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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Annual Report& Accounts
2017
20172017
Prestige...Compasionate and Caring
Prestige Assurance Plc's Financial Statements comply with the applicable
legal requirements of the Companies and Allied Matters Act, CAP C20 LFN 2004
regarding financial statements. The financial statements have been prepared in
compliance with IAS 1 'Presentation of the Financial statements', its
interpretation issued by the International Accounting Standards Board and
adopted by the Financial Reporting Council of Nigeria.
Annual Report & Accounts 2017 01
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and CaringAnnual Report & Accounts 2017 02
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Annual Report & Accounts 2017 03
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Vision, Mission and Core Values 4Corporate Information 5Results at a Glance 6Performance Indicator 7-8Notice of 48th Annual General Meeting 10Board of Director 11
Board of Directors Profile 12-14Management Team 15Chairman’s Statement 19-20Managing Director Report 21-17Statement of Directors' Responsibilities in Relation to the Preparation 21
Report of the Directors 22-26Corporate Governance Report 27-31Certificate Pursuant to Section 60(2) of Investment and Securities Act 32Report of Audit and Compliance Committee 33Sustainability and Corporate Responsibility Report 34-36
Management Complaints Policy 37-42Management Discussion and Analysis 43-44Independence Auditor’s Report 45-48Summary of Significant Accounting Policies 49-73Statement of Profit or Loss and Other Comprehensive Income 74Statement of Financial Position 75
Statement of Changes in Equity 76Statement of Cash Flows 77Notes to the Financial Statements 78-118Revenue Accounts 119Statement of Value Added 120Five-Year Financial Summary 121-122
Analysis of Shareholdings 123Share Capital 124E-Dividend Form 125Proxy Form 127Unclaimed Dividend 129-162Events 163-164
Annual Report & Accounts 2017 04
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
We always produce high quality output free of error
Our customers can depend on our timely service delivery
We are compassionate and caring to our customers
We are committed to serving the community
We are open in our transactions
We constantly deploy products to meet our customers challenging needs
We are committed to achieve our set objectives
We exhibit excellence in our behaviour and actions
Values
CORE VALUES
Core Values
Reliability
Empathy
Services
Transparency
Innovation
Goal Oriented
Excellence
Professionalism
To build a reputable brand that remains ahead in providing timely service delivery and customised insurance products
OUR VISION OUR MISSION
To be the preferred and most reliable risk carrier providing quality insurance products and services to customers and creating value to all stakeholders
Annual Report & Accounts 2017 05
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
DirectorsMr. Hassan T. M. Usman (Nigerian) - ChairmanDr. Balla Swamy (Indian) - Managing Director/CEOMr. Sarbeswar Sahoo (Indian) - Executive DirectorMr. Gopalan Srinivasan (Indian) - Non-Executive DirectorMr. Muftau Olakunle Oyegunle (Nigerian) - Non-Executive DirectorMr. Gopalan Raghu (Indian) - Non-Executive DirectorMr. Hermant G. Rokade (Indian) - Non-Executive Director (Retired 05 May, 2017)Mr. Sidharth Pradhan - Non-Executive Director (Appointed 05 May, 2017)
Registered Number 6753
NAICOM Reg. Number 033
Company Secretary Abayomi OdulanaFRC/2013/ICSAN/000000003201
Registered Office Ligali Ayorinde StreetVictoria Island, LagosP.O.Box 650 Marina, Lagosinfo@prestigeassuranceplc.comwww.prestigeassuranceplc.com
Actuaries Zamara Consulting Actuaries Nigeria LimitedFRC/2017/NAS/000000016912 70 Adetokunbo Ademola Street Victoria IslandLagos
Registrars First Registrars & Investors Services LimitedPlot 2, Abebe Village Road Iganmu, Lagos FRC/2013/00000000001946
Auditors Ernst & Young10th & 13th Floors, UBA House 57, MarinaLagos
Bankers Access Bank Plc
Guaranty Trust Bank PlcHeritage Bank PlcKeystone Bank Limited
Stanbic IBTC Bank LimitedSterling Bank PlcUnion Bank PlcUnited Bank for Africa Plc
Re-insurers African Reinsurance CoporationAveni ReinsurerContinental ReinsuranceZep ReinsurerNCA Reinsurer
Bank of India LimitedCiti Bank Nigeria LimitedFidelity Bank PlcFirst Bank of Nigeria Limited
Providus Bank LimitedSkye Bank Plc
CorporateInformation
Gross premium written 2,614,264
Net premium income 1,101,808
Underwriting expenses 1,213,657
Investment income 417,824
Other operating income 146,361
Result from operating activities 350,996
Profit for the year 221,992
Net assets 6,228,262
Total assets 9,689,587
Basic earnings per share (Kobo) 4.13
Diluted earnings per share (Kobo) 4.13
Result at a GlanceFor the year Ended 31 December 2017
3,808,516
1,448,481
1,615,034
830,939
30,774
706,215
531,841
7,508,121
11,775,553
9.90
9.90
2016 ? ’000
2017 ?’000
Annual Report & Accounts 2017 06
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
PerformanceIndicator
Annual Report & Accounts 2017 07
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
NA
IRA
(’00
0)
Gross Premium (GP) &Profit before Tax (PBT) Income (N’Million)
5,000.00
4,800,000
4,600,000
4,400,000
4,200,000
4,000,000
3,600,000
3,200,000
2,800,000
2,400,000
2,000,000
1,600,000
1,200,000
800,000
400,000
02013 2014 2015
4,222
2,6542,431
127 17721
2,614
340
2016
Shareholders Funds (N’Million)
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2013 2014 2015
NA
IRA
(’00
0) 4,413 4,576
5,809
6,228
2016
7,508
2017
3,809
698
2017
PerformanceIndicator
Annual Report & Accounts 2017 08
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
NA
IRA
(’00
0)
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
Investment & Other Income (N’ Million)
2013 2014 2015
710
558
869
2016
564
12,000,000
9,500,000
8,000,000
6,500,000
5,000,000
3,500,000
2,000,000
NA
IRA
(’00
0)
Total Assets (N’ Millions)
2013 2014 2015
10.13410,36811.894 9.689
02016
11.776
2017
2017
862
Notice of48th Annual General Meeting
Notice is hereby given that the Forty-Eight (48TH) Annual General Meeting of Prestige Assurance Plc will be held at the AGIP Recital Hall Muson Centre, Onikan, Lagos on the 11th of June 2018 at 11am for the following purposes:
ORDINARY BUSINESS1. To lay before Members the Report of the Directors, the Financial Statements of the Company for the year
ended 31st December 2017, the Report of the Auditors and Report of the Audit Committee thereon.2. To elect/re-elect Directors.3. To re-appoint the Auditors of the Company and to authorize the Directors to fix their remuneration.4. To elect members of the Audit Committee
SPECIAL BUSINESS5. To approve the remuneration of the Directors.6. To consider and if thought fit, pass the following resolutions as ordinary Resolution:
“That pursuant to Section 102 of the Companies and Allied Matters Act (CAMA) Cap C20, Laws of the Federation of Nigeria, 2004 and the Articles of Association of the Company the authorised Share Capital of the company be increased from N2,223,489,000 to 3,000,000,000 by the creation of 1,553,022,000 ordinary shares of .50k each.
8. That, Clause 6 of the Memorandum of Association of the Company be and is hereby deleted in its entirety and replaced with the following:“The share capital of the Company is 3,000,000,000 divided into 6,000,000,000 ordinary shares of fifty kobo ( 0.50k) each.”
9. That the Board of Directors and the company secretary be and is hereby authorized to do all such acts, deeds, matters and things as the Board may deem necessary to give effect to the aforementioned resolutions of the company.
BY ORDER OF THE BOARD
ABAYOMI O. ODULANACompany Secretary/Chief Compliance OfficerFRC/2013/ICSAN/00000003201Dated this day 10th Day of May 2018
NOTES:(i) 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. A proxy need not be a member of the Company. A proxy form is attached and if it is so be valid for the meeting, it must be executed and deposited with the Registrar of the Company not less than 48 hours before the time of holding the meeting.
(ii) Closure of Register of Members.The Register of Member and Transfer Books will be closed from 4th of June 2018 to 8th of June 2018 (both dates inclusive) for the purpose of updating the Register of Members and determining shareholders entitled to attend the Annual General Meeting.
(iii) Audit CommitteeThe Audit Committee consist of three Shareholders and three Directors. Any Shareholder may nominate another Shareholder as a member of the Audit Committee by giving notice in writing of such nomination to the Secretary of the Company at least twenty-one (21) days before the Annual General Meeting.In accordance with Code of Corporate Governance and Best Practice, it would be preferable if nominees have Accounting knowledge in order to ensure Best Practice.
(iv) Rights of Securities HoldersSecurities Holders have the right to ask question not only at the meeting but also in writing prior to the Meeting. Such questions should be submitted to the Company secretary on or before the 8th of June, 2018.
N N
NN
7 That the Directors be and are hereby authorized to issue bonus shares from its share premium account in the sum of N782,569,517.00; being 41 new shares for every 100 Shares held thereby increasing the issued share capital of the Company from N1,908,706,140 to N2,691,275,658 by issuing 1,565,139,035 ordinary shares of N0.50 Kobo each to Shareholders who are on the Register of Members at a date to be determined.
Annual Report & Accounts 2017 10
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 11
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Mr. Gopalan SrinivasanNon Executive Director
Dr. Balla SwamyManaging Director
Mr. Muftau OyegunleNon Executive Director
Mr. Gopalan RaghuNon Executive Director
Mr. Sarbeswar SahooExecutive Director (Risk/Operations)
Mr. Sidharth PradhanNon Executive Director
Board ofDirectors
Mr. Hassan T. M Usman Chairman
Prestige...Compasionate and Caring
1
2 3 4
5 6 7
Annual Report & Accounts 2017 12
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Board ofDirectors Profile
1. Mr. Hassan T. Musa Usman CHAIRMANA Chartered Accountant, Hassan possesses a highly relevant, award-winning career spanning over eighteen years in Finance and Investment Advisory as well as Privatisation Services, covering various sectors and global regions. He brings a deep knowledge in creating various financing solutions to broaden the offerings of ASO Savings & Loans Plc.
Prior to becoming the CEO of ASO, Hassan served as Executive Director (Investments) at Abuja Investment and Property Development Company Ltd., the Federal Capital Territory's premier development agency. He has also headed key units of the Bureau of Public Enterprises, including Petrochemicals and Gas, Transport Sector Reform and Telecommunications.
At Citibank Nigeria, where he worked for 7 years, until 2000, Hassan headed the Structured and Cross-border Finance Team within its Corporate Finance Group. During this time he helped to arrange over 500 million US Dollars' worth of transactions and arranged millions more in developmental loans from multilateral institutions. This followed stints managing Capital Markets and Corporate Banking relationships. Prior to Citibank, he worked for 3 years within the Financial Markets Division of Arthur Andersen S.C. London, and before then, as Research Assistant in the International Economic and Monetary Relations department of the Central Bank of Nigeria, Lagos. He has served on the Boards of major corporations, including the defunct NITEL.
Hassan graduated with a BA, in Economics (2:1) from the University of Sussex, and an M.Phil in Development Economics from Darwin College, University of Cambridge. He is an Associate of the Institute of Chartered Accountants in England and Wales. He is also a Registered US National Association of Securities Dealers Series 7 Investment Banking Representative.He was appointed 24th June 2008.
2. Mr. Gopalan Srinivasan NON –EXECUTIVE DIRECTOR
Mr. Srinivasan joined The New India Assurance Co Ltd, Mumbai, India in 1979 as a Scale I Officer. During this long period of service, he has held various Executive Management positions i.e. Senior Divisional Manager, Regional Manager, Coimbatore Regional Office, General Manager in charge of various Technical Departments and Foreign Administration Department, Head Office, Managing Director, New India Assurance Co Ltd, Trinidad and Tobago. Presently he is the Chairman-cum-Managing Director of New India Assurance Company.
He holds a degree of Bachelor of Commerce and Fellow of Insurance Institute of India.He was appointed 18th July 2013
Annual Report & Accounts 2017 13
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Board ofDirectors Profile
4. SIR. MUFTAU O. OYEGUNLE Non-Executive Director
Mr. Muftau Olakunle Oyegunle served as General Manager of Commercial at Leadway Assurance Company
Limited. Mr. Oyegunle served as General Manager of Operations at Leadway Assurance Company, Limited. He
served as General Manager of U/W for North at Leadway Assurance Company Limited. He has extensive
experience in insurance underwriting. Mr. Oyegunle serves as a Fellow of the Chartered Insurance Institute,
London. Apart from his formal training, he has attended several courses and seminars including the Advanced
Course in General Insurance organized by the Swiss Insurance Training Institute. He served as Director of
Prestige Assurance Plc. He serves as non-Executive Director at Prestige Assurance Plc. He is a graduate from
University of Ibadan with a Bachelors Degree in Sociology.thHe was appointed 18 July 2013.
3. Managing Director (MD/CEO)
Dr. Balla Swamy is a Veterinary Graduate (B.V.Sc) from Andhra Pradesh Agricultural University, Hyderabad and Post-graduate in Business Administration (M.B.A Marketing) from Dr. B.R. Ambedkar Open University, Hyderabad, India. He is also Associate of the Insurance Institute of India and attended various training programmes at national and international levels on Insurance, Reinsurance and Management studies including Corporate Governance
With an experience of two years in Rural India, joined as Direct Recruit Specialist Officer in 1985, The New India Assurance Co Ltd, Mumbai, (Wholly Owned by the Govt. of India) and Largest General Insurance Company with A- Excellent Rating given by A.M. Best Company, U.S.A. rated A-(Excellent – Stable outlook) by AM Best. Indicating that the Company has the highest degree of financial strength to honor its Policyholders obligations.
He worked in various Offices and attained Administrative and Underwriting skills in ranks of Assistant Administrative Officer, Assistant Manager for a period of twelve years in handling major catastrophic losses and Rural Mass Insurance Programmes. He is recognized as Specialist for Agriculture and Rural Insurance business in Andhra Pradesh.
He assumed the marketing activities from 1997 to 2004 as Divisional Manager and Senior Divisional Manager in Andhra Pradesh and serviced Major Divisional Office at Vishalkaptnam. His services were recognized and deputed to Philippines to head the operations of 78 years old Branch Office of The New India Assurance Co Ltd, in Manila. The office grew with two branch offices and two general agencies, resulting in premium growth and profitability out of expansion of reinsurance support from the corporate office and remained as major player in Philippines from the year 2004 to 2007.
In the year 2008, he was elevated to Chief Manager and posted as Head of Reinsurance Department of The New India Assurance Co Ltd, at Head Office, Mumbai up to the year 2010. Subsequently, he was recognized to handle the Health Insurance Department of The New India Assurance Co Ltd, the largest Health Insurer in India. To his credit, successful implementation of Health Insurance Module in centralized web based Insurance Systems and centralized payment of all the claims to the customers and hospitals directly through electronic payment, resulting in the bagging of Award of Best Health Insurer by Outlook Express Magazine. The New India Assurance Co Ltd also instituted the Health Achievers Award in coordination with Times of India to recognize the services of the best doctors, hospitals and innovations in the field of Health Management Services.
He was deputed to Prestige Assurance Plc as its Managing Director in November 2014 subsequent to his elevation to the exalted position of Deputy General Manager in the same year.
APPOINTED : November 2014
DR. BALLA SWAMY
Annual Report & Accounts 2017 14
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Board ofDirectors Profile
5. Non Executive Director
MR. SIDHARTH PRADHAN
Mr. Sidharth Pradhan is a Post Graduate from Utkal University, Orissa and a Fellow of Insurance Institute of India.He joined as a Direct Recruit Officer in 1984 and undergone Foundation Training Programme at Corporate Training Centre of NEW INDIA ASS. Co. Ltd.
Mr. S. Pradhan started his career as Asst. Admn. Officer in Surat Branch. Subsequently he was assigned with marketing functions in the year 1992 and he was servicing big industrial houses like KRIBHCO, RELIANCE AN ESSAR STEEL etc.He worked as DM and SRDM till 2006 servicing mostly big clients and also successfully expanded the retail business.In 2007, he was promoted to REGIONAL MANAGER and was in-charge of Underwriting and marketing functions of MRO III, which is the largest RO of the Company.
During his tenure, he was successfully servicing the Clients like RELIANCE, TATA Group of companies, Aditya Biria Group of companies and Larsen & Toubro etc.
He was deputed to TOKYO as CEO in the year 2010 and worked there upto June 2016. As a CEO, he was looking after entire Japanese operations of NEW INDIA Ass. Co. Ltd. During his tenure, JAPAN made a turn-around after a gap of many years which reflects his leadership qualities and understanding of business environment.
On his coming back to INDIA in August 2016, he joined the Company as GENERAL MANAGER and is looking after CORPORATE LEGAL, MOTOR TP and all Foreign Operations.
6. Executive DirectorMr S Sahoo holds a Masters Degree in commerce, Masters in Business Administration(Finance & Marketing ) and is a fellow of the Insurance institute of India .
He joined the services of New India Assurance Company Limited in 1988 and he had worked in various location across india in different capacities ranging from Accounts,,Claims,,,Personnel and various aspect of Branch,Division and regional operations.
Prior to his deputation,he was the regional Manager in charge of Bhubaneswar regional operations.
He has 27 years experience in General Insurance and has undergone various professional trainings which cuts across different aspect of Insurance.
He was posted to Prestige Assuraqnce Plc as General Manager Risk Control in November 2015 to oversee operations,Marketing ,Cliams and underwriting.
Mr S. Sahoo is Married with Children. thAppointed:27 of June 2016.
MR SARBESWAR SAHOO
7. Non-Executive Director
Mr. Raghu holds a Bachelor of Science degree from Loyola College, Madras, India. He is a Chartered Accountant
and an Associate of Company Secretaries, India. He joined Messrs H. B. Chanrai Group of Companies in 1980
as its Financial Controller and in 1985; he was promoted as General Manager.
In 1991 he was appointed Group Managing Director. He is a Director of various companies including J. T.
Chanrai & Co (PH) Ltd, Woollen & Synthetics Textile Mfg. Co Ltd, Standard Biscuits Nig. Ltd, Agro Products Nig.
Ltd and Polythene Enterprises Nig. Ltd and a Trustee of Indian Language School, Lagos.thAppointed 24 April 2012.
MR. GOPALAN RAGHU
Annual Report & Accounts 2017 15
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Dr. Balla SwamyManaging Director
Raja Vad amudiDeputy General Manager
(Technical)
l Sarbeswar SahooExecutive Director
(Risk / Operations)
Josephine GbujiAGM Marketing/
Business Dev.
Patricia Jibirin-yaro
AGM TechnicalOluwadare Emmanuel
Chief Financial Officer
Eunice AinaAGM (Audit & internal Control)
Abayomi OdulanaCompany Secretary
ManagementTeam
Chairman’sStatement
Mr. Hassan T. M Usman Chairman
When we started the financial year under review, we anticipated the great challenges it would hold for us as a Company and for the Industry but I am happy to inform you that we addressed these challenges successfully which further enriched our experience making us better and more vibrant.
OPERATING ENVIRONMENT AND FINANCIAL PERFORMANCEThe operating environment for the period under review from the global perspective improved in 2017 with global GDP increasing to 3% in the year with growth in investment, Manufacturing and other business areas though there were apprehensions about the European economy as there were times the economy showed signs of fatigue and uncertainty but picking up later in the year experiencing a growth of 2.3% which have been the highest in years.The African scenario with Nigeria and South Africa being the largest economies and both coming out of recession grew at about 2.7% during the period under review which was better than 2016 and could be attributed to growth in the non-energy sector and commodities.
There was an improvement in the Nigeria economy which was due to better Government policies to
support the private sector which translated into positive improvement in the economy.
FINANCIAL PERFORMANCEDuring the year under review, the principal activities of the Company continue to be the Insurance business Gross premium stood at N3,808,516, Net premium income was N1,448,481,Investment income was N830,939,000 While profit for the year stood at N531,841,000
BOARD AND CORPORATE GOVERNANCE DEVELOPMENTI regret to formally inform you of the demise of our former Chairman Chief Charles Sankey who passed
thaway on the 29 of September 2017.May his gentle soul rest in peace.
Mr Hermant Rokade resigned from the Board of the Company and on behalf of the Board, I wish him the very best in his future endeavours while Mr Sidrath Prandan was nominated by New Indian Assurance Ltd to replace him and has joined the Board.
In Prestige Assurance Plc, we are highly committed to the issue of corporate Governance making sure best practice is the watch word for us and we will
DISTINGUISHED SHAREHOLDERSthI am delighted to welcome you to the 48 Annual
General Meeting of your Company and to present the Annual Reports and Accounts for the year ended 31st December, 2017.
Annual Report & Accounts 2017 16
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Chairman’sStatement (Cont’d)
continue to work to reach greater heights in Corporate Governance.
HUMAN CAPITAL DEVELOPMENTFellow Shareholders, availability of highly trained insurance professionals remain a critical challenge in the industry, Prestige Assurance Plc has in place a vibrant, skilled, and highly versatile human capital to cope with increasing competition and in doing so consistently delivers good returns on investments.
Indeed, our Staff are the greatest asset along with their loyalty and commitment which is highly appreciated by the Board and Management of this great Company. I therefore urge you to join me in extending sincere appreciation to the staff for measuring up to our expectations and helping us to cope with the challenges of the industry.
The Company shall continue to attract the best professionals from within and outside the Insurance Industry to consolidate the excellent work of the existing staff in order to deliver quality service that would add value to Stakeholders of this Company.
FUTURE PROSPECTSDistinguished Shareholders, the world economic crisis has also created avenues for business growth and development and for us in Prestige Assurance, we see strength and not weakness and as such we are prepared to widen our business horizon to deliver quality returns to our Stakeholders.
It is obvious that there are great potentials for the Insurance Industry in Nigeria, particularly with the various initiatives that our regulator i.e. NAICOM and trade association have put in place to bring sanity into the Industry as well as policies that are needed for business to thrive.
Our Company has positioned itself to succeed in a vibrant Financial Market and more importantly in Insurance sector by introducing new products and processes that guarantee good returns on investments, as such, no stone will be left unturned to build financial supermarket that delivers quality services and generate profits to our loyal and esteemed Shareholders.
We realise the competitive environment of the Insurance Industry could be as challenging as ever, especially with the entrance of international giants into the Nigerian market. We welcome this development, not only because of the opportunity it presents to upgrade insurance practice in Nigeria, but also in recognition of the rare competitive strength we have built over the years as one of the oldest and most experienced operators in the Insurance Nigerian market.
At Prestige, our in-depth knowledge of the Nigeria market with very strong international links gives us cause to believe that we are well poised to tap into areas of opportunity in the Nigerian market with our market-winning products and services. During the year under review, we launched two new products – the Prestige Salary Protection Shield and the mediclaim policy with both products showing success and potentials
As part of our strategy to achieve our intention to be one of the top three Insurance Company in Nigeria, we are opening single Man Offices across the Country with the intention of spreading our outreach to new frontiers, new products and there are plans to still open more Branches with the intention of acquiring more market share of the Insurance Industry.
CONCLUSIONMy fellow Shareholders, may I, on behalf of the Board of Directors and Management, convey our sincere appreciation to our numerous clients, brokers, agents, insurers and reinsurers for their continuous support
Annual Report & Accounts 2017 17
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 18
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Chairman’sStatement (Cont’d)
and patronage.
We also extend our profound appreciation to the Company's core investor, the New India Assurance Company Limited, Mumbai, which has continued to give us the necessary support to compete favourably in a very challenging business environment.
I also extend my profound appreciation to my colleagues on the Board as well as to the Management and Staff of the Company for your commitment to build a strong Company that is a pride to all stakeholders and well appreciated.
Lastly, I thank our esteemed Shareholders for their confidence and belief in us to effectively manage the Company on their behalf. We promise that we will not fail you and shall work relentlessly to make the Company more profitable and even surpass your expectation in terms of returns on your investments, in future years.
I would like to use this opportunity to inform you that my tenure as a Director in this Company has come to an end and I will be retiring from the Board.
I thank everybody for their cooperation and support especially during the period I served as the Chairman of the Company.
I thank you all for your kind attention.
Mr. H.T.M USMANChairmanFRC/2013/IODN/0000003601
ManagingDirector Report
Ladies and Gentlemen, good day.
Today, I want to take this opportunity to briefly speak about the 2017 financial year and what it has meant for your Company in its 66th year of existence.
I will outline the financial and strategic outcomes of the year, and the transformational efforts we have been making to ensure we position the company for sustainable future.
The 2017 year was marked by increasing competition in our traditional businesses, including increasing entrance of foreign insurers into the market.
Despite ever changing business environment and increased regulations from government agencies, Prestige increased its market share across its key businesses and delivered highest growth in the industry with the gross premium written increased by 46% over that of 2016 financial year.
Performance reviewDuring the year under review, the gross premium written stood at 3, 809 Million against 2, 614, Millions of previous year. The result from operating activities was 706M and profit after tax was 532 Million as against 351 Million and profit after tax of 222Million respectively. While comparing 2017 with 2016 financial year, the results representing a growth rate of 140% in profit after tax when compared with the year 2016. The earning per share also rose from 4.13Kobo to 9.90Kobo in 2017.
Restructuring of Financial PositionHaving obtained approval from our esteemed shareholders in the last Annual General Meeting held on 18th August 2017, to restructure the balance sheet in order to write off the accumulated losses. I am glad to inform you here today that this exercise has been approved by all the necessary agencies including the High Court of Nigeria. I hereby seek your approval at this Annual General Meeting to reinstate each shareholder back to the ordinary position as contained in the notice of the Annual General Meeting.
Henceforth, your Company is now on the right track to declare dividend since the accumulated losses have now been wiped out in 2018 financial year.
Business ReviewIn 2017, the Company relocated Abuja, Ikeja and Kano branches to a more suitable place for purpose of ease of accessibility to clients. This action has resulted in increase in premium generation from those three branches.
N N
N
N N
N
Dr. Balla SwamyManaging Director
Annual Report & Accounts 2017 19
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
ManagingDirector Report (Cont’d)
The company also added a new branch located in Ikorodu Road of Lagos for the purpose of reaching out to customers.
Digital InsuranceHaving discovered that large proportion of the population are youths, the Company have engaged in development of online real time digital marketing for sales of our products especially motor, marine, travel insurance and Salary Protection Shield. As at now, the above products can be purchased online 24/7 across the country.
Prestige portal is now well used by our esteemed brokers for the purpose of underwriting marine and motor products and have helped seamless underwriting without our intervention.
Research and DevelopmentIn order to diversify our premium portfolio the Company had obtained approvals from Regulator for innovative products such as Oversea Mediclaim, Travel insurance, Prestige Salary Protection Shield and even working on Agriculture insurance as part of new addition to our product portfolio.
During the year, we signed an MOU with Tyre Express Ltd to cater for insuring of tyre purchased from the Company. Indeed, this collaboration will definitely improve safety on our road, as it will reduce the purchase of second hand tyre.
Cellphone Screen InsurancePrestige also collaborated with Fero Mobiles and Samsung in extending insurance coverage to cellphone and screen of any of their products purchased. This is an add-on service, as it reliefs buyers from any form of worry over replacement of damaged cellphone screen.
Rebranding of the CompanyAs part of efforts to reach out and boost the image of the Company, we embarked on sponsorship of some important events with intention of reaching out to diverse groups of people.
Our website and portal had already been redesigned, it is now ranking among the best in the industry. We were selected by Business Day as among the top 25 innovative Companies in Nigeria.
To meet the large section of young, we have embarked in activation of our social media platforms through twitter, facebook and instagram. The followers are growing and this is an indication of our company penetration in to the market.
Compliance with Regulatory AuthoritiesRegulations have become tight in line with international best practices after implementation of International Financial Reporting Standards (IFRS). I am glad to inform you that your Company in 2017 did not violate any of the rules and regulations or laws.
In short, your Company is now adjudged as one of the professional and ethical underwriter in the country. The Company did not pay any fine during the year under review.
Looking in to the future:The future of this industry largely depends on sound underwriting, prompt and speedy settlement of claims and proper funds management with innovative Information Technology.
We are of the view that the external factors will remain better in future ahead.
Here in Prestige, we have one of the best records in prompt claims settlement, enhanced underwriting and efficient financial management. We foresee a brighter future for the Company in the years to come with great prospect of declaring good returns for the stakeholders.
In conclusion, I want to thank our parent company for their immense support at all levels. Also, worthy of thank to Mr. H.T Usman who retired this year for his immense contribution especially during his tenure as Director and chairman for the Company.
I also wish to thank other members of the Board of Directors for their excellent support over the 2017 financial year.
The Management and staff of your Company are hardworking and dedicated. I thanked them for a great job done during the year under review.
Thank you.
Annual Report & Accounts 2017 20
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
The Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria 2004, requires the Directors to prepare financial statements for each financial year that present fairly, in all material respects, the state of financial affairs of the Company at the end of the year and of its profit or loss and other comprehensive income. The responsibilities include ensuring that the Company:
a) keeps proper accounting records that disclose, with reasonable accuracy, the financial position of theCompany and comply with the requirements of the Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria 2004;
b) establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and
c) prepares its financial statements using suitable accounting policies supported by reasonable andprudent judgments and estimates, and are consistently applied.
The Directors accept responsibility for the preparation and fair presentation of the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with International Financial Reporting Standards, and the relevant provisions of the Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria 2004, the Insurance Act 2003 and the Financial Reporting Council of Nigeria Act, No. 6, 2011 .
The Directors are of the opinion that the audited financial statements present fairly, in all material respects, the state of the financial affairs of the Company and of its profit and other comprehensive income. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of the audited financial statements, as well as adequate systems of internal financial control.
Nothing has come to the attention of the Directors to indicate that the Company will not remain a going concern for at least twelve months from the date of this statement.
.............................................. ...............................................Mr. HassanT.M. Usman Dr. Balla SwamyChairman Managing Director/CEOFRC/2013/IODN/0000003601 FRC/2015/CIIN/00000011228
th 9 March 2018
Statement of Directors’sResponsibilities in Relation of thePreparation of the Financial Statement
Annual Report & Accounts 2017 21
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 22
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
The Directors hereby submit their report together with the financial statements for the year ended 31 December 2017.
PRINCIPAL ACTIVITIESThe principal activities of the Company continue to be insurance business. There were no changes in the activities of the Company during the year under review.
STATE OF AFFAIRSIn the opinion of the Directors, the state of the Company's affairs is satisfactory.
DIVIDENDDividend will not be declared for the year ended 31 December 2017 (2016: Nil).
DIRECTORSThe names of the Directors as at the date of this report and those who held office during the year are as follows:
Mr. Hassan T. M. Usman (Nigerian) ChairmanDr. Balla Swamy (Indian) Managing Director/CEOMr. Gopalan Srinivansan (Indian) Non-Executive DirectorMr. Hermant .G. Rokade (Indian) Non-Executive Director (Retired 05 May, 2017)Mr. Gopalan Raghu (Indian) Non-Executive DirectorMr. Muftau Olakunle Oyegunle (Nigerian) Non-Executive DirectorMr. Sarbeswar Sahoo (Indian) Executive DirectorMr. SIbharth Prandan Non-Executive Director (Appointed 05 May, 2017)
In accordance with Article 96 of the Company's Articles of Association, retiring and appointed director during the year under review have been disclosed above
Profit before income tax expense 697,989 340,394
Income tax expense (166,148) (118,402) Profit for the year 531,841 221,992
RESULTS FOR THE YEAR
Report of the DirectorsFor the Year Ended 31 December 2017
2017 2016 ? ’000 ? ’000
Annual Report & Accounts 2017 23
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Directors' Interests in Share CapitalThe interest of the Directors in the issued share capital of the Company as recorded in the registrar of Members is as follows:
Directors' Interest in ContractsNo Director has given notice for the purpose of Section 277 of the Companies and Allied Matters Act CAP C20, Laws of the Federation of Nigeria 2004, to the effect that he is a member of a Company which could be regarded as interested in a contract with the Company.
Major ShareholdersAs at the date of this report, no person or Company held more than 5% of the Issued Share Capital except:
2017 2016
50k Share % 50k Share % Number Number
The New India Assurance Company Limited, Mumbai 3,732,491,383 69.50 3,732,491,383 69.50 Leadway Assurance Company 616,107,411 11.47 616,107,411 11.47
Employment of Disabled PersonsThe Company has no employee recorded as disabled. It is however, the Company's policy to consider persons for employment bearing in mind the aptitudes and abilities of the applicants concerned and facilities available to them.
Health and Welfare of EmployeesThe Company subsidizes the medical and transportation expenses of staff and grants them Housing and Lunch allowances. There is a Group Life Insurance Policy for all categories of staff and gratuity and pension scheme.
In addition, the Company offers Scholarship in Higher Institutions to the very brilliant children of employees.
AuditorsErnst & Young have expressed their willingness to continue as the Company's auditors in accordance with Section 357 (2) of the Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria 2004.
Report of the DirectorsFor the Year Ended 31 December 2017
S/N NAMES No of Shares as at
31 December 2017
1 Mr. Hassan Usman - --2 Dr. Balla Swamy - -
3 Mr. Gopalan Srinivasan - 4 Mr. Muftau O Oyegunle Lead way Assurance LTD 5 Mr. Gopalan Raghu - -6 Mr. Sibharth Prandan - -7 Mr. Sarbeswar Sahoo - -
Direct IndirectOrganisation
No of Shares as at
31 December 2016Direct Indirect
616,107,411 616,107,41149,997
1,200,000 -
3,732,491,383 3,732,491,383
- - -
- - -
-
-
1,133,374
Audit CommitteeThe members of the Audit Committee elected at the last Annual General Meeting have met and will, in accordance with the provisions of the Companies and Allied Matters Act, CAP C20, Law of the Federation of Nigeria 2004, present their report at this Annual General Meeting.
BY ORDER OF THE BOARD
Abayomi OdulanaCompany SecretaryFRC/2013/ICSAN/00000000320119, Ligali Ayorinde Street Victoria Island, Lagos
thDated: 9 March 2018
Report of the DirectorsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 24
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 25
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 26
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
IntroductionPrestige Assurance Plc ("the Company") has remained committed to the principles and practice that promote Good Corporate Governance. We recognize that sound corporate governance practices are necessary for effective management and control of the Company's business with a view to maximizing the Shareholders value and meeting the expectations of other Stakeholders. In furtherance of the commitment to high ethical conduct, we regularly review our processes and practices to ensure compliance with the legislative and best practice changes in the global corporate governance environment.
The Company continues to comply with its Internal Governance Policies and the Code of Corporate Governance for Public Companies in Nigeria. As an Insurance company, Prestige also complies with the Code of Good Corporate Governance for the Insurance Industry in Nigeria, issued by the National Insurance Commission in March 2015. The NAICOM's Code of Corporate Governance covers a wide range of issues including Board structure, quality of Board Members, duties of the Board, conduct of the Board of Directors, rights of Shareholders and Committees of the Board.
Board of DirectorsThe Board of Directors has the ultimate responsibility for the overall functioning of the Company. The responsibilities of the Board include setting the Company's strategic objectives and policies, providing leadership to put them into effect, supervising the management of the business, ensuring implementation of decisions reached at the Annual General Meeting, ensuring value creation to shareholders and employees, determination of the terms of reference and procedures of all Board Committees, ensuring maintenance of ethical standard as well as compliance with the Laws of Nigeria. At the moment, the Board is composed of seven members including a Non-Executive Chairman, MD/CEO and four Non-Executive Directors and one Executive Director. The Directors are experienced stakeholders with diverse professional backgrounds in Insurance, Accounting, Commerce, Management, Information Technology, etc. The Directors are men of impeccable character and high integrity.
The Company is indeed delighted to have a versatile Board with deep understanding of its responsibilities to Shareholders, Regulatory Authorities, Government and other Stakeholders. The Board always takes proactive steps to master and fully appreciate all cultural, legislative, ethical, institutional and all other factors, which impact our operations and operating environment. This has ensured that a culture of compliance with rules and regulation is entrenched at all levels of operations within the Company. The meetings of the Board are scheduled well in advance and highlights from the sub-committees of the Board are circulated to all the Directors. During the year under review, the Board met on 9 March, 5 May, 18 August and 26 October. Details of attendance by the Directors at Board meetings are as follows:
Mr. Sidharth Pradhan joined the Board on 5th of May 2017.
S/N DIRECTORS CATEGORY OF DIRECTORSHIP
NUMBER OF MEETINGS HELD
NUMBER OF MEETINGS ATTENDED
1 Mr. Hassan T.M Usman Chairman 4 4
2 Dr. Balla Swamy Managing 4 4 3 Mr. Gopalan Srinivasan
Non-Executive
4 3
4 Mr. Muftau O. Oyegunle Non Executive 4 45 Mr. Gopalan Raghu
Non-Executive
4 4
6 Mr. Sarbeswar Sahoo Executive 4 47 Mr. Sidharth Pradhan Non Executive 3 3
Corporate Governance ReportFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 27
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 28
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Board CommitteesThe Board performed its functions through a total of four Standing Committees during the period under review. The Committees have clearly defined responsibilities, scope of authority and procedures for reporting to the Board. Membership of the Committees is structured to take optimum advantage of the skills and experience of Non-Executive Directors. The following are the standing Committees of the Board during the year under review:
Audit and Compliance CommitteeThe Company established an Audit Committee in compliance with Section 359(6) of the Companies and Allied Matters Act, CAP C20 Law of the Federation of Nigeria 2004, which comprises of three representatives of Shareholders (elected annually at the AGM), Two Non-Executive Directors and one Executive Director during the year under review.The Audit Committee met four times during the year under review - 8 March, 27 April, 27 July and 26 October. Membership and attendance at the meetings are as follows:
Mrs. Funmi Oyetunji joined the committee on 18th August 2017.
Investment CommitteeThe Investment Committee comprises of the MD/CEO, 2 Non-executive Directors and one Executive Director. The Committee meets to review the investment guidelines of the Company, ensure that investments embarked upon by the Management are in line with Regulatory and Board Guidelines and also considers other miscellaneous issues. Mr. Gopalan Raghu Chaired the Committee during the year under review. The Committee met thrice times in the year under review as follows: 23 February, 25 August and 10 November 2017.
Establishment CommitteeThe Establishment Committee comprises the MD/CEO, Executive Director and two Non-Executive Directors. Mr. Muftau Olakunle Oyegunle chaired the Committee which primarily considers general staff matters. The Committee met on 23 February, 27 April and 13 September 2017 as reflected below:
Corporate Governance ReportFor the Year Ended 31 December 2017
1 Mrs. Funmi Oyetunji
1 1 2 Mr.
4 4
3 Engr. Olayiwola Tobun
4 4 4 Mr. Muftau
4 4
5 Mr. 4 4 6 Mrs Anike Odusote 4 4
S/N
MEMBERS
NUMBER
OF
MEETINGSHELD
NUMBER
OF
MEETINGSATTENDED
S/N
MEMBERS
NUMBER OF MEETINGS HELD
NUMBER OF MEETINGS ATTENDED
1
3 2 Dr. Balla Swamy
3
3 Mr. Muftau
3 4 Mr. 3
3 3 3 3
Sarbeswar Sahoo
O. Oyegunle
Gopalan Raghu
Mr. Gopalan Raghu
O. OyegunleSarbeswar Sahoo
Risk Management CommitteeThe Risk Management Committee comprises of MD/CEO, 2 Non-executive Directors and Executive Director, namely Mr. Muftau Oyegunle, Mr. Goplan Raghu, Dr. Balla Swamy and Mr. Sarberswar Sahoo. The Committee's term of reference is to fundamentally ensure that the Company's operations comply with the Enterprise Risk Policy as approved by the Board in line with regulatory requirements. The Committee met on 15 August, 13 September and 10 November 2017.
Roles of Key Members of the BoardThe positions of the Chairman of the Board and the Chief Executive Officer are separate and held by different persons. The Chairman and the Chief Executive Officer are not members of the same extended family.
The ChairmanThe main responsibility of the Chairman is to lead and manage the Board to ensure that it is administered 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 to take informed decisions, monitor effectively and provide advice to promote the success of the Company.
The Chairman also manages the input of Non-executive Directors to promote effective relationships and open communications, both inside and outside the Boardroom, between Executive and Independent Non-executive Directors. The Chairman strives to ensure that any differences on the Board are resolved amicably.
The Chief Executive OfficerThe Board has delegated the responsibility for the day-to-day management of the Company to the Chief Executive Officer (CEO), who is responsible for leading management, making and implementing operational decisions. The CEO is responsible to the Board of Directors and ensures that the Company complies strictly with regulations and policies of both the Board and Regulatory Authorities. The CEO ensures that optimization of the Company's resources is achieved at all times and has the overall responsibility for the Company's financial performance.
The Company SecretaryThe Company Secretary is a point of reference and support for all Directors. He is responsible to update the Directors with all requisite information promptly and regularly. The Board may through the Company Secretary obtain information from external sources, such as consultants and other advisers, if there is a need for outside expertise, via the Company Secretary or directly. The Company Secretary is further responsible to assist the Chairman and Chief Executive Officer to formulate an annual Board Plan with the administration of other strategic issues at the Board level; organize Board meetings and ensure that the minutes of Board meetings clearly and properly capture Board's discussions and decisions.
Corporate Governance ReportFor the Year Ended 31 December 2017
3 2 3 3
Mr. Muftau Dr.
Mr. Sarbeswar Sahoo Mr.
S/N
MEMBERS
NUMBER OF MEETINGS HELD
NUMBER OF MEETINGS ATTENDED
1 2 3
4
3 3 3 3
S/N
MEMBERS NUMBER OF MEETINGS HELD
NUMBER OF MEETINGS ATTENDED
1 2 3 4
3 3 3 3
Mr. Gopalan Raghu 3 Dr. Balla Swamy 3 Mr. Muftau O. Oyegunle 3 Mr. Sarbeswar Sahoo 3
O. OyegunleBalla Swamy
Gopalan Raghu
Annual Report & Accounts 2017 29
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Director Nomination ProcessThe Board agrees upon the criteria for the desired experience and competencies of new Directors. The Board has power under the Articles of Association to appoint a Director to fill a casual vacancy or as an additional Director. The criteria for the desired experience and competencies of new Non-executive Directors are agreed upon by the Board. The balance and mix of appropriate skills and experience of Non-executive Directors is taken into account when considering a proposed appointment. In reviewing the Board composition, the Board ensures a mix with representatives from diverse background. The Shareholding of an individual in the Company is not considered a criterion for the nomination or appointment of a Director. The appointment of Directors is subject to the approval of NAICOM. The following core values are considered critical in nominating a new director; (i) Integrity (ii) Professionalism (iii) Career Success (iv)Goodwill (v) Ability to add value to the Organization Induction and Continuous Training of Board Members.
Training of Board MemberOn appointment to the Board and to Board Committees, all Directors receive a formal induction tailored to meet their individual requirements. The New Directors are oriented about the Company and its operations through the Company Secretary via the provision of the Company's Articles of Association, relevant statutory books and regulations and adequate information on operations. The Directors are also given a mandate and terms of reference to aid in performance of their functions. Management further strives to acquaint the new Directors with the operations of the Company via trainings/seminars to the extent desired by new Directors to enable them function in their position. The training and education of Directors on issues pertaining to their oversight functions is a continuous process, in order to update their knowledge and skills and keep them informed of new developments in the insurance industry and operating environment.
Annual Board AppraisalThe Code of Corporate Governance for the Insurance Industry recognizes the fact that good corporate governance framework must be anchored on an effective and accountable Board of Directors whose performance is assessed periodically. The annual appraisal covered all aspects of the Board's structure, composition, responsibilities, processes, relationships, individual members' competencies and respective roles in Board performance, as well as the Company's compliance status with the provisions of NAICOM.
The General Meeting of the CompanyThis is the highest decision making body of the Company. The Company is driven by its desire to deliver significant returns on its shareholders investment. The shareholders have an opportunity to express their concerns (if any) and opinions on the Company's financial results and all other issues at the Annual General Meeting of the Company. The Meetings are conducted in a fair and transparent manner where the regulators are invited such as The National Insurance Commission, the Securities and Exchange Commission, Corporate Affairs Commission, the Auditors as well as other Shareholder's Associations. The Company also dispatches its annual reports, providing highlights of all the Company's activities to its shareholders. Protection of Shareholders RightsThe Board ensures the protection of the statutory and general rights of shareholders at all times, particularly their right to attend and vote at general meetings. All shareholders are treated equally, regardless of volume of shareholding or social status.
Communication PolicyIt is the responsibility of Executive Management under the direction of the Board, to ensure that the Board receives adequate information on a timely basis, about the Company's businesses and operations at appropriate intervals and in an appropriate manner, to enable the Board to carry out its responsibilities. Furthermore, the Board and Management of the Company ensures that communication and dissemination of information regarding the operations and management of the company to shareholders, stakeholders and the general public is timely, accurate and continuous, to give a balanced and fair view of the Company's
Corporate Governance ReportFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 30
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 31
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
financial and non-financial matters. Such information, which is in plain language, readable and understandable, is available on the Company's website, www.prestigeassuranceplc.com. In order to reach its overall goal on information dissemination, the Company is guided by the following Principles, legislation and codes of corporate governance of the jurisdictions within which it operates. These include the Insurance Act, the NAICOM Operational Guidelines, the Companies and Allied Matters Act (CAMA) and the codes of Corporate Governance issued by NAICOM and SEC. The Company operates in a multicultural environment and accordingly recognizes the need to be sensitive to the cultural peculiarities of its operating environment.
FeedbackThe Company actively and regularly seeks feedback on its image and communication activities both from the media as well as from its key target groups. This feedback is used in future activities.
Independent AdviceThe Board of Directors are at their own discretion and at the Company's expense required to seek Independent professional advice when required to enable a Member of the Board effectively perform certain responsibilities.
Insider Trading and Price Sensitive InformationThe Company is clear in its prohibition of insider trading by its Board, management, Officers and related persons who are privy to confidential price sensitive information. Such persons are further prohibited from trading in the Company's securities where such transactions would amount to insider trading. Directors, insiders and related parties are prohibited from disposing, selling, buying or transferring their shares in the Company for a period commencing from the date of receipt of such insider information until such a period when the information is released to the public or any other period as defined by the Company from time to time.
The company adopted the code of conduct regarding security transactions by its directors and it was complied with in accordance with NSE Rule book
Code of Professional Conduct for EmployeesThe Company has an internal Code of Professional Conduct, which all members of staff are expected to subscribe to upon assumption of duties. All members of staff are expected to strive to maintain the highest standards of ethical conduct and integrity in all aspects of their professional life as contained in the Code of Professional Conduct which prescribes the common ethical standards, culture and policies of the Group relating to employee values.
Abayomi OdulanaCompany SecretaryFRC/2013/ICSAN/000000003201
Corporate Governance ReportFor the Year Ended 31 December 2017
We, the undersigned, hereby certify the following with regards to our audited financial statements for the year ended 31 December 2017 that:
(a) We have reviewed the financial statements;
(b) To the best of our knowledge, the financial statements does not contain:? Any untrue statement of a material fact, or? Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such financial statements were made;
(c) To the best of our knowledge, the financial statements and other financial information included in thereport fairly present in all material respects the financial condition and results of operations of the Company as at, and for the years presented in the report;
(d) We:?are responsible for establishing and maintaining internal controls;?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;
? have evaluated the effectiveness of the Company's internal controls as of date within 90 daysprior to the report;
?have presented in the report our conclusions about the effectiveness of our internal controlsbased on our evaluation as of that date;
(e) We have disclosed to the auditors of the Company and the Audit Committee:?all significant deficiency in the design or operations of internal controls which would adversely affect
the Company's ability to record, process, summarize and report financial data and have identified for the Company's auditors any material weakness in internal controls, and;
?any fraud, whether or not material, that involves management or other employees who have significant role in the Company's internal controls;
?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.
.............................................. ...............................................Dr. Balla Swamy Mr. Emmanuel OluwadareManaging Director/CEO Chief Financial OfficerFRC/2015/CIIN/00000011228 FRC/2013/ICAN/0000003649
9th March 2018
Certificate Pursuant to Section 60(2) of Investment and Securities ActFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 32
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 33
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
In accordance with the provision of Section 359 (6) of the Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria, 2004, we have reviewed the audited financial statements of the Company for the year ended 31 December 2017 and report as follows:
The accounting and reporting policies of the Company are consistent within legal requirements and agreed ethical practices, and also in accordance with International Financial Reporting Standard.
The scope and planning of the external audit was adequate.
The Company maintained effective systems of accounting and internal control during the year.
Having reviewed the External Auditors' findings and recommendations on management matters, we are satisfied with management responses thereon.
Dated this 9th March 2018
Members of the Audit Committee
Mrs. Funmi Oyetunji - Shareholder/ChairmanEngr. Olayiwola Tobun - ShareholderMrs. Olatunbosun Odusote - ShareholderMr. Muftau O. Oyegunle - Non-Executive DirectorMr. Sarbeswar Sahoo - Executive DirectorMr. Gopalan Raghu - Non-Executive Director
Report of Audit and Compliance CommitteeFor the Year Ended 31 December 2017
As Insurance services provider with an obligation to comply with international best practices and Corporate Governance, Prestige Assurance Plc ensures that its operations comply with international performance standards and applicable national environmental and social regulations.
The principles of Sustainability are deeply entrenched in Prestige's core values and system, so sustainability is in our 'Modus Operandi'. We are conscious of the economic, social and environmental impact of our activities; placing importance on people and our environment, even as we try to make it a better place. At Prestige, we look at sustainability from a broad horizon and in an all-encompassing way.
In conducting our business, we take into consideration ethical values in our business relationship and at the same time addressing some of the biggest challenges faced by our society.
Product Development has always been at the apex of Prestige's drive for market share and coverage. We have opened a new branch in Ikorodu Road, Kaduna, Apapa and other branches are being proposed in order to attract patronage and getting closer to members of the public for opening of Insurance relationship with us.
During the 2017 financial year under review, new accounts were opened for various categories of people and businesses. The Company has also strived to meet the needs of Clients and making our products more accessible with the opening of our E-business unit further reducing barriers to Insurance services by increasing number of people with access to these services by providing more digital options.
Also during the Year under review, two new products were introduced in the Market namely Prestige Salary Protection Shield and Overseas Mediclaim Policy (Travel Insurance) which are already making headway in the industry.
Human Resources Management is important for retaining and attracting the best human resources for sustainable development.
At Prestige we respect both human and labour Laws in all our business operations and activities. We belief that social equity needs to be fair and just distribution of economic and environmental resources should be taken into consideration.
Costs Benefits Analysis (CBA) are tools used to participate in decision-makingprocesses which is thoroughly integrated into the working conditions of the Company.
Health and safety of our employees and clients is of utmost importance at Prestige. This is that we were at the fore-front of the Eye care treatment with visits to the Eye Bank of Nigeria , creating awareness about key health issues. We at Prestige are aware that “poor environmental quality'' is directly responsible for around 25% of all preventable ill health in the world today, with diarrheal diseases and acute respiratory infections (ARI), such as pneumonia heading the list. Other diseases such as malaria, schistosomiasis, other vector-bornediseases, chronic respiratory diseases, childhood infections are also strongly influenced by adverse environmental conditions.
We encourage our staff to carry out routine health check-ups to ensure that they are in perfect health, as human capital is vital for our sustainability going forward.
Also, waste production and mismanagement of resources, for example, are both conditions that affect health. Poor health and a decreasing quality of life dis-empower the most vulnerable set of people.
Corporate Governance on environmental and social life is an important aspect of our commitment to
Sustainability and CorporateResponsibility ReportFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 34
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 35
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
sustainable practices an Insurance institution. We strive to achieve a high level of corporate governance by essentially balancing the interest of all our stakeholders. We acknowledge that it is not enough for a company to be profitable but also strive to demonstrate a global standard practice of corporate governance. Typically, the board is charged with overseeing corporate governance practices. One of the tenets of corporate governance is ensuring that there are clear lines of responsibility, authority and accountability and making sure appropriate responsibilities and measures are in place.
The Company have appointed an executive Director Operation/Risk who in conjunction with the Management staff continued in their efforts to guide, implement and promote the sustainable principles in the Company.
Environmental and Social Risk Management has been incorporated into our enterprise risk management framework, especially in the delivery of our core business activity. Our customers in the major sectors are subject to a Social and Environmental Impact Assessment and Environmental Impact Assessment as requested for know your Customers(kyc).
We have continued in our efforts to reduce the use of paper in our general operations. The use of e-mails, work flows, portals and other e-channels is encouraged as work tools for members of staff. Information to customers is sent electronically via text, phone calls and e-mails.
In terms of community support, we have continued to invest in the communities in which we have presence through our Corporate Social Responsibility efforts.
Capacity Building in this area of sustainability is a work-in-progress at Prestige Assurance Plc. Sustainability is included and considered in all aspect of the Companies operation.
