2016 annual account a4 - trombino · regency alliance | 2016 annual report 03 consolidated and...

I N S U R A N C E

REGENCY ALLIANCE INSURANCE PLC RC 223946

Authorized and Regulated by the National Insurance Commission RIC 034

We earn your trust www.regencyalliance.com

2016ANNUAL REPORT ACCOUNTS

&

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Regency Alliance | 2016 Annual Report 01

Consolidated and Separate Financial Statementsfor the year ended 31 December 2016

Notice of Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Corporate Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Directors Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Statement of Directors' Responsibilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Chairman's Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Board Performance Evaluation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Management Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Report of the Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Corporate Governance Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Management Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Audit Committee Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Independent Auditors' Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Statement of Significant Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Statement of Financial Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Statement of Profit or Loss and other Comprehensive Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Statement of Changes in Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Notes to the Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Enterprise Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

Assets/Liability Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

Hypothecation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

Segment Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

Other National Disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

Share Capital History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

Proxy Form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

Mandate Form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

Unclaimed Dividend List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

Our Office Network . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

Table of Contents

Regency Alliance | 2016 Annual Report02

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AUDIT COMMITTEE MEMBERS

In accordance with Section 359(5) of the Companies and Allied Matters Act Cap. C20, Laws of the Federation, 2004, any Shareholder may nominate another Shareholder as a member of the Audit Committee by giving notice in writing of such nomination to the Company Secretary at least twenty-one (21) days before the Annual General Meeting.

CLOSURE OF REGISTER

The Register of Members and Transfer Books of the Company will be closed from Monday the 24th day of April 2017 to Friday the 28th day of April 2017 for the purpose of reviewing and updating the register of members.

RIGHT OF SHAREHOLDERS TO ASK QUESTIONS

Shareholders have a right to ask questions not only at the meeting, but also in writing prior to the meeting, and such questions must be submitted to the Company Secretary before close of work on Thursday the 11th day of May 2017.

Notice of Annual General Meeting

rd NOTICE IS HEREBY GIVEN that the 23 Annual General Meeting of Regency Alliance Insurance Plc. will be held at the Skyline Hall of the Lagos Oriental Hotel, 3, Lekki Road, Victoria Island, Lagos State on Thursday the 25th Day of May, 2017 at 10am.to transact the following business:

1. To receive the report of the Directors, the Audited Financial Statements for the year ended 31 December 2016 together with the reports of the Auditors and the Audit Committee thereon

2. To re -elect the Director retiring by rotation.

3. To declare a Dividend.

4. To elect members of the Audit Committee. 5. To authorise the Directors to fix the remuneration

of the Auditors.

Special Business:

To consider and if thought fit to pass the following as an ordinary resolution:

6. To approve the remuneration of Directors.

PROXIES

A member of the Company entitled to attend and vote is entitled to appoint a proxy to attend instead of him. A proxy need not be a member. A Proxy Form is attached to the Annual Report and Accounts. If the Proxy Form is to be valid for the purposes of the meeting, it must be completed and deposited at the office of the Registrars; Meristem Registrars Limited, 213, Herbert Macaulay Way, Sabo - Yaba, Lagos not less than forty-eight (48) hours prior to the time of the meeting.

DIVIDEND

If approved a dividend of 3kobo per every unit of share will be payable to shareholders whose names appear on the register of members at close of business on Friday the 21st Day of April 2017. Dividend warrants will be posted on Friday the 26th day of May 2017.

NOTES:

BY ORDER OF THE BOARD

ANU SHOBOCOMPANY SECRETARYFRC/2013/NBA/00000003654DATED THIS 10TH DAY OF APRIL 2017

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DIRECTORS : Ambassador Baba Gana Kingibe, CFR (Acting Chairman)appointed WEF 01/01/2016Mr. Biyi Otegbeye (Managing Director)Mr. Akin Adelakun (Executive)Mr. Sammy Olaniyi (Executive)Mr. Kehinde Oyadiran (Executive)Mr. Clem Baiye Col. Aminu Isah KontagoraMr. Matt Osayaba Aikhionbare, OONLady Mary Anegbode-Eromosele(Resigned WEF 31/03/2016)Chief Wale Taiwo (Resigned WEF 31/03/2016)

COMPANY SECRETARY : Mrs. Anuoluwapo ShoboFRC/2013/00000003654

AUDITORS : TAC PROFESSIONAL SERVICES.(Chartered Accountants)9 Military Street, OnikanLagos Island. Lagos FRC/2012/ICAN/00000000325

SOLICITORS : WALE TAIWO & CO.(Legal Practitioners)Elizabeth Court24 Queens StreetAlagomeji, LagosFRC/2014/NBA/00000008128

HEAD OFFICE : Regency Place2 Ebun StreetGbagada ExpresswayGbagada, Lagos.www.regencyalliance.com

BANKERS : First Bank of Nigeria PlcSterling Bank PlcZenith Bank PlcAccess Bank Plc

REGISTRAR : Meristem Registrars Limited213, Herbert Macaulay WaySabo, Yaba, Lagos

RE-INSURERS : African Reinsurance CorporationWAICA Reinsurance LimitedContinental Reinsurance Limited

ACTUARY : TAF Consulting (Nigeria) LimitedFRC/2013/NAS/00000002723

COMPANY RC NO. : RC 223946

COMPANY FRC REG. NO. : FRC/2013/0000000000598

Corporate Information


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I N S U R E RRC: 023048



We the undersigned hereby certify the following with regards to our Audited Financial Statements for the year ended December 31, 2016 that:

We have reviewed the report;

To the best of our knowledge, the report does not contain:Any untrue statement of a material fact, orOmit to state a material fact, which would make statement, misleading in the circumstances under which such statement were made;

To the best of our knowledge, the financial statement and financial information included in the report fairly present in all material respect the financial condition and results of operations of the company as of , and the period presented in the report.

We:Are responsible for establishing and maintaining internal control,Having designed such internal control to ensure that material information relating to the company and its consolidated subsidiary is made known to such officers by others within those entries particularly during the period in which the periodic reports are prepared;Have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report;Have presented in the report our conclusion about the effectiveness of our internal controls based on our evaluation as at that date;

We have disclosed to the Auditors of the company and Audit Committee:

All significant deficiencies in the design or operation of internal control which would adversely affect the company's ability to record, process, summarized, report financial data and have identified for the company's Auditor any material weakness in the internal control, andAny fraud, whether or not material, that involves management or other employees who have significant role in the company's internal control;

We have identified in the report whether or not there were significant change in internal control or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective action with regard to significant deficiencies and material weakness.

MR. BIYI OTEGBEYE MR. KEHINDE OYADIRANFRC/2013/NBA/00000003749 FRC/2013/ICAN/00000003559GROUP MD/CEO GROUP CFO

CERTIFICATION PURSUEANT TO SECTION 60(2)

OF INVESTMENT AND SECURITIES ACT NO.29 OF 2007

Directors Certification


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The Companies and Allied Matters Act (Cap C20) Laws of the Federation, 2004 requires the Directors to prepare financial statements for each financial year that give a true and fair view of the state of financial position of the Company at the end of the year and of its financial performance. This responsibility includes:

a) Ensuring that the company keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the company and comply with the requirements of the Companies and Allied Matters Act (Cap C20) Laws of the Federation, 2004.

b) Designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; and

c) Preparing the company's financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates that are consistently applied.

The Directors accept responsibility for the Annual Financial Statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with,

- International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB);

- the requirements of the Insurance Act; - relevant Guidelines and Circulars issued by the National Insurance Commission (NAICOM); and - the requirements of the Companies and Allied Matters Act (Cap C20) Laws of the Federation, 2004

The Directors are of the opinion that the financial statements give a true and fair view of the state of the financial position of the Group and of its financial performance 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 financial control.

Nothing has come to the attention of the Directors to indicate that the Group will not remain a going concern for at least twelve months from the date of this statement.

Signed on behalf of the Board of Directors by:

……………………………… ……………………………..MR. SAMMY OLANIYI MR. AKIN ADELAKUNDIRECTOR DIRECTORFRC/2013/CIIN/00000003716 FRC/2013/CIIN/00000003713

STDATED THIS 21 DAY OF MARCH, 2017

Statement Of Directors' Responsibilities

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Chairman’s Statement

Distinguished shareholders, colleagues on the Board of Directors, special guests, gentlemen of the press, eminent ladies and gentlemen.

It is with much pleasure that I welcome you all to the 23rd Annual General Meeting of our company where the Audited Annual Financial Statements and Annual Reports will be presented for your kind consideration.

However, I will begin by giving you an overview of the environment in which the company operated in the past year.

2016 BUSINESS OVERVIEW

GlobalIt has been estimated that in 2016 the world economy grew by 3.10% year on year. This was lower than the 3.20% and 3.40% growths recorded in 2015 and 2014 respectively. Therefore, 2016 was a year when the global economy continued to grow at a disappointing pace, with growth being held back by an anemic performance particularly in the advanced economies. Though the price of oil dropped considerably in the early part of the year to below US$30, the uncertainty generated by the political shocks firstly, the decision by the UK electorate in a referendum in June to leave the EU, Brexit, followed by the election to the US Presidency of Donald Trump who campaigned on a more US-centric policy with the intention to abandon major trade agreements like NAFTA and Trans Pacific

Partnership- also negatively impacted the world economy as a whole. There was also heightened expectation, which became reality in December, of a raise in the Fed rates in the USA.

LocalLower foreign exchange inflows occasioned by both lower oil prices and reduced crude oil production, tight capital controls and currency volatility combined to make 2016 the most challenging year economically for Nigeria since 1999. For the first time since 1991, Nigeria went into a full recession for a whole year. The GDP fell by 1.51% year on year in real terms in 2016 while the year on year inflation rate rose to 18.55% in December 2016, the highest in eleven years. External reserves also fell year on year by 7.41% from US$28.364bn to US$26.263bn as at December 31st 2016.

There was heavy pressure on the value of the naira resulting in an increased widening of the gap between the official interbank rate and the parallel "street" rate. The introduction of the managed floating of the Naira in June 2016 by the CBN could not stem the tide. Various rates were applied for different segments of the economy and many foreign operators found it difficult to repatriate their earnings and fees. As at December 31st 2016, while the CBN rate was =N=304.50/$1, the parallel "street" rate was =N=490/$1.

With the successful political transition of 2015 and the various victories recorded against the insurgents in the North East, hopes were high for a brighter 2016. However, the delay in the passage of the budget, increase in fuel and energy prices, together with the drop in the value of the currency and increase in the inflation rate impacted heavily on the cost of living. During the year, the MPR and the Treasury bill rates were raised. This in no small way reduced credit to the real sector of the economy, thus stifling economic growth. The expected harmonization of fiscal and monetary policies as well the expected reflation of the economy did not materialize. Finally, most of the proposed welfare programmes of the Government had to be scaled down considerably.

On the industry level, the Regulatory Authorities, NAICOM, SEC and NSE, continued their supervisory activities with the view to ensuring a robust and healthier insurance industry.


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2016 FINANCIAL HIGHLIGHTS FOR THE

COMPANY

The company's performance modestly improved during the 2016 financial year. The gross premium written decreased by 6.86%, from =N=3.329bn to =N=3.101bn. The underwriting profit also decreased by =N=110.605m from =N=1.229bn to =N=1.119bn. During the year, the company had a net claim expense of =N=344.726m. showing a decrease of =N=82.641m or 19.34% compared with the figure for the previous year.

Overall, the profit after tax for the company increased from =N=333.931m in 2015 to =N=470.594m in 2016 an increase of 41.18%.

For the group, the contribution of the subsidiaries to the overall profit after tax, after deducting that attributable to Non-Controlling Interests, increased from =N=33.261m in 2015 to =N=74.041m in 2016.

The total assets for the group and the company as at December 31st 2016, stood at =N=8.467bn and =N=7.291bn respectively.

DIVIDENDS As a way of appreciating our esteemed shareholders, the Board is recommending a total dividend payout of =N=200,062,500 representing 3k per 50k share for eligible shareholders. We believe that with your continued support and patronage, the company will succeed in its goal of paying dividends annually.

GHANA SUBSIDIARYSequel to the directive of the National Insurance Commission, Ghana, for all insurance companies in Ghana to recapitalise, our subsidiary in Ghana, Regency Alliance Insurance Ghana Limited, had to merge with NEM Insurance Ghana to form RegencyNem Insurance Ghana Limited.

The foregoing notwithstanding, and in line with the provisions of the International Financial Reporting Standard No 10, the merged company is still being treated as a subsidiary and its accounts will continue to be consolidated in our group accounts.

MOVING FORWARDThe expansion of the company's activities in the North West has been worthwhile. The company will continue to expand to other areas of the country and will continue to implement its strategic plan for expansion, growth and increase in value. There are signs that the country will move out of recession this year and we are poised to leverage on the opportunities that will arise. Our subsidiaries are being strengthened to make them not only compete effectively in their core areas, but also to add more value to the group.

CONCLUSIONThe Management and staff of the company are highly commended for their deep sense and display of loyalty, commitment, honesty and dedication in the year. Their efforts in moving the company forward will always be recognized and adequately rewarded. I must also appreciate our esteemed clients, agents and brokers for continuing to do business with us. We trust we have earned their enduring confidence and we look forward to their increased support and patronage going forward.

I want to assure you all that Regency Alliance Insurance Plc is here for the long haul. We have strong confidence that the dampened socio-economic climate is temporary and Nigeria remains a land of immense opportunities and prospects. Your company is positioned to make the best of the brighter future ahead. We will always be guided by our corporate ideals and values of Professionalism, Integrity, Commitment and Efficiency as we create wealth for all our stakeholders while mitigating all associated risks that may arise. That is our commitment to you our dear shareholders.

Thank You

Ambassador Baba Gana Kingibe, CFRFRC/2017/IODN/00000016361Acting Chairman

Chairman’s Statement (Cont’d)

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Board of Directors

Baba Gana Kingibe is an elder statesman and colourful politician who played significant roles in the events that shaped the Nigerian state in the past 30 years. A thorough bred bureaucrat.

In a bid to tap from his wealth of experience, he was appointed Secretary to the Federal Government in 2007, a position he held until 2008.

Amb. Kingibe is a Commander of the order of the Federal Republic (CFR).

Amb.Baba Gana Kingibe CFR

Acting Chairman

Biyi Otegbeye is the Managing Director of Regency Alliance Insurance Plc. Following the consolidation with three other strong insurance brands in 2007, he was retained as the Managing Director of Regency Alliance.

Prior to the founding of Regency Insurance Company in 1993, he began his career at the United Nigeria Insurance Company Limited (UNIC) in 1986. He was the General Manager, Capital Asset Insurance Brokers Between 1990 and 1991. In 1991, he became CEO of Excel Insurance Brokers.

Biyi holds a B.Sc. in Insurance and a Masters' Degree (MBA) in Financial Management and Accounting from the University of Lagos. He is an Associate of the Chartered Insurance Institute London (ACII). He obtained his LLB degree from the Lagos State University and was called to the Nigerian Bar as a Barrister and Solicitor of the Supreme Court of Nigeria in year 2003.

He sits on the Boards of many companies either as Chairman or Director, they include Regency Nem Insurance Limited, Ghana, RIC Microfinance Bank Limited, RIC Properties and Investment Limited, and RIC Technologies Limited.

He also served as Chairman of the Governing Board of the University of Uyo Teaching Hospital.

Biyi Otegbeye (B.SC, ACII, MBA, LLB, BL)

Group Managing Director

A distinguished Business Tycoon and Industrialist, Lady Mary Anegbode-Eromosele is the Managing Director/CEO of Tohan Group of Companies. An astute businesswoman with substantial interests in many industries, Lady Eromosele was also a Director of Nigerian Alliance Assurance Corporation Limited. She belongs to the prestigious Institute of Directors (IOD)

Lady Mary Chibuzor Anegbode-EromoseleDirector

A distinguished commercial law guru, Chief Wale Taiwo is an alumnus of the University of Lagos LLB (Hons) (1984) and LLM (1989). He was called to the Nigerian Bar as a Solicitor & Advocate of the Supreme Court of Nigeria in August 1985.

A member of the prestigious Island and mainland Executive Clubs, Chief Taiwo holds the traditional title of Bamofin of Ikosi/Kosefe Land, Lagos. He is a member of the Nigerian Bar Association [NBA] and the International Bar Association [IBA].

Chief Wale TaiwoDirector

(LLB, BL, LLM)


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Board of Directors (Cont’d)

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Clem Baiye is a media entrepreneur and human resource expert with significant banking and corporate experience. Baiye has built a solid reputation for integrity and a superior grasp of public affairs and is on the board of several companies, including; The Capital Consortium Limited, Security Swaps Limited and Partnership Trust Investment Limited. Baiye is also Chairman of the Editorial Board of NewAge, a quality daily newspaper. He is also the Chief Executive Verity Communications Limited, a bespoke publishing outfit and Verity Associates, a human capital outsourcing company.

Clem Baiye

Aikhionbare Osayaba is a seasoned statesman with many years of service in various capacities. Aikhionbare was Chairman, Sub Committee on information Management and Community Relations, Presidential Security Committee on Niger Delta and Chairman Board of Directors, Edo Broadcasting service (Radio & Television). He was also Chief Executive Officer, Lifestlye Limited a public relations consultancy and is currently a Member, Board of Regents, Benson Idahosa University, Benin. In 2012, he was awarded National Honour of Officer of the Order of the Niger (OON) for his outstanding contribution to national development.

Aikhionbare Osayaba Matt OON


Aminu Isah Kontagora is a retired Colonel of the Nigerian Army and served as military Administrator. Kontagora has held various Military and Administrative appointments including Battery Commander, Regiment Commander Air Defence Regiments, ADC/MA to General Officer Commanding, Commander Corps of Artilery and Minister of Defence and Chairman Joint Chief of Staff. He was a member of Board of intercity Bank Plc.

Col. Aminu Isah Kontagora (rtd)

A 1984 Graduate of University of Ibadan, Akin Adelakun started his Insurance career with Glanvill Enthoven & Company (Nigeria) where he worked extensively in Reinsurance Division. He is an Associate of the Chartered Insurance Institute, London and Nigeria with wide experience in General underwriting and Claims. Adelakun is a specialist in Reinsurance. He was an Executive Director in Regency Insurance Plc, and retained his position in the post-merger Regency Alliance Insurance Plc as the Executive Director (Operations).

Akin Adelakun BSc, ACII, MBA

Executive Director (Technical Operations)


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Sammy Olaniyi is the Executive Director, Business Development. A business strategist and a versatile marketer, he is a member of the Institute of Directors, and is also a Chartered Insurer. He has attended various specialized courses both internationally and locally.

Sammy has extensive experience in Insurance Business Development and Marketing Research that makes him a leading resource person in modern business penetration.

Sammy Olaniyi BSc, MScExecutive Director (Business Development)

Kehinde Oyadiran is a seasoned Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Member of Nigerian Institute of Management (NIM). Oyadiran attended several Management courses. He started his working career as an Underwriter with WAPIC Insurance Plc and later worked in Finance and Administration Department of the same company and rose to the position of Company Accountant. He joined Nigerian Alliance Assurance Corporation Ltd in 2001 where he rose to the position of Head of Finance.

Kehinde Oyadiran MBA, FCAExecutive Director (Finance & Administration)

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REPORT OF THE EXTERNAL CONSULTANTS

ON THE ASSESSMENT OF THE BOARD OF DIRECTORS OF REGENCY ALLIANCE INSURANCE PLC FOR THE

YEAR ENDED 31ST DECEMBER, 2016

In accordance with the provisions of the NAICOM Code of Corporate Governance (NAICOM Code) in Nigeria, Regency Alliance Insurance Plc engaged Futures and Bonds Limited to carry out an assessment of the Board of Directors ("the Board") for the year ended 31st December, 2016.

The review performed covered all aspects of the Board's structure and composition, responsibilities, processes and relationships, as well as individual members' competencies and respective roles in the Board's performance. The Board is responsible for the preparation and presentation of information relevant to its performance. Our responsibility is to examine the information provided and reach a reasonable conclusion on the Board's performance. Our conclusion is based on work carried out within the scope of our engagement as contained in our letter of engagement. In carrying out the evaluation, we have relied on the documents provided for our review.

We also facilitated a self and peer assessment of each Directors performance in the year under review. This assessment covered the perceived time commitment to the business of the Company, commitment to continuous learning and development and a self & peer assessment. Each individual Director's Assessment report was prepared and made available respectively while a consolidated report of the performance of all Directors was also prepared.

The Board of Regency Alliance Insurance Plc was made up of a Non-Executive Acting Chairman, five (5) Non-Executive Directors and four (4) Executive Directors including the Group Managing Director/Chief Executive Officer (GMD/CEO). The company GMD/CEO is responsible for the day to day running of the company and oversees the company structure, assisted by three (3) Executive Directors.

The Board of the company was made up of members with diverse discipline and skills, chosen on the basis of professional background and expertise, experience and integrity as well as knowledge of the insurance business. Directors are fully abreast of their responsibilities and are knowledgeable in the business. They are therefore able to exercise good judgment on issues relating to the company's business. They have on the basis of this acted in good faith, with due diligence and skill and in the overall best interest of the company and relevant stakeholder.We observed that the frequency of Board meetings was within the minimum requirement of the NAICOM rule. The Board held four meetings, and the level of attendance was generally satisfactory. The Board and Board Committees meetings were held regularly except for certain Board committees, in which the company has to significantly improve upon

The roles of the Acting Chairman of the Board and the Managing Director of the company are clearly defined and separated. However, it was observed that the Board Acting Chairman also doubles as an Independent Director.

On the basis of our review, the company's Board Performance is adjudged satisfactory and in-line with best practices and is largely in compliance with the NAICOM rules. Specific recommendations for improving the company's performance practices have been articulated and included in our detailed report to the Board.

…………………………………………………..Adegoke Adewole FRC/2013/ICAN/00000001904Principal Consultant

FUTURES & BONDS LTD.

(INVESTMENT ADVISORS & BUSINESS SYSTEMS CONSULTANTS)

F&

B

12A Victoria Arobieke Street, Lekki Phase 1, Lekki, Lagos. Tel: 234 1 4738364Company Registered in Nigeria No: RC210847

Futures & Bonds Ltd. is authorised and regulated by Securities and Exchange Commission.

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Biyi Otegbeye (Managing Director)

Akin Omodele (Assistant Director Technical)

Aji Maina (Regional Director North)

Tunde Alao (Divisional Director Internal Audit)

Anu Shobo (Company Secretary)

Sunmbo Adeleke (Divisional Director Business Development)

Dayo Ayeni (Divisional Director Business Development)

Sammy Olaniyi (Executive Director Business Development)

Kehinde Oyadiran (Executive Director Finance & Administration)

Akin Adelakun (Executive Director Operations)

Management Staff


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The Directors have pleasure in presenting their report on the affairs of Regency Alliance Insurance Plc. ("the Company") and its subsidiaries ("the Group") together with the Group Audited Financial Statements and the Auditor's Report for the year ended 31 December, 2016.

1. LEGAL FORM AND PRINCIPAL ACTIVITY The Company was incorporated on the 16th day of June, 1993 as a private limited liability Company known as "Regency Insurance Company Limited" and was licensed by NAICOM to underwrite all classes of Non-Life Insurance Business. On the 11th of March 2005, the Company obtained license to underwrite Life Insurance Business in addition to the Non-Life Insurance Business thereby becoming a composite Insurance Company.

However, in 2007, the Company's name was changed to Regency Alliance Insurance Plc. after a successful merger with three other companies. The Company was re-registered and licensed to underwrite all classes of Non-Life Insurance Business.

The Company's principal activity is the provision of general insurance cover to corporate and individual clients in Nigeria.

The Company has four subsidiaries: Regency Alliance Insurance Ltd Ghana, RIC Properties & Investment Limited, RIC Microfinance Bank Limited and RIC Technologies Limited. In the course of the year the National Insurance Commission in Ghana directed all Insurance Companies to increase their share capital, to achieve this Regency Alliance Insurance Limited successfully merged with NEM Insurance Company Ghana. As a result of the merger the Company's name was changed to Regency NEM Insurance Limited.

The information on the subsidiaries is provided in note 50 to the Financial Statements.

2. OPERATING RESULTSThe following is a summary of the Group's operating results:

THE GROUP THE COMPANY

2016 2015 2016 2015

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

Profit Before Tax 761,701 569,249 532,928 494,695 Income Tax Expense (150,502) (196,137) (62,334) (161,366)Profit For the year 611,199 373,112 470,594 333,329

Non Controlling Interest (66,564) (9,975) - - 544,635 363,138 470,594 333,329

Transfer to Contingency Reserves (137,867) (129,030) (94,119) (99,873)Other Transfers 95,681 3,667 - - Profit for the Year 502,450 237,775 376,475 233,457

Retained Profit Brought Forward 259,037 21,262 426,447 192,991 Dividend Paid (200,063) - (200,063) -

Retained Profit Carried Forward 561,424 259,037 602,860 426,447

Report of the Directors

S/N DIRECTORS Direct Holdings Indirect Holdings Units

1 AMB. BABA GANA KINGIBE, CFR.

MR. OTEGBEYE OLUBIYI

CHIEF TAIWO WALE (resigned WEF 31/03/16)

LADY MARY ANEGBODE-EROMOSELE (resigned WEF31/03/16)

MR. CLEM BAIYE (Appointed WEF 01/01/16)

MR. MATT OSAYABA AIKHIONBARE, OON (Appointed WEF 01/01/16)

COL. AMINU KONTAGORA. (RTD)(Appointed WEF 01/01/16)

ISAH

MR. ADELAKUN AKINDELE

MR. OLANIYI SAMMY

MR. OYADIRAN KEHINDE

2

3

4

5

6

7

8

9

10

********* *********

789,328,879

14,349,235

89,224,919

43,580,457

206,250

*********

*********

*********

*********

633,531,250

111,830,400

*********

*********

*********

*********

*********

*********

*********

*********

*********

*********

*********

*********

*********

*********

*********

*********

*********

3. DIRECTORS

3.a Directors who held office for the year 2016 are listed hereunder;�AMB. BABA GANA KINGIBE, CFR - Appointed Acting Chairman (WEF 1st Jan. 2016)�MR. OTEGBEYE OLUBIYI - Managing Director /Chief Executive Officer.�CHIEF TAIWO WALE - Director (resigned WEF 31/03/16)�LADY MARY ANEGBODE-EROMOSELE -Director (resigned WEF 31/03/16)�MR. CLEM BAIYE - Director (Appointed WEF 01/01/16)� MR. MATT OSAYABA AIKHIONBARE, OON - Director � (Appointed WEF 01/01/16)�COL. AMINU ISAH KONTAGORA. - Director (Appointed WEF 01/01/16)�MR. ADELAKUN AKINDELE - Executive Director (OPRS)�MR. OLANIYI SAMMY - Executive Director (BD)�MR. OYADIRAN KEHINDE - Executive Director (FIN/ADMIN)

3.b. DIRECTORS' BENEFICIAL INTERESTSThe interests of Directors of the Company in the issued share capital of the Company as recorded in the register of members as at 31 December 2016 and notified by the Directors for purpose of Sections 275 and 276 of the Companies and Allied Matters Act (Cap C.20) Laws of the Federation, 2004 and the listing requirement of the Nigerian Stock Exchange are as stated below.

Lady Mary Anegbode - Eromosele held 111,830,400 units through the Estate of late sir Tony Eromosele; while Chief Wale Taiwo held 633,531,250 units through Alexander Riesse Consulting Limited

3.c. DIRECTORS' INTEREST IN CONTRACTChief Wale Taiwo who was a Director of the Company until 31st March, 2016 is the Principal Partner of Wale Taiwo & Co. (Legal Practitioners) who are the Company's external Solicitors.

In compliance with Section 277 of the Companies and Allied Matters Act (Cap C. 20) Laws of the Federation 2004, no other Director has given notice of interest in any contract involving the Company during the year under review.

3.d. DIRECTORS REMUNERATIONIn compliance with the provisions of Section 34.5 of the Code of Corporate Governance for public companies as issued by Securities and Exchange Commission (SEC), the remuneration of the Company's Directors is disclosed as follows:

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Report of the Directors (Cont’d)

Remuneration Description Timing

Basic Salary This represents part of the gross salary package for Executive Directors. This reflects the insurance industry competitive salary package and the extent to which the Company's objectives have been met for the financial year.

13th Month Salary Paid during the last month of the year

Directors' Fees Paid once during the financial year

Sitting Allowance Allowances paid to Non- Executive Directors only for siting at the Board meetings and other business meetings.

Paid during the financial year

RANGE Shareholding Units

From To No %ageCumm.

No Units %age Cumm. Units

Paid monthly during the financial year.

This represents part of the gross salary for Executive Directors

Allowances paid to Non-Executive Directors.

1

1,001

5,001

10,001

50,001

100,001

500,001

1,000,001

5,000,001

10,000,001

Number of Shareholders

1,000

5,000

10,000

50,000

100,000

500,000

1,000,000

5,000,000

10,000,000

Above

483

923

640

1601

502

643

115

175

35

60

9.33%

17.83%

12.36%

30.93%

9.70%

12.42%

2.22%

3.38%

0.68%

1.16%

483

1,406

2,046

3,647

4,149

4,792

4,907

5,082

5,117

5,177

205,318

2,472,187

4,568,742

36,919,942

35,573,710

127,588,866

78,432,958

359,019,278

243,807,489

5,780,161,509

0.00%

0.04%

0.07%

0.55%

0.53%

1.91%

1.18%

5.38%

3.66%

86.68%

205,318

2,667,505

7,246,247

44,166,190

79,737,900

207,328,766

285,761,724

644,781,002

888,588,491

6,668,750,000

GRAND TOTAL 5,177 100.00 6,668,750,000 100.00


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3.e. DIRECTORS RETIREMENTIn compliance with the provisions of section 5.04 (vii) of the NAICOM's Code of Corporate Governance two of our Directors, Chief Wale Taiwo and Lady Mary Anegbode - Eromosele haven served for the maximum allowable number of years retired from the Board with effect from the 31st day of March 2016.

4. ANALYSIS OF SHAREHOLDERS(a) Active Shareholders Summary Position as at 31 December 2016.

(b) Substantial Interest in ShareListed hereunder are Shareholders, who held more than 5% of the issued share capital of the Company as at 31 December, 2016.

S/NO NAME UNIT %

1 OTEGBEYE OLUBIYI O 789,328,879 11.84%2 ALEXANDER-REISSE CONSULTING. LTD 633,531,250 9.50%


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5. PROPERTY, PLANT AND EQUIPMENTInformation relating to changes in property, plant and equipment is given in note 16 of the financial statements. In the opinion of the Directors, the market value of the Company's assets is not less than the value shown in the financial statements.

6. DONATIONS AND CHARITABLE GIFTSThe Company did not make any Political gifts during the year, the following is the schedule of gifts made during the year.

= N = = N =2016 2015

=N='000 =N='000The Nigeria Council of Registered Insurance Brokers 100 - Shareholders Association of Nigera 100 - Modupe Cole Memorial Childcare 150 - Pacelli School for the Blind 200 - Wesley School for the Deaf 100 - Heritage Home 150 - Little Saint Orphanage 100 - Love Home Orphanage CSR 100

Chartered Insurance Institute of Nigeria - 100 Actuarial Science & Insurance Student Association - 100 Nigerian Red Cross Society Motherless Babies' Home - 100 Missionaries of Charity (Mother Theresa) - 100 Modupe Cole Memorial Childcare - 100 Hearts of Gold Children's Hospice - 100 Delta State University - 450

Total 1,000 1,050

7. HUMAN RESOURCES(a) Employment of Disabled Persons

The Company operates a non-discriminatory policy in consideration of applications received for employment. The Company engages the most qualified applicant after necessary assessment irrespective of the applicant's physical condition, state of origin, ethnicity or religion.

In the event of any employee becoming disabled in the course of employment, the Company is in a position to arrange appropriate training to ensure the continuity of his or her employment without subjecting such employee to any disadvantage in his/her career development.

(b) Health, Safety and Welfare at WorkplaceThe Company maintains medical scheme which provides medical facilities to members of staff and their immediate family.

Safety rules and procedures are strictly enforced at the work place, the rules and procedures are reviewed regularly. Fire prevention and fire fighting equipment are installed within the Company's premises and Members of staff are trained and re-trained on the use of the equipment.In addition, the Company also maintains Group Personal Accident and Life Insurance covers for all members of staff and in accordance with the Pensions Reforms Act 2004, the Company maintains a contributory pension plan for all members of staff.

(c) Training and DevelopmentThe Group places a high premium on the development of its manpower by maintaining a policy of continuous Training and Development for optimal performance.


Several internal courses were arranged for members of staff to address perceived deficiencies and improve their performance on the Job.

In addition to the internal courses members of staff were sponsored on relevant external seminars, workshops and on the job attachment programmes both within and outside the country during the year under review.

(d) Gender Analysis The Company maintains a non-discrimination Gender employment policy and ensures adequate attention is given to gender parity in employing its work force. The structure of the workforce is as shown below:

8. ACQUISITION OF OWN SHARES The Group did not acquire any of its own shares during the year.

9. EVENTS AFTER THE REPORTING PERIOD As at 31st December, 2016, there were no events after the reporting period which could have material effects on the financial position of the Group and profit attributable to the equity shareholders.

10. AUDITORSThe Auditors, Messrs. TAC Professional Services whose appointment was ratified at the Company's last Annual General Meeting have indicated their interest to continue serving the Company.

BY ORDER OF THE BOARD

ANU SHOBO COMPANY SECRETARY

FRC/2013/NBA/00000003654LAGOS, NIGERIA 21st March, 2017

S/N CATEGORY MALE NUMBER

FEMALE NUMBER TOTAL MALE % FEMALE %

JUNIOR STAFF

SENIOR STAFF

LOWER MANAGEMENT SENIOR MANAGEMENT

TOTAL

1.

2.

3.

4.

43

6

12

17

78

26

6

10

6

48

69

12

22

23

126

55.13

7.69

15.38

21.79

100.00

54.17

12.50

20.83

12.50

100


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INTRODUCTION

The Company is guided in its operations by the principles of Corporate Governance. For the achievement of its corporate goals and enhancing the interest of stakeholders, the Company complied with all applicable Corporate Governance Regulations and embraced international best practices. The Board ensured the continued separation of the person, position and functions of the Chairman and Managing Director/Chief Executive Officer. To assist with its oversight functions, the Board made use of committees with clearly defined terms of reference. The Company has entrenched the principle of Accountability and Transparency in Financial Reporting.

1 BOARD OF DIRECTORSThe Board is made up of highly respected individuals who are well exposed and experienced in their chosen professional fields with sufficient experience in insurance thus enabling them to provide broad guidance and oversight Functions to the Company.

Amb. Baba Gana Kingibe, CFR was appointed the Acting Chairman of the Board with effect from 1st January, 2016.Thus, at the commencement of the year the Board consisted of 6 Non - Executive Directors and 4 Executive Directors making a total of 10 Directors. No two members of the same extended family are members of the Board.

1.1 ROLE OF THE BOARD The Board had continued to play the underlisted roles amongst others

�Ensuring good governance of the Company�Setting performance objectives and ensuring the

right strategies are employed to achieve set objectives.

�Formulation and Management of the Company's Risk Management Framework.

�Moni tor ing and Evaluat ing Management performance and implementation of set objectives.

�Succession planning and appointment, appraisal and compensation for Board members and Senior Management staff.

�Ensuring the financial and accounting integrity of the Company

�Ensuring that appropriate checks and balances are in place in compliance with the applicable Laws.

�Ensuring that the Company's operations are conducted in a fair and transparent manner that conforms to high ethical standards.

�" Ensuring effective communication with shareholders and other stakeholders of the Company.

1.2 CHAIRMAN AND CHIEF EXECUTIVE OFFICERIn accordance with the provisions of the existing Codes of Corporate Governance and best practice, the position, role and responsibilities of the Chairman and the Managing Director/ Chief Executive Officer have remained separate and distinct.

THE ACTING CHAIRMANThe Acting Chairman of the Board is a Non - Executive Director. He is responsible for managing and providing leadership for the Board. He also ensures that adequate information in respect of the operations and performance of the Company is received by all Board members as at when due. The Acting Chairman apart from ensuring that the Board functions cohesively also presides over and ensures that Meetings of the Board are properly conducted.

THE INDEPENDENT DIRECTORThe Independent Director was appointed in compliance with the existing Codes of Corporate Governance. He does not hold any shares in the Company neither does he have other business interests in the company. He was appointed to protect the rights and interests of Shareholders.

THE MANAGING DIRECTOR The Managing Director is the Chief Executive Officer and head of the Management team. He is charged with the responsibility of overseeing the day to day administration of the Company, ensuring the Implementations of strategic and financial policies as well as compliance with relevant Regulatory Provisions. The Managing Director reports regularly to the Board.

BOARD CHANGESChief Bayo Adejumo the Acting Chairman of the Board resigned his appointment with effect from 31st December 2015, Amb. Baba Gana Kingibe, CFR was therefore appointed as the Acting Chairman of the Board with effect from 1st Jan 2016. Three new Directors, Mr. Clem Baiye, Mr. Matt Osayaba Aikhionbare OON, and Col Isah Aminu Kontagora (rtd) were appointed with effect from 1st Jan 2016, in line with the provisions of the Memorandum and Articles of Association of the Company. Their appointments were ratified by the Shareholders at the Company's 22nd Annual General Meeting on the -26th day of May 2016. Necessary documents regarding their appointment has been filed with the Regulators and approval obtained.

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Corporate Governance Report

The Committee met thrice in the course of the year. Members of the Committee and their record of attendance are as stated below:

(b) ESTABLISHMENT AND GENERAL PURPOSE COMMITTEE

The Committee was made up of two non-Executive Directors and two Executive Directors and was charged with the responsibil i ty for the appointments, acquisition, preservation and disposal of assets, staff matters and other matters that may specifically be referred to it by the Board.

The Committee met thrice in the course of the year. Members of the Committee and their records of attendance are as stated below:

('C ) ENTERPRISE AND RISK MANAGEMENT COMMITTEE

The Committee was made up of two Non-Executive Directors and one Executive Director and was charged with risk assessment, review of the adequacy and effectiveness of the Company's risk management policies and control, review of compliance level with the existing Laws and Regulations; assessment of the Company's risk portfolio as well as regular review of corporate risk policies.

The Committee met thrice in the course of the year. Members of the Committee and their record of attendance are as stated below:


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By virtue of the Provisions of Section 5.04 of the NAICOM Code of Good Corporate Governance two Directors namely Lady Mary Anegbode-Eromosele and Chief Wale Taiwo haven completed the maximum number of years allowable under the Code resigned their appointments with effect from 31st March 2016.

1.3 MEETINGS OF THE BOARDThe Board met four times during the year to formulate policies, evaluate performance, provide strategic direction and leadership in attaining the Company's objectives.

RECORD OF DIRECTORS' ATTENDANCE

S/N

NAME

DATES OF MEETINGS

10/03/16 25/05/16 30/08/16

Chief Wale Taiwo (rsgwef 31st March 2016)

Ambassador Baba Gana Kingibe, CFR

Mr. Biyi Otegbeye

Mr. Clem Baiye

Mr. Matt Osayaba Aikhionbare OON

Col. Isah Aminu Kontagora (rtd)

Lady Mary Anegbode -Eromosele (rsgwef 31st march 2016)

Mr. Akin Adelakun

Mr. Sammy Olaniyi

Mr. Kehinde Oyadiran

---

---

---

---

---

---

---

---7.

1.

2.

3.

4.

5.

6.

8.

9.

10.

2 BOARD COMMITTEES

The Board performed its oversight functions through three Committees. The Committees were made up of Executive and Non - Executive Directors with clearly defined terms of reference.

The Committees in operation during the period under review were:

(a) Finance and Investment Committee(b) Establishment and General Purpose Committee(c) Enterprise and Risk Management Committee

(a) FINANCE AND INVESTMENT COMMITTEE

The Committee was made up of two Executive Directors and two Non- Executive Directors and was charged with budget monitoring and control, formulating and reviewing investment strategies and ensuring financial prudence.

29/11/16

S/N NAME STATUSDATES OF MEETINGS

03/03/16 21/07/16 29/11/16

Non-ExecutiveDirector


Managing Director

Executive Director

1.

2.

3.

4.

Col. Isah Aminu Kontagora (rtd)


Mr. Biyi Otegbeye

Mr. Sammy Olaniyi

---

--- ---

---

Corporate Governance Report (Cont’d)


28/01/16 12/04/16 29/11/16


Mr. Clem Baiye

Mr. Biyi Otegbeye

Mr. Sammy Olaniyi

Non-ExecutiveDirector/ Chairman


Managing Director

Executive Director

1.

2.

3.

4.

---

---

---

---

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10/03/16 13/05/16 17/11/16



Executive Director

1.

2.

3.

4.

---

structure of the Company except for the usual changes as a result of it being traded in the Capital market.

The Company remains 100% owned by individuals and corporate organisations.

5.1 SHAREHOLDERS PROTECTIONThe Company's report and other relevant information are made available to shareholders in plain easy to understand format. The Board is responsible for the protection of the statutory and general rights of the shareholders. The Board therefore ensures that all shareholders irrespective of the volume of their holding are treated fairly and they enjoy equal rights and access to information about the Company.

6. COMPLAINT PROCEDUREThe Company has a robust complaint procedure to resolve promptly and satisfactorily complaints from all stakeholders.

a. Complaints can be lodged by submitting a letter addressed to the Managing Director at the Head Office, No. 2, Ebun Street, Gbagada Express Road, Lagos or at any of the Branch offices.

b. By surface mail addressed and delivered to -The Managing Director, Regency Alliance Insurance Plc.P. O. Box 70333, Victoria Island, Lagos.

c. Through completion of a complaint feedback form on the company's website www.regencyalliance.com

d. Through e-mail - [email protected]. By Telephone 080-53499073 -74

Where the complaint was made orally and the Company considers it appropriate, the Company may ask for same in writing.

It is essential that all complaints be properly dated and contain at the minimum the underlisted:

1. Name of the Complainant2. Address of the Complainant3. Telephone Number (s) of the Complainant4. Clear description of the complaint5. Complainant's e-mail address6. Signature of complainant.

The receipt of the Complaint shall be acknowledged by a senior Officer of the Company within 24 hours of receipt and the Company shall use its best endeavours to resolve the complaint within 10 working days of the receipt. Where however the Complaint is not so resolved, the Company shall inform the relevant Regulator.

3. AUDIT COMMITTEEThe Committee was established in compliance with S. 359 (6) of the Companies and Allied Matters Act, (Cap. C20), Laws of the Federation, 2004. The Audit Committee was made up of six members consisting of three elected Shareholders representatives and three members of the Board

The Committee was set up to fulfill the statutory obligations as set out by the applicable Laws and NAICOM Regulations. The Committee also assists the Board with its audit responsibilities and ensuring the Company's financial integrity through adequate internal control system.

The Committee met five times during the year under review. Members of the Committee and their record of attendance are as stated below:

Mr. Matt Osayaba Aikhionbare, OON

Lady Mary Anegbode-Eromosele (rsgwef 31st March 2016)

Mr. Akin Adelakun

Mr. Kehinde Oyadiran

Executive Director

---

---

4. EXECUTIVE COMMITTEEThe Executive Committee of the Company consists of the Managing Director/Chief Executive Officer and the Executive Directors. The Committee's primary responsibility is the implementation of policies approved by the Board, the implementation of Financial and Strategic policies of the Company with a view to ensuring the Company is profitable. The Committee also assists the Managing Director in the day to day running of the Company.

5. SHARE HOLDING AND LEGAL STRUCTUREThere was no material alteration in the shareholding

S/N NAME STATUS

DATES OF MEETINGS

21/01/16 25/02/16 20/04/16 15/07/16 14/11/16

1. Shareholder/Chairman

2. Shareholder3. Shareholder4. Executive

Director5. Director

Chief Amos Idowu, FCA

Mr. Lateef AdeolaMr. Solomon Akinsanya

Mr. Akin Adelakun

Lady Mary Anegbode-Eromosele(resigned WEF 31/03/16)

--- --- ---

---

The Company maintains a Complaint Register at its head office for the purpose of recording all complaints received, It also files quarterly reports on complaints received with the Nigerian Stock Exchange.

7. STAFF CODE OF CONDUCTThe Company has in place a code of conduct for its employees which state the expected professional behavior of all members of staff from assumption of duties .All members of staff subscribe to the code and are guided in their official dealings by the Code

8. PRICE SENSITIVE INFORMATIONThe Company has in place a policy that prohibits insider trading by members of the Board of Directors, Management staff, Key officers and related persons who in the cause of their duties are privy to price sensitive information.

The Policy also precludes them from passing such price sensitive Information to other persons for the purpose of trading in the Company's shares.

They are also prohibited from disposing, selling, buying or transferring their shares in the Company for specific periods stated in the policy until the information is made public.

9. RETIREMENT OF DIRECTORS BY ROTATIONIn accordance with section 259 of the Companies and Allied Matters Act, (Cap C20), Laws of the Federation 2004, Mr. Clem Baiye retire by rotation, but being eligible offer himself for re-election.

10. COMPANY SECRETARYThe Company Secretary provides the needed support for the Board. The duties of the Company Secretary includes updating Board members regularly with relevant information, planning and organising training for Directors, scheduling and arranging Board meetings as well as ensuring that the proceedings of the meetings are accurately recorded.

The Company Secretary also acts as a link between the Audit Committee and the Board.

In addition to the support provided by the office of the Company Secretary to the Board, the Board reserves the right to seek and obtain advise as it may require from relevant independent external professionals at the company's expense.

11. RELATIONSHIP WITH REGULATORY AUTHORITIESThe Company's activities are regulated primarily by the National Insurance Commission, the Company is however also responsible to the Nigerian Stock Exchange, the Securities and Exchange Commission as well as the Financial Reporting Council and the Corporate Affairs Commission. The Company reports to the Nigerian Financial Intelligence Unit of the Economic and Financial Crimes Commission on matters relating to money laundering and combating the financing of terrorism.

The Company strives to comply with all Laws, Regulations, Guidelines and Directives issued by all Regulatory Authorities. The Company filed all Reports required to be filed by the Regulators and responded to all requests for information as well as cooperated fully with Regulators when visited for inspection and verification

However, in the course of the year, the Company had to pay penalty to regulatory bodies as detailed below for contraventions.

Excess deposit in a Bank - NAICOM N500,000.00 Late submission of 3rd Quarter Report - NAICOM N5,000.00

...................................................... ...........................................................................MRS. ANUOLUWAPO SHOBO AMBASSADOR BABA GANA KINGIBE (CFR)FRC/2013/NBA/00000003654 FRC/2017/IODN/00000016361SECRETARY ACTING CHAIRMAN


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Managements Discussion and Analysis

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This analysis is of the Group's performance as at 31st December 2016 and should be read in conjunction with the consolidated financial statements of the Group as at 31 December 2016.

The financial statements of the Group for the year ended 31st December 2016 comprise the financial statements of the parent company and its subsidiaries.

Business Profile Regency Alliance Insurance Plc. (Regency Alliance) is a company incorporated under the Laws of the Federal Republic of Nigeria and is listed on the Nigerian Stock Exchange. It is licensed by the National Insurance Commission to carry out all forms of Non-Life Insurance business.

Regency Alliance has the following subsidiaries.

Objectives and Strategies

Our objectives and strategies include:1. The provision of innovative and quality service to our esteemed clients and customers.2. The employment and retention of honest, diligent, professionally qualified, well trained and dedicated members

of staff who are adequately remunerated.3. To provide adequate returns to shareholders4. To be a good corporate citizen.

Operating Results (in thousands of Nigerian Naira)

GROUP COMPANY

Dec-16 Dec-15 %Change Dec-16 Dec-15 %Change

Gross premium written 5,017,315 4,301,132 16.65 3,100,740 3,329,094 (6.86)Net premium income 3,526,765 2,819,518 25.08 1,891,161 2,109,422 (10.35)Net Claim Expenses 911,681 729,751 24.93 344,725 427,366 (19.34)Underwriting profit 2,001,592 1,538,349 30.11 1,118,642 1,229,247 (9.00)Investment income & Other Income 560,175 364,023 53.88 342,935 214,039 60.22 Operating expenses 1,815,584 1,291,780 40.55 838,064 821,864 1.97 Profit before tax 761,701 569,249 33.81 532,928 494,697 7.73 Profit after tax 611,199 373,112 63.81 470,594 333,331 41.18

The Group's increased its gross premium written while the Company experience slight reduction in gross premium written when compare to prior year's result, the Group's net claim increase by 24.93% while the Company's reduced by 19.34%. Profit after tax of the group increase by 63.81% While the Company increase by 41.18% .Investment and other income increase by53.88% and 60.22% for the Group and Company respectively a reflection of the Group's strategic direction which leveraged on investment income as a key revenue source due to the challenging investment environment witnessed during the year.

Moving ForwardThe company intends to expand its operation base while the subsidiaries are being repositioned to increase their contribution to the Group. RIC Properties & Investment Ltd is being recapitalized to expand into the property market. Members of staff will continuously undergo internal and external training to keep them abreast of the changing environment and make them add value to the group.

Name of Subsidiary Line of Business

Regency Nem Insurance Limited (Ghana)

RIC Properties and Investment Limited

RIC Microfinance Bank

RIC Technologies Limited

Non-Life Insurance business (Subsidiary)

Financing Leasing(Subsidiary)

Microfinance banking (Subsidiary)

Sale and Installation of vehicle trackers (Subsidiary)

In compliance with the provisions of Section 359 (6) of the Companies and Allied Matters Act (Cap C20) Laws of the Federation, 2004, the members of the Audit Committee of Regency Alliance Plc. hereby report on the financial statements for the year ended 31st December 2016 as follows:

a) We have reviewed the scope and planning of the audit for the year ended 31st December, 2016 and confirm that they were adequate.

b) The company's reporting and accounting policies as well as the internal control systems conform to legal requirements and agreed ethical practices.

c) We are satisfied with the management's responses to the External Auditors' findings on management matters for the year ended 31st December, 2016.

…………………………………………………..Chief Atoyebi Idowu FCA

FRC/2013/ICAN/00000003656CHAIRMAN OF THE AUDIT COMMITTEE

14th March, 2017

MEMBERS OF THE AUDIT COMMITTEE

Chief Atoyebi Idowu, FCA Shareholder's Representative (Chairman)

Mr. Lateef Adeola Shareholder's Representative (Member)

Mr. Solomon Sunday Akinsanya Shareholder's Representative (Member)

Mr. Akin Adelakun Executive Director (Member)

Lady Mary Anegbode Eromosele Non-Executive Director (Member)(Resigned with effect from 31st March 2016)


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Report of the Audit Committee

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Report of the Independent Auditor

30 83


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Report of the Independent Auditor (Cont’d)

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Report of the Independent Auditor (Cont’d)

1.0 GENERAL INFORMATION

1.1 Reporting EntityThe company was incorporated in Nigeria under the Companies and Allied Matters Decree 1990 as Regency Insurance Company Limited on the 16th day of June 1993, and was licensed by the National Insurance Commission (NAICOM) to underwrite all classes of Non-Life insurance business. On the 11th day of March 2005, the company obtained license to underwrite Life Insurance business in addition to the Non-Life Insurance business thereby becoming a composite insurance company. However, after a successful merger with three other companies in 2007, the company's name was changed to Regency Alliance Insurance Plc.

The company, which is listed on the Nigerian Stock Exchange, was registered and now licensed to underwrite all classes of Non-Life Insurance business risk associated with accident, fire, marine and oil and gas among others. The registered address of the company is at 2, Ebun Street, Gbagada Lagos, Nigeria.

1.2 Going ConcernThe financial statements of Regency Alliance Insurance Plc and it's subsidiaries have been prepared on a going concern basis. The directors of the company have a reasonable expectation that the group and the company have adequate resources to continue in operational existence for the foreseeable future. The annual financial statement of the group for the year ended 31 December 2016 comprises the parent company and its subsidiaries.

1.3 Principal ActivitiesRegency Alliance Insurance Plc. and its subsidiaries (the Group) are engaged in various business lines ranging from general accident insurance, oil/gas insurance, property leasing and investment and banking business.

The underwriting strategy adopted by the group attempts to ensure that the underwritten risks are well diversified in terms of type, amount of risk and industry.

The Company's principal activity continues to include risk management and claims advisory services to corporate and retail customers in Nigeria. The company's insurance claims received prompt and effective services to all numerous clients and the company takes all reasonable steps to ensure that it has appropriate information

regarding its claims exposures. The investment portfolio of the company ranges from financial instruments, investment in unquoted shares and subsidiaries.

1.3 AuthorisationFor IssueThe consolidated financial statements, including the assets and liabilities of the Company and its Subsidiaries, and were approved for issue by the Board on 21st March 2017.

2.0. BASIS OF PREPARATION

2.1 STATEMENT OF COMPLIANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS

The consolidated and separate financial statements of the group have been prepared in accordance with and comply with International Financial Reporting Standards (IFRSs), as issued by the International Accounting Standards Board (IASB) and adopted by the Financial Reporting Council of Nigeria.

Statement of complianceThe consolidated and separate financial statement of the group comply with, International Financial Reporting Standards (IFRS), Companies and Allied Matters Act CAP C20 LFN 2004, Financial Reporting Council Act 2011, Investment and Securities Act 2007, Insurance Act 2003 of Nigeria, relevant National Insurance Commission (NAICOM) guidelines and circulars, the Banking's and Other Financial Institutions Act of Nigeria, and relevant Central Bank of Nigeria circulars to the extent that these laws are not in conflict with the requirement of IFRS.

2.2 Basis of MeasurementThese financial statements have been prepared on the historical cost basic except for the following:

�Derivative financial instruments which are measured at fair value

�Non-derivative financial instruments, carried at fair value through profit or loss, are measured at fair value

�Available-for-sale financial assets are measured at fair value through equity. However, when the fair value of the Available-for-Sale financial assets cannot be measured reliably, they are measured at cost less impairment.

�"Liabilities for cash-settled shared-based payment arrangements are measured at fair value.


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Statement of Significant Accounting Policies

�The liability for defined benefit obligation is recognised as the present value of the defined obligation less the fair value of the plan assets.

�The plan assets for defined benefit obligations are measured at fair value

�Assets and Liabilities held for trading are measured at fair value

�Assets and Liabilities held to maturity are measured at amortised cost

�Loans and Receivables are measured at amortised cost.

2.3 Judgment, Estimates and AssumptionsThe preparation of financial statements requires directors to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances.

The results of which forms the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if their revision affects only that period or if there revision affects both current and future periods.

2.3.1 Critical Accounting Judgments and EstimatesCritical accounting estimates are those which involve the most complex or subjective judgments or assessments, and relate to general insurance reserves, the determination of fair value for financial assets and liabilities, impairment charges, the determination of fair values of assets and liabilities attributable to business combinations, deferred policy acquisition costs and deferred taxes.

In each case, the determination of these items requires management to make informed judgments based on information and financial data that may change in future periods. Because of the uncertainties involved in such judgments, actual outcomes and results may differ from assumptions and estimates made by management.

a) Fair value of financial assets and liabilities All financial assets and liabilities are recorded initially at fair value. Subsequently, available-for-sale financial assets, financial assets and liabilities at fair value through profit or loss are carried at fair value, as of the reporting date. All other financial instruments are carried at amortized cost, with their fair values disclosed.

b) Fair value of unquoted equity financial instrumentsThe fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. In these cases the fair values are estimated from observable data using valuation models. The models used to determine fair values are validated and periodically reviewed by quailed personnel independent of those that sourced them. All models are certified before they are used, and models are calibrated to ensure that outputs reflect actual data and comparative market prices. Changes in assumptions about these factors could affect the reported air value of the relevant securities.

c) Fair value of HTM investment securitiesFinancial instrument designated as held-to-maturity are carried by the group at amortized cost. The quoted prices for the determination of the fair of such instruments are readily available for quoted instruments. Valuation techniques are used for unquoted instruments by using discounted cash flow valuation techniques. In the latter cases, the fair values are estimated from observable data in respect of similar financial instruments.

d) Liabilities arising from Insurance Contracts

i) Claims arising from non-life insurance contracts

Liabilities for unpaid claims are estimated on a case by case basis. The liabilities recognized for claims fluctuate based on the nature and severity of the claim reported. Claims incurred but not reported (IBNR) are determined using statistical analyses which arise from the claims development tables in respect of not less than five (5) years' experience. The Group deems liabilities reported as being adequate since such liabilities have been subjected to the liability adequacy test.

