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IDEASAHEAD!
ANNUALREPORT
2016
RC: 40590
Authorised and Regulated by NAICOM RIC 091
Plc
This year’s theme reflects the
company’s fresh incursion into
the world of our customers armed
with fresh ideas and innovation.
We aim to maximize the gains made
possible through the deployment
of technology and fresh ideas that covers
a wider spectrum of customer needs
while increasing the efficiency of
service delivery.
Director’s ReportReport of the Directors
Report of Audit Committee
Corporate Governance Report
Management’s Discussion & Analysis
CEO’s Report
Management Team
Independent Auditor’s Report
Summary of Significant Accounting Policies
20-2425
26-3435-3839-4142-4647-5051-74
Contents02
PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
ANNUALREPORT
2016
About SAIntroduction
Corporate Profile
Notice of Annual General Meeting
Result at a Glance
Corporate InformationChairman’s Statement
Board Of Directors
Statement of Director’s Responsibilities
04-0506-0809-11
12
13-1516-18
19
Financial Summary
Statement of Changes in Equity
Consolidated and Separate Statement of Cash Flows
Other Notes to the Financial Statements
- Risk Management Report
Appendix to the Financial Statements
Determination of Solvency Margin
Branch Network Report
Unclaimed Dividend
Consolidation of Account
Proxy Form
E-Dividend Activation Form
76
160
156-158154-155134-153
133132
126-131
77-78
7980-104
105-125
Consolidated and Separate Statement of Financial Position 75
Consolidated and Separate Statement of Profit or Loss and other Comprehensive Income
Share Capital History 159
About SA
ANNUALREPORT
2016
IntroductionStandard Alliance Insurance Plc financial statements complies with the applicable legal requirements
of the Companies and Allied Matters Act CAP C20 LFN 2004, regarding financial statements and
comprise Consolidated and Separate Financial Statements for the year ended 31 December 2016.
The consolidated financial statements of the Company and its subsidiary have been prepared in
compliance with International Accounting Standard 1, 'Presentation of financial statements' issued by
the International Accounting Standards Board.
04PAGE
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
Our Vision
05PAGE
ANNUALREPORT
2016
Our Mission
Standard Alliance Insurance Plc and Its Subsidiary Company
To be the preferred insurance
and investment services provider
in Africa.
To become the best insurance
company through continuous
innovation and professionalism;
A responsible
corporate citizen
TO SHAREHOLDERS TO THE STATETO EMPLOYEES
A pride to ownA prestigious,
pleasant and
conducive work
environment that
rewards excellence.
An exceptional
experience
TO CUSTOMERS
Service Trust
Accountability
Resilience
Our Values
Our corporate organizational
values derive from the letters
of the word ‘STAR
06PAGE
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
Corporate Profile
Standard Alliance Insurance Plc (SA Insurance Plc) is a high profile, technology-driven and customer oriented
company ranking among the best and most respected insurance companies in Nigeria, both in terms of product
and service delivery. SA Insurance Plc, a frontline underwriting company licensed by the National Insurance
Commission (NAICOM) to transact general and special risk insurance businesses, emerged from the now
defunct Jubilee Insurance Limited which was acquired in August 1996 by keen Nigerian turn-around investors.
The Company commenced full operations as Standard Alliance Insurance Limited in 1996, went public and
became quoted on the Nigerian Stock Exchange in 2003. SA Insurance Plc which was recapitalized in 2008 when
it issued additional shares to the public has an authorised share capital of N7bn, a shareholders' funds of N4.6bn
and an asset base which is currently N11.7bn. The Company's gross premium written as at the end of 2015 is
N5.2bn.
Gemrock Management Co. ltd. In December 2014, acquired a strategic interest in Standard Alliance with a new
Board and Management put in place to implement a transformation programme that will see the Company
emerge as a dominant player in the insurance sector.
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
07PAGE
08PAGE
Corporate Information
Country of Incorporation and domicile
Nigeria
Company Registration Number
RC: 40590
Nature of business and principal activities
The principal activity of the Company
and its subsidiary is general and special
risk insurance and life assurance and
annuity business
Directors
Johnson Chukwu Chairman (Appointed 31/03/2016)
Brig. Gen. Dominic Oneya (Rtd) Chairman (Resigned 30/03/2016)
Bode Akinboye Chief Executive Officer
Bolaji Oladipo Executive Director Technical (Appointed 25/4/2017)
Orerhime Emerhor-Iwuagwu Executive Director (Resigned 29/11/2016)
Omolola Oshiafi Director
Adetayo Akintunde Director
Etigwe Uwa, SAN Director
Austin Enajemo-Isire Director
Company Secretary
Uruemu Esiri Oghen
FRC/2016/NBA/00000014122
Registered office
Plot 1 Block 94, Providence Street
Lekki Scheme 1, Lekki Lagos
Registrars
First Registrars and Investor
Services Limited
Plot 2 Abebe Village Road,
Iganmu, LagosBankersAccess Bank PlcEcobank Nigeria LimitedFidelity Bank PlcFirst City Monument Bank PlcFirst Bank of Nigeria LimitedGuaranty Trust Bank PlcHeritage Bank Limited Keystone Bank Limited Skye Bank PlcSterling Bank PlcUnion Bank of Nigeria PlcUnited Bank for Africa PlcUnity Bank Plc Wema Bank PlcZenith Bank Plc
Reinsurers
JLT Group Plc, London
African Reinsurance Corporation, Nigeria
Continental Reinsurance Plc, Nigeria
Nigeria Reinsurance Plc, Nigeria
WAICA Reinsurance Pool, Nigeria
RKH Specialty
Reinsurance Broker
Feybil Insurance Brokers
Auditors
BDO Professional Services
(Chartered Accountants) ADOL House
Plot 15, Central Business District,
Alausa, Ikeja Lagos.
Actuaries
HR Nigeria Limited
FRC/NAS/0000000738
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
Notice of The Twenty First AnnualGeneral Meeting
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
NOTICE IS HEREBY GIVEN that the 21stAnnual General meeting of STANDARD ALLIANCE INSURANCE PLC will hold at the
Event Hall, Plot 1, Block 94, Providence Street, Lekki Phase 1, Lekki, Lagos State on 21st September, 2017at 11am prompt to
transact the following business:
1. To receive the Audited Financial Statements for the year ended 31st December, 2016 together with the
Report of Directors, Auditors and Audit Committee thereon.
2. To re-elect the following Directors who in accordance with Article 83 of the Company’s Articles of Association, retire
by rotation, but are eligible and offer themselves for re-election:
?Mr. Johnson Chukwu as a Non-Executive Director
?Mrs. Adetayo Akintunde as a Non-Executive Director
3. To ratify the appointment of the following Director appointed to fill a casual vacancy:
?Mr. Bolaji Oladipo
4. To re-appoint BDO Professional Services as the Auditors of the Company and to authorize the Directors to fix their
remuneration.
5. To elect members of the Statutory Audit Committee.
To consider and if thought fit, pass the following resolutions as Ordinary Resolutions:
1. To fix the remuneration of the Directors.
2. “That subject to the post listing rules (Rules Governing Transactions with Related Parties or Interested Persons) of the
Nigerian Stock Exchange, a General Mandate be and is hereby given for the Company to enter into recurrent related
party or interested party transactions provided such transactions are of a revenue or trading nature or are necessary
for the Company’s day to day operations; and that the Directors be and are hereby authorized to complete and do
all such acts and things (including executing all such documents as may be required) to give effect to the
transactions as authorized by this Ordinary Resolution.”
3. “That the Directors be and are hereby authorized to take all steps they may deem appropriate to raise additional
capital for the Company by way of special placements or Public Offer with or without preferential allotment, rights
issue, bond issue, convertible loans, mezzanine finance or any combination of the foregoing, or in such other
manner as the Directors may, in their discretion approve and subject to the approval of the Regulatory Authorities.”
4. To consider and if thought fit, pass the following resolutions as Special Resolutionsfor the reduction of share
capital of the Company:
ORDINARY BUSINESS
SPECIAL BUSINESS:
09PAGE
10
ANNUALREPORT
2016
Uruemu Esiri Oghen
Company Secretary
Uruemuesiri Oghen
Company Secretary
FRC/2016/NBA/00000014122
Standard Alliance Insurance Plc and Its Subsidiary Company
“THAT following the merger of the then Standard Alliance Insurance Plc and Standard Alliance Life Assurance Limited, and
subject to the confirmation of the Court:
4.1. “The the post-Merger share premium of N7,529,796,430.00 (Seven Billion, Five Hundred and Twenty Nine Million,
Seven Hundred and Ninety Six Thousand, Four Hundred and Thirty Naira only) be reduced by the sum of
N7,529,796,430.00 (Seven Billion, Five Hundred and Twenty Nine Million, Seven Hundred and Ninety Six Thousand,
Four Hundred and Thirty Naira only) by creating a Special Reserve Account of N7,529,796,430.00 (Seven Billion, Five
Hundred and Twenty Nine Million, Seven Hundred and Ninety Six Thousand, Four Hundred and Thirty Naira only)
for the purpose of writing off the losses of the Company; and
4.2. “The post-Merger issued Share Capital of the Company be and is hereby reduced from N6,455,520,000.00 (Six
Billion, Four Hundred and Fifty Five Million, Five Hundred and Twenty Thousand Naira only to N2,151,840,000.00
[Two Billion, One Hundred and Fifty One Million, Eight Hundred and Forty Thousand Naira only)by cancelling and
extinguishing 8,607,360,000 (Eight Billion, Six Hundred and Seven Million, Three Hundred and Sixty Thousand) units
of the issued Ordinary Shares of N0.50 kobo each in the Company, each of which is fully paid up, and the amount by
which the Share Capital is so reduced be credited into the Special Reserve Account created above for the purpose of
writing off the losses of the Company.
4.3. That the share reduction in paragraph 4.2 above be applied pro –rata the existing issued shares of the Company,
such that following such reduction, each shareholder of the Company as at the last trading day before the Share
Reduction, will hold 1 (One) Ordinary Share of N0.50k each for every 3 (Three) Ordinary Shares held by them prior to
the reduction.
4.4. “That the Directors be and are hereby authorized to use the Special Reserve Account of N11,833,476,430.00 (Eleven
Billion, Eight Hundred and Thirty Three Million, Four Hundred and Seventy Six Thousand, Four Hundred and Thirty
Naira only) created pursuant to the above resolutions in writing off part of the losses of the Company”.
5. “That the Board of Directors be and is hereby authorized to do all such acts, deeds, matters and things as the Board
may deem necessary to give effect to the aforementioned resolutions of the Company.”
Dated this 18th day of August, 2017
BY ORDER OF THE BOARD
PAGE
PROXIES
CLOSURE OF REGISTER OF MEMBERS AND TRANSFER BOOKS
UNCLAIMED SHARE CERTIFICATES AND DIVIDEND WARRANTS
NOMINATION FOR THE STATUTORY AUDIT COMMITTEE
SHAREHOLDERS' RIGHT TO ASK QUESTIONS
BIOGRAPHICAL DETAILS OF DIRECTORS FOR ELECTION OR RE-ELECTION.
E-REPORT & UNCLAIMED DIVIDEND LIST
[email protected] and [email protected].
www.sainsuranceng.com.
WEBSITE
www.sainsuranceng.com.
A member of the company entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend
and vote in his/her stead. A proxy need not be a member of the company. A detachable blank proxy form is attached to the
Annual Report. If it is to be valid for the purpose of the meeting, it must be duly completed and stamped at the Stamp Duties
Office and deposited with the Registrars, First Registrars & Investor Services Limited. at Plot 2, Abebe Village Road, Iganmu,
Lagos State not later than 48 hours before the time fixed for the meeting.
The Register of Members and Transfer Books of the Company will be closed from Monday 11th September, 2017 to Friday
15th September, 2017 (both dates inclusive) for the purpose of updating the Register and determining Shareholders who
are qualified to attend the meeting.
All Shareholders are hereby informed that the Registrars of the Company are holding Share Certificates and Dividend
Warrants which have been returned by the Post Office as “Unclaimed”. Some Dividend Warrants sent to Shareholders'
registered addresses or their bankers too are yet to be presented for payment or returned to the Registrars of the Company
for revalidation. The affected Shareholders should please contact the Registrars.
In accordance with Section 359 (5) of the Companies and Allied Matters Act CAP C20, Laws of the Federation of Nigeria
(LFN), 2004, any member may nominate a Shareholder for appointment to the Audit Committee. Such nomination should
be in writing and must reach the Company Secretary not less than 21 days before the Meeting. The National Insurance
Commission's code of Corporate Governance 2009, states that some of the members of the Audit Committee should have
requisite knowledge of accounting, financial analysis and financial reporting.
Also, the Securities and Exchange Commission's code of Corporate Governance 2011 provides that members of the Audit
Committee should have basic financial literacy and should be able to read financial statements. We would therefore request
that nominations be accompanied by a copy of the nominee's curriculum vitae.
Shareholders of the Company's securities reserve the right to ask questions not only at the meeting but also in writing on any
matter, subject or issue contained in the Annual Report and Accounts. Such questions may be addressed to the Company
Secretary and submitted to the registered office of the Company or sent by electronic mail to not
later than 7days before the Meeting.
Biographical details of directors standing for election or re-election are provided in the Annual Report.
Shareholders who wish to receive electronic copies of the Annual Report & Accounts and Unclaimed Dividends List should
please send their names and e-mail addresses to In
addition, Annual Reports are available online for viewing and download from our website at
A copy of this Notice and other information relating to the Meeting can be found at
Notes To The Notice Of Annual
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
General Meeting
11PAGE
Results at a glance
Group Company Group Company Group Company
2016 2016 2015 2015
N'000 N'000 N'000 N'000 % %
Gross premium written 4,378,185 2,511,965 5,235,571 2,956,271 (16) (15)
Cash and cash equivalents 485,013
347,097
1,317,866
730,785
(63) (53)
Investment in related Companies - 277,673 - 406,728 (32)
Investment property 3,824,589
1,300,000
3,304,563
1,150,000
16 13
Insurance contract liabilities 5,022,163
2,443,530
4,404,741
2,226,847
14 10
Paid up share capital 5,996,587
5,996,587
5,996,587
5,996,587
- -
Shareholders' funds 4,651,923
4,596,798
4,348,780
4,176,469
7 10
Total Assets 13,020,020
9,636,834
11,787,369
8,435,622
10 14
Basic (loss)/profit per share (kobo) (10) (9) 77 (237) (238)
Net assets per share (Adjusted) 41
38
36
35
14 9
Share price (kobo) 50 50 50 50 1
Number of Shareholders 70,443 70,443 70,991 70,991 (1)
Number of Employees 239 120 246 118 (3) 2
Number of Branches 26 14 26 14 - -
Statement of Comprehensive Income
Statement of Financial Position:
Per share data
General
Net premium income 3,648,407 2,008,180 4,572,789 2,467,540 (20) (19)
Claims expenses (1,436,046) (851,594) (2,077,752) (824,794) (31) 3
Underwriting results 271,847 676,425 1,233,998 1,224,482 (78) (45)
Investment income 288,475 222,255 313,325 197,132 (8) 13
Management expenses (1,515,525)
(1,426,478)
(1,484,138)
(1,405,420)
2 1
(Loss)/profit before tax (1,214,604)
(1,120,270)
819,040
713,867
(248) (257)
12PAGE
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
-
-
-
MR. JOHNSON EGU CHUKWU
Chairman
Chairman’sStatement
Distinguished Shareholders, Directors, Ladies and
gentlemen. It is with great pleasure that I welcome you allstto the 21 Annual General Meeting of Standard Alliance
Insurance Plc.
