHAEL IKECHUKWU 2433 NOKO JOHN NWANKWO 2533 NZEKWE ANGELA 2633 ODIGBO TOLUWANI 2733 OGOLO ETHEL 2434 NOKOH ALEX TOONA 2534 NZERIBE HENRY CHUKWUDUM 2634 ODIGIE CHRISTOPHER OTAIGBE 2734 OGON DENNIS EGUONO 2435 NOMINEE "D" 2535 NZERUE KINGSLEY 2635 ODIGWE IDAIHOTA FRANCISCA 2735 OGU CHIKAODI EMMANUEL 2436 NOMINEE 013 2536 NZEWI OLUCHI JOHN 2636 ODIH ONYEMA HENRY 2736 OGUAMA CHINYEREM ADA 2437 NOMNOR JOHN TERHEMEN 2537 OAIKHENA GEORGE DADA 2637 ODIMBA RAYMOND UZOAMAKA 2737 OGUDE BENJAMIN 2438 NOSIRU MOLIKI AKANDE 2538 OBA OLUFEMI 2638 ODIOH SUSANNAH 2738 OGUEBIE RITA NGOZI 2439 NSIDINANYA CHIEMELA NWANNA 2539 OBADINA ALICE OLUWAKEMI 2639 ODIONYE STEPHANIE CHIOMA 2739 OGUERI CHIBUIKE DAVID 2440 NSIEGBE TINA OBIANUJU 2540 OBALE MUIBAH ATINUKE 2640 ODJEGBA CHRISTY ONOSEREBA 2740 OGUGUA GODWIN CHUKWUDI 2441 NSOFOR THEOPHILUS CHINEDU 2541 OBAMUYI DUROJAYE OLUWAMBE 2641 ODO DESMOND IGWEBUIKE 2741 OGUH GEORGE O.C.LIUTENANT 2442 NSOLO NNAMDI AUGUSTINE 2542 OBASANYA VICTOR 2642 ODO VINCENT HENRY 2742 OGUNADE OLUWAFEMI ADEBOLA 2443 NUMERIC HEIGHT 2543 OBASEKI ABIODUN 2643 ODOGWU GODSPOWER JOHN 2743 OGUNBANJO IDOWU 2444 NUNGWA FRANCIS INNOCENT 2544 OBASI EMEKA FREDRICK 2644 ODOH BENJAMIN RAPULUCHUKWU 2744 OGUNBANJO OLADAPO OWOLABI 2445 NWABUDE ANTHONY NWABUNWANNE 2545 OBASI IJOMA FRANCIS 2645 ODOH MAKERE MOKERU 2745 OGUNBANWO ADEBAYO JULIUS 2446 NWABUDIKE CHUKS MONDAY 2546 OBASOHAN OSARUMWENSE 2646 ODOHOFRE PAULINE 2746 OGUNBANWO DOYIN STEVEN 2447 NWABUEZE BOBMANUEL CHIDOZIE 2547 OBAYOMI IDOWU 2647 ODUBAJO GABRIEL 2747 OGUNBANWO SUNDAY ADENIYI 2448 NWABUEZE EMEKA 2548 OBAYOMI MARY CHINELO 2648 ODUBIYI AKINKUNMI OYEWUNMI 2748 OGUNBANWO TEMITOPE MARY 2449 NWABUFO ANTHONY CHUKWUMA 2549 OBAZEE ELIZABETH 2649 ODUDU OKIEMUTE 2749 OGUNBANWO, ADEWALE SUNDAY 2450 NWABUNIKE IKENNA ALEXANDER 2550 OBECHE BIBIAN IJEOMA 2650 ODUESO EMMANUEL ADEDOLAPO 2750 OGUNBODE ADEBAYO 2451 NWACHUKWU BOBMANUEL UCHECHUKWU 2551 OBELE JESSICA AMARACHI 2651 ODUFUNNADE LAWRENCE OLUDARE 2751 OGUNBOLUDE MATHEW OLUROPO 2452 NWACHUKWU CHINELO DOROTHY 2552 OBELE MADUKAEGO CHICHEBE 2652 ODUFUWA EDMOND IYIOLA 2752 OGUNBOR JOHN IKPONWENOSA 2453 NWACHUKWU FRANCA NGOZI MEDANI 2553 OBEMBE OLANIYI OLATOYE 2653 ODUFUWA JIMI TAIWO 2753 OGUNBUNMI KAYODE 2454 NWACHUKWU FRANCIS MAICA IZUNDU 2554 OBI BENJAMIN KENECHUKWU 2654 ODUFUWA KEHINDE S. 2754 OGUNDARE OLAKIITAN CECILIA HON. 2455 NWACHUKWU ITSWELL CHIDIEBERE 2555 OBI CHIBUEZE 2655 ODUGBESAN ALH. MOHAMMED 'KUNLE YUSUF 2755 OGUNDE TAIWO JOHNSON 2456 NWACHUKWU JUDE .T 2556 OBI FREDERICK IHEANYICHUKWU 2656 ODUGBESAN EVANG ADEKUNLE MICHAEL 2756 OGUNDEJI OLAYINKA 2457 NWACHUKWU UCHENNA 2557 OBI HENRY OGHENECHOJANO 2657 ODUKALE AYODEJI MR &MRS 2757 OGUNDELE BOSEDE AJOKE 2458 NWADIKE CHINENYE GOLD 2558 OBI IFENYI 2658 ODUKOYA ADESUPO 2758 OGUNDELE OLAGOROYE HEZEKIAH 2459 NWADIKE KENNETH NDUBUISI 2559 OBI IJEOMA 2659 ODUKOYA ANDREWS KEHINDE 2759 OGUNDELE OLUWADAMILOLA 2460 NWADINIGWE ROSELINE N 2560 OBI ORITSEWEYINMI 2660 ODUKOYA PETER OLUSHOLA 2760 OGUNDEYI ADEBIYI OLUMUYIWA 2461 NWADIRI SUNDAY CHIKE 2561 OBI STELLA AMACHI MRS. 2661 ODUKOYA, ABIOLA 2761 OGUNDIPE REJOICE BERNICE 2462 NWAESI LARRY CHIBUIKE 2562 OBI UDOKA OLIVER 2662 ODULANA YETUNDE FOLASADE MUNIRAT 2762 OGUNDIRAN OMOLARA OLAWUNMI 2463 NWAETO EBERE 2563 OBI UKAMAKA VERONIKA 2663 ODUME FESTUS AZUBUIKE 2763 OGUNDOLANI ALEX 2464 NWAFOR CYPRIAN 2564 OBI VICTORIA NNEAMAKA 2664 ODUNAIKE OLADAYO OLUFUNMI 2764 OGUNFUYI SEGUN 2465 NWAFOR EJIKE NESTOR 2565 OBIADI GREGORY 2665 ODUNAIYA ENIOLA ADEDAYO 2765 OGUNGBEMI LOUIS MONDAY 2466 NWAFOR EZEKIEL MONDAY 2566 OBIANYO CHUKWUDI 2666 ODUNAIYA IFEOLUWA MARY 2766 OGUNJINMI OLUSEGUN 2467 NWAFOR HELEN AMAKA 2567 OBIARAZIE CHIKA JULIET 2667 ODUNAIYA OLUSEGUN ODUMAKINDE 2767 OGUNJOBI MICHAEL E 2468 NWAFOR OMOYEMI ADERIKE 2568 OBIDEYI SAMUEL OLUBUSAYO 2668 ODUNEJO SAMUEL 2768 OGUNJOBI MURITALA 2469 NWAHIRI JUDE DONATUS 2569 OBIDI CHUKWUNONSO 2669 ODUNEYE ODUSANYA DOTUN 2769 OGUNKOMAIYA ADEWALE 2470 NWAIGWE EMELDA URENNA 2570 OBIDIKE CHINAKA CHRISTIAN 2670 ODUNNAYO MUSTAPHA 2770 OGUNLADE ISAAC AYODEJI 2471 NWAIWU KINGSLEY OBINNA 2571 OBIDIKE KEN PAUL 2671 ODUNSI BOLANLE OPEYEMI 2771 OGUNLEYE ABAYOMI 2472 NWAJEI LYDIA .N 2572 OBIEFULE JULIET ADAKU 2672 ODUNTAN ADEBOLA OLUGBENGA 2772 OGUNLEYE ADEOLA OMOLEGHO 2473 NWAKA IKENNA JOHNPAUL 2573 OBIEGBU CHUKA FELIX 2673 ODUNTAN AYODELE JOSEPH 2773 OGUNLEYE OLADEJO JOHN 2474 NWAKANMA CHIDERA GIFT 2574 OBIENE THEOPHILUS DIENEYE 2674 ODUNUGA FAROUK OLAMIDE 2774 OGUNMAYI OLAITAN DAVID 2475 NWAKANOBI UCHE FRANK 2575 OBIEWEVBI R O (DR) 2675 ODUNUGA KAMORU BAMIDELE 2775 OGUNMODEDE YEMI 2476 NWAKOR TIMOTHY CHINEDU 2576 OBIEZE IFEYINWA CYNTHIA 2676 ODUNUGA OLANIYI 2776 OGUNMOKUNWA ANIKE EUNICE 2477 NWAKWU IFEYINWA LILIAN 2577 OBIJURU NGOZI JOYCE 2677 ODUNZE NNAMDI I R 2777 OGUNMOLA RACHEAL BOSE 2478 NWALI OKWUDIRI N. 2578 OBIKWELU AUTHUR UCHECHUKWU 2678 ODUSANYA PHILIP OLADELE 2778 OGUNMUSIRE OLUWATOYIN TOLULOPE 2479 NWAMU DANIEL NWACHUKWU 2579 OBIKWELU BRIDGET CHINWE 2679 ODUSHE OLUFUNSHO ABIODUN 2779 OGUNNAIKE BABATUNDE ADEBANJO 2480 NWANDU IKECHUKWU BENJAMIN 2580 OBIKWELU CHIKA JACINTA 2680 ODUSOTE ADEBAYO LADIPO 2780 OGUNNAIKE OLUFUNKE AJOKE 2481 NWANGWU JOHN EBUKA 2581 OBIKWELU PAUL CHIBUEZE 2681 ODUTAYO EUNICE KEHINDE 2781 OGUNNIRAN EZEKIEL 2482 NWANKPU EKENE 2582 OBINEME SIMON OGUEJIOFOR 2682 ODUTAYO OLUSOLA 2782 OGUNNOWO SUNDAY OLUTAYO 2483 NWANKWO AMARA 2583 OBINGENE ANTHONY UGOCHUKWU 2683 ODUTOLA BOLA 2783 OGUNNUBI ROBERTS 2484 NWANKWO ERIC DESTINY 2584 OBINGENE FRANK 2684 ODUTUGA-CHUKUDI EMMANUEL ADETOLA 2784 OGUNODE ABIBAT RACHAEL 2485 NWANKWO IBIAM 2585 OBINGENE FRANK O. 2685 OFFOR BERNARD CHUKWUEMEKA 2785 OGUNREMI MELUTIA 2486 NWANKWO IBIAM CHI 2586 OBINNA I. NWAZUE 2686 OFODILE JOSEPHINE CHINELO 2786 OGUNRO STELLA