DOCSLIB.ORG

Annual Report 2010 Final.Cdr

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2010 Final.Cdr s t n u 2010 o c c 2010 Annual Report and Accounts a d n a t r o p e R l a u n n A 0 1 0 2 s. tie ni tu or pp O g in ck lo Un . s e i t i n u t r o p p O g n i k c o l n U . s u s t a i n a b l e t r u s t Continental Reinsurance Plc RC.73956 Our Vision “To be the Premier Player in the African Reinsurance Market “ Our Mission “Providing credible reinsurance security and services to our Clients and sustainable value to our shareholders and other stakeholders” Our Values Teamwork and Passion Ability and Dependability Sustainable Trust Corporate Philosophy ... Sustainable Trust ...sustainable trust Contents Pages Corporate Information 3 Financial Highlights 4 Notice of Annual General Meeting 5 Company profile 6 Board of Directors 9 Key Management Staff 10 Chairman’s Statement 11 Financial Year Review 15 Directors' Report 21 Corporate Governance Report 28 Audit Committee's Report 37 Report of the Independent Auditors 38 Statement of Significant Accounting Policies 40 Balance Sheet 47 Profit and Loss Account 48 Statement of Cash flows 49 Non-Life Revenue Account 50 Life Fund Account 51 Life Revenue Account 52 Notes to the Financial Statements 53 Statement of Value Added 67 Five Year Financial Summary 68 Share Capital History 69 Proxy Form 70 E-Dividend Mandate Form 72 2 Board of Directors and Corporate Information Board of Directors Engr. S. Akin Laguda - Chairman Mr. D. Chemillier-Gendreau (French) - Vice Chairman Dr. Olufemi Oyetunji - Managing Director/CEO ( Appointed w.e.f . 03/01/2011) Mr. Adeyemo Adejumo - Managing Director/CEO (Retired w.e.f. 14/12/2010) Mr. Rasak O. Falekulo - Executive Director (Life) Mr. Monin C. Adam (Ivorian) - Executive Director (Finance) Mr. Lawrence M. Nazare (Zimbabwean) - Executive Director (Non-Life ) (Appointed w.e.f. 01/05/2010) Mr. Vincent LeGuennou (French) Mr. Hurley Doddy (American) Mr. David S. Sobanjo Ms. Nana Appiah-Korang (Ghanaian) Company Secretary Solicitors Mrs. Abimbola A. Falana Bayo Osipitan & Co. 2A, Ireti Street Registered Office Yaba, Lagos. St. Nicholas House (8th Floor) 6, Catholic Mission Street Registrars Lagos. Sterling Registrars Limited, 24, Campbell Street Regional Offices Lagos. Cameroun Office Bankers Rue Ngosso Din Derriere Pharmacie Stanbic IBTC Bank Ltd De la Cote, Bali, Douala. Zenith Bank Plc Guaranty Trust Bank Plc Nairobi Office Ecobank, Douala Phase 2 Jumuia Place United Bank for Africa Plc, Douala Lenana Road Union Bank of Cameroun, Douala Nairobi, Kenya United Bank for Africa Plc, Abidjan NIC Bank, Nairobi HSBC, London Auditors Akintola Williams Deloitte 235, Ikorodu Road Ilupeju, Lagos. 3 Financial Highlights For the year ended 31st December, 2010 change N millions, unless otherwise stated 2009 2010 in % Non-Life Premium earned 5,676 8,565 50.9% Net Combined ratio in % (Net of Retro) 86.6% 82.7% -4.5% Life P rem ium earned 902 1,391 54.2% I nvestment Investment in come (Net of Provisions) 681 1,128 65.6% Return on investment in % (Annualized) 5.8% 8.6% 48.3% Total P remium earned 6,578 9,956 51.4% Net income 905 1,230 35.9% Earnings per share in kobo 9 1 2 33.3% Shareholders’ equity 11,170 11,619 4.0% Return on equity1 in % (Annua lized) 8.1% 10.4% 28.4% Number of employees2 5 0 5 3 6.0% 1Return on equity is calculated by dividin g annualized net income attributable to common shareholders by av erage common shareholder`s equity. 2Permanent staff Financial strength ratings as at 31 December,2 010 A.M Be st Ratings B Outlook stable Share Per formance Market C apitalization as at 31 December,2010 Share pric e in =N= 1.00 Number of shares (B illion) 10.37 Market capitalization in =N= Bn 10.37 1.6 1.4 1.2 1 0.8 Cre 0.6 NSE ASI (Rebased) 0.4 0.2 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - - - - - - - - - t t r r c c v y g g p n b b c c a p a e e o u u a e e e J O O A F F S D D A A N - M - - - M - - - - - - - - - - 7 4 5 1 7 8 3 6 7 2 3 5 1 2 1 2 1 2 1 2 2 1 2 4 Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the Twenty fourth Annual General Meeting of members of CONTINENTAL REINSURANCE PLC will be held at Victoria Crown Plaza (VCP) Hotel, 292b, Ajose Adeogun Street, Victoria Island, Lagos on Wednesday, July 20, 2011 at 11.00 a.m. to transact the following businesses: ORDINARY BUSINESS 1. To receive the Report of the Directors and the Audited Financial Statements for the year ended December 31, 2010 together with the reports of the Auditors and the Audit Committee thereon. 