Reporting Sustainability issues will get reported to the Board through its Risk Management Committee, which meets quarterly. That way, the Board will get briefed of progress being made in implementing the sustainability policy to be approved by the Board as part of its responsibility of setting the sustainability tone from the top.
The implementation of the Sustainability Principles and Policy of the Company remains a work in progress – progress at ingraining the sustainability culture in the Company as we strive to regain our industry leadership position in an economically viable, socially relevant and environment all responsible way.
Corporate Social Responsibility ReportPrestige Assurance Plc is committed to the principles and best practices of corporate social responsibility and prides itself as being a model corporate citizen. The Company pursues its corporate social responsibility goals through the Company plays this role by contributing in strategic areas that are of immense importance to community development: Education, Environment and Economic Empowerment.
The Company recognizes that doing business in a sustainable manner means doing business in a way that empowers the present generation of Nigeria without compromising the future.
As in previous years, Prestige Assurance Plc in 2017 continued to intervene in the critical areas of the socio-economic environment that has the biggest potential to improve the livelihood and long term sustainability of the Company and Country.
EducationQuality education is crucial in developing the manpower needed by the Company to exploit emerging opportunities and propel the company to higher levels of development.
Sustainability and CorporateResponsibility ReportFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 36
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Sustainability and CorporateResponsibility ReportFor the Year Ended 31 December 2017
The Company is therefore actively involved in a number of educational initiatives and projects with payment of educational allowance to staff and the scholarships to children of staff who have excelled in their academic endeavors.
Environment and economic empowermentThe Company has a scheme where-in Students are engaged for their industrial attachment programme and allowances paid to them for the period of engagement.
DonationDuring the year under review no donations were made to any establishment or organisation.
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
This management complaints policy establishes procedures for Prestige Assurance Plc to effectively manage and resolve complaints from clients and members of the public.
1. INTRODUCTION This complaints policy establishes procedures for Prestige Assurance Plc to effectively manage and resolve complaints from clients and members of the public. Our management and staff respect the right of all our clients on the standard of services that we provide or any other matters. Our commitment to fair, equitable and timely resolution of complaints is described in this Policy and related documents.
2. PURPOSEThe purpose of our Complaints Handling Policy is to:
Recognize, and protect clients' rights, including the right to comment and complain.Provide an efficient, fair and accessible mechanism for resolving customer's; complaints.Provide information to Clients 'on the Company's complaints handling process.Demonstrate the company's commitment to continual improvement to the quality of its products and servicesTo provide a fair complaints procedure which is clear and easy to use for anyone wishing to make a complaint. To make sure everyone at Prestige Assurance Plc knows what to do if a complaint is received. To make sure all complaints are investigated fairly and in a timely way.To make sure that complaints are, wherever possible, resolved and that relationships are repaired.To gather information which helps us to improve what we do.
3. DEFINITIONSClaimant means a person who has a claim with the Prestige Assurance Plc.Complaint means a genuine expression of dissatisfaction or concern regarding the Prestige Assurance Plc services, or the complaints handling process itself, made to the Prestige Assurance Plc by, or on behalf of:
a claimant;an individual client - including government agencies;a group or member of the public.
Complaint does not mean a dispute with a decision or policy of the Prestige Assurance Plc. In particular, a complaint does not mean a dispute with:
The Prestige Assurance Plc's assessment of liability (i.e. fault) with respect to a claim;The Prestige Assurance Plc's settlement offer on a claim;The Prestige Assurance Plc's assessment of, and payments for;
Special Damages, being reasonable expenses related to the treatment of injuries received in a crash, together with compensation for any loss of earning capacity sustained.General Damages (Non Pecuniary Loss), being damages awarded for pain, suffering and inconvenience experienced as a result of injuries, together with any disability.
A complaint may be made in person, by phone, email, in writing and via the Prestige Assurance Plc's Internet. Verbal complaints should be documented immediately by the employee who receives the complaint.
Complainant means the person or organisation making the complaint.Client/Customer means a person or organisation receiving advice, a service, using the facilities, or engaged in a business relationship, or any other person or organisation having an interest in the functions or activities of the Prestige Assurance Plc.
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Management Complaints PolicyFor the Year Ended 31 December 2017
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Dispute means a customer's formal disagreement with the products and services of the Prestige Assurance Plc which leads to some type of internal or external review or determination.
Organisation means a company, firm, enterprise or association, or part thereof, whether incorporated or not, public or private, that has its own function(s) and administration.
4. COMMITMENTWe are committed to efficient and effective complaints management. Our commitment involves:
all levels of the Prestige Assurance Plc, particularly the organisation's Management cadre;encouraging an organisational culture that welcomes complaints as an opportunity to improve services the development and maintenance of a computerized Complaints System to manage complaints;
5. FAIRNESSWe recognise the need to be fair to both the complainant and the Prestige Assurance Plc or employee against whom the complaint is made.If a customer complains, we will:
treat the complainant with tact, courtesy and fairness at all times;maintain appropriate confidentiality of the complaint at all times;not victimise or harass the complainant as a result of any complaint he/she makes against us;not discriminate against the complainant because of any disability, his/her colour, race, religion, age, sex or sexual orientation.
The complainant can request all relevant material to support the complaint .We will provide a response to the complainant and inform the complainant of our decision and the reasons for that decision.
6. COMPLAINTS ABOUT EMPLOYEESComplaints about employees should be referred directly to the relevant Manager and a determination will be made whether the complaint is an alleged breach of our Code of Conduct.
7. RESOURCESWe have resources committed to the handling of complaints by way of a customised computerised Complaints System that is available to all employees for the recording of and management of complaints. In addition, training is available on our Complaints Policy, Complaints System in the skills of listening, problem solving, and conflict resolution. This is to ensure that our employees are skilled, motivated and empowered to be sensitive to, and welcome complaints and feedback. Our customer Complaint Policy is covered during the induction program for all new employees and example of the form to be filled is as follows:
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Management Complaints PolicyFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 39
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Management Complaints PolicyFor the Year Ended 31 December 2017
Prestige...Compasionate and Caring
Client:
Address:
Phone (Home):
Phone (work):
Email:
Date complaint received
__/___ /20__
Person receiving the complaint
How was the complaint received?
Phone
In person
In writing
Describe the goods or service
Describe the problem/complaint
What does the customer want done?
What is the business policy for this complaint?
What is the agreed solution?
Action required:
Date action completed:
Record of action taken:
Date compliant resolved:
Signature
CUSTOMER COMPLAINT RECORD - FORM EXAMPLE
Employees who demonstrate our core Values in the resolution of customer complaints are recognized and rewarded through our Recognition and Reward Program.
8. ACCESS TO THE COMPLAINTS PROCESSA person wishing to make a complaint may do so in person, by telephone, by letter, by email.All complaints made with us will be lodged via a 'Complaint Form', and recorded on to our Complaints System as follows:
A person may lodge a complaint by filling out and completing a 'Complaint Form' on our website. For complaints made in person or by telephone, letter, fax, or email, one of our staff members will complete a Complaint Form on behalf of the complainant and attach any associated correspondence that has been received (e.g letter, fax, email).
Where a complaint is made in person at the Prestige Assurance Plc, we will respect that the customer may wish to make the complaint in a private area where he/she may feel more comfortable.
Complaints are best made to the member of staff with whom the customer has been dealing. They can, however, be directed to the Commission Secretary or a Supervisor or Manager.
9. ASSISTANCE WITH LODGING COMPLAINTSOur staff will assist people who may have difficulty making a complaint. For example, interpreters can be provided to assist people with limited English who would prefer an interpreter.
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Management Complaints PolicyFor the Year Ended 31 December 2017
In addition, staff will complete a Complaints Form on behalf of anyone making a complaint over the phone or in person. They will also assist those with limited literacy skills by confirming the details of the complaint verbally.
10. COMPLAINTS MADE ON BEHALF OF ANOTHER PERSON If it is difficult for a customer to personally make a complaint, a complaint may be made on his/her behalf by another person.
11. RESPONDING TO COMPLAINTSIf a customer complains, we will: attempt to resolve the complaint at the first point of contact, where possible;acknowledge receipt of the complaint no later than five working days;where a complaint is not fully understood, telephone the person who lodged the complaint to ensure we understand the issues correctly; and for complaints not resolved "on the spot", aim to resolve the complaint and issue a response within 15 working days.
If these time frames cannot be met, we will tell the complainant why and give some idea of when we will reply in full.
We may, at any time after receiving a complaint, decide not to deal with the complaint, or to stop dealing with the complaint, because:
a) it does not relate to a matter we have power to deal with; b) it is frivolous, vexatious, misconceived or lacking in substance; or c) having regard to all the circumstances of the case, the enquiries into, or the continuance of the
enquiries into the matter raised in the complaint, is unnecessary or not justified.
The Commission Secretary, in consultation with other relevant senior staff, will make decisions of this nature where appropriate. If we decide not to deal with a complaint, or to stop dealing with a complaint, we will inform the complainant of the decision and the reason(s) for the decision.
12. CHARGESWe will not apply any fee or charge for the lodgement of a complaint.
13. COMPLAINTS SYSTEMWe have a specialised Complaints System for recording, management and reporting of complaints. This system enables complaints to be managed at various stages.
First stage: Recording and acknowledgment of the complaint and attempted resolution by front line staff.
Second stage: If the complainant is still not satisfied, a more senior staff member such as a Supervisor or Manager will review the person's complaint and the results of the review will be reported to the complainant.If the complainant remains dissatisfied, we will consider other options that may be available to achieve a resolution.
Third stage: If it remains unresolved, it should be sent to the internal Compliance resolution Committee Constituted or
Fourt Stage: The complaint cannot be resolved by the Prestige Assurance Plc, the complainant will be referred toNaicom CBU for arbitration.
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Management Complaints PolicyFor the Year Ended 31 December 2017
Final Stage: The Court. an outside agency, such as the Ombudsman.
14. REMEDIESWe will endeavour to resolve all complaints received as fairly as possible and in a timely manner. Some of the remedies that we may use to help resolve complaints include:
Rectify mistakesWhere we have made a mistake, taken too long to follow up a matter, or simply overlooked a matter, we will take immediate action to rectify the mistake or situation.
Information We have an Information Statement that clearly explains the documents we hold, how to make a Freedom of Information (FOI) application and rights of review.
Employee training and counselingWhere a complaint is made about an employee, whether it is about the employee's general manner or about the employee providing wrong information, and after investigation if we consider the complaint is justified, the employee will be provided with training and/or counseling as follows:
GUIDANCE FOR HANDLING VERBAL AND WRITTEN COMPLAINTSRemain calm and respectful throughout the conversationListen - allow the person to talk about the complaint in their own words. Sometimes a person just wants to "let off steam"Don't debate the facts in the first instance, especially if the person is angryShow an interest in what is being saidObtain details about the complaint before any personal detailsAsk for clarification wherever necessaryShow that you have understood the complaint by reflecting back what you have noted downAcknowledge the person's feelings (even if you feel that they are being unreasonable) - you can do this without making a comment on the complaint itself or making any admission of fault on behalf of the organisatione.g "I understand that this situation is frustrating for you"If you feel that an apology is deserved for something that was the responsibility of your organisation, then apologiseAsk the person what they would like done to resolve the issueBe clear about what you can do, how long it will take and what it will involve.Don't promise things you can't deliverGive clear and valid reasons why requests cannot be metMake sure that the person understands what they have been told
· Wherever appropriate, inform the person about the available avenues of review or appeal
ReferralAs outlined in this Complaints Policy, if a complaint cannot be resolved by us, the complainant may be referred to the National Insurance Commission/National insurance Association.
15. COLLECTING AND RECORDING INFORMATION ABOUT COMPLAINTSComplaint data will be recorded using the Complaint Form. Complaint data will be collected, analysed and reported using our Complaints System. Complaint data, enquiry outcomes and service improvements will be reported regularly to our Executive Committee and Board of Commissioners.
16. STORAGE OF COMPLAINT RECORDSRecords of all complaints will be retained in our Complaints System, for confidentiality, monitoring and
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Management Complaints PolicyFor the Year Ended 31 December 2017
evaluation purposes. Access to the complaints records will be restricted to authorized staff.
17. CATEGORISING COMPLAINTSComplaint data is collected, collated and reported in categories to enable us to identify policies, practices, facilities, etc. that are in need of review and that also contribute to improved customer focus and business outcomes.
18. REVIEWThe Complaints Policy will be reviewed at regular intervals to ensure it meets the needs of the Prestige Assurance Plc and its clients.
In accordance with the provision of Section 359 (6) of the Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria, 2004, Management has reviewed the audited financial statements of the Company for the year ended 31 December 2017 and report as follows:
The accounting and reporting policies of the Company are consistent within legal requirements and agreed ethical practices.The scope and planning of the external audit was adequate.
The Company maintained effective systems of accounting and internal control during the year.
The Nature of the BusinessPrestige Assurance Plc is a non-life insurance business with over sixty years' experience in Nigeria. The Company's core areas of business include motor, marine, bond, engineering, fire, aviation, oil and gas and general accident.
The Company is known for providing expertise knowledge especially in high risk businesses such as aviation, marine, oil and gas.
Our Company is known by populace for prompt settlement of claims and other support as it may be necessary. The major bulk of our business comes from brokers market and support from the parent company in form of referral.
Management Objectives(i) To be in the forefront of risk carrying in Nigerian insurance market, with a penchant for quality
products and efficient service delivery to our esteemed customers.(ii) To position the Company amongst the best insurance companies in Nigeria.(iii) To ensure that values are created for the stakeholders.(iv) To be an ethical company among the listed institution in Nigeria and the world at large.
Our StrategiesIn order to meet the above objectives, the management of the Company have put the following strategies in place.
(i) The Company has instituted sound corporate governance in order to drive both the internalprocess and the business environment.
(ii) Adequate reinsurance has been put in place to absorb the impact of high risk which may likelyoccur due to the area of specialisation of the Company.
(iii) Aside from the normal business, the Company also provides add on services such as customereducation, policy audit and lease financing. Our Strategies - Continued
(iv) The Company engages in training and empowerment of her workforce to meet up with thechallenges of modern business.
(v) It is also in the current agenda of the Company to recruit more hands with specialised skills tocompete favourably in the industry.
(vi) The Company has also met up with her civil responsibility and promised to do more to better theinterest of stakeholders at large.
Our Resources, Risks and RelationshipOur most valuable resources are our human capital. The staff welfare is paramount to the Company. Non- human resources are of small relevance without appropriate personnel to drive the system.
Management Discussion and AnalysisFor the Year Ended 31 December 2017
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Insurance business is a kind of business that is full of risk known as insurable risks.
This is a known risk but which the likelihood and magnitude of the occurrence is not certain.The Company has put in place a balanced re-insurance policy to absorb the impact of such risks at any time in future.
Aside from this, the Company is also faced with diverse risks which are financial and non-financial in nature. Several strategies are already in place to mitigate their negative impact on the business and the Company itself. Prestige Assurance Plc is a subsidiary of The New India Assurance Company Limited, Mumbai, India. Our parent company is one of the largest insurance business undertakers across the Afro-Asia continent (except Japan). The parent company provides support to us in all ramifications which had impact positively in term of skills and financial status to underwrite high risk businesses rarely underwritten by the local companies.
Financial Results and ProspectsFor the year ended 31 December 2017, the gross premium income by the Company increased byN837.547million compared with previous year as result of branch expansion and turning in of new product into the market as part strategy for growing the company.
Underwriting profit for the year went up by 81.321 million when compared with the previous year. Whilst profit for the year increased by 309.849 million over that of last year.
The total assets of the Company also increased by 2,085.966 million when compared with 31 December 2016. In view of the recent upheavals. We have adopted a more proactive approach to the management of our capital, liquidity and investments towards endowing our Company with needed financial strength to withstand any market-related shocks and building an enduring platform for world class products and services.
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Management Discussion and AnalysisFor the Year Ended 31 December 2017
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
IndependenceAuditors’ Report
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
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IndependenceAuditors’ Report
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
IndependenceAuditors’ Report
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
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IndependenceAuditors’ Report
1. General information
a. The financial statements for the year ended 31 December 2017 were authorized for issue in accordance with a resolution of the Directors on 9th March 2018. Prestige Assurance Plc was incorporated on 6 January 1970. The Company is a subsidiary of New India Assurance Limited which was established on 18 August 1918.
Its registered office is located at 19, Ligali Ayorinde Street, Victoria Island, Lagos, Nigeria.
The Company is regulated by the National Insurance Commission of Nigeria (NAICOM).
b. Principal activityThe Company is licensed to carry non-life insurance business. The Company provides cover in all classes of insurance, basically non-life treaty and facultative insurance, backed by reinsurer in the London and African reinsurance markets. The products and services by the Company cuts across general accident, energy, fire, marine, workers compensation, terrorism and bond.
2. Summary of significant accounting policies
2.1 Introduction to summary of accounting policiesThe principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
2.2 Basis of preparation
These are the financial statements of Prestige Assurance Plc and is presented in order of liquidity.
2.2.1 Statement of complianceThe financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Additional information required by national regulations, the Company and Allied Matters Act CAP C20 Law of the Federation of Nigeria 2004, the Financial Reporting Council of Nigeria Act No. 6, 2011, Insurance Act 2003 and its interpretations issued by the National Insurance Commission in its Insurance Industry Policy Guidelines is included where appropriate.
The financial statements comprise the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows and the notes to the financial statements.
2.2.2 Basis of measurementsThe financial statements have been prepared in accordance with the going concern principle under the historical cost convention, except for available-for-sale financial assets, financial assets designed at fair value through profit or loss, investment properties and land and building which are measured at fair value.
2.3 New standards and improvementsThese improvements are effective for annual periods beginning on or after 1 J anuary 2017. They include: IFRS 5 Non-current Assets Held for Sale and Discontinued OperationsAssets (or disposal groups) are generally disposed of either through sale or distribution to owners. The amendment clarifies that changing from one of these disposal methods to the other would not be considered a new plan of disposal, rather it is a continuation of the original plan. There is, therefore, no interruption of the application of the requirements in IFRS 5. This amendment must be applied prospectively. This does not have impact on Prestige Assurance Plc.
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
IFRS 7 Financial Instruments: DisclosuresServicing contractsThe amendment clarifies that a servicing contract that includes a fee can constitute continuing involvement in a financial asset. An entity must assess the nature of the fee and the arrangement against the guidance for continuing involvement in IFRS 7 in order to assess whether the disclosures are required. The assessment of which servicing contracts constitute continuing involvement must be done retrospectively. However, the required disclosures would not need to be provided for any period beginning before the annual period in which the entity first applies the amendments.
Applicability of the amendments to IFRS 7 to condensed interim financial statementsThe amendment clarifies that the offsetting disclosure requirements do not apply to condensed interim financial statements, unless such disclosures provide a significant update to the information reported in the most recent annual report. This amendment must be applied retrospectively. This amendment does not have any impact on Prestige Assurance plc
IAS 1 Presentation of financial statementsAmendments to IAS 1 to further encourage companies to apply professional judgement in determining what information to disclose and how to structure it in their financial statements. The amendments do not have any impact on the Company
Amendments to IAS 16 and IAS 38: Clarification of Acceptable Methods of Depreciation and AmortisationThe amendments clarify the principle in IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets that revenue reflects a pattern of economic benefits that are generated from operating a business (of which the asset is a part) rather than the economic benefits that are consumed through use of the asset. As a result, a revenue-based method cannot be used to depreciate property, plant and equipment and may only be used in very limited circumstances to amortise intangible assets. The amendments are applied prospectively and do not have any impact on the entity, given that it has not used a revenue-based method to depreciate its non-current assets.
Amendments to IFRS 10, IFRS 12 and IAS 28 Investment Entities: Applying the Consolidation Exception The amendments address issues that have arisen in applying the investment entities exception under IFRS 10. The amendments to IFRS 10 clarify that the exemption from presenting consolidated financial statements applies to a parent entity that is a subsidiary of an investment entity, when the investment entity measures all of its subsidiaries at fair value. Furthermore, the amendments to IFRS 10 clarify that only a subsidiary of an investment entity that is not an investment entity itself and that provides support services to the investment entity is consolidated. All other subsidiaries of an investment entity are measured at fair value. The amendments to IAS 28 allow the investor, when applying the equity method, to retain the fair value measurement applied by the investment entity associate or joint venture to its interests in subsidiaries.
The accounting policies adopted in the preparation of the 2017 Interim Financial Statements are consistent with those followed in the preparation of the Company's 2016 financial statements.
The nature and impact of each new standard /amendment is described below:
(i) Amendments to IAS 12 - Income Taxes
Amends IAS 12 to clarify accounting treatment for deferred tax assets for unrealised losses on debt instruments measured at fair value. The amendments clarify that an entity needs to consider whether tax law restricts the sources of taxable profits against which it may make deductions on the reversal of that
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
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deductible temporary difference. Furthermore, the amendments provide guidance on how an entity should determine future taxable profits and explains in which circumstances taxable profit may include the recovery of some assets for more than their carrying amount.The effective date of the 2016 amendments to IAS 12. Recognition of deferred tax assets for Unrealised Losses was issued on 19 J anuary 2016. The amendments are effective for annual years beginning on or after 1 J anuary 2017. Earlier application is permitted.
The Company applied amendments retrospectively, however, their application has no effect on the Company's financial statements.
(ii) Amendments to IAS 7 - Statement of Cash Flows
Disclosure Initiative (Amendments to IAS 7), issued in J anuary 2016, added paragraphs 44A-44E. An entity shall apply those amendments for annual years beginning on or after 1 J anuary 2017. Earlier application is permitted. Amendment to IAS 7 include disclosures that enable users of Financial Statements to evaluate changes in liabilities arising from financing activities. The amendment specifies that the following changes arising from financing activities are disclosed (to the extent necessary): (i) changes from financing cash flows; (ii) changes arising from obtaining or losing control of subsidiaries or other businesses; (iii) the effect of changes in foreign exchange rates; (iv) changes in fair values; and (v) other changes.
The Company is assessing the potential effect of the amendments on its financial statements.
(iii) Annual Improvements 2014-2016 CycleThese improvements were issued on 8 December 2-16 and ammedments to IFRS 12 are effective for annual periods beginning on or after 1 J anuary 2017. The improvements ammended the following standards:
Amendments to IFRS 12 Disclosure of Interests in Other EntitiesThe amendments clarify that the disclosure requirements in IFRS 12, other than those in paragraphs B10- B16, apply to an entity's interest in a subsidiary, a joint venture or an associate (or a portion of its interest in a joint venture or an associate) that is classified (or included in a disposal group that is classified) as held for sale. These amendments are not expected to have an impact on the Company.
2.4 Significant accounting judgements, estimates and assumptions
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying its accounting policies. Changes in assumptions may have a significant impact on the financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate and that the financial statements therefore present the financial position and results fairly. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below: 2.4 Significant accounting judgements, estimates and assumptions - continued Judgements
In the process of applying the Company's accounting policies, management has made the following judgement, which has the most significant effect on the amounts recognised in the financial statements:
Estimates and assumptionsThe key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
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assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur.
Fair value of financial instrumentsWhere the fair values of financial assets recorded on the statement of financial position cannot be verified from active markets, they are determined using a variety of valuation techniques that include the use of mathematical models. The inputs to these models are derived from observable market data where possible, but if this is not available, judgement is required to establish fair value. The judgements include considerations of liquidity and model inputs such as volatility for discount rates, prepayment rates and default rate assumptions for asset-backed securities.
Valuation of Non-life insurance contract liabilities:For non-life insurance contract, estimates have to be made for the expected ultimate cost of all future payments attaching to incurred claims at the reporting date. These include incurred but not reported ("IBNR") claims. Due to the nature of insurance business, ultimate cost of claims is often not established with certainty until after the reporting date and therefore considerable judgement, experience and knowledge of the business is required by management in the estimation of amounts due to contract holders. Actual results may differ resulting in positive or negative change in estimated liabilities.
The ultimate cost of outstanding claims is estimated by using a range of standard actuarial claims projection techniques, such as Loss ratio method and BCL methods. The BCL method assumes that past experience is indicative of future experience. i.e claims recorded to date will continue to develop in a similar manner in the future while Loss ratio method is used for classes with limited claims payments or history and therefore a BCL method would be inappropriate. The loss ratio method allows for an estimate of the average ultimate loss ratio which needs to be assumed, it uses the incurred and paid to date loss ratio that have been experienced to date in previous accident years.
Additional qualitative judgement is required as significant uncertainties remain such as future changes in inflation, economic conditions, attitude to claiming, foreign exchange rates, judicial decisions and operational process.
Similar judgements, estimates and assumptions are employed in the assessment of losses attaching to unearned premium exposures. The methods used are based on time apportionment principles together with significant judgement to assess the adequacy of theses liabilities and the attached uncertainty.The carrying value at the reporting date of non-life insurance contract liabilities is N2,643,592,000 (2016: 1,799,210,000). Further details on insurance contract liabilities are disclosed in Note 24 to the financial statements.
Certain acquisition costs related to the sale of new policies are recorded as deferred acquisition costs (DAC) and are amortised to the profit or loss over time. If the assumptions relating to future profitability of these policies are not realised, the amortisation of these costs could be accelerated and this may also require additional impairment write-offs to the profit or loss.
Deferred tax assets and liabilitiesThe carrying value at the reporting date of net deferred tax liabilities is 461,856,000 (2016: 467,561,000). Further details on taxes are disclosed in Note 10 to the financial statements.
Valuation of pension benefit obligationThe cost of defined benefit pension plans and other post-employments benefits and the present value of the pension obligation are determined using actuarial valuations. The actuarial valuation involves making
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assumptions about discount rates, expected rate of return on assets, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. Details of the key assumptions used in the estimates are contained in Note 28 to the financial statements.The carrying value at the reporting date of gratuity benefit obligation is 164,290,000 (2016: 107,646,000).
Valuation of investment propertiesThe Company carries its investment properties at fair value, with changes in fair value being recognised in profit or loss. The Company engaged an independent valuation specialist to assess fair value as at 31 December 2017. A valuation methodology based on discounted cash flow model was used as there is a lack of comparable market data because of the nature of the properties.
The determined fair value of the investment properties is most sensitive to the estimated yield as well as the long-term vacancy rate. The key assumptions used to determine the fair value of the investment properties are further explained in Note 20 to the financial statements.
The International Financial Reporting Standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company's financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective.
(i) IFRS 15 - Revenue from contracts with customersIFRS 15 was issued in May 2014 and establishes a five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer.
The new revenue standard will supersede all current revenue recognition requirements under IFRS. Either a full retrospective application or a modified retrospective application is required for annual periods beginning on or after 1 J anuary 2018. Early adoption is permitted. The Company expects to apply IFRS 15 using the modified retrospective application. Given insurance contracts are scoped out of IFRS 15, the Company expects the main impact of the new standard to be on the accounting for income from tenancy contracts on investment properties as well as investment management services. The Company does not expect the impact to be significant.
2.5 Standards and interpretations issued but not yet effective
(I) IFRS 15 - Revenue from contracts with customers
Impact Assessment of IFRS 15
The standard expects on entity to apply a five-step model approach to determine when to recognize revenue, and at what amount.
By virtue of insurance business especially non-life business, the five steps occurred simultaneously, the contract are identified, premium are determined and which are paid for on the spot while the Insurer will assume risk upon such payment.In line with "no premium no cover" the revenue can only be recognized in our books when payment is made.
NN
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
In case of Brokers business, Insurance can only offer such service upon received of credit note which is almost certain that the broker must remit the cash within 30 days.
In conclusion, insurance contract is out of scope of IFRS 15 therefore, no significant impact is expected on our financial statements either qualitative or quantitative as contained in the standard.
(iii) IFRS 9 - Financial InstrumentsIFRS 9, published in J uly 2014, replaces the existing guidance in IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 includes revised guidance on the classification and measurement of financial instruments, including a new expected credit loss model for calculating impairment on financial assets, and the new general hedge accounting requirements. It also carries forward the guidance on recognition and derecognition of financial instruments from IAS 39. IFRS 9 is effective for annual reporting years beginning on or after 1 J anuary 2018, with early adoption permitted. Except for hedge accounting, retrospective application is required but providing comparative information is not compulsory. For hedge accounting, the requirements are generally applied prospectively, with some limited exceptions.
During 2017, the Company performed a high-level impact assessment of all three aspects of IFRS 9. This preliminary assessment is based on currently available information and may be subject to changes arising from further detailed analyses or additional reasonable and supportable information being made available to the Company in the future. Overall, the Company expects no significant impact on its statement of financial position and equity, except for the effect of applying the impairment requirements of IFRS 9.
Loans as well as trade receivables are held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest. The Company analysed the contractual cash flow characteristics of those instruments and concluded that they meet the criteria for amortised cost measurement under IFRS 9. Therefore, reclassification for these instruments is not required.
(b) ImpairmentIFRS 9 requires the Company to record expected credit losses on all of its debt securities, loans and receivables, either on a 12-month or lifetime basis. The Company will apply the simplified approach and record lifetime expected losses on all loans and receivables. The Company has determined that, due to the unsecured nature of its loans and receivables, the loss allowance will increase with corresponding related decrease in the deferred tax liability.
(c) Hedge accountingThe Company determined that there are no existing hedge relationships that are currently designated in effective hedging relationships. Though, this will continue to qualify for hedge accounting under IFRS 9. As IFRS 9 does not change the general principles of how an entity accounts for effective hedges, applying the hedging requirements of IFRS 9 will not have a significant impact on Company's financial statements.
(d) Other adjustmentsIn addition to the adjustments described above, on adoption of IFRS 9, other items of the primary financial statements such as deferred taxes, assets held for sale and liabilities associated with them, will be adjusted as necessary. The exchange differences on translation of financial instrument will also be adjusted.
Impact assessment of IFRS 9IFRS 9 specifies how an entity should classify and measure financial assets, financial liabilities, and some contracts to buy or sell non-financial items.Any entity could have significant changes to its financial reporting as the result of this standard.
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Comparing IFRS 9 and IAS 39 classification and measurement categories
Classification and Measurement in Financial Statements under IAS 39
Classification Measurement
Loan and receivables Amortized Cost
Held for Trading FinancialAsset
FVPL
Available – For –Sale FVOCI Held to maturity Amortized Cost
Under IFRS9. The Financial Assets, will now be classified thus;
1. Amortized Cost - This will covers loan and receivables, and Held to maturity Financial assets2. Fair value through profit and loss (FVTPL) - This will covers held for trading and derivatives financial instruments3. Fair value other comprehensive income, no recycling (FVOCI) This will covers available for sale. Change in fair value are recognized in OCI and are never recycled to profit or loss, even if the asset is sold or impaired.
2.5 Standards and interpretations issued but not yet effective - continued
Impairment of financial assets.IFRS 9 eliminates impairment assessment requirements in equity instrument since it will only be measured at FVPL or FVOCI without recycling of fair value changes to profit and loss.
Loan and receivables will now be measured using the "expected credit loss" model. This is done by calculating the allowance for credit losses by considering on a discounted basis the cash shortfalls it would incur in various default scenarios for prescribed future periods and multiplying the shortfalls by the probability of each scenario occurring .
The company shall applies 12months ECLS unless a significant increase in credit risk occurs, then lifetime ECLS unless the increase reverses.
Quantitative implication of adoption of IFRS 9Subsequent to adoption of IFRS9, the following lined term in financial statements, as per 2017 may requirere-measurement thus as follows:
Possible consequences of IFRS 9 include:- More Income statement volatility. IFRS 9 raises the risk that more assets will have to be measured at fair value with changes in fair value recognized in profit or loss as they arise.- Earlier recognition of impairment losses on receivables and loans, including trade receivables with start proving for possible future.- Significant new disclosure requirements
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
NO CLASSIFICATION BALANCE AS AT 31ST DECEMBER,
2017(N’000 )
1ST J ANUARY, 2018 (N’000)
IMPACT
1 FVTPL 259,006.00
259,006.00
NO ADJ USTMENT REQUIRED
2 FVOCI 1,878,385.00 1,878,385.00 NO ADJ USTMENT REQUIRED
AMORTISED COST
i STAFF LOAN & ADVANCES
49,527.00 49,527.00 NO ADJ USTMENT REQUIRED
ii OTHER LOANS 52,260.00 52,260.00 FULLY IMPAIRED BASED ON EXPECTEDCREDIT LOSS MODEL SINCE IT HAS REMAINS OUTSTANDING MORE THAN 2 YEARS.
iii CORPORATE BONDS
115,287.00 115,287.00 THIS MAY BE SUBJ ECTEDTO IMPAIRMENT UPONDEFAULT ESPECI ALLY
DANA BOND.
iv FGN & STATE BONDS
732,065.00 732,065.00 NO DEFAULT IS EXPECTED THEREFORE NO
IMPAIRMENT IS REQUIRED.
v TREASURY BILL 1,565,000.00 1,565,000.00 NO DEFAULT IS EXPECTED,
THEREFORE NO
IMPAIRMENT IS
REQUIRED
2.5 Standards and interpretations issued but not yet effective - continue
(iv) IFRS 17 - Insurance ContractsIn May 2017, the IASB issued IFRS 17 Insurance Contracts (IFRS 17), a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts (IFRS 4) that was issued in 2005. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features. A few scope exceptions will apply. The overall objective of IFRS 17 is to provide an accounting model for insurance contracts that is more useful and consistent for insurers. In contrast to the requirements in IFRS 4, which are largely based on grandfathering previous local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects.Thecoreo fIFRS 17 is the general model, supplemented by:
? A specific adaptation for contracts with direct participation features (the variable fee approach) A simplified approach (the premium allocation approach) mainly for short-duration contracts.
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
3.
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
IFRS 17 is effective for reporting periods beginning on or after 1 January 2021, with comparative figures required. Early application is permitted, provided the entity also applies IFRS 9 and IFRS 15 on or before the date it first applies IFRS 17. The standard is generally expected to have an impact on the financial statements of insurance businesses. The Company is not early adopting the standard.
The Company intends to start a project to implement IFRS 17 and will perform a high-level impact assessment of IFRS 17. The Company expects that the new standard will result in an important change to the accounting policies for insurance contract liabilities of the Company and is likely to have a significant impact on profit and total equity together with presentation and disclosure.
(v) IFRS 16 - LeasesThis is a new standard introduced by IASB to replace existing standard IAS 17 - Leases. IFRS 16 is effective for annual periods beginning on or after 1 J anuary 2019. Early application is permitted, but not before an entity applies IFRS 15.
IFRS 16 requires lessees to account for all leases under a single on-balance sheet model in a similar way to finance leases under IAS 17. The standard includes two recognition exemptions for lessees - leases of 'low- value' assets (e.g. personal computers) and short-term leases (i.e. leases with a lease term of 12 months or less). At the commencement date of a lease, a lessee will recognise a liability to make lease payments(i.e. the lease liability) and an asset representing the right to use the underlying asset during the lease term(i.e. the right-of-use asset).
Lessees will be required to separately recognise the interest expense on the lease liability and the depreciation expense on the right-of-use asset. Lessees will be required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognise the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset.
Lessor accounting substantially carries forward the lessor accounting requirements in IAS 17. Accordingly, a lessor continues to classify its leases as operating leases or finance leases, and to account for those two types of leases differently.The Company is yet to perform the impact assessment of the standard but does not expect the impact to be significant.
(v) Amendments to IAS 40 Transfers of Investment PropertyThe amendments clarify when an entity should transfer property, including property under construction or development into, or out of investment property. The amendments state that a change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. A mere change in management's intentions for the use of a property does not provide evidence of a change in use. Entities should apply the amendments prospectively to changes in use that occur on or after the beginning of the annual reporting period in which the entity first applies the amendments. An entity should reassess the classification of property held at that date and, if applicable, reclassify property to reflect the conditions that exist at that date. Retrospective application in accordance with IAS 8 is only permitted if it is without the use of hindsight. Effective for annual periods beginning on or after 1 J anuary 2018. Early application of the amendments is permitted and must be disclosed. The Company will apply amendments when they become effective. However, since Company's current practice is in line with the clarifications issued, the Company does not expect any effect on its financial statements.
2.6 Annual improvements 2014-2016 CycleThese improvements were issued on 8 December 2016 and ammedments to IFRS 1 and IAS 28 are effective for annual periods beginning on or after 1 J anuary 2018. The improvements ammended the following standards:
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
IFRS 1 First-time Adoption of International Financial Reporting SandardsThe short-term exemptions in paragraphs E3-E7 of IFRS 1 were deleted, because they have now served their intended purpose. This amendment is not applicable to the Company.
IAS 28 Investments in Associates and J oint VenturesThe amendments clarify that the election to measure at fair value through profit or loss an investment in an associate or a joint venture that is held by an entity that is a venture capital organisation, or other qualifying entity, is available for each investment in an associate or joint venture on an investment-by- investment basis, upon initial recognition. These amendments are not expected to have an impact on the Company.
(vii) Amendments to IFRS 4 - Applying IFRS 9 Financial Instruments with IFRS 4 Insurance ContractsThe amendments address concerns arising from implementing the new financial instruments standard, IFRS 9, before implementing IFRS 17 Insurance Contracts, which replaces IFRS 4. The amendments introduce two options for entities issuing insurance contracts: a temporary exemption from applying IFRS 9 and an overlay approach. The temporary exemption is first applied for reporting periods beginning on or after 1 J anuary 2018. An entity may elect the overlay approach when it first applies IFRS 9 and apply that approach retrospectively to financial assets designated on transition to IFRS 9. The entity restates comparative information reflecting the overlay approach if, and only if, the entity restates comparative information when applying IFRS 9. The Company is currently assessing the impact. See note b(iii) above.
(viii) IFRIC Interpretation 22 Foreign Currency Transactions and Advance ConsiderationThe Interpretation clarifies that, in determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non- monetary liability relating to advance consideration, the date of the transaction is the date on which an entity initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, then the entity must determine the transaction date for each payment or receipt of advance consideration. Entities may apply the amendments On a fully retrospective basis. Alternatively, an entity may apply the Interpretation prospectively to all assets, expenses and income in its scope that are initially recognised on or after:
(I) The beginning of the reporting period in which the entity first applies the interpretation Or(ii) The beginning of a prior reporting period presented as comparative information in the financial statements of the reporting period in which the entity first applies the interpretation. The Interpretation is effective for annual periods beginning on or after 1 January 2018. Early application of interpretation is permitted and must be disclosed. However, since the Company's current practice is in line with the Interpretation, the does does not expect any effect on its financial statements.
(ix) IFRIC Interpretation 23 Uncertainty over Income Tax TreatmentThe Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 and does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The interpretation specifically addresses the following:
? Whether an entity considers uncertain tax treatments separately? The assumptions an entity makes about examination of tax treatments by taxation authorities. How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits
and tax.?How an entity considers changes in facts and circumstances.
An entity must determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
should be followed. The interpretation is effective for annual reporting periods beginning on or after 1 J anuary 2019, but certain transition reliefs are available. The Company does not expect any effect on its financial statements.
(x) Amendments to IFRS 2- Classification and Measurement of Share-based Payment TransactionsThe IASB issued amendments to IFRS 2 Share-based Payment that address three main areas: the effects of vesting conditions on the measurement of a cash-settled share-based payment transaction; the classification of a share-based payment transaction with net settlement features for withholding tax obligations; and accounting where a modification to the terms and conditions of a share-based payment transaction changes its classification from cash settled to equity settled.On adoption, entities are required to apply the amendments without restating prior periods, but retrospective application is permitted if elected for all three amendments and other criteria are met. The amendments are effective for annual periods beginning on or after 1 January 2018, with early application permitted. The Company is assessing the potential effect of the amendments on its financial statements.
(xi) Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint VentureThe amendments address the conflict between IFRS 10 and IAS 28 in dealing with the loss of control of a subsidiary that is sold or contributed to an associate or joint venture. The amendments clarify that a full gain or loss is recognised when a transfer to an associate or joint venture involves a business as defined in IFRS 3 Business Combinations. Any gain or loss resulting from the sale or contribution of assets that does not constitute a business, however, is recognised only to the extent of unrelated investors' interests in the associate or joint venture. The amendments are intended to eliminate diversity in practice and give preparers a consistent set of principles to apply for such transactions. However, the application of the definition of a business is judgemental and entities need to consider the definition carefully in such transactions. Amendments must be applied prospectively and early application is permitted and must be disclosed. These amendments have no impact on the Company.
2.7 Regulatory authority and financial reporting
The Company is regulated by the National Insurance Commission (NAICOM) under the National Insurance Act of Nigeria. The Act specifies certain provisions which have impact on financial reporting as follows:
I. Section 20 (1a) provides that provisions for unexpired risks shall be calculated on a time apportionment basis of the risks accepted in the year;
ii. Section 20 (1b) which requires the provision of 10 percent for outstanding claims in respect of claimsincurred but not reported at the end of the year under review. See note 3(m) (vi) on accounting policy for outstanding claims;
iii. Sections 21 (1a) and 22 (1b) require maintenance of contingency reserves for general and lifebusinesses respectively at specified rates as set out under note (23) and note 3(t) to cover fluctuations insecurities and variation in statistical estimates;
iv. Section 22 (1a) requires the maintenance of a general reserve known as life fund which shall be c r e d i t e d with an amount equal to the net liabilities on policies in force at the time of the actuarial valuation as set out under note 15(b). The valuation is done annually by the Company, using independent experts;
v. Section 24 requires the maintenance of a margin of solvency to be calculated in accordance with the A c t as set out under note 49.1;
vi. Section 10(3) requires insurance companies in Nigeria to deposit 10 percent of the minimum paid-upshare capital with the Central Bank of Nigeria as set out under note 14;
vii. Section 25 (1) requires an insurance company operating in Nigeria to invest and hold invested in N i g e r i a assets equivalent to not less than the amount of policy holders' funds in such accounts of the insurer. See note 51 for assets allocation that covers policy holders' funds.
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
The Financial Reporting Council of Nigeria Act No. 6, 2011 which requires the adoption of IFRS by all listed and significant public interest entities provides that in matters of financial reporting, if there is any inconsistency between the Financial Reporting Council of Nigeria Act No. 6, 2011 and other Acts which are listed in section 59(1) of the Financial Reporting Council of Nigeria Act No. 6, 2011, the Financial Reporting Council of Nigeria Act No. 6, 2011 shall prevail. The Financial Reporting Council of Nigeria acting under the provisions of the Financial Reporting Council of Nigeria Act No. 6, 2011 has promulgated IFRS as the national financial reporting framework for Nigeria. Consequently, the following provision of the National Insurance Act, 2003 which conflict with the provisions of IFRS have not been adopted:
i) Section 22(1a) which requires additional 25 percent of net premium to general reserve fund. See note 3(m)(ii) on accounting policy for unexpired risk and unearned premium.
Reporting periodThe Statement of Financial Position has been prepared as of 31 December 2017, while the other primary financial statements have been prepared for the nine months ended 31 December 2017, with comparative figures for the preceding period.
- Significant financial difficulty of the issuer or debtor;- A breach of contract, such as a default or delinquency in payments;- It becoming probable that the issuer or debtor will enter bankruptcy or other financial reorganisation;- The disappearance of an active market for that financial asset because of financial difficulties; or- Observable data indicating that there is a measurable decrease in the estimated future cash flow from
a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the Company.
2.8 Foreign currency translation
(a) Functional and presentation currencyItems included in the financial statements are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The financial statements are presented in Nigerian Naira which is the Company's functional and presentation currency.
(b) Transactions and balancesForeign currency transactions are transactions denominated, or that require settlement, in a foreign currency and these are translated into the functional currency spot rate prevailing at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange prevailing at the reporting date. Foreign exchange gains and losses resulting from the retranslation and settlement of these items are recognised in profit or loss.
2.9 Cash and cash equivalents
For the purposes of the statement of cash flows, cash comprises cash balances and deposits with banks net of overdraft. Cash equivalents comprise highly liquid investments (including money market funds) that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value with original maturities of three months or less being used by the Company in the management of itsshort-term commitments. Cash and cash equivalents are carried at amortised cost in the statement of financial position.
2.10. Financial assets
The Company classifies its financial assets into the following categories: financial assets sets as Held at fair
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
value through profit or loss (or held for trading), held-to-maturity, Available-for-sale and loans and receivables. The classification is determined by management at initial recognition and depends on the purpose for which the investments were acquired.
a. Financial assets at fair value through profit of lossA financial asset is classified at fair value through profit or loss if it is classified as held for trading or is designated at fair value through profit or loss upon initial recognition. The entity has no assets classified as held-for-trading at the end of the year. The entity has designated certain financial assets upon initial recognition at fair value through profit or loss (fair value option). This designation cannot subsequently be changed. Financial assets are designated at fair value through profit or loss if the Company manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Company's documented risk management or investment strategy. The investments are carried at fair value, with gains or losses arising from changes in this value recognized in the statement of profit or loss in the period in which they arise. Composition/details are disclosed in notes.
b. Held-to-maturityThe Company classifies financial assets as held to maturity when the Company has positive intent and ability to hold the securities to maturity. Held-to-maturity investments are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, held-to-maturity investments are measured at amortized cost using the effective interest method, less any impairment losses. Interest on held-to- maturity investments is included in the profit or loss and are reported as 'investment income'.
c. Available-for-sale financial assetsAvailable-for-sale financial assets are non-derivative financial assets that are classified as available-for- sale or are not classified in any of the two preceding categories which may be sold in response to the need for liquidity or changes in interest rates, exchange rates or equity prices. These investments are initially recognised at fair value. After initial measurement, available-for-sale financial assets are subsequently measured at fair value. Fair value gains and losses are reported as a separate component in other comprehensive income until the investment is derecognised or the investment is determined to be impaired. On derecognition or impairment, the cumulative fair value gains and losses previously reported in equity are transferred to profit or loss.
d. Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market other than:· those that the Company intends to sell in the short term which are reclassified as fair value through profit or loss and those that the Company upon initial recognition designates at fair value through profit or loss.· those that the Company upon initial recognition designates as Available for Sale· those for which the holder may not recover substantially all of its initial investment other than because of credit risk. They include:
(i) Trade receivablesTrade receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are mainly receivables arising from insurance contracts. Trade receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, trade receivables are measured at amortized cost less any impairment losses. They include receivables from Brokers and Co-insurance companies.
(ii) Other receivablesOther receivables are made up of amounts due from parties which are not directly linked to insurance or
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
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investment contracts. Other receivables are stated after deductions of amount considered bad or doubtful of recovery. When a debt is deemed not collectible, it is written-off against the related provision or directly to the profit and loss account to the extent not previously provided for. Any subsequent recovery ofwritten-off debts is credited to the profit and loss account.
e. Impairment of financial assets
(i) Financial assets carried at amortised costThe Company assesses at each end of the reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that have occurred after the initial recognition of the asset (a 'loss event') and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Objective evidence that a financial asset or group of assets is impaired includes observable data that comes to the attention of the Company from the following events:
?Default or delinquency by a debtor;?Restructuring of an amount due to the Company on terms that the Company would not consider
favourable;?Indications that a debtor or issuer will enter bankruptcy;?The disappearance of an active market for the security because of financial difficulties; and
Observable data indicating that there is a measurable decrease in the estimated future cash flowfrom a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group.
The Company first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment.
Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognised are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss has been incurred on loans and receivables or held-to-maturity investments carried at amortised cost, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have been incurred) discounted at the financial asset's original effective interest rate. The carrying amount of the asset is reduced, and the amount of the loss is recognised in the statement of profit of loss. If a held-to- maturity investment or a loan has a variable interest rate, the discount rate for measuring any impairment loss is the original effective interest rate determined under contract. As is practically expedient, the Company may measure impairment on the basis of an instrument's fair value using an observable market price.
For the purpose of a collective evaluation of impairment, financial assets are grouped on the basis of similar credit risk characteristics. Those characteristics are relevant to the estimation of future cash flows for groups of such assets by being indicative of the issuer's ability to pay all amounts due under the contractual terms of the debt instrument being evaluated. 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 by adjusting the assets. The amount of the reversal is recognised in the statement of profit or loss.
(i) Trade receivablesThese 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
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Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
insolvency, significant financial difficulties on the part of the counterparty or default or significant delay in payment - over 30 days) that the Company will not be able to collect the entire amount due under the original terms of the invoice. Allowances for impairment are made based on "incurred loss model" which consider premiums outstanding and not received within one month subsequent to the year-end as lost, given default for each customer and probability of default for the sectors in which the customer belongs. The amount of such a provision being the difference between the carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For amounts due from policy holders and reinsurers, which are reported net, such provisions are recorded in a separate impairment account with the loss being recognised in statement of profit or loss. On confirmation that the amounts receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Any subsequent recoveries are credited to the statement of profit or loss in the period the recoveries are made.
(ii) Assets classified as available-for-saleThe Company assesses at each date of the statement of financial position whether there is objective evidence that a financial asset or a group of financial assets is impaired. In the case of equity investments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is an objective evidence of impairment resulting in the recognition of an impairment loss. In this respect, a decline of 20%or more is regarded as significant, and a period of 1 year or longer is considered to be prolonged. If any such quantitative evidence exists for available-for-sale financial assets, the asset is considered for impairment, taking qualitative evidence into account. The cumulative loss - measured as the difference between the acquisition cost and the current fair value, less any impairment loss on those financial assets previously recognised in profit or loss - is removed from equity and recognised in the statement of profit or loss.Impairment losses recognised in the istatement of profit or loss on equity instruments are not reversed through the profit or los. If in a subsequent period the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the profit or loss.
(f) Derecognition of financial instrumentsThe Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred, or has assumed an obligation to pay those cash flows to one or more recipients, subject to certain criteria. Impaired debts are derecognised when they are assessed as uncollectible
(g) Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the statement of financial posistion only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2.11 Impairment of non-financial assets
The carrying amounts of the Company's non-financial assets other than deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. A cash-generating unit is the smallest identifiable asset group that generates cash flows that are largely independent from other assets and groups. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 63
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. 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. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Reversals of impairment losses are recognised in profit or loss.
2.12 Reinsurance receivables
Reinsurance assets consist of short-term balances due from reinsurers, as well as longer term receivables that are dependent on the expected claims and benefits arising under the related reinsurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsurance contracts and in compliance with the terms of each reinsurance contract.
The reinsurers' share of unearned premiums (i.e. the reinsurance assets) are recognised as an asset using principles consistent with the Company's method for determining unearned premium liability. The amount reflected on the statement of financial position is on a gross basis to indicate the extent of credit risk related to the reinsurance and its obligations to policy holders.
The Company assesses its reinsurance assets for impairment at each statement of financial position date. If there is objective evidence that the reinsurance asset is impaired, the Company reduces the carrying amount of the reinsurance asset to its recoverable amount and recognises that impairment loss in the profit or loss. The Company gathers the objective evidence that a reinsurance asset is impaired using the same process adopted for financial assets held at amortised cost.
2.13 Deferred acquisition costs (DAC)
Commissions and other acquisition costs that are related to securing new contracts and renewing existing contracts are capitalised as Deferred Acquisition Costs (DAC) if they are separately identifiable, can be measured reliably and it is probable that they will be recovered. All other costs are recognised as expenses when incurred. The DAC is subsequently amortised over the life of the contracts in line with premium revenue using assumptions consistent with those used in calculating unearned premium. It is calculated by applying to the acquisition expenses the ratio of unearned premium to written premium. The DAC asset is tested for impairment annually and written down when it is not expected to be fully recovered.
2.14 Finance lease
Finance lease are recognised when the company transfers substantially all the risks and rewards of ownership of the leased assets to the leasee. Investment in finance lease at commencement is initially recorded as an asset and a liability at the lower of the fair value of the asset and the present value of the minimum lease payments (discounted at the interest rate implicit in the lease, if practicable, or else at the entity's incremental borrowing rate. The finance lease is recorded as a receivable, at an amount equal to the net investment in the lease.
Interest income on investment in finance lease is recognised in the profit or loss as investment income in the period the interest is due receivable. An investment in finance lease is impaired if the carrying amount of the investment exceeds its recoverable or net realisable amount.
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 64
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
2.15 Investment property
Investment property is property (land or a building or part of a building or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both. Investment property, including interest in leasehold land, is initially recognised at cost. Subsequently, investment property is carried at fair value at the reporting date determined by annual valuations carried out by external registered valuers. Gains or losses arising from changes in the fair value are included in determining the profit or loss for the year to which they relate.
Subsequent expenditure on investment property where such expenditure increases the future economic value in excess of the original assessed standard of performance is added to the carrying amount of the investment property. All other subsequent expenditure is recognised as expense in the year in which it is incurred.
Investment properties are derecognised when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is 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 comprehensive income.
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 an owner occupied property becomes an investment property, the Company accounts for such property in accordance with the policy stated under property, plant and equipment up to the date of the change in use.
2.16 Intangible assets
Intangible assets comprise computer software purchased from third parties. They are measured at cost less accumulated amortisation and accumulated impairment losses. Purchased computer software are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. These costs are amortised on straight line basis over the useful life of the asset.
Expenditure that is reliably measurable and meets the definition of an assets is capitalized.
Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of the software, from the date that it is available for use. The estimated useful life of software is 10years. The residual values and useful lives are reviewed at the end of each reporting period and adjusted, if appropriate. An Intangible asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.
