Contents · 2018-08-15 · curriculum vitae. SHAREHOLDERS’ RIGHT TO ASK QUESTIONS Shareholders of...

1

Contents

7

About SA

Statement of Financial Position 7 1

Statement of Profit or Loss

and Other Comprehensive income 72

Consolidated and Separate Statement

of Changes in Equity 73

Statement of Changes in Equity 74

Statement of Cash Flows 75

Other notes to the financial statements 76 - 131 Risk Management Report 99 - 129

Appendices to the financial statements 132 - 135

Determination of Solvency Margin 136

Branch Network 137

Unclaimed Dividends Position 138 - 157

Consolidation of Account 158

Proxy Form 160

E-Dividend Activation Form 162

Introduction 2

Corporate Profile 3 - 5

Notice of Annual General Meeting 6 - 7

Result at a Glance 8

Chairman’s Statement 9 - 11

Board Of Directors 12 - 14

Approval & Statement

of Responsibilities 15

Directors’ Report 16 - 20

Report of Audit Committee 21

Corporate Governance Report 22 - 31

Management Discussion and Analysis 32 - 35

CEO’s Report 36 - 38

Management Team 39 - 43

Report of The Independent Auditor 44 - 45

Summary of Significant Accounting Policies 46 -70

Corporate Information Financial Summary

13Director’s Report

73

2015 Annual Reports and Accounts1

pg.9 pg.36

2015 Annual Reports and Accounts 12015 Annual Reports and Accounts 2

Standard Alliance Insurance Plc

and its Subsidiary Company

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 2015.

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

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

by the International Accounting Standards Board.


To be the leading provider of insurance,

risk management and investment services in Africa.

Our Mission

Our Vision

To become the best within the shortest time possible,

through hard work and innovation and the employment of

superior men and machine resources:

To The Insuring PublicA prime company that provides full

protection against the unexpected at an

affordable cost and in an efficient

manner.

To EmployeesA place of pride to work; a pleasant and

conducive work environment that in

addition rewards merit and engenders

ownership approach to duty.

To ShareholdersA prime and profitable investment; a

pride to own, and

To The StateA responsible corporate citizen

About S.A




Corporate ProfileStandard 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 it 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.

Our Values Our corporate organizational

values derive from the letters

of the word ‘STAR’

SERVICEACCOUNTABILITYTRUSTRESILIENCE


Corporate informationNigeria

RC: 40590

The principal activity of the Company and its subsidiary is general

and special risk insurance and life assurance and annuity business

Johnson Chukwu

Brig. Gen. Dominic Oneya (Rtd.)

Bode Akinboye

Orerhime Emerhor-Iwuagwu

Omolola Oshiafi

Adetayo Akintunde

Etigwe Uwa, SAN

Austin Enajemo-Isire

Uruemu-Esiri Oghen

FRC/2016/NBA/00000014122

Plot 1 Block 94, Providence Street

Lekki Scheme 1, Lekki,

Lagos.

First Registrars & Investor Services

Plot 2 Abebe Village Road, Iganmu,

Lagos.

Access Bank Plc

Ecobank Plc

Fidelity Bank Plc

First City Monument Bank Plc

First Bank of Nigeria Limited

Guaranty Trust Bank Plc

Heritage Bank Limited

Keystone Bank Limited

Skye Bank Plc

Sterling Bank Plc

Union Bank Plc

United Bank for Africa Plc

Unity Bank Plc

Wema Bank Plc

Zenith Bank Plc

JLT Group Plc, London

African Reinsurance Corporation, Nigeria

Continental Reinsurance Plc, Nigeria

Nigeria Reinsurance Plc, Nigeria

WAICA Reinsurance Pool, Nigeria

RKH Specialty

Feybil Insurance Brokers

BDO Professional Services (Chartered Accountants)

ADOL House

Plot 15, Central Business District, Alausa, Ikeja,

Lagos.

Country of Incorporation and domicile

Company registration number

Nature of business and principal activities

Directors

Company Secretary

Registered office

Registrars

Bankers

Reinsurers

Reinsurance Broker

Auditors

Actuaries HR Nigeria Limited

FRC/NAS/0000000738

Chairman (Appointed March 31, 2016)

Chairman (Resigned March 30, 2016)

Chief Executive Officer

Executive Director

Director

Director

Director

Director




Notice of The Twentieth Annual General MeetingNOTICE IS HEREBY GIVEN that the 20th Annual 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 ……………....................,

2016 at 10am prompt to transact the following business:

ORDINARY BUSINESS

1. To receive the Audited Financial Statements for the year ended 31st December, 2015 together with

the Report of Directors, Auditors and Audit Committee thereon.

2. To re-elect the following Directors:

Ÿ Mr. Austin Enajemo-Isire as a Non-Executive Director.

Ÿ Mrs. Omolola Oshiafi as a Non-Executive Director.

3. To re-appoint BDO Professional Services as the Auditors of the Company.

4. To authorize the Directors to fix the remuneration of the Auditors.

5. To elect/re-elect members of the Audit Committee.

SPECIAL BUSINESS:

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 in compliance with Article 5.07 (iv) of the National Insurance Commission Code of Good

Corporate Governance for the Insurance Industry in Nigeria, the Directors are hereby authorized to

appoint an External Consultant to conduct the Annual Board Performance Appraisal for the financial

year ending December 31, 2016.

Dated this …...... day of .......…………………., 2016

BY ORDER OF THE BOARD

URUEMU-ESIRI OGHEN

COMPANY SECRETARY

FRC/2016/NBA/00000014122

Uruemu-Esiri OghenCompany Secretary


NOTES

PROXIESA 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, FirstRegistrars & Investor

Services Ltd. at Plot 2, Abebe Village Road, Iganmu, Lagos State not later than 48 hours before the time fixed for

the meeting.

CLOSURE OF REGISTER OF MEMBERS AND TRANSFER BOOKSThe Register of Members and Transfer Books of the Company will be closed from...................….................., 2016 to

…..............................….., 2016 (both dates inclusive) for the purpose of updating the Register.

UNCLAIMED SHARE CERTIFICATES AND DIVIDEND WARRANTSAll 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 get in touch with

the Registrars.

NOMINATION TO AUDIT COMMITTEEIn accordance with Section 359 (5) of the Companies and Allied Matters Act CAP C20, Laws of the Federation of

Nigeria, 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 21days before the Annual

General Meeting. The National Insurance Commission’s code of Corporate Governance 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 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’ RIGHT TO ASK QUESTIONSShareholders 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 must be

submitted to the Company on or before ….. …. 2016.

BIOGRAPHICAL DETAILS OF DIRECTORS FOR ELECTION OR RE-ELECTION.Biographical details of directors standing for election or re-election are provided in the Annual Report.

ANNUAL REPORT & UNCLAIMED DIVIDEND LISTShareholders 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 [email protected]

WEBSITEA copy of this Notice and other information relating to the Meeting can be found at www.sainsuranceng.com.




As Restated

Results at a glance

Group Company Company Company

2015 2015 2014

Statement of Comprehensive income: N'000 N'000 N'000 %

Gross premium written 5,235,571 2,956,271 4,333,254 (32)

Net premium income

Claims expenses

Underwriting results

Investment income

Management expenses

Profit/(loss) before tax

44,572,789

(2,077,752)

1,233,998

313,325

(1,484,138)

819,040

2,467,540

(824,794)

1,224,482

197,132

(1,405,420)

713,867

3,863,664

(1,477,173)

1,430,687

239,631

(1,795,804)

(2,098,516)

(36)

(44)

(14)

(18)

(22)

134

Statement of Financial Position:

Cash and cash equivalents

Investment in related Companies

Investment property

Insurance contract liabilities

Paid up share capital

Shareholders' funds

Total Assets

1,317,866

-

3,304,563

4,404,741

5,996,587

4,258,933

11,787,369

730,785

406,728

1,150,000

2,226,847

5,996,587

4,232,201

8,435,622

701,236

317,604

1,415,000

2,402,454

5,996,587

3,301,579

7,605,484

4

28

(19)

(7)

-

28

11

Per share data

Basic profit/(loss) per share (kobo)

Proposed dividend

Net assets per share (Adjusted)

Share price (kobo)

7.40

-

0.36

0.50

6.76

-

0.35

0.50

(18.31)

-

0.28

0.50

137

-

28

-

General

Number of Shareholders -

-

-

70,991

131

16

71,053

118

14

(0.09)

-

-

Number of Employees

Number of Branches

Chairman’s Statement

MR. JOHNSON EGU CHUKWU

Chairman

Dear esteemed shareholders, distinguished guests, ladies

and gentlemen. It is with great pleasure that I welcome

everyone to the 20th Annual General Meeting of the

Company, Standard Alliance Insurance Plc. Moreover, it is a

welcome privilege to address this Meeting for the first time in

my capacity as the Chairman of the Board of Directors.

WORLD ECONOMY2015 was a year of mild retreat in the global economy, with

growth slower than in 2014. Official data of the IMF recorded a

global growth of 3.1% in 2015, versus 3.4% posted in the prior

year. Economic performance exhibited uneven growth across

the major economic blocs of the world, with the advanced

economies posting rather weak and fragile improvements in

growth (1.88% in 2015, versus 1.84% in 2014), in the face of

noticeable but receding growth (4.0%, versus 4.6%) by the

emerging market economies. Sustained growth in the

advanced economies was anchored by the economies of the

US, UK, and Spain. But the emerging markets growth tempo

was shaped largely by conditions in the BRICS economies, with

the large demand nations boosting growth, at 6.9% in China

and at 7.3% in India, whereas the commodity economies were

eroding the growth, at -3.8% by Brazil and at -3.7% by Russia.

Global financial markets equally displayed mixed paths,

especially in policy priorities. Monetary policy in advanced

economies remained very accommodative, but with

asymmetric stances. In 2015, the US Federal Reserve did not

conduct QE asset purchases but rather, it raised policy rates

for the first time since 2009 financial crisis. The ECB and the

Bank of Japan continued their asset purchase stimulus

packages, even as the former further lowered rates and the

latter announced negative interest rates on bankers' reserves.

Monetary policy stance in the emerging markets was

uncoordinated, with prominent commodity nations raising

policy rates to combat currency depreciation, but China, India

and Indonesia easing their policy climates.

NIGERIAN ECONOMYReal growth in the Nigerian economy fell by nearly 55%, from

6.2% in 2014, down to 2.8% in 2015. This performance reflects

the buildup effects of a pricing collapse of over 66% in global

energy markets since Q4/2013, and brought to fore the

dangerous exposure of Nigeria to oil. Meanwhile, Nigeria's

economic growth profile since Q4/2014 mirrors those of other

energy-dominant exporters, namely Russia, Brazil, and Angola

Gross Premium Income

N5.426 billion

Underwriting Profit

N1.234 billion

Total Assets

N11.79 billion





According to official data released from the

National Statistician, the 2.8% growth was

anchored by non-oil activities, which grew at

3.75%, compared to petroleum activities which

saw a sector GDP collapse of –5.45%. In real

terms, the Nigerian economy has officially

evolved into a services economy, as seen in a

53% GDP share for the services sector,

comprising activities in telecoms & ICT, trade,

transportation, finance, insurance, real estate,

entertainment & media, and public social

services.

Election spending and a surge in food prices in

the course of the year ignited some mild

inflationary pressures. By midyear, consumer

inflation rose to 9.2% (up from 8.0% in

December 2014), so that the CBN missed its

benchmark inflation target range of 6% to 9%,

the first time to do so in two straight years of

prudent price management. The global oil

market rout of 2014 proceeded into 2015, with

more severity, as evidenced by a 56% collapse

in crude oil prices between January 2014 and

January 2015. By February 2015, the CBN was

effectively forced to allow the official market to

absorb a 19% devaluation of the Naira, in order

to match the parallel markets rate of about

N198 to the US Dollar.

Initially, the macroeconomic picture remained

unclear for most part of the first half of 2015.

But by Q4/2015, year-on-year quarterly GDP

growth rates were collapsing continuously,

crude oil prices had fallen by a further 23%

over January 2015 levels, a faster depletion had

brought net external reserves down to a

monthly average of about US$29 billion (from

about US$34 billion in Q4/2014), the equity

market index had lost over 17% on its January

2015 levels, and the parallel FX market was

further pric ing at N258, effect ively a

devaluation premium rate above official

markets of about 32% over the aligned January

2015 US Dollar rate. In its last MPC meeting in

Q4/2015, the CBN responded to these macro

developments by an accommodation stance,

by adjusting the MPR down to 11% from 13%

and cutting the CRR from 25% to 20%, in order

to release some liquidity to support non–oil

sector growth and job–creation.

Running in parallel to the macroeconomic

management challenges were a pockets of

political and structural economic logjams. The

spate of insurgent extremist attacks showed

only little signs of abating (Northeastern

Nigeria was essentially off the corporate

l o g i s t i c s m a p ) . M o r e o v e r , t h e n e w

administration was unable to constitute a

ministerial cabinet for nearly six months.

Businesses equally suffered from some

structural problems caused by very low power

supply and disordered fuel products

distribution arrangements. Essentially, the

year 2015 was made much more difficult in

equal proportions by both domestic and

external conditions, and these forced on the

economy the sharp collapse in real growth,

from 6.2% to 2.8%.

FINANCIAL RESULTSAgainst the background of a complicated

national economic environment in the

financial year 2015, the Group's financial

results are hereby presented. The Group

posted gross premium income of N5.426

billion, an underwriting profit of N1.234 billion,

and a profit before tax of approximately N819

million. Our balance sheet assets stood at

N11.79 billion, with approximately N4.65

b i l l i o n o f t h e s e b e i n g fi n a n c e d b y

shareholders' equity funds. I am confident to

in form you that our Execut i ves and

Management Staff have put in efforts and

commitments to put the Group on a solid

footing, upon which the combined market

strengths of the life and general wings of the

Group will be harnessed in the immediate

midterm for business growth and value

generation for stakeholders.

BOARD MATTERSDuring the financial year 2015, we did not

witness any changes in the composition of the

Board, either at the Group level or within any of


the constituent entities of the Group, a

reflection of the effective board–level

mechanisms that were put in place at the

beginning of the financial year.

2016 DEVELOPMENTS AND FUTURE

OUTLOOKAn industry development of significance in the

current year 2016 is mandatory corporate

governance change, under NAICOM rules. The

regulator has required that non-executive

directors of insurance companies that have

served up to the maximum length of nine years

should vacate Board membership. This

requirement led to the painful departure of

our immediate past Chairman, Brigadier

–General Dominic Oneya (Rtd.), who occupied

that position since December 2014, and has

been a director of SA Insurance Plc since 2005.

On behalf of the Board of Directors, I wish to

express sincere appreciation for his tireless

efforts and the excellent service that General

Oneya has put in the services of the Company.

Please join me and other Board Members in

wishing him well in all his future endeavors. In

his place, the directors have considered and

approved my appointment as the Chairman of

the Board of Directors from March 2016.

The outlook of the Nigerian economy is both

positive and pragmatic. The 2016 federal

budget was belated but has now been signed

into law. In 2016, we expect the federal

government to be able to work tenaciously at

its reform and change agenda, and we will not

rule out the possibility of some quick wins in

the areas of power supply and fuel products

distribution. We expect public finance

conditions to be tied to OPEC decisions on

output cuts, and so the logical but pragmatic

outcome might be any of increase in the

national debt or of consumption taxes, or

both. Insurance businesses have learnt

lessons on the precarious linkages between

their earnings and the fortunes of Nigeria's

petroleum sector. We expect the insurance

landscape to be boosted by government

official efforts and from emerging prospects of

the non–oil sectors of the Nigerian economy.

CONCLUSIONThe Group is well–posit ioned to take

advantage of the competitive terrain, and you

will be made aware of the progress on the

efforts and directions of the Executives and

Management Staff of the Group.

I wish to place on record my heart–felt

appreciation (as well as the Board's) of the

loyalty of our numerous customers who have

continued to trust our brand. I also wish to

express my appreciation (and that of the

Board) of the patronage we continue to receive

from our insurance brokers, and of the mutual

respect and understanding that are extended

to us by our business allies.

Members of the Board of Directors are equally

appreciated, for making themselves available

in the services of Group in one form or the

other. During the financial year, members of

staff in the Group have put in invaluable

efforts, commitments, and sacrifice, be it in

marketing or support activities, and these

service activities I do highly appreciate, in my

capacity as the Chairman.

Lastly, let me thank everyone of you, our valued

and esteemed shareholders, for entrusting

the Board of Directors with the affairs of the

Group, and for your attendance at the 20th

Annual General Meeting of Standard Alliance

Insurance Plc.

Thank you all and God bless.

MR. JOHNSON EGU CHUKWU

Chairman

Chairman’s Statement




Board of Directors

Mr. Johnson Egu ChukwuChairman

Mr. Bode Akinboye

- 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).

- 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.


- Expert on human capital development, IT

and brand management.

- ED, Standard Alliance Insurance Plc.

- Board Director:

- SA Life Assurance Ltd.

- SA Properties Ltd.

- SA Capital & Asset Management Ltd.

- Was with:

- Vetiva Capital Management Limited;

- Oando Plc;

- Lagoon Home Savings & Loans Ltd.

- Alumnus, Lagos Business School.

- Alumnus, University of Manchester, UK.

- Alumnus, University of Sheffield, UK.

- Member, Institute of Directors (IoD).

- Member, Chartered Insurance Institute

(London).

- Distinguished Member,

AES Excellence Club.

Mrs. Orerhime Emerhor-iwuagwu

- 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 Mr. Etigwe Uwa, San

- 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).




- Seasoned Banker.

- Executive Director (Operations & Emerging

Markets), TrueBond Investments and

Capital Limited.

- Former Senior Manager and Head of Corporate

Banking, FSB International Bank Plc

(now Fidelity Bank Plc).

- Deputy Manager, former Citizens International

Bank Limited (now Spring Bank Plc).

- NYSC, former Nigerian-American Merchant Bank

(now First City Monument Bank).

- Alumnus, Ahmadu Bello University, Zaria.

- Associate, Institute of Chartered Accountants

of Nigeria (ACA).

Mrs. Omolola Oshiafi

- 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-isire

Board of Directors


Statement of Directors' Responsibilities

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.

The Directors responsibilities include ensuring that the Group:

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.

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

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.

Mrs. Orerhime Emerhor-IwuagwuDirector

FRC/2013/IODN/00000004229

Mr. Bode Akinboye Chief Executive Officer

FRC/2013/ICAN/00000005139

Mr. Kadiri IjeremheHead, Finance and Accounts

FRC/2013/ICAN/00000002076

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

31 December 2015.

Report

of the Directors




Report of the DirectorsThe 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 2015. The Group financial statements were prepared in compliance

with the International Financial Reporting Standards (IFRS).

Principal activities and business review

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:

Group Company Company

2015 2015 2014

N'000 N'000 N'000

Gross premium income

Claims incurred

Underwriting expenses

Underwriting results

Share of profit/(loss) of related Companies

Investment income


Taxation

Profit/(loss) after tax

5,426,185

(1,718,166)

(1,638,071)

1,233,998

-

313,325

819,040

68,441

887,481

3,070,114

(777,410)

(517,692)

1,224,482

55,627

197,132

713,867

96,371

810,238

4,338,679

(1,194,074)

(1,341,981)

1,430,687

(726,422)

239,631

(2,098,516)

(98,029)

(2,196,545)

Directors

The Directors of the Company are as follows:

Mr Johnson Egu Chukwu

Mr Bode Akinboye

Mrs Orerhime Emerhor-Iwuagwu

Mrs Omolola Oshiafi

Mrs Adetayo Akintunde

Mr Etigwe Uwa, SAN


Chairman

Chief Executive officer

Executive Director

Director

Director

Director

Director

-

-

-

-

-

-

-


Retirement of Directors

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 shall not be renominated and appointed for more than 3terms of 3years each. Brig. Gen D.

Oneya spent 11 years on on the Board of the Company.

Appointment of DirectorsNo new Director was appointed to the Board of the Group during the year.

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

of members as at 31 December 2015 is as follows:

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.

Disposal of Treasury shares

By virtue of the existence of treasury shares arising from the issue of shares that did not result in net

cash inflow to the Company during its public offer of 2008, the Company has secured an investor

Gemrock Management Company Limited who acquired the Treasury shares of 2,212,046,824 units

(18.48%) ordinary shares. The transaction was approved by Securities and Exchange Commission on

31 December 2015.

Number of shares held at the end of:

2015Units

2014Units% %

Brig. Gen. Dominic Oneya (Rtd.)

Mr Bode Akinboye

Mrs. Orerhime Emerhor-Iwuagwu



3,009,900

434,013,914

200,000

10,441,000

12,500,000

0.03

3.62

0.002

0.09

0.10

3,009,900

52,000,000

25,200,000

15,441,000

12,500,000

0.03

0.43

0.21

0.13

0.10

2015 2014Units % Units %

Bode Akinboye:

Gemrock Management Company Limited 382,013,914 3.2 - -

Mrs. Orerhime Emerhor-Iwuagwu:

Standard Alliance Investments Limited

Standard Alliance Capital Limited

2,532,111,540

250,000,000

21.1

2.1

3,158,892,140

4,145,000

26.34

0.03

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

of members are as follows:




Property, plant and equipment

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.

Share capital information

a) Share range analysisNumber of

Shareholders

Share

Units

%

TotalRange of shares

1

1,001

5,001

10,001

50,001

100,001

500,001

1,000,001

5,000,001

10,000,001

50,000,001

- 1,000

- 5,000

- 10,000

- 50,000

- 100,000

- 500,000

- 1,000,000

- 5,000,000

- 10,000,000

- 50,000,000

and above

15,084

27,743

11,744

12,335

2,021

1,532

236

165

47

39

45

70,991

14,497,069

86,747,019

103,866,298

291,541,652

165,079,410

339,578,298

196,290,643

363,864,218

348,668,609

871,238,655

9,211,801,579

11,993,173,450

0.12

0.72

0.87

2.43

1.38

2.83

1.64

3.03

2.91

7.26

76.81

100

Total

b) Substantial interests in shares

Apart from Standard Alliance Investments Limited and FCMB Plc which hold 2,216,219,400 units

(18.48%) 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 2015. However, the Securities

and Exchange Commission recently ratified the sales of 2,212,046,824 units (18.48%) of

ordinary shares to Gemrock Management Company Limited. A application has been made to

the Nigerian Stock Exchange to transfer the Treasury shares to Gemrock. Upon the NSE

approval, the register of shareholders will be updated accordingly.

Corporate Social Responsibilities

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 N1,150,000 (December 2014: N700,000) was given out as donations

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

stated below:

i. University of Liverpool Alumni in Nigeria

ii. Fair Life Africa Foundation

100,000

1,050,000

Amount

N


Report of the Directors

Human resources

a) Employment of disabled persons

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 of any employee

becoming 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.

b) Health, safety and welfare of Employees

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.

c) Employee involvement and training

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.

Auditors

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

Uruemu-Esiri OghenCompany Secretary

FRC/2016/NBA/00000014122 30 March 2016.




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, 2015 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, 2015.

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

these duties.

Report of Audit Committee to The Members of Standard Alliance Insurance Plc

Mr. Johnson ChukwuFRC/2013/ICAN/00000003920

Chairman of the Audit Committee 30 March 2016.

Members of the Audit Committee

Mr. Johnson Chukwu

Mr. Etigwe Uwa (SAN)

Mr. Austin Enajemo-Isire

Mr. Matthew Esonanjor

Mr. Godwin Anono

Mr. Erinfolami Gafar

Chairman

Director

Director

Member

Member

Member


Corporate Governance Report




Corporate Governance ReportReporting entity

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 Company as at and for the year ended 31 December 2015 comprise that

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

The Company primarily operates in the insurance and other financial services sector.

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 Company's corporate governance principles are embodied in its Code of Corporate Governance,

which represents the core values upon which the Company was founded. Code of Corporate Governance

is designed to ensure that the company'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.

Governance Structure

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

the Company 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 company was established.

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

Management to shareholders of the Company.

The Board of Directors

Presently, the Company 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 responsible for effective control and monitoring of the Company’s strategy.

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

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

the Company's business. The Board is also responsible for the management of the company's relationship

with its various stakeholders. The day to day running of the Company is delegated to the Chief Executive

Officer by the Board of Directors assisted by the Management Committees.


Responsibilities of the Board

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

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

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

transactions

v. 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

Roles of Chairman and Chief Executive

The roles of Chairman and Chief Executive 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 Company. 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 Company 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 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.

Board Committees

The Board carries out some of its responsibilities through the Board 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 The Audit Committee is chaired by an independent

director. 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:

1) The Finance, Investment and General purpose Committee

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

reference of the committee includes:

Ÿ Review of existing investments;

Ÿ Review of investment strategies;

Ÿ Review of company’s investments by way of equities;

Ÿ Review of company’s investments by way of deposit placements; and

Ÿ Review of Budgets.

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

under review:


Mr. Bode Akinboye




Chairman

Member

Member

Member

Member

2) The Strategy and Establishment Committee

The members of the Committee includes the following:

Mr. Johnson Chukwu


Mr. Bode Akinboye

Mrs. Adetayo Akintunde


Chairman

Member

Member

Member

Member

The terms of reference of this Committee include the following:

Ÿ Review and make recommendations on procedural manuals/policies;

Ÿ Make recommendation on recruitment/termination of General Managers and above to

the Board;

Ÿ Strategy formulation;

Ÿ Review of existing Business Strategies;

Ÿ Approval for Capital Expenditure;

Ÿ Review of Human Capital Management Operations.

3) The Governance/Remuneration Committee

The committee is made up of only Non-Executive Directors.

The terms of reference of this Committee includes the following:



Ÿ 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 ;

Ÿ Prepare job specification for the Chairman’s position, including assessment of time commitment

required of the candidate;

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

The Committee has the following members:


Mr. Johnson Chukwu



Chairman

Member

Member

Member

4) The Enterprise and Risk Management Committee

The terms of reference of this Committee includes the following:

Ÿ Review and approval of the Company’s Enterprise Risk Management policy including risk

appetite and risk strategy;

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

Ÿ Oversight of management’s process for the identification of significant risks across the company

and the adequacy of prevention, detection and reporting mechanisms;

Ÿ Review of the company’s compliance level with applicable laws and regulatory requirements

which may impact the company’s risk profile;

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

trends and other factors relevant to the company’s risk profile;

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

for new products and services.




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

Committee appointments and removal, operating structure, reporting and other Committee

operational matters;

Ÿ Make recommendations on compensation structure for Executive Directors;

Ÿ Provide input to the annual report of the Company in respect of Director’s compensation;

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

Directors and subsidiary Mds;

Ÿ Ensure Board conducts Board Evaluation on annual basis;

Ÿ Review performance and effectiveness of the subsidiary’s Board on annual basis;

Ÿ Review and make recommendations to Board for approval of the company’s organizational

structure and any proposed amendments;

Ÿ Review of performance bonuses;

Ÿ Review of Staff Remuneration package

The Committee has the following members:



Mr. Bode Akinboye


Chairman

Member

Member

Member

5) The Audit Committee

The Audit 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:

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

Ÿ Review Whistle blowing policy;

Ÿ Periodic Evaluation of the Committee’s performance;

Ÿ Carrying out internal control checks on all company activities;

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

Ÿ Receive and review integrity of data of the audited financial statement of accounts of

the company;

Ÿ Make recommendation on appointment and remuneration of external auditors;

Ÿ Review and make recommendations based on Management letters issued by

external auditors;

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

The Committee is made up of the following members:

Mr. Johnson Chukwu




Mr. Godwin Anono


Chairman

Director

Director

Member

Member

Member

Security Trading Policy

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.

Internal Control

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 2015 financial year. Their

report for the year under review is contained on pages 44 and 45 of these financial statements.

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 2015.

Board Meetings

14/01/2015

1

1

1

1

1

1

1

1

14/05/2015

1

1

1

1

1

1

1

1

30/09/2015

1

1

1

1

1

1

-

1

2/12/2015

1

1

1

-

-

-

1

1

Total

4

4

4

3

3

3

3

4

Brig. Gen. Dominic Oneya (Rtd) (Chairman)

Bode Akinboye (CEO)

Mrs. Orerhime Emerhor-Iwuagwu (Executive Director)

Mr. Austin Enajemo-Isire (Director)

Mr. Johnson Chukwu (Independent Director)

Mr. Etigwe Uwa (SAN) (Director)

Mrs. Adetayo Akintunde (Director)

Mrs. Omolola Oshiafi (Director)

Audit Committee Meetings

24/4/15

-

1

1

1

1

1

-

9/9/2015

-

1

1

1

1

1

-

15/10/15

-

1

1

1

1

1

-

24/11/15

1

-

1

1

1

1

1

Total

1

3

4

4

4

4

1

Mr. Johnson Chukwu (Chairman)

Mr. Chuka Onwuchekwa


Mr. Godwin Anono




Investment and Finance Committee Meetings

25/03/15

1

1

1

1

-

-

2/7/15

1

1

1

1

1

1

24/11/15

1

-

1

1

1

1

Total

3

2

3

3

2

2

Mrs. Omolola Oshiafi (Chairman)

Mr. Johnson Chukwu

Mr. Bode Akinboye







Strategy and Establishment Committee Meetings

Mr. Johnson Chukwu (Chairman)


Mr. Bode Akinboye




25/03/15

-

1

1

1

-

1

11/6/15

1

1

1

1

1

1

26/11/15

1

-

1

1

-

1

Total

2

2

3

3

1

3

Risk and Remuneration Committee Meetings

Mrs. Adetayo Akintunde (Chairman)


Mr. Bode Akinboye


Mr. Johnson Chukwu

25/3/15

1

-

1

1

1

2/7/15

1

1

1

1

1

26/11/15

1

-

1

1

-

Total

3

1

3

3

2

Schedule of Yearly Board/committee Meetings & Agm

S/N

1

2

3

4

DATES TYPE OF MEETING PROPOSED AGENDA

1st week of December

each year

Last week of April

Last week of July

Last week of October

Board Finance, Establishment &

Risk Committee/Board meetings

All Committees and

Board meetings

All Committees and

Board meetings

All Committees and

Board meetings

Consideration/approval of coming

year's budget

To consider and approve 1st quarter accounts

for period ended 30th March of each year

under review and audited accounts for the

year ended 31 December of each year under

review and general Company’s brief

To consider and approve 2nd quarter accounts

for the period ended 30th June of year

under review and general Company’s brief

To consider and approve 3rd quarter accounts

for period ended 30 September of each year

under review and general Company's brief.



Complaints Management Policy Framework

The Company ensures continuous strict compliance and implementation of these policies which are

in force as approved by the Board of Directors. They can be accessed on the Company’s website-

www.sainsuranceng.com




Support Committees

1) Business Committee

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

includes:

i. Chief Executive Officer

ii. All Divisional Heads

iii. Group Head, Technical

iv. Group Head, Corporate Services

v. Chief Finance Officer

vi. Head, Internal Control/Quality Assurance

vii. Head, Information Technology (IT)

viii. Head, Enterprise Risk Management

2) Weekly Activity Review Committee

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

3) Management Performance Review Committee

This Committee meets every quarter to review the Company’s performance. The meetings are

usually held two weeks following the end of a quarter. 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

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

31 December 2015 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

company 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 company’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 company and audit committee:

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

adversely affect the company’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 company’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.

Mr. Kadiri IjeremheHead, Finance and Accounts

FRC/2013/ICAN/00000002076

Mr. Bode AkinboyeChief Executive Officer

FRC/2013/ICAN/00000005139

Certification Pursuant to Section 60(2) ofInvestment and Securities Act No.29 of 2007


Management's

Discussionand Analysis




This ‘Management Discussion and Analysis’ as

at 31 December 2015 has been prepared in

line with the regulatory requirements and also

the need to foster deeper understanding of

our strategy, operating risk and performance.

Reference in this MD & A to the "Company" or

to the "Group" is with respect to, or as the

content may require, Standard Alliance

Insurance Plc and its subsidiary company. 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 general insurance and life

assurance(through its subsidiary) business.

The management commentary was as at 31

December 2015 and should be read in

conjunction with the financial statements as at

31 December 2015.

This ‘Management Discussion and

Analysis’ as at 31 December 2015 has

been prepared in line with the regulatory

requirements and also the need to foster

deeper understanding of our strategy,

operating risk and performance.

Business Objective and Strategy Standard Alliance Insurance Plc is a public

liability company registered and incorporated

in Nigeria, and listed on the Nigerian stock

exchange. The Company provides a range of

insurance services to individuals, corporate

bodies, and the government. Its objective is to

be the Insurer of choice, and its long-term

corporate quest is to become the preferred

provider of insurance and risk management

services to the public.

To achieve its objective and industry ambition,

the Company has commenced a revamp and

transformation of its business structures, in

order to optimally interface with the clientele

while channelling its human, financial, and

brand resources into the achievement of a

midterm corporate strategy.

The Company's corporate strategy entails

aggressive competition in every customer

segment, a realignment of the service culture

to the needs of clients, an enrichment of

service delivery channels along customer

segments, and the adding of customer

benefits at every stage across the entire value

chain of every insurance product that is sold

to the insured, including customer contact,

the underwriting, policy administration and

claims management.


Management Discussion and Analysis

Performance Review This is the first consolidated financial

statements of the company sequel to its

obtaining a controlling stake in Standard

All iance Life Assurance Limited. Gross

Premium written by the Group was N5.4 billion;

out of which N3.07 billion or 57% is from non-

life business.

Net claims expenses for the Group was N1.7

b i l l ion (subs id iary : N1 b i l l ion ) , wh i le

underwriting and reinsurance expenses stood

at N1.6 billion (subsidiary: N1.1 billion) and

N853 mill ion (subsidiary N251 mill ion)

respectively.

Group profit before tax stood at N819 million,

which translates to a profit margin of 15%. The

subsidiary company contributed 13% (N105

million) of the Group's profit before tax.

Liquidity, Capital Resources and

Risk Factors

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.

Performance Management The Company will continue with its 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.

IT Support The Company will continue to accord IT

investment the deserved priority not only for its

traditional investment status but also as a

means of supporting operations and aiding

performance review for decision making.

Forward looking statements

Some aspects of the statement above relate to

the company's future outlook. This MD & A

contains expectations, estimates, forecasts,

projections and targets which the company

Performance Indicators

Operating results and financial position

Consolidated

Budget

2015

Group

Actual

2015

Group

%

Achieved

Company

Budget

2015

Company

Actual

2015

Company

%

Achieved

Company

ACTUAL

2014

N’000 N’000 N’000 N’000 N’000

Gross premium

Net premium

Claims expenses

Investment income


Taxation

Profit/(loss) after tax


Net assets

Ordinary share capital

Shareholders funds

Insurance funds

9,544,091

8,557,918

1,009,754

226,769

2,032,021

(670,567)

1,361,454

2,247,755

6,344,131

5,996,587

6,344,131

1,330,344

5,426,185

4,572,789

2,077,752

313,325

819,040

68,441

887,481

2,897,893

4,258,933

5,996,587

4,258,933

4,404,741

57

53

206

138

40

10

65

129

67

100

67

331

7,044,091

6,057,918

886,182

242,268

1,136,534

(409,152)

727,382

2,344,791

6,345,118

5,996,587

6,345,118

1,817,703

3,070,114

2,467,540

824,794

197,132

713,867

96,371

810,238

2,770,510

4,232,201

5,996,587

4,232,201

2,226,847

44

41

93

81

63

24

111

118

67

100

67

123

4,338,679

3,863,664

1,477,173

239,631

(2,098,516)

(98,029)

(2,196,545)

2,222,606

3,301,579

5,996,587

3,301,579

2,402,454




should attain provided all other factors end up

being equal. Experience has however shown

these expectations, projections, estimates,

forecasts and targets are subject to risks

and uncertainties that result in actual

achievements being different from projections.

Without prejudice to the company, such

projections, expectations, estimates, forecasts

and targets reflect management's current

belief and are based on available information

which are subject to risks and uncertainties.

Therefore the eventual action and/or outcome

could differ materially/immaterially from those

expressed or implied.

The forward looking statements which are

subject to change after December 31, 2015

reflect the company's expectations as at the

time this document was approved by the

board. No obligation is undertaken by the

company to update this document publicly or

to review the forward looking statements

unless required by applicable legislation or

regulation.


Management Discussion and Analysis

CEO’S Report

Dear shareholders, 2015 could be described as the year in

which change happened in Nigeria after decades of waiting,

when a glimmer of durable hope was beamed on the

nation. In May 2015, Nigeria achieved a first by successfully

and effortlessly conducting a conflict–free democratic

transition among governments, a feat which put the

change agenda of the incumbent government on a credible

plank and also set a fresh tone across the land, in politics,

diplomacy, and corporate business.

Nevertheless, the new government was subjected to some

teething problems. On the national economy front, during

the financial year 2015, Nigeria felt the fiscal pains of the

collapse in global crude oil prices, which was sparked off

during Q4/2014 by an oversupply occasioned by cheaper

US Shale production and a passive OPEC response.

Moreover, an absence of a federal executive cabinet

practically slowed down corporate Nigeria for the first three

quarters of 2015. On the political front, 2015 witnessed

myriads of problems, the notable ones being a protracted

discord between the federal executive and federal

legislature, pockets of extremist insurgencies in the North,

and tacit efforts to frustrate the anti–corruption drive of the

new government. These economic and political problems

were behind the full–year GDP growth of approximately

2.8% for the year 2015, the lowest in almost a decade.

INSURANCE INDUSTRY Data released by the National Bureau of Statistics indicates

that during the year 2015, the Nigerian insurance industry

posted sector real GDP growth of 5.1%, which fell short of

the 7.2% growth recorded in 2014, a profile that mirrors

largely the petroleum and public sector underwritings of

the Nigerian insurance business. Nominal industry gross

premium income is being estimated to grow at about 10%

in 2015, compared to an average growth rate of 11% over

the prior five–year period. Based on premium income,




Despite the double

whammy of oil–fueled

economic woes and

political logjams, I am

pleased to report that

the Group posted decent

headline earnings but

also impressive

bottom–line results.

underwritingmargin

23%bottom–line

pre-tax profits

15%

‘

‘

insurance penetration for 2015 is being

estimated by analysts at approximately 0.2%,

while sector GDP is at about 0.4% of the national

economy. These latest penetration numbers,

when compared to continental peers such as

South Africa (14%), Namibia (7%) or Mauritius

(6%), point to huge potentials that are

embedded in the Nigerian insurance markets.

Among others, an escalation of enforcement, a

widening of compulsory requirements, an active

regulatory stance, and targeted marketing will be

required for the industry to be able to tap into

those potentials.

GROUP PERFORMANCEFor the first time, we are reporting a Group–level

set of financial statements, which consolidates

SA Insurance and SA Life Assurance. Despite the

double whammy of oil–fueled economic woes

and political logjams, I am pleased to report that

the Group posted decent headline earnings but

also impressive bottom–line results. As the first

Group–level financial reporting, the gross

premium income stood at N5.4 billion, along with

an underwriting margin of 23%. The Group paid

a total of approx. N2.1 billion in claims during the

year, split as approx. N886.5 million in the non-

life wing, and the balance of about of N1.2 billion

in the life wing. A good part of the claims paid in

2015 were legacy claims outstanding as at

December 2014. But we have made substantial

paydown on those arrears and are now

streamlining our claims processes for a shorter

settlement span. Our bottom–line pre-tax profits

of N819 million (a 15% profit margin) indicates

we have steered the affairs of the Group from a

loss situation back in December 2014 into a

profitability zone, within a year.

In the 2015 financial year, the structure of our

businesses became richer and more diversified,

with non–life premium income earnings

accounting for 56.6% versus 43.4% from the life

business, compared to 59% versus 41% back in

2014. Moreover, the portion of our premium

income coming from retail and retail–like

businesses (roughly mirrored by life and motor

underwritings) improved slightly but feasibly, at

approx. 60% in 2015, compared to the 58% back

in 2014.

The performance reflects in part a reversal of a

previous provisioning, but it also largely reflects

an aggressive marketing drive, Management's

prudent grip on cost control, and relentless

efforts and commitments on the part of the

Management and Staff of the Group during the

financial year 2015. We set out to return to

profitability, and we succeeded in doing so.

CORPORATE TRANSFORMATIONThe corporate transformation exercise, which

began back in Q1/2015, continued during the

entire year. This exercise has two parts, the

corporate strategy and the capital management.

On the strategy side, NAICOM's approval in

principle for the merger was received while a

merger application was formally submitted to

the SEC in December 2015. Post the merger, we

are paced on with the digital transformation of

the business, the launch of new niche products,

and a re–arranging of our business model

structures.

Our strategic ambition of becoming the leading

digital insurer was given a life during the last

quarter o f 2015, when at a year–end

Management retreat we engaged with

consultants for the purpose of laying out the

foundations for the digital roadmap and the

pieces of the transformed post–merger Group.

We are developing new products for both life and

non–life classes, products that have mass

appeal, in order for us to tap into the emerging

retail opportunities. We are working arduously to

properly integrate the activities of SA Life

Assurance under the Group, for an optimum

sharing of resources. Discussions are ongoing

wi th management consul tants for the

re–construction of the business model within

the proposed retail–digital drives of the

post–merger Group.

Due to a restructuring of our assets, our capital

positions have tremendously improved in the


period since my last address to this shareholder

assembly. From a negative solvency position in

2013 and 2014, we have transited the Group

into a solvency margin of 50% in December

2015, which is quite a high capital solvency

achievement, by peer standards. Furthermore,

our capital raising efforts have received interests

both within and outside the country. We have

crafted a midterm funding strategy that will

ensure the business is better capitalized and

properly positioned to compete in the insurance

marketplace. This funding strategy will support

our digital–retail ambitions and equally provide

us with ample liquidity for investments and

prompt claims settlement. Over the midterm of

fi v e y e a r s , w e ex p e c t o u r c o r p o ra t e

transformation drive to yield concrete results,

especially a restructured earnings pot that will

be predominantly retail–sourced. We therefore

foresee that in the not too distant future, with

sustained growth and profitability, the Group

should be in a better position to declare

dividends for the shareholders.

