NIGERIAN FEMALES - WIMBIZ · Appendix 1: The Nigerian Stock Exchange (NSE) companies by industry and listing Appendix 2: Total number of directors in the NSE companies by industry

NIGERIAN FEMALES ON CORPORATE BOARDS

“Nigeria has one of the

lowest percentages of

women sitting on Boards of

Public Quoted Companies

and State Owned

Enterprises”

NIGERIAN FEMALES ON CORPORATE BOARDS

Copyright © 2012 Women in Management and Business (WIMBIZ)

All rights reserved.

Women in Management and Business (WIMBIZ) must be given appropriate acknowledgement in any

subsequent use of this document.

Disclaimer

Neither Women in Management and Business (WIMBIZ) nor Muni Resource nor any of their

members or employees or partners make any warranty, express or implied or assumes any liability or

responsibility for the accuracy, completeness or usefulness of any information or material contained

in this document. Further, Women in Management and Business (WIMBIZ) and Muni Resource are

not responsible for the contents of any document herein referenced.

Nigerian Females On Corporate Boards

Table of Contents

Table of Figures................................................................................................... 3

About WIMBIZ.................................................................................................... 4

A word from Muni Resource............................................................................... 5

Table of abbreviations......................................................................................... 6

Executive Summary............................................................................................. 7

Chapter 1 Background.............................................................................................. 13

Chapter 2 Objectives of Study & Methodology........................................................ 19

Chapter 3 Results & Key Findings............................................................................. 21

Section 1 General directors' results.......................................................................... 22

Section 2 Executive directors' results........................................................................ 36

Section 3 Chairman's results..................................................................................... 36

Section 4 CEO results................................................................................................ 39

Chapter 4 Comparisons & Conclusion...................................................................... 41

Appendix 1: The Nigerian Stock Exchange (NSE) companies by industry and listing

Appendix 2: Total number of directors in the NSE companies by industry.

Appendix 3: Total number of Executive Directors in the NSE companies by industry

Appendix 4: Chairpersons and CEOs of NSE companies

Appendix 5: NSE Companies by market capitalization

Appendix 6: The 25 smallest NSE companies by market capitalization

Appendix 7: The 25 largest NSE companies by market capitalization

Appendix 8: List of High Revenue Companies (HRCs)

Appendix 9: Directors of High Revenue Companies (HRCs)

Appendix 10: List of companies whose data were independently verified


Table of Figures

Figure 1: Percentage of male and female directors in 190 NSE companies........................... 24

Figure 2: Distribution of male and female directors in190 NSE companies by listing............ 25

Figure 3: Percentile distribution of directors in the 25 largest NSE companies by gender..... 28

Figure 4: Percentile distribution of female directors in the 25 smallest NSE companies....... 29

Figure 5: Summary of the relative distribution of female directors in the 190, the largest

and the smallest NSE companies........................................................................................... 31

Figure 6: Numerical distribution of female NSE directors by industry................................... 33

Figure 7: Number of directors in HRCs by gender.................................................................. 34

Figure 8: A comparison of male and female EDs of NSE boards............................................ 36

Figure 9: Numerical distribution of female NSE EDs by industry........................................... 38

Figure 10: Percentage chairpersons of companies by gender ............................................... 39

Figure 11: HRC percentage chairpersons by gender............................................................... 40

Figure 12: NSE distribution of CEOs by gender....................................................................... 41

Figure 13: HRC percentile CEOs by gender............................................................................. 42

Figure 14: NSE female board participation............................................................................ 43

Figure 15: HRC distribution of female board members by designation................................. 44

Figure 16: HRC percentile distribution of female board members........................................ 45

Figure 17: Combined NSE and HRC results............................................................................ 46

Figure 18: Global board seats held by women....................................................................... 47

About WIMBIZ MUNI Resource


About Wimbiz

Women in Management and Business (WIMBIZ) is a Nigerian non-governmental organization

established in 2002 by 13 individuals (12 women and 1 man).

The vision of WIMBIZ is to be a catalyst that elevates the profile and influence of women in

management and business. This vision is borne out of a desire to assist women manage the

challenges they face in the workplace and thereby enable them to fulfil their potentials to be

meaningful contributors to the nation’s economic development. Thus, WIMBIZ intends to improve

the success rate of female entrepreneurs as well as increase the proportion of women in senior

management positions in corporate organisations by encouraging and facilitating interactions

between corporate executives and entrepreneurs.

For the past 10 (ten) years, WIMBIZ has utilised several platforms to actualise its vision by engaging

discourse at various empowerment programmes which include:

• Annual WIMBIZ Conference

• Monthly Business Roundtable Lunch

• Annual Lecture Series

• Corporate Governance Training for SMEs

• Entrepreneurs in Handcraft Training

• Market Place

• Mentoring Program

• Winning without Compromise (A university campus outreach program)

• Suppliers Diversity Program

• CEOs Policy Interactive Sessions

• Young Girls/Women Leadership and Mentoring Program.

These have all been funded through sponsorships from corporate as well as institutional donors such

as Vital Voices in partnership with ExxonMobil, which has made WIMBIZ the Nigerian hub for the

African Business Women Network, T.Y. Danjuma Foundation, African Women Development Fund,

etc.


Muni Resource

Muni Resource was established as a bookshop and publishing house, in November 1999, with the

two-fold vision to:

• Enable spiritual and intellectual self-help by providing a pool of knowledge that is

rich in scope and content; and

• Capture deep spiritual and intellectual insights.

In the corporate environment, Muni has indeed served the purpose of “sharpening the saw” of low,

medium and high level corporate individuals by satisfying their thirst for knowledge in their chosen

fields, with a view to improving job performance, thus helping them keep their sources of livelihood

through increased relevance and value added to their employers.

The next five years will see Muni Resource reaching out to mostly teenage groups by supporting the

development of:

• Reading aptitude via clubs, a reading centre and library,

• Study skills

• Public speaking/ presentation skills

• Thinking, problem solving and analytical skills

• Leadership and entrepreneurial skills

• Writing skills via training and competitions

• Moral teaching educational publications.


Table of Abbreviations

ASeM - Alternative Securities Market/Private Placement Exchange

CEO - Chief Executive Officer

ED - Executive Director

LRC - Large revenue private limited liability company

NSE - Nigerian Stock Exchange

NED - Non-Executive Director

Executive Summary


Executive Summary

The United Nations proclaimed 1975 as the beginning of the ‘DECADE OF WOMEN’ and

subsequently held the 1st World Congress devoted to improving the status of women. However,

twenty years later, significant progress had not been made and this led to the 4th World Conference

(1995) to develop a comprehensive action plan titled ‘The Beijing Platform For Action’ (‘PFA’) for

advancing the status of women worldwide. One of the 12 critical areas outlined in the PFA include

institutional mechanisms for the advancement of women.

In spite of this, a report published by the United Nations Economic Commission for Europe in

advance of March 2010’s Beijing+15 observed inter alia, that women continue to be strongly under-

represented in all areas of decision making in most countries. The under-representation of women is

not only in the political arena but also within the corporate space. The issue has become more

topical in view of recent corporate scandals and global financial failings of major corporate entities,

the consequential impact of which has raised concerns about the effectiveness or otherwise of

homogenous boards made up of only men, and the comparative value of having women on boards.

Consequently, scrutiny has turned to the composition of corporate boards.

Several arguments have been proffered in favour of board diversity and these include the fact that it

redresses injustice, and as Mirella Visser stated at a session titled ‘Equality In Decision Making:

Diverse Approaches For Gender Based Corporate Boards’ during a Conference held in Brussels with

the theme ‘Equality Between Women And Men’ (19-20 Sept. 2011), other advantages include

improved corporate performance and innovations, better decision making, maximum utilisation of

talent pool (otherwise known as the human capital argument). It has also been argued that having

more women on boards mirrors the market as women make about 80.5% of consumer purchasing

decisions.

Despite these imperatives women remain under-represented at the highest level of corporate

management and this is a worldwide phenomenon. Although, the population of employees by

gender at entry point are often at par, the higher percentage swinging either way without significant

disparity, as the corporate ladder progresses, the female population thins out with more males

occupying apex positions. The resultant effect is that women are few in the highest corridors of

power in the corporate world and thus, are like crew members on the corporate plane who hardly

ever reach the cockpit.

orate Boards Nigeri

Executive Summary

Studies and anecdotal evidence have identified several challenges which prevent women from

reaching the exalted part of the corporate entities they serve. These factors have been grouped into

3 (three) by the European Union as societal, corporate and individual challenges.

Societal exclusionary factors include, gender self-schema, society’s expectations and cultural

prejudices about the role of women and men, discriminatory nurturing of girls and boys as well as

societal encouragement of women to make perceived ‘feminine’ career choices that offer no

preparation for executive positions.

The corporate practices fostering glacial movements for women in the corporate world encompass

stereotyping leadership styles and positions, with preference for ‘male’ leadership styles; limited

resource pool as exemplified in emerging economies which have limited talent pool of senior

women executives to feed the board pipeline and this oftentimes lead to overlay/interlocking

boards; the fact that women tend to be less connected to the informal inner circles of men who are

the power brokers. Others include a phenomenon known as ‘homophily’, which has been described

as the tendency to form new boards that resemble the previous board in order to maintain board

comfort and ‘perceived’ cohesion. The development of narrow search criteria by nominating

committees and setting unnecessarily higher competency tests for women have also been identified

as contributory factors.

Identified individual challenges women face include the traditional women employment issues and

family obligations, inability to make appropriate time commitment, making career choices, such as

showing a preference for support staff roles that do not lead to top positions, reluctance to self-

promote, lack of ambition, high reputational risks and liability concerns as well as women’s

reluctance to promote other women.

The challenges that have been enunciated above as contributory factors to the paucity of women in

senior management positions and on the board of companies are further compounded in

developing economies such as Nigeria when the problems associated with underdevelopment are

super-imposed.

Thus, women in Nigeria also have to take on other challenges, some of which derive from living in a

patriarchal society and these include:

an Females

On C orp


Executive Summary

• Poverty and poor access to finance. Whilst delivering the keynote address titled, ‘Towards

Financial System Stability: Recent Policy Reforms in the Banking Sector’ at the 2nd Muritala

Mohammed Foundation 2012 Public Policy Dialogue in Lagos, Nigeria, the CBN Governor,

Mallam Sanusi Lamido said thus, ‘We talk of the men who are poor, but under the feet of the

poorest men, is a poorer woman’;

• Faith-based abuses e.g. early child marriage, female genital mutilation etc

• Inadequate access to the civil justice system, an offshoot of the poverty endemic;

• High maternal mortality rate;

• High infant mortality rate;

• Lack of support from employers of labour etc.

The imperativeness of having more women on board is not predicated on getting men to create

space for women, but more of how the women who occupy this space can self-develop and more

importantly, impact the lives of the disadvantaged. Nigeria ranks among the 20 (twenty) bottom

countries on the Women Economic Opportunity Index Report released by the Economist early in

March 2012. This means that Nigeria made the least investment in the legal and social framework

that promotes participation in the formal sector. Whilst countries that have taken active steps to

address the under-representation of women on corporate boards such as Norway, Sweden and

Finland scored more than 87.6%, Nigeria scored 33.4%.

As M.C. Mattis observed,

‘To serve as director on the board of a leading American corporation is to hold a position of

exceptional power and influence. Indeed, the decisions made in corporate boardrooms affect the

lives of hundreds of thousands of employees and consumers, as well as the performance and

policies of other corporations, the ebb and flow of economic activity, the dealings of the global

marketplace, and international strategies. Yet, even today, the players at the highest level of

corporate governance are for the most part homogenous’

In essence, one of the ways by which any country can make advances in its socio-economic

development is to make use of the whole of its talent pool.

Thus, this data-driven study:

• Identifies the extent of inclusion of women in Chairmanship, Directorship, Executive

Directorship and Chief Executive Officer positions.


Executive Summary

• Conducts a comparison of female participation on corporate boards between Nigeria and

other countries such as South Africa, Norway etc.

Nature of data collection

Information for the study was gathered primarily from the 2010/2011 Factbook published by the

NSE which contains data for the NSE main and ASeM tier listed companies, websites of the publicly

quoted companies listed in Appendix 1, websites of 20 identified High Revenue Private Limited

Liability Companies (HRCs) whose names are contained in Appendix 8. In order to validate the data

obtained from NSE as well as the websites and also to ensure that current data is included in the

survey, personal verification exercise was conducted on the data relating to the companies listed in

Appendix10.

As such, the data as well as the inferences made from their analysis are only as accurate as the

available information. Therefore, WIMBIZ and Muni Resource make no warranties or

representations as to the accuracy or validity thereof and do not accept liability or responsibility for

any errors or omissions in the production of this report.

Summary of Key Findings

General Directors Results

i. For every 10 directors of companies quoted on the NSE, only 1 of them will be a woman.

ii. The participation of women on the boards of NSE ASeM listed companies is twice that of the

NSE main list.

iii. Of the 190 NSE companies, 109 had at least 1 female on their boards, which translates to 57.4%

of the companies.

iv. Only 1 company out of the 190 NSE companies surveyed had more than 50% female board

membership.

v. The distribution of the females in the top 25 NSE companies is considerably higher than that of

the overall 190 NSE companies.

vi. Size appears to have an effect on the inclusion of females on boards of publicly quoted

companies.

vii. The consumer goods and financial industries have the highest female participation on the 190

NSE boards surveyed.


Executive Summary

viii. The construction and real estate industries as well as the oil and gas industry tie in having the

highest female representation of 12.5% on their boards.

ix. The other natural resources industries have the lowest female representation of 2.6%.

x. In a global comparison of female board representation in 44 countries, Nigeria ranks 14th,

coming immediately after Turkey and before Canada.

Executive Director (ED) Results

i. Companies without female EDs stand at a significantly high rate of 81.1% which represents a

considerable 154 out of the 190 NSE companies surveyed.

ii. No company has up to 3 female EDs.

iii. The consumer goods industry has the highest representation of female EDs.

iv. The ICT industry has the lowest representation of female EDs.

v. The construction/real estate and natural resources industries lack female EDs.

vi. Apart from the results exhibited by the financial and consumer goods industries, to a large

extent the level of board participation by women at ED level cannot be said to be impacted by

industry except in some industries where female EDs are not appointed at all e.g. construction

industry.

Chairman Results

i. The number of female chairpersons is insignificant as seen from their percentile occurrence of

just 2.6%.

ii. 2 out of every 100 chairpersons in the NSE listed companies are females.

iii. 0 out of every 100 HRC chairpersons is female but in making the comparison, it should be borne

in mind that 2.6% represents the results from 190 NSE companies whilst the results for the HRC

is derived from 20 companies only.

CEO Results

i. In the NSE, there are 6 female CEOs for every 100 companies and when compared to the figure

derived for chairpersons’ position in section 3 above, there are more female CEOs than female

chairpersons.

ii. 15 out of 100 HRC CEOs will be female.

Chapter 1 Background


Chapter 1: Background

The United Nations proclaimed 1975 as the beginning of the ‘DECADE OF WOMEN’ and

subsequently held the 1st World Congress devoted to improving the status of women. However,

twenty years later, significant progress had not been made and this led to the 4th World Conference

(1995) to develop a comprehensive action plan titled ‘The Beijing Platform For Action’ (‘PFA’) for

advancing the status of women worldwide.

Twelve critical areas were outlined in the PFA adopted in Beijing. These include improving:

– Women in power and decision-making, and

– Institutional mechanisms for the advancement of women.

These are also part of the five priority areas of the Women’s Charter & the European Commission’s

Strategy for Equality between Men and Women 2010 - 2015.

THE CHALLENGE

Notwithstanding the above, a Report published by the United Nations Economic Commission for

Europe in advance of March 2010’s Beijing+15 observed inter alia:

• Improvements in women’s access to power have generally been rather slow and

uneven;

• Women remain strongly under-represented in all areas of decision-making in most

countries.

The under-representation of women is not only in the political arena but also at the corporate space.