2. To declare a dividend. 3. (i) To elect/re-elect Directors. (ii) Pursuant to Section 256 of the Companies and Allied Matters Act, CAP C20 LFN 2004, Special Notice is hereby given that Engr. S. Akin Laguda, who is retiring by rotation and offering himself for re- election at this meeting is above 70 years old. 4. To appoint new Auditors and to authorize the Directors to fix their remuneration. 5. To elect members of the Audit Committee. SPECIAL BUSINESS 6. To approve the remuneration of the Directors for the year ending December 31, 2011. BY ORDER OF THE BOARD Abimbola A. Falana (Mrs.) Company Secretary Registered Office: 6, Catholic Mission Street, (8th Floor) Lagos. Dated: March 01, 2011 Notes: 1. Proxy 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 instead of him/her. A proxy need not be a member of the Company. To be valid for the purpose of the meeting, the Proxy Form, which is enclosed in this Annual Report must be completed, duly stamped by the Commissioner for Stamp Duties and deposited at the registered office of the Registrars, Sterling Registrars Limited, 24, Campbell Street, Lagos not less than 48 hours before the time fixed for the meeting. 5 Notice of Annual General Meeting 2. Closure of Register The register of members and transfer books will be closed from Monday, July 11, 2011 to Friday, July 15, 2011, both days inclusive, to enable the Registrar prepare for the payment of dividend. 3. Payment of Dividend If the dividend recommended by the Directors is declared, dividend will be paid on Thursday, July 21, 2011 to shareholders whose names are registered in the Company's Register of Members at the close of business on Friday, July 8, 2011. To facilitate the payment of dividend electronically, shareholders who have not completed the e-dividend Mandate Form are encouraged to do so. An e-dividend Mandate Form is in this Annual Report. 4. Unclaimed Dividend A list of shareholders who are yet to claim their dividend(s) is being circulated with this Annual Report. Members who have not claimed their dividend(s) are advised to write to or call at the office of Registrars, Sterling Registrars Limited, 24, Campbell Street, Lagos. 5. Nominations for Audit Committee The Audit Committee is comprised of three (3) Directors and three (3) Shareholders' representatives. In accordance with Section 359(5) of the Companies and Allied Matters Act, Cap C. 20, LFN 2004, any shareholder may nominate a shareholder for election to the Audit Committee by giving notice of such nomination, in writing, to the Company Secretary at least 21 days before the Annual General meeting. 6 Corporate Profile he existence of Continental Reinsurance Plc, (“Continental Re” or “the Company”) dates back to 1985 when it was incorporated as a private reinsurance company in Nigeria. It commenced business as a general reinsurer in TJanuary 1987 and became a composite reinsurer in January 1990, providing Life and Non-Life reinsurance on both a treaty and facultative basis and has a well-diversified business mix and customer base. In line with the business objectives of its founders, to be a leading reinsurance company in Africa, the Company was converted to a public limited liability Company in 2000, and recapitalized from NGN 2 billion to NGN 10 billion in 2007 with widespread ownership including international investors. The Company was listed on the Nigeria Stock Exchange on May 30, 2007. Continental Re has since become an international company managed by seasoned professionals and complying with international standards in its business dealings. OFFICE LOCATION The corporate head office is in Lagos, Nigeria. The office also doubles as a regional office with other regional offices in Douala, Cameroon and Nairobi, Kenya. The Lagos regional office covers the Anglophone West African countries; the regional office in Douala, Cameroon covers all Francophone denominated businesses in the West and Central Africa regions while the regional office in Nairobi, Kenya covers Eastern and Southern Africa businesses. The Company is on the verge of obtaining a license for an office in Tunis that will cover businesses in North Africa and the Maghreb countries. In view of this strategic positioning across Africa, Continental Re has significant business activities in over 40 African countries. CREDIT RATING Continental Re is rated by AM Best, London. The Company was rated “B” in 2009 and again in 2010 which reaffirmed its financial strength and has sustained BB+ rating for insurer credit since 2008.