OUTLOOK ON 2016On the global economy scene, the twin impact

sources for the outlook are expected to come

from conditions in the energy markets and from

global markets reactions to the Brexit vote by

midyear. It will be nearly two full years in June

2016 since the global oil markets took a plunge,

without any sign of sustained reversal in the

price free–fall. Our expectation is that global

energy markets will continue to impact the fiscal

side of the federal treasury, with attendant

implications for foreign exchange, financial

market liquidity, and the wider corporate

business.

Following government's announcement of plans

for infrastructure spending in fiscal 2016,

especial ly on major highways, and the

establishment of a development commission to

oversee the rehabilitation of the North East

zone, we foresee improved opportunities for

insurance businesses in the public sector

markets. On the regulatory angle, NAICOM's

inauguration of the Insurers' Committee is

expected to put industry advocacy on a formal

footing, especially one that can allow insurers to

engage directly with the government on matters

of enforcement and new regulations. Our focus

for the 2016 financial year is to extract synergies

of the merger and create structures for scaling

up the post–merger business. The Directors and

Management are highly committed to taking the

Group to an enviable posi t ion among

competitors, even as we journey on a midterm

growth drive.

Let me express my profound appreciation to

everyone that has some measure of interest in

Standard Alliance Insurance Plc., however big or

small that interest is. I am indebted to our

customers for the continued patronage, and to

Brokers for their loyalty. I wish to thank the entire

Management and Staff for their commitment,

hard work, and the sense of duty in the services

of the Group. I wish to thank our many advisers

and professionals who worked with us during

the financial year 2015. Lastly, I wish to thank all

our shareholders for giving the Directors the

opportunity to direct the affairs of the Group

during 2015.

BODE AKINBOYE

CEO




CEO’S Report

Management Team

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.

Mr. Bode Akinboye Orerhime Emerhor-iwuagwu

Mrs. Orerhime Emerhor-Iwuagwu is an Executive

Director at Standard Alliance Insurance Plc. She

holds a Bachelor's degree in Economics from the

University of Manchester, UK and a Master's degree

in Leisure and Hospitality Management from the

University of Sheffield, UK. She is an alumnus of

the prestigious Lagos Business School and has

had trainings in London and Pan-Asian

insurance markets.

She brings into the management team years of

quality experience from Vetiva Capital Management

Limited, Oando Plc and Lagoon Home Savings and

Loans Limited. She is a Distinguished Member, AES

Excellence Club; member, Institute of Directors

(IoD) and member, Chartered Insurance Institute

(London).

Miss. Anietie Udo, a General Manager, leads the

company's Financial Institutions/Multi-Clients and

General Business 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


Mr. Ebose Austin Osegha is a General Manager

with the company. He heads the organisation's

Public Sector/Brokers' Division. He holds a Bachelor

of Science Degree in Economics and a Master's

Degree in Business Administration from Delta State

University and University of Ado-Ekiti respectively.

He joined A & G Insurance Plc in 2000 as a branch

staff and rose to the position of a Branch/Business

Development Manager from where he joined Capital

Express General Insurance Limited as Group Head,

Public Sector in November, 2004. He later moved to

SA Insurance Plc where he has been an asset.

Mr. Ebose is a member of the Chartered Institute

of Stockbrokers of Nigeria and Member, Chartered

Insurance Institute of Nigeria. He has attended

courses in Insurance, Management and Relationship

Marketing Economics locally and internationally.

Ebose Augustine Osegha

Miss. Nkeiruka Uzoechi is Dividional 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

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.

Uruemu-esiri Oghen




Jegede Biodun

Mr. Jegede Biodun is the Divisional Head, Brokers

Marketing. 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.

Olukolajo Ezekiel. O

Mr. Olukolajo Ezekiel Oluseun is an Assistant

General Manager with the company and he heads

the organisation's Technical Division. He joined the

company in March, 2015 from Old Mutual Nigeria

where he was Head, Technical & Reinsurance Group

(General Insurance).

He holds a Higher National Diploma in Insurance

from The Polytechnic, Ibadan (1997) and in 2008,

he obtained a Post-Graduate Diploma in Education

Administration and Management from the Lagos

State University, Ojo, Lagos.

Mr. Olukolajo has a consistent and vast experience

in insurance, cutting across General Insurance

Underwriting and Risk Management, Reinsurance,

Claims Administration and Insurance Broking.

He started his working career at Law Union &

Rock Insurance of Nigeria Plc, Warri office, Delta

State in 1999 where he functioned as Assistant

Superintendent. In 2001, he moved to Royal

Exchange Assurance (Nig.) Plc where he served as

Senior Officer, Commercial Property Division.

Thereafter in 2003, he joined Guardian Express

Assurance Limited as the Head of Operations at its

Port Harcourt branch.

Mr. Olukolajo also worked in various subsidiaries of

the United Bank for Africa (UBA). From 2005 to 2007,

he was with UBA Insurance Company Limited as the

Unit Head, Underwriting & Risk Management. He

moved on to UBA Insurance Brokers Limited as Chief

Operations Officer (COO) from 2007 to 2012 and

then to United Bank of Africa Plc, Victoria Island

office, Lagos in 2013 where he was Profit Centre

Manager. He later joined Old Mutual Nigeria same

2013 as Head, Technical & Reinsurance Group

(General Insurance).

Mr. Olukolajo who is an Associate of the Chartered

Insurance Institute of Nigeria (ACIIN) has attended

several courses and training in General Business

underwriting, Engineering, Energy & Special Risks

including the prestigious 'Siyafunda' Training on

Commercial Risks Underwriting & Reinsurance

promoted by Swiss Re.

Thompson Akhigbe

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.


Management Team




Kadiri Ijeremhe Emmanuel

Mr. Kadiri 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).

Mr. Ife-olorun Ajayi

Ife-Olorun Ajayi is the Chief Finance Officer of the

company. 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.


Management Team

Tope Agboola

Tope Agboola is the Chief Investment Officer. He has over 15 years of work experience, across investment

banking, economics consulting, and corporate

strategy. Previously, he worked in the London office

of US investment bank HoulihanLokey, and at the

Afreximbank in Cairo, Egypt. In Nigeria, his career

footprints were at FSB International Bank Plc, the

Lagos Business School, Economic Associates Limited,

Gelnd Equity & Co. Limited, KainosEdge Consulting

Limited, and Alternative Capital Partners Limited.

Tope graduated as best student and with a first class honors degree in accounting at the

Obafemi Awolowo University Ile–Ife, and later went on to study economics at Essex and Cambridge

Universities in England, and at the University of New

Brunswick, in Canada

Blessing Iyaji Ana

Mrs. Blessing Iyaji Ana is the Group Head, Financial

Institution. 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).

We have audited the accompanying consolidated and separate financial statements of

Standard Alliance Insurance Plc ("the Company") and its subsidiary company (together

"the group"). These financial statements comprise the consolidated and separate

statements of financial position as at 31 December 2015 and the consolidated and separate

statements of profit or loss and other comprehensive income, consolidated and separate

statements of changes in equity and consolidated and separate statements of cash flows for

the year then ended and a summary of the significant accounting policies and other

explanatory notes.

to The Members of Standard Alliance

Insurance Plc and its Subsidiary Company

Report of The

Independent

Auditors




Directors' responsibility for the Financial Statements

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

accordance with International Financial Reporting Standards issued by the International Accounting

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

Act, No 6, 2011, the Companies and Allied Matters Act, CAP C20 LFN 2004 and the Insurance Act, CAP I17,

LFN 2004 and its interpretations issued by the National Insurance Commission in its Insurance Industry

Policy Guidelines. This responsibility includes: designing, implementing and maintaining internal

controls relevant to the preparation and fair presentation of financial statements that are free from

material misstatement, whether due to fraud or error, selecting and applying appropriate accounting

policies and making accounting estimates that are reasonable in the circumstances.

Auditors' responsibility

Our responsibility is to express an independent opinion on the financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those standards

require that we comply with ethical requirements and plan and perform our audit to obtain reasonable

assurance that the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in

the financial statements. The procedures selected depend on the auditors' judgement, including the


Report of The Independent Auditors

assessment of the risks of material misstatement of the financial statements, whether due to fraud or

error. In making those risk assessments, the auditors consider internal controls relevant to the entity's

preparation and fair presentation of the financial statements 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's internal control. An audit also includes evaluating the appropriateness of

accounting policies used and the reasonableness of accounting estimates made by the directors, as well as

evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

opinion.

Contravention of laws and regulations

During the year the Company contravened certain sections of the Insurance Act, CAP I17, LFN 2004 and

NAICOM's operational guidelines. Details of the contravention and appropriate penalties thereon are

disclosed in note 47.

Opinion

In our opinion, the financial statements give a true and fair view of the state of affairs of the Company and

its Subsidiary’s financial position as at 31 December 2015 and of its financial performance and cash flows

for the year then ended in accordance with International Financial Reporting Standards and in compliance

with the relevant provisions of the Financial Reporting Council of Nigeria Act No 6, 2011, the Companies

and Allied Matters Act, CAP C20, LFN 2004 and Insurance Act, CAP I17, LFN 2004 and its interpretations

issued by the National Insurance Commission in its Insurance Industry Policy Guidelines.

Report on other legal requirements

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 Company and its Subsidiary; and

iii) the Company and its Subsidiary’s statement of financial position and statement of comprehensive

income are in agreement with the books of account.

Lagos, Nigeria

30 March 2016

Olugbemiga A. AkibayoFRC/2013/ICAN/00000001076

For: BDO Professional Services

Chartered Accountants

Summary ofSignificantAccounting

Policies




Summary of Significant Accounting Policies

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

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

otherwise stated.

1. The reporting entity

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 Company is 100% fully owned by Nigerian citizens and Institutional investors. Its major

shareholders are:

Units %

Standard Alliance Investments Limited


Gemrock Management Co. Limited

Bode Akinboye

Sina Alimi

2,531,111,410

1,120,000,000

382,013,914

382,013,914

382,013,914

21 .10

9.34

3.19

3.19

3.19

The Company has interest in the following Companies:

Units %

Standard Alliance Life Assurance Ltd 1,415,000,000 52.41

The Consolidated financial statements of the Company and its subsidiary for the year ended 31 December

2015 were approved for issue by the Board of Directors on 30 March 2016.

The Company’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.

2. Basis of presentation

2.1. Statement of compliance with International Financial Reporting

Standards (IFRSs)

The financial statements are prepared in accordance with International Financial Reporting

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

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

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

the Insurance 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.


2.2. Going concern

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 Company’s ability to continue as a going concern.

2.3. Basis of measurement

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 Building stated at revalued amount

2.4. Functional and Presentation Currency

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

currency of the Company, rounded to the nearest thousand (N'000) unless otherwise indicated.

2.5. Order of presentation

The Company 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.

3. Significant management judgements and key sources of

estimation uncertainty

In the process of applying the accounting policies adopted by the Company, 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 Company’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:

(i) Significant judgements made in applying the Company's

accounting policies

The judgements made by the directors in the process of applying the Company’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 Company has the ability to hold 'held-to maturity' investments until they

mature. If the Company 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.

(ii) Key sources of estimation uncertainty

a) Valuation of insurance contract liabilities

• Critical assumptions are made by the actuary in determining the present value of

actuarial liabilities. These assumptions are set out in accounting policy 5.20 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.

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

expected expense inflation if appropriate.

b) Property, plant and equipment

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

values of property, plant and equipment.

c) Impairment losses

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

include the determination of the recoverable amount of the asset.

d) Income taxes

The Company 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.

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

In the process of applying the Company'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.



IFRS

Reference

Title and

Affected

Standard(s)

Nature of change Application

date

Impact on initial

Application

IFRS 9

(2014)

(issued Jul

2014)

Financial

Instruments

Annual

reporting

periods

commencing

on or after 1

January 2018

Classification and measurement Financial

assets will either be measured

Ÿ at amortised cost,

Ÿ fair value through other comprehensive

income(FVTOCI) or

Ÿ 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

comprehensive 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:

Ÿ Simplified effectiveness testing, including

removal of the 80-125% highly effective

threshold

Ÿ More items will now qualifyfor hedge ac

counting, e.g. pricing components within

a non-financial item, and net foreign

exchange cash positions

Ÿ Entit ies 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

Ÿ Less profit or loss volatility when using

options, forwards, and foreign currency

swaps

Ÿ New alternatives available for economic

hedges of credit risk and ‘own use’

contracts which will reduce profit or loss

volatility.

The first time application of

IFRS 9 will have a wide and

potentially very significant

impact on the accounting

for financial instruments.

T h e n ew i m p a i r m e n t

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.





IFRS

Reference

Title and

Affected

Standard(s)

Nature of change Application

date

Impact on initial

Application

IFRS 14

Issued

in January

2014

Regulatory

Deferral

Accounts

,1 January

2016

IFRS 15

Issued

in May

2014

Revenue

from

contracts

with

customers

1 January

2018.

IFRS 14 applies to entities that conduct ‘rate-

regulated activities’ i.e. activities that are

subject to rate regulation.

The rate regulation is a framework that

establishes prices for goods and/or services

that are subject to the oversight/approval of a

‘rate regulator’. The Standard permits an

entity in the rate regulated industry to

continue to account, with some limited

changes, for 'regulatory deferral account

balances' in accordance with its previous

GAAP, both on initial adoption of IFRS and in

subsequent financial statements.

Regulatory deferral account balances, and

movements in them, are presented

separately in the statement of financial

position and statement of profit or loss and

other comprehensive income, and specific

disclosures are required.

T h e p r o v i s i o n o f t h e

standard will not have any

impact on the Company's

financial statements when it

becomes effective in 2016

a s t h e C o m p a n y i s

not operating in a rate

regulated industry.

IFRS 15 contains comprehensive guidance

for accounting for revenue and will replace

existing requirements which are currently set

out in a number o f S tandards and

Interpretations. The standard introduces

significantly more disclosures about revenue

recognition 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 presen-

tation of the financial state-

ments when the standard is

adopted. Consideration will

be given to the following:

(i) At what point in timethe

c o m p a n y r e c o g n i s e s

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’ into

two or more compo-nents;

(iii) how should contracts

which include var iable

amounts of consideration

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 company’s

i n t e r n a l c o n t ro l s a n d

processes.


5. Significant accounting policies

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

set out below:

5.1 Consolidation

i) Subsidiaries

The financial statements of subsidiary is consolidated from the date the Group acquires

control, up to the date that such effective control ceases. For the purpose of these financial

statements, subsidiary is entity over which the Group, directly or indirectly, has the power to

govern the financial and operating policies so as to obtain variable returns from their activities.

Changes in the Group's interest in a subsidiary that does not result in a loss of control are

accounted for as equity transactions (transactions with owners). Any difference

between the amount by which the non- controlling interest is adjusted and the fair value of the

consideration paid or received is recognized directly in equity and attributed to the Group.

Inter-company transactions, balances and unrealised gains on transactions between

companies within the Group are eliminated on consolidation. Unrealised losses are also

eliminated in the same manner as unrealised gains, but only to the extent that there is no

evidence of impairment. Accounting policies of subsidiaries have been changed where

necessary to ensure consistency with the policies adopted by the Group. Investment in

subsidiaries in the separate financial statements of the parent entity is measured at cost

Acquisition-related costs are expensed as incurred.

If the business combination is achieved in stages, fair value of the acquirer's previously held

equity interest in the acquiree is re-measured to fair value at the acquisition date through

profit or loss.

ii) Disposal of subsidiaries

On loss of control, the Group derecognises the assets and liabilities of the subsidiary, any

controlling interests and the other components of equity related to the subsidiary. Any

surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group

retains any interest in the previous subsidiary, then such interest is measured at fair value

at the date that control is lost. Subsequently, that retained interest is accounted for as an

equity-accounted investee.

5.2 Cash and cash equivalents

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 overdrafts in the context of the statement of cash flows.

5.3 Financial instruments

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

provisions of the instruments. They are recognized 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 derecognized 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 derecognized when it is extinguished, discharged,

cancelled or expires.

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

Financial Assets

The Company 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.

i) Financial assets at fair value through profit or loss

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 recognizing 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.

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

are remeasured 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.

ii) Loans and receivables

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 shall default.

The Group’s trade receivables are its premium receivables from co-assurers as at the end

of the reporting period.

These are considered to be impaired when such premiums have been outstanding for

three cumulative months and all possible measures have been taken without success to

secure settlement. The impairments are recognized accordingly in the profit or loss.

The receivables from co-assurers are considered remote for impairment as they are usually

off-set from entitlements between the parties as a normal trade practice.

iii) Held-to-maturity investments

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 recognized in profit or loss.

iv) Available-for-sale investments

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 recognized in the statement of other

comprehensive income.

The other available-for-sale financial assets are measured at fair value. Fair value gains

and losses are reported as a separate component in other comprehensive income and

reported within the available-for- sale reserve within equity, except for impairment losses

and foreign exchange differences on monetary assets which are recognized in profit or loss.

On derecognition of the asset or when determined to be impaired, the cumulative fair value

gains and losses previously reported in equity are transferred to the income statement. This

category of financial assets includes the Company’s equity holdings in Transcorp Plc.





5.4 Derecognition of 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 in the asset as guarantee over 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.

5.5 Amortised cost

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.

5.6 Impairment of non-financial assets

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.

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 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 revalue 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.

5.7 Fair value measurements

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

5.8 Impairment of financial assets

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 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.

5.9 Off-setting of Financial Assets and Liabilities

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.

5.10 Trade receivables

Trade receivables are recognised when due. These include amounts due from agents, brokers,

reinsurers, co-insurers and insurance contract holders. They are initially recognised at fair

value and subsequently measured at amortised cost less provision for impairment. An

allowance for impairment is made when there is an objective evidence (such as the probability

of solvency or financial difficulties of the debtors) that the Group will not be able to collect all

amount due under the original terms. If there is objective evidence that the insurance

receivables are impaired, the Group reduces the carrying amount of the insurance receivables

accordingly and recognises that impairment loss in profit or loss. The Group first assesses

whether objective evidence of impairment exists individually for receivables that are

individually significant. If the Group determines that no objective evidence of impairment

exists for an individually assessed receivable, whether significant or not, it includes the

receivable in a group of receivables with similar credit risk characteristics and collectively

assesses them for impairment using the model that reflects the Group's historical outstanding

premium collection ratio per sector. If in a subsequent period the amount of 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 impairment loss is recognised in profit or loss.

5.11 Reinsurance assets

The Group cedes insurance risk in the normal course of business on the bases of our 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.

5.12 Deferred acquisition costs (DACs)

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 amortized in the income statement over the term of the

contracts as the related services are rendered and revenue recognized, 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.

5.13 Other receivables and prepayments

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.

5.14 Non-current assets held for sale

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 recognized in profit or

loss, subject to cumulative subsequent gains not exceeding cumulative losses recorded for

the asset.

5.15 Investment property

An investment property is property held to earn rentals or for capital appreciation or both.

Investment property, including interest in leasehold land, is initially recognized 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 recognized in profit or loss for the period

in which it arises.

Investment properties are derecognized 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 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 recognized in the other comprehensive income.

5.16 Investment in associates

The Company’s investment in its associates are accounted for using the equity method

of accounting. An associate is an entity in which the Company 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 Company’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 Company

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 Company 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

Company. Where necessary, adjustments are made to bring its accounting policies in line with

the Company’s.

After application of the equity method, the Company determines whether it is necessary to

recognize an additional impairment loss on the Company’s investment in an associate. The

Company 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 Company 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 Company 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 recognized in profit or loss.

5.17 Intangible assets

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

Company are recognised as intangible assets.

Amortization 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. For this financial, four

years has been approved as a Company policy. Amortization 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.

5.18 Property, plant and equipment

All categories of property, plant and equipment are initially recognized 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 recognized 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

• Furniture & Fittings

• Office Equipment

• Computer equipment

• Motor Vehicles

• Generating sets

Land is a component of property, plant and equipment but not subject to depreciation.

50 years

10 years

5 years

5 years

4 years

4-5 years

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.

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. Annually,

the difference between depreciation computation based on the revalued carrying amount of

the asset and charged to the income statement and depreciation based on the asset’s original

cost is transferred from the revaluation reserve to 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

5.19 Statutory deposit

Statutory deposit represents 10% of the minimum paid up capital of the Company 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.

5.20 Insurance contract liabilities

Insurance contract liabilities include the outstanding claims provision, the provision for

unearned premium and the 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 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.

• Liability adequacy test

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”.

• Annuity contracts

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 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.

Recognition and Measurement of Annuity Premium and Claims

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.

5.21 Investment contract liabilities

The Company’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 Company 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.

5.22 Trade payables

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.

5.23 Other payables and accruals

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.

5.24 Financial liabilities

All financial liabilities are recognized 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 recognized at fair value and the transaction costs are expensed in the

income statement. The Group financial liabilities include Deawoo bond, lease payables, trade

and other payables. These are measured subsequently at amortized 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

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.

5.25 Finance lease obligations

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 leasor 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.

5.26 Employee retirement benefits

• Retirement Benefit Obligations

The Group operates a defined contribution scheme for qualifying employees. The Company





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 ass may

be chosen by the staff from time to time.

5.27 Income tax liabilities

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.

• Company Income tax

This is the amount of income tax payable on the taxable profit of the Group for the year

determined in accordance with the Company Income Tax Act, CAP. 60 LFN; 1990. The tax

rates and tax laws used to compute the amount are those that are enacted or substantively

enacted as at the reporting date.

• Education tax

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.

5.28 Deferred tax liabilities

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 realized 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 recognized 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.


5.29 Share capital and share premium.

Ordinary shares are recognized 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. The share premium account is utilized in accordance with the provisions of

Companies and Allied Maters Act (CAMA) CAP. C20 LFN, 2004.

5.30 Contingency reserves

This is computed in accordance with the provisions of section 22 of the Insurance Act, CAP 117

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.

5.31 Retained earnings

Retained earnings are the carried forward recognised income net of expenses plus current

period profit or loss attributable to owners of the Company.

5.32 Gross premium income

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 recognized 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

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 premium

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.

• Net premium income

The result of the gross premium income and reinsurance premium expenses is the net

premium income accruing to the entity for the period.

5.33 Commission on reinsurance

When the Group acts in the capacity of an agent rather than as the principal in a transaction,

the revenue recognized 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.





5.34 Investment income

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.

5.35 Fees and other income

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.

5.36 Realized/unrealized gains and losses

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.

Unrealized 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. Unrealized gains and losses arising from the fair valuation

of investment properties are recognized in the Income statement.

5.37 Underwriting and management expenses

Expenses are recognized 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.

• Underwriting expenses

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.

• Brokers' and Agents’ commissions

The Company employs the services of brokers in marketing its insurance policies.

Commissions paid to the brokers are charged against revenue as underwriting expenses.





5.38 Benefits and claims expenses

• Gross benefits and claims

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

Reinsurance claims recoveries are recognized when the related gross insurance claim

expenses are recognized according to the terms of the relevant contract.

• Salvage and subrogation reimbursements

Some insurance contracts permit the Company to sell (usually damaged) property acquired

in settling a claim (for example, salvage). The Company may also have the right to pursue

third parties for payment of some or all costs (for example, subrogation).

Estimates of salvage recoveries are included as an allowance in the measurement of the

insurance liability for claims, and salvage property is recognized in other assets when the

liability is settled. The allowance is the amount that can reasonably be recovered from the

disposal of the property.

Subrogation reimbursements are also considered as an allowance in the measurement of

the insurance liability for claims and are recognized in other assets when the liability is

settled. The allowance is the assessment of the amount that can be recovered from the

action against the liable third party.

5.39 Underwriting and management expenses

Expenses are recognized 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 Company's expenses are recognized 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.



Brokers/ Agents’ commissions and allowances

The Company 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 Company 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.

• Net claims expenses

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

Company 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.

5.40 Dividends

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.

5.41 Earnings per share

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 Company 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.

5.42 Conversion of foreign currencies

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 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.

5.43 Segment reporting

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 Company. The operating

segments are based on the Company's management and internal operating structure. The

directors consider the Company to comprise three business segments: Group life assurance

segment, Individual life assurance segment and Investments management or savings

links segment.

5.44 Comparatives

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.

5.45 Events after the statement of financial position date

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.





Group

2015

N'000

Group

2014

N'000

Company

2015

N'000

Company

2014

N'000


Financial Assets:

- At fair value through profit or loss

- Loans and receivables

- Available for sale investment

Reinsurance assets

Trade receivables

Other receivables and prepayments

Deferred acquisition costs

Investment in subsidiary company

Investment in associates

Non current assets held for sale

Investment property

Intangible assets


Statutory deposit

NOTES

6

7.1

7.2

7.3

8

9

10

11

12.1

12.2

13

14

15

16

17

1,317,866

36,395

80,224

433,948

1,032,984

49,994

65,074

131,238

-

-

1,890,433

3,304,563

11,757

2,897,893

535,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

730,785

18,365

12,629

433,948

492,673

49,994

28,117

108,199

406,728

-

1,890,433

1,150,000

8,241

2,770,510

335,000

701,236

58,949

956,232

821,950

607,664

32,646

32,469

96,442

-

317,604

-

1,415,000

7,686

2,222,606

335,000

TOTAL ASSETS -

8,435,622 7,605,484

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES


Investment contract liabilities

Trade payables

Other payables and accruals

Borrowings

Finance lease obligations

Income tax liabilities

Deferred tax liabilities

18

19

20

21

22

23

24

25

4,404,741

630,239

157,331

469,627

795,918

136,698

214,013

326,273

-

-

-

-

-

-

-

-

2,226,847

-

75,986

516,749

795,918

111,800

170,561

305,560

2,402,454

-

75,954

395,441

757,803

32,408

334,285

305,560

TOTAL LIABILITIES 7,134,840 - 4,203,421 4,303,905

SHAREHOLDERS' EQUITY

Share capital

Share premium

Contingency reserves

Accumulated loss

Revaluation reserves

Fair value reserves

26

27

28

29

30

31

5,996,587

7,667,475

1,411,579

(12,552,146)

1,671,832

63,606

-

-

-

-

-

-

5,996,587

7,667,475

1,386,196

(12,553,495)

1,671,832

63,606

5,996,587

7,667,475

1,243,423

(13,220,960)

1,114,518

500,536

Total equity attributable to the owners of the parent 4,258,933 -

4,232,201 3,301,579

Non-controlling interest in equity 32 393,596 - - -

TOTAL EQUITY 4,652,529 - 4,232,201 3,301,579

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 11,787,369 - 8,435,622 7,605,484

Signed on behalf of the Board of Directors on 30 March 2016 by: Additionally certified by:

………………………………………… ……………………………………………. …………………………………………..


Director

FRC/2013/IODN/00000004229

Mr. Bode Akinboye

Group Managing Director/CEO

FRC/2013/ICAN/00000005139

Mr. Kadiri Ijeremhe

Head, Finance and Accounts

FRC/2013/ICAN/00000002076

ASSETS

Consolidated Statement of Financial PositionAS AT 31 DECEMBER 2015


11,787,369

As Restated

Consolidated Statement of Profit or Loss andOther Comprehensive IncomeFOR THE YEAR ENDED 31 DECEMBER 2015

As Restated

Group

2015

N'000

Group

2014

N'000

Company

2015

N'000

Company

2014

N'000NOTE

Gross premium written

Unearned premium


Reinsurance expenses

Net premium income

Commission income

Net underwriting income

Claims expenses (net)

Changes in investment contract liabilities

Underwriting expenses

Total underwriting expenses

Underwriting profit

Investment and other income

Loss on investment contract liabilities

Management expenses

Finance charges

Write back/(impairment charges) on other assets

Fair value loss on financial assets

Gain on disposal of financial assets

Fair value gain/(loss) on investment properties

Loss on disposal of investment properties

Foreign exchange loss

Share of profit/(loss) of associate Company

Profit/(loss) before taxation

Income tax

Deferred tax

Profit/(loss) after taxation

Other comprehensive income

Item that are or may be reclassified to profit or loss:

Fair value loss on financial assets

Items that will be classified to profit or loss:

Revaluation surplus on building

Foreign currency translation reserves

Total comprehensive income for the year

Profit/(loss) attributable to:

Owners of equity

Non controlling interest

Profit/(loss) per share : Basic/diluted

33

33

34

35

36

37

38

39

40

41

42

7.1.2

7.3.4

14.2

14.1

22.1

12.3

24

25.1

31

30

32

5,235,571

190,614

5,426,185

(853,396)

4,572,789

341,341

4,914,130

(1,718,166)

(323,895)

(1,638,071)

(3,680,132)

1,233,998

313,325

(103,340)

(1,484,138)

(286,350)

858,611

(18,317)

153,765

394,000

(125,000)

(117,514)

-

819,040

68,441

-

887,481

(436,930)

557,314

-

1,007,865

836,970

50,511

887,481

7.40

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,956,271

113,843

3,070,114

(602,574)

2,467,540

52,044

2,519,584

(777,410)

-

(517,692)

(1,295,102)

1,224,482

197,132

-

(1,405,420)

(263,349)

945,216

(16,072)

153,765

65,000

(125,000)

(117,514)

55,627

713,867

96,371

-

810,238

(436,930)

557,314

-

930,622

810,238

-

810,238

6.76

4,333,254

5,425

4,338,679

(475,015)

3,863,664

103,078

3,966,742

(1,194,074)

-

(1,341,981)

(2,536,055)

1,430,687

239,631

-

(1,795,804)

(48,483)

(1,145,650)

(32,475)

-

(20,000)

-

-

(726,422)

(2,098,516)

(86,505)

(11,524)

(2,196,545)

(243,574)

411,117

-

(2,029,002)

(2,196,545)

-

(2,196,545)

(18.31)




Consolidated and Separate Statementof Changes in EquityYEAR ENDED 31 DECEMBER 2015

Share

Capital

N'000

Share

Premium

N'000

Contingency

Reserves

N'000

Retained

Earnings

N'000

Revaluation

Reserves

N'000

Fair value

Reserves

N'000Total

N'000

5,996,587

-

-

-

-

-

-

-

5,996,587

7,667,475

-

-

-

-

-

-

-

7,667,475

1,243,423

-

168,156

-

-

168,156

-

-

1,411,579

(13,220,960)

836,970

(168,156)

-

-

668,814

-

-

(12,552,146)

1,114,518

-

-

557,314

557,314

-

-

1,671,832

500,536

-

-

-

(436,930)

(436,930)

-

-

63,606

3,301,579

836,970

-

557,314

(436,930)

957,354

-

-

4,258,933

Group

Non

Controlling

Interest

N'000

343,085

50,511

-

-

-

50,511

-

-

393,596

Total

N'000

3,644,664

887,481

-

557,314

(436,930)

1,007,865

-

-

4,652,529

Balance 1 January, 2015

Total comprehensive income for the year:

Profit for the year

Transfer to contingency reserve (Note 28)

Other comprehensive income:

Revaluation surplus on building (Note 30)

Fair value loss on quoted shares - Available

for sale(Note 31)


Transactions with owners recorded directly

in equity Contributions by and distribution

to owners

Dividends to equity holders

Total transactions with owners

Balance 31 December , 2015


Statement of Changes in EquityYEAR ENDED 31 DECEMBER 2015

Share Share Treasury Contingency Retained Revaluation Fair value

Reserves

N'000

Company Capital Premium Shares Reserves Earnings Reserves Total

N'000N'000 N'000 N'000 N'000 N'000 N'000



Profit for the year




Fair value loss on quoted shares - Available

for sale(Note 31)




to owners






Loss for the year


Allotment of treasury shares



Fair value gain on quoted shares - Available

for sale(Note 31)




to owners




5,996,587

-

-

-

-

-

-

-

5,996,587

5,996,587

-

-

-

-

-

-

-

-

5,996,587

7,667,475

-

-

-

-

-

-

-

7,667,475

15,852,049

-

-

(8,184,574)

-

-

(8,184,574)

-

-

7,667,475

-

-

-

-

-

-

-

-

-

(8,737,585)

-

-

8,737,585

-

-

8,737,585

-

-

-

1,243,423

-

142,773

-

-

142,773

-

-

1,386,196

1,113,425

-

129,998

-

-

-

129,998

-

-

1,243,423

(13,220,960)

810,238

(142,773)

-

-

667,465

-

-

(12,553,495)

(10,894,417)

(2,196,545)

(129,998)

-

-

-

(2,326,543)

-

-

(13,220,960)

1,114,518

-

-

557,314

-

557,314

-

-

1,671,832

703,401

-

-

-

411,117

-

411,117

-

-

1,114,518

500,536

-

-

-

(436,930)

(436,930)

-

-

63,606

744,110

-

-

-

-

(243,574)

(243,574)

-

-

500,536

3,301,579

810,238

-

557,314

(436,930)

930,622

-

-

4,232,201

4,777,570

(2,196,545)

-

553,011

411,117

(243,574)

(1,475,991)

-

-

3,301,579




Consolidated Statement of Cash FlowsFOR THE YEAR ENDED 31 DECEMBER 2015

Group Group Company Company

2015 2014 2015 2014

Cash flows from operating activities NOTES N'000 N'000 N'000 N'000

Premium received from policy holders

Cash received on investment contract

Interest received on investments

Rent and sundry income

Other income

Claim paid (net of recoveries)

Fees and commission

Cash payments for reinsurance

Brokers/Agents commissions and allowances

Cash payments to employees, suppliers and others

Cash withdrawals on investment contract

Taxes paid: Income tax

VAT

Net cash generated from operating activities

Cash flows from investing activities

Purchase of Property, plants and equipments

Purchase of Intangible assets

Proceeds from sale of Property, plant and equipment

Proceeds from sale of financial assests through profit or loss

Proceeds from sale of available for sales financial assets

Proceeds from sales of investment property

Dividend received

Acquisition of interest in Blueberry project

Net Cash generated/(absorbed) from investing activities

Cash flows from financing activities

Finance charges

Loan obtained

Repayment of Daewoo loan

Repayment of term loan

Lease financing (net)

Proceeds from sale of treasury shares

Net Cash flow from financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of the year

Cash and cash equivalent comprise:

Current Bank accounts balances

Short term deposits - Local banks

45

19

38

19

24

16

15

7.1.1

7.3.1

14.1

38

7.3.3

41

22.1

22.2

23

5,556,658

1,278,175

170,496

49,569

12,469

(1,779,930)

338,141

(853,396)

(867,072)

(1,861,065)

(1,551,036)

493,009

(67,353)

(3,498)

422,158

(155,119)

(3,620)

1,218

40,584

164,093

210,000

22,393

(75,328)

204,221

(286,350)

-

(248,476)

(43,950)

94,578

-

(484,198)

142,181

1,175,685

1,317,866

238,370

1,079,496

1,317,866

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,052,766

-

86,103

33,821

10,487

(839,174)

52,044

(602,574)

(428,416)

(1,030,310)

-

334,747

(67,353)

-

267,394

(114,290)

(3,620)

1,218

40,584

164,093

210,000

15,881

(75,328)

238,538

(263,349)

-

(248,476)

(43,950)

79,392

-

(476,383)

29,549

701,236

730,785

67,521

663,264

730,785

4,313,706

-

136,138

18,308

18,582

(764,851)

103,078

(475,015)

(1,054,965)

(1,913,691)

-

381,290

(29,820)

-

351,470

(162,943)

(3,207)

2,753

11,679

(102,300)

(254,018)

(48,483)

200,000

(196,470)

(7,673)

(17,545)

553,011

482,840

580,292

120,944

701,236

83,785

617,451

701,236


Other Notes to The Financial Statements

Group2015

N'0006 Cash and cash equivalentsCash in hand

Bank balances

Short term deposits

1,500

236,870

1,079,496

1,317,866

-

-

-

-

1,500

66,021

663,264

730,785

3,851

79,934

617,451

701,236

7 Financial assetsAt fair value through profit or loss (FVTPL) (Note 7.1)

Loans and receivables (Note 7.2)

Available for sale investment (Note 7.3)

N'000 N'000 N'000 N'000

36,395

80,224

433,948

550,567

-

-

-

-

18,365

12,629

433,948

464,942

58,949

956,232

821,950

1,837,131

7.1 Financial assets at fair value through profit or loss

Quoted investments

Cost

Disposal

Fair value changes (Note 7.1.2)

Market Value

N'000 N'000 N'000 N'000

416,371

(24,512)

(355,464)

36,395

-

-

-

-

334,433

(24,512)

(291,556)

18,365

334,433

-

(275,484)

58,949

7.1.1 The disposal is further analysed thus: N'000 N'000 N'000 N'000

Cost of investment disposed

Proceeds on investment disposed

Gain on investment disposed

(24,512)

40,584

16,072

-

-

-

(24,512)

40,584

16,072

7.1.2 The f ir value chaa nges are further analysed thus: N'000 N'000 N'000 N'000

At 1 January

(Increase)/ Decrease in fair value losses

At 31 December

(337,147)

(18,317)

(355,464)

(275,484)

(16,072)

(291,556)

(243,009)

(32,475)

(275,484)

Included in short term deposits is the sum of N583,551,092 being placement with Heritage Bank

which represents proceeds from the sale of Treasury shares currently being held in a dedicated

account in line with NAICOM directives. Subsequent to year end, the funds were moved to First Bank

Limited being a first generation bank as directed by NAICOM.

Also included in short term deposits is a sum of 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.

Group2014

N'000

Company2015

N'000

Company2014

N'000

-

-

-

-

-

-




7.1.3 Analysis of the fair value of the Company's investments in listed entities is shown below:

ABC Transport Plc

Africa Prudential Registrars Plc

Ashaka Cement Plc

Cornerstone Insurance Plc

Dangote Sugar Refineries Plc

Dangote Flour Mills Plc

Diamond Bank Plc

Ecobank Transnational Plc


Fidelity Bank Plc

First Bank of Nigeria Limited

Guaranty Trust Bank Plc

Nigerian Aviation Handling Company OANDO

Skye Bank Plc


UBA Capital

United Bank for Africa Plc

WAPCO Nigeria Plc

WAPIC Insurance Plc

Zenith Bank Plc

5,174

22

4,003

175

1,809

34

690

192

3,209

3,584

5,006

795

1,965

227

1,742

2,853

46

2,786

-

25

2,058

36,395

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,174

-

-

-

1,809

-

690

108

2,704

3,584

2,222

-

-

-

498

-

-

1,551

-

25

-

18,365

5,174

-

-

-

1,905

-

1,674

119

3,984

3,871

3,465

11,803

-

-

798

-

-

1,974

24,150

32

-

58,949

N'000 N'000 N'000 N'000


7.2 Loans and receivables

Loans against policies

Standard Alliance Properties Limited (Note 7.2.1)

Staff debtors

63,175

-

17,049

80,224

-

-

-

-

-

-

12,629

12,629

-

945,217

11,015

956,232

The Company grants commercial loans to life policyholders. The surrender values serve as collaterals for the loans.

Group2015

N'000

Group2014

N'000

Company2015

N'000

Company2014

N'000

7.2.1 Standard Alliance Properties Limited

Balance, beginning of the year

Interest income for the year

Acquisition of properties as repayment (Note 13)

Impairment provision

Balance, end of the year

1,890,433

-

1,890,433

(1,890,433)

-

-

1,890,433

-

1,890,433

(1,890,433)

-

-

1,800,412

90,021

1,890,433

-

(945,216)

945,217

N'000 N'000 N'000 N'000

-

-

-

-

-

-

Standard Alliance Insurance Plc ventured into a joint estate development with Standard Alliance

Properties Limited. The terms of arrangement included an annual interest of 5% on contribution and

share of profit from the joint venture. The balance due from Standard Alliance Properties Limited in

2014 represents accumulated interest and outstanding contributions.


At 1 January

(Write back)/impairment provision (Note 42)

At 31 December

945,216

(945,216)

-

-

-

-

-

945,216

945,216

7.3 Available for sale financial assets

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)

256,320

-

177,628

433,948

-

-

-

-

256,320

-

177,628

433,948

719,650

-

102,300

821,950

N'000 N'000 N'000 N'000

945,216

(945,216)

-

N'000 N'000 N'000 N'000





Disposal during the year

Cost at the beginning of the year

Write back of fair value gain on disposal

Proceeds on investment disposed

Gain on investment disposed

171,600

(145,200)

26,400

(164,093)

(137,693)

-

-

-

-

-

171,600

(145,200)

26,400

(164,093)

(137,693)

Fair value charges are further analysed as folows:

At 1 January

Fair value realised loss on disposal

Fair value loss during the year (Note 31)

At 31 December

572,415

(145,200)

(291,730)

135,485

-

-

-

-

572,415

(145,200)

(291,730)

135,485

815,989

-

(243,574)

572,415

N'000 N'000 N'000 N'000

N'000 N'000 N'000 N'000

-

-

-

-

-

7.3.1 Investment in quoted shares (Transcorp Plc)




Fair value gain

Market value

147,235

(26,400)

120,835

135,485

256,320

-

-

-

-

-

147,235

(26,400)

120,835

135,485

256,320

147,235

-

147,235

572,415

719,650

N'000 N'000 N'000 N'000

7.3.2 Lagoon Home Savings and Loans Limited5% 5 year Redeemable preference share


162,848

(162,848)

-

-

-

-

162,848

(162,848)

-

162,848

(162,848)

-

Group2015

N'000

Group2014

N'000

Company2015

N'000

Company2014

N'000

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 during 2013.

