1 2015 Annual Reports and Accounts
Contents pg.9 pg.36 1 13 About SA Director’s Report
Introduction 2 Directors’ Report 16 - 20 Corporate Profile 3 - 5 Report of Audit Committee 21 Notice of Annual General Meeting 6 - 7 Corporate Governance Report 22 - 31 Result at a Glance 8 Management Discussion and Analysis 32 - 35 CEO’s Report 36 - 38 Management Team 39 - 43 Report of The Independent Auditor 44 - 45 Summary of Significant Accounting Policies 46 -70 7 Corporate 73 Information Financial Summary
Chairman’s Statement 9 - 11 Statement of Financial Position 7 1 Board Of Directors 12 - 14 Statement of Profit or Loss Approval & Statement and Other Comprehensive income 72 of Responsibilities 15 Consolidated and Separate Statement of Changes in Equity 73 Statement of Changes in Equity 74 Statement of Cash Flows 75 Other notes to the financial statements 76 - 131 Risk Management Report 99 - 129 Appendices to the financial statements 132 - 135 Determination of Solvency Margin 136 Branch Network 137 Unclaimed Dividends Position 138 - 157 Consolidation of Account 158 Proxy Form 160 E-Dividend Activation Form 162 2015 Annual Reports and Accounts 21
Introduction Standard Alliance Insurance Plc financial statements complies with the applicable legal requirements of the Companies and Allied Matters Act CAP C20 LFN 2004, regarding financial statements and comprise Consolidated and Separate Financial Statements for the year ended 31 December 2015. The consolidated financial statements of the Company and its subsidiaries have been prepared in compliance with International Accounting Standard 1, 'Presentation of financial statements' issued by the International Accounting Standards Board.
Standard Alliance Insurance Plc and its Subsidiary Company 3 2015 Annual Reports and Accounts About S.A
Our Vision To be the leading provider of insurance, risk management and investment services in Africa.
Our Mission To become the best within the shortest time possible, through hard work and innovation and the employment of superior men and machine resources:
To The Insuring Public To Employees A prime company that provides full A place of pride to work; a pleasant and protection against the unexpected at an conducive work environment that in affordable cost and in an efficient addition rewards merit and engenders manner. ownership approach to duty.
To Shareholders To The State A prime and profitable investment; a A responsible corporate citizen pride to own, and 2015 Annual Reports and Accounts 41
Corporate Profile
Standard Alliance Insurance Plc (SA Insurance Plc) is a high profile, technology-driven and customer- oriented company ranking among the best and most respected insurance companies in Nigeria, both in terms of product and service delivery. SA Insurance Plc, a frontline underwriting company licensed by the National Insurance Commission, NAICOM, to transact general and special risk insurance businesses, emerged from the now defunct Jubilee Insurance Limited which was acquired in August 1996 by keen Nigerian turn-around investors.
The company commenced full operations as Standard Alliance Insurance Limited in 1996 it went public and became quoted on the Nigerian Stock Exchange in 2003. SA Insurance Plc which was recapitalized in 2008 when it issued additional shares to the public has an authorised share capital of N7bn, a shareholders' funds of N4.6bn and an asset base which is currently N11.7bn. The company's gross premium written as at the end of 2015 is N5.2bn.
Gemrock Management Co. ltd. In December 2014, acquired a strategic interest in Standard Alliance with a new Board and Management put in place to implement a transformation programme that will see the company emerge as a dominant player in the insurance sector.
Our Values Our corporate organizational values derive from the letters of the word ‘STAR’ SERVICE ACCOUNTABILITY TRUSTRESILIENCE
Standard Alliance Insurance Plc and its Subsidiary Company 5 2015 Annual Reports and Accounts
Corporate information
Country of Incorporation and domicile Nigeria
Company registration number RC: 40590
Nature of business and principal activities The principal activity of the Company and its subsidiary is general and special risk insurance and life assurance and annuity business
Directors Johnson Chukwu Chairman (Appointed March 31, 2016) Brig. Gen. Dominic Oneya (Rtd.) Chairman (Resigned March 30, 2016) Bode Akinboye Chief Executive Officer Orerhime Emerhor-Iwuagwu Executive Director Omolola Oshiafi Director Adetayo Akintunde Director Etigwe Uwa, SAN Director Austin Enajemo-Isire Director
Company Secretary Uruemu-Esiri Oghen FRC/2016/NBA/00000014122
Registered office Plot 1 Block 94, Providence Street Lekki Scheme 1, Lekki, Lagos.
Registrars First Registrars & Investor Services Plot 2 Abebe Village Road, Iganmu, Lagos.
Bankers Access Bank Plc Ecobank Plc Fidelity Bank Plc First City Monument Bank Plc First Bank of Nigeria Limited Guaranty Trust Bank Plc Heritage Bank Limited Keystone Bank Limited Skye Bank Plc Sterling Bank Plc Union Bank Plc United Bank for Africa Plc Unity Bank Plc Wema Bank Plc Zenith Bank Plc
Reinsurers JLT Group Plc, London African Reinsurance Corporation, Nigeria Continental Reinsurance Plc, Nigeria Nigeria Reinsurance Plc, Nigeria WAICA Reinsurance Pool, Nigeria RKH Specialty
Reinsurance Broker Feybil Insurance Brokers
Auditors BDO Professional Services (Chartered Accountants) ADOL House Plot 15, Central Business District, Alausa, Ikeja, Lagos.
Actuaries HR Nigeria Limited FRC/NAS/0000000738 2015 Annual Reports and Accounts 61
Notice of The Twentieth Annual General Meeting
NOTICE IS HEREBY GIVEN that the 20th Annual General meeting of STANDARD ALLIANCE INSURANCE PLC will hold at the Event Hall, Plot 1, Block 94, Providence Street, Lekki Phase 1, Lekki, Lagos State on ……………...... , 2016 at 10am prompt to transact the following business:
ORDINARY BUSINESS
1. To receive the Audited Financial Statements for the year ended 31st December, 2015 together with the Report of Directors, Auditors and Audit Committee thereon.
2. To re-elect the following Directors:
Ÿ Mr. Austin Enajemo-Isire as a Non-Executive Director. Ÿ Mrs. Omolola Oshiafi as a Non-Executive Director.
3. To re-appoint BDO Professional Services as the Auditors of the Company.
4. To authorize the Directors to fix the remuneration of the Auditors.
5. To elect/re-elect members of the Audit Committee.
SPECIAL BUSINESS:
To consider and if thought fit, pass the following resolutions as Ordinary Resolutions:
1. To fix the remuneration of the Directors.
2. That subject to the post listing rules(Rules Governing Transactions with Related Parties or Interested Persons) of the Nigerian Stock Exchange, a General Mandate be and is hereby given for the Company to enter into recurrent related party or interested party transactions provided such transactions are of a revenue or trading nature or are necessary for the Company's day to day operations; and that the Directors be and are hereby authorized to complete and do all such acts and things (including executing all such documents as may be required) to give effect to the transactions as authorized by this Ordinary Resolution.
3. That in compliance with Article 5.07 (iv) of the National Insurance Commission Code of Good Corporate Governance for the Insurance Industry in Nigeria, the Directors are hereby authorized to appoint an External Consultant to conduct the Annual Board Performance Appraisal for the financial year ending December 31, 2016.
Dated this …...... day of ...... …………………., 2016
BY ORDER OF THE BOARD
URUEMU-ESIRI OGHEN COMPANY SECRETARY FRC/2016/NBA/00000014122
Uruemu-Esiri Oghen Company Secretary
Standard Alliance Insurance Plc and its Subsidiary Company 7 2015 Annual Reports and Accounts
NOTES
PROXIES A member of the company entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote in his/her stead. A proxy need not be a member of the company. A detachable blank proxy form is attached to the Annual Report. If it is to be valid for the purpose of the meeting, it must be duly completed and stamped at the Stamp Duties Office and deposited with the Registrars, FirstRegistrars & Investor Services Ltd. at Plot 2, Abebe Village Road, Iganmu, Lagos State not later than 48 hours before the time fixed for the meeting.
CLOSURE OF REGISTER OF MEMBERS AND TRANSFER BOOKS The Register of Members and Transfer Books of the Company will be closed from...... …...... , 2016 to …...... ….., 2016 (both dates inclusive) for the purpose of updating the Register.
UNCLAIMED SHARE CERTIFICATES AND DIVIDEND WARRANTS All Shareholders are hereby informed that the Registrars of the Company are holding share certificates and dividend warrants which have been returned by the Post Office as “unclaimed”. Some dividend warrants sent to Shareholders’ registered addresses or their bankers too are yet to be presented for payment or returned to the Registrars of the Company for revalidation. The affected shareholders should please get in touch with the Registrars.
NOMINATION TO AUDIT COMMITTEE In accordance with Section 359 (5) of the Companies and Allied Matters Act CAP C20, Laws of the Federation of Nigeria, 2004, any member may nominate a Shareholder for appointment to the Audit Committee. Such nomination should be in writing and must reach the Company Secretary not less than 21days before the Annual General Meeting. The National Insurance Commission’s code of Corporate Governance states that some of the members of the Audit Committee should have requisite knowledge of accounting, financial analysis and financial reporting. Also the Securities and Exchange Commission’s code of Corporate Governance provides that members of the Audit Committee should have basic financial literacy and should be able to read financial statements. We would therefore request that nominations be accompanied by a copy of the nominee’s curriculum vitae.
SHAREHOLDERS’ RIGHT TO ASK QUESTIONS Shareholders of the Company’s Securities reserve the right to ask questions not only at the meeting but also in writing on any matter, subject or issue contained in the Annual Report and Accounts. Such questions must be submitted to the Company on or before ….. …. 2016.
BIOGRAPHICAL DETAILS OF DIRECTORS FOR ELECTION OR RE-ELECTION. Biographical details of directors standing for election or re-election are provided in the Annual Report.
ANNUAL REPORT & UNCLAIMED DIVIDEND LIST Shareholders who wish to receive electronic copies of the Annual Report & Accounts and Unclaimed Dividends List should please send their names and e-mail addresses to info@firstregistrarsnigeria.com
WEBSITE A copy of this Notice and other information relating to the Meeting can be found at www.sainsuranceng.com. 2015 Annual Reports and Accounts 81
Results at a glance
As Restated Group Company Company Company 2015 2015 2014 Statement of Comprehensive income: N'000 N'000 N'000 %
Gross premium written 5,235,571 2,956,271 4,333,254 (32)
Net premium income 44,572,789 2,467,540 3,863,664 (36) Claims expenses (2,077,752) (824,794) (1,477,173) (44)
Underwriting results 1,233,998 1,224,482 1,430,687 (14)
Investment income 313,325 197,132 239,631 (18) Management expenses (1,484,138) (1,405,420) (1,795,804) (22) Profit/(loss) before tax 819,040 713,867 (2,098,516) 134
Statement of Financial Position: Cash and cash equivalents 1,317,866 730,785 701,236 4 Investment in related Companies - 406,728 317,604 28
Investment property 3,304,563 1,150,000 1,415,000 (19) Insurance contract liabilities 4,404,741 2,226,847 2,402,454 (7) Paid up share capital 5,996,587 5,996,587 5,996,587 - Shareholders' funds 4,258,933 4,232,201 3,301,579 28 Total Assets 11,787,369 8,435,622 7,605,484 11
Per share data Basic profit/(loss) per share (kobo) 7.40 6.76 (18.31) 137 Proposed dividend - - - - Net assets per share (Adjusted) 0.36 0.35 0.28 28 Share price (kobo) 0.50 0.50 0.50 -
General Number of Shareholders - 70,991 71,053 (0.09) Number of Employees - 131 118 - Number of Branches - 16 14 -
Standard Alliance Insurance Plc and its Subsidiary Company 9 2015 Annual Reports and Accounts
Chairman’s Statement
Dear esteemed shareholders, distinguished guests, ladies and gentlemen. It is with great pleasure that I welcome everyone to the 20th Annual General Meeting of the Company, Standard Alliance Insurance Plc. Moreover, it is a welcome privilege to address this Meeting for the first time in my capacity as the Chairman of the Board of Directors.
WORLD ECONOMY 2015 was a year of mild retreat in the global economy, with growth slower than in 2014. Official data of the IMF recorded a global growth of 3.1% in 2015, versus 3.4% posted in the prior year. Economic performance exhibited uneven growth across the major economic blocs of the world, with the advanced economies posting rather weak and fragile improvements in growth (1.88% in 2015, versus 1.84% in 2014), in the face of noticeable but receding growth (4.0%, versus 4.6%) by the emerging market economies. Sustained growth in the advanced economies was anchored by the economies of the US, UK, and Spain. But the emerging markets growth tempo was shaped largely by conditions in the BRICS economies, with the large demand nations boosting growth, at 6.9% in China and at 7.3% in India, whereas the commodity economies were eroding the growth, at -3.8% by Brazil and at -3.7% by Russia.
MR. JOHNSON EGU CHUKWU Global financial markets equally displayed mixed paths, Chairman especially in policy priorities. Monetary policy in advanced economies remained very accommodative, but with asymmetric stances. In 2015, the US Federal Reserve did not conduct QE asset purchases but rather, it raised policy rates for the first time since 2009 financial crisis. The ECB and the Gross Premium Income Bank of Japan continued their asset purchase stimulus N5.426 billion packages, even as the former further lowered rates and the latter announced negative interest rates on bankers' reserves. Monetary policy stance in the emerging markets was Underwriting Profit uncoordinated, with prominent commodity nations raising policy rates to combat currency depreciation, but China, India N1.234 billion and Indonesia easing their policy climates.
NIGERIAN ECONOMY Total Assets Real growth in the Nigerian economy fell by nearly 55%, from N11.79 billion 6.2% in 2014, down to 2.8% in 2015. This performance reflects the buildup effects of a pricing collapse of over 66% in global energy markets since Q4/2013, and brought to fore the dangerous exposure of Nigeria to oil. Meanwhile, Nigeria's economic growth profile since Q4/2014 mirrors those of other energy-dominant exporters, namely Russia, Brazil, and Angola 2015 Annual Reports and Accounts 101
According to official data released from the and cutting the CRR from 25% to 20%, in order National Statistician, the 2.8% growth was to release some liquidity to support non–oil anchored by non-oil activities, which grew at sector growth and job–creation. 3.75%, compared to petroleum activities which saw a sector GDP collapse of –5.45%. In real Running in parallel to the macroeconomic terms, the Nigerian economy has officially management challenges were a pockets of evolved into a services economy, as seen in a political and structural economic logjams. The 53% GDP share for the services sector, spate of insurgent extremist attacks showed comprising activities in telecoms & ICT, trade, only little signs of abating (Northeastern transportation, finance, insurance, real estate, Nigeria was essentially off the corporate entertainment & media, and public social logistics map). Moreover, the new services. administration was unable to constitute a ministerial cabinet for nearly six months. Election spending and a surge in food prices in Businesses equally suffered from some the course of the year ignited some mild structural problems caused by very low power inflationary pressures. By midyear, consumer supply and disordered fuel products inflation rose to 9.2% (up from 8.0% in distribution arrangements. Essentially, the December 2014), so that the CBN missed its year 2015 was made much more difficult in benchmark inflation target range of 6% to 9%, equal proportions by both domestic and the first time to do so in two straight years of external conditions, and these forced on the prudent price management. The global oil economy the sharp collapse in real growth, market rout of 2014 proceeded into 2015, with from 6.2% to 2.8%. more severity, as evidenced by a 56% collapse in crude oil prices between January 2014 and FINANCIAL RESULTS January 2015. By February 2015, the CBN was Against the background of a complicated effectively forced to allow the official market to national economic environment in the absorb a 19% devaluation of the Naira, in order financial year 2015, the Group's financial to match the parallel markets rate of about results are hereby presented. The Group N198 to the US Dollar. posted gross premium income of N5.426 billion, an underwriting profit of N1.234 billion, Initially, the macroeconomic picture remained and a profit before tax of approximately N819 unclear for most part of the first half of 2015. million. Our balance sheet assets stood at But by Q4/2015, year-on-year quarterly GDP N11.79 billion, with approximately N4.65 growth rates were collapsing continuously, billion of these being financed by crude oil prices had fallen by a further 23% shareholders' equity funds. I am confident to over January 2015 levels, a faster depletion had inform you that our Executives and brought net external reserves down to a Management Staff have put in efforts and monthly average of about US$29 billion (from commitments to put the Group on a solid about US$34 billion in Q4/2014), the equity footing, upon which the combined market market index had lost over 17% on its January strengths of the life and general wings of the 2015 levels, and the parallel FX market was Group will be harnessed in the immediate further pricing at N258, effectively a midterm for business growth and value devaluation premium rate above official generation for stakeholders. markets of about 32% over the aligned January 2015 US Dollar rate. In its last MPC meeting in BOARD MATTERS Q4/2015, the CBN responded to these macro During the financial year 2015, we did not developments by an accommodation stance, witness any changes in the composition of the by adjusting the MPR down to 11% from 13% Board, either at the Group level or within any of
Standard Alliance Insurance Plc and its Subsidiary Company 11 2015 Annual Reports and Accounts
Chairman’s Statement
the constituent entities of the Group, a petroleum sector. We expect the insurance reflection of the effective board–level landscape to be boosted by government mechanisms that were put in place at the official efforts and from emerging prospects of beginning of the financial year. the non–oil sectors of the Nigerian economy.
2016 DEVELOPMENTS AND FUTURE CONCLUSION OUTLOOK The Group is well–positioned to take An industry development of significance in the advantage of the competitive terrain, and you current year 2016 is mandatory corporate will be made aware of the progress on the governance change, under NAICOM rules. The efforts and directions of the Executives and regulator has required that non-executive Management Staff of the Group. directors of insurance companies that have served up to the maximum length of nine years I wish to place on record my heart–felt should vacate Board membership. This appreciation (as well as the Board's) of the requirement led to the painful departure of loyalty of our numerous customers who have our immediate past Chairman, Brigadier continued to trust our brand. I also wish to –General Dominic Oneya (Rtd.), who occupied express my appreciation (and that of the that position since December 2014, and has Board) of the patronage we continue to receive been a director of SA Insurance Plc since 2005. from our insurance brokers, and of the mutual On behalf of the Board of Directors, I wish to respect and understanding that are extended express sincere appreciation for his tireless to us by our business allies. efforts and the excellent service that General Oneya has put in the services of the Company. Members of the Board of Directors are equally Please join me and other Board Members in appreciated, for making themselves available wishing him well in all his future endeavors. In in the services of Group in one form or the his place, the directors have considered and other. During the financial year, members of approved my appointment as the Chairman of staff in the Group have put in invaluable the Board of Directors from March 2016. efforts, commitments, and sacrifice, be it in marketing or support activities, and these The outlook of the Nigerian economy is both service activities I do highly appreciate, in my positive and pragmatic. The 2016 federal capacity as the Chairman. budget was belated but has now been signed into law. In 2016, we expect the federal Lastly, let me thank everyone of you, our valued government to be able to work tenaciously at and esteemed shareholders, for entrusting its reform and change agenda, and we will not the Board of Directors with the affairs of the rule out the possibility of some quick wins in Group, and for your attendance at the 20th the areas of power supply and fuel products Annual General Meeting of Standard Alliance distribution. We expect public finance Insurance Plc. conditions to be tied to OPEC decisions on output cuts, and so the logical but pragmatic Thank you all and God bless. outcome might be any of increase in the national debt or of consumption taxes, or both. Insurance businesses have learnt lessons on the precarious linkages between their earnings and the fortunes of Nigeria's MR. JOHNSON EGU CHUKWU Chairman 2015 Annual Reports and Accounts 121
Board of Directors
Mr. Johnson Egu Chukwu Mr. Bode Akinboye Chairman
- Initiator/Founder, Cowry Asset Management Limited. - Long standing experience in the Nigerian insurance sector. - Facilitator, Institute of Chartered Accountants of Nigeria (ICAN). - Strategist in products packaging, marketing and corporate management. - Facilitator, Financial Institutions Training Centre (FITC). - Public speaker. - Media commentator on the Capital Market, banking industry and general - Expert in capacity building and human resources development. economic issues. - Group Managing Director/ Chief Executive Officer, - Pioneer General Manager/Chief Executive Officer, Guardian Express Trust Standard Alliance Insurance Plc. Limited (now Spring Capital) – a subsidiary of Guardian Express Bank Plc (now - Vice Chairman, Gemrock Management Company Limited. Spring Bank Plc). - Former Group Managing Director, Standard Alliance Group. - Former Deputy General Manager and Group Executive, Operations, Spring - Championed the execution and success of the strategic plans of the Group. Bank Plc. - Former Managing Director/CEO, Standard Alliance Insurance Plc. - Supervised at various times functions as Structured/Corporate Finance, - Spearheaded the listing and quotation of the company on the Treasury, Risk Management, Operations, Human Capital Management, Nigerian Stock Exchange. Information technology and Facilities management at Guardian Express - Facilitated foreign direct investments of about USD $ 20m to the company. - Former Chief Executive Officer, Standard Alliance Life Assurance Ltd. Bank Plc. - Former Financial Controller, - Pioneer Chief Financial Officer, Guardian Express Bank Plc. - Former AGM (Oil/Energy, Financial Institution Marketing), - Championed the setting up of Guardian Express Bank's Accounting systems, Standard Alliance Insurance Plc. processes and Management/Financial reporting systems. - Former Management Accountant, Industrial and General Insurance Plc (IGI). - Former Deputy Financial Controller, Diamond Bank Plc. - Fellow, Institute of Chartered Accountants of Nigeria (ICAN). - Worked in Credit and Marketing (Trade Finance), Financial Control, Treasury - Member, Nigerian Institute of Management (NIM). Operations and Branch Operations, Intercontinental Bank Plc (now Access - Member, Institute of Directors (IOD) Bank Plc). - Alumnus, Lagos Business School (LBS), Pan African University. - Alumnus, Lagos Business School (Pan African University). - Alumnus, Harvard Business School, Boston, USA. - Attended courses at IESE Business School(University of Navarra) Barcelona, - Member, Governing Council of the Nigerian Insurers Association (NIA). Spain; Wharton Business School (University of Pennsylvania) Philadelphia, USA. - Alumnus, University of Lagos. - Fellow, Institute of Chartered Accountants of Nigeria. - Fellow, Chartered Institute of Taxation.
Standard Alliance Insurance Plc and its Subsidiary Company 13 2015 Annual Reports and Accounts
Mrs. Orerhime Emerhor-iwuagwu Mrs. Adetayo Akintunde Mr. Etigwe Uwa, San
- Expert on human capital development, IT - Currently engaged in investment activities covering - Vast experience in insolvency practice, litigation and brand management. insurance, banking. and alternative dispute resolution. - ED, Standard Alliance Insurance Plc. - Former Managing Director/CEO, Springlife - Asset to creditors and debtors for the resolution - Board Director: Assurance Company where she championed the of proceedings in liquidation, winding-up and - SA Life Assurance Ltd. company's return to profitability within six months. company restructuring. - SA Properties Ltd. - Former Managing Director, ADIC Insurance Limited. - Former Head, Litigation and Arbitration differently - SA Capital & Asset Management Ltd. - Former Managing Director of African at Sofunde, Osakwe, Ogundipe & Belgore and F. O. - Was with: General Insurance Brokers. Akinrele & Co Law firms. - Vetiva Capital Management Limited; - Former Senior Management Staff, Unic Insurance - Private practice at own Streamsowers & Co. - Oando Plc; as well as Industrial and General Insurance. - Dispute Resolution Partner, Streamsowers & Köhn - Lagoon Home Savings & Loans Ltd. - Alumnus, University of Ilorin. (after a merger). - Alumnus, Lagos Business School. - Fellow, Chartered Insurance Institute of Nigeria. - Participated through Federal Government - Alumnus, University of Manchester, UK. appointment in the winding-up of Nigerian Airways. - Alumnus, University of Sheffield, UK. - Acted in the restructuring of four of the then - Member, Institute of Directors (IoD). national carrier's subsidiaries. - Member, Chartered Insurance Institute - Fellow, Chartered Institute of Arbitrators (UK). (London). - Senior Advocate of Nigeria (April, 2010). - Distinguished Member, AES Excellence Club. 2015 Annual Reports and Accounts 141
Board of Directors
Mrs. Omolola Oshiafi Mr. Austin Enajemo-isire
- Seasoned Banker. - Former Managing Director/CEO, Standard Alliance - Executive Director (Operations & Emerging Life Assurance Limited. Markets), TrueBond Investments and - Former Deputy General Manager, BAICO Capital Limited. Insurance Plc. - Former Senior Manager and Head of Corporate - Former Assistant General Manager, Standard Trust Banking, FSB International Bank Plc Assurance Plc. (now Fidelity Bank Plc). - Pioneer member of staff, Globe Reinsurance Plc. - Deputy Manager, former Citizens International - Alumnus, Lagos Business School. Bank Limited (now Spring Bank Plc). - Alumnus, Robert Morrison University, Moon Town, - NYSC, former Nigerian-American Merchant Bank Pennsylvania, USA. (now First City Monument Bank). - Alumnus, Delta State University, Abraka. - Alumnus, Ahmadu Bello University, Zaria. - Fellow, Institute of Directors. - Associate, Institute of Chartered Accountants - Fellow, Institute of Chartered Accountants of of Nigeria (ACA). Nigeria (FCA). - Member, Chartered Insurance Institute of Nigeria (CIIN). - Associate Member, Chartered Institute of Taxation of Nigeria (ACTI). - Member, Ikoyi Club.
Standard Alliance Insurance Plc and its Subsidiary Company 15 2015 Annual Reports and Accounts
Statement of Directors' Responsibilities
Statement of Directors' Responsibilities in relation to the Financial Statements for the year ended 31 December 2015.
In accordance with the provisions of the Companies and Allied Matters Act, CAP C20 LFN 2004, the Insurance Act CAP I17, LFN, 2004 and National Insurance Commission's operational guidelines 2011, the Directors are responsible for the preparation of financial statements which give a true and fair view of the state of affairs of the Group and Company and the profit or loss and other comprehensive income for the financial year.
The Directors responsibilities include ensuring that the Group: I. implements appropriate internal controls to secure the assets of the Group and Company, prevent and detect fraud and other financial irregularities
ii. keeps accounting records which disclose with reasonable accuracy the financial position of the Group and which ensure that the financial statements comply with the requirements of the Companies and Allied Matters Act, CAP C20, LFN 2004, Insurance Act CAP I17, LFN 2004, and NAICOM Operational Guidelines and Circulars.
iii. has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgments and estimates, and that all applicable accounting standards have been followed.
The Directors accept responsibility for maintaining adequate accounting records as required by: a. International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB); b. Companies and Allied Matters Act, CAP C20, LFN 2004; c. Insurance Act, CAP I17, LFN 2004; d. NAICOM Operational Guidelines and circulars.
The Directors are of the opinion that the financial statements give a true and fair view of the state of affairs of the Group and subsidiary Company and of the profit or loss for the year. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal control.
Nothing has come to the attention of the Directors to indicate that the Group and Company will not remain a going concern for at least 12 (twelve) months from the date of approval of the financial statements.
Mrs. Orerhime Emerhor-Iwuagwu Mr. Bode Akinboye Mr. Kadiri Ijeremhe Director Chief Executive Officer Head, Finance and Accounts FRC/2013/IODN/00000004229 FRC/2013/ICAN/00000005139 FRC/2013/ICAN/00000002076 2015 Annual Reports and Accounts 161
Report of the Directors
Standard Alliance Insurance Plc and its Subsidiary Company 17 2015 Annual Reports and Accounts
Report of the Directors
The Directors have the pleasure in presenting their annual report and the audited financial statements of Standard Alliance Insurance Plc ("the Company) and Standard Alliance Life Assurance Limited ("its subsidiary") together 'the Group' to the Shareholders along with the auditor’s report for the year ended 31 December 2015. The Group financial statements were prepared in compliance with the International Financial Reporting Standards (IFRS).
Principal activities and business review The Group's principal activity is the provision of non-life and life underwriting (under separate licenses held by the Company and its subsidiary) and special risk underwriting and related financial services. Such services include provision of general insurance and life assurance services (through its subsidiary) to both individual and corporate customers.
The following is the summary of the Group's operating results:
Group Company Company 2015 2015 2014 N'000 N'000 N'000
Gross premium income 5,426,185 3,070,114 4,338,679
Claims incurred (1,718,166) (777,410) (1,194,074) Underwriting expenses (1,638,071) (517,692) (1,341,981)
Underwriting results 1,233,998 1,224,482 1,430,687 Share of profit/(loss) of related Companies - 55,627 (726,422) Investment income 313,325 197,132 239,631 Profit/(loss) before tax 819,040 713,867 (2,098,516) Taxation 68,441 96,371 (98,029)
Profit/(loss) after tax 887,481 810,238 (2,196,545)
Directors The Directors of the Company are as follows: Mr Johnson Egu Chukwu - Chairman Mr Bode Akinboye - Chief Executive officer Mrs Orerhime Emerhor-Iwuagwu - Executive Director Mrs Omolola Oshiafi - Director Mrs Adetayo Akintunde - Director Mr Etigwe Uwa, SAN - Director Austin Enajemo-Isire - Director 2015 Annual Reports and Accounts 181
Retirement of Directors Brig. Gen. Dominic Oneya -Chairman of the Board, resigned effective March 30, 2016 in compliance with S. 5.04 of the NAICOM Code of Good Corporate Governance which provides that Non-Executive directors shall not be renominated and appointed for more than 3terms of 3years each. Brig. Gen D. Oneya spent 11 years on on the Board of the Company.
Appointment of Directors No new Director was appointed to the Board of the Group during the year.
Directors' interests The Directors' direct interests in the issued share capital of the Company as recorded in the Register of members as at 31 December 2015 is as follows:
Number of shares held at the end of:
2015 2014 Units % Units % Brig. Gen. Dominic Oneya (Rtd.) 3,009,900 0.03 3,009,900 0.03 Mr Bode Akinboye 434,013,914 3.62 52,000,000 0.43
Mrs. Orerhime Emerhor-Iwuagwu 200,000 0.002 25,200,000 0.21 Austin Enajemo-Isire 10,441,000 0.09 15,441,000 0.13 Mrs. Omolola Oshiafi 12,500,000 0.10 12,500,000 0.10
The Directors' indirect interests in the issued share capital of the Company as recorded in the Register of members are as follows:
2015 2014 Units % Units % Bode Akinboye: Gemrock Management Company Limited 382,013,914 3.2 - - Mrs. Orerhime Emerhor-Iwuagwu: Standard Alliance Investments Limited 2,532,111,540 21.1 3,158,892,140 26.34
Standard Alliance Capital Limited 250,000,000 2.1 4,145,000 0.03
Contracts In accordance with Section 277 of the Companies and Allied Matters Act, CAP C20, LFN 2004, none of the Directors has notified the Company of any declarable interest in contracts involving the Company during the year under review.
Disposal of Treasury shares By virtue of the existence of treasury shares arising from the issue of shares that did not result in net cash inflow to the Company during its public offer of 2008, the Company has secured an investor Gemrock Management Company Limited who acquired the Treasury shares of 2,212,046,824 units (18.48%) ordinary shares. The transaction was approved by Securities and Exchange Commission on 31 December 2015.
Standard Alliance Insurance Plc and its Subsidiary Company 19 2015 Annual Reports and Accounts
Report of the Directors
Property, plant and equipment Information relating to changes in tangible assets is given in Note 16 to the financial statements. The Directors are of the opinion that the market value of the Group and Company's assets is not lower than the values shown in the financial statements.
Share capital information a) Share range analysis Number of Share % Range of shares Shareholders Units Total 1 - 1,000 15,084 14,497,069 0.12 1,001 - 5,000 27,743 86,747,019 0.72
5,001 - 10,000 11,744 103,866,298 0.87
10,001 - 50,000 12,335 291,541,652 2.43 50,001 - 100,000 2,021 165,079,410 1.38
100,001 - 500,000 1,532 339,578,298 2.83
500,001 - 1,000,000 236 196,290,643 1.64 1,000,001 - 5,000,000 165 363,864,218 3.03
5,000,001 - 10,000,000 47 348,668,609 2.91
10,000,001 - 50,000,000 39 871,238,655 7.26 50,000,001 and above 45 9,211,801,579 76.81 Total 70,991 11,993,173,450 100
b) Substantial interests in shares Apart from Standard Alliance Investments Limited and FCMB Plc which hold 2,216,219,400 units (18.48%) and 1,120,000,000 units (9.34%) respectively, no other shareholder held more than 5% of the issued share capital of the Company as at 31 December 2015. However, the Securities and Exchange Commission recently ratified the sales of 2,212,046,824 units (18.48%) of ordinary shares to Gemrock Management Company Limited. A application has been made to the Nigerian Stock Exchange to transfer the Treasury shares to Gemrock. Upon the NSE approval, the register of shareholders will be updated accordingly.
Corporate Social Responsibilities The Company makes donations to charitable and non-profit organisations in appreciation of the society's contributions toward the Company progress. During the year, a total sum of N1,150,000 (December 2014: N700,000) was given out as donations and charitable contributions during the year. Details of the donations and charitable gifts are as stated below:
Amount N i. University of Liverpool Alumni in Nigeria 100,000 ii. Fair Life Africa Foundation 1,050,000 2015 Annual Reports and Accounts 201
Human resources a) Employment of disabled persons The Group operates a non-discriminatory policy in the consideration of applications for employment, including those received from disabled persons. The Group's policy is that the most qualified and experienced persons are recruited for appropriate job levels irrespective of applicants state of origin, ethnicity, religion or physical condition. In the event of any employee becoming disabled in the course of employment, the Company is in a position to arrange appropriate training to ensure continuous employment of such person without being subjected to any disadvantage in his/her career development. b) Health, safety and welfare of Employees The Company's business premises are designed with a view to guaranteeing the safety and healthy living conditions of its employees and customers alike. Health, safety and fire drills are regularly organised to keep employees alert at all times. Employees are adequately insured against occupational hazzards. In addition, the Company provides medical facilities to its employees and their immediate families at its expense. c) Employee involvement and training The Company encourages participation of employees in arriving at decisions in respect of matters affecting their well being. Towards this end, the Company provides opportunities for employees to deliberate on issues affecting the Company and employees' interests, with a view to making inputs to decisions thereon. The Company places a high premium on the development of its manpower. Consequently, the Company sponsored its employees for various training courses both in Nigeria and abroad in the year under review.
Auditors BDO Professional Services, have indicated their willingness to continue in office in accordance with section 357(2) of the Companies and Allied Matters Act, CAP C20 LFN 2004.
A resolution will be proposed at the Annual General Meeting to authorize the directors to fix their remuneration.
By order of the Board
Uruemu-Esiri Oghen Company Secretary FRC/2016/NBA/00000014122 30 March 2016.
Standard Alliance Insurance Plc and its Subsidiary Company 21 2015 Annual Reports and Accounts Report of Audit Committee to The Members of Standard Alliance Insurance Plc
In accordance with the provisions of Section 359(6) of the Companies and Allied Matters Act, CAP C20 of the Laws of the Federation of Nigeria, 2004, we the Members of the Audit Committee of Standard Alliance Insurance Plc having carried out our statutory functions under the Act, hereby report as follows:
We have reviewed the scope and planning of the audit for the year ended 31 December, 2015 and we confirm that they were adequate.
The Company’s reporting and accounting policies as well as internal control systems conform to legal requirements and agreed ethical practices.
We are satisfied with the departmental responses to the External Auditors’ findings on management matters for the year ended 31 December, 2015.
Finally, we acknowledge and appreciate the cooperation of Management and Staff in the conduct of these duties.
Mr. Johnson Chukwu FRC/2013/ICAN/00000003920 Chairman of the Audit Committee 30 March 2016.
Members of the Audit Committee Mr. Johnson Chukwu Chairman Mr. Etigwe Uwa (SAN) Director Mr. Austin Enajemo-Isire Director Mr. Matthew Esonanjor Member Mr. Godwin Anono Member Mr. Erinfolami Gafar Member 2015 Annual Reports and Accounts 221
Corporate Governance Report
Standard Alliance Insurance Plc and its Subsidiary Company 23 2015 Annual Reports and Accounts
Corporate Governance Report
Reporting entity Standard Alliance Insurance Plc is a Company incorporated and domiciled in Nigeria. The address of the Company’s registered office is Plot 1, Block 94, Providence Street, Lekki Scheme 1, Lekki – Epe Express way, Lekki, Lagos. The Company underwrites life (through its subsidiary under seperate license) and non-life insurance risks. The Company is listed on the Nigerian Stock Exchange.
These financial statements of the Company as at and for the year ended 31 December 2015 comprise that of the Company and its subsidiary (together referred to as the 'the Group' and individually as 'Company). The Company primarily operates in the insurance and other financial services sector.
Standard Alliance Insurance Plc has over the years built an enviable reputation and has consistently adopted, implemented and applied international best practices in corporate governance, service delivery and value creation for all its stakeholders.
The Company's corporate governance principles are embodied in its Code of Corporate Governance, which represents the core values upon which the Company was founded. Code of Corporate Governance is designed to ensure that the company's business is conducted in a fair, honest and transparent manner that conforms to high ethical standards. For the entity, good corporate governance goes beyond just adhering to rules and policies of the regulators; it is about consistently creating excellent value for our stakeholders using the best possible principles within a sustainable and enduring system.
In order to remain a pace setter in the area of good corporate governance practice, the Company's corporate governance practices are constantly under review in line with the dynamics of the business environment and guidelines of the regulatory bodies.
Governance Structure The Company is committed to high standards of corporate governance. Corporate governance practice in the Company is drawn from various applicable codes of corporate governance issued by National Insurance Commission (NAICOM) and Securities and Exchange Commission (SEC). This ensures compliance with regulatory requirement as well as the core value which the company was established.
The provision of the codes is geared towards ensuring transparency and accountability of the Board and Management to shareholders of the Company.
The Board of Directors Presently, the Company has a seven man Board led by a Chairman who is a non-executive Director. There are two executive directors one of whom is the Chief Executive Officer, All other four directors are non- Executive.
All the Directors bring various and varied competencies to bear on all Board deliberations. The Directors individually have attained the highest pinnacle of their chosen professions. The Board meets quarterly and is responsible for effective control and monitoring of the Company’s strategy.
The ultimate responsibility for the governance of the Company resides with the Board of Directors, which is accountable to the shareholders for creating and delivering sustainable value through the management of the Company's business. The Board is also responsible for the management of the company's relationship with its various stakeholders. The day to day running of the Company is delegated to the Chief Executive Officer by the Board of Directors assisted by the Management Committees. 2015 Annual Reports and Accounts 241
Responsibilities of the Board The responsibilities of the Board of Directors include: i. Review corporate strategy, major plans of actions, risk policies, business plans, setting performance objectives, monitoring implementation and corporate performance and overseeing major capital expenditures and acquisitions
ii. Select, compensate, monitor and when necessary, replace key executives and oversee succession planning
iii. Monitor the effectiveness of the governance practices under which it operates and make changes as may be necessary
iv. Ensure the integrity of the Company’s accounting and financial reporting systems, including the independent audit and that appropriate systems of control are in place, in particular, systems for monitoring risk, financial control and compliance with the law
vi. Monitor and manage potential conflicts of interest of management, board members and shareholders, including misuse of corporate assets and abuse in related party transactions
v. Supervise and monitor the execution of policies and providing direction for the management
vii. Monitor potential risks within the company including recognising and encouraging honest whistle blowing
viii. Oversee the process of disclosure and communication in the company
Roles of Chairman and Chief Executive The roles of Chairman and Chief Executive are separate and no one individual combines the two positions. The Chairman's main responsibility is to lead and manage the Board to ensure that it operates effectively and fully discharges its legal and regulatory responsibilities. The Chairman is responsible for ensuring that Directors receive accurate, timely and clear information to enable the Board take informed decisions, monitor effectively and provide advice to promote the success of the Company. The Chairman also facilitates the contributions of Directors and promotes effective relationships and open communications between Executive and non-Executive Directors, both inside and outside the Boardroom.
The Board has delegated the responsibility for the day-to-day management of the Company to the Chief Executive Officer, who is supported by Executive Management. The Chief Executive Officer executes the powers delegated to him in accordance with guidelines approved by the Board of Directors. Executive management is accountable to the Board for the development and implementation of strategies and policies. The Board regularly reviews group performance, matters of strategic concern and any other matters it regards as material.
Board Committees The Board carries out some of its responsibilities through the Board committees whose terms of reference set out clearly their roles, responsibilities, scope of authority and procedures for reporting to the Board. Each committee is chaired by a non-Executive Director in compliance with principles of good corporate
Standard Alliance Insurance Plc and its Subsidiary Company 25 2015 Annual Reports and Accounts
Corporate Governance Report
governance and the Audit Committee is chaired The Audit Committee is chaired by an independent director. These committees report to the Board of Directors on their activities and decisions, which are ratified by the full Board. The committees are as follows:
1) The Finance, Investment and General purpose Committee This is a standing committee of the Board with the responsibility for investment. The terms of reference of the committee includes: Ÿ Review of existing investments; Ÿ Review of investment strategies; Ÿ Review of company’s investments by way of equities; Ÿ Review of company’s investments by way of deposit placements; and Ÿ Review of Budgets.
The Board Investment and Finance Committee has the following members during the period under review: Mrs. Omolola Oshiafi Chairman Mr. Bode Akinboye Member Mr. Etigwe Uwa (SAN) Member Mrs. Orerhime Emerhor-Iwuagwu Member Mr. Austin Enajemo-Isire Member
2) The Strategy and Establishment Committee The members of the Committee includes the following: Mr. Johnson Chukwu Chairman Mrs. Omolola Oshiafi Member Mr. Bode Akinboye Member Mrs. Adetayo Akintunde Member Mrs. Orerhime Emerhor-Iwuagwu Member
The terms of reference of this Committee include the following: Ÿ Review and make recommendations on procedural manuals/policies; Ÿ Make recommendation on recruitment/termination of General Managers and above to the Board; Ÿ Strategy formulation; Ÿ Review of existing Business Strategies; Ÿ Approval for Capital Expenditure; Ÿ Review of Human Capital Management Operations.
3) The Governance/Remuneration Committee The committee is made up of only Non-Executive Directors. The terms of reference of this Committee includes the following:
Ÿ Establish criteria for Board and Board Committee memberships, review candidate’s qualifications and any potential conflict of interest, assess the contribution of current directors in connection with their re- nomination and make recommendations to the Board ;
Ÿ Prepare job specification for the Chairman’s position, including assessment of time commitment required of the candidate;
Ÿ Periodic evaluation of skills, knowledge and experience required on the Board; 2015 Annual Reports and Accounts 261
Ÿ Make recommendations on experience required by the Board Committee members, Committee appointments and removal, operating structure, reporting and other Committee operational matters;
Ÿ Make recommendations on compensation structure for Executive Directors;
Ÿ Provide input to the annual report of the Company in respect of Director’s compensation;
Ÿ Ensure Succession Policy and Plan, subsists for positions of Chairman, CEO/MD, Executive Directors and subsidiary Mds;
Ÿ Ensure Board conducts Board Evaluation on annual basis;
Ÿ Review performance and effectiveness of the subsidiary’s Board on annual basis;
Ÿ Review and make recommendations to Board for approval of the company’s organizational structure and any proposed amendments;
Ÿ Review of performance bonuses;
Ÿ Review of Staff Remuneration package
The Committee has the following members: Mr. Etigwe Uwa (SAN) Chairman Mr. Johnson Chukwu Member Mrs. Adetayo Akintunde Member Mrs. Omolola Oshiafi Member
4) The Enterprise and Risk Management Committee The terms of reference of this Committee includes the following:
Ÿ Review and approval of the Company’s Enterprise Risk Management policy including risk appetite and risk strategy;
Ÿ Review the adequacy and effectiveness of risk management and controls;
Ÿ Oversight of management’s process for the identification of significant risks across the company and the adequacy of prevention, detection and reporting mechanisms;
Ÿ Review of the company’s compliance level with applicable laws and regulatory requirements which may impact the company’s risk profile;
Ÿ Periodic review of changes in the economic and business environment, including emerging trends and other factors relevant to the company’s risk profile;
Ÿ Review and recommend for approval of the Board risk management procedures and controls for new products and services.
The Committee has the following members: Mrs. Adetayo Akintunde Chairman Mr. Austin Enajemo-Isire Member Mr. Bode Akinboye Member Mrs. Orerhime Emerhor-Iwuagwu Member
Standard Alliance Insurance Plc and its Subsidiary Company 27 2015 Annual Reports and Accounts
Corporate Governance Report
5) The Audit Committee The Audit Committee is made up of 6 (six) members, three representatives each of Shareholders and Directors. Its members are elected at the Annual General Meeting.
In addition to its responsibility to review the scope, independence and objectivity of the audit, the Committee carries out all such matters as are reserved to it by the Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria, 2004. These functions include to:
Ÿ Meet at least thrice yearly and once with the External Auditors; Ÿ Review Whistle blowing policy; Ÿ Periodic Evaluation of the Committee’s performance; Ÿ Carrying out internal control checks on all company activities; Ÿ Make recommendations to the Board on sanctions in areas of default where necessary; Ÿ Receive and review integrity of data of the audited financial statement of accounts of the company; Ÿ Make recommendation on appointment and remuneration of external auditors; Ÿ Review and make recommendations based on Management letters issued by external auditors; Ÿ Monitor the quality of internal control procedures and compliance with regulatory policies.
The Committee is made up of the following members: Mr. Johnson Chukwu Chairman Mr. Etigwe Uwa (SAN) Director Mr. Austin Enajemo-Isire Director Mr. Matthew Esonanjor Member Mr. Godwin Anono Member Mr. Erinfolami Gafar Member
Security Trading Policy The Company ensures strict compliance with the Investment and Securities Act 2007, the Securities and Exchange Commission Code of Corporate Governance for Companies in Nigeria 2011 and other laws that may be applicable from time to time bordering on Insider Trading. To this end, the Company has put in place mechanism to ensure that the categories of person and entities that may be classified as “Restricted Persons” for the purpose of Insider Trading are clearly identified and in the know. In addition, there are stringent restrictions on dealing with the Companies Securities. Directors and Key Managements also have to comply with rules in relation to dealing with company securities particularly obtaining prior approval before dealing with company's securities. There are also mechanisms in place to ensure that detailed reports are submitted to the Nigerian Stock Exchange, the Securities and Exchange Commission on the extent of compliance with this rule, permitted exception and any instances where same may have been breached. This Policy has become an essential company document that has been brought to the notice, and will be brought to the notice of all concerned and continuous efforts are made to ensure strict compliance and implementation.
Internal Control It is the responsibility of the Board of Directors to ensure that all the records are accurate and correctly reflect the financial position of the Group. The Board is mindful of the fact that as an insurance company, great relevance is placed by policy holders and potential investors on the accuracy of information contained in its financial statements. 2015 Annual Reports and Accounts 281
In order to ensure the accuracy of its records, the Board sets standards that the Quality Assurance department implements system of internal control comprising policies, standards and procedures to ensure that the safety of assets and reduction of the risk of loss, error, fraud and other irregularities. Both the Quality Assurance (Internal Auditors) and the External Auditors independently appraise the adequacy of the internal controls.
BDO Professional Services acted as external auditors to the Company for the 2015 financial year. Their report for the year under review is contained on pages 44 and 45 of these financial statements.
Attendance of Board and Committee Meetings The table below shows the frequency of meetings of the Board of Directors and Board Committees, as well as Members attendance for the financial year ended 31 December 2015.
Board Meetings 14/01/2015 14/05/2015 30/09/2015 2/12/2015 Total Brig. Gen. Dominic Oneya (Rtd) (Chairman) 1 1 1 1 4 Bode Akinboye (CEO) 1 1 1 1 4 Mrs. Orerhime Emerhor-Iwuagwu (Executive Director) 1 1 1 1 4 Mr. Austin Enajemo-Isire (Director) 1 1 1 - 3 Mr. Johnson Chukwu (Independent Director) 1 1 1 - 3 Mr. Etigwe Uwa (SAN) (Director) 1 1 1 - 3 Mrs. Adetayo Akintunde (Director) 1 1 - 1 3 Mrs. Omolola Oshiafi (Director) 1 1 1 1 4
Audit Committee Meetings 24/4/15 9/9/2015 15/10/15 24/11/15 Total Mr. Johnson Chukwu (Chairman) - - - 1 1 Mr. Chuka Onwuchekwa 1 1 1 - 3 Mr. Matthew Esonanjor 1 1 1 1 4 Mr. Godwin Anono 1 1 1 1 4 Mr. Austin Enajemo-Isire 1 1 1 1 4 Mr. Etigwe Uwa (SAN) 1 1 1 1 4 Mr. Erinfolami Gafar - - - 1 1
Investment and Finance Committee Meetings 25/03/15 2/7/15 24/11/15 Total Mrs. Omolola Oshiafi (Chairman) 1 1 1 3 Mr. Johnson Chukwu 1 1 - 2 Mr. Bode Akinboye 1 1 1 3 Mrs. Orerhime Emerhor-Iwuagwu 1 1 1 3 Mrs. Adetayo Akintunde - 1 1 2 Mr. Austin Enajemo-Isire - 1 1 2
Standard Alliance Insurance Plc and its Subsidiary Company 29 2015 Annual Reports and Accounts
Corporate Governance Report Strategy and Establishment Committee Meetings
25/03/15 11/6/15 26/11/15 Total Mr. Johnson Chukwu (Chairman) - 1 1 2 Mrs. Omolola Oshiafi 1 1 - 2 Mr. Bode Akinboye 1 1 1 3 Mrs. Orerhime Emerhor-Iwuagwu 1 1 1 3 Mrs. Adetayo Akintunde - 1 - 1 Mr. Austin Enajemo-Isire 1 1 1 3
Risk and Remuneration Committee Meetings 25/3/15 2/7/15 26/11/15 Total Mrs. Adetayo Akintunde (Chairman) 1 1 1 3 Mr. Etigwe Uwa (SAN) - 1 - 1 Mr. Bode Akinboye 1 1 1 3 Mrs. Orerhime Emerhor-Iwuagwu 1 1 1 3 Mr. Johnson Chukwu 1 1 - 2
Schedule of Yearly Board/committee Meetings & Agm
S/N DATES TYPE OF MEETING PROPOSED AGENDA
1 1st week of December Board Finance, Establishment & Consideration/approval of coming each year Risk Committee/Board meetings year's budget
2 Last week of April All Committees and To consider and approve 1st quarter accounts Board meetings for period ended 30th March of each year under review and audited accounts for the year ended 31 December of each year under review and general Company’s brief
3 Last week of July All Committees and To consider and approve 2nd quarter accounts Board meetings for the period ended 30th June of year under review and general Company’s brief
4 Last week of October All Committees and To consider and approve 3rd quarter accounts Board meetings for period ended 30 September of each year under review and general Company's brief.
Complaints Management Policy Framework The Company ensures continuous strict compliance and implementation of these policies which are in force as approved by the Board of Directors. They can be accessed on the Company’s website- www.sainsuranceng.com 2015 Annual Reports and Accounts 301
Support Committees 1) Business Committee The Committee is responsible for strategic initiatives on business generation and membership includes: i. Chief Executive Officer ii. All Divisional Heads iii. Group Head, Technical iv. Group Head, Corporate Services v. Chief Finance Officer vi. Head, Internal Control/Quality Assurance vii. Head, Information Technology (IT) viii. Head, Enterprise Risk Management
2) Weekly Activity Review Committee This Committee meets weekly to review business development activities of the entire Company. The Committee consists of: i. Chief Executive Officer ii. All Divisional Heads iii. Group Head, Technical iv. Head, Information Technology v. Head, Corporate Services vi. Head, Internal Audit/Quality Assurance vii. Chief Finance Officer viii. Head, Enterprise Risk Management ix. All marketing staff
3) Management Performance Review Committee This Committee meets every quarter to review the Company’s performance. The meetings are usually held two weeks following the end of a quarter. The Committee consists of: i. Chief Executive Officer ii. Executive Director iii. All Divisional Heads iv. All Regional Heads v. All Branch Managers vi. Group Head, Technical vii. Head, Information Technology viii. Chief Finance Officer ix. Head, Corporate Services x. Head, Internal Audit/Quality Assurance xi. Head, Enterprise Risk Management
Standard Alliance Insurance Plc and its Subsidiary Company 31 2015 Annual Reports and Accounts
Certification Pursuant to Section 60(2) of Investment and Securities Act No.29 of 2007
We the undersigned hereby certify the following with regards to our audited report for the year ended 31 December 2015 that:
(a) We have reviewed the report;
(b) To the best of our knowledge, the report does not contain: (I) Any untrue statement of a material fact, or (ii) Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;
(c) To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operations of the company as of, and for the periods presented in the report;
(d) We: (i) are responsible for establishing and maintaining internal controls; (ii) have designed such internal controls to ensure that material information relating to the company is made known to such officers by others within the entity particularly during the period in which the periodic reports are being prepared; (iii) have evaluated the effectiveness of the company’s internal controls as of date within 90 days prior to the report; (iv) have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
(e) We have disclosed to the auditors of the company and audit committee: (i) all significant deficiencies in the design or operations of internal controls which would adversely affect the company’s ability to record, process, summarize and report financial data have been identified. (ii) any fraud, whether or not material, that involves management or other employees who have significant roles in the company’s internal controls;
(f) We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Mr. Kadiri Ijeremhe Mr. Bode Akinboye Head, Finance and Accounts Chief Executive Officer FRC/2013/ICAN/00000002076 FRC/2013/ICAN/00000005139 2015 Annual Reports and Accounts 321
Management's Discussion and Analysis
Standard Alliance Insurance Plc and its Subsidiary Company 33 2015 Annual Reports and Accounts
Management Discussion and Analysis This ‘Management Discussion and Analysis’ as at 31 December 2015 has been prepared in line with the regulatory requirements and also the need to foster deeper understanding of our strategy, operating risk and performance.
This ‘Management Discussion and Analysis’ as Business Objective and Strategy at 31 December 2015 has been prepared in Standard Alliance Insurance Plc is a public line with the regulatory requirements and also liability company registered and incorporated the need to foster deeper understanding of in Nigeria, and listed on the Nigerian stock our strategy, operating risk and performance. exchange. The Company provides a range of Reference in this MD & A to the "Company" or insurance services to individuals, corporate to the "Group" is with respect to, or as the bodies, and the government. Its objective is to content may require, Standard Alliance be the Insurer of choice, and its long-term Insurance Plc and its subsidiary company. The corporate quest is to become the preferred financial information presented in this report provider of insurance and risk management including the tabular amounts is in Naira and is services to the public. prepared in accordance with the International
Financial Reporting Standards (‘IFRS’)’ To achieve its objective and industry ambition,
the Company has commenced a revamp and To facilitate wholesome understanding of the transformation of its business structures, in position, it is advised that the content in this order to optimally interface with the clientele report be read in conjunction with the Group while channelling its human, financial, and financial statements. brand resources into the achievement of a midterm corporate strategy. The principal activities of the Company during the year remained general insurance and life The Company's corporate strategy entails assurance(through its subsidiary) business. aggressive competition in every customer The management commentary was as at 31 segment, a realignment of the service culture December 2015 and should be read in to the needs of clients, an enrichment of conjunction with the financial statements as at service delivery channels along customer 31 December 2015. segments, and the adding of customer benefits at every stage across the entire value chain of every insurance product that is sold to the insured, including customer contact, the underwriting, policy administration and claims management. 2015 Annual Reports and Accounts 341
Performance Indicators Operating results and financial position
Consolidated Group Group Company Company Company Company Budget Actual % Budget Actual % ACTUAL 2015 2015 Achieved 2015 2015 Achieved 2014 N’000 N’000 N’000 N’000 N’000
Gross premium 9,544,091 5,426,185 57 7,044,091 3,070,114 44 4,338,679 Net premium 8,557,918 4,572,789 53 6,057,918 2,467,540 41 3,863,664 Claims expenses 1,009,754 2,077,752 206 886,182 824,794 93 1,477,173 Investment income 226,769 313,325 138 242,268 197,132 81 239,631 Profit/(loss) before tax 2,032,021 819,040 40 1,136,534 713,867 63 (2,098,516) Taxation (670,567) 68,441 10 (409,152) 96,371 24 (98,029) Profit/(loss) after tax 1,361,454 887,481 65 727,382 810,238 111 (2,196,545) Property, plant and equipment 2,247,755 2,897,893 129 2,344,791 2,770,510 118 2,222,606 Net assets 6,344,131 4,258,933 67 6,345,118 4,232,201 67 3,301,579 Ordinary share capital 5,996,587 5,996,587 100 5,996,587 5,996,587 100 5,996,587 Shareholders funds 6,344,131 4,258,933 67 6,345,118 4,232,201 67 3,301,579 Insurance funds 1,330,344 4,404,741 331 1,817,703 2,226,847 123 2,402,454
Performance Review complies with regulatory requirements. The Company’s investment strategy is underpinned This is the first consolidated financial by a focus on highly liquid financial instrument statements of the company sequel to its such as term deposit, equity and debt obtaining a controlling stake in Standard instrument. Alliance Life Assurance Limited. Gross
Premium written by the Group was N5.4 billion; Performance Management out of which N3.07 billion or 57% is from non- life business. The Company will continue with its quarterly nationwide performance review as a means of Net claims expenses for the Group was N1.7 focusing and driving marketing activities. This billion (subsidiary: N1 billion), while will also aid in monitoring and matching actual underwriting and reinsurance expenses stood performance with budget. at N1.6 billion (subsidiary: N1.1 billion) and N853 million (subsidiary N251 million) IT Support respectively. The Company will continue to accord IT
investment the deserved priority not only for its Group profit before tax stood at N819 million, traditional investment status but also as a which translates to a profit margin of 15%. The means of supporting operations and aiding subsidiary company contributed 13% (N105 performance review for decision making. million) of the Group's profit before tax.