The estimated useful lives for the current and comparative period are as follows:
Computer software 10 years
2.17 Property, plant and equipment
(a) Recognition and measurementAll property, plant and equipment is initially recorded at cost. They are subsequently stated at cost less accumulated depreciation and impairment losses. Historical costs includes expenditure that is directly attributable to the acquisition of the assets. An assets is recognized when it is probable that the economic benefits associated with the item flow to the entity and cost can be reliably measured.
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 65
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
(b) Subsequent costsThe cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.
(c) DepreciationDepreciation is recognised in the statement of profit or loss on a straight-line basis over the estimated useful lives of each item of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives. Depreciation begins when an asset is available for use and ceases at the earlier of the date that the asset is derecognised or classified as held for sale in accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations.Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost or re-valued amounts over their estimated useful lives.The estimated useful lives for the current and comparative period are as follows:
Plant and machinery 12.5%Leasehold land and buildings 2%of cost/valuationFurniture, fittings and office equipment 10%Computer equipment 33 1/3%Motor vehicles 25%Assets under lease Over the period of lease
The assets' residual values and useful lives are reviewed at the end of each reporting period and adjusted, if appropriate. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.
(d) Revaluation of land and buildingProperty, plant & equipment are initially recorded at cost. Land and building are subsequently carried at revalued amount being the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are made with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.
When a property is revalued, any increase in its carrying amount (as a result of revaluation) is transferred to a revaluation reserve, except to the extent that it reverses a revaluation decrease of the same property previously recognised as an expense in the of profit or loss.
When the value of a property is decreased as a result of a revaluation, the decrease is charged against any related credit balance in the revaluation reserve in respect of that property. However, to the extent that it exceeds any surplus, it is recognised as an expense in the statement of profit or loss.
When revalued assets are being depreciated, part of the surplus is being realized as the asset is used. The amount of the surplus realized is the difference between the depreciation charged on the revalued amount and the lower depreciation which would be charged to property revaluation reserve and accumulated losses but not through profit or loss.
(e) De-recognitionAn item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised.
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 66
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
2.18 Statutory deposit
Statutory deposit represents a fixed deposit with the Central Bank of Nigeria in accordance with section 10(3) of the Insurance Act, 2003. The deposit is recognised at the cost in the statement of financial position being 10% of the statutory minimum capital requirement of N3 billion for General insurance business. Interest income on the deposit is recognised in the statement of profit or loss in the period the interest is earned.
2.19 Insurance contracts and insurance contract liabilities
In accordance with IFRS 4 insurance contracts, the Company has continued to apply the accounting policies it applied in accordance with Nigerian GAAP. These contracts are accident, workmen's compensation, motor, marine and aviation and fire insurance.Insurance contracts protect the Company's customers against the risk of harm from unforeseen events to their properties resulting from their legitimate activities. The typical protection offered is designed for employers who become legally liable to pay compensation to injured employees (employers' liability) and for individual and business customers who become liable to pay compensation to a third party for bodily harm or property damage (public liability).
Property insurance contracts mainly compensate the Company's customers for damage suffered to their properties or for the value of property lost.
Others forms of Insurance contracts include but are not limited to workmen's compensation, motor, marine and aviation insurance.
Claims and loss adjustment expenses are charged to income as incurred based on the estimated liability for compensation owed to contract holders or third parties damaged by the contract holders. They include direct and indirect claims settlement costs arising from events that have occurred up to the end of the reporting period even if they have not yet been reported to the Company i.e. Claims incurred but not reported (IBNR) which is actuarial valuation. The Company does not discount its liabilities for unpaid claims other than for workmen compensation claims. Liabilities for unpaid claims are estimated using the impute of assessments of provision reported to the Company and analysis for the claims incurred but not reported (IBNR).
Reinsurance contracts heldThe Company holds the under-noted reinsurance contracts:? Treaty Reinsurance Outward is usually between the Company and Reinsurers.? Facultative Reinsurance Outward is usually between the Company and other insurance companies or
between the Company and Reinsurers.? Facultative reinsurance inwards is usually between the Company and other insurance Companies or
between the Company and Reinsurers.
Premiums due to the reinsurers are paid and all claims and recoveries due from reinsurers are received. Contracts entered into by the Company with reinsurers under which the Company is compensated for losses on one or more contracts issued by the Company and that meet the classification requirements for insurance contracts are classified as reinsurance contracts held. Contracts that do not meet these classification requirements are classified as financial assets.
The benefits to which the Company is entitled under its reinsurance contracts held are recognized as reinsurance assets. These assets consist of short-term balances due from reinsurers, as well as long term receivables that are dependent on the expected claims and benefits arising under the related reinsured insurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amount associated with the reinsured insurance contracts and in accordance with the terms of each
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 67
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
reinsurance contract. Reinsurance liabilities are primarily premiums payable for reinsurance contracts and are recognized as an expense when due.
The Company's Insurance liabilities or balances arising from insurance contracts primarily include those insurance contract liabilities that were valued by the Actuary. These include unearned premiums reserve and outstanding claim reserve.
(i) Unearned premium reserveUnearned premium provision is calculated using a time - apportionment basis, in particular, the 365ths method.
(ii) Outstanding claims reserveIndividual loss estimates are provided on each claim reported. In addition, provisions are made for adjustment expenses, changes in reported claims and for claims incurred but not reported (IBNR), based on past experience and business in force.The reserve for outstanding claims is maintained at the total amount of outstanding claims incurred and reported plus claims incurred but not reported ("IBNR") as at the reporting date. The IBNR is based on the liability adequacy test carried out by an Actuary.
(iii) Liability adequacy testAt the end of each reporting period, liability adequacy tests are performed by an Actuary to ensure the adequacy of the contract liabilities net of related DAC assets. In performing these tests, current best estimates of future contractual cash flows and claims handling and administration expenses, as well as investment income from 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 provisions of the Insurance Act,CAP I17 LFN 2004 require an actuarial valuation for life reserves only however, IFRS 4 requires a liability adequacy test for both life and non-life insurance reserves. The provision of section 59 of the Financial Reporting Council Act No.6, 2011 gives superiority to the provisions of IFRS and since it results in a more conservative reserving than the provision of the Insurance Act, CAP I17 LFN 2004, it supports the Company's prudential concerns. (iv) Salvage and subrogation reimbursementsSome 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.
2.20 Trade payables
Trade payables (i.e insurance payables) are recognised when due and measured on initial recognition at fair value less directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest rate method. Trade payables include payables to agents and brokers, payables to reinsurance companies, payables to coinsurance companies and commission payable.
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 68
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
The fair value of a non-interest bearing liability is its discounted repayment amount. Trade payables are derecognised when the obligation under the liability is settled, cancelled or expired.
2.21 Provisions and other payables
Provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are measured at the best of estimate of the expenditure required to settle the obligation at the end of the reporting period. The provisions are reviewed at the end of the reporting period and adjusted to reflect the current best estimate.
Other payables are recognised initially at fair value and subsequently measured at amortised cost using effective interest method.
2.22 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the statement of profit or loss over the period of the borrowings using the effective interest method.
2.23 Retirement obligations and employee benefits
The Company operates the following contribution and benefit schemes for its employees:
Defined benefit gratuity schemeThe Company has a defined benefit gratuity scheme for management and non-management staff. Under this scheme, a specified amount as determined by actuarial valuation is contributed by the Company and charged to the statement of profit or loss over the service life of each employee.
The Company recognizes the following changes in the net defined benefit obligation under ''the employee benefit expense''. Service costs comprising current service costs, past services costs, gains and losses on curtailment and non-routine settlements.
Employees are entitled to gratuity after completing a minimum of five continuous full years of service. The gratuity obligation is calculated annually by Independent Actuaries using the projected unit credit method. The present value of the gratuity obligation is determined by discounting the estimated future cash outflows using market yields on high quality corporate bonds. The liability recognized in the statement of financial position in respect of defined benefit gratuity plan is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets. Actuarial gains or losses arising from the valuation are credited or charged to statement of profit or loss and other comprehensive income in the financial year in which they arise.
Re-measurement arising from actuarial gains and losses are immediately recognized in the statement of financial position with corresponding debit or credit recognized in the retained earnings through OCI in periods in which they occur. Re-measurement are not reclassified in subsequent periods. Past service costs are recognized in the profit or loss on the earlier of:
?The date of plan amendment or curtailment and;?The date that the Group recognizes related restructuring costs
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 69
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 70
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset using the rate at the beginning of the period. The Company recognizes the following changes in the net defined benefit obligation under ''the employee benefit expense''. Service costs comprising current service costs, past services costs, gains and losses on curtailment and non-routine settlements.
Defined contribution pension schemeThe Company operates a defined contributory pension scheme for eligible employees. The Company and employees contribute 10%and 8%respectively of the employees' Basic, Housing and Transport allowances in line with the provisions of the Pension Reform Act 2014. The Company pays the contributions to a pension fund administrator. The Company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefits expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
Short-term benefitsWages, salaries, paid annual leave, bonuses and non-monetary benefits are recognised as employee benefit expenses when the associated services are rendered by the employees of the Company.
2.24 Income taxes- Company income tax and deferred tax liabilities
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the of profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity or in other comprehensive income. Current income tax is the estimated income tax payable on taxable income for the year, using tax rates enacted or substantively enacted at reporting date, and any adjustment to tax payable in respect of previous years.
The tax currently payable is based on taxable results for the year. Taxable results differs from results as reported in the profit or loss because it includes not only items of income or expense that are taxable or deductible in other years but it further excludes items that are never taxable or deductible. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate.
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability differs from its tax base. Deferred taxes are recognized using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes (tax bases of the assets or liability). The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities using tax rates that are expected to apply in the year when the asset is realised 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 asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend is recognised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The tax effects of carry-forwards of unused losses or unused tax credits are recognised as an asset when it is probable that future taxable profits will be available against which these losses can be utilised.
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
2.25 Share capital and share premium
Shares are classified as equity when there is no obligation to transfer cash or other assets. Any amounts received over and above the par value of the shares issued are classified as 'share premium' in equity. Incremental costs directly attributable to the issue of equity instruments are shown in equity as a deduction from the proceeds, net of tax.
2.26 Dividend on ordinary shares
Dividends on the Company's ordinary shares are recognised in equity in the period in which they are paid or, if earlier, approved by the Company's shareholders. Dividends for the year that are declared after the reporting date are dealt with in the subsequent events note.
2.27 Statutory Contingency reserve
In compliance with Section 21 (2) of Insurance Act, CAP I17 LFN 2004, the contingency reserve is credited with the greater of 3% of gross premium written, or 20% of the net profits. This shall accumulate until it reaches the amount of greater of minimum paid-up capital or 50 percent of net premium.
2.28 Retained earnings/accumulated losses
This reserve represents amount set aside out of the profits of the Company which shall at the discretion of the Directors be applicable for meeting contingencies, repairs or maintenance of any works connected with the business of the Company, for equalising dividends, for special dividend or bonus, or such other purposes for which the profits of the Company may lawfully be applied.
2.29 Available-for-sale reserve
The available-for-sale reserve comprises the cumulative net change in the fair value of the group'savailable-for-sale investments. Net fair value movements are recycled to profit or losss if an underlyingavailable-for-sale investment is either derecognized or impaired.
2.30 Property revaluation reserve
Subsequent to initial recognition, an item of property, plant and equipment may be revalued to fair value. However, if such item is revalued, the whole class of asset to which that asset belongs has to be revalued. The revaluation surplus is recognized in equity, unless it reverses a decrease in the fair value of the same asset which was previously recognized as an expense, in which case it is recognized in profit or loss. A subsequent decrease in the fair value is charged against this reserve to the extent that there is a credit balance relating to the same asset, with the balance being recognized in profit or loss.
2.31 Gratuity valuation reserve
The gratuity valuation reserve comprises the cumulative net change in the re-measurement gain/(loss) on defined benefit plans.
2.32 Contingent assets and liabilities
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. A contingent liability is a possible obligation that arises from past events and whose existence
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 71
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or the company has a present obligation as a result of past events but is not recognized because it is not likely that an outflow of resources will be required to settle the obligation; or the amount cannot be reliably estimated.
Contingent liabilities and contingent assets are never recognized rather they are disclosed in the financial statements when they arise.
2.33 Premium and unearned premium
Premiums written comprise the premium on contracts incepting in the financial year. Premiums written are stated gross of commission payable to agents and exclusive of taxes levied on premiums. The Company earns premium income evenly over the term of the insurance policy generally using the pro rata method. The portion of the premium related to the unexpired portion of the policy at the end of the fiscal year is reflected in unearned premium.
2.34 Reinsurance expenses
Reinsurance costs represent outward premium paid to reinsurance companies less the unexpired portion as at the end of the accounting year.
2.35 Fees and commission income
Insurance and investment contract policyholders are charged for policy administration services, investment management services, surrenders and other contract fees. These fees are recognised as revenue over the period 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.
2.36 Claims expense
Claims incurred consist of claims and claims handling expenses paid during the financial year together with the movement in the provision for outstanding claims. (See policy for reserve for outstanding claims above)The gross provision for claims represents the estimated liability arising from claims in current and preceding financial years which have not yet given rise to claims paid. The provision includes an allowance for claims management and handling expenses.
The gross provision for claims is estimated based on current information and the ultimate liability may vary as a result of subsequent information and events and may result in significant adjustments to the amounts provided. Adjustments to the amounts of claims provision for prior years are reflected in profit or loss in the financial period in which adjustments are made, and disclosed separately if material.
2.37 Acquisition costs and maintenance expenses
Acquisition costs represent commissions payable and other expenses related to the acquisition of insurance contract revenues written during the financial year. Deferred acquisition costs represent the proportion of acquisition costs incurred which corresponds to the unearned premium provision (See policy for Deferred Acquisition Cost above). Examples of these costs include, but are not limited to, commission expense, supervisory levy, superintending fees and other technical expenses. Maintenance expenses are those incurred in servicing existing policies/contract.
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 72
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
2.38 Investment income
This includes interest income and dividend income. Interest income is recognised in profit or loss as it accrues and is calculated by using the effective interest rate method. Fees and commissions that are an integral part of the effective yield of the financial asset or liability are recognised as an adjustment to the effective interest rate of the instrument. Dividend income for equities is recognised when the right to receive payment is established, this is the ex-dividend date for equity securities.
2.39 Management expenses
Management expenses are expenses other than claims, investment expenses, employee benefits, expenses for marketing and administration and underwriting expenses. They include wages, professional fee, depreciation expenses and other non-operating expenses. Other Operating expenses are accounted for on accrual basis and recognized in the statement of profit or loss upon utilization of the service or at the date of their origin.
Finance income and expensesFinance income and expense for all interest-bearing financial instruments are recognised within 'finance income' and 'finance costs' in the profit or loss using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or liability (or group of assets and liabilities) and of allocating the finance income or finance costs over the relevant period. The effective interest rate is the rate that exactly discounts the expected future cash payments or receipts through the expected life of the financial instrument, or when appropriate, a shorter period, to the net carrying amount of the instrument.
The application of the method has the effect of recognising income (and expense) receivable (or payable) on the instrument evenly in proportion to the amount outstanding over the period to maturity or repayment. In calculating effective interest, the Group estimates cash flows considering all contractual terms redemption, are included in the calculation to the extent that they can be measured and are considered to be an integral part of the effective interest rate.
Cash flows arising from the direct and incremental costs of issuing financial instruments are also taken into account in the calculation. Where it is not possible to otherwise estimate reliably the cash flows or the expected life of a financial instrument, effective interest is calculated by reference to the payments or receipts specified in the contract, and the full contractual term. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.
2.40 Income tax expense
Income tax expense comprises current income tax, education tax levy, information technology tax and deferred tax. (See policy on taxation above).
2.41 Earnings per share
The Company presents basic earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares.
Summary of SignificantAccounting PoliciesFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 73
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 74
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Gross premium written 3,808,516 2,614,264
Gross premium income 1 3,385,078 2,547,531 Reinsurance expenses 2 (1,936,597) (1,445,723)
Net premium income 1,448,481 1,101,808
Fees and commission income 501,948 365,923 Net underwriting income 1,950,429 1,467,731
Claims expenses 3 655,735 429,790 Acquisition expenses 4 483,596 369,349 Maintenance expenses 5 475,703 414,518
Underwriting expenses 1,615,034 1,213,657
Underwriting profit 335,395 254,074
Investment income 6 830,939 417,824 Net fair value gain/(loss) on financial assets 14.1 40,602 (18,433) Net fair value gain/(loss) on investment property 20 152,438 (13,436)
1,359,374 640,029
Other operating income 7 30,774 146,361 1,390,148 786,390
Management expenses 8 (683,933) (435,394)
Results from operating activities 706,215 350,996
Finance costs (8,226) (10,602)
Profit before income tax expense 697,989 340,394 Income tax expense 9 (166,148) (118,402)
Profit for the year 531,841 221,992
Other comprehensive income:
Items within OCI that may be reclassified to
Profit or loss or in subsequent period net of tax:
Net gain on valuation of available-for-sale financial assets 11.1 779,413 177,054
Re-measurement (loss)/gain on defined benefit plan 11.2 (23,274) 19,638 Loss on revaluation of land and buildings (8,121) - Total other comprehensive income for the year, net of tax 748,018 196,692
Total comprehensive income for the year, net of tax 1,279,859 418,684
Baic earnings per ordinary share (kobo) 12 9.90 4.13 Diluted earnings per ordinary share (kobo) 9.90 4.13
Items within OCI that will not be reclassified to profit/loss in subsequent periods net of tax:
Statement of Profit or LossAnd other Comprehensive IncomeFor the Year Ended 31 December 2017
2017 2016N'000 N'000
See accompanying summary of significant accounting policies and notes to the financial statements which form an integral part of these financial statements.
AssetsCash and cash equivalents 13 1,010,492 862,680 Financial assets:
- Fair value through profit or loss 14.1 259,006 495,841 - Held-to-maturity 14.2 2,420,199 1,622,105 - Available-for-sale 14.3 1,878,385 1,098,213 - Loans and receivables 14.4 49,527 97,199 Trade receivables 15 6,517 7,931 Other assets 16 57,076 51,982 Reinsurance assets 17 1,705,937 1,339,406 Deferred acquisition costs 18 154,149 92,839 Finance lease receivables 19 184,030 132,943 Investment property 20 2,439,002 2,286,564 Intangible assets 21 44,475 9,162 Property, plant and equipment 22 1,266,758 1,292,722 Statutory deposit 23 300,000 300,000
Total assets 11,775,553 9,689,587
LiabilitiesInsurance contract liabilities 24 2,643,592 1,799,210 Trade payables 25 467,266 241,066 Other liabilities 26 295,978 565,557 Borrowings 27 72,078 152,335 Retirement benefits obligation 28 164,290 107,646 Current income tax payable 9 162,372 127,950 Deferred tax liabilities 10 461,856 467,561
Total liabilities 4,267,432 3,461,325
EquityShare capital 29 2,685,216 2,685,216 Share premium 30 1,127,599 1,127,599 Statutory contingency reserve 31 1,867,906 1,753,651 Retained earnings/(accumulated losses) 32 (347,325) (776,511) Gratuity valuation reserve 33.1 (13,433) 9,841 Available-for-sale reserve 33.2 1,450,955 671,542 Property revaluation reserve 33.3 737,203 756,924 Total equity 7,508,121 6,228,262 Total liabilities and equity 11,775,553 9,689,587
--------------------------------------------- --------------------------------------------- -----------------------------------------------Mr. Hassan T. M. Usman Dr. Balla Swamy Emmanuel OluwadareChairman Managing Director/CEO Chief Financial OfficerFRC/2013/IODN/0000003601 FRC/2015/CIIN/00000011288 FRC/2013/ICAN/00000003649
These financial statements were approved by the Board of Directors and authorized for issue on 9th March 2018 and signed on its behalf by:
See accompanying summary of significant accounting policies and notes to the financial statements which form an integral part of these financial statements.
Statement of Financial PositionFor the Year Ended 31 December 2017
31 December 31 December2017 2016
N'000 N'000
Annual Report & Accounts 2017 75
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 76
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Statement of Changes in EquityFor the Year Ended 31 December 2017
No
tes
N'0
00N
'000
N'0
00N
'000
N'0
00N
'000
N'0
00N
'000
As
at 1
Jan
uar
y 20
17
2,68
5,21
6
1,12
7,59
9
1,75
3,65
1
(776
,511
)9,
841
671,
542
756,
924
6,22
8,26
2
Pro
fit
for
the
year
-
-
-
531,
841
531,
841
Oth
er c
ompr
ehen
sive
inco
me
net
of t
ax-
-
-
(23,
274)
779,
413
(8,1
21)
748,
018
Tran
sfer
to
stat
uto
ry c
onti
nge
ncy
res
erve
-
-
114,
255
(114
,255
)
-
-
-
-
Red
uct
ion
in a
ccu
mu
late
d lo
sses
-
-
-
11,6
00
-
-
(11,
600)
-
At
31 D
ecem
ber
201
72,
685,
216
1,12
7,59
9
1,86
7,90
6
(347
,325
)
(13,
433)
1,45
0,95
5
737,
203
7,50
8,12
1
As
at 1
Jan
uar
y 20
16 r
esta
ted
2,68
5,21
6
1,12
7,59
9
1,67
5,22
3
(945
,069
)(9
,797
)
494,
488
781,
918
5,80
9,57
8
Pro
fit
for
the
year
-
- -
221,
992
-
- -
221,
992
Oth
er c
ompr
ehen
sive
inco
me
- -
- -
19,6
38
177,
054
-
196,
692
Tran
sfer
of c
onti
nge
ncy
res
erve
-
-
78,4
28
(78,
428)
-
-
-
-
Tran
sfer
to
accu
mu
late
d lo
sses
-
-
-
24,9
94-
-
(24,
994)
-
At
31 D
ecem
ber
201
6 2,
685,
216
1,12
7,59
9
1,75
3,65
1
(776
,511
)
9,84
1
671,
542
756,
924
6,22
8,26
2
See
acc
ompa
nyi
ng
sum
mar
y of
sig
nif
ican
t ac
cou
nti
ng
polic
ies
and
not
es t
o th
e fi
nan
cial
sta
tem
ents
wh
ich
form
an
inte
gral
par
t of
th
ese
fin
anci
al s
tate
men
ts.
Tota
l eq
uit
y
Gra
tuit
y
valu
atio
n
rese
rve
(No
te 3
3.1)
Pro
per
ty
reva
luat
ion
rese
rve
(No
te 3
3.3)
Sh
are
cap
ital
(No
te 2
9)
Sh
are
pre
miu
m
(No
te 3
0)
Sta
tuto
ry
Co
nti
ng
ency
rese
rve
(No
te 3
1)
Acc
um
ula
ted
loss
es
(No
te 3
2)
Ava
ilab
le-f
or-
sale
res
erve
(No
te 3
3.2)
Cash flows from operating activities
Premiums received from policy holders 3,809,930
2,609,056
Commissions received 501,948
365,923
Commission paid (544,906)
(375,058)
Reinsurance premium paid (2,118,235)
(1,429,607)
Claims paid 3 (1,333,405)
(1,896,206)
Claims recoverable from re-insurers 3 927,416
1,333,188
Other operating cash payments 34.2 (1,129,920)
(315,612)
Other operating cash receipt 26,015
118,252
Cash flows (used in)/generated from operating activities 138,843
409,936
Income tax paid 9 (123,976)
(145,651)
Benefits paid 28 (14,894)
(35,634)
Net cash (used in)/from operating activities 34.1 (27)
228,651
Cash flows from investing activities
Purchase of property, plant and equipment 22 (37,833)
(18,799)
Purchase of intangible assets 21 (41,000) (598)
Proceeds from disposal of property, plant and equipment 1,924
589
Proceeds on disposal of held-for-trading assets 402,606
-
Purchase of available-for-sale financial assets 14.3 -
(100,972)
Purchase of held-to-maturity financial assets 14.2 (614,312)
(862,998)
Proceeds on redemption of held-to-maturity financial assets 203,227
78,124
Interest received 173,909
186,062
Dividends received 130,635
93,439
Net cash from/(used in) investing activities 219,156
(625,153)
Cash flows from financing activitiesRepayments of borrowings during the year 27 (154,225)
(68,255)
Net cash used in financing activities (154,225)
(68,255)
Net increase/(decrease) in cash and cash equivalents 64,904
(464,757)
Cash and cash equivalents at beginning of year 856,344
1,293,162
Effects of exchange rate changes on cash and cash equivalents 17,166
27,939
Cash and cash equivalents at end of year 35 938,414
856,344
See accompanying summary of significant accounting policies and notes to the financial statements
which form an integral part of these financial statements.
Statement of Cash FlowsFor the Year Ended 31 December 2017
2017 2016Notes N'000 N'000
Annual Report & Accounts 2017 77
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
1 Gross premium income
Gross premium written 3,808,516 2,614,264 Changes in unearned income (423,438) (66,733)
3,385,078 2,547,531
2 Reinsurance expenses
Outward reinsurance 2,118,235 1,429,607 Decrease in prepaid reinsurance (181,638) 16,116
1,936,597 1,445,723
3 Claims expenses
Claims paid during the year (Note 24.2) 1,333,405 1,896,206 Increase/(decrease) in outstanding claims 420,944 (1,464,650) Claims Incurred in the current accident year (Note 24.2) 1,754,349 431,556 Change in re-insurance assets (Note 17) (171,198) 1,331,422 Reinsurance claims recoveries (927,416) (1,333,188)
655,735 429,790
4 Acquisition expenses
At 1 January 92,839 87,130 Commission for the year (Note 18) 544,906 375,058 Gross commission 637,745 462,188 At 31 December (154,149) (92,839)
483,596 369,349
5 Maintenance expenses
Wages and salaries - Technical Staff 211,269 186,433 Travelling 68,935 54,657 Entertainment & hotel expenses 42,139 25,037 Motor running expenses 23,480 15,293 Pension cost 18,533 31,851 Postage, telephone & telegrams 10,719 8,545 Leave encashment 7,684 8,409 Balance carried forward 382,759 330,225
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017 2016N'000 N'000
Annual Report & Accounts 2017 78
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 79
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
2017 2016
5 Maintenance expenses - continued
N'000 N'000
Balance brought forward 382,759 330,225
Medical 28,145 25,442
Staff training 7,660
16,349
Insurance levy 14,957
16,420
Risk inspection survey 17,454
8,083
Conveyance 12,684
7,456
Industrial training fund 4,000
7,242
Staff welfare 8,044
3,301
475,703
414,518
6 Investment income
Interest income 539,569
290,883
Dividend income 130,635
93,439
Finance lease income 35,566
33,502
Profit on sale of equity shares (Note 14.1.1) 125,169
-
830,939
417,824
7 Other operating income
Net foreign exchange gain 3,709
27,939
Recovery of bad debt previously written off (Note 7.1) 609
108,634
Profit on disposal of property, plant and equipment 1,050
170
Sundry income (Note 7.2) 25,406
9,618
30,774
146,361
7.1 This relates to amount received on debts which had previously been written off in prior years before the implementation of "no premium no cover".
7.2 This relates to amount received on claims which had previously been written off in prior years now recovered.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017 2016
8 Management expensesN'000 N'000
Wages and salaries - Administrative Staff 172,857 160,399 Office expenses 117,044 43,858
VAT on commission 67,511 13,862
Professional fees 58,691 35,165
Impairment of other loans 52,260 -
Depreciation (Note 22) 51,323 53,502 Administration expenses 43,024 38,775
Productivity bonus 34,899 17,020
Printing expenses 15,371 8,336 Insurance 13,810 11,064
Advertisement and publicity 11,814 4,987
Subscriptions 11,176 14,560 Audit fees 10,000 8,500
Directors expenses 8,828 6,549
Bank charges 6,366 4,453
Residential rent, rates and other expenses 3,271 12,776
Amortisation (Note 21) 5,688 1,588
683,933 435,394
9 Taxation
Per statement of profit or loss :
Minimum tax 152,329 117,605 Education tax 6,069 10,210
Current income tax expense 158,398 127,815
Deferred tax expense (Note 10.1) 7,750 (9,413)
Income tax expense 166,148 118,402
Per statement of financial position:
Current income tax payable
At 1 January 127,950 145,786
Charged to profit or loss 158,398 127,815 Payments during the year (123,976) (145,651)
162,372 127,950
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 80
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
9 Taxation - continued
Reconciliation of tax chargeProfit before income tax expense 697,989
340,394
Tax at Nigerian's statutory income tax rate of 30% 209,397
102,118
Non-deductible expenses 96,268
385,020
Tax exempt income (267,427)
(381,632)
Education tax levy 6,069 10,210 Tax rate differential on fair value gains (30,488) 2,686 Impact of minimum tax 152,329 - At effective income tax rate of 24% (2015:35%) 166,148 118,402
10 Deferred taxationDeferred income tax (assets)/liabilities are attributable to the following items:
Deferred tax liabilitiesAccelerated depreciation 369,056 380,030 Fair value gains on investment properties 135,069 119,826
504,125 499,856
Deferred tax assetsEmployee benefits (42,269) (32,295)
(42,269) (32,295)
Net 461,856 467,561
10.1 Movements in temporary differences during the year:As at 1 January 467,561 468,559
Recognised in profit or loss on:Accelerated depreciation (7,494) (8,282)
Fair value gains on investment properties 15,244
(1,343)
Employee benefits -
212
Total recognised in profit or loss 7,750
(9,413)
Recognised in other comprehensive income on:Revaluation loss on property plant and equipment (3,480)
-
Employee benefits (9,975)
8,415
Total recognised in other comprehensive income on: (13,455)
8,415
At 31 December 461,856
467,561
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017 2016N'000 N'000
2017 2016N'000 N'000
Annual Report & Accounts 2017 81
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 82
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
2017 2016
11 Other comprehensive income/(loss):=N='000 =N='000
11.1 Net gain on available-for-sale assets Fair value gain on available-for-sale financial assets (Note 14.3) 779,413 177,054
779,413 177,054
11.2 Remeasurement (loss)/gain on defined benefit planActuarial (loss)/gain - Assumption (Note 28) (26,074)
16,725
Actuarial (loss)/gain - Experience (Note 28) (7,175)
11,328
(33,249)
28,053
Income tax effect (Note 10.1) 9,975
(8,415)
(23,274)
19,638
11.3 Revaluation loss on land and buildingsArising during the year (Note 22) (11,601)
-
Income tax effect (Note 10.1) 3,480
-
(8,121)
-
Other comprehensive income for the year, net of tax 748,018
196,692
12 Earnings per share (EPS)
2017 2016
Net profit attributable to ordinary shareholders N'000 531,841
221,992
Weighted average number of shares for the year ('000) 5,370,432
5,370,432
Baic earnings per ordinary share (kobo) 9.90
4.13
Diluted earnings per ordinary share (kobo) 9.90
4.13
Basic EPS amounts are calculated by dividing the profit for the year attributable to ordinary shareholders
by the weighted average number of ordinary shares outstanding during the year.
The following reflects the income and share data used in the basic
earnings per share computations:
Except in prior year, there have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of completion of these financial statements.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017 2016
13 Cash and cash equivalents
N'000 N'000
Balance with local banksBalances with local banks 115,169 355,326 Balances with foreign banksBalances in foreign banks 3,094 45,981 Placement with local banksDeposits and placements with local banks 892,229 156,024 Bankers acceptancesBankers acceptances - 305,349
1,010,492 862,680
14 Financial assets
Held for tradingFair value through profit or loss (Note 14.1) 259,006 495,841 Held to maturityHeld-to-maturity (Note 14.2) 2,420,199 1,622,105 -Available-for-sale Available-for-sale (Note 14.3) 1,878,385 1,098,213 Loans and receivablesLoans and receivables (Note 14.4) 49,527 97,199
4,607,117 3,313,358
14.1 Movement of the fair value through profit or lossAt 1 January 495,841 514,274 Net fair value gain/(loss) 40,602 (18,433) Disposal during the year (Note 14.1.1) (277,437) - At 31 December 259,006 495,841
14.1.1 Disposal of fair value through profit or loss during the yearProceed from disposal during the year 402,606 - Loss on disposal during the year 21 - Gain on disposal during the year (125,190) -
Cost of disposed during the year 277,437 -
14.2 Movement of the Held-to-maturity financial assets:At 1 January 1,622,105 698,908 Additions during the year 614,312 862,998 Interest during the year 387,009 138,323
2,623,426 1,700,229 Redemption during the year (203,227) (78,124) At 31 December 2,420,199 1,622,105
14.3 Movement of available-for-sale financial assets
At 1 January 1,098,213 820,187 Additions - 100,972
1,098,213 921,159 Net fair value gains (Note 11.1) 779,413 177,054
-Available-for-sale At 31 December 1,878,385 1,098,213
Leadway Pensure PFA Limited 1,629,613 844,436 Leadway Protea Hotel Limited 173,018 178,023 Other available-for-sale investments 75,754 75,754
1,878,385 1,098,213
Available-for-sale financial assets comprise unquoted investments in:
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 83
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
14.4 Loans and receivables
staff loans and advancesStaff loans and advances 49,527 44,939 Other loans 52,260 52,260
Acc Impairment of other loansImpairment of other loans (52,260) -
staff loans and advancesStaff loans and advances 49,527 97,199
2017 2016N'000 N'000
Analysis of investment securitiesEquity 2,137,391 1,594,054 Debt 2,469,726 1,719,304
4,607,117 3,313,358
Held-to-maturityFGN Bond 2,249,737 1,492,898 Corporate bond 170,462 129,207
2,420,199 1,622,105 Held-for-trading Quoted equities 259,006 495,841
Available-for-sale:Unquoted equity 1,878,385 1,098,213
Total 4,557,590 3,216,159
15 Trade receivables
Due from brokersDue from brokers (Note 15.1) 6,517 7,931
Age analysis of trade receivables
2017 2016N'000 N'000
0-30 6,517 7,931 31-Above - -
Total 6,517 7,931
16 Other assets
PrepaymentsPrepayments 50,902 35,392 Accrued interest - 15,658
WHT receivableWHT receivable 6,174 932 Other receivablesOther receivables 10,629 10,629 Impairment on other receivablesImpairment on other receivables (Note 16.1) (10,629) (10,629)
57,076 51,982
Days
Included in other loans is an amount granted to the former executive director and the former CFO that has remained outstanding for a period of two years. These amount have been fully impaired in current year.
16.1 Impairment loss on other receivables relates to amount advanced to Company's staff cooperative for purchase of land.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017 2016
N'000 N'000
Annual Report & Accounts 2017 84
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Reinsurance share of claims expenses paid 243,360 275,659 Reinusrance debtorsReinsurance debtors (Note 17.2) 132,975 - Claims recoverable from reinsurerReinsurance share of outstanding claims expenses 825,610 755,088 Impairment of claims recoverableImpairment of claims recoverable (22,372) (36,067)
Total outstanding claims recoverable 1,179,573 994,680 Prepaid reinsuranceReinsurance share of unearned premium 526,364 344,726
1,705,937 1,339,406
Movement on outstanding claims recoverable:Outstanding claims recoverable:Balance at beginning 1,030,747 2,362,169 Change during the year (Note 3) 171,198 (1,331,422) Balance at end of the year 1,201,945 1,030,747
Impairment of claims recoverableImpairment of claims recoverable (Note 17.1) (22,372) (36,067) 1,179,573 994,680
17.1 Impairment of claims recoverable
At 1 January 36,067 36,067 Recovered during the year (13,695) - At 31 December 22,372 36,067
17.2
18 Deferred acquisition costs
At 1 January 92,839 87,130 Commission paid during the year (Note 4) 544,906 375,058 Amortised to profit or loss (Note 4) (483,596) (369,349) At 31 December 154,149 92,839
19 Finance lease receivables
At 1 January 132,943 129,070
Additions during the year 159,458 112,244
Repayment during the year (108,371) (108,371)
184,030 132,943
N'000 N'000
The present value of the lease obligations are as follows: Not later than one year 148,422 148,422 Later than one year, not later than five years 35,608 35,608 Later than five years - - Total minimum lease payments 184,030 184,030 Less amount reprsenting finance charges (28,566) - Present value of minimum lease payments 155,464 184,030
2017
The reinsurance debtors comprise of amount due to Prestige after year end reconciliation with Glanvil Enthoven Reinsurance Brokers Limited and JB Boda Reinsurance brokers Limited
Minimum payments
Present value of payments
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017 2016N'000 N'000
17 Reinsurance assets
Annual Report & Accounts 2017 85
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
19 Finance lease receivables- continued
N'000 N'000
The present value of the lease obligations are as follows: Not later than one year 118,739 118,739 Later than one year, not later than five years 14,204 14,204 Later than five years - -
Total minimum lease payments 132,943 132,943 Less amount reprsenting finance charges (11,726) - Present value of minimum lease payments 121,217 132,943
2017 2016
20 Investment property
N'000 N'000
At 1 January 2,286,564 2,300,000 Fair value gains/(loss) 152,438 (13,436) At 31 December 2,439,002 2,286,564
Rental Income derived from investment properties - - (1,555) (5,295)
(1,555) (5,295)
2016
Direct operating expenses (including repairs & maintenance) generating income
Loss arising from investment properties carried at fair value
Minimum payments
Present value of payments
Investment property is stated at fair value, which has been determined based on valuations performed by J C Obasi & Co (FRC/2013/NIESV/00000002148), a professional firm of Estate Surveyors and Valuers who are accredited independent valuers, as at 31 December 2017 and 2016. These valuers are specialists in valuing these types of investment properties. The fair value of the properties has not been determined on transactions observable in the market because of the nature of the property and the lack of comparable data. Instead, a valuation model, based on discounted cash flows, in accordance with that recommended by the International Valuation Standards Committee has been applied. Valuations are performed on an annual basis and the fair value gains and losses are recorded within the profit or loss.
The Company enters into operating leases for all of its investment properties. However, the property is yet to be occupied and the rental income expected to arise from the property annually is =N=228,200,000 which is expected to be included in other income. Direct operating expenses arising in respect of such properties during the year are included in administrative expenses.
There are no restrictions on the realisability of investment property or the remittance of income and proceeds of disposal. The Company has no contractual obligations to purchase, construct or develop investment property or for repairs or enhancement.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017 2016N'000 N'000
Annual Report & Accounts 2017 86
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Level 1 Level 2 Level 3 TotalN'000 N'000 N'000 N'000
Quoted prices in
active market
Significant observable
inputs
Significant unobservable
inputs
Fair value measurement using
20 Investment property - continued
Date of valuation - 31 December 2017
Investment properties - - 2,439,002 2,439,002
Date of valuation - 31 December 2016
Investment properties - - 2,286,564 2,286,564
Description of valuation techniques used and key inputs to valuation on investment properties
Office building
Valuation technique Significant unobservable inputs
=50,000 - 80,000N'
Average annual growth
Discount rate (equated yield)
Range (weighted average)
The fair value disclosure on investment properties is as
The fair value disclosure on investment properties is as
Income capitalization using DCF Analysis
Estimated rental per square meter
6%
N' 70,000
Average annual 1.4%
8.88% - 8.96% (9.20%)
Under the DCF method, fair value is estimated using assumptions regarding the benefits and liabilities of ownership over the asset’s life including an exit or terminal value. This method involves the projection of a series of cash flows on a real property interest. To this projected cash flow series, a market-derived discount rate is applied to establish the present value of the income stream associated with the asset. The exit yield is normally separately determined and differs from the discount rate.
The duration of the cash flows and the specific timing of inflows and outflows are determined by events such as rent reviews, lease renewal and related re-letting, redevelopment, or refurbishment. The appropriate duration is typically driven by market behaviour that is a characteristic of the class of real property. Periodic cash flow is typically estimated as gross income less vacancy, non-recoverable expenses, collection losses, lease incentives, maintenance cost, agent and commission costs and other operating and management expenses. The series of periodic net operating income, along with an estimate of the terminal value anticipated at the end of the projection period, is then discounted.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Level 1 Level 2 Level 3 TotalN'000 N'000 N'000 N'000
Quoted prices in
active market
Significant observable
inputs
Significant unobservable
inputs
Fair value measurement using
Annual Report & Accounts 2017 87
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
No. 19B Ligali Ayorinde Street, Victoria Island Lagos
21 Intangible assets
Cost:
At 1 January 2016 15,280 15,280
Additions 598 598 At 31 December 2016 15,878 15,878 Additions 41,000 41,000
At 31 December 2017 56,878 56,878
Accumulated amortisation and impairment:
At 1 January 2016 5,128 5,128
Amortisation 1,588 1,588 At 31 December 2016 6,716 6,716 Amortisation 5,687
5,687
At 31 December 2017 12,403 12,403
Carrying amount:
At 31 December 2017 44,475 44,475
At 31 December 2016 9,162 9,162
The valuation was based on the market value of the property, with reference to to the investment/income a p p r o a c h m e t h o d o f valuation. The method looks only to a property’s future income as may reasonably be anticipated during the est imated economic l i fe o f the property. Further value analysis was carried out us ing market market c o m p a r i s o n m e t h o d approach as check.
It is a purposely built office building on 7 floors with a mezzanine floor. The 7 story office building has office and parking spaces inside the underground. The parking lot can take about 43 vehicles at a time.
The site is rectangular in shape and appears firm, level and well drained. It is fenced round in block walls with a double leaf metal entrance gate. The site area is approximately 1054sqm.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Valuation technique Significant unobservable input
Location of investment property
TotalN'000 N'000
Computer software
Annual Report & Accounts 2017 88
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 89
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
22 Property, plant and equipment
Cost/Valuation:At 1 January 2016 33,443 1,256,300 50,694 87,189 131,698 758,432 2,317,756Additions 903 - 1,940 1,651 14,305 - 18,799Disposals - - (1,285) - - - (1,285)At 31 December 2016 34,346 1,256,300 51,349 88,840 146,003 758,432 2,335,270Additions 354 - 3,844 1,356 32,280 - 37,833Revaluation - (47,660) - - - - (47,660)Disposals - - (1,467) - (8,695) - (10,162)At 31 December 2017 34,700 1,208,640 53,726 90,196 169,588 758,432 2,315,281
Accumulated depreciation:At 1 January 2016 24,349 - 36,014 85,554 85,563 758,432 989,912Charge for the year 2,302 17,840 3,411 2,931 27,018 - 53,502Disposals - - (866) - - - (866)At 31 December 2016 26,651 17,840 38,559 88,485 112,581 758,432 1,042,548Charge for the year 2,261 18,219 2,517 1,002 27,323 51,323Tranfers to revaluation reserve (36,059) - - - - (36,059)Disposal - - (593) (8,695) - (9,288)At 31 December 2017 28,912 - 40,483 89,487 131,209 758,432 1,048,523
Net book value:
At 31 December 2017 5,788 1,208,640 13,243 709 38,379 - 1,266,758
At 31 December 2016 7,695 1,238,460 12,790 355 33,422 - 1,292,722
22.1 The Company had no capital commitment as at end of year (2017: Nil)
22.2 No imapairment test was performed during the year as there was no indication of imapirment on any of the assets in use by the Company
22.3 None of the property, plant and equipment of the Company has been pledged as security for borrowings and otherwise, as at the end of the year (2017: Nil)
Notes to the Financial StatementsFor the Year Ended 31 December 2017
N'000 N'000 N'000 N'000 N'000 N'000 N'000 Total
Motor
vehicles
Assets on
lease
Plant &
machinery
Land &
building
Furniture &
fittings
Computer
equipment
Leasehold
The fair value disclosure on investment properties is as follows:
Quoted
prices in
active
market
Significant
observable
inputs
Significant
unobservable
inputs
Level 1 Level 2 Level 3 TotalN'000
Property value at 31 December 2017 - - 2,439,002 2,439,002
Property value at 31 December 2016 - - 2,286,564 2,286,564
Fair value measurement using
22 Property, plant and equipment - continued
Land and building is stated at fair value, which has been determined based on valuations performed by Messrs J.C Obasi & Co. FRC/2013/NIESV/00000002148 who are accredited independent valuers, as at 31 December 2017. These valuers are specialists in valuing these type of property. The fair value of the property has not been determined on transactions observable in the market because of the nature of the property and the lack of comparable data. Instead, a valuation model based on discounted cash flows in accordance with that recommended by the International Valuation Standards Committee has been applied.
The Head office building is used to secure the Company's borrowings.
The Head office building was constructed at a cost of N94,130,000 and the property in nature is a leasehold property. In 2009, the property was revalued to N600,000,000 and a further revaluation on the property was carried out on 31 December 2013 in an open market by reference to the investment method of valuation and used the market comparison method as a check. Changes in revaluation are recognised in property revaluation reserve. The earned portion for 2016 financial year was transferred from property revaluation reserve to accumulated losses.
The Company's property located at flat C, Niger Towers, 51/55 Glover Road Ikoyi Lagos was acquired under a lease agreement with UACN Property Development Company in 2005. the lease period is 42 years and Prestige Assurance Plc is allowed to sub-lease it for another term after expiration of the current term. The cost of this building at the date of acquisition was N71,246,000 and has been valued in an open market as at 31 December 2013 by reference to the investment method of valuation and used the market comparison method as a check.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
N'000N'000N'000
Annual Report & Accounts 2017 90
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
23 Statutory deposit
At 31 December 300,000
300,000
24 Insurance contract liabilities
Unearned premium reserveUnearned Premium (Note 24.1) 1,100,232
676,794Oustanding claims reserveOutstanding Claims (Note 24.2) 1,543,360
1,122,416
Total insurance liabilities 2,643,592
1,799,210
24.1 Reserve for Unearned PremiumAt 1 January 676,794
610,061
Premium written in the year (Note 1) 3,808,516
2,614,264
Premium earned during the year (Note 1) (3,385,078)
(2,547,531)
At 31 December 1,100,232
676,794
24.2 Reserve for Outstanding ClaimsAt 1 January 1,122,416
2,587,066
Incurred in the current accident year (Note 3) 1,754,349
431,556
Claims paidPaid during the year (Note 3) (1,333,405)
(1,896,206)
At 31 December 1,543,360
1,122,416
Statutory deposit represents the amount deposited with the Central Bank of Nigeria in accordance with Section 9(1) and Section 10(3) of the Insurance Act 2003. This is restricted cash as management does not have access to the balances in its day to day activities. Statutory deposits are measured at cost.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017 2016N'000 N'000
2017 2016N'000 N'000
Annual Report & Accounts 2017 91
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 92
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
24.3 Analysis of Insurance Contract Liabilities
Gross Reinsurance Net Gross Reinsurance Net
N'000 N'000 N'000 N'000 N'000 N'000
Outstanding Claims 1,123,128 582,757 540,371 722,671 536,812 19,732
IBNR 420,232 242,853 177,379 399,745 218,276 181,469
Total outstanding claims 1,543,360 825,610 717,750 1,122,416 755,088 201,201
Unearned premium 1,100,232 526,364 573,868 676,794 344,726 332,068
Total 2,643,592 1,351,974 1,291,618 1,799,210 1,099,814 533,269
Age Analysis of Outstanding Claims as at 31st December, 2017
CLASS 0-90 91-180 181-270 271-365ABOVE
365 days TOTAL
Bond 6,670 - - 55,000 - 61,670
Engineering 7,732 1,500 100 22,435 200 31,967
Employer Liability 19,184
2,170
5,575
1,828
2,000
30,757
Fire 313,481 22,851 28,938 53,383 549,886 968,538
General Accident 88,910 4,205 14,167 10,166 59,449 176,898
GOODS-IN-TRANSIT 37,526 - 19,600 18,548 30,531 106,205
Marine 22,523
6,700
3,346
10,448
70,651
113,668
Oil and Energy 9,475
1,500
-
7,000
4,100
22,075
Motor 5,021
2,076
7,885
16,598
-
31,580
OVERALL - TOTAL 510,522 41,001 79,612 195,407 716,817 1,543,360
2017 2016
Notes to the Financial StatementsFor the Year Ended 31 December 2017
26.1 Other payables comprise of amount yet to be presented for payment on Dana Air claims. Also included here are amounts owed various suppliers.
2017 2016
25 Trade payables
N'000 N'000
Due to agentsDue to agents 16,217 13,868 Due to brokersDue to brokers 8,085 10,511 DUE TO DIRECT BUSINESSDue to direct insured 84,771 71,020 DUE TO REINSURANCE COMPANIES (TREATY BUSINESSES)Due to reinsurers 42,550 19,993 DUE TO INSURANCEDue to insurance companies 172,680 42,989 Unexpired commission receivedUnexpired commission received 142,963 82,685
467,266 241,066
26 Other liabilities
Industrial Training fund 3,815 7,211 Insurance levyInsurance levy 14,823 16,000 Profit sharingProvision for productivity bonus (Note 26.2) 46,938 18,880 Other payableOther payables (Note 26.1) 63,920 73,842
Withholding tax 557 596 Payable to parent companyRelated party payable (Note 36) 165,737 442,776
VAT 188 6,252
295,978 565,557
26.2 Movement in Provision for productivity bonusAt 1 january 18,880 1,860 Additions 34,899 17,020 Paid in the year (6,841) -
At 31 December 46,938 18,880
27 Borrowings 2017 2016N'000 N'000
Balance as at beginning of the year 145,999 203,652 Interest accrued 8,226 10,602 Repayments during the year (154,225) (68,255) Balance as at end of the year - 145,999
Overdrafts (Note 35) 72,078 6,336 72,078 152,335
The New India Assurance Company Limited granted a loan of N500,000,000 to the Company for the completion of itss seven storey building. The loan was granted at a fixed rate of 8% per annum. The loan is for a period of 2 years with a moratorium period of a year. Repayment of principal and interest commenced on July 2014 and its expected to be repaid quarterly. In 2017 financial year, the loan was fully repaid to the parent company.
28 Retirement benefits obligationThe Group operates a defined benefit staff gratuity plan where qualifying employees receive a lump sum payment based on the number of years served after an initial qualifying period of five years and gross salary on date of retirement.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 93
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
28 Retirement benefits obligation- continued
2017 2016N'000 N'000
Balance at the beginning of the year 107,646 136,408 Current service cost 20,813 19,094 Interest cost 17,476 15,831 Benefits paid (14,894) (35,634) Actuarial loss/(gain) 33,249 (28,053)
164,290 107,646
The principal assumptions used for the purposes of the actuarial valuations were as follows.
Discount rate 14% 16%Rate of salary increase 13% 13%Rate of inflation 12% 12%
The amounts recognised in profit or lossCurrent service cost 20,813 19,094 Interest cost 17,476 15,831
Total, included in staff costs 38,289 34,925
The amounts recognised in other comprehensive incomeActuarial (loss)/gains- change in assumption (Note 11.2) (26,074) 16,725 Actuarial (loss)/gains - experience adjustment (Note 11.2) (7,175) 11,328 Re-measurement (gain)/ loss on net defined benefit plans (33,249) 28,053
The plan is unfunded.
Sensitivity analysis
Increase Decrease
N'000 N'000Discount rate (1% movement) 165 (165)Salary increase rate (1% movment) - -Mortality rate (1% movement) 0.04 0.04
Reasonable possible changes at reporting date to one of the relevant actuarial assumptions holding other
assumptions constant, would have affected the defined benefit obligation by the amount shown below.
Defined benefit obligation
The most recent actuarial valuations of the present value of the defined benefit obligation were carried out at 31 December 2017 by HR Nigeria Limited. The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.
The analysis does not take account of the full distribution of cashflow expected under the plan , it does provide an approximation of sensitivity of the assumption shown.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017 2016N'000 N'000
Annual Report & Accounts 2017 94
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
28 Retirement benefits obligation- continued
2017 2016N'000 N'000
Within the next 12 months (next annual reporting period) 16,927 14,719 Between 2 and 5 years 35,005 30,439 Between 5 and 10 years 67,461 58,662 Beyond 10 years 110,619 96,190
Total expected payments 230,012 200,010
29 Share capital
Authorised 6,000,000 Ordinary shares of 50k each 3,000,000 3,000,000
Issued and fully paid 5,320,432,000 Ordinary shares of 50k each 2,685,216 2,685,216
30 Share premium At 31 December 1,127,599 1,127,599
Premiums from the issue of shares are reported in share premium.
31 Statutory contingency reserve At 1 January 1,753,651 1,675,223 Transfer from reatained earnings 114,255 78,428
At 31 December 1,867,906 1,753,651
The following payments are estimated contributions to the defined benefit plan obligation in future years:
Average duration of the defined benefit obligation at the end of the reporting period is 24.3 years (2015: 23.3 years)
This is maintained in compliance with Sections 21(1) and (2) and 22(16) of Insurance Act CAP I17, LFN 2004 as indicated in the accounting policy number 2.26.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 95
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
2017 2016
N'000 N'000
2017 2016
N'000 N'000
32 Accumulated losses
At 1 January restated (776,511)
(945,069) Transfer to statutory contingency reserve (114,255) (78,428) Transfer from property revaluation reserve 11,600
24,994 Profit for the year 531,841
221,992
At 31 December (347,325) (776,511)
33 Other reserves
33.1 Gratutiy valuation reserve
At 1 January 9,841 (9,797) Actuarial (loss)/gain during the year (23,274) 19,638 At 31 December (13,433) 9,841
33.2 Available-for-sale reserve
At 1 January restated 671,542 494,488 Gains on valuation during the year 779,413 177,054
At 31 December 1,450,955 671,542
33.3 Property revaluation reserve
At 1 January restated 756,924 781,918 Arising during the year (8,121) - Transfer to accumulated losses (11,600) (24,994)
737,203 756,924
This comprise of the cumulative actuarial(loss)/gain on change in assumption and experienceadjustment
Retained earnings/accumulated loss comprise the undistributed profits or loss from previous years, which have not been reclassified to other reserves noted below.