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 during the year in full repayment of the loan via deeds of assignment. These properties

are currently classified as Non-current assets held for sale. The titles are yet to be perfected in favour

of Standard Alliance Insurance Plc as it will be more cost effective to transfer directly to buyers

upon disposal.


At 1 January

Impairment allowance for the year

At 31 December

162,848

-

162,848

-

-

-

162,848

-

162,848

-

162,848

162,848

7.3.3 Investment in Blueberry Technology Solutions Limited


Additions during the year


102,300

75,328

177,628

-

-

-

102,300

75,328

177,628

-

102,300

102,300

N'000 N'000 N'000 N'000

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.

N'000 N'000 N'000 N'000

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, the investment

is expected to be recovered within a period of 5 years and revenue from the project is to be shared

by the parties.


8 Reinsurance assets

Claims recoverable

Deferred reinsurance cost

750,428

282,556

1,032,984

368,169

124,504

492,673

416,549

191,115

607,664

7.3.4 Gain on disposal of financial assets

Gain on disposal of Financial assets at FVTPL (Note 7.1.1)

Gain on disposal of Available for sale investment (Note 7.3.1)

16,072

137,693

153,765

-

-

-

16,072

137,693

153,765

N'000 N'000 N'000 N'000

-

-

-

N'000 N'000 N'000 N'000

-

-

-

This represents amount recoverable from reinsurers in respect of claims incurred and reinsurance

premium paid of which risk has not expired.

8.1 Movement in deferred reinsurance cost



Amortisation during the year


The reinsurance assets are of current maturity.

N'000 N'000 N'000 N'000

390,044

745,908

(853,396)

282,556

-

-

-

-

191,115

535,963

(602,574)

124,504

63,830

602,300

(475,015)

191,115

Group2015

N'000

Group2014

N'000

Company2015

N'000

Company2014

N'000

10 Other receivables and prepayments

Prepayments

Interest receivable

Deposit for quoted shares

Sundry

35,804

28,614

656

-

65,074

-

-

-

-

-

12,003

16,114

-

-

28,117

25,069

-

-

7,400

32,469

11 Deferred acquisition costs

Motor

Aviation

Engineering

Fire

General Accident

Marine

Bond

Oil & Gas

Life businesses

21,848

170

8,192

19,774

31,239

17,026

5,791

4,159

23,039

131,238

-

-

-

-

-

-

-

-

-

-

21,848

170

8,192

19,774

31,239

17,026

5,791

4,159

-

108,199

25,462

176

11,168

16,038

17,286

10,794

15,052

466

-

96,442

The movement in deferred acquisition cost is:

At 1 January 125,904

872,406

(867,072)

131,238

-

-

-

-

96,442

440,173

(428,416)

108,199

420,840

96,442

(420,840)

96,442


Amortisation for the year

At 31 December

N'000 N'000 N'000 N'000

N'000 N'000 N'000 N'000





9 Trade receivables

Amount due from Insurance Brokers 49,994 - 49,994 32,646

Age analysis

0-90 days

91-180 days

49,994

-

49,994

49,994

-

49,994

32,646

-

32,646

The balance of N49,994,000 due from insurance brokers has been fully received subsequent to year end.

N'000 N'000 N'000 N'000

N'000 N'000 N'000 N'000-

-

-

12 Investment in related Companies

The Company has equity investments in the following entities:

12.1 Investment in subsidiary company

Standard Alliance Life Assurance Limited (52.41%) (Note 12.2.1)

N'000 N'000 N'000 N'000

- - 406,728 -

Restated

12.2.1 Standard Alliance Life Assurance Limited N'000 N'000 N'000 N'000

Cost 1,905,000

33,497

(1,531,769)

406,728

406,728

-

1,905,000

-

(1,587,396)

317,604

-

317,604


Share of post acquisition reserve (Note 12.2)

Impairment provisions/write off

Carrying amount at 31 December

12.2.2 Standard Alliance Properties Limited. N'000 N'000 N'000 N'000

Cost



Cost written off

Share of post acquisition reserve written off(Note 12.2)


275,000

(244,505)

30,495

(275,000)

244,505

-

12.2.3 Standard Alliance Capital and Assets Limited. N'000 N'000 N'000 N'000

Cost



Cost written off

Share of post acquisition reserve written off(Note 12.2)


400,000

(392,909)

7,091

(400,000)

392,909

-

12.3 Share of post acquisition profit or losses Restated

Standard Alliance Life Assurance Limited N'000 N'000 N'000 N'000

At 1 January

Share of current year profit/(loss) (Note 12.3)

At 31 December

(1,587,396)

55,627

(1,531,769)

(860,974)

(726,422)

(1,587,396)

Standard Alliance Properties Limited.

At 1 January (244,505)

244,505

-

Share of post acquisition profit or losses written off

At 31 December

Standard Alliance Capital and Assets Limited.

At 1 January

Share of post acquisition profit or losses written off

At 31 December

(392,909)

392,909

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Group2015

N'000

Group2014

N'000

Company2015

N'000

Company2014

N'000

-

-

-

-

-

-

-

-

-

-

-

-

N'000 N'000 N'000 N'000

-

-

-

-

-

-


12.2 Investment in associates

Standard Alliance Life Assurance Limited (47.41%)

Standard Alliance Properties Limited (36.67%)

Standard Alliance Capital and Assets Limited (40%)

Total carrying amount at 31 December

-

-

-

-

-

-

-

-

-

-

-

-

317,604

-

-

317,604

The investments are accounted for using the equity method and further details of the investments

balances are:

Restated

N'000 N'000 N'000 N'000

12.4 Summary of financial statements of Associates:

Standard Alliance Life Assurance Limited 52.41%


Investment property

Other assets

Liabilities

Net assets

Revenue



52.41% thereof

127,383

2,154,563

1,490,423

(3,098,605)

673,764

2,356,071

134,069

106,139

55,627

149,563

1,825,563

1,746,838

(3,001,046)

720,918

2,994,428

(1,508,457)

1,532,213

726,422

13 Non current asset held for sale

Cost at 1 January

Additions during the year (Note 7.2.1)

At 31 December

-

1,890,433

1,890,433

These comprise the following properties:

1. Warehouse, Oreki Village, Ibeju Lekki 500,000

950,000

440,433

1,890,433

-

-

-

-

500,000

950,000

440,433

1,890,433

2. Land along Airport Road, Lugbe, Abuja,

3. Bare site, shapati village, ibeju Lekki

14 Investment Properties

Cost at 1 January


Cost at 31 December

Fair value gain/(loss) (Note 14.2)

Market value

2,527,001

(350,000)

2,177,001

1,127,562

3,304,563

-

-

-

-

-

1,435,000

(350,000)

1,085,000

65,000

1,150,000

1,435,000

-

1,435,000

(20,000)

1,415,000

14.1 Loss on disposal of investment properties

Cost

Disposal expenses

Fair value loss written back (Note 14.2)

Market value

Proceeds from sale of investment properties

350,000

5,000

355,000

(20,000)

335,000

(210,000)

125,000

350,000

5,000

355,000

(20,000)

335,000

(210,000)

125,000

Restated

N'000 N'000 N'000 N'000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

N'000 N'000 N'000 N'000

-

-

-

-

1,890,433

1,890,433

-

-

-

N'000 N'000 N'000 N'000

-

-

-

-

N'000 N'000 N'000 N'000

-

-

-

-

-

-

-

N'000 N'000 N'000 N'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. These were previously classified as loans

and receivables.





14.2 Movement in fair value gain/(loss)

At 1 January

Gain/(loss) for the year

Write back on disposal

At 31 December

713,562

394,000

20,000

1,127,562

-

-

-

-

(20,000)

65,000

20,000

65,000

-

(20,000)

-

(20,000)

Cost

N'000 N'000 N'000 N'000 N'000

40,000

-

1,045,000

302,105

201,301

268,595

320,000

2,177,001

50,000

-

1,100,000

445,000

529,563

600,000

580,000

3,304,563

50,000

-

1,100,000

-

-

-

-

1,150,000

40,000

330,000

1,045,000

-

-

-

-

1,415,000

15 Intangible assets

Computer software

Cost

At 1 January

Additions

At 31 December

Amortisation

At 1 January

Amortisation for the year

At 31 December


N'000 N'000 N'000 N'000

132,928

3,620

136,548

-

-

-

39,812

3,620

43,432

36,605

3,207

39,812

103,103

21,688

124,791

11,757

-

-

-

-

32,126

3,065

35,191

8,241

25,062

7,064

32,126

7,686

Valuation

The Company's investment properties are properties held to earn rentals or capital appreciation or

both. A sum of N18.3million naira 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.

Group

2015

N'000

Group

2014

N'000

Company

2015

N'000

Company

2014

N'000

Fair value of invesment properties are stated below:

250 hecters of farmland at Mydumbi Village,

Kaduna-Zaria Road, Kaduna

Twin Duplex, Parkview Estate, Ikoyi-Lagos

11 units of 4-bedroom terrace houses at New

County Estate, Lekki, Lagos

The 10 units of 2 Bedroom Terrace houses and

a wing of 4 bedroom duplex, Lekki, Lagos

The six (6) storey lettable office complex - Ebute Metta

The 6 bedroom detached house, Asokoro-Abuja

Abuja plot of land, Cadasral Zone

-

-

-

-

-

-

-

The intangible asset relates to the Company's accounting software packages (Turnquest) bought

from Turnkey Africa, a Company registered in Nairobi, Kenya.

N'000 N'000 N'000 N'000


16 Property, plant and equipment

Group

Cost

Land Building Motor Furniture Computer and Work in Total

vehicles and fittings other equipment Progress

N'000 N'000 N'000 N'000 N'000 N'000 N'000

At 1 January 2015

Additions

Transfer in revaluation

Revaluation surplus

Disposals

At 31 December 2015

290,000

-

-

165,000

-

455,000

1,923,500

-

(157,314)

392,314

-

2,158,500

750,138

122,874

-

-

(13,800)

859,212

219,786

4,514

-

-

224,300

425,258

27,471

-

-

(590)

452,139

-

-

-

-

-

-

3,608,682

154,859

(157,314)

557,314

(14,390)

4,149,151

Accumulated depreciation and impairment

At 1 January 2015

Charge for the year

On disposals

Transfer in revaluation

At 31 December 2015

-

-

-

-

-

119,071

38,476

-

(157,314)

233

641,073

96,214

(13,344)

-

723,943

131,086

19,180

-

-

150,266

345,283

31,650

(117)

-

376,816

1,236,513

185,520

(13,461)

(157,314)

1,251,258

Carrying amounts as at:

31 December 2015 455,000

2,158,267

135,269

74,034

75,323 -

2,897,893

16.1 Property, plant and equipment

Company

Cost

At 1 January 2014

Additions

Revaluation surplus

Disposals

Transfers

Assets written off

At 31 December 2014

At 1 January 2015

Additions

Transfer in revaluation account

Revaluation surplus

Disposals

At 31 December 2015

285,000

5,000

-

-

-

-

290,000

290,000

-

-

165,000

-

455,000

1,431,857

-

411,117

-

77,026

-

1,920,000

1,920,000

-

(157,314)

392,314

-

2,155,000

450,958

144,490

-

(43,045)

-

(129,740)

422,663

422,663

85,720

-

-

(13,800)

494,583

122,705

5,363

-

-

-

-

128,068

128,068

3,457

-

-

-

131,525

246,702

7,290

-

-

-

-

253,992

253,992

25,113

-

-

(590)

278,515

76,226

800

-

-

(77,026)

-

-

-

-

-

-

-

-

2,613,448

162,943

411,117

(43,045)

-

(129,740)

3,014,723

3,014,723

114,290

(157,314)

557,314

(14,390)

3,514,623

Accumulated depreciation and impairment

At 1 January 2014

Charge for the year

On disposals

On assets written off

At 31 December 2014

At 1 January 2015

Charge for the year

On disposals

Transfer in revaluation account

At 31 December 2015

-

-

-

-

-

-

-

-

-

-

88,730

30,178

-

-

118,908

118,908

38,406

-

(157,314)

-

360,850

75,169

(33,775)

(19,154)

383,090

383,090

4,568

(13,665)

-

423,993

68,141

10,369

-

78,510

78,510

10,607

-

-

89,117

186,424

25,185

-

211,609

211,609

19,558

(164)

-

231,003

42,383

47,512

-

-

-

-

-

-

-

-

-

-

-

-

704,145

140,901

(33,775)

(19,154)

792,117

792,117

123,139

(13,829)

(157,314)

744,113

2,222,606

2,770,510

Carrying amounts as at:

31 December 2014

31 December 2015

290,000 1,801,092 39,573 49,558

455,000 2,155,000 70,590 42,408

-

-

-

-

-

Land Building Motor Furniture Computer and Work in Total

vehicles and fittings other equipment Progress

N'000 N'000 N'000 N'000 N'000 N'000 N'000





17 Statutory Deposits

Deposit with the Central Bank of Nigeria 535,000 - 335,000 335,000

18 Insurance contract liabilitiesN'000 N'000 N'000 N'000

Unearned premium reserve (Note 18.1)

Outstanding claims (Note 18.2)

Less: Reinsurance assets (Note 8)

1,054,125

3,350,616

4,404,741

(1,032,984)

3,371,757

-

-

-

-

-

803,535

1,423,312

2,226,847

(492,673)

1,734,174

917,378

1,485,076

2,402,454

(607,664)

1,794,790

The insurance contract liabilities balances above are covered by the Company's dedicated assets thus:


Financial assets

Investment properties

Statutory deposits

1,317,866

550,567

1,100,000

535,000

3,503,433

-

-

-

-

-

729,285

452,313

400,000

335,000

1,916,598

617,451

719,650

380,000

335,000

2,052,101

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.

Land and Bu i ld ing was profess iona l l y va lued 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 N2,610,000,000 resulting in a

surplus on revaluation of N400,000,000 which has been credited to the property, plant and

equipment revaluation account. The revaluation report was dated 31 December 2015.

The re-valued property is the Company'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.

Included in Computer and other equipment is an amount of N27,035,597 being cost of the

Company's generating set acquired on lease in April 2013. The lease period is 24 months at an

interest rate of 21% per annum.

Included in Motor vehicles is an amount of N61,250,000 being cost of the Company's cars acquired

on lease in March 2014. The lease period is 18 months at an interest rate of 22% per annum.

At the Board of Directors meeting held on 14 May 2015, it was resolved that the retiring Directors

should be given possession and ownership of the official vehicles bought for them during 2014 and

the net book value of these vehicles should be written off the company's books. The cost

and depreciation charged in the year on these vehicles amounted to N129.7 million and

N19 million respectively.

The sum of N77 million transferred from work in progress to building in 2014 represents the

accumulated cost of Construction of the Security and administrative building at the Company's

Head Office.

Group

2015

N'000

Group

2014

N'000

Company

2015

N'000

Company

2014

N'000

N'000 N'000 N'000 N'000


18.1 Unearned premium reserve

Aviation

Bond

Engineering

Fire

General accident

Marine

Motor

Oil & gas

Life

1,716

29,588

45,324

94,701

169,186

94,159

191,092

177,769

250,590

1,054,125

-

-

-

-

-

-

-

-

-

-

1,716

29,588

45,324

94,701

169,186

94,159

191,092

177,769

-

803,535

37,976

91,377

55,720

92,577

101,846

86,226

310,254

141,402

-

917,378

N'000 N'000 N'000 N'000

Group2015

N'000

18.2 Outstanding claims reserves

18.2.1 Movement in outstanding claims reserves

N'000 N'000 N'000 N'000

Aviation

Bond

Engineering

Fire

General accident

Marine

Motor

Oil & gas

Life

Provision for claims incurred but not reported (IBNR)

Life (IBNR)

150,478

48,634

36,813

269,153

157,399

28,641

156,611

250,255

670,760

1,768,744

325,328

1,256,544

3,350,616

-

-

-

-

-

-

-

-

-

-

-

-

-

150,478

48,634

36,813

269,153

157,399

28,641

156,611

250,255

-

1,097,984

325,328

-

1,423,312

111,376

23,969

101,438

239,976

97,832

98,380

124,806

386,731

-

1,184,508

300,568

-

1,485,076

Oustanding claims reserve at the beginning

Reported claims in the current year

Claims paid during the year

Oustanding claims reserve at the end

1,593,010

2,053,771

(1,877,258)

176,513

1,769,523

-

-

-

-

-

1,184,508

800,034

(886,558)

(86,524)

1,097,984

772,010

1,482,551

(1,070,053)

412,498

1,184,508

136,377

39,025

217,181

791,925

1,184,508

Group2014

N'000

Company2015

N'000

Company2014

N'000

The age analysis of outstanding claims was as follows:

0 - 90 days

91 - 180 days

181 - 360 days

361 days and above

N'000 N'000 N'000 N'000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-





19 Investment Contract Liabilities

20 Trade payables

21 Other payables and accruals

At 1 January

Amount received in the year

Interest expensesWithdrawals

Reclassification per actuarial valuations to/from

insurance contract

At 31 December

819,964

1,278,175

124,704

(1,551,036)

671,807

(41,568)

630,239

-

-

-

-

-

-

-

Due to Reinsurer

Due to Co-assurers

Deferred commision income

The trade payables are all of current maturity.

133,116

23,025

1,190

157,331

-

-

-

-

75,986

-

-

75,986

75,954

-

-

75,954

Due to government agencies

Information technology development levy

Lease rent received in advance (Note 21.1)

Due to staff

Accrued expenses

Unclaimed dividend

Other credit balances

Preference dividend payable (Note 21.2)

Current account with Standard Alliance Life Assurance Limited

Amount due to other beneficiaries

Directors current account

31,449

4,523

19,315

57,690

120,588

2,383

2,672

175,000

-

33,536

22,471

469,627

-

-

-

-

-

-

-

-

-

-

-

-

23,950

-

12,354

29,814

81,062

2,383

2,672

175,000

167,043

-

22,471

516,749

10,456

-

18,813

16,022

117,064

-

13,796

175,000

38,680

-

5,610

395,441

N'000 N'000 N'000 N'000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

N'000 N'000 N'000 N'000

N'000 N'000 N'000 N'000

The above are further analysed as:

Current

Non-current

469,627

-

469,627

-

-

-

516,749

-

516,749

376,628

18,813

395,441

21.1 Lease rent received in advance

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 is now being

amortised at N10 million rent per annum.

Group2015

N'000

Group2014

N'000

Company2015

N'000

Company2014

N'000


21.2 Preference dividend payable

At 1 January

Paid during the year

At 31 December

175,000

-

175,000

-

-

-

175,000

-

175,000

22 Borrowings

Daewoo Securities Bond (Note 22.1)

Term loan (Note 22.2)

647,541

148,377

795,918

-

-

-

647,541

148,377

795,918

565,476

192,327

757,803

Further details of transactions during the year are:

Principal

JPY'000

Interest

JPY'000

Total

JPY'000

2015

N'000

2014

N'000

At 1 January

Interest accrued during the year

Payments during the year

Foreign exchange difference

Default penalty interest

At 31 December

Current maturities

Interest

Principal

Total current maturities

Non-current principal maturity

396,795

-

(33,745)

-

-

363,050

6,052

78,559

(115,805)

-

64,898

33,704

33,704

363,050

396,754

-

396,754

402,847

78,559

(149,550)

-

64,898

396,754

396,754

33,704

430,458

-

430,458

565,476

121,932

(248,476)

117,514

91,095

647,541

55,007

592,534

647,541

-

647,541

748,314

26,166

(196,470)

(12,534)

565,476

94,717

151,069

245,786

319,690

565,476

N'000 N'000 N'000 N'000

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, 2015.

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 proposed a repayment plan with the bond owners on the

balance of JPY 363,050,000 principal sum and accrued interest of JPY49,389,000. Negotiation is still

on going.

175,000

-

175,000

N'000 N'000 N'000 N'000





22.1 Daewoo Securities Bond

22.2 Term Loan

Balance, at beginning of the year


Repayment during the year

Balance, at end of the year

Current

Non-current

192,327

-

(43,950)

148,377

80,593

67,784

148,377

-

-

-

-

-

-

-

192,327

-

(43,950)

148,377

80,593

67,784

148,377

-

200,000

(7,673)

192,327

54,914

137,413

192,327

23 Finance lease obligations

Balance, at beginning of the year


Repayment during the year

Balance, at end of the year

42,120

147,145

(52,567)

136,698

-

-

-

-

32,408

122,247

(42,855)

111,800

49,953

45,937

(63,482)

32,408

Less than 3 months

Between 3 and 6 months

Between 6 and 12 months

Over 12 months

26,990

14,578

36,524

78,092

58,606

136,698

-

-

-

-

-

-

26,990

14,578

22,780

64,348

47,452

111,800

10,657

11,256

10,495

32,408

-

32,408

The balance of JPY363,050,000 (N647,541,000) is stated in the financial statements at the Central

Bank of Nigeria closing exchange rate of N1.6321/JPY as at 31 December 2015. Subsequently in 2016,

no payment has been made in principal and interest.

Default penalty interest represents charges in respect of delayed payments at current market

interest rates.

Group2015

N'000

Group2014

N'000

Company2015

N'000

Company2014

N'000

N'000 N'000 N'000 N'000

N'000 N'000 N'000 N'000

During the year 2014, the Company obtained a new lease facility of N45,937,500 from Diamond Bank

at an interest rate of 22% for a period of 18 months to finance the acquisition of 8 units of motor

vehicles. In 2015, the Company acquired a new 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. Also

during the year a lease facility was obtained from Aquila Assets at an interest rate of 25% for a period

of 36 months to finance 15 units of Hilux vehicles.

These motor vehicles are included in the property, plant and equipment of the Company as at 31

December 2015. The rental due as at 31 December 2015 are further analysed as follows:

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 20% per annum.


25.1 Charge for the year

Profit or loss charged on timing differences of carrying

amounts of taxable assets

Tax recorded in other comprehensive income:

Charge on timing difference of carrying amount of

taxable assets

Revaluation surplus on building (Note 30.1)

Fair value (loss)/gains on available for

sale investment (Note 30.2)

26 Ordinary share capital

Authorized

14,000,000,000 ordinary shares of 50k each

Issued and Fully Paid

11,993,173,000 units of ordinary shares of 50k each

7,000,000

5,996,587

-

-

7,000,000

5,996,587

7,000,000

5,996,587

25 Deferred tax liabilities

At 1 January

Charged for the year (Note 25.1)

At 31 December

326,273

-

326,273

-

-

-

305,560

-

305,560

294,036

11,524

305,560

N'000 N'000 N'000 N'000

Balance at beginning of the year:

Company income tax

Education tax

Provisions for the year:

Company income tax

Education tax

Overprovision in prior years

Payments during the year:

Company income tax

Education tax

At 31 December

323,287

26,520

349,807

92,007

8,717

(169,165)

(58,693)

(8,660)

214,013

314,362

19,923

334,285

64,077

8,717

(169,165)

(58,693)

(8,660)

170,561

259,373

18,227

277,600

75,989

10,516

-

(21,000)

(8,820)

334,285

-

-

-

-

-

-

-

-

-

Group2015

N'000

Group2014

N'000

Company2015

N'000

Company2014

N'000

-

-

-

-

-

11,524

-

-

-

11,524

-

-

-

-

-

-

-

-

-

-

N'000 N'000 N'000 N'000

N'000 N'000 N'000 N'000

24 Current income tax liabilities Per Statement of Comprehensive income

Company income tax

Education tax

Overprovision in prior years

92,007

8,717

(169,165)

(68,441)

64,077

8,717

(169,165)

(96,371)

75,989

10,516

-

86,505

Per Statement of Financial Position:

N'000 N'000 N'000 N'000

-

-

-

-

N'000 N'000 N'000 N'000





N'000 N'000 N'000 N'000

27 Share premium

At 1 January

Discount on treasury shares

At 31 December

7,667,475

-

7,667,475

-

-

-

7,667,475

-

7,667,475

15,852,049

(8,184,574)

7,667,475

28 Contingency reserves

At 1 January

Charge for the year

At 31 December

1,243,423

168,156

1,411,579

-

-

-

1,243,423

142,773

1,386,196

1,113,425

129,998

1,243,423

29 Accumulated lossAt 1 January

Profit/(loss) for the year

Appropriation to contingency reserves

(13,220,960)

836,970

(168,156)

(12,552,146)

-

-

-

-

(13,220,960)

810,238

(142,773)

(12,553,495)

(10,894,417)

(2,196,545)

(129,998)

(13,220,960)

30 Revaluation ReservesAt 1 January

Addition during the year(Note 16)

At 31 December

Further details are:

Revaluation surplus - Building

Deferred tax on revaluation surplus

1,114,518

557,314

1,671,832

557,314

-

557,314

-

-

-

-

-

-

1,114,518

557,314

1,671,832

557,314

-

557,314

703,401

411,117

1,114,518

411,117

-

411,117

N'000 N'000 N'000 N'000

N'000 N'000 N'000 N'000

Share premium comprises additional paid-in capital in excess of the par 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 (whichever

is greater for the year) in accordance with Section 22 (1)(b) of the Insurance Act 2003.

N'000 N'000 N'000

Restated

N'000

N'000 N'000 N'000 N'000

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.

During the year, 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 N15million respectively, which has been

credited to the property, plant and equipment revaluation account.


31 Fair Value ReservesThis is the net accumulated changes in the fair value of available for sale assets.

At 1 January

(Decrease)/increase during the year - net of income tax

At 31 December

500,536

(436,930)

63,606

-

-

-

744,110

(243,574)

500,536

The addition during the year is further analyzed thus:

Fair value loss on disposal of available for sale-(Note 7.3.1)

Fair value loss on available for sale for the year (Note 7.3.1)

Deferred tax on fair value gains for the year (Note 24.1)

(145,200)

(291,730)

-

(436,930)

(145,200)

(291,730)

-

(436,930)

(243,574)

-

-

(243,574)

32 Non-controlling interest in equity

The entity accounting for non-controlling interest is shown below:

Pre-acquistion reserve

Profit for the year

343,085

50,511

393,596

-

-

-

Non controlling interest in entities within the group is as analysed below:

Company name % of equity % of equity

held by NCI held by NCI

Standard Alliance Life Assurance Limited 47.59 0

33 Gross premium income General

Accident

N'000

Motor

Accident

N'000

Company

2015

N'000

Life

Business

N'000

Group

2015

N'000

Company

2014

N'000

Aviation

N'000

Bonds

N'000

Engine-

ering

N'000

Fire

N'000

Marine

N'000

Oil &

Gas

N'000

Premium written

Movements in unexpired risks(Note 33.1)

Gross premium

11,416

36,260

47,676

63,923

61,788

125,711

132,053

10,397

142,450

287,578

(2,124)

285,454

615,638

(67,340)

548,298

537,647

(7,932)

529,715

559,968

119,162

679,130

748,048

(36,368)

711,680

2,956,271

113,843

3,070,114

2,279,300

76,771

2,356,071

5,235,571

190,614

5,426,185

4,333,254

5,425

4,338,679

33.1 Movement in Unepired risks

Unexpired risk At 1 January 2015

Unepired risk At 31 December 2015

Movement during the year

37,976

(1,716)

36,260

91,377

(29,589)

61,788

55,720

(45,323)

10,397

92,577

(94,701)

(2,124)

101,846

(169,186)

(67,340)

86,226

(94,158)

(7,932)

310,254

(191,092)

119,162

141,402

(177,770)

(36,368)

917,378

(803,535)

113,843

327,361

(250,590)

76,771

1,244,739

(1,054,125)

190,614

922,803

(917,378)

5,425

34 Reinsurance premium expenses

Charged for the year 2015

Charged for the year 2014

-

9,951

2,953

(241)

25,494

47,185

50,914

55,020

65,243

23,352

77,868

77,638

-

24,833

380,102

237,277

602,574

475,015

250,822 853,396

500,536

(436,930)

63,606

-

-

-

-

Group2015

N'000

Group2014

N'000

Company2015

N'000

Company2014

N'000

N'000 N'000 N'000 N'000

N'000 N'000 N'000 N'000

-

-

-

-

-

-

General

Accident

N'000

Motor

Accident

N'000

Company

2015

N'000

Life

Business

N'000

Group

2015

N'000

Aviation

N'000

Bonds

N'000

Engine-

ering

N'000

Fire

N'000

Marine

N'000

Oil &

Gas

N'000





35 Commission income

Aviation

Bond

Engineering

Fire

General Accident

Marine

Motor

Oil &Gas

Life

-

738

6,009

15,081

17,828

12,388

-

-

52,044

289,297

341,341

-

-

-

-

-

-

-

-

-

-

-

-

738

6,009

15,081

17,828

12,388

-

-

52,044

-

52,044

3,358

-

14,817

23,359

9,989

33,016

5,110

13,429

103,078

-

103,078

36 Claims expenses

Claims paid

Increase/(decrease) in outstanding claims(Note 18.2.1)

(Decrease)/increase in claims incurred but not reported

Claims expenses recovered from reinsurers

2,089,400

175,734

(187,382)

2,077,752

(359,586)

1,718,166

-

-

-

-

-

-

886,558

(86,524)

24,760

824,794

(47,384)

777,410

1,070,053

412,498

(5,378)

1,477,173

(283,099)

1,194,074

37 Underwriting expensesAcquisition cost:

Aviation

Bond

Engineering

Fire

General Accident

Marine

Motor

Oil and Gas

Others

Life

Total acquisition cost

Maintenance cost - Non-life

Maintenance cost - Life

1,395

20,402

27,553

55,201

100,093

98,014

66,958

11,796

47,004

438,656

867,072

89,276

681,723

1,638,071

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,395

20,402

27,553

55,201

100,093

98,014

66,958

11,796

47,004

-

428,416

89,276

-

517,692

10,073

83,925

73,778

91,436

214,188

204,280

216,763

63,976

96,547

-

1,054,966

287,015

-

1,341,981

38 Investment and other income

Interest on deposits

Rental income

Dividend received

Investment recovered from SA Investment Limited

Balances with banks recovered

Foreign exchange gain

Profit on sale of fixed assets

Gain on bargain purchase

Other income

149,132

56,029

22,393

33,497

261,051

2,004

10,412

657

26,732

12,469

313,325

-

-

-

-

-

-

-

-

-

-

-

86,103

40,281

15,881

33,497

175,762

2,004

8,222

657

-

10,487

197,132

136,138

18,308

11,679

-

166,125

10,649

44,275

-

-

18,582

239,631

Group2015

N'000

Group2014

N'000

Company2015

N'000

Company2014

N'000

N'000 N'000 N'000 N'000

N'000 N'000 N'000 N'000

N'000 N'000 N'000 N'000


40 Management expenses

Salaries and Allowances

Other staff costs

Directors' fees and Allowances

Insurance expenses

Rent and rates

Repairs and maintenance

Depreciation and amortisation

Professional fees

Bank charges

Printing and stationery

Advertising and promotion expenses

Books and periodicals

Telephone and postages

Other administrative expenses

Supervisory levies

Staff training and development

Audit fee

Corporate and public relation expenses

Travelling,outstation and hotel epenses

General management expenses

Share capital expenses

Annual general meeting expenses

Information Technology Development levy

Property, plant and equipment written off

Loss on sale of property, plant and equipment

Staff debts written off

423,483

49,018

71,093

12,644

27,172

137,096

134,340

142,899

10,220

23,835

85,719

855

21,965

70,093

32,064

20,303

7,600

75,117

32,754

19,490

64,257

4,007

18,114

-

-

-

1,484,138

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

390,732

49,018

66,275

11,415

22,869

134,080

126,203

141,813

9,354

23,627

85,068

855

21,258

55,286

32,064

20,303

7,000

74,878

30,477

19,490

64,257

4,007

15,091

-

-

-

1,405,420

454,163

92,197

89,485

19,722

24,176

142,318

147,965

146,537

14,902

23,833

142,535

1,265

25,003

37,293

25,000

9,433

7,000

83,882

78,552

92,397

-

19,249

-

110,586

6,517

1,794

1,795,804

41 Finance charges

Interest expenses

Lease charges

Interest on Daewoo bond

69,516

3,807

213,027

286,350

-

-

-

-

49,399

923

213,027

263,349

13,771

8,546

26,166

48,483

Group2015

N'000

Group2014

N'000

Company2015

N'000

Company2014

N'000

21,364

(124,704)

(103,340)

-

-

-

-

-

-

Investment income attributable to investment contracts

Guaranteed interest on investment contracts

-

-

-

N'000 N'000 N'000 N'000

39 Loss on investment contract liabilities

The total investment income is further classified as:

Investment income attributable to policyholders' funds 127,140

69,992

197,132

1,634

237,997

239,631

Investment income attributable to shareholders' funds

Investment recovered from SA Investment Limited represents the value of 135,000,000 ordinary

shares held by SA Investment Limited in SA Life Assurance Limited which were transferred to SA

Insurance Plc during the year.

N'000 N'000 N'000 N'000

N'000 N'000





44 Loss before taxation Loss before taxation is stated after charging/(crediting):

Depreciation

Amortization

Auditors' remuneration

Director's remuneration

185,520

21,688

13,000

71,093

-

-

-

-

123,139

3,065

7,000

66,275

122,051

7,064

7,000

89,485

45 Premium receipt from policy holders

Premium due from policy holder at 1 January

Gross Premium written in the year

Premium due from policyholders at 31 December

Premium receipts in the year

185,863

5,426,185

5,612,048

(49,994)

5,562,054

-

-

-

-

-

32,646

3,070,114

3,102,760

(49,994)

3,052,766

7,673

4,338,679

4,346,352

(32,646)

4,313,706

The Company's fair value measurements model is highlighted in accounting policy 5.7.

Level 1

Fair value measurements classified as level 1 include fair values of quoted investments based on

current market prices.

Level 2

Fair value measurements classified as level 2 include fair values of unquoted investments which the

Company established using valuation techniques such as:

Ÿ recent arm's length transactions

Ÿ reference to other instruments that are substantially the same

Ÿ net assets value and

Ÿ discounted cash flows

46 Fair value Hierarchy

N'000 N'000 N'000 N'000

N'000 N'000 N'000 N'000

42 (Write back)/impairment chargeson other assets

Impairment provision on investment in associate companies

(Writeback) impairment provision on loans and

receivables (Note 7.2.1)

Impairment provision on preference share (Note 7.3.2)

Write off of investment in SA properties

-

(945,216)

-

86,605

(858,611)

-

-

-

-

-

-

(945,216)

-

-

(945,216)

37,586

945,216

162,848

-

1,145,650

43 Information Technology Development Levy

At 1 January

Appropriation for the year

Payment during the year

At 31 December

10,766

18,114

(24,357)

4,523

-

-

-

-

9,266

15,091

(24,357)

-

9,266

-

-

9,266

N'000 N'000 N'000 N'000

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 2014.


Group2015

N'000

Group2014

N'000

Company2015

N'000

Company2014

N'000

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:

2015

Total

N'000

Level 1

N'000

Level 2

N'000

Level 3

N'000

2014

Asset type

Quoted securities - At fair value through profit or loss

Quoted securities - Available for sale

18,365

256,320

274,685

18,365

256,320

274,685

-

-

-

Asset type

Quoted securities - At fair value through profit or loss

Quoted securities - Available for sale

58,949

719,650

778,599

58,949

719,650

778,599

Penalty by NAICOMDuring the year the Company contravened certain sections of the Insurance Act, CAP I17, LFN 2004

and NAICOM's operational guidelines. Details of the contraventions and appropriate penalties

thereon are as follows:

-

-

-

Total

N'000

Level 1

N'000

Level 2

N'000

Level 3

N'000

-

-

-

-

-

-

Section Nature of infraction 2015

N'000

2014

N'000 Supply of wrong information

Use of unregistered intermediaries

Late submission of 2013 audited accounts

Late submission of 2013 quarterly returns

Late submission of copy of self-assessment form

(1A)

-

-

-

250

-

250

250

250

215

500

500

1,715

Amount of penalty

Section 49(3) of Insurance Act 2004

Section 49(3) of Insurance Act 2004

Section 1.16 of operational guideline

Section 1.16 of operational guideline

Section 30 of NAICOM Act 1997

47.1 Penalty by Nigerian Stock Exchange N'000 N'000

Appendix III Clause 14(c) of the NSE

Post-listing requirements

.....................

Appendix III Clause 14(c) of the NSE

Post-listing requirements

Section 14(a) of General Undertaking

.....................

Late submission of 2014 Audited Account

Un-Authorised publication of Accounts

Late filing of 2015 2nd quarter returns

Un-authorised conversion of Preference shares

Non-disclosure of Treasury Shares in 2008 to

2011 Annual reports

-

548

600

15,373

2,192

18,713

1,800

-

-

-

-

1,800

47.2 Penalty by Securities and Exchange Commission

..................... Late submission of quarterly returns 1,275 -

N'000 N'000




47


48 Directors and employees

Executive Director

Management Staff

Non-management staff

Staff cost for the above persons (Excluding Executive Directors) was:

Wages and Salaries

Employees' Retirement Benefits

Number Number2

15

114

131

527,897

6,463

534,360

1

16

101

118

527,897

6,463

534,360

The details of the restatements are as follows:

N700,001 - N800,000

N800,001 - N900,000

N900,001 - N1,000,000

N1,000,001 - N1,100,000

N1,100,001 - N1,200,000

N1,200,001 - N3,000,000

N1,300,001 - N1,400,000

N1,400,001 - N1,500,000

Above - N1,500,000

Number Number-

-

1

-

-

1

-

22

107

131

-

2

1

1

-

20

-

18

76

118

The number of employees of the company other than Director who received emolument in

the following range was:

Employees

The average number of persons employed by the Company during the year by category

Directors' Remuneration

The remuneration paid to the Directors of the company was:

Fees and other allowances

Executive compensation

Fees and other emolument disclosed above include amount paid to:

The Chairman

Highest paid Director

N'000 N'000

22,678

43,597

66,275

3,800

35,338

39,138

33,906

14,367

48,273

-

14,367

14,367

N'000 N'000

The number of Director who received fees and other emolument

(excluding pension contribution) in the following ranges was:

N1,000,001 - N2,000,000

N2,000,001 and above

6

2

8

5

2

7

Number Number

49 Prior Period Restatements

49.1 Share of loss of associate companies

In 2014, the share of loss of associate companies were understated to the tune of N115,903,000.As a

result retained earnings was overstated by N115,903,000.


The financial statements have been restated to correct this error. The restatements required

adjustments in the statement of profit or loss and other comprehensive income and the statement of

financial position as at 31 December 2014. 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 2014.

The details of the restatements are as follows:

50 Contingent liabilities

No material contingent liabilities have been made or are likely to be made in these financial

statements.

51 Related party transactions

Insurance contract - Standard Alliance Life Assurance Limited.

The Company buys Group Life Policy for the staff from Standard Alliance Life Limited, a related

Company. A sum of N6,006,927 (2014: N9,830,051) was paid as premium for the year ended 31

December 2015.

Group Expenses - Standard Alliance Investment Group

The Company is a member of Standard Alliance Investment Group. The Company's share of the

common expenses of the group for the year ended 31 December 2015 amounted to N19,490,000

(2014: N92,396,774).

Investment in a property business - Standard Alliance Properties Limited

The Company invested in a property business with Standard Alliance Properties. The term of this

include an annual interest income of 4.5% and share of profit. A sum of N1.89 billion in properties

were recovered in full repayment of the loan from Standard Alliance Properties during the year.

The Company also has a lease agreement on three (3) floors (ground, first and second) of its

Corporate Headquarters building with Standard Alliance Properties Limited. The lease is for a period

of 4 years with an annual rent of 10million.

52 Events after the reporting period

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 2015 and profit attributable to equity holders.





Share of loss of associate companies

As previously stated

Correction of understated share of associate loss

As restated

Retained earnings

As previously stated

Correction of understated share of associate loss

As restated

N'000

610,519

115,903

726,422

(13,105,057)

(115,903)

(13,220,960)

A) Introduction and overview

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.

Risk Management Philosophies and Principles

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 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

Risk Management Strategy

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:


53 Risk Management Report

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 utilization of Company’s liquidity position.

Risk Management Framework

The Standard Alliance Insurance Plc recognizes 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,

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.

Risk Management Governance

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

Risk Tolerance/Appetite

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 will 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





The 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 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 process 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. Analyze 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 analyzed 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.

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

B) Financial Risk Assessment

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





Consequence rating scale

Likelihood rating scale

No Rating Interpretations

1

2

3

4

5

Almost certain

Likely

Possible

Unlikely

Rare

More than 50% change that it will happen during the year and may occur several

50% change that it will happen during the year

Less than 50% chance that it will happen during the year

Could occur once over a 5-10 year period

Very unlikely over a 10 year period

a) Market 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.

b) Credit Risks

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.


No Rating Quantification

1 Catastrophic

2 Major

3 Moderate

4 Minor

5 Negligible

1% - < 5% of shareholders’ fund

Easily remedied, criteria can be recovered 0.5% - < 1% of shareholders’ fund

< 0.5% of shareholders’ fund

Most success criteria threatened or one severely affected 5% - < 10% of shareholders’ fund

Consequence (impact on established success criteria)

>/= 10% 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:

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.

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 a member company of the group 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:

Role of the CRO in conjunction with the finance/ Investment risk manager:

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.




Market Risks Credit Risks Liquidity Risks

Interest Rate

Equity

Real Estate

Currency

Concentration Risk

Default Risk

Indirect or spread Risks

Downgrade or Migration Risks

Liquidation Value

Affiliated Investment

Capital Funding

Negative Publicity


Assessment of Financial Risk

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.

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 Identification and Assessment

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 Risk Identification and Assessment

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 Assessments

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.

