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AGM Inner-Web A n n u a l 2010 Report & Accounts 1 . a w e l c o m e r e l i e f CONTENTS PAGE Directors and Professional Advisers 2 Results at a Glance 3 Notice of Annual General Meeting 4 - 5 Chairman’s Statement 6 - 9 Board of Directors 10 - 11 Report of the Directors 12 - 17 Report of the Audit Committee 18 AUDITED FINANCIAL STATEMENTS Report of the Independent Auditors 19 Statement of Significant Accounting Policies 20 - 28 Executive Management 29 Balance Sheet 30 Profit and Loss Account 31 Detailed Revenue Account 32 Statement of Cashflow 33 Notes to the Financial Statements 34 - 44 Statement of Value Added 45 Five-Year Financial Summary 46 Non Life Revenue and Profit and Loss Account 47 General Accident – Revenue Account 48 Fire – Revenue Account 49 Marine – Revenue Account 50 Motor – Revenue Account 51 Unclaimed Dividend 52 - 60 E-Dividend Mandate Form 61 Proxy Form 63 OASIS INSURANCE Annual Annual Report & 2010 2010 Report & Accounts Accounts . a w e l c o m e r e l i e f 2 3 . a w e l c o m e r e l i e f DIRECTORS AND PROFESSIONAL ADVISERS RESULTS AT A GLANCE DIRECTORS: Chief S. I. Adegbite, OFR Chairman 2010 2009 B.O. Oshadiya Managing Director N'000 N'000 Chief J. A. Odeyemi, MFR Mrs. Seinye O.B. Lulu-Briggs Major Balance Sheet Items O. Okeowo Investments 1,537,300 1,666,403 A. G. Adegbite O. O. Fowora Fixed assets 1,118,893 583,998 R. O. Balogun Insurance funds 240,703 181,124 G. O. Omosehin appointed 16th December, 2010 Y. A. Adewusi appointed 16th December, 2010 Share capital 3,251,753 2,501,753 Dr R. C. Obieri OON retired 30th October, 2010 Contingency reserve 184,040 160,254 M. O. Sofela retired 31st December, 2010 Shareholders' funds 3,471,976 3,027,193 REGISTERED OFFICE: Oasis House Total assets 3,928,413 3,424,867 298, Ikorodu Road Anthony Lagos Major Profit and Loss Items SECRETARIES: Skil Associates Gross premium 1,226,181 895,075 22A Glover Road, Investment income (5,430) 72,481 Ikoyi, Lagos Underwriting profit 730,521 571,965 Profit /loss before taxation 97,906 (39,140) AUDITORS: Doyin Owolabi & Co (Chartered Accountants) 14, Falolu Street, Profit/loss after taxation 61,427 (95,537) Surulere, Lagos REGISTRARS: Intercontinental Registrars 274 Murtala Mohammed Way Alagomeji, Yaba, Lagos SOLICITORS: Messrs Idowu Sofola & Co Ereke House 4th & 5th Floors Plot 15, IPM Road C.B.D., Alausa Lagos BANKERS: First Bank of Nigeria Plc. Fidelity Bank Plc. Guaranty Trust Bank Plc. OASIS INSURANCE OASIS INSURANCE Annual Annual Report & 2010 2010 Report & Accounts Accounts . a w e l c o m e r e l i e f 2 3 . a w e l c o m e r e l i e f DIRECTORS AND PROFESSIONAL ADVISERS RESULTS AT A GLANCE DIRECTORS: Chief S. I. Adegbite, OFR Chairman 2010 2009 B.O. Oshadiya Managing Director N'000 N'000 Chief J. A. Odeyemi, MFR Mrs. Seinye O.B. Lulu-Briggs Major Balance Sheet Items O. Okeowo Investments 1,537,300 1,666,403 A. G. Adegbite O. O. Fowora Fixed assets 1,118,893 583,998 R. O. Balogun Insurance funds 240,703 181,124 G. O. Omosehin appointed 16th December, 2010 Y. A. Adewusi appointed 16th December, 2010 Share capital 3,251,753 2,501,753 Dr R. C. Obieri OON retired 30th October, 2010 Contingency reserve 184,040 160,254 M. O. Sofela retired 31st December, 2010 Shareholders' funds 3,471,976 3,027,193 REGISTERED OFFICE: Oasis House Total assets 3,928,413 3,424,867 298, Ikorodu Road Anthony Lagos Major Profit and Loss Items SECRETARIES: Skil Associates Gross premium 1,226,181 895,075 22A Glover Road, Investment income (5,430) 72,481 Ikoyi, Lagos Underwriting profit 730,521 571,965 Profit /loss before taxation 97,906 (39,140) AUDITORS: Doyin Owolabi & Co (Chartered Accountants) 14, Falolu Street, Profit/loss after taxation 61,427 (95,537) Surulere, Lagos REGISTRARS: Intercontinental Registrars 274 Murtala Mohammed Way Alagomeji, Yaba, Lagos SOLICITORS: Messrs Idowu Sofola & Co Ereke House 4th & 5th Floors Plot 15, IPM Road C.B.D., Alausa Lagos BANKERS: First Bank of Nigeria Plc. Fidelity Bank Plc. Guaranty Trust Bank Plc. OASIS INSURANCE OASIS INSURANCE Annual Annual Report & 2010 2010 Report & Accounts Accounts . a w e l c o m e r e l i e f 4 5 . a w e l c o m e r e l i e f NOTICE OF ANNUAL GENERAL MEETING NOTICE OF ANNUAL GENERAL MEETING (Contd) NOTICE IS HEREBY GIVEN that the 18th Annual General Meeting of members of Oasis Insurance Plc will be Closure of Register held at Damola Hall, Kakanfo Inn, 1, Nihinlola Street, Off Joyce'B Road, M. K. O Abiola Way (Ring Road), The Register of Members and Transfer Books of the Company will be closed from Monday 15th to Friday 19th Ibadan, Oyo State on Friday 26th August 2011 at 11 a.m. to transact the following business: August 2011. ORDINARY BUSINESS 1 To receive the directors report, the Audited Financial Statements for the year ended 31st December, BY ORDER OF THE BOARD 2010, and the Reports of the Auditors and Audit Committee thereon. 