Forward looking statements Liquidity, Capital Resources and Risk Factors Some aspects of the statement above relate to the company's future outlook. This MD & A The Company’s cash investment continues to contains expectations, estimates, forecasts, be in accordance with its investment policy and projections and targets which the company
Standard Alliance Insurance Plc and its Subsidiary Company 35 2015 Annual Reports and Accounts
Management Discussion and Analysis
should attain provided all other factors end up The forward looking statements which are being equal. Experience has however shown subject to change after December 31, 2015 these expectations, projections, estimates, reflect the company's expectations as at the forecasts and targets are subject to risks time this document was approved by the and uncertainties that result in actual board. No obligation is undertaken by the achievements being different from projections. company to update this document publicly or to review the forward looking statements Without prejudice to the company, such unless required by applicable legislation or projections, expectations, estimates, forecasts regulation. and targets reflect management's current belief and are based on available information which are subject to risks and uncertainties. Therefore the eventual action and/or outcome could differ materially/immaterially from those expressed or implied.
2015 Annual Reports and Accounts 361
CEO’S Report 23% 15% underwriting bottom–line margin pre-tax profits
Dear shareholders, 2015 could be described as the year in
which change happened in Nigeria after decades of waiting, when a glimmer of durable hope was beamed on the nation. In May 2015, Nigeria achieved a first by successfully and effortlessly conducting a conflict–free democratic transition among governments, a feat which put the change agenda of the incumbent government on a credible plank and also set a fresh tone across the land, in politics,
diplomacy, and corporate business.
Nevertheless, the new government was subjected to some teething problems. On the national economy front, during the financial year 2015, Nigeria felt the fiscal pains of the collapse in global crude oil prices, which was sparked off during Q4/2014 by an oversupply occasioned by cheaper ‘ US Shale production and a passive OPEC response. Moreover, an absence of a federal executive cabinet practically slowed down corporate Nigeria for the first three quarters of 2015. On the political front, 2015 witnessed Despite the double myriads of problems, the notable ones being a protracted whammy of oil–fueled discord between the federal executive and federal legislature, pockets of extremist insurgencies in the North, economic woes and and tacit efforts to frustrate the anti–corruption drive of the political logjams, I am new government. These economic and political problems were behind the full–year GDP growth of approximately pleased to report that 2.8% for the year 2015, the lowest in almost a decade. the Group posted decent INSURANCE INDUSTRY headline earnings but Data released by the National Bureau of Statistics indicates also impressive that during the year 2015, the Nigerian insurance industry posted sector real GDP growth of 5.1%, which fell short of bottom–line results. the 7.2% growth recorded in 2014, a profile that mirrors largely the petroleum and public sector underwritings of the Nigerian insurance business. Nominal industry gross premium income is being estimated to grow at about 10% ‘ in 2015, compared to an average growth rate of 11% over the prior five–year period. Based on premium income,
Standard Alliance Insurance Plc and its Subsidiary Company 37 2015 Annual Reports and Accounts
insurance penetration for 2015 is being approx. 60% in 2015, compared to the 58% back estimated by analysts at approximately 0.2%, in 2014. while sector GDP is at about 0.4% of the national economy. These latest penetration numbers, The performance reflects in part a reversal of a when compared to continental peers such as previous provisioning, but it also largely reflects South Africa (14%), Namibia (7%) or Mauritius an aggressive marketing drive, Management's (6%), point to huge potentials that are prudent grip on cost control, and relentless embedded in the Nigerian insurance markets. efforts and commitments on the part of the Among others, an escalation of enforcement, a Management and Staff of the Group during the widening of compulsory requirements, an active financial year 2015. We set out to return to regulatory stance, and targeted marketing will be profitability, and we succeeded in doing so. required for the industry to be able to tap into those potentials. CORPORATE TRANSFORMATION GROUP PERFORMANCE The corporate transformation exercise, which For the first time, we are reporting a Group–level began back in Q1/2015, continued during the set of financial statements, which consolidates entire year. This exercise has two parts, the SA Insurance and SA Life Assurance. Despite the corporate strategy and the capital management. double whammy of oil–fueled economic woes On the strategy side, NAICOM's approval in and political logjams, I am pleased to report that principle for the merger was received while a the Group posted decent headline earnings but merger application was formally submitted to also impressive bottom–line results. As the first the SEC in December 2015. Post the merger, we Group–level financial reporting, the gross are paced on with the digital transformation of premium income stood at N5.4 billion, along with the business, the launch of new niche products, an underwriting margin of 23%. The Group paid and a re–arranging of our business model a total of approx. N2.1 billion in claims during the structures. year, split as approx. N886.5 million in the non- life wing, and the balance of about of N1.2 billion Our strategic ambition of becoming the leading in the life wing. A good part of the claims paid in digital insurer was given a life during the last 2015 were legacy claims outstanding as at quarter of 2015, when at a year–end December 2014. But we have made substantial Management retreat we engaged with paydown on those arrears and are now consultants for the purpose of laying out the streamlining our claims processes for a shorter foundations for the digital roadmap and the settlement span. Our bottom–line pre-tax profits pieces of the transformed post–merger Group. of N819 million (a 15% profit margin) indicates We are developing new products for both life and we have steered the affairs of the Group from a non–life classes, products that have mass loss situation back in December 2014 into a appeal, in order for us to tap into the emerging profitability zone, within a year. retail opportunities. We are working arduously to properly integrate the activities of SA Life In the 2015 financial year, the structure of our Assurance under the Group, for an optimum businesses became richer and more diversified, sharing of resources. Discussions are ongoing with non–life premium income earnings with management consultants for the accounting for 56.6% versus 43.4% from the life re–construction of the business model within business, compared to 59% versus 41% back in the proposed retail–digital drives of the 2014. Moreover, the portion of our premium post–merger Group. income coming from retail and retail–like businesses (roughly mirrored by life and motor Due to a restructuring of our assets, our capital underwritings) improved slightly but feasibly, at positions have tremendously improved in the 2015 Annual Reports and Accounts 381
CEO’S Report period since my last address to this shareholder Following government's announcement of plans assembly. From a negative solvency position in for infrastructure spending in fiscal 2016, 2013 and 2014, we have transited the Group especially on major highways, and the into a solvency margin of 50% in December establishment of a development commission to 2015, which is quite a high capital solvency oversee the rehabilitation of the North East achievement, by peer standards. Furthermore, zone, we foresee improved opportunities for our capital raising efforts have received interests insurance businesses in the public sector both within and outside the country. We have markets. On the regulatory angle, NAICOM's crafted a midterm funding strategy that will inauguration of the Insurers' Committee is ensure the business is better capitalized and expected to put industry advocacy on a formal properly positioned to compete in the insurance footing, especially one that can allow insurers to marketplace. This funding strategy will support engage directly with the government on matters our digital–retail ambitions and equally provide of enforcement and new regulations. Our focus us with ample liquidity for investments and for the 2016 financial year is to extract synergies prompt claims settlement. Over the midterm of of the merger and create structures for scaling five years, we expect our corporate up the post–merger business. The Directors and transformation drive to yield concrete results, Management are highly committed to taking the especially a restructured earnings pot that will Group to an enviable position among be predominantly retail–sourced. We therefore competitors, even as we journey on a midterm foresee that in the not too distant future, with growth drive. sustained growth and profitability, the Group should be in a better position to declare Let me express my profound appreciation to dividends for the shareholders. everyone that has some measure of interest in Standard Alliance Insurance Plc., however big or small that interest is. I am indebted to our OUTLOOK ON 2016 customers for the continued patronage, and to On the global economy scene, the twin impact Brokers for their loyalty. I wish to thank the entire sources for the outlook are expected to come Management and Staff for their commitment, from conditions in the energy markets and from hard work, and the sense of duty in the services global markets reactions to the Brexit vote by of the Group. I wish to thank our many advisers midyear. It will be nearly two full years in June and professionals who worked with us during 2016 since the global oil markets took a plunge, the financial year 2015. Lastly, I wish to thank all without any sign of sustained reversal in the our shareholders for giving the Directors the price free–fall. Our expectation is that global opportunity to direct the affairs of the Group energy markets will continue to impact the fiscal during 2015. side of the federal treasury, with attendant implications for foreign exchange, financial market liquidity, and the wider corporate business.
BODE AKINBOYE CEO
Standard Alliance Insurance Plc and its Subsidiary Company 39 2015 Annual Reports and Accounts
Management Team
Mr. Bode Akinboye Orerhime Emerhor-iwuagwu Anietie Lawrence Udo
Bode Akinboye is the Chief Executive Officer of the Mrs. Orerhime Emerhor-Iwuagwu is an Executive Miss. Anietie Udo, a General Manager, leads the company. He has a verifiable and significant record of Director at Standard Alliance Insurance Plc. She company's Financial Institutions/Multi-Clients and performance in the Insurance Industry. holds a Bachelor's degree in Economics from the General Business Division. She holds a Bachelor of University of Manchester, UK and a Master's degree Science degree in Banking & Finance (1993) from He is the Vice Chairman of Gemrock Management in Leisure and Hospitality Management from the the University of Uyo, Akwa Ibom State and Master's Company Limited, the special purpose vehicle which University of Sheffield, UK. She is an alumnus of Degree in Business Administration (Marketing) from acquired strategic stake in Standard Alliance the prestigious Lagos Business School and has the University of Calabar. She is a member of Insurance Plc in December 2014. had trainings in London and Pan-Asian Chartered Insurance Institute of Nigeria (CIIN). insurance markets. He had an exemplary career spanning close to Miss Udo began her career in insurance with twenty years as Financial Controller, AGM Oil/ She brings into the management team years of Industrial and General Insurance Company Limited Energy, Financial Institution Marketing, Managing quality experience from Vetiva Capital Management (IGI) in 1997 as a Field Officer and was promoted to a Director/Chief Executive and then Group Managing Limited, Oando Plc and Lagoon Home Savings and Field Analyst in 1998. While with IGI, she won the Director of Standard Alliance Group from where he Loans Limited. She is a Distinguished Member, AES Leadership/Best Marketer's award in 1999 and 2000. left in 2009 to set up the private equity company. Excellence Club; member, Institute of Directors (IoD) and member, Chartered Insurance Institute In 2001, she joined Standard Alliance Life Assurance As the then Group Managing Director/Group Chief (London). Limited as the Head, Oil & Energy Unit and then had Operating Officer of Standard Alliance Group, he was a brief stint with African Development Insurance responsible for co-ordinating the strategic plans of Company Limited (ADIC) (2003) before joining the six member companies with focus on non-Life Standard Alliance Insurance Plc. Insurance, Life Assurance, Pension Funds Administration, Asset Management, Mortgage Banking, Property and other investments.
Mr. Akinboye was responsible for driving the team that transformed Standard Alliance Group into one of the most formidable, innovative and profitable non-bank financial services group in Nigeria. During his tenure at Standard Alliance Insurance Plc, he led the team to achieve listing and quotation of the company on the Nigerian Stock Exchange, grew the company's asset base to over N20bn and facilitated foreign direct investments of about USD$20m to the company.
A former Management Accountant with Industrial and General Insurance Plc (IGI) before joining Standard Alliance, Mr. Akinboye is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN); Member, Nigerian Institute of Management (NIM); Member, Institute of Directors (IOD) and an Alumnus of Lagos Business School (LBS), Pan African University. He is also a graduate of the Owner President Management Program (OPM) and an Alumnus of Harvard Business School, Boston, USA. He has attended various courses locally and internationally. Mr. Akinboye served on the Governing Council of the Nigerian Insurers Association and was the Treasurer of the Association for four (4) years. He is a strategist in products packaging, marketing and corporate management; public speaker and an expert in capacity building and human resources development. 2015 Annual Reports and Accounts 401
Ebose Augustine Osegha Nkeiruka Uzoechi Uruemu-esiri Oghen
Mr. Ebose Austin Osegha is a General Manager Miss. Nkeiruka Uzoechi is Dividional Head HCM/Legal, Mrs. Uruemu-esiri Oghen is the Company Secretary with the company. He heads the organisation's Human Capital Management of the company. She of the organization. She rejoined the Company in Public Sector/Brokers' Division. He holds a Bachelor holds a Bachelor of Law degree (LLB) Hons from January 2015 from Minaj Holdings Limited where of Science Degree in Economics and a Master's Nnamdi Azikiwe University, Awka and was called to she was the Company Secretary & Head, Human Degree in Business Administration from Delta State the Nigerian Bar in 1991. She also holds a Master's Resources from April, 2012 till 2014 during which University and University of Ado-Ekiti respectively. degree in Business Administration (Management) amongst other achievements she was responsible from the Lagos State University. for the successful organization of the Company's first He joined A & G Insurance Plc in 2000 as a branch Board of Directors meeting. A graduate of the staff and rose to the position of a Branch/Business She has over 20 years of experience in Human University of Liverpool, UK (2012) from where she Development Manager from where he joined Capital Resources Management, having worked at various obtained her MSc. in Global Human Resource Express General Insurance Limited as Group Head, organizations. She started her career as a Legal Management. She obtained her B.L and LL.B degrees Public Sector in November, 2004. He later moved to Officer with Sea Petroleum Ltd and rose to the level from the Nigerian Law School, Lagos (2003) and SA Insurance Plc where he has been an asset. of Company Secretary/Legal Adviser before her exit. Delta State University (2002) respectively. Mrs. She has also worked with Trust Bank of Nigeria, Oghen has over 10 years of managerial experience in Mr. Ebose is a member of the Chartered Institute Standard Alliance Insurance Plc and Spring Life the Legal Sphere, including participation in company of Stockbrokers of Nigeria and Member, Chartered Assurance Plc where she held positions as Head public offers, general corporate commercial matters, Insurance Institute of Nigeria. He has attended of Human Resources and served regulatory (NSE, SEC, CAC, NAICOM) relationship courses in Insurance, Management and Relationship in several management committees. management and assignments. She has versatile Marketing Economics locally and internationally. professional experience in Legal, Business Advisory She was part of the team that repositioned and implementation of Contractual Objectives to Standard Alliance Insurance Plc from a limited liability deliver on Stakeholders expectations. company to a leading insurance company listed on the Nigerian Stock Exchange. Mrs. Oghen had also served as Associate Legal Practitioner at Sigmund & Martin (2004-2005) a Nkeiruka was a partner at HR Support Company Legal Services Firm based in Lagos, Nigeria and was Limited, a Human Resources Consulting firm which an Associate Solicitor at F. K Idepefo & Co (Oasis offers services ranging from Consulting, Outsourcing, Chambers) (2003-2004) a Litigation and Legal Training and Development. Services firm based in Jalingo, Taraba State.
She has expertise in human resource administration Currently coordinating “two SA (Standard Alliance) and human capital development. She has designed Teams” in respect of the following Strategic Business and implemented human resources strategies for Exercises-the Special Placement of over 2Billion various organizations spanning from performance units of Ordinary Shares and the Merger between management systems, HR policies, structure and Standard Alliance Life Assurance Limited and design as well as compensation and reward Standard Alliance Insurance Plc Mrs. Oghen structures. demonstrates strong Leadership and Supervisory Skills, qualities which led to her recall by the new She has attended various human resources, Management/Investors following her prior working leadership and strategic courses, has facilitated experience in Standard Alliance Group (SAG) from in several training programmes and spoken at November, 2005 to March 2012 during which time various seminars. she was Officer, Company Secretariat/Legal/Human Resources concurrently.
Standard Alliance Insurance Plc and its Subsidiary Company 41 2015 Annual Reports and Accounts
Management Team
Jegede Biodun Olukolajo Ezekiel. O Thompson Akhigbe
Mr. Jegede Biodun is the Divisional Head, Brokers Mr. Olukolajo Ezekiel Oluseun is an Assistant Thompson Akhigbe is Head, Internal Control of the Marketing. He rejoined the company from Associated General Manager with the company and he heads company. He joined Standard Alliance Insurance Plc Insurance Brokers where he was General Manager. the organisation's Technical Division. He joined the in January, 2015 from AIICO where he was Head, An expert in sales channel development in insurance, company in March, 2015 from Old Mutual Nigeria Budget and Financial Reporting. Mr. Jegede holds a Post Graduate Diploma (PGD) in where he was Head, Technical & Reinsurance Group Marketing from Tafawa Balewa University, an HND in (General Insurance). Mr. Akhigbe who is bringing his over 21 years of Finance and Banking, The Polytechnic, Owerri and a experience in the nation's insurance industry to National Diploma in Banking and Finance from The He holds a Higher National Diploma in Insurance the functions of the company began his insurance Polytechnic, Ibadan. from The Polytechnic, Ibadan (1997) and in 2008, career in 1993 at The Lion of Africa Insurance he obtained a Post-Graduate Diploma in Education Company Limited. He commenced his working career as an Assistant Administration and Management from the Lagos Credit Officer with the AfriBank Nigeria Plc in 1987. State University, Ojo, Lagos. He moved later to Equity Assurance Plc in 2006 He joined Equity Indemnity Insurance Company Ltd where he became Head, Credit Control. He left in 1998 as Senior Marketing Executive after his NYSC Mr. Olukolajo has a consistent and vast experience Equity Assurance for Cornerstone Insurance Plc year as Accounts Officer at Dehinde Odusanya & Co. in insurance, cutting across General Insurance in February 2008 and served as Internal Auditor In 2003, he moved to SA Insurance Plc and was Underwriting and Risk Management, Reinsurance, before joining AIICO in September 2008. While at Principal Manager/Group Head, Brokers Marketing Claims Administration and Insurance Broking. AIICO, he functioned severally as Senior Manager, Group in 2010 when he moved to Associated Credit Control/Strategy; Head, General Accounts and Head, Budget and Financial Reporting. Insurance Brokers. He started his working career at Law Union & Rock Insurance of Nigeria Plc, Warri office, Delta He holds HND in Marketing from the Lagos State Mr. Jegede is an Associate, Chartered Institute of State in 1999 where he functioned as Assistant Polytechnic. He is an Associate Member of the Bankers of Nigeria. He has attended several relevant Superintendent. In 2001, he moved to Royal following professional bodies: the Institute of training programmes. Exchange Assurance (Nig.) Plc where he served as Chartered Accountants of Nigeria (ICAN), Chartered Senior Officer, Commercial Property Division. Insurance Institute of Nigeria (CIIN) and the Thereafter in 2003, he joined Guardian Express Chartered Institute of Taxation of Nigeria (CITN). Assurance Limited as the Head of Operations at its Port Harcourt branch. Mr. Akhigbe who has attended several strategic trainings, both locally and internationally, is a Mr. Olukolajo also worked in various subsidiaries of member of The Apapa Club. the United Bank for Africa (UBA). From 2005 to 2007, he was with UBA Insurance Company Limited as the Unit Head, Underwriting & Risk Management. He moved on to UBA Insurance Brokers Limited as Chief Operations Officer (COO) from 2007 to 2012 and then to United Bank of Africa Plc, Victoria Island office, Lagos in 2013 where he was Profit Centre Manager. He later joined Old Mutual Nigeria same 2013 as Head, Technical & Reinsurance Group (General Insurance).
Mr. Olukolajo who is an Associate of the Chartered Insurance Institute of Nigeria (ACIIN) has attended several courses and training in General Business underwriting, Engineering, Energy & Special Risks including the prestigious 'Siyafunda' Training on Commercial Risks Underwriting & Reinsurance promoted by Swiss Re. 2015 Annual Reports and Accounts 421
Mr. Ife-olorun Ajayi Kadiri Ijeremhe Emmanuel
Ife-Olorun Ajayi is the Chief Finance Officer of the Mr. Kadiri Ijeremhe Emmanuel is the Senior Manager company. He joined Standard Alliance in April , 2016 Finance. He is a graduate of Banking and Finance from Greenwich Trust Ltd, where he was the Group from the University of Calabar, Calabar, Cross River Chief Finance Officer. State. He also holds a Master's degree in Business Administration (MBA) from Ambrose Alli University, He holds a Bachelors' Degree in Accounting from Ekpoma, Edo State and a Master of Science (M.Sc.) Ogun State University (1992) and in 1997 qualified in Finance from the University of Lagos. Kadiri is an as an Associate of the Institute of Chartered Associate Member of the Institute of Chartered Accountants of Nigeria. Accountants of Nigeria (ICAN).
Mr. Ajayi has a rich background in internal and He has an enormous experience in financial external audit, capital market operations and accounting, analysis and modeling backed with financial control. He started his working carrier at an uncanny ability to solve complex financial Ernst and Young, Osindero Oni and problems. He is an expert at providing strategic Lasebikan(Chartered Accountants)in 1993 as an decision support to business operations, budgeting audit staff . In 1997, he moved on to WAPCO Plc techniques and designing financial strategy. (Now Lafarge) as an Internal Audit Supervisor and by January 2000, he was already the pioneer accountant Before he began his insurance career with the of Securities Solutions Ltd(Stockbroking Firm and company in 2001, he had worked with S.S. Afemikhe Subsidiary of FSB International Bank), a position he & Co (Chartered Accountants) as Audit Senior from held till February 2004, when he moved on to the 1996 to 2001. Prior to this, Mr. Kadiri was the Investment Banking Group of FCMB Plc, as the Accountant at Gemini Trust Limited, an investment Deputy Head Of Operations and within the space of and financial advisory services outfit. He also had nine and a half years rose to become the Financial a brief stint with Canon Mortgage Finance Ltd Controller after heading the Operations unit before (Mortgage Bankers). joining Greenwich Trust Ltd in September 2013 as the Group CFO.
He is a Fellow of both Institute of Chartered Accountants of Nigeria and The Certified Pension Institute of Nigeria, attending various professional, leadership and senior management courses.
Standard Alliance Insurance Plc and its Subsidiary Company 43 2015 Annual Reports and Accounts
Management Team
Blessing Iyaji Ana Tope Agboola
Mrs. Blessing Iyaji Ana is the Group Head, Financial Tope Agboola is the Chief Investment Officer. He has Institution. She joined the company from FBN over 15 years of work experience, across investment Insurance Limited. She started her insurance career banking, economics consulting, and corporate with the company as Business Development strategy. Previously, he worked in the London office Executive and was later promoted as Acting Group of US investment bank HoulihanLokey, and at the Head, Financial Institution, from 2002 to 2006. She Afreximbank in Cairo, Egypt. In Nigeria, his career moved over to Staco Insurance Plc in 2007 and took footprints were at FSB International Bank Plc, the up the same position at its Lagos Control office. She, Lagos Business School, Economic Associates Limited, thereafter, joined Equity Assurance Plc as Group Gelnd Equity & Co. Limited, KainosEdge Consulting Head, Financial Institution, Commercial Division. In Limited, and Alternative Capital 2014, she took up a job at FBN Insurance Limited as Partners Limited. Corporate Business Development Manager. In March Tope graduated as best student and with a 2015, she rejoined the Standard Alliance Insurance first class honors degree in accounting at the Plc team as a Senior Manager. Obafemi Awolowo University Ile–Ife, and later went on to study economics at Essex and Cambridge Mrs. Ana holds a Higher National Diploma in Universities in England, and at the University of New Accountacy from the Institute of Management and Technology, Enugu State (2000), an Executive Brunswick, in Canada Master's Certificate from British School of Management (2007) and a Diploma (2013) from the Chartered Insurance Institute of Nigeria.
She is a Member of both the Chartered Insurance Institute of Nigeria and the Institute of Chartered Accountants of Nigeria (ICAN). 2015 Annual Reports and Accounts 441
Report of The Independent Auditors to The Members of Standard Alliance Insurance Plc and its Subsidiary Company
We have audited the accompanying consolidated and separate financial statements of Standard Alliance Insurance Plc ("the Company") and its subsidiary company (together "the group"). These financial statements comprise the consolidated and separate statements of financial position as at 31 December 2015 and the consolidated and separate statements of profit or loss and other comprehensive income, consolidated and separate statements of changes in equity and consolidated and separate statements of cash flows for the year then ended and a summary of the significant accounting policies and other explanatory notes.
Directors' responsibility for the Financial Statements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board, and in compliance with relevant provisions of the Financial Reporting Council of Nigeria Act, No 6, 2011, the Companies and Allied Matters Act, CAP C20 LFN 2004 and the Insurance Act, CAP I17, LFN 2004 and its interpretations issued by the National Insurance Commission in its Insurance Industry Policy Guidelines. This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.
Auditors' responsibility Our responsibility is to express an independent opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform our audit to obtain reasonable assurance that the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgement, including the
Standard Alliance Insurance Plc and its Subsidiary Company 45 2015 Annual Reports and Accounts
Report of The Independent Auditors
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal controls relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Contravention of laws and regulations During the year the Company contravened certain sections of the Insurance Act, CAP I17, LFN 2004 and NAICOM's operational guidelines. Details of the contravention and appropriate penalties thereon are disclosed in note 47.
Opinion In our opinion, the financial statements give a true and fair view of the state of affairs of the Company and its Subsidiary’s financial position as at 31 December 2015 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and in compliance with the relevant provisions of the Financial Reporting Council of Nigeria Act No 6, 2011, the Companies and Allied Matters Act, CAP C20, LFN 2004 and Insurance Act, CAP I17, LFN 2004 and its interpretations issued by the National Insurance Commission in its Insurance Industry Policy Guidelines.
Report on other legal requirements
The Companies and Allied Matters Act, CAP C20, LFN 2004 requires that in carrying out our audit, we consider and report to you on the following matters. We confirm that: i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; ii) in our opinion, proper books of account have been kept by the Company and its Subsidiary; and iii) the Company and its Subsidiary’s statement of financial position and statement of comprehensive income are in agreement with the books of account.
Olugbemiga A. Akibayo FRC/2013/ICAN/00000001076 Lagos, Nigeria For: BDO Professional Services 30 March 2016 Chartered Accountants 2015 Annual Reports and Accounts 461
Summary of Significant Accounting Policies
Standard Alliance Insurance Plc and its Subsidiary Company 47 2015 Annual Reports and Accounts
Summary of Significant Accounting Policies
The following are the significant accounting policies adopted by the Company in the preparation of its financial statements. These policies have been consistently applied to all year's presentations, unless otherwise stated.
1. The reporting entity The Company was incorporated in July 1981 as a Private Limited Liability Company and commenced full operations in 1982 under the name Jubilee Insurance Company Limited. The name was changed to Standard Alliance Insurance Company Limited (Standard Alliance) in August 1996. Standard Alliance Insurance became a Public Liability Company (Plc) on 30th May 2002 and was quoted on the Nigerian Stock Exchange in December 2003.
The Company is 100% fully owned by Nigerian citizens and Institutional investors. Its major shareholders are:
Units % Standard Alliance Investments Limited 2,531,111,410 21 .10 First City Monument Bank Plc 1,120,000,000 9.34 Gemrock Management Co. Limited 382,013,914 3.19 Bode Akinboye 382,013,914 3.19 Sina Alimi 382,013,914 3.19
The Company has interest in the following Companies: Units % Standard Alliance Life Assurance Ltd 1,415,000,000 52.41
The Consolidated financial statements of the Company and its subsidiary for the year ended 31 December 2015 were approved for issue by the Board of Directors on 30 March 2016.
The Company’s principal activity continues to be provision of risk underwriting and related financial services to its customers. Such services include provision of general insurance services to both corporate and individual customers.
2. Basis of presentation 2.1. Statement of compliance with International Financial Reporting Standards (IFRSs) The financial statements are prepared in accordance with International Financial Reporting Standards(IFRSs) as issued by the International Accounting Standards Board (IASB) and the interpretations of these standards, issued by the International Accounting Standards Board (IASB) and the requirements of the Companies and Allied Matters Act CAP C20, LFN 2004 and the Insurance Act, I17, 2004 and regulatory guidelines as pronounced from time to time by National Insurance Commission (NAICOM), to the extent that they are not in conflict with IFRS. 2015 Annual Reports and Accounts 481
2.2. Going concern The Group financial statements are prepared on a going concern basis. The Directors' are satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Company’s ability to continue as a going concern.
2.3. Basis of measurement Historical cost basis was used in the preparation of the financial statements as modified by certain items of: • Investments at fair value • Available for sale financial assets that are measured at fair value • Impaired assets at their recoverable amounts • Insurance contract liabilities at fair value • Land and Building stated at revalued amount
2.4. Functional and Presentation Currency The financial statements are presented in Nigerian naira (N), which is also the functional currency of the Company, rounded to the nearest thousand (N'000) unless otherwise indicated.
2.5. Order of presentation The Company presents its statement of financial position broadly in order of liquidity. An analysis regarding recovery or settlement within twelve months after the reporting date (current) and more than 12 months after the reporting date (non-current) is presented in the notes.
3. Significant management judgements and key sources of estimation uncertainty In the process of applying the accounting policies adopted by the Company, the directors make certain judgments and estimates that may affect the carrying values of assets and liabilities in the next financial period. Such judgments and estimates are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the current circumstances. The directors evaluate these at each financial reporting date to ensure that they are still reasonable under the prevailing circumstances based on the information available.
The preparation of the Company’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require material adjustments to the carrying amount of the asset or liability affected in the future. These factors could include: (i) Significant judgements made in applying the Company's accounting policies The judgements made by the directors in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the financial statements include:
Standard Alliance Insurance Plc and its Subsidiary Company 49 2015 Annual Reports and Accounts
Summary of Significant Accounting Policies
• Whether it is probable that future taxable profits will be available against which temporary differences can be utilised; and • Whether the Company has the ability to hold 'held-to maturity' investments until they mature. If the Company were to sell other than an insignificant amount of such investments before maturity, it would be required to classify the entire class as "available-for-sale" and measure them at fair value.
(ii) Key sources of estimation uncertainty a) Valuation of insurance contract liabilities • Critical assumptions are made by the actuary in determining the present value of actuarial liabilities. These assumptions are set out in accounting policy 5.20 and as embedded in the report. The liability for insurance contracts is either based on current assumptions or on assumptions established at inception of the contract, reflecting the best estimate at the time increased with a margin for risk and adverse deviation. All contracts are subject to a liability adequacy test, which reflects management’s best current estimate of future cash flows.
• Estimates are also made as to future investment income arising from the assets backing insurance contracts. These estimates are based on current market returns as well as expectations about future economic and financial developments.
• Assumptions on future expenses are based on current expense levels, adjusted for expected expense inflation if appropriate.
b) Property, plant and equipment Critical estimates are made by the directors in determining the useful lives and residual values of property, plant and equipment.
c) Impairment losses Estimates are made in determining the impairment losses on assets. Such estimates include the determination of the recoverable amount of the asset.
d) Income taxes The Company is subject to income taxes under the Nigerian Tax Laws. Significant estimates are required in determining the provisions for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcomes of these matters are different from the amounts that were initially recorded, such differences will impact the income tax and the deferred tax provisions in the period in which such determinations are made.
e) Critical judgments in applying the entity's accounting policies In the process of applying the Company's accounting policies, management has made judgements in determining: i) The classification of financial assets and liabilities ii) Whether assets are impaired. iii) Whether land and buildings meet the criteria to be classified as investment property. 2015 Annual Reports and Accounts 501
Summary of Significant Accounting Policies
IFRS Title and Nature of change Application Impact on initial Reference Affected date Application Standard(s)
IFRS 9 Financial Classification and measurement Financial Annual The first time application of (2014) Instruments assets will either be measured reporting IFRS 9 will have a wide and (issued Jul periods potentially very significant Ÿ at amortised cost, 2014) commencing impact on the accounting Ÿ fair value through other comprehensive on or after 1 for financial instruments. income(FVTOCI) or January 2018 T h e n ew i m p a i r m e n t
Ÿ fair value through profit or loss (FVTPL). requirements are likely to bring significant changes Impairment for impairment provisions The impairment model is a more ‘forward for trade receivables, loans looking’ model in that a credit event no longer and other financial assets has to occur before credit losses are not measured at fair value recognised. For financial assets measured at through profit or loss. amortised cost or fair value through other Due to the recent release of comprehensive income (FVTOCI), an entity this standard, the entity has will now always recognise (at a minimum) 12 not yet made a detailed months of expected losses in profit or loss. assessment of the impact Lifetime expected losses of this standard. will be recognised on these assets when there is a significant increase in credit risk after initial recognition.
Hedging The new hedge accounting model introduced the following key changes: Ÿ Simplified effectiveness testing, including removal of the 80-125% highly effective threshold Ÿ More items will now qualifyfor hedge ac counting, e.g. pricing components within a non-financial item, and net foreign exchange cash positions Ÿ Entities can hedge account more effectively the exposures that give rise to two risk positions (e.g. interest rate risk and foreign exchange risk, or commodity risk and foreign exchange risk) that are managed by separate derivatives over different periods Ÿ Less profit or loss volatility when using options, forwards, and foreign currency swaps Ÿ New alternatives available for economic hedges of credit risk and ‘own use’ contracts which will reduce profit or loss volatility.
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IFRS Title and Nature of change Application Impact on initial Reference Affected date Application Standard(s)
IFRS 14 Regulatory IFRS 14 applies to entities that conduct ‘rate- ,1 January The provision of the Issued Deferral regulated activities’ i.e. activities that are 2016 standard will not have any in January Accounts subject to rate regulation. impact on the Company's 2014 financial statements when it The rate regulation is a framework that becomes effective in 2016 establishes prices for goods and/or services a s t h e C o m p a n y i s that are subject to the oversight/approval of a not operating in a rate ‘rate regulator’. The Standard permits an regulated industry. entity in the rate regulated industry to continue to account, with some limited changes, for 'regulatory deferral account balances' in accordance with its previous GAAP, both on initial adoption of IFRS and in subsequent financial statements. Regulatory deferral account balances, and movements in them, are presented separately in the statement of financial position and statement of profit or loss and other comprehensive income, and specific disclosures are required.
IFRS 15 Revenue IFRS 15 contains comprehensive guidance 1 January The Board is currently Issued from for accounting for revenue and will replace 2018. reviewing the impact the in May contracts existing requirements which are currently set standard may have on the 2014 with out in a number of Standards and preparation and presen- customers Interpretations. The standard introduces tation of the financial state- significantly more disclosures about revenue ments when the standard is recognition and it is possible that new and/or adopted. Consideration will modified internal processes will be needed in be given to the following: order to obtain the necessary information. (i) At what point in timethe The Standard requires revenue recognised c o m p a n y r e c o g n i s e s by an entity to depict the transfer of promised revenue from each contract goods or services to customers in an amount whether at a single point in that reflects the consideration to which the time or over a period of entity expects to be entitled in exchange for time; those goods or services. This core principle is delivered in a five-step model framework: (ii) whether the contract needs to be ‘unbundled’ into (i) Identify the contract(s) with a customer two or more compo-nents; (ii) Identify the performance obligations in (iii) how should contracts the contract which include variable (iii) Determine the transaction price amounts of consideration be dealt with; (iv) Allocate the transaction price to the performance obligations in the contract (iv)what adjustments are required for the effects of (v) Recognise revenue when (or as) the the time value of money; entity satisfies a performance obligation. (v) what changes will be required to the company’s internal controls and processes. 2015 Annual Reports and Accounts 521
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5. Significant accounting policies The principal accounting policies adopted in the preparation of these financial statements are set out below: 5.1 Consolidation i) Subsidiaries The financial statements of subsidiary is consolidated from the date the Group acquires control, up to the date that such effective control ceases. For the purpose of these financial statements, subsidiary is entity over which the Group, directly or indirectly, has the power to govern the financial and operating policies so as to obtain variable returns from their activities.
Changes in the Group's interest in a subsidiary that does not result in a loss of control are accounted for as equity transactions (transactions with owners). Any difference between the amount by which the non- controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the Group.
Inter-company transactions, balances and unrealised gains on transactions between companies within the Group are eliminated on consolidation. Unrealised losses are also eliminated in the same manner as unrealised gains, but only to the extent that there is no evidence of impairment. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Investment in subsidiaries in the separate financial statements of the parent entity is measured at cost
Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, fair value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date through profit or loss.
ii) Disposal of subsidiaries On loss of control, the Group derecognises the assets and liabilities of the subsidiary, any controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, that retained interest is accounted for as an equity-accounted investee.
5.2 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. They include bank overdrafts in the context of the statement of cash flows.
5.3 Financial instruments Financial instruments are recognized when the Group becomes a party to the contractual provisions of the instruments. They are recognized initially at fair value plus transaction costs,
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except for those carried at fair value through profit or loss, which are measured initially at fair value. Financial assets are derecognized when the contractual rights to the cash flows from the financial assets expire, or when the financial assets and all substantial risks and rewards are transferred. A financial liability is derecognized when it is extinguished, discharged, cancelled or expires.
Financial assets and financial liabilities are measured subsequently as described below:
Financial Assets The Company classifies its financial assets in the following categories: • financial assets at fair value through profit or loss, • loans and receivables, • held-to-maturity, • available-for-sale investments
The classification depends on the purposes for which the investments are acquired. Management determines the classification of its investments at initial recognition and re-evaluates such designation at every reporting date.
i) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and those designated at fair value through profit or loss at inception. Investments typically bought with the intention to sell in the near future are classified as held for trading. For investments designated as at fair value through profit or loss, the following criteria must be met:
• The designation eliminates or significantly reduces the inconsistent treatment that would otherwise arise from measuring the assets or liabilities or recognizing gains or losses on a different basis, or
• The assets and liabilities are part of a portfolio of financial assets, financial liabilities or both which are managed and their performances evaluated on a fair value basis, in accordance with a documented risk management or investment strategy and information regarding these instruments are reported to the key management personnel on a fair value basis.
These investments are initially recorded at fair value. Subsequent to initial recognition, they are re- measured at fair value. Fair value adjustments and realized gains and losses are recognized in the income statement.
The Group’s financial assets at fair value through profit or loss include some quoted shares and money market funds which are considered as held for trading.
ii) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective 2015 Annual Reports and Accounts 541
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interest method, less provision for impairment. The amounts receivable are discounted if they are receivable beyond the current period and the effect of discounting is material. The Group’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments. Individually significant receivables are considered for impairment when they are past due or when other objective evidence is received that a specific counterparty shall default.
The Group’s trade receivables are its premium receivables from co-assurers as at the end of the reporting period.
These are considered to be impaired when such premiums have been outstanding for three cumulative months and all possible measures have been taken without success to secure settlement. The impairments are recognized accordingly in the profit or loss.
The receivables from co-assurers are considered remote for impairment as they are usually off-set from entitlements between the parties as a normal trade practice.
iii) Held-to-maturity investments Held–to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Group has the positive intention and ability to hold to maturity other than loans and receivables. Held-to-maturity investments comprise Government securities (Treasury Bills etc).
The investments are initially recognized at fair value plus transaction costs. Held-to- maturity investments are subsequently measured at amortized cost using the effective interest method. If there is objective evidence that the investment is impaired, determined by reference to external credit ratings, the financial asset is measured at the present value of the estimated future cash flows. Any changes to the carrying amount of the investment, including impairment losses, are recognized in profit or loss.
iv) Available-for-sale investments Available-for-sale financial assets are non-derivative financial assets that are designated as available-for- sale or are not classified in any of the three preceding categories. Where financial instruments do not have a quoted market price in an active market and whose fair value cannot be reliably measured, the instruments are measured at cost less any impairment charges. The impairment charges are recognized in the statement of other comprehensive income.
The other available-for-sale financial assets are measured at fair value. Fair value gains and losses are reported as a separate component in other comprehensive income and reported within the available-for- sale reserve within equity, except for impairment losses and foreign exchange differences on monetary assets which are recognized in profit or loss. On derecognition of the asset or when determined to be impaired, the cumulative fair value gains and losses previously reported in equity are transferred to the income statement. This category of financial assets includes the Company’s equity holdings in Transcorp Plc.
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5.4 Derecognition of financial assets A financial asset is derecognised when: • The rights to receive cash flows from the asset have expired
• The Group retains the right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either:
• the Group has transferred substantially all the risks and rewards of the asset; or
• the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its right to receive cash flows from an asset or has entered into a pass through arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group’s continuing involvement in the asset as guarantee over the transferred asset.
In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.
5.5 Amortised cost Amortised cost is computed using the effective interest method less any allowance for impairment and principal repayment or reduction. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate.
5.6 Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs to sell and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used.
Impairment losses of continuing operations are recognised in the income statement in those expenses categories consistent with the function of the impaired asset, except for property previously revalue where the revaluation surplus was taken to comprehensive income. In this case the impairment is also recognised in comprehensive income up to the amount of any previous revaluation surplus. 2015 Annual Reports and Accounts 561
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An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group makes an estimate of recoverable amount. A previous impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount.
That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the income statement unless the asset is carried at revalue amount, in which case the reversal is treated as a revaluation in surplus.
The following criteria are also applied in assessing impairment of specific assets:
• The recoverable amount for the life insurance business has been determined based on a fair value less cost to sell calculation. The calculation requires the Group to make an estimate of the total of the adjusted net worth of the life insurance business plus the value of in-force covered business.
• New business contribution represents the present value of projected future distributable profits generated from business written in a period.
• Growth and discount rates used are suitable rates which reflect the risks of the underlying cash flows.
5.7 Fair value measurements The fair values of quoted investments are based on current market prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques.
The techniques include: • the use of recent arm's length transactions, • reference to other instruments that are substantially the same, • net asset value and • discounted cash flow analysis
5.8 Impairment of financial assets The Group assesses at each reporting date whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred ‘loss event’) and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated.
If an available-for-sale financial asset is impaired, an amount comprising the difference between its cost (net of any principal repayment and amortisation) and its current fair value, less any impairment loss previously recognised in other comprehensive income, is transferred from equity to the income statement.
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Reversals in respect of equity instruments classified as available-for-sale are not recognised in the income statement. Reversals of impairment losses on debt instruments classified at available-for-sale are reversed through the income statement if the increase in the fair value of the instruments can be objectively related to an event occurring after the impairment losses were recognised in the income statement.
5.9 Off-setting of Financial Assets and Liabilities Financial assets and financial liabilities are offset and the net amounts reported in the statement of financial position only when there are current and legally enforceable rights to offset the recognised amounts and there is an intention in each case to settle on a net basis, or to realise the assets and settle the liabilities simultaneously. Income and expenses will not be offset in the income statement unless required or permitted by any accounting standard or interpretation, as specifically disclosed in the accounting policies of the Group.
5.10 Trade receivables Trade receivables are recognised when due. These include amounts due from agents, brokers, reinsurers, co-insurers and insurance contract holders. They are initially recognised at fair value and subsequently measured at amortised cost less provision for impairment. An allowance for impairment is made when there is an objective evidence (such as the probability of solvency or financial difficulties of the debtors) that the Group will not be able to collect all amount due under the original terms. If there is objective evidence that the insurance receivables are impaired, the Group reduces the carrying amount of the insurance receivables accordingly and recognises that impairment loss in profit or loss. The Group first assesses whether objective evidence of impairment exists individually for receivables that are individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed receivable, whether significant or not, it includes the receivable in a group of receivables with similar credit risk characteristics and collectively assesses them for impairment using the model that reflects the Group's historical outstanding premium collection ratio per sector. If in a subsequent period the amount of impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. Any subsequent reversal of impairment loss is recognised in profit or loss.
5.11 Reinsurance assets The Group cedes insurance risk in the normal course of business on the bases of our treaty and facultative agreements. Reinsurance assets represent balances due from reinsurance Companies. Amounts recoverable from reinsurers are estimated in a manner consistent with settled claims associated with the reinsurer’s policies and are in accordance with the related reinsurance contract.
5.12 Deferred acquisition costs (DACs) Incremental costs directly attributable to the acquisition of investment and insurance contracts with investment management services are capitalized to a Deferred acquisition cost(DAC) asset if they are separately identifiable, can be measured reliably and its probable 2015 Annual Reports and Accounts 581
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that they will be recovered. DAC are amortized in the income statement over the term of the contracts as the related services are rendered and revenue recognized, which varies from year to year depending on the outstanding terms of the contracts in force. The DAC asset is tested for impairment bi annually and written down when it is not expected to be fully recovered.
5.13 Other receivables and prepayments They are initially recognised at fair value and subsequently measured at amortised cost less provision for impairment. A provision for impairment is made when there is objective evidence (such as the probability of insolvency or significant financial difficulties of the debtors) that the Group will not be able to collect all the amount due under the original terms of the contract. Impaired debts are derecognised when they are assessed as uncollectible. If in a subsequent period the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. Any subsequent reversal of an impairment loss is recognised in profit or loss. Prepayments are carried at cost less accumulated impairment losses.
5.14 Non-current assets held for sale Non-current assets or disposal groups comprising assets and liabilities that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the asset, or components of a disposal group are remeasured in accordance with the Group’s accounting policies.
Thereafter generally, the assets or disposal Group are measured at the lower of their carrying amounts and fair values less costs to sell. Any impairment loss on a disposal group first is allocated to goodwill, and then to remaining assets and liabilities on pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, investment property and biological assets, which continue to be measured in accordance with the Group’s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains or losses on remeasurement are recognized in profit or loss, subject to cumulative subsequent gains not exceeding cumulative losses recorded for the asset.
5.15 Investment property An investment property is property held to earn rentals or for capital appreciation or both. Investment property, including interest in leasehold land, is initially recognized at cost including the transaction costs. Subsequently, investment property is carried at fair value representing the open market value at the statement of financial position date determined by annual valuations carried out by external registered valuers. Gains or losses arising from changes in fair value of investment property shall be recognized in profit or loss for the period in which it arises.
Investment properties are derecognized when either they have been disposed off or when the investment property is permanently withdrawn from use and no future economic benefit is
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expected from its disposal. On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is charged or credited to profit or loss.
Transfers are made to or from investment property only when there is a change in use. For a transfer from investment property to owner occupied property, the deemed cost for subsequent accounting is the fair value at the date of change in use. If owner occupied property becomes an investment property, the Group accounts for such property in accordance with the policy stated under property and equipment up to the date of the change in use.
When the Group completes the construction or development of a self-constructed investment property, any difference between the fair value of the property at that date and its previous carrying amount is recognized in the other comprehensive income.
5.16 Investment in associates The Company’s investment in its associates are accounted for using the equity method of accounting. An associate is an entity in which the Company has significant influence and which is neither a subsidiary nor a joint venture.
Under the equity method, the investment in the associate is carried in the statement of financial position at cost plus post-acquisition changes in the Company’s share of net assets of the associate. Goodwill relating to an associate is included in the carrying amount of the investment and is neither amortised nor individually tested for impairment.
The income statement reflects the share of the results of operations of the associate. Where there has been a change recognised directly in the equity of the associate, the Company recognises its share of any changes and discloses this, when applicable, in the statement of changes in equity. Profits or losses resulting from transactions between the Company and the associate are eliminated to the extent of the interest in the associate.
The share of profit of the associate is shown on the face of the income statement. This is profit attributable to equity holders of the associate and, therefore, is profit after tax and non- controlling interests in the subsidiaries of the associate.
The financial statements of the associate are prepared for the same reporting period as the Company. Where necessary, adjustments are made to bring its accounting policies in line with the Company’s.
After application of the equity method, the Company determines whether it is necessary to recognize an additional impairment loss on the Company’s investment in an associate. The Company determines at each reporting date, whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount in the ‘share of profit of an associate’ in the income statement.
Upon loss of significant influence over the associate, the Company measures and recognises 2015 Annual Reports and Accounts 601
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any remaining investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the remaining investment and proceeds from disposal is recognized in profit or loss.
5.17 Intangible assets Software licence costs and computer software that are not an integral part of the related hardware are initially recognised at cost, and subsequently carried at cost less accumulated amortisation and accumulated impairment losses. Costs that are directly attributable to the production of identifiable computer software products controlled by the Company are recognised as intangible assets.
Amortization is calculated using the straight line method to write down the cost of each licence or item of software to its residual value over its estimated useful life. For this financial, four years has been approved as a Company policy. Amortization begins when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management, even when idle.
Gains or losses arising from the derecognition of intangible assets are measured as the differences between the net disposal proceeds and the carrying amount of the assets and are recognised in the income statements of the periods in which the assets are.
5.18 Property, plant and equipment All categories of property, plant and equipment are initially recognized at cost or at fair value. Cost includes expenditure directly attributable to the acquisition of the assets.
Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance expenses are charged to the income statement in the year in which they are incurred.
Depreciation is calculated using the straight line method to write down the cost or the revalued amount of each of the following classes of assets to its residual value over its estimated useful life:
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• Building 50 years • Furniture & Fittings 10 years • Office Equipment 5 years • Computer equipment 5 years • Motor Vehicles 4 years • Generating sets 4-5 years Land is a component of property, plant and equipment but not subject to depreciation.
Depreciation on an item of property, plant and equipment commences when it is available for use and continues to be depreciated until it is derecognized, even if during that period the item is idle. Depreciation of an item ceases when the item is retired from active use and is being held for disposal.
As no parts of items of property, plant and equipment of the Group have a cost that is significant in relation to the total cost of the item, the same rate of depreciation is applied to the whole item.
The assets’ residual values, depreciation method and useful lives are reviewed and adjusted, if appropriate, at each statement of financial position date.
Impairment reviews are performed when there are indicators that the carrying value of an asset may not be recoverable. Impairment losses are recognised in the income statement as an expense.
The Group classifies all assets within a disposal group as Non-current assets held for sale if the carrying amount will be recovered principally through sale transaction rather than continuous use.
Freehold land and buildings are subsequently carried at revalued amounts, based on periodic valuations by external independent valuers; less accumulated depreciation and accumulated impairment losses. All other items of property, plant and equipment are subsequently carried at cost less accumulated depreciation and accumulated impairment losses.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use.
Gains and losses on disposal of property, plant and equipment are determined by reference to their carrying amounts and are taken into account in determining operating profit.
Increases in the carrying amounts arising on revaluation are recognised in other comprehensive income and accumulated in equity under the heading of revaluation reserve. Decreases that offset previous increases of the same asset are recognised in other comprehensive income. All other decreases are charged to the Income statement. Annually, the difference between depreciation computation based on the revalued carrying amount of the asset and charged to the income statement and depreciation based on the asset’s original cost is transferred from the revaluation reserve to income statement. 2015 Annual Reports and Accounts 621
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Amortization ceases at the earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized and ceases temporarily while the residual value exceeds or is equal to the carrying value
5.19 Statutory deposit Statutory deposit represents 10% of the minimum paid up capital of the Company deposited with the Central Bank of Nigeria (CBN) in pursuant to Section 10(3) of the Insurance Act, CAP I17, LFN 2004 Statutory deposit is measured at cost.
5.20 Insurance contract liabilities Insurance contract liabilities include the outstanding claims provision, the provision for unearned premium and the provision for premium deficiency. The outstanding claims provision is based on the estimated ultimate cost of all claims incurred but not settled at the reporting date, whether reported or not, together with related claims handling costs and reduction for the expected value of salvage and other recoveries. Delays can be experienced in the notification and settlement of certain types of claims, therefore, the ultimate cost of these cannot be known with certainty at the reporting date.
The liability is calculated at the reporting date using a range of standard actuarial claim projection techniques, based on empirical data and current assumptions that may include a margin for adverse deviation. The liability is not discounted for the time value of money. No provision for equalisation or catastrophe reserves is recognised. The liabilities are derecognised when the obligation to pay a claim expires, is discharged or is cancelled.
The provision for unearned premiums represents that portion of premiums received or receivable that relates to risks that have not yet expired at the reporting date. The provision is recognised when contracts are entered into and premiums are charged, and is brought to account as premium income over the term of the contract in accordance with the pattern of insurance service provided under the contract.
At each reporting date, the Group reviews its unexpired risk and a liability adequacy test is performed in accordance with requirement of IFRS on liability adequacy test to determine whether there is any overall excess of expected claims and deferred acquisition costs over unearned premiums.
This calculation uses current estimates of future contractual cash flows after taking account of the investment return expected to arise on assets relating to the relevant non-life insurance technical provisions. If these estimates show that the carrying amount of the unearned premiums (less related deferred acquisition costs) is inadequate, the deficiency is recognised in the income statement by setting up a provision for premium deficiency.
• Liability adequacy test At the end of the reporting period, liability adequacy tests are performed by an actuary to ensure the adequacy of the contractual liabilities net of related deferred acquisition cost assets (DAC). In performing these tests current best estimates of future contractual cash flows and claims handling and administrative expenses, as well as investment income from
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the assets backing such liabilities, are used. Any deficiency is immediately charged to profit or loss initially by writing off DAC and by subsequently establishing a provision for losses arising from liability adequacy tests “the unexpired risk provision”.
• Annuity contracts These contracts insure customers from consequences of events that would affect the ability of the customers to maintain their current level of income. There are no maturity benefits. However, there is a death benefit payable to named beneficiary if death occurs within the ten years guaranteed period. The annuity contracts are fixed annuity plans. Policy holders make a lump sum payment recognised as part of premium in the period when the payment was made. Constant and regular payments are made to annuitants based on terms and conditions agreed at the inception of the contract and throughout the life of the annuitants. The annuity funds are invested in money market instruments to meet up with the payment of monthly/quarterly annuity payments. The annuity funds liability is actuarially determined based on assumptions as to mortality, persistence, maintenance expenses and investment income that are established at the time the contract is issued.
Recognition and Measurement of Annuity Premium and Claims Annuity premiums relate to single premium payments and are recognised as earned premium income in the period in which payments are received. Claims are made to annuitants in the form of monthly/quarterly payments based on the terms of the annuity contract and charged to income statement as incurred. Premiums are recognised as revenue when they become payable by the contract holders.
5.21 Investment contract liabilities The Company’s investment contract business offers a range of savings products to suits group and individual customers' long and short term investment needs. It comprises all types of contract, both with or without insurance risk, and with and without discretionary participation features.
The liability of the Company to the schemes is as determined by Actuarial valuation carried out annually, by Messrs HR Nigeria Limited. The details are as stated in note 19 to the financial statements.
5.22 Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate.
The estimated fair value of payables with no stated maturity which includes no interest payables is the amount repayable on demand.
5.23 Other payables and accruals General Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. 2015 Annual Reports and Accounts 641
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Where the Group expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain.
The expense relating to any provision is presented in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are discounting using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
5.24 Financial liabilities All financial liabilities are recognized initially at fair value of the consideration given plus the transaction cost with the exception of financial liabilities carried at fair value through profit or loss, which are initially recognized at fair value and the transaction costs are expensed in the income statement. The Group financial liabilities include Deawoo bond, lease payables, trade and other payables. These are measured subsequently at amortized cost using the effective interest method. All interest related charges and, if applicable changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or income.
• Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred, Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest rate.
Fees paid on the establishment of loan facilities are recognised as a transaction cost of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre- payment for liquidity services and amortised over the period of the facility to which it relates.
5.25 Finance lease obligations Asset held under finance leases are initially recognised as asset of the Group at their fair value at the inception of the lease or if lower at the present value of the minimum lease payments. The corresponding liability to the leasor is included in the statement of financial position as a finance lease obligation.
Lease payments are apportioned between the liability and finance charges. The corresponding rental obligation, net of finance charges are included in long term payables. The interest element of the finance cost is charged to the income statement over the lease periods so as to produce constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the useful life of the asset.
5.26 Employee retirement benefits
• Retirement Benefit Obligations The Group operates a defined contribution scheme for qualifying employees. The Company
Standard Alliance Insurance Plc and its Subsidiary Company 65 2015 Annual Reports and Accounts
contributes 10% while all its employees contribute 8% each of their pensionable emoluments (basic salary, housing allowance and transport allowance) to the Pension Scheme and this is being managed by registered and licensed pension managers ass may be chosen by the staff from time to time.
5.27 Income tax liabilities Income tax expense is the aggregate amount charged/(credited) in respect of current tax and deferred tax in determining the profit or loss for the year. Tax is recognised in the income statement except when it relates to items recognised in other comprehensive income, in which case it is also recognised in other comprehensive income.
• Company Income tax This is the amount of income tax payable on the taxable profit of the Group for the year determined in accordance with the Company Income Tax Act, CAP. 60 LFN; 1990. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted as at the reporting date.
• Education tax This is a component of the income tax. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted as at the reporting date.
5.28 Deferred tax liabilities Deferred tax is provided in full on all temporary differences except those arising from the fair value measurement of assets.
Deferred tax is determined using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes, using tax rates and laws enacted or substantively enacted at the statement of financial position date and expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off such current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. 2015 Annual Reports and Accounts 661
Summary of Significant Accounting Policies
5.29 Share capital and share premium. Ordinary shares are recognized at par value and classified as ‘share capital’ in equity. Any amounts received over and above the par value of the shares issued are classified as ‘share premium’ in equity. The share premium account is utilized in accordance with the provisions of Companies and Allied Maters Act (CAMA) CAP. C20 LFN, 2004.
5.30 Contingency reserves This is computed in accordance with the provisions of section 22 of the Insurance Act, CAP 117 LFN 2004. It is credited with amount equal to the higher of 3% of the total premium written and 20% of the net profit until it reaches the amount of the minimum paid up capital.
5.31 Retained earnings Retained earnings are the carried forward recognised income net of expenses plus current period profit or loss attributable to owners of the Company.
5.32 Gross premium income Insurance premium revenue is received or receivable by the Group from in-force insurance contracts during the reporting period. In-force insurance contracts are those whose premiums have been collected by the Group, its intermediaries or collectible within 30 days of the reporting date. Premium revenue is recognized on the date on which the insurance policy commences. Gross premium income comprises the total premium written in a year after adjusting for unearned premiums.
• Unearned premiums Unearned premiums are those proportions of premiums written in a year that relate to periods of risk after the statement of financial position date. Unearned premiums are calculated on a daily pro rata basis. The proportion attributable to subsequent periods is deferred as a provision for unearned premiums.
• Reinsurance premium Reinsurance premiums are outward premiums due to reinsurance companies in accordance with the tenor of the reinsurance contract, after adjusting for the unexpired portion, as at the end of the period.
• Net premium income The result of the gross premium income and reinsurance premium expenses is the net premium income accruing to the entity for the period.
5.33 Commission on reinsurance When the Group acts in the capacity of an agent rather than as the principal in a transaction, the revenue recognized is the amount of commission made by the Group. Commission on reinsurance is recognised as income over the period of the underlying contracts. If the fees are for services provided in future periods, then they are deferred and recognised over those future periods.
Standard Alliance Insurance Plc and its Subsidiary Company 67 2015 Annual Reports and Accounts
5.34 Investment income Investment income includes interest on bank placements, dividend income and rental income arising from operating leases on investment properties, which are presented in the Income statement.
Income from any earmarked investment is credited to its source. Otherwise, the investment income is distributed between the Insurance contract business, Investment contract business and shareholders’ account on the basis of average investments outstanding during the year as financed by the respective funds. The distribution is presented only as note to the financial statements.