Risk Ratings

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.

Key Risk Indicators

Management considers several factors as indicative of the presence of financial risks across the

organization. Some of these indicative factors are:

Market Risks – KRIs

Interest rate fluctuations

Proportion of debt to equity

Decline in market values

Guaranteed value losses

Changes in exchange rate

Rising inflation

Credit Risks – KRIs

Increasing receivables

Changes in debt profile

Frequency of settlement failure

Connected or affiliated

Financial trends

Counterparty exposures

Liquidity Risks - KRIs

Earnings volatility

Asset coverage

Liquidity ratio

Cash flow modelling

Frequency of Cash conversion

Working Variations in capital

Risk Mitigationa. Insurance

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.

b. Consultancy

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





Risk Reporting

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.

Risk Reporting Template

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

C) Capital management

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:

Ÿ maintain sufficient capital resources to meet minimum regulatory capital requirements set by

NAICOM

Ÿ maintain sufficient capital resources to support the company’s risk appetite and

economic capital requirements;

Ÿ support the company’s credit rating;

Ÿ 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.

Ÿ allocate capital to businesses to support the company’s strategic objectives, including

optimising returns on economic and regulatory capital;

Ÿ 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

Ÿ manage the net asset value currency management process, including evaluating and

implementing new derivative instruments that could be used for hedging purposes;


Capital Management Strategy

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 group’s capital management

objectives are:

Ÿ establish internal targets for capital adequacy;

Ÿ apply stress tests to assess the group’s capital adequacy under stress scenarios;

Ÿ 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.

Solvency Margin

The Company solvency margin position as at 31 December 2015 is summarised below:

N'000

Company solvency

Regulatory mimimum capital required

Surplus in solvency margin

4,504,326

(3,000,000)

1,504,326

The Company had a solvency margin of N4.504 billion for the year ended 31 December 2015,

which is N1.504 billion higher than the regulatory minimum capital of N3 billion.

Valuation Methods

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 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.

Liability adequacy

At each reporting date, an assessment is made of whether the recognized 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 recognized in the profit or loss by setting up an additional provision in the

statement of financial position.

Key assumption in liability adequacy testing

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.”


1. Claims Data

The claims data has eight risk groups – (Marine, Motor, Engineering, Fire, General Accident, Bond, Aviation and

Oil & Gas).

The combined claims data, for all lines of business between 2007 and 31st December, 2015, are summarized in

Table 1 below. A further summary of this data for each individual class of business is detailed in Appendix 1.

Table 1

2. Premium Data

The gross written premium up to 31st December, 2015 by line of business was compared with the

amounts recorded in the financial accounts and the data is shown below:

Table 2

31st December, 2015 Financial Accounts compared with Premium Data

Gross Written Premium Account (N)

Class of BusinessGross Written Premium

Data (N)

3. Valuation Methods

The provision for outstanding claims, including IBNR, was determined for each line of business on both

gross and net of reinsurance basis. An accident year cohort was used to group claims to study the

General Accident

Engineering

Fire

Marine

Motor

Bond

Oil and Gas

Aviation

Total

615,637,927

132,053,013

287,577,563

537,646,726

559,967,691

63,923,286

748,047,921

11,416,049

2,956,270,176

615,637,927

132,053,013

287,577,563

537,646,726

559,967,691

63,923,286

748,047,921

11,416,049

2,956,270,176

Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8

Incremental Chain ladder-Yearly Projections (N’000)

9

-

474,364

179,206

172,035

180,167

187,457

265,819

199,953

97,803

34,192

369,280

323,203

206,514

232,931

534,984

341,784

306,086

-

35,033

34,046

58,101

127,551

120,370

266,906

134,868

-

-

1,214

45,313

12,813

83,949

323,656

330,955

-

-

-

633

17,610

2,511

4,590

4,338

-

-

-

-

290

5,031

3,134

13,249

-

-

-

-

-

1,365

525

38

-

-

-

-

-

-

151

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-





The calculations was carried out using the following three (3) approaches explained below:

I) The Basic Chain Ladder Method (BCL):

The Basic Chain Ladder method forms the basis to the reserving methods explained below. Historical

incremental claims paid were grouped into accident year cohorts by class of business – representing when they

were paid after their accident year e.g. a year after 2007 etc. These cohorts are called loss development

triangles.

The incremental paid claims are accumulated to the valuation date and projected to their expected ultimate

claim estimate. The gross claim reserve is then derived from the difference between the cumulated paid claims

and the estimated ultimate claim.

For the more recent under developed years, the Bornheutter Ferguson method was used as a check on the

reserves that were calculated using the Basic Chain Ladder Model. The appropriate loss ratio used is normally

the average of fully developed.

ii) The Inflation Adjusted Chain Ladder Method (IACL):

Under this method, the historical paid losses are stripped off from inflationary effects using the corresponding

inflation index in each of the accident years. We then estimate loss development ratio used to project the

cumulative historical paid claims to their ultimate values for each accident year. The difference between the

estimated ultimate values and the cumulative historical paid clams forms the expected gross claim reserves.

These are then inflated by the corresponding inflation index from payment years to the future year of payment

of the outstanding claims.

iii) Stochastic Reserving Method (Bootstrap):

This method is a further extension of the chain ladder method. Rather than producing a single deterministic

estimate it provides a distribution of possible results. The approach starts with calculating the age-to-age ratios

of loss development table. Unlike the chain ladder, the method takes randomly from the age-to-age ratios with

replacement to produce a reserve estimate. Simulating this step 10,000 times results in a selection of 10,000

loss development factors and each time it makes a selection, it computes the estimated gross claim reserve.

Running this 10,000 times therefore results in 10,000 possible estimated claim estimates. The final result is a

statistics (a mean or percentile) of the distribution.

Inflation IndexYear

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

6.60%

15.10%

13.90%

11.80%

10.30%

12.00%

8.00%

8.30%

9.60%

10.00%


The calculations are also on two bases

Ÿ By discounting the claims estimated to the valuation date at a discount rate of 14.5% p.a.

Ÿ With no discounting.

iii) Expected Loss Ratio:

This method is simple and gives an approximate estimate. We adopted this method as a check on our ultimate

projections and also where the volume of data available is too small to be credible when using a statistical

approach. Under the 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 is then

deducted for from the estimated Ultimate claims to obtain our reserves

iv) Frequency and Severity Method (Average Cost per claim).

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 is used as a guide on the ultimate claim frequency and ultimate

average cost which is then adopted for the accident years that are not fully run off.

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.

v) Unearned Premium Reserve (UPR):

We have calculated each policy's unexpired insurance period (UP) as the exact number of days of insurance

cover available after the review date and calculated the UPR as the annualized premium * (UP)/policy duration

Ÿ Unexpired Risk Reserve (URR): The URR is estimated by multiplying the loss ratio by the unexpired

premium (UP). This is the indication of the cost of the future claims cost and all expenses expected to be

incurred in the future by the unexpired portion of existing policies.

Ÿ Additional Unexpired Risk Reserve (AURR): This is defined as the max (0, URR-UPR). It is the additional

reserve calculated when we expect a loss to occur.

4 Assumptions underlying the Valuation Methods

Ÿ Policies are written uniformly throughout the year for each class of business.

Ÿ Claims occur uniformly throughout the year for each class of business. This implies that claims occur on

average halfway through year.

Ÿ These methods assume the future claims follow a regression pattern from the historical data

Ÿ 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.

Ÿ An implicit assumption of the chain ladder is that weighted past average inflation will remain unchanged in

to the future.

Ÿ 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.

Ÿ The UPR is calculated on the assumption that risk will occur evenly during the duration of the policy.

Ÿ Under the Average Cost per claim method, we assumed the early years eg accident years 2006 and 2007

are fully developed





4.1 Large Losses

The table below shows the large loss cut of for each class of business. SD below means Standard Deviation.

Class of business Large Loss Comment on Derivation

General Accident

Engineering

Fire

Marine

Motor

Bond

Oil & Gas

10,000,000

10,403,262

9,749,074

10,098,805

5,000,000

N/A

N/A

10m Adopted

Mean + 3SD

Mean + 3SD

Mean + 3SD

5m adopted

Expected Loss Method

Expected Loss Method

5. Valuation Results

We summarise 5 sets of results in this section under the following methods:

Ÿ Basic Chain Ladder– with claims discounted and undiscounted

Ÿ Inflation Adjusted Basic Chain Ladder– with claims discounted and undiscounted

Ÿ Stochastic Reserving Method

5.1 Basic Chain Ladder – Result Table

We present Gross claims technical reserves under Basic Chain Ladder, Inflation Adjusted Chain Ladder. We

have also assumed a discounted approach of the methods used and results presented in table 5.1b and 5.2b.

Table 5.1a : Basic Chain Ladder Method

Class of Business

Gross Outstanding

Claims

N

Estimated

Reinsurance Recoveries

N

Net Outstanding Claims

N

*Bond, Oil & Gas and Aviation were estimated using Expected loss ratio method

General Accident

Engineering

Fire

Marine

Motor

Bond*

Oil & Gas*

Aviation*

TOTAL

Accounts (Outstanding Claims)

Difference

212,023,457

51,825,606

344,536,339

32,227,907

221,996,586

80,832,233

412,442,512

153,944,688

1,509,829,328

1,024,445,098

485,384,230

(70,536,476)

(40,991,251)

(223,233,011)

(19,687,475)

(26,721,106)

-

-

-

(381,169,319)

(191,808,717)

(189,360,603)

141,486,982

10,834,355

121,303,328

12,540,432

195,275,479

80,832,233

412,442,512

153,944,688

1,128,660,008

832,636,381

296,023,628


Table 5.1b: Discounted Basic Chain Ladder Method


Gross Outstanding

Claims

N

Estimated


N


NClass of Business

5.2 Inflation Adjusted Chain Ladder Method – Result Table

Table 5.2a: Inflation Adjusted Basic Chain Ladder Method

General Accident

Engineering

Fire

Marine

Motor

Bond*

Oil & Gas*

Aviation*

TOTAL


Difference

197,710,246

46,935,498

322,014,348

30,498,750

209,213,143

72,930,359

372,123,585

138,895,598

1,390,321,526

1,024,445,098

365,876,429

(65,774,722)

(37,123,440)

(208,640,495)

(18,631,162)

(25,182,399)

-

-

-

(355,352,219)

(191,808,717)

(163,543,502)

131,935,524

9,812,058

113,373,852

11,867,587

184,030,744

72,930,359

372,123,585

138,895,598

1,034,969,307

832,636,381

202,332,927


Gross Outstanding

Claims

N

Estimated


N


NClass of Business

General Accident

Engineering

Fire

Marine

Motor

Bond*

Oil & Gas*

Aviation*

TOTAL


Difference

225,401,016

52,461,383

354,489,493

33,246,343

230,579,812

80,832,233

412,442,512

153,944,688

1,543,397,478

1,024,445,098

518,952,381

(74,986,954)

(41,494,116)

(229,681,888)

(20,309,620)

(27,754,245)

-

-

-

(394,226,823)

(191,808,717)

(202,418,106)

150,414,062

10,967,267

124,807,605

12,936,723

202,825,567

80,832,233

412,442,512

153,944,688

1,149,170,655

832,636,381

316,534,274





Table 5.2b: Discounted Inflation Adjusted Basic Chain Ladder Method- Discounted


Gross Outstanding

Claims

N

Estimated


N


NClass of Business

General Accident

Engineering

Fire

Marine

Motor

Bond*

Oil & Gas*

Aviation*

TOTAL


Difference

210,384,641

47,689,014

331,814,787

31,476,682

217,997,316

72,930,359

372,123,585

138,895,598

1,423,311,981

1,024,445,098

398,866,883

(69,991,270)

(37,719,430)

(214,990,425)

(19,228,564)

(26,239,725)

-

-

-

(368,169,416)

(191,808,717)

(176,360,699)

140,393,371

9,969,584

116,824,362

12,248,117

191,757,590

72,930,359

372,123,585

138,895,598

1,055,142,565

832,636,381

222,506,184

5.3 UPR (Gross and Reinsurance UPR) – Result Table

Table 5.4: Estimated UPR (net of reinsurance)


Class of Business

General Accident

Engineering

Fire

Marine

Motor

Bond

Oil & Gas

Aviation

Total

169,186,110

45,323,904

94,700,550

94,158,722

191,091,426

29,588,280

177,769,311

1,716,296

803,534,599

(15,216,718)

(8,727,928)

(18,410,198)

(18,353,820)

-

(1,497,736)

(62,297,504)

-

(124,503,905)

153,969,393

36,595,976

76,290,351

75,804,902

191,091,426

28,090,545

115,471,806

1,716,296

679,030,695

Gross UPR

N

Reinsurance UPR

N

NET UPR

N

5.4 Additional Unexpired Risk Reserve (AURR)

The AURR is the additional risk reserves required where the URR is greater than the UPR and is estimated by

multiplying the UPR by our estimated ultimate loss ratio for each business line. We illustrate below that our

assumed ultimate loss ratios are less 100% earned premiums for every class of business written. Accordingly

we estimate a nil AURR for the business.


Table 5.4: Loss Ratio Table

Assumed Loss RatioClass of Business

6. Conclusion

6.1 The table below shows a range of calculated gross claim reserves from N1390 billion to N1.54 billion.

Table 7.2: Technical Reserves

Valuation MethodFull Value

(No Discounting)N

Present Value(Discounting)

N

1,509,829,328

1,543,397,478

BCL

IABCL

Gross

(N ‘000)

Reinsurance Assets

(N ‘000)

Net

(N ‘000)

General Accident

Engineering

Fire

Marine

Motor

Bond

Oil & Gas

Aviation

15%

10%

56%

11%

26%

10%

24%

152%

Gross Estimate of Outstanding Claims

1,390,321,526

1,423,311,981

We are adopting the Inflation Adjusted Basic Chain Ladder (Discounted) Method which presents a gross claims

reserve of N1.42 billion and reinsurance recoveries estimate N368 million (a net position of N1.06 billion) as

being representative of the liability.

This figure:

Ÿ anticipates that total claims may be exposed to inflationary increase

Ÿ recognizes that present value needs to be reserved for anticipated future payments

6.2 Technical Reserves

We estimate the claims reserve net of reinsurance asset as N1.06 Billion and net UPR as N679 million,

leading to a total Net Liability of N1.73 Billion as shown in Table 7.2, and this estimate meets the Liability

Adequacy Test.

Claims

UPR

Total

1,423,311,981

803,534,599

2,226,846,580

(368,169,416)

(124,503,905)

(492,673,320)

1,055,142,565

679,030,695

1,734,173,260





Appendix 1: Illustration of Gross Claim Reserving

1.1 Basic Chain Ladder Method – Gross General Accident Claims

1.1.1 The claims paid are allocated to claim development years as illustrated below. Of the claims that arose

in 2008, N55.31 million was paid in 2008 (development year 1), N32.12 million in 2009 (development

year 2) etc.

Table 5.1

Incremental Chain Ladder (Table of claims paid excluding large claims (Attritional Table))

Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8


9

-

55,315

1,567

31,722

37,944

15,382

26,390

17,187

13,653

7,492

32,122

43,417

21,571

43,806

31,921

48,457

19,930

-

13,160

6,488

11,305

19,923

19,083

20,636

10,815

-

-

230

1,054

9,565

8,155

4,722

9,902

-

-

-

261

1,618

2,511

2,813

793

-

-

-

-

290

5,031

3,134

33

-

-

-

-

-

1,365

165

-

-

-

-

-

-

-

129

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1.1.2 The claim was then cumulated as illustrated below. For instance, in 2008, N55.31 million was paid from

claims arising that year. At the end of 2009, the total claim payments arising from accidents in 2009 was

N87.44 million, this increased to N93.92 million in 2010 etc.

Cumulative Data (for Attritional loses)

Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

Loss Dev Factors

1 2 3 4 5 6 7 8


9

-

55,315

1,567

31,722

37,944

15,382

26,390

17,187

13,653

7,492

87,437

44,984

53,294

81,750

47,304

74,848

37,117

-

2.556

20,653

93,925

56,289

73,216

100,833

67,939

85,663

-

-

1.288

20,883

94,978

65,854

81,371

105,555

77,841

-

-

-

1.118

21,144

96,596

68,365

84,184

106,348

-

-

-

-

1.024

21,434

101,627

71,499

84,216

-

-

-

-

-

1.000

22,799

101,792

71,499

-

-

-

-

-

-

1.000

22,928

101,792

-

-

-

-

-

-

-

1.000

22,928

-

-

-

-

-

-

-

-

1.000


1.1.3 The table was used this table to estimate the average ratio of claims paid at different periods e.g. we

estimate that the ratio of total claims paid 1year after the accident year to those paid at the end of the

accident year is 2.556 obtained as

= (74847.50483+47303.66306+81749.654174+53293.55554+44984.16317+87436.54209)

(26390.22019+15382.33352+37943.979804+31722.40474+1567.1603+55314.98967)

Similarly, the cumulative ratio of total claims paid at the end of year 3 to 2 is 1.288

Projecting the cumulative ratios, we estimate cumulative payments for each accident year below.

1.1.4 From the combined settlement patterns we project the accumulation amounts payable in future years. For

instance we project that;

Ÿ no further claims will arise after 2014 in respect of claims incurred in 2007

Ÿ total claims from 2008 accident year will be N135.22 million, of which N134.69 million had been paid as at

the end of year 2013

Projected Table

Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8


9

-

55,315

1,567

31,722

37,944

15,382

26,390

17,187

13,653

7,492

87,437

44,984

53,294

81,750

47,304

74,848

37,117

66,198

20,653

93,925

56,289

73,216

100,833

67,939

85,663

82,161

76,224

20,883

94,978

65,854

81,371

105,555

77,841

95,811

89,714

83,230

21,144

96,596

68,365

84,184

106,348

86,797

98,140

91,860

85,221

21,434

101,627

71,499

84,216

122,732

86,831

98,178

91,895

85,254

22,799

101,792

71,499

92,589

122,732

86,831

98,178

91,895

85,254

22,928

101,792

75,347

92,589

122,732

86,831

98,178

91,895

85,254

22,928

103,630

75,347

92,589

122,732

86,831

98,178

91,895

85,254

1.1.5 Unwinding the cumulative payments we expect claim payments to be made till 2022 as follows

Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8

Non-Cumulative Chain ladder-Annual Projections ( N'000)

9

-

-

52,545

-

1,838

-

-

-

-

-

-

-

-

45,044

10,026

-

10,148

7,553

7,007

-

8,956

2,329

2,146

1,990

-

16,385

34

38

35

33

-

8,372

-

-

-

-

-

-

3,848

-

-

-

-

-

-





1.1.6 We illustrate our reserves for General Accident large loss as follows

Accident

Year

Exposure /

Earned

Premium

(N'000)

Total Paid

Amounts

(N'000)

O/s

Reported

LG

Reserve

No. of

Large

Losses

Claim

Frequency

Average

Paid Cost

(N'000)

Ult Avg

Cost

Ultimate

Freq

Ultimate

Paid

Amounts

(N'000)

Large

Loss

Reserves

(N'000)

2007

2008

2009

2010

2011

2012

2013

2014

2015

766,496

766,496

766,496

882,640

779,748

1,722,833

639,229

881,547

548,256

12,979

213,790

71,137

12,205

0

35,437

10,778

17,035

0

0

0

27,675

0

0

0

0

0

0

1

9

5

1

0

2

1

1

0

0.0000013

0.0000117

0.0000065

0.0000011

0.0000000

0.0000012

0.0000016

0.0000011

0.0000000

12,979

23,754

14,227

12,205

-

17,719

10,778

17,035

-

6,490

23,754

16,469

12,205

0

17,719

10,778

17,035

11,383

0.0000013

0.0000117

0.0000078

0.0000011

0.0000000

0.0000012

0.0000016

0.0000011

0.0000010

12,979

213,790

98,812

12,205

-

35,437

10,778

17,035

6,022

-

-

27,675

-

-

-

-

-

6,022

33,697

Average Ultimate Frequency 0.0001%

Average Ultimate Severity 11,383

1.1.7 From the above tables, we illustrate the total expected payment for each future year as follows

Accident Year Incremental

2016

2017

2018

2019

2020

2021

2022

Attritional Losses

Large Loss

Total

147,136,503

19,941,050

9,190,282

2,025,944

32,900

-

-

178,326,679

33,696,778

212,023,457


Appendix 2A: An illustration of Expected Loss Ratio Method – Oil and Gas claims

Accident

Year

Gross

Earned

Premium

(N' 000)

Claims Paid

till date

(N' 000)

Total O/s as

at 31 Dec

2014

(N'000)

Current

Incurred

(N'000)

Current

Loss

Ratio

Ultimate

Loss

Ratio

Ultimate

Losses

(N'000)

Outstanding

Claim

Reserves

(N'000)

2011

2012

2013

2014

2015

Total

778,690

778,690

778,690

730,957

684,464

8,186,956

318,618

417,570

53,173

13,744

7,066

1,039,966

151,880

26,240

4,400

3,400

1,700

226,040

470,498

443,810

57,573

17,144

8,766

1,266,006

60%

57%

7%

2%

1%

60%

57%

7%

15%

15%

470,498

443,810

57,573

109,644

102,670

1,452,409

151,880

26,240

4,400

95,899

95,604

412,443

It was assumed that the pre 2014 claims information are fully developed and have adopted the 2012 loss

ratio average for 2015 accident year.

Appendix 2B An illustration of Expected Loss Ratio Method – Bond claims

Accident

Year

Gross

Earned

Premium

(N' 000)

Claims Paid

till date

(N' 000)

Total O/s as

at 31 Dec

2014

(N'000)

Current

Incurred

(N'000)

Current

Loss

Ratio

Ultimate

Loss

Ratio

Ultimate

Losses

(N'000)

Outstanding

Claim

Reserves

(N'000)

2011

2012

2013

2014

2015

Total

63,090

63,090

63,090

362,313

126,790

678,374

217

3,320

10,780

10,000

-

24,317

0

0

3,234

20,780

303

24,317

217

3,320

14,014

30,780

303

48,635

23%

33%

33%

5%

0%

23%

33%

33%

10%

10%

14,613,596

21,109,500

20,516,159

36,231,259

12,679,002

105,149,516

14,396,631

17,789,182

9,736,159

26,231,259

12,679,002

80,832,233

It was assumed that the pre 2014 claims information are fully developed and have adopted the 2012 loss

ratio average for 2015 accident year.

Appendix 4 – Cumulative Claims Development Pattern: FIRE

Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8


9

-

31,644

6,639

10,624

4,652

37,995

28,345

8,788

8,468

3,764

23,489

20,498

7,440

28,986

44,406

54,204

36,191

-

4,481

606

16,274

4,588

19,862

34,373

17,484

-

-

-

3,318

119

1,899

1,782

7,410

-

-

-

-

-

-

-

13

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

22

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-





Table 2 Cumulative table for Attritional loses

Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8

Cumulative Chain ladder-Annual Projections ( N'000)

9

-

31,644

6,639

10,624

4,652

37,995

28,345

8,788

8,468

3,764

55,133

27,137

18,064

33,638

82,401

82,549

44,979

-

8,245

55,740

43,411

22,652

53,500

116,774

100,033

-

-

8,245

59,058

43,530

24,551

55,283

124,184

-

-

-

8,245

59,058

43,530

24,551

55,296

-

-

-

-

8,245

59,058

43,530

24,551

-

-

-

-

-

8,245

59,058

43,530

-

-

-

-

-

-

8,266

59,058

-

-

-

-

-

-

-

8,266

-

-

-

-

-

-

-

-

Appendix 4 – Cumulative Claims Development Pattern: FIRE

Table 3 Reserve for Large losses

Accident

Year

Exposure /

Earned

Premium

(N'000)

Total Paid

Amounts

(N'000)

O/s

Reported

LG

Reserve

No. of

Large

Losses

Claim

Frequency

Average

Paid Cost

(N'000)

Ult Avg

Cost

Ultimate

Freq

Ultimate

Paid

Amounts

(N'000)

Large

Loss

Reserves

(N'000)

2007

2008

2009

2010

2011

2012

2013

2014

2015

228,621

228,621

228,621

288,027

326,449

404,105

243,246

295,603

289,959

0

12,644

50,000

22,422

134,108

148,370

34,567

73,640

0

-

-

-

-

27,738,102

85,694,908

-

66,809,084

-

0

1

1

1

6

4

2

2

0

0.000000%

0.000437%

0.000437%

0.000347%

0.001838%

0.000990%

0.000822%

0.000677%

0.000000%

0

12,644

50,000

22,422

22,351

37,092

17,284

36,820

0

0

12,644

50,000

22,422

23,121

39,011

17,284

35,112

27,194

0

12,644

50,000

22,422

161,846

234,065

34,567

140,449

37,426

0.0000%

0.0004%

0.0004%

0.0003%

0.0021%

0.0015%

0.0008%

0.0014%

0.0005%

0

0

0

0

27,738

85,695

0

66,809

37,426

217,668Total Reserves


Average Ultimate Severity 27,193,794


Table 4 Combined results table (Attritional and Large Losses)

Accident year

Summary of Results

Ultimate

Loss

Ratio

Gross

Earned

Premium

Gross

Claims

Reserve

Total

Ultimate

Latest Paid Large Loss

(N'000)

Paid to

date

(N,000)

2007

2008

2009

2010

2011

2012

2013

2014

2015

Total

8,266

59,058

43,530

24,551

55,296

124,184

100,033

44,979

8,468

468,364

-

12,644

50,000

22,422

134,108

148,370

34,567

73,640

-

475,750

8,266

71,701

93,730

47,372

219,966

383,790

148,494

204,582

110,748

1,288,651

-

-

200

400

30,563

111,236

13,894

85,963

102,281

344,536

228,621

228,621

228,621

288,027

326,449

404,105

243,246

295,603

289,959

2,533,252

4%

31%

41%

16%

67%

95%

61%

69%

38%

Table 1 Table of claims paid excluding large claims (Attritional Table)

Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8


9

-

3,769

580

1,210

1,314

415

740

535

2,582

538

1,197

6,892

705

7,868

18,734

2,149

10,524

-

541

-

-

-

8,957

849

412

-

-

-

-

-

385

-

9,296

-

-

-

-

-

-

398

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

38

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-






Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8

Cumulative Chain ladder-Annual Projections (N'000)

9

-

3,769

580

1,210

1,314

415

740

535

2,582

538

4,966

7,472

1,916

9,181

19,149

2,889

11,059

-

1,079

4,966

7,472

1,916

18,139

19,998

3,301

-

-

1,079

4,966

7,472

2,301

18,139

29,294

-

-

-

1,079

4,966

7,472

2,699

18,139

-

-

-

-

1,079

4,966

7,472

2,699

-

-

-

-

-

1,079

4,966

7,510

-

-

-

-

-

-

1,079

4,966

-

-

-

-

-

-

-

1,079

-

-

-

-

-

-

-

-

Accident

Year

Exposure /

Earned

Premium

(N'000)

Total Paid

Amounts

(N'000)

O/s

Reported

LG

Reserve

No. of

Large

Losses

Claim

Frequency

Average

Paid Cost

(N'000)

Ult Avg

Cost

Ultimate

Freq

Ultimate

Paid

Amounts

(N'000)

Large

Loss

Reserves

(N'000)

2007

2008

2009

2010

2011

2012

2013

2014

2015

258,910

258,910

258,910

672,666

672,666

1,176,265

265,637

235,505

145,419

0

16,013

0

0

0

0

68,417

0

0

0

0

0

0

0

0

16,219

0

0

0

1

0

0

0

0

2

0

0

0.00000%

0.00039%

0.00000%

0.00000%

0.00000%

0.00000%

0.00075%

0.00000%

0.00000%

0

16,013

0

0

0

0

34,208

0

0

0

8,006

0

0

0

0

42,318

0

25,110

0

16,013

0

0

0

0

84,636

0

0

0.00000%

0.00039%

0.00000%

0.00000%

0.00000%

0.00000%

0.00075%

0.00000%

0.00000%

0

0

0

0

0

0

16,219

0

0

16,219Total





Table Combined results table (Attritional and Large Losses)

Accident year

Summary of Results

Ultimate

Loss

Ratio

Gross

Earned

Premium

Gross

Claims

Reserve

Total

Ultimate


(N'000)

Paid to

date

(N,000)

2007

2008

2009

2010

2011

2012

2013

2014

2015

Total

1,079

4,966

7,510

2,699

18,139

29,294

3,301

11,059

2,582

80,630

-

16,013

-

-

-

-

68,417

-

-

84,429

1,079

20,979

7,610

2,799

19,976

31,991

95,676

20,374

16,401

216,884

-

-

100

100

1,837

2,696

23,959

9,315

13,818

51,826

258,910

258,910

258,910

672,666

672,666

1,176,265

265,637

235,505

145,419

3,944,890

0%

8%

3%

0%

3%

3%

36%

9%

11%

Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8


9

-

55,315

1,567

31,722

37,944

15,382

26,390

17,187

13,653

7,492

32,122

43,417

21,571

43,806

31,921

48,457

19,930

-

13,160

6,488

11,305

19,923

19,083

20,636

10,815

-

-

230

1,054

9,565

8,155

4,722

9,902

-

-

-

261

1,618

2,511

2,813

793

-

-

-

-

290

5,031

3,134

33

-

-

-

-

-

1,365

165

-

-

-

-

-

-

-

129

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-







Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8


9

-

55,315

1,567

31,722

37,944

15,382

26,390

17,187

13,653

7,492

87,437

44,984

53,294

81,750

47,304

74,848

37,117

-

20,653

93,925

56,289

73,216

100,833

67,939

85,663

-

-

20,883

94,978

65,854

81,371

105,555

77,841

-

-

-

21,144

96,596

68,365

84,184

106,348

-

-

-

-

21,434

101,627

71,499

84,216

-

-

-

-

-

22,799

101,792

71,499

-

-

-

-

-

-

22,928

101,792

-

-

-

-

-

-

-

22,928

-

-

-

-

-

-

-

-


Accident

Year

Exposure /

Earned

Premium

(N'000)

Total Paid

Amounts

(N'000)

O/s

Reported

LG

Reserve

No. of

Large

Losses

Claim

Frequency

Average

Paid Cost

(N'000)

Ult Avg

Cost

Ultimate

Freq

Ultimate

Paid

Amounts

(N'000)

Large

Loss

Reserves

(N'000)

2007

2008

2009

2010

2011

2012

2013

2014

2015

766,495.97

766,495.97

766,495.97

882,639.54

779,748.12

1,722,833.48

639,229.30

881,547.00

548,255.82

12,979.24

213,790.23

71,136.72

12,204.96

-

35,437.08

10,778.34

17,035.00

-

-

-

27,675.00

-

-

-

-

-

-

1

9

5

1

0

2

1

1

0

0.0001%

0.0012%

0.0007%

0.0001%

0.0000%

0.0001%

0.0002%

0.0001%

0.0000%

12,979

23,754

14,227

12,205

0

17,719

10,778

17,035

0

6,490

23,754

16,469

12,205

0

17,719

10,778

17,035

11,383

12,979

213,790

98,812

12,205

0

35,437

10,778

17,035

6,022

0.0001%

0.0012%

0.0008%

0.0001%

0.0000%

0.0001%

0.0002%

0.0001%

0.0001%

-

-

27,675,000

-

-

-

-

-

6,021,778

33,696,778Total




Accident year

Summary of Results

Ultimate

Loss

Ratio

Gross

Earned

Premium

Gross

Claims

Reserve

Total

Ultimate


(N'000)

Paid to

date

(N,000)

2007

2008

2009

2010

2011

2012

2013

2014

2015

Total

22,928

101,792

71,499

84,216

106,348

77,841

85,663

37,117

13,653

601,057

12,979

213,790

71,137

12,205

-

35,437

10,778

17,035

-

373,362

35,907

317,420

174,158

104,794

122,732

122,268

108,956

108,930

91,276

1,186,442

-

1,838

31,523

8,372

16,385

8,989

12,516

54,778

77,622

212,023

766,496

766,496

766,496

882,640

779,748

1,722,833

639,229

881,547

548,256

7,753,741

4.7%

41.4%

22.7%

11.9%

15.7%

7.1%

17.0%

12.4%

16.6%



Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8


9

-

190,643

86,114

100,312

104,817

71,456

125,126

132,756

59,478

14,976

135,241

81,402

63,455

74,299

149,819

91,926

73,865

-

2,338

5,944

3,212

8,926

8,106

5,936

11,018

-

-

983

-

1,575

2,640

516

926

-

-

-

372

-

-

1,379

647

-

-

-

-

-

-

-

753

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-






Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8


9

-

190,643

86,114

100,312

104,817

71,456

125,126

132,756

59,478

14,976

325,884

167,516

163,767

179,116

221,275

217,052

206,621

-

17,314

331,828

170,727

172,693

187,222

227,211

228,069

-

-

18,297

331,828

172,302

175,332

187,738

228,137

-

-

-

18,670

331,828

172,302

176,711

188,385

-

-

-

-

18,670

331,828

172,302

177,464

-

-

-

-

-

18,670

331,828

172,302

-

-

-

-

-

-

18,670

331,828

-

-

-

-

-

-

-

18,670

-

-

-

-

-

-

-

-


Accident

Year

Exposure /

Earned

Premium

(N'000)

Total Paid

Amounts

(N'000)

O/s

Reported

LG

Reserve

No. of

Large

Losses

Claim

Frequency

Average

Paid Cost

(N'000)

Ult Avg

Cost

Ultimate

Freq

Ultimate

Paid

Amounts

(N'000)

Large

Loss

Reserves

(N'000)

2007

2008

2009

2010

2011

2012

2013

2014

2015

1,325,910.77

1,325,910.77

1,325,910.77

1,514,770.22

1,680,779.85

872,306.45

992,937.11

1,028,395.00

680,990.31

-

35,441.27

48,018.29

94,631.93

27,426.49

44,269.90

42,211.82

46,080.88

-

-

-

-

-

-

-

-

-

5,045

0

6

6

10

4

7

6

5

0

0.0000%

0.0005%

0.0005%

0.0007%

0.0002%

0.0008%

0.0006%

0.0005%

0.0000%

0

5,907

8,003

9,463

6,857

6,324

7,035

9,216

0

0

5,907

8,003

9,463

6,857

6,324

7,035

9,216

6,363

0

35,441

48,018

94,632

27,426

44,270

42,212

46,081

10,312

0.0000%

0.0005%

0.0005%

0.0007%

0.0002%

0.0008%

0.0006%

0.0005%

0.0002%

0

0

0

0

0

0

0

0

10,312

10,312Total




Accident year

Summary of Results

Ultimate

Loss

Ratio

Gross

Earned

Premium

Gross

Claims

Reserve

Total

Ultimate


(N'000)

Paid to

date

(N,000)

2007

2008

2009

2010

2011

2012

2013

2014

2015

Total

18,670

331,828

172,302

177,464

188,385

228,137

228,069

206,621

59,478

1,610,954

-

35,441

48,018

94,632

27,426

44,270

42,212

46,081

-

338,081

18,670

367,269

220,320

274,066

220,928

276,746

307,210

300,428

185,394

2,171,031

-

-

-

1,969

5,116

4,340

36,929

47,726

125,916

221,997

1,325,911

1,325,911

1,325,911

1,514,770

1,680,780

872,306

992,937

1,028,395

680,990

10,747,911

1%

28%

17%

18%

13%

32%

31%

29%

27%



Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8


9

-

16,177

5,636

8,716

4,702

3,722

15,633

14,657

6,556

4,761

9,560

22,659

13,441

4,346

15,527

19,170

9,518

-

1,534

33

390

6,201

1,253

1,571

4,280

-

-

-

-

-

-

59

3

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-





Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

2015

1 2 3 4 5 6 7 8


9

-

16,177

5,636

8,716

4,702

3,722

15,633

14,657

6,556

4,761

25,737

28,295

22,157

9,048

19,249

34,802

24,175

-

6,295

25,769

28,685

28,358

10,301

20,819

39,082

-

-

6,295

25,769

28,685

28,358

10,360

20,823

-

-

-

6,295

25,769

28,685

28,358

10,360

-

-

-

-

6,295

25,769

28,685

28,358

-

-

-

-

-

6,295

25,769

28,685

-

-

-

-

-

-

6,295

25,769

-

-

-

-

-

-

-

6,295

-

-

-

-

-

-

-

-


Accident

Year

Exposure /

Earned

Premium

(N'000)

Total Paid

Amounts

(N'000)

O/s

Reported

LG

Reserve

No. of

Large

Losses

Claim

Frequency

Average

Paid Cost

(N'000)

Ult Avg

Cost

Ultimate

Freq

Ultimate

Paid

Amounts

(N'000)

Large

Loss

Reserves

(N'000)

2007

2008

2009

2010

2011

2012

2013

2014

2015

578,844

578,844

578,844

583,531

1,092,080

1,123,487

606,174

852,887

532,498

2,661

141,860

-

21,000

-

27,072

63,573

-

-

-

-

-

-

-

-

-

-

-

1

3

0

1

0

2

1

0

0

0.0002%

0.0005%

0.0000%

0.0002%

0.0000%

0.0002%

0.0002%

0.0000%

0.0000%

2,661

47,287

0

21,000

0

13,536

63,573

0

0

1,330

47,287

0

21,000

0

13,536

63,573

0

16,352

2,661

141,860

-

21,000

-

27,072

63,573

-

-

0.00017%

0.00052%

0.00000%

0.00017%

0.00000%

0.00018%

0.00016%

0.00000%

0.00000%

0

0

0

0

0

0

0

0

0

-Total






Accident year

Summary of Results

Ultimate

Loss

Ratio

Gross

Earned

Premium

Gross

Claims

Reserve

Total

Ultimate


(N'000)

Paid to

date

(N,000)

2007

2008

2009

2010

2011

2012

2013

2014

2015

Total

6,295

25,769

28,685

28,358

10,360

20,823

39,082

24,175

6,556

190,104

2,661

141,860

-

21,000

-

27,072

63,573

-

-

256,167

8,956

167,630

28,685

50,629

14,860

47,895

106,455

26,777

26,611

478,499

-

-

-

1,271

4,500

-

3,800

2,602

20,055

32,228

578,844

578,844

578,844

583,531

1,092,080

1,123,487

606,174

852,887

532,498

6,527,190

2%

29%

5%

9%

1%

4%

18%

3%

5%

Appendix 9: Standard Alliance Insurance Reconciliation for 2014 and 2015 Outstanding Claim Reserves

Class of Business

Motor

General Accident

Fire

Engineering

Marine

Oil and Gas

Bond

Aviation

Total

2014 O/s Claims Reserves

(IBNR+ O/s Reported Claims)

Paid in 2015 for prior

accident years

Remaining Reserves

Recalculated Reserves as at 31st December2015 for prior Accident years

Outstanding Reported Reserves for 2014 and Prior

Accident Years

ActuarialLoss/Gain

157,693,490.95

133,809,086.44

291,019,893.86

106,159,082.34

109,618,807.42

492,608,319.67

80,364,812.82

113,802,486.64

1,485,075,980

104,243,432

58,507,894

203,257,721

30,972,480

77,374,862

234,429,915

3,233,834

67,390,364

779,410,502

53,450,059

75,301,193

87,762,173

75,186,603

32,243,946

258,178,404

77,130,979

46,412,123

705,665,479

100,769,703

139,548,393

236,926,554

35,796,318

12,665,934

285,865,901

61,490,811

135,767,518

1,008,831,131

96,080,142

104,626,642

239,808,383

29,117,241

10,876,408

224,339,514

48,633,601

150,477,686

903,959,616

(47,319,644)

(64,247,200)

(149,164,381)

39,390,285

19,578,012

(27,687,497)

15,640,168

(89,355,395)

(303,165,653)





2015 Accident Year

Class of Business

Motor

General Accident

Fire

Engineering

Marine

Oil and Gas

Bond

Aviation

Total

2015 Earned Premiums

(as at 3 December)

680,990,305

548,255,820

289,958,621

145,419,072

532,497,636

684,463,534

126,790,025

48,070,362

3,008,375,013

Claims Paid as at 31 December for

2015 Accident

Reserves for December31st, 2015

Accident year (IBNR + O/s Reported Reserves)

Potential Underwriting

Profit (Excl Expenses)

59,477,717

13,653,217

8,467,543

2,582,115

6,555,973

7,065,980

-

-

97,802,545

117,227,613

70,836,248

94,888,234

11,892,696

18,810,748

86,257,684

11,439,548

3,128,079

411,352,770

504,284,975

463,766,355

186,602,845

130,944,262

507,130,916

591,139,870

115,350,477

44,942,282

2,499,219,699

Paid amounts in 2015 877,213,046

Total reserves as at December 2015 as is in the report 1,420,183,901


General

REVENUE ACCOUNT Aviation BondEngin-eering Fire Accident Marine Motor Oil & Gas

N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Premium Income

Premium written

Decrease/(increase) in Unearned premium

Reinsurance premium expenses

Net premium written

Commission received on reinsurance

Underwriting income

Less Claims Expenses

Claim paid

(Decrease)/Increase in provision for

outstanding claims

Claims incurred but not reported (IBNR)

Claims expenses recoveries from reinsurers

Net Claims expenses

Underwriting expenses:

Acquisition cost

Maintenance cost


Total Expenses

Underwriting profit

11,416

36,260

47,676

-

47,676

-

47,676

67,390

39,102

(14,009)

92,483

(6,686)

85,797

1,565

345

1,910

87,707

(40,031)

63,923

61,788

125,711

(2,953)

122,758

738

123,496

303

24,665

(32,099)

(7,131)

-

(7,131)

12,064

1,930

13,994

6,863

116,633

132,053

10,397

142,450

(25,494)

116,956

6,009

122,965

33,555

(64,624)

6,154

(24,915)

(23,956)

(48,871)

26,448

3,988

30,436

(18,435)

141,400

287,578

(2,124)

285,454

(50,914)

234,540

15,081

249,621

211,725

29,176

11,619

252,520

7,551

260,071

59,367

8,685

68,052

328,123

(78,502)

615,638

(67,340)

548,298

(65,243)

483,055

17,828

500,883

71,673

59,611

17,009

148,293

(10,804)

137,489

122,434

18,592

141,026

278,515

222,368

537,647

(7,932)

529,715

(77,868)

451,847

12,388

464,235

83,931

(69,739)

(8,403)

5,789

(13,336)

(7,547)

111,653

16,236

127,889

120,342

343,893

559,968

119,162

679,130

-

679,130

-

679,130

176,485

31,760

28,499

236,744

(153)

236,591

70,748

16,910

87,658

324,249

354,881

748,048

(36,368)

711,680

(380,102)

331,578

-

331,578

241,496

(136,475)

15,990

121,011

-

121,011

24,137

22,590

46,727

167,738

163,840

2015 2014

N'000 N'000

2,956,271

113,843

3,070,114

(602,574)

2,467,540

52,044

2,519,584

886,558

(86,524)

24,760

824,794

(47,384)

777,410

428,416

89,276

517,692

1,295,102

1,224,482

4,333,254

5,425

4,338,679

(475,015)

3,863,664

103,078

3,966,742

1,070,053

412,497

(5,377)

1,477,173

(283,099)

1,194,074

1,054,966

287,015

1,341,981

2,536,055

1,430,687




Appendix to The Financial Statements

Group Group

2015 2014 2015 2014N'000 % N'000 % N'000 % N'000 %

Premium, Investment and Other Income 6,080,851 - 3,319,290 4,199,856

Premiums,Commissions, Claims paid and

Other operational cost (4,300,179) - (1,679,750) (5,579,088)

Value Added/(lost) 1,780,672 100 - - 1,639,540 100 (1,379,232) 100

DISTRIBUTED AS FOLLOWS:

EMPLOYEES

Staff costs 472,501 27 - - 439,750 27 534,360 (39)

PROVIDERS OF FUNDS

Finance charges 286,350 16 - - 263,349 16 48,483 (4)

GOVERNMENT

Taxation including information technology

development levy - - - - - - 86,505 (6)

ASSET REPLACEMENT

Depreciation & amortisation 134,340 7 - - 126,203 8 147,965 (11)

CONTRACTION/EXPANSION -

Shareholder's interest

Profit/(loss) for the year after taxation 887,481 50 - - 810,238 49 (2,196,545) 160

VALUE (LOSS) ADDED 1,780,672 100 - - 1,639,540 100 (1,379,232) 100

Company Company


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.