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Statement of Significant Accounting Policies (Cont’d)

ii) Unexpired risk and unearned premiumIn determining unearned premium, the policy is taken to be evenly spread across the period of cover for all policies except engineering policies where policies are skewed towards the later policy coverage period.

e) Impairment of Trade ReceivablesIn accordance with the accounting policies on financial assets, the Group tests annually whether trade receivable has suffered any impairment. In respect of premium receivables, the group makes allowances for amounts not collected as at time of preparing its financials. The carrying amount of loans and receivables is reduced through an impairment allowance determined using an analytical method based on knowledge of each loan group or receivable.

f) Deferred Acquisition CostsDeferred acquisition costs (DAC) generally consist of commissions, underwriting expenses and policy issuance costs. The amount of acquisition costs to be deferred is dependent on judgments as to which issuance costs are directly related to and vary with the acquisition.

The related asset is amortized over the premium earning pattern for non-life.

Those direct and indirect costs incurred during the financial year arising from the writing or renewing of insurance contracts and all other acquisition costs are recognized as an expense when incurred.

DAC for general insurance are amortized over the period in which the related revenues are earned. The reinsurers' share of deferred acquisition costs is amortized in the same manner as the underlying asset amortization is recorded in the statement of comprehensive income.

Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period and are treated as a change in an accounting estimate IAS 8.

An impairment review is performed at each reporting date or more frequently when an indication of impairment arises. When the recoverable amount is less than the carrying

value, an impairment loss is recognized in the statement of comprehensive income. DAC are also considered in the liability adequacy test for each reporting period.

DAC are derecognized when the related contracts are either settled or disposed off.

g) Deferred taxesDeferred income tax liabilities are recorded for temporary differences, which are based on the difference between financial statement carrying amounts and income tax bases of assets using enacted income tax rates and laws.

The utilization of deferred tax assets arising from temporary differences depends on the generation of sufficient taxable profits in the period in which the underlying asset or liability is recovered or settled.

3.0 Significant Accounting PoliciesSignificant accounting policies are defined as those that are reflective of significant judgments and uncertainties, and potentially give rise to different results under different assumptions and conditions.

The accounting policies set out below have been consistently applied to all periods presented in these financial statements.

These policies have been consistently applied to all years presented unless otherwise stated.

3.1.1 Basis Of Consolidation

3.1.1 Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquire and the equity interests issued by the Group. The consideration transferred


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includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non- controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interests proportionate share of the recognised amounts of acquiree's identifiable net assets. Acquisition-related costs are expensed as incurred.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss.

Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IAS 39 either in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity.

Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group's accounting policies.

3.1.2 Changes in ownership interests in subsidiaries without change of control

Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions - that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or Losses on disposals to non-controlling interests are also recorded in equity.

When the group ceases to have control any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for

the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.

3.2. Foreign Currency Translation(a) Functional and Presentation currency

The individual financial statements of each entity in the Group are presented in the currency of the pr imary economic environment in which the entity operates, "its functional currency". The consolidated financial statements are presented in Nigerian Naira, which are the company's functional currency and the group's presentation currency. Except where otherwise stated, consolidated financial statements are presented in thousands of Naira (NGN) which is the Groups presentation currency.

(b) Foreign Currency

In preparing the financial statements of the entity, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:

�exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;

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� exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note below for hedging accounting policies); and

�exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.

3.3 Cash and Cash EquivalentsCash and cash equivalents comprise cash in hand, demand deposits with banks and other short-term highly liquid investments that are readily convertible into cash and are subject to an insignificant risk of change in fair value. The deposits have original maturities of three months or less from the acquisition date.

3.4 FINANCIAL ASSETSThe Group classifies its financial assets into the following categories: at fair value through profit and loss, loans and receivables, held to maturity and available for sale. The classification is determined by management at initial recognition and depends on the purpose for which the investments were acquired.

3.4.1 Classification (a) Financial assets at fair value through profit and

loss are classified as follows: i) Investment securities held for trading; and ii) Those designated at fair value through

profit and loss at inception.

A financial asset is classified into the "financial assets at fair value through profit and loss? category at inception if acquired principally for the purpose of selling in the short term, if it forms part of a portfolio of financial assets in which there is evidence of short-term profit-taking, or if so designated by management.

Financial assets designated as at fair value through profit or loss at inception are those that are held in internal funds to match insurance and investment contracts liabilities that are linked to the changes in fair value of these assets. The designation of these assets to be at fair value through profit and loss

eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as "an accounting mismatch) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases; and whose performance is evaluated and managed on a fair value basis.

(b) Available for sale Available-for-sale investments are financial assets that are intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates, exchange rates or equity prices or that are not classified as loans and receivables, held-to-maturity investments or financial assets at fair value through profit and loss.

(c) Held-to-maturity investment securities Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Group's management has the positive intention and ability to hold to maturity, other than: i) Those that the Group upon initial

recognition designates as at fair value through profit or loss;

ii) Those that the Group designates as available for sale; and

iii) Those that meet the definition of loans and receivables.

Interest on held-to-maturity investments are included in the statement of profit or loss and are reported as "Investment income. In the case of impairment, it is been reported as a deduction from the carrying value of the investment and recognised in the income statement as "impairment charge for credit losses within operating expenses. Held-to-matu r i t y i nves tments compr ise o f Government bonds, Treasury bills and other deposit with original maturity day greater than 90 days. These are initially recognised at fair value

(d) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market other than those that the Group intends to sell in the short term or that it has designated as at fair value through profit and loss or available for sale. Receivables arising from


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insurance contracts are also classified in this category and are reviewed for impairment as part of the impairment review of loans and receivables. Those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration.

Loans and receivables are initially recognised at fair value - which is the cash consideration to originate or purchase the loan including any t ransact ion costs - and measured subsequently at amortised cost using the effective interest rate method. Loans and receivables are reported in the statement of financial position as loans and advances to customers or as investment securities. Interest on loans is included in the income statement and is reported as "Interest income". In the case of impairment, the impairment loss is reported as a deduction from the carrying value of the loan and recognised in the income statement as "impairment charge for credit losses? within operating expenses.

Loan granted to staff at below market rate are fair valued by reference to expected future cashflows and current market interest rates for instruments in a comparable or similar risk class and the different between the historical cost and fair value is accounted for as employee benefits under staff costs where these are considered material.

Receivables arising out of Insurance arrangements are also classified in this category and reviewed for impairment in line with IAS 39. Receivables in the financial statement are disclosed as trade receivables, re insurance rece ivab les and other receivables.

Trade receivables Trade, reinsurance and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial recognition these are measured at amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect of discounting is immaterial.

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

counterparty will default. Trade receivables arising from insurance contracts are stated after deducting allowance made for specific debts considered doubtful of recovery. Impairment of trade receivables are presented within other operating expenses.

Trade and Other receivables amounts are short-term. The net carrying value of trade receivables is considered a reasonable approximation of fair value. Trade receivables are reviewed at every reporting period for impairment.

3.4.2 Recognition and measurement Financial assets are initially recognised at fair value plus, in the case of all financial assets not carried at fair value through profit and loss, transaction costs that are directly attributable to their acquisition. Financial assets carried at fair value through profit and loss are initially recognised at fair value, and transaction costs are expensed in the statement of comprehensive income. Financial assets are derecognised when the rights to receive cash flows from them have expired or where they have been transferred and the Group has also transferred substantially all risks and rewards of ownership.

Available-for-sale financial assets and financial assets at fair value through profit and loss are subsequently carried at fair value. Loans and receivables and held-to-maturity financial assets are carried at amortised cost using the effective interest method.

Gains and losses arising from changes in the fair value of the "financial assets at fair value through profit and loss? category are included in the income statement in the period in which they arise. Dividend income from financial assets at fair value through profit and loss is recognised in the statement of comprehensive income as part of Investment income when the Group's right to receive payments is established.

Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income.

When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as net realised gains on financial assets within Investment income.

Interest on available-for-sale securities calculated using the effective interest method is recognised in

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the income statement. Dividends on available-for-sale equity instruments are recognised in the income statement when the Group's right to receive payments is established. Both are included in the investment income line.

3.4.3 Determination of fair value For financial instruments traded in active markets, the determination of fair values of financial assets and financial liabilities is based on quoted market prices or dealer price quotations. This includes listed equity securities and quoted debt instruments on major exchanges. The quoted market price used for financial assets held by the Group is the current bid price.

A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry, company, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. If the above criteria are not met, the market is regarded as being inactive. Indications that a market is inactive are when there is a wide bid - offer spread or significant increase in the bid - offer spread or there are few recent transactions.

For all other financial instruments, fair value is determined using valuation techniques. In these techniques, fair values are estimated from observable data in respect of similar financial instruments, using models to estimate the present value of expected future cash flows or other valuation techniques, using inputs (for example, NIBOR, MPR etc.) existing at the dates of the statement of financial position.

The Group uses widely recognised money market rates in determining fair values of non-standardised financial instruments of lower complexity like placements, and treasury bills. These financial instruments models are generally market observable. The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values.

The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. In cases where the fair value of unlisted equity instruments cannot be determined reliably, the instruments are carried at cost less any impairment. The fair value for loans

and receivables as well as liabilities to banks and customers are determined using a present value model on the basis of contractually agreed cash flows, taking into account credit quality, liquidity and costs. The fair values of contingent liabilities and irrevocable loan commitments correspond to their carrying amounts.

3.4.4 De-recognition of financial instruments The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

3.4.5 Reclassification of financial assets Financial assets other than loans and receivables are permitted to be reclassified out of the held-for-trading category only in rare circumstances arising from a single event that is unusual and highly unlikely to recur in the near-term. In addition, the Group may choose to reclassify financial assets that would meet the definition of loans and receivables out of the held-for-trading or available-for-sale categories if the Group has the intention and ability to hold these financial assets for the foreseeable future or until maturity at the date of reclassification.

Reclassifications are made at fair value as of the reclassification date. Fair value becomes the new cost or amortised cost as applicable, and no reversals of fair value gains or losses recorded before reclassification date are subsequently made. Effective interest rates for financial assets reclassified to loans and receivables and held-to-maturity categories are determined at the reclassification date. Further increases in estimates of cash flows adjust effective interest rates prospectively.

3.4.6 Impairment of Financial AssetsThe group assesses as each reporting date whether there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence of impairment exists if one or more loss events occurred after the initial


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recognition of the asset which impacts the estimated future cash flows such as:

�Significant financial difficulty of the issuer or debtor;

�A breach of contract, such as a default or delinquency in payments;

�It becomes probable that the issuer or debtor will enter bankruptcy or other financial reorganization;

�The disappearance of an active market for that financial asset because of financial difficulties; or

�Observable data indicating a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in that group.

In addition, for an available-for-sale financial asset, a significant or prolonged decline in the fair value of below its cost is also considered objective evidence of impairment. While the determination of what is significant or prolonged is a matter of judgments. In respect of equity securities that are quoted, the group is guided by the following:

�a decline in excess of 20% is generally regarded as significant; and

�a decline in quoted price that persists for nine months is considered to be prolonged.

The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

3.4.6a Financial Assets Carried At Amortised CostFor financial assets measured at amortized cost, the company first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant and individually or collectively for financial assets that are not individually significant. Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share s imi lar credi t r isk characteristics. An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying value and the present value of the estimated

future cash flows discounted at the original effective interest rate. Objective evidence of impairment exists if it is probable that the group will not be able to collect principal and/or interest due according to the contractual terms of the instrument Impairment is the product of the loss given default rate and the gross value of each trade receivables.

3.4.6b Available-for-sale Financial AssetsWhen there is objective evidence that an available-for-sale financial asset is impaired, the cumulative loss that had been recognized directly in OCI is recognized in income as an impairment loss. The impairment loss is the difference between the acquisition cost and the current fair value, less any impairment loss on that security previously recognized in income.

If the fair value of a security increases in a subsequent period, and the increase can be objectively related to an event occurring after the impairment loss was recognized in income, the impairment loss is reversed through income, up to the amount of the previously recognized impairment loss, as adjusted for any amortization already recognized in income. Any further gains are recognized directly in OCI. Any subsequent losses, to the extent that they do not represent further impairment losses, are also recognized in OCI.

Objective evidence of impairment exists for an available-for-sale equity security when its fair value is below the weighted-average cost by a significant amount.

Impairment thresholds are determined quarterly on the basis of the underlying price volatility of securities within the equity market in which the group invests which is basically the Nigerian Stock Exchange. Additionally, the group considers an equity security to be impaired when its fair value has been below the weighted-average cost for a prolonged period of 24 consecutive months or longer.

3.4.7 Trade ReceivableTrade receivables on insurance contract include amount due from agents, brokers, and co-insurance and insurance contract holders.

The company adopts the 'No Premium, No Cover' policy in respect of Insurance Contract. Insurance covers are only granted on receipt of full premium in advance or full premium notification (credit note) from a licensed Insurance Broker. Full

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premium notification (credit note) shall subsist for a period of 30days.

Any premium not received, in respect of premium notification, after 30days is fully impaired and the cover cancelled. Hence no impairment was recognized.

3.4.8 Offsetting Financial Assets and Financial LiabilitiesFinancial assets and financial liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or to settle the asset and settle the liability simultaneously.

3.5 Reinsurance contracts Contracts entered into with reinsurers under which the Group is compensated for losses on one or more long-term policy contracts issued by the Group and that meet the classification requirements for insurance contracts are classified as long-term reinsurance contracts. The expected claims and benefits to which the Group is entitled under these contracts are recognised as assets where material.

If there is objective evidence that the reinsurance asset is impaired, the carrying amount is reduced to a recoverable amount, and the impairment loss is recognised in the statement of comprehensive income.

3.5.1 Reinsurance asset Reinsurance assets consist of short - term balances due from reinsurers, as well as longer term receivables that are dependent on the expected claims and benefits arising under the related reinsured insurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured insurance contracts and with the terms of each reinsurance contract.

The reinsurance asset is reviewed quarterly for impairment. Where there are objective evidence that the insurance asset is impaired, the Group reduces the carrying amount of the insurance asset to its recoverable amount and recognises that impairment loss in the statement of comprehensive income. Evidence that the reinsurance asset is impaired is gathered where the reinsurance Group has refused payment of any balance.

3.5.2 Reinsurance liabilities Liabilities are valued gross before taking into account reinsurance. Reinsurance liabilities are primarily premiums payable for reinsurance contracts and are recognised as an expense when due.

3.6 Deferred acquisition costs (DAC) Acquisition costs comprise all direct and indirect costs arising from the writing of insurance contracts (life and non-life contracts). Deferred acquisition costs represent a proportion of commission which are incurred during a financial year and are deferred to the extent that they are recoverable out of future revenue margins. It is calculated by applying to the acquisition expenses the ratio of unearned premium to written premium.

Commissions and other acquisition costs that vary with and are related to securing new contracts and renewing existing contracts are capitalised as an intangible asset. All other costs are recognised as expenses when incurred. The DAC is subsequently amortised over the life of the contracts as follows:

For short-duration life insurance contracts, deferred acquisition cost is amortised over the terms of the policies as premium is earned.

For long-term insurance contracts with fixed and guaranteed terms , deferred acquisition cost is amortised in line with premium revenue using assumptions consistent with those used in calculating future policy benefit liabilities; and

For long-term insurance contracts without fixed terms and investment contracts, deferred acquisition cost is amortised over the expected total life of the contract Group as a constant percentage of estimated gross profit margins (including investment income) arising from these contracts. The resulting change to the carrying value of the DAC is charged to statement of comprehensive income.

3.7 Other Receivables and PrepaymentsOther receivable and prepayment are stated after deductions of amount considered impairment losses. These are loans and receivables other than investment securities, insurance trade receivables and reinsurance assets. When a debt is deemed not collectable, it is written off against the related impairment or directly to profit or loss account to the extent not previously provided for.


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Any subsequent recovery of written -off impairment is credited to profit or loss.

Prepayments represent prepaid expenses and are carried at cost less amortisation expenses in profit or loss.

3.8 InventoryInventories are stock of tracker devices used to track down vehicles that are held for sale in the ordinary course of business of the group. They are initially recognized at cost. The cost comprises of actual purchase price and cost of freight.

The group uses First in First Out (FIFO) method for valuation purpose.

3.8.1 MeasurementIn line with IAS 2, the group has elected to measure inventories at the lower of cost and net realizable value.

3.9 Intangible Assets

3.9.1 GoodwillGoodwill arises on the acquisition of a subsidiary company or the acquisition of a business. It represents the excess of the cost of an acquisition over the Group's share of the fair value of the identifiable net assets of the subsidiary or business at the date of acquisition. Goodwill is not amortised. The gain or loss on the disposal of a subsidiary or business includes the carrying amount of goodwill attribute to the entity or business sold.

Goodwill is not recognised when an interest in an existing subsidiary is increased. The difference between the cost of the acquisition and the minority interest acquired is accounted for directly in equity. When an interest in an existing subsidiary is decreased without a loss of control, the difference between the proceeds received and the share of the net assets disposed of, including an appropriate portion of the related goodwill is accounted for directly in equity.

For impairment purposes, the carrying amount of goodwill is allocated to cash generating units (CGU), reviewed annually for impairment and written down where this is considered necessary. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense in the statement of comprehensive income and is not subsequently reversed.

Goodwill in respect of associates and joint ventures is included in the carrying amount of investments in associates and joint ventures. For impairment purposes each investment is tested for impairment individually and goodwill is not tested separately from the investment in associates and joint ventures, nor is any impairment allocated to any underlying assets.

3.9.2 Purchased and Developed Computer SoftwareThe Group recognises computer software acquired as intangible asset.

Software acquired by the Group is stated at cost less accumulated amortisation and accumulated impairment losses. Acquired intangible assets are recognised at cost on acquisition date and are to be amortised for the period of five years. Subsequent to initial recognition, these assets are carried at cost less accumulated amortization and impairment losses in value, where appropriate.

Subsequent expenditure on software assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred.

Amortisation is recognised in the statement of comprehensive income on a straight line b a s i s over the estimated useful life of the software, from the date that it is available for use since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Cost of Computer software recognized as assets are amortized over their estimated useful lives not exceeding 5 years. Amortisation methods and useful lives are reviewed at each financial year-end and adjusted if appropriate.

Intangible assets are derecognised at disposal date or at the date when it is permanently withdrawn from use without the ability to be disposed of. The differences between the carrying amounts at the date of de-recognition and any disposal proceeds, as applicable, is recognised in the statement of comprehensive income.

Expenditure on internally developed software is recognised as an asset when the Group is able to demonstrate its intention and ability to complete the development and use the software in a manner that will generate future economic benefits and can reliably measure the costs to complete the development. The capitalised cost

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of internally developed software include all cost directly attributable to developing the software and capitalised borrowing costs, and are amortised over its useful life. Internally developed software is stated at capitalised cost less accumulated amortisation and impairment.

However, the Group does not have internally developed software at the date of reporting.

3.9.3 Trademarks and licensesNo value is attributed to internally developed trademarks, patents and similar rights. Costs incurred on in renew its operating licenses annually with both NICOM and CBN are recognized in profit or loss as incurred. Expenditure on the development and marketing of the Group's brands is also recognized in profit or loss as incurred.

3.10 Property, Plant and Equipment

Recognition and measurementOwn use property is defined as property plant and equipment held by the group for use in the supply of services or for administrative purposes. Land and buildings comprise mainly outlets and offices occupied by the Group.

All other Property, Plant and equipment, are initially recognized at cost and subsequently measured or carried at cost less accumulated depreciation and any accumulated impairment loss.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Maintenance and repair costs are charged to statement of profit or loss as incurred.

Property and equipment are derecognised at disposal date or at the date when it is permanently withdrawn from use without the ability to be disposed of. The differences between the carrying amounts at the date of de-recognition and any disposal proceeds, as applicable, is recognised in 'other income' in the statement of profit or loss.

If the expected residual value is equal to or greater than the carrying value, no depreciation is provided for. The residual values, estimated useful lives of the assets and depreciation methods are reviewed at each statement of

financial position date and adjusted as appropriate.

Depreciation: Depreciation is recognized so as to write off the cost or valuation of assets (other than freehold land) less their residual values over their useful lives. These assets are depreciated usually on a straight-line basis to statement of profit or loss over the following estimated useful lives:�Motor vehicles - 4 years�Furniture and fixtures - 5 years�Office equipment - 5 years �Plant and machinery - 5 years�Library Books - 5 years�Building - 20-50 years�Leasehold Land - Over the lease period

Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying value of the asset exceeds its expected recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value-in-use. Assets are grouped on cash generating unit (CGU) level if the recoverable amount cannot be separately determined.

De-recognitionAn item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.

3.11 Assets Held For SaleNon-current assets held for sale and discontinued operations

Non-current assets (and disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell.

Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present


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condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification.

Impairment losses on initial classification as held for sale and subsequent gains or losses on measurement are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment los

In the statement of comprehensive income of the reporting period, and of the comparable period, income and expenses from discontinued operations are reported separately from income and expenses from continuing operations, down to the level of profit after taxes. In the statement of financial position, non-current assets held for sale are usually separately identified.

Property, plant and equipment and intangible assets once classified as held for sale are not depreciated or amortized. However, the decision to sell and actual sales take place within the year.

3.12. Investment properties Investment property comprises investment in land or buildings held primarily to earn rentals or capital appreciation or both (Including property under construction for such purposes).

Investment property is initially recognized at cost including transaction costs. The carrying amount includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met; and excludes cost of day to day servicing of an investment property.

The Group adopts Cost Model for subsequent measurement of its investment property.

Investment properties are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying value of the asset exceeds its expected recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value-in-use. Investment Properties are grouped on cash generating unit (CGU) level if the recoverable amount cannot be separately determined.

Subsequent expenditure on investment property is capitalized only if future economic benefit will

flow to the Company; otherwise they are expensed as incurred.

Upon the disposal of such investment property any gains or losses are recognised in the statement of profit or loss.

3.13 LeaseLeases are accounted for in accordance with IAS 17 and IFRIC 4. They are divided into finance and operation lease. The determination of whether an arrangement is a lease contains a lease, is based on the substance of the arrangement at the inception date and requires an assessment of whether the fulfillment of the arrangement is dependent on the uses of a specific asset or assets and the arrangement conveys a right to use the asset, even if that right is not explicitly specified in an arrangement.

(i) Operating leaseLeases in which a significant portion of the risks and rewards of ownership are retained by another party, the lessor, are classified as operating leases. Payments, including prepayments, made under operating leases(net of any incentives received from the lessor)are charged to the income statement on a straight-line basis over the period of the lease. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognized as an expense in the period in which termination takes place.

(ii) Finance leaseLeases of assets where the company has substantially all the risks and rewards of ownership are classified as finance leases

Finance leases are capitalized at the lease's commencement at the lower of the fair value of the leased property and the present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges, are included in deposits from bank so deposits from customers depending on the counter party. The interest element of the finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

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(b) The Group is the lessor(i) Operating lease

When assets are subject to an operating lease, the assets continue to be recognised as property and equipment based on the nature of the asset. Lease income is recognized on a straight line basis.

(ii) Finance leaseWhen assets are held subject to a finance lease, the related asset is derecognized and the present value of the lease payments (discounted at the interest rate implicit in the lease)is recognized as a receivable. The difference between the gross receivable and the present value of the receivable is recognized as unearned finance income. Lease income is recognized over the term of the lease using the net investment method (before tax), which reflects constant periodic rate of return.

The subsidiary Ric Properties and Investment engaged in finance lease.

3.14 Impairment of Other Non-Financial AssetsAssets that have an indefinite useful life-for example, land are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).

3.15 Statutory Deposit

3.15.1 Statutory Deposit (Insurance)These deposits represent bank balances required by the insurance regulators of the Group to be placed with relevant central banks of the Group's operating jurisdictions. The deposits are not available for day to day use and are stated at amortised cost.

3.15.2 Statutory Reserves (Microfinance Bank)Central bank of Nigeria requires all Microfinance Banks to make an annual appropriation to a statutory reserve. As stipulated in Section18.1.7

of the revised regulatory and supervisory guidelines for Microfinance banks in Nigeria- An appropriation of 50% of profit after tax is

made if the statutory reserve is less than the paid-up share capital,

- 25%of profit after taxi the reserve is 50% or more and greater than the paid-up share capital.

3.15.3 Statutory Credit Reserve.In compliance with the Prudential Guidelines for l icensed Microf inance Inst i tut ions, the microfinance bank assesses qualifying financial assets using the guidance under the Prudential Guidelines. The guidelines apply objective and subjective criteria towards providing for losses in risk assets. Risk assets are classed with attendants provision as per the table below based on objective criteria.

A more accelerated provision may be done using the subjective criteria. A 1% provision is taken on all risk assets are not specifically provisioned. The results of the application of Prudential Guidelines and the impairment determined for these assets under IAS39 are compared. The IAS39 determined impairment charge is always included in the statement of profit or loss. Where the Prudential Guidelines provision is greater, the difference is appropriated from Retained Earnings and included in a non-distributable reserve "Statutory credit reserve". Where the IAS39 impairment is greater, no appropriation is made and the amount of the IAS39 impairment is recognized in Income Statement.

3.15.4 CollateralThe microfinance bank obtains collateral where appropriate, from customers to manage their credit risk exposure to the customer. The collateral normally takes the form of alien over the customer's assets and gives the company a claim on these assets for both existing and future customer in the event that the customer defaults.

ClassificationProvision

requirement Basis

Performing

1%

Interest / Principal not due

Pass and Watch

5%

Interest / Principal over due by 1 day but less than 30 days

Substandard 20%Interest / Principal over due by 31 days but less than 60days

Doubtful 50%Interest / Principal over due by 61 days but less than 90 days

Lost 100% Interest / Principal days and above

over due by 91


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Collateral received in the form of securities is not recorded on the statement of financial position. Collateral received in the form of cash is recorded on the statement of financial position with a corresponding liability. These items are assigned to deposits received from bank or other counterparties. Any interest payable or receivable arising is recorded as interest expense or interest income respectively.

3.16. NON-Life Insurance Contract Liabilities

a). Technical ReservesThese are there serves computed in compliance with the provision of Section 20, 21, and 22 of the Insurance Act2003. They are:

b). General insurance contractsReserves for unearned premium In compliance with Section 20(1) (a) of Insurance Act 2003, the reserve for unearned premium is calculated on a time apportionment basis in respect of the risks accepted during the year.

c). Reserves for unexpired riskThe provision for unearned premiums represents that part of written premiums, gross of commission payable to intermediaries that is estimated to be earned in subsequent periods. The change in the provision is recorded in the income statement to recognize revenue over the period of the risk.

A provision for additional unexpired risk reserve (AURR) is recognized for an underwriting year where it is envisaged that the estimated cost of claims and expenses would exceed the unearned premium reserve(UPR).

d). Reserves for outstanding claimsThe reserve for outstanding claims is maintained at the total amount of outstanding claims incurred and reported plus claims incurred but not reported ("IBNR") as at the reporting date. The IBNR is based on the liability adequacy test.

Material salvage and other recoveries including reinsurance recoveries are presented as assets.

In many cases delays experienced in the notification and settlement of certain types of general insurance claims result in the

ultimate cost varying from the original assessment. Adjustments to the amounts of claims provisions established in prior years are reflected in the financial statements for the period in which the adjustments are made and disclosed separately, if material.

The liability for Incurred but not Reported (IBNR) claims is calculated at the end of the reporting period, 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 was not discounted for time value of money; and no further provision was made for equalization or catastrophe reserves (as prohibited by IFRS 4).

3.17 Liability Adequacy TestAt the end of each reporting date, a Liability Adequacy Test (LAT) is performed by an Actuary to ensure the adequacy of the contract liabilities net of any related Deferred Acquisition Cost and Reinsurance recoveries. Where a shortfall is identified, an additional provision is made and the company recognizes the deficiency in profit or loss.

3.18 Liabilities and Related Assets under Liability Adequacy TestThe net liability for insurance contracts is tested for adequacy by discounting current estimates of all future contractual cash flows and comparing this amount to the carrying value of the liability net of deferred acquisition costs. Where a shortfall is identified, an additional provision is made and the company recognizes the deficiency in the statement of profit or loss and other comprehensive income for the year.

Incurred but Not Reported (IBNR) claim reserves were determined by projecting Ultimate Claims using Chain Ladder method and then deducting for claims paid to date and outstanding amounts on reported claims. The paid claims development factors are adjusted, where felt necessary due to data limitations and credibility issues. Loss Ratio method is used where use of Chain Ladder method was not appropriate or possible.

Unearned Premium Reserve (UPR), for all policies except Engineering, is determined by apportioning the premium over the duration of policy and calculating UPR based on premium in respect of remaining term of the policy.

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However, for engineering policies, policies at risk amounts are skewed towards the later policy coverage period. Hence UPR determination is based on a different approach which results in higher premium being earned at later stages of the policy.

3.19 BorrowingsBorrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as 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's probable that some or all of the facility will be drawn down, the fees capitalised as a prepayment for liquidity service and amortised over the period of the facility to which it related.

Borrowings are classified as non-current liabilities under where the group has an unconditional right to defer settlement for at least 12 months after the date of the statement of financial position.

3.20 Trade PayablesTrade payables are recorgnised initially at fair value and subsequently measure at amortised cost using effective interest method. The value of a non-interest bearing liability is its discounted repayment amount. If the effect of discounting is immaterial, discounting is omitted.

3.21 Provisions, Contingent Liabilities, Commitments and Financial GuaranteesProvisions, contingent liabilities, commitments and financial guarantees are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is more likely than not 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 such an obligation. Provisions are discounted when the effect of the time value of money is considered material.

Restructuring provisions comprise employee termination costs and costs related to onerous contracts. Restructuring provisions are recognized when the group has a present obligation as a result of a detailed formal plan,

which has been announced to those affected and the amount can be reasonably estimated.

3.22 Other payableOther payable are initially recorgnised at fair value and subsequently measured at armortised cost.

3.23. Employee Benefits

a). Pension obligationThe group operates a defined contributory pension scheme for eligible employees. Employees and the Group contribute 8.5% and 10.5% respectively of the qualifying staff's salary in line with the provision of Pension Reform Act 2014. Under the defined contributory scheme, the group pays fixed contributions to a separate entity - Pension Fund Administrators; employees also pay a fixed percentage to the same entity. Once the contributions have been paid, the company retains no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to finance benefits accruing under the retirement benefit plan.

The company's obligations are recognized in the profit or loss as employee benefit expenses when they are due.

b). Short-term benefitsShort-term employee benefit obligations include wages, salaries and other benefits which the Company has a present obligation to pay, as a result of employees' services provided up to the reporting sheet date. The accrual is calculated on an undiscounted basis, using current salary rates. A provision is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

c). Termination BenefitsTermination benefits are payable whenever an employee's employment is terminated before the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognizes termination benefits when it is demonstrably committed either to terminate the employment of


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current employees according to a detailed formal plan without possibi l i ty of withdrawal, or to provide termination benefits as a result of an offer made to encourage voluntarily redundancy if it is probable that the offer will be accepted and the number of acceptances can be estimated. Benefits falling due more than 12 months after balance sheet date are discounted to present value.

3.24 Current and Deferred Income TaxThe group provides current tax expense according to the tax laws of each jurisdiction in which it operates. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

Deferred income taxes are recognized using the asset and liability method. Deferred income taxes are recorded for temporary differences, which are based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Losses for tax purposes are treated as deferred tax assets to the extent it is probable that they can be utilized against future taxable income in the respective jurisdictions.

Current and deferred tax assets and liabilities are offset when the income taxes are levied by the same taxation authority and when there is a legally enforceable right to offset them.

Taxes payable by either the parent company or its subsidiaries on expected distributions to the parent company of the profits of subsidiaries are not recognized as deferred income taxes unless a distribution of those profits is intended in the foreseeable future.

3.24.1 Minimum TaxWhere the group has no taxable profit or liability arising from its tax assessment for the year, a minimum tax assessment shall be mandatory in line with the provision of the Company Income Tax Act (as amended)

3.25 Equity

Share CapitalOrdinary shares are classified as equity. The company classifies ordinary shares and share premium as equity when there is no obligation to

transfer cash or other assets. Incremental costs directly attributable to issue of shares are recognized as deductions from equity net of any tax effects.

Dividend on ordinary sharesDividends on the company's ordinary shares are recognised in equity in the period in which they are paid or, if earlier, approved by the company's shareholders.

Earnings per shareBasic earnings per share is calculated by dividing net income

Available to ordinary shareholders by the weighted average number of ordinary shares in issue during the year, excluding the weighted average number of ordinary shares purchased by the Group and held as Treasury shares.

Earnings per share has also been calculated on the adjusted operating profit before impairment of goodwill and other adjusting items ,after tax, attributable to ordinary shareholders, as the directors believe this figure provides a better indication of operating performance.

For the diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares, such as convertible debt and share options granted to employees. Potential or contingent share issuances are treated as dilutive when their conversion to shares would decrease net earnings per share.

3.26 Retained Earnings Retained earnings are the amount of retained profit not apportioned to any specified reserve and which is available for distribution to shareholders. Retained earnings are carried at book value. This account accumulates net profits or losses from operations.

3.27 Fair Value and Other ReservesFair value reserve represents unrealized gains/losses resulted from the valuation of available-for-sale and held for trading financial assets based on current market prices and other reserves represent foreign exchange difference resulted from translation of foreign subsidiary operation at year end.

3.28 Contingency ReserveThe company maintains contingency reserves in accordance with the provisions of the Section 21(2) of Insurance Act 2003 to cover fluctuations

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in securities and variations in statistical estimates at the rate equal to the higher of 3% of total premium or 20% of the net profit after until the reserve reaches the greater of minimum paid up capital or 50% of net premium for general business.

3.29 Insurance Contracts The Group enters into insurance contracts as its primary business activities. Insurance contracts are those that the Group accepts significant insurance risk from another party (the policy holder) by agreeing to compensate the policy holder or other beneficiary, if a specified uncertain future event (the insured event) adversely affects the policy holder or the other beneficiary. The Group issues contracts that transfer insurance risk or financial risk or both. Insurance contracts are those contracts that transfer significant insurance risk.

3.30 Revenue Recognition Revenue comprises the fair value for services, net of value-added tax. Revenue is recognised as follows

Non-life insurance contracts

a) Premium Gross premium comprise the premium on insurance contracts entered into during the year, irrespective of whether they relate in whole or in part to a later accounting period.

Premium on reinsurance inward are included in gross written premium and accounted for as if the reinsurance was considered direct business, taking into account the product classification of the reinsured business.

Outward reinsurance premium are accounted for in the same accounting period as the premium for the related direct insurance or reinsurance business assumed.

The earned portion of premium received is recognized as revenue. Premiums are earned from the date of attachment of risk, over the indemnity period, based on the pattern of risk underwritten. Outward reinsurance premiums are recognized as an expense in accordance with the pattern of indemnity received.

b) Unearned premiumUnearned premium are those proportions of premium written in the year that relate to

periods of risks after the reporting date. It is computed separately for each insurance contract using a time proportionate basis, or another suitable basis for uneven risk contracts. Provision for unexpired risk is made for unexpired risks arising where the expected value of claims and expenses attributable to the unexpired period of policies in force at the reporting date exceeds the unearned premium in relation to such policies after deduction of any deferred acquisition costs. Specifically, provision for unexpi red r isk is based on t ime apportionment.

c) Gross premium IncomeThis represents the earned portion of premium received and is recorgnised as revenue including changes in unearned premium. Premiums are earned from the date of attachment of risk, over the insurance period, based on the pattern of risk underwri t ten. Outward reinsurance premiums are recorgnised as expenses in accordance with the pattern of risk reinsured.

d) ReinsuranceThe Group cedes reinsurance in the normal course of business for the purpose of limiting its net loss potential on policies written. Premium ceded comprise written premiums ceded to reinsurers, adjusted for the reinsurers' share of the movement in the provision for the unearned premiums.

Reinsurance arrangements do not relieve the company from its direct obligations to its policyholders. Premium ceded, claims reimbursed and commission recovered are presented in the statement of profit or loss and other comprehensive income and statement of financial position separately from the gross amounts.

Reinsurance assets represent balances due from reinsurance contracts. Reinsurance liabilities are primarily premiums payable for reinsurance contracts and are recognised as an expense when due.

Reinsurance recoverable is estimated in a manner consistent with the outstanding claims provision and claims incurred associated with the reinsurer's policies and are in accordance with the related insurance contract. They are measured at their carrying amount less impairment charges.


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Amounts recoverable under reinsurance contracts are assessed for impairment at each statement of financial position date. If there is objective evidence of impairment, the company reduces the carrying amount of its insurance assets to its recoverable amount and recognizes the impairment loss in the statement of profit or loss and other comprehensive income as a result of an event that occurred after its initial recognition, that the company may not recover all amounts due and that the event has a reliably measurable impact on the amounts that the company will receive from the reinsurer. The Group had the right to set-off re-insurance payables against the amount due from re-insurance and brokers in line with the agreed arrangement between both parties.

e) Commission earnedCommissions are recorgnised on ceding business to the re-insurer, and are credited to the profit or loss over the period the service is provided.

3.31 Expenses

a) Claims

Claims incurred consist of claims and claims handling expenses paid during the financial year together with the movement in the provision for outstanding claims. The provision for outstanding claims represent the group estimate of the ultimate cost of settling all claims incurred but unpaid at the statement of financial position date whether reported or not. The provision includes an allowance for claims management and handling expenses.

The provision for outstanding claims for reported claims is estimated based on current information and the ultimate liability may vary as a result of subsequent information and events and may result in significant adjustments to the amounts provided. Adjustments to the amounts of claims provision for prior years are reflected in the profit or loss in the financial period in which adjustments are made, and disclosed separately if material. The measurement of non-life insurance contract liabilities has been set out under note 3.14.

b) Salvage and subrogation reimbursementsSome insurance contracts permit the Group to sell property acquired in settling a claim (like salvage). Estimates of salvage recoveries are included as an allowance in the measurement of the insurance liability for claims. Salvage property is recognized as an asset when the liability is settled. The allowance is the amount that can reasonably be recovered from the disposal of the property.

The Group may also have the right to pursue third parties for payment of some or all costs (like subrogation). Subrogation reimbursements are also considered as an allowance in the measurement of the insurance liability for claims and are recognized as assets when the liability is settled. The allowance is based on an assessment of the amount that can be recovered from the action against the liable third party.

c). Underwriting expensesUnderwriting expenses are made up of acquisition and maintenance expenses comprising commission and policy expenses, proportion of underwriting staff cost. Underwriting expenses for insurance contracts are recognized as an expense when incurred, with the exception of acquisition costs which are recognized on a time apportionment basis in respect of risk.

d). Receivables and payables related to insurance contractsReceivables and payables are recognized when due. These include amounts due to and from agents, brokers and insurance contract holders.

If there is objective evidence that the insurance receivable is impaired, the Group reduces the carrying amount of the insurance receivable accordingly and recognizes that impairment loss in the statement of profit or loss. The Group gathers the objective evidence that an insurance receivable is impaired using the same methodology adopted for financial assets held at amortized cost. The impairment loss is calculated under the same method used for these financial assets.

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3.32 Other Revenue and Expense Recognition

a) Fees and commission Fees and commission income and expense that are integral to the effective interest rate on a financial asset or liability are included in the measurement of the effective interest rate.

Other fees and commission income, including account servicing fees, investment management fees, sales commission, placement fees and syndication fees, are recognised as the related services are performed. When a loan commitment is not expected to result in the draw-down of a loan, the related loan commitment fees are recognised on a straight-line basis over the commitment period.

b) Interest Interest income and expense are recognised in profit or loss using the effective interest method. The effective interest rate is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the financial asset or liability (or, where appropriate, a shorter period) to the carrying amount of the financial asset or liability. When calculating the effective interest rate, the Group estimates future cash flows considering all contractual terms of the financial instrument, but not future credit losses.

The calculation of the effective interest rate includes all transaction costs and fees and points paid or received that are an integral part of the effective interest rate. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or liability.

Interest income and expense presented in the statement of profit or loss include interest on financial assets and financial liabilities measured at amortised cost calculated on an effective interest basis. Interest income and expense on all trading assets and liabilities are considered to be incidental to the Group trading operations and are presented together with all other changes in the fair value.

c) Net interest income Net interest income includes interest on loan and advances earned and interest expenses incurred.

d) Net Trading IncomeNet trading income includes income received on sale of goods and has been recognized in line with IAS 18 'revenue recognition' criteria and related cost incurred.

e) Investment and other operating incomeInvestment and other operating income comprise interest income earned on short-term deposits, rental income and dividends and foreign exchange differences. Investment income, other than interest income, is recognized at fair value and on an accrual basis.

Interest income is recognized in the statement of profit or loss as it accrues and is calculated using the effective interest rate method.

Investment expenses consist of costs relating to investment management services and operating expenses for real estate held for investment. These expenses are recognized on an accrual basis.

Rental income is recognized on an accrual basis.

f) Dividend incomeDividend income is recognized when the right to receive payment is established, the right to receive dividend is established when the dividend has been duly declared.

g) Management and other operating expensesManagement and other operating expenses are expenses other than claims and underwriting expenses. They include depreciation expenses, employee benefit and other operating expenses. They are accounted for on an accrual basis and recognized in the income statement upon utilization of the service or at the date of origination.

h) Borrowing CostThese are interest and other cost that the group incurred in connection with the


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borrowing of funds. The cost include rate calculated using the effective interest rate method. The costs are recognized as an expense in the period in which they are incurred.

3.33 Segment ReportingA reporting segment is an operating segment or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. This f inancial information is reported on the basis as used internally for evaluating operating segment performance and deciding how to allocate resources to operating segment. For the company the Chief operating decision maker is the Executive Management Team

The Group's primary format for segment reporting is based on business/subsidiaries segments. Significant geographical regions have been identified as the secondary basis of reporting.

3.34 DividendsDividend distribution to the Company's shareholders is recognized as a liability in the financial statements in the period in which the dividends are approved by the Company's shareholders. Dividends that are proposed but not yet declared are disclosed in the notes to the financial statements.

3.35 Cash Flows MethodIAS 7 permits a number of options in the presentation of cash flow from operating activities as either direct or indirect method. However, where statement of cash flow is prepared using the indirect method, the company shall be required to reconcile the net cash flows from operating activities to the direct method. The Group has presented its cash flow from operating activities using direct method.

3.36 APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

3.36.1 Amendments to IFRS affecting amounts reported in the financial statementsThe following new and revised IFRSs have been applied in the current year and have affected the amounts reported in these financial statements.

Details of other new and revised IFRSs applied in these financial statements that have had no material effect on the financial statements are set out in section 3. 36.2.

3.36.2 Standards and interpretations effective during the reporting periodIt is important to note that no standard or amendment to existing standard took effect during the reporting period. Hence, there was no impact on the accounting policies, financial position or performance of the Group.

None of these standards were early adopted in the prior period by the Group as early adoption is not permitted by the Financial Reporting Council of Nigeria (FRC).

For the preparation of these financial statements, the following new or amended standards are mandatory for the first time for the financial year beginning 1 January 2016 (the list does not include information about new or amended requirements that affect interim financial reporting or first-time adopters of IFRS - eg IFRS 14 Regulatory Deferral Accounts (issued in January 2014) - since they are not relevant to IFRS Statements).

1. Amendments to IAS 1 titled Disclosure Initiative (issued in December 2014) - The amendments, applicable to annual periods beginning on or after 1 January 2016, clarify guidance on materiality and aggregation, the presentation of subtotals, the structure of financial statements and the disclosure of accounting policies. The amendments had no material effect on the Company's financial statements.

Amendments to IAS 16 and IAS 38 titled Clarification of Acceptable Methods of Depreciation and Amortisation (issued in May 2014) - The amendments, prospectively effective for annual periods beginning on or after 1 January 2016, add guidance and clarify that (i) the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset, and (ii) revenue is generally presumed to be an inappropriate basis for measuring the consumption of the economic benefits embodied in an

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intangible asset; however, this presumption can be rebutted in certain limited circumstances. The amendments had no effect on the Company's financial statements.

2. Amendments to IAS 16 and IAS 41 titled Agriculture: Bearer Plants (issued in June 2014) - The amendments, applicable to annual periods beginning on or after 1 January 2016, define bearer plants - i.e living plants which are used solely to grow produce over several periods and usually scrapped at the end of their productive lives - and include them within IAS 16's scope while the produce growing on bearer plants remains within the scope of IAS 41. As the Company does not undertake agricultural activity, this amendment had no effect on the Company's financial statements.

3. Amendment to IAS 19 (Annual Improvements to IFRSs 2012-2014 Cycle, issued in September 2014) - The amendment, applicable to annual periods beginning on or after 1 January 2016, clarifies that, in determining the discount rate for post employment benefit obligations, it is the currency that the liabilities are denominated in that is important, and not the country where they arise. Thus, the assessment of whether there is a deep market in high quality corporate bonds is based on corporate bonds in that currency (not corporate bonds in a particular country), and in the absence of a deep market in high quality corporate bonds in that currency, government bonds in the relevant currency should be used. This amendment had no effect on the Company's financial statements.

4 Amendments to IAS 27 titled Equity Method in Separate Financial Statements (issued in August 2014) - The amendments, applicable to annual periods beginning on or after 1 January 2016, reinstate the equity method option allowing entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements. This amendment has no effect on financial statements.

5 A m e n d m e n t t o I F R S 5 ( A n n u a l Improvements to IFRSs 2012-2014 Cycle, issued in September 2014) - The amendment, applicable prospectively to annual periods beginning on or after 1 January 2016, adds specific guidance when an entity reclassifies an asset (or a disposal Company) from held for sale to held-for-distribution to owners, or vice versa, and for cases where held-for- distribution account ing is d iscont inued. Th is amendment had no effect on the Company's financial statements.

6 A m e n d m e n t t o I F R S 7 ( A n n u a l Improvements to IFRSs 2012-2014 Cycle, issued in September 2014) - The amendment, applicable to annual periods beginning on or after 1 January 2016, adds guidance to clarify whether a servicing contract is continuing involvement in a transferred asset. The amendment had no effect on the Company's financial statements.

7 Amendments to IFRS 10, IFRS 12 and IAS 28 titled Investment Entities: Applying the Consolidation Exception (issued in December 2014) - The amendments, applicable to annual periods beginning on or after 1 January 2016, clarify the application of the consolidation exception for investment entities and their subsidiaries. The amendments had no effect on the Company's financial statements.

3.36.3 New and amended standards in issue but not yet effectiveThe Company has not applied the following new or amended standards that have been issued by the IASB but are not yet effective for the financial year beginning 1 January 2016 (the list does not include information about new or amended requirements that affect interim financial reporting or first-time adopters of IFRS since they are not relevant to IFRS Statements). The Directors anticipate that the new standards and amendments will be adopted in the Company's financial statements when they become effective. The Group has assessed, where practicable, the potential effect of all these new standards and amendments that will be effective in future periods.


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1. Amendments to IAS 7 titled Disclosure Initiative (issued in January 2016) - The amendments, applicable to annual periods beginning on or after 1 January 2017, require entities to provide information that enable users of financial statements to evaluate changes in liabilities arising from their financing activities. This is not expected to have a material effect on the Group's financial statements.

2. Amendments to IAS 12 titled Recognition of Deferred Tax Assets for Unrealised Losses (issued in January 2016) - The amendments, applicable to annual periods beginning on or after 1 January 2017, clarify the accounting for deferred tax assets related to unrealised losses on debt instruments measured at fair value, to address diversity in practice. This is not expected to have an effect on the Group's financial statements.

3. Amendments to IFRS 2 titled Classification and Measurement of Share-based Payment Transactions (issued in June 2016) - The amendments, applicable to annual periods beginning on or after 1 January 2018, clarify the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments (SBP), the accounting for SBP transactions with a net settlement feature for withholding tax obligations, and the effect of a modification to the terms and conditions of a SBP that changes the classification of the transaction from cash-settled to equity-settled. The amendments are not expected to have a material effect on the Group's financial statements.

4. Amendments to IFRS 4 titled Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (issued in September 2016) - The amendments give all entities that issue insurance contracts the option to recognise in other comprehensive income, rather than profit or loss, the volatility that could arise when IFRS 9 is applied before implementing the replacement insurance contracts Standard for IFRS 4 that is under drafting by the Board. Also, entities whose activities are predominantly connected with insurance are given an optional temporary exemption from applying IFRS 9 (until 2021), thus continuing to apply IAS 39 instead. The

Group has assessed the potential effect of the new standard and will reflect this in future financial statements when it becomes effective.

5. IFRS 9 Financial Instruments (issued in July 2014) - This standard will replace IAS 39 (and all the previous versions of IFRS 9) effective for annual periods beginning on or after 1 January 2018. It contains requirements for the classification and measurement of financial assets and financial liabilities, impairment, hedge accounting and derecognition.

IFRS 9 requires all recognised financial assets to be subsequently measured at amortised cost or fair value (through profit or loss or through other comprehensive income), depending on their classification by reference to the business model within which they are held and their contractual cash flow characteristics

For financial liabilities, the most significant effect of IFRS 9 relates to cases where the fair value option is taken: the amount of change in fair value of a financial liability designated as at fair value through profit or loss that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income (rather than in profit or loss), unless this creates an accounting mismatch.

Since the list reflects new and amended standards issued up to 30 September 2016, it should be extended to include all such changes up to the date of authorisation for issue of the 2016 financial statements For the impairment of financial assets, IFRS 9 introduces an "expected credit loss" model based on the concept of providing for expected losses at inception of a contract; it will no longer be necessary for there to be objective evidence of impairment before a credit loss is recognised.

For hedge accounting, IFRS 9 introduces a substantial overhaul allowing financial statements to better reflect how risk management activities are undertaken when hedging financial and non- financial risk exposures. The derecognition provisions are carried over almost unchanged from IAS39.



I N S U R E RRC: 023048



The Directors anticipate that IFRS 9 will be adopted in the Group's financial statements when it becomes mandatory and that the application of the new standard might have a significant effect on amounts reported in respect of the Group's financial assets and financial liabilities. However, it is not practicable to provide a reasonable estimate of that effect until a detailed review has been completed.

6. Amendments to IFRS 10 and IAS 28 titled Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (issued in September 2014) - The amendments address a current conflict between the two standards and clarify that gain or loss should be recognised fully when the transaction involves a business, and partially if it involves assets that do not constitute a business. The effective date of the amendments, initially set for annual periods beginning on or after 1 January 2016, is now deferred indefinitely but earlier application is still permitted. This is not expected to have an effect on the Group's financial statements.

7. IFRS 15 Revenue from Contracts with Customers (issued in May 2014 and amended for clarifications in April 2016) - The new standard, effective for annual periods beginning on or after 1 January 2018, replaces IAS 11, IAS 18 and their interpretations. It establishes a single and comprehensive framework for revenue recognition to apply consistently across transactions, industries and capital markets, with a core principle (based on a five-step model to be applied to all contracts with

customers), enhanced disclosures, and new or improved guidance (e.g the point at which revenue is recognised, accounting for variable consideration, costs of fulfilling and obtaining a contract, etc.).

The Directors anticipate that IFRS 15 will be adopted in the Company's financial statements when it becomes mandatory and that the application of the new standard might have a significant effect on amounts reported in respect of the Companys' revenue. However, it is not practicable to provide a reasonable estimate of that effect until a detailed review has been completed.

8. IFRS 16 Leases (issued in January 2016) - The new standard, effective for annual periods beginning on or after 1 January 2019, rep laces IAS 17 and i ts interpretations. The biggest change introduced is that almost all leases will be brought onto lessees' balance sheets under a single model (except leases of less than 12 months and leases of lowvalue assets), eliminating the distinction between operating and finance leases. Lessor accounting, however, remains largely unchanged and the distinction between operating and finance leases is retained. The Directors anticipate that IFRS 16 will be adopted in the Company's financial statements when it becomes mandatory and that the application of the new standard will have a significant effect on amounts reported in respect of the Company's leases. However, it is not practicable to provide a reasonable estimate of that effect until a detailed review has been completed.

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The statement of significant accounting policies and accompany notes form an integral part of these financial statements.

MR KEHINDE OYADIRANFRC/2013/ICAN/00000003559 (Chief Finance Officer)

MR BIYI OTEGBEYEFRC/2013/NBA/00000003749(Managing Director/Chief Executive Officer)

AMB. BABA GANA KINGIBE, CFRFRC/2017/IODN/00000016361(Acting Chairman)

Note GROUP COMPANY 2016 2015 2016 2015

=N='000 =N='000 =N='000 =N='000

ASSETS Cash and Cash Equivalents 4 1,644,372 3,249,435 1,520,147 2,604,463 Financial Assets 5 3,254,439 872,368 2,062,491 719,846 Trade Receivables 6 127,314 87,339 11,976 9,675 Reinsurance Assets 7 1,186,813 1,093,769 816,319 955,535 Deferred Acquisition Cost 8 227,834 167,537 148,802 122,108 Prepaid Income Tax 22 - 2,816 - - Deferred Tax Asset 9 1,382 - - - Other Receivables and Prepayments 10 192,810 82,546 27,759 20,299 Inventory 11 10,384 9,789 - - Investment in Subsidiaries 12 - - 785,462 770,002 Goodwill 12a(i) 24,813 - - - Deposit of Shares in Subsidiary 13 - - - 15,460 Intangible Assets 14 48,226 51,818 34,370 41,876 Investment Properties 15 116,919 116,919 - - Property, Plant and Equipment 16 1,254,960 1,232,506 1,148,365 1,167,275 Statutory Deposits 17 376,532 324,302 300,000 300,000 Total Assets 8,466,800 7,291,143 6,855,691 6,726,540

LIABILITIES

Insurance Contract Liabilities 18 2,259,954 2,096,391 1,457,326 1,617,026 Trade Payables 19 46,145 26,102 - - Provision and Other Payables 20 289,667 133,500 120,257 49,382 Retirement Benefit Obligation 21 2,711 2,700 2,711 2,166 Provision for Current Income Tax Liabilities 22 254,231 270,911 242,497 265,961 Deferred Income Tax Liabilities 23 86,612 122,229 86,612 118,484 Bank Overdraft 24 16,055 - - - Total Liabilities 2,955,373 2,651,833 1,909,403 2,053,018

EQUITY

Total equity attributable to owners of the parent:

Issued and Paid up Share Capital 25 3,334,375 3,334,375 3,334,375 3,334,375 Contingency Reserve 26 1,171,779 1,003,636 1,007,971 913,852 Retained Earnings 27 561,424 259,037 602,860 426,447 Fair Value Reserves on Available for sale 28 1,081 903 1,081 (1,153)Other Reserves -Translation Difference 29 20,151 (72,686) - - Total 5,088,810 4,525,265 4,946,288 4,673,521

Non-controlling Interest in Equity:

Non-controlling Interest in Equity 422,617 114,045 - - Equity and Liabilities 8,466,800 7,291,143 6,855,691 6,726,540

Statement of Financial Position

These financial statement were approved by the board of directors on March 21,2017 and signed on behalf of the board of directors by the directors listed below:


Note 2016 2015 2016 2015

=N='000 =N='000 =N='000 =N='000

Gross Premium Written 30 5,017,315 4,301,132 3,100,740 3,329,094 .