The issue has become more topical in view of recent corporate scandals and global financial failings

of major corporate entities. The consequential impact of these on the global economy has raised

concerns about the effectiveness or otherwise of homogenous boards made up of only men, and the

comparative value of having women on boards. Consequently, scrutiny has turned to the

composition of corporate boards and the resulting outputs from the financial scandals include:

• Sarbanes-Oxley Act (2002) in the U.S

• Cadbury Report (1992) and

• Higgs Review (2003) both in U.K

All these made far-reaching regulations and recommendations, one of which is the need for

increased diversity on the Board of Directors (BoD) of publicly quoted companies and State Owned

Enterprises (SOEs). The elements of diversity include gender, age and ethnicity.

The issue however is whether these recommendations have had the desired effect.


Background

THE CASE FOR BOARD DIVERSITY Several arguments have been canvassed for the importance of board diversity. These include:

Redressing injustice

It is against the principle of fairness and justice for one sex to be excluded in a country that espouses human rights. It is unfair gender discrimination.

Other advantages were recently enumerated by Mirella Visser at a session titled ‘Equality In Decision Making: Diverse Approaches For Gender Based Corporate Boards’ during a

Conference held in Brussels with the theme, ‘Equality Between Women And Men’ (19-20

Sept. 2011) and some of these include: o Improved performance and innovations

o Better decision-making

o Maximum utilization of talent pool (Human Capital Argument)

o Mirroring the market as women make up about 80% of consumer purchasing decisions o Improved quality of corporate governance and ethics.

There is however no gainsaying the fact that whilst these imperatives exist, the male-dominated

business community remain impervious to them and the reasons for this are multifaceted. The European Union has identified 3 levels of exclusionary factors:

o Societal

o Corporate and

o Individual.

Each will be examined briefly.

Included amongst SOCIETAL exclusionary factors are the under-listed:

Gender Self-Schema

Expectations and cultural prejudices about the role of women and men in the society,

Discriminatory nurturing of girls and boys,

Societal encouragement of women to make perceived ‘feminine’ career choices that offer no

preparation for executive positions.

The CORPORATE practices fostering glacial movements for women in the corporate world

encompass:


Background

Stereotyping leadership styles and positions, with preference for ‘male’ leadership style;

Limited resource pool: Emerging economies have limited talent pool of senior women

executives to feed the board pipeline and this oftentimes leads to overlay/interlocking

boards:

o A primary source of board membership has traditionally been CEOs, former CEOs, senior

executives and few women occupy these positions.

o The Corporate Library (a USA based organisation) noted that an interlock exists when two

or more corporate boards have at least one director in common. Matt Kranz in USA Today

observed that studies revealed that ‘the boards of the nation's leading companies have a

startling amount of overlap. Behind the controls of the nation's top businesses lurks an

inner sanctum of friends, colleagues and partners who sit on corporate boards together’.

This tendency towards “overlapping” is common to both genders. Matt Kranz, a prolific

writer on economic affairs, then highlighted the inherent danger as creating ‘the

potential for serious conflicts of interest and negates what is supposed to be an

independent watchdog in Corporate America's system of checks and balances’.

Women tend to be less connected to the informal inner circles of men who are the power

brokers.

Homophily: Tendency to form new boards that resemble the previous in order to maintain

board comfort and ‘perceived’ cohesion.

Developing narrow search criteria & limiting search to those within their personal &

professional radar.

Setting unnecessarily higher competency tests for women.

Identified INDIVIDUAL challenges women face include:

Traditional women employment issues: Maternity leave, child sick leave etc;

Inability to make appropriate time commitment due to the above;

Making career choices, such as showing a preference for support staff roles that do not lead to

top positions;

Reluctance to self-promote;


Background

Family obligations that reduce human capital development;

Lack of ambition;

High reputational risks & liability concerns;

Reluctance of women to promote other women.

These factors are as relevant in Nigeria as in other parts of the world. The population of employees

by gender at entry point are often at par, the higher percentage swinging either way without

significant disparity, as the corporate ladder progresses, the female population thins out with more

males occupying apex positions. The resultant effect is that women are few in the highest corridors

of power in the corporate world and thus, are like crew members on the corporate plane who hardly

ever reach the cockpit.

Multi-faceted approaches have been devised by countries and regional organizations such as the

European Union, to tackle this issue and a few include the use of quota (Norway, Spain, France,

Iceland); ‘If not why not’ policy (Australia, Finland, Denmark, Sweden); variations of Affirmative

Action (Austria, Germany, Poland, U.SA by the Dodd-Frank Act Diversity Office).

There are also private sector initiatives such as:

Danish ‘Charter for More Women in Management’– already signed by 64 companies in 2010.

Dutch Charter ‘Talent to the Top’ launched in 2008.

FTSE100 Cross-Country Mentoring Program set up by Praesta in 2003 to link ambitious

women with CEOs through a mentoring program with participating countries.

2010 U.K Equality Strategy.

The Female Future Program of Norway which trains and mentors women for board

appointments.

Several private sector initiatives in the USA, Canada, Italy etc:

o Alliance for Board Diversity

o Catalyst

o Executive Leadership Council –for people of colour

o Board Direct -an initiative of the Section on Business Law of the American Bar

Association designed specifically for retiring female lawyers who are eligible for board

appointments


Background

o United Kingdom’s 30% Club (Board Chairs working to increase board diversity)

o Several countries including the United Kingdom and Canada have organizations called

‘Women on Board’

o Other organizations that implement women on board initiatives include Italy’s

Professional Women Association’s ‘Women on Boards Program’.

Several international platforms have also been developed to address the issue and these include:

Beijing PFA in 2004 set up a Database on Women & Men in Decision-making;

2008 European Commission’s Network to Promote Women in Decision-making in Politics &

the Economy. The Commission released in March 2011 ‘The Gender Balance in Business

Leadership’ and also launched the voluntary Women on Board Pledge for Europe.

Chapter 2 Objectives of Study & Methodology


Chapter 2: Objectives of Study & Methodology

The challenges that have been enunciated above as contributory factors to the paucity of women in

senior management positions and on the board of companies are further compounded in

developing economies such as Nigeria when the problems associated with underdevelopment are

super-imposed.

Women in Nigeria also have to take on other challenges, some of which are derived from living in a

patriarchal society and these include:

• Poverty and limited access to finance. Whilst delivering the keynote address titled, ‘Towards

Financial System Stability: Recent Policy Reforms in the Banking Sector’ at the 2nd Muritala

Mohammed Foundation 2012 Public Policy Dialogue in Lagos, Nigeria, the CBN Governor,

Mallam Sanusi Lamido said thus, ‘We talk of the men who are poor, but under the feet of the

poorest men, is a poorer woman’;

• Faith-based abuses e.g. early child marriage, female genital mutilation etc

• Inadequate access to the civil justice system, an offshoot of the poverty endemic;

• High maternal mortality rate;

• High infant mortality rate;

• Lack of support from employers of labour etc.

The imperativeness of having more women on board is not predicated on getting men to create

space for women, but more of how the women who occupy this space can self-develop and more

importantly, impact the lives of the disadvantaged. Nigeria ranks among the 20 (twenty) bottom

countries on the Women Economic Opportunity Index Report released by the Economist early in

March 2012. This means that Nigeria made the least investment in the legal and social framework

that promotes participation in the formal sector. Whilst countries that have taken active steps to

address the under-representation of women on corporate boards such as Norway, Sweden and

Finland scored more than 87.6%, Nigeria scored 33.4%.

As M.C. Mattis observed,

‘To serve as director on the board of a leading American corporation is to hold a position of

exceptional power and influence. Indeed, the decisions made in corporate boardrooms affect the

lives of hundreds of thousands of employees and consumers, as well as the performance and

policies of other corporations, the ebb and flow of economic activity, the dealings of the global

marketplace, and international strategies. Yet, even today, the players at the highest level of


Objectives Of Study & Methodology

corporate governance are for the most part homogenous’

In essence, one of the ways by which any country can make advances in its socio-economic

development is to make use of the whole of its talent pool.

PURPOSE

The purpose of the study is to quantitatively establish the level of participation of women in

corporate governance in Nigeria particularly in regard to companies quoted on the two tiers of the

Nigerian Stock Exchange (NSE) as well as identified HRCs.

Therefore, this data-driven study:

• Identifies the extent of inclusion of women in Chairmanship, Chief Executive Officer (CEO),

Executive Directorship (ED) and Non-Executive Directorship (NED) positions in publicly quoted

companies and 20 HRCs.

• Conducts a comparison of female participation on corporate boards between Nigeria and other

countries such as South Africa, Norway etc

Nature of data collection

Information for this data-driven study was gathered primarily from:

1. 2010/2011 Factbook published by the NSE which contains data for the NSE main and ASeM tier

listed companies.

2. The websites of the publicly quoted companies listed in Appendix 1.

3. Bank Directors’ Association of Nigeria.

4. Websites of 20 identified HRCs whose names are contained in Appendix 8.

To validate the data derived from NSE resources as well as the websites of some of the companies

and ensure that current data is included in the survey, personal contacts were made to the

companies listed in Appendix 10. Some companies declined to participate in the validation exercise.

As such, the data as well as the inferences made from their analysis are only as accurate as the


Objectives Of Study & Methodology

available information. Therefore, WIMBIZ and Muni Resource make no warranties or

representations as to the accuracy or validity thereof and do not accept liability or responsibility for

any errors or omissions in the production of this report.

Methodology and Process

The main metrics collated for each of the companies are:

• Total number of directors (ED/NED) on the board of each NSE-listed company and the HRCs

• Number of female directors on the boards

• Total number of EDs

• Number of female EDs

• Gender of the CEO

• Gender of the Chairperson

Data

1. Total number of NSE companies surveyed: 198

Out of the 198 NSE companies surveyed, data was unavailable for 8 companies, out of which 7 are on

the main listing and 1 on ASeM.

Therefore the data contained in this document is based on 190 companies, as follows:

• Main listing: 179

• ASeM: 11

2. Total number of HRCs surveyed: 20

The criteria adopted in the selection of the HRCs include:

i. Random selection based on popular opinion of affluence and industries’ performance;

ii. On-line search for Nigerian private companies with more than N1billion turnover.

Analysis

In analysing the results of the data collected:

• NSE companies were analysed by industry

• NSE companies were analysed by listing

• The 25 smallest and largest NSE companies by market capitalisation were analysed

Chapter 3 Results and Key Findings


CHAPTER 3: Results and Key Findings

The results and findings of the survey conducted will be presented in 4 (four) sections:

SECTION 1 presents the general results for gender participation on corporate boards of the NSE and

20 HRCs.

SECTION 2 deals with the results of the survey in regard to Executive Directors.

SECTION 3 gives details of the results for Chairpersons of corporate boards.

SECTION 4 deals with Chief Executive Officers’ results.

The data for each section are analysed under the following categories:

i. Companies listed on the NSE’s main list as well as ASeM list of the NSE

ii. Companies on NSE lists by industry

iii. 25 largest NSE companies

iv. 25 smallest NSE companies

v. 20 identified HRCs.

For the best visual impact, the results are presented in tables and different types of graphs.

SECTION 1: General Directors’ Results

The general results for the directors on the boards of 190 NSE listed companies, EDs, NEDs and

Independent directors are presented in this section.

1. NSE COMPANIES

The total number of NSE listed companies, both main and ASeM on which data used herein is

gathered, is 190 and are set out in Appendix 1.

1.1 Overall Total percentage of female directors in 190 NSE companies

Total number of directors in NSE companies 1599

Number of female directors in NSE companies 168

% of director seats occupied by women 168/1599 × 100 = 10.5%

% of director seats occupied by men 100 – 10.5% = 89.5%


Results and Key Findings

Figure 1: Percentage of male and female directors the 190 NSE companies

CONCLUSION: For every 10 directors of companies quoted on the Nigerian Stock Exchange, only 1 of

them will be a woman.

1.2 Percentage of female directors in the 190 NSE companies by listing

An evaluation of the distribution of female directors in the 190 NSE listed companies was conducted

to determine whether listing on the main or the ASeM lists has any significant impact or influence on

female participation on boards. Appendix 1 contains the NSE companies surveyed by listing.

Table : Distribution of female directors in 190 NSE companies by listing

NSE listing Total Directors Number of

female

directors

% Female directors

% Male directors

Main 1534 155 10.1 89.9

ASeM 65 13 20 80

Percentage of Directors by gender

10.50%

Male

Female

89.50%



Figure 2: Distribution of male and female directors in the 190 NSE companies by listing

From Table 1 and Fig. 2, the ASeM list of NSE companies has a higher proportion of female directors

(20%) than the main list (10.1%). This means that, for every 10 directors in the ASeM list, 2 will be

female, whilst in the main list, only 1 will be female.

Conclusion: The participation of women on the boards of NSE ASeM listed companies is double the

participation on NSE main list.

1.3 Distribution of female directors in the 190 NSE companies

Table 2: Summary of numerical population of female directors by company

No of companies % of companies Number of female directors

81 42.6% 0

66 34.7% 1

30 15.8% 2

10 5.3% 3

3 1.6% 4



The implications of Table 2 are that, of the 190 NSE companies used for this survey:

• 81 companies (42.6%) have 0 female directors on their boards.

• 66 companies (34.7%) have only 1 female director on board.

• 30 companies (15.8%) have 2 female directors each on their boards.

• 10 companies (5.3%) have 3 female directors each, and

• 3 companies (1.6%) have 4 female directors each.

CONCLUSION: Of the 190 NSE companies, 109 have at least 1 female on their boards, which

translates to 57.4% of the companies.

1.4 Percentile distribution of female directors in the 190 NSE companies

Having made necessary inferences from the numerical data obtained, the following will situate

the results within the context of percentages in order to have a global assessment of the data

obtained in regard to the general representation of female directors on the boards of the 190 NSE

companies whose names are contained in Appendix 2.

Table 2: Summary of numerical population of female directors by company

No of companies % of companies % Female directors Actual % female directors

81 42.6% 0-4 0

19 10% 5 -10 6.3 – 10

35 18.4% 11 - 15 11.1 – 15.4

25 13.2% 16 - 20 16.7 – 20

18 9.5% 21 - 25 21.4 - 25

4 2.1% 26 - 30 27.3 – 28.6

4 2.1% 31 – 35 33.3

2 1.1% 36 – 40 37.5 - 40

1 0.5% 41 - 45 42.9

1 0.5% 46 - 67 66.7



CONCLUSION: From Table 3 above, only 1 out of the 190 NSE companies surveyed had more than

50% female board membership.

1.5 Distribution of female directors in the 25 largest NSE companies by market capitalisation

The essence of this part of the survey is to ascertain whether any inference can be drawn from the

size of the company, when data of the 25 largest NSE companies is compared to that of the 25

smallest NSE companies, that is, whether the size of a company impacts on female representation

on boards.

The companies used in this part of the survey are listed in Appendix 7 and the results are

presented below, thus:

Total number of directors in the 25 largest NSE companies = 290

Number of female directors = 41

Percent of female directors = 41/290 ×100

= 14.1%

Percent of male directors = (100 – 14.1) %

= 85.9%

Figure 3: Percentile distribution of directors in the 25 largest NSE companies by gender

Percentile population of directors by gender

14.10%

Male Directors

Female Directors

85.90%



Table 4: Distribution of female directors by company in the 25 largest NSE Companies

No of companies (Top 25 NSE)

Company percentage (Top 25 NSE)

Total NSE percent average companies

Number of female directors

4 16% 42.6% 0

7 28% 34.7% 1

9 36% 15.8% 2

4 16% 5.3% 3

1 4% 1.6% 4

The percentage population of females in the 25 largest NSE companies is 14.1% which is higher

than the overall average of 10.5%.

CONCLUSION: Table 4 and Fig. 3 show that:

i. The distribution of the females in the top 25 NSE companies is considerably higher than that

of the overall 190 NSE companies.

ii. Whereas, only 5 (57.4%) out of every 10 of the total 190 NSE companies surveyed have 1

woman on their boards, 8 (84%) out of every 10 of the 25 top NSE companies have at least 1

woman on board.