Load more

Recommended publications
  • No. 14 LAGOS- 7Thmarch,1963 Vol. 50
    Ed mG i fe a Giooh te No. 14 LAGOS- 7th March,1963 Vol. 50 ‘CONTENTS we. / Page . Page Movethents of Officers - 270-7 Disposal of Unclaimed Firearms i .. 283 Appointment of Acting Chief Justice of the : 3 " Treasury Statements Nos..3-5 . 284-8 : Federation of Nigeria .. 277- List of Registered Contractors—Building, Probate Notice : 278 CivilEngineering and Electrical * 289-319 Delegation of Powers Notice, 1963 .. .. 279 List of Registered Chemists and Druggists 320-29 Grantof PioneerCertificate .. | 279 Paim Oil and Palm Kernels Purchasesiin the Federation of Nigeria 329 Appointment of Parliamentary Secretary 279 Awards for Undergraduate Studies and . Ministry of Communications Notices +279 Technical Training, 1963 .. .. 329-31 Loss ofLocal Purchase Orders,etc. 279-81 University of Nigeria—Applications for ss Admission 1963-4 . 331 Cancellation of Certificate of Registration of Trade Unions. 281 Tenders . tees . «. 332-3 Licensed Commercial Banks’ Analysisof . “Vacancies «» 333-9 Loans and Advances . 281 UNESCO Vacancies .. oe «awe 83339 Lagos Consumer Price Index—Lower Income Group - -. 281 -3 Board of Customs and Excise Sales Notices 339-40 Lagos Consumer Price Index—Middle . ' Application to operate ScheduledAir Services Income Group* . 282 340 ~ ‘Training of Nigerians as Commercial Pilots 282 Inpex To Lecan Notices n SUPPLEMENT ‘Teachers’ Grade III Certificate Examination, . 1956—-Supplementary Pass List -. 283 LN. No. Short Title Page Teachers’ Grade .II Certificate Examination, 983 - 27 Tin (Research tevy) Regulations, -1956—Supplementary Pass List — , : 1963 . os -- B73 270 (OFFICIAL ‘GAZETTE No. 14, Vol. 50 Guzernment Notice No, 429 + ~ NEW APPOINTMENTS AND OTHER STAFF CHANGES The following are notified for general information :— NEWAPPOINTMENTS Tv Depariment Name Appointment Date of Date of, Appointment Arrival Administration Adelaja, A.