Gross Premium Income 31 5,300,991 4,067,067 3,337,313 3,169,514 Reinsurance Expenses 32 (1,774,226) (1,247,549) (1,446,152) (1,060,092)Net Premium Income 3,526,765 2,819,518 1,891,161 2,109,422

Fees and Commission Income 33 206,611 134,729 49,804 70,091 Net Underwriting Income 3,733,376 2,954,247 1,940,964 2,179,513

Claims Expenses (Gross) 34 (1,082,691) (930,108) (395,434) (447,101)Claim Expenses Recovered from Reinsurance 35 171,009 200,357 50,709 19,735 Underwriting Expenses 36 (820,103) (686,148) (477,597) (522,899)Underwriting Profit 2,001,592 1,538,349 1,118,642 1,229,248

Interest Income 37(a) 83,738 63,805 - - Interest Expense 37(b) (8,297) (6,999) - - Net Trading Income 38 7,626 7,611 - - Finance Income 39 42,275 31,566 - - Finance Cost 40 (13,895) (7,826) - - Investment Income 41 382,902 279,660 187,494 191,826 Other Operating Income 42 177,273 84,363 155,442 22,213 Employee Benefit Expenses 43 (596,897) (493,859) (300,796) (301,498)Other Operating Expenses 44 (1,218,687) (797,920) (537,267) (520,366)Net Realised Loss on Finacial Assets 5.4(e) (2,620) (1,097) - - Unrealised fair value (loss) on equities 5.2(a) (90,310) (127,374) (90,586) (126,726)Impairment on trade receivables 6(bi) (3,000) (1,030) - - Result of Operating Activites 761,701 569,249 532,928 494,697

Profit Before Tax 761,701 569,249 532,928 494,697

Income Tax Expense 22 (150,502) (196,137) (62,334) (161,366)Profit For the year 611,199 373,112 470,594 333,331

Other Comprehensive Income/(Loss)

Items that may be subsequently reclassified

to the profit or loss account:

Net Unrealised fair value gain/(loss) on AFS financial asset 5.3 2,235 (3,530) 2,235 (3,454)Foreign exchange translation difference 70,868 (5,991) - - Total other comprehensive income 73,103 (9,521) 2,235 (3,454)

- - Total comprehensive income for the Period 684,302 363,591 472,829 329,877

Profit After Taxation

Atributable:

to Owner's of parent 544,635 363,138 470,594 329,877 to Non Controlling Interest 66,564 9,975 - -

611,199 373,112 470,594 329,877

Total comprehensive income for the Period

Atributable:

to Owner's of parent 617,738 359,661 472,829 329,877 to Non Controlling Interest 66,564 3,930 - -

684,302 363,591 472,829 329,877

Earnings per shareBasic (in kobo) 9.17 5.59 7.06 5.00


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Statement of Profit or Loss and Other Comprehensive Income

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Statement of Changes in Equity

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I N S U R E RRC: 023048


Statement of Changes in Equity (Cont’d)

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Notes 2016 2015 2016 2015

Cash Flow From Operating Activities =N='000 =N='000 =N='000 =N='000

Premium Received 6a(ii) 5,015,014 4,305,034 3,098,439 3,332,995 Reinsurance Premium Paid 32(a) (1,657,395) (1,524,441) (1,287,554) (1,306,104)Commission & Interest Received 292,980 181,750 49,804 70,091 Gross Claim Paid 34(a) (1,181,757) (981,210) (318,561) (602,678)Claim Expenses Recovered from Reinsurance 35(a) 151,628 89,631 31,327 27,932 Commission & Interest Paid (687,190) (545,749) (362,458) (385,469)Maintenance Cost Paid 36(b) (193,209) (98,731) (141,833) (98,731)Cash Received From Customers 70,028 75,581 - - Cash Paid to Suppliers/Creditors (161,401) (16,094) - - Cash Paid to and On behalf of Employees (627,557) (496,576) (332,170) (310,797)Cash Payments for Other Operating Expenses (1,214,037) (624,733) (379,284) (396,193)Tax Paid (119,671) (146,881) (117,671) (90,000)

Net Cash Generated From Operating Activities (312,566) 217,583 240,040 241,047

Cash Flow From Investing Activities

Purchase of Financial Asset-HTM 5i(b) (1,430,471) - (1,418,615) - Purchase of Financial Asset-AFS 5.3 (17,248) - - - Receipt From Repayment Of Loan & Advances 5.4 290,614 234,925 4,263 4,920 Additional to Loan & Receivables 5.4 (348,841) (258,400) (220) (5,800)Investment Income Received 41 390,529 279,660 187,494 191,826 Other Operating Income Received 42 1,120 46,718 668 727 Acquisition of Property, Plant & Equipment 16 (137,153) (48,716) (49,651) (13,950)Proceeds From Disposal of Property, Plant & Equipment 2,620 79 2,620 24 Acquisition of Investment properties 15 - (16,919) - - Rental Income Received 42 25,348 16,765 10,815 15,104 Acquisition of Intangible Asset 14 (8,125) (47,201) (3,015) (46,764)

Net Cash Generated From Investing Activities (1,231,606) 206,911 (1,265,641) 146,087

Cash Flow From Financing Activities

Unclaim Dividend Received From Registrar - 17,935 - 17,935 Dividend Paid (200,063) - (200,063) - Share Issue/Deposit for Shares in Subsidiaries - - - (76,429)

Net Cash Generated From Financing Activities (200,063) 17,935 (200,063) (58,494)

Net Increase(Decrease) In Cash and Cash Equivalents (1,744,235) 442,429 (1,225,664) 328,640 Effect of Movement in Exchange Rate on Cash and Cash Equivalents 139,171 (54,560) 141,348 6,359 Cash and Cash Equivalents as at 1 January 3,249,435 2,861,565 2,604,463 2,269,465

Cash and Cash Equivalent as at 31 December 2016 1,644,372 3,249,435 1,520,147 2,604,463

I N S U R E RRC: 023048



Statement of Cash Flows


I N S U R E RRC: 023048


GROUP COMPANY

DEC. DEC. DEC. DEC.

2016 2015 2016 2015

4 Cash and Cash Equivalents N'000 N'000 N'000 N'000

Cash in Hand 3,896 4,643 365 953 Bank Balances-Current Account 1,062,670 543,564 929,478 479,850 Short term placements: Fixed Deposit 566,247 2,689,721 578,745 2,123,660 Treasury bills with maturity period <90 days 11,559 11,506 11,559 -

Total 1,644,372 3,249,435 1,520,147 2,604,463

For the purpose of the cashflow statement cash and cash equivalent comprise the following balances with less than 3 months maturity from the date of acqisition.

Cash in Hand 3,896 4,643 365 953 Bank Balances-Current Account 1,062,670 543,564 929,478 479,850 Shortterm placements:Fixed Deposit 566,247 2,689,721 578,745 2,123,660 Treasury bills with maturity period <90 days 11,559 11,506 11,559 -Total cash & cash equivalents 1,644,372 3,249,435 1,520,147 2,604,463

Current 1,644,372 3,249,435 1,520,147 2,604,463 Non- Current

5 Financial Assets

The financial assets are summarised below

by measurement category:

Held to maturity (note 5.1) 2,392,312 - 1,435,039 - Fair Value through Profit or Loss - quoted Investment - (note 5.2) 623,807 713,856 620,755 711,341 Available-for-sale - Unquoted Investment ( note 5.3) 25,130 4,892 5,016 2,782 Loans and Receivables ( note 5.4) 213,189 153,620 1,680 5,724

3,254,439 872,368 2,062,491 719,846

Current 3,229,309 867,476 2,057,475 717,064 Non- Current 25,130 4,892 5,016 2,782

5.1 Held-to-maturity financial assets, at amortised cost

Treasury Bill with Maturity period >90 days 792,814 - 693,539 - Federal Government Bond 603,500 - 603,500 - Deposit with Corporate Institution with Maturity period >90 day 995,998 - 138,000 -

2,392,312 - 1,435,039 -

5.1(a) Analysis of Held to MaturityAt the beginning of the year - - - - Addition during the year 2,472,264 - 1,418,615 - Disposal/Repayment During the Year - - - - Fair Valua Gain/(Loss) - - - - Impairment Loss (99,873) - - - Accrued Interest 16,424 - 16,424 - Interest Received In Cash - - - - Market value as at 31 December 2,392,312 - 1,435,039 -

Held to maturity relates to Federal Government bond purchased during the year with coupon rate of 18.2% payable half yearly ,Federal government treasury bill and other deposit with corporate institution with maturity period above 90 days

5.1(b) Analysis of HTM For the purpose of cash flow:Addition during the year 2,472,264 - 1,418,615 -

HTM Taken over from Nem Ghana (1,041,793) - - -

HTM Purchased during the year 1,430,471 - 1,418,615 -

Notes to the Accounts

I N S U R E RRC: 023048



GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

5.2 Analysis of quoted financial assets FVTPOL are shown:

a. Quoted Investments

At the beginning of the year 713,856 841,494 711,341 838,067 Exchange difference 262 (264)Reinsurance Recoverable on Claims Paid - - - Addition during the year - - - - Disposal/Repayment During the Year - - - - Fair Value Gain/(Loss) (90,310) (127,374) (90,586) (126,726)Impairment Loss - - - - Accrued Interest - - - - Interest Received In Cash - - - -

Market value as at 31 December 623,807 713,856 620,755 711,341

The Group classified its quoted investment at market value which is a reasonable measurement of fair value since price of the shares are quoted in an active market.

5.3 Available-for-sale - Financial assets

(a). Dominion Trust Limited 5,016 2,782 5,016 2,782 (b). Others, Own by Subsidiary (Regency Nem Insurance Ltd Ghana) 20,113 2,110 - - (c) Profund Securities Limited - - - -

25,130 4,892 5,016 2,782

5.3(a&b) Analysis of Unquoted Investment:

At the beginning of the year 4,892 9,935 2,782 7,716 Exchange difference 755 Addition during the year 17,248 - - - Disposal/Repayment During the Year - - - - Fair Value Gain/(Loss) 2,235 (5,043) 2,235 (4,934)Impairment Loss - - - - Accrued Interest - - - - Interest Received In Cash - - - -

Balance as at 31 December 25,130 4,892 5,016 2,782

5.3(c) Profund Securities Limited 2,072 2,072 2,072 2,072

5.3c (i) Impairment on Profund Securities Financial asset

At the beginning of the year (2,072) (2,072) (2,072) (2,072)Addition during the year - - - - Reversal during the year - - - -

Balance as at 31 December (2,072) (2,072) (2,072) (2,072)

Carrying Value - - - -

5.3 (d). Analysis of Unrealised Fair Value gain/(loss) on AFS

a.) Dominion Trust Limited 2,235 (4,934) 2,235 (4,934)(b). Others,Own by Subsidiary (Regency Nem Insurance Ltd Ghana) - (109) - -

Balance as at 31 December 2,235 (5,043) 2,235 (4,934)

Current 25,130 4,892 5,016 2,782

Non- current

The carrying amount of the unquoted equity is based on the cost model using the latest audited financial statement of the investee companiesThe fair value of the assets cannot be readily and reliably measured as there is no active market for both types of companiesThe fair value of the investment has been categorised as Level 3 fair value based on non observable market inputs into the valuation techniqueThe group intends to dispose of the shares at a price above the initial investment purchase price.Dominion Trust Limited offers Investment, Financial and related products and services in the Nigerian Capital Market to private individuals, Corporate entities and Institutional clients.

Notes to the Accounts (Cont’d)


I N S U R E RRC: 023048



GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

5.4 Loans and receivables comprise as shown below:Staff Loan (note 5.4a) 15,516 15,629 1,680 5,724 Loans and Advances_Ric Microfinance Bank (note 5.4b) 197,673 137,992 - -

213,189 153,621 1,680 5,724

(a) Staff Loan and Advances

Balance as at the beginning of the period 15,629 17,491 5,724 4,843 Addition during the Year 7,057 7,578 220 5,800 Repayment During the Year (7,171) (9,440) (4,263) (4,920)Fair Valua Gain/(Loss) - - - - Impairment Loss - - - - Accrued Interest 1,773 870 668 727 Interest Received In Cash (1,773) (870) (668) (727)

15,516 15,629 1,680 5,724

Staff Advances are less than 12 months, the estimated fair values of the advances are the undiscounted amount of estimated future cash flow estimated to be received. The effective rate were based on Goverment Interest rate

(b) Bank Loans and Advances

Balance as at the beginning of the period 137,992 107,958 - - Addition during the Year 348,621 258,400 - - Repayment During the Year (283,443) (225,485) - - Fair Value Gain/(Loss) - - - - Impairment Loss (5,497) (2,881) - - Accrued Interest 49,038 43,426 - - Interest Received In Cash (49,038) (43,426) - - Balance as at 31 December 197,673 137,992 - -

(c) Loans and Advances-Maturity ProfileUnder 1 month 48,761 74,662 - -

1-3 months 81,268 47,897 - - 3-6 months 50,792 14,088 - - 6-12 months 20,317 1,409 - - Over 12 months 2,032 2,817 - -

203,169 140,873 -

Allowance for impairment on loans and Advances (5,497) (2,881) - - 197,673 137,992 -

(a+b) 213,188 153,620 1,680 5,724

Current 213,188 153,620 1,680 5,724 Non-Current

(d) Provision for impairment on loans and advances to CustomersPerforming 1% 1,458 1,382 - - Pass and Watch 5% 2,712 20 - - Sub Standard 20% 308 520 - - Doubtful 50% 587 475 - - Lost 100% 432 484 - -

5,497 2,881 - -

(e ) Realised (loss) in Financial assetsBalance as at 1 January 2,877 1,781 - -Less: Balance as at 31st December, 5,497 2,877 - -Transfer to Statement of Profit or loss & Other Comprehensive Income (2,620) (1,096)

The allowance for impairment of loans and advances to Customers is calculated in line with Prudential guidelines issued by Central Bank of Nigeria for each Non-performing Account rated as Pass and Watch, Sub-standard, Doubtful and Loss Facility as follows:

Interest and /or principal Outstanding for: Categorization percentage Below 30 days Paas & watch 5%31 - 60 days Sub-standard 20%61 - 90 days Doutful 50%91 days & above & resructured facilities Loss 100%While a general provision of 1% is made on all performing account balances.

I N S U R E RRC: 023048




GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

6 Trade Receivables

a Due from Brokers and Other Intermediaries 11,976 9,675 11,976 9,675 b Due from Finance Lease rental 110,117 72,231 - - c Due From Sales of Tracker 5,221 5,433 - -

127,314 87,339 11,976 9,675

Current 127,314 87,339 11,976 9,675 Non-Current - - - -

6a (i) Due from brokers and Other Intermediaries

Premium receivable 11,976 9,675 11,976 9,675 Impairment -premium receivables - - - -

11,976 9,675 11,976 9,675

6a(ii) Analysis of premium received during the Year

Balance as at 1 January 9,675 13,577 9,675 13,577 Premium Receivable During the Year 5,017,315 4,301,132 3,100,740 3,329,094 Premium Received during the Year (5,015,014) (4,305,034) (3,098,439) (3,332,996)Balance as at 31 December 11,976 9,675 11,976 9,675

6a(iii) Age Analysis - Premium Debtor

0 to 30 days 11,976 9,675 11,976 9,675 Above 30 days - - - -

11,976 9,675 11,976 9,675

The premium receivables were not impaired, this is in line with Group policy on 'No Premium No Cover'. The Group only recognised receivables from broker and intermediaries, however such premium receivable should not exceed a period of 30 days.

(6b) Analysis of due from Finance Lease Rental

Under One Year 111,230 74,303 - -1 - 5 Year 5,015 1,055 - -5 Years and Above - -

116,245 75,358 - - Provision for Impairment on finance lease rental(6b.i) (6,128) (3,127)

110,117 72,231 - -

6b(i) Movement on impairement of lease Rental - - - - At the beginning of year 3,127 2,098 Allowance made during the year (3,000) 1,030 - Balance as at 31 December 6,128 3,127 - -

Receivables from Lease Rental represent the Subsidiary's (RIC Properties and Investment Ltd) gross investment in minimum lease payments receivable as at reporting date.All lease agreement is for period of one year.The allowance for impairment on finance lease represents accumulated allowance for uncollectable lease payment receivable. RIC Properties and investment provides finance lease for corporate body as well as individual, in the area of household equipment, motor cars, office and household furnitures and real estate.

(6c) Due from Sale of TrakerUnder One Year 5,221 5,433 - -

Above one year - - - -

5,221 5,433 - -


I N S U R E RRC: 023048


GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

7 Reinsurance Assets

Prepaid Reinsurance-UPR 783,376 900,207 667,324 825,922 Reinsurance Share of Outstanding Claims 235,291 47,833 23,256 4,429 Reinsurance Share of Outstanding IBNR 168,146 145,730 125,739 125,184

1,186,813 1,093,770 816,319 955,535

Current 1,186,813 1,093,770 816,319 955,535 Non-Current - - - -

The reinsurance assets of the Company were based on independent actuaries valuation report authorised by Junaid Akram on behalf of TAF Consulting Nigeria Limited. A professional actuary registered in Nigeria with the Financial Reproting Council of Nigeria with registration no-(FRC number 'FRC/2014/NAS/00000006904')

7.1 Prepaid Reinsurance-UPR

Balance as at 1 January 900,207 628,177 825,922 579,911 Exchange difference - (4,862) - - Reinsurance Cost During the year 1,657,395 1,524,441 1,287,554 1,306,104

2,557,602 2,147,755 2,113,476 1,886,014 Reinsurance Expenses/Amortisation during the period (1,774,226) (1,247,548) (1,446,152) (1,060,092)Balance as at 31 December 783,376 900,207 667,324 825,922

7.2 Movement in the Reinsurance Share of Recoverables on Outstanding Claim

Balance as at 1 January 47,833 66,427 4,429 66,427 Exchange difference 4,429 Reinsurance Recoveries From Outstanding Claim Paid (190,809) (14,957) 18,827 (58,361)Receipts from Reinsurance During the Year 138,547 (3,637) - (3,637)


7.3 Movement in Reisurance Share of Outstanding IBNRBalance as at 1 January 81,780 142,700 125,184 142,700 Charges During the period 86,366 3,030 555 (17,516)Balance as at 31 December 168,146 145,730 125,739 125,184

There were no indicators of impairments on re-insurance assets. Therefore, no impairment is required in respect of these assets. The carrying amounts disclosed above is in respect of the reinsurance of insurance contracts which approximates to the fair value at the reporting date.

8 Deferred Acquisition Cost

Deferred acquisition costs represent commissions on unearned premium relating to the unexpired period of risks and comprise:

General Accident 33,767 53,918 26,437 50,211 Oil & Gas 1,613 15,341 1,613 15,341 Fire 25,360 18,738 12,912 11,603 Motor 53,250 33,984 16,613 17,953 Aviation 120 189 120 189 Bond 11,180 10,208 224 284 Engineering 56,532 16,233 50,491 10,873 Marine 44,469 17,847 40,100 15,392 Emp/Liability 1,541 1,078 292 261

- - 227,834 167,537 148,802 122,108


I N S U R E RRC: 023048




GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

8.1 Movement in deferred acquisition costAt beginning of the year 167,537 209,006.00 122,108 160,808 Addition during the Year 468,100 549,911 362,458 385,468 Amortisation during the Year (428,620) (587,417) (335,764) (424,169)Exchange difference 20,817 (3,963)


Current 227,834 167,537 148,802 122,108 Non-Current - - - -

9 Deferred Tax Assets-(note 23)

At beginning of the year - - - -

Movement During The Year 1,382 - - -

Balance as at 31 December 1,382 - - -

10 Other Receivables and Prepayments

a Due From Treaty Reinsurance 6,716 3,104 6,716 3,104 b Gas and oil pool 14,218 10,473 - - c Prepaid Insurance 11,356 14,038 11,131 10,387 d Prepaid rent 42,195 40,777 8,552 6,807 f Sundry Receivable & Prepayment 118,326 14,153 1,360 -

192,810 82,546 27,759 20,299


a Due From Treaty Reinsurance 6,716 3,104 6,716 3,104

Due from treaty represents the minimum deposit premium (M&D) paid to Reinsurance Company on year 2017 treaty arrangment.

b Oil & Gas Insurance Pool

At beginning of the year 10,473 3,489 - - Exchange difference 3,745 (287) - - Addition during the Year - 7,271 - -

- Balance as at 31 December 14,218 10,473 - -

c Prepaid Insurance

At beginning of the year 14,038 11,410 10,386 9,115 Addition during the period 29,417 39,671 29,595 33,324 Charge to income statement (32,099) (37,043) (28,850) (32,053)


Prepaid insurance represent premium paid in advance on the insurance of the Group assets

d Prepaid rent

At beginning of the year 40,777 55,269 6,808 10,379 Exchange difference - (3,489) - - Addition during the Year 66,359 21,730 16,725 28,480 Charge to income statement (64,942) (32,732) (14,982) (32,052)



I N S U R E RRC: 023048



GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

e Sundry Receivable & PrepaymentAt beginning of the year 14,153 1,987 - - Movement 104,173 12,166 1,360 - At end of the year 118,326 14,153 1,360 -

Sundry receivable & Prepayment represent subsidiary 'Ric Microfinance Bank' receivables on ATM account, stock of cheque book,SMS alart, prepayment on 3years antivirus licence for the company.

11 InventoryOpening balance as at 1 January 9,789 8,234.17 - - Purchases during the Year 8,558 10,045 - - Issued out (7,962) (8,490) - - Balance as at 31 December 10,384 9,789 - -

Inventory represents stock of trackers held by RIC Technologies Limited as at the reporting date

Current 10,384 9,789 Non-Current

12 Investment in Subsidiariesa Regency Nem Insurance Limited, Ghana - - 395,077 379,617

b RIC Properties & Investment Ltd - - 217,269 217,269 c RIC Microfinance Bank Limited - - 161,396 161,396 d RIC Technologies Limited - - 11,720 11,720

Total (a+b+c+d) - - 785,462 770,002

Current Non-Current - 785,462 770,002

a Regency Nem Insurance Limited, GhanaOpening balance as at 1 January - - 379,617 379,617 Transfer from Deposit for Share in Subsidiaries. - - 15,460 -

Balance as at 31 December - - 395,077 379,617

During the Financial year 2016 there was a merger between Regency Insurance (Ghana) limited and Nem (Ghana) Insurance Limited at ratio of 60% to 40% respectively. As a result of this, the Group controlling interest Regency Nem(Ghana) reduced to 42% which represent 60% of the 70% (initial holding in Regency Insurance Limited Ghana). How ever the Group chose to consolidate Regency Nem account in line with IFRS 10.

a(i) Analysis of merger Fair Value of Net Asset 350,575

Amount Atributable to Non Controlling Interest - 350,575

Purchase consideration (Equity) 375,388 Goodwill 24,813

The net asset assumed from Nem Insurance Limited Ghana were valued using the market price of a similar assets to determine the market value.Nem Insurance Limited Ghana is a wholly owned subsidiary of Nem Insurance Plc prior to the merger.

a(ii) Analysis of Shareholding of the Regency Nem Insurance Ghana Limited as at 31 December, 2016Name of the Shareholder No. of Shares Percentage of

Share Issued Regency Alliance Insurance Plc 16,800 42 Nem insurance Plc 16,000 40 Roland Agambire 7,200 18

40,000 100

I N S U R E RRC: 023048



GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

b RIC Properties & Investment LtdOpening balance as at 1 January - - 217,269 100,350 Transfer from Deposit for Share in Subsidiaries. - - - 116,919

Balance as at 31 December - 217,269 217,269

During the financial year 2015, the company injected the sum of =N=16,919,000 as additional capital in 'Ric Properties & Investment Limited' to boost its property business.This in addition to initial sum of =N=100,000,000.00 has been converted to share capital and the Parent's holding in Ric properties has been inceased from 90 to 96%, all necessary documentation has been effected.

c RIC Microfinance Bank LimitedOpening balance as at 1 January - - 161,396 117,346 Additional Share Capital - - - 44,050

Balance as at 31 December - - 161,396 161,396

During the financial year 2015, the company increased the share capital of its subsidiary 'Ric Microfinance Bank' by injecting the sum of =N= 44,050,000 as additional capital to boost its working capital,The Parent's holding in Ric Microfiance Bank has been increased from 91% to 95%, all necessary documentation has been effected.

d RIC Technologies Limited - - 11,720 11,720

Regency Alliance is the Parent Company with significant interests in the subsidiary Companies as at 31 December 2016 as follows:

Effective Non Controlling Place of Date of Subsidiary Activity Entity holding AMOUNT Interest Incorporation Incorporation/

% =N= '000 % Acquisition

Regency Nem Insurance (Ghana) Limited Insurance 42 395,077 58 Ghana 2015RIC Microfinance Bank Limited Banking operation 95 161,396 5 Nigeria 17th Dec., 2008RIC Technologies Limited Sale of vehicle trackers 90 11,720 10 Nigeria 18th Apr. 2009RIC Properties and Investment Limited Property leasing and investment 96 217,269 4 Nigeria 4th Jan. 2005

The Company, along with its subsidiaries, make up the Regency groupThe Group does not have significant restriction on its ability to access or use its assets and settle its liabilities other than those resulting from the supervisory frame work within which the group operate. The supervisory framework require the insurance subsidiaries to keep certain levels of regulatory capital and liquid asset.

13 Deposit for shares:

Opening balance as at the beginning of the Year - - 15,460 100,000 Addition during the Year - - - 32,379 Transfer to subsidiary share capital - - (15,460) (116,919)

Balance as at 31 December - - 0 15,460

The sum of =N=15,460,072 transferred to subsidiary's share capital represents Parent's initial payment on right issue towards recapitalisation of 'Regency Nem Insurance Ghana Limited respectively

14 Intangible Assets

Intangible Assets- Computer SoftwareCOSTOpening balance as at the beginning of the Year 102,567 57,846 74,168 27,405 Exchange difference 10,055 (2,480) - - ADDITIONS 8,125 47,201 3,015 46,764




I N S U R E RRC: 023048


GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

Accumulated Amortisation Opening balance as at the beginning of the Year 50,750 36,282 32,292 21,647 Exchange difference 6,553 (1,194) - - Charge for the year 15,218 15,661 10,522 10,645


Carrying Amount as at the end of the year 48,226 51,818 34,370 41,876

Current Non-Current 48,226 51,818 34,370 41,876

The intangible assets of the group comprice the computer softwares with life span of five years. The computer softwares are accounted for using the cost model in line with IAS 38 i.e cost less accumulated armortisation and less accumulated impairment. The amortization is charged to the statement of profit or loss and other comprehensive income in line with the Company's policy. There were no indication of impairment on the intangible asset, hence no impairment was recorgnised.

15. Investment Properties

Opening balance as at 1 January 116,919 100,000 - -Addition During the Year - 16,919 -

Balance as at 31 December 116,919 116,919 - -

Current 116,919 116,919 - -

Non-Current

The Investment Properties represent the subsidiary's (Ric Properties and Investment Limited) blocks of student's hostel, the carrying amount represents the purchase and development cost as at reporting date, the Group applied cost model in valuation of its Investment Properties, the Investment Properties were not depreciated as they were still under construction, there were no indication of impairment as at reporting date, hence the investment properties were not impaired. There are no restriction on the realisability of the investment properties or the remittance of income and proceeds of disposal.


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I N S U R E RRC: 023048





I N S U R E RRC: 023048



16. C

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L

I N S U R E RRC: 023048



GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

17. Statutory Deposits

Openning balance 324,302 320,513 300,000 300,000 Exchange difference 8,933 (1,932) - - Addition During the year 43,297 5,721 - -

Carrying Amount as at the end of the year 376,532 324,302 300,000 300,000

Current Non-Current 376,532 324,302 300,000 300,000

The Statutory Deposit represents amounts deposited with the Central Bank of Nigeria(CBN) pursuant to Section 10(3) of the Insurance Act,2003. The deposits are not available for use by the Group on a normal course of day to day business.The Parent has statutory deposit of =N=300,000,000.00 with (CBN) in line with Insurance Act,2003 .The movement in the Group represent the addition during the year from the subsidiary (Regency Nem Insurance Limited Ghana) in line with Insurance Act (724),(73) of National Insurance Act 2006, Ghana.

18. Insurance Contract Liabilities

Provision for unearned premium (note 18.a) 1,687,404 1,536,691 983,122 1,219,695 Provision for outstanding claims (note 18.b) 221,814 198,966 123,468 44,682 Incurred But Not Reported (IBNR) (18.c) 350,736 360,733 350,736 352,649

2,259,954 2,096,391 1,457,326 1,617,026 Current 2,259,954 2,096,391 1,457,326 1,617,026 Non-Current

Allocation of Asset To Policy holders fund

Cash and Cash Equivalients 1,644,372 2,096,391 1,457,326 1,617,026Other Assets 615,582 - - -

2,259,954 2,096,391 1,457,326 1,617,026

The above figures for the Company were based on independent actuaries valuation report authorised by Junaid Akram on behalf of TAF Consulting Nigeria Limited. A professional actuary registered in Nigeria with the Financial Reproting Council of Nigeria with registration no-(FRC number 'FRC/2014/NAS/00000006904')

18a. Movement in unearned premuim provision(UPR):

Openning balance 1,536,691 1,327,968 1,219,695 1,060,115 Movement during the year 150,713 233,935 (236,573) 159,580 Exchange difference - (25,212) - -

Carrying Amount as at the end of the year 1,687,404 1,536,691 983,122 1,219,695

The company does not make provision for premium deficiency. This is because all classes of business in which the company is involved report a profit i.e the premium written is in excess of claims incurred.

18a. (i) Provision for unearned premium

General Accident 204,981 332,121 139,663 312,692 Oil and Gas 196,765 252,859 196,765 252,859 Fire 163,912 101,499 52,980 55,381 Motor 440,683 244,122 114,197 125,341 Aviation 1,512 945 1,512 945 Bond 98,515 62,273 879 1,155 Engineering 325,598 221,946 271,764 183,978 Marine 242,942 312,401 204,004 286,118 Emp/Liability 12,495 8,524 1,358 1,226

1,687,404 1,536,691 983,122 1,219,695

18. b Movement in outstanding claims provision:

Openning balance 198,966 156,726 44,682 116,305 Exchange diffence 25,904 (26,504) - - Claims incurred in the current year 1,084,604 930,109 397,347 531,056 Claims paid during the year (1,087,660) (981,210) (318,561) (602,678)




I N S U R E RRC: 023048



GROUP COMPANY 2016 2015 2016 2015

N'000 N'000 N'000 N'00018.b (I)Provision for outstanding claims

General Accident 24,218 14,702 18,217 6,404 Oil and Gas 45,613 10,700 45,613 10,700 Fire 16,623 88,501 3,016 1,567 Motor 83,565 43,822 36,850 16,847 Aviation 600 400 600 400 Bond 20,132 4,047 30 30 Engineering 20,775 20,034 16,965 4,578 Marine 7,468 14,436 2,128 4,099 Emp/Liability 2,820 2,324 50 58

221,814 198,966 123,469 44,682

18.c Incurred But Not Reported (IBNR) Opening balance 360,733 444,688 352,649 436,604 Movement during the year (9,997) (83,955) (1,913) (83,955)

- - - Carrying Amount as at the end of the year 350,736 360,733 350,736 352,649


The Group

18. b(ii) Age analysis of Outstanding Claim Year 2016

OUSTANDING CLAIM TOTAL OUTSTANDING CLAIMS

PER CLAIMANT 0-90 DAYS 91-180 DAYS 181-270 DAYS 271-365 DAYS 365 DAYS +

1 - 250,000 5,368 839 570 10,480 10,753250,001 - 500,000 31,526 5,039 2,884 2,374 45,403500,001 - 1,500,000 4,484 6,306 10,846 10,406 3,0591,5000,001 - 2,500,000 14,089 0 4,176 0 02,500,001 - 5,000,000 9,902 12,452 4,608 3,945 5,4185,000,001 - ABOVE 11,207 0 0 0 5,681GRAND TOTAL 76,575 24,636 23,084 27,205 70,314

The Group

18.b(iii) Age analysis of Outstanding Claim Year 2015



1 - 250,000 5,656

2,182

1,451

2,183 11,076250,001 - 500,000 51,510

722

477

- 637500,001 - 1,500,000 5,929

975

2,527

- 1,7511,5000,001 - 2,500,000 32,171

- 4,176

- 6,0592,500,001 - 5,000,000 6,571

11,301

2,815

3,945 4,836

5,000,001 - ABOVE 8,960 - - 11,500 19,555GRAND TOTAL 110,797

15,180

11,446

17,628 43,914

The Company

18.b(iv) Age analysis of Outstanding Claim Year 2016



1 - 250,000 1,700 839 458 370 10,753250,001 - 500,000 1,287 1,472 1,201 2,374 45,403500,001 - 1,500,000 4,484 5,331 1,319 4,638 3,0591,5000,001 - 2,500,000 1,778 0 0 0 02,500,001 - 5,000,000 3,691 6,400 4,608 0 5,4185,000,001 - ABOVE 11,207 0 0 0 5,681GRAND TOTAL 24,146 14,043 7,585 7,382 70,314

The Company

18.b(v) Age analysis of Outstanding Claim Year 2015

TOTAL OUTSTANDING CLAIMS


1 - 250,000 1,988 2,182 1,441 2,183 11,076250,001 - 500,000 271 722 - - 637500,001 - 1,500,000 707 - - - 5501,5000,001 - 2,500,000 - - - - 2,500,001 - 5,000,000 3,360 5,250 2,815 - 5,000,001 - ABOVE - - - 11,500GRAND TOTAL 6,326 8,154 4,256 13,683 12,263

Claim Development tables

In addition to scenario testing, the development of insurance liabilities provides a measure of the Group’s ability to estimate the ultimate value of claims. The top half of each table below illustrates how the Group’s estimate of total claims outstanding for each year has changed at successive year-ends. The bottom half of the table reconciles the cumulative claims to the amount appearing in the consolidated Financial Position.

Claims Paid Triangulations as at December 2016

GENERAL ACCIDENT Development Year

Accident year 1 2 3 4 5 6 7 8 9

pre-2008 42,102 42,102 42,445 42,445 42,445 49,161 53,719 53,719 53,7192008 90,979 90,979 106,399 108,281 108,773 137,127 141,863 142,282 142,2822009 - - 56,595 163,784 166,747 194,741 195,534 200,253 200,2532010 - - 35,748 58,252 72,020 98,612 102,224 111,513 112,3782011 - - - 53,245 98,168 101,705 102,301 103,507 105,7872012 - - - - 19,070 38,710 42,224 56,720 58,1722013 - - - - - 38,577 124,119 159,145 160,4042014 - - - - - - 94,081 137,109 140,9142015 - - - - - - - 68,346 84,6992016 - - - - - - - 28,703

MOTOR

Development Year

Accident year 1 2 3 4 5 6 7 8 9

pre-2008 5,539 5,539 5,759 5,759 5,759 5,759 5,765 5,765 5,7652008 143,831 143,831 175,330 175,773 175,773 193,902 194,096 194,648 194,6482009 - - 118,202 118,330 125,797 139,594 139,734 142,368 142,3682010 - - 254,283 278,925 280,619 296,203 297,897 299,100 299,1242011 - - - 59,731 91,065 107,720 107,748 110,972 110,9722012 - - - - 58,486 88,956 91,287 93,508 95,6892013 - - - - - 66,924 118,569 121,113 125,9492014 - - - - - - 165,710 202,310 202,8152015 - - - - - - - 75,061 92,0052016 - - - - - - - - 63,954

FIRE

Development Year

Accident year 1 2 3 4 5 6 7 8 9

pre-2008 3,534 3,534 3,924 3,924 3,924 7,499 7,506 10,043 10,0432008 47,500 47,500 47,587 48,990 48,990 53,392 53,445 53,445 53,4452009 - - 50,849 59,007 59,007 60,486 60,547 60,547 60,5472010 - - 14,304 15,959 17,092 21,234 21,484 21,543 21,5432011 - - - 36,753 106,881 127,274 127,432 127,463 127,4632012 - - - - 23,590 42,239 43,383 52,631 52,6312013 - - - - - 10,048 60,918 61,117 61,3052014 - - - - - - 73,335 122,014 122,7902015 - - - - - - - 39,612 41,1252016 - - - - - - - - 25,483

ENGINEERING

Development Year

Accident year 1 2 3 4 5 6 7 8 9

pre-2008 4,631 4,631 4,631 4,631 4,631 4,631 11,081 11,081 11,0812008 7,800 7,800 16,067 16,067 16,067 16,067 16,083 16,191 16,1912009 - - 219 490 490 1,836 7,519 7,519 7,5192010 - - 1,348 1,928 1,928 1,928 2,054 2,214 2,2142011 - - - 5,636 7,280 9,235 9,289 11,438 11,4752012 - - - - 307 6,323 7,112 7,366 7,6042013 - - - - - 452 7,645 8,457 10,5112014 - - - - - - 7,951 21,458 24,3242015 - - - - - - - 17,541 29,8532016 - - - - - - - - 21,816

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OIL & GASDevelopment Year

Accident year 1 2 3 4 5 6 7 8 9 pre-2008 - - - - - - - - -

2008 - - - 687 687 687 688 688 6882009 - - 60,958 60,958 60,958 60,977 66,002 66,002 66,0022010 - - 15,544 16,114 41,705 41,705 42,043 44,835 44,8352011 - - - 30,121 116,603 120,753 140,613 140,946 140,9462012 - - - - - 15,733 62,312 112,663 144,3672013 - - - - - - 1,851 1,851 13,8562014 - - - - - - - 19,408 19,4082015 - - - - - - - 48,082 48,0822016 - - - - - - - - 2,220

MARINE HULL Development Year

Accident year 1 2 3 4 5 6 7 8 9pre-2008 4,602 4,602 4,602 4,602 4,602 5,945 11,612 11,612 11,612

2008 - - 306 306 306 2,617 2,619 2,619 2,6192009 - - - 7,105 7,105 8,999 14,419 14,419 14,4192010 - - - 331 331 331 331 331 3112011 - - - 1,289 1,289 9,594 9,603 9,603 9,6032012 - - - - 2,097 2,097 2,099 2,099 2,0992013 - - - - - 1,769 3,162 3,162 3,1622014 - - - - - - 5,724 5,769 5,7692015 - - - - - - - 2981 2,9812016 - - - - - - - - 5,973

EMPLOYER LIABILITIESDevelopment Year

Accident year 1 2 3 4 5 6 7 8 9pre-2008 873 873 873 873 873 873 8,922 8,922 8,922

2008 10,452 10,452 13,247 13,494 13,494 49,474 56,390 56,390 56,3902009 - - 7,457 7,457 7,457 27,495 27,522 27,522 27,5222010 - - 10,311 21,058 21,638 65,446 65,511 66,048 66,0482011 - - - 11,730 12,395 13,869 13,883 13,883 13,8832012 - - - - 1,185 3,154 4,556 4,556 4,5562013 - - - - - 4,403 5,056 5,335 5,3352014 - - - - - - 44 44 442015 - - - - - - - - 1,6192016 - - - - - - - - 674

MARINE CARGODevelopment Year

Accident year 1 2 3 4 5 6 7 8 9pre-2008 - - - - - - 1,350 1,350 1,350

2008 - - - - - 2,390 2,392 2,392 2,3922009 - - 12,560 12,560 12,560 12,560 15,780 15,780 15,7802010 - - - - 50,000 50,000 50,050 50,743 50,7432011 - - - 514 7,089 11,113 20,585 20,585 20,5852012 - - - - 593 1,218 1,300 1,576 1,5762013 - - - - - - 426 426 4262014 - - - - - - 96,537 103,768 104,0972015 - - - - - - - 23,820 26,7052016 - - - - - - - - 199

AVIATIONDevelopment Year

Accident year 1 2 3 4 5 6 7 8 9pre-2008 - - - - - - - - -

2008 - - - - - - - - -2009 - - - - - - - - -2010 - - - - - - - - -2011 - - - - - - - - -2012 - - - - - 247 247 264 2642013 - - - - - 271 2,962 2,962 2.9622014 - - - - - - - 7,591 7,5912015 - - - - - - - 10,152 11,0202016 - - - - - - - - 6,613


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GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

19 Trade Payables

Deposit and Other Accounts-(Ric Microfinance Bank) 46,145 25,434 - - Other trade payable- supplier of car trackers - 668 - -

46,145 26,102 - -

Current 46,145 26,102 - Non-Current - -

19.1 (a) Summary:

Current Deposit Account 19,854 5,384 Savings Deposit Account 16,762 2,678 Fixed Deposit Account 9,529 17,372

46,145 25,434 - - (b) Maturity profile:

Under 1 Month 4,262 4,978 1-3 months 5,395 2,440 6-9 Months 36,487 4,750 9-12 Months - 13,265 Above 12 Months - -

46,145 25,433 - -

20 Provision and Other Payables

CBN MSME Dev't Fund 21,403 50,000 - - (b). Others Provision and Payable 268,264 83,500 120,257 49,382

289,667 133,500 120,257 49,382

Current 289,667 83,500 120,257 49,382 Non-Current - 50,000 - -

CBN MSME Dev't Fund belong to the Subsidiary (Ric Microfinance Bank Limited) Micro Small and Medium Enterprises Development Fund is an intervention fund Given By Central Bank of Nigeria to Nigerian Microfinance Bank to boost small and medium scale enterprises The carrying amounts disclosed above approximate the fair value at the reporting date.

20(b).Analysis of Other Provision and PayblesAccrued Rental Income 1,408 3,521 1,408 3,521 Accrued Expenses 100,914 62,044 100,914 27,927 Other trade payable 148,006 50,000 - - Unclaimed Dividend 17,935 17,935 17,935 17,935

268,264 133,500 120,257 49,382

Current 268,264 83,500 120,257 49,382 Non-Current - 50,000 - -

21 Retirement Benefits ObligationsBalance as at the beginning of the period 2,700 5,278 2,166 5,226 Charge to Income Statement 31,919 37,516 31,919 30,621

34,619 42,794 34,085 35,846

Benefit Paid During the Year (31,908) (40,094) (31,374) (33,681)



The Company runs a defined contributory plan in accordance with the Pensions Reform Act where contributions are made to approved pension fund administrator.


I N S U R E RRC: 023048


GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

22 Income Tax Liabilities

a Per Statement of Profit or Loss and Comprehensive IncomeIncome Tax Expense for the yearIncome Tax, based on current results 146,894 213,211 77,519 183,227 Education Tax 11,888 9,025 11,359 8,616

158,782 222,236 88,877 191,843

National Fiscal Stabilisation Levy 12,648 3,135 - - Information Technology Levy 5,329 4,947 5,329 4,947 Charged for the year 176,759 230,318 94,206 196,790 Deferred Income Tax movement (note 23 b) (26,256) (34,181) (31,872) (35,424)

150,502 196,137 62,334 161,366

b Per Statement of Financial Position

The movement on tax payable account during the period is as follows:

Balance as at 1 January 270,911 188,376 265,961 159,171 Charge for the year 176,759 230,318 94,206 196,790 Tax Paid (204,845) (144,065) (117,671) (90,000)Translation difference 11,406 (902) - -

254,231 273,728 242,497 265,961

Prepaid Income Tax - (2,816) - -


Current 245,562 273,728 242,497 265,961 Non-Current - -

Prepaid income tax for year 2015 represents advance tax paid by Subsidiary 'Regency Alliance Ghana Limited' to Ghana Revenue Authority which will be used to offset future tax liability.Current income tax is the amount of income tax payable on the taxable profit for the year determined in line with the relevant tax legislation.

The tax on the Company’s profit before tax differs from the theoretical amount as follows:

Profit before income tax 760,625 569,249 532,928 494,695 Tax calculated at the tax rate of 30% (Nigeria) 218,305 117,249 159,879 98,939 Effect of: - - - - - Income not subject to tax (13,223) (24,923) (13,223) (24,659)- Expenses not deductible for tax purposes 59,164 139,412 44,449 121,302 Expenses deductible for tax purposes (117,352) (18,526) (113,585) (12,354)Education Tax 11,888 9,025 11,359 8,616 Information Technology Tax 5,329 4,947 5,329 4,947 National Fiscal Stabilisation Levy 12,648 3,135 - - Deferred tax (26,256) (34,181) (31,872) (35,424)

150,502 196,137 62,334 161,366

23 Deferred Tax LiabilitiesBalance as at 1 January 122,229 158,172.00 118,484 155,388 Movement during the period (26,256) (34,181) (31,872) (36,904)Translation difference (7,979) (1,762) - -

87,994 122,229 86,612 118,484

Transfer to Deferred Tax Asset (1,382) - - -


Current 86,612 122,229 86,612 118,484

Transfer to Deferred tax asset represents the Subsidiary 'Regency Nem Ghana Limited' defferred tax asset which will be used to offset future tax liability where applicable.


I N S U R E RRC: 023048




GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

Group Balance as Change/(credit) Charge/(credit) Balance as

at 1 Jan. 2016 to income to other Comp. 31 Dec. 2016

income

Movement in deferred tax LiabilitiesProperty and equipment 16,858 (24,753) - (7,895)Unrealised Gaing on foreign currency translation (619) (34,295) - (34,914)Unrealised fair value gain/(loss) 109,703 27,176 - 136,879 Provisions for claim (3,712) 5,616 - 1,904 Translation difference - - - (7,980)

122,230 (26,256) - 87,994

Company Balance as Change/(credit) Charge/(credit) Balance as

at 1 Jan. 2016 to income to other Comp. 31 Dec. 2016

income

Movement in deferred tax LiabilitiesProperty and equipment 8,747 (24,753) - (16,006)Unrealised fair value gain/(loss) 109,737 27,176 - 136,913 Unrealised Gaing on foreign currency translation - (34,295) - (34,295)

118,484 (31,872) - 86,612

Deferred tax asset and liabilities are offset when there is legally enforceable right to offset current tax asset against current tax liabilities and when the deferred income taxes asset and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on net basis.

24 Bank Overdraft

Balance as at 1 January - - - - Movement during the period 16,055 - - - Balance as at 31 December 16,055 - - -

This represent the subsidiary's Regency Nem Ghana Limited obligation to Ghana Financial institutions

25 Share Capital

Share capital comprises:Authorised Share Capital12,000,000,000 Ordinary shares of 50k each 6,000,000 6,000,000 6,000,000 6,000,000

Issued and fully Paid Share Capital6,668,750,000 Ordinary shares of 50k each 3,334,375 3,334,375 3,334,375 3,334,375

26 Contigency Reserves

Balance as at 1 January 1,003,636 874,606 913,852 813,980 Transfer from retained earnings 137,867 129,030 94,119 99,873 Translation difference 30,276 - - -

Balance as at 31 December 1,171,779 1,003,636 1,007,971 913,852

25(a). Analysis of Parent's Contigency ReserveGross Premium Written 3,100,740 3% 93,022 Net Profit (Profit After Tax 470,594 20% 94,119

In compliance with Section 21 (1) of Insurance Act 2003, the contingency reserve for non-life insurance business is credited with the greater of 3% of total premiums, or 20% of the profits. This shall accumulate until it reaches the amount of greater of mininum paid up capital or 50% of net premium.


I N S U R E RRC: 023048



GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

27 Retained Earnings

Balance as at 1 January 259,037 21,262 426,447 192,991 The movement in this account was as follows:Transfer from Statement of comprehensive income 544,635 363,138 470,594 333,329 Transfer to contigency reserve (137,867) (129,030) (94,119) (99,873)Dividend Approved and Paid during the year (200,063) - (200,063) - Changes in value of subsidiaries 24,816 9,658 - - Translation difference 70,865 (5,991) - -


28 Fair Value Reserves

Balance as at 1 January 903 4,410 (1,153) 2,301 Fair value changes in Value of Quoted Shares (net of deferred tax) 2,235 (3,507) 2,235 (3,455)Translation difference (2,056) - - -

Balance as at 31 December 1,082 903 1,081 (1,153)

29 Other - Foreign Exchange Translation Reserves

Balance as at 1 January (72,686) (59,507) - -

Movement 92,837 (13,179) - -

Balance as at 31 December 20,151 (72,686) - -

30 Gross Premium Written

General Accident 731,897 826,270 554,145 756,665 Oil/Gas 913,198 1,002,465 913,198 1,002,465 Fire 574,469 353,534 272,588 199,808 Motor 1,332,028 771,726 443,555 410,937 Aviation 13,465 24,708 13,465 24,708 Bond 272,690 240,873 6,990 91,834 Engineering 611,226 433,070 464,725 339,436 Marine 533,415 616,008 427,453 499,984 Emp/Liability 34,928 32,478 4,621 3,256

Total 5,017,315 4,301,132 3,100,740 3,329,094

30(a). Gross Premium Written 5,017,315 4,301,132 3,100,740 3,329,094 Change in UPR 283,676 (233,935) 236,573 (159,580)

Gross premium Income 5,300,991 4,067,197 3,337,313 3,169,514

31 Gross Premium IncomeGeneral Accident 919,293 716,349 727,174 654,129 Oil/Gas 969,292 946,325 969,292 946,325 Fire 571,630 358,506 274,989 221,316 Motor 1,359,619 778,044 454,699 447,552 Aviation 12,898 27,456 12,898 27,456 Bond 281,420 219,328 7,266 94,706 Engineering 528,281 473,186 376,939 374,927 Marine 621,543 519,027 509,567 399,126 Emp/Liability 37,014 28,846 4,489 3,976

Total 5,300,991 4,067,067 3,337,313 3,169,514

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GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

32 Reinsurance Expenses

Prepaid reinsurance at the beginning of the year 900,207 628,177 825,922 579,911 Exchange difference - (4,862) - -

Reinsurance cost during the year 1,657,395 1,524,441 1,287,554 1,306,104 Total 2,557,602 2,147,756 2,113,476 1,886,014 Prepepaid reinsurance at the end of the period carry forward 783,376 900,207 667,324 825,922 Reinsurance expenses (1,774,226) (1,247,549) (1,446,152) (1,060,092)

32(a). For the purpose of cashflow statement,

reinsurance expenses is reconciled as follows: 1,657,394.66 1,524,440.55 1,287,554.10 1,306,103.52 Reinsurance expenses as per income statement 1,774,226 1,247,549 1,446,152 1,060,092 Add reinsurance cost at the end of the year 783,376 900,207 667,324 825,922 Less rensurance cost at the beginning of the year (900,207) (628,177) (825,922) (579,911)Exchange difference - 4,862 -

- Reinsurance expenses as per statement of cash flows 1,657,395 1,524,441 1,287,554 1,306,104

32(b). Reinsurance Expenses

General Accident 372,839 181,206 361,019 158,723 Oil/Gas 556,156 513,947 556,156 513,947 Fire 184,257 214,959 148,807 154,217 Motor 279,281 21,694 46,308 2,335 Bond 16,371 24,369 1,652 1,164 Engineering 129,625 73,251 113,257 65,506 Marine 235,294 217,790 218,954 163,866 Emp/Liability 404 334 - 334 Total 1,774,226 1,247,549 1,446,152 1,060,092

33 Fees and Commission Income - General Accident 17,169 18,331 5,896 11,152 Oil & Gas 167 - 167 - Fire 60,290 56,462 23,217 33,106 Motor 70,518 5,709 303 828 Aviation - 52 - 52 Bond 8,619 7,553 248 227 Engineering 18,477 13,678 7,516 9,514 Marine 31,126 32,943 12,457 15,211 Emp/Liability 244 - - Total 206,611 134,728 49,804 70,091

34 Claim Expenses (Gross)

Current Year Claim Paid 1,181,757 981,210 318,561 602,678 (Increase)/decrease in Outstanding Claim (97,153) 32,853 78,787 (71,623)Outstanding Claim -IBNR (1,913) (83,954) (1,913) (83,954)Gross Claim Incurred 1,082,691 930,109 395,434 447,101

34(a). For the purpose of cashflow statement, gross

claim paid is reconciled as follows:

Gross Claim Incured 1,082,691 930,109 395,434 447,101 Movement in outstanding claim 97,153 (32,853) (78,787) 71,623 Movment in IBNR 1,913 83,954 1,913 83,954 Claim Expenses (Gross) 1,181,757 981,210 318,561 602,678

35 Claim Recovered from Reinsurance

Reinsurance Receipt on Claim Paid 151,628 61,997 31,327 99,248 Changes In Reinsurance Share of Outstanding Claim 18,827 279,870 18,827 (61,997)Changes In Reinsurance Share of IBNR 555 (66,439) 555 101,471

171,009 200,357 50,709 19,735


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GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

35(a)For the purpose of cashflow statement, reinsurance

recoverables which involve payment of cash is reconciled as follows

Recovery from reinsurance as per Income Statements 171,009 200,357 50,709 19,735 Reinsurance claim recoverables on outstanding claims/IBNR (18,827) 79,513 (18,827) 79,513 Reinsurance recoverables as per reinsurers debit/credit notes (555) (190,239) (555) (81,316)Reinsurance claim recovery as per statement of casflows 151,628 89,631 31,327 17,932

35.(b) Outstanding ClaimBalance as at 1 January 198,966 156,726 44,682 116,305 Exchange difference (4,660) (9,387) - - Balance as at 31 December (97,153) 198,966 123,469 44,682 Translation difference(Increase)/decrease 97,153 32,854 78,787 (71,623)

35 (c) IBNRBalance as at 1 January 360,733 444,688 352,649 436,604 Exchange difference (8,084) - - -


(Increase)/decrease (1,913) (83,955) (1,913) (83,955)

35(c)Net Claims ExpensesGeneral Accident 112,356 182,425 65,541 177,164 Oil & Gas 78,483 152,929 78,483 152,929 Fire 4,957 78,398 10,550 (49,533)Motor 420,879 163,753 134,518 66,269 Aviation 10,146 10,341 10,146 10,341 Bond 173,235 22,317 350 (3,177)Engineering 35,945 68,458 41,014 55,735 Marine 44,125 46,917 1,193 22,168 Emp/Liability 31,555 4,213 2,931 (4,531)

Total 911,681 729,751 344,725 427,366

36 Underwriting Expensesa Acquisition Cost 626,894 587,417 335,764 424,169 b Maintenance Cost 193,209 98,731 141,833 98,731

820,103 686,148 477,597 522,899

Acquisition cost are commission expenses on policies issued by the company ,while maitenance cost include engineering ,surveyor and superintending fees.

a Acquisition costGeneral Accident 201,031 149,624 161,406 134,664 Oil & Gas 18,241 53,609 18,241 53,609 Fire 68,956 72,594 27,334 41,252 Motor 183,734 100,918 49,825 50,037 Aviation 1,668 1,193 1,668 1,193 Bond 44,053 22,909 1,471 1,524 Engineering 52,649 97,181 34,391 76,500 Marine 51,474 84,167 40,511 64,609 Emp/Liability 5,089 5,222 916 781

Total 626,894 587,417 335,764 424,169

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GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

b Maintenance cost

General Accident 36,562 68,371 29,569 68,371 Oil & Gas 41,959 5,367 41,959 5,367 Fire 15,282 512 7,937 512 Motor 35,689 6,928 12,058 6,928 Aviation 429 178 429 178 Bond 7,726 11 211 11 Engineering 17,149 793 13,927 793 Marine 37,535 16,571 35,601 16,571 Emp/Liability 878 - 142 -

Total 193,209 98,731 141,833 98,731

37(a) Interest Income

Interest on loan & advances 49,038 43,426 - - Interest on Fixed Deposit 13,236 7,654 - - Management Fees 13,566 6,737 - - Default Charges 7,898 5,988 - -

83,738 63,805 - -

37(b) Interest Expense

Fixed Deposit 8,022 6,771 - - Savings Account 275 228 - -

8,297 6,999 - -

38 Net Trading Income Turnover 15,589 16,101 - - Cost of sales (7,962) (8,490) - -

7,626 7,611 - -

This represents net trading income on sale of vehicle tracker by subsidiary 'Ric Technologies Limited.

39 Finance Income-(Finance Lease Rental Income) 42,275 31,566 - -

This represents income from finance lease of subsidiary (Ric Properties and Investment Limited), the Company provides finance lease for corporate body as well as individual, all lease agreement are for period of one year.

40 Finance Cost 13,895 7,826 - -

This represents cost incured on finance lease by the subsidiary (Ric Properties and Investment Limited)

41 Investment Income a Investment Income Attributable to Policyholders' Fund

Income from statutory Deposit 29,102 32,944 29,102 32,944 Income from placement with Financial Institution 58,193 35,586 39,148 35,586

87,295 68,530 68,250 68,530

b Investment Income Attributable to Shareholders'Fund

Income from placement with Financial Institution 297,991 208,809 114,316 121,239 Dividend Received 5,242 2,321 4,928 2,057

303,234 211,130 119,243 123,297

Total (a+b) 390,529 279,660 187,494 191,826

In line with NAICOM Prudential Guldline: Portion of Investment Income artributable to policyholder's fund and those artributable to Shareholders' Fund shall be presented as a sub-note under the Note on Investment Income


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GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

42 Other operating Income

a Other operating Income Attributable to Policyholders' Fund

Rental Income 10,815 15,104 10,815 15,104

b Other Income Attributable to Shareholders' Fund

Rental Income 14,533 1,661 - - Exchange Gains 139,171 20,812 141,348 6,359 Sundry Income 1,697 9,225 668 727 Income from Oil & Gas Insurance Pool 2,554 7,597 - - Written off business now received 7,574 18,437 - - Income from COT/Loan fee (Microfinance Bank) 1,749 11,459 - - Realised gain/(Loss) on PPE (819) 68 2,612 23

166,459 69,259 144,627 7,109

(a+b) 177,273 84,363 155,442 22,213

Included in sundry income is the subsidiary's Ric Microfinance Bank Limited income on search fees, SMS, ATM, returned cheque e.t.c.Written-off business now received are cash receipt from Insurance business which had been written off in the previous years in line with regulators requirement for which payment were received in the year under review for the Company and its subsidiary 'Regency Nem Insurance Limited Ghana'.