This shall be the last AGM as a General Insurance
company, as we have obtained a License from National
Insurance Commission (NAICOM) to operate as a
composite Insurance Company with effect from 2017. This
is a fall out of your resolution at the last Annual General
Meeting.
Global Economy
The recent trend of populism and anti-establishment
sentiment in developed nations has raised the ghoul for
protectionism, with concerns for the future of global trade.
The global economic landscape in 2016 was one of the
most uncertain in recent times, and was exacerbated by a
number of unexpected events. At the beginning of the
year, the IMF had initially estimated 3.4% real global
growth for 2016; however, by the end of the year, actual
growth amounted to 3.1%, just short of the previous year's
3.2%. The impact of policy uncertainty in the advanced
economies accounted for a decline in real growth to 1.6%,
from 2.1% in the previous year, while growth in emerging
and developing economies remained flat at 4.1%,
underpinned by higher commodity prices and growth in
China.
Brexit for instance, was a negative surprise for global
markets, particularly given the fact that it has emboldened
nationalist ideology across many countries. In the same
vein, the American presidential election threw up its own
now well-chronicled surprises which made Donald Trump themerge the 45 President of the United States of America.
All these have raised questions over the future of
globalization.
Global growth persists to be driven by the advanced
economies and economy functions have been aided by
monetary policies targeted stimulating consumption,
output and employment. This is in contrast to emerging
Despite the challenges faced in 2016, I have no doubt in my mind that economic growth will return in 2017...
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
13PAGE
14PAGE
ANNUALREPORT
2016
and developing economies like ours, where economic growth has slowed and the impact of volatile commodity
prices has continued to be felt.
Nigeria suffered particularly from the sharp drop in crude oil price to $27.88/bbl in January 2016 – the lowest
level since 2003, which manifested in the decline in external reserves to a 12-year low of $23.8 billion in October
2016. The situation was partly abated, at least on the global scene, due to concerted measures by major crude
oil producing nations as coordinated by OPEC to support crude oil prices by trimming supplies. This resulted in
a 104% rally in crude oil prices to a high of $57/bbl by December 2016. This brought a lot of optimisms.
However, the local situation was aggravated further by renewed attacks on oil facilities in the Niger Delta,
leading to production falling significantly short of capacity to lows of 1.3 million bbl per day. It was on this note
that the monetary authorities devalued the currency, while the fiscal authorities also removed subsidy on
petroleum products. This culminated in a rise in inflation to 18.6% by December 2016 – the highest level in over
10 years, and real GDP growth of -1.3% for the full year, further confirming Nigeria's first recession in 25 years.
During the year, foreign exchange management became increasingly challenging, with the authorities'
attempts at implementing a managed float system failing to address the fundamental causes of dollar illiquidity
and with significant depreciation of the local currency, Naira. The effect of the Central Bank of Nigeria (CBN)
policies pushed foreign exchange demand of business activities to the parallel market rates and driving cost
push inflation higher. The effectiveness of the CBN in managing this lingering issue will be the major
determinant of how our economy will evolve in the coming year(s).
Despite the challenges faced in 2016, I have no doubt in my mind that economic growth will return in 2017, as
the recent stability in oil price and increase in local production due to reduction in restiveness of the Niger Delta
militants, together with the execution of Federal Government's foreign borrowing initiative and efforts geared
towards economic diversification which has significantly strengthened our foreign currency reserves.
The year 2016 turned out to be very challenging amidst various economic indices with Nigerian economy in
recession, which was last witnessed 25 years ago. Therefore, the year was tense for most sectors but painfully
felt by insurance sector. Premium payments were low, low capacity utilization persisted leading to loss of
employment in various sectors, lack of confidence in government programmes, redundancy in various
industries and sectors of the economy. These and other factors negatively impacted on the year's financial
results as your company recorded a group premium of N4.3Billion (2015: 5.2Billion). An underwriting profit of
N271.8Million was posted as against N1.2Billion in 2015. Net loss was N1.3Billion as against a profit of
N887Million last year. Our balance sheet assets stood at N13.02Billion of which N4.65 Billion is being funded by
shareholders' equity.
During the year 2016, Mrs Orerhime Emerhor-Iwuagwu, resigned as a member of the Board effective 29
November 2016 . She joined the Board in 2007 and made contributions to the growth of the company. On
behalf of other Board members and shareholders, I hereby express sincere appreciation for her efforts and
excellent service to the company.
Nigeria Economy
Highlights of 2016 Financial Performance
Board Changes
Standard Alliance Insurance Plc and Its Subsidiary Company
Chairman’s Statement
ANNUALREPORT
2016
Future Outlook
Conclusion
The Economy is on the path of recovery from all indices available to us and I am very optimistic that the
Company will return to the profit path in the coming year(s). The Executive and Management Staff have put in
efforts and commitments to put the Company on a stronger footing. Efficient and tenacious execution of our
strategic imperatives will be critical to our success as a Company. In addition, we shall take full advantage of all
opportunities and resources within our control to stimulate us from prolonged systemic issues.
As a result of all these, we have set out the following agenda for 2017;
?Develop new products to meet emerging coverage needs in a shared, connected economy.
?Expand digital distribution and virtual service to cut costs and gain competitive advantages.
?Enhance cyber risk management to stay ahead of evolving threats and comply with new
regulations.
?Treat technology modernization as a journey rather than a final destination.
?Deepen client engagement beyond renewals and claims while differentiating with ancillary services.
?Drive IoT (Internet of Things) strategies beyond auto insurance for personalized pricing and risk-
management incentives.
?Explore potential composite opportunities to deploy excess capital, create scale, and add capabilities.
Going into 2017, our mandate remains achieving strong financial results in what has become a challenging and
dynamic environment. We will continue to work and live by our values of execution, enterprise and excellence
towards optimal maximisation of opportunities that exist in our operating sectors.
I will like to appreciate our shareholders for their unfettered support to the Board and Management team of the
Company. Standard Alliance Insurance's people are its greatest assets; hence we acknowledge the dedication,
hard work and loyalty displayed by our people.
Finally, I thank the Board for its exemplary guidance and leadership in this very challenging time.
Distinguished shareholders, 2017 presents exciting opportunities for us and I am confident that with your
continued support, we shall be making significant strides in actualising a very successful year.
Thank you.
……………………………………….
Mr. Johnson Egu Chukwu
Chairman
Standard Alliance Insurance Plc and Its Subsidiary Company
15PAGE
Board of Directors
16PAGE
ANNUALREPORT
2016
- Long standing experience in the Nigerian insurance sector.
- Strategist in products packaging, marketing and corporate management.
- Public speaker.
- Expert in capacity building and human resources development.
- Group Managing Director/ Chief Executive Officer,
Standard Alliance Insurance Plc.
- Vice Chairman, Gemrock Management Company Limited.
- Former Group Managing Director, Standard Alliance Group.
- Championed the execution and success of the strategic plans of the Group.
- Former Managing Director/CEO, Standard Alliance Insurance Plc.
- Spearheaded the listing and quotation of the company on the
Nigerian Stock Exchange.
- Facilitated foreign direct investments of about USD $ 20m to the company.
- Former Chief Executive Officer, Standard Alliance Life Assurance Ltd.
- Former Financial Controller,
- Former AGM (Oil/Energy, Financial Institution Marketing),
Standard Alliance Insurance Plc.
- Former Management Accountant, Industrial and General Insurance Plc (IGI).
- Fellow, Institute of Chartered Accountants of Nigeria (ICAN).
- Member, Nigerian Institute of Management (NIM).
- Member, Institute of Directors (IOD)
- Alumnus, Lagos Business School (LBS), Pan African University.
- Alumnus, Harvard Business School, Boston, USA.
- Member, Governing Council of the Nigerian Insurers Association (NIA).
MR. JOHNSON EGU CHUKWU
Chairman
- Initiator/Founder, Cowry Asset Management Limited.
- Facilitator, Institute of Chartered Accountants of Nigeria (ICAN).
- Facilitator, Financial Institutions Training Centre (FITC).
- Media commentator on the Capital Market, banking industry and general
economic issues.
- Pioneer General Manager/Chief Executive Officer, Guardian Express Trust
Limited (now Spring Capital) – a subsidiary of Guardian Express Bank Plc (now
Spring Bank Plc).
- Former Deputy General Manager and Group Executive, Operations, Spring
Bank Plc.
- Supervised at various times functions as Structured/Corporate Finance,
Treasury, Risk Management, Operations, Human Capital Management,
Information technology and Facilities management at Guardian Express Bank
Plc.
- Pioneer Chief Financial Officer, Guardian Express Bank Plc.
- Championed the setting up of Guardian Express Bank's Accounting systems,
processes and Management/Financial reporting systems.
- Former Deputy Financial Controller, Diamond Bank Plc.
- Worked in Credit and Marketing (Trade Finance), Financial Control, Treasury
Operations and Branch Operations, Intercontinental Bank Plc (now Access
Bank Plc).
- Alumnus, Lagos Business School (Pan African University).
- Attended courses at IESE Business School(University of Navarra) Barcelona,
Spain; Wharton Business School (University of Pennsylvania) Philadelphia,
USA.
- Alumnus, University of Lagos.
- Fellow, Institute of Chartered Accountants of Nigeria.
- Fellow, Chartered Institute of Taxation.
MR. BODE AKINBOYE
Standard Alliance Insurance Plc and Its Subsidiary Company
CEO
- Vast experience in insolvency practice, litigation
and alternative dispute resolution.
- Asset to creditors and debtors for the resolution
of proceedings in liquidation, winding-up and
company restructuring.
- Former Head, Litigation and Arbitration differently
at Sofunde, Osakwe, Ogundipe & Belgore and F. O.
Akinrele & Co Law firms.
- Private practice at own Streamsowers & Co.
- Dispute Resolution Partner, Streamsowers & Köhn
(after a merger).
- Participated through Federal Government
appointment in the winding-up of Nigerian Airways.
- Acted in the restructuring of four of the then
national carrier's subsidiaries.
- Fellow, Chartered Institute of Arbitrators (UK).
- Senior Advocate of Nigeria (April, 2010).
MR. ETIGWE UWA, SAN
- Currently engaged in investment activities
covering
insurance, banking.
- Former Managing Director/CEO, Springlife
Assurance Company where she championed the
company's return to profitability within six months.
- Former Managing Director, ADIC Insurance
Limited.
- Former Managing Director of African
General Insurance Brokers.
- Former Senior Management Staff, Unic Insurance
as well as Industrial and General Insurance.
- Alumnus, University of Ilorin.
- Fellow, Chartered Insurance Institute of Nigeria.
MRS. ADETAYO AKINTUNDE
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
- Former Managing Director of Standard Alliance Life
Assurance Limited before the recent merger of the
company with its sister company Standard Alliance
Insurance Plc.
- Former Executive Director, Business Development of
Standard Alliance Life Assurance Limited.
- General Manager of Standard Alliance Life
Assurance Limited company in charge of marketing
with extended functions in Research and
Development.
- Started his insurance career with Equity Indemnity
Insurance Company (Now Equity Insurance Plc) in
August 1993 where he worked until year 2000.
- Bachelor of Science degree in Economics from the
Lagos State University in 1990 and received his
Master of Business Administration specializing in
marketing management from the same university in
2006.
- Qualified as an Associate of the Chartered
Insurance institute of Nigeria in 1999 and became a
fellow of the institute in 2013.
- Has attended several multi-disciplinary courses in
Insurance underwriting, claims and marketing. He
has also attended several trainings in leadership
and strategic management both locally and abroad.
MR. BOLAJI OLADIPOExecutive Director, Technical Director Director
17PAGE
- Former Managing Director/CEO, Standard Alliance
Life Assurance Limited.
- Former Deputy General Manager, BAICO
Insurance Plc.
- Former Assistant General Manager, Standard Trust
Assurance Plc.
- Pioneer member of staff, Globe Reinsurance Plc.
- Alumnus, Lagos Business School.
- Alumnus, Robert Morrison University, Moon Town,
Pennsylvania, USA.
- Alumnus, Delta State University, Abraka.
- Fellow, Institute of Directors.
- Fellow, Institute of Chartered Accountants of
Nigeria (FCA).
- Member, Chartered Insurance Institute of Nigeria
(CIIN).
- Associate Member, Chartered Institute of
Taxation of Nigeria (ACTI).
- Member, Ikoyi Club.
MRS. OMOLOLA OSHIAFI
18PAGE
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
- Former Managing Director/CEO, Standard Alliance
Life Assurance Limited.
- Former Deputy General Manager, BAICO
Insurance Plc.
- Former Assistant General Manager, Standard Trust
Assurance Plc.
- Pioneer member of staff, Globe Reinsurance Plc.
- Alumnus, Lagos Business School.
- Alumnus, Robert Morrison University, Moon Town,
Pennsylvania, USA.
- Alumnus, Delta State University, Abraka.
- Fellow, Institute of Directors.
- Fellow, Institute of Chartered Accountants of
Nigeria (FCA).
- Member, Chartered Insurance Institute
of Nigeria (CIIN).
- Associate Member, Chartered Institute of
Taxation of Nigeria (ACTI).
- Member, Ikoyi Club.
MR. AUSTIN ENAJEMO-ISIREDirector Director
Statement of Directors' Responsibilities in relation to the Financial Statements for the year ended 31
December 2016.
The Directors responsibilities include ensuring that the Group:
The Directors accept responsibility for maintaining adequate accounting records as required by:
In accordance with the provisions of the Companies and Allied Matters Act, CAP C20 LFN 2004, the Insurance
Act CAP I17, LFN, 2004 and National Insurance Commission's operational guidelines 2011, the Directors are
responsible for the preparation of financial statements which give a true and fair view of the state of affairs of the
Group and Company and the profit or loss and other comprehensive income for the financial year.
i. Implements appropriate internal controls to secure the assets of the Group and Company, prevent and
detect fraud and other financial irregularities
ii. keeps accounting records which disclose with reasonable accuracy the financial position of the Group
and which ensure that the financial statements comply with the requirements of the Companies and
Allied Matters Act, CAP C20, LFN 2004, Insurance Act CAP I17, LFN 2004, and NAICOM Operational
Guidelines and Circulars.
iii. has used appropriate accounting policies, consistently applied and supported by reasonable and
prudent judgments and estimates, and that all applicable accounting standards have been followed.
a. International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards
Board (IASB);
b. Companies and Allied Matters Act, CAP C20, LFN 2004;
c. Insurance Act, CAP I17, LFN 2004;
d. NAICOM Operational Guidelines and circulars.