5.35 Fees and other income Insurance contract policyholders are charged for surrenders and other contract fees. Investment contract policyholders are charged for administration services, investment management services, surrenders and other contract fees. These fees are recognised as revenues over the periods in which the related services are performed. If the fees are for services provided in future periods then they are deferred and recognised over those future periods.
5.36 Realized/unrealized gains and losses Realized gains and losses include gains and losses arising from the disposal of financial instruments, non- current assets held for sale and investment properties and they are recognised in the Income statement of the period in which the disposal occurred.
Unrealized gains and losses include gains and losses arising from the fair valuation of financial assets, non- current assets held for sale (that is, immediately before classification as held for sale) and investment properties. Unrealized gains and losses arising from the fair valuation of investment properties are recognized in the Income statement.
5.37 Underwriting and management expenses Expenses are recognized in the Statement of profit or loss and other comprehensive income when a decrease in future economic benefit related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably. This means, in effect, that recognition of expenses occurs simultaneously with the recognition of an increase in liabilities or a decrease in assets.
• Underwriting expenses These are acquisition costs and other underwriting expenses, which include commissions to brokers and other agents, business development costs and other technical expenses. The expenses are accounted for on accrual basis.
• Brokers' and Agents’ commissions The Company employs the services of brokers in marketing its insurance policies. Commissions paid to the brokers are charged against revenue as underwriting expenses. 2015 Annual Reports and Accounts 681
5.38 Benefits and claims expenses • Gross benefits and claims Gross benefits and claims for insurance contracts are included in the cost of all claims incurred during the period including internal and external claims handling costs that are directly related to the processing and settlement of claims as well as changes in the gross valuation of insurance liabilities. Claims are recorded on the basis of notifications received.
• Reinsurance claims recoveries Reinsurance claims recoveries are recognized when the related gross insurance claim expenses are recognized according to the terms of the relevant contract.
• Salvage and subrogation reimbursements Some insurance contracts permit the Company to sell (usually damaged) property acquired in settling a claim (for example, salvage). The Company may also have the right to pursue third parties for payment of some or all costs (for example, subrogation).
Estimates of salvage recoveries are included as an allowance in the measurement of the insurance liability for claims, and salvage property is recognized in other assets when the liability is settled. The allowance is the amount that can reasonably be recovered from the disposal of the property.
Subrogation reimbursements are also considered as an allowance in the measurement of the insurance liability for claims and are recognized in other assets when the liability is settled. The allowance is the assessment of the amount that can be recovered from the action against the liable third party.
5.39 Underwriting and management expenses Expenses are recognized in the Statement of profit or loss when a decrease in future economic benefit related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably. This means, in effect, that recognition of expenses occurs simultaneously with the recognition of an increase in liabilities or a decrease in assets.
The Company's expenses are recognized in the statement of profit or loss on the following basis: • As either directly attributable expenses on insurance contracts and investment contracts on one hand and sundry business activities on the other hand. These expenses are accounted for wholly under the businesses that they relate to;
• Common expenses, which are those other than the directly attributable expenses but excluding brokers/ agents' allowances and commissions. The common expenses are allocated in the ratio of 70:20:10 between insurance business, investment contract and shareholders' funds. The amount allocated to insurance contract business is again distributed between Group Life and Individual life on the basis of gross premium written in the year.
Standard Alliance Insurance Plc and its Subsidiary Company 69 2015 Annual Reports and Accounts
Summary of Significant Accounting Policies
Brokers/ Agents’ commissions and allowances The Company employs the services of brokers/ agents in marketing its life policies and investment contracts. Commissions paid to the agents/brokers are charged against revenue as underwriting expenses.
Furthermore, the Company employs the services of agents in marketing its individual life policies and investment contract products. Allowances and commissions paid to the agents are allocated on equal basis between the individual life business and investment contract activities.
• Net claims expenses The result of the gross benefits and claims expenses and reinsurance claims recoveries is the net claims expense for the period. Ceded reinsurance arrangements do not relieve the Company from its obligations to policyholders.
Policyholder benefits incurred comprise claims paid in the year and changes in the provision for insurance contract liabilities. Benefits paid represent all payments made during the year, whether arising from events during that or earlier years. Insurance contract liabilities represent the estimated ultimate cost of settling all benefits accruing to policyholders and are discounted to the present value.
5.40 Dividends Dividends on ordinary shares are recognised as a liability in the year in which they are declared. Proposed dividends are accounted for as a separate component of equity until they have been declared at an annual general meeting. Dividends for the year that are approved after the statement of financial position date are dealt with as a non-adjusting event after the statement of financial position date.
5.41 Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic earnings per share amounts are calculated by dividing the profit for the year attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding at the reporting date.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares, which comprise convertible notes and share options granted to employees.
5.42 Conversion of foreign currencies On initial recognition, all transactions are recorded in the functional currency (the currency of the primary economic environment in which the Group operates or transacts business), which is Nigerian Naira and Kobo. Transactions in foreign currencies during the year are converted into the functional currency using the exchange rate prevailing at the transaction dates.
Monetary assets and liabilities at the statement of financial position date denominated in foreign currencies are translated into the functional currency using the exchange rate 2015 Annual Reports and Accounts 701
Summary of Significant Accounting Policies
prevailing as at that date. The resulting foreign exchange gains and losses from the settlement of such transactions and from year- end translation are recognised on a net basis in the income statement in the year in which they arise.
5.43 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (Board of Directors). Directors allocate resources to and assess the performance of the operating segments of the Company. The operating segments are based on the Company's management and internal operating structure. The directors consider the Company to comprise three business segments: Group life assurance segment, Individual life assurance segment and Investments management or savings links segment.
5.44 Comparatives Where necessary, comparatives have been adjusted to conform to changes in presentation in the current year. Where changes are made and affect the statement of financial position, a third statement of financial position at the beginning of the earliest period presented is presented together with the corresponding notes.
5.45 Events after the statement of financial position date The financial statements are adjusted to reflect events that occurred between the statement of financial position date and the date when the financial statements are authorised for issue, provided they give evidence of conditions that existed at the statement of financial position date. Events that are indicative of conditions that arose after the statement of financial position date are disclosed, but do not result in an adjustment of the financial statements.
Standard Alliance Insurance Plc and its Subsidiary Company 71 2015 Annual Reports and Accounts
Consolidated Statement of Financial Position AS AT 31 DECEMBER 2015 As Restated Group Group Company Company 2015 2014 2015 2014 ASSETS NOTES N'000 N'000 N'000 N'000 Cash and cash equivalents 6 1,317,866 - 730,785 701,236 Financial Assets: - At fair value through profit or loss 7.1 36,395 - 18,365 58,949 - Loans and receivables 7.2 80,224 - 12,629 956,232 - Available for sale investment 7.3 433,948 - 433,948 821,950 Reinsurance assets 8 1,032,984 - 492,673 607,664 Trade receivables 9 49,994 - 49,994 32,646 Other receivables and prepayments 10 65,074 - 28,117 32,469 Deferred acquisition costs 11 131,238 - 108,199 96,442 Investment in subsidiary company 12.1 - - 406,728 - 12.2 Investment in associates - - - 317,604 Non current assets held for sale 13 1,890,433 - 1,890,433 -
Investment property 14 3,304,563 - 1,150,000 1,415,000
Intangible assets 15 11,757 - 8,241 7,686
Property, plant and equipment 16 2,897,893 - 2,770,510 2,222,606 Statutory deposit 17 535,000 - 335,000 335,000
TOTAL ASSETS 11,787,369 - 8,435,622 7,605,484
LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Insurance contract liabilities 18 4,404,741 - 2,226,847 2,402,454 Investment contract liabilities 19 630,239 - - - Trade payables 20 157,331 - 75,986 75,954 Other payables and accruals 21 469,627 - 516,749 395,441 Borrowings 22 795,918 - 795,918 757,803 Finance lease obligations 23 136,698 - 111,800 32,408 Income tax liabilities 24 214,013 - 170,561 334,285 Deferred tax liabilities 25 326,273 - 305,560 305,560 TOTAL LIABILITIES 7,134,840 - 4,203,421 4,303,905 SHAREHOLDERS' EQUITY Share capital 26 5,996,587 - 5,996,587 5,996,587 Share premium 27 7,667,475 - 7,667,475 7,667,475 Contingency reserves 28 1,411,579 - 1,386,196 1,243,423 Accumulated loss 29 (12,552,146) - (12,553,495) (13,220,960) Revaluation reserves 30 1,671,832 - 1,671,832 1,114,518 Fair value reserves 31 63,606 - 63,606 500,536 Total equity attributable to the owners of the parent 4,258,933 - 4,232,201 3,301,579
Non-controlling interest in equity 32 393,596 - - - TOTAL EQUITY 4,652,529 - 4,232,201 3,301,579 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 11,787,369 - 8,435,622 7,605,484
Signed on behalf of the Board of Directors on 30 March 2016 by: Additionally certified by:
………………………………………… ……………………………………………. ………………………………………….. Mrs. Orerhime Emerhor-Iwuagwu Mr. Bode Akinboye Mr. Kadiri Ijeremhe Director Group Managing Director/CEO Head, Finance and Accounts FRC/2013/IODN/00000004229 FRC/2013/ICAN/00000005139 FRC/2013/ICAN/00000002076 2015 Annual Reports and Accounts 721 Consolidated Statement of Profit or Loss and Other Comprehensive Income FOR THE YEAR ENDED 31 DECEMBER 2015
As Restated Group Group Company Company NOTE 2015 2014 2015 2014 N'000 N'000 N'000 N'000 Gross premium written 33 5,235,571 - 2,956,271 4,333,254 Unearned premium 190,614 - 113,843 5,425 Gross premium income 33 5,426,185 - 3,070,114 4,338,679 Reinsurance expenses 34 (853,396) - (602,574) (475,015) Net premium income 4,572,789 - 2,467,540 3,863,664 Commission income 35 341,341 - 52,044 103,078 Net underwriting income 4,914,130 - 2,519,584 3,966,742
Claims expenses (net) 36 (1,718,166) - (777,410) (1,194,074)
Changes in investment contract liabilities (323,895) - - - Underwriting expenses 37 (1,638,071) - (517,692) (1,341,981)
Total underwriting expenses (3,680,132) - (1,295,102) (2,536,055)
Underwriting profit 1,233,998 - 1,224,482 1,430,687
Investment and other income 38 313,325 - 197,132 239,631
Loss on investment contract liabilities 39 (103,340) - - -
Management expenses 40 (1,484,138) - (1,405,420) (1,795,804) Finance charges 41 (286,350) - (263,349) (48,483) Write back/(impairment charges) on other assets 42 858,611 - 945,216 (1,145,650) Fair value loss on financial assets 7.1.2 (18,317) - (16,072) (32,475) Gain on disposal of financial assets 7.3.4 153,765 - 153,765 - Fair value gain/(loss) on investment properties 14.2 394,000 - 65,000 (20,000) Loss on disposal of investment properties 14.1 (125,000) - (125,000) - Foreign exchange loss 22.1 (117,514) - (117,514) - Share of profit/(loss) of associate Company 12.3 - - 55,627 (726,422) Profit/(loss) before taxation 819,040 - 713,867 (2,098,516) Income tax 24 68,441 - 96,371 (86,505) Deferred tax 25.1 - - - (11,524) Profit/(loss) after taxation 887,481 - 810,238 (2,196,545)
Other comprehensive income
Item that are or may be reclassified to profit or loss:
Fair value loss on financial assets 31 (436,930) - (436,930) (243,574)
Items that will be classified to profit or loss: Revaluation surplus on building 30 557,314 - 557,314 411,117 Foreign currency translation reserves - - - - Total comprehensive income for the year 1,007,865 - 930,622 (2,029,002)
Profit/(loss) attributable to: Owners of equity 836,970 - 810,238 (2,196,545) Non controlling interest 32 50,511 - - -
887,481 - 810,238 (2,196,545)
Profit/(loss) per share : Basic/diluted 7.40 - 6.76 (18.31)
Standard Alliance Insurance Plc and its Subsidiary Company 73 2015 Annual Reports and Accounts
Consolidated and Separate Statement of Changes in Equity YEAR ENDED 31 DECEMBER 2015
Non Share Share Contingency Retained Revaluation Fair value Controlling Group Capital Premium Reserves Earnings Reserves Reserves Total Interest Total N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 Balance 1 January, 2015 5,996,587 7,667,475 1,243,423 (13,220,960) 1,114,518 500,536 3,301,579 343,085 3,644,664
Total comprehensive income for the year: Profit for the year - - - 836,970 - - 836,970 50,511 887,481 Transfer to contingency reserve (Note 28) - - 168,156 (168,156) - - - - - Other comprehensive income: Revaluation surplus on building (Note 30) - - - - 557,314 - 557,314 - 557,314 Fair value loss on quoted shares - Available - - - - for sale(Note 31) (436,930) (436,930) - (436,930) Total comprehensive income for the year - - 168,156 668,814 557,314 (436,930) 957,354 50,511 1,007,865
Transactions with owners recorded directly in equity Contributions by and distribution to owners Dividends to equity holders ------Total transactions with owners ------
Balance 31 December , 2015 5,996,587 7,667,475 1,411,579 (12,552,146) 1,671,832 63,606 4,258,933 393,596 4,652,529
2015 Annual Reports and Accounts 741
Statement of Changes in Equity YEAR ENDED 31 DECEMBER 2015
Share Share Treasury Contingency Retained Revaluation Fair value Company Capital Premium Shares Reserves Earnings Reserves Reserves Total N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 Balance 1 January, 2015 5,996,587 7,667,475 - 1,243,423 (13,220,960) 1,114,518 500,536 3,301,579
Total comprehensive income for the year: Profit for the year - - - - 810,238 - - 810,238 Transfer to contingency reserve (Note 28) - - - 142,773 (142,773) - - - Other comprehensive income: Revaluation surplus on building (Note 30) - - - - - 557,314 - 557,314 Fair value loss on quoted shares - Available ------(436,930) (436,930) for sale(Note 31) Total comprehensive income for the year - - - 142,773 667,465 557,314 (436,930) 930,622
Transactions with owners recorded directly in equity Contributions by and distribution to owners Dividends to equity holders ------Total transactions with owners ------
Balance 31 December , 2015 5,996,587 7,667,475 - 1,386,196 (12,553,495) 1,671,832 63,606 4,232,201
Balance 1 January, 2014 5,996,587 15,852,049 (8,737,585) 1,113,425 (10,894,417) 703,401 744,110 4,777,570
Total comprehensive income for the year: Loss for the year - - - - (2,196,545) - - (2,196,545) Transfer to contingency reserve (Note 28) - - - 129,998 (129,998) - - - Allotment of treasury shares - (8,184,574) 8,737,585 - - - - 553,011 Other comprehensive income: Revaluation surplus on building (Note 30) - - - - - 411,117 - 411,117 Fair value gain on quoted shares - Available ------(243,574) (243,574) for sale(Note 31)
Total comprehensive income for the year - (8,184,574) 8,737,585 129,998 (2,326,543) 411,117 (243,574) (1,475,991)
Transactions with owners recorded directly in equity Contributions by and distribution to owners Dividends to equity holders ------Total transactions with owners ------
Balance 31 December , 2014 5,996,587 7,667,475 - 1,243,423 (13,220,960) 1,114,518 500,536 3,301,579
Standard Alliance Insurance Plc and its Subsidiary Company 75 2015 Annual Reports and Accounts
Consolidated Statement of Cash Flows FOR THE YEAR ENDED 31 DECEMBER 2015
Group Group Company Company 2015 2014 2015 2014 Cash flows from operating activities NOTES N'000 N'000 N'000 N'000 Premium received from policy holders 45 5,556,658 - 3,052,766 4,313,706
Cash received on investment contract 19 1,278,175 - - -
Interest received on investments 170,496 - 86,103 136,138
Rent and sundry income 49,569 - 33,821 18,308
Other income 38 12,469 - 10,487 18,582
Claim paid (net of recoveries) (1,779,930) - (839,174) (764,851) Fees and commission 338,141 - 52,044 103,078 Cash payments for reinsurance (853,396) - (602,574) (475,015) Brokers/Agents commissions and allowances (867,072) - (428,416) (1,054,965) Cash payments to employees, suppliers and others (1,861,065) - (1,030,310) (1,913,691) Cash withdrawals on investment contract 19 (1,551,036) - - -
493,009 - 334,747 381,290 Taxes paid: Income tax 24 (67,353) - (67,353) (29,820) VAT (3,498) - - -
Net cash generated from operating activities 422,158 - 267,394 351,470
Cash flows from investing activities
Purchase of Property, plants and equipments 16 (155,119) - (114,290) (162,943) Purchase of Intangible assets 15 (3,620) - (3,620) (3,207) Proceeds from sale of Property, plant and equipment 1,218 - 1,218 2,753 Proceeds from sale of financial assests through profit or loss 7.1.1 40,584 - 40,584 Proceeds from sale of available for sales financial assets 7.3.1 164,093 - 164,093 Proceeds from sales of investment property 14.1 210,000 - 210,000 Dividend received 38 22,393 - 15,881 11,679 Acquisition of interest in Blueberry project 7.3.3 (75,328) - (75,328) (102,300)
Net Cash generated/(absorbed) from investing activities 204,221 - 238,538 (254,018)
Cash flows from financing activities Finance charges 41 (286,350) - (263,349) (48,483) Loan obtained - - - 200,000 Repayment of Daewoo loan 22.1 (248,476) - (248,476) (196,470)
Repayment of term loan 22.2 (43,950) - (43,950) (7,673) Lease financing (net) 23 94,578 - 79,392 (17,545) Proceeds from sale of treasury shares - - - 553,011 Net Cash flow from financing activities (484,198) - (476,383) 482,840
Net increase in cash and cash equivalents 142,181 - 29,549 580,292
Cash and cash equivalents at the beginning of the year 1,175,685 - 701,236 120,944
Cash and cash equivalents at the end of the year 1,317,866 - 730,785 701,236
Cash and cash equivalent comprise: Current Bank accounts balances 238,370 - 67,521 83,785 Short term deposits - Local banks 1,079,496 - 663,264 617,451 1,317,866 - 730,785 701,236 2015 Annual Reports and Accounts 761
Other Notes to The Financial Statements
Group Group Company Company 2015 2014 2015 2014 6 Cash and cash equivalents N'000 N'000 N'000 N'000 Cash in hand 1,500 - 1,500 3,851
Bank balances 236,870 - 66,021 79,934
Short term deposits 1,079,496 - 663,264 617,451
1,317,866 - 730,785 701,236
Included in short term deposits is the sum of N583,551,092 being placement with Heritage Bank which represents proceeds from the sale of Treasury shares currently being held in a dedicated account in line with NAICOM directives. Subsequent to year end, the funds were moved to First Bank Limited being a first generation bank as directed by NAICOM.
Also included in short term deposits is a sum of N2,383,000 being unclaimed dividends returned by First Registrars as instructed by Securities and Exchange Commission. This amount is included in other payables and accruals (Note 21). Short-term deposits are made for varying periods of between one day and three months depending on the immediate cash requirements of the Company.
7 Financial assets N'000 N'000 N'000 N'000 At fair value through profit or loss (FVTPL) (Note 7.1) 36,395 - 18,365 58,949
Loans and receivables (Note 7.2) 80,224 - 12,629 956,232
Available for sale investment (Note 7.3) 433,948 - 433,948 821,950 550,567 - 464,942 1,837,131
7.1 Financial assets at fair value through profit or loss Quoted investments N'000 N'000 N'000 N'000 Cost 416,371 - 334,433 334,433 Disposal (24,512) - (24,512) -
Fair value changes (Note 7.1.2) (355,464) - (291,556) (275,484) Market Value 36,395 - 18,365 58,949
7.1.1 The disposal is further analysed thus: N'000 N'000 N'000 N'000 Cost of investment disposed (24,512) - (24,512) - Proceeds on investment disposed 40,584 - 40,584 - Gain on investment disposed 16,072 - 16,072 -
7.1.2 The fa ir value changes are further analysed thus: N'000 N'000 N'000 N'000 At 1 January (337,147) - (275,484) (243,009) (Increase)/ Decrease in fair value losses (18,317) - (16,072) (32,475) At 31 December (355,464) - (291,556) (275,484)
Standard Alliance Insurance Plc and its Subsidiary Company 77 2015 Annual Reports and Accounts
7.1.3 Analysis of the fair value of the Company's investments in listed entities is shown below:
N'000 N'000 N'000 N'000 ABC Transport Plc 5,174 - 5,174 5,174 Africa Prudential Registrars Plc 22 - - - Ashaka Cement Plc 4,003 - - -
Cornerstone Insurance Plc 175 - - -
Dangote Sugar Refineries Plc 1,809 - 1,809 1,905
Dangote Flour Mills Plc 34 - - - Diamond Bank Plc 690 - 690 1,674 Ecobank Transnational Plc 192 - 108 119 First City Monument Bank Plc 3,209 - 2,704 3,984 Fidelity Bank Plc 3,584 - 3,584 3,871
First Bank of Nigeria Limited 5,006 - 2,222 3,465
Guaranty Trust Bank Plc 795 - - 11,803
Nigerian Aviation Handling Company OANDO 1,965 - - - Skye Bank Plc 227 - - - Standard Alliance Insurance Plc 1,742 - 498 798 UBA Capital 2,853 - - - United Bank for Africa Plc 46 - - -
WAPCO Nigeria Plc 2,786 - 1,551 1,974 WAPIC Insurance Plc - - - 24,150 Zenith Bank Plc 25 - 25 32 2,058 - - - 36,395 - 18,365 58,949
Group Group Company Company 2015 2014 2015 2014 N'000 N'000 N'000 N'000 7.2 Loans and receivables Loans against policies 63,175 - - - Standard Alliance Properties Limited (Note 7.2.1) - - - 945,217 Staff debtors 17,049 - 12,629 11,015 80,224 - 12,629 956,232
The Company grants commercial loans to life policyholders. The surrender values serve as collaterals for the loans.
7.2.1 Standard Alliance Properties Limited N'000 N'000 N'000 N'000 Balance, beginning of the year 1,890,433 - 1,890,433 1,800,412
Interest income for the year - - - 90,021 1,890,433 - 1,890,433 1,890,433 (1,890,433) - (1,890,433) - Acquisition of properties as repayment (Note 13) - - - (945,216) Impairment provision - - - 945,217 Balance, end of the year
Standard Alliance Insurance Plc ventured into a joint estate development with Standard Alliance Properties Limited. The terms of arrangement included an annual interest of 5% on contribution and share of profit from the joint venture. The balance due from Standard Alliance Properties Limited in 2014 represents accumulated interest and outstanding contributions.
2015 Annual Reports and Accounts 781
Other Notes to The Financial Statements
Standard Alliance Properties Limited transferred a warehouse at Lekki, a land at Abuja and a bare site at Lekki valued at N500million, N950million and N440.433million respectively to Standard Alliance Insurance Plc during the year in full repayment of the loan via deeds of assignment. These properties are currently classified as Non-current assets held for sale. The titles are yet to be perfected in favour of Standard Alliance Insurance Plc as it will be more cost effective to transfer directly to buyers upon disposal.
Impairment provision N'000 N'000 N'000 N'000 At 1 January 945,216 - 945,216 - (Write back)/impairment provision (Note 42) (945,216) - (945,216) 945,216 At 31 December - - - 945,216
7.3 Available for sale financial assets N'000 N'000 N'000 N'000 Quoted shares in Transcorp Plc (Note 7.3.1) 256,320 - 256,320 719,650 Lagoon Homes Saving & Loans Ltd (Note 7.3.2) - - - - Investment in Blueberry Project (Note 7.3.3) 177,628 - 177,628 102,300 433,948 - 433,948 821,950
7.3.1 Investment in quoted shares (Transcorp Plc) N'000 N'000 N'000 N'000 Balance, beginning of the year 147,235 - 147,235 147,235 Disposal during the year (26,400) - (26,400) - Balance, end of the year 120,835 - 120,835 147,235 Fair value gain 135,485 - 135,485 572,415 Market value 256,320 - 256,320 719,650
Disposal during the year N'000 N'000 N'000 N'000 Cost at the beginning of the year 171,600 - 171,600 - Write back of fair value gain on disposal (145,200) - (145,200) - 26,400 - 26,400 -
Proceeds on investment disposed (164,093) - (164,093) -
Gain on investment disposed (137,693) - (137,693) -
Fair value charges are further analysed as folows: N'000 N'000 N'000 N'000 At 1 January 572,415 - 572,415 815,989 Fair value realised loss on disposal (145,200) - (145,200) - Fair value loss during the year (Note 31) (291,730) - (291,730) (243,574) At 31 December 135,485 - 135,485 572,415
Group Group Company Company 2015 2014 2015 2014 7.3.2 Lagoon Home Savings and Loans Limited N'000 N'000 N'000 N'000 5% 5 year Redeemable preference share 162,848 - 162,848 162,848 Impairment provision (162,848) - (162,848) (162,848) - - - -
Standard Alliance Insurance Plc converted its term deposit and current accounts balances with Lagoon Homes Savings and Loans Limited to a 5% 5 years preference shares holding in the financial institution during 2013.
Standard Alliance Insurance Plc and its Subsidiary Company 79 2015 Annual Reports and Accounts
Impairment provision N'000 N'000 N'000 N'000 At 1 January 162,848 - 162,848 - Impairment allowance for the year - - - 162,848 At 31 December 162,848 - 162,848 162,848
During the year 2014, the investment in Lagoon Homes was fully impaired due to withdrawal of its licence by the Central Bank of Nigeria and subsequent takeover by the NDIC.
7.3.3 Investment in Blueberry Technology Solutions Limited
N'000 N'000 N'000 N'000 Balance, beginning of the year 102,300 - 102,300 - Additions during the year 75,328 - 75,328 102,300 Balance, end of the year 177,628 - 177,628 102,300
This represents the Company's investment in Blueberry Technology Solutions Limited under a joint venture arrangement for the provision of Electronic National Drivers' and Vehicles Identification System (ENDVIS) for the Kaduna State Government. Under the terms of agreement, the investment is expected to be recovered within a period of 5 years and revenue from the project is to be shared by the parties.
7.3.4 Gain on disposal of financial assets N'000 N'000 N'000 N'000 Gain on disposal of Financial assets at FVTPL (Note 7.1.1) 16,072 - 16,072 - Gain on disposal of Available for sale investment (Note 7.3.1) 137,693 - 137,693 - 153,765 - 153,765 -
8 Reinsurance assets N'000 N'000 N'000 N'000 Claims recoverable 750,428 - 368,169 416,549 Deferred reinsurance cost 282,556 - 124,504 191,115 1,032,984 - 492,673 607,664
This represents amount recoverable from reinsurers in respect of claims incurred and reinsurance premium paid of which risk has not expired.
8.1 Movement in deferred reinsurance cost N'000 N'000 N'000 N'000 Balance, beginning of the year 390,044 - 191,115 63,830 Additions during the year 745,908 - 535,963 602,300 Amortisation during the year (853,396) - (602,574) (475,015) Balance, end of the year 282,556 - 124,504 191,115
The reinsurance assets are of current maturity. 2015 Annual Reports and Accounts 801
Other Notes to The Financial Statements
9 Trade receivables N'000 N'000 N'000 N'000 Amount due from Insurance Brokers 49,994 - 49,994 32,646
Age analysis N'000 N'000 N'000 N'000 0-90 days 49,994 - 49,994 32,646 91-180 days - - - - 49,994 - 49,994 32,646
The balance of N49,994,000 due from insurance brokers has been fully received subsequent to year end.
10 Other receivables and prepayments N'000 N'000 N'000 N'000 Prepayments 35,804 - 12,003 25,069 Interest receivable 28,614 - 16,114 - Deposit for quoted shares 656 - - - Sundry - - - 7,400 65,074 - 28,117 32,469
11 Deferred acquisition costs Group Group Company Company 2015 2014 2015 2014 N'000 N'000 N'000 N'000 Motor 21,848 - 21,848 25,462 Aviation 170 - 170 176 Engineering 8,192 - 8,192 11,168 Fire 19,774 - 19,774 16,038
General Accident 31,239 - 31,239 17,286
Marine 17,026 - 17,026 10,794
Bond 5,791 - 5,791 15,052 Oil & Gas 4,159 - 4,159 466 Life businesses 23,039 - - - 131,238 - 108,199 96,442
The movement in deferred acquisition cost is: N'000 N'000 N'000 N'000 At 1 January 125,904 - 96,442 420,840 Additions during the year 872,406 - 440,173 96,442 Amortisation for the year (867,072) - (428,416) (420,840)
At 31 December 131,238 - 108,199 96,442
12 Investment in related Companies The Company has equity investments in the following entities:
12.1 Investment in subsidiary company N'000 N'000 N'000 N'000 Standard Alliance Life Assurance Limited (52.41%) (Note 12.2.1) - - 406,728 -
Standard Alliance Insurance Plc and its Subsidiary Company 81 2015 Annual Reports and Accounts
12.2 Investment in associates Restated N'000 N'000 N'000 N'000 Standard Alliance Life Assurance Limited (47.41%) - - - 317,604 Standard Alliance Properties Limited (36.67%) - - - - Standard Alliance Capital and Assets Limited (40%) - - - - Total carrying amount at 31 December - - - 317,604
The investments are accounted for using the equity method and further details of the investments balances are: Restated 12.2.1 Standard Alliance Life Assurance Limited N'000 N'000 N'000 N'000 Cost - - 1,905,000 1,905,000 Additions during the year - - 33,497 - Share of post acquisition reserve (Note 12.2) - - (1,531,769) (1,587,396) - - 406,728 317,604 Impairment provisions/write off - - 406,728 - Carrying amount at 31 December - - - 317,604
12.2.2 Standard Alliance Properties Limited. N'000 N'000 N'000 N'000 Cost - - - 275,000 Share of post acquisition reserve (Note 12.2) - - - (244,505) Carrying amount at 31 December - - - 30,495 Cost written off - - - (275,000) Share of post acquisition reserve written off(Note 12.2) - - - 244,505 Carrying amount at 31 December - - - -
12.2.3 Standard Alliance Capital and Assets Limited. N'000 N'000 N'000 N'000 Cost - - - 400,000
Share of post acquisition reserve (Note 12.2) - - - (392,909) Carrying amount at 31 December - - - 7,091 Cost written off - - - (400,000) Share of post acquisition reserve written off(Note 12.2) - - - 392,909 Carrying amount at 31 December - - - -
12.3 Share of post acquisition profit or losses Restated Standard Alliance Life Assurance Limited N'000 N'000 N'000 N'000 At 1 January - - (1,587,396) (860,974) Share of current year profit/(loss) (Note 12.3) - - 55,627 (726,422) At 31 December - - (1,531,769) (1,587,396)
Group Group Company Company 2015 2014 2015 2014 Standard Alliance Properties Limited. N'000 N'000 N'000 N'000 At 1 January - - - (244,505) Share of post acquisition profit or losses written off - - - 244,505 At 31 December - - - -
Standard Alliance Capital and Assets Limited. N'000 N'000 N'000 N'000 At 1 January - - - (392,909) Share of post acquisition profit or losses written off - - - 392,909 At 31 December - - - - 2015 Annual Reports and Accounts 821
Other Notes to The Financial Statements
Summary of financial statements of Associates: 12.4 Restated Standard Alliance Life Assurance Limited 52.41% N'000 N'000 N'000 N'000 Property, plant and equipment - - 127,383 149,563 Investment property - - 2,154,563 1,825,563 Other assets - - 1,490,423 1,746,838 Liabilities - - (3,098,605) (3,001,046) Net assets - - 673,764 720,918 Revenue - - 2,356,071 2,994,428 Profit/(loss) before taxation - - 134,069 (1,508,457) Profit/(loss) after taxation - - 106,139 1,532,213 52.41% thereof - - 55,627 726,422
13 Non current asset held for sale N'000 N'000 N'000 N'000 Cost at 1 January - - - - Additions during the year (Note 7.2.1) 1,890,433 - 1,890,433 - At 31 December 1,890,433 - 1,890,433 -
These comprise the following properties: N'000 N'000 N'000 N'000 1. Warehouse, Oreki Village, Ibeju Lekki 500,000 - 500,000 - 2. Land along Airport Road, Lugbe, Abuja, 950,000 - 950,000 - 3. Bare site, shapati village, ibeju Lekki 440,433 - 440,433 -
1,890,433 - 1,890,433 -
All properties are intended for sale by the Company in the short term.
Non current assets held for resale represents properties recovered from Standard Alliance Properties Limited in full repayment of the loan. These were previously classified as loans and receivables.
14 Investment Properties N'000 N'000 N'000 N'000 Cost at 1 January 2,527,001 - 1,435,000 1,435,000 Disposal during the year (350,000) - (350,000) - Cost at 31 December 2,177,001 - 1,085,000 1,435,000 Fair value gain/(loss) (Note 14.2) 1,127,562 - 65,000 (20,000) Market value 3,304,563 - 1,150,000 1,415,000
14.1 Loss on disposal of investment properties N'000 N'000 N'000 N'000 Cost 350,000 - 350,000 - Disposal expenses 5,000 - 5,000 - 355,000 - 355,000 - Fair value loss written back (Note 14.2) (20,000) - (20,000) - Market value 335,000 - 335,000 - Proceeds from sale of investment properties (210,000) - (210,000) - 125,000 - 125,000 -
Standard Alliance Insurance Plc and its Subsidiary Company 83 2015 Annual Reports and Accounts
The Company's investment properties are properties held to earn rentals or capital appreciation or both. A sum of N18.3million naira was earned as rentals from investment properties during the year.
The transfer documents on the 250 hectares of land at Mydumbi Village, Kaduna valued at N40 million has been fully executed but issues relating to consent and ownership have not been perfected. The Twin Duplex located at Parkview Estate, Ikoyi-Lagos, valued at N330 million was disposed during the year.
14.2 Movement in fair value gain/(loss) Group Group Company Company 2015 2014 2015 2014 N'000 N'000 N'000 N'000 At 1 January 713,562 - (20,000) - Gain/(loss) for the year 394,000 - 65,000 (20,000) Write back on disposal 20,000 - 20,000 - At 31 December 1,127,562 - 65,000 (20,000)
Fair value of invesment properties are stated below: Cost Valuation N'000 N'000 N'000 N'000 N'000 250 hecters of farmland at Mydumbi Village, 40,000 50,000 - 50,000 40,000 Kaduna-Zaria Road, Kaduna Twin Duplex, Parkview Estate, Ikoyi-Lagos - - - - 330,000 11 units of 4-bedroom terrace houses at New 1,045,000 1,100,000 - 1,100,000 1,045,000 County Estate, Lekki, Lagos The 10 units of 2 Bedroom Terrace houses and 302,105 445,000 - - - a wing of 4 bedroom duplex, Lekki, Lagos The six (6) storey lettable office complex - Ebute Metta 201,301 529,563 - - - The 6 bedroom detached house, Asokoro-Abuja 268,595 600,000 - - - Abuja plot of land, Cadasral Zone 320,000 580,000 - - - 2,177,001 3,304,563 1,150,000 1,415,000
15 Intangible assets Computer software Cost N'000 N'000 N'000 N'000 At 1 January 132,928 - 39,812 36,605 Additions 3,620 - 3,620 3,207 At 31 December 136,548 - 43,432 39,812
Amortisation N'000 N'000 N'000 N'000 At 1 January 103,103 - 32,126 25,062 Amortisation for the year 21,688 - 3,065 7,064 At 31 December 124,791 - 35,191 32,126 Carrying amount at 31 December 11,757 - 8,241 7,686
The intangible asset relates to the Company's accounting software packages (Turnquest) bought from Turnkey Africa, a Company registered in Nairobi, Kenya. 2015 Annual Reports and Accounts 841
Other Notes to The Financial Statements
16 Property, plant and equipment
Group Land Building Motor Furniture Computer and Work in Total vehicles and fittings other equipment Progress Cost N'000 N'000 N'000 N'000 N'000 N'000 N'000 At 1 January 2015 290,000 1,923,500 750,138 219,786 425,258 - 3,608,682 Additions - - 122,874 4,514 27,471 - 154,859 Transfer in revaluation - (157,314) - - - - (157,314) Revaluation surplus 165,000 392,314 - - - - 557,314 Disposals - - (13,800) (590) - (14,390) At 31 December 2015 455,000 2,158,500 859,212 224,300 452,139 - 4,149,151
Accumulated depreciation and impairment At 1 January 2015 - 119,071 641,073 131,086 345,283 - 1,236,513 Charge for the year - 38,476 96,214 19,180 31,650 - 185,520 On disposals - - (13,344) - (117) - (13,461) Transfer in revaluation - (157,314) - - - - (157,314) At 31 December 2015 - 233 723,943 150,266 376,816 - 1,251,258
Carrying amounts as at:
31 December 2015 455,000 2,158,267 135,269 74,034 75,323 - 2,897,893
16.1 Property, plant and equipment Company Land Building Motor Furniture Computer and Work in Total vehicles and fittings other equipment Progress Cost N'000 N'000 N'000 N'000 N'000 N'000 N'000 At 1 January 2014 285,000 1,431,857 450,958 122,705 246,702 76,226 2,613,448 Additions 5,000 - 144,490 5,363 7,290 800 162,943 Revaluation surplus - 411,117 - - - - 411,117 Disposals - - (43,045) - - - (43,045) Transfers - 77,026 - - - (77,026) - Assets written off - - (129,740) - - - (129,740) At 31 December 2014 290,000 1,920,000 422,663 128,068 253,992 - 3,014,723
At 1 January 2015 290,000 1,920,000 422,663 128,068 253,992 - 3,014,723 Additions - - 85,720 3,457 25,113 - 114,290
Transfer in revaluation account - (157,314) - - - - (157,314)
Revaluation surplus 165,000 392,314 - - - - 557,314
Disposals - - (13,800) - (590) - (14,390)
At 31 December 2015 455,000 2,155,000 494,583 131,525 278,515 - 3,514,623
Accumulated depreciation and impairment At 1 January 2014 - 88,730 360,850 68,141 186,424 - 704,145 Charge for the year - 30,178 75,169 10,369 25,185 - 140,901 On disposals - - (33,775) - - - (33,775)
On assets written off - - (19,154) - (19,154)
At 31 December 2014 - 118,908 383,090 78,510 211,609 - 792,117
At 1 January 2015 - 118,908 383,090 78,510 211,609 - 792,117 Charge for the year - 38,406 4,568 10,607 19,558 - 123,139 On disposals - - (13,665) - (164) - (13,829) Transfer in revaluation account - (157,314) - - - - (157,314) At 31 December 2015 - - 423,993 89,117 231,003 - 744,113 Carrying amounts as at: 31 December 2014 290,000 1,801,092 39,573 49,558 42,383 - 2,222,606 31 December 2015 455,000 2,155,000 70,590 42,408 47,512 - 2,770,510
Standard Alliance Insurance Plc and its Subsidiary Company 85 2015 Annual Reports and Accounts
Land and Building was professionally valued by Messrs Osaro Eguasa & Co. FRC/2012/0000000000423 (Estate Surveyors and Valuers) as at 31 December, 2015 on the basis of their open market values. The revised value of the properties was N2,610,000,000 resulting in a surplus on revaluation of N400,000,000 which has been credited to the property, plant and equipment revaluation account. The revaluation report was dated 31 December 2015.
The re-valued property is the Company's Head Office building located at Plot 94, Providence Street, Lekki Scheme 1, Lekki, Lagos and the Ibadan building located at No. 20 MKO Abiola Way, Ring road, Ibadan, Oyo.
Included in Computer and other equipment is an amount of N27,035,597 being cost of the Company's generating set acquired on lease in April 2013. The lease period is 24 months at an interest rate of 21% per annum.
Included in Motor vehicles is an amount of N61,250,000 being cost of the Company's cars acquired on lease in March 2014. The lease period is 18 months at an interest rate of 22% per annum.
At the Board of Directors meeting held on 14 May 2015, it was resolved that the retiring Directors should be given possession and ownership of the official vehicles bought for them during 2014 and the net book value of these vehicles should be written off the company's books. The cost and depreciation charged in the year on these vehicles amounted to N129.7 million and N19 million respectively.
The sum of N77 million transferred from work in progress to building in 2014 represents the accumulated cost of Construction of the Security and administrative building at the Company's Head Office.
Group Group Company Company 2015 2014 2015 2014 17 Statutory Deposits N'000 N'000 N'000 N'000
Deposit with the Central Bank of Nigeria 535,000 - 335,000 335,000
This represents 10% of the minimum paid up share capital deposited with the Central Bank of Nigeria in accordance with Section 10 (3) of the Insurance Act, CAP I17, LFN 2004.
18 Insurance contract liabilities N'000 N'000 N'000 N'000 Unearned premium reserve (Note 18.1) 1,054,125 - 803,535 917,378 Outstanding claims (Note 18.2) 3,350,616 - 1,423,312 1,485,076 4,404,741 - 2,226,847 2,402,454 Less: Reinsurance assets (Note 8) (1,032,984) - (492,673) (607,664) 3,371,757 - 1,734,174 1,794,790
The insurance contract liabilities balances above are covered by the Company's dedicated assets thus: N'000 N'000 N'000 N'000 Cash and cash equivalents 1,317,866 - 729,285 617,451 Financial assets 550,567 - 452,313 719,650 Investment properties 1,100,000 - 400,000 380,000 Statutory deposits 535,000 - 335,000 335,000 3,503,433 - 1,916,598 2,052,101 2015 Annual Reports and Accounts 861
Other Notes to The Financial Statements
18.1 Unearned premium reserve N'000 N'000 N'000 N'000 Aviation 1,716 - 1,716 37,976 Bond 29,588 - 29,588 91,377
Engineering 45,324 - 45,324 55,720
Fire 94,701 - 94,701 92,577 General accident 169,186 - 169,186 101,846 Marine 94,159 - 94,159 86,226 Motor 191,092 - 191,092 310,254 Oil & gas 177,769 - 177,769 141,402 Life 250,590 - - - 1,054,125 - 803,535 917,378
18.2 Outstanding claims reserves
Group Group Company Company 2015 2014 2015 2014 N'000 N'000 N'000 N'000
Aviation 150,478 - 150,478 111,376 Bond 48,634 - 48,634 23,969
Engineering 36,813 - 36,813 101,438 Fire 269,153 - 269,153 239,976 General accident 157,399 - 157,399 97,832
Marine 28,641 - 28,641 98,380 Motor 156,611 - 156,611 124,806
Oil & gas 250,255 - 250,255 386,731
Life 670,760 - - - 1,768,744 - 1,097,984 1,184,508 Provision for claims incurred but not reported (IBNR) 325,328 - 325,328 300,568 Life (IBNR) 1,256,544 - - - 3,350,616 - 1,423,312 1,485,076
18.2.1 Movement in outstanding claims reserves
N'000 N'000 N'000 N'000 Oustanding claims reserve at the beginning 1,593,010 - 1,184,508 772,010
Reported claims in the current year 2,053,771 - 800,034 1,482,551 Claims paid during the year (1,877,258) - (886,558) (1,070,053) 176,513 - (86,524) 412,498 Oustanding claims reserve at the end 1,769,523 - 1,097,984 1,184,508
N'000 N'000 N'000 N'000 The age analysis of outstanding claims was as follows: - - - 136,377 0 - 90 days - - - 39,025 91 - 180 days - - - 217,181 181 - 360 days - - - 791,925 361 days and above - - - 1,184,508
Standard Alliance Insurance Plc and its Subsidiary Company 87 2015 Annual Reports and Accounts
19 Investment Contract Liabilities
N'000 N'000 N'000 N'000 At 1 January 819,964 - - - Amount received in the year 1,278,175 - - - Interest expensesWithdrawals 124,704 - - -
(1,551,036) - - -
Reclassification per actuarial valuations to/from 671,807 - - - insurance contract (41,568) - - - At 31 December 630,239 - - -
20 Trade payables N'000 N'000 N'000 N'000 Due to Reinsurer 133,116 - 75,986 75,954 Due to Co-assurers 23,025 - - - Deferred commision income 1,190 - - - 157,331 - 75,986 75,954 The trade payables are all of current maturity.
21 Other payables and accruals
N'000 N'000 N'000 N'000 Due to government agencies 31,449 - 23,950 10,456 Information technology development levy 4,523 - - -
Lease rent received in advance (Note 21.1) 19,315 - 12,354 18,813
Due to staff 57,690 - 29,814 16,022 Accrued expenses 120,588 - 81,062 117,064 Unclaimed dividend 2,383 - 2,383 -
Other credit balances 2,672 - 2,672 13,796
Preference dividend payable (Note 21.2) 175,000 - 175,000 175,000 Current account with Standard Alliance Life Assurance Limited - - 167,043 38,680 Amount due to other beneficiaries 33,536 - - - Directors current account 22,471 - 22,471 5,610 469,627 - 516,749 395,441
Group Group Company Company 2015 2014 2015 2014 The above are further analysed as: N'000 N'000 N'000 N'000 Current 469,627 - 516,749 376,628 Non-current - - - 18,813 469,627 - 516,749 395,441
21.1 Lease rent received in advance The Company leased out three floors (ground and first) of its head office building to Standard Alliance Properties Limited at an annual rent of N10 million effective July 2011. This is to ensure professional management of the lease agreements with non-related tenants of the floors. Standard Alliance Properties Limited made an advance payment of rent of N47 million in 2011 which is now being amortised at N10 million rent per annum. 2015 Annual Reports and Accounts 881
Other Notes to The Financial Statements
21.2 Preference dividend payable N'000 N'000 N'000 N'000 At 1 January 175,000 - 175,000 175,000 Paid during the year - - - - At 31 December 175,000 - 175,000 175,000
The Company had 17,500,000 (Seventeen Million, Five Hundred Thousand units of preference shares of N100 (One Hundred Naira) each prior to year ended 31 December 2011. These were converted to ordinary shares of 50k (50 Kobo) each in the Company and issued to the holders of the preference shares as at 31 December 2011 in accordance with the resolution passed at the 15th Annual General Meeting of 16th December 2011. The amount of N175 million is the balance of pre conversion dividend yet unpaid as at 31 December, 2015.
22 Borrowings N'000 N'000 N'000 N'000 Daewoo Securities Bond (Note 22.1) 647,541 - 647,541 565,476 Term loan (Note 22.2) 148,377 - 148,377 192,327
795,918 - 795,918 757,803
22.1 Daewoo Securities Bond The Company received a capital inflow of JPY650,000,000 ($7,397,516) zero coupon bond raised from Daewoo Securities in December 2009.
The bond was tenured originally for 20 years with the lenders' option to convert the bond to Standard Alliance Insurance Plc's ordinary shares. If the option is not exercised, the Company must pay interest 4.25% per annum on the gross bond value for the entire term it has been outstanding.
Daewoo Securities requested for the full redemption of the bond in 2011 following which the Company went to a negotiation with it and proposed a repayment plan with the bond owners on the balance of JPY 363,050,000 principal sum and accrued interest of JPY49,389,000. Negotiation is still on going.
Further details of transactions during the year are:
Principal Interest Total 2015 2014 JPY'000 JPY'000 JPY'000 N'000 N'000 At 1 January 396,795 6,052 402,847 565,476 748,314 Interest accrued during the year - 78,559 78,559 121,932 26,166 Payments during the year (33,745) (115,805) (149,550) (248,476) (196,470) Foreign exchange difference - - - 117,514 (12,534) Default penalty interest - 64,898 64,898 91,095 At 31 December 363,050 33,704 396,754 647,541 565,476 Current maturities Interest 33,704 396,754 55,007 94,717 Principal 363,050 33,704 592,534 151,069 Total current maturities 396,754 430,458 647,541 245,786 Non-current principal maturity - - - 319,690 396,754 430,458 647,541 565,476
Standard Alliance Insurance Plc and its Subsidiary Company 89 2015 Annual Reports and Accounts
The balance of JPY363,050,000 (N647,541,000) is stated in the financial statements at the Central Bank of Nigeria closing exchange rate of N1.6321/JPY as at 31 December 2015. Subsequently in 2016, no payment has been made in principal and interest. Default penalty interest represents charges in respect of delayed payments at current market interest rates.
22.2 Term Loan Group Group Company Company 2015 2014 2015 2014 N'000 N'000 N'000 N'000
Balance, at beginning of the year 192,327 - 192,327 - Additions during the year - - - 200,000 Repayment during the year (43,950) - (43,950) (7,673) Balance, at end of the year 148,377 - 148,377 192,327
Current 80,593 - 80,593 54,914 Non-current 67,784 - 67,784 137,413 148,377 - 148,377 192,327
The Company took a loan facility of N200 million in 2014 from FCMB Plc for operational needs. The loan is payable in thirty six equal monthly instalments from November 2014. The loan attracts interest at the rate of 20% per annum.
23 Finance lease obligations N'000 N'000 N'000 N'000 Balance, at beginning of the year 42,120 - 32,408 49,953 Additions during the year 147,145 - 122,247 45,937 Repayment during the year (52,567) - (42,855) (63,482) Balance, at end of the year 136,698 - 111,800 32,408
During the year 2014, the Company obtained a new lease facility of N45,937,500 from Diamond Bank at an interest rate of 22% for a period of 18 months to finance the acquisition of 8 units of motor vehicles. In 2015, the Company acquired a new lease facility of N69,800,000 from Lotus Capital Halal investments at an interest rate of 16% for a period of 36 months to finance various vehicles. Also during the year a lease facility was obtained from Aquila Assets at an interest rate of 25% for a period of 36 months to finance 15 units of Hilux vehicles.
These motor vehicles are included in the property, plant and equipment of the Company as at 31 December 2015. The rental due as at 31 December 2015 are further analysed as follows:
N'000 N'000 N'000 N'000 Less than 3 months 26,990 - 26,990 10,657 Between 3 and 6 months 14,578 - 14,578 11,256 Between 6 and 12 months 36,524 - 22,780 10,495 78,092 - 64,348 32,408 Over 12 months 58,606 - 47,452 - 136,698 - 111,800 32,408 2015 Annual Reports and Accounts 901
Other Notes to The Financial Statements
24 Current income tax liabilities Per Statement of Comprehensive income N'000 N'000 N'000 N'000 Company income tax 92,007 - 64,077 75,989 Education tax 8,717 - 8,717 10,516 Overprovision in prior years (169,165) - (169,165) - (68,441) - (96,371) 86,505
Per Statement of Financial Position: Balance at beginning of the year: N'000 N'000 N'000 N'000 Company income tax 323,287 - 314,362 259,373
Education tax 26,520 - 19,923 18,227
349,807 - 334,285 277,600 Provisions for the year: Company income tax 92,007 - 64,077 75,989
Education tax 8,717 - 8,717 10,516 Overprovision in prior years (169,165) - (169,165) -
Payments during the year: Company income tax (58,693) - (58,693) (21,000) Education tax (8,660) - (8,660) (8,820) At 31 December 214,013 - 170,561 334,285
25 Deferred tax liabilities N'000 N'000 N'000 N'000 At 1 January 326,273 - 305,560 294,036 Charged for the year (Note 25.1) - - - 11,524 At 31 December 326,273 - 305,560 305,560
25.1 Charge for the year Group Group Company Company 2015 2014 2015 2014 N'000 N'000 N'000 N'000 Profit or loss charged on timing differences of carrying - - - 11,524 amounts of taxable assets Tax recorded in other comprehensive income: Charge on timing difference of carrying amount of taxable assets - - - - Revaluation surplus on building (Note 30.1) - - - - Fair value (loss)/gains on available for sale investment (Note 30.2) ------11,524
26 Ordinary share capital
Authorized N'000 N'000 N'000 N'000 14,000,000,000 ordinary shares of 50k each 7,000,000 - 7,000,000 7,000,000
Issued and Fully Paid N'000 N'000 N'000 N'000 11,993,173,000 units of ordinary shares of 50k each 5,996,587 - 5,996,587 5,996,587
Standard Alliance Insurance Plc and its Subsidiary Company 91 2015 Annual Reports and Accounts
27 Share premium N'000 N'000 N'000 N'000 At 1 January 7,667,475 - 7,667,475 15,852,049 Discount on treasury shares - - - (8,184,574) At 31 December 7,667,475 - 7,667,475 7,667,475
Share premium comprises additional paid-in capital in excess of the par value. This reserve is not ordinarily available for distribution.
28 Contingency reserves N'000 N'000 N'000 N'000 At 1 January 1,243,423 - 1,243,423 1,113,425 Charge for the year 168,156 - 142,773 129,998 At 31 December 1,411,579 - 1,386,196 1,243,423
Contingency reserve is provided for at the rate of 3% of the gross premium or 20% of profit (whichever is greater for the year) in accordance with Section 22 (1)(b) of the Insurance Act 2003.
Restated 29 Accumulated loss N'000 N'000 N'000 N'000 At 1 January (13,220,960) - (13,220,960) (10,894,417) Profit/(loss) for the year 836,970 - 810,238 (2,196,545) Appropriation to contingency reserves (168,156) - (142,773) (129,998) (12,552,146) - (12,553,495) (13,220,960)
30 Revaluation Reserves N'000 N'000 N'000 N'000 At 1 January 1,114,518 - 1,114,518 703,401 Addition during the year(Note 16) 557,314 - 557,314 411,117 At 31 December 1,671,832 - 1,671,832 1,114,518
Further details are: N'000 N'000 N'000 N'000 Revaluation surplus - Building 557,314 - 557,314 411,117 Deferred tax on revaluation surplus - - - - 557,314 - 557,314 411,117
The Company's office building at Ibadan and Head Office in Lagos were revalued at N20 million in 2006 and N1,431,857,000 in 2012 respectively by the firm of Messrs Osaro Eguasa & Co (FRC/2012/0000000000423). The revaluations resulted in surpluses of N14,299,000 and N767,258,000 respectively, which has been credited to the property, plant and equipment revaluation account.
The Company's Head office was revalued in 2014 at N1,900,000,000 by Messrs Osaro Eguasa & Co (FRC/2012/0000000000423). The revaluations resulted in surplus of N411,117,000 which has been credited to the property, plant and equipment revaluation account.
During the year, the Company's Head office in Lagos and office building at Ibadan were revalued at N2.6 billion and N35million respectively by Messrs Osaro Eguasa & Co (FRC/2012/0000000000423). The revaluations resulted in surpluses of N522 million and N15million respectively, which has been credited to the property, plant and equipment revaluation account.
2015 Annual Reports and Accounts 921
Other Notes to The Financial Statements
31 Fair Value Reserves This is the net accumulated changes in the fair value of available for sale assets.
Group Group Company Company 2015 2014 2015 2014 N'000 N'000 N'000 N'000 At 1 January 500,536 - 500,536 744,110 (Decrease)/increase during the year - net of income tax (436,930) - (436,930) (243,574) At 31 December 63,606 - 63,606 500,536
The addition during the year is further analyzed thus: N'000 N'000 N'000 N'000 Fair value loss on disposal of available for sale-(Note 7.3.1) (145,200) - (145,200) (243,574) Fair value loss on available for sale for the year (Note 7.3.1) (291,730) - (291,730) - Deferred tax on fair value gains for the year (Note 24.1) - - - - (436,930) - (436,930) (243,574)
32 Non-controlling interest in equity The entity accounting for non-controlling interest is shown below: N'000 N'000 N'000 N'000 Pre-acquistion reserve 343,085 - - - Profit for the year 50,511 - - - 393,596 - - -
Non controlling interest in entities within the group is as analysed below:
Company name % of equity % of equity held by NCI held by NCI Standard Alliance Life Assurance Limited 47.59 0
33 Gross premium income Engine- General Motor Oil & Company Life Group Company Aviation Bonds ering Fire Accident Marine Accident Gas 2015 Business 2015 2014 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 Premium written 11,416 63,923 132,053 287,578 615,638 537,647 559,968 748,048 2,956,271 2,279,300 5,235,571 4,333,254
Movements in unexpired risks(Note 33.1) 36,260 61,788 10,397 (2,124) (67,340) (7,932) 119,162 (36,368) 113,843 76,771 190,614 5,425 Gross premium 47,676 125,711 142,450 285,454 548,298 529,715 679,130 711,680 3,070,114 2,356,071 5,426,185 4,338,679
33.1 Movement in Unepired risks
Unexpired risk At 1 January 2015 37,976 91,377 55,720 92,577 101,846 86,226 310,254 141,402 917,378 327,361 1,244,739 922,803
Unepired risk At 31 December 2015 (1,716) (29,589) (45,323) (94,701) (169,186) (94,158) (191,092) (177,770) (803,535) (250,590) (1,054,125) (917,378) Movement during the year 36,260 61,788 10,397 (2,124) (67,340) (7,932) 119,162 (36,368) 113,843 76,771 190,614 5,425
34 Reinsurance premium expenses
Engine- General Motor Oil & Company Life Group Aviation Bonds ering Fire Accident Marine Accident Gas 2015 Business 2015 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Charged for the year 2015 - 2,953 25,494 50,914 65,243 77,868 - 380,102 602,574 250,822 853,396 Charged for the year 2014 9,951 (241) 47,185 55,020 23,352 77,638 24,833 237,277 475,015
Standard Alliance Insurance Plc and its Subsidiary Company 93 2015 Annual Reports and Accounts
35 Commission income Group Group Company Company 2015 2014 2015 2014 N'000 N'000 N'000 N'000 Aviation - - - 3,358 Bond 738 - 738 -
Engineering 6,009 - 6,009 14,817
Fire 15,081 - 15,081 23,359 General Accident 17,828 - 17,828 9,989 Marine 12,388 - 12,388 33,016 Motor - - - 5,110 Oil &Gas - - - 13,429 52,044 - 52,044 103,078 Life 289,297 - - - 341,341 - 52,044 103,078
36 Claims expenses N'000 N'000 N'000 N'000 Claims paid 2,089,400 - 886,558 1,070,053 Increase/(decrease) in outstanding claims(Note 18.2.1) 175,734 - (86,524) 412,498 (Decrease)/increase in claims incurred but not reported (187,382) - 24,760 (5,378) 2,077,752 - 824,794 1,477,173 Claims expenses recovered from reinsurers (359,586) - (47,384) (283,099) 1,718,166 - 777,410 1,194,074
37 Underwriting expenses Acquisition cost: N'000 N'000 N'000 N'000 Aviation 1,395 - 1,395 10,073 Bond 20,402 - 20,402 83,925
Engineering 27,553 - 27,553 73,778
55,201 - 55,201 91,436 Fire General Accident 100,093 - 100,093 214,188 Marine 98,014 - 98,014 204,280 Motor 66,958 - 66,958 216,763
Oil and Gas 11,796 - 11,796 63,976
47,004 - 47,004 96,547 Others Life 438,656 - - - Total acquisition cost 867,072 - 428,416 1,054,966 Maintenance cost - Non-life 89,276 - 89,276 287,015 Maintenance cost - Life 681,723 - - - 1,638,071 - 517,692 1,341,981
38 Investment and other income N'000 N'000 N'000 N'000 Interest on deposits 149,132 - 86,103 136,138 Rental income 56,029 - 40,281 18,308
Dividend received 22,393 - 15,881 11,679
Investment recovered from SA Investment Limited 33,497 - 33,497 - 261,051 - 175,762 166,125 Balances with banks recovered 2,004 - 2,004 10,649
Foreign exchange gain 10,412 - 8,222 44,275 Profit on sale of fixed assets 657 - 657 - Gain on bargain purchase 26,732 - - - Other income 12,469 - 10,487 18,582 313,325 - 197,132 239,631 2015 Annual Reports and Accounts 941
Other Notes to The Financial Statements
Investment recovered from SA Investment Limited represents the value of 135,000,000 ordinary shares held by SA Investment Limited in SA Life Assurance Limited which were transferred to SA Insurance Plc during the year.