The fair value available-for-sale reserve shows the effects from the fair value measurement of financial instruments of the category available-for-sale. Any gains or losses are not recognised in the profit or loss until the asset has been sold or impaired.
This comprise cumulative fair value changes on valuation of leasehold land & building net of deffered tax asset/liabilities
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017 2016N'000 N'000
2017 2016N'000 N'000
Annual Report & Accounts 2017 96
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
34.1
2017 2016N'000 N'000
Profit before tax income tax expense 697,989 340,394 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation of property, plant and equipment 51,323 53,502 Amortisation of intangible assets 5,687 1,588 Profit on disposal of property, plant and equipment (1,050) (170) Investment income (830,939) (417,824) Fair value loss on held for trading financial assets (40,602) 18,433 (Gain)/loss on investment properties (152,438) 13,436 Exchange gains (3,709) (27,939) Interest costs on retirement benefit obligations 38,289 34,925 Finance cost 8,226 10,602 Changes in assets and liabilitiesIncrease/(decrease) in trade receivables 1,414 (5,208) Decrease in other assets and receivables 42,578 28,669 (Increase)/decrease in reinsurance assets (366,531) 1,347,538 Increase in deferred acquisition costs (61,310) (5,709) Increase in finance lease assets (51,087) (3,873) Increase in unearned premium 423,438 66,733 Increase in claims provision 420,944 (1,464,650) Increase/(decrease) in trade payables 226,200 (38,478) Decrease/increasse in other liabilities (269,579) 457,967 Income tax paid (123,976) (145,651) Benefits paid (14,894) (35,634) Net cash (used in)/generated from operating activities (27)
228,651
34.2 Reconciliation of other operating cash payments
Auditors' remuneration (10,000)
(8,500)
Other expensesMaintenance expenses (475,703) (414,518) Management expenses (683,933) (435,394) Change in other assets and receivables (22,205) 24,796 Change in trade payables and other liabilities (43,379) 419,489
(1,235,220) (414,127) Less:Depreciation 51,323 53,502 Amortisation 5,688 1,588 Audit fees 10,000 8,500 Current services cost 20,813 19,094 Interest cost 17,476 15,831
(1,129,920) (315,612)
35
Bank and cash balances 118,263 401,307 Deposits and placements 892,229 156,024 Bankers acceptances - 305,349
Overdrafts (Note 27) (72,078) (6,336) 938,414
856,344
Reconciliation of profit before income tax expense to net cash (used in)/from operating activities
Cash and cash equivalents for purposes of the statement of cash flows
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017 2016N'000 N'000
Annual Report & Accounts 2017 97
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
Annual Report & Accounts 2017 98
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
36 Related party transactionsCompensation of key management personnel
2017 2016
Short-term employee benefits:
N'000 N'000
Salaries and allowances 42,228
24,660
Long-term employee benefits: Post employment pension benefits -
-
42,228
24,660
Number NumberBelow =N=1,000,000 2 2=N=1,000,001 - =N=4,000,000 1 1=N=4,000,001 - =N=7,000,000 - -=N=7,000,001 and above 2 2
5 5
EmployeesNumber Number
Executive Directors 2 2Management (Managers & above) 9 10Senior staff 40 33Junior Staff 29 29
80 74
Staff cost =N='000 =N='000Salaries and allowances 409,234 346,832
Staff pension 18,534
31,851
Staff gratuity 53,184 34,925
480,952
413,608
2017 2016Emolument range Number NumberN500,000 - N1,000,000 - -N1,000,001 - N1,500,000 - -N1,500,001 - N2,000,000 - -N2,000,001 - N2,500,000 - -N2,500,001 - N3,000,000 - -N3,000,001 - Above 9 6
9 6
The number of directors who received fees and otheremoluments(excludingpension contributionsand certainbenefit) in the following ranges was:
The following are the numberof persons in employmentof the Company as at 31 December 2017:
The numberof employeesof the Company, other than Directors,who received emoluments in thefollowing ranges (excluding pension contribtions and certain benefits) were:
Key management personnel of the Company includes all directors, executives and non-executive, and senior management. The summary of compensation of key management personnel for the year is as follows:
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Outstanding balances for intercompany payables relates to expenses settled on behalf of the Company by the parent company as at the year-end. Intercompany outstanding balances, except for those on borrowings, are unsecured and interest free and settlement is expected occurs in cash.
37 Contingencies and commitments
a Legal proceedings and regulations
The Company operates in the insurance industry and is subject to legal proceeding in the normal course of business. While it is not practicable to forecast or determine the final results of all pending or threatened legal proceedings, management does not believe that such proceedings (including litigation) will have a material effect on its results and financial position.
The Company is also subject to insurance solvency regulations in all the territories where it operates and has complied with all these solvency regulations. There are no contingencies associated with the Company's compliance or lack of compliance with such regulations.
b Compliance with Insurance regulationsThe Company contravened certain Sections of Securities Exchange Commission (SEC) Act. Details of the contravention and penalty is as follows:
2017 2016N'000 N'000
- 10,675
Late filling of annual returns to Securities and ExchangeCommission(SEC),this relatesto previousyears(2008-2010).
c Capital commitments and operating leaseThe Company has no capital commitments and operating lease at the reporting date.
38 Events after the reporting periodThere were no events after the reporting period which could have a material effect on the financial position of the Company as at 31 December 2017 and on its profit and other comprehensive income for the year then ended.
36 Related party transactions -continued
2017 2016Balances with related partiesAmount due to related parties are as follows: N'000 N'000
Payable to:New India Assurance Company Limited (Note 26) 165,737
442,776
Borrowings from:New India Assurance Company Limited (Note 27) -
145,999
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 99
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
ASSETS
Cash and cash equivalents 1,010,492 - 1,010,492 Financial assets:-Fair value through profit or loss 259,006 - 259,006 -Held-to-maturity - 2,420,199 2,420,199 -Available-for-sale - 1,878,385 1,878,385 -Loans and receivables - 49,527 49,527 Trade receivables 6,517 - 6,517 Other asstes - 57,076 57,076 Reinsurance assets 1,705,937 - 1,705,937 Deferred acquisition costs - 154,149 154,149 Finance lease receivables - 184,030 184,030 Investment property - 2,439,002 2,439,002 Intangible assets - 44,475 44,475 Property, plant and equipment - 1,266,758 1,266,758 Statutory deposit - 300,000 300,000
2,981,952 8,793,601 11,775,553
LIABILITIESInsurance contract liabilities 2,643,592 - 2,643,592 Trade payables - 467,266 467,266 Provisions and other liabilities - 295,978 295,978 Borrowings - 72,078 72,078 Retirement benefits obligation - 164,290 164,290 Current income tax payable - 162,372 162,372 Deferred tax liabilities - 461,856 461,856
2,643,592 1,623,840 4,267,432
Gap 338,360 7,169,761 7,508,121
39 Asset and Liability Management
Asset and Liability Management (ALM) attempts to address financial risks the Company is exposed to which includes interest rate risks, foreign currency risks, equity price risks and credit risks. The major financial risk is that in the long run its investment proceeds are not sufficient to fund the obligations arising from its insurance contracts. ALM ensures that specific assets of the company is allocated to cover reinsurance and liabilities of the company.
The Company manages these positions within an ALM framework that has been developed to achieve long-term investment returns in excess of its obligations under insurance and investment contracts. The notes below show how the company has managed its financial risks.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017N'000 N'000 N'000
Insurance Shareholders' funds funds
Annual Report & Accounts 2017 100
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
39 Asset and Liability Management - continued
ASSETS
Cash and cash equivalents 862,680 - 862,680
Financial assets:
-Held-for-trading 495,841 - 495,841
-Held-to-maturity - 1,622,105 1,622,105
-Available-for-sale - 1,098,213 1,098,213
-Loans and receivables - 97,199 97,199
Trade receivables 7,931 - 7,931
Other receivables and prepayments -
51,982 51,982
Reinsurance assets 1,339,406
-
1,339,406
Deferred acquisition costs -
92,839 92,839
Finance lease receivables -
132,943 132,943
Investment properties -
2,286,564 2,286,564
Intangible assets -
9,162
9,162
Property, plant and equipment -
1,292,722 1,292,722
Statutory deposit -
300,000 300,000
2,705,858
6,983,729 9,689,587
LIABILITIESInsurance contract liabilities 1,799,210
-
1,799,210
Trade payables -
241,066 241,066
Provisions and other payables -
565,557 565,557
Borrowings -
152,335 152,335
Retirement benefits obligation -
107,646 107,646
Current income tax liabilities -
127,950 127,950
Deferred tax liability -
467,561 467,561
1,799,210
1,662,115 3,461,325
Gap 906,648
5,321,614 6,228,262
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2016N'000 N'000 N'000
Insurance funds
Shareholders'
funds
Annual Report & Accounts 2017 101
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
40 Management of insurance and financial risk
The Company issues contracts that transfers insurance risk. This section summarises the main r isks linked to short-term insurance business and the way they are managed.
a Insurance riskThe risk under any one insurance contract is the possibility that the insured event occurs and the uncertainty of the amount of the resulting claim. By the very nature of an insurance contract, this risk is fortuitous and therefore unexpected and unpredictable.
For a portfolio of insurance contracts where the theory of probability is applied to pricing and provisioning, the principal risk that the Company faces under its insurance contracts is that the actual claims and indemnity payments exceed the carrying amount of the insurance liabilities.
The Company has developed its insurance underwriting strategy to diversify the type of insurance risks accepted and within each of these categories to achieve a sufficiently large population of risks to reduce the variability of the expected outcome.
ii Frequency and severity of claimsThe frequency and severity of claims can be affected by several factors the most significant resulting from events like fire and allied perils and their consequences and liability claims. Inflation is another factor that may affect claims payments.
Underwriting measures are in place to enforce appropriate risk selection criteria or not to renew an insurance contract if the perceived level of risk is very high.
The reinsurance arrangements for proportional and non-proportional treaties are such that the Company is adequately protected and would only suffer predetermined amounts.
iii Concentration of insurance riskThe following table discloses the concentration of claims by class of business gross and net of reinsurance.
31 December 2017
No. of claims Gross Net
Class of Business
N'000 N'000
Accident 67 176,899 155,672 Fire 101 968,539 347,166
Workmen's compensation 32 30,757 27,140 Motor 80 31,579 30,105 Marine and Aviation 33 113,668 60,320
Engineering 18 31,968 2,964 Oil and Gas 29 22,075 10,506 Bonds 1 61,670 61,670 Goods in transit 53
106,205
22,207
414 1,543,360 717,750
Outstanding claims
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 102
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
No. of claims Gross NetN'000 N'000
Outstanding claims
40 Management of insurance and financial risk- continued31 December 2016
Class of Business
Accident 47
100,207
64,591
Fire 88
608,546
38,103
Workmen's compensation 53
34,301
34,301
Motor 49
58,327
40,171
Marine and Aviation 47
271,459
11,197
Engineering 6
14,900
5,226
Oil and Gas 30
32,568
6,558
Bonds -
2,108
1,054
320
1,122,416
201,201
The Company manages insurance risks through the underwriting strategy, adequate reinsurance
arrangements and proactive claims handling. The underwriting strategy attempts to ensure that the
underwritten risks are well diversified in terms of type and amount of risk and class of business.
iv Sources of uncertainty in the estimation of future claim payments
Claims are payable on a claims-occurrence basis. The Company is liable for all insured events that
occurred during the term of the contract, even if the loss is discovered after the end of the contract
term. As a result, liability claims are settled over a long period of time and a larger element of the
claims provision relates to incurred but not reported claims (IBNR). There are several variables that
affect the amount and timing of cash flows from these contracts. These mainly relate to the inherent
risks of the business activities carried out by individual contract holders and the risk management
procedures they adopted. The compensation paid on these contracts is the monetary awards granted.
The Company claims are short tail and are settled within a short time and the Company's estimation
processes reflect with a higher degree of certainty all the factors that influence the amount and timing.
The Company takes all reasonable steps to ensure that it has appropriate information regarding its
claims exposures. However, given the uncertainty establishing claims provisions, it is likely that the
final outcome will prove to be different from the original liability established. The liability for these
contracts comprise a provision for IBNR and a provision for reported claims not yet paid at the balance
sheet date. The Company has ensured that liabilities on the balance sheet at year end for existing
claims whether reported or not, are adequate.
The Company has in place a series of quota-share and excess of loss covers in each of the last five years
to cover for losses on these contracts.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017 103
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
40 Management of insurance and financial risk
Bond
Accident Period 0 1 2 3 4 5 6
2011 - - - - - - -
2012 - - - - - -
2013 - - - - -
2014 - - - -
2015 - - -
2016 - 100,150,000
2017 -
Mediclaim
Accident Period 0 1 2 3 4 5 6
2011 -
-
-
-
- - -
2012 -
-
-
-
- -
2013 -
-
-
-
-
2014 - - - - 2015 - - - 2016 -
-
2017 -
Terrorism
Accident Period 0 1 2 3 4 5 6
2011 -
-
-
-
- - -
2012 - - - - - -
2013 - - - - -
2014 - - - -
2015 - - -
2016 - 2,172,288
2017 -
Development
Development
Development
40 Management of insurance and financial risk
Claims Paid Triangulations as at 31 December 2017
Fire
Accident Period 0 1 2 3 4 5 62011 - - 222,930,345 247,178,667 274,145,428 240,924,778 241,506,4742012 - 388,972,319 611,269,973 622,335,785 608,081,429 608,081,4292013 644,884,584 811,991,121 967,429,478 804,871,392 983,952,0172014 439,513,249 414,642,981 328,213,527 382,836,4872015 305,550,573 300,822,400 310,361,5732016 416,513,894 429,237,8862017 443,046,037
General Accident
Accident Period 0 1 2 3 4 5 62011 - -
47,769,830
54,833,906
52,876,888
41,366,841
43,020,6362012 - 176,181,521 205,642,427
186,757,589
166,395,434
166,145,434
2013 330,992,390 359,962,727 318,605,700
227,127,890
245,657,571
2014 136,418,348 88,295,210 53,615,927
78,868,971
2015 77,583,461 83,618,499 90,679,635
2016 54,027,155 59,520,8502017 116,604,256
Good-in--Transit
Accident Period 0 1 2 3 4 5 62011 - -
2,528,871
2,341,371
1,541,371
1,441,371
1,441,3712012 - 41,564,602 32,800,363
30,050,363
32,050,363
28,050,363
2013 66,123,133 62,229,723 56,223,460
56,223,460
56,223,460
2014 99,605,265 88,683,943 82,123,527
82,123,527
2015 61,677,246 54,065,181 51,978,764
2016 75,640,532 107,521,9832017 187,628,221
Development
Development
Development
Notes to the Financial StatementsFor the Year Ended 31 December 2017
40 Management of insurance and financial risk
Motor
Accident Period 0 1 2 3
2011 - - 5,762,888 4,174,288 3,247,188
2012 - 56,160,296 50,466,032 48,248,432 47,879,232
2013 63,938,545 68,719,001 64,941,243 64,206,037 64,356,037
2014 81,191,819 93,589,482 91,721,283 91,721,283
2015 110,075,590 102,296,031 100,822,331
2016 127,992,132 126,794,750
2017 176,832,772
Marine & Aviation
Accident Period 0 1 2 3
2011 7,829,998
8,732,796
66,556,711
68,116,279
91,085,533
2012 5,654,252
129,164,993
206,614,079
115,868,972
117,317,946
2013 257,411,480
227,854,971
157,793,515
151,193,515
151,193,515
2014 314,468,162
166,559,146
142,720,960
140,103,452
2015 61,780,341
54,107,473
52,028,486
2016 83,048,219
95,914,569
2017 84,112,790
Workmen's Compensation
Accident Period 0 1 2 3
2011 -
-
11,884,504
20,271,658
18,501,316
2012 -
26,477,775
57,218,278
36,082,287
37,619,545
2013 36,137,342
44,641,404
36,187,253
31,898,418
31,898,418
2014 41,886,785
45,541,336
34,426,388
36,051,521
2015 29,553,307
30,679,696
32,514,416
2016 7,907,691
16,015,536
2017 17,629,335
Development
Development
Development
4 5 6
2,021,688 3,063,788
47,879,232
4 5 6
103,395,905 103,441,693
151,747,327
4 5 6
16,491,869 16,491,869
37,619,545
Annual Report & Accounts 2017 104
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
b Financial risk managementThe Company is exposed to financial risks through its financial assets, financial liabilities and insurance and reinsurance assets and liabilities. In particular, the key financial risk is that investment proceeds are not sufficient to fund obligations arising from insurance contracts.
The most important components of this financial risk are:-Market risk (which includes currency risk, interest rate risk and equity price risk)-Credit risk;-Liquidity risk;-Capital management; and-Fair value estimation
These risks arise from open position in interest rate, currency and equity products, all of which are exposed to general and open market movements.
The Company's risk management policies are designed to identify and analyse risks, to set appropriate risk limits and control, and monitor the risks and adherence to limits by means of reliable and up-to-date administrative and information systems.
The Company regularly reviews its risk management policies and systems to reflect changes in markets, products and emerging best practice.
The Board recognises the critical importance of having efficient and effective risk management policies and systems in place.
To this end, there is a clear organisational structure with delegated authorities and responsibilities from the Board to Board Committees, executives and senior management, individual responsibility and accountability are designed to deliver a disciplined, conservative and constructive culture of risk management and control.
I Market riskMarket risk is the risk of adverse financial impact due to changes in fair value of future cashflows of financial instruments from fluctuations in foreign currency exchange rates, interest rates and equity prices.
The Company has established policies which set out the principles that they expect to adopt in respect of management of the key market risks to which they are exposed. The Company monitors adherence to this market risk policy through the Company's Investment Committee. The Company's Investment Committee is responsible for managing market risk.
The financial impact from market risk is monitored at board level through investment reports which examine impact of changes in market risk in investment returns and asset values. The Company's market risk policy sets out the principles for matching liabilities with appropriate assets, the approaches to be taken when liabilities cannot be matched and the monitoring processes that are required.
ia Interest rate riskInterest rate risk arises from the Company's investments in long term debt securities and fixed income securities (Held to-Maturity financial assets), bank balances and deposits which are exposed to fluctuations in interest rates. Exposure to interest rate risk on short term business is monitored by the Investment Committee through a close matching of assets and liabilities. The impact of exposure to sustained low interest rates is also regularly monitored.
“The sensitivity analysis for interest rate risk illustrates how changes in the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates at the reporting date."
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
105 Prestige...Compasionate and Caring
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
106 Prestige...Compasionate and Caring
(b) Equity price risk
The Company equity price risk exposure relates to financial assets whose value fluctuate as a result of changes in market prices. The Company also has unquoted equities classified as available-for-sale whose fair value is determined using a valuation technique because of the lack of active market for these instruments.
The sensitivity analysis for equity price risk illustrates how changes in the fair value of equity securities will fluctuate because of changes in market prices, whether those changes are caused by factors specific to the individual equity issuer, or factors affecting all similar equity securities traded in the market.
A 1% movement in market prices will result in an unrealised gain or loss for the of =N=0.184 million (December 2016: =N=1.544 million).
Management monitors movements of financial assets and equity price risk movements on a monthly basis by assessing the expected changes in the different portfolios due to parallel movements of a 10% increase or decrease in the Nigeria All share index with all other variables held constant and all the Company’s equity instruments in that particular index moving proportionally.
ib Currency riskThe Company purchases reinsurance contracts internationally, thereby being exposed to foreign currency fluctuations.
The Company's primary exposures are with respect to the US Dollar.
The Company has a number of investments in foreign currencies which are exposed to currency risk. The Investment Committee closely monitors currency risk exposures against pre-determined limits. Exposure to foreign currency exchange risk is not hedged.
Sensitivity risk
If the Naira had weakened/strenthened against the following currencies with all variables remaining constant, the impact on the results for the year would have been as shown below mainly as a result of foreign exchange gains/losses:
The Company financial assets and financial liabilities by currency is detailed below:
A 1% movement in foreign exchange rate in USD against the Naira will result in 2.117 million gain or loss (2016: N0.810 million). In Euro, 0.08 million (2016: 0.253 million). And in pounds sterling, 0.054 million (2016: 0.1 million).
NN N N
N
Naira USD Euro Pounds Total
31 December 2017
N'000 N'000 N'000 N'000 N'000
Cash and cash equivalents 785,260 211,748 8,084 5,400 1,010,492
31 December 2016
Cash and cash equivalents 637,448 211,748 8,084 5,400 862,680
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
107 Prestige...Compasionate and Caring
ic Credit RiskCredit Risk is the risk that one party to a financial instrument will fail to honour its obligations and cause the Group to incur a financial loss. Credit risk arises mainly from 3 sources: Insurance and reinsurance receivables and cash and investment securities.
Cash and cash equivalents 1,010,492
862,680
Available-for-sale 1,878,385
1,098,213
Trade receivables 6,517
7,931
55,701
113,789
Held-to-maturity 2,420,199
1,622,105
Total assets bearing credit risk 5,371,294
3,704,718
TotalN'000 N'000 N'000 N'000 N'000
31 December 2017Neither past due nor impaired 1,010,492
6,517
66,330
2,420,199
3,503,538
Past due but not impaired -
-
-
-
-
Impaired -
-
(10,629)
-
(10,629)
Net 1,010,492
6,517
55,701
2,420,199
3,492,909
31 December 2016Neither past due nor impaired 862,680
7,931
124,418
1,622,105
2,617,134
Past due but not impaired -
-
-
-
-
Impaired -
-
(10,629)
-
(10,629)
Net 862,680
7,931
113,789
1,622,105
2,606,505
Reinsurance credit exposures
Trade Loans and other receivables
Held-to-
Loans and other receivables
Maximumexposureto credit risk before collateral heldor other credit enhancements:
Age analysis for past due and Cash and cash equivalents impaired
The Company is however exposed to concentrations of risks with respect to their reinsurers due to the nature of the reinsurance market and the restricted range of reinsurers that have acceptable credit ratings The Company is exposed to the possibility of default by their reinsurers in respect of share of insurance liabilities and refunds in respect of claims already paid.
The Company manages its reinsurance counterparty exposures and the reinsurance department has a monitoring role over this risk.
This exposure is monitored on a regular basis for any shortfall in the claims history to verify that the contract is progressing as expected and that no further exposure for the Company will arise.
Management also monitors the financial strength of reinsurers and there are policies in place to ensure that risks are ceded to top-rated and credit worthy reinsurers only.
id Liquidity Risk"Liquidity risk is the risk that the Company will not be able to meet its insurance liabilities as they fall due. Prestige mitigates this risk by having an investment strategy which focuses on liquidity and capital preservation before investment returns."
The table below presents the cash flows receivable/payable by the Company. The amounts disclosed in the table are the contractual undiscounted cash flows. All liabilities are presented on a contractual cash flow basis except for the insurance liabilities, which are presented with their expected cash flows.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
2017 2016N'000 N'000
Maximum exposure
maturityreceivables
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
108 Prestige...Compasionate and Caring
31 December 2017
0 - 30 days 31 - 90 days 91 - 180 daysOver 5
TotalN'000 N'000 N'000 N'000 N'000 N'000 N'000
854,468
156,024
-
-
-
-
1,010,492
Insurance receivables -
-
6,517
-
-
-
6,517
-
-
49,527
-
-
-
49,527
Other assets -
-
57,076
-
-
-
57,076
Reinsurance assets 737,924
1,018,154
13,057
1,705,937
Finance lease receivables -
35,622
83,117
14,204
51,087
-
184,030
-
-
880,925
142,893
1,396,381
-
2,420,199
-
-
-
-
-
1,878,385
1,878,385
Total financial assets 854,468
929,569
2,095,316
170,154
1,447,468
1,878,385
7,312,163
Financial liabilitiesInsurance contract liabilities 793,078
845,949
1,004,565
2,643,592
Trade payables 140,180
327,086
-
-
467,266
Other liabilities -
-
276,595
-
-
-
276,595
Borrowings -
-
-
-
-
-
-
Total financial liabilities -
-
276,595
-
-
-
276,595
Insurance contract liabilities 264,359 396,539 660,898 1,321,796 - - 2,643,592
31 December 2016
Cash and cash equivalents 706,656
156,024
-
-
-
-
862,680 Insurance receivables -
-
7,931
-
-
-
7,931
Loans and other receivables -
-
97,199
-
-
-
97,199 Other assets -
-
51,982
-
-
-
51,982
Reinsurance assets -
737,924
491,949
-
-
-
1,229,873 Finance lease receivables 35,622
83,117
14,204
-
132,943
-
208,532.00
738,032
142,893
-
741,180
1,830,637
-
-
-
-
-
1,098,213
1,098,213
706,656
1,138,101
1,470,210
157,097
-
1,839,393
5,311,458
Financial liabilitiesInsurance contract liabilities 539,763 575,747 683,700 1,799,210 Trade payables - - 72,120 168,746 - - 240,866 Other liabilities 535,498 - - - 535,498 Borrowings - - - 152,335 - 152,335 Total financial liabilities - - 607,618 321,081 - - 928,699
Insurance contract liabilities 179,921 269,882 449,803 89,961 809,645 - 1,799,210
Loans and other receivables
Cash and cash equivalents
Equities at available for saleTotal relevant financial assets
Over 1 year but less than 5 yrs
181 - 365
Debt Securities at amortised costEquities at available for sale
Debt Securities at amortised cost
days
Notes to the Financial StatementsFor the Year Ended 31 December 2017
years
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
109 Prestige...Compasionate and Caring
b Financial risk management - continued
At 31 December 2017
N'000 N'000 N'000 N'000 N'000 N'000 N'000
1,010,492
-
1,010,492
-
-
-
-
-Loans and receivables 49,527
-
-
49,527
-
-
-
Trade receivables 6,517
-
6,517
-
-
-
-
Other assets 6,174
-
6,174
-
-
-
-
Reinsurance assets 1,705,937
-
1,023,562
682,375
-
-
-
184,030
-
44,527
103,895
35,608
-
-
259,006
259,006
-
-
-
-
-
Listed 2,420,199
-
297,700
440,332
142,893
1,539,274
-
Unlisted 1,878,385
1,878,385
-
-
-
-
-
Statutory deposit 300,000
-
-
-
-
-
300,000
7,820,267
2,137,391
2,388,972
1,276,129
178,501
1,539,274
300,000
Financial liabilities
2,643,592
-
793,078
845,949
1,004,565
Other liabilities 276,595
-
276,595
-
-
-
-
Trade payables 467,266
-
140,180
327,086
-
-
-
Borrowings 72,078
-
72,078
-
-
-
-
815,939
-
488,853
327,086
-
-
-
Note: Other assets excludes prepayments whilst other liabilities exclude statutory deductions and rent
received in advance
Equities - available for sale
Finance lease receivables
Debt Securities - held to
maturity
impacted by this risk:
Carrying amount
No stated maturity
0 - 90 days
91 - 180 days
180 - 365 1-5 years > 5 years
Cash and cash equivalents
Insurance contract
liabilities
-Financial asset at FVPL
The following tables indicate the contractual timing of cash flows in respect of arising from financial instruments and non-financial assets impacted by this risk:
days
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
110 Prestige...Compasionate and Caring
b Financial risk management - continued
At 31 December 2016
862,680 - 862,680 - - - - -Loans and receivables 97,199 - 97,199 - - - Trade receivables 7,931 - 7,931 - - - - Other assets 16,590 - 16,590 - - - -
Reinsurance assets 1,339,406 - 803,644 535,762 - - -
132,943 - 35,622 83,117 14,204 - -
495,841 495,841 - - - - -
Listed 1,622,105 - 297,700 440,332 142,893 741,180
Unlisted 1,098,213 1,098,213 - - - - - Statutory deposit 300,000 - - - - - 300,000
5,972,908 1,594,054 2,024,167 1,156,410 157,097 741,180 300,000
Financial liabilities
1,799,210 - 539,763 575,747 683,700
Other liabilities 535,498 - 535,498 - - - - Trade payable 241,066 - 72,320 168,746 - - - Borrowings 152,335 - 10,805 - 141,530 10,805 -
928,899 - 618,623 168,746 141,530 10,805 -
Note: Other assets excludes prepayments whilst other liabilities exclude statutory deductions and rent
received in advance
Insurance contract
liabilities
Finance lease receivables
Debt Securities - held to
maturity
The following tables indicate the contractual timing of cash flows in respect of arising from financial
instruments and non-financial assets impacted by this risk:
Equities - available for sale
Cash and cash equivalents
-Financial asset at FVPL
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Carrying amount
No stated maturity
0 - 90 days 1 - 5 years > 5 years91 - 180 180 - 365 days days
N'000 N'000 N'000 N'000 N'000 N'000 N'000
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
111 Prestige...Compasionate and Caring
b Financial risk management - continued
(a) Financial instruments not measured at fair value
Carrying Fair Carrying Fairvalue value value value
N'000N'000 N'000 N'000
Financial assetsCash and cash equivalents 1,010,492 1,010,492 862,680 862,680 Trade receivables 6,517 5,865 7,931 7,138 Loans and other receivables 49,527 42,098 97,199 82,619 Other assets 57,076 51,368 51,982 46,784 Reinsurance assets 1,705,937 1,592,222 1,339,406 1,205,465 Debt securities at amortised cost
Listed 2,420,199 2,178,179 1,622,105 1,459,895
Financial liabilitiesTrade payables 467,266 420,539 241,066 216,959 Other liabilities 295,978 254,541 565,557 486,379 Borrowings 72,078 61,266 152,335 129,485 Fair Value Hierarchy
31 December 2017Financial assets
259,006 - - 259,006
Unlisted - - 1,878,385 1,878,385
Loans and other recivables - - 42,098 42,098
31 December 2016Financial assets
495,841 - - 495,841
Unlisted - - 1,098,213 1,098,213
Loans and other recivables - - 82,619 82,619 Borrowings 61,266 61,266
Equity securities at available for sale
Financial assets designated at fair value
Asset for which fair value are disclosed
Asset for which fair value are disclosed
Equity securities at available for sale
At 31 December 2016At 31 December 2017
Financial assets designated at fair value
Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of fair value hierarchy. This grouping is determined based on the lowest level of 'significant inputs used in fair value measurement, as follows:
• level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities• level 2 – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e as prices) or indirectly (ie derived from prices)• level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The hierarchy of the fair value measurement of the Company’s financial assets and financial liabilities are as follows:
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Level 1 Level 2 Level 3 Total
=N='000 =N='000 =N='000 =N='000
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
112 Prestige...Compasionate and Caring
b Financial risk management - continued
Maturity analysis on expected maturity basis
At 31 December 2017
1,010,492 - 1,010,492 Financial assets:
259,006 - 259,006 - Held-to-maturity 880,925 1,539,274 2,420,199 - Available-for-sale 1,878,385 1,878,385 - Loans and receivables 49,527 - 49,527 Trade receivables 6,517 - 6,517 Other assets 57,076 - 57,076 Reinsurance assets 1,705,937 - 1,705,937
154,149 - 154,149 161,531 22,499 184,030
Investment property - 2,439,002 2,439,002 Intangible assets - 44,475 44,475
- 1,266,758 1,266,758 Statutory deposit - 300,000 300,000
Total assets 4,285,160 7,490,393 11,775,553
Liabilities2,643,592 - 2,643,592
Trade payables 467,266 - 467,266 Other payable 295,978 - 295,978 Borrowings 72,078 - 72,078
- 164,290
164,290 162,372 - 162,372
Deferred tax liabilities - 461,856 461,856
Total liabilities 3,641,286 626,146 4,267,432
643,874 6,864,247 7,508,121
Retirement benefits obligationCurrent income tax payable
Deferred acquisition costsFinance lease receivables
Cash and cash equivalents
- Fair value through profit or loss
Property, plant and equipment
Insurance contract liabilities
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Current Non-current Total
N'000 N'000 N'000
Net maturity mismatch
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
113 Prestige...Compasionate and Caring
Current Non-current Total
N'000 N'000 N'000
b Financial risk management - continued
Maturity analysis on expected maturity basis
At 31 December 2016
862,680 - 862,680 Financial assets: -
495,841 - 495,841 - Held-to-maturity 880,925 741,180 1,622,105 - Available-for-sale - 1,098,213 1,098,213 - Loans and receivables 97,199 - 97,199 Trade receivables 7,931 - 7,931 Other assets 51,982 - 51,982 Reinsurance assets 1,339,406 - 1,339,406
92,839 - 92,839 110,531 22,412 132,943
Investment property - 2,286,564 2,286,564 Intangible assets - 9,162 9,162 Property, plant and equipment - 1,292,722 1,292,722 Statutory deposit - 300,000 300,000
Total assets 3,939,334 5,750,253 9,689,587
Liabilities1,799,210 - 1,799,210
Trade payables 241,066 - 241,066 Other liabilities 565,557 - 565,557 Borrowings 152,335 - 152,335
- 107,646 107,646 127,950 - 127,950
Deferred tax liabilities - 467,561 467,561
Total liabilities 2,886,118 575,207 3,461,325
Net maturity mismatch 1,053,216 5,175,046 6,228,262
Cash and cash equivalents
Deferred acquisition costsFinance lease receivables
Insurance contract liabilities
Retirement benefits obligationCurrent income tax payable
-Financial asset designated as fair value
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
114 Prestige...Compasionate and Caring
Enterprise risk management
"Prestige Assurance is committed to the management of various enterprise risks that could hinder the achievement of its strategic objectives. In doing this, the company follows its internal control and enterprise risk management policies which was developed according to the provisions of the Committee of Sponsoring Organizations of Treadway Commission (COSO) and approved by the National Insurance Commission, NAICOM. While this framework does not provide answers to all the questions and the challenges experienced in the market in the past year, its engagement has strengthened our organization’s resilience to major risk exposures."
"Our risk philosophy and objectives are clearly defined and has been integrated into our decision making process. Some of the components of our enterprise risk management system are:"
Governance System: The overall responsibility for the management of our enterprise risks resides with the Board through its Enterprise Risk Management (ERM) Committee. This committee works closely with the Chief Risk Officer/ERM Steering Committee to ensure significant risks are not only identified but escalated to the Management and Board. The functional Managers are saddled with the responsibility to carry out regular assessment of existing, newly identified and emerging risk applicable to the functional operations.
Risk Identification & Assessment: Risks associated with Company’s operations that may affect its strategic objectives and annual performance are regularly identified and evaluated by management. This process involves a dynamic and interactive procedure where the staff, functional managers, chief risk officer and management staff attempt to identify significant risk situations, assess risk exposures from them and suggest controls to combat them. In the course of the year the company encountered some significant risks:
Significant RisksReputation RisksFinancial RisksLegal Risks
Impact on OperationsBrand Image of the company Paid higher values on claims due to Naira devaluation.Increased management cost.
Risk Control & Mitigation: Risk control activities are engaged at different levels and by different functional units. Its major focus is to reduce the impact of losses from identified risk categories and emerging significant risks. Some of our existing risk categories and control measures are:
Risk CategoriesInsurance Risks
Financial RisksStrategic RisksHazard RisksReputational Risks Due diligence, Trend in Customer Complaints and customer feedback mechanism.
Instituted Risk Strategy CommitteeRisks and Control Assessment, Monitoring and Control Measures
Finalization of underwriting policies and acceptance of risk defined to theUnderwriting department and branches.
Control Measures
Interest rate gap analysis, reports, priority focus, measurement testing
Internal & External Communication: in line with the Company’s philosophy of open communication, management provides relevant information to staff, Board, shareholders and industry regulators. This enhances the achievement of our corporate objectives in various ways. We do this by sharing regular information with staff, provision of standard operating systems and standard level agreement for effective internal operations. We also provide quarterly report to the Board, Securities and Exchange Commission, Nigerian Stock Exchange and the National Insurance Commission on all aspects of the Company’s operations.
Risk Monitoring: management ensures an ongoing monitoring of the operations of the company through the activities of internal audit and control and the risk management department of the Company. Adherences to existing policies are checked, control activities are evaluated and deficiencies are identified and corrected.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
115 Prestige...Compasionate and Caring
Enterprise-wide Risk Management PrinciplesPrestige Assurance Plc try as much as possible to balance its portfolio while maximizing our value to stakeholders through an approach that mitigate the inherent risk. ?To ensure effective and economic use of resources, we operate strictly by the following principles:?The Company will not take any action that will compromise its integrity?The Company will at all times comply with all government regulations and uphold best international
practice.?The Company will build an enduring risk culture, which shall pervade the entire organisation?The Company will at all time hold a balanced portfolio and adhere to guidelines on investment issued
by the regulator and Finance and General Purpose Committee of the company. ?The Company will ensure that there is adequate reinsurance in place for the business above its limit
and also prompt payment of such premiums.
Approach to Risk ManagementIn Prestige Assurance, there are levels of authority put in place for the oversight function and management of risk to create and promote a culture that mitigate the negative impact of risks facing the company.
The BoardThe Board sets the organisation's objectives, risk appetite and approves the strategy for managing risk. There are various committee nominated to serve of whom their various functions are geared towards minimising likehood impacts of risks faced by the Company.
The Audit Committee:The Board Audit Committee performs the following functions: 1.) Perform oversight function on accounting and Financial reporting2.) Liase with the external auditors3.) Ensure regulatory compliance4.) Monitoring the effectiveness of internal control processes within the Company.
Enterprise-wide Risk Management PrinciplesPrestige Assurance Plc try as much as possible to balance its portfolio while maximizing our value to stakeholders through an approach that mitigate the inherent risk. ?To ensure effective and economic use of resources, we operate strictly by the following principles:?The Company will not take any action that will compromise its integrity
The Company will at all times comply with all government regulations and uphold best international practice.
?The Company will build an enduring risk culture, which shall pervade the entire organisationThe Company will at all time hold a balanced portfolio and adhere to guidelines on investment issued
?by the regulator and Finance and General Purpose Committee of the company. ?The Company will ensure that there is adequate reinsurance in place for the business above its limit
and also prompt payment of such premiums.
Approach to Risk ManagementIn Prestige Assurance, there are levels of authority put in place for the oversight function and management of risk to create and promote a culture that mitigate the negative impact of risks facing the company.
The BoardThe Board sets the organisation's objectives, risk appetite and approves the strategy for managing risk. There are various committee nominated to serve of whom their various functions are geared towards minimising likehood impacts of risks faced by the Company.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
116 Prestige...Compasionate and Caring
The Audit Committee:The Board Audit Committee performs the following functions:
1.) Perform oversight function on accounting and Financial reporting2.) Liase with the external auditors3.) Ensure regulatory compliance4.) Monitoring the effectiveness of internal control processes within the Company.
Board Risk CommitteeThis is more of a technical committee that oversee the business process. Their functions include:1.) Reviewing of Company's risk appetite2.) Oversee management's process for the identification of significant risk across the Company and the
adequacy of prevention detection and reporting mechanisms. 3.) Reviews underwriting risks especially above limit for adequacy of reinsurance and company's
participation.4.) Review and recommend for approval of the Board risk management procedures and controls for new
products and services
Board Investment Committee1.) Sest the investments limit and the type of business the Company should invest in2.) Reviews and approves the above Company's investment policy3.) Approves investments over and above managements' approval limit4.) Ensures that there is optimal asset location in order to meet the targeted goals of the Company.
The second level is the management of the Company. This comprises of Managing Director and the management staff of the Company.
They are responsible for strategy implementation of the Enterprise Risk Management policies and guidelines set by the regulator, government and the board for risk mitigation. This is achieved through the business unit they supervised. The last level is that of independent assurance. This comprises the internal audit function that provides independent and objective assurance of the effectiveness of the company's systems of internal control established by the first and second lines of defence in management of enterprise risks across the organisation.
Risk CategorisationAs a business entity and an underwriter, Prestige Assurance Plc is exposed to an array of risk through its operations. The company has identified and categorised its exposure to these broad risks as listed below.
Financial riskBusiness riskOperational riskHazard riskUnderwriting risk
Financial RiskFinancial risk comprises of market, liquidity and credit risk.Market risks are sub-divided into interest-rate risk, exchange risk, property price risk and equity risk. Liquidity risk includes liquidation value risk, affiliated investment risk and capital funding risk. Credit risk includes default risk, downgrade or mitigation risk, indirect credit or spread risk and concentration risk.
Business RiskBusiness risk relates to the potential erosion of our market position. This includes customer risk, innovation
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
117 Prestige...Compasionate and Caring
Operational RiskThis is the risk of loss resulting from inadequacy or failure of internal processing arising from people, systems and or from external events.
Hazard RiskThese are risk which are rare in occurrence but likely impact may be major on the company. Examples of these are natural disaster, terrorism, health and environmental risk, employee injury and illness, property damage and third-party liability.
Insurance/underwriting RiskOur activities involve various range of risk arising from the business itself. This manifest from underwriting, re-insurance, claims management, reserve development risk, premium default, product design and pricing risk. Our company has a pragmatic approach in identifying, assessing and mitigating risk of such approaches as stated above.
Capital Management The main objectives of the Company when managing capital are:
To ensure that the Minimum Capital Requirement of N3 billion as required by the Insurance Act CAP I17, LFN 2004, is maintained at all times.
This is a risk based capital method of measuring the minimum amount appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. The calculation is based on applying capital factors to amongst others, the Company's assets, outstanding claims, unearned premium reserve and assets above a certain concentration limit.
To safeguard the Company's ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders and;
To provide an adequate return to shareholders by pricing insurance contracts and other services commensurately with the level of risk.
The Insurance Act CAP I17, LFN 2004 specifies the amount of capital that must be held in proportion to the Company's liabilities, i.e in respect of outstanding claims liability risk, unearned premium liability risk, investment risk, catastrophe risk and reinsurance ceded.
The Company is also subject to a solvency requirement under the Insurance Act CAP I17, LFN 2004 and is required to maintain its solvency at the minimum capital required at all times. Solvency margin is the excess of admissible assets in Nigeria over admissible liabilities in Nigeria and shall not be less than the minimum paid-up capital or 15% of the gross premium income less reinsurance premiums paid out during the year, whichever is higher in accordance with section 24 of Insurance Act CAP I17 LFN, 2004.
The Company's capital requirement ratio and Solvency margin exceed the requirement of the Insurance Act CAP I17, LFN 2004.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
118 Prestige...Compasionate and Caring
Capital Adequacy TestBased on the capital adequacy claculation below, Prestige Assurance Plc has a surplus of N5.7 billion.
Shareholders' fund as per Statement of Financial Position 7,508,121Less:Intangible Assets (44,475)
Deferred tax liabilities (461,856)
(506,331)
Capital base 7,001,790
Determination of Solvency Margin
2016N'000
Cash and cash equivalents 781,673Financial assets-Held-for-trading @FVTPL 495,841-Held-to-maturity 1,622,105-Available-for-sale 1,098,213Reinsurance assets 1,339,406Deferred acquisition costs 92,839Trade receivables 7,931Staff loans 97,199Finance lease receivables 132,943Investment properties 2,286,564Intangible assets 9,162Property, plant and equipment 1,292,722Statutory deposit 300,000
Admissable assets 9,556,598
LiabilitiesInsurance contract liabilities 1,799,210Trade payables 241,066Provisions and other liabilities 565,557Borrowings 152,335Retirement benefit obligations 107,646Current income tax payable 127,950
Admissible liabilities 2,993,764
Solvency margin 6,562,834Minimum share capital 3,000,000Surplus in solvency margin 3,562,834
Management uses regulatory capital ratios to monitor its capital base. Based on the capital base computed above, the Company capital base is above the minimum capital requirement of N3 billion specified by NAICOM.
The Company's capital requirement ratio and Solvency margin is above the requirements of the Insurance Act CAP I17, LFN 2004.
Notes to the Financial StatementsFor the Year Ended 31 December 2017
N'000 N'000
31 December 2017
2017
N'000
1,007,398
259,0062,420,1991,501,6241,705,937
154,1496,517
49,527184,030
2,439,00244,475
1,266,758300,000
11,338,622
2,643,592467,266295,978
72,078164,290162,372
3,805,576
7,533,0463,000,0004,533,046
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
119 Prestige...Compasionate and Caring
RE
VE
NU
E
Dir
ect
pre
miu
m1,
626,
525
420,
550
390,
492
34,7
1857
1,25
724
9,56
114
6,63
386
,540
202,
740
3,72
9,01
62,
593,
897
Inw
ard
pre
miu
m20
,728
3,52
46,
569
-2,
934
35,4
3910
,230
75-
79,4
9920
,367
Gro
ss p
rem
ium
wri
tten
1,64
7,25
3
424,
075
397,
061
34,7
18
574,
191
285,
000
156,
864
86,6
15
202,
740
3,80
8,51
6
2,61
4,26
4
Dec
reas
e in
un
earn
ed p
rem
ium
(123
,501
)
(61,
515)
(28,
590)
(1,2
02)
(111
,228
)
(23,
442)
(29,
241)
(19,
811)
(24,
908)
(423
,438
)
(66,
733)
Gro
ss p
rem
ium
inco
me
1,52
3,75
2
362,
559
368,
471
33,5
17
462,
962
261,
558
127,
623
66,8
04
177,
832
3,38
5,07
8
2,54
7,53
1
Ou
twar
d r
ein
sura
nce
(1,3
03,9
92)
(88,
576)
(14,
278)
-
(377
,708
)
(181
,638
)
(92,
145)
(59,
898)
-
(2,1
18,2
35)
1,42
9,60
7
Incr
ease
/(de
crea
se) i
n pr
epai
d re
-insu
ranc
e 84
,129
3,16
4
(3,1
41)
-
50,4
48
11,7
82
16,1
88
19,0
69
-
181,
638
16,1
16
Net
fee
s an
d p
rem
ium
inco
me
303,
889
277,
148
351,
052
33,5
17
135,
702
91,7
01
51,6
65
25,9
75
177,
832
1,44
8,48
1
1,10
1,80
8
Com
mis
sion
Inco
me
322,
550
26,0
02
2,17
7
-
87,8
94
26,7
18
24,2
75
12,3
22
-
501,
938
365,
923
To
tal
inco
me
626,
439
303,
150
353,
229
33,5
17
223,
597
118,
419
75,9
40
38,2
97
177,
832
1,95
0,41
9
1,46
7,73
1
EX
PE
NS
ES
Gro
ss c
laim
s p
aid
418,
066
199,
799
184,
507
22,1
73
180,
124
85,0
37
31,9
22
45,1
50
166,
627
1,33
3,40
5
1,89
6,20
6
(Dec
reas
e)/in
crea
se in
out
stan
ding
cla
ims
359,
992
73,9
51
(26,
748)
(3,5
44)
(125
,144
)
(10,
492)
19,3
51
59,5
62
73,5
59
420,
487
(1,4
64,6
50)
Gro
ss c
laim
s ex
pen
ses
778,
058
273,
750
157,
759
18,6
29
54,9
80
74,5
45
51,2
73
104,
712
240,
186
1,75
3,89
2
431,
556
-
-
Mov
emen
t in
ou
tsta
nd
ing
cla
ims
-
-
rec
over
able
s fr
om r
ein
sura
nce
(175
,331
)
(67,
342)
13,2
67
-
115,
048
4,41
6
(25,
230)
-
(61,
244)
(196
,415
)
1,33
1,42
2
Rei
nsu
ran
ce c
laim
s re
cove
ries
(440
,645
)
(28,
742)
(13,
746)
-
(354
,009
)
(14,
364)
(28,
091)
-
(22,
145)
(901
,743
)
(1,3
33,1
88)
Net
cla
ims
exp
ense
s16
2,08
2
177,
666
157,
280
18,6
29
(183
,981
)
64,5
97
(2,0
48)
104,
712
156,
797
655,
735
429,
790
Acq
uis
itio
n c
ost
235,
360
62,1
33
37,0
32
4,84
2
63,8
62
27,3
97
12,8
44
12,4
77
27,6
48
483,
596
369,
349
Mai
nte
nan
ce c
osts
205,
750
52,9
69
49,5
95
4,33
6
71,7
19
35,5
98
19,5
93
10,8
19
25,3
23
475,
703
414,
518
To
tal
exp
ense
s60
3,19
3
292,
768
243,
907
27,8
08
(48,
399)
127,
592
30,3
89
128,
008
209,
769
1,61
5,03
4
1,21
3,65
7
-
-
Un
der
wri
tin
g (
loss
)/p
rofi
t23
,246
10,3
82
109,
322
5,70
9
271,
995
(9,1
73)
45,5
51
(89,
710)
(31,
937)
335,
385
254,
074
Revenue AccountFor the Year Ended 31 December 2017
Wo
rkm
enC
AR
&
G
ener
al
Co
mp
en-
M
arin
e an
dO
il &
En
gin
eeri
ng
F
ire
A
ccid
ent
M
oto
r sa
tio
n
A
viat
ion
En
erg
yA
ll r
isk
Bo
nd
GIT
20
17
2016
N'0
00
N'0
00
N
'000
N
'000
N'0
00
N
'000
N
'000
N
'000
N'0
00
N'0
00
N'0
00
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
120 Prestige...Compasionate and Caring
2017 2016N'000 % N'000 %
Gross premium income 3,385,078 2,547,531
Other income - Local 30,774 146,361
3,415,852 2,693,892
Reinsurance,claims,commission
and services - local (2,065,647) (1,806,372)
Value added 1,350,205
100 887,520
100
Applied as follows:
To pay employees:
Salaries and other employees benefits 480,952
35.6
413,608
46.6
To pay government:
Taxation 158,398
11.7
127,815
14.4
Retained for replacement of assets and
expansion of business:
Deferred taxation 7,750
0.6
(9,413)
(1.1)
Depreciation and amortization 57,010
4.2
55,090
6.2
Statutory/contingency reserve 114,255
8.5
78,428
8.8
Result for the year 531,841
39.4
221,992
25.0
Value added 1,350,205
100
887,520
100
Statement of Value AddedFor the Year Ended 31 December 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
121 Prestige...Compasionate and Caring
AS AT
2017 2016 2015 2014 2013
N'000 N'000 N'000 N'000 N'000
ASSETS
Cash and cash equivalents 1,010,492
862,680
1,312,659
3,259,625
2,449,694
Financial assets (investments) 4,607,117
3,313,358
2,118,514
1,880,871
1,562,881
Trade receivables 6,517
7,931
2,723
1,092
222
Other assets 57,076
51,982
92,705
92,115
41,906
Reinsurance assets 1,705,937
1,339,406
2,686,944
2,814,046
3,168,227
Deferred acquisition costs 154,149
92,839
87,130
71,216
120,121
Intangible assets 44,475
9,162
10,152
5,400
6,300
Finance lease receivables 184,030
132,943
129,070
77,110
130,366
Investment property 2,439,002
2,286,564
2,300,000
2,100,000
-
Property, plant and equipment 1,266,758
1,292,722
1,327,844
1,292,471
2,354,776
Statutory deposit 300,000
300,000
300,000
300,000
300,000
Total assets 11,775,553
9,689,587
10,367,741
11,893,946
10,134,493
LIABILITIES
Insurance contract liabilities 2,643,592
1,799,210 3,197,127 4,173,905 3,877,074
Trade payables 467,266
241,066 279,544 532,101 383,526
Provisions and other payables 295,978
565,557 107,385 103,794 154,242
Borrowings 72,078
152,335
223,149
457,637
529,370
Deposit for shares -
-
-
1,504,989
-
Retirement benefit obligations 164,290
107,646
136,408
113,873
116,958
Current income tax payable 162,372
127,950
145,991
170,090
391,091
Deferred tax liabilities 461,856
467,561
468,559
445,479
268,889
Total liabilities 4,267,432
3,461,325
4,558,163
7,501,868
5,721,150
EQUITY
Share capital 2,685,216
2,685,216
2,685,216
1,254,157
1,254,157
Share premium 1,127,599
1,127,599
1,127,599
1,140,092
1,155,540
Statutory contingency reserve 1,867,906
1,753,651
1,675,223
1,602,307
1,522,696
Accumulated losses (347,325)
(776,511)
(945,069)
(755,718)
(742,695)
Gratuity valuation reserve (13,433) 9,841 (9,797) (3,612) (29,058)
Available-for-sale reserve 1,450,955
671,542
494,488
385,296
247,986
Property revaluation reserve 737,203
756,924
781,918
767,556
1,004,717
Total equity 7,508,121
6,228,262
5,809,578
4,390,078
4,413,343
Total liabilities and equity 11,775,553
9,689,587
10,367,741
11,891,946
10,134,493
STATEMENT OF FINANCIAL POSITION
<---------------------------------------31 DECEMBER --------------------------------->
Five-Year Financial SummaryFor the Year Ended 31 December 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
122 Prestige...Compasionate and Caring
STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED
Gross premium written 3,808,516
2,614,264
2,430,533
2,653,695
4,222,338
Profit before income tax expense 697,989
340,394
20,339
176,755
127,484
Income tax expense (166,148) (118,402) (157,342) (160,800) (217,045)
Profit /(loss) for the year 531,841 221,992 (137,003) 15,955 (89,561)
Appropriations:
114,255
78,428
72,916
79,611
126,670
Transfer to retained earnings 417,586 143,564 (209,919) (63,656) (216,231)
9.90
4.13
(2.94)
0.57
3.62
9.9
4.1
(2.9)
0.6
3.6
Net assets per share (kobo) 140 116 112 182 176
Transfer to statutory contingency reserve
Baic earnings per ordinary share (kobo)
Diluted earnings per ordinary share (kobo)
Note: Earnings and dividend per share were computed based on the profit for the year and on the number of issued and fully paid ordinary shares at the end of the year. Net assets per share were computed on the number of issued and fully paid ordinary shares at the end of the respective years.
