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IDEASAHEAD!

ANNUALREPORT

2016

RC: 40590

Authorised and Regulated by NAICOM RIC 091

Plc

This year’s theme reflects the

company’s fresh incursion into

the world of our customers armed

with fresh ideas and innovation.

We aim to maximize the gains made

possible through the deployment

of technology and fresh ideas that covers

a wider spectrum of customer needs

while increasing the efficiency of

service delivery.

Director’s ReportReport of the Directors

Report of Audit Committee

Corporate Governance Report

Management’s Discussion & Analysis

CEO’s Report

Management Team

Independent Auditor’s Report

Summary of Significant Accounting Policies

20-2425

26-3435-3839-4142-4647-5051-74

Contents02

PAGE

Standard Alliance Insurance Plc and Its Subsidiary Company

ANNUALREPORT

2016

About SAIntroduction

Corporate Profile

Notice of Annual General Meeting

Result at a Glance

Corporate InformationChairman’s Statement

Board Of Directors

Statement of Director’s Responsibilities

04-0506-0809-11

12

13-1516-18

19

Financial Summary

Statement of Changes in Equity

Consolidated and Separate Statement of Cash Flows

Other Notes to the Financial Statements

- Risk Management Report

Appendix to the Financial Statements

Determination of Solvency Margin

Branch Network Report

Unclaimed Dividend

Consolidation of Account

Proxy Form

E-Dividend Activation Form

76

160

156-158154-155134-153

133132

126-131

77-78

7980-104

105-125

Consolidated and Separate Statement of Financial Position 75

Consolidated and Separate Statement of Profit or Loss and other Comprehensive Income

Share Capital History 159

About SA

ANNUALREPORT

2016

IntroductionStandard Alliance Insurance Plc financial statements complies with the applicable legal requirements

of the Companies and Allied Matters Act CAP C20 LFN 2004, regarding financial statements and

comprise Consolidated and Separate Financial Statements for the year ended 31 December 2016.

The consolidated financial statements of the Company and its subsidiary have been prepared in

compliance with International Accounting Standard 1, 'Presentation of financial statements' issued by

the International Accounting Standards Board.

04PAGE

ANNUALREPORT

2016


Our Vision

05PAGE

ANNUALREPORT

2016

Our Mission


To be the preferred insurance

and investment services provider

in Africa.

To become the best insurance

company through continuous

innovation and professionalism;

A responsible

corporate citizen

TO SHAREHOLDERS TO THE STATETO EMPLOYEES

A pride to ownA prestigious,

pleasant and

conducive work

environment that

rewards excellence.

An exceptional

experience

TO CUSTOMERS

Service Trust

Accountability

Resilience

Our Values

Our corporate organizational

values derive from the letters

of the word ‘STAR

06PAGE

ANNUALREPORT

2016


Corporate Profile

Standard Alliance Insurance Plc (SA Insurance Plc) is a high profile, technology-driven and customer oriented

company ranking among the best and most respected insurance companies in Nigeria, both in terms of product

and service delivery. SA Insurance Plc, a frontline underwriting company licensed by the National Insurance

Commission (NAICOM) to transact general and special risk insurance businesses, emerged from the now

defunct Jubilee Insurance Limited which was acquired in August 1996 by keen Nigerian turn-around investors.

The Company commenced full operations as Standard Alliance Insurance Limited in 1996, went public and

became quoted on the Nigerian Stock Exchange in 2003. SA Insurance Plc which was recapitalized in 2008 when

it issued additional shares to the public has an authorised share capital of N7bn, a shareholders' funds of N4.6bn

and an asset base which is currently N11.7bn. The Company's gross premium written as at the end of 2015 is

N5.2bn.

Gemrock Management Co. ltd. In December 2014, acquired a strategic interest in Standard Alliance with a new

Board and Management put in place to implement a transformation programme that will see the Company

emerge as a dominant player in the insurance sector.

ANNUALREPORT

2016


07PAGE

08PAGE

Corporate Information

Country of Incorporation and domicile

Nigeria

Company Registration Number

RC: 40590

Nature of business and principal activities

The principal activity of the Company

and its subsidiary is general and special

risk insurance and life assurance and

annuity business

Directors

Johnson Chukwu Chairman (Appointed 31/03/2016)

Brig. Gen. Dominic Oneya (Rtd) Chairman (Resigned 30/03/2016)

Bode Akinboye Chief Executive Officer

Bolaji Oladipo Executive Director Technical (Appointed 25/4/2017)

Orerhime Emerhor-Iwuagwu Executive Director (Resigned 29/11/2016)

Omolola Oshiafi Director

Adetayo Akintunde Director

Etigwe Uwa, SAN Director

Austin Enajemo-Isire Director

Company Secretary

Uruemu Esiri Oghen

FRC/2016/NBA/00000014122

Registered office

Plot 1 Block 94, Providence Street

Lekki Scheme 1, Lekki Lagos

Registrars

First Registrars and Investor

Services Limited

Plot 2 Abebe Village Road,

Iganmu, LagosBankersAccess Bank PlcEcobank Nigeria LimitedFidelity Bank PlcFirst City Monument Bank PlcFirst Bank of Nigeria LimitedGuaranty Trust Bank PlcHeritage Bank Limited Keystone Bank Limited Skye Bank PlcSterling Bank PlcUnion Bank of Nigeria PlcUnited Bank for Africa PlcUnity Bank Plc Wema Bank PlcZenith Bank Plc

Reinsurers

JLT Group Plc, London

African Reinsurance Corporation, Nigeria

Continental Reinsurance Plc, Nigeria

Nigeria Reinsurance Plc, Nigeria

WAICA Reinsurance Pool, Nigeria

RKH Specialty

Reinsurance Broker

Feybil Insurance Brokers

Auditors

BDO Professional Services

(Chartered Accountants) ADOL House

Plot 15, Central Business District,

Alausa, Ikeja Lagos.

Actuaries

HR Nigeria Limited

FRC/NAS/0000000738

ANNUALREPORT

2016


Notice of The Twenty First AnnualGeneral Meeting

ANNUALREPORT

2016


NOTICE IS HEREBY GIVEN that the 21stAnnual General meeting of STANDARD ALLIANCE INSURANCE PLC will hold at the

Event Hall, Plot 1, Block 94, Providence Street, Lekki Phase 1, Lekki, Lagos State on 21st September, 2017at 11am prompt to

transact the following business:

1. To receive the Audited Financial Statements for the year ended 31st December, 2016 together with the

Report of Directors, Auditors and Audit Committee thereon.

2. To re-elect the following Directors who in accordance with Article 83 of the Company’s Articles of Association, retire

by rotation, but are eligible and offer themselves for re-election:

?Mr. Johnson Chukwu as a Non-Executive Director

?Mrs. Adetayo Akintunde as a Non-Executive Director

3. To ratify the appointment of the following Director appointed to fill a casual vacancy:

?Mr. Bolaji Oladipo

4. To re-appoint BDO Professional Services as the Auditors of the Company and to authorize the Directors to fix their

remuneration.

5. To elect members of the Statutory Audit Committee.

To consider and if thought fit, pass the following resolutions as Ordinary Resolutions:

1. To fix the remuneration of the Directors.

2. “That subject to the post listing rules (Rules Governing Transactions with Related Parties or Interested Persons) of the

Nigerian Stock Exchange, a General Mandate be and is hereby given for the Company to enter into recurrent related

party or interested party transactions provided such transactions are of a revenue or trading nature or are necessary

for the Company’s day to day operations; and that the Directors be and are hereby authorized to complete and do

all such acts and things (including executing all such documents as may be required) to give effect to the

transactions as authorized by this Ordinary Resolution.”

3. “That the Directors be and are hereby authorized to take all steps they may deem appropriate to raise additional

capital for the Company by way of special placements or Public Offer with or without preferential allotment, rights

issue, bond issue, convertible loans, mezzanine finance or any combination of the foregoing, or in such other

manner as the Directors may, in their discretion approve and subject to the approval of the Regulatory Authorities.”

4. To consider and if thought fit, pass the following resolutions as Special Resolutionsfor the reduction of share

capital of the Company:

ORDINARY BUSINESS

SPECIAL BUSINESS:

09PAGE

10

ANNUALREPORT

2016

Uruemu Esiri Oghen

Company Secretary

Uruemuesiri Oghen

Company Secretary

FRC/2016/NBA/00000014122


“THAT following the merger of the then Standard Alliance Insurance Plc and Standard Alliance Life Assurance Limited, and

subject to the confirmation of the Court:

4.1. “The the post-Merger share premium of N7,529,796,430.00 (Seven Billion, Five Hundred and Twenty Nine Million,

Seven Hundred and Ninety Six Thousand, Four Hundred and Thirty Naira only) be reduced by the sum of

N7,529,796,430.00 (Seven Billion, Five Hundred and Twenty Nine Million, Seven Hundred and Ninety Six Thousand,

Four Hundred and Thirty Naira only) by creating a Special Reserve Account of N7,529,796,430.00 (Seven Billion, Five

Hundred and Twenty Nine Million, Seven Hundred and Ninety Six Thousand, Four Hundred and Thirty Naira only)

for the purpose of writing off the losses of the Company; and

4.2. “The post-Merger issued Share Capital of the Company be and is hereby reduced from N6,455,520,000.00 (Six

Billion, Four Hundred and Fifty Five Million, Five Hundred and Twenty Thousand Naira only to N2,151,840,000.00

[Two Billion, One Hundred and Fifty One Million, Eight Hundred and Forty Thousand Naira only)by cancelling and

extinguishing 8,607,360,000 (Eight Billion, Six Hundred and Seven Million, Three Hundred and Sixty Thousand) units

of the issued Ordinary Shares of N0.50 kobo each in the Company, each of which is fully paid up, and the amount by

which the Share Capital is so reduced be credited into the Special Reserve Account created above for the purpose of

writing off the losses of the Company.

4.3. That the share reduction in paragraph 4.2 above be applied pro –rata the existing issued shares of the Company,

such that following such reduction, each shareholder of the Company as at the last trading day before the Share

Reduction, will hold 1 (One) Ordinary Share of N0.50k each for every 3 (Three) Ordinary Shares held by them prior to

the reduction.

4.4. “That the Directors be and are hereby authorized to use the Special Reserve Account of N11,833,476,430.00 (Eleven

Billion, Eight Hundred and Thirty Three Million, Four Hundred and Seventy Six Thousand, Four Hundred and Thirty

Naira only) created pursuant to the above resolutions in writing off part of the losses of the Company”.

5. “That the Board of Directors be and is hereby authorized to do all such acts, deeds, matters and things as the Board

may deem necessary to give effect to the aforementioned resolutions of the Company.”

Dated this 18th day of August, 2017

BY ORDER OF THE BOARD

PAGE

PROXIES

CLOSURE OF REGISTER OF MEMBERS AND TRANSFER BOOKS

UNCLAIMED SHARE CERTIFICATES AND DIVIDEND WARRANTS

NOMINATION FOR THE STATUTORY AUDIT COMMITTEE

SHAREHOLDERS' RIGHT TO ASK QUESTIONS

[email protected]

BIOGRAPHICAL DETAILS OF DIRECTORS FOR ELECTION OR RE-ELECTION.

E-REPORT & UNCLAIMED DIVIDEND LIST

[email protected] and [email protected].

www.sainsuranceng.com.

WEBSITE

www.sainsuranceng.com.

A member of the company entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend

and vote in his/her stead. A proxy need not be a member of the company. A detachable blank proxy form is attached to the

Annual Report. If it is to be valid for the purpose of the meeting, it must be duly completed and stamped at the Stamp Duties

Office and deposited with the Registrars, First Registrars & Investor Services Limited. at Plot 2, Abebe Village Road, Iganmu,

Lagos State not later than 48 hours before the time fixed for the meeting.

The Register of Members and Transfer Books of the Company will be closed from Monday 11th September, 2017 to Friday

15th September, 2017 (both dates inclusive) for the purpose of updating the Register and determining Shareholders who

are qualified to attend the meeting.

All Shareholders are hereby informed that the Registrars of the Company are holding Share Certificates and Dividend

Warrants which have been returned by the Post Office as “Unclaimed”. Some Dividend Warrants sent to Shareholders'

registered addresses or their bankers too are yet to be presented for payment or returned to the Registrars of the Company

for revalidation. The affected Shareholders should please contact the Registrars.

In accordance with Section 359 (5) of the Companies and Allied Matters Act CAP C20, Laws of the Federation of Nigeria

(LFN), 2004, any member may nominate a Shareholder for appointment to the Audit Committee. Such nomination should

be in writing and must reach the Company Secretary not less than 21 days before the Meeting. The National Insurance

Commission's code of Corporate Governance 2009, states that some of the members of the Audit Committee should have

requisite knowledge of accounting, financial analysis and financial reporting.

Also, the Securities and Exchange Commission's code of Corporate Governance 2011 provides that members of the Audit

Committee should have basic financial literacy and should be able to read financial statements. We would therefore request

that nominations be accompanied by a copy of the nominee's curriculum vitae.

Shareholders of the Company's securities reserve the right to ask questions not only at the meeting but also in writing on any

matter, subject or issue contained in the Annual Report and Accounts. Such questions may be addressed to the Company

Secretary and submitted to the registered office of the Company or sent by electronic mail to not

later than 7days before the Meeting.

Biographical details of directors standing for election or re-election are provided in the Annual Report.

Shareholders who wish to receive electronic copies of the Annual Report & Accounts and Unclaimed Dividends List should

please send their names and e-mail addresses to In

addition, Annual Reports are available online for viewing and download from our website at

A copy of this Notice and other information relating to the Meeting can be found at

Notes To The Notice Of Annual

ANNUALREPORT

2016


General Meeting

11PAGE

Results at a glance

Group Company Group Company Group Company

2016 2016 2015 2015

N'000 N'000 N'000 N'000 % %

Gross premium written 4,378,185 2,511,965 5,235,571 2,956,271 (16) (15)

Cash and cash equivalents 485,013

347,097

1,317,866

730,785

(63) (53)

Investment in related Companies - 277,673 - 406,728 (32)

Investment property 3,824,589

1,300,000

3,304,563

1,150,000

16 13

Insurance contract liabilities 5,022,163

2,443,530

4,404,741

2,226,847

14 10

Paid up share capital 5,996,587

5,996,587

5,996,587

5,996,587

- -

Shareholders' funds 4,651,923

4,596,798

4,348,780

4,176,469

7 10

Total Assets 13,020,020

9,636,834

11,787,369

8,435,622

10 14

Basic (loss)/profit per share (kobo) (10) (9) 77 (237) (238)

Net assets per share (Adjusted) 41

38

36

35

14 9

Share price (kobo) 50 50 50 50 1

Number of Shareholders 70,443 70,443 70,991 70,991 (1)

Number of Employees 239 120 246 118 (3) 2

Number of Branches 26 14 26 14 - -

Statement of Comprehensive Income

Statement of Financial Position:

Per share data

General

Net premium income 3,648,407 2,008,180 4,572,789 2,467,540 (20) (19)

Claims expenses (1,436,046) (851,594) (2,077,752) (824,794) (31) 3

Underwriting results 271,847 676,425 1,233,998 1,224,482 (78) (45)

Investment income 288,475 222,255 313,325 197,132 (8) 13

Management expenses (1,515,525)

(1,426,478)

(1,484,138)

(1,405,420)

2 1

(Loss)/profit before tax (1,214,604)

(1,120,270)

819,040

713,867

(248) (257)

12PAGE

ANNUALREPORT

2016


-

-

-

MR. JOHNSON EGU CHUKWU

Chairman

Chairman’sStatement

Distinguished Shareholders, Directors, Ladies and

gentlemen. It is with great pleasure that I welcome you allstto the 21 Annual General Meeting of Standard Alliance

Insurance Plc.

This shall be the last AGM as a General Insurance

company, as we have obtained a License from National

Insurance Commission (NAICOM) to operate as a

composite Insurance Company with effect from 2017. This

is a fall out of your resolution at the last Annual General

Meeting.

Global Economy

The recent trend of populism and anti-establishment

sentiment in developed nations has raised the ghoul for

protectionism, with concerns for the future of global trade.

The global economic landscape in 2016 was one of the

most uncertain in recent times, and was exacerbated by a

number of unexpected events. At the beginning of the

year, the IMF had initially estimated 3.4% real global

growth for 2016; however, by the end of the year, actual

growth amounted to 3.1%, just short of the previous year's

3.2%. The impact of policy uncertainty in the advanced

economies accounted for a decline in real growth to 1.6%,

from 2.1% in the previous year, while growth in emerging

and developing economies remained flat at 4.1%,

underpinned by higher commodity prices and growth in

China.

Brexit for instance, was a negative surprise for global

markets, particularly given the fact that it has emboldened

nationalist ideology across many countries. In the same

vein, the American presidential election threw up its own

now well-chronicled surprises which made Donald Trump themerge the 45 President of the United States of America.

All these have raised questions over the future of

globalization.

Global growth persists to be driven by the advanced

economies and economy functions have been aided by

monetary policies targeted stimulating consumption,

output and employment. This is in contrast to emerging

Despite the challenges faced in 2016, I have no doubt in my mind that economic growth will return in 2017...

ANNUALREPORT

2016


13PAGE

14PAGE

ANNUALREPORT

2016

and developing economies like ours, where economic growth has slowed and the impact of volatile commodity

prices has continued to be felt.

Nigeria suffered particularly from the sharp drop in crude oil price to $27.88/bbl in January 2016 – the lowest

level since 2003, which manifested in the decline in external reserves to a 12-year low of $23.8 billion in October

2016. The situation was partly abated, at least on the global scene, due to concerted measures by major crude

oil producing nations as coordinated by OPEC to support crude oil prices by trimming supplies. This resulted in

a 104% rally in crude oil prices to a high of $57/bbl by December 2016. This brought a lot of optimisms.

However, the local situation was aggravated further by renewed attacks on oil facilities in the Niger Delta,

leading to production falling significantly short of capacity to lows of 1.3 million bbl per day. It was on this note

that the monetary authorities devalued the currency, while the fiscal authorities also removed subsidy on

petroleum products. This culminated in a rise in inflation to 18.6% by December 2016 – the highest level in over

10 years, and real GDP growth of -1.3% for the full year, further confirming Nigeria's first recession in 25 years.

During the year, foreign exchange management became increasingly challenging, with the authorities'

attempts at implementing a managed float system failing to address the fundamental causes of dollar illiquidity

and with significant depreciation of the local currency, Naira. The effect of the Central Bank of Nigeria (CBN)

policies pushed foreign exchange demand of business activities to the parallel market rates and driving cost

push inflation higher. The effectiveness of the CBN in managing this lingering issue will be the major

determinant of how our economy will evolve in the coming year(s).

Despite the challenges faced in 2016, I have no doubt in my mind that economic growth will return in 2017, as

the recent stability in oil price and increase in local production due to reduction in restiveness of the Niger Delta

militants, together with the execution of Federal Government's foreign borrowing initiative and efforts geared

towards economic diversification which has significantly strengthened our foreign currency reserves.

The year 2016 turned out to be very challenging amidst various economic indices with Nigerian economy in

recession, which was last witnessed 25 years ago. Therefore, the year was tense for most sectors but painfully

felt by insurance sector. Premium payments were low, low capacity utilization persisted leading to loss of

employment in various sectors, lack of confidence in government programmes, redundancy in various

industries and sectors of the economy. These and other factors negatively impacted on the year's financial

results as your company recorded a group premium of N4.3Billion (2015: 5.2Billion). An underwriting profit of

N271.8Million was posted as against N1.2Billion in 2015. Net loss was N1.3Billion as against a profit of

N887Million last year. Our balance sheet assets stood at N13.02Billion of which N4.65 Billion is being funded by

shareholders' equity.

During the year 2016, Mrs Orerhime Emerhor-Iwuagwu, resigned as a member of the Board effective 29

November 2016 . She joined the Board in 2007 and made contributions to the growth of the company. On

behalf of other Board members and shareholders, I hereby express sincere appreciation for her efforts and

excellent service to the company.

Nigeria Economy

Highlights of 2016 Financial Performance

Board Changes


Chairman’s Statement

ANNUALREPORT

2016

Future Outlook

Conclusion

The Economy is on the path of recovery from all indices available to us and I am very optimistic that the

Company will return to the profit path in the coming year(s). The Executive and Management Staff have put in

efforts and commitments to put the Company on a stronger footing. Efficient and tenacious execution of our

strategic imperatives will be critical to our success as a Company. In addition, we shall take full advantage of all

opportunities and resources within our control to stimulate us from prolonged systemic issues.

As a result of all these, we have set out the following agenda for 2017;

?Develop new products to meet emerging coverage needs in a shared, connected economy.

?Expand digital distribution and virtual service to cut costs and gain competitive advantages.

?Enhance cyber risk management to stay ahead of evolving threats and comply with new

regulations.

?Treat technology modernization as a journey rather than a final destination.

?Deepen client engagement beyond renewals and claims while differentiating with ancillary services.

?Drive IoT (Internet of Things) strategies beyond auto insurance for personalized pricing and risk-

management incentives.

?Explore potential composite opportunities to deploy excess capital, create scale, and add capabilities.

Going into 2017, our mandate remains achieving strong financial results in what has become a challenging and

dynamic environment. We will continue to work and live by our values of execution, enterprise and excellence

towards optimal maximisation of opportunities that exist in our operating sectors.

I will like to appreciate our shareholders for their unfettered support to the Board and Management team of the

Company. Standard Alliance Insurance's people are its greatest assets; hence we acknowledge the dedication,

hard work and loyalty displayed by our people.

Finally, I thank the Board for its exemplary guidance and leadership in this very challenging time.

Distinguished shareholders, 2017 presents exciting opportunities for us and I am confident that with your

continued support, we shall be making significant strides in actualising a very successful year.

Thank you.

……………………………………….

Mr. Johnson Egu Chukwu

Chairman


15PAGE

Board of Directors

16PAGE

ANNUALREPORT

2016

- Long standing experience in the Nigerian insurance sector.

- Strategist in products packaging, marketing and corporate management.

- Public speaker.

- Expert in capacity building and human resources development.

- Group Managing Director/ Chief Executive Officer,

Standard Alliance Insurance Plc.

- Vice Chairman, Gemrock Management Company Limited.

- Former Group Managing Director, Standard Alliance Group.

- Championed the execution and success of the strategic plans of the Group.

- Former Managing Director/CEO, Standard Alliance Insurance Plc.

- Spearheaded the listing and quotation of the company on the

Nigerian Stock Exchange.

- Facilitated foreign direct investments of about USD $ 20m to the company.

- Former Chief Executive Officer, Standard Alliance Life Assurance Ltd.

- Former Financial Controller,

- Former AGM (Oil/Energy, Financial Institution Marketing),


- Former Management Accountant, Industrial and General Insurance Plc (IGI).

- Fellow, Institute of Chartered Accountants of Nigeria (ICAN).

- Member, Nigerian Institute of Management (NIM).

- Member, Institute of Directors (IOD)

- Alumnus, Lagos Business School (LBS), Pan African University.

- Alumnus, Harvard Business School, Boston, USA.

- Member, Governing Council of the Nigerian Insurers Association (NIA).

MR. JOHNSON EGU CHUKWU

Chairman

- Initiator/Founder, Cowry Asset Management Limited.

- Facilitator, Institute of Chartered Accountants of Nigeria (ICAN).

- Facilitator, Financial Institutions Training Centre (FITC).

- Media commentator on the Capital Market, banking industry and general

economic issues.

- Pioneer General Manager/Chief Executive Officer, Guardian Express Trust

Limited (now Spring Capital) – a subsidiary of Guardian Express Bank Plc (now

Spring Bank Plc).

- Former Deputy General Manager and Group Executive, Operations, Spring

Bank Plc.

- Supervised at various times functions as Structured/Corporate Finance,

Treasury, Risk Management, Operations, Human Capital Management,

Information technology and Facilities management at Guardian Express Bank

Plc.

- Pioneer Chief Financial Officer, Guardian Express Bank Plc.

- Championed the setting up of Guardian Express Bank's Accounting systems,

processes and Management/Financial reporting systems.

- Former Deputy Financial Controller, Diamond Bank Plc.

- Worked in Credit and Marketing (Trade Finance), Financial Control, Treasury

Operations and Branch Operations, Intercontinental Bank Plc (now Access

Bank Plc).

- Alumnus, Lagos Business School (Pan African University).

- Attended courses at IESE Business School(University of Navarra) Barcelona,

Spain; Wharton Business School (University of Pennsylvania) Philadelphia,

USA.

- Alumnus, University of Lagos.

- Fellow, Institute of Chartered Accountants of Nigeria.

- Fellow, Chartered Institute of Taxation.

MR. BODE AKINBOYE


CEO

- Vast experience in insolvency practice, litigation

and alternative dispute resolution.

- Asset to creditors and debtors for the resolution

of proceedings in liquidation, winding-up and

company restructuring.

- Former Head, Litigation and Arbitration differently

at Sofunde, Osakwe, Ogundipe & Belgore and F. O.

Akinrele & Co Law firms.

- Private practice at own Streamsowers & Co.

- Dispute Resolution Partner, Streamsowers & Köhn

(after a merger).

- Participated through Federal Government

appointment in the winding-up of Nigerian Airways.

- Acted in the restructuring of four of the then

national carrier's subsidiaries.

- Fellow, Chartered Institute of Arbitrators (UK).

- Senior Advocate of Nigeria (April, 2010).

MR. ETIGWE UWA, SAN

- Currently engaged in investment activities

covering

insurance, banking.

- Former Managing Director/CEO, Springlife

Assurance Company where she championed the

company's return to profitability within six months.

- Former Managing Director, ADIC Insurance

Limited.

- Former Managing Director of African

General Insurance Brokers.

- Former Senior Management Staff, Unic Insurance

as well as Industrial and General Insurance.

- Alumnus, University of Ilorin.

- Fellow, Chartered Insurance Institute of Nigeria.

MRS. ADETAYO AKINTUNDE

ANNUALREPORT

2016


- Former Managing Director of Standard Alliance Life

Assurance Limited before the recent merger of the

company with its sister company Standard Alliance

Insurance Plc.

- Former Executive Director, Business Development of

Standard Alliance Life Assurance Limited.

- General Manager of Standard Alliance Life

Assurance Limited company in charge of marketing

with extended functions in Research and

Development.

- Started his insurance career with Equity Indemnity

Insurance Company (Now Equity Insurance Plc) in

August 1993 where he worked until year 2000.

- Bachelor of Science degree in Economics from the

Lagos State University in 1990 and received his

Master of Business Administration specializing in

marketing management from the same university in

2006.

- Qualified as an Associate of the Chartered

Insurance institute of Nigeria in 1999 and became a

fellow of the institute in 2013.

- Has attended several multi-disciplinary courses in

Insurance underwriting, claims and marketing. He

has also attended several trainings in leadership

and strategic management both locally and abroad.

MR. BOLAJI OLADIPOExecutive Director, Technical Director Director

17PAGE

- Former Managing Director/CEO, Standard Alliance

Life Assurance Limited.

- Former Deputy General Manager, BAICO

Insurance Plc.

- Former Assistant General Manager, Standard Trust

Assurance Plc.

- Pioneer member of staff, Globe Reinsurance Plc.

- Alumnus, Lagos Business School.

- Alumnus, Robert Morrison University, Moon Town,

Pennsylvania, USA.

- Alumnus, Delta State University, Abraka.

- Fellow, Institute of Directors.

- Fellow, Institute of Chartered Accountants of

Nigeria (FCA).

- Member, Chartered Insurance Institute of Nigeria

(CIIN).

- Associate Member, Chartered Institute of

Taxation of Nigeria (ACTI).

- Member, Ikoyi Club.

MRS. OMOLOLA OSHIAFI

18PAGE

ANNUALREPORT

2016


- Former Managing Director/CEO, Standard Alliance

Life Assurance Limited.

- Former Deputy General Manager, BAICO

Insurance Plc.

- Former Assistant General Manager, Standard Trust

Assurance Plc.

- Pioneer member of staff, Globe Reinsurance Plc.

- Alumnus, Lagos Business School.

- Alumnus, Robert Morrison University, Moon Town,

Pennsylvania, USA.

- Alumnus, Delta State University, Abraka.

- Fellow, Institute of Directors.

- Fellow, Institute of Chartered Accountants of

Nigeria (FCA).

- Member, Chartered Insurance Institute

of Nigeria (CIIN).

- Associate Member, Chartered Institute of

Taxation of Nigeria (ACTI).

- Member, Ikoyi Club.

MR. AUSTIN ENAJEMO-ISIREDirector Director

Statement of Directors' Responsibilities in relation to the Financial Statements for the year ended 31

December 2016.

The Directors responsibilities include ensuring that the Group:

The Directors accept responsibility for maintaining adequate accounting records as required by:

In accordance with the provisions of the Companies and Allied Matters Act, CAP C20 LFN 2004, the Insurance

Act CAP I17, LFN, 2004 and National Insurance Commission's operational guidelines 2011, the Directors are

responsible for the preparation of financial statements which give a true and fair view of the state of affairs of the

Group and Company and the profit or loss and other comprehensive income for the financial year.

i. Implements appropriate internal controls to secure the assets of the Group and Company, prevent and

detect fraud and other financial irregularities

ii. keeps accounting records which disclose with reasonable accuracy the financial position of the Group

and which ensure that the financial statements comply with the requirements of the Companies and

Allied Matters Act, CAP C20, LFN 2004, Insurance Act CAP I17, LFN 2004, and NAICOM Operational

Guidelines and Circulars.

iii. has used appropriate accounting policies, consistently applied and supported by reasonable and

prudent judgments and estimates, and that all applicable accounting standards have been followed.

a. International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards

Board (IASB);

b. Companies and Allied Matters Act, CAP C20, LFN 2004;

c. Insurance Act, CAP I17, LFN 2004;

d. NAICOM Operational Guidelines and circulars.

The Directors are of the opinion that the financial statements give a true and fair view of the state of affairs of the

Group and subsidiary Company and of the profit or loss for the year. The Directors further accept responsibility

for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as

well as adequate systems of internal control.

Nothing has come to the attention of the Directors to indicate that the Group and Company will not remain a

going concern for at least 12 (twelve) months from the date of approval of the financial statements.

ANNUALREPORT

2016

ResponsibilitiesStatement of Directors'


19PAGE

20PAGE

ANNUALREPORT

2016

The Directors have the pleasure in presenting their annual report and the audited financial statements of

Standard Alliance Insurance Plc ("the Company) and Standard Alliance Life Assurance Limited ("its subsidiary")

together 'the Group' to the Shareholders along with the auditor’s report for the year ended 31 December 2016.

The Group financial statements were prepared in compliance with the International Financial Reporting

Standards (IFRS).

The Group's principal activity is the provision of non-life and life underwriting (under separate licenses held by

the Company and its subsidiary)and special risk underwriting and related financial services. Such services

include provision of general insurance and life assurance services (through its subsidiary) to both individual and

corporate customers.

The following is the summary of the Group's operating results:

The Directors of the Company are as follows:

Mr. Johnson Egu Chukwu - Chairman

Mr. Bode Akinboye - Chief Executive Officer

Mrs. Orerhime Emerhor-Iwuagwu - Executive Director

Mrs. Omolola Oshiafi - Director

Mrs. Adetayo Akintunde - Director

Mr. Etigwe Uwa, SAN - Director

Mr. Austin Enajemo-Isire - Director

Principal activities and business review

Report of the Directors

Group2016

N'000

4,340,422

(1,436,046)

(3,495,376)

271,847

-

Company2016

N'000

2,503,967

(851,594)

(1,369,095)

676,425

(129,055)

Group2015

N'000

5,426,185

(1,718,166)

(1,638,071)

1,233,998

-

Company2015

N'000

3,070,114

(777,410)

(517,692)

1,224,482

55,627

Gross premium income

Claims incurred

Underwriting expenses

Underwriting results

Share of (loss)/profit of relatedCompanies

Directors


ANNUALREPORT

2016

Brig. Gen. Dominic Oneya, Chairman of the Board resigned effective March 30, 2016 in compliance with S. 5.04

of the NAICOM Code of Good Corporate Governance which provides that Non-Executive directors be

renominated and appointed for not more than three terms of 3 years each. Brig. Gen. D. Oneya spent over 11

years on the Board of the Company.

Mrs Orerhime Emerhor-Iwuagwu also resigned from the Board effective November 29, 2016.

No new Director was appointed to the Board of the Group during the year.

The Directors' direct interests in the issued share capital of the Company as recorded in the Register of members

as at 31 December 2016 is as follows:

Number of shares held at the end of:

2016 2015Units % Units %

Mr. Johnson Chukwu - - - -Mr Bode Akinboye 435,781,914

3.63

434,013,914

3.62

Mrs. Orerhime Emerhor-Iwuagwu 200,000 0.00 25,200,000 0.21Mr. Austin Enajemo-Isire 451,000 0.00 10,441,000 0.09Mrs. Omolola Oshiafi 12,500,000

0.10

12,500,000

0.10

2016 2015Units % Units %

2,594,060,738

21.63

382,013,914

3.19

1,755,064,716

14.63

2,532,111,540

21.11Standard Alliance Capital Limited 250,000,000 2.08 250,000,000 2.08

Gemrock Management CompanyLimited

Standard Alliance InvestmentsLimited

The Directors' indirect interests in the issued share capital of the Company as recorded in the Register of

members are as follows:

Report of the Directors (continued)

Bode Akinboye:

Mrs. Orerhime Emerhor-Iwuagwu:

Contracts

In accordance with Section 277 of the Companies and Allied Matters Act, CAP C20, LFN 2004, none of the

Directors has notified the Company of any declarable interest in contracts involving the Company during the year

under review.

Appointment of Directors

Directors' interests

Retirement of Directors


21PAGE

Information relating to changes in tangible assets is given in Note 16 to the financial statements.

The Directors are of the opinion that the market value of the Group and Company's assets is not lower than the

values shown in the financial statements.

Property, plant and equipment

22PAGE

ANNUALREPORT

2016

Share capital information

a) Share range analysisNumber of Share

Range of shares Shareholders Units

1 - 1,000

14,492,729

1,001 - 5,000

86,632,542

5,001 - 10,000

103,730,460

10,001 - 50,000

283,017,445

50,001 - 100,000

164,967,691

100,001 - 500,000

340,252,213

500,001 - 1,000,000

197,472,008

1,000,001 - 5,000,000

310,761,701

5,000,001 - 10,000,000

385,668,609

10,000,001 - 50,000,000

743,267,473

50,000,001 and above

9,362,910,579

Total

15,099

27,701

11,729

11,848

2,020

1,532

238

153

55

36

32

70,443

11,993,173,450

%Total

0.12

0.72

0.862.36

1.382.84

1.65

2.59

3.22

6.20

78.07

100

b) Substantial interests in shares

Apart from Gemrock Management Company Limited, Standard Alliance Investments Limited and FCMB Plc

which hold 2,594,060,738 units (21.63%), 1,755,064,716 units (14.63%) and 1,120,000,000 units (9.34%)

respectively, no other shareholder held more than 5% of the issued share capital of the Company as at 31

December 2016.

The Company makes donations to charitable and non-profit organisations in appreciation of the society's

contributions toward the Company progress.

During the year, a total sum of N950,000 (December 2015: N1,150,000) was given out as donations and

charitable contributions during the year. Details of the donations and charitable gifts are as stated below:

Amount

N

i. Fair Life Africa Foundation 950,000

Corporate Social Responsibilies



a) Employment of disabled persons

b) Health, safety and welfare of Employees

c) Employee involvement and training

Auditors

The Group operates a non-discriminatory policy in the consideration of applications for employment, including

those received from disabled persons. The Group's policy is that the most qualified and experienced persons are

recruited for appropriate job levels irrespective of applicants state of origin, ethnicity, religion or physical

condition. In the event that any employee becomes disabled in the course of employment, the Company is in a

position to arrange appropriate training to ensure continuous employment of such person without being

subjected to any disadvantage in his/her career development.

The Company's business premises are designed with a view to guaranteeing the safety and healthy living

conditions of its employees and customers alike. Health, safety and fire drills are regularly organised to keep

employees alert at all times. Employees are adequately insured against occupational hazzards. In addition, the

Company provides medical facilities to its employees and their immediate families at its expense.

The Company encourages participation of employees in arriving at decisions in respect of matters affecting

their well being. Towards this end, the Company provides opportunities for employees to deliberate on issues

affecting the Company and employees' interests, with a view to making inputs to decisions thereon. The

Company places a high premium on the development of its manpower. Consequently, the Company sponsored

its employees for various training courses both in Nigeria and abroad in the year under review.

BDO Professional Services, have indicated their willingness to continue in office in accordance with Section

357(2) of the Companies and Allied Matters Act, CAP C20 LFN 2004.

A resolution will be proposed at the Annual General Meeting to authorize the directors to fix their

remuneration.

By order of the Board

ANNUALREPORT

2016

Human resources

Uruemuesiri OghenCompany SecretaryFRC/2016/NBA/00000014122



31 March 2017

23PAGE

24PAGE

ANNUALREPORT

2016

We the undersigned hereby certify the following with regards to our audited report for the year ended 31

December 2016 that:

(a) We have reviewed the report;

(b) To the best of our knowledge, the report does not contain:

(i) Any untrue statement of a material fact, or

(ii) Omit to state a material fact, which would make the statements, misleading in the light of

circumstances under which such statements were made;

c) To the best of our knowledge, the financial statements and other financial information included in the

report fairly present in all material respects the financial condition and results of operations of the company

as of, and for the periods presented in the report;

(d) We:

(i) are responsible for establishing and maintaining internal controls;

(ii) have designed such internal controls to ensure that material information relating to the Group is

made known to such officers by others within the entity particularly during the period in which the

periodic reports are being prepared;

(iii) have evaluated the effectiveness of the Group’s internal controls as of date within 90 days prior to

the report;

(iv) have presented in the report our conclusions about the effectiveness of our internal controls based

on our evaluation as of that date;

(e) We have disclosed to the auditors of the Group and audit committee:

(i) all significant deficiencies in the design or operations of internal controls which would adversely

affect the Group’s ability to record, process, summarize and report financial data have been

identified.

(ii) any fraud, whether or not material, that involves management or other employees who have

significant roles in the Group’s internal controls;

(f ) We have identified in the report whether or not there were significant changes in internal controls or other

factors that could significantly affect internal controls subsequent to the date of our evaluation, including

any corrective actions with regard to significant deficiencies and material weaknesses.

Certification Pursuant To Section 60(2) Of Investment And Securities Act No.29 Of 2007


In accordance with the provisions of Section 359(6) of the Companies and Allied Matters Act, CAP C20 of the

Laws of the Federation of Nigeria, 2004, we the Members of the Audit Committee of Standard Alliance Insurance

Plc having carried out our statutory functions under the Act, hereby report as follows:

We have reviewed the scope and planning of the audit for the year ended 31 December, 2016 and we

confirm that they were adequate.

The Company’s reporting and accounting policies as well as internal control systems conform to legal

requirements and agreed ethical practices.

We are satisfied with the departmental responses to the External Auditors’ findings on management matters for

the year ended 31 December, 2016.

Finally, we acknowledge and appreciate the cooperation of Management and Staff in the conduct of these

duties.

Date: 31 March 2017.

Members of the Audit Committee

Mr. Austin Enajemo-Isire - Chairman

Mr. Etigwe Uwa (SAN) - Director

Mrs. Adetayo Akintunde - Director

Mr. Matthew Esonanjor - Member

Mr. Godwin Anono - Member

Mr. Erinfolami Gafar - Member

REPORT OF AUDIT COMMITTEETO THE MEMBERS OF STANDARD ALLIANCE INSURANCE PLC

ANNUALREPORT

2016

Mr. Austin Enajemo-IsireFRC/2013/ICAN/00000002496Chairman of the Audit Committee


25PAGE

26PAGE

ANNUALREPORT

2016

Reporting entity

Governance Structure

The Board of Directors

Standard Alliance Insurance Plc is a Company incorporated and domiciled in Nigeria. The address of the

Company’s registered office is Plot 1, Block 94, Providence Street, Lekki Scheme 1, Lekki – Epe Express way, Lekki,

Lagos. The Company underwrites life (through its subsidiary under seperate license) and non-life insurance risks.

The Company is listed on the Nigerian Stock Exchange.

These financial statements of the Group as at and for the year ended 31 December 2016 comprise that of the

Company and its subsidiary (together referred to as the 'the Group' and individually as 'Company). The Group

primarily operates in the insurance and other financial services sector but also in property development through

one of its associates.

Standard Alliance Insurance Plc has over the years built an enviable reputation and has consistently adopted,

implemented and applied international best practices in corporate governance, service delivery and value

creation for all its stakeholders.

The Group's corporate governance principles are embodied in its Code of Corporate Governance, which

represents the core values upon which the Group was founded. The code of Corporate Governance is designed to

ensure that the Group's business is conducted in a fair, honest and transparent manner that conforms to high

ethical standards. For the entity, good corporate governance goes beyond just adhering to rules and policies of

the Regulators; it is about consistently creating excellent value for our stakeholders using the best possible

principles within a sustainable and enduring system.

In order to remain a pace setter in the area of good corporate governance practice, the Company's corporate

governance practices are constantly under review in line with the dynamics of the business environment and

guidelines of the regulatory bodies.

The Group is committed to high standards of corporate governance. Corporate governance practice in the Group

is drawn from various applicable codes of corporate governance issued by National Insurance Commission

(NAICOM) and Securities and Exchange Commission (SEC). This ensures compliance with regulatory requirement

as well as the core value which the Group upholds.

The provision of the codes is geared towards ensuring transparency and accountability of the Board and

Management to shareholders of the Company.

Presently, the Group has a seven man Board led by a Chairman who is a non-executive Director. There are two

Executive Directors, one of whom is the Chief Executive Officer, all other four directors are non-executive.

All the Directors bring various and varied competencies to bear on all Board deliberations. The Directors

individually have attained the highest pinnacle of their chosen professions. The Board meets quarterly and is

CORPORATE GOVERNANCE REPORT


ANNUALREPORT

2016

responsible for effective control and monitoring of the Group’s strategy.

The ultimate responsibility for the governance of the Group resides with the Board of Directors, which is

accountable to the shareholders for creating and delivering sustainable value through the management of the

Group's business. The Board is also responsible for the management of the Group's relationship with its various

stakeholders. The day to day running of the Group is delegated to the Chief Executive Officer by the Board of

Directors assisted by the Management Committees.

The responsibilities of the Board of Directors include:

I Review corporate strategy, major plans of actions, risk policies, business plans, setting performance

objectives, monitoring implementation and corporate performance and overseeing major capital

expenditures and acquisitions

ii. Select, compensate, monitor and when necessary, replace key executives and oversee succession

planning.

iii. Monitor the effectiveness of the governance practices under which it operates and make changes as may

be necessary.

iv. Ensure the integrity of the Company's accounting and financial reporting systems, including the

independent audit and that appropriate systems of control are in place, in particular, systems for

monitoring risk, financial control and compliance with the law.

v. Monitor and manage potential conflicts of interest of management, board members and

shareholders, including misuse of corporate assets and abuse in related party transactions.

vi. Supervise and monitor the execution of policies and providing direction for the management.

vii. Monitor potential risks within the company including recognising and encouraging honest whistle

blowing.

viii. Oversee the process of disclosure and communication in the company.

The roles of Chairman and Chief Executive Officer are separate and no one individual combines the two positions.

The Chairman's main responsibility is to lead and manage the Board to ensure that it operates effectively and fully

discharges its legal and regulatory responsibilities. The Chairman is responsible for ensuring that Directors receive

accurate, timely and clear information to enable the Board take informed decisions, monitor effectively and

provide advice to promote the success of the Group. The Chairman also facilitates the contributions of Directors

and promotes effective relationships and open communications between Executive and non-Executive Directors,

both inside and outside the Boardroom.

The Board has delegated the responsibility for the day-to-day management of the Group to the Chief Executive

Officer, who is supported by Executive Management. The Chief Executive Officer executes the powers delegated

to him in accordance with guidelines approved by the Board of Directors. Executive management is accountable to

Responsibilities of the Board

Roles of Chairman and Chief Executive Officer



27PAGE

28PAGE

ANNUALREPORT

2016

the Board for the development and implementation of strategies and policies. The Board regularly reviews group

performance, matters of strategic concern and any other matters it regards as material.

The Board carries out some of its responsibilities through the Board sub-committees whose terms of reference set

out clearly their roles, responsibilities, scope of authority and procedures for reporting to the Board. Each

committee is chaired by a non-Executive Director in compliance with principles of good corporate governance

and the Audit Committee is chaired by a representative of the shareholders. These committees report to the

Board of Directors on their activities and decisions, which are ratified by the full Board. The Committees are as

follows:

This is a standing Committee of the Board with the responsibility for investment. The terms of reference of the

Committee includes:

?Review of existing investments;

?Review of investment strategies;

?Review of company's investments by way of equities;

?Review of Budgets;

?Review and make recommendations on procedural manuals/policies;

?Make recommendation on recruitment/termination of General Managers and above to the Board;

?Strategy formulation;

?Review of Human Capital Management Operations and

?Review of Marketing activities

The Board Investment and Finance Committee has the following members during the period under

review:

Mrs. Omolola Oshiafi - Chairman

Mr. Bode Akinboye - Member

Mr. Etigwe Uwa (SAN) - Member

Mrs. Orerhime Emerhor-Iwuagwu - Member

Mr. Austin Enajemo-Isire - Member

Mrs. Adetayo Akintunde - Member

The terms of reference of this Committee includes the following:

?Establish criteria for Board and Board Committee memberships, review candidate's qualifications and any

potential conflict of interest, assess the contribution of current directors in connection with their re-

nomination and make recommendations to the Board;

?Prepare job specification for the Chairman's position, including assessment of time commitment required

of the candidate;

?Periodic evaluation of skills, knowledge and experience required on the Board;

?Make recommendations on experience required by the Board Committee members, Committee

Board Committees

1) The Finance, Investment and General purpose Committee

2) The Enterprise Risk Management and Governance Committee



ANNUALREPORT

2016

appointments and removal, operating structure, reporting and other Committee operational matters;

?Make recommendations on compensation structure for Executive Directors;

?Provide input to the annual report of the Group in respect of Director's compensation;

?Ensure Succession Policy and Plan, subsists for positions of Chairman, CEO/MD, Executive Directors and

subsidiary MDs;

?Ensure Board conducts Board Evaluation on annual basis;

?Review performance and effectiveness of the subsidiary's Board on annual basis;

?Review and make recommendations to Board for approval of the Group's organisational structure and any

proposed amendments;

?Review of performance bonuses;

?Review of Staff Remuneration package.

?Review and approval of the Group's Enterprise Risk Management policy including risk appetite and risk

strategy;

?Review the adequacy and effectiveness of risk management and controls;

?Oversight of management's process for the identification of significant risks across the Group and the

adequacy of prevention, detection and reporting mechanisms;

?Review of the Group's compliance level with applicable laws and regulatory requirements which may

impact the Group's risk profile;

?Periodic review of changes in the economic and business environment, including emerging trends and

other factors relevant to the Group's risk profile;

?Review and recommend for approval of the Board risk management procedures and controls for new

products and services.

Mrs. Adetayo Akintunde - Chairman

Mr. Etigwe Uwa (SAN) - Member

Mrs. Omolola Oshiafi - Member

Mr. Austin Enajemo-Isire - Member

The Audit and Compliance Committee is made up of 6 (six) members, three representatives each of Shareholders

and Directors. Its members are elected at the Annual General Meeting.

In addition to its responsibility to review the scope, independence and objectivity of the audit, the Committee

carries out all such matters as are reserved to it by the Companies and Allied Matters Act, CAP C20 Laws of the

Federation of Nigeria, 2004. These functions include to:

?Meet at least thrice yearly and once with the External Auditors;

? Review Whistle blowing policy;

? Periodic Evaluation of the Committee's performance;

?Carrying out internal control checks on all company activities;

The Committee is made up of the following members:

3) The Audit and Compliance Committee



29PAGE

30PAGE

ANNUALREPORT

2016

?Make recommendations to the Board on sanctions in areas of default where necessary;

?Receive and review integrity of data of the audited financial statement of accounts of the company;

?Make recommendation on appointment and remuneration of external auditors;

?Review and make recommendations based on Management letters issued by external auditors;

?Monitor the quality of internal control procedures and compliance with regulatory policies.

The Committee is made up of the following members:

?Mr. Austin Enajemo-Isire - Chairman

?Mr. Etigwe Uwa (SAN) - Director

?Mrs. Adetayo Akintunde - Director

?Mr. Matthew Esonanjor - Member

?Mr. Godwin Anono - Member

?Mr. Erinfolami Gafar - Member

The Company ensures strict compliance with the Investment and Securities Act 2007, the Securities and

Exchange Commission Code of Corporate Governance for Companies in Nigeria 2011 and other laws that may

be applicable from time to time bordering on Insider Trading. To this end, the Company has put in place

mechanism to ensure that the categories of person and entities that may be classified as “Restricted Persons” for

the purpose of Insider Trading are clearly identified and in the know. In addition, there are stringent restrictions

on dealing with the Companies Securities. Directors and Key Managements also have to comply with rules in

relation to dealing with company securities particularly obtaining prior approval before dealing with company's

securities. There are also mechanisms in place to ensure that detailed reports are submitted to the Nigerian

Stock Exchange, the Securities and Exchange Commission on the extent of compliance with this rule, permitted

exception and any instances where same may have been breached. This Policy has become an essential

company document that has been brought to the notice, and will be brought to the notice of all concerned and

continuous efforts are made to ensure strict compliance and implementation.

It is the responsibility of the Board of Directors to ensure that all the records are accurate and correctly reflect the

financial position of the Group. The Board is mindful of the fact that as an insurance company, great relevance is

placed by policy holders and potential investors on the accuracy of information contained in its financial

statements.

In order to ensure the accuracy of its records, the Board sets standards that the Quality Assurance department

implements system of internal control comprising policies, standards and procedures to ensure that the safety of

assets and reduction of the risk of loss, error, fraud and other irregularities. Both the Quality Assurance (Internal

Auditors) and the External Auditors independently appraise the adequacy of the internal controls.

BDO Professional Services acted as external auditors to the Company for the 2016 financial year. Their report for

the year under review is contained on pages 47-50 of these financial statements.

Security Trading Policy

Internal Control



ANNUALREPORT

2016

ANNUALREPORT

2016

Audit Committee Meetings

04/02/16 24/03/16 28/09/16 Total

1 1 - 2

Mr. Austin Enajemo-Isire (Chairman, effective 28/09/2016) 1 - 1 2

Mr. Matthew Esonanjor 1 1 1 3

Mr. Godwin Anono 1 1 1 3

Mr. Erinfolami Gafar 1 1 1 3

Mr. Etigwe Uwa (SAN) (Joined committee 28/09/2016) - - 1 1

Mrs. Adetayo Akintunde (Joined committee 28/09/2016) - - 1 1

Finance and Investment Committee Meetings

Mr. Johnson Chukwu (Chairman) exited committee

31/03/2016

Board Meetings

10/02/2016 30/03/2016 08/08/2016 29/11/2016 Total

1 1 2

1 1 1 1 4

Bode Akinboye (CEO) 1 1 1 1 4

Mrs. Orerhime Emerhor-Iwuagwu (Executive Director) 1 - 1 1 3

Mr. Austin Enajemo-Isire (Director) 1 1 1 1 4

Mr. Etigwe Uwa (SAN) (Director) 1 1 1 1 4

Mrs. Adetayo Akintunde (Director) - 1 1 - 2

Mrs. Omolola Oshiafi (Director) 1 1 1 1 4

Brig. Gen. Dominic Oneya (Rtd)(Chairman)(Resigned 30/03/2016)

Mr. Johnson Chukwu (Chairman, appointed

31/03/2016)

- -

02/02/16 25/10/16 Total

Mrs. Omolola Oshiafi (Chairman) 1 1 2

Mr. Bode Akinboye 1 1 2

Mrs. Orerhime Emerhor-Iwuagwu 1 1 2

Mr. Etigwe Uwa (SAN) 1 1

Mr. Austin Enajemo-Isire 1 1 2



-

Attendance of Board and Committee Meetings

The table below shows the frequency of meetings of the Board of Directors and Board Committees, as well as

Members attendance for the financial year ended 31 December 2016.

31PAGE

32PAGE

ANNUALREPORT

2016

Strategy and Establishment Committee Meetings

04/02/16 Total

Mr. Johnson Chukwu (Chairman) 1 1

Mrs. Omolola Oshiafi 1 1

Mr. Bode Akinboye 1 1

Mrs. Orerhime Emerhor-Iwuagwu - -

Mrs. Adetayo Akintunde

This committee ceased to exist from August 2016 as it was merged with the Finance & Investment committee to

form the Finance, Strategy & General Purpose Committee, in compliance with NAICOM's code of Good

Corporate Governance.

Enterprise Risk Management Committee

17/05/16 Total

Mrs. Adetayo Akintunde (Chairman) 1 1

Mr. Bode Akinboye 1 1

Mrs. Orerhime Emerhor-Iwuagwu 1 1

Mr. Austin Enajemo-Isire - -

This committee ceased to exist from August 2016 as it was merged with the Governance & Remuneration

committee to form the Enterprise Risk Management & Governance Committee, in compliance with NAICOM's

code of Good Corporate Governance.

Governance & remuneration committee

08/02/16 30/08/16

1

1

1

1

Mr. Etigwe Uwa (SAN)

Mrs. Adetayo Akintunde

Mrs. Omolola Oshiafi

Mr. Johnson Chukwu (exited 30/08/16)

Total

1

1

1

1

-

-

-

-

This committee ceased to exist from August 2016 as it was merged with the Enterprise Risk Management

Committee to form the Enterprise Risk Management & Governance Committee, in compliance with NAICOM's

code of Good Corporate Governance.



- -

ANNUALREPORT

2016

• Finance, Investment & General Purpose Committee meeting

• Audit Committee meeting

• Enterprise & Risk Management Committee meeting

• Strategy & Establishment Committee meeting

• Governance/Remuneration Committee meeting

• Board meeting

• Finance, Investment & General Purpose Committee

meeting


• Strategy & Establishment Committee meeting


• Board meeting



• Board meeting

• Finance, Investment & General Purpose Committee meeting



• Board Strategy & Establishment Committee meeting


• Board meeting

• AGM deliberations

• To consider and approve Audited Accounts for the period ended 31st December,of previous year

• To consider and approve forecast for 2nd quarter and general company’s brief

• To consider and approve Q1

Accounts for the period

ended 31st March.

• To consider and approve

forecast for Q3 and

company’s brief

• To consider and approve 2nd

quarter Accounts for period

ended 30th June.

• To consider and approve

forecast for Q4 and general

company’s brief

• AGM

• To consider and approve 3rd

quarter accounts for period

ended 30th September.

• Consideration /approval of

coming year’s budget”

Q3

1st & 2nd

Week of July

Q4

1st & 2nd

Week of October

Q1

1st & 2nd

Week of February

Q2

1st & 2nd

Week of April

SCHEDULE OF YEARLY BOARD/COMMITTEE MEETINGS & AGM

PERIOD TYPE OF MEETING PROPOSED AGENDA

Support Committees

1 Executive Management Committee

The Committee is responsible for strategic/up marketing activities, review of investment portfolio and approval

of establishment of new products/branches and membership includes:

i) Chief Executive Officer

ii) Executive Directors

iii) Chief Finance Officer

iv) Company Secretary



Complaints Management Policy Framework

www.sainsuranceng.com

The Company's Complaints Management Policy framework on how to resolve complaints arising from issues

covered under the Investment and Securities Act 2007 is being complied with and implemented as approved by

the Board of Directors. It can be accessed on the Company's website: -

33PAGE

34PAGE

ANNUALREPORT

2016

2 Senior Management Committee

3 Weekly Activity Review Committee

4 Group Management Committee

The Committee is responsible for strategic initiatives on business generation and membership includes:

i. Chief Executive Officer

ii. Executive Directors

iii. All Divisional Heads

iv. Group Head, Technical

v. Group Head, Corporate Services

vi. Chief Finance Officer

vii. Head, Internal Control/Quality Assurance

viii. Head, Information Technology (IT)

This Committee meets weekly to review business development activities of the entire Company. The Committee

consists of:


ii. All Divisional Heads

iii. Group Head, Technical

iv. Head, Information Technology

v. Head, Corporate Services

vi. Head, Internal Audit/Quality Assurance

vii. Chief Finance Officer

viii. Head, Enterprise Risk Management

ix. All marketing staff

This Committee meets every month to review the Company's performance. The meetings are usually held first

Friday and Saturday following the end of each month. The Committee consists of:


ii. Executive Director

iii. All Divisional Heads

iv. All Regional Heads

v. All Branch Managers

vi. Group Head, Technical

vii. Head, Information Technology

viii. Chief Finance Officer

ix. Head, Corporate Services

x. Head, Internal Audit/Quality Assurance

xi. Head, Enterprise Risk Management



ANNUALREPORT

2016

The financial information presented in this report

including the tabular amounts is in Naira and is

prepared in accordance with the International Financial

Reporting Standards (‘IFRS’)

To facilitate wholesome understanding of the position,

it is advised that the content in this report be read in

conjunction with the Group financial statements.