2 To elect / re-elect Directors 3 To appoint Doyin Owolabi & Co Chartered Accountants as Auditors of the Company in place of Ernst & Young Professional Services. 4 To authorize the Directors to fix the remuneration of the Auditors S. K. OSEDO (MRS) 5 To elect members of the Audit Committee SKIL ASSOCIATES COMPANY SECRETARY SPECIAL BUSINESS 6 To approve the remuneration of the directors Dated this 26th day of July 2011 Notes: Proxies A member of the Company entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the Company. Proxy forms must be completed and deposited at the office of the Company's Registrars, Intercontinental Registrars, 274 Murtala Mohammed Way, Alagomeji, Yaba, Lagos not later than 48 hours before the time of the meeting. Nomination for the Audit Committee In accordance with Section 359(5) of the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria, 2004, any shareholder may nominate another shareholder as a member of the Audit Committee by giving notice in writing of such nomination to the Company Secretary at least 21 days before the Annual General Meeting. OASIS INSURANCE OASIS INSURANCE Annual Annual Report & 2010 2010 Report & Accounts Accounts . a w e l c o m e r e l i e f 4 5 . a w e l c o m e r e l i e f NOTICE OF ANNUAL GENERAL MEETING NOTICE OF ANNUAL GENERAL MEETING (Contd) NOTICE IS HEREBY GIVEN that the 18th Annual General Meeting of members of Oasis Insurance Plc will be Closure of Register held at Damola Hall, Kakanfo Inn, 1, Nihinlola Street, Off Joyce'B Road, M. K. O Abiola Way (Ring Road), The Register of Members and Transfer Books of the Company will be closed from Monday 15th to Friday 19th Ibadan, Oyo State on Friday 26th August 2011 at 11 a.m. to transact the following business: August 2011. ORDINARY BUSINESS 1 To receive the directors report, the Audited Financial Statements for the year ended 31st December, BY ORDER OF THE BOARD 2010, and the Reports of the Auditors and Audit Committee thereon. 2 To elect / re-elect Directors 3 To appoint Doyin Owolabi & Co Chartered Accountants as Auditors of the Company in place of Ernst & Young Professional Services. 4 To authorize the Directors to fix the remuneration of the Auditors S. K. OSEDO (MRS) 5 To elect members of the Audit Committee SKIL ASSOCIATES COMPANY SECRETARY SPECIAL BUSINESS 6 To approve the remuneration of the directors Dated this 26th day of July 2011 Notes: Proxies A member of the Company entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the Company. Proxy forms must be completed and deposited at the office of the Company's Registrars, Intercontinental Registrars, 274 Murtala Mohammed Way, Alagomeji, Yaba, Lagos not later than 48 hours before the time of the meeting. Nomination for the Audit Committee In accordance with Section 359(5) of the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria, 2004, any shareholder may nominate another shareholder as a member of the Audit Committee by giving notice in writing of such nomination to the Company Secretary at least 21 days before the Annual General Meeting. OASIS INSURANCE OASIS INSURANCE Annual 2010 Report & Accounts 7 . a w e l c o m e r e l i e f CHAIRMAN’S STATEMENT Fellow Shareholders, Members of the Board of Directors, Ladies and Gentlemen, I am delighted to welcome you to this year's Annual General Meeting and to present a summary of our operating results and the key achievements of your company for the financial year ended 31st December, 2010. As is customary, I will provide a brief overview of the macroeconomic operating environment and highlight our company's scorecard during the period under review. Business Environment The country witnessed a peaceful transfer of power from the late President Umaru Musa Yar'Adua's administration to his vice president, now President Goodluck Jonathan. President Jonathan has since showed his commitment to build on the work of Yar'Adua's administration and continues to address the issues in the Niger Delta.
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