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About SA

Statement of Financial Position 73

Statement of Profit or Loss

and Other Comprehensive income 74

Statement of Changes in Equity 75

Statement of Cash Flows 76

Other notes to the financial statements 77 - 99

Risk Management Report 99 - 125

Appendices to the financial statements 126

Branch Network 130

Unclaimed Dividends Position 131 - 148

Consolidation of Account 151

Proxy Form 153

E-Dividend Activation Form 155

CONTENTS

Corporate Profile 1 - 3

Notice of Annual General Meeting 4 - 5

Result at a Glance 6

Chairman’s Statement 7 - 8

Board Of Directors 9 - 11

Approval & Statement of Responsibilities 12

Director’s Report

Directors’ Report 13 - 17

Corporate Governance Report 18 - 26

Management Discussion and Analysis 27 - 30

Ceo’s Report 31 - 32

Management Team 33 - 37

Report of The Independent Auditor 38 - 40

Report of The Audit Committee 41 - 42

Summary of Significant Accounting Policies 43 -72

Corporate Information

Financial Summary

To be the leading

provider of insurance,

risk management and

investment services

in Africa.

OUR MISSION

TO THE INSURING PUBLICA prime company

that provides full

protection against

the unexpected at an

affordable cost and in

an efficient manner.

OUR VISION

TO EMPLOYEESA place of pride to

work; a pleasant and

c o n d u c i v e w o r k

environment that in

addit ion rewards

merit and engenders

ownership approach

to duty.

TO SHAREHOLDERSA prime and profitable

investment; a pride to

own, and

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 STATEA r e s p o n s i b l e

corporate citizen

About S.A

2014 ANNUAL REPORTS AND ACCOUNTS 1

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 N4.3bn and an asset base which is

currently N8.6bn. The company's gross production written as

at the end of 2014 is N4.3bn.

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 within the next five years.

OUR VALUES Our corporate organizational values derive from the letters of the word STAR

S SERVICE

AACCOUNTABILITY

T TRUST

R RESILIENCE

2014 ANNUAL REPORTS AND ACCOUNTS2

Country of

Incorporation

and domicile

Company

registration

number

Nature of

business and

principal activities

Directors

Company

Secretary

Registered office

Registrars

Nigeria

RC: 40590

The principal activity of the

Company is general and special

risk insurance business

Brig. Gen. Dominic Oneya (Rtd.)

Bode Akinboye (CEO)

Omolola Oshiafi

Orerhime Emerhor-Iwuagwu

Adetayo Akintunde

Etigwe Uwa, SAN

Johnson Chukwu

Austin Enajemo-Isire

Nwadiuto Onuoha

FRC/2014/NBA/00000007426

Plot 1 Block 94, Providence Street

Lekki Scheme 1, LekkiLagos

First Registrars

Plot 2 Abebe Village Road,

Iganmu, Lagos

Access Bank Plc

Ecobank Plc

Enterprise Bank Limited

FCMB Plc

Fidelity Bank Plc

First Bank of Nigeria Limited

Guaranty Trust Bank Plc

Mainstreet Bank Limited

Lagoon Homes Savings&Loans Limited

Skye Bank Plc

Sterling Bank Plc

Union Bank Plc

United Bank for Africa Plc

Bankers

Reinsurers JLT Group Plc, London

African Reinsurance Corporation, Nigeria

Continental Reinsurance Plc, Nigeria

Nigeria Reinsurance Plc, Nigeria

WAICA Reinsurance Pool, Nigeria

Reinsurance

Broker

Auditors

Actuaries

Glanvill Enthoven

Reinsurance Brokers Limited

BDO Professional Services

(Chartered Accountants)

ADOL House

Plot 15, Central Business District

Alausa, Ikeja

Lagos.

HR Nigeria Limited

FRC/NAS/0000000738


About S.A

NOTICE IS HEREBY GIVEN that the Nineteenth 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 30th

September, 2015 at 1:00pm prompt to transact the following business.

Ordinary Businessa) To receive and adopt the Audited Financial Statements together with Auditor's Report and

Audit Committee's Report therein for the year ended 31st December, 2014.

b) To re-elect retiring Directors.

c) To ratify the appointment of new Directors and Group Managing Director/CEO

d) To approve the remuneration of the Directors.

e) To ratify the appointment of BDO Professional Services as External Auditors.

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

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

Special Business:To consider and if thought fit, pass the following resolutions being proposed as Special Resolutions:

1. To approve the sale of the Treasury Shares amounting to 2, 212, 046, 824 ordinary shares of 50 kobo each at

25 kobo per share by way of Special Placement to identified Strategic Investor, Gemrock Management

Company Limited.

Dated this 4th day of September, 2015

BY ORDER OF THE BOARD

NWADIUTO ONUOHA

COMPANY SECRETARY

FRC/2014/NBA/00000007426

STANDARD ALLIANCE INSURANCE PLC

PLOT 1, BLOCK 94, PROVIDENCE STREET,

LEKKI PHASE 1, LEKKI,

LAGOS.

NOTICE OF THE NINETEENTH ANNUAL GENERAL MEETING

Nwadiuto OnuohaCompany Secretary


NOTES

1. Proxies

A member of the company entitled to attend and vote is entitled to appoint a proxy on his or her

behalf. A proxy need not be a member of the company. A detachable blank proxy form is attached to

the Annual Reports and Accounts and if it is to be valid for the purpose of the meeting, it must be

duly completed and deposited with the Registrars, FIRST REGISTRARS OF NIGERIA LIMITED at Plot 2,

Abebe Village Road, Iganmu, Lagos State not less than 48 hours before the time of the meeting.

2. Closure of Register of Members and Transfer Books

The Register of Members and Transfer Books of the Company will be closed from Monday 14th

September, 2015 to Friday 18th September, 2015 (both dates inclusive) for the purpose of

preparing an up-to-date Register.

3. Unclaimed Share Certificates and Share Warrants

All Shareholders are hereby informed that the Registrars of the Company are holding share

certificates and dividend warrants which have been returned by the Post Office as “unclaimed”.

Some dividend warrants sent to Shareholders' registered addresses or their bankers too are yet

to be presented for payment or returned to the Registrars of the Company for revalidation. The

affected shareholders should please get in touch with the First Registrars.

4. Nomination for Audit Committee

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

Federation of Nigeria, 2004, any shareholder may nominate another 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 has indicated 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 has

indicated 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.

5. Election of Directors

In accordance with Articles 83(2) and (3) of the Articles of Association of the Company, one-third of

the non-Executive Directors or if their number is not three or a multiple of three, then the number

nearest one-third shall retire from office each year and being eligible, offer themselves

for re-election.


About S.A

RESULTS AT A GLANCE % 2014 2013

Statement of Comprehensive income: N'000 N'000

Gross premium written 4,333,254 3,792,076 14

Net premium income 3,863,664 3,095,919 25

Claims expenses 1,477,173 1,166,515 27

Underwriting results 1,430,687 1,005,363 42

Investment income 239,631 335,212 (29)

Management expenses 1,795,804 1,497,228 20

Loss before tax (1,982,613) (789,736) 151

Statement of Financial Position:

Cash and cash equivalents 701,236 230,396 204

Investment in Associates 433,507 1,081,612 (60)

Investment property 1,415,000 1,435,000 (1)

Insurance contract liabilities 2,402,454 2,000,759 20

Paid up share capital 5,996,587 5,996,587 -

Shareholders' funds 3,417,482 4,777,750 (28)

Total Assets 7,721,387 8,788,881 (12)

Per share data

Basic loss per share (kobo) (17.35) (7.35) 136

Proposed dividend - - -

Net assets per share (Adjusted) - (0.07) (100)

Share price (kobo) 0.50 0.50 -

General

Number of Shareholders 71,053 71,073 (0)

Number of Employees 118 168 (30)

Number of Branches 14 14 -

19 2014 ANNUAL REPORTS AND ACCOUNTS6

CHAIRMAN�S STATEMENTFellow shareholders, distinguished guests, ladies and gentlemen. It

is my pleasure to welcome you to the 19th Annual General Meeting

of our great company, Standard Alliance Insurance Plc.

GLOBAL ECONOMY

The year 2014 witnessed a sustained but fragile recovery in the

global economy. Based on the estimates by IMF, the global economy

grew by a modest 3.4% supported largely by the performance of the

US economy and the drop in oil prices from the second half of the

year. Other advanced economies and the emerging markets

however showed mixed performances, as geo-political risks and a

slow pace of recovery in the Euro zone continued to stifle growth.

Financial markets across the globe also showed mixed

performances as a result of the volatility created by divergent

monetary policy paths. While the equity market in the US hit record

highs, (S&P index was up 11.4%), Europe underperformed as key

equity market indices, FTSE and CAC 40, the benchmark for UK and

France respectively returned negative (-) 2.71% and (-) 0.54%

respectively.

DOMESTIC ECONOMY

Growth slowed considerably in 2014 as the economy recorded a

GDP growth rate of 5.9% in the last quarter of the year compared to

an average of 6.2% recorded in the first three quarters of the year

and marginally higher than the estimated growth rate of 5.8% for

sub-saharan Africa.

At all times, the non-oil sector remained the major driver of growth,

expanding by 6.4% in the 4th quarter of the year as against the 1.2%

growth by the oil sector during the same period.

The monetary policy environment remained tight as expected even

as the CBN tried to rein in excess liquidity in the financial system and

keep inflation under control in a pre-election year. There were

upward adjustments to the Cash Reserve Ratios for both private

and public sector funds. This effectively reduced systemic liquidity

with the attendant spikes in rates in the money and fixed income

markets.

Consumer inflation remained within the single digit band for two

years. It opened the year at 8%, dipped to an all-year low of 7.7% in

February, and rose consistently till it peaked at 8.5% in August

before closing at 8%. This meant that inflation remained within the

benchmark range of 6.0% and 9.0% set by the CBN.

The drastic fall in the prices of oil and the attendant attrition in

external reserves necessitated drastic policy responses from the

CBN in the 4th quarter of the year. Some of these measures include

an adjustment of the Monetary Policy Rate (MPR) to 13% and an 8%

devaluation of the currency from =N=155/dollar to =N=168/dollar.

In the equity market, The Nigerian All Share Index (NSEASI) suffered

a decline of 16.1% as against the growth experienced in 2013.

Market Performance was generally poor in the year as there were

BRIGADIER GENERAL

DOMINIC ONEYA (RTD)Chairman


16

major set-backs, prominent of which was the

depreciation in the value of the Naira. Notable was the

approx. 21% dip in gross external reserves which, as at

December 31, 2014, stood at US$34.47 billion after

dropping from its level of US$43.61 billion in December,

2013. The dip mirrored the fall in the price of Brent Crude

oil of about 60%, from the peak of US$ 115 per barrel in

June, 2014.

Overall, the year was mainly defined by foreign exchange

rate uncertainty, build-up of political activities, security

challenges, especially in the North-Eastern parts of the

country, and the Ebola incidences that were quickly

curtailed.

FINANCIAL PERFORMANCE

Despite the challenging macro-economic environment in

the financial year 2014, our company recorded a gross

premium income of N4.33B, which is an improvement on

the N3.78B posted in the previous year. The underwriting

profit was N1.4B, compared to the N1B posted in 2013.

Our company recorded a loss of N1.9B, compared to the

N240M loss of 2013. The rise in loss recorded was

occasioned by impairment provisions on assets, as well

as share of losses at our associate company.

Notwithstanding the performance of 2014, we have

continued to improve our efforts to take advantage of the

positive business atmosphere from the ‘No Premium, No

Cover’ principle, as well as from positive post-election

realities. I wish to assure you that the Directors and the

Management of your company are determined to bring

improvements to the bottom line going forward.

BOARD CHANGES

In the course of the year, the following five Directors

retired from the Board: Alhaji Aliyu Yahaya Sa'ad,

Olorogun O'tega Emerhor (OON), Dr. Tom Imokhai, Mr.

Ayodele Ajayi and Dr. Ramsey Mowoe (CON) while two

Directors were retained on the Board, namely: Brigadier-

General Dominic Oneya (Rtd) and Mrs. Orerhime

Emerhor-Iwuagwu. Furthermore, the following six

Directors were appointed to the Board: Mr. Bode

Akinboye, Mrs. Adetayo Akintunde, Mr. Johnson Chukwu,

Mr. Etigwe Uwa, Mr. Austin Enajemo-Isire and Mrs.

Omolola Oshiafi. I wish to thank all the Board members

who retired during the year under review for their service

to the company. In particular, Alhaji Sa'ad, who has

served as Chairman of the Board for nearly a decade;

Olorogun Emerhor (OON), who founded the company

and also managed its affairs as Vice Chairman with

foresight and determination and Dr. Imokhai for

navigating the company during the past six financial

years.

Please, join me in wishing the retiring Board members

the very best in their future endeavours.

FUTURE OUTLOOK

We expect the Nigerian business environment to become

noticeably but steadily altered. One crucial driver of the

outlook in 2015 will be reform and change agenda of the

government which we expect corporate businesses to align

with. With crude oil prices averaging around $55/barrel

mid-way into 2015, the Nigerian government is expected to

find and perfect alternative revenue sources, or has to lay

the foundation for such in the medium term.

The future outlook for insurance appears to be positive,

especially as the insuring public becomes fully adjusted to

'No Premium, No Cover' principle. The recent happenings in

the global economy have brought risks to the top of the

agenda of businesses and investors, especially the rout in

the crude oil markets as well as weakening of performance

in the emerging markets. Domestically, the impacts of a

mixed macro-economic environment also paint the picture

of a possible surge in insurance activities. These are

reshaping the business mind towards risk management

strategy and the need for effective and appropriate

insurance products for protection against a myriad of risks.

CONCLUSION

At this junction, we are very positive about the current

financial year 2015. Our company is determined to take

advantage of the wind of change and to turn this into

profitable opportunity by readdressing our focus and

efforts to the market place.

In closing, fellow shareholders, let me at this point express

my gratitude (and that of the Board) to our steadfast

customers for their loyalty and continued patronage. I also

wish to enlist my appreciation (and that of the Board) of the

trust and support of our shareholders, our business

brokers and several allied business partners.

Lastly, I wish to thank fellow members of the Board for their

selfless involvement in the various committees and

decision-making processes of the company as well as

Management and the entire workforce for the immense

hard work they have put in during the financial year 2014.

I thank you all, our valued and esteemed shareholders, for

making it a point of priority to attend the 19th Annual

General Meeting of Standard Alliance Insurance Plc.

Thank you all and God bless.

BRIGADIER GENERAL DOMINIC ONEYA (RTD)

Chairman


BOARD OF DIRECTORS

BRIG. GEN. DOMINIC ONEYA (rtd.)Chairman

- Chairman/CEO, Kaddara Group of Companies, Kaduna and Warri.

- Former Military Administrator: Kano State; Benue State.

- Former Chairman, Nigerian Football Association.

- Member, FIFA Youth Committee (2001-2002).

- Member, CAF Nations Cup Organising Committee.

- Alumnus, University of Ife (now Obafemi Awolowo University).

- Alumnus: Nigerian Defence Academy, Kaduna;

Nigerian Military Training College, Jaji-Kaduna;

Ghana Armed Forces Staff College, Teshi-Accra;

Command and Staff College, Jaji-Kaduna and

Canadian Land Forces Staff College, Ontario.

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.

- Grew the company's asset base to over N20bn and

- 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, Owner President Management Program (OPM).

- Alumnus, Harvard Business School, Boston, USA.

- Former member, Governing Council of the

Nigerian Insurers Association (NIA).

- Former Treasurer, Nigerian Insurers Association (NIA).

7 2014 ANNUAL REPORTS AND ACCOUNTS 9


- 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. JOHNSON EGU CHUKWU

- Initiator/Founder, Cowry Asset Management Limited.

- Facilitator, Institute of Chartered Accountants of

Nigeria (ICAN).

- Facilitator, Financial Institutions Training Centre (FITC.

- Media commentator on the Capital Market, banking

industry and general economic issues.

- Pioneer General Manager/Chief Executive Officer,

Guardian Express Trust Limited (now Spring Capital) –

a subsidiary of Guardian Express Bank Plc

(now Spring Bank Plc).

- Former Deputy General Manager and Group

Executive, Operations, Spring Bank Plc.

- Supervised at various times functions as Structured/

Corporate Finance, Treasury, Risk Management,

Operations, Human Capital Management, Information

technology and Facilities management at Guardian

Express Bank Plc.

- Pioneer Chief Financial Officer,

Guardian Express Bank Plc.

- Championed the setting up of Guardian Express

Bank's Accounting systems, processes and

Management/Financial reporting systems.

- Former Deputy Financial Controller,

Diamond Bank Plc.

- Worked in Credit and Marketing (Trade Finance),

Financial Control, Treasury Operations and Branch

Operations, Intercontinental Bank Plc

(now Access Bank Plc).

- Alumnus, Lagos Business School

(Pan African University).

- Attended courses at IESE Business School

(University of Navarra) Barcelona, Spain; Wharton

Business School (University of Pennsylvania)

Philadelphia, USA.

- Alumnus, University of Lagos.

- Fellow, Institute of Chartered Accountants of Nigeria.

- Fellow, Chartered Institute of Taxation.


MR. 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 (CONTINUED)



STATEMENT OF DIRECTORS' RESPONSIBILITIESStatement of Directors' Responsibilities in relation to the Financial Statements

for the year ended 31 December 2014.

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 annual financial statements which

reflect a true and fair view of the state of affairs of the

Company and the profit or loss and other comprehensive

income for the financial year.

The Directors responsibilities include ensuring that the

Company:

I. implements appropriate internal controls to secure

the assets of the Company, prevent and detect fraud

and other financial irregularities

2. the Company keeps accounting records which

disclose with reasonable accuracy the financial

position of the Company 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

3. the Company 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.

…………...………..………

Mrs. Orerhime Emerhor-Iwuagwu

Director

FRC/2013/IODN/00000004229

…………...………..………

Mr. Bode Akinboye

Chief Executive Officer

FRC/2013/ICAN/00000005139

……………………….………………

Mr. Kadiri Ijeremhe

Head, Finance & Accounts

FRC/2013/ICAN/00000002076

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 Company and of the 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 Company will not remain a going concern

for at least 12 (twelve) months from the date of approval of

the financial statements.



REPORT OF THE DIRECTORSThe Directors have the pleasure in presenting their annual report and the audited financial

statements of the Company for the year ended 31 December 2014. The financial statements of the

Company were prepared in compliance with the International Financial Reporting Standards (IFRS).

Principal activities and business review

The Company's principal activity is the provision of non-life risk underwriting and related financial services to its

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

customers.

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

2014 2013N'000 N'000

Gross premium income 4,338,679 3,779,634

Claims incurred (1,194,074) (1,070,890)

Underwriting expenses (1,341,981) (1,053,465)

Underwriting results 1,430,687 1,005,363

Share of loss of associates (610,519) (239,741)

Investment income 239,631 335,212

Loss before tax (1,982,613) (789,736)

Taxation (98,029) (91,206)

Loss after tax (2,080,642) (880,942)

Directors

The Directors of the Company are as follows:

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

Mr Bode Akinboye - Group Managing Director/CEO

Mrs Omolola Oshiafi - Director

Mrs Orerhime Emerhor-Iwuagwu - Executive Director

Mrs Adetayo Akintunde - Director

Mr Johnson Egu Chukwu - Director

Mr Etigwe Uwa, SAN - Director

Austin Enajemo-Isire - Director

Retirement of Directors

The following Directors retired from the Board of the

Company during the year, however, their retirement

shall take effect from 20 January 2015.

1. Alhaji Aliyu Sa'ad

2. Olorogun O'tega Emerhor, OON

3. Dr. Tom Imokhai

4. Mr. Ayodele Ajayi

5. Dr. Ramsey O. Mowoe, CON

Appointment of Directors

The following Directors were appointed to the Board of

the Company during the year, however, their

appointments shall take effect from 20 January 2015.

1. Mr Bode Akinboye

2. Mrs Adetayo Akintunde

3. Mr Johnson Chukwu

4. Mr Etigwe Uwa,SAN

5. Mr Austin Enajemo-Isire

6. Mrs. Omolola Oshiafi


Report of The Directors

Directors' interests

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

at 31 December 2014 is as follows:

Number of shares held at the end of:

2014 2013

Units % Units %

Olorogun O'tega Emerhor, OON

Alhaji Aliyu Sa'ad

Brig. Gen. Dominic Oneya (Rtd.)

Mr . Ayodele Ajayi

Dr. Ramsey O. Mowoe, CON

Dr. Tom Imokhai

Mrs. Orerhime Emerhor-Iwuagwu

2014 2013Units % Units %

Olorogun O’tega Emerhor, OON:

Standard Alliance Investments Limited

Synetics Technologies Limited

New Heroes Limited

3,158,892,140

309,581,094

113,580,709

26.34

2.58

0.95

415,130,000

73,012,500

3,009,900

1,442,900

1,200,000

6,000,000

25,200,000

3.46

0.61

0.03

0.01

0.01

0.05

0.21

415,130,000

73,012,500

3,009,900

1,442,900

1,200,000

6,000,000

25,200,000

3.46

0.61

0.03

0.01

0.01

0.05

0.21

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

are as follows:

3,158,892,140

309,581,094

113,580,709

26.34

2.58

0.95

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.

Acquisition of own shares

By virtue of the existence of treasury shares per these

financial statements 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 ordinary shares valued at

N8,737,585,955 (par value of N1,106,024,412 and

premium of N7,631,561,543) as at 31 December 2014.

The transaction is however subject to obtaining all

regulatory approval which is ongoing.

Property, plant and equipment

Information relating to changes in tangible assets is

given in Note 15 to the financial statements. The

Directors are of the opinion that the market value of

the Company's assets is not lower than the value

shown in the financial statements.


Share capital information

a) Share range analysis

Number 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

Total

- 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

15,048

27,790

11,756

12,371

2,018

1,531

240

164

47

47

41

71,053

14,482,854

86,881,305

103,982,398

292,440,169

164,783,016

339,199,594

200,181,217

366,674,318

348,264,647

1,095,873,246

8,980,410,686

11,993,173,450

0.12

0.72

0.87

2.44

1.37

2.83

1.67

3.06

2.90

9.14

74.88

100

b) Substantial interests in shares

Apart from Standard Alliance Investments Limited and FCMB Plc which hold 3,158,892,140 units (26.34%) 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 2014.

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, the Company donated a sum of N700,000 to Fair Life Africa Foundation during the year.

Human resources

a) Employment of disabled persons

The Company operates a non-discriminatory

policy in the consideration of applications for

employment, including those received from

disabled persons. The Company's policy is that

the most qualified and experienced persons are

recruited for appropriate job levels irrespective

of applicants state of origin, ethnicity, religion or

physical condition. In the event that any

employee 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 hazards. 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

Nwadiuto Onuoha

Company Secretary 6 July, 2015

FRC/2014/NBA/00000007426

Report of The Directors


CORPORATE GOVERNANCEREPORT


Reporting entity

Standard Alliance Insurance Plc is a

C o m p a n y i n c o r p o ra t e d a n d

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 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 2014 comprise

that of the Company and its interest

in associates (together referred to as

the 'Company' and individually as

'Company entities). The Company

primarily operates in the insurance

and other financial services sector

but also in property development

through one of its associates.

Standard Alliance Insurance Plc has

over the years built an enviable

reputation and has consistently

adopted, implemented and applied

international best practices in

corporate governance, service

delivery and value creation for all its

stakeholders.

T h e C o m p a n y ' s c o r p o r a t e

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 an eight man Board led by

a Chairman who is a non-executive Director. There are

two executive directors one of whom is the Group

Managing Director/CEO. All other five 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 Group

Managing Director by the Board of Directors assisted

by the Management Committees.


Corporate Governance

Responsibilities of the Board

The responsibilities of the Board of Directors include:

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

Select, compensate, monitor and when necessary,

replace key executives and oversee succession

planning.

Monitor the effectiveness of the governance practices

under which it operates and make changes as may be

necessary.

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.

Monitor and manage potential conflicts of interest of

management, board members and shareholders,

including misuse of corporate assets and abuse in

related party transactions.

Supervise and monitor the execution of policies and

providing direction for the management.

Monitor potential risks within the company including

recognising and encouraging honest whistle blowing.

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 Managing

Director, who is supported by Executive Management.

The Managing Director 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 sub-committees whose terms of

reference set out clearly their roles, responsibilities,

scope of authority and procedures for reporting to the

Board. Each committee is chaired by a non-Executive

Director in compliance with principles of good

corporate governance and the Audit Committee is

chaired by a representative of the shareholders. These

committees report to the Board of Directors on their

activities and decisions, which are ratified by the full

Board. The committees are as follows:

1) The Investment and Finance Committee

This is a standing committee of the Board with the

responsibility for investment. The terms of reference of

the committee includes:

I Ensure investment policies in place are

documented, including placement limits.

ii. Review existing investments and investment

strategies

The Board Investment and Finance Committee has the

following members during the period under review:

Mr Joshua Ayodele Ajayi - Chairman

Dr Ramsey O. Mowoe - Member

Mr. Thomas Imokhai - Member

Mrs. Orerhime Emerhor-Iwuagwu - Member


2) The Strategy and Establishment Committee The members of the Committee includes the following:

Dr. Ramsey Mowoe (CON) - Chairman


Brig. Gen. Dominic Oneya (Rtd) - Member


The terms of reference of this Committee include the following:

• To recommend strategic initiatives to the Board

• Review and approve capital expenditure and recommend for Board ratification.

• Review and make recommendations on procedural manuals, policies, staff issues and

staff remuneration and staff welfare.

3) The Risk and Remuneration Committee

The terms of reference of this Committee includes the following:

• Considers credit and risk management policies of the company and make recommendation to the Board

for changes where necessary.

• Review risk portfolio of the Company and make recommendation to the Board

• Ensure an effective risk culture is built and maintained in the Company.

• Review and approve risk appetite of the company and recommend for Board ratification.

• To approve compensation policy and review compensation for General Managers and above.

The Committee has the following members:

Brig. Gen. Dominic Oneya (Rtd) - Chairman



Mr Joshua Ayodele Ajayi - Member

4) 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:

• Review and make recommendation of recruitment, promotion, termination of top management to the Board.

• Review the adequacy and effectiveness of the company s internal control policies prior to endorsement by

the Board.

• Direct and supervise investigations into matters within the scope, such as evaluation of internal controls,

cases of employee, business partners and client misconduct or conflict of interest.

The Committee is made up of the following members:

Mr Chuka Onwuchekwa - Chairman (Shareholder)

Mr. Matthew Esonanjor - Member (Shareholder)

Mr. Godwin Anono - Member (Shareholder)

Dr. Ramsey Mowoe - Member (Director)

Brig. Gen. Dominic Oneya (Rtd) - Member (Director)

Mr. Ayodele Ajayi - Member (Director)



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 Company. 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 2014 financial year. Their

report for the year under review is contained on pages

20 and 21 of these financial statements

Attendance of Board

and Committee MeetingsThe 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 2014.

Board Meetings

30/1/2014 12/5/2014 10/11/2014 15/12/2014 30/12/2014 Total

1 1 1 1 1 5

Olorogun O tega Emerhor, OON 1 1 1 1 1 5

Mr Thomas Imokhai 1 1 1 1 1 5

Brig. Gen. Dominic Oneya (Rtd) 0 1 1 1 1 4

Mr Ayodele Joshua Ajayi 0 1 1 1 0 3

Dr Ramsey Mowoe, CON 1 1 1 1 1 5

Mrs Orerhime Emerhor-Iwuagwu 1 1 1 1 1 5

Alhaji Yahaya Sa’ad(Chairman)


Strategy and Establishment Committee Meetings

14/8/2014 7/11/2014 Total

Dr Ramsey Mowoe, CON (Chairman) 1 1 2

Mr Tom Imokhai 1 1 2

Brig. Gen. Dominic Oneya (Rtd) 1 1 2

Mrs Orerhime Emerhor-Iwuagwu 1 1 2

Risk and Remuneration Committee Meetings

14/8/2014 6/11/2014 Total

Brig. Gen. Dominic Oneya (Rtd) 1 1 2

Mr Tom Imokhai 1 1 2

Mr Ayodele Joshua Ajayi 1 1 2


Audit Committee Meetings

24/4/2014 8/8/2014 6/11/2014 Total

Mr Chuka Onwuchekwa (Chairman) 1 1 1 3

Dr Ramsey Mowoe, CON 1 1 1 3

Brig. Gen. Dominic Oneya (Rtd) 1 1 1 3

Mr Matthew Esonanjor 1 1 1 3

Mr Godwin Anono 1 1 1 3

Mr Ayodele Joshua Ajayi 1 1 1 3

Investment and Finance Committee Meetings

8/8/2014 6/11/2014 Total

Mr Ayodele Joshua Ajayi (Chairman) 1 1 2

Mr Thomas Imokhai 1 1 2

Dr Ramsey Mowoe, CON 1 1 2




Support Committees

1) Business Committee

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

i. Group Managing Director/CEO

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

SCHEDULE OF YEARLY BOARD/COMMITTEE MEETINGS & AGM

S/N DATES TYPE OF MEETING PROPOSED AGENDA

1st week of December

each year

Board Finance, Establishment & Risk

Committee/ Board meetings

Consideration/approval of coming

year's budget

Last week of April

1

2 All Committees and Board meetings To consider and approve 1st quarter

accounts for period ended30th 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 periodended 30th

June of year under review and general

Company’s brief

All Committees and Board meetings

All Committees and Board meetings To consider and approve 3rd quarter

accounts for period ended 30

September of each year under review

and general Company's brief.

Last week of July

Last week of October

Complaints Management Policy Framework

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

issues covered under the Investment and Securities Act 2007 is currently undergoing review and awaiting

approval by the Board of Directors. Upon sign off, it would be incorporated into the Company's operational

policy and forwarded to the Nigerian Stock Exchange and posted on the Company's website accordingly.


2) Weekly Activity Review Committee

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

The Committee consists of:

i. Group Managing Director/CEO

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:

i . Group Managing Director/CEO

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 31st

December 2014 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 deficiency in the design or operations of internal controls which would adversely

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

identified for the company’s auditors any material weakness in internal controls, and

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

significant role 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.

CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO.29 OF 2007

Mr. Bode Akinboye

Group Managing Director/CEO

FRC/2013/ICAN/00000005139

Mr. Kadiri Ijeremhe


FRC/2013/ICAN/00000002076


MANAGEMENT'S DISCUSSIONAND ANALYSIS


This “Management Discussion and Analysis’ as at 31

December 2014 has been prepared in line with the

regulatory requirements and also the need to foster

deeper understanding of our strategy, operating risk

and performance.

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

Company s position, it is advised that the content in

this report be read in conjunction with the financial

statements.

The principal activities of the Company during the year

remained as general insurance business. The

management commentary was as at 31 December

2014 and should be read in conjunction with the

financial statements as at 31 December 2014.