The principal activities of the Company during the year

remained as general insurance and life assurance

(through its subsidiary) business. The management

commentary was as at 31 December 2016 and should

be read in conjunction with the financial statements as

at 31 December 2016.

During the year under review the activities of Boko

Haram continued unabated in some states in the

North.

This has caused unprecedented loss of lives and

properties and gradually grounding the businesses of

the affected states. Despite the initiatives by policy

makers to encourage low cost or micro insurance

products and to expand policies to better reach low

and medium income community, low level acceptance

MANAGEMENT'S DISCUSSION AND ANALYSIS

This ‘Management Discussion and Analysis’ as at 31

December 2016 has been prepared in line with the

regulatory requirements and also the need to foster

deeper understanding of our strategy, operating risk

and performance.

of insurance among the wider public continue to

remain the biggest hurdle for the industry.

"Standard Alliance Insurance Plc is a public liability

company registered in Nigeria to provide a range of

insurance services to individuals, corporate bodies

and government. Its objective is to be an Insurer of

choice. "

To achieve this, the Company is trying to lay down

well-structured plans and corporate strategies as

well as digitalization to drive its growth. It is the

intention of management to continually churn out

new products that will satisfy the quest of our

numerous customers while deepening the existing

ones.

To ensure that this goal is achieved, the Company's

strategy is to broaden and align service delivery

channels along customer segment, taking

cognizance of the difference between policy

administration product support and customer care

to adequately cater for peculiar needs for each

segment.

Business Objective and Strategy


35PAGE

36PAGE

ANNUALREPORT

2016

Operating results and financial position

Consolidated Group Group Company Company Company Company

Budget Actual % Budget Actual % ACTUAL

2016 2016 Achieved 2016 2016 Achieved 2015

N’000 N’000 N’000 N’000 N’000

Gross premium 6,746,335 4,378,185 65 4,079,365 2,503,967 61 3,070,114

Net premium 6,074,421 3,648,407 60 3,785,321 2,008,180 53 2,467,540

Claims expenses (Net) (1,465,387) (1,436,046) 98 (807,481) (851,594) 105 (777,410)

Investment income 546,644 288,475 53 137,696 222,255 161 197,132

Profit/(loss) before tax 1,387,641 (1,214,904) (88) 1,224,722 (1,120,270) (91) 713,867

Taxation 293,820 (126,765) (43) 269,438 (104,214) (39) 96,371

Profit/(loss) after tax 1,069,326 (1,341,669) (125) 955,283 (1,224,484) (128) 810,238

Property, plant and equipment 2,914,425 6,257,177 215 2,681,568 6,178,413 230 2,770,510

Net assets 7,093,748 4,651,923 69 6,913,312 4,348,780 63 4,203,421

Ordinary share capital 7,496,587 5,996,587 80 7,496,587 5,996,587 80 5,996,587

Shareholders funds 7,093,748 4,651,923 66 6,913,312 4,348,780 63 4,203,421

Insurance funds 6,245,622 5,022,163 80 2,296,181 2,443,530 106 2,226,847

Performance Indicators

The business experienced some challenges resulting from the on-going business model restructuring and

transformation of the service channels. These imperatives along with other initiatives targeted at strengthening

our enterprise support capabilities have started yielding results.

Gross premium written by the group was N4.3 billion, representing 65% of budget. The company on the other

hand achieved 61% of the budgetted Gross premium of N4 billion. This decline was mainly attributable to poor

economic conditions and the general downturn in the economy.

Group operating Expenses which includes underwriting expenses, claims expenses, reinsurance expenses and

management expenses totaled N5.7 billion for the year ended December 2016 as against N5.2 billion recorded

in 2015, an decrease of N0.32 billion which was due to the decrease in gross premium income during the year,

consequent upon which the underwriting expenses decreased.

The Group recorded a loss before tax of N1.2 billion in 2016 as against a profit of N713 million in 2015.

Performance Review

Operating expenses

Profit/(loss) before taxation



ANNUALREPORT

2016

Liquidity, Capital Resources and Risk Factors

Future Outlook

Government policies and economic reforms

Performance Management

IT Support

The Company’s cash investment continues to be in accordance with its investment policy and complies with

regulatory requirements. The Company’s investment strategy is underpinned by a focus on highly liquid

financial instrument such as term deposit, equity and debt instrument. We expect our investment income to

grow considerably in the coming years as we are poised to take advantage of the investment opportunities in

the money market and capital markets.

We expect to see a number of significant adjustments in the year 2017, especially to the realities of vastly

changed government revenue profile and the Naira exchange rates against foreign currencies. The private

sector may see intensification of existing and new export initiatives. There are signals that regulatory emphasis

will be placed on promoting GDP-enhancing and foreign exchange earning activities. Inflation is very likely to

commence an upswing and the need for cost control by both government at all levels and private sector

operators is imperative.

On our own part the merger of the operations of the Company with that of its Subsidiaries, Standard Alliance Life

Assurance Limited is being concluded to leverage on the synergies derivable therefrom. The emerging

composite company will take advantage of the huge potentials in both the General and Life segment of the

insurance market.

We expect to see policy decisions and developments in the industry. The activities of States and Federal tiers of

government will continue to impact positively on the business environment.

NAICOM's Risk Based Supervision will commence. The company has put in place all necessary infrastructure

and has also commenced the training of staff to meet with the demands of this new supervision regime.

The Company will continue with its monthly and quarterly nationwide performance review as a means of

focusing and driving marketing activities. This will also aid in monitoring and matching actual performance with

budget.

The Company will continue to accord IT investment the deserved priority not only for its traditional investment

status but also as a means of ensuring efficient and prompt service delivery.



37PAGE

38PAGE

ANNUALREPORT

2016

Conclusion

Many factors and assumptions may affect the manifestation of the Company’s projections, including but

not limited to production rate, claims rate, employees turnover, relationships with Brokers, Agents and

Suppliers, economic and political conditions, non compliance with laws or regulations by the Company’s

employees, brokers, agents, suppliers and/or partners and other factors that are beyond its control.

Without prejudice to the Company, such forward looking-statement reflects Management’s current belief

and based on available information which are subject to risks and uncertainties as identified. Therefore,

the eventual action and/or outcome could differ materially from those expressed or implied in such

forward–looking statements, or could affect the extent to which a particular projection materializes.

The forward looking statements in this document reflect the Company’s expectation at the time

Company’s Board of Directors approved this document and are subject to change after this date. The

Company does not undertake any obligation to update publicly or revise any such forward-looking

statements, unless required by applicable legislation or regulation.



MR. BODE AKINBOYE

CEO

I am glad to inform you that our Executives and Management Staff have put in efforts and commitments to put the Group on a solid footing,...

CEO’s Report

ANNUALREPORT

2016

Dear esteemed shareholders, I hereby present to you our

Company's performance for the year 2016. Let me start by

appreciating the confidence you have continued to repose in

the Board and Management. The year 2016 undoubtedly was a

challenging one for the global economy. True to our

expectation, the conditions in the energy markets continued to

impact the fiscal side of the federal treasury with attendant

implications for foreign exchange, financial market liquidity and

the wider corporate business. Unfortunately, these conditions as

experienced were not particularly favorable. In fact the National

Bureau of Statistics official GDP report for the second quarter

confirmed that the Nigerian economy had slipped into recession

when GDP contracted by 2.06% after a 0.36% contraction in the

first quarter of 2016. The evidence of recession further

manifested in slowing output, growth, slumping purchasing

power, widening credit spread, declining corporate earnings,

rising inflation expectations, receding capital investments and

rising inventories. Essentially, the economic recession was

blamed on the decline in crude oil prices with the attendant

decline in the Federal Government's revenue.

.

Despite these hard realities of the economy, the so many

challenges facing the country and the inherent challenges the

business outfits therein have to face in the last 2 years, our

Company continued to show some signs of growth. Today, we

have repositioned our company to become more customer

focused and this is reflecting positively in the growth of our

market share in the industry despite the loss position of the

Company

We are now in a position to focus on our long-term aspiration of

being among the Country's Insurer of choice, as our service level

and product improvements are already delivering benefits for

both customers and other stakeholders.


39PAGE

ANNUALREPORT

2016

40PAGE

CEO’sReport

The continued growth witnessed in our Fire, Engineering and Retail businesses was as a result of our service led

business re-organization in the past year. Though 2016, was a difficult year for businesses particularly our

Company, there is good progress to report on our strategy to build a strong and sustainable company. We are

confident that coming years will be better, as we have put in place necessary measures to return the Company

to profits. Much work lies ahead of us in ensuring that we are well positioned for long-term value creation in our

remarkable journey to be a leader in this market.

We remain optimistic in growing our business. We will continue to place greater emphasis on expanding our

retail marketing business, proactively managing our risk, improving on our cost reduction strategies and

harnessing the potential of our employees.

Year 2016 was a particularly challenging one for Nigeria's insurance sector, which battled with low patronage,

non-payment of premiums, low compliance and enforcement of compulsory insurance, while grappling with

the challenges of economic recession.

Like other sectors of the economy – banking, manufacturing, aviation or agriculture, the insurance sector had its

share of the effects of the recession.

However, the sector plays a passive role in economic development despite its huge economic potential that

remains largely untapped.

As the largest economy in Africa, the Nigerian insurance industry remains largely underdeveloped. The industry

has huge and untapped potentials.

Evolving risks such as job losses, cyber risk, among others, offered prospects for the development of new

insurance products. It also stated that anticipated government spending in construction could support growth

in the industry through bonds, group life, and workers' compensation, among others. Micro and agriculture

insurance are also expected to gain traction on the back of a large populace which remains outside the

insurance coverage.

2016 was a very challenge one. The Company's Gross premium reduced by 16% from N5.235bn in 2015 to

N4.378bn in 2016 with Non-Life business contributing N2.511bn and Life business contributing N1.867bn.

Profit after tax was a loss of N1.2bn; this was a reduction in profit by 248%. The loss largely arose from foreign

exchange loss on loan provisions for outstanding legacy debts from Daewoo Securities Bond, Non-Life

underwriting margin and change in Life Fund estimates. Much as we are disappointed by the out-turn, we

consider these actions as necessary and prudent in the short term to sharpen our focus to build a more

sustainable and profitable Insurance franchise, for the benefit of all stakeholders.

Despite these challenges, your Company has remained resilient and demonstrated that its growth prospects

were largely on course as premium written capacity and others income sources saw growth. Some performance

growth highlights were:

Insurance Industry

Company Performance


?Shareholders' Funds increased by 1% from N4.596bn to N4.651bn.

?Total Assets increased by 11% rising from N11.787bn in 2015 to N13.020bn in 2016.

?Investment Property and PPE witnessed a marginal growth

from N3.304 billion in 2015 to N3.824 billion in 2016 and N2.897 billion in 2015 and N6.257 billion in

2016 respectively.

We have set for ourselves ambitious targets to return to good profit in the years to come.

The achievement of our strategic plans to rank amongst the top tier Insurance Companies in Nigeria is alive.

Despite the seeming challenges, we are now in a much better position to focus on delivering our objectives and

transforming the Company into a large retail Insurance company that guarantees exceptional service to its

customers.

We have stepped up our investments in improving service delivery across board by installing additional

customer feedback systems across the Company's business offices. This has been complemented with initiatives

to reduce waiting times for claims and other important services.

While we are aware of the challenges that lie ahead, the year ahead presents new opportunities for our

Company. Our focus will be on developing our competitive advantages to emerge as a sharper, safer and

stronger insurance company. We have made significant and steady progress in the ongoing transformation of

the company with the successful completion of the merger between Standard Alliance Insurance Plc and

Standard Alliance Life Assurance Company Limited and we are confident of concluding the remaining two

stages of Share Capital/Balance Sheet Restructuring and New Capital Raise subject to Shareholders and

Regulatory approvals within the next twelve months. As external forces continue to reshape our business, we are

optimistic about the Company's growth prospects in the years ahead.

I am grateful for the loyalty and determination that our employees have exhibited in serving our customers

every day, despite the many challenges. I would like to also thank all our stakeholders – Board, Shareholders,

Executive Management, Regulators and more importantly our Brokers, Customers and Professional Advisers

for helping us to sail through a difficult year.

I remain confident that together we can edge closer to achieving our vision and build an enduring Company

that we all so much desire.

Future Outlook

Appreciation

ANNUALREPORT

2016

CEO’sReport

Mr. Bode Akinboye

CEO


41PAGE

Bode Akinboye is the Chief Executive Officer of the

company. He has a verifiable and significant record of

performance in the Insurance Industry.

He is the Vice Chairman of Gemrock Management

Company Limited, the special purpose vehicle which

acquired strategic stake in Standard Alliance Insurance Plc

in December 2014.

He had an exemplary career spanning close to

twenty years as Financial Controller, AGM Oil/

Energy, Financial Institution Marketing, Managing

Director/Chief Executive and then Group Managing

Director of Standard Alliance Group from where he left in

2009 to set up the private equity company.

As the then Group Managing Director/Group Chief

Operating Officer of Standard Alliance Group, he was

responsible for co-ordinating the strategic plans of the six

member companies with focus on non-Life Insurance, Life

Assurance, Pension Funds

Administration, Asset Management, Mortgage

Banking, Property and other investments.

Mr. Akinboye was responsible for driving the team that

transformed Standard Alliance Group into one of the most

formidable, innovative and profitable non-bank financial

services group in Nigeria. During his tenure at Standard

Alliance Insurance Plc, he led the team to achieve listing

and quotation of the company on the Nigerian Stock

Exchange, grew the company's asset base to over N20bn

and facilitated foreign direct investments of about

USD$20m to the company.

A former Management Accountant with Industrial and

General Insurance Plc (IGI) before joining Standard Alliance,

Mr. Akinboye is a Fellow of the Institute of Chartered

Accountants of Nigeria (ICAN); Member, Nigerian Institute

of Management (NIM);

Member, Institute of Directors (IOD) and an Alumnus of

Lagos Business School (LBS), Pan African

University. He is also a graduate of the Owner

President Management Program (OPM) and an

Alumnus of Harvard Business School, Boston, USA. He has

attended various courses locally and internationally. Mr.

Akinboye served on the

Governing Council of the Nigerian Insurers

Association and was the Treasurer of the Association for

four (4) years. He is a strategist in products packaging,

marketing and corporate management; public speaker and

an expert in capacity building and human resources

development.

Bolaji Oladipo was the Managing Director of Standard Alliance

Life Assurance Limited before the recent merger of the company

with its sister company Standard Alliance Insurance Plc.Prior to

his appointment as Managing Director, he was the Executive

Director, Business Development of the company. In this capacity,

he provided leadership and direction to both the corporate and

retail business departments of the company. He was also

responsible for managing the company’s strategic plans aimed at

improving the company’s overall market share and also piloting

the business drive of the company for growth in revenue, scope

and spread. Under him, the company’s branch network rose and

new products were designed, launched and added to existing

product lines.He was at one time General Manager of the

company in charge of marketing with extended functions in

Research and Development. He started his insurance career with

Equity Indemnity Insurance Company (Now Equity insurance plc)

in August 1993 where he worked until year 2000.

In March 2000, leveraging on his sound knowledge of the

insurance industry, he joined the team of Standard Alliance life

Insurance as Head of Multi Clients Unit. Rising meritoriously due

largely to his outstanding qualities as an astute marketer and a

team leader, it is to his credit and the team that the Business

Development Group of the company witnessed a tremendous

growth in gross written premium thus putting the company as

one of the leading life companies in Nigeria. His rise to the

position of Managing Director of the company is a confirmation

of his proven leadership and managerial capabilities.

Bolaji has a Bachelor of Science degree in Economics from the

Lagos State University in 1990 and received his Master of

Business Administration specializing in marketing management

from the same university in 2006.

He qualified as an Associate of the Chartered Insurance institute

of Nigeria in 1999 and became a fellow of the institute in 2013.

He has attended several multi disciplinary courses in Insurance

underwriting, claims and marketing. He has also attended several

trainings in leadership and strategic management both locally

and abroad.

Bolaji possesses people and goal oriented skills with strong

leadership and planning endowments.

His Key strength include: risk management, business and process

development.

An excellent team player, a self-motivated person with keen eye

for details and accuracy.

Bode Akinboye Bolaji Oladipo

Management Team

ANNUALREPORT

2016

42PAGE


Mrs. Uruemu-esiri Oghen is the Company Secretary of the

organization. She rejoined the Company in January 2015

from Minaj Holdings Limited where she was the Company

Secretary & Head, Human Resources from April, 2012 till

2014 during which amongst other achievements she was

responsible for the successful organization of the

Company's first Board of Directors meeting. A graduate of

the University of Liverpool, UK (2012) from where she

obtained her MSc. in Global Human Resource

Management. She obtained her B.L and LL.B degrees from

the Nigerian Law School, Lagos (2003) and Delta State

University (2002) respectively. Mrs. Oghen has over 10 years

of managerial experience in the Legal Sphere, including

participation in company public offers, general corporate

commercial matters, regulatory (NSE, SEC, CAC, NAICOM)

relationship management and assignments. She has

versatile professional experience in Legal, Business Advisory

and implementation of Contractual Objectives to deliver on

Stakeholders expectations.

Mrs. Oghen had also served as Associate Legal

Practitioner at Sigmund & Martin (2004-2005) a Legal

Services Firm based in Lagos, Nigeria and was an Associate

Solicitor at F. K Idepefo & Co (Oasis Chambers) (2003-2004)

a Litigation and Legal Services firm based in Jalingo, Taraba

State.

Currently coordinating “two SA (Standard Alliance) Teams”

in respect of the following Strategic Business Exercises-the

Special Placement of over 2Billion units of Ordinary Shares

and the Merger between Standard Alliance Life Assurance

Limited and

Standard Alliance Insurance Plc

Mrs. Oghen demonstrates strong Leadership and

Supervisory Skills, qualities which led to her recall by the

new Management/Investors following her prior working

experience in Standard Alliance Group (SAG) from

November, 2005 to March 2012 during which time she was

Officer, Company Secretariat/Legal/Human Resources

concurrently.

Uruemuesiri Oghen

ANNUALREPORT

2016


Management Team

Miss. Anietie Udo, a General Manager, leads the

company's Lagos Central Division. She holds a Bachelor of

Science degree in Banking & Finance (1993) from

the University of Uyo, Akwa Ibom State and Master's

Degree in Business Administration (Marketing) from

the University of Calabar. She is a member of

Chartered Insurance Institute of Nigeria (CIIN).

Miss Udo began her career in insurance with

Industrial and General Insurance Company Limited

(IGI) in 1997 as a Field Officer and was promoted to a

Field Analyst in 1998. While with IGI, she won the

Leadership/Best Marketer's award in 1999 and 2000.

In 2001, she joined Standard Alliance Life Assurance

Limited as the Head, Oil & Energy Unit and then had

a brief stint with African Development Insurance

Company Limited (ADIC) (2003) before joining


Anietie Lawrence Udo

Dare is the Chief Financial Officer of the Company. He holds

a BSc (Hons) degree in Accounting from Olabisi Onabanjo

University, Ago-Iwoye. He is an Associate of the Institute of

Chartered Accountants of Nigeria (ICAN) and an alumnus

of Yaba College of Technology, Lagos. Until his appointment

as the Chief Finance Officer of Standard Alliance Insurance

Company Plc, he served as the Chief Finance Officer of

Global Trust Savings And Loans Limited – a Mortgage

Financial Institution and subsidiary of Industrial And General

Insurance Company Plc (IGI). He had previously served in

the Parent Company – IGI in various capacities in the

Finance Division between 1993 and 2008 the last position

being the Head of Finance and Accounts of the Life Division

of the company.

He was also at a time the pioneer Head of Finance and

Accounts of Postal Life And General Insurance Company

Limited – another subsidiary of IGI which eventually merged

with the Parent Company. Dare took an adventure into

banking and served as a Financial Analyst with United Bank

for Africa Plc - UBA Africa between 2008 and 2011. He has

also had stints both in the Micro-finance sector and Audit

Practice.

Oludare Sonde.Miss. Nkeiruka Uzoechi is Divisional Head HCM/Legal,

Human Capital Management of the company. She holds a

Bachelor of Law degree (LLB) Hons from Nnamdi Azikiwe

University, Awka and was called to the Nigerian Bar in 1991.

She also holds a Master's degree in Business Administration

(Management)

from the Lagos State University.

She has over 20 years of experience in Human

Resources Management, having worked at various

organizations. She started her career as a Legal Officer with

Sea Petroleum Ltd and rose to the level of Company

Secretary/Legal Adviser before her exit.

She has also worked with Trust Bank of Nigeria,

Standard Alliance Insurance Plc and Spring Life

Assurance Plc where she held positions as Head of Human

Resources and served in several management committees.

She was part of the team that repositioned

Standard Alliance Insurance Plc from a limited liability

company to a leading insurance company listed on the

Nigerian Stock Exchange.

Nkeiruka was a partner at HR Support Company Limited, a

Human Resources Consulting firm which offers services

ranging from Consulting, Outsourcing, Training and

Development.

She has expertise in human resource administration and

human capital development. She has designed and

implemented human resources strategies for

various organizations spanning from performance

management systems, HR policies, structure and design as

well as compensation and reward structures.

She has attended various human resources,

leadership and strategic courses, has facilitated

in several training programmes and spoken at

various seminars.

Nkeiruka Uzoechi

43PAGE

Thompson Akhigbe is Head, Internal Control of the

company. He joined Standard Alliance Insurance Plc in

January, 2015 from AIICO where he was Head, Budget and

Financial Reporting.

Mr. Akhigbe who is bringing his over 21 years of experience

in the nation's insurance industry to the functions of the

company began his insurance career in 1993 at The Lion of

Africa Insurance Company Limited.

He moved later to Equity Assurance Plc in 2006 where he

became Head, Credit Control. He left Equity Assurance for

Cornerstone Insurance Plc in February 2008 and served as

Internal Auditor before joining AIICO in September 2008.

While at AIICO, he functioned severally as Senior Manager,

Credit Control/Strategy; Head, General Accounts and Head,

Budget and Financial Reporting.

He holds HND in Marketing from the Lagos State

Polytechnic. He is an Associate Member of the following

professional bodies: the Institute of Chartered Accountants

of Nigeria (ICAN), Chartered Insurance Institute of Nigeria

(CIIN) and the Chartered Institute of Taxation of Nigeria

(CITN).

Mr. Akhigbe who has attended several strategic trainings,

both locally and internationally, is a member of The Apapa

Club.

41

Thompson Akhigbe

ANNUALREPORT

2016

44PAGE


Management Team

Ife is the Divisional Head, E-Business. He joined Standard

Alliance in April , 2016 from Greenwich Trust Ltd, where he

was the Group Chief Finance Officer.

He holds a Bachelors' Degree in Accounting from Ogun

State University (1992) and in 1997 qualified as an

Associate of the Institute of Chartered Accountants of

Nigeria.

Mr. Ajayi has a rich background in internal and

external audit, capital market operations and

financial control. He started his working carrier at Ernst and

Young, Osindero Oni and Lasebikan(Chartered

Accountants)in 1993 as an audit staff .

In 1997, he moved on to WAPCO Plc (Now Lafarge) as an

Internal Audit Supervisor and by January 2000, he was

already the pioneer accountant of Securities Solutions

Ltd(Stockbroking Firm and Subsidiary of FSB International

Bank), a position he held till February 2004, when he

moved on to the Investment Banking Group of FCMB Plc,

as the Deputy Head Of Operations and within the space of

nine and a half years rose to become the Financial

Controller after heading the Operations unit before joining

Greenwich Trust Ltd in September 2013 as the Group CFO.

He is a Fellow of both Institute of Chartered

Accountants of Nigeria and The Certified Pension Institute

of Nigeria, attending various professional, leadership and

senior management courses.

Prior to his appointment as Divisional Head E-Business, he

was the Chief Financial Officer.

Ife-olorun AjayiMr. Jegede Biodun is the Divisional Head, Lagos East. He

rejoined the company from Associated Insurance Brokers

where he was General Manager. An expert in sales channel

development in insurance, Mr. Jegede holds a Post

Graduate Diploma (PGD) in Marketing from Tafawa Balewa

University, an HND in Finance and Banking, The

Polytechnic, Owerri and a National Diploma in Banking and

Finance from The Polytechnic, Ibadan.

He commenced his working career as an Assistant Credit

Officer with the AfriBank Nigeria Plc in 1987. He joined

Equity Indemnity Insurance Company Ltd in 1998 as Senior

Marketing Executive after his NYSC year as Accounts

Officer at Dehinde Odusanya & Co.

In 2003, he moved to SA Insurance Plc and was

Principal Manager/Group Head, Brokers Marketing Group

in 2010 when he moved to Associated Insurance Brokers.

Mr. Jegede is an Associate, Chartered Institute of Bankers of

Nigeria. He has attended several relevant training

programmes.

Biodun Jegede

ANNUALREPORT

2016


Management Team

Mr. Oladele Kadiri is the Divisional Head, Technical.

He is an Associate Member of the Chartered

Insurance Institute of Nigeria (ACIIN), 2001 and a

holder of MBA, MARKETING from Lagos State

University (LASU), 2007.

He began his insurance career with Chartered

Insurance Institute of Nigeria as Insurance Officer

in 1990 and later in 1998, he joined the services of

Prestige Assurance Brokers. In September, 2001,

he moved to Standard Alliance Life Assurance Limited

where he was the AGM/Group Head, Technical

Operations.

Mr. Kadiri is an experienced Insurance underwriter with

special skill in product designing, risk analysis and

valuation

Oladele Kadiri

Mrs. Benny Okolieocha is the Divisional Head, Lagos West/

South East. She holds a Bachelor of Science degree (B.Sc)

in Accounting from the University of Lagos, 1997 and a

Master’s Degree in Business Administration (MBA)

majoring in MARKETING in 2003 from Lagos State

University. She is also a holder of Insurance Proficiency

Course Certificate and a Member of Chartered Insurance

Institute of Nigeria (CIIN).

Prior to joining SA Life , she worked with Capital Express

Insurance Company in 2000, where her outstanding

marketing prowess saw her rise through the ranks to

become the Co-ordinator of Agency Operations.

She later Secured appointment with Standard Alliance

Insurance Plc as Group Head, Financial Institutions and

later Group Head, Retail & Consumer Marketing Division

in SA Life.

Benny OkolieochaMr. Ijeremhe Emmanuel is the Senior Manager

Finance. He is a graduate of Banking and Finance from the

University of Calabar, Calabar, Cross River State. He also

holds a Master's degree in Business Administration (MBA)

from Ambrose Alli University, Ekpoma, Edo State and a

Master of Science (M.Sc.)

in Finance from the University of Lagos. Kadiri is an

Associate Member of the Institute of Chartered

Accountants of Nigeria (ICAN).

He has an enormous experience in financial

accounting, analysis and modeling backed with

an uncanny ability to solve complex financial

problems. He is an expert at providing strategic decision

support to business operations, budgeting techniques and

designing financial strategy.

Before he began his insurance career with the company in

2001, he had worked with S.S. Afemikhe & Co (Chartered

Accountants) as Audit Senior from 1996 to 2001. Prior to

this, Mr. Kadiri was the Accountant at Gemini Trust Limited,

an investment and financial advisory services outfit. He also

had a brief stint with Canon Mortgage Finance Ltd

(Mortgage Bankers).

Kadiri

Ijeremhe Emmanuel Kadiri

45PAGE

ANNUALREPORT

2016

46PAGE


Management Team

Mrs. Blessing Iyaji Ana is the Divisional Head, Lagos West.

She joined the company from FBN

Insurance Limited. She started her insurance career

with the company as Business Development

Executive and was later promoted as Acting Group

Head, Financial Institution, from 2002 to 2006. She

moved over to Staco Insurance Plc in 2007 and took

up the same position at its Lagos Control office. She,

thereafter, joined Equity Assurance Plc as Group

Head, Financial Institution, Commercial Division. In

2014, she took up a job at FBN Insurance Limited as

Corporate Business Development Manager. In March

2015, she rejoined the Standard Alliance Insurance

Plc team as a Senior Manager.

Mrs. Ana holds a Higher National Diploma in

Accountacy from the Institute of Management

and Technology, Enugu State (2000), an Executive

Master's Certificate from British School of

Management (2007) and a Diploma (2013) from

the Chartered Insurance Institute of Nigeria.

She is a Member of both the Chartered Insurance

Institute of Nigeria and the Institute of Chartered

Accountants of Nigeria (ICAN).

Blessing Iyaji Ana

Mr. Olayinka Popoola is the Divisional Head, Lagos

East Retail/ South West. He holds a Bachelor of

Science degree (Bsc.) in Political Science from Ondo

State University (now University of Ado-Ekiti) and a

Master ’s degree in Public Administration from

Obafemi Awolowo University, Ile-Ife.

Prior to joining Standard Alliance Insurance Plc, he

worked for over eight years with Amicable Assurance

Plc where he gained experience in the life assurance

marketing and agency operations and rose to the

position of Unit Head. He is a holder of the Insurance

Proficiency Certificate and a Member, Chartered

Insurance Institute of Nigeria (CIIN).

Olayinka Popoola

ANNUALREPORT

2016

To the Shareholders Of Standard Alliance Insurance Plc

and its Subsidiary Company

INDEPENDENT AUDITORS REPORT

Opinion

Basis for Opinion

Key Audit Matters

We have audited the financial statements of Standard Alliance Insurance Plc ("the Company") and its Subsidiary

Company (together the group), which comprise, the consolidated and separate statement of financial position

as at 31 December 2016, consolidated and separate statement of profit or loss and other comprehensive

income, consolidated and separate statement of changes in equity, and consolidated and separate statement

of cash flows for the year then ended; and notes to the financial statements, including a summary of significant

accounting policies and other explanatory notes.

In our opinion the accompanying financial statements give a true and fair view of the financial position of the

Company and its subsidiary as at 31 December 2016 and of its financial performance and cash flows for the year

then ended in accordance with International Financial Reporting Standards, issued by the International

Accounting and Assurance Standards Board and in compliance with the relevant provisions of the Financial

Reporting Council of Nigeria, Act No 6, 2011, and the Companies and Allied Matters Act, CAP C20, LFN 2004.

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities

under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial

Statements attached as an appendix to our report. We are independent of the Company and its subsidiary in

accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional

Accountants together with the ethical requirements that are relevant to our audit of the financial statements in

Nigeria, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the

International Ethics Standards Board Code. We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our opinion.

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of

the financial statements of the current period. These matters were addressed in the context of our audit of the

financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion

on these matters.


REPORT ON THE AUDIT OF THE FINANCIALS STATEMENTS

BDO Professional Services, a firm of Chartered Accounts registered in Nigeria, is a member of BDO International Limited,a UK Company Limited by guarantee, and forms

part of the international BDO network of independent member firms.

Partners: Sanni A. Dosunmu, E. Olabisi, Olugbemiga A. Akibayo, Kamar Salami, Tokunbo L. Oluyemi, Henry B. Omodigbo

BN: 170585

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ANNUALREPORT

2016

Revenue recognition

Response

Understatement of reported claims

Risk

Response

Verified the completeness of claims incurred during the year

Other Information

Due to the large number of policies underwritten by the Group there is a risk that the revenue recorded in the

financial statements and the flow of premium information from the underwriting systems to the financial

reporting ledger may not be completely accounted for.

We have tested the design and implementation of the key controls over revenue recognition, focusing on the

flow of information from the underwriting systems to the financial reporting ledger. In addition, we performed

substantive analytical testing procedures on the gross and unearned premium balances amongst others.

Valid claims reported by the insured may not have been completely recorded in the books in the year under

review as some claims paid subsequent to the year end were not included in the claims register.

?Obtained and reviewed claims register to ensure that all claims made during the year have been

included by agreeing the claims paid and outstanding claims schedule to the claims register.

?Confirmed that claim relates to policy in force as at the time claim was made.

?Reviewed Loss Adjusters Report for adequacy of provisions for outstanding claims.

?Reviewed payments after year end and adjusted for claims paid subsequent to year end but not

recorded.

?Carried out an age analysis of outstanding claims to ensure compliance with NAICOM regulations of 90 days

payment of claims notified.

Management is responsible for the other information. The other information comprises the information

included in the Chairman's and Directors' statements, but does not include the financial statements and our

auditors report thereon. Our opinion on the financial statements does not cover the other information and we

do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and in

doing so, consider whether the other information is materially inconsistent with the financial statements or our

knowledge obtained during the audit or otherwise appears to be materially misstated. If, based on the work we

have performed, we conclude that there is a material misstatement of this information, we are required to report

that fact. We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT (Cont’d)


ANNUALREPORT

2016

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Auditor's responsibilities for the Audit of the Financial Statements

Report on other legal requirements

The directors are responsible for the preparation and fair presentation of the financial statements in accordance

with International Financial Reporting Standards issued by the International Accounting and Assurance

Standards Board, and in compliance with the relevant provisions of the Financial Reporting Council of Nigeria

Act, No 6, 2011, and the Companies and Allied Matters Act, CAP C20 LFN 2004 and for such internal control as

Management determines is necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company and its

subsidiary's ability to continue as a going concern, disclosing, as applicable, matters related to going concern

and using the going concern basis of accounting unless the directors either intend to liquidate the Company

and its subsidiary or to cease operations, or has no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue a report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance

with International Standards on Auditing will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they

could reasonably be expected to influence the economic decisions of users taken on the basis of these financial

statements.

The Companies and Allied Matters Act, CAP C20, LFN, 2004 requires that in carrying out our audit we consider

and report to you on the following matters. We confirm that:

i) we have obtained all the information and explanations which to the best of our knowledge and belief

were necessary for the purpose of our audit

ii) in our opinion, proper books of account have been kept by the Group and the Company, and

iii) the Group's and the Company's statement of financial position, and its statement of profit or loss and

other comprehensive income are in agreement with the books of account.

Olugbemiga A. AkibayoFRC/2013/ICAN/00000001076For: BDO Professional ServicesChartered Accountants

Lagos, Nigeria31 March 2017



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ANNUALREPORT

2016

Details of Auditors responsibilities for the audit of the financial statements

As part of an audit in accordance with International Standards on Auditing, we exercise professional judgment

and maintain professional skepticism throughout the audit. We also:

? Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is

sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

?Obtain an understanding of internal control relevant to the audit in order to design audit procedures that

are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the Company and its subsidiary's internal control.

?Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by management.

?Conclude on the appropriateness of Management's use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or

conditions that may cast significant doubt on the Company and its subsidiary's ability to continue as a

going concern.

?If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report

to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's

report. However, future events or conditions may cause the Company and its subsidiary to cease to

continue as a going concern.

?Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in a

manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope

and timing of the audit, and significant audit findings and any significant deficiencies in internal control that we

identify during our audit.



Appendix

ANNUALREPORT

2016

The following are the significant accounting policies adopted by the Group in the preparation of its financial

statements. These policies have been consistently applied to all year's presentations, unless otherwise stated.

The Company was incorporated in July 1981 as a Private Limited Liability Company and commenced full

operations in 1982 under the name Jubilee Insurance Company Limited. The name was changed to Standard

Alliance Insurance Company Limited (Standard Alliance) in August 1996.

Standard Alliance Insurance became a Public Liability Company (Plc) on 30th May 2002 and was quoted on the

Nigerian Stock Exchange in December 2003.

The Group is 100% fully owned by Nigerian citizens and Institutional investors. Its major shareholders are:

Units %

Gemrock Management Co. Limited 2,594,060,738 21.63

Standard Alliance Investments Limited 1,755,064,716 14.63

First City Monument Bank Plc 1,120,000,000 9.34

Bode Akinboye 435,781,914 3.63

Sina Alimi (also a director in Gemrock Mgt. Co. Ltd.) 382,013,914 3.19

The Company during the year successfully merged with its subsidiary Company, Standard Alliance Life

Assurance Limited.

The Group financial statements of the Group for the year ended 31 December 2016 were approved for issue by

the Board of Directors on 31 March 2017.

The Group’s principal activity continues to be provision of risk underwriting and related financial services to its

customers. Such services include provision of general insurance services to both corporate and individual

customers.

The financial statements are prepared in accordance with International Financial Reporting Standards

(IFRSs) as issued by the International Accounting and Assurance Standards Board (IAASB) and the

interpretations of these standards, issued by the International Accounting and Assurance Standards Board

(IAASB) and the requirements of the Companies and Allied Matters Act CAP C20, LFN 2004 and the Insurance

1 The reporting entity

2. Basis of preparation

2.1 Statement of compliance with International Financial Reporting Standards (IFRSs)


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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ANNUALREPORT

2016

Act, I17, 2004 and regulatory guidelines as pronounced from time to time by National Insurance Commission

(NAICOM), to the extent that they are not in conflict with IFRS.

The Group financial statements are prepared on a going concern basis. The Directors are satisfied that it has the

resources to continue in business for the foreseeable future. Furthermore, management is not aware of any

material uncertainties that may cast significant doubt upon the Group’s ability to continue as a going concern.

Historical cost basis was used in the preparation of the financial statements as modified by certain items of:

• Investments at fair value

• Available for sale financial assets that are measured at fair value

• Impaired assets at their recoverable amounts

• Insurance contract liabilities at fair value

• Land and Buildings stated at revalued amount

The financial statements are presented in Nigerian naira (N), which is also the functional currency of the Group,

rounded to the nearest thousand (N'000) unless otherwise indicated.

The Group presents its statement of financial position broadly in order of liquidity. An analysis regarding

recovery or settlement within twelve months after the reporting date (current) and more than 12 months after

the reporting date (non-current) is presented in the notes.

2.2 Going concern

2.3 Basis of measurement

2.4 Functional and Presentation Currency

2.5 Order of presentation



ANNUALREPORT

2016

3 Significant management judgements and key sources of estimation uncertainty

(i) Significant judgements made in applying the Group's accounting policies

(ii) Key sources of estimation uncertainty

a) Valuation of insurance contract liabilities

In the process of applying the accounting policies adopted by the Group, the directors make certain judgments

and estimates that may affect the carrying values of assets and liabilities in the next financial period. Such

judgments and estimates are based on historical experience and other factors, including expectations of future

events that are believed to be reasonable under the current circumstances. The directors evaluate these at each

financial reporting date to ensure that they are still reasonable under the prevailing circumstances based on the

information available.

The preparation of the Group's financial statements requires management to make judgments, estimates and

assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of

contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could

result in outcomes that could require material adjustments to the carrying amount of the asset or liability

affected in the future. These factors could include:

The judgements made by the directors in the process of applying the Group's accounting policies that have the

most significant effect on the amounts recognised in the financial statements include:

?Whether it is probable that future taxable profits will be available against which temporary differences

can be utilised; and

?Whether the Group has the ability to hold 'held-to maturity' investments until they mature. If the Group

were to sell other than an insignificant amount of such investments before maturity, it would be required

to classify the entire class as "available-for-sale" and measure them at fair value.

?Critical assumptions are made by the actuary in determining the present value of actuarial liabilities.

These assumptions are set out in accounting policy 5.19 and as embedded in the report. The liability

for insurance contracts is either based on current assumptions or on assumptions established at

inception of the contract, reflecting the best estimate at the time increased with a margin for risk and

adverse deviation. All contracts are subject to a liability adequacy test, which reflects management's best

current estimate of future cash flows.

?Estimates are also made as to future investment income arising from the assets backing insurance

contracts. These estimates are based on current market returns as well as expectations about future

economic and financial developments.



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ANNUALREPORT

2016

?Assumptions on future expenses are based on current expense levels, adjusted for expected expense

inflation if appropriate.

Critical estimates are made by the directors in determining the useful lives and residual values of

property, plant and equipment.

Estimates are made in determining the impairment losses on assets. Such estimates include the

determination of the recoverable amount of the asset.

The Group is subject to income taxes under the Nigerian Tax Laws. Significant estimates are required in

determining the provisions for income taxes. There are many transactions and calculations for which the

ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcomes of

these matters are different from the amounts that were initially recorded, such differences will impact the

income tax and the deferred tax provisions in the period in which such determinations are made.

In the process of applying the Group's accounting policies, management has made judgements in determining:

I) The classification of financial assets and liabilities.

ii) Whether assets are impaired.

iii) Whether land and buildings meet the criteria to be classified as investment property.

b) Property, plant and equipment

c) Impairment losses

d) Income taxes

e) Critical judgments in applying the entity's accounting policies



ANNUALREPORT

2016

IFRS

Reference

Title and Affected Standard(s)

Nature of change Application date

Impact

on initial

Application

Classification and measurement

Financial assets will either be measured

- at amortised cost,

- fair value through other

comprehensive income (FVTOCI) or

- fair value through profit or loss

(FVTPL)

Impairment

The impairment model is a more ‘forward

looking’ model in that a credit event no longer

has to occur before credit losses are

recognised.

For financial assets measured at amortised cost

or fair value through other compre-hensive

income (FVTOCI), an entity will now always

recognise (at a minimum) 12 months of

expected losses in profit or loss. Lifetime

expected losses will be recognised on these

assets when there is a significant increase in

credit risk after initial recognition.

Hedging

The new hedge accounting model

introduced the following key changes:

?Simpl i f ied ef fect iveness test ing,

including removal of the 80-125%

highly effective threshold

?More items will now qualify for hedge

accounting, e.g. pricing components

within a non-financial item, and net

foreign exchange cash positions

?Entities can hedge account more

effectively the exposures that give rise to

two risk positions (e.g. interest rate risk

and foreign exchange risk, or commodity

risk and foreign exchange risk) that are

managed by separate derivatives over

different periods

?Less profit or loss volatility when using

options, forwards, and foreign currency

swaps -New alternatives available for

economic hedges of credit risk and ‘own

use’ contracts which will reduce profit or

loss volatility.”

IFRS 9

(2014)

(Issued Jul

2014)

Financial

Instruments

Annual

reporting

periods

commencing

on or after 1

January 2018



The first time

application of IFRS 9

will have a wide and

potentially very

significant impact on

the accounting for

financial instruments.

The new impairment

requirements are likely

to bring significant

changes for

impairment provisions

for trade receivables,

loans and other

financial assets not

measured at fair value

through profit or loss.

Due to the recent

release of this

standard, the entity

has not yet made a

detailed assessment of

the impact of this

standard.

55PAGE

IFRS

Reference

Title and Affected Standard(s)

Nature of change Application date

Impact

on initial

Application

56PAGE

ANNUALREPORT

2016

IFRS 15 contains comprehensive

guidance for accounting for revenue

and will replace existing requirements

which are currently set out in a number

of Standards and Interpretations.

The standard introduces significantly

more disclosures about revenue recog-

nition and it is possible that new and/or

modified internal processes will be

needed in order to obtain the necessary

information. The Standard requires

revenue recognised by an entity to

depict the transfer of promised goods or

services to customers in an amount that

reflects the consideration to which the

entity expects to be entitled in exchange

for those goods or services.

This core principle is delivered in a five-

step model framework: (i) Identify the

contract(s) with a customer (ii)Identify

the performance obligations in the

contract (iii)Determine the transaction

price (iv)Allocate the transaction price to

the performance obligations in the

contract (v)Recognise revenue when (or

as) the entity satisfies a performance

obligation.

The Board is currently

reviewing the impact the

standard may have on the

preparation and presentation

of the financial statements

when the s tandard i s

adopted.

Consideration will be given to

the following:

(i) At what point in time

the Group recognises

revenue from each

contract whether at a

single point in time or

over a period of time;

(ii) whether the contract

needs to be ‘unbundled’

i n to two o r more

components;

(iii) how should contracts

which include variable

amounts of consider-

ation be dealt with;

(iv) what adjustments are

required for the effects

of the time value of

money;

(v) what changes will be

required to the Group’s

internal controls and

processes.

IFRS 15

Issued in

May 2014

Revenue

from

contracts

with

customers

1 January

2018.



ANNUALREPORT

2016

5. Significant accounting policies

5.1 Cash and cash equivalents

5.2 Financial instruments

Financial Assets

i) Financial assets at fair value through profit or loss

The principal accounting policies adopted in the preparation of these financial statements are set out

below:

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term

highly liquid investments with original maturities of three months or less. They include bank overdraft in

the context of the statement of cash flows.

Financial instruments are recognised when the Group becomes a party to the contractual

provisions of the instruments. They are recognised initially at fair value plus transaction costs, except for

those carried at fair value through profit or loss, which are measured initially at fair value. Financial

assets are derecognised when the contractual rights to the cash flows from the financial assets expire,

or when the financial assets and all substantial risks and rewards are transferred. A financial liability is

derecognised when it is extinguished, discharged, cancelled or expires.

Financial assets and financial liabilities are measured subsequently as described below:

The Group classifies its financial assets in the following categories:

?financial assets at fair value through profit or loss,

?loans and receivables,

?held-to-maturity,

?available-for-sale investments

The classification depends on the purposes for which the investments are acquired.

Management determines the classification of its investments at initial recognition and re-evaluates

such designation at every reporting date.

Financial assets at fair value through profit or loss include financial assets held for trading and those

designated at fair value through profit or loss at inception. Investments typically bought with the

intention to sell in the near future are classified as held for trading. For investments designated as at fair

value through profit or loss, the following criteria must be met:

?The designation eliminates or significantly reduces the inconsistent treatment that would otherwise

arise from measuring the assets or liabilities or recognising gains or losses on a different basis, or

?The assets and liabilities are part of a portfolio of financial assets, financial liabilities or both which are

managed and their performances evaluated on a fair value basis, in accordance with a documented risk

management or investment strategy and information regarding these instruments are reported to the

key management personnel on a fair value basis.



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ANNUALREPORT

2016

These investments are initially recorded at fair value. Subsequent to initial recognition, they are re-

measured at fair value. Fair value adjustments and realized gains and losses are recognized in the

income statement.

The Group's financial assets at fair value through profit or loss include some quoted shares and money

market funds which are considered as held for trading.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that

are not quoted in an active market. Loans and receivables are recognized initially at fair value and

subsequently measured at amortized cost using the effective interest method, less provision for

impairment. The amounts receivable are discounted if they are receivable beyond the current period

and the effect of discounting is material. The Group's cash and cash equivalents, trade and most other

receivables fall into this category of financial instruments. Individually significant receivables are

considered for impairment when they are past due or when other objective evidence is received that a

specific counterparty will default.

The Group's trade receivables are its premium receivables from insurance brokers as at the end of the

reporting period.

Trade receivables arising from insurance contracts are stated after adjusting for premium outstanding

from brokers for over 30 days.

Held–to-maturity investments are non-derivative financial assets with fixed or determinable

payments and fixed maturities that the Group has the positive intention and ability to hold to

maturity other than loans and receivables. Held-to-maturity investments comprise Government

securities (Treasury Bills etc).

The investments are initially recognized at fair value plus transaction costs. Held-to-maturity

investments are subsequently measured at amortized cost using the effective interest method.

If there is objective evidence that the investment is impaired, determined by reference to external

credit ratings, the financial asset is measured at the present value of the estimated future cash flows.

Any changes to the carrying amount of the investment, including impairment losses, are recognised in

profit or loss.

Available-for-sale financial assets are non-derivative financial assets that are designated as available-

for-sale or are not classified in any of the three preceding categories. Where financial instruments do

not have a quoted market price in an active market and whose fair value cannot be reliably measured,

the instruments are measured at cost less any impairment charges. The impairment charges are

recognised in the statement of other comprehensive income.

ii) Loans and receivables

iii) Held-to-maturity investments

iv) Available-for-sale investments



ANNUALREPORT

2016

5.3 Derecognition of financial assets

5.4 Amortised cost

5.5 Impairment of non-financial assets

A financial asset is derecognised when:

?The rights to receive cash flows from the asset have expired

?The Group retains the right to receive cash flows from the asset or has assumed an obligation to pay

the received cash flows in full without material delay to a third party under a 'pass-through'

arrangement; and either:

?the Group has transferred substantially all the risks and rewards of the asset; or

?the Group has neither transferred nor retained substantially all the risks and rewards of the asset,

but has transferred control of the asset.

When the Group has transferred its right to receive cash flows from an asset or has entered into a pass

through arrangement, and has neither transferred nor retained substantially all the risks and rewards of

the asset nor transferred control of the asset, the asset is recognised to the extent of the Group's

continuing involvement, determined by extent to which it is exposed to changes in the value of the

transferred asset.

In that case, the Group also recognises an associated liability. The transferred asset and the associated

liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Amortised cost is computed using the effective interest method less any allowance for impairment

and principal repayment or reduction. The calculation takes into account any premium or discount

on acquisition and includes transaction costs and fees that are an integral part of the effective

interest rate.

The Group assesses at each reporting date whether there is an indication that an asset may be

impaired. If any such indication exists, or when annual impairment testing for an asset is required, the

Group estimates the asset's recoverable amount. An impairment loss is recognised for the

amount by which the asset's carrying amount exceeds its recoverable amount. An asset's recoverable

amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in

use.

The recoverable amount is determined for an individual asset, unless the asset does not generate cash

inflows that are largely independent of those from other assets or groups of assets.

In assessing value in use, the estimated future cash flows are discounted to their present value using

a pre-tax discount rate that reflects current market assessments of the time value of money and the

risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is

used.



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ANNUALREPORT

2016

Impairment losses of continuing operations are recognised in the income statement in those

expenses categories consistent with the function of the impaired asset, except for property

previously revalue where the revaluation surplus was taken to comprehensive income. In this case the

impairment is also recognised in comprehensive income up to the amount of any previous revaluation

surplus.

`

An assessment is made at each reporting date as to whether there is any indication that previously

recognised impairment losses may no longer exist or may have decreased. If such indication exists, the

Group makes an estimate of the recoverable amount. A previous impairment loss is reversed only if

there has been a change in the estimates used to determine the asset's recoverable amount since the

last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to

its recoverable amount.

That increased amount cannot exceed the carrying amount that would have been determined, net of

depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is

recognised in the income statement unless the asset is carried at revalued amount, in which case the

reversal is treated as a revaluation in surplus.

The following criteria are also applied in assessing impairment of specific assets:

? The recoverable amount for the life insurance business has been determined based on a fair value less

cost to sell calculation. The calculation requires the Group to make an estimate of the total of the

adjusted net worth of the life insurance business plus the value of in-force covered business.

?New business contribution represents the present value of projected future distributable profits

generated from business written in a period.

?Growth and discount rates used are suitable rates which reflect the risks of the underlying cash

flows.

The fair values of quoted investments are based on current market prices. If the market for a financial

asset is not active (and for unlisted securities), the Group establishes fair value by using valuation

techniques.

The techniques include:

?the use of recent arm's length transactions,

?reference to other instruments that are substantially the same,

?net asset value and

?discounted cash flow analysis

The Group assesses at each reporting date whether there is objective evidence that a financial asset or

a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be

5.6 Fair value measurements

5.7 Impairment of financial assets



ANNUALREPORT

2016

impaired if, and only if, there is objective evidence of impairment as a result of one or more events that

has occurred after the initial recognition of the asset (an incurred 'loss event') and that loss event has

an impact on the estimated future cash flows of the financial asset or the group of financial assets that

can be reliably estimated.

If an available-for-sale financial asset is impaired, an amount comprising the difference between its

cost (net of any principal repayment and amortisation) and its current fair value, less any impairment

loss previously recognised in other comprehensive income, is transferred from equity to the income

statement.

Reversals in respect of equity instruments classified as available-for-sale are not recognised in the

income statement. Reversals of impairment losses on debt instruments classified at available-for-sale

are reversed through the income statement if the increase in the fair value of the instruments can be

objectively related to an event occurring after the impairment losses were recognised in the income

statement.

Financial assets and financial liabilities are offset and the net amounts reported in the statement of

financial position only when there are current and legally enforceable rights to offset the recognised

amounts and there is an intention in each case to settle on a net basis, or to realise the assets and settle

the liabilities simultaneously. Income and expenses will not be offset in the income statement unless

required or permitted by any accounting standard or interpretation, as specifically disclosed in the

accounting policies of the Group.

Trade receivables arising from insurance contracts are stated after adjusting for receivables

outstanding from brokers over 30 days.

The Group cedes insurance risk in the normal course of business on the basis of treaty and facultative

agreements. Reinsurance assets represent balances due from reinsurance Companies. Amounts

recoverable from reinsurers are estimated in a manner consistent with settled claims associated with

the reinsurer's policies and are in accordance with the related reinsurance contract.

Incremental costs directly attributable to the acquisition of investment and insurance contracts with

investment management services are capitalized to a Deferred Acquisition Cost (DAC) asset if they are

separately identifiable, can be measured reliably and its probable that they will be recovered. DAC are

amortised in the income statement over the term of the contracts as the related services are rendered

and revenue recognised, which varies from year to year depending on the outstanding terms of the

contracts in force. The DAC asset is tested for impairment bi annually and written down when it is not

expected to be fully recovered.

5.8 Off-setting of Financial Assets and Liabilities

5.9 Trade receivables

5.10 Reinsurance assets

5.11 Deferred acquisition costs (DACs)



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5.12 Other receivables and prepayments

5.13 Non-current assets held for sale

5.14 Investment property

They are initially recognised at fair value and subsequently measured at amortised cost less provision

for impairment. A provision for impairment is made when there is objective evidence (such as the

probability of insolvency or significant financial difficulties of the debtors) that the Group will not be

able to collect all the amount due under the original terms of the contract. Impaired debts are

derecognised when they are assessed as uncollectible. If in a subsequent period the amount of the

impairment loss decreases and the decrease can be related objectively to an event occurring after the

impairment was recognised, the previously recognised impairment loss is reversed to the extent that

the carrying value of the asset does not exceed its amortised cost at the reversal date. Any subsequent

reversal of an impairment loss is recognised in profit or loss. Prepayments are carried at cost less

accumulated impairment losses.

Non-current assets or disposal groups comprising assets and liabilities that are expected to be

recovered primarily through sale rather than through continuing use are classified as held for sale.

Immediately before classification as held for sale, the asset, or components of a disposal group are

remeasured in accordance with the Group's accounting policies.

Thereafter generally, the assets or disposal group are measured at the lower of their carrying amounts

and fair values less costs to sell. Any impairment loss on a disposal group first is allocated to goodwill,

and then to remaining assets and liabilities on pro rata basis, except that no loss is allocated to

inventories, financial assets, deferred tax assets, employee benefit assets, investment property and

biological assets, which continue to be measured in accordance with the Group's accounting policies.

Impairment losses on initial classification as held for sale and subsequent gains or losses on

remeasurement are recognised in profit or loss, subject to cumulative subsequent gains not exceeding

cumulative losses recorded for the asset.

An investment property is property held to earn rentals or for capital appreciation or both. Investment

property, including interest in leasehold land, is initially recognised at cost including the transaction

costs. Subsequently, investment property is carried at fair value representing the open market value at

the statement of financial position date determined by annual valuations carried out by external

registered valuers. Gains or losses arising from changes in fair value of investment property shall be

recognised in profit or loss for the period in which it arises.

Investment properties are derecognised when either they have been disposed off or when the

investment property is permanently withdrawn from use and no future economic benefit is expected

from its disposal. On disposal of an investment property, the difference between the disposal proceeds

and the carrying amount is charged or credited to profit or loss.

Transfers are made to or from investment property only when there is a change in use. For a transfer

from investment property to owner occupied property, the deemed cost for subsequent accounting is



ANNUALREPORT

2016

the fair value at the date of change in use. If owner occupied property becomes an investment

property, the Group accounts for such property in accordance with the policy stated under property

and equipment up to the date of the change in use.

When the Group completes the construction or development of a self-constructed investment

property, any difference between the fair value of the property at that date and its previous carrying

amount is recognised in the other comprehensive income.

The Group's investment in its associates are accounted for using the equity method of

accounting. An associate is an entity in which the Group has significant influence and which is neither a

subsidiary nor a joint venture.

Under the equity method, the investment in the associate is carried in the statement of financial

position at cost plus post-acquisition changes in the Group's share of net assets of the associate.

Goodwill relating to an associate is included in the carrying amount of the investment and is neither

amortised nor individually tested for impairment.

The income statement reflects the share of the results of operations of the associate. Where there has

been a change recognised directly in the equity of the associate, the Group recognises its share of any

changes and discloses this, when applicable, in the statement of changes in equity. Profits or losses

resulting from transactions between the Group and the associate are eliminated to the extent of the

interest in the associate.

The share of profit of the associate is shown on the face of the income statement. This is profit

attributable to equity holders of the associate and, therefore, is profit after tax and non-controlling

interests in the subsidiaries of the associate.

The financial statements of the associate are prepared for the same reporting period as the Group.

Where necessary, adjustments are made to bring its accounting policies in line with the Group's.

After application of the equity method, the Group determines whether it is necessary to recognise an

additional impairment loss on the Group's investment in an associate. The Group determines at each

reporting date, whether there is any objective evidence that the investment in the associate is impaired.

If this is the case, the Group calculates the amount of impairment as the difference between the

recoverable amount of the associate and its carrying value and recognizes the amount in the 'share of

profit of an associate' in the income statement.

Upon loss of significant influence over the associate, the Group measures and recognises any

remaining investment at its fair value. Any difference between the carrying amount of the associate

upon loss of significant influence and the fair value of the remaining investment and proceeds from

disposal is recognised in profit or loss.

5.15 Investment in associates



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5.16 Intangible assets

5.17 Property, plant and equipment

Software licence costs and computer software that are not an integral part of the related hardware are

initially recognised at cost, and subsequently carried at cost less accumulated amortisation and

accumulated impairment losses. Costs that are directly attributable to the production of identifiable

computer software products controlled by the Group are recognised as intangible assets.