The Directors are of the opinion that the financial statements give a true and fair view of the state of affairs of the
Group and subsidiary Company and of the profit or loss for the year. The Directors further accept responsibility
for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as
well as adequate systems of internal control.
Nothing has come to the attention of the Directors to indicate that the Group and Company will not remain a
going concern for at least 12 (twelve) months from the date of approval of the financial statements.
ANNUALREPORT
2016
ResponsibilitiesStatement of Directors'
Standard Alliance Insurance Plc and Its Subsidiary Company
19PAGE
20PAGE
ANNUALREPORT
2016
The Directors have the pleasure in presenting their annual report and the audited financial statements of
Standard Alliance Insurance Plc ("the Company) and Standard Alliance Life Assurance Limited ("its subsidiary")
together 'the Group' to the Shareholders along with the auditor’s report for the year ended 31 December 2016.
The Group financial statements were prepared in compliance with the International Financial Reporting
Standards (IFRS).
The Group's principal activity is the provision of non-life and life underwriting (under separate licenses held by
the Company and its subsidiary)and special risk underwriting and related financial services. Such services
include provision of general insurance and life assurance services (through its subsidiary) to both individual and
corporate customers.
The following is the summary of the Group's operating results:
The Directors of the Company are as follows:
Mr. Johnson Egu Chukwu - Chairman
Mr. Bode Akinboye - Chief Executive Officer
Mrs. Orerhime Emerhor-Iwuagwu - Executive Director
Mrs. Omolola Oshiafi - Director
Mrs. Adetayo Akintunde - Director
Mr. Etigwe Uwa, SAN - Director
Mr. Austin Enajemo-Isire - Director
Principal activities and business review
Report of the Directors
Group2016
N'000
4,340,422
(1,436,046)
(3,495,376)
271,847
-
Company2016
N'000
2,503,967
(851,594)
(1,369,095)
676,425
(129,055)
Group2015
N'000
5,426,185
(1,718,166)
(1,638,071)
1,233,998
-
Company2015
N'000
3,070,114
(777,410)
(517,692)
1,224,482
55,627
Gross premium income
Claims incurred
Underwriting expenses
Underwriting results
Share of (loss)/profit of relatedCompanies
Directors
Standard Alliance Insurance Plc and Its Subsidiary Company
ANNUALREPORT
2016
Brig. Gen. Dominic Oneya, Chairman of the Board resigned effective March 30, 2016 in compliance with S. 5.04
of the NAICOM Code of Good Corporate Governance which provides that Non-Executive directors be
renominated and appointed for not more than three terms of 3 years each. Brig. Gen. D. Oneya spent over 11
years on the Board of the Company.
Mrs Orerhime Emerhor-Iwuagwu also resigned from the Board effective November 29, 2016.
No new Director was appointed to the Board of the Group during the year.
The Directors' direct interests in the issued share capital of the Company as recorded in the Register of members
as at 31 December 2016 is as follows:
Number of shares held at the end of:
2016 2015Units % Units %
Mr. Johnson Chukwu - - - -Mr Bode Akinboye 435,781,914
3.63
434,013,914
3.62
Mrs. Orerhime Emerhor-Iwuagwu 200,000 0.00 25,200,000 0.21Mr. Austin Enajemo-Isire 451,000 0.00 10,441,000 0.09Mrs. Omolola Oshiafi 12,500,000
0.10
12,500,000
0.10
2016 2015Units % Units %
2,594,060,738
21.63
382,013,914
3.19
1,755,064,716
14.63
2,532,111,540
21.11Standard Alliance Capital Limited 250,000,000 2.08 250,000,000 2.08
Gemrock Management CompanyLimited
Standard Alliance InvestmentsLimited
The Directors' indirect interests in the issued share capital of the Company as recorded in the Register of
members are as follows:
Report of the Directors (continued)
Bode Akinboye:
Mrs. Orerhime Emerhor-Iwuagwu:
Contracts
In accordance with Section 277 of the Companies and Allied Matters Act, CAP C20, LFN 2004, none of the
Directors has notified the Company of any declarable interest in contracts involving the Company during the year
under review.
Appointment of Directors
Directors' interests
Retirement of Directors
Standard Alliance Insurance Plc and Its Subsidiary Company
21PAGE
Information relating to changes in tangible assets is given in Note 16 to the financial statements.
The Directors are of the opinion that the market value of the Group and Company's assets is not lower than the
values shown in the financial statements.
Property, plant and equipment
22PAGE
ANNUALREPORT
2016
Share capital information
a) Share range analysisNumber of Share
Range of shares Shareholders Units
1 - 1,000
14,492,729
1,001 - 5,000
86,632,542
5,001 - 10,000
103,730,460
10,001 - 50,000
283,017,445
50,001 - 100,000
164,967,691
100,001 - 500,000
340,252,213
500,001 - 1,000,000
197,472,008
1,000,001 - 5,000,000
310,761,701
5,000,001 - 10,000,000
385,668,609
10,000,001 - 50,000,000
743,267,473
50,000,001 and above
9,362,910,579
Total
15,099
27,701
11,729
11,848
2,020
1,532
238
153
55
36
32
70,443
11,993,173,450
%Total
0.12
0.72
0.862.36
1.382.84
1.65
2.59
3.22
6.20
78.07
100
b) Substantial interests in shares
Apart from Gemrock Management Company Limited, Standard Alliance Investments Limited and FCMB Plc
which hold 2,594,060,738 units (21.63%), 1,755,064,716 units (14.63%) and 1,120,000,000 units (9.34%)
respectively, no other shareholder held more than 5% of the issued share capital of the Company as at 31
December 2016.
The Company makes donations to charitable and non-profit organisations in appreciation of the society's
contributions toward the Company progress.
During the year, a total sum of N950,000 (December 2015: N1,150,000) was given out as donations and
charitable contributions during the year. Details of the donations and charitable gifts are as stated below:
Amount
N
i. Fair Life Africa Foundation 950,000
Corporate Social Responsibilies
Report of the Directors (continued)
Standard Alliance Insurance Plc and Its Subsidiary Company
a) Employment of disabled persons
b) Health, safety and welfare of Employees
c) Employee involvement and training
Auditors
The Group operates a non-discriminatory policy in the consideration of applications for employment, including
those received from disabled persons. The Group's policy is that the most qualified and experienced persons are
recruited for appropriate job levels irrespective of applicants state of origin, ethnicity, religion or physical
condition. In the event that any employee becomes disabled in the course of employment, the Company is in a
position to arrange appropriate training to ensure continuous employment of such person without being
subjected to any disadvantage in his/her career development.
The Company's business premises are designed with a view to guaranteeing the safety and healthy living
conditions of its employees and customers alike. Health, safety and fire drills are regularly organised to keep
employees alert at all times. Employees are adequately insured against occupational hazzards. In addition, the
Company provides medical facilities to its employees and their immediate families at its expense.
The Company encourages participation of employees in arriving at decisions in respect of matters affecting
their well being. Towards this end, the Company provides opportunities for employees to deliberate on issues
affecting the Company and employees' interests, with a view to making inputs to decisions thereon. The
Company places a high premium on the development of its manpower. Consequently, the Company sponsored
its employees for various training courses both in Nigeria and abroad in the year under review.
BDO Professional Services, have indicated their willingness to continue in office in accordance with Section
357(2) of the Companies and Allied Matters Act, CAP C20 LFN 2004.
A resolution will be proposed at the Annual General Meeting to authorize the directors to fix their
remuneration.
By order of the Board
ANNUALREPORT
2016
Human resources
Uruemuesiri OghenCompany SecretaryFRC/2016/NBA/00000014122
Report of the Directors (continued)
Standard Alliance Insurance Plc and Its Subsidiary Company
31 March 2017
23PAGE
24PAGE
ANNUALREPORT
2016
We the undersigned hereby certify the following with regards to our audited report for the year ended 31
December 2016 that:
(a) We have reviewed the report;
(b) To the best of our knowledge, the report does not contain:
(i) Any untrue statement of a material fact, or
(ii) Omit to state a material fact, which would make the statements, misleading in the light of
circumstances under which such statements were made;
c) To the best of our knowledge, the financial statements and other financial information included in the
report fairly present in all material respects the financial condition and results of operations of the company
as of, and for the periods presented in the report;
(d) We:
(i) are responsible for establishing and maintaining internal controls;
(ii) have designed such internal controls to ensure that material information relating to the Group is
made known to such officers by others within the entity particularly during the period in which the
periodic reports are being prepared;
(iii) have evaluated the effectiveness of the Group’s internal controls as of date within 90 days prior to
the report;
(iv) have presented in the report our conclusions about the effectiveness of our internal controls based
on our evaluation as of that date;
(e) We have disclosed to the auditors of the Group and audit committee:
(i) all significant deficiencies in the design or operations of internal controls which would adversely
affect the Group’s ability to record, process, summarize and report financial data have been
identified.
(ii) any fraud, whether or not material, that involves management or other employees who have
significant roles in the Group’s internal controls;
(f ) We have identified in the report whether or not there were significant changes in internal controls or other
factors that could significantly affect internal controls subsequent to the date of our evaluation, including
any corrective actions with regard to significant deficiencies and material weaknesses.
Certification Pursuant To Section 60(2) Of Investment And Securities Act No.29 Of 2007
Standard Alliance Insurance Plc and Its Subsidiary Company
In accordance with the provisions of Section 359(6) of the Companies and Allied Matters Act, CAP C20 of the
Laws of the Federation of Nigeria, 2004, we the Members of the Audit Committee of Standard Alliance Insurance
Plc having carried out our statutory functions under the Act, hereby report as follows:
We have reviewed the scope and planning of the audit for the year ended 31 December, 2016 and we
confirm that they were adequate.
The Company’s reporting and accounting policies as well as internal control systems conform to legal
requirements and agreed ethical practices.
We are satisfied with the departmental responses to the External Auditors’ findings on management matters for
the year ended 31 December, 2016.
Finally, we acknowledge and appreciate the cooperation of Management and Staff in the conduct of these
duties.
Date: 31 March 2017.
Members of the Audit Committee
Mr. Austin Enajemo-Isire - Chairman
Mr. Etigwe Uwa (SAN) - Director
Mrs. Adetayo Akintunde - Director
Mr. Matthew Esonanjor - Member
Mr. Godwin Anono - Member
Mr. Erinfolami Gafar - Member
REPORT OF AUDIT COMMITTEETO THE MEMBERS OF STANDARD ALLIANCE INSURANCE PLC
ANNUALREPORT
2016
Mr. Austin Enajemo-IsireFRC/2013/ICAN/00000002496Chairman of the Audit Committee
Standard Alliance Insurance Plc and Its Subsidiary Company
25PAGE
26PAGE
ANNUALREPORT
2016
Reporting entity
Governance Structure
The Board of Directors
Standard Alliance Insurance Plc is a Company incorporated and domiciled in Nigeria. The address of the
Company’s registered office is Plot 1, Block 94, Providence Street, Lekki Scheme 1, Lekki – Epe Express way, Lekki,
Lagos. The Company underwrites life (through its subsidiary under seperate license) and non-life insurance risks.
The Company is listed on the Nigerian Stock Exchange.
These financial statements of the Group as at and for the year ended 31 December 2016 comprise that of the
Company and its subsidiary (together referred to as the 'the Group' and individually as 'Company). The Group
primarily operates in the insurance and other financial services sector but also in property development through
one of its associates.
Standard Alliance Insurance Plc has over the years built an enviable reputation and has consistently adopted,
implemented and applied international best practices in corporate governance, service delivery and value
creation for all its stakeholders.
The Group's corporate governance principles are embodied in its Code of Corporate Governance, which
represents the core values upon which the Group was founded. The code of Corporate Governance is designed to
ensure that the Group's business is conducted in a fair, honest and transparent manner that conforms to high
ethical standards. For the entity, good corporate governance goes beyond just adhering to rules and policies of
the Regulators; it is about consistently creating excellent value for our stakeholders using the best possible
principles within a sustainable and enduring system.
In order to remain a pace setter in the area of good corporate governance practice, the Company's corporate
governance practices are constantly under review in line with the dynamics of the business environment and
guidelines of the regulatory bodies.
The Group is committed to high standards of corporate governance. Corporate governance practice in the Group
is drawn from various applicable codes of corporate governance issued by National Insurance Commission
(NAICOM) and Securities and Exchange Commission (SEC). This ensures compliance with regulatory requirement
as well as the core value which the Group upholds.
The provision of the codes is geared towards ensuring transparency and accountability of the Board and
Management to shareholders of the Company.
Presently, the Group has a seven man Board led by a Chairman who is a non-executive Director. There are two
Executive Directors, one of whom is the Chief Executive Officer, all other four directors are non-executive.
All the Directors bring various and varied competencies to bear on all Board deliberations. The Directors
individually have attained the highest pinnacle of their chosen professions. The Board meets quarterly and is
CORPORATE GOVERNANCE REPORT
Standard Alliance Insurance Plc and Its Subsidiary Company
ANNUALREPORT
2016
responsible for effective control and monitoring of the Group’s strategy.
The ultimate responsibility for the governance of the Group resides with the Board of Directors, which is
accountable to the shareholders for creating and delivering sustainable value through the management of the
Group's business. The Board is also responsible for the management of the Group's relationship with its various
stakeholders. The day to day running of the Group is delegated to the Chief Executive Officer by the Board of
Directors assisted by the Management Committees.
The responsibilities of the Board of Directors include:
I Review corporate strategy, major plans of actions, risk policies, business plans, setting performance
objectives, monitoring implementation and corporate performance and overseeing major capital
expenditures and acquisitions
ii. Select, compensate, monitor and when necessary, replace key executives and oversee succession
planning.
iii. Monitor the effectiveness of the governance practices under which it operates and make changes as may
be necessary.
iv. Ensure the integrity of the Company's accounting and financial reporting systems, including the
independent audit and that appropriate systems of control are in place, in particular, systems for
monitoring risk, financial control and compliance with the law.
v. Monitor and manage potential conflicts of interest of management, board members and
shareholders, including misuse of corporate assets and abuse in related party transactions.
vi. Supervise and monitor the execution of policies and providing direction for the management.
vii. Monitor potential risks within the company including recognising and encouraging honest whistle
blowing.
viii. Oversee the process of disclosure and communication in the company.
The roles of Chairman and Chief Executive Officer are separate and no one individual combines the two positions.
The Chairman's main responsibility is to lead and manage the Board to ensure that it operates effectively and fully
discharges its legal and regulatory responsibilities. The Chairman is responsible for ensuring that Directors receive
accurate, timely and clear information to enable the Board take informed decisions, monitor effectively and
provide advice to promote the success of the Group. The Chairman also facilitates the contributions of Directors
and promotes effective relationships and open communications between Executive and non-Executive Directors,
both inside and outside the Boardroom.
The Board has delegated the responsibility for the day-to-day management of the Group to the Chief Executive
Officer, who is supported by Executive Management. The Chief Executive Officer executes the powers delegated
to him in accordance with guidelines approved by the Board of Directors. Executive management is accountable to
Responsibilities of the Board
Roles of Chairman and Chief Executive Officer
CORPORATE GOVERNANCE REPORT
Standard Alliance Insurance Plc and Its Subsidiary Company
27PAGE
28PAGE
ANNUALREPORT
2016
the Board for the development and implementation of strategies and policies. The Board regularly reviews group
performance, matters of strategic concern and any other matters it regards as material.