OMOTAYO 2487 NWANKWO JOSEPH ONWUBULIKE 2587 OBINNA OFUORA 2687 OFOLU ANDERSON 2787 OGUNSAKIN TUNBOSUN 2488 NWANKWO LOUIS 2588 OBINNA ONUNKWO AWELE EMEM 2688 OFOMA PETER CHUKWUDUBEM 2788 OGUNSEMOYIN JOHN KOLE 2489 NWANKWO OGBU 2589 OBINNA VIRGINUS CHUKWUEMEKA 2689 OFOMATA HERBERT CHIKA 2789 OGUNSEYE CLEMENT ADENIYI 2490 NWANKWO SUNNY 2590 OBIOMA BETHEL NDUKA 2690 OFORLE RUTH CHIDINMA 2790 OGUNSEYE EUNICE OLUWATOYIN 2491 NWANKWOALA CHINEKEMA STANLEY 2591 OBIOMA YEWANDE SIMISOLA 2691 OFULUE CYRIL CHUKWUNWEIKE 2791 OGUNSHOLA SHAMUSIDEEN ABAYOMI 2492 NWANKWU JAJA NWACHUKWU 2592 OBIORA IFEOMA PERPETUAL 2692 OFUNAMA JOHN ONAGA 2792 OGUNSOLA JOSEPH TEMIDARA O 2493 NWANNUNU CYRIL EZE 2593 OBIORA PEACE UCHENNA (MRS) 2693 OGA-PALMER ONOSETALE CHARLES 2793 OGUNSOLA OLUWASEYI ISAIAH 2494 NWAOGAZIE ANNE CHINYERE 2594 OBIORA UCHENNA PATRICK 2694 OGAR STEPHEN AJA 2794 OGUNSOLA SOLOMON BOLAJI 2495 NWAOGAZIE IFY LAWRENCE 2595 OBIORAH JOSEPH HARRISON 2695 OGARAKU VICTOR CHIDI 2795 OGUNSUADA LEKAN 2496 NWAOGU CHIDIEBERE GODFERY 2596 OBIOSIO FRANK OKON 2696 OGBA CHRISTOPHER CHINOYE 2796 OGUNTADE MONSURAT ATINUKE 2497 NWAOGWUGWU FIDELIA CHIKA 2597 OBISESAN SAMSON OLADOYIN 2697 OGBANJE FATU SHARON 2797 OGUNTADE TUNDE OLUWOLE 2498 NWAUJO ANDREW ONYENWEUWA 2598 OBITAYO DEBORAH ADEBIMPE 2698 OGBEBOR MARTINS .Y 2798 OGUNTIMEHIN BARTHOLOMEW ADEWALE 2499 NWAUKPELE MERCY NKEM 2599 OBIUKWU ANITA AMARACHI 2699 OGBEBOR MARTINS YAYA 2799 OGUNTOLA SEBASTIEN AKINLERE 2500 NWAUZO NATHANIEL OKWUDIRI 2600 OBIWALE OLUSOLA MOSES 2700 OGBECHIE GRACE NGOZI 2800 OGUNTOYE OLUWATOPE LAWRENCE
120 Regency Alliance | 2016 Annual Report Unclaimed Divided List (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
S/No Names S/NoNames S/No Names S/No Names
2801 OGUNTOYINBO ROTIMI SOLOMON 2901 OKEKE CLETUS KENECHUKWU 3001 OKOYE THEMBA CHUKWEMEKA GABRIEL 3101 OLANLOKUN FOLASHADE SADIA 2802 OGUNWALE OLUKUNMI AZEEZ 2902 OKEKE FOSTER CHIDIMMA 3002 OKOYE VIRGINIA 3102 OLANREWAJU AKINOLA 2803 OGUNYE IREAYO NATHANIEL 2903 OKEKE KENECHUKWU WILLIAMS 3003 OKPABI NGBALA SUNDAY 3103 OLANREWAJU JOSHUA TUNDE 2804 OGUNYEMI ADESAYO SUNDAY KINGSLEY 3004 OKPAKO BLESSING 3104 OLANREWAJU OLALEKAN MURITALA 2805 OGUNYEMI FUNMILOLA FLORENCE 2904 OKEKE LUCY UCHE 3005 OKPALA-NNEBUAKU CHUKWUMA .S. 3105 OLANREWAJU OLUGBENGA SEUN 2806 OGUNYINKA OLUWASEYE AYOOLA 2905 OKEKE OLIVER NWABUEZE 3006 OKPALLA JUSTINA OBIAGELI 3106 OLANREWAJU VICTOR JNR OLATOKUNBO 2807 OGUNYODE AKINOLA 2906 OKEKE PASCHAL UCHE 3007 OKPARA ANTHONY UGO 3107 OLAOFE ABIMBOLA KOYINSOLA 2808 OGUONU NORAH C. 2907 OKEKE ROSELYN MAYEN 3008 OKPARAVERO LUCKY 3108 OLAOFE AJIBOLA DAMILOLA OLAOFE 2809 OGUZIE IJEOMA PRECIOUS 2908 OKELEKE MICHEAL CHINEDU 3009 OKPE ALEX OGBU 3109 OLAOGE TUNDE PAUL 2810 OGWEMOH TONY ADOYE 2909 OKELEYE ADENIKE ELIZABETH 3010 OKPETUE CHUKWUDI 3110 OLAOGUN RONKE K 2811 OGWEZI MICHAEL 2910 OKELEYE ENOCH ANJOLA-OLUWA 3011 OKPOR AUSTINE ANDREW 3111 OLAONIPEKUN OLAKUNLE 2812 OGWOLA JEREMIAH TIMOTHY 2911 OKELEYE ISRAEL AYODAMOPE 3012 OKPOR CHUKWUNWIKE GOD'STIME 3112 OLAOYE ADEREMI ABDULGAFAR 2813 OHA NDUBUISI SAMUEL 2912 OKELEYE RACHAEL OREOLUWA 3013 OKPOR OMOKARO RUBY 3113 OLAOYE BOLARINWA MICHAEL 2814 OHAEBUKA EPHRAIM AFAMEFUNA 2913 OKENWA EMEKA 3014 OKPOYO COMFORT NKOYO 3114 OLAOYE SUNDAY 2815 OHAKA BENJAMIN 2914 OKERE BENEDICT ONYEJIAKO 3015 OKUBOTE OLUFEMI O. 3115 OLAREWAJU FUNMI DARE 2816 OHAMOBI CHARLES NDUKA 2915 OKERE VIGINUS CHIMEREMEZE 3016 OKUDO CHIOMA HELEN 3116 OLAREWAJU SAMUEL AYO 2817 OHOBI CHARLES 2916 OKEREAFOR D. ONYEWUCHI 3017 OKUH CHINEDUM OSCAR 3117 OLAREWAJU, TEMIDAYO OLAYINKA 2818 OHUNYION PRECIOUS OSEWE 2917 OKEREAFOR KELECHI EUPHEMIA 3018 OKUH COMFORT A. 3118 OLARINDE ESTHER OLUBUKOLA 2819 OHWEKEVWO ESE 2918 OKEREH EZINNE CHINENYENWA 3019 OKUNOLA AKANJI BABATUNDE 3119 OLASANOYE TITILOLA ANUOLUWAPO 2820 OISEWEMEN MARTINS ERAGBAH 2919 OKEREKE ALOYSIUS CHISOM 3020 OKUNOLA CHRISTIANAH OLABISI 3120 OLASANOYE WILLIAMS ROTIMI 2821 OJEDIRAN ISMAIL MICHEAL 2920 OKEREKE CHRISTIAN CHIZOBAM 3021 OKUNOLA JOHN TEMILOLUWA 3121 OLASEHINDE OLUFEMI 2822 OJELABI FLORENCE OLUWAFUNMILAYO 2921 OKEREKE ELIZABETH OLAYINKA 3022 OKURE BERNARD 3122 OLASOKO ADESOJI 2823 OJELOLA RASHEED AKIN 2922 OKEREKE KINGSLEY IKENNA 3023 OKUSANWO ABOLANLE 3123 OLASONYE HENRY AKINBOLAJI 2824 OJEMOLA IBILOLA TOLULOPE 2923 OKEREKE NKECHINYERE ROSELYN 3024 OKUSANWO BABATUNDE OMOTAYO 3124 OLASORE ANTHONY ADEMOLA (DR) 2825 OJERINDE ADEDIBU 2924 OKEREKE PATRICK NWANKWO OKORO 3025 OKUSANWO SHARON OLUWAFIKUAYOMI 3125 OLASUPO WASIU 2826 OJETUNDE PAUL ABIDEMI 2925 OKEREKE THEODORA NGOZI CHUKWU 3026 OKWESIRI CHUKWUEMEKA .C 3126 OLASUPO WASIU OLALEKAN 2827 OJI SAMUEL ONYEKACHI 2926 OKERINOLA DOTUN DANIEL 3027 OKWOR EKIUWA 3127 OLATOKUN OLANREWAJU 2828 OJIEH GREGORY VINCENT 2927 OKEROKUN OLUWOLE DAVID 3028 OKWUAGBOR CHUKWUAKWU 3128 OLATOYE OLUSEGUN OLUTAYO 2829 OJIKUTU OLAWALE TAOFIK 2928 OKESHOLA ADOOBI KEMI 3029 OKWUMO ECHEZONA N 3129 OLATUNBOSUN ADEBANJI SUNDAY 2830 OJIMBA FELIX CHUKWUNYEM 2929 OKETE JOSEPHINE OLABI 3030 OKWUMUO CHUKWUNONSO A 3130 OLATUNDE AKINWALE ANTHONY 2831 OJIMBA SEBASTINE ODIRA 2930 OKETOGUN SAMSON OLAYIWOLA 3031 OKWUOSA IFEANYICHUKWU 3131 OLATUNDE FIYINFOLUWA IBUKUN F. 2832 OJIMUGHA CHRISTOPHER C 2931 OKEWUSI ALICE ADERINOLA 3032 OLA DAVID OLANREWAJU 3132 OLATUNJI ADEYEMI GBOLAHAN OLATUNJI 2833 OJINTA OGECHI PETER 2932 OKEZIE EMMANUEL UZOKWE 3033 OLABANJI OLUWAFEMI OLAYTAN 3133 OLATUNJI BAMIDELE 2834 OJO ADEDAYO 2933 OKHAI THERESA 3034 OLABANJI SUNDAY JOHN 3134 OLATUNJI HENRY 2835 OJO ADESHINA SUNDAY 2934 OKHIHIE ANTHONY 3035 OLABISI OLSUNBO CELINA 3135 OLATUNJI ISAAC OLUWADARE 2836 OJO AYODELE ABIODUN 2935 OKHIKU A STEPHEN 3036 OLABOSIPO OLABISI OMOWUNMI 3136 OLATUNJI RACHEAL TAIWO 2837 OJO GRACE OLADOYIN 2936 OKHUOYA EDEIFO LARRY 