    [Show full text]
  • NON-FEDERAL AUDIT of the SENEGAL FAMILY HEALTH and IOPULATION PROJECT PROJECT No
    NON-FEDERAL AUDIT OF THE SENEGAL FAMILY HEALTH AND IOPULATION PROJECT PROJECT No. 685-0248 Audit Report No. 7-685-91-05-N January 29, 1991 AGENCY FOR INTERNATIONAL DEVELOPMENT Office of the Regional Inspector General for West Africa January 29, 1991 MEMORANDUM TO: Julius E. Coles, Director, USAID/Setiegal FROM: P 11 E.Armstrong, RIG/A/Dakar SUBJECT: Non-Federal Audit of the Senegal Family Health and Population Project, Audit Report No. 7-685-91-05-N Attached is the subject audit report prepared by Deloitte and Touche, Abidjan, Ivory Coast. The audit was performed at the request of USAID/Senegal. The $20.6 million Senegal Family Health and Population Project was designed to improve the health and well-being of Senegalese families through family services and to assist in compiling a data base for studying the relationship between economic development and population growth USAID first provided funds to the host government for implementing local currency activities under this project in November 1985. The host government managed these funds for a short time, and subsequently, with USAID approval, the funds were turned over to the International Science and Technology Institute (ISTI), the project technical assistance contractor. The objectives of the audit were to (i) determine the reasonableness and allowability of costs claimed by the host government and ISTI under the local currency account through June 1989; (ii) review project internal controls and operating procedures; and (iii) determine whether the project complied with applicable host government and USAID laws, regulations and agreements. The audit report recounts a long list of improper, unallowable, and wasteful uses of local currency funds on the part of the contractor: Consultancies totaling $50,000 were improperly paid to three full-time host aoverrunent employees.
    [Show full text]
  • South West S/No Name Stock Units Cert/No Address State
    SOUTH WEST S/NO NAME STOCK UNITS CERT/NO ADDRESS STATE 1 ABA FRIDAY ONUCHE CEMENT CO. OF 2000 41444 NIPOST CENTRAL LAGOS NORTHERN NIG. PLC. WORKSHOP IJORA OLOPA LAGOS STATE South West 2 ABANYAM ECHINKE FIRST BANK PLC 167 7493412 P. O. BOX 9371 MARINA LAGOS LAGOS STATE South West 3 ABANYAM ECHINKE FIRST BANK PLC 143 7758619 P. O. BOX 9371 MARINA LAGOS LAGOS STATE South West 4 ABASS HAKEEM ABIODUN ECOBANK PLC 5000 19573 6 ADAMOLEKUN CLS OFF LAGOS AGUNLEJIKA RD VIA MILEZ SURULERE LAGOS STATE South West 5 ABDULKAZEEM NEWTON WEMA BANK PLC 5000 700406 108, OKESINA STR LAFIAJI LAGOS OLANIYI LAGOS STATE South West 6 ABDULKAZEEM NEWTON WEMA BANK PLC 250 932832 108, OKESINA STR LAFIAJI LAGOS OLANIYI LAGOS STATE South West 7 ABDULLAHI USMAN INTERCONTINENTAL BANK 1,000 544463 10/12 BURMA RD, APAPA LAGOS PLC STATE South West 8 ABDULRAMAN KUOYE BENUE CEMENT COMPANY 50 53713 P.O. BOX 128 IKEJA LAGOS PLC LAGOS South West 9 ABDULRAMAN KUOYE BENUE CEMENT COMPANY 62 102859 P.O. BOX 128 IKEJA LAGOS PLC LAGOS South West 10 ABDULSALAM LUKMAN DUNLOP NIGERIA PLC 6000 2840450 39 ODUNFA STREET LAGOS ABIOLA LAGOS ISLAND LAGOS South West 11 ABEBE, EBEHIRIEKE OCEANIC BANK INT’L PLC 1,500 452271 25 NNPC RD, EJIGBO, LAGOS DESTINY LAGOS STATE South West 12 ADADE OLUKAYODE CADBURY NIGERIA PLC 23,464 728147 P. O. BOX 51260 FALOMO LAGOS ADEYINKA IKOYI South West 13 ADEBAJO ABIODUN WEMA BANK PLC 50 871579 7, SOLARU STR SOLUYI LAGOS GBAGADA LAGOS STATE South West 14 ADEBAJO ADEBAYO NAHCO 700 163991 7 SOLARU STREET SOLUYI LAGOS OGUNDELE GBAGADA LAGOS LAGOS STATE South West 15 ADEBAJO SEKINAT DIAMOND BANK PLC 10,000 6865 11, AKIN LAGUDA DRIVE LAGOS ADUNNI OFF ADENIYI JONES AVENUE, IKEJA LAGOS South West 16 ADEBAJO, ABIODUN OANDO PLC 50 2350156 FIRST OLUKOTUN BAPTIST OSUN MICHAEL CHURCH, BOX 39, OSUN STATE South West 17 ADEBANJO ADEKUNLE First Bank Plc 37 8930748 P.O.