Five-Year Financial SummaryFor the Year Ended 31 December 2017
2017 2016 2015 2014 2013N'000 N'000 N'000 N'000 N'000
<-----------------------------------31 DECEMBER ----------------------------->
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
123 Prestige...Compasionate and Caring
Analysis ofShareholdings
RANGE No of Holders % Holders Units % Units
1,041 12.29 478,917 0.01
2,884 34.06 6,848,214 0.13
1,097 12.95 7,881,167 0.15
2,275 26.87 48,271,807 0.90
458 5.41 33,029,667 0.62
503 5.94 107,937,393 2.01
99 1.17 70,842,218 1.32
70 0.83 135,001,332 2.51
18 0.21 128,134,875 2.39
19 0.22 367,708,350 6.85
2 0.02 115,701,547 2.15
2 0.02 4,348,598,794 80.97
8,468 100.00 5,370,434,281 100.00
RANGE ANALYSIS AS AT 31 DECEMBER 2017
1 - 1000
1001 - 5000
5001 - 10000
10001 - 50000
50001 - 100000
100001 - 500000
500001 - 1000000
1000001 - 5000000
5000001 - 10000000
10000001 - 50000000
50000001 - 100000000
100000001 - 5370434281
COUNT HOLDINGS % HOLDINGSSTRUCTURE DESCRIPTION
CORPORATE 662 1,234,188,750 22.98
FOREIGN 9 3,732,708,265 69.50
INDIVIDUAL 7,797 403,537,266 7.51
8,468 5,370,434,281 100.00
SHAREHOLDING STRUCTURE AS AT 31 DECEMBER 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
124 Prestige...Compasionate and Caring
ShareCapital
AUTHORISED
Date Change Cumulative
06/01/1970
11/03/1975
18/01/1977
18/04/1977
26/06/1981
27/05/1983
05/12/1985
08/08/1986
30/12/1986
01/09/1988
18/09/1990
29/12/1992
09/09/1994
08/12/1994
22/09/1995
24/10/1995
18/12/1996
25/09/1997
15/12/1997
28/09/2000
13/12/2000
12/12/2001
25/09/2002
12/11/2003
24/02/2004
28/05/2004
23/08/2005
22/12/2005
07/02/2006
3/11/2006
22/12/2006
29/3/2007
31/3/2006
14/8/2011
26/03/2015
50,000
450,000
-
-
500,000
-
-
1,000,000
-
1,000,000
7,000,000
-
500,000
-
35,000,000
-
-
50,000,000
-
50,000,000
-
-
100,000,000
-
-
-
250,000,000
-
500,000,000
-
-
-
-
1,000,000,000
-
50,000
500,000
500,000
500,000
1,000,000
1,000,000
1,000,000
2,000,000
2,000,000
3,000,000
10,000,000
10,000,000
15,000,000
15,000,000
50,000,000
50,000,000
50,000,000
100,000,000
100,000,000
150,000,000
150,000,000
150,000,000
250,000,000
250,000,000
250,000,000
250,000,000
500,000,000
500,000,000
2,000,000,000
2,000,000,000
2,000,000,000
2,000,000,000
2,000,000,000
3,000,000,000
3,000,000,000
Change Cumulative Consideration
50,000
-
125,000
125,000
-
300,000
400,000
-
1,000,000
1,000,000
3,000,000
3,000,000
-
3,000,000
-
6,000,000
9,000,000
-
43,200,000
-
17,550,000
21,937,500
-
54,843,700
41,132,813
38,417,064
-
122,040,564
-
91,530,425
340,000,000
62,341,750
214,998,466
179,165,389
1,431,051,000
50,000
50,000
175,000
300,000
300,000
600,000
1,000,000
1,000,000
2,000,000
3,000,000
6,000,000
9,000,000
9,000,000
12,000,000
12,000,000
18,000,000
27,000,000
27,000,000
70,200,000
70,200,000
87,750,000
109,687,500
109,687,500
164,531,250
205,664,063
244,081,127
244,081,127
366,121,691
366,121,691
457,652,114
797,652,114
859,993,864
1,074,992,330
1,254,157,000
2,685,216,000
Cash
-
Cash
Bonus 5:7
-
Bonus 1.1
Bonus 2.3
-
Bonus 1.1
Bonus 1.2
Bonus 1.1
Bonus 1.2
-
Bonus 1.3
-
Bonus 1.2
Bonus 1.2
-
Bonus 8.5
-
Bonus 1.4
Bonus 1.4
-
Rights 1:2
Bonus 1.4
Right (Surplus
subscription)
-
Bonus 1:2
-
Bonus 1.4
Public offer
Public offer
(over Subscription)
Bonus 1:4
Bonus 1:6
Right Issue
Issued and Fully Paid
Annual Report & Accounts 2017 125
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
ANNUAL REPORT & ACCOUNTS 2015171
Corporate Head Office & Branches
HEAD OFFICE:
BRANCH OFFICE:
Prestige House: 19,Ligali Ayorinde Street, Victoria Island, Lagos. P. O. Box 650, Marina, Lagos Nigeria. Tel: 0700 PRESTIGE (77378443), 08058820333, 08058830333
Email: info@prestigeassuranceplc.com
Ikeja: 20, Oba Akran Avenue, Ikeja, Lagos Tel: 08033158144, 09053991795 corisakwe@prestigeassuranceplc.comRivers: 13, Aba Road, P. O. Box 2506, Port-Harcourt. Tel: 09053902527, jimoisili@prestigeassuranceplc.com
Kano: 38, Benut Road, Civic Centre, P. O. Box 809, Kano. Tel: 09053899541, akeem@prestigeassuranceplc.com
Kaduna: 24 Constitution Road, Kaduna lchukwu@prestige Tel: 08117995339 Oyo: 1st Floor, Goodwill House 53, Oyo Road, Oremeji, Mokola, Ibadan. Tel: 09053899543,
emmanuel@prestigeassuranceplc.comAbuja: Febson Mall Plot 24/25, Herbert Macaulay Way, Wuse Zone 4, Suite T13 Abuja. Tel: 09053899540
royekunle@prestigeabuja@prestigeassuranceplc.com
(A SUBSIDIARY OF THE NEW INDIA ASSURANCE CO. LTD MUMBAI INDIA)
PRESTIGE ASSURANCE PLC
www.prestigeassuranceplc.com
Corporate Head Office & Branches
Annual Report & Accounts 2017 127
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and CaringPrestige...Compasionate and Caring
thThe 48 Annual General Meeting to be held at th11:00 am on the 11 of June 2018 at Muson Center
Onikan
I/We* ……………..........…….................……………
being a member/members of Prestige Assurance
Plc hereby appoint
**…………………………...........……………………
or failing him/her, the Chairman of the Meeting as
my/our proxy to act and vote for me/us on my/our
behalf at the Annual General Meeting of the
Company to be held on ................................. and at
adjournment thereof.
Please indicate “X” in the appropriate square how Dated this ………. Day of………………2018
Shareholder's Signature:……………….…………..
NOTES:i. A member entitled to attend and vote at the General Meeting is entitled to appoint a proxy in his stead. A proxy need not
be a member of the Company.ii. To be valid, all proxies, when executed should be deposited with the Registrars, First Registrars Limited, Plot 2, Abebe
Village Road, Iganmu, Lagos to reach them not less than 48 hours before the time of holding the meeting.iii. If the shareholder is a corporation, this form must be under its seal or under the hand of some Officers or Attorney duly
authorized in that behalf.Before posting the above form, please tear off this part and retain it for admission to the meeting.
*Delete as necessary
If you wish your vote to be cast on the resolutions set out above. Unless otherwise instructed, the proxy will vote or abstain from voting at his/her discretion (Corporation must execute under its common seal).
PRESTIGE ASSURANCE PLCTH48 ANNUAL GENERAL MEETING
ADMISSION CARD
thPlease Admit*……………………………………………….......................…..................…………to the 48 Annual General Meeting of
PRESTIGE ASSURANCE PLC which will be held at the------------------------------------------ on------------------------------------------------at 11.00 :am
Name of Shareholder……………………………..…………Signature of person attending………………..……...
NOTES:1. The admission card must be produced by the shareholder or his proxy to obtain entrance to the Annual General
Meeting.2. The shareholders or their proxies are requested to sign the admission card before attending the Meeting
Company Secretary
Number of shares Full name and Address of shareholder
Resolutions For Against
(2) To elect/re-elect the following Directors:
Mr. M. Oyegunle
Mr G. Srinivasan
(3) To re-appoint Ernst & Young as Auditors to the
Company and to authorize the Directors to fix the
remuneration of the Auditors.
(4) To elect Members of the Audit Committee.
(5) To approve the remuneration of the Directors.
(6) To consider and if thought fit, pass the following resolutions as ordinary Resolution: “That pursuant to Section 102 of the Companies and Allied Matters Act (CAMA) Cap C20, Laws of the Federation of Nigeria, 2004 and the Articles of Association of the Company the authorised Share Capital of the company be increased from N2,223,489,000 to N3,000,000,000 by the creation of 1,553,022,000 ordinary shares of N.50k each.
(8) That, Clause 6 of the Memorandum of Association of the Company be and is hereby deleted in its entirety and replaced with the following:“The share capital of the Company is N3,000,000,000 divided into 6,000,000,000 ordinary shares of fifty kobo (N0.50k) each.”
(7) That the Directors be and are hereby authorized to issue bonus shares from its share premium account in the sum of N782,569,517.00; being 41 new shares for every 100 Shares held thereby increasing the issued share capital of the Company from N1,908,706,140 to N2,691,275,658 by issuing 1,565,139,035 ordinary shares of N0.50 Kobo each to Shareholders who are on the Register of Members at a date to be determined.
(9)That the Board of Directors and the company secretary be and is hereby authorized to do all such acts, deeds, matters and things as the Board may deem necessary to give effect to the aforementioned resolutions of the company.
ProxyForm
(1) To lay before Members the Report of the Directors, the Financial Statements of the Company for the year ended 31st December 2017, the Report of the Auditors and Report of the Audit Committee thereon.
RegistrarsFirst Registrars & Investors Services LimitedPlot 2, Abebe Village Road Iganmu, Lagos FRC/2013/00000000001946
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
129 Prestige...Compasionate and Caring
S/no Account_no Name
1 2961 Leadway Assurance Co. Ltd
2 843 New India Assurance Co. Ltd.
Address
121/123, Western Avenue, Iponri, Surulere, Lagos
87 Mahatama Gandhi Road ForBombay, India.
LIST OF 5% AND ABOVE UNITS AS AT 31/12/2017
19 8,835,043.16
20 4,070,406.72
21 9,172,385.01
22 3,727,886.18
23 1,930,174.83
TOTAL 27,735,895.90
UNCLAIMED DIVIDEND AS AT 31ST DECEMBER 2017
Holdings
616,107,411
3,732,491,383
% Holdings
11.47
69.50
4,348,598,794 80.97
PAYMENT NO AMOUNT
Since becoming a Public Company in 1990, the Company has declared dividends and issued a number of scrip shares
Currently, our unclaimed dividend accounts indicates that some dividend warrants have not been presented to the bank for payment while others have been returned to the registrars as unclaimed because the address could not be traced.
This notice is to request all affected Shareholders to contact:
The Company Secretary Prestige Assurance Plc 19 Ligali Ayorinde StreetVictoria Island Lagos.
The Dividends are set out below:
Prestige...Compasionate and Caring
UNCLAIMEDDIVIDEND
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
130 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
1 ABDUL-AZEEZ ABDUL-HAKEEM
2 ABDULFATAI JINADU ABOLORE
3 ABDULLAHI ABDULRAZAW OLAWALE
4 ABDULLAHI HADIZA UMAR
5 ABDULLAHI MOHAMMED
6 ABDULLAHI OYENIKE OYEPEJU
7 ABDUSAALAM AHMED DAMBATTA
8 ABEBE OSHORIAMHE SAMSON
9 ABHULIMEN ESTHER
10 ABI-ABIOLA TIMOTHY ADEGBOLA
11 ABIBU LUKMAN OLUMUYIWA
12 ABIDOGUN BASHIRU TIAMIYU
13 ABIJO ADEJOKE
14 ABIMAJE ELIZABETH ENE
15 ABIMAJE NATHANIEL YAHAYA
16 ABIMBOLA SAMSON OLUSEGUN
17 ABIODUN FREDERICK OLUBUNMI
18 ABIODUN KOLAWOLE
19 ABIODUN OMOLOLA 0LAOSEBIKAN
20 ABIONA OLALEKAM KAZEEM
21 ABIOYE J. A.
22 ABIOYE JOHN OLUREMI
23 ABODERIN AZEEZ ISIAKA
24 ABOLI EJEJE EGBE
25 ABOLO CHUX UKADIKE
26 ABOLOJE ANDREW ERHERIENE
27 ABU MARY ALADI
28 ABU REKHIA
29 ABUBAKAR ABDUL RAHAMAN MAGAJI
30 ABUBAKAR ABDULLAHI MBILAFIYA
31 ABUBAKAR FANA MARYAM
32 ABUBAKAR HAUWA ABDULLAHI
33 ABUBAKAR MOHAMMED SANI
34 ABUBAKAR UMAR M.
35 ABUBAKARI ALIYU EMOZOFU
36 ABUBAKARI NAIMETU
37 ABUBAKARI SAEEDU ALIYU
38 ABUDU FOLORUNSHO
39 ABUDU GRACE OLA
40 ABUDULLAHI AKEEM OLADAYO
41 ABUGO AYODELE
42 ACCESS BANK PLC/ICMG SECURITIES -TRADING
43 ACCESS BANK/CITY-CODE TRUST & INV-TRDG
44 ACHONU FELIX UGONNA
45 ACHONU YOUNG AHAMUEFULE
46 ACTION TECHINIQUES LTD
47 ADABOL INVESTMENT LIMITED
48 ADABOL INVESTMENT LTD
49 ADAJI ADUKU JOHN
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
50 ADAKU ASOUKA SUSSAN ADAKU 23
51 ADAMOLEKUN OLUBANJI IFEDAYO 23
52 ADAMS COLINS OGADI 23
53 ADAMS FATAI 23
54 ADAMS JIBRIL 23
55 ADAMS OLUFUNMILAYO OMOLARA 23
56 ADAMS SALAWU ADELANI 23
57 ADAMU HUSSENI 23
58 ADAMU NURUDEEN 23
59 ADAMU SAHALU MASAKA 23
60 ADAMU SIMON KAZACHAD 23
61 ADEAGBO AMOSADENIYI 23
62 ADEAGBO SOLOMON ADEDOYIN 23
63 ADEBANJO ADEBUNMI 23
64 ADEBANJO AMOS ADEMOLA 23
65 ADEBANJO BOLA 23
66 ADEBANJO OLUBUNMI TAIWO 23
67 ADEBAYO ABAYOMI OLUSOLA 23
68 ADEBAYO ABOSEDE ABIODUN 23
69 ADEBAYO ADEMOLA OLUWAGBENGA 23
70 ADEBAYO BABATUNDE RASHEED 23
71 ADEBAYO ENIOLA RASHIDAT 23
72 ADEBAYO GBADEBO 23
73 ADEBAYO MICHAEL BABATUNDE 23
74 ADEBAYO OLUKAYODE 23
75 ADEBAYO OLUSEGUN OLUGBENGA 23
76 ADEBAYO OLUWAFEMI ABAYOMI 23
77 ADEBAYO OLUWASEYI TAIWO 23
78 ADEBAYO SAMUEL ABUDOLA 23
79 ADEBAYO SUWDAY JOSHUA 23
80 ADEBAYO YUSUFF 23
81 ADEBIMPE ABDULFATAI ALABI 23
82 ADEBISI ADEBAYO ABOLAJI 23
83 ADEBISI ADEBOWALE 23
84 ADEBISI IBRAHEEM BABATUNDE 23
85 ADEBISI-ABIODUN CAROLINE KENNIE 23
86 ADEBIYI OLAWALE DANIEL 23
87 ADEBIYI SAMSON KAYODE 23
88 ADEBIYI SUFIANU AKANNI 23
89 ADEBIYI SUFIANU AKANNI 23
90 ADEBIYI ZAINABU IYABO 23
91 ADEBOLA BIMBOLA LATEEF 23
92 ADEBOLA OMOTOLA FOLAKE 23
93 ADEBOMI ADEYEMI ADEBOYE 23
94 ADEBOWALE ADEMOLA 23
95 ADEBOWALE DORCAS ADEOLA 23
96 ADEBOWALE GANIYU 23
97 ADEBOYE MUSIBAU 23
98 ADEBUNMI GLORIA 23
99 ADEBUSOYE JULIUS ADEDIRAN 23
100 ADEDAPO OLUSEGUN MICHAEL 23
101 ADEDEJI ADEBOLA RAMOTA 23
102 ADEDEJI ADELEKE RUFAI 23
103 ADEDEJI FELICIA OMOTOLA 23
104 ADEDEJI HERBERT ALATAYO 23
105 ADEDEJI JIMOH A. 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
106 ADEDEJI MACCOY OPEYEMI 23
107 ADEDEJI MOSES AYINDE 23
108 ADEDIGBA BISI 23
109 ADEDIGBA JONATHAN ADEDAPO 23
110 ADEDIMEJI ADEYINKA AYINDE 23
111 ADEDIPE JULIANA ADEROPO 23
112 ADEDOKUN IBIKUNLE AFOLABI 23
113 ADEDOKUN JOSEPH ADESOLA (PROF) 23
114 ADEDOKUN MARGARET FUNKE 23
115 ADEDOKUN OLUFEMI 23
116 ADEDOTUN MORISELADE BILIKIS 23
117 ADEDOTUN-DURODOLA MOTUNRAYO IYABODE 23
118 ADEDOYIN MATTHEW ADEREMI 23
119 ADEDUGBE ISAAC ADEBISI 23
120 ADEFEHINTI OLUFUNMILAYO TITILOLA 23
121 ADEFEHINTI OLUWABUSAYO YETUNDE 23
122 ADEFEHINTI OLUWAFUNMIKE ENITAN 23
123 ADEFEHINTI OLUWASOLA ADEGBENGA 23
124 ADEFILA KAYODE 23
125 ADEFILA OLUFEMI EMMANUEL 23
126 ADEFIRANYE DAISI ELKANAH 23
127 ADEFUYE EDWARD ADENIJI 23
128 ADEGBESAN STEPHEN ADESESAN 23
129 ADEGBITE BABAJIDE ADEREMI 23
130 ADEGBITE ERIC ADEGBENRD 23
131 ADEGBITE IGBAYILOLA SAMUEL 23
132 ADEGBORE CHRISTIANA ADETOUN 23
133 ADEGBOYE ASHIMI ADEKUNLE 23
134 ADEGBOYE JAMES BABATUNDE ESTATE OF 23
135 ADEGUN OLUSEGUN DAVID 23
136 ADEGUNLE ADEBOLA ADEDEJI 23
137 ADEGUNWA AKINKUNMI ADEBIYI 23
138 ADEILA EMILY YEMISI 23
139 ADEJO ALI FRANCIS 23
140 ADEJO EZEKIEL BENJAMIN 23
141 ADEJORO AYOMIDE SAMSON 23
142 ADEJORO GABRIEL 23
143 ADEJUGBA ITUNU OLUWABUNMI 23
144 ADEJUGBA MOSOPE GRACE 23
145 ADEJUGBA PELUOLUWA FEMI 23
146 ADEJUGBE ISAAC ADELEYE 23
147 ADEJUGBE ISAAC ILORI 23
148 ADEJUMO ADEKUNLE 23
149 ADEJUMO ADEYEMO 23
150 ADEJUMO ADEYEMO & EUNICE (MR & MRS) 23
151 ADEJUMOBI ELIJAH GBADEGESIN OGUNDIRAN 23
152 ADEKANMBI BILIKISU ABIODUN 23
153 ADEKANYE OLANIYI OLUSOLA 23
154 ADEKANYE TOLULOPE OMOTAYO 23
155 ADEKEYE ATINUKE 23
156 ADEKEYE KAYODE 23
157 ADEKOLA RUKAYAT ABIODUN 23
158 ADEKOYA ADEDEJI 23
159 ADEKOYA ADEGBOYEGA 23
160 ADEKOYA LATEEF ALHAJI 23
161 ADEKOYA MUFUTAU ADEBAYO 23
162 ADEKOYA OLASUNKANMI YISA 23
163 ADEKOYA OLUWAKEMI MARGRET 23
164 ADEKOYA OMOLADE DAMILOLA 23
165 ADEKOYA RAFIU ADEDOKON 23
166 ADEKUGBE FELIX EJILAYO 23
167 ADEKUNLE ADESINA TAIWO 23
168 ADEKUNLE BOLATITO 23
169 ADEKUNLE LATEEF 23
170 ADEKUSIBE ISAIAH ONAOLAPO 23
171 ADELAKUN JOSEPH OLAYIWOLA 23
172 ADELEKAN OLUJINMI THEOPHILUS 23
173 ADELEKAN TAOFEEK FOLORUNSO 23
174 ADELEKE ADEOLA RAPHAEL LAWY 23
175 ADELEKE ADEWOLE O. 23
176 ADELEKE ADEWUYI SAKA 23
177 ADELEKE AYODEJI OLORUNLEKE 23
178 ADELEKE DAVID OLUMIDE 23
179 ADELEKE GABRIEL AGBOOLA 23
180 ADELEKE JOHN OLUSOLA 23
181 ADELEKE KUDIRAT IYABO 23
182 ADELEKE MOSHOOD ESUOLA 23
183 ADELEKE SAMUEL OLADEJI A. 23
184 ADELEYE ABIODUN 23
185 ADELEYE JOHN ADEYINKA 23
186 ADELEYE KHADIJAT KOFOWOROLA 23
187 ADELEYE OLAGUNJU 23
188 ADELEYE OLUYEMISI FOLASADE ADENIKE 23
189 ADELORO OLUWASEUN ADEYEMI 23
190 ADELOWO SUNDAY OLUWAKAYODE 23
191 ADEMABAYOJE ADEREMI 23
192 ADEMIJU IYABODE 23
193 ADEMILA FREDERICK JAMES 23
194 ADEMOLA ABAYOMI IDOWU 23
195 ADEMOLA ABDUL-AZEEZ O. 23
196 ADEMOLA ADETOKUNBO 23
197 ADEMOLA GBADEGESIN ADEFEMI 23
198 ADEMOLA MOLUFU ADELANI 23
199 ADEMOLA OYE NIG. ENTERPRI SES 23
200 ADENIJI AKINOLA 23
201 ADENIJI SOLOMON ADEMOLA 23
202 ADENIRAN ISAAC AJIBADE 23
203 ADENIRAN MICHAEL OLA 23
204 ADENIRAN OLUSOLA ADEYINKA 23
205 ADENIRAN SAMUEL ADEDOKUN 23
206 ADENIYI EMMANUEL OLUGBEMI 23
207 ADENIYI OLADIMEJI SAMUEL 23
208 ADENIYI OLAIDE 23
209 ADENIYI OLUKAYODE AYORINDE 23
210 ADENIYI TOYIN AGNES 23
211 ADENUGA OLUSHOLA ESTHER 23
212 ADEOBA JOSEPH 23
213 ADEOSUN ADEKUNLE 23
214 ADEOSUN KOLAWOLE O. 23
215 ADEOSUN OLUSOLA 23
216 ADEOSUN TUNJI 23
217 ADEOTI JOSEPH AREMU 23
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
131 Prestige...Compasionate and Caring
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
132 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
218 ADEOTI OLUSEGUN LATEEF 23
219 ADEOTI SAMSON EYINADE 23
220 ADEOYE PATIENCE OSOMOAGHE 23
221 ADEPOJU ADEKUNLE ADISA 23
222 ADEREMI GBOYEGA 23
223 ADERIBIGBE OLUYINKA ADEJARE 23
224 ADERINLOLA OLUSHADE ELIZABETH 23
225 ADERUKU O. OLAMIDE 23
226 ADESANWO IBIKUNLE ADETOUN 23
227 ADESANWO MOJISAYO OLAJUMOKE 23
228 ADESANYA ADERIBIGBE STEPHEN 23
229 ADESANYA AYOBAYO OLAOLUWA 23
230 ADESANYA JAMES ADEOYE 23
231 ADESANYA LAOLAT ABEKE 23
232 ADESANYA MARIAN ADENIKE 23
233 ADESANYA MODUPE MOTUNRAYO 23
234 ADESANYA OLABISI AJOKE 23
235 ADESANYA OLUWATOSIN KESTER(MR) 23
236 ADESANYA SAMUEL BABATUNDE 23
237 ADESETAN OLUWASEYIFUNMI TOYOSI 23
238 ADESHINA RAMONI LUCKY 23
239 ADESHOKAN DAUDA 23
240 ADESINA SIMEON 23
241 ADESONA ABDUL-KAREEM ADEOLA 23
242 ADESONA MUDASHIR ADENIYI 23
243 ADESONA NIMOTA IDERA AJOKE 23
244 ADESONA RASHEEDAT ADERONKE 23
245 ADESONA RIHANAT ADEBOLA 23
246 ADESOPE ABDUL MUJEEB ADESOLA OLAYEMI 23
247 ADETAYO BOLANLE RACHAEL 23
248 ADETAYO MATTHEW SHOKUNBI 23
249 ADETIMEHIN JOHN O. 23
250 ADETOLA ABIKE 23
251 ADETOLA AYODELE FUNMILADE 23
252 ADETOLA DEMOLA OLUTOLA 23
253 ADETOLA EMMANUEL 23
254 ADETOLA ENITAN JAIYE 23
255 ADETOLA FRANCIS 23
256 ADETOLA OLUWOLE ASUNI 23
257 ADETOLA OMOLADE 23
258 ADETONA ALIU OLANREWAJU 23
259 ADETONA MUDASHRI KOLAWOLE 23
260 ADETONA-ADEKOYA TOLULOPE 23
261 ADETUNJI SAMUEL KAYODE 23
262 ADEWALE ABIBATU ADEJUMOKE 23
263 ADEWALE ADEGOKE ADEKUNTE 23
264 ADEWALE ADEGOKE ADEKUNTE 23
265 ADEWALE ADEKUNLE IBRAHEEM 23
266 ADEWALE ADEKUNLE IBRAHEEM 23
267 ADEWALE ADEOLA TAIWO 23
268 ADEWALE AKEEM ADEBISI 23
269 ADEWALE OLABODE ADETAYO 23
270 ADEWALE TINUADE ADEBISI 23
271 ADEWOLE ADELEKE OLADAPO 23
272 ADEWOLE GODWIN ADEWUNMI AYANFE 23
273 ADEWOLE MOSES ABIODUN 23
274 ADEWOYIN MUIBI BADIRU 23
275 ADEWUMI DAVID OLAMBO 23
276 ADEWUMI VICTOR OLUWAFEMI 23
277 ADEWUNMI ABINADE OLUFUNKE 23
278 ADEWUNMI ADEYEMI MUILI 23
279 ADEWUNMI-SOUZA OLUSHOLA M. 23
280 ADEWUSI MICHAEL OLUSEGUN 23
281 ADEWUYI ADEFUYI OLAYEMI 23
282 ADEYANJU ELIJAH ADEMOLA 23
283 ADEYANJU MUKAILA OLAOGUN 23
284 ADEYANJU ZACCHEAUS ADERINSOLA 23
285 ADEYEKUN VICTOR KAYODE 23
286 ADEYEMI ADEDOJA TEMITOPE 23
287 ADEYEMI ADEDOTUN BANKOLE 23
288 ADEYEMI ADENIYI ADESOLA 23
289 ADEYEMI ADEREMI AYODELE 23
290 ADEYEMI ALABA MATTHEW 23
291 ADEYEMI AUGUSTINE OLUREMI 23
292 ADEYEMI GRACE ADEDAYO 23
293 ADEYEMI JOHNSON GBOYEGA 23
294 ADEYEMI MATTHEW DELE 23
295 ADEYEMI MICHAEL SUNDAY 23
296 ADEYEMI MONSURUDEEN ADEWALE 23
297 ADEYEMI OLANREWAJU ADEWALE 23
298 ADEYEMI OLUSEGUN 23
299 ADEYEMI TIOLUWANIMI OLUWATAMILORE 23
300 ADEYEMI WOYE ADAMS 23
301 ADEYEMI YAKUBU KOLAWOLE 23
302 ADEYEMO ABDUL-SAMAD OLUWAFERANMI 23
303 ADEYEMO OLUFEMI OLASUPO 23
304 ADEYEMO OMISHOLA 23
305 ADEYEYE ADEMOLA JOSHUA 23
306 ADEYEYE MAYOWA 23
307 ADEYEYE OLUSOJI 23
308 ADEYIGA ADENIRAN OGUNBOWALE 23
309 ADEYINKA KABIRU ADIGUN 23
310 ADEYINKA STEPHEN ADELEKE 23
311 ADEYOYIN JOB ADETUNJI 23
312 ADI DONALD AKASE 23
313 ADIELE GOODLUCK PETER 23
314 ADIELE GOODNESS 23
315 ADIGUN AKINTUNDE 23
316 ADIGUN OLUWASEUN AKINTUNDE 23
317 ADIGUN OMOLAJA ABRAHAM 23
318 ADIGUN OMOWUMI .T. 23
319 ADIGUN RAJI 23
320 ADIGUN SAMUEL OLADELE 23
321 ADIGUN SHOLADOYE ABIMBOLA 23
322 ADIGWU ANDREW IKEMEFUNA 23
323 ADIO ADEMOLA ALEXANDER 23
324 ADIO ADEMOLA ALEXANDER 23
325 ADIO ODUNOLA E. 23
326 ADIO OLAOLUWA SIMEON 23
327 ADIRIKA ELIZABETH OZIOMA 23
328 ADJIWANOU BENJAMIN GODWIN 23
329 AD-MAT INVESTMENT CO LTD 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
133 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
330 ADODOKE ISIHMEMEM JACOB 23
331 ADU ALADE DAVID 23
332 ADU HARRISON ADEWALE 23
333 ADUDU TIMOTHY IBHAZE 23
334 ADULOJU BODE THOMAS 23
335 AFOKHAI ADENIYI JOAS 23
336 AFOLABI CAROLINE TEMITOPE 23
337 AFOLABI CHARLES 23
338 AFOLABI EVELYN BUNMI 23
339 AFOLABI FLORENCE OMOROSE 23
340 AFOLABI GBENGA F. 23
341 AFOLABI HAKEEM FEMI 23
342 AFOLABI OLUMUYIWA AFOLABI 23
343 AFOLABI OMOWUNMI FATIMOH 23
344 AFOLABI OYELAYO 23
345 AFOLABI TEMITOPE TAWAKALITU 23
346 AFOLALU BAYODE ADEMOLA 23
347 AFOLAYAN MICHAEL OLATUNJI 23
348 AFRICAN MAGAZINE COMPANY LIMITED 23
349 AFRICAN PETROLEUM STAFF P ENSION FUND 23
350 AFRIQUE SECURITIES AND FI NANCE LIMITED 23
351 AGABAH RITA ADAEZE 23
352 AGADA ANTHONY 23
353 AGADA DAVID 23
354 AGADA GIDEON ATEM 23
355 AGARWAL AJAY 23
356 AGASHV SAMUEL GAGA 23
357 AGATHA ODII & STELLA AGBAWO 23
358 AGBABI OBUAKU ANGELA 23
359 AGBAJE ADEYIGA 23
360 AGBAJE MUDDATHIR OLUSESAN 23
361 AGBAJE OLUWABUKUNMI TEMITOPE 23
362 AGBAKOKO ADEOLA NURATU 23
363 AGBAM WINIFRED 23
364 AGBARA SAMUEL O 23
365 AGBEJA FAKOLADE AKANBI 23
366 AGBEMEYEDE BENJAMIN OLUSEGUN 23
367 AGBI MONDAY ANDREW 23
368 AGBOIFO SAMUEL EGHIKPEVBOKAN 23
369 AGBONYE CHAMBERLIN CHINO 23
370 AGBONYE JOHN KENNEDY 23
371 AGBONYE STELLA OBEY 23
372 AGBOOLA AREMU ADELEYE 23
373 AGBOOLA LAWRENCE OLADELE 23
374 AGBOOLA MOSES OYEWOLE 23
375 AGBOOLA WILLIAM OLUKUN ADEBAYO 23
376 AGBUGBA KATE 23
377 AGBUGBA KATE ADAKU 23
378 AGHAGHA SOLOMON 23
379 AGHAMA GILBERT AGBONIFO 23
380 AGHEDO NOSAKHARE 23
381 AGIDA SUNDAY INNOCENT 23
382 AGINA O.N. FRED 23
383 AGOKEI NOSIKE 23
384 AGOMMUOH GODDY JOY ONYEYIRICHI 23
385 AGOMUO KAYO L. 23
386 AGU PAUL IFEANYI 23
387 AGU SYLVESTER NWAIGWE 23
388 AGUDA AKINTUNDE EMMANUEL 23
389 AGUEBOR VICTOR GBADAMONSI 23
390 AGUGUA DARLINGTON I.G. 23
391 AGULANNA GEOFFREY O. 23
392 AGUN HELLEN 23
393 AGUNRIADE ADEMOLA NURUDEEN 23
394 AHANEKU M. IHUOMA 23
395 AHAOTU KELECHI OBIANUJU 23
396 AHARA COLLINS AYK 23
397 AHMAD SHEHU DANKWARE 23
398 AHMED BUHARI RAMAZO 23
399 AHMMED ADISA YAHYA 23
400 AIDEYAN EHIMWENMA IMADE 23
401 AIDEYAN UHUNMWUNOMA MICHAEL 23
402 AIGBERADION ATAFO DAVID 23
403 AIGHU PETER IRIOFU 23
404 AIKULOLA SAMUEL SOROYE 23
405 AILOKPEDE SALIU OMOAREBUN 23
406 AINA AYODELE 23
407 AINA FOLASHADE IYABODE 23
408 AINA OLAMETAN SANDRA 23
409 AINA RACHAEL OLURANTI 23
410 AINENEHI EHIGEMETOR 23
411 AINENEHI OMOYEME 23
412 AINENEHI OVIE 23
413 AIRA TECHNOLOGIES LTD 23
414 AISIOKUEBO NATHANIEL ISABOTA (JP) 23
415 AIWORO SAMUEL 23
416 AIYEDE ELIZABETH EHINOMEN 23
417 AIYEDOGBONA NURUDEEN ATANDA 23
418 AIYEMO EYITAYO BUSAYO 23
419 AIYEOLA ABIMBOLA OLUBUKOLA 23
420 AJADI COMFORT NKANLOLA 23
421 AJADI MURITALA ADEROGBA 23
422 AJAERO DANIEL 23
423 AJAERO FLORENCE ISIOMA 23
424 AJAGBE HENRY AJIBOYE 23
425 AJAGBE JANET 23
426 AJAGBE WAHAB O. 23
427 AJAGBE YETUNDE OLUFEMI 23
428 AJAHWOBU STEPHEN EDAFE 23
429 AJALA ADEJARE ANIFOWOSE 23
430 AJALA ADEJARE ANIFOWOSE JOHN 23
431 AJALA ADEOLA AYOOLA SOLOMON 23
432 AJALA WILLIAM ABAYOMI 23
433 AJANAKU CLEMENT OLUBUKOLA 23
434 AJANAKU SAMUEL OLUWATOSIN 23
435 AJAO MOSUDI AYINDE 23
436 AJAYI ABIGAEL ABIMBOLA 23
437 AJAYI AKINLOLA 23
438 AJAYI BABATUNDE 23
439 AJAYI CECILIA 23
440 AJAYI CECILIA OLUFUNKE 23
441 AJAYI GANIYAT OYEBOLA 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
134 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
442 AJAYI HELEN AJAYI OLUGBENGA (ADMORS TO THE ESTATE OF AJAYI SAMUEL RAY ) 23
443 AJAYI ISAAC OLUSEGUN 23
444 AJAYI IYABODE ADEYEMI 23
445 AJAYI JAIYEOLA ABIODUN 23
446 AJAYI JOHN OLADAPO 23
447 AJAYI KEHINDE OLUWOLE 23
448 AJAYI KOLADE OLUMIDE 23
449 AJAYI MICHAEL 23
450 AJAYI MICHAEL OLATU 23
451 AJAYI MORADEUN ADETOUN 23
452 AJAYI MORUFF AYODELE 23
453 AJAYI MUFUTAU OLORUNTELE 23
454 AJAYI OLORUNWA 23
455 AJAYI OLUBUNMI 23
456 AJAYI OLUDARE 23
457 AJAYI OLUGBENGA SUNDAY 23
458 AJAYI OLUKOYA 23
459 AJAYI OLUSEUN 23
460 AJAYI OLUSINA 23
461 AJAYI RASAKI 23
462 AJAYI SAMUEL ADEBOYE 23
463 AJAYI SEGUN 23
464 AJAYI TEMITOPE 23
465 AJAYI VICTOR 23
466 AJELARA AYINKE WASLAT 23
467 AJETOMOBI BODUNDE ARINADE 23
468 AJETUNMOBI SEIDU OLARIBIGBE 23
469 AJEWOLE ALEX OLAJIDE 23
470 AJEWOLE HENRY ADELEKE 23
471 AJIBADE AZEEZ ABIODUN 23
472 AJIBADE HAMEED ADETOKUNBO 23
473 AJIBADE SAID ADEMOLA 23
474 AJIBADE SHOLA 23
475 AJIBORISHA AYOKA ABEJE 23
476 AJIBORISHA OLUSEGUN PATRICK 23
477 AJIBORODE LANRE KAMORUDEEN 23
478 AJIBOSO ADEGBOYEGA 23
479 AJIBOYE FOLUKE FELICIA 23
480 AJIBOYE MOHAMMED AFOLABI 23
481 AJIFOLOKUN CLUFUNKE GRACE 23
482 AJIFOR CYRIL 23
483 AJIMOTOKAN IBRAHIM ABIMBOLA 23
484 AJIMOTOKIN AYODEJI ELIJAH BANKOLE 23
485 AJIROTUTU GANIYU SALAMT 23
486 AJISAFE SAMSON OLUWAFEMI 23
487 AJOBO OLUMIDE AGBOOLA 23
488 AJOMALE ABIMBOLA OYEBOLA ADEGBOYEGA 23
489 AJOMALE OYE 23
490 AJOSE BUSAYO DANIELLA 23
491 AJOSE DAMILOLA EUNICE 23
492 AJOSE IYABO ASHABI 23
493 AJOSE MARY OLUWAKEMI 23
494 AJOSE OLUWABUSAYO 23
495 AJOSE OLUWATAYO BEATRICE 23
496 AJOSE OLUWATOWO 23
497 AJUFO PATRICK EMEKA 23
498 AJURA MICHAEL AYOOLA 23
499 AJUWAPE ADEBOWALE TITILAYO P. (DR.) 23
500 AJUWAPE ADEBOWALE TITILAYO P. (DR.) 23
501 AJUZIE-ULOM SAMUEL PRAISE 23
502 AKADRI JOSEPH SAKA (LT COL. 23
503 AKAFO PETER ADEKUNLE OLABODE 23
504 AKAMNONU KIERAN EKE 23
505 AKANBI MOSES BABATUNDE 23
506 AKANBI MUSIU OLANREWAJU 23
507 AKANBI OLOLADE 23
508 AKANBI PAUL OGUNMOLA 23
509 AKANBI SALU 23
510 AKANDE OLUBUSAYO 23
511 AKANDE OLUREMI OLATUNJI 23
512 AKANDE SUSANNAH OREDUNNI 23
513 AKANIRO ANNAH NWANNKAENYI 23
514 AKANIRO CHIOMA NWAKAKU 23
515 AKANMU ELIJAH AYANWUMI 23
516 AKANNI CHRISTOPHER OLAWALE 23
517 AKANNI GRACE FUNMILAYO 23
518 AKANNI THERESA ADESOLA 23
519 AKANNO OBIAGERI EDITH 23
520 AKANO KESIDE K. 23
521 AKAPO AKINTUNDE OLURINDE 23
522 AKARAKIRI OLUWATOYIN OLAJUMOKE 23
523 AKASO GABRIEL ADIO 23
524 AKEJU AKIN 23
525 AKEJU FUNMILAYO 23
526 AKEKE TIMOTHY ADEBANJO 23
527 AKENE MONDAY EWANFOH 23
528 AKERELE BAPATODE JOSHUA 23
529 AKERELE JOHNSON AYODEJI 23
530 AKERELE NELSON SEGUN 23
531 AKERELE TOKUNBO OLADITI LEMMY 23
532 AKHARHAME BONIFACE 23
533 AKHIGBE BENEDICT 23
534 AKINDELE MICHEAL OLUDELE 23
535 AKINDELE OYEDOTUN AKINFOLAJU 23
536 AKINDOLIRE AYOBAMIDELE OMOLAYOMI 23
537 AKINDURO EBENEZER OLALEKAN 23
538 AKINDURO ERIC AKIN 23
539 AKINFEMIWA OMOTAYO 23
540 AKINGBA BOLUTIFE MOBOLAJI 23
541 AKINGBA MOMORIRIOLA OLAPOSI 23
542 AKINGBA OLORUNFEMI OLABISI 23
543 AKINGBADE ATINUKE OLUBUNMI 23
544 AKINGBADE BABATUNDE ADEWUNMI 23
545 AKINGBOLA ERASTUS BANKOLE OLADIPO 23
546 AKINGBOLAGUN AKINBAYODE O. 23
547 AKINJO OLAPADE FELICIA 23
548 AKINKUNMI KEHINDE ADEBISI 23
549 AKINKUNMI OLUWASAYO ADEOLA 23
550 AKINKUNMI OLUWUNMI ADEBIMPE 23
551 AKINKUOWO JESUDARASIMI 23
552 AKINKUOWO JESUWUNMI 23
553 AKINLABI ADEKUNLE ENITAN 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017 135
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
554 AKINLABI YUSUF OLUNWATOSIN 23
555 AKINLADE AKIN-BEWAJI 23
556 AKINLADE ELIJAH KOLADE 23
557 AKINLADE FOLASADE ABIEYUWA 23
558 AKINLOLU PRINCE S. ADENIRAN 23
559 AKINLOYE ABIODUN AMOS 23
560 AKINLOYE OLAJUMOKE SHAKIRAT 23
561 AKINMURELE SAMUEL OLADELE 23
562 AKINMUYIWA DUPE JOSEPHINE 23
563 AKINNIBOSUN OMOTAYO ADEKUNLE 23
564 AKINOLA CALEB OLAOLUWA 23
565 AKINOLA FOLASADE 23
566 AKINOLA GODWIN OLU 23
567 AKINOLA JEPHTAR AYOOLA 23
568 AKINOLA JOHN OLAYIDE S. 23
569 AKINOLA OLADIPUPO 23
570 AKINOLA OLUFUNMILAYO 23
571 AKINOLA SAMUEL OLUFEMI 23
572 AKINOLA TAIWO 23
573 AKINPELU AYODELE OLADIPO 23
574 AKINPELU MOJISOLA 23
575 AKINPELU OLUWAGBEMILEKE OLUWASEYI 23
576 AKINPELU TITILAYO 23
577 AKINRUNTAN SAMUEL TOLUWALOPE 23
578 AKINSIPO RAOBIL ISOLA 23
579 AKINSOLA OLUFEMI 23
580 AKINTANDE SUNDAY SAMUEL 23
581 AKINTAYO MOSES OLUWASEUN 23
582 AKINTEWE KEHINDE ADETOLA 23
583 AKINTOKUN ABIODUN JOHNSON 23
584 AKINTOLA MICHEAL ADETUNJI (REV) 23
585 AKINTOMIDE OMOTAYO ANIKE 23
586 AKINTOMIDE THOMPSON 23
587 AKINTOYE DANIEL OLUSEGUN 23
588 AKINTOYE HANNAH RISIKATU 23
589 AKINTOYE LINDSEY BANJO 23
590 AKINTOYE OLUKAYODE ABAYOMI 23
591 AKINTUNDE ADERONKE RUTH 23
592 AKINTUNDE BAMIDELE DAVID 23
593 AKINTUNDE OLAYINKA FAVOUR 23
594 AKINTUNDE SEUN 23
595 AKINTUNDE SOLA OLAYIWOLA 23
596 AKINWALE ISAAC OBAFEMI 23
597 AKINWANDE JELILI ADISA 23
598 AKINWUNMI AYODELE STEPHEN 23
599 AKINYELE OLU 23
600 AKINYEMI BABATUNDE A. 23
601 AKINYEMI E.AKINBODE 23
602 AKINYEMI KIKELOMO GRACE 23
603 AKINYEMI SILVANUS OLATOKUNBO 23
604 AKINYOOYE JOSEPH OLUSEGUN 23
605 AKIODE EMMANUEL 23
606 AKIODE SILIFAT 23
607 AKITOYE CHARLES ADEREMI 23
608 AKIYODE ANOTA OLABISI 23
609 AKODU ADEBAYO OLUWASENI 23
610 AKOMOLAFE TITILAYO FLORENCE 23
611 AKOREDE MOROUNMUBO 23
612 AKPABIO GABRIEL JOSEPH 23
613 AKPAN EDET DAVIES 23
614 AKPAN IMOH JOSHUA 23
615 AKPAN MABEL 23
616 AKPAN MBAT ISAAC 23
617 AKPAN MONDAY JACK 23
618 AKPAN NSIKAN WILLIE 23
619 AKPAN SAMUEL UDO 23
620 AKPAN SUNDAY DAVID 23
621 AKPAN UWEM AKPAN 23
622 AKPASUBI PEACE PRECIOUS 23
623 AKPATI FRANK 23
624 AKPIGHEVI HELEN 23
625 AKPOGHENETA MARTIN 23
626 AKPONEHNE MARK AREROSUOGHENE 23
627 AKPONYE FIDELIS IHEDIOHANMA OKORO 23
628 AKPOVWOUWO JONATHAN 23
629 AKU ANTHONY NNODI 23
630 AKUBUO BETSY NDIDI 23
631 AKUEKWE ELIAS 23
632 AKUMA K.C. 23
633 AKUNWE IKENNA OGE 23
634 AKWADA VIOLET MINU 23
635 AKWAJI DENNIS SYLVANUS 23
636 AKWARI INNOCENT UGOCHUKWU 23
637 AKWU NGOZI OGHOGHO 23
638 ALABI ADEWALE ADEKEYE 23
639 ALABI FASIU OLANREWAJU 23
640 ALABI JULIUS OLUSANYA 23
641 ALABI KUDIRAT ESTHER 23
642 ALABI OLALEKAN WAHEED 23
643 ALABI OLANREWAJU AKEEM 23
644 ALABI OLAYINKA SAMUEL 23
645 ALABI -SEPO IWALESO JACOB 23
646 ALABI SOLOMON OLUFEMI 23
647 ALABI TAJUDEEN 23
648 ALABI TINUOLA OMOKOLADE 23
649 ALABRABA LANCE DATONYE 23
650 ALADE ISHOLA OLAOSEBIKAN 23
651 ALADE OLUBAMIJI ADEDIGBA 23
652 ALADE OLUWATOOSIN ADEPEGBA 23
653 ALADEKOMO JOSHUA SUNDAY 23
654 ALADESANMI OMOWUMI OROSUN 23
655 ALAGA KOLAWOLE MUFTAU 23
656 ALAMU DELE GAFAAR 23
657 ALAMU KEHINDE MORUFAT 23
658 ALAMU MORUFAT KEHINDE 23
659 ALAO ABDUL-RAZAQ AREMU 23
660 ALAO AYODEJI TARIQ OMOTUNDE 23
661 ALAO EZEKIEL OYENIYI 23
662 ALAO SAADU OLOTA 23
663 ALAPOTIOWOW TAOFEEK ABIOLA 23
664 ALATEOWO SHEU QADRI 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
136 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
665 ALE OLUSEGUN LANRE 23
666 ALEBIOSU STEPHEN ADEBISI 23
667 ALEBURU SUNDAY DONATUS 23
668 ALEGE SAMUEL OLAWALE 23
669 ALEXANDER KINGSLEY ONYEBUCHI 23
670 ALEXANDER ULOGHOMAN SATURDAY 23
671 ALEXANDER-ZAMBA IDOWU MARY 23
672 ALFRED FERE T.B. 23
673 ALHAO RAHMAN BABATUNBE AYODELC 23
674 ALHASSAN HAUWA 23
675 ALHASSAN IBRAHIM 23
676 ALI DISU ADEBAYO 23
677 ALIMI KAZEEM ADEMOLA 23
678 ALIOKE NNEDINMA BRIDGET 23
679 ALIU PETER OSHOMA 23
680 ALLEN IBIFUBARA JOSEPH 23
681 ALLI KOLAWOLE ADESINA 23
682 ALLI MARIA 23
683 ALLISON BOLA 23
684 ALO ABIDOUN ADENIRAN 23
685 ALO CHRISTIANAH FOLAKE 23
686 ALO OLUSOLA 23
687 ALOBA BABATUNDE LAYIWOLA 23
688 ALOMA MICHAEL CHIBUIKE 23
689 ALOME CHRISTIANA 23
690 ALOWOULE SALAWU ONIFADE 23
691 ALPHONSUS AUGUSTINA EGO 23
692 ALTRADE SECURITIES LTD 23
693 ALUEDE PERPETUAL 23
694 ALUGBIN SAMUEL ADEREMI 23
695 ALUGEH ABIGAIL 23
696 ALUGEH EKI JOY 23
697 ALUGEH OJEAGA MONDAY 23
698 AMADASUN AYO IMUWAHEN 23
699 AMADI CATHERINE 23
700 AMADI EJIMADU STEPHEN 23