3037 OLADAPO AKINOLA OLADOTUN 3137 OLAWALE-OKE BRIDGET TITILAYO IDOWU 2838 OJO JOSHUA OLUWATOMINIYI 2937 OKI ISIAKA AYODELE 3038 OLADAPO AZEEZ & FEBISHOLA 3138 OLAWOORE SARAH SIDIKAT 2839 OJO LUCIA OLUFUNMILAYO 2938 OKIRI SANI SOTONYE 3039 OLADAPO GBOLAHAN OLAITAN 3139 OLAWOYIN RAMOT ADENIKE 2840 OJO M. O. 2939 OKOCHA NDUDI 3040 OLADAPO MONI ABIODUN 3140 OLAWUMI ROTIMI CHRISTOPHER 2841 OJO OLUKAYODE RAPHAEL 2940 OKOECHA FRIDAY 3041 OLADAPO MOSES ADEMOLA 3141 OLAYANJU ESTHER .T. 2842 OJO OMOBAMIDELE TITUS 2941 OKOGUN OSEMUDIAME ISAIAH 3042 OLADEINDE EBENEZER 3142 OLAYEMI AYODEJI PATRICK 2843 OJO OMOLOLA 2942 OKOH EMMANUEL 3043 OLADEINDE MOSUNMOLA OLUWAKEMI 3143 OLAYEMI EMMANUEL AYO 2844 OJO RACHAEL KEHINDE 2943 OKOH PRINCE CHUKWUDEBE 3044 OLADEINDE SHAMSUDEEN MOBOLAJI 3144 OLAYIWOLA ADEMOLA DAVID 2845 OJO SUNDAY KOFOWOROLA 2944 OKOJIE ANDREW 3045 OLADEJI ADEMOLA 3145 OLAYIWOLA GABRIEL OLALERE 2846 OJODUN RAZAQUE 2945 OKOJIE FRANCIS IYERE 3046 OLADEJO AQKINTOLA OLUWASEUN 3146 OLEJEME CHIKEZIE 2847 OJOH CHRISTIAN NWAOFEH 2946 OKOKO BENEDICTA JAMES 3047 OLADEJO WASIU ADEWALE 3147 OLELE CHIDINMA BLESSING 2848 OJOMO BASHUA FEHINTOLUWA 2947 OKOKO EMMANUEL MICHAEL 3048 OLADELE DAMILOLA MOSES 3148 OLIHA JOEL OSAS 2849 OJORO SOLOMON 2948 OKOKPUJIE OLIVER 3049 OLADELE ISEOLUWA ISAAC 3149 OLISA CHIGOZIE SAMUEL 2850 OJUADE ELIZABETH FOLASADE 2949 OKOLI EVANGEL NNEDINMA 3050 OLADELE OLUWATOSIN BOLAJI 3150 OLISA IJOMAH SAMUEL 2851 OJUEROMI SAMSON TOYIN 2950 OKOLI FRANK EMEKA 3051 OLADIMEJI MOSUDI AKINLABI 3151 OLISE THERESA NGOZI 2852 OJUKWU LINDA ADANGOZI 2951 OKOLI FRANK JOVITA EMEKA 3052 OLADIMEJI MURTALA ADEREMI 3152 OLISEMENOGOR DICKSON IKECHUKWU 2853 OJUMAH VALENTINE O. 2952 OKOLI VICTORIA EBERE 3053 OLADIMEJI TAOFEEK TUNDE 3153 OLOBOR GLORIA OSAYI 2854 OJURI (MRS) OLUFUNKE ADENIKE 2953 OKOLI, HENRY 3054 OLADIMEJI-IYANDA OLATOKUNBO (MRS) 3154 OLOJEDE ADEKEMI OMORINOLA 2855 OKAFOR AFAM STEVEN 2954 OKOLIE CHINELO FELICIA 3055 OLADIPO ADEBAYO BAMIDELE 3155 OLOJEDE JOSHUA OLUTAYO 2856 OKAFOR AMAKA 2955 OKOLIE OBIAGELI ROSEMARY 3056 OLADIPO MUSBAU ADEMOLA 3156 OLOKE ABOLADE .O. 2857 OKAFOR CONSTANCE C 2956 OKOLIE OSITADINMA PIUS 3057 OLADIPO OLUWAKEMI ADUNNI .V 3157 OLOKO MAZEED ALABA 2858 OKAFOR EBERE 2957 OKOLO .A. UCHENNA 3058 OLADIRAN JULIUS OLUWADARE 3158 OLOKUN, ISAAC ALUKO AMB 2859 OKAFOR EMEKA NASSA CHRIS 2958 OKOLO BENEDICTA OBAKHUME 3059 OLADITI AKEEM ADEKUNLE 3159 OLOLO CHIBUZOR ORIEKE 2860 OKAFOR FRANCIS NKENCHOR 2959 OKOLO CHIKA EUNICE 3060 OLADOSU ISLAMIYAT ADETUTU 3160 OLOLO ORITSEGBEMI TIMOTHY 2861 OKAFOR GRACE UCHECHUKWU 2960 OKON INNOCENT ETIM 3061 OLADOYINBO OLABISI SURAJAT 3161 OLOMIYE HELEN ORIMIPANYE 2862 OKAFOR IFEANYI ALEXANDRA 2961 OKON UBONG UDOH 3062 OLADUNJOYE OLAWALE OLAWUYI 3162 OLOMOLA OLAKUNLE ERNEST 2863 OKAFOR JOHN OBIORAH 2962 OKON UDOH ESTHER UDOH 3063 OLAFUSI AKIN ISAAC 3163 OLONADE OLUWATIMILEHIN 2864 OKAFOR KENECHUKWU OBIAJULU 2963 OKONJI PETER NKEDISHUKA 3064 OLAFUSI OLUWATOSIN ABIODUN 3164 OLONIYO DANIEL OLUSEGUN 2865 OKAFOR NDUBISI CHIMAOBI 2964 OKONJI PETER NKEOISHUKA 3065 OLAGBIYAN RASAKI FOLORUNSHO 3165 OLORIEGBE DENNIS ADE 2866 OKAFOR NONYELUM FRANCISCA 2965 OKONKWO ANGELA ANIELIKA 3066 OLAIFA MONSURU SANNI 3166 OLORUNDERO ABIODUN SEUN 2867 OKAFOR O ANSLEM 2966 OKONKWO ANGELA ANULIKA 3067 OLAIFA OLUFEMI OLAJIDE 3167 OLORUNFEMI JUDITH FUNMI ESENEME 2868 OKAFOR ONYEBUCHI MAC-HAROLD 2967 OKONKWO BENJAMIN NNOROM 3068 OLAIGBE OLUWAGBENGA JACOB 3168 OLORUNKUNLE MICHAEL MOYO 2869 OKAFOR PETER IFEANYI 2968 OKONKWO CHIDI ELIAS 3069 OLAIYA DAMILARE OLUSEGUN 3169 OLORUNLEKE PAUL AYORINDE 2870 OKAFOR ROBINSON .N. 2969 OKONKWO CHUKWUMA PATRICK 3070 OLAIYA OLUYINKA YEWANDE 3170 OLORUNLOSE KEHINDE MUYIBAT 2871 OKAFOR SAMPSON OBIOHA 2970 OKONKWO ELIAS CHIDI 3071 OLAJENYO BUKOLA 3171 OLORUNSOLA KENNETH BAMIYO 2872 OKAFOR UCHE MARIA 2971 OKONKWO EUCHARIA UCHENWA 3072 OLAJIDE ABIGAIL ADUKE 3172 OLORUNSOLA YEWANDE ADESANYA 2873 OKAFOR UDERIKE RAPHAEL 2972 OKONKWO IFECHUKWU IFEANYI 3073 OLAJIDE OLUGBENGA G.O 3173 OLOWE ESTHER MRS 2874 OKAFOR, NWOKEDIKE U. 2973 OKONKWO OFFORDILE A. 3074 OLAJITAN PAUL OLUSEUN OLUFEYISAN 3174 OLOWOLAGBA OLUWASAYO SAMSON 2875 OKAH PAUL KINGSLEY 2974 OKONKWO TOCHUKWU KAODICHI 3075 OLAJORIN ADEYEMI 3175 OLOYE MOJISOLA ABAYOMI 2876 OKANI OKECHUKWU 2975 OKONTA MORRISON AUSTIN 3076 OLAJUBU ALABA JULIUS 3176 OLOYE SMART ALABA 2877 OKANLAWON LUWOGUN SINAT 2976 OKOOSI TADAGBE OLUMIDE 3077 OLAJUWON AYINDE AKANBI 3177 OLOYEDE MUFTAU OYEWUNMI OLAJUMOKE 2977 OKOOSI THONA IREMIDE 3078 OLAKANLE TEMITAYO KEHINDE 3178 OLOYEDE OLUYEMI 2878 OKANLAWON OLUFUNKE ABOSEDE 2978 OKORIE CHRISTOPHER CHIJIOKE 3079 OLAKUNORI SESAN 3179 OLOYEDE SUNDAY OLATUNBOSUN 2879 OKANLAWON SULAIMAN OLAYIWOLA 2979 OKORIE ERNEST 3080 OLALEYE IBIRONKE ABDEMI 3180 OLUBIYI ADEYEMI GIDEON 2880 OKANRENDE AKINSANYA O. 2980 OKORIE LAWRITTA NKIRUKA 3081 OLALEYE KOLAWOLE DAMILARE 3181 OLUBOBADE ADEYINKA 2881 OKARO IFEYINWA J. 2981 OKORIE MARCEL 3082 OLALEYE OLUWABUNMI ADEMOLA 3182 OLUBUNMI BABATUNDE GBADEBO 2882 OKATA LIGHT CHUKWUDI 2982 OKORIE SUNDAY STEPHEN 3083 OLALEYE OMOLARA ABOSEDE 3183 OLUFEMI ISAAC 2883 OKE ABOSEDE VICTORIA 2983 OKORO DIGHITORUSIN 3084 OLALEYE SIKIRU OLATUNDE 3184 OLUGBEMI OLUBUNMI 2884 OKE OLAJIDE ADESUNKANMI 2984 OKORO ELIZABETH AND SAMUEL 3085 OLANEYE ADEKEMI O. 3185 OLUGBON TAJUDEEN AKANJI 2885 OKE OLAWALE 2985 OKORO FREDERICK ULU 3086 OLANIPEKUN GAFAR ABIOLA 3186 OLUGBOSUN ARIYO AYO 2886 OKE PATIENCE MODUPE 2986 OKORO JONES 3087 OLANIPEKUN OLAKUNLE OLASOJI 3187 OLUIGBO COSMAS NGOZI 2887 OKEAGU IGNATIUS OKANANDU 2987 OKORO ZEPHRINUS MBADIWE 3088 OLANIPEKUN OLOYEDE FESTUS 3188 OLUIKPE BENSON O. 2888 OKEAKWALAM CHINEDU 2988 OKOROAFOR CHUKWUEMEKA PETER 3089 OLANIPEKUN STELLA FOLAJIMI 3189 OLUKOYA TUNDE OLANREWAJU 2889 