1.6 Distribution of female directors in the 25 smallest NSE companies by market capitalisation

Appendix 6 contains the list of companies utilised for this part of the survey and the results are

presented below:

Total number of directors in the 25 smallest NSE companies = 168

Number of female directors = 23

Percent of female directors = 23/168 ×100

= 13.7%

Percent of male directors = (100 – 13.7) %

= 86.3%



Figure 4: Percentile distribution of female directors in the 25 smallest NSE companies

Figure 4 indicates that the distribution of female directors in the 25 smallest NSE companies is

such that, only 13 female board members will be part of every 100 directors.

Table 5: Distribution of female directors by company for the 25 smallest NSE companies

No of companies (Bottom 25 NSE)

Company percentage (Bottom 25 NSE)



10 40% 42.6% 0

8 32% 34.7% 1

6 24% 15.8% 2

1 4% 5.3% 3

0 0% 1.6% 4

Percentile distribution of

directors by gender

13.70%

Male Directors

Female Directors

86.30%



The above reflect the fact that the percentage population of women in the 25 smallest NSE

companies, which is 13.7%, is higher than the overall average of 10.5% but not significantly lower

than that of the 25 largest NSE companies of 14.1%. In addition, only 6 (60%) out of every 10 of

these 25 smallest NSE companies will have at least 1 female director on their boards.

Fig.5 below summarises the relative distribution of female directors in three categories:

• The 190 NSE companies surveyed

• The 25 largest, and

• The 25 smallest companies listed on the NSE.

Figure 5: Summary of the relative distribution of female directors in the 190,

the largest and the smallest NSE companies.

At first glance, the size of the company does not appear to have any significant impact on the

average female representation on boards of publicly quoted companies because the smallest 25

companies have an average of 13.7% female representation, the largest 25 NSE companies 14.1%,

while the overall average of all NSE companies is 10.5%.

A close look however reveals that while boards of the smallest NSE companies and the overall NSE

companies have no female representation in 40% and 42.6% companies respectively, the largest



25 NSE companies have no female representation in only 16% of their members, thus signifying a

wider spread of female representation.

CONCLUSION: Size appears to affect the inclusion of females on boards of publicly quoted

companies but this does not impact significantly on the average female representation.

1.7 Representation of female directors by NSE industry

The perception seems to be that female representation is higher on the boards of companies in

some particular industries than on others and the presentation below attempts to see whether

that perception can be validated.

The list of directors of the 190 NSE companies by industry is contained in Appendix 2 and the

industry-related data is presented in 2 different formats (a table and a graph) in order to make the

results impactful.

Table 6 deals with the results in the form of a table that exhibits both the numerical as well as the

percentile distribution, whilst Fig.6 deals with it numerically.



Table 6: Numerical and percentile distribution of female directors by NSE industries

Industry Total No of directors Female directors % female directors

Agriculture 41 3 7.3%

Conglomerates 40 3 7.5%

Construction/ Real Estate 88 11 12.5%

Consumer Goods 257 20 7.8%

Financial Services 545 62 11.4%

Healthcare 86 10 11.6%

ICT 68 6 8.8%

Industrial Goods 171 20 11.7%

Natural Resources 39 1 2.6%

Oil And Gas 88 11 12.5%

Services 176 21 11.9%



Figure 6: Numerical distribution of female NSE directors by industry

CONCLUSIONS

From Table 6 and figure 6 above:

i. The construction/real estate industry and the oil and gas industry tie in having the highest

percentage of 12.5% female representation on their boards;

ii. The natural resources industry has the lowest female representation of 2.6%.

600 500 400 300 200 100 0

41 3 Agriculture

40 3 Conglomerates

88 11 Construction/ Real Estate

257 20 Consumer Goods

Total directors 545 62 Financial Services

Female Directors 86 10 Healthcare

68 6 ICT

171 1 Natural Resources

Industrial Goods

88 11 Oil and Gas

176 21 Services

39

20



2 HIGH REVENUE COMPANIES (HRCs)

Apart from the prescriptions made in the Companies and Allied Matters Act Cap C20 Laws of the

Federation of Nigeria, 1990 as well as the criteria set out in industry-related regulations, the process

of appointments to boards of private limited liability companies is not subjected to scrutiny.

The inclusion of the HRCs is therefore predicated merely on the need to conduct a comparative

analysis.

The HRCs used for this part of the survey are listed in Appendix 8 and the criteria for the selection of

the HRCs are explained in Chapter 2.

The results are as contained hereunder and Table 7 gives the numeric and percentile distribution of

directors in the 20 HRCs surveyed.

Table 7: Distribution of directors in 20 HRCs

Description Number Percentages

Total No of directors 170 100%

Total No of female directors 25 14.7%

Figure 7: Number of directors in HRCs by gender

170

Male

Female

25

Directors



Table 8: Numerical distribution of female directors in HRCs

No of companies % of companies Number of female directors

8 40% 0

5 25% 1

4

20%

2

0

0%

3

3

15%

4

CONCLUSIONS:

i. Fig. 7 and Table 8 show the numeric and percentile distribution of female directors in HRCs.

ii. When compared with Fig. 3 and Table 4 which show 14.1% of female representation on the

boards of the 25 largest NSE companies and 13.7% for the 25 smallest NSE companies as shown

in Figs. 4 and 5, female representation on the HRCs surveyed is slightly higher at 14.7%.

iii. Female representation in these HRCs (14.7%) is the highest of all the categories of results

presented above.



SECTION 2: Executive Directors' Report

One of the points made whilst enumerating the imperatives that informed the conduct of this

survey is that the 'population of employees by gender at entry point are often at par, the higher

percentage swinging either way without significant disparity. As the corporate ladder progresses,

the female population thins out with more males occupying the apex positions. The resultant

effect is that women are few in the highest corridors of power in the corporate world and thus, are

like crew members on the corporate plane who hardly ever reach the cockpit'.

Executive Directors are an integral part of the management of a company and they sit on the

boards of publicly quoted companies. Reliance is usually placed on anecdotal evidence which

indicate that very few women break the glass ceiling to get to this level. Thus, the survey would be

incomplete if this critical area is not addressed.

The findings for EDs are presented hereunder and the role, if any, that industry plays in the overall

results, is also examined.

NSE COMPANIES

The results for EDs of NSE companies are presented numerically and in percentages, with the

number of male EDs compared to female EDs.

2.1 Percentage of female Executive Directors (EDs) on NSE companies

Total ED seats = 400

Total female EDs = 44

Percent female EDs = 44/400 × 100 = 11%

Percent male EDs =100 – 11 = 89%



Figure 8: A comparison of male and female EDs of NSE boards

2.2 NSE distribution of female Eds

Table 9: NSE distribution of female Eds

No of companies % NSE companies Number of female EDs

154 81.1% 0

28 14.7% 1

8

4.2%

2

CONCLUSIONS: From Table 9 and Fig.8:

i. Companies without female EDs stand at a significantly high rate of 81.1% which represents a

considerable 154 out of the 190 NSE companies surveyed.

ii. None of the NSE listed companies have up to 3 female Eds.



2.3 Distribution of female EDs by industry

Whether the results presented above are industry-related is examined in the figures below, which

are not only tabulated in Table 10, they are also graphically presented for maximum visual effect in

Fig. 9 below.

Table 10: Distribution of female EDs by industry

Industry Female EDs Total number of EDs

Percentage female Eds

Total Percentage

Agriculture 1 8 12.5% 100%

Conglomerates 1 10 10% 100%

Construction/ Real Estate 0 18 0% 100%

Consumer Goods 9 60 15% 100%

Financial Services 21 152 13.8% 100%

Healthcare 3 27 11.1% 100%

ICT 1 15 6.7% 100%

Industrial Goods 3 44 6.8% 100%

Natural Resources 0 7 0% 100%

Oil And Gas 2 29 6.9% 100%

Services 3 30 10% 100%



Figure 9: Numerical distribution of female NSE EDs by industry

CONCLUSION: Table 10 and Fig. 9 show that:

i. The financial and consumer goods industries have the highest representation of female EDs.

ii. The ICT industry has the lowest representation of female EDs.

iii. The construction and real estate and natural resources industries have no female EDs.

iv. The number of female board members at ED level cannot be said to be impacted by industry

to a large extent, except in some industries where there are no female EDs.



SECTION 3: Chairpersons’ Results

Even without a formal study, it is a known fact, supported by anecdotal evidence that it is indeed

very rare for a woman to chair the board of a company quoted on the NSE. The survey was

therefore extended to deal with chairpersons of companies in order to cause a shift from reliance

on anecdotal evidence only. The result for the chairpersons of the 20 HRCs surveyed is also

presented in this section.

NSE COMPANIES

4.1 NSE percentage of female chairpersons

The results are presented both numerically and graphically.

Table 11: Female chairpersons in NSE companies

Description Number Percent

Total NSE chairpersons 190 100%

NSE female chairpersons 5 2.6%

Total NSE CEOs 190

100%

Female NSE CEOs 12

6.3%

Figure 10: Percentage chairpersons of companies by gender



Total number of chairpersons = 190

Total number of female chairpersons = 5

Percentage female chairpersons = 5/190 × 100 = 2.6%

Male chairpersons = (100 – 2.6) % = 97.4%

CONCLUSIONS:

i. The number of female chairpersons is insignificant as seen from their percentile occurrence

of just 2.6%.

ii. Only 2 out of every 100 chairpersons in the NSE listed companies is a woman.

HRC CHAIRPERSONS

The percentage of females occupying HRC chairs was surveyed in order to enable comparative

analysis against the number of women occupying NSE chairs.

4.2 Percent chairpersons on HRC boards by gender.

Total number of chairs = 20

Number of female chairpersons = 0

Percentage female chairpersons = (0/20 × 100) % = 0%

Thus, percentage male chairpersons = (100 – 0) % = 100 %

Figure 11: HRC percentage chairpersons by gender.

CONCLUSION: 0 out of every 100 HRC chairpersons is a woman but in making the comparison, it should

be borne in mind that 2.6% represents the results from 190 NSE companies whilst the results for the

HRC is derived from 20 companies only.

Male

Female

100%

Chairpersons of HRCs

0%



SECTION 4: Chief Executive Officer (CEO) Results

The CEO drives the management responsibilities of a corporate body and thus wields significant

influence as he/she also serves as the link between the company, the board and the investors or

financiers. The data for this section is captured in Appendix 4.

NSE COMPANIES

4.1 Percent female CEOs

Figure 12: NSE distribution of CEOs by gender

Total number of female CEOs = 12

Total number of CEOs = 190

Percentage female CEOs = 12/190 × 100 = 6.3%

Male CEOs = 93.7%

CONCLUSION: In the NSE, there are 6 female CEOs for every 100 companies and when compared

to the figure derived for chairpersons’ position in Section 3 above, there are more female CEOs

than female chairpersons.

Percentage CEOs of NSE companies



HRC COMPANIES

As is the case with the other reports, the presence of female CEOs on the boards of the 20 HRCs

was surveyed.

4.2 Percentage female CEOs in 20 HRCs

Total number of female CEOs = 3

Total number of CEOs = 20

Percentage female CEOs = 3/20 ×100 = 15%

Male CEOs = 85%

Figure 13: HRC percentile CEOs by gender

CONCLUSION: 15 out of 100 HRC CEOs will be female.

Percentile CEOs of HRCs by gender



SECTION 4: Comparisons and Conclusions

In order to have a global view of the results of the different categories of board representations,

and also to aid the understanding of inferences drawn, the tables and graphs below are used in

summarisation.

NSE COMPANIES

4.1 Summary of all NSE results

Table 12 Summary of all NSE results

Description Number Percentage

Total NSE directors 1599 100%

Female NSE directors 168 10.5%

Total NSE EDs 400 100%

Female NSE EDs 44 11%

Total NSE chairpersons 190 100%

Female NSE chairpersons 5 2.6%

Total NSE CEOs 190 100%

Female NSE CEOs 12 6.3%



Figure 14: NSE female board participation

Conclusion:

Female board participation at every level, whether NED, ED, CEO or Chairperson is considerably

insignificant, and it in fact becomes even more inconsequential at the chairmanship level.

HRC COMPANIES

4.2 Summary of all HRC results

Table 13: Summary of HRC results

Description Number Percent

Total directors 170 100%

Female directors 25 14.7%

Total EDs 47 100%

Female EDs 7 14.9%

Total chairpersons 20 100%

Female chairpersons 0 0%

Total CEOs 20 100%

Female CEOs 3 15%



Figure 15: HRC distribution of female board members by designation

Figure 16: HRC percentile distribution of female board members

Conclusion: Female corporate participation is higher in the HRCs than the NSE companies.



COMBINED NSE AND HRCs RESULTS

Table 14: Combined NSE and HRC results

NSE/HRC % Directors % EDs % CEOs % Chairpersons

NSE companies 10.5 11 6.3 2.6

HRC companies 14.7 14.9 15 0

Figure 17: Combined NSE and HRC results

COMPARISM OF NIGERIAN AND INTERNATIONAL RESULTS

Catalyst is one of the world’s leading not-for-profit organisations that seek to advance the

representation of women in the workplace. The organisation not only commissions surveys on its own

initiative, it also gathers the results of surveys conducted and publishes a global result, annually.

Figure 18 below shows the 2011 global results published by Catalyst and present the figures for 44

countries’ board gender studies.



Figure 18: Global Board Seats Held by Women±1



CONCLUSIONS:

i. Of the 44 countries in the graph above, Norway has the highest female representation on boards

and Saudi Arabia has the lowest.

ii. The global result for general female board directorship presented above is 10.5% and if this is

superimposed on the graph, Nigeria will rank 14th, coming immediately after Turkey and before

Canada.

Appendices

Appendix 1: The Nigerian Stock Exchange (NSE) Companies by industry and listing

Industry

Sector/ Sub Group

Company Name

SSE Board

AGRICULTURE

Crop Production

FTN COCOA PROCESSORS PLC. main

OKOMU OIL PALM PLC. main

PRESCO PLC. main

Fishing/Hunting/Trapping ELLAH LAKES PLC. main

Livestock/Animal Specialties LIVESTOCK FEEDS PLC. main

CONGLOMERATES

Diversified Industries

A.G. LEVENTIS NIGERIA PLC.

CHELLARAMS PLC.

JOHN HOLT PLC.

SCOA NIGERIA PLC.

UAC NIGERIA PLC.

main

main

main

main

main

CONSTRUCTION/REAL

ESTATE

Building Construction ARBICO PLC.

CAPPA & D'ALBERTO PLC.

main

main

Building

Structure/Completion/Other

COSTAIN (W.A.) PLC.

G. CAPPA PLC. main

main

Non--Building/Heavy

Construction

JULIUS BERGER NIGERIA PLC.

ROADS NIGERIA PLC.

SMART PRODUCTS NIGERIA PLC.

PINNACLE POINT GROUP PLC.

UACN PROPERTY DEVELOPMENT COMPANY PLC.

SKYE SHELTER FUND PLC.

UNION HOMES REAL ESTATE PLC.

main main

Property Management ASeM

Real Estate Development main

main

Real Estate Investment Trusts

(REITs)

main

main

CONSUMER GOODS

CONSUMER GOODS

Automobiles/Auto Parts DN TYRE & RUBBER PLC.

CHAMPION BREWERIES PLC.

GOLDEN GUINEA BREWERIES PLC.

GUINNESS NIGERIA PLC.

INTERNATIONAL BREWERIES PLC .

JOS INTERNATIONAL BREWERIES PLC.

NIGERIAN BREWERIES PLC.

PREMIER BREWERIES PLC.

7-UP BOTTLING COMPANY PLC.

BIG TREAT PLC.

DANGOTE FLOUR MILLS PLC.

DANGOTE SUGAR REFINERY PLC.

FLOUR MILLS NIGERIA PLC.

HONEYWELL FLOUR MILLS PLC.

MCNICHOLS PLC.

MULTI-TREX INTEGRATED PLC.

NIGERIA FLOUR MILLS PLC.

NATIONAL SALT COMPANY OF NIGERIA PLC.

P S MANDRIDES & COMPANY PLC.

UTC NIGERIA PLC.

UNION DICON SALT PLC.