During the year under review the activities of Boko

Haram continued unabated in some states in the

North. This has caused unprecedented loss of lives and

properties and gradually grounding the businesses of

the affected states. Despite the initiatives by policy

makers to encourage low cost or micro insurance

products and to expand policies to better reach low

and medium income community, low level acceptance

of insurance among the wider public continue to

remain the biggest hurdle for the industry.

Business Objective and Strategy

Standard Alliance Insurance Plc is a public liability

company registered in Nigeria to provide a range of

insurance services to individuals, corporate bodies

and government. Its objective is to be an Insurer of

choice.

To achieve this, the Company is trying to lay down well-

structured plans and corporate strategies to drive its

growth. It is the intention of management to

continually churn out new products that will satisfy the

quest of our numerous customers while deepening

the existing ones.

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

strategy is to broaden and align service delivery

channels along customer segment taking cognizance

of the difference between policy administration

product support and customer care to adequately

cater for peculiar needs for each segment.


The business experienced some challenges resulting

from the on-going business model restructuring and

transformation of the service channels. These

imperatives along with other initiatives targeted at

strengthening our enterprise support capabilities have

started yielding results.

Performance Review

The Company experienced a growth of 14% in gross

premium written when compared to the prior year’s

result of N3.79 billion. The growth was mainly

attributable to increasing marketing network.

The increase in the Company’s activity was also

reflected in the earned premium of N3.9 billion, an

increase of N856 million over that of 2013.

Operating Expenses

Operating Expenses which includes underwriting

expenses, claims expenses, reinsurance expenses and

management expenses totalled N5.09 billion for the

year ended December 2014 as against N4.31 billion

recorded in 2013, an increase of N0.7 billion which was

Performance Indicators

Operating results and financial position

BUDGET ACTUAL % ACTUAL

2014 2014 ACHIEVED 2013

N’000 N’000 N’000

Gross premium 7,044,091 4,338,679 62 3,799,634

Net premium 6,057,918 3,863,664 64 3,095,919

Claims expenses 886,182 1,477,173 167 1,166,515

Investment income 242,268 239,631 99 335,212

Profit/loss before tax 1,136,534 (1,982,613) (174) (789,736)

Taxation 409,152 (98,029) (24) (91,206)

Loss after tax 727,382 (2,080,642) (286) (880,942)

Property, plant and equipment 2,344,791 2,222,606 95 1,909,303

Net assets 6,345,118 3,417,482 54 4,741,472

Ordinary share capital 5,996,587 5,996,587 100 5,996,587

Shareholders fund 6,345,118 3,417,482 54 4,741,472

Insurance fund 1,817,703 2,402,454 132 2,000,759

largely due to increase in gross premium income

during the year, consequent upon which the

management expenses increased.

Loss before Taxation

The Company recorded a loss before tax of

N1.982 billion in 2014 as against loss of N790 million in

2013. This increase in loss is as a result of our share in

the losses of our associate company.

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. We expect our investment

income to grow considerably in the coming years as we

are poised to take advantage of the investment

opportunities in the money market and capital

markets.


Management Analysis and discussion

Future Outlook

We expect to see a number of significant adjustments

in the year 2015, especially to the realities of vastly

changed government revenue profile and the Naira

exchange rates against foreign currencies. The private

sector may see intensification of existing and new

export initiatives. There are signals that regulatory

emphasis will be placed on promoting GDP-enhancing

and foreign exchange earning activities. Inflation is very

likely to commence an upswing and the need for cost

control by both government at all levels and private

sector operators is imperative.

On our own part there are plans to merge the

operations of the Company with that of its associate,

Standard Alliance Life Assurance Limited. When

consummated it is hoped that the resulting bigger

composite company will take advantage of the huge

potentials in both the General and Life segment of the

insurance market. The coming on board of the new

strategic investor, Gemrock Management Company

Limited and the reconstitution of the Board and

management team will lead to significant improvement

in both corporate governance and financial

performance going forward.

Government policies

and economic reforms

We expect to see policy decisions and developments in

the industry. Elections would have been held across

the country freely and fairly. The activities of States and

Federal tiers of government will continue to impact

positively on the business environment.

Performance Management The Company will continue with its quarterly

nationwide performance review as a means of

focussing 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 ensuring efficient and

prompt service delivery.

Conclusion

Many factors and assumptions may affect the

manifestation of the Company’s projections, including

but not limited to production rate, claims rate,

employees turnover, relationships with Brokers,

Agents and Suppliers, economic and political

conditions, non compliance with laws or regulations by

the Company’s employees, brokers, agents, suppliers

and/or partners and other factors that are beyond its

control.

Without prejudice to the Company, such forward

looking-statement reflects Management’s current

belief and based on available information which are

subject to risks and uncertainties as identified.

Therefore, the eventual action and/or outcome could

differ materially from those expressed or implied in

such forward–looking statements, or could affect the

extent to which a particular projection materializes.

The forward looking statements in this document

reflect the Company s expectation at the time

Company’s Board of Directors approved this

document and are subject to change after this date.

The Company does not undertake any obligation to

update publicly or revise any such forward-looking

statements, unless required by applicable legislation

or regulation.


CEO�S REPORT

Dear shareholders, the immediate financial year 2014 turned out to

be one of mixed events. The first half was filled with excitements

about a rebasing exercise that revised national GDP to well over half

a trillion US$, and a second half preoccupied with preparation for

elections and an oil rout that dampened business tone for the rest

of the year.

INSURANCE BUSINESS

The Nigerian insurance industry is among the fastest growing

sector of the Nigerian economy, with annual insurance sector real

GDP growth of about 7.2% in 2014. But the industry's 5-year

average annual growth in premium income over 2010-2014 was at

about 11%. The industry's performance is reflective of aggressive

marketing by insurers, as well as the impact of recent policy

changes, in particular the upholding of the sanctity of the 'No

Premium, No Cover' principle which NAICOM began in 2013, and

the Local Contents Law 2010 for the energy industry. Such robust

growth ushered in foreign investor entries into the industry,

especially private equity firms and a handful of global brands.

Nevertheless, the industry still faces the three principal challenges

of low penetration due to little public awareness, weak enforcement

of insurance legislation, and claims fraud.

COMPANY PERFORMANCE

Your company operated in the business environment just

described above and it took an adept Management and strong

Board oversight for us to arrive at this junction. With hard work and

thoughtful customer service, we succeeded in growing our

premium incomes at 14% in the year under review, well above

industry premium growth rate of about 7.3% in 2014. While we

managed our claims and expenses effectively, we also had

challenges of non-renewal of key customer accounts. We also had

to provision for impairments of assets, and needed to book some

charges for associate entities we longer wanted to hold

investments in. Thus, the overall effects of these impacts were

brought upon our P&L in the year under review.

TRANSFORMATION

Against the background of our performance in financial year 2014,

we have embarked on a transformation agenda that will refocus our

strategy and match same with sufficient capital injections. By

December 2014, we effectively exited all non-core activities via a

divestment in associate companies in real estate, financial advisory

and asset management businesses. Our refocused strategy is to

aggressively build up our life assurance franchise as currently

embedded in SA Life Assurance Limited. Following the divestment

from non-core activities, we have increased our equity stake in SA

Life Assurance Limited to majority control cadre, and we intend to

significantly inject resources in order to be able to cross-sell retail

products. Our strategy will also see us launch new products that we

have found to be missing in the wider insurable risks spectrum of

Nigeria. We intend to operate a lean insurer model, by turning to

BODE AKINBOYEGMD/CEO


mobile and payment technology in the marketing and

collection functions. New senior hands have been hired

in retail, investment portfolios, corporate strategy, quality

process, and technology.

In order to achieve the best cross selling platforms, we

have commenced a process of merger of SA Insurance

Plc and SA Life Assurance Limited, in order to bring our

life and non-life businesses under a single, post-merger,

composite insurance company. Approval in principle for

the merger has been granted to us by the primary

regulator, NAICOM, and we envisage that all other

necessary regulatory approvals will be in place shortly. A

post-merger composite platform will boost our risk

underwriting scale along a wider customer base, cross

selling opportunities, lower marketing costs, shared

central costs, and a richer retail outreach network across

the country. We are currently in discussions with

potential investors in order to inject the needed capital to

support the composite business model. These strategic

steps are expected to impact positively on our midterm

earnings and profitability, on our solvency, on our ability

to serve customers, and on our overall brand in the

Nigerian insurance market.

2015 OUTLOOK

While global oil markets continue the price depression,

we expect energy insurance to slide into a lull, and thus

competition to become fiercer in the non-energy wing of

the insurance business. Under the current policy stance

of the regulator, it is possible to sustain premium income

earnings, but strong indications are emerging that retail

and life products are the midterm direction of insurance

business in Nigeria. Your Directors and Management are

prepared for these and are working tirelessly to beat the

competition in every business segment of the company.

I wish to express my sincere appreciation to everyone

connected in one way or the other to Standard Alliance

Insurance Plc. I specifically thank our customers and

brokers for their patronage and loyalty; I wish to

thank the entire members of Staff for their hard

work and dedication in the services of the

company; I wish to thank our different advisers and

professionals who worked with us in the course of

the financial year 2014. Lastly, I am thanking you all

as shareholders of the company for giving the

Directors the opportunity to manage the affairs of

the company.

BODE AKINBOYE

GMD/CEO


MANAGEMENT TEAM

Bode Akinboye is the Group Managing Director

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



MANAGEMENT TEAM (CONTINUED)

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 Group Head, 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

Miss. Nwadiuto Olamma Onuoha is the Company

Secretary/Legal Adviser of the organization. She

joined the company in January 2015 from Helios

Towers Nigeria Limited where she was Chief Legal

and Regulatory Officer. She was responsible for the

legal, regulatory & Company Secretarial functions at

Helios Towers Nigeria.

A graduate of Queen Mary College, University

of London, where she also obtained her LL.M in

Telecommunications Law, Ms. Onuoha has not less

than 14 years legal and regulatory advisory

experience with particular focus on West and

East African Region (WECA). Her experience

includes advising on general commercial matters,

Mergers and Acquisition (M & A), outsourcing,

regulatory assignments, litigation and company

secretarial duties.

Over recent years, she had led and managed legal

teams, handled major advisory transactions, sale and

lease backs, M&A's in relation to a range of assets

classes in the telecoms sector.

Prior to joining Helios Towers Nigeria, she had

worked in almost all segments of the Nigerian

telecommunications sector, including the role of

AGM; Head, Legal and Regulatory/Company

Secretary in Visafone Communications (CDMA) and

Senior Manager level at Airtel Nigeria (GSM). She also

served as Chief Legal and Regulatory Officer for

UNOTELOS, a Value-Added Services Company (VAS)

and Country Interconnect Clearing Company

(CICC FZ), a Dubai based telecoms financial

reconciliations firm.

NWADIUTO OLAMMA ONUOHA


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.





MS ADEBAYO OLUFUNKE

Ms Adebayo Olufunke is the Divisional

Head SA Direct Sales, responsible for the

Company's Retail Business.

With a proven track record of leading teams to

combine strong product knowledge with excellent

negotiation skills for the maximization of sales and

target delivery and the minimization of cost whilst

proffering personal or enterprise risk solutions to a

diverse range of stakeholders across both the public

and private sectors, She brings to bear over 16

years industry experience in managerial and client

handling, strategic planning, sales and business

development.

She has served in management capacity in the

following organizations Nem Insurance Plc, Law

Union & Rock Insurance Plc, Mutual Benefits

Assurance Plc where she was the pioneer Regional

Manager Northern Operations, responsible for the

creation, control and coordination of branches and

inter-branch operations respectively, brand

projection, staff motivation and selection, strategy

design and implementation for the region. She later

had a stint with Old Mutual Nigeria as Head of Sales

and Distribution. She joins the company from Dutee

Insurance brokers Ltd where she was General

Manager Marketing of the Brokerage Firm.

Ms Adebayo is an Associate member of the

Chartered Insurance Institute of Nigeria, the

Nigerian Institute of Management, and the Institute

of Strategic Management of Nigeria. She has an

MBA from Ambrose Alli University Ekpoma, a

Post Graduate Diploma in Insurance and Risk

Management from the West African Insurance

Institute in the Gambia and a B.Sc. Degree from

the University of Ibadan Nigeria.

She has attended many professional courses both

locally and internationally.

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).

AKINTOMIDE BOSEDE GRACE

Mrs. Akintomide Bosede Grace, the Group Head,

Brokers' Business of the company. She joined the

company from FBN Insurance Limited. She began

her insurance marketing career in 2000 as a Senior

Marketing Officer at Metropolitan General Insurance.

She later worked with Trustworld Insurance

Company as Head, Brokers' Unit, Oasis Insurance Plc

as the Branch Manager, Ikeja and Surulere offices

and FBN Insurance Limited respectively before

joining Standard Alliance Insurance Plc in March,

2015 as a Senior Manager.

Mrs. Akintomide is a Member, National Institute of Marketing of Nigeria (NIMN) and an Associate

Member of the Nigerian Institute of Management

(ANIM) and the Chatered Insurance Institute of

Nigeria (CIIN).

She holds a 2007 Master of Business Administration (MBA) in Marketing from Ladoke Akintola University

of Technology, Ogbomosho, a Post-Graduate

Diploma (PGD) in Management from the University of

Calabar (2002) and a Higher National Diploma (HND)

in Insurance from The Polytechnic, Ibadan.


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).

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




INDEPENDENT AUDITORS' REPORT


We have audited the accompanying financial statements of Standard Alliance Insurance Plc. These financial

statements comprise the statement of financial position as at 31 December 2014, the statement profit or loss and

other comprehensive income, the statement of changes in equity, the statement of cash flows for the year then

ended, a summary of the significant accounting policies and other explanatory notes.

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 inthe financial

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

Emphasis on matter

Without qualifying our opinion, we draw your attention to note 50(c) to the financial statements which indicates that

the Company had a shortfall of N262,331,000 in solvency margin as at 31 December 2014.

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 44.

TO THE MEMBERS OF STANDARD ALLIANCE INSURANCE PLC


Report of Independent Auditors

Opinion

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

position as at 31 December 2014 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

iii) the Company's statement of financial position and statement of comprehensive income are in agreement with

the books of account.

Lagos, Nigeria

21, July 2015

Olugbemiga A. Akibayo

FRC/2013/ICAN/00000001076

For: BDO Professional Services

Chartered Accountants



REPORT OF THE AUDIT COMMITTEE

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, 2014 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, 2014.

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

TO THE MEMBERS OF STANDARD ALLIANCE INSURANCE PLC

Mr. Chuka Onwuchekwa

FRC/2013/IODN/2788

Chairman of the Audit Committee 6 July, 2015

Members of the Audit Committee

Mr Chuka Onwuchekwa - Chairman (Shareholder)

Mr. Matthew Esonanjor - Member (Shareholder)

Mr. Godwin Anono - Member (Shareholder)

Dr. Ramsey Mowoe - Member (Director)

Brig. Gen. Dominic Oneya (Rtd) - Member (Director)

Mr. Ayodele Ajayi - Member (Director)


For

SUMMARY OFSIGNIFICANT ACCOUNTINGPOLICIES


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

Units %

Standard Alliance Investments Ltd 3,158,982,140 26.34

FCMB Plc 1,428,700,000 11.91

Synetics Technologies Limited 309,581,094 2.58

New Heroes Limited 113,580,709 0.95

PanAfrica Capital Plc 252,931,000 2.11

Stanbic Nominee Trading Ltd 321,013,371 2.68

The Company has interest in the following associates:Units %

Standard Alliance Life Assurance Ltd 1,905,000 47.47

Standard Alliance Properties Ltd 275,000 40

Standard Alliance Capital and Assets Ltd 400,000 40

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.

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:

2.2 Going concern

The financial statements are prepared on a going

concern basis. The Company has no intention or need

to reduce substantially its business operations.

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

These financial statements for the year ended 31 December 2014 were approved for issue by the Board of Directors

on 6 July 2015.

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.


2.4. 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

5.19 and as embedded in the report. The liability for

insurance contracts is either based on current

assumptions or on assumptions established at

inception of the contract, reflecting the best

estimate at the time increased with a margin for risk

and adverse deviation. All contracts are subject to a

l i ab i l i t y adequacy tes t , wh ich re f lec ts

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.

Summary of Significant Accounting Policies


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 difference

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.


4. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED

THAT ARE NOT YET EFFECTIVE

The amendments to IFRS 3 clarify that:

- The formation of all types of joint arrangements as defined in

IFRS 11 (ie joint ventures and joint operations) are

excludedfrom the scope of IFRS 3

- The scope exception only applies to the accounting by the

joint arrangement in its own financial statements and not to

the accounting by the parties to the joint arrangement for

their interests in the joint arrangement.

No impact

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

The amendment clarifies that the reclassification of an asset or

disposal group from being held for sale to being held for

distribution to owners, or vice versa is considered to be a

continuation of the original plan of disposal.

Upon reclassification, the classification, presentation and

measurement requirements of IFRS 5 are applied.

If an asset ceases to be classified as held for distribution to

owners, the requirements of IFRS 5 for assets that cease to be

classified as held for sale apply.

Mandatory adoption

for periods beginning

on or after 1 January

2016. Early adoption

permitted.

No impact

Annual

Improvements

(2011-2013

Cycle)

Issued

December

2013

Annual

Improvements

(2012-2014

Cycle)

Issued

December

2013

IFRS Reference Nature of change Application date Impact on

initial Application

Annual

Improvements

(2011–2013

Cycle) Issued

December

2013

The amendment to the Basis for Conclusions clarifies that an

entity has an option to use either:

- The IFRSs that are mandatory at the reporting date, or

- One or more IFRSs that are not yet mandatory, if those IFRSs

permit early application.

Mandatory adoption


on or after 1 July


permitted.

No impact, as

the Company

has already

adopted IFRS

IFRS 2 Share-based Payment

Annual

Improvements

(2010-2012

Cycle) Issued

December

2013

The amendment clarifies vesting conditions by separately

defining a performance condition and a service condition, both

of which were previously incorporated within the definition of a

vesting condition.

IFRS 3 Business Combinations

The amendment clarifies that contingent consideration is

assessed as either being a liability or an equity instrument on

the basis of IAS 32 Financial Instruments: Presentation, and

also requires contingent consideration that is not classified as

equity to be remeasured to fair value at each reporting date,

with changes in fair value being reported in profit or loss.

No impact, as

Company is

not involved in

any business

combination.

IFRS 1 First-time Adoption of International Financial Reporting Standards

Annual

Improvements

(2010-2012

Cycle)

Issued

December

2013

No impact as

the Company

has no share

based

payment

Mandatory adoption


on or after 1 July


permitted.

Mandatory adoption


on or after 1 July


permitted.

Mandatory adoption


on or after 1 July


permitted.



A consequential amendment has been made to IFRS 1 First-

time Adoption of International Financial Reporting Standards,

in order that the same transitional provision applies to first

time adopters. Applicability of the offsetting amendments in

condensed interim financial statements.

A further amendment to IFRS 7 has clarified that the

application of the amendment Offsetting Financial Assets and

Financial Liabilities (Amendments to IFRS 7) issued in

December 2011 is not explicitly required for all interim

periods. However, it is noted that in some cases these

disclosures may need to be included in condensed interim

financial statements in order to comply with IAS 34.

The amendments require additional disclosures regarding

management’s judgements when operating segments have

been aggregated in determining reportable segments,

including:

- A description of the operating segments that have been

aggregated

- The economic indicators considered in determining that the

aggregated operating segments share similar economic

characteristics.

Reconciliation of the total of a reportable segment‟s assets to

the entity’s assets:

The Company

would implement

the standard on

adoption.

Annual

Improvements

(2010-2012

Cycle)

Issued

December

2013

Mandatory adoption


on or after 1 July


permitted.

NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ISSUED THAT ARE NOT YET EFFECTIVE

IFRS 7 Financial Instruments: Disclosures

The IASB clarified the circumstances in which an entity has

continuing involvement from the servicing of a transferred

asset.

Continuing involvement exists if the servicer has a future

interest in the performance of the transferred financial asset.

Examples of situations where continuing involvement exists

are where a transferor’s servicing fee is:

- A variable fee which is dependent on the amount of the

transferred asset that is ultimately recovered; or

- A fixed fee that may not be paid in full because of

nonperformance of the transferred financial asset.

The amendment is required to be applied retrospectively in

accordance with IAS 8 Accounting Policies, Changes in

Accounting Estimates and Errors. However, the amendment

needs not to be applied for any period beginning before the

annual period in which the entity first applies the

amendments.

The Company

is yet to assess

the impact of

the adoption of

this standard.

Annual

Improvements

(2012-2014

Cycle)

Mandatory adoption




permitted.

IFRS 8 Operating Segments


initial Application



initial Application


The amendment clarifies that a reconciliation of the total of

reportable segments assets to the entity‟s assets is only

required if a measure of segment assets is regularly provided

to the chief operating decision maker.

IFRS 9 Financial Instruments

Can only be applied

if an entity’s date of

initial application is

before February

2015.

IFRS 9 (2009)

Issued:

November

2009

IFRS 9 (2009) applies to all assets within the scope of IAS 39

Financial Instruments: Recognition and Measurement. IFRS 9

requires that on initial recognition, all financial assets are

measured at fair value (plus an adjustment for certain

transaction costs if they are not measured as at fair value

through profit or loss) and are classified into one of two

subsequent measurement categories:

- Amortised cost

- Fair value.

IFRS 9 (2009) eliminates the Held to Maturity (HTM), Available

for Sale (AFS) and Loans and Receivables categories. In

addition, the exception under which equity instruments and

related

derivatives are measured at cost rather than fair value, where

the fair value cannot be reliably determined, has been

eliminated with fair value measurement being required for all

of these instruments. A financial asset is measured after initial

recognition at amortised cost only if it meets the following two

conditions:

1. The objective of an entity’s business model is to hold the

financial asset in order to collect contractual cash flows

2. The contractual terms of the financial asset give rise on

specified dates to cash flows that are solely payments of

principal and interest on the principal amount outstanding.

All other instruments are required to be measured after initial

recognition at fair value. IFRS 9 (2009) retains the current

requirement for financial instruments that are held for trading

to be recognised and measured at fair value through profit or

loss, including all derivatives that are not designated in a

hedging relationship.

Hybrid contracts with a host that are within the scope of IFRS 9

(2009) (ie a financial host) must be classified in their entirety in

accordance with the classification approach summarised

above. This eliminates the existing IAS 39 requirement to

account separately for a host contract and certain embedded

derivatives. The embedded derivative requirements under IAS

To be

implemented

on adoption of

the standard.




initial Application

39 continue to apply where the host contract is a non-financial

asset and for financial liabilities.

IFRS 9 (2009) includes an option which permits investments in

equity instruments to be measured at fair value through other

comprehensive income. This is an irrevocable election to be

made, on an instrument by instrument basis, at the date of

initial recognition. Where the election is made, no amounts are

subsequently recycled from other comprehensive income to

profit or loss. Where this option is not taken, equity

instruments with the scope of IFRS 9 (2009) are classified as at

fair value through profit or loss. Irrespective of the approach

adopted for the equity instrument itself, dividends received on

an equity instrument are always recognised in profit or loss

(unless they represent a return of the cost of investment).

Subsequent reclassification of financial assets between the

amortised cost and fair value categories is prohibited, unless

an entity changes its business model for managing its financial

assets in which case reclassification is required. However, the

guidance is restrictive and such changes are expected to be

very infrequent. IFRS 9 (2009) states explicitly that the following

are not changes in business model:

1. A change in intention relating to particular financial assets

(even in circumstances of significant changes in market

conditions)

2. A temporary disappearance of a particular market for

financial assets

3. A transfer of financial assets between parts of the entity with

different business models.

IFRS 9 (2010)

Issued:

October

2011

As noted above, IFRS 9 (2009) was published in November

2009 and contained requirements for the classification and

measurement of financial assets. Equivalent requirements for

financial liabilities were added in October 2010, with most of

them being carried forward unchanged from IAS 39.

In consequence:

- A financial liability is measured as at fair value through profit

or loss (FVTPL) if it is held for trading, or is designated as at

FVTPL using the fair value option

- Other liabilities are measured at amortised cost. In contrast

to the requirements for financial assets, the bifurcation

requirements for embedded derivatives have been retained;

similarly, equity conversion features will continue to be

accounted for separately by the issuer.



However, some changes have been made, in particular to

address the issue of where changes in the fair value of an

entity‟s financial liabilities designated as at FVTPL using the fair

value option, which arise from changes in the entity‟s own

credit risk, should be recorded.

This amendment is a result of consistent feedback received by

the IASB from its constituents that changes in an entity’s own

credit risk should not affect profit or loss unless the financial

liability is held for trading.

IFRS 9 (2010) requires that changes in the fair value of financial

liabilities designated as at FVTPL which relate to changes in an

entity‟s own credit risk should be recognised directly in other

comprehensive income (OCI). However, as an exception, where

this would create an accounting mismatch (which would be

where there is a matching asset position that is also measured

as at FVTPL), an irrevocable decision can be taken to recognise

the entire change in fair value of the financial liability in profit

or loss.

IFRS 9 (2013)

Issued:

November

2013

Three significant changes/additions were made compared to

the previous version of IFRS 9:

- Add new hedge accounting requirements

- Withdraw the previous effective date of 1 January 2015 and

leave it open pending the completion of outstanding phases of

IFRS 9

- Make the presentation of changes in „own credit’ in other

comprehensive income (OCI) for financial liabilities under the

fair value option available for early adoption without early

application of the other requirements of IFRS 9.

The new hedge accounting requirements are more principles-

based, less complex, and provide a better link to risk

management and treasury operations than the requirements

in IAS 39 Financial Instruments: Recognition and

Measurement.

The new model allows entities to apply hedge accounting more

broadly to manage profit or loss mismatches, and as a result

reduce „artificial hedge ineffectiveness that can arise under

IAS 39.

Key changes introduced by the new model include:

- Simplified effectiveness testing, including removal of the 80-

125% highly effective threshold

- More items will now qualify for hedge accounting, eg pricing

components within a non-financial item, and net foreign

exchange cash positions

Can only be applied

if an entity’s date

of initial application

is before February

2015.

No impact



initial Application




initial Application

- Entities can hedge account more effectively the exposures

that give rise to two risk positions (eg interest rate risk and

foreign exchange risk, or commodity risk and foreign exchange

risk) that are managed by separate derivatives over different

periods

- Less profit or loss volatility when using options, forwards, and

foreign currency swaps

- New alternatives available for economic hedges of credit risk

and ‘own use’ contracts which will reduce profit or loss

volatility.

IFRS 9 (2014)

Issued:

July 2014

IFRS 9 Financial Instruments (2014) incorporates the final

requirements on all three phases of the financial instruments

projects – classification and measurement, impairment, and

hedge accounting. IFRS 9 (2014) adds to the existing IFRS 9:

- New impairment requirements for all financial assets that are

not measured at fair value through profit or loss .

-Amendments to the previously finalised classification and

measurement requirements for financial assets.

In a major change, which will affect all entities, a new ‘expected

loss’ impairment model in IFRS 9 (2014) replaces the ‘incurred

loss’ model in IAS 39 Financial Instruments:

Recognition and Measurement. Under IFRS 9 (2014), the

impairment model is a more ‘forward looking’ model in that a

credit event (or impairment ‘trigger’) 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.

For trade receivables there is a practical expedient to calculate

expected credit losses using a provision matrix based on

historical loss patterns or customer bases. However, those

historical provision rates would require adjustments to take

into account current and forward looking information. The new

impairment requirements are likely to bring significant

changes. Although provisions for trade receivables may be

relatively straightforward to calculate, new systems and

approaches may be needed. However, for financial institutions

the changes are likely to be very significant and require

significant changes to internal systems and processes in order

to capture the required information.

Mandatory adoption




permitted.

The Company

is still assessing

the impact of

adoption.



IFRS 9 (2014) provides an option to early adopt the ‘own credit’

provisions for financial liabilities measured at fair value through

profit or loss (FVTPL) under the fair value option without any of

the other requirements of IFRS 9. This option will remain

available until 1 January 2018.

Entities that use the fair value option and designate financial

liabilities at fair value through profit or loss (FVTPL) present the

fair value changes in ‘own credit’ in OCI instead of profit or loss.

Therefore, for financial liabilities designated at FVTPL, entities

can continue to apply IAS 39 Financial Instruments:

Recognition and Measurement but follow the presentation

requirement in IFRS 9 and present the changes in ‘own credit’ in

OCI.

Can be applied until

the effective date of

IFRS 9 (2014) which

is 1 January 2018.

IFRS 9

(own credit risk

requirements)


In other changes, IFRS 9 (2014) also introduces additional

application guidance to clarify the requirements for contractual

cash flows of a financial asset to be regarded as giving rise to

payments that are Solely Payments of Principal and Interest

(SPPI), one of the two criteria that need to be met for an asset

to be measured at amortised cost. Previously, the SPPI test

was restrictive, and the changes in the application of the SPPI

test will result in additional financial assets being measured at

amortised cost. For example, certain instruments with

regulated interest rates may now qualify for amortised cost

measurement, as might some instruments which only

marginally fail the strict SPPI test.

A third measurement category has also been added for debt

instruments - FVTOCI. This new measurement category applies

to debt instruments that meet the SPPI contractual cash flow

characteristics test and where the entity is holding the debt

instrument to both collect the contractual cash flows and to

sell the financial assets.

In comparison with previous versions of IFRS 9, the

introduction of the FVTOCI category may result in less profit or

loss volatility, in particular for entities such as insurance

companies which hold large portfolios with periodic buying

and selling activities.

The amendments could lead to significant reclassifications of

debt instruments across the different measurement

categories: amortised cost, FVTOCI, and FVTPL. This may lead

to less volatility in profit or loss for debt investment portfolios,

but greater equity volatility if assets are reclassified from

amortised cost to FVTOCI (which could affect regulatory

capital).


initial Application




This amendment is expected to mainly affect financial

institutions and insurers.

IFRS 10 Consolidated financial statements

Amendments to IFRS 10 and IAS 28 - Sale or Contribution of

Assets between an Investor and its Associate or Joint Venture

The amendments clarify the accounting for transactions where

a parent loses control of a subsidiary, that does not constitute

a business as defined in IFRS 3 Business Combinations, by

selling all or part of its interest in that subsidiary to an

associate or a joint venture that is accounted for using the

equity method.

In the case of any retained interest in the former subsidiary,

gains and losses from the remeasurement are treated as

follows:

- The retained interest is accounted for as an associate or joint

venture using the equity method:

The parent recognises the gain or loss in profit or loss only to

the extent of the unrelated investors’ interests in the new

associate or joint venture. The remainder is eliminated against

the carrying amount of the investment in the associate or joint

venture.

- The retained interest is accounted for at fair value in

accordance with IFRS 9 Financial Instruments:

The parent recognises the gain or loss in full in profit or loss.

No impact.Mandatory adoption




permitted.