OKEBANAMA DAVID CHIJIOKE 2989 OKOROAFOR IKECHUKWU NWANNEKA 3090 OLANIRAN ABIODUN 3190 OLUNDU RAPHEAL KOLADE 2890 OKECHUKWU IFEANYI FELIX 2990 OKORONTA CHUKWUDOMENDU GREGORY 3091 OLANIRAN GABRIEL OLUFEMI 3191 OLUNEYE ADEWALE SESAN 2891 OKEDELE JAMIU OLASUNKANMI 2991 OKORUWA DANIEL 3092 OLANIWUN OLUWABUKOLA ADENIKE 3192 OLUNWA KEMI JULIANA .O. 2892 OKEDOKUN TAJUDEEN ABIODUN 2992 OKOSI OLISA NWABUFO 3093 OLANIYAN AGNES IBITOLA 3193 OLUOKUN ADEYEMI SUNDAY 2893 OKEDOYIN FOLAKE MOJISOLA 2993 OKOSUN ABEL 3094 OLANIYAN AYODELE AYOTUNDE 3194 OLUSANYA EBUN OREBOWALE 2894 OKEDU O. BISHOP & NDUMDI ARINZE E. 2994 OKOYA-THOMAS HENRY AYODEJI 3095 OLANIYAN BUSAYO OMOWUNMI 3195 OLUSANYA OLUMIDE ADEYIGA 2895 OKEGBENRO TAIWO OLANREWAJU 2995 OKOYE BENEDICT OSITADINMA 3096 OLANIYAN OLAFEMI IQUAIBOM 3196 OLUSEGUN SEUN EMMANUEL 2896 OKEGBUAN IGBINEDION 2996 OKOYE DANIEL NNAGBO 3097 OLANIYI FELIX O. 3197 OLUSEYE ABOLADE JEREMIAH 2897 OKEGBUE NZERIBE SUNDAY 2997 OKOYE IKENNA F. 3098 OLANIYI FOLASHADE TUNRAYO 3198 OLUSHILE OMOWUNMI S 2898 OKEKE CHIBUZOR 2998 OKOYE KINGSLY EKE 3099 OLANIYI ISAAC OLADELE 3199 OLUSHOLA TAIWO OLAOLU 2899 OKEKE CHIGBO CHRISTIAN 2999 OKOYE MAURICE CHUKWUNWIKE 3100 OLANIYI MARY OLUFUNMILOLA 3200 OLUSIJI, KOLAWOLE 2900 OKEKE CHINEDU GEORGE 3000 OKOYE PAUL CHUKWUDI
Regency Alliance | 2016 Annual Report 121 Unclaimed Divided List (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
S/No Names S/NoNames S/No Names S/No Names
3201 OLUSOJI OLUWASEUN DEBORAH 3301 ONIPINLA OLANREWAJU KEHINDE 3401 ORUWARI IJUYE JOSHUA 3501 OWOLABI FUNMILAYO ADESOLA 3202 OLUTOLA LAWRENCE ADEBARI 3302 ONIYIDE OPEYEMI OMOLOLA 3402 OSABOHIEN GABRIEL O 3502 OWOLABI JANET OLUBUNMI 3203 OLUWABAMISE FUNMILOLA 3303 ONODIGBO CHIBUIKE BRENDAN 3403 OSADEBE ANNE TEMITAYO 3503 OWOLU ORIYOMI T. 3204 OLUWADARE EMMANUEL 3304 ONOJA AUGUSTINE 3404 OSADEBE REGINA JAPHET 3504 OWONIFARI VICTOR OLUFEMI 3205 OLUWADARE OLUFUNMILAYO 3305 ONOJA AUGUSTINE CHIKWADO 3405 OSADIAYE IRIAGBONSE DORIS 3505 OWOOLA EMMANUEL TEMITOPE 3206 OLUWAGBEMI ADESOLA 3306 ONOJA SIMON 3406 OSAGIE DICKSON UYIOSA 3506 OWUSU OFORI BENJAMIN 3207 OLUWAKEMI AMINAT 3307 ONOKPITE GODSPOWER OGHENEVBOGAGA 3407 OSAGIE ERIC ODION 3507 OWUYE TAWAKALITU OLUWATOYIN 3208 OLUWAKEMI JAWANDO 3308 ONOMASE OZIEOGHEKET CHRIS 3408 OSAGIE HARRISON NOSA 3508 OYADIRAN SAMUEL MAYOWA 3209 OLUWALANA ABIODUN MUYIWA 3309 ONOVA EMILY 3409 OSAGIE LAWRENTA 3509 OYAKHIRE AUSTEEN 3210 OLUWANISOLA SUNDAY ADELANI 3310 ONOZUTU DANIEL A. OMEIZA 3410 OSAKUE JOSEPH OSARUEWENSE 3510 OYAMA VICKY ORUNWAN 3211 OLUWATOSIN SAMSON OLAWALE 3311 ONOZUTU DORCAS BAMIDELE 3411 OSAKWE CHINWEUDE NDIDIAMAKA 3511 OYANNA, OBONDA 3212 OLUWOLE ANUOLUWA EASTHER .O 3312 ONU STEPHEN OKECHUKWU 3412 OSAKWE JULIE ANASE 3512 OYE-ADENIRAN EMMANUEL ABIODUN 3213 OLUWOLE JOSEPH ABIODUN 3313 ONUCHUKWU EKENE 3413 OSAKWE ROSELINE OGONNA 3513 OYEBANJI LEAH JOLADE 3214 OLUWOLE SIMEON BABATUNDE 3314 ONUCHUKWU EMMANUEL OKWUCHKWU 3414 OSANYINBI JACOB DAMILOLA O 3514 OYEBANJI SEGUN LANRE 3215 OLUWOLE SUNDAY ADEGBOLA 3315 ONUCHUKWU UZO KENNETH 3415 OSAWE VICTORIA FOLAKE 3515 OYEBISI FELICIA KEHINDE 3216 OLUWOSEBOLATAN AYINDE LANRE 3316 ONUEGBU STANLEY-LEGAL N 3416 OSAYANDE OSAZE JEREMIAH 3516 OYEDELE ISREAL OLADELE 3217 OLUYEMO LANRE SIKIRULAHI 3317 ONUGHA GERALD ECHESIRIM 3417 OSAYEMI IDOWU HADIZA 3517 OYEDELE NURAT ADENIKE EJIDE 3218 OLUYINKA MICHAEL 3318 ONUIHA CHIDI INNOCENT 3418 OSEMWEGIE MARY DELE 3518 OYEDEPO DAPO SUNDAY 3219 OMAGBOGU ONALO SOLOMON 3319 ONUKWUE NKECHI ROSE 3419 OSENI AKEEM ALABI 3519 OYEDIRAN CHRISTIANAH FUNMILAYO 3220 OMALE ZAKARI EZEKIEL 3320 ONUMAJURU BATHRAM UGOCHUKWU 3420 OSENI MORUFU BABALOLA 3520 OYEDOKUN OLAFIOYE OLUTUNDE 3221 OMEH INNOCENT TAIYE 3321 ONUMONU AZUKA AMEDE 3421 OSENI MUSA MAHMUD 3521 OYEDOTUN OYEDELE 3222 OMEH SAMPSON ZERUWE 3322 ONUOHA JAMES ARISA 3422 OSENI OLUREMI JOSEPHINE 3522 OYEDUNTAN OLUWASEYI ADEBISI 3223 OMEH TOM 3323 ONUOHA JULIUS CHINEDU 3423 OSENI SAHEED OMOBOLANLE 3523 OYEKAN OLUWASEGUN PETER 3224 OMEJE EMEKA SIMON 3324 ONUOHA NKECHI GERALDINE 3424 OSENI TAIWO ELUDOTUN 3524 OYEKUNLE SAMUEL 3225 OMEKE STELLA NWAKAEGO 3325 ONUORAH IFEANYICHUKWU PIUS 3425 OSENI YUSUF 3525 OYELAJA RUTH OLUBUNMI 3226 OMEOGA AUGUSTA O. 3326 ONUORAH INNOCENT OKIKE 3426 OSETA DIVINE ENTERPRISE 3526 OYELAKIN RICHARD AHMED 3227 OMIDIRE IBIRONKE OLABISI 3327 ONWINENG IME JIMMY 3427 OSHAKWUNI AUGUSTINE 3527 OYELAYO EYITAYO OYEYEMI 3228 OMIGADE YETUNDE ABOSEDE 3328 ONWORDI LADI BARBARA 3428 OSHIKOYA VICTOR O0LANREWAJU 3528 OYELAYO OLUWAFEMI SAMUEL 3229 OMIPIDAN JONAH OMOTAYO 3329 ONWU UGOCHUKWU ALBERT 3429 OSHILAJA OLAYEMI VICTORIA 3529 OYELEKE LATEEF BABATUNDE 3230 OMISORE PEACE EMEM 3330 ONWUACHI ISIOMA PATRICIA 3430 OSHIN WALE 3530 OYELEKE OYERONKE BLESSING IYABODE 3231 OMITOGUN OLAKUNLE EMMANUEL 3331 ONWUACHI JOSEPH DIKEDI 3431 OSHINOWO KEHINDE & MODUPEOLA 3531 OYELEYE COMFORT OLUBUNMI 3232 OMIYALE, KAZEEM AYOBANI 3332 ONWUASOANYA DORIS 3432 OSHINOWO MUSTAPHA TOMOSEWO 3532 OYELEYE DAVID AJIBADE 3233 OMOBOWALE ADEBOYEJO 3333 ONWUBUIKE VICTORIA NGOZI 3433 OSHINOWO OLUSEGUN OLUSESAN 3533 OYELEYE OLUSEGUN SAMUEL 3234 OMOBUWAJO VICTORIA OLUFUNMILAYO 3334 ONWUCHEKWA CECILIA NNEBUIHE F. 3434 OSHO MATTHEW AYODEJI 3534 OYENIRAN OLUWAGBEMIGA MOFOLUWAKE 3235 OMODE EMMANUEL OLADIMEJI 3335 ONWUEGBUZIE SAMUEL IKE 3435 OSHODIN J. ROBERT JP 3535 OYENIYI ADEBUKOLA GANIYU 3236 OMODELE AKINDELE 3336 ONWUEYI UCHENNA 3436 OSHOFODUNRIN ADEMOLA OLATUNDE 3536 OYENIYI KAYODE 3237 OMODELE OLUBUNMI ANTHONIA 3337 ONWUGHALU FRANCIS NWAFOR 3437 OSHOKO OMOLARA OLUWATOYIN 3537 OYENIYI OYEWOLE 3238 OMODUDU OLUWADARE JOSHUA 3338 ONWUKWE EKENE 3438 OSHOMAH ALEXANDER AZAKAWANU 3538 OYENUGA OLUFUNSO 3239 OMOGBEHINWA AKINTUNDE FELIX 3339 ONWUMA GIDEON CHUKWUEMEKA 3439 OSHUNDIYA AYOBAMI ADESINA 