The total investment income is further classified as: N'000 N'000 Investment income attributable to policyholders' funds 127,140 1,634 Investment income attributable to shareholders' funds 69,992 237,997 197,132 239,631
39 Loss on investment contract liabilities N'000 N'000 N'000 N'000 Investment income attributable to investment contracts 21,364 - - - Guaranteed interest on investment contracts (124,704) - - - (103,340) - - -
40 Management expenses Group Group Company Company 2015 2014 2015 2014 N'000 N'000 N'000 N'000
Salaries and Allowances 423,483 - 390,732 454,163 Other staff costs 49,018 - 49,018 92,197 Directors' fees and Allowances 71,093 - 66,275 89,485 Insurance expenses 12,644 - 11,415 19,722
Rent and rates 27,172 - 22,869 24,176
Repairs and maintenance 137,096 - 134,080 142,318 Depreciation and amortisation 134,340 - 126,203 147,965 Professional fees 142,899 - 141,813 146,537
Bank charges 10,220 - 9,354 14,902
Printing and stationery 23,835 - 23,627 23,833 Advertising and promotion expenses 85,719 - 85,068 142,535 Books and periodicals 855 - 855 1,265 Telephone and postages 21,965 - 21,258 25,003
Other administrative expenses 70,093 - 55,286 37,293
Supervisory levies 32,064 - 32,064 25,000 Staff training and development 20,303 - 20,303 9,433 Audit fee 7,600 - 7,000 7,000 Corporate and public relation expenses 75,117 - 74,878 83,882 Travelling,outstation and hotel epenses 32,754 - 30,477 78,552
General management expenses 19,490 - 19,490 92,397
Share capital expenses 64,257 - 64,257 - Annual general meeting expenses 4,007 - 4,007 19,249 Information Technology Development levy 18,114 - 15,091 - Property, plant and equipment written off - - - 110,586 Loss on sale of property, plant and equipment - - - 6,517 Staff debts written off - - - 1,794 1,484,138 - 1,405,420 1,795,804
41 Finance charges N'000 N'000 N'000 N'000 Interest expenses 69,516 - 49,399 13,771 Lease charges 3,807 - 923 8,546 Interest on Daewoo bond 213,027 - 213,027 26,166 286,350 - 263,349 48,483
Standard Alliance Insurance Plc and its Subsidiary Company 95 2015 Annual Reports and Accounts
Group Group Company Company 42 (Write back)/impairment charges 2015 2014 2015 2014 on other assets N'000 N'000 N'000 N'000 Impairment provision on investment in associate companies - - - 37,586 (Writeback) impairment provision on loans and
receivables (Note 7.2.1) (945,216) - (945,216) 945,216
Impairment provision on preference share (Note 7.3.2) - - - 162,848
Write off of investment in SA properties 86,605 - - - (858,611) - (945,216) 1,145,650
43 Information Technology Development Levy N'000 N'000 N'000 N'000 At 1 January 10,766 - 9,266 9,266 Appropriation for the year 18,114 - 15,091 - Payment during the year (24,357) - (24,357) - At 31 December 4,523 - - 9,266
The Nigerian Information Technology Development Agency (NITDA) Act was signed into law on 24 April, 2007. Section 12(a) of the Act stipulates that specified Companies contribute 1% of their profit before tax to the Nigerian Information Technology Development Agency. No provision has been made as there was no profit before taxation as at 31 December 2014.
44 Loss before taxation Loss before taxation is stated after charging/(crediting): N'000 N'000 N'000 N'000 Depreciation 185,520 - 123,139 122,051 Amortization 21,688 - 3,065 7,064
13,000 - 7,000 7,000 Auditors' remuneration Director's remuneration 71,093 - 66,275 89,485
45 Premium receipt from policy holders N'000 N'000 N'000 N'000 Premium due from policy holder at 1 January 185,863 - 32,646 7,673 Gross Premium written in the year 5,426,185 - 3,070,114 4,338,679 5,612,048 - 3,102,760 4,346,352 Premium due from policyholders at 31 December (49,994) - (49,994) (32,646) Premium receipts in the year 5,562,054 - 3,052,766 4,313,706
46 Fair value Hierarchy The Company's fair value measurements model is highlighted in accounting policy 5.7.
Level 1 Fair value measurements classified as level 1 include fair values of quoted investments based on current market prices.
Level 2 Fair value measurements classified as level 2 include fair values of unquoted investments which the Company established using valuation techniques such as: Ÿ recent arm's length transactions Ÿ reference to other instruments that are substantially the same Ÿ net assets value and Ÿ discounted cash flows 2015 Annual Reports and Accounts 961
Other Notes to The Financial Statements
Level 3 Fair value measurements classified as level 3 include fair values of financial assets of which there are no active markets and no observable inputs. They comprise loans and other receivables.
The table below highlights financial instruments in their various fair value hierarchies at year end:
2015 Total Level 1 Level 2 Level 3 Asset type N'000 N'000 N'000 N'000 Quoted securities - At fair value through profit or loss 18,365 18,365 - - Quoted securities - Available for sale 256,320 256,320 - - 274,685 274,685 - - 2014 Total Level 1 Level 2 Level 3 Asset type N'000 N'000 N'000 N'000 Quoted securities - At fair value through profit or loss 58,949 58,949 - - Quoted securities - Available for sale 719,650 719,650 - - 778,599 778,599 - -
47 Penalty by NAICOM During the year the Company contravened certain sections of the Insurance Act, CAP I17, LFN 2004 and NAICOM's operational guidelines. Details of the contraventions and appropriate penalties thereon are as follows: Amount of penalty Section Nature of infraction 2015 2014 N'000 N'000 Section 49(3) of Insurance Act 2004 Supply of wrong information - 250 Section 49(3) of Insurance Act 2004 Use of unregistered intermediaries - 250 Section 1.16 of operational guideline Late submission of 2013 audited accounts - 215
Section 1.16 of operational guideline Late submission of 2013 quarterly returns 250 500 Late submission of copy of self-assessment form - 500 Section 30 of NAICOM Act 1997 (1A) 250 1,715
47.1 Penalty by Nigerian Stock Exchange N'000 N'000 Appendix III Clause 14(c) of the NSE Post-listing requirements Late submission of 2014 Audited Account - 1,800
...... Un-Authorised publication of Accounts 548 - Appendix III Clause 14(c) of the NSE Post-listing requirements Late filing of 2015 2nd quarter returns 600 - Section 14(a) of General Undertaking Un-authorised conversion of Preference shares 15,373 - ...... Non-disclosure of Treasury Shares in 2008 to 2011 Annual reports 2,192 - 18,713 1,800
47.2 Penalty by Securities and Exchange Commission N'000 N'000
...... Late submission of quarterly returns 1,275 -
Standard Alliance Insurance Plc and its Subsidiary Company 97 2015 Annual Reports and Accounts
48 Directors and employees Employees The average number of persons employed by the Company during the year by category Number Number 2 1 Executive Director 15 16 Management Staff 114 101 Non-management staff 131 118
Staff cost for the above persons (Excluding Executive Directors) was: 527,897 527,897 Wages and Salaries 6,463 6,463 Employees' Retirement Benefits 534,360 534,360
The number of employees of the company other than Director who received emolument in the following range was:
The details of the restatements are as follows: Number Number - - N700,001 - N800,000 - 2 N800,001 - N900,000 1 1 N900,001 - N1,000,000 - 1 N1,000,001 - N1,100,000 - - N1,100,001 - N1,200,000 1 20 N1,200,001 - N3,000,000 - - N1,300,001 - N1,400,000 22 18 N1,400,001 - N1,500,000 107 76 Above - N1,500,000 131 118
Directors' Remuneration The remuneration paid to the Directors of the company was: N'000 N'000
Fees and other allowances 22,678 33,906 Executive compensation 43,597 14,367 66,275 48,273
Fees and other emolument disclosed above include amount paid to: N'000 N'000 The Chairman 3,800 - Highest paid Director 35,338 14,367 39,138 14,367
The number of Director who received fees and other emolument (excluding pension contribution) in the following ranges was: Number Number N1,000,001 - N2,000,000 6 5 N2,000,001 and above 2 2 8 7
49 Prior Period Restatements
49.1 Share of loss of associate companies In 2014, the share of loss of associate companies were understated to the tune of N115,903,000.As a result retained earnings was overstated by N115,903,000. 2015 Annual Reports and Accounts 981
Other Notes to The Financial Statements
The financial statements have been restated to correct this error. The restatements required adjustments in the statement of profit or loss and other comprehensive income and the statement of financial position as at 31 December 2014. To this effect, the statement of profit or loss and other comprehensive income, the Statement of financial position, statement of changes in equity and affected notes showed restated comparative information for the year ended 31 December 2014.
The details of the restatements are as follows:
Share of loss of associate companies N'000 As previously stated 610,519 Correction of understated share of associate loss 115,903 As restated 726,422
Retained earnings As previously stated (13,105,057) Correction of understated share of associate loss (115,903) As restated (13,220,960)
50 Contingent liabilities No material contingent liabilities have been made or are likely to be made in these financial statements.
51 Related party transactions Insurance contract - Standard Alliance Life Assurance Limited. The Company buys Group Life Policy for the staff from Standard Alliance Life Limited, a related Company. A sum of N6,006,927 (2014: N9,830,051) was paid as premium for the year ended 31 December 2015.
Group Expenses - Standard Alliance Investment Group The Company is a member of Standard Alliance Investment Group. The Company's share of the common expenses of the group for the year ended 31 December 2015 amounted to N19,490,000 (2014: N92,396,774).
Investment in a property business - Standard Alliance Properties Limited The Company invested in a property business with Standard Alliance Properties. The term of this include an annual interest income of 4.5% and share of profit. A sum of N1.89 billion in properties were recovered in full repayment of the loan from Standard Alliance Properties during the year.
The Company also has a lease agreement on three (3) floors (ground, first and second) of its Corporate Headquarters building with Standard Alliance Properties Limited. The lease is for a period of 4 years with an annual rent of 10million.
52 Events after the reporting period There were no events after the reporting period which could have a material effect on the financial position of the Company as at 31 December 2015 and profit attributable to equity holders.
Standard Alliance Insurance Plc and its Subsidiary Company 99 2015 Annual Reports and Accounts
53 Risk Management Report A) Introduction and overview The company was faced with the following risks in its operations. I Capital Adequacy risk ii Regulatory risk iii Liquidity risk
This note presents information about the company's exposure to each of the above risks, the company's objectives, policies and processes for measuring and managing risks.
Risk Management Philosophies and Principles The following principles guide financial risk management in the company: i. A deliberate and conscious management of the company’s investment portfolio to ensure that the risk of excessive concentration on any one class, industry, or sector is minimized, as well as to ensure portfolio flexibility and liquidity.
ii. A strict adoption of sound internal policies and processes resulting in consistent adherence to investment guidelines issued by the National Insurance Commission to enable the Insurance industry maintain sound solvency margin and sound liquidity health at all times.
iii. The Executive Management took responsibility for establishing a robust liquidity management framework consistent with regulatory requirements of the Commission that ensures sufficient liquidity to withstand a range of stress events.
iv. The financial risk procedural manual spell-out the operational steps and procedures for executing relevant controls to prevent the occurrence or reduce the impact of risk events touching on Financial and strategy risk. The manual is being reviewed periodically reviewed and updated to take into account new activities, system changes, and structural changes in the industry.
v. The Board approves all strategies and policies in respect of financial and strategic risk management.
vi. Evaluation of the effectiveness of risk management process and the internal control system shall be carried out by external consultants periodically.
vii. The Company relies on its Risk Management Committee
viii. lt develops early warning indicators to aid the prompt identification of all risks from all of the risk categories
Risk Management Strategy The Board and Management has put in place clearly defined financial risk management framework that provides the Company with guidance and prescribes tolerable financial risk related losses considering available capital and levels of other investment risk exposures. The company’s financial risk policy and strategy are anchored on the following: 2015 Annual Reports and Accounts 1001
Other Notes to The Financial Statements
I. Investment portfolio diversification which involves the application of the Company’s investable funds in a wide range and class of financial instruments consistent with Regulatory Requirements. ii. Liquidity risk Management taking within well defined limits with the sole purpose of creating and enhancing liquidity and competitive advantage, iii. Effective utilization of Company’s liquidity position.
Risk Management Framework The Standard Alliance Insurance Plc recognizes the presence of financial risk in its process of delivering value to its stakeholders. This financial risk Management Framework is set out to manage financial risks resident in the investment processes and procedures of the company. It provides guidance on related issues of Identification, Measurement, Monitoring and Reporting of financial risks in order to ensure the Company continually meets its contractual liabilities to policy holders.
The company recognizes the importance of these classes of risks, which is inherent in the investment, market, and liquidity management of its insurance business. This policy contains guidelines to help the Company manage its assets in a sound and prudent manner, taking account of the profile of its liabilities, its solvency position and its risk return profile.
The Company's financial risk shall be managed within tolerable limits through an appropriate management focus and deployment of resources.
Risk Management Governance The overall responsibility for the management of financial risk shall resides with the Board through its Risk and Remuneration Committee. To ensure consistency and prudent management of financial risks, this responsibility shall be divided as follows:
I. Board of Directors/ Risk & Remuneration Committee ii. Finance and Investment Committee of the Board iii. Executive Management Committee on Investment iv. ERM Committee/CRO v. Finance and Investment Department. vi Quality Assurance and Control
Risk Tolerance/Appetite The Company shall operate by managing its risks within acceptable bounds so as to maintain and increase the value of its resources for its stakeholders. An explicit discussion of risks and risk tolerance will be part of the STANDARD ALLIANCE INSURANCE’s decision making process.
STANDARD ALLIANCE INSURANCE has defined Enterprise risk appetite at two levels: i. The enterprise level; and ii. The Business/Support/Functional Unit levels
Standard Alliance Insurance Plc and its Subsidiary Company 101 2015 Annual Reports and Accounts
The ERM Committee set target key performance indicators (“KPI’s”) at both an enterprise and a business/support unit level based on recommendations from the Chief Risk Officer. Target KPI’s is reviewed at least on annual basis.
At the Business and Support unit levels, the enterprise KPI’s is cascaded to the extent that the contribution of each Business/Support Unit to enterprise risk shall serve as input for assessing the performance of the Business/Support Unit.
Tolerance levels is defined for each key risk indicator and serves as a proxy for the risk appetite for each risk area and Business/Support Unit.
Tolerance levels is subject to approval of ERM Committee and shall be reviewed on a periodic basis to reflect changing circumstances.
Risk Management Process The Company’s disciplined approach to risk management is iterative, scalable, and includes the steps below. Consistent application of this process enables continuous improvement in decision making and performance by top Management. The process as follows:
1. Communication and Dialogue: Communication and dialogue with internal and, as appropriate, external stakeholders as far as necessary takes place at each stage of the risk management process.
2. Establishing the Context: This defines risk parameters to be taken into account when managing risk, and setting the scope and risk criteria for the remaining process.
3. Risk Identification: This process helps the company develop a comprehensive list of risks based on those events that might enhance, prevent, degrade, or delay the achievement of the objectives.
4. Risk Analysis: This context helps to understand the causes and sources of risk, their positive and negative consequences, and the likelihood that those consequences can occur. Existing risk controls and their effectiveness should be taken into account and communicated.
5. Risk Evaluation: The purpose of risk evaluation is to assist in making decisions based on the outcomes of risk analysis about which risks need treatment and to prioritize treatment implementation for those unacceptable risks (i.e. those that exceed risk tolerance)
6. Risk Treatment: This involves the selection of one or more options for modification of unacceptable risks and implementing those options. Risk treatment options include: avoiding the risk, seeking out an opportunity, removing the source of risk, changing the likelihood, changing the consequence, sharing the risk with another party, and retaining the risk by choice. 2015 Annual Reports and Accounts 1021
Other Notes to The Financial Statements
7. Monitoring and Review: This step should encompass all aspects of the risk management process to: i. Analyze and learn lessons from events, changes, and trends. ii. Detect changes in the external and internal context including changes to the risk.
Risks/ events shall be identified and analyzed against the broad success criteria which may be affected.
The focus in risk identification is capturing all the possible risks associated with an event, activity, project, roles or management decisions. It also covers the impact of an event occurring on the identified success criteria. i. Element of Risk- Description of the risk engaged within a process and event or a role. ii. Impact on business- Details the consequences of a risk occurring upon the related success criteria. iii. Mitigation Measures- Details controls already established or in the process of being established. iv. Responsibility- Identifies the officer and department responsible for the implementation and monitoring of compliance of the prescribed controls
B) Financial Risk Assessment Risks is measured in terms of likelihood and consequences on both inherent and residual basis (pre and post controls). Both likelihood and consequences may be measured qualitatively or quantitatively depending on the risks being considered.
The criteria for success adopted by the Company are; i. Shareholders’ funds ii. Market Share iii. Company’s image iv. Revenue growth v. Employees welfare vi. Solvency Margin vii. Customer Service
Standard Alliance Insurance Plc and its Subsidiary Company 103 2015 Annual Reports and Accounts
The impact of risk against this success criteria form the basis for the development of the consequence rating scale. The specific evaluation criteria adopted in this document is:
Consequence rating scale
No Rating Consequence (impact on established success criteria) Quantification
1 Catastrophic >/= 10% of Shareholders’ fund
2 Major Most success criteria threatened or one severely affected 5% - < 10% of shareholders’ fund
3 Moderate 1% - < 5% of shareholders’ fund
4 Minor Easily remedied, criteria can be recovered 0.5% - < 1% of shareholders’ fund
5 Negligible < 0.5% of shareholders’ fund
Likelihood rating scale No Rating Interpretations 1 Almost certain More than 50% change that it will happen during the year and may occur several 2 Likely 50% change that it will happen during the year 3 Possible Less than 50% chance that it will happen during the year 4 Unlikely Could occur once over a 5-10 year period 5 Rare Very unlikely over a 10 year period
a) Market Risks Market risk refers to worsening financial condition arising from adverse movements in the level of volatility of market prices. It involves the exposure to movement of financial variables such as; equity prices, interest rates or exchange rates. It is usually introduced into a Standard Alliance Operation through variations in financial markets that cause changes in asset values, product or portfolio valuation. Some of the events under market risks are: I. Movement in interest rates to the extent that future cash flows from the assets and liabilities are not well matched. ii. Movement in market values of equity, real estate and other assets to the extent that the company is exposed to changes in market value. iii. Movement in exchange rates which may result in losses from asset and liabilities denominated in different currencies.
b) Credit Risks Credit risk refers to the risk of financial losses arising from default or movement in the credit quality of issuers of security, debtors, or counterparties and intermediaries to whom the company has exposures. Such risk events are:
I. Default Risk: Risk that a company will not receive or receipts delayed or partially the cash flow or assets to which it is entitled because the other parties default in one or more obligations. This risk has been substantially eliminated by the regulations No Premium, No Cover policy. 2015 Annual Reports and Accounts 1041
Other Notes to The Financial Statements ii. Concentration Risk: Risk of increased exposure to losses due to concentration of investments in a geographical area, economic sector, counterparty, or connected parties. iii. Downgrade or Migration Risks: Risks that change in the probability of a future default by an obligor will adversely affect the present value of the contract with the obligor today. iv. Indirect or Spread Risks: Risk due to market perception of increased risk on either a macro or micro basis. c) Liquidity Risks: Liquidity risk refers to the risk that a company, though solvent has insufficient liquid assets to meet its obligations as they fall due. Liquidity is concerned with the current and future maintenance of appropriate levels of cash and liquid assets. Such risk events are:
I. Liquidation Value Risks: The risk that unexpected timing or amount of needed cash may require the liquidation of asset when market condition may result in loss of realized value. ii. Affiliated Investment Risk: The risk that an investment in a member company of the group may be difficult to sell or that such affiliate may create a drain on the financial or operating resources of the Company. iii. Capital Funding Risks: The risk that the company will not be able to obtain sufficient outside funding as its assets are illiquid at the time of need. iv. Negative Publicity with unexpected liquidity strain. v. Negative Report about other companies in similar trade. vi. Deterioration of the Economy. vii. Abnormally volatile or stressed market.
Identification of Financial Risk The various risk types identified under financial risk category as used in this policy are:
Market Risks Credit Risks Liquidity Risks Interest Rate Concentration Risk Liquidation Value Equity Default Risk Affiliated Investment Real Estate Indirect or spread Risks Capital Funding Currency Downgrade or Migration Risks Negative Publicity
Role of the CRO in conjunction with the finance/ Investment risk manager:
I. Strive to anticipate the risks inherent in the above listed indicative factors and propose appropriate preventive measures. ii. Document the anticipated risks and reports to the ERMC for appropriate response and implementation.
Standard Alliance Insurance Plc and its Subsidiary Company 105 2015 Annual Reports and Accounts
Assessment of Financial Risk I. The Company measures its financial risk exposures across risk types, risk factors and overall investment portfolio
ii. The Company documents the appropriate products to be used to hedge exposures, the item that qualifies to be hedged, how hedging instruments effectiveness shall be assessed and identify individuals responsible for monitoring hedge performance
iii. The Company has set appropriate limit structure to control its financial risk exposures.
iv. The Company periodically reviews its financial risk limits to verify its suitability based on current market conditions, economic conditions and its overall risk tolerance
v. The Company applies its stress testing to determine the potential effect of economic shifts, market events, changes in interest rates, changes in foreign exchange and changes in liquidity conditions
Internal Risk Identification and Assessment Internal risk relate to risks that have their sources in faulty or deficient internal systems, process or negligence or indolence of persons responsible for such roles. Such risk resides within the financial management system of the Company. I. Internal Processes ii. Reporting System iii. Bank reconciliation practices iv. Budget preparation and monitoring v. Working capital management
Financial risks also reside within financial processes, people in financial management, compliance levels, Reporting system, control processes.
External Risk Identification and Assessment External risks relate to risks that are exogenously determined and impact directly on the financial health of the company. Such risks can arise from the following;
i. Changes in regulation ii. Changes in currency and exchange rate iii. Changes in interest rate iv. Changes in capitalization and Solvency Margin. v. Changes in shareholder’s structure and composition vi. Changes in money and capital markets
Risk & Control Self Assessments Risk control self assessment of existing, newly identified and emerging financial risk should be carried-out regularly, at least once every quarter.
i. For every Control-based financial risks such as fraud, the CRO in conjunction with the finance/ Investment managers risk shall; 2015 Annual Reports and Accounts 1061
Other Notes to The Financial Statements a Identify the control structure b Compare the control structure to a best practice model c Identify the gaps d Recommend and implement new controls.
Risk Ratings The CRO in conjunction with the finance/ Investment risk managers
Ensure every risk identified and assessed is given the right risk priority rating for effective treatment.
Key Risk Indicators Management considers several factors as indicative of the presence of financial risks across the organization. Some of these indicative factors are:
Market Risks – KRIs Credit Risks – KRIs Liquidity Risks - KRIs Interest rate fluctuations Increasing receivables Earnings volatility Proportion of debt to equity Changes in debt profile Asset coverage Decline in market values Frequency of settlement failure Liquidity ratio Guaranteed value losses Connected or affiliated Cash flow modelling Changes in exchange rate Financial trends Frequency of Cash conversion Rising inflation Counterparty exposures Working Variations in capital
Risk Mitigation a. Insurance I. The finance/ Investment risk manger brings to the attention of the Head Administration department every risk emanating from investment operations that ought to be insured (refer to the risk register for financial risks that are mitigated through insurance) ii. The Administration Manager ensures that premium due for all insurances are dully paid iii. The finance/ Investment risk manager shall advise the administration department of any insurance that is no longer required. b. Consultancy All consultancy services relating to financial risk shall have contract which clearly states the terms of engagement of the consultant.
The Chief risk officer shall ensure that the contract arising from all consultancy services covers the following;
Standard Level Agreement (SLAs) which;
I. details the minimum level of performance/quality required from the consultants ii. clearly delineates the risks to be borne by the consultant iii. clearly specifies the penalty for default
Standard Alliance Insurance Plc and its Subsidiary Company 107 2015 Annual Reports and Accounts
Risk Reporting Financial Risk Management requires an organization to have an effective risk reporting process reflecting the up-to- date status of risk issues within the Company.
I. Such report should define the responsibility for production of investment report, the layout of each of the reports, timing of production and delivery, presentation of result, basis evaluation, etc.
ii. Report should be analyzed to improve existing risk management performance, evaluate the impact of financial risk breaches and monitor compliance with risk appetite levels.
iii. Separate report should be generated for each of the three major risk types: Market, Credit and Liquidity Risk.
Risk Reporting Template The periodic report should include the following: I. Details of investment activities during the period under reference ii. Commentary on each of the investment activity iii. Details of portfolio positions by asset type iv. Concentration analysis of portfolio and/or credit exposures v. Details of any regulatory or internal limits breached during the period vi. Actions taken on such if any vii. Planned future investment activities
C) Capital management The Company’s capital management framework is designed to ensure that the company is capitalised in line with the risk profile, regulatory requirements, economic capital standards and target ratios approved by the board. The capital management objectives of the company are to:
Ÿ maintain sufficient capital resources to meet minimum regulatory capital requirements set by NAICOM Ÿ maintain sufficient capital resources to support the company’s risk appetite and economic capital requirements; Ÿ support the company’s credit rating; Ÿ maintain adequate capital to support the development of its business and to enable it continue as a going concern, while at the same time maximising the return to its shareholders. Ÿ allocate capital to businesses to support the company’s strategic objectives, including optimising returns on economic and regulatory capital; Ÿ ensure the company holds capital in excess of minimum requirements in order to achieve the target Capital Adequacy Ratios set by management and to withstand the impact of potential stress events; and Ÿ manage the net asset value currency management process, including evaluating and implementing new derivative instruments that could be used for hedging purposes; 2015 Annual Reports and Accounts 1081
Other Notes to The Financial Statements
Capital Management Strategy The Company’s Enterprise Risk Management (ERM) committee ensures compliance with the Company’s capital management objectives. The committee reviews actual and forecast capital adequacy on a regular basis. The processes in place for delivering the group’s capital management objectives are:
Ÿ establish internal targets for capital adequacy; Ÿ apply stress tests to assess the group’s capital adequacy under stress scenarios; Ÿ plan and forecast capital requirements to ensure that capital ratios exceed the targets set by the Board.
In addition to these processes, the board, through the ERM Committee, review and set risk appetite annually and analyse the impact of stress scenarios to understand and manage the Company’s projected capital adequacy.
The Company has had no significant changes in its policies and processes to its capital structure during the year under review through effective selection of investment platforms and has shown concerns over strict compliance with NAICOM investment guidelines.
Solvency Margin The Company solvency margin position as at 31 December 2015 is summarised below:
N'000 Company solvency 4,504,326 Regulatory mimimum capital required (3,000,000) Surplus in solvency margin 1,504,326
The Company had a solvency margin of N4.504 billion for the year ended 31 December 2015, which is N1.504 billion higher than the regulatory minimum capital of N3 billion.
Valuation Methods The Insurance Act, CAP I17, LFN 2004 does not specify any particular approach that must be used in determining the statutory value of insurance liabilities. Whilst some sections of the Act appear to make reference to the net premium approach to reserving, we understand that this simply reflects the practice at the time the Act was written and is not a requirement to adopt a net premium valuation approach. We have in the last few years adopted the gross premium valuation approach for statutory purposes as standard and this has been acceptable to NAICOM.
From the IFRS perspective, the main features of IFRS 4 that impact the liability calculations are as follows: a) The IFRS prohibits provisions for possible claims under contracts that are not in existence at the end of the reporting period.
Standard Alliance Insurance Plc and its Subsidiary Company 109 2015 Annual Reports and Accounts
b) The IFRS requires an insurer to keep insurance liabilities in its statement of financial position until they are discharged or cancelled, or expire, and to present insurance liabilities without offsetting them against related reinsurance assets.
c) The IFRS requires a test for the adequacy of recognised insurance liabilities and an impairment test for reinsurance assets.
Liability adequacy At each reporting date, an assessment is made of whether the recognized long-term business provisions are adequate, using current estimates of future cash flows. If that assessment shows that the carrying amount of the liabilities (less related assets) is insufficient in light of the estimated future cash flows, the deficiency is recognized in the profit or loss by setting up an additional provision in the statement of financial position.
Key assumption in liability adequacy testing IFRS 4 paragraph 15 describes the liability adequacy test which, if conditions are not met, requires any deficiency to be recognised in profit or loss. Paragraph 16 states that:
“If an insurer applies a liability adequacy test that meets the specified minimum requirements, this IFRS imposes no further requirements. The minimum requirements are the following:
a) The test considers current estimates of all contractual cash flows, and of related cash flows such as claims handling costs, as well as cash flows resulting from embedded options and guarantees.
b) If the test shows that the liability is inadequate, the entire deficiency is recognised in profit or loss.” 2015 Annual Reports and Accounts 1101
Other Notes to The Financial Statements
1. Claims Data The claims data has eight risk groups – (Marine, Motor, Engineering, Fire, General Accident, Bond, Aviation and Oil & Gas).
The combined claims data, for all lines of business between 2007 and 31st December, 2015, are summarized in Table 1 below. A further summary of this data for each individual class of business is detailed in Appendix 1.
Table 1 Incremental Chain ladder-Yearly Projections (N’000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 34,192 35,033 1,214 633 290 1,365 151 - 2008 474,364 369,280 34,046 45,313 17,610 5,031 525 - - 2009 179,206 323,203 58,101 12,813 2,511 3,134 38 - - 2010 172,035 206,514 127,551 83,949 4,590 13,249 - - - 2011 180,167 232,931 120,370 323,656 4,338 - - - - 2012 187,457 534,984 266,906 330,955 - - - - - 2013 265,819 341,784 134,868 ------2014 199,953 306,086 ------2015 97,803 ------
2. Premium Data The gross written premium up to 31st December, 2015 by line of business was compared with the amounts recorded in the financial accounts and the data is shown below:
Table 2 31st December, 2015 Financial Accounts compared with Premium Data
Gross Written Premium Gross Written Class of Business Data (N) Premium Account (N)
General Accident 615,637,927 615,637,927 Engineering 132,053,013 132,053,013 Fire 287,577,563 287,577,563 Marine 537,646,726 537,646,726 Motor 559,967,691 559,967,691 Bond 63,923,286 63,923,286 Oil and Gas 748,047,921 748,047,921 Aviation 11,416,049 11,416,049 Total 2,956,270,176 2,956,270,176
3. Valuation Methods The provision for outstanding claims, including IBNR, was determined for each line of business on both gross and net of reinsurance basis. An accident year cohort was used to group claims to study the
Standard Alliance Insurance Plc and its Subsidiary Company 111 2015 Annual Reports and Accounts
The calculations was carried out using the following three (3) approaches explained below:
I) The Basic Chain Ladder Method (BCL): The Basic Chain Ladder method forms the basis to the reserving methods explained below. Historical incremental claims paid were grouped into accident year cohorts by class of business – representing when they were paid after their accident year e.g. a year after 2007 etc. These cohorts are called loss development triangles.
The incremental paid claims are accumulated to the valuation date and projected to their expected ultimate claim estimate. The gross claim reserve is then derived from the difference between the cumulated paid claims and the estimated ultimate claim.
For the more recent under developed years, the Bornheutter Ferguson method was used as a check on the reserves that were calculated using the Basic Chain Ladder Model. The appropriate loss ratio used is normally the average of fully developed.
ii) The Inflation Adjusted Chain Ladder Method (IACL): Under this method, the historical paid losses are stripped off from inflationary effects using the corresponding inflation index in each of the accident years. We then estimate loss development ratio used to project the cumulative historical paid claims to their ultimate values for each accident year. The difference between the estimated ultimate values and the cumulative historical paid clams forms the expected gross claim reserves. These are then inflated by the corresponding inflation index from payment years to the future year of payment of the outstanding claims.
iii) Stochastic Reserving Method (Bootstrap):
This method is a further extension of the chain ladder method. Rather than producing a single deterministic estimate it provides a distribution of possible results. The approach starts with calculating the age-to-age ratios of loss development table. Unlike the chain ladder, the method takes randomly from the age-to-age ratios with replacement to produce a reserve estimate. Simulating this step 10,000 times results in a selection of 10,000 loss development factors and each time it makes a selection, it computes the estimated gross claim reserve. Running this 10,000 times therefore results in 10,000 possible estimated claim estimates. The final result is a statistics (a mean or percentile) of the distribution.
Year Inflation Index 2007 6.60% 2008 15.10% 2009 13.90% 2010 11.80% 2011 10.30% 2012 12.00% 2013 8.00% 2014 8.30% 2015 9.60% 2016 10.00% 2015 Annual Reports and Accounts 1121
Other Notes to The Financial Statements
The calculations are also on two bases Ÿ By discounting the claims estimated to the valuation date at a discount rate of 14.5% p.a. Ÿ With no discounting. iii) Expected Loss Ratio: This method is simple and gives an approximate estimate. We adopted this method as a check on our ultimate projections and also where the volume of data available is too small to be credible when using a statistical approach. Under the method, we obtained the Ultimate claims by studying the historical loss ratios, investigating any differences and using judgments to derive a loss ratio. Paid claims already emerged is then deducted for from the estimated Ultimate claims to obtain our reserves iv) Frequency and Severity Method (Average Cost per claim).
This method investigates the trend of the claim frequency and average cost per claim for each accident year. An Average of the fully run off accident years is used as a guide on the ultimate claim frequency and ultimate average cost which is then adopted for the accident years that are not fully run off.
Large losses distorting the claims payment trend were excluded from all our chain ladder projections and analyzed separately using the Average Cost per claim method. v) Unearned Premium Reserve (UPR):
We have calculated each policy's unexpired insurance period (UP) as the exact number of days of insurance cover available after the review date and calculated the UPR as the annualized premium * (UP)/policy duration
Ÿ Unexpired Risk Reserve (URR): The URR is estimated by multiplying the loss ratio by the unexpired premium (UP). This is the indication of the cost of the future claims cost and all expenses expected to be incurred in the future by the unexpired portion of existing policies.
Ÿ Additional Unexpired Risk Reserve (AURR): This is defined as the max (0, URR-UPR). It is the additional reserve calculated when we expect a loss to occur.
4 Assumptions underlying the Valuation Methods
Ÿ Policies are written uniformly throughout the year for each class of business. Ÿ Claims occur uniformly throughout the year for each class of business. This implies that claims occur on average halfway through year. Ÿ These methods assume the future claims follow a regression pattern from the historical data Ÿ Hence payment patterns will be broadly similar in each accident year. The proportionate increase in the known cumulative payments from one development year to the next is used to calculate the expected cumulative payments for the future development periods. Ÿ An implicit assumption of the chain ladder is that weighted past average inflation will remain unchanged in to the future. Ÿ We assume gross claim amount includes all related claim expenses. If this is not the case, we will hold a separate reserve to cover claim expenses. Ÿ The UPR is calculated on the assumption that risk will occur evenly during the duration of the policy. Ÿ Under the Average Cost per claim method, we assumed the early years eg accident years 2006 and 2007 are fully developed
Standard Alliance Insurance Plc and its Subsidiary Company 113 2015 Annual Reports and Accounts
4.1 Large Losses
The table below shows the large loss cut of for each class of business. SD below means Standard Deviation.
Class of business Large Loss Comment on Derivation General Accident 10,000,000 10m Adopted Engineering 10,403,262 Mean + 3SD Fire 9,749,074 Mean + 3SD Marine 10,098,805 Mean + 3SD Motor 5,000,000 5m adopted Bond N/A Expected Loss Method Oil & Gas N/A Expected Loss Method
5. Valuation Results We summarise 5 sets of results in this section under the following methods: Ÿ Basic Chain Ladder– with claims discounted and undiscounted Ÿ Inflation Adjusted Basic Chain Ladder– with claims discounted and undiscounted Ÿ Stochastic Reserving Method
5.1 Basic Chain Ladder – Result Table We present Gross claims technical reserves under Basic Chain Ladder, Inflation Adjusted Chain Ladder. We have also assumed a discounted approach of the methods used and results presented in table 5.1b and 5.2b.
Table 5.1a : Basic Chain Ladder Method
Gross Outstanding Estimated Net Outstanding Claims Class of Business Claims Reinsurance Recoveries N N N
General Accident 212,023,457 (70,536,476) 141,486,982
Engineering 51,825,606 (40,991,251) 10,834,355
Fire 344,536,339 (223,233,011) 121,303,328
Marine 32,227,907 (19,687,475) 12,540,432
Motor 221,996,586 (26,721,106) 195,275,479
Bond* 80,832,233 - 80,832,233
Oil & Gas* 412,442,512 - 412,442,512 Aviation* 153,944,688 - 153,944,688 TOTAL 1,509,829,328 (381,169,319) 1,128,660,008
Accounts (Outstanding Claims) 1,024,445,098 (191,808,717) 832,636,381 Difference 485,384,230 (189,360,603) 296,023,628
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method 2015 Annual Reports and Accounts 1141
Other Notes to The Financial Statements
Table 5.1b: Discounted Basic Chain Ladder Method
Gross Outstanding Estimated Net Outstanding Claims Class of Business Claims Reinsurance Recoveries N N N
General Accident 197,710,246 (65,774,722) 131,935,524 Engineering 46,935,498 (37,123,440) 9,812,058 Fire 322,014,348 (208,640,495) 113,373,852 Marine 30,498,750 (18,631,162) 11,867,587 Motor 209,213,143 (25,182,399) 184,030,744 Bond* 72,930,359 - 72,930,359 Oil & Gas* 372,123,585 - 372,123,585 Aviation* 138,895,598 - 138,895,598 TOTAL 1,390,321,526 (355,352,219) 1,034,969,307 Accounts (Outstanding Claims) 1,024,445,098 (191,808,717) 832,636,381 Difference 365,876,429 (163,543,502) 202,332,927
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method
5.2 Inflation Adjusted Chain Ladder Method – Result Table Table 5.2a: Inflation Adjusted Basic Chain Ladder Method
Gross Outstanding Estimated Net Outstanding Claims Class of Business Claims Reinsurance Recoveries N N N
General Accident 225,401,016 (74,986,954) 150,414,062 Engineering 52,461,383 (41,494,116) 10,967,267 Fire 354,489,493 (229,681,888) 124,807,605 Marine 33,246,343 (20,309,620) 12,936,723 Motor 230,579,812 (27,754,245) 202,825,567 Bond* 80,832,233 - 80,832,233 Oil & Gas* 412,442,512 - 412,442,512 Aviation* 153,944,688 - 153,944,688 TOTAL 1,543,397,478 (394,226,823) 1,149,170,655 Accounts (Outstanding Claims) 1,024,445,098 (191,808,717) 832,636,381 Difference 518,952,381 (202,418,106) 316,534,274
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method
Standard Alliance Insurance Plc and its Subsidiary Company 115 2015 Annual Reports and Accounts
Table 5.2b: Discounted Inflation Adjusted Basic Chain Ladder Method- Discounted
Gross Outstanding Estimated Net Outstanding Claims Class of Business Claims Reinsurance Recoveries N N N
General Accident 210,384,641 (69,991,270) 140,393,371 Engineering 47,689,014 (37,719,430) 9,969,584 Fire 331,814,787 (214,990,425) 116,824,362 Marine 31,476,682 (19,228,564) 12,248,117 Motor 217,997,316 (26,239,725) 191,757,590 Bond* 72,930,359 - 72,930,359 Oil & Gas* 372,123,585 - 372,123,585 Aviation* 138,895,598 - 138,895,598 TOTAL 1,423,311,981 (368,169,416) 1,055,142,565 Accounts (Outstanding Claims) 1,024,445,098 (191,808,717) 832,636,381 Difference 398,866,883 (176,360,699) 222,506,184
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method
5.3 UPR (Gross and Reinsurance UPR) – Result Table Table 5.4: Estimated UPR (net of reinsurance)
Gross UPR Reinsurance UPR NET UPR Class of Business N N N
General Accident 169,186,110 (15,216,718) 153,969,393 Engineering 45,323,904 (8,727,928) 36,595,976 Fire 94,700,550 (18,410,198) 76,290,351 Marine 94,158,722 (18,353,820) 75,804,902 Motor 191,091,426 - 191,091,426 Bond 29,588,280 (1,497,736) 28,090,545 Oil & Gas 177,769,311 (62,297,504) 115,471,806 Aviation 1,716,296 - 1,716,296 Total 803,534,599 (124,503,905) 679,030,695
*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method
5.4 Additional Unexpired Risk Reserve (AURR) The AURR is the additional risk reserves required where the URR is greater than the UPR and is estimated by multiplying the UPR by our estimated ultimate loss ratio for each business line. We illustrate below that our assumed ultimate loss ratios are less 100% earned premiums for every class of business written. Accordingly we estimate a nil AURR for the business. 2015 Annual Reports and Accounts 1161
Other Notes to The Financial Statements
Table 5.4: Loss Ratio Table
Class of Business Assumed Loss Ratio
General Accident 15% Engineering 10% Fire 56% Marine 11% Motor 26% Bond 10% Oil & Gas 24% Aviation 152%
6. Conclusion 6.1 The table below shows a range of calculated gross claim reserves from N1390 billion to N1.54 billion.
Gross Estimate of Outstanding Claims
Full Value Present Value Valuation Method (No Discounting) (Discounting) N N BCL 1,509,829,328 1,390,321,526 IABCL 1,543,397,478 1,423,311,981
We are adopting the Inflation Adjusted Basic Chain Ladder (Discounted) Method which presents a gross claims reserve of N1.42 billion and reinsurance recoveries estimate N368 million (a net position of N1.06 billion) as being representative of the liability.
This figure: Ÿ anticipates that total claims may be exposed to inflationary increase Ÿ recognizes that present value needs to be reserved for anticipated future payments
6.2 Technical Reserves We estimate the claims reserve net of reinsurance asset as N1.06 Billion and net UPR as N679 million, leading to a total Net Liability of N1.73 Billion as shown in Table 7.2, and this estimate meets the Liability Adequacy Test.
Table 7.2: Technical Reserves
Gross Reinsurance Assets Net (N ‘000) (N ‘000) (N ‘000)
Claims 1,423,311,981 (368,169,416) 1,055,142,565 UPR 803,534,599 (124,503,905) 679,030,695 Total 2,226,846,580 (492,673,320) 1,734,173,260
Standard Alliance Insurance Plc and its Subsidiary Company 117 2015 Annual Reports and Accounts
Appendix 1: Illustration of Gross Claim Reserving
1.1 Basic Chain Ladder Method – Gross General Accident Claims
1.1.1 The claims paid are allocated to claim development years as illustrated below. Of the claims that arose in 2008, N55.31 million was paid in 2008 (development year 1), N32.12 million in 2009 (development year 2) etc.
Table 5.1 Incremental Chain Ladder (Table of claims paid excluding large claims (Attritional Table))
Incremental Chain ladder-Yearly Projections (N’000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 7,492 13,160 230 261 290 1,365 129 - 2008 55,315 32,122 6,488 1,054 1,618 5,031 165 - - 2009 1,567 43,417 11,305 9,565 2,511 3,134 - - - 2010 31,722 21,571 19,923 8,155 2,813 33 - - - 2011 37,944 43,806 19,083 4,722 793 - - - - 2012 15,382 31,921 20,636 9,902 - - - - - 2013 26,390 48,457 10,815 ------2014 17,187 19,930 ------2015 13,653 ------
1.1.2 The claim was then cumulated as illustrated below. For instance, in 2008, N55.31 million was paid from claims arising that year. At the end of 2009, the total claim payments arising from accidents in 2009 was N87.44 million, this increased to N93.92 million in 2010 etc.
Cumulative Data (for Attritional loses)
Incremental Chain ladder-Yearly Projections (N’000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 7,492 20,653 20,883 21,144 21,434 22,799 22,928 22,928 2008 55,315 87,437 93,925 94,978 96,596 101,627 101,792 101,792 - 2009 1,567 44,984 56,289 65,854 68,365 71,499 71,499 - - 2010 31,722 53,294 73,216 81,371 84,184 84,216 - - - 2011 37,944 81,750 100,833 105,555 106,348 - - - - 2012 15,382 47,304 67,939 77,841 - - - - - 2013 26,390 74,848 85,663 ------2014 17,187 37,117 ------2015 13,653 ------Loss Dev Factors 2.556 1.288 1.118 1.024 1.000 1.000 1.000 1.000 2015 Annual Reports and Accounts 1181
Other Notes to The Financial Statements
1.1.3 The table was used this table to estimate the average ratio of claims paid at different periods e.g. we estimate that the ratio of total claims paid 1year after the accident year to those paid at the end of the accident year is 2.556 obtained as
= (74847.50483+47303.66306+81749.654174+53293.55554+44984.16317+87436.54209)
(26390.22019+15382.33352+37943.979804+31722.40474+1567.1603+55314.98967)
Similarly, the cumulative ratio of total claims paid at the end of year 3 to 2 is 1.288 Projecting the cumulative ratios, we estimate cumulative payments for each accident year below.
1.1.4 From the combined settlement patterns we project the accumulation amounts payable in future years. For instance we project that; Ÿ no further claims will arise after 2014 in respect of claims incurred in 2007 Ÿ total claims from 2008 accident year will be N135.22 million, of which N134.69 million had been paid as at the end of year 2013
Projected Table
Incremental Chain ladder-Yearly Projections (N’000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 7,492 20,653 20,883 21,144 21,434 22,799 22,928 22,928 2008 55,315 87,437 93,925 94,978 96,596 101,627 101,792 101,792 103,630 2009 1,567 44,984 56,289 65,854 68,365 71,499 71,499 75,347 75,347 2010 31,722 53,294 73,216 81,371 84,184 84,216 92,589 92,589 92,589 2011 37,944 81,750 100,833 105,555 106,348 122,732 122,732 122,732 122,732 2012 15,382 47,304 67,939 77,841 86,797 86,831 86,831 86,831 86,831 2013 26,390 74,848 85,663 95,811 98,140 98,178 98,178 98,178 98,178 2014 17,187 37,117 82,161 89,714 91,860 91,895 91,895 91,895 91,895 2015 13,653 66,198 76,224 83,230 85,221 85,254 85,254 85,254 85,254
1.1.5 Unwinding the cumulative payments we expect claim payments to be made till 2022 as follows
Non-Cumulative Chain ladder-Annual Projections ( N'000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 2008 - 1,838 2009 - 3,848 - 2010 - 8,372 - - 2011 - 16,385 - - - 2012 - 8,956 34 - - - 2013 - 10,148 2,329 38 - - - 2014 - 45,044 7,553 2,146 35 - - - 2015 - 52,545 10,026 7,007 1,990 33 - - -
Standard Alliance Insurance Plc and its Subsidiary Company 119 2015 Annual Reports and Accounts
1.1.6 We illustrate our reserves for General Accident large loss as follows
Exposure / Total Paid O/s No. of Claim Average Ult Avg Ultimate Ultimate Large Earned Amounts Reported Large Frequency Paid Cost Cost Freq Paid Loss Accident Premium (N'000) LG Losses (N'000) Amounts Reserves Year (N'000) Reserve (N'000) (N'000)
2007 766,496 12,979 0 1 0.0000013 12,979 6,490 0.0000013 12,979 - 2008 766,496 213,790 0 9 0.0000117 23,754 23,754 0.0000117 213,790 - 2009 766,496 71,137 27,675 5 0.0000065 14,227 16,469 0.0000078 98,812 27,675
2010 882,640 12,205 0 1 0.0000011 12,205 12,205 0.0000011 12,205 - 2011 779,748 0 0 0 0.0000000 - 0 0.0000000 - - 2012 1,722,833 35,437 0 2 0.0000012 17,719 17,719 0.0000012 35,437 -
2013 639,229 10,778 0 1 0.0000016 10,778 10,778 0.0000016 10,778 - 2014 881,547 17,035 0 1 0.0000011 17,035 17,035 0.0000011 17,035 - 2015 548,256 0 0 0 0.0000000 - 11,383 0.0000010 6,022 6,022 33,697
Average Ultimate Frequency 0.0001% Average Ultimate Severity 11,383
1.1.7 From the above tables, we illustrate the total expected payment for each future year as follows
Accident Year Incremental 2016 147,136,503 2017 19,941,050 2018 9,190,282 2019 2,025,944 2020 32,900 2021 - 2022 - Attritional Losses 178,326,679 Large Loss 33,696,778 Total 212,023,457 2015 Annual Reports and Accounts 1201
Other Notes to The Financial Statements
Appendix 2A: An illustration of Expected Loss Ratio Method – Oil and Gas claims
Gross Total O/s as Outstanding Earned Claims Paid at 31 Dec Current Current Ultimate Ultimate Claim Accident Premium till date 2014 Incurred Loss Loss Losses Reserves Year (N' 000) (N' 000) (N'000) (N'000) Ratio Ratio (N'000) (N'000)
2011 778,690 318,618 151,880 470,498 60% 60% 470,498 151,880 2012 778,690 417,570 26,240 443,810 57% 57% 443,810 26,240 2013 778,690 53,173 4,400 57,573 7% 7% 57,573 4,400 2014 730,957 13,744 3,400 17,144 2% 15% 109,644 95,899 2015 684,464 7,066 1,700 8,766 1% 15% 102,670 95,604 Total 8,186,956 1,039,966 226,040 1,266,006 1,452,409 412,443
It was assumed that the pre 2014 claims information are fully developed and have adopted the 2012 loss ratio average for 2015 accident year.
Appendix 2B An illustration of Expected Loss Ratio Method – Bond claims
Gross Total O/s as Outstanding Earned Claims Paid at 31 Dec Current Current Ultimate Ultimate Claim Accident Premium till date 2014 Incurred Loss Loss Losses Reserves Year (N' 000) (N' 000) (N'000) (N'000) Ratio Ratio (N'000) (N'000)
2011 63,090 217 0 217 23% 23% 14,613,596 14,396,631 2012 63,090 3,320 0 3,320 33% 33% 21,109,500 17,789,182 2013 63,090 10,780 3,234 14,014 33% 33% 20,516,159 9,736,159 2014 362,313 10,000 20,780 30,780 5% 10% 36,231,259 26,231,259 2015 126,790 - 303 303 0% 10% 12,679,002 12,679,002 Total 678,374 24,317 24,317 48,635 105,149,516 80,832,233
It was assumed that the pre 2014 claims information are fully developed and have adopted the 2012 loss ratio average for 2015 accident year.