IFRS 11 Joint Arrangements

Amendments

to IFRS 11

Issued:

May 2014

Amendments to IFRS 11 – Accounting for Acquisitions of

Interests in Joint Operations

The amendments require an entity to apply all of the principles

of IFRS Business Combinations when it acquires an interest in

a joint operation that constitutes a business as defined by IFRS

3. The amendment also includes two new Illustrative

Examples:

- Accounting for acquisitions of interests in joint operations in

which the activity constitutes a business- Contributing the right

to use know-how to a joint operation in which the activity

constitutes a business.

A consequential amendment to IFRS 1 First-time Adoption of

International Financial Reporting Standards has also been

made, to clarify that the exemption from applying IFRS 3 to

past business combinations upon adoption of IFRS also

Mandatory adoption




permitted.

No impact.


initial Application



initial Application

applies to past acquisitions of interests in joint operations in

which the activity of the joint operation constitutes a business,

as defined in IFRS 3.

The amendment clarifies that short-term receivables and

payables with no stated interest rate can still be measured at the

invoice amount without discounting, if the effect of discounting

is immaterial.

Mandatory adoption


on or after 1 July


permitted.

Annual

Improvements

(2010-2012

Cycle) Issued:

December 2013

No impact.

IFRS 13 Fair Value Measurement



on or after 1 July


permitted.

Improvements

(2011-2013

Cycle)

Issued:

December

2013

IFRS 13.52 defines the scope of the exception that permits an

entity to measure the fair value of a group of financial assets and

financial liabilities on a net basis. This is often referred to as the

portfolio exception.

The amendment clarifies that the portfolio exception applies to

all contracts within the scope of IAS 39 Financial Instruments:

Recognition and Measurement (or IFRS 9 Financial Instruments if

this has been adopted early), regardless of whether they meet

the definition of financial assets or financial liabilities in IAS 32

Financial Instruments: Presentation.

Scope of IFRS 13.52 (portfolio exemption)





permitted.

In many countries, industry sectors (including utilities such as

gas, electricity and water) are subject to rate regulation where

governments regulate the supply and pricing. This can have a

significant effect on the amount and timing of an entity’s revenue.

Some national GAAPs require entities that operate in industry

sectors subject to rate regulation, to recognise associated assets

and liabilities. The scope of IFRS 14 is narrow, with this extending

to cover only those entities that:

- Are first-time adopters of IFRS

- Conduct rate regulated activities- Recognise associated assets

and/or liabilities in accordance with their current national GAAP.

Entities within the scope of IFRS 14 would be afforded an option

to apply their previous local GAAP accounting policies for the

recognition, measurement and impairment of assets and

liabilities arising from rate regulation, which would be termed

regulatory deferral account balances.

IFRS 14 Regulatory Deferral Accounts

IFRS 14

Issued:

January

2014





initial Application

Any regulatory deferral account balances, and their associated

effect on profit or loss, would be recognised and presented

separately from other items in the primary financial statements.

As a result, for those entities that elect to adopt IFRS 14, all other

line items and subtotals would exclude the effects of regulatory

deferral accounts, meaning that they would be comparable with

other entities that report in accordance with IFRS but do not

apply IFRS 14.

Application guidance is included in IFRS 14 in respect of other

IFRSs that would need to be considered alongside the previous

national GAAP accounting requirements in order for these

regulatory deferral accounts to be accounted for appropriately

in an entity s IFRS financial statements, including:

- IAS 10 Events after the Reporting Period

- IAS 12 Income Taxes

- IAS 28 Investments in Associates and Joint Ventures

- IAS 33 Earnings per Share

- IAS 36 Impairment of Assets- IFRS 3 Business Combinations

- IFRS 5 Non-current Assets Held for Sale and Discontinued

Operations

- IFRS 10 Consolidated Financial Statements

-IFRS 12 Disclosure of Interests in Other Entities.

IFRS 15 Revenue from Contracts with Customers

IFRS 15 Revenue from Contracts with Customers supersedes IAS

18 Revenue, IAS 11 Construction Contracts and related

Interpretations (IFRIC 13 Customer Loyalty Programmes, IFRIC

15 Agreements for the Construction of Real Estate, IFRIC 18

Transfers of Assets from Customers and SIC 31 Revenue – Barter

Transactions Involving Advertising Services).

The objective of IFRS 15 is to clarify the principles of revenue

recognition. This includes removing inconsistencies and

perceived weaknesses and improving the comparability of

revenue recognition practices across companies, industries and

capital markets. In doing so IFRS 15 establishes a single revenue

recognition framework. The core principle of the framework is,

that an entity should recognise revenue 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.

To accomplish this, IFRS 15 requires the application of the

following

Mandatory adoption




IFRS 15

Issued:

May 2014

The Company

is currently

assessing the

impact on

adoption.




initial Application


Annual

Improvements

(2010-2012

Cycle)

Issued:

December

2013

Revaluation method – proportionate restatement of

accumulated depreciation

The amendment clarifies the computation of accumulated

depreciation when items of property, plant and equipment are

subsequently measured using the revaluation model. The net

carrying amount of the asset is adjusted to the revalued amount,

and either:

I The gross carrying amount is adjusted in a manner consistent

with the net carrying amount (eg proportionately to the change

in the [net] carrying value, or with reference to observable

market data). Accumulated depreciation is then adjusted to

equal the difference between the gross and net carrying

amounts

ii. Accumulated depreciation is eliminated against the gross

carrying amount.

Mandatory adoption


on or after 1 July


permitted.

The standard is

not expected to

have a material

impact on the

future financial

statements.

Amendments

to IAS 16

Issued:

May 2014

Paragraph 62A of IAS 16 has been added to prohibit the use of

revenue-based methods of depreciation for items of property,

plant and equipment.

Paragraph 62A clarifies that this is because the revenue

generated by an activity that includes the use of an item of

property, plant and equipment generally reflects factors other

than the consumption of the economic benefits of the item, such

as:

- Other inputs and processes

- Selling activities and changes in sales

- Volumes and prices, and

-Inflation.

Mandatory adoption




permitted.

The Company

is currently

assessing

the impact

on adoption.

five steps:

Furthermore the guidance significantly enhances the required

qualitative and quantitative disclosures related to revenue. The

main objective of the requirements is the disclosure of sufficient

information in terms of the nature, amount, timing and

uncertainty of revenue and cash flows arising from contracts with

customers. In order to meet this objective, IFRS 15 requires

specific disclosures for contracts with customers and

significant judgements.

IAS 16 Property, Plant and Equipment

Amendments to IAS 16 and IAS 38 – Clarification of Acceptable Methods of Depreciation and Amortisation




initial Application

Paragraph 56 of IAS 16, which includes guidance for the

depreciation amount and depreciation period, has been

expanded to state that expected future reductions in the selling

price of items produced by an item of property, plant and

equipment could indicate technical or commercial obsolescence

(and therefore a reduction in the economic benefits embodied in

the item), rather than a change in the depreciable amount or

period of the item.


Amendments

to IAS 19

Issued:

November

2013

Amendments to IAS 19 - Defined Benefit Plans: Employee

Contributions

The amendment introduces a narrow scope amendments that:

- Provides a practical expedient for certain contributions from

employees or third parties to a defined benefit plan, but only

those contributions that are independent of the number of years

of service

- Clarifies the treatment of contributions from employees or third

parties to a defined benefit plan that are not subject to the

practical expedient. These are accounted for in the same way

that the gross benefit is attributed in accordance with IAS 19.70.

Contributions that are independent of the number of years of

service include:

- Contributions that are based on a fixed percentage of salary

- Contributions of a fixed amount throughout the service period

-Contributions that are dependent on the employee’s age.

Mandatory adoption


on or after 1 July


permitted.

The standard is

not expected to

have a material

impact on the

future financial

statements.

Annual

Improvements

(2012-2014

Cycle)

Issued:

September

2014

The guidance in IAS 19 has been clarified and requires that high

quality corporate bonds used to determine the discount rate for

the accounting of employee benefits need to be denominated in

the same currency as the related benefits that will be paid to the

employee.

Entities are required to apply the amendment from the earliest

comparative period presented in the financial statements, with

initial adjustments being recognised in retained earnings at the

beginning of that period.

Mandatory adoption




permitted.

IAS 19 Employee Benefits

IAS 19 Employee Benefits

The standard is

not expected to

have a material

impact on the

future financial

statements.

Annual

Improvements

(2010-2012

Cycle)

December

2013

The amendment clarifies that an entity that provides key

management personnel services (management entity) to a

reporting entity (or to the parent of the reporting entity), is a

related party of the reporting entity, and:

- Would require separate disclosure of amounts recognised as an

expense for key management personnel services provided by a

Mandatory adoption


on or after 1 July


permitted.

IAS 24 Related Party Disclosures

The standard is

not expected to

have a material

impact on the

future financial

statements.



initial Application

separate management entity

- Would not require disaggregated disclosures by the categories

set out in IAS 24.17.

The amendments include the introduction of an option for an

entity to account for its investments in subsidiaries, joint

ventures, and associates using the equity method in its separate

financial statements. The accounting approach that is selected is

required to be applied for each category of investment.

Before the amendments, entities either accounted for its

investments in subsidiaries, joint ventures or associates at cost

or in accordance with IFRS 9 Financial Instruments (or IAS 39

Financial Instruments: Recognition and Measurement for those

entities that have yet to adopted IFRS 9). The option to present its

investments using the equity method result in the presentation

of a share of profit or loss, and other comprehensive income, of

subsidiaries, joint ventures and associates with a corresponding

adjustment to the carrying amount of the equity accounted

investment in the statement of financial position.

Any dividends received are deducted from the carrying amount

of the equity accounted investment, and are not recorded as

income in profit or loss.A consequential amendment was also

made to IAS 28 Investments in Associates and Joint Ventures, to

avoid a potential conflict with IFRS 10 Consolidated Financial

Statements for partial sell downs.

Mandatory adoption




permitted.

The standard is

not expected to

have a material

impact on the

future financial

statements.

IAS 27 Separate Financial Statements

Amendments

to IAS 27

Issued:

August 2014

IAS 34 Interim Financial Reporting

Annual

Improvements

(2012-2014

Cycle)

Issued:

September

2014

The requirements of paragraph 16A of IAS 34 require additional

disclosures to be presented either in the:

- Notes to the interim financial statements or

- Elsewhere in the interim financial report.

The amendment clarifies, that a cross-reference is required, if the

disclosures are presented ‘elsewhere’ in the interim financial

report, such as in the management commentary or the risk

report of an entity. However, to comply with paragraph 16A of IAS

34, if the disclosures are contained in a separate document from

the interim report, that document needs to be available to users

of the financial statements on the same terms and at the same

time as the interim report itself.

Mandatory adoption




permitted.

The standard is

not expected to

have a material

impact on the

future financial

statements.





initial Application


Annual

Improvements

(2010-2012

Cycle)

Issued:

December

2013

The amendment clarifies the computation of accumulated

amortisation when intangible assets are subsequently

measured using the revaluation model. The net carrying amount

of the asset is adjusted to the revalued amount, and either:

I The gross carrying amount is adjusted in a manner consistent

with the net carrying amount (eg proportionately to the change

in the [net] carrying value, or with reference to observable

market data). Accumulated amortisation is then adjusted to

equal the difference between the gross and net carrying

amounts

ii. Accumulated amortisation is eliminated against the gross

carrying amount.

Mandatory adoption


on or after 1 July


permitted.

The standard is

not expected to

have a material

impact on the

future financial

statements.

IAS 38 Intangible Assets

The standard is

not expected to

have a material

impact on the

future financial

statements.

Mandatory adoption




permitted.

The amendments clarify that for intangible assets there is a

rebuttable presumption that amortisation based on revenue is

not appropriate.

Paragraphs 98A - 98C of IAS 38 have been added to clarify that

there is a presumption that revenue-based amortisation is not

appropriate, and that this can only be rebutted in limited

circumstances where either:

- The intangible asset is expressed as a measure of revenue, or

- Revenue and the consumption of the economic benefits of the

intangible asset are highly correlated.

Paragraph 98B clarifies that as a starting point to determining

an appropriate amortisation method, an entity could determine

the ‘predominant limiting factor’ inherent in the intangible asset,

for example:- A contractual term which specifies the period of

time that an entity has the right to use an asset

- Number of units allowed to be produced

- Fixed total amount of revenue allowed to be received.

Paragraph 98C then clarifies that where an entity has identified

that the achievement of a revenue threshold is the predominant

limiting factor of an intangible asset, it may be possible to rebut

the presumption that revenue-based amortisation is not

appropriate.

IAS 27 Separate Financial Statements

Amendments

to IAS 38

Issued:

May 2014



initial Application


Annual

Improvements

(2011-2013

Cycle) Issued:

December

2013

The amendment notes that determining whether the acquisition

of an investment property is a business combination requires

consideration of the specific requirements of IFRS 3,

independently from the requirements of IAS 40, in relation to:

- Whether the acquisition of investment property is the

acquisition of an asset, a group of assets, or a business

combination (by applying the requirements of IFRS 3 only)

- Distinguishing between investment property and owner-

occupied property (by applying the requirements of IAS 40 only).

Mandatory adoption


on or after 1 July


permitted.

The standard is

not expected to

have a material

impact on the

future financial

statements.

Amendments

to IAS 41

Issued:

June 2014

The amendments extend the scope of IAS 16 Property, Plant and

Equipment to include bearer plants and define a bearer plant as

a living plant that:

- Is used in the production process of agricultural produce,

- Is expected to bear produce for more than one period; and

- Has a remote likelihood of being sold (except incidental

scrap sales).

The changes made result in bearer plants being accounted for in

accordance with IAS 16 using either:

- The cost model, or

- The revaluation model.

The agricultural produce of bearer plants remains within the

scope of IAS 41 Agriculture.

The amendments include the following transitional reliefs for the

purposes of their first time application:

- Deemed cost exemption – Entities are allowed to use the fair

value of the bearer plants at the beginning of the earliest period

presented as the deemed cost.

- Disclosures – Quantitative information describing the effect of

the first time application as required by IAS 8.28(f) is not required

for the current reporting period, but is required for each prior

period presented.

Mandatory adoption




permitted.

IAS 40 Investment Property

IAS 41 Agriculture

The standard is

not expected to

have a material

impact on the

future financial

statements.



5. Significant accounting policies

The principal accounting policies adopted in the

preparation of these financial statements are set out

below:

5.1 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.

5.2 Financial instruments

Financial instruments are recognized when the

Company 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 Company’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 Company’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 Company’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 Company 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-forsale

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 Company classifies

its investment in the Oil and Energy Pool in this

category.

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-forsale 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 and the Company’s joint

venture investment in real estate development with

Standard Alliance Properties Limited.

5.3 Derecognition of financial assets

A financial asset is derecognised when:

the rights to receive cash flows from the asset have

expired

the Company 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 Company has transferred substantially all the

risks and rewards of the asset; or

the Company has neither transferred nor retained

substantially all the risks and rewards of the asset,

but has transferred control of the asset.

When the Company 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 Company’s continuing

involvement in the asset as guarantee over the

transferred asset.

In that case, the Company 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 Company

has retained.

5.4 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.



5.5 Impairment of non-financial assets

The Company 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 Company 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

pretax 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

Company 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 Company 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.

5.6 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 Company

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

5.7 Impairment of financial assets

The Company 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.

5.8 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

Company.

5.9 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 Company 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 Company reduces the carrying amount of

the insurance receivables accordingly and recognises

that impairment loss in profit or loss. The Company first

assesses whether objective evidence of impairment

exists individually for receivables that are individually

significant. If the Company 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 Company'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.

5.10 Reinsurance assets

The Company 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.

5.11 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.

5.12 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 Company 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.



5.13 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 Company s accounting policies.

Thereafter generally, the assets or disposal Company

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

Company’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.

5.14 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

Company 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 Company 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.

5.15 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.

5.16 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.

5.17 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 assets 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 Company 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

• Motor Vehicles

• Plant and machinery

40 - 50 years

3 - 7 years

4 - 8 years

5 - 8 years

10 years

Land is a component of property, plant and equipment

but not subject to depreciation.

Depreciation on an item of property, plant and

equipment commences when it is available for use and

continues to be depreciated until it is derecognized,

even if during that period the item is idle. Depreciation

of an item ceases when the item is retired from active

use and is being held for disposal.

As no parts of items of property, plant and equipment

of the Company 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 Company 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.

5.18 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.

5.19 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 Company 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”.


5.20 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.

5.21 Other payables and accruals

General Provisions are recognised when the Company

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 Company 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.

5.22 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 Company 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.

5.23 Finance lease obligations

Asset held under finance leases are initially recognised

as asset of the Company 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.

5.24 Employee retirement benefits

• Retirement Benefit Obligations

The Company operates a defined contribution scheme

for qualifying employees. The Company and all its

employees contribute 7.5% 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.

5.25 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 Company 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.

5.26 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.

5.27 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.

5.28 Treasury shares

This is where the Company acquire its own shares.

Treasury shares are deductible from total shareholders’

equity.

5.29 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.

5.30 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.

5.31 Gross premium income

Insurance premium revenue is received or receivable

by the Company from in-force insurance contracts

during the reporting period. In-force insurance

contracts are those whose premiums have been

collected by the Company, 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.

5.32 Commission on reinsurance

When the Company 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 Company. 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.

5.33 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.

5.34 Realized/unrealized gains and losses

Realized gains and losses include gains and losses

arising from the disposal of financial instruments,

noncurrent 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,

noncurrent 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.

5.35 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 acquisit ion costs and other

underwr i t ing expenses , which inc lude

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.

5.36 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.

• 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.

5.37 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.

5.38 Earnings per share

The Company 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.

5.39 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 Company

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.

5.40 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.

5.41 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.


STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014

ASSETS NOTES

Cash and cash equivalents 6

Financial Assets:

- At fair value through profit or loss 7.1

- Loans and receivables 7.2

- Available for sale investment 7.3

Reinsurance assets 8

Trade receivables 9

Other receivables and prepayments 10

Deferred acquisition costs 11

Investment in associate Companies 12

Investment property 13

Intangible assets 14

Property, plant and equipment 15

Statutory deposit 16

TOTAL ASSETS

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES

Insurance contract liabilities 17

Trade payables 18

Other payables and accruals 19

Borrowings 20

Finance lease obligations 21

Employee benefit liabilities 22

Income tax liabilities 23

Deferred tax liabilities 24

TOTAL LIABILITIES

SHAREHOLDERS' EQUITY

Share capital 25

Share premium 26

Treasury shares 27

Contingency reserves 28

Accumulated loss 29

Revaluation reserves 30.1

Fair value reserves 30.2

TOTAL SHAREHOLDERS' EQUITY

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

2014

N'000

701,236

58,949

956,232

821,950

607,664

32,646

32,469

96,442

433,507

1,415,000

7,686

2,222,606

335,000

7,721,387

2,402,454

75,954

395,441

757,803

32,408

-

334,285

305,560

4,303,905

5,996,587

7,667,475

-

1,243,423

(13,105,057)

1,114,518

500,536

3,417,482

7,721,387

Restated

2013

N'000

230,396

91,424

1,809,010

1,126,072

241,092

7,673

89,915

420,840

1,081,612

1,435,000

11,544

1,909,303

335,000

8,788,881

2,000,759

49,463

481,734

857,766

49,953

-

277,600

294,036

4,011,311

5,996,587

15,852,049

(8,737,585)

1,113,425

(10,894,417)

703,401

744,110

4,777,570

8,788,881

Signed on behalf of the Board of Directors on 6 July 2015 by: Additionally certified by:

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

Mr. Bode Akinboye Mrs. Orerhime Emerhor-Iwuagwu

FRC/2013/ICAN/00000005139 FRC/2013/IODN/00000004229

Group Managing Director/CEO Director


Mr. Kadiri Ijeremhe


FRC/2013/ICAN/00000002076

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2014

NOTE 2014 2013

N'000 N'000

Gross premium written 31 4,333,254 3,792,076

Unearned premium 5,425 (12,442)

Gross premium income 31 4,338,679 3,779,634

Reinsurance expenses 32 (475,015) (683,715)

Net premium income 3,863,664 3,095,919

Commission income 33 103,078 33,799

Net underwriting income 3,966,742 3,129,718

Claims expenses (net) 34 (1,194,074) (1,070,890)

Underwriting expenses 35 (1,341,981) (1,053,465)

Total underwriting expenses (2,536,055) (2,124,355)

Underwriting profit 1,430,687 1,005,363

Investment and other income 36 239,631 335,212

Management expenses 37 (1,795,804) (1,497,228)

Finance charges 38 (48,483) (137,084)

Impairment charges on other assets 39 (1,145,650) (297,351)

Fair value (loss)/gains on financial assets 7.1.1 (32,475) 41,093

Fair value loss on investment properties 13.1 (20,000) -

Share of (loss)/profit of associate Company 12.3 (610,519) (239,741)

Loss before taxation (1,982,613) (789,736)

Income tax 23 (86,505) (64,879)

Deferred tax 24.1 (11,524) (26,327)

Loss after taxation (2,080,642) (880,942)

Other comprehensive income

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

Fair value (loss)/gain on financial assets 30.2 (243,574) 641,102

Items that will be classified to profit or loss:

Revaluation surplus on building 30.1 411,117 -

Total comprehensive income for the year (1,913,099) (239,840)

Loss attributable to:

Owners of equity (1,913,099) (239,840)

Non controlling interest - -

(1,913,099) (239,840)

Loss per share : Basic/diluted (17.35) (7.35)


STATEMENT OF CHANGES IN EQUITY

Total comprehensive income for the year:

Other comprehensive income:

Balance 1 January, 2014

Loss for the year

Transfer to contingency reserve (Note 28)

Allotment of treasury shares

Revaluation surplus on building (Note 30.1)

Fair value loss on quoted shares - Available

for sale (Note 30.2)

Transactions with owners recorded directly

in equity Contributions by and distribution

to owners

Total comprehensive income for the year

Total comprehensive income for the year:

Dividends to equity holders

Total transactions with owners

Balance 31 December , 2014

Balance 1 January, 2013

Prior period restatement (Note 46)

Loss for the year

Transfer to contingency reserve (Note 28)

Other comprehensive income:

Fair value gain on quoted shares - Available

for sale(Note 30.2)

Transactions with owners recorded directly

in equity Contributions by and distribution

to owners

Total comprehensive income for the year

Dividends to equity holders

Total transactions with owners

Balance 31 December , 2013

Share

Capital

N'000

5,996,587

-

-

-

-

-

-

-

-

5,996,587

5,996,587

-

5,996,587

-

-

-

-

-

-

5,996,587

Share

Premium

N'000

15,852,049

-

-

(8,184,574)

-

-

(8,184,574)

-

-

7,667,475

15,852,049

-

15,852,049

-

-

-

-

-

-

15,852,049

Treasury

Shares

N'000

(8,737,585)

-

-

8,737,585

-

-

8,737,585

-

-

-

(8,737,585)

-

(8,737,585)

-

-

-

-

-

(8,737,585)

Contingency

Reserves

N'000

1,113,425

-

129,998

-

-

-

129,998

-

-

1,243,423

999,663

-

999,663

-

113,762

-

113,762

-

-

1,113,425

Retained

Earnings

N'000

(10,894,417)

(2,080,642)

(129,998)

-

-

-

(2,210,640)

-

-

(13,105,057)

(9,935,811)

36,098

(9,899,713)

(880,942)

(113,762)

-

(994,704)

-

-

(10,894,417)

Revaluation

Reserves

N'000

703,401

-

-

-

411,117

-

411,117

-

-

1,114,518

703,401

703,401

-

-

-

-

-

-

703,401

Total

N'000

4,777,570

(2,080,642)

-

553,011

411,117

(243,574)

(1,360,088)

-

-

3,417,482

4,981,312

36,098

5,017,410

(880,942)

-

641,102

(239,840)

-

-

4,777,570

-

-

500,536

103,008

103,008

-

-

641,102

641,102

-

-

744,110

Fair value

Reserves

N'000

744,110

-

-

-

-

(243,574)

(243,574)

FOR THE YEAR ENDED 31 DECEMBER 2014


STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2014

2014 2013

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

Premium received from policy holders 4,313,706 4,414,220

Interest received on investments 36 136,138 134,088

Dividend received 36 11,679 700

Rent and sundry income 36 18,308 17,506

Other income 36 12,065 -

Claim paid (net of recoveries) (764,851) (939,791)

Fees and commission 33 103,078 33,799

Cash payments for reinsurance (475,015) (683,716)

Brokers commissions and allowances 35 (1,054,965) (1,067,538)

Agents allowances and commissions - 14,073

Cash payments to employees, suppliers and others (1,913,691) (1,715,236)

392,969 208,105

Taxes paid: Income tax 23 (29,820) (57,693)

VAT - (6,322)

363,149 144,090

Purchase of Property, plants and equipments 15 (162,943) (282,632)

Purchase of Intangible assets 14 (3,207) -

Proceeds from sale of Property, plants and equipments 2,753 1,729

Acquisition of interest in Blueberry project (102,300) -

(265,697) (280,903)

Finance charges 38 (48,483)

Loan obtained 200,000

-

Repayment of Loan (7,673)

Lease financing (net) 21 (17,545) 32,188

Payment of preference dividend 19.2 - (175,000)

Proceeds from sale of treasury shares 553,011 -

Net cash generated from operating activities

Cash flows from investing activities

Net Cash used in investing activities

Cash flows from financing activities

Net Cash flow from financing activities 482,840 (467,979)

Net increase/(decrease) in cash and cash equivalents 580,292 (604,792)

Cash and cash equivalents at the beginning of the year 120,944 725,736

Cash and cash equivalents at the end of the year 701,236 120,944

Cash and cash equivalent comprise:

Current Bank accounts balances 83,785 132,076

Short term deposits - Local banks 617,451 98,319

701,236 230,395

Bank overdraft - (109,451)

701,236 120,944

(188,083) Repayment of Daewoo loan (196,470)

(137,084)

-


OTHER NOTES TO THE FINANCIAL STATEMENTS

2014 2013

6 Cash and cash equivalents

N'000 N'000

Cash in hand

Bank balances

Short term deposits

3,851

79,934

617,451

701,236

626

131,451

98,319

230,396

7.1 Financial assets at fair value through profit or lossQuoted investments N'000 N'000

Cost 334,433 334,433

Fair value changes (Note 7.1.1) (275,484) (243,009)

Market Value 58,949 91,424

7.1.1 The fair value changes are further analysed thus: N'000 N'000

At 1 January (243,009) (284,102)

(Increase)/ Decrease in fair value losses (32,475) 41,093

At 31 December (275,484) (243,009)

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

N'000 N'000

ABC Transport Plc 5,174 14,109

Dangote Sugar Refineries Plc 1,905 3,510

Diamond Bank Plc 1,674 2,250

Ecobank Transnational Plc 119 105

First City Monument Bank Plc 3,984 6,064

Fidelity Bank Plc 3,871 6,362

First Bank of Nigeria Limited 3,465 6,458

Guaranty Trust Bank Plc 11,803 12,619

Skye Bank Plc 798 1,290

United Bank for Africa Plc 1,974 4,106

WAPCO Nigeria Plc 24,150 34,500

WAPIC Insurance Plc 32 51

58,949 91,424

7.2 Loans and receivablesStandard Alliance Properties Limited 945,217 1,800,412

Staff debtors 11,015 8,598

956,232 1,809,010

7 Financial assetsN'000 N'000

At fair value through profit or loss (Note 7.1) 58,949 91,424

Loans and receivables (Note 7.2) 956,232 1,809,010

Available for sale investment (Note 7.3) 821,950 1,126,072

1,837,131 3,026,506

Short-term deposits are made for varying periods of between one day and three months depending on the

immediate cash requirements of the Company.


7.2.1 Standard Alliance Properties Limited N'000 N'000

Balance, beginning of the year 1,800,412 1,714,678

Interest income for the year 90,021 85,734

Balance, end of the year 1,890,433 1,800,412

2014 20137.3 Available for sale financial assetsN'000 N'000

Quoted shares in Transcorp Plc (Note 7.3.1) 719,650 963,224

Oil & Energy Pool (Note 7.3.2) - -

Lagoon Homes Saving & Loans Ltd (Note 7.3.3) - 162,848

Investment in Blueberry Project (Note 7.3.4) 102,300 -

821,950 1,126,072

7.3.1 Investment in quoted shares (Transcorp Plc)N'000 N'000

Balance, beginning of the year 147,235 95,158

Additions during the year - 52,077

Balance, end of the year 147,235 147,235

Fair value gain 572,415 815,989

Market value 719,650 963,224

Fair value charges are further analysed as folows: N'000 N'000

At 1 January 815,989 103,653

Fair value (loss)/gain during the year (Note 30.2) (243,574) 712,336

At 31 December 572,415 815,989

7.3.2 Oil & Energy PoolN'000 N'000

Gross investment - 6,618

Investment amount now written off - (6,618)

- -

Impairment provision N'000 N'000

At 1 January - 6,618

Impairment allowance now written off - (6,618)

At 31 December - -

7.3.3 Lagoon Home Savings and Loans Limited N'000 N'000

5% 5 year Redeemable preference share 162,848 162,848

Impairment provision (162,848) -

- 162,848

Impairment provision N'000 N'000

At 1 January - -

Impairment allowance for the year 162,848 -

At 31 December 162,848 -

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 represents accumulated interest and outstanding contributions.

During the year 2013, Standard Alliance Capital and Assets Management Limited transferred 32,035,807 units of shares of Transcorp Plc to

During the year 2013, the Company 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 bank.

Impairment provision

Balance, end of the year

(945,216)

945,217 1,800,412


7.3.4 Investment in Blueberry Technology Solutions Limited

8 Reinsurance assetsN'000 N'000

Claims recoverable 416,549 177,262

Deferred reinsurance cost 191,115 63,830

607,664 241,092

2014 20139 Trade receivables

N'000 N'000

Amount due from Insurance Brokers 32,646 7,673

Impairment allowance (Note 9.1) - -

Net premium receivables 32,646 7,673

9.1 Impairment allowance N'000 N'000

At 1 January - 3,288,804

Charge during the year - -

Written off during the year - (3,288,804)

At 31 December - -

Age analysis N'000 N'000

0-90 days 32,646 7,673

91-180 days - -

32,646 7,673

The balance of N32.6million due from insurance brokers has been fully received subsequent to year end.

10 Other receivables and prepaymentsN'000 N'000

Prepayments 25,069 81,816

Current account with related companies (Note 14.1) - 112

Sundry 7,400 7,987

32,469 89,915

10.1 Current account with related companiesN'000 N'000

At 1 January 112 506,997

Payments during the year (112) (52,077)

Balance written off - (454,808)

At 31 December - 112

This represents the Company's investment in Blueberry Technology Solutions Limited under a joint venture

arrangement for the provision of Electronic National Drivers' and Vehicles Identification System (ENDVIS) for the

Kaduna State Government. Under the terms of agreement investment is expected to be recovered within a period of

5 years and revenue from the project is to be shared by the parties.