3539 OYERANMI WEMIMO OLANREWAJU 3240 OMOIGUI KINGSLEY ETINOSA 3340 ONWUMERE ISRAEL C 3440 OSHUNNIYI OLUGBENGA ABIOLA 3540 OYERINDE FAVOUR FIYINFOLUWA 3241 OMOIGUI OVOKE 3341 ONWURAH ALEXANDER M 3441 OSIBOTE BOLANLE R.F 3541 OYERINDE PRECIOUS ELIJAH 3242 OMOKHAFE OMOAREGBA JOSEPH 3342 ONWURAH UTCHMANN STEVEN 3442 OSIDELE OLUJIMI AGBOLAHAN 3542 OYESOLA TEMITOPE M 3243 OMOLADE ESTHER OLUBUNMI 3343 ONYEAKAZI FAITH NGOZI 3443 OSIFESO RONKE 3543 OYETORO LAJA 3244 OMOLE OLAJIDE JOSEPH 3344 ONYECHERELAM ALEXANDER CHUKEUEMEKA JNR 3444 OSIJO OLAIDE O 3544 OYETUNDE SURAJU OLALEKAN 3245 OMOLE OLUWATOSIN AFOLABI PHILLIPS 3345 ONYEDUM CHIDI 3445 OSIKOYA OLUSOLA FOLASHADE 3545 OYEWALE RAPHEAL SUNDAY 3246 OMOMO BOLANLE ADEMOLA 3346 ONYEJEKWE JUDE 3446 OSINAIKE DANIEL TOFUNMI 3546 OYEWO BEATRICE BOLA 3247 OMOMOWO GODWIN DAPO-OLA 3347 ONYEKA PAULINUS IFECHUKWU 3447 OSINUBI ADEDOYIN STEPHEN 3547 OYEWO OLATUNDE PETER 3248 OMONIYI DAYO SAMSON 3348 ONYEKACHUKWU BLESSING NNEKA 3448 OSINUBI OLUFEMI 3548 OYEWOLE FELIX OLURANTI 3249 OMONKHUA MOSES ENDURANCE 3349 ONYEKAONWU ANAYO ANTHONY 3449 OSINUBI OLUWAFEMI SUNDAY 3549 OYEWOLE RAOLAT 3250 OMO-OSAGIE JUDITH E. 3350 ONYEKWELU MENAMON UGONNA 3450 OSINUBI OLUWATOYIN ADEBIMPE 3550 OYEWOLE TEMITOPE MORADEKE 3251 OMOPE RUFUS ADELEYE 3351 ONYEKWERE STEPHEN EMEKA 3451 OSISANWO CLAUDIUS ALABA 3551 OYEYEMI ALLAN KAYODE GBEMISOYE 3252 OMOREGBE CHARLES 3352 ONYENEKE UCHECHUKWU 3452 OSITAYO FOLASHADE MORENIKE 3552 OYEYEMI EUNICE FOLASADE 3253 OMOREGIE ANTHONY S. EREMWANARUE 3353 ONYENWE IKECHUKWU FRANCIS 3453 OSOBU ADEFOLUKE OLUWATOYIN 3553 OYEYEMI KOLAWOLE OLATUNDE 3254 OMOSANYA ADELEKE TAOHEED 3354 ONYERIKA EMEKA KENNEDY 3454 OSODE IFEANYI PATRICK 3554 OYIBO GODDAY 3255 OMOSANYA OLASUNKANMI 3355 ONYEUKWU NKEMJIKA OSINACHI 3455 OSONDU EMMANUEL CHIDI 3555 OYIDI GABRIEL FEMI 3256 OMOSANYA SAMUEL ABAYOMI 3356 ONYEWADUME RITA ANWULI 3456 OSOYE ABIOLA AFOLUKE 3556 OYINDAMOLA SHAMSIDEEN OLASUNKANMI 3257 OMOTAYO SULAIMAN OLATUNJI 3357 ONYEWUCHIM PERPETUA C. 3457 OSOYE GBEMISOLA OLUWAKEMI 3557 OZEH JOSEPH OGBA 3258 OMOTOSHO ABRAHAM BOLA 3358 ONYIBOR SAMUEL UDEALOR 3458 OSUAGWU EBENEZER OGECHI 3558 OZILI ONYEKA THERESATONETTE 3259 OMOTOSHO BAMIDELE JAMES 3359 ONYIDO EMEKA 3459 OSUAGWU JOHN PIUS CHIMA 3559 OZOEMELAM CHINEDU INNOCENT 3260 OMOTOSHO RHODA FUNMILAYO 3360 ONYIDO IKECHUKWU OLIVER 3460 OSUAGWU JOHNPIUS CHIMA 3560 OZOEMELAM NDUBUISI LUNDY 3261 OMOTOSO COMFORT OLUWATUMININU 3361 ONYIGBUO STEPHEN UCHE 3461 OSUAMKPE PAME ALEXANDER 3561 OZOEMENAM REGINALD N. 3262 OMOTOYO TUNDE 3362 ONYIRIMBA EMMANUEL EMEKA & OTHERS 3462 OSUJI PETER .N 3562 OZOEMENE PETER 3263 OMOTUENMEN TERRY OSEHON PATRICK 3363 ONYISHI JOSHUA OKWUDILI 3463 OSULA ENAKARU EMMANUEL 3563 OZOGBU FRANCIS & JULIET 3264 OMOYAKHI JOHN OMOKHAGBO 3364 ONYIWA SUSAN 3464 OSUNBOR LUCKY 3564 OZONGWU VITUS CHIMEZIE 3265 OMOZOKPIA CHINYELU EUCHARIA 3365 OPAAJE COMFORT OYEYEMI 3465 OSUNDE KEHINDE ADEOLA 3565 OZOREMEZINEM OLUWASESAN ONAYEMI 3266 OMU ANDREW IGHO 3366 OPADOTUN GLORIA 3466 OSUNKOYA MOSES 3566 OZOUDE CHIOMA RITA 3267 OMUDU JUDE NDUBUISI 3367 OPAKUNLE AMOO ADEOLA 3467 OSUNTUNSA TITUS 3567 PALMER UFUAH KENNEDY 3268 OMUEZA FREEBORN 3368 OPAKUNLE JOEL & KEHINDE 3468 OTALOR PETER NDIDI 3568 PARAGON ASSETS LIMITED 3269 ONABAJO ABOSEDE ABIOLA 3369 OPALEYE JOSEPHINE ABIOLA 3469 OTANIYI ADEOLA OMOLARA 3569 PARDESHI SATISH MOHANLAL 3270 ONABAJO ADEMOLU ADEOLA 3370 OPARAOCHA UGOCHUKWU 3470 OTEBIYI ABISOYE TOMILOLA 3570 PARTNERSHIP INV CO/ECOBANK NIG PLC-TRDNG 3271 ONABAJO OLUWATOYIN TIMOTHY 3371 OPUORO VERA CHINYERE 3471 OTEGBEYE OLABODE OLUSANYA MR 3571 PASTOR ISAIAH SAMUEL AKPAN 3272 ONABAJO TAIWO TOLULOPE 3372 ORABUCHI JULIET ONUAWUCHI 3472 OTEGBEYE, DR. & MRS. GLADYS AYODEJI 3572 PATIENCE AJEMIGHOARAMI 3273 ONABAJO VINCENT TOLA 3373 ORADUBANYA CHUKWUEMEKA CYPRIAN 3473 OTESILE ELIZABETH OLUYEMISI 3573 PATNAK INT CO LTD 3274 ONABANJO KEHINDE TEMITOPE 3374 ORANU EGO UJU CLARA 3474 OTHMAN GANIAT OLUWAFUNMILAYO 3574 PATRICK BLESSING 3275 ONADEKO TAIWO & KEHINDE 3375 ORANYE FRANCIS IFEANYI 3475 OTHUKE JOSEPH EFE 3575 PAUL BENEDICTA CHIKA MAUREEN 3276 ONAGHISE ISREAL 3376 ORDIA EHIKIOYA RANDY 3476 OTI JONATHAN CHIDI 3576 PAUL FAITH NUNTAH 3277 ONAJI OLIVER FRIDAY 3377 ORDUNZE COSLEY CHIDINMA 3477 OTIOCHA ELEAZAR 3577 PAUL OKEZIE SOLOMON 3278 ONAKOMAIYA, OLUKAYODE ADETUNJI (ENGR.) 3378 ORE AGNES TEMITAYO 3478 OTOKPEN JOHN MUME 3578 PEJI TOPA JACOB 3279 ONALAJA FEMI ONATADE 3379 OREDIPE ABOLAJI AHMED 3479 OTTO KEMISOLA 3579 PETER A OSAGIE 3280 ONAOLAPO OLAWALE WASIU 3380 OREDIPE ALBERT OLUSOLA 3480 OTUKA CHIMA EDMUND 3580 PETER GLORIA UBONG 3281 ONASANYA BENNETT ADESINA 3381 OREDIPE FELICIA MODUPE 3481 OTUKOYA DAMILOLA EMMANUEL 3581 PETER SANNI OLAYINKA 3282 ONASANYA MUDASHIRU OLAYINKA 3382 OREDIPE KAYODE EMMANUEL 3482 OTUKOYA ESTHER OLUFUNMILOLA 3582 PHONEIX HAULAGE SERVICES 3283 ONEAFOLU NGOZI PATIENCE 3383 OREDIPE VICTORIA ADEBISI 3483 OTUKOYA OLUWASESAN JAMES 3583 PIPC SECURITIES LIMITED -DEPOSIT A/C 3284 ONEKPE OSHOZEKHAI MICHAEL 3384 OREFUWA AMOS OLADIPO 3484 OTUKOYA OLUWASEYI 3584 PLANET CAPITAL LIMITED 3285 ONI ADEOLU OLUWOLE 3385 OREKOYA MODUPE ELIZABETH 3485 OTUKOYA SAMSON OLUWASEGUN 3585 PLATINUM HABIB/CASHVILLE INV & SEC- TRDG 3286 ONI AYOOLA OLAWALE 3386 OREMADE FEMI 3486 OTUKOYAOLUYOLE ISAIAH 3586 PONNLE TAIWO CORNELIUS 3287 ONI FOLUKE EUNICE 3387 ORHUE PROF AUGUSTINE ALENEZALA 3487 OTULANA ADEOLA OMOKUNBI 3587 PONUWEI BINIPERE OLU 3288 ONI SEUN 3388 ORIAGHAN IMOISILI OSAGIE 3488 OTUNUGA KOLAWOLE OTUNUGA 3588 POPOOLA FOLAKEMI OLUBUNMI 3289 ONI SOLA DAVID 3389 ORIAKHI HUMPHREY ATEKHA 3489 OTUNUGA SAMSON OLUGBENGA .O. 3589 POPOOLA JOSEPH ADEDAYO 3290 ONI TEMITOPE ENITAN 3390 ORIGHOYEGHA OVIE OGHENEVWOKE 3490 OVIE GODFREY EDERUKAYE 3590 POPOOLA MUHAMMAD LANRE 3291 ONI