The Board carries out some of its responsibilities through the Board sub-committees whose terms of reference set
out clearly their roles, responsibilities, scope of authority and procedures for reporting to the Board. Each
committee is chaired by a non-Executive Director in compliance with principles of good corporate governance
and the Audit Committee is chaired by a representative of the shareholders. These committees report to the
Board of Directors on their activities and decisions, which are ratified by the full Board. The Committees are as
follows:
This is a standing Committee of the Board with the responsibility for investment. The terms of reference of the
Committee includes:
?Review of existing investments;
?Review of investment strategies;
?Review of company's investments by way of equities;
?Review of Budgets;
?Review and make recommendations on procedural manuals/policies;
?Make recommendation on recruitment/termination of General Managers and above to the Board;
?Strategy formulation;
?Review of Human Capital Management Operations and
?Review of Marketing activities
The Board Investment and Finance Committee has the following members during the period under
review:
Mrs. Omolola Oshiafi - Chairman
Mr. Bode Akinboye - Member
Mr. Etigwe Uwa (SAN) - Member
Mrs. Orerhime Emerhor-Iwuagwu - Member
Mr. Austin Enajemo-Isire - Member
Mrs. Adetayo Akintunde - Member
The terms of reference of this Committee includes the following:
?Establish criteria for Board and Board Committee memberships, review candidate's qualifications and any
potential conflict of interest, assess the contribution of current directors in connection with their re-
nomination and make recommendations to the Board;
?Prepare job specification for the Chairman's position, including assessment of time commitment required
of the candidate;
?Periodic evaluation of skills, knowledge and experience required on the Board;
?Make recommendations on experience required by the Board Committee members, Committee
Board Committees
1) The Finance, Investment and General purpose Committee
2) The Enterprise Risk Management and Governance Committee
Standard Alliance Insurance Plc and Its Subsidiary Company
CORPORATE GOVERNANCE REPORT
ANNUALREPORT
2016
appointments and removal, operating structure, reporting and other Committee operational matters;
?Make recommendations on compensation structure for Executive Directors;
?Provide input to the annual report of the Group in respect of Director's compensation;
?Ensure Succession Policy and Plan, subsists for positions of Chairman, CEO/MD, Executive Directors and
subsidiary MDs;
?Ensure Board conducts Board Evaluation on annual basis;
?Review performance and effectiveness of the subsidiary's Board on annual basis;
?Review and make recommendations to Board for approval of the Group's organisational structure and any
proposed amendments;
?Review of performance bonuses;
?Review of Staff Remuneration package.
?Review and approval of the Group's Enterprise Risk Management policy including risk appetite and risk
strategy;
?Review the adequacy and effectiveness of risk management and controls;
?Oversight of management's process for the identification of significant risks across the Group and the
adequacy of prevention, detection and reporting mechanisms;
?Review of the Group's compliance level with applicable laws and regulatory requirements which may
impact the Group's risk profile;
?Periodic review of changes in the economic and business environment, including emerging trends and
other factors relevant to the Group's risk profile;
?Review and recommend for approval of the Board risk management procedures and controls for new
products and services.
Mrs. Adetayo Akintunde - Chairman
Mr. Etigwe Uwa (SAN) - Member
Mrs. Omolola Oshiafi - Member
Mr. Austin Enajemo-Isire - Member
The Audit and Compliance Committee is made up of 6 (six) members, three representatives each of Shareholders
and Directors. Its members are elected at the Annual General Meeting.
In addition to its responsibility to review the scope, independence and objectivity of the audit, the Committee
carries out all such matters as are reserved to it by the Companies and Allied Matters Act, CAP C20 Laws of the
Federation of Nigeria, 2004. These functions include to:
?Meet at least thrice yearly and once with the External Auditors;
? Review Whistle blowing policy;
? Periodic Evaluation of the Committee's performance;
?Carrying out internal control checks on all company activities;
The Committee is made up of the following members:
3) The Audit and Compliance Committee
Standard Alliance Insurance Plc and Its Subsidiary Company
CORPORATE GOVERNANCE REPORT
29PAGE
30PAGE
ANNUALREPORT
2016
?Make recommendations to the Board on sanctions in areas of default where necessary;
?Receive and review integrity of data of the audited financial statement of accounts of the company;
?Make recommendation on appointment and remuneration of external auditors;
?Review and make recommendations based on Management letters issued by external auditors;
?Monitor the quality of internal control procedures and compliance with regulatory policies.
The Committee is made up of the following members:
?Mr. Austin Enajemo-Isire - Chairman
?Mr. Etigwe Uwa (SAN) - Director
?Mrs. Adetayo Akintunde - Director
?Mr. Matthew Esonanjor - Member
?Mr. Godwin Anono - Member
?Mr. Erinfolami Gafar - Member
The Company ensures strict compliance with the Investment and Securities Act 2007, the Securities and
Exchange Commission Code of Corporate Governance for Companies in Nigeria 2011 and other laws that may
be applicable from time to time bordering on Insider Trading. To this end, the Company has put in place
mechanism to ensure that the categories of person and entities that may be classified as “Restricted Persons” for
the purpose of Insider Trading are clearly identified and in the know. In addition, there are stringent restrictions
on dealing with the Companies Securities. Directors and Key Managements also have to comply with rules in
relation to dealing with company securities particularly obtaining prior approval before dealing with company's
securities. There are also mechanisms in place to ensure that detailed reports are submitted to the Nigerian
Stock Exchange, the Securities and Exchange Commission on the extent of compliance with this rule, permitted
exception and any instances where same may have been breached. This Policy has become an essential
company document that has been brought to the notice, and will be brought to the notice of all concerned and
continuous efforts are made to ensure strict compliance and implementation.
It is the responsibility of the Board of Directors to ensure that all the records are accurate and correctly reflect the
financial position of the Group. The Board is mindful of the fact that as an insurance company, great relevance is
placed by policy holders and potential investors on the accuracy of information contained in its financial
statements.
In order to ensure the accuracy of its records, the Board sets standards that the Quality Assurance department
implements system of internal control comprising policies, standards and procedures to ensure that the safety of
assets and reduction of the risk of loss, error, fraud and other irregularities. Both the Quality Assurance (Internal
Auditors) and the External Auditors independently appraise the adequacy of the internal controls.
BDO Professional Services acted as external auditors to the Company for the 2016 financial year. Their report for
the year under review is contained on pages 47-50 of these financial statements.
Security Trading Policy
Internal Control
Standard Alliance Insurance Plc and Its Subsidiary Company
CORPORATE GOVERNANCE REPORT
ANNUALREPORT
2016
ANNUALREPORT
2016
Audit Committee Meetings
04/02/16 24/03/16 28/09/16 Total
1 1 - 2
Mr. Austin Enajemo-Isire (Chairman, effective 28/09/2016) 1 - 1 2
Mr. Matthew Esonanjor 1 1 1 3
Mr. Godwin Anono 1 1 1 3
Mr. Erinfolami Gafar 1 1 1 3
Mr. Etigwe Uwa (SAN) (Joined committee 28/09/2016) - - 1 1
Mrs. Adetayo Akintunde (Joined committee 28/09/2016) - - 1 1
Finance and Investment Committee Meetings
Mr. Johnson Chukwu (Chairman) exited committee
31/03/2016
Board Meetings
10/02/2016 30/03/2016 08/08/2016 29/11/2016 Total
1 1 2
1 1 1 1 4
Bode Akinboye (CEO) 1 1 1 1 4
Mrs. Orerhime Emerhor-Iwuagwu (Executive Director) 1 - 1 1 3
Mr. Austin Enajemo-Isire (Director) 1 1 1 1 4
Mr. Etigwe Uwa (SAN) (Director) 1 1 1 1 4
Mrs. Adetayo Akintunde (Director) - 1 1 - 2
Mrs. Omolola Oshiafi (Director) 1 1 1 1 4
Brig. Gen. Dominic Oneya (Rtd)(Chairman)(Resigned 30/03/2016)
Mr. Johnson Chukwu (Chairman, appointed
31/03/2016)
- -
02/02/16 25/10/16 Total
Mrs. Omolola Oshiafi (Chairman) 1 1 2
Mr. Bode Akinboye 1 1 2
Mrs. Orerhime Emerhor-Iwuagwu 1 1 2
Mr. Etigwe Uwa (SAN) 1 1
Mr. Austin Enajemo-Isire 1 1 2
Standard Alliance Insurance Plc and Its Subsidiary Company
CORPORATE GOVERNANCE REPORT
-
Attendance of Board and Committee Meetings
The table below shows the frequency of meetings of the Board of Directors and Board Committees, as well as
Members attendance for the financial year ended 31 December 2016.
31PAGE
32PAGE
ANNUALREPORT
2016
Strategy and Establishment Committee Meetings
04/02/16 Total
Mr. Johnson Chukwu (Chairman) 1 1
Mrs. Omolola Oshiafi 1 1
Mr. Bode Akinboye 1 1
Mrs. Orerhime Emerhor-Iwuagwu - -
Mrs. Adetayo Akintunde
This committee ceased to exist from August 2016 as it was merged with the Finance & Investment committee to
form the Finance, Strategy & General Purpose Committee, in compliance with NAICOM's code of Good
Corporate Governance.
Enterprise Risk Management Committee
17/05/16 Total
Mrs. Adetayo Akintunde (Chairman) 1 1
Mr. Bode Akinboye 1 1
Mrs. Orerhime Emerhor-Iwuagwu 1 1
Mr. Austin Enajemo-Isire - -
This committee ceased to exist from August 2016 as it was merged with the Governance & Remuneration
committee to form the Enterprise Risk Management & Governance Committee, in compliance with NAICOM's
code of Good Corporate Governance.
Governance & remuneration committee
08/02/16 30/08/16
1
1
1
1
Mr. Etigwe Uwa (SAN)
Mrs. Adetayo Akintunde
Mrs. Omolola Oshiafi
Mr. Johnson Chukwu (exited 30/08/16)
Total
1
1
1
1
-
-
-
-
This committee ceased to exist from August 2016 as it was merged with the Enterprise Risk Management
Committee to form the Enterprise Risk Management & Governance Committee, in compliance with NAICOM's
code of Good Corporate Governance.
Standard Alliance Insurance Plc and Its Subsidiary Company
CORPORATE GOVERNANCE REPORT
- -
ANNUALREPORT
2016
• Finance, Investment & General Purpose Committee meeting
• Audit Committee meeting
• Enterprise & Risk Management Committee meeting
• Strategy & Establishment Committee meeting
• Governance/Remuneration Committee meeting
• Board meeting
• Finance, Investment & General Purpose Committee
meeting
• Enterprise & Risk Management Committee meeting
• Strategy & Establishment Committee meeting
• Governance/Remuneration Committee meeting
• Board meeting
• Audit Committee meeting
• Governance/Remuneration Committee meeting
• Board meeting
• Finance, Investment & General Purpose Committee meeting
• Audit Committee meeting
• Enterprise & Risk Management Committee meeting
• Board Strategy & Establishment Committee meeting
• Governance/Remuneration Committee meeting
• Board meeting
• AGM deliberations
• To consider and approve Audited Accounts for the period ended 31st December,of previous year
• To consider and approve forecast for 2nd quarter and general company’s brief
• To consider and approve Q1
Accounts for the period
ended 31st March.
• To consider and approve
forecast for Q3 and
company’s brief
• To consider and approve 2nd
quarter Accounts for period
ended 30th June.
• To consider and approve
forecast for Q4 and general
company’s brief
• AGM
• To consider and approve 3rd
quarter accounts for period
ended 30th September.
• Consideration /approval of
coming year’s budget”
Q3
1st & 2nd
Week of July
Q4
1st & 2nd
Week of October
Q1
1st & 2nd
Week of February
Q2
1st & 2nd
Week of April
SCHEDULE OF YEARLY BOARD/COMMITTEE MEETINGS & AGM
PERIOD TYPE OF MEETING PROPOSED AGENDA
Support Committees
1 Executive Management Committee
The Committee is responsible for strategic/up marketing activities, review of investment portfolio and approval
of establishment of new products/branches and membership includes:
i) Chief Executive Officer
ii) Executive Directors
iii) Chief Finance Officer
iv) Company Secretary
Standard Alliance Insurance Plc and Its Subsidiary Company
CORPORATE GOVERNANCE REPORT
Complaints Management Policy Framework
www.sainsuranceng.com
The Company's Complaints Management Policy framework on how to resolve complaints arising from issues
covered under the Investment and Securities Act 2007 is being complied with and implemented as approved by
the Board of Directors. It can be accessed on the Company's website: -
33PAGE
34PAGE
ANNUALREPORT
2016
2 Senior Management Committee
3 Weekly Activity Review Committee
4 Group Management Committee
The Committee is responsible for strategic initiatives on business generation and membership includes:
i. Chief Executive Officer
ii. Executive Directors
iii. All Divisional Heads
iv. Group Head, Technical
v. Group Head, Corporate Services
vi. Chief Finance Officer
vii. Head, Internal Control/Quality Assurance
viii. Head, Information Technology (IT)
This Committee meets weekly to review business development activities of the entire Company. The Committee
consists of:
i. Chief Executive Officer
ii. All Divisional Heads
iii. Group Head, Technical
iv. Head, Information Technology
v. Head, Corporate Services
vi. Head, Internal Audit/Quality Assurance
vii. Chief Finance Officer
viii. Head, Enterprise Risk Management
ix. All marketing staff
This Committee meets every month to review the Company's performance. The meetings are usually held first
Friday and Saturday following the end of each month. The Committee consists of:
i. Chief Executive Officer
ii. Executive Director
iii. All Divisional Heads
iv. All Regional Heads
v. All Branch Managers
vi. Group Head, Technical
vii. Head, Information Technology
viii. Chief Finance Officer
ix. Head, Corporate Services
x. Head, Internal Audit/Quality Assurance
xi. Head, Enterprise Risk Management
Standard Alliance Insurance Plc and Its Subsidiary Company
CORPORATE GOVERNANCE REPORT
ANNUALREPORT
2016
The financial information presented in this report
including the tabular amounts is in Naira and is
prepared in accordance with the International Financial
Reporting Standards (‘IFRS’)
To facilitate wholesome understanding of the position,
it is advised that the content in this report be read in
conjunction with the Group financial statements.
The principal activities of the Company during the year
remained as general insurance and life assurance
(through its subsidiary) business. The management
commentary was as at 31 December 2016 and should
be read in conjunction with the financial statements as
at 31 December 2016.
During the year under review the activities of Boko
Haram continued unabated in some states in the
North.
This has caused unprecedented loss of lives and
properties and gradually grounding the businesses of
the affected states. Despite the initiatives by policy
makers to encourage low cost or micro insurance
products and to expand policies to better reach low
and medium income community, low level acceptance
MANAGEMENT'S DISCUSSION AND ANALYSIS
This ‘Management Discussion and Analysis’ as at 31
December 2016 has been prepared in line with the
regulatory requirements and also the need to foster
deeper understanding of our strategy, operating risk
and performance.
of insurance among the wider public continue to
remain the biggest hurdle for the industry.