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

which risk has not expired.

The reinsurance assets are of current maturity.


11 Deferred acquisition costsN'000 N'000

Motor 25,462 111,478

Aviation 176 9,372

Engineering 11,168 40,554

Fire 16,038 44,716

General Accident 17,286 81,943

Marine 10,794 57,818

Bond 15,052 12,232

Oil & Gas 466 62,727

96,442 420,840

The movement in deferred acquisition cost is: N'000 N'000

At 1 January 420,840 140,728

Additions during the year 96,441 420,840

Amortisation for the year (420,840) (140,728)

At 31 December 96,441 420,840

12 Investment in Associate Companies

2014 201312.1 The Company has equity investments in the following entities:

N'000 N'000

Standard Alliance Life Assurance Limited (47.47%) 433,507 1,044,026

Standard Alliance Properties Limited (36.67%) - 30,495

Standard Alliance Capital and Assets Limited (40%) - 7,091

Standard Alliance Pension Limited (40%) - -

Total carrying amount at 31 December 433,507 1,081,612

12.1.1 Standard Alliance Life Assurance LimitedN'000 N'000

Cost 1,905,000 1,905,000

Share of post acquisition reserve (Note 12.2) (1,471,493) (860,974)

433,507 1,044,026

Impairment provisions/write off - -

Carrying amount at 31 December 433,507 1,044,026

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

Cost 275,000 275,000

Share of post acquisition reserve (Note 12.2) (244,505) (244,505)

Carrying amount at 31 December 30,495 30,495

Cost written off (275,000) -

Share of post acquisition reserve written off(Note 12.2) 244,505 -

Carrying amount at 31 December - 30,495

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

Cost 400,000 400,000

Share of post acquisition reserve (Note 12.2) (392,909) (392,909)


Cost written off (400,000) -

Share of post acquisition reserve written off(Note 12.2) 392,909 -

Carrying amount at 31 December - 7,091

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


12.1.4 Standard Alliance Pensions Limited. N'000 N'000

Cost - 260,000

Cost written off against impaiment - (260,000)

Carrying amount at 31 December - -

Impairment provisions N'000 N'000

At 1 January - 260,000

Impairment provisions now written off - (260,000)

At 31 December - -

12.2 Share of post acquisition profit or losses

Standard Alliance Life Assurance Limited N'000 N'000

At 1 January (860,974) (658,609)

Share of current year profit/(loss) (Note 12.3) (610,519) (202,365)

At 31 December (1,471,493) (860,974)

Standard Alliance Properties Limited. N'000 N'000

At 1 January (244,505) (246,529)

Share of current year profit/(loss) (Note 12.3) - 2,024

Share of post acquisition profit or losses written off 244,505 -

At 31 December - (244,505)

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

At 1 January (392,909) (353,509)

Share of current year profit/(loss) (Note 12.3) - (39,400)

Share of post acquisition profit or losses written off 392,909

At 31 December - (392,909)

12.3 Summary of financial statements of Associates:2014 2013

Standard Alliance Life Assurance Limited 47.47% N'000 N'000

Property, plant and equipment 149,563 210,550

Investment property 1,825,563 1,807,762

Other assets 1,921,267 4,946,809

Liabilities (2,929,377) (4,711,991)

Net assets 967,016 2,253,131

Revenue 2,994,428 1,874,250

Loss before taxation (1,262,359) (406,915) Loss after taxation (1,286,115) (426,300)

47.47% thereof (610,519) (202,365)

Standard Alliance Properties Limited 40% N'000 N'000

Property, plant and equipments - 11,123

Non-current assets held for sale - 2,362,518

Investment property - 95,000

Other assets - 469,257

Liabilities - (293,999)

Long term deposits - (1,800,411)

Net Assets - 843,488

Revenue - 565,000

Profit/ (loss) before taxation - 10,966

Profit/ (loss) after taxation - 5,059

Adjustment for unrealised profit - -

- 5,059

40% thereof - 2,024


Standard Alliance Capital and Assets Limited 40% N'000 N'000

Property, plant and equipments - 163,326

Other assets - 33,306

Long term investment 191,834

liabilities - (117,367)

Net Assets - 271,099

Revenue - 18,427

Profit/ (loss) before taxation - (98,501)

Profit/ (loss) after taxation - (98,501)

40% thereof - (39,400)

Total share of profit/(loss) for the year (610,519) (239,741)

2014 2013

13 Investment Properties

N'000 N'000

Cost at 1 January 1,435,000 1,435,000

Addition during the year - -

Cost at 31 December 1,435,000 1,435,000

Fair value loss (Note 13.1) (20,000) -

Market value 1,415,000 1,435,000

13.1 Fair value loss

N'000 N'000

At 1 January - -

Loss for the year 20,000 -

At 31 December 20,000 -

Fair value of invesment properties are stated below: Cost

2013

N'000 N'000 N'000

250 hecters of farmland at Mydumbi Village,

Kaduna-Zaria Road, Kaduna 40,000 40,000 40,000

Twin Duplex, Parkview Estate, Ikoyi-Lagos 350,000 330,000 350,000 11 units of 4-bedroom terrace houses at New

County Estate, Lekki, Lagos 1,045,000 1,045,000 1,045,000

1,435,000 1,415,000 1,435,000

Valuation

2014

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 hecters 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 transfer documents and issues

relating to consent and ownership of the Twin Duplex at Parkview Estate, Ikoyi-Lagos, valued at N330 million have not

been fully executed and perfected.

91 2014 ANNUAL REPORTS AND ACCOUNTS82

14 Intangible assets

Computer software N'000 N'000

Cost

AT 1 January 36,605 36,605

Additions 3,207 -

At 31 December 39,812 36,605

Amortisation N'000 N'000

AT 1 January 25,062 16,754

Amortisation for the year 7,064 8,307

At 31 December 32,126 25,061


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

a Company registered in Nairobi, Kenya.


15 Property, plant and equipment

Land Building Motor Furniture Computer and Work in Total

vehicles and fittings other equipment Progress

Cost N'000 N'000 N'000 N'000 N'000 N'000 N'000

At 1 January 2013 285,000 1,362,563 385,822 119,929 201,110 - 2,354,424

Additions - 69,294 88,744 2,776 45,592 76,226 282,632

Disposals - - (23,608) - - - (23,608)

At 31 December 2013 285,000 1,431,857 450,958 122,705 246,702 76,226 2,613,448

At 1 January 2014 285,000 1,431,857 450,958 122,705 246,702 76,226 2,613,448

Additions 5,000 77,027 144,490 5,363 7,290 800 239,170

Revaluation surplus - 411,116 - - - - 411,116

Disposals - - (43,045) - - (43,045)

Assets written off - - (129,740) - - - (129,740)

At 31 December 2014 290,000 1,920,000 422,663 128,068 253,992 - 3,014,723

Accumulated depreciation and impairment

At 1 January 2013 - 60,790 323,760 57,406 161,734 - 603,690

Charge for the year - 27,940 58,686 10,735 24,690 - 122,051

On disposals - - (21,596) - - - (21,596)

At 31 December 2013 - 88,730 360,850 68,141 186,424 - 704,145

At 1 January 2014 - 88,730 360,850 68,141 186,424 - 704,145

Charge for the year - 30,178 75,169 10,369 25,185 - 140,901

On disposals - - (33,775) - - - (33,775)

On assets written off - - (19,154) - - - (19,154)

At 31 December 2014 - 118,908 383,090 78,510 211,609 - 792,117

Carrying amounts as at:

31 December 2013 285,000 1,343,127 90,108 54,564 60,278 76,226 1,909,303

31 December 2014 290,000 1,801,092 39,573 49,558 42,383 - 2,222,606

Transfers - 77,026 - (77,026)

-

- - -

Building was professionally valued by Messrs Osaro Eguasa & Co. FRC/2012/0000000000423 (Estate Surveyors and Valuers) as at 30th

December, 2014 on the basis of their open market values. The revised value of the properties was N1,920,000,000 resulting in a surplus

on revaluation of N411,116,000 which has been credited to the property, plant and equipment revaluation account.

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 the 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 represents the accumulated cost of construction of the Security

and administrative building at the Company's Head Office.


2014 2013

16 Statutory Deposits

N'000 N'000

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

17 Insurance contract liabilitiesN'000 N'000

Unearned premium reserve (Note 17.1) 917,378 922,803

Outstanding claims (Note 17.2) 1,485,076 1,077,956

2,402,454 2,000,759

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

N'000 N'000

Cash and cash equivalents 617,451 225,396

Financial assets 719,650 963,224

Investment properties 380,000 812,139

2,052,101 2,000,759

17.1 Unearned premium reserve

N'000 N'000

Aviation 37,976 14,578

Bond 91,377 19,134


Fire 92,577 109,910

General accident 101,846 151,043

Marine 86,226 115,472

Motor 310,254 317,586 Oil & gas 141,402 146,312

917,378 922,803

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.

Statutory deposits

(607,664)

1,794,790

Less: Reinsurance assets (Note 8) (241,092)

1,759,667

335,000 -


17.2 Outstanding claims reservesN'000 N'000

Aviation 111,376 40,345

Bond 23,969 8,099


Fire 239,976 208,151

General accident 97,832 70,131

Marine 98,380 37,192

Motor 124,806 57,451

Oil & gas 386,731 287,063

1,184,508 772,010

Provision for claims incurred but not reported (IBNR) 300,568 305,946

1,485,076 1,077,956

17.2.1 Movement in outstanding claims reservesN'000 N'000

Oustanding claims reserve at the beginning 772,010 939,805

Reported claims in the current year 1,482,551 867,621 Claims paid during the year (1,070,053) (1,035,416)

412,498 (167,795)

Oustanding claims reserve at the end 1,184,508 772,010

The age analysis of outstanding claims was as follows:

0 - 90 days 136,377 165,408

91 - 180 days 39,025 69,773

181 - 360 days 217,181 198,923

361 days and above 791,925 337,906

1,184,508 772,010

18 Trade payablesN'000 N'000

Due to Reinsurer 75,954 49,463 Due to Co-assurers - - Due to Brokers - -

75,954 49,463

The trade payables are all of current maturity.

2014 2013

19 Other payables and accruals

N'000 N'000

Due to government agencies 10,456 25,007 Lease rent received in advance (Note 19.1) 18,813 22,011 Due to staff 16,022 - Accrued expenses 117,064 - Other credit balances 58,086 259,716 Preference dividend payable (Note 19.2) 175,000 175,000

395,441 481,734

The above are further analysed as: N'000 N'000

Current 376,628 469,723 Non-current 18,813 12,011

395,441 481,734


19.2 Preference dividend payableN'000 N'000

At 1 January 175,000 350,000 Paid during the year - (175,000)

At 31 December 175,000 175,000

20 BorrowingsN'000 N'000

Daewoo Securities Bond (Note 20.1) 565,476 748,314 Term loan (Note 20.2) 192,327 - Bank overdraft - 109,452

757,803 857,766

Payment due date Principal Interest TotalJPY'000 JPY'000 JPY'000

12/15/2014 103,234 18,641 121,875 12/16/2015 107,622 14,253 121,875 12/17/2016 112,196 9,699 121,895 12/17/2017 115,552 4,911 120,463

438,604 47,504 486,108

19.1 Lease rent received in advance

The Company leased out three floors (ground, first and second) 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.

The balance of this account as at 31 December 2014 is N18.813 million

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, 2014

20.1 Daewoo Securities Bond

The Company received a capital inflow of JPY650,000,000 ($7,397,516) zero coupon bond raised from Daewoo Securities in

December 2009.

The bond was tenured originally for 20 years with the lenders' option to convert the bond to Standard Alliance Insurance

Plc's ordinary shares. If the option is not exercised, the Company must pay interest 4.25% per annum on the gross bond

value for the entire term it has been outstanding.

Daewoo Securities requested for the full redemption of the bond in 2011 following which the Company went to a

negotiation with it for a repayment plan. During the year 2012, the Company concluded the negotiation of the payment plan

with the bond owners on the balance of JPY 569,777,070 principal sum and accrued interest of JPY26,469,000 under the

following terms:

i. Non-payment of dividend to shareholders until 2014

ii. Outstanding balance and interest to be paid over five years starting from 2013 and as detailed hereunder:


20.2 Term LoanN'000 N'000

Balance, at beginning of the year -

-

Additions during the year 200,000 - Repayment during the year (7,673) - Balance, at end of the year 192,327 -

Current 54,914 - Non-current 137,413 -

192,327 -

21 Finance lease obligationsN'000 N'000

Balance, at beginning of the year 49,953 17,765 Additions during the year 45,937 48,746 Repayment during the year (63,482) (16,558)

Balance, at end of the year 32,408 49,953

Further details of transactions during the year are:

Principal Interest Total 2014 2013JPY'000 JPY'000 JPY'000 N'000 N'000

At 1 January 500,010 6,052 506,062 748,314 1,072,192 Interest accrued during the year - 18,641 18,641 26,166 36,006 Payments during the year (103,215) (18,641) (121,856) (196,470) (188,083) Foreign exchange difference - - - (12,534) (171,801) At 31 December 396,795 6,052 402,847 565,476 748,314

Current maturities

Interest 67,477 94,717 8,949 Principal 107,622 151,069 243,453 Total current maturities 175,099 245,786 252,402 Non-current principal maturity 227,748 319,690 495,912

402,847 565,476 748,314

The balance of JPY 402,842,000 (N565,475,909) is stated in the financial statements at the Central Bank of Nigeria closing

exchange rate of N1.4037/JPY as at 31 December 2014. Subsequently in 2015, a sum of JPY 70,000,000 was paid in principal

and interest.

Daewoo Securities still has the option up to year 2029 to subscribe to the equity shares of the Company at a strike price of

50 kobo per share.

The Company took a loan facility of N200 million during the year 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.

The Company obtained lease facility of N20,276,698 during 2013 from Diamond Bank at an interest rate of 21% for a period

of 24 months to finance the acquisition of a Mantrac Generator. 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.


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

Decemberv2014. The rental due as at 31 December 2014 are further analysed as follows:

N'000 N'000Less than 3 months 10,657 995 Between 3 and 6 months 11,256 1,160 Between 6 and 12 months 10,495 31,058

32,408 33,213 Over 12 months - 16,740

32,408 49,953

22 Employee benefit liabilities:

GratuityAt 1 JanuaryCharge for the yearProvision no longer required (Note 46)At 31 December

N'000

- - - -

RestatedN'000

36,098 -

(36,098) -

During 2012, the Company changed its policy on gratuity. The Company no longer makes provision for gratuity and as such

the provision of N36 million made up to 31 December 2012 is no longer required.

23 Current income tax liabilities Per Statement of Comprehensive income

Company income tax

Education tax

Information technology development levy tax

Per Statement of Financial Position:Balance at beginning of the year:Company income tax Education tax Information technology development levy tax

Provisions for the year: Company income tax Education tax

Information technology development levy tax

Payments during the year:Company income tax Education tax Information technology development levy tax

At 31 December

24 Deferred tax liabilities

At 1 JanuaryCharged for the year (Note 24.1)At 31 December

2014N'000

75,989

10,516

-

86,505

N'000259,373 18,227

-

277,600

75,989 10,516

-

(21,000) (8,820)

334,285

N'000294,036 11,524

305,560

2013N'000

55,062

9,817

-

64,879

N'000254,507 15,907

-

270,414

55,062 9,817

-

(50,196) (7,497)

277,600

N'000196,475 97,561

294,036


24.1 Charge for the year

N'000 N'000Profit or loss charged on timing differences of carrying amounts of taxable assets 11,524 26,327

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) - 71,234

11,524 97,561

25 Ordinary share capital Authorized

N'000 N'00014,000,000,000 ordinary shares of 50k each 7,000,000 7,000,000

Issued and Fully Paid N'000 N'000

11,993,173,000 units of ordinary shares of 50k each 5,996,587 5,996,587

26 Share premiumN'000 N'000

At 1 January 15,852,049 15,852,049

Discount on treasury shares (8,184,574) -

At 31 December 7,667,475 15,852,049

27 Treasury shares

N'000 N'000

At 1 January 8,737,585 8,737,585 Cash proceeds from investors (553,011) - Discount on sale of treasury shares (8,184,574) - At 31 December - 8,737,585

Share premium comprises additional paid-in capital in excess of the pair value. This reserve is not ordinarily available

for distribution.

These represent the offer price of 2,212,046,824 units of ordinary shares of 50k each (N1,106,024,412 and associated total

share premium of N7,631,561,991) for which no net cash inflow accrued to the Company during its public offer of 2008.

The Company at its 15th Annual General Meeting held on 16th December 2011 approved the cancellation of these shares

and to this effect a court order was also obtained on 26th of April 2012.

The Company applied to the Securities and Exchange Commission (SEC) for the final approval of the share cancellation. SEC

however, in its response subsequently in 2014 has directed that Standard Alliance Insurance Plc should realise the shares

presented for cancellation and report back to it on or before December 2014. The Company initiated urgent and

appropriate steps in engaging in discussions with prospective investors.

During the year, the Company offered the treasury shares to potential investors and subsequently Gemrock Management

Company Limited bought the shares at the sum of N553 million. The difference between the cash proceeds and the value of

treasury shares was transferred to the share premium account.


29 Accumulated lossN'000 N'000

At 1 January (10,894,417) (9,899,712)

Loss for the year (2,080,642) (880,943)

Appropriation to contingency reserves (129,998) (113,762)

At 31 December (13,105,057) (10,894,417)

30 Other reservesN'000 N'000

Revaluation reserve 1,114,518 703,401

Fair value gain reserve 500,536 744,110

1,615,054 1,447,511

30.1 Revaluation ReserveN'000 N'000

At 1 January 703,401 703,401

Addition during the year(Note 15) 411,117 -

At 31 December 1,114,518 703,401

Further details are: N'000 N'000

Revaluation surplus - Building 411,117 -

Deferred tax on revaluation surplus - -

411,117 -

2014 2013

28 Contingency reserve

N'000 N'000

At 1 January 1,113,425 999,663

Charge for the year 129,998 113,762

At 31 December 1,243,423 1,113,425

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.

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.

During the year, the Head office was revalued at N1,900,000,000 by Messrs Osaro Eguasa & Co

(FRC/2012/0000000000423). The revaluations resulted in surpluses of N411,116,000 which has been credited to

the property, plant and equipment revaluation account.


30.2 Fair Value Gains Reserve

This is the net accumulated changes in the fair value of available for sale assets.

N'000 N'000

At 1 January 744,110 103,008

(Decrease)/increase during the year - net of income tax (243,574) 641,102

At 31 December 500,536 744,110

The addition during the year is further analyzed thus: N'000 N'000

Fair value (loss)/gains on available for sale - (Note 7.3.1) (243,574) 712,336

Deferred tax on fair value gains for the year (Note 24.1) - (71,234)

(243,574) 641,102

General Motor

2014 2013

31 Gross premium income

Aviation Bonds Engine-

ering Fire Accident Marine Accident Oil & Gas

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

Premium written 14,999

418,662 243,778 274,119 816,722 801,009 1,003,722 760,243 4,333,254 3,792,076

Movements in unexpired

risks (Note 31.1)

(23,398)

(72,243)

(6,952)

17,333 49,197

29,246

7,332

4,910

5,425

(12,442)

Gross premium (8,399)

346,419 236,826 291,452 865,919 830,255 1,011,054 765,153 4,338,679 3,779,634

31.1 Movement in Unepired risks

Unexpired risk At 1 January 2014 14,578

19,134

48,768

109,910

151,043

115,472

317,586

146,312

922,803

910,361

Unepired risk At 1 December 2014 (37,976)

(91,377) (55,720) (92,577) (101,846) (86,226) (310,254) (141,402) (917,378) 922,803

Movement during the year (23,398)

(72,243)

(6,952)

17,333

49,197

29,246

7,332

4,910

5,425

(12,442)

General Motor

Aviation Bonds Fire Accident Marine Accident Oil & Gas Total

32 Reinsurance premium expenses

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

Charged for the year 2014 9,951

(241) 47,185 55,020 23,352 77,638 24,833 237,277 475,015

Charged for the year 2013 29,658

2,051

18,221

138,001

2,060

148,945

23,578

321,201

683,715

Engine-

ering


2014 201333 Commission income N'000 N'000

Aviation 3,358 1,143

Bond - 84

Engineering 14,817 887

Fire 23,359 4,292


Marine 33,016 4,235

Motor 5,110 4,279

Oil &Gas 13,429 10,964

103,078 33,799

34 Claims expenses N'000 N'000

Claims paid 1,070,053 1,035,416

Increase/(decrease) in outstanding claims(Note 17.2.1) 412,498 (167,795)

(Decrease)/increase in claims incurred but not reported (5,378) 298,894

1,477,173 1,166,515

Claims expenses recoveries from reinsurers (283,099) (95,625)

1,194,074 1,070,890

35 Underwriting expenses

Acquisition cost: N'000 N'000

Aviation 10,073 26,446

Bond 83,925 30,374


Fire 91,436 109,128


Marine 204,280 185,672

Motor 216,763 256,332

Oil &Gas 63,976 87,451

Others 96,547 100,011

Total acquisition cost 1,054,966 1,067,538

Maintenance cost 287,015 -

Deferred commision - (14,073)

1,341,981 1,053,465

36 Investment income N'000 N'000

Interest on deposits 136,138 134,088

Lease rental income 18,308 17,506

Dividend received 11,679 700

166,125 152,294

Balances with banks recovered 10,649 -

Foreign exchange difference 44,275 182,918

Other income 18,582 -

239,631 335,212

The total investment income is further classified as:

Investment income attributable to policyholders' funds 1,634 2,286

Investment income attributable to shareholders' funds 237,997 332,926

239,631 335,212


2014 2013

37 Management expenses

N'000 N'000

Salaries and Allowances 454,163 513,011

Other staff costs 92,197 54,151

Directors' fees and Allowances 89,485 41,983

Insurance expenses 19,722 12,938

Rent and rates 24,176 25,330

Repairs and maintenance 142,318 175,000

Depreciation and amortisation 147,965 130,358

Professional fees 146,537 82,827 Bank charges 14,902 42,150

Printing and stationery 23,833 12,413

Advertising and promotion expenses 142,535 20,702 Books and periodicals 1,265 1,112

Telephone and postages 25,003 34,931

Other administrative expenses 37,293 28,104

Supervisory levies 25,000 72,522

Staff training and development 9,433 28,447 Audit fee 7,000 9,000

Corporate and public relation expenses 83,882 66,842

Travelling,outstation and hotel epenses 78,552 95,419

General management expenses 92,397 42,785

Annual general meeting expenses 19,249 7,203

Property, plant and equipment written off 110,586 -

Staff debts written off 1,794 -

1,795,804 1,497,228

38 Finance charges

N'000 N'000

Interest expenses 13,771 27,830

Lease charges 8,546 25,197

Interest on Daewoo bond 26,166 84,057

48,483 137,084

39 Impairment charges

N'000 N'000

Other receivables - Staff share loan - 5,279

Impairment provision on investment in associate companies 37,586 -

Current account balances - 454,920

Provision/(write back) of impairment on deposit (Note 7.3.3) 162,848 (162,848)

1,145,650 297,351

Loss on sale of property, plant and equipment 6,517 -

Impairment provision on loans and receivables 945,216 -


40 Information Technology Development Levy

N'000 N'000

At 1 January 3,191 3,191

Appropriation for the year - -

At 31 December 3,191 3,191

41 Loss before taxation

Loss before taxation is stated after charging/(crediting): N'000 N'000

Depreciation 140,901 122,051

Amortization 7,064 8,307

Auditors' remuneration 7,000 9,000

Director's remuneration 89,485 41,983

42 Premium receipt from policy holders N'000 N'000

Premium due from policy holder at 1 January 7,673 642,254

Gross Premium written in the year 4,338,679 3,779,639

4,346,352 4,421,893

Premium due from policyholders at 31 December (32,646) (7,673)

Premium receipts in the year 4,313,706 4,414,220

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.

43 Fair value Hierarchy

The Company's fair value measurements model is highlighted in accounting policy 5.6.

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:

• recent arm's length transactions

• reference to other instruments that are substantially the same

• net assets value and

• discounted cash flows


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:

2014

Asset type Total Level 1 Level 2 Level 3

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

Quoted securities - At fair value through profit or loss 58,949 58,949 - -

Quoted securities - Available for sale 719,650 719,650

778,599 778,599 - -

2013

Asset type Total Level 1 Level 2 Level 3

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

Quoted securities - At fair value through profit or loss 91,424 91,424 - -

Quoted securities - Available for sale 963,224 963,224 - -

1,054,648 1,054,648 - -

44a. Penalty by NAICOM

During 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:

Section

2014 2013

Nature of infraction N'000 N'000

Supply of wrong information 250 -

Use of unregistered intermediaries 250 -

Late submission of 2013 audited accounts 215 -

Late submission of 2013 4th quarter returns 500 -

500 -

Amount of penalty

Late submissionof copy of self-assessment form (1A)

Section 49(3) of Insurance Act 2004

Section 30 of NAICOM Act 1997

Section 1.16 of operational guideline


Section 49(3) of Insurance Act 2004

Filing of 2013 Reinsurance treaty arrangement - 250

Failure to furnish information - 500

- 100

Non-rendition of of un-remitted premium report - 120

Late submission of fees - 610

Late submission of 2012 Audited Account - 1,000

Filling fees - 200

Non-submission of claims management expenses - 250

1,715 3,030

Nigeria Methodology AgencyOperational guidelines

Operational guidelines

Operational guidelines

operational guidelines

Section 81(1) of NAICOM ACT, 1997


Section 49(5) of NAICOM ACT,1997

Section 81(1) of Insurance Act 2004.

Penalty in respect of 2012 insurance account of


Appendix III Clause 14 [c] of the NSE

Post-Listing Requirements Late submission of 2014 audited accounts 1,800 2,600

44b. Penalty by Nigerian Stock Exchange

45 Directors and employees

Employees

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

Number Number

Excecutive Director 1 1

Management Staff 16 21

Non-management staff 101 146

118 168

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

Wages and Salaries 527,897 546,292

Employees' Retirement Benefits 6,463 20,870

534,360 567,162

The details of the restatements are as follows: Number Number

N500,001 - N600,000 - 1

N600,001 - N700,000 - -

N700,001 - N800,000 2 2

N800,001 - N900,000 1 1

N900,001 - N1,000,000 1 1

N1,000,001 - N1,100,000 - 34

N1,100,001 - N1,200,000 20 -

N1,200,001 - N3,000,000 - -

N1,300,001 - N1,400,000 18 23

N1,400,001 - N1,500,000 76 106

Above - N1,500,000 118 168

Directors' Remuneration

The remuneration paid to the Directors of the company was: N'000 N'000

Fees and other allowances 33,906 27,750

Excecutive compensation 14,367 14,233

48,273 41,983

Fees and other emolument disclosed above include amount paid to: N'000 N'000

The Chairman - -

Highest paid Director 14,367 14,233

The number of employees of the company otherthan Director who received emolument in the following range was:

The number of Director who received fees and other emolument

(excluding pension contribution) in the following ranges was: Number Number

N1,000,001 - N2,000,000 5 5

N2,000,001 and above 2 2

7 7


Employee benefits liabilities - (Gratuity) N'000

As previously stated 36,098

Correction of provision no longer required (36,098)

As restated -

Retained earnings

As previously stated (10,930,515)

Correction of provision for employee benefits no longer required 36,098

As restated (10,894,417)

46 Prior Period Restatements

46.1 Employee benefits liabilities

An amendment was made to the accounting policy on gratuity which took effect from 2012 but was not effected in

the books. The management had decided to discontinue its gratuity scheme and all prior year provisions were

cancelled. Based on the above, gratuity obligation amounting to N36,098,000 was written-back.

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

statement of financial position as at 31 December 2013. To this effect, the Statement of financial position, statement

of changes in equity and affected notes showed restated comparative information for the year ended 31 December

2013.

The details of the restatements are as follows:

47 Contingent liabilities

No material contingent liabilities have been made or

are likely to be made in these financial statements.

48 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 N9,830,051 (2013: N1,910,226) was paid as

premium for the year ended 31 December 2014.

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 2014 amounted to N92,396,774 (2013:

N43,285,000)

Purchase of Furniture - Heroes Furniture Ltd.

During the year, the Company purchase office

furniture from Heroes Furniture Limited to the total

sum of N10,055,300 (2013: N1,335,000). One of the

immediately past Directors of the Company, Olorogun

O'tega Emerhor, OON has beneficial interest in Heroes

Furniture Limited.

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 N90,020,596 accrued to the Company during

the year.


In the year 2012, SA Properties Limited assigned a total

of 3 blocks of 11 flat located at New County Estate,

Lekki to the Company at a valueof N95million each

(total value was N1.045billion as certified by Osaro

Eguasa & Co [FRC/2012/0000000000423] as at 8th

August 2012).

A recent valuation carried out by the same expert put

the market value of these properties at N1.05 billion as

at 31 December 2013.

The balance on this investment account was N1.89

billion as at 31 December 2014 (2013: N1.8 billion as at

31 December 2013)

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.

49. 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 2014 and profit

attributable to equity holders.

50 RISK MANAGEMENT REPORT

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:

I. Investment portfolio diversification which involves

the application of the Company’s investible 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 GovernanceThe 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

b u s i n e s s / s u p p o r t u n i t l e v e l b a s e d o n

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.


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


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:

Consequence rating scale

No Rating Quantification

1Catastrophic

2 Major

3 Moderate

4 Minor

5 Negligible

Likelihood rating scale

No Rating Interpretations

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

2 Likely 50% change that it will happen during the year

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

4 Unlikely Could occur once over a 5-10 year period

5 Rare Very unlikely over a 10 year period

Consequence (impact on established success criteria)

>/= 10% of Shareholders’ fund

5% - < 10% of shareholders’ fund

1% - < 5% of shareholders’ fund

0.5% - < 1% of shareholders’ fund

< 0.5% of shareholders’ fund

Easily remedied, criteria can be recovered

Most success criteria threatened or one severely affected

Shareholder’s fund depleted, license withdrawn and

liquidation imminent

Some success criteria affected, considerable effort being

made to rectify

Very small impact, rectified in the course of normal

processes

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

i. 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:


Default Risk: Risk that a company will not receive or

receipts delayed or partially the cash flow or assets to

which it is entitled because the other parties default in

one or more obligations. This risk has been

substantially eliminated by the regulations No

Premium, No Cover policy.

ii. Concentration Risk: Risk of increased exposure to

losses due to concentration of investments in a

geographical area, economic sector, counterparty, or

connected parties.

iii. Downgrade or Migration Risks: Risks that change

in the probability of a future default by an obligor will

adversely affect the present value of the contract with

the obligor today.

iv. Indirect or Spread Risks: Risk due to market

perception of increased risk on either a macro or

micro basis.

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:

Market Risks Credit Risks Liquidity Risks

Interest Rate Concentration Risk Liquidation Value

Equity Default Risk Affiliated Investment

Real Estate Indirect or spread Risks Capital Funding

Currency Downgrade or Migration Risks Negative Publicity

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

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.