701 AMADI ELIZABETH 23
702 AMADI LAMBERT NDUKUBA 23
703 AMADI PATIENCE CHIENYENWA OGECHI 23
704 AMADI VALENTINE ANYAEGBULAM 23
705 AMADIKWA MARTHA. O. 23
706 AMAEFULA CHRISTOPHER NDUBUEZE 23
707 AMAEFUNE EMEKA CHRIS 23
708 AMAKOM NNAMELUO 23
709 AMALIRI CHISARA TACINTA 23
710 AMAO SALIMOTU ABEJE 23
711 AMASO VICTOR & VICTORIA 23
712 AMBRA TRADING CO. 23
713 AMBROSE FEMI EMMANUEL 23
714 AMEDU-OKOSUN JOSEPH ZEKERI 23
715 AMEH CLARA OTINI 23
716 AMIEYI FRIDAY 23
717 AMINU IHSAAN 23
718 AMINU IKHLAAS 23
719 AMINU ISIAKA OLAWUNMI SAKA 23
720 AMODU ENDURANCE EKWUTOSI 23
721 AMODU GABRIEL OLUWAROTIMI 23
722 AMOS DAVID INEMO 23
723 AMOS RASIDAT AGBEKE 23
724 AMOS-OZEGBE VIVIAN 23
725 AMOSUN ADEDAYO JULIUS 23
726 AMU MICHAEL CHINEDU 23
727 AMU TAIWO JUDE 23
728 AMUDA ISHOLA 23
729 AMUSA ADEFOLAKE MORIAM 23
730 AMUSA KAMORU ADISA 23
731 AMUSA SALAMI OMODAYO 23
732 AMUSA SAWALIU 23
733 AMUSAN OLANREWAJU BASIL 23
734 ANABA CHRISTIAN CHNATU 23
735 ANADUAKA FRED CHUKS 23
736 ANAENUGWU OBIANUJU M. 23
737 ANAMALI DAVID 23
738 ANAYO JOHN 23
739 ANDREW NACHI OGBUOZOBE 23
740 ANENE PATRICK SUNDAY 23
741 ANGYU NAHUM HARUNA 23
742 ANI PAUL AMOBI 23
743 ANIMASAHUN BARAKAT ADEOLA 23
744 ANIMASAUN OYEBANJI FATAI 23
745 ANIMASHAUN IDRIS YEMISI 23
746 ANIMASHAUN IDRIS 'YEMISI 23
747 ANIYI BOLA OLU 23
748 ANOKWUTE DESMOND OBIOHA 23
749 ANONDE IKECHUKWU SOLOLMON DOMINIC 23
750 ANOSHIRIKE CYRIL ONYINYECHUKWU 23
751 ANOSIKE BARNABAS NNODIM 23
752 ANOSIKE BLESSING UZOAMAKA 23
753 ANOSIKE KINGSLEY NDIDI 23
754 ANOZIE LAWRENCE O. ESQ. 23
755 ANSA JOSHUA EYO 23
756 ANUEGBUNWA JOSEPH E. 23
757 ANUMNU CHIMKASINMA DAVID EZERIWE 23
758 ANUYA FRIDAY OGHENEGUEKE 23
759 ANUZIN UGUMANIM EKPO 23
760 ANWANA ESTHER BASSEY 23
761 ANYA NJIDEKA CHINONYE 23
762 ANYA PASCHAL OGUERI 23
763 ANYABA CHIMA LUKE 23
764 ANYACHUKWU CHINEDU & CHARLES ELIZABETH 23
765 ANYADIEGWU CLIFFORD 23
766 ANYAECHE CHINWE CHARITY 23
767 ANYALI ERIC (MR) 23
768 ANYANKAH PATRICK AMUZIEN 23
769 ANYANWU CHRISTIAN IFEOMA 23
770 ANYANWU COMFORT OLUCHI 23
771 ANYANWU ENYINNA GODSPOWER 23
772 ANYANWU FELIX ONYEBUCHI 23
773 ANYANWU KAVIN CHIDIEBERE 23
774 ANYANWU NKEM JULIET 23
775 ANYEBE ALADI OKA 23
776 ANYEBE OCHEJENI PAUL 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
137 Prestige...Compasionate and Caring
777 AP STAFF PROVIDENT FUND 23
778 APPEAL CELESTINA TEMOTIGHO 23
779 APPEAL PETER 23
780 ARABA ADEKUNLE BABATUNDE 23
781 ARABI IBRAHIM DASUKI 23
782 ARAH CHUKWUEMEKA 23
783 ARCHER PHILIP KOBINA 23
784 ARCHIBONG EDET EDEM 23
785 ARCHIBONG ESEMIN ARCHIBONG 23
786 ARE ADEKUNLE ISOLA 23
787 AREGBE FOLAJIMI 23
788 AREGBESOLA OLANIKE OLADUNNI 23
789 AREMU TAIYE 23
790 AREMU WILLIAMS OYESOLA 23
791 AREO DORCAS OLUWAPELUMI 23
792 AREOLA CHRISTY ODUNOLA 23
793 AREOLA ODUNOLA CHRISTY 23
794 ARIGI OKPAKO PATRICK 23
795 ARIJE AKEEM OLUSESAN 23
796 ARINZE FIDELIS CHUKWUNWUBA (EST. OF) 23
797 ARINZE JUVANTUS CHUKWUNWIKE 23
798 AROGUNDADE O. FATAI 23
799 AROKO MOSES ODEH 23
800 ARONU RAPHAEL ONYEKA 23
801 AROSANYIN ADEBAYO SOLOMON 23
802 AROWOJOBE SAMUEL KOLAWOLE 23
803 AROWOLO OMOTAYO JOHNSON 23
804 AROWOSAIYE SUNDAY ABIODUN 23
805 AROWOSEGBE JULIUS OLUSEGUN 23
806 AROYEHUN ABIODUN FOLASADE 23
807 AROYEHUN JOB BABATUNDE 23
808 ARTCHRISTIE NIGERIA ENTERPRISES 23
809 ARUH IFEANYI CHRISTIAN 23
810 ARULEBA FOLUSO 23
811 ASAOLU JOSEPH DARE 23
812 ASEGBE AUGUSTINE OLUFEMI 23
813 ASEMOTA OLUKEMI STELLA 23
814 ASHANKE MARY IYABO 23
815 ASHAOLO SUNDAY AYINDE 23
816 ASHIRU ABDUL 23
817 ASHIRU ABIOLA OLAYINKA 23
818 ASHOGBON JOSEPH ADEOLU 23
819 ASIBOJA STELLA 23
820 ASIYANBI OLUFEMI OLADELE 23
821 ASOEGWU ANGELA NDIDIAMAKA 23
822 ASOJO EMMANUEL OGUNSEYE 23
823 ASONIBARE (DR) ADEOLA MATTHEW 23
824 ASONIE JACKSON CHIMA 23
825 ASSBIFI PRESTIGE ASSURANCE UNIT 23
826 ASSET PLUS SECURITIES-DEPOSIT ACCOUNT 23
827 ASUNI BAYO 23
828 ATALEGBE JOHN ODE 23
829 ATANDA RAUFU OSUDALE 23
830 ATEJIOYE ADEKUNLE OLUBUSAYO 23
831 ATERE AFOLARIN OLAWALE 23
832 ATISAI MEIBI KRONAKEGHA 23
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
833 ATISAI MIEBI KRONAKEGHA 23
834 ATOBATELE ADETOYESE FELA 23
835 ATOLAGBE OLUWALEKE ADEWALE 23
836 ATOLOYE BOLA AGNES 23
837 ATOMON F. AMENAGHAWON 23
838 ATOMON I. FAITHFUL 23
839 ATOMON O. FAVOUR 23
840 ATOYEDI DANIEL OLATUNJI 23
841 ATSIANGBE NUMA ERIC ANOMUAREN 23
842 ATTA IBRAHIM DAUDA 23
843 ATUEKWE MICHAEL CHIKE 23
844 ATUMA IFEANYI KENNETH 23
845 AUDU SALEH 23
846 AUDU SAMUEL USMAN 23
847 AVANTE CAPITAL PARTNERS 23
848 AVINYEZE PETER OGHENEBROZIE 23
849 AVRE GODFREY EWAREAKPO 23
850 AWANI STELLA MARIE AWANI JUDE EDEMA & OTHERS (ADMORS TO THE ESTATE OF AWANI DANIEL EDO ) 23
851 AWATEFE JONATHAN ORISHEMASEYITE 23
852 AWE JOSEPHINE BOLANLE 23
853 AWODEIN KOLAWOLE ADEBOWALE 23
854 AWODEYI KAYODE OLATUNJI 23
855 AWOFESO RASAKI OLA 23
856 AWOFISAYO DAVID OLUGBEMIGA 23
857 AWOFISAYO DAVID OLUGBEMIGA 23
858 AWOFISIBE OLUREMI 23
859 AWOLARU MODUPE MAGRET 23
860 AWOLIYI OLAPEJU AINA 23
861 AWOLOLA OLUREMI 23
862 AWOLUSI ADEREMI PIUS 23
863 AWONAIKE TIMOTHY ADURAGBEMI 23
864 AWONIYI AYOTUNDE 23
865 AWONIYI EBENEZER SUNDAY 23
866 AWONIYI JACOB ADELEKE 23
867 AWONIYI OLAYINKA OLUWADAMILARE STEVEN23
868 AWONIYI RUFUS ADEJARE 23
869 AWONUSI OLATUNJI ABIODUN 23
870 AWORO OLUWATOSIN ABAYOMI 23
871 AWOSANYA OLANREWAJU 23
872 AWOSEMUSI BAYO MICHAEL 23
873 AWOSIKA IBIDAPO OLATUNJI 23
874 AWOSIKA KIKELOMO 23
875 AWOSIKA OLALEKAN 23
876 AWOSIKA OLUBUKOLA 23
877 AWOSIKA OMOTOLA 23
878 AWOTERINWA ESTHER ABOSEDE 23
879 AWOTUNDE OLADELE OLUKAYODE 23
880 AWULU OJONE GLORIA 23
881 AWUZIE INNOCENT CHINEDUM 23
882 AXHOLME NOMINEES LTD 'GN' A/C 23
883 AYADI MONIAYE 23
884 AYAMOLOWO ADEBAYO JOSEPH 23
885 AYANBADEJO CYRIL OLANIRAN 23
886 AYANBAJO OLAYINKA ANTHONY 23
887 AYANBULE OLADIPO 23
888 AYANDELE MODUPE FOLASHADE 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
138 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
889 AYANDIBU DAVID FEMI 23
890 AYANDIBU EMMANUEL FEMI 23
891 AYANDIBU ISAAC FEMI 23
892 AYANGBOLA SUNKANMI LEKAN 23
893 AYANLOWO ADEBOWALE ISRAEL 23
894 AYANRINDE DORCAS 0LUWADARA 23
895 AYANSOGA JOSEPH OLADIMEJI T. 23
896 AYANWALE GBOLAHAN AYANLEKE 23
897 AYE AARON EDOGBO 23
898 AYEKE RUTH OMONIGHO 23
899 AYELA-UWANGUE EHIMWENMA IYABO 23
900 AYEMOBA ABDUL RAHMAN GBADUMEH 23
901 AYENI CHRISTIANAH OLAYINKA 23
902 AYENI FOLORUNSHO OLUWADUNSI 23
903 AYENI ISRAEL AJANI 23
904 AYENI MORENIKE MARGARET 23
905 AYENI OLUSOLA SUNDAY 23
906 AYENI SAMUEL SUNDAY 23
907 AYENI TAIWO JOHN 23
908 AYERUME STELLA EDINRIN 23
909 AYIM ROSALINE ESAME 23
910 AYOADE ADENIKE OLUFUNKE 23
911 AYOADE MUTIU ADESMIDA 23
912 AYODAWHA GHENEMINE ELISHA 23
913 AYODEJI ELIZABETH 23
914 AYOOLA BUKOLA FELICIA 23
915 AYOOLA MATTHEW OLAYIWOLA 23
916 AYOOLA ODUNAYO ABIOLA PETER 23
917 AYOOLA RIDWANULAHI AYOMIDE ADEKUNLE 23
918 AYORINDE MUIDEEN BOSUN 23
919 AYUBA RUTH PHILEMON 23
920 AZEEZ ADESINA ADEDEJO 23
921 AZEEZ RILWAN ADEWALE 23
922 AZI JOHN MUSA 23
923 AZIH BENEDICT ONYEMAECHI 23
924 AZIKE NOBERT UCHE 23
925 AZIKE NOBERT UCHE 23
926 AZONA INVESTMENT NIG. LTD . 23
927 AZUBUIKE ATUCHUKWU BENSON 23
928 AZUBUIKE CHINEDU LEONARD 23
929 BABA ITODO GOWON 23
930 BABADARA OYINDAMOLA AYOMIKUN 23
931 BABADARA SOLOMON AYODELE 23
932 BABAFAWI DAVID SEGUN 23
933 BABAJIDE OLATUNDE JOSEPH 23
934 BABALOLA ISIAKA OYEWOLE 23
935 BABALOLA OLUDAYO MAKINDE 23
936 BABALOLA OYEDAPO O. 23
937 BABALOLA RAPHAEL OLUWAFEMI 23
938 BABARINDE FAIDAT ADEFUNKE 23
939 BABARINDE MOTUNRAYO RUTH 23
940 BABATOLU COMFORT YEMISI 23
941 BABATUNDE AJAYI 23
942 BABATUNDE AYANTUNDE 23
943 BABATUNDE DADA BIOLA 23
944 BABATUNDE ESTHER AINA 23
945 BABATUNDE MICHAEL KOLAWOLE 23
946 BABAYO SAIDU GUMAU 23
947 BABINGTON SUNDAY ADEKUNLE 23
948 BADERIN ADEBAMBO OLUWANIFESI 23
949 BADIRU TAJUDEEN ROTIMI 23
950 BADIYA EBUNOLUWA 23
951 BADUNG MUSA DANLADI 23
952 BAIYEWU AYOOLA OLAYIMIKA 23
953 BAIYEWU SUNDAY AKANBI 23
954 BAKARE ADEBISI ABIDEMI 23
955 BAKARE ADEBISI OLUWAYEMISI 23
956 BAKARE ADEBISI OLUWAYEMISI 23
957 BAKARE CHRISTIANA YEMI 23
958 BAKARE IDRIS OLAWALE BAKARE 23
959 BAKARE OBAFEMI OTUNBA 23
960 BAKARE OLAWALE MUKAIL 23
961 BAKARE TUNRAYO F. 23
962 BAKARE YUSUF IDOWU 23
963 BALOGUN AKINOLA 23
964 BALOGUN AKINYELE OLORUNYOMI 23
965 BALOGUN AYODELE OLUKAYODE 23
966 BALOGUN HAMMED YEMI 23
967 BALOGUN HAMMEED YEMI 23
968 BALOGUN ISHAQ ABDULARAHMAN 23
969 BALOGUN JOHN ANTHONY 23
970 BALOGUN JOSEPH ADELE 23
971 BALOGUN JOSHUA OLUWAFEMI 23
972 BALOGUN LAWRENCE ABIODUN 23
973 BALOGUN MARIAM OLAPELU 23
974 BAMISAYE KAYODE AKANJI 23
975 BANJO AYODELE OLUSEGUN 23
976 BANJO DAUDA OLATUNJI OLUBUKOLA 23
977 BANJO ITUNU ILERIAYO 23
978 BANJOH JAMES AYODELE 23
979 BANKI BRATHWAITE CO LTD 23
980 BANKOLE ABIODUN SURAJUDEEN 23
981 BANKOLE ADEBIMPE ABIMBOLA 23
982 BANKOLE ADEREMI 23
983 BANKOLE SAMUEL OLUSEGUN 23
984 BANKOLE SIMEON OLAWALE 23
985 BANKOLE WAHEED BANJI 23
986 BANWO AYANFE-OLUWA 23
987 BARAKA EMMANUEL OMOTAYO 23
988 BARAYA BAKARI 23
989 BASARU SIKIRU BABATUNDE ADESINA 23
990 BASE AVIATION SYSTEMS LTD 23
991 BASHIRU MUSA 23
992 BASHORUN JOSEPH OWOLABI 23
993 BASSEY AKO AKPAN 23
994 BASTOS TEMITAYO STEPHEN 23
995 BECKLEY OLUBUNMI OLUSOLA 23
996 BEJIDE JACOB BABATOPE 23
997 BEKUNMI AKINSOLA 23
998 BELLO ABDULAI AYINLA 23
999 BELLO ABOSEDE ADEKEMI 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
139 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
1000 BELLO FOLASADE 23
1001 BELLO GODWIN 23
1002 BELLO MOHAMMED LIMAN 23
1003 BELLO SAFIYA MUSTAPHA 23
1004 BELLO TIWATAYO BABAFEMI 23
1005 BENARD KINGSLEY OBINNA 23
1006 BENDE JUSTICE IKECHUKWU 23
1007 BENJAMIN ADEWUNMI ALADE 23
1008 BENJAMIN EMEM JESSE 23
1009 BEREPIKI SOMINA 23
1010 BGL PTMP/KUPOLATI ADEWUYI 23
1011 BGL/OHUABUNWA NNAMDI GODFREY 23
1012 BIAM MIRIAM MKAV 23
1013 BIGILA ANTHONY JOHNSON 23
1014 BIJIMI DOGARA 23
1015 BINUYO BIODUN A. 23
1016 BOLAJI OLUWASEYI OMOTAYO 23
1017 BOLAJI SIKIRAT OLABISI 23
1018 BOLANRINWA AYOBAMI O. 23
1019 BOLDEN TERRI SUTOM-TRAVIS 23
1020 BOMO-ENE EBI 23
1021 BOND SYNERGY INVESTMENT 23
1022 BOOM FARMS & FOODS LTD 23
1023 BORODE RUFUS OLUWOLE 23
1024 BOSAH JOSEPHINE SOPHIA 23
1025 BOSEDE MODUPEOLA MORADEUN (MRS.) 23
1026 BRAIMAH MUTAIRU MUSTAPHA 23
1027 BRENNAN JOHNSON & COMPANY LTD 23
1028 BRIGGS ALAYE 23
1029 BRIGGS DIEPIRIYE FESTUS DANIEL 23
1030 BROERSEN BEN 23
1031 BROWNE ADESANYA & KOFOWOROLA 23
1032 BRUME EZEWU EJIRO 23
1033 BRUME-EZEMWU KESIENA 23
1034 BUHARI YAKUBU ADEBAYO 23
1035 BUMALE FREDERICK ONOFEGHARE 23
1036 BURAIMO AYODELE 23
1037 BUSARI BASIRU ADIGUN 23
1038 BUSARI MOSES PASTOR 23
1039 BUYLINE INVESTMENT LIMITE D 23
1040 BYOMA FREDRICK 23
1041 C & I HERITAGE LTD 23
1042 CAPITAL ALLIANCE NIGERIA LIMITED 23
1043 CAPMARK & ALLIED LTD 23
1044 CARDINAL SECURITIES LTD 23
1045 CASTLE ISLAND LTD 23
1046 CENTRE POINT INV.LTD-TRADED-STOCK-A/C 23
1047 CENTRE POINT INVESTMENT LTD 23
1048 CENTRE POINT UNIT TRUST SCHEME 23
1049 CENTRE-POINT INVESTMENTS LIMITED 23
1050 CHANDRAPRASAD N.S.R 23
1051 CHANE LUCKY OGHENEVWERORHE 23
1052 CHIANAKWALAM DANIEL OBUMNEME 23
1053 CHIBUIHE KELECHI SAMUEL 23
1054 CHIBUIKE EMMANUEL NNAJI 23
1055 CHIBUZO NWAOGO JANE 23
1056 CHIDI CHIEMELA AUSTIN 23
1057 CHIDOLUE DENNIS 23
1058 CHIDOZIE AUGUSTA OBIAGELI 23
1059 CHIDOZIE GODFREY 23
1060 CHIDOZIE IKECHUKWU ANTHONY 23
1061 CHIDOZIE NKECHI GLORIA 23
1062 CHIGBATA INNOCENT OGOEJIOFOR 23
1063 CHIGBU UGONMA UZOMA 23
1064 CHIGOZIE EZE 23
1065 CHIKE LOUIS ETUKA 23
1066 CHIKEZIE CHARLES 23
1067 CHIMA EMMANUEL CHUKWUMA 23
1068 CHIME OLIVER 23
1069 CHINWUBA GODFERY OBI N 23
1070 CHINWUBA REGINA MATAEFI 23
1071 CHINYERE KENNETH OBIDINMA 23
1072 CHISAI HAZ KING 23
1073 CHRISTIAN ASSO.OF NIG.C/RIVER BRANCH 23
1074 CHUEWUOCHA EKWONYE JOY SUNDAY 23
1075 CHUKUKA FUNMILAYO OMOTAYO 23
1076 CHUKWU GFOFFREY 23
1077 CHUKWUEBUKA PROMISE UGOCHUKWU 23
1078 CHUKWUEKE IJEOMA EGENAONU 23
1079 CHUKWUEMEKA VINCENT 23
1080 CHUKWUKA-NDULUE DOMINIC 23
1081 CHUKWUMA CELINE UKAMAKA 23
1082 CHUKWUMA LUCKY EWELE 23
1083 CHUKWUMAEZE CHIJIOKE PRINCEWILL 23
1084 CHUKWUOCHA EKWONYE JOY SUNDAY 23
1085 CHUKWUOIKE THANKGOD 23
1086 CHUKWUONYE HYACINTH COLLINS 23
1087 CHUTA SUNNY CHIJIOKE 23
1088 CITY-CODE TRUST & INV.-DEPOSIT A/C 23
1089 CITY-CODE TRUST &INV.CO-TRADED-STOCK-A/C 23
1090 CITY-CODE TRUST NOMINEES 23
1091 CLEVER GIRLS LIMITED 23
1092 COCO-BASSEY ITA EFFIONG 23
1093 COKER ADEBOWALE 23
1094 COKER JAMIE 23
1095 COKER MERELIN SYL 23
1096 COKER MICAIAH OLUDAYO 23
1097 COKER WILLIAM 23
1098 COLE AMENAGHWON JANET IYABO 23
1099 COLE FIDELIA CHIOMA 23
1100 CRAIG TEMITOPE 23
1101 CROWN SECURITIES LTD. 23
1102 CSL NOMINEES LIMITED A/C 'IBD' 23
1103 CSL NOMINEES LTD A/C "F" 23
1104 CSL NOMINEES LTD'A/C BN' 23
1105 CSL STOCKBROKERS LIMITED 23
1106 CSL STOCKBROKERS-HOUSE A/C 23
1107 DAATI MANASSEH 23
1108 DAAWAH FAMILY SUPPORT WOMEN'S WING 23
1109 DABBOUR RUBINA 23
1110 DABIRI FIDELIMMA 23
1111 DADA AGNES OMOBOLANLE 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
140 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
1112 DADA ALFRED NIYI 23
1113 DADA JOHNSON IDOWU 23
1114 DADA OLUWOLE MICHAEL 23
1115 DAFE HARRISON E. 23
1116 DAFE-OTITE GLORIA 23
1117 DAIRO HANNAT MODUPE 23
1118 DAIRO OBADARE JULIUS S. 23
1119 DAIRO PETER SEGUN 23
1120 DAIYE ADAKHILAN CHARLES 23
1121 DAN-ANTU LAWAL 23
1122 DAN-HANNE ISAH MOHAMMED 23
1123 DANIEL ILIYA PATARI 23
1124 DANIEL OGBOCHE MOSES 23
1125 DANLADI IBRAHIM HALIMAT 23
1126 DANLADI NASIDI MOHMED 23
1127 DANLADI SAMUEL DAGWANG 23
1128 DAODU GABRIEL AFOLABI S. 23
1129 DARAMOLA BELEMA UBILEONISO 23
1130 DARAMOLA OLAYINKA OLUFEMI 23
1131 DARAMOLA TOPE DANIEL 23
1132 DARE BABALOLA 23
1133 DARE SEGUN 23
1134 DATE OVO 23
1135 DATOLAN INVESTMENT LIMITED 23
1136 DAUDA GRACE AWAJASH 23
1137 DAUGTHERS & SONS GLOBAL CONCEPT LTD 23
1138 DAVID ADENUGBA 23
1139 DAVID FELICIA BOLAJOKO 23
1140 DAVID REUBEN 23
1141 DAVIDS HARMONY TRUST LIMITED 23
1142 DAVIES AFEES AYINDE OLAREWAJU 23
1143 DAVIES OLATUNDE 23
1144 DAWODU OMOTOLA 23
1145 DECKER DAMILOLA IFY 23
1146 DEGALTY PROPERTY INV. CO. LTD 23
1147 DE-LORDS SEC. LTD-TRADED-STOCK-A/C 23
1148 DE-LORDS SECURITIES LTD. 23
1149 DEMOLA-ARALEPO DAVID AND DANIEL 23
1150 DESCENDANTS' FORTUNE INV. LTD 23
1151 DEVCOM SECURITIES LIMITED-HOUSE ACCT. 23
1152 DIBIA GODWIN OKECHUKWU 23
1153 DIBIA STEVE CHIDINMA 23
1154 DIBIE NKONYE-ASUS ESTHER VIVIAN 23
1155 DICKSON-DIEKE GEORGETTE NNENNA 23
1156 DIKEOCHA JULIUS UGOCHUKWU 23
1157 DIM ROBINSON CHINEDO 23
1158 DIOKPA FELIX OKAWIGBO 23
1159 DIORU UKORNOMARE NOMMY 23
1160 DISU LIADI KOLADE 23
1161 DISU MORUF OBAYOMI 23
1162 DODO NICODEMUS VINCENT 23
1163 DOKUN LAMIDI AFOLABI 23
1164 DOMINION TRUST LIMITED. 23
1165 DOSUNMU ALFRED 23
1166 DOSUNMU OLUFUNILAYO IYABO 23
1167 DOSUNMU OLUGBENGA SAMSON 23
1168 DRIVER CABENGO LIMITED 23
1169 EBENIRO MIRABEL NNEBUIHE 23
1170 EBIE TIMOTHY NGOZI 23
1171 EBIE VERONICA NKEM 23
1172 EBIESUWA OLUWATOMISIN FRIDAY 23
1173 EBINUM ONIOVOSA 23
1174 EBODA ADETOKUNBO MICHAEL 23
1175 EBOHON FESTUS AIMIEN 23
1176 EBONG DAVID DANIEL 23
1177 EBONINE CHIDI CHARLES 23
1178 EBUFUA LUCKY 23
1179 EBUMERE ABEL 23
1180 ECHEFU CYRINA (MRS) 23
1181 ECHEFU CYRINA ADAKU 23
1182 ECHEMA CHRISTIAN IKEADIUWA 23
1183 ECHODA SUNDAY 23
1184 EDE CHRISTOPHER CHIJIOKE 23
1185 EDEKO DEBORAH 23
1186 EDEKO SUMMERS 23
1187 EDEMA AMORIGHOYE UDUN 23
1188 EDEMATIE FLORENCE NKEMDILIM 23
1189 EDET EFFIONG OKON 23
1190 EDET LEONARD A. 23
1191 EDET RAYMOND 23
1192 EDHEKI IGHOKORO SAMUEL 23
1193 EDJE WARRIRUME PATRICK 23
1194 EDMUND BARTHOLOMEW 23
1195 EDOH ADAEZE STEPHANE 23
1196 EDOSOMWAN AMBROSE OSAYAMEN 23
1197 EDOZIE CATHERINE OYIBO 23
1198 EDOZIEN YVONNE 23
1199 EDU TENIOLA 23
1200 EDUN JOSEPH OLUWASEYI 23
1201 EDWARD LUCKY WUGALE SYLAVANUS 23
1202 EDWARD OLUWASEGUN SAMUEL 23
1203 EFEE EDDIE 23
1204 EFFAH ASIDO BASSEY 23
1205 EFFIONG EKEMA 23
1206 EFFIWATT ROLI ABUGEWA 23
1207 EGBAGBE JANE OMOWUNMI 23
1208 EGBE DOZIE ROMANUS 23
1209 EGBE JOHN EKEMERIE 23
1210 EGBE MICHAEL NDUU 23
1211 EGBEBOKUN MARY BOLA 23
1212 EGBEDAYO ANUOLUWAPO LEON 23
1213 EGBEDOKUN ADERO3U OYEBOLA 23
1214 EGBEKUNLE GBENGA OLAMIDE 23
1215 EGEDEGBE GLORIA 23
1216 EGHAGHE WILLY 23
1217 EGHO PETER ISI 23
1218 EGHO PETER ISI 23
1219 EGWU FELICIA 23
1220 EGWUATU ANTHONY ENEYEOBI 23
1221 EGWUEKWE EDWIN UCHENNA 23
1222 EHIATAMAH LUKE ISAAC OAIKHENAN 23
1223 EHIGUESE MERCY INOKPARE 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
141 Prestige...Compasionate and Caring
1224 EHIJIMETOR ROSE 23
1225 EHIMHANRE VINCENT 23
1226 EHIWANNO ANTHONY 23
1227 EHIZOKHALE JULIUS OGIE 23
1228 EIGBOBO GLORIA ALERO 23
1229 EJECHI FESTUS GODDEY 23
1230 EJEH CHIOMA EMILA 23
1231 EJEH ROSEMARY GEMMA 23
1232 EJIEH MICHAEL U.C. 23
1233 EJIEKE FRANKLIN 23
1234 EJIFUGHA COSMAS IKE 23
1235 EJIGAH BENJAMIN A. 23
1236 EJIMKONYE BERNADINE CHIKA 23
1237 EJIOFOR LILIAN O. 23
1238 EKA UJU 23
1239 EKAJEH PAUL OROH 23
1240 EKE CHUKWUEMEKA ANSELEM 23
1241 EKE FIDELIS MONDAY CHIBUEZE 23
1242 EKEDUM CHARITY UCHENNA 23
1243 EKEH COSMOS CHINEDU 23
1244 EKE-KALU UCHE ONUOHA 23
1245 EKEMODE JULIUS OLUTOPE 23
1246 EKENG PETER EKPO 23
1247 EKEREBI MISSION 23
1248 EKEZIE NNAMDI CHRISTOPHER 23
1249 EKINE OGUNLANA YETUNDE 23
1250 EKOMONE JAMES ARTHUR 23
1251 EKONG LEO EDEM UDO 23
1252 EKONG UDUAK 23
1253 EKPO SUNDAY FRANK 23
1254 EKUNDAYO AKINDELE OLAMISIKUN 23
1255 EKUNDAYO ANU TOYIN 23
1256 EKUNDAYO THERESA OLUFUNSO 23
1257 EKUNNO ERNEST IKEMEFUNA 23
1258 EKUNWE OLUWAGBOTEMI OLUREMI 23
1259 EKWEOZOR CHUKWUMA INNOCENT 23
1260 EKWERIKE LOUISA C. 23
1261 EKWURUKE ANTHONY CHINENYE 23
1262 ELATUROTI DAVID FOLORUNSO 23
1263 ELDER OTISI AGBAI OKENWA 23
1264 ELEGBA RITA TOSIN 23
1265 ELEGBEDE ADEGBOYEGA 23
1266 ELEGBEDE ADEGBOYEGA & IBIRONKE 23
1267 ELEGBELEYE BAMITALE SEFINAT 23
1268 ELEHA AREMU HABIB 23
1269 ELEHA BASHIRU 23
1270 ELEMIDE AYODEJI OLUWASEUN 23
1271 ELIAS TITUS 23
1272 ELOCHUKWU SUNDAY 23
1273 ELUAGU JOSEPH ELUAGU 23
1274 ELUCHIE CHINEDU AMANZE 23
1275 ELUEMUNOH CHIEDU GODWIN 23
1276 ELUFISAN MOSES AYINDE 23
1277 ELUOBAJU ADEKUNLE OLUWASIJI 23
1278 ELUWA IHEANACHO 23
1279 EMAKPOSE ALFRED ANYOTA 23
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
1280 EMEAGWARA EMEKA 23
1281 EMEANA ANTHONY UZOMA 23
1282 EMECHETE GEORGE IFEDONACHUKWU 23
1283 EMEJI NKEIRU PRISCA 23
1284 EMELOM IMELDA NMA 23
1285 EMENGAHA INVESTMENT LIMITED 23
1286 EMENIKE DONATUS 23
1287 EMENIKE JOHN 23
1288 EMENYEONU GEORGE CHIDI 23
1289 EMERUWA GLORY NWANNEDIYA EMERUWA OGADINMA CHINONSO (ADMORS TO THE ESTATE OF ONWUMERE EMERUWA OKEREKE ) 23
1290 EMESHIE CHUKWUEMEKE AUGUSTINE 23
1291 EMIOLA AMINA OLATUNDUN 23
1292 EMMANUEL EBENEZER SETONJI 23
1293 EMOLE OKWARA 23
1294 EMORDI CYRIL EJIKEME 23
1295 EMPIRE SECURITIES LIMITED 23
1296 EMUH CLIVE JOSEPH 23
1297 ENAMU GODFRIED ADAMS 23
1298 ENE CHIBUZO LEONARD & NNEKA 23
1299 ENE CHRIS 23
1300 ENE ERNEST D. 23
1301 ENE JUDE- MARY 23
1302 ENEASOBA PAULINE NGOZI 23
1303 ENEH CHIDI C. 23
1304 ENEH CLEMENT CHUKWUEMEKA 23
1305 ENEH CONSTANCE 23
1306 ENEH QUEEN L. 23
1307 ENELAMAH OLUFUNMILOLA TEMITOLA 23
1308 ENIGHE UGBOMA (DR MRS) 23
1309 ENIOLA IYABO 23
1310 ENTERPRISE STOCKBROKERS-TRADED-STOCK-A/C 23
1311 ENWERE CHIMEZIE E. 23
1312 ENWEREM GODSON ANETE 23
1313 ENY SERVICES LTD 23
1314 ENYIA KIJIE PAULICA 23
1315 EPELLE NENGI RUTH 23
1316 EPHRAIM-OLUWANUGA OLUSOLA O. 23
1317 ERHARUYI SAMUEL AGBOKHOUMA 23
1318 ERIBO GRACE MAUDELINE 23
1319 ERINAUGHA EMMANUEL UZOMA 23
1320 ERINFOLAMI OLOLADEBALOGUN GAFAR 23
1321 ERINLE ESTHER ADEREMI 23
1322 EROMOSELE PEACE OSARO 23
1323 ERONDU OZIOMA 23
1324 ERUNKULU BOLANLE MICHELLE 23
1325 ERUOTOR EJIRO VICTOR 23
1326 ERUSIAFE KEVWE 23
1327 ERUTE IGHO KELLY 23
1328 ESAN OLUMIDE 23
1329 ESANGBEDO ANTHONY EBHODAGHE 23
1330 ESEKHILE DONALD ORIAREWO 23
1331 ESEZOBOR MARGARET OMODUSU 23
1332 ESHO MICHAEL AYODEJI FASAKIN 23
1333 ESI JULIUS ARUNATETA 23
1334 ESI OFEJIRO 23
1335 ESIERUMUA THERESA 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
142 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
1336 ESIOBU ANTHONY 23
1337 ESOIMEME OLUWAFUNMILAYO 23
1338 ESOTECH NIGERIA ENTERPRISE 23
1339 ESSIEN AHMED KOBINA 23
1340 ESSIEN EMEM STEPHEN 23
1341 ESSIEN HANNAH EMMANUEL 23
1342 ESTATE OF ADEBAYO ISAAC OGUNRIBIDO 23
1343 ESTATE OF AGBOOLA TAIRU BELLO 23
1344 ESTATE OF AJAYI SAMUEL OLALEYE 23
1345 ESTATE OF AYINBODE MICHAEL SUNDAY OIKELOME 23
1346 ESTATE OF DANGOSU MACLEAN HAROLD NGO 23
1347 ESTATE OF NWOKOLO FELIX CHUKWUMA 23
1348 ESTATE OF ODUMOSU JOEL OLUKOYA OMOBULEJO 23
1349 ETUK SAMUEL MACAULAY 23
1350 ETUKA ROLAND FEMI 23
1351 EURO INVESTMENT NIGERIA LTD 23
1352 EWA JOSEPH OBIAHU 23
1353 EWEAMA ROBERT U. 23
1354 EWEBAJO SUNDAY BABATUNDE 23
1355 EYETSEMITAN PATIENCE ENOVWO 23
1356 EYO EFIONG ASUQUO 23
1357 EZAGA DAVID OGHENOVO & ADEOLA O. 23
1358 EZE EMMANUEL EBE 23
1359 EZE PAUL ARUA 23
1360 EZE QUEEN 23
1361 EZE SAMPSON IKECHUKWU A. OFEAHIA 23
1362 EZEAGU GABRIEL 23
1363 EZEAKU MERCY UZOMA 23
1364 EZEANAEKWE ROSALINE NGOZI 23
1365 EZEANYA MICHAEL 23
1366 EZEH GREGORY O. 23
1367 EZEH JONATHAN CHIDI 23
1368 EZEH OKWUDILI PATRICK 23
1369 EZEILO VINCENT NWACHUKWU 23
1370 EZEJIOFOR PETER OKOYE 23
1371 EZEKUDE PATRICK EMEKA 23
1372 EZEKWE EMMANUEL CHIEDU 23
1373 EZEKWE ONYEMECHI 23
1374 EZEKWENNAH JOSIAH OKAFOR 23
1375 EZEMBAH EVERISTUS UZOMA 23
1376 EZEMOKA GABRIEL ODILI 23
1377 EZENNADILI CHRISTOPHER ASONYE 23
1378 EZENWA LEONARD CHIJIOKE 23
1379 EZENWOKO CHINONYEREM M 23
1380 EZEOKEKE CHUKWUMA BLESSING 23
1381 EZEWELA HENRY ANTHONY 23
1382 EZIEKWE UZUEGBULAM DENIS 23
1383 EZIKE PETER UZOMAKA 23
1384 EZUGWU VIVIAN UKAMAKA 23
1385 FABIYI OLUSEGUN DAVID 23
1386 FABUNMI DOLAPO OLUWAKEMI 23
1387 FADARE LATEEF ADEBARE 23
1388 FADEYI GEORGE OPEOLUWA 23
1389 FADEYI OLUWARONKE WURAOLA 23
1390 FADIJI ADEREMI OLAWUWO 23
1391 FADIPE ADEMOYE EMMANUEL AKINBOBOYE 23
1392 FADIPE ADEWALE SAMUEL 23
1393 FADIPE MOJISOLA ABIOLA 23
1394 FADOLA CECILIA MOTUNRAYO 23
1395 FADUGBA ADEOLA TEMITOPE 23
1396 FADUGBA ADETOMI TOLULOPE 23
1397 FADUGBA BEATRICE ABIOLA TITILAYO 23
1398 FADUGBA IBUKUNOLUWA CECILIA 23
1399 FADUGBA IDOWU 23
1400 FADUGBA JOHHSON IDOWU OLUFEMI 23
1401 FADUGBA OMOLOLA TEMILOLA 23
1402 FADUGBA TITILOPE MOYOSORE 23
1403 FAGBEMI BUKOLA OLA 23
1404 FAGBEMI JOSEPH OLAOLUWA 23
1405 FAJOLA LANIYI 23
1406 FAJUYITAN OLAYEMI TOMI 23
1407 FAKAYODE ADERONKE ADENIKE 23
1408 FAKEYE OLAJUMOKE TOLULOPE 23
1409 FAKEYE OLUROTIMI OMONIYI 23
1410 FAKOREDE COMFORT TITI COMFORT TITI 23
1411 FAKOREDE PATIENCE 23
1412 FAKULUJO ADESOLA 23
1413 FALADE ADENIKE ADEBOWALE R. 23
1414 FALADE OLAYINKA 23
1415 FALANO OLUFEMI 23
1416 FALEKE SAMUEL OLUFEMI 23
1417 FALODUN JOSEPH BOSEDE OLUBODE 23
1418 FALOHUN OLUMIDE 23
1419 FALOYE ADEBOLA OLUGBOLAGUN 23
1420 FALUA FUNMILOLA OMOWUNI 23
1421 FAMAKINDE SAMSON AJIBOLA 23
1422 FAMUSE CATHERINE OLUBUNMI 23
1423 FAMUYIWA MUYIBAT TAIWO 23
1424 FAMUYIWA OLUROPO TAIWO 23
1425 FANDIP DANIEL 23
1426 FAPETU CHARLES OLUWATOSIN 23
1427 FARANPOJO DAVID OLASUPO 23
1428 FAROUN OLUWOLE OLADAPO 23
1429 FASANYA AYOOLA FOLORUNSHO 23
1430 FASERU GRACE OMOLADE 23
1431 FASESAN JOSEPH BOLAJI 23
1432 FASESAN TOLUOPE FRANCIS 23
1433 FASUYI TOLULOPE 23
1434 FATADE OLUFEMI ADELANI 23
1435 FATAI TAJUDEEN 23
1436 FATOBA FARUKU 23
1437 FATOKI GBENGA 23
1438 FATOKUN T. OLAYINKA 23
1439 FATUNKE AKINTUNJI 23
1440 FAULKNER EDITH EWEYI 23
1441 FAWEHINMI FOLASADE 23
1442 FAWORAJA MAHMUD JIMOH 23
1443 FAYANJUOLA IFEDOLAPO OLUBUNMI 23
1444 FAYEMI VICTORIA OLUWAYEMISI 23
1445 FAYOMBO MATTHEW OLUWATOSIN 23
1446 FCUST/AMCON/OCB/CHARTWELL SECURITIES LTD 23
1447 FEHINTOLA KAMARUDEEN ADEREMI 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
143 Prestige...Compasionate and Caring
1448 FEMI AYANDIBU MURNA 23
1449 FERGUSSON EMMANUEL 23
1450 FICM LIMITED 23
1451 FIFO AYOBOLA OMOSILE 23
1452 FIRST ATLANTIC SECURITIES LTD. 23
1453 FIRST ATLANTIC SECURITIES LTD. 23
1454 FIRST INLAND BANK/DE-LORDS SEC.-TRADING 23
1455 FIRST INTEGRATED CAPITAL MANAGEMENT LTD. 23
1456 FITTCO SEC LTD NOMINEES ACCOUNT 23
1457 FOLAMI WONU 23
1458 FOLARIN ADEKUNLE MORGAN 23
1459 FOLARIN FELIX ADE 23
1460 FOLIVI JOHN ADAMA 23
1461 FOLIVI PHILIP KEVIN 23
1462 FOLORUNSHO IGE 23
1463 FOLORUNSHO MONSURU TUNDE 23
1464 FOLORUNSO KOLAWOLE SAMUEL 23
1465 FOLORUNSO SAMUEL ISOLA 23
1466 FORESIGHT SEC. & INV.-TRADED-STOCK-A/C 23
1467 FORESS FUNDS AND INV TRUST LTD 23
1468 FORSON HENRY FAYOMI 23
1469 FOUNTAIN TRUST LIMITED 23
1470 FRANCIS MAAJI SALEH 23
1471 FREEMAN OLUSEGUN 23
1472 FREEMAN OLUSEGUN 23
1473 FREEMAN OLUSEGUN 23
1474 FUKA MEGA WEALTH ENTERPRESE LTD 23
1475 G-10 INVESTORS NETWORK LTD 23
1476 GAMBO DANJUMA 23
1477 GANA EMMANUEL SUNDAY DEFIAN 23
1478 GANIYU LASISIS PELUOLA 23
1479 GANIYU OLAWALE JELILI 23
1480 GARBA HARUNA 23
1481 GARUBA IBRAHIM 23
1482 GARUBA KADIRI 23
1483 GASL-NOMINEE LTD-DABANA ACCT. 23
1484 GBADAMOSI RAMOTA ADUFE 23
1485 GBADEBO SOLOMON OLAYIWOLA 23
1486 GBADERO TITUS ADESOJI 23
1487 GBALAJOBI ADEYEYE OLUMIDE 23
1488 GBARAKONO SATURDAY BARIKPE 23
1489 GISOK SECURITIES LIMITED 23
1490 GIWA ABAYOMI FUAD 23
1491 GIWA DARAMOLA OLABISI LINDA 23
1492 GIWA JAMIU IDOWU 23
1493 GIWA RILWAN OLADIMEJI 23
1494 GIWA UTHMAN WAHEED 23
1495 GIWA-DARAMOLA DAMILOLA 23
1496 GIWA-DARAMOLA ELIJAH DADA 23
1497 GLOBAL ASSET MTG-DEPOSIT A/C 23
1498 GOBIR SAIDU 23
1499 GODDY ANTHONY 23
1500 GODONU GABRIEL IDOWU 23
1501 GOLDE CHARLES OJIYOVWI 23
1502 GOLDEN CONCEPT LINR 23
1503 GOLDEN SECURITIES LTD 23
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
1504 GOLDFOOT INV. LIMITED 23
1505 GOLDFOOT INVESTMENT LIMIT ED 23
1506 GOLDFOOT SERVICES LIMITED 23
1507 GONI HAMMAN 23
1508 GONI MODU AJA 23
1509 GOSORD SECURITIES LIMITED-DEPOSIT A/C 23
1510 GREAT ACHIEVERS INVESTMENT CLUB 23
1511 GREAT NIGERIA INS COY LTD 23
1512 GREEN ANOKE 23
1513 GULDER VENTURES LIMITED 23
1514 GWARZO MOUNIR 23
1515 GWARZO RABI'U MUHAMMED 23
1516 HAJIA AMINU INTISAAR 23
1517 HALLIDAY ISHMAEL OMONI 23
1518 HAMIDU HUSSAINI 23
1519 HAMMAN AMOS WAHYADI 23
1520 HANIDU'ONIGEMO TAJUDEEN OLUWAREMILEKUN 23
1521 HART IDAWARIFAGHA 23
1522 HARUNA KOLAWOLE SIKIRU 23
1523 HASSAN ADEBISI 23
1524 HASSAN ADELEKE AJAYI 23
1525 HASSAN AZEEZ TITILAYO 23
1526 HASSAN DANLADI 23
1527 HASSAN ODUKALE OYE 23
1528 HASSAN OLAMILEKAN LUKMAN 23
1529 HOPESTRING INVESTMENTS LIMITED 23
1530 HWAKAR HENRY GBAASOM 23
1531 HYTECH MICROSYSTEMS LTD 23
1532 IB FINANCE & SECURITIES L TD. 23
1533 IBAGERE EFE CHARLES 23
1534 IBAMA AKUROKEOKIYA SUNDAY 23
1535 IBE UZOMA 23
1536 IBEABUCHI(DECD) IBEABUCHI PAULINA(ADMOR) PAUL ONWUMEREN YOUNG 23
1537 IBEAKANMA IBUCHIM MIKE 23
1538 IBECHEOZOR PATRICIA AKWAUGO 23
1539 IBEGBULEM LUKE ONONGAYA 23
1540 IBEH HYCINTH 231541 IBEKWE CHIEDOZIE ANTHONY JUDE 231542 IBEKWE CHINWE THEODORA 231543 IBEONU CHARLES (ADMORS TO THE ESTATE OF ONU EMMANUEL EZE ERIC ) 231544 IBIDOJA OLAYINKA & KAROL 231545 IBIKUNLE SABITU KEHINDE 231546 IBIKUNLE TUNDE ADEBOWALE 231547 IBIROGBA IBUKUNNOLUWA OLAWALE 231548 IBITAYO COMFORT MODUPE 231549 IBITAYO OLUBIYI 231550 IBITOYE ABIMBOLA OLAYEMI 231551 IBITOYE ALEXANDER OLUYEMISI 231552 IBITOYE OLUSEGUN MICHAEL 231553 IBIWOYE AYOTOMIWA AGOOLA 231554 IBIWOYE FUNMI OLAYINKA 231555 IBIWOYE OREOLUWA 231556 IBIYEMI OLUMAYOWA OMOWUMI 231557 IBIYEYE AMINU ALABI 231558 IBOK OKON EDET 231559 IBOMA OMOLABAKE OLUWATOYIN 231560 IBRAHIM ADESHINA IBIKUNLE 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
144 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
1561 IBRAHIM ALANI WASIU 231562 IBRAHIM HABIB ADEYINKA 231563 IBRAHIM MUB0 MARIAM 231564 IBRAHIM MUBO MARIAM 231565 IBRAHIM ODEMI 231566 IBRAHIM USMAN YAKASAI 231567 ICMG SECURITIES LIMITED 231568 ICMG SECURITIES LTD-TRADED-STOCK-A/C 231569 IDACHABA OMADA 231570 IDAHOSA KINGSLEY EHIS D. 231571 IDAMI WILSON CELYN 231572 IDEH CHRISTIAN AKPORIENO 231573 IDEHEN OMOREGBE EMMANUEL 231574 IDIAGHE OSAIGBOVO NICOLETTE 231575 IDIKA SAMUEL ORJI 231576 IDIONG DONATUS UDO 231577 IDOKO JOHN A.I. 231578 IDOKO JOHN OMAGA 231579 IDOWU ABIODUN OLUFISAYO 231580 IDOWU BARBARA ADENIKE 231581 IDOWU EMMANUEL OLADAPO 231582 IDOWU ESTHER DOROTHY JUMAI 231583 IDOWU FEHINTOLUWA IMOLEAYO 231584 IDOWU GABRIEL ROTIMI 231585 IDOWU JOSEPH OLA 231586 IDOWU MATTHEW 231587 IDOWU OLANREWAJU 231588 IDOWU OLUWADAMILOLA 231589 IDOWU OLUWOLE ADEBOLA 231590 IDOWU PASCHAL ADELEKE 231591 IDOWU PEREGRINO MODUPE 231592 IDOWU SIDIKATU ABEKE 231593 IDOWU VICTOR AJAYI 231594 IDOWU VICTOR OLAITAN 231595 IDRIS ODEKUNLE 231596 IDRIS YAYA OWOLABI 231597 IDUBOR JOHNSON EDEBIRI 231598 IESHITAH TOYIBAT OLUBUSOLA 231599 IFEANYI EDWIN CHUKWUZUBELU 231600 IFEDIORA OKECHUKWU CHIGOZIE 231601 IFENNA DONATUS EMEODI 231602 IGBO ODIONYEBUCHI JOSEPH 231603 IGBODUDU ANDREW OGHENETSUKO 231604 IGBOKWE ANELECHI CLIFFORD 231605 IGE AGNES YEMISI 231606 IGE DAVID AYODELE 231607 IGE JIDE (PROF.) 231608 IGE KEHINDE DAVIES 231609 IGE MOFOLUSO ADEBOLA 231610 IGE MOFOLUTO ADEGBOLA 231611 IGE OMOLADE PHILIPS 231612 IGHALO CHARLES MONDAY 231613 IGHODALO MARK OSAWENHENZE 231614 IGIDI RUFUS CHIDI 231615 IGIEBOR MAUREEN EDORISIAGBON 231616 IGINI REUBEN 231617 IGNATIUS EFAMEFUNE IWEGUE 231618 IGWE STANLEY CHIDI 231619 IGWEGBE CHRISTIAN AZUKA 23
1620 IGWEMBA HELEN UCHENNA 231621 IGWEONU CHIUKWUNWEUBA (CHUKS) 231622 IGWESI EMEKA OZOEMENA 231623 IGWILO DOMNIC IFEANYICHUKWU 231624 IGWIRO THEOPHILUS CHIGOZIE 231625 IHEANACHO CHIGOZIE CHRISTIANA 231626 IHEANACHO STEPHEN CHINONSO 231627 IHEUKWUMERE FAITH 231628 IHINOSE IDEMUDIA EMMANUEL 231629 IHONDE MOSES OHIKHUARE 231630 IJAODOLA FRANCIS ADEJUWON 231631 IJILA KUBRAH NIKE 231632 IJIOMA DAVID IHEME 231633 IJOMA IFEOMA JOSEPHINE 231634 IKARA JANE SUNDAY 231635 IKAZOBOH STEPHEN GIETSEME 231636 IKAZOBOH STEPHEN T. 231637 IKAZOBOH VICTOR 231638 IKE GEORGE FRIDAY 231639 IKEAGWU SUNDAY NDUBUISI 231640 IKECHE CYPRAIN ARINZE 231641 IKECHUKWU NZE UZOEZIE NICHODEMUS 231642 IKEM STANLEY IFECHUKWUDE 231643 IKENI HUMPHERY MARKSON 231644 IKEOGU JULIANA EKWUTOSI 231645 IKHIDUANUMHEN MATTHEW EHI 231646 IKHUMHEN ANTHONIA PRINCESS 231647 IKOBAYO MUSILIMOT IYABO 231648 IKOBAYO OMOWUNMI MORUFAT 231649 IKPA CHIJIOKE JOSEPH 231650 IKPE STEPHEN ANIEMA 231651 IKPEAMA EMEKA CHRIS 231652 IKPOBE LOT 231653 IKUBOLAJE GBENGA AMOS 231654 IKUDIKE CLETUS IFUNANYA 231655 IKUGBONMIRE GRACE ABOSEDE 231656 IKWU ROLAND IFENNA 231657 IKWUE EMMANUEL EBIJE 231658 IKWUTA ADA JOY 231659 ILEDO EMMANUEL 231660 ILESANMI TOYESE SIMION 231661 ILODIBE EMMANUEL CHIJIOKE 231662 ILONWA MESOMA MIRBBEL 231663 ILORI CHRISTIANA ABIDEMI 231664 ILORI EMMANUEL ABOLUDE 231665 ILORI KUBURAT TOPE 231666 ILORI OLUDAYO JOSEPH 231667 ILORI OLUSEGUN OLUKAYODE 231668 ILORI OLUWATOYIN BOSEDE 231669 ILYAS ISMAILA OLATUNJI 231670 IMAFIDON OSAIGBOVO WILLIAMS 231671 IMALENOWA PATIENCE UWAILA 231672 IMB MORGAN PLC 231673 IMLAN SIKIRU ABODUNRIN 231674 IMO ELIZABETH 231675 IMO ESTATE CLINIC LTD 231676 IMOLEMEH EHIME JOSEPH 231677 IMOUOKHOME AMAIZE 231678 INDUSTRIAL ALCHOHOLS MANU FACTURING CO.LTD. 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
145 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