Amortisation is calculated using the straight line method to write down the cost of each licence or item

of software to its residual value over its estimated useful life. The estimated useful life of the software is

four years. Amortisation begins when the asset is available for use, i.e. when it is in the location and

condition necessary for it to be capable of operating in the manner intended by management, even

when idle.

Gains or losses arising from the derecognition of intangible assets are measured as the differences

between the net disposal proceeds and the carrying amount of the assets and are recognised in the

income statements of the periods in which the assets are.

All categories of property, plant and equipment are initially recognised at cost or at fair value. Cost

includes expenditure directly attributable to the acquisition of the assets.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as

appropriate, only when it is probable that future economic benefits associated with the item will flow to

the Group and the cost of the item can be measured reliably. Repairs and maintenance expenses are

charged to the income statement in the year in which they are incurred.

Depreciation is calculated using the straight line method to write down the cost or the revalued

amount of each of the following classes of assets to its residual value over its estimated useful life:

Building 50 years

Furniture & Fittings 10 years

Office Equipment 5 years

Computer Equipment 5 years

Motor Vehicles 4 years

Generating Sets 5 years

Land is a component of property, plant and equipment but not subject to depreciation.

Depreciation on an item of property, plant and equipment commences when it is available for use and

continues to be depreciated until it is derecognized, even if during that period the item is idle.

Depreciation of an item ceases when the item is retired from active use and is being held for disposal.



ANNUALREPORT

2016

As no parts of items of property, plant and equipment of the Group have a cost that is significant in

relation to the total cost of the item, the same rate of depreciation is applied to the whole item.

The assets' residual values, depreciation method and useful lives are reviewed and adjusted, if

appropriate, at each statement of financial position date.

Impairment reviews are performed when there are indicators that the carrying value of an asset may

not be recoverable. Impairment losses are recognised in the income statement as an expense.

The Group classifies all assets within a disposal group as Non-current assets held for sale if the carrying

amount will be recovered principally through sale transaction rather than continuous use.

Freehold land and buildings are subsequently carried at revalued amounts, based on periodic

valuations by external independent valuers; less accumulated depreciation and accumulated

impairment losses. All other items of property, plant and equipment are subsequently carried at cost

less accumulated depreciation and accumulated impairment losses.

An item of property, plant and equipment is derecognised upon disposal or when no future economic

benefits are expected from its use.

Gains and losses on disposal of property, plant and equipment are determined by reference to their

carrying amounts and are taken into account in determining operating profit.

Increases in the carrying amounts arising on revaluation are recognised in other comprehensive

income and accumulated in equity under the heading of revaluation reserve. Decreases that offset

previous increases of the same asset are recognised in other comprehensive income. All other

decreases are charged to the Income statement.

Amortization ceases at the earlier of the date that the asset is classified as held for sale and the date

that the asset is derecognized and ceases temporarily while the residual value exceeds or is equal to

the carrying value

Statutory deposit represents 10% of the minimum paid up capital of the Group deposited with the

Central Bank of Nigeria (CBN) in pursuant to Section 10(3) of the Insurance Act, CAP I17, LFN 2004

Statutory deposit is measured at cost.

Insurance contract liabilities include the outstanding claims provision, the provision for unearned

premium and provision for premium deficiency. The outstanding claims provision is based on the

estimated ultimate cost of all claims incurred but not settled at the reporting date, whether reported or

not, together with related claims handling costs and reduction for the expected value of salvage and

5.18 Statutory deposit

5.19 Insurance contract liabilities



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other recoveries. Delays can be experienced in the notification and settlement of certain types of

claims, therefore, the ultimate cost of these cannot be known with certainty at the reporting date.

The liability is calculated at the reporting date using a range of standard actuarial claim projection

techniques, based on empirical data and current assumptions that may include a margin for adverse

deviation. The liability is not discounted for the time value of money. No provision for equalisation or

catastrophe reserves is recognised. The liabilities are derecognised when the obligation to pay a claim

expires, is discharged or is cancelled.

The provision for unearned premiums represents that portion of premiums received or receivable that

relates to risks that have not yet expired at the reporting date. The provision is recognised when

contracts are entered into and premiums are charged, and is brought to account as premium income

over the term of the contract in accordance with the pattern of insurance service provided under the

contract.

At each reporting date, the Group reviews its unexpired risk and a liability adequacy test is performed in

accordance with requirement of IFRS on liability adequacy test to determine whether there is any

overall excess of expected claims and deferred acquisition costs over unearned premiums.

This calculation uses current estimates of future contractual cash flows after taking account of the

investment return expected to arise on assets relating to the relevant non-life insurance technical

provisions. If these estimates show that the carrying amount of the unearned premiums (less related

deferred acquisition costs) is inadequate, the deficiency is recognised in the income statement by

setting up a provision for premium deficiency.

At the end of the reporting period, liability adequacy tests are performed by an actuary to ensure the

adequacy of the contractual liabilities net of related deferred acquisition cost assets (DAC). In

performing these tests current best estimates of future contractual cash flows and claims handling and

administrative expenses, as well as investment income from the assets backing such liabilities, are used.

Any deficiency is immediately charged to profit or loss initially by writing off DAC and by subsequently

establishing a provision for losses arising from liability adequacy tests “the unexpired risk

provision”.

These contracts insure customers from consequences of events that would affect the ability of the

customers to maintain their current level of income. There are no maturity benefits. However, there is a

death benefit payable to named beneficiary if death occurs within the ten years guaranteed period.

The annuity contracts are fixed annuity plans. Policy holders make a lump sum payment recognised as

part of premium in the period when the payment was made. Constant and regular payments are made

to annuitants based on terms and conditions agreed at the inception of the contract and throughout

? Liability adequacy test

?Annuity contracts



ANNUALREPORT

2016

the life of the annuitants. The annuity funds are invested in money market instruments to meet up with

the payment of monthly/quarterly annuity payments. The annuity funds liability is actuarially

determined based on assumptions as to mortality, persistence, maintenance expenses and investment

income that are established at the time the contract is issued.

Annuity premiums relate to single premium payments and are recognised as earned premium income

in the period in which payments are received.

Claims are made to annuitants in the form of monthly/quarterly payments based on the terms of the

annuity contract and charged to income statement as incurred. Premiums are recognised as revenue

when they become payable by the contract holders. "

The Group's investment contract business offers a range of savings products to suits group and

individual customers' long and short term investment needs. It comprises all types of contract, both

with or without insurance risk, and with and without discretionary participation features.

The liability of the Group to the schemes is as determined by Actuarial valuation carried out annually,

by Messrs HR Nigeria Limited. The details are as stated in note 19 to the financial statements.

Trade payables are recognised initially at fair value and subsequently measured at amortised cost

using the effective interest rate.

The estimated fair value of payables with no stated maturity which includes no interest payables is the

amount repayable on demand.

General Provisions are recognised when the Group has a present obligation (legal or constructive) as a

result of a past event, and it is probable that an outflow of resources embodying economic benefits will

be required to settle the obligation and a reliable estimate can be made of the amount of the

obligation.

Where the Group expects some or all of a provision to be reimbursed, the reimbursement is

recognised as a separate asset but only when the reimbursement is virtually certain.

The expense relating to any provision is presented in the income statement net of any reimbursement.

If the effect of the time value of money is material, provisions are discounting using a current pre-tax

rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the

increase in the provision due to the passage of time is recognised as a finance cost.

?Recognition and Measurement of Annuity Premium and Claims

5.20 Investment contract liabilities

5.21 Trade payables

5.22 Other payables and accruals



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5.23 Financial liabilities

?Borrowings

5.24 Finance lease obligations

5.25 Employee retirement benefits

?Retirement Benefit Obligations

All financial liabilities are recognised initially at fair value of the consideration given plus the transaction

cost with the exception of financial liabilities carried at fair value through profit or loss, which are initially

recognised at fair value and the transaction costs are expensed in the income statement. The Group

financial liabilities include Daewoo bond, lease payables, trade and other payables. These are

measured subsequently at amortised cost using the effective interest method. All interest related

charges and, if applicable changes in an instrument's fair value that are reported in profit or loss are

included within finance costs or income.

Borrowings are recognised initially at fair value, net of transaction costs incurred, Borrowings are

subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs)

and the redemption value is recognised in the income statement over the period of the borrowings

using the effective interest rate.

Fees paid on the establishment of loan facilities are recognised as a transaction cost of the loan to the

extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is

deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or

all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and

amortised over the period of the facility to which it relates.

Asset held under finance leases are initially recognised as asset of the Group at their fair value at the

inception of the lease or if lower at the present value of the minimum lease payments. The

corresponding liability to the lessor is included in the statement of financial position as a finance lease

obligation.

Lease payments are apportioned between the liability and finance charges. The corresponding rental

obligation, net of finance charges are included in long term payables. The interest element of the

finance cost is charged to the income statement over the lease periods so as to produce constant

periodic rate of interest on the remaining balance of the liability for each period. The property, plant

and equipment acquired under finance leases is depreciated over the useful life of the asset.

The Group operates a defined contribution scheme for qualifying employees. The Group contributes

10% while all its employees contribute 8% each of their pensionable emoluments (basic salary, housing

allowance and transport allowance) to the Pension Scheme and this is being managed by registered

and licensed pension managers as may be chosen by the staff from time to time.



ANNUALREPORT

2016

5.26 Income tax liabilities

?Group Income tax

?Education tax

5.27 Deferred tax liabilities

5.28 Share capital and share premium.

Income tax expense is the aggregate amount charged/(credited) in respect of current tax and deferred

tax in determining the profit or loss for the year. Tax is recognised in the income statement except when

it relates to items recognised in other comprehensive income, in which case it is also recognised in

other comprehensive income.

This is the amount of income tax payable on the taxable profit of the Group for the year determined in

accordance with the Group Income Tax Act, CAP. C60 LFN, 2004. The tax rates and tax laws used to

compute the amount are those that are enacted or substantively enacted as at the reporting date.

This is a component of the income tax. The tax rates and tax laws used to compute the amount are

those that are enacted or substantively enacted as at the reporting date.

Deferred tax is provided in full on all temporary differences except those arising from the fair value

measurement of assets.

Deferred tax is determined using the liability method on all temporary differences arising between the

tax bases of assets and liabilities and their carrying values for financial reporting purposes, using tax

rates and laws enacted or substantively enacted at the statement of financial position date and

expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be

available against which the temporary differences can be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year

when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been

enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss.

Deferred tax items are recognised in correlation to the underlying transaction either in other

comprehensive income or directly in equity.

Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off

such current tax assets against current income tax liabilities and the deferred taxes relate to the same

taxable entity and the same Taxation authority.

Ordinary shares are recognised at par value and classified as 'share capital' in equity. Any amounts

received over and above the par value of the shares issued are classified as 'share premium' in equity.



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The share premium account is utilised in accordance with the provisions of Companies and Allied

Maters Act (CAMA) CAP. C20 LFN, 2004.

This is computed in accordance with the provisions of section 22 of the Insurance Act, CAP I17 LFN

2004. It is credited with amount equal to the higher of 3% of the total premium written and 20% of the

net profit until it reaches the amount of the minimum paid up capital.

Retained earnings are the carried forward recognised income net of expenses plus current period

profit or loss attributable to owners of the Group.

Insurance premium revenue is received or receivable by the Group from in-force insurance contracts

during the reporting period. In-force insurance contracts are those whose premiums have been

collected by the Group, its intermediaries or collectible within 30 days of the reporting date. Premium

revenue is recognised on the date on which the insurance policy commences.

Gross premium income comprises the total premium written in a year after adjusting for unearned

premiums.

Unearned premiums are those proportions of premiums written in a year that relate to periods of risk

after the statement of financial position date. Unearned premiums are calculated on a daily pro rata

basis. The proportion attributable to subsequent periods is deferred as a provision for unearned

premiums.

Reinsurance premiums are outward premiums due to reinsurance companies in accordance with the

tenor of the reinsurance contract, after adjusting for the unexpired portion, as at the end of the

period.

The result of the gross premium income and reinsurance premium expenses is the net premium

income accruing to the entity for the period.

When the Group acts in the capacity of an agent rather than as the principal in a transaction, the

revenue recognised is the amount of commission made by the Group. Commission on reinsurance is

recognised as income over the period of the underlying contracts. If the fees are for services provided

in future periods, then they are deferred and recognised over those future periods.

5.29 Contingency reserves

5.30 Retained earnings

5.31 Gross premium income

?Unearned premiums

?Reinsurance premium

?Net premium income

5.32 Commission on reinsurance



ANNUALREPORT

2016

5.33 Investment income

5.34 Fees and other income

5.35 Realised/unrealised gains and losses

5.36 Underwriting and management expenses

?Underwriting expenses

?Brokers' and Agents' commissions

Investment income includes interest on bank placements, dividend income and rental income arising

from operating leases on investment properties, which are presented in the Income statement.

Income from any earmarked investment is credited to its source. Otherwise, the investment income is

distributed between the Insurance contract business, Investment contract business and shareholders'

account on the basis of average investments outstanding during the year as financed by the respective

funds.

The distribution is presented only as note to the financial statements.

Insurance contract policyholders are charged for surrenders and other contract fees. Investment

contract policyholders are charged for administration services, investment management services,

surrenders and other contract fees. These fees are recognised as revenues over the periods in which

the related services are performed. If the fees are for services provided in future periods then they are

deferred and recognised over those future periods.

Realized gains and losses include gains and losses arising from the disposal of financial instruments,

non-current assets held for sale and investment properties and they are recognised in the Income

statement of the period in which the disposal occurred.

Unrealised gains and losses include gains and losses arising from the fair valuation of financial assets,

non-current assets held for sale (that is, immediately before classification as held for sale) and

investment properties. Unrealised gains and losses arising from the fair valuation of investment

properties are recognised in the Income statement.

Expenses are recognised in the Statement of profit or loss and other comprehensive income when a

decrease in future economic benefit related to a decrease in an asset or an increase of a liability has

arisen that can be measured reliably. This means, in effect, that recognition of expenses occurs

simultaneously with the recognition of an increase in liabilities or a decrease in assets.

These are acquisition costs and other underwriting expenses, which include commissions to brokers

and other agents, business development costs and other technical expenses. The expenses are

accounted for on accrual basis.

The Group employs the services of brokers in marketing its insurance policies. Commissions paid to

the brokers are charged against revenue as underwriting expenses.



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5.37 Benefits and claims expenses

?Gross benefits and claims

?Reinsurance claims recoveries

?Salvage and subrogation reimbursements

5.38 Underwriting and management expenses

Gross benefits and claims for insurance contracts are included in the cost of all claims incurred during

the period including internal and external claims handling costs that are directly related to the

processing and settlement of claims as well as changes in the gross valuation of insurance liabilities.

Claims are recorded on the basis of notifications received.

Reinsurance claims recoveries are recognised when the related gross insurance claim expenses are

recognized according to the terms of the relevant contract.

Some insurance contracts permit the Group to sell (usually damaged) property acquired in settling a

claim (for example, salvage). The Group may also have the right to pursue third parties for payment of

some or all costs (for example, subrogation).

Estimates of salvage recoveries are included as an allowance in the measurement of the insurance

liability for claims, and salvage property is recognised in other assets when the liability is settled. The

allowance is the amount that can reasonably be recovered from the disposal of the property.

Subrogation reimbursements are also considered as an allowance in the measurement of the

insurance liability for claims and are recognis3ed in other assets when the liability is settled. The

allowance is the assessment of the amount that can be recovered from the action against the liable

third party.

Expenses are recognised in the Statement of profit or loss when a decrease in future economic benefit

related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably.

This means, in effect, that recognition of expenses occurs simultaneously with the recognition of an

increase in liabilities or a decrease in assets.

The Group's expenses are recognised in the statement of profit or loss on the following basis:

?As either directly attributable expenses on insurance contracts and investment contracts on one hand

and sundry business activities on the other hand. These expenses are accounted for wholly under the

businesses that they relate to;

?Common expenses, which are those other than the directly attributable expenses but excluding

brokers/ agents' allowances and commissions. The common expenses are allocated in the ratio

of 70:20:10 between insurance business, investment contract and shareholders' funds. The amount

allocated to insurance contract business is again distributed between Group Life and Individual life on

the basis of gross premium written in the year.



ANNUALREPORT

2016

Brokers/ Agents' commissions and allowances

Net claims expenses

5.39 Dividends

5.40 Earnings per share

5.41 Conversion of foreign currencies

The Group employs the services of brokers/ agents in marketing its life policies and investment

contracts. Commissions paid to the agents/brokers are charged against revenue as underwriting

expenses.

Furthermore, the Group employs the services of agents in marketing its individual life policies and

investment contract products. Allowances and commissions paid to the agents are allocated on equal

basis between the individual life business and investment contract activities.

The result of the gross benefits and claims expenses and reinsurance claims recoveries is the net claims

expense for the period. Ceded reinsurance arrangements do not relieve the Group from its obligations

to policyholders.

"Policyholder benefits incurred comprise claims paid in the year and changes in the provision for

insurance contract liabilities. Benefits paid represent all payments made during the year, whether

arising from events during that or earlier years. Insurance contract liabilities represent the

estimated ultimate cost of settling all benefits accruing to policyholders and are discounted to the

present value."

Dividends on ordinary shares are recognised as a liability in the year in which they are declared.

Proposed dividends are accounted for as a separate component of equity until they have been

declared at an annual general meeting. Dividends for the year that are approved after the statement of

financial position date are dealt with as a non-adjusting event after the statement of financial position

date.

The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares.

Basic earnings per share amounts are calculated by dividing the profit for the year attributable to

ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding

at the reporting date.

Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the

weighted average number of ordinary shares outstanding, adjusted for own shares held, for the

effects of all dilutive potential ordinary shares, which comprise convertible notes and share options

granted to employees.

On initial recognition, all transactions are recorded in the functional currency (the currency of the

primary economic environment in which the Group operates or transacts business), which is Nigerian



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Naira and Kobo. Transactions in foreign currencies during the year are converted into the functional

currency using the exchange rate prevailing at the transaction dates.

Monetary assets and liabilities at the statement of financial position date denominated in foreign

currencies are translated into the functional currency using the exchange rate prevailing as at that

date. The resulting foreign exchange gains and losses from the settlement of such transactions and

from year-end translation are recognised on a net basis in the income statement in the year in which

they arise.

Operating segments are reported in a manner consistent with the internal reporting provided to the

chief operating decision maker (Board of Directors). Directors allocate resources to and assess the

performance of the operating segments of the Group. The operating segments are based on the

Group's management and internal operating structure. The directors consider the Group to comprise

three business segments: Group life assurance segment, Individual life assurance segment and

Investments management or savings links segment.

Where necessary, comparatives have been adjusted to conform to changes in presentation in the

current year. Where changes are made and affect the statement of financial position, a third statement

of financial position at the beginning of the earliest period presented is presented together with the

corresponding notes.

The financial statements are adjusted to reflect events that occurred between the statement of

financial position date and the date when the financial statements are authorised for issue, provided

they give evidence of conditions that existed at the statement of financial position date. Events that are

indicative of conditions that arose after the statement of financial position date are disclosed, but do

not result in an adjustment of the financial statements.

5.42 Segment reporting

5.43 Comparatives

5.44 Events after the statement of financial position date



ANNUALREPORT

2016

CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016

Group Group Company Company

2016 2015 2016 2015

ASSETS NOTES N'000 N'000 N'000 N'000

Cash and cash equivalents 6 485,013 734,315 347,097 147,234

Financial Assets:

- At fair value through profit or loss 7.1 29,303 36,395 14,903 18,365

- Loans and receivables 7.2 84,095 80,224 4,323 12,629

- Available for sale investment 7.3 342,674 433,948 342,674 433,948

- Held to maturity 7.4 314,678 583,551 228,738 583,551

Reinsurance assets 8 955,467 1,032,984 475,048 492,673

Trade receivables 9 16,340 49,994 16,340 49,994

Other receivables and prepayments 10 44,294 65,074 22,510 28,117

Deferred acquisition costs 11 117,910 131,238 86,885 108,199

Investment in subsidiary company 12.1 -

-

277,673 406,728

Non current assets held for sale 13 -

1,890,433 - 1,890,433

Investment property 14 3,824,589 3,304,563 1,300,000 1,150,000

Intangible assets 15 13,480 11,757 7,230 8,241

Property, plant and equipment 16 6,257,177 2,897,893 6,178,413 2,770,510

Statutory deposit 17 535,000 535,000 335,000 335,000

TOTAL ASSETS 13,020,020 11,787,369 9,636,834 8,435,622

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES

Insurance contract liabilities 18 5,022,163

4,404,741 2,443,530 2,226,847

Investment contract liabilities 19 590,676

630,239 - -

Trade payables 20 75,670

157,331

15,632 75,986

Other payables and accruals 21 538,464

469,627

757,737 516,749

Borrowings 22 1,269,650

795,918 1,269,650 795,918

Finance lease obligations 23 80,676

136,698

66,998 111,800

Income tax liabilities 24 204,136 214,013

171,316 170,561

Deferred tax liabilities 25 586,662

382,004

563,191 361,291

TOTAL LIABILITIES 8,368,097 7,190,571 5,288,054 4,259,152

SHAREHOLDERS' EQUITY

Share capital 26 5,996,587 5,996,587 5,996,587 5,996,587

Share premium 27 7,667,475 7,667,475 7,667,475 7,667,475

Contingency reserves 28 1,505,600 1,411,579 1,461,555 1,386,196

Accumulated loss 29 (13,870,648) (12,552,146) (13,853,338) (12,553,495)

Revaluation reserves 30 3,076,501 1,616,101 3,076,501 1,616,101

Fair value reserves 31 - 63,606 - 63,606

Total equity attributable to the owners of the parent 4,375,515 4,203,202 4,348,780 4,176,469

Non-controlling interest in equity 32 276,408 393,596 - -

TOTAL EQUITY 4,651,923 4,596,798 4,348,780 4,176,469

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 13,020,020 11,787,369 9,636,834 8,435,622

The financial statements were approved by the Board of Directors on 31 March 2017 and signed on

its behalf by:

Restated


75PAGE

ANNUALREPORT

2016

CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2016


NOTE 2016 2015 2016 2015

N'000 N'000 N'000 N'000

Gross premium written 33 4,378,185 5,235,571 2,511,965 2,956,271

Unearned premium 33 (37,763) 190,614 (7,998) 113,843

Gross premium income 4,340,422 5,426,185 2,503,967 3,070,114

Reinsurance expenses 34 (692,015) (853,396) (495,787) (602,574)

3,648,407

4,572,789

2,008,180

2,467,540

Commission income 35 118,816

341,341

37,340

52,044

Net underwriting income 3,767,223

4,914,130

2,045,520

2,519,584

Claims expenses (net) 36 (1,436,046)

(1,718,166) (851,594) (777,410)

Changes in investment contract liabilities (392,339)

(323,895)

-

-

Underwriting expenses 37 (1,666,991)

(1,638,071)

(517,501)

(599,154)

(3,495,376)

(3,680,132)

(1,369,095)

(1,376,564)

271,847

1,233,998

676,425

1,143,020

Investment and other income 38 288,475 313,325 222,255 197,132

Loss on investment contract liabilities 39 (158,374)

(103,340)

-

-

Management expenses 40 (1,515,825)

(1,484,138)

(1,426,478)

(1,323,958)

Finance charges 41 (189,904)

(286,350)

(185,898)

(263,349)

Write back on other assets 42 -

858,611

-

945,216

Fair value loss on financial assets 7.5 (45,860)

(18,317)

(42,230)

(16,072)

Gain on disposal of financial assets 7.3.4 -

153,765

-

153,765

Fair value gain on investment properties 14.2 520,026

394,000

150,000

65,000

Loss on disposal of investment properties 14.1 -

(125,000)

-

(125,000)

Foreign exchange loss 22.1 (385,289)

(117,514)

(385,289)

(117,514)

Share of loss/ profit of subsidiary -

-

(129,055)

55,627

(1,214,904)

819,040

(1,120,270)

713,867

Income tax 24 (126,765)

68,441

(104,214)

96,371

(1,341,669)

887,481

(1,224,484)

810,238

Fair value loss on financial assets 31 (63,606)

(436,930) (63,606) (436,930)

Revaluation surplus on building 30 1,460,400

501,583 1,460,400 501,583

55,125 952,134 172,310 874,891

Owners of equity (1,224,481) 836,970 (1,224,484) 810,238

Non controlling interest 32 (117,188) 50,511 - -

(1,341,669) 887,481 (1,224,484) 810,238

(10.13) 6.83 (9.34) 5.95

Restated

Net premium income

Total underwriting expenses

Underwriting profit

(Loss)/profit before taxation

Loss for the year

Other comprehensive income

Item that are or may be reclassified to profit or loss:

Items that will be classified to profit or loss:

Total comprehensive income for the year

(Loss)/profit attributable to:

(Loss)/profit per share : Basic/diluted

76PAGE


ANNUALREPORT

2016

Share Share Contingency Retained Revaluation Fair valueNon

ControllingGroup Capital Premium Reserves Earnings Reserves Reserves Total Interest Total

N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

3,301,579 343,085 3,644,664

Total comprehensive income for the year:

Profit for the year

836,970 50,511 887,481

Transfer to contingency reserve (Note 28)

- - -

Revaluation surplus on building (Note 30)

501,583 - 501,583

Fair value loss on quoted shares - Available for sale(Note 31)

(436,930) - (436,930)

Total comprehensive income for the year

901,623 50,511 952,134

Dividends to equity holders

- - -

Total transactions with owners

- - -

4,203,202 393,596 4,596,798

4,203,202 393,596 4,596,798

Loss for the year (1,224,481) (117,188) (1,341,669)

Transfer to contingency reserve (Note 28)

- - -

Revaluation surplus on building (Note 30) 1,460,400 - 1,460,400

Fair value loss on quoted shares - Available for sale(Note 31) (63,606) - (63,606)

Total comprehensive income for the year 172,313 (117,188) 55,125

Dividends to equity holders - - -

Total transactions with owners - - -

5,996,587

-

-

-

-

-

-

-

5,996,587

5,996,587

-

-

-

-

-

-

-

5,996,587

7,667,475

-

-

-

-

-

-

-

7,667,475

7,667,475

-

-

-

-

-

-

-

7,667,475

1,243,423

-

168,156

-

-

168,156

-

-

1,411,579

1,411,579

-

94,021

-

-

94,021

-

-

1,505,600

(13,220,960)

836,970

(168,156)

-

-

668,814

-

-

(12,552,146)

(12,552,146)

(1,224,481)

(94,021)

-

-

(1,318,502)

-

-

(13,870,648)

1,114,518

-

-

501,583

-

501,583

-

-

1,616,101

1,616,101

-

-

1,460,400

-

1,460,400

-

-

3,076,501

500,536

-

-

-

(436,930)

(436,930)

-

-

63,606

63,606

-

-

-

(63,606)

(63,606)

-

-

- 4,375,515 276,408 4,651,923

Balance 1 January, 2015

Other comprehensive income:

Transactions with owners recorded directly in equity

Contributions by and distribution to owners

Balance 31 December, 2015

Balance 1 January, 2016





Balance 31 December, 2016

STATEMENT OF CHANGES IN EQUITYYEAR ENDED 31 DECEMBER 2016


77PAGE

Share Share Contingency Retained Revaluation Fair value

Company Capital Premium Reserves Earnings Reserves Reserves Total

N'000 N'000 N'000 N'000 N'000 N'000 N'000

Balance 1 January, 2015 5,996,587

7,667,475 1,243,423

(13,220,960) 1,114,518 500,536 3,301,579


Profit for the year -

-

-

- - 810,238

Transfer to contingency reserve (Note 28) -

-

142,773

- - -


Revaluation surplus on building (Note 30) -

-

-

501,583 - 501,583

Fair value loss on quoted shares - Available for sale(Note 31) -

-

-

- (436,930) (436,930)

Total comprehensive income for the year -

-

142,773

501,583 (436,930) 874,890



Dividends to equity holders -

-

-

- - -

Total transactions with owners -

-

-

- - -

Balance 31 December, 2015 5,996,587

7,667,475 1,386,196

1,616,101 63,606 4,176,469

Balance 1 January, 2016 5,996,587

7,667,475 1,386,196

1,616,101 63,606 4,176,469


Loss for the year -

-

-

- - (1,224,484)

Transfer to contingency reserve (Note 28) - - 75,359 - - -


Revaluation surplus on building (Note 30) - - - 1,460,400 - 1,460,400

Fair value loss on quoted shares - Available for sale(Note 31) -

-

-

- (63,606) (63,606)

Total comprehensive income for the year - - 75,359 1,460,400 (63,606) 172,310



Dividends to equity holders - - - - - -

Total transactions with owners - - - - - -

Balance 31 December, 2016 5,996,587 7,667,475 1,461,555

810,238

(142,773)

-

-

667,465

-

-

(12,553,495)

(12,553,495)

(1,224,484)

(75,359)

-

-

(1,299,843)

-

-

(13,853,338) 3,076,501 - 4,348,780

ANNUALREPORT

2016

STATEMENT OF CHANGES IN EQUITYYEAR ENDED 31 DECEMBER 2016

78PAGE


CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2016

ANNUALREPORT

2016

Group Group Company Company2016 2015 2016 2015

Cash ?ows from operating activities NOTES N'000 N'000

N'000 N'000

Premium received from policy holders 45 4,411,839 5,807,248 2,545,619 3,052,766

Cash received on investment contract 19 1,321,679 1,278,175 -

Interest received on investments 38 100,444 149,132 61,587 86,103

Interest on treasury bills 38 6,138 - 3,738

Other income 38 14,175

12,469

7,892

10,487

Claims paid 18.2.1 (1,531,907)

(2,139,516)

(700,794)

(886,558)

Claims recovered 36 283,130

359,586

57,864

47,384

Fees and commission 35 95,974

338,141

37,340

52,044

Cash payments for reinsurance (548,688)

(853,396)

(527,381)

(602,574)

Brokers/Agents commissions and allowances 37 (672,823)

(867,072)

(291,849)

(381,412)

Cash payments to employees, suppliers and others (1,957,352)

(2,085,408)

(1,106,514)

(1,077,314)

Loans against policy 7.2.1b (15,448)

(5,143)

-

-

Cash withdrawals on investment contract 19 (1,739,759)

(1,551,036)

-

-

(232,597)

443,180

87,502

300,926

Taxes paid: Income tax 24 (94,251)

(67,353)

(63,826)

(67,353)

VAT (2,986)

(3,498)

-

-

Net cash (used in)/ generated from operating activities (329,834)

372,329

23,676

233,573

Cash ? ows from investing activities

Purchase of Property, plant and equipment 16 (44,211) (154,859) (41,206) (114,290)

Purchase of Intangible assets 15 (15,000) (3,620) (7,500) (3,620)

Investment in financial assets through profit or loss 7.1 (100)

-

(100)

-

Decrease/(increase) in held to maturity financial assets 7.4.1 275,010

(583,551)

354,813

(583,551)

Proceeds from sale of Property, plant and equipment 3,750

1,218

2,830

1,218

Proceeds from sale of financial assests through profit or loss 7.1.1 -

40,584

-

40,584

Proceeds from sale of available for sales financial assets 7.3.1 -

164,093

-

164,093

Proceeds from sales of investment property 14.1 -

210,000

-

210,000

Rent from investment properties 21.1 17,816

49,569

9,016

33,821

Dividend received 38 750

22,393

591

15,881

Income on investment in Blueberry projects 38 11,000

-

11,000

-

Acquisition of interest in Blueberry project 7.3.3 (11,000)

(75,328)

(11,000)

(75,328)

Net cash generated from/ (used in) investing activities 238,015

(329,501)

318,444

(311,192)

Cash ? ows from financing activities

Finance charges 41 (45,399)

(286,350)

(41,393)

(263,349)

Repayment of Daewoo loan 22.1 -

(248,476)

-

(248,476)

Repayment of term loan 22.2 (56,062)

(43,950)

(56,062)

(43,950)

Lease financing (net) 23 (56,022)

94,578

(44,802)

79,392

Net Cash outflow from financing activities (157,483)

(484,198)

(142,257)

(476,383)

Net (decrease)/increase in cash and cash equivalents (249,302)

(441,370)

199,863 (554,002)

Cash and cash equivalents at the beginning of the year 734,315 1,175,685 147,234 701,236

Cash and cash equivalents at the end of the year 485,013 734,315 347,097 147,234

Cash and cash equivalent comprise:

Cash in hand 2,183 1,500 2,042 1,500

Current Bank accounts balances 281,172 236,870 209,830 66,021

Short term deposits - Local banks 201,658 495,945 135,225 79,713

485,013 734,315 347,097 147,234


79PAGE

ANNUALREPORT

2016


2016 2015 2016 2015

Cash and cash equivalents N'000 N'000 N'000 N'000

Cash in hand 2,183

1,500

2,042 1,500

Bank balances 281,172

236,870

209,830 66,021

Short term deposits 201,658

495,945

135,225 79,713

485,013

734,315

347,097

147,234

Included in short term deposits is a sum of N2,476,007 (2015: N2,383,000) being unclaimed dividends returned by First

Registrars as instructed by Securities and Exchange Commission. This amount is included in other payables and accruals

(Note 21).

Short-term deposits are made for varying periods of between one day and three months depending on the immediate cash

requirements of the Company.

Treasury bill which was classified as part of cash and cash equivalent in the year 2015 has been reclassified in the year 2016 as

financial assets held to maturity as shown in note 7 below

Financial assets N'000 N'000 N'000 N'000

At fair value through profit or loss (FVTPL) (Note 7.1)

Loans and receivables (Note 7.2)

Available for sale investment (Note 7.3)Held to maturity investment (Note 7.4)

Financial assets at fair value through profit or lossQuoted investments

N'000 N'000 N'000 N'000

Cost 391,859

416,371

309,921 334,433

Additions 100

-

100 -

Disposals -

(24,512)

- (24,512)

Fair value changes (Note 7.1.2) (362,656)

(355,464)

(295,118) (291,556)

Market Value 29,303

36,395

14,903 18,365

The disposal is further analysed thus: N'000 N'000 N'000 N'000

Cost of investment disposed -

(24,512)

- (24,512)

Proceeds on investment disposed -

40,584

- 40,584

Gain on investment disposed -

16,072

- 16,072

The fair value changes are further analysed thus: N'000 N'000 N'000 N'000

At 1 January (355,464)

(337,147)

(291,556) (275,484)

Increase in fair value losses (7,192)

(18,317)

(3,562) (16,072)

At 31 December (362,656)

(355,464)

(295,118) (291,556)

Analysis of the fair value of the Company's investments in listed entities is shown below: N'000 N'000 N'000 N'000

ABC Transport Plc 5,173 5,174 5,174 5,174

Africa Prudential Registrars Plc 27 22 - -

Larfarge 1,850 4,003 - -

Cornerstone Insurance Plc 175 175 - -

Dangote Sugar Refineries Plc 1,833 1,809 - -

Dangote Flour Mills Plc 128 34 1,832 1,809

Diamond Bank Plc 264 690 264 690

Ecobank Transnational Plc 136 192 66 108

First City Monument Bank Plc 2,089 3,209 1,760 2,704

Fidelity Bank Plc 2,007 3,584 2,007 3,584

29,303

36,395

14,903 18,365

84,095

80,224

4,323 12,629

342,674

433,948

342,674 433,948

314,678 583,551 228,738 583,551

770,750 1,134,118 590,638 1,048,493

6

7

7.1

7.1.1

7.1.3

7.1.2

80PAGE

FINANCIAL STATEMENTS, 31 DECEMBER 2016 OTHER NOTES TO THE FINANCIAL STATEMENTS


ANNUALREPORT

2016


2016 2015 2016 2015

N'000 N'000 N'000 N'000

First Bank of Nigeria Limited 3,269 5,006 2,222

Guaranty Trust Bank Plc 1,081 795 -

Nigerian Aviation Handling Company 1,642 1,965 -

OANDO 181 227 -

Skye Bank Plc 551 1,742 498

Standard Alliance Insurance Plc 2,853 2,853 -

UBA Capital 97 46 -

United Bank for Africa Plc 3,661

2,786

1,551

Halal lotus capital 100

-

-

WAPIC Insurance Plc 25

25

25

Zenith Bank Plc 2,161

2,058

-

29,303

36,395

18,418

Loans and receivables N'000 N'000 N'000 N'000

Loans against policies (Note 7.2.1a) 78,623

63,175

- -

Standard Alliance Properties Limited (Note 7.2.1c) -

-

- -

Staff debtors 5,472

17,049

1,451

-

-

-

158

-

-

2,066

100

25

-

14,903

4,323 12,629

84,095

80,224

4,323 12,629

Loans against policies

2016 2015 2016 2015

N'000 N'000 N'000 N'000

GSL policy loan 16,802 15,171 - -

Standard Life Accumulator Scheme 3,175

3,175

- -

Special Personel Policy 3,993

3,417

- -

Flexible Assurance scheme 113

-

- -

Personal Providence Plan 42,527

36,412

- -

Annuity Policy Loan 6,653

- -

Deposit Link Assurance 5,000

5,000

- -

Agency loan 360

-

- -

78,623

63,175

- -

Movement in loan against policy N'000 N'000 N'000 N'000

At 1 January 63,175

58,032

- -

Addition during the year 15,448

5,143

- -

At 31 December 78,623

63,175

- -

Standard Alliance Properties Limited N'000 N'000 N'000

Balance, beginning of the year -

1,890,433

-

Interest income for the year -

-

-

-

1,890,433

-

Acquisition of properties as repayment (Note 13) -

(1,890,433)

-

Balance, end of the year -

-

-

N'000

1,890,433

-

1,890,433

(1,890,433)

-

The Company grants commercial loans to life policyholders. The surrender values serve as collaterals for the loans. The details

of the loans are as shown below

OTHER NOTES TO THE FINANCIAL STATEMENTS

7.2

7.2.1a

7.2.1b

7.2.1c


-

81PAGE

ANNUALREPORT

2016

Standard Alliance Properties Limited transferred a warehouse at lekki, a land at abuja and a bare site at lekki

valued at N500million, N950million and N440.433million respectively to Standard Alliance Insurance Plc in the

year 2015 in full repayment of the loan. These properties were classified as Non-current assets held for sale and

subsequently reclassified to property, plant and equipment.

Impairment provision

At 1 January

Write back of provision for impairment (Note 42)

At 31 December

Quoted shares in Transcorp Plc (Note 7.3.1)

Lagoon Homes Saving & Loans Ltd (Note 7.3.2)

Investment in Blueberry Project (Note 7.3.3)

Investment in quoted shares (Transcorp Plc)

Balance, beginning of the year

Disposal during the year

Balance, end of the year

Fair value gain

Market value


Cost at the beginning of the year

Write back of fair value gain on disposal

Proceeds on investment disposed

Gain on investment disposed

Fair value changes are further analysed as follows:At 1 JanuaryFair value realised loss on disposalFair value loss during the year written off to fair value reserves (Note 30) Impairment of available for sales financial assets At 31 December

Lagoon Home Savings and Loans Limited

5% 5 year Redeemable preference share



At 1 January

Impairment allowance for the year

At 31 December

Group Group

2016 2015

N'000 N'000

-

945,216

-

(945,216)

-

-

N'000 N'000

154,046

256,320

-

-

188,628

177,628

342,674

433,948

N'000 N'000

120,835

147,235

-

(26,400)

120,835

120,835

33,211

135,485

154,046 256,320

N'000 N'000

-

171,600

-

(145,200)

-

26,400

-

(164,093)

-

(137,693)

N'000 N'000

135,485 572,415

-

(145,200)

(63,606)

(291,730)

(38,668)

-

33,211 135,485

N'000 N'000

162,848 162,848

(162,848) (162,848)

- -

N'000 N'000

162,848 162,848

- -

162,848 162,848

Company

2016

N'000

-

-

-

N'000

154,046

-

188,628

342,674

N'000

120,835

-

120,835

33,211

154,046

N'000

-

-

-

-

-

N'000

135,485

-

(63,606)

(38,668)

33,211

N'000

162,848

(162,848)

-

N'000

162,848

-

162,848

Company

2015

N'000

945,216

(945,216)

-

N'000

256,320

-

177,628

433,948

N'000

147,235

(26,400)

120,835

135,485

256,320

N'000

171,600

(145,200)

26,400

(164,093)

(137,693)

N'000

572,415

(145,200)

(291,730)

-

135,485

N'000

162,848

(162,848)

-

N'000

162,848

-

162,848

Standard Alliance Insurance Plc converted its term deposit and current accounts balances with Lagoon Homes Savings and Loans Limited to a 5% 5 years preference shares holding in the financial institution in the year 2013.

During the year 2014, the investment in Lagoon Homes was fully impaired due to withdrawal of its licence by the Central Bank of Nigeria and subsequent takeover by the NDIC.

Available for sale financial assets7.3

7.3.1

7.3.2

82PAGE




Investment in Blueberry Technology Solutions Limited N'000 N'000 N'000 N'000

Balance, beginning of the year 177,628 102,300 177,628 102,300

Additions during the year 11,000 75,328 11,000 75,328

Balance, end of the year 188,628 177,628 188,628 177,628

Gain on disposal of financial assets N'000 N'000 N'000 N'000

Gain on disposal of Financial assets at FVTPL (Note 7.1.1) -

16,072

-

16,072

Gain on disposal of Available for sale investment (Note 7.3.1) -

137,693

-

137,693

-

153,765

-

153,765

Held to maturity financial assets N'000 N'000 N'000 N'000

Treasury bills 314,678 583,551 228,738 583,551

Movement in held to maturity financial assets N'000 N'000 N'000 N'000

At 1 January 583,551

-

583,551

-

Additions during the year -

583,551

-

583,551

Liquidation during the year (275,010) - (358,551) -

Interest during the year (Note 37) 6,137 - 3,738 -

At 31 December 314,678 583,551 228,738 583,551

Fair value loss on financial assets N'000 N'000 N'000 N'000

Financial assets at fair value through profit or loss 7,192

18,317

3,562

16,072

Available for sale financial assets - Transcorp Plc 38,668

-

38,668

-

45,860

18,317

42,230

16,072

Reinsurance assets N'000 N'000 N'000 N'000

Claims recoverable;

- Non - life business 379,304

368,169

379,304

368,169

- Life business 392,821

382,259

-

-

772,125

750,428

379,304

368,169

Deferred reinsurance cost

- Non - life business 95,744

124,504

95,744

124,504

- Life business 87,598

158,052

-

-

183,342 282,556 95,744 124,504

Total reinsurance assets 955,467 1,032,984 475,048 492,673

Movement in deferred reinsurance cost N'000 N'000 N'000 N'000

At 1 January 282,556 390,044 124,504 191,115


Amortisation during the year (566,241) (853,396) (495,787) (602,574)

At 31 December 183,342 282,556 95,744 124,504

The reinsurance assets are of current maturity.

ANNUALREPORT

2016

This represents the Company's investment in Blueberry Technology Solutions Limited under a joint venture arrangement for the provision of

Electronic National Drivers' and Vehicles Identification System (ENDVIS) for the Kaduna State Government. Under the terms of agreement

investment is expected to be recovered within a period of 5 years and revenue from the project is to be shared by the parties. Total income

accruing from the investment in 2016 was N11,000,000 (2015: Nil)

Held to maturity financial assets refers to the Company's investment in treasury bill which have a tenor of 182days fair valued at a discounted

rate of 14%. The investment was placed on 23 November 2016 and will mature by 22 May 2017. The outstanding maturity period as at 31

December 2016 is 141days

This represents amount recoverable from reinsurers in respect of claims incurred and reinsurance premium paid of which risk has not expired.

7.3.3

7.3.4

7.4

7.4.1

7.5

8

8.1



83PAGE

ANNUALREPORT

2016

Trade receivables N'000 N'000 N'000 N'000

Amount due from Insurance Brokers 16,340

49,994

16,340

49,994

Age analysis N'000 N'000 N'000 N'000

0-90 days 16,340 49,994 16,340 49,994

91-180 days - - - -

16,340 49,994 16,340 49,994

Other receivables and prepayments N'000 N'000 N'000 N'000

Prepayments 12,062 35,804 3,743 12,003

Interest receivable 31,576 28,614 18,767 16,114

Deposit for quoted shares (Note 10.1) 656 656 - -

44,294 65,074 22,510 28,117

The balance of N16,339,558 due from insurance brokers has been fully received subsequent to year end.

Deposit for quoted shares represents the Company’s subscription for right issues in Access Bank which are yet to be alloted.

9

10

10.1

Deferred acquisition costs

Motor

Aviation

Engineering

Fire

General Accident

Marine

Bond

Oil & Gas

Life businesses

The movement in deferred acquisition cost is:

At 1 January

Additions during the year

Amortisation for the year

At 31 December

Investment in related companies

The Company has equity investments in the following entities:

Investment in Subsidiary

Standard Alliance Life Assurance Limited (52.41%)

N'000

277,673

N'000

406,728

Group

2016

N'000

23,058

959

5,190

27,028

13,968

7,545

5,943

3,194

31,025

117,910

N'000

131,238

385,360

(398,688)

117,910

Group

2015

N'000

21,848

170

8,192

19,774

31,239

17,026

5,791

4,159

23,039

131,238

N'000

125,904

872,406

(867,072)

131,238

Company

2016

N'000

23,058

959

5,190

27,028

13,968

7,545

5,943

3,194

-

86,885

N'000

108,199

270,535

(291,849)

86,885

Company

2015

N'000

21,848

170

8,192

19,774

31,239

17,026

5,791

4,159

-

108,199

N'000

96,442

440,173

(428,416)

108,199

Approval was obtained from both the Securities and Exchange Commission (SEC) and the National Insurance Commission

(NAICOM) in 2016 for the merger with the subsidiary. Subsequent to Statement of Financial Position date, court sanction

of the merger was obtained.

11

12

12.1

84PAGE



ANNUALREPORT

2016

Investment In Associates

Standard Alliance Life Assurance Limited (47.41%)

Standard Alliance Life Assurance Limited N'000 N'000

Cost 1,938,497 1,905,000

Additions during the year - 33,497

Share of post acquisition reserve (Note 12.3) (1,660,824) (1,531,769)

277,673 406,728Share of post acquisition profit or lossesStandard Alliance Life Assurance Limited N'000 N'000

At 1 January (1,531,769) (1,587,396)

Share of current year (loss)/profit (Note 12.3) (129,055) 55,627

At 31 December (1,660,824) (1,531,769)

The investments are accounted for using the equity method and further details of the investments balances are:

2016 2015

Summary of financial statements of Associates:Standard Alliance Life Assurance Limited

N'000 N'000

Property, plant and equipment 78,765 127,383

Investment property 2,524,589 2,154,563

Other assets 1,412,347 1,490,423

Liabilities (3,434,887) (3,098,605)

Net assets 580,814 673,764

Revenue 1,836,455 2,356,071

(Loss)/profit before taxation (233,692) 134,069

(Loss)/profit after taxation (246,243) 106,139

52.41% thereof (129,055) 55,627

Non current assets held for sale N'000 N'000 N'000 N'000

Cost at 1 January 1,890,433

-

1,890,433 -

Additions during the year (Note 7.2.1c) -

1,890,433

- 1,890,433

Transfer to property, plant and equipment (Note 16) (1,890,433)

-

(1,890,433) -

At 31 December -

1,890,433

- 1,890,433

These comprise the following properties: N'000 N'000 N'000 N'000

1. Warehouse, Oreki Village, Ibeju Lekki 500,000 500,000 500,000 500,000

2. Land along Airport Road, Lugbe, Abuja, 950,000 950,000 950,000 950,000

3. Bare site, shapati village, ibeju Lekki 440,433 440,433 440,433 440,433

1,890,433 1,890,433 1,890,433 1,890,433

Investment Properties

Cost at 1 January


Cost at 31 December

Fair value gain (Note 14.2)

Market value

N'000 N'000 N'000 N'000

2,177,001 2,527,001 1,085,000 1,435,000

- (350,000) - (350,000)

2,177,001 2,177,001 1,085,000 1,085,000

1,647,588 1,127,562 215,000 65,000

3,824,589 3,304,563 1,300,000 1,150,000

All properties are intended for sale by the Company in the short term. Non current assets held for resale represents properties recovered from Standard Alliance Properties Limited in full repayment of the loan which were previously classified as loans and receivables. These have been transfered to property,plant and equipment during the year.

12.2

12.2.1

12.3

12.4

13

14



85PAGE


Loss on disposal of investment properties N'000 N'000 N'000 N'000

Cost -

350,000 - 350,000

Disposal expenses -

5,000 - 5,000

-

355,000 - 355,000

Fair value loss written back (Note 14.2) -

(20,000) - (20,000)

Market value -

335,000 - 335,000

Proceeds from sale of investment properties -

(210,000) - (210,000)

Loss on disposal -

125,000 - 125,000

Movement in fair value gain N'000 N'000 N'000 N'000

At 1 January 1,127,562

713,562

65,000 (20,000)

Gain for the year 520,026

394,000

150,000 65,000

Write back on disposal -

20,000

- 20,000

At 31 December 1,647,588

1,127,562

215,000 65,000

Fair value of invesment properties are stated below: Cost Cost

250 hecters of farmland at Mydumbi Village, N'000 N'000 N'000 N'000 N'000 N'000

Kaduna-Zaria Road, Kaduna 40,000 50,000

50,000

40,000 100,000 50,000

Twin Duplex, Parkview Estate, Ikoyi-Lagos - -

-

- - -

11 units of 4-bedroom terrace houses at New

County Estate, Lekki, Lagos 1,045,000 1,200,000 1,100,000 1,045,000 1,200,000 1,100,000

The 10 units of 2 Bedroom Terrace houses and

a wing of 4 bedroom duplex, Lekki, Lagos 302,105 495,000 445,000 - - -

The six (6) storey lettable office complex - Ebute Metta 201,301 599,589 529,563 - - -

The 6 bedroom detached house, Asokoro-Abuja 268,595 850,000 600,000 - - -

Abuja plot of land, Cadasral Zone 320,000 580,000 580,000 - - -

2,177,001 3,774,589 3,304,563 1,085,000 1,300,000 1,150,000

Intangible assets

Computer software

Cost N'000

At 1 January 39,812

Additions 3,620

Write off -


Amortisation N'000

At 1 January 32,126

Amortisation for the year 3,065

Write off -


Carrying amount at 31 December 8,241

ValuationValuation

N'000

136,548

15,000

(136,548)

15,000

N'000

124,791

7,175

(130,446)

1,520

13,480

N'000

132,928

3,620

-

136,548

N'000

103,103

21,688

-

124,791

11,757

N'000

43,432

7,500

(43,432)

7,500

N'000

35,191

3,259

(38,180)

270

7,230

ANNUALREPORT

2016

The intangible asset relates to the Company's accounting software packages (Turnquest) bought from Turnkey Africa, a Company registered in Nairobi, Kenya. The Turnquest was replaced in 2016 with GIBS, an underwriting solution software bought from Intteck Global systems. The carrying amount of the former software(Turnquest) which is no longer being used by the Company has been derecognised from the Company's book during the year.

14.1

14.2

15

The Company's investment properties are properties held to earn rentals or capital appreciation or both. A sum of N18.3million was earned as rentals from investment properties during the year.The transfer documents on the 250 hectares of land at Mydumbi Village, Kaduna valued at N40 million has been fully executed but issues relating to consent and ownership have not been perfected. The Twin Duplex located at Parkview Estate, Ikoyi-Lagos, valued at N330 million was disposed during the year 2015.

86PAGE



ANNUALREPORT

2016

Property, plant and equipment - Group

Land Building Motor

vehicles

Furniture

and

fittings

Computer

and other

equipment

Total

N'000 N'000 N'000 N'000 N'000 N'000

290,000

1,923,500

750,138

219,786 425,258 3,608,682

-

-

122,874

4,514 27,471 154,859

-

(157,314)

-

- - (157,314)

165,000

392,314

-

- - 557,314

-

-

(13,800)

(590) (14,390)

455,000

2,158,500

859,212

224,300 452,139 4,149,151

455,000

2,158,500

859,212

224,300 452,139 4,149,151

-

-

39,710

1,077 3,424 44,211

1,390,433

500,000

-

- - 1,890,433

(53,100)

-

- - (53,100)

645,000

977,666

-

- - 1,622,666

-

-

(55,573)

- - (55,573)

-

-

-

- (3,982) (3,982)

2,490,433

3,583,066

843,349

225,377 451,581 7,593,806

-

119,071

641,073

131,086 345,283 1,236,513

-

38,476 96,214 19,180 31,650 185,520

-

-

(13,344)

- (117) (13,461)

- (157,314) - - - (157,314)

- 233 723,943 150,266 376,816 1,251,258

- 233 723,943 150,266 376,816 1,251,258

- 53,170 91,423 19,281 30,170 194,044

- - (55,573) - - (55,573)

- (53,100) - - - (53,100)

- 303 759,793 169,547 406,986 1,336,629

455,000 2,158,267 135,269 74,034 75,323 2,897,893

Cost

At 1 January 2015

Additions

Transfer to accumulated depreciation on revaluation

Revaluation surplus

Disposals

At 31 December 2015

At 1 January 2016

Additions

Transfer from non current assets held for sales (Note 13)

Transfer to accumulated depreciation on revaluation

Revaluation surplus (Note 30)

Disposals

Write off

At 31 December 2016

Accumulated depreciation and impairment

At 1 January 2015

Charge for the year

On disposals

Transfer to accumulated depreciation to cost

At 31 December 2015

At 1 January 2016

Charge for the year

On disposals

Transfer to accumulated depreciation to cost

At 31 December 2016

Carrying amounts as at:

31 December 2015

31 December 2016 2,490,433 3,582,763 83,556 55,830 44,595 6,257,177

16



-

-

87PAGE

ANNUALREPORT

2016

Land Building Motor

vehicles

Furniture

and

fittings

Computer

and other

equipment

Total

Cost N'000 N'000 N'000 N'000 N'000 N'000

At 1 January 2015 290,000

1,920,000

422,663

128,068

253,992 3,014,723

Additions -

-

85,720

3,457

25,113 114,290

Transfer to accumulated depreciation on revaluation -

(157,314)

-

-

- (157,314)

Revaluation surplus 165,000

392,314

-

-

- 557,314

Disposals -

-

(13,800)

(590) (14,390)

At 31 December 2015 455,000

2,155,000

494,583

131,525

278,515 3,514,623

At 1 January 2016 455,000

2,155,000

494,583

131,525

278,515 3,514,623

Additions -

-

39,710

507

989 41,206

Transfer from non current assets held for sales (Note 13) 1,390,433

500,000

-

-

- 1,890,433

Transfer to accumulated depreciation on revaluation (53,100)

-

-

- (53,100)

Revaluation surplus (Note 30) 645,000

977,667

-

-

- 1,622,667

Disposals -

-

(26,769)

-

- (26,769)

Write off -

-

-

-

(3,982) (3,982)

At 31 December 2016 2,490,433

3,579,567

507,524

132,032

275,522 6,985,078

Accumulated depreciation and impairment

At 1 January 2015 -

118,908

383,090

78,510

211,609 792,117

Charge for the year -

38,406

54,568

10,607

19,558 123,139

On disposals -

-

(13,665)

-

(164) (13,829)

Transfer to accumulated depreciation to cost -

(157,314)

-

-

- (157,314)

At 31 December 2015 -

-

423,993

89,117

231,003 744,113

At 1 January 2016 - - 423,993 89,117 231,003 744,113

Charge for the year - 53,100 58,425 10,617 20,279 142,421

On disposals - - (26,769) - - (26,769)

Transfer to accumulated depreciation to cost - (53,100) - - - (53,100)

At 31 December 2016 - - 455,649 99,734 251,282 806,665

Carrying amounts as at:

31 December 2015 455,000 2,155,000 70,590 42,408 47,512 2,770,510

31 December 2016 2,490,433 3,579,567 51,875 32,298 24,240 6,178,413

Property, plant and equipment - Company16

88PAGE



-

ANNUALREPORT

2016

Land and Building was professionally valued by Messrs Osaro Eguasa & Co. FRC/2012/0000000000423 (Estate

Surveyors and Valuers) as at 31 December, 2015 on the basis of their open market values. The revised value of

the properties was N2,613,500,000 resulting in a surplus on revaluation of N557,314,000 which has been

credited to the property, plant and equipment revaluation account. The revaluation report was dated 31

December 2015.



the properties was N3,723,500,000 resulting in a surplus on revaluation of N1,110,000,000 which has been


December 2016.

The re-valued property is the Group's Head Office building located at Plot 94, Providence Street, Lekki Scheme

1, Lekki, Lagos and the Ibadan building located at No. 20 MKO Abiola Way, Ring road, Ibadan, Oyo.