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 Credit Risks – KRIs Liquidity Risks - KRIs

Interest rate fluctuations Increasing receivables Earnings volatility

Proportion of debt to equity Changes in debt profile Asset coverage

Decline in market values Frequency of settlement failure Liquidity ratio

Guaranteed value losses Connected or affiliated Cash flow modelling

Changes in exchange rate Financial trends Frequency of Cash conversion

Rising inflation Counterparty exposures Working Variations in capital

Risk Mitigation

a. 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-todate 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:

• maintain sufficient capital resources to meet

minimum regulatory capital requirements set by

NAICOM

• maintain sufficient capital resources to support the

company’s risk appetite and economic capital

requirements;

• support the company’s credit rating;

• maintain adequate capital to support the

development of its business and to enable it continue

as a going concern, while at the same time maximising

the return to its shareholders.

• allocate capital to businesses to support the

company’s strategic objectives, including optimising

returns on economic and regulatory capital;

• ensure the company holds capital in excess of

minimum requirements in order to achieve the target

Capital Adequacy Ratios set by management and to

withstand the impact of potential stress events; and

• manage the net asset value currency management

process, including evaluating and implementing new

derivative instruments that could be used for hedging

purposes;

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:

• establish internal targets for capital adequacy;

• apply stress tests to assess the group‟s capital

adequacy under stress scenarios;

• plan and forecast capital requirements to ensure

that capital ratios exceed the targets set by

the Board.

In addition to these processes, the board, through the

ERM Committee, review and set risk appetite annually

and analyse the impact of stress scenarios to

understand and manage the Company s projected

capital adequacy.

The Company has had no significant changes in its

policies and processes to its capital structure during

the year under review through effective selection of

investment platforms and has shown concerns over

strict compliance with NAICOM investment guidelines.

Solvency MarginThe Company solvency margin position as at 31

December 2014 is summarised below:

Company solvency

Regulatory minimum capital required

Deficit in solvency margin

N'000

2,737,670

(3,000,000)

(262,330)

The Company had a solvency margin of N2.738 billion

for the year ended 31 December 2014, which is N262

million less than the regulatory minimum capital of N3

billion. The deficit is mainly due to non-admissibility of

the Company's loan to Standard Alliance Properties

Limited amounting to N956 million.

The directors are pursuing aggressively to realize these

assets and are confident that the solvency deficit shall

be rectified without any adverse effect on the

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


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.”


Accident

year

2007

2008

2009

2010

2011

2012

2013

2014

1

90,369

474,364

179,206

172,035

180,167

187,457

265,491

199,953

2

34,192

369,280

323,203

206,514

232,931

534,984

341,784

-

3

35,033

34,046

58,101

127,551

120,370

266,906

-

-

4

1,214

45,313

12,813

83,949

323,656

-

-

-

5

633

17,610

2,511

4,590

-

-

-

-

6

290

5,031

3,134

-

-

-

-

-

7

1,365

525

-

-

-

-

-

-

8

151

-

-

-

-

-

-

-

Table 1

Incremental Chain ladder-Yearly Projections (N’000)

1. Claims Data

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

Aviation).

The combined claims data, for all lines of business between 2007 and 2014, are summarized in the Table 1 below. A

further summary of this data for each individual class of business is detailed in Appendix 1 of this report

2. Premium Data

The gross premium written in 2014 by line of business is compared with the amounts recorded in the financial

accounts and there are no differences as shown below:

Table 22014 Financial Accounts compared with Premium Data

General Accident

Engineering

Fire

Marine

Motor

Bond

Aviation

Oil and Gas

Total 4,333,254,792

597,027,221

178,238,038

418,662,086

1,003,722,266

800,985,622

274,118,690

243,778,385

816,722,484

Gross Written Premium Account (N)

Class of Business

178,238,038

Gross Written Premium Data (N)

597,027,221

4,333,254,792

816,722,484

243,778,385

274,118,690

800,985,622

1,003,722,266

418,662,086

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 settlement pattern.


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.

Due to the lack of historical reinsurance recovery data, reinsurance recoveries was calculated by the applying the

ratio of outstanding reported reinsurance recoveries to outstanding reported reserves to the total outstanding

claims reserves.

The following official inflation index was adopted:

Inflation Index

6.60%

15.10%

13.90%

11.80%

10.30%

12.00%

8.00%

8.30%

11.00%

Year

2007

2008

2009

2010

2011

2012

2013

2014

2015+

The calculations are also on two bases;

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

• 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): Each policy’s unexpired insurance period (UP) was calculated 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

vi) 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.

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

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

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

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

on average halfway through the year.

• Hence payment patterns will be broadly similar in each accident year. The proportionate increase in the known

cumulative payments from one development year to the next is used to calculate the expected cumulative

payments for the future development periods.

• An implicit assumption of the chain ladder is that weighted past average inflation will remain

unchanged in to the future.

• We assume gross claim amount includes all related claim expenses. If this is not the case, a separate

reserve will be held to cover claim expenses.

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

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

2007 are fully developed

• For Bond, Oil and Gas and Aviation, we used the loss ratio method to calculated the reserves.


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

Aviation N/A Loss Ratio method used to derive reserves

Bond N/A Loss Ratio method used to derive reserves

Engineering 10,403,262 Average + 3SD of Losses

Fire 9,749,074 Average + 3SD of Losses

General Accident 10,000,000 10m Adopted

Marine 10,098,805 Average + 3SD of Losses

Motor 5,000,000 5m Adopted

Oil & Gas N/A Loss Ratio method used to derive reserves

5. Valuation Results

We summarise 4 sets of results in this section under the following methods

• Basic Chain Ladder– with claims discounted and undiscounted

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

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. Reinsurance

recoveries for Bond, Special Risks and Engineering were taken from the Outstanding reported reserves.

Table 5.1a: Basic Chain Ladder Method

Class of Business

Gross Outstanding

Claims

N

Estimated

Reinsurance Recoveries

N

Net Outstanding Claims

N

Accident 139,227,767

(46,251,558)

92,976,209

Engineering 119,149,958

(110,689,597)

8,460,360

Fire 317,677,685

(227,139,545)

90,538,140

Marine 118,935,245

(70,954,985)

47,980,261

Motor 163,082,175

-

163,082,175

Bond* 80,364,813

-

80,364,813

Aviation* 113,802,487 - 113,802,487

Oil and Gas* 492,608,320

-

492,608,320

TOTAL 1,544,848,450

(455,035,685)

1,089,812,765

Accounts (Outstanding Claims) 1,184,507,628

(352,094,809)

832,412,818

Difference 360,340,822

(102,940,876) 257,399,947

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


Table 5.1b: Discounted Basic Chain Ladder Method

120,576,723 (40,055,669) 80,521,054

104,946,808 (97,494,957) 7,451,852

285,310,009 (203,996,656) 81,313,353

105,124,761 (62,715,857) 42,408,904

150,406,920 - 150,406,920

80,364,813 - 80,364,813

113,802,487 - 113,802,487

492,608,320 - 492,608,320

1,453,140,841 (404,263,139) 1,048,877,702 1,184,507,628

(352,094,809)

832,412,818

268,633,213 (52,168,329)

216,464,884


Gross Outstanding

Claims

N

Estimated


N


NClass of Business

Accident

Engineering

Fire

Marine

Motor

Bond*

Aviation*

Oil and Gas*

TOTAL

Accounts (Outstanding Claims)

Difference

5. Inflation Adjusted Chain Ladder Method – Result Table

Table 5.2a: Inflation Adjusted Basic Chain Ladder Method

156,390,668

121,221,067

324,030,044

125,097,170

171,398,885

80,364,813

113,802,487

492,608,320

1,584,913,453

1,184,507,628

400,405,825

(51,953,085)

(112,613,645)

(231,681,481)

(74,631,096)

-

-

-

-

(470,879,309)

(352,094,809)

(118,784,499)

104,437,583

8,607,421

92,348,562

50,466,073

171,398,885

80,364,813

113,802,487

492,608,320

1,114,034,144

832,412,818

281,621,326


Gross Outstanding

Claims

N

Estimated


N


NClass of Business

Accident

Engineering

Fire

Marine

Motor

Bond*

Aviation*

Oil and Gas*

TOTAL


Difference



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

5. UPR (Gross and Reinsurance UPR) – Result Table

Table 5.4: Estimated UPR (net of reinsurance)

Gross Outstanding

Claims

N

Estimated


N


NClass of Business

Accident

Engineering

Fire

Marine

Motor

Bond*

Aviation*

Oil and Gas*

TOTAL


Difference

133,809,086

106,159,082

291,019,894

109,618,807

157,693,491

80,364,813

113,802,487

492,608,320

1,485,075,980

1,184,507,628

300,568,353

(44,451,469)

(98,621,152)

(208,079,224)

(65,396,937)

-

-

-

-

(416,548,782)

(352,094,809)

(64,453,973)

89,357,618

7,537,930

82,940,670

44,221,870

157,693,491

80,364,813

113,802,487

492,608,320

1,068,527,198

832,412,818

236,114,380

Class of Business

General Accident

Engineering

Fire

Marine

Motor

Bond

Aviation

Oil and Gas

Total

Gross UPR

N

101,845,928

55,720,485

92,576,880

86,226,613

310,253,890

91,376,694

37,976,051

141,401,677

917,378,217

Reinsurance UPR

N

(9,944,458)

(10,246,631)

(22,843,428)

(43,314,302)

(4,659,325)

-

(4,974,530)

(95,132,764)

(191,115,438)

NET UPR

N

91,901,469

45,473,854

69,733,452

42,912,311

305,594,565

91,376,694

33,001,521

46,268,913

726,262,779

6. 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. Illustrated below is the assumption

that the ultimate loss ratios are less 100% earned premiums for every class of business written. Accordingly a nil

AURR was estimated for the business.


Table 6.0: Loss Ratio Table

11%

23%

64%

5%

29%

72%

16%

16%

Assumed Loss RatioClass of Business

General Accident

Engineering

Fire

Marine

Motor

Aviation

Bond

Oil & Gas

7. Conclusion

1,485,076 (416,549) 1,068,527

917,378

(191,115)

726,263

2,402,454

(607,664)

1,794,790

Gross Estimate of Outstanding Claims

Table 7.2: Technical Reserves

Valuation MethodFull Value

(No Discounting)N

Present Value(Discounting)

N

1,544,848,450 1,453,140,841

1,584,913,453 1,485,075,980IABCL

BCL

The Inflation Adjusted Basic Chain Ladder (Discounted) Method was adopted which presents a

gross claims reserve of N1.49 billion and reinsurance recoveries estimate N417 million (a net

position of N1.07 billion) as being representative of the liability.

This figure:

· anticipates that total claims may be exposed to inflationary increase

· recognises that present value needs to be reserved for anticipated future payments

7.2 Technical Reserves

The claims reserve net of reinsurance asset was estimated as N1.07 billion and net UPR

as N0.73 billion, leading to a total Net Liability of N1.79 billion as shown in Table 7.2

below, and this estimate meets the Liability Adequacy Test.

Gross

(N ‘000)

Reinsurance Assets

(N ‘000)

Net

(N ‘000)

Claims

UPR

Total


Accident year 1 2 3 4 5 6 7 8

Cumulative Chain ladder-Yearly Projections (N’000)

2.315 1.281 1.069 1.027 1.045 1.012 1.006Loss Dev Factors

2014 17,187 - - - - - - -

2007 - 7,492 20,653 20,883 21,144 21,434 22,799 22,928

2008 55,315 87,437 93,925 94,978 96,596 101,627 101,792 -

2009 1,567 44,984 56,289 65,854 68,365 71,499 - -

2010 31,722 53,294 73,216 81,371 84,184 - - -

2011 37,944 81,750 100,833 105,555 - - - -

2012 15,382 47,304 67,939 - - - - -

2013 26,390 74,848 - - - - - -


2007 - 7,492 13,160 230 261 290 1,365 129

2008 55,315 32,122 6,488 1,054 1,618 5,031 165 -

2009 1,567 43,417 11,305 9,565 2,511 3,134 - -

2010 31,722 21,571 19,923 8,155 2,813 - - -

2011 37,944 43,806 19,083 4,722 - - - -

2012 15,382 31,921 20,636 - - - - -

2013 26,390 48,457 - - - - - -

2014 17,187 - - - - - - -


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

2007, N0 million was paid in 2007 (development year 1), N7.492 million in 2008 (development year 2) etc.

Table 5.1

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

1.1.2 The claim was then cumulated as illustrated below. For instance, in 2007, N0 million was paid from claims

arising that year. At the end of 2008, the total claim payments arising from accidents in 2007 was N7.492

million, this increased to N20.653 million in 2009 etc.

Cumulative Data (for Attritional loses)


1.1.3 This table was used to estimate the average ratio of claims paid at different periods e.g. it was estimated

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

2.315 obtained as

=(74848+47304+81750+53294+44984+87437)

(26390+15382+37944+31722+1567+55315)

Similarly, the cumulative ratio of total claims paid at the end of year 3 to 2 is 1.281 Projecting the cumulative ratios, we

estimate cumulative payments for each accident year below.

1.1.4 For instance we project that; From the combined settlement patterns we project the accumulation amounts

payable in future

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

• total claims from 2008 accident year will be N101.63 million, of which N101.63 million had been

paid as at the end of year 2015

Projected Table

1.1.5 Unwinding the cumulative payments we expect claim payments to be made till 2019 as follows


2007 0 7,492 20,653 20,883 21,144 21,434 22,799 22,928

2008 55,315 87,437 93,925 94,978 96,596 101,627 101,792 101,874

2009 1,567 44,984 56,289 65,854 68,365 71,499 71,615 71,673

2010 31,722 53,294 73,216 81,371 84,184 85,459 85,597 85,667

2011 37,944 81,750 100,833 105,555 108,580 110,224 110,403 110,492

2012 15,382 47,304 67,939 72,862 74,950 76,085 76,209 76,271

2013 26,390 74,848 93,260 100,018 102,884 104,442 104,612 104,697

2014 17,187 39,782 49,569 53,161 54,684 55,512 55,602 55,648

Cumulative Chain ladder-Annual Projections (N’000)


2007

2008 83

2009 116 58

2010 1,275 139 69

2011 3,025 1,644 179 90

2012 4,923 2,088 1,135 124 62

2013 18,413 6,757 2,866 1,558 170 85

2014 22,596 9,787 3,592 1,524 828 90 45

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


1.1.6 The reserves for General Accident large loss is illustrated as follows

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

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

*Earned premiums for 2008 - 2012 were not available so we adopted 2013 earned premiums

Attritional Losses 83,318,655

Large Loss 55,909,112

Total 139,227,767

2019 1,059,437

2020 175,052

2021 45,138

2016 20,473,269

2017 7,841,409

2018 3,294,525

Accident Year Incremental

2015 50,429,825

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)

2008* 778,690 2,930 9,360 12,289 2% 1.58% 12,289 9,360

2009* 778,690 86,324 0 86,324 11% 11.09% 86,324 0

2010* 778,690 127,782 36,448 164,229 21% 21.09% 164,229 36,448

2011* 778,690 315,950 178,147 494,098 63% 63.45% 494,098 178,147

2012* 778,690 228,564 144,680 373,244 48% 47.93% 373,244 144,680

2013* 778,690 36,625 18,096 54,721 7% 7.03% 54,721 18,096

2014 730,957 0 0 0 0% 25.00% 182,739 182,739

Total 569,470

Discounted 492,608

AccidentYear

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

2009 766,496 71,137 27,937 5 0.0007% 14,227 16,512 0.0008%

2010 882,640 12,205 0 1 0.0001% 12,205 12,205 0.0001%

2011 779,748 0 0 0 0.0000% 0 0 0.0000%

2012 1,722,833 35,437 0 2 0.0001% 17,719 17,719 0.0001%

2013 639,229 10,778 10,000 1 0.0002% 10,778 10,389 0.0003%

2014 881,547 0 0 0 0.0000% 0 14,962 0.0001%

Average Ultimate Frequency 0.000136%

Average Ultimate Severity 14,962


Appendix 2B: 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)

2010* 63,090 0 0 0 0% 0% 0 0

2011* 63,090 0 9,959 9,959 16% 16% 9,959 9,959

2012* 63,090 0 4,190 4,190 7% 7% 4,190 4,190

2013* 63,090 0 9,820 9,820 16% 16% 9,820 9,820

2014 362,313 0 0 0 0% 16% 56,396 56,396

Total 80,365

It was assumed that the pre 2014 claims information is fully developed and have adopted the industry

average loss ratio for 2014 accident year.

It was assumed that the pre 2014 claims information is fully developed and have adopted the 2013 loss ratio for

the 2014 accident year.

Appendix 3: An illustration of Expected Loss Ratio Method – Aviation claims


53,009 96 0 96 0.18% 0.18% 96 0

53,009 2,565 407 2,972 5.61% 5.61% 2,972 407

53,009 118,179 60,157 178,336 336.43% 336.43% 178,336 60,157

53,009 2,787 7,781 10,569 19.94% 19.94% 10,569 7,781

23,925 0 43,030 43,030 179.86% 190.00% 45,457 45,457

123,626 111,376 235,002 237,429 113,802

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)

2010*

2011*

2012*

2013*

2014

Total

It was assumed that the pre 2014 claims information is fully developed and assuming a further 10%

deterioration of the incurred loss ratio for the 2014 accident year.


Appendix 4 – Cumulative Claims Development Pattern: General Accident

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

Accident year

1 2 3 4 5 6 7 8

2007 - 7,492 13,160 230 261 290 1,365 129

2008 55,315 32,122 6,488 1,054 1,618 5,031 165 -

2009 1,567 43,417 11,305 9,565 2,511 3,134 - -

2010 31,722 21,571 19,923 8,155 2,813 - - -

2011 37,944 43,806 19,083 4,722 - - - -

2012 15,382 31,921 20,636 - - - - -

2013 26,390 48,457 - - - - - -

2014 17,187 - - - - - - -


Table 2 Cumulative table for Attritional loses

0 7,492 20,653 20,883 21,144 21,434

55,315 87,437 93,925 94,978 96,596 101,627

1,567 44,984 56,289 65,854 68,365 71,499

31,722 53,294 73,216 81,371 84,184 85,459

37,944 81,750 100,833 105,555 108,580 110,224

15,382 47,304 67,939 72,862 74,950 76,085

26,390 74,848 93,260 100,018 102,884 104,442

17,187 39,782 49,569 53,161 54,684 55,512

22,799 22,928

101,792 101,874

71,615 71,673

85,597 85,667

110,403 110,492

76,209 76,271

104,612 104,697

55,602 55,648

Accident year

1 2 3 4 5 6 7 8

2007

2008

2009

2010

2011

2012

2013

2014


Appendix 4 – Cumulative Claims Development Pattern: General Accident

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)

2009 766,496 71,137 27,937 5 0.0007% 14,227 16,512 0.0008% 99,073 27,937

2010 882,640 12,205 0 1 0.0001% 12,205 12,205 0.0001% 12,205 -

2011 779,748 0 0 0 0.0000% 0 0 0.0000% 0 -

2012 1,722,833 35,437 0 2 0.0001% 17,719 17,719 0.0001% 35,437 -

2013 639,229 10,778 10,000 1 0.0002% 10,778 10,389 0.0003% 20,778 10,000

2014 881,547 0 0 0 0.0000% 0 14,962 0.0001% 17,972 17,972

Total Reserves 55,909


Average Ultimate Severity 14,962


Appendix 5 – Cumulative Claims Development Pattern: FIRE

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

- 3,764 4,481 - - - - 22

31,644

23,489

606

3,318 - - - -

6,639 20,498 16,274 119 - - - -

10,624 7,440 4,588 1,899 - - - -

4,652 28,986 19,862 1,782 - - - -

37,995 45,906 34,373 - - - - -

28,345 54,204 - - - - - -

8,788 - - - - - - -

Accident year

1 2 3 4 5 6 7 8

2007

2008

2009

2010

2011

2012

2013

2014

Incremental Chain ladder-Yearly Projections ( N’000)


0 3,764 8,245 8,245 8,245 8,245 8,245 8,266

31,644 55,133 55,740 59,058 59,058 59,058 59,058 59,058

6,639 27,137 43,411 43,530 43,530 43,530 43,530 43,530

10,624 18,064 22,652 24,551 24,551 24,551 24,551 24,551

4,652 33,638 53,500 55,283 55,283 55,283 55,283 55,283

37,995 83,901 118,274 125,202 125,202 125,202 125,202 125,202

28,345 82,549 111,232 117,748 117,748 117,748 117,748 117,748

8,788 66,540 89,660 94,912 94,912 94,912 94,912 94,912

Accident year

1 2 3 4 5 6 7 8

2007

2008

2009

2010

2011

2012

2013

2014



Table 4 Combined results table (Attritional and Large Losses)

Accident year

2007

2008

2009

2010

2011

2012

2013

2014

Summary of Results

Ultimate

Loss

Ratio

5%

41%

22%

11%

14%

6%

20%

8%

Gross

Earned

Premium

766,496

766,496

766,496

882,640

779,748

1,722,833

639,229

881,547

Gross

Claims

Reserve

-

83

28,111

1,483

4,938

8,331

39,849

56,433

Total

Ultimate

35,907

315,665

170,747

97,872

110,492

111,708

125,475

73,620

Latest Paid Large Loss

(N'000)

12,979

213,790

71,137

12,205

-

35,437

10,778

-

Paid to

date

(N,000)

22,928

101,792

71,499

84,184

105,555

67,939

74,848

17,187

Total 139,228

Appendix 6 – Cumulative Claims Development Pattern: MOTOR


Accident year

1 2 3 4 5 6 7 8

2007

2008

2009

2010

2011

2012

2013

2014

- 14,976 2,338 983 372 - - -

190,643 135,241 5,944 - - - - -

86,114 81,402 3,212 1,575 - - - -

100,312 63,455 8,926 2,640 1,379 - - -

109,817 74,299 8,106 516 - - - -

71,456 149,819 5,936 - - - - -

125,126 91,926 - - - - - -

132,756 - - - - - - -



Appendix 5 – Cumulative Claims Development Pattern: FIRE


228,621 50,000 - 1 0.0004% 50,000 50,000 0.0004% 50,000 -

288,027 22,422 - 1 0.0003% 22,422 22,422 0.0003% 22,422 -

326,449 134,108 27,738

6 0.0018% 22,351 23,121 0.0021% 161,846 27,738

404,105 78,350 91,798

4 0.0010% 19,587 24,307 0.0017% 170,148 91,798

243,246 34,567 - 3 0.0012% 11,522 11,522 0.0012% 34,567 -

295,603 0 63,790

0 0.0000% 0 21,453 0.0011% 69,890 69,890

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)

2009

2010

2011

2012

2013

2014

Total Reserves


21,453Average Ultimate Severity

189,427

8,266 - 8,266 - -

59,058 12,644 71,701 - -

43,530 50,000 93,530 - 228,621 41%

24,551 22,422 46,972 - 288,027 16%

55,283 134,108 217,128 27,738 326,449 67%

118,274 78,350 295,350 98,726 404,105 73%

82,549 34,567 152,315 35,199 243,246 63%

8,788 - 164,803 156,014 295,603 56%

Total 317,678

Accident year

2007

2008

2009

2010

2011

2012

2013

2014

Summary of Results

Ultimate

Loss

Ratio

Gross

Earned

Premium

Gross

Claims

Reserve

Total

Ultimate


(N'000)

Paid to

date

(N,000)



18,670 -

18,670 - -

331,828

35,441

367,269

- -

172,302

48,018

220,320

-

1,325,911

17%

176,711

94,632

271,343 - 1,514,770

18%

192,738

22,426

215,556

391

1,680,780

13%

227,211

44,270

273,183

1,703

872,306

31%

217,052

42,212

267,501

8,238

992,937

27%

132,756

16,030

301,537

152,751

1,028,395

29%

163,082


0 14,976 17,314 18,297 18,670 18,670 18,670 18,670

190,643 325,884 331,828 331,828 331,828 331,828 331,828 331,828

86,114 167,516 170,727 172,302 172,302 172,302 172,302 172,302

100,312 163,767 172,693 175,332 176,711 176,711 176,711 176,711

109,817 184,116 192,222 192,738 193,130 193,130 193,130 193,130

71,456 221,275 227,211 228,450 228,913 228,913 228,913 228,913

125,126 217,052 223,614 224,833 225,289 225,289 225,289 225,289

132,756 248,550 256,064 257,460 257,983 257,983 257,983 257,983

Accident year

1 2 3 4 5 6 7 8

2007

2008

2009

2010

2011

2012

2013

2014


Appendix 6 – Cumulative Claims Development Pattern: MOTOR

1,325,911 48,018 0 6 0.0005% 8,003 8,003 0.0005% 48,018 -

1,680,780 94,632 0 10 0.0006% 9,463 9,463 0.0006% 94,632 -

1,680,780 22,426 0 3 0.0002% 7,475 7,475 0.0002% 22,426 -

872,306 44,270 0 7 0.0008% 6,324 6,324 0.0008% 44,270 -

992,937 42,212 0 6 0.0006% 7,035 7,035 0.0005% 42,212 -

1,028,395 16,030 6,800 2 0.0002% 8,015 8,015 0.0005% 43,554 27,524

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)

2009

2010

2011

2012

2013

2014

Total Reserves

Average Ultimate Frequency

Average Ultimate Severity

27,5240.000528%

6,680

Total

Accident year

2007

2008

2009

2010

2011

2012

2013

2014

Summary of Results

Ultimate

Loss

Ratio

Gross

Earned

Premium

Gross

Claims

Reserve

Total

Ultimate


(N'000)

Paid to

date

(N,000)


Appendix 7 – Cumulative Claims Development Pattern: MARINE


Accident year

1 2 3 4 5 6 7 8

2007

2008

2009

2010

2011

2012

2013

2014


- 4,761 1,534 - - - - -

16,177 9,560 33 - - - - -

5,636

22,659

390

- - - - -

8,716 13,441 6,201 - - - - -

4,702

4,346

1,253

59

- - - -

3,722

15,527

1,571 - - - - -

15,633 19,170 - - - - - -

14,657

- - - - - - -

0 4,761 6,295 6,295 6,295 6,295 6,295 6,295

16,177 25,737 25,769 25,769 25,769 25,769 25,769

5,636 28,295 28,685 28,685 28,685 28,685

8,716 22,157 28,358 28,358 28,358

4,702 9,048 10,301 10,360

3,722 19,249 20,819

15,633 34,802

14,657

25,769

28,685 28,685

28,358 28,358 28,358

10,693 10,693 10,693 10,693

22,156 22,867 22,867 22,867 22,867

39,272 41,793 43,135 43,135 43,135 43,135

45,132 50,928 54,198 55,938 55,938 55,938 55,938

Accident year

1 2 3 4 5 6 7 8

2007

2008

2009

2010

2011

2012

2013

2014



Appendix 7 – Cumulative Claims Development Pattern: MARINE




0.000116%

8,634

578,844 0 0 0 0.0000% 0 0 0.0000% 0 -

583,531 21,000 0 1 0.0002% 21,000 21,000 0.0002% 21,000 -

1,092,080 0 0 0 0.0000% 0 0 0.0000% 0 -

1,123,487 27,072 0 2 0.0002% 13,536 13,536 0.0002% 27,072 -

606,174 0 0 0 0.0000% 0 0 0.0001% 0 -

852,887 0 66,940 0 0.0000% 0 66,940 0.0001% 66,940 66,940

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)

2009

2010

2011

2012

2013

2014

Total Reserves 66,940




Accident year

2007

2008

2009

2010

2011

2012

2013

2014

Summary of Results

Ultimate

Loss

Ratio

Gross

Earned

Premium

Gross

Claims

Reserve

Total

Ultimate


(N'000)

Paid to

date

(N,000)

2,661 8,956 - -

141,860 167,630 - -

- 28,685 - 578,844 5%

21,000 49,358 - 583,531 8%

- 10,693 333 1,092,080 1%

27,072 49,940 2,048 1,123,487 4%

- 43,135 8,333 606,174 7%

6,295

25,769

28,685

28,358

10,360

20,819

34,802

14,657 - 122,879 108,222 852,887 14%

118,935

Total

Appendix 8 – Cumulative Claims Development Pattern: ENGINEERING


- 538 541 - - - - -

3,769 1,197 - - - - - -

580 6,892 - - - - - -

1,210 705 - 385 398 - - -

1,314 7,868 8,957 - - - - -

415 18,734 849 - - - - -

412 2,149 - - - - - -

535 - - - - - - -

Accident year

1 2 3 4 5 6 7 8

2007

2008

2009

2010

2011

2012

2013

2014


0 538 1,079 1,079 1,079 1,079 1,079 1,079

3,769 4,966 4,966 4,966 4,966 4,966 4,966

580 7,472 7,472 7,472 7,472 7,472

1,210 1,916 1,916 2,301 2,699

1,314 9,181 18,139 18,139

415 19,149 19,998

412 2,561

535

4,966

7,472 7,472

2,699 2,699 2,699

19,186 19,186 19,186 19,186

22,009 23,280 23,280 23,280 23,280

3,391 3,732 3,948 3,948 3,948 3,948

3,535 4,681 5,151 5,448 5,448 5,448 5,448

Accident year

1 2 3 4 5 6 7 8

2007

2008

2009

2010

2011

2012

2013

2014



Appendix 8 – Cumulative Claims Development Pattern: ENGINEERING


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)

2009

2010

2011

2012

2013

2014

Total Reserves



0.000386%

16,013

258,910 0 - 0 0.0000% 0 0 0.0000% 0 -

672,666 0 - 0 0.0000% 0 0 0.0000% 0 -

672,666 0 - 0 0.0000% 0 0 0.0000% 0 -

1,176,265 0 - 0 0.0000% 0 0 0.0000% 0 -

265,637 57,714 93,957

2 0.0008% 28,857 37,918 0.0015% 151,671 93,957

235,505 0 - 0 0.0000% 0 16,013 0.0004% 14,565 14,565

108,522


1,079 - 1,079 - -

4,966 16,013 20,979 - -

7,472 - 7,472 - 258,910 3%

2,699 - 2,699 - 513,296 1%

18,139 - 19,186 1,047 672,666 3%

19,998 - 23,280 3,281 1,176,265 2%

2,561 57,714 155,618 95,344 265,637 59%

535 - 20,013 19,478 235,505 8%

119,150

Accident year

2007

2008

2009

2010

2011

2012

2013

2014

Summary of Results

Ultimate

Loss

Ratio

Gross

Earned

Premium

Gross

Claims

Reserve

Total

Ultimate


(N'000)

Paid to

date

(N,000)

Total


APPENDIX TO THE FINANCIAL STATEMENTS

General

Aviation BondEngine-

ering Fire Accident Marine Motor Oil & Gas

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

Premium written 14,999 418,662 243,778 274,119 816,722 801,009 1,003,722 760,243

Decrease/(increase) in

Unearned premium

(23,398) (72,243) (6,952) 17,333 49,197 29,246 7,332 4,910

(8,399) 346,419 236,826 291,452 865,919 830,255 1,011,054 765,153

(9,951) 241 (47,185) (55,020) (23,352) (77,638) (24,834) (237,277)

(18,350) 346,660 189,641 236,432 842,567 752,617 986,220 527,876

Commission received on reinsurance 3,358 - 14,817 23,359 9,989 33,016 5,110 13,429

(14,992) 346,660 204,458 259,791 852,556 785,633 991,330 541,305

Less Claims Expenses

Claim paid 71,340 23,352 50,642 128,842 156,189 42,470 249,042 348,176

(Decrease)/Increase in provision for

outstanding claims 71,031 15,870 37,859 31,826 27,701 61,188 67,354 99,668

Claims incurred but not

reported (IBNR)

(2,103)

45,881

(40,811)

107,550

13,321

(21,950)

(116,099)

8,833

140,268

85,103

47,690

268,218

197,211

81,708

200,297

456,677

Claims expenses recoveries

from reinsurers

-

(5,000) (89,313) (92,040) (45,340) (49,326) (2,081) -

140,268 80,103 (41,623) 176,178 151,871 32,382 198,216 456,677

Underwriting expenses:

Acquisition cost 10,407 93,253 79,209 97,544 232,385 222,127 239,126 80,915

Maintenance cost 993 27,730 16,147 18,156 54,096 53,055 66,482 50,355

11,400 120,983 95,356 115,700 286,481 275,182 305,608 131,270

151,668 201,086 53,733 291,878 438,352 307,564 503,824 587,947

REVENUE ACCOUNT

Premium Income

Reinsurance premium expenses

Net premium written

Underwriting income

Net Claims expenses

Total underwriting expenses

Total Expenses

Underwriting profit (166,660) 145,574 150,726 (32,087) 414,204 478,069 487,506 (46,642)

2014 2013

N'000 N'000

4,333,254 3,792,076

5,425 (12,442)

4,338,679 3,779,634

(475,015) (683,715)

3,863,664 3,095,919

103,078 33,799

3,966,742 3,129,718

1,070,053 1,035,416

412,497 (167,795)

(5,377)

298,894

1,477,173

1,166,515

(283,099) (95,625)

1,194,074 1,070,890

1,054,966 953,453

287,015 100,012

1,341,981 1,053,465

2,536,055 2,124,355

1,430,687 1,005,363



STATEMENT OF VALUE ADDED

2014 2013

N'000 % N'000 %

PREMIUM, INVESTMENT AND OTHER INCOME 4,199,856 3,464,930

PREMIUMS,COMMISIONS, CLAIMS PAID AND

OTHER OPERATIONAL COST (5,463,185) (3,404,408)

VALUE (LOST)/ADDED (1,263,329) 100 60,522 100

DISTRIBUTED AS FOLLOWS:

EMPLOYEES

Staff costs 534,360 (42) 609,144 1,006

PROVIDERS OF FUNDS

Finance charges 48,483 (4) 137,084 227

GOVERNMENT

Taxation including information technology

development levy 86,505 (7) 64,879 107

ASSET REPLACEMENT

Depreciation & amortisation 147,965 (12) 130,358 215

CONTRACTION/EXPANSION -

Shareholder's interest

Loss for the year after taxation (2,080,642) 165 (880,943) (1,456)

VALUE (LOSS) ADDED (1,263,329) 100 60,522 100

The value added statement represents the distribution of the wealth created by the Company through the use of

its assets and the efforts of the employees.