1679 INEDE FREDRICK ORIAREWO 231680 INIMO GODWIN SUNDAY 231681 INKO-TARIAH OMIETE 231682 INTEGRATED TRUST & INVS.TRADED-STOCK-A/C 231683 INTERCONTINENTAL BNK/TOPMOST FIN. TRDNG 231684 INTER-CONTINENTAL SECURIT IES LTD 231685 INTERCONT'L BANK/MAINLAND TRUST- TRADING 231686 INTERCORP RESOURCES LIMITED 231687 INTERNATIONAL CAPITAL SEC-TRADED-STCK-AC 231688 INTERNATIONAL OILGATE LTD 231689 INTERSTATE LADIES CLUB OF NIG 231690 INVESTMENT CENTRE LIMITED 231691 INYANG AKPAN BENSON 231692 INYANG SAMUEL UDO 231693 INYANG UWANA A B 231694 INYANGUDOH EFFIONG EFFIONG 231695 IORSAA SUE 231696 IPAH IMIETE DAKORU 231697 IREFE MUDIAGA JOHN 231698 IREGBENU UCHENNAM THEODORE 231699 IREGBENU UZOCHUKWU EDWIN 231700 IREPODUN LANDLORD ASSOCIATION 231701 IRIASE ISUMAFE OBOKHUAIME PALLY 231702 IRIKEGHE OBARO FUTURE 231703 IROEGBUCHU CHINKATA JOEL 231704 IRUAFEMI YOUNG EHIGIE 231705 ISAH MUSA KALLAMULLAH 231706 ISAIAH ROSE EPHRAIM 231707 ISEK FEDRICK AGBOR 231708 ISEOPA JACOB 231709 ISEYIN AANU OLUWA HUT CICS LIMITED ISEYIN 231710 ISHOLA FLORENCE IBIRONKE 231711 ISHOLA JOHNSON OLUWOLE 231712 ISHOLA OLUSOLA SULEMAN 231713 ISIOSIO DAVID NNAMIDI 231714 ISL ACQUIRED STOCK ACCOUNT 231715 ISMAILA CHRISTIANA PAMA 231716 ISMAILA SHEHU ALHAJI 231717 ISOKUN MIKE 231718 ISOLA KOLAWOLE 231719 ISOLA-OLATUNJI JOYCE ADEKEMI 231720 ISYAKU KABIRU 231721 ITABIYI ADIGUN OLATUNBOSUN 231722 ITA-NDEM(DECD) MRS. NDEM UKPA KINGSLEY(ADMOR) KINGLEY ALBERT 231723 ITONYO VICTOR WILFRED 231724 ITOYAH TONY EHI 231725 IVOKE VERONICA IFEOMA 231726 IWATAN GODWIN 231727 IWILADE DAVID ADETUNJI 231728 IWUALA EMMANUEL CHUKWUNYERE 231729 IWUNKWO JUDE 231730 IWUOHA CHIDOZIE EZENWA 231731 IWUOHA DAMIAN ANYA 231732 IYALOMHE ROGERS ADOGAMHE 231733 IYANDA COMFORT YEMISI 231734 IYAWE HANSON O.T. 231735 IYEKEKPOLO VICTOR AMADIN 231736 IYOGWOYA ELIZABETH IKPEMHOSI 231737 IYUN ADAMITO OLUREMI 23
1738 IZOBO ALABA 231739 IZUEGBU CHUKWUNEDU M 231740 IZUNDU U AUGUSTINE 231741 IZUNWANNE ONYEKWELU JOSEPH 231742 IZUYON ISAAC RICHIE 231743 J.A DINA INVESTMENT LTD 231744 JABORO EMOAKPOSE 231745 JAGUSA TARWANGER JEREMIAH 231746 JAHUN SULEMAN MOHAMMED 231747 JAIYE DAUDA OMOLARA TITILAYO 231748 JAIYEOLA OLUFEMI SAMSON 231749 JAMA-ATUL ISLAMIYYA OF NIGERIA. 231750 JAMAC TRUST & VENTURES LT D. 231751 JAMES EDO ODAUDU 231752 JAMES JEREMIAH 231753 JAMES KAYODE STEPHEN 231754 JANGEBE LAWALI GADO 231755 JATAU GABRIEL GARBA 231756 JAWANDO JUBRIL O 231757 JAWO JOHNSON OLAKUNLE 231758 JIMOH AKEEM OLUFEMI 231759 JIMOH GANIYU ABIODUN 231760 JIMOH MUSIBAU IYIOLA 231761 JIMOH OLUDARE TAJUDEEN 231762 JIMOH SAHEED ISHOLA 231763 JIMOH YISAU AMOD OLAKITAN 231764 JINAD MOSHOOD AKANNI 231765 JINADU DUPE ESTHER 231766 JINADU LAMIDI BOLAJI 231767 JINADU TAIWO HASSAN 231768 JINODU BASIRU BABTUNDE 231769 JOHN BASSEY EDET 231770 JOHN ENIOLA OLUWASEUN 231771 JOHN -EZE IFEANYICHUKWU 231772 JOHN KINGSLEY 231773 JOHN OLUGBEMIGA OYEBODE 231774 JOHN UDEZE 231775 JOHNBOSCO OKOYE 231776 JOHNSON ADE 231777 JOHNSON ADEBOLA OLUTOYIN 231778 JOHNSON AWOERE JOSHUA 231779 JOHNSON ERIC 231780 JOHNSON LESLIE RUDOLPH IVAN 231781 JOHNSON OLAREWAJU AJIBOLA 231782 JOHNSON OLUTOYIN OLUWABUNMI 231783 JOHNSON OLUWOLE ADESINA 231784 JOHNSON YEWANDE 231785 JOHNSON-BADEKALE TAYO 231786 JOHNWHYTE INVESTMENT RESOURCES LTD 231787 JOLAOSHO OLALEKAN 231788 JOLAYEMI MICHAEL OLUWOLE 231789 JONAH MOSES OYODO 231790 JON-AJUMOBI PAUL KEHINDE 231791 JONATHAN FRANCIS 231792 JOSEPH VICTOR 231793 JOSHUA JOHNSON 231794 JUDE JENNIFER MUNADUMSO 231795 JUMAT MOROOF ADEKUNLE 231796 JUNAID RILWAN ABIODUN 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
146 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
1797 KADIRI PATRICK AIGHUPUE 231798 KAEGON SAARONEE G. 231799 KAFFO OLATUNJI 231800 KALEJAIYE BEN ADEYEMI 231801 KALU CHINYERE DORA 231802 KALU IDUKWO OKEBULU 231803 KALU KALU ANU 231804 KALU OGECHI JOHN 231805 KALU OKECHUKWU OKAFOR OGBONNAYA 231806 KALU ROLAND ONYEKA 231807 KAMSON DAYO 231808 KASSIM OMOSOLAPE OSEFAT 231809 KATSINA SCHOLARSHIP TRUST FUND - ACCOUNT 231810 KAYODE ADEYINKA DADA 231811 KAZEEM ADEBAYO 231812 KAZEEM GIFT AYOMIKUN 231813 KAZEEM SHALOM ENIOLA 231814 KB MAGNITUDE LIMITED 231815 KEFAS P BONGA 231816 KEHINDE EMMANUEL OLUMIDE 231817 KEHINDE OLUREMI OLUSEYI 231818 KEMABONTA AYIBATONYE 231819 KESTER SEKAYI ADEYANJU 231820 KETCHADJI-NOUYEP ERIC HERVE 231821 KEVIN ATONTIA MICHAEL 231822 KEWA SAMAILA M. 231823 KIDDERMISTER PROPERTIES & SUPPLIES LTD 231824 KINRIN ELISHA 231825 KOIKI YEKINNI-OWODUNNI 231826 KOLADE FRANCIS ADEGBOYEGA 231827 KOLAWOLE MOROLAOLUWA EDUNOLUWA 231828 KOLAWOLE OLABISI 231829 KOLAWOLE OLAYINKA FELIX 231830 KOLAWOLE TAIYEWO MOSES 231831 KOLEOSHO JOHN OKUNLOLA 231832 KOLESOHO OLUWOLE OLANIYI KOLEOSHO JOHN OKUNLOLA (ESTATE OF KOLEOSHO JAMES OLABODE ) 231833 KOMO DAUDA MUSA 231834 KOMOLAFE JOSEPH ADEBIYI KOMOLAFE 231835 KUKU SIKIRU OLAJIDE 231836 KUPOLATI RUFUS M 231837 KUSAMOTU JELILI AYO 231838 KUTEMI OMOLADUN ABEJE 231839 KUTI JANET OLUREMI 231840 KUTI OLUWAFEMI 231841 KUTI WALIU ADEKUNLE 231842 LADEHL FEMIFOLUWA 231843 LADEJI LEKAN 231844 LADEJI OLASUPO OLUTOYIN 231845 LADIPO IYABODE OLAIDE 231846 LADIPO-AJAYI OLUSOLA OLATAYO 231847 LAGOKE OLUWAGBOLAHAN 231848 LAGUDA MUSLIH KOLAWOLE 231849 LAJA OLADIPO ADERCHUNMU 231850 LAMIDI OLANIRAN JINADU 231851 LAMINA ALANI MONSURU 231852 LANSEBE YEWANDE BUKOLA 231853 LAOSEBIKAN AREMU MAJOLAGBE 231854 LAOYE ALIMI TITILOYE 231855 LASEINDE VICTOR OLADIRAN 23
1856 LASISI ADEDOYIN AFUSAT 231857 LASISI FOLA 231858 LASISI OLUWATOSIN JIMOH 231859 LASOYE MOTOLANI AKANBI ZULHAJ 231860 LATINWO(DECD) LATINWO GRACE(ADMOR) SAMUEL BOLA 231861 LAWAL ABAYOMI ENITAN & DORCAS O. 231862 LAWAL ADEWALE MUIDEEN 231863 LAWAL ATANDA ALIU 231864 LAWAL BILQIS ADEBOLA 231865 LAWAL LAYIWOLA 231866 LAWAL NAHIMAT AYOMIDE 231867 LAWAL OLANREWAJU SHERIFF 231868 LAWAL OMOKAYODE AKINTOLA 231869 LAWAL RASHEED OLATUNJI 231870 LAWAL SIKIRU 231871 LAWAL YINUSA ADESHINA 231872 LAWANI FRANCIS AJORIN 231873 LAWANI OLUWATOYIN KEHINDE 231874 LAWANSON KEHINDE 231875 LAWANSON LEAH ADEBOLA 231876 LE JANNELS GENERALE LTD. 231877 LE PACE CONCEPTS LTD 231878 LEGUNSEN OLUFUNMILAYO 231879 LIBATA AHMED IBRAHIM 231880 LIBRA INSURANCE BROKERS 231881 LMB STOCKBROKERS LTD -TRADED-STOCK-A/C 231882 LOKO HENRI 231883 LOKO SENADE 231884 LOLU OGUNMADE OLUWATOYIN HELEN 231885 LONGE IYABO OLAJUMOKE 231886 LONGE MUNIRU OLATUNDE 231887 LONGJOHN TAMUNOIPRINYE 231888 LOTO TITUS OLATUNJI 231889 LUKE EMMANUEL MOWO 231890 LUKMAN RILWANU 231891 M.L SEC.LTD - TRADED-STOCK-A/C 231892 M/S FAMOSS NIGERIA LIMIT ED 231893 MAA'JI AMINU 231894 MACAULAY TITILAYO SARIAT 231895 MACGREGOR VICTORIA ABLAWA 231896 MACUALAY BUSAYO 231897 MADICHIE LEVI CHUKA 231898 MADU CYRIL 231899 MADU FERDINARD 231900 MADU RICHARD OGUANOBI A 231901 MADUANUSI NWEKE AUGUSTINE 231902 MADUBUKO OKOLI BONIFACE 231903 MADUEKWE COSMAS 231904 MADUEKWE HENRY OSITA 231905 MADUFOR BLESSING CHIDENMA 231906 MADUFOR JOSEPH SUNDAY 231907 MADUKA IKORO OGBONNAYA 231908 MADUKA JOHN OBI 231909 MADUKO CHINWOKE LILIAN 231910 MAFE BABATUNDE 231911 MAFE RACHAEL ADEPEJU 231912 MAFUTAU ADEBAYO LASISI 231913 MAGAJI ALIYU BALA 231914 MAGNARITIS FINANCE-DEPOSIT A/C 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
147 Prestige...Compasionate and Caring
1915 MAINLAND TRUST LTD - TRADED-STOCK-A/C 231916 MAINLAND TRUST-DEPOSIT A/C 231917 MAJEKODUNMI OLABODE ABIODUN 231918 MAJEKODUNMI OLOYEDE 231919 MAJEKODUNMI SOLOMON OLATAYE 231920 MAJESTIC SECURITIES LTD. 231921 MAKINDE AKIN OYEWOLE 231922 MAKINDE JINATHAN BABATUNDE 231923 MAKINDE OMOBAYO 231924 MAKINDE OYETUNJI SUNDAY 231925 MAKOJU CHARLES ADOIZA 231926 MALEGHEMI GODWIN 231927 MAMMAN ALKALI 231928 MAMMAN BUKAR ALHAJI 231929 MANI YAHA ABDULRAHMAN 231930 MANLILIK MARY 231931 MANN BEATRICE BOSE 231932 MANU HANNATU AHMADU 231933 MAPADERUN ADEWALE ANTHONY 231934 MARADESA BONIFACE ADEWUYI 231935 MARQUIS P K CLEMENT ESTATE OF ADMOR 231936 MARS RESEARCH 231937 MARTINS BABATUNDE OLADIPO 231938 MARTINS BABATUNDE OLADIPO (JUSTICE) 231939 MARTINS BABATUNDE OLADIPO JUSTICE 231940 MARTINS NIKE 231941 MATHEW OLANREWAJU 231942 MATILUKO ADEMOLA AFOLABI 231943 MAURICE EKANEM IYONG 231944 MAVAH JESSE JONAH 231945 MAYALEEKE IBRAHIM ADEROGBA 231946 MAYIKO SINNI YAMA 231947 MBA IKECHUKWU PAUL 231948 MBACHU FRANCISCA CHISARAOKWU 231949 MBADIWE PHILIP CHUKWUEMEKA 231950 MBAERI HENRY OBIOMA 231951 MBAGWU CHUKWUNAENYE 231952 MBAGWU(DECD) MBAGWU (MRS) GLORIA(ADMOR) BONIFACE 231953 MBAH CHUKWUNWEORU RAPHAEL 231954 MBAMARA GABRIEL OKECHUKWU 231955 MBANUGO MARY CHINWE 231956 MBAUKWU SMART UCHENNA 231957 MBC SECURITIES NOMINEE DPH 231958 MBC SEC. NOMINEE 'JAA' 231959 MBC SECURITIES NOMINEE DPD 231960 MBC SECURITIES NOMINEE 'UN' 231961 MBONG JOSHUA WILLIAM 231962 MC ANTHONY INTERNATIONAL CONCERNS LTD 231963 MC-FINERCO INVESTMENT LTD 231964 MEBUDE IYABODE OLUSHOLA 231965 MEDUOYE COMFORT 231966 MEDUSA INVESTMENTS LIMITED 231967 MEMEKE IBILOLA OLUREMI DANIEL 231968 MENSAH NAOMI 231969 MERCHANT SECURTIES LIMITE D 231970 MERISTEM RESEARCH INVESTMENT 231971 METHUSELAH SULE JOEL 231972 METROPOLITAN SEC. & INVES T.COMPANY LIMITED 231973 MGBEAHURU PETER ENYEREIBE EMMA 23
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
1974 MGBOH FELIX CHUKWUNULUIKPE 231975 MICHAEL KALU LEWIS 231976 MICHAEL UYO JAMES 231977 MIDAS STOCKBROKERS LTD 231978 MIDLAND SECURITIES LTD. 231979 MIKE-EZE PERRY CHIMDINDU 231980 MIORAT BUILDERS & ENGINEERING SERVICES 231981 MIRAGE HOTEL LTD 231982 MIRIN HENRY 231983 MOBOLADE JIMOH OYEBAMIJI 231984 MOBOLAJI MICHAEL OLUTAYO 231985 MOBTOM VENTURES LIMITED 231986 MODEBE GEORGE OLISAEMEKA ARINZE 231987 MOGAJI MORUFU 231988 MOHAMMED ABDULKARIMU 231989 MOHAMMED ALFA 231990 MOHAMMED AMINA 231991 MOHAMMED IBRAHIM 231992 MOHAMMED ISA 231993 MOHAMMED JA'AFAR 231994 MOHAMMED JIKA FUFORE 231995 MOHAMMED JIMOH 231996 MOHAMMED MAIRIGA 231997 MOHAMMED MARYAM 231998 MOHAMMED MUSA 231999 MOHAMMED SALLAWU JNR (ALHAJI) 232000 MOHAMMED SANI ABUBAKAR 232001 MOHAMMED-LAWAL TAOFIKI AKANNI 232002 MOHAN K. VASWANI 232003 MOJEKWU LOUSIA KANWULIA 232004 MOLADE OLBUNMI CHRISTIANAH 232005 MOMMODU UMORU 232006 MOMOH ABU AIYEKU 232007 MOMOH DAVID JOHN 232008 MOMOH MOMOH SANI 232009 MOMOH SHEIDU OMEIZA 232010 MOMOH-KASIM ABDUL-RAFIU 232011 MONEKE CHRISTIAN CHIJIOKE PETER 232012 MOORE ABDUL SALAMI 232013 MORADEYO SILIFAT BOLA . 232014 MORDI IFEANYI A. 232015 MORDI JULIUS EMEKA 232016 MORDI(DECD) MORDI FELICIA(ADMOR) CYRIL CHUKWUMA 232017 MORGAN OLUYINKA ABIMBOLA 232018 MOSHOOD OMOKANYE 232019 MOYOSORE YUSUF OLAREWAJU 232020 MOZIE FLORENCE IFEOMA 232021 MPAMAH GOLD 232022 MR ADESOKAN SAMUEL OJUTRLAYO 232023 MSHELIA ARHYEL BUBA 232024 MSHELIA DAUDA 232025 MSHELLIA SWANDY PRISCILLA BANTA 232026 MTL NOMINEES "G" 232027 MUDA-SANUSI CHINYERE CHIDINMA 232028 MUHAMMAD LUKWANU 232029 MUHAMMAD SANI MIKHA'LL (JNR) 232030 MUHAMMADUL QASIM AISHAT DESOLA 232031 MUHAMMED ABUBAKAR SABO 232032 MUHAMMED AKEEM ABIODUN 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
148 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
2033 MUHAMMED ATTAHIRU 232034 MULTIPLE MANAGEMENT SERVICES LTD 232035 MURKEM PIUS CHRISTOPHER O. 232036 MUSA ABDULRASHID 232037 MUSA MUJIDAT ADEWUNMI 232038 MUSA PETER AJEMUDU 232039 MUSA USMAN 232040 MUSDAFA SURU MUHAMMADU 232041 MUSE LATEEF AYINDE 232042 MUSEDIQ ABDUL YEKEEM 232043 MUSTAPHA ADENIYI AHMED 232044 MUSTAPHA AHMADU TIJJANI 232045 MUSTAPHA JIMOH ISHOLA 232046 MUSTAPHA MOHAMMED IBRAHIM W. 232047 MUSTAPHA WASIU OLATUBOSUN 232048 MUSTAPHA YAKEEN AJADI 232049 MUTIU SHAMSIDEEN OLUSHILE 232050 MUWANGA-MAGOYE CHARLES SENSONGA 232051 NABEGU AMINU 232052 NACCUN LIMITED 232053 NAIRA WISE CO-OP MULTIPURPOSE SOCIETY LTD. 232054 NAISHA VENTURES INTERNATIONAL LIMITED 232055 NAKAZALLE DAHIRU 232056 NAL ASSET MANAGEMENT & TRUSTEES A/C 2 232057 NALAM SRI RAMA CHANDRA PRASAD 232058 NANAKUMO MONADY PREKEMEBINAOYAGHA 232059 NATIONWIDE SECURITIES LIM ITED 232060 NDIYO EFFOM ASIYA 232061 NDUBUISI CHUKWUEMEKA 232062 NDUBUISI VICTOR UZOMA 232063 NEBO CHRISTIAN IFEANYI 232064 NEW HORIZONS FIN & INV. LTD. 232065 NGENE PAULINUS 232066 NGOCHINDO FESTUS GOTEH 232067 NGWANA ELIZABETH NYAMSI 232068 NGWANA MARY 232069 NGWU NDUBISI ROBERT 232070 NIGERIAN FRENCH INSURANCE COMPANY LTD. 232071 NIGERIAN FRENCH INSURANCE COMPANY LTD. 232072 NIGERIAN STOCKBROKERS LTD 232073 NIMBL SPF 232074 NISEL NOMINEE A/C KA-001 232075 NISEL NOMINEES LTD A/C OT -001 232076 NJOKU NNAMDI NWOKEOMA 232077 NJOKU TITUS IJEOMA 232078 NKAMA ANN ONYINYECHI 232079 NKAN UBONG MICHEAL 232080 NKANGWUNG FELIX OTUNGBAN 232081 NKEMAKOLAM CHRIS 232082 NKEONYE HENRY OBIOMA 232083 NLEMEDIM CHUKWUEMEKA EMMANUEL 232084 NLPC LTD/LABOREM VENTURES LTD SRBS 232085 NMADU PETER (DR) 232086 NMADU PETER SUNDAY 232087 NMADU PETER SUNDAY 232088 NMEJE ISAAC 232089 NMEJE ISAAC NNABUIHE 232090 NNABUEKE PATRICIA AMAECHI 232091 NNACHI-IBIAM OGBONNE OGERI 23
2092 NNADI UCHECHI 232093 NNADIASOR PETER NJUAIGBO 232094 NNADOZIE OBIAGELI NJIDEKA 232095 NNAH ADIELE CHINYERE 232096 NNAKWE PAUL ONYEBUCHI 232097 NNAMOKO SUNDAY 232098 NNANNA CHINEDU FRANCIS 232099 NNANNA FREDA ADANNA 232100 NNEBEDUM BENJAMIN E. BENARD 232101 NNEJI VINCENT UMUNNA 232102 NNONA NNAMANI JOHN 232103 NOMORE IGBAKA 232104 NORAGBON ENOGIE OSARU 232105 NOSIKE BENEDICT CHUKWUJIOFOR 232106 NOVITONDE SUNDAY ADEBAYO 232107 NSOFOR CHIDINMA EVANGELISTA 232108 NTA ALFRED ANTHONY 232109 NTUEN AARON GODWIN 232110 NURA ABDULLAHI SAULAWA 232111 NWABIANKEA GABRIEL AZUKA 232112 NWABISI MARTIN CHIJIOKE 232113 NWABUEZE GEORGE UWABUCHUKWU 232114 NWABUEZE IKECHUKWU PAUL 232115 NWACHUKU JOHN CHITURU 232116 NWACHUKWU CHARLES 232117 NWACHUKWU EBUBECHUKWU 232118 NWACHUKWU IGNATIUS OKONKWO 232119 NWACHUKWU JOHN CHITURU 232120 NWACHUKWU LAURETTA IHEOMA 232121 NWACHUKWU MAXWELL CHIZZY 232122 NWACHUKWU NNENNA EUCHARIA 232123 NWACHUKWU OZIRI JOHN 232124 NWACHUKWU PETER . 232125 NWACHUKWU STEPHEN ONYEMA 232126 NWACHUKWU THERESA N 232127 NWAEZE NNABIKE EBUKA 232128 NWAEZE NNAMDI NELSON 232129 NWAFOR AMOBI ONYEBUCHI 232130 NWAFOR IGNATIUS OKEY 232131 NWAFOR IJEOMA OLIVIA 232132 NWAFOR NGOZI ADAOBI CHARITY 232133 NWAGBO AZUBUIKE S 232134 NWAGU SAMUEL 232135 NWAIJEH CHUKWUKA DAVID 232136 NWAIWU JUDITH CHIKA 232137 NWAIWU O. LEVI 232138 NWAJEI IFEOMA 232139 NWAJU MOSES OBI 232140 NWAKANMA BRANDON VICTOR ANOSIKE 232141 NWAKEZE MICHAEL AMECHI 232142 NWAKWUE JOSEPH EZEH 232143 NWALI GEORGE CHUKWUEMEKA 232144 NWALIE UCHENNA ANTHONY 232145 NWALOZIE PETER IKECHUKWU 232146 NWAMARA PASCHAL 232147 NWANGWA FELIX 232148 NWANGWU BRIGHT 232149 NWANGWU CHRISTY 232150 NWANGWU IKENNA OBIORA 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
149 Prestige...Compasionate and Caring
2151 NWANKWO CHINEDUM MICHAEL 232152 NWANKWO MICHAEL OGBONNA 232153 NWANKWO NWAFOR CYPRIAN 232154 NWANKWO PETER MADUKA 232155 NWANKWO UGOCHUKWU ERNEST 232156 NWANKWOAGU NELSON KENE CHIEF 232157 NWANMA CHIDINMA CONSTANCE 232158 NWANOR JUDE 232159 NWAOBIA CHINENYE 232160 NWAOGWUGWU STANLEY U. 232161 NWAORGU ANDREN EKWUGHA 232162 NWATU ISAAC NNAMANI 232163 NWEKE CHINYERE 232164 NWEKE KINGSLEY CHUKWUKA 232165 NWENE ADA 232166 NWEZE CLEMENT IKWUNNE 232167 NWIGWE EKENE COLLINS 232168 NWIKE MADUKA ANTHONY 232169 NWOBODO KINGSLEY IFEANYI 232170 NWOKE CHUKWUEMEKA IGBO 232171 NWOKEJI ALISON 232172 NWOKEJI EDWIN ANENE 232173 NWOKEJI IKE 232174 NWOKEJI JOSEPH AGBACHU 232175 NWOKOCHA EMENIKE IJOMA 232176 NWOKOLO F. C. 232177 NWOKOLO FELIX ISECHEI 232178 NWOKOYE PAULINE OBIAGELI 232179 NWONAH VINCENT AMECHI 232180 NWOSU CHINYERE J OLUWAFUNMILAYO 232181 NWOSU COMFORT OLUMUYIWA 232182 NWOSU EMELDA 232183 NWOSU FRIDAY UZONWANNE 232184 NWOSU JERRY KING CHINEDU 232185 NWOSU KENNETH NNABIKE 232186 NWOSU MICHAEL OBINNA OMOTAYO 232187 NWOSU OGUGUO JANE 232188 NWOSU UGONNAYA YEWANDE M. 232189 NWOSU ULOMA PRISCILLA BUSOLA 232190 NWOYE ALEX SUNDAY M. 232191 NWOYE IFY BONIS 232192 NWOZOR UGOCHUKWU ANAYO 232193 NZENWA DEBORAH CHISOM 232194 NZEWI NATHAN CHUKULOBE 232195 NZOMIWU CHUKWUNONSO 232196 OAMEN AZIMI KATE 232197 OBAFEMI OJO OLUWADARE 232198 OBAFUWA BABATUNDE OLUDOLAPO 232199 OBAHOR MATHEW OGAGA-OGHENE 232200 OBASAKI SUNDAY 232201 OBASEKI AMBROSE ENOFE 232202 OBASEKI AMBROSE ENOFE 232203 OBASOHAN AUSTINE OSEMWEGIE 232204 OBATAYO JOHN OLUWAFEMI 232205 OBAYI VICTOR CHIDI 232206 OBEH BLESSING 232207 OBELE AGBO MONICA 232208 OBEMBE OLABISI IBUKUNOLUWA 232209 OBENDE ROTIMI 23
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
2210 OBETA RAPHAEL CHIGOZIE 232211 OBI ALPHONSUS AZUBUEZE 232212 OBI GODWIN OKEY 232213 OBI JOSIAH CHIJIOKE 232214 OBI KENNETH 232215 OBI MOSES CHINEDU 232216 OBIAKOR RAPHAEL 232217 OBIANYO CHIEDU NNAMDI 232218 OBIDEGWU IFEYINWA THEOPHILA 232219 OBIDIGBO ERIC PROSPER 232220 OBIDIKE KEN-PAUL 232221 OBIEFUNA CHINENYE PROMISE 232222 OBII-AZUONYE GOODLUCK CHIOMA 232223 OBIKA IZUCHUKWU 232224 OBILEYE RASHEED ABIOLA 232225 OBINNA STEPHEN UDOKA 232226 OBIOGBOLU ELIZABETH EZIAMAKA 232227 OBIOGBOLU MAUREEN NONYELUM 232228 OBIOGBOLU OLISAEMEKA LOUIS 232229 OBISANYA MICHAEL IDOWU 232230 OBISESAN GBADEGESIN ALABI 232231 OBOAREKPE BERNARD ANEVHO 232232 OBOH OBCSE D/V/NG 232233 OBOH OYAMEDA ABUDULRAZAK 232234 OBOT ANIETIE OKON 232235 OBROGO DENNIS PRESLEY 232236 OBUEKWE OBIAJULU 232237 OBUEKWE OSITA LOTA 232238 OCHEFU ANTHONY 232239 OCHEFU ASHLEY 232240 OCHEFU DANIEL 232241 OCHEFU HASSAN 232242 OCHEFU MARIE 232243 OCHEGOBIA VICTOR ERASMUS (COMMANDER) 232244 OCHENI UGBEDE SAMUEL 232245 OCHIOGU IFEOMA NKEIRUKA 232246 OCHONOGOR FIDEL EDIKS 232247 OCHU NKIRU STELLA 232248 ODARO UGIOMO SUSAN 232249 ODAUDU EKEDEGWA (DEC'D) ODAUDU PETER ONCHE (ADMOR) 232250 ODEBIYI ANTHONY ADENIYI 232251 ODEBODE BAYO ABIODUN 232252 ODEBODE OLUWATOYIN TENIOLA 232253 ODEDAIRO OLALEKAN KAZEEM 232254 ODEDOKUN ADEBAYO OLUSEGUN 232255 ODEDOKUN ADEBIMPE O. 232256 ODEDOKUN ADEBISI TITILAYO 232257 ODEDOKUN OLUBUNMI ADEBOSE 232258 ODEDOKUN SOLOMON ADEKUNLE 232259 ODEDOKUN YETUNDE OLUFUNKE 232260 ODEGBAMI AUSTEN GBOLAHAN 232261 ODEH DANIEL 232262 ODEH UKENYA GODWIN 232263 ODEIGAH MARGARET AIBEKHO 232264 ODEJAYI EBUNOLUWA 232265 ODEKINA RHODA ENAPE 232266 ODELEYE ADISA (DR) 232267 ODELEYE OLAWALE ADISA (OBA) DR. 232268 ODELEYE STEPHEN ADE 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
150 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
2269 ODERINDE IDOWU 232270 ODESANMI CALEB ADEMOLA 232271 ODESEYE MOTUNRAYO JOSEPHINE 232272 ODETOLA AKINYELE ODELEYE (DR.) 232273 ODETOLA-ODELEYE JULIE 232274 ODEYEMI ABISOLA ALABA 232275 ODEYEMI EKUNDAYO ITUNU 232276 ODEYEMI ENITAN IDOWU 232277 ODEYEMI ISAAC OLATUNDE 232278 ODEYEMI KAMIL 232279 ODEYEMI MARY OLUSINA OLUFUNLAYO 232280 ODEYINKA AKINRINOLA SUNDAY 232281 ODIAKA ELAINE SOMAWINA 232282 ODIASE ABIMBOLA OLAJUWON 232283 ODIGHIBOR BENSON 232284 ODIMAYOMI PETER KAYODE 232285 ODIMEGWU AZUKA HAPPINESS 232286 ODIMEGWU UCHENNA LEONARD 232287 ODINGWA FELIX E 232288 ODINLO SYLVANUS NWABUIKE 232289 ODIOH GOODNESS EMOSHOKIAME VALLERY 232290 ODIOH MUSTAPHA IMOUDU 232291 ODOEMENAM NGOZI EUGENIA 232292 ODOGWU CATHERINE ONAH 232293 ODOGWU CATHERINE OWAH 232294 ODOJE DAVID 232295 ODOJE ISAAC 232296 ODOJE PAULINE ONYAWOYI 232297 ODUBANJO LUKE & E. ADETOUN 232298 ODUBANJO ODUN-AYO OLUFUNMILAYO 232299 ODUBAWO ODUNAYO 232300 ODUBAWO OLUBUSOLA T. 232301 ODUBOGUN OLUSEGUN ADEDEJI 232302 ODUESO JUSTINE 232303 ODUFUWA OLUWAFUNKE PERO 232304 ODUGBAWA TERRY 232305 ODUGBESAN OLALEKAN OLUMUYIWA 232306 ODUH MARY AHINEBADE 232307 ODUKOYA KOLAWOLE OLUDARE 232308 ODULATE OLUFUNBI ALEX 232309 ODULATE TIWALOLA OYINLOYE 232310 ODUMBO LAWRENCE OWOLABI 232311 ODUME FESTUS AZUBUIKE 232312 ODUMOSU ABIODUN 232313 ODUMOSU JADESOLA 232314 ODUNAIYA ADEMOLA SHAKIRU 232315 ODUNEYE DEINDE 232316 ODUNIYI ADEWALE 232317 ODUNOKU 0PEYEMI ADESOLA 232318 ODUNSI EBIYEMI OBASOLA 232319 ODUNSI FOLASADE JULIANA 232320 ODUNTAN OLUSEGUN ADELEKE 232321 ODUNZE AMARACHUKWU JANEFRANECES 232322 ODUNZE REV (DR) BENJAMIN CHUKWUDUN 232323 ODUOBUK DAVID SUNDAY 232324 ODUOKPARA BASIL CHIKWENDU 232325 ODUSAMI RAFIU OLATUNDE 232326 ODUSANWO MONSURU OLAKUNLE 232327 ODUSANYA ADEDAYO AFOLABI 23
2328 ODUSANYA ADEOLA ELIZABETH 232329 ODUSANYA ADETUTU A. 232330 ODUSANYA REGINAH 232331 ODUSANYA WASIU ADELAJA 232332 ODUSINA KOLAWOLE 232333 ODUSOLA GANIYU ALADE 232334 ODUSOTE OLATUNBOSUN ANIKE 232335 ODUSOTE OLUGBENGA ADE 232336 ODUTAYO GBOLAHAN TIJUOLA 232337 ODUWAYE AYO RUTH 232338 ODUYEMI ADEBAYO OLUFEMI 232339 ODUYEMI SAMSON A.OLUFEMI 232340 ODUYOYE ADETOKUNBO BABATUNDE 232341 ODUYOYE(DECD) ODUYOYE (MRS) MORENIKE(ADMOR) AYOTOMIWA TEMITOPE 232342 OFFOR CHIAMAKA 232343 OFFUNZE CHUKWURAH JOHN 232344 OFODU UCHENNA 232345 OFONEME CHUKWUNEKE KENNETH 232346 OFUGARA LUCKY NAJITE 232347 OFUOMA RICHIE EMOEFE 232348 OGAH ODEMI 232349 OGALA REUBEN 232350 OGAN CHISARA 232351 OGANZAH AMOS S. A. 232352 OGAZI THERESA NKEIRU 232353 OGAZI UCHENNA KENETH 232354 OGBA NELSON / SHELL EAST COOP 232355 OGBANG IYABO SOLARIN 232356 OGBANJE EMMANUEL 232357 OGBEBOR ATITI 232358 OGBECHIE EZINWA NWAMAKA 232359 OGBEIDE EMMANUEL DAUEBI 232360 OGBEIDE OSARIYEKENWEN OSAGIEDE 232361 OGBEIDE REUBEN NOSAGHARE 232362 OGBEIFUN DAVID EHIOGHILEN 232363 OGBEMUDIA ABDULSALA EREMWAN 232364 OGBOBINE ORITSEJIMI OSAGBEMI 232365 OGBOGHODO JIMOH 232366 OGBOGU MOH'D AMIN 232367 OGBONNA CHINWE EDISON 232368 OGBONNA EKEMEZIE. E GODDY 232369 OGBONNA GODWIN CHIKWENDU 232370 OGBONNA JARLATH OPARA 232371 OGBONNA JCSEPH SUNDAY . 232372 OGBONNA MARCEL EYA 232373 OGBOTOBO JOHN 232374 OGBOYE IDOWU 232375 OGBRU MICHAEL OGHENEKOME 232376 OGBUAGU CLETUS ENI 232377 OGBUAGU EMMANUEL 232378 OGBUEHI NGOZI 232379 OGBUJA MARTIN CHIZOBA UCHECHUKWU 232380 OGBUKA WILLIAM MADUABUCHI 232381 OGBUKAGU EMEKA 232382 OGBULI LOVENDER IFEY'NWA 232383 OGBULU EMMANUEL OKEY 232384 OGEDENGBE ALEYANDER KOLADE 232385 OGEDENGBE GBENGA OLANIYI 232386 OGEH ALEX OGHENEROMESUO 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
151 Prestige...Compasionate and Caring
2387 OGHAREDIA SUSAN OSAYANWINA 232388 OGIERIAKHI EASY IZIEGBE 232389 OGOR GRACE CHINONYEREM 232390 OGOR MIKE 232391 OGOR STEVE OLUCHUKWU 232392 OGU CHIDINMA JULIANA 232393 OGU EMMANUEL CHIMEZIE 232394 OGUAIRI PETER 232395 OGUEJIOFOR MATTHIAS UZOMA 232396 OGUFALU OLUYEMISI OLABISI 232397 OGUH I.P.O. 232398 OGUIKE-OLERU FABIAN NNAMDI 232399 OGUKWE OKORIE CHUKWUMA N 232400 OGUM CHINYERE OLUWATOYIN 232401 OGUN ADEWALE GANIYU 232402 OGUNADE ADESOYE 232403 OGUNBA MOSES 232404 OGUNBANJO ADETAYO OLUSESAN 232405 OGUNBANJO IBUKUNOLUWA ELIZABETH 232406 OGUNBANWO MUYIWA FOLARUNSHO 232407 OGUNBAYO AKEEM GBENGA 232408 OGUNBELA ADEDEJI OLABODE 232409 OGUNBELLA VINCENT B DOLAPO 232410 OGUNBIYI ADEBOLA 232411 OGUNBIYI BARAKAT ADUNNI OMOLARA 232412 OGUNBIYI OMOWUNMI 232413 OGUNBONA BABATUNDE OMOLAJA 232414 OGUNBONA OLUWAYEMISI OMOSHALEWA 232415 OGUNBOTE FARUQ ADEDOLAPO 232416 OGUNBOTE FAWAS ADEDAYO 232417 OGUNBOTE FUAD AYINLA 232418 OGUNDAISI OLUBUSAYO OLADOTUN 232419 OGUNDARE CLEMENT OLANIYI 232420 OGUNDEJI ELIZABETH TAYO 232421 OGUNDEJI ROTIMI KAYODE 232422 OGUNDERO JOHN ADETAYO 232423 OGUNDIMU AYINDE 232424 OGUNDIPE ADEDIRAN 232425 OGUNDIPE DAVID OLUWOLE 232426 OGUNDIPE OLUSOLA AYODELE 232427 OGUNDIPE TEMITOPE SEGUN 232428 OGUNDIRAN GANIU ADEWALE 232429 OGUNDORO OLUWAKAYODE AYINDE 232430 OGUNDUYILEMI ADEBAYO ADEGOKE 232431 OGUNFOWORA BABATUNDE 232432 OGUNFOWORA IDOWU 232433 OGUNFUWA OLAJIDE TEMIDAYO 232434 OGUNGBEMILE FAUSAT MOTUNRAYO 232435 OGUNJIMI OLUMIDE O.ABIODUN 232436 OGUNJIMI OMOWUNMI IFEDOLAPO 232437 OGUNJOBI DAUDA 232438 OGUNKOYA DANIEL OLUSEGUN 232439 OGUNKUNLE EMMANUEL SEGUN 232440 OGUNLADE SIMEON OLUWOLE 232441 OGUNLEYE ADENIRAN ALANI 232442 OGUNLEYE BOLADE JOHN 232443 OGUNLEYE FEMI 232444 OGUNLEYE ISIAKA ADELEKE 232445 OGUNLEYE RAFIU ODUSOGA (OTUNBA) 23
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
2446 OGUNLUSI JULIUS ADEREMI 232447 OGUNMADE OLUBUSAYO 232448 OGUNMAKINWA AKINDOLANI OLABANJI 232449 OGUNMEFUN ADEBOLA OMOSUNMIBOLA 232450 OGUNMGBUAJA SAMPSON U. 232451 OGUNMOKUN EZEKIEL OLUFEMI 232452 OGUNMOLA GLADYS MOROLAKE 232453 OGUNMOLA MONSUD ADIGUN 232454 OGUNMOYELA CAROLINE IBIJOKE 232455 OGUNMOYERO CHARLES ABAYOMI 232456 OGUNNIKA FOLAKE 232457 OGUNNIYI AYODEJI JOSEPH 232458 OGUNNIYI CHIOMA NISSI 232459 OGUNNUBI ADEBAYO 232460 OGUNNUBI ROBERTS 232461 OGUNSANYA ADEJUWON BABATUNDE 232462 OGUNSANYA-GIWA BOLA AMDALAT 232463 OGUNSOLA AYOADE OLUGBADE 232464 OGUNSOLA-ANISERE PATRICK KAYODE OLANIYAN 232465 OGUNTEGBE ABRAHAM ADEWALE 232466 OGUNTOLU GBOLAHAN OLUSEGUN 232467 OGUNTOYE ABIOLA OLUFUNMILAYO 232468 OGUNTOYINBO OKANLAWON SUNDAY 232469 OGUNTUBERU OLUSOLA SAMUEL 232470 OGUNUBI AKINYEMI 232471 OGUNUBI CAROL 232472 OGUNUBI ROBERTS 232473 OGUNWALE ALBERT OLU 232474 OGUNWEMIMO MORIAMO ADUNNI 232475 OGUNYEMI FUNMILOLA FLORENCE 232476 OGUNYEMI GBOLAHAN 232477 OGWU DAVID OLISA 232478 OGWUDA IFEOMA MARY 232479 OGWUMA PAUL AGBAI 232480 OHAEJESI THEODORA 232481 OHAGBON JOY 232482 OHAGBON NKONYE TONIA 232483 OHIOSIMUAN AREUNU 232484 OHIOSIMUAN IRIAH 232485 OHIOSUMUAN RASHEED 232486 OHO INVESTMENTS LTD ACCOUNT II 232487 OHURUOHU NKARU CLETUS 232488 OHWOVORIOLE AUGUSTINE EFEDAYE 232489 OHWOVORIOLE EJOVO NENA 232490 OJA-OBA MOJISOLA 232491 OJEAGA OKUWEGWEHI MICHAEL 232492 OJEAGA OTOR MATTHEW 232493 OJEANOR JUSTIN 232494 OJEDIRAN MOSES BABATUNDE 232495 OJEH TOCHUKWU ERIC 232496 OJEIKERE IRIA AIRAUKHEDEUN 232497 OJELAKIN PETER OLUWASEUN 232498 OJEWUMI OYESHOLA 232499 OJEWUMI OYESHOLA 232500 OJEWUMI OYESHOLA (MRS) 232501 OJEWUMI SIKIRU RANTI 232502 OJEYOMI JOSEPH ABIOLA 232503 OJI NGOZIKA CHIBUZO 232504 OJI PIUS OKOLI 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
152 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
2505 OJIAKO NNENNA NGOZI 232506 OJIEMHONYI MARIA E A DENNIS 232507 OJIKE CHINYERE CONSTANCE 232508 OJINKA ANTHONY BRIAN CHIDALU 232509 OJINKA CHARLES TERENCE CHINAZA 232510 OJINNAKA EUPHEMIA ADAKU 232511 OJINNI OLUTUNDE OLATUNJI 232512 OJO ADETUNJI 232513 OJO ADEWOLE SAMUEL 232514 OJO ADEYEMI 232515 OJO AYODELE JACOB 232516 OJO BASIL BAMISHE 232517 OJO EBENEZER ADETUNJI 232518 OJO ESTHER OYINLOLA 232519 OJO JAMES AKINLOLU 232520 OJO MARVELOUS INIOLUWA 232521 OJO MIRACLE IYINOLUWA 232522 OJO OLADAPO ABIMBOLA 232523 OJO OLAMIDE ABIMBOLA 232524 OJO OLAOLUWA AJIBOLA 232525 OJO OLUSEYI FRANCIS 232526 OJO OLUTAYO MOSUNMADE 232527 OJO OLUTUNDE OLUDARA OLADIPUPO 232528 OJO OLUWAFEMI SAMUEL 232529 OJO SAMUEL OLUWAKEGAN 232530 OJO SHEHU LEKAN 232531 OJO SUNDAY AYODEJI 232532 OJO TEJUMADE OLUYEMI 232533 OJO-BENYS OLAYINKA VIYON 232534 OJODELE BOLANLE BISI 232535 OJOGWU IKE 232536 OJOMU KEHINDE KOLADE 232537 OJONIYI PETER SUNDAY 232538 OJORE DAVID FABIAN 232539 OJOSIPE OLUMIDE OLUGBENGA 232540 OJOYE BABAWALE OLUWAFEMI 232541 OJUADE TAJUDEEN AKANDE 232542 OJUKWU DONATUS 232543 OJUKWU HYACINTH OKEKE 232544 OJUOLAPE OLUWAFEMI JOHN 232545 OKAFOR BERNARD EMMA 232546 OKAFOR INNOCENT 232547 OKAFOR OGECHUKWU GIFT 232548 OKAFOR ONYEKACHI FRANK 232549 OKAFOR PRINCE IKECHUKWU 232550 OKAFOR UZOAMAKA ELIZABETH 232551 OKAFOR VERONICA NGOZI 232552 OKAM TOCHUKWU 232553 OKARO IFEYINWA JOY 232554 OKARO ROSELINE IFEOMA 232555 OKE IDOWU ROTIMI 232556 OKE JOHN OLANIYI 232557 OKE KOLAWOLE OLALEKAN 232558 OKE MOSES OLUSEYE 232559 OKE MOSES OLUSEYE 232560 OKE PETER KOFI 232561 OKE-ADO (IBADAN) IREWOLE CO-OP. INV. LTD 232562 OKEAHIALAM CHIBUZOR ANTHONY 232563 OKECHUKWU MICHAEL CHINEME O. 23
2564 OKEH JOSEPH OJORE 232565 OKEKE CHARLES OBI 232566 OKEKE CHUKWUEMEKA 232567 OKEKE CHUKWUMA UCHENNA 232568 OKEKE EMMANUEL ONYEBUCHI 232569 OKEKE IKECHUKWU CHUKWUDUM 232570 OKEKE RAPHAEL NWEKE 232571 OKEKE SAMUEL OKEKE 232572 OKEKE TITUS 232573 OKEKE UCHE EUNICE 232574 OKELOLA EUNICE OLUFUNMILAYO 232575 OKEMAKINDE SOLOMON ADEBAYO 232576 OKEMINI MALACHY EMEKA 232577 OKENLA OLUGBENGA AYODEJI 232578 OKENWA NNENNA NELLIA 232579 OKESANYA IBIJOKE GRACE 232580 OKESANYA OBAFEMI BENJAMIN 232581 OKESINA ADEYEYE 232582 OKESOLA BUNMI ELIZABETH 232583 OKESOLA MOSES OKUNLOLA 232584 OKETAYO MOYOFOLA ADISA 232585 OKETOPE OLUKEMI ITUNUAYO 232586 OKETOPE OYINLOLA AGBEKE 232587 OKEUGO PEACE NGOZI 232588 OKEWUMI AMOS OLUBOADE 232589 OKEZE FRANCA KAHA 232590 OKEZUE CHARLES AGUBOSIM 232591 OKHIKU JOSEPH EJEOMON 232592 OKHIMHE IKPHEAPOBA JOHN 232593 OKI LUCY AFURE 232594 OKICHE IKECHUKWU 232595 OKICHE JOHNNY IKEH 232596 OKIRI CYPRAIN N 232597 OKIWE GABRIEL CHUKWUDUMEBI 232598 OKO SAMUEL O. MIKE VICT0R ONAH 232599 OKOH PERPETUAL ERUEMOLOR 232600 OKOLI CHUKWUNYELU SUNDAY DON 232601 OKOLI OBIESHE WYNTER CHRISTIAN 232602 OKOLIE SUNDAY 232603 OKOLO FRANCIS UZOCHUKWU 232604 OKON BASSEY ESSIEN 232605 OKON DANIEL FRIDAY 232606 OKON LEONARD ANDIKAN 232607 OKONJI AMAECHI AUGUSTINE 232608 OKONJI OSITA LOUIS 232609 OKONJO VERONICA AGBAMUCHEWAN 232610 OKONKWO BLESSING CHIZOBAM 232611 OKONKWO CHIDI ALLOY 232612 OKONKWO CHIDI JAMES 232613 OKONKWO JOSIAH O. 232614 OKORIE GRACE CHIKA 232615 OKORO ANGELINA UDEKWESI 232616 OKORO CHARLES A. 232617 OKORO EVELYN N 232618 OKORO GODWIN UWABUNKEONYE 232619 OKORO OLEKA 232620 OKORO UCHE FAITH 232621 OKOROCHA EDWARD CHUKWUDINMA 232622 OKORODUDU ANDREW & ESTHER 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
153 Prestige...Compasionate and Caring
2623 OKOROH AGATHA 232624 OKOROH DARLINGTON CHUKWUDI 232625 OKOROIUBO UGOCHI THELMA 232626 OKORONKWO EZUMA 232627 OKORONKWO NIKECHUKWU ETHAN 232628 OKOROR JUSTINA 232629 OKORRO PRIESTLEY ADENIYI OBA 232630 OKORUWA VICTOR OLU 232631 OKOSI COMFORT OKON 232632 OKOSUN NNAMDI 232633 OKOYA ADETUTU KAFAYAT 232634 OKOYE ANIJA PETER 232635 OKOYE EDWIN OKAFOR 232636 OKOYE IKECHUKWU 232637 OKOYE KEUBEN ADIZUE 232638 OKOYE MICHAEL SIMEON C. 232639 OKOYE NWIJE ENUMA 232640 OKOYE PAMELA USENA 232641 OKOYECHUKWU GODFREY UDE 232642 OKOYE-UZODIKE NWAKAMA 232643 OKPABI HEZEKIAH NNA 232644 OKPALA BASIL AMAMCHUKWU 232645 OKPALA CHINYERE 232646 OKPALA IKENNA DAVID 232647 OKPALAIKE OBIOMA 232648 OKPALAOKA CHUKWUELOKA NNAEMEKA 232649 OKPALAOKA(DECD) OKPALAOKA AMELIA(ADMOR) CHARLES IKEBUNA 232650 OKPARA C/O GOZIE CHRISTOPHER 232651 OKPARA CHUKWUEMEKA PETER 232652 OKPARA PETER IFEANYI 232653 OKPE HELEN N. 232654 OKPERE OLUFUNMILAYO I. 232655 OKPOB DICKSON JEROME 232656 OKPOMO PATRICK ESTATE OF OKPOMO MARY OKPOMO OMONIGBO & OTHERS (ADMORS ) 232657 OKUBOYEJO ADEYEMI-RAZAQ 232658 OKUNBANJO ABAYOMI OLAYINKA 232659 OKUNLOLA AYDDELE OLUBUNMI 232660 OKUNOWO SUNDAY SEUN 232661 OKUNRINBOYE CHARLES ADEREMI 232662 OKUOYE SAMUEL OLANEYE 232663 OKUSANYA FRANCIS OLUBAYO 232664 OKWARA MARY IKENGA 232665 OKWESA OTUNUYA JAMES 232666 OKWOLI JOHN 232667 OKWOR SUNDAY CHIDI 232668 OKWU AUGUNUS CHIDI 232669 OKWUO JUDITH OLUCHUKWU 232670 OKWUOFU GABRIEL AZUBIKE 232671 OKWUOKEI INNOCENT IKECHUKWU 232672 OKWUOMA DENNIS CHUKS 232673 OLA-AYINDE ADEBOLA FARUQ 232674 OLA-AYINDE SULIEMAN DURODOLA 232675 OLABIYI ISAAC OLUDARE 232676 OLABODE CALEB OLANIYI ADEBAYO 232677 OLABODE EDWARD OLADAPO 232678 OLABODE OLAJIDE LIAFIS 232679 OLABODE SAHEED OBASA 232680 OLABODE SIMEON OLATUNJI 232681 OLABOWALE SAMUEL SEGUN 23
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
2682 OLADAPO CHARLES SHOLA 232683 OLADAPO KAZEEM ALADE 232684 OLADEINDE AMINAT ARAMIPE 232685 OLADEINDE LATEEF OWOLABI 232686 OLADEINDE MONSURU ADESHINA 232687 OLADEINDE NURATU ASAKE 232688 OLADEJO NOAH BABATUNDE 232689 OLADELE ADEMOLA OLADIMEJI 232690 OLADIJI BABATUNDE ALABI 232691 OLADIJI BABATUNDE ALABI O. 232692 OLADIJI OMOLOLA A. 232693 OLADIMEJI MODUPE OLUROTIMI 232694 OLADIMEJI SAHEED OLAIDE 232695 OLADIPO ADENIKE JULIANAH 232696 OLADIPO BABATUNDE MARTINS 232697 OLADIPO FOLUKE FELICIA 232698 OLADIPO KOLAWOLE 232699 OLADIPO MODUPE 232700 OLADIPO OLADOSU 232701 OLADIPO OLUSEUN ISAAC 232702 OLADIPO SEBASTIAN ADEGBOYEGA 232703 OLADIPUPO ADEWALE BOYEJO 232704 OLADIPUPO OLUWASEGUN MICHAEL 232705 OLADIRAN EMMANUEL OLURANTI 232706 OLADOJA GABRIEL TOYIN 232707 OLADOKUN OLADIPUPO LATEEF 232708 OLADOSU JOHN BABALOLA 232709 OLADOYE ADEOLA 232710 OLADUNJOYE OLUBUNMI OPEYEMI 232711 OLAFEMIWA OLUFEMI SAMUEL 232712 OLAGUNJU JANET OLUSAYO 232713 OLAGUNJU OLUKAYODE 232714 OLAIFA MONSURU SANNI 232715 OLAITAN MUDASHIR ADEOLA 232716 OLAITAN OLUTOYIN OMOLARA 232717 OLAITAN TAJUDEEN ADEREMI 232718 OLAIYA BUKOLA RUTH 232719 OLAIYA(DECD) OLAIYA BENEDICTA(ADMOR) BENJAMIN 232720 OLAJIDE ALICE YETUNDE 232721 OLAJIDE DAVID 232722 OLAJIDE OLALEKAN ABIODUN 232723 OLAJIDE OLAYIWOLA AKANBI 232724 OLAJIDE WAIDI AKIN 232725 OLAJUBU DARASIMI THERESA 232726 OLAJUBU HELEN ABIMBOLA 232727 OLAKANLA ESTHER ADEBOYIN 232728 OLAKITAN RAHAMAN OLUFEMI 232729 OLAKOJO OLUWADARE ABIODUN 232730 OLAKUNRI FOLASADE 232731 OLALEKAN TIJANI 232732 OLALEKAN YUSUF YAKUBU 232733 OLALEYE ABIMBOLA SUNDAY 232734 OLALEYE AYOOLA ADEEKO 232735 OLALEYE JOSEPH OLANIYI 232736 OLALEYE JOSHUA 232737 OLALEYE OLALERE OLADAPO 232738 OLALEYE OLAWALE ANTHONY 232739 OLALEYE PETER OLANREWAJU 232740 OLALOKO OLUBUKOLA ADEBIMPE 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