    [Show full text]
  • Arakpogun, Ogiemwonyi (2018) Closing the Digital Divide in Africa: the Role of Mobile Telecommunications and Universal Access and Service Policies
    Citation: Arakpogun, Ogiemwonyi (2018) Closing the digital divide in Africa: The role of mobile telecommunications and universal access and service policies. Doctoral thesis, Northumbria University. This version was downloaded from Northumbria Research Link: http://nrl.northumbria.ac.uk/39643/ Northumbria University has developed Northumbria Research Link (NRL) to enable users to access the University’s research output. Copyright © and moral rights for items on NRL are retained by the individual author(s) and/or other copyright owners. Single copies of full items can be reproduced, displayed or performed, and given to third parties in any format or medium for personal research or study, educational, or not-for-profit purposes without prior permission or charge, provided the authors, title and full bibliographic details are given, as well as a hyperlink and/or URL to the original metadata page. The content must not be changed in any way. Full items must not be sold commercially in any format or medium without formal permission of the copyright holder. The full policy is available online: http://nrl.northumbria.ac.uk/policies.html Closing the digital divide in Africa: The role of mobile telecommunications and universal access and service policies O E Arakpogun PhD 2018 Closing the digital divide in Africa: The role of mobile telecommunications and universal access and service policies Ogiemwonyi Emmanuel Arakpogun A thesis submitted in partial fulfilment of the requirements of the University of Northumbria at Newcastle for the degree of Doctor of Philosophy Research undertaken in Newcastle Business School June 2018 Abstract The liberalisation of telecommunications market in Africa, which was propelled by a sector-wide reform at the turn of the millennium, has led to an unprecedented level of mobile penetration.
    [Show full text]
  • Introduction,” Xxiii–Xxvi; Skinner, African Americans, 181–214; Shep- Person, “Notes on Negro American Influences,” 299–312
    NOTES i ntroduction . 1 For similar arguments, see Kapur, When Was Modernism, and Harney, In Sen- ghor’s Shadow. 2. See, e.g., Vogel, Africa Explores. 3. See Okeke, “The Quest,” 41–75, and Ottenberg, New Traditions and The Nsukka Artists. 4. See Godwin and Hopwood, Architecture of Demas Nwoko; Okoye, “Nigerian Ar- chitecture,” 29–42. 5. See Enwezor and Okeke- Agulu, Contemporary African Art. 6 See Beier, Contemporary Art in Africa; Mount, African Art; and Kennedy, New Currents. 7. See Enwezor, The Short Century. 8. See Fagg and Plass, African Sculpture, 6. 9. See Hassan, “The Modernist Experience in African Art,” 216. 10. Araeen, “Modernity, Modernism,” 278. 11. Shohat and Stam, “Narrativizing Visual Culture,” 28. 12. Bhabha, Location of Culture, 122. 13. Anderson, Imagined Communities, 114–116. 14. Nkrumah, Autobiography, 52–63. 15. Nkrumah defines consciencism as “the map in intellectual terms of the disposi- tion of forces which will enable African society to digest the Western and the Islamic and the Euro- Christian element[s] of Africa, and develop them in such a way that they fit the African personality. The African personality itself is defined by the cluster of humanist principles which underlie the traditional African so- ciety.” See Nkrumah, Consciencism, 79. 16. Taylor, “Two Theories of Modernity,” 183. 17. John S. Mbiti famously asserted the status of the individual in Africa with the Downloaded from http://read.dukeupress.edu/books/book/chapter-pdf/590847/9780822376309-009.pdf by UNIV OF WA user on 05 April 2021 notes to chapter 1 — 292 dictum, “I am because we are; and since we are, therefore I am.” See Mbiti, Afri- can Religions and Philosophy, 109.