FIVE YEAR FINANCIAL SUMMARYSTATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER

ASSETS EMPLOYED

Cash and cash equivalents

Financial assets

Trade Receivable

Reinsurance assets

Deferred acqusition costs

Other receivables and Prepayment

Non-Current Asset Held for sale

Investment in Associate

Investment Properties

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

STATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOME

Gross premium income

Reinsurance premium expenses

Net premium Income

Commission earned on reinsurance

Underwriting income

Total underwriting expenses

Underwriting result

Investment income

Investment and sundry income

Management expenses

Exceptional charges - Provision for diminition in investment

Impairment charges on premium receivable

Finance charges

Impairment charges

Share of profit/ (loss) on Associate Company

Unrealised Fair value gain/(losses)

Information Technology Development levy

(Loss)/Profit before taxation

Income tax

Deferred tax

Transfer to contingency reserves

(Loss)/profit after taxation

Other comprehensive income/(loss)

Revaluation surplus on building

Fair value gain on devine benefit plan valuation

Total comprehensive income

Total comprehensive income (loss) for the year

Loss per share: Basic/Diluted (Kobo)

2014

N'000

701,236

1,837,131

32,646

607,664

96,442

32,469

-

433,507

1,415,000

7,686

2,222,606

335,000

7,721,387

4,303,905

3,417,482

5,996,587

-

7,667,475

-

1,243,423

1,615,054

(13,105,057)

3,417,482

7,721,387

2014N'000

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)

(610,519)

(52,475)

-

(1,982,613)

(86,505)

(11,524)

-

(2,080,642)

411,117

(243,574)

167,543

(1,913,099)

(17.35)

2012

N'000

316,589

1,963,821

642,257

641,965

140,728

563,752

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

2012N'000

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)

2011

N'000

662,801

2,802,762

2,074,009

301,491

97,332

608,913

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

2011N'000

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)

2010

N'000

1,005,251

2,698,829

1,314,507

361,215

101,843

1,162,330

40,000

1,238,740

-

21,617

1,064,841

335,000

9,344,173

3,151,640

6,192,533

4,246,587

1,750,000

15,852,049

(8,737,585)

691,808

23,280

(7,633,606)

6,192,533

9,344,173

2010N'000

3,883,161

-

-

-

-

-

1,754,156

-

49,250

-

(3,789,950)

(6,475,611)

-

-

-

-

-

(8,462,155)

(137,349)

-

(116,495)

(8,715,999)

-

-

-

-

-

(8,715,999)

(99)

2013

N'000

230,396

3,017,908

7,673

241,092

420,840

98,513

-

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

2013N'000

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)

IFRS NON-IFRS

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


DETERMINATION OF SOLVENCY MARGIN

The solvency margin for the Company as at 31 December 2014 is as follows:

Admissible assets N'000

Cash and cash equivalents 701,236 -

Financial assets: -

Reinsurance assets 607,664 -

Trade receivables 32,646

Deferred acquisition cost 96,442

Investment properties 1,415,000

Investment in associates 433,507

Property, plant and equipment 2,222,606

Statutory deposits with CBN 335,000 -

6,736,015

Admissible liabilities

Finance liabilities 757,803 -

Trade payables 75,954 -

Other payables 395,441 -

Current income tax liabilities 334,285

Emplyee benefits liability -

Insurance contract liabilities 2,402,454

Finance lease obligation 32,408

3,998,345

Excess of admissible assets over admissible liabilities 2,737,670 -

The higher of 15% of net premium and minimum paid up capital 3,000,000

Surplus in solvency margin (262,330)

Solvency ratio (0.09)

Fair value through profit or loss 58,949

Loans and receivables

Available for sale investment

11,015

821,950


102

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

BORNO

25 Chari House, Sir Kashim

Ibrahim Road, Maiduguri.

Bulama Mohammed

GSM: 08071823695

DELTA

9 Airport Road, Effurun, Warri.

Ogbonna Kelechi

GSM: 08037236544

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.

Ayodele Dapo

GSM: 08033335150

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

Borno

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.

Charles Nnaemeka

GSM: 08037777031

A.) SA Insurance Branch Network Report


ABORISADE 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

A JUDUA 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

ALLI AYANWOLE SIKIRU

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 MAGAJI

DARE ADEBOLA J.

DIORU ARUBICA ROWLAND

EBOJIE KENNEDY

EDE MOSES NWEKE

EFFIONG ANIEKAN ETTE

EFUNNUGA ADEMOLA ADEWALE

EGWUATU THERESA NWANYIBUTE

EJIOFOR CHIOMA EBERE

EKUNDAYO OLUBUNMI DESOLA

EKWUEME MACFAB CHUKWUMA

ELOYE OJO MONAEKHIS

ENUJIOFOR NKIRUKA HOPE

ERUKU EBENEZER MAROMIPIN

ESUE ABAYELI IVUEDOYA

EZEMGBE SYLVANUS CHUKWUMA

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

180.00

450.00

900.00

180.00

90.00

180.00

90.00

450.00

180.00

90.00

90.00

90.00

180.00

90.00

900.00

900.00

180.00

153.00

900.00

90.00

90.00

90.00

90.00

90.00

180.00

180.00

450.00

90.00

405.00

630.00

405.00

90.00

450.00

360.00

90.00

90.00

90.00

900.00

90.00

360.00

135.00

162.00

270.00

180.00

900.00

9,000.00

9,000.00

180.00

450.00

90.00

90.00

90.00

900.00

90.00

90.00

90.00

90.00

4,050.00

90.00

9,000.00

90.00

270.00

90.00

270.00

900.00

180.00

450.00

90.00

90.00

126.00

900.00

270.00

342.00

450.00

180.00

270.00

90.00

180.00

90.00

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

UNC�IMED DIVIDEND AS AT DEC 31ST 2014 S/N NAME AMOUNT PYT_NO

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

125

126

127

128

129

130

131

132

133

134

135

136

137

138

139

140

141

142

143

144

145

146

147

148

149

150

151

152

153

154

155

156

157

158

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

JINADU LAMIDU OLANIRAN

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

NNAEMEKA ANNE OBIANUJU

NNAH SOLOMON KELECHI

NWADIKE PIUS EZIEFULA

NWAUWA DIVINE-WILL AKUJUOBI C.

NWEKE JOHN UKAESBU

NWOKE OGUWUIKE DAMIAN

NWOKE SOLOMON OBINNA

NWOSU PHILO NKEM

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

OKORIE JOHN

OKOROAFOR NNENNA

OKOYE FRANCIS GABRIEL NWABISI

OKOYE IFEANYI PATRICK

OKPARA CHUKWUMA

OLAWOYE IFEOLUWA MOBOLA JI

OLOGAN OLUMIDE JOSEPH

OLOLA MULIKAT AWERO

OLORUNDAMISI OLANIKE GRACE OLAPEJU

450.00

180.00

90.00

90.00

180.00

1,800.00

180.00

450.00

90.00

90.00

900.00

450.00

450.00

90.00

162.00

810.00

450.00

90.00

180.00

90.00

90.00

90.00

450.00

180.00

135.00

1,800.00

90.00

180.00

180.00

126.00

90.00

135.00

900.00

450.00

270.00

450.00

135.00

180.00

225.00

90.00

135.00

180.00

450.00

90.00

90.00

90.00

90.00

9,000.00

450.00

270.00

270.00

90.00

135.00

450.00

90.00

90.00

450.00

9.00

90.00

540.00

1,350.00

90.00

90.00

900.00

180.00

900.00

90.00

180.00

270.00

180.00

180.00

180.00

180.00

180.00

900.00

729.00

225.00

90.00

99.00

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

159

160

161

162

163

164

165

166

167

168

169

170

171

172

173

174

175

176

177

178

179

180

181

182

183

184

185

186

187

188

189

190

191

192

193

194

195

196

197

198

199

200

201

202

203

204

205

206

207

208

209

210

211

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

OTOKITI DAVID OLUWADARE

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. O

RA JI FATAI ADEBAYO

SABITU ADEYEMI ISHAQ

SALAWU OLAYEMISI SERIFAT

SANGOSANYA TAOFEEK ADEYEMI

SANI LAWAN AMINA MUHAMMED YUSUF

SHOFUYI OLUWASEUN SAMUEL

SHUAIBU ABUBAKAR

SOFILE AFOLASHADE OLUWAFUNMILAYO

SOLIU LUQMAN M.

SONEYE ABAYOMI ADEBOLA

TIAMIYU EMMANUEL BAMIDELE

TOM-GEORGE DAREGO

UDOFIA ANIEKAN EFFIONG

UDOH JOHN

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

TOTAL FOR PYT 1

180.00

180.00

90.00

900.00

540.00

270.00

90.00

270.00

90.00

90.00

180.00

90.00

270.00

360.00

90.00

180.00

90.00

99.00

90.00

90.00

180.00

90.00

180.00

90.00

90.00

450.00

135.00

450.00

90.00

90,000.00

90.00

90.00

117.00

900.00

90.00

90.00

135.00

90.00

450.00

135.00

270.00

90.00

90.00

180.00

90.00

135.00

90.00

2,025.00

180.00

90,000.00

90.00

90.00

90.00

277,029.00

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1


S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO

AFFI MICHAEL SABO

AGBAGA ANDREW OGHENEOVO

AGWERE CHRISTOPHER A JIRI

AKINJAYEJU IGBEKELE FESTUS.TOLA

AKOSILE JOHN OLAWALE

AKPOMIE MATTHEW

ALEGIEUNO JESSE

ALIYU SIKY ADEWALE

AMEH BENARD

AREKE KUNLE

ASIWAJU REMILEKUN OMOWUNMI

BAMIDELE OLUWAFUNMILOLA ADEBOWALE

BRANDT REAL ESTATE DEV.LTD

CATSEY INVESTMENT LTD

DAFETTA OGHENOVO ETA

DISU ADIO SULE

EKANEM SAMUEL ESSIEN

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

KURA VICTORIA ISTY

MADU FIDELIS UCHE

MAYIKO JOSIAH OWHOBEVUGHE

MBAMAH LOUIS CHINEDU

NDARAKU CHESTER CHUKWUEMEKA

NJOKU VICTOR NNAEMEKA

NNAMANI KELVIN IKENNA NNA JIOFOR

NWANKWO EJE HELEN

NWOKEJI NWAENEZIE JOANNES-JUDE

NWOSU EMEKA FIDELIS

NZEIFE PIUS CHUKS

OAHIMIRE MICHAEL

OBAWOLE ADEWOLE

OBI EMEKA CHRISTOPHER

OBOM OTONYE

ODUSANYA SAKIRU OLUWASEUN

OGBODO MATTHEW

OJEI UDOKA ALEX

OKORONKWO MONDAY UCHENNA

OLUWA DURO

OMUBO MICHAEL A.C.

ONATE SAMUEL

OPARA COLLINS

OPHIOHONREN EMMANUEL PHIEKPAMARE

OVBUDE OGODINMA LIZZIE

TIAMIYU KAMORU SUNKANMI

UDOUSOROH MERCY IMAOBONG

UZOMA NADOZIEM OLIVER (SQN LDR RTD)

TOTAL

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

270.00

567.00

7,087.50

354.38

2,126.25

405.00

6,750.00

10,125.00

249.48

67.50

1,012.50

148.84

6,750.00

67.50

5,953.50

94.50

675.00

675.00

17,010.00

708.75

3,375.00

354.38

1,488.38

708.75

148.84

67.50

471.83

354.38

297.68

10.06

128.25

1,063.13

417.83

675.00

336.96

184.75

675.00

14,801.40

405.00

141.75

1,147.50

229.50

100.58

354.38

70.88

3,375.00

1,012.50

337.50

100.58

1,417.50

9,247.50

32,724.00

8,430.75

708.75

146,460.42

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2


S/N NAME AMOUNT PYT_NO

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

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

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

0.14

1.40

4.50

6.75

6.75

9.00

9.40

11.25

11.25

11.25

11.79

16.20

20.25

20.66

21.38

22.14

22.50

28.08

28.12

30.92

31.50

31.82

33.75

33.75

41.98

42.75

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

125

126

127

128

129

130

131

132

133

134

135

136

137

138

139

140

141

142

143

144

145

146

147

148

149

150

151

152

153

154

155

156

157

158

159

160

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 T

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

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

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

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

161

162

163

164

165

166

167

168

169

170

171

172

173

174

175

176

177

178

179

180

181

182

183

184

185

186

187

188

189

190

191

192

193

194

195

196

197

198

199

200

201

202

203

204

205

206

207

208

209

210

211

212

213

214

215

216

217

218

219

220

221

222

223

224

225

226

227

228

229

230

231

232

233

234

235

236

237

238

239

240

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

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3


Unclaimed Dividend As At Dec 31st 2014 S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO

241

242

243

244

245

246

247

248

249

250

251

252

253

254

255

256

257

258

259

260

261

262

263

264

265

266

267

268

269

270

271

272

273

274

275

276

277

278

279

280

281

282

283

284

285

286

287

288

289

290

291

292

293

294

295

296

297

298

299

300

301

302

303

304

305

306

307

308

309

310

311

312

313

314

315

316

317

318

319

320

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

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

321

322

323

324

325

326

327

328

329

330

331

332

333

334

335

336

337

338

339

340

341

342

343

344

345

346

347

348

349

350

351

352

353

354

355

356

357

358

359

360

361

362

363

364

365

366

367

368

369

370

371

372

373

374

375

376

377

378

379

380

381

382

383

384

385

386

387

388

389

390

391

392

393

394

395

396

397

398

399

400

ADEOLA MUASIBAU ADEJARE

ADEOSO ADEBOYE

ADEOSUN & ADEYEMI SOLOMON Y

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

ADESANYA OLUWATOYIN KUDIRAT

ADESANYA SUBUOLA

ADESEKO ANSARI

ADESEKO CHIBUKE

ADESHINA ADEDAYO OLUFUNMILADE

ADESHINA BOLA

ADESHINA ENIOLA

ADESHINA OMOLARA

ADESHINA SAIDU ALADE

ADESHINA TOHEEB OLAMIPOSI

ADESIDA SAMUEL

ADESINA GAMALIEL ABIMBOLA

ADESINA RABIU

ADESINA TITILOPE LANRE

ADESINA TOMOTHY OLUGBENGA

ADESOJI SALAMI

ADESOLA ADEBANJI

ADESOLA GBADEGESIN

ADESOMOJU AKINDEJI

ADESOYE OLUWASEUN

ADESULU KEHINDE ESTHER

ADESUWA ADNA

ADESUYI EKUNDAYO ADEWUMI

ADESUYI JEFF AMALA

ADETOKUNBO ADEOLA SHAKIRAT

ADETOKUNBO EMEKA

ADETOKUNBO MACAULAY

ADETOMIWA OLADIPO STEPHEN

ADETONA SURA JUDEEN

ADETOYIN ADEWOLE

ADETOYINBO OBA OLA JUBU BENJAMIN

ADETUNJI CHEKUBE ADEOLA

ADETUNJI TOLANI

ADEWALE FATIMA FOLASHADE

ADEWALE FUNMI

ADEWALE MICHAEL

ADEWOLA ISAAC AYINDE ADEKANMI

ADEWOLE CALEB BABATUNDE

ADEWOYE JUMOKE ADEBOLA

ADEWUNMI SAHHED

ADEWUNMI TAOFIK ABDUL

ADEWUSU OLUGBENGA

ADEWUYA SAHEED

ADEWUYI ATINUKE ABOLANLE

ADEWUYI FOLASADE

ADEYALO MUSILI AHMED

ADEYALO MUSILI AHMED K.

ADEYANJU BOSE COMFORT

ADEYANJU FOLORUNSHO JOHN

ADEYEFA ADEGBOYEGA ABAYOMI

ADEYEFA BEATRICE BOLANLE

ADEYEFA JAMES ADELANI

ADEYEMI ADEOLA RAMAT

ADEYEMI AKINLOLU

ADEYEMI ANUOLUWA ABIODUN

ADEYEMI FEMI

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

401

402

403

404

405

406

407

408

409

410

411

412

413

414

415

416

417

418

419

420

421

422

423

424

425

426

427

428

429

430

431

432

433

434

435

436

437

438

439

440

441

442

443

444

445

446

447

448

449

450

451

452

453

454

455

456

457

458

459

460

461

462

463

464

465

466

467

468

469

470

471

472

473

474

475

476

477

478

479

480

ADEYEMI OGBEBOR

ADEYEMI OLA JUMOKE ABOSEDE

ADEYEMI OLUWATOYIN ESTHER

ADEYEMI OWOLABI TOMMY

ADEYEMI SUNDAY .O.

ADEYEMI TUNDE ENOCH

ADEYEMO ADEGBOYEGA OLUYEMISI P

ADEYEMO ADEWALE OLA JIDE

ADEYEMO FOLUSO OLANIKE

ADEYEMO KEHINDE ADEMOLA

ADEYEMO PATRICIA OMEGHIE

ADEYERI HAMMED

ADEYERI HAMMED M.

ADEYERI OLUWAGBEMIGA JULIUS

ADEYEYE OLUFEMI OLANREWAJU

ADEYEYE OPEOLUWA ADEOLA

ADEYEYE PAUL ABIODUN

ADEYEYE TEMITOPE OMOLOLA

ADEYINKA ADEFEMI JOHNSON

ADEYINKA AHMED BABATUNDE

ADGBONYIN OSARENOMA LEONARD

ADIBA AKINDELE

ADIBE PRINCE OLUFUNKE

ADIEKWUE CHINWEIKE VALENTINE

ADIGBE SAMSON

ADIGUN FATIMOH

ADIGUN LUKMAN

ADIGUN RICHARD RASHEED

ADIGUN SHERIFAT IYABODE

ADIGUN THOMAS AKINBAYO

ADIGUN WALIU

ADILA EGBEDA

ADILO VICTOR IZUCHUKWU

ADIM JOSEPHIN

ADIM NKEM CYRIL

ADIM OKOLIE

ADINGA MARGRET NDANGHA

ADIO RAFIU

ADIO RUFUS HENRY

ADIO SAULA FUNKE

ADIOHA CALISTUS ASHULOKA

ADIOLE ANAYOCHUKWU SABASTINE

ADIOLE NKECHINYERE GLORIA

ADIRI CHARLES OKWUDIRI

ADISA DADA LEO

ADISA GANIYU

ADIVA ASHAFA

ADJE DICKSON

ADJE FELIX

ADJE FUNMI DICKSON

ADJE OKPETU

ADJEKE FELICIA NUME

ADNAN ADEKOYA

ADNAN LIMBER

ADODO AGBENYIGA

ADOJOR OVWIGHO SOLOMON

ADU BASIL ADENRELE

ADUBIFA ABIMBOLA

ADUBUOLA OLUWATOYIN ATINUKE T

ADUFAT CHIBUNDU

ADUFAT CHIDINA

ADUKU MOHAMMED TENIMU

ADUMA JAMES

ADUNO OLUWOLE OLUKAYODE

ADUNOLA KADIN

AFAM EZEH

AFANGA BASSEY

AFFADI CLEMENTINA NJIDEKA

AFLABI OLUWAGBENGA SUNDAY

AFOCHA ESTHER UKAMAKA

AFOLABI ADEYINKA ADEBOWALE

AFOLABI BOLUWATIFE

AFOLABI FOLASHADE

AFOLABI ISIAKA OLABODE

AFOLABI KABIRU GBOYEGA

AFOLABI KEMI

AFOLABI MIKE YINKA

AFOLABI OLUFUNMILAYO

AFOLABI OWAGBENGA JACOB

AFOLABI SESAN EZEKIEL

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3


S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO S/N NAME AMOUNT PYT_NO

481

482

483

484

485

486

487

488

489

490

491

492

493

494

495

496

497

498

499

500

501

502

503

504

505

506

507

508

509

510

511

512

513

514

515

516

517

518

519

520

521

522

523

524

525

526

527

528

529

530

531

532

533

534

535

536

537

538

539

540

541

542

543

544

545

546

547

548

549

550

551

552

553

554

555

556

557

558

559

560

561

562

563

564

565

566

567

568

569

570

571

572

573

574

575

576

577

578

579

580

581

582

583

584

585

586

587

588

589

590

591

592

593

594

595

596

597

598

599

600

601

602

603

604

605

606

607

608

609

610

611

612

613

614

615

616

617

618

619

620

621

622

623

624

625

626

627

628

629

630

631

632

633

634

635

636

637

638

639

640

641

642

643

644

645

646

647

648

649

650

651

652

653

654

655

656

657

658

659

660

661

662

663

664

665

666

667

668

669

670

671

672

673

674

675

676

677

678

679

680

681

682

683

684

685

686

687

688

689

690

691

692

693

694

695

696

697

698

699

700

701

702

703

704

705

706

707

708

709

710

711

712

713

714

715

716

717

718

719

720

AFOLABI SHUKURAT ADEWUNMI

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

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

AGUNBIADE JESUTOFUNMI OLABISI

AGUNBIADE JOSEPH OLUDAYO

AGUOCHA LUKE CHUKWUDI

AGUOFIA CHIJIOKE SAMUEL

AGUOFIA CHUKWUKA DAVID

AGUZIE CHIJIOKE

AGUZIE MUHAMMED

AGWARAGBO CHIOMA REBECCA

AGWERE CHRISTOPHER A JIRI

AGWU DANIEL K.

AGWU OKORIE

AGWULONU ONYESI

AHACHI MARTINS O

AHAME OHIRI

AHAMEFULE CHIZOBA PHILIP

AHAMEFULE PHILIP O

AHARAUMUNWA CHIKE & RITA

AHEKON A JOKE SULIAT

AHMAD ABDUL ABDUL AHMAD

AHMADU GAMBO

AHMADU MURTALA

AHMED BELLO

AHMED CHIKE

AHMED DIKKO

AHMED MABLEVI

AHMED SAHEED OLANREWAJU

AHMED TITI

AHOLU THANKGOD

AHUAANYA PRINCEWILL

AHUAANYA PRINCEWILL P

AHUAZA AISHA

AIBANGBE FESTUS

AIESHA ALAO

AIFA JUSTIN

AIGBE

AIGBINI-JOHN BLESSING

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

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

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 JAYI AYOMIKUN OLUWAKOREDE

A JAYI AYOMIPOSI OLUWATOYIN

A JAYI BABALOLA

A JAYI BAMIDELE

A JAYI BOLANLE

A JAYI DEBORAH OLUFUNMILAYO

AJAYI GBENGA SAMUEL

A JAYI IDU

A JAYI JOSEPH

AJAYI JOSHUA AYODELE

A JAYI MAYOWA

AJAYI MICHEAL OLUWATOYOSI

A JAYI MOBOLA JI ABIODUN

AJAYI MUHEEB

A JAYI OLAYINKA OLUWASIJIBOMI

A JAYI OLUDARE RAPHAEL

A JAYI OLUGBENGA VICTOR

A JAYI OLUSOLA OLUGBENGA

AJAYI OLUWAFEMI SAMUEL

A JAYI OPEYEMI ADEWALE

A JAYI OPEYEMI KAYODE

A JAYI OYEWOLE

A JAYI REMI

A JAYI SOLA BENSON

AJAYI TEMI

A JAYI TEMIDUN

AJAYI TOKUNBO

AJAYI TOKUNBO OLUWALEKE

A JAYI TUNDE

A JE BADMUS

A JEMRONA FAMOUS

A JETOMOBI JOEL OLUWATOBERU

AJETOMORI ABIODUN SIMON

AJETUNMOBI FALILAT KEHINDE

A JEWOLE DAVID BAMIDELE

A JIBADE AINA VICTOR

A JIBADE AROYEWUN

AJIBADE KOSOKO

AJIBOLA CHIMA

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

A JIBOLA KABIIR OLALEKAN

AJIBOLA OLATUNJI

A JIBOLA TUNDE

A JIBOYE OMOLARA OLUWAKEMI

A JIDE MARY OLUFUNMILAYO

AJIE CHUKWUEMEKA EMMANUEL

A JIFOLAWE ADEKUNLE ADEREMI ADEREMI

A JIGO IJI

A JIMOTOKIN YEMISI

A JISAFE ABAYOMI

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

AKIE JAMES CHIMA

AKIL JOE

AKIL MAIZAH

AKILA LIMAN

AKILAH ANSLEM

AKINADE ABDULSALAM ADEDOTUN

AKINADE SHAKIRATG TAIWO

AKINADE SHERIFF ADEYEMI

AKINBAYO JAMES

AKINBAYO OYO

AKINBAYO SUSAN

AKINBBOYE TOYIN

AKINBO MICHEAL

AKINBO OLUSOLA ABIODUN

AKINBODE KHALID

AKINBODE MOSES

AKINBODE TAIWO HAZANAT

AKINBOLA EMMANUEL OLUREMI

AKINBOYE KEHINDE STEPHEN

AKINDE OLUWAFEMI JONATHAN

AKINDELE DAUDA

AKINDELE OLAYINKA

AKINDIOSE MATTHEW OLANIYI

AKINDIPE KIZITO

AKINDIPE KIZITO V.

AKIN-DOSUMU TITILAYOMI ADEBIMPE

AKINGBA FOLASHADE M.

AKINGBA FOLASHADE MABEL

AKINGBOLA OBOT

AKININMADE SAID

AKINJEJI ADEOLA ISAAC

AKINJEJI ENIOLA PATIENCE

AKINJEJI OLA JIDE LAWRENCE

AKINJEJI OLAYINKA NAOMI

AKINJOLA JOSEPH AKINKUNMI (EVAN)

AKINLABI ABIMBOLA FELICIA

AKINLABI AKINWALE KEHINDE

AKINLABI SAMUEL AKINLOLU

AKINLADE MUKAILA AKINDELE

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

45.00

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3


Unclaimed Dividend As At Dec 31st 2014


721

722

723

724

725

726

727

728

729

730

731

732

733

734

735

736

737

738

739

740

741

742

743

744

745

746

747

748

749

750

751

752

753

754

755

756

757

758

759

760

761

762

763

764

765

766

767

768

769

770

771

772

773

774

775

776

777

778

779

780

781

782

783

784

785

786

787

788

789

790

791

792

793

794

795

796

797

798

799

800

801

802

803

804

805

806

807

808

809

810

811

812

813

814

815

816

817

818

819

820

821

822

823

824

825

826

827

828

829

830

831

832

833

834

835

836

837

838

839

840

841

842

843

844

845

846

847

848

849

850

851

852

853

854

855

856

857

858

859

860

861

862

863

864

865

866

867

868

869

870

871

872

873

874

875

876

877

878

879

880

881

882

883

884

885

886

887

888

889

890

891

892

893

894

895

896

897

898

899

900

901

902

903

904

905

906

907

908

909

910

911

912

913

914

915

916

917

918

919

920

921

922

923

924

925

926

927

928

929

930

931

932

933

934

935

936

937

938

939

940

941

942

943

944

945

946

947

948

949

950

951

952

953

954

955

956

957

958

959

960

AKINLANWON ABIMBOLA SULIAT

AKINLEYE MODUPEFOLUWA

AKINLOLU IRENE SUMBO

AKINLOSOTU IRENE

AKINLOYE ADEWUSI SUNDAY

AKINLUWADE OLUFEMI EBENEZER

AKINMADE BAMIDELE DOLAPO

AKINMADE MICHAEL O.