CADBURY NIGERIA PLC.

main

Beverages--Brewers/Distillers

main

main

main

main

main

Beverages--Brewers/Distillers main

main

Beverages--Non-Alcoholic main

Food Products

main

main

main

main

main

ASeM

main

main

main

main

main

main

Food Products--Diversified main


Household Durables

NESTLE NIGERIA PLC. main

BETA GLASS COMPANY PLC. main

NIGERIAN ENAMELWARE PLC. main

VITAFOAM NIGERIA PLC. main

VONO PRODUCTS PLC. main

PZ CUSSONS NIGERIA PLC. main

Personal/Household Products ROKANA INDUSTRIES PLC. ASeM

UNILEVER NIGERIA PLC. main

FINANCIAL SERVICES

ACCESS BANK PLC.

main

DIAMOND BANK PLC. main

ECOBANK NIGERIA PLC. main

ECOBANK TRANSNATIONAL INCORPORATED main

FIDELITY BANK main

FINBANK PLC. main

FIRST BANK OF NIGERIA PLC. main

FIRST CITY MONUMENT BANK PLC. main

GUARANTY TRUST BANK PLC. main

INTERCONTINENTAL BANK PLC. main

Banking NPF MICROFINANCE BANK PLC. main

SKYE BANK PLC. main

STANBIC IBTC BANK PLC. main

STERLING BANK PLC. main

UNITED BANK FOR AFRICA PLC. main

FINANCIAL SERVICES UNION BANK OF NIGERIA PLC. main

UNITY BANK PLC. main

WEMA BANK PLC. main

ZENITH BANK PLC. main

AFRICAN ALLIANCE INSURANCE C0MPANY PLC. main

AIICO INSURANCE PLC. main

CONSOLIDATED HALLMARK PLC . main

CONTINENTAL REINSURANCE PLC . main

Insurance Carriers, Brokers and Services

CORNERSTONE INSURANCE C0MPANY PLC .

CUSTODIAN & ALLIED INSURANCE PLC.

main

main

EQUITY ASSURANCE PLC. main

GOLDLINK INSURANCE PLC. main

GREAT NIGERIAN INSURANCE PLC. main

GUARANTY TRUST ASSURANCE PLC. main

GUINEA INSURANCE PLC. main

INTERCONTINENTAL WAPIC INSURANCE PLC. main

FINANCIAL SERVICES

Insurance Carriers, Brokers and Services

INTERNATIONAL ENERGY INSURANCE PLC.

INVESTMENT & ALLIED INSURANCE PLC.

main

main

LASACO ASSURANCE PLC. main

LAW UNION AND ROCK INSURANCE PLC. main

LINKAGE ASSURANCE PLC. main


FINANCIAL SERVICES

MUTUAL BENEFITS ASSURANCE PLC.

N.E.M INSURANCE COMPANY (NIG.) PLC.

NIGER INSURANCE COMPANY PLC.

OASIS INSURANCE PLC.

PRESTIGE ASSURANCE COMPANY PLC.

REGENCY ALLIANCE INSURANCE PLC.

SOVEREIGN TRUST INSURANCE PLC.

STACO INSURANCE PLC.

STANDARD ALLIANCE INSURANCE PLC.

UNIC INSURANCE PLC.

UNITY KAPITAL ASSURANCE PLC.

UNIVERSAL INSURANCE COMPANY PLC.

ABBEY BUILDING SOCIETY PLC.

ASO SAVINGS AND LOANS PLC.

RESORT SAVINGS & LOANS PLC.

UNION HOMES & SAVINGS PLC.

CRUSADER INSURANCE (NIG.) PLC.

DEAP CAPITAL MANAGEMENT PLC .

NIGERIA ENERYGY SECTOR FUND PLC .

ROYAL EXCHANGE ASSURANCE PLC.

SIM CAPITAL ALLIANCE PLC.

main

main

main

main

main

main

main

main

main

main

main

main

main

main

main

main

main

main

main

main

main

Mortgage Carriers, Brokers and Services

Other Financial Institutions

Other Financial Institutions

HEALTHCARE

Healthcare Providers EKOCORP PLC.

UNION DIAGNOSTIC & CLINICAL SERVICES PLC.

MORISON INDUSTRIES PLC.

main

main

main Medical Supplies

Pharmaceuticals

AFRIK PHARMACEUTICALS PLC. ASeM

EVANS MEDICAL PLC. main

FIDSON HEALTHCARE PLC. main

GLAXO SMITHKLINE CONSUMER NIGERIA PLC. main

MAY & BAKER NIGERIA PLC. main

NEIMETH INTERNATIONAL PHARMACEUTICALS PLC. main

NIGERIA-GERMAN CHEMICAL PLC. main

PHARMA-DEKO PLC. main

ICT

Computer Based Systems COURTEVILLE INVESTMENTS PLC. main

Computers and Peripherals OMATEK VENTURES PLC. main Electronic Communications Services

MTECH COMMUNICATIONS PLC.

main

IT Services NCR (NIGERIA) PLC. main

TRIPPLE GEE AND COMPANY PLC. main

Processing Systems CHAMS PLC. main

E-TRANZACT INTERNATIONAL PLC . main

Telecommunications Carriers

IHS PLC.

main

MTI PLC. main

INDUSTRIAL GOODS

Building Materials

AFRICAN PAINTS (NIGERIA) PLC.

ASHAKA CEMENT PLC.

BERGER PAINTS PLC.

main

main

main


INDUSTRIAL GOODS

Building Materials

CAP PLC.

CEMENT COMPANY OF NORTHERN NIGERIA PLC.

DANGOTE CEMENT PLC.

DN MEYER PLC.

FIRST ALUMINIUM NIGERIA PLC.

IPWA PLC.

LAFARGE WAPCO PLC.

PAINTS & COATINGS MANUFACTURING CO. PLC.

PORTLAND PAINTS & PRODUCTS PLC .

PREMIER PAINTS PLC.

ADSWITCH PLC.

CUTIX PLC.

NIGERIAN WIRE AND CABLE PLC.

NIGERIAN WIRE INDUSTRY PLC.

ABPLAST PRODUCTS PLC.

AVON CROWNCAPS & CONTAINERS PLC.

GREIF NIGERIA PLC.

NIGERIAN BAGS MANUFACTURING COMPA NY PLC.

POLY PRODUCTS (NIG.) PLC.

W.A GLASS INDUSTRIES PLC.

NIGERIAN SEWING MACHINES MAN. CO. PLC.

NIGERIAN ROPES PLC.

STOKVIS NIGERIA PLC.

main

main

main

main

main

main

main

main

main

main

Electronic and Electrical Products

ASeM

main

main

main

Packaging/Containers

main

main

main

main

main

main

Tools and Machinery

main

main

main

NATURAL RESOURCES

NATURAL RESOURCES

Chemicals B.O.C. GASES PLC.

ALUMACO PLC.

ALUMINIUM EXTRUSION PLC.

W.A. ALUMINIUM PRODUCTS PLC.

MULTIVERSE PLC.

HALLMARK PAPER PRODUCTS PLC.

THOMAS WYATT NIGERIA PLC.

main

Metals

main

main

ASeM

Non-Metallic Mineral Mining main

Paper/Forest Products

Paper/Forest Products

main

main

OIL AND GAS

Energy Equipment and Services JAPAUL OIL & MARITIME PLC.

OANDO PLC.

AFROIL PLC.

ANINO INTERNATIONAL PLC.

BECO PETROLEUM PRODUCTS PLC.

CAPITAL OIL PLC.

CONOIL PLC.

ETERNA OIL PLC.

FORTE OIL PLC.

MOBIL OIL NIGERIA PLC.

MRS OIL NIGERIA PLC.

RAK UNITY PETROLEUM PLC.

TOTAL NIGERIA PL C.

UNION VENTURES & PETROLEUM PLC.

main

Integrated Oil and Gas Services main

Petroleum and Petroleum Products Distributors

main

ASeM

main

ASeM

main

main

main

main

main

ASeM

main

ASeM

SERVICES Advertising AFROMEDIA PLC. main


SERVICES

Apparel Retailers LENNARDS (NIG.) PLC.

UDEOFSON GARMENT FACTORY PLC.

R.T BRISCOE PLC.

RED STAR EXPRESS PLC.

TRANS-NATIONWIDE EXPRESS PLC.

C & I LEASING PLC.

JULI PLC.

TANTALIZERS PLC.

CAPITAL HOTELS PLC.

IKEJA HOTEL PLC.

TOURIST COMPANY OF NIGERIA PLC.

TRANSNATIONAL CORPORATION OF NIGERIA PLC.

DAAR COMMUNICATIONS PLC.

ACADEMY PRESS PLC.

LEARN AFRICA PLC.

STUDIO PRESS (NIG.) PLC.

UNIVERSITY PRESS PLC.

ASSOCIATED BUS COMPANY PLC.

INTERLINKED TECHNOLOGIES PLC.

SECURE ELECTRONICS PLC.

AIRLINE SERVICES & LOGISTICS PLC.

NIGERIAN AVIATION HANDLING COMPANY PLC.

main

ASeM

Automobile/Auto Part Retailers main

Courier/Freight/Delivery main

main

Employment Solutions main Food/Drug Retailers and Wholesalers

ASeM

Hospitality main

Hotels/Lodging

main

main

main

main

Media/Entertainment main

Printing/Publishing

main

main

main

main

Road Transportation main

Specialty main

main

Transport-Related Services main

main

Appendix 2: Total number of directors in the NSE companies by industry

AGRICULTURE Fishing/Hunting/Trapping ELLAH LAKES PLC. 10 2 20

AGRICULTURE Crop Production FTN COCOA PROCESSORS PLC. 7 0 0

AGRICULTURE Livestock/Animal Specialties LIVESTOCK FEEDS PLC. 6 1 16.7

AGRICULTURE Crop Production OKOMU OIL PALM PLC . 10 0 0

AGRICULTURE Crop Production PRESCO PLC. 8 0 0

Total 41 3

CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. 9 0 0

CONGLOMERATES Diversified Industries CHELLARAMS PLC. 7 0 0

CONGLOMERATES Diversified Industries JOHN HOLT PLC. 6 0 0

CONGLOMERATES Diversified Industries SCOA NIGERIA PLC. 10 1 10

CONGLOMERATES Diversified Industries UAC NIGERIA PLC. 8 2 25

Total 40 3

CONSTRUCTION/REAL ESTATE

Building Construction

ARBICO PLC.

7

1

14.3

CONSTRUCTION/REAL ESTATE Building Construction CAPPA & D'ALBERTO PLC . 10 0 0

CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other COSTAIN (W. A.) PLC. 7 0 0

CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other G. CAPPA PLC. 5 1 20

CONSTRUCTION/REAL ESTATE Non--Building/Heavy Construction JULIUS BERGER NIGERIA PLC. 9 1 11.1

CONSTRUCTION/REAL ESTATE Real Estate Development PINNACLE POINT GROUP PLC. 9 1 11.1

CONSTRUCTION/REAL ESTATE Non--Building/Heavy Construction ROADS NIGERIA PLC. 5 0 0

CONSTRUCTION/REAL ESTATE Real Estate Investment Trusts (REITs) SKYE SHELTER FUND PLC. 17 4 23.5

CONSTRUCTION/REAL ESTATE Property Management SMART PRODUCTS NIGERIA PLC. 4 0 0

CONSTRUCTION/REAL ESTATE Real Estate Development UACN PROPERTY DEVELOPMENT COMPANY PLC. 8 2 25

CONSTRUCTION/REAL ESTATE Real Estate Investment Trusts (REITs) UNION HOMES REAL ESTATE PLC. 7 1 14.3

Total 88 11

CONSUMER GOODS Beverages--Non-Alcoholic 7-UP BOTTLING COMPANY PLC. 10 0 0

CONSUMER GOODS Household Durables BETA GLASS COMPANY PLC. 9 0 0

CONSUMER GOODS Food Products BIG TREAT PLC. 4 0 0

CONSUMER GOODS Food Products--Diversified CADBURY NIGERIA PLC. 7 2 28.6

CONSUMER GOODS Food Products DANGOTE FLOUR MILLS PLC. 10 0 0

CONSUMER GOODS Food Products DANGOTE SUGAR REFINERY PLC. 9 1 11.1

CONSUMER GOODS Automobiles/Auto Parts DN TYRE & RUBBER PLC. 6 0 0

CONSUMER GOODS Food Products FLOUR MILLS OF NIGERIA PLC. 15 0 0

CONSUMER GOODS Beverages--Brewers/Distillers GOLDEN GUINEA BREWERIES PLC. 10 0 0

CONSUMER GOODS Beverages--Brewers/Distillers GUINNESS NIGERIA PLC. 11 2 18.2

CONSUMER GOODS Food Products HONEYWELL FLOUR MILLS PLC. 9 0 0

CONSUMER GOODS Beverages--Brewers/Distillers INTERNATIONAL BREWERI ES PLC. 10 1 10

CONSUMER GOODS Beverages--Brewers/Distillers JOS INTERNATIONAL BREWERIES PLC. 8 1 12.5

CONSUMER GOODS Food Products MCNICHOLS PLC. 5 1 20

CONSUMER GOODS Food Products MULTI-TREX INTEGRATED FOODS PLC. 9 0 0

CONSUMER GOODS Food Products NIGERIAN FLOUR MILLS PLC. 12 0 0

CONSUMER GOODS Food Products NATIONAL SALT COMPANY OF NIGERIA PLC. 9 0 0

CONSUMER GOODS Food Products--Diversified NESTLE NIGERIA PLC. 9 1 11.1

CONSUMER GOODS Beverages--Brewers/Distillers NIGERIAN BREWERIES. PLC. 13 1 7.7

CONSUMER GOODS Household Durables NIGERIAN ENAMELWARE PLC . 7 0 0

CONSUMER GOODS Food Products P S MANDRIDES & COMPANY PLC. 9 1 11.1

CONSUMER GOODS Personal/Household Products P Z CUSSONS NIGERIA PLC. 12 3 25

CONSUMER GOODS Beverages--Brewers/Distillers PREMIER BREWERIES PLC. 7 1 14.3

Industry

Sector/ Sub Group

Company name

Total

Female

% Female

Directors Directors Directors


CONSUMER GOODS Personal/Household Products ROKANA INDUSTRIES PLC. 9 0 0

CONSUMER GOODS Food Products UTC NIGERIA PLC. 7 1 14.3

CONSUMER GOODS Personal/Household Products UNILEVER NIGERIA PLC. 10 2 20

CONSUMER GOODS Food Products UNION DICON SALT PL C. 7 0 0

CONSUMER GOODS Household Durables VITAFOAM NIGERIA PLC. 9 1 11.1

CONSUMER GOODS Household Durables VONO PRODUCTS PLC. 5 1 20

Total 257 20

FINANCIAL SERVICES Mortgage Carriers, Brokers and Services ABBEY BUILDING SOCIETY PLC. 7 1 14.3

FINANCIAL SERVICES Banking ACCESS BANK PLC. 13 2 15.4

FINANCIAL SERVICES Insurance Carriers, Brokers and Services AFRICAN ALLIANCE INSURANCE C0MPANY PLC. 6 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. 10 1 10

FINANCIAL SERVICES Mortgage Carriers, Brokers and Services ASO SAVINGS AND LOANS PLC. 10 1 10

FINANCIAL SERVICES Insurance Carriers, Brokers and Services CONSOLIDATED HALLMARK I NSURANCE PLC. 10 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services CONTINENTAL REINSURANCE COMPANY PLC. 13 1 7.7

FINANCIAL SERVICES Insurance Carriers, Brokers and Services CORNERSTONE INSURANCE C0MPANY PLC. 9 0 0

FINANCIAL SERVICES Other Financial Institutions CRUSADER INSURANCE NIGERIA PLC. 8 2 25

FINANCIAL SERVICES Insurance Carriers, Brokers and Services CUSTODIAN AND ALLIED INSURANCE PLC. 8 1 12.5

FINANCIAL SERVICES Other Financial Institutions DEAP CAPITAL MANAGEMENT PLC. 13 3 23.1

FINANCIAL SERVICES Banking DIAMOND BANK PLC. 16 1 6.25

FINANCIAL SERVICES Banking ECOBANK NIGERIA PLC. 13 3 23.1

FINANCIAL SERVICES Banking ECOBANK TRANSNATIONAL INCORPORATED PLC. 14 2 14.3

FINANCIAL SERVICES Insurance Carriers, Brokers and Services EQUITY ASSURANCE PLC. 4 0 0