    [Show full text]
  • The Nigerian Accountant 2015
    Contents JANUARY/MARCH, 2015 Vol.48, No.1 4 OPINION Business Re-organisation in Nigeria: Key Tax * Considerations and Common Pitfalls 6 HEALTH Harmattan and Your Health * 8 NEWS/EVENTS The Nigerian 21 TECHNICAL ACCOUNTANT Corporate Performance and Corporate Social (ISSN: 0048 – 0371) is published * Responsibility quarterly for N400 by THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA 34 DEVELOPMENT The Changing Nature of Auditors’ Report HEAD OFFICE: * Plot 16, Idowu Taylor Street, Mergers in Professional Service Firms Victoria Island, Lagos. * P.O. Box 1580, Lagos. Telephone: (01) 7642294, 7642295 49 COVER ARTICLE Fax: (01) 4627048 Managing the Impact of Declining Oil Prices E-mail: [email protected] * Website: www.ican-ngr.org 54 CONFERENCE ANNEXE OFFICE: Reminiscences of 19th IFAC WCOA, Rome, Italy 82, Murtala Mohammed Way, * Ebute Metta, Lagos. Telephone: (01) 7642297, 7642298 ICAN CENTRE: Plot 12, Kofo Kasumu Street, Amuwo Odofin, Lagos. The views expressed by correspondents or* contributors in this journal are not necessarily those of the Institute. By making submissions to The Nigerian Accountant, the contributors undertake that the contributions are original and have not been accepted or submitted elsewhere for publication. The Institute reserves the right to refuse, cancel,* amend or suspend an advertisement or insertion and no liability can be accepted for loss arising from non-publication or late publication of any advertisement or insertion. All articles are subject to editing. © No part of this publication may be 63 LEGAL MATTERS reproduced* without the prior written ICAN Disciplinary Tribunal Ruling permission of the publisher. * THE NIGERIAN ACCOUNTANT 1 January/March, 2015 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA (Established by Act of Parliament No.15 of 1965) Officers & Council Members Vision Statement 2014-2015 To be a leading global President , professional body.
    [Show full text]
  • DFID's Programme in Nigeria
    House of Commons International Development Committee DFID's Programme in Nigeria Eighth Report of Session 2008–09 Volume II Oral and written evidence Ordered by the House of Commons to be printed 13 October 2009 HC 840-II Published on 23 October 2009 by authority of the House of Commons London: The Stationery Office Limited £0.00 International Development Committee The International Development Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of the Department for International Development and its associated public bodies. Current membership Malcolm Bruce MP (Liberal Democrat, Gordon) (Chairman) John Battle MP (Labour, Leeds West) Hugh Bayley MP (Labour, City of York) Richard Burden MP (Labour, Birmingham Northfield) Mr Nigel Evans MP (Conservative, Ribble Valley) Mr Mark Hendrick MP (Labour Co-op, Preston) Daniel Kawczynski MP (Conservative, Shrewsbury and Atcham) Mr Mark Lancaster MP (Conservative, Milton Keynes North East) Mr Virendra Sharma (Labour, Ealing Southall) Mr Marsha Singh MP (Labour, Bradford West) Andrew Stunell (Liberal Democrat, Hazel Grove) John Bercow MP (Conservative, Buckingham) and Mr Stephen Crabb MP (Conservative, Preseli Pembrokeshire) were also members of the Committee during this inquiry. Powers The Committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available on the Internet via www.parliament.uk. Publications The Reports and evidence of the Committee are published by The Stationery Office by Order of the House. All publications of the Committee (including press notices) are on the Internet at www.parliament.uk/indcom Committee staff The staff of the Committee are Carol Oxborough (Clerk), Keith Neary (Second Clerk), Anna Dickson (Committee Specialist), Chlöe Challender (Committee Specialist), Ian Hook (Senior Committee Assistant), Vanessa Hallinan (Committee Assistant), John Kittle (Committee Support Assistant), and Alex Paterson (Media Officer).