Statement of Value Added


Five Year Financial Summary

2015 2014 2013 2012 2011

ASSETS EMPLOYED N'000 N'000 N'000 N'000 N'000


Financial assets

Reinsurance assets

Trade Receivable

Other receivables and Prepayment

Deferred acquisition costs

Non-Current Asset Held for sale

Investment in subsidiary company

Investment in Associate Companies

Investment Property

Intangible Assets

Property, plants and equipments

Statutory Deposit

LIABILITIES

NET ASSETS

SHAREHOLDERS' EQUITY

Share Capital

Preference shares

Share Premium

Treasury shares

Contingency Reserves

Other reserves

Retained earning

TOTAL SHAREHOLDERS' EQUITY

TOTAL LIABILITY AND SHAREHOLDERS' EQUITY

730,785

464,942

492,673

49,994

28,117

108,199

1,890,433

406,728

-

1,150,000

8,241

2,770,510

335,000

8,435,622

4,203,421

4,232,201

5,996,587

-

7,667,475

-

1,386,196

1,735,438

(12,553,495)

4,232,201

8,435,622

701,236

1,837,131

607,664

32,646

32,469

96,442

-

-

317,604

1,415,000

7,686

2,222,606

335,000

7,605,484

4,303,905

3,301,579

5,996,587

-

7,667,475

-

1,243,423

1,615,054

(13,220,960)

3,301,579

7,605,484

230,396

3,017,908

241,092

7,673

98,513

420,840

-

-

1,081,612

1,435,000

11,544

1,909,303

335,000

8,788,881

4,011,311

4,777,570

5,996,587

-

15,852,049

(8,737,585)

1,113,425

1,447,511

(10,894,417)

4,777,570

8,788,881

316,589

1,963,821

641,965

642,257

563,752

140,728

1,435,000

-

1,123,290

-

18,937

1,750,734

335,000

8,932,073

4,059,225

4,872,848

5,996,587

-

15,852,049

(8,737,585)

999,663

896,009

(10,133,875)

4,872,848

8,932,073

662,801

2,802,762

301,491

2,074,009

608,913

97,332

390,000

-

1,047,654

-

17,345

1,117,053

335,000

9,454,360

3,415,418

6,038,942

4,246,587

1,750,000

15,852,049

(8,737,585)

834,764

37,869

(7,944,742)

6,038,942

9,454,360




Statement of financial position as at 31 December


Reinsurance premium expenses

Net premium Income

Commission earned on reinsurance

Underwriting income


Underwriting result

Investment income

Management expenses

Impairment charges on premium receivable

Finance charges

Writeback/(impairment charges)

Share of profit/ (loss) on Associate Company

Unrealised Fair value gain/(losses)

Gain on disposal of assets

Foreign exchange loss on loan

Information Technology Development levy


Income tax

Deferred tax


Other comprehensive income/(loss)

Revaluation surplus on building

Fair value gain on devine benefit plan valuation

Fair value gain on quoted shares(Available for sale) net of tax

Total comprehensive income

Total comprehensive income/(loss) for the year

Profit/(loss) per share: Basic/Diluted (Kobo)

NON-IFRS

2015 2014 2013 2012 2011

N'000 N'000 N'000 N'000 N'000

3,070,114

(602,574)

2,467,540

52,044

2,519,584

(1,295,102)

1,224,482

197,132

(1,405,420)

-

(263,349)

945,216

55,627

48,928

28,765

(117,514)

-

713,867

96,371

-

-

810,238

557,314

-

(436,930)

120,384

930,622

6.76

4,338,679

(475,015)

3,863,664

103,078

3,966,742

(2,536,055)

1,430,687

239,631

(1,795,804)

-

(48,483)

(1,145,650)

(726,422)

(52,575)

-

-

-

(2,098,616)

(86,505)

(11,524)

-

(2,196,645)

411,117

-

(243,574)

167,543

(2,029,102)

(18.31)

3,779,634

(683,715)

3,095,919

33,799

3,129,718

(2,124,355)

1,005,363

335,212

(1,497,228)

-

(137,084)

(297,351)

(239,741)

41,093

-

-

-

(789,736)

(64,879)

(26,327)

-

(880,942)

-

-

641,102

641,102

(239,840)

(7.35)

5,381,232

(480,958)

4,900,274

90,967

4,991,241

(2,430,346)

2,560,895

208,069

(1,386,984)

-

(190,144)

(358,959)

75,637

10,715

-

-

-

919,229

(120,192)

(17,855)

-

781,182

-

-

772,328

772,328

1,553,510

(16.88)

4,551,723

(391,384)

4,160,339

92,726

4,253,065

(1,552,008)

2,701,057

176,948

(1,388,761)

(784,359)

(148,413)

(152,069)

(191,086)

(111,090)

-

-

(3,191)

99,036

(82,307)

(9,906)

-

6,823

-

10,800

3,786

14,586

21,409

(17)

IFRS

Statement of Profit or Loss and Other Comprehensive Income



As at 31 December

Determination of Solvency Margin The solvency margin for the Company as at 31 December 2015 is as follows:

Admissible assets N'000


Financial assets:

Fair value through profit or loss

Loans and receivables

Available for sale investment

Reinsurance assets

Trade receivable

Other receivables (excluding prepayment)

Deferred acquisition cost

Non-current asset held for sale

Investment properties

Investment in subsidiary


Statutory deposits

Admissible liabilities

Finance liabilities

Trade payables

Other payables

Current income tax liabilities


Finance lease obligation

Excess of admissible assets over admissible liabilities

The higher of 15% of net premium and minimum paid up capital

Surplus in solvency margin

Solvency ratio

717,594

18,365

12,629

433,948

492,673

49,994

16,114

108,199

1,890,433

1,150,000

406,728

2,770,510

335,000

8,402,187

795,918

75,986

516,749

170,561

2,226,847

111,800

3,897,861

4,504,326

3,000,000

1,504,326

0.50

-

-




HEAD OFFICE

Plot 1,Block 94,

Providence Street,

Lekki Scheme 1,

Lekki, Lagos

Technical:

Ezekiel Olukolajo

GSM: 08033706152

ABUJA

3 Warri Street, Off Tafawa

Balewa Way, Behind

International Conference

Centre, Area 11,

Garki, Abuja

Okoriko Abah

GSM: 07032196282

AKWA IBOM

APICO Investment House

(2nd Floor), Plot 24 Block 1

Olusegun Obasanjo Way

(former Abak Road), Uyo.

Enobong Iyang Willie

GSM: 08039646630

EDO

131B Sapele Road, Benin-City.

Akporotu Emmanuel

GSM: 08036991436

EKITI

66 Secretariat/Bank Road.

Adjacent ECOBANK,

Bank Road, Ado-Ekiti.

Moyolade Dickson

GSM: 08033841325,

0807782137

IMO

134 Wetheral Road, Owerri.

Jude Emeruwa

GSM: 08033105490

KADUNA

24 Constitution Road, Opposite

ABS Gymnasium Hall, Kaduna.

Danjuma Caxton Emmanuel

GSM: 07036632253

KWARA

163 Ibrahim Taiwo Road,

Décor Plaza, Ilorin.

Oyindamola Lawal

GSM: 08023125827

LAGOS

Plot 1, Block 94, Providence

Street, Lekki Scheme 1, Lekki.

Olukolajo Ezekiel

GSM: 08033706152

28 Pelewura Crescent,

Off Randle Road, Apapa.

Lukeman Owolabi

GSM: 08023184036

16 Opebi Road, Ikeja.

Yetunde Idowu

GSM: 08026304843

OGUN

2A Olusegun Osoba Way,

Oke-Ilewo, Abeokuta.

Iranloye Samson Lanre

GSM:08023237300,

07029416076

ONDO

9B Akure-Owo Road,

2nd Floor (Ule-Uyi),

Beside, ECOBANK,

Alagbaka, Akure.

Moyolade Dickson

GSM: 08033841325,

08077821373

Abuja

Akwa Ibom

Delta

Edo

Ekiti

Imo

Kaduna

Kwara

Lagos

OgunOndo

Osun

Oyo

Rivers

OSUN

42 Okefia Street, Opposite

All Souls Church, Osogbo.


GSM: 08023237300,

07029416076

OYO

20 Bolumole Street,

Off Ring Road,

NEPA Bus-stop, Ibadan.


GSM: 08023237300,

07029416076

RIVERS

11B Circular Road,

Presidential Estate,

GRA, Port Harcourt.

Osatohanwen Joyce Agagbo

GSM: 0909000276

SA Insurance Branch Network Report


Unclaimed DividendAS AT 31ST DEC. 2015

S/no NameABORISADE BABATOPE EBENEZER

ACHUNINE CHIDEBE

ADEBESIN KEHINDE B.

ADEDOKUN GBENGA HGRMW

ADEGBINDIN SIKIRU AKIN

ADEGBOYE DEBORAH ABOSEDE

ADEKOYA SHAKIRUDEEN O. ABOLORE

ADELABU ADETAYO

ADENIJI ADENIKE OLAYEMI

ADENIYI ABOSEDE

ADENUGA G.S. MICHAEL OLUMUYIWA

ADEOLA MUASIBAU ADEJARE

ADEOYE OLUMIDE SAMUEL

ADEPOJU KAZEEM

ADEWUSI EBENEZER ADEKUNLE

ADIGWE OGOM IRENE

ADIGWU ANDREW IKEMEFUNA

ADISIANYA UCHENNA KANAYOCHUKWU

AFOLABI BUKOLA

AFOLABI OLAWALE A JANI

AGBABIAKA ABIOLA ADELEYE OMOLARA

AGBABIAKA AYODEJI OLUSOLA

AGBABIAKA IBITAYO OMONIYI

AGBABIAKA OLUREMI GRACE OLAWUNMI

AGEH COSMAS UKPANUKPONG

AJAEBILI IFEANYI JOSEPHAT

A JANA OLA JIDE

A JAYI OLUWAFEMI SAMUEL

A JILEYE TAIWO JAMES

A JOSE LUKMAN OLABIRAN

AJUDUA STEVE ELUE

AKANJI YINUSA KAYODE

AKINDELE YISA ADEWALE

AKINOSO TAIWO

ALABI AYOBAMI ADEDAPO

ALABI MICHAEL OLASUNKANMI

ALADE ISREAL OLABODE

ALAFIATAYO LADE YEMISI

ALEX OLATUNDE RAPHAEL

ALI EMMANUEL OCHEIDO

ALUMA JOHN ALUMA

ANARAH FLORENCE OGOCHUKWU

ANARE PAUL GIDEON

ANIEROBI FELICIA ABOSEDE

ARHAVWARIEN JONES

ASAKPA JAMES

ASHIRU SHAKIRAT BOLANLE

AYANKOYA ELIZABETH BOLANLE

AYEGBA ABDUL

AYODELE ADEFUNKE OLUYEMISI

AYODELE JOHNSON

AYODELE OLUFEMI ADEYEMI

BAIYEWU OLUFEYIKEMI

BAKARE MURITALA ADEGBOYEGA

BAMIDELE MICHEAL MABINUOLA

BAMIDELE OLAGOKE

BEN-NWAKANMA NGOZI AMANDA

BOKINNI SIRA J KOLAWOLE

BOLARINWA FUNMI

DADA ABIOLA OYERONKE

DADA OLUFEMI ADETOLA

DADA SAMSON OLUGBEMIGA

DANBALA MAGA JI

DARE ADEBOLA J.

DAUDU ALFRED TAIYE

DIORU ARUBICA ROWLAND

EBOJIE KENNEDY

EDE MOSES NWEKE

EFFIONG ANIEKAN ETTE

EFUNNUGA ADEMOLA ADEWALE

EGWUATU THERESA NWANYIBUTE

EJIOFOR CHIOMA EBERE

EKUNDAYO OLUBUNMI DESOLA

ELOYE OJO MONAEKHIS

ENUJIOFOR NKIRUKA HOPE

ERUKU EBENEZER MAROMIPIN

ESUE ABAYELI IVUEDOYA

EZEMGBE SYLVANUS CHUKWUMA

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EZEOBI NWANKWO CHRISTOPHER

FADARE ADEJUMO ADIO

FAMOROTI BANKOLE OLUWATOYIN

FATOKE OLUKAYODE OLUSEGUN

FAZING ZINGKUN ZINGKUN

IBIROGBA ADEBOLA BABS

IDJAI MONDAY

IKEH OLUCHI M

ISA LADU ADEJO

IYEVHE LAZARUS ASEGIEMHE

JAIYEOLA ADEWUNMI ABIODUN

JOSEPH ADEBAYO

KABIRU YUSUF ZAINAB MARYAM FATI

KADIRI RAFIU

KALU OKEH GAIUS & HAPPINESS GAIUS

KALU UGO OKEKE

KAMFA AUWALU ISHAQ

KOLEOSO FOLASADE ARINADE

LAWAL MUTIU OLAKUNLE

LEWA JACINTA ASHE'NGOM

MADUAGWU DILICHUKWU DAMIAN

MADUAKO ANTHONY

MAYIKO JOSIAH OWHOBEVUGHE

MBAEMEKA C.DEAR JOHN

MBANUGO EMENIKE OLISAEMEKA

MEYANBE OLU ADEBISI

MOKOLO GLORY N.

MOMOH BEATRICE MODUPE

NDUBISI CHIDI NDUBISI O.

NKAK ARIT UDOFA

NKEMDILIM IKECHUKWU FRANCIS

NNADI FREDRICA AMAKA

NNAEBUE CHUKA EMMANUEL

NNAH SOLOMON KELECHI

NWADIKE PIUS EZIEFULA

NWAUWA DIVINE-WILL AKUJUOBI C.

NWOKE OGUWUIKE DAMIAN

NWOKE SOLOMON OBINNA

NXUMALO OSAMEDE ANNE

OBAFAIYE CLEMENT OLUWATOSIN

OBIANONWO BASIL UGOCHUKWU

OBITOLU GEORGINA UKAMAKA

OCHIAGHA LIVINUS

ODERO NYIMBI

OFOEDU IJEOMA JOY

OGA MOSES OGO

OGBONNA AGATHA AKUWUEZIUKA

OGBONNA NDIDI S.

OGBONNAYA EMMANUEL

OGHALI SUNDAY

OGUGUA MBADIWE EDMUND

OGUNWALE REGINA ADEDOYIN

OGUNYINKA BABATUNDE MICHEAL

OJEDOYIN TIMOTHY OLADAPO

OJEWUSI AYOOLA AYOBAMI

OKACHE CHRISTOPHER ODEY

OKAFOR JOHN

OKE ADEKUNLE OLAYINKA

OKEKE OBINNA MICHAEL

OKEREKE AKUNNA GEOEVIVE

OKEWOLE DOYIN

OKHIRIA GBENGA LUCKY

OKOH HYCENT

OKOLIGWE JUDE IKECHUKWU

OKONKWO CHIDI S. OKONKWO

OKONTA PAUL EJIME

OLAWOYE IFEOLUWA MOBOLA JI

OLOGAN OLUMIDE JOSEPH

OLOLA MULIKAT AWERO

OLORUNDAMISI OLANIKE GRACE OLAPEJU

OLORUNDARE KEHINDE JOSEPH (ACA)

OLOWU CLARA OLANREWAJU

OLUPAYIMO MICHAEL KAYODE

OLUSANYA ABIODUN ADEWALE

OLUSANYA OLUDAMILOLA OLUKEMI

OLUWO GANIYAT ADEBUKOLA

OMITOGUN AKINYEMI OLATUNDE

OMOKOREDE ADESHOLA ABOSEDE E

OMOKOREDE BOLANIRAN CYRIL

OMOLE MUYIWA

OMOLE OLUWATOSIN AFOLABI

OMOLUA ESIEMA DIANA

OMU ABRAHAM

ONADIPE SERIAN ERERE

ONYEOCHA CHARLES NNODIM

OPOROMO EMMANUEL PERE

OREAGBA ABAYOMI OLUFUNMILAYO

ORIDOTA LANRE ADEBOYE

OSANEKU LAWRENCE EFOMA

OSIFESO OLUSEYI OLUKAYODE O.

OSINUSI ADEGOKE

OTUBU OLUSEYE AKINOLA

OVIRIH ANDY DAVIDSON

OWARA OJO LAWRENCE OLADIRAN

OWOH EMMANUEL EMEKA

OYALOWO OLALEKAN OLAWALE

OYEDOTUN STELLA ADEFUNKE

OYELEKE RAFIU BALLE

OYIBO MOHAMMED ADJARHO

OZEMWONGIE JOSHUA M. OSARUMWENSE

RA JI FATAI ADEBAYO

SABITU ADEYEMI ISHAQ

SALAWU OLAYEMISI SERIFAT

SANGOSANYA TAOFEEK ADEYEMI

SANI LAWAN AMINA MUHAMMED YUSUF

SHOFUYI OLUWASEUN SAMUEL

SHUAIBU ABUBAKAR

SIDI ALI RABI

SOFILE AFOLASHADE OLUWAFUNMILAYO

SOLIU LUQMAN M.

SONEYE ABAYOMI ADEBOLA

TIAMIYU EMMANUEL BAMIDELE

TOM-GEORGE DAREGO

UDOFIA ANIEKAN EFFIONG

UGBECHIE FRANCA CHIKA

UMEADI ANDY UDEM

WANIYO UMARU TUMBA

WILLIAMS AFUSAT ADEOLA

YAHAYA MUHAMMED IMAM

YUNUSA UBA

YUSSUF AYINDE RAFIU

YUSUF BAKIN RUWA MUSA MOHAMMED

79

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200

201

202





ADETOLA OLUSEYI OBABUNMI

ADUBIFA ABIMBOLA

AFFI MICHAEL SABO

AGBAGA ANDREW OGHENEOVO

AGWERE CHRISTOPHER A JIRI

AKINJAYEJU IGBEKELE FESTUS.TOLA

AKINYEMI EMMANUEL OLARENWAJU

AKOSILE JOHN OLAWALE

AKPOMIE MATTHEW

ALEGIEUNO JESSE

ALIYU SIKY ADEWALE

AMEH BENARD

AREKE KUNLE

ASIWAJU REMILEKUN OMOWUNMI

BAMIDELE OLUWAFUNMILOLA ADEBOWALE

EMBASSY PHARM & CHEM LTD

ESONANJOR MATHEW

EZE CHIDIMMA

FIRST INLAND BANK/DE-LORDS SEC.-TRADING

GEORGE GRACE ALAERE

ILESANMI AFOLABI

IMOH ANITA INYANG

ISA LADU ADEJO

K.C.OGBONNAYA VENTURES NIGERIA LIMITED

KANO STATE PENSION FUND TRUSTEES

KURA VICTORIA ISTY

MADU FIDELIS UCHE


MBAMAH LOUIS CHINEDU

NDARAKU CHESTER CHUKWUEMEKA

NJOKU VICTOR NNAEMEKA

NNAMANI KELVIN IKENNA NNA JIOFOR

NWOSU EMEKA FIDELIS

ODUSANYA SAKIRU OLUWASEUN

OGBODO MATTHEW

OGUNSANYA STEPHEN BABA JIDE

OJEI UDOKA ALEX

OKORONKWO MONDAY UCHENNA

OLUWA DURO

OMUBO MICHAEL A.C.

ONATE SAMUEL

OPARA COLLINS

OPHIOHONREN EMMANUEL PHIEKPAMARE

OVBUDE OGODINMA LIZZIE

QUANTUM ARBITAGE LIMITED

UZOMA NADOZIEM OLIVER (SQN LDR RTD)

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46

AS AT 31ST DEC. 2015

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AAKO JOHN TAIWO

AALIYA EMEKA

ABABA TIMINIPERE

ABA JA HENRY IFEANYI

ABA JUE VERONICA CHIKA

ABAKUN SAMUEL OLUWADEMILADE

ABAKUN SARAH OLUWAFUNMILADE

ABALO OLUWATOSIN OLAOLU

ABAM DAVID EYONG

ABANE JOHN

ABANEKE KINGSLEY

ABANG ABUO SAM

ABANG OKON WILSON

ABANG YUSUFU

ABANI SHARON AMARACHI

ABANIWU LAURA IFE

ABANUM GRACE ASHINEDU

ABARATA BUKAR

ABARI SIMIDELE

ABASI-AKAMA GLORIA HARVEST

ABASS ADETOBA

ABASS OLOMISOLA

ABASS SEUN AZEEZ

ABATAN AYODELE

ABATI FELIXMORE

ABATI ISIAKA

ABATU IZEDONMWEN

ABAYE GOWON PIUS

ABAYOMI ANOSIKE

ABAYOMI BABAYEMI

ABAYOMI CHINEDUM

ABAYOMI OLUFEMI

ABAYOMI OLUSOLA

ABAYOMI SHADE

ABAZU AYOMIDE

ABBA JOHNSON

ABBAH FRANCO

ABBAS KEISHA

ABBAS MADUNEME

ABBAS PHYDELIA

ABBAS UGO

ABBEY ABBEY JAMES

ABBEY ABBEY JAMES B.

ABBEY JAMES NNAOMA

ABBEY JAMES NNAOMA J.

ABDEL GIGGS

ABDEL KEON

ABDU ADEWALE

ABDU PAT LEMMY

ABDUL ADAMU

ABDUL ADESOLA

ABDUL ADEYEMI

ABDUL EJAH

ABDUL FATAI MUFTAU

ABDUL HAMEED HASSAN LAWAL

ABDUL JOHN ABDUL

ABDUL KEISHA

ABDULAKEEM AMODU

ABDULATEEF KAYODE

ABDULAZEEZ S. AYODELE

ABDULFATAI FATIMAH OMOLASO

ABDULHAMEED HASSAN LAWAL I.

ABDULLAH KESIA

ABDULLAH UZO

ABDULLAHI ALADEJEBI

ABDULLAHI BELLO

ABDULLAHI DAVID

ABDULLAHI EZIEBO

ABDULLAHI OLUWAYEMISI

ABDULLAHI PEACE

ABDULRAHIM OLADELE

ABDULRAHMAN IBRAHIM ALFA

ABDULRAHMAN OZOYAH ISIAQ

ABDULRASAQ FOLARIN

ABDULSALAM KABIR OLAIDE

ABDULSALAM ODO

ABDULWAHAB OGUNUGAFOR

ABDULWAHAM MAKINWA

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ABIMBOLA HELEN

ABIMBOLA JIBOLA

ABIMBOLA JIBRIL

ABIMBOLA KARDAL

ABIMBOLA LUFADEJU

ABIMBOLA TAWOJU

ABIMBOLA TEMITAYO ADENIKE

ABIMBOLA YAZID

ABIODUN CHRISTY

ABIODUN ELABOR

ABIODUN FAVOUR

ABIODUN FRANCIS

ABIODUN HENRY OLAWALE

ABIODUN IBRAHIM

ABIODUN ISAAC

ABIODUN MARGARET OLUREMI

ABIODUN RASHIDAT ADENIKE

ABIOLA A JOKPAGHENE

ABIOLA FLORIAN

ABIOLA JAMES

ABIOLA KANAYOCHUKU

ABIOLA OBINWANNE

ABIOLA OLUFEMI

ABIOLA UGWUZOR

ABIOLA UNWAM

ABIOSE KALEJAIYE

ABIOYE JEGO

ABIOYE OLAJUMOKE JANE

ABIOYE PETER MOLOYEOLA

ABIOYE RASHEED OYEKOLA

ABIR IBUKUNOLA

ABIR KIDEN

ABIR OGUNLANA

ABIRI JOE JIRHEVWE

ABIRI SOMOLU

ABISO IDEMUDIA

ABISOLA ADEWALE

ABISOLA OSEGHALE

ABISOYE BOLORUNDURO

ABIWO POPOOLA LEWIS

ABIYE EMMANUEL

ABIYE EMMANUEL F.

ABODE BOLA JI SANI

ABODERIN ADEYEMI

ABODUNRIN SAMSON

ABODUNRIN SANNI BALOGUN

ABOH MUYIWA

ABOH TAIWO MONDAY

ABOLA JI ABOLANLE SHOTUYO KAFAYAT

ABOLANLE OKENIYI

ABOLARIN DEINDE

ABOLARIN RAPHAEL ROTIMI

ABOLORE ABUBAKAR

ABOLRIN SIMON ROTIMI

ABOLUWODI BUKUNMI

ABONU Simonpeter

ABOOTU CANNICE

ABORISADE OZOEKWE

ABORO DARE

ABOSEDE OKECHUKWU

ABOSEDE OLATERU

ABRAHAM ADEMOLA

ABRAHAM CHIDI

ABRAHAM KOLAWOLE OMOTAYO TOLUWANIMI

ABRAHAM OLI

ABSALOM LATEEFAH

ABSALOM OTEDOLA

ABU KURFI

ABU MARYJANE

ABU OLUWOLE

ABU OLUWOLE OLATUNDE

ABU REKHIA

ABUAH BURAIMOH

ABUBAKAR BAZAK AYODELE

ABUBAKAR DANAMARY

ABUBAKAR DEGGE

ABUBAKAR MUSA

ABUBAKAR SALISU

Unclaimed Dividend

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ABUBAKAR YAHAYA GARBA

ABUDU OKOTIE

ABUDU OSHODI

ABUDULSALAM AAUWA AYINKE

ABUI BURHAN

ABULE DANJUMA

ABULUDE AYOKUNLE

ABUYA JULIET

ACHI EZEH HENRY

ACHIEKEH OLANIKE

ACHIKE ONYEMADU

ACHIKE TOBI

ACHODA BOSE

ACHODAS BOSE E.

ACHODAS WAHAB

ACHONU THEODARA

ACHONU UMAR

ACHOR BURHAN

ACHUMIE MIRACLE CHIDERA

ACHUNINE CHIDEBE

ACIKEH E. RAPHAEL

ADA OLUJI

ADAGA ABETIANBE AGBA

ADAGAZU EMMANUEL OVYER

ADAGBONIYIN OSARENOMA OSARENOMA

ADAGBONYIN LEONARD

ADALIS EUGENE ADALIS

ADAMS BURUBOYEFE

ADAMS BUTA

ADAMS LATEEF ISHOLA

ADAMS OLALEKAN

ADAMSON ABIODUN STEPHEN

ADAMU ABATI

ADAMU ALFARMA

ADAMU EGUONO THOMAS

ADAMU EJIROGHENE MOSES

ADAMU ESEOGHENE EMMANUELLA

ADAMU IKE

ADAMU LYDIA IGBEKELEOLUWA

ADAMU MOHAMMED BABANGIDA

ADAMU SULEIMAN

ADAMU UFUOMA PATIENCE

ADARA YETUNDE

ADARE HASSAN

ADARE HASSAN E.

ADAUTIN KUNLE BENJAMI F.

ADAUTIN KUNLE BENJAMIN

ADAUTIN LAWAL ADAUTIN

ADAUTIN LAWAL ADAUTIN G.

ADAYI HANNAH

ADDIE BULUS

ADE ADEOLA

ADEALA ADESOLA JOLAADE

ADEARA FUNKE PRINCESS

ADEBAMBO OLAWALE

ADEBAMBO TEMITOPE TITILAYO

ADEBANJO AFOLASHADE OMODUNMI

ADEBANJO OLUSEGUN SAMUEL

ADEBAYO ABAYOMI

ADEBAYO ABOLA JI OLUFEMI

ADEBAYO ABRAHAM ADEWALE

ADEBAYO ADEKUNLE

ADEBAYO ADENIYI OLUWASEUN

ADEBAYO AKANDE

ADEBAYO AKANNI AZEEZ

ADEBAYO BISI FOLAKE (MRS)

ADEBAYO BUSUYI

ADEBAYO EMMANUEL BABAFEMI

ADEBAYO GBENGA ADEBOLA

ADEBAYO HELEN ADEFOLAKE

ADEBAYO OMOBOLA JI SHERIFF

ADEBAYO OSIO

ADEBERO BOLUWATIFE ESTHER

ADEBIAYE AYISAT YETUNDE

ADEBIMPE KADIR

ADEBIMPE LATEEF

ADEBISI CALA

ADEBISI OLUFUNMILAYO

ADEBISI RUTH

ADEBISI TITILAYO O.

ADEBIYI AYODEJI MUHAMMED

ADEBIYI SARAH OLA JUMOKE

ADEBOLA OPENIYI

ADEBOLA SOBOWALE

ADEBOWALE ADEBAYO

ADEBOWALE WURAOLA NIMOTA

ADEBOYE ELIZABETH TOLUWALOPE

ADEDAMOLA ADEMOLA

ADEDAPO OLUROPO

ADEDAYO OLADOTUN

ADEDEJI DOHERTY

ADEDEJI FEMI LATEEF

ADEDIJI EBENEZER OLUMIDE

ADEDIPE KAYODE

ADEDIPE KENNEDY

ADEDIRAN ADEFEMI SAMSON

ADEDIRAN JOSEPHINE

ADEDIRAN JOSEPHINE J.

ADEDIRIN FOLUSHO

ADEDOYIN ADEDOTUN DAVID

ADEDOYIN MOSES BABATUNDE

ADEDOYIN OLADELE EMMANUEL

ADEDOYIN SAMUEL OLAYEMI

ADEEKO OLUWAGBOHUNMI

ADEEKO VERONICA ANUOLUWAPO

ADEFALU OPEYEMI GRACE

ADEFEMI SOLA KAREEM

ADEFILA TERRESA ABIBOLA

ADEFUNMI OSU

ADEGBESAN FEYINTOLA

ADEGBINDIN ADENIYI

ADEGBITE ANTHONY ABIODUN

ADEGBITE MATTHEW KAYODE

ADEGBITE MUDASIRU ADEREMI

ADEGBITE OLUWASEYI OLASUNKANMI

ADEGBOLA ADEBAYO MICHAEL

ADEGBOLA CANTARA

ADEGBOLA OLUGBENRO

ADEGOJU JOY AYOYINKA

ADEGOKE ADEJUMOKE ADERONKE

ADEGOKE ADEMOLA JAMIU

ADEGOKE ASIMIYU KOLAWOLE

ADEGOKE CARINA

ADEGOKE DEJI FRANCIS

ADEGOKE KORU ADE

ADEGUN IYABO

ADEGUNWA ISIAKA ABIODUN

ADEH CATE

ADEJIMOLA ADEBOLA

ADEJUGBE TA JUDEEN

ADEJUMO CECELIA

ADEJUMO JOHN ADELOMO

ADEJUMO KAZEEM

ADEJUMO OJUADE

ADEJUMOBI MUNIRUDEEN KEHINDE

ADEKANBI SOYEBO

ADEKO AFOLAKE BUSRAT

ADEKOLA WALE

ADEKOLEJO ADEWUNMI MOSES

ADEKOYA BOSE

ADEKOYA CELESTINA

ADEKOYA FANIKU

ADEKOYA MIKE

ADEKOYA SAMSON OPEOLUWA

ADEKUNLE ADETUNJI

ADEKUNLE ADEYEMI

ADEKUNLE CEMAL

ADEKUNLE CEMAL JUMAI

ADEKUNLE GABRIEL

ADEKUNLE MOROUNMUBO TEMITOPE

ADEKUNLE OLUDAYO ADEDOKUN

ADEKUNLE OLUWASEYI OLUKEMI

ADEKUNLE TUNRAYO LIZZY

ADELAGUN OLA JUWON

ADELAKUN FATOYINBO

ADELANI OLUWADAMILOLA MARIAH

ADELEKAN ADESHINA BABATUNDE

ADELEKE ADEDEJI OLAREWAJU

ADELEKE ADEJOKE OLUWAFI KUNAYOMI

ADELEKE ADERONKE OLA JUMOKE

ADELEKE ADEWALE THOMAS

ADELEKE CHARITY

ADELEKE DAMILOLA ADEIFE

ADELEKE IYABO ELIZABETH

ADELEKE JULIUS ADE

ADELEKE OLUWAFUNTO BOLU

ADELEKE PEREIRA

ADELEKE SAMUEL ADEDAYO

ADELEKE SULAIMAN ADEREMI

ADELEKE TOLULOPE ADEDAMOLA

ADELEYE ABIMBOLA ABIOLA

ADELOJA CHI

ADEMILOYE ADEYINKA ADEJOKE

ADEMIROKUN BIDEMI

ADEMOLA ADIO ADEBAYO

ADEMOLA GLORIA

ADEMOLA NIKE

ADEMOLA OJO EMMANUEL

ADEMOLA SAKIRU JIMOH ADEMOLA

ADEMOSU AHMED OLASUNKANMI

ADEMOSU BOLA JI BASHIR

ADEMOSUN SIMBIAT

ADEN ANISHANU

ADEN IKE

ADEN LAHANA

ADENAIKE KEHINDE

ADENEYE FUNMILOLA ABOSEDE

ADENIJI ADENIKE OLAYEMI

ADENIJI SIMON SANMI

ADENIKE CHIBUKE

ADENIYI ADEWALE OREOLUWA

ADENIYI AKIN AKINWOLE

ADENIYI AYODEJI SAMUEL

ADENIYI SAMSON ADELAGUN

ADENIYI VICTORIA OLUYEMISI

ADENIYI WILLIAM

ADENUGA BILIKIS

ADENUGA OLUFEMI

ADENUGA TAIWO STEPHEN BADE

ADENUSI OLUWATOSIN

ADEOGBA ADEBANJO

ADEOLA AMOS

ADEOLA AYANFEMI ADEYEMI

ADEOLA MUASIBAU ADEJARE

ADEOSO ADEBOYE

ADEOSUN & ADEYEMI SOLOMON YETUNDE

ADEOTI ADEMOLA OLABODE

ADEOWU ADENIYI WASIU

ADEOYE ABEL

ADEOYE ABIODUN EYITAYO

ADEOYE ADEKUNLE ISIAKA

ADEOYE IBUKUN

ADEOYE MICHAEL ADEDEJI

ADEOYE OLABISI MOTURAYO

ADEOYE OLUWASEUN JONATHAN

ADEOYE THOMAS ADEYEMI

ADEPOJU ADEDAPO PAUL

ADEPOJU ADEWALE ABIMBOLA

ADEPOJU TA JUDEEN .A.



ADEREMI ADEDAMI OTUN OLUWAPELUMI

ADEREMI ADEKEPEMI OLUWAFIYIBOMI

ADEREMI ADENIYI

ADEREMI ADESEKEMI OYAOPEMIPO

ADEREMI ADEWOJUMI OLUWASEMILORE

ADEREMI NNEKA

ADEREMI OLANIPEKUN

ADEREMI OLUKEMI OMOTAYO

ADERIBIGBE ADETUNJI

ADERIBIGBE MOBOLA JI

ADERIBIGBE OMOLARA FOLUKE

ADERINNALE OLUWATIFE

ADERINNALE SOLA

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ADEROGBA AKEEM KOLAWOLE

AFOLABI STELLA MARIS

AFOLARANMI KARIMU-BELLO

AFONJA A JAO PETER

AFONJA SIKIRU SEYIN

AFRAMA OLAWOLE

AFUAPE JACOB

AFUBE ANSLEM CHUDI

AGADA BLESSING

AGADA KOYA TOBI

AGADA PAMELA ONYOIBO

AGAHIU MOHAMMED DANLADI

AGBABIAKA ADETOLA AMINAT

AGBADE EBIOLADE

AGBAIAKA OLAOLU GANIAT

AGBA JE SAHEED IDOWU

AGBALAYA AYOMIDE MUIZ

AGBALU SEBASTAIN IFEANYI AGBALU

AGBAS OSEGBUE

AGBASON VICTOR C.

AGBATA CHIBUZO

AGBATA CHIDIOGO

AGBAWN ABDUL ABDULLAHI

AGBEDE BABA JIDE RASAK

AGBEHI OGIRI

AGBELEMOGE VERONICA

AGBELUSI DEJI

AGBENIYI CHRISTIANAH KEHINDE

AGBIDI JOHN ULEA

AGBO OKANG

AGBO OTON JAMES

AGBO TITUS

AGBOGO SUARA

AGBOGU AMAKA MARY TELLAARE

AGBOGU CHRIS A.C

AGBOM MAURICE OGBONNA

AGBONSUREME AKWUEME

AGBONTAN ESTHER

AGBONTAN GEORGE

AGBONTAN ISAIAH

AGBONTAN JEREMIAH

AGBONTAN NAOMI

AGBOOLA IDRIS WIKE

AGBOOLA KUNMI SEYI

AGBOOLA LUKMON OPEYEMI

AGBOOLA LUKMON OPEYEMI

AGBOOLA LYDIA OLUBUSAYO

AGBOOLA TAIWO TITILOLA

AGBOOLA-AKINRODOYE OLUBUKOLA OLASUMBO

AGBOTAN OSAZI

AGBULU OWAJIROYEM

AGGREY AKINMOLAYAN

AGGREY CHIJIOKE

AGHATOR LUCKY AGHATOR

AGHAULOR NTUABUNAUZOR DONATUS

AGHELEGIN PAUL

AGHO EBIUWA SANDRA

AGHOMONU FESTUS

AGINAM CHRISTIANA NGOZI

AGINIGHAN DUBAMO

AGNES OGBU

AGOGO BERNICE NKONYE

AGOMOH CHIKA

AGOMOH CHIKA N

AGOMOH EMMANUEL NNAMDI

AGU IBIYEMI

AGU MICHAEL IFEANYICHUKWU

AGUBE BLESSING GODWIN

AGUDA OYEBIMPE OMOLOLA

AGUGHAGWO GABRIEL NWABUEZE

AGULONU AGBOR HELEN

AHUAANYA PRINCEWILL P

AHUAZA AISHA

AIBANGBE FESTUS

AIESHA ALAO

AIFA JUSTIN

AIGBE

AIGBINI-JOHN BLESSING

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AIGBINI-JOHN BOSEDE

AIGBIREMONLEM ROSE

AIGBOKHAEVBO HUMPHERY

AIN ABIOLA

AINA ADEBAYO GANIYU

AINA ADEMOLA ADEDAYO

AINA DELE

AINA JAMES A JEKIGBE

AINA OLUWASESAN EMMANUEL

AINA RACHEAL TINU

AIRAMOEHI OBEHI

AIRHUNMWUNDE CHARLES OSAWARU

AISHA CENTURY INVESTMENT LTD

AISHA ALI ATIM

AISHA MOSES

AISHATU CHIKEZIE

AISIMI AISHA

AISIMI MUSA YUSUF

AISUEOGUN DAMISOLA

AIYEDUN ADEBOWALE F.