43 Employee Benefit ExpensesSalaries and Wages 497,137 372,560 223,342 232,264 Medical Expenses 18,057 21,362 13,575 13,300 Staff Training 23,025 30,261 20,875 16,193 Pension contribution cost 32,024 37,516 31,374 33,681 Staff Welfare 26,654 32,160 11,630 6,061

596,897 493,859 300,796 301,498

44 Other Operating ExpensesMotor Running Expenses 41,102 54,908 35,763 32,252 Depreciation & Amortization 182,643 97,221 79,074 59,382 Advert/Marketing Expenses 184,455 99,808 94,857 89,113 Office Repairs & Maintenance Expenses 85,746 69,216 34,038 33,550 Professional fees 84,707 52,652 40,218 36,169 Subscription & Fees 82,432 31,032 18,831 15,099 Director's Emolument 104,873 28,669 7,453 10,267 Auditor's Remuneration 11,023 6,025 4,200 2,750 Electricity/Generator Maintenance 41,648 47,458 38,366 37,138 Tours & Travel 67,897 71,540 33,782 37,854 Printing & stationery 44,001 43,067 32,355 33,803 Statutory Annual Dues and Levies 26,282 34,653 26,282 22,310 Rent 64,942 42,362 14,982 23,569 Impairment loss on trade receivables (Regency Ghana) 40,992 4,587 - - Insurance Expenses 32,099 37,043 28,850 32,052 Telephone Expenses 9,444 5,508 5,160 4,312 Postages 2,924 7,772 2,890 5,569 Contract Service Expenses 93,608 26,698 22,659 23,893 Bank charges 6,303 15,680 5,819 10,437 Newspaper & Periodicals 714 2,804 569 1,740 Board & AGM Expenses 8,720 8,764 8,720 5,817 Entertainment Expenses 1,918 6,860 1,400 2,242 Donations 2,337 3,594 1,000 1,050

1,220,811 797,921 537,267 520,366

(i) Depreciation 170,137 81,560 68,552 48,736 (ii) Amortisation 12,506 15,661 10,522 10,645

182,643 97,221 79,074 59,382

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GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

45 PROFIT BEFORE TAXThis is stated after charging:Depreciation & Amortization 182,643 97,221 79,074 59,382 Director's Emolument 104,873 28,669 7,453 10,267 Auditor's Remuneration 11,023 6,025 4,200 2,750

46 BASIC & DILUTED EARNINGS PER SHARE

Basic Earnings per share (calculated by dividing profit after tax attributable to ordinary equity holders of parent for the year), are based on the weighted average number of shares held during the year.Adjusted earnings per share is determined by dividing the profit or loss attributable to ordinary shareholders by the weighted average number of ordinary shares adjusted for the bonus shares issued.

Profit for the Year 611,199 373,112 470,594 333,329

Weighted average number of ordinary shares in issue 6,668,750 6,668,750 6,668,750 6,668,750

Basic earnings per share (in kobo) 9.17 5.59 7.06 5.00

The calculation of basic earning per share as at 31 December 2016 was based on the profit artributable to ordinary shareholders of =N=611,199,000 and =N=470,594,000 for the Group and the company respectively and waighted average number of ordinary shares outstanding of 6,668,750,000.The Group and the Company had no dilluted instruments as at 31 December 2016. Hence the basic and diluted earnings per share are equal.

47 DIRECTORS AND EMPLOYEESi The average number of full time persons employed during the year were as follows:

Number Number Number Number Management 56 57 45 44 Senior Staff 23 23 12 12 Junior Staff 119 112 69 62

198 192 126 118

ii Directors' remuneration paid during the year is analysed as follows:Directors fees 23,355 8,358 1,800 2,300 Directors other entitlements 81,518 20,311 5,653 7,967

Directors emolument 104,873 28,669 7,453 10,267

iii The directors remuneration shown above includes:The Chairman and 7 directors.The numbers of Directors who received fees and other emolument (excluding pension contribution) during the year were in the following ranges:

8 8 8 8

iv Employee cost during the year amounted to:Staff Cost 594,146 493,859 300,796 301,498

v Employees of the group, other than directors, whose duties were wholly or mainly discharge in Nigeria, received renumeration (excluding pension costs and certain benefits) in the following ranges:

N N Number Number Number Number50,000 100,000 45 21 15 11

100,001 200,000 33 39 30 30 200,001 300,000 41 40 23 23 300,001 400,000 19 9 9 9 400,001 500,000 10 18 9 9 500,001 600,000 24 35 22 18 600,001 700,000 6 5 5 5 700,001 800,000 7 5 4 4 800,001 900,000 4 7 4 4 900,001 1,000,000 6 11 4 4

Above 1,000,000 3 2 1 1

198 192 126 118


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48 Contigencies (Litigation and Claim)Contigent liabilities arise as a result of transaction entered into in the normal course of business. These include litigation arising out of insurance policies and consolidated entity's undertaking from maintenance of net worth and liquidity surport to subsidiaries. Such undertakings constitute a statement of present intent only and are not intended to give rise to any binding legal obligation.The Directors,Based on the advise of the Company Secretary/Legal Adviser Anuoluwapo Shobo (Mrs) FRC number FRC/2013/NBA/00000003654, are of the opinion that provision are not likely required in respect of these matters, as it either not probable that a future sacrifice of economic benefit will be required or the amount is not capable of reliable measurement.

49 CAPITAL EXPENDITURE COMMITMENT

There are no material capital expenditure commitment at the end of the reporting date

50 Related party transactions

(a) Parent:

Regency Alliance Insurance Plc (incorporated in Nigeria) is the ultimate parent company of the Group.Subsidiaries:

All intergroup transaction between the parent and its subsidiaries has been eliminated on consolidation.The Group's effective interests and investment in the subsidiaries as at 31 December 2016 are shown below:

Entry Activity % Effect Date of incorporation

Entity /Acquisition

holding

Foreign / Insurance subsidiary:

Regency Nem Insurance (Ghana) Limited Insurance 42 395,077 2015

Domestic / non-Insurance subsidiaries:

RIC Microfinance Bank Limited Banking operation 95 161,396 17th December, 2008RIC Technologies Limited Sale of vehicle trackers 90 11,720 18th April, 2009RIC Properties and Investment Limited Property leasing and investment 96 217,269 4th January, 2005

(b) Transaction between Regency Alliance Insurance Plc and its sunsidiaries which has been elimilated on consolidation were shown below;

(i) Due from subsidiaries

2016 2015 2016 2015

=N='000 =N='000 =N='000 =N='000

Ric Microfinance bank Limited 45,908 59,958 - - Regency Nem Insurance Limited Ghana - 2,987 - - Ric Properties and Investment Limited 101,496 - - - Ric Technologies Limited - - - - Total 147,403 62,945 - -

(ii) Due to Subsidiaries Nil Nil Ric Properties and Investment Limited - - 0 - Ric Technologies Limited - - 0 - Total - - - -

(C) Transaction with Key management personnel

Key management personnel is defined as the Group's executive and non-executive directors, including their close members of family and any entity over which they exercise control. Close members of family are those family members who may be expected to influence, or be influenced by that individual in their dealings with the Group influence, or be influenced by that individual in their dealings with the Group.

( i ) Key management Personel compensation

The Compesation to key management personnel comprised the following:

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GROUP COMPANY

2016 2015 2016 2015 N'000 N'000 N'000 N'000

Short Term benefit 104,873 28,669 7,453 10,267

Total 104,873 28,669 7,453 10,267

(ii) Key Management Personel and Director TransactionsKey management Personel engaged in the following transactions with the Company during the Year;

Directors Transactions Transaction Values Transaction Values Transaction Values Transaction Valuesfor the year ended for the year ended for the year ended for the year ended

12/31/2016 12/31/2015 12/31/2016 12/31/2015 N'000 N'000 N'000 N'000

Chief Wale Taiwo Retainership fee 360 360 360 360

( iii ) Staff Advances to key management StaffOmololu Fatunbi 1,589 1,800 - -

Bode Oseni 5,554 5,084 - -

7,143 6,884 - -

51 Contraventions and penalties

During the year, The Company paid penalties to requlatory bodies for the following contraventions:Excess deposit in a Bank-NAICOM =N=500,000Late submission of 3rd Quarter Report - NAICOM =N=5,000

52 Events After the end of the Reporting Year

No significant event that requires special disclosure occurred between the reporting date and the date when the financial statements were issued.

52 Comparative

Where necessary, comparative figures have been adjusted to comform with changes in presentaion in the current period.

Dividend

A dividend of 3 kobo per share amounting to =N=200 million naira in respect of the year ended December 2016 is to be proposed by the directors at the Annual General Meeting.The dividend has not been included as a liability in these financial statement.


53.0 ENTERPRISE RISK MANAGEMENT

53.1 Introduction and review

Effective capital and risk management is fundamental to the business activities of Regency Alliance insurance Plc. ("the Group").

As a result, we employ the best risk management practices applicable in our operating environment with a view to identifying, measuring, monitoring, controlling and reporting every material risk prevailing in our business operation. The Group's ERM framework is in line with Committee of Sponsoring Organizations of the Treadway Commission (COSO) as approved by the insurance industry regulator (NAICOM), to identify, assess, manage and monitor the risks inherent in our operations.

Principles

� The Group will accept only the risks that fall within its risk appetite.� The Group's ERM risk principles will not be compromised; rather it shall identify, evaluate, manage, control and

communicate as possible all risks within the organization.� The Group will continually build and entrench an enduring risk culture, which shall pervade the entire

organization.� The Group will always comply with all government regulations and uphold international best practice.

ERM Strategy

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Enterprise Risk Management


Internal Environment: considers how the Group's history, culture, values, organizational structure, strategy, policies and procedures affects its risk culture. It forms the foundation for defining the Group's risk approach appetite.

Objective Setting: This involves setting of strategic objectives for the Group through its risk strategy. The Group's risk tolerance and the alignment between its risk appetite and its objectives form part of the overall Group strategy.

The risk appetite is determined, while risk tolerance, the acceptable level of variation around the objectives, is aligned with risk appetite.

Event Identification: describes those developments either internal or external to the Group that could significantly affect its ability to meet its strategic objectives, either positively or negatively. To assure that the full scope of the Group is considered, event and trend identification is done broadly engaging a cross-section of Group staff.

Risk Assessment: Describes the extent to which potential events and trends might affect the Group's objectives. Events and trends are assessed by two criteria - impact and likelihood. Risk assessments can be done by qualitative and/or quantitative methods. Inherent and residual risk assessments are employed. Both positive and negative impacts and likelihoods are evaluated. A catalogue of the full spectrum of risks, with impacts and likelihoods evaluated, form the Group's risk register.

Risk Response: Identifies and evaluates possible responses to risk, assesses options in relation to the Group's risk appetite, cost vs benefit of potential risk responses, and degree to which a response will reduce impact and/or likelihood. Such proposed responses are selected and executed based on evaluation of the portfolio of risks and responses.

Control Activities: include policies and procedures that help ensure that the risk responses, as well as other Group directives to mitigate risks to the achievement of strategic objectives are carried out. This is enterprise wide.

Information and Communication: Management identifies, captures, and communicates pertinent information in a form and timeframe that enables people to carry out their

responsibilities. Communication occurs in a broader sense, flowing down, across, and up the organization.

Monitoring: Effectiveness of the other ERM components is monitored through ongoing monitoring activities and separate evaluations, and a combination of both.

Our approachThe Group's ERM strategy assists the group in achieving its vision and mission; it is based on developing and implementing an effective ERM Framework, which supports the delivery of sound business operations and long term growth.

As part of the risk strategy, the Group's risk management ensures the identification, treatment and quantification of all key risks. Its objective is to add maximum sustainable value to all the activities of the organization. It aids the understanding of the potential upside and downside of all those factors, which can affect the organization. It increases the probability of success; reduces both the probability of failure and the uncertainty of achieving the organization's overall objectives.

PhilosophyThe Group's risk philosophies are as stated below:

� We shall employ the best risk management practices applicable in our operating environment with a view of identifying, measuring, monitoring, controlling and reporting every material risk prevailing in our business operation to maximize our value to stakeholders.

� We would not avoid risk but manage it. Risk controls would not constitute an impediment to the achievement of our strategic goals.

� We would continually review our activities to determine the level of risks inherent in them and adopt appropriate risk response at all times.

� We would continue to adopt a holistic and integrated approach to risk management and, therefore, bring all risks together under one or a limited number of oversight functions.

Our decisions would be based on careful analysis of the implications of such risk to our strategic goals and operating environment.

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Enterprise Risk Management (cont’d)

53.2 Enterprise Risk Management (ERM)

Framework

The Enterprise Risk Management (ERM) Framework is a Board approved document which defines how managing risk is a part of the day to day management of the Group. It is inherent within the strong working practices and incorporates the Governance Framework, Risk Profiling Process, Risk Appetite, Reporting Processes, Culture and Communications.

Governance FrameworkThe Group's governance framework involves the following key components namely: understanding of our lines of defence, visibility of key functions, ensuring that each strategic staff is a fit & proper person, defining various roles and responsibilities and clearly defined policies, procedures with effective internal control systems in the organisation. The ERM framework and other formal risk policies are part of the governance process for running the business and in doing so, it will maintain core business critical high risk functions in house, outsourcing where appropriate from a commercial and risk perspective.

The Group's three Lines of DefenceThe group recognises the three lines of defence as integral to the control environment as detailed below:

First line (1st line) - Business Management and Risk

OwnersThe Board, Management and Risk Owners act as a primary line of defence, identifying risks, implementing a control structure that is operated continually, to identify

and prevent errors and if errors occur, to rectify the current event and to ensure lessons are learnt and a similar incident is prevented in future. They ensure that all risks are contained within the appetite and that appropriate information is received to monitor adherence. In some instances, other departments act as intermediate lines of defence for errors that take place in other parts of the business. Such functions include, but are not limited to Finance, Underwriting and Claims.

Second line (2nd line) - Non-independent Functions

who provide challenge Functions which operate in this area tend to be independent of the business lines and provide review and challenge over the effectiveness of the control environment in place to manage the risks identified, in some cases conducting ad-hoc checks. These functions are assurance providers to the Board and include Compliance, Risk Management Functions.

Third line (3rd line) - Independent AssuranceInternal Audit act as the third line of defence and their primary responsibility is to provide assurance to the Audit and Risk Management Committees of the Board and the Board that the controls in place to manage risks identified are operating as intended and that there are no control gaps. Internal Audit has a direct reporting line to the Audit and Risk Management Committees.


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SENIOR MANAGEMENT

BUSINESS UNITS &

SUPPORT FUNCTIONS IN

THE COMPANY

------------

BOARD OF

DIRECTORS

ENTERPRISE-WIDE

RISK MANAGEMENT

FUNCTION

BOARD RISK

MANAGEMENT

CHIEF RISK OFFICER

BOARD AUDIT

COMMITTEE

INTERNAL

AUDIT

SECOND LINE (2ND LINE)RISK OVERSIGHT, POLICY AND METHODOLOGIES

THIRD LINE (3RD LINE)INDEPENDENT ASSURANCE

FIRST LINE (1ST LINE)POLICY DIRECTION (BOARD) & DAY TO DAY RISK MANAGEMENT & CONTROLS

Board Committees Functions

�Oversight of financial reporting and accounting.�Oversight of external Auditor�Oversight of regulatory compliance�Monitoring the internal control process�Oversight of enterprise risk management

Board Audit Committee

Board Risk Management Committee �Ensuring an adequate Risk Management Framework�Defining the Group's risk appetite in line with the Group's

financial resources, business strategies, management expertise and overall willingness to take risk.

�Reviewing and approving the Risk Management policies and procedures.

�Re-evaluating the framework and risk appetite at least annually, considering changes in the risk profile of the business.


Chief Risk Officer

Enterprise-wide risk management function


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�Ensuring that the Risk Management Framework is regularly audited by appropriately trained and competent personnel that are operationally independent of the risk management activities.

�Advising the Board on the Group's risk profile and risk appetite in setting its future strategy, the current financial situation of the Group and its capacity to manage and control risks within the Group's strategy;

�Reviewing the work and reports prepared by the Chief Risk Officer ("CRO") and overseeing the effectiveness of the CRO's role.

�Develops risk management strategy, principles, framework and policy

�Implements appropriate risk management processes and methodologies

�Advises and coaches management and business units on risk management

�Monitors the application and effectiveness of risk management processes

�Coordinates appropriate and timely delivery of risk management information

�Drafts risk policies and risk management standards�Develops and implements the risk framework�Develops and distributes tools, techniques, methodologies,

common risk language, risk framework, analysis, reporting, communication and training

�Coordination, aggregation, facilitation and enabling function�Monitors the overall risk profile, including accumulations of risk,

trends, and risks from internal and external market changes�Escalates high priority issues to senior management and Board�Collates, challenges and reports on aggregate risk profile, control

effectiveness and actions taken to risk committee and Board.

�Own risks and controls�Assess risks and the effectiveness of controls in line with

documented risk policy�Design, operate and monitor a suitable system of control�Manage and review risks as part of day to day business activity

Business units

Internal audit �Monitors effectiveness of the risk management processes�Tests controls�Validates risk information and risk reporting�Identifies corrective actions�liaises with the risk management department�Reports to the Audit Committee and Board

Risk Culture"Culture clarifies the kind of behaviour acceptable in an organisation. Corporate failures occurred mainly because the written principles were simply like the good gospel preached and not practiced" - McKinsey & Co. As a group, we will continue to havea culture where effective risk management is an integral and natural part of the way we work.

The Group has adopted the following approaches;�The Board and management consciously

promote a responsible approach to risk and ensure that the long-term survival and reputation of the group is not jeopardized while expanding the group's activities.

�Building awareness by communicating risk updates and using role models in the group.

�Changing behaviour by helping staff to see risk management as important, by achieving a healthy attitude to "well-managed risk taking, by recognising and working with different perspectives on risk, by making the "risk thermostat" work well and avoiding "bottom loop" bias and by encouraging risk-based decision making.

�Taking the opportunities for culture change by taking advantage of central initiatives and by using crises and failures.

�Supporting and nurturing the new culture.�Measuring how well change is being delivered

and sustained.

Risk AppetiteRisk appetite is defined according to the COSO Framework as "the degree of risk, on a broad-based level, that a Group or other entity is willing to accept in pursuit of its goals or its value".

The Group's Risk appetite framework considers all risks across the group in an integrated manner, comprising both quantitative and qualitative elements and is aligned with our business and capital strategy. Quantitatively, our risk appetite framework is designed such that we are able to monitor and manage both total risk and fulfilment of our risk appetite within a set of pre-defined set of "hard" and "soft" boundaries or risk limits.

The Risk appetite framework is aligned with our risk policies.

Our high level risk appetite summary is as follows:�We expect our counterparty exposure to be no

greater than 1 years' profit and seek to balance reinsurance quality and diversification.

�We expect to be able to meet normal working liabilities immediately as they fall due

�We do not expect any material compliance fa i lures or breaches wi th regulatory requirements

�We do not expect any system or infrastructure failures which cause significant business disruption

�We will not incentivise people to engage in risk taking activities that fall outside our targets and appetites.

�

The Group's risk appetite is set by the Board of Directors annually, at a level that minimizes erosion of earnings or capital due to avoidable losses in the Group, or from frauds or operational inefficiencies. The Group's appetite for risk is governed by the following:

(i) Exception reporting by internal audit officers, auditors, regulators and external rating agencies;

(ii) Adverse publicity in local and international press;(iii) Frequent litigations;(iv) Payment of fines and other regulatory penalties;

and(v) Above average level of staff and customer

attrition.

The Group will not compromise its reputation through unethical, illegal and unprofessional conduct.

53.3 Enterprise risk management CategorisationThe Group and Company has identified the following broad risk areas arising from execution of its operations:�Liquidity Risk�Credit Risk�Market Risk�Operational Risk�General insurance Risk�Hazard Risk�Anticorruption Risk �Legal/Compliance Risk�Outsourcing Risk

�

Liquidity RiskLiquidity risk is the risk arising from inability to fulfill contractual and regulatory obligations as and when due owing to insufficient liquid assets.It is the policy that cash and cash equivalents are adequate to cover all expected outflows as the Group is committed to meeting all liabilities as and when due. The Group ensures that sufficient funds are available at short notice to meet such liabilities and unexpected levels of demands.

The following tables analyze the financial assets and financial liabilities by maturity date of the Group and the Company as at December 31, 2016

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Credit/Counterparty Risk

Credit / Counterparty Risk is defined as the risk of loss or adverse change in the financial position resulting directly or indirectly, from fluctuations in the credit standing of issuers of securities, counterparties and any debtors to which undertakings are exposed, in the form of counterparty default risk, or spread risk, or market risk concentrations.

Risk Identification

Subject to regulatory guidance, the philosophy of the Group is to ensure that credit is only provided to counterparties where it is believed that default is unlikely. When considering granting credit, the following is always considered:� The likelihood of a default event occurring compared to appetite�

� The likely gross credit exposure at the time of default, considering the potential for exposures to increase as a result of further drawdowns, collections and recoveries costs and other rights held by the obligor/guarantor/reinsurer which might increase the exposure.

� The likely availability and value of any specific collateral to reduce the gross exposure. Due allowance is made for the legal and financial ability of guarantors to fulfill guarantees if called upon to do so.

� Similarly, careful analysis is done to ascertain the level of protection afforded by risk netting arrangements, credit derivatives, margin and other equivalent arrangements.

� Residual likelihood of loss, with reference to all relevant domiciles, seniority of claim, likely availability of other assets, guarantees or insurances to reduce loss, legal system and political considerations as appropriate.


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GROUP Total 0-3months 3-6months 6-12months 1-5years

2016 2015 2016 2015 2016 2015 2016 2015 2016 2015

Cash and Cash equivalents 1,644,372 3,249,435 1,644,372 3,249,435Investment Securities - - - Available-for-sale 25,130 4,892 - - - - --

---

---

---

---

---

---

- - - - - -

25,130 4,892 - At fair value through profit or loss 623,807 713,856 620,755 713,856Held-to-maturity 2,392,312 - - - 2,392,312 - - - - -Loan and receivable 213,189 153,620 140,048 134,252 50,792 14,087 20,317 1,409 2,032 3,872Reinsurance Receivables 1,186,813

1,093,770

1,186,813

1,093,770

Other Receivables 420,644

250,083

420,644

250,083

Trade Receivables 127,314

87,339

127,314

87,339

Total Assets 6,633,582

5,552,994

4,139,946

5,528,734

2,443,105

14,087

20,317

1,409

27,162

8,765

Insurance Contract Liabilities 2,259,954

2,096,391

2,114,715

2,058,035

24,636

8,154

50,288

17,939

70,314

12,263

Trade Payables 46,145

26,102

46,145

26,102

Other trade payables 649,275

529,341

649,275

529,341

Total Liabilities 2,955,373

2,651,833

2,810,135

2,613,477

24,636

8,154

50,288

17,939

70,314

12,263

Excess of Assets over Liabilities 3,678,209

2,901,161

1,329,811

2,915,257

2,418,469

5,933

(29,972)

(16,531)

(43,152)

(3,498)

COMPANY Total 0-3months 3-6months 6-12months 1-5years

2016 2015 2016 2015 2016 2015 2016 2015 2016 2015

Cash and Cash equivalents 1,520,147

2,604,463

1,520,147

2,604,463

Investment Securities

- Available-for-sale 5,016

- - - - - - -

5,016

-

- At fair value through profit or loss 620,755

711,341

620,755

711,341

Held-to-maturity 1,435,039

2,782 - - - - - -

1,435,039

2,782

Loan and receivable 1,680

5,724 - - - -

1,680

5,724

Reinsurance Receivables 816,319

955,535

816,319

955,535

Other Receivables 176,561

142,407

176,561

142,407

Trade Receivables 11,976

9,675

11,976

9,675


4,431,926

3,145,758

4,423,420

1,435,039

2,782

1,680

5,724

5,016

-


1,617,026

1,369,158

1,617,026

15,180 - - -

29,074

43,914

Other trade payables 452,076

435,992

452,076

435,992 - - - -


2,053,018

1,821,235

2,053,018

15,180

-

29,074

-

43,914

-

Excess of Assets over Liabilities 2,678,091

2,378,907

1,324,523

2,370,402

1,419,859

2,782

(27,394)

5,724

(38,898)

-

--

--

--

--

--

--

---

---

---

---

---

---

- - - - - -

Risk monitoringThe Group Board Risk Committee (GBRC) is the primary executive governance and risk oversight mechanism for risk matters across the Group.

Risk oversight of credit counterparty risk on behalf of the GBRC is a responsibility of the CRO function.

Risk reportingThis section sets out the GBRC approved approach to credit risk reporting, with the overall objective of being to ensure that:�risk information supports the need of business units

and the Group to take a proactive response to developing business conditions in the context of the extent and diversification of the portfolio and the importance of individual exposures

�regulatory requirements and guidance are met

Credit portfolio modeling and reporting covers:�credit equivalent exposure reporting, including

identification of significant individual exposures�stochastic portfolio reporting making due

allowance for concentration and diversification�stress and scenario analysis relating to 1 in 25 year

adverse economic conditions

Credit counterparty risk reporting must include separate identification and assessment of problem exposures and defaulted exposures. Where appropriate the identification and assessment may be made on a portfolio rather than a case-by-case basis.

Market Risk Market Risk is defined as the risk of loss, or of adverse change in the financial situation, resulting directly or indirectly from fluctuations in the level and in the volatility of market prices of assets, liabilities and financial instruments.

Risk IdentificationThe key financial market risks that the Group is exposed to are fluctuations in the level and in the volatility of market prices of assets, liabilities and financial instruments. Financial Markets Risk is identified through a combination of asset-liability management (ALM) reporting by the business units and valuation reports provided by the Investment dept. These reports will cover the market risk based on the key ALM and economic metrics agreed by the business unit with Board Risk Committee and the Investment Committee. These reports are updated by the business unit and the Investment dept. and reviewed by the Investment Committee on a quarterly basis; or �Prior to a proposed material change in investment

policy.�After any material financial market event (i.e. equity

market movements in excess of 10% since the

previous report or the 10 year changes by more than 25 basis points since the previous report).

�After any material change in the business unit liability profile.

Aggregation of the Group's overall market risk exposure will be reported by the Actuarial Function on metrics agreed with the Board Risk Committee (BRC) and Investment Committee.

Risk monitoringThe Board Risk Management Committee is the primary executive governance and risk oversight mechanism for risk matters across the group.

Business units incurring Markets risk are required to monitor the exposure and potential for loss across all asset classes in the light of changing external market and economic factors. For each asset class of business, the Board requires:�Approp r ia te marke t r i sk managemen t

infrastructure to be established and maintained subject to oversight of the Board Risk Committee;

�Appropriate documentation to be established and maintained subject to oversight of the Group Board Risk Committee.

Risk reportingThe Group Board Investment and Risk Committee is empowered to determine the reporting and record-keeping requirements for Markets Risk across the Group proportionate to the nature of risk taking activities and sufficient to comply with all regulatory rules and guidance.In addition, it ensures that a. reporting of derivative contracts and/or structured

investment products is appropriate to the transaction volumes and purposes for which such risks are undertaken.

b. appropriate economic analysis and market data is available to it to ensure that risks are fully identified and to ensure a proper context for potential management actions.

Interest rate riskThe Group is moderately exposed to interest-rate risk through its conservative investment approach with high investment in fixed interest income and Money Market instruments with little or no fluctuation in rates. The fluctuations in interest rates cannot significantly impact the group financial position as interest-rate bearing liabilities are quite small compared with the interest-rate earning assets.

Foreign currency exchange riskThe Group is exposed to foreign exchange currency risk primarily through certain transaction denominated in foreign currencies.

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The Group has US Dollar, Euro and GB Pound-denominated bank balances. At the year end, the foreign currency investments held in the portfolio were cash and cash equivalents. In addition, there are liabilities arising from transactions done using foreign currency. The Group ensures that balances held in foreign currency meet estimated liabilities in such currencies.

The carrying amounts of the Group's and Company's cash and cash equivalent on a currency by currency basis is as indicated in the following table

The Group further manages its exposures to foreign exchange risk using sensitivity analysis to assess potential changes in the value of foreign exchange positions and impact of such changes on the Group's investment income. There have been no major changes from previous year in the exposure to risk or policies, procedures and methods used to measure the risk.

Equity riskThe Group's investment policy establishes limits (as approved by the Board) on the level of risk in the investment portfolio. By so doing, the portfolio is diversified while allowing for a sufficient quality in line with the level of risk aversion. The huge investment in the stock market is anchored on the fact that the volatility in the market notwithstanding, the indicators show an upward trend in the medium to long term.

Operational RiskOperational Risk is defined as the risk of loss resulting from inadequate or failed strategy, internal processes or from personnel, systems, and external events or from reputational damage.

Risk IdentificationInherent risks against the achievement of business objectives are identified on both a top-down approach through the business planning, objective and strategy process; and bottom-up approach, from detailed reviews of the whole range of people, processes and systems in each business area, to ensure all potential Operational risks are identified. Triggers are identified which will determine the need to undertake a reassessment and review of the risk profile and assessment. At a top down level, for example, this could be caused by a change in the business plan, strategic developments, change in operating model, external developments. Under a bottom up approach, for example, the need for reassessment can be cause by regulatory changes, process changes, system changes, or from changes in outsourcing approach.


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SENSITIVITY ANALYSIS

Naira equivalent of foreign currency balancePotential Impact on Profit position

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

2016 2015 2016 2015

997,788 721,580 913,934 201,945

5% 49,889 36,079 45,697 10,097 10% 99,779 72,158 91,393 20,195

GROUP COMPANY

2016 2015 2016 2015

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

DOLLAR 887,123 53.95 194,446 5.98 887,123 58.36 194,446 7.47 POUND 14,511 0.88 801 0.02 14,511 0.95 801 0.03 EURO 12,301 0.75 6,699 0.21 12,301 0.81 6,699 0.26 CEDI 83,854 5.10 519,635 15.99 - - - - NAIRA 646,584 39.32 2,527,854 77.79 606,213 39.88 2,402,518 92.25

1,644,372

100

3,249,435

100

1,520,147

100

2,604,463

100

CURRENCY RISK

GROUP COMPANY

Risk assessment - stress and scenario testingAs part of the annual business planning process and for individual capital assessment (ICA) purposes, stress testing analysis is conducted against a series of appropriate scenarios. Within this analysis, the implications for Operational risk are assessed using a range of modeling techniques based on the risk impact data recorded in the Group's Operational risk database.

Risk monitoringBusiness Units have adequate and timely management information to enable management of risks. All Operational risks have an assigned owner, and they regularly monitor their operational risks to detect any changes in exposure to them, including looking at.�Actual operational risk event losses and near

misses.�Key risk indicators identified for each risk to monitor

each risk exposure.�Results of first line monitoring activity of

effectiveness of operation of controls.�Findings from assurance activity arising from both

the second and third lines of defense external developments.

In addition, the risk owners undertake regular assessment, reflecting the above, and assess the residual risk exposure. They support the overall monitoring of Operational risk at Group level by providing reports on any changes in their exposure to operational risk to Group Risk Management.

Risk reportingBusiness Units ensure that significant internal control deficiencies and breakdowns are reported in a timely and transparent manner to the appropriate line management, and escalate where appropriate

Risk owners report�any significant changes in operational risk

exposure and escalate to the appropriate Business Unit Risk Committee

�any operational risk events arising, the corrective action being taken to address the issue to ensure it will not recur, together with any resultant impact on the valuation of the corresponding risk

Within each business unit, each functional head provides a risk report to be presented at the first line risk committee.

Insurance RiskInsurance risk relates to the inherent uncertainty in the liabilities within our insurance contracts. It arises through fluctuations in the timing, frequency and severity of

insured events relative to the expectations of the firm at the time of underwriting. It also includes consideration of fluctuations in the timing and amount of claims settlements.

Insurance risk is deemed to have been accepted (or written) when the Group executes a contract under relevant insurance law to make payments to policyholders (insurance liabilities) in the event of specified circumstances after the receipt of premium. Insurance risk management is concerned with the identification, analysis and response to potential fluctuations in the occurrence, amount and/or timing of its insurance liabilities.

This policy covers all such Insurance risk that arises from our portfolios of General Insurance business, primarily risks associated with:�Underwrit ing - including inadequate or

inappropriate pricing and policy terms, or inappropriate claims indemnity guidelines

�Reserving - inappropriate provisions being set aside for ultimate liabilities arising from the business written; inappropriate data modeling and assumptions leading to incorrect ultimate reserve projections

�Reinsurance - inappropriate assumptions or analysis leading to inadequate cover to protect against the frequency/severity of large losses

�Claims - emanating from fraud.

Risk IdentificationSubject to regulatory guidance, the philosophy of the group is to price insurance contracts on the basis of the risks presented and target returns required by the Group having regard to:

� Underwriting standards/processes.� Expenses.� Charges to policyholders.� Anticipated persistency.� Expected claims.

As a practical matter, the pricing principles are implemented based on the expected business mix to be underwritten.

Periodic reviews are conducted to test the effectiveness of pricing in relation to the original assumptions made.

Any unit underwriting general insurance business is required to maintain a record of underwriting decisions, incorporating the rationale for business acceptance, for a period of five years.

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Reinsurance arrangementsReinsurance contracts (treaties) are executed for any of the following purposes:�Reduction of insurance risk�Risk financing�Obtaining access to reinsurer pricing models

and/or underwriting approach

Normally, reinsurance contracts are to be subject to a formal tendering process in line with the Group Sourcing Policy. However, subject to documented approval by the BRC, a Reinsurer can be selected directly.

All reinsurance contracts undertaken:�Are subject to the laws of Nigeria and legal process,

unless subject to specific approval by the Board Risk Management Committee.

�Only involve regulated insurance firms that meet the criteria and limitations on acceptable counterparties as set out in the Group Credit Risk Policy

�Are with regulated insurance firms domiciled in Nigeria except where the regulatory body gives approval to other Insurance companies domiciled outside Nigeria by Foreign Insurance Companies.

The defined owner of any reinsurance contract is the Managing Director.

Special Purpose Vehicles (SPV) owned by the Group may be used as reinsurance counterparties, providing all conditions within this policy are met. The credit rating of the SPV is deemed to be the credit rating of the Group (if one is held) or as agreed for this purpose by the BRC.

Appropriate legal advice is taken before any reinsurance contract is concluded. All contracts include a resolution procedure in the event of disputes arising over wording and payout delays. If the resolution procedure is invoked in relation to matters of significance, then the BRC must be informed at the next meeting.

All reinsurance arrangements are reviewed on a minimum cycle of one year, unless agreed by the BRC, to ensure that:�terms remain competitive�the contract still represents good value for the

Group

The credit status of the reinsurance counterparty/ies is monitored on a regular basis.

Risk monitoringBusiness units incurring General Insurance risk are required to monitor the effectiveness of risk rating and/or pricing approaches in the light of:

�Emerging experience�Prospective environmental conditions�Projected persistency and expenses�Trends in key risk indicators agreed with the BRC�Effectiveness of underwriting/claims arrangements

For each type and class of business, the Board requires:�Appropriate Insurance risk management

infrastructure to be established and maintained subject to oversight of BRC

�Periodic review of experience, prospective populat ions and prospect ive insurance environment

�Appropriate expense, acquisition and other costs management to be established and maintained subject to oversight from the Finance dept.

�Appropriate documentation to be established and maintained subject to oversight of the BRC.

Risk reportingThe BRC is empowered to determine the reporting and record-keeping requirements for General Insurance Risk across the Group, proportionate to the nature of risk taking activities, and sufficient to comply with all regulatory rules and guidance.

Hazard RiskHazard risk is the risk arising out of any condition, situation practice, behavior or conduct that has the potential to cause harm, including injury, disease, death, environment or property and equipment damages.

Risk monitoringThis involves ongoing monitoring of the hazards identified, risks assessed and risk control processes and reviewing them to make sure they are working effectively.

Risk reportingBusiness Units must ensure that significant internal control deficiencies and breakdowns are reported in a timely and transparent manner to the appropriate line management, and escalate where appropriate

Legal and compliance riskThe level of awareness of the need to identify, mitigate and manage legal risks in our business activities and transactions continues to improve. Processes have been put in place to enable officers within the Group to have access to sound legal advice on product development and business initiatives.

The Group's level of compliance has continually been reviewed in line with the demand of the Regulators to know their customers and their businesses (KYC) as well as implement processes/controls to combat money laundering and terrorist financing. The Group identifies


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and mitigates these risks through continuous improvement in technology infrastructure, process rejuvenation/ revalidation and training of stakeholders to understand regulatory obligations and consequences of non-compliance.

The Group in the course of the year had been prompt and accurate in rendering all relevant reports to the regulators.

Outsourcing riskOutsourcing is an arrangement in which one entity provides services for another entity that could also be or usually have been provided in-house. Outsourcing is a trend that is becoming more common in insurance Companies and other industries for services that have usually been regarded as intrinsic to managing a business.

Anti-corruption RiskBribery is the offer, promise, giving, demanding or acceptance of an advantage as an inducement for an action which is illegal, unethical or a breach of trust.

Corruption is the misuse of office or power or influence for private gain.

The group has a well-established reputation for conducting business in an ethical and honest way. This reputation is built on our Group value of Integrity, which is a major, underlying theme found throughout our Code of Responsible Business Practice.

The group manages bribery and corruption risk in line with the group's established risk management framework. The group ensures accurate books and record keeping for proper financial reporting, effective monitoring and internal control to prevent bribery and corruption.

In addition, the group ensures

a. No payment is made or received by the group except as otherwise legally provided for

b. No donation or contribution is made to any political party or organisation

c. All third parties who act on behalf of the company and group are under strict guidelines to act in line with the Group's code of reasonable business practice.

53.0 ASSET/LIABILITY MANAGEMENT

54.1 Capital ManagementThe Group's objectives with respect to capital management are to maintain a capital base that is structured to exceed regulatory and to best utilize capital allocations.

Insurance industry regulator measures the financial strength of Non-life insurers using a solvency margin model, NAICOM generally expect non-life insurers to comply with this capital adequacy requirement.

Section 24 of the Insurance Act 2003 define Solvency Margin of a Non-life insurer as the difference between the admissible assets and liabilities and this shall not be less than 15% of Net Premium Income (Gross Premium Income less Re-insurance premium paid) or the minimum capital base (3 billion) whichever is higher.

This test compares insurer's capital against the risk profile. The regulator indicated that insurers should produce a minimum solvency margin of 100%. During the year, the Group has consistently exceeded this minimum. The regulator has the authority to request more extensive reporting and can place restrictions on the Group's operations if the Group falls below this requirement.

COMPUTATION OF SOLVENCY MARGIN RATIOTHE COMPANY

ADMISSIBLE ASSETS: 2016 =N=000Cash and cash equivalent 1,520,147 Financial Assets:(a). Held to Maturity 1,435,039 (b). Fair value through profit and loss 620,755 (c). Available for sale 5,016 (d). Loan and receivables (staff loan) 1,680 Trade receivables 11,976 Reinsurance assets 816,319 Deferred Acquisition Cost 148,802 Investment in subsidiaries 785,462 PPE- (Land&building) 1,072,183 PPE (Others) 76,182 Statutory Deposit 300,000

ADMISSIBLE ASSETS: 6,793,562

ADMISSIBLE LIABILITIES:

Insurance Contracty Liability 1,457,326 Retirement benefit obligation 2,711 Other payables 120,257 Provision for Taxation 242,497

1,822,791

SOLVENCY MARGIN 4,970,771

Not lesser than either Higher of 15% of Net Premium or Minimum capital base 3,000,000

Surplus 1,970,771

SOLVENCY RATIO (%) 166


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Asset/Liability Management

THE COMPANY

ADMISSIBLE ASSETS:

2015

=N='000

Cash and cash equivalent 2,411,798Financial Assets 719,846Trade receivables 9,675 Reinsurance assets 955,535Deferred Acquisition Cost 122,108Investment in subsidiaries 770,002 Deposit for Share in Subsidiary 15,460Property,Plant and Equipment 1,167,275Statutory Deposit 300,000 ADMISSIBLE ASSETS: 6,471,700

ADMISSIBLE LIABILITIES:Insurance Contracty Liability 1,617,026Trade payable -Retirement benefit obligation 2,166Other payables 49,382Provision for Taxation 265,961

1,934,535SOLVENCY MARGIN 4,537,165 Not lesser than either Higher of 15% of Net Premium or Minimum capital base 3,000,000 Surplus 1,537,165

SOLVENCY RATIO (%) 151

54.2 Fair Value Hierarchy

The Group's accounting policy on fair value measurements is discussed under note 3.4

Level 1: Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities and equity securities unadjusted in active market for identical assets and liabilities.

Level 2: The valuation techniques based on observable inputs. This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data. Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data.


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Asset/Liability Management (Cont’d)

Level 3: This includes financial instruments, the valuation of which incorporate significant inputs for the asset or liability that is not based on observable market data (unobservable inputs). Unobservable inputs are those not readily available in an active market due to market illiquidity or complexity of the product. Hence fair values can only be calculated using estimates based on available data or risk adjusted value range.

The following table analyses financial instruments measured at fair value at the end of the reporting period, by the level in the fair value hierarchy into which the fair value measurement is categorized:

Determination of Fair Value

The determination of fair value for each class of financial instruments was based on the particular characteristic of the instruments. The method and assumptions applied are enumerated as follows:

Cash and cash equivalent, borrowings and unquoted held to- maturity bonds

The estimated fair value of fixed interest placement with banks, bonds and borrowings is based on the discounted cash flow techniques using prevailing money market interest rates for debts and similar credit risk and remaining maturity. If the due date of the liability or the asset is less than one year discounting is omitted

Quoted securities at fair value through profit or loss (FVTPOL)

The fair value for quoted equity is based on market prices quotations prevailing at capital market at the reporting date

Unquoted equity securities (available for sale)

The fair value of unquoted equity is based on the cost model using the latest audited financial information available.

Insurance liabilities

See Note 3.16

Trade receivables and payables, reinsurance receivables and other payables

The estimated fair value of receivables and payables with no stated maturity which includes no interest payables and receivables is the amount repayable or to be received on demand.


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Level 1 Level 2 Level 3 Total

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

Group 2016

Quoted Equities - Fair Value Through Profit or Loss 623,807

-

623,807

Unquoted Equity-Available-for-sale - - 25,130 25,130

Total 623,807

-

25,130 648,937

Company 2016

Quoted Equities - Fair Value Through Profit or Loss 620,755 - - 620,755

Unquoted Equity-Available-for-sale - - 5,016 5,016

Total 620,755 - 5,016 625,771


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55 HYPOTHECATION

The Group is exposed to a range of financial risks through its financial assets, financial liabilities, reinsurance assets and insurance liabilities. In particular, the key financial risk is that the in the long- term its investment proceeds will not be sufficient to fund the obligations arising from its insurance contracts and investment portfolio . In response to the risk, the Group's assets and liabilities are allocated as follows:

INSURANCE SHARE HOLDER INSURANCE SHARE HOLDER

CONTRACT FUND TOTAL CONTRACT FUND TOTAL

NON-LIFE NON-LIFE NON-LIFE NON-LIFE

Dec-16 Dec-16 Dec-16 Dec-16 Dec-16 Dec-16

ASSETS=N='000 =N='000 =N='000 =N='000 =N='000 =N='000

Cash and Cash equivalents 1,644,372

-

1,644,372

1,520,147

- 1,520,147Financial Assets: -

-

-

-

- - - Held-to-maturity 957,273

1,459,851

2,417,124

-

1,435,039 1,435,039

- Available-for-sale -

25,130

25,130

-

5,016 5,016 - At fair value through profit or loss -

623,807

623,807

-

620,755 620,755

- Loan and receivable -

213,189

213,189

-

1,680 1,680Trade Receivables -

127,314

127,314

-

11,976 11,976

Reinsurance assets -

1,186,813

1,186,813

-

816,319 816,319Deferred Acquisition Cost -

227,834

227,834

-

148,802 148,802Other Receivables and prepayments -

194,193

194,193

-

27,759 27,759Inventory -

10,384

10,384

-

- -Investment Properties 116,919

116,919

Investment in subsidiaries -

-

-

-

785,462 785,462Deposit for Shares in Assiciates -

-

-

-

- -Goodwill and Intangible Assets -

48,226

48,226

-

34,370 34,370Property, Plant and Equipment -

1,254,960

1,254,960

-

1,148,365 1,148,365Statutory Deposits 376,532

-

376,532

300,000

- 300,000-

-

-

-

- -Total Assets 2,978,177

5,488,619

8,466,799

1,820,147

5,035,544 6,855,691

LIABILITIES


-

2,259,954

1,457,326

- 1,457,326Trade Payables -

46,145

46,145

-

- -Provisions & Other Trade Payables - 289,667 289,667 - 120,257 120,257Retirement benefit obligation - 2,711 2,711 - 2,711 2,711Provision for Current Income Tax Liabilities - 254,231 254,231 - 242,497 242,497Deferred income tax liabilities - 86,612 86,612 - 86,612 86,612Bank Overdraft - 16,055 16,055Total Liabilities 2,259,954 679,365 2,955,373 1,457,326 452,076 1,909,403

GAP 718,223 4,809,255 5,511,426 - 362,820 4,583,468 4,946,288



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54 HYPOTHECATIONThe Group is exposed to a range of financial risks through its financial assets, financial liabilities, reinsurance assets and insurance liabilitiesIn particular, the key financial risk is that the in the long- term its asset proceeds will not be sufficient to fund the obligations arising from its insurance contracts and investment portfolio . In response to the risk, the Group's assets and liabilities are allocated as follows:

INSURANCE

CONTRACT

SHARE HOLDER

FUND TOTAL

INSURANCE

CONTRACT

SHARE HOLDER

FUND TOTAL

NON-LIFE NON-LIFE NON-LIFE NON-LIFE

2015 2015 2015 2015 2015 2015

ASSETS =N='000 =N='000 =N='000 =N='000 =N='000 =N='000

Cash and Cash equivalents

-

3,249,4353,249,435

-

2,604,4632,604,463

Financial Assets: -

-

-

-

-

-

- Available-for-sale -

4,892

4,892

-

2,782

2,782

- At fair value through profit or loss -

713,856

713,856

-

711,341

711,341

- Loan and receivable -

153,620

153,620

-

5,724

5,724

Trade Receivables -

87,339

87,339

-

9,675

9,675

Reinsurance assets -

1,006,962

1,006,962

-

955,535

955,535

Deferred Acquisition Cost -

167,537

167,537

-

122,108

122,108

Other Receivables and prepayments -

82,546

82,546

-

20,299

20,299

Prepaid Income Tax -

2,816

2,816

-

-

-

Inventory - 9,789 9,789 - - -

Investment in subsidiaries - - - - 770,002 770,002Deposit for shares in subsidiary -

-

-

15,460

15,460

Goodwill and Intangible Assets -

51,818

51,818

-

41,876

41,876

Investment Properties -

116,919

116,919

-

-

-

Property, Plant and Equipment -

146,234

1,232,506

-

81,003

1,167,275

Statutory Deposits 324,302

-

324,302

300,000

-

300,000


4,738,177

7,204,336

2,904,463

3,822,077

6,726,540

LIABILITIES


-

2,096,391

1,617,026

-

1,617,026

Trade Payables -

26,102

26,102

-

-

-

Provisions & Other Trade Payables -

133,500

133,500

-

49,382

49,382

Retirement benefit obligation -

2,700

2,700

-

2,166

2,166

Provision for Current Income Tax Liabilities -

270,911

270,911

-

265,961

265,961

Deferred income tax liabilities - 122,229 122,229 - 118,484 118,484

Total Liabilities 2,096,391 555,442 2,651,833 1,617,026 435,992 2,053,018

GAP 1,477,346 4,182,735 4,552,503 1,287,437 3,386,084 4,673,521


31 December 2015 31 December 2015

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Segment Information

56Segment InformationFollowing the management approach of IFRS 8, the Group is organised into four operating segments. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. Management identifies its reportable operating segments by product line. These segments and their respective operations are as follows:

Non-life/General businessThe protection of customers’ assets (particularly their properties, both for personal and commercial business) and indemnification of other parties that have suffered damage as a result of customers’ accidents. All contracts in this segment are over a short contractual term.

Revenue in this segment is derived primarily from insurance premium, investment income, net realized gains on financial assets, and net fair value gains on financial assets at fair value through profit or loss.

Properties & InvestmentThis segment undertakes real estate development projects and offers finance lease facilities to meet the needs of individuals and coporate bodies.

Revenue from this segment is derived primarily from fee income,investment income, net realised gain on finacial assets.

Retail and Microfinance BankingThis segement provides financial services in retail and microfinance banking. Revenue from this segment is primarily derived from interest income, fees and commission.

Vehicle Tracking ServicesThis segment provides quality and dependable automatic vehicle tracking and location solutions.It provides and installs vehicle tracking and fleet management products on daily basis. Revenue in this segment is derived primarily from trading income and investment income. The segment information provided by Management for the reporting segments for the year ended 31 December 2016.

Regency Alliance Regency Nem Ric prop. & Ric Microfinance Ric TecnologiesNigeria Ghana Invest Nigeria Bank Nigeria Nigeria

2016 2016 2016 2016 2016

Non life Non life Prop.& invest. Microfinance bank Vehicle TrackingN’000 N’000 N’000 N’000 N’000

Gross premium income 3,337,313

1,963,677

-

-

-

Insurance premium ceded to reinsurers (1,446,152)

(328,073)

-

-

-

Net insurance premium revenue 1,891,161

1,635,604

-

-

-

Fee and commision Income 49,804

156,807

-

-

-

Net trading income -

-

-

-

7,626

Interest Income -

-

-

83,738

Interest expense (8,297)

Lease rental -

-

42,275

Investment income 187,494

183,676

11,397

-

336

Other operating income 155,442

5,084

14,116

2,631

Share of Associate Profit -

Net Income 2,283,900

1,981,171

67,788

78,072

7,962

Net insurance claims paid 344,725

566,956

-

-

-

Underwriting expenses:Acquisition expenses 359,841

291,130

-

-

-

Maintenance expenses 117,756

51,376

-

-

-

Net expenses 822,322

909,462

-

-

-

Reportable segment profit 1,461,578

1,071,710

67,788

78,072

7,962

Profit before tax after charging the following: 532,928

197,645

17,375

12,737

1,015


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Segment Information (cont’d)

Management expenses 838,064 868,026 47,728 62,715 6,947Net realised gain/(loss) on financial assets 90,586

6,039

316

2,620

Impairment loss 3,000

Income tax expenses 62,334

(85,089)

521

2,496

61

Total assets 6,855,691

1,448,232

145,116

122,809

10,127


966,599

100,336

116,915

2,110

Net assets 4,946,288 481,633 44,780 5,894 8,017

Reconciliation of segment results of operations to financial results of operations

Regency Alliance Regency Nem Ric prop.& Ric Microfinance Ric TecnologiesNigeria Ghana Invest Nigeria Bank Nigeria Nigeria

2016 2016 2016 2016 2016

Non life Non life Prop.& invest. Microfinance bank Vehicle TrackingN’000 N’000 N’000 N’000 N’000

At 31 December Net insurance premium revenue 1,891,161

1,635,604

Fee Income 49,804

156,807

Net trading income -

-

7,626

Interest Income -

-

83,738

Interest expenses (8,297)

Lease rental -

-

42,275

Investment returns 187,494

183,676

11,397

-

336

Other operating income 155,442

5,084

14,116

2,631

-

Share of Associate Profit -

Net insurance claims paid (344,725)

(566,956)

Underwriting expenses (477,597)

(342,506)

Management and Other expenses (838,064)

(868,026)

(47,728)

(62,715)

(6,947)

Finance cost (5,999)Unrealised fair value gain/(loss) on equity (90,586) (40) 316 (2,620)Net realise (loss) on financial assetImpairment on trade receivables (3,000) -Operating profit 532,928 197,645 17,375 12,737 1,015

I N S U R E RRC: 023048




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rd P

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ium

944

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128

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Tran

sfer

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)

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)G

ross

Pre

miu

m In

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19

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00

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Out

war

d R

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372,

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556,

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Pre

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m In

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me

546

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80

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Fees

& C

omm

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tal In

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A)

563

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00)

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s C

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In

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170

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ward

rein

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over

ies

3,41

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: rec

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outs

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on

IBN

R46

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1

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Net

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125,

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12

1,75

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86,9

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20

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31,8

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17,0

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35,5

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tal U

nd

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Ex

pe

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C )

237

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2,0

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g P

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t (A

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00

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391

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231

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276

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289

,606

553

,744

79

62

,001

,598

1,5

38

,349


I N S U R E RRC: 023048



CO

MP

AN

Y 2

01

6

INC

OM

E

Dire

ct P

rem

ium

Facu

ltativ

e In

war

d Pr

emiu

mG

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s P

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sfer

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nexp

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k

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ss P

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In

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Out

war

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xpen

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Net

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nco

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l In

co

me

EX

PE

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ES

Gro

ss C

laim

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er F

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er to

Out

stan

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Gro

ss C

laim

Incu

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Less

: Out

war

d re

insu

ranc

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ecov

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sLe

ss: r

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n IB

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Less

: Mov

emen

t in

IBN

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Net

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B)

UN

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fit

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ng

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20

15

=N

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553,

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13,4

656,

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411,

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272,

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(173

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7

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87,7

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01)

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274,9

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14

78,4

83

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50

1,19

3

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2,

931

344,

725

427,

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8

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91

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6

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764

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4,73

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225,7

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49

I N S U R E RRC: 023048



20

16

20

15

20

16

20

15

=N

='0

00

% =

N=

'00

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00

% =

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Net

Pre

miu

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ia

1,9

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1

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3

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177

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and

Ope

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pens

es:

-

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-

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ia(1

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,039

)(1

,171

,039

)

(1,5

16,2

32)

(1,4

67,8

86)

- Fo

reig

n

(

1,79

0,35

4)

(618

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)-

-

Va

lue

Ad

de

d1,

674,

740

100.

001,

144,

364

100.

001,

112,

861

100.

0085

5,57

510

0.00

AP

PL

IED

AS

FO

LL

OW

S

IN P

AY

ME

NT

TO

EM

PL

OY

EE

S

Sala

ries,

Wag

es a

nd o

ther

ben

efits

596

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35

.64

4

93,8

59

43.1

630

0,79

6

32.9

530

1,49

835

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IN P

AY

ME

NT

TO

PR

OV

IDE

RS

OF

CA

PIT

AL

Div

iden

dIN

PA

YM

EN

T T

O G

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ER

NM

EN

T

Taxa

tion

150

,502

8.

99

196

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17

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62,3

345.

6016

1,36

618

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200,

063

200,

063

11.9

5-

--

-17

.98

RE

TA

INE

DF

OR

RE

PL

AC

EM

EN

TO

FA

SS

ET

SA

ND

EX

PA

NS

ION

OF

TH

E B

US

INE

SS

Dep

reci

atio

n

1

70,1

37

10.1

6

75

,451

6.

5968

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6.16

48,7

365.

70Ar

mot

isat

ion

of In

tang

ible

Ass

et

12,5

06

0.75

21,7

70

1.90

10,5

220.

9510

,645

1.24

Con

tinge

ncy

rese

rve

137

,867

8.

23

129

,030

11

.28

94,1

198.

4699

,873

11.6

7R

etai

ned

Prof

it40

6,76

924

.29

228,

117

19.9

337

6,47

533

.83

233,

457

27.2

91,

674,

740

100.

001,

144,

364

100.

001,

112,

861

100.