VICTORIA OLUTOYIN 3391 ORIJA TOLULOPE FELIX 3491 OVIEMHO SYLVESTER 3591 POPOOLA SAM AYODEJI 3292 ONIDARE OLUWAKEMI 3392 ORIMOLADE SHINA ADETUNJI 3492 OVUEWHORIE EDWIN 3592 POPOOLA TITILAYO AJIKE 3293 ONIFADE KEHINDE BOLANLE 3393 ORIMOLOYE OLUMIDE MARTINS 3493 OVUEZIRIE EMMANUEL EHIDIAMEN O. 3593 PORTFOLIO ADVISERS LTD 3294 ONIFADE OLUFEMI S & COMFORT A. 3394 ORIMOLOYE OLUWASEYI OLUKAYODE 3494 OWAN MICHAEL BUKIE 3594 PRAMTECH CONSULTS 3295 ONIFADE TAIWO OLUFEMI 3395 ORIOLOWO NURUDEEN KOLAWOLE 3495 OWASANOYE AFUYE FUNMILAYO 3595 PROFUND STOCKBROKERS LTD 3296 ONIGBINDE ADEWALE 3396 OROGBEMI ELIAS OLAJIDE 3496 OWOEYE ISREAL OMOTAYO 3596 PROPERTY & PECUNARY INS. BROKERS LTD. 3297 ONIGBINDE FEYISIKE TOYOSI 3397 OROKEMI JOHNSON ADEWUMI 3497 OWOKUNLE BILQIS ABIOLA 3597 PYNE OLAKUNLE OMOLADE 3298 ONIGBODE MOIDAT 3398 ORONNAYE FEMI 3498 OWOLABI ADEKUNLE WILLIAMS 3598 QUADRI FATAI OLUWATOYIN 3299 ONILE OLA VENTURES 3399 OROTOLA BUSAYO FOLASHADE 3499 OWOLABI AKEEM ALAO 3599 QUALINVEST CAPITAL LIMITED (RC. 259260) 3300 ONIPEDE DUNNI JANET 3400 ORUMA ADEMU UMORU 3500 OWOLABI CHRISTOPHER OYESINA 3600 QUALINVEST CAPITAL LIMITED (RC. 259260) - REC
122 Regency Alliance | 2016 Annual Report Unclaimed Divided List (Cont’d) Consolidated and Separate Financial Statements INSURER for the year ended 31 December 2016 RC: 023048
S/No Names S/NoNames S/No Names S/No Names
3601 QUANTUM SEC. LTD/DIAMOND BANK PLC 3701 SHEKAZ GLOBAL CONCEPT 3801 SURHYEL SAMUEL MSHELLIA 3901 UDOH HAPPINESS FRANCES 3602 RAFIU MUKAILA AYINLA 3702 SHELL COOP/ ODIOH MUSTAPHA IMOUDU 3802 SYLVESTER ESOIMEME HON. 3902 UDOH NNAEMEKA CHRISTOPHER 3603 RAHEEM AKEM 3703 SHELTER NETWORK 3803 TABANSI JOHN IKECHUKWU 3903 UDOISA DORIS E 3604 RAHMAN WASIU ANIFOWOSHE 3704 SHEYIN BAKO GANGA RICHARD 3804 TADE ADEWOLE ADENIYI 3904 UDOM EVANS THOMPSON 3605 RAIMI IBRAHIM KOLAWOLE 3705 SHILOH DEVELOPMENT LTD 3805 TADE OLUBUNMI ADEMOLA 3905 UDOM OGEDI IGNATIUS UDOM 3606 RAIMI RASHEED ADIGUN 3706 SHIRASAKA TSUYOSHI 3806 TAIWO BABATUNDE OLUWATOYIN 3906 UDOM SAMPSON UDO 3607 RAJI ABDUL DAUDA 3707 SHITTU IBRAHIM 3807 TAIWO ITIAYOMI MOYOSOREOLUWA 3907 UDOMAH EMMANUEL JAMES JONES 3608 RAJI ABDULYAKEEN BALOGUN 3708 SHITTU RIANAT ADERONKE 3808 TAIWO OLUSOLA ADEDAYO 3908 UDU INNOCENT 3609 RAJI FAISUDEEN ADEWOLE 3709 SHOBANDE MOJISOLA ENITAN 3809 TAIWO OLUWASANMI ISAIAH 3909 UDUKWU ERNEST CHUKWUEMEKA 3610 RAJI MARTINA TAYELOLU 3710 SHOBANJO BOLAJI SEUN 3810 TAIWO TEMITOPE OYEWALE 3910 UFONDU EJIRO DALSY 3611 RAJI SHAKIRUDEEN ALABI 3711 SHOBO ANU 2 3811 TAJUDEEN SHITTU GBELEKALE 3911 UFUDO P.I.C 3612 RAJI YUSUF ADEBAYO 3712 SHOBO FOLARIN OYEBOLA(REV) 3812 TAKO SUNDAY 3912 UGBEBOR IFEANYI 3613 RAPHA NIGERIA LIMITED 3713 SHODIPO RASAK OLANREWAJU 3813 TALABI ADENIYI OLADIPUPO 3913 UGBOMA MARTIN OBI 3614 RASAK KOLADE DAUDA 3714 SHODUNKE MICHAEL OLUGBENGA 3814 TALABI ADEWALE SEYI 3914 UGOFURE GABRIEL 3615 RASAQ ISIAKA 3715 SHOFUYI AYOTUNDE SAMSON 3815 TALMIZ KHADIZA 3915 UGOH DENIS IKECHUKWU 3616 RCCG GLORY TABERNACLE INVESTMENT CLUB 3716 SHOGADE OLADEINDE .A 3816 TAMAL INDUSTRIES LIMITED 3916 UGOH FRANCIS 3617 RESURGENCE CAPITAL LIMITED 3717 SHOKUNBI AKINWUNMI O. 3817 TANKO CHUNI LAWAL 3917 UGOH IMMACULATE NWANYIEZE 3618 RICHARD-NWAJEI MARTINS 3718 SHOLAJA SUNDAY SAMUEL 3818 TANKO IBRAHIM 3918 UGOH NKIRUKA 3619 RITA ANWULI NWANZE 3719 SHOLARU OLUTAYO 3819 TARIAH TAMUNONENGIYEOFOR AMAKS 3919 UGWU CHIDI PETER 3620 ROBINSON BLESSING 3720 SHOMEFUN EBENEZER OLUSHOLA 3820 TEGU BENSON 3920 UGWU LETICIA CHIKA 3621 ROTIFA OJO OLANIRAN 3721 SHOMKEGH ALYGBA SIMON 3821 TELA K. SALIHU 3921 UGWUANYA CONFIDENCE 3622 ROYAL MAGNATE CONSULT LTD 3722 SHONIBARE BOLADE ADEWALE 3822 TELLA DORCAS ADENIKE 3922 UGWUANYI ANTHONY CHIMEZIE 3623 RUFAI ABAYOMI RASAQ 3723 SHONIBARE JOSEPH OMOSOLA 3823 TELLA KAYODE AYOBAMI 3923 UGWUEGBULEM EMMANUEL C 3624 RUFAI ABDULAKEEM OMOTAYO 3724 SHONOWO ISLAMIYYAT FADEKE 3824 TEMPLE -CHUKWUNYERE NNAMDI 3924 UGWUIGBO TIMOTHY NONSO 3625 RUFUS MONDAY OYAREKUA 3725 SHOPEJU EFUNBOSEDE AYOTUNDE 3825 THOMAS ADEOLA 3925 UGWUNZE CHINO 3626 RUFUS NGOZI 3726 SHOREMI EMMANUEL OLADIMEJI 3826 THOMAS EZEKIEL 3926 UGWUOMARIMA UDOCHUKWU CHISOM 3627 RVE. ERAGBAI BEN 3727 SHOTUYO ADEBOWALE S. 3827 THOMPSON MOSES KOFI 3927 UIDC SECURITIES LID NOMINEE A/C I 3628 S G PAYNE ESTATE OF LATE 3728 SHUAIBU YUSUF 3828 THOMPSON SIMON UDO 3928 UIDC SECURITIES LIMITED 3629 SAAIIO VENTURES 3729 SIGNET INVESTMENT-DEPOSIT A/C 3829 THREE Ds-FUTURE VENTURES 3929 UJAH EMEKA MATTHIAS 3630 SADIKU MUKAILA 3730 SILAS ANIEFON AUGUSTINE 3830 TIAMIYU AMOFE LAWAL 3930 UJIAGBE EHI MOSES 3631 SADIPE ABIODUN 3731 SILAS DINATU TAWAHU 3831 TIDONI BOYE OBU SYLVIA 3931 UKABI SAMUEL ETEA 3632 SADIQ NURUDEEN AYINDE 3732 SIMEON LUKOLM & DAYO OKEWOLE 3832 TIFASE COMFORT OLUFUNMILAYO 3932 UKAEFI AJUMA IMO 3633 SAGBAKESIYE SEPREBO 3733 SINA-FALANA BEATRICE OMOWUNMI 3833 TIJANI NAJEEM 3933 UKAEGBU UCHE JOHN 3634 SAKA ADEBAMBO 3734 SINULO EZIUCHE NNEAMAKA 3834 TIJANI OLUSOLA EBUDOLA MUKADAM 3934 UKAH DANIEL UGOCHUKWU 3635 SAKA ADESHINA OLUWASEUN 3735 SMART BOLA IDAYAT 3835 TIJANI OMOLOLA MODINAT 3935 UKANAH BAYO STEPHEN 3636 SALAAM ABDUL JIMOH 3736 SOBANDE SEGUN AYOBANMI 3836 TIJANI TEMITOPE OLUFUNMI 3936 UKATU AMBROSE UZOCHUKWU 3637 SALAHUDEEN MUNIRU ADEKUNLE 3737 SOBODU BUKOLA MARY 3837 TIJANI, QUZEEM AYOMIDE OLUWADUROTIMI 3937 UKENI ANTHONY 3638 SALAKO ANTHONIA OLUWATOYIN 3738 SOBOWALE AYODELE O. 3838 TIJANI, SODIQ OLUWAGBEMIGA 3938 UKEOMA MOSES JAJA UKA 3639 SALAM ABIODUN LATEEF 3739 SOBOWALE IDOWU A. 3839 TIJANI, SUKURAT EBUDOLA 3939 UKET BASSEY OKPA 3640 SALAMI ADENIYI ADEOSUN 3740 SOBOWALE MORENIKEJI M. 3840 TIJANI, SULEIMAN OLUWASEUN 3940 UKIM KINGSLEY OKON 3641 SALAMI AZEEZ KOLA 3741 SODA YEWANDE OLUFEYIKEMI 3841 TIM MICHAEL FELIX 3941 UKO EFFIONG UDO 3642 SALAMI FATAI AYINLA 3742 SODEINDE BENJAMIN ADE-ABISOYE 3842 TIMOTHY INI 3942 UKOLI-OSAGIE AGNES TOYIN 3643 SALAMI FEHINTOLA ABENI 3743 SODEINDE OLUMUYIWA OLAYIWOLA 3843 TIMOTHY OLANREWAJU OLUMUYIWA 3943 UKOT JESSICA 3644 SALAMI ISMAIL ADEWALE 3744 SODIPE MORAYO ELIZABETH 3844 TOHIR FOLORUNSHO ISMAILA 3944 UKPABI JAMES 3645 SALAMI MA'ARUF AWEDA 3745 SODIPE OLUTAYO OLUBUSOLA 3845 TOLULADE JOSHUA OLUWAPELUMI 3945 UKPE NDIFREKE IME 3646 SALAMI MOSES GBENGA 3746 SODIPE OLUWOLE 3846 TOMIL TRUST LIMITED 3946 UKPE VICTOR NSIKAN ADEBANJI 3647 SALAMI OMONIYI OLAYINKA 3747 SODIQ SUNDAY 3847 TONWE OSADIAYE GRACE 3947 UKPOMA JOE 3648 SALAU M. ADEBANJO 3748 SODIYA ALAO SURAJUDEEN 3848 TOPMOST FIN.