AIYETAN DAYO ADEKUNLE

AIYETAN OLAMIDE BUNMI

A JADI SUNDAY AKINTUNDE

A JAGBA MARTIN CHINWENDU

AJAGBE MANSUR BATO

AJAGBO DAVID ELLOH

AJAGU ONYEKA RAYMOND

AJAH CHUKWU BASIL

A JAKPO JOSEPHIN S

A JAKPO JOSEPHINE

A JAL EWUSI

A JALA ATINUKE

A JALA IBIYEMI

A JALA OYIZA

A JALA VALENTINE

A JANI IKATE

A JANI TIOLUWANI

A JANI WASIU KOLAWOLE

A JAO ADEBOLA OLUWATOYIN

A JAO BAMIDELE LAWRENCE

A JAO FOLORUNSHO AAKANJI

A JAO OLUWATOBI FOLORUNSHO

AJAO OLUWATOMI ADEBOLA

A JAO OLUWATOSIN TEMITOPE

A JAYI ABIODUN YETUNDE

A JAYI ABIOLA

A JAYI ADEOLA

A JAYI ADEPEJU MATILDA

A JAYI AFOLABI OLAMIDE

A JAYI A JOKE

A JAYI ANTHONIA OLAIDE

A JISAFE OLUFOLAHAN

AJISEGIRI OLUBUNMI KATE

A JOBI ABIOLA

A JOGI ARUBI

A JOGWU EJEH

A JOKE AYINLA

A JOKU OLUCHI NKECHI

A JOLOKO OLATUNDE MATTHEW

AJOMALE OLAITAN S

A JOSE MARVEL

A JUDUA STEVE ELUE

A JUKWU CHINEDU CHRISTIAN

A JUONOMA IGNATIUS IKECHUKWU

AJUWON SAIDATU

AKABIKE IME CHRISTIAN

AKABOGU KENNETH SUNDAY

AKABOM MARYJANE

AKABOM MARYJANE G.

AKABUIKE CHICHI (MISS) MARY

AKACHUKWU NNAMANI

AKADIRI ADEDOYIN SADAT

AKAGBUSI UCHECHUKWU RICHARD

AKAKABOTA DANIEL

AKAKABOTA DANIEL M

AKAKPOR MICHAEL

AKAKRA ELIZABETH ARUORIWO

AKALI CHINONSO PHIL

AKALI HENRY CHINEDU

AKALUMHE ONAGIE

AKAN DATA

AKANBI JAMES

AKANBI MODUPEOLA OPEYEMI

AKANDE ABEKE

AKANDE ADEFOLA JU SAKIRUDEEN

AKANDE ADEKUNLE

AKANDE DANIEL ADURAGEMI

AKANDE ELIZABETH OLUWASEUN

AKANDE ISAAC BOLA JI

AKANDE LEKAN

AKANDE OLUWANIFEMI O.

AKANDE OLUWANIFEMI O.

AKANDE PETER OLADIMEJI

AKANDE PRISCA MONISOLA

AKANDE RAPHAEL IDOWU

AKANDE SHERIDD OLANIYI

AKANG ekikere

AKANG EKIKERE T

AKANG UBONG JOHNSON

AKANI OLUSOLA

AKANIHU JOHN IFEANYICHUKWU

AKANKE WOSILAT

AKANNI BABATUNDE

AKANNI FATAI

AKANNI ISAAC OLADELE

AKAOLISA NKECHI JECINTA

AKAOLISA OBINNA PAUL

AKINMADE T.A

AKINMADE TOLUWALASE ABIGAEL

AKINMOLAYAN JOHN

AKINMUYISITAN VINCENT

AKINOLA DEPO ADELEKE

AKINOLA OLANREWAJU MORUFF

AKINOLA OLAPE

AKINOLA OLUWAPELUMI AYOMIDE

AKIN-OLUWADARE OLUMIDE

AKINOSHO AKINLAWON

AKINOSHO DAVID

AKINOSO ASHAMU BABATUNDE

AKINOSO ASHAMU BABATUNDE

AKINPELU ADU MOSES

AKINPELU AKINBAMIJI JULIUS

AKINPELU BAMIDELE DOLAPO

AKINPELU BAMIDELE DOLAPO

AKINPELU SEUN ROBERT

AKINRADEWO TEMILOLUWA OLUWAFIKUNAYOMI

AKINREMI ADESHINA ADEBAYO

AKINREMI BABS OLUWASANMI

AKINREMI ESTHER OLUDAYO

AKINSANYA ADEBAYO WASIU

AKINSANYA ADEDOLAPO ADEYINKA

AKINSANYA FUNKE

AKINSANYA NOFISAT TEMIDAYO

AKINSANYA TOKE ADIJAT

AKINSANYA WASIU

AKINSANYA WASIU ADEBAYO

AKINSUNLOLA AKINNIMI JOSIAH

AKINTOLA OLUFEMI A

AKINTOYE OLUSEGUN OLUWATOBA

AKINTOYE VICTORIA OMOLARA

AKINTUNDE BOLA JI AWE

AKINTUNDE OJUTIKU

AKINTUNDE SAMSON BOLADE

AKINTUNDE VICTORIA ALABA

AKINWANDE EBENEZER OLUSEGUN

AKINWUNMI ABIODUN OLUWOLE

AKINYELE BEATRICE FOLUKE

AKINYEMI AKINDELE

AKINYEMI BABATUNDE SAMUEL

AKINYEMI MABOGUNJE

AKINYEMI OLAIDE FATIMA

AKINYEMI OLAYINKA AMINAT

AKINYEMI OLUWADAMILOLA OLAMIDE

AKINYOSOYE TENIOLA

AKIODE EMMANUEL

AKIOTU OLU EVELYN

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AKIOYA MAC-DAVE

AKODU OLUWAKEMI

AKOGU AYEGBA

AKOGUN FATAI OLUWATAYO RICHARD

AKOGWU TAYI ELIZABETH

AKOMU VICTOR

AKONGWALE SABASTINE

AKOR EDWIN ABAH

AKOR GABRIEL

AKOSILE JOHN OLAWALE

AKOT VENTURES LTD

AKOWE LAWRENCE ABIMA JE

AKOWONJO ADEFEMI OLAYINKA

AKPA OMENKA

AKPAM MANDISA

AKPAM MARGARET

AKPAN EMMANUEL

AKPAN ESTHER UDUAK

AKPAN ETOP ANDY

AKPAN IDORENYIN CHRISTOPHER

AKPAN PETER AKPAN

AKPAN TADE

AKPAN UFOT JACOB

AKPAN UMOH ROSELYN

AKPANNAH UDONSAK EMMAN

AKPANNAH UDONSAK EMMAN Z

AKPANWA ROBINSON

AKPANWA ROBINSON Y

AKPASI OBRUCHE ABRAHAM

AKPATA JOHN EDEMA

AKPAWUSI NGOZI EVANGELINE

AKPE SALAMI

AKPE SALAMI B

AKPELU CHIDOZIE FELIX

AKPEWA OGHENEGWEKE EMMANUEL

AKPOBOERE CAROLINE

AKPOBOERE CAROLINE J

AKPOMIE MATTHEW

AKPOS EVELYN AFOKE

AKPOVESO ANTHONY ASHLEY

AKPOVOFENE ODIRIVWERENE KINGSLEY

AKPUNKU PETER MADUABUCHI

AKPUOKWE ESTHER NKECHINYELU

AKUBO ADEGBE WILSON

AKUBUIRO PAUL

AKUBUKO CHIGOZIE

AKUBUZE ONYEMACHI

AKUCHE NGOZI DIANA

AKUEKWE CHRISTOPHER SUNDAY

AKULUE ONYINYE BERNICE

AKUNNE DORIS CHIMA

AKWITI CHINYERE CELESTINA

AKWUBA GODWIN

AKWUZIE NNAMDI FELIX

AL AMIN HARUNA

ALABA IBUKUN

ALABI ADEOLA MURITALA

ALABI ADEREMI STELLA

ALABI AKINDELEAREMU

ALABI BAYO AKINADE

ALABI DEBORAH

ALABI EZEKIEL OLGBADE

ALABI FALILATU TITI

ALABI FOLASADE OMOYEMI

ALABI JAMES OLALEYE

ALABI JIMOH ODETAYO

ALABI LADI DEBORAH

ALABI MARIAM ABIDEMI

ALABI MURITALA ALABA

ALABI NOAMI

ALABI ONAOLAPO RAFIU

ALABI SUNDAY

ALABI TA JUDEEN

ALACHEWE DANIEL

ALACK ANNA

ALADDIN MANSA

ALADDIN MARTINS

ALADE ALAO

ALADE CHIMASON

ALADE DORCAS OLUWAFUNKE

ALADE OLAYEMI BEATRICE

ALADE OYEDELE MATTHEW

ALADHE DANIEL MELO

ALAEKWE DESMOND OKEZIE

ALAETO CHIZOBA

ALAGI JOYCE

ALAGWU CALISTUS EMEKA

ALAKA OMOTOLA

ALAMU ATILADE JAMES

ALAMU OLAWUNMI

ALAO AYOTUNDE YETUNDE

ALAO DELE DAVID

ALAO EZEKIEL OYENIYI

ALAO JALIL

ALAO JULIANA

ALAO RHODA

ALASOADURA ADETAYO

ALASOADURA OYINLADE OLUWABUSUYI

ALATISHE KUNLE SUNDAY

ALATISHE KUNLE SUNMADE

ALAUSA FUNMILAYO OBE

ALAWODE SADIKU

ALAWODE SADIKU C

ALAWONDE OLADIWURA DEBORAH

ALAWONDE OLASUBOMI ISREAL

ALBALTRADE LTD

ALBERT ADEYEMI

ALBERT GAMAL

ALBERT SUCCESS

ALCHENY CHINAKA

ALESEI ABIMBOLA

ALESER NABELUNG

ALEWI ABIMBOLA ELIZABETH

ALEWI FREDRICK OLUBUNMI

ALEWI OLAMILEKAN PETER

ALEWI OLUWASEYI GRACE

ALFRED CHINEDU

ALFRED CHINEDU

ALFRED ENWANTA ISIRHINRHIEN

ALFRED GODFREY

ALFRED JOSEPH EFEREMOH

ALHASSAN ABAS

ALHASSAN ALILU

ALHASSAN SHERIFAT TOLA

ALI ADEBANJO

ALI EMEMA

ALI ERACIMUS

ALI GARBA

ALI IRABOR

ALI OBIOHA

ALI RUTH EBELU

ALI-BIU DAUDA

ALICE NWACHUKWU

ALIEMEKA GOODLUCK DENNIS

ALIEMEKE GOODLUCK DENNIS

ALIKA OGHOGHO IFUERO

ALIKE ALIU

ALIM COMFORT

ALIM NAEEM

ALIMA GRACE

ALIU ADELEKE ODULOYE

ALIU AFOLABI

ALIU HUGH ALLI

ALIU KEHINDE OLANREWAJU

ALIU KEHINDE OLANREWAJU

ALIYA DAVID

ALIYU GOTE

ALIYU MAIMUNA ISMAIL

ALIYU MURITALA

ALIYU OLATUNJI ABDULWASIU

ALIYU ROBERT

ALIYU ROBERT Y.

ALLAN CHINAKA

ALLEN ANDIO

ALLEY ANDIO

ALLI NJOMU

ALLI RASHEEDAT OMOLARA

ALLINSON BAYO

ALLIU ADETOLA RAFIU

ALMA HASSAN

ALMIRA JOHN

ALMUSTAPHA GODWIN

ALO FOLUSO

ALOFIN OKELOLA

ALOH CHARLES

ALOY AUGUSTINE

ALOY CONSTATINA

ALOY FAMOUS

ALOY UCHENNA

ALOZIE CHINEDU

AMADI EMINA ISRAEL

AMADI PROMISE AHAMUEFULE

AMAH BENEDICT UCHENNA

AMAKA EBIMOT

AMAKARA HARITH

AMAKARA IBEAMAKA

AMAKIRI CLEMENT EZE

AMAKIRI NYEGIALA TONYE

AMAL FARID

AMAL NARKEASHA

AMALA FAROOK

AMALA MICHEAL

AMALA MICHEAL K

AMANI FAYSAL

AMAO ADEWALE PETER

AMAO OLUWASHOLA OLAYINKA

AMAO RITA

AMARA OKONOWO

AMARACHI OKOYE

AMARACHI OKOYE D

AMARAH JABIRAH

AMASIORAH IFEANYI GREGORY

AMAVU BOBO

AMBER FEROL

AMBER SANYA

AMBRA FERRAN

AMBURUM JOSEPHINE PHILIP

AMBURUM PALANG PHILIP

AMECHI O. WILLIAMS

AMECHI SAMSON

AMEEN ABIMBOLA RISIQAT

AMEERAH FIRDOS

AMEH BENIABI

AMEH CHARITY OGHENERELO

AMEH DANIEL

AMENE CHIDIEBERE

AMEOBI BUSAYO

AMIAHKHOR MAGDALENE IYAESOMI

AMIDU EGUDE

AMIN GADIL

AMINA ABUBAKAR

AMINA GAMAL

AMINAH AMINU IBUKUN

AMINAT SHARAFADEEN

AMINU AMINU HABU

AMINU BAYO

AMINU CHRISTY

AMINU FATIMA

AMINU JAFARU

AMINU NASHA

AMINU OKORIE

AMINU OKORIE

AMINU YESOKO

AMIR GHASSAN

AMIR OBIA JULU

AMIRA GINTON

AMODE EDNA

AMODU TAIWO

AMOGBON PIUS AYODELE

AMOJI PETER OKORO

AMOLEGBE ADEBOWALE MOHAMMED

AMON CHUKA

AMOO ABIODUN

AMOS KATO

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AMOS TESSY

AMOUH AMEN

AMU GIWA

AMUNU BABA

AMUSA ABORISADE

AMUSA SAMUEL

AMUSA SAMUEL

AMUSU INIOBONG ADE

AMUTA AGNES PRECIOUS CHIOMA

AMUZIENWA JELANI

ANA BARBARA

ANADI CHUKA

ANADUAKA FRED CHUKS

ANAENUGWU NDUBUISI VINCENT

ANAETO EMMA

ANAETO EMMANUEL

ANAETO OKWU

ANAETO PAT

ANAETO PATRICK

ANAGHARA LINDA CHIYERE

ANAN GIVON

ANARADO CHIDIKAONYE

ANARADO CHIDIKAONYE G.

ANATAN OSUJI

ANAWO DAVID ENEMONA

ANAZODO BUNU

ANAZODO UCHENNA

ANDEH CLETUS OGBONNA

ANDREW BATHLOMI

ANDREW CHUKWU

ANDREW ELEOJO JOY

ANDREW ELIJAH BOLANLE

ANDREW ELIJAH CHUKWU

ANDREW JOHNSON

ANDREW MANASSAH

ANDREW SUNDAY

ANDREW SUNDAY

ANDY ERONSE

ANDY MORGAN

ANDY PATIENCE BASSEY

ANDY SODIPO

ANDY-ADEBOLA FLORENCE OLUWAYEMISI

ANEKE PERPETUA NKIRU

ANEKWE GABRIEL CHIKA

ANENE NDID PATIENCE

ANERU FAROUK UMORU

ANGBA ABIGAIL

ANGBASHIM AWAZI

ANGEL NNEKA DURU

ANGELA JAMES

ANGELA JOHNSON

ANGIE BAMGBALA

ANGULU MOHAMMED DANJUMA

ANI CHRISTOPHER IFEANACHO

ANI MARIA CHIOMA

ANI MATTHEW ONYEMECHI

ANI PATIENCE NGOZI

ANI UCHECHUKWU VICTOR

ANIA CELESTINA IYABO

ANIA MERCY CHUKWU

ANIBOWEI PATIENCE

ANICHO CHUKWUDI PHILIP

ANIEBONAM TOCHUKWU

ANIEFOK OGOCHUKWU

ANIEFOK OGOCHUKWU O.

ANIEKA CHIOMA

ANIEKE CHUKWUMA PETER

ANIERIOBI CHUKWURAH JOHN

ANIFOWOSE OLUWAFEMI KAHARU

ANIGBO NGOZI

ANIGBOGU IFEADI EBELE

ANIH TOLA

ANIJAH CHUKWUDI PETER

ANIKA CAROLINE IFEATU

ANINYE GREAT ANORKOR

ANIOGOR DAVID N.

ANIRE WASAN

ANISA HABIB

ANIYA RIFKATU BOBAI

ANKU EDU

ANKU EDU F.

ANLAINI MUBARAK

ANNA LUKAS

ANNISSA HADI

ANOCHIRIONYE UZODIMMA ALEXANDER

ANOFOWOKAN ADEGBOYEGA ANTHONY

ANOHU CHIDI

ANOKE JOHNNY

ANOKE JONNY W

ANOKE KENNETH ANI

ANOKE OMENOGOR

ANOKWU OKOLO

ANOLOPE NJOKU

ANOLUE EMMANUEL

ANONYE ROSEMARY

ANONYEI ONYINYE GLADYS

ANORUO ANYAEHIE CHRIS

ANOSIKE AZUKA THEOPHINE

ANOSIKE SHINA

ANSARI HAFIZ

ANSARI PAULA

ANTAI EDEM H.

ANTHONIA AKURA

ANTHONIA CHUKWUBUIKEM

ANTHONY ALOTO FUNMILAYO

ANTHONY FRANK

ANTHONY K.

ANTHONY KINGSLY

ANTHONY OJA JA

ANTHONY PIUS

ANTHONY SANUSI

ANUEBUNWA NDUBUISI CHIJIOKE

ANUFORO CLETUS UBAEZUONU

ANUGWA ECHEFULAM LOUIS

ANULIGO INNOCENT IKECHUKWU

ANUMAKA JOY CHINONSO

ANURUKEM CHINAS AUGUSTINA

ANURUKEM EZEWUNWA THOMAS

ANUSHIEM SUNNY

ANWANA UKUT-ABASI EDET WILLIAM

ANWAR HAKIM

ANWAR RACH

ANYADIBE NWANNEKA CHINYERE

ANYAI EDEM

ANYAMARA MARITHA

ANYANG UKPONG I.

ANYANWU ALPHONSUS OBIOMA

ANYANWU BOLANLE

ANYANWU CHIKAODINAKA DOLORES

ANYANWU OGADINMA OLUFUNKE

ANYAOHA MARTHA ODOCHI

ANYASI JOHN AGBATONAM

ANYAWU DOLORES CHIKAODINAKA

ANYIHA CHUKWUMA

ANYOHA CHUKWUMA

APALOWO SAMUEL OLUMAYOWA

APANPA SERIFAT OLORUNTOYIN

APARA PAUL

APATA OSAZUWA

APERE OLUWAYEMISI GRACE

APERI JOSEPH

APETE BOLANLE

APEX TEAM LIMITED

APPAH VICTOR

ATIOMO AKINWANDE

ATIYA HARUN

ATOBA SAKIRU

ATOLANI OLUWAKEMI

ATOLANI VICTORIA

ATOYEBI RASIDAT O.

ATTAMAH CECILIA ASANA

ATTUH JOSEPHINE AKUABATA

ATUNG JONATHAN

ATURAKA OLATOMIDE

AUDU JOHN FREDRICK

AUDU MARY ADUN

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AUDU SAMUEL ABUH

AUGUSTINE BONIFACE UDOKA

AUSTIN COMAN

AUSTIN EDEGBE

AUTA TALA SARAH

AUTHUR SANUSI

AUWALU SAMINY YOHANA

AVAGA FELICIA

AWA NUHU

AWAISU OLADIGBOLU

AWI PATRICK M

AWINNIMU-AKATAK FRANK SOSOROBIA

AWO FELICIA

AWOBOYA OLA JUWON OLUSEGUN

AWODUMILA COMFORT

AWODUMILA COMFORT

AWOKUNLE CALEB OLUSAYO

AWOLESI ADENIKE IDIAT

AWOLUMATE OLAMIDE DEBORAH I.

AWOMODU DAVID

AWOMODU DAVID N

AWOMOLO ENITAN OLAKUNBI

AWONIYI SULE

AWOSANMI PETER TEMITOPE

AWOSANYA JOSEPH BAMIKOLE

AWOSIKA SHITTU DAVID

AWOSIKA SHITTU FLORENCE

AWOTAYO OLALEKAN EMMANUEL

AWUDE CHRISTIANA OLUWAREMILEKU

AWUGO ALAGI

AWUTE MONDAY ONISURU

AWUZU OBY HENRIEATTA

AWWAL DADET

AYAM PETER AIBE

AYANKOLA KAZEEM AYANWALE

AYANKOYA OLUKEMI MOTUNRAYO

AYEBAE MOYOSOREOLUWA MICHELLE

AYEGBA O

AYEJIMIWO OLALEKAN DAVIDS

AYEJUTO OHUNENE FOLASHADE

AYELE CORDILLA

AYELEKE AYEKUNLE

AYENI HAMMED ADEBAYO

AYENI LARA EVELYN

AYENI OLUSHOLA ENIOLA

AYENI TUNDE EMMANUEL

AYEOLA MOSUNMOLA

AYETE SAMUNI NUT CICS LTD.

AYILARA ABDULQAYYUM

AYINDE LATI ANTHONIA

AYINLA AKOKO

AYITA OLUWAFISAYO STEPHEN

AYO BAKARE

AYO OYEOKA

AYO SUNDAY

AYOADE BASHIRU ADESHINA

AYOADE IDRIS ADEGBOYEGA

AYOADE KUDIRAT

AYOBOLU IBRAHIM

AYODABO ESTHER OLATUTU

AYODEJI UMAR

AYODELE ADEKUNLE BISIRIYU

AYODELE BOLA AKOMOLAFE

AYODELE GAFAR

AYODELE NIYI JULIUS

AYODELE OLUFEMI ADEYEMI

AYODELE-ESHO OLUWANIFEMI OLUWAMAYODE

AYOKA MUSA

AYOKO ESTHER

AYOKUNLE ADAUTIN KUNLE

AYOKUNLE ADAUTIN KUNLE F.

AYOMIDE AFOLAKE QUEEN

AYOOLA ADENIJI ABAYOMI

AYOOLA MODUPE AMUDAT

AYORINDE BEN JOHNSON

AYORINDE IYABEJI

AYORINDE MORENIKE A JOKE OMOTUNDE

AYORINDE OLUWATOYIN PEJU

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BELLO AISHA OLUFUNMILOLA

BELLO AISHAT A JIBOLA

BELLO AISHAT OLABISI

BELLO AISHIATU

BELLO ALANI ISAU

BELLO AZIZA

BELLO BABATUNDE

BELLO BISI

BELLO DANLADI

BELLO ESTHER

BELLO GARBA ABUBAKAR

BELLO MARIAM OLAMIDE

BELLO MOMODU

BELLO OLADIPO RASHEED

BELLO ONI

BELLO OSEREMEN BLESSING

BELLO RASAK OLALEKAN

BELLO RASAQ OLADIPUPO

BELLO RAUF JNR

BELLO SAKIRU OLALEKAN

BELLO UMARU

BELLO USMAN

BELLO USMAN MBULAMA

BEM FAISAL

BEMA DAMILOLA

BENARD OCHELLE

BENARDINE DANIEL

BENIE DANASABE

BENITO MAC CHUKS

BEN-IWU PRINCESS

BENJAMIN IYENGE

BENJAMINE OLUKAYODE

BEN-JOHNSON DANBAKI

BENNY FOLARIN

BENSON A JAYI

BENSON-OGUNSIPE ADERONKE

BENSON-OGUNSIPE ADERONKE ADEBISI

BEN-UZOM NGOZI CALISTER

BEN-WHYTE RICHARD

BENZOE SARAH OLUWAYEMISI

BERCKLEY JOHN BILARY

BERCKLEY JOHN DANBALA

BERNARD EYO

BERNARD UTULU

BERNARDIN BUBA

BESONG DANIELA

BESONG ERIC NDOMA

BETTY OBAYILO

BFCL INVESTMENT A/C

BIAYE DAVIES

BIBI JALIJ

BIDMOS MUSLIH

BIENOSE JOHN

BIKO OLA

BILAL JAMAL

BILAL SHASMECKA

BILIKISU DANJUMA MOHAMMED

BILIKISU DANJUMA MOHAMMED U

BIMPE NGWUNZE

BINDO BIOSE

BINDO BIOSE R

BINI DANJUMA

BIRTUS DANLADI

BIRTUS TAIWO

BISHOPTON ABIMBOLA ALAKE

BISIOLU RAMOTA ADUKE

BITRUS BLESSING YOHANNA

BITRUS GRACE YOHANNA

BITRUS SAMUEL NINYIO

BITRUS SILAS

BLEMOD VENTURES

BLESSING ANYA

BLESSING DANLADI

BLESSING EMELE

BODE DANLADI

BODE HASIM

BOLABIRINWA OLUWAYEMI IBIDUN

BOLADALE AMIRAT IDERAOLUWA

AYOWOLE FOLASHADE

AYOYEMI ISHOLA JAMES

AYUBA ESTHER

AZAINO EFE UZEZI

AZAKA AUGUSTINA UCHE

AZAKA CYNTHIA

AZARE DADA

AZEEZ ABDULWAHID ATANDA

AZEEZ ADIJAT KUBURAT

AZEGBEOBOR DADA

AZI SHOAGA

AZIBATOR DARLINGTON

AZIE UCHE AGATHA

AZIKE CHERY ADANMA

AZIKE MONICA AMONOMAH

AZIM HAZIM

AZIM SAFIYA

AZIZ HASSAN

AZIZ SAIDAH ABIKE

AZIZA HUSSAIN

AZODE NNAGOZIE GABRIEL

AZODE STELLA ADANNA

AZRA HUSSEIN

AZUAMAIRO CHIDOZIE

AZUAMARIO CHIDOZIE GODWIN

AZUBUIKE JUSTIN

AZUH DAFE DAFE

AZUH GERALDINE

AZUH MATHEW SOCHUKWUDI

AZUKA GIDEON

AZUKA MEZEYI JONATHAN

BAAKO FARAT

BABA KABIRU

BABA-AGBA FELICIA O.

BABADE-BABATUNDE AFOLAKE

BABAFUNMITO KUNLE PETER

BABAFUNMITO KUNLE PETER H.

BABAGANA FATIMA

BABALOLA BUKOLA MARY

BABALOLA DEBORAH T.

BABALOLA KOLA (CHIEF)

BABALOLA THOMAS OYEBAMIJI

BABALOLA YINKA SUNDAY

BABAS SAMUEL INBIGE

BABASOLA ADAMS

BABATUNDE FAITH ADERINSOLA

BABATUNDE OKERE

BABATUNDE OLUWASEUN GLENN

BABATUNDE SOYEMI

BABAWALE SAMSON BIBITAYO OLUFEMI

BABBA HASSAN USMAN

BABI DAFEGHA

BABS KUFEJI OLUFUNKE AGBEKE

BABSON ASSIAK

BABTUNDE BELLO

BACK FLATS CONCEPTS

BACKRY OLUWAKEMI RASIDAT

BADA BABATUNDE YUSUF

BADA OLAWALE IDRIS

BADA SUNDAY

BADA YEMI

BADEJO EMORHIE

BADEJO OLATUNJI

BADEJO OLUBUKOLA

BADEMOSI FADEKE

BADMUS OLUSHOLA MICHAEL

BAIYESHEA OLUMUYIWA TOLA

BAIYEWU OLUFEYIKEMI

BA JOWA ADEDOTUN AYODEJI

BA JULAIYE LEORNARD

BAKARE ADEWALE RASEED

BAKARE AFIS OLALEKAN

BAKARE ALI

BAKARE BENJAMIN

BAKARE FADEKEMI GANIAT

BAKARE KINGLSEY

BAKARE MAGNUS

BAKARE MUSTAPHA OLOLADE ADETUNJI

BAKARE OLANREWAJU

BAKARE OLUFEMI OTUNBA

BAKARE OREFALE

BALA SUNDAY

BALARABA JUDE

BALARABE MARY

BALAT KADUNA

BALDWIN-OKOLI NWAMAKA GLORIA

BALLA JOHNNY

BALLA JOHNNY O.

BALOGUN ADEBAYO JOHNSON

BALOGUN AWUDU

BALOGUN OLAYINKA DELE

BALOGUN OLUSHOLA SHERIFAT

BALOGUN OLUWASEGUN

BALOGUN PATIENCE

BAMA DAGGASH

BAMBI UCHE

BAMGBOSE FELIX TAIWO

BAMIDELE HAROUN

BAMIDELE OLATAWURA

BAMMODU RONKE MORENIKE

BAMODU ODUNAYO OLUTOMI

BANAN IDRIS

BANIGU PRECIOUS

BANIRE DAGOGO

BANJI SUNBO GLORY

BANJO BANJOKO

BANKOLE ISIAKA

BANKOLE KAZEEM OLALEKAN

BANKOLE OLURANTI

BANNUA JANET

BANRE DAGOGO

BAPPA TAIYE

BARAKAH IMAM

BARAU PEJU

BARIRA YUNUSA OMAR

BARKO DINCI IFEANYI

BARU BELLO IBRAHIM

BARU HAFSAT IBRAHIM

BARU HALIMA IBRAHIM

BARU IBRAHIM

BARU LUQMAN IBRAHIM

BARU ZAINAB BELLO

BASHIR HARUNA

BASHIR JABIR

BASHIR SAIDI BIMPE

BASHIRU DAHIRU

BASHORUN ABIMBOLA ADIJAT

BASHORUN TUNDE FATAI

BASIL ADEREMI

BASIL DAKUM

BASIL DALHOTU

BASIM FRIDAY

BASIM JALEEL

BASIMAH JALEN

BASSEY AFFIONG BOKIME

BASSEY BASSEY JAMES

BASSEY N. TOYIN

BASSEY NKEREUWEM EFIONG

BASSEY REGINARD

BASSEY ULAN

BATETSONE WARITSE NIG LTD HAMILTON

ORITSEWEYIMI

BATUBO TONYE BAGSHAW

BATURE PETER FRANK

BAWA EMMANUEL GIMBA

BAWALA MONSUR OBAFEMI

BAWALA ZAINAB

BAYO AKERELE

BAYO FADIL

BAYO OLAWALE

BAYOKO JADEED

BAYOKO JADEED P

BEITA ISREAL

BEITA ISREAL Q

BEJI ROLAND AFIGHODARI OPUEGEN

BELEMA JANE

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CHRISTA ETOP

CHRISTIAN ASSOCIATION OF NIGERIA

CHRISTY THEOPHILUS

CHUKA AHAMAD

CHUKA DIWA

CHUKE DANIEL

CHUKS MAC BENITO

CHUKWU COLLINS OGBONNA

CHUKWU EMMANUEL VINTUS

CHUKWU GEORGE NDUBUISI

CHUKWU GOLD

CHUKWU ICHEN

CHUKWU NDUBUISI STANLEY

CHUKWU NGOZI OLUCHI

CHUKWU NKEM

CHUKWUBUIKEM HARUNA

CHUKWUDI AUSTINE AMAECHI

CHUKWUDI SAMUEL CHIDIEBERE

CHUKWUDIKE Q.

CHUKWUDIKE PRINCESS

CHUKWUDINMA NZUBE MELVIN

CHUKWUDUM JOHN OGBONNA

CHUKWUEMEKA SAMUEL

CHUKWUGBO FRANKLIN AZUBIKE

CHUKWUJEKWU COLLINS FRIDAY

CHUKWUJIMBE EJIKE ANTHONY

CHUKWUJINDU DEBORA

CHUKWUKA AZUBUIKE NWACHUKWU

CHUKWUMA BENEDICT

CHUKWUMA CHRIS ONYEJEKWE

CHUKWUMA ECHEZONACHUKWU

CHUKWUDUBEM

CHUKWUMA EWELE LUCKY

CHUKWUMA JANE

CHUKWUMA MABEL NKIRUKA

CHUKWUMA OGECHI

CHUKWUMA SOWANDE KENNETH

CHUKWUNEKE JOY AKA

CHUKWURAH OKEY

CHUKWUZUEBULE WALTER C

CHUWA PRINCEWILL

CHUWA WILL S.

CIROMA ABDULLAHI MBALALA

CLARA UCHE

CLIFORD DEBORAH

C-MBA DARAMOLA

COAKMAG INVESTMENT LTD

COCOBASSEY EKPOANWAN ENETIE

COLE AGBEKE

DANIEL SEZUO SAMSON

DANIELA OMOLAYO

DANJUMA CHIBUEZE

DANJUMA EMMANUEL

DANJUMA ISIAKA-SULE

DANJUMA JINOBI

DANLADI BOLANLE

DANLADI CHUKUDI

DANLADI MARVELLOUS

DANLAMI WUNMI

DANMUSA GONTO

DANMUSA GONTO M

DAN-MUSA IDRIS GAMBO

DAN-MUSA JAMILA GAMBO

DAN-MUSA NAFISAT GAMBO

DANSADAIJ UBOHO

DANSADAIJ UBOHO Y

DANSANI MSHELIA

DAPE LIVINGSTONE

DARAMOLA AFOLAKE

DARAMOLA FABIAN

DARAMOLA IMRAN

DARAMOLA LEWIS

DARE ABAYOMI JOSEPH

DARE AKINGBOLA WILSON

DAREN FARID

DARODA ALIYU SANI

DAVID DANON AKOTEGNON

DAVID EBERE ONYEJE

BOLA JI ABIODUN OLUWAKEMI

BOLA JI DANLAMI

BOLA JI KAMIL

BOLA JI SAMUEL OLUFEMI

BOLANLE KARIM

BOLARIN DAPO MOSES

BOLARIN MONILOLA MARY

BOLARIN WALE JOHN

BOLARINWA FUNMI

BOLARINWA OLUFELA OLAIYA

BOLARINWA SALISU

BOLARINWA SALISU U.

BOLATITO GIWA

BOMA DEDE

BONNY TAMMY

BORO ERNEST

BORO ERNEST T.

BORO MARK STANLEY

BORO MARK STANLEY .J

BORODO BORO

BORODO BORO V.

BOSE COKER

BOSE OLUWALE

BOSEDE VAUGHAN

BOYEDE BOLARIN

BRAITHWAITE OLUWAFUNMILAYO ADERONKE

BRAITHWAITE OLUWASEMILOGO ADEKUNBI

BRAITHWAITE OREOLUWATOMI ADEMIDE

BRALIZE TAMMY

BREDAN EGREGOR

BRIGGS INNE

BROKA ONOYOVBERE

BROWN IBIFUBARA

BUBA HASSAN

BUBA JUMMA

BUHARI DAPE

BUHARI OLUREMI

BUHARI SHITTU

BUHARI SOLOMON

BUKAR UCHE

BUKOLA BABACJI

BUKOYE BUKOLA RISQAUT

BUKUAGHANGIN UTIBE N.

BUKUGHANGIN UTIBE

BUKUNMI REMI ANDREW

BUNGWON PRECIOUS

BUNMI WRIGHT

BURAIMOH RASAKI

BURHAN JIBRIL

BURNAN SI BONGILE

BURUBOYEFE SUOKUMO CLEMENT

BURUBOYERE

BUSARI GANIYU ALADE

BUSARI RAIFU OLADELE

BUSARI UCHENNA

BUSOLA AYENI

BUTA DOGO

BUYAN EZRA

BUYINYIN ISA

BUYINYIN ISA X.

BWALA DAUDA GARBA

BYOMA BAKER E.

CALA KADIN

CALE EIUBORN

CANICE UZEME

CANTARA KAEZIR

CAPAS NOMINEE "MAO”

CAREW BABATUNDE

CARLTON TARI

CARNA KALE

CECILIA OZEMWA

CELESTINA EDWIN

CELESTINA OSADEBE

CEMAL KALID

CEMAL SITEMBIKE

CHAMA SIMON HASSAN

CHAPPI DORCAS

CHARITY ARIBA

CHARLLY EMMANUEL EMMANUEL

CHI OKAFOR

CHIAMAH OGOCHUKWU ROSEMARY

CHIBUIKE ISSAC JOHN

CHIBUIKE UZOMAKA

CHIBUNDU FRIDAY

CHIBUZO DARAMOLA

CHIDIKAONYE PKWECHIE

CHIDIKAONYE PKWECHIE N

CHIDINDU LOIUS

CHIDIOGO BOLADE

CHIE MARCELLINUS IFEANYI

CHIEKE GRACE

CHIELO JOHN

CHIGBOGU LOTANNA JAMES

CHIGBUZO ABBA

CHIJINDU IVAN CHUKWUKA

CHIJIOKE AGBELE

CHIJIOKE BRYAN

CHIJIOKE CLEMENT

CHIJIOKE JOSEPHINE

CHIJIOKE JOSEPHINE V

CHIJIOKE MACPETERS

CHIJIOKE MACPETERS S

CHIJUKA DARAMOLA

CHIKA CHIJIOKE ANDREW

CHIKA CHIJIOKE ANDREW A

CHIKATARA RUTH

CHIKE ARIYU

CHIKE UCHE

CHIKELUBA UGOCHUKWU

CHIKEZIE MADU AUGUSTINE

CHIKEZIE OGECHI

CHIKWELU CHETA

CHILAKA CHUKA THOMAS

CHILAKA CHUKA THOMAS B

CHILAKA CHUKA WILFRED

CHILAKA CHUKA WILFRED N

CHILAKA DOGO

CHILAKA DOGO P

CHIMA ABBA

CHIMA MAC-COLLINS

CHIMA WILLIAMS IHKEKE

CHIMADU DAREN

CHIMADU ENITAN

CHIMAOBI NELLY UNWANA

CHIMASON YUSUF

CHIMBO IBEZIMAKO

CHIMGOZIM PATRICK

CHIMGOZIM PATRICK R

CHINAKA ABEL CHINAKA

CHINAKA EDNA NDIDI

CHINAKA PRINCESS

CHINAKA ROSEMARY

CHINASAOKWU EREGE

CHINEDU ADIM FRANCIS

CHINEDU OGOM

CHINEDU ONWUEGBULE

CHINELU AMOS

CHINEMELUM UGOCHUKWU CHUKWUEMEKA

CHINENYE AMAECHI URSLLA

CHINOKO FAHD

CHINONSO STEPHEN IHEANACHO C

CHINWE ESEZOBOR

CHINWE ESEZOBOR P

CHINWEUB ANTHONY OBINNA

CHINWUBA COSMOS ARINZE

CHIROMA AMINAH

CHIROMA DANSANI

CHIROMA DANSANI Z

CHISOM BABALOLA

CHIZIMDU ESEZOBOR

CHIZOBA JENEVIVE IFEYINWA

CHIZOBA KENNETH JOHNBOSCO

CHIZOBA MARTHA EZINNE

CHIZOBA PHILOMENA

CHIZOBA PHILOMENA N

CHIZOBA VICTOR IKENNA

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EBUN GATTA

ECAD MARJANI

ECHEFU RASHIDA

ECHEMA CHUKWUDI

ECHEUMUNA ANTHONY

ECHIEGU NWANKWO

ECHINA FELIX OLELE

EDAH OGBONNIA

EDAH PETER

EDDEH DALLAS

EDDEH DALLAS D.

EDEANI RUNAKO

EDEBOR SAFIYA

EDEGBE OSAS FELICIA

EDEH JACKSON

EDEKUNU ISAAC OGHENEWATA

EDEM JACKSON A.

EDEM OLAITAN

EDEM SAMUEL EFFIOM

EDEOGHON GABRIEL

EDESIRI SATOPE

EDESIRI SATOPE I.

EDET ADAMS

EDET JOAN AISHATU

EDET LEONARD A.

EDET ROSE

EDET TUNDE

EDETAN DELIGHT PEACE

EDETAN MARVELLOUS OLUWASEMILORE

EDI D. JOHN

EDIGWE BLESSING OGHALE

EDI-OSAGIE SIDNEY IFEANYI

EDOGAME RITA SENUMA

EDOH ONYECHE CATHERINE

EDOHO EDOHO MFON

EDOHO JENNIFER EMMMANUEL

EDOHO JOY EDOHO

EDOSA FRIDAY OKPOKOR

EDOSA SUKUTAI

EDOSUYI FARA JI

EDREMODA EDITH OMAYEULI

EDU JERRY

EDU JERRY W

EDU SALILAH

EDUMELE JOSEPH ODOKO

EDUN OLUWATOSIN GRACE

EDUN OMOTAYO GEORGE

EDUNO CLEMENT

EDUNO CLEMENT E

EDUOK SALIM

EDWARD OLA JIDE O.

EDWARDS ADEBIYI ADEREMI

EDWIN PAUL CHIBUIHE

EEVNAS BEAUTY SALOONS LTD

EFE GODSPOWER EVI

EFE SULAIMAN

EFEMINI SAMUEL

EFEWAPE MOBOLA JI

EFFA ESU OTU

EFFI DERENICK

EFFIOM FELIX EFFIOM OKON

EFFIONG ASUKWO

EFFIONG ESSIEN GLORIA

EFFIONG MFIONISO ADOLF

EFFIONG MUKHTAR

EFFIONG TABANSI

EFFONG JOY AGNES

EFOBI EKENE ANTHONY

EFOSA PROSPER OSAREME

EFOSA PROSPER OSAREME K.

EFU EMMANUEL

EFUWAPE TITILAYO J

EGAUHON MAIZAH

EGBE SIBONGILE

EGBEDI ANTHONIA

EGBEDI ROY

EGBEKU BENIAH

EGBEKU HELEN SIM

DAVID EBERE ONYEJE

DAVID ELIZABETH (REV)

DAVID ELIZABETH SUNDAY

DAVID GRACE

DAVID JIMMY FEMI

DAVID KAYODE

DAVID NWOKO

DAVID ODUNAYO OLARINDE

DAVID OLUJI

DAVID OLUSANYA

DAVID USMAN

DAVIDSON ORIGA BIBI

DAVID-WEST BANIGO

DAVIES ADEMOLA B

DAVIES AYI

DAVIES BABA JIDE A

DAVIES OWOLABI

DAVIES PAULINUS

DAWA FALANA

DAWODU OLUWOLE HEZEKIAH

DEBORA OKOOBA

DEBORAH DAUDA

DEBORAH GHASSAN

DEBORAH O.SIMON

DEEKAE OKWABE NWIBEKE NGOZI

DEHINBO ADEMOLA NURUDEEN

DEHUNIGBO OMOTAYO TEMITOPE

DEJE ABASS ABASS

DEJI BALA

DELE AYIO

DELE-GIWA OLUFUNMILAYO

DELUWA BIJIMI

DEMOLADE OLALUDE

DEREFAKE BLISS

DE-REGAL& ASSOCIATES LTD . .