"Standard Alliance Insurance Plc is a public liability
company registered in Nigeria to provide a range of
insurance services to individuals, corporate bodies
and government. Its objective is to be an Insurer of
choice. "
To achieve this, the Company is trying to lay down
well-structured plans and corporate strategies as
well as digitalization to drive its growth. It is the
intention of management to continually churn out
new products that will satisfy the quest of our
numerous customers while deepening the existing
ones.
To ensure that this goal is achieved, the Company's
strategy is to broaden and align service delivery
channels along customer segment, taking
cognizance of the difference between policy
administration product support and customer care
to adequately cater for peculiar needs for each
segment.
Business Objective and Strategy
Standard Alliance Insurance Plc and Its Subsidiary Company
35PAGE
36PAGE
ANNUALREPORT
2016
Operating results and financial position
Consolidated Group Group Company Company Company Company
Budget Actual % Budget Actual % ACTUAL
2016 2016 Achieved 2016 2016 Achieved 2015
N’000 N’000 N’000 N’000 N’000
Gross premium 6,746,335 4,378,185 65 4,079,365 2,503,967 61 3,070,114
Net premium 6,074,421 3,648,407 60 3,785,321 2,008,180 53 2,467,540
Claims expenses (Net) (1,465,387) (1,436,046) 98 (807,481) (851,594) 105 (777,410)
Investment income 546,644 288,475 53 137,696 222,255 161 197,132
Profit/(loss) before tax 1,387,641 (1,214,904) (88) 1,224,722 (1,120,270) (91) 713,867
Taxation 293,820 (126,765) (43) 269,438 (104,214) (39) 96,371
Profit/(loss) after tax 1,069,326 (1,341,669) (125) 955,283 (1,224,484) (128) 810,238
Property, plant and equipment 2,914,425 6,257,177 215 2,681,568 6,178,413 230 2,770,510
Net assets 7,093,748 4,651,923 69 6,913,312 4,348,780 63 4,203,421
Ordinary share capital 7,496,587 5,996,587 80 7,496,587 5,996,587 80 5,996,587
Shareholders funds 7,093,748 4,651,923 66 6,913,312 4,348,780 63 4,203,421
Insurance funds 6,245,622 5,022,163 80 2,296,181 2,443,530 106 2,226,847
Performance Indicators
The business experienced some challenges resulting from the on-going business model restructuring and
transformation of the service channels. These imperatives along with other initiatives targeted at strengthening
our enterprise support capabilities have started yielding results.
Gross premium written by the group was N4.3 billion, representing 65% of budget. The company on the other
hand achieved 61% of the budgetted Gross premium of N4 billion. This decline was mainly attributable to poor
economic conditions and the general downturn in the economy.
Group operating Expenses which includes underwriting expenses, claims expenses, reinsurance expenses and
management expenses totaled N5.7 billion for the year ended December 2016 as against N5.2 billion recorded
in 2015, an decrease of N0.32 billion which was due to the decrease in gross premium income during the year,
consequent upon which the underwriting expenses decreased.
The Group recorded a loss before tax of N1.2 billion in 2016 as against a profit of N713 million in 2015.
Performance Review
Operating expenses
Profit/(loss) before taxation
Standard Alliance Insurance Plc and Its Subsidiary Company
MANAGEMENT'S DISCUSSION AND ANALYSIS
ANNUALREPORT
2016
Liquidity, Capital Resources and Risk Factors
Future Outlook
Government policies and economic reforms
Performance Management
IT Support
The Company’s cash investment continues to be in accordance with its investment policy and complies with
regulatory requirements. The Company’s investment strategy is underpinned by a focus on highly liquid
financial instrument such as term deposit, equity and debt instrument. We expect our investment income to
grow considerably in the coming years as we are poised to take advantage of the investment opportunities in
the money market and capital markets.
We expect to see a number of significant adjustments in the year 2017, especially to the realities of vastly
changed government revenue profile and the Naira exchange rates against foreign currencies. The private
sector may see intensification of existing and new export initiatives. There are signals that regulatory emphasis
will be placed on promoting GDP-enhancing and foreign exchange earning activities. Inflation is very likely to
commence an upswing and the need for cost control by both government at all levels and private sector
operators is imperative.
On our own part the merger of the operations of the Company with that of its Subsidiaries, Standard Alliance Life
Assurance Limited is being concluded to leverage on the synergies derivable therefrom. The emerging
composite company will take advantage of the huge potentials in both the General and Life segment of the
insurance market.
We expect to see policy decisions and developments in the industry. The activities of States and Federal tiers of
government will continue to impact positively on the business environment.
NAICOM's Risk Based Supervision will commence. The company has put in place all necessary infrastructure
and has also commenced the training of staff to meet with the demands of this new supervision regime.
The Company will continue with its monthly and quarterly nationwide performance review as a means of
focusing and driving marketing activities. This will also aid in monitoring and matching actual performance with
budget.
The Company will continue to accord IT investment the deserved priority not only for its traditional investment
status but also as a means of ensuring efficient and prompt service delivery.
Standard Alliance Insurance Plc and Its Subsidiary Company
MANAGEMENT'S DISCUSSION AND ANALYSIS
37PAGE
38PAGE
ANNUALREPORT
2016
Conclusion
Many factors and assumptions may affect the manifestation of the Company’s projections, including but
not limited to production rate, claims rate, employees turnover, relationships with Brokers, Agents and
Suppliers, economic and political conditions, non compliance with laws or regulations by the Company’s
employees, brokers, agents, suppliers and/or partners and other factors that are beyond its control.
Without prejudice to the Company, such forward looking-statement reflects Management’s current belief
and based on available information which are subject to risks and uncertainties as identified. Therefore,
the eventual action and/or outcome could differ materially from those expressed or implied in such
forward–looking statements, or could affect the extent to which a particular projection materializes.
The forward looking statements in this document reflect the Company’s expectation at the time
Company’s Board of Directors approved this document and are subject to change after this date. The
Company does not undertake any obligation to update publicly or revise any such forward-looking
statements, unless required by applicable legislation or regulation.
Standard Alliance Insurance Plc and Its Subsidiary Company
MANAGEMENT'S DISCUSSION AND ANALYSIS
MR. BODE AKINBOYE
CEO
I am glad to inform you that our Executives and Management Staff have put in efforts and commitments to put the Group on a solid footing,...
CEO’s Report
ANNUALREPORT
2016
Dear esteemed shareholders, I hereby present to you our
Company's performance for the year 2016. Let me start by
appreciating the confidence you have continued to repose in
the Board and Management. The year 2016 undoubtedly was a
challenging one for the global economy. True to our
expectation, the conditions in the energy markets continued to
impact the fiscal side of the federal treasury with attendant
implications for foreign exchange, financial market liquidity and
the wider corporate business. Unfortunately, these conditions as
experienced were not particularly favorable. In fact the National
Bureau of Statistics official GDP report for the second quarter
confirmed that the Nigerian economy had slipped into recession
when GDP contracted by 2.06% after a 0.36% contraction in the
first quarter of 2016. The evidence of recession further
manifested in slowing output, growth, slumping purchasing
power, widening credit spread, declining corporate earnings,
rising inflation expectations, receding capital investments and
rising inventories. Essentially, the economic recession was
blamed on the decline in crude oil prices with the attendant
decline in the Federal Government's revenue.
.
Despite these hard realities of the economy, the so many
challenges facing the country and the inherent challenges the
business outfits therein have to face in the last 2 years, our
Company continued to show some signs of growth. Today, we
have repositioned our company to become more customer
focused and this is reflecting positively in the growth of our
market share in the industry despite the loss position of the
Company
We are now in a position to focus on our long-term aspiration of
being among the Country's Insurer of choice, as our service level
and product improvements are already delivering benefits for
both customers and other stakeholders.
Standard Alliance Insurance Plc and Its Subsidiary Company
39PAGE
ANNUALREPORT
2016
40PAGE
CEO’sReport
The continued growth witnessed in our Fire, Engineering and Retail businesses was as a result of our service led
business re-organization in the past year. Though 2016, was a difficult year for businesses particularly our
Company, there is good progress to report on our strategy to build a strong and sustainable company. We are
confident that coming years will be better, as we have put in place necessary measures to return the Company
to profits. Much work lies ahead of us in ensuring that we are well positioned for long-term value creation in our
remarkable journey to be a leader in this market.
We remain optimistic in growing our business. We will continue to place greater emphasis on expanding our
retail marketing business, proactively managing our risk, improving on our cost reduction strategies and
harnessing the potential of our employees.
Year 2016 was a particularly challenging one for Nigeria's insurance sector, which battled with low patronage,
non-payment of premiums, low compliance and enforcement of compulsory insurance, while grappling with
the challenges of economic recession.
Like other sectors of the economy – banking, manufacturing, aviation or agriculture, the insurance sector had its
share of the effects of the recession.
However, the sector plays a passive role in economic development despite its huge economic potential that
remains largely untapped.
As the largest economy in Africa, the Nigerian insurance industry remains largely underdeveloped. The industry
has huge and untapped potentials.
Evolving risks such as job losses, cyber risk, among others, offered prospects for the development of new
insurance products. It also stated that anticipated government spending in construction could support growth
in the industry through bonds, group life, and workers' compensation, among others. Micro and agriculture
insurance are also expected to gain traction on the back of a large populace which remains outside the
insurance coverage.
2016 was a very challenge one. The Company's Gross premium reduced by 16% from N5.235bn in 2015 to
N4.378bn in 2016 with Non-Life business contributing N2.511bn and Life business contributing N1.867bn.
Profit after tax was a loss of N1.2bn; this was a reduction in profit by 248%. The loss largely arose from foreign
exchange loss on loan provisions for outstanding legacy debts from Daewoo Securities Bond, Non-Life
underwriting margin and change in Life Fund estimates. Much as we are disappointed by the out-turn, we
consider these actions as necessary and prudent in the short term to sharpen our focus to build a more
sustainable and profitable Insurance franchise, for the benefit of all stakeholders.
Despite these challenges, your Company has remained resilient and demonstrated that its growth prospects
were largely on course as premium written capacity and others income sources saw growth. Some performance
growth highlights were:
Insurance Industry
Company Performance
Standard Alliance Insurance Plc and Its Subsidiary Company
?Shareholders' Funds increased by 1% from N4.596bn to N4.651bn.
?Total Assets increased by 11% rising from N11.787bn in 2015 to N13.020bn in 2016.
?Investment Property and PPE witnessed a marginal growth
from N3.304 billion in 2015 to N3.824 billion in 2016 and N2.897 billion in 2015 and N6.257 billion in
2016 respectively.
We have set for ourselves ambitious targets to return to good profit in the years to come.
The achievement of our strategic plans to rank amongst the top tier Insurance Companies in Nigeria is alive.
Despite the seeming challenges, we are now in a much better position to focus on delivering our objectives and
transforming the Company into a large retail Insurance company that guarantees exceptional service to its
customers.
We have stepped up our investments in improving service delivery across board by installing additional
customer feedback systems across the Company's business offices. This has been complemented with initiatives
to reduce waiting times for claims and other important services.
While we are aware of the challenges that lie ahead, the year ahead presents new opportunities for our
Company. Our focus will be on developing our competitive advantages to emerge as a sharper, safer and
stronger insurance company. We have made significant and steady progress in the ongoing transformation of
the company with the successful completion of the merger between Standard Alliance Insurance Plc and
Standard Alliance Life Assurance Company Limited and we are confident of concluding the remaining two
stages of Share Capital/Balance Sheet Restructuring and New Capital Raise subject to Shareholders and
Regulatory approvals within the next twelve months. As external forces continue to reshape our business, we are
optimistic about the Company's growth prospects in the years ahead.
I am grateful for the loyalty and determination that our employees have exhibited in serving our customers
every day, despite the many challenges. I would like to also thank all our stakeholders – Board, Shareholders,
Executive Management, Regulators and more importantly our Brokers, Customers and Professional Advisers
for helping us to sail through a difficult year.
I remain confident that together we can edge closer to achieving our vision and build an enduring Company
that we all so much desire.
Future Outlook
Appreciation
ANNUALREPORT
2016
CEO’sReport
Mr. Bode Akinboye
CEO
Standard Alliance Insurance Plc and Its Subsidiary Company
41PAGE
Bode Akinboye is the Chief Executive Officer of the
company. He has a verifiable and significant record of
performance in the Insurance Industry.
He is the Vice Chairman of Gemrock Management
Company Limited, the special purpose vehicle which
acquired strategic stake in Standard Alliance Insurance Plc
in December 2014.
He had an exemplary career spanning close to
twenty years as Financial Controller, AGM Oil/
Energy, Financial Institution Marketing, Managing
Director/Chief Executive and then Group Managing
Director of Standard Alliance Group from where he left in
2009 to set up the private equity company.
As the then Group Managing Director/Group Chief
Operating Officer of Standard Alliance Group, he was
responsible for co-ordinating the strategic plans of the six
member companies with focus on non-Life Insurance, Life
Assurance, Pension Funds
Administration, Asset Management, Mortgage
Banking, Property and other investments.
Mr. Akinboye was responsible for driving the team that
transformed Standard Alliance Group into one of the most
formidable, innovative and profitable non-bank financial
services group in Nigeria. During his tenure at Standard
Alliance Insurance Plc, he led the team to achieve listing
and quotation of the company on the Nigerian Stock
Exchange, grew the company's asset base to over N20bn
and facilitated foreign direct investments of about
USD$20m to the company.
A former Management Accountant with Industrial and
General Insurance Plc (IGI) before joining Standard Alliance,
Mr. Akinboye is a Fellow of the Institute of Chartered
Accountants of Nigeria (ICAN); Member, Nigerian Institute
of Management (NIM);
Member, Institute of Directors (IOD) and an Alumnus of
Lagos Business School (LBS), Pan African
University. He is also a graduate of the Owner
President Management Program (OPM) and an
Alumnus of Harvard Business School, Boston, USA. He has
attended various courses locally and internationally. Mr.
Akinboye served on the
Governing Council of the Nigerian Insurers
Association and was the Treasurer of the Association for
four (4) years. He is a strategist in products packaging,
marketing and corporate management; public speaker and
an expert in capacity building and human resources
development.
Bolaji Oladipo was the Managing Director of Standard Alliance
Life Assurance Limited before the recent merger of the company
with its sister company Standard Alliance Insurance Plc.Prior to
his appointment as Managing Director, he was the Executive
Director, Business Development of the company. In this capacity,
he provided leadership and direction to both the corporate and
retail business departments of the company. He was also
responsible for managing the company’s strategic plans aimed at
improving the company’s overall market share and also piloting
the business drive of the company for growth in revenue, scope
and spread. Under him, the company’s branch network rose and
new products were designed, launched and added to existing
product lines.He was at one time General Manager of the
company in charge of marketing with extended functions in
Research and Development. He started his insurance career with
Equity Indemnity Insurance Company (Now Equity insurance plc)
in August 1993 where he worked until year 2000.