Appendix 4 – Cumulative Claims Development Pattern: FIRE
Incremental Chain ladder-Yearly Projections (N’000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 3,764 4,481 - - - - 22 - 2008 31,644 23,489 606 3,318 - - - - - 2009 6,639 20,498 16,274 119 - - - - - 2010 10,624 7,440 4,588 1,899 - - - - - 2011 4,652 28,986 19,862 1,782 13 - - - - 2012 37,995 44,406 34,373 7,410 - - - - - 2013 28,345 54,204 17,484 ------2014 8,788 36,191 ------2015 8,468 ------
Standard Alliance Insurance Plc and its Subsidiary Company 121 2015 Annual Reports and Accounts
Table 2 Cumulative table for Attritional loses
Cumulative Chain ladder-Annual Projections ( N'000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 3,764 8,245 8,245 8,245 8,245 8,245 8,266 8,266 2008 31,644 55,133 55,740 59,058 59,058 59,058 59,058 59,058 - 2009 6,639 27,137 43,411 43,530 43,530 43,530 43,530 - - 2010 10,624 18,064 22,652 24,551 24,551 24,551 - - - 2011 4,652 33,638 53,500 55,283 55,296 - - - - 2012 37,995 82,401 116,774 124,184 - - - - - 2013 28,345 82,549 100,033 ------2014 8,788 44,979 ------2015 8,468 ------
Appendix 4 – Cumulative Claims Development Pattern: FIRE Table 3 Reserve for Large losses
Exposure / Total Paid O/s No. of Claim Average Ult Avg Ultimate Ultimate Large Earned Amounts Reported Large Frequency Paid Cost Cost Freq Paid Loss Accident Premium (N'000) LG Losses (N'000) Amounts Reserves Year (N'000) Reserve (N'000) (N'000)
2007 228,621 0 - 0 0.000000% 0 0 0.0000% 0 0 2008 228,621 12,644 - 1 0.000437% 12,644 12,644 0.0004% 12,644 0 2009 228,621 50,000 - 1 0.000437% 50,000 50,000 0.0004% 50,000 0 2010 288,027 22,422 - 1 0.000347% 22,422 22,422 0.0003% 22,422 0 2011 326,449 134,108 27,738,102 6 0.001838% 22,351 23,121 0.0021% 161,846 27,738 2012 404,105 148,370 85,694,908 4 0.000990% 37,092 39,011 0.0015% 234,065 85,695 2013 243,246 34,567 - 2 0.000822% 17,284 17,284 0.0008% 34,567 0 2014 295,603 73,640 66,809,084 2 0.000677% 36,820 35,112 0.0014% 140,449 66,809 2015 289,959 0 - 0 0.000000% 0 27,194 0.0005% 37,426 37,426 Total Reserves 217,668
Average Ultimate Frequency 0.0005% Average Ultimate Severity 27,193,794 2015 Annual Reports and Accounts 1221
Other Notes to The Financial Statements
Table 4 Combined results table (Attritional and Large Losses)
Summary of Results
Paid to Latest Paid Total Gross Gross Ultimate Accident Large Loss Loss year date Ultimate Claims Earned (N,000) (N'000) Reserve Premium Ratio
2007 8,266 - 8,266 - 228,621 4% 2008 59,058 12,644 71,701 - 228,621 31% 2009 43,530 50,000 93,730 200 228,621 41% 2010 24,551 22,422 47,372 400 288,027 16% 2011 55,296 134,108 219,966 30,563 326,449 67% 2012 124,184 148,370 383,790 111,236 404,105 95% 2013 100,033 34,567 148,494 13,894 243,246 61% 2014 44,979 73,640 204,582 85,963 295,603 69% 2015 8,468 - 110,748 102,281 289,959 38% Total 468,364 475,750 1,288,651 344,536 2,533,252
Table 1 Table of claims paid excluding large claims (Attritional Table)
Incremental Chain ladder-Yearly Projections (N’000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 538 541 ------2008 3,769 1,197 ------2009 580 6,892 - - - - 38 - - 2010 1,210 705 - 385 398 - - - - 2011 1,314 7,868 8,957 ------2012 415 18,734 849 9,296 - - - - - 2013 740 2,149 412 ------2014 535 10,524 ------2015 2,582 ------
Standard Alliance Insurance Plc and its Subsidiary Company 123 2015 Annual Reports and Accounts
Table 2 Cumulative table for Attritional loses
Cumulative Chain ladder-Annual Projections (N'000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 538 1,079 1,079 1,079 1,079 1,079 1,079 1,079 2008 3,769 4,966 4,966 4,966 4,966 4,966 4,966 4,966 - 2009 580 7,472 7,472 7,472 7,472 7,472 7,510 - - 2010 1,210 1,916 1,916 2,301 2,699 2,699 - - - 2011 1,314 9,181 18,139 18,139 18,139 - - - - 2012 415 19,149 19,998 29,294 - - - - - 2013 740 2,889 3,301 ------2014 535 11,059 ------2015 2,582 ------
Table 3 Reserve for Large losses
Exposure / Total Paid O/s No. of Claim Average Ult Avg Ultimate Ultimate Large Earned Amounts Reported Large Frequency Paid Cost Cost Freq Paid Loss Accident Premium (N'000) LG Losses (N'000) Amounts Reserves Year (N'000) Reserve (N'000) (N'000)
2007 258,910 0 0 0 0.00000% 0 0 0.00000% 0 0 2008 258,910 16,013 0 1 0.00039% 16,013 8,006 0.00039% 16,013 0 2009 258,910 0 0 0 0.00000% 0 0 0.00000% 0 0 2010 672,666 0 0 0 0.00000% 0 0 0.00000% 0 0 2011 672,666 0 0 0 0.00000% 0 0 0.00000% 0 0 2012 1,176,265 0 0 0 0.00000% 0 0 0.00000% 0 0 2013 265,637 68,417 16,219 2 0.00075% 34,208 42,318 0.00075% 84,636 16,219 2014 235,505 0 0 0 0.00000% 0 0 0.00000% 0 0 2015 145,419 0 0 0 0.00000% 0 25,110 0.00000% 0 0 Total 16,219
Average Ultimate Frequency 0.000376% Average Ultimate Severity 25,110,444 2015 Annual Reports and Accounts 1241
Other Notes to The Financial Statements
Table Combined results table (Attritional and Large Losses)
Summary of Results
Paid to Latest Paid Total Gross Gross Ultimate Accident Large Loss Loss year date Ultimate Claims Earned (N,000) (N'000) Reserve Premium Ratio
2007 1,079 - 1,079 - 258,910 0% 2008 4,966 16,013 20,979 - 258,910 8% 2009 7,510 - 7,610 100 258,910 3% 2010 2,699 - 2,799 100 672,666 0% 2011 18,139 - 19,976 1,837 672,666 3% 2012 29,294 - 31,991 2,696 1,176,265 3% 2013 3,301 68,417 95,676 23,959 265,637 36% 2014 11,059 - 20,374 9,315 235,505 9% 2015 2,582 - 16,401 13,818 145,419 11% Total 80,630 84,429 216,884 51,826 3,944,890
Table 1 Table of claims paid excluding large claims (Attritional Table)
Incremental Chain ladder-Yearly Projections (N’000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 7,492 13,160 230 261 290 1,365 129 - 2008 55,315 32,122 6,488 1,054 1,618 5,031 165 - - 2009 1,567 43,417 11,305 9,565 2,511 3,134 - - - 2010 31,722 21,571 19,923 8,155 2,813 33 - - - 2011 37,944 43,806 19,083 4,722 793 - - - - 2012 15,382 31,921 20,636 9,902 - - - - - 2013 26,390 48,457 10,815 ------2014 17,187 19,930 ------2015 13,653 ------
Standard Alliance Insurance Plc and its Subsidiary Company 125 2015 Annual Reports and Accounts
Table 2 Cumulative table for Attritional loses
Cumulative Chain ladder-Annual Projections (N'000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 7,492 20,653 20,883 21,144 21,434 22,799 22,928 22,928 2008 55,315 87,437 93,925 94,978 96,596 101,627 101,792 101,792 2009 1,567 44,984 56,289 65,854 68,365 71,499 71,499 - - 2010 31,722 53,294 73,216 81,371 84,184 84,216 - - - 2011 37,944 81,750 100,833 105,555 106,348 - - - - 2012 15,382 47,304 67,939 77,841 - - - - - 2013 26,390 74,848 85,663 ------2014 17,187 37,117 ------2015 13,653 ------
Table 3 Reserve for Large losses
Exposure / Total Paid O/s No. of Claim Average Ult Avg Ultimate Ultimate Large Earned Amounts Reported Large Frequency Paid Cost Cost Freq Paid Loss Accident Premium (N'000) LG Losses (N'000) Amounts Reserves Year (N'000) Reserve (N'000) (N'000)
2007 766,495.97 12,979.24 - 1 0.0001% 12,979 6,490 0.0001% 12,979 - 2008 766,495.97 213,790.23 - 9 0.0012% 23,754 23,754 0.0012% 213,790 - 2009 766,495.97 71,136.72 27,675.00 5 0.0007% 14,227 16,469 0.0008% 98,812 27,675,000 2010 882,639.54 12,204.96 - 1 0.0001% 12,205 12,205 0.0001% 12,205 - 2011 779,748.12 - - 0 0.0000% 0 0 0.0000% 0 - 2012 1,722,833.48 35,437.08 - 2 0.0001% 17,719 17,719 0.0001% 35,437 - 2013 639,229.30 10,778.34 - 1 0.0002% 10,778 10,778 0.0002% 10,778 - 2014 881,547.00 17,035.00 - 1 0.0001% 17,035 17,035 0.0001% 17,035 - 2015 548,255.82 - - 0 0.0000% 0 11,383 0.0001% 6,022 6,021,778 Total 33,696,778
Average Ultimate Frequency 0.000096% Average Ultimate Severity 11,382,971 2015 Annual Reports and Accounts 1261
Other Notes to The Financial Statements
Table 4 Combined results table (Attritional and Large Losses)
Summary of Results
Paid to Latest Paid Total Gross Gross Ultimate Accident Large Loss Loss year date Ultimate Claims Earned (N,000) (N'000) Reserve Premium Ratio
2007 22,928 12,979 35,907 - 766,496 4.7% 2008 101,792 213,790 317,420 1,838 766,496 41.4% 2009 71,499 71,137 174,158 31,523 766,496 22.7% 2010 84,216 12,205 104,794 8,372 882,640 11.9% 2011 106,348 - 122,732 16,385 779,748 15.7% 2012 77,841 35,437 122,268 8,989 1,722,833 7.1% 2013 85,663 10,778 108,956 12,516 639,229 17.0% 2014 37,117 17,035 108,930 54,778 881,547 12.4% 2015 13,653 - 91,276 77,622 548,256 16.6% Total 601,057 373,362 1,186,442 212,023 7,753,741
Table 1 Table of claims paid excluding large claims (Attritional Table)
Incremental Chain ladder-Yearly Projections (N’000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 14,976 2,338 983 372 - - - - 2008 190,643 135,241 5,944 ------2009 86,114 81,402 3,212 1,575 - - - - - 2010 100,312 63,455 8,926 2,640 1,379 753 - - - 2011 104,817 74,299 8,106 516 647 - - - - 2012 71,456 149,819 5,936 926 - - - - - 2013 125,126 91,926 11,018 ------2014 132,756 73,865 ------2015 59,478 ------
Standard Alliance Insurance Plc and its Subsidiary Company 127 2015 Annual Reports and Accounts
Table 2 Cumulative table for Attritional loses
Cumulative Chain ladder-Annual Projections (N'000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 14,976 17,314 18,297 18,670 18,670 18,670 18,670 18,670 2008 190,643 325,884 331,828 331,828 331,828 331,828 331,828 331,828 - 2009 86,114 167,516 170,727 172,302 172,302 172,302 172,302 - - 2010 100,312 163,767 172,693 175,332 176,711 177,464 - - - 2011 104,817 179,116 187,222 187,738 188,385 - - - - 2012 71,456 221,275 227,211 228,137 - - - - - 2013 125,126 217,052 228,069 ------2014 132,756 206,621 ------2015 59,478 ------
Table 3 Reserve for Large losses
Exposure / Total Paid O/s No. of Claim Average Ult Avg Ultimate Ultimate Large Earned Amounts Reported Large Frequency Paid Cost Cost Freq Paid Loss Accident Premium (N'000) LG Losses (N'000) Amounts Reserves Year (N'000) Reserve (N'000) (N'000)
2007 1,325,910.77 - - 0 0.0000% 0 0 0.0000% 0 0 2008 1,325,910.77 35,441.27 - 6 0.0005% 5,907 5,907 0.0005% 35,441 0 2009 1,325,910.77 48,018.29 - 6 0.0005% 8,003 8,003 0.0005% 48,018 0 2010 1,514,770.22 94,631.93 - 10 0.0007% 9,463 9,463 0.0007% 94,632 0 2011 1,680,779.85 27,426.49 - 4 0.0002% 6,857 6,857 0.0002% 27,426 0 2012 872,306.45 44,269.90 - 7 0.0008% 6,324 6,324 0.0008% 44,270 0 2013 992,937.11 42,211.82 - 6 0.0006% 7,035 7,035 0.0006% 42,212 0 2014 1,028,395.00 46,080.88 - 5 0.0005% 9,216 9,216 0.0005% 46,081 0 2015 680,990.31 - 5,045 0 0.0000% 0 6,363 0.0002% 10,312 10,312 Total 10,312
Average Ultimate Frequency 0.00024% Average Ultimate Severity 6,362,591 2015 Annual Reports and Accounts 1281
Other Notes to The Financial Statements
Table 4 Combined results table (Attritional and Large Losses)
Summary of Results
Paid to Latest Paid Total Gross Gross Ultimate Accident Large Loss Loss year date Ultimate Claims Earned (N,000) (N'000) Reserve Premium Ratio
2007 18,670 - 18,670 - 1,325,911 1% 2008 331,828 35,441 367,269 - 1,325,911 28% 2009 172,302 48,018 220,320 - 1,325,911 17% 2010 177,464 94,632 274,066 1,969 1,514,770 18% 2011 188,385 27,426 220,928 5,116 1,680,780 13% 2012 228,137 44,270 276,746 4,340 872,306 32% 2013 228,069 42,212 307,210 36,929 992,937 31% 2014 206,621 46,081 300,428 47,726 1,028,395 29% 2015 59,478 - 185,394 125,916 680,990 27% Total 1,610,954 338,081 2,171,031 221,997 10,747,911
Table 1 Table of claims paid excluding large claims (Attritional Table)
Incremental Chain ladder-Yearly Projections (N’000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 4,761 1,534 ------2008 16,177 9,560 33 ------2009 5,636 22,659 390 ------2010 8,716 13,441 6,201 ------2011 4,702 4,346 1,253 59 - - - - - 2012 3,722 15,527 1,571 3 - - - - - 2013 15,633 19,170 4,280 ------2014 14,657 9,518 ------2015 6,556 ------
Standard Alliance Insurance Plc and its Subsidiary Company 129 2015 Annual Reports and Accounts
Table 2 Cumulative table for Attritional loses
Cumulative Chain ladder-Annual Projections (N'000)
Accident 1 2 3 4 5 6 7 8 9 year 2007 - 4,761 6,295 6,295 6,295 6,295 6,295 6,295 6,295 2008 16,177 25,737 25,769 25,769 25,769 25,769 25,769 25,769 - 2009 5,636 28,295 28,685 28,685 28,685 28,685 28,685 - - 2010 8,716 22,157 28,358 28,358 28,358 28,358 - - - 2011 4,702 9,048 10,301 10,360 10,360 - - - - 2012 3,722 19,249 20,819 20,823 - - - - - 2013 15,633 34,802 39,082 ------2014 14,657 24,175 ------2015 6,556 ------
Table 3 Reserve for Large losses
Exposure / Total Paid O/s No. of Claim Average Ult Avg Ultimate Ultimate Large Earned Amounts Reported Large Frequency Paid Cost Cost Freq Paid Loss Accident Premium (N'000) LG Losses (N'000) Amounts Reserves Year (N'000) Reserve (N'000) (N'000)
2007 578,844 2,661 - 1 0.0002% 2,661 1,330 0.00017% 2,661 0 2008 578,844 141,860 - 3 0.0005% 47,287 47,287 0.00052% 141,860 0 2009 578,844 - - 0 0.0000% 0 0 0.00000% - 0 2010 583,531 21,000 - 1 0.0002% 21,000 21,000 0.00017% 21,000 0 2011 1,092,080 - - 0 0.0000% 0 0 0.00000% - 0 2012 1,123,487 27,072 - 2 0.0002% 13,536 13,536 0.00018% 27,072 0 2013 606,174 63,573 - 1 0.0002% 63,573 63,573 0.00016% 63,573 0 2014 852,887 - - 0 0.0000% 0 0 0.00000% - 0 2015 532,498 - - 0 0.0000% 0 16,352 0.00000% - 0 Total -
Average Ultimate Frequency 0.000000% Average Ultimate Severity 16,351,580 2015 Annual Reports and Accounts 1301
Other Notes to The Financial Statements
Table 4 Combined results table (Attritional and Large Losses)
Summary of Results
Paid to Latest Paid Total Gross Gross Ultimate Accident Large Loss Loss year date Ultimate Claims Earned (N,000) (N'000) Reserve Premium Ratio
2007 6,295 2,661 8,956 - 578,844 2% 2008 25,769 141,860 167,630 - 578,844 29% 2009 28,685 - 28,685 - 578,844 5% 2010 28,358 21,000 50,629 1,271 583,531 9% 2011 10,360 - 14,860 4,500 1,092,080 1% 2012 20,823 27,072 47,895 - 1,123,487 4% 2013 39,082 63,573 106,455 3,800 606,174 18% 2014 24,175 - 26,777 2,602 852,887 3% 2015 6,556 - 26,611 20,055 532,498 5% Total 190,104 256,167 478,499 32,228 6,527,190
Appendix 9: Standard Alliance Insurance Reconciliation for 2014 and 2015 Outstanding Claim Reserves
Class of 2014 O/s Claims Paid in 2015 Remaining Recalculated Outstanding Actuarial Business Reserves for prior Reserves Reserves as at Reported Reserves Loss/Gain (IBNR+ O/s accident years 31st December for 2014 and Prior Reported Claims) 2015 for prior Accident Years Accident years
Motor 157,693,490.95 104,243,432 53,450,059 100,769,703 96,080,142 (47,319,644) General Accident 133,809,086.44 58,507,894 75,301,193 139,548,393 104,626,642 (64,247,200) Fire 291,019,893.86 203,257,721 87,762,173 236,926,554 239,808,383 (149,164,381) Engineering 106,159,082.34 30,972,480 75,186,603 35,796,318 29,117,241 39,390,285 Marine 109,618,807.42 77,374,862 32,243,946 12,665,934 10,876,408 19,578,012 Oil and Gas 492,608,319.67 234,429,915 258,178,404 285,865,901 224,339,514 (27,687,497) Bond 80,364,812.82 3,233,834 77,130,979 61,490,811 48,633,601 15,640,168 Aviation 113,802,486.64 67,390,364 46,412,123 135,767,518 150,477,686 (89,355,395) Total 1,485,075,980 779,410,502 705,665,479 1,008,831,131 903,959,616 (303,165,653)
Standard Alliance Insurance Plc and its Subsidiary Company 131 2015 Annual Reports and Accounts
2015 Accident Year
Reserves for 2015 Earned Claims Paid as December31st, 2015 Potential Class of Premiums at 31 December for Accident year (IBNR + O/s Underwriting Business (as at 3 December) 2015 Accident Reported Reserves) Profit (Excl Expenses)
Motor 680,990,305 59,477,717 117,227,613 504,284,975 General Accident 548,255,820 13,653,217 70,836,248 463,766,355 Fire 289,958,621 8,467,543 94,888,234 186,602,845 Engineering 145,419,072 2,582,115 11,892,696 130,944,262 Marine 532,497,636 6,555,973 18,810,748 507,130,916 Oil and Gas 684,463,534 7,065,980 86,257,684 591,139,870 Bond 126,790,025 - 11,439,548 115,350,477 Aviation 48,070,362 - 3,128,079 44,942,282 Total 3,008,375,013 97,802,545 411,352,770 2,499,219,699
Paid amounts in 2015 877,213,046
Total reserves as at December 2015 as is in the report 1,420,183,901 2015 Annual Reports and Accounts 1321
Appendix to The Financial Statements
Engin- General REVENUE ACCOUNT Aviation Bond eering Fire Accident Marine Motor Oil & Gas 2015 2014 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Premium Income Premium written 11,416 63,923 132,053 287,578 615,638 537,647 559,968 748,048 2,956,271 4,333,254 Decrease/(increase) in Unearned premium 36,260 61,788 10,397 (2,124) (67,340) (7,932) 119,162 (36,368) 113,843 5,425 47,676 125,711 142,450 285,454 548,298 529,715 679,130 711,680 3,070,114 4,338,679
Reinsurance premium expenses - (2,953) (25,494) (50,914) (65,243) (77,868) - (380,102) (602,574) (475,015) Net premium written 47,676 122,758 116,956 234,540 483,055 451,847 679,130 331,578 2,467,540 3,863,664 Commission received on reinsurance - 738 6,009 15,081 17,828 12,388 - - 52,044 103,078 Underwriting income 47,676 123,496 122,965 249,621 500,883 464,235 679,130 331,578 2,519,584 3,966,742
Less Claims Expenses
Claim paid 67,390 303 33,555 211,725 71,673 83,931 176,485 241,496 886,558 1,070,053 (Decrease)/Increase in provision for outstanding claims 39,102 24,665 (64,624) 29,176 59,611 (69,739) 31,760 (136,475) (86,524) 412,497 Claims incurred but not reported (IBNR) (14,009) (32,099) 6,154 11,619 17,009 (8,403) 28,499 15,990 24,760 (5,377) 92,483 (7,131) (24,915) 252,520 148,293 5,789 236,744 121,011 824,794 1,477,173
Claims expenses recoveries from reinsurers (6,686) - (23,956) 7,551 (10,804) (13,336) (153) - (47,384) (283,099) Net Claims expenses 85,797 (7,131) (48,871) 260,071 137,489 (7,547) 236,591 121,011 777,410 1,194,074 Underwriting expenses: Acquisition cost 1,565 12,064 26,448 59,367 122,434 111,653 70,748 24,137 428,416 1,054,966 Maintenance cost 345 1,930 3,988 8,685 18,592 16,236 16,910 22,590 89,276 287,015 Total underwriting expenses 1,910 13,994 30,436 68,052 141,026 127,889 87,658 46,727 517,692 1,341,981 Total Expenses 87,707 6,863 (18,435) 328,123 278,515 120,342 324,249 167,738 1,295,102 2,536,055 Underwriting profit (40,031) 116,633 141,400 (78,502) 222,368 343,893 354,881 163,840 1,224,482 1,430,687
Standard Alliance Insurance Plc and its Subsidiary Company 133 2015 Annual Reports and Accounts
Statement of Value Added
Group Group Company Company 2015 2014 2015 2014 N'000 % N'000 % N'000 % N'000 %
Premium, Investment and Other Income 6,080,851 - 3,319,290 4,199,856
Premiums,Commissions, Claims paid and Other operational cost (4,300,179) - (1,679,750) (5,579,088)
- Value Added/(lost) 1,780,672 100 - 1,639,540 100 (1,379,232) 100
DISTRIBUTED AS FOLLOWS:
EMPLOYEES Staff costs 472,501 27 - - 439,750 27 534,360 (39)
PROVIDERS OF FUNDS Finance charges 286,350 16 - - 263,349 16 48,483 (4)
GOVERNMENT Taxation including information technology development levy ------86,505 (6)
ASSET REPLACEMENT Depreciation & amortisation 134,340 7 - - 126,203 8 147,965 (11)
CONTRACTION/EXPANSION - Shareholder's interest
Profit/(loss) for the year after taxation 887,481 50 - - 810,238 49 (2,196,545) 160
VALUE (LOSS) ADDED 1,780,672 100 - - 1,639,540 100 (1,379,232) 100
The value added statement represents the distribution of the wealth created by the Company through the use of its assets and the efforts of the employees. 2015 Annual Reports and Accounts 1341
Appendix to The Financial Statements
Five Year Financial Summary Statement of financial position as at 31 December
2015 2014 2013 2012 2011 ASSETS EMPLOYED N'000 N'000 N'000 N'000 N'000 Cash and cash equivalents 730,785 701,236 230,396 316,589 662,801 Financial assets 464,942 1,837,131 3,017,908 1,963,821 2,802,762 Reinsurance assets 492,673 607,664 241,092 641,965 301,491 Trade Receivable 49,994 32,646 7,673 642,257 2,074,009 Other receivables and Prepayment 28,117 32,469 98,513 563,752 608,913
Deferred acquisition costs 108,199 96,442 420,840 140,728 97,332
Non-Current Asset Held for sale 1,890,433 - - 1,435,000 390,000
Investment in subsidiary company 406,728 - - - -
Investment in Associate Companies - 317,604 1,081,612 1,123,290 1,047,654
Investment Property 1,150,000 1,415,000 1,435,000 - - Intangible Assets 8,241 7,686 11,544 18,937 17,345 Property, plants and equipments 2,770,510 2,222,606 1,909,303 1,750,734 1,117,053 Statutory Deposit 335,000 335,000 335,000 335,000 335,000 8,435,622 7,605,484 8,788,881 8,932,073 9,454,360
LIABILITIES 4,203,421 4,303,905 4,011,311 4,059,225 3,415,418
NET ASSETS 4,232,201 3,301,579 4,777,570 4,872,848 6,038,942
SHAREHOLDERS' EQUITY Share Capital 5,996,587 5,996,587 5,996,587 5,996,587 4,246,587 Preference shares - - - - 1,750,000 Share Premium 7,667,475 7,667,475 15,852,049 15,852,049 15,852,049 Treasury shares - - (8,737,585) (8,737,585) (8,737,585) Contingency Reserves 1,386,196 1,243,423 1,113,425 999,663 834,764 Other reserves 1,735,438 1,615,054 1,447,511 896,009 37,869 Retained earning (12,553,495) (13,220,960) (10,894,417) (10,133,875) (7,944,742)
TOTAL SHAREHOLDERS' EQUITY 4,232,201 3,301,579 4,777,570 4,872,848 6,038,942
TOTAL LIABILITY AND SHAREHOLDERS' EQUITY 8,435,622 7,605,484 8,788,881 8,932,073 9,454,360
Standard Alliance Insurance Plc and its Subsidiary Company 135 2015 Annual Reports and Accounts
Appendix to The Financial Statements
Statement of Profit or Loss and Other Comprehensive Income As at 31 December
IFRS NON-IFRS 2015 2014 2013 2012 2011 N'000 N'000 N'000 N'000 N'000 3,070,114 4,338,679 3,779,634 5,381,232 4,551,723 Gross premium income (602,574) (475,015) (683,715) (480,958) (391,384) Reinsurance premium expenses 2,467,540 3,863,664 3,095,919 4,900,274 4,160,339 Net premium Income 52,044 103,078 33,799 90,967 92,726 Commission earned on reinsurance 2,519,584 3,966,742 3,129,718 4,991,241 4,253,065 Underwriting income (1,295,102) (2,536,055) (2,124,355) (2,430,346) (1,552,008) Total underwriting expenses 1,224,482 1,430,687 1,005,363 2,560,895 2,701,057 Underwriting result 197,132 239,631 335,212 208,069 176,948 Investment income
(1,405,420) (1,795,804) (1,497,228) (1,386,984) (1,388,761) Management expenses - - - - (784,359) Impairment charges on premium receivable (263,349) (48,483) (137,084) (190,144) (148,413) Finance charges 945,216 (1,145,650) (297,351) (358,959) (152,069) Writeback/(impairment charges) 55,627 (726,422) (239,741) 75,637 (191,086) Share of profit/ (loss) on Associate Company 48,928 (52,575) 41,093 10,715 (111,090) Unrealised Fair value gain/(losses) 28,765 - - - - Gain on disposal of assets (117,514) - - - - Foreign exchange loss on loan - - - - (3,191) Information Technology Development levy 713,867 (2,098,616) (789,736) 919,229 99,036 Profit/(loss) before taxation 96,371 (86,505) (64,879) (120,192) (82,307) Income tax - (11,524) (26,327) (17,855) (9,906) Deferred tax - - - - - Profit/(loss) after taxation 810,238 (2,196,645) (880,942) 781,182 6,823 Other comprehensive income/(loss) 557,314 411,117 - - - Revaluation surplus on building - - - - 10,800 Fair value gain on devine benefit plan valuation (436,930) (243,574) 641,102 772,328 3,786 Fair value gain on quoted shares(Available for sale) net of tax 120,384 167,543 641,102 772,328 14,586 Total comprehensive income 930,622 (2,029,102) (239,840) 1,553,510 21,409 Total comprehensive income/(loss) for the year 6.76 (18.31) (7.35) (16.88) (17) Profit/(loss) per share: Basic/Diluted (Kobo) 2015 Annual Reports and Accounts 1136
Determination of Solvency Margin
The solvency margin for the Company as at 31 December 2015 is as follows:
Admissible assets N'000 Cash and cash equivalents 717,594 - Financial assets: - Fair value through profit or loss 18,365 Loans and receivables 12,629 Available for sale investment 433,948 Reinsurance assets 492,673 Trade receivable 49,994 Other receivables (excluding prepayment) 16,114 Deferred acquisition cost 108,199 Non-current asset held for sale 1,890,433 Investment properties 1,150,000 Investment in subsidiary 406,728 Property, plant and equipment 2,770,510 Statutory deposits 335,000 8,402,187 Admissible liabilities Finance liabilities 795,918 Trade payables 75,986 Other payables 516,749 Current income tax liabilities 170,561 Insurance contract liabilities 2,226,847 Finance lease obligation 111,800
3,897,861
Excess of admissible assets over admissible liabilities 4,504,326
The higher of 15% of net premium and minimum paid up capital 3,000,000
Surplus in solvency margin 1,504,326 Solvency ratio 0.50
Standard Alliance Insurance Plc and its Subsidiary Company 137 2015 Annual Reports and Accounts
SA Insurance Branch Network Report
HEAD OFFICE EKITI LAGOS OSUN Plot 1,Block 94, 66 Secretariat/Bank Road. Plot 1, Block 94, Providence 42 Okefia Street, Opposite Providence Street, Adjacent ECOBANK, Street, Lekki Scheme 1, Lekki. All Souls Church, Osogbo. Lekki Scheme 1, Bank Road, Ado-Ekiti. Olukolajo Ezekiel Iranloye Samson Lanre Lekki, Lagos Moyolade Dickson GSM: 08033706152 GSM: 08023237300, Technical: GSM: 08033841325, 07029416076 Ezekiel Olukolajo 0807782137 28 Pelewura Crescent, GSM: 08033706152 Off Randle Road, Apapa. OYO IMO Lukeman Owolabi 20 Bolumole Street, ABUJA 134 Wetheral Road, Owerri. GSM: 08023184036 Off Ring Road, 3 Warri Street, Off Tafawa Jude Emeruwa NEPA Bus-stop, Ibadan. Balewa Way, Behind GSM: 08033105490 16 Opebi Road, Ikeja. Iranloye Samson Lanre International Conference Yetunde Idowu GSM: 08023237300, Centre, Area 11, KADUNA GSM: 08026304843 07029416076 Garki, Abuja 24 Constitution Road, Opposite Okoriko Abah ABS Gymnasium Hall, Kaduna. OGUN RIVERS GSM: 07032196282 Danjuma Caxton Emmanuel 2A Olusegun Osoba Way, 11B Circular Road, GSM: 07036632253 Oke-Ilewo, Abeokuta. Presidential Estate, AKWA IBOM Iranloye Samson Lanre GRA, Port Harcourt. APICO Investment House KWARA GSM:08023237300, Osatohanwen Joyce Agagbo (2nd Floor), Plot 24 Block 1 163 Ibrahim Taiwo Road, 07029416076 GSM: 0909000276 Olusegun Obasanjo Way Décor Plaza, Ilorin. (former Abak Road), Uyo. Oyindamola Lawal ONDO Enobong Iyang Willie GSM: 08023125827 9B Akure-Owo Road, GSM: 08039646630 2nd Floor (Ule-Uyi), Beside, ECOBANK, EDO Alagbaka, Akure. 131B Sapele Road, Benin-City. Moyolade Dickson Akporotu Emmanuel GSM: 08033841325, GSM: 08036991436 08077821373
Kaduna
Abuja Kwara Oyo Ekiti Osun Ogun Ondo Edo Lagos
Delta Imo
Rivers Akwa Ibom 2015 Annual Reports and Accounts 1138 Unclaimed Dividend AS AT 31ST DEC. 2015
S/no Name
1 ABORISADE BABATOPE EBENEZER 79 EZEOBI NWANKWO CHRISTOPHER 158 OMOKOREDE BOLANIRAN CYRIL 2 ACHUNINE CHIDEBE 80 FADARE ADEJUMO ADIO 159 OMOLE MUYIWA 3 ADEBESIN KEHINDE B. 81 FAMOROTI BANKOLE OLUWATOYIN 160 OMOLE OLUWATOSIN AFOLABI 4 ADEDOKUN GBENGA HGRMW 82 FATOKE OLUKAYODE OLUSEGUN 161 OMOLUA ESIEMA DIANA 5 ADEGBINDIN SIKIRU AKIN 83 FAZING ZINGKUN ZINGKUN 162 OMU ABRAHAM 6 ADEGBOYE DEBORAH ABOSEDE 84 IBIROGBA ADEBOLA BABS 163 ONADIPE SERIAN ERERE 7 ADEKOYA SHAKIRUDEEN O. ABOLORE 85 IDJAI MONDAY 164 ONYEOCHA CHARLES NNODIM 8 ADELABU ADETAYO 86 IKEH OLUCHI M 165 OPOROMO EMMANUEL PERE 9 ADENIJI ADENIKE OLAYEMI 87 ISA LADU ADEJO 166 OREAGBA ABAYOMI OLUFUNMILAYO 10 ADENIYI ABOSEDE 88 IYEVHE LAZARUS ASEGIEMHE 167 ORIDOTA LANRE ADEBOYE 11 ADENUGA G.S. MICHAEL OLUMUYIWA 89 JAIYEOLA ADEWUNMI ABIODUN 168 OSANEKU LAWRENCE EFOMA 12 ADEOLA MUASIBAU ADEJARE 90 JOSEPH ADEBAYO 169 OSIFESO OLUSEYI OLUKAYODE O. 13 ADEOYE OLUMIDE SAMUEL 91 KABIRU YUSUF ZAINAB MARYAM FATI 170 OSINUSI ADEGOKE 14 ADEPOJU KAZEEM 92 KADIRI RAFIU 171 OTUBU OLUSEYE AKINOLA 15 ADEWUSI EBENEZER ADEKUNLE 93 KALU OKEH GAIUS & HAPPINESS GAIUS 172 OVIRIH ANDY DAVIDSON 16 ADIGWE OGOM IRENE 94 KALU UGO OKEKE 173 OWARA OJO LAWRENCE OLADIRAN 17 ADIGWU ANDREW IKEMEFUNA 95 KAMFA AUWALU ISHAQ 174 OWOH EMMANUEL EMEKA 18 ADISIANYA UCHENNA KANAYOCHUKWU 96 KOLEOSO FOLASADE ARINADE 175 OYALOWO OLALEKAN OLAWALE 19 AFOLABI BUKOLA 97 LAWAL MUTIU OLAKUNLE 176 OYEDOTUN STELLA ADEFUNKE 20 AFOLABI OLAWALE AJANI 98 LEWA JACINTA ASHE'NGOM 177 OYELEKE RAFIU BALLE 21 AGBABIAKA ABIOLA ADELEYE OMOLARA 99 MADUAGWU DILICHUKWU DAMIAN 178 OYIBO MOHAMMED ADJARHO 22 AGBABIAKA AYODEJI OLUSOLA 100 MADUAKO ANTHONY 179 OZEMWONGIE JOSHUA M. OSARUMWENSE 23 AGBABIAKA IBITAYO OMONIYI 101 MAYIKO JOSIAH OWHOBEVUGHE 180 RA JI FATAI ADEBAYO 24 AGBABIAKA OLUREMI GRACE OLAWUNMI 102 MBAEMEKA C.DEAR JOHN 182 SABITU ADEYEMI ISHAQ 25 AGEH COSMAS UKPANUKPONG 103 MBANUGO EMENIKE OLISAEMEKA 183 SALAWU OLAYEMISI SERIFAT 26 AJAEBILI IFEANYI JOSEPHAT 104 MEYANBE OLU ADEBISI 184 SANGOSANYA TAOFEEK ADEYEMI 27 AJANA OLA JIDE 105 MOKOLO GLORY N. 185 SANI LAWAN AMINA MUHAMMED YUSUF 28 AJAYI OLUWAFEMI SAMUEL 106 MOMOH BEATRICE MODUPE 186 SHOFUYI OLUWASEUN SAMUEL 29 AJILEYE TAIWO JAMES 107 NDUBISI CHIDI NDUBISI O. 187 SHUAIBU ABUBAKAR 30 AJOSE LUKMAN OLABIRAN 108 NKAK ARIT UDOFA 188 SIDI ALI RABI 31 AJUDUA STEVE ELUE 109 NKEMDILIM IKECHUKWU FRANCIS 189 SOFILE AFOLASHADE OLUWAFUNMILAYO 32 AKANJI YINUSA KAYODE 110 NNADI FREDRICA AMAKA 190 SOLIU LUQMAN M. 33 AKINDELE YISA ADEWALE 111 NNAEBUE CHUKA EMMANUEL 191 SONEYE ABAYOMI ADEBOLA 34 AKINOSO TAIWO 112 NNAH SOLOMON KELECHI 192 TIAMIYU EMMANUEL BAMIDELE 35 ALABI AYOBAMI ADEDAPO 113 NWADIKE PIUS EZIEFULA 193 TOM-GEORGE DAREGO 36 ALABI MICHAEL OLASUNKANMI 114 NWAUWA DIVINE-WILL AKUJUOBI C. 194 UDOFIA ANIEKAN EFFIONG 37 ALADE ISREAL OLABODE 115 NWOKE OGUWUIKE DAMIAN 195 UGBECHIE FRANCA CHIKA 38 ALAFIATAYO LADE YEMISI 116 NWOKE SOLOMON OBINNA 196 UMEADI ANDY UDEM 39 ALEX OLATUNDE RAPHAEL 117 NXUMALO OSAMEDE ANNE 197 WANIYO UMARU TUMBA 40 ALI EMMANUEL OCHEIDO 118 OBAFAIYE CLEMENT OLUWATOSIN 198 WILLIAMS AFUSAT ADEOLA 41 ALUMA JOHN ALUMA 119 OBIANONWO BASIL UGOCHUKWU 199 YAHAYA MUHAMMED IMAM 42 ANARAH FLORENCE OGOCHUKWU 120 OBITOLU GEORGINA UKAMAKA 200 YUNUSA UBA 43 ANARE PAUL GIDEON 121 OCHIAGHA LIVINUS 201 YUSSUF AYINDE RAFIU 44 ANIEROBI FELICIA ABOSEDE 123 ODERO NYIMBI 202 YUSUF BAKIN RUWA MUSA MOHAMMED 45 ARHAVWARIEN JONES 124 OFOEDU IJEOMA JOY 46 ASAKPA JAMES 125 OGA MOSES OGO 47 ASHIRU SHAKIRAT BOLANLE 126 OGBONNA AGATHA AKUWUEZIUKA 48 AYANKOYA ELIZABETH BOLANLE 127 OGBONNA NDIDI S. 49 AYEGBA ABDUL 128 OGBONNAYA EMMANUEL 50 AYODELE ADEFUNKE OLUYEMISI 129 OGHALI SUNDAY 51 AYODELE JOHNSON 130 OGUGUA MBADIWE EDMUND 52 AYODELE OLUFEMI ADEYEMI 131 OGUNWALE REGINA ADEDOYIN 53 BAIYEWU OLUFEYIKEMI 132 OGUNYINKA BABATUNDE MICHEAL 54 BAKARE MURITALA ADEGBOYEGA 133 OJEDOYIN TIMOTHY OLADAPO 55 BAMIDELE MICHEAL MABINUOLA 134 OJEWUSI AYOOLA AYOBAMI 56 BAMIDELE OLAGOKE 135 OKACHE CHRISTOPHER ODEY 57 BEN-NWAKANMA NGOZI AMANDA 136 OKAFOR JOHN 58 BOKINNI SIRA J KOLAWOLE 137 OKE ADEKUNLE OLAYINKA 59 BOLARINWA FUNMI 138 OKEKE OBINNA MICHAEL 60 DADA ABIOLA OYERONKE 139 OKEREKE AKUNNA GEOEVIVE 61 DADA OLUFEMI ADETOLA 140 OKEWOLE DOYIN 62 DADA SAMSON OLUGBEMIGA 141 OKHIRIA GBENGA LUCKY 63 DANBALA MAGA JI 142 OKOH HYCENT 64 DARE ADEBOLA J. 143 OKOLIGWE JUDE IKECHUKWU 65 DAUDU ALFRED TAIYE 144 OKONKWO CHIDI S. OKONKWO 66 DIORU ARUBICA ROWLAND 145 OKONTA PAUL EJIME 67 EBOJIE KENNEDY 146 OLAWOYE IFEOLUWA MOBOLAJI 68 EDE MOSES NWEKE 147 OLOGAN OLUMIDE JOSEPH 69 EFFIONG ANIEKAN ETTE 148 OLOLA MULIKAT AWERO 70 EFUNNUGA ADEMOLA ADEWALE 149 OLORUNDAMISI OLANIKE GRACE OLAPEJU 71 EGWUATU THERESA NWANYIBUTE 150 OLORUNDARE KEHINDE JOSEPH (ACA) 72 EJIOFOR CHIOMA EBERE 151 OLOWU CLARA OLANREWAJU 73 EKUNDAYO OLUBUNMI DESOLA 152 OLUPAYIMO MICHAEL KAYODE 74 ELOYE OJO MONAEKHIS 153 OLUSANYA ABIODUN ADEWALE 75 ENUJIOFOR NKIRUKA HOPE 154 OLUSANYA OLUDAMILOLA OLUKEMI 76 ERUKU EBENEZER MAROMIPIN 155 OLUWO GANIYAT ADEBUKOLA 77 ESUE ABAYELI IVUEDOYA 156 OMITOGUN AKINYEMI OLATUNDE 78 EZEMGBE SYLVANUS CHUKWUMA 157 OMOKOREDE ADESHOLA ABOSEDE E
Standard Alliance Insurance Plc and its Subsidiary Company 139 2015 Annual Reports and Accounts Unclaimed Dividend AS AT 31ST DEC. 2015
1 ADETOLA OLUSEYI OBABUNMI 1 AAKO JOHN TAIWO 79 ABIMBOLA HELEN 2 ADUBIFA ABIMBOLA 2 AALIYA EMEKA 80 ABIMBOLA JIBOLA 3 AFFI MICHAEL SABO 3 ABABA TIMINIPERE 81 ABIMBOLA JIBRIL 4 AGBAGA ANDREW OGHENEOVO 4 ABAJA HENRY IFEANYI 82 ABIMBOLA KARDAL 5 AGWERE CHRISTOPHER A JIRI 5 ABAJUE VERONICA CHIKA 83 ABIMBOLA LUFADEJU 6 AKINJAYEJU IGBEKELE FESTUS.TOLA 6 ABAKUN SAMUEL OLUWADEMILADE 84 ABIMBOLA TAWOJU 7 AKINYEMI EMMANUEL OLARENWAJU 7 ABAKUN SARAH OLUWAFUNMILADE 85 ABIMBOLA TEMITAYO ADENIKE 8 AKOSILE JOHN OLAWALE 8 ABALO OLUWATOSIN OLAOLU 86 ABIMBOLA YAZID 9 AKPOMIE MATTHEW 9 ABAM DAVID EYONG 87 ABIODUN CHRISTY 10 ALEGIEUNO JESSE 10 ABANE JOHN 88 ABIODUN ELABOR 11 ALIYU SIKY ADEWALE 11 ABANEKE KINGSLEY 89 ABIODUN FAVOUR 12 AMEH BENARD 12 ABANG ABUO SAM 90 ABIODUN FRANCIS 13 AREKE KUNLE 13 ABANG OKON WILSON 91 ABIODUN HENRY OLAWALE 14 ASIWAJU REMILEKUN OMOWUNMI 14 ABANG YUSUFU 92 ABIODUN IBRAHIM 15 BAMIDELE OLUWAFUNMILOLA ADEBOWALE 15 ABANI SHARON AMARACHI 93 ABIODUN ISAAC 16 EMBASSY PHARM & CHEM LTD 16 ABANIWU LAURA IFE 94 ABIODUN MARGARET OLUREMI 17 ESONANJOR MATHEW 17 ABANUM GRACE ASHINEDU 95 ABIODUN RASHIDAT ADENIKE 18 EZE CHIDIMMA 18 ABARATA BUKAR 96 ABIOLA A JOKPAGHENE 19 FIRST INLAND BANK/DE-LORDS SEC.-TRADING 19 ABARI SIMIDELE 97 ABIOLA FLORIAN 20 GEORGE GRACE ALAERE 20 ABASI-AKAMA GLORIA HARVEST 98 ABIOLA JAMES 21 ILESANMI AFOLABI 21 ABASS ADETOBA 99 ABIOLA KANAYOCHUKU 22 IMOH ANITA INYANG 22 ABASS OLOMISOLA 100 ABIOLA OBINWANNE 23 ISA LADU ADEJO 23 ABASS SEUN AZEEZ 101 ABIOLA OLUFEMI 24 K.C.OGBONNAYA VENTURES NIGERIA LIMITED 24 ABATAN AYODELE 102 ABIOLA UGWUZOR 25 KANO STATE PENSION FUND TRUSTEES 25 ABATI FELIXMORE 103 ABIOLA UNWAM 26 KURA VICTORIA ISTY 26 ABATI ISIAKA 104 ABIOSE KALEJAIYE 27 MADU FIDELIS UCHE 27 ABATU IZEDONMWEN 105 ABIOYE JEGO 28 MAYIKO JOSIAH OWHOBEVUGHE 28 ABAYE GOWON PIUS 106 ABIOYE OLAJUMOKE JANE 29 MBAMAH LOUIS CHINEDU 29 ABAYOMI ANOSIKE 107 ABIOYE PETER MOLOYEOLA 30 NDARAKU CHESTER CHUKWUEMEKA 30 ABAYOMI BABAYEMI 108 ABIOYE RASHEED OYEKOLA 31 NJOKU VICTOR NNAEMEKA 31 ABAYOMI CHINEDUM 109 ABIR IBUKUNOLA 32 NNAMANI KELVIN IKENNA NNA JIOFOR 32 ABAYOMI OLUFEMI 110 ABIR KIDEN 33 NWOSU EMEKA FIDELIS 33 ABAYOMI OLUSOLA 111 ABIR OGUNLANA 34 ODUSANYA SAKIRU OLUWASEUN 34 ABAYOMI SHADE 112 ABIRI JOE JIRHEVWE 35 OGBODO MATTHEW 35 ABAZU AYOMIDE 113 ABIRI SOMOLU 36 OGUNSANYA STEPHEN BABAJIDE 36 ABBA JOHNSON 114 ABISO IDEMUDIA 37 OJEI UDOKA ALEX 37 ABBAH FRANCO 115 ABISOLA ADEWALE 38 OKORONKWO MONDAY UCHENNA 38 ABBAS KEISHA 116 ABISOLA OSEGHALE 39 OLUWA DURO 39 ABBAS MADUNEME 117 ABISOYE BOLORUNDURO 40 OMUBO MICHAEL A.C. 40 ABBAS PHYDELIA 118 ABIWO POPOOLA LEWIS 41 ONATE SAMUEL 41 ABBAS UGO 119 ABIYE EMMANUEL 42 OPARA COLLINS 42 ABBEY ABBEY JAMES 120 ABIYE EMMANUEL F. 43 OPHIOHONREN EMMANUEL PHIEKPAMARE 43 ABBEY ABBEY JAMES B. 121 ABODE BOLA JI SANI 44 OVBUDE OGODINMA LIZZIE 44 ABBEY JAMES NNAOMA 123 ABODERIN ADEYEMI 45 QUANTUM ARBITAGE LIMITED 45 ABBEY JAMES NNAOMA J. 124 ABODUNRIN SAMSON 46 UZOMA NADOZIEM OLIVER (SQN LDR RTD) 46 ABDEL GIGGS 125 ABODUNRIN SANNI BALOGUN 47 ABDEL KEON 126 ABOH MUYIWA 48 ABDU ADEWALE 127 ABOH TAIWO MONDAY 49 ABDU PAT LEMMY 128 ABOLA JI ABOLANLE SHOTUYO KAFAYAT 50 ABDUL ADAMU 129 ABOLANLE OKENIYI 51 ABDUL ADESOLA 130 ABOLARIN DEINDE 52 ABDUL ADEYEMI 131 ABOLARIN RAPHAEL ROTIMI 53 ABDUL EJAH 132 ABOLORE ABUBAKAR 54 ABDUL FATAI MUFTAU 133 ABOLRIN SIMON ROTIMI 55 ABDUL HAMEED HASSAN LAWAL 134 ABOLUWODI BUKUNMI 56 ABDUL JOHN ABDUL 135 ABONU Simonpeter 57 ABDUL KEISHA 136 ABOOTU CANNICE 58 ABDULAKEEM AMODU 137 ABORISADE OZOEKWE 59 ABDULATEEF KAYODE 138 ABORO DARE 60 ABDULAZEEZ S. AYODELE 139 ABOSEDE OKECHUKWU 61 ABDULFATAI FATIMAH OMOLASO 140 ABOSEDE OLATERU 62 ABDULHAMEED HASSAN LAWAL I. 141 ABRAHAM ADEMOLA 63 ABDULLAH KESIA 142 ABRAHAM CHIDI 64 ABDULLAH UZO 143 ABRAHAM KOLAWOLE OMOTAYO TOLUWANIMI 65 ABDULLAHI ALADEJEBI 144 ABRAHAM OLI 66 ABDULLAHI BELLO 145 ABSALOM LATEEFAH 67 ABDULLAHI DAVID 146 ABSALOM OTEDOLA 68 ABDULLAHI EZIEBO 147 ABU KURFI 69 ABDULLAHI OLUWAYEMISI 148 ABU MARYJANE 70 ABDULLAHI PEACE 149 ABU OLUWOLE 71 ABDULRAHIM OLADELE 150 ABU OLUWOLE OLATUNDE 72 ABDULRAHMAN IBRAHIM ALFA 151 ABU REKHIA 73 ABDULRAHMAN OZOYAH ISIAQ 152 ABUAH BURAIMOH 74 ABDULRASAQ FOLARIN 153 ABUBAKAR BAZAK AYODELE 75 ABDULSALAM KABIR OLAIDE 154 ABUBAKAR DANAMARY 76 ABDULSALAM ODO 155 ABUBAKAR DEGGE 77 ABDULWAHAB OGUNUGAFOR 156 ABUBAKAR MUSA 78 ABDULWAHAM MAKINWA 157 ABUBAKAR SALISU 2015 Annual Reports and Accounts 1140