& INV. LTD.TRADED-STOCK-A/C 3948 UKPONG MARY BEN 3649 SALAU TAOPHEEK IRANLOYE 3749 SODOLA EMMANUEL OLUWAFEMI 3849 T-OSEA INTERNTIONAL LIMITED 3949 UKWANDU NZUBECHUKWU AUGUSTINA 3650 SALAUDEEN NOJEEMDEEN ADEKUNLE 3750 SOFELA TAIWO OLATUNDE 3850 TOSTWINS VENTURES 2 3950 ULOKO MARTHA MARTHA 3651 SALIMON AHMED ATANDA JAYEOLA 3751 SOFOLAHAN OLAWALE OLADIMEJI 3851 TOYE STEPHEN 3951 UMADIA KINGSLEY 3652 SALISU REBECCA 3752 SOFOLUKE OLATUNJI SIGISMUND 3852 TRANSWEALTH MICROFINANCE BANK LTD 3952 UMAH CHIBUIKE 3653 SALIU SARAFA AYINDE 3753 SOFOLUWE ADENIYI ADEYINKA 3853 TRUEBOND CAPITAL & ASSET MGT. LTD. 3953 UMAH ONYEKACHI JOSEPH 3654 SALMA AUDU MANJARO 3754 SOFOLUWE JOSEPH AKINSOLA OLUJIMI 3854 TSEJA TALATU VERONICA 3954 UMAHI ONYEKACHI 3655 SALU EBIGBOROWEI JOHN 3755 SOFOLUWE LOLA MARY 3855 TSOWA ISAAC LIKALI 3955 UMAR ABUBAKAR AABUBAKAR 3656 SAMBO JAMES 3756 SOFOWORA ADESOLA ABEKE 3856 TUGA OLOLADE OLUFUMBI 3956 UMAR ABUBAKAR LAWAL 3657 SAMS TOTAL TRADE LTD 3757 SOFUNIX INDICES 3857 TUMAKA NAGARTA ABA 3957 UMAR AHMED 3658 SAMSON OLUWASEGUN DADA 3758 SOGANET INVESTMENTS LIMITED 3858 TUNBI JANET TITILOLA 3958 UMAR BASHIR 3659 SAMUEL IDONOR 3759 SOJE BOLARINWA EMMANUEL 3859 TUNDE JOHNSON GBAJA 3959 UMAR DAIHATU MOH'D 3660 SAMUEL OLUWASEGUN ABEL 3760 SOJE OLUWATOSIN IMPORTANT 3860 TUOYO TOJU 3960 UMARU AISHAT EJURA 3661 SAMUEL OREOLUWA FELIX 3761 SOLANKE OJUOLAPE OLUTOSIN 3861 TUROTI OLUFUNMILAYO .E 3961 UMEARUKWA HULDAH EZIAMAKA 3662 SAMUEL TEMITOPE OMETERE 3762 SOLANKE TAWA BUKANYO 3862 TUWASE OLUROTIMI ANTHONY 3962 UMEH CYRIL 3663 SAMUELSON JULIUS YAYOK 3763 SOLID KAY ENTERPRISES 3863 UBA JASPER CHIKULIEM 3963 UMEH INNOCENT CHIBUEZE 3664 SANGODARA FOLARIN 3764 SOLOMON ANIEBIETABASI ENOBONG 3864 UBAH EUNICE ADANNA 3964 UMEH SAMSON CHUKWUNAEZU 3665 SANGONIRAN OLUFEMI ADEDEJI 3765 SOLOMON BOSE LARIL 3865 UBAH JUDE NWAKA 3965 UMEODIEGWU OLIVIA C. 3666 SANI TANKO MU,AZU 3766 SOLOMON FESTUS OLAJIDE 3866 UBAJEKWE CHIMKAMSO CHUKWUBUIKEM 3966 UMOREN ANIEFIOK EKONG 3667 SANNI ISMAIL OLAKUNLE 3767 SOMOYE SHERIFF OLALEKAN 3867 UBARA MESHACK OGAGAGHENE 3967 UMOREN PRAISES JOHN 3668 SANNI JOSEPH OLUMIDE 3768 SONUGA BOLANLE OMOTAYO 3868 UBI WOFIA KENNETH 3968 UMUDE BOSE 3669 SANNI MUKTAKIL OLUSHOLA 3769 SORHUE ABEL OBRUCHE 3869 UBU RICHARD EMERENO 3969 UMUKORO ELIZABETH OMOTAYO 3670 SANNI OMOTAYO RAFIU(MR) 3770 SORINMADE ADENIYI 3870 UCHE ATUEGBU 3970 UMUNNA EVANS JOE 3671 SANNI SIMBIAT ALAKE 3771 SOSAN OLANIPEKUN.G 3871 UCHE OGECHI NWANNEDIYA 3971 UMUNNA JEFFERY JOE 3672 SANNI SULAIMAN AJADI 3772 SOTIYO IGBALAWOLE EMMANUEL 3872 UCHEGBU CHUKWUEMEKA NNANYELU 3972 UMUNNA JESSE JOE 3673 SANNI TOLU ADEBAYO 3773 SOWEMIMO MOJISOLA OYINDAMOLA 3873 UCHENDU CHINYERE TAIATU 3973 UMUNNA JOE 3674 SANUSI OLADELE DAVID 3774 SOWUNMI IRETIOLUWA OMOBOLAJI 3874 UCHE-OKOLI AKUCHUWU FRANKA 3974 UNABIA U. HILARY 3675 SANUSI WASIU 3775 SOYINKA MATTHEW OLU 3875 UDAH JACOB EMMANUEL 3975 UNDIE DAVID UKPASU 3676 SANYA ADEKUNLE PATRICK 3776 SPRG/EMBASSY PHARM & CHEM LTD 3876 UDDIN JOSEPH OLUWASEGUN 3976 UNICREDIT MICROFINANCE BANK LTD 3677 SANYA FESTUS OLADIPO 3777 SPRING BANK PLC 3877 UDEAGWU UDENSI UKPABI 3977 UNILAG-MAGODO MULTI PURPOSE COOP SOC. 3678 SANYA SUSAN IYABO 3778 ST PETERS CHURCH F A C M 3878 UDEFUNA CHIDI 3978 UNISTAR INTERNATIONAL CO. LTD. 3679 SANYAOLU ABIODUN KUDIRAT 3779 STANDARD ALLIANCE MONEY LTD (SA MONEY) 3879 UDEGBUNAM MARTINS CHUKS 3979 UNITY BANK/CORE TRUST & INV. LTD-TRDG 3680 SANYAOLU OLABODE SUNDAY 3780 STERLING BANK PLC/TRADELINK SEC. LTD-TRD 3880 UDEH CELESTINE IFEANYI 3980 UNITY BANK/TRUST YIELDS SEC LTD-TRDG 3681 SARKI AHMID MOHAMMED 3781 SULAEMAN KEHINDE FATIMOH 3881 UDEH CHRISTOPHER CHUKWUNWE 3981 UNOH EMMA JOHN OBIDINMA 3682 SARKI AMAL MOHAMMED 3782 SULAEMAN MUJEEBAT . A . O 3882 UDEH HYGINUS NWANNEBUIKE 3982 UNOKANJODI VICTOR NDUBUISI CHIDUBEM JUNI 3683 SARKI HIND MOHAMMED 3783 SULAIMAN AYO 3883 UDEH IFY FELIX 3983 URANJE RICHARD 3684 SARKI MANAL MOHAMMED 3784 SULAIMAN IDRIS 3884 UDEH NICHOLAS EMEKA 3984 URUAKPA CHIMEREMEZE 3685 SARKI NAFIU MOHAMMED 3785 SULAIMAN KAZEEM ADISA 3885 UDEKWE ANTHONIA UNOMA 3985 USIADE CHUCKS 3686 SARUMI WAKILU ADEOLA 3786 SULAIMON WASIU OLADEJI 3886 UDEKWE CHUKWUGOZIE CHIKE GODSON 3986 USMAN IDRIS ATERE 3687 SEED PRINCIPLE INT'L LTD 3787 SULE EMMANUEL JNR 3887 UDEME AZUKA FRANK 3987 USMAN MOROOF-ATANDA 3688 SEIDU MUKAILA ALABA 3788 SULE MOMOH 3888 UDEME CHIKAOGU MARK 3988 USORO SUNDAY EDET 3689 SEKONI AHMED AYODEJI 3789 SULE SAIBU 3889 UDEME CHUKUTEM SPENCER 3989 UTAKE AJOKPAOGHENE 3690 SERIKI AYOOLA 3790 SULEIMAN EMMANUEL ABIODUN 3890 UDEME IGWEBUIKE DICKSON 3990 UTEH ANTHONY OGHENEREMU 3691 SESE ROSETTA TINKPOFUGHA 3791 SULEIMAN RASHIDAT 3891 UDEONU MIKE 3991 UWABOR NELSON LUCKY 3692 SEVEN UP CO –OPEATIVE SOCIETY 3792 SULEIMAN SHEHU 3892 UDEOZOR EMMANUEL UCHENNA 3992 UWADIEGWU EMMANUEL CHIGOZIE 3693 SHADRACK MOFOLUKE ADENIUNJU 3793 SULEIMAN ZANINAB ADETUTU 3893 UDEZE IGNATIUS BENJAMIN E. 3993 UWAIFO ANTHONY 3694 SHAFE NURAT ABIODUN 3794 SULIAMAM SHINA 3894 UDIMINUE EDET SAMUEL 3994 UWAJE AZUBUIKE EMMANUEL 3695 SHAFE RASAQ BOLANLE 3795 SUNDAY CHARLES EBONGHO 3895 UDO SAMUEL PETER 3995 UWAJE HELEN 3696 SHAIBU ABACHI MOHAMMED 3796 SUNDAY K OHAZIMIHE 3896 UDO SEBASTINE LAZARUS 3996 UWAJU CHARLES CHINEDU 3697 SHAKUNLE HEZEKIAH OLUWATOBI 3797 SUNDAY LEKARA THANKGOD 3897 UDO UDUAK JOSEPH 3997 UWAKWE GEORGE MADUABUCHI 3698 SHEDARA THOMPSON OLADELE 3798 SUNDAY SOLOMON IDODEAGBOR 3898 UDOFIA INEMESIT JACKSON 3998 UWAOMA CHIDOBE GREENWELL UCHECHI 3699 SHEHU MALLAM MIKAIL 3799 SUNMOLA YEKINI SOLA 3899 UDOFIA ITA MARCUS 3999 UWAOMAH EMMANUEL UCHENNA 3700 SHEKARI PHILIP 3800 SUNMONU RASAK MAYOWA 3900 UDOH CHRISTIANA IDORENYEN 4000 UWOGHIREN EGHOSA