0085

5,57

510

0.00

GR

OU

PC

OM

PA

NY

Value Added Statement


I N S U R E RRC: 023048


Five Year Financial Summary

Fiv

e Y

ear

Fin

an

cial

Su

mm

ary

S

TA

TE

ME

NT

OF

CO

MP

RE

HE

NS

IVE

IN

CO

ME

20

16

20

15

20

14

20

13

20

12

20

16

20

15

20

14

20

13

20

12

=N

='0

00

=N

='0

00

=N

='0

00

=N

='0

00

=N

='0

00

=N

='0

00

=N

='0

00

=N

='0

00

=N

='0

00

=N

='0

00

Gro

ss P

rem

ium

Writ

ten

5,01

7,31

54,

301,

132

4,31

3,99

83,

777,

118

2,85

7,52

33,

100,

740

3,32

9,09

43,

534,

716

3,14

6,31

52,

280,

469

Gro

ss P

rem

ium

Inco

me

5,30

0,99

14,

067,

067

4,08

4,07

33,

490,

151

2,62

4,12

33,

337,

313

3,16

9,51

43,

449,

143

2,86

6,20

42,

118,

399

Prof

it be

fore

tax

761,

701

569,

249

505,

295

810,

787

735,

243

532,

928

494,

695

304,

407

705,

141

649,

773

Inco

me

Tax

Expe

nse

(150

,502

)(1

96,1

37)

(66,

222)

(336

,929

)(2

95,2

63)

(62,

334)

(161

,366

)(9

,499

)(3

01,5

38)

(262

,987

)Pr

ofit

afte

r Tax

atio

n61

1,19

937

3,11

243

9,07

347

3,85

843

9,98

047

0,59

433

3,32

929

4,90

840

3,60

338

6,78

6Tr

ansf

er to

Con

tinge

ncy

Res

erve

137,

867

129,

030

130,

347

111,

304

91,9

3394

,119

99,8

7310

6,04

194

,216

78,2

16S

TA

TE

ME

NT

OF

FIN

AN

CIA

L P

OS

ITIO

N

As

se

ts

Cas

h an

d C

ash

equi

vale

nts

1,64

4,37

23,

249,

435

2,86

1,56

52,

457,

431

1,53

4,29

91,

520,

147

2,60

4,46

32,

269,

465

2,11

5,34

01,

220,

264

Fin

an

cia

l Asse

ts:

- H

eld-

to-m

atur

ity2,

392,

312

--

-59

,266

1,43

5,03

9-

--

59,2

66 -

At fa

ir va

lue

thro

ugh

prof

it or

loss

623,

807

713,

856

841,

494

854,

378

964,

344

620,

755

711,

341

838,

067

851,

352

963,

292

- Av

aila

ble-

for-s

ale

25,1

304,

892

10,0

1510

,129

7,51

25,

016

2,78

27,

716

5,69

25,

692

- Lo

an a

nd re

ceiv

able

213,

189

153,

620

125,

450

106,

360

78,8

95

1,68

0

5,72

4

4,84

34,

961

1,18

6Tr

ade

Rec

eiva

bles

127,

314

87

,339

93,9

53

195,

059

359,

939

11,9

76

9,67

5

13,5

778,

722

127,

017

Rei

nsur

ance

ass

ets

1,18

6,81

3

1,09

3,77

0

837,

303

645,

075

507,

337

816,

319

955,

535

789,

037

629,

795

492,

076

Def

erre

d Ac

quis

ition

Cos

t22

7,83

4

167,

537

209,

006

144,

397

125,

026

148,

802

122,

108

160,

808

116,

535

95,5

48O

ther

Rec

eiva

bles

and

pre

paym

ents

192,

810

82

,546

72,1

54

110,

442

80,4

98

27,7

59

20,2

99

19,4

9440

,718

20,1

05Pr

epai

d Ta

x-

2,81

6

-

-

-

-

-

--

-D

efer

red

Tax

1,38

2

-

-

-

-

-

-

--

-In

vent

ory

10,3

84

9,78

9

8,23

4

7,19

9

5,85

3

-

-

--

-In

vest

men

t in

subs

idia

ries

-

-

-

-

785,

462

770,

002

609,

033

609,

033

609,

033

TH

E G

RO

UP

TH

E C

OM

PA

NY

Dep

osit

for s

hare

s in

Sub

sidi

ary

--

--

--

15,4

6010

0,00

0-

-In

tang

ible

Ass

ets

48,2

2651

,818

21,5

645,

246

5,92

334

,370

41,8

765,

758

2,91

22,

749

Inve

stm

ent p

rope

rties

116,

919

116,

919

100,

000

--

-Pr

oper

ty, P

lant

and

Equ

ipm

ent

1,25

4,96

01,

232,

506

1,26

4,76

71,

349,

788

1,32

9,11

31,

148,

365

1,16

7,27

51,

202,

062

1,29

1,48

71,

266,

666

Stat

utor

y D

epos

its37

6,53

232

4,30

232

0,51

331

9,85

731

8,69

930

0,00

030

0,00

030

0,00

030

0,00

030

0,00

0T

ota

l A

ss

ets

8,4

46

,80

07

,29

1,1

44

6,7

66

,01

96

,20

5,3

61

5,3

76

,70

46

,85

5,6

91

6,7

26

,54

06

,31

9,8

61

5,9

76

,54

85

,16

2,8

94

Goo

dwill

24,8

13-

--

--

--

--


I N S U R E RRC: 023048


Five Year Financial Summary Cont’d

LIA

BIL

ITIE

S-

-In

sura

nce

Con

tract

Lia

bilit

ies

2,25

9,95

42,

096,

391

1,92

9,38

11,

681,

201

1,32

0,05

11,

457,

326

1,61

7,02

61,

613,

024

1,42

5,77

41,

063,

434

Trad

e Pa

yabl

es46

,145

26,1

0296

,382

45,2

7833

,469

--

5,78

2-

-O

ther

Tra

de P

ayab

les

289,

667

133,

500

95,2

2249

,553

62,7

7512

0,25

749

,382

37,6

2320

,840

43,0

66R

etire

men

t ben

efit

oblig

atio

n2,

711

2,70

05,

278

3,83

57,

636

2,71

12,

166

5,22

63,

217

7,63

6Pr

ovis

ion

for C

urre

nt In

com

e Ta

x Li

abili

ties

254,

231

270,

911

188,

375

247,

417

249,

985

242,

497

265,

961

159,

171

221,

223

215,

621

Def

erre

d in

com

e ta

x lia

bilit

ies

86,6

1212

2,22

915

8,17

219

3,47

012

1,37

886

,612

118,

484

155,

388

191,

397

122,

645

Bank

Ove

rdra

ft16

,055

--

--

--

--

-

To

tal L

iab

ilit

ies

2,9

55,3

73

2,6

51,8

33

2,4

72,8

10

2,2

20,7

54

1,7

95,2

94

1,9

09,4

03

2,0

53,0

18

1,9

76,2

14

1,8

62,4

51

1,4

52,4

02

EQ

UIT

Y

To

tal e

qu

ity a

ttri

bu

tab

le t

o o

wn

ers

of

the p

are

nt:

Issu

ed a

nd P

aid

up s

hare

cap

ital

3,33

4,37

53,

334,

375

3,33

4,37

53,

334,

375

3,33

4,37

53,

334,

375

3,33

4,37

53,

334,

375

3,33

4,37

53,

334,

375

Con

tinge

ncy

Res

erve

1,17

1,77

91,

003,

636

874,

606

751,

330

645,

671

1,00

7,97

191

3,85

281

3,98

070

7,93

861

3,54

9R

etai

ned

Earn

ings

561,

424

259,

036

21,2

62

(1,0

57,8

25)

(1,2

34,3

79)

602,

860

426,

447

192,

991

(815

,521

)(9

64,3

15)

Asse

t Rev

alua

tion

Res

erve

-

-

-

403,

434

403,

434

-

-

-40

3,43

440

3,43

4Fa

ir Va

lue

Res

erve

s1,

081

903

4,41

0

486,

000

323,

707

1,08

1

(1,1

53)

2,30

148

3,86

932

3,45

0O

ther

Res

erve

s20

,151

(72,

686)

(5

9,50

7)

(29,

300)

9,81

8

-

-

--

-S

ub

tota

l5,

088,

810

4,52

5,26

6

4,17

5,14

6

3,88

8,01

4

3,48

2,62

7

4,94

6,28

9

4,67

3,52

3

4,34

3,64

64,

114,

095

3,71

0,49

2N

on

-co

ntr

ollin

g In

tere

st

in E

qu

ity

422,

617

114,

045

118,

062

96,5

90

98,7

82

-

-E

qu

ity a

nd

Lia

bilit

y8,4

66,8

00

7,2

91,1

44

6,7

66,0

19

6,2

05,3

61

5,3

76,7

04

6,8

55,6

91

6,7

26,5

40

6,3

19,8

61

5,9

76,5

48

5,1

62,8

94

Basi

c an

d di

lute

d Ea

rnin

gs p

er s

hare

(in

kobo

)9.

17

5.59

6.58

7.11

6.60

7.06

5.00

4.42

6.05

5.80

Fiv

e Y

ear

Fin

an

cial

Su

mm

ary

Co

nt’

d


I N S U R E RRC: 023048


YEAR

Authorised Capital

Issued and fully paid Consideration

Increase

Cummulative Increase Cummulative Increase Cummulative Increase Cummulative

Units Units

Units Units

=N= =N=

=N= =N=

1994 10,000,000 10,000,000

20,000,000

20,000,000

7,680,000 7,680,000

15,360,000

15,360,000 Cash

1995 - 10,000,000

-

20,000,000

- 7,680,000

-

15,360,000

1996 - 10,000,000

-

20,000,000

2,320,000 10,000,000

4,640,000

20,000,000 Cash

1997 60,000,000 70,000,000

120,000,000

140,000,000

35,645,000 45,645,000

71,290,000

91,290,000 Bonus/Cash

1998 -

70,000,000

-

140,000,000

24,355,000 70,000,000

48,710,000

140,000,000 Bonus/Cash

1999

40,000,000

110,000,000

80,000,000

220,000,000

- 70,000,000

-

140,000,000

2000

-

110,000,000

-

220,000,000

12,000,000 82,000,000

24,000,000

164,000,000

Bonus

2001

-

110,000,000

-

220,000,000

13,000,000 95,000,000

26,000,000

190,000,000

Bonus

2002

140,000,000

250,000,000

280,000,000

500,000,000

5,000,000 100,000,000

10,000,000

200,000,000

Bonus

2003

100,000,000

350,000,000

200,000,000

700,000,000

2,000,000 102,000,000

4,000,000

204,000,000

Bonus

2004

-

350,000,000

-

700,000,000

248,000,000 350,000,000

496,000,000

700,000,000

Cash

2005

-

350,000,000

-

700,000,000

- 350,000,000

-

700,000,000

2006

600,000,000

950,000,000

1,200,000,000

1,900,000,000

- 350,000,000

-

700,000,000

2007

5,050,000,000

6,000,000,000

10,100,000,000

12,000,000,000

226,000,000 576,000,000

452,000,000

1,152,000,000 Merger

2007

-

6,000,000,000

-

12,000,000,000

499,000,000

1,075,000,000

998,000,000

2,150,000,000

Cash

2007

-

6,000,000,000

-

12,000,000,000

920,299,075

1,995,299,075

1,840,598,150

3,990,598,150

Cash

2008

-

6,000,000,000

-

12,000,000,000

429,700,925

2,425,000,000

859,401,850

4,850,000,000

Bonus

2008

-

6,000,000,000

-

12,000,000,000

606,250,000

3,031,250,000

1,212,500,000

6,062,500,000

Bonus

2009

-

6,000,000,000

-

12,000,000,000

303,125,000

3,334,375,000

606,250,000

6,668,750,000

Bonus

2010

-

6,000,000,000

-

12,000,000,000

-

3,334,375,000

-

6,668,750,000

2011

-

6,000,000,000

-

12,000,000,000

-

3,334,375,000

-

6,668,750,000

2012

-

6,000,000,000

-

12,000,000,000

-

3,334,375,000

-

6,668,750,000

2013

-

6,000,000,000

-

12,000,000,000

-

3,334,375,000

-

6,668,750,000

2014

-

6,000,000,000

-

12,000,000,000

-

3,334,375,000

-

6,668,750,000

2015 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000

2016 - 6,000,000,000 - 12,000,000,000 - 3,334,375,000 - 6,668,750,000

Share Capital History

REGENCY ALLIANCE INSURANCE PLC23rd ANNUAL GENERAL MEETING

I/We …………………………………................................................................(Name of Shareholder(s) in BLOCK LETTERS PLS.)

Of ……………………………………………….................………………………

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

Being a shareholder(s) of Regency Alliance Insurance Plc hereby appoint:

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

or ……………………………………………………………..................…………or failing him the Chairman of the Meeting as my/our proxy to act and vote on my/our behalf at the Annual General Meeting of the Company to be held on Thursday the 25th day of May 2017 and at any adjournment thereof.

Dated this ……………… day of …………………. 2017

Shareholders Signature …………………………………………

Please indicate an 'X' in the appropriate box how you wish your votes to be cast on the resolutions set above.

Unless so instructed, the proxy will vote or abstain from voting at his/her discretion.

A shareholder(s) who is/are unable to attend an Annual General Meeting is/are allowed by law to vote by proxy. The above form has been prepared to enable you exercise your right to vote, in case you cannot personally attend the meeting.

Please sign the above proxy form and post it to reach the Registrars or the Company Secretary at the registered office of the Company not later than 48 hours before the time of holding the meeting.If executed by a corporate body, the proxy form should be sealed with a Common Seal.

Provision has been made on the proxy form for the Chairman of the meeting to act as your proxy, but if you wish you may insert in the blank space on the form (marked) the name of any person whether a shareholder(s) of the company or not, who will attend the meeting on your behalf instead of the chairman of the meeting.

PROXY FORM

Please admit the bearer of this form or his/her appointed proxy to the 23rd Annual General Meeting of Regency Alliance Insurance Plc. to be held at the Skyline Hall, Lagos Oriental Hotel 3,Lekki Road, Victoria Island, Lagos, Lagos State. on Thursday the 25th day of May 2017.

Name of person attending: …………………………………………………………………………………………………………………………………………...................………….

Shareholder: …………………………………………………………………………………………………………………………………………………………………..............……..

No of Shares held: ……………………………………………………………………………………………………………………………………………………………..................…

Proxy: ……………………………………………………………………………………………………………………………………………………………………….............………..

Signature: ……………………………………………………………………………………………………………………………………………………………………...............…….

Important:a) This admission form must be produced by the Shareholder/proxy in order to obtain admittance to the Annual General Meeting. b) Shareholders or their proxies are requested to sign the admission form before attending the meeting.

SHAREHOLDERS ADMISSION'S FORM

YES NOORDINARY RESOLUTIONS

TO BE VALID, THIS FORM HAS TO BE DULY STAMPED

1) To receive the report of the Directors, the Audited Financial Statements for year ended 31 December 2016 together with the reports of the Auditors and the Audit Committee.

2) To re-elect the Director retiring by rotation.

Mr. Clem Baiye

3) To declare Dividend

4) To elect members of the Audit Committee.

5) To authorise the Directors to fix the remuneration of Auditors.

To consider and if thought fit to pass the following as an ordinary resolution .

6) To approve the remuneration of Directors.

Special Business:

The RegistrarMeristem RegistrarsP.O Box 51585FalomoLagos.

Regency Alliance Insurance Plc.

Anuoluwapo ShoboCompany SecretaryFRC/2013/000000036542016 Annual Report.


The Registrar Meristem Registrar Limited P.O. Box 51585,Falomo, Lagos.

Affix N50.00 Postage Stamp

Here


e-DIVIDEND PAYMENT– One StopSolution to Unclaimed Dividend – Take Advantage of It!

To: The

Registrar

Meristem Registrars

Limited

213,

Herbert

Macaulay

Way

Adekunle -Yaba Lagos. P .O. Box 51585 Falomo-Ikoyi, Lagos Phone: +234 (1) 2809250- 3, 0700MERIREG e-Mail: [email protected] Website: www.meristemregistrars.com

I/We hereby request that from now on, all my/our dividend warrant(s) due to me/us from my/our holding(s) in REGENCY ALLIANCE INSURANCE PLC be paid to my/our Bank named below.

Bank Name:

Bank Address:

NUBAN Account Number: Shareholder’s Full Name:

(Surname First)

Shareholder’s Address: (if address has changed, please indicate new address)

E-mail:

Mobile:

CSCS CHN CSCS A/C No

Single Shareholder’s Signature:

Joint Shareholder’Signature1)_

2)

If

company,

Authorized Signatories

1)

2)

Company Seal:

Authorized Signature

&

Stamp

Of

Bankers

Sort Code:

BVN/TIN


The Registrar Meristem Registrar Limited P.O. Box 51585,Falomo, Lagos.

Affix N50.00 Postage Stamp

Here


Meristem Registrars Ltd.

213, Herbert Macaulay Way,

Adekunle-Yaba, Lagos.

Tel: 01-8920492

This part contains names of shareholders who are yet to claim their dividends approved at 2009, 2011, 2012 and 2016 AGMS for the 2008,2010, 2011 and 2015 accounting years respectively.

Any shareholder whose name appear on the list is required to contact the Registrar as soon as possible at the address below.

Shareholders who have received their dividends after the compilation of this list should ignore the repetition of their name on the list.

Publication is made pursuant to section 332 (1) of the Companies and Allied matters Act (Cap C20) Laws of the Federation, 2004


Regency place: 2, Ebun Street, Gbagada Expressway, Gbagada Lagos. P. O. Box 70333, Victoria Island, Lagos, Nigeria.

Tel: 0805 349 9073, 0805 349 9074E-mail: [email protected] Website: www.regencyalliance.com

(RC: 223946)

1 ABALOGU CHINONSO PAUL 2 ABARIKWE ONYEMA IKWUNZE 3 ABATAN URIEL OLUSEGUN 4 ABAYOMI KAYODE 5 ABAYOMI KAYODE ADEOLUWA 6 ABAZU UCHENNA ESTINA 7 ABBA GRACE 8 ABBAH MUSTAPHA ENDOWMENT FUND 9 ABBAKWE CHIMEZIE NELSON 10 ABDUL MONSURAT OLUWATOSIN 11 ABDULAZEEZ JAMIU OCHAWU 12 ABDULFATAI BELLO OLASUNKANMI 13 ABDULKADIR SULEIMAN GARBA 14 ABDULRAHEEM SAKIRAT ABIMBOLA 15 ABDULRAHMAN MUHAMMAD MAUDE 16 ABDURAHMAN SIDIK URAMAR 17 ABE OLUMIDE 18 ABE OLUWASEUN 19 ABEGUNDE AYODELE 20 ABEL VICTOR AUDU 21 ABIA OSE PAUL 22 ABIDOYE RASHEED OLALERE 23 ABIMBOLA DEBORAH AYOOLA 24 ABIMBOLA ELIJAH AYODELE (REV) 25 ABIODUN GBOLAHAN OLUWASEUN 26 ABIODUN GRACE IYABO 27 ABIODUN OLAKUNLE STEVE 28 ABIODUN OLUFUNMILOLA ADEOLA 29 ABIODUN OLUMIDE ADETOKUNBO 30 ABIOLA AKEEM ABIDEMI 31 ABIONA BENJAMIN AJIBADE 32 ABIONA BUSAYO FOLASHADE 33 ABIOSE ALLI ROTIMI 34 ABIOYE OLUWAFUNKE BUKOLA 35 ABIOYE RAPHAEL OLADEJO 36 ABISOLA YETUNDE OLAPEJU 37 ABMACSON'S NIG LTD 38 ABODUNRIN KUNLE 39 ABOLARIN BRIDGET IRETIMBE 40 ABOLARINWA OLUKAYODE ISAAC 41 ABORISADE DEBORAH ENIOLA 42 ABRAHAM EMMANUEL ONYEDIKACHI 43 ABRAHAM KAYODE WILLIAMS 44 ABRAHAM KEHINDE P 45 ABRAHAM NNE BASSEY 46 ABRAHAMS OJO 47 ABUAH ASIKA PETER 48 ABUBAKA SADIQ ABDULRAHMAN 49 ABUBAKAR ABDULMUMINI 50 ABUBAKAR ADAMU IBRAHIM 51 ABUBAKAR FAROUK UDUH 52 ABUBAKAR JIMOH ARIBIDESI 53 ABUBAKAR MOHAMMED ALIYU 54 ABUBAKAR MUNIKATU 55 ABUBAKAR NASIRU RAHINA 56 ABUBAKAR YAHAYA DABO 57 ABUBAKRE BANJI TAJUDEEN 58 ABUGU BONIFACE OKONKWO 59 ABUGU CLARA 60 ABUGU EMMANUEL 61 ABUMERE GODDEY BESTMAN 62 ABUNDANT SEED INVESTMENT LIMITED 63 ABUSI VENTURES LIMITED 64 ABUTU INNOCENT 65 ACCORD ASSET MANAGEMENT LIMITED 66 ACHI MARCELLINUS ONYEKACHI 67 ACHIKEH CHUKWULOR 68 ACHILEFU CARINA 69 ACHUSIM CHINWE FLORENCE 70 ADACHE SUNDAY ABAH 71 ADAH IBEZIM MICHAEL 72 ADAH PETER AGABA 73 ADAJA FELIX OLADUNJOYE 74 ADAJI SALISU 75 ADAKOLE SUNDAY 76 ADAM NURU 77 ADAMOLEKUN OLUSESAN BOLARINWA 78 ADAMS IBRAHIM IROLEAIYE 79 ADAMSON HELEN 80 ADAMSON SHAMUSIDEEN ABIODUN 81 ADAMU IBRAHIM LAU 82 ADAMU NURUDEEN ALIU 83 ADAMU PETER EMMANUEL 84 ADAMU USMAN 85 ADASAKA AINA SOLOMON 86 ADDEH STEPHEN PETER 87 ADEAGBO ADEREMI JOHN 88 ADEBANJO ADEWUNMI OLALEKAN 89 ADEBANWO FATAI ADEBOLA 90 ADEBAYO ABIADE GABRIEL 91 ADEBAYO ABIOLA HELEN 92 ADEBAYO ADEBISI 93 ADEBAYO ADEGBOYEGA 94 ADEBAYO ADEGBOYEGA GABRIEL 95 ADEBAYO ADEMOLA ADEBAYO 96 ADEBAYO ADEYINKA 97 ADEBAYO ANTHONY ABAYOMI 98 ADEBAYO AYORINDE OLABODE 99 ADEBAYO COMFORT OLAREWAJU 100 ADEBAYO MICHAEL BABATUNDE

S/No Names

101 ADEBAYO MODINAT LOLA 102 ADEBAYO OLABODE TUNDE 103 ADEBAYO OLAWUNMI JULIUS 104 ADEBAYO OLUKAYODE 105 ADEBAYO OLUSEGUN OMOTAYO 106 ADEBAYO OLUSEGUN SUNDAY 107 ADEBAYO OLUSOLA ALABA LATONA 108 ADEBAYO OMOLAYO 109 ADEBAYO SOLOMON ATILADE 110 ADEBAYO SUNDAY 111 ADEBESHIN ADEBAYO AKANBI 112 ADEBESIN OLALEKAN ADEDEJI 113 ADEBISI ADESINA SAMUEL 114 ADEBISI YAKUBU BANJI 115 ADEBIYI ALABI ADEWALE 116 ADEBIYI DAVIES ADETOYESE 117 ADEBIYI EBENEZER OLUWAGBENGA. 118 ADEBIYI OLUWASEYI PAUL 119 ADEBIYI TOKUNBO OLUSEGUN 120 ADEBIYI WASIU ADETUNJI 121 ADEBOLA OLUSEGUN OLAJIDE 122 ADEBOWALE BABATUNDE MICHAEL 123 ADEBOWALE DAVID ADEDIBU 124 ADEBOWALE OLUMIDE 125 ADEBOWALE OYEYEMISI OLADUNNI 126 ADEBOYE DEBORAH 127 ADEBOYE OREOLUWA 128 ADEBOYEJO HELEN TITILAYOMI 129 ADEBULE GABRIEL ADEBAYO 130 ADEBULE OLUWASHINA 131 ADEDAPO OLUSEGUN MICHAEL 132 ADEDARA ADEOYE SAMUEL 133 ADEDAYO SHAMSIDEEN OLUSEGUN 134 ADEDEJI ADEFOWOPE GBENGA 135 ADEDEJI ADENIYI JAMIU 136 ADEDEJI OLATUNDE ADEOLUWA 137 ADEDEJI SUNDAY 138 ADEDEJI SUNDAY JOSEPH 139 ADEDEJI UMAR ADEKUNLE 140 ADEDIGBA ABDULLATEEF 141 ADEDINSEWO ADEFEMI FEYISAYO 142 ADEDIPE STEPHEN OLANREWAJU 143 ADEDIRAN ADELEYE MICHAEL 144 ADEDIRAN FUNMILOLA OLANIKE 145 ADEDIRAN GBENGA BENJAMIN 146 ADEDIRAN OLAWALE TAOFEEK 147 ADEDIRE ADEMOLA KAYODE ABIODUN 148 ADEDIWIN OLUGBENGA 149 ADEDOKUN ADEBAYO M. 150 ADEDOKUN DONALD SOJI 151 ADEDOKUN IBIKUNLE AFOLABI 152 ADEDOKUN ISSA AKANJI 153 ADEDOKUN NAJIMUDEEN WALE 154 ADEDOKUN NOJIM OLUKAYODE 155 ADEDOKUN OMOWUNMI ADEOLA 156 ADEDOKUN SAKIRU BANDELE 157 ADEDOTUN ALABA RASAK 158 ADEDOYIN DEBORAH FUNKE 159 ADEDOYIN FLORENCE TEMITOPE 160 ADEDUNNI ADEKUNLE ALANI 161 ADEEYO SAMSON 162 ADEFARASIN BABAJIDE ADEYEMI 163 ADEFEMI SAM OLAOLU 164 ADEFILA F S OLAITAN 165 ADEFILA JAMES DELE 166 ADEFIOYE BOSEDE OLUWATOYIN 167 ADEFUYE ADEBOWALE PROFESSOR 168 ADEGBAMI ADEBOWALE & PETER 169 ADEGBENGA HOPE AFOLAKE 170 ADEGBENGA SAMUEL ADEBAYO 171 ADEGBENJO ADEWALE OLADAPO 172 ADEGBESAN ABIOLA 173 ADEGBITE ADETOLA IYABO 174 ADEGBITE JULIUS OLAGUNJU 175 ADEGBITE MUSA OLADIPUPO 176 ADEGBITE OLUWASEUN MODUPE-ORE 177 ADEGBITE TEMITOPE GBENGA 178 ADEGBOLA ALICE BAMIDELE 179 ADEGBOLA JANET OLUFUNMILAYO (MRS) 180 ADEGBOLA OLUWATOSIN 181 ADEGBOLA OMORINOLA VICTORIA 182 ADEGBOLA OMOWUMI ADEYINKA 183 ADEGBOYE DAYO 184 ADEGBOYEGA M. OLAYINKA 185 ADEGBOYEGA MOSHOOD KAYODE 186 ADEGBULUGBE BOSE COMFORT 187 ADEGOKE ADEBISI 188 ADEGOKE ADETUNJI SAMSON 189 ADEGOKE JHLIL ADEDIRAN 190 ADEGORIOLU ELIZABETH MODUPE 191 ADEGOROYE ADEBOWALE 192 ADEHONAIH DYNAMIC VENTURES 193 ADEITAN ADEDAMOLA MATTHEW 194 ADEJEMILUA FEMI 195 ADEJOH JOSEPH E. 196 ADEJOKUN ADESHINA JOHN 197 ADEJOLA JEMIMA OLUFUNMILAYO 198 ADEJONWO SAMSON ABIODUN 199 ADEJUMO TIMOTHY ADEYEMI 200 ADEKOGBE HASSAN ADEDEJI

201 ADEKOJE DAPO 202 ADEKOLA ANTHONETTE OLUBUNMI 203 ADEKOLA MOROUNKOLA NURAENI 204 ADEKOLA MUIDEEN OYEKOLA 205 ADEKOLA OLUWOLE OLADIMEJI 206 ADEKOYA ALABA MATHEW 207 ADEKOYA JOHNSON OLUSEGUN 208 ADEKOYA MICHAEL OLAYINKA 209 ADEKOYA MORAKINYO OLUDARE 210 ADEKU ADEWALE KAZEEM 211 ADEKUNLE AKANBI PIUS 212 ADEKUNLE FOLASHADE DORCAS 213 ADEKUNLE PATRICK OLUWOLE 214 ADEKUNLE RAIMI GBENGA 215 ADEKUNLE REMI 216 ADEKUNLE RICHARD 217 ADELABU GBADEBO 218 ADELAJA ADEBANJO 219 ADELAJA LAWRENCE 220 ADELAKUN FATAI ADEOYE 221 ADELANI DAVID OLUFEMI 222 ADELANKE MOBOLANLE 223 ADELANWA BOLA 224 ADELANWA DAVID ADETUNJI 225 ADELEKE ADEWALE MICHAEL 226 ADELEKE GRACE OLUWAKEMI 227 ADELEKE JOHNSON ADEKUNBI 228 ADELEKE MUMINI TUNDE 229 ADELEKE VICTORIA DAMILOLA 230 ADELEYE ADEDAMOLA SUNDAY 231 ADELEYE ADEDAYO OLUWASEUN 232 ADELEYE IDOWU STEPHEN 233 ADELEYE MARGRET ABIODUN 234 ADELEYE SUNDAY SULEIMON 235 ADELEYE YEMISI ADERONKE 236 ADELOYE FAVOUR OLUWAFERANMI 237 ADELOYE STEPHEN AYODEJI 238 ADEMAKIN AKINDELE 239 ADEMILOLA TAIWO SAMUEL 240 ADEMILUYI OMOBOLANLE MONSURA 241 ADEMOLA COKER 242 ADEMOLUTI A. MORENIKE 243 ADEMOSU SOLOMON TANIMOWO 244 ADENAIKE MUFTAU OLUWABUNMI 245 ADENEKAN BABATUNDE SAMUEL 246 ADENEKAN TAIWO 247 ADENIJI ADEFUNKE OLUWATOSIN 248 ADENIJI BEATRICE MOJIROLA 249 ADENIJI CLEMENT BANJO 250 ADENIJI FELICIA ABIODUN 251 ADENIJI HAMED BAMIDELE 252 ADENIJI OLAMIDE RUTH 253 ADENIJO OLUKEMI 254 ADENIPEKUN OLUYEMISI TITILAYO 255 ADENIPEKUN TAIWO ADEMOLA 256 ADENIRAN BABATUNDE SAHEED 257 ADENIRAN BOLANLE BEATRICE 258 ADENIRAN JIDE PATRICK 259 ADENIRAN MICHAEL OLUSEGUN 260 ADENIRAN RAFIU ADELEKE 261 ADENIYI ABDUL MUFUTAU 262 ADENIYI AFOLABI PAUL 263 ADENIYI AYINDE OLANREWAJU (PRINCE) 264 ADENIYI BABATUNDE SIKIRU 265 ADENIYI FRANCIS AYODELE 266 ADENIYI GBENGA 267 ADENIYI GBENGA FELIX 268 ADENIYI JOSHUA EWARD 269 ADENIYI SUNDAY ABRAHAM 270 ADENLE ADEDAPO AYORINDE 271 ADENOPO SEMIU ADEBOLA 272 ADENUGA FOLAKEMI YETUNDE 273 ADENUGA JOHNSON AYODELE 274 ADENUGBA OLASOJI EMMANUEL 275 ADENUOYE SAMUEL ADEYEMI 276 ADEOLA ADEDEJI OMOSUNMIBO 277 ADEOLA OLUROTIMI 278 ADEOSIN ADEJUMOKE AFOLASHADE 279 ADEOSUN TOSIN WILLIAMS 280 ADEOYE ADEBAYO TIMOTHY 281 ADEOYE ADEREMI OLATUNDE 282 ADEOYE OLUGBENGA ADEYEMI 283 ADEOYE SOLOMON ABIOLA 284 ADEOYE SOLOMON OLUSEGUN 285 ADEPELUMI VICTOR AYO 286 ADEPOJU ADEKUNLE FATAI 287 ADEPOJU ISAAC SEGUN 288 ADEPOJU OLUSEGUN ADEKUNLE 289 ADERANTI JAMES ADEBAYO 290 ADERANTI MARIAN SHINA 291 ADERIBIGBE ADEWALE JACOB 292 ADERIBIGBE MUSA DAMILOLA 293 ADERIBIGBE SADIQ 294 ADEROJU SOJI 295 ADERONMU SEGUN RICHARD 296 ADESANMI SAMUEL ADEKUNLE 297 ADESANWO ADEMOLA OLUFUNSO 298 ADESANYA AFOLABI SUNDAY KOFOWOROLA 299 ADESANYA TOKUNBO ADEBOWALE 300 ADESEGHA HENRY OLABODE

301 ADESEMOYE ANTHONY BOLA 302 ADESHINA IMRAN TAJUDEEN 303 ADESHINA RILWAN ADEDEJI 304 ADESIDA OREOLUWA MARY 305 ADESINA AJAYI KOLADE 306 ADESINA OLAJIDE ABIODUN 307 ADESINA OLASUPO OKUNOLA 308 ADESIPE ABDUL ADEYEMI 309 ADESIYAN TIMOTHY AYOBAMI A. 310 ADESOJI ADEYINKA EMMANUEL 311 ADESOLA ADEBAYO ABIOLA 312 ADESOLA AJOKE KAFAYAT 313 ADESOLA OLADAPO AYOSOLA 314 ADESOPE OLUWATOYIN ADEBUKOLA 315 ADESOTU USIOSEFE ADE 316 ADESOYE SEGUN 317 ADESUNLORO OLUWASEGUN GABRIEL 318 ADESWA IZEVBOKUN 319 ADETIBA DAVIES SEGUN 320 ADETIBA HELEN REMILEKUN 321 ADETOKUN MUSIBAU 322 ADETOKUNBO ADEJUMO 323 ADETOLA OLAJIDE IBIKUNLE 324 ADETOLA OLUWAPELUMI 325 ADETOLA YUSUF 326 ADETONA OLUKAYODE ADEMOLA 327 ADETOYI ADESINA ABAYOMI 328 ADETOYI OLAWALE KAYODE 329 ADETUNJI BABATUNDE ISAAC 330 ADETUNJI OLUFUNKE 331 ADETUWO DUPE 332 ADETUWO SAMSON ADEYEMI 333 ADETUWO, YEMI 334 ADEWALE ADENIKE GANIYAT 335 ADEWALE EHIANETA ADEROGBA 336 ADEWALE JULIANA MODUPE 337 ADEWOLE ADENIYI OLUWAFEMI 338 ADEWOYE ADEWALE OLUGBENGA 339 ADEWOYE OLUSOLA ADELANI 340 ADEWOYIN FUNMILAYO TOROMOLA 341 ADEWUMI ADESINA DEMILADE 342 ADEWUMI TITILOLA ADEOLA 343 ADEWUNMI FUNMILAYO TOYIN 344 ADEWUSI JOSEPH ADEBAYO 345 ADEWUSI LOOKMAN ADEKUNLE 346 ADEYANJU JAMES OLUROTIMI 347 ADEYANJU KEMI ELIZABETH 348 ADEYANJU SIMEON KOLAWOLE OLUGBENGA 349 ADEYEMI ABIODUN OLUWASEUN 350 ADEYEMI ADEBAYO OLUWAFEMI 351 ADEYEMI ADEDOYIN OLUWATIMILEHIN 352 ADEYEMI ADEJARE 353 ADEYEMI ADESOLA ADENIYI 354 ADEYEMI ADETUTU ADERONKE 355 ADEYEMI BABATUNDE ALEX 356 ADEYEMI BASHIRU OYEWOLE 357 ADEYEMI BENSON ERIOLUWA 358 ADEYEMI ELIZABETH 359 ADEYEMI ENOBONG ASUQUO 360 ADEYEMI LATEEF ADESOLA 361 ADEYEMI MONDAY OLADELE 362 ADEYEMI MUSIBAU ADEKUNLE 363 ADEYEMI OLUMIDE OLALEKAN 364 ADEYEMI OLUWASEUN SAMUEL 365 ADEYEMI OLUYEMI SAMUEL 366 ADEYEMI SEGUN 367 ADEYEMI STANLEY 368 ADEYEMI TEWOGBOYE PETER 369 ADEYEMO FRANCIS AYILARA 370 ADEYEMO QASIM ADEKUNLE 371 ADEYEMO RUFUS ABIDEMI 372 ADEYEMO SAMSON OLUTUNDE 373 ADEYENI ADELOWO ADELEKE 374 ADEYERI ADEWALE MUNIR 375 ADEYEYE GBENGA TEMITAYO 376 ADEYEYE JOEL ADEBAYO 377 ADEYEYE MICHEAL ADENIYI 378 ADEYIGA ABIMBOLA OLUFUNKE 379 ADEYINKA OLUSHOLA ADENIYI 380 ADH NOMINEES/NSA AYI 381 ADIE FRANCIS ANIAH 382 ADIELE GOODLUCK PETER 383 ADIGUN OLAJUMOKE IBITAYO 384 ADIGUN OMOWUMI .T. 385 ADIGUN TEMITAYO AJIBOLA 386 ADIMOHA BLESSING OGBONNA 387 ADIO ADEMOLA ALEXANDER 388 ADIO ODUNOLA E. 389 ADIO OLAOLUWA SIMEON 390 ADIO OLUWATOSIN F 391 ADISA OLUWASEYI AKINBIYI 392 ADISA RAFIU 393 ADISA RAHEEM KABIR 394 ADMOS MULTI BUSINESS LIMITED 395 ADODO OLUSOLA GODWIN 396 ADODOH THOMAS MOSES 397 ADOLAT GOLDEN COMMUNICATIONS INVTS LTD 398 ADU AKINTUNDE SAMSON 399 ADU OLAYINKA 400 ADU RUFUS OJO

Names Names NamesS/No S/No S/No


I N S U R E RRC: 023048


Unclaimed Divided List

401 ADUEZE GOVERNOR KINGS 402 ADULOJU ROTIMI CORNELIUS 403 ADUNBI DAVID OLUWAFEMI 404 AEBA LOVE BARIWERE 405 AFADAPA VIVIAN ABIMBOLA 406 AFANGIDEH CHRIS GEORGE 407 AFARIOGUN ISSA ABIODUN 408 AFESUMEH STELLA 409 AFFI JAMES MAIWADA 410 AFOLABI IBIKUNLE RAFIU 411 AFOLABI IYABO SAIDAT 412 AFOLABI JOHNSON OLUSEGUN 413 AFOLABI OLUMUYIWA AFOLABI 414 AFOLABI OMOTAYO BABATUNDE 415 AFOLABI RAPHEAL ISHOLA 416 AFOLABI RUKAYAT TINUADE 417 AFOLAYAN OLADELE SAMSON 418 AFOLAYAN PRECIOUS OLUWANIMOGBEGA 419 AFORO AKINWUNMI O. ATANDA 420 AGADA DAVID 421 AGBABIAKA ENOCH OMONIYI 422 AGBAEGBU CHRYSANTUS NWABUGWU 423 AGBAEGBU REMIGIUS CHIBUIKE 424 AGBAEGBU UZOCHUKWU ROWLAND 425 AGBAFOR BLESSING 426 AGBAI NWANNE NDUKWE 427 AGBAJE OLUSEGUN ADEBAYO 428 AGBAMEGBULAM PEACE CHUKWUKA 429 AGBANIGO TAIWO ADEYINKA 430 AGBANOMA ROSELYN A. 431 AGBARA FELIX ONYEKACHI 432 AGBAROJI JEOL IKENDUBOCHI 433 AGBASIERE CHIKA PHILOMINA 434 AGBASO CHIBUIKE VICTOR 435 AGBASO CHIDUMAGA BENITA 436 AGBASO CHIGOZIRIM DANIEL 437 AGBEBI ADENIKE FEYISITAN 438 AGBEDO IKECHUKWU CHUKA 439 AGBEKOLA AKEEM BABALOLA 440 AGBESANYA ELIZABETH OYEBOLA 441 AGBIBOA AGATHA ILUMAMIE 442 AGBIRO BRIDGET 443 AGBO BASIL ONYEDI 444 AGBO EDWIN G. & ZIPPORA I. 445 AGBO IFEOMA MAUREEN 446 AGBO MICHEAL O. 447 AGBO UCHENNA M 448 AGBODO JUSTUS CHUKWUDI 449 AGBOGO DAVID INALEGWU 450 AGBONENI GREGORY AVM 451 AGBOOLA ADESOLA AYODELE 452 AGBOOLA OLAWOLE MUSA 453 AGBOOLA VICTORIA OLUFUNMILAYO 454 AGBOZIOKO ANTHONY IKECHUKWU 455 AGBU WINIFRED IFEOMA 456 AGHA DANIEL UZOCHUKWU 457 AGHA PIUS MADUBUIKEIBEYA 458 AGHANU GABRIEL CLARA 459 AGHEDO OSAIGBOVO OYEBODE 460 AGHOGHOVBIA KEN 461 AGHOLOR KOYENRI SAMUEL 462 AGIDI TOBIAS 463 AGIDI VICTOR AKAMUGA 464 AGIOGU OSIGBEMEH DUNCAN 465 AGODI CHUKWUEBUKA JOHN 466 AGONU KENECHUKWU COLLINS 467 AGOSA SAMUEL SAMENU 468 AGOSILE ILEMOBAYO CLEMENT 469 AGU ANGELA CHIZ 470 AGU ELIAS MBA 471 AGU MAXWELL NNABIKE 472 AGU MICHAEL UZOMA 473 AGUBE VICTORY OBOKPARO 474 AGUKU HOPE IHUOMA 475 AGUNA MICHAEL NOSIKE CHINEDU 476 AGUNBIADE FUNMILAYO I. 477 AGUNDO EMMANUEL OOTA CSSP 478 AGUNKEJOYE OLUSEGUN SAMUEL 479 AGWAMARA ONYEKWERE JAMES 480 AGWU IKENNA LIVINUS 481 AGWUNCHA AMAECHI ANTHONY 482 AHAMBA BETTY UCHECHI 483 AHAMBA EMMANUEL NKEIRUKA 484 AHAMBA EMMANUEL NKEIRUKAMMA 485 AHEMOKHAE EMMANUEL OYAKHILOME 486 AHIA KENNETH CHUKWUEMEKA 487 AHMED ADETOUN OMOSALEWA 488 AHMOD YINKA RISIKAT 489 AHUAMA VIDAH NWANYIEZE 490 AIDEYAN UHUNMWUNOMA MICHAEL 491 AIFEGHAE OSAS ROLAND 492 AIGBA PAUL IGIENEKPEME 493 AIGBE ERIC A. 494 AIGBOTSUA PHILOMENA EMAMHELU 495 AIGBOVBIOISE IGHODALO JOB 496 AIKHOMU SUZZANNE OTHIVBOR 497 AILERU SALIMOTU AMOPE 498 AINA ADEMOLA EDWARD 499 AINA BABAFEMI IBUKUNOLU 500 AINA ISREAL ODUNMAYOWA

S/No Names

501 AINA LYDIA MOJISOLA 502 AINA TAIYE OLYODE 503 AIYERIN OYEDELE 504 AJADI KASALI AYOADE 505 AJADI OLUGBENGA TIMOTHY 506 AJADI OPEYEMI SULEIMON 507 AJAGBE AFOLABI JOSHUA 508 AJAGBE BABATUNDE 509 AJAGBE FATAI 510 AJAGBUSI OLUWAGBENGA JOSEPH 511 AJAGUNNA VICTORIA TITILAYO 512 AJAJA ARIYO AYOWALE 513 AJAKA CHINEDU 514 AJAKAIYE BABATUNDE 515 AJAKPOVI UFUOMA JOEL 516 AJALA ADEBUNMI ELIZABETH 517 AJALA KUDIRAT ABEBI OLABISI 518 AJALA OLUFEMI EBENEZER 519 AJALA OMOWUMI 520 AJALA SIRAJUDEEN ABIODUN 521 AJALA TAIWO FRANCIS 522 AJALARURU BOLAJI TAIWO 523 AJANI ADEWUNMI 524 AJANI VICTOR ADEOLU 525 AJAO ADEFUNSHO ADEYI 526 AJAO GABRIEL OLUSEGUN 527 AJAO MOSUDI AYINDE 528 AJAPE ABIIBAT BOLANLE 529 AJASIN STEPHEN KOLA 530 AJAYI ABAYOMI ROTIMI 531 AJAYI BOLAJI SEKINAT 532 AJAYI FEYISAYO MORENIKEJI 533 AJAYI FLORA ADEBISI 534 AJAYI FOLORUNSO SAMUEL 535 AJAYI GRACE OMOWUNMI 536 AJAYI JOHN OLUKAYODE 537 AJAYI JOHN OMOTAYO 538 AJAYI MATTHEW DADA 539 AJAYI MUYIDE AYODELE 540 AJAYI OLAWUMI 541 AJAYI OLURANTI OLUKAYODE 542 AJAYI OLUSANJO EMMANUEL 543 AJAYI OLUSEGUN EMMANUEL 544 AJAYI OLUWASAYOFUNMI RUTH 545 AJAYI OLUWASEYI OLUKOREDE 546 AJAYI OYEDELE OLUSANYA 547 AJAYI STEPHEN OLANIPEKUN 548 AJAYI TOBA MARCUS 549 AJEH AUGUSTINE ENENCHE 550 AJENIKOKO ADEWUMI ALABI R 551 AJENIKOKO ADEWUNMI ALABI RICHARD 552 AJEWOLE ADELEKE HENRY 553 AJEWOLE FELIX KAYODE 554 AJIBADE BIDEMI OLAYEMI 555 AJIBADE FEMI RICHARD 556 AJIBADE KAYODE WILLIAMS 557 AJIBADE TOYIN 558 AJIBAIYE ABDUL SEMIU 559 AJIBODE KEHINDE 560 AJIBOGU JAMES SHAIBU 561 AJIBOLA ASIMIYU A.A 562 AJIBONA OLAYINKA THOMAS 563 AJIBOWU SARIAT BIDEMI 564 AJIGWU CHRISTIAN KARITA 565 AJILEYE BABATUNDE ISAAC 566 AJILEYE DAVID ALABA 567 AJILEYE FELIX KAYODE 568 AJILEYE FEMI EMMANUEL 569 AJIROBA MOROOF ADEDOKUN 570 AJISEBIOLOWO OLANIYI 571 AJOMALE ABISOLA OLUFUNMILOLA 572 AJOSE PETER OLUSOLA 573 AJUMOBI OLUWAKEMI FOLASHADE 574 AJUMOBI WILFRED KOLAWOLE 575 AJUMUKA JAMES OTUMA 576 AJUNWOKE EMMANUEL 577 AKADIRI OBAGAIYE JIMOH 578 AKAEME CLEMENT 579 AKANBI JUBRIL ABAYOMI 580 AKANBI MOSES ADENIYI 581 AKANBI MOSES ADISA 582 AKANDE ADENIJI 583 AKANDE ADETUNJI 584 AKANDE AKINTAYO REUBEN 585 AKANDE EBENEZER ADESOJI 586 AKANDE EMMANUEL OKIKIOLUWA 587 AKANDE SAMUEL OLUMIDE 588 AKANJI IYANU OLUWA 589 AKANJI JESUPEMI 590 AKANJI MOFIFOLUWA ABIODUN 591 AKANJI OLUWATOYIN ELIZABETH 592 AKANJI TIJESUNIMI EBUNOLUWA 593 AKANMU OLUMIDE 594 AKANRO OLUWADAMILARE AKIN 595 AKANU HENRY OKWUDILI 596 AKAOSE EZE OKEY 597 AKAPO AUGUSTINE 598 AKARA JOSEPH UZOMA 599 AKENI EFEMENA CHARLES 600 AKERESOLA TAIWO CATERING

601 AKEREWUSI JOSIAH DIMEJI 602 AKHAGBENI CHARLES 603 AKHIBI AYO IFEOLUWA 604 AKINADE COMFORT ADEJOKE 605 AKINADEWO TEMITAYO VERONICA 606 AKINBILE TOMIWA 607 AKINBINU FOLUKE TAIWO 608 AKINBO OLAYIWOLA ADIO 609 AKINBO OMOLARA OLABISI 610 AKINBODE LUCAS OLAIYA 611 AKINBODE STELLA ABIODUN 612 AKINBOLA GIDEON OLUWAFEMI 613 AKINBOLUSIRE SUNDAY AKINTAYO 614 AKINDE JOSEPH ADEBAYO 615 AKINDELE ABIODUN RAMON 616 AKINDELE FLORENCE TAIWO 617 AKINDELE SOLA 618 AKINDIPE OLUWASANMI EMMANUEL 619 AKINDIYA MOJISOLA BOLANLE 620 AKINDURO RUTH OLABISI 621 AKINFEMIDE HANNAH MAYOWA 622 AKINFENWA ATINUKE BERNICE 623 AKINFENWA MARY OLUWADAMILOLA 624 AKINGBADE ESTHER OLABISI 625 AKINGBADE SEGUN 626 AKINGBEHIN MUSA 627 AKINGBOYE AYODELE 628 AKINJOBI JOSEPH ENIOLORUNFE 629 AKINKUOROYE OLUFUNMILAYO FELICIA 630 AKINKUOWO GBENGA 631 AKINLABI YUSUF OLUNWATOSIN 632 AKINLEYE E.A DR 633 AKINLOLA ERNEST ADEBOWALE 634 AKINLOYE WAHEED OLUWADAMILARE 635 AKINLUA ELIZABETH OYINGOLARIN 636 AKINMOLAYEMI FADEKE ADERONKE 637 AKINNIRAN SIKIRU ADISA 638 AKINOLA ADEBAYO EMMANUEL 639 AKINOLA TEKOBO OLUWAYEMISI 640 AKINPELU SAMUEL OLUWAPELUMI 641 AKINRUJOMA KAYODE FRANCIS 642 AKINSANYA ADEOLU 643 AKINSANYA FOLASHADE OMOLAYO 644 AKINSANYA JEREMIAH AKINOLA 645 AKINSANYA JONATHAN OLUTUNDE 646 AKINSANYA MOSHOOD AKINOLA 647 AKINSIPE SIMISOLA COMFORT 648 AKINSOJI AKINPELU 649 AKINSSETE ABIDEMI OLAKUNLE 650 AKINTADE HEZEKIAH YINKA 651 AKINTAYO MORAYO 652 AKINTELURE MOPELOLA 653 AKINTOLA OLUWAYINKA FRANCES 654 AKINTOLA VICTOR KAYODE 655 AKINTOLA, FAUSAT OLAYINKA 656 AKINTOYE ANDREW ADEBAYO 657 AKINTOYESE HASSAN ISHOLA 658 AKINTUNDE ABIKE OLADUNJOYE 659 AKINTUNDE OLUFUNMILOLA AINA 660 AKINTUNDE SEUN 661 AKINWALE JOHNSON OLAYINKA 662 AKINWANDE JELILI ADISA 663 AKINWANDE OPEGBEMI 664 AKINWOLEOLA ADEOLU 665 AKINWUMI OLADEJI 666 AKINWUNMI MOJISOLA NIHMATALAHI 667 AKINYEMI AKINJOGUNLA RICHARD 668 AKINYEMI GABRIEL ADESHOKAN 669 AKINYEMI GABRIEL OLATUNDE 670 AKINYEMI OLUWASEUN SAMUEL 671 AKINYEMI OMOBOLANLE OLANREWAJU 672 AKINYEMI SAHEED OMONIYI 673 AKINYOSOYE VIVIAN MODUPE 674 AKITOLA OLUYOMI IDOWU 675 AKITOYE ADEMIJUWON OLUWATOYIN 676 AKITOYE ADESEGUN 677 AKNIMIEN ANTHONY 678 AKO JAMES OLUWAKAYODE 679 AKODA STEPHEN AYOTUNDE 680 AKOGWU ELIZABETH 681 AKOKO EHIAKHMEN RAYMOND 682 AKOLADE MICHAEL K 683 AKOMOLAFE BUSOLA ADUNNI 684 AKOTOR GODWIN 685 AKPAN EME ETIM 686 AKPAN EMEM AMOS 687 AKPAN JOHN STEPHEN 688 AKPAN MERCY WILLIAMS 689 AKPAN MORRIS SUNDAY 690 AKPAN PAULINUS NNANAH 691 AKPAN PEACE JOSHUA 692 AKPAN PETER ETIM 693 AKPAN UDEME OBOT 694 AKPAVAN AMOS EGGA 695 AKPEJUNOR BEATRICE 696 AKPENYI NGOZI EWERE 697 AKPOBOME MARY 698 AKPOIGBE ERUTOR JOSEPH 699 AKPONAH ELIZABETH. O 700 AKPUAFOR UGONNA CECILIA

701 AKUBOR SYLVESTER OSSAI 702 AKUBUENYI FELIX CHINEDU 703 AKUBUEZE CHIBUZOR RAYMOND 704 AKUBUIRO WALTER CHIKA 705 AKUCHUKWU MICHAEL EMEKA 706 AKUEGBU NKECHI 707 AKULEY ENTERPRISES LTD 708 AKWUIWU UCHENDU KATE 709 AL HASSAN BENJAMIN .E. 710 ALABI AYODELE OBAFEMI 711 ALABI DAMILARE 712 ALABI ISA 713 ALABI MATTHEW OLUMUYIWA 714 ALABI OMOTOLA ADEDOYIN 715 ALABI REBECA RUKAHAT 716 ALABRABA DA-OKORIKOMA IBIM 717 ALABRABA IBIM DEBORAH 718 ALADE SAHEED 719 ALADE TEMITAYO ABIDEMI 720 ALADEGBEYE FOLORUNSHO 721 ALADESAWE ATINUKE OLAJUMOKE 722 ALAGBE OLANREWAJU SEYI 723 ALAGOA MERCY GBORIBUSUOTE 724 ALAKA OLUKAYODE & OLUSUMBO 725 ALAKIJA ADEPEJU IBISOMI 726 ALALADE OLUMUYIWA OLUSEGUN 727 ALALADE OLUSEGUN OLATUNJI OLUMUYIWA 728 ALANA OLURANTI ELIZABETH 729 ALANGRANGE SECURITIES & INV LTD 730 ALANGRANGE SECURITIES LTD DEPOSIT -A/C 731 ALAO TAOFEEQ ADESOLA 732 ALARAPE BOLANLE 733 ALASA ABDULGAFARU 734 ALASOMUKA STEPHEN 735 ALATISE A. ADETUTU 736 ALATISE AMUDA YUSUF 737 ALATORU TAMUNOALA 738 ALAWE ADEYEMI JOSHUA 739 ALAWODE CECILIA AJOKE 740 ALAYE ADEYEMI OLUFEMI 741 ALAZIGHA TOKONI INARA PRAISE 742 AL-BARKA PRIVATE SCHOOL 743 ALDER MEMUNAT IDOWU 744 ALEGE MAZEED KOLAWOLE 745 ALEGE YUSUF OLAITAN 746 ALEGI RASHIDAT ABYEM 747 ALEGIUNO JOSEPH AWAVHEOKHA 748 ALEJO KAZEEM OLUSEYI 749 ALEX-DUDUYEMI ADETOUN 750 ALEXI ALICE UDOSEN 751 ALI MAGAJI ABUBAKAR 752 ALIGBE EHIS TIMOTHY 753 ALIU ONI PETER 754 ALIWO JOSEPH OJODOMO 755 ALIYU ABDULLATEEF 756 ALIYU DOMA RALIATU 757 ALIYU ROSELINE FUNKE 758 ALLI ABAYOMI MUTAIRU 759 ALLI FUNMILAYO MUIBAT W 760 ALLIBALOGUN GBADEBO YEMISI (MR & MRS) 761 ALLU JOHN 762 ALO ADEWALE 763 ALO OLAOLU AKINWANDE 764 ALONGE AGNES FUNMILAYO 765 ALONGE ENOCH ADENIYI 766 ALUGBIN, DR. DAYO & MRS FUNKE 767 ALUKO EMMANUEL OLUSEGUN 768 ALUKO ESTHER MOSUNMOLA OLUWAKEMI 769 ALUKO SELINAH IRETI 770 ALUKPE VERONICA AZEINMARI 771 ALUKWU CHRIS SUNDAY 772 ALUKWU IFEANYI 773 ALUMA OSITA CORNELIUS 774 AMACHUKWU EMMANUEL CHINONYE 775 AMADA-AYAFA ANN 776 AMADI CHILE 777 AMADI REGINALD OBINNA 778 AMADI THERESA ONUABUCHI 779 AMAECHI ELIZABETH 780 AMAECHI MAVIS IFEOMA 781 AMAH EDWINAH 782 AMAIHIAN AYUBA PAUL 783 AMAIZE EUGENE IMONGBORE (DR) 784 AMANZE KENNETH FOLASHADE 785 AMAOGARANYA IMMACULATE AMAKA 786 AMAOLE MARGARET KELECHI 787 AMAOLE UZOMA B 788 AMBASSADOR ISRAEL VETURES 789 AMEDU DANIA 790 AMEDU ZENEBU 791 AMEH MICHAEL 792 AMENIBO JUSTIN .M. 793 AMIE JUSTINA BORO 794 AMINU HARUNA ABDULLAHI 795 AMINU TAJUDEEN EMMANUEL 796 AMMEH VICTORIA OLUWAKEMI 797 AMODU BASIRAT A. 798 AMODU GABRIEL OLUWAROTIMI 799 AMODU OLUWAFEMI 800 AMOGBE ROTIMI REMI


I N S U R E RRC: 023048



Unclaimed Divided List (Cont’d)