2016 2015 2016 2015

Statutory Deposits N'000 N'000 N'000 N'000

Deposit with the Central Bank of Nigeria 535,000

535,000

335,000

335,000

Insurance contract liabilities N'000 N'000 N'000 N'000

Unearned premium reserve (Note 18.1) 1,091,889

Outstanding claims (Note 18.2) 3,930,274

5,022,163

Less: Reinsurance assets (Note 8) (562,646)

4,459,517

1,054,125

3,350,616

4,404,741

(1,032,984)

3,371,757

811,534

1,631,996

2,443,530

(475,048)

1,968,482

803,535

1,423,312

2,226,847

(492,673)

1,734,174

The insurance contract liabilities balances above are covered by the Company's dedicated assets thus:

N'000 N'000 N'000 N'000

Cash and cash equivalents 480,494 734,315 342,579 145,734

Financial assets 576,650 1,134,118 397,687 858,236

Available for sales financial assets 188,627 - 188,627 177,628

Investment properties 1,719,261 1,100,000 610,000 400,000

Property, plant and equipment 165,000 - 108,413 -

Statutory deposits 335,000 535,000 335,000 335,000

3,465,032 3,503,433 1,982,306 1,916,598

Unearned premium reserve N'000 N'000 N'000 N'000

Aviation 13,894

1,716

13,894

1,716

Bond 29,778

29,588

29,778

29,588

Engineering 49,855

45,324

49,855

45,324

Fire 231,209 94,701 231,209 94,701

General accident 95,553 169,186 95,553 169,186

Marine 123,667 94,159 123,667 94,159

Motor 186,398 191,092 186,398 191,092Oil & gas 81,180 177,769 81,180 177,769Life 280,355 250,590 - -

1,091,889 1,054,125 811,534 803,535

This represents 10% of the minimum paid up share capital deposited with the Central Bank of Nigeria in accordance with Section

10 (3) of the Insurance Act, CAP I17, LFN 2004.

17

18

18.1



89PAGE

ANNUALREPORT

2016


Outstanding claims reserves N'000 N'000 N'000 N'000

Aviation 103,957 150,478 103,957 150,478

Bond 18,505 48,634 18,505 48,634

Engineering 43,851 36,813 43,851 36,813

Fire 325,154 269,153 325,154 269,153

General accident 221,244

157,399

221,244

157,399

Marine 57,514

28,641

57,514

28,641

Motor 109,751

156,611

109,751

156,611Oil & gas 458,357

250,255

458,357

250,255Life 649,395

670,760

-

-

1,987,728

1,768,744

1,338,333

1,097,984

Provision for claims incurred but not reported (IBNR) 293,663

325,328

293,663

325,328

Life (IBNR) 1,648,883

1,256,544

-

-

3,930,274

3,350,616

1,631,996

1,423,312

Movement in outstanding claims reserves N'000 N'000 N'000 N'000

Outstanding claims reserve at the beginning 1,768,744

1,593,010

1,097,984

1,184,508

Reported claims in the current year 1,750,891

2,315,250

941,123

800,034

Claims paid during the year (1,531,907)

(2,139,516)

(700,794)

(886,558)

218,984

175,734

240,349

(86,524)

Outstanding claims reserve at the end 1,987,728

1,768,744

1,338,333

1,097,984

The age analysis of outstanding claims was as follows: N'000 N'000 N'000 N'000

0 - 90 days 153,502

150,663

115,842

111,765

91 - 180 days 223,779

126,260

148,905

48,923

181 - 360 days 447,885

325,447

256,986

128,267

361 days and above 1,162,562

1,166,374

816,600

809,029

1,987,728 1,768,744 1,338,333 1,097,984

Investment Contract Liabilities N'000 N'000 N'000 N'000


819,964

-

-

Amount received in the year 1,321,679

1,278,175

-

-

Interest expenses 171,825

124,704

-

-

Withdrawals (1,533,067)

(1,551,036)

-

-

590,676

671,807

-

-

Reclassification per actuarial valuation to/frominsurance contract -

(41,568)

-

-


630,239

-

-

Trade payables N'000 N'000 N'000 N'000

Due to Reinsurer 39,638 133,116 15,632 75,986

Due to Co-assurers 19,140 23,025 - -

Deferred commision income 16,892 1,190 - -

75,670 157,331 15,632 75,986

The trade payables are all of current maturity.

18.2.1

18.2

19

20

90PAGE



ANNUALREPORT

2016


2016 2015 2016 2015

Other payables and accruals N'000 N'000 N'000 N'000

Due to government agencies 23,950

Information technology development levy (Note 43) -

Lease rent received in advance (Note 21.1) 12,354

Due to staff 29,814

Accrued expenses (Note 21.2) 81,062

Unclaimed dividend 2,383

Other credit balances 2,672

Preference dividend payable (Note 21.3) 175,000

Pension payable -

Current account with Standard Alliance Life Assurance Ltd (Note 21.4)

167,043

SEC penalty payable

-

Amount due to other beneficiaries

-

Directors current account

22,471

538,464 469,627 757,737

516,749

The above are further analysed as: N'000 N'000 N'000 N'000

Current 538,464 469,627 757,737

516,749

Non-current - - -

-

538,464

43,538

4,523

4,523

80,025

152,289

2,476

8,404

175,000

10,203

-

5,500

9,222

42,761

469,627

31,449

4,523

19,315

57,690

120,588

2,383

2,672

175,000

-

-

-

33,536

22,471

26,801

-

2,883

36,932

96,168

2,476

8,404

175,000

-

354,843

5,500

5,969

42,761

757,737

516,749

Lease rent received in advance

Movement in deferred rental income N'000 N'000 N'000 N'000

Opening Balance as at January 1 19,315 25,775 12,354 18,814

Additional Rental Income Received 17,816 49,569 9,016 33,821

Rental income apportioned during the period - - (18,487) (40,281)

Balance as at December 31, 2016 37,131

75,344

2,883

12,354

Accrued expenses N'000 N'000 N'000 N'000

Qualiserve 378

419

378

562

Audit fee 14,400

13,000

8,400

7,000

NAICOM supervisory levy 22,000

28,000

22,000

28,000

FRSC statutory annual dues 2,399

-

1,699

-

Staff medical 40,009

-

20,000

-

Management expenses payable 68,103

79,169

43,691

45,500

Interteck Global system 5,000

-

-

-

152,289

120,588

96,168

81,062

Preference dividend payable N'000 N'000 N'000 N'000


175,000

175,000

175,000

Paid during the year -

-

-

-


175,000

175,000

175,000

The Company leased out three floors (ground and first) of its head office building to Standard Alliance Properties Limited at an annual rent of N10 million effective July 2011. This is to ensure professional management of the lease agreements with non-related tenants of the floors. Standard Alliance Properties Limited made an advance payment of rent of N47 million in 2011 which has been fully amortised in 2016.

21.1

21

21.2

21.3



91PAGE

ANNUALREPORT

2016

Borrowings N'000 N'000 N'000 N'000

Daewoo Securities Bond (Note 22.1) 1,177,335 647,541 1,177,335 647,541

Term loan (Note 22.2) 92,315 148,377 92,315 148,377

1,269,650 795,918 1,269,650 795,918

The Company had 17,500,000 (Seventeen Million, Five Hundred Thousand units of preference shares of N100 (One

Hundred Naira) each prior to year ended 31 December 2011. These were converted to ordinary shares of 50k (50 Kobo)

each in the Company and issued to the holders of the preference shares as at 31 December 2011 in accordance with the

resolution passed at the 15th Annual General Meeting of 16th December 2011. The amount of N175 million is the balance

of pre conversion dividend yet unpaid as at 31 December, 2016.

The movement in current account with Standard Alliance Life Assurance Limited as a result of pre merger expenses incurred

on behalf of SA Insurance Plc for which assets have subsequently been allocated in settlement.

Current account with Standard Alliance Life Assurance Ltd

Daewoo Securities Bond

The Company received a capital inflow of JPY650,000,000 ($7,397,516) zero coupon bond raised from Daewoo

Securities in December 2009.

The bond was tenured originally for 20 years with the lenders' option to convert the bond to Standard Alliance

Insurance Plc's ordinary shares. If the option is not exercised, the Company must pay interest 4.25% per annum

on the gross bond value for the entire term it has been outstanding.

Daewoo Securities requested for the full redemption of the bond in 2011 following which the Company went to

a negotiation with it and a repayment plan with the bond owners was renegotiated in 2012. Further negotiation

commenced in 2015 and are still on-going and should be concluded in 2017.The Company's outstanding

liability to Daewoo Securities as at 31 December 2016 is JPY452,264,373 (2015: JPY396,753,575), principal and

interest inclusive.

21.4

22

22.1

Further details of transactions during the year are:

Principal Interest Total 2016 2015

JPY'000 JPY'000 JPY'000 N'000 N'000


33,704

396,754

647,541

565,476

Under/(over) statement of liability 35,153

(22,248)

12,905

33,595

-

Interest accrued during the year -

42,605

42,605

110,910

121,932

Payments during the year -

-

-

-

(248,476)

Foreign exchange difference -

-

-

385,289

117,514

Default penalty interest -

-

-

-

91,095


54,061

452,264

1,177,335

647,541

92PAGE



ANNUALREPORT

2016

Current maturities

Interest 54,061

54,061

144,505

55,007

Principal 398,203

398,203

1,032,830

592,534

Total current maturities 452,264

452,264

1,177,335

647,541

Non-current principal maturity - - - -

452,264 452,264 1,177,335 647,541

Default penalty interest represents charges in respect of delayed payments at current market interets rates.


2016 2015 2016 2015

Term Loan N'000 N'000 N'000 N'000

Balance, at beginning of the year 148,377

192,327

148,377

192,327

Repayment during the year (56,062) (43,950) (56,062) (43,950)

Balance, at end of the year 92,315 148,377 92,315 148,377

Current 92,315 80,593 92,315 80,593

Non-current - 67,784 - 67,784

92,315 148,377 92,315 148,377

The balance of JPY452,264,373 (N1,177,334,615) is stated in the financial statements at the Central Bank of Nigeria

closing exchange rate of N2.6032/JPY as at 31 December 2016. Subsequent to 2016, no payment has been made in

principal and interest.

Default penalty interest represents charges in respect of delayed payments at current market interets rates.

The Company took a loan facility of N200 million in 2014 from FCMB Plc for operational needs. The loan is payable in thirty

six equal monthly instalments from November 2014. The loan attracts interest at the rate of 25% per annum.

Finance lease obligations N'000 N'000 N'000 N'000

Balance, at beginning of the year 136,698 42,120 111,800 32,408


Repayment during the year (80,022) (52,567) (68,802) (42,855)

Balance, at end of the year 80,676 136,698 66,998 111,800

During the year 2014, the company obtained a lease facility of N45,937,500 from Diamaond Bank Plc at an

interest rate of 22% for a period of 18months to finance the acquisition of 8units of motor vehicles. In the year

2015, the Company acquired a lease facility of N69,800,000 from Lotus Capital Halal investments at an interest

rate of 16% for a period of 36 months to finance various vehicles. This is in addition to the lease facility obtained

from Aquila Assets at an interest rate of 25% for a period of 36 months to finance 15 units of Hilux vehicles.

During the year 2016, the Company acquired a new lease facility of N24,000,000 from CFS Financial Services at

an interest rate of 23% for a lease period of 36 months to finance the acquisition of a motor vehicle.

22.2

23



93PAGE

ANNUALREPORT

2016

N'000 N'000 N'000 N'000

Less than 3 months 19,344 26,990 14,195 26,990

Between 3 and 6 months 19,214 14,578 15,076 14,578

Between 6 and 12 months 11,929 36,524 7,538 22,780

50,487 78,092 36,809 64,348

Over 12 months 30,189 58,606 30,189 47,452

80,676

136,698

66,998

111,800

Current income tax liabilities

Per Statement of Comprehensive income N'000 N'000 N'000

Company income tax 74,934

92,007

Education tax 9,440

8,717

Overprovision in prior years -

(169,165)

Deferred tax 42,391

-

126,765

(68,441)

N'000

56,804

7,777

-

39,633

104,214

64,077

8,717

(169,165)

-

(96,371)

Per Statement of Financial Position:

Balance at beginning of the year: N'000 N'000 N'000 N'000


323,287

150,581

314,362

Education tax 26,577

26,520

19,980

19,923

214,013

349,807

170,561

334,285

Provisions for the year:


92,007

56,804

64,077

Education tax 9,440 8,717 7,777 8,717

Overprovision in prior years - (169,165) - (169,165)

Payments during the year:

Company income tax (83,227)

(58,693)

(55,000)

(58,693)

Education tax (11,024)

(8,660)

(8,826)

(8,660)


214,013

171,316

170,561

Deferred tax liabilities N'000 N'000 N'000 N'000


326,273

361,291

305,560

Charged for the year 42,391

-

39,633

-

Tax on gain on revaluation of property plant and equipment 162,267

55,731

162,267

55,731


382,004

563,191

361,291

These motor vehicles are included in the property, plant and equipment of the Company as at 31 December 2016.

The rental due as at 31 December 2016 are further analysed as follows:

24

25

94PAGE




2016 2015 2016 2015

ANNUALREPORT

2016

Company Company

2016 2015

26 Ordinary share capital

AuthorizedN'000 N'000

14,000,000,000 ordinary shares of 50k each 14,000,000 7,000,000

Issued and Fully Paid N'000 N'000

11,993,173,000 units of ordinary shares of 50k each;At 31 December 5,996,587 5,996,587

27 Share premium N'000 N'000

At 31 December

Group

2015

N'000

7,000,000

N'000

5,996,587

N'000

7,667,475

7,667,475 7,667,475

28 Contingency reserves N'000 N'000 N'000

At 1 January 1,243,423 1,386,196 1,243,423

Charge for the year

168,156

75,359 142,773At 31 December

1,411,579

1,461,555 1,386,196

Group

2016

N'000

14,000,000

N'000

5,996,587

N'000

7,667,475

N'000

1,411,579

94,021

1,505,600

Share premium comprises additional paid-in capital in excess of the fair value. This reserve is not ordinarily available for distribution.

Contingency reserve is provided for at the rate of 3% of the gross premium or 20% of profit for non life business and 1% of gross premium or

10% of profit for life (whichever is greater for the year) in accordance with Section 22 (1)(b) of the Insurance Act 2003.

29 Accumulated loss N'000 N'000 N'000

At 1 January (12,552,146)

(12,553,495) (13,220,960)

(Loss)/profit for the year (1,224,481)

(1,224,484) 810,238

Appropriation to contingency reserves (94,021)

(75,359) (142,773)

At 31 December (13,870,648)

(13,853,338) (12,553,495)

Restated

30 Revaluation Reserves N'000 N'000 N'000

At 1 January 1,616,101

1,616,101 1,114,518

Addition during the year (Note 16) 1,460,400

1,460,400 501,583

At 31 December 3,076,501

3,076,501 1,616,101

Further details are: N'000 N'000 N'000

Revaluation surplus (Note 16) 1,622,667

1,622,667 557,314

Less; Tax on gain on revaluation (162,267)

(162,267) (55,731)

1,460,400

1,460,400 501,583

N'000

(13,220,960)

836,970

(168,156)

(12,552,146)

Restated

N'000

1,114,518

501,583

1,616,101

N'000

557,314

(55,731)

501,583

The Company's office building at Ibadan and Head Office in Lagos were revalued at N20 million in 2006 and

N1,431,857,000 in 2012 respectively by the firm of Messrs Osaro Eguasa & Co (FRC/2012/0000000000423). The

revaluations resulted in surpluses of N14,299,000 and N767,258,000 respectively, which has been credited to the

property, plant and equipment revaluation account.

The Company's Head office was revalued in 2014 at N1,900,000,000 by Messrs Osaro Eguasa & Co

(FRC/2012/0000000000423). The revaluations resulted in surplus of N411,117,000 which has been credited to

the property, plant and equipment revaluation account.



95PAGE

ANNUALREPORT

2016

31 Fair Value Reserves

This is the net accumulated changes in the fair value of available for sale assets.


2016 2015 2016 2015N'000 N'000 N'000 N'000

At 1 January 63,606

500,536 63,606 500,536

Decrease during the year - net of income tax (63,606)

(436,930) (63,606) (436,930)

At 31 December -

63,606 - 63,606

The addition during the year is further analyzed thus: N'000 N'000 N'000 N'000

Fair value loss on disposal of available for sale- (Note 7.3.1) - (145,200) - (145,200)

Fair value loss on available for sale for the year (Note 7.3.1) (63,606) (291,730) (63,606) (291,730)

(63,606) (436,930) (63,606) (436,930)

96PAGE

32 Non-controlling interest in equity

The entity accounting for non-controlling interest is shown below:

At 1 January

(Loss)/profit for the year

At 31 December

N'000

343,085

50,511

393,596

Non controlling interest in entities within the group in 2016 is as analysed below:

Company name % of equity held by NCI

Standard Alliance Life Assurance Limited 47.59

N'000

393,596

(117,188)

276,408

N'000

-

-

-

N'000

-

-

-

During the year 2015, the Company's Head office in Lagos and office building at Ibadan were revalued at N2.6

billion and N35million respectively by Messrs Osaro Eguasa & Co (FRC/2012/0000000000423). The revaluations

resulted in surpluses of N522 million and N35million respectively, which has been credited to the property, plant

and equipment revaluation account.



the properties was N3,723,500,000 resulting in a surplus on revaluation of N1,110,000,000 which has been


December 2016.



ANNUALREPORT

2016

General Motor

Non Life

Business Life Business

Aviation Bonds Engineering Fire Accident Marine Accident Oil & Gas Total 2016 2016 2015

34 Reinsurance premium expenses N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Charged for the year 2016 - 4,917 17,338 27,428 39,266 31,349 - 375,489 495,787 196,228 692,015 853,396

Group General Motor

Non Life

Business Life Business

33 Gross premium income Aviation Bonds Engineering Fire Accident Marine Accident Oil & Gas 2016 2016 2016 2015

N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Premium written 24,854

61,657

110,572

403,780

435,712

361,122 476,810 637,458 2,511,965 1,866,220 4,378,185 5,235,571

Movements in unexpired risks (Note 33.1) (12,178)

(189)

(4,532)

(136,508)

73,634

(29,509) 4,694 96,590 (7,998) (29,765) (37,763) 190,614

Gross premium 12,676 61,468 106,040 267,272 509,346 331,613 481,504 734,048 2,503,967 1,836,455 4,340,422 5,426,185

33.1 Movement in Unepired risks

Unexpired risk At 1 January 2016 1,716 29,589 45,323 94,701 169,186 94,158 191,092 177,770 803,535 250,590 1,054,125 1,244,739

Unepired risk At 31 December 2016 (13,894) (29,778) (49,855) (231,209) (95,552) (123,667) (186,398) (81,180) (811,533) (280,355) (1,091,888) (1,054,125)

Movement during the year (12,178) (189) (4,532) (136,508) 73,634 (29,509) 4,694 96,590 (7,998) (29,765) (37,763) 190,614

Company General Motor Total Total

33 Gross premium income Aviation Bonds Engineering Fire Accident Marine Accident Oil & Gas 2016 2015

N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000


61,657

110,572

403,780

435,712

361,122 476,810 637,458 2,511,965 2,956,271

Movements in unexpired risks (Note 33.1) (12,178)

(189)

(4,532)

(136,508)

73,634

(29,509) 4,694 96,590 (7,998) 113,843

Gross premium 12,676

61,468

106,040

267,272

509,346

331,613 481,504 734,048 2,503,967 3,070,114

33.1 Movement in Unepired risks

Unexpired risk At 1 January 2016 1,716 29,589 45,323 94,701 169,186 94,158 191,092 177,770 803,535 917,378

Unepired risk At 31 December 2016 (13,894) (29,778) (49,855) (231,209) (95,552) (123,667) (186,398) (81,180) (811,533) (803,535)

Movement during the year (12,178) (189) (4,532) (136,508) 73,634 (29,509) 4,694 96,590 (7,998) 113,843

General Motor Total Total

Aviation Bonds Engineering Fire Accident Marine Accident Oil & Gas Total 2015

34 Reinsurance premium expenses N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Charged for the year 2016 - 4,917 17,338 27,428 39,266 31,349 - 375,489 495,787 -

Charged for the year 2015 - 2,953 25,494 50,914 65,243 77,868 - 380,102 602,574



97PAGE

ANNUALREPORT

2016


2016 2015 2016 2015

35 Commission income N'000 N'000 N'000 N'000

Aviation - - - -

Bond 1,616 738 1,616 738

Engineering 4,071 6,009 4,071 6,009

Fire 12,826 15,081 12,826 15,081

General Accident 12,729

17,828

12,729

17,828

Marine 6,098

12,388

6,098

12,388

Motor -

-

-

-

Oil &Gas -

-

-

-

37,340

52,044

37,340

52,044

Life - forfeitures and admin charges 58,634

286,097

-

-

95,974

338,141

37,340

52,044

Life - commission on reinsurance 22,842

3,200

-

-

118,816

341,341

37,340

52,044

36 Claims expenses N'000 N'000 N'000 N'000

Claims paid 1,531,927

2,089,400

700,794

886,558

Increase in outstanding claims(Note 17.2.1) 218,984

175,734

240,329

(86,524)

(Decrease)/increase in claims incurred but not reported (31,735)

(187,382)

(31,665)

24,760

1,719,176

2,077,752

909,458

824,794

Claims expenses recovered from reinsurers (283,130)

(359,586)

(57,864)

(47,384)

1,436,046

1,718,166

851,594

777,410

37 Underwriting expenses

Acquisition cost: N'000 N'000 N'000 N'000

Aviation 1,542

1,395

1,542

1,395

Bond 12,140

20,402

12,140

20,402

Engineering 20,472 27,553 20,472 27,553

Fire 61,907 55,201 61,907 55,201

General Accident 95,204

100,093

95,204

100,093

Marine 37,831

98,014

37,831

98,014

Motor 51,661

66,958

51,661

66,958

Oil and Gas 11,092

11,796

11,092

11,796

Life 380,974

485,660

-

-

Total acquisition cost 672,823

867,072

291,849

381,412

Maintenance cost - General business 225,652

136,280

225,652

217,742

Maintenance cost - Life 768,516

634,719

-

-

1,666,991

1,638,071

517,501

599,154

38 Investment and other income N'000 N'000 N'000 N'000

Interest on deposits 100,444

149,132

61,587

86,103

Interest on teasury bills 6,138

-

3,738

-

Rental income 31,923

56,029

18,487

40,281

Dividend received 750 22,393 591 15,881

Investment recovered from SA Investment Limited - 33,497 - 33,497

139,255 261,051 84,403 175,762

Balances with banks recovered - 2,004 - 2,004

Foreign exchange gain 120,295 10,412 116,130 8,222

Profit on sale of fixed assets 3,750 657 2,830 657

Investment income from blue berry 11,000 - 11,000 -

Gain on bargain purchase - 26,732 - -

Other income 14,175 12,469 7,892 10,487

288,475 313,325 222,255 197,132

98PAGE



ANNUALREPORT

2016


2016 2015 2016 2015

39 Loss on investment contract liabilities N'000 N'000 N'000 N'000

Investment income attributable to investment contracts 13,451

21,364

-

-

Guaranteed interest on investment contracts (171,825)

(124,704)

-

-

(158,374)

(103,340)

-

-

40 Management expenses N'000 N'000 N'000 N'000

Salaries and Allowances 392,328

423,483

360,971

309,270

Other staff costs 63,765

49,018

63,765

49,018

Directors' fees and Allowances 67,886

71,093

63,886

66,275

Insurance expenses 17,147

12,644

16,512

11,415

Rent and rates 31,966

27,172

25,977

22,869

Repairs and maintenance 209,617

137,096

203,680

134,080

Depreciation and amortisation 151,235

134,340

145,681

126,203

Professional fees 169,717

142,899

164,420

141,813

Bank charges 14,764

10,220

14,109

9,354

Printing and stationery 46,304

23,835

45,897

23,627

Advertising and promotion expenses 55,626

85,719

55,381

85,068

Books and periodicals 1,093

855

1,093

855

Telephone and postages 31,799

21,965

31,141

21,258

Other administrative expenses 62,002

70,093

37,206

55,286

Supervisory levies 19,275

32,064

19,275

32,064

Staff training and development 28,654

20,303

28,270

20,303

Audit fee 7,600

7,600

7,000

7,000

Corporate and public relation expenses 98,401

94,607

97,879

94,368

Travelling,outstation and hotel epenses 25,826

32,754

23,514

30,477

Share capital expenses - 64,257

-

64,257

Annual general meeting expenses 11,587

4,007

11,587

4,007

Write off of intangible assets 5,252

-

5,252

Property,plant and equipment written off 3,981

-

3,982 -

Information Technology Development levy - 18,114 - 15,091

1,515,825 1,484,138 1,426,478 1,323,958

41 Finance charges N'000 N'000 N'000 N'000

Interest expenses on loan 26,958 41,899 26,958 41,899

Lease charges 18,441

31,424

14,435

8,423

Interest on Daewoo bond 144,505 213,027 144,505 213,027

189,904 286,350 185,898 263,349

42 N'000 N'000 N'000 N'000

- (945,216) - (945,216)

- 86,605 - -- (858,611) - (945,216)

Write back of impairment charges on other assets

Write back of provision on loans and receivables (Note 7.2.1c)

Write off of investment in SA properties



-

99PAGE

ANNUALREPORT

2016


2016 2015 2016 201543 Information Technology Development Levy

N'000 N'000 N'000 N'000

At 1 January 4,523

10,766

- 9,266

Appropriation for the year -

18,114

- 15,091

Payment during the year -

(24,357)

- (24,357)


4,523

- -

44 (Loss)/profit before taxation

(Loss)/profit before taxation is stated after charging/(crediting): N'000 N'000 N'000 N'000

Depreciation 194,044

185,520

142,421 123,139

Amortization 7,175

21,688

3,259 3,065

Auditors' remuneration 13,000

13,000

7,000 7,000

Director's remuneration 67,886

71,093

63,886 66,275

45 Premium receipt from policy holders N'000 N'000 N'000 N'000

Premium due from policy holder at 1 January 49,994 621,671 49,994 32,646Gross Premium written in the year 4,378,185 5,235,571 2,511,965 3,070,114

4,428,179 5,857,242 2,561,959 3,102,760

Premium due from policyholders at 31 December (16,340) (49,994) (16,340) 49,994

Premium receipts in the year 4,411,839 5,807,248 2,545,619 3,152,754

The Nigerian Information Technology Development Agency (NITDA) Act was signed into law on 24 April, 2007. Section 12(a) of the Act

stipulates that specified Companies contribute 1% of their profit before tax to the Nigerian Information Technology Development Agency. No

provision has been made as there was no profit before taxation as at 31 December 2016.

46 Fair value Hierarchy

Level 1

Level 2

The Company's fair value measurements model is highlighted in accounting policy 5.6.

Fair value measurements classified as level 1 include fair values of quoted investments based on current

market prices.

Fair value measurements classified as level 2 include fair values of unquoted investments which the

Company established using valuation techniques such as:

• Recent arm's length transactions

• Reference to other instruments that are substantially the same

• Net assets value and

• Discounted cash flows

100PAGE



ANNUALREPORT

2016

Level 3

Fair value measurements classified as level 3 include fair values of financial assets of which there are no

active markets and no observable inputs. They comprise loans and other receivables.

The table below highlights financial instruments in their various fair value hierarchies at year end:

2016

Asset type Total Level 1 Level 2 Level 3

N'000 N'000 N'000 N'000

14,903

14,903

-

-

Quoted securities - Available for sale 154,046

154,046

-

- 168,949

168,949

-

- 2015

Asset type Total Level 1 Level 2 Level 3

N'000 N'000 N'000 N'000

18,365

18,365

- -

Quoted securities - Available for sale 256,320

256,320

- -

274,685 274,685 - -

Quoted securities - At fair value through

profit or loss

Quoted securities - At fair value through

profit or loss

Section Nature of infraction

2016 2015 N'000 N'000

Late submission of 2013 quarterly returns -

250

47.2 Penalty by Nigerian Stock Exchange N'000 N'000

Un-Authorised publication of Accounts -

548

Post-listing requirements penalty for default filing of 2015 accounts 500

600

Section 14(a) of General Undertaking Un-authorised conversion of Preference shares -

15,373

2011 Annual reports -

2,192

18,713

47.3 Penalty by Securities and Exchange Commission N'000 N'000

Late submission of quarterly returns 18,920 1,275

This represent penalties imposed on the company for late filing of quarterly returns between 2012 and 2014.

Amount of penalty

Section 1.16 of operational guideline

During the year the Company contravened certain sections of the Insurance Act, CAP I17, LFN 2004, NAICOM's

operational guidelines, the Nigeria Stock Exchange (NSE) post listing requirements and the Securities and Exchange

Commission (SEC) rules. Details of the contraventions and appropriate penalties thereon are as follows:



47.1 Penalty by NAICOM

47 Penalties

101PAGE

500

ANNUALREPORT

2016

48 Directors and employees

Employees

The average number of persons employed by the Company during the year by category

Number Number

Excecutive Director 2 2 Management Staff 24 15 Non-management staff 94 114

120 131

Staff cost for the above persons (Excluding Executive Directors) was:

Wages and Salaries 417,360

527,897

Employees' Retirement Benefits 7,376

6,463

424,736

534,360

The details of the restatements are as follows: Number Number

N900,001 - N1,100,000 1 1

N1,100,001 - N1,300,000 22 1

N1,300,001 - N1,500,000 - 22

Above - N1,500,000 97 107

120 131

The number of employees of the company other than Director who received emolument in the following range was:

Directors' Remuneration 2016 2015

The remuneration paid to the Directors of the company was: N'000 N'000

Fees and other allowances 15,406

22,678 Excecutive compensation 48,480

43,597

63,886

66,275

Fees and other emolument disclosed above include amount paid to: N'000 N'000

The Chairman 3,800

3,800

Highest paid Director 29,240

35,338

33,040

39,138

The number of Director who received fees and other emolument

(excluding pension contribution) in the following ranges was: Number Number

N1,000,001 - N2,000,000 6

6

N2,000,001 and above 2 2

8 8

102PAGE



ANNUALREPORT

2016

49 Prior Period Restatements

Revaluation Reserve

In 2015 revaluation surplus on land and building was stated without recognition of defered tax. As a result the

revaluation surplus was overstated by N55,731,000.

The financial statements have been restated to correct this error. The restatements required adjustments in the

statement of other comprehensive income and the statement of financial position as at 31 December 2015. To

this effect, the statement of profit or loss and other comprehensive income, the Statement of financial position,

statement of changes in equity and affected notes showed restated comparative information for the year

ended 31 December 2015.

The details of restatement are as follows

Revaluation reserve N'000

As previously stated 1,671,832

Recognition of tax on gain on revaluation surplus (55,731) As restated 1,616,101

Revaluation surplus N'000

As previously stated 557,314 Recognition of tax on gain on revaluation surplus (55,731) As restated 501,583

Deferred tax liabilty N'000

As previously stated 305,560

Recognition of tax on gain on revaluation surplus 55,731

As restated 361,291



103PAGE

ANNUALREPORT

2016

50 Contingent liabilities

51 Related party transactions

52 Events after the reporting period

53 Risk Management Report

A) Introduction and overview

Risk Management Philosophies and Principles

No material contingent liabilities have been made or are likely to be made in these financial statements.

Insurance contract - Standard Alliance Life Assurance Limited.

The Company buys Group Life Policy for the staff from Standard Alliance Life Assurance Limited, a

related Company. A sum of N1,667,922. (2015: N6,006,927) was paid as premium for the year ended 31

December 2016.

There were no events after the reporting period which could have a material effect on the

financial position of the Company as at 31 December 2016 and profit attributable to equity holders.

The Company was faced with the following risks in its operations.

i Capital Adequacy risk

ii Regulatory risk

iii Liquidity risk

This note presents information about the Company's exposure to each of the above risks, the Company's

objectives, policies and processes for measuring and managing risks.

The following principles guide financial risk management in the Company:

i. A deliberate and conscious management of the Company’s investment portfolio to ensure that

the risk of excessive concentration on any one class, industry, or sector is minimized, as well as to

ensure portfolio flexibility and liquidity.

ii. A strict adoption of sound internal policies and processes resulting in consistent adherence to

investment guidelines issued by the National Insurance Commission to enable the Insurance

industry maintain sound solvency margin and sound liquidity health at all times.

iii. The Executive Management took responsibility for establishing a robust liquidity management

framework consistent with regulatory requirements of the Commission that ensures sufficient

liquidity to withstand a range of stress events.

iv. The financial risk procedural manual spell-out the operational steps and procedures for executing



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relevant controls to prevent the occurrence or reduce the impact of risk events touching on

Financial and strategy risk. The manual is being reviewed periodically reviewed and updated to

take into account new activities, system changes, and structural changes in the industry.

v. The Board approves all strategies and policies in respect of financial and strategic risk

management.

vi. Evaluation of the effectiveness of risk management process and the internal control system shall

be carried out by external consultants periodically.

vii. The Company relies on its Risk Management Committee

viii. lt develops early warning indicators to aid the prompt identification of all risks from all of the risk

categories

The Board and Management has put in place clearly defined financial risk management framework that

provides the Company with guidance and prescribes tolerable financial risk related losses considering

available capital and levels of other investment risk exposures. The Company’s financial risk policy and

strategy are anchored on the following:

i. Investment portfolio diversification which involves the application of the Company’s investable

funds in a wide range and class of financial instruments consistent with Regulatory Requirements.

ii. Liquidity risk Management taking within well defined limits with the sole purpose of creating and

enhancing liquidity and competitive advantage,

iii. Effective utilisation of Company’s liquidity position.

The Standard Alliance Insurance Plc recognises the presence of financial risk in its process of delivering

value to its stakeholders. This financial risk Management Framework is set out to manage financial risks

resident in the investment processes and procedures of the company. It provides guidance on related

issues of Identification, Measurement, Monitoring and Reporting of financial risks in order to ensure the

Company continually meets its contractual liabilities to policy holders.

The Company recognizes the importance of these classes of risks, which is inherent in the investment,

Risk Management Strategy

Risk Management Framework



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market, and liquidity management of its insurance business. This policy contains guidelines to help the

Company manage its assets in a sound and prudent manner, taking account of the profile of its liabilities, its

solvency position and its risk return profile.

The Company's financial risk shall be managed within tolerable limits through an appropriate management

focus and deployment of resources.

The overall responsibility for the management of financial risk shall resides with the Board through its Risk and

Remuneration Committee. To ensure consistency and prudent management of financial risks, this responsibility

shall be divided as follows:

i. Board of Directors/ Risk & Remuneration Committee

ii. Finance and Investment Committee of the Board

iii. Executive Management Committee on Investment

iv ERM Committee/CRO

v. Finance and Investment Department.

vi Quality Assurance and Control

The Company shall operate by managing its risks within acceptable bounds so as to maintain and

increase the value of its resources for its stakeholders. An explicit discussion of risks and risk tolerance wil

be part of the STANDARD ALLIANCE INSURANCE's decision making process.

STANDARD ALLIANCE INSURANCE has defined Enterprise risk appetite at two levels:

i. The enterprise level; and

ii. The Business/Support/Functional Unit levels

ERM Committee set target key performance indicators (“KPI's”) at both an enterprise and a

business/support unit level based on recommendations from the Chief Risk Officer. Target KPI's is reviewed at

least on annual basis.

At the Business and Support unit levels, the enterprise KPI's is cascaded to the extent that the

contribution of each Business/Support Unit to enterprise risk shall serve as input for assessing the performance

of the Business/Support Unit.

Tolerance levels is defined for each key risk indicator and serves as a proxy for the risk appetite for each risk area

and Business/Support Unit.

Tolerance levels is subject to approval of ERM Committee and shall be reviewed on a periodic basis to

reflect changing circumstances.

Risk Management Governance

Risk Tolerance/Appetite



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Risk Management Process

The Company's disciplined approach to risk management is iterative, scalable, and includes the steps

below. Consistent application of this process enables continuous improvement in decision making and

performance by top Management. The processes are as follows:

1. Communication and Dialogue: Communication and dialogue with internal and, as appropriate,

external stakeholders as far as necessary takes place at each stage of the risk management

process.

2. Establishing the Context: This defines risk parameters to be taken into account when managing

risk, and setting the scope and risk criteria for the remaining process.

3. Risk Identification: This process helps the company develop a comprehensive list of risks based on

those events that might enhance, prevent, degrade, or delay the achievement of the objectives.

4. Risk Analysis: This context helps to understand the causes and sources of risk, their positive and

negative consequences, and the likelihood that those consequences can occur. Existing risk

controls and their effectiveness should be taken into account and communicated.

5. Risk Evaluation: The purpose of risk evaluation is to assist in making decisions based on the

outcomes of risk analysis about which risks need treatment and to prioritize treatment

implementation for those unacceptable risks (i.e. those that exceed risk tolerance)

6. Risk Treatment: This involves the selection of one or more options for modification of

unacceptable risks and implementing those options. Risk treatment options include: avoiding

the risk, seeking out an opportunity, removing the source of risk, changing the likelihood,

changing the consequence, sharing the risk with another party, and retaining the risk by choice.

7. Monitoring and Review: This step should encompass all aspects of the risk management process

to:

i. Analyse and learn lessons from events, changes, and trends.

ii. Detect changes in the external and internal context including changes to the risk.

Risks/ events shall be identified and analysed against the broad success criteria which may be affected.

The focus in risk identification is capturing all the possible risks associated with an event, activity, project,

roles or management decisions. It also covers the impact of an event occurring on the identified success

criteria.

i. Element of Risk- Description of the risk engaged within a process and event or a role.



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ii. Impact on business- Details the consequences of a risk occurring upon the related success criteria.

iii. Mitigation Measures- Details controls already established or in the process of being established.

iv. Responsibility- Identifies the officer and department responsible for the implementation and

monitoring of compliance of the prescribed controls.

Risks is measured in terms of likelihood and consequences on both inherent and residual basis (pre and

post controls). Both likelihood and consequences may be measured qualitatively or quantitatively

depending on the risks being considered.

The criteria for success adopted by the Company are;

I. Shareholders' funds

ii. Market Share

iii. Company's image

iv. Revenue growth

v. Employees welfare

vi. Solvency Margin

vii. Customer Service

B) Financial Risk Assessment

Consequence rating scale

No Rating Quantification

1 Catastrophic

2 Major

3 Moderate

4 Minor

5 Negligible

Most success criteria threatened or one severely affected5% - < 10% of shareholders’ fund

Consequence (impact on established success criteria)

Share holder’s fund depleted, license with drawn and

liquidation imminent>/= 10% of Shareholders’ fund

Some success criteria affected, considerable effort being

made to rectify1% - < 5% of shareholders’ fund

Easily remedied, criteria can be recovered 0.5% - < 1% of shareholders’ fund

Very small impact, rectified in the course of normal processes < 0.5% of shareholders’ fund

The impact of risk against this success criteria form the basis for the development of the consequence rating

scale. The specific evaluation criteria adopted in this document is:



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Likelihood rating scale

No Rating Interpretations

1 Almost certain More than 50% change that it will happen during the year and may occur several

2 Likely 50% change that it will happen during the year

3 Possible Less than 50% chance that it will happen during the year

4 Unlikely Could occur once over a 5-10 year period

5 Rare Very unlikely over a 10 year period

a) Market Risks

b. Credit Risks

Market risk refers to worsening financial condition arising from adverse movements in the level of

volatility of market prices. It involves the exposure to movement of financial variables such as; equity

prices, interest rates or exchange rates. It is usually introduced into a Standard Alliance Operation

through variations in financial markets that cause changes in asset values, product or portfolio valuation.

Some of the events under market risks are:

i. Movement in interest rates to the extent that future cash flows from the assets and liabilities are

not well matched.

ii. Movement in market values of equity, real estate and other assets to the extent that the

company is exposed to changes in market value.

iii. Movement in exchange rates which may result in losses from asset and liabilities denominated

in different currencies.

Credit risk refers to the risk of financial losses arising from default or movement in the credit quality of

issuers of security, debtors, or counterparties and intermediaries to whom the company has

exposures. Such risk events are:

i. Default Risk: Risk that a company will not receive or receipts delayed or partially the cash flow

or assets to which it is entitled because the other parties default in one or more obligations.

This risk has been substantially eliminated by the regulations No Premium, No Cover policy.

ii. Concentration Risk: Risk of increased exposure to losses due to concentration of investments in

a geographical area, economic sector, counterparty, or connected parties.

iii. Downgrade or Migration Risks: Risks that change in the probability of a future default by an

obligor will adversely affect the present value of the contract with the obligor today.

iv. Indirect or Spread Risks: Risk due to market perception of increased risk on either a macro or

micro basis.



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c) Liquidity Risks:

Liquidity risk refers to the risk that a Company, though solvent has insufficient liquid assets to meet its

obligations as they fall due. Liquidity is concerned with the current and future maintenance of

appropriate levels of cash and liquid assets. Such risk events are:

i. Liquidation Value Risks: The risk that unexpected timing or amount of needed cash may require the

liquidation of asset when market condition may result in loss of realized value.

ii. Affiliated Investment Risk: The risk that an investment in the Company may be difficult to sell or

that such affiliate may create a drain on the financial or operating resources of the Company.

iii. Capital Funding Risks: The risk that the company will not be able to obtain sufficient outside

funding as its assets are illiquid at the time of need.

iv. Negative Publicity with unexpected liquidity strain.

v. Negative Report about other companies in similar trade.

vi. Deterioration of the Economy.

vii. Abnormally volatile or stressed market.

Identification of Financial Risk

The various risk types identified under financial risk category as used in this policy are:

Market Risks Credit Risks Liquidity Risks

Interest Rate Concentration Risk Liquidation Value

Equity Default Risk Affiliated Investment

Real Estate Indirect or spread Risks Capital Funding

Currency Downgrade or Migration Risks Negative Publicity

Role of the CRO in conjunction with the Finance/ Investment risk manager:

Assessment of Financial Risk

i. Strive to anticipate the risks inherent in the above listed indicative factors and propose appropriate

preventive measures.

ii. Document the anticipated risks and reports to the ERMC for appropriate response and implementation.

I. The Company measures its financial risk exposures across risk types, risk factors and overall investment

portfolio.

ii. The Company documents the appropriate products to be used to hedge exposures, the item that

qualifies to be hedged, how hedging instruments effectiveness shall be assessed and identify individuals

responsible for monitoring hedge performance.

iii. The Company has set appropriate limit structure to control its financial risk exposures.



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iv. The Company periodically reviews its financial risk limits to verify its suitability based on current market

conditions, economic conditions and its overall risk tolerance

v. The Company applies its stress testing to determine the potential effect of economic shifts, market

events, changes in interest rates, changes in foreign exchange and changes in liquidity conditions

Internal risk relate to risks that have their sources in faulty or deficient internal systems, process or negligence or

indolence of persons responsible for such roles. Such risk resides within the financial management system of the

Company.

i. Internal Processes

ii. Reporting System

iii. Bank reconciliation practices

iv. Budget preparation and monitoring

v. Working capital management

Financial risks also reside within financial processes, people in financial management, compliance levels,

Reporting system, control processes.

External risks relate to risks that are exogenously determined and impact directly on the financial health

of the company. Such risks can arise from the following;

i. Changes in regulation

ii. Changes in currency and exchange rate

iii. Changes in interest rate

iv. Changes in capitalization and Solvency Margin.

v. Changes in shareholder’s structure and composition

vi. Changes in money and capital markets

Risk control self assessment of existing, newly identified and emerging financial risk should be carried

out regularly, at least once every quarter.

i. For every Control-based financial risks such as fraud, the CRO in conjunction with the finance/

Investment managers risk shall;

a Identify the control structure

b Compare the control structure to a best practice model

c Identify the gaps

d Recommend and implement new controls.

Internal Risk Identification and Assessment

External Risk Identification and Assessment

Risk & Control Self Assessments



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Risk Mitigation

i. The finance/ Investment risk manger brings to the attention of the Head Administration department

every risk emanating from investment operations that ought to be insured (refer to the risk register

for financial risks that are mitigated through insurance)

ii. The Administration Manager ensures that premium due for all insurances are dully paid

iii. The finance/ Investment risk manager shall advise the administration department of any insurance

that is no longer required.

All consultancy services relating to financial risk shall have contract which clearly states the terms of

engagement of the consultant.

The Chief risk officer shall ensure that the contract arising from all consultancy services covers the following;

Standard Level Agreement (SLAs) which;

i. details the minimum level of performance/quality required from the consultants

ii. clearly delineates the risks to be borne by the consultant

iii. clearly specifies the penalty for default

a. Insurance

b. Consultancy

Market Risks – KRIs Credit Risks – KRIs Liquidity Risks - KRIs

Interest rate fluctuations Increasing receivables Earnings volatility

Proportion of debt to equity Changes in debt profile Asset coverage

Decline in market values Frequency of settlement failure Liquidity ratio

Guaranteed value losses Connected or affiliated Cash flow modelling

Changes in exchange rate Financial trends Frequency of Cash conversion

Rising inflation Counterparty exposures Working Variations in capital

Risk Ratings

Key Risk Indicators

The CRO in conjunction with the finance/ Investment risk managers

Ensure every risk identified and assessed is given the right risk priority rating for effective treatment.

Management considers several factors as indicative of the presence of financial risks across the

organization. Some of these indicative factors are:



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Financial Risk Management requires an organization to have an effective risk reporting process reflecting the

up-to-date status of risk issues within the Company.

i. Such report should define the responsibility for production of investment report, the layout of each of the

reports, timing of production and delivery, presentation of result, basis evaluation, etc.

ii. Report should be analyzed to improve existing risk management performance, evaluate the impact of

financial risk breaches and monitor compliance with risk appetite levels.

iii. Separate report should be generated for each of the three major risk types: Market, Credit and

Liquidity Risk.

The periodic report should include the following:

i. Details of investment activities during the period under reference

ii. Commentary on each of the investment activity

iii. Details of portfolio positions by asset type

iv. Concentration analysis of portfolio and/or credit exposures

v. Details of any regulatory or internal limits breached during the period

vi. Actions taken on such if any

vii. Planned future investment activities

The Company’s capital management framework is designed to ensure that the company is capitalised in line

with the risk profile, regulatory requirements, economic capital standards and target ratios approved by the

board. The capital management objectives of the company are to:

• maintain sufficient capital resources to meet minimum regulatory capital requirements set by

NAICOM

• maintain sufficient capital resources to support the company’s risk appetite and economic capital

requirements;

• support the company’s credit rating;

• maintain adequate capital to support the development of its business and to enable it continue as a

going concern, while at the same time maximising the return to its shareholders.

• allocate capital to businesses to support the company’s strategic objectives, including optimising

returns on economic and regulatory capital;

• ensure the company holds capital in excess of minimum requirements in order to achieve the

target Capital Adequacy Ratios set by management and to withstand the impact of potential stress

events; and

• manage the net asset value currency management process, including evaluating and implementing new

derivative instruments that could be used for hedging purposes;

Risk Reporting Template

C) Capital management



Risk Reporting

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ANNUALREPORT

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Capital Management Strategy

Solvency Margin

Valuation Methods

The Company’s Enterprise Risk Management (ERM) committee ensures compliance with the Company’s

capital management objectives. The committee reviews actual and forecast capital adequacy on a regular

basis. The processes in place for delivering the Company’s capital management objectives are:

• establish internal targets for capital adequacy;

• apply stress tests to assess the Company’s capital adequacy under stress scenarios;

• plan and forecast capital requirements to ensure that capital ratios exceed the targets set by the

Board.

In addition to these processes, the board, through the ERM Committee, review and set risk appetite annually

and analyse the impact of stress scenarios to understand and manage the Company’s projected capital

adequacy.

The Company has had no significant changes in its policies and processes to its capital structure during the year

under review through effective selection of investment platforms and has shown concerns over strict

compliance with NAICOM investment guidelines.

The Company solvency margin position is summarised below:

2016 2015

N'000 N'000

4,773,971 4,717,380

Regulatory minimum capital required (3,000,000) (3,000,000)

Surplus in solvency margin 1,773,971 1,717,380

The Company had a solvency margin of N4.774 billion for the year ended 31 December 2016 (2015:N4.717

billion), which is N1.774 billion (2015:N1.717 billion) higher than the regulatory minimum capital of N3 billion.

The Insurance Act, CAP I17, LFN 2004 does not specify any particular approach that must be used in

determining the statutory value of insurance liabilities. Whilst some sections of the Act appear to make

reference to the net premium approach to reserving, we understand that this simply reflects the practice at the

time the Act was written and is not a requirement to adopt a net premium valuation approach. We have in the

last few years adopted the gross premium valuation approach for statutory purposes as standard and this has

been acceptable to NAICOM.

From the IFRS perspective, the main features of IFRS 4 that impact the liability calculations are as follows:

a) The IFRS prohibits provisions for possible claims under contracts that are not in existence at the end of

the reporting period.

b) The IFRS requires an insurer to keep insurance liabilities in its statement of financial position until they are



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Company solvency

ANNUALREPORT

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discharged or cancelled, or expire, and to present insurance liabilities without offsetting them against

related reinsurance assets.

c) The IFRS requires a test for the adequacy of recognised insurance liabilities and an impairment test for

reinsurance assets.

At each reporting date, an assessment is made of whether the recognised long-term business provisions are

adequate, using current estimates of future cash flows. If that assessment shows that the carrying amount of the

liabilities (less related assets) is insufficient in light of the estimated future cash flows, the deficiency is recognised

in the profit or loss by setting up an additional provision in the statement of financial position.

IFRS 4 paragraph 15 describes the liability adequacy test which, if conditions are not met, requires any deficiency

to be recognised in profit or loss. Paragraph 16 states that:

“If an insurer applies a liability adequacy test that meets the specified minimum requirements, this IFRS imposes

no further requirements. The minimum requirements are the following:

a) The test considers current estimates of all contractual cash flows, and of related cash flows such as claims

handling costs, as well as cash flows resulting from embedded options and guarantees.

b) If the test shows that the liability is inadequate, the entire deficiency is recognised in profit or loss.”

Liability adequacy

Key assumptions in liability adequacy testing



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1 Claims and Premium Data

1.1 Data Reconciliation

1.1.1 Premium Data Reconciliation

The gross written premium and total claims paid up to 31 December, 2016 by line of business was compared

with the amounts recorded in the financial accounts and the data is shown below

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Table 1.1b

Table 1.1a

1.1.2 Claims Data Reconciliation

Gross Claims Paid Gross Claims Paid Data (N) Account (N)

General Accident 74,773,937 74,773,937 0.00%

Engineering 69,230,594 69,230,594 0.00%

299,224,444 299,224,444 0.00%

Marine 34,955,154 34,955,154 0.00%

Motor 154,069,269 154,069,269 0.00%

Aviation 14,079,182 14,079,182 0.00%

Bond 22,703,384 22,703,384 0.00%

Oil & Gas 31,758,286 31,758,286 0.00%

Total 700,794,250 700,794,250 0.00%

Percentage Difference

Class of Business

General Accident 435,711,956 435,711,956 0.00%

Engineering 110,571,994 110,571,994 0.00%

Fire 403,780,008 403,780,008 0.00%

Marine 361,122,116 361,122,116 0.00%

Motor 476,809,952 476,809,952 0.00%

Aviation 24,854,163 24,854,163 0.00%

Bond 61,657,443 61,657,443 0.00%

Oil & Gas 637,458,361 637,458,361 0.00%

Total 2,511,965,992 2,511,965,992 0.00%

Class of Business Percentage Difference

Gross Written PremiumData (N)

Gross Written PremiumAccount (N)

Fire



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1.1.3 Comments on Claims Data

Extreme Large Losses

1.2 Business Trend

The claims data was divided into eight risk groups - (Marine, Motor, Engineering, Fire, General Accident, Bond,

Aviation and Oil & Gas) in accordance with the Nigerian Insurance Act 2003.

To enhance data credibility, we have not subdivided the claims data into sub risk groups e.g. comprehensive,

third party, private and commercial vehicles.

There was one (1) extreme large loss that was paid in 2016:

" Fire: Payout of N92m was made to Ifeco Communications Limited for a fire incident that

occurred on their premises in 2016."

" In addition, there are two outstanding large Fire and General Accident losses of N63m and N64m

respectively for incidents that occurred in 2015."

We illustrate in the table below that the Gross Written Premium decreased between the calendar years 2015 to

2016 with significant decreases in all lines of line of business except for Fire and Aviation lines business which

experienced positive premium growth.

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Table 1.2

Data (N) Data (N)

General Accident 435,711,956 615,637,927 -29.2%Engineering 110,571,994 132,053,013 -16.3%

Fire 403,780,008 287,577,563 40.4%

Marine 361,122,116 537,646,726 -32.8%

Motor 476,809,952 559,967,691 -14.9%

Aviation 24,854,163 11,416,049 117.7%

Bond 61,657,443 63,923,286 -3.5%

Oil & Gas 637,458,361 748,047,921 -14.8%

Total 2,511,965,992 2,956,270,176 -15.0%

Class of Business Gross Written Premium as at December 2016

Gross Written Premium as at December 2015

Percentage Growth



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2.0 Valuation Methodology

2.1.1

2.1.2

2.1.3

2.2 Claims Reserves

2.2.1

2.2.2

2.2.3

"We describe in this section the methods used for calculating Premium and Claim Reserve. "

Premium Reserves

Our reserves consist of Unearned Premium (“UPR”), Unexpired Risk Reserve (“URR”) and Additional

Unexpired Risk Reserve (“AURR”), which are all described in section 3.

We used the 365th ( time apportionment) method each policy's unexpired insurance period UP as the

exact number of days of insurance cover available after the valuation date and estimate the UPR as the

premium *(UP)/ policy duration.

We then calculate the expected future claims cost for all the unexpired policy called the Unexpired risk

reserve (URR) as the product of our assumed Combined Loss Ratio and the Unexpired Premium (UP)

Typically, the Unearned Premium Reserve is expected to cover the unexpired risk. Where the unexpired

risk exceeds the unearned premium we have held , an additional reserve called Additional Unexpired

Risk Reserve (AURR) is created.

"The claim reserves comprise of:• Outstanding Claims Reported (OCR)• Incurred But Not Reported

(IBNR)The Gross Claim Reserve is the sum of the OCR and the IBNR.The OCR is obtained from the annual

financial statements. "

"In estimating the Gross Claim Reserves, we used three (3) approaches namely:a) Basic Chain Ladder

Method (BCL)b) Inflation Adjusted Basic Chain Ladder Method (IABCL)c) Discounted Basic Chain Ladder

and Inflation Adjusted Basic Chain Ladder However, based on the risk nature and claims distribution, we

have as our reserve estimate recommended the Discounted IABCL Method. The following section

describes each of the methods in turn;"

"The Basic Chain Ladder Method (BCL)The Basic Chain Ladder method forms the basis to the reserving

methods explained below. Historical paid claims were grouped into accident year cohorts by class of

business–representing when they were paid after their accident year e.g. a claim paid 3 years after

accident year 2007 etc. These cohorts form the development triangles.Each accident years, paid claims

were accumulated to the valuation date and projected into future their expected ultimate claim amount

using the trends observed in the historical data. The gross claim reserve was then derived from the

difference between the cumulated paid claims and the estimated ultimate claim.For the later years

where the cohorts are underdeveloped or has less than expected claims, the Bornheutter Ferguson (BF)

method was used to estimate the ultimate claims. The appropriate loss ratio used in estimated the BF



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ultimate claim was the average of fully developed historical years."

"The Inflation Adjusted Basic Chain Ladder Method (IABCL): Under this method, the historical paid losses

were adjusted to allow for inflation to the valuation date using the corresponding inflation index in each

of the accident years.The inflation adjusted paid were then treated similarly to the Basic Chain Ladder

described above. The incremental projected claims are then inflated based on our future inflation

assumption to the expected future payment date. "

"Discounted BCL and IABCLThis is the discounted form of the BCL and IABCL. In determining the value,

the future expected cash flow for claim payments is discounted to present day terms using our assumed

discount rate. "

"Reinsurance Recovery ReservesThe methods for calculating claim reserves is also the method used to

calculate reinsurance recovery reserves. However, due to the limited historical reinsurance recovery

data, the ratios between the Gross outstanding and reinsurance recoveries over historical years was

applied to the gross reserves to derive the reinsurance recovery reserves.The AURR recoveries were

derived by the product of the AURR and the ratio of the reinsurance recoveries to the gross outstanding

reserves."

2.2.4

2.2.5

2.3

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We have adopted the official inflation indices below in our calculations:

YearAccumulated Inflation Index

2007 193.16%

2008 175.01%

2009 138.93%

2010 109.77%

2011 87.63%

2012 70.11%

2013 51.88%

2014 40.63%

2015 29.85%

2016 18.48%

2017+

Inflation Index

6.60%

15.10%

13.90%

11.80%

10.30%

12.00%

8.00%

8.30%

9.60%

18.48%

15.00%



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“We performed calculations on the following two bases;• By discounting the claims estimated to the valuation

date at a discount rate of 16% p.a which at valuation data was close to the weighted average of bonds with

outstanding term of 4 years or less. • With no discounting"

This method is simple and gives an approximate estimate. We adopted this method as a check on our ultimate

projections and also where there was insufficient data to be credible to use for the statistical approaches. Under

this method, we obtained the Ultimate claims by studying the historical loss ratios, investigating any differences

and using judgments to derive a loss ratio. Paid claims already emerged were then deducted from the estimated

Ultimate claims to obtain our reserves."

This method investigates the trend of the claim frequency and average cost per claim for each accident year. An

Average of the fully run off accident years was used as a guide on the ultimate claim frequency and ultimate

average cost which was then adopted for the accident years that are not fully run off. Large Losses Large losses

distorting the claims payment trend were excluded from all our chain ladder projections and analyzed

separately using the Average Cost per claim method."