FINANCIAL SERVICES Banking FIDELITY BANK PLC. 15 2 13.3

FINANCIAL SERVICES Banking FINBANK PLC. 11 1 9.1

FINANCIAL SERVICES Banking FIRST BANK OF NIGERIA PLC. 16 4 25

FINANCIAL SEVICES Banking FIRST CITY MONUMENT BANK PLC. 15 0 O

FINANCIAL SERVICES Insurance Carriers, Brokers and Services GOLDLINK INSURANCE PLC. 3 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services GREAT NIGERIA INSURANCE PLC. 8 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services GUARANTY TRUST ASSURANCE PLC. 11 3 27.3

FINANCIAL SERVICES Banking GUARANTY TRUST BANK PLC. 14 3 21.4

FINANCIAL SERVICES Insurance Carriers, Brokers and Services GUINEA INSURANCE PLC. 6 0 0

INTERCONTINENTAL BANK (now Acquired by Access FINANCIAL SERVICES Banking Bank PLC.) 10 2 20

FINANCIAL SERVICES Insurance Carriers, Brokers and Services INTERCONTINENTAL WAPIC INSURAN CE PLC. 5 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services INTERNATIONAL ENERGY INSURANCE PLC. 7 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services INVESTMENT AND ALLIED INSURANCE PLC. 10 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services LASACO ASSURANCE PLC. 8 2 25

FINANCIAL SERVICES Insurance Carriers, Brokers and Services LAW UNION AND ROCK INSURANCE PLC. 9 1 11.1

FINANCIAL SERVICES Insurance Carriers, Brokers and Services LINKAGE ASSURANCE PLC. 12 2 16.7

FINANCIAL SERVICES Insurance Carriers, Brokers and Services MUTUAL BENEFITS ASSURANCE PLC. 15 1 6.7

FINANCIAL SERVICES Insurance Carriers, Brokers and Services N.E.M INSURANCE COMPANY (NIG.) PLC. 6 2 33.3

FINANCIAL SERVICES Insurance Carriers, Brokers and Services NIGER INSURANCE COMPANY PLC. 8 0 0

FINANCIAL SERVICES Banking NPF MICROFINANCE BANK PLC. 7 1 14.3

FINANCIAL SERVICES Insurance Carriers, Brokers and Services OASIS INSURANCE PLC. 10 1 10

FINANCIAL SERVICES Insurance Carriers, Brokers and Services PRESTIGE ASSURANCE COMPANY PLC. 5 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services REGENCY ALLIANCE INSURANCE COMPANY PLC. 8 1 12.5

FINANCIAL SERVICES Mortgage Carriers, Brokers and Services RESORT SAVINGS AND LOANS PLC. 4 0 0

FINANCIAL SERVICES Other Financial Institutions ROYAL EXCHANGE ASSURANCE PLC. 10 0 0

FINANCIAL SERVICES Banking SKYE BANK PLC. 16 2 12.5

FINANCIAL SERVICES Insurance Carriers, Brokers and Services SOVEREIGN TRUST INSURANCE COMPANY PLC. 8 1 12.5

FINANCIAL SERVICES Insurance Carriers, Brokers and Services STACO INSURANCE PLC. 8 0 0

FINANCIAL SERVICES Banking STANBIC IBTC BANK PLC. 11 3 27.3

FINANCIAL SERVICES Insurance Carriers, Brokers and Services STANDARD ALLIANCE INSURANCE P LC. 9 2 22.2

FINANCIAL SERVICES Banking STERLING BANK PLC. 12 1 8.3

FINANCIAL SERVICES Banking UNITED BANK FOR AFRICA PLC. 15 2 13.3

FINANCIAL SERVICES Insurance Carriers, Brokers and Services UNIC INSURANCE PLC. 7 1 14.3

FINANCIAL SERVICES Banking UNION BANK OF NIGERIA PLC. 14 2 14.3


FINANCIAL SERVICES Mortgage Carriers, Brokers and Services UNION HOMES AND SAVINGS PLC. 6 1 16.7 FINANCIAL SERVICES Banking UNITY BANK PLC. 17 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services UNITY KAPITAL ASSURANCE PLC. 7 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services UNIVERSAL INSURANCE COMPANY PLC. 7 2 28.6

FINANCIAL SERVICES Banking WEMA BANK PLC. 9 0 0

FINANCIAL SERVICES Banking ZENITH BANK PLC. 12 1 8.3

Total 545 62

HEALTHCARE Pharmaceuticals AFRIK PHARMACEUTICALS PLC. 5 2 40 HEALTHCARE Healthcare Providers EKOCORP PLC. 11 2 18.2

HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. 9 1 11.1

HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC 9 2 22.2

HEALTHCARE Pharmaceuticals GLAXO SMITHKLINE CONSUMER SERVICES PLC. 12 1 8.3

HEALTHCARE Pharmaceuticals MAY & BAKER NIGERIA PLC. 3 1 33.3

HEALTHCARE Medical Supplies MORISON INDUSTRIES PLC. 6 1 16.7

HEALTHCARE Pharmaceuticals NEIMETH INTERNATIONAL PHARMACEUTICALS PLC. 11 0 0

HEALTHCARE Pharmaceuticals NIGERIAN-GERMAN CHEMICALS PLC. 7 0 0

HEALTHCARE Pharmaceuticals PHARMA-DEKO PLC. 5 0 0

HEALTHCARE Healthcare Providers UNION DIAGNOSTIC & CLINICAL SERVICES PLC. 8 0 0

Total 86 10

ICT

Processing Systems

CHAMS PLC.

7

0

0

ICT Computer Based Systems COURTEVILLE INVESTMENT PLC. 7 0 0

ICT Processing Systems E-TRANZACT INTERNATIONAL PLC. 8 1 12.5

ICT Telecommunications Carriers IHS PLC. 9 1 11.1

ICT Electronic Communications Services MTECH COMMUNICATIONS PLC. 4 1 25

ICT Telecommunications Carriers MTI PLC. 6 0 0

ICT IT Services NCR NIGERIA PLC. 5 0 0

ICT Computers and Peripherals OMATEK VENTURES PLC. 15 2 13.3

ICT IT Services TRIPPLE GEE AND COMPANY PL C. 7 1 14.3

Total 68 6

INDUSTRIAL GOODS Packaging/Containers ABPLAST PRODUCTS PLC. 7 3 42.9

INDUSTRIAL GOODS Electronic and Electrical Products ADSWITCH PLC. 12 2 16.7

INDUSTRIAL GOODS Building Materials AFRICAN PAINTS (NIG.) PLC. 8 2 25

INDUSTRIAL GOODS Building Materials ASHAKA CEMENT PLC. 6 1 16.7

INDUSTRIAL GOODS Packaging/Containers AVON CROWNCAPS & CONTAINERS PLC. 8 0 0

INDUSTRIAL GOODS Building Materials BERGER PAINTS PLC. 4 0 0

INDUSTRIAL GOODS Building Materials CAP PLC. 6 2 33.3

INDUSTRIAL GOODS Building Materials CEMENT COMPANY OF NORTHERN NIGERIA PLC. 9 1 11.1

INDUSTRIAL GOODS Electronic and Electrical Products CUTIX PLC. 12 3 25

INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC. 8 0 0

INDUSTRIAL GOODS Building Materials DN MEYER PLC. 10 2 20

INDUSTRIAL GOODS Building Materials FIRST ALUMINIUM NIGERIA PLC. 6 0 0

INDUSTRIAL GOODS Packaging/Containers GRIEF NIGERIA PLC. 5 0 0

INDUSTRIAL GOODS Building Materials IPWA PLC. 6 1 16.7

INDUSTRIAL GOODS Building Materials LAFARGE WAPCO PLC. 12 1 8.3

INDUSTRIAL GOODS Packaging/Containers NIGERIAN BAGS MANUFACTU RING CO. PLC. 10 0 0

INDUSTRIAL GOODS Tools and Machinery NIGERIAN ROPES PLC. 3 0 0

INDUSTRIAL GOODS Electronic and Electrical Products NIGERIAN WIRE AND CABLE PLC. 5 0 0

INDUSTRIAL GOODS Electronic and Electrical Products NIGERIAN WIRE INDUSTRIES PLC. 5 0 0

INDUSTRIAL GOODS Packaging/Containers POLY PRODUCTS NIGERIA PLC. 6 1 16.7

INDUSTRIAL GOODS Building Materials PORTLAND PAINTS & PRODUCTS PLC. 5 0 0

INDUSTRIAL GOODS Building Materials PREMIER PAINTS PLC. 5 0 0

INDUSTRIAL GOODS Tools and Machinery STOKVIS NIGERIA PLC. 5 1 20


INDUSTRIAL GOODS Packaging/Containers W. A. GLASS INDUSTRY PLC. 8 0 0

Total 171 20

NATURAL RESOURCES

Metals

ALUMACO PLC.

5

0

0

NATURAL RESOURCES Metals ALUMINIUM EXTRUSION PLC. 9 0 0

NATURAL RESOURCES Chemicals B.O.C. GASES PLC. 4 0 0

NATURAL RESOURCES Paper/Forest Products HALLMARK PAPER PRODUCTS PLC. 5 0 0

NATURAL RESOURCES Non-Metallic Mineral Mining MULTIVERSE PLC. 7 0 0

NATURAL RESOURCES Paper/Forest Products THOMAS WYATT NIGERIA PLC. 9 1 11.1

Total 39 1

OIL AND GAS Petroleum and Petroleum Products Distributors AFROIL PLC. 7 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors ANINO INTERNATIONAL PLC. 3 2 66.7

OIL AND GAS Petroleum and Petroleum Products Distributors BECO PETROLEUM PRODUCTS PLC. 9 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors CAPITAL OIL PLC. 5 1 20

OIL AND GAS Petroleum and Petroleum Products Distributors CONOIL PLC. 7 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors ETERNA OIL PLC. 5 1 20

OIL AND GAS Petroleum and Petroleum Products Distributors FORTE OIL PLC. 9 1 11.1

OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME COMPANY PLC. 8 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors MOBIL OIL NIGERIA PLC. 6 1 16.7

OIL AND GAS Petroleum and Petroleum Products Distributors MRS OIL NIGERIA PLC. 3 0 0

OIL AND GAS Integrated Oil and Gas Services OANDO PLC. 9 3 33.3

OIL AND GAS Petroleum and Petroleum Products Distributors RAK UNITY PETROLEUM PLC. 4 1 25

OIL AND GAS Petroleum and Petroleum Products Distributors TOTAL NIGERIA PLC. 9 1 11.1

OIL AND GAS Petroleum and Petroleum Products Distributors UNION VENTURES & PETROLEUM COMPANY PLC. 4 0 0

Total 88 11

SERVICES Printing/Publishing ACADEMY PRESS PLC. 9 2 22.2

SERVICES Advertising AFROMEDIA PLC. 7 0 0

SERVICES Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC. 6 1 16.7

SERVICES Road Transportation ASSOCIATED BUS COMPANY PLC. 6 0 0

SERVICES Employment Solutions C & I LEASING PLC. 10 1 10

SERVICES Hotels/Lodging CAPITAL HOTELS PLC. 12 1 8.3

SERVICES Media/Entertainment DAAR COMMUNICATIONS PLC. 17 4 23.5

SERVICES Hotels/Lodging IKEJA HOTEL PLC. 7 1 14.3

SERVICES Specialty INTERLINKED TECHNOLOGIES PLC. 11 2 18.2

SERVICES Food/Drug Retailers and Wholesalers JULI PLC. 8 3 37.5

SERVICES Printing/Publishing LEARN AFRICA PLC. 10 1 10

SERVICES Apparel Retailers LENNARDS NIGERIA PLC. 4 0 0

SERVICES Automobile/Auto Part Retailers R. T BRISCOE PLC. 6 1 16.7

SERVICES Courier/Freight/Delivery RED STAR EXPRESS PLC. 7 0 0

SERVICES Printing/Publishing STUDIO PRESS NIGERIA PLC. 6 0 0

SERVICES Hospitality TANTALIZERS PLC. 11 1 9.1

SERVICES Hotels/Lodging TOURIST COMPANY OF NIGERIA PLC. 4 0 0

SERVICES Hotels/Lodging TRANSNATIONAL CORPORATION OF NIGERIA PLC. 10 1 10

SERVICES Courier/Freight/Delivery TRANS-NATIONWIDE EXPRESS PLC. 9 1 11.1

SERVICES Apparel Retailers UDEOFSON GARMENT FACTORY PLC. 6 1 16.7

SERVICES Printing/Publishing UNIVERSITY PRESS PLC. 10 0 0

Total 176 21


Industry

AGRICULTURE

AGRICULTURE

AGRICULTURE

AGRICULTURE

AGRICULTURE

Sector/ Sub Group Company Name Total Female

Executive Executive

Directors Directors

Crop Production FTN COCOA PROCESSORS PLC. 2 0

Crop Production OKOMU OIL PALM PLC. 2 0

Crop Production PRESCO PLC. 1 0

Fishing/Hunting/Trapping ELLAH LAKES PLC. 1 0

Livestock/Animal Specialties LIVESTOCK FEEDS PLC. 2 1

Total 8 1

% Female

Executive

Directors

0

0

0

0

50

CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. 1 0 0 CONGLOMERATES Diversified Industries CHELLARAMS PLC. 1 0 0

CONGLOMERATES Diversified Industries JOHN HOLT PLC. 2 0 0

CONGLOMERATES Diversified Industries SCOA NIGERIA PLC. 4 0 0

CONGLOMERATES Diversified Industries UAC NIGERIA PLC. 2 1 50

Total 10 1

CONSTRUCTION/REAL ESTATE Building Construction ARBICO PLC. 1 0 0 CONSTRUCTION/REAL ESTATE Building Construction CAPPA & D'ALBERTO PLC. 6 0 0

CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other COSTAIN (W. A) PLC. 1 0 0

CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other G. CAPPA PLC. 1 0 0

CONSTRUCTION/REAL ESTATE Non--Building/Heavy Construction JULIUS BERGER NIG. PLC. 2 0 0

CONSTRUCTION/REAL ESTATE Non--Building/Heavy Construction ROADS NIGERIA PLC. 1 0 0

CONSTRUCTION/REAL ESTATE Property Management SMART PRODUCTS NIG. PLC. 1 0 0

CONSTRUCTION/REAL ESTATE Real Estate Development PINNACLE POINT GROUP PLC. 2 0 0

CONSTRUCTION/REAL ESTATE Real Estate Development UACN PROPERTY DEV. PLC. 1 0 0

CONSTRUCTION/REAL ESTATE Real Estate Investment Trusts (REITs) SKYE SHELTER FUND PLC. 1 0 0

CONSTRUCTION/REAL ESTATE Real Estate Investment Trusts (REITs) UNION HOMES REAL ESTATE PLC. 1 0 0