801 AMOGU VICTORIA IBE 802 AMOO ABIOLA BASIRAT 803 AMOO ADEGBOLA SAIDI 804 AMOO AKANNI 805 AMOO BASIRAT 806 AMOO GANIYU AJIBADE 807 AMOO KEHINDE ABIDOYE 808 AMOS SALEH 809 AMOS STEPHEN 810 AMOSUN ELIZABETH ADESOLA 811 AMPITAN OLUWATOYIN KEMI 812 AMUTCHIE OKECHUKWU MACSPENCE 813 ANABA ENYIOMA 814 ANACHUNA IFEANYI SAM 815 ANAGBOSO GEORGINA UCHE 816 ANAKPE EMMANUEL OFFAELI 817 ANAM CHINYERE DORATHY 818 ANAMALU NWABUFO STANLEY 819 ANAMENE COSTANCE NONYE 820 ANANWA JOSEPH CHIKA 821 ANASIUDU UZO LAWRENCE 822 ANDREW IGHO OMU 823 ANDY OTO-OBONG EMAH 824 ANENE CHUKWUDUMEBI GLADYS 825 ANENE PATIENCE CHINWE 826 ANENE PATRICK NNAMDI 827 ANETOR NEWTON 828 ANGYU NAFISAT MOHAMMED BALA 829 ANI BASSEY BERNICE 830 ANI ONYEBUCHI 831 ANIASHI BENEDICT UNDISAIKELE 832 ANIBABA AYODEJI OLUWOLE 833 ANIBABA IBUKUNOLUWA PEACE 834 ANIBABA OLUSOLA ADENIKE 835 ANIBABA OLUWATOMISIN AYOMIKUN 836 ANIBABA OLUWAYOMI FAVOUR 837 ANIEBONAM PASCAL CHIDIEBELE 838 ANIEKAN EYO OTUK 839 ANIFOWOSE ADENIYI AKOREDE .O 840 ANIGBOGU OKEY ALPHONSUS 841 ANIKE HUMPHREY MOSES 842 ANIMASHAUN ABIODUN 843 ANISHE KOREDE 844 ANOCHIE PETROLINA NZUBECHI 845 ANOLIEFO ARINZE BENJAMIN 846 ANOMNEZE IJEOMA DORIS 847 ANOSIKE ERIC IKENNA 848 ANOSIKE JAMES MR 849 ANTHONY EINERE 850 ANUGE OBEHI ELIZABETH 851 ANUGOM ENYINNAYA JOSEPH 852 ANULUGWO JAMES CHIJIOKE 853 ANUMNU OBIANUJU OGBEALU 854 ANWAEGBU IKECHUKWU CHRISTOPHER 855 ANYAEBOSIM NGOZI BENEDETH 856 ANYAMENE BLESSINGS M. 857 ANYANWU EILEEN AMARACHI 858 ANYANWU EUZABIUS AUSTIN 859 ANYANWU OGBONNAH CHRISTIAN 860 ANYANWU SIMON CHIMAEZE 861 ANYANWU UCHECHI DOROTHY 862 ANYASI NDUKA 863 ANYATONWU PATRICK CHINKERE 864 ANYI EMMANUEL OKECHUKWU 865 ANYIAM-OSIGWE IJEOMA 866 APAMPA LOLA 867 APENA IRIS EKUNDAYO 868 APENUOLA ABIODUN OMOTAYO 869 APETE AMUNDA AJIUN 870 APPEH UCHENNA 871 AQUITY QWEUST COMPANY 872 ARACHE STELLA NNEKA 873 ARALEPO OLUWAFUNMINIKE 874 ARAMIDE ERIC ADEKUNLE 875 ARANFAJO JAMIU OLADIMEJI 876 ARANJU BAMIDELE ABIODUN 877 ARCHIBONG ENO EDET 878 ARCHIBONG ETTE 879 AREMU ABIODUN AYINDE 880 AREMU ABOSEDE OLUWASEUN 881 AREMU ADEKUNLE MOSES 882 AREMU ADEWALE SAHEED 883 AREMU OYEDELE NASIRU 884 AREO ABIOLA JOHN ADEYI 885 ARIBANUSI AMOS SUNDAY 886 ARIGBEDE ROLAND 887 ARIHI MODUPE GRACE 888 ARILESERE-SATAR YESIRAT MOJISOLA 889 ARINZE MIKE OBUNEME 890 ARIYO OLUWAKEMI MARY 891 ARIYO ROTIMI DARE 892 ARO MARION YEMISI 893 AROGUNDADE FESTUS OLUFEMI 894 AROH IKECHUKWU LIVINUS 895 AROLEOWO GANIAT ABIODUN 896 AROSANYIN ADEBAYO SOLOMON 897 AROTIBA RICHARD AYODELE 898 AROWO-FELA OLUWAFEMI MURTALA 899 AROWOLO ADEWALE MARTINS 900 ARUBERE FELIX IKIYO

S/No Names

901 ARUNA GANIYU COLLINS 902 ARUSI MERCY .O. 903 ASAMAIGOR EMMNAUEL MORRISON 904 ASCENT MICROFINANCE BANK LIMITED 905 ASELEBE FATAI ADEWALE 906 ASEMOTA EFOSA EDWIN 907 ASEMOTA MARYAN 908 ASHAJU JULIUS BABATOPE 909 ASHIGABU INNOCENT EWUGAH 910 ASHIRU ADEBAYO KOFOWOROLA 911 ASHIRU ADEDAPO 912 ASHIRU ADEDOYIN FIYINFUNOLUWA 913 ASHIRU WAIDI 914 ASIYANBI GABRIEL KOLAWOLE 915 ASIYANBI OLUFEMI OLADELE 916 ASOGWA ANICETUS AZUMKALIA 917 ASOGWA EMMANUEL NNAZIMAKOR 918 ASOMNANYA CHIGOZIE CHRISTIAN 919 ASOMUGHA MIKE NNANYELU 920 ASOR EMEKA SYLVESTER 921 ASOR PET LAUREN EBERE 922 ASSET & WEALTH CREATION LIMITED 923 ASSET MANAGEMENT NOMINEE LTD 924 ASSOCIATED DISCOUNT HOUSE LTD 925 ASSOR GAIUS WOKENNE KWERRI 926 ASUELINMHEN STEPHEN 927 ASUNMO AJAYI RASAQ 928 ASUQOU EKAETTE EDEM 929 ASUQUO ANSE OKON 930 ASUQUO CHRISTOPHER ARCHIBONG 931 ASURU GIFT OKECHUKWU 932 ATAGHA PETER C. 933 ATAKENU ABIMBOLA ABOSEDE 934 ATAMAH GEORGE AISUGHEFOH 935 ATANDA ADEWALE L. 936 ATANDA ISIAKA AJANI 937 ATANDA OLUREMI ADEMOLA 938 ATANDA OLUREMI ADEMOLA (DR) 939 ATANO CHARLES O. 940 ATE GIDEON ATIM 941 ATENIOLA ABIODUN LAWRENCE 942 ATEWOLOGUN DAVID OLABODE 943 ATIBIOKE OLUWADARE DANIEL 944 ATIKU KAFARU 945 ATOBAJAYE SAMSON ADEWALE 946 ATOBATELE AKINYEMI AYODEJI 947 ATOYEBI MUFUTAU 948 ATOYEBI PETER OLUFEMI 949 ATSAGBEDE NELSON IDOWU 950 ATTAH EBO 951 ATTAH ERNEST NWADIBE 952 ATTAH ETIM BASSEY 953 ATU TAYLOR GOODNEWS 954 ATUANYA ANTHONY TOCHUKWU 955 ATUNRASE TUNJI ABIODUN 956 ATUSIUBA NED THERESA 957 AU-ABJOEMGORE MULTIPURPOSE ENTERPRISES 958 AUDU SANNI YUSUF 959 AUTA LARABA 960 AWAYE TEMILOLUWA 961 AWE AKINSHOLA CORNELIUS 962 AWE ELIZABETH OLUWASAYO 963 AWE OPEYEMI 964 AWEDA AFEES OLARENWAJU 965 AWESU ADEGOKE ECHIOMA OZIOH 966 AWGUAGBAKA RICHARD O. 967 AWOBAMISE JOSEPH AKINBANJI FOLORUNSO 968 AWOBIMPE ISMAIL OPEYEMI 969 AWOBIMPE KAYODE KAMALDEEN 970 AWOBUSUYI OLUBUKOLA DEBORAH 971 AWOGBAYILA BALOGUN ADELEYE 972 AWOGBAYILA OLUWABAMISE BENJAMIN 973 AWOH PATRICK 974 AWOKOYA EMMANUEL OLUWADAMISOLA 975 AWOLEYE TOBI OMOBOLANLE 976 AWOLIYI OLALEKAN OLOYEDE 977 AWOLOLA KEHINDE OMOWUMI 978 AWONAIKE RACHAEL MOSEBOLATAN 979 AWONUSI TEMIDAYO OMOYEMI 980 AWOSANYA OLUWASEUN 981 AWOSOLU BABAJIDE OLALEYE 982 AWOTULA IGBAYEMI INUMIDUN 983 AWOTUNDE ISHAQ OYEWOLE 984 AWOYADE ODUNAYO OLUSEGUN985 AWOYEMI ABIODUN THOMAS 986 AWOYEMI OLAJIDE HASSAN 987 AWOYEMI OMOTOYOSI OMOBOLANLE 988 AXHOLME NOMINEES LTD(PTA)A/C 989 AYANDA YEMI OLUBUSOLA 990 AYANDEJI ABASS DAVID 991 AYANDELE RASHEED TAYO 992 AYANDIBU AYODEJI OLUGBENGA 993 AYANSOLA PROMISE 994 AYANWALE OMOLOLA KABIRAT 995 AYANWALE YEWANDE 996 AYANWAMIDE KAYODE AYANTOKUN O 997 AYARA JENNIFER YINKA 998 AYASI AMBROSE AUGUSTINE 999 AYAWEI RHODA EREPETEI 1000 AYEMERE IBIRONKE

1001 AYEMOBA CHARLES 1002 AYENI B. OLUMIDE 1003 AYENI BABATUNJI FELIX 1004 AYENI JOHNSON AGBOADE 1005 AYENI LAWRENCE 1006 AYENI OLAYINKA OPEYEMI 1007 AYENI OLUBOREDE BAMIDELE 1008 AYILARA TAOFEEK 1009 AYINDE ABIOLA HENRY 1010 AYINDE KASALI 1011 AYINDE MODUPE ELIZABETH 1012 AYINLA KABIRU OMOTUNDE 1013 AYINLA KAZEEM ADEKUNLE 1014 AYINLA SURTHEIQ BABATUNDE O 1015 AYISIRE WILFRED UFUOMA 1016 AYOADE JOHN ADISA 1017 AYOADE PATIENCE OCHERI 1018 AYODEJI WOLE WILSON 1019 AYODELE OLADAPO 1020 AYODELE OLUWAFEMI SAMUEL A 1021 AYODELE OLUWASEUN BABAJIDE 1022 AYODELE OMOLARA YETUNDE 1023 AYOGU FREDERICK IFEANYI 1024 AYOGU NGOZI MARIAGORTTI 1025 AYOOLA MATTHEW OLAYIWOLA 1026 AYOOLA ZAHEED OLADIMEJI DR 1027 AYO-VAUGHAN ADEDOTUN OLUKAYODE 1028 AYUBA ABDULSOMOD 1029 AYUBA QUADRI YEMI 1030 AZEEZ ABDULLAHI ADETUNJI 1031 AZEEZ KOLAWOLE 1032 AZEEZ OLANIYI MUFUTAU 1033 AZEEZ OLUWATOYIN 1034 AZEEZ RASAKI KOLAWOLE 1035 AZEEZ RASHEED KEHINDE 1036 AZIEKWE SUNDAY N. (ESTATE OF) 1037 AZOR MARTIN CHIANUMBA 1038 AZU BESSY LAURETTA 1039 AZUBIKE OBUMNEME 1040 BABA SOLOMON 1041 BABALOLA ABIMBOLA ABDUL-AZEEZ 1042 BABALOLA ABIMBOLA ABDULAZEEZ O 1043 BABALOLA ABIMBOLA ABDUL-AZEEZ OLADEJI 1044 BABALOLA MICHAEL OLUFEMI 1045 BABALOLA TITILOPE OMOTAYO 1046 BABANUMI OLUMUYIWA OLALEKAN 1047 BABARANTI OLUWUYI AJANI 1048 BABARANTI OPEOLUWA TIMOTHY 1049 BABATOPE ANN OLUWADOLAPO 1050 BABATUNDE ENITAN OLUFEMI 1051 BABATUNDE MOBOLAJI OLAWALE 1052 BABATUNDEOLUWAFEMI OLUWASHOLA 1053 BABATUNDE-SHOBANDE BABATUNDE A 1054 BABAYEMI OLUDOTUN ADENIYI 1055 BABAYEMI THOMAS OLUKUNLE 1056 BADA AZEEZ KOLAWOLE 1057 BADA MONSURU ABOLORE 1058 BADA OLAWUNMI ISIKULU 1059 BADEJO MOJISOLA IBIDUN 1060 BADEJOKO, LEKE 1061 BADRU FAIDAT MOJISOLA 1062 BADRUDEEN SULAIMON ALANI 1063 BAHNAM ADIB 1064 BAIYE ADEBOWALE FOLARINWA 1065 BAKARE AL-HAMIS AGBOOLA 1066 BAKARE KAZEEM OLASEOJUMI 1067 BAKARE MOJISOLA OMOBOLANLE 1068 BAKARE NURUDEEN BALOGUN 1069 BAKARE OLABISI FARUQ 1070 BAKARE OLADAYO DAUDA 1071 BAKO ADAMS ITSE 1072 BAKRI SEMIU BABATUNDE 1073 BALOGUN ABAYOMI 1074 BALOGUN ABDULLAHI OLAYINKA 1075 BALOGUN ABODUNRI MOSHOOD 1076 BALOGUN ADENIYI SHAKIRU 1077 BALOGUN ALAKE LOLA 1078 BALOGUN IBRAHIM ADEBISI 1079 BALOGUN MABEL OLUWASANMI 1080 BALOGUN MUFTAU ADEOLA 1081 BALOGUN MUSIBAU ALHAJI 1082 BALOGUN OLUMIDE OLUWAFEMI 1083 BALOGUN RASHEED OLATUNDE 1084 BALOGUN S. OLUBUNMI 1085 BALOGUN SAMUEL BERNARD 1086 BALOGUN SIKIRU AKANO 1087 BAMGBOSE ABIODUN 1088 BAMGBOSE JULIUS ODUNTAN 1089 BAMGBOYE ADEFUNKE ZAINAB 1090 BAMGBOYE VERONICA OLAITAN 1091 BAMIDELE OMOLARA Y.A 1092 BAMIGBADE EBENEZER ISREAL 1093 BAMKEFA OLADAPO JOSEPH 1094 BANE NIGERIA ENTERPRISES 1095 BANK PHB/FVIEW/ELIZABETH EBI-TRADING 1096 BANKOLE ALABI LATEEF 1097 BANKOLE BIODUN 1098 BANSO ADEKUNLE ADEMAYOWA 1099 BASHIR A. KOLAWOLE ADEREMILEKUN 1100 BASHIR OLUWALAYOMI ENOCH

1101 BASHORUN BASHIRU OLAWALE 1102 BASHUA TAOFIKAT TYABODE 1103 BASSEY ANIETIE EYO 1104 BASSEY MFON 1105 BASSEY MICHAEL EKPE 1106 BASSEY VICTOR EDET 1107 BAWA DANLADI PAIKO 1108 BAYODE SAMUEL OLUWAFEMI OLUFUNSO 1109 BECK BIODUN SHOLA 1110 BEEHOO INVESTMENT LIMITED 1111 BEJIDE AYOBAMIDELE ESTHER 1112 BEJIDE OLUWASEUN BABATUNDE 1113 BEKEDEREMO BETSY BENEDICTA.E. 1114 BELLO ABDULMAJEED 1115 BELLO ADENIYI 1116 BELLO ADEOLA JANET 1117 BELLO ASUNMO SHITTU 1118 BELLO AYOMIDE FAROUK 1119 BELLO DANLADI GUSA 1120 BELLO DAVID PEMI 1121 BELLO EMMANUEL IBITOLA 1122 BELLO ENIOLA KHADIJAT 1123 BELLO JAMAL 1124 BELLO JUDAH PELUMI 1125 BELLO KHADIJAT AINA 1126 BELLO OLALEKAN ISHAQ 1127 BELLO OLATUNBOSUN GBENGA 1128 BELLO OLUSHOLA 1129 BELLO SIKIRU ADENIYI 1130 BELLO TONY 1131 BELLO, FATAI 1132 BEN SAMUEL EDUKERE 1133 BENJAMIN KIKSENENSO BENITARENI 1134 BENSON CHIJIOKE LAWRENCE 1135 BENTORO TERRY JOHN 1136 BERNARD OKPIAIFO ELIMHIAN 1137 BFCL INVESTMENT A/C 1138 BGL INVESTMENT LTD 1139 BHADMUS TUNDE 1140 BIALA EMMANUEL OKANOLA 1141 BINJIN MUNPET GERALDINE 1142 BINUYO OLAWALE TAOFIQ 1143 BISBOL NIGERIA LIMITED 1144 BISIRIYU MONSURU ADETOLA 1145 BLANKSON AMPIM GOGO 1146 BLAZERS INVESTMENT LTD-A/C 2 1147 BLOSSOM PARTNERS NIG LTD 1148 BLUEWATER LIBERTYWAY COMPANY 1149 BOBADE EDWARD OLADAPO 1150 BODUNRIN MARIAN OLUFUNKE 1151 BODUNRIN OLABISI FOLASHADE 1152 BOLAJI OLABISI A. 1153 BOLANLE OLALEKAN OLATUNJI 1154 BOLARINWA BABATUNDE DELE 1155 BONIFACE GODSTIME BEN 1156 BORKINI YETUNDE 1157 BOSPAF Network Limited 1158 BOT DAVOU SILAS 1159 BROADMINDS ENTERPRISES INVESTMENT CLUB 1160 BROWN OPTIMIST SILAS 1161 BUNYAMIN ISMAIL ALI 1162 BURAIMOH GBOLAHAN SALIU 1163 BURSAN DAN FULANI YAKUBU 1164 BUSARI AKEEM AYODELE 1165 BUSARI KAMORU OLADIMEJI 1166 BYTOFEL INVESTMENTS LIMITED 1167 CALVARY FARMS LIMITED 1168 CALYX NOMINEE 1 1169 CALYX SECURITIES LTD. * TRADED-STOCK-A/C 1170 CALYX/SHAMO MENSAH NOMINEE 1171 CAMPBELL CHARLES FOLARIN 1172 CAMRY INVESTMENT LIMITED 1173 CANDY FLOSS LIMITED 1174 CAPITAL EXPRESS MANAGED FUND 1175 CAPITAL GUARANTY LIMITED 1176 CAPITAL TRUST BRKS.LTD.TRADED-STOCK-A/C 1177 CAROL AJAYI 1178 CASHCRAFT ASSET MANAGEMENT LTD - OCCAM 1179 CASHDEAL VENTURES 1180 CASMIR AFUGBUOM 1181 CENTREHOLD RESOURCES & SEVICES LTD 1182 CHARLES SAVIOUR 1183 CHARTWELL SECURITIES LIMITED 1184 CHARTWELLSECURITIES LTD AC 2 1185 CHEVRON OIL STAFF M.C.S. LIMITED 1186 CHIABUOTU BLESSING ELOCHUKWU C. 1187 CHIANA JUSTUS SUNDAY UKADIRE 1188 CHIBUIKE RUTH CHIOMA FAVOUR 1189 CHIBUZO STANLEY AMOBI 1190 CHIDOZIE AMECHI HELEN 1191 CHIDOZIE GODFREY CHIRA 1192 CHIELOZIE CHUKWUDI CHIBUZOR 1193 CHIGBUNDU ONYEKACHI ROMANUS 1194 CHIKA CHINYERE UKAEGBU 1195 CHIKWENDU ONYEKA CHIGOZIE 1196 CHIKWEUBA UBA 1197 CHILAKA EMMANUEL CHIEDOZIE 1198 CHIMA GINIKA DONALD 1199 CHIMAH CHRISTIANA CHIZOMA 1200 CHINAKWE ALAIN NWABUGO



I N S U R E RRC: 023048




1201 CHINAKWE ALIAN 1202 CHINEDU CHIDIEBERE 1203 CHINEDU CHIOMA SANDRA 1204 CHINWEIFE FAVOUR OBIAGELI 1205 CHIOMA ANGELA CLETUS 1206 CHIOMA AUGUSTA UWA 1207 CHIWUBA CODELIA 1208 CHRISTOPHER OLADELE 1209 CHUKWU ALEXANDER OKORO 1210 CHUKWU HENRY CHIBUZOR 1211 CHUKWU REGINA C. 1212 CHUKWUDEBE KENNETH A.M 1213 CHUKWUDI LILIAN CHIGOZIE 1214 CHUKWUEMEKA PATIENCE & CHUKS 1215 CHUKWUJEKWU IFENNA & JULIET 1216 CHUKWUMA CHIZOMA THERESA 1217 CHUKWUNONSO NNAEMEKA C 1218 CHUKWUNWA AUGUSTINE E. 1219 CHUKWUWETALU OKWUDILI CHIEDOZIE 1220 CHUKWUWETALU TOCHKWU CAROLINE 1221 CHUKWUYERE IFEOMA JOY 1222 CHUNU TOBOR OMAMERUME 1223 CIL-NOMINEE A/C-2 1224 CILORD GLOBAL INVESTMENT CO LTD 1225 CITADEL MERCHANT ENTERPRISES 1226 CITISPREAD WEALTH LTD 1227 CITY CODE SAVINGS AND LOANS LIMITED 1228 CLEMENT AYODEJI GBEMILEKE 1229 CNN COOP-SOCIETY LIMITED 1230 COCO-BASSEY EKPOANWAN ENETIE 1231 COKER KEHINDE OJEWALE 1232 COLE AGNES OLUBISI ATINUKE 1233 COLE ENITAN GABRIEL 1234 COLE OLUWAYOMI 1235 COLEMAN JANE BLESSING 1236 COLLINS OREOLUWA SAMUEL 1237 COMFYKING CONCEPT 1238 COOKEY KUFRE WILLIAM 1239 CORDROS CAPITAL RESEARCH 1240 CORDROS RESEARCH 1241 CORE FUNCTIONS AND ASSETS LIMITED 1242 COTTAGE FUNDS LIMITED 1243 COVENANT FREIGHT NIG LTD 1244 CRESTERLOT NIGERIA LIMITED 1245 CRYSTAL ASSOCIATE 1246 CRYSTALIFE ASSURANCE PLC 1247 CTB-NOMINEE A/C 1248 CWSL-NOMINEE MARGIN 1249 DABIRI JELILI 1250 DADA ADEKUNLE ADEBAYO 1251 DADA BABATUNDE 1252 DADA EDWARD O. 1253 DADA OLUKEMI AYOYEMI 1254 DADA RAUFU ADETUNJI 1255 DADA VICTORIA FOLORUNSO 1256 DADA, ADEWALE OLUMUYIWA 1257 DAHIRU MOHAMMED LAWAL 1258 DAHUNSI AFEEZ AKANBI 1259 DAHUNSI AFEEZ AYODEJI 1260 DAHUNSI HELEN EKAETTE 1261 DAHUNSI RISIKAT OMOLARA 1262 DALHA ISAH ABDULAKADIR 1263 DAMIAN ILODIGWE 1264 DAN AKPAN THANKGOD 1265 DANAGOGO MONIMA WENIKE 1266 DANBOYI MARUS HENRY 1267 DANGANA MOHAMMED AMIN 1268 DANIA JAMES MAJEBI 1269 DANIEL AYODELE JOSHUA 1270 DANIEL EMEKA KENNETH 1271 DANIEL ETUBI 1272 DANIEL KEHINDE FEMI 1273 DANIEL OLU 1274 DANJUMA SHENI NANPON 1275 DANKEFFI MAHMUD 1276 DANKUWO FEMI 1277 DANLADI HASSAN IBRAHIM 1278 DAODU ABIODUN O 1279 DAODU OLUWATOSIN O 1280 DAODU PATRICK BUSUYI 1281 DAORIN NIGERIA LIMITED 1282 DARAMOLA EBENEZER OJO 1283 DARAMOLA ESTHER JUMOKE 1284 DARAMOLA OLUGBENGA SAMSON 1285 DARANIJO AMOS OLANIYI 1286 DARELOKS LTD 1287 DA-SILVA OLASENI THEODORE JULIAN 1288 DASUKI MOHAMMED SAMBO 1289 DAUDA MOSHOOD OLADIPUPO 1290 DAUDA YUSUF NDAKOTSU 1291 DAVID OLAMBO ADEWUNMI 1292 DAVID SABO KENTE 1293 DAVIDSON N PETER 1294 DAWODU ADEYINKA 1295 DE-CANON INV.-TRADED-STOCK-A/C 1296 DEDE STANLEY SHUWA 1297 DEGEAN INVESTMENT LIMITED 1298 DEKPEN PEREGBE CORNELIOUS 1299 DELIGHT VENTURES LIMITED 1300 DELLYSONA NIGERIA LIMITED

S/No Names

1301 DEMEHIN DAVIS OLAWALE 1302 DENNIS MACAULAY CHUKWUMA 1303 DENNIS ONYINYECGUKWU GIFT 1304 DEPENDABLE SECURITIES LTD 1305 DIALA SUNNY IFEANYI 1306 DIAMOND BANK LIMITED 1307 DIAMOND BANK/ALANGRANGE SEC. LTD-TRDG 1308 DIAMOND SECURITIES NOMINEE 06510 1309 DIANU THOMPSON 1310 DIBIA MICHAEL 1311 DIBIE FRANKLYN ONYEKACHUKWU 1312 DIBOYE B DIBOYE-SUKU 1313 DICKSON EBERE GEORGE 1314 DICKSON IMEH 1315 DICKSON REUBEN 1316 DIKE CHINYERE CYNTHIA 1317 DIKE MERCY MIKE 1318 DIM EMMANUEL CHIKERE 1319 DIM REUBEN CHUKWUDI 1320 DISI OGHENERERHUME OVUAKPORAYE 1321 DISU-SULE THOMPSON ADEYEMI 1322 DIYA EMMANUEL AKINTUNDE 1323 DJEBUGHWE JULIUS 1324 DOCHIK INTERNATIONAL COMPANY (NIG) 1325 DOGBANYA GABRIEL 1326 DOGWO BARNABAS 1327 DOMINION SANCTUARY RCCG 1328 DOMINION TRUST LIMITED ACCOUNT 1 1329 DORTEC NIGERIA LTD 1330 DOUGLAS ANDIKAN IDARA 1331 DOUGLAS MIEBA IKOMA 1332 DTL NOMINEE ACCOUNT 7 1333 DUDUYEMI SUNDAY OLABODE 1334 DUKE KANE 1335 DUNG HANATU EZE 1336 DUNMADE ADEDAYO ALABA 1337 DUNMADE SAMUEL AYOMIDE 1338 DUNU JOSEPH 1339 DURODOLA MAYFLOWE OMOTAYO (MRS) 1340 DURODOLA SAHEED ADEWALE 1341 DUROJAIYE OLADELE OLUWASEYI 1342 DURO-LADIPO ABIMBOLA SAFIAT 1343 DUROWOJU OLURANTI OLUSESI 1344 DURU DELPHINE IFEOMA 1345 DURU SABASTINE 1346 DURUGO PAUL CHIDIEBERE 1347 DURUSON CALISTUS CHINYERE 1348 DZERRMA MARY .J. 1349 E.A.(MR) & F.A. ADEBAYO (MRS) 1350 EBEBINU OLAWALE BABAWALE 1351 EBEDI EMMANUEL 1352 EBENEBE CORDELIA IFEYINWA 1353 EBENYI EDEMEKONG OKON 1354 EBEOWO PETER UBONG 1355 EBERE REGINALD AHAM 1356 EBERINWA DAVID IFEANYI 1357 EBIAGHANNOR JOHN TOJU 1358 EBIJE ODEH ONJEFU JOHN 1359 EBINE FESTUS OLORUNWA 1360 EBOH ELIZABETH 1361 EBOH EMMANUEL NWABUEZE 1362 EBOIGBE ENOJASUN 1363 EBUBEALOR EKENE & FELIX 1364 EBUJIE KINGSLEY UCHENNA 1365 EBUKANSON FRANCIS 1366 ECHEWODO ROSE AKUNNAYA 1367 ECOBANK NIG PLC/DAKAL SERVICES - TRADING 1368 EDAKO ENTO BISONG 1369 EDAKO JAMES ABUA 1370 EDATIRE PATRICK OMAMIGUE 1371 EDDOH DAVID KAIDIMMA 1372 EDEANI JOSEPHAT UCHE 1373 EDEH INNOCENT NDUBUISI 1374 EDET AMUDA JOAN 1375 EDGAR OLUTOYIN OLUTAYO 1376 EDHEKI IGHOKORO SAMUEL 1377 EDIALE GODWIN 1378 EDIYERE OBAKPORORO MONDAY 1379 EDOGBANYA MARK OGU 1380 EDOHO ANIEKAN DAVID 1381 EDOKPAIGBE AFIAGBE BLESSED 1382 EDOKPAIGBE PRINCE A. 1383 EDOMWONYI SEGUN 1384 EDORO OBHAJIADENOR AUGUSTINE 1385 EDOZIE IFEANYI FRANK 1386 EDU MICHEAL OBINNA 1387 EDUN IBUKUN KOLA 1388 EDUNJOBI HAMMED BABATUNDE 1389 EDWARD OLUWASEGUN SAMUEL 1390 EFEHI COSMAS EZAMA 1391 EFFIOK ADENIKE 1392 EFFIONG COMFORT EDET 1393 EFFIONG ELIZABETH 1394 EFFIONG EMMANUEL PHILIP 1395 EFIFIE EKENEDIRICHUKWU .C. 1396 EFOBI ANGELA NGOZI 1397 EFOBI ANGELA NGOZI 1398 EFUGHU IKECHUKWU GODSWILL 1399 EGAH BENEDICT EJUGU 1400 EGAN GLORY

1401 EGBABOR EMMANUEL 1402 EGBAYELO ABIMBOLA ARAMIDE 1403 EGBERONGBE LEKAN SABURI 1404 EGBERONGBE WALIU ADIO 1405 EGBEWANDE OLUWAKEMI DADA 1406 EGBEWUNMI OLANREWAJU SOJI 1407 EGBEYEMI SAHEED OMOTAYO 1408 EGBUCHE KENNEDY NWACHUKWU 1409 EGBUNA PRISCA NNENNA 1410 EGEDE ONYEMA L 1411 EGEKONYE KENNETH OKECHUKWU 1412 EGERUE PASCAL 1413 EGHELE FELICIA 1414 EGHODAGHE JOHN 1415 EGHOEBO CHUKWUYEM SUNDAY 1416 EGOZUCHA IGARA NIG.LIMITED 1417 EGUAVOEN JOAN 1418 EGWA SARATU 1419 EGWU CHRISTOPHER OHUCHE 1420 EGWU OKWUDILI ISU 1421 EGWU SYLVESTER CHUKWU 1422 EGWUATU CHUKWUMA EMEKA 1423 EGWUCHUKWU INNOCENT MADUABUCHI 1424 EGWUH MALACHY EKENE 1425 EHINMODE ADEREMI EMMANUEL 1426 EHIOROBO ENDURANCE 1427 EJALONIBU TOPE AKEEM 1428 EJE DAMIAN ALEX B. 1429 EJE JOSEPH ALEX. B. 1430 EJEH ALICE 1431 EJEKAMI CHRISTIAN EJIKE 1432 EJEZIE GODWIN CHUKWUJEKWU 1433 EJIDIKE MARYJANE B. 1434 EJIGHIKE CHIDIEBERE HEZEKIAH 1435 EJIKEME IFEANYICHUKWU EMMANUEL 1436 EJIM UGO HENRY 1437 EJIMADU FIDELIA 1438 EJIMBE DANIEL AZUKA 1439 EJIRO TAFRI TERRY 1440 EJIRO TERRY TAFRI 1441 EKAJEH OGHENETEJIRI FRANCIS 1442 EKE UZOMA SAMUEL 1443 EKECHUKWU PAUL-MARIO CHINEDU 1444 EKEH MARTINS IKECHUKWU 1445 EKEH ONYEKAOZURU 1446 EKEMODE TAIWO JOHNSON 1447 EKENNA IKECHUKWU EZINWA 1448 EKEOCHA EZEKIEL CHUKWU 1449 EKEOGU BATHOLOMEW 1450 EKEOGU BRIDGET NKEM1451 EKERE CHARLES ETAIGBENU 1452 EKEZIE CHIBUEZE JOHNSON 1453 EKHAMETTE PATIENCE 1454 EKHODEAHI BOLUWAJI FAITH (MRS) 1455 EKPE EKPEDEME ANIEFIOK 1456 EKPE SAM ENI 1457 EKPENYONG BEATRICE BIODUN 1458 EKPENYONG SCHOLASTICA EFIONG 1459 EKPO MOSES JOHN 1460 EKPO NSEFI MATTHEW BARR. 1461 EKPO NSEGHE EMMANUEL 1462 EKPO ROBERT DANIEL 1463 EKPO SAMUEL DEMIAN 1464 EKPO WISDOM SUNDAY JACKSON 1465 EKWERE GABRIEL SAMUEL 1466 EKWONWA OKEY ISAAC 1467 EKWUEME ANTHONY 1468 EKWUEME GODWIN ONYEMACHI 1469 EKWUEME NGOZI P 1470 EKWURIBE EKENE SILAS 1471 EKWURUIBE JESSE IKENNA 1472 ELAIHO JEROME 1473 ELBIJU AFOLABI 1474 ELEBERI OLIVER NNALEDE 1475 ELECHI NKIRUKA MILLICENT 1476 ELEFE GOODLUCK 1477 ELEGBEDE MORUF OLUMIDE 1478 ELEGE ODIWE EMMANUEL 1479 ELEKWACHI UGOCHUKWU CHRISTOPHER 1480 ELEODIMUO JOHN CHIDI 1481 ELEOGU EUNICE 1482 ELI MERCY W/A LIMITED 1483 ELUDOYIN AKINOLA 1484 ELUSHADE IBIYINKA OLUBUNMI 1485 ELUSOGBON OLUFEMI P 1486 ELUWA CHINEDU 1487 EMA BASSEY 1488 EMAMOKE CHARLES ENAKENO 1489 EMBASSY PHARM & CHEM LTD 1490 EMEAGI CHIKE UDOCHI 1491 EMEANA CHINEDU JOHN 1492 EMECHEBE UCHENNA ANGUS 1493 EMEDE KESSINGTON AKARUWO 1494 EMEKA HENRY 1495 EMELERETA FREDRICT 1496 EMELIKE OGBUAGU ANYAELE 1497 EMELIKE RICHARDSON NWEZE 1498 EMENIKE DENNIS AFAMEFUNA 1499 EMEUWA ANDREW OLUCHUKWU 1500 EMEZURUIKE UZOCHUKKWU FELIX

1501 EMI CAPITAL RESOURCES LTD-DEPOSIT A/C 1502 EMINA ANNIE 1503 EMIOMA IFEANYI BENEDICTA 1504 EMMANUEL BOKIZIBE 1505 EMMANUEL MARTINS 1506 EMMANUEL-GWAR CHRISTINA MESUUR 1507 EMODI IKECHUKWU CHUKWUEMELIE 1508 EMORDI OGONNE CORDELIA 1509 EMPORIUM PROPERTIES LIMITED 1510 EMRY PARFEM LIMITED 1511 ENAKHIMION GEORGINA I. 1512 ENAMHE ENEJI MARC EBURU 1513 ENAOHWO GRACE 1514 ENATO MERCY ADENIKE 1515 ENAUGHE PAUL 1516 ENEMAH SYLVESTER EFFIONG 1517 ENEMUO CHRISTIAN CHUKWUELOKA 1518 ENEOJO MATHEW OKEYI 1519 ENILAMA PASTOR PATRICK 1520 ENIYE OSEMWEGIE ERO 1521 ENO SUNDAY USORO 1522 ENOBHAYISOBO ODIANOSEN DANIEL 1523 ENTERPRISE INVESTMENT MANAGEMENT II 1524 ENTERPRISE INVESTMENT MANAGEMENT LIMITED 1525 ENTERPRISE MICROFINANCE BANK 1526 ENUHA SOLOMON OGOMEGBUNEM 1527 ENWANG EFFIONG ETIM 1528 EQUIBOND LIMITED 1529 EQUITY CAPITAL SOLUTIONS LIMITED 1530 EREM EREM ONUKA 1531 ERETAN OLUWOLE RICHMOND 1532 ERIBA S. ANGELA 1533 ERIKITOLA ABIMBOLA MARIAM 1534 ERINLE KEHINDE OLUGBEMILEKE 1535 ERIOBU NKECHI NWAKAEGO 1536 ERNEST JOHN & CO LTD 1537 ERO AUGUSTINE OSAS 1538 ERO KIKELOMO GRACE 1539 ERONDU GODWIN ENYINNAYA 1540 ESAN ABIODUN MAYOWE 1541 ESAN REMI 1542 ESANGBEDO FRIDAY 1543 ESAU INI JAMES 1544 ESAUINIOBONG FRIDAY 1545 ESEIGBE FIDELIS AKHABUE 1546 ESEMA EMAEDIONG JOSEPH 1547 ESEMA IMAOBONG JOSEPH 1548 ESIH EDWIN ANAYO 1549 ESOGWAH BENJAMIN CHIJIOKE 1550 ESOM N HOPE 1551 ESSIEN IBORO . N, 1552 ESSIEN SYLVIA JACK 1553 ESU ETIM 1554 ESU MFON ASUKWO 1555 ETADERHI EMMANUEL 1556 ETAGHENE SOLOMON 1557 ETEFIA EJIRIZUME TIERAYENA 1558 ETEKOCHAY EDITH 1559 ETEKOCHAY EDITH IFEAYI1560 ETENG ETENG MBANG 1561 ETI MARK CHUKWU 1562 ETIM EBONG REUBEN 1563 ETIMIRI OLUKAYODE SOWUNMI 1564 ETOK AKPAN UDOFIA 1565 ETOROKO FLORENCE LINUS 1566 ETTA HENRY ELLA 1567 ETTU GODONU BABATUNDE 1568 ETU NKOYO OKON 1569 ETUK IDORENYIN MICHAEL 1570 EUNICE OTI-OKARDIE 1571 EVANGELICAL CHURCH OF WEST AFRICA 1572 EWALEFO PETER OSEBHAGIMEDE 1573 EWHRAWHRA GLORIA OMEVWEROVWE 1574 EWUZIE LIVEWELL ODION 1575 EXCEL SECURITIES LIMITED 1576 EYA ROMANUS IFEANYI 1577 EYAH HELEN 1578 EYAIFE GAIN 1579 EYANUKU PETER ONOBRHIE JOHN 1580 EYETU BENJAMIN ONOSIGHO 1581 EYETU OWIGHO ANDREW 1582 EYINFUNJOWO OLUWAKEMI MUSILIU OLADIPO 1583 EYO BASSEY BASSEY 1584 EYO. MARY UMOH 1585 EYOH IMEH OKON 1586 EZAGA DAVID OGHENOVO & ADEOLA O. 1587 EZE CHRISTOPHER 1588 EZE CHUKS PATRICIA 1589 EZE DONATUS OGO 1590 EZE HELEN NKECHI 1591 EZE JANE (MRS) 1592 EZE KENECHUKWU K 1593 EZE MELETUS & EZECHUKWU CHIGOZIE J. 1594 EZE NDIDIAMAKA PATIENCE 1595 EZE OBIOMA OBIAGELI 1596 EZE ONYEKACHI CHRISTIAN 1597 EZEABATA MARY JANE 1598 EZEADUA MODESTY R. 1599 EZEAGU STEPHEN NNAEMEKA 1600 EZEAJUGHI CHIKA REBECCA


I N S U R E RRC: 023048




1601 EZEAKAM CHUKWUJEKWU JUDE 1602 EZEAMAKA HENRIETTA 1603 EZEAMAMA UCHE MICHEAL 1604 EZEAMASIOBI CHIBUZOR EDITH 1605 EZEAMASIOBI EMEKA EMMANUEL 1606 EZEAMULUNAMMA VICTORIA CHINWE 1607 EZEANI CHIBUZO 1608 EZECHI EMEKA 1609 EZECHUWKU CHIDI 1610 EZEDINMA CHUKWUNONSO DAVID 1611 EZEG AUGUSTA NDIDI 1612 EZEH EMMANUEL CHIJIOKE 1613 EZEH LAWRENCE EJIKE 1614 EZEH OKECHUKWU THEODORE 1615 EZEH REJOICE UZOMA NKECHI 1616 EZEIFE GABRIEL ARINZE 1617 EZEIGWE ANTHONIA NKECHI 1618 EZEJA IGNATIUS ODO 1619 EZEJIBULU CHINYERE ROSEMARY 1620 EZEKWE CHUKWUDI CHRISTIAN 1621 EZEKWEM MARYGRACE EBERE 1622 EZEKWONNA FLORENCE ONYENAULOYA 1623 EZEMBA, WALTER CHINEDU 1624 EZEMONYE LAWRENCE 1625 EZENDUKA ANTHONY UCHECHUKWU 1626 EZENNADILI CHRISTOPHER ASONYE 1627 EZENWA DEBORAH ABOSEDE 1628 EZENWA IKENNA 1629 EZENWAJIUGO CHIMEZIE FIDELIS 1630 EZENWANKWO DAMIAN CHIMEZIE 1631 EZEOKE C. SAMUEL 1632 EZEOKE NONYE ONYINYE 1633 EZEOLISAH CLEMENT OBIORA 1634 EZEONYI JOHN ELOCHUKWU 1635 EZEUDU ONYEKWELU CYRIACUS 1636 EZEUGO CHIFUNAYA FAITH 1637 EZE-UZOMAKA OBIAGELI RITA 1638 EZEWUIRO CHIMA EDWARD 1639 EZIE CYNTHME 1640 EZIGBO ADA FAVOUR 1641 EZIH HYACINTH NNAMDI 1642 EZIMA AKANINYENE IFEBEM 1643 EZIMORAH SIMON CHUKWUNACHI 1644 EZIRIM MICHAEL SUNDAY 1645 EZIUZO CHRISTIANA OBIAGELI 1646 EZULIKE IJEOMA SYLVIA 1647 F&C SECURITIES-DEPOSIT A/C 1648 F. O. C. INTERNATIONAL 1649 FABIYI OLADAYO JOHN 1650 FABUNMI DAYO OLUYEMISI 1651 FABUNMI JAMES OLANIPEKUN1652 FABUNMI OLANIPEKUN JAMES 1653 FADAHUNSI KEHINDE AYOOLA 1654 FADAHUNSI MATHEW TUNDE 1655 FADAIRO IYIOLA OLAPADE 1656 FADARE KEHINDE OLUFEMI 1657 FADIPE KUDIRAT. O 1658 FADIPE SUNDAY ABIODUN 1659 FADIPE TUNDE ABODUNRIN 1660 FADUNSIN GRACE OLAYINKA 1661 FAGBAMIBE SUSANNA OLUSOLA 1662 FAGBEMI OLAYINKA ATINUKE 1663 FAGOROYE AYODEJI 1664 FAGORUSI GBENGA 1665 FAITH PRIDE INTERNATIONAL COMPANY 1666 FAITH SCHOOLS OGERE-REMO 1667 FAJEBE OLUSEUN AYODELE 1668 FAKAA NGUTSWEN TERNA 1669 FAKAYODE GRACE IYABO 1670 FAKROGHA PRERE CATHERINE 1671 FAKUNLE OPEYEM NOAH 1672 FALADE SAMUEL 1673 FALADE TOYIN RHODA 1674 FALANA BOLA MARY 1675 FALANA, SUNDAY ADEWOLE 1676 FALOLA OLUMUYIWA DANIEL 1677 FALUYI SAMSON 1678 FAMAKINWA GRACE OLUFUNKE 1679 FAMAKINWA JONATHAN ADEKANMI 1680 FAMIWO OLUWAGBEMIGA 1681 FAMOUS-ADENIYE DAVID 1682 FAMOUS-ADENIYE EMMANUEL SEUN 1683 FAMUYIBO JUMOKE SEYI 1684 FAPOHUNDA LAWRENCE 1685 FARODOYE OLAYIWOLA 1686 FASAANU OLUWABUKOLA 1687 FASANMI OLUWATOSIN JOSEPH 1688 FASANYA OMOTAYO OPEYEMI 1689 FASASI ISIAKA ADESINA 1690 FASEHUN FREDRICK DR 1691 FASHINA OYEBOLA OLAWUNMI 1692 FASOLA JOB ADEDOKUN 1693 FASOMOYIN OLUWASEYI OLUWAYOMI 1694 FASUBA FRANCIS KOLA 1695 FATIMIRO OLUMUYIWA BOLANLE 1696 FATOLU ADEGBOYEGA OLUFEMI 1697 FATOLU SUSAN OLUFUNKE 1698 FATONA TEMITOPE OLUWASEUN 1699 FATOYE LEYE 1700 FATUASE ALFRED ADENIYI

S/No Names

1701 FATUROTI ABIOLA IBUKUN 1702 FAYIME OLABANJI AMOS 1703 FAYOSE OLAWALE JOSIAH 1704 FBC TRUST & SECURITIES LTD. 1705 FBN SECURITIES LTD.-TRADED-STOCK-A/C 1706 FBN(AWOLOWO)FVIEW/EBI E.N-TRD 1707 FCMB/CROWNWEALTH ASSET-TRDG 1708 FCUST/AMCON/ECOBANK/DAKAL SERVICES LTD. 1709 FCUST/AMCON/ECOBANK/OMNI VENTURES LTD 1710 FCUST/AMCON/SPRINGBK/I&I INVESTMENT LTD 1711 FEBNET COMPUTERS 1712 FEMI ODUFOWOKAN INVESTMENTS LIMITED 1713 FEMI-FADEYI ROSEMARY JUMOKE 1714 FIDELITY SECURITIES LTD-TRADED-STOCK-A/C 1715 FILKMOU LIMITED 1716 FINMAL FINANCE COMPANY LIMITED 1717 FIRM-BIDS VENTURES LIMITED 1718 FIRST ALLIANCE VENTURES & LEASING LTD. 1719 FIRST ATLANTIC SEC. LTD-DEPOSIT A/C 1720 FIRST BANK PLC/FUTURE VIEW SEC - TRDG 1721 FIRST CUST./AMCON/BFCL INVESTMENT ACCT 1722 FIRST EQUITY SEC.-DEPOSIT A/C 1723 FIRST TRSUTEES A/C OGWUCHE FRANCIS 1724 FIRSTINLAND BANK/FIDELITY FIN CO. - TRDG 1725 FIRSTINLAND SECURITIES & ASSETS MGT 1726 FIRSTINLAND/LION STOCKBROKERS - TRDG 1727 FLOODGATE FINANCE & SECURITIES LIMITED 1728 FLOODGATE FINANCE & SECURITIES LTD 1729 FOLA BANKOLE 1730 FOLAMI ISMAIL ADEBOWALE 1731 FOLARIN ADEOLA 1732 FOLARIN OLUSEGUN JOSEPH 1733 FOLARIN SHAKIRAT 1734 FOLAYAN OLUWATOSIN DEBORAH 1735 FOLORUNSO KOLAWOLE SAMUEL 1736 FOMBA SUCCESS ENTERPRISES 1737 FORTE ASSET MANAGEMENT LIMITED 1738 FORTHRIGHT SEC.& INV.-TRADED-STOCK-A/C 1739 FORTUNE WIND INVESTMENT LTD 1740 FOURSQUARE GOSPEL CHURCH 1741 FOWORA GBOLAHAN ADENIYI 1742 FRANCAIS VICTOR OLUSEGUN OKURO 1743 FRANKBALZAC NIG. LTD 1744 FRIDAY CHINASAOKWU PAUL 1745 FUBARA ANGA 1746 FUND MANAGEMENT SECURITIES 1747 FUNMILAYO MOJISOLA RACHEAL 1748 FUSL NOMINEE / SMALL CAP FUND 1749 FUTURE FOCUS INVESTMENT CLUB 1750 FUTURE VIEW FIN. SERVICES - DEPOSIT A/C 1751 FUTURES & BONDS LIMITED 1752 GABRIEL GLORY 1753 GADEGBEKU GBOLAHAN MAURICE 1754 GAMBARI HALIMAT BOLATITO 1755 GAMBO AHMAD SULAIMAN 1756 GAMBO IBRAHIM 1757 GANIYU KAMAR AKANJI 1758 GANIYU TAJUDEEN ALEGE 1759 GARBA SALIHU DANLAMI 1760 GASL NOMINEES LTD.- PFA ACCOUNT 1761 GASL NOMINEES- MERI 2 1762 GAYA CAROLINE ABDU 1763 GBADAMOSI LATEEFA OMODUNNI 1764 GBADAMOSI WASIU 1765 GBADEBO BUSAYO TEWOGBADE 1766 GBADEGESHIN REKIAT AINA 1767 GBADEGESHIN TAIWO ELIZABETH 1768 GBADEN RICHARD I. 1769 GBELEYE TAIWO JOHNSON 1770 GBELEYI SARAH ABOSEDE 1771 GBENLE OLAWUMI 1772 GBENLE OMOTAYO JOSHUA 1773 GBENNEKU LAWRENCE EFEMENA 1774 GBOBANIYI JIMOH ADIO 1775 GEGE EMMANUEL IBITAYO 1776 GENTY YUSUF OLALEKAN 1777 GEORGE LAWRENCE 1778 GEORGE ROSEMARY ABODUNRIN 1779 GEORGE SOGBEYE TONYE 1780 GEORGE TELEMA LESLIE 1781 GIANT ROCK COMPANY 1782 GIDEON NANKUME D. 1783 GIDIGBIH OLUYEMISI MONSURAT 1784 GINIGEME OBINNA HENRY 1785 GIRE SONNEM 1786 GIWA WAHEED AFOLABI 1787 GOAL SETTING LIMITED 1788 GODSON CHUKWURAH OKAFOR 1789 GODSWEALTH ENTERPRISE 1790 GOLDEN COIN INVESTMENT CLUB 1791 GOLDEN SECURITIES-DEPOSIT A/C 1792 GOLDWORTH-WHITE FLAME INVESTMENT 1793 GOMA ALEXANDER JAMES 1794 GOODLUCK AKINDELE RAHEEM 1795 GOODLUCK MMADUEKE IKENNA 1796 GOODWORKS PROPERTIES LIMITED 1797 GOSHEN WEALTH ZONE INVESTMENT LIMITED 1798 GRASSLE 'O CONSULTING 1799 GRAZCOM ENTERPRISES 1800 GREEN ANAYO O

1801 GROVEG LIMITED 1802 GROVEG LTD 1803 GS INVESTMENT COMPANY LTD 1804 GTB/OPTIONS SECURITIES LTD - TRADING 1805 GTI SECURITIES LTD 1806 GUKUT JONATHAN MERPRING 1807 GURUMLAT FRANCIS 1808 GYIBRILLA OLU AKENE 1809 HAAZORDOZ MERCHANT & TECH LTD 1810 HADJI LAWAL NURAINI ADETUNJI ATANDA 1811 HALIDU-GIWA ABDULMALIK 1812 HALIM ENENIBIYO SEREREKUMA 1813 HAMMED CHIROMA 1814 HAMZAT KAFAYAT OLAIDE 1815 HAMZAT TUNDE 1816 HAPPY HEART INTERNATIONAL LIMTIED 1817 HARMONY TRUST & INVESTMENT CO LTD-2 1818 HART IBHADE OMOZUSI 1819 HART JOYCE T. 1820 HARUNA AMIDU 1821 HARUNA DANIEL 1822 HARUNA IBRAHIM OLUKUNLE 1823 HASHIM BABANNAN M 1824 HASSAN ADAMU WASE 1825 HASSAN ILIYA 1826 HASSAN RALIAT TOSIN 1827 HASSAN, LEKE 1828 HCBM INTERNATIONAL ENTERPRISES 1829 HEARTBEAT INV. LTD-TRADED-STOCK-A/C 1830 HERITAGE DYNACORP LTD 1831 HMSL ASSET MANAGEMENT LTD. 1832 I & I INVESTMENT LIMITED 1833 IABONI OMOSALEWA A. 1834 IBANGHA LINUS AKPAN 1835 IBE ROSE 1836 IBEABUCHI OKEY C 1837 IBEAWUCHI JOHNSON ANAELE 1838 IBEAWUCHI VICTOR M. 1839 IBEDE FELIX 1840 IBEDIONU IDINMA GOODNESS 1841 IBEKWE ANITA NGOZI 1842 IBEKWE ANURI CHIDINMA 1843 IBEKWE CHINWE RUTH 1844 IBEKWE OKECHUKWU 1845 IBEKWE UJU STELLA 1846 IBELO ADAOBI BLESSING 1847 IBEME CHRISTIAN CHUKWUMA 1848 IBENEGBU CHIDOZIE ANTHONY 1849 IBENEGBU JULIANA NWAKAEGO 1850 IBENEGBU MOSES UDEKWU 1851 IBENEME CHIBUEZE (IBEC-PACIFIC) 1852 IBENYE BONIFACE IKWUEJEWUSI 1853 IBENYE NDUBUISI EMMANUEL 1854 IBEZIM OBIOMA IFEANYI 1855 IBIAM INNOCENT ORJI 1856 IBIBOR ANNA MRS 1857 IBITOYE EMMANUEL KOLAWOLE 1858 IBITOYE, KOLAWOLE 1859 IBIWOYE FUNMILAYO ADETOLA 1860 IBIYEMI ESTHER OMOYENI 1861 IBRAHEEM KAYODE 1862 IBRAHIM ABDUL RASHEED 1863 IBRAHIM ABDULAHI 1864 IBRAHIM ABDULLAHI NDA 1865 IBRAHIM ABUBAKAR KAYODE 1866 IBRAHIM ADAMU 1867 IBRAHIM ISIAQ OLATUNDE 1868 IBRAHIM MUHAMMAD TOYYIB 1869 IBRAHIM MUSA 1870 IBRAHIM RAMATU 1871 ICHADO REUBEN OKOLIKO 1872 ICMGSEC - ZEN 1873 IDAIYE HARUNA O. 1874 IDAKPO MATHIAS 1875 IDANG NSINI LAWRENCE 1876 IDIARU EMEKE CHRIS 1877 IDIEGBE OBANOVWE THEOPHILUS 1878 IDOBO ITA SABAS 1879 IDODO PAUL OMOALU 1880 IDOGUN ABIODUN OLADELE 1881 IDOGUN EMETE CHRISTOPHER 1882 IDOKO BENJAMIN OJOGBANE 1883 IDONOR SAMUEL 1884 IDOWU ADESINA GREGORY ADEBOWALE 1885 IDOWU AKINOLA OLALOWO 1886 IDOWU CATHERINE O. (MRS) 1887 IDOWU ELIZABETH OLUDAISI 1888 IDOWU JOSEPH BABATOLA 1889 IDOWU MOJIROLA YETUNDE 1890 IDOWU SAMSIDEEN 1891 IDOWU YAQUB ABIDEMI 1892 IDOWU-JAI ADEROLUWA OTHNIEL 1893 IDOWU-JAI FADESIN ELIAS 1894 IDOWU-JAI SUSAN FEHINTADE 1895 IDRIS MICHAEL OLORUNMAYE 1896 IDRIS SULEIMAN OKIKIRI 1897 IDU OMOWUNMI PATIENCE 1898 IFARAJIMI GILBERT DEINDE 1899 IFEACHO CHINYERE HELEN 1900 IFEAGWU KELVIN SUNDAY