?Policies are written uniformly throughout the year for each class of business.

?Claims occur uniformly throughout the year for each class of business. This implies that claims occur on

average halfway through year.

?Future claims follow a regression pattern from the historical data. Hence payment patterns will be

broadly similar in each accident year. The proportionate increase in the known cumulative payments

from one development year to the next is used to calculate the expected cumulative payments for the

future development periods.

?An implicit assumption of the chain ladder is that weighted past average inflation will remain unchanged

in to the future.

?We assume gross claim amount includes all related claim expenses. If this is not the case, we will hold a

separate reserve to cover claim expenses.

?The UPR is calculated on the assumption that risk will occur evenly during the duration of the policy.

?Under the Average Cost per claim method used in estimating large losses, we assumed the early years

(e.g. accident years 2007, 2008) are fully developed

2.4 "Loss Ratio Method

2.5 "Frequency and Severity Method

2.6 Assumptions underlying the Valuation Methods

Our calculation assumes:

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Large Losses

The table below shows the large loss cut off level assumed for each class of business. SD below means Standard

Deviation of the claim distribution.

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2016

10,000,000

10,403,262

9,749,074

10,098,805

5,000,000

N/A

N/A

N/A

Not Applicable

Not Applicable

10m Assumed

Mean + 3SD

Mean + 3SD

Mean + 3SD

5m adopted

Not Applicable

General Accident

Engineering

Fire

Marine

Motor

Bond

Oil & Gas

Aviation

Large Loss Comment on DerivationClass of business

3 Valuation Results

3.1 Inflation Adjusted Chain Ladder Method – Result Table

Table 3.1: Discounted Inflation Adjusted Basic Chain Ladder Method- Discounted

Class of BusinessGross Outstanding

Claims

Estimated Reinsurance Recoveries

Net Outstanding Claims

General Accident 259,935,938

(138,848,950)

121,086,988

Engineering 63,114,694

(35,550,614)

27,564,080

Fire 377,490,629

(137,014,586)

240,476,043

Marine 72,886,231

(46,939,366)

25,946,865

Motor 157,808,508

(20,950,527)

136,857,981

Bond* 28,732,677

-

28,732,677

Aviation* 105,649,034

-

105,649,034

Oil & Gas* 566,378,153

-

566,378,153

TOTAL 1,631,995,862

(379,304,043)

1,252,691,820

Accounts (Outstanding Claims) 1,338,332,734

(311,192,740)

1,027,139,994

Difference 293,663,129

(68,111,303) 225,551,826

*Estimated using Expected loss ratio method and discounted

N N N



121PAGE

ANNUALREPORT

2016

3.2 Incurred But Not Reported (IBNR) Table

Table 3.2: IBNR Table

Class of BusinessOutstanding Claim

ReservesN

Outstanding Reported Claim Reserves

N

IBNRN

General Accident 259,935,938

221,243,887

38,692,051

Engineering 63,114,694

43,850,713

19,263,980

377,490,629

325,154,254

52,336,376

Marine 72,886,231

57,514,062

15,372,169

Motor 157,808,508

109,751,013

48,057,495

Bond 28,732,677

18,505,497

10,227,180

Aviation 105,649,034

103,956,664

1,692,370

Oil & Gas 566,378,153

458,356,645

108,021,509

TOTAL 1,631,995,862

1,338,332,734

293,663,129

3.3 Reinsurance IBNR Table

Fire

Table 3.3: Reinsurance IBNR Table

Class of BusinessTotal Outstanding

Reinsurance Recoveries

N

Outstanding Reported Reinsurance Recoveries

NReinsurance IBNR

N

General Accident 138,848,950 118,180,970 20,667,980

Engineering 35,550,614 25,356,622 10,193,992

Fire 137,014,586 118,018,494 18,996,092

Marine 46,939,366 38,822,654 8,116,712Motor 20,950,527 10,814,000 10,136,527

Bond -

-

-

Aviation -

-

-

Oil & Gas -

-

-

TOTAL 379,304,043 311,192,740 68,111,303



122PAGE

13,967,872

5,189,836

27,027,623

7,545,963

23,058,225

5,942,702

958,629

3,194,321

86,885,173

3.4 UPR (Gross and Reinsurance UPR) – Result Table

Table 3.4: Estimated UPR (net of reinsurance)

Class of BusinessGross UPR

NReinsurance UPR

NNET UPR

N

General Accident 95,552,920 Engineering 49,854,751 Fire 181,879,763

Marine 123,667,197

Motor 186,398,205

Bond 29,778,134

Aviation 8,930,989

Oil & Gas 81,179,887

Total 757,241,846

(18,381,548) (6,193,423) (12,540,191)

(9,180,539)

-

(2,458,655)

-

(29,084,577)

(77,838,934)

77,171,371

43,661,328

169,339,572

114,486,658

186,398,205

27,319,479

8,930,989

52,095,309

679,402,912

ANNUALREPORT

2016

3.5 Deferred Acquisition Cost (DAC)

Table 3.5: DAC

Class of BusinessDAC

N

General Accident

Engineering

Fire

Marine

Motor

Bond

Aviation

Oil & Gas

Total



123PAGE

3.6 Additional Unexpired Risk Reserve (AURR)

We illustrate below that for a some lines of business the assumed Combined Loss Ratio is more than 100%. The

assumed Combined Loss Ratio is calculated as the average of the sum of the Expense Ratio and the Ultimate loss

ratio over previous years. We have assumed a fixed Expense ratio across all lines of 63%. Accordingly, we have

estimated AURR's and their corresponding Reinsurance recoveries for those lines of business whose assumed

Combined Loss Ratio is greater than 100%.

Class of BusinessAssumed

Loss RatioAURR

Reinsurance on AURR

General Accident 85% - -

Engineering 91% - - Fire 127% 49,329,283 (17,904,633) Marine 73% -

-

Motor 90% -

-

Bond 77% -

- Aviation 156% 4,962,902

-

Oil and Gas 84% -

-

Total 54,292,185

(17,904,633)

Table 3.6: Loss Ratio Table

3.7

3.7.1 Gross Reserves

We summarise below the estimated Gross Reserves and Reinsurance Recoveries under four (4) main

methods:

3.7.2 Reinsurance Recoveries

ANNUALREPORT

2016

344,270,712 392,705,755

379,304,043 431,642,993

Discounted Undiscounted N

BCL

IABCL

Discounted Undiscounted N

BCL 1,554,817,033 1,670,213,278

IABCL 1,631,995,862 1,755,077,083



124PAGE

4 Conclusion

4.1

4.2 Technical Reserves

We are adopting the reserves from the Inflation Adjusted Discounted Chain Ladder method in this

report. This method as indicated earlier

· Anticipates that total claim payments may be exposed to future inflationary pressures

· Recognises that reserves should represent the present value of future claim payments

We are reporting Gross Reserves of N2.44 billion and Reinsurance Assets of N475 million as shown in the

table below. Our estimates meet the Liability Adequacy Test.

ANNUALREPORT

2016

(N)

Reserves Gross Reinsurance Assets Net

Claims 1,631,995,862 (379,304,043) 1,252,691,820

UPR 811,534,031

(95,743,567)

715,790,464

Total 2,443,529,894

(475,047,610)

1,968,482,284

Table 4.2: Technical Reserves



125PAGE

General REVENUE ACCOUNT Aviation Bond Engineering Fire Accident Marine Motor Oil & Gas 2016 2015

N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Premium Income

Premium written 24,854 61,657 110,572 403,780

435,712

361,122

476,810

637,458

2,511,965

2,956,271

(Increase)/Decrease in Unearned premium (12,178) (189) (4,532) (136,508)

73,634

(29,509)

4,694

96,590

(7,998)

113,843

12,676 61,468 106,040 267,272

509,346

331,613

481,504

734,048

2,503,967

3,070,114

Reinsurance premium expenses - (4,917) (17,338) (27,428)

(39,266)

(31,349)

-

(375,489)

(495,787)

(602,574)

Net premium written 12,676 56,551 88,702 239,844 470,080 300,264 481,504 358,559 2,008,180 2,467,540

Commission received on reinsurance - 1,616 4,072 12,825

12,729

6,098

-

-

37,340

52,044

Underwriting income 12,676 58,167 92,774 252,669 482,809 306,362 481,504 358,559 2,045,520

2,519,584

Less Claims Expenses

Claim paid (14,079) (22,703) (69,231) (299,224)

(74,774)

(34,955)

(154,069)

(31,759)

(700,794)

886,558

Increase/(Decrease) in provision for

outstanding claims 46,521 30,129 (7,038) (56,001) (63,845) (28,873) 46,860 (208,102) (240,349) (86,524)

Claims incurred but not reported (IBNR) (13,274) 14,070 (8,388) 10,326 14,294 (12,536) 13,329 13,844 31,665 24,760

19,168 21,496 (84,657) (344,899) (124,325) (76,364) (93,880) (226,017) (909,478) 824,794

Claims expenses recoveries from reinsurers - - 25,878 139,616 110,277 43,301 21,169 (282,357) 57,884 (47,384)

Net Claims expenses 19,168 21,496 (58,779) (205,283) (14,048) (33,063) (72,711) (508,374) (851,594) 777,410

Underwriting expenses:

Acquisition cost (1,542) (12,140) (20,472) (61,907) (95,204) (37,831) (51,661) (11,092) (291,849) 381,412

Maintenance cost (2,233) (5,539) (9,933) (36,272) (39,140) (32,440) (42,832) (57,263) (225,652) 217,742

Total underwriting expenses (3,775) (17,679) (30,405) (98,179) (134,344) (70,271) (94,493) (68,355) (517,501) 599,154

Total Expenses 15,393 3,817 (89,184) (303,462) (148,392) (103,334) (167,204) (576,729) (1,369,095) 1,376,564

Underwriting profit (2,717) 54,350 181,958 556,131 631,201 409,696 648,708 935,288 676,425 1,143,020

ANNUALREPORT

2016

REVENUE ACCOUNT Aviation Bond Engineering Fire Accident Marine Motor Oil & Gas Life 2016 2015

N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Premium Income


61,657

110,572

403,780

435,712 361,122 476,810 637,458 1,866,220 4,378,185 5,235,571

(Increase)/decrease in Unearned premium (12,178)

(189)

(4,532)

(136,508)

73,634 (29,509) 4,694 96,590 (29,765) (37,763) 190,614

12,676

61,468

106,040

267,272

509,346 331,613 481,504 734,048 1,836,455 4,340,422 5,426,185

Reinsurance premium expenses -

(4,917)

(17,338)

(27,428)

(39,266) (31,349) - (375,489) (196,228) (692,015) (853,396)

Net premium written 12,676

56,551 88,702 239,844 470,080 300,264 481,504 358,559 1,640,227 3,648,407 4,572,789

Commission received on reinsurance -

1,616

4,072

12,825

12,729 6,098 - - 81,476 118,816 341,341

Underwriting income 12,676

58,167 92,774 252,669 482,809 306,362 481,504 358,559 1,721,703 3,767,223 4,914,130

Less Claims Expenses

Claim paid (14,079) (22,703) (69,231) (299,224) (74,774) (34,955) (154,069) (31,759) (831,133) (1,531,927) 2,089,400

Increase/(decrease) in provision for

outstanding claims 46,521 30,129 (7,038) (56,001) (63,845) (28,873) 46,860 (208,102) 21,365 (218,984) 175,734

Claims incurred but not reported (IBNR) (13,274) 14,070 (8,388) 10,326 14,294 (12,536) 13,329 13,844 31,665 (187,382)

19,168 21,496 (84,657) (344,899) (124,325) (76,364) (93,880) (226,017) (809,768) (1,719,246) 2,077,752

Claims expenses recoveries from reinsurers - - 25,878 139,616 110,277 43,301 21,169 (282,357) 225,316 283,200 (359,586)

Net Claims expenses 19,168 21,496 (58,779) (205,283) (14,048) (33,063) (72,711) (508,374) (584,452) (1,436,046) 1,718,166

Underwriting expenses:

Acquisition cost (1,542) (12,140) (20,472) (61,907) (95,204) (37,831) (51,661) (11,092) (385,360) (677,209) 867,072

Maintenance cost (2,233) (5,539) (9,933) (36,272) (39,140) (32,440) (42,832) (57,263) (764,130) (989,782) 770,999

Changes in investment contract liability - - - - - - - - - (392,339) 323,895

Total underwriting expenses (3,775) (17,679) (30,405) (98,179) (134,344) (70,271) (94,493) (68,355) (1,149,490) (2,059,330) 1,961,966

Total Expenses 15,393 3,817 (89,184) (303,462) (148,392) (103,334) (167,204) (576,729) (1,733,942) (3,495,376) 3,680,132

Underwriting profit (2,717) 54,350 181,958 556,131 631,201 409,696 648,708 935,288 3,455,645 271,847 1,233,998

Financial Statements, 31 December 2016

General

APPENDIX TO THE FINANCIAL STATEMENTS


126PAGE

Group

Company

-

ANNUALREPORT

2016

Financial Statements, 31 December 2016 OTHER NATIONAL DISCLOSURE STATEMENT OF VALUE ADDED


2016 2015 2016

N'000 % N'000 % N'000 % %

Premium, Investment and Other Income 4,747,713

6,080,851

2,763,562

3,319,290

Premiums,Commissions, Claims paid and

Other operational cost (5,292,150)

(4,300,179)

(3,046,642)

(1,761,212)

Value (absorbed)/ Added (544,437)

100

1,780,672

100

(283,080)

100 1,558,078 100

DISTRIBUTED AS FOLLOWS:

EMPLOYEES

Staff costs 456,093

(84) 472,501

27

424,736

(150) 358,288 23

PROVIDERS OF FUNDS

Finance charges 189,904

(35)

286,350

16

185,898

(66) 263,349 17

GOVERNMENT

Taxation including information technology

development levy - - - - -

ASSET REPLACEMENT

Depreciation & amortisation 151,235 (28) 134,340 8 145,681 (51) 126,203 8

CONTRACTION/EXPANSION -

Shareholder's interest

(Loss)/profit for the year after taxation (1,341,669) 246 887,481 50 (1,039,395) 367 810,238 52

VALUE ADDED (544,437) 100 1,780,672 100 (283,080) 100 1,558,078 100

The value added statement represents the distribution of the wealth created by the Company through the

use of its assets and the efforts of the employees.


127PAGE

ANNUALREPORT

2016

OTHER NATIONAL DISCLOSURE

TWO YEAR FINANCIAL SUMMARY

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER


Group2016 2015

ASSETS EMPLOYED N'000 N'000

Cash and cash equivalents 485,013 734,315

Financial assets 770,750 1,134,118

Reinsurance assets 955,467 1,032,984

Trade Receivables 16,340 49,994

Other receivables and Prepayment 44,294 65,074

Deferred acqusition costs 117,910 131,238

Non-Current Asset Held for sale 1,890,433

Investment in Associate Companies -

Investment Property 3,824,589 3,304,563

Intangible Assets 13,480 11,757

Property, plants and equipments 6,257,177 2,897,893

Statutory Deposit 535,000 535,000

13,020,020 11,787,369

LIABILITIES 8,368,097

7,190,571

NET ASSETS 4,651,924

4,596,798


Share Capital 5,996,587

5,996,587

Share Premium 7,667,475

7,667,475

Contingency Reserves 1,505,600

1,411,579

Other reserves 3,076,501

1,679,707

Retained earning (13,870,648)

(12,552,146)

4,375,515

4,203,202

276,408

393,596

TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT

NON CONTROLLING INTEREST

TOTAL LIABILITY AND SHAREHOLDERS' EQUITY 13,020,020

11,787,369


128PAGE

-

-

ANNUALREPORT

2016


TWO YEAR FINANCIAL SUMMARY

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME


Group 2016 2015

N'000 N'000

Gross premium income 4,340,422 5,426,185

Reinsurance premium expenses (692,015) (853,396)

Net premium Income 3,648,407 4,572,789

Commission earned on reinsurance 118,816 341,341

Underwriting income 3,767,223 4,914,130

Total underwriting expenses (3,495,376) (3,680,132)

Underwriting result 271,847 1,233,998

Investment income 288,475 313,325

Loss on investment contract liability (158,374) (103,340)

Management expenses (1,515,825) (1,484,138)

Finance charges (189,904) (286,350)

Writeback - 858,611

Unrealised Fair value losses (45,860) (18,317)

Fair value gain on investment properties 520,026 394,000

Gain on disposal of assets - 153,765

Loss on disposal of investment property - (125,000)

Foreign exchange loss on loan (385,289) (117,514)

(Loss)/profit before taxation (1,214,904) 819,040

Income tax (126,765) 68,441

Loss for the year (1,341,669)

887,481

Other comprehensive income/(loss)

Revaluation surplus on building 1,460,400

501,583

(63,606)

(436,930)

Total comprehensive income 1,396,794

64,653

Total comprehensive income for the year 55,125

952,134

(Loss)/profit per share: Basic/Diluted (Kobo) (10.13)

6.83

Fair value loss on quoted shares(Available for sale) net of tax


129PAGE


FIVE YEAR FINANCIAL SUMMARY

STATEMENT OF FINANCIAL POSITION

ANNUALREPORT

2016

Company 2016 2015 2014 2013 2012

ASSETS EMPLOYED N'000 N'000 N'000 N'000 N'000

Cash and cash equivalents 347,097

147,234

701,236

230,396

316,589

Financial assets 590,638

1,048,493

1,837,131

3,017,908

1,963,821

Reinsurance assets 475,048

492,673

607,664

241,092

641,965

Trade Receivables 16,340

49,994

32,646

7,673

642,257

Other receivables and Prepayment 22,510

28,117

32,469

98,513

563,752

Deferred acqusition costs 86,885

108,199

96,442

420,840

140,728

Non-Current Asset Held for sale -

1,890,433

-

-

1,435,000

Investment in Associate Companies 277,673

406,728

317,604

1,081,612

1,123,290

Investment Property 1,300,000

1,150,000

1,415,000

1,435,000

-

Intangible Assets 7,230

8,241

7,686

11,544

18,937

Property, plants and equipments 6,178,413

2,770,510

2,222,606

1,909,303

1,750,734

Statutory Deposit 335,000

335,000 335,000 335,000 335,000

9,636,834

8,435,622 7,605,484 8,788,881 8,932,073

LIABILITIES 5,288,054

4,203,421

4,303,905

4,011,311

4,059,225

NET ASSETS 4,348,780

4,232,201

3,301,579

4,777,570

4,872,848


Share Capital 5,996,587

5,996,587

5,996,587

5,996,587

5,996,587

-

-

-

Share Premium 7,667,475

7,667,475

7,667,475

15,852,049

15,852,049

Treasury shares - - - (8,737,585) (8,737,585)

Contingency Reserves 1,461,315 1,386,196 1,243,423 1,113,425 999,663

Other reserves 3,076,501 1,735,438 1,615,054 1,447,511 896,009

Retained earning (13,853,338) (12,553,495) (13,220,960) (10,894,417) (10,133,875)

TOTAL SHAREHOLDERS' EQUITY 4,348,540 4,232,201 3,301,579 4,777,570 4,872,848

TOTAL LIABILITY AND SHAREHOLDERS' EQUITY 9,636,594 8,435,622 7,605,484 8,788,881 8,932,073

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2016


130PAGE

COMPREHENSIVE INCOME 2016 2015 2014 2013 2012

Company N'000 N'000 N'000 N'000 N'000

Gross premium income 2,503,967

3,070,114

4,338,679

3,779,634 5,381,232

Reinsurance premium expenses (495,787)

(602,574)

(475,015)

(683,715) (480,958)

Net premium Income 2,008,180

2,467,540

3,095,919

4,900,274 4,160,339

Commission earned on reinsurance 37,340

52,044

103,078

33,799 90,967

Underwriting income 2,045,520

2,519,584

3,129,718

4,991,241 4,253,065

Total underwriting expenses (1,369,095)

(1,376,564)

(2,536,055)

(2,124,355) (2,430,346)

Underwriting result 676,425

1,143,020

1,005,363

2,560,895 2,701,057

Investment income 222,255

197,132

239,631

335,212 208,069

Management expenses (1,426,478)

(1,323,958)

(1,795,804)

(1,497,228) (1,386,984)

Impairment charges on premium receivable -

-

-

- -

Finance charges (185,898)

(263,349)

(48,483)

(137,084) (190,144)

Writeback/(impairment charges) -

945,216

(1,145,650)

(297,351) (358,959)

Share of (loss)/profit on Subsidiary Company (129,055)

55,627

(726,422)

(239,741) 75,637

Unrealised Fair value gain/(losses) 150,000

48,928

(52,575)

41,093 10,715

Fair value loss on financial assets (42,230)

-

-

Gain on disposal of assets -

28,765

-

-

Foreign exchange loss on loan (385,289)

(117,514)

-

-

Information Technology Development levy -

-

-

-

(Loss)/profit before taxation (1,120,270)

713,867

(789,736)

919,229 99,036

Income tax (104,214)

96,371

(86,505)

(64,879) (120,192)

Deferred tax -

-

(11,524)

(26,327) (17,855)- - - - -

Loss for the year (1,224,484) 810,238 (880,942) 781,182 6,823

Other comprehensive income/(loss)

Revaluation surplus on building 1,460,400 557,314 411,117 - -

(63,606) (436,930) (243,574) 641,102 772,328

Total comprehensive income 1,396,794 120,384 641,102 772,328 14,586

Total comprehensive income/(loss) for the year 172,310 930,622 (239,840) 1,553,510 21,409

(Loss)/profit per share: Basic/Diluted (Kobo) (8.67) 6.76 (18.31) (7.35) (17)

Fair value gain on quoted shares (Available for sale)

net of tax


STATEMENT OF PROFIT OR LOSS AND OTHER

ANNUALREPORT

2016


-

-

-

-

-

131PAGE

The solvency margin for the Company as at 31 December 2016 is as follows:

Note 2016 2015

Assets N'000 N'000Admissible Inadmissible

Cash and cash equivalents 6 220,070

127,027

347,097

Financial assets:

Fair value through profit or loss 7.1 14,903

18,365

Loans and receivables 7.2 4,323

12,629

Available for sale investment 7.3 342,674

433,948

Held to maturity financial assets 7.4 228,738

583,551

Reinsurance assets 8 475,048

492,673

Trade receivables 9 16,340

49,994

Other receivables (excluding prepayments) 10 18,767

3,743

16,114

Deferred acquisition cost 11 86,885

108,199

Non-current asset held for sale 13 - 1,890,433

Investment properties 14 1,300,000 1,150,000

Investment in subsidiary 12.1 277,673 406,728 Intangible assets 7,230 Property, plant and equipment 16 6,178,413 2,770,510 Statutory deposit 17 335,000