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 O

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

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

47.25

47.25

47.25

47.25

47.25

47.25

47.25

47.25

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

49.50

52.20

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

54.00

55.80

56.25

56.25

56.25

56.70

58.05

58.50

58.50

58.50

58.50

58.50

58.50

58.50

58.50

58.50

58.50

58.50

58.50

58.50

58.50

58.50

58.50

58.50

61.42

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

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

63.00

63.00

63.00

65.11

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

67.50

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

ALAWODE SALIHU

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

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

70.88

72.00

74.25

75.82

76.50

77.98

81.00

81.00

81.00

85.50

86.18

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3



961

962

963

964

965

966

967

968

969

970

971

972

973

974

975

976

977

978

979

980

981

982

983

984

985

986

987

988

989

990

991

992

993

994

995

996

997

998

999

1000

1001

1002

1003

1004

1005

1006

1007

1008

1009

1010

1011

1012

1013

1014

1015

1016

1017

1018

1019

1020

1021

1022

1023

1024

1025

1026

1027

1028

1029

1030

1031

1032

1033

1034

1035

1036

1037

1038

1039

1040

1041

1042

1043

1044

1045

1046

1047

1048

1049

1050

1051

1052

1053

1054

1055

1056

1057

1058

1059

1060

1061

1062

1063

1064

1065

1066

1067

1068

1069

1070

1071

1072

1073

1074

1075

1076

1077

1078

1079

1080

1081

1082

1083

1084

1085

1086

1087

1088

1089

1090

1091

1092

1093

1094

1095

1096

1097

1098

1099

1100

1101

1102

1103

1104

1105

1106

1107

1108

1109

1110

1111

1112

1113

1114

1115

1116

1117

1118

1119

1120

1121

1122

1123

1124

1125

1126

1127

1128

1129

1130

1131

1132

1133

1134

1135

1136

1137

1138

1139

1140

1141

1142

1143

1144

1145

1146

1147

1148

1149

1150

1151

1152

1153

1154

1155

1156

1157

1158

1159

1160

1161

1162

1163

1164

1165

1166

1167

1168

1169

1170

1171

1172

1173

1174

1175

1176

1177

1178

1179

1180

1181

1182

1183

1184

1185

1186

1187

1188

1189

1190

1191

1192

1193

1194

1195

1196

1197

1198

1199

1200

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

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 O

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

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

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

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

APATA OSAZUWA

APERE OLUWAYEMISI GRACE

APERI JOSEPH

APETE BOLANLE

APEX TEAM LIMITED

APPAH VICTOR

APPOLONIA NUZOEGBA

APUSIOBI EMEKA VINCENT

ARAROMI ADEOLA MARY

ARAROMI OLADAYO

ARAROMI OLADAYO

ARAROMI OLADAYO

ARAROMI OLAGOKE

ARAROMI OLAGOKE

ARAROMI OLUTOYIN

ARAROMI OLUTOYIN

ARAROMI SHAYE

ARAROMI SHAYE

ARAROMI SHAYE

ARAROMI SOLOMON

ARAROMI SOLOMON

ARAS OLADEPO AYODELE

ARAUH JACINTA

ARAUH JACINTA I.

ARCHIBONG SOLOMON DANIEL

ARDO CHUKWUMA

AREMU ALABI COLLINS

AREMU DARE PATRICK

AREMU SAMUEL OLUWASEGUN

AREMU SHERIFAT BUKKY

AREMU TOMILOLA MOTOLANI

AREMU YAKUBU AMUDA

AREN SIKIRU

AREO ABIOLA JOHN ADEYI

AREPO LOOKMAN ADENIYI

AREWA PETER

ARHAVWARIEN EFETOBORE JONES

ARHAVWARIEN OGHENEKEVWE JONES

ARHHYEL WASEME

ARIAHU CLARA

ARIAHU KASIM

ARICHA OGBO

ARIKAWE FOLORUNSO O

ARINOLA TOBA JULIUS

ARINZE CHIBUZOR ALOYSIUS

ARINZE CHUKWUEDOZIE KENNETH

ARINZE MOSES

ARIYIBI OLABODE DANIEL

ARIYO ISIAH

ARIYO WILLIAMS AYO

ARM NOM :OKAFOR AUSTIN AMILO

ARMSTRONG CHUKS

AROH EMMANUEL EDOCHIE

AROH LAWRENCE IWUCHUKWU

AROMOLARAN EMMANUEL TOLUWASE

AROMOLARAN JOYCE OMOJUOWO

ARON ULOTO

AROP INIABASI

AROP INIABASI J.

AROWOLO ADERONKE ARIKE

AROWOLO ALADE JACOBS

AROYEWUN HANNAH KASHI

AROYEWUN THEOPHILUS OLORUNTOBI

ARUKU MICHAEL NY IMUGOR

ARULOYE EMANUEL OMORUYI

ARUMAH COSMAS IKECHUKWU

ARUMAH COSMAS IKECHUKWU

ARUNA RUFUS MOBOLA JI

ATAGAMEHN DOUGLAS

ATAKPA NUMMI

ATAKPA NUMMI K

ATANDA ADEWALE

ATANDA BOSEDE MERCY

ATANDA HAFIZ ABIODUN

ATANDA KOLADE DAVE

ATANDA OLUWAFEMI

ATE GIDEON ATIM

ATE NELSON

ATEGHENE EJIRO JOSEPH

ATIBU NUHU

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

90.00

94.50

94.50

94.50

94.50

94.50

94.50

94.50

94.50

94.50

94.50

94.50

94.50

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3




1201

1202

1203

1204

1205

1206

1207

1208

1209

1210

1211

1212

1213

1214

1215

1216

1217

1218

1219

1220

1221

1222

1223

1224

1225

1226

1227

1228

1229

1230

1231

1232

1233

1234

1235

1236

1237

1238

1239

1240

1241

1242

1243

1244

1245

1246

1247

1248

1249

1250

1251

1252

1253

1254

1255

1256

1257

1258

1259

1260

1261

1262

1263

1264

1265

1266

1267

1268

1269

1270

1271

1272

1273

1274

1275

1276

1277

1278

1279

1280

1281

1282

1283

1284

1285

1286

1287

1288

1289

1290

1291

1292

1293

1294

1295

1296

1297

1298

1299

1300

1301

1302

1303

1304

1305

1306

1307

1308

1309

1310

1311

1312

1313

1314

1315

1316

1317

1318

1319

1320

1321

1322

1323

1324

1325

1326

1327

1328

1329

1330

1331

1332

1333

1334

1335

1336

1337

1338

1339

1340

1341

1342

1343

1344

1345

1346

1347

1348

1349

1350

1351

1352

1353

1354

1355

1356

1357

1358

1359

1360

1361

1362

1363

1364

1365

1366

1367

1368

1369

1370

1371

1372

1373

1374

1375

1376

1377

1378

1379

1380

1381

1382

1383

1384

1385

1386

1387

1388

1389

1390

1391

1392

1393

1394

1395

1396

1397

1398

1399

1400

1401

1402

1403

1404

1405

1406

1407

1408

1409

1410

1411

1412

1413

1414

1415

1416

1417

1418

1419

1420

1421

1422

1423

1424

1425

1426

1427

1428

1429

1430

1431

1432

1433

1434

1435

1436

1437

1438

1439

1440

ATIFA HAROUN

ATIKAH BASHIR GBENGA

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

AUDU SAMUEL ABUH

AUGUSTINE BONIFACE UDOKA

AUSTIN COMAN

AUSTIN EDEGBE

AUTA TALA SARAH

AUTHUR SANUSI

AUWALU SAMINY YOHANA

AVAGA FELICIA

AWA NUHU

AWAISU OLADIGBOLU

AWANABA JUMOKE

AWAWU OBODUGO

AWE ESTHER OMOYENI

AWE KOLWOLE J

AWESU LOOKMAN OMOYAYO

AWI PATRICK

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

94.50

94.50

94.50

94.50

94.50

94.50

94.50

94.50

94.50

94.50

94.50

94.50

94.50

94.50

97.88

99.00

99.22

99.22

99.22

99.22

99.22

99.22

99.22

99.22

99.22

99.22

99.22

99.22

99.22

99.22

99.22

101.25

103.50

103.50

103.50

103.50

108.00

108.00

108.00

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

AYODEJI UMAR

AYODELE ADEKUNLE BISIRIYU

AYODELE BOLA AKOMOLAFE

AYODELE GAFAR

AYODELE NIYI JULIUS

AYODELE OLUFEMI ADEYEMI

AYODELE-ESHO OLUWANIFEMI O

AYOKA MUSA

AYOKO ESTHER

AYOKUNLE ADAUTIN KUNLE

AYOKUNLE ADAUTIN KUNLE F.

AYOMIDE AFOLAKE QUEEN

AYOOLA ADENIJI ABAYOMI

AYOOLA MODUPE AMUDAT

AYORINDE BEN JOHNSON

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

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

112.50

117.00

117.00

117.00

117.00

117.00

117.00

117.00

117.00

117.00

117.00

117.00

118.12

121.50

123.75

126.00

126.00

126.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

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

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

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3



1441

1442

1443

1444

1445

1446

1447

1448

1449

1450

1451

1452

1453

1454

1455

1456

1457

1458

1459

1460

1461

1462

1463

1464

1465

1466

1467

1468

1469

1470

1471

1472

1473

1474

1475

1476

1477

1478

1479

1480

1481

1482

1483

1484

1485

1486

1487

1488

1489

1490

1491

1492

1493

1494

1495

1496

1497

1498

1499

1500

1501

1502

1503

1504

1505

1506

1507

1508

1509

1510

1511

1512

1513

1514

1515

1516

1517

1518

1519

1520

1521

1522

1523

1524

1525

1526

1527

1528

1529

1530

1531

1532

1533

1534

1535

1536

1537

1538

1539

1540

1541

1542

1543

1544

1545

1546

1547

1548

1549

1550

1551

1552

1553

1554

1555

1556

1557

1558

1559

1560

1561

1562

1563

1564

1565

1566

1567

1568

1569

1570

1571

1572

1573

1574

1575

1576

1577

1578

1579

1580

1581

1582

1583

1584

1585

1586

1587

1588

1589

1590

1591

1592

1593

1594

1595

1596

1597

1598

1599

1600

1601

1602

1603

1604

1605

1606

1607

1608

1609

1610

1611

1612

1613

1614

1615

1616

1617

1618

1619

1620

1621

1622

1623

1624

1625

1626

1627

1628

1629

1630

1631

1632

1633

1634

1635

1636

1637

1638

1639

1640

1641

1642

1643

1644

1645

1646

1647

1648

1649

1650

1651

1652

1653

1654

1655

1656

1657

1658

1659

1660

1661

1662

1663

1664

1665

1666

1667

1668

1669

1670

1671

1672

1673

1674

1675

1676

1677

1678

1679

1680

BENJAMINE OLUKAYODE

BEN-JOHNSON DANBAKI

BENNY FOLARIN

BENSON A JAYI

BENSON-OGUNSIPE ADERONKE

BENSON-OGUNSIPE ADERONKE A

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

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 A

BRAITHWAITE OLUWASEMILOGO A

BRAITHWAITE OREOLUWATOMI A

BRALIZE TAMMY

BREDAN EGREGOR

BRIGGS INNE

BROKA ONOYOVBERE

BROWN IBIFUBARA

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

135.00

139.50

141.75

141.75

141.75

141.75

141.75

141.75

141.75

141.75

141.75

141.75

141.75

141.75

141.75

141.75

141.75

141.75

141.75

146.48

148.50

148.82

153.00

153.00

157.50

157.50

157.50

157.50

157.50

157.50

157.50

157.50

157.50

157.50

160.65

162.00

162.00

162.00

163.08

165.38

165.38

166.50

166.50

171.00

171.00

175.50

178.60

180.00

180.00

180.00

180.00

180.00

180.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

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

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

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

180.00

184.50

184.50

189.00

189.00

189.00

189.00

189.00

189.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

CHINASAOKWU EREGE

CHINEDU ADIM FRANCIS

CHINEDU OGOM

CHINEDU ONWUEGBULE

CHINELU AMOS

CHINEMELUM UGOCHUKWU C

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

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

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

189.00

189.00

189.00

192.78

195.88

198.45

198.45

198.45

198.45

198.45

198.45

198.45

198.45

202.50

202.50

202.50

202.50

203.18

209.25

221.85

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3




1681

1682

1683

1684

1685

1686

1687

1688

1689

1690

1691

1692

1693

1694

1695

1696

1697

1698

1699

1700

1701

1702

1703

1704

1705

1706

1707

1708

1709

1710

1711

1712

1713

1714

1715

1716

1717

1718

1719

1720

1721

1722

1723

1724

1725

1726

1727

1728

1729

1730

1731

1732

1733

1734

1735

1736

1737

1738

1739

1740

1741

1742

1743

1744

1745

1746

1747

1748

1749

1750

1751

1752

1753

1754

1755

1756

1757

1758

1759

1760

1761

1762

1763

1764

1765

1766

1767

1768

1769

1770

1771

1772

1773

1774

1775

1776

1777

1778

1779

1780

1781

1782

1783

1784

1785

1786

1787

1788

1789

1790

1791

1792

1793

1794

1795

1796

1797

1798

1799

1800

1801

1802

1803

1804

1805

1806

1807

1808

1809

1810

1811

1812

1813

1814

1815

1816

1817

1818

1819

1820

1821

1822

1823

1824

1825

1826

1827

1828

1829

1830

1831

1832

1833

1834

1835

1836

1837

1838

1839

1840

1841

1842

1843

1844

1845

1846

1847

1848

1849

1850

1851

1852

1853

1854

1855

1856

1857

1858

1859

1860

1861

1862

1863

1864

1865

1866

1867

1868

1869

1870

1871

1872

1873

1874

1875

1876

1877

1878

1879

1880

1881

1882

1883

1884

1885

1886

1887

1888

1889

1890

1891

1892

1893

1894

1895

1896

1897

1898

1899

1900

1901

1902

1903

1904

1905

1906

1907

1908

1909

1910

1911

1912

1913

1914

1915

1916

1917

1918

1919

1920

DARODA ALIYU SANI

DAVID DANON AKOTEGNON

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

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

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

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

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

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

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

EGBEKU SALEM

EGBEKU SARAH

EGBEKU SARIM EFE EGBEKU

EGBI EGUNIKE

EGBIREMHON DALINGTON EHIABHI

EGBO UCHENNA PAUL

EGBOH ADAEZE

EGBOKA NWAKAEGO AGATHA

EGBORAI NKECHI ANIREJUORITSE

EGBORDI UCHENNA ALERO

EGBOSIMBA OBIANAMA VICTORIA

EGBUIWE TAPANGA

EGBUNE BRIDGET NGOZI

EGBUNG AUGUSTINE UKWADA

EGBUNIKE RICHARD

EGWUTUHA IFEANYI PAULINUS

EHI CHIKOJILI MOSE

EHIAGWINA AGATHA OSEMUDIAMEN

EHIKIOYA DADA AYO

EHIKODI GINA

EHIMAH EGO FARIDA

EHINDERO MICHAEL OLUWATUYI

EHINMISAN OLATOMIDE FRANCIS

EHOYE NABLEYI

EIGBIREMHONLEN PHILIP EHIABII

EIGBOKHAN GODWIN EHIMEN

EILJAH GINGTON

EJALONIBU MUKAILA AKANJI

EJE EZEKIEL ODEY

EJEH OBAGWU

EJEM OBUMNEME M.

EJEMBA ISREAL IFY

EJEMBI PETER PATRICIA

EJIAMU KINGSLEY CHIDI

EJIBENAM OKWUDILI C.

EJIBENDU EVELYN

EJIKE CHINYERE AKUNNA

EJIKE COLLINS

EJIKE PHILIPS

EJIKS FEMI

EJIM FOLA

EJIMADU GIFT EMEKA

EJIMADU IWO

EJIMBA CHRISTIANA

EJINAKA INTERPRISES

EJIOFOR ANAYO

EJIOFOR DENNIS

EJIOFOR EMOS

EJIOFOR JONATHAN

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

225.00

234.00

234.00

234.90

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

236.25

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3



1921

1922

1923

1924

1925

1926

1927

1928

1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

1940

1941

1942

1943

1944

1945

1946

1947

1948

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2046

2047

2048

2049

2050

2051

2052

2053

2054

2055

2056

2057

2058

2059

2060

2061

2062

2063

2064

2065

2066

2067

2068

2069

2070

2071

2072

2073

2074

2075

2076

2077

2078

2079

2080

2081

2082

2083

2084

2085

2086

2087

2088

2089

2090

2091

2092

2093

2094

2095

2096

2097

2098

2099

2100

2101

2102

2103

2104

2105

2106

2107

2108

2109

2110

2111

2112

2113

2114

2115

2116

2117

2118

2119

2120

2121

2122

2123

2124

2125

2126

2127

2128

2129

2130

2131

2132

2133

2134

2135

2136

2137

2138

2139

2140

2141

2142

2143

2144

2145

2146

2147

2148

2149

2150

2151

2152

2153

2154

2155

2156

2157

2158

2159

2160

EJIOGU DONATUS ONUOHA

EJIONYE RUTH IDOWU

EJOAMAHE EVAW

EKAMA TEGA

EKANDE OLUSEGUN

EKANEM ENOBONG ASUQUO (ADMOR)

EKANEM SAMUEL ESSIEN

EKANEM UDO

EKE CHRISTOPHER OSATO

EKE IKECHUKWU OLIVER

EKE MATTHEW CHIJIOKE

EKE OCHENEAWEROSU

EKE OGBONNA KEN

EKECHUKWU HARBERT EMECHETA IHEANYI

EKEKWE UKACHUKWU FREDERICK SUNDAY

EKEMODE UCHENNA

EKEMORUAH AVEROSUEOGHENE

EKEMORUAH MERCY ESEOGHENE O.

EKEMORUAH OGHALE

EKEMORUAH OTHUKE BEAUTY

EKEOCHA IJEOMA CHIBU

EKEREKA ANIFIOK FRIDAY

EKHENLEN ALBERT BELLO

EKIKERE IROAGBA

EKIKERE IROAGBA W

EKIKERE JOEL

EKIKERE JOEL T

EKO AREMU

EKO BABA JIDE

EKON BOYE

EKOP MFON DANIEL

EKPA MAGNUS YUNISA

EKPE JOHN AMAECHI

EKPE JONAH ETIM

EKPE V CHRIST

EKPENDU BEAUTY IFEOMA

EKPENYONG LUCY MICHAEL

EKPO EKPENO ITA

EKPO ISONGUYO MATTHEW

EKPO NAOMI

EKPO UCHE

EKUASE UHUNONA ELIZABETH

EKUKU OMOREGIEVA SUNDAY

EKUNDAYO OLABODE

EKUNDAYO OLUWATAMILORE

EKUNG TINEKA JAWANI

EKURE JOHN

EKWE JONATHAN SAMUEL

EKWE OKORIE JOHN

EKWE OKORIE JOHN N

EKWERE EMAH GODWIN

EKWERE EMAH GODWIN O

ELAIGU ANDREW EKWUOJO

EL-BASHIR ABDUL

EL-BASHIR LAWANI

ELEANYA KALU VICTOR

ELEBUTE SULAIMON

ELEDU EBE EDITH

ELEDU OGBONNA EDITH

ELEGEONYE JOSHUA CHINEDU

ELEKWACHI HART

ELEODIMUO FRANCISCA AMAKA

ELEWA MANDISA

ELUSHADE IBIYINKA OLUBUNMI

ELVIS PHIL

EMAFO HALIMA

EMAFO TALE

EMEBO BLAISE OGBONNAYA

EMEDIONG MFON

EMEFIELE AUGUSTINE

EMEKA AKUNLUYI

EMEKA AKWARANDU

EMEKA STEPHEN

EMEKAH HABIKAH

EMEM-ABASI MURITALA

EMENIYI ALFRED

EMENOGHA CHINEDU AUGUSTINE

EMENOGHA EBELE GRACE

EMENYI ALFRED Q

EMERE MATTHEW CHIKA

236.25

236.25

236.25

236.25

236.25

236.25

236.25

243.00

243.00

243.90

247.50

247.50

247.50

247.50

256.50

259.88

261.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

270.00

274.50

279.00

279.00

283.50

283.50

283.50

292.50

297.68

297.68

297.68

303.75

311.85

315.00

315.00

315.00

315.00

315.00

315.00

315.00

315.00

315.00

315.00

315.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

EMERUEH NKEM

EMERUEH OGE

EMERUEH OGE NKEM

EMIR KANIEL

EMIR TABANSI

EMMAH IKENNA

EMMAH IKENNA R

EMMANUEL ANTHONY ONAH

EMMANUEL BAMIDELE KOLAWOLE

EMMANUEL CHRIS O SEGUN LAWAL

EMMANUEL IBE

EMMANUEL IDRIS

EMMANUEL SOLOMON

EMMANUEL ULEGEDE

EMMANUEL VICTOR CHINEDU

EMOKPAIRE OGWIHI

EMUCHEYA VICTORIA ESTHER NKEMJIKA

EMUSA DATANIA NENGI

ENAHOLO EROMOSELE OZIEGBE

ENAHORO VICTOR

ENANG GLORY

ENANG GLORY B

ENANG MICHAEL ECHEMI

ENE AGBO

ENEBUSE MARIA

ENEBUSE MARIA D

ENECHUKWU OSITA FREDRICK

ENEFIOK MFONOBONG

ENEH AMINU

ENEKEBE CHINEDU

ENEKEBE NKECHI CHRISTINE

ENEKHIMION IYARE

ENENCHE FRANCIS OGBECHE

ENEUDE EJIKE FRANK

ENGOM EMMANUEL ANZAKU

ENI KYIJIAOSOWO

ENI N EHIS K.

ENILOLOBO DEBORAH AYOKUNMI

ENINOBOR LEWIS UFUOMA

ENO AKAN

ENO EMANGHA OMINI

ENOCH CHIMEZIE CELESTINE

ENYINNAYA JULIANA SARAH

EPANG ABENI RITA

EPANG KESIA

EPHRAIM KASIMU

EQUERE PROMISE

EQUERE PROMISE E

EQUINOX PROPERTIES LIMITED

EQUINOX ASSET MANAGEMENT LIMITED

EQUINOX CONSULTING LIMITED

ERABOR PHILIP

ERAKPOTOBOR KEON

EREH DAVID

ERENGAKA JABARI

EREOLA MUIDEEN ADEROJU

ERETAN FESTUS OLANREWAJU

ERIKAN JOSEPHIN U

ERIKAN JOSEPHINE

ERIKI ISOKPEHI EMMANUEL

ERIN PRINCE

ERINFOLAMI OLA OMOLARA

ERINLE OLAMIDE OLANIYI

EROMOSELE ELEDU MICHEAL

EROMOSELE STEPHEN

ERONDU ELIJAH ERONDU

ERONINI KANENE

ERUANOVUE OKPOKOR EDUN

ERUGO CHINEDUM EZENWA

ERUGO CHINYERE

ERUGO EZENWA CHINEDUM

ESAN JAYVYN

ESANG EKOM EFIONG

ESEDERE OMOTEJERE SARAH

ESEDERE OMOTUNDE BEATRICE

ESEGBONA KACHUKWU

ESEGBONNA SOLOMON

ESEGBONNA SOLOMON E

ESEIGBE KARIMAH

ESEKA EJIME PAUL

315.00

315.00

315.00

315.00

315.00

315.00

315.00

315.00

315.00

315.00

315.00

315.00

315.00

316.30

317.88

324.00

330.75

333.00

333.00

335.34

337.50

337.50

337.50

337.50

337.50

337.50

337.50

337.50

337.50

337.50

337.50

337.50

342.00

342.00

342.00

342.00

342.00

342.00

348.75

351.00

354.38

360.00

360.00

360.00

360.00

360.00

382.50

392.18

396.90

396.90

396.90

405.00

405.00

405.00

405.00

406.35

418.50

427.50

427.50

429.98

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

ESENEH JOAN EBINEHITA

ESENYIE KADIJA

ESEWE PROSPER

ESEWE PROSPER H

ESEZO DEJI

ESEZOBOR DELE

ESEZOBOR DELUWA

ESHEMOKHAI EMMANUEL EKPESHE

ESHIET ANURI PETER

ESHIET ANURI PETER W

ESHO JOSHUA OLUWAFEMI

ESHOKHAI PAUL SUNDAY

ESIAGA ISOKE

ETIENO MFON

ETIM ANTAN EFFIOM

ETIMENSI SUNDAY

ETINI EHIS

ETINI RAYGIN

ETINI RAYGIN Y.

ETOFILS VENTURES NIG LTD

ETOH DANIEL CHIBUIKEM

ETOKWUDO IFEYINWA AUGUSTINA

ETUKUDO INYANG VINCENT

ETUKUDO NKORI

EZE AUGUSTIN IKECHUKWU

EZE CHIKE LEO

EZE CHUKWUEBUKA TADIMMA

EZE DEBORAH

EZE IROHA URUM

EZE JULIET UCHECHUKWU

EZE NWANI PETER

EZE PHILIP

EZE STANLEY

EZE SUNDAY FRANCIS

EZEAGWASINWA KENECHUKWU C

EZEAMA BENJAMIN

EZEAMA CHINEDU EZEAMA

EZEANI GERALD ARINZE

EZEANI JOSEPHINE NKIRU

EZEANI OZOR CHRIS

EZEANYA CHINWE NENKA

EZEANYA NGOZI NKIRU

EZEBUIKE OGUGUA COLLINS

EZEBUIRO IGNATIUS

EZECHUKWU ROSELINE IFEOMA

EZEGWO CHIKE

EZEIFE EBERE MERCY

EZEIMO OKWUNNADI

EZEKWEM FRIDAY J.

EZEMA IJEOMA FAVOUR

EZENDU VICK

EZENNIA IKEMEFUNA IKENNA

EZENWA JOY UKAMAKA JOSEPHINE

EZENWAJIAKU ONYENKA DONATUS

EZEOKOYE UJU

EZEUKO PAUL OBUM

EZEWANJIAKU CHIKA EMELDA

EZUMA DANIEL NDUBUISI

EZUNAGU ANTHONY EMEKA

EZUTAH NNENNAYA-IGBO L.

FABIYI OPEYEMI REBECCA

FABORODE OLUWATOYIN MURTALA

FABUSIWA OLUWASEUN TEMITOPE

FABUSIWA VICTOR TEMITAYO OLUWATOBI

FADAIRO ABAYOMI PAUL

FADAIRO ABIDEMI OLAMITOKUN

FADAIRO JOHN KAYODE

FADEKE ALIU

FADEKEMI ADAMS

FADIMU YETUNDE

FAGBAMILA REMI

FAGBEMI BISAYO OMOGORIOLA

FAGBOHUN OLUWAKEMI HELEN

FAGBOLADE OLUTAYO

FA JANA DAVID OLUWASESAN

FA JANA OMOLOLA DEBORAH

FAKAYODE OLATUNBOSUN ANTHONY

FAKUNLE YETUNDE ELIZABETH

FAMIWO OLUWAGBEMIGA VICTOR

FAMUREWA DAMILARE ELIJAH

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

441.00

446.49

446.85

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3




2161

2162

2163

2164

2165

2166

2167

2168

2169

2170

2171

2172

2173

2174

2175

2176

2177

2178

2179

2180

2181

2182

2183

2184

2185

2186

2187

2188

2189

2190

2191

2192

2193

2194

2195

2196

2197

2198

2199

2200

2201

2202

2203

2204

2205

2206

2207

2208

2209

2210

2211

2212

2213

2214

2215

2216

2217

2218

2219

2220

2221

2222

2223

2224

2225

2226

2227

2228

2229

2230

2231

2232

2233

2234

2235

2236

2237

2238

2239

2240

2241

2242

2243

2244

2245

2246

2247

2248

2249

2250

2251

2252

2253

2254

2255

2256

2257

2258

2259

2260

2261

2262

2263

2264

2265

2266

2267

2268

2269

2270

2271

2272

2273

2274

2275

2276

2277

2278

2279

2280

2281

2282

2283

2284

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2286

2287

2288

2289

2290

2291

2292

2293

2294

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2296

2297

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2300

2301

2302

2303

2304

2305

2306

2307

2308

2309

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2313

2314

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2316

2317

2318

2319

2320

2321

2322

2323

2324

2325

2326

2327

2328

2329

2330

2331

2332

2333

2334

2335

2336

2337

2338

2339

2340

2341

2342

2343

2344

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2385

2386

2387

2388

2389

2390

2391

2392

2393

2394

2395

2396

2397

2398

2399

2400

FAPOHUNDA KIZITO

FAPOHUNDA KIZITO N

FAPONLE JOHN ADEBISI

FARINRE JOHNSON

FARINRE JOHNSON Z

FARINTO OLALEKAN

FARINTO OLA-SAMME

FARINTO OLA-SAMOLA

FARINTO OLA-SAMUEL

FARINTO SAMUEL

FARINTO SAMUEL OLALEKAN

FARODOYE OLAWALE

FAROUK IBRAHIM BABA

FARQUAH AKPOTU GRACE

FASANMI ADEYEMI ADE

FASANMI MARGARET BOLA

FASANYA JONATHAN OLEKE

FASESIN SAMSON KUNLE

FASHANU OLUWATOSIN MARY

FATIREGUN AGBOOLA

FATIREGUN AGBOOLA OMOWUNMI



FATIREGUN EMMNAUEL O

FATIREGUN FALILAT

FATIREGUN KOFOWOROLA F.

FATIREGUN OMOLARA

FATIREGUN OMOLARA OLUWATOYIN

FATIREGUN OMOLARA OLUWATOYIN

FATIREGUN OMONIYI

FATIREGUN OMONIYI ADEBODUN

FATIREGUN OMONIYI ADEBODUN

FATOKI ADEBISI PAUL

FATOKUN ABDULFATAI ALABI

FATUYI OMOWONUOLA STEPHANIE

FATUYI SAMUEL OLUSEGUN

FAUZANA IFEDAYO

FAUZANA IFEDAYO J

FAWUMI HART

FAWUMI HART S

FAYE IGBEHINADARA

FAYELE MODUPE ELIZABETH

FAYEMO MICHAEL ADEBAYO

FAYEOFOBI JUDE W

FAYEOFORI JUDE

FOLUKE JEGEDE

FRANCIS BOLANLE

FRANCIS U ESSIEN

FRANK AKEEM

FRANK EKPE BRITUS

FREE POIT SOLUTION SERVICES LTD

FREGENE ALEX ABOYOWA

FRIDAY BELLO

GAIYA ALIYU RIFKATU

GALADIMA GLADYS

GAMBO NAFISAT

GANIYU ADEDOTUN

GANIYU AHMED

GANNY PETER AFOLABI

GARBA AGNES A JANI

GARBA HAFSAT DANLADI

GARUBA YAHAYA

GASL-NOMINEE LTD-DABANA ACCT.