1901 IFEANYI IFEYINWA LYNDA 1902 IFEANYI JULIANA NKIRUKA 1903 IFEPE PETER 1904 IFEZU E.E.UGO 1905 IGATTA PAULINE ADA 1906 IGBANI CHIMERE JOSHUA 1907 IGBANOI BENEDICTA AIGHIESIMHA 1908 IGBEARE SOLOMON OSAYABANWEN 1909 IGBINEDION OSARETIN CATHERINE 1910 IGBOANUSI SOLOMON 1911 IGBOELI OLIVIA NDIDI 1912 IGBOM STANLEY CHINAEMERE 1913 IGE FELICIA MOJIROLA 1914 IGE JIDE 1915 IGE JIDE (PROF.) 1916 IGE MICHAEL OLUMUYIWA 1917 IGE SAMPSON BABATUNDE 1918 IGHERE JOEL EDIRINVERERE 1919 IGINEDION NOSAZENA 1920 IGOCHE PETER UTOBLO 1921 IGOLO CHARLES IRUREMIE 1922 IGOMU MAGNUS 1923 IGUNBOR EGHOSA 1924 IGUNBOR ESOSA KINGSLEY 1925 IGWE AKUJUOBI CHIEMEZIE 1926 IGWE CHIGOZIE EBENYI 1927 IGWE COMFORT NKASIOBI 1928 IGWE OBIOMA CHIEDOZIE 1929 IHANSEKHIEN DANIEL EHIZE 1930 IHANSEKHIEN GODWIN EKI 1931 IHEANETU ANDREW OKECHUKWU 1932 IHEANYI-IGWE CHUKWUEMEKA 1933 IHEDI NIKKI NGOZI 1934 IHEMENAM GEORGE IKENNA 1935 IHINMIKAYE SAMUEL OLORUNDARE 1936 IHUDIEBUBE SPLENDOR CHUKWUDI 1937 IJAYEKUNLE TEMITOPE ODUNAYO 1938 IJEH WILSON UCHECHUKWU 1939 IKAGWU PETER A 1940 IKE EMMANUEL EKENECHUKWU 1941 IKE IFEOMA AMARACHI 1942 IKE SAMUEL C. 1943 IKEANYIOWU CHIGOZIE 1944 IKEBELE PATRICK 1945 IKEBUDE JOHNSON NWABUEZE 1946 IKECHI SOLOMON NDUBUISI 1947 IKEGWUONU CHIDIEBERE C. 1948 IKEH CHIDINMA 1949 IKEKHIDE OMOKHODION RUFUS 1950 IKEKPEAZU GLORIA UCHE 1951 IKEM AUGUSTINE OGOEGBUNAM 1952 IKEMBA GEORGE PRINCE 1953 IKHALEA GBENGA JOSIAH 1954 IKHALEA OLUFEMI JOSIAH 1955 IKO STEPHEN FANIS 1956 IKOKO NASOM OSHAM 1957 IKOKWU UCHENNA LAWRENCE 1958 IKONNE M. CHINEMEREM P.IKONNE 1959 IKOTU NGOZI IGHOGHOR 1960 IKOTUN OLUYINKA OLUBOSOLA 1961 IKPA IFEANYI OKWUDIRI 1962 IKPABI DONATUS 1963 IKPI OKPA EDET 1964 IKROK IKIKE ISOPIDA 1965 IKUBOLAJE GBENGA AMOS 1966 IKUJEBI ODUNAYO AGNES 1967 IKWUAKOLAM INNOCENT MADUABUCHI 1968 ILESANMI ABIODUN EMIOLA 1969 ILESANMI KOLAWOLE OLATOYOLE 1970 ILESANMI O KOLAWOLE 1971 ILO WALTER AMAECHI 1972 ILOH BLESSING CHIDI EBERE 1973 ILOKA EPHRAIM NWAFOR 1974 ILOKA KENICE STANLEY 1975 ILORI ABIODUN BABATUNDE 1976 ILORI ADEWALE MARCUS 1977 ILORI OLUSEYE 1978 ILUMAH GODWIN OSAGIE 1979 IMADE AFIANGBE AKUGBE 1980 IMAFIDON KIKACHUKWU M 1981 IMARAHI, A. S. 1982 IMOH HANNAH 1983 IMONIARO LUCKY MICHAEL 1984 IMONINA ERIC ONOH 1985 INCO SERVICES LIMITED 1986 INDIA MOSES ABANUM 1987 INEGBEBOH DAVID SYLVESTER JP 1988 INEGBRDION DANIEL OSAMUDIAMEN 1989 INNAH EFFEMODE GODSPOWER 1990 INOFOMOH PAUL AIGBONA 1991 INTERCONT BANK/DEEP TRUST INV - TRADING 1992 INTERCONT BNK/PRIMEWEALTH CAPITAL- TRADG 1993 INTERCONTINENTAL WAPIC INSURANCE PLC 2 1994 INTERCONTINENTAL/EQTL/AKALI PAUL-TRDG 1995 INTERGRATEED PROJECTS 1996 INTERSTATE SEC-DEPOSIT A/C 1997 INUSA NANMWA 1998 INVESTMENT TECHNOCRATS LTD 1999 INYAMBE PETER UGBUT 2000 INYANG ANIETI CYRIL



I N S U R E RRC: 023048



2001 INYANG OKON COBHAM EMMANUEL 2002 INYANG PETER THOMPSON 2003 IQUASU VENTURES LTD 2004 IRABOR NJOKA 2005 IREHOVBUDE DORIS ENIYE 2006 IREOBA NELSON C. 2007 IRETI CLUB OF NIGERIA 2008 IREYOMI YEWANDE OLUFISAYO 2009 IRO ONYEUKWU IRO 2010 IROANYA STANLEY CHIJIOKE 2011 IROCHE PATRICIA IFEANYICHUKWU 2012 ISAIAH EMEKA PHILIP 2013 ISAIAH PONDEI FRANCISCA EBITIMI 2014 ISAIAH PONDEI O. EMMANUEL 2015 ISAIAH PRINCE JOSHUA 2016 ISAIAH ROSELINE NGOZI 2017 ISEI FRIDAY 2018 ISEI IMONIKHE STEPHEN 2019 IS-HAQ ABDUL FATAI 2020 ISHIE SIMEON 2021 ISHIOKU MONDAY CHUKWUEMEKE 2022 ISHOLA AMIDU O. 2023 ISIBOR REUBEN 2024 ISIKAIYE DEBORAH IKEADE 2025 ISL ACQUIRED STOCK ACCOUNT 2026 ISMAEL BUKOLA MUJIDAT 2027 ISMAILA ADETUNJI MOJEED 2028 ISOK EMMANUEL SUNDAY 2029 ISOLA-OLATUNJI JOYCE ADEKEMI 2030 ISSAH ABDULKAREEM 2031 ISTHMUS MARGINAL SERVICES 2032 ISUKU THERESA 2033 ISUKU THERESA AGBONDEBAMA 2034 ITEGBE BLESSSING NGOZI 2035 ITEIGWE GODWIN ARINZE 2036 IVARE JOSIAH 2037 IWATUJE OLUFUNKE GBEMISOLA 2038 IWEHO PRECIOUS NKEIRU 2039 IWENWA ANTHONY ONYELUKACHI 2040 IWU NGOZI PRECIOUS 2041 IWUAMADI UCHE BERTRAM 2042 IWUJI AMARACHI BARNABAS 2043 IWUNDU ELEAZOR ONYEKACHI 2044 IWUNZE LIVY IHEAKOR 2045 IWUOHA LINIUS O. 2046 IWUOHA TIMOTHY NDUKA 2047 IYAJI OKACHE 2048 IYANDA COMFORT YEMISI 2049 IYANDA JIDE 2050 IYIEGWU CHINYERE FLORENCE 2051 IYIOLA FATAI BABATINDE 2052 IYOHA OSAGIE BLESSING 2053 IZEZE EMEKA 2054 IZIMA KINGSLEY EKELEME 2055 IZUEHIE REGINA UKAMAKA 2056 JACK EBUK 2057 JACKSON MUYIWA AYODELE 2058 JACOBS IWALEWA OLUWATOSIN 2059 JADESOLA GLOBAL LINK LIMITED 2060 JAIYEOLA ABIMBOLA ANDREW 2061 JAJA ANDY 2062 JAJA YINGIUBA CHIOMA 2063 JAMES ASUKWO EDET 2064 JAMES FOLASADE .S. 2065 JAMES KIKELOMO EBUDOLA 2066 JAMES OLUFUNKE OMOWUMI 2067 JAMODU FUNMILAYO AYODELE 2068 JANE FRANCIS OBIAKOR 2069 JEGEDE OPEMIPO OPEOLUWA 2070 JEJE KEHINDE OLUBUKOLA 2071 JEJE TAIWO FUNMILOLA 2072 JEKIAYINFA OLUKAYODE OLATOKUNBO 2073 JEREMIAH IBORO NSIKAK 2074 JEREMIAH MARY ABIODUN 2075 JEREMIAH MOSES AKPAN 2076 JIDUWA NDUBUISI LAWRENCE 2077 JIMO AJOKE IDOWU 2078 JIMOH ADEGOKE RICHARD ELDER 2079 JIMOH AKEEM OGUNGBEMIRO 2080 JIMOH MORUFU OLAYIWOLA 2081 JIMOH OLUDARE TAJUDEEN 2082 JIMOH OMOTAYO RASHIDAT 2083 JIMOH SAHEED ADEYEMI 2084 JIMOH TAWAKALITU 2085 JIMOH TEMIDAYO DAUDU 2086 JIMOH YUSUF AKINWOLE 2087 JINADU BASIRU ADEWALE 2088 JINADU OMOLARA OLUWATOYIN 2089 JIS ASSETS MANAGEMENT LTD 2090 JIT INVESTMENT LIMITED 2091 JOB TITUS ABIOLA DR, AND OTHER 2092 JOBARTEH HECTOR OLUWASEUN 2093 JOEL ADEBOWALE SAMSON 2094 JOEL AYODEJI ADEGOKE 2095 JOHN & TEMI UWEN 2096 JOHN ANE ROSE 2097 JOHN BASSEY UDOH 2098 JOHN CHINEDU T 2099 JOHN DAVID IME 2100 JOHN ESE JOHN

S/No Names

2101 JOHN GODWIN ODIBA 2102 JOHN KADE RIFKATU 2103 JOHN UWEM OKON 2104 JOHN VICTOR AZUBUIKE 2105 JOHNGIFT CONSULTING 2106 JOHNSON HAPPY BONIFACE 2107 JOHNSON VICTOR KELECHI CHIBUIKE 2108 JOINT-MIND INTEGRATED SERVICES 2109 JOLAOSO OLUSOLA AKINWANDE 2110 JONAH EMMANUEL K. 2111 JON-AJUMOBI PAUL KEHINDE 2112 JONATHAN CHIDI ANUKA 2113 JONES ABIODUN 2114 JOSEPH ADENIYI ADETAYO 2115 JOSEPH AYODEJI OYADIRAN 2116 JOSEPHSON DENNIS IKECHUKWU 2117 JOSHUA AFWANKS OBADIAH 2118 JOSHUA BIGLA KWAYA 2119 JOSHUA DADA OLUFISAYO 2120 JOSHUA IBIDUN YISEYON 2121 JOY OGBONNA 2122 JULIUS OSAHON 2123 JULIUS STEPHEN KAYODE 2124 JULLY & PARTNERS INSURANCE BROKERS LIMIT 2125 JUMUDJAYEN LUCKY O. 2126 JUWOBOR INIH-IVIBODOHU DENNIS .S 2127 KADALA REUBEN MARTIN 2128 KADIRI ABDULKARIMU 2129 KADIRI ABEL 2130 KADRI OLUWATOSIN 2131 KAFARU OLUSEGUN 2132 KAITA ALI ISA 2133 KAKEEM-BELLO OYEKEMI AMIMAT 2134 KALU ERINMA 2135 KALU FRIDAY UCHENNA 2136 KALU ORJI 2137 KAMAL ABIODUN 2138 KANU CHRIS U. 2139 KAPITAL CARE TRUST & SECURITIES LTD 2140 KAREEM ABIODUN JOHN 2141 KAREEM NAFISAT YETUNDE 2142 KAREEM OLA ABDULAZZEZ 2143 KASSIM OMOSOLAPE OSEFAT 2144 KAYODE JOSEPH 2145 KAZEEM CARLOS 2146 KAZEEM WASIU IYANDA 2147 KAZIM OLUBUKOLA OLAJUMOKE 2148 KEHINDE BAMIDELE OLUSEGUN 2149 KEHINDE CHIMDI (MRS) 2150 KEHINDE DAVID OLALEYE (ARC.) 2151 KEHINDE OLUTOPE 2152 KELECHUKWU MGBOJI CASMIR 2153 KELTROS INVESTMENTS LTD 2154 KENNETH COMFORT CHINAEMEREM 2155 KENNETH MBAH 2156 KENUBIA FRIDAY OKAFOR 2157 KERRY ROBERT CHUKS 2158 KEYAGHA OWEIAREDE 2159 KILANSE OLUGBENGA OLADIPUPO 2160 KINGS DAUGHTER NIGERIA LTD 2161 KIPDC NOMINEE-TRADE A/C 2162 KIPDC PENSION FUND 2163 KISSIEDU OMOLOLA ADEWUNMI 2164 KOFOWOROLA OLUFEMI ADEBAYO 2165 KOLAWOLE BOSEDE OLUWAREMILEKUN 2166 KOLAWOLE KAZEEM 2167 KOLEOLUWA OLADEINDE EMMANUEL 2168 KONGI ADEKUNLE 2169 KONGI AKINOLA AKINPELU 2170 KONGI OLUSEYE 2171 KOREDE BIMBO 2172 KORIE CHIKWENDU MOSES 2173 KORODELE FLORENCE 2174 KOROTOE EMMANUEL AGOSU 2175 KOSEGBE ADETUTU OMOBOLANLE 2176 KOUDIABOR SUNDAY 2177 KPROSO OKE OGENE 2178 KUDEHINBU OLAYINKA QUAMDEEN 2179 KUKU LATEEF TOSIN 2180 KUKU, JAMIU OLALEKAN 2181 KUNDILA FINANCE SER.LTD.TRADED-STOCK-A/C 2182 KUPOLIYI TITI 2183 KUTI HAKEEM OLASEGUN 2184 KUWADINU JULIUS AROBA 2185 KWAKFUT PATRICK S. MIKUK 2186 KWAZEMA AUSTIN IKECHUKWU 2187 KWAZEMA RACHEL OSEHISE 2188 LABEODAN KAFUI TOYIN 2189 LADEJOBI FATIMAH BOSE 2190 LADELE PETER IYIOLA 2191 LADIPO KOLA 2192 LADITAN OLUFUNMILAYO AMOKE 2193 LAGOS STATE BAPTIST CONFERENCE 2194 LAKPA GODWIN 2195 LAMIDI EBUDOLA KIKELOMO 2196 LAMIDI SEMIU BABATUNDE 2197 LAMINA ALANI MONSURU 2198 LAPITE AKOLADE OLUBUNMI 2199 LARTEY JOSEPH OLUSEGUN 2200 LASISI YEKINI OLAGBENRO

2201 LATEEF OLALEKAN RASHEED 2202 LATEEF YINKA 2203 LAWAL AYODELE OLURANTI 2204 LAWAL FOLASADE OLUFUNKE 2205 LAWAL GBADERO 2206 LAWAL GRACE TAYE 2207 LAWAL IBRAHIM O. 2208 LAWAL JIMOH OLUWOLE 2209 LAWAL MOHAMMAD MASANAWA 2210 LAWAL MUFUTAU OLANREWAJU 2211 LAWAL OLAMIDE FUAD 2212 LAWAL OLASOJI TEMITOPE 2213 LAWAL OLAYINKA B. 2214 LAWAL OLUWATUNMISHE IDRIS 2215 LAWAL QUADRI AKOREDE 2216 LAWAL RUKAYAT ADENIKE 2217 LAWAL SHUKURAT OLUWATOYIN 2218 LAWAL SHUKURAT YEWANDE 2219 LAWAL SOJI 2220 LAWAN SARKI 2221 LAWANI JUSTINA EMIAGBA 2222 LAWRENCE IFEANYI CHIJIOKE 2223 LAWSON ABIOLA MICHAEL 2224 LAYONU LEKAN 2225 LAZARUS BEN UNOGWU 2226 LAZEEZ BABATUNDE SABURI 2227 LEIGH OLUWAYEMISI ABISOYE 2228 LEMBOYE ABIOLA OLUWASEUN 2229 LEWIS ELIZABETH 2230 LIADI BOLAJOKO WOSILAT 2231 LIASU OLATUNJI WASIU 2232 LIGHT HOUSE ASSET MGT. LTD - DEPOSIT 2233 LIKE-MIND INVESTMENT (2004) LTD 2234 LOMU ALENTINE E. 2235 LOSIA JOHN 2236 LOUIS ISAAC OSIGBEME 2237 LOVE CONSULT AND INVESTMENT SERVICES LTD 2238 LUKA DUNIYA RAUTHA 2239 LUKDEN STEPHEN 2240 LUKE AYODELE & BUKOLA 2241 LUWAH EPHRAIM FARRANT 2242 MABIA INNOCENT 2243 MACT SECURITIES LTD -DEP A/C 2244 MADIDI MICHAEL 2245 MADU CHIKA OZIOMA 2246 MADU IFEANYI GLADYS 2247 MADU OGBONNA ERNEST 2248 MADU UCHE PIUS 2249 MADUAGWU LINUS CHUKWUWIKE 2250 MADUBOGWU IFEANYI JOSEPH 2251 MADUBUKO ONWUEMELIE BRENDAN 2252 MADUEKE FRANCIS OKECHUKWU 2253 MADUEKWE AUGUSTINE CHUKWUMA 2254 MADUEMEZIA TERRY UCHE 2255 MADUKA ELECHI 2256 MADUKO FIDELIS OGBOGU 2257 MAGIT ANYAMUS NUHU 2258 MAHMUD ZAKARIA MUHAMMAD 2259 MAIGIDA KENNETH LONGNOE 2260 MAINLAND TRUST-DEPOSIT A/C 2261 MAINSTREET BANK SECURITIES LTD-DEPOSIT A/C 2262 MAJEKODUNMI IYABO AINA 2263 MAKANJUOLA OLADAYO ABDUL YEKINI 2264 MAKINDE OLUWASEUN ELISHA 2265 MAKINDE PATRICK OLUWOLE 2266 MALOMO KOLAWOLE BASHIR 2267 MANAGED HEALTHCARE SERVICES LIMITED 2268 MANIVEST ASSETS MGT. LTD. 2269 MAPIS SULE ZACHARIAH 2270 MARK OFOEGBU MICHAEL CHIMA 2271 MARS RESEARCH 2272 MARTADON O. EZEH 2273 MARTINO ETHICAL VENTURES 2274 MARTINS BABATUNDE OLADIPO (JUSTICE) 2275 MARY ADEMIDUN HAASTRUP 2276 MARY'S GROTTO FELLOWSHIP (M.G.F.) 2277 MATHEW -ANTAI OKON 2278 MATHEW ENEJOR 2279 MATTADELUS (NIGERIA) COMPANY 2280 MATTI JUBRIL OLOLADE 2281 MAXIFUND INV. & SEC PLC 2282 MAXWOED ABIMBOLA ELIZABETH 2283 MAXWOED BRIDGET CAROLINE RONKE 2284 MAXWOED OLASUMBO RACHEAL 2285 MAXWOED OLASUNBO RACHEAL 2286 MAYAKI CHARLES FOLORUNSO S 2287 MAYFIELD INV.LTD- TRADED-STOCK-A/C 2288 MBA IKECHUKWU PAUL 2289 MBA NWANDO GERALDINE 2290 MBABA VICTOR DANIEL 2291 MBADUGHA AYOBA ATHANATIUS 2292 MBAH VICTOR 2293 MBAJEKWE AUGUSTINE CHIJIOKE 2294 MBAJWA ZUNGWEGA NICHOLAS 2295 MBAKA GODWIN 2296 MBAMALU CHUKWUDI UGOCHUKWU 2297 MBAMARA GABRIEL OGBONNA 2298 MBANEFO IJEOMA LINDA 2299 MBANEFO MARTIN CHINEMELU 2300 MBONG JAMES OKPO ACHIEF

2301 MBONU JANE CHITOO 2302 MEDAHUNSI JOHN BABATUNDE 2303 MEDAHUNSI REBECCA OLUWASEYI 2304 MEDEYINLO ADEBOLA AFOLABI 2305 MEGIDA OLANREWAJU ADISA 2306 MEJOR UCHECHUKWU CHRISTIANTUS 2307 MEKILIUWA JOSEPH (MR.) 2308 MEKWUNYE OKONKWO RAPHAEL 2309 MENTHOR INV. MANAGEMENT LTD 2310 MERCOV NOMINEE LIMITED-E 2311 MERCOV SECURITIES LIMITED 2312 MERCURY OSAS EAGLE OBUYIOSA 2313 MESOROH EKUEUVGBE AMBROSE 2314 METIA ASHIM KUMAR 2315 METU CHINTUA RAPHAEL 2316 METU CHIOMA 2317 MEWOYEKA ARINOLA OLUWATOYIN 2318 MEZUE SAMUEL I. 2319 MFON USOH SAMUEL 2320 MGBECHETA LINUS N. 2321 MGBEOKWERE RITA IFY 2322 MICHAEL JOSEPH OTARU 2323 MINAH KARIBI 2324 MINIMA DAVEY AND OPUNNE 2325 MISSION SECURITIES LIMITED 2326 MIZBEACH LIMITED 2327 MMEREOLE VALENTINE BOBBY 2328 MOBAT ENTERPRISES 2329 MODECOM CREDIT & THRIFT COOP SOCIETY 2330 MODGAL ASSOCIATES LIMITED 2331 MOGAJI HAMED BABATUNDE 2332 MOHAMMED ABDULRAHMAN 2333 MOHAMMED ADEKUNLE MORUFF 2334 MOHAMMED ALIU 2335 MOHAMMED FATIMA HALIDU 2336 MOHAMMED S.A ZAINAB 2337 MOHAMMED S.A. -N.N 2338 MOHAMMED SA'ID TAFIDA 2339 MOHAMMED SARKI ABDALLAH 2340 MOHAMMED TALATU IYA 2341 MOHAMMED UMAR 2342 MOJISOLA AJOKE OKUSANYA 2343 MOKA NONYEHIM NWAMAKA 2344 MOKELU MAKERE A. ODOH2345 MOKELU MAKERE A. ODOH 2346 MOLOKWU GEOFFREY CHIDEBEM (VEN) 2347 MOMODU YAKUBU OSHOKE 2348 MOMOH COMFORT SHOLA 2349 MOMOH JAMIU OSIKHENA 2350 MOMOH, SAMSON 2351 MONUMENT SECURITIES & FINANCE LTD/AC NPF 2352 MOOREHOUSE EDUCATIONAL SERVICE LTD 2353 MORA ROTIMI ALBERT 2354 MORAH EMEKA JOSEPH EVANG 2355 MORAKINYO ANUOLUWAPO OLUWABUSAYOMI 2356 MORAKINYO OLUWATOYIN HELEN 2357 MORDI PETER 2358 MORDI TONBARAUNDU 2359 MORE DOLLARS NETWORK COMPANY 2360 MORKA ONYEKACHUKWU EDWIN 2361 MORODOLU OLUFEMI HAMMED 2362 MOSES GODWIN TUGWA 2363 MOSES NSIDIBE DAVIES 2364 MOSES-GOMBO CHINAZUM CHIMEZIE 2365 MOSHOOD ALADE BANIRE 2366 MR ILORI RAFIU OLANIYI 2367 MU,AZU FATIMA SANI 2368 MUAZU MOHAMMED 2369 MUDASHIRU NURUDEEN KAREEM 2370 MUHAMMAD BASHIRU 2371 MUHAMMED ADEKUNLE MORUFF 2372 MUHAMMED AWWAL SULAIMAN 2373 MUMU BERNADINE AGOZI 2374 MURANA ISIAKA ALAO 2375 MURITALA BAMIDELE RAMONI 2376 MUSA ABDULLAHI 2377 MUSA USMAN ZAKARI 2378 MUSAYAYI SIDIKAT KEMISOLA 2379 MUSIBAU MUKAILA OLAMILEKAN 2380 MUSTAPHA AZEEZ .O 2381 MUSTAPHA OLAREMATU SHITTU 2382 MUSTAPHA OTOGIAGHE ABDULRAHMAN 2383 MUYIWA RACHAEL MODUPE 2384 NABIC NIGERIA LTD 2385 NASIR ABDUL WASIU AKANDE 2386 NDANUKA VIVIAN IFEOMA 2387 NDENE-GODWIN COMFORT NLEGALU 2388 NDIYO VICTOR EYO 2389 NDUBUEZE CHINEDU CHRIS 2390 NDUBUISI STANLEY CHINEGBO 2391 NDUJEKWU ANTHONY TOCHUKWU 2392 NDUKAUBA GRACE UGOCHI 2393 NDUKWE ARUA KALU 2394 NDUUDEE DIKE 2395 NELSON ADETUTU FUNMILAYO 2396 NELSON MICHEAL 2397 NELSON-IWATT VICTORIA 2398 NETWORTH SEC-DEPOSIT A/C 2399 NEWDEVCO FIN. SERV. CO. TRADED-STOCK-A/C 2400 NGBANWA GODWIN CHUKWUWUIKE


I N S U R E RRC: 023048




2401 NGBEKEN DENNIS 2402 NGWOKE CHINAGO 2403 NGWOKE JONATHAN OGWU 2404 NGWOKE OKECHUKWU ANTHONY 2405 NHIARAONYE CHINYIRIUWA QUENTIN 2406 NICATT NIGERIA LTD 2407 NIGERIA UNION OF TEACHER MULT. COP. SOC. 2408 NIGERIAN INTER. SEC-DEPOSIT A/C 2409 NIHI TOMILOLA BOLARIN 2410 NJEMANJE EMMANUEL CHUKWUEMEKA 2411 NJEMANZE EMMANUEL C 2412 NJOKU EDMUND UZOMA 2413 NJOKU PATRICK ONYEKWERE 2414 NJOKU PERPETUA NNEDINMA 2415 NJOKU THOMAS 2416 NJURU FRANKLIN J.U 2417 NKADI MICHAEL CHUKWUKA 2418 NKANA ANTHONY OLUWAFEMI 2419 NKWOCHA CHARITY NWAKAEGO 2420 NKWUEKE CHUKWUEMEKA PAUL 2421 NLEMADIM CLETUS IKECHUKWU 2422 NMAKWE MARY EZIUGOR 2423 NMOMAH ABRAHAM EMEKE 2424 NMOMAN IFEYINWA 2425 NNADI AUGUSTINE OKECHUKWU 2426 NNADI KAMNAENE J. 2427 NNADI LILIAN 2428 NNAJIOBI SAM 2429 NNAM IFEANYI FRIDAY 2430 NNAMANI EJIKE KINGSLEY 2431 NNEJI DONATUS 2432 NNORM MARTINS 2433 NOKO JOHN NWANKWO 2434 NOKOH ALEX TOONA 2435 NOMINEE "D" 2436 NOMINEE 013 2437 NOMNOR JOHN TERHEMEN 2438 NOSIRU MOLIKI AKANDE 2439 NSIDINANYA CHIEMELA NWANNA 2440 NSIEGBE TINA OBIANUJU 2441 NSOFOR THEOPHILUS CHINEDU 2442 NSOLO NNAMDI AUGUSTINE 2443 NUMERIC HEIGHT 2444 NUNGWA FRANCIS INNOCENT 2445 NWABUDE ANTHONY NWABUNWANNE 2446 NWABUDIKE CHUKS MONDAY 2447 NWABUEZE BOBMANUEL CHIDOZIE 2448 NWABUEZE EMEKA 2449 NWABUFO ANTHONY CHUKWUMA 2450 NWABUNIKE IKENNA ALEXANDER 2451 NWACHUKWU BOBMANUEL UCHECHUKWU 2452 NWACHUKWU CHINELO DOROTHY 2453 NWACHUKWU FRANCA NGOZI MEDANI 2454 NWACHUKWU FRANCIS MAICA IZUNDU 2455 NWACHUKWU ITSWELL CHIDIEBERE 2456 NWACHUKWU JUDE .T 2457 NWACHUKWU UCHENNA 2458 NWADIKE CHINENYE GOLD 2459 NWADIKE KENNETH NDUBUISI 2460 NWADINIGWE ROSELINE N 2461 NWADIRI SUNDAY CHIKE 2462 NWAESI LARRY CHIBUIKE 2463 NWAETO EBERE 2464 NWAFOR CYPRIAN 2465 NWAFOR EJIKE NESTOR 2466 NWAFOR EZEKIEL MONDAY 2467 NWAFOR HELEN AMAKA 2468 NWAFOR OMOYEMI ADERIKE 2469 NWAHIRI JUDE DONATUS 2470 NWAIGWE EMELDA URENNA 2471 NWAIWU KINGSLEY OBINNA 2472 NWAJEI LYDIA .N 2473 NWAKA IKENNA JOHNPAUL 2474 NWAKANMA CHIDERA GIFT 2475 NWAKANOBI UCHE FRANK 2476 NWAKOR TIMOTHY CHINEDU 2477 NWAKWU IFEYINWA LILIAN 2478 NWALI OKWUDIRI N. 2479 NWAMU DANIEL NWACHUKWU 2480 NWANDU IKECHUKWU BENJAMIN 2481 NWANGWU JOHN EBUKA 2482 NWANKPU EKENE 2483 NWANKWO AMARA 2484 NWANKWO ERIC DESTINY 2485 NWANKWO IBIAM 2486 NWANKWO IBIAM CHI 2487 NWANKWO JOSEPH ONWUBULIKE 2488 NWANKWO LOUIS 2489 NWANKWO OGBU 2490 NWANKWO SUNNY 2491 NWANKWOALA CHINEKEMA STANLEY 2492 NWANKWU JAJA NWACHUKWU 2493 NWANNUNU CYRIL EZE 2494 NWAOGAZIE ANNE CHINYERE 2495 NWAOGAZIE IFY LAWRENCE 2496 NWAOGU CHIDIEBERE GODFERY 2497 NWAOGWUGWU FIDELIA CHIKA 2498 NWAUJO ANDREW ONYENWEUWA 2499 NWAUKPELE MERCY NKEM 2500 NWAUZO NATHANIEL OKWUDIRI

S/No Names

2501 NWAZUOKE CHUKWUDI CYRIL 2502 NWEKE CHUKWU INNOCENT 2503 NWEKE DONATUS .O. 2504 NWENE CHIDIMMA JENETA 2505 NWEZE BLESSING CHIOMA 2506 NWEZE EMMANUEL 2507 NWEZE IKENNA OJI 2508 NWIMO GOODNEWS OHANEMERE 2509 NWIZU WILLIAM DIKE 2510 NWOBI BENJAMIN 2511 NWOBODO OBUM INNOCENT 2512 NWOKEDI UKAMAKA GLORIA 2513 NWOKIKE JONADAB CHINEDU 2514 NWOKO HENRY EJIMKONYE 2515 NWOKOLO BONIFACE CHIMEZIE 2516 NWOKORO OGECHI MIRIAM 2517 NWOKOYE PATRICK CHUKWUEMEKA 2518 NWOLICHA S. LUKE (PASTOR) 2519 NWOSU CHARLES CHUKS 2520 NWOSU DOROTHY PATIENCE 2521 NWOSU JUDAH CHIGOKE 2522 NWOSU PATRICK NNAMDI 2523 NWOSU RICHARD 2524 NWOSU SEBASTIAN ONYEKACHI 2525 NWOYE ANTHONY-GIDEON OBIORA 2526 NWOYE SUNDAY 2527 NWUGHA NKECHI O 2528 NYAKO FADIMATU 2529 NYONG EFFIONG E. 2530 NYONG INIOBONG ESTHER 2531 NZE ONYINYECHI CHRISTY 2532 NZEDIGWE AZUKA 2533 NZEKWE ANGELA 2534 NZERIBE HENRY CHUKWUDUM 2535 NZERUE KINGSLEY 2536 NZEWI OLUCHI JOHN 2537 OAIKHENA GEORGE DADA 2538 OBA OLUFEMI 2539 OBADINA ALICE OLUWAKEMI 2540 OBALE MUIBAH ATINUKE 2541 OBAMUYI DUROJAYE OLUWAMBE 2542 OBASANYA VICTOR 2543 OBASEKI ABIODUN 2544 OBASI EMEKA FREDRICK 2545 OBASI IJOMA FRANCIS 2546 OBASOHAN OSARUMWENSE 2547 OBAYOMI IDOWU 2548 OBAYOMI MARY CHINELO 2549 OBAZEE ELIZABETH 2550 OBECHE BIBIAN IJEOMA 2551 OBELE JESSICA AMARACHI 2552 OBELE MADUKAEGO CHICHEBE 2553 OBEMBE OLANIYI OLATOYE 2554 OBI BENJAMIN KENECHUKWU 2555 OBI CHIBUEZE 2556 OBI FREDERICK IHEANYICHUKWU 2557 OBI HENRY OGHENECHOJANO 2558 OBI IFENYI 2559 OBI IJEOMA 2560 OBI ORITSEWEYINMI 2561 OBI STELLA AMACHI MRS. 2562 OBI UDOKA OLIVER 2563 OBI UKAMAKA VERONIKA 2564 OBI VICTORIA NNEAMAKA 2565 OBIADI GREGORY 2566 OBIANYO CHUKWUDI 2567 OBIARAZIE CHIKA JULIET 2568 OBIDEYI SAMUEL OLUBUSAYO 2569 OBIDI CHUKWUNONSO 2570 OBIDIKE CHINAKA CHRISTIAN 2571 OBIDIKE KEN PAUL 2572 OBIEFULE JULIET ADAKU 2573 OBIEGBU CHUKA FELIX 2574 OBIENE THEOPHILUS DIENEYE 2575 OBIEWEVBI R O (DR) 2576 OBIEZE IFEYINWA CYNTHIA 2577 OBIJURU NGOZI JOYCE 2578 OBIKWELU AUTHUR UCHECHUKWU 2579 OBIKWELU BRIDGET CHINWE 2580 OBIKWELU CHIKA JACINTA 2581 OBIKWELU PAUL CHIBUEZE 2582 OBINEME SIMON OGUEJIOFOR 2583 OBINGENE ANTHONY UGOCHUKWU 2584 OBINGENE FRANK 2585 OBINGENE FRANK O. 2586 OBINNA I. NWAZUE 2587 OBINNA OFUORA 2588 OBINNA ONUNKWO AWELE EMEM 2589 OBINNA VIRGINUS CHUKWUEMEKA 2590 OBIOMA BETHEL NDUKA 2591 OBIOMA YEWANDE SIMISOLA 2592 OBIORA IFEOMA PERPETUAL 2593 OBIORA PEACE UCHENNA (MRS) 2594 OBIORA UCHENNA PATRICK 2595 OBIORAH JOSEPH HARRISON 2596 OBIOSIO FRANK OKON 2597 OBISESAN SAMSON OLADOYIN 2598 OBITAYO DEBORAH ADEBIMPE 2599 OBIUKWU ANITA AMARACHI 2600 OBIWALE OLUSOLA MOSES

2601 OBLA, SAMUEL O. 2602 OBODOAGU AMAKA JESSINTA 2603 OBODOAGU JESINTA NWAMAKA 2604 OBODOMA UZOMA JUDE 2605 OBOH BARTHOLOMEW OSENEKHOME 2606 OBOH FRIDAY 2607 OBOH STEPHEN 2608 OBOIGBE BAMIDELE MIKE 2609 OBUALA IRIGHA JULIUS 2610 OBULU ROSEMARY IKWUBIELA 2611 OBUYIOSA GRACE 2612 OBUYIOSA OSARETIN GODSPOWER GODWIN 2613 OCHAI ABA CLEMENT 2614 OCHEI OBIJULU CHIEDU 2615 OCHU G. TITUS 2616 OCHUBA NATHAN NNORUKA 2617 OCTANE MEGA MULTI RESOURCES 2618 ODAGBOYI NGBEDE 2619 ODAJI-UKU ZYGONY TIVERE 2620 ODE EUGENE IBEKWE 2621 ODEBIYI ANTHONY ADENIYI 2622 ODECHE PETER 2623 ODEDEJI OLUWOLE 2624 ODEH BLESSING EBIJE 2625 ODETUNDUN BOSEDE THEREZA 2626 ODEWOLE ABIODUN OLUSOLA 2627 ODEYEMI BENEDICT DIPO 2628 ODIAGBE AGNES 2629 ODIAZOR CHIGOZIE JOHNSON 2630 ODIBA YUSUF ADAMS 2631 ODIDISON EVELYN 2632 ODIETE THOMPSON OKIODESAN 2633 ODIGBO TOLUWANI 2634 ODIGIE CHRISTOPHER OTAIGBE 2635 ODIGWE IDAIHOTA FRANCISCA 2636 ODIH ONYEMA HENRY 2637 ODIMBA RAYMOND UZOAMAKA 2638 ODIOH SUSANNAH 2639 ODIONYE STEPHANIE CHIOMA 2640 ODJEGBA CHRISTY ONOSEREBA 2641 ODO DESMOND IGWEBUIKE 2642 ODO VINCENT HENRY 2643 ODOGWU GODSPOWER JOHN 2644 ODOH BENJAMIN RAPULUCHUKWU 2645 ODOH MAKERE MOKERU 2646 ODOHOFRE PAULINE 2647 ODUBAJO GABRIEL 2648 ODUBIYI AKINKUNMI OYEWUNMI 2649 ODUDU OKIEMUTE 2650 ODUESO EMMANUEL ADEDOLAPO 2651 ODUFUNNADE LAWRENCE OLUDARE 2652 ODUFUWA EDMOND IYIOLA 2653 ODUFUWA JIMI TAIWO 2654 ODUFUWA KEHINDE S. 2655 ODUGBESAN ALH. MOHAMMED 'KUNLE YUSUF 2656 ODUGBESAN EVANG ADEKUNLE MICHAEL 2657 ODUKALE AYODEJI MR &MRS 2658 ODUKOYA ADESUPO 2659 ODUKOYA ANDREWS KEHINDE 2660 ODUKOYA PETER OLUSHOLA 2661 ODUKOYA, ABIOLA 2662 ODULANA YETUNDE FOLASADE MUNIRAT 2663 ODUME FESTUS AZUBUIKE 2664 ODUNAIKE OLADAYO OLUFUNMI 2665 ODUNAIYA ENIOLA ADEDAYO 2666 ODUNAIYA IFEOLUWA MARY 2667 ODUNAIYA OLUSEGUN ODUMAKINDE 2668 ODUNEJO SAMUEL 2669 ODUNEYE ODUSANYA DOTUN 2670 ODUNNAYO MUSTAPHA 2671 ODUNSI BOLANLE OPEYEMI 2672 ODUNTAN ADEBOLA OLUGBENGA 2673 ODUNTAN AYODELE JOSEPH 2674 ODUNUGA FAROUK OLAMIDE 2675 ODUNUGA KAMORU BAMIDELE 2676 ODUNUGA OLANIYI 2677 ODUNZE NNAMDI I R 2678 ODUSANYA PHILIP OLADELE 2679 ODUSHE OLUFUNSHO ABIODUN 2680 ODUSOTE ADEBAYO LADIPO 2681 ODUTAYO EUNICE KEHINDE 2682 ODUTAYO OLUSOLA 2683 ODUTOLA BOLA 2684 ODUTUGA-CHUKUDI EMMANUEL ADETOLA 2685 OFFOR BERNARD CHUKWUEMEKA 2686 OFODILE JOSEPHINE CHINELO 2687 OFOLU ANDERSON 2688 OFOMA PETER CHUKWUDUBEM 2689 OFOMATA HERBERT CHIKA 2690 OFORLE RUTH CHIDINMA 2691 OFULUE CYRIL CHUKWUNWEIKE 2692 OFUNAMA JOHN ONAGA 2693 OGA-PALMER ONOSETALE CHARLES 2694 OGAR STEPHEN AJA 2695 OGARAKU VICTOR CHIDI 2696 OGBA CHRISTOPHER CHINOYE 2697 OGBANJE FATU SHARON 2698 OGBEBOR MARTINS .Y 2699 OGBEBOR MARTINS YAYA 2700 OGBECHIE GRACE NGOZI

2701 OGBEIDE STEVEN OLUKOREDE 2702 OGBEIFUN ANGELA 2703 OGBEMUDIA OSARUMEN 2704 OGBOGU FLORENCE 2705 OGBOLOMA GODWIN 2706 OGBONNA CHRISTIAN IHEADINDUEME 2707 OGBONNA CHRISTY TOBECHUKWU 2708 OGBONNA EMEKA 2709 OGBONNA OBIOMA TIMOTHY 2710 OGBONNA ONYEBUCHI 2711 OGBONNAYA CHINEDU JAMES 2712 OGBONNAYA OKEZIE 2713 OGBOR LOVETH MIYENI 2714 OGBU CHUKWUEKWU GODWIN 2715 OGBU OGOCHUKWU VICTOR 2716 OGBU SOLOMON OGUGUA 2717 OGBUEFI MARTINS CHIEF 2718 OGBUEHI DAVID 2719 OGBUJI SIMON CHUKWUKA 2720 OGBUZULU SAMPSON EDEH 2721 OGBUZUO PERPETUA CHIKA 2722 OGE STEPHEN OLATUNDE 2723 OGEH CHINEDU ANDREW 2724 OGEH LUCKY 2725 OGELE PHILIPA 2726 OGHOGHORIE JOY SEGBUYOTA 2727 OGHOGHORIE PHILOMENA 2728 OGIEVA EHIOZE DELON 2729 OGINNI CHRISTIANAH OLUKEMI 2730 OGOCHUCKWU EUNICE MUOGILIM 2731 OGOKE CHIDINMA ONYEKACHI STEPHEN 2732 OGOKE MICHAEL IKECHUKWU 2733 OGOLO ETHEL 2734 OGON DENNIS EGUONO 2735 OGU CHIKAODI EMMANUEL 2736 OGUAMA CHINYEREM ADA 2737 OGUDE BENJAMIN 2738 OGUEBIE RITA NGOZI 2739 OGUERI CHIBUIKE DAVID 2740 OGUGUA GODWIN CHUKWUDI 2741 OGUH GEORGE O.C.LIUTENANT 2742 OGUNADE OLUWAFEMI ADEBOLA 2743 OGUNBANJO IDOWU 2744 OGUNBANJO OLADAPO OWOLABI 2745 OGUNBANWO ADEBAYO JULIUS 2746 OGUNBANWO DOYIN STEVEN 2747 OGUNBANWO SUNDAY ADENIYI 2748 OGUNBANWO TEMITOPE MARY 2749 OGUNBANWO, ADEWALE SUNDAY 2750 OGUNBODE ADEBAYO 2751 OGUNBOLUDE MATHEW OLUROPO 2752 OGUNBOR JOHN IKPONWENOSA 2753 OGUNBUNMI KAYODE 2754 OGUNDARE OLAKIITAN CECILIA HON. 2755 OGUNDE TAIWO JOHNSON 2756 OGUNDEJI OLAYINKA 2757 OGUNDELE BOSEDE AJOKE 2758 OGUNDELE OLAGOROYE HEZEKIAH 2759 OGUNDELE OLUWADAMILOLA 2760 OGUNDEYI ADEBIYI OLUMUYIWA 2761 OGUNDIPE REJOICE BERNICE 2762 OGUNDIRAN OMOLARA OLAWUNMI 2763 OGUNDOLANI ALEX 2764 OGUNFUYI SEGUN 2765 OGUNGBEMI LOUIS MONDAY 2766 OGUNJINMI OLUSEGUN 2767 OGUNJOBI MICHAEL E 2768 OGUNJOBI MURITALA 2769 OGUNKOMAIYA ADEWALE 2770 OGUNLADE ISAAC AYODEJI 2771 OGUNLEYE ABAYOMI 2772 OGUNLEYE ADEOLA OMOLEGHO 2773 OGUNLEYE OLADEJO JOHN 2774 OGUNMAYI OLAITAN DAVID 2775 OGUNMODEDE YEMI 2776 OGUNMOKUNWA ANIKE EUNICE 2777 OGUNMOLA RACHEAL BOSE 2778 OGUNMUSIRE OLUWATOYIN TOLULOPE 2779 OGUNNAIKE BABATUNDE ADEBANJO 2780 OGUNNAIKE OLUFUNKE AJOKE 2781 OGUNNIRAN EZEKIEL 2782 OGUNNOWO SUNDAY OLUTAYO 2783 OGUNNUBI ROBERTS 2784 OGUNODE ABIBAT RACHAEL 2785 OGUNREMI MELUTIA 2786 OGUNRO STELLA OMOTAYO 2787 OGUNSAKIN TUNBOSUN 2788 OGUNSEMOYIN JOHN KOLE 2789 OGUNSEYE CLEMENT ADENIYI 2790 OGUNSEYE EUNICE OLUWATOYIN 2791 OGUNSHOLA SHAMUSIDEEN ABAYOMI 2792 OGUNSOLA JOSEPH TEMIDARA O 2793 OGUNSOLA OLUWASEYI ISAIAH 2794 OGUNSOLA SOLOMON BOLAJI 2795 OGUNSUADA LEKAN 2796 OGUNTADE MONSURAT ATINUKE 2797 OGUNTADE TUNDE OLUWOLE 2798 OGUNTIMEHIN BARTHOLOMEW ADEWALE 2799 OGUNTOLA SEBASTIEN AKINLERE 2800 OGUNTOYE OLUWATOPE LAWRENCE



I N S U R E RRC: 023048



2801 OGUNTOYINBO ROTIMI SOLOMON 2802 OGUNWALE OLUKUNMI AZEEZ 2803 OGUNYE IREAYO NATHANIEL 2804 OGUNYEMI ADESAYO SUNDAY 2805 OGUNYEMI FUNMILOLA FLORENCE 2806 OGUNYINKA OLUWASEYE AYOOLA 2807 OGUNYODE AKINOLA 2808 OGUONU NORAH C. 2809 OGUZIE IJEOMA PRECIOUS 2810 OGWEMOH TONY ADOYE 2811 OGWEZI MICHAEL 2812 OGWOLA JEREMIAH TIMOTHY 2813 OHA NDUBUISI SAMUEL 2814 OHAEBUKA EPHRAIM AFAMEFUNA 2815 OHAKA BENJAMIN 2816 OHAMOBI CHARLES NDUKA 2817 OHOBI CHARLES 2818 OHUNYION PRECIOUS OSEWE 2819 OHWEKEVWO ESE 2820 OISEWEMEN MARTINS ERAGBAH 2821 OJEDIRAN ISMAIL MICHEAL 2822 OJELABI FLORENCE OLUWAFUNMILAYO 2823 OJELOLA RASHEED AKIN 2824 OJEMOLA IBILOLA TOLULOPE 2825 OJERINDE ADEDIBU 2826 OJETUNDE PAUL ABIDEMI 2827 OJI SAMUEL ONYEKACHI 2828 OJIEH GREGORY VINCENT 2829 OJIKUTU OLAWALE TAOFIK 2830 OJIMBA FELIX CHUKWUNYEM 2831 OJIMBA SEBASTINE ODIRA 2832 OJIMUGHA CHRISTOPHER C 2833 OJINTA OGECHI PETER 2834 OJO ADEDAYO 2835 OJO ADESHINA SUNDAY 2836 OJO AYODELE ABIODUN 2837 OJO GRACE OLADOYIN 2838 OJO JOSHUA OLUWATOMINIYI 2839 OJO LUCIA OLUFUNMILAYO 2840 OJO M. O. 2841 OJO OLUKAYODE RAPHAEL 2842 OJO OMOBAMIDELE TITUS 2843 OJO OMOLOLA 2844 OJO RACHAEL KEHINDE 2845 OJO SUNDAY KOFOWOROLA 2846 OJODUN RAZAQUE 2847 OJOH CHRISTIAN NWAOFEH 2848 OJOMO BASHUA FEHINTOLUWA 2849 OJORO SOLOMON 2850 OJUADE ELIZABETH FOLASADE 2851 OJUEROMI SAMSON TOYIN 2852 OJUKWU LINDA ADANGOZI 2853 OJUMAH VALENTINE O. 2854 OJURI (MRS) OLUFUNKE ADENIKE 2855 OKAFOR AFAM STEVEN 2856 OKAFOR AMAKA 2857 OKAFOR CONSTANCE C 2858 OKAFOR EBERE 2859 OKAFOR EMEKA NASSA CHRIS 2860 OKAFOR FRANCIS NKENCHOR 2861 OKAFOR GRACE UCHECHUKWU 2862 OKAFOR IFEANYI ALEXANDRA 2863 OKAFOR JOHN OBIORAH 2864 OKAFOR KENECHUKWU OBIAJULU 2865 OKAFOR NDUBISI CHIMAOBI 2866 OKAFOR NONYELUM FRANCISCA 2867 OKAFOR O ANSLEM 2868 OKAFOR ONYEBUCHI MAC-HAROLD 2869 OKAFOR PETER IFEANYI 2870 OKAFOR ROBINSON .N. 2871 OKAFOR SAMPSON OBIOHA 2872 OKAFOR UCHE MARIA 2873 OKAFOR UDERIKE RAPHAEL 2874 OKAFOR, NWOKEDIKE U. 2875 OKAH PAUL KINGSLEY 2876 OKANI OKECHUKWU 2877 OKANLAWON LUWOGUN SINAT OLAJUMOKE 2878 OKANLAWON OLUFUNKE ABOSEDE 2879 OKANLAWON SULAIMAN OLAYIWOLA 2880 OKANRENDE AKINSANYA O. 2881 OKARO IFEYINWA J. 2882 OKATA LIGHT CHUKWUDI 2883 OKE ABOSEDE VICTORIA 2884 OKE OLAJIDE ADESUNKANMI 2885 OKE OLAWALE 2886 OKE PATIENCE MODUPE 2887 OKEAGU IGNATIUS OKANANDU 2888 OKEAKWALAM CHINEDU 2889 OKEBANAMA DAVID CHIJIOKE 2890 OKECHUKWU IFEANYI FELIX 2891 OKEDELE JAMIU OLASUNKANMI 2892 OKEDOKUN TAJUDEEN ABIODUN 2893 OKEDOYIN FOLAKE MOJISOLA 2894 OKEDU O. BISHOP & NDUMDI ARINZE E. 2895 OKEGBENRO TAIWO OLANREWAJU 2896 OKEGBUAN IGBINEDION 2897 OKEGBUE NZERIBE SUNDAY 2898 OKEKE CHIBUZOR 2899 OKEKE CHIGBO CHRISTIAN 2900 OKEKE CHINEDU GEORGE

S/No Names

2901 OKEKE CLETUS KENECHUKWU 2902 OKEKE FOSTER CHIDIMMA 2903 OKEKE KENECHUKWU WILLIAMS KINGSLEY 2904 OKEKE LUCY UCHE 2905 OKEKE OLIVER NWABUEZE 2906 OKEKE PASCHAL UCHE 2907 OKEKE ROSELYN MAYEN 2908 OKELEKE MICHEAL CHINEDU 2909 OKELEYE ADENIKE ELIZABETH 2910 OKELEYE ENOCH ANJOLA-OLUWA 2911 OKELEYE ISRAEL AYODAMOPE 2912 OKELEYE RACHAEL OREOLUWA 2913 OKENWA EMEKA 2914 OKERE BENEDICT ONYEJIAKO 2915 OKERE VIGINUS CHIMEREMEZE 2916 OKEREAFOR D. ONYEWUCHI 2917 OKEREAFOR KELECHI EUPHEMIA 2918 OKEREH EZINNE CHINENYENWA 2919 OKEREKE ALOYSIUS CHISOM 2920 OKEREKE CHRISTIAN CHIZOBAM 2921 OKEREKE ELIZABETH OLAYINKA 2922 OKEREKE KINGSLEY IKENNA 2923 OKEREKE NKECHINYERE ROSELYN 2924 OKEREKE PATRICK NWANKWO OKORO 2925 OKEREKE THEODORA NGOZI CHUKWU 2926 OKERINOLA DOTUN DANIEL 2927 OKEROKUN OLUWOLE DAVID 2928 OKESHOLA ADOOBI KEMI 2929 OKETE JOSEPHINE OLABI 2930 OKETOGUN SAMSON OLAYIWOLA 2931 OKEWUSI ALICE ADERINOLA 2932 OKEZIE EMMANUEL UZOKWE 2933 OKHAI THERESA 2934 OKHIHIE ANTHONY 2935 OKHIKU A STEPHEN 2936 OKHUOYA EDEIFO LARRY 2937 OKI ISIAKA AYODELE 2938 OKIRI SANI SOTONYE 2939 OKOCHA NDUDI 2940 OKOECHA FRIDAY 2941 OKOGUN OSEMUDIAME ISAIAH 2942 OKOH EMMANUEL 2943 OKOH PRINCE CHUKWUDEBE 2944 OKOJIE ANDREW 2945 OKOJIE FRANCIS IYERE 2946 OKOKO BENEDICTA JAMES 2947 OKOKO EMMANUEL MICHAEL 2948 OKOKPUJIE OLIVER 2949 OKOLI EVANGEL NNEDINMA 2950 OKOLI FRANK EMEKA 2951 OKOLI FRANK JOVITA EMEKA 2952 OKOLI VICTORIA EBERE 2953 OKOLI, HENRY 2954 OKOLIE CHINELO FELICIA 2955 OKOLIE OBIAGELI ROSEMARY 2956 OKOLIE OSITADINMA PIUS 2957 OKOLO .A. UCHENNA 2958 OKOLO BENEDICTA OBAKHUME 2959 OKOLO CHIKA EUNICE 2960 OKON INNOCENT ETIM 2961 OKON UBONG UDOH 2962 OKON UDOH ESTHER UDOH 2963 OKONJI PETER NKEDISHUKA 2964 OKONJI PETER NKEOISHUKA 2965 OKONKWO ANGELA ANIELIKA 2966 OKONKWO ANGELA ANULIKA 2967 OKONKWO BENJAMIN NNOROM 2968 OKONKWO CHIDI ELIAS 2969 OKONKWO CHUKWUMA PATRICK 2970 OKONKWO ELIAS CHIDI 2971 OKONKWO EUCHARIA UCHENWA 2972 OKONKWO IFECHUKWU IFEANYI 2973 OKONKWO OFFORDILE A. 2974 OKONKWO TOCHUKWU KAODICHI 2975 OKONTA MORRISON AUSTIN 2976 OKOOSI TADAGBE OLUMIDE 2977 OKOOSI THONA IREMIDE 2978 OKORIE CHRISTOPHER CHIJIOKE 2979 OKORIE ERNEST 2980 OKORIE LAWRITTA NKIRUKA 2981 OKORIE MARCEL 2982 OKORIE SUNDAY STEPHEN 2983 OKORO DIGHITORUSIN 2984 OKORO ELIZABETH AND SAMUEL 2985 OKORO FREDERICK ULU 2986 OKORO JONES 2987 OKORO ZEPHRINUS MBADIWE 2988 OKOROAFOR CHUKWUEMEKA PETER 2989 OKOROAFOR IKECHUKWU NWANNEKA 2990 OKORONTA CHUKWUDOMENDU GREGORY 2991 OKORUWA DANIEL 2992 OKOSI OLISA NWABUFO 2993 OKOSUN ABEL 2994 OKOYA-THOMAS HENRY AYODEJI 2995 OKOYE BENEDICT OSITADINMA 2996 OKOYE DANIEL NNAGBO 2997 OKOYE IKENNA F. 2998 OKOYE KINGSLY EKE 2999 OKOYE MAURICE CHUKWUNWIKE 3000 OKOYE PAUL CHUKWUDI