Total 18 0 CONSUMER GOODS Automobiles/Auto Parts DN TYRE & RUBBER PLC. 4 0 0

CONSUMER GOODS Beverages--Brewers/Distillers GOLDEN GUINEA BREW. PLC. 1 0 0

CONSUMER GOODS Beverages--Brewers/Distillers GUINNESS NIGERIA PLC. 4 2 50

CONSUMER GOODS Beverages--Brewers/Distillers INTERNATIONAL BREW. PLC. 1 0 0

CONSUMER GOODS Beverages--Brewers/Distillers JOS INT. BREWERIES PLC. 1 0 0

CONSUMER GOODS Beverages--Brewers/Distillers NIGERIAN BREWERIES PLC. 6 0 0

CONSUMER GOODS Beverages--Brewers/Distillers PREMIER BREWERIES PLC. 1 0 0

CONSUMER GOODS Beverages--Non-Alcoholic 7-UP BOTTLING COMPANY PLC. 2 0 0

CONSUMER GOODS Food Products BIG TREAT PLC. 3 0 0

CONSUMER GOODS Food Products DANGOTE FLOUR MILLS PLC. 1 0 0

CONSUMER GOODS Food Products DANGOTE SUGAR REFINERY PLC 2 0 0

CONSUMER GOODS Food Products FLOUR MILLS NIG. PLC. 1 0 0

CONSUMER GOODS Food Products HONEYWELL FLOUR MILLS PLC. 2 0 0

CONSUMER GOODS Food Products MCNICHOLS PLC. 1 0 0

CONSUMER GOODS Food Products MULTI-TREX INTEGRATED PLC. 8 1 12.5

CONSUMER GOODS Food Products NIGERIAN FLOUR MILLS PLC. 1 0 0

CONSUMER GOODS Food Products NATIONAL SALT CO. NIG. PLC. 2 0 0

CONSUMER GOODS Food Products P S MANDRIDES & CO. PLC. 1 0 0

CONSUMER GOODS Food Products UTC NIGERIA PLC. 1 1 100

CONSUMER GOODS Food Products UNION DICON SALT PLC. 1 0 0

CONSUMER GOODS Food Products--Diversified CADBURY NIGERIA PLC. 1 1 100

CONSUMER GOODS Food Products--Diversified NESTLE NIGERIA PLC. 3 1 33.3

CONSUMER GOODS Household Durables BETA GLASS COMPANY PLC. 1 0 0

CONSUMER GOODS Household Durables NIGERIAN ENAMELWARE PLC. 1 0 0

CONSUMER GOODS Household Durables VITAFOAM NIG PLC. 1 0 0


CONSUMER GOODS Household Durables VONO PRODUCTS PLC. 1 1 100

CONSUMER GOODS Personal/Household Products P Z CUSSONS NIGERIA PLC. 6 2 33.3

CONSUMER GOODS Personal/Household Products ROKANA INDUSTRIES PLC. 1 0 0

CONSUMER GOODS Personal/Household Products UNILEVER NIGERIA PLC. 1 0 0

Total 60 9

FINANCIAL SERVICES Banking FINBANK PLC. 5 2 40

FINANCIAL SERVICES Banking ACCESS BANK PLC. 7 0 0

FINANCIAL SERVICES Banking DIAMOND BANK PLC. 6 1 16.7

FINANCIAL SERVICES Banking ECOBANK NIGERIA PLC. 3 1 33.3

FINANCIAL SERVICES Banking ECOBANK TRANSNATIONAL INC. 4 0 0

FINANCIAL SERVICES Banking FIDELITY BANK PLC. 5 1 20

FINANCIAL SERVICES Banking FIRST BANK OF NIG. PLC. 5 1 20

FINANCIAL SERVICES Banking FIRST CITY MONUMENT BANK PLC. 5 0 0

FINANCIAL SERVICES Banking GUARANTY TRUST BANK PLC. 6 2 33.3

FINANCIAL SERVICES FINANCIAL SERVICES Banking INTERCONTINENTAL BANK PLC. 4 2 50 FINANCIAL SERVICES Banking NPF MICROFINANCE BANK PLC. 1 0 0

FINANCIAL SERVICES Banking SKYE BANK PLC. 6 2 33.3

FINANCIAL SERVICES Banking STANBIC IBTC BANK PLC. 1 0 0

FINANCIAL SERVICES Banking STERLING BANK PLC. 4 0 0

FINANCIAL SERVICES Banking UNITED BANK FOR AFRICA PLC. 3 0 0

FINANCIAL SERVICES Banking UNION BANK OF NIGERIA PLC. 5 1 20

FINANCIAL SERVICES Banking UNITY BANK PLC. 5 0 0

FINANCIAL SERVICES Banking WEMA BANK PLC. 3 0 0

FINANCIAL SERVICES Banking ZENITH BANK PLC 6 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services AFRICAN ALLIANCE INS. C0. PLC. 1 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. 3 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services CONSOLIDATED HALLMARK INS. PLC 1 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services CONTINENTAL REINSURANCE PLC. 3 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services CORNERSTONE INS. C0. PLC. 1 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services CUSTODIAN & ALLIED INS. PLC. 1 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services EQUITY ASSURANCE PLC. 1 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services GOLDLINK INSURANCE PLC. 1 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services GREAT NIGERIA INS. PLC. 2 2 100

FINANCIAL SERVICES Insurance Carriers, Brokers and Services GUARANTY TRUST ASS. PLC. 3 1 33.3

FINANCIAL SERVICES Insurance Carriers, Brokers and Services GUINEA INSURANCE PLC. 3 0 0

INTERCONTINENTAL WAPIC INS.

FINANCIAL SERVICES Insurance Carriers, Brokers and Services PLC. 1 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services INTERNATIONAL ENERGY INS. PLC. 1 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services INVESTMENT & ALLIED INS. PLC. 1 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services LASACO ASSURANCE PLC. 2 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services LAW UNION & ROCK INS. PLC. 2 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services LINKAGE ASSURANCE PLC. 2 1 50

FINANCIAL SERVICES Insurance Carriers, Brokers and Services MUTUAL BENEFITS ASS. PLC. 3 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services N.E.M INSURANCE CO (NIG) PLC. 1 1 100

FINANCIAL SERVICES Insurance Carriers, Brokers and Services NIGER INSURANCE CO. PLC. . 3 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services OASIS INSURANCE PLC 5 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services PRESTIGE ASSURANCE CO. PLC. 1 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services REGENCY ALLIANCE INS. CO. PLC. 2 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services SOVEREIGN TRUST INS. PLC. 1 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services STACO INSURANCE PLC. 1 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services STANDARD ALLIANCE INS. PLC. 6 1 16.7

FINANCIAL SERVICES Insurance Carriers, Brokers and Services UNIC INSURANCE PLC. 2 1 50

FINANCIAL SERVICES Insurance Carriers, Brokers and Services UNITY KAPITAL ASS. PLC. 2 0 0

FINANCIAL SERVICES Insurance Carriers, Brokers and Services UNIVERSAL INS. CO. PLC. 1 0 0

FINANCIAL SERVICES Mortgage Carriers, Brokers and Services ABBEY BUILDING SOCIETY PLC. 2 1 50

FINANCIAL SERVICES Mortgage Carriers, Brokers and Services ASO SAVINGS AND LOANS PLC. 1 0 0


FINANCIAL SERVICES Mortgage Carriers, Brokers and Services RESORT SAVINGS AND LOANS PLC. 1 0 0

FINANCIAL SERVICES Mortgage Carriers, Brokers and Services UNION HOMES & SAVINGS PLC. 2 0 0

FINANCIAL SERVICES Other Financial Institutions CRUSADER (NIG.) PLC. 1 0 0

FINANCIAL SERVICES Other Financial Institutions DEAP CAPITAL MANAG. PLC. 1 0 0

FINANCIAL SERVICES Other Financial Institutions ROYAL EXCHANGE ASS. PLC. 3 0 0

Total 152 21

HEALTHCARE Healthcare Providers EKOCORP PLC. 3 1 33.3

UNION DIAGNOSTIC & CLINICAL

HEALTHCARE Healthcare Providers SERVICES PLC. 1 0 0

HEALTHCARE Medical Supplies MORISON INDUSTRIES PLC. 3 1 33.3

HEALTHCARE Pharmaceuticals AFRIK PHARMACEUTICALS PLC. 1 0 0

HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. 2 0 0

HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC. 4 0 0

HEALTHCARE Pharmaceuticals GLAXO SMITHKLINE PLC. 2 0 0

HEALTHCARE Pharmaceuticals MAY & BAKER NIGERIA PLC. 2 1 50

HEALTHCARE Pharmaceuticals NEIMETH INTER. PHARM. PLC. 6 0 0

NIGERIAN-GERMAN CHEMICALS

HEALTHCARE Pharmaceuticals PLC. 2 0 0

HEALTHCARE Pharmaceuticals PHARMA-DEKO PLC. 1 0 0

Total 27 3

ICT

Computer Based Systems

COURTEVILLE INVESTMENT PLC.

4

0

0

ICT Computers and Peripherals OMATEK VENTURES PLC. 1 1 100

ICT Electronic Communications Services MTECH COMMUNICATIONS PLC 1 0 0

ICT IT Services NCR (NIGERIA) PLC. 1 0 0

ICT IT Services TRIPPLE GEE AND CO.PLC. 1 0 0

ICT Processing Systems CHAMS PLC 1 0 0

ICT Processing Systems E-TRANZACT INTERNATIONAL PLC. 1 0 0

ICT Telecommunications Carriers IHS PLC. 4 0 0

ICT Telecommunications Carriers MTI PLC. 1 0 0

Total 15 1

INDUSTRIAL GOODS Building Materials AFRICAN PAINTS (NIGERIA) PLC. 2 0 0 INDUSTRIAL GOODS Building Materials ASHAKA CEMENT PLC. 5 0 0

INDUSTRIAL GOODS Building Materials BERGER PAINTS PLC. 3 0 0

INDUSTRIAL GOODS Building Materials CAP PLC. 2 2 100

CEMENT COMPANY OF NORTHERN INDUSTRIAL GOODS Building Materials NIGERIA PLC. 1 0 0 INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC. 1 0 0

INDUSTRIAL GOODS Building Materials DN MEYER PLC. 1 0 0

INDUSTRIAL GOODS Building Materials FIRST ALUMINIUM NIG. PLC. 1 0 0

INDUSTRIAL GOODS Building Materials IPWA PLC. 3 0 0

INDUSTRIAL GOODS Building Materials LAFARGE WAPCO PLC. 4 0 0

PORTLAND PAINTS & PRODUCTS INDUSTRIAL GOODS Building Materials PLC. 3 0 0 INDUSTRIAL GOODS Building Materials PREMIER PAINTS PLC. 1 0 0

INDUSTRIAL GOODS Electronic and Electrical Products ADSWITCH PLC. 1 0 0

INDUSTRIAL GOODS Electronic and Electrical Products CUTIX PLC. 1 0 0

INDUSTRIAL GOODS Electronic and Electrical Products NIGERIAN WIRE & CABLE PLC. 1 0 0

INDUSTRIAL GOODS Electronic and Electrical Products NIGERIAN WIRE IND. PLC. 1 0 0

INDUSTRIAL GOODS Packaging/Containers ABPLAST PRODUCTS PLC. 1 0 0

AVON CROWNCAPS & CONTA INERS INDUSTRIAL GOODS Packaging/Containers PLC. 1 0 0

INDUSTRIAL GOODS Packaging/Containers GRIEF NIGERIA PLC. 1 0 0 INDUSTRIAL GOODS

Packaging/Containers

NIGERIAN BAGS MANUFACTURING

PLC.

2

0

0


INDUSTRIAL GOODS Packaging/Containers POLY PRODUCTS (NIG.) PLC. 3 1 33.3

INDUSTRIAL GOODS Packaging/Containers W. A GLASS IND. PLC. 1 0 0

INDUSTRIAL GOODS Tools and Machinery NIGERIAN ROPES PLC 3 0 0

INDUSTRIAL GOODS Tools and Machinery STOKVIS NIG. PLC. 1 0 0

Total 44 3

NATURAL RESOURCES Chemicals B.O.C. GASES PLC. 1 0 0

NATURAL RESOURCES Metals ALUMACO PLC. 1 0 0

NATURAL RESOURCES Metals ALUMINIUM EXTRUSION PLC. 1 0 0

NATURAL RESOURCES Non-Metallic Mineral Mining MULTIVERSE PLC. 2 0 0

NATURAL RESOURCES Paper/Forest Products HALLMARK PAPER PRODUCT S PLC. 1 0 0

NATURAL RESOURCES Paper/Forest Products THOMAS WYATT NIG. PLC. 1 0 0

Total 7 0

OIL AND GAS

Energy Equipment and Services

JAPAUL OIL & MARITIME CO. PLC.

1

0

0

OIL AND GAS Integrated Oil and Gas Services OANDO PLC. 5 1 20

OIL AND GAS Petroleum and Petroleum Products Distributors AFROIL PLC. 1 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors ANINO INTERNATIONAL PLC. 1 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors BECO PETROLEUM PRODUCT 3 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors CAPITAL OIL PLC. 1 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors CONOIL PLC. 1 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors ETERNA OIL PLC. 2 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors FORTE OIL PLC. 2 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors MOBIL OIL NIGERIA PLC. 4 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors MRS OIL NIGERIA PLC. 2 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors RAK UNITY PETROLEUM PLC. 1 0 0

OIL AND GAS Petroleum and Petroleum Products Distributors TOTAL NIGERIA PLC. 4 1 25

OIL AND GAS Petroleum and Petroleum Products Distributors UNION VENTURES & PET. PLC. 1 0 0

Total 29 2

SERVICES Advertising AFROMEDIA PLC. 1 0 0

SERVICES Apparel Retailers LENNARDS (NIG.) PLC. 2 0 0

UDEOFSON GARMENT FACTORY SERVICES Apparel Retailers PLC. 1 0 0

SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. 1 0 0

SERVICES Courier/Freight/Delivery RED STAR EXPRESS PLC. 2 0 0

SERVICES Courier/Freight/Delivery TRANS-NATIONWIDE EXPRESS PLC. 1 1 100

SERVICES Employment Solutions C & I LEASING PLC. 2 0 0

SERVICES Food/Drug Retailers and Wholesalers JULI PLC. 1 0 0

SERVICES Hospitality TANTALIZERS PLC . 1 1 100

SERVICES Hotels/Lodging CAPITAL HOTELS PLC. 1 0 0

SERVICES Hotels/Lodging IKEJA HOTEL PLC. 1 0 0

SERVICES Hotels/Lodging TOURIST CO. OF NIG. PLC. 1 0 0

TRANSNATIONAL CORP. OF NIG. SERVICES Hotels/Lodging PLC. 1 0 0 SERVICES Media/Entertainment DAAR COMMUNICATIONS PLC. 1 0 0

SERVICES Printing/Publishing ACADEMY PRESS PLC. 2 1 20

SERVICES Printing/Publishing LEARN AFRICA PLC. 4 0 0

SERVICES Printing/Publishing STUDIO PRESS (NIG) PLC. 1 0 0

SERVICES Printing/Publishing UNIVERSITY PRESS PLC. 2 0 0

SERVICES Road Transportation ASSOCIATED BUS CO. PLC. 2 0 0

SERVICES Specialty INTERLINKED TECH. PLC. 1 0 0

SERVICES Transport-Related Services AIRLINE SERV. & LOGISTICS PLC. 1 0 0

Total 30 3


Company Name

Female

Female

Chair CEOs

persons 7-UP BOTTLING COMPANY PLC. A.G. LEVENTIS NIGERIA PLC. ABBEY BUILDING SOCIETY PLC. 1

ABPLAST PRODUCTS PLC. ACADEMY PRESS PLC. ACCESS BANK PLC. ADSWITCH PLC. AFRICAN ALLIANCE INSURANCE C0MPANY PLC. AFRICAN PAINTS (NIGERIA) PLC. AFRIK PHARMACEUTICALS PLC. AFROIL PLC. AFROMEDIA PLC. AIICO INSURANCE PLC. AIRLINE SERVICES & LOGISTICS PLC. ALUMACO PLC. ALUMINIUM EXTRUSION COMPANY PLC. ANINO INTERNATIONAL PLC. ARBICO PLC. 1 ASHAKA CEMENT PLC. ASO SAVINGS AND LOANS PLC. ASSOCIATED BUS COMPANY PLC. AVON CROWNCAPS & CONTA INERS PLC. B.O.C. GASES PLC. BECO PETROLEUM PRODUCTS PLC. BERGER PAINTS PLC. BETA GLASS COMPANY PLC. BIG TREAT PLC. 1

C & I LEASING PLC. CADBURY NIGERIA PLC. CAP PLC. 1

CAPITAL HOTELS PLC. CAPITAL OIL PLC. CAPPA & D'ALBERTO PLC. CEMENT COMPANY OF NORTHERN NIGERIA PLC. CHAMS PLC. CHELLARAMS PLC. CONOIL PLC. CONSOLIDATED HALLMARK PLC. CONTINENTAL REINSURANCE PLC. CORNERSTONE INSURANCE C0MPANY PLC.