DERIRAN KETURAH EROURE

DESMOND TUTU

DE-ULTIMATE STARS NIG LTD

DIANABASI STEPHEN

DIANABASI STEPHEN A

DIBIA AMA SAMUEL

DIBIA JUDE ISIOMA

DICKSON BOLADE

DICKSON FELIX

DICKSON OLUFUNMILOLA HELEN

DICKSON THOMAS FRIDAY

DIKE AFOMA ANN

DIKE CHUKWU

DIKEOCHA KALU

DIKEOGU DOUGLASS

DIKOBA NIGERIA

DILLUM VICTOR

DILLUM VICTOR A

DIM OKORIE

DIMKA ABDU

DIMKA AISHA

DIPE COMFORT ABOSEDE

DIPEOLU CHIBUIKE STAN

DIRRAN KAMAL

DISU ABDUL LATEEF

DITTIMI OTAGHOGHO

DIVINE SULEIMAN

DIYA CHUTA

DOGARA SOLONYE

DOGONDAJI AHMED SHEHU

DOLBIB NIGERIA LIMITED

DOMINIC MERCY JOSEPH

DONALD AKHUETIEM

DONALD FRIDAY

DOPEMU ADERINSOLA ADESOLA

DORA OKORIE

DORA OLANDO

DORGU CLARINA

DORKA COMFORT

DORKA COMFORT E

DOROTHY IDEMUDIA

DOSHIMA JOLLY

DOSUNMU GBENGA SIMEON

DOTUN KOYIN

DOTUN OLUGBODI

DOTUN PATRICK

DRAMBI TIZHE

DREAMLAND GLOBAL ASSETS LTD

DUBA COLLINS

DUBEM STEPHEN

DUDU MARGRET AGBAMIRONARA

DUKE MARYANU

DUKU EMMANUEL UDUMEBRAYE

DUMDE ELECHUKWU

DUNG KANGYANG DAYOU

DUNIYA CLINTON BIVAN

DUNIYA KENEDY BOBAI

DUNIYA MARTIN LUTHER KUYET

DUNIYA NELSON ZAKI

DUPE ABAMU

DUREKE IFEKA ANSLEM

DURODOYE RASHEED .A.

DUROJAIYE HAMZAT OLATUNJI

DUROJAIYE RASHEED

DUROTOLUWA ADEOLA OMOLOBA

DUROTOYE OLUSOLA

DUROTOYE OPEYEMI

DUROTOYE OPEYEMI

DURUAKU IJEOMA QUENETH

DURUNWOKEDI EMEKA HOPE

DUWA AUTA

E.C.P. GROUP

EARNEST TIMI

EBATA BENJAMIN

EBATA CHRISTOPHER

EBATA DOMINIC

EBATA DONATUS

EBATA FIDELIX

EBATA GIDEON

EBATA MACEL

EBATA MATTHEW

EBATA ROBERT

EBATA ROSEMARY

EBATA SOLOMON

EBEK PRINCE ASUKWO

EBELE AKPOBOME

EBENGE MARTIN

EBENGE MARTIN B.

EBEOGU CHIOMA EBELECHUKWU

EBERE AWULO

EBERE GLORY

EBERECHI EKENE

EBERECHI EKENE N.

EBHODAGHE TEGA IMHANDE

EBHOHON FEDINARD

EBHOHON FELIX

EBHOHON MAGNUS

EBHOHON PETER

EBHOHON SAMUEL

EBHOHON STANLEY

EBHOHON STEPHEN

EBHOHON VICTORIA

EBIBI SANDRA

EBIBI SANDRA C.

EBINUM DANIEL CHUKWU-YENUM

EBINUM DAVID ONYEKA-CHUKWU

EBINUM JOY AWURI

EBIOLADE RAYGIN

EBOH AHMED

EBOH ORITSEWENYIMI MICHAEL

EBOJI JUDE OKEBUNOR

EBOJIE KENNEDY

EBOJIE NEVISMONT MONDAY

EBOLOSUE CHUKWUMA HECTOR

EBRAHIM KAMIL

EBRAHIM SULAIMAN

EBRUSIKE OGHENETEGA

EBU UCHE STELLA

EBUBECHUKWU RAZI

EBUKA ABUBAKAR

EBUKA ABUBAKAR A.

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GEORGE AYORINDE ABIODUNRINDE

GEORGE GEORGE JOHN

GEORGE GEORGINA WEIGETUMBRA

GEORGE GRACE ALAERE

GEORGE HARRY

GEORGE ODODO

GEORGE TOYIN EBI

GEORGE-AHIRU GBOYINDE

GEORGEWILL BRIDGET

GEORGEWILL BUKOLA

GIMBA HARUNA AYUBA

GISANRIN OLUWATOSIN

GISANRIN ROBERT

GIWA ADAMSON

GIWA MORILIATU IYABO

GIWA MOTOLANI OLASUNKANMI

GIWA RAIMOT

GIWA-OSAGIE RHODA ESOSA

GLADYS JOSEPH

GLOBAL ASSET MGT. LTD-TRADED-STOCK-A/C

GLORY OHIOMAH NERILAGHABOFA

GODONU SOYINDE ALBERT

GODSWILL KAYODE

GODSWILL NWIGWE OLAWREWAJU

GODWIN OBIAGELI

GODWIN OKECHUKWU KELVIN

GOERGE MOPESOLA

GOMINA CHIDUME

GONI SERIKI

GONI SERIKI P

GORIOLA MOLAKE

GRACE OBENDE BOSE 2

GRACE OSAMUDIAME

GRANT PHILLIPS

GREGORY-UBIGEN NOSA FYONNA

GUASO MOSES MUSTAPHA

GUMBI JAIWO

GUMBI TAIWO R

GUSEN KENNETH

GUSEN KENNETH B

GWAZU OLALEYE

GWOM DEREFAKE

GYANG MANCHA PETER

HABEEB AZUKA

HABIB ADE

HADOME NGOZI

HAIGBE OKON

HALILU IJEOMA LEWISIK

HALILULAHI FARUK

HALIM FARUK OLUWATIMILEHIN

HALIM FATIMA OLUWADAMILOLA

HALIMA ALAO

HALIMA PHILOMENA

HALIMAT EMEKA

HAMEED MARTINA

HAMID GANIU BABATUNDE

HAMMED SHAHEED

HAMMED SHAHEED D

HAMZA SHEHU

HAMZAT OLASUNKANMI TAOFFET

HANDEL YEMI

HARBOR CHUKWUEMEKA LLOYD

HARRIS FUNMI

HARRISON IBINGIBO IBIFURO

HARRY OYINLOLA

HART CHRISTINE

HARU IBRAHIM

HARU IBRAHIM W

HARUNA MOHAMMED

HARUNA NUMMI

HARUNA NUMMI N

HARUNA SARUMI

HARUNA T WAZIRI

HASHIM ADEOLA MUTIU

HASSAN CHUWA

HASSAN CHUWA G

HASSAN DAVID

HASSAN EMMANUEL

HASSAN KAYODE RAHEEM

HASSAN LAWAL JUMMIA

HASSAN LAWAL JUMMIA N

HASSAN MOHAMMED NUHU

HASSAN OLADIMEJI

HASSAN SHERRY OLASUMBO

HASSANAT SWEET

HENRY TOLULOPE

HENSHAW CHINONYE

HILARY HENRY

HUGH ALLI

HUSSANI STEVE

HYACINTH SAOLA

IBAMA PHILIPS

IBAMA PHILIPS W.

IBANGA DANIEL MOSES

IBANGA EKERETTE BERNARD

IBANGA IBANGA GLORY

IBANGA IBANGA GLORY Q.

IBANGA IFEOMA

IBE ETTE

IBE JULIUS

IBE UCHE CHRISTIAN

IBEGBULEM CHRISTOPHER

IBEGBULEM CHRISTOPHER B.

IBEH FRANCIS ONYEMAEME

IBEH LOUIS MADUABUCHI

IBEKWE ABAZU

IBEKWE ANGELA OSITA

IBEKWE COLLINS OKWCHUKWU

IBEKWE COLLINS OKWCHUKWU

IBEKWE DANIEL DIKE

IBEKWE IBRAHIM

IBEME INEMESIT

IBEME INEMESIT X.

IBENEZI CHIKA THEOPHILUS

IBEREDEM STANLEY

IBEREDEM STANLEY M

IBESON CATHERINE AMAECHI

IBEZIAKO JOYCE UGOCHI

IBEZIM JOHN OKEY

IBIANG LOYOE NWANKE

IBIDAPO GBADEBO

IBIFUBARA CHIDI RAYMOND

IBIFUBARA CHIDI RAYMOND W.

IBIGBAMI ADENIKE MODUPE

IBIKUNLE ISAAC FOLORUNSHO

IBITOYE AREMU OLANREWAJU

IBITOYE OKONGWU

IBITOYE SAMUEL OLUSEGUN

IBIWOYE ABIGAIL ADESOLAPE

IBIWOYE JOSEPHKING AYOMIDE

IBIWOYE SAMUELKING MAKINDE

IBIYEMI OLAWEPO

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ILOLAWOLE OLADIMEJI

ILORI ISAAC BABATUNDE

ILORI KUBURAT TOPE

ILORI SIMBI A JOKE

IMAAH JUBRIL

IMAAH JUBRIL J.

IMADOJEMU VIVIAN

IMAEKHAI OSHOBUGIE EMMANUEL

IMAFIDON FRANCISCA E.

IMAGHODOR BERNICE AMASIHOHU

IMANE (DISTRICT) DEVELOPMENT UNION

IME BASSEY COLLINS

IME BASSEY COLLINS P

IMEH VICTORIA

IMEKA FAITH

IMEKA FAITH C

IMEKA MIRACLE

IMEKA MIRACLE X

IMEKA NGOZIKA

IMEKA NGOZIKA V

IMEMA KENNETH

IMOH JEREMIAH

IMOH JEREMIAH R

IMOSEMI DONALD OREOSE

INAM ABAKASANGA JAMES

INAMETE MAYEN ISAAC

INCHI BALARABE

INEGBENOSUN AUGUSTINE

INEH ANITA I.

INEH CHIAMAKA IGUGU

INEH CHUKWUMA D.

INEH DAVID

INEH EMEKA

INEH ESTHER IYABO

INEH IFEOMA

INEH ISIOMA

INEH MARTHA

INEH PETER

INHERITABLE WEAITH INVESTMENT LTD

INIABASI STANLEY

INIABASI STANLEY F

INIBEH UKIRU UFOT

INIBEHE UKIRI UFOT X.

INNOCENT EBELEBE

INTERNATIONAL BUSINESS SOLUTION LIMITED

INYANG IBOROABASI RICHARD

INYANG IDONGESIT ETIM

IORZUA ALPHA TERLUMUN

IQUO CHUKWUNEYE

IRABOR JOHN

IRABOR PATRICK

IRABOR SIMON

IREDIA EVBARUESE EDITH

IRIOGBE EMMANUEL EHIMARE

IRIS TRADING & INVESTMENTS LTD

IRIVWOTU GABRIEL EVUEVWIE

IROAKAZI GODWIN UGOCHUKWU

IRUENE ELFRIDA OKORIKA

IRUNOKHAI BRIGHT EGHIEBADE

ISA LADU ADEJO

ISA NWOKORO

ISA SAAMSUDDEN

ISA SAAMSUDDEN E

ISAAC BAYOWA

ISAAC ISAAC CHIGOZIE

ISAAC WERUCHE

ISAH ABDULLAHI

ISAH ADEJOH

ISAH SULEIMAN

ISAHWOZE ELO EUGENIA

ISEBENI OBARO MARTINS

ISEMIN IME JAMES

ISERHIENRHIEN ALFRED EMWANTA

ISHEMUHI PRECIOUS BOSEDE

ISHIEKWENE OBI RICHARD

ISHOLA MODUPE BLESSING

ISIAKA LUQMAN OMOTOSHO

ISIAKPERE BEAUTY ODEWANURE

IDOWU OLUWATOBI

IDOWU OLUWATONI

IDOWU OLUWATOSIN

IDOWU ORINAYO

IDOWU OYINDAMOLA

IDOWU RAMOTA

IDOWU SOARES

IDOWU TARA

IDOWU VICTORIA TEMILOLA

IDRIS OMODUNNI

IDRIS YAKUBU

IFEANYI - OKORO SYLVIA NECHI

IFEANYI OKAFOR

IFEANYI ROSE O

IFECHUKWU DARE

IFECHUKWU STEPHEN A.

IFEDAYO AKINLA

IFEDIORA CHUKWUNONSO

IFEKPOLUGO FADIJI

IFEKPOLUGO FADIJI E.

IFENNA DONATUS EMEODI

IFEOMA AKPAN

IFEOMA ODUNARO

IFETAYO JUMOKE ELIZABETH

IFEZUE CHIJIOKE OGOCHUKWU

IFEZUE SOPHIA ANGEL

IFEZUE ZANE YORAM CHUKWUEMEKA

IFIDI IKE

IFIDI IKE R.

IFIOK EKPA PETER

IFY KENNEDY

IGALAWUYE CHARLES ONYEKA

IGBAMOSUN LAZS TANEMOLA

IGBEGWU MICHAEL UCHECHUKWU OBADIAH

IGBEKA ONA JITE

IGBEKOYI AKINYEMI GODWIN

IGBENG BENJAMIN DONATUS

IGBIKI NWAMAKA PHILOMENA

IGBINOVIA OGUGBUE

IGBO JUDE R.A.

IGBOEGBUNAM CHINYERE STELLA

IGBOEKWEZE OLUSOLA

IGBONEME MARK UCHENNA

IGBONUSI NNAMDI CHRISTIAN

IGBONUSI VICTOR

IGBOR VICTOR NINTOR

IGBUDU OREVAOGHENE GODSWILL

IGE A JOKE

IGE ANIKE

IGE ELIZABETH

IGE ESTHER

IGE LOLA

IGE OLAYINKA

IGE OLUFUNMILAYO

IGE OMOLADE PHILLIP

IGE OYINKANSOLA

IGHALO DAVID

IGHEBUIKE OBINNA CHARLES

IGHIWIYISI EKI

IGHO EFE PHILIPS

IGHODALO E.O.CHRISTOPHER

IGNATIUS OKWUTE

IGOLO A PETERSON

IGUE EHI FEDELIS

IGUNBOR-OZOH OFURE HILDA

IGWE ALEXANDER OLISEMEKA

IGWE CAROLINE UNANAYA

IGWEBIKE ANSELM NDIDI

IGWEBUIKE BIOSA

IGWEGBE FUNMILAYO

IGWEH A JA DENNIS

IGYANOR JOSEPH

IHEANACHO JOSEPH CHIMAMKPAM

IHEANAETU ABEL

IHEJIAGWA KENNETH CHIDI

IHEJIRIKA EMEKA MMADUABUCHUKWU

IHEKUNA KEVIN CHIDIEBERE

IHEMADU FAVOUR CHINOMSO

IHEMADU RITA CHISARA

IHETUGE GOODNESS NWADINMA

IHIME ALBERT

IHUNDA EZEKIEL

IHUNDA EZEKIEL E.

IHWIRO GIDEON NWAEZE

IIJEOMA OWUEGBULE

IJAGBUYIRO OFUASE

IJAOPO ISSAAC OJO

IJEOMA AGBASI

IJEOMA NWABUEZE JUSTICE

IJERE IJEOMA

IJOMA SANDRA ADAOBI

IKA TEGA

IKANDU GEORGEWILL UBANI

IKE AUGUSTINE C

IKE OKWUCHI

IKEAGU NNAMDI MICHEAL

IKEBEOTU EMEKA

IKEBUWA LUCKY

IKECHUKWU ANDREW

IKECHUKWU BLESSING

IKECHUKWU WILFRED U

IKECHUU BONAVACH OKWOMMA

IKEDIASHI JOSEPH CHUKS

IKEDINOBI ESTHER

IKEDINOBI ESTHER H

IKEDINOBI IKECHUKWUKA

IKEDINOBI IKECHUKWUKA F

IKEDINOBI UCHENDU

IKEDINOBI UCHENDU P

IKEDIOFOR SEGUN

IKEFUNA SAMUEL IKECHUKWU

IKEH CHINYERE

IKEH-UCHE RUBY

IKEH-UCHE UGOCHUKWU

IKELEGBE NSIDIGBE

IKELEGBE NSIDIGBE I

IKEM

IKENNA CORNELIUS

IKENNA GRACE

IKENNA KEMI

IKENNA SHOLA

IKEUBA LAWRENCE

IKHAYERE OMONEFE

IKHIMIOYA DOEGHOBONE ONOME

IKHIMIOYA EROMOSERE PRINCEWILL

IKHIMIOYA EZOMO

IKHIMIOYA OLOHIGBE GODGIFT

IKHIMIOYA OMOZUANUBO GEOFREY

IKINNA NOJI

IKO BUKOLA E

IKO ESTHER B

IKOGHO BENJAMIN F.

IKON NEHEMIAH

IKON NEHEMIAH E.

IKON PETER

IKON PETER Q.

IKONOH ABDULFATAI

IKORDEME INYANG

IKPA FRANKKY INALEGWU

IKPATI JOHN

IKPATT JOHN P.

IKPE CALLISTUS

IKPE JOEL

IKPE JOEL E

IKPEAMANZE AMAUCHE CHINYERE

IKPI EMMANUEL FRANCIS

IKPI IMOH FRANCIS

IKUJESIN MODUPEOLA OLUWASEYI

IKUOMENISAN BUKOLA

IKUSEBIALA BUSAYO

IKWU ANKELI DANIEL

IKWUEZE EUNICE NWANNEKA

ILEGBINIJIE EDITH LUCY

ILEKA OLAOYE

ILESO FELIX ADEOYE

ILOKA AMAKA PERPETUA

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KANYIN SALEH

KAREEM AMIN JUMBO

KARIMU JOHN ADE

KASA MOHAMMED

KASALI IKOCHUKWU

KASHORO FRANKLIN IBIKUNLE

KASI POLLYN

KASI POLLYN E.

KASIM ABIMBOLA OLAKUNLE

KASUMU JAMIYU OLOWOPEKUN-ESOO

KATE BULURO

KATE MOBO

KATUKA JEREMIAH YAKUBU

KATUKA JONATHAN YAKUBU

KATUKA YAKUBU THOMAS

KAYODE ABI MBOLA MICHAEL

KAYODE AZEEZ BOLA JI

KAYODE FESTUS

KAYODE FOLASHADE

KAYODE-MARK MATTHEW ORE- OFEOLUWA

KAZE PAUL DAVOU

KAZEEM ADEROJU

KAZEEM OLADAPO AHMED

KEHINDE ABIOLA TEMITOPE

KEHINDE A JOKE

KEHINDE BUKOLA

KEHINDE OGAGA

KEHINDE OLAYINKA

KEHINDE OLUDAYO OYELADE

KEJEH PHILIPS

KEJEH PHILIPS K

KELECHI AGWUOCHA

KELECHI EBOH

KELECHI SEDE

KELECHUKWU HENRY IKECHUKWU

KELEKUN ISHOLA

KELVIN TOPE

KEMAKOLAM ABDU

KEMIBEFUOJO STEVE G

KEMIBERUOJO STEVE

KEN OGU

KENNEDY JOHN

KETIKU KAYODE MICHAEL

KEWULERE YEMI

KEYE TOYIN

KEYE TOYIN V

KILANKO FIDELIS

KILANKO LAWI

KILANKO LAWI E

KINGDOM AIDED IDEAS LTD

KINGSLEY AKPASI

KINGSLEY LAI

KIRPSON OBINNA ODURUKWE

KOFFI LAWANI

KOFFI LAWANI J

KOKUMO FELIX OLUFEMI

KOLA AHMED

KOLAWOLE ABUDU

KOLAWOLE ADEKUNLE SUNDAY

KOLAWOLE TAWAKALITU MOJISOLA

KOLAWOLE-YUSUF OLAMIDE BUNMI

KOLEOSO ESTHER AGBOMOALU

KOLO ABIMBOLA OPEYEMI

KOMOLAFE OLUWAFEMI

KOMOLAFE RAPHAEL OLUWAFEMI

KOMONE ISAAC A JOKPOGENE

KONDO FARAI

KONIBIRE IYABO HANNAH

KORIPAMO WASIU

KOSOKO JUSTINA ABHOHIEN

KOSONI TIAMIYU

KOYEJO MUJITAFA

KPENOSEN CYRIL OMOJEVWE

KRANTZ PHARM & CHEMICAL LTD

KUFERABASI PATRICK

KUFRE JACOB F

KUFRE JACOBS

KUFREABASI PATRICK J

ISIBOR GODDIE ORHUE

ISIBOR OSAS ENDURANCE

ISICHEI DOROTHY

ISMAIL MACAULAY

ISOLA KOLAWOLE SILAS

ISOMEKE CHUDI A

ISOMKE CHUDI

ISONGUYO PATRICK

ISONGUYO PATRICK W

ISREAL OWOLABI OLATUNJI

ISYAKU MOHAMMED

ITODO EJIOFOR SHEDRACK

ITOHOWO ANIEBO

ITOHOWO ANIEBO J

ITORO SAMUEL BASSEY

ITORO SAMUEL BASSEY K

ITUEN NSIKAK ETIM

ITUMOH AMOBI NELSON

IVIENAGBOR AKPOSIBRUKE

IWANEFUN ISAAC

IWANEFUN ISAAC S.

IWAYANWU OLUKAYODE

IWEHA OBINWANNE ALOZIE

IWEJUA ONYEYECHI BLESSING

IWEKA CHIDUBEM ABATI

IWERE ABAYE

IWETAN ANIREJUORITSE JANE

IWO NEMI

IWOBI ADEBUKOLA

IWOK UBONG EDET

IWU FAITH

IWU IFEANYI ROGER

IWUAGWU SAMUEL CHUKWUKERE

IWUANYANWU OLUCHI SOPHIA

IWUCHUKWU UDEME

IWUCHUKWU UDEME O

IWUNO JACK

IWUNO JACK A

IWUOHA ADA AKUNNA

IWUOHA OLUCHUKWU J.

IWUOHA UZOMA KENNEDY

IYABODE GABRIEL

IYALEKHUE BRIGHT

IYEH ESTHER CHINYERE

IYEKEKPOLOR EMMANUEL OSAROSEMWEN

IYEN IYAMU

IYENGE BOOSHIMA

IYENGUMWENA ADESINA

IYIOKU ALLEN CHIDOZIE

IYO DANIEL

IYO DANIEL H

IZAMOJIE ITOHAN ESTHER

IZAMOJIE ONOMEN PAULINE

IZEDONMWEN REMI

IZEGAGBE BOSE AIJOHI

IZEJIOHA FRANCIS EMEKA

IZOEBONIYE FARORE

IZUAKOR MICHAEL CHIEDOZIE

IZUDIM ANTHONY CHUKWUDI

JABOR JAMES

JACK SOALA ABEL

JACKSON IFIOK AMOS

JACOB AWUGO

JACOB GEORGE

JACOB GEROGE O

JADEED ALOH

JADEED ALOH D

JADESOLA GLOBAL LINK LTD

JAGODA MICHAEL ANNA

JAGUN ADETUTU

JA JA CELESTINE NATHAN ROMEY

JA JA TAMUWOIBELEMA

JA JI SHAKI TOYIN

JA JI SHAKI TOYIN

JA JI SHAKIRAT OLUWATOYIN

JAKPA RICHARD EGUORITSE

JALE BALEWA

JAMES ADESHINA

JAMES CHRISTIANA

JAMES COLE BUKOLA RONKE

JAMES EDIDIONG GODWIN

JAMES KAYODE STEPHEN

JAMES NDUTIMI BEKETIRI

JAMES OGBENE GLADYS

JAMES PAUL ESENU

JAMES SABO

JAMES SUNDAY

JAMGBADI LAWAL

JATTO FATIMA

JAWANDO AYODELE

JEARIOGBE TUNDE SEGUN

JEGEDE ADEBAYO THOMAS S

JEGEDE OMOWUNMI ADIJAT

JEJE JIDE JACKSON

JEMERIGBE TEMITOPE KEHINDE

JENNY OGANAH

JEREMIAH CHUKA

JEREMIAH CHUKA B

JEROME BRIGGS

JHONNY EMEM LIFOT

JIBRIL MOHAMMED

JIDE OLANDIE

JIDE-JOHNSON OLUWAFUNMILAYO OLASUBOMI

JIDEOFOR EZEUGO SYLVESTER

JIDEOFOR JACKSON

JIDEOFOR JACKSON S

JIKA OGUNLEYE

JIMOH ABIODUN NURUDEEN

JIMOH ASHY

JIMOH BUHARI

JIMOH ENIOLA

JIMOH FALILAT AGBALAYA

JIMOH GBENGA

JIMOH MARY

JIMOH MARYAM

JOHNSON IGE OLUFUNMILAYO

JOHNSON IGE OLUSOLA

JOHNSON IGE OLUWOLE

JOHNSON IGE OMOBOLA

JOHNSON IGE OYINKANSOLA

JOHNSON IGE SAMUEL

JOHNSON IGE TEMITOPE

JOHNSON IGE TOBI

JOHNSON IGE WALE

JOHNSON NDUBUISI

JOHNSON UFUOMA ABOSEDE

JOHUA SHALL DAVID

JOKOTADE OPENIRO

JOKOTOYE OLAWAMIWA GILGA

JOLA JOHN

JOLAIYA JOHN JIDE

JOLAIYA OLUWATOYIN F.

JOLAIYA OLUWATOYIN FELICIA

JOLAOSHO RAMON OWOLABI

JOLAOSO AKINWANDE OLUSOLA

JONATHAN BAIYEKYSI

JONATHAN BANJOKO

JONES ADEGBOYE

JONSON IGE TOMI

JOSEPH CECILIA

JOSEPH CHUKWUEMEKA OGO

JOSEPH EMITAYO AGNES

JOSEPH FLORENCE

JOSEPH KOLADE

JOSEPH MARTINS

JOSEPH PATRICK

JOSEPH SINA ALABI

JOSHUA CHINWE

JOY ADEGBOLA

JOY JOHN

JUDE UDEH

JUDITH AWASAK

JULIA EKENE BOLARIN

JULIET NNAMDI

JULIUS FEMI JONATHAN

JULIUS MERCY

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MARTINS CHIOMA

MARTINS IYIOLA

MARTINS OLU IYIOLA

MARTINS UDOH

MARTINS YOMI IYIOLA

MARTINS ZOE IFUNANYACHUKWU

MARY AKRO

MARY ANN DAS

MARY EJEH

MARY LORA ADEH

MARY MARK

MARY OLUMUYIWA

MARYAM OHIOZE

MARYAN KALID

MASHAK HANS

MASHAK HANS D.

MATANA HARITH

MATHEW KAYODE OLALEKAN

MATHEW MODI

MATILUKO ADEBISI ADEBOJI GBOLAHAN

MATO ESSIEN NYAKWO

MATTHEW AIGBOGUN

MATTHEW NKIRU

MATTHEW OLUWATOYIN


MAYSA HIDI

MBA BOLA

MBA CHIBUZO COMFORT

MBA EMEKA

MBA FRANCIS

MBA GEORGE ONYEBUCHI

MBAEKWE BEATRICE CHIDERA

MBAEKWE DANIEL NWAFOR

MBAGWU TOCHUKWU VICTOR

MBAH KELECHI GODWIN

MBAH UZOCHUKWU SOLOMON

MBAKA MATHER MATHER

MBANA JA PAULINE CHIOMA

MBASOH HUMPHREY M

MBASOH HUMPREY NNODU

MBATA JERRY

MBATA OBI MARK

MBELEDE IFEYINWA

MBOTO BALOGUN

MBRUK FAITH

MBRUK FAITH Q.

MBUBA FOLASHADE

MBUK ESTHER

MBUK ESTHER F.

MBUK MBUK FELICIA

MBUK MBUK FELICIA T.

MCDONALD MAHA

MCMMANUEL BENITO

MEDUGBON MICHAEL MAYOMI

MEGBA ESROM IYANU

MEJURU REUBEN OSONDU

MEKWUNYE AUGUSTINE COLLINS

MEKWUNYE JUDITH EKPELE

MELA OLUCHI JULIANA

MELEKWE STEPHEN

MEMPHIS OLUSHOLA

MEN FORUM FAMILY MEETING

MEYANBE OLU ADEBISI

MGBEADICHIE OKE

MICHAEL ADEKUNLE

MICHAEL ISAAC KOLAWOLE

MICHAEL MUSA

MICHAEL SOLOMON

MICHEAL ELIZABETH IFEOLUWA

MIKE ENTERPRISES NIG

MIKE MADEE

MILLER BIODUN BODUNDE

MILLER LIVINUS CHIMEZIE

MILLION UBA

MINIMA APRIL ONYINYE

MIUNIRA KANENE

MKANG GEORGE

MKPA MARY

KUKU OYEMAKINDE

KULEPA OSARAGUE

KULEPA OSARAGUE S

KUMANE OGHENEVWAIRHE

KUPOLUYI RITA

KUTI COPPER

KUYE JOSEPH OLUWATIMILEHIN

KWASAU STEPHEN

LABARAN BENEDICT

LADAGU OLUWASEYE

LADAPO OLA JIDE

LADEJOBI OLORUNDARE

LADELE FAITH AYODEJI IFEOLUWA

LADIPO AYOMUKUN ESTHER

LADIPO CHARLES

LADOJA DELE

LAGOKE OMOLOLA

LAI SHOLOLA

LAIDE EBENEZER

LAMID HAKIM A JIBOLA

LAMIDI FATAI ARABA

LAMIDI OLASENI TAIWO

LANDE IJEOMA

LARA A JAO

LARY LAT EULOGE

LASISI LATEEF ABIDEMI

LATEEF OJOYE

LATEEF OLIGBO

LAURETTA USIADE

LAWAL ADAUTINI H

LAWAL ADEBANKE A JIBOLA

LAWAL ADEKOYA

LAWAL AGWANIHU

LAWAL AKINADE ASIMIYU

LAWAL FAGBILE

LAWAL HAKEEM ADEBAYO

LAWAL ISMAIL

LAWAL KABIR AYINDE

LAWAL KAFAYAT OLABISI

LAWAL KEHINDE

LAWAL LUKMAN ABAYOMI

LAWAL MORENIKE RUKAYAT

LAWAL NIMATALLAHI

LAWAL OLANIPEKUN

LAWAL OLATUNJI OWOLABI

LAWAL OLAYEMI JIMOH

LAWAL OLAYEMI SAKIRAT

LAWAL OLAYINKA MUHEEZ

LAWAL OLAYOLE WAHEED

LAWAL SAHEED ADEWALE

LAWAL-ADEBAYO RACHEAL

LAWAN AHMAD

LAWAN AISHATU

LAWAN AISHATU M.

LAWAN DANSANDA

LAWAN DANSANDA S.

LAWANSON JOHN WOLE

LAWASNSON AKINTUNDE

LAWRENCE BUNMI

LAWRENCE CHUKWUEMEKA

LAWRENCE EBUBECHUKWU LAWRENCE

LAWRENCE TUNDE

LAWRENCE UGOCHUKWU VICTOR

LAWSON VICTOR MENSAH

LEBARI STEPHEN

LEBARI STEPHEN F.

LEBI MARGARET OLUFUNMILAYO

LEGBO GRACE MAME

LEKAN LARABA

LEKAN OGUNKOYA

LELEPETERS MIRACLE VIRGINIA MINAWARI

LEPDUNG LOUIS GOLECK

LEWIS TAIWO

LIASU IKENNA

LILLY-TARIAH TELEMA MAGDALENE

LIMESHARE INVESTMENT LTD

LIMESHARE INVESTMENT LTD

LINDA DRATT

LINKINYO TAIWO OLUSOLA

LOTACHI SOLOMON

LOTACHI SOLOMON E

LOUIS EZIOKWU

LUCY AKIN

LUFADEJU ENWELIM

LUKE AMAKA JENIFER

LUKMAN SANDRA

MABAYOJE SUNDAY SAMUEL

MABEL AYODELE

MACAULAY IYABO MORENIKEJI

MADARIOLA BABA JIMI

MADUAGWU ANTHONY AZUAMAKA

MADUAGWU CHIZOBA CATHERINE

MADUAGWU JEREMIAH NNANYELUGO

MADUBUCHI LEAH

MADUBUCHI LEAH K.

MADUBUIKE CHRISTIAN CHIBUEZE

MADUBUKO A. CHUKWUDI

MADUBUKO ELISHA IHEME

MADUEKWE CHUKWUDIKE NNIA

MADUEKWE DROHA JOSEPH

MADUEKWE NGOZI MONICA

MADUEKWE UGOCHUKWU

MADUGU CAROLINE KADOON

MADUKA EKENE GODWIN

MADUKA JOHN OBI

MADUKA OLAMIDE

MADUKWE SUNDAY CHILASA

MADUKWEM UZODINMA MICHAEL

MAF-GRACES VENTURES

MAGADA CHARITY YOROS

MAGA JI BISOLA

MAGA JI LAWI

MAGA JI LAWI R

MAGA JI MALIK

MAGA JI MALIK D

MAGBAGBEADE GRACE ABOLANLE

MAIGARI BABAYO MODIBBO

MAIRIGA RUFINA DONGJAAP

MAJARO IBILIBOR

MAJEKODUNMI ANABA

MAJEKODUNMI JOSEPH OLUWAFEMI

MAJEKODUNMI LUDIRAT

MAJID RAYMOND

MAJOROH OGHENEVO CHARLES

MAKANJU SAM

MAKANJUOLA FESTUS AYINDE

MAKANJUOLA SAM B

MAKINDE EFUNYEMI OLAPEJU

MAKINDE OGUNLEYE

MAKOLO ROLI TOLULOPE

MALIK FARA JI

MALIK RAMON

MALIK TAWA

MALIKA ELLA

MALIKA FEMI

MAMMAN COMFORT KUSANGA

MAMMAN FATIMA SONIA

MAMMAN SHANJU VALERY

MAMUDU MARIAM EMIKE

MAMUDU OMOTOLA MUJIDAT

MAMUKUYOMI STEPHEN SOLEDAYO

MANAGEMENT EDY

MANAGEMENT OYEBODE

MANDY MAHN

MANGAI GODWIN

MANGIBO MARCUS

MANGIBO MARCUS N.

MANU EMMANUEL

MARCUS MBA

MARCUS MBA E.

MARCUS TOYIN IDOWU

MARIMPEX FIN & INVESTMENT 2

MARISON CHINWE EZE

MARK NZERIBE

MARK UCHENNA FREDERICK

MARTICALI BRATE INVESTMENT LTD

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NIYI ABIODUN

NJERE ANTHONIA KASARACHI

NJKORI NICHOLAS A

NJOKU EBERE CATHY

NJOKU JULIUS UKACHUKWU

NJOKU MALACHY CHUKWUMA

NJOKU MICHAEL CHUKWUMARAM

NJOKUOMA VIVIAN AMARACHI

NKECHI LASISI

NKECHI UZUEGBUNAM

NKEDILIRIM HARRY L

NKEM OMERUEH

NKEMDILI PETER

NKEMDIRIM HARRY

NKEMNACHO MOSES

NKEMNACHO MOSES F

NKENJIKA BELLO

NKESE NWAGU

NKORI NICHOLAS

NKWUKA SAMPSON

NMADUFOR BLESSING

NNA ASUKA

NNABOGU DON

NNABUGO DAVID

NNABUGO DAVID E

NNABUIHE HARBOR IJEOMA OBIAGERI

NNACHETAM FIDELIS CHUKWUJIKE

NNACHI UKPAI OJI

NNAEGBUNA AKUNNA

NNAEGBUNA AKUNNA W

NNAEMEKA CHIDIMMA

NNAEMEKA CHRIS

NNAEMEKA OKECHUKWU

NNAETO KOLAWOLE

NNA JI CHUKWUDI

NNA JI JUDE

NNA JI OSULUME

NNA JIOFOR GODWIN CHIGBO

NNAKAENYI OBIOCHABUNDU ANULIKA

NNAMCHI AUGUSTINE UCHENNA

NNAMDI ALBERT

NNAMDI CHIBUEZE WILSON

NNAMDI CHIDERA

NNAMDI CHINAEMEREM J

NNAMDI CHINONSO FAVOUR

NNAMDI IHECHUKWU CONFIDENCE

NNAMDI KINGSLEY

NNAMDI MALACHY

NNAMDI NNEKA

NNAMDI ODINAKACHI ROSEMARY

NNAMEKA ISREAL EBUBE

NNAMONA INNOCENT NDUBUISI

NNANNA INNOCENT UGONNA

NNEJI CHIDINMA STELLA

NNEJI CHIUGO CHINELO

NNEKA NWAKPA

NNEKA UDOKA

NNEMAKA ISREAL EBUBE H

NNNEJI OKECHUKWU STEPHEN

NNNENA BOYO

NNODIM POPOOLA

NNOLIM AFAMEFUNA ANTHONY

NNOROM CHUKWUEBUKA EMMANUEL

NNOZUBA ALOZIE JAMES

NNOZUBA ALOZIE JAMES T

NNUEIA GODWIN OGBONNA

NOBEL SERVICES

NOBLE FAITH CATERERS

NOIBI ADEMOLA

NONJU SAMUEL H

NONJU SAMUEL PETERS

NONOSO YVONNE

NONYE KABE

NOSEKE AMOLO NNOMADIM

NSE PETERS

NSE PETERS J

NSEYO UDOH BASSEY

NSEYO UDOH BASSEY L

MKPA MARY U.

MKPANG GEORGE O.

MKPANG PETER EDET

MKPOUTO CHRISTOPHER

MKPOUTO CHRISTOPHER U.

MMA LANMBI

MMADU OSOMOND OKECHUKWU

MMADUAGWU REMIGIUS CHIGBO

MMADUIGWE UGOCHUKWU

MNWACHUKWU CHINYERE

MOBOLA JI SOLANKE

MODUPE FUNMILAYO BOLANLE

MOGBOLU EMMANUEL

MOGBOLU PATRICK NKEMDILIM

MOGHALU MAY NGOZI

MOHAMMED LAWAN HABIBA

MOHAMMED NANA FIRDAUSI

MOHAMMED RIANAT

MOJEED ONWUANYI

MOJOLA KIKELOMO O.

MOMAH SUNDAY MAXWELL

MOMODU MARIAM

MOMODU OMOZOGIE

MOMOH GODWIN

MOMOH IZOBO

MOMOH PHILOMINA

MONDAY SAVIOUR PETER

MONDIUM JOSEPH KAYODE

MONSURUDEEN WISDOM

MONSURUDEEN WISDOM G.

MORADEYO DAVID ADEMOLA

MORADEYO OLUWADUNSIN DOLAPO

MORENIKE KELECHI

MORENIKEJI FOLA JINMI OYINDAMOLA

MORITIWON FLOARIN GBOLAHAN

MOSE AKUME

MOSERI ELIZABETH

MOSES ESEMAYON NATHANIEL

MOSES ETTA

MOSES HAMID

MOSES ONOVUGHE

MOSES PASCAL

MOSES SUNDAY OMOLEYE

MOTWANI MUKESU

MOYO-FALAYI MOFIYINFOLUWA EMMANUEL

MOYO-FALAYI MOFOGOFOLUWA

MOYOSORE OLAFISOYE

MPRADEYO TOMIDE

MUAZU ABDULLAHI

MUBARAK ADMORS

MUBARAK JELANI

MUDASIRU OLAOLU OLUFEMI

MUFUTAU JELILI ADEKUNLE

MUFUTAU TAIBAT OMOLARA

MUHAMMAD BELLO ABDULLAHI

MUHAMMED BASHIR ABDUL

MUHAMMED KARIMA

MUHAMMED ROKIBAT KOFOWOLA

MUHAMMED UZOM

MUHAMMED YISA AYANDA

MUKO CHIBUZOR

MUKO NKECHI PRISCILLA

MUKO OKORO OLUEBERE

MUKO OKORO ONYEDIKACHI

MUKO OKORO UBASI NACHI

MUKO PEACE ULOMA

MUKO UBSAINCHI

MUKO-OKORO JOY

MUKTAR ABDULJALAL

MUNET SAMUEL

MUNIK-SHONIBARE FOLASADE ONIKEPO NAFISAT

MUONEKE EDWIN

MUONEKE EDWIN OSITA

MURI MARK

MURITALA AMIRA

MURITALA FELIX

MURITALA ISMAILA

MUSA

MUSA ABDURRASHEED RABE

MUSA AHMED

MUSA AISHA RABE

MUSA KOSHOW MANGUL

MUSA MOMODU

MUSA OLAMIDE DANLA ABUBAKAR

MUSA PHILEMON

MUSA SHAKIRAT

MUSA SYLVESTER

MUSA TA JUDEEN YAKASAI

MUSA ZAINAB RABE

MUSAYAYI OLUWAKEM

MUSBAU ATTEH

MUSILI AHMED DALHOTO

MUSILI AHMED DALHOTO W

MUSILIU RAYMOND F

MUSTAPHA AYODEJI MUBASHIR

MUSTAPHA JIDE

MUSTAPHA OLAYIWOLA ABDULWAHAB

MUSTAPHA SHITTU OLAREWAJU

MUYIWA OBOYOMI

MUZAN EKPELU VERONICA

MYIESHA KARIMAH

N OKARO

NABILAH MAHDI EJIS

NAFADA BABANGIDA

NAFISAH MAHMUD OLU

NAHALATI MULTIPUPRPOSE

NAMENE WISDOM BARITOSAN

NANZA DAVID

NARISA BAPPA

NARKEASHA SERAH

NASIR SALISU

NDA OKEY

NDAGI AISHATU

NDAGI HUSSIEN

NDAGI HUSSIEN R

NDAGI MOSES

NDAGI MOSES D

NDE KENNETH

NDE KENNETH A

NDEKWE FINN

NDIDI ANOSIKE CHINWE

NDIFREKE JUDE

NDIFREKE JUDE R

NDIOLO GABRIEL OKEY

NDUA MOHAMMED

NDUBUIZU ADAUGO SANDRINE

NDUBUKA CHETACHI ELISHA IGBEGWU

NDUKA CHINWEUBA EVEREST

NDUKA GLORIA

NDUKA OKENEYEBUNO EMMANUEL

NDUKA-NWANZE JOHN OGBOGU OGUM ISAAC

NDUKE GRACE E.