154 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
2741 OLAMIJULO BLESSING PHILIPS 232742 OLAMIKAN KAZEEM KOLA 232743 OLANIPEKUN ADERONKE TITILOLA JNR 232744 OLANIPEKUN FOLAKEMI 232745 OLANIPEKUN TIMILEYIN 232746 OLANIPON ADESINA OLUWASEUN 232747 OLANIRAN FLORENCE OLUWAYEMISI 232748 OLANIYAN ABIOLA 232749 OLANIYAN FREDERICK OPEDILE 232750 OLANIYAN OLATUNJI 232751 OLANIYAN RUFUS OLA 232752 OLANIYAN SAKA OLAWUYI 232753 OLANIYAN WAHABI AKANNI 232754 OLANIYI FRANCIS AYODEJI 232755 OLANIYI GAZALIYU 232756 OLANREWAJU KABIR SHIYANBOLA 232757 OLANREWAJU RASHEED ABIODUN 232758 OLAOBAJU ELIZABETH OLUWABUNMI 232759 OLAOYE JOSEPH SEYANU 232760 OLAOYE MARGARET SIMISOLA 232761 OLAOYE OLATUNJI SARAFADEEN 232762 OLAOYE OLUWATOYIN RACHAEL 232763 OLARINDE SAMUEL ADESINA 232764 OLASENI ABUBAKAR MOBOLAJI 232765 OLASENI OLA-OLUWA OLUWABUKUNOLA 232766 OLASHORE ABIMBOLA 232767 OLASOJI FAWEHINMI TITILOPE ESTHER 232768 OLASOPE OLADIPO ADEKORODE 232769 OLASQUARE NIGERIA LIMITED 232770 OLASUNKANMI JULIANA MOBOLA 232771 OLASUPO HUMUBAT FUNMILAYO 232772 OLASUPO WASIU OLALEKAN 232773 OLATEJU SAMJON AYODELE 232774 OLATOKUN NIYI 232775 OLATUGA REPHAEL AJIJOLA 232776 OLATUNBOSUN JAMES WOLE 232777 OLATUNJI ABIODUN FRANKLIN 232778 OLATUNJI AIFA WAHID OMOTOSO 232779 OLATUNJI ALIU SHOLA 232780 OLATUNJI BAMIDELE 232781 OLATUNJI-YUSSUFU SAKA ODUOYE 232782 OLATUWO MURAINA ADEDOUN 232783 OLAWALE OLASUPO IDOWU 232784 OLAWALE SALAM MORAKINYO 232785 OLAWEPO BISI 232786 OLAWEPO JACOB ADEBISI IBIKUNLE 232787 OLAWEPO OLUWASEGUN ADEBOLA 232788 OLAWOYIN OLUFEMI OLUSEGUN 232789 OLAWOYIN TITILAYO O. 232790 OLAWUMI JAMES 232791 OLAWUMI YETUNDE 232792 OLAYEMI DORATHY EFOSA 232793 OLAYINKA MOSES OLADELE 232794 OLAYIWOLA ABDUIRAFIU 232795 OLAYIWOLA ABDULWASIU 232796 OLAYIWOLA ERANCIS OYELEKE 232797 OLAYIWOLA GBENGA 232798 OLEDIBE SIMON 232799 OLEGHARA SAMUEL O. 23
2800 OLISA ADEMOLA OMOTAYO 232801 OLOBOR OMOKHUALE JOSEPH 232802 OLOFINBIYI EBENEZER OLUFUNSO 232803 OLOFINBIYI EBENEZER OLUFUNSO 232804 OLOGUN SAMUEL OJO 232805 OLOKO MUSTAPHA OLUWAFEYISAYO 232806 OLOLADE LAWRENCE OLANREWAJU 232807 OLONADE EDWARD OLAPOSI 232808 OLONADE OLUSINA OLUKUNLE 232809 OLONADE OYEYEMI GRACE 232810 OLOPADE AYODEJI ISRAEL 232811 OLOPADE FASILAT FOLASADE 232812 OLORUNDA SIM & V.T. 232813 OLORUNFEMI OLUMIDE 232814 OLORUNFEMI PRISCILLA AYODELE 232815 OLORUNTOBA ADESHINA ISRAEL 232816 OLOSHUNDE SHOGO 232817 OLOWE OLUSEGUN ABAYOMI 232818 OLOWOOPEJO ADELEKE GBENGA 232819 OLOWOSOYO JOHN AKINYELE 232820 OLOWOYEYE JOSEPH OLAJIDE 232821 OLOWOYEYE OLANREWAJU 232822 OLOWU TAIWO RAZAQ 232823 OLOYEDE GBENGA IPOOLA 232824 OLOYEDE MOSHOOD OLAIDE 232825 OLOYEDE OLALEKAN OLANRE 232826 OLOYI OLANREWAJU FELIX 232827 OLU AJAYI 232828 OLU JOSHUA TANI 232829 OLUDIPE ADEYEMI 232830 OLUDURO OLUBUNMI GRACE 232831 OLUFON ADEBISI ADEBOLA 232832 OLUFOWOMU ROTIMI SMITH 232833 OLUFUNWA MOBOLANLE AJOKE 232834 OLUFUNWA OLUFEMI OLUDOLAPO 232835 OLUFUNWA OLUGBENGA ABAYOMI JOHN 232836 OLUFUNWA OLURONKE AFOLAMI 232837 OLUFUNWA OLUSESAN ADEDAYO 232838 OLUFUWA EMMANUEL AFOLABI 232839 OLUGBADE SAMUEL DELE 232840 OLUGBODE TIMOTUE ADETUNJI 232841 OLUGBOSUN ARIYO AYO 232842 OLUJUYITAN OLATUNBOSUN OLUFEMI 232843 OLUKAYODE ADETUNJI O. 232844 OLUKOKO EBENEZER OLATUNDE 232845 OLUKOKO ELIZABETH OLUFUNMILAYO 232846 OLUKOYA IYANUOLUWA 232847 OLUKOYA TAIWO ENIOLA 232848 OLULENU ADEBOLA DAVID 232849 OLUMIDE RUFUS 232850 OLUNAIKE SAMSON OLUSEGUN 232851 OLUNDEGUN OLABISI AINA 232852 OLUOKUN SULE 232853 OLUROTIMI ABIODUN NURUDEEN 232854 OLUSANYA GBADEBO 232855 OLUSANYA MODUPE MARGRET 232856 OLUSANYA OLUMIDE ADEYIGA 232857 OLUSANYA YEWANDE 232858 OLUSHOLA AJIBADE ISAAC 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
155 Prestige...Compasionate and Caring
2859 OLUSOLA BAMIDELE GEORGE 232860 OLUSOLA TUNDE FEMI 232861 OLUSOLA-OGINNI EUNICE OLUWABUNMI 232862 OLUTUNDE BABATUNDE 232863 OLUWAFEMI FOLASHADE GRACE 232864 OLUWAJANA BANKOLE 232865 OLUWALANA OLUWASEGUN 232866 OLUWALERE JOSEPH BOLAJI 232867 OLUWASEYE KAYODE E. 232868 OLUWATOLA COMFORT TITILAYO 232869 OLUWATUNMISE ADEBUKUNOLA BOSE. 232870 OLUYEMI OYEWOLE 232871 OLUYIDE REUBAN ABIMBOLA 232872 OLUYORI BABATUNDE MAKINDE 232873 OMACHONU JOSEPH OJONE 232874 OMAGE CLIFFORD IMOUKHUEDE 232875 OMALE JOHN 232876 OMAMEH PETER CHUKWUMMA 232877 OMATSULI TUOYO 232878 OMAWOLA DICK 232879 OMEGA SECURITIES LIMITED 232880 OMEIKE PETER 232881 OMEKE MAXWELL 232882 OMIDIRAN ABAYOMI TESLIM 232883 OMIGBIYEGBE ADEOLU ADEDEJI 232884 OMIKO DAVID OGBONNA 232885 OMILABU MORENIKE ABIOLA 232886 OMINI PATRICK USANI 232887 OMINI PAULINUS UBI 232888 OMIPIDAN JONAH OMOTAYO 232889 OMISOLA AKANBI 232890 OMIYEWO BEMISOLA OLUWASEUN 232891 OMOBHUDE BENJAMIN OGBEIDE 232892 OMOBOYOWA EMMANUEL AKINSUNLEBI 232893 OMODIAGBE AIJOMAUWU DAVID 232894 OMO-EGBEKUSE EFOSA 232895 OMO-EGBEKUSE ETINAYAUOMWAN 232896 OMO-EGBEKUSE IGUEHIDE 232897 OMO-EGBEKUSE LOVETT 232898 OMO-EGBEKUSE STANLEY 232899 OMO-EGBEKUSE WHITE 232900 OMOGBEHIN FOLORUNSHO NICHOLAS 232901 OMOGBOYEGA REMI 232902 OMOGOYE PHILIP ABIODUN 232903 OMOJOKUN ABAYOMI MAJEKODUNMI 232904 OMOJOMO OLUWATOYIN SUSAN 232905 OMOLADE AUGUSTINE K. 232906 OMOLAJA AJOKE 232907 OMOLAJA AJOKE OMOBONIKE 232908 OMOLAJA OLABISI 232909 OMOLAYOLE PETER 232910 OMOLE ADEBAYO OLUSOLA 232911 OMOLE BAMITALE 232912 OMOLE EDITH DUPE 232913 OMOLE JOSEPH ADEDEJO 232914 OMOLE KEHINDE 232915 OMOLE OLADIPO OLUWATOSIN 232916 OMOLE OLUFEMI ADELOYE 232917 OMOLE OLUMUYIWA 23
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
2918 OMOLE SAMUEL (ENGR) 232919 OMOMO BOLANLE ADEMOLA 232920 OMOMULE STEPHEN ADEBOWALE 232921 OMONIJE AYOBAMI CAROLINE 232922 OMONIYI MICHAEL OLUSEGUN 232923 OMOROGIEVA ANDY 232924 OMOSHOLUYI KUNLE OLORUNWA 232925 OMOSOLA SAMUEL ABIODUN OMOSOLA AYOBAMI OMOYENI & OTHERS (ADMORS TO THE ESTATE OF OMOSOLA REUBEN SANMI ) 232926 OMOSULE OLULEKE AKINWALE 232927 OMOSULE OLULEKE AKINWALE(MR) 232928 OMOTAYO OMOLADE BOLANLE 232929 OMOTESO CHRISTIANA AYIGU 232930 OMOTOSHO ADEGBOYE MICHAEL 232931 OMOTOSHO KAFILAT A. 232932 OMOTOSHO YINKA 232933 OMOWAIYE KOLADE EMMANUEL 232934 OMU OGHALE HELEN 232935 ONABAJO AYOMIDE OLALEKAN ISAIAH 232936 ONABAJO JULIUS OLAYIDE 232937 ONABAJO TAIWO MOROUNKUNOLA 232938 ONABANJO EBENEZER KAYODE O. 232939 ONABANJO MOYOSORE 232940 ONABANJO OLANREWAJU ANGELA 232941 ONABANJO SAMSON OLUSOLA 232942 ONABOWALE FOLUSO OLAYINKA 232943 ONAFOWOKAN TAIWO 232944 ONAGHINOR AISUHUNEHIEN JOHN 232945 ONAH INNOCENT AGBO 232946 ONAIFO STANLEY 232947 ONAJOBI BANKOLE 232948 ONAKOYA ROBERT ADE 232949 ONALAJA PATIENCE EBUN 232950 ONALAJA SIMEON ADEWALE 232951 ONAMADE MICHAEL OKANLAWON 232952 ONANUGA SABAINAH OLUDAYO 232953 ONARO PATIENCE ANWULI 232954 ONARO SELIM SINEDIM 232955 ONASANYA ADEKUNLE SAMUEL 232956 ONASANYA MOBOLAJI AGBOLADE 232957 ONATOYINBO OLUWASEYI EMMANUEL 232958 ONAYEMI FOLASADE OMOWUNMI 232959 ONAYEMI OLADELE 232960 ONAYIGA DAVID OBALEHINMBE 232961 ONFOWO GBEMISOLA TITILAYO 232962 ONI ADUNOLUWA OYINDAMOLA 232963 ONI BABASOLA 232964 ONI OLUWATOSIN ABIODUN 232965 ONIANWA PERCY (DR) 232966 ONIFADE ADEOLA ADELEKE 232967 ONIFADE EMMANUEL BAMIDELE 232968 ONIFADE JOSEPH AGBOOLA 232969 ONIFADE OLUFUNMILAYO ADESUBOMI 232970 ONIFADE SOLOMON ADEMDLA 232971 ONIFADE SUNDAY (MR) 232972 ONIFADE TEMI 232973 ONIGBANJO FARUK 232974 ONIGBANJO SURAJUDEEN AKANNI 232975 ONIMISI GRACE ACCHU 232976 ONITIJU TAJUDEEN 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
156 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
2977 ONITILO ADEBOLA 232978 ONITIRI TOSI LUQMAN 232979 ONOGBOSELE JUDE 232980 ONOJA UGBAMA EMMANUEL 232981 ONOMAKE OKIEMOJE 232982 ONONOKPONO JOE AFAHA 232983 ONORO GODWIN & DORIS 232984 ONU ONUOHA 232985 ONUBOGU CHRIS 232986 ONUH JOSEPH TOCHUKWU 232987 ONUH PETER 232988 ONUMA KALU KALU 232989 ONUMARA ATO CHUMA 232990 ONUMONU CHIEDU ONYEOWUZENI 232991 ONUNKWO OBINNA 232992 ONUOHA FORTUNE CHINEDU 232993 ONUOHA UZOMA VICTORIA 232994 ONUOHA(DECD) ONUOHA THERESA(ADMOR) CHIMAH 232995 ONUORAH IFEANYI 232996 ONWU IFEYINWA CORDELIA 232997 ONWUBUARIRI FLORENCE OLUCHI 232998 ONWUCHEKWA UDENSI 232999 ONWUGHALU SAMUEL 233000 ONWUGHHALU VEN CHUKS 233001 ONWUKA EMMANUEL ABUA 233002 ONWUKA NNAJI ALOYSIUS 233003 ONWUKA OJISI ONWUKA 233004 ONWUKEME EMMANUEL NNONYELU 233005 ONWUKWE HUMPHREY 233006 ONWUNUMA AUGUSTINE OTAPE 233007 ONWURAH SYLVESTER CHUKWUDI 233008 ONWUZURIKE JUSTINA CHINELO 233009 ONYEBUEKE LANDON CHUKWUJIKE 233010 ONYEDIKACHI EDIM CHIZOBA 233011 ONYEGBULE EDWARD 233012 ONYEJI PATRICK MGBEOJI 233013 ONYEJIAKA IKENNA PETER 233014 ONYEJIMBE FELIX UCHENNA 233015 ONYEKA DOM CHUKWUNONYE 233016 ONYEKA MARYANN CHINENYE 233017 ONYEKWELI NNAMDI 233018 ONYEKWELU EMEKA GODWIN FREDERICK 233019 ONYEKWERE NGOZI P. 233020 ONYEKWULULIE ASIKA UZODINMMA 233021 ONYEMA PRINCE JOSEPH 233022 ONYEMAECHI CHUKWUDI 233023 ONYEMAOBI CHIBUEZE 233024 ONYEMAOBI LOVELINE 233025 ONYEMENAM LAURETTA 233026 ONYENDU UCHECHUKWU AMBROSE 233027 ONYENDU UCHECHUKWU JOHNBOSCO EMMANUEL 233028 ONYENEDE EBENEZER CHUKA 233029 ONYEOKORO THEODORE 233030 ONYEOKORO THEODORE CHIKA 233031 ONYETUBE AUGUSTINA NGOZI 233032 ONYEUKWU AGWARA JOHN 233033 ONYIKE BEATRICE UGO 233034 OPADOKUN GRACE OYEBOLA 233035 OPAJOBI OYERONKE VICTORIA 23
3036 OPAKUNLE ELISHA ADELEKE 233037 OPARA GODFREY CHIKEZIE. 233038 OPARAKU MAY 233039 OPATOLA ABIOLA OLADOKUN 233040 OPEBIYI FAJUYITAN OLAOLU 233041 OPEIFA AHMED OLAKUNLE 233042 OPEN GATE FINANCE CO LTD 233043 OPTIONS SECURITIES-DEPOSIT A/C 233044 ORAKWUE RAYMOND CHINWEOBI 233045 OREAGBA AZEEZ 233046 OREAGBA OLAJIDE KABIRU 233047 OREBIYI IDOWU FOLAKE 233048 OREDUGBA OPE 233049 OREGBESAN OLALEKAN KOYODE 233050 OREJOLA DORCAS 233051 ORESEGUN ABOSEDE OLUBUSOLA 233052 ORESEGUN ADEYEMI 233053 ORIABOR BENJAMIN 233054 ORIMOLOYE OLUGBEMINIYI 233055 ORJI CHIECHEFULAM 233056 ORJI EMMANUEL 233057 ORJIAKOR CHARLES DEDE 233058 ORODEPO GABRIEL OGUNSOLA 233059 ORUCHE FELIX CHUKS 233060 ORUIGBO EMEKA ALEXANDER 233061 ORUKOTAN AYOBAMBO ADETOKUNBO 233062 ORUMA ADEBOLA OLUWATOYIN 233063 ORUMWENSE KINGSLEY 233064 OSABUOHIEN MARTINA OROBOSA 233065 OSADEME ANTHONY 233066 OSADOLOR & SONS VENTURES 233067 OSADOLOR AIFUWA FRANK 233068 OSAGIE MERCY ITOHAN 233069 OSAGIEDE JOSEPH AMAYANVBO 233070 OSAGU SABESTINE FRIDAY 233071 OSAMWONYI CHRISTOPHER 233072 OSANYINLUSI GEORGE EGBEBI 233073 OSATO CHRISTOPHER 233074 OSAWE IYALEKHUE JOHN 233075 OSAZENAYE PRINCE OSAGIE E. O. 233076 OSEGHALE FESTUS 233077 OSENI ADEJOKE TEMILOLUWA 233078 OSENI ISMAILA ADEOLA 233079 OSENI MUSILI BOLANLE 233080 OSENI SULE AYINDE 233081 OSETAYO AGNES 233082 OSEYI DUKE 233083 OSEZUA OVONLEN 233084 OSHIFADE RASHIDAT ADETUTU 233085 OSHILAJA KAZEEM OWOLABI 233086 OSHILE OLASUNBOH 233087 OSHIN TAIWO HASSAN 233088 OSHIYEMI OLUBUNMI OLAYEMI 233089 OSHO JOSEPH OGUNKOYA 233090 OSHOMAH EMMANUEL 233091 OSHUN FOLASADE ABIODUN 233092 OSIBERU ADEWALE 233093 OSIFODUNRIN DEBORAH MODUPEOLA 233094 OSIJO ALBERT 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
157 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
3095 OSIJO ANTHONY JOSEPH OLUFEMI 233096 OSIMA JESSE OWODO 233097 OSINAIKE ABISOLA OLUBUNMI 233098 OSINFADE TEMILADE TOLULOPE 233099 OSINFOLARIN OLU A. (MR & MRS) 233100 OSINUGA OLUMIDE 233101 OSINUGA OLUTOBI 233102 OSITELU OYENUGA OYEYEMI 233103 OSITUYI OLAJIDE ADEWALE 233104 OSOFUNDIYA OLUGBEMIGA 233105 OSONUGA ODUSOGA ADE 233106 OSOSANYA OLUJOBI AYODELE 233107 OSOSANYA OLUSEYI 233108 OSOYEMI CLUWASEYI DAUD 233109 OSUAGWU JACINTA 233110 OSUHOR NICHOLAS NWA 233111 OSUJI ZEPHNIAH IHECHINYERE 233112 OSUNBANJO OLADELE 233113 OSUNDE NOSAKHARE OSARETUN 233114 OSUNDE PEACE OSAGIODUWA ABEL 233115 OSUNDE TRUTH OGHOSA ABEL 233116 OSUNKOYA OLUWASENI OGBENETEGA 233117 OTAIGHO SUNDAY EFEDHOMA 233118 OTOBRISE RICHARD M. 233119 OTOHWO MILDRED ERHERHEKO 233120 OTOLORIN BABATUNDE MOHAMMED 233121 OTOLORIN SAFIAT BOLA 233122 OTOMOWO CHRISTIANA 233123 OTOWORO DOUYE 233124 OTTAH NDUKA MATHEW 233125 OTULANA TEMITOPE ASISAT 233126 OTUNBA ADEWALE AZEEZ 233127 OTUOKPA JONATHAN 233128 OTUOWU MARCELENUS IKECHUKWU 233129 OTUSANYA VINCENT AYODELE 233130 OTUTULORO SEGILOLA 233131 OVIAWE OSASU 233132 OWA ABAYOMI SAMUEL 233133 OWOADE OLUFEMI ADEYEMI 233134 OWOBU FELIX AIGBDION 233135 OWODUNNI GANIYU 233136 OWOEYE CHRISTIANA 233137 OWOEYE OLATUNDE MATTHEW 233138 OWOLABI ABDUL MALIQ OLANREWAJU 233139 OWOLABI AFOLABI WASIU 233140 OWOLABI FLORENCE BOLA 233141 OWOLABI MOROLAYO ADUKE OLUWAGBOTEMI 233142 OWOLABI MOYOSORE ADEBOWALE 233143 OWOLABI OYEBANJI OYEDELE 233144 OWOLABI PETER OLATUNJI 233145 OWOLABI SAMUEL OLUWOLE 233146 OWONIKOKO BELLO KAZEEM 233147 OWOSEJE GABRIEL OLAMIJULO 233148 OWOSEJE OORE-OFE OMODUNBI 233149 OWOSEJE OOREOLUWA TOLUWALASE 233150 OWOSEJE SOLAPE 233151 OYAGBILE ALARAPE OMOOYA 233152 OYAILO GORDDY IGNATIUS 233153 OYAKHIRE JULIANA EGBEZIEMI 23
3154 OYARELEMI ABDUL-KADIR 233155 OYAWOYE MOSOBALAJE OLALOYE 233156 OYE-ADENIRAN EMMANUEL ABIODUN 233157 OYEBADE OLUSEGUN EMMANUEL 233158 OYEBANJI ADEJOKE 233159 OYEBANJO OLAYINKA MATHEW 233160 OYEBODE ADESOYE SEGUN 233161 OYEBODE RAIMI 233162 OYEBOLA IDOWU OLATOYE 233163 OYEDELE MICHAEL TAIWO 233164 OYEDELE OLANIYI EYITAYO 233165 OYEDELE OLAWALE O. 233166 OYEDELE SAIBU ATANDE 233167 OYEDOKUN THOMAS KOLAWOLE 233168 OYEGUNLE OLAKUNLE MUFTAU 233169 OYEIPO EZEKIEL ADEYEMI ORE 233170 OYEKAN COMFORT 233171 OYEKAN ISAAC 233172 OYEKOLA OLUSINA JOHN 233173 OYELAKIN PETER KOLAWOLE 233174 OYELAMI OLUFUNMILAYO AMOS 233175 OYELEDUN MODUPE REBECCA 233176 OYELEKE OLADELE BASIT 233177 OYELEYE JOSEPHINE MODUPE 233178 OYELOLA FEYIPITAN OYEBODE 233179 OYENEKAN OLAWALE OLUWASEGUN 233180 OYENEKAN OLAYEMI K 233181 OYENEKAN OLUWABUNMI 233182 OYENIYI(DECD) OYENIYI BOLANLE(ADMOR) BOLAJOKO SAMUEL 233183 OYEPEJU ADEREMI 233184 OYESANYA EZEKIEL OYEBADE 233185 OYESILE TAWA ARIKE ABENI 233186 OYETAYO BENJAMIN AJANI 233187 OYETOLA TITUS 233188 OYETUNDE (HON.JUSTICE) RUTH GBEMISOLA 233189 OYETUNJI OMOLADE OLAYEMI 233190 OYEWALE ADEYEMI SUNKANMI 233191 OYEWALE SAMUEL ADEGOKE 233192 OYEWO ABRAHAM OYERINDE 233193 OYEWOLE BOSEDE A 233194 OYEWOLE EZEKIEL OLADOSU ADEREMI 233195 OYEWOLE OLANREWAJU BAMIDELE 233196 OYEWUMI BABATUNDE RAIFU 233197 OYEWUMI HELEN BISI 233198 OYEYEMI OLUSANYA ADELEKE 233199 OYEYIOLA MOSES JAIYEOLA 233200 OYINLOLA EMMAN FOLUSO 233201 OYINLOYE SEGUN ADEOLA 233202 OYINWOLA EZEKIEL 233203 OYINWOLA MOSUNMOLA OLATUNDE 233204 OZAGHA EGBEYAN FLORENCE 233205 OZETO MASIRETU 233206 OZEZUA OVONLEN 233207 OZIEBGE PATRICK 233208 OZOBOH GENTLE DANIEL 233209 OZOEMENA BONIFACE 233210 OZOH VIVIAN ADAEZE 233211 OZOR MONICA 233212 PAM JOHN LARABA 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
158 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
3213 PATHRICH ENTERPRISES NIG. 233214 PATRICIA EMEAHU 233215 PAUL EFFANGA ESSIEN PAUL EFFANGA ENO ( ESTATE OF EFANGA PAUL ETIM ) 233216 PEARSE ADEYEMI 233217 PEASE VENTURE 233218 PEPPLE ABIE EMMANUEL 233219 PETER SUNDAY NMADU 233220 PETERS OLUFEMI 233221 PETERSIDE DIENYE DAVID 233222 PHENDA INVESTMENT LIMITED 233223 PHILLIPS OLATUNDE JOHN 233224 PIUS PATRICK A. 233225 PONLE YUSUF OYINLOLA 233226 POPOOLA ADEBISI G. 233227 POPOOLA EMMANUEL OLUFEMI 233228 POPOOLA MOSES ADEYEMI 233229 POPOOLA OLUKEMI 233230 PRESTIGE ASS STAFF PENSION AND GRATUITY 233231 PRIMUS FINANCE LIMITED 233232 PROFESSIONAL INVESTMENT TRUST 233233 PROMINENT SECURITIES-HOUSE ACCOUNT 233234 PRUDENT FINANCE LTD 233235 PRUDENTIAL SECURITIES LIM ITED 233236 PRUDENTIAL SECURITIES-DEPOSIT A/C 233237 PYRAINO HOLDINGS LTD 233238 QUADRI OLAJIDE (REV.) 233239 QUOTRON INVESTMENT LTD 233240 QUOTRON INVESTMENTS LIMITED 233241 R S L ASSOCIATES LTD 233242 RABIU KAMILU OYEDELE 233243 RABIU MUSENDI ATANDA 233244 RAHEEM ADEDAYO FATAI 233245 RAHEEM NASIRU AJANI 233246 RAITAS LIMITED 233247 RAJI KEHINDE ADEWALE 233248 RAJI SULEIMON RAUFU ADEBAYO 233249 RAMON PAUL BABATUNDE 233250 RAPHAEL O.ARONU 233251 RASAKI WAKILAT ABOSEDE KEKE 233252 REDEMPTION INVESTMENT LIMITED 233253 REEMSON MONROOF-BIODUN 233254 REGENT CAPITAL SERVICES 233255 REGISTRAR'S SUSPENSE A/C IDACHABA FRANCIS SULEIMANU 233256 REKHA SYNTHETIC TEXTILES MILL 233257 RELEVANT INTERNATIONAL 233258 REUBEN ADEBAYO OLUSEGUN 233259 REUBEN HANNATU 233260 REWARD INVESTMENT & SERVI CES LIMITED 233261 RIMDANS PAUL DOMUEN 233262 RIMS (ASM -001) NOMINEES 233263 RIMS SECURITIES LIMITED 233264 RIMS UNIT TRUST FUND 233265 RIV. SECURITIES LIMITED 233266 ROAS VENTURES LIMITED 233267 ROCHALCHET NIGERIA LTD 233268 ROMAN GIFT UGWE 233269 ROSE CROWN INDUSTRIES LTD 233270 ROTIMI ELIZABETH MOJISOLA 233271 ROYAL EXCHANGE ASSURANCE NIGERIA LIMITED 23
3272 RSL & ASSOCIATES LIMITED 233273 RUFAI SHERIFATU MOROMOKE 233274 RUFUS OLADELE AKINYOSOYE 233275 SAADU MOHAMMED ALAO OLOTA 233276 SA'AH HOLDINGS LTD. 233277 SAAIIO VENTURES 233278 SAAIIO VENTURES 233279 SAAKI NURAYNI 233280 SA-ANN NIGERIA COY LTD 233281 SADIK ADETOUN AMINAT 233282 SADIQ ADENIKE HAWAU MRS 233283 SAIBU SAHEED ADEWALE 233284 SAIDI MULIKAT ASAKE 233285 SAIDI RASAQ OLANREWAJU 233286 SAKA ADEMOLA 233287 SAKA NURUDEEN OLUWASEUN 233288 SAKA YAYA 233289 SAKA YAYA 233290 SALAKO ANTHONIA OLUWATOYIN 233291 SALAKO OLUTOBI YUNUS 233292 SALAKO OMOYOMI 233293 SALAKO RILWAN OLUMIDE 233294 SALAM NURUDEEN OLATUNDE 233295 SALAMI ISIAKA AJAO 233296 SALAMI JIMOH ALABI 233297 SALAMI MUKAILA MIKE 233298 SALAMI OLANIKE MUTIAT 233299 SALAMI SAIBU SALAMI NIG ENT BANKOLE SAIBU SALAMI 233300 SALAMI SPACE SEGUN 233301 SALAMI-OJE YUSUF OPALEYE 233302 SALAU ADEBAYO 233303 SALAU HAMMED KAYODE 233304 SALE M. AUDU 233305 SALE MUSA WAZIRI 233306 SALIFU SUSAN EGUGE 233307 SALIHU ALHASSAN 233308 SALIMON LATEEF OLAWALE 233309 SALISU AL-KASIM NIASS 233310 SALISU MAIKWANO ASABE 233311 SALISU MAIKWANO FATIMA 233312 SALISU VICTOR ADENIYI 233313 SALIU ALIU OJO OYEDELE 233314 SALIU AZEEZ 233315 SALIU OLUMIDE VICTORIA 233316 SALIU RAFIU OLUTUNBOSUN 233317 SALKA BAWA D. 233318 SALTAWAY LIMITED 233319 SALU IBRAHEEM ADENIYI 233320 SALU ISHOLA 233321 SAMAIYE TITILAYO A. THOMPSON 233322 SAM-BELLOW AYO 233323 SAMINU MUHAMMAD DAN MUNHAYE 233324 SAM-OFURUM GLADYS NGOZI 233325 SAMUEL ABIMBOLA ABAYOMI 233326 SAMUEL CHUKWUDI 233327 SAMUEL KAYODE 233328 SAMUEL OMOTAYO 233329 SANGOBIYI MUSIBAU 233330 SANGOGBOLA DEBORAH MODUPE 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
159 Prestige...Compasionate and Caring
3331 SANI ABUBAKAR OZIGI 233332 SANI ALH ADAMU 233333 SANI AMADU 233334 SANKEY NIRMALA 233335 SANNI ADISA GGANIYU 233336 SANNI AREMU SEFIU 233337 SANNI FALILAT 233338 SANNI IBRAHIM OMOTAYO 233339 SANNI ISMAILA-ADEWALE 233340 SANNI JOSEPH OLUMIDE 233341 SANNI KAFILAT MOSUMOLA AMOKE 233342 SANNI OLAJIDE SUNDAY 233343 SANNI OLAJUMOKE 233344 SANNI RASAKI OLALEYE 233345 SANNI SAHEED OLAOMO 233346 SANUSI HUSSAIN MOHAMMED 233347 SANUSI KOLAWOLE MUSTAFA 233348 SANYA TINUOLA OLAYEMI 233349 SANYAOLU OLABODE SUNDAY 233350 SANYAOLU OLADIPO TANIMOWO OREOLUWA 233351 SARKI AMINA 233352 SARUMI MONSHOOD ABIOLA 233353 SASORE GLADYS MODUPE 233354 SATTI RAJESH KUMAR 233355 SATURDAY ARHEBUN 233356 SATUYI ESTHER 233357 SAVAGE BUKOLA ARIKE 233358 SAVAGE JACOB KEHINDE GBADEBO 233359 SAVAGE MICHAEL OLANREWAJU 233360 SAVECITY INVESTMENT CLUB 233361 SAWYER MICHAEL BENEDICT 233362 SAWYERR EMMANUEL O. 233363 SCRIPTURE UNION NIG. ELEME AREA 233364 SDS LIMITED 233365 SECURITY SWAPS -DEPOSIT A/C 233366 SECURITY SWAPS LIMITED 233367 SEDENU BELLO OZOYA 233368 SEGHER SAMUEL IORHOM 233369 SEIDU IBRAHIM 233370 SEKONI GEORGE AJIBOLA 233371 SEMIU GANIYU AKIODE 233372 SERIKI LAOLAT ABEJE TOLANI 233373 SEVEN-WISEMEN LTD. 233374 SEWEJE OLUWAKEMI 233375 SGL INVESTMENT LIMITED 233376 SHAIBU KABIRU SHINTAFI ABDUHAKIM 233377 SHAIBU SOLOMON 233378 SHEKONI MONSURAT ADEBOLANLE 233379 SHENJOBI ADEJUMOKE AYODELE 233380 SHERIFF ALI MOHAMMED 233381 SHINKAFI ABDULHAKIRIM KABIRU SHAAIBU 233382 SHITTA EROMEOSE ABIODUN 233383 SHITTU OLANREWAJU NAJEEM 233384 SHIYANBOLA ISMAIL OLATUNJI 233385 SHIYANBOLA OLARIBIGBE 233386 SHODE ADEDOTUN ADEWALE 233387 SHOEWU JP ADEBIMPE ALICE 233388 SHOFOLA KAMORUDIN O.O. 233389 SHOFOLA SAMUEL OMOTAYO 23
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
3390 SHOFUNWA FAIDAT MOJISOLA 233391 SHOKOYA FUNMILAYO SADIAT 233392 SHOKUNBI KHADIJAT OLASUMBO 233393 SHOLANKE TUNDE OLAYEMI 233394 SHOLOLA ISRAEL AKANBI 233395 SHOMORIN OLUSOJI DAVID 233396 SHOMUYIWA OLANREWAJU STEPHEN 233397 SHONIBARE JIMOH ALEMU 233398 SHONIBARE TOKUNBO 233399 SHONOWO ISLAMIYYAT FADEKE 233400 SHOPEJU MORENIKE CAROLINE 233401 SHOWUNMI KAYODE AYINLA 233402 SHOYEBI TITUS OLUJIDE 233403 SHOYELE ABAYOMI 233404 SHOYODE SULAIMON TELEDALASE 233405 SHOYOMBO OLAYINKA AKINWALE 233406 SHUAIB AMINAT MODUPE 233407 SHUAIB HIKMAT BUKOLA 233408 SHUAIB IBRAHEEM ONA-OLAPO 233409 SHUAIB MOHAMMAD OLAWALE 233410 SHUAIBU YAHAYA IDA 233411 SHYLLON ADETUNJI KAYDDE 233412 SIBIGAM ENOCK MADU 233413 SIDAHOME AMENAHON EDITH 233414 SIGNAL INVESTMENT & SEC L TD. 233415 SIGNET INVESTMENT LTD 233416 SIKIRU ADEYEMI APANPA 233417 SILAS MONDAY 233418 SILVER AND GOLD SECURITIES LTD 233419 SILVER FINANCIAL SER.-DEPOSIT A/C 233420 SILVER FINANCIAL SERV. TRADED-STOCK-A/C 233421 SILVER FINANCIAL SERVICES LTD. 233422 SIMISAIYE MARY MUJIBATU IYABO 233423 SIMISAYE RAFIU ADEJUWON 233424 SIMON INEDU OODO CHRISTOPHER BARTHOLOMEW 233425 SIMON LONSAN DAVID 233426 SINA-FALANA BEATRICE OMOWUNMI 233427 SIYANBOLA OLUWABUSOLA OLADIMEJI 233428 SKEEM & SKEEL CO. LTD. 233429 SKYLIMIT INVESTMENT LTD 233430 SOAGA AJIBIKE ENIOLA 233431 SOBANDE AKINTUNDE OLUKAYODE 233432 SOBODU(DECD) SOBODU (MRS) HELEN(ADMOR) EMMANUEL BOYE 233433 SOBOLA MOJISOLA FOLASHAOE 233434 SOBOWALE ADEDAMOLA 233435 SOBOWALE ADEDOLAMU 233436 SOBOWALE DAVID OLUDARE 233437 SODADE ADSINA ADEYEMI 233438 SODIMU AYODELE ADELANI 233439 SODIPE AKINKUNMI AKINPELU 233440 SODIYA ALAO SURAJU 233441 SOFELA M O 233442 SOFOLUKE SUNKANMI EBENEZER 233443 SOFUYE LIZZY OKUNOLA 233444 SOKOH EGUEVO 233445 SOKOH ERIC ESEOGHENE 233446 SOKOTO STATE GOVERNMENT 233447 SOLANKE EZEKIEL ATANDA 233448 SOMOYE SOLOMON OLUFEMI 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
160 Prestige...Compasionate and Caring
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
3449 SONOIKI MORUFF ALAO 233450 SONOWO OLUWOLE ABAYOMI 233451 SOREMEKUN REBECCA 233452 SORIYAN OLUMIDE TAIWO 233453 SOTAYO OLUWAFEMI ABIMBOLA 233454 SOTUBO VICTOR OLUFEMI 233455 SOWEMIMO FOLAHAN AYOBAMI 233456 SOWONOLA ELIZABETH IYABODE 233457 SOWUNMI MARGARET AYO 233458 SOYOMBO VICTORIA OLUBAMWO 233459 ST. MATHEW DANIEL JOYCE 233460 ST. PAUL'S ANGLICAN CHURCH 233461 STACK HELEN MRS 233462 STERLING BANK PLC TID 233463 STEVE WOODS & COMPANY LTD 233464 SUARA MONSURU ADEMOLA 233465 SUD RAKESH 233466 SUKU-OGBARI FREDA ENENI 233467 SULAIMAN ADEDOTUN 233468 SULAIMAN MOJISOLA 233469 SULAIMON MOSHOOD KOLADE 233470 SULE JULIET 233471 SULE MARIAM 233472 SULE OLUYENI ADUFE 233473 SULE RABIAT RONKE 233474 SULE SAKA AKUNJI 233475 SULEIMAN ABDULRAHMAN 233476 SUNCAST NIG LTD 233477 SUNDAY VITUS UCHENNA 233478 SUNMONU TESILIM ISOLA 233479 SYCAMINE ENDEAVOURS LIMITED 233480 SYLVANUS OKATA 233481 TABUGBO VALENTINE 233482 TADAFERUA AUGUSTINE OGHENOVO 233483 TAIWO ADEOLA JOHN 233484 TAIWO AMOS ROTIMI 233485 TAIWO JULIUS ONI 233486 TAIWO NOFISAT AYOTOLA 233487 TAIWO OLANREWAJU MICHAEL 233488 TAIWO SAMSON TAIWO 233489 TAIWO TOBI 233490 TAIWO TOSIN 233491 TALABI ADEDAYO OLATOYE 233492 TALABI AYODELE OLUGBENGA 233493 TANAM DANIEL NWIKO 233494 TAOFIQ ATUNDE 233495 TASIEOBI CHINYERE AKUNNA 233496 TCPC 233497 TECHNAE NIGERIA LTD 233498 TEGHTEGH DENNIS 233499 TEGHTEGH HELEN NGUNENGEN 233500 TEMIDAYO KAZEEM FRANK 233501 TEMOWO AMOS OYE 233502 TENUMAH WILLY OMATSOGUNWA 233503 TERIBA LAMIDI ADEBOLA 233504 TESSAM HOLDINGS LTD. 233505 THANI OMOLARA KAOSARAT 233506 THE CHURCH OF GOD 233507 THOMAS BABAJIMI AKINTUNDE 23
3508 THOMAS EMMANUEL OLUWASEYI 233509 THOMPSOM JOSEPH 233510 THOMPSON ADENIYI 233511 TIAMIYU GANIYU OLADELE 233512 TIDDO SECURITIES LIMITED 233513 TIJANI AYINLA 233514 TIJANI FATIMAH BINTA 233515 TIJANI GANIYU BABATUNDE 233516 TIJANI KAMORU OLAYIWOLA 233517 TIJANI MUBARAK OMOTOLA 233518 TIJANI TAYE-TAWO KANYINSOLA 233519 TIJANI TEMIYE OLADUNJOYE 233520 TIJANI, ADIJATU-KUBURA OLUWATOSIN 233521 TIMOTHY SAMUEL OLAOLUWA 233522 TOBECHUKWU OGALUE 233523 TOBI PATRICK BABATUNDE 233524 TOBUN-TIJANI MUSILIMAT IDOWU (MRS) 233525 TODOME BARTHOLOMEW E. 233526 TODOME BARTHOLOMEW EYON 233527 TOGUN OLUWASANJO ABIDEMI 233528 TOKACY INVESTMENT SERVICES LTD 233529 TOKULA GRACE OJOMA 233530 TOKULA SUNDAY NEGEDU 233531 TOM ISIDORE EMMANUEL 233532 TONI-UCHE EBELE NGOZI 233533 TOOKI OLUWASEUN OLAYINKA 233534 TORTY DAVID UKPABI 233535 TOWOLAWI ADELEKE TAOFIK 233536 TOYE ADEOLA AYORINDE 233537 TOYE AYOMIKUN EFETOBORE 233538 TOYE SULEMAN ADEBOWALE 233539 TOYINBO-OLADAPO MODUPE 233540 TRANS NIG ASSURANCE CO LTD 233541 TRANSGLOBE INVESTMENT & FINANCE CO 233542 TRANSGLOBE INVESTNENT & FINANCE CO 233543 TRIPAX INVESTMENTS NIGERIA LIMITED 233544 TRITECH CAPITAL LIMITED 233545 TROPICS SECURITIES-DEPOSIT A/C 233546 TRUST HOUSE INV. LTD.-TRADED-STOCK-A/C 233547 TUNKARIMU ALFRED 0TTO 233548 TURAKI MARIYA IBRAHIM 233549 UAGBAOJE SYLVESTER ORUAME JIMOH 233550 UANSOHIA COMFORT M. 233551 UBA JOEL AMOBI 233552 UBA TRUSTEE LTD./MBA MUTU AL TRUST SCHEME 233553 UBAH MARY JANE 233554 UBANI CHIJIOKE JONATHAN 233555 UBEH DANIEL CHINWUBA 233556 UBOCHI VICTOR 233557 UCHE OGECHUKWU KALU 233558 UCHEGBU CATHERINE NDIRIKA 233559 UCHEGBU CHUKWUKA NNAMDI 233560 UCHELLA INNOCENT ONYEBUCHI 233561 UCHENA EDEH UKUDIRE 233562 UCHENDU IFOEGBUNAM CHUKWUDI 233563 UCHENDU YOUNGEE WILLIAMS OKORIE 233564 UDAH JACOB EMMANUEL 233565 UDE NNENNA B. 233566 UDEAGWU ANTHONY CHIEDU 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
161 Prestige...Compasionate and Caring
3567 UDEH UZOAMAKA 233568 UDHAWUVE MICHAEL LONGLIFE 233569 UDO INIBONG VICTOR 233570 UDOH ANIEDI TOM 233571 UDOH ANIEKAN 233572 UDOH KUFRE 233573 UDOH MACAULAY HENRY 233574 UDOH RITA UDOH 233575 UDOH TOM BROWNSON 233576 UDOKA-EZIKE CHIDERA JENNIFER 233577 UGBURO ANDREW OMOTAYO 233578 UGENYI MARGARET EZIAHA 233579 UGHULU TIMOTHY PETER 233580 UGOCHUKWU JACOB 233581 UGOSO PENDER OKEOGHENE 233582 UGOWE ORUMWENSE OSAGIE 233583 UGULU GODFREY ANELO NWOYE 233584 UGWU CYRIL ONWUAMAEZE 233585 UGWU MGBOR VICTOR CHINEDU 233586 UGWUBU BLESSING UCHENWA 233587 UJERE CHUKWUKA UGBO 233588 UKA CHINEDU KALU 233589 UKACHUKWU LAWRETTA ADAMARA 233590 UKAEFU IJEOMA SIMPLE 233591 UKEACHU JAMES O. 233592 UKEY SMET MONICA 233593 UKO EMMANUEL GIDEON 233594 UKPABI JACOB IJOMA 233595 UKPABIO CHRISTIANA OLUSOLA 233596 UKPONG EDET ASUQUO 233597 UKWA IKORO AGBAI 233598 UKWADIACHI VIVIAN NKEIRUKA 233599 ULOKO CATHERINE EVEH 233600 UMAR ABDULLAHI SARKI 233601 UMARU ALAWIYYA FATIMA 233602 UMARU JOSEPH AUDU 233603 UMEBESE MARY NWAKAEGO 233604 UMEBESE PHILIP FELIX A 233605 UMEH KOSISOCHUKWU 233606 UMEMNEKU A. I. O. SIMEON 233607 UMENWEKWE APPOLUS NGOZI 233608 UMEUKEJE CLIFFORD CHUKWUKA 233609 UMEZURIKE MICHAEL 233610 UMOAKPAN IDONGESIT UDO 233611 UMOFFIA IMO RAGUEL 233612 UMOGBAI JOHNSON 233613 UMOH MICHAEL AKPAN 233614 UMOH NNEKA 233615 UMOKARO JAMES 233616 UMORU DONATUS OMOKHEKHAI 233617 UMUKOTETE OGHENERIOBORUE GLORIA 233618 UMUNNA ASIEGBULEM ANTHONY 233619 UNEKWE CHIBUZOR MATTHIAS 233620 UNIVERSE RE-INSURANCE COM PANY LIMITED 233621 UNOKANJO JENNIFER IFECHUKWUDE ONYEKA 233622 UNOKANJO JOY ONYINYECHUKWU IFEYINWA 233623 UNUAREOKPA ANTHONY EGBIREMO 233624 UNUEFA ALABA OSHOMAH 233625 URUMWENSE KINGSLEY 23
S/N NAMES PYMT NO. S/N NAMES PYMT NO.
3626 USIFO CAROLINE 233627 USIFOH MICHAEL CHUKWULOKA 233628 USIKALU ABIONA 233629 USMAN BIRADAM HAMMANJODA 233630 USMAN MOROOF-ATANDA 233631 USMAN NIYI F. 233632 USMAN USMAN ADEBAYO 233633 USMAN YAHAYA MSHELLIA 233634 USOH OBIOMA DANKWA RAYMOND 233635 USOROH BASSEYANWAN BASSEY 233636 UTHMAN JANET 233637 UTHMAN RUFUS ISESELE 233638 UTHMAN(DECD) UTHMAN MUHAMMED .T.(ADMOR) YAHAYA 233639 UVOH MARY OME 233640 UWAEMENE JONAS 233641 UWAGBOE NOSA 233642 UWAKA EMMANUEL OBIAJULU 233643 UWAKWE JULIAN KINGSLEY 233644 UWANDU REGINA OTUOME 233645 UWECHUE SAMUEL UCHECHUKWUKA 233646 UYANNA OGUGUA RAPHAEL 233647 UZO MERCY C. 233648 UZO NNAMDI 233649 UZOIGWE EHOCH 233650 UZOMA FESTUS E 233651 UZOMA JULIE AMECHI 233652 UZOMAH CLETUS NWAIZU 233653 UZOMBA NWAIGBA ANAYOCHUKWU 233654 UZOMBA NWAIGBO ANAYOCHUKWU 233655 UZOR MICHAEL AMUZIE 233656 VALUE LEAD INVESTMENT LTD 233657 VALUELINE SEC.& INV.LTD.TRADED-STOCK-A/C 233658 VANGER TITUS MLUMUN 233659 VERISSIMO GEORGE AKINTUNDE 233660 VERITAS & CO. NIG. LTD., 233661 VINCENT EDDIE 233662 VIVA SECURITIES LIMITED 233663 VIVA SECURITIES-DEPOSIT A/C 233664 WACHUKU MERCY IJEOMA 233665 WADA ABDULKADIR 233666 WAHAB ABASS ADEPOJU 233667 WALL STREET TRUST COY 233668 WALTER OKWUCHUKWU AUGUSTINA 233669 WAPIC PENSION FUND 233670 WARD OYERONKE IBILOLA 233671 WATAT WATAT LOVET 233672 WAZIRI PETER UMARU 233673 WHESU JIN 233674 WILCOX ISAAC IBIFUBARA 233675 WILLIAMS AYOOLUWA 233676 WILLIAMS MAGDALENE 233677 WILLIAMS OLUGBENGA 233678 WILSON ABIMBOLA OLUBUNMI 233679 WILSON CHARLES OLUBAYO 233680 WILSON STEPHEN NSIKAK 233681 WISE INVESTMENTS LIMITED 233682 WISEMINDS VENTURES 233683 WOKOCHA PRINCEWELL NWEZE 233684 WUMI-EDREMS GILBERT 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
162 Prestige...Compasionate and Caring
S/N NAMES PYMT NO.
3685 YAHAYA ABDUL-SALAM 233686 YAHAYA ALI. D. 233687 YAHAYA DAGACIN 233688 YAHAYA HAFSAT 233689 YAKUBU MOHAMMED 233690 YEKINNI ADISA YUSSFF 233691 YEMISI OLUMIDE 233692 YOHANNA ANNA 233693 YOMI BOLAJI ODE 233694 YOUNG CHRISTIAN FELLOWSHIP 233695 YUSSUFF NURANI O. O. 233696 YUSUF ABU BAKARE 233697 YUSUF BASHIRU ADISA 233698 YUSUF IBRAHIM OTHMAN 233699 YUSUF ISMAILA YISAH 233700 YUSUF LATEEF OLAROTIMI 233701 YUSUF MOHAMMED BABANGIDA 233702 YUSUF OLAITAN LUKMAN 233703 YUSUF SEMIU OLANREWAJU 233704 YUSUF TAWAKALITU OLASUMBO 233705 YUSUF YAKUBU 233706 YUSUFF BASIRAT KEHINDE 233707 YUSUPH HAKEEM LANRE 233708 ZAMFARA STATE MINISTRY OF FINANCE 233709 ZANNAH LAMBA 233710 ZANNU TOLANI IYABO 233711 ZENITH BANK/CORDROS CAPITAL/CLIENTS-TRDG 233712 ZMA HOLDINGS LIMITED 233713 ZUBAIRU ZAINAB A. 233714 ZUOFA TIBLEBOWEI 23
Unclaimed Dividend PositionAs at December, 2017
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
163 Prestige...Compasionate and Caring
Events
Nigerian Stock Exchange (NSE) Visit for the Fact behind the Figures
Prestige Overseas Mediclaim Policy (Travel Insurance) Product Launch.
Annual Report & Accounts 2017
Prestige Assurance Plc(A Subsidiary of The New India Assurance Co. Ltd. Mumbai India)
164 Prestige...Compasionate and Caring
Events
Prestige 65th Anniversary Celebration
Nigerian Stock Exchange Courtesy Visit during 65th Anniversary Celebration
Prestige Assurance Plc(A Subsidiary Of The New India Assurance Co. Ltd. Mumbai India)
REGISTERED OFFICE:
19, Ligali Ayorinde Street,
Victoria Island, Lagos.
P. O. Box 650, Marina Lagos.
info@prestigeassuranceplc.com,
www.prestigeassuranceplc.com
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