In March 2000, leveraging on his sound knowledge of the
insurance industry, he joined the team of Standard Alliance life
Insurance as Head of Multi Clients Unit. Rising meritoriously due
largely to his outstanding qualities as an astute marketer and a
team leader, it is to his credit and the team that the Business
Development Group of the company witnessed a tremendous
growth in gross written premium thus putting the company as
one of the leading life companies in Nigeria. His rise to the
position of Managing Director of the company is a confirmation
of his proven leadership and managerial capabilities.
Bolaji has a Bachelor of Science degree in Economics from the
Lagos State University in 1990 and received his Master of
Business Administration specializing in marketing management
from the same university in 2006.
He qualified as an Associate of the Chartered Insurance institute
of Nigeria in 1999 and became a fellow of the institute in 2013.
He has attended several multi disciplinary courses in Insurance
underwriting, claims and marketing. He has also attended several
trainings in leadership and strategic management both locally
and abroad.
Bolaji possesses people and goal oriented skills with strong
leadership and planning endowments.
His Key strength include: risk management, business and process
development.
An excellent team player, a self-motivated person with keen eye
for details and accuracy.
Bode Akinboye Bolaji Oladipo
Management Team
ANNUALREPORT
2016
42PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
Mrs. Uruemu-esiri Oghen is the Company Secretary of the
organization. She rejoined the Company in January 2015
from Minaj Holdings Limited where she was the Company
Secretary & Head, Human Resources from April, 2012 till
2014 during which amongst other achievements she was
responsible for the successful organization of the
Company's first Board of Directors meeting. A graduate of
the University of Liverpool, UK (2012) from where she
obtained her MSc. in Global Human Resource
Management. She obtained her B.L and LL.B degrees from
the Nigerian Law School, Lagos (2003) and Delta State
University (2002) respectively. Mrs. Oghen has over 10 years
of managerial experience in the Legal Sphere, including
participation in company public offers, general corporate
commercial matters, regulatory (NSE, SEC, CAC, NAICOM)
relationship management and assignments. She has
versatile professional experience in Legal, Business Advisory
and implementation of Contractual Objectives to deliver on
Stakeholders expectations.
Mrs. Oghen had also served as Associate Legal
Practitioner at Sigmund & Martin (2004-2005) a Legal
Services Firm based in Lagos, Nigeria and was an Associate
Solicitor at F. K Idepefo & Co (Oasis Chambers) (2003-2004)
a Litigation and Legal Services firm based in Jalingo, Taraba
State.
Currently coordinating “two SA (Standard Alliance) Teams”
in respect of the following Strategic Business Exercises-the
Special Placement of over 2Billion units of Ordinary Shares
and the Merger between Standard Alliance Life Assurance
Limited and
Standard Alliance Insurance Plc
Mrs. Oghen demonstrates strong Leadership and
Supervisory Skills, qualities which led to her recall by the
new Management/Investors following her prior working
experience in Standard Alliance Group (SAG) from
November, 2005 to March 2012 during which time she was
Officer, Company Secretariat/Legal/Human Resources
concurrently.
Uruemuesiri Oghen
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
Management Team
Miss. Anietie Udo, a General Manager, leads the
company's Lagos Central Division. She holds a Bachelor of
Science degree in Banking & Finance (1993) from
the University of Uyo, Akwa Ibom State and Master's
Degree in Business Administration (Marketing) from
the University of Calabar. She is a member of
Chartered Insurance Institute of Nigeria (CIIN).
Miss Udo began her career in insurance with
Industrial and General Insurance Company Limited
(IGI) in 1997 as a Field Officer and was promoted to a
Field Analyst in 1998. While with IGI, she won the
Leadership/Best Marketer's award in 1999 and 2000.
In 2001, she joined Standard Alliance Life Assurance
Limited as the Head, Oil & Energy Unit and then had
a brief stint with African Development Insurance
Company Limited (ADIC) (2003) before joining
Standard Alliance Insurance Plc.
Anietie Lawrence Udo
Dare is the Chief Financial Officer of the Company. He holds
a BSc (Hons) degree in Accounting from Olabisi Onabanjo
University, Ago-Iwoye. He is an Associate of the Institute of
Chartered Accountants of Nigeria (ICAN) and an alumnus
of Yaba College of Technology, Lagos. Until his appointment
as the Chief Finance Officer of Standard Alliance Insurance
Company Plc, he served as the Chief Finance Officer of
Global Trust Savings And Loans Limited – a Mortgage
Financial Institution and subsidiary of Industrial And General
Insurance Company Plc (IGI). He had previously served in
the Parent Company – IGI in various capacities in the
Finance Division between 1993 and 2008 the last position
being the Head of Finance and Accounts of the Life Division
of the company.
He was also at a time the pioneer Head of Finance and
Accounts of Postal Life And General Insurance Company
Limited – another subsidiary of IGI which eventually merged
with the Parent Company. Dare took an adventure into
banking and served as a Financial Analyst with United Bank
for Africa Plc - UBA Africa between 2008 and 2011. He has
also had stints both in the Micro-finance sector and Audit
Practice.
Oludare Sonde.Miss. Nkeiruka Uzoechi is Divisional Head HCM/Legal,
Human Capital Management of the company. She holds a
Bachelor of Law degree (LLB) Hons from Nnamdi Azikiwe
University, Awka and was called to the Nigerian Bar in 1991.
She also holds a Master's degree in Business Administration
(Management)
from the Lagos State University.
She has over 20 years of experience in Human
Resources Management, having worked at various
organizations. She started her career as a Legal Officer with
Sea Petroleum Ltd and rose to the level of Company
Secretary/Legal Adviser before her exit.
She has also worked with Trust Bank of Nigeria,
Standard Alliance Insurance Plc and Spring Life
Assurance Plc where she held positions as Head of Human
Resources and served in several management committees.
She was part of the team that repositioned
Standard Alliance Insurance Plc from a limited liability
company to a leading insurance company listed on the
Nigerian Stock Exchange.
Nkeiruka was a partner at HR Support Company Limited, a
Human Resources Consulting firm which offers services
ranging from Consulting, Outsourcing, Training and
Development.
She has expertise in human resource administration and
human capital development. She has designed and
implemented human resources strategies for
various organizations spanning from performance
management systems, HR policies, structure and design as
well as compensation and reward structures.
She has attended various human resources,
leadership and strategic courses, has facilitated
in several training programmes and spoken at
various seminars.
Nkeiruka Uzoechi
43PAGE
Thompson Akhigbe is Head, Internal Control of the
company. He joined Standard Alliance Insurance Plc in
January, 2015 from AIICO where he was Head, Budget and
Financial Reporting.
Mr. Akhigbe who is bringing his over 21 years of experience
in the nation's insurance industry to the functions of the
company began his insurance career in 1993 at The Lion of
Africa Insurance Company Limited.
He moved later to Equity Assurance Plc in 2006 where he
became Head, Credit Control. He left Equity Assurance for
Cornerstone Insurance Plc in February 2008 and served as
Internal Auditor before joining AIICO in September 2008.
While at AIICO, he functioned severally as Senior Manager,
Credit Control/Strategy; Head, General Accounts and Head,
Budget and Financial Reporting.
He holds HND in Marketing from the Lagos State
Polytechnic. He is an Associate Member of the following
professional bodies: the Institute of Chartered Accountants
of Nigeria (ICAN), Chartered Insurance Institute of Nigeria
(CIIN) and the Chartered Institute of Taxation of Nigeria
(CITN).
Mr. Akhigbe who has attended several strategic trainings,
both locally and internationally, is a member of The Apapa
Club.
41
Thompson Akhigbe
ANNUALREPORT
2016
44PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
Management Team
Ife is the Divisional Head, E-Business. He joined Standard
Alliance in April , 2016 from Greenwich Trust Ltd, where he
was the Group Chief Finance Officer.
He holds a Bachelors' Degree in Accounting from Ogun
State University (1992) and in 1997 qualified as an
Associate of the Institute of Chartered Accountants of
Nigeria.
Mr. Ajayi has a rich background in internal and
external audit, capital market operations and
financial control. He started his working carrier at Ernst and
Young, Osindero Oni and Lasebikan(Chartered
Accountants)in 1993 as an audit staff .
In 1997, he moved on to WAPCO Plc (Now Lafarge) as an
Internal Audit Supervisor and by January 2000, he was
already the pioneer accountant of Securities Solutions
Ltd(Stockbroking Firm and Subsidiary of FSB International
Bank), a position he held till February 2004, when he
moved on to the Investment Banking Group of FCMB Plc,
as the Deputy Head Of Operations and within the space of
nine and a half years rose to become the Financial
Controller after heading the Operations unit before joining
Greenwich Trust Ltd in September 2013 as the Group CFO.
He is a Fellow of both Institute of Chartered
Accountants of Nigeria and The Certified Pension Institute
of Nigeria, attending various professional, leadership and
senior management courses.
Prior to his appointment as Divisional Head E-Business, he
was the Chief Financial Officer.
Ife-olorun AjayiMr. Jegede Biodun is the Divisional Head, Lagos East. He
rejoined the company from Associated Insurance Brokers
where he was General Manager. An expert in sales channel
development in insurance, Mr. Jegede holds a Post
Graduate Diploma (PGD) in Marketing from Tafawa Balewa
University, an HND in Finance and Banking, The
Polytechnic, Owerri and a National Diploma in Banking and
Finance from The Polytechnic, Ibadan.
He commenced his working career as an Assistant Credit
Officer with the AfriBank Nigeria Plc in 1987. He joined
Equity Indemnity Insurance Company Ltd in 1998 as Senior
Marketing Executive after his NYSC year as Accounts
Officer at Dehinde Odusanya & Co.
In 2003, he moved to SA Insurance Plc and was
Principal Manager/Group Head, Brokers Marketing Group
in 2010 when he moved to Associated Insurance Brokers.
Mr. Jegede is an Associate, Chartered Institute of Bankers of
Nigeria. He has attended several relevant training
programmes.
Biodun Jegede
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
Management Team
Mr. Oladele Kadiri is the Divisional Head, Technical.
He is an Associate Member of the Chartered
Insurance Institute of Nigeria (ACIIN), 2001 and a
holder of MBA, MARKETING from Lagos State
University (LASU), 2007.
He began his insurance career with Chartered
Insurance Institute of Nigeria as Insurance Officer
in 1990 and later in 1998, he joined the services of
Prestige Assurance Brokers. In September, 2001,
he moved to Standard Alliance Life Assurance Limited
where he was the AGM/Group Head, Technical
Operations.
Mr. Kadiri is an experienced Insurance underwriter with
special skill in product designing, risk analysis and
valuation
Oladele Kadiri
Mrs. Benny Okolieocha is the Divisional Head, Lagos West/
South East. She holds a Bachelor of Science degree (B.Sc)
in Accounting from the University of Lagos, 1997 and a
Master’s Degree in Business Administration (MBA)
majoring in MARKETING in 2003 from Lagos State
University. She is also a holder of Insurance Proficiency
Course Certificate and a Member of Chartered Insurance
Institute of Nigeria (CIIN).
Prior to joining SA Life , she worked with Capital Express
Insurance Company in 2000, where her outstanding
marketing prowess saw her rise through the ranks to
become the Co-ordinator of Agency Operations.
She later Secured appointment with Standard Alliance
Insurance Plc as Group Head, Financial Institutions and
later Group Head, Retail & Consumer Marketing Division
in SA Life.
Benny OkolieochaMr. Ijeremhe Emmanuel is the Senior Manager
Finance. He is a graduate of Banking and Finance from the
University of Calabar, Calabar, Cross River State. He also
holds a Master's degree in Business Administration (MBA)
from Ambrose Alli University, Ekpoma, Edo State and a
Master of Science (M.Sc.)
in Finance from the University of Lagos. Kadiri is an
Associate Member of the Institute of Chartered
Accountants of Nigeria (ICAN).
He has an enormous experience in financial
accounting, analysis and modeling backed with
an uncanny ability to solve complex financial
problems. He is an expert at providing strategic decision
support to business operations, budgeting techniques and
designing financial strategy.
Before he began his insurance career with the company in
2001, he had worked with S.S. Afemikhe & Co (Chartered
Accountants) as Audit Senior from 1996 to 2001. Prior to
this, Mr. Kadiri was the Accountant at Gemini Trust Limited,
an investment and financial advisory services outfit. He also
had a brief stint with Canon Mortgage Finance Ltd
(Mortgage Bankers).
Kadiri
Ijeremhe Emmanuel Kadiri
45PAGE
ANNUALREPORT
2016
46PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
Management Team
Mrs. Blessing Iyaji Ana is the Divisional Head, Lagos West.
She joined the company from FBN
Insurance Limited. She started her insurance career
with the company as Business Development
Executive and was later promoted as Acting Group
Head, Financial Institution, from 2002 to 2006. She
moved over to Staco Insurance Plc in 2007 and took
up the same position at its Lagos Control office. She,
thereafter, joined Equity Assurance Plc as Group
Head, Financial Institution, Commercial Division. In
2014, she took up a job at FBN Insurance Limited as
Corporate Business Development Manager. In March
2015, she rejoined the Standard Alliance Insurance
Plc team as a Senior Manager.
Mrs. Ana holds a Higher National Diploma in
Accountacy from the Institute of Management
and Technology, Enugu State (2000), an Executive
Master's Certificate from British School of
Management (2007) and a Diploma (2013) from
the Chartered Insurance Institute of Nigeria.
She is a Member of both the Chartered Insurance
Institute of Nigeria and the Institute of Chartered
Accountants of Nigeria (ICAN).
Blessing Iyaji Ana
Mr. Olayinka Popoola is the Divisional Head, Lagos
East Retail/ South West. He holds a Bachelor of
Science degree (Bsc.) in Political Science from Ondo
State University (now University of Ado-Ekiti) and a
Master ’s degree in Public Administration from
Obafemi Awolowo University, Ile-Ife.
Prior to joining Standard Alliance Insurance Plc, he
worked for over eight years with Amicable Assurance
Plc where he gained experience in the life assurance
marketing and agency operations and rose to the
position of Unit Head. He is a holder of the Insurance
Proficiency Certificate and a Member, Chartered
Insurance Institute of Nigeria (CIIN).
Olayinka Popoola
ANNUALREPORT
2016
To the Shareholders Of Standard Alliance Insurance Plc
and its Subsidiary Company
INDEPENDENT AUDITORS REPORT
Opinion
Basis for Opinion
Key Audit Matters
We have audited the financial statements of Standard Alliance Insurance Plc ("the Company") and its Subsidiary
Company (together the group), which comprise, the consolidated and separate statement of financial position
as at 31 December 2016, consolidated and separate statement of profit or loss and other comprehensive
income, consolidated and separate statement of changes in equity, and consolidated and separate statement
of cash flows for the year then ended; and notes to the financial statements, including a summary of significant
accounting policies and other explanatory notes.