335,000

9,498,834

138,000

8,615,241

Admissible liabilities

Finance liabilities 22 1,269,650

795,918

Trade payables 20 15,632

75,986

Other payables 21 757,737

516,749

Current income tax liabilities 24 171,316

170,561

Insurance contract liabilities 18 2,443,530

2,226,847

Finance lease obligation 23 66,998

111,800

Deferred tax liabilities -

563,191

-

4,724,863

563,191

3,897,861

Excess of admissible assets over admissible liabilities 4,773,971

4,717,380

The higher of 15% of net premium and minimum paid up capital 3,000,000

3,000,000

Surplus in solvency margin 1,773,971

1,717,380

Solvency ratio 0.59 0.57


ANNUALREPORT

2016

DETERMINATION OF SOLVENCY MARGIN


132PAGE

Kaduna

Abuja

Borno

Kwara

Ekiti

Edo

Osun

Oyo

Ogun

LagosOndo

Delta Imo

Rivers Akwa Ibom

133PAGE

ANNUALREPORT

2016

Unclaimed DividendAS AT 31ST DEC. 2016


134PAGE

1. ABORISADE BABATOPE EBENEZER

2. ACHUNINE CHIDEBE

3. ADEBESIN KEHINDE B.

4. ADEDOKUN GBENGA HGRMW

5. ADEGBINDIN SIKIRU AKIN

6. ADEGBOYE DEBORAH ABOSEDE

7. ADEKOYA SHAKIRUDEEN O. ABOLORE

8. ADELABU ADETAYO

9. ADENIJI ADENIKE OLAYEMI

10. ADENIYI ABOSEDE

11. ADENUGA G.S. MICHAEL OLUMUYIWA

12. ADEOLA MUASIBAU ADEJARE

13. ADEOYE OLUMIDE SAMUEL

14. ADEPOJU KAZEEM

15. ADEWUSI EBENEZER ADEKUNLE

16. ADIGWE OGOM IRENE

17. ADIGWU ANDREW IKEMEFUNA

18. ADISIANYA UCHENNA KANAYOCHUKWU

19. AFOLABI BUKOLA

20. AFOLABI OLAWALE AJANI

21. AGBABIAKA ABIOLA ADELEYE OMOLARA

22. AGBABIAKA AYODEJI OLUSOLA

23. AGBABIAKA IBITAYO OMONIYI

24. AGBABIAKA OLUREMI GRACE OLAWUNMI

25. AGEH COSMAS UKPANUKPONG

26. AJAEBILI IFEANYI JOSEPHAT

27. AJANA OLAJIDE

28. AJAYI OLUWAFEMI SAMUEL

29. AJILEYE TAIWO JAMES

30. AJOSE LUKMAN OLABIRAN

31. AJUDUA STEVE ELUE

32. AKANJI YINUSA KAYODE

33. AKINDELE YISA ADEWALE

34. AKINOSO TAIWO

35. ALABI AYOBAMI ADEDAPO

36. ALABI MICHAEL OLASUNKANMI

37. ALADE ISREAL OLABODE

38. ALAFIATAYO LADE YEMISI

39. ALEX OLATUNDE RAPHAEL

40. ALI EMMANUEL OCHEIDO

41. ALUMA JOHN ALUMA

42. ANARAH FLORENCE OGOCHUKWU

43. ANARE PAUL GIDEON

44. ANIEROBI FELICIA ABOSEDE

45. ARHAVWARIEN JONES

46. ASAKPA JAMES

47. ASHIRU SHAKIRAT BOLANLE

48. AYANKOYA ELIZABETH BOLANLE

49. AYEGBA ABDUL

50. AYODELE ADEFUNKE OLUYEMISI

51. AYODELE JOHNSON

52. AYODELE OLUFEMI ADEYEMI

53. BAIYEWU OLUFEYIKEMI

54. BAKARE MURITALA ADEGBOYEGA

55. BAMIDELE MICHEAL MABINUOLA

56. BAMIDELE OLAGOKE

57. BEN-NWAKANMA NGOZI AMANDA

58. BOKINNI SIRAJ KOLAWOLE

59. BOLARINWA FUNMI

60. DADA ABIOLA OYERONKE

61. DADA OLUFEMI ADETOLA

62. DADA SAMSON OLUGBEMIGA

63. DANBALA MAGAJI

64. DARE ADEBOLA J.

65. DAUDU ALFRED TAIYE

66. DIORU ARUBICA ROWLAND

67. EBOJIE KENNEDY

68. EDE MOSES NWEKE

69. EFFIONG ANIEKAN ETTE

70. EFUNNUGA ADEMOLA ADEWALE

71. EGWUATU THERESA NWANYIBUTE

72. EJIOFOR CHIOMA EBERE

73. EKUNDAYO OLUBUNMI DESOLA

74. ELOYE OJO MONAEKHIS

75. ENUJIOFOR NKIRUKA HOPE

76. ERUKU EBENEZER MAROMIPIN

77. ESUE ABAYELI IVUEDOYA

78. EZEMGBE SYLVANUS CHUKWUMA

79. EZEOBI NWANKWO CHRISTOPHER

80. FADARE ADEJUMO ADIO

81. FAMOROTI BANKOLE OLUWATOYIN

82. FATOKE OLUKAYODE OLUSEGUN

83. FAZING ZINGKUN ZINGKUN

84. IBIROGBA ADEBOLA BABS

85. IDJAI MONDAY

86. IKEH OLUCHI M

87. ISA LADU ADEJO

88. IYEVHE LAZARUS ASEGIEMHE

89. JAIYEOLA ADEWUNMI ABIODUN

90. JOSEPH ADEBAYO

91. KABIRU YUSUF ZAINAB MARYAM FATI

92. KADIRI RAFIU

93. KALU OKEH GAIUS & HAPPINESS GAIUS

94. KALU UGO OKEKE

95. KAMFA AUWALU ISHAQ

96. KOLEOSO FOLASADE ARINADE

97. LAWAL MUTIU OLAKUNLE

98. LEWA JACINTA ASHE'NGOM

99. MADUAGWU DILICHUKWU DAMIAN

100. MADUAKO ANTHONY

101. MAYIKO JOSIAH OWHOBEVUGHE

102. MBAEMEKA C.DEAR JOHN

103. MBANUGO EMENIKE OLISAEMEKA

104. MEYANBE OLU ADEBISI

105. MOKOLO GLORY N.

106. MOMOH BEATRICE MODUPE

107. NDUBISI CHIDI NDUBISI O.

108. NKAK ARIT UDOFA

109. NKEMDILIM IKECHUKWU FRANCIS

110. NNADI FREDRICA AMAKA

111. NNAEBUE CHUKA EMMANUEL

112. NNAH SOLOMON KELECHI

113. NWADIKE PIUS EZIEFULA

114. NWAUWA DIVINE-WILL AKUJUOBI C.

115. NWOKE OGUWUIKE DAMIAN

116. NWOKE SOLOMON OBINNA

117. NXUMALO OSAMEDE ANNE

118. OBAFAIYE CLEMENT OLUWATOSIN

119. OBIANONWO BASIL UGOCHUKWU

120. OBITOLU GEORGINA UKAMAKA

121. OCHIAGHA LIVINUS

122. ODERO NYIMBI

123. OFOEDU IJEOMA JOY

124. OGA MOSES OGO

125. OGBONNA AGATHA AKUWUEZIUKA

126. OGBONNA NDIDI S.

127. OGBONNAYA EMMANUEL

128. OGHALI SUNDAY

129. OGUGUA MBADIWE EDMUND

130. OGUNWALE REGINA ADEDOYIN

131. OGUNYINKA BABATUNDE MICHEAL

132. OJEDOYIN TIMOTHY OLADAPO

133. OJEWUSI AYOOLA AYOBAMI

134. OKACHE CHRISTOPHER ODEY

135. OKAFOR JOHN

136. OKE ADEKUNLE OLAYINKA

137. OKEKE OBINNA MICHAEL

138. OKEREKE AKUNNA GEOEVIVE

139. OKEWOLE DOYIN

140. OKHIRIA GBENGA LUCKY

141. OKOH HYCENT

142. OKOLIGWE JUDE IKECHUKWU

143. OKONKWO CHIDI S. OKONKWO

144. OKONTA PAUL EJIME

145. OLAWOYE IFEOLUWA MOBOLAJI

146. OLOGAN OLUMIDE JOSEPH

147. OLOLA MULIKAT AWERO

148. OLORUNDAMISI OLANIKE GRACE OLAPEJU

149. OLORUNDARE KEHINDE JOSEPH (ACA)

150. OLOWU CLARA OLANREWAJU

151. OLUPAYIMO MICHAEL KAYODE

152. OLUSANYA ABIODUN ADEWALE

153. OLUSANYA OLUDAMILOLA OLUKEMI

154. OLUWO GANIYAT ADEBUKOLA

155. OMITOGUN AKINYEMI OLATUNDE

156. OMOKOREDE ADESHOLA ABOSEDE E

157. OMOKOREDE BOLANIRAN CYRIL

158. OMOLE MUYIWA

159. OMOLE OLUWATOSIN AFOLABI

160. OMOLUA ESIEMA DIANA

161. OMU ABRAHAM

162. ONADIPE SERIAN ERERE

163. ONYEOCHA CHARLES NNODIM

164. OPOROMO EMMANUEL PERE

165. OREAGBA ABAYOMI OLUFUNMILAYO

166. ORIDOTA LANRE ADEBOYE

167. OSANEKU LAWRENCE EFOMA

168. OSIFESO OLUSEYI OLUKAYODE O.

169. OSINUSI ADEGOKE

170. OTUBU OLUSEYE AKINOLA

171. OVIRIH ANDY DAVIDSON

172. OWARA OJO LAWRENCE OLADIRAN

173. OWOH EMMANUEL EMEKA

174. OYALOWO OLALEKAN OLAWALE

175. OYEDOTUN STELLA ADEFUNKE

176. OYELEKE RAFIU BALLE

177. OYIBO MOHAMMED ADJARHO

178. OZEMWONGIE JOSHUA M. OSARUMWENSE

179. RAJI FATAI ADEBAYO

180. SABITU ADEYEMI ISHAQ

181. SALAWU OLAYEMISI SERIFAT

182. SANGOSANYA TAOFEEK ADEYEMI

183. SANI LAWAN AMINA MUHAMMED YUSUF

184. SHOFUYI OLUWASEUN SAMUEL

185. SHUAIBU ABUBAKAR

186. SIDI ALI RABI

187. SOFILE AFOLASHADE OLUWAFUNMILAYO

188. SOLIU LUQMAN M.

189. SONEYE ABAYOMI ADEBOLA

190. TIAMIYU EMMANUEL BAMIDELE

191. TOM-GEORGE DAREGO

192. UDOFIA ANIEKAN EFFIONG

193. UGBECHIE FRANCA CHIKA

194. UMEADI ANDY UDEM

195. WANIYO UMARU TUMBA

196. WILLIAMS AFUSAT ADEOLA

197. YAHAYA MUHAMMED IMAM

198. YUNUSA UBA

199. YUSSUF AYINDE RAFIU

200. YUSUF BAKIN RUWA MUSA MOHAMMED

Payment 1

ANNUALREPORT

2016

Unclaimed DividendAS AT 31ST DEC. 2016


1. ADETOLA OLUSEYI OBABUNMI

2. ADUBIFA ABIMBOLA

3. AFFI MICHAEL SABO

4. AGBAGA ANDREW OGHENEOVO

5. AGWERE CHRISTOPHER AJIRI

6. AKINJAYEJU IGBEKELE FESTUS.TOLA

7. AKINYEMI EMMANUEL OLARENWAJU

8. AKOSILE JOHN OLAWALE

9. AKPOMIE MATTHEW

10. ALEGIEUNO JESSE

11. ALIYU SIKY ADEWALE

12. AMEH BENARD

13. AREKE KUNLE

14. ASIWAJU REMILEKUN OMOWUNMI

15. BAMIDELE OLUWAFUNMILOLA ADEBOWALE

16. EMBASSY PHARM & CHEM LTD

17. ESONANJOR MATHEW

18. EZE CHIDIMMA

19. FIRST INLAND BANK/DE-LORDS SEC.-TRADING

20. GEORGE GRACE ALAERE

21. ILESANMI AFOLABI

22. IMOH ANITA INYANG

23. ISA LADU ADEJO

24. K.C.OGBONNAYA VENTURES NIGERIA LIMITED

25. KANO STATE PENSION FUND TRUSTEES

26. KURA VICTORIA ISTY

27. MADU FIDELIS UCHE

28. MAYIKO JOSIAH OWHOBEVUGHE

29. MBAMAH LOUIS CHINEDU

30. NDARAKU CHESTER CHUKWUEMEKA

31. NNAMANI KELVIN IKENNA NNAJIOFOR

32. NWOSU EMEKA FIDELIS

33. ODUSANYA SAKIRU OLUWASEUN

34. OGBODO MATTHEW

35. OGUNSANYA STEPHEN BABAJIDE

36. OJEI UDOKA ALEX

37. OKORONKWO MONDAY UCHENNA

38. OLUWA DURO

39. ONATE SAMUEL

40. OPARA COLLINS

41. OPHIOHONREN EMMANUEL PHIEKPAMARE

42. OVBUDE OGODINMA LIZZIE

43. QUANTUM ARBITAGE LIMITED

44. UZOMA NADOZIEM OLIVER (SQN LDR RTD)

1 AAKO JOHN TAIWO

2 AALIYA EMEKA

3 ABABA TIMINIPERE

4 ABAJA HENRY IFEANYI

5 ABAJUE VERONICA CHIKA

6 ABAKUN SAMUEL OLUWADEMILADE

7 ABAKUN SARAH OLUWAFUNMILADE

8 ABALO OLUWATOSIN OLAOLU

9 ABAM DAVID EYONG

10 ABANE JOHN

11 ABANEKE KINGSLEY

12 ABANG ABUO SAM

13 ABANG OKON WILSON

14 ABANG YUSUFU

15 ABANI SHARON AMARACHI

16 ABANIWU LAURA IFE

17 ABANUM GRACE ASHINEDU

18 ABARATA BUKAR

19 ABARI SIMIDELE

20 ABASI-AKAMA GLORIA HARVEST

21 ABASS ADETOBA

22 ABASS OLOMISOLA

23 ABASS SEUN AZEEZ

24 ABATAN AYODELE

25 ABATI FELIXMORE

26 ABATI ISIAKA

27 ABATU IZEDONMWEN

28 ABAYE GOWON PIUS

29 ABAYOMI ANOSIKE

30 ABAYOMI BABAYEMI

31 ABAYOMI CHINEDUM

32 ABAYOMI OLUFEMI

33 ABAYOMI OLUSOLA

34 ABAYOMI SHADE

35 ABAZU AYOMIDE

36 ABBA JOHNSON

37 ABBAH FRANCO

38 ABBAS KEISHA

39 ABBAS MADUNEME

40 ABBAS PHYDELIA

41 ABBAS UGO

42 ABBEY ABBEY JAMES

43 ABBEY ABBEY JAMES B.

44 ABBEY JAMES NNAOMA

45 ABBEY JAMES NNAOMA J.

46 ABDEL GIGGS

47 ABDEL KEON

48 ABDU ADEWALE

49 ABDU PAT LEMMY

50 ABDUL ADAMU

51 ABDUL ADESOLA

52 ABDUL ADEYEMI

53 ABDUL EJAH

54 ABDUL FATAI MUFTAU

55 ABDUL HAMEED HASSAN LAWAL

56 ABDUL JOHN ABDUL

57 ABDUL KEISHA

58 ABDULAKEEM AMODU

59 ABDULATEEF KAYODE

60 ABDULAZEEZ S. AYODELE

61 ABDULFATAI FATIMAH OMOLASO

62 ABDULHAMEED HASSAN LAWAL I.

63 ABDULLAH KESIA

64 ABDULLAH UZO

65 ABDULLAHI ALADEJEBI

66 ABDULLAHI BELLO

67 ABDULLAHI DAVID

68 ABDULLAHI EZIEBO

69 ABDULLAHI OLUWAYEMISI

70 ABDULLAHI PEACE

71 ABDULRAHIM OLADELE

72 ABDULRAHMAN IBRAHIM ALFA

73 ABDULRAHMAN OZOYAH ISIAQ

74 ABDULRASAQ FOLARIN

75 ABDULSALAM KABIR OLAIDE

76 ABDULSALAM ODO

77 ABDULWAHAB OGUNUGAFOR

78 ABDULWAHAM MAKINWA

79 ABIMBOLA HELEN

80 ABIMBOLA JIBOLA

81 ABIMBOLA JIBRIL

82 ABIMBOLA KARDAL

83 ABIMBOLA LUFADEJU

84 ABIMBOLA TAWOJU

85 ABIMBOLA TEMITAYO ADENIKE

86 ABIMBOLA YAZID

87 ABIODUN CHRISTY

88 ABIODUN ELABOR

89 ABIODUN FAVOUR

90 ABIODUN FRANCIS

91 ABIODUN HENRY OLAWALE

92 ABIODUN IBRAHIM

93 ABIODUN ISAAC

94 ABIODUN MARGARET OLUREMI

95 ABIODUN RASHIDAT ADENIKE

96 ABIOLA AJOKPAGHENE

97 ABIOLA FLORIAN

98 ABIOLA JAMES

99 ABIOLA KANAYOCHUKU

100 ABIOLA OBINWANNE

101 ABIOLA OLUFEMI

102 ABIOLA UGWUZOR

103 ABIOLA UNWAM

104 ABIOSE KALEJAIYE

105 ABIOYE JEGO

106 ABIOYE OLAJUMOKE JANE

107 ABIOYE PETER MOLOYEOLA

108 ABIOYE RASHEED OYEKOLA

109 ABIR IBUKUNOLA

110 ABIR KIDEN

111 ABIR OGUNLANA

112 ABIRI JOE JIRHEVWE

113 ABIRI SOMOLU

114 ABISO IDEMUDIA

115 ABISOLA ADEWALE

116 ABISOLA OSEGHALE

117 ABISOYE BOLORUNDURO

118 ABIWO POPOOLA LEWIS

119 ABIYE EMMANUEL

120 ABIYE EMMANUEL F.

121 ABODE BOLAJI SANI

122 ABODERIN ADEYEMI

123 ABODUNRIN SAMSON

124 ABODUNRIN SANNI BALOGUN

125 ABOH MUYIWA

126 ABOH TAIWO MONDAY

127 ABOLAJI ABOLANLE SHOTUYO KAFAYAT

128 ABOLANLE OKENIYI

129 ABOLARIN DEINDE

130 ABOLARIN RAPHAEL ROTIMI

131 ABOLORE ABUBAKAR

132 ABOLRIN SIMON ROTIMI

133 ABOLUWODI BUKUNMI

134 ABONU Simonpeter

135 ABOOTU CANNICE

136 ABORISADE OZOEKWE

137 ABORO DARE

138 ABOSEDE OKECHUKWU

139 ABOSEDE OLATERU

140 ABRAHAM ADEMOLA

141 ABRAHAM CHIDI

142 ABRAHAM KOLAWOLE OMOTAYO TOLUWANIMI

143 ABRAHAM OLI

144 ABSALOM LATEEFAH

145 ABSALOM OTEDOLA

146 ABU KURFI

147 ABU MARYJANE

148 ABU OLUWOLE

149 ABU OLUWOLE OLATUNDE

150 ABU REKHIA

151 ABUAH BURAIMOH

152 ABUBAKAR BAZAK AYODELE

Payment 2 Payment 3

135PAGE

ANNUALREPORT

2016

Unclaimed Dividend


136PAGE

153 ABUBAKAR DANAMARY

154 ABUBAKAR DEGGE

155 ABUBAKAR MUSA

156 ABUBAKAR SALISU

157 ABUBAKAR YAHAYA GARBA

158 ABUDU OKOTIE

159 ABUDU OSHODI

160 ABUDULSALAM AAUWA AYINKE

161 ABUI BURHAN

162 ABULE DANJUMA

163 ABULUDE AYOKUNLE

164 ABUYA JULIET

165 ACHI EZEH HENRY

166 ACHIEKEH OLANIKE

167 ACHIKE ONYEMADU

168 ACHIKE TOBI

169 ACHODA BOSE

170 ACHODAS BOSE E.

171 ACHODAS WAHAB

172 ACHONU THEODARA

173 ACHONU UMAR

174 ACHOR BURHAN

175 ACHUMIE MIRACLE CHIDERA

176 ACHUNINE CHIDEBE

177 ACIKEH E. RAPHAEL

178 ADA OLUJI

179 ADAGA ABETIANBE AGBA

180 ADAGAZU EMMANUEL OVYER

181 ADAGBONIYIN OSARENOMA OSARENOMA

182 ADAGBONYIN LEONARD

183 ADALIS EUGENE ADALIS

184 ADAMS BURUBOYEFE

185 ADAMS BUTA

186 ADAMS LATEEF ISHOLA

187 ADAMS OLALEKAN

188 ADAMSON ABIODUN STEPHEN

189 ADAMU ABATI

190 ADAMU ALFARMA

191 ADAMU EGUONO THOMAS

192 ADAMU EJIROGHENE MOSES

193 ADAMU ESEOGHENE EMMANUELLA

194 ADAMU IKE

195 ADAMU LYDIA IGBEKELEOLUWA

196 ADAMU MOHAMMED BABANGIDA

197 ADAMU SULEIMAN

198 ADAMU UFUOMA PATIENCE

199 ADARA YETUNDE

200 ADARE HASSAN

201 ADARE HASSAN E.

202 ADAUTIN KUNLE BENJAMI F.

203 ADAUTIN KUNLE BENJAMIN

204 ADAUTIN LAWAL ADAUTIN

205 ADAUTIN LAWAL ADAUTIN G.

206 ADAYI HANNAH

207 ADDIE BULUS

208 ADE ADEOLA

209 ADEALA ADESOLA JOLAADE

210 ADEARA FUNKE PRINCESS

211 ADEBAMBO OLAWALE

212 ADEBAMBO TEMITOPE TITILAYO

213 ADEBANJO AFOLASHADE OMODUNMI

214 ADEBANJO OLUSEGUN SAMUEL

215 ADEBAYO ABAYOMI

216 ADEBAYO ABOLAJI OLUFEMI

217 ADEBAYO ABRAHAM ADEWALE

218 ADEBAYO ADEKUNLE

219 ADEBAYO ADENIYI OLUWASEUN

220 ADEBAYO AKANDE

221 ADEBAYO AKANNI AZEEZ

222 ADEBAYO BISI FOLAKE (MRS)

223 ADEBAYO BUSUYI

224 ADEBAYO EMMANUEL BABAFEMI

225 ADEBAYO GBENGA ADEBOLA

226 ADEBAYO HELEN ADEFOLAKE

227 ADEBAYO OMOBOLAJI SHERIFF

228 ADEBAYO OSIO

229 ADEBERO BOLUWATIFE ESTHER

230 ADEBIAYE AYISAT YETUNDE

231 ADEBIMPE KADIR

232 ADEBIMPE LATEEF

233 ADEBISI CALA

234 ADEBISI OLUFUNMILAYO

235 ADEBISI RUTH

236 ADEBISI TITILAYO O.

237 ADEBIYI AYODEJI MUHAMMED

238 ADEBIYI SARAH OLAJUMOKE

239 ADEBOLA OPENIYI

240 ADEBOLA SOBOWALE

241 ADEBOWALE ADEBAYO

242 ADEBOWALE WURAOLA NIMOTA

243 ADEBOYE ELIZABETH TOLUWALOPE

244 ADEDAMOLA ADEMOLA

245 ADEDAPO OLUROPO

246 ADEDAYO OLADOTUN

247 ADEDEJI DOHERTY

248 ADEDEJI FEMI LATEEF

249 ADEDIJI EBENEZER OLUMIDE

250 ADEDIPE KAYODE

251 ADEDIPE KENNEDY

252 ADEDIRAN ADEFEMI SAMSON

253 ADEDIRAN JOSEPHINE

254 ADEDIRAN JOSEPHINE J.

255 ADEDIRIN FOLUSHO

256 ADEDOYIN ADEDOTUN DAVID

257 ADEDOYIN MOSES BABATUNDE

258 ADEDOYIN OLADELE EMMANUEL

259 ADEDOYIN SAMUEL OLAYEMI

260 ADEEKO OLUWAGBOHUNMI

261 ADEEKO VERONICA ANUOLUWAPO

262 ADEFALU OPEYEMI GRACE

263 ADEFEMI SOLA KAREEM

264 ADEFILA TERRESA ABIBOLA

265 ADEFUNMI OSU

266 ADEGBESAN FEYINTOLA

267 ADEGBINDIN ADENIYI

268 ADEGBITE ANTHONY ABIODUN

269 ADEGBITE MATTHEW KAYODE

270 ADEGBITE MUDASIRU ADEREMI

271 ADEGBITE OLUWASEYI OLASUNKANMI

272 ADEGBOLA ADEBAYO MICHAEL

273 ADEGBOLA CANTARA

274 ADEGBOLA OLUGBENRO

275 ADEGOJU JOY AYOYINKA

276 ADEGOKE ADEJUMOKE ADERONKE

277 ADEGOKE ADEMOLA JAMIU

278 ADEGOKE ASIMIYU KOLAWOLE

279 ADEGOKE CARINA

280 ADEGOKE DEJI FRANCIS

281 ADEGOKE KORU ADE

282 ADEGUN IYABO

283 ADEGUNWA ISIAKA ABIODUN

284 ADEH CATE

285 ADEJIMOLA ADEBOLA

286 ADEJUGBE TAJUDEEN

287 ADEJUMO CECELIA

288 ADEJUMO JOHN ADELOMO

289 ADEJUMO KAZEEM

290 ADEJUMO OJUADE

291 ADEJUMOBI MUNIRUDEEN KEHINDE

292 ADEKANBI SOYEBO

293 ADEKO AFOLAKE BUSRAT

294 ADEKOLA WALE

295 ADEKOLEJO ADEWUNMI MOSES

296 ADEKOYA BOSE

297 ADEKOYA CELESTINA

298 ADEKOYA FANIKU

299 ADEKOYA MIKE

300 ADEKOYA SAMSON OPEOLUWA

301 ADEKUNLE ADETUNJI

302 ADEKUNLE ADEYEMI

303 ADEKUNLE CEMAL

304 ADEKUNLE CEMAL JUMAI

305 ADEKUNLE GABRIEL

306 ADEKUNLE MOROUNMUBO TEMITOPE

307 ADEKUNLE OLUDAYO ADEDOKUN

308 ADEKUNLE OLUWASEYI OLUKEMI

309 ADEKUNLE TUNRAYO LIZZY

310 ADELAGUN OLAJUWON

311 ADELAKUN FATOYINBO

312 ADELANI OLUWADAMILOLA MARIAH

313 ADELEKAN ADESHINA BABATUNDE

314 ADELEKE ADEDEJI OLAREWAJU

315 ADELEKE ADEJOKE OLUWAFI KUNAYOMI

316 ADELEKE ADERONKE OLAJUMOKE

317 ADELEKE ADEWALE THOMAS

318 ADELEKE CHARITY

319 ADELEKE DAMILOLA ADEIFE

320 ADELEKE IYABO ELIZABETH

321 ADELEKE JULIUS ADE

322 ADELEKE OLUWAFUNTO BOLU

323 ADELEKE PEREIRA

324 ADELEKE SAMUEL ADEDAYO

325 ADELEKE SULAIMAN ADEREMI

326 ADELEKE TOLULOPE ADEDAMOLA

327 ADELEYE ABIMBOLA ABIOLA

328 ADELOJA CHI

329 ADEMILOYE ADEYINKA ADEJOKE

330 ADEMIROKUN BIDEMI

331 ADEMOLA ADIO ADEBAYO

332 ADEMOLA GLORIA

333 ADEMOLA NIKE

334 ADEMOLA OJO EMMANUEL

335 ADEMOLA SAKIRU JIMOH ADEMOLA

336 ADEMOSU AHMED OLASUNKANMI

337 ADEMOSU BOLAJI BASHIR

338 ADEMOSUN SIMBIAT

339 ADEN ANISHANU

340 ADEN IKE

341 ADEN LAHANA

342 ADENAIKE KEHINDE

343 ADENEYE FUNMILOLA ABOSEDE

344 ADENIJI ADENIKE OLAYEMI

345 ADENIJI SIMON SANMI

346 ADENIKE CHIBUKE

347 ADENIYI ADEWALE OREOLUWA

348 ADENIYI AKIN AKINWOLE

349 ADENIYI AYODEJI SAMUEL

350 ADENIYI SAMSON ADELAGUN

351 ADENIYI VICTORIA OLUYEMISI

352 ADENIYI WILLIAM

353 ADENUGA BILIKIS

354 ADENUGA OLUFEMI

355 ADENUGA TAIWO STEPHEN BADE

356 ADENUSI OLUWATOSIN

357 ADEOGBA ADEBANJO

358 ADEOLA AMOS

359 ADEOLA AYANFEMI ADEYEMI

360 ADEOLA MUASIBAU ADEJARE

361 ADEOSO ADEBOYE

362 ADEOSUN & ADEYEMI SOLOMON YETUNDE

363 ADEOTI ADEMOLA OLABODE

364 ADEOWU ADENIYI WASIU

365 ADEOYE ABEL

366 ADEOYE ABIODUN EYITAYO

367 ADEOYE ADEKUNLE ISIAKA

368 ADEOYE IBUKUN

369 ADEOYE MICHAEL ADEDEJI

370 ADEOYE OLABISI MOTURAYO

371 ADEOYE OLUWASEUN JONATHAN

372 ADEOYE THOMAS ADEYEMI

373 ADEPOJU ADEDAPO PAUL

374 ADEPOJU ADEWALE ABIMBOLA

375 ADEPOJU TAJUDEEN .A.



378 ADEREMI ADEDAMI OTUN OLUWAPELUMI

379 ADEREMI ADEKEPEMI OLUWAFIYIBOMI

380 ADEREMI ADENIYI

Payment 3

ANNUALREPORT

2016

Unclaimed Dividend


381 ADEREMI ADESEKEMI OYAOPEMIPO

382 ADEREMI ADEWOJUMI OLUWASEMILORE

383 ADEREMI NNEKA

384 ADEREMI OLANIPEKUN

385 ADEREMI OLUKEMI OMOTAYO

386 ADERIBIGBE ADETUNJI

387 ADERIBIGBE MOBOLAJI

388 ADERIBIGBE OMOLARA FOLUKE

389 ADERINNALE OLUWATIFE

390 ADERINNALE SOLA

391 ADEROGBA AKEEM KOLAWOLE

392 AFOLABI STELLA MARIS

393 AFOLARANMI KARIMU-BELLO

394 AFONJA AJAO PETER

395 AFONJA SIKIRU SEYIN

396 AFRAMA OLAWOLE

397 AFUAPE JACOB

398 AFUBE ANSLEM CHUDI

399 AGADA BLESSING

400 AGADA KOYA TOBI

401 AGADA PAMELA ONYOIBO

402 AGAHIU MOHAMMED DANLADI

403 AGBABIAKA ADETOLA AMINAT

404 AGBADE EBIOLADE

405 AGBAIAKA OLAOLU GANIAT

406 AGBAJE SAHEED IDOWU

407 AGBALAYA AYOMIDE MUIZ

408 AGBALU SEBASTAIN IFEANYI AGBALU

409 AGBAS OSEGBUE

410 AGBASON VICTOR C.

411 AGBATA CHIBUZO

412 AGBATA CHIDIOGO

413 AGBAWN ABDUL ABDULLAHI

414 AGBEDE BABAJIDE RASAK

415 AGBEHI OGIRI

416 AGBELEMOGE VERONICA

417 AGBELUSI DEJI

418 AGBENIYI CHRISTIANAH KEHINDE

419 AGBIDI JOHN ULEA

420 AGBO OKANG

421 AGBO OTON JAMES

422 AGBO TITUS

423 AGBOGO SUARA

424 AGBOGU AMAKA MARY TELLAARE

425 AGBOGU CHRIS A.C

426 AGBOM MAURICE OGBONNA

427 AGBONSUREME AKWUEME

428 AGBONTAN ESTHER

429 AGBONTAN GEORGE

430 AGBONTAN ISAIAH

431 AGBONTAN JEREMIAH

432 AGBONTAN NAOMI

433 AGBOOLA IDRIS WIKE

434 AGBOOLA KUNMI SEYI

435 AGBOOLA LUKMON OPEYEMI

436 AGBOOLA LUKMON OPEYEMI

437 AGBOOLA LYDIA OLUBUSAYO

438 AGBOOLA TAIWO TITILOLA

439 AGBOOLA-AKINRODOYE OLUBUKOLA OLASUMBO

440 AGBOTAN OSAZI

441 AGBULU OWAJIROYEM

442 AGGREY AKINMOLAYAN

443 AGGREY CHIJIOKE

444 AGHATOR LUCKY AGHATOR

445 AGHAULOR NTUABUNAUZOR DONATUS

446 AGHELEGIN PAUL

447 AGHO EBIUWA SANDRA

448 AGHOMONU FESTUS

449 AGINAM CHRISTIANA NGOZI

450 AGINIGHAN DUBAMO

451 AGNES OGBU

452 AGOGO BERNICE NKONYE

453 AGOMOH CHIKA

454 AGOMOH CHIKA N

455 AGOMOH EMMANUEL NNAMDI

456 AGU IBIYEMI

457 AGU MICHAEL IFEANYICHUKWU

458 AGUBE BLESSING GODWIN

459 AGUDA OYEBIMPE OMOLOLA

460 AGUGHAGWO GABRIEL NWABUEZE

461 AGULONU AGBOR HELEN

462 AHUAANYA PRINCEWILL P

463 AHUAZA AISHA

464 AIBANGBE FESTUS

465 AIESHA ALAO

466 AIFA JUSTIN

467 AIGBE

468 AIGBINI-JOHN BLESSING

469 AIGBINI-JOHN BOSEDE

470 AIGBIREMONLEM ROSE

471 AIGBOKHAEVBO HUMPHERY

472 AIN ABIOLA

473 AINA ADEBAYO GANIYU

474 AINA ADEMOLA ADEDAYO

475 AINA DELE

476 AINA JAMES AJEKIGBE

477 AINA OLUWASESAN EMMANUEL

478 AINA RACHEAL TINU

479 AIRAMOEHI OBEHI

480 AIRHUNMWUNDE CHARLES OSAWARU

481 AISHA CENTURY INVESTMENT LTD

482 AISHA ALI ATIM

483 AISHA MOSES

484 AISHATU CHIKEZIE

485 AISIMI AISHA

486 AISIMI MUSA YUSUF

487 AISUEOGUN DAMISOLA

488 AIYEDUN ADEBOWALE F.

489 AIYETAN DAYO ADEKUNLE

490 AIYETAN OLAMIDE BUNMI

491 AJADI SUNDAY AKINTUNDE

492 AJAGBA MARTIN CHINWENDU

493 AJAGBE MANSUR BATO

494 AJAGBO DAVID ELLOH

495 AJAGU ONYEKA RAYMOND

496 AJAH CHUKWU BASIL

497 AJAKPO JOSEPHIN S

498 AJAKPO JOSEPHINE

499 AJAL EWUSI

500 AJALA ATINUKE

501 AJALA IBIYEMI

502 AJALA OYIZA

503 AJALA VALENTINE

504 AJANI IKATE

505 AJANI TIOLUWANI

506 AJANI WASIU KOLAWOLE

507 AJAO ADEBOLA OLUWATOYIN

508 AJAO BAMIDELE LAWRENCE

509 AJAO FOLORUNSHO AAKANJI

510 AJAO OLUWATOBI FOLORUNSHO

511 AJAO OLUWATOMI ADEBOLA

512 AJAO OLUWATOSIN TEMITOPE

513 AJAYI ABIODUN YETUNDE

514 AJAYI ABIOLA

515 AJAYI ADEOLA

516 AJAYI ADEPEJU MATILDA

517 AJAYI AFOLABI OLAMIDE

518 AJAYI AJOKE

519 AJAYI ANTHONIA OLAIDE

520 AJISAFE OLUFOLAHAN

521 AJISEGIRI OLUBUNMI KATE

522 AJOBI ABIOLA

523 AJOGI ARUBI

524 AJOGWU EJEH

525 AJOKE AYINLA

526 AJOKU OLUCHI NKECHI

527 AJOLOKO OLATUNDE MATTHEW

528 AJOMALE OLAITAN S

529 AJOSE MARVEL

530 AJUDUA STEVE ELUE

531 AJUKWU CHINEDU CHRISTIAN

532 AJUONOMA IGNATIUS IKECHUKWU

533 AJUWON SAIDATU

534 AKABIKE IME CHRISTIAN

535 AKABOGU KENNETH SUNDAY

536 AKABOM MARYJANE

537 AKABOM MARYJANE G.

538 AKABUIKE CHICHI (MISS) MARY

539 AKACHUKWU NNAMANI

540 AKADIRI ADEDOYIN SADAT

541 AKAGBUSI UCHECHUKWU RICHARD

542 AKAKABOTA DANIEL

543 AKAKABOTA DANIEL M

544 AKAKPOR MICHAEL

545 AKAKRA ELIZABETH ARUORIWO

546 AKALI CHINONSO PHIL

547 AKALI HENRY CHINEDU

548 AKALUMHE ONAGIE

549 AKAN DATA

550 AKANBI JAMES

551 AKANBI MODUPEOLA OPEYEMI

552 AKANDE ABEKE

553 AKANDE ADEFOLAJU SAKIRUDEEN

554 AKANDE ADEKUNLE

555 AKANDE DANIEL ADURAGEMI

556 AKANDE ELIZABETH OLUWASEUN

557 AKANDE ISAAC BOLAJI

558 AKANDE LEKAN

559 AKANDE OLUWANIFEMI O.

560 AKANDE OLUWANIFEMI O.

561 AKANDE PETER OLADIMEJI

562 AKANDE PRISCA MONISOLA

563 AKANDE RAPHAEL IDOWU

564 AKANDE SHERIDD OLANIYI

565 AKANG ekikere

566 AKANG EKIKERE T

567 AKANG UBONG JOHNSON

568 AKANI OLUSOLA

569 AKANIHU JOHN IFEANYICHUKWU

570 AKANKE WOSILAT

571 AKANNI BABATUNDE

572 AKANNI FATAI

573 AKANNI ISAAC OLADELE

574 AKAOLISA NKECHI JECINTA

575 AKAOLISA OBINNA PAUL

576 AKINMADE T.A

577 AKINMADE TOLUWALASE ABIGAEL

578 AKINMOLAYAN JOHN

579 AKINMUYISITAN VINCENT

580 AKINOLA DEPO ADELEKE

581 AKINOLA OLANREWAJU MORUFF

582 AKINOLA OLAPE

583 AKINOLA OLUWAPELUMI AYOMIDE

584 AKIN-OLUWADARE OLUMIDE

585 AKINOSHO AKINLAWON

586 AKINOSHO DAVID

587 AKINOSO ASHAMU BABATUNDE

588 AKINOSO ASHAMU BABATUNDE

589 AKINPELU ADU MOSES

590 AKINPELU AKINBAMIJI JULIUS

591 AKINPELU BAMIDELE DOLAPO

592 AKINPELU BAMIDELE DOLAPO

593 AKINPELU SEUN ROBERT

594 AKINRADEWO TEMILOLUWA OLUWAFIKUNAYOMI

595 AKINREMI ADESHINA ADEBAYO

596 AKINREMI BABS OLUWASANMI

597 AKINREMI ESTHER OLUDAYO

598 AKINSANYA ADEBAYO WASIU

599 AKINSANYA ADEDOLAPO ADEYINKA

600 AKINSANYA FUNKE

601 AKINSANYA NOFISAT TEMIDAYO

602 AKINSANYA TOKE ADIJAT

603 AKINSANYA WASIU

604 AKINSANYA WASIU ADEBAYO

605 AKINSUNLOLA AKINNIMI JOSIAH

606 AKINTOLA OLUFEMI A

607 AKINTOYE OLUSEGUN OLUWATOBA

608 AKINTOYE VICTORIA OMOLARA

609 AKINTUNDE BOLAJI AWE

610 AKINTUNDE OJUTIKU

611 AKINTUNDE SAMSON BOLADE

137PAGE

ANNUALREPORT

2016

Unclaimed Dividend


138PAGE

612 AKINTUNDE VICTORIA ALABA

613 AKINWANDE EBENEZER OLUSEGUN

614 AKINWUNMI ABIODUN OLUWOLE

615 AKINYELE BEATRICE FOLUKE

616 AKINYEMI AKINDELE

617 AKINYEMI BABATUNDE SAMUEL

618 AKINYEMI MABOGUNJE

619 AKINYEMI OLAIDE FATIMA

620 AKINYEMI OLAYINKA AMINAT

621 AKINYEMI OLUWADAMILOLA OLAMIDE

622 AKINYOSOYE TENIOLA

623 AKIODE EMMANUEL

624 AKIOTU OLU EVELYN

625 AKIOYA MAC-DAVE

626 AKODU OLUWAKEMI

627 AKOGU AYEGBA

628 AKOGUN FATAI OLUWATAYO RICHARD

629 AKOGWU TAYI ELIZABETH

630 AKOMU VICTOR

631 AKONGWALE SABASTINE

632 AKOR EDWIN ABAH

633 AKOR GABRIEL

634 AKOSILE JOHN OLAWALE

635 AKOT VENTURES LTD

636 AKOWE LAWRENCE ABIMAJE

637 AKOWONJO ADEFEMI OLAYINKA

638 AKPA OMENKA

639 AKPAM MANDISA

640 AKPAM MARGARET

641 AKPAN EMMANUEL

642 AKPAN ESTHER UDUAK

643 AKPAN ETOP ANDY

644 AKPAN IDORENYIN CHRISTOPHER

645 AKPAN PETER AKPAN

646 AKPAN TADE

647 AKPAN UFOT JACOB

648 AKPAN UMOH ROSELYN

649 AKPANNAH UDONSAK EMMAN

650 AKPANNAH UDONSAK EMMAN Z

651 AKPANWA ROBINSON

652 AKPANWA ROBINSON Y

653 AKPASI OBRUCHE ABRAHAM

654 AKPATA JOHN EDEMA

655 AKPAWUSI NGOZI EVANGELINE

656 AKPE SALAMI

657 AKPE SALAMI B

658 AKPELU CHIDOZIE FELIX

659 AKPEWA OGHENEGWEKE EMMANUEL

660 AKPOBOERE CAROLINE

661 AKPOBOERE CAROLINE J

662 AKPOMIE MATTHEW

663 AKPOS EVELYN AFOKE

664 AKPOVESO ANTHONY ASHLEY

665 AKPOVOFENE ODIRIVWERENE KINGSLEY

666 AKPUNKU PETER MADUABUCHI

667 AKPUOKWE ESTHER NKECHINYELU

668 AKUBO ADEGBE WILSON

669 AKUBUIRO PAUL

670 AKUBUKO CHIGOZIE

671 AKUBUZE ONYEMACHI

672 AKUCHE NGOZI DIANA

673 AKUEKWE CHRISTOPHER SUNDAY

674 AKULUE ONYINYE BERNICE

675 AKUNNE DORIS CHIMA

676 AKWITI CHINYERE CELESTINA

677 AKWUBA GODWIN

678 AKWUZIE NNAMDI FELIX

679 AL AMIN HARUNA

680 ALABA IBUKUN

681 ALABI ADEOLA MURITALA

682 ALABI ADEREMI STELLA

683 ALABI AKINDELEAREMU

684 ALABI BAYO AKINADE

685 ALABI DEBORAH

686 ALABI EZEKIEL OLGBADE

687 ALABI FALILATU TITI

688 ALABI FOLASADE OMOYEMI

689 ALABI JAMES OLALEYE

690 ALABI JIMOH ODETAYO

691 ALABI LADI DEBORAH

692 ALABI MARIAM ABIDEMI

693 ALABI MURITALA ALABA

694 ALABI NOAMI

695 ALABI ONAOLAPO RAFIU

696 ALABI SUNDAY

697 ALABI TAJUDEEN

698 ALACHEWE DANIEL

699 ALACK ANNA

700 ALADDIN MANSA

701 ALADDIN MARTINS

702 ALADE ALAO

703 ALADE CHIMASON

704 ALADE DORCAS OLUWAFUNKE

705 ALADE OLAYEMI BEATRICE

706 ALADE OYEDELE MATTHEW

707 ALADHE DANIEL MELO

708 ALAEKWE DESMOND OKEZIE

709 ALAETO CHIZOBA

710 ALAGI JOYCE

711 ALAGWU CALISTUS EMEKA

712 ALAKA OMOTOLA

713 ALAMU ATILADE JAMES

714 ALAMU OLAWUNMI

715 ALAO AYOTUNDE YETUNDE

716 ALAO DELE DAVID

717 ALAO EZEKIEL OYENIYI

718 ALAO JALIL

719 ALAO JULIANA

720 ALAO RHODA

721 ALASOADURA ADETAYO

722 ALASOADURA OYINLADE OLUWABUSUYI

723 ALATISHE KUNLE SUNDAY

724 ALATISHE KUNLE SUNMADE

725 ALAUSA FUNMILAYO OBE

726 ALAWODE SADIKU

727 ALAWODE SADIKU C

728 ALAWONDE OLADIWURA DEBORAH

729 ALAWONDE OLASUBOMI ISREAL

730 ALBALTRADE LTD

731 ALBERT ADEYEMI

732 ALBERT GAMAL

733 ALBERT SUCCESS

734 ALCHENY CHINAKA

735 ALESEI ABIMBOLA

736 ALESER NABELUNG

737 ALEWI ABIMBOLA ELIZABETH

738 ALEWI FREDRICK OLUBUNMI

739 ALEWI OLAMILEKAN PETER

740 ALEWI OLUWASEYI GRACE

741 ALFRED CHINEDU

742 ALFRED CHINEDU

743 ALFRED ENWANTA ISIRHINRHIEN

744 ALFRED GODFREY

745 ALFRED JOSEPH EFEREMOH

746 ALHASSAN ABAS

747 ALHASSAN ALILU

748 ALHASSAN SHERIFAT TOLA

749 ALI ADEBANJO

750 ALI EMEMA

751 ALI ERACIMUS

752 ALI GARBA

753 ALI IRABOR

754 ALI OBIOHA

755 ALI RUTH EBELU

756 ALI-BIU DAUDA

757 ALICE NWACHUKWU

758 ALIEMEKA GOODLUCK DENNIS

759 ALIEMEKE GOODLUCK DENNIS

760 ALIKA OGHOGHO IFUERO

761 ALIKE ALIU

762 ALIM COMFORT

763 ALIM NAEEM

764 ALIMA GRACE

765 ALIU ADELEKE ODULOYE

766 ALIU AFOLABI

767 ALIU HUGH ALLI

768 ALIU KEHINDE OLANREWAJU

769 ALIU KEHINDE OLANREWAJU

770 ALIYA DAVID

771 ALIYU GOTE

772 ALIYU MAIMUNA ISMAIL

773 ALIYU MURITALA

774 ALIYU OLATUNJI ABDULWASIU

775 ALIYU ROBERT

776 ALIYU ROBERT Y.

777 ALLAN CHINAKA

778 ALLEN ANDIO

779 ALLEY ANDIO

780 ALLI NJOMU

781 ALLI RASHEEDAT OMOLARA

782 ALLINSON BAYO

783 ALLIU ADETOLA RAFIU

784 ALMA HASSAN

785 ALMIRA JOHN

786 ALMUSTAPHA GODWIN

787 ALO FOLUSO

788 ALOFIN OKELOLA

789 ALOH CHARLES

790 ALOY AUGUSTINE

791 ALOY CONSTATINA

792 ALOY FAMOUS

793 ALOY UCHENNA

794 ALOZIE CHINEDU

795 AMADI EMINA ISRAEL

796 AMADI PROMISE AHAMUEFULE

797 AMAH BENEDICT UCHENNA

798 AMAKA EBIMOT

799 AMAKARA HARITH

800 AMAKARA IBEAMAKA

801 AMAKIRI CLEMENT EZE

802 AMAKIRI NYEGIALA TONYE

803 AMAL FARID

804 AMAL NARKEASHA

805 AMALA FAROOK

806 AMALA MICHEAL

807 AMALA MICHEAL K

808 AMANI FAYSAL

809 AMAO ADEWALE PETER

810 AMAO OLUWASHOLA OLAYINKA

811 AMAO RITA

812 AMARA OKONOWO

813 AMARACHI OKOYE

814 AMARACHI OKOYE D

815 AMARAH JABIRAH

816 AMASIORAH IFEANYI GREGORY

817 AMAVU BOBO

818 AMBER FEROL

819 AMBER SANYA

820 AMBRA FERRAN

821 AMBURUM JOSEPHINE PHILIP

822 AMBURUM PALANG PHILIP

823 AMECHI O. WILLIAMS

824 AMECHI SAMSON

825 AMEEN ABIMBOLA RISIQAT

826 AMEERAH FIRDOS

827 AMEH BENIABI

828 AMEH CHARITY OGHENERELO

829 AMEH DANIEL

830 AMENE CHIDIEBERE

831 AMEOBI BUSAYO

832 AMIAHKHOR MAGDALENE IYAESOMI

833 AMIDU EGUDE

834 AMIN GADIL

835 AMINA ABUBAKAR

836 AMINA GAMAL

837 AMINAH AMINU IBUKUN

838 AMINAT SHARAFADEEN

839 AMINU AMINU HABU

840 AMINU BAYO

841 AMINU CHRISTY

842 AMINU FATIMA

ANNUALREPORT

2016

Unclaimed Dividend


843 AMINU JAFARU

844 AMINU NASHA

845 AMINU OKORIE

846 AMINU OKORIE

847 AMINU YESOKO

848 AMIR GHASSAN

849 AMIR OBIAJULU

850 AMIRA GINTON

851 AMODE EDNA

852 AMODU TAIWO

853 AMOGBON PIUS AYODELE

854 AMOJI PETER OKORO

855 AMOLEGBE ADEBOWALE MOHAMMED

856 AMON CHUKA

857 AMOO ABIODUN

858 AMOS KATO

859 AMOS TESSY

860 AMOUH AMEN

861 AMU GIWA

862 AMUNU BABA

863 AMUSA ABORISADE

864 AMUSA SAMUEL

865 AMUSA SAMUEL

866 AMUSU INIOBONG ADE

867 AMUTA AGNES PRECIOUS CHIOMA

868 AMUZIENWA JELANI

869 ANA BARBARA

870 ANADI CHUKA

871 ANADUAKA FRED CHUKS

872 ANAENUGWU NDUBUISI VINCENT

873 ANAETO EMMA

874 ANAETO EMMANUEL

875 ANAETO OKWU

876 ANAETO PAT

877 ANAETO PATRICK

878 ANAGHARA LINDA CHIYERE

879 ANAN GIVON

880 ANARADO CHIDIKAONYE

881 ANARADO CHIDIKAONYE G.

882 ANATAN OSUJI

883 ANAWO DAVID ENEMONA

884 ANAZODO BUNU

885 ANAZODO UCHENNA

886 ANDEH CLETUS OGBONNA

887 ANDREW BATHLOMI

888 ANDREW CHUKWU

889 ANDREW ELEOJO JOY

890 ANDREW ELIJAH BOLANLE

891 ANDREW ELIJAH CHUKWU

892 ANDREW JOHNSON

893 ANDREW MANASSAH

894 ANDREW SUNDAY

895 ANDREW SUNDAY

896 ANDY ERONSE

897 ANDY MORGAN

898 ANDY PATIENCE BASSEY

899 ANDY SODIPO

900 ANDY-ADEBOLA FLORENCE OLUWAYEMISI

901 ANEKE PERPETUA NKIRU

902 ANEKWE GABRIEL CHIKA

903 ANENE NDID PATIENCE

904 ANERU FAROUK UMORU

905 ANGBA ABIGAIL

906 ANGBASHIM AWAZI

907 ANGEL NNEKA DURU

908 ANGELA JAMES

909 ANGELA JOHNSON

910 ANGIE BAMGBALA

911 ANGULU MOHAMMED DANJUMA

912 ANI CHRISTOPHER IFEANACHO

913 ANI MARIA CHIOMA

914 ANI MATTHEW ONYEMECHI

915 ANI PATIENCE NGOZI

916 ANI UCHECHUKWU VICTOR

917 ANIA CELESTINA IYABO

918 ANIA MERCY CHUKWU

919 ANIBOWEI PATIENCE

920 ANICHO CHUKWUDI PHILIP

921 ANIEBONAM TOCHUKWU

922 ANIEFOK OGOCHUKWU

923 ANIEFOK OGOCHUKWU O.

924 ANIEKA CHIOMA

925 ANIEKE CHUKWUMA PETER

926 ANIERIOBI CHUKWURAH JOHN

927 ANIFOWOSE OLUWAFEMI KAHARU

928 ANIGBO NGOZI

929 ANIGBOGU IFEADI EBELE

930 ANIH TOLA

931 ANIJAH CHUKWUDI PETER

932 ANIKA CAROLINE IFEATU

933 ANINYE GREAT ANORKOR

934 ANIOGOR DAVID N.

935 ANIRE WASAN

936 ANISA HABIB

937 ANIYA RIFKATU BOBAI

938 ANKU EDU

939 ANKU EDU F.

940 ANLAINI MUBARAK

941 ANNA LUKAS

942 ANNISSA HADI

943 ANOCHIRIONYE UZODIMMA ALEXANDER

944 ANOFOWOKAN ADEGBOYEGA ANTHONY

945 ANOHU CHIDI

946 ANOKE JOHNNY

947 ANOKE JONNY W

948 ANOKE KENNETH ANI

949 ANOKE OMENOGOR

950 ANOKWU OKOLO

951 ANOLOPE NJOKU

952 ANOLUE EMMANUEL

953 ANONYE ROSEMARY

954 ANONYEI ONYINYE GLADYS

955 ANORUO ANYAEHIE CHRIS

956 ANOSIKE AZUKA THEOPHINE

957 ANOSIKE SHINA

958 ANSARI HAFIZ

959 ANSARI PAULA

960 ANTAI EDEM H.

961 ANTHONIA AKURA

962 ANTHONIA CHUKWUBUIKEM

963 ANTHONY ALOTO FUNMILAYO

964 ANTHONY FRANK

965 ANTHONY K.

966 ANTHONY KINGSLY

967 ANTHONY OJAJA

968 ANTHONY PIUS

969 ANTHONY SANUSI

970 ANUEBUNWA NDUBUISI CHIJIOKE

971 ANUFORO CLETUS UBAEZUONU

972 ANUGWA ECHEFULAM LOUIS

973 ANULIGO INNOCENT IKECHUKWU

974 ANUMAKA JOY CHINONSO

975 ANURUKEM CHINAS AUGUSTINA

976 ANURUKEM EZEWUNWA THOMAS

977 ANUSHIEM SUNNY

978 ANWANA UKUT-ABASI EDET WILLIAM

979 ANWAR HAKIM

980 ANWAR RACH

981 ANYADIBE NWANNEKA CHINYERE

982 ANYAI EDEM

983 ANYAMARA MARITHA

984 ANYANG UKPONG I.

985 ANYANWU ALPHONSUS OBIOMA

986 ANYANWU BOLANLE

987 ANYANWU CHIKAODINAKA DOLORES

988 ANYANWU OGADINMA OLUFUNKE

989 ANYAOHA MARTHA ODOCHI

990 ANYASI JOHN AGBATONAM

991 ANYAWU DOLORES CHIKAODINAKA

992 ANYIHA CHUKWUMA

993 ANYOHA CHUKWUMA

994 APALOWO SAMUEL OLUMAYOWA

995 APANPA SERIFAT OLORUNTOYIN

996 APARA PAUL

997 APATA OSAZUWA

998 APERE OLUWAYEMISI GRACE

999 APERI JOSEPH

1000 APETE BOLANLE

1001 APEX TEAM LIMITED

1002 APPAH VICTOR

1003 ATIOMO AKINWANDE

1004 ATIYA HARUN

1005 ATOBA SAKIRU

1006 ATOLANI OLUWAKEMI

1007 ATOLANI VICTORIA

1008 ATOYEBI RASIDAT O.

1009 ATTAMAH CECILIA ASANA

1010 ATTUH JOSEPHINE AKUABATA

1011 ATUNG JONATHAN

1012 ATURAKA OLATOMIDE

1013 AUDU JOHN FREDRICK

1014 AUDU MARY ADUN

1015 AUDU SAMUEL ABUH

1016 AUGUSTINE BONIFACE UDOKA

1017 AUSTIN COMAN

1018 AUSTIN EDEGBE

1019 AUTA TALA SARAH

1020 AUTHUR SANUSI

1021 AUWALU SAMINY YOHANA

1022 AVAGA FELICIA

1023 AWA NUHU

1024 AWAISU OLADIGBOLU

1025 AWI PATRICK M

1026 AWINNIMU-AKATAK FRANK SOSOROBIA

1027 AWO FELICIA

1028 AWOBOYA OLAJUWON OLUSEGUN

1029 AWODUMILA COMFORT

1030 AWODUMILA COMFORT

1031 AWOKUNLE CALEB OLUSAYO

1032 AWOLESI ADENIKE IDIAT

1033 AWOLUMATE OLAMIDE DEBORAH I.

1034 AWOMODU DAVID

1035 AWOMODU DAVID N

1036 AWOMOLO ENITAN OLAKUNBI

1037 AWONIYI SULE

1038 AWOSANMI PETER TEMITOPE

1039 AWOSANYA JOSEPH BAMIKOLE

1040 AWOSIKA SHITTU DAVID

1041 AWOSIKA SHITTU FLORENCE

1042 AWOTAYO OLALEKAN EMMANUEL

1043 AWUDE CHRISTIANA OLUWAREMILEKU

1044 AWUGO ALAGI

1045 AWUTE MONDAY ONISURU

1046 AWUZU OBY HENRIEATTA

1047 AWWAL DADET

1048 AYAM PETER AIBE

1049 AYANKOLA KAZEEM AYANWALE

1050 AYANKOYA OLUKEMI MOTUNRAYO

1051 AYEBAE MOYOSOREOLUWA MICHELLE

1052 AYEGBA O

1053 AYEJIMIWO OLALEKAN DAVIDS

1054 AYEJUTO OHUNENE FOLASHADE

1055 AYELE CORDILLA

1056 AYELEKE AYEKUNLE

1057 AYENI HAMMED ADEBAYO

1058 AYENI LARA EVELYN

1059 AYENI OLUSHOLA ENIOLA

1060 AYENI TUNDE EMMANUEL

1061 AYEOLA MOSUNMOLA

1062 AYETE SAMUNI NUT CICS LTD.

1063 AYILARA ABDULQAYYUM

1064 AYINDE LATI ANTHONIA

1065 AYINLA AKOKO

1066 AYITA OLUWAFISAYO STEPHEN

1067 AYO BAKARE

1068 AYO OYEOKA

1069 AYO SUNDAY

1070 AYOADE BASHIRU ADESHINA

1071 AYOADE IDRIS ADEGBOYEGA

1072 AYOADE KUDIRAT

1073 AYOBOLU IBRAHIM

139PAGE

ANNUALREPORT

2016

Unclaimed Dividend


140PAGE

1074 AYODABO ESTHER OLATUTU

1075 AYODEJI UMAR

1076 AYODELE ADEKUNLE BISIRIYU

1077 AYODELE BOLA AKOMOLAFE

1078 AYODELE GAFAR

1079 AYODELE NIYI JULIUS

1080 AYODELE OLUFEMI ADEYEMI

1081 AYODELE-ESHO O. OLUWAMAYODE

1082 AYOKA MUSA

1083 AYOKO ESTHER

1084 AYOKUNLE ADAUTIN KUNLE

1085 AYOKUNLE ADAUTIN KUNLE F.

1086 AYOMIDE AFOLAKE QUEEN

1087 AYOOLA ADENIJI ABAYOMI

1088 AYOOLA MODUPE AMUDAT

1089 AYORINDE BEN JOHNSON

1090 AYORINDE IYABEJI

1091 AYORINDE MORENIKE AJOKE OMOTUNDE

1092 AYORINDE OLUWATOYIN PEJU

1093 AYOWOLE FOLASHADE

1094 AYOYEMI ISHOLA JAMES

1095 AYUBA ESTHER

1096 AZAINO EFE UZEZI

1097 AZAKA AUGUSTINA UCHE

1098 AZAKA CYNTHIA

1099 AZARE DADA

1100 AZEEZ ABDULWAHID ATANDA

1101 AZEEZ ADIJAT KUBURAT

1102 AZEGBEOBOR DADA

1103 AZI SHOAGA

1104 AZIBATOR DARLINGTON

1105 AZIE UCHE AGATHA

1106 AZIKE CHERY ADANMA

1107 AZIKE MONICA AMONOMAH

1108 AZIM HAZIM

1109 AZIM SAFIYA

1110 AZIZ HASSAN

1111 AZIZ SAIDAH ABIKE

1112 AZIZA HUSSAIN

1113 AZODE NNAGOZIE GABRIEL

1114 AZODE STELLA ADANNA

1115 AZRA HUSSEIN

1116 AZUAMAIRO CHIDOZIE

1117 AZUAMARIO CHIDOZIE GODWIN

1118 AZUBUIKE JUSTIN

1119 AZUH DAFE DAFE

1120 AZUH GERALDINE

1121 AZUH MATHEW SOCHUKWUDI

1122 AZUKA GIDEON

1123 AZUKA MEZEYI JONATHAN

1124 BAAKO FARAT

1125 BABA KABIRU

1126 BABA-AGBA FELICIA O.

1127 BABADE-BABATUNDE AFOLAKE

1128 BABAFUNMITO KUNLE PETER

1129 BABAFUNMITO KUNLE PETER H.

1130 BABAGANA FATIMA

1131 BABALOLA BUKOLA MARY

1132 BABALOLA DEBORAH T.

1133 BABALOLA KOLA (CHIEF)

1134 BABALOLA THOMAS OYEBAMIJI

1135 BABALOLA YINKA SUNDAY

1136 BABAS SAMUEL INBIGE

1137 BABASOLA ADAMS

1138 BABATUNDE FAITH ADERINSOLA

1139 BABATUNDE OKERE

1140 BABATUNDE OLUWASEUN GLENN

1141 BABATUNDE SOYEMI

1142 BABAWALE SAMSON BIBITAYO OLUFEMI

1143 BABBA HASSAN USMAN

1144 BABI DAFEGHA

1145 BABS KUFEJI OLUFUNKE AGBEKE

1146 BABSON ASSIAK

1147 BABTUNDE BELLO

1148 BACK FLATS CONCEPTS

1149 BACKRY OLUWAKEMI RASIDAT

1150 BADA BABATUNDE YUSUF

1151 BADA OLAWALE IDRIS

1152 BADA SUNDAY

1153 BADA YEMI

1154 BADEJO EMORHIE

1155 BADEJO OLATUNJI

1156 BADEJO OLUBUKOLA

1157 BADEMOSI FADEKE

1158 BADMUS OLUSHOLA MICHAEL

1159 BAIYESHEA OLUMUYIWA TOLA

1160 BAIYEWU OLUFEYIKEMI

1161 BAJOWA ADEDOTUN AYODEJI

1162 BAJULAIYE LEORNARD

1163 BAKARE ADEWALE RASEED

1164 BAKARE AFIS OLALEKAN

1165 BAKARE ALI

1166 BAKARE BENJAMIN

1167 BAKARE FADEKEMI GANIAT

1168 BAKARE KINGLSEY

1169 BAKARE MAGNUS

1170 BAKARE MUSTAPHA OLOLADE ADETUNJI

1171 BAKARE OLANREWAJU

1172 BAKARE OLUFEMI OTUNBA

1173 BAKARE OREFALE

1174 BALA SUNDAY

1175 BALARABA JUDE

1176 BALARABE MARY

1177 BALAT KADUNA

1178 BALDWIN-OKOLI NWAMAKA GLORIA

1179 BALLA JOHNNY

1180 BALLA JOHNNY O.

1181 BALOGUN ADEBAYO JOHNSON

1182 BALOGUN AWUDU

1183 BALOGUN OLAYINKA DELE

1184 BALOGUN OLUSHOLA SHERIFAT

1185 BALOGUN OLUWASEGUN

1186 BALOGUN PATIENCE

1187 BAMA DAGGASH

1188 BAMBI UCHE

1189 BAMGBOSE FELIX TAIWO

1190 BAMIDELE HAROUN

1191 BAMIDELE OLATAWURA

1192 BAMMODU RONKE MORENIKE

1193 BAMODU ODUNAYO OLUTOMI

1194 BANAN IDRIS

1195 BANIGU PRECIOUS

1196 BANIRE DAGOGO

1197 BANJI SUNBO GLORY

1198 BANJO BANJOKO

1199 BANKOLE ISIAKA

1200 BANKOLE KAZEEM OLALEKAN

1201 BANKOLE OLURANTI

1202 BANNUA JANET

1203 BANRE DAGOGO

1204 BAPPA TAIYE

1205 BARAKAH IMAM

1206 BARAU PEJU

1207 BARIRA YUNUSA OMAR

1208 BARKO DINCI IFEANYI

1209 BARU BELLO IBRAHIM

1210 BARU HAFSAT IBRAHIM

1211 BARU HALIMA IBRAHIM

1212 BARU IBRAHIM

1213 BARU LUQMAN IBRAHIM

1214 BARU ZAINAB BELLO

1215 BASHIR HARUNA

1216 BASHIR JABIR

1217 BASHIR SAIDI BIMPE

1218 BASHIRU DAHIRU

1219 BASHORUN ABIMBOLA ADIJAT

1220 BASHORUN TUNDE FATAI

1221 BASIL ADEREMI

1222 BASIL DAKUM

1223 BASIL DALHOTU

1224 BASIM FRIDAY

1225 BASIM JALEEL

1226 BASIMAH JALEN

1227 BASSEY AFFIONG BOKIME

1228 BASSEY BASSEY JAMES

1229 BASSEY N. TOYIN

1230 BASSEY NKEREUWEM EFIONG

1231 BASSEY REGINARD

1232 BASSEY ULAN

1233 BATETSONE WARITSE NIG LTD HAMILTON

ORITSEWEYIMI

1234 BATUBO TONYE BAGSHAW

1235 BATURE PETER FRANK

1236 BAWA EMMANUEL GIMBA

1237 BAWALA MONSUR OBAFEMI

1238 BAWALA ZAINAB

1239 BAYO AKERELE

1240 BAYO FADIL

1241 BAYO OLAWALE

1242 BAYOKO JADEED

1243 BAYOKO JADEED P

1244 BEITA ISREAL

1245 BEITA ISREAL Q

1246 BEJI ROLAND AFIGHODARI OPUEGEN

1247 BELEMA JANE

1248 BELLO AISHA OLUFUNMILOLA

1249 BELLO AISHAT AJIBOLA

1250 BELLO AISHAT OLABISI

1251 BELLO AISHIATU

1252 BELLO ALANI ISAU

1253 BELLO AZIZA

1254 BELLO BABATUNDE

1255 BELLO BISI

1256 BELLO DANLADI

1257 BELLO ESTHER

1258 BELLO GARBA ABUBAKAR

1259 BELLO MARIAM OLAMIDE

1260 BELLO MOMODU

1261 BELLO OLADIPO RASHEED

1262 BELLO ONI

1263 BELLO OSEREMEN BLESSING

1264 BELLO RASAK OLALEKAN

1265 BELLO RASAQ OLADIPUPO

1266 BELLO RAUF JNR

1267 BELLO SAKIRU OLALEKAN

1268 BELLO UMARU

1269 BELLO USMAN

1270 BELLO USMAN MBULAMA

1271 BEM FAISAL

1272 BEMA DAMILOLA

1273 BENARD OCHELLE

1274 BENARDINE DANIEL

1275 BENIE DANASABE

1276 BENITO MAC CHUKS

1277 BEN-IWU PRINCESS

1278 BENJAMIN IYENGE

1279 BENJAMINE OLUKAYODE

1280 BEN-JOHNSON DANBAKI

1281 BENNY FOLARIN

1282 BENSON AJAYI

1283 BENSON-OGUNSIPE ADERONKE

1284 BENSON-OGUNSIPE ADERONKE ADEBISI

1285 BEN-UZOM NGOZI CALISTER

1286 BEN-WHYTE RICHARD

1287 BENZOE SARAH OLUWAYEMISI

1288 BERCKLEY JOHN BILARY

1289 BERCKLEY JOHN DANBALA

1290 BERNARD EYO

1291 BERNARD UTULU

1292 BERNARDIN BUBA

1293 BESONG DANIELA

1294 BESONG ERIC NDOMA

1295 BETTY OBAYILO

1296 BFCL INVESTMENT A/C

1297 BIAYE DAVIES

1298 BIBI JALIJ

1299 BIDMOS MUSLIH

1300 BIENOSE JOHN

1301 BIKO OLA

1302 BILAL JAMAL

1303 BILAL SHASMECKA

ANNUALREPORT

2016

Unclaimed Dividend


1304 BILIKISU DANJUMA MOHAMMED

1305 BILIKISU DANJUMA MOHAMMED U

1306 BIMPE NGWUNZE

1307 BINDO BIOSE

1308 BINDO BIOSE R

1309 BINI DANJUMA

1310 BIRTUS DANLADI

1311 BIRTUS TAIWO

1312 BISHOPTON ABIMBOLA ALAKE

1313 BISIOLU RAMOTA ADUKE

1314 BITRUS BLESSING YOHANNA

1315 BITRUS GRACE YOHANNA

1316 BITRUS SAMUEL NINYIO

1317 BITRUS SILAS

1318 BLEMOD VENTURES

1319 BLESSING ANYA

1320 BLESSING DANLADI

1321 BLESSING EMELE

1322 BODE DANLADI

1323 BODE HASIM

1324 BOLABIRINWA OLUWAYEMI IBIDUN

1325 BOLADALE AMIRAT IDERAOLUWA

1326 BOLAJI ABIODUN OLUWAKEMI

1327 BOLAJI DANLAMI

1328 BOLAJI KAMIL

1329 BOLAJI SAMUEL OLUFEMI

1330 BOLANLE KARIM

1331 BOLARIN DAPO MOSES

1332 BOLARIN MONILOLA MARY

1333 BOLARIN WALE JOHN

1334 BOLARINWA FUNMI

1335 BOLARINWA OLUFELA OLAIYA