COSTAIN (W. A.) PLC. COURTEVILLE BUSINESS PLC. CRUSADER (NIG.) PLC. CUSTODIAN & ALLIED INSURANCE PLC. CUTIX PLC. DAAR COMMUNICATIONS PLC. DANGOTE CEMENT PLC. DANGOTE FLOUR MILLS PLC. DANGOTE SUGAR REFINERY PLC. DEAP CAPITAL MANAGEMENT & TRUST PLC. 1 DIAMOND BANK PLC. DN MEYER PLC. DN TYRE & RUBBER PLC. ECOBANK NIGERIA PLC. ECOBANK TRANSNATIONAL INCORPORATED PLC. EKOCORP PLC. ELLAH LAKES PLC. EQUITY ASSURANCE PLC. ETERNA OIL PLC. E-TRANZACT INTERNATIONAL PLC. EVANS MEDICAL PLC. FIDELITY BANK PLC. FIDSON HEALTHCARE PLC. FINBANK PLC. 1

FIRST ALUMINIUM NIGERIA PLC. FIRST BANK OF NIGERIA PLC. FIRST CITY MONUMENT BANK PLC. FLOUR MILLS OF NIGERIA PLC. FORTE OIL PLC. FTN COCOA PROCESSORS PLC. G. CAPPA PLC. GLAXO SMITHKLINE CONSUMER NIGERIA PLC. GOLDEN GUINEA BREWERIES PLC. GOLDLINK INSURANCE PLC. GREAT NIGERIAN INSURANCE PLC. 1

GREIF NIGERIA PLC. GUARANTY TRUST ASSUARANCE PLC. GUARANTY TRUST BANK PLC. GUINEA INSURANCE PLC. GUINNESS NIGERIA PLC. HALLMARK PAPER PRODUCTS PLC. HONEYWELL FLOUR MILLS PLC. IHS PLC. IKEJA HOTELS PLC. INTERCONTINENTAL BANK PLC. INTERCONTINENTAL WAPIC INSURANCE PLC.


INTERLINKED TECHECHNOLOGIES PLC. INTERNATIONAL BREWERIES PLC. INTERNATIONAL ENERGY INSURANCE PLC. INVESTMENT & ALLIED INSURANCE PLC. IPWA PLC. JAPAUL OIL & MARITIME COMPANY PLC. JOHN HOLT PLC. JOS INTERNATIONAL BREWERIES PLC. JULI PLC. JULIUS BERGER NIGERIA PLC. LAFARGE WAPCO PLC. LASACO ASSURANCE PLC. LAW UNION AND ROCK INSURANCE PLC. LEARN AFRICA PLC. LENNARDS (NIG.) PLC. LINKAGE ASSURANCE PLC. LIVESTOCK FEEDS PLC. 1

MAY & BAKER NIGERIA PLC. MCNICHOLS PLC. MOBIL OIL NIG PLC. MORISON INDUSTRIES PLC. 1

MRS OIL NIGERIA PLC. MTECH COMMUNICATIONS PLC. 1 MTI PLC. MULTI-TREX INTEGRATED FOODS PLC. MULTIVERSE PLC. MUTUAL BENEFITS ASSURANCE PLC. NORTHERN NIGERIA FLOUR MILLS PLC. N.E.M INSURANCE COMPANY (NIG.) PLC. NATIONAL SALT COMPANY NIGERIA PLC. NCR (NIGERIA) PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC. NESTLE NIGERIA PLC. NIGER INSURANCE COMPANY PLC. NIGERIA-GERMAN CHEMICAL PLC. NIGERIAN BAGS MANUFACTURING PLC. NIGERIAN BREWERIES PLC. NIGERIAN ENAMELWARE PLC. NIGERIAN ROPES PLC. NIGERIAN WIRE AND CABLE PLC. NIGERIAN WIRE INDUSTRIES PLC. NPF MICROFINANCE BANK PLC. 1 OANDO PLC. OASIS INSURANCE PLC. OKOMU OIL PALM PLC. OMATEK VENTURES PLC. 1


P S MANDRIDES & COMPANY PLC. P Z CUSSONS NIGERIA PLC. PHARMA-DEKO PLC. PINNACLE POINTS GROUP PLC. POLY PRODUCTS (NIG.) PLC. PORTLAND PAINTS & PRODUCTS PLC. PREMIER BREWERIES PLC. PREMIER PAINTS PLC. PRESCO PLC. PRESTIGE ASSURANCE COMPANY PLC. R T BRISCOE PLC. RAK UNITY PETETROLEUM COMPANY PLC. RED STAR EXPRESS PLC REGENCY ALLIANCE INSURANCE PLC. RESORT SAVINGS & LOANS PLC. ROADS NIGERIA PLC. ROKANA INDUSTRIES PLC. ROYAL EXCHANGE ASSURANCE PLC. S C O A NIGERIA PLC. SKYE BANK PLC. SKYE SHELTER FUND PLC. SMART PRODUCTS NIGERIA PLC. SOVEREIGN TRUST INSURANCE PLC. STACO INSURANCE PLC. STANBIC IBTC BANK PLC. STANDARD ALLIANCE INSURANCE PLC. STERLING BANK PLC. STOKVIS NIGERIA PLC. STUDIO PRESS (NIG.) PLC. TANTALIZERS PLC . 1

THOMAS WYATT NIGERIA PLC. TOTAL NIGERIA PLC. TOURIST COMPANY OF NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC. TRANS-NATIONWIDE EXPRESS PLC. 1

TRIPPLE GEE AND COMPANY PLC. U A C OF NIGERIAN PLC. UNITED BANK FOR AFRICA PLC. U TC NIGERIA PLC. 1

UACN PROPERTY DEVELOPMENT COMPANY PLC. UDEOFSON GARMENT FACTORY PLC. UNIC INSURANCE PLC. UNILEVER NIGERIA PLC. UNION BANK OF NIGERIA PLC. UNION DIAGNOSTIC & CLINICAL SERVICES PLC. UNION DICON SALT PLC.


UNION HOMES REAL ESTATE PLC. 1 UNION HOMES & SAVINGS PLC. UNION VENTURES & PETROLEUM PLC. UNITY BANK PLC. UNITY KAPITAL ASSURANCE PLC. UNIVERSAL INSURANCE COMPANY PLC. UNIVERSITY PRESS PLC. VITAFOAM NIGERIA PLC. VONO PRODUCTS PLC. 1