In our opinion the accompanying financial statements give a true and fair view of the financial position of the
Company and its subsidiary as at 31 December 2016 and of its financial performance and cash flows for the year
then ended in accordance with International Financial Reporting Standards, issued by the International
Accounting and Assurance Standards Board and in compliance with the relevant provisions of the Financial
Reporting Council of Nigeria, Act No 6, 2011, and the Companies and Allied Matters Act, CAP C20, LFN 2004.
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements attached as an appendix to our report. We are independent of the Company and its subsidiary in
accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional
Accountants together with the ethical requirements that are relevant to our audit of the financial statements in
Nigeria, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
International Ethics Standards Board Code. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.
Standard Alliance Insurance Plc and Its Subsidiary Company
REPORT ON THE AUDIT OF THE FINANCIALS STATEMENTS
BDO Professional Services, a firm of Chartered Accounts registered in Nigeria, is a member of BDO International Limited,a UK Company Limited by guarantee, and forms
part of the international BDO network of independent member firms.
Partners: Sanni A. Dosunmu, E. Olabisi, Olugbemiga A. Akibayo, Kamar Salami, Tokunbo L. Oluyemi, Henry B. Omodigbo
BN: 170585
47PAGE
48PAGE
ANNUALREPORT
2016
Revenue recognition
Response
Understatement of reported claims
Risk
Response
Verified the completeness of claims incurred during the year
Other Information
Due to the large number of policies underwritten by the Group there is a risk that the revenue recorded in the
financial statements and the flow of premium information from the underwriting systems to the financial
reporting ledger may not be completely accounted for.
We have tested the design and implementation of the key controls over revenue recognition, focusing on the
flow of information from the underwriting systems to the financial reporting ledger. In addition, we performed
substantive analytical testing procedures on the gross and unearned premium balances amongst others.
Valid claims reported by the insured may not have been completely recorded in the books in the year under
review as some claims paid subsequent to the year end were not included in the claims register.
?Obtained and reviewed claims register to ensure that all claims made during the year have been
included by agreeing the claims paid and outstanding claims schedule to the claims register.
?Confirmed that claim relates to policy in force as at the time claim was made.
?Reviewed Loss Adjusters Report for adequacy of provisions for outstanding claims.
?Reviewed payments after year end and adjusted for claims paid subsequent to year end but not
recorded.
?Carried out an age analysis of outstanding claims to ensure compliance with NAICOM regulations of 90 days
payment of claims notified.
Management is responsible for the other information. The other information comprises the information
included in the Chairman's and Directors' statements, but does not include the financial statements and our
auditors report thereon. Our opinion on the financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained during the audit or otherwise appears to be materially misstated. If, based on the work we
have performed, we conclude that there is a material misstatement of this information, we are required to report
that fact. We have nothing to report in this regard.
INDEPENDENT AUDITOR’S REPORT (Cont’d)
Standard Alliance Insurance Plc and Its Subsidiary Company
ANNUALREPORT
2016
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Auditor's responsibilities for the Audit of the Financial Statements
Report on other legal requirements
The directors are responsible for the preparation and fair presentation of the financial statements in accordance
with International Financial Reporting Standards issued by the International Accounting and Assurance
Standards Board, and in compliance with the relevant provisions of the Financial Reporting Council of Nigeria
Act, No 6, 2011, and the Companies and Allied Matters Act, CAP C20 LFN 2004 and for such internal control as
Management determines is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company and its
subsidiary's ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the directors either intend to liquidate the Company
and its subsidiary or to cease operations, or has no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue a report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with International Standards on Auditing will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
The Companies and Allied Matters Act, CAP C20, LFN, 2004 requires that in carrying out our audit we consider
and report to you on the following matters. We confirm that:
i) we have obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purpose of our audit
ii) in our opinion, proper books of account have been kept by the Group and the Company, and
iii) the Group's and the Company's statement of financial position, and its statement of profit or loss and
other comprehensive income are in agreement with the books of account.
Olugbemiga A. AkibayoFRC/2013/ICAN/00000001076For: BDO Professional ServicesChartered Accountants
Lagos, Nigeria31 March 2017
Standard Alliance Insurance Plc and Its Subsidiary Company
INDEPENDENT AUDITOR’S REPORT (Cont’d)
49PAGE
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ANNUALREPORT
2016
Details of Auditors responsibilities for the audit of the financial statements
As part of an audit in accordance with International Standards on Auditing, we exercise professional judgment
and maintain professional skepticism throughout the audit. We also:
? Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
?Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company and its subsidiary's internal control.
?Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
?Conclude on the appropriateness of Management's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company and its subsidiary's ability to continue as a
going concern.
?If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report
to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's
report. However, future events or conditions may cause the Company and its subsidiary to cease to
continue as a going concern.
?Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit, and significant audit findings and any significant deficiencies in internal control that we
identify during our audit.
Standard Alliance Insurance Plc and Its Subsidiary Company
INDEPENDENT AUDITOR’S REPORT (Cont’d)
Appendix
ANNUALREPORT
2016
The following are the significant accounting policies adopted by the Group in the preparation of its financial
statements. These policies have been consistently applied to all year's presentations, unless otherwise stated.
The Company was incorporated in July 1981 as a Private Limited Liability Company and commenced full
operations in 1982 under the name Jubilee Insurance Company Limited. The name was changed to Standard
Alliance Insurance Company Limited (Standard Alliance) in August 1996.
Standard Alliance Insurance became a Public Liability Company (Plc) on 30th May 2002 and was quoted on the
Nigerian Stock Exchange in December 2003.
The Group is 100% fully owned by Nigerian citizens and Institutional investors. Its major shareholders are:
Units %
Gemrock Management Co. Limited 2,594,060,738 21.63
Standard Alliance Investments Limited 1,755,064,716 14.63
First City Monument Bank Plc 1,120,000,000 9.34
Bode Akinboye 435,781,914 3.63
Sina Alimi (also a director in Gemrock Mgt. Co. Ltd.) 382,013,914 3.19
The Company during the year successfully merged with its subsidiary Company, Standard Alliance Life
Assurance Limited.
The Group financial statements of the Group for the year ended 31 December 2016 were approved for issue by
the Board of Directors on 31 March 2017.
The Group’s principal activity continues to be provision of risk underwriting and related financial services to its
customers. Such services include provision of general insurance services to both corporate and individual
customers.
The financial statements are prepared in accordance with International Financial Reporting Standards
(IFRSs) as issued by the International Accounting and Assurance Standards Board (IAASB) and the
interpretations of these standards, issued by the International Accounting and Assurance Standards Board
(IAASB) and the requirements of the Companies and Allied Matters Act CAP C20, LFN 2004 and the Insurance
1 The reporting entity
2. Basis of preparation
2.1 Statement of compliance with International Financial Reporting Standards (IFRSs)
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
51PAGE
52PAGE
ANNUALREPORT
2016
Act, I17, 2004 and regulatory guidelines as pronounced from time to time by National Insurance Commission
(NAICOM), to the extent that they are not in conflict with IFRS.
The Group financial statements are prepared on a going concern basis. The Directors are satisfied that it has the
resources to continue in business for the foreseeable future. Furthermore, management is not aware of any
material uncertainties that may cast significant doubt upon the Group’s ability to continue as a going concern.
Historical cost basis was used in the preparation of the financial statements as modified by certain items of:
• Investments at fair value
• Available for sale financial assets that are measured at fair value
• Impaired assets at their recoverable amounts
• Insurance contract liabilities at fair value
• Land and Buildings stated at revalued amount
The financial statements are presented in Nigerian naira (N), which is also the functional currency of the Group,
rounded to the nearest thousand (N'000) unless otherwise indicated.
The Group presents its statement of financial position broadly in order of liquidity. An analysis regarding
recovery or settlement within twelve months after the reporting date (current) and more than 12 months after
the reporting date (non-current) is presented in the notes.
2.2 Going concern
2.3 Basis of measurement
2.4 Functional and Presentation Currency
2.5 Order of presentation
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ANNUALREPORT
2016
3 Significant management judgements and key sources of estimation uncertainty
(i) Significant judgements made in applying the Group's accounting policies
(ii) Key sources of estimation uncertainty
a) Valuation of insurance contract liabilities
In the process of applying the accounting policies adopted by the Group, the directors make certain judgments
and estimates that may affect the carrying values of assets and liabilities in the next financial period. Such
judgments and estimates are based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the current circumstances. The directors evaluate these at each
financial reporting date to ensure that they are still reasonable under the prevailing circumstances based on the
information available.
The preparation of the Group's financial statements requires management to make judgments, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of
contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could
result in outcomes that could require material adjustments to the carrying amount of the asset or liability
affected in the future. These factors could include:
The judgements made by the directors in the process of applying the Group's accounting policies that have the
most significant effect on the amounts recognised in the financial statements include:
?Whether it is probable that future taxable profits will be available against which temporary differences
can be utilised; and
?Whether the Group has the ability to hold 'held-to maturity' investments until they mature. If the Group
were to sell other than an insignificant amount of such investments before maturity, it would be required
to classify the entire class as "available-for-sale" and measure them at fair value.
?Critical assumptions are made by the actuary in determining the present value of actuarial liabilities.
These assumptions are set out in accounting policy 5.19 and as embedded in the report. The liability
for insurance contracts is either based on current assumptions or on assumptions established at
inception of the contract, reflecting the best estimate at the time increased with a margin for risk and
adverse deviation. All contracts are subject to a liability adequacy test, which reflects management's best
current estimate of future cash flows.
?Estimates are also made as to future investment income arising from the assets backing insurance
contracts. These estimates are based on current market returns as well as expectations about future
economic and financial developments.
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
53PAGE
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ANNUALREPORT
2016
?Assumptions on future expenses are based on current expense levels, adjusted for expected expense
inflation if appropriate.
Critical estimates are made by the directors in determining the useful lives and residual values of
property, plant and equipment.
Estimates are made in determining the impairment losses on assets. Such estimates include the
determination of the recoverable amount of the asset.
The Group is subject to income taxes under the Nigerian Tax Laws. Significant estimates are required in
determining the provisions for income taxes. There are many transactions and calculations for which the
ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcomes of
these matters are different from the amounts that were initially recorded, such differences will impact the
income tax and the deferred tax provisions in the period in which such determinations are made.
In the process of applying the Group's accounting policies, management has made judgements in determining:
I) The classification of financial assets and liabilities.
ii) Whether assets are impaired.
iii) Whether land and buildings meet the criteria to be classified as investment property.
b) Property, plant and equipment
c) Impairment losses
d) Income taxes
e) Critical judgments in applying the entity's accounting policies
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ANNUALREPORT
2016
IFRS
Reference
Title and Affected Standard(s)
Nature of change Application date
Impact
on initial
Application
Classification and measurement
Financial assets will either be measured
- at amortised cost,
- fair value through other
comprehensive income (FVTOCI) or
- fair value through profit or loss
(FVTPL)
Impairment
The impairment model is a more ‘forward
looking’ model in that a credit event no longer
has to occur before credit losses are
recognised.
For financial assets measured at amortised cost
or fair value through other compre-hensive
income (FVTOCI), an entity will now always
recognise (at a minimum) 12 months of
expected losses in profit or loss. Lifetime
expected losses will be recognised on these
assets when there is a significant increase in
credit risk after initial recognition.
Hedging
The new hedge accounting model
introduced the following key changes:
?Simpl i f ied ef fect iveness test ing,
including removal of the 80-125%
highly effective threshold
?More items will now qualify for hedge
accounting, e.g. pricing components
within a non-financial item, and net
foreign exchange cash positions
?Entities can hedge account more
effectively the exposures that give rise to
two risk positions (e.g. interest rate risk
and foreign exchange risk, or commodity
risk and foreign exchange risk) that are
managed by separate derivatives over
different periods
?Less profit or loss volatility when using
options, forwards, and foreign currency
swaps -New alternatives available for
economic hedges of credit risk and ‘own
use’ contracts which will reduce profit or
loss volatility.”
IFRS 9
(2014)
(Issued Jul
2014)
Financial
Instruments
Annual
reporting
periods
commencing
on or after 1
January 2018
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The first time
application of IFRS 9
will have a wide and
potentially very
significant impact on
the accounting for
financial instruments.
The new impairment
requirements are likely
to bring significant
changes for
impairment provisions
for trade receivables,
loans and other
financial assets not
measured at fair value
through profit or loss.
Due to the recent
release of this
standard, the entity
has not yet made a
detailed assessment of
the impact of this
standard.
55PAGE
IFRS
Reference
Title and Affected Standard(s)
Nature of change Application date
Impact
on initial
Application
56PAGE
ANNUALREPORT
2016
IFRS 15 contains comprehensive
guidance for accounting for revenue
and will replace existing requirements
which are currently set out in a number
of Standards and Interpretations.
The standard introduces significantly
more disclosures about revenue recog-
nition and it is possible that new and/or
modified internal processes will be
needed in order to obtain the necessary
information. The Standard requires
revenue recognised by an entity to
depict the transfer of promised goods or
services to customers in an amount that
reflects the consideration to which the
entity expects to be entitled in exchange
for those goods or services.
This core principle is delivered in a five-
step model framework: (i) Identify the
contract(s) with a customer (ii)Identify
the performance obligations in the
contract (iii)Determine the transaction
price (iv)Allocate the transaction price to
the performance obligations in the
contract (v)Recognise revenue when (or
as) the entity satisfies a performance
obligation.
The Board is currently
reviewing the impact the
standard may have on the
preparation and presentation
of the financial statements
when the s tandard i s
adopted.
Consideration will be given to
the following:
(i) At what point in time
the Group recognises
revenue from each
contract whether at a
single point in time or
over a period of time;
(ii) whether the contract
needs to be ‘unbundled’
i n to two o r more
components;
(iii) how should contracts
which include variable
amounts of consider-
ation be dealt with;
(iv) what adjustments are
required for the effects
of the time value of
money;
(v) what changes will be
required to the Group’s
internal controls and
processes.
IFRS 15
Issued in
May 2014
Revenue
from
contracts
with
customers
1 January
2018.
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ANNUALREPORT
2016
5. Significant accounting policies
5.1 Cash and cash equivalents
5.2 Financial instruments
Financial Assets
i) Financial assets at fair value through profit or loss
The principal accounting policies adopted in the preparation of these financial statements are set out
below:
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term
highly liquid investments with original maturities of three months or less. They include bank overdraft in
the context of the statement of cash flows.
Financial instruments are recognised when the Group becomes a party to the contractual
provisions of the instruments. They are recognised initially at fair value plus transaction costs, except for
those carried at fair value through profit or loss, which are measured initially at fair value. Financial
assets are derecognised when the contractual rights to the cash flows from the financial assets expire,
or when the financial assets and all substantial risks and rewards are transferred. A financial liability is
derecognised when it is extinguished, discharged, cancelled or expires.
Financial assets and financial liabilities are measured subsequently as described below:
The Group classifies its financial assets in the following categories:
?financial assets at fair value through profit or loss,
?loans and receivables,
?held-to-maturity,
?available-for-sale investments
The classification depends on the purposes for which the investments are acquired.
Management determines the classification of its investments at initial recognition and re-evaluates
such designation at every reporting date.