158 ABUBAKAR YAHAYA GARBA 237 ADEBISI RUTH 315 ADELEKAN ADESHINA BABATUNDE 159 ABUDU OKOTIE 238 ADEBISI TITILAYO O. 316 ADELEKE ADEDEJI OLAREWAJU 160 ABUDU OSHODI 239 ADEBIYI AYODEJI MUHAMMED 317 ADELEKE ADEJOKE OLUWAFI KUNAYOMI 161 ABUDULSALAM AAUWA AYINKE 240 ADEBIYI SARAH OLA JUMOKE 318 ADELEKE ADERONKE OLA JUMOKE 162 ABUI BURHAN 241 ADEBOLA OPENIYI 319 ADELEKE ADEWALE THOMAS 163 ABULE DANJUMA 242 ADEBOLA SOBOWALE 320 ADELEKE CHARITY 164 ABULUDE AYOKUNLE 243 ADEBOWALE ADEBAYO 321 ADELEKE DAMILOLA ADEIFE 165 ABUYA JULIET 244 ADEBOWALE WURAOLA NIMOTA 322 ADELEKE IYABO ELIZABETH 166 ACHI EZEH HENRY 245 ADEBOYE ELIZABETH TOLUWALOPE 323 ADELEKE JULIUS ADE 167 ACHIEKEH OLANIKE 246 ADEDAMOLA ADEMOLA 324 ADELEKE OLUWAFUNTO BOLU 168 ACHIKE ONYEMADU 247 ADEDAPO OLUROPO 325 ADELEKE PEREIRA 169 ACHIKE TOBI 248 ADEDAYO OLADOTUN 326 ADELEKE SAMUEL ADEDAYO 170 ACHODA BOSE 249 ADEDEJI DOHERTY 327 ADELEKE SULAIMAN ADEREMI 171 ACHODAS BOSE E. 250 ADEDEJI FEMI LATEEF 328 ADELEKE TOLULOPE ADEDAMOLA 172 ACHODAS WAHAB 251 ADEDIJI EBENEZER OLUMIDE 329 ADELEYE ABIMBOLA ABIOLA 173 ACHONU THEODARA 252 ADEDIPE KAYODE 330 ADELOJA CHI 174 ACHONU UMAR 253 ADEDIPE KENNEDY 331 ADEMILOYE ADEYINKA ADEJOKE 175 ACHOR BURHAN 254 ADEDIRAN ADEFEMI SAMSON 332 ADEMIROKUN BIDEMI 176 ACHUMIE MIRACLE CHIDERA 255 ADEDIRAN JOSEPHINE 333 ADEMOLA ADIO ADEBAYO 177 ACHUNINE CHIDEBE 256 ADEDIRAN JOSEPHINE J. 334 ADEMOLA GLORIA 178 ACIKEH E. RAPHAEL 257 ADEDIRIN FOLUSHO 335 ADEMOLA NIKE 179 ADA OLUJI 258 ADEDOYIN ADEDOTUN DAVID 336 ADEMOLA OJO EMMANUEL 180 ADAGA ABETIANBE AGBA 259 ADEDOYIN MOSES BABATUNDE 337 ADEMOLA SAKIRU JIMOH ADEMOLA 182 ADAGAZU EMMANUEL OVYER 260 ADEDOYIN OLADELE EMMANUEL 338 ADEMOSU AHMED OLASUNKANMI 183 ADAGBONIYIN OSARENOMA OSARENOMA 261 ADEDOYIN SAMUEL OLAYEMI 339 ADEMOSU BOLA JI BASHIR 184 ADAGBONYIN LEONARD 262 ADEEKO OLUWAGBOHUNMI 340 ADEMOSUN SIMBIAT 185 ADALIS EUGENE ADALIS 263 ADEEKO VERONICA ANUOLUWAPO 341 ADEN ANISHANU 186 ADAMS BURUBOYEFE 264 ADEFALU OPEYEMI GRACE 342 ADEN IKE 187 ADAMS BUTA 265 ADEFEMI SOLA KAREEM 343 ADEN LAHANA 188 ADAMS LATEEF ISHOLA 266 ADEFILA TERRESA ABIBOLA 344 ADENAIKE KEHINDE 189 ADAMS OLALEKAN 267 ADEFUNMI OSU 345 ADENEYE FUNMILOLA ABOSEDE 190 ADAMSON ABIODUN STEPHEN 268 ADEGBESAN FEYINTOLA 346 ADENIJI ADENIKE OLAYEMI 191 ADAMU ABATI 269 ADEGBINDIN ADENIYI 347 ADENIJI SIMON SANMI 192 ADAMU ALFARMA 270 ADEGBITE ANTHONY ABIODUN 348 ADENIKE CHIBUKE 193 ADAMU EGUONO THOMAS 271 ADEGBITE MATTHEW KAYODE 349 ADENIYI ADEWALE OREOLUWA 194 ADAMU EJIROGHENE MOSES 272 ADEGBITE MUDASIRU ADEREMI 350 ADENIYI AKIN AKINWOLE 195 ADAMU ESEOGHENE EMMANUELLA 273 ADEGBITE OLUWASEYI OLASUNKANMI 351 ADENIYI AYODEJI SAMUEL 196 ADAMU IKE 274 ADEGBOLA ADEBAYO MICHAEL 352 ADENIYI SAMSON ADELAGUN 197 ADAMU LYDIA IGBEKELEOLUWA 275 ADEGBOLA CANTARA 353 ADENIYI VICTORIA OLUYEMISI 198 ADAMU MOHAMMED BABANGIDA 276 ADEGBOLA OLUGBENRO 354 ADENIYI WILLIAM 199 ADAMU SULEIMAN 277 ADEGOJU JOY AYOYINKA 355 ADENUGA BILIKIS 200 ADAMU UFUOMA PATIENCE 278 ADEGOKE ADEJUMOKE ADERONKE 356 ADENUGA OLUFEMI 201 ADARA YETUNDE 279 ADEGOKE ADEMOLA JAMIU 357 ADENUGA TAIWO STEPHEN BADE 202 ADARE HASSAN 280 ADEGOKE ASIMIYU KOLAWOLE 358 ADENUSI OLUWATOSIN 203 ADARE HASSAN E. 281 ADEGOKE CARINA 359 ADEOGBA ADEBANJO 204 ADAUTIN KUNLE BENJAMI F. 282 ADEGOKE DEJI FRANCIS 360 ADEOLA AMOS 205 ADAUTIN KUNLE BENJAMIN 283 ADEGOKE KORU ADE 361 ADEOLA AYANFEMI ADEYEMI 206 ADAUTIN LAWAL ADAUTIN 284 ADEGUN IYABO 362 ADEOLA MUASIBAU ADEJARE 207 ADAUTIN LAWAL ADAUTIN G. 285 ADEGUNWA ISIAKA ABIODUN 363 ADEOSO ADEBOYE 208 ADAYI HANNAH 286 ADEH CATE 364 ADEOSUN & ADEYEMI SOLOMON YETUNDE 209 ADDIE BULUS 287 ADEJIMOLA ADEBOLA 365 ADEOTI ADEMOLA OLABODE 210 ADE ADEOLA 288 ADEJUGBE TAJUDEEN 366 ADEOWU ADENIYI WASIU 211 ADEALA ADESOLA JOLAADE 289 ADEJUMO CECELIA 367 ADEOYE ABEL 212 ADEARA FUNKE PRINCESS 290 ADEJUMO JOHN ADELOMO 368 ADEOYE ABIODUN EYITAYO 213 ADEBAMBO OLAWALE 291 ADEJUMO KAZEEM 369 ADEOYE ADEKUNLE ISIAKA 214 ADEBAMBO TEMITOPE TITILAYO 292 ADEJUMO OJUADE 370 ADEOYE IBUKUN 215 ADEBANJO AFOLASHADE OMODUNMI 293 ADEJUMOBI MUNIRUDEEN KEHINDE 371 ADEOYE MICHAEL ADEDEJI 216 ADEBANJO OLUSEGUN SAMUEL 294 ADEKANBI SOYEBO 372 ADEOYE OLABISI MOTURAYO 217 ADEBAYO ABAYOMI 295 ADEKO AFOLAKE BUSRAT 373 ADEOYE OLUWASEUN JONATHAN 218 ADEBAYO ABOLA JI OLUFEMI 296 ADEKOLA WALE 374 ADEOYE THOMAS ADEYEMI 219 ADEBAYO ABRAHAM ADEWALE 297 ADEKOLEJO ADEWUNMI MOSES 375 ADEPOJU ADEDAPO PAUL 220 ADEBAYO ADEKUNLE 298 ADEKOYA BOSE 376 ADEPOJU ADEWALE ABIMBOLA 221 ADEBAYO ADENIYI OLUWASEUN 299 ADEKOYA CELESTINA 377 ADEPOJU TAJUDEEN .A. 222 ADEBAYO AKANDE 300 ADEKOYA FANIKU 378 ADEPOJU TAJUDEEN .A. 223 ADEBAYO AKANNI AZEEZ 301 ADEKOYA MIKE 379 ADEPOJU TAJUDEEN .A. 224 ADEBAYO BISI FOLAKE (MRS) 302 ADEKOYA SAMSON OPEOLUWA 380 ADEREMI ADEDAMI OTUN OLUWAPELUMI 225 ADEBAYO BUSUYI 303 ADEKUNLE ADETUNJI 381 ADEREMI ADEKEPEMI OLUWAFIYIBOMI 226 ADEBAYO EMMANUEL BABAFEMI 304 ADEKUNLE ADEYEMI 381 ADEREMI ADENIYI 227 ADEBAYO GBENGA ADEBOLA 305 ADEKUNLE CEMAL 382 ADEREMI ADESEKEMI OYAOPEMIPO 228 ADEBAYO HELEN ADEFOLAKE 306 ADEKUNLE CEMAL JUMAI 383 ADEREMI ADEWOJUMI OLUWASEMILORE 229 ADEBAYO OMOBOLA JI SHERIFF 307 ADEKUNLE GABRIEL 384 ADEREMI NNEKA 230 ADEBAYO OSIO 308 ADEKUNLE MOROUNMUBO TEMITOPE 385 ADEREMI OLANIPEKUN 231 ADEBERO BOLUWATIFE ESTHER 309 ADEKUNLE OLUDAYO ADEDOKUN 386 ADEREMI OLUKEMI OMOTAYO 232 ADEBIAYE AYISAT YETUNDE 310 ADEKUNLE OLUWASEYI OLUKEMI 387 ADERIBIGBE ADETUNJI 233 ADEBIMPE KADIR 311 ADEKUNLE TUNRAYO LIZZY 388 ADERIBIGBE MOBOLA JI 234 ADEBIMPE LATEEF 312 ADELAGUN OLA JUWON 389 ADERIBIGBE OMOLARA FOLUKE 235 ADEBISI CALA 313 ADELAKUN FATOYINBO 390 ADERINNALE OLUWATIFE 236 ADEBISI OLUFUNMILAYO 314 ADELANI OLUWADAMILOLA MARIAH 391 ADERINNALE SOLA
Standard Alliance Insurance Plc and its Subsidiary Company 141 2015 Annual Reports and Accounts
Unclaimed Dividend AS AT 31ST DEC. 2015
393 ADEROGBA AKEEM KOLAWOLE 471 AIGBINI-JOHN BOSEDE 549 AKALI HENRY CHINEDU 394 AFOLABI STELLA MARIS 472 AIGBIREMONLEM ROSE 550 AKALUMHE ONAGIE 395 AFOLARANMI KARIMU-BELLO 473 AIGBOKHAEVBO HUMPHERY 551 AKAN DATA 396 AFONJA A JAO PETER 474 AIN ABIOLA 552 AKANBI JAMES 397 AFONJA SIKIRU SEYIN 475 AINA ADEBAYO GANIYU 553 AKANBI MODUPEOLA OPEYEMI 398 AFRAMA OLAWOLE 476 AINA ADEMOLA ADEDAYO 554 AKANDE ABEKE 399 AFUAPE JACOB 477 AINA DELE 555 AKANDE ADEFOLA JU SAKIRUDEEN 400 AFUBE ANSLEM CHUDI 478 AINA JAMES AJEKIGBE 556 AKANDE ADEKUNLE 401 AGADA BLESSING 479 AINA OLUWASESAN EMMANUEL 557 AKANDE DANIEL ADURAGEMI 402 AGADA KOYA TOBI 480 AINA RACHEAL TINU 558 AKANDE ELIZABETH OLUWASEUN 403 AGADA PAMELA ONYOIBO 481 AIRAMOEHI OBEHI 559 AKANDE ISAAC BOLA JI 404 AGAHIU MOHAMMED DANLADI 482 AIRHUNMWUNDE CHARLES OSAWARU 560 AKANDE LEKAN 405 AGBABIAKA ADETOLA AMINAT 483 AISHA CENTURY INVESTMENT LTD 561 AKANDE OLUWANIFEMI O. 406 AGBADE EBIOLADE 484 AISHA ALI ATIM 562 AKANDE OLUWANIFEMI O. 407 AGBAIAKA OLAOLU GANIAT 485 AISHA MOSES 563 AKANDE PETER OLADIMEJI 408 AGBAJE SAHEED IDOWU 486 AISHATU CHIKEZIE 564 AKANDE PRISCA MONISOLA 409 AGBALAYA AYOMIDE MUIZ 487 AISIMI AISHA 565 AKANDE RAPHAEL IDOWU 410 AGBALU SEBASTAIN IFEANYI AGBALU 488 AISIMI MUSA YUSUF 566 AKANDE SHERIDD OLANIYI 411 AGBAS OSEGBUE 489 AISUEOGUN DAMISOLA 567 AKANG ekikere 412 AGBASON VICTOR C. 490 AIYEDUN ADEBOWALE F. 568 AKANG EKIKERE T 413 AGBATA CHIBUZO 491 AIYETAN DAYO ADEKUNLE 569 AKANG UBONG JOHNSON 414 AGBATA CHIDIOGO 492 AIYETAN OLAMIDE BUNMI 570 AKANI OLUSOLA 415 AGBAWN ABDUL ABDULLAHI 493 AJADI SUNDAY AKINTUNDE 571 AKANIHU JOHN IFEANYICHUKWU 416 AGBEDE BABAJIDE RASAK 494 AJAGBA MARTIN CHINWENDU 572 AKANKE WOSILAT 417 AGBEHI OGIRI 495 AJAGBE MANSUR BATO 573 AKANNI BABATUNDE 418 AGBELEMOGE VERONICA 496 AJAGBO DAVID ELLOH 574 AKANNI FATAI 419 AGBELUSI DEJI 497 AJAGU ONYEKA RAYMOND 575 AKANNI ISAAC OLADELE 420 AGBENIYI CHRISTIANAH KEHINDE 498 AJAH CHUKWU BASIL 576 AKAOLISA NKECHI JECINTA 421 AGBIDI JOHN ULEA 499 AJAKPO JOSEPHIN S 577 AKAOLISA OBINNA PAUL 422 AGBO OKANG 500 AJAKPO JOSEPHINE 578 AKINMADE T.A 423 AGBO OTON JAMES 501 AJAL EWUSI 579 AKINMADE TOLUWALASE ABIGAEL 424 AGBO TITUS 502 AJALA ATINUKE 580 AKINMOLAYAN JOHN 425 AGBOGO SUARA 503 AJALA IBIYEMI 581 AKINMUYISITAN VINCENT 426 AGBOGU AMAKA MARY TELLAARE 504 AJALA OYIZA 582 AKINOLA DEPO ADELEKE 427 AGBOGU CHRIS A.C 505 AJALA VALENTINE 583 AKINOLA OLANREWAJU MORUFF 428 AGBOM MAURICE OGBONNA 506 AJANI IKATE 584 AKINOLA OLAPE 429 AGBONSUREME AKWUEME 507 AJANI TIOLUWANI 585 AKINOLA OLUWAPELUMI AYOMIDE 430 AGBONTAN ESTHER 508 AJANI WASIU KOLAWOLE 586 AKIN-OLUWADARE OLUMIDE 431 AGBONTAN GEORGE 509 AJAO ADEBOLA OLUWATOYIN 587 AKINOSHO AKINLAWON 432 AGBONTAN ISAIAH 510 AJAO BAMIDELE LAWRENCE 588 AKINOSHO DAVID 433 AGBONTAN JEREMIAH 511 AJAO FOLORUNSHO AAKANJI 589 AKINOSO ASHAMU BABATUNDE 434 AGBONTAN NAOMI 512 AJAO OLUWATOBI FOLORUNSHO 590 AKINOSO ASHAMU BABATUNDE 435 AGBOOLA IDRIS WIKE 513 AJAO OLUWATOMI ADEBOLA 591 AKINPELU ADU MOSES 436 AGBOOLA KUNMI SEYI 514 AJAO OLUWATOSIN TEMITOPE 592 AKINPELU AKINBAMIJI JULIUS 437 AGBOOLA LUKMON OPEYEMI 515 AJAYI ABIODUN YETUNDE 593 AKINPELU BAMIDELE DOLAPO 438 AGBOOLA LUKMON OPEYEMI 516 AJAYI ABIOLA 594 AKINPELU BAMIDELE DOLAPO 439 AGBOOLA LYDIA OLUBUSAYO 517 AJAYI ADEOLA 595 AKINPELU SEUN ROBERT 440 AGBOOLA TAIWO TITILOLA 518 AJAYI ADEPEJU MATILDA 596 AKINRADEWO TEMILOLUWA OLUWAFIKUNAYOMI 441 AGBOOLA-AKINRODOYE OLUBUKOLA OLASUMBO 519 AJAYI AFOLABI OLAMIDE 597 AKINREMI ADESHINA ADEBAYO 442 AGBOTAN OSAZI 520 AJAYI AJOKE 598 AKINREMI BABS OLUWASANMI 443 AGBULU OWAJIROYEM 521 AJAYI ANTHONIA OLAIDE 599 AKINREMI ESTHER OLUDAYO 444 AGGREY AKINMOLAYAN 522 AJISAFE OLUFOLAHAN 600 AKINSANYA ADEBAYO WASIU 445 AGGREY CHIJIOKE 523 AJISEGIRI OLUBUNMI KATE 601 AKINSANYA ADEDOLAPO ADEYINKA 446 AGHATOR LUCKY AGHATOR 524 AJOBI ABIOLA 602 AKINSANYA FUNKE 447 AGHAULOR NTUABUNAUZOR DONATUS 525 AJOGI ARUBI 603 AKINSANYA NOFISAT TEMIDAYO 448 AGHELEGIN PAUL 526 AJOGWU EJEH 604 AKINSANYA TOKE ADIJAT 449 AGHO EBIUWA SANDRA 527 AJOKE AYINLA 605 AKINSANYA WASIU 450 AGHOMONU FESTUS 528 AJOKU OLUCHI NKECHI 606 AKINSANYA WASIU ADEBAYO 451 AGINAM CHRISTIANA NGOZI 529 AJOLOKO OLATUNDE MATTHEW 607 AKINSUNLOLA AKINNIMI JOSIAH 452 AGINIGHAN DUBAMO 530 AJOMALE OLAITAN S 608 AKINTOLA OLUFEMI A 453 AGNES OGBU 531 AJOSE MARVEL 609 AKINTOYE OLUSEGUN OLUWATOBA 454 AGOGO BERNICE NKONYE 532 AJUDUA STEVE ELUE 610 AKINTOYE VICTORIA OMOLARA 455 AGOMOH CHIKA 533 AJUKWU CHINEDU CHRISTIAN 611 AKINTUNDE BOLA JI AWE 456 AGOMOH CHIKA N 534 AJUONOMA IGNATIUS IKECHUKWU 612 AKINTUNDE OJUTIKU 457 AGOMOH EMMANUEL NNAMDI 535 AJUWON SAIDATU 613 AKINTUNDE SAMSON BOLADE 458 AGU IBIYEMI 536 AKABIKE IME CHRISTIAN 614 AKINTUNDE VICTORIA ALABA 459 AGU MICHAEL IFEANYICHUKWU 537 AKABOGU KENNETH SUNDAY 615 AKINWANDE EBENEZER OLUSEGUN 460 AGUBE BLESSING GODWIN 538 AKABOM MARYJANE 616 AKINWUNMI ABIODUN OLUWOLE 461 AGUDA OYEBIMPE OMOLOLA 539 AKABOM MARYJANE G. 617 AKINYELE BEATRICE FOLUKE 462 AGUGHAGWO GABRIEL NWABUEZE 540 AKABUIKE CHICHI (MISS) MARY 618 AKINYEMI AKINDELE 463 AGULONU AGBOR HELEN 541 AKACHUKWU NNAMANI 619 AKINYEMI BABATUNDE SAMUEL 464 AHUAANYA PRINCEWILL P 542 AKADIRI ADEDOYIN SADAT 620 AKINYEMI MABOGUNJE 465 AHUAZA AISHA 543 AKAGBUSI UCHECHUKWU RICHARD 621 AKINYEMI OLAIDE FATIMA 466 AIBANGBE FESTUS 544 AKAKABOTA DANIEL 622 AKINYEMI OLAYINKA AMINAT 467 AIESHA ALAO 545 AKAKABOTA DANIEL M 623 AKINYEMI OLUWADAMILOLA OLAMIDE 468 AIFA JUSTIN 546 AKAKPOR MICHAEL 624 AKINYOSOYE TENIOLA 469 AIGBE 547 AKAKRA ELIZABETH ARUORIWO 625 AKIODE EMMANUEL 470 AIGBINI-JOHN BLESSING 548 AKALI CHINONSO PHIL 626 AKIOTU OLU EVELYN 2015 Annual Reports and Accounts 1142
627 AKIOYA MAC-DAVE 705 ALADE CHIMASON 783 ALLI RASHEEDAT OMOLARA 628 AKODU OLUWAKEMI 706 ALADE DORCAS OLUWAFUNKE 784 ALLINSON BAYO 629 AKOGU AYEGBA 707 ALADE OLAYEMI BEATRICE 785 ALLIU ADETOLA RAFIU 630 AKOGUN FATAI OLUWATAYO RICHARD 708 ALADE OYEDELE MATTHEW 786 ALMA HASSAN 631 AKOGWU TAYI ELIZABETH 709 ALADHE DANIEL MELO 787 ALMIRA JOHN 632 AKOMU VICTOR 710 ALAEKWE DESMOND OKEZIE 788 ALMUSTAPHA GODWIN 633 AKONGWALE SABASTINE 711 ALAETO CHIZOBA 789 ALO FOLUSO 634 AKOR EDWIN ABAH 712 ALAGI JOYCE 790 ALOFIN OKELOLA 635 AKOR GABRIEL 713 ALAGWU CALISTUS EMEKA 791 ALOH CHARLES 636 AKOSILE JOHN OLAWALE 714 ALAKA OMOTOLA 792 ALOY AUGUSTINE 637 AKOT VENTURES LTD 715 ALAMU ATILADE JAMES 793 ALOY CONSTATINA 638 AKOWE LAWRENCE ABIMA JE 716 ALAMU OLAWUNMI 794 ALOY FAMOUS 639 AKOWONJO ADEFEMI OLAYINKA 717 ALAO AYOTUNDE YETUNDE 795 ALOY UCHENNA 640 AKPA OMENKA 718 ALAO DELE DAVID 796 ALOZIE CHINEDU 641 AKPAM MANDISA 719 ALAO EZEKIEL OYENIYI 797 AMADI EMINA ISRAEL 642 AKPAM MARGARET 720 ALAO JALIL 798 AMADI PROMISE AHAMUEFULE 643 AKPAN EMMANUEL 721 ALAO JULIANA 799 AMAH BENEDICT UCHENNA 644 AKPAN ESTHER UDUAK 722 ALAO RHODA 800 AMAKA EBIMOT 645 AKPAN ETOP ANDY 723 ALASOADURA ADETAYO 801 AMAKARA HARITH 646 AKPAN IDORENYIN CHRISTOPHER 724 ALASOADURA OYINLADE OLUWABUSUYI 802 AMAKARA IBEAMAKA 647 AKPAN PETER AKPAN 725 ALATISHE KUNLE SUNDAY 803 AMAKIRI CLEMENT EZE 648 AKPAN TADE 726 ALATISHE KUNLE SUNMADE 804 AMAKIRI NYEGIALA TONYE 649 AKPAN UFOT JACOB 727 ALAUSA FUNMILAYO OBE 805 AMAL FARID 650 AKPAN UMOH ROSELYN 728 ALAWODE SADIKU 806 AMAL NARKEASHA 651 AKPANNAH UDONSAK EMMAN 729 ALAWODE SADIKU C 807 AMALA FAROOK 652 AKPANNAH UDONSAK EMMAN Z 730 ALAWONDE OLADIWURA DEBORAH 808 AMALA MICHEAL 653 AKPANWA ROBINSON 731 ALAWONDE OLASUBOMI ISREAL 809 AMALA MICHEAL K 654 AKPANWA ROBINSON Y 732 ALBALTRADE LTD 810 AMANI FAYSAL 655 AKPASI OBRUCHE ABRAHAM 733 ALBERT ADEYEMI 811 AMAO ADEWALE PETER 656 AKPATA JOHN EDEMA 734 ALBERT GAMAL 812 AMAO OLUWASHOLA OLAYINKA 657 AKPAWUSI NGOZI EVANGELINE 735 ALBERT SUCCESS 813 AMAO RITA 658 AKPE SALAMI 736 ALCHENY CHINAKA 814 AMARA OKONOWO 659 AKPE SALAMI B 737 ALESEI ABIMBOLA 815 AMARACHI OKOYE 660 AKPELU CHIDOZIE FELIX 738 ALESER NABELUNG 816 AMARACHI OKOYE D 661 AKPEWA OGHENEGWEKE EMMANUEL 739 ALEWI ABIMBOLA ELIZABETH 817 AMARAH JABIRAH 662 AKPOBOERE CAROLINE 740 ALEWI FREDRICK OLUBUNMI 818 AMASIORAH IFEANYI GREGORY 663 AKPOBOERE CAROLINE J 741 ALEWI OLAMILEKAN PETER 819 AMAVU BOBO 664 AKPOMIE MATTHEW 742 ALEWI OLUWASEYI GRACE 820 AMBER FEROL 665 AKPOS EVELYN AFOKE 743 ALFRED CHINEDU 821 AMBER SANYA 666 AKPOVESO ANTHONY ASHLEY 744 ALFRED CHINEDU 822 AMBRA FERRAN 667 AKPOVOFENE ODIRIVWERENE KINGSLEY 745 ALFRED ENWANTA ISIRHINRHIEN 823 AMBURUM JOSEPHINE PHILIP 668 AKPUNKU PETER MADUABUCHI 746 ALFRED GODFREY 824 AMBURUM PALANG PHILIP 669 AKPUOKWE ESTHER NKECHINYELU 747 ALFRED JOSEPH EFEREMOH 825 AMECHI O. WILLIAMS 670 AKUBO ADEGBE WILSON 748 ALHASSAN ABAS 826 AMECHI SAMSON 671 AKUBUIRO PAUL 749 ALHASSAN ALILU 827 AMEEN ABIMBOLA RISIQAT 672 AKUBUKO CHIGOZIE 750 ALHASSAN SHERIFAT TOLA 828 AMEERAH FIRDOS 673 AKUBUZE ONYEMACHI 751 ALI ADEBANJO 829 AMEH BENIABI 674 AKUCHE NGOZI DIANA 752 ALI EMEMA 830 AMEH CHARITY OGHENERELO 675 AKUEKWE CHRISTOPHER SUNDAY 753 ALI ERACIMUS 831 AMEH DANIEL 676 AKULUE ONYINYE BERNICE 754 ALI GARBA 832 AMENE CHIDIEBERE 677 AKUNNE DORIS CHIMA 755 ALI IRABOR 833 AMEOBI BUSAYO 678 AKWITI CHINYERE CELESTINA 756 ALI OBIOHA 834 AMIAHKHOR MAGDALENE IYAESOMI 679 AKWUBA GODWIN 757 ALI RUTH EBELU 835 AMIDU EGUDE 680 AKWUZIE NNAMDI FELIX 758 ALI-BIU DAUDA 836 AMIN GADIL 681 AL AMIN HARUNA 759 ALICE NWACHUKWU 837 AMINA ABUBAKAR 682 ALABA IBUKUN 760 ALIEMEKA GOODLUCK DENNIS 838 AMINA GAMAL 683 ALABI ADEOLA MURITALA 761 ALIEMEKE GOODLUCK DENNIS 839 AMINAH AMINU IBUKUN 684 ALABI ADEREMI STELLA 762 ALIKA OGHOGHO IFUERO 840 AMINAT SHARAFADEEN 685 ALABI AKINDELEAREMU 763 ALIKE ALIU 841 AMINU AMINU HABU 686 ALABI BAYO AKINADE 764 ALIM COMFORT 842 AMINU BAYO 687 ALABI DEBORAH 765 ALIM NAEEM 843 AMINU CHRISTY 688 ALABI EZEKIEL OLGBADE 766 ALIMA GRACE 844 AMINU FATIMA 689 ALABI FALILATU TITI 767 ALIU ADELEKE ODULOYE 845 AMINU JAFARU 690 ALABI FOLASADE OMOYEMI 768 ALIU AFOLABI 846 AMINU NASHA 691 ALABI JAMES OLALEYE 769 ALIU HUGH ALLI 847 AMINU OKORIE 692 ALABI JIMOH ODETAYO 770 ALIU KEHINDE OLANREWAJU 848 AMINU OKORIE 693 ALABI LADI DEBORAH 771 ALIU KEHINDE OLANREWAJU 849 AMINU YESOKO 694 ALABI MARIAM ABIDEMI 772 ALIYA DAVID 850 AMIR GHASSAN 695 ALABI MURITALA ALABA 773 ALIYU GOTE 851 AMIR OBIA JULU 696 ALABI NOAMI 774 ALIYU MAIMUNA ISMAIL 852 AMIRA GINTON 697 ALABI ONAOLAPO RAFIU 775 ALIYU MURITALA 853 AMODE EDNA 698 ALABI SUNDAY 776 ALIYU OLATUNJI ABDULWASIU 854 AMODU TAIWO 699 ALABI TAJUDEEN 777 ALIYU ROBERT 855 AMOGBON PIUS AYODELE 700 ALACHEWE DANIEL 778 ALIYU ROBERT Y. 856 AMOJI PETER OKORO 701 ALACK ANNA 779 ALLAN CHINAKA 857 AMOLEGBE ADEBOWALE MOHAMMED 702 ALADDIN MANSA 780 ALLEN ANDIO 858 AMON CHUKA 703 ALADDIN MARTINS 781 ALLEY ANDIO 859 AMOO ABIODUN 704 ALADE ALAO 782 ALLI NJOMU 860 AMOS KATO
Standard Alliance Insurance Plc and its Subsidiary Company 143 2015 Annual Reports and Accounts
Unclaimed Dividend AS AT 31ST DEC. 2015
861 AMOS TESSY 939 ANIYA RIFKATU BOBAI 1017 AUDU SAMUEL ABUH 862 AMOUH AMEN 940 ANKU EDU 1018 AUGUSTINE BONIFACE UDOKA 863 AMU GIWA 941 ANKU EDU F. 1019 AUSTIN COMAN 864 AMUNU BABA 942 ANLAINI MUBARAK 1020 AUSTIN EDEGBE 865 AMUSA ABORISADE 943 ANNA LUKAS 1021 AUTA TALA SARAH 866 AMUSA SAMUEL 944 ANNISSA HADI 1022 AUTHUR SANUSI 867 AMUSA SAMUEL 945 ANOCHIRIONYE UZODIMMA ALEXANDER 1023 AUWALU SAMINY YOHANA 868 AMUSU INIOBONG ADE 946 ANOFOWOKAN ADEGBOYEGA ANTHONY 1024 AVAGA FELICIA 869 AMUTA AGNES PRECIOUS CHIOMA 947 ANOHU CHIDI 1025 AWA NUHU 870 AMUZIENWA JELANI 948 ANOKE JOHNNY 1026 AWAISU OLADIGBOLU 871 ANA BARBARA 949 ANOKE JONNY W 1027 AWI PATRICK M 872 ANADI CHUKA 950 ANOKE KENNETH ANI 1028 AWINNIMU-AKATAK FRANK SOSOROBIA 873 ANADUAKA FRED CHUKS 951 ANOKE OMENOGOR 1029 AWO FELICIA 874 ANAENUGWU NDUBUISI VINCENT 952 ANOKWU OKOLO 1030 AWOBOYA OLAJUWON OLUSEGUN 875 ANAETO EMMA 953 ANOLOPE NJOKU 1031 AWODUMILA COMFORT 876 ANAETO EMMANUEL 954 ANOLUE EMMANUEL 1032 AWODUMILA COMFORT 877 ANAETO OKWU 955 ANONYE ROSEMARY 1033 AWOKUNLE CALEB OLUSAYO 878 ANAETO PAT 956 ANONYEI ONYINYE GLADYS 1034 AWOLESI ADENIKE IDIAT 879 ANAETO PATRICK 957 ANORUO ANYAEHIE CHRIS 1035 AWOLUMATE OLAMIDE DEBORAH I. 880 ANAGHARA LINDA CHIYERE 958 ANOSIKE AZUKA THEOPHINE 1036 AWOMODU DAVID 881 ANAN GIVON 959 ANOSIKE SHINA 1037 AWOMODU DAVID N 882 ANARADO CHIDIKAONYE 960 ANSARI HAFIZ 1038 AWOMOLO ENITAN OLAKUNBI 883 ANARADO CHIDIKAONYE G. 961 ANSARI PAULA 1039 AWONIYI SULE 884 ANATAN OSUJI 962 ANTAI EDEM H. 1040 AWOSANMI PETER TEMITOPE 885 ANAWO DAVID ENEMONA 963 ANTHONIA AKURA 1041 AWOSANYA JOSEPH BAMIKOLE 886 ANAZODO BUNU 964 ANTHONIA CHUKWUBUIKEM 1042 AWOSIKA SHITTU DAVID 887 ANAZODO UCHENNA 965 ANTHONY ALOTO FUNMILAYO 1043 AWOSIKA SHITTU FLORENCE 888 ANDEH CLETUS OGBONNA 966 ANTHONY FRANK 1044 AWOTAYO OLALEKAN EMMANUEL 889 ANDREW BATHLOMI 967 ANTHONY K. 1045 AWUDE CHRISTIANA OLUWAREMILEKU 890 ANDREW CHUKWU 968 ANTHONY KINGSLY 1046 AWUGO ALAGI 891 ANDREW ELEOJO JOY 969 ANTHONY OJA JA 1047 AWUTE MONDAY ONISURU 892 ANDREW ELIJAH BOLANLE 970 ANTHONY PIUS 1048 AWUZU OBY HENRIEATTA 893 ANDREW ELIJAH CHUKWU 971 ANTHONY SANUSI 1049 AWWAL DADET 894 ANDREW JOHNSON 972 ANUEBUNWA NDUBUISI CHIJIOKE 1050 AYAM PETER AIBE 895 ANDREW MANASSAH 973 ANUFORO CLETUS UBAEZUONU 1051 AYANKOLA KAZEEM AYANWALE 896 ANDREW SUNDAY 974 ANUGWA ECHEFULAM LOUIS 1052 AYANKOYA OLUKEMI MOTUNRAYO 897 ANDREW SUNDAY 975 ANULIGO INNOCENT IKECHUKWU 1053 AYEBAE MOYOSOREOLUWA MICHELLE 898 ANDY ERONSE 976 ANUMAKA JOY CHINONSO 1054 AYEGBA O 899 ANDY MORGAN 977 ANURUKEM CHINAS AUGUSTINA 1055 AYEJIMIWO OLALEKAN DAVIDS 900 ANDY PATIENCE BASSEY 978 ANURUKEM EZEWUNWA THOMAS 1056 AYEJUTO OHUNENE FOLASHADE 901 ANDY SODIPO 979 ANUSHIEM SUNNY 1057 AYELE CORDILLA 902 ANDY-ADEBOLA FLORENCE OLUWAYEMISI 980 ANWANA UKUT-ABASI EDET WILLIAM 1058 AYELEKE AYEKUNLE 903 ANEKE PERPETUA NKIRU 981 ANWAR HAKIM 1059 AYENI HAMMED ADEBAYO 904 ANEKWE GABRIEL CHIKA 982 ANWAR RACH 1060 AYENI LARA EVELYN 905 ANENE NDID PATIENCE 983 ANYADIBE NWANNEKA CHINYERE 1061 AYENI OLUSHOLA ENIOLA 906 ANERU FAROUK UMORU 984 ANYAI EDEM 1062 AYENI TUNDE EMMANUEL 907 ANGBA ABIGAIL 985 ANYAMARA MARITHA 1063 AYEOLA MOSUNMOLA 908 ANGBASHIM AWAZI 986 ANYANG UKPONG I. 1064 AYETE SAMUNI NUT CICS LTD. 909 ANGEL NNEKA DURU 987 ANYANWU ALPHONSUS OBIOMA 1065 AYILARA ABDULQAYYUM 910 ANGELA JAMES 988 ANYANWU BOLANLE 1066 AYINDE LATI ANTHONIA 911 ANGELA JOHNSON 989 ANYANWU CHIKAODINAKA DOLORES 1067 AYINLA AKOKO 912 ANGIE BAMGBALA 990 ANYANWU OGADINMA OLUFUNKE 1068 AYITA OLUWAFISAYO STEPHEN 913 ANGULU MOHAMMED DANJUMA 991 ANYAOHA MARTHA ODOCHI 1069 AYO BAKARE 914 ANI CHRISTOPHER IFEANACHO 992 ANYASI JOHN AGBATONAM 1070 AYO OYEOKA 915 ANI MARIA CHIOMA 993 ANYAWU DOLORES CHIKAODINAKA 1071 AYO SUNDAY 916 ANI MATTHEW ONYEMECHI 994 ANYIHA CHUKWUMA 1072 AYOADE BASHIRU ADESHINA 917 ANI PATIENCE NGOZI 995 ANYOHA CHUKWUMA 1073 AYOADE IDRIS ADEGBOYEGA 918 ANI UCHECHUKWU VICTOR 996 APALOWO SAMUEL OLUMAYOWA 1074 AYOADE KUDIRAT 919 ANIA CELESTINA IYABO 997 APANPA SERIFAT OLORUNTOYIN 1075 AYOBOLU IBRAHIM 920 ANIA MERCY CHUKWU 998 APARA PAUL 1076 AYODABO ESTHER OLATUTU 921 ANIBOWEI PATIENCE 999 APATA OSAZUWA 1077 AYODEJI UMAR 922 ANICHO CHUKWUDI PHILIP 1000 APERE OLUWAYEMISI GRACE 1078 AYODELE ADEKUNLE BISIRIYU 923 ANIEBONAM TOCHUKWU 1001 APERI JOSEPH 1079 AYODELE BOLA AKOMOLAFE 924 ANIEFOK OGOCHUKWU 1002 APETE BOLANLE 1080 AYODELE GAFAR 925 ANIEFOK OGOCHUKWU O. 1003 APEX TEAM LIMITED 1081 AYODELE NIYI JULIUS 926 ANIEKA CHIOMA 1004 APPAH VICTOR 1082 AYODELE OLUFEMI ADEYEMI 927 ANIEKE CHUKWUMA PETER 1005 ATIOMO AKINWANDE 1083 AYODELE-ESHO OLUWANIFEMI OLUWAMAYODE 928 ANIERIOBI CHUKWURAH JOHN 1006 ATIYA HARUN 1084 AYOKA MUSA 929 ANIFOWOSE OLUWAFEMI KAHARU 1007 ATOBA SAKIRU 1085 AYOKO ESTHER 930 ANIGBO NGOZI 1008 ATOLANI OLUWAKEMI 1086 AYOKUNLE ADAUTIN KUNLE 931 ANIGBOGU IFEADI EBELE 1009 ATOLANI VICTORIA 1087 AYOKUNLE ADAUTIN KUNLE F. 932 ANIH TOLA 1010 ATOYEBI RASIDAT O. 1088 AYOMIDE AFOLAKE QUEEN 933 ANIJAH CHUKWUDI PETER 1011 ATTAMAH CECILIA ASANA 1089 AYOOLA ADENIJI ABAYOMI 934 ANIKA CAROLINE IFEATU 1012 ATTUH JOSEPHINE AKUABATA 1090 AYOOLA MODUPE AMUDAT 935 ANINYE GREAT ANORKOR 1013 ATUNG JONATHAN 1091 AYORINDE BEN JOHNSON 936 ANIOGOR DAVID N. 1014 ATURAKA OLATOMIDE 1092 AYORINDE IYABEJI 937 ANIRE WASAN 1015 AUDU JOHN FREDRICK 1093 AYORINDE MORENIKE A JOKE OMOTUNDE 938 ANISA HABIB 1016 AUDU MARY ADUN 1094 AYORINDE OLUWATOYIN PEJU 2015 Annual Reports and Accounts 1144
1095 AYOWOLE FOLASHADE 1173 BAKARE OLANREWAJU 1251 BELLO AISHA OLUFUNMILOLA 1096 AYOYEMI ISHOLA JAMES 1174 BAKARE OLUFEMI OTUNBA 1252 BELLO AISHAT AJIBOLA 1097 AYUBA ESTHER 1175 BAKARE OREFALE 1253 BELLO AISHAT OLABISI 1098 AZAINO EFE UZEZI 1176 BALA SUNDAY 1254 BELLO AISHIATU 1099 AZAKA AUGUSTINA UCHE 1177 BALARABA JUDE 1255 BELLO ALANI ISAU 1100 AZAKA CYNTHIA 1178 BALARABE MARY 1256 BELLO AZIZA 1101 AZARE DADA 1179 BALAT KADUNA 1257 BELLO BABATUNDE 1102 AZEEZ ABDULWAHID ATANDA 1180 BALDWIN-OKOLI NWAMAKA GLORIA 1258 BELLO BISI 1103 AZEEZ ADIJAT KUBURAT 1181 BALLA JOHNNY 1259 BELLO DANLADI 1104 AZEGBEOBOR DADA 1182 BALLA JOHNNY O. 1260 BELLO ESTHER 1105 AZI SHOAGA 1183 BALOGUN ADEBAYO JOHNSON 1261 BELLO GARBA ABUBAKAR 1106 AZIBATOR DARLINGTON 1184 BALOGUN AWUDU 1262 BELLO MARIAM OLAMIDE 1107 AZIE UCHE AGATHA 1185 BALOGUN OLAYINKA DELE 1263 BELLO MOMODU 1108 AZIKE CHERY ADANMA 1186 BALOGUN OLUSHOLA SHERIFAT 1264 BELLO OLADIPO RASHEED 1109 AZIKE MONICA AMONOMAH 1187 BALOGUN OLUWASEGUN 1265 BELLO ONI 1110 AZIM HAZIM 1188 BALOGUN PATIENCE 1266 BELLO OSEREMEN BLESSING 1111 AZIM SAFIYA 1189 BAMA DAGGASH 1267 BELLO RASAK OLALEKAN 1112 AZIZ HASSAN 1190 BAMBI UCHE 1268 BELLO RASAQ OLADIPUPO 1113 AZIZ SAIDAH ABIKE 1191 BAMGBOSE FELIX TAIWO 1269 BELLO RAUF JNR 1114 AZIZA HUSSAIN 1192 BAMIDELE HAROUN 1270 BELLO SAKIRU OLALEKAN 1115 AZODE NNAGOZIE GABRIEL 1193 BAMIDELE OLATAWURA 1271 BELLO UMARU 1116 AZODE STELLA ADANNA 1194 BAMMODU RONKE MORENIKE 1272 BELLO USMAN 1117 AZRA HUSSEIN 1195 BAMODU ODUNAYO OLUTOMI 1273 BELLO USMAN MBULAMA 1118 AZUAMAIRO CHIDOZIE 1196 BANAN IDRIS 1274 BEM FAISAL 1119 AZUAMARIO CHIDOZIE GODWIN 1197 BANIGU PRECIOUS 1275 BEMA DAMILOLA 1120 AZUBUIKE JUSTIN 1198 BANIRE DAGOGO 1276 BENARD OCHELLE 1121 AZUH DAFE DAFE 1199 BANJI SUNBO GLORY 1277 BENARDINE DANIEL 1122 AZUH GERALDINE 1200 BANJO BANJOKO 1278 BENIE DANASABE 1123 AZUH MATHEW SOCHUKWUDI 1201 BANKOLE ISIAKA 1279 BENITO MAC CHUKS 1124 AZUKA GIDEON 1202 BANKOLE KAZEEM OLALEKAN 1280 BEN-IWU PRINCESS 1125 AZUKA MEZEYI JONATHAN 1203 BANKOLE OLURANTI 1281 BENJAMIN IYENGE 1126 BAAKO FARAT 1204 BANNUA JANET 1282 BENJAMINE OLUKAYODE 1127 BABA KABIRU 1205 BANRE DAGOGO 1283 BEN-JOHNSON DANBAKI 1128 BABA-AGBA FELICIA O. 1206 BAPPA TAIYE 1284 BENNY FOLARIN 1129 BABADE-BABATUNDE AFOLAKE 1207 BARAKAH IMAM 1285 BENSON A JAYI 1130 BABAFUNMITO KUNLE PETER 1208 BARAU PEJU 1286 BENSON-OGUNSIPE ADERONKE 1131 BABAFUNMITO KUNLE PETER H. 1209 BARIRA YUNUSA OMAR 1287 BENSON-OGUNSIPE ADERONKE ADEBISI 1132 BABAGANA FATIMA 1210 BARKO DINCI IFEANYI 1288 BEN-UZOM NGOZI CALISTER 1133 BABALOLA BUKOLA MARY 1211 BARU BELLO IBRAHIM 1289 BEN-WHYTE RICHARD 1134 BABALOLA DEBORAH T. 1212 BARU HAFSAT IBRAHIM 1290 BENZOE SARAH OLUWAYEMISI 1135 BABALOLA KOLA (CHIEF) 1213 BARU HALIMA IBRAHIM 1291 BERCKLEY JOHN BILARY 1136 BABALOLA THOMAS OYEBAMIJI 1214 BARU IBRAHIM 1292 BERCKLEY JOHN DANBALA 1137 BABALOLA YINKA SUNDAY 1215 BARU LUQMAN IBRAHIM 1293 BERNARD EYO 1138 BABAS SAMUEL INBIGE 1216 BARU ZAINAB BELLO 1294 BERNARD UTULU 1139 BABASOLA ADAMS 1217 BASHIR HARUNA 1295 BERNARDIN BUBA 1140 BABATUNDE FAITH ADERINSOLA 1218 BASHIR JABIR 1296 BESONG DANIELA 1141 BABATUNDE OKERE 1219 BASHIR SAIDI BIMPE 1297 BESONG ERIC NDOMA 1142 BABATUNDE OLUWASEUN GLENN 1220 BASHIRU DAHIRU 1298 BETTY OBAYILO 1143 BABATUNDE SOYEMI 1221 BASHORUN ABIMBOLA ADIJAT 1299 BFCL INVESTMENT A/C 1144 BABAWALE SAMSON BIBITAYO OLUFEMI 1222 BASHORUN TUNDE FATAI 1300 BIAYE DAVIES 1145 BABBA HASSAN USMAN 1223 BASIL ADEREMI 1301 BIBI JALIJ 1146 BABI DAFEGHA 1224 BASIL DAKUM 1302 BIDMOS MUSLIH 1147 BABS KUFEJI OLUFUNKE AGBEKE 1225 BASIL DALHOTU 1303 BIENOSE JOHN 1148 BABSON ASSIAK 1226 BASIM FRIDAY 1304 BIKO OLA 1149 BABTUNDE BELLO 1227 BASIM JALEEL 1305 BILAL JAMAL 1150 BACK FLATS CONCEPTS 1228 BASIMAH JALEN 1306 BILAL SHASMECKA 1151 BACKRY OLUWAKEMI RASIDAT 1229 BASSEY AFFIONG BOKIME 1307 BILIKISU DANJUMA MOHAMMED 1152 BADA BABATUNDE YUSUF 1230 BASSEY BASSEY JAMES 1308 BILIKISU DANJUMA MOHAMMED U 1153 BADA OLAWALE IDRIS 1231 BASSEY N. TOYIN 1309 BIMPE NGWUNZE 1154 BADA SUNDAY 1232 BASSEY NKEREUWEM EFIONG 1310 BINDO BIOSE 1155 BADA YEMI 1233 BASSEY REGINARD 1311 BINDO BIOSE R 1156 BADEJO EMORHIE 1234 BASSEY ULAN 1312 BINI DANJUMA 1157 BADEJO OLATUNJI 1235 BATETSONE WARITSE NIG LTD HAMILTON 1313 BIRTUS DANLADI 1158 BADEJO OLUBUKOLA 1236 ORITSEWEYIMI 1314 BIRTUS TAIWO 1159 BADEMOSI FADEKE 1237 BATUBO TONYE BAGSHAW 1315 BISHOPTON ABIMBOLA ALAKE 1160 BADMUS OLUSHOLA MICHAEL 1238 BATURE PETER FRANK 1316 BISIOLU RAMOTA ADUKE 1161 BAIYESHEA OLUMUYIWA TOLA 1239 BAWA EMMANUEL GIMBA 1317 BITRUS BLESSING YOHANNA 1162 BAIYEWU OLUFEYIKEMI 1240 BAWALA MONSUR OBAFEMI 1318 BITRUS GRACE YOHANNA 1163 BAJOWA ADEDOTUN AYODEJI 1241 BAWALA ZAINAB 1319 BITRUS SAMUEL NINYIO 1164 BAJULAIYE LEORNARD 1242 BAYO AKERELE 1320 BITRUS SILAS 1165 BAKARE ADEWALE RASEED 1243 BAYO FADIL 1321 BLEMOD VENTURES 1166 BAKARE AFIS OLALEKAN 1244 BAYO OLAWALE 1322 BLESSING ANYA 1167 BAKARE ALI 1245 BAYOKO JADEED 1323 BLESSING DANLADI 1168 BAKARE BENJAMIN 1246 BAYOKO JADEED P 1324 BLESSING EMELE 1169 BAKARE FADEKEMI GANIAT 1247 BEITA ISREAL 1325 BODE DANLADI 1170 BAKARE KINGLSEY 1248 BEITA ISREAL Q 1326 BODE HASIM 1171 BAKARE MAGNUS 1249 BEJI ROLAND AFIGHODARI OPUEGEN 1327 BOLABIRINWA OLUWAYEMI IBIDUN 1172 BAKARE MUSTAPHA OLOLADE ADETUNJI 1250 BELEMA JANE 1328 BOLADALE AMIRAT IDERAOLUWA
Standard Alliance Insurance Plc and its Subsidiary Company 145 2015 Annual Reports and Accounts
Unclaimed Dividend AS AT 31ST DEC. 2015
1329 BOLA JI ABIODUN OLUWAKEMI 1407 CHARLLY EMMANUEL EMMANUEL 1485 CHRISTA ETOP 1330 BOLA JI DANLAMI 1408 CHI OKAFOR 1486 CHRISTIAN ASSOCIATION OF NIGERIA 1331 BOLA JI KAMIL 1409 CHIAMAH OGOCHUKWU ROSEMARY 1487 CHRISTY THEOPHILUS 1332 BOLA JI SAMUEL OLUFEMI 1410 CHIBUIKE ISSAC JOHN 1488 CHUKA AHAMAD 1333 BOLANLE KARIM 1411 CHIBUIKE UZOMAKA 1489 CHUKA DIWA 1334 BOLARIN DAPO MOSES 1412 CHIBUNDU FRIDAY 1490 CHUKE DANIEL 1335 BOLARIN MONILOLA MARY 1413 CHIBUZO DARAMOLA 1491 CHUKS MAC BENITO 1336 BOLARIN WALE JOHN 1414 CHIDIKAONYE PKWECHIE 1492 CHUKWU COLLINS OGBONNA 1337 BOLARINWA FUNMI 1415 CHIDIKAONYE PKWECHIE N 1493 CHUKWU EMMANUEL VINTUS 1338 BOLARINWA OLUFELA OLAIYA 1416 CHIDINDU LOIUS 1494 CHUKWU GEORGE NDUBUISI 1339 BOLARINWA SALISU 1417 CHIDIOGO BOLADE 1495 CHUKWU GOLD 1340 BOLARINWA SALISU U. 1418 CHIE MARCELLINUS IFEANYI 1496 CHUKWU ICHEN 1341 BOLATITO GIWA 1419 CHIEKE GRACE 1497 CHUKWU NDUBUISI STANLEY 1342 BOMA DEDE 1420 CHIELO JOHN 1498 CHUKWU NGOZI OLUCHI 1343 BONNY TAMMY 1421 CHIGBOGU LOTANNA JAMES 1499 CHUKWU NKEM 1344 BORO ERNEST 1422 CHIGBUZO ABBA 1500 CHUKWUBUIKEM HARUNA 1345 BORO ERNEST T. 1423 CHIJINDU IVAN CHUKWUKA 1501 CHUKWUDI AUSTINE AMAECHI 1346 BORO MARK STANLEY 1424 CHIJIOKE AGBELE 1502 CHUKWUDI SAMUEL CHIDIEBERE 1347 BORO MARK STANLEY .J 1425 CHIJIOKE BRYAN 1503 CHUKWUDIKE Q. 1348 BORODO BORO 1426 CHIJIOKE CLEMENT 1504 CHUKWUDIKE PRINCESS 1349 BORODO BORO V. 1427 CHIJIOKE JOSEPHINE 1505 CHUKWUDINMA NZUBE MELVIN 1350 BOSE COKER 1428 CHIJIOKE JOSEPHINE V 1506 CHUKWUDUM JOHN OGBONNA 1351 BOSE OLUWALE 1429 CHIJIOKE MACPETERS 1507 CHUKWUEMEKA SAMUEL 1352 BOSEDE VAUGHAN 1430 CHIJIOKE MACPETERS S 1508 CHUKWUGBO FRANKLIN AZUBIKE 1353 BOYEDE BOLARIN 1431 CHIJUKA DARAMOLA 1509 CHUKWUJEKWU COLLINS FRIDAY 1354 BRAITHWAITE OLUWAFUNMILAYO ADERONKE 1432 CHIKA CHIJIOKE ANDREW 1510 CHUKWUJIMBE EJIKE ANTHONY 1355 BRAITHWAITE OLUWASEMILOGO ADEKUNBI 1433 CHIKA CHIJIOKE ANDREW A 1511 CHUKWUJINDU DEBORA 1356 BRAITHWAITE OREOLUWATOMI ADEMIDE 1434 CHIKATARA RUTH 1512 CHUKWUKA AZUBUIKE NWACHUKWU 1357 BRALIZE TAMMY 1435 CHIKE ARIYU 1513 CHUKWUMA BENEDICT 1358 BREDAN EGREGOR 1436 CHIKE UCHE 1514 CHUKWUMA CHRIS ONYEJEKWE 1359 BRIGGS INNE 1437 CHIKELUBA UGOCHUKWU 1515 CHUKWUMA ECHEZONACHUKWU 1360 BROKA ONOYOVBERE 1438 CHIKEZIE MADU AUGUSTINE 1516 CHUKWUDUBEM 1361 BROWN IBIFUBARA 1439 CHIKEZIE OGECHI 1517 CHUKWUMA EWELE LUCKY 1362 BUBA HASSAN 1440 CHIKWELU CHETA 1518 CHUKWUMA JANE 1363 BUBA JUMMA 1441 CHILAKA CHUKA THOMAS 1519 CHUKWUMA MABEL NKIRUKA 1364 BUHARI DAPE 1442 CHILAKA CHUKA THOMAS B 1520 CHUKWUMA OGECHI 1365 BUHARI OLUREMI 1443 CHILAKA CHUKA WILFRED 1521 CHUKWUMA SOWANDE KENNETH 1366 BUHARI SHITTU 1444 CHILAKA CHUKA WILFRED N 1522 CHUKWUNEKE JOY AKA 1367 BUHARI SOLOMON 1445 CHILAKA DOGO 1523 CHUKWURAH OKEY 1368 BUKAR UCHE 1446 CHILAKA DOGO P 1524 CHUKWUZUEBULE WALTER C 1369 BUKOLA BABACJI 1447 CHIMA ABBA 1525 CHUWA PRINCEWILL 1370 BUKOYE BUKOLA RISQAUT 1448 CHIMA MAC-COLLINS 1526 CHUWA WILL S. 1371 BUKUAGHANGIN UTIBE N. 1449 CHIMA WILLIAMS IHKEKE 1527 CIROMA ABDULLAHI MBALALA 1372 BUKUGHANGIN UTIBE 1450 CHIMADU DAREN 1528 CLARA UCHE 1373 BUKUNMI REMI ANDREW 1451 CHIMADU ENITAN 1529 CLIFORD DEBORAH 1374 BUNGWON PRECIOUS 1452 CHIMAOBI NELLY UNWANA 1530 C-MBA DARAMOLA 1375 BUNMI WRIGHT 1453 CHIMASON YUSUF 1531 COAKMAG INVESTMENT LTD 1376 BURAIMOH RASAKI 1454 CHIMBO IBEZIMAKO 1532 COCOBASSEY EKPOANWAN ENETIE 1377 BURHAN JIBRIL 1455 CHIMGOZIM PATRICK 1533 COLE AGBEKE 1378 BURNAN SI BONGILE 1456 CHIMGOZIM PATRICK R 1534 DANIEL SEZUO SAMSON 1379 BURUBOYEFE SUOKUMO CLEMENT 1457 CHINAKA ABEL CHINAKA 1535 DANIELA OMOLAYO 1380 BURUBOYERE 1458 CHINAKA EDNA NDIDI 1536 DANJUMA CHIBUEZE 1381 BUSARI GANIYU ALADE 1459 CHINAKA PRINCESS 1537 DANJUMA EMMANUEL 1382 BUSARI RAIFU OLADELE 1460 CHINAKA ROSEMARY 1538 DANJUMA ISIAKA-SULE 1383 BUSARI UCHENNA 1461 CHINASAOKWU EREGE 1539 DANJUMA JINOBI 1384 BUSOLA AYENI 1462 CHINEDU ADIM FRANCIS 1540 DANLADI BOLANLE 1385 BUTA DOGO 1463 CHINEDU OGOM 1541 DANLADI CHUKUDI 1386 BUYAN EZRA 1464 CHINEDU ONWUEGBULE 1542 DANLADI MARVELLOUS 1387 BUYINYIN ISA 1465 CHINELU AMOS 1543 DANLAMI WUNMI 1388 BUYINYIN ISA X. 1466 CHINEMELUM UGOCHUKWU CHUKWUEMEKA 1544 DANMUSA GONTO 1389 BWALA DAUDA GARBA 1467 CHINENYE AMAECHI URSLLA 1545 DANMUSA GONTO M 1390 BYOMA BAKER E. 1468 CHINOKO FAHD 1546 DAN-MUSA IDRIS GAMBO 1391 CALA KADIN 1469 CHINONSO STEPHEN IHEANACHO C 1547 DAN-MUSA JAMILA GAMBO 1392 CALE EIUBORN 1470 CHINWE ESEZOBOR 1548 DAN-MUSA NAFISAT GAMBO 1393 CANICE UZEME 1471 CHINWE ESEZOBOR P 1549 DANSADAIJ UBOHO 1394 CANTARA KAEZIR 1472 CHINWEUB ANTHONY OBINNA 1550 DANSADAIJ UBOHO Y 1395 CAPAS NOMINEE "MAO” 1473 CHINWUBA COSMOS ARINZE 1551 DANSANI MSHELIA 1396 CAREW BABATUNDE 1474 CHIROMA AMINAH 1552 DAPE LIVINGSTONE 1397 CARLTON TARI 1475 CHIROMA DANSANI 1553 DARAMOLA AFOLAKE 1398 CARNA KALE 1476 CHIROMA DANSANI Z 1554 DARAMOLA FABIAN 1399 CECILIA OZEMWA 1477 CHISOM BABALOLA 1555 DARAMOLA IMRAN 1400 CELESTINA EDWIN 1478 CHIZIMDU ESEZOBOR 1556 DARAMOLA LEWIS 1401 CELESTINA OSADEBE 1479 CHIZOBA JENEVIVE IFEYINWA 1557 DARE ABAYOMI JOSEPH 1402 CEMAL KALID 1480 CHIZOBA KENNETH JOHNBOSCO 1558 DARE AKINGBOLA WILSON 1403 CEMAL SITEMBIKE 1481 CHIZOBA MARTHA EZINNE 1559 DAREN FARID 1404 CHAMA SIMON HASSAN 1482 CHIZOBA PHILOMENA 1560 DARODA ALIYU SANI 1405 CHAPPI DORCAS 1483 CHIZOBA PHILOMENA N 1561 DAVID DANON AKOTEGNON 1406 CHARITY ARIBA 1484 CHIZOBA VICTOR IKENNA 1562 DAVID EBERE ONYEJE 2015 Annual Reports and Accounts 1146