GAZA ISSAKA

GBABO DAVID PEREKEBINA

GBADAMOGHO CYINTA N

GBADAMOSI KASALIYU AYOBAMI

GBADAMOSI MUYIDEEN WALE

GBADAMOSI OWODAMOLA

GBADEBO VICTOR OLUWATIMILEYIN

GBARAMOGHO CYNTA

GBE BARRY PERE

GBENEDIO HENRY KESIENA

GBENGA ONI IJEGBULEN

GBINDINNINUOLA ISMAIL KEMI

GBINDINNINUOLA ISMAIL OLUWAKEMI

GBINDINNINUOLA OLAYINK SUBOMI

GBOKOYI MARTINS OSHINTOLA

GBOLABO OLAYIWOLA

GBOLABO SENBA JO

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

GBOYEGA COSIN

GBOYEGA DEJI

GBOYEMI ISREAL OLUWADUROTIMI

GBOYEMI OLUWATOYIN

GBOYEMI TAIWO

GEGELESO BABA JIDE ADE

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

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

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

IBIYINKA AKINSEMOYIN

IBRAHIM VICTOR

IBRAHIM VICTOR B

IBRAHIM YAHAYA OLUWAROTIMI

IBUBELEYE VICTOR

IBUBELEYE VICTOR A

IDA PHILIP

IDAKWO EICHAYI NAOMI

IDEAL BUSINESS LIFE INTERPRISES

IDEBOGHIE MICHEAL

IDEHEN EMMA

IDEM GEORGE

IDEM GEORGE I

IDIAKHEUA TINA AIWANEHI

IDIATA EBAS

IDIATA EBAS J

IDIKA VIVIAN NNEKA

IDIKAN BOLA JI

IDIOK ODOM

IDIONG ADETOKUNBO

IDISI CHRISTIAN OGBENEME

IDOGA ELIZABETH EYUM

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3



2401

2402

2403

2404

2405

2406

2407

2408

2409

2410

2411

2412

2413

2414

2415

2416

2417

2418

2419

2420

2421

2422

2423

2424

2425

2426

2427

2428

2429

2430

2431

2432

2433

2434

2435

2436

2437

2438

2439

2440

2441

2442

2443

2444

2445

2446

2447

2448

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2451

2452

2453

2454

2455

2456

2457

2458

2459

2460

2461

2462

2463

2464

2465

2466

2467

2468

2469

2470

2471

2472

2473

2474

2475

2476

2477

2478

2479

2480

2481

2482

2483

2484

2485

2486

2487

2488

2489

2490

2491

2492

2493

2494

2495

2496

2497

2498

2499

2500

2501

2502

2503

2504

2505

2506

2507

2508

2509

2510

2511

2512

2513

2514

2515

2516

2517

2518

2519

2520

2521

2522

2523

2524

2525

2526

2527

2528

2529

2530

2531

2532

2533

2534

2535

2536

2537

2538

2539

2540

2541

2542

2543

2544

2545

2546

2547

2548

2549

2550

2551

2552

2553

2554

2555

2556

2557

2558

2559

2560

2561

2562

2563

2564

2565

2566

2567

2568

2569

2570

2571

2572

2573

2574

2575

2576

2577

2578

2579

2580

2581

2582

2583

2584

2585

2586

2587

2588

2589

2590

2591

2592

2593

2594

2595

2596

2597

2598

2599

2600

2601

2602

2603

2604

2605

2606

2607

2608

2609

2610

2611

2612

2613

2614

2615

2616

2617

2618

2619

2620

2621

2622

2623

2624

2625

2626

2627

2628

2629

2630

2631

2632

2633

2634

2635

2636

2637

2638

2639

2640

IDOKO CHRISTIAN

IDONGESIT ABDULRAHMAN

IDONGESIT VICTORIA

IDONGESIT VICTORIA G

IDORENYIN ABASIYE

IDORENYIN ABASIYE P

IDORENYIN FRANKLIN

IDORENYIN FRANKLN B

IDORENYIN KABIRI

IDORO BELIEVE

IDOWU ADEGBOYEGA

IDOWU ADEKUNLE

IDOWU ADEKUNLE

IDOWU ADELEYE OLUSANYA

IDOWU ADEOLA

IDOWU AKINLOLU SOLOMON

IDOWU AMOS

IDOWU ATOBITE

IDOWU BASHIRU

IDOWU BISI

IDOWU CHRISTIAN

IDOWU EBUN

IDOWU FRANCISCA

IDOWU FUNMILAYO CHRITIANA

IDOWU GRACE

IDOWU JOHN

IDOWU KATE

IDOWU LANRE

IDOWU MOSES OLUSESAN

IDOWU MUSEWDIKU

IDOWU OLASUNBOMI ENITAN

IDOWU OLAYEMI

IDOWU OLAYINKA

IDOWU OLAYINKA

IDOWU OLAYINKA MUSEWDIKU

IDOWU OLISAEMEKA

IDOWU OLUFEMI

IDOWU OLUSESAN

IDOWU OLUSESAN MOSES

IDOWU OLUWADAMILOLA

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 O

IGBEKA ONAJITE

IGBEKOYI AKINYEMI GODWIN

IGBENG BENJAMIN DONATUS

IGBIKI NWAMAKA PHILOMENA

IGBINOVIA OGUGBUE

IGBO JUDE R.A.

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

450.00

451.30

454.50

454.50

461.25

462.78

463.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

472.50

473.26

483.75

495.00

495.00

496.12

496.12

496.12

503.14

503.14

503.14

503.14

517.50

519.57

522.00

526.50

531.00

531.00

533.25

539.33

540.00

540.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

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

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

IKUOMENISAN BUKOLA

IKUSEBIALA BUSAYO

IKWU ANKELI DANIEL

IKWUEZE EUNICE NWANNEKA

ILEGBINIJIE EDITH LUCY

ILEKA OLAOYE

ILESO FELIX ADEOYE

ILOKA AMAKA PERPETUA

540.00

540.00

540.00

540.00

540.00

540.00

540.00

540.00

540.00

540.00

540.00

540.00

540.00

540.00

540.00

540.00

571.50

571.50

576.00

585.00

585.00

585.00

585.00

585.00

585.00

585.00

585.00

585.00

585.00

585.00

585.00

586.08

590.62

607.50

630.00

630.00

637.88

642.60

661.68

666.32

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

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 WEALTH INVESTMENT LTD

INIABASI STANLEY

INIABASI STANLEY F

INIBEH UKIRU UFOT

INIBEHE UKIRI UFOT X.

INNOCENT EBELEBE

INTERNATIONAL BUSINESS SOLUTION LTD

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

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.

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

675.00

697.50

697.50

697.50

697.50

697.50

697.50

697.50

697.50

708.75

708.75

708.75

708.75

713.43

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3




2641

2642

2643

2644

2645

2646

2647

2648

2649

2650

2651

2652

2653

2654

2655

2656

2657

2658

2659

2660

2661

2662

2663

2664

2665

2666

2667

2668

2669

2670

2671

2672

2673

2674

2675

2676

2677

2678

2679

2680

2681

2682

2683

2684

2685

2686

2687

2688

2689

2690

2691

2692

2693

2694

2695

2696

2697

2698

2699

2700

2701

2702

2703

2704

2705

2706

2707

2708

2709

2710

2711

2712

2713

2714

2715

2716

2717

2718

2719

2720

2721

2722

2723

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2726

2727

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2735

2736

2737

2738

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2741

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2743

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2747

2748

2749

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2752

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2754

2755

2756

2757

2758

2759

2760

2761

2762

2763

2764

2765

2766

2767

2768

2769

2770

2771

2772

2773

2774

2775

2776

2777

2778

2779

2780

2781

2782

2783

2784

2785

2786

2787

2788

2789

2790

2791

2792

2793

2794

2795

2796

2797

2798

2799

2800

2801

2802

2803

2804

2805

2806

2807

2808

2809

2810

2811

2812

2813

2814

2815

2816

2817

2818

2819

2820

2821

2822

2823

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2827

2828

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2832

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2834

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2836

2837

2838

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2841

2842

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2848

2849

2850

2851

2852

2853

2854

2855

2856

2857

2858

2859

2860

2861

2862

2863

2864

2865

2866

2867

2868

2869

2870

2871

2872

2873

2874

2875

2876

2877

2878

2879

2880

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 O

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

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 O

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

JIMOH MUYIDEEN AKANNI

730.35

742.50

742.50

742.50

745.24

751.50

756.00

763.24

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

JIMOH UZOARU

JINADU ASHIRU

JINADU ASHRAF

JINADU MUSTAFAR UMAR

JOB UEUOMA ROLAND

JOCAB UZOARU

JOE ESSIEN AGNES

JOEL ISAAC

JOGUNOMI RAFIU-LASISI

JOHN AARON HASSAN

JOHN ADEKOYA

JOHN ADEYINKA ADEREMI AYODEJI

JOHN AGUZIE

JOHN AKINSHIPO

JOHN ALBERT HASSAN

JOHN AYO

JOHN BABA

JOHN CHIZOBA CHRISTOPHER

JOHN CLEMENT

JOHN FAGADE

JOHN IBRAHIM

JOHNSON IGE ANIKE

JOHNSON IGE ELIZABETH

JOHNSON IGE ESTHER

JOHNSON IGE FLORENCE

JOHNSON IGE MICHEAL

JOHNSON IGE OLANREWAJU

JOHNSON IGE OLUFUNKE

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

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

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

KATE MOBO

KATUKA JEREMIAH YAKUBU

KATUKA JONATHAN YAKUBU

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

KUFRE JACOB F

KUFRE JACOBS

KUFREABASI PATRICK J

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

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

LAWSON VICTOR MENSAH

LEBARI STEPHEN

LEBARI STEPHEN F.

LEBI MARGARET OLUFUNMILAYO

LEGBO GRACE MAME

LEKAN LARABA

LEKAN OGUNKOYA

LELEPETERS MIRACLE VIRGINIA M

LEPDUNG LOUIS GOLECK

LEWIS TAIWO

LIASU IKENNA

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3



2881

2882

2883

2884

2885

2886

2887

2888

2889

2890

2891

2892

2893

2894

2895

2896

2897

2898

2899

2900

2901

2902

2903

2904

2905

2906

2907

2908

2909

2910

2911

2912

2913

2914

2915

2916

2917

2918

2919

2920

2921

2922

2923

2924

2925

2926

2927

2928

2929

2930

2931

2932

2933

2934

2935

2936

2937

2938

2939

2940

2941

2942

2943

2944

2945

2946

2947

2948

2949

2950

2951

2952

2953

2954

2955

2956

2957

2958

2959

2960

2961

2962

2963

2964

2965

2966

2967

2968

2969

2970

2971

2972

2973

2974

2975

2976

2977

2978

2979

2980

2981

2982

2983

2984

2985

2986

2987

2988

2989

2990

2991

2992

2993

2994

2995

2996

2997

2998

2999

3000

3001

3002

3003

3004

3005

3006

3007

3008

3009

3010

3011

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3120

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

MAGAJI MALIK

MAGAJI MALIK D

MAGBAGBEADE GRACE ABOLANLE

MAIGARI BABAYO MODIBBO

MAIRIGA RUFINA DONGJAAP

MAJARO IBILIBOR

MAJEKODUNMI ANABA

MAJEKODUNMI JOSEPH OLUWAFEMI

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

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

MBAGWU TOCHUKWU VICTOR

MBAH KELECHI GODWIN

MBAH UZOCHUKWU SOLOMON

MBAKA MATHER MATHER

MBANAJA 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

765.00

765.00

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3

MEKWUNYE JUDITH EKPELE

MELA OLUCHI JULIANA

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

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 O N

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

NDUKWE NELSON EME

NDULUE GENEVIEVE ADAOBI

NDUMELE CHINEDU OKECHUKWU

NEBEIFE SOLOMON

NEBO VICTOR CHUKWUKA

NEHIKHARE DOSUNMU

NELSON D JAMES

NGOMA LEZI THIERRY

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

NNANNA INNOCENT UGONNA

NNEJI CHIDINMA STELLA

NNEJI CHIUGO CHINELO

NNEKA NWAKPA

NNEKA UDOKA

NNEMAKA ISREAL EBUBE H

NNNEJI OKECHUKWU STEPHEN

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3

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

NTIOKIET NTIOKIET ANDY

NUGA BAMIDELE C

NWABIA EMMANUEL NONSO

NWAJEI TONY IFEANYICHUKWU

NWAJU SAIDAH

NWAKAMA IGBONEME

NWAKPA UCHENNA KINGSLEY

NWAKUNA KOYA

NWAKWUOKE NORBERT C C.(REV.FR)

NWALI JAMES IKECHUKWU

NWALOR IJEOMA VICTORIA

NWAMADI ANTHONY CHINEDU

NWAMARA LEMENE

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

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

OBASA JU MODUPE BETHY

OBASI FESTUS

OBI CHIKWENDEU WILFRED

OBI EKENE

OBI MIMBILA

OBI NDUBUISI MATTHEW

OBI STEPHEN OBI

OBI TONY MERRY HEART

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

765.00

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3




3121

3122

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3136

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3138

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3140

3141

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3209

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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

OGUNDIPE KOLAWALE

OGUNDIPE TOPE

OGUNDIRAN OMOLOLA GRACE

OGUNDOYIN AYODEJI OJO

OGUNGBADEJO ABDULKAREEM O

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

OGUNSANYA OLUWAFEMI E

OGUNSANYA OYINDAMOLA A

OGUNSE SEGUN

OGUNSOLA EUNICE AFOLAKE

OGUNSOLA JOSEPH TEMI DARA O

OGUNTADE COMFORT MOJISOLA

OGUNTADE MODUPE TOMILAYO

OJEFUA GODSWILL

OJEFUA ISIBHAKHOMEN CONSTANCE

OJEFUA OFURE

OJEIKERE MARY OLAYINKA

OJEIKERE OHIKHUARE

OJELAKIN HANNAH OLUKEMI

OJIAKO OBIORA BASIL

OJIEH NWABUOGOR JONES

765.00

765.00

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3

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3

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 O

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

OKENWA CHIIJIOKE PAUL

OKENWA PEACE CHINYERE

OKERE CLIFFORD CHUKWUEMEKA

OKERE CLIFFORD CHUKWUEMEKA

OKEREJI O.OLUSEYI

OKEREKE AUGUSTINE

OKEREKE NGOZI

OKEREKE STANLEY CHIDI

OKESANYA EMMANUEL O.

OKESANYA OLAMIJI

OKETOGUN DARE F

OKHUELEIGBE ADESUWA

OKHUELEIGBE EHIMARE

OKHUELEIGBE LIZZY

OKHUELEIGBE OMOYE

OKHUELEIGBE OTAIGBE

OKHUMALE CHRIS

OKIDE NNAEMEKA CHUKWUDILE

OKIKE IKECHUKWU OGBONNA

OKITAVWOTA EFE EMMANUEL

OKITAVWOTA EMMANUEL

OKITI ESOHE OSAGIE

OKOCHA AGBUNE VICTOR

OKOCHI ERNEST TOCHUKWU

OKOCHI TOCHUKWU ERNEST

OKODIKE ANGELA UJU

OKOEKI MABEL JEIEGBE

OKOH JERIMIAH ONYEKWERE

OKOH ORITSEMAJEMITE KATE

OKO-JA JA RICHARD ISHMAEL

OKOJI RAPHEAL OKON

OKOJIE SUNDAY

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

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3

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OKOJI-JONAH BLESSING

OKOLI ADAEZE

OKOLI BALDWIN CHUKWUELUE

OKOYE OBIAGELI CHINYERE

OKOYE-EZE SHADRACK ACHUFUSI

OKPAISE OLUTOYIN AYODEJI

OKPAISE OLUTOYIN AYODEJI

OKPEH WILLIAMS OCHEME

OKPERE KIZITO USIFO AYODELE

OKPETA PATRICK IBINGHA

OKPOFAA AYABOWEI CHRISTIAN

OKPOR EHINWEMA FELICIA

OKPORUANEFE KATE OMOLARA

OKUBA INNOCENT CHINEDU

OKUBOYE BOLAJI MORENIKE

OKUNADE ABIMBOLA TEJUMOLA

OKUNADE MUTIAT OLOLADE

OKUNDAYE FELICIA

OKUNMUYIDE DAVID BANJO

OKUNNEYE ADEMOLA OLADIPO

OKUNOLA AYOMIDE

OKUNOLA DAMILOLA

OKUNOLA EMMANUEL

OKUNOLA JOY MODUPE

OKUNOLA OLUMIDE

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

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

OLARINOYE MATTHEW A JEBAYO

OLASEINDE MOSES OLNREWAJU

OLASENHINDE KOLAWOL N

OLASOPE AKINYELE JINADU

OLASORE OLUSOLA YEMISI

OLATERU NGOZI

OLATERU OLATUNJI DANIEL

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

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765.00

765.00

765.00

765.00

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765.00

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3

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3



3361

3362

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3404

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3600

OLATINWO IBRAHIM ABIODUN

OLATUNBOSUN ONI

OLATUNBOSUN STEPHANIE KEHINDE

OLATUNDE RAHMAN OPEYEMI

OLATUNDE RASHEED AYOMIKUN

OLATUNDE RISKAT ADUKE

OLATUNJI BASHIRU ADEREMI

OLATUNJI OLALEKAN ABAYOMI

OLATUNJI OLUWASEUN JAMIU

OLIYIDE HAZMAT OLUDOLAPO

OLIYIDE ISMAILA OLANREWAJU

OLIYIDE JAMIU

OLIYIDE MODINAT

OLIYIDE MORUFF

OLIYIDE MUHAMMED TEMIDAYO

OLIYIDE SAHEED

OLIYIDE WOSILAT AMOPE

OLOJEDE SAMSON OLUSOLA

ONIKOSI SIKIRAT

ONILE FEMI GODWIN

ONIMISI JOHN ADOKE

ONOH ELIAS

ONOJA BLESSING EJURA

ONONYE MOSES

ONOPHURHI DANIEL

ONOVO AMAECHI SAMUEL

ONU SOLOMON ODINAKA

ONUCHUKWU JOHNSON OKWUNNA

ONUEGBU OBIAGELI ANTHONIA

ONUOCHA JOSEPHINE UCHENWA

ONUOHA BETHRAND C.

ONUOHA CHIDI

ONUOHA KATE OLUCHUKWU

ONUOHA RACHAEL NGOZI

ONUSELOGU CHRIS OLISA

ONWUAMAEGBU EMEKA

ONWUATOGWU FIDELIS OKECHUKWU

ONWUATOGWU IKECHUKWU ANTHONY

ONWUDINJO NNABUEKE PETER

ONWUEDO NKECHI OSONDU

ONWUKA IJEOMA

ONWUKJA MBA OGBAJA

ONWUMELU VALENTINE

ONWUNEME NNAMDI

ONWUSARAKA CHIKA

ONWUTALOBI ANGELA UKAMAKA

ONWUZOR THEO ILO

ONWUZULIKE DANIEL CHIGBO

ONWUZULIKE DORISS CHINONYE

ONYEABOR NDUBUEZE JOHN

ONYEAGHALA FORTUNATUS

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

OSAMWONYI KEZIAH

OSANYINTADE OLUWASEGUN O

OSENI UMU

OSENI WALIKAT AFOLAKE

OSENI WASIU OLAYINKA

OSERUVWOJA OBUKOHWO VINCENT

OSHAI STEPHEN MADU

OSHEWA AYOWOLA OLUFUNSO

OSHIE DYGIM MARY

OSHIN ANTHONY OLUGBENGA

OTI ONYIYECHUKWU P

OTI PHILOMENA O

OTISE UCHE

OWOMERO EMILY

OWOSEJE KAYODE MR

OYAKHIRE OLUSEGUN WILLIAM

OYEBANJI OLUWATOSIN OYEBOLA

OYEBISI ROTIMI

OYEDE SEGUN ADEBAYO

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

765.00

810.00

810.00

810.00

810.00

810.00

810.00

822.15

832.50

850.50

850.50

900.00

900.00

900.00

900.00

900.00

900.00

900.00

900.00

900.00

900.00

900.00

900.00

900.00

900.00

900.00

900.00

900.00

909.00

913.50

3

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3

3

3

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

OYENIYI OLOLADE OMOPARIOLA

OYENIYI OLUWATOYIN OMOLOLA

OYENIYI ROTIMI JOSEPH

OYENIYI SIMEON KOLAWOLE

OYENIYI TAIWO OLUMUYIWA

OYENUGA OLUYEMISI

OYETADE OLUFEMI ADEGOKE

OYEWOLE BOSEDE ABIOLA

OYEWOLE DUROTIMI OLUSEUN

OYEWOLE FOLASHADE ABIOLA

OYEWOLE JOSEPH

OYEWOLE KASALI

OYEWOLE MUSIBAU OMOTOLANLE

OYEWOLE RASHEED ABIOLA

RABIU RAHEEMAT

RA JI OLUWAFUNMILAYO OLUWATOYIN

RA JI SHUKURAT OLASUMBO

RAMON ABAYOMI

RANTI ADEKUNLE ALAUSHA

ROSE OJOCHIDE DINGBA

SABO AL-AMIN YELWA

SADA MARYAM MUSA

SADA MOHAMMED MUSA

SADA MUJAHID MUSA

SADA NASIRUDDIN MUSA

SADA SAIFFUDDIN MUSA

SALAMI AOEOLA

SALAMI BABATUNDE

SALAMI FOLASAD AMINAY

SALAMI OLAWALE

SALAMI SUNDAY SAMUEL

SALAU LUKMAN ISHOLA

SALAU TIAMIYU OLADELE

SALAWU OLAYEMISI SERIFAT

SELUMUN IYENGE

SEVORDZI FREDERICK SIGISMUND

SHEYINDEMI EMMANUEL A. ADEDAMOLA

SHITTA WASIU

SHITTA WASIU OLADELE

SHITTU OWOLABI LATEEF

SHITU O. NIMOTALAI

SHOBAYO A JIGBOTOLA SADE

SHOTE MUTIU OLANIPEKUN

SHOYINKA RAFEHAT OLUBUKOLA

SHOYINKE FRIDAOS AYOMIDE

SILVARIUS ANIEBONAM

SILVARIUS ANIEBONAM TOCHUKWU

SILVER MICHEAL FEMI

SILVERGATE TRAVEL & TOUR LTD

SIMON BLESSING ACHENYO

SIYAKA ABUBAKAR OGIRIMA

SKINNER MOSES OMEIZA

SODIQ MUYDEEN

SOETAN OLUFOLAKE ARINOLA

SOFELA MICHAEL OLUFEMI

SOFIDIYA ELLIOT SOBAKIN

SOGBANMU FATIMAH FADEKE

SONIRAN TENIOLA

SOPEJU ADEMOYE HEFEISBA

SOWEMIMO CECELIA YETUNDE

SOWUNMI MOROHUNTODUN .A.

SOWUNMI STELLA BANKE

SOYEMI ADEDAYO

SPENCER MICHAEL AYODEJI

ST JOHN CHURCH IBO OLOYIN

STANBIC NOMINEES LTD-TRADING

STANDARD ALLIANCE INVESTMENT LTD

STAR INVESTMENT & SECURITIES LIMITED

STEWARD PROPERTIES ENTERPRISES

935.46

945.00

945.00

945.00

945.00

945.00

945.00

945.00

945.00

945.00

945.00

992.25

992.25

992.25

992.25

992.25

992.25

1,006.92

1,012.50

1,032.34

1,080.00

1,091.47

1,093.50

1,101.29

1,102.50

1,138.50

1,138.50

1,146.01

1,147.50

1,170.00

1,260.00

1,350.00

1,350.00

1,350.00

1,350.00

1,350.00

1,350.00

1,350.00

1,350.00

1,350.00

1,350.00

1,350.00

1,350.00

1,350.00

1,350.00

1,732.50

1,800.00

1,800.00

1,800.00

1,800.00

1,800.00

1,800.00

1,831.50

2,025.00

2,065.28

2,070.00

2,103.25

2,126.25

2,173.77

2,182.95

2,196.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

2,250.00

3

3

3

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3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

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3

3

3

3

3

3

3

3

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3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

SUBERU AMUSAT ADEBOLA

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

TOKODE OLUWATENIOLA AYOMIDE

TOM EMMANUELLA ENO

TOWNSEND SEBASTIAN

TRADE LINK FIN.-DEPOSIT A/C

TRANSGLOBE INVESTMENT $ FIN CO LTD.

TUME AHEMBA

TUNDE SALAU GLOBAL VENTURES LTD

UBAH CHINONSO JUSTUS

UBAJEKWE CHUKWUEBUKA AZUBUIKE

UBAKA OLUOYE ANDREW

UCHEGBU GERALD CHIBUIKE PETER

UCHENWA CHRISTOPHER CHIAGOZIE

UCHENWA OBY VICTORIA

UCHEUKWU ALOZIE

UCHOBI NIG LTD

UDE CHIEMERE ANTHONY

UDEAGHA EGBEOMA

UDECHUKWU ADAUGO

UDEH CHIAMAKA NWACHUKWU

UDEH IKECHUKWU GERAD

UDEH JUDE CHUKWUDI

UDEH LEONARD IKECHUKWU

UDEICHI IDIA

UDEOJI UCHE VICTOR

UDEZE COMFORT

UDO MARY

UDO MARY ETETIM

UDOH ALICE ETIM

UDOH ANTHONY LINUS

UDOH CHRISTIAN JEREMIAH

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 THEODORE IFEANYICHUKWU

UGWUOKE VALENTINE UCHE

UJOATUONU JONATHAN UWAOMA

UKA APPOLONIA OGOMA

UMAR MOHAMMED

UMEOZULU IFEANYI NOBERT

UMEZURIKE OLAYINKA

UMOETTE EKAETTE EKUTMFON

UMOH JOSHUA UBON

UMOH MFONIDOH DAVID

UMOH SUNDAY MOSES

UMOH UWEMEDIMO

UMOREN ANTHONY

UMORU JIMOH

UNAEGBU NKEIRUKA NKEMAKOLAM

UNEGBU BONIFACE GEORGE

UNEGBU ONYEMAECHI SUSAN

UROH OGBONNIA AUGUSTINE

USIAGWU HELEN A.

USIAYO BERNARD OMAMUZO

USIFOH AKHERE EGBELE

USMAN ABUBAKAR

USMAN BELLO MOHAMMED

USMAN HASSAN BABBA

USMAN MAINA DANAZUMI

USUANLELE JOHN AHON-MASE

2,250.00

2,340.00

2,340.00

2,342.93

2,362.50

2,362.50

2,362.50

2,362.50

2,409.75

2,475.00

2,488.50

2,502.32

2,551.50

2,565.99

2,598.75

2,693.25

2,700.00

2,700.00

2,700.00

2,700.00

2,700.00

2,722.18

2,722.50

2,790.00

2,835.00

2,946.64

2,976.75

2,976.75

2,976.75

2,997.00

2,997.00

2,997.00

2,997.00

2,997.00

2,997.00

3,006.00

3,010.50

3,150.00

3,150.00

3,150.00

3,307.50

3,420.00

3,420.00

3,490.38

3,521.52

3,543.75

3,543.75

3,600.00

3,600.00

3,600.00

3,600.00

3,600.00

3,604.05

3,780.00

4,095.00

4,252.50

4,500.00

4,500.00

4,500.00

4,725.00

4,725.00

4,950.00

4,961.25

4,961.25

4,963.27

5,081.27

5,242.50

5,485.50

5,535.00

5,680.17

5,692.50

5,940.00

6,142.50

6,217.38

6,300.00

6,525.00

6,750.00

6,750.00

6,750.00

6,750.00

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3




3601

3602

3603

3604

3605

3606

3607

3608

3609

3610

3611

3612

3613

3614

3615

3616

3617

3618

3619

3620

3621

3622

3623

3624

3625

3626

3627

3628

3629

3630

3631

3632

3633

3634

3635

3636

3637

3638

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

3

UVWO ADOGBEJI WILSON

UWADA EMMANUEL

UWADINEKE GLADYS NKEM

UWADINEKE IZUCHUKWU GABRIEL

UWAGUE EDWARD AKHAZOBUA

UWAKWE ANDREW CHUKWUEMEKA

UWANDU JUSTINA

UWAOMA SHULAMTTE AMARACHI

UWERU GODWIN ORUGBA

UYANWUNE CATHERINE CHIZOBA

UYANWUNE ERIC CHIZOBA

UYI JOVITA

UZU FAVOUR NKEMDILIM

UZUEGBU TONY

UZUWE PATRICK ONOCHEI

VALENTINE OLUWAKEMI FRANSISCA

VINCENT TOKUNBO

VIVIANA ADEYI

WABARA EDWIN CHIJIOKE

WAHAB ABEEB

WATTI EMMANUEL TEMITOPE

WISDOM OGBONNAYA

WISDOM OSONG ETENG

WOGU AGWAOMA PRECIOUS

YAKEEN KAZEEN

YAKUBU AREMU AMUDA

YAKUBU JIMOH AHMED

YARLING MARTHA LUKA

YUNUSA SODIQ ADESHINA

YUNUSA YAKUBU

YUSUF A. SHALLANGWA

YUSUF ABDULLAHI

YUSUF ABDULLATEEF KAYODE

YUSUF KOLAWOLE BOLA

YUSUF MADINAT MOTUNRAYO

YUSUF MULIKAT JOKE

YUSUF OLOLADE BILIKIS

YUSUF TAOFEEK

TOTAL FOR PYT 3

6,941.02

7,087.50

7,920.00

8,100.00

8,235.00

8,437.41

9,000.00

9,000.00

9,000.00

9,000.00

9,000.00

9,000.00

9,000.00

9,175.37

9,450.00

9,922.50

9,922.50

9,945.00

10,800.00

11,250.00

11,250.00

12,855.20

16,928.28

18,000.00

18,900.00

22,267.89

22,500.00

22,500.00

27,000.00

27,000.00

27,000.00

29,250.00

32,215.05

33,750.00

33,750.00

45,000.00

45,000.00

45,000.00

2,246,459.73



Note

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



Nineteenth Annual General Meeting of STANDADRD ALLIANCE INSURANCE PLC will be held at the Event Hall, Plot 1, Block 94

Providence Street, Lekki Phase 1, Lekki Lagos State on 30th September 2015 at 1:00pm prompt.

I/We………………………………………………….................................................................................of………………………………………………………………..................

being member/members of STANDARD ALLIANCE INSURANCE PLC herby

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 30th

September 2015 and at any adjournment thereof.

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.

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.

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.

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.

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 30th September 2015 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………………………………………………

Nwadiuto Olamma Onuoha

Company Secretary

FRC/2014/NBA/00000007426


Proxy Form

To receive and adopt the Audited Financial Statements together with

Auditor's Report and Audit Committee's Report therein for the year

ended 31st December, 2014.

To re-elect retiring Directors.

To ratify the appointment of new Directors and Group Managing Director/CEO

To approve the remuneration of the Directors.

To ratify the appointment of BDO Professional Services as External Auditors.

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

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

ORDINARY BUSINESS FOR AGAINST

Brigadier General Dominic Oneya (rtd), Mr. Etigwe Uwa and Mr. Austin Enajemo-isire


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

Standard Alliance Insurance Plc

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

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