1336 BOLARINWA SALISU

1337 BOLARINWA SALISU U.

1338 BOLATITO GIWA

1339 BOMA DEDE

1340 BONNY TAMMY

1341 BORO ERNEST

1342 BORO ERNEST T.

1343 BORO MARK STANLEY

1344 BORO MARK STANLEY .J

1345 BORODO BORO

1346 BORODO BORO V.

1347 BOSE COKER

1348 BOSE OLUWALE

1349 BOSEDE VAUGHAN

1350 BOYEDE BOLARIN

1351 BRAITHWAITE OLUWAFUNMILAYO ADERONKE

1352 BRAITHWAITE OLUWASEMILOGO ADEKUNBI

1353 BRAITHWAITE OREOLUWATOMI ADEMIDE

1354 BRALIZE TAMMY

1355 BREDAN EGREGOR

1356 BRIGGS INNE

1357 BROKA ONOYOVBERE

1358 BROWN IBIFUBARA

1359 BUBA HASSAN

1360 BUBA JUMMA

1361 BUHARI DAPE

1362 BUHARI OLUREMI

1363 BUHARI SHITTU

1364 BUHARI SOLOMON

1365 BUKAR UCHE

1366 BUKOLA BABACJI

1367 BUKOYE BUKOLA RISQAUT

1368 BUKUAGHANGIN UTIBE N.

1369 BUKUGHANGIN UTIBE

1370 BUKUNMI REMI ANDREW

1371 BUNGWON PRECIOUS

1372 BUNMI WRIGHT

1373 BURAIMOH RASAKI

1374 BURHAN JIBRIL

1375 BURNAN SI BONGILE

1376 BURUBOYEFE SUOKUMO CLEMENT

1377 BURUBOYERE

1378 BUSARI GANIYU ALADE

1379 BUSARI RAIFU OLADELE

1380 BUSARI UCHENNA

1381 BUSOLA AYENI

1382 BUTA DOGO

1383 BUYAN EZRA

1384 BUYINYIN ISA

1385 BUYINYIN ISA X.

1386 BWALA DAUDA GARBA

1387 BYOMA BAKER E.

1388 CALA KADIN

1389 CALE EIUBORN

1390 CANICE UZEME

1391 CANTARA KAEZIR

1392 CAPAS NOMINEE "MAO"

1393 CAREW BABATUNDE

1394 CARLTON TARI

1395 CARNA KALE

1396 CECILIA OZEMWA

1397 CELESTINA EDWIN

1398 CELESTINA OSADEBE

1399 CEMAL KALID

1400 CEMAL SITEMBIKE

1401 CHAMA SIMON HASSAN

1402 CHAPPI DORCAS

1403 CHARITY ARIBA

1404 CHARLLY EMMANUEL EMMANUEL

1405 CHI OKAFOR

1406 CHIAMAH OGOCHUKWU ROSEMARY

1407 CHIBUIKE ISSAC JOHN

1408 CHIBUIKE UZOMAKA

1409 CHIBUNDU FRIDAY

1410 CHIBUZO DARAMOLA

1411 CHIDIKAONYE PKWECHIE

1412 CHIDIKAONYE PKWECHIE N

1413 CHIDINDU LOIUS

1414 CHIDIOGO BOLADE

1415 CHIE MARCELLINUS IFEANYI

1416 CHIEKE GRACE

1417 CHIELO JOHN

1418 CHIGBOGU LOTANNA JAMES

1419 CHIGBUZO ABBA

1420 CHIJINDU IVAN CHUKWUKA

1421 CHIJIOKE AGBELE

1422 CHIJIOKE BRYAN

1423 CHIJIOKE CLEMENT

1424 CHIJIOKE JOSEPHINE

1425 CHIJIOKE JOSEPHINE V

1426 CHIJIOKE MACPETERS

1427 CHIJIOKE MACPETERS S

1428 CHIJUKA DARAMOLA

1429 CHIKA CHIJIOKE ANDREW

1430 CHIKA CHIJIOKE ANDREW A

1431 CHIKATARA RUTH

1432 CHIKE ARIYU

1433 CHIKE UCHE

1434 CHIKELUBA UGOCHUKWU

1435 CHIKEZIE MADU AUGUSTINE

1436 CHIKEZIE OGECHI

1437 CHIKWELU CHETA

1438 CHILAKA CHUKA THOMAS

1439 CHILAKA CHUKA THOMAS B

1440 CHILAKA CHUKA WILFRED

1441 CHILAKA CHUKA WILFRED N

1442 CHILAKA DOGO

1443 CHILAKA DOGO P

1444 CHIMA ABBA

1445 CHIMA MAC-COLLINS

1446 CHIMA WILLIAMS IHKEKE

1447 CHIMADU DAREN

1448 CHIMADU ENITAN

1449 CHIMAOBI NELLY UNWANA

1450 CHIMASON YUSUF

1451 CHIMBO IBEZIMAKO

1452 CHIMGOZIM PATRICK

1453 CHIMGOZIM PATRICK R

1454 CHINAKA ABEL CHINAKA

1455 CHINAKA EDNA NDIDI

1456 CHINAKA PRINCESS

1457 CHINAKA ROSEMARY

1458 CHINASAOKWU EREGE

1459 CHINEDU ADIM FRANCIS

1460 CHINEDU OGOM

1461 CHINEDU ONWUEGBULE

1462 CHINELU AMOS

1463 CHINEMELUM UGOCHUKWU CHUKWUEMEKA

1464 CHINENYE AMAECHI URSLLA

1465 CHINOKO FAHD

1466 CHINONSO STEPHEN IHEANACHO C

1467 CHINWE ESEZOBOR

1468 CHINWE ESEZOBOR P

1469 CHINWEUB ANTHONY OBINNA

1470 CHINWUBA COSMOS ARINZE

1471 CHIROMA AMINAH

1472 CHIROMA DANSANI

1473 CHIROMA DANSANI Z

1474 CHISOM BABALOLA

1475 CHIZIMDU ESEZOBOR

1476 CHIZOBA JENEVIVE IFEYINWA

1477 CHIZOBA KENNETH JOHNBOSCO

1478 CHIZOBA MARTHA EZINNE

1479 CHIZOBA PHILOMENA

1480 CHIZOBA PHILOMENA N

1481 CHIZOBA VICTOR IKENNA

1482 CHRISTA ETOP

1483 CHRISTIAN ASSOCIATION OF NIGERIA

1484 CHRISTY THEOPHILUS

1485 CHUKA AHAMAD

1486 CHUKA DIWA

1487 CHUKE DANIEL

1488 CHUKS MAC BENITO

1489 CHUKWU COLLINS OGBONNA

1490 CHUKWU EMMANUEL VINTUS

1491 CHUKWU GEORGE NDUBUISI

1492 CHUKWU GOLD

1493 CHUKWU ICHEN

1494 CHUKWU NDUBUISI STANLEY

1495 CHUKWU NGOZI OLUCHI

1496 CHUKWU NKEM

1497 CHUKWUBUIKEM HARUNA

1498 CHUKWUDI AUSTINE AMAECHI

1499 CHUKWUDI SAMUEL CHIDIEBERE

1500 CHUKWUDIKE Q.

1501 CHUKWUDIKE PRINCESS

1502 CHUKWUDINMA NZUBE MELVIN

1503 CHUKWUDUM JOHN OGBONNA

1504 CHUKWUEMEKA SAMUEL

1505 CHUKWUGBO FRANKLIN AZUBIKE

1506 CHUKWUJEKWU COLLINS FRIDAY

1507 CHUKWUJIMBE EJIKE ANTHONY

1508 CHUKWUJINDU DEBORA

1509 CHUKWUKA AZUBUIKE NWACHUKWU

1510 CHUKWUMA BENEDICT

1511 CHUKWUMA CHRIS ONYEJEKWE

1512 CHUKWUMA ECHEZONACHUKWU CHUKWUDUBEM

1513 CHUKWUMA EWELE LUCKY

1514 CHUKWUMA JANE

1515 CHUKWUMA MABEL NKIRUKA

1516 CHUKWUMA OGECHI

1517 CHUKWUMA SOWANDE KENNETH

1518 CHUKWUNEKE JOY AKA

1519 CHUKWURAH OKEY

1520 CHUKWUZUEBULE WALTER C

1521 CHUWA PRINCEWILL

1522 CHUWA WILL S.

1523 CIROMA ABDULLAHI MBALALA

1524 CLARA UCHE

1525 CLIFORD DEBORAH

1526 C-MBA DARAMOLA

1527 COAKMAG INVESTMENT LTD

1528 COCOBASSEY EKPOANWAN ENETIE

1529 COLE AGBEKE

1530 DANIEL SEZUO SAMSON

1531 DANIELA OMOLAYO

1532 DANJUMA CHIBUEZE

1533 DANJUMA EMMANUEL

1534 DANJUMA ISIAKA-SULE

141PAGE

ANNUALREPORT

2016

Unclaimed Dividend


142PAGE

1535 DANJUMA JINOBI

1536 DANLADI BOLANLE

1537 DANLADI CHUKUDI

1538 DANLADI MARVELLOUS

1539 DANLAMI WUNMI

1540 DANMUSA GONTO

1541 DANMUSA GONTO M

1542 DAN-MUSA IDRIS GAMBO

1543 DAN-MUSA JAMILA GAMBO

1544 DAN-MUSA NAFISAT GAMBO

1545 DANSADAIJ UBOHO

1546 DANSADAIJ UBOHO Y

1547 DANSANI MSHELIA

1548 DAPE LIVINGSTONE

1549 DARAMOLA AFOLAKE

1550 DARAMOLA FABIAN

1551 DARAMOLA IMRAN

1552 DARAMOLA LEWIS

1553 DARE ABAYOMI JOSEPH

1554 DARE AKINGBOLA WILSON

1555 DAREN FARID

1556 DARODA ALIYU SANI

1557 DAVID DANON AKOTEGNON

1558 DAVID EBERE ONYEJE

1559 DAVID ELIZABETH (REV)

1560 DAVID ELIZABETH SUNDAY

1561 DAVID GRACE

1562 DAVID JIMMY FEMI

1563 DAVID KAYODE

1564 DAVID NWOKO

1565 DAVID ODUNAYO OLARINDE

1566 DAVID OLUJI

1567 DAVID OLUSANYA

1568 DAVID USMAN

1569 DAVIDSON ORIGA BIBI

1570 DAVID-WEST BANIGO

1571 DAVIES ADEMOLA B

1572 DAVIES AYI

1573 DAVIES BABAJIDE A

1574 DAVIES OWOLABI

1575 DAVIES PAULINUS

1576 DAWA FALANA

1577 DAWODU OLUWOLE HEZEKIAH

1578 DEBORA OKOOBA

1579 DEBORAH DAUDA

1580 DEBORAH GHASSAN

1581 DEBORAH O.SIMON

1582 DEEKAE OKWABE NWIBEKE NGOZI

1583 DEHINBO ADEMOLA NURUDEEN

1584 DEHUNIGBO OMOTAYO TEMITOPE

1585 DEJE ABASS ABASS

1586 DEJI BALA

1587 DELE AYIO

1588 DELE-GIWA OLUFUNMILAYO

1589 DELUWA BIJIMI

1590 DEMOLADE OLALUDE

1591 DEREFAKE BLISS

1592 DE-REGAL& ASSOCIATES LTD . .

1593 DERIRAN KETURAH EROURE

1594 DESMOND TUTU

1595 DE-ULTIMATE STARS NIG LTD

1596 DIANABASI STEPHEN

1597 DIANABASI STEPHEN A

1598 DIBIA AMA SAMUEL

1599 DIBIA JUDE ISIOMA

1600 DICKSON BOLADE

1601 DICKSON FELIX

1602 DICKSON OLUFUNMILOLA HELEN

1603 DICKSON THOMAS FRIDAY

1604 DIKE AFOMA ANN

1605 DIKE CHUKWU

1606 DIKEOCHA KALU

1607 DIKEOGU DOUGLASS

1608 DIKOBA NIGERIA

1609 DILLUM VICTOR

1610 DILLUM VICTOR A

1611 DIM OKORIE

1612 DIMKA ABDU

1613 DIMKA AISHA

1614 DIPE COMFORT ABOSEDE

1615 DIPEOLU CHIBUIKE STAN

1616 DIRRAN KAMAL

1617 DISU ABDUL LATEEF

1618 DITTIMI OTAGHOGHO

1619 DIVINE SULEIMAN

1620 DIYA CHUTA

1621 DOGARA SOLONYE

1622 DOGONDAJI AHMED SHEHU

1623 DOLBIB NIGERIA LIMITED

1624 DOMINIC MERCY JOSEPH

1625 DONALD AKHUETIEM

1626 DONALD FRIDAY

1627 DOPEMU ADERINSOLA ADESOLA

1628 DORA OKORIE

1629 DORA OLANDO

1630 DORGU CLARINA

1631 DORKA COMFORT

1632 DORKA COMFORT E

1633 DOROTHY IDEMUDIA

1634 DOSHIMA JOLLY

1635 DOSUNMU GBENGA SIMEON

1636 DOTUN KOYIN

1637 DOTUN OLUGBODI

1638 DOTUN PATRICK

1639 DRAMBI TIZHE

1640 DREAMLAND GLOBAL ASSETS LTD

1641 DUBA COLLINS

1642 DUBEM STEPHEN

1643 DUDU MARGRET AGBAMIRONARA

1644 DUKE MARYANU

1645 DUKU EMMANUEL UDUMEBRAYE

1646 DUMDE ELECHUKWU

1647 DUNG KANGYANG DAYOU

1648 DUNIYA CLINTON BIVAN

1649 DUNIYA KENEDY BOBAI

1650 DUNIYA MARTIN LUTHER KUYET

1651 DUNIYA NELSON ZAKI

1652 DUPE ABAMU

1653 DUREKE IFEKA ANSLEM

1654 DURODOYE RASHEED .A.

1655 DUROJAIYE HAMZAT OLATUNJI

1656 DUROJAIYE RASHEED

1657 DUROTOLUWA ADEOLA OMOLOBA

1658 DUROTOYE OLUSOLA

1659 DUROTOYE OPEYEMI

1660 DUROTOYE OPEYEMI

1661 DURUAKU IJEOMA QUENETH

1662 DURUNWOKEDI EMEKA HOPE

1663 DUWA AUTA

1664 E.C.P. GROUP

1665 EARNEST TIMI

1666 EBATA BENJAMIN

1667 EBATA CHRISTOPHER

1668 EBATA DOMINIC

1669 EBATA DONATUS

1670 EBATA FIDELIX

1671 EBATA GIDEON

1672 EBATA MACEL

1673 EBATA MATTHEW

1674 EBATA ROBERT

1675 EBATA ROSEMARY

1676 EBATA SOLOMON

1677 EBEK PRINCE ASUKWO

1678 EBELE AKPOBOME

1679 EBENGE MARTIN

1680 EBENGE MARTIN B.

1681 EBEOGU CHIOMA EBELECHUKWU

1682 EBERE AWULO

1683 EBERE GLORY

1684 EBERECHI EKENE

1685 EBERECHI EKENE N.

1686 EBHODAGHE TEGA IMHANDE

1687 EBHOHON FEDINARD

1688 EBHOHON FELIX

1689 EBHOHON MAGNUS

1690 EBHOHON PETER

1691 EBHOHON SAMUEL

1692 EBHOHON STANLEY

1693 EBHOHON STEPHEN

1694 EBHOHON VICTORIA

1695 EBIBI SANDRA

1696 EBIBI SANDRA C.

1697 EBINUM DANIEL CHUKWU-YENUM

1698 EBINUM DAVID ONYEKA-CHUKWU

1699 EBINUM JOY AWURI

1700 EBIOLADE RAYGIN

1701 EBOH AHMED

1702 EBOH ORITSEWENYIMI MICHAEL

1703 EBOJI JUDE OKEBUNOR

1704 EBOJIE KENNEDY

1705 EBOJIE NEVISMONT MONDAY

1706 EBOLOSUE CHUKWUMA HECTOR

1707 EBRAHIM KAMIL

1708 EBRAHIM SULAIMAN

1709 EBRUSIKE OGHENETEGA

1710 EBU UCHE STELLA

1711 EBUBECHUKWU RAZI

1712 EBUKA ABUBAKAR

1713 EBUKA ABUBAKAR A.

1714 EBUN GATTA

1715 ECAD MARJANI

1716 ECHEFU RASHIDA

1717 ECHEMA CHUKWUDI

1718 ECHEUMUNA ANTHONY

1719 ECHIEGU NWANKWO

1720 ECHINA FELIX OLELE

1721 EDAH OGBONNIA

1722 EDAH PETER

1723 EDDEH DALLAS

1724 EDDEH DALLAS D.

1725 EDEANI RUNAKO

1726 EDEBOR SAFIYA

1727 EDEGBE OSAS FELICIA

1728 EDEH JACKSON

1729 EDEKUNU ISAAC OGHENEWATA

1730 EDEM JACKSON A.

1731 EDEM OLAITAN

1732 EDEM SAMUEL EFFIOM

1733 EDEOGHON GABRIEL

1734 EDESIRI SATOPE

1735 EDESIRI SATOPE I.

1736 EDET ADAMS

1737 EDET JOAN AISHATU

1738 EDET LEONARD A.

1739 EDET ROSE

1740 EDET TUNDE

1741 EDETAN DELIGHT PEACE

1742 EDETAN MARVELLOUS OLUWASEMILORE

1743 EDI D. JOHN

1744 EDIGWE BLESSING OGHALE

1745 EDI-OSAGIE SIDNEY IFEANYI

1746 EDOGAME RITA SENUMA

1747 EDOH ONYECHE CATHERINE

1748 EDOHO EDOHO MFON

1749 EDOHO JENNIFER EMMMANUEL

1750 EDOHO JOY EDOHO

1751 EDOSA FRIDAY OKPOKOR

1752 EDOSA SUKUTAI

1753 EDOSUYI FARAJI

1754 EDREMODA EDITH OMAYEULI

1755 EDU JERRY

1756 EDU JERRY W

1757 EDU SALILAH

1758 EDUMELE JOSEPH ODOKO

1759 EDUN OLUWATOSIN GRACE

1760 EDUN OMOTAYO GEORGE

1761 EDUNO CLEMENT

1762 EDUNO CLEMENT E

1763 EDUOK SALIM

1764 EDWARD OLAJIDE O.

1765 EDWARDS ADEBIYI ADEREMI

ANNUALREPORT

2016

Unclaimed Dividend


1766 EDWIN PAUL CHIBUIHE

1767 EEVNAS BEAUTY SALOONS LTD

1768 EFE GODSPOWER EVI

1769 EFE SULAIMAN

1770 EFEMINI SAMUEL

1771 EFEWAPE MOBOLAJI

1772 EFFA ESU OTU

1773 EFFI DERENICK

1774 EFFIOM FELIX EFFIOM OKON

1775 EFFIONG ASUKWO

1776 EFFIONG ESSIEN GLORIA

1777 EFFIONG MFIONISO ADOLF

1778 EFFIONG MUKHTAR

1779 EFFIONG TABANSI

1780 EFFONG JOY AGNES

1781 EFOBI EKENE ANTHONY

1782 EFOSA PROSPER OSAREME

1783 EFOSA PROSPER OSAREME K.

1784 EFU EMMANUEL

1785 EFUWAPE TITILAYO J

1786 EGAUHON MAIZAH

1787 EGBE SIBONGILE

1788 EGBEDI ANTHONIA

1789 EGBEDI ROY

1790 EGBEKU BENIAH

1791 EGBEKU HELEN SIM

1792 EGBEKU SALEM

1793 EGBEKU SARAH

1794 EGBEKU SARIM EFE EGBEKU

1795 EGBI EGUNIKE

1796 EGBIREMHON DALINGTON EHIABHI

1797 EGBO UCHENNA PAUL

1798 EGBOH ADAEZE

1799 EGBOKA NWAKAEGO AGATHA

1800 EGBORAI NKECHI ANIREJUORITSE

1801 EGBORDI UCHENNA ALERO

1802 EGBOSIMBA OBIANAMA VICTORIA

1803 EGBUIWE TAPANGA

1804 EGBUNE BRIDGET NGOZI

1805 EGBUNG AUGUSTINE UKWADA

1806 EGBUNIKE RICHARD

1807 EGBUTA JOSEPHINE CHINJOMA

1808 EGEDE TABARI

1809 EGEOLU TAKIYAH

1810 EGERUO EDITH ADAEZE

1811 EGHAREUBA ERNEST

1812 EGHAREVBA ERNEST F

1813 EGHWEREHE EJOVI JUDITH

1814 EGONWA IRENE

1815 EGUNJOBI PEMBA

1816 EGUWIM IJEOMA FLORENCE

1817 EGWEBE NAILAH

1818 EGWUATO NONSO

1819 EGWUATU CHUKWUGOZIE CHUKWUMA MARCEL

1820 EGWUATU NDUBUISI DONS

1821 EGWUATU NDUBUISI DONS

1822 EGWUATU NMESOMA JENIFAR

1823 EGWUATU THERESA NWANYIBUTE

1824 EGWUENU OBIAJULU

1825 EGWUTUHA IFEANYI PAULINUS

1826 EHI CHIKOJILI MOSE

1827 EHIAGWINA AGATHA OSEMUDIAMEN

1828 EHIKIOYA DADA AYO

1829 EHIKODI GINA

1830 EHIMAH EGO FARIDA

1831 EHINDERO MICHAEL OLUWATUYI

1832 EHINMISAN OLATOMIDE FRANCIS

1833 EHOYE NABLEYI

1834 EIGBIREMHONLEN PHILIP EHIABII

1835 EIGBOKHAN GODWIN EHIMEN

1836 EILJAH GINGTON

1837 EJALONIBU MUKAILA AKANJI

1838 EJE EZEKIEL ODEY

1839 EJEH OBAGWU

1840 EJEM OBUMNEME M.

1841 EJEMBA ISREAL IFY

1842 EJEMBI PETER PATRICIA

1843 EJIAMU KINGSLEY CHIDI

1844 EJIBENAM OKWUDILI C.

1845 EJIBENDU EVELYN

1846 EJIKE CHINYERE AKUNNA

1847 EJIKE COLLINS

1848 EJIKE PHILIPS

1849 EJIKS FEMI

1850 EJIM FOLA

1851 EJIMADU GIFT EMEKA

1852 EJIMADU IWO

1853 EJIMBA CHRISTIANA

1854 EJINAKA INTERPRISES

1855 EJIOFOR ANAYO

1856 EJIOFOR DENNIS

1857 EJIOFOR EMOS

1858 EJIOFOR JONATHAN

1859 EJIOGU DONATUS ONUOHA

1860 EJIONYE RUTH IDOWU

1861 EJOAMAHE EVAW

1862 EKAMA TEGA

1863 EKANDE OLUSEGUN

1864 EKANEM ENOBONG ASUQUO (ADMOR)

1865 EKANEM SAMUEL ESSIEN

1866 EKANEM UDO

1867 EKE CHRISTOPHER OSATO

1868 EKE IKECHUKWU OLIVER

1869 EKE MATTHEW CHIJIOKE

1870 EKE OCHENEAWEROSU

1871 EKE OGBONNA KEN

1872 EKECHUKWU HARBERT EMECHETA IHEANYI

1873 EKEKWE UKACHUKWU FREDERICK SUNDAY

1874 EKEMODE UCHENNA

1875 EKEMORUAH AVEROSUEOGHENE

1876 EKEMORUAH MERCY ESEOGHENE O.

1877 EKEMORUAH OGHALE

1878 EKEMORUAH OTHUKE BEAUTY

1879 EKEOCHA IJEOMA CHIBU

1880 EKEREKA ANIFIOK FRIDAY

1881 EKHENLEN ALBERT BELLO

1882 EKIKERE IROAGBA

1883 EKIKERE IROAGBA W

1884 EKIKERE JOEL

1885 EKIKERE JOEL T

1886 EKO AREMU

1887 EKO BABAJIDE

1888 EKON BOYE

1889 EKOP MFON DANIEL

1890 EKPA MAGNUS YUNISA

1891 EKPE JOHN AMAECHI

1892 EKPE JONAH ETIM

1893 EKPE V CHRIST

1894 EKPENDU BEAUTY IFEOMA

1895 EKPENYONG LUCY MICHAEL

1896 EKPO EKPENO ITA

1897 EKPO ISONGUYO MATTHEW

1898 EKPO NAOMI

1899 EKPO UCHE

1900 EKUASE UHUNONA ELIZABETH

1901 EKUKU OMOREGIEVA SUNDAY

1902 EKUNDAYO OLABODE

1903 EKUNDAYO OLUWATAMILORE

1904 EKUNG TINEKAJAWANI

1905 EKURE JOHN

1906 EKWE JONATHAN SAMUEL

1907 EKWE OKORIE JOHN

1908 EKWE OKORIE JOHN N

1909 EKWERE EMAH GODWIN

1910 EKWERE EMAH GODWIN O

1911 ELAIGU ANDREW EKWUOJO

1912 EL-BASHIR ABDUL

1913 EL-BASHIR LAWANI

1914 ELEANYA KALU VICTOR

1915 ELEBUTE SULAIMON

1916 ELECHUKWU LOVEDAY

1917 ELEDU EBE EDITH

1918 ELEDU OGBONNA EDITH

1919 ELEGEONYE JOSHUA CHINEDU

1920 ELEKWACHI HART

1921 ELEODIMUO FRANCISCA AMAKA

1922 ELEWA MANDISA

1923 ELGAM EBOR PETER

1924 ELISHMA YARO

1925 ELIZABETH AKPAN

1926 ELIZABETH BIBINU

1927 ELIZABETH EMEKA

1928 ELIZABETH UDOEKPA A

1929 ELIZABETH UWAJEH

1930 ELKANEM ABDUSALAM

1931 ELOHO ANDYSON

1932 ELUE GAMBA

1933 ELUE UBA

1934 ELUGBILE RAUF AKANJI

1935 ELUM CHUKWUMA

1936 ELUMEZE CLEMENT ISIOMA

1937 ELUSHADE IBIYINKA OLUBUNMI

1938 ELVIS PHIL

1939 EMAFO HALIMA

1940 EMAFO TALE

1941 EMEBO BLAISE OGBONNAYA

1942 EMEDIONG MFON

1943 EMEFIELE AUGUSTINE

1944 EMEKA AKUNLUYI

1945 EMEKA AKWARANDU

1946 EMEKA STEPHEN

1947 EMEKAH HABIKAH

1948 EMEM-ABASI MURITALA

1949 EMENIYI ALFRED

1950 EMENOGHA CHINEDU AUGUSTINE

1951 EMENOGHA EBELE GRACE

1952 EMENYI ALFRED Q

1953 EMERE MATTHEW CHIKA

1954 EMERUEH NKEM

1955 EMERUEH OGE

1956 EMERUEH OGE NKEM

1957 EMIR KANIEL

1958 EMIR TABANSI

1959 EMMAH IKENNA

1960 EMMAH IKENNA R

1961 EMMANUEL ANTHONY ONAH

1962 EMMANUEL BAMIDELE KOLAWOLE

1963 EMMANUEL CHRIS O SEGUN LAWAL

1964 EMMANUEL IBE

1965 EMMANUEL IDRIS

1966 EMMANUEL SOLOMON

1967 EMMANUEL ULEGEDE

1968 EMMANUEL VICTOR CHINEDU

1969 EMOKPAIRE OGWIHI

1970 EMUCHEYA VICTORIA ESTHER NKEMJIKA

1971 EMUSA DATANIA NENGI

1972 ENAHOLO EROMOSELE OZIEGBE

1973 ENAHORO VICTOR

1974 ENANG GLORY

1975 ENANG GLORY B

1976 ENANG MICHAEL ECHEMI

1977 ENE AGBO

1978 ENEBUSE MARIA

1979 ENEBUSE MARIA D

1980 ENECHUKWU OSITA FREDRICK

1981 ENEFIOK MFONOBONG

1982 ENEH AMINU

1983 ENEKEBE CHINEDU

1984 ENEKEBE NKECHI CHRISTINE

1985 ENEKHIMION IYARE

1986 ENENCHE FRANCIS OGBECHE

1987 ENEUDE EJIKE FRANK

1988 ENGOM EMMANUEL ANZAKU

1989 ENI KYIJIAOSOWO

1990 ENI N EHIS K.

1991 ENILOLOBO DEBORAH AYOKUNMI

1992 ENINOBOR LEWIS UFUOMA

1993 ENO AKAN

1994 ENO EMANGHA OMINI

1995 ENOCH CHIMEZIE CELESTINE

1996 ENOCH KELECHI JOHN

143PAGE

ANNUALREPORT

2016

Unclaimed Dividend


144PAGE

1997 ENOGIERU GLADYS

1998 ENOGWE CHIDOZIRI CLARIBEL

1999 ENTONU GRACE

2000 ENUBUZOR MONICA OYEMEN

2001 ENUGUZO SAMUEL

2002 ENUNWA NKECHI

2003 ENWEMADU CHIEDU ANDREW

2004 ENWEREM OGBONNYA U.A.

2005 ENYE PETER AYO

2006 ENYEKWE IDARA

2007 ENYEKWE IDARA E

2008 ENYIA FIDELIS CHUKWUEMEKA

2009 ENYIDIA ORISEH

2010 ENYINA FAITH

2011 ENYINA FAITH Y

2012 ENYINNAYA JULIANA ANAYOCHI

2013 ENYINNAYA JULIANA SARAH

2014 EPANG ABENI RITA

2015 EPANG KESIA

2016 EPHRAIM KASIMU

2017 EQUERE PROMISE

2018 EQUERE PROMISE E

2019 EQUINOX PROPERTIES LIMITED

2020 EQUINOX ASSET MANAGEMENT LIMITED

2021 EQUINOX CONSULTING LIMITED

2022 ERABOR PHILIP

2023 ERAKPOTOBOR KEON

2024 EREH DAVID

2025 ERENGAKA JABARI

2026 EREOLA MUIDEEN ADEROJU

2027 ERETAN FESTUS OLANREWAJU

2028 ERIKAN JOSEPHIN U

2029 ERIKAN JOSEPHINE

2030 ERIKI ISOKPEHI EMMANUEL

2031 ERIN PRINCE

2032 ERINFOLAMI OLA OMOLARA

2033 ERINLE OLAMIDE OLANIYI

2034 EROMOSELE ELEDU MICHEAL

2035 EROMOSELE STEPHEN

2036 ERONDU ELIJAH ERONDU

2037 ERONINI KANENE

2038 ERUANOVUE OKPOKOR EDUN

2039 ERUGO CHINEDUM EZENWA

2040 ERUGO CHINYERE

2041 ERUGO EZENWA CHINEDUM

2042 ESAN JAYVYN

2043 ESANG EKOM EFIONG

2044 ESEDERE OMOTEJERE SARAH

2045 ESEDERE OMOTUNDE BEATRICE

2046 ESEGBONA KACHUKWU

2047 ESEGBONNA SOLOMON

2048 ESEGBONNA SOLOMON E

2049 ESEIGBE KARIMAH

2050 ESEKA EJIME PAUL

2051 ESENEH JOAN EBINEHITA

2052 ESENYIE KADIJA

2053 ESEWE PROSPER

2054 ESEWE PROSPER H

2055 ESEZO DEJI

2056 ESEZOBOR DELE

2057 ESEZOBOR DELUWA

2058 ESHEMOKHAI EMMANUEL EKPESHE

2059 ESHIET ANURI PETER

2060 ESHIET ANURI PETER W

2061 ESHO JOSHUA OLUWAFEMI

2062 ESHOKHAI PAUL SUNDAY

2063 ESIAGA ISOKE

2064 ESIBENNE KINGSLEY AJOMIWE

2065 ESIENUMOH ESHIETT

2066 ESIENUMOH ESHIETT D

2067 ESINWOKE CHERISH

2068 ESSEH EMMANUEL OTHOWARONA

2069 ESSEH ESTHER OLABISI

2070 ESSIEN ESTHER BASSEY

2071 ESSIEN KOOFREH CHARLES

2072 ESSIEN PATRICK FRIDAY

2073 ESSIEN PETER

2074 ESSUMAI WINGLE

2075 ESTHER ABEL

2076 ESTHER EACHA

2077 ESUMOBI KAMBO

2078 ESUOLA RAJI MOYOSORE

2079 ETA OBETEN JUNIOR

2080 ETCHIE ESIMAJE

2081 ETCHIE JOHN

2082 ETENG ETENG MBANG

2083 ETERIGHO ALEXANDER

2084 ETERIGHO ALEXANDER K

2085 ETIENO MFON

2086 ETIM ANTAN EFFIOM

2087 ETIMENSI SUNDAY

2088 ETINI EHIS

2089 ETINI RAYGIN

2090 ETINI RAYGIN Y.

2091 ETOFILS VENTURES NIG LTD

2092 ETOH DANIEL CHIBUIKEM

2093 ETOKWUDO IFEYINWA AUGUSTINA

2094 ETUKUDO INYANG VINCENT

2095 ETUKUDO NKORI

2096 ETUKUDO NKORI B.

2097 ETUNYA BLESSING

2098 EUCHARIAH BOSE

2099 EVELYN OTUDEKO

2100 EVERGREEN FARMERS CICS LTD

2101 EVERGREEN PHC UNIQUE COOP. INV. &

CREDIT SOC. LTD

2102 EWALEFO EMMANUEL EHIDIAMEN

2103 EWALEFO GLORIA

2104 EWERE WILFRED

2105 EWOULA OLUWAFISAYO

2106 EWULU ANTHONIA NGOZI

2107 EXITGATE RESOURCES LIMITED

2108 EYAH SUNDAY KENNETH

2109 EYESEMUAN WALTER

2110 EYIBO JUMA

2111 EYIMOFE BARBER

2112 EYO ANIETIE ASUQUO

2113 EYONG MARILIN EKANEM

2114 EZE AUGUSTIN IKECHUKWU

2115 EZE CHIKE LEO

2116 EZE CHUKWUEBUKA TADIMMA

2117 EZE DEBORAH

2118 EZE IROHA URUM

2119 EZE JULIET UCHECHUKWU

2120 EZE NWANI PETER

2121 EZE PHILIP

2122 EZE STANLEY

2123 EZE SUNDAY FRANCIS

2124 EZEAGWASINWA KENECHUKWU CHIJINDU

2125 EZEAMA BENJAMIN

2126 EZEAMA CHINEDU EZEAMA

2127 EZEANI GERALD ARINZE

2128 EZEANI JOSEPHINE NKIRU

2129 EZEANI OZOR CHRIS

2130 EZEANYA CHINWE NENKA

2131 EZEANYA NGOZI NKIRU

2132 EZEBUIKE OGUGUA COLLINS

2133 EZEBUIRO IGNATIUS

2134 EZECHUKWU ROSELINE IFEOMA

2135 EZEGWO CHIKE

2136 EZEIFE EBERE MERCY

2137 EZEIMO OKWUNNADI

2138 EZEKWEM FRIDAY J.

2139 EZEMA IJEOMA FAVOUR

2140 EZENDU VICK

2141 EZENNIA IKEMEFUNA IKENNA

2142 EZENWA JOY UKAMAKA JOSEPHINE

2143 EZENWAJIAKU ONYENKA DONATUS

2144 EZEOKOYE UJU

2145 EZEUKO PAUL OBUM

2146 EZEWANJIAKU CHIKA EMELDA

2147 EZUMA DANIEL NDUBUISI

2148 EZUNAGU ANTHONY EMEKA

2149 EZUTAH NNENNAYA-IGBO L.

2150 FABIYI OPEYEMI REBECCA

2151 FABORODE OLUWATOYIN MURTALA

2152 FABUSIWA OLUWASEUN TEMITOPE

2153 FABUSIWA VICTOR TEMITAYO OLUWATOBI

2154 FADAIRO ABAYOMI PAUL

2155 FADAIRO ABIDEMI OLAMITOKUN

2156 FADAIRO JOHN KAYODE

2157 FADEKE ALIU

2158 FADEKEMI ADAMS

2159 FADIMU YETUNDE

2160 FAGBAMILA REMI

2161 FAGBEMI BISAYO OMOGORIOLA

2162 FAGBOHUN OLUWAKEMI HELEN

2163 FAGBOLADE OLUTAYO

2164 FAJANA DAVID OLUWASESAN

2165 FAJANA OMOLOLA DEBORAH

2166 FAKAYODE OLATUNBOSUN ANTHONY

2167 FAKUNLE YETUNDE ELIZABETH

2168 FAMIWO OLUWAGBEMIGA VICTOR

2169 FAMUREWA DAMILARE ELIJAH

2170 FAPOHUNDA KIZITO

2171 FAPOHUNDA KIZITO N

2172 FAPONLE JOHN ADEBISI

2173 FARINRE JOHNSON

2174 FARINRE JOHNSON Z

2175 FARINTO OLALEKAN

2176 FARINTO OLA-SAMME

2177 FARINTO OLA-SAMOLA

2178 FARINTO OLA-SAMUEL

2179 FARINTO SAMUEL

2180 FARINTO SAMUEL OLALEKAN

2181 FARODOYE OLAWALE

2182 FAROUK IBRAHIM BABA

2183 FARQUAH AKPOTU GRACE

2184 FASANMI ADEYEMI ADE

2185 FASANMI MARGARET BOLA

2186 FASANYA JONATHAN OLEKE

2187 FASESIN SAMSON KUNLE

2188 FASHANU OLUWATOSIN MARY

2189 FASHOLA FEMI

2190 FASHOLA MOSHOBOLANLE JUBRIL

2191 FASHOLA MUDASHIRU OLAYINKA

2192 FASISI ABAYOMI ABIODUN

2193 FASUBAA AJADI

2194 FASUGBA AFOLABI OLUMIDE

2195 FATAI OLUFESO

2196 FATAI SERIKI

2197 FATIMA BARUWA

2198 FATIMOTA YAKUBU AMOPE

2199 FATINIKUN ADENIKE IBIYEMI

2200 FATIREGUN ADEDAMOLA

2201 FATIREGUN ADEDAMOLA

2202 FATIREGUN AGBOOLA

2203 FATIREGUN AGBOOLA OMOWUNMI



2206 FATIREGUN EMMNAUEL O

2207 FATIREGUN FALILAT

2208 FATIREGUN KOFOWOROLA F.

2209 FATIREGUN OMOLARA

2210 FATIREGUN OMOLARA OLUWATOYIN

2211 FATIREGUN OMOLARA OLUWATOYIN

2212 FATIREGUN OMONIYI

2213 FATIREGUN OMONIYI ADEBODUN

2214 FATIREGUN OMONIYI ADEBODUN

2215 FATOKI ADEBISI PAUL

2216 FATOKUN ABDULFATAI ALABI

2217 FATUYI OMOWONUOLA STEPHANIE

2218 FATUYI SAMUEL OLUSEGUN

2219 FAUZANA IFEDAYO

2220 FAUZANA IFEDAYO J

2221 FAWUMI HART

2222 FAWUMI HART S

2223 FAYE IGBEHINADARA

2224 FAYELE MODUPE ELIZABETH

2225 FAYEMO MICHAEL ADEBAYO

2226 FAYEOFOBI JUDE W

ANNUALREPORT

2016

Unclaimed Dividend


2227 FAYEOFORI JUDE

2228 FOLUKE JEGEDE

2229 FRANCIS BOLANLE

2230 FRANCIS U ESSIEN

2231 FRANK AKEEM

2232 FRANK EKPE BRITUS

2233 FREE POIT SOLUTION SERVICES LTD

2234 FREGENE ALEX ABOYOWA

2235 FRIDAY BELLO

2236 FRIDAY EKPE

2237 FRIDAY OTUAMAEJE ONYECHE

2238 FRONT RUNNER GLOBAL INVESTMENT LTD

2239 FUBARA SALEH PETER

2240 FUBARA SALEH PETER D

2241 FUNMI OYEMADE

2242 FUNMILAYO BIMBO

2243 FUNMILAYO ONI

2244 FUNSO OPENIBO

2245 FUSL NOMINEE A/C ADEBOLA KALE

2246 FUSL NOMINEE A/C ADERONKE KALE

2247 FUSL NOMINEE A/C ADETORO KALE

2248 GABARI BOLAJI ADENIKE

2249 GAIYA ALIYU RIFKATU

2250 GALADIMA GLADYS

2251 GAMBO NAFISAT

2252 GANIYU ADEDOTUN

2253 GANIYU AHMED

2254 GANNY PETER AFOLABI

2255 GARBA AGNES AJANI

2256 GARBA HAFSAT DANLADI

2257 GARUBA YAHAYA

2258 GASL-NOMINEE LTD-DABANA ACCT.

2259 GAZA ISSAKA

2260 GBABO DAVID PEREKEBINA

2261 GBADAMOGHO CYINTA N

2262 GBADAMOSI KASALIYU AYOBAMI

2263 GBADAMOSI MUYIDEEN WALE

2264 GBADAMOSI OWODAMOLA

2265 GBADEBO VICTOR OLUWATIMILEYIN

2266 GBARAMOGHO CYNTA

2267 GBE BARRY PERE

2268 GBENEDIO HENRY KESIENA

2269 GBENGA ONI IJEGBULEN

2270 GBINDINNINUOLA ISMAIL KEMI

2271 GBINDINNINUOLA ISMAIL OLUWAKEMI

2272 GBINDINNINUOLA OLAYINK SUBOMI

2273 GBOKOYI MARTINS OSHINTOLA

2274 GBOLABO OLAYIWOLA

2275 GBOLABO SENBAJO

2276 GBOYEGA COSIN

2277 GBOYEGA DEJI

2278 GBOYEMI ISREAL OLUWADUROTIMI

2279 GBOYEMI OLUWATOYIN

2280 GBOYEMI TAIWO

2281 GEGELESO BABAJIDE ADE

2282 GEORGE AYORINDE ABIODUNRINDE

2283 GEORGE GEORGE JOHN

2284 GEORGE GEORGINA WEIGETUMBRA

2285 GEORGE GRACE ALAERE

2286 GEORGE HARRY

2287 GEORGE ODODO

2288 GEORGE TOYIN EBI

2289 GEORGE-AHIRU GBOYINDE

2290 GEORGEWILL BRIDGET

2291 GEORGEWILL BUKOLA

2292 GIMBA HARUNA AYUBA

2293 GISANRIN OLUWATOSIN

2294 GISANRIN ROBERT

2295 GIWA ADAMSON

2296 GIWA MORILIATU IYABO

2297 GIWA MOTOLANI OLASUNKANMI

2298 GIWA RAIMOT

2299 GIWA-OSAGIE RHODA ESOSA

2300 GLADYS JOSEPH

2301 GLOBAL ASSET MGT. LTD-TRADED-STOCK-A/C

2302 GLORY OHIOMAH NERILAGHABOFA

2303 GODONU SOYINDE ALBERT

2304 GODSWILL KAYODE

2305 GODSWILL NWIGWE OLAWREWAJU

2306 GODWIN OBIAGELI

2307 GODWIN OKECHUKWU KELVIN

2308 GOERGE MOPESOLA

2309 GOMINA CHIDUME

2310 GONI SERIKI

2311 GONI SERIKI P

2312 GORIOLA MOLAKE

2313 GRACE OBENDE BOSE 2

2314 GRACE OSAMUDIAME

2315 GRANT PHILLIPS

2316 GREGORY-UBIGEN NOSA FYONNA

2317 GUASO MOSES MUSTAPHA

2318 GUMBI JAIWO

2319 GUMBI TAIWO R

2320 GUSEN KENNETH

2321 GUSEN KENNETH B

2322 GWAZU OLALEYE

2323 GWOM DEREFAKE

2324 GYANG MANCHA PETER

2325 HABEEB AZUKA

2326 HABIB ADE

2327 HADOME NGOZI

2328 HAIGBE OKON

2329 HALILU IJEOMA LEWISIK

2330 HALILULAHI FARUK

2331 HALIM FARUK OLUWATIMILEHIN

2332 HALIM FATIMA OLUWADAMILOLA

2333 HALIMA ALAO

2334 HALIMA PHILOMENA

2335 HALIMAT EMEKA

2336 HAMEED MARTINA

2337 HAMID GANIU BABATUNDE

2338 HAMMED SHAHEED

2339 HAMMED SHAHEED D

2340 HAMZA SHEHU

2341 HAMZAT OLASUNKANMI TAOFFET

2342 HANDEL YEMI

2343 HARBOR CHUKWUEMEKA LLOYD

2344 HARRIS FUNMI

2345 HARRISON IBINGIBO IBIFURO

2346 HARRY OYINLOLA

2347 HART CHRISTINE

2348 HARU IBRAHIM

2349 HARU IBRAHIM W

2350 HARUNA MOHAMMED

2351 HARUNA NUMMI

2352 HARUNA NUMMI N

2353 HARUNA SARUMI

2354 HARUNA T WAZIRI

2355 HASHIM ADEOLA MUTIU

2356 HASSAN CHUWA

2357 HASSAN CHUWA G

2358 HASSAN DAVID

2359 HASSAN EMMANUEL

2360 HASSAN KAYODE RAHEEM

2361 HASSAN LAWAL JUMMIA

2362 HASSAN LAWAL JUMMIA N

2363 HASSAN MOHAMMED NUHU

2364 HASSAN OLADIMEJI

2365 HASSAN SHERRY OLASUMBO

2366 HASSANAT SWEET

2367 HENRY TOLULOPE

2368 HENSHAW CHINONYE

2369 HILARY HENRY

2370 HUGH ALLI

2371 HUSSANI STEVE

2372 HYACINTH SAOLA

2373 IBAMA PHILIPS

2374 IBAMA PHILIPS W.

2375 IBANGA DANIEL MOSES

2376 IBANGA EKERETTE BERNARD

2377 IBANGA IBANGA GLORY

2378 IBANGA IBANGA GLORY Q.

2379 IBANGA IFEOMA

2380 IBE ETTE

2381 IBE JULIUS

2382 IBE UCHE CHRISTIAN

2383 IBEGBULEM CHRISTOPHER

2384 IBEGBULEM CHRISTOPHER B.

2385 IBEH FRANCIS ONYEMAEME

2386 IBEH LOUIS MADUABUCHI

2387 IBEKWE ABAZU

2388 IBEKWE ANGELA OSITA

2389 IBEKWE COLLINS OKWCHUKWU

2390 IBEKWE COLLINS OKWCHUKWU

2391 IBEKWE DANIEL DIKE

2392 IBEKWE IBRAHIM

2393 IBEME INEMESIT

2394 IBEME INEMESIT X.

2395 IBENEZI CHIKA THEOPHILUS

2396 IBEREDEM STANLEY

2397 IBEREDEM STANLEY M

2398 IBESON CATHERINE AMAECHI

2399 IBEZIAKO JOYCE UGOCHI

2400 IBEZIM JOHN OKEY

2401 IBIANG LOYOE NWANKE

2402 IBIDAPO GBADEBO

2403 IBIFUBARA CHIDI RAYMOND

2404 IBIFUBARA CHIDI RAYMOND W.

2405 IBIGBAMI ADENIKE MODUPE

2406 IBIKUNLE ISAAC FOLORUNSHO

2407 IBITOYE AREMU OLANREWAJU

2408 IBITOYE OKONGWU

2409 IBITOYE SAMUEL OLUSEGUN

2410 IBIWOYE ABIGAIL ADESOLAPE

2411 IBIWOYE JOSEPHKING AYOMIDE

2412 IBIWOYE SAMUELKING MAKINDE

2413 IBIYEMI OLAWEPO

2414 IBIYINKA AKINSEMOYIN

2415 IBOLO VIVIAN IGHOWHO

2416 IBONG ITORO NYONG

2417 IBRAHAM OLUWASEUN

2418 IBRAHEEM ABUBAKAR IBN

2419 IBRAHIM AISHA PATIENCE

2420 IBRAHIM ANJI YUNUSA

2421 IBRAHIM BALA

2422 IBRAHIM BELLO

2423 IBRAHIM GBOLAHAN

2424 IBRAHIM HABIB ADEYINKA

2425 IBRAHIM JAMIU OMOTAYO

2426 IBRAHIM KHALEEL

2427 IBRAHIM LATIF

2428 IBRAHIM MUHAMMAD BARU

2429 IBRAHIM MUSA

2430 IBRAHIM SAMUEL

2431 IBRAHIM VICTOR

2432 IBRAHIM VICTOR B

2433 IBRAHIM YAHAYA OLUWAROTIMI

2434 IBUBELEYE VICTOR

2435 IBUBELEYE VICTOR A

2436 IDA PHILIP

2437 IDAKWO EICHAYI NAOMI

2438 IDEAL BUSINESS LIFE INTERPRISES

2439 IDEBOGHIE MICHEAL

2440 IDEHEN EMMA

2441 IDEM GEORGE

2442 IDEM GEORGE I

2443 IDIAKHEUA TINA AIWANEHI

2444 IDIATA EBAS

2445 IDIATA EBAS J

2446 IDIKA VIVIAN NNEKA

2447 IDIKAN BOLAJI

2448 IDIOK ODOM

2449 IDIONG ADETOKUNBO

2450 IDISI CHRISTIAN OGBENEME

2451 IDOGA ELIZABETH EYUM

2452 IDOKO CHRISTIAN

2453 IDONGESIT ABDULRAHMAN

2454 IDONGESIT VICTORIA

2455 IDONGESIT VICTORIA G

2456 IDORENYIN ABASIYE

2457 IDORENYIN ABASIYE P

145PAGE

ANNUALREPORT

2016

Unclaimed Dividend


146PAGE

2458 IDORENYIN FRANKLIN

2459 IDORENYIN FRANKLN B

2460 IDORENYIN KABIRI

2461 IDORO BELIEVE

2462 IDOWU ADEGBOYEGA

2463 IDOWU ADEKUNLE

2464 IDOWU ADEKUNLE

2465 IDOWU ADELEYE OLUSANYA

2466 IDOWU ADEOLA

2467 IDOWU AKINLOLU SOLOMON

2468 IDOWU AMOS

2469 IDOWU ATOBITE

2470 IDOWU BASHIRU

2471 IDOWU BISI

2472 IDOWU CHRISTIAN

2473 IDOWU EBUN

2474 IDOWU FRANCISCA

2475 IDOWU FUNMILAYO CHRITIANA

2476 IDOWU GRACE

2477 IDOWU JOHN

2478 IDOWU KATE

2479 IDOWU LANRE

2480 IDOWU MOSES OLUSESAN

2481 IDOWU MUSEWDIKU

2482 IDOWU OLASUNBOMI ENITAN

2483 IDOWU OLAYEMI

2484 IDOWU OLAYINKA

2485 IDOWU OLAYINKA

2486 IDOWU OLAYINKA MUSEWDIKU

2487 IDOWU OLISAEMEKA

2488 IDOWU OLUFEMI

2489 IDOWU OLUSESAN

2490 IDOWU OLUSESAN MOSES

2491 IDOWU OLUWADAMILOLA

2492 IDOWU OLUWATOBI

2493 IDOWU OLUWATONI

2494 IDOWU OLUWATOSIN

2495 IDOWU ORINAYO

2496 IDOWU OYINDAMOLA

2497 IDOWU RAMOTA

2498 IDOWU SOARES

2499 IDOWU TARA

2500 IDOWU VICTORIA TEMILOLA

2501 IDRIS OMODUNNI

2502 IDRIS YAKUBU

2503 IFEANYI - OKORO SYLVIA NECHI

2504 IFEANYI OKAFOR

2505 IFEANYI ROSE O

2506 IFECHUKWU DARE

2507 IFECHUKWU STEPHEN A.

2508 IFEDAYO AKINLA

2509 IFEDIORA CHUKWUNONSO

2510 IFEKPOLUGO FADIJI

2511 IFEKPOLUGO FADIJI E.

2512 IFENNA DONATUS EMEODI

2513 IFEOMA AKPAN

2514 IFEOMA ODUNARO

2515 IFETAYO JUMOKE ELIZABETH

2516 IFEZUE CHIJIOKE OGOCHUKWU

2517 IFEZUE SOPHIA ANGEL

2518 IFEZUE ZANE YORAM CHUKWUEMEKA

2519 IFIDI IKE

2520 IFIDI IKE R.

2521 IFIOK EKPA PETER

2522 IFY KENNEDY

2523 IGALAWUYE CHARLES ONYEKA

2524 IGBAMOSUN LAZS TANEMOLA

2525 IGBEGWU MICHAEL UCHECHUKWU OBADIAH

2526 IGBEKA ONAJITE

2527 IGBEKOYI AKINYEMI GODWIN

2528 IGBENG BENJAMIN DONATUS

2529 IGBIKI NWAMAKA PHILOMENA

2530 IGBINOVIA OGUGBUE

2531 IGBO JUDE R.A.

2532 IGBOEGBUNAM CHINYERE STELLA

2533 IGBOEKWEZE OLUSOLA

2534 IGBONEME MARK UCHENNA

2535 IGBONUSI NNAMDI CHRISTIAN

2536 IGBONUSI VICTOR

2537 IGBOR VICTOR NINTOR

2538 IGBUDU OREVAOGHENE GODSWILL

2539 IGE AJOKE

2540 IGE ANIKE

2541 IGE ELIZABETH

2542 IGE ESTHER

2543 IGE LOLA

2544 IGE OLAYINKA

2545 IGE OLUFUNMILAYO

2546 IGE OMOLADE PHILLIP

2547 IGE OYINKANSOLA

2548 IGHALO DAVID

2549 IGHEBUIKE OBINNA CHARLES

2550 IGHIWIYISI EKI

2551 IGHO EFE PHILIPS

2552 IGHODALO E.O.CHRISTOPHER

2553 IGNATIUS OKWUTE

2554 IGOLO A PETERSON

2555 IGUE EHI FEDELIS

2556 IGUNBOR-OZOH OFURE HILDA

2557 IGWE ALEXANDER OLISEMEKA

2558 IGWE CAROLINE UNANAYA

2559 IGWEBIKE ANSELM NDIDI

2560 IGWEBUIKE BIOSA

2561 IGWEGBE FUNMILAYO

2562 IGWEH AJA DENNIS

2563 IGYANOR JOSEPH

2564 IHEANACHO JOSEPH CHIMAMKPAM

2565 IHEANAETU ABEL

2566 IHEJIAGWA KENNETH CHIDI

2567 IHEJIRIKA EMEKA MMADUABUCHUKWU

2568 IHEKUNA KEVIN CHIDIEBERE

2569 IHEMADU FAVOUR CHINOMSO

2570 IHEMADU RITA CHISARA

2571 IHETUGE GOODNESS NWADINMA

2572 IHIME ALBERT

2573 IHUNDA EZEKIEL

2574 IHUNDA EZEKIEL E.

2575 IHWIRO GIDEON NWAEZE

2576 IIJEOMA OWUEGBULE

2577 IJAGBUYIRO OFUASE

2578 IJAOPO ISSAAC OJO

2579 IJEOMA AGBASI

2580 IJEOMA NWABUEZE JUSTICE

2581 IJERE IJEOMA

2582 IJOMA SANDRA ADAOBI

2583 IKA TEGA

2584 IKANDU GEORGEWILL UBANI

2585 IKE AUGUSTINE C

2586 IKE OKWUCHI

2587 IKEAGU NNAMDI MICHEAL

2588 IKEBEOTU EMEKA

2589 IKEBUWA LUCKY

2590 IKECHUKWU ANDREW

2591 IKECHUKWU BLESSING

2592 IKECHUKWU WILFRED U

2593 IKECHUU BONAVACH OKWOMMA

2594 IKEDIASHI JOSEPH CHUKS

2595 IKEDINOBI ESTHER

2596 IKEDINOBI ESTHER H

2597 IKEDINOBI IKECHUKWUKA

2598 IKEDINOBI IKECHUKWUKA F

2599 IKEDINOBI UCHENDU

2600 IKEDINOBI UCHENDU P

2601 IKEDIOFOR SEGUN

2602 IKEFUNA SAMUEL IKECHUKWU

2603 IKEH CHINYERE

2604 IKEH-UCHE RUBY

2605 IKEH-UCHE UGOCHUKWU

2606 IKELEGBE NSIDIGBE

2607 IKELEGBE NSIDIGBE I

2608 IKEM

2609 IKENNA CORNELIUS

2610 IKENNA GRACE

2611 IKENNA KEMI

2612 IKENNA SHOLA

2613 IKEUBA LAWRENCE

2614 IKHAYERE OMONEFE

2615 IKHIMIOYA DOEGHOBONE ONOME

2616 IKHIMIOYA EROMOSERE PRINCEWILL

2617 IKHIMIOYA EZOMO

2618 IKHIMIOYA OLOHIGBE GODGIFT

2619 IKHIMIOYA OMOZUANUBO GEOFREY

2620 IKINNA NOJI

2621 IKO BUKOLA E

2622 IKO ESTHER B

2623 IKOGHO BENJAMIN F.

2624 IKON NEHEMIAH

2625 IKON NEHEMIAH E.

2626 IKON PETER

2627 IKON PETER Q.

2628 IKONOH ABDULFATAI

2629 IKORDEME INYANG

2630 IKPA FRANKKY INALEGWU

2631 IKPATI JOHN

2632 IKPATT JOHN P.

2633 IKPE CALLISTUS

2634 IKPE JOEL

2635 IKPE JOEL E

2636 IKPEAMANZE AMAUCHE CHINYERE

2637 IKPI EMMANUEL FRANCIS

2638 IKPI IMOH FRANCIS

2639 IKUJESIN MODUPEOLA OLUWASEYI

2640 IKUOMENISAN BUKOLA

2641 IKUSEBIALA BUSAYO

2642 IKWU ANKELI DANIEL

2643 IKWUEZE EUNICE NWANNEKA

2644 ILEGBINIJIE EDITH LUCY

2645 ILEKA OLAOYE

2646 ILESO FELIX ADEOYE

2647 ILOKA AMAKA PERPETUA

2648 ILOLAWOLE OLADIMEJI

2649 ILORI ISAAC BABATUNDE

2650 ILORI KUBURAT TOPE

2651 ILORI SIMBI AJOKE

2652 IMAAH JUBRIL

2653 IMAAH JUBRIL J.

2654 IMADOJEMU VIVIAN

2655 IMAEKHAI OSHOBUGIE EMMANUEL

2656 IMAFIDON FRANCISCA E.

2657 IMAGHODOR BERNICE AMASIHOHU

2658 IMANE (DISTRICT) DEVELOPMENT UNION

2659 IME BASSEY COLLINS

2660 IME BASSEY COLLINS P

2661 IMEH VICTORIA

2662 IMEKA FAITH

2663 IMEKA FAITH C

2664 IMEKA MIRACLE

2665 IMEKA MIRACLE X

2666 IMEKA NGOZIKA

2667 IMEKA NGOZIKA V

2668 IMEMA KENNETH

2669 IMOH JEREMIAH

2670 IMOH JEREMIAH R

2671 IMOSEMI DONALD OREOSE

2672 INAM ABAKASANGA JAMES

2673 INAMETE MAYEN ISAAC

2674 INCHI BALARABE

2675 INEGBENOSUN AUGUSTINE

2676 INEH ANITA I.

2677 INEH CHIAMAKA IGUGU

2678 INEH CHUKWUMA D.

2679 INEH DAVID

2680 INEH EMEKA

2681 INEH ESTHER IYABO

2682 INEH IFEOMA

2683 INEH ISIOMA

2684 INEH MARTHA

2685 INEH PETER

2686 INHERITABLE WEAITH INVESTMENT LTD

2687 INIABASI STANLEY

2688 INIABASI STANLEY F

ANNUALREPORT

2016

Unclaimed Dividend


2689 INIBEH UKIRU UFOT

2690 INIBEHE UKIRI UFOT X.

2691 INNOCENT EBELEBE

2692 INTERNATIONAL BUSINESS SOLUTION LIMITED

2693 INYANG IBOROABASI RICHARD

2694 INYANG IDONGESIT ETIM

2695 IORZUA ALPHA TERLUMUN

2696 IQUO CHUKWUNEYE

2697 IRABOR JOHN

2698 IRABOR PATRICK

2699 IRABOR SIMON

2700 IREDIA EVBARUESE EDITH

2701 IRIOGBE EMMANUEL EHIMARE

2702 IRIS TRADING & INVESTMENTS LTD

2703 IRIVWOTU GABRIEL EVUEVWIE

2704 IROAKAZI GODWIN UGOCHUKWU

2705 IRUENE ELFRIDA OKORIKA

2706 IRUNOKHAI BRIGHT EGHIEBADE

2707 ISA LADU ADEJO

2708 ISA NWOKORO

2709 ISA SAAMSUDDEN

2710 ISA SAAMSUDDEN E

2711 ISAAC BAYOWA

2712 ISAAC ISAAC CHIGOZIE

2713 ISAAC WERUCHE

2714 ISAH ABDULLAHI

2715 ISAH ADEJOH

2716 ISAH SULEIMAN

2717 ISAHWOZE ELO EUGENIA

2718 ISEBENI OBARO MARTINS

2719 ISEMIN IME JAMES

2720 ISERHIENRHIEN ALFRED EMWANTA

2721 ISHEMUHI PRECIOUS BOSEDE

2722 ISHIEKWENE OBI RICHARD

2723 ISHOLA MODUPE BLESSING

2724 ISIAKA LUQMAN OMOTOSHO

2725 ISIAKPERE BEAUTY ODEWANURE

2726 ISIBOR GODDIE ORHUE

2727 ISIBOR OSAS ENDURANCE

2728 ISICHEI DOROTHY

2729 ISMAIL MACAULAY

2730 ISOLA KOLAWOLE SILAS

2731 ISOMEKE CHUDI A

2732 ISOMKE CHUDI

2733 ISONGUYO PATRICK

2734 ISONGUYO PATRICK W

2735 ISREAL OWOLABI OLATUNJI

2736 ISYAKU MOHAMMED

2737 ITODO EJIOFOR SHEDRACK

2738 ITOHOWO ANIEBO

2739 ITOHOWO ANIEBO J

2740 ITORO SAMUEL BASSEY

2741 ITORO SAMUEL BASSEY K

2742 ITUEN NSIKAK ETIM

2743 ITUMOH AMOBI NELSON

2744 IVIENAGBOR AKPOSIBRUKE

2745 IWANEFUN ISAAC

2746 IWANEFUN ISAAC S.

2747 IWAYANWU OLUKAYODE

2748 IWEHA OBINWANNE ALOZIE

2749 IWEJUA ONYEYECHI BLESSING

2750 IWEKA CHIDUBEM ABATI

2751 IWERE ABAYE

2752 IWETAN ANIREJUORITSE JANE

2753 IWO NEMI

2754 IWOBI ADEBUKOLA

2755 IWOK UBONG EDET

2756 IWU FAITH

2757 IWU IFEANYI ROGER

2758 IWUAGWU SAMUEL CHUKWUKERE

2759 IWUANYANWU OLUCHI SOPHIA

2760 IWUCHUKWU UDEME

2761 IWUCHUKWU UDEME O

2762 IWUNO JACK

2763 IWUNO JACK A

2764 IWUOHA ADA AKUNNA

2765 IWUOHA OLUCHUKWU J.

2766 IWUOHA UZOMA KENNEDY

2767 IYABODE GABRIEL

2768 IYALEKHUE BRIGHT

2769 IYEH ESTHER CHINYERE

2770 IYEKEKPOLOR EMMANUEL OSAROSEMWEN

2771 IYEN IYAMU

2772 IYENGE BOOSHIMA

2773 IYENGUMWENA ADESINA

2774 IYIOKU ALLEN CHIDOZIE

2775 IYO DANIEL

2776 IYO DANIEL H

2777 IZAMOJIE ITOHAN ESTHER

2778 IZAMOJIE ONOMEN PAULINE

2779 IZEDONMWEN REMI

2780 IZEGAGBE BOSE AIJOHI

2781 IZEJIOHA FRANCIS EMEKA

2782 IZOEBONIYE FARORE

2783 IZUAKOR MICHAEL CHIEDOZIE

2784 IZUDIM ANTHONY CHUKWUDI

2785 JABOR JAMES

2786 JACK SOALA ABEL

2787 JACKSON IFIOK AMOS

2788 JACOB AWUGO

2789 JACOB GEORGE

2790 JACOB GEROGE O

2791 JADEED ALOH

2792 JADEED ALOH D

2793 JADESOLA GLOBAL LINK LTD

2794 JAGODA MICHAEL ANNA

2795 JAGUN ADETUTU

2796 JAJA CELESTINE NATHAN ROMEY

2797 JAJA TAMUWOIBELEMA

2798 JAJI SHAKI TOYIN

2799 JAJI SHAKI TOYIN

2800 JAJI SHAKIRAT OLUWATOYIN

2801 JAKPA RICHARD EGUORITSE

2802 JALE BALEWA

2803 JAMES ADESHINA

2804 JAMES CHRISTIANA

2805 JAMES COLE BUKOLA RONKE

2806 JAMES EDIDIONG GODWIN

2807 JAMES KAYODE STEPHEN

2808 JAMES NDUTIMI BEKETIRI

2809 JAMES OGBENE GLADYS

2810 JAMES PAUL ESENU

2811 JAMES SABO

2812 JAMES SUNDAY

2813 JAMGBADI LAWAL

2814 JATTO FATIMA

2815 JAWANDO AYODELE

2816 JEARIOGBE TUNDE SEGUN

2817 JEGEDE ADEBAYO THOMAS S

2818 JEGEDE OMOWUNMI ADIJAT

2819 JEJE JIDE JACKSON

2820 JEMERIGBE TEMITOPE KEHINDE

2821 JENNY OGANAH

2822 JEREMIAH CHUKA

2823 JEREMIAH CHUKA B

2824 JEROME BRIGGS

2825 JHONNY EMEM LIFOT

2826 JIBRIL MOHAMMED

2827 JIDE OLANDIE

2828 JIDE-JOHNSON O. OLASUBOMI

2829 JIDEOFOR EZEUGO SYLVESTER

2830 JIDEOFOR JACKSON

2831 JIDEOFOR JACKSON S

2832 JIKA OGUNLEYE

2833 JIMOH ABIODUN NURUDEEN

2834 JIMOH ASHY

2835 JIMOH BUHARI

2836 JIMOH ENIOLA

2837 JIMOH FALILAT AGBALAYA

2838 JIMOH GBENGA

2839 JIMOH MARY

2840 JIMOH MARYAM

2841 JOHNSON IGE OLUFUNMILAYO

2842 JOHNSON IGE OLUSOLA

2843 JOHNSON IGE OLUWOLE

2844 JOHNSON IGE OMOBOLA

2845 JOHNSON IGE OYINKANSOLA

2846 JOHNSON IGE SAMUEL

2847 JOHNSON IGE TEMITOPE

2848 JOHNSON IGE TOBI

2849 JOHNSON IGE WALE

2850 JOHNSON NDUBUISI

2851 JOHNSON UFUOMA ABOSEDE

2852 JOHUA SHALL DAVID

2853 JOKOTADE OPENIRO

2854 JOKOTOYE OLAWAMIWA GILGA

2855 JOLA JOHN

2856 JOLAIYA JOHN JIDE

2857 JOLAIYA OLUWATOYIN F.

2858 JOLAIYA OLUWATOYIN FELICIA

2859 JOLAOSHO RAMON OWOLABI

2860 JOLAOSO AKINWANDE OLUSOLA

2861 JONATHAN BAIYEKYSI

2862 JONATHAN BANJOKO

2863 JONES ADEGBOYE

2864 JONSON IGE TOMI

2865 JOSEPH CECILIA

2866 JOSEPH CHUKWUEMEKA OGO

2867 JOSEPH EMITAYO AGNES

2868 JOSEPH FLORENCE

2869 JOSEPH KOLADE

2870 JOSEPH MARTINS

2871 JOSEPH PATRICK

2872 JOSEPH SINA ALABI

2873 JOSHUA CHINWE

2874 JOY ADEGBOLA

2875 JOY JOHN

2876 JUDE UDEH

2877 JUDITH AWASAK

2878 JULIA EKENE BOLARIN

2879 JULIET NNAMDI

2880 JULIUS FEMI JONATHAN

2881 JULIUS MERCY

2882 KANYIN SALEH

2883 KAREEM AMIN JUMBO

2884 KARIMU JOHN ADE

2885 KASA MOHAMMED

2886 KASALI IKOCHUKWU

2887 KASHORO FRANKLIN IBIKUNLE

2888 KASI POLLYN

2889 KASI POLLYN E.

2890 KASIM ABIMBOLA OLAKUNLE

2891 KASUMU JAMIYU OLOWOPEKUN-ESOO

2892 KATE BULURO

2893 KATE MOBO

2894 KATUKA JEREMIAH YAKUBU

2895 KATUKA JONATHAN YAKUBU

2896 KATUKA YAKUBU THOMAS

2897 KAYODE ABI MBOLA MICHAEL

2898 KAYODE AZEEZ BOLAJI

2899 KAYODE FESTUS

2900 KAYODE FOLASHADE

2901 KAYODE-MARK MATTHEW ORE- OFEOLUWA

2902 KAZE PAUL DAVOU

2903 KAZEEM ADEROJU

2904 KAZEEM OLADAPO AHMED

2905 KEHINDE ABIOLA TEMITOPE

2906 KEHINDE AJOKE

2907 KEHINDE BUKOLA

2908 KEHINDE OGAGA

2909 KEHINDE OLAYINKA

2910 KEHINDE OLUDAYO OYELADE

2911 KEJEH PHILIPS

2912 KEJEH PHILIPS K

2913 KELECHI AGWUOCHA

2914 KELECHI EBOH

2915 KELECHI SEDE

2916 KELECHUKWU HENRY IKECHUKWU

2917 KELEKUN ISHOLA

2918 KELVIN TOPE

2919 KEMAKOLAM ABDU

147PAGE

ANNUALREPORT

2016

Unclaimed Dividend


148PAGE

2920 KEMIBEFUOJO STEVE G

2921 KEMIBERUOJO STEVE

2922 KEN OGU

2923 KENNEDY JOHN

2924 KETIKU KAYODE MICHAEL

2925 KEWULERE YEMI

2926 KEYE TOYIN

2927 KEYE TOYIN V

2928 KILANKO FIDELIS

2929 KILANKO LAWI

2930 KILANKO LAWI E

2931 KINGDOM AIDED IDEAS LTD

2932 KINGSLEY AKPASI

2933 KINGSLEY LAI

2934 KIRPSON OBINNA ODURUKWE

2935 KOFFI LAWANI

2936 KOFFI LAWANI J

2937 KOKUMO FELIX OLUFEMI

2938 KOLA AHMED

2939 KOLAWOLE ABUDU

2940 KOLAWOLE ADEKUNLE SUNDAY

2941 KOLAWOLE TAWAKALITU MOJISOLA

2942 KOLAWOLE-YUSUF OLAMIDE BUNMI

2943 KOLEOSO ESTHER AGBOMOALU

2944 KOLO ABIMBOLA OPEYEMI

2945 KOMOLAFE OLUWAFEMI

2946 KOMOLAFE RAPHAEL OLUWAFEMI

2947 KOMONE ISAAC AJOKPOGENE