1563 DAVID EBERE ONYEJE 1641 DOTUN KOYIN 1719 EBUN GATTA 1564 DAVID ELIZABETH (REV) 1642 DOTUN OLUGBODI 1720 ECAD MARJANI 1565 DAVID ELIZABETH SUNDAY 1643 DOTUN PATRICK 1721 ECHEFU RASHIDA 1566 DAVID GRACE 1644 DRAMBI TIZHE 1722 ECHEMA CHUKWUDI 1567 DAVID JIMMY FEMI 1645 DREAMLAND GLOBAL ASSETS LTD 1723 ECHEUMUNA ANTHONY 1568 DAVID KAYODE 1646 DUBA COLLINS 1724 ECHIEGU NWANKWO 1569 DAVID NWOKO 1647 DUBEM STEPHEN 1725 ECHINA FELIX OLELE 1570 DAVID ODUNAYO OLARINDE 1648 DUDU MARGRET AGBAMIRONARA 1726 EDAH OGBONNIA 1571 DAVID OLUJI 1649 DUKE MARYANU 1727 EDAH PETER 1572 DAVID OLUSANYA 1650 DUKU EMMANUEL UDUMEBRAYE 1728 EDDEH DALLAS 1573 DAVID USMAN 1651 DUMDE ELECHUKWU 1729 EDDEH DALLAS D. 1574 DAVIDSON ORIGA BIBI 1652 DUNG KANGYANG DAYOU 1730 EDEANI RUNAKO 1575 DAVID-WEST BANIGO 1653 DUNIYA CLINTON BIVAN 1731 EDEBOR SAFIYA 1576 DAVIES ADEMOLA B 1654 DUNIYA KENEDY BOBAI 1732 EDEGBE OSAS FELICIA 1577 DAVIES AYI 1655 DUNIYA MARTIN LUTHER KUYET 1733 EDEH JACKSON 1578 DAVIES BABAJIDE A 1656 DUNIYA NELSON ZAKI 1734 EDEKUNU ISAAC OGHENEWATA 1579 DAVIES OWOLABI 1657 DUPE ABAMU 1735 EDEM JACKSON A. 1580 DAVIES PAULINUS 1658 DUREKE IFEKA ANSLEM 1736 EDEM OLAITAN 1581 DAWA FALANA 1659 DURODOYE RASHEED .A. 1737 EDEM SAMUEL EFFIOM 1582 DAWODU OLUWOLE HEZEKIAH 1660 DUROJAIYE HAMZAT OLATUNJI 1738 EDEOGHON GABRIEL 1583 DEBORA OKOOBA 1661 DUROJAIYE RASHEED 1739 EDESIRI SATOPE 1584 DEBORAH DAUDA 1662 DUROTOLUWA ADEOLA OMOLOBA 1740 EDESIRI SATOPE I. 1585 DEBORAH GHASSAN 1663 DUROTOYE OLUSOLA 1741 EDET ADAMS 1586 DEBORAH O.SIMON 1664 DUROTOYE OPEYEMI 1742 EDET JOAN AISHATU 1587 DEEKAE OKWABE NWIBEKE NGOZI 1665 DUROTOYE OPEYEMI 1743 EDET LEONARD A. 1588 DEHINBO ADEMOLA NURUDEEN 1666 DURUAKU IJEOMA QUENETH 1744 EDET ROSE 1589 DEHUNIGBO OMOTAYO TEMITOPE 1667 DURUNWOKEDI EMEKA HOPE 1745 EDET TUNDE 1590 DEJE ABASS ABASS 1668 DUWA AUTA 1746 EDETAN DELIGHT PEACE 1591 DEJI BALA 1669 E.C.P. GROUP 1747 EDETAN MARVELLOUS OLUWASEMILORE 1592 DELE AYIO 1670 EARNEST TIMI 1748 EDI D. JOHN 1593 DELE-GIWA OLUFUNMILAYO 1671 EBATA BENJAMIN 1749 EDIGWE BLESSING OGHALE 1594 DELUWA BIJIMI 1672 EBATA CHRISTOPHER 1750 EDI-OSAGIE SIDNEY IFEANYI 1595 DEMOLADE OLALUDE 1673 EBATA DOMINIC 1751 EDOGAME RITA SENUMA 1596 DEREFAKE BLISS 1674 EBATA DONATUS 1752 EDOH ONYECHE CATHERINE 1597 DE-REGAL& ASSOCIATES LTD . . 1675 EBATA FIDELIX 1753 EDOHO EDOHO MFON 1598 DERIRAN KETURAH EROURE 1676 EBATA GIDEON 1754 EDOHO JENNIFER EMMMANUEL 1599 DESMOND TUTU 1677 EBATA MACEL 1755 EDOHO JOY EDOHO 1600 DE-ULTIMATE STARS NIG LTD 1678 EBATA MATTHEW 1756 EDOSA FRIDAY OKPOKOR 1601 DIANABASI STEPHEN 1679 EBATA ROBERT 1757 EDOSA SUKUTAI 1602 DIANABASI STEPHEN A 1680 EBATA ROSEMARY 1758 EDOSUYI FARA JI 1603 DIBIA AMA SAMUEL 1681 EBATA SOLOMON 1759 EDREMODA EDITH OMAYEULI 1604 DIBIA JUDE ISIOMA 1682 EBEK PRINCE ASUKWO 1760 EDU JERRY 1605 DICKSON BOLADE 1683 EBELE AKPOBOME 1761 EDU JERRY W 1606 DICKSON FELIX 1684 EBENGE MARTIN 1762 EDU SALILAH 1607 DICKSON OLUFUNMILOLA HELEN 1685 EBENGE MARTIN B. 1763 EDUMELE JOSEPH ODOKO 1608 DICKSON THOMAS FRIDAY 1686 EBEOGU CHIOMA EBELECHUKWU 1764 EDUN OLUWATOSIN GRACE 1609 DIKE AFOMA ANN 1687 EBERE AWULO 1765 EDUN OMOTAYO GEORGE 1610 DIKE CHUKWU 1688 EBERE GLORY 1766 EDUNO CLEMENT 1611 DIKEOCHA KALU 1689 EBERECHI EKENE 1767 EDUNO CLEMENT E 1612 DIKEOGU DOUGLASS 1690 EBERECHI EKENE N. 1768 EDUOK SALIM 1613 DIKOBA NIGERIA 1691 EBHODAGHE TEGA IMHANDE 1769 EDWARD OLA JIDE O. 1614 DILLUM VICTOR 1692 EBHOHON FEDINARD 1770 EDWARDS ADEBIYI ADEREMI 1615 DILLUM VICTOR A 1693 EBHOHON FELIX 1771 EDWIN PAUL CHIBUIHE 1616 DIM OKORIE 1694 EBHOHON MAGNUS 1772 EEVNAS BEAUTY SALOONS LTD 1617 DIMKA ABDU 1695 EBHOHON PETER 1773 EFE GODSPOWER EVI 1618 DIMKA AISHA 1696 EBHOHON SAMUEL 1774 EFE SULAIMAN 1619 DIPE COMFORT ABOSEDE 1697 EBHOHON STANLEY 1775 EFEMINI SAMUEL 1620 DIPEOLU CHIBUIKE STAN 1698 EBHOHON STEPHEN 1776 EFEWAPE MOBOLA JI 1621 DIRRAN KAMAL 1699 EBHOHON VICTORIA 1777 EFFA ESU OTU 1622 DISU ABDUL LATEEF 1700 EBIBI SANDRA 1778 EFFI DERENICK 1623 DITTIMI OTAGHOGHO 1701 EBIBI SANDRA C. 1779 EFFIOM FELIX EFFIOM OKON 1624 DIVINE SULEIMAN 1702 EBINUM DANIEL CHUKWU-YENUM 1780 EFFIONG ASUKWO 1625 DIYA CHUTA 1703 EBINUM DAVID ONYEKA-CHUKWU 1781 EFFIONG ESSIEN GLORIA 1626 DOGARA SOLONYE 1704 EBINUM JOY AWURI 1782 EFFIONG MFIONISO ADOLF 1627 DOGONDAJI AHMED SHEHU 1705 EBIOLADE RAYGIN 1783 EFFIONG MUKHTAR 1628 DOLBIB NIGERIA LIMITED 1706 EBOH AHMED 1784 EFFIONG TABANSI 1629 DOMINIC MERCY JOSEPH 1707 EBOH ORITSEWENYIMI MICHAEL 1785 EFFONG JOY AGNES 1630 DONALD AKHUETIEM 1708 EBOJI JUDE OKEBUNOR 1786 EFOBI EKENE ANTHONY 1631 DONALD FRIDAY 1709 EBOJIE KENNEDY 1787 EFOSA PROSPER OSAREME 1632 DOPEMU ADERINSOLA ADESOLA 1710 EBOJIE NEVISMONT MONDAY 1788 EFOSA PROSPER OSAREME K. 1633 DORA OKORIE 1711 EBOLOSUE CHUKWUMA HECTOR 1789 EFU EMMANUEL 1634 DORA OLANDO 1712 EBRAHIM KAMIL 1790 EFUWAPE TITILAYO J 1635 DORGU CLARINA 1713 EBRAHIM SULAIMAN 1791 EGAUHON MAIZAH 1636 DORKA COMFORT 1714 EBRUSIKE OGHENETEGA 1792 EGBE SIBONGILE 1637 DORKA COMFORT E 1715 EBU UCHE STELLA 1793 EGBEDI ANTHONIA 1638 DOROTHY IDEMUDIA 1716 EBUBECHUKWU RAZI 1794 EGBEDI ROY 1639 DOSHIMA JOLLY 1717 EBUKA ABUBAKAR 1795 EGBEKU BENIAH 1640 DOSUNMU GBENGA SIMEON 1718 EBUKA ABUBAKAR A. 1796 EGBEKU HELEN SIM
Standard Alliance Insurance Plc and its Subsidiary Company 147 2015 Annual Reports and Accounts
Unclaimed Dividend AS AT 31ST DEC. 2015
1797 EGBEKU SALEM 1875 EKE OCHENEAWEROSU 1953 EMEM-ABASI MURITALA 1798 EGBEKU SARAH 1876 EKE OGBONNA KEN 1954 EMENIYI ALFRED 1799 EGBEKU SARIM EFE EGBEKU 1877 EKECHUKWU HARBERT EMECHETA IHEANYI 1955 EMENOGHA CHINEDU AUGUSTINE 1800 EGBI EGUNIKE 1878 EKEKWE UKACHUKWU FREDERICK SUNDAY 1956 EMENOGHA EBELE GRACE 1801 EGBIREMHON DALINGTON EHIABHI 1879 EKEMODE UCHENNA 1957 EMENYI ALFRED Q 1802 EGBO UCHENNA PAUL 1880 EKEMORUAH AVEROSUEOGHENE 1958 EMERE MATTHEW CHIKA 1803 EGBOH ADAEZE 1881 EKEMORUAH MERCY ESEOGHENE O. 1959 EMERUEH NKEM 1804 EGBOKA NWAKAEGO AGATHA 1882 EKEMORUAH OGHALE 1960 EMERUEH OGE 1805 EGBORAI NKECHI ANIREJUORITSE 1883 EKEMORUAH OTHUKE BEAUTY 1961 EMERUEH OGE NKEM 1806 EGBORDI UCHENNA ALERO 1884 EKEOCHA IJEOMA CHIBU 1962 EMIR KANIEL 1807 EGBOSIMBA OBIANAMA VICTORIA 1885 EKEREKA ANIFIOK FRIDAY 1963 EMIR TABANSI 1808 EGBUIWE TAPANGA 1886 EKHENLEN ALBERT BELLO 1964 EMMAH IKENNA 1809 EGBUNE BRIDGET NGOZI 1887 EKIKERE IROAGBA 1965 EMMAH IKENNA R 1810 EGBUNG AUGUSTINE UKWADA 1888 EKIKERE IROAGBA W 1966 EMMANUEL ANTHONY ONAH 1811 EGBUNIKE RICHARD 1889 EKIKERE JOEL 1967 EMMANUEL BAMIDELE KOLAWOLE 1812 EGBUTA JOSEPHINE CHINJOMA 1890 EKIKERE JOEL T 1968 EMMANUEL CHRIS O SEGUN LAWAL 1813 EGEDE TABARI 1891 EKO AREMU 1969 EMMANUEL IBE 1814 EGEOLU TAKIYAH 1892 EKO BABAJIDE 1970 EMMANUEL IDRIS 1815 EGERUO EDITH ADAEZE 1893 EKON BOYE 1971 EMMANUEL SOLOMON 1816 EGHAREUBA ERNEST 1894 EKOP MFON DANIEL 1972 EMMANUEL ULEGEDE 1817 EGHAREVBA ERNEST F 1895 EKPA MAGNUS YUNISA 1973 EMMANUEL VICTOR CHINEDU 1818 EGHWEREHE EJOVI JUDITH 1896 EKPE JOHN AMAECHI 1974 EMOKPAIRE OGWIHI 1819 EGONWA IRENE 1897 EKPE JONAH ETIM 1975 EMUCHEYA VICTORIA ESTHER NKEMJIKA 1820 EGUNJOBI PEMBA 1898 EKPE V CHRIST 1976 EMUSA DATANIA NENGI 1821 EGUWIM IJEOMA FLORENCE 1899 EKPENDU BEAUTY IFEOMA 1977 ENAHOLO EROMOSELE OZIEGBE 1822 EGWEBE NAILAH 1900 EKPENYONG LUCY MICHAEL 1978 ENAHORO VICTOR 1823 EGWUATO NONSO 1901 EKPO EKPENO ITA 1979 ENANG GLORY 1824 EGWUATU CHUKWUGOZIE CHUKWUMA MARCEL 1902 EKPO ISONGUYO MATTHEW 1980 ENANG GLORY B 1825 EGWUATU NDUBUISI DONS 1903 EKPO NAOMI 1981 ENANG MICHAEL ECHEMI 1826 EGWUATU NDUBUISI DONS 1904 EKPO UCHE 1982 ENE AGBO 1827 EGWUATU NMESOMA JENIFAR 1905 EKUASE UHUNONA ELIZABETH 1983 ENEBUSE MARIA 1828 EGWUATU THERESA NWANYIBUTE 1906 EKUKU OMOREGIEVA SUNDAY 1984 ENEBUSE MARIA D 1829 EGWUENU OBIA JULU 1907 EKUNDAYO OLABODE 1985 ENECHUKWU OSITA FREDRICK 1830 EGWUTUHA IFEANYI PAULINUS 1908 EKUNDAYO OLUWATAMILORE 1986 ENEFIOK MFONOBONG 1831 EHI CHIKOJILI MOSE 1909 EKUNG TINEKA JAWANI 1987 ENEH AMINU 1832 EHIAGWINA AGATHA OSEMUDIAMEN 1910 EKURE JOHN 1988 ENEKEBE CHINEDU 1833 EHIKIOYA DADA AYO 1911 EKWE JONATHAN SAMUEL 1989 ENEKEBE NKECHI CHRISTINE 1834 EHIKODI GINA 1912 EKWE OKORIE JOHN 1990 ENEKHIMION IYARE 1835 EHIMAH EGO FARIDA 1913 EKWE OKORIE JOHN N 1991 ENENCHE FRANCIS OGBECHE 1836 EHINDERO MICHAEL OLUWATUYI 1914 EKWERE EMAH GODWIN 1992 ENEUDE EJIKE FRANK 1837 EHINMISAN OLATOMIDE FRANCIS 1915 EKWERE EMAH GODWIN O 1993 ENGOM EMMANUEL ANZAKU 1838 EHOYE NABLEYI 1916 ELAIGU ANDREW EKWUOJO 1994 ENI KYIJIAOSOWO 1839 EIGBIREMHONLEN PHILIP EHIABII 1917 EL-BASHIR ABDUL 1995 ENI N EHIS K. 1840 EIGBOKHAN GODWIN EHIMEN 1918 EL-BASHIR LAWANI 1996 ENILOLOBO DEBORAH AYOKUNMI 1841 EILJAH GINGTON 1919 ELEANYA KALU VICTOR 1997 ENINOBOR LEWIS UFUOMA 1842 EJALONIBU MUKAILA AKANJI 1920 ELEBUTE SULAIMON 1998 ENO AKAN 1843 EJE EZEKIEL ODEY 1921 ELECHUKWU LOVEDAY 1999 ENO EMANGHA OMINI 1844 EJEH OBAGWU 1922 ELEDU EBE EDITH 2000 ENOCH CHIMEZIE CELESTINE 1845 EJEM OBUMNEME M. 1923 ELEDU OGBONNA EDITH 2001 ENOCH KELECHI JOHN 1846 EJEMBA ISREAL IFY 1924 ELEGEONYE JOSHUA CHINEDU 2002 ENOGIERU GLADYS 1847 EJEMBI PETER PATRICIA 1925 ELEKWACHI HART 2003 ENOGWE CHIDOZIRI CLARIBEL 1848 EJIAMU KINGSLEY CHIDI 1926 ELEODIMUO FRANCISCA AMAKA 2004 ENTONU GRACE 1849 EJIBENAM OKWUDILI C. 1927 ELEWA MANDISA 2005 ENUBUZOR MONICA OYEMEN 1850 EJIBENDU EVELYN 1928 ELGAM EBOR PETER 2006 ENUGUZO SAMUEL 1851 EJIKE CHINYERE AKUNNA 1929 ELISHMA YARO 2007 ENUNWA NKECHI 1852 EJIKE COLLINS 1930 ELIZABETH AKPAN 2008 ENWEMADU CHIEDU ANDREW 1853 EJIKE PHILIPS 1931 ELIZABETH BIBINU 2009 ENWEREM OGBONNYA U.A. 1854 EJIKS FEMI 1932 ELIZABETH EMEKA 2010 ENYE PETER AYO 1855 EJIM FOLA 1933 ELIZABETH UDOEKPA A 2011 ENYEKWE IDARA 1856 EJIMADU GIFT EMEKA 1934 ELIZABETH UWAJEH 2012 ENYEKWE IDARA E 1857 EJIMADU IWO 1935 ELKANEM ABDUSALAM 2013 ENYIA FIDELIS CHUKWUEMEKA 1858 EJIMBA CHRISTIANA 1936 ELOHO ANDYSON 2014 ENYIDIA ORISEH 1859 EJINAKA INTERPRISES 1937 ELUE GAMBA 2015 ENYINA FAITH 1860 EJIOFOR ANAYO 1938 ELUE UBA 2016 ENYINA FAITH Y 1861 EJIOFOR DENNIS 1939 ELUGBILE RAUF AKANJI 2017 ENYINNAYA JULIANA ANAYOCHI 1862 EJIOFOR EMOS 1940 ELUM CHUKWUMA 2018 ENYINNAYA JULIANA SARAH 1863 EJIOFOR JONATHAN 1941 ELUMEZE CLEMENT ISIOMA 2019 EPANG ABENI RITA 1864 EJIOGU DONATUS ONUOHA 1942 ELUSHADE IBIYINKA OLUBUNMI 2020 EPANG KESIA 1865 EJIONYE RUTH IDOWU 1943 ELVIS PHIL 2021 EPHRAIM KASIMU 1866 EJOAMAHE EVAW 1944 EMAFO HALIMA 2022 EQUERE PROMISE 1867 EKAMA TEGA 1945 EMAFO TALE 2023 EQUERE PROMISE E 1868 EKANDE OLUSEGUN 1946 EMEBO BLAISE OGBONNAYA 2024 EQUINOX PROPERTIES LIMITED 1869 EKANEM ENOBONG ASUQUO (ADMOR) 1947 EMEDIONG MFON 2025 EQUINOX ASSET MANAGEMENT LIMITED 1870 EKANEM SAMUEL ESSIEN 1948 EMEFIELE AUGUSTINE 2026 EQUINOX CONSULTING LIMITED 1871 EKANEM UDO 1949 EMEKA AKUNLUYI 2027 ERABOR PHILIP 1872 EKE CHRISTOPHER OSATO 1950 EMEKA AKWARANDU 2028 ERAKPOTOBOR KEON 1873 EKE IKECHUKWU OLIVER 1951 EMEKA STEPHEN 2029 EREH DAVID 1874 EKE MATTHEW CHIJIOKE 1952 EMEKAH HABIKAH 2015 Annual Reports and Accounts 1148
2030 ERENGAKA JABARI 2108 EWALEFO EMMANUEL EHIDIAMEN 2186 FARINTO SAMUEL OLALEKAN 2031 EREOLA MUIDEEN ADEROJU 2109 EWALEFO GLORIA 2187 FARODOYE OLAWALE 2032 ERETAN FESTUS OLANREWAJU 2110 EWERE WILFRED 2188 FAROUK IBRAHIM BABA 2033 ERIKAN JOSEPHIN U 2111 EWOULA OLUWAFISAYO 2189 FARQUAH AKPOTU GRACE 2034 ERIKAN JOSEPHINE 2112 EWULU ANTHONIA NGOZI 2190 FASANMI ADEYEMI ADE 2035 ERIKI ISOKPEHI EMMANUEL 2113 EXITGATE RESOURCES LIMITED 2191 FASANMI MARGARET BOLA 2036 ERIN PRINCE 2114 EYAH SUNDAY KENNETH 2192 FASANYA JONATHAN OLEKE 2037 ERINFOLAMI OLA OMOLARA 2115 EYESEMUAN WALTER 2193 FASESIN SAMSON KUNLE 2038 ERINLE OLAMIDE OLANIYI 2116 EYIBO JUMA 2194 FASHANU OLUWATOSIN MARY 2039 EROMOSELE ELEDU MICHEAL 2117 EYIMOFE BARBER 2195 FASHOLA FEMI 2040 EROMOSELE STEPHEN 2118 EYO ANIETIE ASUQUO 2196 FASHOLA MOSHOBOLANLE JUBRIL 2041 ERONDU ELIJAH ERONDU 2119 EYONG MARILIN EKANEM 2197 FASHOLA MUDASHIRU OLAYINKA 2042 ERONINI KANENE 2120 EZE AUGUSTIN IKECHUKWU 2198 FASISI ABAYOMI ABIODUN 2043 ERUANOVUE OKPOKOR EDUN 2121 EZE CHIKE LEO 2199 FASUBAA A JADI 2044 ERUGO CHINEDUM EZENWA 2122 EZE CHUKWUEBUKA TADIMMA 2200 FASUGBA AFOLABI OLUMIDE 2045 ERUGO CHINYERE 2123 EZE DEBORAH 2201 FATAI OLUFESO 2046 ERUGO EZENWA CHINEDUM 2124 EZE IROHA URUM 2202 FATAI SERIKI 2047 ESAN JAYVYN 2125 EZE JULIET UCHECHUKWU 2203 FATIMA BARUWA 2048 ESANG EKOM EFIONG 2126 EZE NWANI PETER 2204 FATIMOTA YAKUBU AMOPE 2049 ESEDERE OMOTEJERE SARAH 2127 EZE PHILIP 2205 FATINIKUN ADENIKE IBIYEMI 2050 ESEDERE OMOTUNDE BEATRICE 2128 EZE STANLEY 2206 FATIREGUN ADEDAMOLA 2051 ESEGBONA KACHUKWU 2129 EZE SUNDAY FRANCIS 2207 FATIREGUN ADEDAMOLA 2052 ESEGBONNA SOLOMON 2130 EZEAGWASINWA KENECHUKWU CHIJINDU 2208 FATIREGUN AGBOOLA 2053 ESEGBONNA SOLOMON E 2131 EZEAMA BENJAMIN 2209 FATIREGUN AGBOOLA OMOWUNMI 2054 ESEIGBE KARIMAH 2132 EZEAMA CHINEDU EZEAMA 2210 FATIREGUN AGBOOLA OMOWUNMI 2055 ESEKA EJIME PAUL 2133 EZEANI GERALD ARINZE 2211 FATIREGUN AGBOOLA OMOWUNMI 2056 ESENEH JOAN EBINEHITA 2134 EZEANI JOSEPHINE NKIRU 2212 FATIREGUN EMMNAUEL O 2057 ESENYIE KADIJA 2135 EZEANI OZOR CHRIS 2213 FATIREGUN FALILAT 2058 ESEWE PROSPER 2136 EZEANYA CHINWE NENKA 2214 FATIREGUN KOFOWOROLA F. 2059 ESEWE PROSPER H 2137 EZEANYA NGOZI NKIRU 2215 FATIREGUN OMOLARA 2060 ESEZO DEJI 2138 EZEBUIKE OGUGUA COLLINS 2216 FATIREGUN OMOLARA OLUWATOYIN 2061 ESEZOBOR DELE 2139 EZEBUIRO IGNATIUS 2217 FATIREGUN OMOLARA OLUWATOYIN 2062 ESEZOBOR DELUWA 2140 EZECHUKWU ROSELINE IFEOMA 2218 FATIREGUN OMONIYI 2063 ESHEMOKHAI EMMANUEL EKPESHE 2141 EZEGWO CHIKE 2219 FATIREGUN OMONIYI ADEBODUN 2064 ESHIET ANURI PETER 2142 EZEIFE EBERE MERCY 2220 FATIREGUN OMONIYI ADEBODUN 2065 ESHIET ANURI PETER W 2143 EZEIMO OKWUNNADI 2221 FATOKI ADEBISI PAUL 2066 ESHO JOSHUA OLUWAFEMI 2144 EZEKWEM FRIDAY J. 2222 FATOKUN ABDULFATAI ALABI 2067 ESHOKHAI PAUL SUNDAY 2145 EZEMA IJEOMA FAVOUR 2223 FATUYI OMOWONUOLA STEPHANIE 2068 ESIAGA ISOKE 2146 EZENDU VICK 2224 FATUYI SAMUEL OLUSEGUN 2069 ESIBENNE KINGSLEY AJOMIWE 2147 EZENNIA IKEMEFUNA IKENNA 2225 FAUZANA IFEDAYO 2070 ESIENUMOH ESHIETT 2148 EZENWA JOY UKAMAKA JOSEPHINE 2226 FAUZANA IFEDAYO J 2071 ESIENUMOH ESHIETT D 2149 EZENWAJIAKU ONYENKA DONATUS 2227 FAWUMI HART 2072 ESINWOKE CHERISH 2150 EZEOKOYE UJU 2228 FAWUMI HART S 2073 ESSEH EMMANUEL OTHOWARONA 2151 EZEUKO PAUL OBUM 2229 FAYE IGBEHINADARA 2074 ESSEH ESTHER OLABISI 2152 EZEWANJIAKU CHIKA EMELDA 2230 FAYELE MODUPE ELIZABETH 2075 ESSIEN ESTHER BASSEY 2153 EZUMA DANIEL NDUBUISI 2231 FAYEMO MICHAEL ADEBAYO 2076 ESSIEN KOOFREH CHARLES 2154 EZUNAGU ANTHONY EMEKA 2232 FAYEOFOBI JUDE W 2077 ESSIEN PATRICK FRIDAY 2155 EZUTAH NNENNAYA-IGBO L. 2233 FAYEOFORI JUDE 2078 ESSIEN PETER 2156 FABIYI OPEYEMI REBECCA 2234 FOLUKE JEGEDE 2079 ESSUMAI WINGLE 2157 FABORODE OLUWATOYIN MURTALA 2235 FRANCIS BOLANLE 2080 ESTHER ABEL 2158 FABUSIWA OLUWASEUN TEMITOPE 2236 FRANCIS U ESSIEN 2081 ESTHER EACHA 2159 FABUSIWA VICTOR TEMITAYO OLUWATOBI 2237 FRANK AKEEM 2082 ESUMOBI KAMBO 2160 FADAIRO ABAYOMI PAUL 2238 FRANK EKPE BRITUS 2083 ESUOLA RA JI MOYOSORE 2161 FADAIRO ABIDEMI OLAMITOKUN 2239 FREE POIT SOLUTION SERVICES LTD 2084 ETA OBETEN JUNIOR 2162 FADAIRO JOHN KAYODE 2240 FREGENE ALEX ABOYOWA 2085 ETCHIE ESIMAJE 2163 FADEKE ALIU 2241 FRIDAY BELLO 2086 ETCHIE JOHN 2164 FADEKEMI ADAMS 2242 FRIDAY EKPE 2087 ETENG ETENG MBANG 2165 FADIMU YETUNDE 2243 FRIDAY OTUAMAEJE ONYECHE 2088 ETERIGHO ALEXANDER 2166 FAGBAMILA REMI 2244 FRONT RUNNER GLOBAL INVESTMENT LTD 2089 ETERIGHO ALEXANDER K 2167 FAGBEMI BISAYO OMOGORIOLA 2245 FUBARA SALEH PETER 2090 ETIENO MFON 2168 FAGBOHUN OLUWAKEMI HELEN 2246 FUBARA SALEH PETER D 2091 ETIM ANTAN EFFIOM 2169 FAGBOLADE OLUTAYO 2247 FUNMI OYEMADE 2092 ETIMENSI SUNDAY 2170 FAJANA DAVID OLUWASESAN 2248 FUNMILAYO BIMBO 2093 ETINI EHIS 2171 FAJANA OMOLOLA DEBORAH 2249 FUNMILAYO ONI 2094 ETINI RAYGIN 2172 FAKAYODE OLATUNBOSUN ANTHONY 2250 FUNSO OPENIBO 2095 ETINI RAYGIN Y. 2173 FAKUNLE YETUNDE ELIZABETH 2251 FUSL NOMINEE A/C ADEBOLA KALE 2096 ETOFILS VENTURES NIG LTD 2174 FAMIWO OLUWAGBEMIGA VICTOR 2252 FUSL NOMINEE A/C ADERONKE KALE 2097 ETOH DANIEL CHIBUIKEM 2175 FAMUREWA DAMILARE ELIJAH 2253 FUSL NOMINEE A/C ADETORO KALE 2098 ETOKWUDO IFEYINWA AUGUSTINA 2176 FAPOHUNDA KIZITO 2254 GABARI BOLA JI ADENIKE 2099 ETUKUDO INYANG VINCENT 2177 FAPOHUNDA KIZITO N 2255 GAIYA ALIYU RIFKATU 2100 ETUKUDO NKORI 2178 FAPONLE JOHN ADEBISI 2256 GALADIMA GLADYS 2101 ETUKUDO NKORI B. 2179 FARINRE JOHNSON 2257 GAMBO NAFISAT 2102 ETUNYA BLESSING 2180 FARINRE JOHNSON Z 2258 GANIYU ADEDOTUN 2103 EUCHARIAH BOSE 2181 FARINTO OLALEKAN 2259 GANIYU AHMED 2104 EVELYN OTUDEKO 2182 FARINTO OLA-SAMME 2260 GANNY PETER AFOLABI 2105 EVERGREEN FARMERS CICS LTD 2183 FARINTO OLA-SAMOLA 2261 GARBA AGNES AJANI 2106 EVERGREEN PHC UNIQUE COOP. INV. & CREDIT 2184 FARINTO OLA-SAMUEL 2262 GARBA HAFSAT DANLADI 2107 SOC. LTD 2185 FARINTO SAMUEL 2263 GARUBA YAHAYA
Standard Alliance Insurance Plc and its Subsidiary Company 149 2015 Annual Reports and Accounts
Unclaimed Dividend AS AT 31ST DEC. 2015
2264 GASL-NOMINEE LTD-DABANA ACCT. 2342 HAMEED MARTINA 2420 IBIYINKA AKINSEMOYIN 2265 GAZA ISSAKA 2343 HAMID GANIU BABATUNDE 2421 IBOLO VIVIAN IGHOWHO 2266 GBABO DAVID PEREKEBINA 2344 HAMMED SHAHEED 2422 IBONG ITORO NYONG 2267 GBADAMOGHO CYINTA N 2345 HAMMED SHAHEED D 2423 IBRAHAM OLUWASEUN 2268 GBADAMOSI KASALIYU AYOBAMI 2346 HAMZA SHEHU 2424 IBRAHEEM ABUBAKAR IBN 2269 GBADAMOSI MUYIDEEN WALE 2347 HAMZAT OLASUNKANMI TAOFFET 2425 IBRAHIM AISHA PATIENCE 2270 GBADAMOSI OWODAMOLA 2348 HANDEL YEMI 2426 IBRAHIM ANJI YUNUSA 2271 GBADEBO VICTOR OLUWATIMILEYIN 2349 HARBOR CHUKWUEMEKA LLOYD 2427 IBRAHIM BALA 2272 GBARAMOGHO CYNTA 2350 HARRIS FUNMI 2428 IBRAHIM BELLO 2273 GBE BARRY PERE 2351 HARRISON IBINGIBO IBIFURO 2429 IBRAHIM GBOLAHAN 2274 GBENEDIO HENRY KESIENA 2352 HARRY OYINLOLA 2430 IBRAHIM HABIB ADEYINKA 2275 GBENGA ONI IJEGBULEN 2353 HART CHRISTINE 2431 IBRAHIM JAMIU OMOTAYO 2276 GBINDINNINUOLA ISMAIL KEMI 2354 HARU IBRAHIM 2432 IBRAHIM KHALEEL 2277 GBINDINNINUOLA ISMAIL OLUWAKEMI 2355 HARU IBRAHIM W 2433 IBRAHIM LATIF 2278 GBINDINNINUOLA OLAYINK SUBOMI 2356 HARUNA MOHAMMED 2434 IBRAHIM MUHAMMAD BARU 2279 GBOKOYI MARTINS OSHINTOLA 2357 HARUNA NUMMI 2435 IBRAHIM MUSA 2280 GBOLABO OLAYIWOLA 2358 HARUNA NUMMI N 2436 IBRAHIM SAMUEL 2281 GBOLABO SENBAJO 2359 HARUNA SARUMI 2437 IBRAHIM VICTOR 2282 GBOYEGA COSIN 2360 HARUNA T WAZIRI 2438 IBRAHIM VICTOR B 2283 GBOYEGA DEJI 2361 HASHIM ADEOLA MUTIU 2439 IBRAHIM YAHAYA OLUWAROTIMI 2284 GBOYEMI ISREAL OLUWADUROTIMI 2362 HASSAN CHUWA 2440 IBUBELEYE VICTOR 2285 GBOYEMI OLUWATOYIN 2363 HASSAN CHUWA G 2441 IBUBELEYE VICTOR A 2286 GBOYEMI TAIWO 2364 HASSAN DAVID 2442 IDA PHILIP 2287 GEGELESO BABAJIDE ADE 2365 HASSAN EMMANUEL 2443 IDAKWO EICHAYI NAOMI 2288 GEORGE AYORINDE ABIODUNRINDE 2366 HASSAN KAYODE RAHEEM 2444 IDEAL BUSINESS LIFE INTERPRISES 2289 GEORGE GEORGE JOHN 2367 HASSAN LAWAL JUMMIA 2445 IDEBOGHIE MICHEAL 2290 GEORGE GEORGINA WEIGETUMBRA 2368 HASSAN LAWAL JUMMIA N 2446 IDEHEN EMMA 2291 GEORGE GRACE ALAERE 2369 HASSAN MOHAMMED NUHU 2447 IDEM GEORGE 2292 GEORGE HARRY 2370 HASSAN OLADIMEJI 2448 IDEM GEORGE I 2293 GEORGE ODODO 2371 HASSAN SHERRY OLASUMBO 2449 IDIAKHEUA TINA AIWANEHI 2294 GEORGE TOYIN EBI 2372 HASSANAT SWEET 2450 IDIATA EBAS 2295 GEORGE-AHIRU GBOYINDE 2373 HENRY TOLULOPE 2451 IDIATA EBAS J 2296 GEORGEWILL BRIDGET 2374 HENSHAW CHINONYE 2452 IDIKA VIVIAN NNEKA 2297 GEORGEWILL BUKOLA 2375 HILARY HENRY 2453 IDIKAN BOLA JI 2298 GIMBA HARUNA AYUBA 2376 HUGH ALLI 2454 IDIOK ODOM 2299 GISANRIN OLUWATOSIN 2377 HUSSANI STEVE 2455 IDIONG ADETOKUNBO 2300 GISANRIN ROBERT 2378 HYACINTH SAOLA 2456 IDISI CHRISTIAN OGBENEME 2301 GIWA ADAMSON 2379 IBAMA PHILIPS 2457 IDOGA ELIZABETH EYUM 2302 GIWA MORILIATU IYABO 2380 IBAMA PHILIPS W. 2458 IDOKO CHRISTIAN 2303 GIWA MOTOLANI OLASUNKANMI 2381 IBANGA DANIEL MOSES 2459 IDONGESIT ABDULRAHMAN 2304 GIWA RAIMOT 2382 IBANGA EKERETTE BERNARD 2460 IDONGESIT VICTORIA 2305 GIWA-OSAGIE RHODA ESOSA 2383 IBANGA IBANGA GLORY 2461 IDONGESIT VICTORIA G 2306 GLADYS JOSEPH 2384 IBANGA IBANGA GLORY Q. 2462 IDORENYIN ABASIYE 2307 GLOBAL ASSET MGT. LTD-TRADED-STOCK-A/C 2385 IBANGA IFEOMA 2463 IDORENYIN ABASIYE P 2308 GLORY OHIOMAH NERILAGHABOFA 2386 IBE ETTE 2464 IDORENYIN FRANKLIN 2309 GODONU SOYINDE ALBERT 2387 IBE JULIUS 2465 IDORENYIN FRANKLN B 2310 GODSWILL KAYODE 2388 IBE UCHE CHRISTIAN 2466 IDORENYIN KABIRI 2311 GODSWILL NWIGWE OLAWREWAJU 2389 IBEGBULEM CHRISTOPHER 2467 IDORO BELIEVE 2312 GODWIN OBIAGELI 2390 IBEGBULEM CHRISTOPHER B. 2468 IDOWU ADEGBOYEGA 2313 GODWIN OKECHUKWU KELVIN 2391 IBEH FRANCIS ONYEMAEME 2469 IDOWU ADEKUNLE 2314 GOERGE MOPESOLA 2392 IBEH LOUIS MADUABUCHI 2470 IDOWU ADEKUNLE 2315 GOMINA CHIDUME 2393 IBEKWE ABAZU 2471 IDOWU ADELEYE OLUSANYA 2316 GONI SERIKI 2394 IBEKWE ANGELA OSITA 2472 IDOWU ADEOLA 2317 GONI SERIKI P 2395 IBEKWE COLLINS OKWCHUKWU 2473 IDOWU AKINLOLU SOLOMON 2318 GORIOLA MOLAKE 2396 IBEKWE COLLINS OKWCHUKWU 2474 IDOWU AMOS 2319 GRACE OBENDE BOSE 2 2397 IBEKWE DANIEL DIKE 2475 IDOWU ATOBITE 2320 GRACE OSAMUDIAME 2398 IBEKWE IBRAHIM 2476 IDOWU BASHIRU 2321 GRANT PHILLIPS 2399 IBEME INEMESIT 2477 IDOWU BISI 2322 GREGORY-UBIGEN NOSA FYONNA 2400 IBEME INEMESIT X. 2478 IDOWU CHRISTIAN 2323 GUASO MOSES MUSTAPHA 2401 IBENEZI CHIKA THEOPHILUS 2479 IDOWU EBUN 2324 GUMBI JAIWO 2402 IBEREDEM STANLEY 2480 IDOWU FRANCISCA 2325 GUMBI TAIWO R 2403 IBEREDEM STANLEY M 2481 IDOWU FUNMILAYO CHRITIANA 2326 GUSEN KENNETH 2404 IBESON CATHERINE AMAECHI 2482 IDOWU GRACE 2327 GUSEN KENNETH B 2405 IBEZIAKO JOYCE UGOCHI 2483 IDOWU JOHN 2328 GWAZU OLALEYE 2406 IBEZIM JOHN OKEY 2484 IDOWU KATE 2329 GWOM DEREFAKE 2407 IBIANG LOYOE NWANKE 2485 IDOWU LANRE 2330 GYANG MANCHA PETER 2408 IBIDAPO GBADEBO 2486 IDOWU MOSES OLUSESAN 2331 HABEEB AZUKA 2409 IBIFUBARA CHIDI RAYMOND 2487 IDOWU MUSEWDIKU 2332 HABIB ADE 2410 IBIFUBARA CHIDI RAYMOND W. 2488 IDOWU OLASUNBOMI ENITAN 2333 HADOME NGOZI 2411 IBIGBAMI ADENIKE MODUPE 2489 IDOWU OLAYEMI 2334 HAIGBE OKON 2412 IBIKUNLE ISAAC FOLORUNSHO 2490 IDOWU OLAYINKA 2335 HALILU IJEOMA LEWISIK 2413 IBITOYE AREMU OLANREWAJU 2491 IDOWU OLAYINKA 2336 HALILULAHI FARUK 2414 IBITOYE OKONGWU 2492 IDOWU OLAYINKA MUSEWDIKU 2337 HALIM FARUK OLUWATIMILEHIN 2415 IBITOYE SAMUEL OLUSEGUN 2493 IDOWU OLISAEMEKA 2338 HALIM FATIMA OLUWADAMILOLA 2416 IBIWOYE ABIGAIL ADESOLAPE 2494 IDOWU OLUFEMI 2339 HALIMA ALAO 2417 IBIWOYE JOSEPHKING AYOMIDE 2495 IDOWU OLUSESAN 2340 HALIMA PHILOMENA 2418 IBIWOYE SAMUELKING MAKINDE 2496 IDOWU OLUSESAN MOSES 2341 HALIMAT EMEKA 2419 IBIYEMI OLAWEPO 2497 IDOWU OLUWADAMILOLA 2015 Annual Reports and Accounts 1150
2498 IDOWU OLUWATOBI 2576 IHEMADU RITA CHISARA 2654 ILOLAWOLE OLADIMEJI 2499 IDOWU OLUWATONI 2577 IHETUGE GOODNESS NWADINMA 2655 ILORI ISAAC BABATUNDE 2500 IDOWU OLUWATOSIN 2578 IHIME ALBERT 2656 ILORI KUBURAT TOPE 2501 IDOWU ORINAYO 2579 IHUNDA EZEKIEL 2657 ILORI SIMBI AJOKE 2502 IDOWU OYINDAMOLA 2580 IHUNDA EZEKIEL E. 2658 IMAAH JUBRIL 2503 IDOWU RAMOTA 2581 IHWIRO GIDEON NWAEZE 2659 IMAAH JUBRIL J. 2504 IDOWU SOARES 2582 IIJEOMA OWUEGBULE 2660 IMADOJEMU VIVIAN 2505 IDOWU TARA 2583 IJAGBUYIRO OFUASE 2661 IMAEKHAI OSHOBUGIE EMMANUEL 2506 IDOWU VICTORIA TEMILOLA 2584 IJAOPO ISSAAC OJO 2662 IMAFIDON FRANCISCA E. 2507 IDRIS OMODUNNI 2585 IJEOMA AGBASI 2663 IMAGHODOR BERNICE AMASIHOHU 2508 IDRIS YAKUBU 2586 IJEOMA NWABUEZE JUSTICE 2664 IMANE (DISTRICT) DEVELOPMENT UNION 2509 IFEANYI - OKORO SYLVIA NECHI 2587 IJERE IJEOMA 2665 IME BASSEY COLLINS 2510 IFEANYI OKAFOR 2588 IJOMA SANDRA ADAOBI 2666 IME BASSEY COLLINS P 2511 IFEANYI ROSE O 2589 IKA TEGA 2667 IMEH VICTORIA 2512 IFECHUKWU DARE 2590 IKANDU GEORGEWILL UBANI 2668 IMEKA FAITH 2513 IFECHUKWU STEPHEN A. 2591 IKE AUGUSTINE C 2669 IMEKA FAITH C 2514 IFEDAYO AKINLA 2592 IKE OKWUCHI 2670 IMEKA MIRACLE 2515 IFEDIORA CHUKWUNONSO 2593 IKEAGU NNAMDI MICHEAL 2671 IMEKA MIRACLE X 2516 IFEKPOLUGO FADIJI 2594 IKEBEOTU EMEKA 2672 IMEKA NGOZIKA 2517 IFEKPOLUGO FADIJI E. 2595 IKEBUWA LUCKY 2673 IMEKA NGOZIKA V 2518 IFENNA DONATUS EMEODI 2596 IKECHUKWU ANDREW 2674 IMEMA KENNETH 2519 IFEOMA AKPAN 2597 IKECHUKWU BLESSING 2675 IMOH JEREMIAH 2520 IFEOMA ODUNARO 2598 IKECHUKWU WILFRED U 2676 IMOH JEREMIAH R 2521 IFETAYO JUMOKE ELIZABETH 2599 IKECHUU BONAVACH OKWOMMA 2677 IMOSEMI DONALD OREOSE 2522 IFEZUE CHIJIOKE OGOCHUKWU 2600 IKEDIASHI JOSEPH CHUKS 2678 INAM ABAKASANGA JAMES 2523 IFEZUE SOPHIA ANGEL 2601 IKEDINOBI ESTHER 2679 INAMETE MAYEN ISAAC 2524 IFEZUE ZANE YORAM CHUKWUEMEKA 2602 IKEDINOBI ESTHER H 2680 INCHI BALARABE 2525 IFIDI IKE 2603 IKEDINOBI IKECHUKWUKA 2681 INEGBENOSUN AUGUSTINE 2526 IFIDI IKE R. 2604 IKEDINOBI IKECHUKWUKA F 2682 INEH ANITA I. 2527 IFIOK EKPA PETER 2605 IKEDINOBI UCHENDU 2683 INEH CHIAMAKA IGUGU 2528 IFY KENNEDY 2606 IKEDINOBI UCHENDU P 2684 INEH CHUKWUMA D. 2529 IGALAWUYE CHARLES ONYEKA 2607 IKEDIOFOR SEGUN 2685 INEH DAVID 2530 IGBAMOSUN LAZS TANEMOLA 2608 IKEFUNA SAMUEL IKECHUKWU 2686 INEH EMEKA 2531 IGBEGWU MICHAEL UCHECHUKWU OBADIAH 2609 IKEH CHINYERE 2687 INEH ESTHER IYABO 2532 IGBEKA ONA JITE 2610 IKEH-UCHE RUBY 2688 INEH IFEOMA 2533 IGBEKOYI AKINYEMI GODWIN 2611 IKEH-UCHE UGOCHUKWU 2689 INEH ISIOMA 2534 IGBENG BENJAMIN DONATUS 2612 IKELEGBE NSIDIGBE 2690 INEH MARTHA 2535 IGBIKI NWAMAKA PHILOMENA 2613 IKELEGBE NSIDIGBE I 2691 INEH PETER 2536 IGBINOVIA OGUGBUE 2614 IKEM 2692 INHERITABLE WEAITH INVESTMENT LTD 2537 IGBO JUDE R.A. 2615 IKENNA CORNELIUS 2693 INIABASI STANLEY 2538 IGBOEGBUNAM CHINYERE STELLA 2616 IKENNA GRACE 2694 INIABASI STANLEY F 2539 IGBOEKWEZE OLUSOLA 2617 IKENNA KEMI 2695 INIBEH UKIRU UFOT 2540 IGBONEME MARK UCHENNA 2618 IKENNA SHOLA 2696 INIBEHE UKIRI UFOT X. 2541 IGBONUSI NNAMDI CHRISTIAN 2619 IKEUBA LAWRENCE 2697 INNOCENT EBELEBE 2542 IGBONUSI VICTOR 2620 IKHAYERE OMONEFE 2698 INTERNATIONAL BUSINESS SOLUTION LIMITED 2543 IGBOR VICTOR NINTOR 2621 IKHIMIOYA DOEGHOBONE ONOME 2699 INYANG IBOROABASI RICHARD 2544 IGBUDU OREVAOGHENE GODSWILL 2622 IKHIMIOYA EROMOSERE PRINCEWILL 2700 INYANG IDONGESIT ETIM 2545 IGE AJOKE 2623 IKHIMIOYA EZOMO 2701 IORZUA ALPHA TERLUMUN 2546 IGE ANIKE 2624 IKHIMIOYA OLOHIGBE GODGIFT 2702 IQUO CHUKWUNEYE 2547 IGE ELIZABETH 2625 IKHIMIOYA OMOZUANUBO GEOFREY 2703 IRABOR JOHN 2548 IGE ESTHER 2626 IKINNA NOJI 2704 IRABOR PATRICK 2549 IGE LOLA 2627 IKO BUKOLA E 2705 IRABOR SIMON 2550 IGE OLAYINKA 2628 IKO ESTHER B 2706 IREDIA EVBARUESE EDITH 2551 IGE OLUFUNMILAYO 2629 IKOGHO BENJAMIN F. 2707 IRIOGBE EMMANUEL EHIMARE 2552 IGE OMOLADE PHILLIP 2630 IKON NEHEMIAH 2708 IRIS TRADING & INVESTMENTS LTD 2553 IGE OYINKANSOLA 2631 IKON NEHEMIAH E. 2709 IRIVWOTU GABRIEL EVUEVWIE 2554 IGHALO DAVID 2632 IKON PETER 2710 IROAKAZI GODWIN UGOCHUKWU 2555 IGHEBUIKE OBINNA CHARLES 2633 IKON PETER Q. 2711 IRUENE ELFRIDA OKORIKA 2556 IGHIWIYISI EKI 2634 IKONOH ABDULFATAI 2712 IRUNOKHAI BRIGHT EGHIEBADE 2557 IGHO EFE PHILIPS 2635 IKORDEME INYANG 2713 ISA LADU ADEJO 2558 IGHODALO E.O.CHRISTOPHER 2636 IKPA FRANKKY INALEGWU 2714 ISA NWOKORO 2559 IGNATIUS OKWUTE 2637 IKPATI JOHN 2715 ISA SAAMSUDDEN 2560 IGOLO A PETERSON 2638 IKPATT JOHN P. 2716 ISA SAAMSUDDEN E 2561 IGUE EHI FEDELIS 2639 IKPE CALLISTUS 2717 ISAAC BAYOWA 2562 IGUNBOR-OZOH OFURE HILDA 2640 IKPE JOEL 2718 ISAAC ISAAC CHIGOZIE 2563 IGWE ALEXANDER OLISEMEKA 2641 IKPE JOEL E 2719 ISAAC WERUCHE 2564 IGWE CAROLINE UNANAYA 2642 IKPEAMANZE AMAUCHE CHINYERE 2720 ISAH ABDULLAHI 2565 IGWEBIKE ANSELM NDIDI 2643 IKPI EMMANUEL FRANCIS 2721 ISAH ADEJOH 2566 IGWEBUIKE BIOSA 2644 IKPI IMOH FRANCIS 2722 ISAH SULEIMAN 2567 IGWEGBE FUNMILAYO 2645 IKUJESIN MODUPEOLA OLUWASEYI 2723 ISAHWOZE ELO EUGENIA 2568 IGWEH A JA DENNIS 2646 IKUOMENISAN BUKOLA 2724 ISEBENI OBARO MARTINS 2569 IGYANOR JOSEPH 2647 IKUSEBIALA BUSAYO 2725 ISEMIN IME JAMES 2570 IHEANACHO JOSEPH CHIMAMKPAM 2648 IKWU ANKELI DANIEL 2726 ISERHIENRHIEN ALFRED EMWANTA 2571 IHEANAETU ABEL 2649 IKWUEZE EUNICE NWANNEKA 2727 ISHEMUHI PRECIOUS BOSEDE 2572 IHEJIAGWA KENNETH CHIDI 2650 ILEGBINIJIE EDITH LUCY 2728 ISHIEKWENE OBI RICHARD 2573 IHEJIRIKA EMEKA MMADUABUCHUKWU 2651 ILEKA OLAOYE 2729 ISHOLA MODUPE BLESSING 2574 IHEKUNA KEVIN CHIDIEBERE 2652 ILESO FELIX ADEOYE 2730 ISIAKA LUQMAN OMOTOSHO 2575 IHEMADU FAVOUR CHINOMSO 2653 ILOKA AMAKA PERPETUA 2731 ISIAKPERE BEAUTY ODEWANURE
Standard Alliance Insurance Plc and its Subsidiary Company 151 2015 Annual Reports and Accounts
Unclaimed Dividend AS AT 31ST DEC. 2015
2732 ISIBOR GODDIE ORHUE 2810 JAMES CHRISTIANA 2888 KANYIN SALEH 2733 ISIBOR OSAS ENDURANCE 2811 JAMES COLE BUKOLA RONKE 2889 KAREEM AMIN JUMBO 2734 ISICHEI DOROTHY 2812 JAMES EDIDIONG GODWIN 2890 KARIMU JOHN ADE 2735 ISMAIL MACAULAY 2813 JAMES KAYODE STEPHEN 2891 KASA MOHAMMED 2736 ISOLA KOLAWOLE SILAS 2814 JAMES NDUTIMI BEKETIRI 2892 KASALI IKOCHUKWU 2737 ISOMEKE CHUDI A 2815 JAMES OGBENE GLADYS 2893 KASHORO FRANKLIN IBIKUNLE 2738 ISOMKE CHUDI 2816 JAMES PAUL ESENU 2894 KASI POLLYN 2739 ISONGUYO PATRICK 2817 JAMES SABO 2895 KASI POLLYN E. 2740 ISONGUYO PATRICK W 2818 JAMES SUNDAY 2896 KASIM ABIMBOLA OLAKUNLE 2741 ISREAL OWOLABI OLATUNJI 2819 JAMGBADI LAWAL 2897 KASUMU JAMIYU OLOWOPEKUN-ESOO 2742 ISYAKU MOHAMMED 2820 JATTO FATIMA 2898 KATE BULURO 2743 ITODO EJIOFOR SHEDRACK 2821 JAWANDO AYODELE 2899 KATE MOBO 2744 ITOHOWO ANIEBO 2822 JEARIOGBE TUNDE SEGUN 2900 KATUKA JEREMIAH YAKUBU 2745 ITOHOWO ANIEBO J 2823 JEGEDE ADEBAYO THOMAS S 2901 KATUKA JONATHAN YAKUBU 2746 ITORO SAMUEL BASSEY 2824 JEGEDE OMOWUNMI ADIJAT 2902 KATUKA YAKUBU THOMAS 2747 ITORO SAMUEL BASSEY K 2825 JEJE JIDE JACKSON 2903 KAYODE ABI MBOLA MICHAEL 2748 ITUEN NSIKAK ETIM 2826 JEMERIGBE TEMITOPE KEHINDE 2904 KAYODE AZEEZ BOLA JI 2749 ITUMOH AMOBI NELSON 2827 JENNY OGANAH 2905 KAYODE FESTUS 2750 IVIENAGBOR AKPOSIBRUKE 2828 JEREMIAH CHUKA 2906 KAYODE FOLASHADE 2751 IWANEFUN ISAAC 2829 JEREMIAH CHUKA B 2907 KAYODE-MARK MATTHEW ORE- OFEOLUWA 2752 IWANEFUN ISAAC S. 2830 JEROME BRIGGS 2908 KAZE PAUL DAVOU 2753 IWAYANWU OLUKAYODE 2831 JHONNY EMEM LIFOT 2909 KAZEEM ADEROJU 2754 IWEHA OBINWANNE ALOZIE 2832 JIBRIL MOHAMMED 2910 KAZEEM OLADAPO AHMED 2755 IWEJUA ONYEYECHI BLESSING 2833 JIDE OLANDIE 2911 KEHINDE ABIOLA TEMITOPE 2756 IWEKA CHIDUBEM ABATI 2834 JIDE-JOHNSON OLUWAFUNMILAYO OLASUBOMI 2912 KEHINDE AJOKE 2757 IWERE ABAYE 2835 JIDEOFOR EZEUGO SYLVESTER 2913 KEHINDE BUKOLA 2758 IWETAN ANIREJUORITSE JANE 2836 JIDEOFOR JACKSON 2914 KEHINDE OGAGA 2759 IWO NEMI 2837 JIDEOFOR JACKSON S 2915 KEHINDE OLAYINKA 2760 IWOBI ADEBUKOLA 2838 JIKA OGUNLEYE 2916 KEHINDE OLUDAYO OYELADE 2761 IWOK UBONG EDET 2839 JIMOH ABIODUN NURUDEEN 2917 KEJEH PHILIPS 2762 IWU FAITH 2840 JIMOH ASHY 2918 KEJEH PHILIPS K 2763 IWU IFEANYI ROGER 2841 JIMOH BUHARI 2919 KELECHI AGWUOCHA 2764 IWUAGWU SAMUEL CHUKWUKERE 2842 JIMOH ENIOLA 2920 KELECHI EBOH 2765 IWUANYANWU OLUCHI SOPHIA 2843 JIMOH FALILAT AGBALAYA 2921 KELECHI SEDE 2766 IWUCHUKWU UDEME 2844 JIMOH GBENGA 2922 KELECHUKWU HENRY IKECHUKWU 2767 IWUCHUKWU UDEME O 2845 JIMOH MARY 2923 KELEKUN ISHOLA 2768 IWUNO JACK 2846 JIMOH MARYAM 2924 KELVIN TOPE 2769 IWUNO JACK A 2847 JOHNSON IGE OLUFUNMILAYO 2925 KEMAKOLAM ABDU 2770 IWUOHA ADA AKUNNA 2848 JOHNSON IGE OLUSOLA 2926 KEMIBEFUOJO STEVE G 2771 IWUOHA OLUCHUKWU J. 2849 JOHNSON IGE OLUWOLE 2927 KEMIBERUOJO STEVE 2772 IWUOHA UZOMA KENNEDY 2850 JOHNSON IGE OMOBOLA 2928 KEN OGU 2773 IYABODE GABRIEL 2851 JOHNSON IGE OYINKANSOLA 2929 KENNEDY JOHN 2774 IYALEKHUE BRIGHT 2852 JOHNSON IGE SAMUEL 2930 KETIKU KAYODE MICHAEL 2775 IYEH ESTHER CHINYERE 2853 JOHNSON IGE TEMITOPE 2931 KEWULERE YEMI 2776 IYEKEKPOLOR EMMANUEL OSAROSEMWEN 2854 JOHNSON IGE TOBI 2932 KEYE TOYIN 2777 IYEN IYAMU 2855 JOHNSON IGE WALE 2933 KEYE TOYIN V 2778 IYENGE BOOSHIMA 2856 JOHNSON NDUBUISI 2934 KILANKO FIDELIS 2779 IYENGUMWENA ADESINA 2857 JOHNSON UFUOMA ABOSEDE 2935 KILANKO LAWI 2780 IYIOKU ALLEN CHIDOZIE 2858 JOHUA SHALL DAVID 2936 KILANKO LAWI E 2781 IYO DANIEL 2859 JOKOTADE OPENIRO 2937 KINGDOM AIDED IDEAS LTD 2782 IYO DANIEL H 2860 JOKOTOYE OLAWAMIWA GILGA 2938 KINGSLEY AKPASI 2783 IZAMOJIE ITOHAN ESTHER 2861 JOLA JOHN 2939 KINGSLEY LAI 2784 IZAMOJIE ONOMEN PAULINE 2862 JOLAIYA JOHN JIDE 2940 KIRPSON OBINNA ODURUKWE 2785 IZEDONMWEN REMI 2863 JOLAIYA OLUWATOYIN F. 2941 KOFFI LAWANI 2786 IZEGAGBE BOSE AIJOHI 2864 JOLAIYA OLUWATOYIN FELICIA 2942 KOFFI LAWANI J 2787 IZEJIOHA FRANCIS EMEKA 2865 JOLAOSHO RAMON OWOLABI 2943 KOKUMO FELIX OLUFEMI 2788 IZOEBONIYE FARORE 2866 JOLAOSO AKINWANDE OLUSOLA 2944 KOLA AHMED 2789 IZUAKOR MICHAEL CHIEDOZIE 2867 JONATHAN BAIYEKYSI 2945 KOLAWOLE ABUDU 2790 IZUDIM ANTHONY CHUKWUDI 2868 JONATHAN BANJOKO 2946 KOLAWOLE ADEKUNLE SUNDAY 2791 JABOR JAMES 2869 JONES ADEGBOYE 2947 KOLAWOLE TAWAKALITU MOJISOLA 2792 JACK SOALA ABEL 2870 JONSON IGE TOMI 2948 KOLAWOLE-YUSUF OLAMIDE BUNMI 2793 JACKSON IFIOK AMOS 2871 JOSEPH CECILIA 2949 KOLEOSO ESTHER AGBOMOALU 2794 JACOB AWUGO 2872 JOSEPH CHUKWUEMEKA OGO 2950 KOLO ABIMBOLA OPEYEMI 2795 JACOB GEORGE 2873 JOSEPH EMITAYO AGNES 2951 KOMOLAFE OLUWAFEMI 2796 JACOB GEROGE O 2874 JOSEPH FLORENCE 2952 KOMOLAFE RAPHAEL OLUWAFEMI 2797 JADEED ALOH 2875 JOSEPH KOLADE 2953 KOMONE ISAAC AJOKPOGENE 2798 JADEED ALOH D 2876 JOSEPH MARTINS 2954 KONDO FARAI 2799 JADESOLA GLOBAL LINK LTD 2877 JOSEPH PATRICK 2955 KONIBIRE IYABO HANNAH 2800 JAGODA MICHAEL ANNA 2878 JOSEPH SINA ALABI 2956 KORIPAMO WASIU 2801 JAGUN ADETUTU 2879 JOSHUA CHINWE 2957 KOSOKO JUSTINA ABHOHIEN 2802 JAJA CELESTINE NATHAN ROMEY 2880 JOY ADEGBOLA 2958 KOSONI TIAMIYU 2803 JAJA TAMUWOIBELEMA 2881 JOY JOHN 2959 KOYEJO MUJITAFA 2804 JAJI SHAKI TOYIN 2882 JUDE UDEH 2960 KPENOSEN CYRIL OMOJEVWE 2805 JAJI SHAKI TOYIN 2883 JUDITH AWASAK 2961 KRANTZ PHARM & CHEMICAL LTD 2806 JAJI SHAKIRAT OLUWATOYIN 2884 JULIA EKENE BOLARIN 2962 KUFERABASI PATRICK 2807 JAKPA RICHARD EGUORITSE 2885 JULIET NNAMDI 2963 KUFRE JACOB F 2808 JALE BALEWA 2886 JULIUS FEMI JONATHAN 2964 KUFRE JACOBS 2809 JAMES ADESHINA 2887 JULIUS MERCY 2965 KUFREABASI PATRICK J 2015 Annual Reports and Accounts 1152
2966 KUKU OYEMAKINDE 3044 LINKINYO TAIWO OLUSOLA 3122 MARTINS CHIOMA 2967 KULEPA OSARAGUE 3045 LOTACHI SOLOMON 3123 MARTINS IYIOLA 2968 KULEPA OSARAGUE S 3046 LOTACHI SOLOMON E 3124 MARTINS OLU IYIOLA 2969 KUMANE OGHENEVWAIRHE 3047 LOUIS EZIOKWU 3125 MARTINS UDOH 2970 KUPOLUYI RITA 3048 LUCY AKIN 3126 MARTINS YOMI IYIOLA 2971 KUTI COPPER 3049 LUFADEJU ENWELIM 3127 MARTINS ZOE IFUNANYACHUKWU 2972 KUYE JOSEPH OLUWATIMILEHIN 3050 LUKE AMAKA JENIFER 3128 MARY AKRO 2973 KWASAU STEPHEN 3051 LUKMAN SANDRA 3129 MARY ANN DAS 2974 LABARAN BENEDICT 3052 MABAYOJE SUNDAY SAMUEL 3130 MARY EJEH 2975 LADAGU OLUWASEYE 3053 MABEL AYODELE 3131 MARY LORA ADEH 2976 LADAPO OLA JIDE 3054 MACAULAY IYABO MORENIKEJI 3132 MARY MARK 2977 LADEJOBI OLORUNDARE 3055 MADARIOLA BABAJIMI 3133 MARY OLUMUYIWA 2978 LADELE FAITH AYODEJI IFEOLUWA 3056 MADUAGWU ANTHONY AZUAMAKA 3134 MARYAM OHIOZE 2979 LADIPO AYOMUKUN ESTHER 3057 MADUAGWU CHIZOBA CATHERINE 3135 MARYAN KALID 2980 LADIPO CHARLES 3058 MADUAGWU JEREMIAH NNANYELUGO 3136 MASHAK HANS 2981 LADOJA DELE 3059 MADUBUCHI LEAH 3137 MASHAK HANS D. 2982 LAGOKE OMOLOLA 3060 MADUBUCHI LEAH K. 3138 MATANA HARITH 2983 LAI SHOLOLA 3061 MADUBUIKE CHRISTIAN CHIBUEZE 3139 MATHEW KAYODE OLALEKAN 2984 LAIDE EBENEZER 3062 MADUBUKO A. CHUKWUDI 3140 MATHEW MODI 2985 LAMID HAKIM AJIBOLA 3063 MADUBUKO ELISHA IHEME 3141 MATILUKO ADEBISI ADEBOJI GBOLAHAN 2986 LAMIDI FATAI ARABA 3064 MADUEKWE CHUKWUDIKE NNIA 3142 MATO ESSIEN NYAKWO 2987 LAMIDI OLASENI TAIWO 3065 MADUEKWE DROHA JOSEPH 3143 MATTHEW AIGBOGUN 2988 LANDE IJEOMA 3066 MADUEKWE NGOZI MONICA 3144 MATTHEW NKIRU 2989 LARA A JAO 3067 MADUEKWE UGOCHUKWU 3145 MATTHEW OLUWATOYIN 2990 LARY LAT EULOGE 3068 MADUGU CAROLINE KADOON 3146 MAYIKO JOSIAH OWHOBEVUGHE 2991 LASISI LATEEF ABIDEMI 3069 MADUKA EKENE GODWIN 3147 MAYSA HIDI 2992 LATEEF OJOYE 3070 MADUKA JOHN OBI 3148 MBA BOLA 2993 LATEEF OLIGBO 3071 MADUKA OLAMIDE 3149 MBA CHIBUZO COMFORT 2994 LAURETTA USIADE 3072 MADUKWE SUNDAY CHILASA 3150 MBA EMEKA 2995 LAWAL ADAUTINI H 3073 MADUKWEM UZODINMA MICHAEL 3151 MBA FRANCIS 2996 LAWAL ADEBANKE AJIBOLA 3074 MAF-GRACES VENTURES 3152 MBA GEORGE ONYEBUCHI 2997 LAWAL ADEKOYA 3075 MAGADA CHARITY YOROS 3153 MBAEKWE BEATRICE CHIDERA 2998 LAWAL AGWANIHU 3076 MAGA JI BISOLA 3154 MBAEKWE DANIEL NWAFOR 2999 LAWAL AKINADE ASIMIYU 3077 MAGA JI LAWI 3155 MBAGWU TOCHUKWU VICTOR 3000 LAWAL FAGBILE 3078 MAGA JI LAWI R 3156 MBAH KELECHI GODWIN 3001 LAWAL HAKEEM ADEBAYO 3079 MAGA JI MALIK 3157 MBAH UZOCHUKWU SOLOMON 3002 LAWAL ISMAIL 3080 MAGA JI MALIK D 3158 MBAKA MATHER MATHER 3003 LAWAL KABIR AYINDE 3081 MAGBAGBEADE GRACE ABOLANLE 3159 MBANA JA PAULINE CHIOMA 3004 LAWAL KAFAYAT OLABISI 3082 MAIGARI BABAYO MODIBBO 3160 MBASOH HUMPHREY M 3005 LAWAL KEHINDE 3083 MAIRIGA RUFINA DONGJAAP 3161 MBASOH HUMPREY NNODU 3006 LAWAL LUKMAN ABAYOMI 3084 MAJARO IBILIBOR 3162 MBATA JERRY 3007 LAWAL MORENIKE RUKAYAT 3085 MAJEKODUNMI ANABA 3163 MBATA OBI MARK 3008 LAWAL NIMATALLAHI 3086 MAJEKODUNMI JOSEPH OLUWAFEMI 3164 MBELEDE IFEYINWA 3009 LAWAL OLANIPEKUN 3087 MAJEKODUNMI LUDIRAT 3165 MBOTO BALOGUN 3010 LAWAL OLATUNJI OWOLABI 3088 MAJID RAYMOND 3166 MBRUK FAITH 3011 LAWAL OLAYEMI JIMOH 3089 MAJOROH OGHENEVO CHARLES 3167 MBRUK FAITH Q. 3012 LAWAL OLAYEMI SAKIRAT 3090 MAKANJU SAM 3168 MBUBA FOLASHADE 3013 LAWAL OLAYINKA MUHEEZ 3091 MAKANJUOLA FESTUS AYINDE 3169 MBUK ESTHER 3014 LAWAL OLAYOLE WAHEED 3092 MAKANJUOLA SAM B 3170 MBUK ESTHER F. 3015 LAWAL SAHEED ADEWALE 3093 MAKINDE EFUNYEMI OLAPEJU 3171 MBUK MBUK FELICIA 3016 LAWAL-ADEBAYO RACHEAL 3094 MAKINDE OGUNLEYE 3172 MBUK MBUK FELICIA T. 3017 LAWAN AHMAD 3095 MAKOLO ROLI TOLULOPE 3173 MCDONALD MAHA 3018 LAWAN AISHATU 3096 MALIK FARA JI 3174 MCMMANUEL BENITO 3019 LAWAN AISHATU M. 3097 MALIK RAMON 3175 MEDUGBON MICHAEL MAYOMI 3020 LAWAN DANSANDA 3098 MALIK TAWA 3176 MEGBA ESROM IYANU 3021 LAWAN DANSANDA S. 3099 MALIKA ELLA 3177 MEJURU REUBEN OSONDU 3022 LAWANSON JOHN WOLE 3100 MALIKA FEMI 3178 MEKWUNYE AUGUSTINE COLLINS 3023 LAWASNSON AKINTUNDE 3101 MAMMAN COMFORT KUSANGA 3179 MEKWUNYE JUDITH EKPELE 3024 LAWRENCE BUNMI 3102 MAMMAN FATIMA SONIA 3180 MELA OLUCHI JULIANA 3025 LAWRENCE CHUKWUEMEKA 3103 MAMMAN SHANJU VALERY 3181 MELEKWE STEPHEN 3026 LAWRENCE EBUBECHUKWU LAWRENCE 3104 MAMUDU MARIAM EMIKE 3182 MEMPHIS OLUSHOLA 3027 LAWRENCE TUNDE 3105 MAMUDU OMOTOLA MUJIDAT 3183 MEN FORUM FAMILY MEETING 3028 LAWRENCE UGOCHUKWU VICTOR 3106 MAMUKUYOMI STEPHEN SOLEDAYO 3184 MEYANBE OLU ADEBISI 3029 LAWSON VICTOR MENSAH 3107 MANAGEMENT EDY 3185 MGBEADICHIE OKE 3030 LEBARI STEPHEN 3108 MANAGEMENT OYEBODE 3186 MICHAEL ADEKUNLE 3031 LEBARI STEPHEN F. 3109 MANDY MAHN 3187 MICHAEL ISAAC KOLAWOLE 3032 LEBI MARGARET OLUFUNMILAYO 3110 MANGAI GODWIN 3188 MICHAEL MUSA 3033 LEGBO GRACE MAME 3111 MANGIBO MARCUS 3189 MICHAEL SOLOMON 3034 LEKAN LARABA 3112 MANGIBO MARCUS N. 3190 MICHEAL ELIZABETH IFEOLUWA 3035 LEKAN OGUNKOYA 3113 MANU EMMANUEL 3191 MIKE ENTERPRISES NIG 3036 LELEPETERS MIRACLE VIRGINIA MINAWARI 3114 MARCUS MBA 3192 MIKE MADEE 3037 LEPDUNG LOUIS GOLECK 3115 MARCUS MBA E. 3193 MILLER BIODUN BODUNDE 3038 LEWIS TAIWO 3116 MARCUS TOYIN IDOWU 3194 MILLER LIVINUS CHIMEZIE 3039 LIASU IKENNA 3117 MARIMPEX FIN & INVESTMENT 2 3195 MILLION UBA 3040 LILLY-TARIAH TELEMA MAGDALENE 3118 MARISON CHINWE EZE 3196 MINIMA APRIL ONYINYE 3041 LIMESHARE INVESTMENT LTD 3119 MARK NZERIBE 3197 MIUNIRA KANENE 3042 LIMESHARE INVESTMENT LTD 3120 MARK UCHENNA FREDERICK 3198 MKANG GEORGE 3043 LINDA DRATT 3121 MARTICALI BRATE INVESTMENT LTD 3199 MKPA MARY