    [Show full text]
  • The Nigerian Accountant 2014
    Contents JULY/SEPTEMBER, 2014 Vol.47, No.3 4 OPINION Perspectives on Capitalism and Corporate Failures * 14 HEALTH Ebola Virus Infection * 16 COVER INTERVIEW Enabling Structures The Nigerian * Should Precede Policy ACCOUNTANT — Ajaegbu (ISSN: 0048 – 0371) is published DEVELOPMENT quarterly for N400 by 22 Growth Strategies for THE INSTITUTE OF CHARTERED * ACCOUNTANTS OF NIGERIA Small and Medium Enterprises in HEAD OFFICE: Plot 16, Idowu Taylor Street, Nigeria Victoria Island, Lagos. P.O. Box 1580, Lagos. CONFERENCE Telephone: (01) 7642294, 28 Emerging Political Developments: Positioning Chartered 7642295 * Fax: (01) 4627048 Accountants for Survival in Nigeria E-mail: [email protected] Entrepreneurship and Self-Reliance: Building an Website: www.ican-ngr.org * Entrepreneurial Economy ANNEXE OFFICE: 82, Murtala Mohammed Way, 36 TECHNICAL Ebute Metta, Lagos. Human Resources Accounting Practice In Nigeria: A Pilot Telephone: (01) 7642297, * Study of Research Instruments 7642298 ICAN CENTRE: FOR THE RECORD Plot 12, Kofo Kasumu Street, 45 Amuwo Odofin, Lagos. * Investiture Inaugural Address by Chidi Onyeukwu Ajaegbu * The views expressed by correspondents or contributors in this journal are not 54 NEWS/EVENTS necessarily those of the Institute. * ICAN to Partner FG to Build a Progressive Society * The Institute reserves the right to — Chidi Ajaegbu refuse, cancel, amend or suspend an ICAN Elects New President, Other Officers advertisement or insertion and no * 2014 ANNUAL DINNER & AWARDS: The Glitz, Colour liability can be accepted for loss arising * from non-publication or late publication and Glamour of any advertisement or insertion. All articles are subject to editing. 62 LEGAL MATTERS * © No part of this publication may be The Corporate Counsel reproduced without the prior written * permission of the publisher.
    [Show full text]
  • Cornerstone Annual Report 2016.Pdf
    RC 163170 PROFESSIONALISM 2016 21, Water Corporation Drive, Off Ligali Ayorinde Street, Victoria Island, Lagos. ANNUAL REPORT Tel: 012806500 Web: www.cornerstone.com.ng & ACCOUNTS Email: [email protected] Results at a Glance 73 Takaful Life Business Revenue Account Chairman’s Statement Corporate Governance Report 75 Notes to the Consolidated and Separate Financial Statements 30 Complaints and Feedback Risk Management Declaration 145 Dividend History 63 Financial Statements Consolidated and Separate Statement of Financial Position Statement of Changes in Equity 68 Statement of Cash Flows NOTICE OF ANNUAL GENERAL MEETING 2016 Annual Report & Accounts NOTICE IS HEREBY GIVEN that the Twenty Fifth Annual General Meeting of Cornerstone Insurance PLC will hold at the Agip Recital Hall, MUSON Centre, Onikan, Lagos on Thursday, June 15th , 2017 at 11.00am to transact the following businesses: ORDINARY BUSINESS NOTES 1. To receive the Audited Financial Statements of the 1. CLOSURE OF REGISTER OF MEMBERS AND Company for the year ended December 31, 2016 together TRANSFER BOOKS with the Reports of the Directors, Auditors and Audit The Register of Members and Transfer Books of the Committee thereon; Company will be closed from June 5 to June 9, 2017 (both days inclusive) to enable the Registrar update the Register 2. To elect and re-elect Directors; of members. 3. To authorise the Directors to fix the remuneration of the 2. AUDIT COMMITTEE Auditors; • Pursuant to Section 359(5) of the Companies and Allied Matters Act 2004, any Shareholder may 4. To elect shareholders' representatives to the Audit nominate another shareholder for appointment to the Committee; and Audit Committee by giving notice in writing of such nomination to the Company Secretary at least Twenty 5.