Regency Alliance | 2016 Annual Report 123 Unclaimed Divided List (Cont’d)
INSURER Consolidated and Separate Financial Statements RC: 023048 for the year ended 31 December 2016
S/No Names S/NoNames S/No Names S/No Names
4001 UWONWA RAPHEAL U. 4037 WORLD-WIDE BUREAU DE CHANGE LTD 4002 UZIBOR JOEL & EUNICE 4038 WUHE GIDEON HOUGHOR 4003 UZOH DENNIS NDUBUISI 4039 WYTEHILL INVESTMENT COMPANY LTD 4004 UZOHO MARTIN NKEM 4040 YAHAYA ENIOLA FAUSAT 4005 UZOIGWE EBERECHUKWU AHAMEFUNWA 4041 YAJI JOYCE UGUUNGWA 4006 UZOKA EMMANUEL OSELOKE 4042 YAKAWONYA RUTSON (MR.) 4007 UZOMAH PETER IHEANACHO PASTOR 4043 YAKUBU HAKEEM ADEBAYO 4008 UZOR OLUWATOYIN MUTIAT 4044 YAKUBU MOMODU 4009 UZOZIE EMMANUEL CHINEDU 4045 YAKUSAK EZRA 4010 VAUGHAN AMOS OLASUNKANMI 4046 YALE EZEKIEL 4011 VIVA SECURITIES LTD 4047 YAYA MORUFU OLASUNKANMI 4012 WABARA ISAAC EKPEWERECHI 4048 YEDE FRANCIS SENTONJI 4013 WABARA MARC 4049 YELWA SUNDAY MARY 4014 WADE JOHN EDWARD 4050 YILKYES JOSEPH 4015 WAKAMA KIKELOMO SOLA 4051 YINUSA TEMITOPE 4016 WARIBO ISIOTU AMIESIA 4052 YOUNG-JACK SOKARI KIO (EST. OF) 4017 WELLINGTON IBOMA TAMMY 4053 YUKWE KINGSLEY 4018 WEST SCENTBA 4054 YUNANA GABRIEL 4019 WHETO SAMUEL 4055 YUSUF ABDULMUMEEN 4020 WHYTE CHRISTIANA ONUOMA 4056 YUSUF ABOSEDE ADENIKE 4021 WHYTE RITA MMA 4057 YUSUF ADEBAYO WASHEEU 4022 WILLIAMS BASEMAN JOHN .O. 4058 YUSUF ADEDAMOLA AYINDE 4023 WILLIAMS DEBORAH ABOSEDE 4059 YUSUF ADEKUNLE OLUWATOYIN 4024 WILLIAMS ENIOLA 4060 YUSUF MEDINAT ENIMIRE 4025 WILLIAMS JOHN ADEBAYO 4061 YUSUF OLUWATIMILEHIN 4026 WILLIAMS MERCILLINA 4062 YUSUF SAHEED OLAYIWOLA 4027 WILLIAMS MOYINOLUWA 4063 YUSUF SURAJUDEEN ADENRELE 4028 WILLIAMS SUNDAY 4064 YUSUFF OLAKUNLE MUDASHIR 4029 WILLIAMS TIMOTHY 4065 ZAHARADEEN ADAMU YUSUF 4030 WILLOUGHBY MARTIN ABAYOMI 4066 ZAKARI MOHAMMED 4031 WILSON KINGSLEY NDIFEREKE 4067 ZEKERI HASSANA USMAN 4032 WILSON STEPHEN NSIKAK 4068 ZENITH BANK/DE-LORDS SEC LTD - TRADING 4033 WINFUNKE OLUWAFEMI JOSEPH 4069 ZENITH SECURITIES DEPOSIT ACCT 4034 WINNERS BAPTIST CHURCH (SCHOOL ACCOUNT) 4070 ZENITHBANK/AFRINVEST(W.A)/CLIENTS- TRDNG 4035 WINZAMMANG LUKA 4071 ZIBIRI OMOH MARIA 4036 WISE LINKS VENTURES 4072 ZIGMA TECHNOLOGIES LIMITED
124 Regency Alliance | 2016 Annual Report 08053499073-4 OUR REGIONAL OFFICES
Consolidated and Separate Financial Statements INSURER RC: 023048 for the year ended 31 December 2016 RC: 023048
ABUJA IBADAN PORT-HARCOURT 8, Sawhaj Street Subulade Plaza (1st Floor) 58, Trans Amadi Road, Wuse Zone 1, Abuja 32, Anfani Street, Off Ring Road Port-Harcourt Tel: 08087667605 Ibadan, Oyo State. Rivers State Email: [email protected] Tel: 09021816391 Tel: 08085810864 Email: [email protected] Email: [email protected]
OUR BRANCHES ABEOKUTA ABUJA ADO-EKITI 16, Mapoly Road 8, Sawhaj Street Suite 9, Aniyeloye Shopping Mall Onikolobo, Abeokuta Wuse Zone 1, Abuja Conoil Filling Station, Fajuyi Opp. Aggs, Abeokuta, Tel: 08083869963 Ado-Ekiti, Ekiti State Ogun State. Email: [email protected] Tel: 09022960448 Tel: 08080978847 Email: [email protected] Email: [email protected]
BENIN IBADAN ILUPEJU 97B, Forestry Road, Subulade Plaza (1st Floor) 46, Town Planning Way Benin City 32, Anfani Street Ilupeju, Lagos Edo State. Off Ring Road, Ibadan Tel: 08053499231 Tel: 09078824758 Oyo State Email: [email protected] Email: [email protected] Tel: 08126010472 Email; [email protected]
KADUNA OWERRI OSHOGBO Turaki Ali House (NNDC Building) 1A, MCC Uratta Road, Anike Couture 3rd Floor Awibe Plaza Jesus Court Building 3, Kanta Road, Kaduna Owerri, Imo State Oke-Fia Alekuwodo, Kaduna State Tel: 08086230926 Oshogbo, Osun State. Tel: 07015988000 Email: [email protected] Tel: 08025567792 Email: [email protected] Email: [email protected]
PORT-HARCOURT VICTORIA ISLAND WARRI KANO 58, Trans Amadi Road, 9, Kasumu Ekemode Street 46, Effurun/Warri Road 6, Post Office Road, Port-Harcourt Off Saka Tinubu Street Opp. UBA Bank Plc, Effurun Kano, Kano State Rivers State Victoria Island, Lagos Warri, Delta State. Tel: 08150854567 Tel: 08085810864 Tel: 07052074148 Tel: 07088920861 Email: [email protected] Email: [email protected] Email: [email protected] Email: [email protected]
SUBSIDIARIES
REGENCY NEM INSURANCE LTD, GHANA RIC MICROFINANCE BANK LIMITED 65, Patrice Lumumba Road 16, Ikoyi Road, Obalende Airport Residential Area Lagos Nigeria Accra, Ghana. P.O.BOX 70333 Tel: +233 (0) 302778106, +233 (0)302768463,+233(0) 302769789 Victoria Island, Lagos Nigeria Fax: +233 (0) 302782871 Tel: (234) 08053499134 Website:www.regencyallianceghana.com Website: www.ric-microfinance.com Email: [email protected] Email: [email protected]
RIC PROPERTIES & INVESTMENT LIMITED RIC TECHNOLOGIES LIMITED No 9 Kasummu Ekemode Street 9, Kasumu Ekemode Street, Off Saka Tinubu Street Off Saka Tinubu Street Victoria Island, Lagos Nigeria P.O.Box 70333 Victoria Island Lagos Tel: (234) 07059525703 Tel: (234) 07063682780 Email:[email protected] Email:[email protected] www.ric -properties.com www.ric-tech.com
Regency Alliance | 2016 Annual Report 126
NOTE Consolidated and Separate Financial Statements INSURER RC: 023048 for the year ended 31 December 2016 RC: 023048
Regency Alliance | 2016 Annual Report 128