Standard Alliance Insurance Plc and its Subsidiary Company 153 2015 Annual Reports and Accounts
Unclaimed Dividend AS AT 31ST DEC. 2015
3200 MKPA MARY U. 3278 MUSA ABDURRASHEED RABE 3356 NIYI ABIODUN 3201 MKPANG GEORGE O. 3279 MUSA AHMED 3357 NJERE ANTHONIA KASARACHI 3202 MKPANG PETER EDET 3280 MUSA AISHA RABE 3358 NJKORI NICHOLAS A 3203 MKPOUTO CHRISTOPHER 3281 MUSA KOSHOW MANGUL 3359 NJOKU EBERE CATHY 3204 MKPOUTO CHRISTOPHER U. 3282 MUSA MOMODU 3360 NJOKU JULIUS UKACHUKWU 3205 MMA LANMBI 3283 MUSA OLAMIDE DANLA ABUBAKAR 3361 NJOKU MALACHY CHUKWUMA 3206 MMADU OSOMOND OKECHUKWU 3284 MUSA PHILEMON 3362 NJOKU MICHAEL CHUKWUMARAM 3207 MMADUAGWU REMIGIUS CHIGBO 3285 MUSA SHAKIRAT 3363 NJOKUOMA VIVIAN AMARACHI 3208 MMADUIGWE UGOCHUKWU 3286 MUSA SYLVESTER 3364 NKECHI LASISI 3209 MNWACHUKWU CHINYERE 3287 MUSA TAJUDEEN YAKASAI 3365 NKECHI UZUEGBUNAM 3210 MOBOLA JI SOLANKE 3288 MUSA ZAINAB RABE 3366 NKEDILIRIM HARRY L 3211 MODUPE FUNMILAYO BOLANLE 3289 MUSAYAYI OLUWAKEM 3367 NKEM OMERUEH 3212 MOGBOLU EMMANUEL 3290 MUSBAU ATTEH 3368 NKEMDILI PETER 3213 MOGBOLU PATRICK NKEMDILIM 3291 MUSILI AHMED DALHOTO 3369 NKEMDIRIM HARRY 3214 MOGHALU MAY NGOZI 3292 MUSILI AHMED DALHOTO W 3370 NKEMNACHO MOSES 3215 MOHAMMED LAWAN HABIBA 3293 MUSILIU RAYMOND F 3371 NKEMNACHO MOSES F 3216 MOHAMMED NANA FIRDAUSI 3294 MUSTAPHA AYODEJI MUBASHIR 3372 NKENJIKA BELLO 3217 MOHAMMED RIANAT 3295 MUSTAPHA JIDE 3373 NKESE NWAGU 3218 MOJEED ONWUANYI 3296 MUSTAPHA OLAYIWOLA ABDULWAHAB 3374 NKORI NICHOLAS 3219 MOJOLA KIKELOMO O. 3297 MUSTAPHA SHITTU OLAREWAJU 3375 NKWUKA SAMPSON 3220 MOMAH SUNDAY MAXWELL 3298 MUYIWA OBOYOMI 3376 NMADUFOR BLESSING 3221 MOMODU MARIAM 3299 MUZAN EKPELU VERONICA 3377 NNA ASUKA 3222 MOMODU OMOZOGIE 3300 MYIESHA KARIMAH 3378 NNABOGU DON 3223 MOMOH GODWIN 3301 N OKARO 3379 NNABUGO DAVID 3224 MOMOH IZOBO 3302 NABILAH MAHDI EJIS 3380 NNABUGO DAVID E 3225 MOMOH PHILOMINA 3303 NAFADA BABANGIDA 3381 NNABUIHE HARBOR IJEOMA OBIAGERI 3226 MONDAY SAVIOUR PETER 3304 NAFISAH MAHMUD OLU 3382 NNACHETAM FIDELIS CHUKWUJIKE 3227 MONDIUM JOSEPH KAYODE 3305 NAHALATI MULTIPUPRPOSE 3383 NNACHI UKPAI OJI 3228 MONSURUDEEN WISDOM 3306 NAMENE WISDOM BARITOSAN 3384 NNAEGBUNA AKUNNA 3229 MONSURUDEEN WISDOM G. 3307 NANZA DAVID 3385 NNAEGBUNA AKUNNA W 3230 MORADEYO DAVID ADEMOLA 3308 NARISA BAPPA 3386 NNAEMEKA CHIDIMMA 3231 MORADEYO OLUWADUNSIN DOLAPO 3309 NARKEASHA SERAH 3387 NNAEMEKA CHRIS 3232 MORENIKE KELECHI 3310 NASIR SALISU 3388 NNAEMEKA OKECHUKWU 3233 MORENIKEJI FOLA JINMI OYINDAMOLA 3311 NDA OKEY 3389 NNAETO KOLAWOLE 3234 MORITIWON FLOARIN GBOLAHAN 3312 NDAGI AISHATU 3390 NNA JI CHUKWUDI 3235 MOSE AKUME 3313 NDAGI HUSSIEN 3391 NNA JI JUDE 3236 MOSERI ELIZABETH 3314 NDAGI HUSSIEN R 3392 NNA JI OSULUME 3237 MOSES ESEMAYON NATHANIEL 3315 NDAGI MOSES 3393 NNA JIOFOR GODWIN CHIGBO 3238 MOSES ETTA 3316 NDAGI MOSES D 3394 NNAKAENYI OBIOCHABUNDU ANULIKA 3239 MOSES HAMID 3317 NDE KENNETH 3395 NNAMCHI AUGUSTINE UCHENNA 3240 MOSES ONOVUGHE 3318 NDE KENNETH A 3396 NNAMDI ALBERT 3241 MOSES PASCAL 3319 NDEKWE FINN 3397 NNAMDI CHIBUEZE WILSON 3242 MOSES SUNDAY OMOLEYE 3320 NDIDI ANOSIKE CHINWE 3398 NNAMDI CHIDERA 3243 MOTWANI MUKESU 3321 NDIFREKE JUDE 3399 NNAMDI CHINAEMEREM J 3244 MOYO-FALAYI MOFIYINFOLUWA EMMANUEL 3322 NDIFREKE JUDE R 3400 NNAMDI CHINONSO FAVOUR 3245 MOYO-FALAYI MOFOGOFOLUWA 3323 NDIOLO GABRIEL OKEY 3401 NNAMDI IHECHUKWU CONFIDENCE 3246 MOYOSORE OLAFISOYE 3324 NDUA MOHAMMED 3402 NNAMDI KINGSLEY 3247 MPRADEYO TOMIDE 3325 NDUBUIZU ADAUGO SANDRINE 3403 NNAMDI MALACHY 3248 MUAZU ABDULLAHI 3326 NDUBUKA CHETACHI ELISHA IGBEGWU 3404 NNAMDI NNEKA 3249 MUBARAK ADMORS 3327 NDUKA CHINWEUBA EVEREST 3405 NNAMDI ODINAKACHI ROSEMARY 3250 MUBARAK JELANI 3328 NDUKA GLORIA 3406 NNAMEKA ISREAL EBUBE 3251 MUDASIRU OLAOLU OLUFEMI 3329 NDUKA OKENEYEBUNO EMMANUEL 3407 NNAMONA INNOCENT NDUBUISI 3252 MUFUTAU JELILI ADEKUNLE 3330 NDUKA-NWANZE JOHN OGBOGU OGUM ISAAC 3408 NNANNA INNOCENT UGONNA 3253 MUFUTAU TAIBAT OMOLARA 3331 NDUKE GRACE E. 3409 NNEJI CHIDINMA STELLA 3254 MUHAMMAD BELLO ABDULLAHI 3332 NDUKWE CYNTHIA 3410 NNEJI CHIUGO CHINELO 3255 MUHAMMED BASHIR ABDUL 3333 NDUKWE ESTHER 3411 NNEKA NWAKPA 3256 MUHAMMED KARIMA 3334 NDUKWE MARVELLOUS 3412 NNEKA UDOKA 3257 MUHAMMED ROKIBAT KOFOWOLA 3335 NDUKWE NELSON EME 3413 NNEMAKA ISREAL EBUBE H 3258 MUHAMMED UZOM 3336 NDULUE GENEVIEVE ADAOBI 3414 NNNEJI OKECHUKWU STEPHEN 3259 MUHAMMED YISA AYANDA 3337 NDUMELE CHINEDU OKECHUKWU 3415 NNNENA BOYO 3260 MUKO CHIBUZOR 3338 NEBEIFE SOLOMON 3416 NNODIM POPOOLA 3261 MUKO NKECHI PRISCILLA 3339 NEBO VICTOR CHUKWUKA 3417 NNOLIM AFAMEFUNA ANTHONY 3262 MUKO OKORO OLUEBERE 3340 NEHIKHARE DOSUNMU 3418 NNOROM CHUKWUEBUKA EMMANUEL 3263 MUKO OKORO ONYEDIKACHI 3341 NELSON D JAMES 3419 NNOZUBA ALOZIE JAMES 3264 MUKO OKORO UBASI NACHI 3342 NGOMA LEZI THIERRY 3420 NNOZUBA ALOZIE JAMES T 3265 MUKO PEACE ULOMA 3343 NGONADI OBIORA SAM 3421 NNUEIA GODWIN OGBONNA 3266 MUKO UBSAINCHI 3344 NGOWARI CHILAKA 3422 NOBEL SERVICES 3267 MUKO-OKORO JOY 3345 NGOWARI CHILAKA R 3423 NOBLE FAITH CATERERS 3268 MUKTAR ABDULJALAL 3346 NGOZI ADEMOLA 3424 NOIBI ADEMOLA 3269 MUNET SAMUEL 3347 NGOZI IBRAHIM 3425 NONJU SAMUEL H 3270 MUNIK-SHONIBARE FOLASADE ONIKEPO NAFISAT 3348 NGOZI OHAKIM 3426 NONJU SAMUEL PETERS 3271 MUONEKE EDWIN 3349 NGOZI THERESA 3427 NONOSO YVONNE 3272 MUONEKE EDWIN OSITA 3350 NGWABA OBAHOR 3428 NONYE KABE 3273 MURI MARK 3351 NGWU JOHN 3429 NOSEKE AMOLO NNOMADIM 3274 MURITALA AMIRA 3352 NICK BABALOLA 3430 NSE PETERS 3275 MURITALA FELIX 3353 NIGBAKUNLE STEPHEN 3431 NSE PETERS J 3276 MURITALA ISMAILA 3354 NISAKN ESO CLESTUS L. 3432 NSEYO UDOH BASSEY 3277 MUSA 3355 NISAKN ESO CLETUS 3433 NSEYO UDOH BASSEY L 2015 Annual Reports and Accounts 1154
3434 NSIKAK PRINCESS 3512 NWODE EMMANUEL COLLINS 3590 OBI TUNJI 3435 NSIKAK PRINCESS H 3513 NWOFIA OBIAGELI CHRISTIANA 3591 OBIAFULA IWUJI PATRICK 3436 NSOFOR JOSHUA 3514 NWOGU BASIL UGWUMBA 3592 OBIAKEMHE TERRY DIRISU 3437 NSOFOR OBINNA JUVENTUS 3515 NWOGWUGWU OKOYE 3593 OBIAKOR CHIKE 3438 NSOHA POLYCARP CHIDI 3516 NWOKAFOR MERCY ONYIYE 3594 OBIANO MALDALENE NWABUGO 3439 NTI SCHOLASTICA OSANUNG 3517 NWOKE FRANK 3595 OBIANYO KINS CHUMA 3440 NTIOKIET NTIOKIET ANAYO 3518 NWOKE FRANK Z 3596 OBIEJESI CHIJIOKE ERASMUS 3441 NTIOKIET NTIOKIET ANDY 3519 NWOKOCHA CHIKA AMARACHI 3597 OBINNA AMARACHUKWU C 3442 NUGA BAMIDELE C 3520 NWOKOLO BOLA JI 3598 OBINNA REGINALD IHEUKWUMERE 3443 NUHU ILIYASU 3521 NWOKOLO MARTINS UZOCHUKWU 3599 OBINWA PHILOMINA AKUADI 3444 NUHU JOSEPHINE 3522 NWOLISA CHRISTOPHER N 3600 OBI-ODUN UKWE UKAMAKA DORIS 3445 NUHU JOSEPHINE E 3523 NWORAH CHRISTOPHER NDUKA 3601 OBI-ODUNUKWE CHIDNMA FELICIA 3446 NUMBERE NUMBEREYE PRE F. 3524 NWOSU AMADI NNA 3602 OBI-ODUNUKWE CHINWIKE CALLISTUS 3447 NUPE TEMISANREN 3525 NWOSU ANTHONY CHUKWUEMEKA 3603 OBIOKOYE E. ANTHONY 3448 NURUDEEN KENKU 3526 NWOSU BALOGUN 3604 OBIORA -OKAFOR CHINEDU AFAMEFUNA 3449 NURUDEEN OLUFEMI 3527 NWOSU CHIDINMA FLORENCE 3605 OBIRI AMBROSE OKEY 3450 NWA AWANI 3528 NWOSU EMMANUEL EKESON 3606 OBI-UCHENDU IFEOMA 3451 NWABIA EMMANUEL NONSO 3529 NWOSU ERNEST UCHE 3607 OBODOEZE DAVID ONUORAH 3452 NWABOGOR MARGARET MARY 3530 NWOSU IKENNA 3608 OBOH JACKSON IMHANS 3453 NWABUEBO ANTHONY ADIMABUA 3531 NWOSU JONATHAN CHUKWUWIKE 3609 OBONNA OVIEZAKUME EBELECHUKWU 3454 NWABUEZE JUDE IKECHUKWU 3532 NWOSU KENNETH CHUKWUEMEKA 3610 OBOT INIABASI THOMAS 3455 NWABUNZE JOHN MARTINS 3533 NWOSU OKECHUKWU ONYEKACHI 3611 OBOT SEKEWED IFIOK 3456 NWABUNZE OBICHUKWU 3534 NWOSU ONYINYECHI CHINYERE 3612 OBOTI SAMUEL 3457 NWACHUKU PETER OKIKE 3535 NWOSU S.OKECHUKWU 3613 OBUMNEME LINUS IKEOKWU 3458 NWACHUKWU BENARD IJEH 3536 NWOSU SCHOLARSTICA UZOMA 3614 OBUROTA CHIMAOBI 3459 NWACHUKWU BENJAMIN OBED UCHENDU 3537 NWOYE CHIZOBA IMELDA 3615 OBUROTA JACOB 3460 NWACHUKWU EZIWANTI VICTORIA 3538 NWOYE MADUKA PIUS 3616 OBUROTA PATRICK 3461 NWACHUKWU JANET CHIDOZIE 3539 NWUJU OLOAKA STELLA 3617 OCHE CHARITY 3462 NWACHUKWU JOHNPAUL CHUKWUDI 3540 NWUME CHUKWUJEKWU 3618 OCHEJE ALEX DANJUMA 3463 NWACHUKWU PETER CHILAKA 3541 NWURUKU JESUSEME 3619 OCHEMI AKOJI TEMPLE 3464 NWACHUKWU PRINCESS 3542 NZELU EDWIN CHUKWUDUM 3620 OCHI CHIOMA LOVETH 3465 NWACHUKWU PRINCESS G. 3543 NZEMECHI IHEANYI OGUGUA 3621 OCHIGBO AGBOSON PATRICK 3466 NWACHUKWU UCHENNA 3544 NZEMECHI ONYINYECHI LINDA 3622 OCHONOGOR SUNDAY 3467 NWADIKE CLARICE IJEOMA 3545 O YUSUF 3623 OCHULOR OBIOMA 3468 NWAFOR CHIKEZIE SHADRACK 3546 OARHE ADEKOLA 3624 ODEARA FATIMA OYEBIMPE 3469 NWAGBOGU IFEOMA MAUREEN 3547 OBA SAMUEL OLUMUYIWA 3625 ODEBEATU OGENNA CHILO 3470 NWAGWU PETER 3548 OBADINA COLLEGE IB NUT CICS LTD 3626 ODEGHE OGBONNAC CHIOMA 3471 NWAJEI TONY IFEANYICHUKWU 3549 OBAGBEMI ADENIKE WURAOLA 3627 ODEH WILLIAM EHIGIE 3472 NWAJU SAIDAH 3550 OBAGUNLU MARCUS TIMILEHIN 3628 ODEKUOYE ADEREMI RALPH 3473 NWAKAMA IGBONEME 3551 OBAGWU ANGELA 3629 ODELEYE YETUNDE OMOLARA 3474 NWAKPA UCHENNA KINGSLEY 3552 OBAGWU PHILIP 3630 ODESANYA -OLOTO BASHIRU ABISOYE 3475 NWAKUNA KOYA 3553 OBAIDE EFEIRI RICH 3631 ODESANYA OLUWATOYIN BOLA 3476 NWAKWUOKE NORBERT CHINEDU C.(REV.FR) 3554 OBAIKE FRIDAY TONY 3632 ODETOLA DOLAPO DAMOLA 3477 NWALI JAMES IKECHUKWU 3555 OBAJEMU FOLUSHO EMMANUEL 3633 ODEY RICHARD ODEY 3478 NWALOR IJEOMA VICTORIA 3556 OBALUM CHIMEZIE IFEOMA 3634 ODEYEMI FATIMAT ADESOLA 3479 NWAMADI ANTHONY CHINEDU 3557 OBALUM CHUKWUEMEKA ZELUWA 3635 ODIDI ISAAC EGON SEUN 3480 NWAMARA LEMENE 3558 OBANIYI INNOCENT 3636 ODIDI RENA 3481 NWAMARA LEMENE F. 3559 OBANIYI JULIANAH 3637 ODIGIE MARY 3482 NWAMBA ONYEKA 3560 OBANO EBELE CECILIA 3638 ODILI FRANCISCA 3483 NWAMDI NNEJI JOSEPH 3561 OBARHUAKPOR STEPHEN 3639 ODINAKA PETER 3484 NWAMPERE AISHATU 3562 OBARHUAKPOR STEPHEN W 3640 ODIWE NNEBUOGO MARTHA 3485 NWANERI AZEBEOBOR 3563 OBARO SARAH 3641 ODO NNEKA ROSELINE 3486 NWANGWU OLATUNJI 3564 OBASA JU MODUPE BETHY 3642 ODONG NANCY 3487 NWANI OKORO FIDELIS 3565 OBASI FESTUS 3643 ODOWEGWU JOHN ONAH 3488 NWANKWO ISAAC EMENIKE 3566 OBASI ORJI UCHE CHUKWU 3644 ODU ABAYOMI OLUFEMI 3489 NWANKWO ONUOLA 3567 OBASI TONIA 3645 ODUCHE IFEYINWA FAITH 3490 NWANKWO STEPHEN UCHECHUKWU 3568 OBASI TONIA W 3646 ODUFALU OPEYEMI OLUWAGBAMILA 3491 NWANKWOR UGOCHUKWU HENRY 3569 OBASOLA A JIBADE 3647 ODUGBESAN ADESOLA 3492 NWANNA EKE 3570 OBASOLA A JOKE 3648 ODULARU ADEMOLA 3493 NWANPA GODWIN U 3571 OBASOLA ESTHER 3649 ODULATE JOSEPH OLUSOLA 3494 NWANYA ASSUMPTA CHINWE 3572 OBASOLA OLUFUNMILAYO 3650 ODULI OLUSEGUN 3495 NWAOCHA PRINCE 3573 OBAYEMI MAURICE 3651 ODUMOSU ADEBIMPE 3496 NWAOCHA PRINCE C. 3574 OBAYOPO MIKIE 3652 ODUNDOYIN ADEJUMOKE 3497 NWAOGWUAGWU JUDE IBEH 3575 OBAYOPO MIKIK R 3653 ODUNELA MONSURAT B. 3498 NWAOKIKE ANTHONY OGONNA 3576 OBEIMEN JULIET 3654 ODUNEWU KAYODE JOHN 3499 NWAOKORIE CHIKA DORIS 3577 OBELE JOSEPH OSILAOWI 3655 ODUNSI E. VICTOR 3500 NWAORGU NNEOMA 3578 OBESESAN UKPABIO 3656 ODUNSI ITUNOLUWA ADENIKE 3501 NWASOLU CHIJIOKE CLEMENT 3579 OBEYA JOHNSON 3666 OGHENEJODE RUTH 3502 NWAWUNA IFEOMA GRACE 3580 OBHAKHAN ANTHONIA 3667 OGHIDI MOSES EWELAIKE 3503 NWAZU OLUKEMI NKEMDILIM 3581 OBHAKHAN ANTHONIA Y 3668 OGHORIE SUNDAY 3504 NWEKE DABIRI 3582 OBI BABS 3669 OGISI MINISE FLOWERS 3505 NWEKE GLORIA 3583 OBI BERNADETTE NGOZI 3670 OGOGO OMANVUAYE CHRISTIAN 3506 NWEKE GLORIA D. 3584 OBI CHIKWENDEU WILFRED 3671 OGU ANADE CHRISTY OBY 3507 NWIGWE- ANI JOHN OKEKE 3585 OBI EKENE 3672 OGUCHIALU UCHENNA E. G. 3508 NWINBARI HELEN 3586 OBI MIMBILA 3673 OGUDORO CHINYERE MAGELLA 3509 NWINBARIN HELEN 3587 OBI NDUBUISI MATTHEW 3674 OGUEJIOFOR MICHAEL AZUBUIKE 3510 NWOBI PETER 3588 OBI STEPHEN OBI 3675 OGUEJIOFOR OKWUDILI DONATUS 3511 NWOBI PETER W 3589 OBI TONY MERRY HEART 3676 OGUGUO ANTHONY ONUNEKWU
Standard Alliance Insurance Plc and its Subsidiary Company 155 2015 Annual Reports and Accounts
Unclaimed Dividend AS AT 31ST DEC. 2015
3677 OGUN SHAKIRAT ARINOLA 3755 OJEFUA OFURE 3833 OKEREKE AUGUSTINE 3678 OGUNBAJO ABIOLA 3756 OJEIKERE MARY OLAYINKA 3834 OKEREKE NGOZI 3679 OGUNDAMOLA OLUSEGUN BABATUNDE 3757 OJEIKERE OHIKHUARE 3835 OKEREKE STANLEY CHIDI 3680 OGUNDEIN IFETAYO OLAYINKA 3758 OJELAKIN HANNAH OLUKEMI 3836 OKESANYA EMMANUEL O. 3681 OGUNDEJI ADEBOWALE BOLANIRAN 3759 OJIAKO OBIORA BASIL 3837 OKESANYA OLAMIJI 3682 OGUNDELE OLADELE EMMANUEL 3760 OJIEH NWABUOGOR JONES 3838 OKETOGUN DARE F 3683 OGUNDIPE ESTHER OSEOLA 3761 OJIGBEDE ESTHER 3839 OKHUELEIGBE ADESUWA 3684 OGUNDIPE FOLULOPE 3762 OJIGHO UFUOMA FOCUS 3840 OKHUELEIGBE EHIMARE 3685 OGUNDIPE FUNKE 3763 OJIKPE NKIRU UCHEDILI 3841 OKHUELEIGBE LIZZY 3686 OGUNDIPE FUNSHO 3764 OJIKUTU KEHINDE 3842 OKONKWO GLORIA AGAEZI 3687 OGUNDIPE KOLAWALE 3765 OJO ADEDAYO 3843 OKONKWO IKECHUKWU CRISTOPHER 3688 OGUNDIPE TOPE 3766 OJO ADEMOLA ABIODOLA 3844 OKONKWO JOEL ONYEMA 3689 OGUNDIRAN OMOLOLA GRACE 3767 OJO ADEYINKA OLAKUNLE 3845 OKONKWO NNENNA LOVINA 3690 OGUNDOYIN AYODEJI OJO 3768 OJO ADEYINKA OLUPONLE 3846 OKONKWO OGBONNE GLORIA 3691 OGUNGBADEJO ABDULKAREEM OMOTOYOSI 3769 OJO BAMISAYE SANMI 3847 OKONKWO VICTRO CHIDOZIE 3692 OGUNGBAMILA OLASOJI O. 3770 OJO BISOLA 3848 OKONTA CHUKUDI JAPHET 3693 OGUNGBE ADEYEMI ADEFEMI 3771 OJO ESTHER 3849 OKORIE SUNDAY NICHOLAS 3694 OGUNGBE OLUFEMI 3772 OJO OLUWAFEMI RICHARD 3850 OKORO BLESSING UCHE 3695 OGUNGBILE BIODUN 3773 OJO TEMITOPE OLUWATOSIN 3851 OKORO DANIEL JOHN 3696 OGUNGBILE GBOLABO DAMILARE 3774 OJO VICTORIA OLASINBO 3852 OKORO JOHN 3697 OGUNJIMI TENIOLA FATAI 3775 OJOBI ADOLE AMEH 3853 OKORO JUSTINA UGBALA 3698 OGUNJOBI BUKAYO OLUWASEYI 3776 OJOCHONU VICTOR SAMUEL 3854 OKORO OBI NNENNA 3699 OGUNJOBI SAMSON A JANI 3777 OJUGBELE ADEFOLAMI A. FARUQ 3855 OKORO OKECHUKWU 3700 OGUNKOMAIYA IDOWU TITILOPE 3778 OJUKWU JOSEPH CHUKWUJUGHA 3856 OKORO ULU OBASI 3701 OGUNKOYA ADENIKE AFOLARIN 3779 OJUKWU NEREUS IKEDI 3857 OKORODE OMONIGHO 3702 OGUNLANU ABIMBOLA OLADUNNI 3780 OJUKWU TEMITOPE OLORUNTOBA 3858 OKORONKWO BROWN ONUOHA 3703 OGUNLENDE ZAINAB JOSEPHINE 3781 OJUROMI LUKY MICHEAL 3859 OKORONKWO CYNTHIA IHUOMA 3704 OGUNLENDE ZAWE ABIOLA 3782 OJUTIKU ADEDAPO 3861 OKORONKWO MONDAY UCHENNA 3705 OGUNLESI AKINTUNDE A. 3783 OJUTIKU MOROUNFOLU 3862 OKORONTA RUFUS EMEKA 3706 OGUNLESI VICTORIA A. 3784 OJUTIKU OLUGBOYEGA 3863 OKOSI FRANCIS 3707 OGUNLEYE AMIDU TUNDE 3785 OKAFOR ALFRED IWEBUNOR 3864 OKWOLI ERIC OGBOLE 3708 OGUNLEYE GBENGA 3786 OKAFOR CHARLES CHINEDU 3865 OKWOMMA ONYINYECHI 3709 OGUNLEYE SOLA OLUWAFEMI 3787 OKAFOR EBERE AMARA 3866 OKWUJE CHARLES CHUKS 3710 OGUNLEYE SUNKANMI SAMUEL 3788 OKAFOR GODWIN FRANK 3867 OKWUJE CHRISTOPHER CHUKWUWIEKE 3711 OGUNLEYE TAIWO JONATHAN 3789 OKAFOR IKECHUKWU SAMUEL 3868 OKWUJE CHUKWUKA CHARLES 3712 OGUNMAKINWA SUNDAY AKINLOYE 3790 OKAFOR JERRY 3869 OKWUJE ISREAL CHUKWUEMEKA 3713 OGUNMOROTI BUKOLA FOLASADE 3791 OKAFOR JUSTICE VINCENT 3870 OKWUMABUA STELLA 3714 OGUNMUYIWA OYINADE FADEKE 3792 OKAFOR LINUS 3871 OKWUO OLUCHUKWU JUDITH 3715 OGUNNAIKE ADEWOLE FOLORUNSHO 3793 OKAFOR NGOZI BLESSING 3872 OKWUZI IFEANYI SYLVESTER 3716 OGUNNAIKE FOLASHADE OLUKOREDE 3794 OKAFOR OBINA 3873 OL0WU OPEYEMI TEMITOPE 3717 OGUNNAIKE OLUSIMIDELE ANIKE 3795 OKAFOR OLIVER CHUKWUDI 3874 OLA DIMEJI 3718 OGUNNAIKE TEMITOPE 3796 OKAFOR STELLA IFEACHUKWU OKWUAFORKA 3875 OLABANJI AYOBOLA ABIOLA 3719 OGUNREMI SIMEON 3797 OKAGBARE SAMUEL EGUBE 3876 OLABANJI COMFORT MOSUN 3720 OGUNRINDE HAKEEM MUSLIU 3798 OKAH AVAE MATHIAS OWIGHO 3877 OLABISI MOJISOLA REBECCA 3721 OGUNRINOLA SUNDAY JAMES 3799 OKAH JOY EWA 3878 OLABOLUDE OLATUNDE 3722 OGUNS AYORINDE OMOTAYO 3800 OKAI CELESTINE IKE 3879 OLABOWALE BAMIDELE BIDEMI 3723 OGUNSAMI ADEMOLA KEHINDE 3801 OKARA CHARLES GILBERT 3880 OLABULO OLAWUMI FEYIKEMI 3724 OGUNSAMI ADETOLA TAIWO 3802 OKARO EMMANUEL OSELOKA 3881 OLADAPA ABIODUN 3725 OGUNSANYA OLUWAFEMI E 3803 OKATTA BLESSING IDARA 3882 OLADAPO ABIODUN OLUWAKEMI 3726 OGUNSANYA OYINDAMOLA A 3804 OKE BOSEDE VICTORIA 3883 OLADAPO KABIRU OLADIRAN 3727 OGUNSE SEGUN 3805 OKE CHINWE CLARA 3884 OLADAPO OLUFEMI TAIWO 3728 OGUNSOLA EUNICE AFOLAKE 3806 OKE FELIX 3885 OLADAPO OLUWASEUN JADESOLA 3729 OGUNSOLA JOSEPH TEMI DARA OLUDAHUNSI 3807 OKE GBOLARO BOSEDE 3886 OLADEJO ABIMBOLA 3730 OGUNTADE COMFORT MOJISOLA 3808 OKE GRACE OMOTOKE 3887 OLADEJO TAIWO JOHN 3731 OGUNTADE MODUPE TOMILAYO 3809 OKE OLUWAFUNMIBI STEPHANIA 3888 OLADELE OLUFUNKE OLADUNNI 3732 OGUNTOYE OLANREWAJU 3810 OKE OSAREMEN 3889 OLADEMEHIN RALPH ABAYOMI 3733 OGUNWA ARIBIKE ORIGHOMISAN 3811 OKE RONKE AIMANNOSHI 3890 OLADIMEJI ISMAIL OLADOKU 3734 OGUNWALE OLUSHOLA 3812 OKECHUKWU MANAFA 3891 OLADIMEJI JOSHUA 3735 OGUNYEMI JAMES OKE 3813 OKECHUKWU OLULU HELEN 3892 OLADIMEJI OLAYEMI RUTH 3736 OGUNYOMI CHRISTOPHER OLUTAYO 3814 OKEDARA MORINKOREOLUWA 3893 OLADIMEJI OLAYINKA SUNDAY 3737 OHAEGBU LARRY 3815 OKEDARA MOROUNTODUN JOANNA 3894 OLADIMEJI OLUWATOBI SUNDAY 3738 OHAHURU EMILIA OLUCHI 3816 OKEDIJI WURAOLA TEMITOPE 3895 OLADIPO OLUBUNMI TUNRAYO 3739 OHAHURU JULIE EZINNE 3817 OKEH JOSEPH 3896 OLADIPO OLUDARE 3740 OHAI CHUKS 3818 OKEKE ALOYSIUS UBANAGU 3897 OLADIPO SUNDAY OLALEKAN 3741 OHAKA CHINDA 3819 OKEKE ALPHONSUS OSITA 3898 OLADIPUPO FLOURISH ADEKUNLE 3742 OHIMAI MODUPE OLADUNNI 3820 OKEKE CHRISTIAN O. 3899 OLADIRAN ROTIMI ELIJAH 3743 OHIOYA ONYEKACHUKWU ENDURANCE 3821 OKEKE EBUKA C. 3900 OLADOSU VICTOR KOLAWOLE 3744 OIKERHE KENNEDY 3822 OKEKE IKECHUKWU OWOH 3901 OLADUNJOYE ELIJAH IBUKUNOLUWA O 3745 OJEDIRAN FATAI AYOOLA 3823 OKEKE MARK IKECHUKWU 3902 OLADUNNI OLUWAFUNMIKE AMINAT 3746 OJEDIRAN OLUSEYI ABRAHAM 3824 OKEKE NNENNA RITA 3903 OLAEWE JACOB OLUSEGUN 3747 OJEDIRAN VICTOR AYOTUNDE 3825 OKEKE OBINNA SAMUEL 3904 OLAFIRANYE IBRAHIM OLAWALE 3748 OJEDOKUN MUSIBAU 3826 OKELEKE LOUISA NNEKA 3905 OLAFIRANYE SULAIMON ADEDAMOLA 3749 OJEFUA ALEXANDRIA 3827 OKENABIRHIE ESOSUO 3906 OLAGBENJO SALAU 3750 OJEFUA EBALUNEGBEFO GREGORY 3828 OKENWA CHIIJIOKE PAUL 3907 OLAGOKE TITILAYO ABEGBE 3751 OJEFUA EBOSEREMEN 3829 OKENWA PEACE CHINYERE 3908 OLAGUNJU BAMIDELE J. 3752 OJEFUA FRANCESCA ANYINRIO 3830 OKERE CLIFFORD CHUKWUEMEKA 3909 OLAGUNJU PAUL OLUFEMI 3753 OJEFUA GODSWILL 3831 OKERE CLIFFORD CHUKWUEMEKA 3910 OLAIFA KAYODE TAJUDEEN 3754 OJEFUA ISIBHAKHOMEN CONSTANCE 3832 OKEREJI O.OLUSEYI 3911 OLAIGBE OLUWAFUNKE MORENIKE 2015 Annual Reports and Accounts 1156
3912 OLAIYA RUKAYATU AJOKE 3990 ORJI ODILIONYENMA GREGORY 4068 OYETADE OLUFEMI ADEGOKE 3913 OLA JIDE ABOLA JOKO DEBORAH 3991 ORJI ONYEABO CHIDIEBERE 4069 OYEWOLE BOSEDE ABIOLA 3914 OLA JIDE GABRIEL TAIWO OLUSEGUN 3992 ORJI STEPHEN 4070 OYEWOLE DUROTIMI OLUSEUN 3915 OLA JIDE OLUFOLAKE ADEPEJU 3993 ORJI UDOCHUKWU VALENTINE 4071 OYEWOLE FOLASHADE ABIOLA 3916 OLA JIDE OLUFUNSHO OLAWALE 3994 OROWOLE OLUMIDE AYOOLA 4072 RAHEEM TUNDE 3917 OLA JIDE SUNDAY OLALEKAN 3995 OROWOLE OLUMIDE AYOOLA 4073 RAHEEM WASIU ARANSE OLUWA 3918 OLA JIDE TAIWOLEKAN 3996 OSABIYI OLASOJI VINCENT 4074 RAHMAN FAUSAT BOLANLE 3919 OLA JIDE VERONICA TITILAYO 3997 OSADARE OYENIYI 4075 RAIMI GBOLAGADE SAMUEL 3920 OLA JUBUTU OLUWASHOLA 3998 OSADEBE UZOMA CHIDINMA 4076 RA JI OLUWAFUNMILAYO OLUWATOYIN 3921 OLAKUNLE BABATUNDE 3999 OSADIPE JOSEPH BODUNDE 4077 RA JI SHUKURAT OLASUMBO 3922 OLAKUNLE ENYONAM TEMILOLUWA 4000 OSAGIE KISITO OSAGIE 4078 RAMON ABAYOMI 3923 OLALEKE FELICIA IYABODE 4001 OSAKA DANIEL 4079 RANTI ADEKUNLE ALAUSHA 3924 OLALEYE AYODELE KUNLE 4002 OSAKWE ANTHONY OSANEBI 4080 RASAK ABDULLAI OLANREWAJU 3925 OLALEYE BIMBOLA MARY 4003 OSAKWE IKECHUKWU CHRISTOHER 4081 RASAQ SAHEED BAMIDELE 3926 OLANBIWONNU HUMUANNI OMOTUNDE 4004 OSAMO DARE OLUWASEGUN 4082 RAYMOND MUSA MOSES 3927 OLAYANDE IBIYEMI OLANIRETI 4005 OSAMWONYI CHRISTIAN 4083 REAL STOCK LIMITED 3928 OLAYENI OLUWAKEMI MOSUN 4006 OSAMWONYI KEZIAH 4084 REEMSON WAHAB A JENIFUJAH 3929 OLAYIWOLA OLADIMEJI SOLOMON 4007 OSANYINTADE OLUWASEGUN OLUWAROTIMI 4085 REGINAA IBE 3930 OLIJE VINCENT 4008 OSARENKHOE ESOHE GRACE 4086 REV AGBOOLA JOSEPH OKIKIOLA 3931 OLISAEKE PAUL CHUKWUNYERE 4009 OSAWARU AMENAGHAWON JOSHUA 4087 RICHARDS MARILYN ADETOKUNBO 3932 OLISAH NGOZI JUDITH 4010 OSAZUWA FESTUS 4088 RICHMOORE ASSOCIATES LTD. 3933 OLISAKWE MACNTHONY EMEKA 4011 OSHIN ANTHONY OLUGBENGA 4089 RIGHI GREGORY O 3934 OLIVER EBERENDU 4012 OSHINUGA TEMITOPE O. 4090 RIMI USMAN 3935 OLIYIDE ABIOLA OLUTOKE 4013 OSHIYOYE IYANUOLUWA OLUGBENGA 4091 RIMOSJI VENTURES LIMITED 3936 OLIYIDE AMINAT 4014 OSHODI GIL DIKE 4092 SALIU IDRIS BAMDELE 3937 OLIYIDE HAZMAT OLUDOLAPO 4015 OSHUNLUSI ABOLADE BUNMI 4093 SAM ANYOMA COLLINS OGHENEDORO 3938 OLIYIDE ISMAILA OLANREWAJU 4016 OSHUNLUSI OLUWATOYIN OLAWUMI 4094 SAMBOL ENERGY & ALLIED SERVICES LTD 3939 OLIYIDE JAMIU 4017 OSIBERU OLUWALAMBE JANET 4095 SAMLEX INTEGRATED SERVICES LIMITED 3940 OLIYIDE MODINAT 4018 OSIBOGUN ABOLANLE MULIKAT 4096 SAMSON DANJUMA 3941 OLIYIDE MORUFF 4019 OSIEGBU NDUKA 4097 SAMSON JUSTINA ONYINYECHI 3942 OLIYIDE MUHAMMED TEMIDAYO 4020 OSIFESO OLUSEYI OLUKAYODE O. 4098 SAMUEL ADEKUNLE OLUGBENGA 3943 OLIYIDE SAHEED 4021 OSIGBEME AUGUSTINE ETSEILENA 4099 SAMUEL CHIDERA DIVINE C. 3944 OLIYIDE WOSILAT AMOPE 4022 OSIGBEMHE GILBERT IZUAGBE 4100 SAMUEL IYABO TEMITOPE 3945 OLOJEDE SAMSON OLUSOLA 4023 OSIKWEME OMOSOMI MARY 4101 SAMUEL MARY TEMILOLA 3946 OLOKUN OLATUNBOSUN METHAIS 4024 OSIN EVELYN 4102 SAMUEL THANKGOD 3947 OLOKUNDE TOYIN OLAYINKA 4025 OSIN EVELYN 4103 SAMUEL TOBA 3948 OLOLADE SHAFIU OLADELE 4026 OSIN EVELYN I. 4104 SANGOWAWA BOSUN ADEWUNMI 3949 OLOMU GODSPOWER 4027 OSIN EVELYN ISI 4105 SANWO OLUWATOYIN EMMANUELA 3950 OLOREDE JAMES AYOOLA 4028 OSIN EVELYN ISIMEME 4106 SCOTT ORISHEWEYIMI S. 3951 OLORUNFEMI GABRIEL SUNDAY 4029 OSIN ISIMEME 4107 SEGI KAYODE 3952 OLORUNNISOMO ABOLA JI 4030 OSIN ISIMEME E. 4108 SHETTIMA MOHAMMAD SAGHIR 3953 ONYEBU IFEOMA MAY 4031 OSIN ISIMEME EVE 4109 SHETTIMA SAMUEL LABURTA 3954 ONYEBUCHI JAMES CHUKWUGOROM 4032 OSIN ISIMEME EVELYN 4110 SHEYINDEMI EMMANUEL A. ADEDAMOLA 3955 ONYEBUCHI NGOZI LOVELYN 4033 OSIN ISIMEME EVELYN 4111 SHITTA WASIU 3956 ONYEDIKA OLUCHI AHAOMA 4034 OSINOWO EDORA NNEKA 4112 SHITTA WASIU OLADELE 3957 ONYEJE S. N. 4035 OSINUGA GBOLADE OLANREWAJU 4113 SHITTU OWOLABI LATEEF 3958 ONYEKAONWU LAWRETTA CHIMEZIE 4036 OSOMO FAROUK OMOTAYO 4114 SHITU O. NIMOTALAI 3959 ONYEKELU CHIDOZIE HYGINUS 4037 OSONDU ONYEKA STANLEY 4115 SHOBAYO AJIGBOTOLA SADE 3960 ONYEKONWU ANDREW IBEZIN 4038 OSOSAMI OLUGBENGA ADENIYI 4116 SHODIPO ADETUTU 3961 ONYEKWELU IFEOMA CHINYELU 4039 OSSAI SANDRA IJEOMA 4117 SHOEWU OLUWARANTI OLUSOGA 3962 ONYEKWERE CA JETAN CHIKEZIE 4040 OTISE UCHE 4118 SILVARIUS ANIEBONAM TOCHUKWU 3963 ONYEMA VICTORIA 4041 OWOMERO EMILY 4119 SILVER MICHEAL FEMI 3964 ONYEMALU FIDELIS OGBONNA 4042 OWOSEJE KAYODE MR 4120 SOWORE ADEBIMPE 3965 ONYEMELUKWE CHIDIOGO NKEMDILIM 4043 OYAKHIRE OLUSEGUN WILLIAM 4121 THEOGRACE GLOBAL CONCEPT LTD 3966 ONYEMELUKWE CHUKWUKA OBUMNEME 4044 OYEBANJI OLUWATOSIN OYEBOLA 4122 THESCO & AGRO LTD 3967 ONYEMELUKWE CHUKWUWIKE CHUKWUKA 4045 OYEBISI ROTIMI 4123 THOMAS ANIEFIOK DICKSON 3968 ONYEMELUKWE NGOZI CAROL 4046 OYEDE SEGUN ADEBAYO 4124 THOMEX GROUPEX NIG. LTD. 3969 ONYENEKE KENNETH IKENNA 4047 OYEDEJI OYEGBOLA ADEDAYO 4125 THOMPSON OLUWAFEMI 3970 ONYENENUE JOEL ONYEKA 4048 OYEDELE ADENIYI OLUGBENGA 4126 THOMPSON TAMUNODIKI 3971 OPATOLA BAMIKE TEMILADE 4049 OYEDELE ADEROMKE F 4127 TIAMIYU EMMANUEL BAMIDELE 3972 OPEBIYI AYOBANJI ABRAHAM 4050 OYEDELE OLUWASESAN OYETUNDE 4128 TIAMIYY ALHAMEEN ADETAYO 3973 OPEBIYI AYOKUNLE SAMUEL 4051 OYEDELE PAUL 4129 TIJANI FATIMA 3974 OPEBIYI AYOTOMIWA FERANMI 4052 OYEDELE TOLULOPE ADETOYESE 4130 TIJANI OLADIPUPO MUHRTALA 3975 OPETU THANKGOD 4053 OYEDESI MUYIWA EMMANUEL 4131 TIMINIMI NELSON OTOH 3976 OPUALA-CHARLES SILVA 4054 OYEDIRAN CHRISTIANAH FUNMILAYO 4132 TITE JOCELYN ERORO 3977 ORAEZI MARYCYNTHIA IJEOMA 4055 OYEDIRAN MODUPEOLA OLUWATOYIN 4133 TOCHUKWU A. S. 3978 ORAH BENNETH RAPULUCHUKWU 4056 OYEDOKUN ISAIAH ADELANI 4134 TOCHUKWU SILVARIUS 3979 ORAROTIMI OLADEJO OLADAPO 4057 OYEKAN FATIMAH FADEKE 4135 TOKODE OLUSEGUN OLAYINKA 3980 OREBIYI SOLOMON OLUSEGUN 4058 OYELAKIN KEHINDE HASSAN 4136 UCHE BATHOLOMEW EKEKA 3981 OREDIA JOSEPH 4059 OYELAMI OLUWATOSIN AYOMIDE ALAKE 4137 UCHE GLORY 3982 OREDIA LOVINA 4060 OYELEYE EMMANUEL FUNMI 4138 UCHEGBU GERALD CHIBUIKE PETER 3983 OREOLUWA OMOLAYO 4061 OYELEYE SESAN ABRAHAM 4139 UCHENWA CHRISTOPHER CHIAGOZIE 3984 ORIAIFO-ODARO FELICIA EBAIDE 4062 OYELOWO MATTHEW OLANIYI 4140 UCHENWA OBY VICTORIA 3985 ORIDAMI OLUSOLA TOKUNBO 4063 OYEMA VICTOR 4141 UCHEUKWU ALOZIE 3986 ORIJA OLUWAKEMI OMOLARA 4064 OYEMUNMI SEYI 4142 UDEAGHA ANTHONY CHUKWUEMEKA 3987 ORIMOLADE CLEMENT BAMIDELE 4065 OYENIYI SIMEON KOLAWOLE 4143 UDEH SAMUEL OKEZIE 3988 ORITU AFOLABI SOLOMON ABE 4066 OYENIYI TAIWO OLUMUYIWA 4144 UDEH UDEH CHIBUZOR VINCENT 3989 ORJI KINGSLEY ONWUCHEKWA 4067 OYENUGA OLUYEMISI 4145 UDEICHI IDIA
Standard Alliance Insurance Plc and its Subsidiary Company 157 2015 Annual Reports and Accounts
Unclaimed Dividend AS AT 31ST DEC. 2015
4146 UDEOJI UCHE VICTOR 4147 UDOH JOHN ETUK 4148 UDOH JOHN JONAH 4149 UDOH M. DAVID 4150 UDOH MICHAEL OKAFOR 4151 UGWU RAYMOND OMABA 4152 UGWU VICTORIA OLUCHUKWU 4153 UGWUANYI KENNETH CHIBUIKE 4154 UGWUEKE MATTIAS UGWUEKE 4155 UGWUMBA CHIBUZO ATHANASIUS 4156 UGWUMBA MARTHA CHIZOBA 4157 UGWUMBA THEODORE IFEANYICHUKWU 4158 UGWUOKE VALENTINE UCHE 4159 UJOATUONU JONATHAN UWAOMA 4160 UMEZURIKE OLAYINKA 4161 UMOETTE EKAETTE EKUTMFON 4162 UMOH JOSHUA UBON 4163 UMOH MFONIDOH DAVID 4164 UMOH SUNDAY MOSES 4165 UMOH UWEMEDIMO 4166 UMOREN ANTHONY 4167 UMORU JIMOH 4168 UMORUH AMINU CHRISTOPHER 4169 UNACHUKWU OBINNA GOBSON 4170 UNAEGBU NKEIRUKA NKEMAKOLAM 4171 UNEGBU BONIFACE GEORGE 4172 UNEGBU ONYEMAECHI SUSAN 4173 UNEGBU PATRICK 4174 UNIGWE NNENNA 4175 USULOR CHIKAODIMICHIKAODI 4176 USUNOBUN OSBERT UADIALE 4177 UWAKWE ANDREW CHUKWUEMEKA 4178 UWANDU JUSTINA 4179 UZOUKWU PHILIP CHIBUIKE 4180 UZU FAVOUR NKEMDILIM 4181 UZUEGBU TONY 4182 YAKEEN KAZEEN 4183 YAKUBU AREMU AMUDA 4184 YUNUSA RASAK ADIGUN 4185 YUNUSA SODIQ ADESHINA 4186 YUSUFF SHERIFAT TOTAL
2015 Annual Reports and Accounts 1158
Consolidation of Accounts
Dear Shareholders,
Records with our registrar and as revealed by the registrar of Members show that some members have multiple accounts in their names.
This situation may have risen as a result of multiple applications made during new issues or as a result of purchases made through the Stock Exchange Market.
Servicing this account is a huge administrative problem resulting in avoidable cost. E.g Postage, maintenance, issuing of certificates, etc. This ultimately has an impact of the profit of your company.
The company appeals to you to make efforts to consolidate your multiple accounts, more especially to facilitate the operations and to save the company cost.
We ask for you corporation in this respect.
Please complete the Consolidation Request Form below and send it to the Registrars: First Registrars Ltd; Plot 2 Abebe Village Road, Iganmu, Lagos Nigeria.
Kindly state in your request for consolidation the name/addresses of those persons you bought shares for during any public offers by the Company and the secondary market besides yourself. E.g your children, grandchildren, etc, Certificates should not be forwarded.
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CONSOLIDATION OF ACCOUNT FORM
Unit Certificate A/C Date s/n Name Address of Shares Number Number Issued
Shareholder’s Signature:……………………. Date:………………………………
Standard Alliance Insurance Plc and its Subsidiary Company 159 2015 Annual Reports and Accounts
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MAIL TO: POSTAL STAMP
FIRST REGISTRARS NIG. LTD PLOT 2 ABEBE VILLAGE ROAD, IGANMU, LAGOS. P.M.B 12692 MARINA, LAGOS 2015 Annual Reports and Accounts 1160
Proxy Form Twentieth Annual General Meeting of STANDARD ALLIANCE INSURANCE PLC will be held at the Event Hall, Plot 1, Block 94 Providence Street, Lekki Phase 1, Lekki Lagos State on...... ………………2016 at 1:00pm prompt.
I/We…………………………………………………...... of.………………………………………...... being member/members of STANDARD ALLIANCE INSURANCE PLC hereby appoints………………………………………………...…of……………………………………………………or failing him/her, the Chairman of the meeting as my/our proxy to attend and vote for me/us on my/our behalf at the Annual General Meeting of the company to be held on ……………………………………2016 and at any adjournment thereof.
ORDINARY BUSINESS FOR AGAINST To receive the Audited Financial Statements for the year ended 31st December, 2015 together with the Report of Directors, Auditors and Audit Committee. To re-elect retiring Directors. Ÿ Mr. Austin Enajemo-Isire as a Non-Executive Director. Ÿ Mrs. Omolola Oshiafi as a Non-Executive Director.
To re-appoint BDO Professional Services as the Auditors of the Company. To authorize the Directors to fix the remuneration of the Auditors. To elect/re-elect members of the Audit Committee.
SPECIAL BUSINESS FOR AGAINST To consider and if thought fit, pass the following resolutions as Ordinary Resolutions: 1. To fix the remuneration of the Directors. 2. That subject to the post listing rules (Rules Governing Transactions with Related Parties or Interested Persons) of the Nigerian Stock Exchange, a General Mandate be and is hereby given for the Company to enter into recurrent related party or interested party transactions provided such transactions are of a revenue or trading nature or are necessary for the Company’s day to day operations; and that the Directors be and are hereby authorized to complete and do all such acts and things (including executing all such documents as may be required) to give effect to the transactions as authorized by this Ordinary Resolution. 3. That in compliance with Article 5.07(iv) of the National Insurance Commission Code of Good Corporate Governance for the Insurance Industry in Nigeria, the Directors are hereby authorized to appoint an External Consultant to conduct the Annual Board Performance Appraisal for the financial year ending 31st December, 2016.
Ÿ A member of the company is entitled to attend and vote at the meeting of the company. He is also entitled to appoint a proxy to attend and vote instead of him or her. In this case the above Form and Admission slip herein may be used to appoint a proxy. Ÿ The name of the Chairman of the meeting has been entered on the form of the proxy to ensure that someone will be at the meeting to act as your proxy, but if you wish, you may insert in the blank space marked on the form, the name of any person, whether a member of the company or not, who will attend and vote on your behalf. Ÿ The above form of proxy, when completed, must be deposited with the Registrars: First Registrars Ltd; Plot 2 Abebe Village Road, Iganmu, Lagos, not later than 48hours before the time of the meeting. If the form of proxy is executed by a corporation, it should be sealed under the common seal of the corporation. Ÿ Stamp Duties Act Cap 411, Laws of the federation of Nigeria, 1990 requires that any instrument of proxy to be used for the purpose of voting by any person entitled to vote at any meeting of shareholders must bear a stamp duty of two (2) kobo. Ÿ If you are unable to attend the meeting, kindly adhere to the following instructions: (A) Write your name in Block Letters on the proxy form where marked. (B) Write the name of your proxy where marked and ensure the proxy form is dated and signed by you.
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ADMISSION CARD
STANDADRD ALLIANCE INSURANCE PLC Annual General Meeting will be held at the Event Hall, Plot 1, Block 94 Providence Street, Lekki Phase 1, Lekki Lagos State on ………………………………….2016 at 1:00pm prompt.
Name of Shareholder…………………………………………...... ……......
Signature of Person Attending………………………………….
NOTE: This admission card must be produced by the shareholder or his/her proxy in order to be admitted at the meeting. Shareholders or their proxies are requested to sign the admission card at the entrance of the venue of the Annual General Meeting.
For company use only: Number of Shares………………………………………………
Uruemu-Esiri Oghen Company Secretary FRC/2016/NBA/00000014122
Standard Alliance Insurance Plc and its Subsidiary Company 161 2015 Annual Reports and Accounts
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MAIL TO: POSTAL STAMP
FIRST REGISTRARS NIG. LTD PLOT 2 ABEBE VILLAGE ROAD, IGANMU, LAGOS. P.M.B 12692 MARINA, LAGOS 2015 Annual Reports and Accounts 1162
Affix Passport (To be stamped by Banker)
E-DIVIDEND ACTIVATION FORM
Instruction Please fill the form and return to the address below:
The Registrar, First Registrar Nigeria Ltd; 2, Abebe Villiage Road, Iganmu, P.M.B 12692, Lagos, Nigeria
I/We hereby request that from now on, all my/our dividend warrant(s) due to me/us from my/our holdings in Standard Alliance Insurance Plc be paid directly to my/our Bank name below.
Bank Name
Bank Branch Company Standard Alliance Insurance Plc Bank Address
Bank A/c No
SHAREHOLDER ACCOUNT INFORMATION
Surname First Name Other Names
Address Line 1
Address Line 2
City State Country
Mobile Telephone
Email Address
Signature Company’s Seal
Joint/Company’s Signatories
Branch Sort Code (very important)
Authorised Signature of Banker Authorised Stamp of Banker
Standard Alliance Insurance Plc and its Subsidiary Company