NDUKWE CYNTHIA

NDUKWE ESTHER

NDUKWE MARVELLOUS

NDUKWE NELSON EME

NDULUE GENEVIEVE ADAOBI

NDUMELE CHINEDU OKECHUKWU

NEBEIFE SOLOMON

NEBO VICTOR CHUKWUKA

NEHIKHARE DOSUNMU

NELSON D JAMES

NGOMA LEZI THIERRY

NGONADI OBIORA SAM

NGOWARI CHILAKA

NGOWARI CHILAKA R

NGOZI ADEMOLA

NGOZI IBRAHIM

NGOZI OHAKIM

NGOZI THERESA

NGWABA OBAHOR

NGWU JOHN

NICK BABALOLA

NIGBAKUNLE STEPHEN

NISAKN ESO CLESTUS L.

NISAKN ESO CLETUS

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OBI TUNJI

OBIAFULA IWUJI PATRICK

OBIAKEMHE TERRY DIRISU

OBIAKOR CHIKE

OBIANO MALDALENE NWABUGO

OBIANYO KINS CHUMA

OBIEJESI CHIJIOKE ERASMUS

OBINNA AMARACHUKWU C

OBINNA REGINALD IHEUKWUMERE

OBINWA PHILOMINA AKUADI

OBI-ODUN UKWE UKAMAKA DORIS

OBI-ODUNUKWE CHIDNMA FELICIA

OBI-ODUNUKWE CHINWIKE CALLISTUS

OBIOKOYE E. ANTHONY

OBIORA -OKAFOR CHINEDU AFAMEFUNA

OBIRI AMBROSE OKEY

OBI-UCHENDU IFEOMA

OBODOEZE DAVID ONUORAH

OBOH JACKSON IMHANS

OBONNA OVIEZAKUME EBELECHUKWU

OBOT INIABASI THOMAS

OBOT SEKEWED IFIOK

OBOTI SAMUEL

OBUMNEME LINUS IKEOKWU

OBUROTA CHIMAOBI

OBUROTA JACOB

OBUROTA PATRICK

OCHE CHARITY

OCHEJE ALEX DANJUMA

OCHEMI AKOJI TEMPLE

OCHI CHIOMA LOVETH

OCHIGBO AGBOSON PATRICK

OCHONOGOR SUNDAY

OCHULOR OBIOMA

ODEARA FATIMA OYEBIMPE

ODEBEATU OGENNA CHILO

ODEGHE OGBONNAC CHIOMA

ODEH WILLIAM EHIGIE

ODEKUOYE ADEREMI RALPH

ODELEYE YETUNDE OMOLARA

ODESANYA -OLOTO BASHIRU ABISOYE

ODESANYA OLUWATOYIN BOLA

ODETOLA DOLAPO DAMOLA

ODEY RICHARD ODEY

ODEYEMI FATIMAT ADESOLA

ODIDI ISAAC EGON SEUN

ODIDI RENA

ODIGIE MARY

ODILI FRANCISCA

ODINAKA PETER

ODIWE NNEBUOGO MARTHA

ODO NNEKA ROSELINE

ODONG NANCY

ODOWEGWU JOHN ONAH

ODU ABAYOMI OLUFEMI

ODUCHE IFEYINWA FAITH

ODUFALU OPEYEMI OLUWAGBAMILA

ODUGBESAN ADESOLA

ODULARU ADEMOLA

ODULATE JOSEPH OLUSOLA

ODULI OLUSEGUN

ODUMOSU ADEBIMPE

ODUNDOYIN ADEJUMOKE

ODUNELA MONSURAT B.

ODUNEWU KAYODE JOHN

ODUNSI E. VICTOR

ODUNSI ITUNOLUWA ADENIKE

OGHENEJODE RUTH

OGHIDI MOSES EWELAIKE

OGHORIE SUNDAY

OGISI MINISE FLOWERS

OGOGO OMANVUAYE CHRISTIAN

OGU ANADE CHRISTY OBY

OGUCHIALU UCHENNA E. G.

OGUDORO CHINYERE MAGELLA

OGUEJIOFOR MICHAEL AZUBUIKE

OGUEJIOFOR OKWUDILI DONATUS

OGUGUO ANTHONY ONUNEKWU

NSIKAK PRINCESS

NSIKAK PRINCESS H

NSOFOR JOSHUA

NSOFOR OBINNA JUVENTUS

NSOHA POLYCARP CHIDI

NTI SCHOLASTICA OSANUNG

NTIOKIET NTIOKIET ANAYO

NTIOKIET NTIOKIET ANDY

NUGA BAMIDELE C

NUHU ILIYASU

NUHU JOSEPHINE

NUHU JOSEPHINE E

NUMBERE NUMBEREYE PRE F.

NUPE TEMISANREN

NURUDEEN KENKU

NURUDEEN OLUFEMI

NWA AWANI

NWABIA EMMANUEL NONSO

NWABOGOR MARGARET MARY

NWABUEBO ANTHONY ADIMABUA

NWABUEZE JUDE IKECHUKWU

NWABUNZE JOHN MARTINS

NWABUNZE OBICHUKWU

NWACHUKU PETER OKIKE

NWACHUKWU BENARD IJEH

NWACHUKWU BENJAMIN OBED UCHENDU

NWACHUKWU EZIWANTI VICTORIA

NWACHUKWU JANET CHIDOZIE

NWACHUKWU JOHNPAUL CHUKWUDI

NWACHUKWU PETER CHILAKA

NWACHUKWU PRINCESS

NWACHUKWU PRINCESS G.

NWACHUKWU UCHENNA

NWADIKE CLARICE IJEOMA

NWAFOR CHIKEZIE SHADRACK

NWAGBOGU IFEOMA MAUREEN

NWAGWU PETER

NWAJEI TONY IFEANYICHUKWU

NWAJU SAIDAH

NWAKAMA IGBONEME

NWAKPA UCHENNA KINGSLEY

NWAKUNA KOYA

NWAKWUOKE NORBERT CHINEDU C.(REV.FR)

NWALI JAMES IKECHUKWU

NWALOR IJEOMA VICTORIA

NWAMADI ANTHONY CHINEDU

NWAMARA LEMENE

NWAMARA LEMENE F.

NWAMBA ONYEKA

NWAMDI NNEJI JOSEPH

NWAMPERE AISHATU

NWANERI AZEBEOBOR

NWANGWU OLATUNJI

NWANI OKORO FIDELIS

NWANKWO ISAAC EMENIKE

NWANKWO ONUOLA

NWANKWO STEPHEN UCHECHUKWU

NWANKWOR UGOCHUKWU HENRY

NWANNA EKE

NWANPA GODWIN U

NWANYA ASSUMPTA CHINWE

NWAOCHA PRINCE

NWAOCHA PRINCE C.

NWAOGWUAGWU JUDE IBEH

NWAOKIKE ANTHONY OGONNA

NWAOKORIE CHIKA DORIS

NWAORGU NNEOMA

NWASOLU CHIJIOKE CLEMENT

NWAWUNA IFEOMA GRACE

NWAZU OLUKEMI NKEMDILIM

NWEKE DABIRI

NWEKE GLORIA

NWEKE GLORIA D.

NWIGWE- ANI JOHN OKEKE

NWINBARI HELEN

NWINBARIN HELEN

NWOBI PETER

NWOBI PETER W

NWODE EMMANUEL COLLINS

NWOFIA OBIAGELI CHRISTIANA

NWOGU BASIL UGWUMBA

NWOGWUGWU OKOYE

NWOKAFOR MERCY ONYIYE

NWOKE FRANK

NWOKE FRANK Z

NWOKOCHA CHIKA AMARACHI

NWOKOLO BOLA JI

NWOKOLO MARTINS UZOCHUKWU

NWOLISA CHRISTOPHER N

NWORAH CHRISTOPHER NDUKA

NWOSU AMADI NNA

NWOSU ANTHONY CHUKWUEMEKA

NWOSU BALOGUN

NWOSU CHIDINMA FLORENCE

NWOSU EMMANUEL EKESON

NWOSU ERNEST UCHE

NWOSU IKENNA

NWOSU JONATHAN CHUKWUWIKE

NWOSU KENNETH CHUKWUEMEKA

NWOSU OKECHUKWU ONYEKACHI

NWOSU ONYINYECHI CHINYERE

NWOSU S.OKECHUKWU

NWOSU SCHOLARSTICA UZOMA

NWOYE CHIZOBA IMELDA

NWOYE MADUKA PIUS

NWUJU OLOAKA STELLA

NWUME CHUKWUJEKWU

NWURUKU JESUSEME

NZELU EDWIN CHUKWUDUM

NZEMECHI IHEANYI OGUGUA

NZEMECHI ONYINYECHI LINDA

O YUSUF

OARHE ADEKOLA

OBA SAMUEL OLUMUYIWA

OBADINA COLLEGE IB NUT CICS LTD

OBAGBEMI ADENIKE WURAOLA

OBAGUNLU MARCUS TIMILEHIN

OBAGWU ANGELA

OBAGWU PHILIP

OBAIDE EFEIRI RICH

OBAIKE FRIDAY TONY

OBAJEMU FOLUSHO EMMANUEL

OBALUM CHIMEZIE IFEOMA

OBALUM CHUKWUEMEKA ZELUWA

OBANIYI INNOCENT

OBANIYI JULIANAH

OBANO EBELE CECILIA

OBARHUAKPOR STEPHEN

OBARHUAKPOR STEPHEN W

OBARO SARAH

OBASA JU MODUPE BETHY

OBASI FESTUS

OBASI ORJI UCHE CHUKWU

OBASI TONIA

OBASI TONIA W

OBASOLA A JIBADE

OBASOLA A JOKE

OBASOLA ESTHER

OBASOLA OLUFUNMILAYO

OBAYEMI MAURICE

OBAYOPO MIKIE

OBAYOPO MIKIK R

OBEIMEN JULIET

OBELE JOSEPH OSILAOWI

OBESESAN UKPABIO

OBEYA JOHNSON

OBHAKHAN ANTHONIA

OBHAKHAN ANTHONIA Y

OBI BABS

OBI BERNADETTE NGOZI

OBI CHIKWENDEU WILFRED

OBI EKENE

OBI MIMBILA

OBI NDUBUISI MATTHEW

OBI STEPHEN OBI

OBI TONY MERRY HEART

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OKEREKE AUGUSTINE

OKEREKE NGOZI

OKEREKE STANLEY CHIDI

OKESANYA EMMANUEL O.

OKESANYA OLAMIJI

OKETOGUN DARE F

OKHUELEIGBE ADESUWA

OKHUELEIGBE EHIMARE

OKHUELEIGBE LIZZY

OKONKWO GLORIA AGAEZI

OKONKWO IKECHUKWU CRISTOPHER

OKONKWO JOEL ONYEMA

OKONKWO NNENNA LOVINA

OKONKWO OGBONNE GLORIA

OKONKWO VICTRO CHIDOZIE

OKONTA CHUKUDI JAPHET

OKORIE SUNDAY NICHOLAS

OKORO BLESSING UCHE

OKORO DANIEL JOHN

OKORO JOHN

OKORO JUSTINA UGBALA

OKORO OBI NNENNA

OKORO OKECHUKWU

OKORO ULU OBASI

OKORODE OMONIGHO

OKORONKWO BROWN ONUOHA

OKORONKWO CYNTHIA IHUOMA

OKORONKWO MONDAY UCHENNA

OKORONTA RUFUS EMEKA

OKOSI FRANCIS

OKWOLI ERIC OGBOLE

OKWOMMA ONYINYECHI

OKWUJE CHARLES CHUKS

OKWUJE CHRISTOPHER CHUKWUWIEKE

OKWUJE CHUKWUKA CHARLES

OKWUJE ISREAL CHUKWUEMEKA

OKWUMABUA STELLA

OKWUO OLUCHUKWU JUDITH

OKWUZI IFEANYI SYLVESTER

OL0WU OPEYEMI TEMITOPE

OLA DIMEJI

OLABANJI AYOBOLA ABIOLA

OLABANJI COMFORT MOSUN

OLABISI MOJISOLA REBECCA

OLABOLUDE OLATUNDE

OLABOWALE BAMIDELE BIDEMI

OLABULO OLAWUMI FEYIKEMI

OLADAPA ABIODUN

OLADAPO ABIODUN OLUWAKEMI

OLADAPO KABIRU OLADIRAN

OLADAPO OLUFEMI TAIWO

OLADAPO OLUWASEUN JADESOLA

OLADEJO ABIMBOLA

OLADEJO TAIWO JOHN

OLADELE OLUFUNKE OLADUNNI

OLADEMEHIN RALPH ABAYOMI

OLADIMEJI ISMAIL OLADOKU

OLADIMEJI JOSHUA

OLADIMEJI OLAYEMI RUTH

OLADIMEJI OLAYINKA SUNDAY

OLADIMEJI OLUWATOBI SUNDAY

OLADIPO OLUBUNMI TUNRAYO

OLADIPO OLUDARE

OLADIPO SUNDAY OLALEKAN

OLADIPUPO FLOURISH ADEKUNLE

OLADIRAN ROTIMI ELIJAH

OLADOSU VICTOR KOLAWOLE

OLADUNJOYE ELIJAH IBUKUNOLUWA O

OLADUNNI OLUWAFUNMIKE AMINAT

OLAEWE JACOB OLUSEGUN

OLAFIRANYE IBRAHIM OLAWALE

OLAFIRANYE SULAIMON ADEDAMOLA

OLAGBENJO SALAU

OLAGOKE TITILAYO ABEGBE

OLAGUNJU BAMIDELE J.

OLAGUNJU PAUL OLUFEMI

OLAIFA KAYODE TA JUDEEN

OLAIGBE OLUWAFUNKE MORENIKE

OGUN SHAKIRAT ARINOLA

OGUNBAJO ABIOLA

OGUNDAMOLA OLUSEGUN BABATUNDE

OGUNDEIN IFETAYO OLAYINKA

OGUNDEJI ADEBOWALE BOLANIRAN

OGUNDELE OLADELE EMMANUEL

OGUNDIPE ESTHER OSEOLA

OGUNDIPE FOLULOPE

OGUNDIPE FUNKE

OGUNDIPE FUNSHO

OGUNDIPE KOLAWALE

OGUNDIPE TOPE

OGUNDIRAN OMOLOLA GRACE

OGUNDOYIN AYODEJI OJO

OGUNGBADEJO ABDULKAREEM OMOTOYOSI

OGUNGBAMILA OLASOJI O.

OGUNGBE ADEYEMI ADEFEMI

OGUNGBE OLUFEMI

OGUNGBILE BIODUN

OGUNGBILE GBOLABO DAMILARE

OGUNJIMI TENIOLA FATAI

OGUNJOBI BUKAYO OLUWASEYI

OGUNJOBI SAMSON A JANI

OGUNKOMAIYA IDOWU TITILOPE

OGUNKOYA ADENIKE AFOLARIN

OGUNLANU ABIMBOLA OLADUNNI

OGUNLENDE ZAINAB JOSEPHINE

OGUNLENDE ZAWE ABIOLA

OGUNLESI AKINTUNDE A.

OGUNLESI VICTORIA A.

OGUNLEYE AMIDU TUNDE

OGUNLEYE GBENGA

OGUNLEYE SOLA OLUWAFEMI

OGUNLEYE SUNKANMI SAMUEL

OGUNLEYE TAIWO JONATHAN

OGUNMAKINWA SUNDAY AKINLOYE

OGUNMOROTI BUKOLA FOLASADE

OGUNMUYIWA OYINADE FADEKE

OGUNNAIKE ADEWOLE FOLORUNSHO

OGUNNAIKE FOLASHADE OLUKOREDE

OGUNNAIKE OLUSIMIDELE ANIKE

OGUNNAIKE TEMITOPE

OGUNREMI SIMEON

OGUNRINDE HAKEEM MUSLIU

OGUNRINOLA SUNDAY JAMES

OGUNS AYORINDE OMOTAYO

OGUNSAMI ADEMOLA KEHINDE

OGUNSAMI ADETOLA TAIWO

OGUNSANYA OLUWAFEMI E

OGUNSANYA OYINDAMOLA A

OGUNSE SEGUN

OGUNSOLA EUNICE AFOLAKE

OGUNSOLA JOSEPH TEMI DARA OLUDAHUNSI

OGUNTADE COMFORT MOJISOLA

OGUNTADE MODUPE TOMILAYO

OGUNTOYE OLANREWAJU

OGUNWA ARIBIKE ORIGHOMISAN

OGUNWALE OLUSHOLA

OGUNYEMI JAMES OKE

OGUNYOMI CHRISTOPHER OLUTAYO

OHAEGBU LARRY

OHAHURU EMILIA OLUCHI

OHAHURU JULIE EZINNE

OHAI CHUKS

OHAKA CHINDA

OHIMAI MODUPE OLADUNNI

OHIOYA ONYEKACHUKWU ENDURANCE

OIKERHE KENNEDY

OJEDIRAN FATAI AYOOLA

OJEDIRAN OLUSEYI ABRAHAM

OJEDIRAN VICTOR AYOTUNDE

OJEDOKUN MUSIBAU

OJEFUA ALEXANDRIA

OJEFUA EBALUNEGBEFO GREGORY

OJEFUA EBOSEREMEN

OJEFUA FRANCESCA ANYINRIO

OJEFUA GODSWILL

OJEFUA ISIBHAKHOMEN CONSTANCE

OJEFUA OFURE

OJEIKERE MARY OLAYINKA

OJEIKERE OHIKHUARE

OJELAKIN HANNAH OLUKEMI

OJIAKO OBIORA BASIL

OJIEH NWABUOGOR JONES

OJIGBEDE ESTHER

OJIGHO UFUOMA FOCUS

OJIKPE NKIRU UCHEDILI

OJIKUTU KEHINDE

OJO ADEDAYO

OJO ADEMOLA ABIODOLA

OJO ADEYINKA OLAKUNLE

OJO ADEYINKA OLUPONLE

OJO BAMISAYE SANMI

OJO BISOLA

OJO ESTHER

OJO OLUWAFEMI RICHARD

OJO TEMITOPE OLUWATOSIN

OJO VICTORIA OLASINBO

OJOBI ADOLE AMEH

OJOCHONU VICTOR SAMUEL

OJUGBELE ADEFOLAMI A. FARUQ

OJUKWU JOSEPH CHUKWUJUGHA

OJUKWU NEREUS IKEDI

OJUKWU TEMITOPE OLORUNTOBA

OJUROMI LUKY MICHEAL

OJUTIKU ADEDAPO

OJUTIKU MOROUNFOLU

OJUTIKU OLUGBOYEGA

OKAFOR ALFRED IWEBUNOR

OKAFOR CHARLES CHINEDU

OKAFOR EBERE AMARA

OKAFOR GODWIN FRANK

OKAFOR IKECHUKWU SAMUEL

OKAFOR JERRY

OKAFOR JUSTICE VINCENT

OKAFOR LINUS

OKAFOR NGOZI BLESSING

OKAFOR OBINA

OKAFOR OLIVER CHUKWUDI

OKAFOR STELLA IFEACHUKWU OKWUAFORKA

OKAGBARE SAMUEL EGUBE

OKAH AVAE MATHIAS OWIGHO

OKAH JOY EWA

OKAI CELESTINE IKE

OKARA CHARLES GILBERT

OKARO EMMANUEL OSELOKA

OKATTA BLESSING IDARA

OKE BOSEDE VICTORIA

OKE CHINWE CLARA

OKE FELIX

OKE GBOLARO BOSEDE

OKE GRACE OMOTOKE

OKE OLUWAFUNMIBI STEPHANIA

OKE OSAREMEN

OKE RONKE AIMANNOSHI

OKECHUKWU MANAFA

OKECHUKWU OLULU HELEN

OKEDARA MORINKOREOLUWA

OKEDARA MOROUNTODUN JOANNA

OKEDIJI WURAOLA TEMITOPE

OKEH JOSEPH

OKEKE ALOYSIUS UBANAGU

OKEKE ALPHONSUS OSITA

OKEKE CHRISTIAN O.

OKEKE EBUKA C.

OKEKE IKECHUKWU OWOH

OKEKE MARK IKECHUKWU

OKEKE NNENNA RITA

OKEKE OBINNA SAMUEL

OKELEKE LOUISA NNEKA

OKENABIRHIE ESOSUO

OKENWA CHIIJIOKE PAUL

OKENWA PEACE CHINYERE

OKERE CLIFFORD CHUKWUEMEKA

OKERE CLIFFORD CHUKWUEMEKA

OKEREJI O.OLUSEYI

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3911





OYETADE OLUFEMI ADEGOKE

OYEWOLE BOSEDE ABIOLA

OYEWOLE DUROTIMI OLUSEUN

OYEWOLE FOLASHADE ABIOLA

RAHEEM TUNDE

RAHEEM WASIU ARANSE OLUWA

RAHMAN FAUSAT BOLANLE

RAIMI GBOLAGADE SAMUEL

RA JI OLUWAFUNMILAYO OLUWATOYIN

RA JI SHUKURAT OLASUMBO

RAMON ABAYOMI

RANTI ADEKUNLE ALAUSHA

RASAK ABDULLAI OLANREWAJU

RASAQ SAHEED BAMIDELE

RAYMOND MUSA MOSES

REAL STOCK LIMITED

REEMSON WAHAB A JENIFUJAH

REGINAA IBE

REV AGBOOLA JOSEPH OKIKIOLA

RICHARDS MARILYN ADETOKUNBO

RICHMOORE ASSOCIATES LTD.

RIGHI GREGORY O

RIMI USMAN

RIMOSJI VENTURES LIMITED

SALIU IDRIS BAMDELE

SAM ANYOMA COLLINS OGHENEDORO

SAMBOL ENERGY & ALLIED SERVICES LTD

SAMLEX INTEGRATED SERVICES LIMITED

SAMSON DANJUMA

SAMSON JUSTINA ONYINYECHI

SAMUEL ADEKUNLE OLUGBENGA

SAMUEL CHIDERA DIVINE C.

SAMUEL IYABO TEMITOPE

SAMUEL MARY TEMILOLA

SAMUEL THANKGOD

SAMUEL TOBA

SANGOWAWA BOSUN ADEWUNMI

SANWO OLUWATOYIN EMMANUELA

SCOTT ORISHEWEYIMI S.

SEGI KAYODE

SHETTIMA MOHAMMAD SAGHIR

SHETTIMA SAMUEL LABURTA

SHEYINDEMI EMMANUEL A. ADEDAMOLA

SHITTA WASIU

SHITTA WASIU OLADELE

SHITTU OWOLABI LATEEF

SHITU O. NIMOTALAI

SHOBAYO A JIGBOTOLA SADE

SHODIPO ADETUTU

SHOEWU OLUWARANTI OLUSOGA

SILVARIUS ANIEBONAM TOCHUKWU

SILVER MICHEAL FEMI

SOWORE ADEBIMPE

THEOGRACE GLOBAL CONCEPT LTD

THESCO & AGRO LTD

THOMAS ANIEFIOK DICKSON

THOMEX GROUPEX NIG. LTD.

THOMPSON OLUWAFEMI

THOMPSON TAMUNODIKI

TIAMIYU EMMANUEL BAMIDELE

TIAMIYY ALHAMEEN ADETAYO

TIJANI FATIMA

TIJANI OLADIPUPO MUHRTALA

TIMINIMI NELSON OTOH

TITE JOCELYN ERORO

TOCHUKWU A. S.

TOCHUKWU SILVARIUS

TOKODE OLUSEGUN OLAYINKA

UCHE BATHOLOMEW EKEKA

UCHE GLORY

UCHEGBU GERALD CHIBUIKE PETER

UCHENWA CHRISTOPHER CHIAGOZIE

UCHENWA OBY VICTORIA

UCHEUKWU ALOZIE

UDEAGHA ANTHONY CHUKWUEMEKA

UDEH SAMUEL OKEZIE

UDEH UDEH CHIBUZOR VINCENT

UDEICHI IDIA

OLAIYA RUKAYATU A JOKE

OLA JIDE ABOLA JOKO DEBORAH

OLA JIDE GABRIEL TAIWO OLUSEGUN

OLA JIDE OLUFOLAKE ADEPEJU

OLA JIDE OLUFUNSHO OLAWALE

OLA JIDE SUNDAY OLALEKAN

OLA JIDE TAIWOLEKAN

OLA JIDE VERONICA TITILAYO

OLA JUBUTU OLUWASHOLA

OLAKUNLE BABATUNDE

OLAKUNLE ENYONAM TEMILOLUWA

OLALEKE FELICIA IYABODE

OLALEYE AYODELE KUNLE

OLALEYE BIMBOLA MARY

OLANBIWONNU HUMUANNI OMOTUNDE

OLAYANDE IBIYEMI OLANIRETI

OLAYENI OLUWAKEMI MOSUN

OLAYIWOLA OLADIMEJI SOLOMON

OLIJE VINCENT

OLISAEKE PAUL CHUKWUNYERE

OLISAH NGOZI JUDITH

OLISAKWE MACNTHONY EMEKA

OLIVER EBERENDU

OLIYIDE ABIOLA OLUTOKE

OLIYIDE AMINAT

OLIYIDE HAZMAT OLUDOLAPO

OLIYIDE ISMAILA OLANREWAJU

OLIYIDE JAMIU

OLIYIDE MODINAT

OLIYIDE MORUFF

OLIYIDE MUHAMMED TEMIDAYO

OLIYIDE SAHEED

OLIYIDE WOSILAT AMOPE

OLOJEDE SAMSON OLUSOLA

OLOKUN OLATUNBOSUN METHAIS

OLOKUNDE TOYIN OLAYINKA

OLOLADE SHAFIU OLADELE

OLOMU GODSPOWER

OLOREDE JAMES AYOOLA

OLORUNFEMI GABRIEL SUNDAY

OLORUNNISOMO ABOLA JI

ONYEBU IFEOMA MAY

ONYEBUCHI JAMES CHUKWUGOROM

ONYEBUCHI NGOZI LOVELYN

ONYEDIKA OLUCHI AHAOMA

ONYEJE S. N.

ONYEKAONWU LAWRETTA CHIMEZIE

ONYEKELU CHIDOZIE HYGINUS

ONYEKONWU ANDREW IBEZIN

ONYEKWELU IFEOMA CHINYELU

ONYEKWERE CA JETAN CHIKEZIE

ONYEMA VICTORIA

ONYEMALU FIDELIS OGBONNA

ONYEMELUKWE CHIDIOGO NKEMDILIM

ONYEMELUKWE CHUKWUKA OBUMNEME

ONYEMELUKWE CHUKWUWIKE CHUKWUKA

ONYEMELUKWE NGOZI CAROL

ONYENEKE KENNETH IKENNA

ONYENENUE JOEL ONYEKA

OPATOLA BAMIKE TEMILADE

OPEBIYI AYOBANJI ABRAHAM

OPEBIYI AYOKUNLE SAMUEL

OPEBIYI AYOTOMIWA FERANMI

OPETU THANKGOD

OPUALA-CHARLES SILVA

ORAEZI MARYCYNTHIA IJEOMA

ORAH BENNETH RAPULUCHUKWU

ORAROTIMI OLADEJO OLADAPO

OREBIYI SOLOMON OLUSEGUN

OREDIA JOSEPH

OREDIA LOVINA

OREOLUWA OMOLAYO

ORIAIFO-ODARO FELICIA EBAIDE

ORIDAMI OLUSOLA TOKUNBO

ORIJA OLUWAKEMI OMOLARA

ORIMOLADE CLEMENT BAMIDELE

ORITU AFOLABI SOLOMON ABE

ORJI KINGSLEY ONWUCHEKWA

ORJI ODILIONYENMA GREGORY

ORJI ONYEABO CHIDIEBERE

ORJI STEPHEN

ORJI UDOCHUKWU VALENTINE

OROWOLE OLUMIDE AYOOLA

OROWOLE OLUMIDE AYOOLA

OSABIYI OLASOJI VINCENT

OSADARE OYENIYI

OSADEBE UZOMA CHIDINMA

OSADIPE JOSEPH BODUNDE

OSAGIE KISITO OSAGIE

OSAKA DANIEL

OSAKWE ANTHONY OSANEBI

OSAKWE IKECHUKWU CHRISTOHER

OSAMO DARE OLUWASEGUN

OSAMWONYI CHRISTIAN

OSAMWONYI KEZIAH

OSANYINTADE OLUWASEGUN OLUWAROTIMI

OSARENKHOE ESOHE GRACE

OSAWARU AMENAGHAWON JOSHUA

OSAZUWA FESTUS

OSHIN ANTHONY OLUGBENGA

OSHINUGA TEMITOPE O.

OSHIYOYE IYANUOLUWA OLUGBENGA

OSHODI GIL DIKE

OSHUNLUSI ABOLADE BUNMI

OSHUNLUSI OLUWATOYIN OLAWUMI

OSIBERU OLUWALAMBE JANET

OSIBOGUN ABOLANLE MULIKAT

OSIEGBU NDUKA

OSIFESO OLUSEYI OLUKAYODE O.

OSIGBEME AUGUSTINE ETSEILENA

OSIGBEMHE GILBERT IZUAGBE

OSIKWEME OMOSOMI MARY

OSIN EVELYN

OSIN EVELYN

OSIN EVELYN I.

OSIN EVELYN ISI

OSIN EVELYN ISIMEME

OSIN ISIMEME

OSIN ISIMEME E.

OSIN ISIMEME EVE

OSIN ISIMEME EVELYN

OSIN ISIMEME EVELYN

OSINOWO EDORA NNEKA

OSINUGA GBOLADE OLANREWAJU

OSOMO FAROUK OMOTAYO

OSONDU ONYEKA STANLEY

OSOSAMI OLUGBENGA ADENIYI

OSSAI SANDRA IJEOMA

OTISE UCHE

OWOMERO EMILY

OWOSEJE KAYODE MR

OYAKHIRE OLUSEGUN WILLIAM

OYEBANJI OLUWATOSIN OYEBOLA

OYEBISI ROTIMI

OYEDE SEGUN ADEBAYO

OYEDEJI OYEGBOLA ADEDAYO

OYEDELE ADENIYI OLUGBENGA

OYEDELE ADEROMKE F

OYEDELE OLUWASESAN OYETUNDE

OYEDELE PAUL

OYEDELE TOLULOPE ADETOYESE

OYEDESI MUYIWA EMMANUEL

OYEDIRAN CHRISTIANAH FUNMILAYO

OYEDIRAN MODUPEOLA OLUWATOYIN

OYEDOKUN ISAIAH ADELANI

OYEKAN FATIMAH FADEKE

OYELAKIN KEHINDE HASSAN

OYELAMI OLUWATOSIN AYOMIDE ALAKE

OYELEYE EMMANUEL FUNMI

OYELEYE SESAN ABRAHAM

OYELOWO MATTHEW OLANIYI

OYEMA VICTOR

OYEMUNMI SEYI

OYENIYI SIMEON KOLAWOLE

OYENIYI TAIWO OLUMUYIWA

OYENUGA OLUYEMISI

3912

3913

3914

3915

3916

3917

3918

3919

3920

3921

3922

3923

3924

3925

3926

3927

3928

3929

3930

3931

3932

3933

3934

3935

3936

3937

3938

3939

3940

3941

3942

3943

3944

3945

3946

3947

3948

3949

3950

3951

3952

3953

3954

3955

3956

3957

3958

3959

3960

3961

3962

3963

3964

3965

3966

3967

3968

3969

3970

3971

3972

3973

3974

3975

3976

3977

3978

3979

3980

3981

3982

3983

3984

3985

3986

3987

3988

3989

3990

3991

3992

3993

3994

3995

3996

3997

3998

3999

4000

4001

4002

4003

4004

4005

4006

4007

4008

4009

4010

4011

4012

4013

4014

4015

4016

4017

4018

4019

4020

4021

4022

4023

4024

4025

4026

4027

4028

4029

4030

4031

4032

4033

4034

4035

4036

4037

4038

4039

4040

4041

4042

4043

4044

4045

4046

4047

4048

4049

4050

4051

4052

4053

4054

4055

4056

4057

4058

4059

4060

4061

4062

4063

4064

4065

4066

4067

4068

4069

4070

4071

4072

4073

4074

4075

4076

4077

4078

4079

4080

4081

4082

4083

4084

4085

4086

4087

4088

4089

4090

4091

4092

4093

4094

4095

4096

4097

4098

4099

4100

4101

4102

4103

4104

4105

4106

4107

4108

4109

4110

4111

4112

4113

4114

4115

4116

4117

4118

4119

4120

4121

4122

4123

4124

4125

4126

4127

4128

4129

4130

4131

4132

4133

4134

4135

4136

4137

4138

4139

4140

4141

4142

4143

4144

4145


UDEOJI UCHE VICTOR

UDOH JOHN ETUK

UDOH JOHN JONAH

UDOH M. DAVID

UDOH MICHAEL OKAFOR

UGWU RAYMOND OMABA

UGWU VICTORIA OLUCHUKWU

UGWUANYI KENNETH CHIBUIKE

UGWUEKE MATTIAS UGWUEKE

UGWUMBA CHIBUZO ATHANASIUS

UGWUMBA MARTHA CHIZOBA

UGWUMBA THEODORE IFEANYICHUKWU

UGWUOKE VALENTINE UCHE

UJOATUONU JONATHAN UWAOMA

UMEZURIKE OLAYINKA

UMOETTE EKAETTE EKUTMFON

UMOH JOSHUA UBON

UMOH MFONIDOH DAVID

UMOH SUNDAY MOSES

UMOH UWEMEDIMO

UMOREN ANTHONY

UMORU JIMOH

UMORUH AMINU CHRISTOPHER

UNACHUKWU OBINNA GOBSON

UNAEGBU NKEIRUKA NKEMAKOLAM

UNEGBU BONIFACE GEORGE

UNEGBU ONYEMAECHI SUSAN

UNEGBU PATRICK

UNIGWE NNENNA

USULOR CHIKAODIMICHIKAODI

USUNOBUN OSBERT UADIALE

UWAKWE ANDREW CHUKWUEMEKA

UWANDU JUSTINA

UZOUKWU PHILIP CHIBUIKE

UZU FAVOUR NKEMDILIM

UZUEGBU TONY

YAKEEN KAZEEN

YAKUBU AREMU AMUDA

YUNUSA RASAK ADIGUN

YUNUSA SODIQ ADESHINA

YUSUFF SHERIFAT

TOTAL

4146

4147

4148

4149

4150

4151

4152

4153

4154

4155

4156

4157

4158

4159

4160

4161

4162

4163

4164

4165

4166

4167

4168

4169

4170

4171

4172

4173

4174

4175

4176

4177

4178

4179

4180

4181

4182

4183

4184

4185

4186





Dear Shareholders,

Records with our registrar and as revealed by the registrar of Members show that some members have multiple accounts in their

names.

This situation may have risen as a result of multiple applications made during new issues or as a result of purchases made through the

Stock Exchange Market.

Servicing this account is a huge administrative problem resulting in avoidable cost. E.g Postage, maintenance, issuing of certificates, etc.

This ultimately has an impact of the profit of your company.

The company appeals to you to make efforts to consolidate your multiple accounts, more especially to facilitate the operations and to

save the company cost.

We ask for you corporation in this respect.

Please complete the Consolidation Request Form below and send it to the Registrars: First Registrars Ltd; Plot 2 Abebe Village Road,

Iganmu, Lagos Nigeria.

Kindly state in your request for consolidation the name/addresses of those persons you bought shares for during any public offers by

the Company and the secondary market besides yourself. E.g your children, grandchildren, etc,

Certificates should not be forwarded.

…………………………………………........................................Tear off from here………………………………………………………….......

CONSOLIDATION OF ACCOUNT FORM

s/n Name Address

Unit

of Shares

Certificate

Number

A/C

Number

Date

Issued

Shareholder’s Signature:……………………. Date:………………………………

Consolidation of Accounts


MAIL TO:

FIRST REGISTRARS NIG. LTD

PLOT 2 ABEBE VILLAGE ROAD,

IGANMU, LAGOS.

P.M.B 12692

MARINA, LAGOS

POSTAL STAMP





Twentieth 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 Lagos

State on..................................................………………2016 at 1:00pm prompt.

I/We………………………………………………….....................................................of.……………………………………….................. being member/members of STANDARD ALLIANCE INSURANCE

PLC hereby appoints………………………………………………...…of……………………………………………………or failing him/her, the Chairman of the meeting as my/our proxy to attend

and vote for me/us on my/our behalf at the Annual General Meeting of the company to be held on ……………………………………2016 and at any adjournment thereof.

Ÿ A member of the company is entitled to attend and vote at the meeting of the company. He is also entitled to appoint a proxy to attend and vote instead of him or

her. In this case the above Form and Admission slip herein may be used to appoint a proxy.

Ÿ The name of the Chairman of the meeting has been entered on the form of the proxy to ensure that someone will be at the meeting to act as your proxy, but if you

wish, you may insert in the blank space marked on the form, the name of any person, whether a member of the company or not, who will attend and vote on your

behalf.

Ÿ The above form of proxy, when completed, must be deposited with the Registrars: First Registrars Ltd; Plot 2 Abebe Village Road, Iganmu, Lagos, not later than

48hours before the time of the meeting. If the form of proxy is executed by a corporation, it should be sealed under the common seal of the corporation.

Ÿ Stamp Duties Act Cap 411, Laws of the federation of Nigeria, 1990 requires that any instrument of proxy to be used for the purpose of voting by any person entitled

to vote at any meeting of shareholders must bear a stamp duty of two (2) kobo.

Ÿ If you are unable to attend the meeting, kindly adhere to the following instructions:

(A) Write your name in Block Letters on the proxy form where marked.

(B) Write the name of your proxy where marked and ensure the proxy form is dated and signed by you.

………………………………………………………………………................. Tear off from here……………………………………………………………...................

ADMISSION CARD

STANDADRD ALLIANCE INSURANCE PLC Annual General Meeting will be held at the Event Hall, Plot 1, Block 94 Providence Street, Lekki Phase 1, Lekki Lagos

State on ………………………………….2016 at 1:00pm prompt.

Name of Shareholder…………………………………………......…….........................................................

Signature of Person Attending………………………………….

NOTE:This admission card must be produced by the shareholder or his/her proxy in order to be admitted at the meeting. Shareholders or their

proxies are requested to sign the admission card at the entrance of the venue of the Annual General Meeting.

For company use only:

Number of Shares………………………………………………

Uruemu-Esiri Oghen

Company Secretary

FRC/2016/NBA/00000014122

Proxy Form

To receive the Audited Financial Statements for the year ended 31st December,

2015 together with the Report of Directors, Auditors and Audit Committee.

To re-elect retiring Directors.

To re-appoint BDO Professional Services as the Auditors of the Company.

To authorize the Directors to fix the remuneration of the Auditors.

To elect/re-elect members of the Audit Committee.

ORDINARY BUSINESS FOR AGAINST

Ÿ Mr. Austin Enajemo-Isire as a Non-Executive Director.

Ÿ Mrs. Omolola Oshiafi as a Non-Executive Director.

SPECIAL BUSINESS

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 in compliance with Article 5.07(iv) of the National Insurance Commission Code of Good Corporate Governance

for the Insurance Industry in Nigeria, the Directors are hereby authorized to appoint an External Consultant to

conduct the Annual Board Performance Appraisal for the financial year ending 31st December, 2016.

FOR AGAINST


MAIL TO:

FIRST REGISTRARS NIG. LTD

PLOT 2 ABEBE VILLAGE ROAD,

IGANMU, LAGOS.

P.M.B 12692

MARINA, LAGOS

POSTAL STAMP





Affix

Passport(To be stamped by Banker)

E-DIVIDEND ACTIVATION FORM

Instruction

Please fill the form and return to the address below:

The Registrar,

First Registrar Nigeria Ltd;

2, Abebe Villiage Road, Iganmu,

P.M.B 12692, Lagos, Nigeria

I/We hereby request that from now on, all my/our dividend warrant(s) due to me/us from my/our holdings in Standard Alliance Insurance Plc

be paid directly to my/our Bank name below.

Bank Name

Bank Branch

Bank Address

Bank A/c No

Company


SHAREHOLDER ACCOUNT INFORMATION

Surname First Name Other Names

Address Line 1

Address Line 2

City State Country

Mobile Telephone

Email Address

Signature Company’s Seal

Joint/Company’s Signatories

Branch Sort Code (very important)

Authorised Signature of Banker Authorised Stamp of Banker

Contents · 2018-08-15 · curriculum vitae. SHAREHOLDERS’ RIGHT TO ASK QUESTIONS Shareholders of...

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Transcript of Contents · 2018-08-15 · curriculum vitae. SHAREHOLDERS’ RIGHT TO ASK QUESTIONS Shareholders of...