    [Show full text]
  • The Nigerian Accountant 2018
    Contents JANUARY/MARCH, 2018 Vol. 51, No.1 4 FEATURES * SEVEN Habits of Highly Exceptional Accountants 7 NEWS/EVENTS The Nigerian ACCOUNTANT (ISSN: 0048 – 0371) is published quarterly by THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA HEAD OFFICE: Plot 16, Idowu Taylor Street, Victoria Island, Lagos. P.O. Box 1580, Lagos. Telephone: 09053847510, 09053847511 17 DEVELOPMENT E-mail: [email protected] Firm Performance and Web-based Environmental Website: www.icanig.org * Disclosures: An Empirical Evidence of Nigerian Firms ANNEXE OFFICE: 82, Murtala Mohammed Way, Ebute Metta, Lagos. 26 FINANCIAL REPORTING Telephone: 09053847513 * International Financial Reporting Standards for Small and Medium Entities (SMEs): A Summary * The views expressed by correspondents or contributors in this journal are not necessarily those of the Institute. By making submissions 36 TECHNICAL to The Nigerian Accountant, the contributors Non-Oil Exports: Way Out of Forex Challenge undertake that the contributions are original * and have not been accepted or submitted elsewhere for publication. 47 HEALTH Overcoming Resistant Hypertension * The Institute reserves the right to refuse, * cancel, amend or suspend an advertisement or insertion and no liability can be accepted for loss arising from non-publication or late 49 COVER ARTICLE publication of any advertisement or insertion. Business Process Improvement and Accounting All articles are subject to editing. * 56 CORPORATE GOVERNANCE * © No part of this publication may be reproduced without the prior written Effect of Board Characteristics on Financial Performance * permission of the publisher. of Banks in Nigeria THE NIGERIAN ACCOUNTANT 1 January/March, 2018 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA (Established by Act of Parliament No.15 of 1965) Vision Officers & Council Members Statement 2017-2018 To be a leading global President professional body.
    [Show full text]
  • The Nigerian Accountant 2017
    Contents JULY/SEPTEMBER, 2017 Vol.50, No.3 4 NEWS/EVENTS 15 COVER INTERVIEW * All Arms of Government Should Make Their Financial Statements Public — Isma’ila Zakari 23 DEVELOPMENT * The Role of Chartered Accountants in Engendering The Nigerian Economic Growth * Reworking Nigeria’s Value Orientation for Sustainable ACCOUNTANT Growth The Unemployment Challenge: SMEs to the Rescue (ISSN: 0048 – 0371) * is published quarterly by THE INSTITUTE OF CHARTERED 44 HEALTH ACCOUNTANTS OF NIGERIA Heart Attacks and Heart Disease * HEAD OFFICE: Plot 16, Idowu Taylor Street, Victoria Island, Lagos. 49 CONFERENCE P.O. Box 1580, Lagos. Govt Urged to Partner With Professionals to Engender Telephone: 09053847510, * Economic Growth 09053847511 E-mail: [email protected] Website: www.icanig.org 55 INVESTITURE Strengthening Accountancy Through Professional ANNEXE OFFICE: * 82, Murtala Mohammed Way, Development and Advocacy Is My Focus — Zakari Ebute Metta, Lagos. Telephone: 09053847513 * The views expressed by correspondents or contributors in this journal are not necessarily those of the Institute. By making submissions to The Nigerian Accountant, the contributors undertake that the contributions are original and have not been accepted or submitted elsewhere for publication. * The Institute reserves the right to refuse, cancel, amend or suspend an advertisement or insertion and no liability can be accepted for loss arising from non-publication or late publication of any advertisement or insertion. All articles are subject to editing. * © No part of this publication may be reproduced without the prior written permission of the publisher. THE NIGERIAN ACCOUNTANT 1 July/September, 2017 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA (Established by Act of Parliament No.15 of 1965) Vision Officers & Council Members Statement 2017-2018 To be a leading global professional body.
    [Show full text]