3001 OKOYE THEMBA CHUKWEMEKA GABRIEL 3002 OKOYE VIRGINIA 3003 OKPABI NGBALA SUNDAY 3004 OKPAKO BLESSING 3005 OKPALA-NNEBUAKU CHUKWUMA .S. 3006 OKPALLA JUSTINA OBIAGELI 3007 OKPARA ANTHONY UGO 3008 OKPARAVERO LUCKY 3009 OKPE ALEX OGBU 3010 OKPETUE CHUKWUDI 3011 OKPOR AUSTINE ANDREW 3012 OKPOR CHUKWUNWIKE GOD'STIME 3013 OKPOR OMOKARO RUBY 3014 OKPOYO COMFORT NKOYO 3015 OKUBOTE OLUFEMI O. 3016 OKUDO CHIOMA HELEN 3017 OKUH CHINEDUM OSCAR 3018 OKUH COMFORT A. 3019 OKUNOLA AKANJI BABATUNDE 3020 OKUNOLA CHRISTIANAH OLABISI 3021 OKUNOLA JOHN TEMILOLUWA 3022 OKURE BERNARD 3023 OKUSANWO ABOLANLE 3024 OKUSANWO BABATUNDE OMOTAYO 3025 OKUSANWO SHARON OLUWAFIKUAYOMI 3026 OKWESIRI CHUKWUEMEKA .C 3027 OKWOR EKIUWA 3028 OKWUAGBOR CHUKWUAKWU 3029 OKWUMO ECHEZONA N 3030 OKWUMUO CHUKWUNONSO A 3031 OKWUOSA IFEANYICHUKWU 3032 OLA DAVID OLANREWAJU 3033 OLABANJI OLUWAFEMI OLAYTAN 3034 OLABANJI SUNDAY JOHN 3035 OLABISI OLSUNBO CELINA 3036 OLABOSIPO OLABISI OMOWUNMI 3037 OLADAPO AKINOLA OLADOTUN 3038 OLADAPO AZEEZ & FEBISHOLA 3039 OLADAPO GBOLAHAN OLAITAN 3040 OLADAPO MONI ABIODUN 3041 OLADAPO MOSES ADEMOLA 3042 OLADEINDE EBENEZER 3043 OLADEINDE MOSUNMOLA OLUWAKEMI 3044 OLADEINDE SHAMSUDEEN MOBOLAJI 3045 OLADEJI ADEMOLA 3046 OLADEJO AQKINTOLA OLUWASEUN 3047 OLADEJO WASIU ADEWALE 3048 OLADELE DAMILOLA MOSES 3049 OLADELE ISEOLUWA ISAAC 3050 OLADELE OLUWATOSIN BOLAJI 3051 OLADIMEJI MOSUDI AKINLABI 3052 OLADIMEJI MURTALA ADEREMI 3053 OLADIMEJI TAOFEEK TUNDE 3054 OLADIMEJI-IYANDA OLATOKUNBO (MRS) 3055 OLADIPO ADEBAYO BAMIDELE 3056 OLADIPO MUSBAU ADEMOLA 3057 OLADIPO OLUWAKEMI ADUNNI .V 3058 OLADIRAN JULIUS OLUWADARE 3059 OLADITI AKEEM ADEKUNLE 3060 OLADOSU ISLAMIYAT ADETUTU 3061 OLADOYINBO OLABISI SURAJAT 3062 OLADUNJOYE OLAWALE OLAWUYI 3063 OLAFUSI AKIN ISAAC 3064 OLAFUSI OLUWATOSIN ABIODUN 3065 OLAGBIYAN RASAKI FOLORUNSHO 3066 OLAIFA MONSURU SANNI 3067 OLAIFA OLUFEMI OLAJIDE 3068 OLAIGBE OLUWAGBENGA JACOB 3069 OLAIYA DAMILARE OLUSEGUN 3070 OLAIYA OLUYINKA YEWANDE 3071 OLAJENYO BUKOLA 3072 OLAJIDE ABIGAIL ADUKE 3073 OLAJIDE OLUGBENGA G.O 3074 OLAJITAN PAUL OLUSEUN OLUFEYISAN 3075 OLAJORIN ADEYEMI 3076 OLAJUBU ALABA JULIUS 3077 OLAJUWON AYINDE AKANBI 3078 OLAKANLE TEMITAYO KEHINDE 3079 OLAKUNORI SESAN 3080 OLALEYE IBIRONKE ABDEMI 3081 OLALEYE KOLAWOLE DAMILARE 3082 OLALEYE OLUWABUNMI ADEMOLA 3083 OLALEYE OMOLARA ABOSEDE 3084 OLALEYE SIKIRU OLATUNDE 3085 OLANEYE ADEKEMI O. 3086 OLANIPEKUN GAFAR ABIOLA 3087 OLANIPEKUN OLAKUNLE OLASOJI 3088 OLANIPEKUN OLOYEDE FESTUS 3089 OLANIPEKUN STELLA FOLAJIMI 3090 OLANIRAN ABIODUN 3091 OLANIRAN GABRIEL OLUFEMI 3092 OLANIWUN OLUWABUKOLA ADENIKE 3093 OLANIYAN AGNES IBITOLA 3094 OLANIYAN AYODELE AYOTUNDE 3095 OLANIYAN BUSAYO OMOWUNMI 3096 OLANIYAN OLAFEMI IQUAIBOM 3097 OLANIYI FELIX O. 3098 OLANIYI FOLASHADE TUNRAYO 3099 OLANIYI ISAAC OLADELE 3100 OLANIYI MARY OLUFUNMILOLA

3101 OLANLOKUN FOLASHADE SADIA 3102 OLANREWAJU AKINOLA 3103 OLANREWAJU JOSHUA TUNDE 3104 OLANREWAJU OLALEKAN MURITALA 3105 OLANREWAJU OLUGBENGA SEUN 3106 OLANREWAJU VICTOR JNR OLATOKUNBO 3107 OLAOFE ABIMBOLA KOYINSOLA 3108 OLAOFE AJIBOLA DAMILOLA OLAOFE 3109 OLAOGE TUNDE PAUL 3110 OLAOGUN RONKE K 3111 OLAONIPEKUN OLAKUNLE 3112 OLAOYE ADEREMI ABDULGAFAR 3113 OLAOYE BOLARINWA MICHAEL 3114 OLAOYE SUNDAY 3115 OLAREWAJU FUNMI DARE 3116 OLAREWAJU SAMUEL AYO 3117 OLAREWAJU, TEMIDAYO OLAYINKA 3118 OLARINDE ESTHER OLUBUKOLA 3119 OLASANOYE TITILOLA ANUOLUWAPO 3120 OLASANOYE WILLIAMS ROTIMI 3121 OLASEHINDE OLUFEMI 3122 OLASOKO ADESOJI 3123 OLASONYE HENRY AKINBOLAJI 3124 OLASORE ANTHONY ADEMOLA (DR) 3125 OLASUPO WASIU 3126 OLASUPO WASIU OLALEKAN 3127 OLATOKUN OLANREWAJU 3128 OLATOYE OLUSEGUN OLUTAYO 3129 OLATUNBOSUN ADEBANJI SUNDAY 3130 OLATUNDE AKINWALE ANTHONY 3131 OLATUNDE FIYINFOLUWA IBUKUN F. 3132 OLATUNJI ADEYEMI GBOLAHAN OLATUNJI 3133 OLATUNJI BAMIDELE 3134 OLATUNJI HENRY 3135 OLATUNJI ISAAC OLUWADARE 3136 OLATUNJI RACHEAL TAIWO 3137 OLAWALE-OKE BRIDGET TITILAYO IDOWU 3138 OLAWOORE SARAH SIDIKAT 3139 OLAWOYIN RAMOT ADENIKE 3140 OLAWUMI ROTIMI CHRISTOPHER 3141 OLAYANJU ESTHER .T. 3142 OLAYEMI AYODEJI PATRICK 3143 OLAYEMI EMMANUEL AYO 3144 OLAYIWOLA ADEMOLA DAVID 3145 OLAYIWOLA GABRIEL OLALERE 3146 OLEJEME CHIKEZIE 3147 OLELE CHIDINMA BLESSING 3148 OLIHA JOEL OSAS 3149 OLISA CHIGOZIE SAMUEL 3150 OLISA IJOMAH SAMUEL 3151 OLISE THERESA NGOZI 3152 OLISEMENOGOR DICKSON IKECHUKWU 3153 OLOBOR GLORIA OSAYI 3154 OLOJEDE ADEKEMI OMORINOLA 3155 OLOJEDE JOSHUA OLUTAYO 3156 OLOKE ABOLADE .O. 3157 OLOKO MAZEED ALABA 3158 OLOKUN, ISAAC ALUKO AMB 3159 OLOLO CHIBUZOR ORIEKE 3160 OLOLO ORITSEGBEMI TIMOTHY 3161 OLOMIYE HELEN ORIMIPANYE 3162 OLOMOLA OLAKUNLE ERNEST 3163 OLONADE OLUWATIMILEHIN 3164 OLONIYO DANIEL OLUSEGUN 3165 OLORIEGBE DENNIS ADE 3166 OLORUNDERO ABIODUN SEUN 3167 OLORUNFEMI JUDITH FUNMI ESENEME 3168 OLORUNKUNLE MICHAEL MOYO 3169 OLORUNLEKE PAUL AYORINDE 3170 OLORUNLOSE KEHINDE MUYIBAT 3171 OLORUNSOLA KENNETH BAMIYO 3172 OLORUNSOLA YEWANDE ADESANYA 3173 OLOWE ESTHER MRS 3174 OLOWOLAGBA OLUWASAYO SAMSON 3175 OLOYE MOJISOLA ABAYOMI 3176 OLOYE SMART ALABA 3177 OLOYEDE MUFTAU OYEWUNMI 3178 OLOYEDE OLUYEMI 3179 OLOYEDE SUNDAY OLATUNBOSUN 3180 OLUBIYI ADEYEMI GIDEON 3181 OLUBOBADE ADEYINKA 3182 OLUBUNMI BABATUNDE GBADEBO 3183 OLUFEMI ISAAC 3184 OLUGBEMI OLUBUNMI 3185 OLUGBON TAJUDEEN AKANJI 3186 OLUGBOSUN ARIYO AYO 3187 OLUIGBO COSMAS NGOZI 3188 OLUIKPE BENSON O. 3189 OLUKOYA TUNDE OLANREWAJU 3190 OLUNDU RAPHEAL KOLADE 3191 OLUNEYE ADEWALE SESAN 3192 OLUNWA KEMI JULIANA .O. 3193 OLUOKUN ADEYEMI SUNDAY 3194 OLUSANYA EBUN OREBOWALE 3195 OLUSANYA OLUMIDE ADEYIGA 3196 OLUSEGUN SEUN EMMANUEL 3197 OLUSEYE ABOLADE JEREMIAH 3198 OLUSHILE OMOWUNMI S 3199 OLUSHOLA TAIWO OLAOLU 3200 OLUSIJI, KOLAWOLE


I N S U R E RRC: 023048




3201 OLUSOJI OLUWASEUN DEBORAH 3202 OLUTOLA LAWRENCE ADEBARI 3203 OLUWABAMISE FUNMILOLA 3204 OLUWADARE EMMANUEL 3205 OLUWADARE OLUFUNMILAYO 3206 OLUWAGBEMI ADESOLA 3207 OLUWAKEMI AMINAT 3208 OLUWAKEMI JAWANDO 3209 OLUWALANA ABIODUN MUYIWA 3210 OLUWANISOLA SUNDAY ADELANI 3211 OLUWATOSIN SAMSON OLAWALE 3212 OLUWOLE ANUOLUWA EASTHER .O 3213 OLUWOLE JOSEPH ABIODUN 3214 OLUWOLE SIMEON BABATUNDE 3215 OLUWOLE SUNDAY ADEGBOLA 3216 OLUWOSEBOLATAN AYINDE LANRE 3217 OLUYEMO LANRE SIKIRULAHI 3218 OLUYINKA MICHAEL 3219 OMAGBOGU ONALO SOLOMON 3220 OMALE ZAKARI EZEKIEL 3221 OMEH INNOCENT TAIYE 3222 OMEH SAMPSON ZERUWE 3223 OMEH TOM 3224 OMEJE EMEKA SIMON 3225 OMEKE STELLA NWAKAEGO 3226 OMEOGA AUGUSTA O. 3227 OMIDIRE IBIRONKE OLABISI 3228 OMIGADE YETUNDE ABOSEDE 3229 OMIPIDAN JONAH OMOTAYO 3230 OMISORE PEACE EMEM 3231 OMITOGUN OLAKUNLE EMMANUEL 3232 OMIYALE, KAZEEM AYOBANI 3233 OMOBOWALE ADEBOYEJO 3234 OMOBUWAJO VICTORIA OLUFUNMILAYO 3235 OMODE EMMANUEL OLADIMEJI 3236 OMODELE AKINDELE 3237 OMODELE OLUBUNMI ANTHONIA 3238 OMODUDU OLUWADARE JOSHUA 3239 OMOGBEHINWA AKINTUNDE FELIX 3240 OMOIGUI KINGSLEY ETINOSA 3241 OMOIGUI OVOKE 3242 OMOKHAFE OMOAREGBA JOSEPH 3243 OMOLADE ESTHER OLUBUNMI 3244 OMOLE OLAJIDE JOSEPH 3245 OMOLE OLUWATOSIN AFOLABI PHILLIPS 3246 OMOMO BOLANLE ADEMOLA 3247 OMOMOWO GODWIN DAPO-OLA 3248 OMONIYI DAYO SAMSON 3249 OMONKHUA MOSES ENDURANCE 3250 OMO-OSAGIE JUDITH E. 3251 OMOPE RUFUS ADELEYE 3252 OMOREGBE CHARLES 3253 OMOREGIE ANTHONY S. EREMWANARUE 3254 OMOSANYA ADELEKE TAOHEED 3255 OMOSANYA OLASUNKANMI 3256 OMOSANYA SAMUEL ABAYOMI 3257 OMOTAYO SULAIMAN OLATUNJI 3258 OMOTOSHO ABRAHAM BOLA 3259 OMOTOSHO BAMIDELE JAMES 3260 OMOTOSHO RHODA FUNMILAYO 3261 OMOTOSO COMFORT OLUWATUMININU 3262 OMOTOYO TUNDE 3263 OMOTUENMEN TERRY OSEHON PATRICK 3264 OMOYAKHI JOHN OMOKHAGBO 3265 OMOZOKPIA CHINYELU EUCHARIA 3266 OMU ANDREW IGHO 3267 OMUDU JUDE NDUBUISI 3268 OMUEZA FREEBORN 3269 ONABAJO ABOSEDE ABIOLA 3270 ONABAJO ADEMOLU ADEOLA 3271 ONABAJO OLUWATOYIN TIMOTHY 3272 ONABAJO TAIWO TOLULOPE 3273 ONABAJO VINCENT TOLA 3274 ONABANJO KEHINDE TEMITOPE 3275 ONADEKO TAIWO & KEHINDE 3276 ONAGHISE ISREAL 3277 ONAJI OLIVER FRIDAY 3278 ONAKOMAIYA, OLUKAYODE ADETUNJI (ENGR.) 3279 ONALAJA FEMI ONATADE 3280 ONAOLAPO OLAWALE WASIU 3281 ONASANYA BENNETT ADESINA 3282 ONASANYA MUDASHIRU OLAYINKA 3283 ONEAFOLU NGOZI PATIENCE 3284 ONEKPE OSHOZEKHAI MICHAEL 3285 ONI ADEOLU OLUWOLE 3286 ONI AYOOLA OLAWALE 3287 ONI FOLUKE EUNICE 3288 ONI SEUN 3289 ONI SOLA DAVID 3290 ONI TEMITOPE ENITAN 3291 ONI VICTORIA OLUTOYIN 3292 ONIDARE OLUWAKEMI 3293 ONIFADE KEHINDE BOLANLE 3294 ONIFADE OLUFEMI S & COMFORT A. 3295 ONIFADE TAIWO OLUFEMI 3296 ONIGBINDE ADEWALE 3297 ONIGBINDE FEYISIKE TOYOSI 3298 ONIGBODE MOIDAT 3299 ONILE OLA VENTURES 3300 ONIPEDE DUNNI JANET

S/No Names

3301 ONIPINLA OLANREWAJU KEHINDE 3302 ONIYIDE OPEYEMI OMOLOLA 3303 ONODIGBO CHIBUIKE BRENDAN 3304 ONOJA AUGUSTINE 3305 ONOJA AUGUSTINE CHIKWADO 3306 ONOJA SIMON 3307 ONOKPITE GODSPOWER OGHENEVBOGAGA 3308 ONOMASE OZIEOGHEKET CHRIS 3309 ONOVA EMILY 3310 ONOZUTU DANIEL A. OMEIZA 3311 ONOZUTU DORCAS BAMIDELE 3312 ONU STEPHEN OKECHUKWU 3313 ONUCHUKWU EKENE 3314 ONUCHUKWU EMMANUEL OKWUCHKWU 3315 ONUCHUKWU UZO KENNETH 3316 ONUEGBU STANLEY-LEGAL N 3317 ONUGHA GERALD ECHESIRIM 3318 ONUIHA CHIDI INNOCENT 3319 ONUKWUE NKECHI ROSE 3320 ONUMAJURU BATHRAM UGOCHUKWU 3321 ONUMONU AZUKA AMEDE 3322 ONUOHA JAMES ARISA 3323 ONUOHA JULIUS CHINEDU 3324 ONUOHA NKECHI GERALDINE 3325 ONUORAH IFEANYICHUKWU PIUS 3326 ONUORAH INNOCENT OKIKE 3327 ONWINENG IME JIMMY 3328 ONWORDI LADI BARBARA 3329 ONWU UGOCHUKWU ALBERT 3330 ONWUACHI ISIOMA PATRICIA 3331 ONWUACHI JOSEPH DIKEDI 3332 ONWUASOANYA DORIS 3333 ONWUBUIKE VICTORIA NGOZI 3334 ONWUCHEKWA CECILIA NNEBUIHE F. 3335 ONWUEGBUZIE SAMUEL IKE 3336 ONWUEYI UCHENNA 3337 ONWUGHALU FRANCIS NWAFOR 3338 ONWUKWE EKENE 3339 ONWUMA GIDEON CHUKWUEMEKA 3340 ONWUMERE ISRAEL C 3341 ONWURAH ALEXANDER M 3342 ONWURAH UTCHMANN STEVEN 3343 ONYEAKAZI FAITH NGOZI 3344 ONYECHERELAM ALEXANDER CHUKEUEMEKA JNR 3345 ONYEDUM CHIDI 3346 ONYEJEKWE JUDE 3347 ONYEKA PAULINUS IFECHUKWU 3348 ONYEKACHUKWU BLESSING NNEKA 3349 ONYEKAONWU ANAYO ANTHONY 3350 ONYEKWELU MENAMON UGONNA 3351 ONYEKWERE STEPHEN EMEKA 3352 ONYENEKE UCHECHUKWU 3353 ONYENWE IKECHUKWU FRANCIS 3354 ONYERIKA EMEKA KENNEDY 3355 ONYEUKWU NKEMJIKA OSINACHI 3356 ONYEWADUME RITA ANWULI 3357 ONYEWUCHIM PERPETUA C. 3358 ONYIBOR SAMUEL UDEALOR 3359 ONYIDO EMEKA 3360 ONYIDO IKECHUKWU OLIVER 3361 ONYIGBUO STEPHEN UCHE 3362 ONYIRIMBA EMMANUEL EMEKA & OTHERS 3363 ONYISHI JOSHUA OKWUDILI 3364 ONYIWA SUSAN 3365 OPAAJE COMFORT OYEYEMI 3366 OPADOTUN GLORIA 3367 OPAKUNLE AMOO ADEOLA 3368 OPAKUNLE JOEL & KEHINDE 3369 OPALEYE JOSEPHINE ABIOLA 3370 OPARAOCHA UGOCHUKWU 3371 OPUORO VERA CHINYERE 3372 ORABUCHI JULIET ONUAWUCHI 3373 ORADUBANYA CHUKWUEMEKA CYPRIAN 3374 ORANU EGO UJU CLARA 3375 ORANYE FRANCIS IFEANYI 3376 ORDIA EHIKIOYA RANDY 3377 ORDUNZE COSLEY CHIDINMA 3378 ORE AGNES TEMITAYO 3379 OREDIPE ABOLAJI AHMED 3380 OREDIPE ALBERT OLUSOLA 3381 OREDIPE FELICIA MODUPE 3382 OREDIPE KAYODE EMMANUEL 3383 OREDIPE VICTORIA ADEBISI 3384 OREFUWA AMOS OLADIPO 3385 OREKOYA MODUPE ELIZABETH 3386 OREMADE FEMI 3387 ORHUE PROF AUGUSTINE ALENEZALA 3388 ORIAGHAN IMOISILI OSAGIE 3389 ORIAKHI HUMPHREY ATEKHA 3390 ORIGHOYEGHA OVIE OGHENEVWOKE 3391 ORIJA TOLULOPE FELIX 3392 ORIMOLADE SHINA ADETUNJI 3393 ORIMOLOYE OLUMIDE MARTINS 3394 ORIMOLOYE OLUWASEYI OLUKAYODE 3395 ORIOLOWO NURUDEEN KOLAWOLE 3396 OROGBEMI ELIAS OLAJIDE 3397 OROKEMI JOHNSON ADEWUMI 3398 ORONNAYE FEMI 3399 OROTOLA BUSAYO FOLASHADE 3400 ORUMA ADEMU UMORU

3401 ORUWARI IJUYE JOSHUA 3402 OSABOHIEN GABRIEL O 3403 OSADEBE ANNE TEMITAYO 3404 OSADEBE REGINA JAPHET 3405 OSADIAYE IRIAGBONSE DORIS 3406 OSAGIE DICKSON UYIOSA 3407 OSAGIE ERIC ODION 3408 OSAGIE HARRISON NOSA 3409 OSAGIE LAWRENTA 3410 OSAKUE JOSEPH OSARUEWENSE 3411 OSAKWE CHINWEUDE NDIDIAMAKA 3412 OSAKWE JULIE ANASE 3413 OSAKWE ROSELINE OGONNA 3414 OSANYINBI JACOB DAMILOLA O 3415 OSAWE VICTORIA FOLAKE 3416 OSAYANDE OSAZE JEREMIAH 3417 OSAYEMI IDOWU HADIZA 3418 OSEMWEGIE MARY DELE 3419 OSENI AKEEM ALABI 3420 OSENI MORUFU BABALOLA 3421 OSENI MUSA MAHMUD 3422 OSENI OLUREMI JOSEPHINE 3423 OSENI SAHEED OMOBOLANLE 3424 OSENI TAIWO ELUDOTUN 3425 OSENI YUSUF 3426 OSETA DIVINE ENTERPRISE 3427 OSHAKWUNI AUGUSTINE 3428 OSHIKOYA VICTOR O0LANREWAJU 3429 OSHILAJA OLAYEMI VICTORIA 3430 OSHIN WALE 3431 OSHINOWO KEHINDE & MODUPEOLA 3432 OSHINOWO MUSTAPHA TOMOSEWO 3433 OSHINOWO OLUSEGUN OLUSESAN 3434 OSHO MATTHEW AYODEJI 3435 OSHODIN J. ROBERT JP 3436 OSHOFODUNRIN ADEMOLA OLATUNDE 3437 OSHOKO OMOLARA OLUWATOYIN 3438 OSHOMAH ALEXANDER AZAKAWANU 3439 OSHUNDIYA AYOBAMI ADESINA 3440 OSHUNNIYI OLUGBENGA ABIOLA 3441 OSIBOTE BOLANLE R.F 3442 OSIDELE OLUJIMI AGBOLAHAN 3443 OSIFESO RONKE 3444 OSIJO OLAIDE O 3445 OSIKOYA OLUSOLA FOLASHADE 3446 OSINAIKE DANIEL TOFUNMI 3447 OSINUBI ADEDOYIN STEPHEN 3448 OSINUBI OLUFEMI 3449 OSINUBI OLUWAFEMI SUNDAY 3450 OSINUBI OLUWATOYIN ADEBIMPE 3451 OSISANWO CLAUDIUS ALABA 3452 OSITAYO FOLASHADE MORENIKE 3453 OSOBU ADEFOLUKE OLUWATOYIN 3454 OSODE IFEANYI PATRICK 3455 OSONDU EMMANUEL CHIDI 3456 OSOYE ABIOLA AFOLUKE 3457 OSOYE GBEMISOLA OLUWAKEMI 3458 OSUAGWU EBENEZER OGECHI 3459 OSUAGWU JOHN PIUS CHIMA 3460 OSUAGWU JOHNPIUS CHIMA 3461 OSUAMKPE PAME ALEXANDER 3462 OSUJI PETER .N 3463 OSULA ENAKARU EMMANUEL 3464 OSUNBOR LUCKY 3465 OSUNDE KEHINDE ADEOLA 3466 OSUNKOYA MOSES 3467 OSUNTUNSA TITUS 3468 OTALOR PETER NDIDI 3469 OTANIYI ADEOLA OMOLARA 3470 OTEBIYI ABISOYE TOMILOLA 3471 OTEGBEYE OLABODE OLUSANYA MR 3472 OTEGBEYE, DR. & MRS. GLADYS AYODEJI 3473 OTESILE ELIZABETH OLUYEMISI 3474 OTHMAN GANIAT OLUWAFUNMILAYO 3475 OTHUKE JOSEPH EFE 3476 OTI JONATHAN CHIDI 3477 OTIOCHA ELEAZAR 3478 OTOKPEN JOHN MUME 3479 OTTO KEMISOLA 3480 OTUKA CHIMA EDMUND 3481 OTUKOYA DAMILOLA EMMANUEL 3482 OTUKOYA ESTHER OLUFUNMILOLA 3483 OTUKOYA OLUWASESAN JAMES 3484 OTUKOYA OLUWASEYI 3485 OTUKOYA SAMSON OLUWASEGUN 3486 OTUKOYAOLUYOLE ISAIAH 3487 OTULANA ADEOLA OMOKUNBI 3488 OTUNUGA KOLAWOLE OTUNUGA 3489 OTUNUGA SAMSON OLUGBENGA .O. 3490 OVIE GODFREY EDERUKAYE 3491 OVIEMHO SYLVESTER 3492 OVUEWHORIE EDWIN 3493 OVUEZIRIE EMMANUEL EHIDIAMEN O. 3494 OWAN MICHAEL BUKIE 3495 OWASANOYE AFUYE FUNMILAYO 3496 OWOEYE ISREAL OMOTAYO 3497 OWOKUNLE BILQIS ABIOLA 3498 OWOLABI ADEKUNLE WILLIAMS 3499 OWOLABI AKEEM ALAO 3500 OWOLABI CHRISTOPHER OYESINA

3501 OWOLABI FUNMILAYO ADESOLA 3502 OWOLABI JANET OLUBUNMI 3503 OWOLU ORIYOMI T. 3504 OWONIFARI VICTOR OLUFEMI 3505 OWOOLA EMMANUEL TEMITOPE 3506 OWUSU OFORI BENJAMIN 3507 OWUYE TAWAKALITU OLUWATOYIN 3508 OYADIRAN SAMUEL MAYOWA 3509 OYAKHIRE AUSTEEN 3510 OYAMA VICKY ORUNWAN 3511 OYANNA, OBONDA 3512 OYE-ADENIRAN EMMANUEL ABIODUN 3513 OYEBANJI LEAH JOLADE 3514 OYEBANJI SEGUN LANRE 3515 OYEBISI FELICIA KEHINDE 3516 OYEDELE ISREAL OLADELE 3517 OYEDELE NURAT ADENIKE EJIDE 3518 OYEDEPO DAPO SUNDAY 3519 OYEDIRAN CHRISTIANAH FUNMILAYO 3520 OYEDOKUN OLAFIOYE OLUTUNDE 3521 OYEDOTUN OYEDELE 3522 OYEDUNTAN OLUWASEYI ADEBISI 3523 OYEKAN OLUWASEGUN PETER 3524 OYEKUNLE SAMUEL 3525 OYELAJA RUTH OLUBUNMI 3526 OYELAKIN RICHARD AHMED 3527 OYELAYO EYITAYO OYEYEMI 3528 OYELAYO OLUWAFEMI SAMUEL 3529 OYELEKE LATEEF BABATUNDE 3530 OYELEKE OYERONKE BLESSING IYABODE 3531 OYELEYE COMFORT OLUBUNMI 3532 OYELEYE DAVID AJIBADE 3533 OYELEYE OLUSEGUN SAMUEL3534 OYENIRAN OLUWAGBEMIGA MOFOLUWAKE 3535 OYENIYI ADEBUKOLA GANIYU 3536 OYENIYI KAYODE 3537 OYENIYI OYEWOLE 3538 OYENUGA OLUFUNSO 3539 OYERANMI WEMIMO OLANREWAJU 3540 OYERINDE FAVOUR FIYINFOLUWA 3541 OYERINDE PRECIOUS ELIJAH 3542 OYESOLA TEMITOPE M 3543 OYETORO LAJA 3544 OYETUNDE SURAJU OLALEKAN 3545 OYEWALE RAPHEAL SUNDAY 3546 OYEWO BEATRICE BOLA 3547 OYEWO OLATUNDE PETER 3548 OYEWOLE FELIX OLURANTI 3549 OYEWOLE RAOLAT 3550 OYEWOLE TEMITOPE MORADEKE 3551 OYEYEMI ALLAN KAYODE GBEMISOYE 3552 OYEYEMI EUNICE FOLASADE 3553 OYEYEMI KOLAWOLE OLATUNDE 3554 OYIBO GODDAY 3555 OYIDI GABRIEL FEMI 3556 OYINDAMOLA SHAMSIDEEN OLASUNKANMI 3557 OZEH JOSEPH OGBA 3558 OZILI ONYEKA THERESATONETTE 3559 OZOEMELAM CHINEDU INNOCENT 3560 OZOEMELAM NDUBUISI LUNDY 3561 OZOEMENAM REGINALD N. 3562 OZOEMENE PETER 3563 OZOGBU FRANCIS & JULIET 3564 OZONGWU VITUS CHIMEZIE 3565 OZOREMEZINEM OLUWASESAN ONAYEMI 3566 OZOUDE CHIOMA RITA 3567 PALMER UFUAH KENNEDY 3568 PARAGON ASSETS LIMITED 3569 PARDESHI SATISH MOHANLAL 3570 PARTNERSHIP INV CO/ECOBANK NIG PLC-TRDNG 3571 PASTOR ISAIAH SAMUEL AKPAN 3572 PATIENCE AJEMIGHOARAMI 3573 PATNAK INT CO LTD 3574 PATRICK BLESSING 3575 PAUL BENEDICTA CHIKA MAUREEN 3576 PAUL FAITH NUNTAH 3577 PAUL OKEZIE SOLOMON 3578 PEJI TOPA JACOB 3579 PETER A OSAGIE 3580 PETER GLORIA UBONG 3581 PETER SANNI OLAYINKA 3582 PHONEIX HAULAGE SERVICES 3583 PIPC SECURITIES LIMITED -DEPOSIT A/C 3584 PLANET CAPITAL LIMITED 3585 PLATINUM HABIB/CASHVILLE INV & SEC- TRDG 3586 PONNLE TAIWO CORNELIUS 3587 PONUWEI BINIPERE OLU 3588 POPOOLA FOLAKEMI OLUBUNMI 3589 POPOOLA JOSEPH ADEDAYO 3590 POPOOLA MUHAMMAD LANRE 3591 POPOOLA SAM AYODEJI 3592 POPOOLA TITILAYO AJIKE 3593 PORTFOLIO ADVISERS LTD 3594 PRAMTECH CONSULTS 3595 PROFUND STOCKBROKERS LTD 3596 PROPERTY & PECUNARY INS. BROKERS LTD. 3597 PYNE OLAKUNLE OMOLADE 3598 QUADRI FATAI OLUWATOYIN 3599 QUALINVEST CAPITAL LIMITED (RC. 259260) 3600 QUALINVEST CAPITAL LIMITED (RC. 259260) - REC



I N S U R E RRC: 023048



3601 QUANTUM SEC. LTD/DIAMOND BANK PLC 3602 RAFIU MUKAILA AYINLA 3603 RAHEEM AKEM 3604 RAHMAN WASIU ANIFOWOSHE 3605 RAIMI IBRAHIM KOLAWOLE 3606 RAIMI RASHEED ADIGUN 3607 RAJI ABDUL DAUDA 3608 RAJI ABDULYAKEEN BALOGUN 3609 RAJI FAISUDEEN ADEWOLE 3610 RAJI MARTINA TAYELOLU 3611 RAJI SHAKIRUDEEN ALABI 3612 RAJI YUSUF ADEBAYO 3613 RAPHA NIGERIA LIMITED 3614 RASAK KOLADE DAUDA 3615 RASAQ ISIAKA 3616 RCCG GLORY TABERNACLE INVESTMENT CLUB 3617 RESURGENCE CAPITAL LIMITED 3618 RICHARD-NWAJEI MARTINS 3619 RITA ANWULI NWANZE 3620 ROBINSON BLESSING 3621 ROTIFA OJO OLANIRAN 3622 ROYAL MAGNATE CONSULT LTD 3623 RUFAI ABAYOMI RASAQ 3624 RUFAI ABDULAKEEM OMOTAYO 3625 RUFUS MONDAY OYAREKUA 3626 RUFUS NGOZI 3627 RVE. ERAGBAI BEN 3628 S G PAYNE ESTATE OF LATE 3629 SAAIIO VENTURES 3630 SADIKU MUKAILA 3631 SADIPE ABIODUN 3632 SADIQ NURUDEEN AYINDE 3633 SAGBAKESIYE SEPREBO 3634 SAKA ADEBAMBO 3635 SAKA ADESHINA OLUWASEUN 3636 SALAAM ABDUL JIMOH 3637 SALAHUDEEN MUNIRU ADEKUNLE 3638 SALAKO ANTHONIA OLUWATOYIN 3639 SALAM ABIODUN LATEEF 3640 SALAMI ADENIYI ADEOSUN 3641 SALAMI AZEEZ KOLA 3642 SALAMI FATAI AYINLA 3643 SALAMI FEHINTOLA ABENI 3644 SALAMI ISMAIL ADEWALE 3645 SALAMI MA'ARUF AWEDA 3646 SALAMI MOSES GBENGA 3647 SALAMI OMONIYI OLAYINKA 3648 SALAU M. ADEBANJO 3649 SALAU TAOPHEEK IRANLOYE 3650 SALAUDEEN NOJEEMDEEN ADEKUNLE 3651 SALIMON AHMED ATANDA JAYEOLA 3652 SALISU REBECCA 3653 SALIU SARAFA AYINDE 3654 SALMA AUDU MANJARO 3655 SALU EBIGBOROWEI JOHN 3656 SAMBO JAMES 3657 SAMS TOTAL TRADE LTD 3658 SAMSON OLUWASEGUN DADA 3659 SAMUEL IDONOR 3660 SAMUEL OLUWASEGUN ABEL 3661 SAMUEL OREOLUWA FELIX 3662 SAMUEL TEMITOPE OMETERE 3663 SAMUELSON JULIUS YAYOK 3664 SANGODARA FOLARIN 3665 SANGONIRAN OLUFEMI ADEDEJI 3666 SANI TANKO MU,AZU 3667 SANNI ISMAIL OLAKUNLE 3668 SANNI JOSEPH OLUMIDE 3669 SANNI MUKTAKIL OLUSHOLA 3670 SANNI OMOTAYO RAFIU(MR) 3671 SANNI SIMBIAT ALAKE 3672 SANNI SULAIMAN AJADI 3673 SANNI TOLU ADEBAYO 3674 SANUSI OLADELE DAVID 3675 SANUSI WASIU 3676 SANYA ADEKUNLE PATRICK 3677 SANYA FESTUS OLADIPO 3678 SANYA SUSAN IYABO 3679 SANYAOLU ABIODUN KUDIRAT 3680 SANYAOLU OLABODE SUNDAY 3681 SARKI AHMID MOHAMMED 3682 SARKI AMAL MOHAMMED 3683 SARKI HIND MOHAMMED 3684 SARKI MANAL MOHAMMED 3685 SARKI NAFIU MOHAMMED 3686 SARUMI WAKILU ADEOLA 3687 SEED PRINCIPLE INT'L LTD 3688 SEIDU MUKAILA ALABA 3689 SEKONI AHMED AYODEJI 3690 SERIKI AYOOLA 3691 SESE ROSETTA TINKPOFUGHA 3692 SEVEN UP CO –OPEATIVE SOCIETY 3693 SHADRACK MOFOLUKE ADENIUNJU 3694 SHAFE NURAT ABIODUN 3695 SHAFE RASAQ BOLANLE 3696 SHAIBU ABACHI MOHAMMED 3697 SHAKUNLE HEZEKIAH OLUWATOBI 3698 SHEDARA THOMPSON OLADELE 3699 SHEHU MALLAM MIKAIL 3700 SHEKARI PHILIP

S/No Names

3701 SHEKAZ GLOBAL CONCEPT 3702 SHELL COOP/ ODIOH MUSTAPHA IMOUDU 3703 SHELTER NETWORK 3704 SHEYIN BAKO GANGA RICHARD 3705 SHILOH DEVELOPMENT LTD 3706 SHIRASAKA TSUYOSHI 3707 SHITTU IBRAHIM 3708 SHITTU RIANAT ADERONKE 3709 SHOBANDE MOJISOLA ENITAN 3710 SHOBANJO BOLAJI SEUN 3711 SHOBO ANU 2 3712 SHOBO FOLARIN OYEBOLA(REV)3713 SHODIPO RASAK OLANREWAJU 3714 SHODUNKE MICHAEL OLUGBENGA 3715 SHOFUYI AYOTUNDE SAMSON 3716 SHOGADE OLADEINDE .A 3717 SHOKUNBI AKINWUNMI O. 3718 SHOLAJA SUNDAY SAMUEL 3719 SHOLARU OLUTAYO 3720 SHOMEFUN EBENEZER OLUSHOLA 3721 SHOMKEGH ALYGBA SIMON 3722 SHONIBARE BOLADE ADEWALE 3723 SHONIBARE JOSEPH OMOSOLA 3724 SHONOWO ISLAMIYYAT FADEKE 3725 SHOPEJU EFUNBOSEDE AYOTUNDE 3726 SHOREMI EMMANUEL OLADIMEJI 3727 SHOTUYO ADEBOWALE S. 3728 SHUAIBU YUSUF 3729 SIGNET INVESTMENT-DEPOSIT A/C 3730 SILAS ANIEFON AUGUSTINE 3731 SILAS DINATU TAWAHU 3732 SIMEON LUKOLM & DAYO OKEWOLE 3733 SINA-FALANA BEATRICE OMOWUNMI 3734 SINULO EZIUCHE NNEAMAKA 3735 SMART BOLA IDAYAT 3736 SOBANDE SEGUN AYOBANMI 3737 SOBODU BUKOLA MARY 3738 SOBOWALE AYODELE O. 3739 SOBOWALE IDOWU A. 3740 SOBOWALE MORENIKEJI M. 3741 SODA YEWANDE OLUFEYIKEMI 3742 SODEINDE BENJAMIN ADE-ABISOYE 3743 SODEINDE OLUMUYIWA OLAYIWOLA 3744 SODIPE MORAYO ELIZABETH 3745 SODIPE OLUTAYO OLUBUSOLA 3746 SODIPE OLUWOLE 3747 SODIQ SUNDAY 3748 SODIYA ALAO SURAJUDEEN 3749 SODOLA EMMANUEL OLUWAFEMI 3750 SOFELA TAIWO OLATUNDE 3751 SOFOLAHAN OLAWALE OLADIMEJI 3752 SOFOLUKE OLATUNJI SIGISMUND 3753 SOFOLUWE ADENIYI ADEYINKA 3754 SOFOLUWE JOSEPH AKINSOLA OLUJIMI 3755 SOFOLUWE LOLA MARY 3756 SOFOWORA ADESOLA ABEKE 3757 SOFUNIX INDICES 3758 SOGANET INVESTMENTS LIMITED 3759 SOJE BOLARINWA EMMANUEL 3760 SOJE OLUWATOSIN IMPORTANT 3761 SOLANKE OJUOLAPE OLUTOSIN 3762 SOLANKE TAWA BUKANYO 3763 SOLID KAY ENTERPRISES 3764 SOLOMON ANIEBIETABASI ENOBONG 3765 SOLOMON BOSE LARIL 3766 SOLOMON FESTUS OLAJIDE 3767 SOMOYE SHERIFF OLALEKAN 3768 SONUGA BOLANLE OMOTAYO 3769 SORHUE ABEL OBRUCHE 3770 SORINMADE ADENIYI 3771 SOSAN OLANIPEKUN.G 3772 SOTIYO IGBALAWOLE EMMANUEL 3773 SOWEMIMO MOJISOLA OYINDAMOLA 3774 SOWUNMI IRETIOLUWA OMOBOLAJI 3775 SOYINKA MATTHEW OLU 3776 SPRG/EMBASSY PHARM & CHEM LTD 3777 SPRING BANK PLC 3778 ST PETERS CHURCH F A C M 3779 STANDARD ALLIANCE MONEY LTD (SA MONEY) 3780 STERLING BANK PLC/TRADELINK SEC. LTD-TRD 3781 SULAEMAN KEHINDE FATIMOH 3782 SULAEMAN MUJEEBAT . A . O 3783 SULAIMAN AYO 3784 SULAIMAN IDRIS 3785 SULAIMAN KAZEEM ADISA 3786 SULAIMON WASIU OLADEJI 3787 SULE EMMANUEL JNR 3788 SULE MOMOH 3789 SULE SAIBU 3790 SULEIMAN EMMANUEL ABIODUN 3791 SULEIMAN RASHIDAT 3792 SULEIMAN SHEHU 3793 SULEIMAN ZANINAB ADETUTU 3794 SULIAMAM SHINA 3795 SUNDAY CHARLES EBONGHO 3796 SUNDAY K OHAZIMIHE 3797 SUNDAY LEKARA THANKGOD 3798 SUNDAY SOLOMON IDODEAGBOR 3799 SUNMOLA YEKINI SOLA 3800 SUNMONU RASAK MAYOWA

3801 SURHYEL SAMUEL MSHELLIA 3802 SYLVESTER ESOIMEME HON. 3803 TABANSI JOHN IKECHUKWU 3804 TADE ADEWOLE ADENIYI 3805 TADE OLUBUNMI ADEMOLA 3806 TAIWO BABATUNDE OLUWATOYIN 3807 TAIWO ITIAYOMI MOYOSOREOLUWA 3808 TAIWO OLUSOLA ADEDAYO 3809 TAIWO OLUWASANMI ISAIAH 3810 TAIWO TEMITOPE OYEWALE 3811 TAJUDEEN SHITTU GBELEKALE 3812 TAKO SUNDAY 3813 TALABI ADENIYI OLADIPUPO 3814 TALABI ADEWALE SEYI 3815 TALMIZ KHADIZA 3816 TAMAL INDUSTRIES LIMITED 3817 TANKO CHUNI LAWAL 3818 TANKO IBRAHIM 3819 TARIAH TAMUNONENGIYEOFOR AMAKS 3820 TEGU BENSON 3821 TELA K. SALIHU 3822 TELLA DORCAS ADENIKE 3823 TELLA KAYODE AYOBAMI 3824 TEMPLE -CHUKWUNYERE NNAMDI 3825 THOMAS ADEOLA 3826 THOMAS EZEKIEL 3827 THOMPSON MOSES KOFI 3828 THOMPSON SIMON UDO 3829 THREE Ds-FUTURE VENTURES 3830 TIAMIYU AMOFE LAWAL 3831 TIDONI BOYE OBU SYLVIA 3832 TIFASE COMFORT OLUFUNMILAYO 3833 TIJANI NAJEEM 3834 TIJANI OLUSOLA EBUDOLA MUKADAM 3835 TIJANI OMOLOLA MODINAT 3836 TIJANI TEMITOPE OLUFUNMI 3837 TIJANI, QUZEEM AYOMIDE OLUWADUROTIMI 3838 TIJANI, SODIQ OLUWAGBEMIGA 3839 TIJANI, SUKURAT EBUDOLA 3840 TIJANI, SULEIMAN OLUWASEUN 3841 TIM MICHAEL FELIX 3842 TIMOTHY INI 3843 TIMOTHY OLANREWAJU OLUMUYIWA 3844 TOHIR FOLORUNSHO ISMAILA 3845 TOLULADE JOSHUA OLUWAPELUMI 3846 TOMIL TRUST LIMITED 3847 TONWE OSADIAYE GRACE 3848 TOPMOST FIN.& INV. LTD.TRADED-STOCK-A/C 3849 T-OSEA INTERNTIONAL LIMITED 3850 TOSTWINS VENTURES 2 3851 TOYE STEPHEN 3852 TRANSWEALTH MICROFINANCE BANK LTD 3853 TRUEBOND CAPITAL & ASSET MGT. LTD. 3854 TSEJA TALATU VERONICA 3855 TSOWA ISAAC LIKALI 3856 TUGA OLOLADE OLUFUMBI 3857 TUMAKA NAGARTA ABA 3858 TUNBI JANET TITILOLA 3859 TUNDE JOHNSON GBAJA 3860 TUOYO TOJU 3861 TUROTI OLUFUNMILAYO .E 3862 TUWASE OLUROTIMI ANTHONY 3863 UBA JASPER CHIKULIEM 3864 UBAH EUNICE ADANNA 3865 UBAH JUDE NWAKA 3866 UBAJEKWE CHIMKAMSO CHUKWUBUIKEM 3867 UBARA MESHACK OGAGAGHENE 3868 UBI WOFIA KENNETH 3869 UBU RICHARD EMERENO 3870 UCHE ATUEGBU 3871 UCHE OGECHI NWANNEDIYA 3872 UCHEGBU CHUKWUEMEKA NNANYELU 3873 UCHENDU CHINYERE TAIATU 3874 UCHE-OKOLI AKUCHUWU FRANKA 3875 UDAH JACOB EMMANUEL 3876 UDDIN JOSEPH OLUWASEGUN 3877 UDEAGWU UDENSI UKPABI 3878 UDEFUNA CHIDI 3879 UDEGBUNAM MARTINS CHUKS 3880 UDEH CELESTINE IFEANYI 3881 UDEH CHRISTOPHER CHUKWUNWE 3882 UDEH HYGINUS NWANNEBUIKE 3883 UDEH IFY FELIX 3884 UDEH NICHOLAS EMEKA 3885 UDEKWE ANTHONIA UNOMA 3886 UDEKWE CHUKWUGOZIE CHIKE GODSON 3887 UDEME AZUKA FRANK 3888 UDEME CHIKAOGU MARK 3889 UDEME CHUKUTEM SPENCER 3890 UDEME IGWEBUIKE DICKSON 3891 UDEONU MIKE 3892 UDEOZOR EMMANUEL UCHENNA 3893 UDEZE IGNATIUS BENJAMIN E. 3894 UDIMINUE EDET SAMUEL 3895 UDO SAMUEL PETER 3896 UDO SEBASTINE LAZARUS 3897 UDO UDUAK JOSEPH 3898 UDOFIA INEMESIT JACKSON 3899 UDOFIA ITA MARCUS 3900 UDOH CHRISTIANA IDORENYEN

3901 UDOH HAPPINESS FRANCES 3902 UDOH NNAEMEKA CHRISTOPHER 3903 UDOISA DORIS E 3904 UDOM EVANS THOMPSON 3905 UDOM OGEDI IGNATIUS UDOM 3906 UDOM SAMPSON UDO 3907 UDOMAH EMMANUEL JAMES JONES 3908 UDU INNOCENT 3909 UDUKWU ERNEST CHUKWUEMEKA 3910 UFONDU EJIRO DALSY 3911 UFUDO P.I.C 3912 UGBEBOR IFEANYI 3913 UGBOMA MARTIN OBI 3914 UGOFURE GABRIEL 3915 UGOH DENIS IKECHUKWU 3916 UGOH FRANCIS 3917 UGOH IMMACULATE NWANYIEZE 3918 UGOH NKIRUKA 3919 UGWU CHIDI PETER 3920 UGWU LETICIA CHIKA 3921 UGWUANYA CONFIDENCE 3922 UGWUANYI ANTHONY CHIMEZIE 3923 UGWUEGBULEM EMMANUEL C 3924 UGWUIGBO TIMOTHY NONSO 3925 UGWUNZE CHINO 3926 UGWUOMARIMA UDOCHUKWU CHISOM 3927 UIDC SECURITIES LID NOMINEE A/C I 3928 UIDC SECURITIES LIMITED 3929 UJAH EMEKA MATTHIAS 3930 UJIAGBE EHI MOSES 3931 UKABI SAMUEL ETEA 3932 UKAEFI AJUMA IMO 3933 UKAEGBU UCHE JOHN 3934 UKAH DANIEL UGOCHUKWU 3935 UKANAH BAYO STEPHEN 3936 UKATU AMBROSE UZOCHUKWU 3937 UKENI ANTHONY 3938 UKEOMA MOSES JAJA UKA 3939 UKET BASSEY OKPA 3940 UKIM KINGSLEY OKON 3941 UKO EFFIONG UDO 3942 UKOLI-OSAGIE AGNES TOYIN 3943 UKOT JESSICA 3944 UKPABI JAMES 3945 UKPE NDIFREKE IME 3946 UKPE VICTOR NSIKAN ADEBANJI 3947 UKPOMA JOE 3948 UKPONG MARY BEN 3949 UKWANDU NZUBECHUKWU AUGUSTINA 3950 ULOKO MARTHA MARTHA 3951 UMADIA KINGSLEY 3952 UMAH CHIBUIKE 3953 UMAH ONYEKACHI JOSEPH 3954 UMAHI ONYEKACHI 3955 UMAR ABUBAKAR AABUBAKAR 3956 UMAR ABUBAKAR LAWAL 3957 UMAR AHMED 3958 UMAR BASHIR 3959 UMAR DAIHATU MOH'D 3960 UMARU AISHAT EJURA 3961 UMEARUKWA HULDAH EZIAMAKA 3962 UMEH CYRIL 3963 UMEH INNOCENT CHIBUEZE 3964 UMEH SAMSON CHUKWUNAEZU 3965 UMEODIEGWU OLIVIA C. 3966 UMOREN ANIEFIOK EKONG 3967 UMOREN PRAISES JOHN 3968 UMUDE BOSE 3969 UMUKORO ELIZABETH OMOTAYO 3970 UMUNNA EVANS JOE 3971 UMUNNA JEFFERY JOE 3972 UMUNNA JESSE JOE 3973 UMUNNA JOE 3974 UNABIA U. HILARY 3975 UNDIE DAVID UKPASU 3976 UNICREDIT MICROFINANCE BANK LTD 3977 UNILAG-MAGODO MULTI PURPOSE COOP SOC. 3978 UNISTAR INTERNATIONAL CO. LTD. 3979 UNITY BANK/CORE TRUST & INV. LTD-TRDG 3980 UNITY BANK/TRUST YIELDS SEC LTD-TRDG 3981 UNOH EMMA JOHN OBIDINMA 3982 UNOKANJODI VICTOR NDUBUISI CHIDUBEM JUNI 3983 URANJE RICHARD 3984 URUAKPA CHIMEREMEZE 3985 USIADE CHUCKS 3986 USMAN IDRIS ATERE 3987 USMAN MOROOF-ATANDA 3988 USORO SUNDAY EDET 3989 UTAKE AJOKPAOGHENE 3990 UTEH ANTHONY OGHENEREMU 3991 UWABOR NELSON LUCKY 3992 UWADIEGWU EMMANUEL CHIGOZIE 3993 UWAIFO ANTHONY 3994 UWAJE AZUBUIKE EMMANUEL 3995 UWAJE HELEN 3996 UWAJU CHARLES CHINEDU 3997 UWAKWE GEORGE MADUABUCHI 3998 UWAOMA CHIDOBE GREENWELL UCHECHI 3999 UWAOMAH EMMANUEL UCHENNA 4000 UWOGHIREN EGHOSA


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4001 UWONWA RAPHEAL U. 4002 UZIBOR JOEL & EUNICE 4003 UZOH DENNIS NDUBUISI 4004 UZOHO MARTIN NKEM 4005 UZOIGWE EBERECHUKWU AHAMEFUNWA 4006 UZOKA EMMANUEL OSELOKE 4007 UZOMAH PETER IHEANACHO PASTOR 4008 UZOR OLUWATOYIN MUTIAT 4009 UZOZIE EMMANUEL CHINEDU 4010 VAUGHAN AMOS OLASUNKANMI 4011 VIVA SECURITIES LTD 4012 WABARA ISAAC EKPEWERECHI 4013 WABARA MARC 4014 WADE JOHN EDWARD 4015 WAKAMA KIKELOMO SOLA 4016 WARIBO ISIOTU AMIESIA 4017 WELLINGTON IBOMA TAMMY 4018 WEST SCENTBA 4019 WHETO SAMUEL 4020 WHYTE CHRISTIANA ONUOMA 4021 WHYTE RITA MMA 4022 WILLIAMS BASEMAN JOHN .O. 4023 WILLIAMS DEBORAH ABOSEDE 4024 WILLIAMS ENIOLA 4025 WILLIAMS JOHN ADEBAYO 4026 WILLIAMS MERCILLINA 4027 WILLIAMS MOYINOLUWA 4028 WILLIAMS SUNDAY 4029 WILLIAMS TIMOTHY 4030 WILLOUGHBY MARTIN ABAYOMI 4031 WILSON KINGSLEY NDIFEREKE 4032 WILSON STEPHEN NSIKAK 4033 WINFUNKE OLUWAFEMI JOSEPH 4034 WINNERS BAPTIST CHURCH (SCHOOL ACCOUNT)

4035 WINZAMMANG LUKA 4036 WISE LINKS VENTURES

S/No Names

4037 WORLD-WIDE BUREAU DE CHANGE LTD 4038 WUHE GIDEON HOUGHOR 4039 WYTEHILL INVESTMENT COMPANY LTD 4040 YAHAYA ENIOLA FAUSAT 4041 YAJI JOYCE UGUUNGWA 4042 YAKAWONYA RUTSON (MR.) 4043 YAKUBU HAKEEM ADEBAYO 4044 YAKUBU MOMODU 4045 YAKUSAK EZRA 4046 YALE EZEKIEL 4047 YAYA MORUFU OLASUNKANMI 4048 YEDE FRANCIS SENTONJI 4049 YELWA SUNDAY MARY 4050 YILKYES JOSEPH 4051 YINUSA TEMITOPE 4052 YOUNG-JACK SOKARI KIO (EST. OF) 4053 YUKWE KINGSLEY 4054 YUNANA GABRIEL 4055 YUSUF ABDULMUMEEN 4056 YUSUF ABOSEDE ADENIKE 4057 YUSUF ADEBAYO WASHEEU 4058 YUSUF ADEDAMOLA AYINDE 4059 YUSUF ADEKUNLE OLUWATOYIN 4060 YUSUF MEDINAT ENIMIRE 4061 YUSUF OLUWATIMILEHIN 4062 YUSUF SAHEED OLAYIWOLA 4063 YUSUF SURAJUDEEN ADENRELE 4064 YUSUFF OLAKUNLE MUDASHIR 4065 ZAHARADEEN ADAMU YUSUF 4066 ZAKARI MOHAMMED 4067 ZEKERI HASSANA USMAN 4068 ZENITH BANK/DE-LORDS SEC LTD - TRADING 4069 ZENITH SECURITIES DEPOSIT ACCT 4070 ZENITHBANK/AFRINVEST(W.A)/CLIENTS- TRDNG 4071 ZIBIRI OMOH MARIA 4072 ZIGMA TECHNOLOGIES LIMITED



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08053499073-4

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Consolidated and Separate Financial Statementsfor the year ended 31 December 2016RC: 023048

REGENCY NEM INSURANCE LTD, GHANA65, Patrice Lumumba Road Airport Residential Area Accra, Ghana.Tel: +233 (0) 302778106, +233 (0)302768463,+233(0) 302769789Fax: +233 (0) 302782871Website:www.regencyallianceghana.comEmail: [email protected]

RIC MICROFINANCE BANK LIMITED16, Ikoyi Road, ObalendeLagos NigeriaP.O.BOX 70333Victoria Island, Lagos NigeriaTel: (234) 08053499134Website: www.ric-microfinance.comEmail: [email protected]

RIC PROPERTIES & INVESTMENT LIMITEDNo 9 Kasummu Ekemode StreetOff Saka Tinubu StreetVictoria Island, Lagos NigeriaTel: (234) 07059525703Email:[email protected] -properties.com

RIC TECHNOLOGIES LIMITED9, Kasumu Ekemode Street, Off Saka Tinubu StreetP.O.Box 70333 Victoria Island LagosTel: (234) 07063682780Email:[email protected] www.ric-tech.com

SUBSIDIARIES

IBADANSubulade Plaza (1st Floor)32, Anfani Street, Off Ring RoadIbadan, Oyo State.Tel: 09021816391Email: [email protected]

PORT-HARCOURT58, Trans Amadi Road,Port-HarcourtRivers StateTel: 08085810864Email: [email protected]

OUR BRANCHES

ABEOKUTA 16, Mapoly RoadOnikolobo, AbeokutaOpp. Aggs, Abeokuta,Ogun State.Tel: 08080978847Email: [email protected]

IBADANSubulade Plaza (1st Floor)32, Anfani StreetOff Ring Road, IbadanOyo State Tel: 08126010472Email; [email protected]

ABUJA

Wuse Zone 1, AbujaTel: 08083869963Email: [email protected]

8, Sawhaj Street

BENIN 97B, Forestry Road,Benin CityEdo State.Tel: 09078824758Email: [email protected]

ILUPEJU46, Town Planning WayIlupeju, LagosTel: 08053499231Email: [email protected]

ADO-EKITI Suite 9, Aniyeloye Shopping Mall Conoil Filling Station, FajuyiAdo-Ekiti, Ekiti StateTel: 09022960448Email: [email protected]

KADUNA Turaki Ali House (NNDC Building)3rd Floor3, Kanta Road, KadunaKaduna StateTel: 07015988000Email: [email protected]

OWERRI1A, MCC Uratta Road,Awibe PlazaOwerri, Imo StateTel: 08086230926Email: [email protected]

PORT-HARCOURT58, Trans Amadi Road,Port-HarcourtRivers StateTel: 08085810864Email: [email protected]

OSHOGBOAnike Couture Jesus Court Building Oke-Fia Alekuwodo,Oshogbo, Osun State.Tel: 08025567792Email: [email protected]

VICTORIA ISLAND9, Kasumu Ekemode StreetOff Saka Tinubu StreetVictoria Island, LagosTel: 07052074148Email: [email protected]

WARRI 46, Effurun/Warri RoadOpp. UBA Bank Plc, EffurunWarri, Delta State.Tel: 07088920861Email: [email protected]

ABUJA8, Sawhaj StreetWuse Zone 1, AbujaTel: 08087667605Email: [email protected]

KANO 6, Post Office Road, Kano, Kano StateTel: 08150854567Email: [email protected]

OUR REGIONAL OFFICES

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Consolidated and Separate Financial Statementsfor the year ended 31 December 2016RC: 023048

NOTE

2016 annual account a4 - trombino · regency alliance | 2016 annual report 03 consolidated and...

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