W. A. SS GLASS INDUSTRIES PLC. WEMA BANK PLC. ZENITH BANK PLC. TOTAL 5 12

Appendix 5: NSE Companies by market capitalisation

Company Name Market

Capitalisation

STOKVIS NIGERIA PLC. 408,520.00

RAK UNITY PETROLEUM PLC. 4,643,717.54

ANINO INTERNATIONAL PLC. 5,082,000.00

UDEOFSON GARMENT FACTORY PLC. 7,525,000.00

AFRIK PHARMACEUTICALS PLC. 12,449,425.00

ROKANA INDUSTRIES PLC. 30,000,000.00

NIGERIAN WIRE INDUSTRIES PLC. 38,700,000.00

SMART PRODUCTS NIGERIA PLC. 46,800,000.00

UNION VENTURES & PETROLEUM PLC. 62,118,000.00

W. A. GLASS INDUSTRIES PLC. 126,000,000.00

HALLMARK PAPER PRODUCTS PLC. 161,000,000.00

ROADS NIGERIA PLC. 173,800,000.00

GOLDEN GUINEA BREWERIES PLC. 185,068,800.00

MCNICHOLS PLC. 205,923,042.72

ADSWITCH PLC. 213,758,977.50

ABPLAST PRODUCTS PLC. 216,384,640.00

P S MANDRIDES & CO PLC. 226,400,000.00

LENNARDS (NIG.) PLC. 244,170,935.76

POLY PRODUCTS (NIG.) PLC. 252,000,000.00

THOMAS WYATT (NIG.) PLC. 303,600,000.00

EVANS MEDICAL PLC. 325,936,776.00

PHARMA-DEKO PLC. 332,360,000.00

DN MEYER PLC. 347,750,000.00

IPWA PLC. 467,868,048.83

ELLAH LAKES PLC. 511,200,000.00

JULI PLC. 551,737,811.04

GRIEF NIGERIA PLC. 566,259,200.00

ALUMACO PLC. 585,931,379.75

INTERCONTINENTAL BANK PLC. 588,618,508.50

UTC NIGERIA PLC. 616,687,502.00

TRANS-NATIONWIDE EXPRESS PLC. 685,928,189.25

AFRICAN PAINTS (NIGERIA) PLC. 743,600,000.00

ASSOCIATED BUS COMPANY PLC. 753,500,000.00

NIGERIAN WIRE AND CABLE PLC. 800,000,800.00

CUTIX PLC. 819,014,742.40

PREMIER PAINTS PLC. 819,750,000.00

NEIMETH INTERNATIONAL PHARMACEUTICALS PLC. 846,224,017.48

VONO PRODUCTS PLC. 864,000,000.00

LIVESTOCK FEEDS PLC. 875,999,575.14

PREMIER BREWERIES PLC. 900,874,499.04

STUDIO PRESS (NIG.) PLC. 952,932,369.84

BIG TREAT PLC. 1,000,000,000.00


NCR (NIGERIA) PLC. 1,005,480,000.00

FIRST ALUMINIUM NIGERIA PLC. 1,055,333,000.00

FTN COCOA PROCESSORS PLC. 1,100,000,000.00

ACADEMY PRESS PLC. 1,108,800,000.00

C & I LEASING PLC. 1,129,691,347.20

JOS INTERNATIONAL BREWERIES PLC. 1,152,100,000.00

INTERLINKED TECHNOLOGIES PLC. 1,159,827,652.90

R T BRISCOE PLC. 1,254,776,832.00

UNIC INSURANCE PLC. 1,290,851,052.50

MORISON INDUSTRIES PLC. 1,308,737,250.00

AIRLINE SERVICES & LOGISTICS PLC. 1,312,380,000.00

NIGERIAN-GERMAN CHEMICAL PLC. 1,321,021,843.08

RED STAR EXPRESS PLC. 1,444,267,062.00

TRIPPLE GEE AND COMPANY PLC. 1,455,170,640.00

OMATEK VENTURES PLC. 1,470,894,736.00

COURTEVILLE BUSINESS PLC. 1,480,000,000.00

FIDSON HEALTHCARE PLC. 1,500,000,000.00

UNION DICON SALT PLC. 1,519,200,000.00

UNIVERSITY PRESS PLC. 1,527,908,653.20

TANTALIZERS PLC . 1,605,813,953.50

UNION DIAGNOSTIC & CLINICAL SERVICES PLC. 1,776,569,264.50

G CAPPA PLC. 1,807,500,000.00

BERGER PAINTS PLC. 1,841,103,444.95

BECO PETROLEUM PRODUCTS PLC. 1,858,488,290.00

GREAT NIGERIAN INSURANCE PLC. 1,913,742,690.00

PORTLAND PAINTS & PRODUCTS PLC. 1,944,000,000.00

LAW UNION AND ROCK INSURANCE PLC. 1,959,278,385.00

SKYE SHELTER FUND PLC. 2,000,000,000.00

AFROMEDIA PLC. 2,017,748,630.00

CRUSADER (NIG) PLC. 2,054,822,495.50

PRESTIGE ASSURANCE CO. PLC. 2,056,818,657.52

MULTIVERSE PLC. 2,130,969,343.00

NIGERIAN ROPES PLC. 2,177,900,116.70

LEARN AFRICA PLC. 2,275,777,500.00

ROYAL EXCHANGE ASSURANCE PLC. 2,286,831,144.50

JOHN HOLT PLC. 2,292,101,816.68

NIGERIAN ENAMELWARE PLC. 2,292,998,400.00

NIGER INSURANCE COMPANY PLC. 2,303,331,203.96

CHAMS PLC. 2,348,030,000.00

DN TYRE & RUBBER PLC. 2,386,334,606.00

MTI PLC. 2,446,797,200.00

COSTAIN (W. A) PLC. 2,448,726,214.90

ALUMINIUM EXTRUSION PLC. 2,452,509,400.00

N.E.M INSURANCE COMPANY (NIG.) PLC. 2,488,461,383.00

EKOCORP PLC. 2,517,934,575.30

LINKAGE ASSURANCE PLC. 2,551,396,076.00


NPF MICROFINANCE BANK PLC. 2,561,034,297.92

MAY & BAKER NIGERIA PLC. 2,567,600,000.00

INTERCONTINENTAL WAPIC INSURANCE PLC. 2,581,520,040.00

AFROIL PLC. 2,598,845,607.25

B.O.C. GASES PLC. 2,692,872,000.00

GUINEA INSURANCE PLC. 2,700,000,000.00

CAPITAL OIL PLC. 2,928,774,000.00

CONSOLIDATED HALLMARK PLC. 3,000,000,000.00

DEAP CAPITAL MANAGEMENT & TRUST PLC. 3,030,000,000.00

STACO INSURANCE PLC. 3,070,543,804.50

GOLDLINK INSURANCE PLC. 3,093,963,960.00

INTERNATIONAL ENERGY INSURANCE PLC. 3,210,213,724.50

IKEJA HOTEL PLC. 3,242,922,382.44

OASIS INSURANCE PLC. 3,251,753,395.50

REGENCY ALLIANCE INSURANCE PLC. 3,334,375,000.00

SOVEREIGN TRUST INSURANCE PLC. 3,435,878,697.00

ETERNA OIL PLC. 3,521,190,546.90

S C O A NIGERIA PLC. 3,585,096,480.00

LASACO ASSURANCE PLC. 3,661,656,613.50

N NIG. FLOUR MILLS PLC. 3,827,736,000.00

ARBICO PLC. 3,861,000,000.00

AVON CROWNCAPS & CONTA INERS PLC. 3,864,456,088.85

A.G. LEVENTIS NIGERIA PLC. 3,891,517,843.50

UNION HOMES & SAVINGS PLC. 3,906,250,000.00

MUTUAL BENEFITS ASSURANCE PLC. 3,999,352,668.00

FINBANK PLC. 3,999,999,994.50

DAAR COMMUNICATIONS PLC. 4,080,000,000.00

VITAFOAM NIGERIA PLC. 4,103,190,000.00

STANDARD ALLIANCE INSURANCE PLC. 4,246,586,725.00

MULTI-TREX INTEGRATED PLC. 4,280,867,663.00

ASO SAVINGS AND LOANS PLC. 4,339,574,338.00

CORNERSTONE INSURANCE C0MPANY PLC. 4,410,032,882.00

EQUITY ASSURANCE PLC. 4,423,649,210.00

MTECH COMMUNICATIONS PLC. 4,519,666,667.88

CHELLARAMS PLC. 4,648,407,750.00

AIICO INSURANCE PLC. 4,664,108,628.80

JAPAUL OIL & MARITIME COMPANY PLC. 5,010,161,372.80

ABBEY BUILDING SOCIETY PLC. 6,048,000,000.00

BETA GLASS CO. PLC. 6,354,644,120.00

UNITY KAPITAL ASSURANCE PLC. 6,500,000,000.00

WEMA BANK PLC. 6,538,837,438.80

RESORT SAVINGS & LOANS PLC. 6,587,866,202.00

CEMENT CO. OF NORTHERN NIGERIA PLC. 7,263,597,487.48

TOURIST COMPANY OF NIGERIA PLC. 7,658,860,163.04

CONTINENTAL REINSURANCE PLC. 7,779,558,234.00

UNIVERSAL INSURANCE COMPANY PLC. 8,000,000,000.00


CAP PLC. 8,120,000,000.00

PRESCO PLC. 8,670,000,000.00

AFRICAN ALLIANCE INSURANCE C0MPANY PLC. 10,292,500,000.00

NIGERIAN BAGS MANUFACTURING PLC. 10,441,200,000.00

CAPITAL HOTEL PLC. 10,500,728,400.00

NATIONAL SALT CO. NIGERIA PLC. 11,127,641,187.60

CUSTODIAN AND ALLIED INSURANCE PLC. 11,272,871,445.68

IHS PLC. 11,396,000,000.00

OKOMU OIL PALM PLC. 11,566,158,750.00

INTERNATIONAL BREWERIES PLC. 12,044,328,461.70

UNION HOMES REAL ESTATE PLC. 12,500,989,050.00

GUARANTY TRUST ASSURANCE PLC. 13,000,000,000.00

FORTE OIL PLC. 13,157,818,049.04

INVESTMENT AND ALLIED PLC. 14,000,000,000.00

STERLING BANK PLC. 14,761,632,567.02

MRS OIL NIGERIA PLC. 14,985,331,707.00

TRANSNATIONAL CORPORATION OF NIGERIA PLC. 15,230,258,986.97

UACN PROPERTY DEVELOPMENT. PLC. 17,325,000,000.00

CAPPA & D'ALBERTO PLC. 18,799,593,750.00

UNITY BANK PLC. 18,858,322,607.60

E-TRANZACT INTERNATIOAL PLC. 20,748,000,000.00

CONOIL PLC. 21,859,491,685.50

GLAXO SMITHKLINE CONSUMER NIGERIA PLC. 22,004,127,370.00

HONEYWELL FLOUR MILLS PLC. 23,790,592,974.00

UNION BANK OF NIGERIA PLC. 24,242,006,250.00

ASHAKA CEMENT PLC. 25,552,160,156.25

ECOBANK NIGERIA PLC. 27,482,304,251.16

DANGOTE FLOUR MILLS PLC. 28,500,000,000.00

7-UP BOTTLING CO. PLC. 29,467,156,652.00

DIAMOND BANK PLC. 33,003,554,279.40

PINNACLE POINT GROUP PLC. 33,340,818,885.92

CADBURY NIGERIA PLC. 37,487,674,156.80

JULIUS BERGER NIGERIA PLC. 38,460,000,000.00

MOBIL OIL NIGERIA PLC. 40,239,426,189.41

FIDELITY BANK PLC. 41,144,211,772.66

UACN PLC. 46,693,011,821.91

OANDO PLC. 47,756,480,877.00

SKYE BANK PLC. 48,911,538,301.20

DANGOTE SUGAR REFINERY PLC. 57,720,000,000.00

TOTAL NIGERIA PLC. 63,864,057,539.70

FIRST CITY MONUMENT BANK PLC. 65,084,768,808.00

UNITED BANK FOR AFRICA PLC. 76,956,570,989.34

ACCESS BANK PLC. 87,652,432,247.10

UNILEVER NIGERIA PLC. 111,985,569,000.00

FLOUR MILLS (NIGERIA) PLC. 116,511,061,292.00

P Z CUSSONS NIGERIA PLC. 116,732,025,123.00


ECOBANK TRANSNATIONAL INC. 127,949,829,322.50

LAFARGE WAPCO PLC. 131,350,016,175.04

STANBIC IBTC BANK PLC . 150,000,000,000.00 FIRST BANK OF NIGERIA PLC. 294,015,080,065.58

NESTLE NIGERIA PLC. 332,519,297,294.50

GUINNESS NIGERIAPLC. 335,545,555,572.50

ZENITH BANK PLC. 377,385,855,307.72

GUARANTY TRUST BANK PLC . 412,036,509,164.00

NIGERIAN BREWERIES PLC. 727,140,368,991.00

DANGOTE CEMENT PLC. 1,828,294,320,824.00

Appendix 6: The 25 smallest NSE companies by market capitalisation

Company Name Total

Directors

Female

Directors

% Female

Directors

Market

Capitalisation

Total

EDs

Female

EDs

% Female

EDs

STOKVIS NIGERIA PLC. 5 1 20 408,520.00 1 0 0

RAK UNITY PETROLEUM PLC. 4 1 25 4,643,717.54 1 0 0

ANINO INTERNATIONAL PLC. 3 2 66. 7 5,082,000.00 1 0 0

UDEOFSON GARMENT FACTORY PLC. 6 1 16. 7 7,525,000.00 1 0 0

AFRIK PHARM. PLC. 5 2 40 12,449,425.00 1 0 0

ROKANA INDUSTRIES PLC. 9 0 0 30,000,000.00 1 0 0

NIGERIAN WIRE IND. PLC. 5 0 0 38,700,000.00 1 0 0

SMART PRODUCTS NIG. PLC. 4 0 0 46,800,000.00 1 0 0

UNION VENTURES & PET. PLC. 4 0 0 62,118,000.00 1 0 0

W. A. GLASS IND. PLC. 8 0 0 126,000,000.00 1 0 0

HALLMARK PAPER PRODUCTS PLC. 5 0 0 161,000,000.00 1 0 0

ROADS NIGERIA PLC. 5 0 0 173,800,000.00 1 0 0

GOLDEN GUINEA BREW. PLC 10 0 0 185,068,800.00 1 0 0

MCNICHOLS PLC. 5 1 20 205,923,042.72 1 0 0

ADSWITCH PLC. 12 2 16.7 213,758,977.50 1 0 0

ABPLAST PRODUCTS PLC. 7 3 42.9 216,384,640.00 1 0 0

P S MANDRIDES & CO. PLC. 9 1 11.1 226,400,000.00 1 0 0

LENNARDS (NIG.) PLC. 4 0 0 244,170,935.76 1 0 0

POLY PRODUCTS (NIG.) PLC. 6 1 16.7 252,000,000.00 3 1 33.3

THOMAS WYATT (NIG.) PLC. 9 1 11.1 303,600,000.00 1 0 0

EVANS MEDICAL PLC. 9 1 11.1 325,936,776.00 1 0 0

PHARMA-DEKO PLC. 5 0 0 332,360,000.00 1 0 0

DN MEYER PLC. 10 2 20 347,750,000.00 1 0 0

IPWA PLC. 9 2 22.2 467,868,048.83 1 0 0

ELLAH LAKES PLC. 10 2 20 511,200,000.00 1 0 0 TOTAL 168 23 27 1

Appendix 7: The 25 largest NSE companies by market capitalisation

Company name Total Female % Female Market Total Female % Female Directors Directors Directors Capitalisation EDs EDs EDs

CADBURY NIGERIA PLC. 7 2 28.6 37,487,674,156.80 1 0 0 JULIUS BERGER NIGERIA PLC. 9 1 11.1 38,460,000,000.00 1 0 0

MOBIL OIL NIGERIA PLC. 6 0 0 40,239,426,189.41 1 0 0

FIDELITY BANK PLC. 15 2 13.3 41,144,211,772.66 5 1 20

UAC NIGERIA PLC. 8 2 25 46,693,011,821.91 2 1 50 OANDO PLC. 9 3 33.3 47,756,480,877.00 5 1 20

SKYE BANK PLC. 16 2 12.5 48,911,538,301.20 6 2 33.3

DANGOTE SUGAR REFINERY PLC. 9 1 11.1 57,720,000,000.00 2 0 0 TOTAL NIGERIA PLC. 9 1 11.1 63,864,057,539.70 4 1 25

FIRST CITY MONUMENT BANK PLC. 15 0 0 65,084,768,808.00 5 0 0 UNITED BANK FOR AFRICA PLC. 15 2 13.3 76,956,570,989.34 3 0 0

ACCESS BANK PLC. 15 2 13.3 87,652,432,247.10 7 0 0

UNILEVER NIGERIA PLC. 10 2 20 111,985,569,000.00 1 0 0 FLOUR MILLS (NIG.) PLC. 15 0 0 116,511,061,292.00 1 0 0

P Z CUSSONS NIGERIA PLC. 12 3 25 116,732,025,123.00 6 2 33.3

ECOBANK TRANSNATIONAL INC. 14 2 14.3 127,949,829,322.50 4 0 0 LAFARGE WAPCO PLC. 12 1 8.3 131,350,016,175.04 1 0 0

STANBIC IBTC BANK PLC. 11 3 27.3 150,000,000,000.00 1 0 0 FIRST BANK OF NIG. PLC. 16 4 25 294,015,080,065.58 5 1 20

NESTLE NIGERIA PLC. 9 1 11.1 332,519,297,294.50 3 1 33.3 GUINNESS NIGERIA PLC. 11 2 18.2 335,545,555,572.50 4 2 50

ZENITH BANK PLC. 12 1 8.3 377,385,855,307.72 6 0 0 GUARANTY TRUST BANK PLC. 14 3 21.4 412,036,509,164.00 6 2 33.3

NIGERIAN BREWERIES PLC. 13 1 7.7 727,140,368,991.00 6 0 0 DANGOTE CEMENT PLC. 8 0 0 1,828,294,320,824.00 1 0 0

TOTAL 290 41 87 14


Company Name

1. Airtel Networks Ltd 2. British American Tobacco Nigeria Ltd 3. Conoil Producing Ltd

4. Elizade Nigeria Ltd

5. Evans Brothers Publishers Nigeria Ltd 6. Fan Milk Nigeria PLC. 7. Friesland Foods WAMCO Nigeria Ltd 8. Guardian Newspapers Ltd 9. Globacom Ltd

10. Mouka Foam Nigeria Ltd

11. MTN Nigeria Ltd

12. Industrial and General Insurance Company PLC.

13. Onward Paper Mills Nigeria Ltd

14. Procter and Gamble Nigeria Ltd

15. Protea Hospitality Holdings Nigeria Ltd

16. Schlumberger Nigeria Ltd 17. Shell Petroleum Development Corporation Ltd 18. Standard Chartered Bank (Nigeria) Ltd 19. Stat Oil Nigeria Ltd

20. Zartech Limited


Company Name Total Female % Female Total Female % Female Female Female

Directors Directors Directors EDs EDs EDs Chairpersons CEOs Airtel Networks Limited 10 0 0 2 0 0

British American Tobacco Nig. Ltd 5 2 40 2 1 50 1

Conoil Producing Ltd 7 0 0 3 0 0

Elizade Nigeria Ltd 5 1 20 3 0 0

Evans Brothers Publishers Ltd 6 1 16.7 2 0 0

Fan Milk Nigeria PLC. 8 0 0 1 0 0

Friesland foods WAMCO Ltd 7 0 0 2 0 0

Guardian Newspapers Ltd 6 1 16.7 0 0 0

Globacom Ltd 7 2 28.6 5 2 40

Mouka Foam Ltd 8 2 25 2 1 50 1

MTN Nigeria Ltd 15 2 13.3 2 0 0

Industrial and General Insurance Company PLC. 11 1 9.1 4 0 0

Onward Paper Mills Ltd 5 0 0 2 0 0

Procter & Gamble Ltd 11 4 36.4 2 1 50

Protea Hospitality Holdings Ltd 12 0 0 1 0 0

Schlumberger Nigeria Ltd 14 1 7.1 0 0 0

Standard Chartered Bank Nig. Ltd 11 4 36.4 2 1 50 1

Shell Petroleum Dev. Corp. of Nig. Ltd 8 0 0 8 0 0

Stat Oil Ltd 10 4 40 3 1 33.3

Zartech Ltd 4 0 0 1 0 0

TOTAL 170 25 47 7 0 3

Appendix 10: List of Companies whose data were independently verified

1. 7-Up Bottling Company PLC. 2. A.G Leventis PLC. 3. Academy Press PLC. 4. Access Bank PLC. 5. African Paints Nigeria PLC. 6. AIICO Insurance Company PLC. 7. Airline Services and Logistics PLC. 8. Airtel Networks Ltd. 9. Alumaco PLC. 10. Anino International PLC. 11. Ashaka Cement PLC. 12. Associated Bus Company PLC. 13. Beco Petroleum Products PLC. 14. Berger Paints PLC. 15. Beta Glass Company PLC. 16. Big Treat PLC. 17. BOC Gases Nigeria PLC. 18. British American Tobacco Nigeria Ltd 19. C & I Leasing PLC. 20. Cadbury Nigeria PLC. 21. Cap PLC. 22. Capital Oil PLC. 23. Cappa & D'Alberto PLC. 24. Chams PLC. 25. Conoil PLC. 26. Conoil Producing Company Ltd 27. Consolidated Hallmark Insurance PLC. 28. Continental Reinsurance PLC. 29. Cornerstone Insurance PLC 30. Costain (W.A) PLC. 31. Courteville Investment PLC. 32. Custodian and Allied Insurance PLC. 33. Dangote Flour Company PLC. 34. Dangote Cement Company PLC. 35. Dangote Sugar Refinery PLC. 36. Diamond Bank PLC. 37. DN Tyre and Rubber PLC. 38. Ecobank Nigeria PLC. 39. Elizade Nigeria Ltd 40. Equity Assurance PLC.


41. Eterna Oil PLC. 42. Evans Brothers Publishers Ltd. 43. Evans Medicals PLC. 44. Fan Milk Nigeria PLC. 45. Fidelity Bank PLC. 46. Fidson Healthcare PLC. 47. Finbank PLC. 48. First Bank of Nigeria PLC. 49. First City Monument Bank PLC. 50. Flour Mills of Nigeria PLC. 51. Forte Oil PLC. 52. Friesland Foods WAMCO Ltd 53. G.Cappa PLC. 54. Glaxo Smithkline Consumer Services PLC. 55. Globacom Ltd 56. Goldlink Insurance PLC. 57. Great Nigeria Insurance PLC. 58. Grief Nigeria PLC. 59. Guaranty Trust Assurance PLC. 60. Guaranty Trust Bank PLC. 61. Guardian Newspapers Ltd 62. Guinea Insurance PLC. 63. Guinness Nigeria PLC. 64. Honeywell Flour Mills PLC. 65. IHS PLC. 66. Industrial and General Insurance Company PLC. 67. Intercontinental WAPIC Insurance PLC. 68. International Energy Insurance PLC. 69. IPWA PLC. 70. John Holt PLC. 71. Julius Berger Nigeria PLC. 72. Juli PLC. 73. Larfarge WAPCO Nigeria PLC. 74. Lasaco Assurance PLC. 75. Law Union and Rock Insurance PLC. 76. Learn Africa PLC. 77. Lennards Nigeria PLC. 78. Linkage Assurance PLC. 79. Livestock Feeds PLC. 80. May & Baker Nigeria PLC.


81. Mobil Oil Nigeria PLC. 82. Morison Industries PLC. 83. Mouka Foam Nigeria Ltd. 84. MRS Oil Nigeria PLC. 85. MTECH Communications PLC. 86. MTI PLC. 87. MTN Nigeria Ltd 88. Mutual Benefits Assurance PLC. 89. Multiverse PLC. 90. National Salt Company of Nigeria PLC. 91. NCR Nigeria PLC 92. Neimeth International Pharmaceuticals PLC. 93. Nestle Nigeria PLC. 94. N.E.M Insurance Company (Nig.) PLC. 95. Niger Insurance PLC. 96. Nigerian-German Chemicals PLC. 97. Nigerian Ropes PLC. 98. Nigerian Wire Industries PLC. 99. Oando PLC. 100. Oasis Insurance PLC. 101. Okomu Oil Palm PLC. 102. Onward Paper Mills PLC. 103. Pharma-Deko PLC. 104. Poly Products Nigeria PLC. 105. Portland Paints and Products PLC 106. Prestige Assurance Company PLC. 107. Red Star Express PLC. 108. Regency Alliance Insurance Company PLC. 109. Resort Savings and Loans PLC. 110. Royal Exchange Assurance PLC. 111. SCOA Nigeria PLC. 112. Shell Petroleum Development Company of Nigeria Ltd 113. Skye Bank PLC. 114. Sovereign Trust Insurance PLC. 115. Starco Insurance PLC. 116. Standard Alliance Insurance PLC. 117. Standard Chartered Bank Nigeria Ltd 118. Stanbic IBTC PLC. 119. Sterling Bank PLC. 120. Stokvis Nigeria PLC.


121. Tantalizers PLC. 122. Total Nigeria PLC. 123. Transnational Corporation of Nigeria PLC. 124. Transnationwide Express 125. UAC Nigeria PLC. 126. Unic Insurance PLC. 127. Union Bank of Nigeria PLC. 128. Union Homes Real Estate PLC. 129. United Bank for Africa. 130. Unity Bank PLC. 131. Unity Kapital Assurance PLC. 132. Union Dicon Salt PLC. 133. Universal Assurance PLC. 134. University Press PLC. 135. UTC Nigeria PLC. 136. Vono Products PLC. 137. Wema Bank PLC. 138. Zartech Ltd 139. Zenith Bank PLC.

Documents

NIGERIAN FEMALES - WIMBIZ · Appendix 1: The Nigerian Stock Exchange (NSE) companies by industry and listing Appendix 2: Total number of directors in the NSE companies by industry