2948 KONDO FARAI

2949 KONIBIRE IYABO HANNAH

2950 KORIPAMO WASIU

2951 KOSOKO JUSTINA ABHOHIEN

2952 KOSONI TIAMIYU

2953 KOYEJO MUJITAFA

2954 KPENOSEN CYRIL OMOJEVWE

2955 KRANTZ PHARM & CHEMICAL LTD

2956 KUFERABASI PATRICK

2957 KUFRE JACOB F

2958 KUFRE JACOBS

2959 KUFREABASI PATRICK J

2960 KUKU OYEMAKINDE

2961 KULEPA OSARAGUE

2962 KULEPA OSARAGUE S

2963 KUMANE OGHENEVWAIRHE

2964 KUPOLUYI RITA

2965 KUTI COPPER

2966 KUYE JOSEPH OLUWATIMILEHIN

2967 KWASAU STEPHEN

2968 LABARAN BENEDICT

2969 LADAGU OLUWASEYE

2970 LADAPO OLAJIDE

2971 LADEJOBI OLORUNDARE

2972 LADELE FAITH AYODEJI IFEOLUWA

2973 LADIPO AYOMUKUN ESTHER

2974 LADIPO CHARLES

2975 LADOJA DELE

2976 LAGOKE OMOLOLA

2977 LAI SHOLOLA

2978 LAIDE EBENEZER

2979 LAMID HAKIM AJIBOLA

2980 LAMIDI FATAI ARABA

2981 LAMIDI OLASENI TAIWO

2982 LANDE IJEOMA

2983 LARA AJAO

2984 LARY LAT EULOGE

2985 LASISI LATEEF ABIDEMI

2986 LATEEF OJOYE

2987 LATEEF OLIGBO

2988 LAURETTA USIADE

2989 LAWAL ADAUTINI H

2990 LAWAL ADEBANKE AJIBOLA

2991 LAWAL ADEKOYA

2992 LAWAL AGWANIHU

2993 LAWAL AKINADE ASIMIYU

2994 LAWAL FAGBILE

2995 LAWAL HAKEEM ADEBAYO

2996 LAWAL ISMAIL

2997 LAWAL KABIR AYINDE

2998 LAWAL KAFAYAT OLABISI

2999 LAWAL KEHINDE

3000 LAWAL LUKMAN ABAYOMI

3001 LAWAL MORENIKE RUKAYAT

3002 LAWAL NIMATALLAHI

3003 LAWAL OLANIPEKUN

3004 LAWAL OLATUNJI OWOLABI

3005 LAWAL OLAYEMI JIMOH

3006 LAWAL OLAYEMI SAKIRAT

3007 LAWAL OLAYINKA MUHEEZ

3008 LAWAL OLAYOLE WAHEED

3009 LAWAL SAHEED ADEWALE

3010 LAWAL-ADEBAYO RACHEAL

3011 LAWAN AHMAD

3012 LAWAN AISHATU

3013 LAWAN AISHATU M.

3014 LAWAN DANSANDA

3015 LAWAN DANSANDA S.

3016 LAWANSON JOHN WOLE

3017 LAWASNSON AKINTUNDE

3018 LAWRENCE BUNMI

3019 LAWRENCE CHUKWUEMEKA

3020 LAWRENCE EBUBECHUKWU LAWRENCE

3021 LAWRENCE TUNDE

3022 LAWRENCE UGOCHUKWU VICTOR

3023 LAWSON VICTOR MENSAH

3024 LEBARI STEPHEN

3025 LEBARI STEPHEN F.

3026 LEBI MARGARET OLUFUNMILAYO

3027 LEGBO GRACE MAME

3028 LEKAN LARABA

3029 LEKAN OGUNKOYA

3030 LELEPETERS MIRACLE VIRGINIA MINAWARI

3031 LEPDUNG LOUIS GOLECK

3032 LEWIS TAIWO

3033 LIASU IKENNA

3034 LILLY-TARIAH TELEMA MAGDALENE

3035 LIMESHARE INVESTMENT LTD

3036 LIMESHARE INVESTMENT LTD

3037 LINDA DRATT

3038 LINKINYO TAIWO OLUSOLA

3039 LOTACHI SOLOMON

3040 LOTACHI SOLOMON E

3041 LOUIS EZIOKWU

3042 LUCY AKIN

3043 LUFADEJU ENWELIM

3044 LUKE AMAKA JENIFER

3045 LUKMAN SANDRA

3046 MABAYOJE SUNDAY SAMUEL

3047 MABEL AYODELE

3048 MACAULAY IYABO MORENIKEJI

3049 MADARIOLA BABAJIMI

3050 MADUAGWU ANTHONY AZUAMAKA

3051 MADUAGWU CHIZOBA CATHERINE

3052 MADUAGWU JEREMIAH NNANYELUGO

3053 MADUBUCHI LEAH

3054 MADUBUCHI LEAH K.

3055 MADUBUIKE CHRISTIAN CHIBUEZE

3056 MADUBUKO A. CHUKWUDI

3057 MADUBUKO ELISHA IHEME

3058 MADUEKWE CHUKWUDIKE NNIA

3059 MADUEKWE DROHA JOSEPH

3060 MADUEKWE NGOZI MONICA

3061 MADUEKWE UGOCHUKWU

3062 MADUGU CAROLINE KADOON

3063 MADUKA EKENE GODWIN

3064 MADUKA JOHN OBI

3065 MADUKA OLAMIDE

3066 MADUKWE SUNDAY CHILASA

3067 MADUKWEM UZODINMA MICHAEL

3068 MAF-GRACES VENTURES

3069 MAGADA CHARITY YOROS

3070 MAGAJI BISOLA

3071 MAGAJI LAWI

3072 MAGAJI LAWI R

3073 MAGAJI MALIK

3074 MAGAJI MALIK D

3075 MAGBAGBEADE GRACE ABOLANLE

3076 MAIGARI BABAYO MODIBBO

3077 MAIRIGA RUFINA DONGJAAP

3078 MAJARO IBILIBOR

3079 MAJEKODUNMI ANABA

3080 MAJEKODUNMI JOSEPH OLUWAFEMI

3081 MAJEKODUNMI LUDIRAT

3082 MAJID RAYMOND

3083 MAJOROH OGHENEVO CHARLES

3084 MAKANJU SAM

3085 MAKANJUOLA FESTUS AYINDE

3086 MAKANJUOLA SAM B

3087 MAKINDE EFUNYEMI OLAPEJU

3088 MAKINDE OGUNLEYE

3089 MAKOLO ROLI TOLULOPE

3090 MALIK FARAJI

3091 MALIK RAMON

3092 MALIK TAWA

3093 MALIKA ELLA

3094 MALIKA FEMI

3095 MAMMAN COMFORT KUSANGA

3096 MAMMAN FATIMA SONIA

3097 MAMMAN SHANJU VALERY

3098 MAMUDU MARIAM EMIKE

3099 MAMUDU OMOTOLA MUJIDAT

3100 MAMUKUYOMI STEPHEN SOLEDAYO

3101 MANAGEMENT EDY

3102 MANAGEMENT OYEBODE

3103 MANDY MAHN

3104 MANGAI GODWIN

3105 MANGIBO MARCUS

3106 MANGIBO MARCUS N.

3107 MANU EMMANUEL

3108 MARCUS MBA

3109 MARCUS MBA E.

3110 MARCUS TOYIN IDOWU

3111 MARIMPEX FIN & INVESTMENT 2

3112 MARISON CHINWE EZE

3113 MARK NZERIBE

3114 MARK UCHENNA FREDERICK

3115 MARTICALI BRATE INVESTMENT LTD

3116 MARTINS CHIOMA

3117 MARTINS IYIOLA

3118 MARTINS OLU IYIOLA

3119 MARTINS UDOH

3120 MARTINS YOMI IYIOLA

3121 MARTINS ZOE IFUNANYACHUKWU

3122 MARY AKRO

3123 MARY ANN DAS

3124 MARY EJEH

3125 MARY LORA ADEH

3126 MARY MARK

3127 MARY OLUMUYIWA

3128 MARYAM OHIOZE

3129 MARYAN KALID

3130 MASHAK HANS

3131 MASHAK HANS D.

3132 MATANA HARITH

3133 MATHEW KAYODE OLALEKAN

3134 MATHEW MODI

3135 MATILUKO ADEBISI ADEBOJI GBOLAHAN

3136 MATO ESSIEN NYAKWO

3137 MATTHEW AIGBOGUN

3138 MATTHEW NKIRU

3139 MATTHEW OLUWATOYIN

3140 MAYIKO JOSIAH OWHOBEVUGHE

3141 MAYSA HIDI

3142 MBA BOLA

3143 MBA CHIBUZO COMFORT

3144 MBA EMEKA

3145 MBA FRANCIS

3146 MBA GEORGE ONYEBUCHI

3147 MBAEKWE BEATRICE CHIDERA

3148 MBAEKWE DANIEL NWAFOR

3149 MBAGWU TOCHUKWU VICTOR

3150 MBAH KELECHI GODWIN

ANNUALREPORT

2016

Unclaimed Dividend


3151 MBAH UZOCHUKWU SOLOMON

3152 MBAKA MATHER MATHER

3153 MBANAJA PAULINE CHIOMA

3154 MBASOH HUMPHREY M

3155 MBASOH HUMPREY NNODU

3156 MBATA JERRY

3157 MBATA OBI MARK

3158 MBELEDE IFEYINWA

3159 MBOTO BALOGUN

3160 MBRUK FAITH

3161 MBRUK FAITH Q.

3162 MBUBA FOLASHADE

3163 MBUK ESTHER

3164 MBUK ESTHER F.

3165 MBUK MBUK FELICIA

3166 MBUK MBUK FELICIA T.

3167 MCDONALD MAHA

3168 MCMMANUEL BENITO

3169 MEDUGBON MICHAEL MAYOMI

3170 MEGBA ESROM IYANU

3171 MEJURU REUBEN OSONDU

3172 MEKWUNYE AUGUSTINE COLLINS

3173 MEKWUNYE JUDITH EKPELE

3174 MELA OLUCHI JULIANA

3175 MELEKWE STEPHEN

3176 MEMPHIS OLUSHOLA

3177 MEN FORUM FAMILY MEETING

3178 MEYANBE OLU ADEBISI

3179 MGBEADICHIE OKE

3180 MICHAEL ADEKUNLE

3181 MICHAEL ISAAC KOLAWOLE

3182 MICHAEL MUSA

3183 MICHAEL SOLOMON

3184 MICHEAL ELIZABETH IFEOLUWA

3185 MIKE ENTERPRISES NIG

3186 MIKE MADEE

3187 MILLER BIODUN BODUNDE

3188 MILLER LIVINUS CHIMEZIE

3189 MILLION UBA

3190 MINIMA APRIL ONYINYE

3191 MIUNIRA KANENE

3192 MKANG GEORGE

3193 MKPA MARY

3194 MKPA MARY U.

3195 MKPANG GEORGE O.

3196 MKPANG PETER EDET

3197 MKPOUTO CHRISTOPHER

3198 MKPOUTO CHRISTOPHER U.

3199 MMA LANMBI

3200 MMADU OSOMOND OKECHUKWU

3201 MMADUAGWU REMIGIUS CHIGBO

3202 MMADUIGWE UGOCHUKWU

3203 MNWACHUKWU CHINYERE

3204 MOBOLAJI SOLANKE

3205 MODUPE FUNMILAYO BOLANLE

3206 MOGBOLU EMMANUEL

3207 MOGBOLU PATRICK NKEMDILIM

3208 MOGHALU MAY NGOZI

3209 MOHAMMED LAWAN HABIBA

3210 MOHAMMED NANA FIRDAUSI

3211 MOHAMMED RIANAT

3212 MOJEED ONWUANYI

3213 MOJOLA KIKELOMO O.

3214 MOMAH SUNDAY MAXWELL

3215 MOMODU MARIAM

3216 MOMODU OMOZOGIE

3217 MOMOH GODWIN

3218 MOMOH IZOBO

3219 MOMOH PHILOMINA

3220 MONDAY SAVIOUR PETER

3221 MONDIUM JOSEPH KAYODE

3222 MONSURUDEEN WISDOM

3223 MONSURUDEEN WISDOM G.

3224 MORADEYO DAVID ADEMOLA

3225 MORADEYO OLUWADUNSIN DOLAPO

3226 MORENIKE KELECHI

3227 MORENIKEJI FOLAJINMI OYINDAMOLA

3228 MORITIWON FLOARIN GBOLAHAN

3229 MOSE AKUME

3230 MOSERI ELIZABETH

3231 MOSES ESEMAYON NATHANIEL

3232 MOSES ETTA

3233 MOSES HAMID

3234 MOSES ONOVUGHE

3235 MOSES PASCAL

3236 MOSES SUNDAY OMOLEYE

3237 MOTWANI MUKESU

3238 MOYO-FALAYI MOFIYINFOLUWA EMMANUEL

3239 MOYO-FALAYI MOFOGOFOLUWA

3240 MOYOSORE OLAFISOYE

3241 MPRADEYO TOMIDE

3242 MUAZU ABDULLAHI

3243 MUBARAK ADMORS

3244 MUBARAK JELANI

3245 MUDASIRU OLAOLU OLUFEMI

3246 MUFUTAU JELILI ADEKUNLE

3247 MUFUTAU TAIBAT OMOLARA

3248 MUHAMMAD BELLO ABDULLAHI

3249 MUHAMMED BASHIR ABDUL

3250 MUHAMMED KARIMA

3251 MUHAMMED ROKIBAT KOFOWOLA

3252 MUHAMMED UZOM

3253 MUHAMMED YISA AYANDA

3254 MUKO CHIBUZOR

3255 MUKO NKECHI PRISCILLA

3256 MUKO OKORO OLUEBERE

3257 MUKO OKORO ONYEDIKACHI

3258 MUKO OKORO UBASI NACHI

3259 MUKO PEACE ULOMA

3260 MUKO UBSAINCHI

3261 MUKO-OKORO JOY

3262 MUKTAR ABDULJALAL

3263 MUNET SAMUEL

3264 MUNIK-SHONIBARE FOLASADE ONIKEPO

NAFISAT

3265 MUONEKE EDWIN

3266 MUONEKE EDWIN OSITA

3267 MURI MARK

3268 MURITALA AMIRA

3269 MURITALA FELIX

3270 MURITALA ISMAILA

3271 MUSA

3272 MUSA ABDURRASHEED RABE

3273 MUSA AHMED

3274 MUSA AISHA RABE

3275 MUSA KOSHOW MANGUL

3276 MUSA MOMODU

3277 MUSA OLAMIDE DANLA ABUBAKAR

3278 MUSA PHILEMON

3279 MUSA SHAKIRAT

3280 MUSA SYLVESTER

3281 MUSA TAJUDEEN YAKASAI

3282 MUSA ZAINAB RABE

3283 MUSAYAYI OLUWAKEM

3284 MUSBAU ATTEH

3285 MUSILI AHMED DALHOTO

3286 MUSILI AHMED DALHOTO W

3287 MUSILIU RAYMOND F

3288 MUSTAPHA AYODEJI MUBASHIR

3289 MUSTAPHA JIDE

3290 MUSTAPHA OLAYIWOLA ABDULWAHAB

3291 MUSTAPHA SHITTU OLAREWAJU

3292 MUYIWA OBOYOMI

3293 MUZAN EKPELU VERONICA

3294 MYIESHA KARIMAH

3295 N OKARO

3296 NABILAH MAHDI EJIS

3297 NAFADA BABANGIDA

3298 NAFISAH MAHMUD OLU

3299 NAHALATI MULTIPUPRPOSE

3300 NAMENE WISDOM BARITOSAN

3301 NANZA DAVID

3302 NARISA BAPPA

3303 NARKEASHA SERAH

3304 NASIR SALISU

3305 NDA OKEY

3306 NDAGI AISHATU

3307 NDAGI HUSSIEN

3308 NDAGI HUSSIEN R

3309 NDAGI MOSES

3310 NDAGI MOSES D

3311 NDE KENNETH

3312 NDE KENNETH A

3313 NDEKWE FINN

3314 NDIDI ANOSIKE CHINWE

3315 NDIFREKE JUDE

3316 NDIFREKE JUDE R

3317 NDIOLO GABRIEL OKEY

3318 NDUA MOHAMMED

3319 NDUBUIZU ADAUGO SANDRINE

3320 NDUBUKA CHETACHI ELISHA IGBEGWU

3321 NDUKA CHINWEUBA EVEREST

3322 NDUKA GLORIA

3323 NDUKA OKENEYEBUNO EMMANUEL

3324 NDUKA-NWANZE JOHN OGBOGU OGUM ISAAC

3325 NDUKE GRACE E.

3326 NDUKWE CYNTHIA

3327 NDUKWE ESTHER

3328 NDUKWE MARVELLOUS

3329 NDUKWE NELSON EME

3330 NDULUE GENEVIEVE ADAOBI

3331 NDUMELE CHINEDU OKECHUKWU

3332 NEBEIFE SOLOMON

3333 NEBO VICTOR CHUKWUKA

3334 NEHIKHARE DOSUNMU

3335 NELSON D JAMES

3336 NGOMA LEZI THIERRY

3337 NGONADI OBIORA SAM

3338 NGOWARI CHILAKA

3339 NGOWARI CHILAKA R

3340 NGOZI ADEMOLA

3341 NGOZI IBRAHIM

3342 NGOZI OHAKIM

3343 NGOZI THERESA

3344 NGWABA OBAHOR

3345 NGWU JOHN

3346 NICK BABALOLA

3347 NIGBAKUNLE STEPHEN

3348 NISAKN ESO CLESTUS L.

3349 NISAKN ESO CLETUS

3350 NIYI ABIODUN

3351 NJERE ANTHONIA KASARACHI

3352 NJKORI NICHOLAS A

3353 NJOKU EBERE CATHY

3354 NJOKU JULIUS UKACHUKWU

3355 NJOKU MALACHY CHUKWUMA

3356 NJOKU MICHAEL CHUKWUMARAM

3357 NJOKUOMA VIVIAN AMARACHI

3358 NKECHI LASISI

3359 NKECHI UZUEGBUNAM

3360 NKEDILIRIM HARRY L

3361 NKEM OMERUEH

3362 NKEMDILI PETER

3363 NKEMDIRIM HARRY

3364 NKEMNACHO MOSES

3365 NKEMNACHO MOSES F

3366 NKENJIKA BELLO

3367 NKESE NWAGU

3368 NKORI NICHOLAS

3369 NKWUKA SAMPSON

3370 NMADUFOR BLESSING

3371 NNA ASUKA

3372 NNABOGU DON

3373 NNABUGO DAVID

3374 NNABUGO DAVID E

3375 NNABUIHE HARBOR IJEOMA OBIAGERI

3376 NNACHETAM FIDELIS CHUKWUJIKE

3377 NNACHI UKPAI OJI

3378 NNAEGBUNA AKUNNA

3379 NNAEGBUNA AKUNNA W

3380 NNAEMEKA CHIDIMMA

149PAGE

ANNUALREPORT

2016

Unclaimed Dividend


150PAGE

3381 NNAEMEKA CHRIS

3382 NNAEMEKA OKECHUKWU

3383 NNAETO KOLAWOLE

3384 NNAJI CHUKWUDI

3385 NNAJI JUDE

3386 NNAJI OSULUME

3387 NNAJIOFOR GODWIN CHIGBO

3388 NNAKAENYI OBIOCHABUNDU ANULIKA

3389 NNAMCHI AUGUSTINE UCHENNA

3390 NNAMDI ALBERT

3391 NNAMDI CHIBUEZE WILSON

3392 NNAMDI CHIDERA

3393 NNAMDI CHINAEMEREM J

3394 NNAMDI CHINONSO FAVOUR

3395 NNAMDI IHECHUKWU CONFIDENCE

3396 NNAMDI KINGSLEY

3397 NNAMDI MALACHY

3398 NNAMDI NNEKA

3399 NNAMDI ODINAKACHI ROSEMARY

3400 NNAMEKA ISREAL EBUBE

3401 NNAMONA INNOCENT NDUBUISI

3402 NNANNA INNOCENT UGONNA

3403 NNEJI CHIDINMA STELLA

3404 NNEJI CHIUGO CHINELO

3405 NNEKA NWAKPA

3406 NNEKA UDOKA

3407 NNEMAKA ISREAL EBUBE H

3408 NNNEJI OKECHUKWU STEPHEN

3409 NNNENA BOYO

3410 NNODIM POPOOLA

3411 NNOLIM AFAMEFUNA ANTHONY

3412 NNOROM CHUKWUEBUKA EMMANUEL

3413 NNOZUBA ALOZIE JAMES

3414 NNOZUBA ALOZIE JAMES T

3415 NNUEIA GODWIN OGBONNA

3416 NOBEL SERVICES

3417 NOBLE FAITH CATERERS

3418 NOIBI ADEMOLA

3419 NONJU SAMUEL H

3420 NONJU SAMUEL PETERS

3421 NONOSO YVONNE

3422 NONYE KABE

3423 NOSEKE AMOLO NNOMADIM

3424 NSE PETERS

3425 NSE PETERS J

3426 NSEYO UDOH BASSEY

3427 NSEYO UDOH BASSEY L

3428 NSIKAK PRINCESS

3429 NSIKAK PRINCESS H

3430 NSOFOR JOSHUA

3431 NSOFOR OBINNA JUVENTUS

3432 NSOHA POLYCARP CHIDI

3433 NTI SCHOLASTICA OSANUNG

3434 NTIOKIET NTIOKIET ANAYO

3435 NTIOKIET NTIOKIET ANDY

3436 NUGA BAMIDELE C

3437 NUHU ILIYASU

3438 NUHU JOSEPHINE

3439 NUHU JOSEPHINE E

3440 NUMBERE NUMBEREYE PRE F.

3441 NUPE TEMISANREN

3442 NURUDEEN KENKU

3443 NURUDEEN OLUFEMI

3444 NWA AWANI

3445 NWABIA EMMANUEL NONSO

3446 NWABOGOR MARGARET MARY

3447 NWABUEBO ANTHONY ADIMABUA

3448 NWABUEZE JUDE IKECHUKWU

3449 NWABUNZE JOHN MARTINS

3450 NWABUNZE OBICHUKWU

3451 NWACHUKU PETER OKIKE

3452 NWACHUKWU BENARD IJEH

3453 NWACHUKWU BENJAMIN OBED UCHENDU

3454 NWACHUKWU EZIWANTI VICTORIA

3455 NWACHUKWU JANET CHIDOZIE

3456 NWACHUKWU JOHNPAUL CHUKWUDI

3457 NWACHUKWU PETER CHILAKA

3458 NWACHUKWU PRINCESS

3459 NWACHUKWU PRINCESS G.

3460 NWACHUKWU UCHENNA

3461 NWADIKE CLARICE IJEOMA

3462 NWAFOR CHIKEZIE SHADRACK

3463 NWAGBOGU IFEOMA MAUREEN

3464 NWAGWU PETER

3465 NWAJEI TONY IFEANYICHUKWU

3466 NWAJU SAIDAH

3467 NWAKAMA IGBONEME

3468 NWAKPA UCHENNA KINGSLEY

3469 NWAKUNA KOYA

3470 NWAKWUOKE NORBERT CHINEDU C.(REV.FR)

3471 NWALI JAMES IKECHUKWU

3472 NWALOR IJEOMA VICTORIA

3473 NWAMADI ANTHONY CHINEDU

3474 NWAMARA LEMENE

3475 NWAMARA LEMENE F.

3476 NWAMBA ONYEKA

3477 NWAMDI NNEJI JOSEPH

3478 NWAMPERE AISHATU

3479 NWANERI AZEBEOBOR

3480 NWANGWU OLATUNJI

3481 NWANI OKORO FIDELIS

3482 NWANKWO ISAAC EMENIKE

3483 NWANKWO ONUOLA

3484 NWANKWO STEPHEN UCHECHUKWU

3485 NWANKWOR UGOCHUKWU HENRY

3486 NWANNA EKE

3487 NWANPA GODWIN U

3488 NWANYA ASSUMPTA CHINWE

3489 NWAOCHA PRINCE

3490 NWAOCHA PRINCE C.

3491 NWAOGWUAGWU JUDE IBEH

3492 NWAOKIKE ANTHONY OGONNA

3493 NWAOKORIE CHIKA DORIS

3494 NWAORGU NNEOMA

3495 NWASOLU CHIJIOKE CLEMENT

3496 NWAWUNA IFEOMA GRACE

3497 NWAZU OLUKEMI NKEMDILIM

3498 NWEKE DABIRI

3499 NWEKE GLORIA

3500 NWEKE GLORIA D.

3501 NWIGWE- ANI JOHN OKEKE

3502 NWINBARI HELEN

3503 NWINBARIN HELEN

3504 NWOBI PETER

3505 NWOBI PETER W

3506 NWODE EMMANUEL COLLINS

3507 NWOFIA OBIAGELI CHRISTIANA

3508 NWOGU BASIL UGWUMBA

3509 NWOGWUGWU OKOYE

3510 NWOKAFOR MERCY ONYIYE

3511 NWOKE FRANK

3512 NWOKE FRANK Z

3513 NWOKOCHA CHIKA AMARACHI

3514 NWOKOLO BOLAJI

3515 NWOKOLO MARTINS UZOCHUKWU

3516 NWOLISA CHRISTOPHER N

3517 NWORAH CHRISTOPHER NDUKA

3518 NWOSU AMADI NNA

3519 NWOSU ANTHONY CHUKWUEMEKA

3520 NWOSU BALOGUN

3521 NWOSU CHIDINMA FLORENCE

3522 NWOSU EMMANUEL EKESON

3523 NWOSU ERNEST UCHE

3524 NWOSU IKENNA

3525 NWOSU JONATHAN CHUKWUWIKE

3526 NWOSU KENNETH CHUKWUEMEKA

3527 NWOSU OKECHUKWU ONYEKACHI

3528 NWOSU ONYINYECHI CHINYERE

3529 NWOSU S.OKECHUKWU

3530 NWOSU SCHOLARSTICA UZOMA

3531 NWOYE CHIZOBA IMELDA

3532 NWOYE MADUKA PIUS

3533 NWUJU OLOAKA STELLA

3534 NWUME CHUKWUJEKWU

3535 NWURUKU JESUSEME

3536 NZELU EDWIN CHUKWUDUM

3537 NZEMECHI IHEANYI OGUGUA

3538 NZEMECHI ONYINYECHI LINDA

3539 O YUSUF

3540 OARHE ADEKOLA

3541 OBA SAMUEL OLUMUYIWA

3542 OBADINA COLLEGE IB NUT CICS LTD

3543 OBAGBEMI ADENIKE WURAOLA

3544 OBAGUNLU MARCUS TIMILEHIN

3545 OBAGWU ANGELA

3546 OBAGWU PHILIP

3547 OBAIDE EFEIRI RICH

3548 OBAIKE FRIDAY TONY

3549 OBAJEMU FOLUSHO EMMANUEL

3550 OBALUM CHIMEZIE IFEOMA

3551 OBALUM CHUKWUEMEKA ZELUWA

3552 OBANIYI INNOCENT

3553 OBANIYI JULIANAH

3554 OBANO EBELE CECILIA

3555 OBARHUAKPOR STEPHEN

3556 OBARHUAKPOR STEPHEN W

3557 OBARO SARAH

3558 OBASAJU MODUPE BETHY

3559 OBASI FESTUS

3560 OBASI ORJI UCHE CHUKWU

3561 OBASI TONIA

3562 OBASI TONIA W

3563 OBASOLA AJIBADE

3564 OBASOLA AJOKE

3565 OBASOLA ESTHER

3566 OBASOLA OLUFUNMILAYO

3567 OBAYEMI MAURICE

3568 OBAYOPO MIKIE

3569 OBAYOPO MIKIK R

3570 OBEIMEN JULIET

3571 OBELE JOSEPH OSILAOWI

3572 OBESESAN UKPABIO

3573 OBEYA JOHNSON

3574 OBHAKHAN ANTHONIA

3575 OBHAKHAN ANTHONIA Y

3576 OBI BABS

3577 OBI BERNADETTE NGOZI

3578 OBI CHIKWENDEU WILFRED

3579 OBI EKENE

3580 OBI MIMBILA

3581 OBI NDUBUISI MATTHEW

3582 OBI STEPHEN OBI

3583 OBI TONY MERRY HEART

3584 OBI TUNJI

3585 OBIAFULA IWUJI PATRICK

3586 OBIAKEMHE TERRY DIRISU

3587 OBIAKOR CHIKE

3588 OBIANO MALDALENE NWABUGO

3589 OBIANYO KINS CHUMA

3590 OBIEJESI CHIJIOKE ERASMUS

3591 OBINNA AMARACHUKWU C

3592 OBINNA REGINALD IHEUKWUMERE

3593 OBINWA PHILOMINA AKUADI

3594 OBI-ODUN UKWE UKAMAKA DORIS

3595 OBI-ODUNUKWE CHIDNMA FELICIA

3596 OBI-ODUNUKWE CHINWIKE CALLISTUS

3597 OBIOKOYE E. ANTHONY

3598 OBIORA -OKAFOR CHINEDU AFAMEFUNA

3599 OBIRI AMBROSE OKEY

3600 OBI-UCHENDU IFEOMA

3601 OBODOEZE DAVID ONUORAH

3602 OBOH JACKSON IMHANS

3603 OBONNA OVIEZAKUME EBELECHUKWU

3604 OBOT INIABASI THOMAS

3605 OBOT SEKEWED IFIOK

3606 OBOTI SAMUEL

3607 OBUMNEME LINUS IKEOKWU

3608 OBUROTA CHIMAOBI

3609 OBUROTA JACOB

3610 OBUROTA PATRICK

3611 OCHE CHARITY

ANNUALREPORT

2016

Unclaimed Dividend


3612 OCHEJE ALEX DANJUMA

3613 OCHEMI AKOJI TEMPLE

3614 OCHI CHIOMA LOVETH

3615 OCHIGBO AGBOSON PATRICK

3616 OCHONOGOR SUNDAY

3617 OCHULOR OBIOMA

3618 ODEARA FATIMA OYEBIMPE

3619 ODEBEATU OGENNA CHILO

3620 ODEGHE OGBONNAC CHIOMA

3621 ODEH WILLIAM EHIGIE

3622 ODEKUOYE ADEREMI RALPH

3623 ODELEYE YETUNDE OMOLARA

3624 ODESANYA -OLOTO BASHIRU ABISOYE

3625 ODESANYA OLUWATOYIN BOLA

3626 ODETOLA DOLAPO DAMOLA

3627 ODEY RICHARD ODEY

3628 ODEYEMI FATIMAT ADESOLA

3629 ODIDI ISAAC EGON SEUN

3630 ODIDI RENA

3631 ODIGIE MARY

3632 ODILI FRANCISCA

3633 ODINAKA PETER

3634 ODIWE NNEBUOGO MARTHA

3635 ODO NNEKA ROSELINE

3636 ODONG NANCY

3637 ODOWEGWU JOHN ONAH

3638 ODU ABAYOMI OLUFEMI

3639 ODUCHE IFEYINWA FAITH

3640 ODUFALU OPEYEMI OLUWAGBAMILA

3641 ODUGBESAN ADESOLA

3642 ODULARU ADEMOLA

3643 ODULATE JOSEPH OLUSOLA

3644 ODULI OLUSEGUN

3645 ODUMOSU ADEBIMPE

3646 ODUNDOYIN ADEJUMOKE

3647 ODUNELA MONSURAT B.

3648 ODUNEWU KAYODE JOHN

3649 ODUNSI E. VICTOR

3650 ODUNSI ITUNOLUWA ADENIKE

3651 OGHENEJODE RUTH

3652 OGHIDI MOSES EWELAIKE

3653 OGHORIE SUNDAY

3654 OGISI MINISE FLOWERS

3655 OGOGO OMANVUAYE CHRISTIAN

3656 OGU ANADE CHRISTY OBY

3657 OGUCHIALU UCHENNA E. G.

3658 OGUDORO CHINYERE MAGELLA

3659 OGUEJIOFOR MICHAEL AZUBUIKE

3660 OGUEJIOFOR OKWUDILI DONATUS

3661 OGUGUO ANTHONY ONUNEKWU

3662 OGUN SHAKIRAT ARINOLA

3663 OGUNBAJO ABIOLA

3664 OGUNDAMOLA OLUSEGUN BABATUNDE

3665 OGUNDEIN IFETAYO OLAYINKA

3666 OGUNDEJI ADEBOWALE BOLANIRAN

3667 OGUNDELE OLADELE EMMANUEL

3668 OGUNDIPE ESTHER OSEOLA

3669 OGUNDIPE FOLULOPE

3670 OGUNDIPE FUNKE

3671 OGUNDIPE FUNSHO

3672 OGUNDIPE KOLAWALE

3673 OGUNDIPE TOPE

3674 OGUNDIRAN OMOLOLA GRACE

3675 OGUNDOYIN AYODEJI OJO

3676 OGUNGBADEJO ABDULKAREEM OMOTOYOSI

3677 OGUNGBAMILA OLASOJI O.

3678 OGUNGBE ADEYEMI ADEFEMI

3679 OGUNGBE OLUFEMI

3680 OGUNGBILE BIODUN

3681 OGUNGBILE GBOLABO DAMILARE

3682 OGUNJIMI TENIOLA FATAI

3683 OGUNJOBI BUKAYO OLUWASEYI

3684 OGUNJOBI SAMSON AJANI

3685 OGUNKOMAIYA IDOWU TITILOPE

3686 OGUNKOYA ADENIKE AFOLARIN

3687 OGUNLANU ABIMBOLA OLADUNNI

3688 OGUNLENDE ZAINAB JOSEPHINE

3689 OGUNLENDE ZAWE ABIOLA

3690 OGUNLESI AKINTUNDE A.

3691 OGUNLESI VICTORIA A.

3692 OGUNLEYE AMIDU TUNDE

3693 OGUNLEYE GBENGA

3694 OGUNLEYE SOLA OLUWAFEMI

3695 OGUNLEYE SUNKANMI SAMUEL

3696 OGUNLEYE TAIWO JONATHAN

3697 OGUNMAKINWA SUNDAY AKINLOYE

3698 OGUNMOROTI BUKOLA FOLASADE

3699 OGUNMUYIWA OYINADE FADEKE

3700 OGUNNAIKE ADEWOLE FOLORUNSHO

3701 OGUNNAIKE FOLASHADE OLUKOREDE

3702 OGUNNAIKE OLUSIMIDELE ANIKE

3703 OGUNNAIKE TEMITOPE

3704 OGUNREMI SIMEON

3705 OGUNRINDE HAKEEM MUSLIU

3706 OGUNRINOLA SUNDAY JAMES

3707 OGUNS AYORINDE OMOTAYO

3708 OGUNSAMI ADEMOLA KEHINDE

3709 OGUNSAMI ADETOLA TAIWO

3710 OGUNSANYA OLUWAFEMI E

3711 OGUNSANYA OYINDAMOLA A

3712 OGUNSE SEGUN

3713 OGUNSOLA EUNICE AFOLAKE

3714 OGUNSOLA JOSEPH TEMI DARA

OLUDAHUNSI

3715 OGUNTADE COMFORT MOJISOLA

3716 OGUNTADE MODUPE TOMILAYO

3717 OGUNTOYE OLANREWAJU

3718 OGUNWA ARIBIKE ORIGHOMISAN

3719 OGUNWALE OLUSHOLA

3720 OGUNYEMI JAMES OKE

3721 OGUNYOMI CHRISTOPHER OLUTAYO

3722 OHAEGBU LARRY

3723 OHAHURU EMILIA OLUCHI

3724 OHAHURU JULIE EZINNE

3725 OHAI CHUKS

3726 OHAKA CHINDA

3727 OHIMAI MODUPE OLADUNNI

3728 OHIOYA ONYEKACHUKWU ENDURANCE

3729 OIKERHE KENNEDY

3730 OJEDIRAN FATAI AYOOLA

3731 OJEDIRAN OLUSEYI ABRAHAM

3732 OJEDIRAN VICTOR AYOTUNDE

3733 OJEDOKUN MUSIBAU

3734 OJEFUA ALEXANDRIA

3735 OJEFUA EBALUNEGBEFO GREGORY

3736 OJEFUA EBOSEREMEN

3737 OJEFUA FRANCESCA ANYINRIO

3738 OJEFUA GODSWILL

3739 OJEFUA ISIBHAKHOMEN CONSTANCE

3740 OJEFUA OFURE

3741 OJEIKERE MARY OLAYINKA

3742 OJEIKERE OHIKHUARE

3743 OJELAKIN HANNAH OLUKEMI

3744 OJIAKO OBIORA BASIL

3745 OJIEH NWABUOGOR JONES

3746 OJIGBEDE ESTHER

3747 OJIGHO UFUOMA FOCUS

3748 OJIKPE NKIRU UCHEDILI

3749 OJIKUTU KEHINDE

3750 OJO ADEDAYO

3751 OJO ADEMOLA ABIODOLA

3752 OJO ADEYINKA OLAKUNLE

3753 OJO ADEYINKA OLUPONLE

3754 OJO BAMISAYE SANMI

3755 OJO BISOLA

3756 OJO ESTHER

3757 OJO OLUWAFEMI RICHARD

3758 OJO TEMITOPE OLUWATOSIN

3759 OJO VICTORIA OLASINBO

3760 OJOBI ADOLE AMEH

3761 OJOCHONU VICTOR SAMUEL

3762 OJUGBELE ADEFOLAMI A. FARUQ

3763 OJUKWU JOSEPH CHUKWUJUGHA

3764 OJUKWU NEREUS IKEDI

3765 OJUKWU TEMITOPE OLORUNTOBA

3766 OJUROMI LUKY MICHEAL

3767 OJUTIKU ADEDAPO

3768 OJUTIKU MOROUNFOLU

3769 OJUTIKU OLUGBOYEGA

3770 OKAFOR ALFRED IWEBUNOR

3771 OKAFOR CHARLES CHINEDU

3772 OKAFOR EBERE AMARA

3773 OKAFOR GODWIN FRANK

3774 OKAFOR IKECHUKWU SAMUEL

3775 OKAFOR JERRY

3776 OKAFOR JUSTICE VINCENT

3777 OKAFOR LINUS

3778 OKAFOR NGOZI BLESSING

3779 OKAFOR OBINA

3780 OKAFOR OLIVER CHUKWUDI

3781 OKAFOR STELLA IFEACHUKWU OKWUAFORKA

3782 OKAGBARE SAMUEL EGUBE

3783 OKAH AVAE MATHIAS OWIGHO

3784 OKAH JOY EWA

3785 OKAI CELESTINE IKE

3786 OKARA CHARLES GILBERT

3787 OKARO EMMANUEL OSELOKA

3788 OKATTA BLESSING IDARA

3789 OKE BOSEDE VICTORIA

3790 OKE CHINWE CLARA

3791 OKE FELIX

3792 OKE GBOLARO BOSEDE

3793 OKE GRACE OMOTOKE

3794 OKE OLUWAFUNMIBI STEPHANIA

3795 OKE OSAREMEN

3796 OKE RONKE AIMANNOSHI

3797 OKECHUKWU MANAFA

3798 OKECHUKWU OLULU HELEN

3799 OKEDARA MORINKOREOLUWA

3800 OKEDARA MOROUNTODUN JOANNA

3801 OKEDIJI WURAOLA TEMITOPE

3802 OKEH JOSEPH

3803 OKEKE ALOYSIUS UBANAGU

3804 OKEKE ALPHONSUS OSITA

3805 OKEKE CHRISTIAN O.

3806 OKEKE EBUKA C.

3807 OKEKE IKECHUKWU OWOH

3808 OKEKE MARK IKECHUKWU

3809 OKEKE NNENNA RITA

3810 OKEKE OBINNA SAMUEL

3811 OKELEKE LOUISA NNEKA

3812 OKENABIRHIE ESOSUO

3813 OKENWA CHIIJIOKE PAUL

3814 OKENWA PEACE CHINYERE

3815 OKERE CLIFFORD CHUKWUEMEKA

3816 OKERE CLIFFORD CHUKWUEMEKA

3817 OKEREJI O.OLUSEYI

3818 OKEREKE AUGUSTINE

3819 OKEREKE NGOZI

3820 OKEREKE STANLEY CHIDI

3821 OKESANYA EMMANUEL O.

3822 OKESANYA OLAMIJI

3823 OKETOGUN DARE F

3824 OKHUELEIGBE ADESUWA

3825 OKHUELEIGBE EHIMARE

3826 OKHUELEIGBE LIZZY

3827 OKONKWO GLORIA AGAEZI

3828 OKONKWO IKECHUKWU CRISTOPHER

3829 OKONKWO JOEL ONYEMA

3830 OKONKWO NNENNA LOVINA

3831 OKONKWO OGBONNE GLORIA

3832 OKONKWO VICTRO CHIDOZIE

3833 OKONTA CHUKUDI JAPHET

3834 OKORIE SUNDAY NICHOLAS

3835 OKORO BLESSING UCHE

3836 OKORO DANIEL JOHN

3837 OKORO JOHN

3838 OKORO JUSTINA UGBALA

3839 OKORO OBI NNENNA

3840 OKORO OKECHUKWU

3841 OKORO ULU OBASI

151PAGE

ANNUALREPORT

2016

Unclaimed Dividend


152PAGE

3842 OKORODE OMONIGHO

3843 OKORONKWO BROWN ONUOHA

3844 OKORONKWO CYNTHIA IHUOMA

3845 OKORONKWO MONDAY UCHENNA

3846 OKORONTA RUFUS EMEKA

3847 OKOSI FRANCIS

3848 OKWOLI ERIC OGBOLE

3849 OKWOMMA ONYINYECHI

3850 OKWUJE CHARLES CHUKS

3851 OKWUJE CHRISTOPHER CHUKWUWIEKE

3852 OKWUJE CHUKWUKA CHARLES

3853 OKWUJE ISREAL CHUKWUEMEKA

3854 OKWUMABUA STELLA

3855 OKWUO OLUCHUKWU JUDITH

3856 OKWUZI IFEANYI SYLVESTER

3857 OL0WU OPEYEMI TEMITOPE

3858 OLA DIMEJI

3859 OLABANJI AYOBOLA ABIOLA

3860 OLABANJI COMFORT MOSUN

3861 OLABISI MOJISOLA REBECCA

3862 OLABOLUDE OLATUNDE

3863 OLABOWALE BAMIDELE BIDEMI

3864 OLABULO OLAWUMI FEYIKEMI

3865 OLADAPA ABIODUN

3866 OLADAPO ABIODUN OLUWAKEMI

3867 OLADAPO KABIRU OLADIRAN

3868 OLADAPO OLUFEMI TAIWO

3869 OLADAPO OLUWASEUN JADESOLA

3870 OLADEJO ABIMBOLA

3871 OLADEJO TAIWO JOHN

3872 OLADELE OLUFUNKE OLADUNNI

3873 OLADEMEHIN RALPH ABAYOMI

3874 OLADIMEJI ISMAIL OLADOKU

3875 OLADIMEJI JOSHUA

3876 OLADIMEJI OLAYEMI RUTH

3877 OLADIMEJI OLAYINKA SUNDAY

3878 OLADIMEJI OLUWATOBI SUNDAY

3879 OLADIPO OLUBUNMI TUNRAYO

3880 OLADIPO OLUDARE

3881 OLADIPO SUNDAY OLALEKAN

3882 OLADIPUPO FLOURISH ADEKUNLE

3883 OLADIRAN ROTIMI ELIJAH

3884 OLADOSU VICTOR KOLAWOLE

3885 OLADUNJOYE ELIJAH IBUKUNOLUWA O

3886 OLADUNNI OLUWAFUNMIKE AMINAT

3887 OLAEWE JACOB OLUSEGUN

3888 OLAFIRANYE IBRAHIM OLAWALE

3889 OLAFIRANYE SULAIMON ADEDAMOLA

3890 OLAGBENJO SALAU

3891 OLAGOKE TITILAYO ABEGBE

3892 OLAGUNJU BAMIDELE J.

3893 OLAGUNJU PAUL OLUFEMI

3894 OLAIFA KAYODE TAJUDEEN

3895 OLAIGBE OLUWAFUNKE MORENIKE

3896 OLAIYA RUKAYATU AJOKE

3897 OLAJIDE ABOLAJOKO DEBORAH

3898 OLAJIDE GABRIEL TAIWO OLUSEGUN

3899 OLAJIDE OLUFOLAKE ADEPEJU

3900 OLAJIDE OLUFUNSHO OLAWALE

3901 OLAJIDE SUNDAY OLALEKAN

3902 OLAJIDE TAIWOLEKAN

3903 OLAJIDE VERONICA TITILAYO

3904 OLAJUBUTU OLUWASHOLA

3905 OLAKUNLE BABATUNDE

3906 OLAKUNLE ENYONAM TEMILOLUWA

3907 OLALEKE FELICIA IYABODE

3908 OLALEYE AYODELE KUNLE

3909 OLALEYE BIMBOLA MARY

3910 OLANBIWONNU HUMUANNI OMOTUNDE

3911 OLAYANDE IBIYEMI OLANIRETI

3912 OLAYENI OLUWAKEMI MOSUN

3913 OLAYIWOLA OLADIMEJI SOLOMON

3914 OLIJE VINCENT

3915 OLISAEKE PAUL CHUKWUNYERE

3916 OLISAH NGOZI JUDITH

3917 OLISAKWE MACNTHONY EMEKA

3918 OLIVER EBERENDU

3919 OLIYIDE ABIOLA OLUTOKE

3920 OLIYIDE AMINAT

3921 OLIYIDE HAZMAT OLUDOLAPO

3922 OLIYIDE ISMAILA OLANREWAJU

3923 OLIYIDE JAMIU

3924 OLIYIDE MODINAT

3925 OLIYIDE MORUFF

3926 OLIYIDE MUHAMMED TEMIDAYO

3927 OLIYIDE SAHEED

3928 OLIYIDE WOSILAT AMOPE

3929 OLOJEDE SAMSON OLUSOLA

3930 OLOKUN OLATUNBOSUN METHAIS

3931 OLOKUNDE TOYIN OLAYINKA

3932 OLOLADE SHAFIU OLADELE

3933 OLOMU GODSPOWER

3934 OLOREDE JAMES AYOOLA

3935 OLORUNFEMI GABRIEL SUNDAY

3936 OLORUNNISOMO ABOLAJI

3937 ONYEBU IFEOMA MAY

3938 ONYEBUCHI JAMES CHUKWUGOROM

3939 ONYEBUCHI NGOZI LOVELYN

3940 ONYEDIKA OLUCHI AHAOMA

3941 ONYEJE S. N.

3942 ONYEKAONWU LAWRETTA CHIMEZIE

3943 ONYEKELU CHIDOZIE HYGINUS

3944 ONYEKONWU ANDREW IBEZIN

3945 ONYEKWELU IFEOMA CHINYELU

3946 ONYEKWERE CAJETAN CHIKEZIE

3947 ONYEMA VICTORIA

3948 ONYEMALU FIDELIS OGBONNA

3949 ONYEMELUKWE CHIDIOGO NKEMDILIM

3950 ONYEMELUKWE CHUKWUKA OBUMNEME

3951 ONYEMELUKWE CHUKWUWIKE CHUKWUKA

3952 ONYEMELUKWE NGOZI CAROL

3953 ONYENEKE KENNETH IKENNA

3954 ONYENENUE JOEL ONYEKA

3955 OPATOLA BAMIKE TEMILADE

3956 OPEBIYI AYOBANJI ABRAHAM

3957 OPEBIYI AYOKUNLE SAMUEL

3958 OPEBIYI AYOTOMIWA FERANMI

3959 OPETU THANKGOD

3960 OPUALA-CHARLES SILVA

3961 ORAEZI MARYCYNTHIA IJEOMA

3962 ORAH BENNETH RAPULUCHUKWU

3963 ORAROTIMI OLADEJO OLADAPO

3964 OREBIYI SOLOMON OLUSEGUN

3965 OREDIA JOSEPH

3966 OREDIA LOVINA

3967 OREOLUWA OMOLAYO

3968 ORIAIFO-ODARO FELICIA EBAIDE

3969 ORIDAMI OLUSOLA TOKUNBO

3970 ORIJA OLUWAKEMI OMOLARA

3971 ORIMOLADE CLEMENT BAMIDELE

3972 ORITU AFOLABI SOLOMON ABE

3973 ORJI KINGSLEY ONWUCHEKWA

3974 ORJI ODILIONYENMA GREGORY

3975 ORJI ONYEABO CHIDIEBERE

3976 ORJI STEPHEN

3977 ORJI UDOCHUKWU VALENTINE

3978 OROWOLE OLUMIDE AYOOLA

3979 OROWOLE OLUMIDE AYOOLA

3980 OSABIYI OLASOJI VINCENT

3981 OSADARE OYENIYI

3982 OSADEBE UZOMA CHIDINMA

3983 OSADIPE JOSEPH BODUNDE

3984 OSAGIE KISITO OSAGIE

3985 OSAKA DANIEL

3986 OSAKWE ANTHONY OSANEBI

3987 OSAKWE IKECHUKWU CHRISTOHER

3988 OSAMO DARE OLUWASEGUN

3989 OSAMWONYI CHRISTIAN

3990 OSAMWONYI KEZIAH

3991 OSANYINTADE OLUWASEGUN OLUWAROTIMI

3992 OSARENKHOE ESOHE GRACE

3993 OSAWARU AMENAGHAWON JOSHUA

3994 OSAZUWA FESTUS

3995 OSHIN ANTHONY OLUGBENGA

3996 OSHINUGA TEMITOPE O.

3997 OSHIYOYE IYANUOLUWA OLUGBENGA

3998 OSHODI GIL DIKE

3999 OSHUNLUSI ABOLADE BUNMI

4000 OSHUNLUSI OLUWATOYIN OLAWUMI

4001 OSIBERU OLUWALAMBE JANET

4002 OSIBOGUN ABOLANLE MULIKAT

4003 OSIEGBU NDUKA

4004 OSIFESO OLUSEYI OLUKAYODE O.

4005 OSIGBEME AUGUSTINE ETSEILENA

4006 OSIGBEMHE GILBERT IZUAGBE

4007 OSIKWEME OMOSOMI MARY

4008 OSIN EVELYN

4009 OSIN EVELYN

4010 OSIN EVELYN I.

4011 OSIN EVELYN ISI

4012 OSIN EVELYN ISIMEME

4013 OSIN ISIMEME

4014 OSIN ISIMEME E.

4015 OSIN ISIMEME EVE

4016 OSIN ISIMEME EVELYN

4017 OSIN ISIMEME EVELYN

4018 OSINOWO EDORA NNEKA

4019 OSINUGA GBOLADE OLANREWAJU

4020 OSOMO FAROUK OMOTAYO

4021 OSONDU ONYEKA STANLEY

4022 OSOSAMI OLUGBENGA ADENIYI

4023 OSSAI SANDRA IJEOMA

4024 OTISE UCHE

4025 OWOMERO EMILY

4026 OWOSEJE KAYODE MR

4027 OYAKHIRE OLUSEGUN WILLIAM

4028 OYEBANJI OLUWATOSIN OYEBOLA

4029 OYEBISI ROTIMI

4030 OYEDE SEGUN ADEBAYO

4031 OYEDEJI OYEGBOLA ADEDAYO

4032 OYEDELE ADENIYI OLUGBENGA

4033 OYEDELE ADEROMKE F

4034 OYEDELE OLUWASESAN OYETUNDE

4035 OYEDELE PAUL

4036 OYEDELE TOLULOPE ADETOYESE

4037 OYEDESI MUYIWA EMMANUEL

4038 OYEDIRAN CHRISTIANAH FUNMILAYO

4039 OYEDIRAN MODUPEOLA OLUWATOYIN

4040 OYEDOKUN ISAIAH ADELANI

4041 OYEKAN FATIMAH FADEKE

4042 OYELAKIN KEHINDE HASSAN

4043 OYELAMI OLUWATOSIN AYOMIDE ALAKE

4044 OYELEYE EMMANUEL FUNMI

4045 OYELEYE SESAN ABRAHAM

4046 OYELOWO MATTHEW OLANIYI

4047 OYEMA VICTOR

4048 OYEMUNMI SEYI

4049 OYENIYI SIMEON KOLAWOLE

4050 OYENIYI TAIWO OLUMUYIWA

4051 OYENUGA OLUYEMISI

4052 OYETADE OLUFEMI ADEGOKE

4053 OYEWOLE BOSEDE ABIOLA

4054 OYEWOLE DUROTIMI OLUSEUN

4055 OYEWOLE FOLASHADE ABIOLA

4056 RAHEEM TUNDE

4057 RAHEEM WASIU ARANSE OLUWA

4058 RAHMAN FAUSAT BOLANLE

4059 RAIMI GBOLAGADE SAMUEL

4060 RAJI OLUWAFUNMILAYO OLUWATOYIN

4061 RAJI SHUKURAT OLASUMBO

4062 RAMON ABAYOMI

4063 RANTI ADEKUNLE ALAUSHA

4064 RASAK ABDULLAI OLANREWAJU

4065 RASAQ SAHEED BAMIDELE

4066 RAYMOND MUSA MOSES

4067 REAL STOCK LIMITED

4068 REEMSON WAHAB AJENIFUJAH

4069 REGINAA IBE

4070 REV AGBOOLA JOSEPH OKIKIOLA

4071 RICHARDS MARILYN ADETOKUNBO

4072 RICHMOORE ASSOCIATES LTD.

ANNUALREPORT

2016

Unclaimed Dividend


4073 RIGHI GREGORY O

4074 RIMI USMAN

4075 RIMOSJI VENTURES LIMITED

4076 SALIU IDRIS BAMDELE

4077 SAM ANYOMA COLLINS OGHENEDORO

4078 SAMBOL ENERGY & ALLIED SERVICES LTD

4079 SAMLEX INTEGRATED SERVICES LIMITED

4080 SAMSON DANJUMA

4081 SAMSON JUSTINA ONYINYECHI

4082 SAMUEL ADEKUNLE OLUGBENGA

4083 SAMUEL CHIDERA DIVINE C.

4084 SAMUEL IYABO TEMITOPE

4085 SAMUEL MARY TEMILOLA

4086 SAMUEL THANKGOD

4087 SAMUEL TOBA

4088 SANGOWAWA BOSUN ADEWUNMI

4089 SANWO OLUWATOYIN EMMANUELA

4090 SCOTT ORISHEWEYIMI S.

4091 SEGI KAYODE

4092 SHETTIMA MOHAMMAD SAGHIR

4093 SHETTIMA SAMUEL LABURTA

4094 SHEYINDEMI EMMANUEL A. ADEDAMOLA

4095 SHITTA WASIU

4096 SHITTA WASIU OLADELE

4097 SHITTU OWOLABI LATEEF

4098 SHITU O. NIMOTALAI

4099 SHOBAYO AJIGBOTOLA SADE

4100 SHODIPO ADETUTU

4101 SHOEWU OLUWARANTI OLUSOGA

4102 SILVARIUS ANIEBONAM TOCHUKWU

4103 SILVER MICHEAL FEMI

4104 SOWORE ADEBIMPE

4105 THEOGRACE GLOBAL CONCEPT LTD

4106 THESCO & AGRO LTD

4107 THOMAS ANIEFIOK DICKSON

4108 THOMEX GROUPEX NIG. LTD.

4109 THOMPSON OLUWAFEMI

4110 THOMPSON TAMUNODIKI

4111 TIAMIYU EMMANUEL BAMIDELE

4112 TIAMIYY ALHAMEEN ADETAYO

4113 TIJANI FATIMA

4114 TIJANI OLADIPUPO MUHRTALA

4115 TIMINIMI NELSON OTOH

4116 TITE JOCELYN ERORO

4117 TOCHUKWU A. S.

4118 TOCHUKWU SILVARIUS

4119 TOKODE OLUSEGUN OLAYINKA

4120 UCHE BATHOLOMEW EKEKA

4121 UCHE GLORY

4122 UCHEGBU GERALD CHIBUIKE PETER

4123 UCHENWA CHRISTOPHER CHIAGOZIE

4124 UCHENWA OBY VICTORIA

4125 UCHEUKWU ALOZIE

4126 UDEAGHA ANTHONY CHUKWUEMEKA

4127 UDEH SAMUEL OKEZIE

4128 UDEH UDEH CHIBUZOR VINCENT

4129 UDEICHI IDIA

4130 UDOH JOHN ETUK

4131 UDOH JOHN JONAH

4132 UDOH M. DAVID

4133 UDOH MICHAEL OKAFOR

4134 UGWU RAYMOND OMABA

4135 UGWU VICTORIA OLUCHUKWU

4136 UGWUANYI KENNETH CHIBUIKE

4137 UGWUEKE MATTIAS UGWUEKE

4138 UGWUMBA CHIBUZO ATHANASIUS

4139 UGWUMBA MARTHA CHIZOBA

4140 UGWUMBA THEODORE IFEANYICHUKWU

4141 UGWUOKE VALENTINE UCHE

4142 UJOATUONU JONATHAN UWAOMA

4143 UMEZURIKE OLAYINKA

4144 UMOETTE EKAETTE EKUTMFON

4145 UMOH JOSHUA UBON

4146 UMOH MFONIDOH DAVID

4147 UMOH SUNDAY MOSES

4148 UMOH UWEMEDIMO

4149 UMOREN ANTHONY

4150 UMORU JIMOH

4151 UMORUH AMINU CHRISTOPHER

4152 UNACHUKWU OBINNA GOBSON

4153 UNIGWE NNENNA

4154 USULOR CHIKAODIMICHIKAODI

4155 USUNOBUN OSBERT UADIALE

4156 UWAKWE ANDREW CHUKWUEMEKA

4157 UWANDU JUSTINA

4158 UZOUKWU PHILIP CHIBUIKE

4159 UZU FAVOUR NKEMDILIM

4160 UZUEGBU TONY

4161 YAKEEN KAZEEN

4162 YAKUBU AREMU AMUDA

4163 YUNUSA RASAK ADIGUN

4164 YUNUSA SODIQ ADESHINA

4165 YUSUFF SHERIFAT

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ANNUALREPORT

2016

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ANNUALREPORT

2016


FIRST REGISTRARS AND INVESTOR SERVICES LTD.

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Twenty First Annual General Meeting of STANDARD ALLIANCE INSURANCE PLC will be held at the Event Hall, Plot 1, Block 94 Providence Street, Lekki Phase 1, Lekki Phase 1, Lekki LagosState on 21st September, 2017 at 11:00am prompt.

21st September, 2017 at 11:00am prompt.

2017

ORDINARY BUSINESS

SPECIAL BUSINESS:

1. To receive the Audited Financial Statements for the year ended 31st December, 2016 together

with the Report of Directors, Auditors and Audit Committee thereon.

2. To re-elect the following Directors who in accordance with Article 83 of the Company’s Articles of Association,

retire by rotation, but are eligible and offer themselves for re-election:

?Mr. Johnson Chukwu as a Non-Executive Director

?Mrs. Adetayo Akintunde as a Non-Executive Director

3. To ratify the appointment of the following Director appointed to fill a casual vacancy:

?Mr. Bolaji Oladipo

4. To re-appoint BDO Professional Services as the Auditors of the Company and to authorize the Directors to fix their remuneration.

5. To elect members of the Statutory Audit Committee.

To consider and if thought fit, pass the following resolutions as Ordinary Resolutions:

1. To fix the remuneration of the Directors.

2. “That subject to the post listing rules(Rules Governing Transactions with Related Parties or Interested Persons) of the Nigerian

Stock Exchange, a General Mandate be and is hereby given for the Company to enter into recurrent related party or interested

party transactions provided such transactions are of a revenue or trading nature or are necessary for the Company’s day to day

operations; and that the Directors be and are hereby authorized to complete and do all such acts and things (including executing

all such documents as may be required) to give effect to the transactions as authorized by this Ordinary Resolution.”

3. “That the Directors be and are hereby authorized to take all steps they may deem appropriate to raise additional capital for the

Company by way of special placements or Public Offer with or without preferential allotment, rights issue, bond issue,

convertible loans, mezzanine finance or any combination of the foregoing, or in such other manner as the Directors may, in

their discretion approve and subject to the approval of the Regulatory Authorities.”

4. To consider and if thought fit, pass the following resolutions as Special Resolutions for the reduction of share capital of the Company:

“THAT following the merger of the then Standard Alliance Insurance Plc and Standard Alliance Life Assurance Limited, and subject to the

confirmation of the Court:

4.1. “The the post-Merger share premium of N7,529,796,430.00 (Seven Billion, Five Hundred and Twenty Nine Million, Seven Hundred

and Ninety Six Thousand, Four Hundred and Thirty Naira only) be reduced by the sum of N7,529,796,430.00 (Seven Billion, Five

Hundred and Twenty Nine Million, Seven Hundred and Ninety Six Thousand, Four Hundred and Thirty Naira only) by creating a

Special Reserve Account of N7,529,796,430.00 (Seven Billion, Five Hundred and Twenty Nine Million, Seven Hundred and Ninety

Six Thousand, Four Hundred and Thirty Naira only) for the purpose of writing off the losses of the Company; and

4.2. “The post-Merger issued Share Capital of the Company be and is hereby reduced fromN6,455,520,000.00 (Six Billion, Four

Hundred and Fifty Five Million, Five Hundred and Twenty Thousand Naira only toN2,151,840,000.00 [Two Billion, One Hundred

and Fifty One Million, Eight Hundred and Forty Thousand Naira only)by cancelling and extinguishing 8,607,360,000 (Eight

Billion, Six Hundred and Seven Million, Three Hundred and Sixty Thousand)unitsof the issued Ordinary Shares of N0.50 kobo each

in the Company, each of which is fully paid up, and the amount by which the Share Capital is so reduced be credited into the

Special Reserve Account created above for the purpose of writing off the losses of the Company.

4.3. That the share reduction in paragraph 4.2 above be applied pro –rata the existing issued shares of the Company, such that

following such reduction, each shareholder of the Company as at the last trading day before the Share Reduction, will hold 1 (One)

Ordinary Share of N0.50k each for every 3 (Three) Ordinary Shares held by them prior to the reduction.

4.4. “That the Directors be and are hereby authorized to use the Special Reserve Account ofN11,833,476,430.00 (Eleven Billion,

Eight Hundred and Thirty Three Million, Four Hundred and Seventy Six Thousand, Four Hundred and Thirty Naira only)

created pursuant to the above resolutions in writing off part of the losses of the Company”.

5. “That the Board of Directors be and is hereby authorized to do all such acts, deeds, matters and things as the Board

may deem necessary to give effect to the aforementioned resolutions of the Company.”

ANNUALREPORT

2016


ANNUALREPORT

2016

21st September 2017 at 11:00am prompt.

The above form of proxy, when completed, must be deposited with the Registrars: First Registrars and Investor Services Ltd; Plot 2 Abebe Village Road, Iganmu, Lagos, not later than

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Uruemuesiri Oghen


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ANNUALREPORT

2016

FIRST REGISTRARS AND INVESTOR SERVICES LTD

Share Capital History

The company was incorporated as Jubilee Insurance Company Limited in July 1981 with an authorized share

capital of N15,000,000 divided into 15,000,000 ordinary shares of N1.00 each. The company changed its name

to Standard Alliance Insurance Plc and as at date the authorized share capital of the company is N7,000,000,000

comprising 14,000,000,000 ordinary shares of N0.50 each, out of which N5,996,586,725 comprising

11,993,173,450 ordinary shares of N0.50 each are issued and fully paid up.

The changes to the company's authorized and issued share capital since reincorporation are summarized

below:

Year Consideration

Date Increase Cumulative Increase Cumulative Cash/Bonus

1997 -

30,000,000

30,000,000

Cash

1997 70,000,000

100,000,000

45,000,000

75,000,000

Cash/Bonus

1998 - 100,000,000 25,000,000

100,000,000

Bonus

2000 100,000,000 200,000,000 25,000,000

125,000,000

Bonus

2001 - 200,000,000 25,000,000

150,000,000

Bonus

2002 150,000,000

350,000,000

50,000,000

200,000,000

Bonus

2002 -

350,000,000

-

200,000,000

Stock Split

2003 150,000,000

500,000,000

150,000,000

350,000,000

Cash

2005 -

500,000,000

140,000,000

490,000,000

Bonus

2006 1,250,000,000

1,750,000,000

245,000,000

735,000,000

Bonus

2006 -

1,750,000,000

999,844,500

1,734,844,500

Cash

2007 2,500,000,000

4,250,000,000

86,742,225

1,821,586,725

Bonus

2008 - 4,250,000,000 2,425,000,000 4,246,586,725 Cash

2011 1,750,000,000 6,000,000,000 1,750,000,000 5,996,586,725 Preference shares conversion

2012 1,000,000,000 7,000,000,000 - 5,996,586,725

Issued & Fully Paid-up (N)Authorized (N)

ANNUALREPORT

2016


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First Registrars And Investor Services Ltd


ANNUALREPORT

2016

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ANNUALREPORT

2016

Plot 1, Block 94,

Providence Street, Lekki Scheme 1,

Lekki-Epe Expressway, Lekki, Lagos.

Tel/Fax: 234-1-4619546.

0700Insurance(0700-467872623)

[email protected]

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