Financial assets at fair value through profit or loss include financial assets held for trading and those
designated at fair value through profit or loss at inception. Investments typically bought with the
intention to sell in the near future are classified as held for trading. For investments designated as at fair
value through profit or loss, the following criteria must be met:
?The designation eliminates or significantly reduces the inconsistent treatment that would otherwise
arise from measuring the assets or liabilities or recognising gains or losses on a different basis, or
?The assets and liabilities are part of a portfolio of financial assets, financial liabilities or both which are
managed and their performances evaluated on a fair value basis, in accordance with a documented risk
management or investment strategy and information regarding these instruments are reported to the
key management personnel on a fair value basis.
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
57PAGE
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ANNUALREPORT
2016
These investments are initially recorded at fair value. Subsequent to initial recognition, they are re-
measured at fair value. Fair value adjustments and realized gains and losses are recognized in the
income statement.
The Group's financial assets at fair value through profit or loss include some quoted shares and money
market funds which are considered as held for trading.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. Loans and receivables are recognized initially at fair value and
subsequently measured at amortized cost using the effective interest method, less provision for
impairment. The amounts receivable are discounted if they are receivable beyond the current period
and the effect of discounting is material. The Group's cash and cash equivalents, trade and most other
receivables fall into this category of financial instruments. Individually significant receivables are
considered for impairment when they are past due or when other objective evidence is received that a
specific counterparty will default.
The Group's trade receivables are its premium receivables from insurance brokers as at the end of the
reporting period.
Trade receivables arising from insurance contracts are stated after adjusting for premium outstanding
from brokers for over 30 days.
Held–to-maturity investments are non-derivative financial assets with fixed or determinable
payments and fixed maturities that the Group has the positive intention and ability to hold to
maturity other than loans and receivables. Held-to-maturity investments comprise Government
securities (Treasury Bills etc).
The investments are initially recognized at fair value plus transaction costs. Held-to-maturity
investments are subsequently measured at amortized cost using the effective interest method.
If there is objective evidence that the investment is impaired, determined by reference to external
credit ratings, the financial asset is measured at the present value of the estimated future cash flows.
Any changes to the carrying amount of the investment, including impairment losses, are recognised in
profit or loss.
Available-for-sale financial assets are non-derivative financial assets that are designated as available-
for-sale or are not classified in any of the three preceding categories. Where financial instruments do
not have a quoted market price in an active market and whose fair value cannot be reliably measured,
the instruments are measured at cost less any impairment charges. The impairment charges are
recognised in the statement of other comprehensive income.
ii) Loans and receivables
iii) Held-to-maturity investments
iv) Available-for-sale investments
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ANNUALREPORT
2016
5.3 Derecognition of financial assets
5.4 Amortised cost
5.5 Impairment of non-financial assets
A financial asset is derecognised when:
?The rights to receive cash flows from the asset have expired
?The Group retains the right to receive cash flows from the asset or has assumed an obligation to pay
the received cash flows in full without material delay to a third party under a 'pass-through'
arrangement; and either:
?the Group has transferred substantially all the risks and rewards of the asset; or
?the Group has neither transferred nor retained substantially all the risks and rewards of the asset,
but has transferred control of the asset.
When the Group has transferred its right to receive cash flows from an asset or has entered into a pass
through arrangement, and has neither transferred nor retained substantially all the risks and rewards of
the asset nor transferred control of the asset, the asset is recognised to the extent of the Group's
continuing involvement, determined by extent to which it is exposed to changes in the value of the
transferred asset.
In that case, the Group also recognises an associated liability. The transferred asset and the associated
liability are measured on a basis that reflects the rights and obligations that the Group has retained.
Amortised cost is computed using the effective interest method less any allowance for impairment
and principal repayment or reduction. The calculation takes into account any premium or discount
on acquisition and includes transaction costs and fees that are an integral part of the effective
interest rate.
The Group assesses at each reporting date whether there is an indication that an asset may be
impaired. If any such indication exists, or when annual impairment testing for an asset is required, the
Group estimates the asset's recoverable amount. An impairment loss is recognised for the
amount by which the asset's carrying amount exceeds its recoverable amount. An asset's recoverable
amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in
use.
The recoverable amount is determined for an individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or groups of assets.
In assessing value in use, the estimated future cash flows are discounted to their present value using
a pre-tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is
used.
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Impairment losses of continuing operations are recognised in the income statement in those
expenses categories consistent with the function of the impaired asset, except for property
previously revalue where the revaluation surplus was taken to comprehensive income. In this case the
impairment is also recognised in comprehensive income up to the amount of any previous revaluation
surplus.
`
An assessment is made at each reporting date as to whether there is any indication that previously
recognised impairment losses may no longer exist or may have decreased. If such indication exists, the
Group makes an estimate of the recoverable amount. A previous impairment loss is reversed only if
there has been a change in the estimates used to determine the asset's recoverable amount since the
last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to
its recoverable amount.
That increased amount cannot exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is
recognised in the income statement unless the asset is carried at revalued amount, in which case the
reversal is treated as a revaluation in surplus.
The following criteria are also applied in assessing impairment of specific assets:
? The recoverable amount for the life insurance business has been determined based on a fair value less
cost to sell calculation. The calculation requires the Group to make an estimate of the total of the
adjusted net worth of the life insurance business plus the value of in-force covered business.
?New business contribution represents the present value of projected future distributable profits
generated from business written in a period.
?Growth and discount rates used are suitable rates which reflect the risks of the underlying cash
flows.
The fair values of quoted investments are based on current market prices. If the market for a financial
asset is not active (and for unlisted securities), the Group establishes fair value by using valuation
techniques.
The techniques include:
?the use of recent arm's length transactions,
?reference to other instruments that are substantially the same,
?net asset value and
?discounted cash flow analysis
The Group assesses at each reporting date whether there is objective evidence that a financial asset or
a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be
5.6 Fair value measurements
5.7 Impairment of financial assets
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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2016
impaired if, and only if, there is objective evidence of impairment as a result of one or more events that
has occurred after the initial recognition of the asset (an incurred 'loss event') and that loss event has
an impact on the estimated future cash flows of the financial asset or the group of financial assets that
can be reliably estimated.
If an available-for-sale financial asset is impaired, an amount comprising the difference between its
cost (net of any principal repayment and amortisation) and its current fair value, less any impairment
loss previously recognised in other comprehensive income, is transferred from equity to the income
statement.
Reversals in respect of equity instruments classified as available-for-sale are not recognised in the
income statement. Reversals of impairment losses on debt instruments classified at available-for-sale
are reversed through the income statement if the increase in the fair value of the instruments can be
objectively related to an event occurring after the impairment losses were recognised in the income
statement.
Financial assets and financial liabilities are offset and the net amounts reported in the statement of
financial position only when there are current and legally enforceable rights to offset the recognised
amounts and there is an intention in each case to settle on a net basis, or to realise the assets and settle
the liabilities simultaneously. Income and expenses will not be offset in the income statement unless
required or permitted by any accounting standard or interpretation, as specifically disclosed in the
accounting policies of the Group.
Trade receivables arising from insurance contracts are stated after adjusting for receivables
outstanding from brokers over 30 days.
The Group cedes insurance risk in the normal course of business on the basis of treaty and facultative
agreements. Reinsurance assets represent balances due from reinsurance Companies. Amounts
recoverable from reinsurers are estimated in a manner consistent with settled claims associated with
the reinsurer's policies and are in accordance with the related reinsurance contract.
Incremental costs directly attributable to the acquisition of investment and insurance contracts with
investment management services are capitalized to a Deferred Acquisition Cost (DAC) asset if they are
separately identifiable, can be measured reliably and its probable that they will be recovered. DAC are
amortised in the income statement over the term of the contracts as the related services are rendered
and revenue recognised, which varies from year to year depending on the outstanding terms of the
contracts in force. The DAC asset is tested for impairment bi annually and written down when it is not
expected to be fully recovered.
5.8 Off-setting of Financial Assets and Liabilities
5.9 Trade receivables
5.10 Reinsurance assets
5.11 Deferred acquisition costs (DACs)
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5.12 Other receivables and prepayments
5.13 Non-current assets held for sale
5.14 Investment property
They are initially recognised at fair value and subsequently measured at amortised cost less provision
for impairment. A provision for impairment is made when there is objective evidence (such as the
probability of insolvency or significant financial difficulties of the debtors) that the Group will not be
able to collect all the amount due under the original terms of the contract. Impaired debts are
derecognised when they are assessed as uncollectible. If in a subsequent period the amount of the
impairment loss decreases and the decrease can be related objectively to an event occurring after the
impairment was recognised, the previously recognised impairment loss is reversed to the extent that
the carrying value of the asset does not exceed its amortised cost at the reversal date. Any subsequent
reversal of an impairment loss is recognised in profit or loss. Prepayments are carried at cost less
accumulated impairment losses.
Non-current assets or disposal groups comprising assets and liabilities that are expected to be
recovered primarily through sale rather than through continuing use are classified as held for sale.
Immediately before classification as held for sale, the asset, or components of a disposal group are
remeasured in accordance with the Group's accounting policies.
Thereafter generally, the assets or disposal group are measured at the lower of their carrying amounts
and fair values less costs to sell. Any impairment loss on a disposal group first is allocated to goodwill,
and then to remaining assets and liabilities on pro rata basis, except that no loss is allocated to
inventories, financial assets, deferred tax assets, employee benefit assets, investment property and
biological assets, which continue to be measured in accordance with the Group's accounting policies.
Impairment losses on initial classification as held for sale and subsequent gains or losses on
remeasurement are recognised in profit or loss, subject to cumulative subsequent gains not exceeding
cumulative losses recorded for the asset.
An investment property is property held to earn rentals or for capital appreciation or both. Investment
property, including interest in leasehold land, is initially recognised at cost including the transaction
costs. Subsequently, investment property is carried at fair value representing the open market value at
the statement of financial position date determined by annual valuations carried out by external
registered valuers. Gains or losses arising from changes in fair value of investment property shall be
recognised in profit or loss for the period in which it arises.
Investment properties are derecognised when either they have been disposed off or when the
investment property is permanently withdrawn from use and no future economic benefit is expected
from its disposal. On disposal of an investment property, the difference between the disposal proceeds
and the carrying amount is charged or credited to profit or loss.
Transfers are made to or from investment property only when there is a change in use. For a transfer
from investment property to owner occupied property, the deemed cost for subsequent accounting is
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ANNUALREPORT
2016
the fair value at the date of change in use. If owner occupied property becomes an investment
property, the Group accounts for such property in accordance with the policy stated under property
and equipment up to the date of the change in use.
When the Group completes the construction or development of a self-constructed investment
property, any difference between the fair value of the property at that date and its previous carrying
amount is recognised in the other comprehensive income.
The Group's investment in its associates are accounted for using the equity method of
accounting. An associate is an entity in which the Group has significant influence and which is neither a
subsidiary nor a joint venture.
Under the equity method, the investment in the associate is carried in the statement of financial
position at cost plus post-acquisition changes in the Group's share of net assets of the associate.
Goodwill relating to an associate is included in the carrying amount of the investment and is neither
amortised nor individually tested for impairment.
The income statement reflects the share of the results of operations of the associate. Where there has
been a change recognised directly in the equity of the associate, the Group recognises its share of any
changes and discloses this, when applicable, in the statement of changes in equity. Profits or losses
resulting from transactions between the Group and the associate are eliminated to the extent of the
interest in the associate.
The share of profit of the associate is shown on the face of the income statement. This is profit
attributable to equity holders of the associate and, therefore, is profit after tax and non-controlling
interests in the subsidiaries of the associate.
The financial statements of the associate are prepared for the same reporting period as the Group.
Where necessary, adjustments are made to bring its accounting policies in line with the Group's.
After application of the equity method, the Group determines whether it is necessary to recognise an
additional impairment loss on the Group's investment in an associate. The Group determines at each
reporting date, whether there is any objective evidence that the investment in the associate is impaired.
If this is the case, the Group calculates the amount of impairment as the difference between the
recoverable amount of the associate and its carrying value and recognizes the amount in the 'share of
profit of an associate' in the income statement.
Upon loss of significant influence over the associate, the Group measures and recognises any
remaining investment at its fair value. Any difference between the carrying amount of the associate
upon loss of significant influence and the fair value of the remaining investment and proceeds from
disposal is recognised in profit or loss.
5.15 Investment in associates
Standard Alliance Insurance Plc and Its Subsidiary Company
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5.16 Intangible assets
5.17 Property, plant and equipment
Software licence costs and computer software that are not an integral part of the related hardware are
initially recognised at cost, and subsequently carried at cost less accumulated amortisation and
accumulated impairment losses. Costs that are directly attributable to the production of identifiable
computer software products controlled by the Group are recognised as intangible assets.
Amortisation is calculated using the straight line method to write down the cost of each licence or item
of software to its residual value over its estimated useful life. The estimated useful life of the software is
four years. Amortisation begins when the asset is available for use, i.e. when it is in the location and
condition necessary for it to be capable of operating in the manner intended by management, even
when idle.
Gains or losses arising from the derecognition of intangible assets are measured as the differences
between the net disposal proceeds and the carrying amount of the assets and are recognised in the
income statements of the periods in which the assets are.
All categories of property, plant and equipment are initially recognised at cost or at fair value. Cost
includes expenditure directly attributable to the acquisition of the assets.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to
the Group and the cost of the item can be measured reliably. Repairs and maintenance expenses are
charged to the income statement in the year in which they are incurred.
Depreciation is calculated using the straight line method to write down the cost or the revalued
amount of each of the following classes of assets to its residual value over its estimated useful life:
Building 50 years
Furniture & Fittings 10 years
Office Equipment 5 years
Computer Equipment 5 years
Motor Vehicles 4 years
Generating Sets 5 years
Land is a component of property, plant and equipment but not subject to depreciation.
Depreciation on an item of property, plant and equipment commences when it is available for use and
continues to be depreciated until it is derecognized, even if during that period the item is idle.
Depreciation of an item ceases when the item is retired from active use and is being held for disposal.
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ANNUALREPORT
2016
As no parts of items of property, plant and equipment of the Group have a cost that is significant in
relation to the total cost of the item, the same rate of depreciation is applied to the whole item.
The assets' residual values, depreciation method and useful lives are reviewed and adjusted, if
appropriate, at each statement of financial position date.
Impairment reviews are performed when there are indicators that the carrying value of an asset may
not be recoverable. Impairment losses are recognised in the income statement as an expense.
The Group classifies all assets within a disposal group as Non-current assets held for sale if the carrying
amount will be recovered principally through sale transaction rather than continuous use.
Freehold land and buildings are subsequently carried at revalued amounts, based on periodic
valuations by external independent valuers; less accumulated depreciation and accumulated
impairment losses. All other items of property, plant and equipment are subsequently carried at cost
less accumulated depreciation and accumulated impairment losses.
An item of property, plant and equipment is derecognised upon disposal or when no future economic
benefits are expected from its use.
Gains and losses on disposal of property, plant and equipment are determined by reference to their
carrying amounts and are taken into account in determining operating profit.
Increases in the carrying amounts arising on revaluation are recognised in other comprehensive
income and accumulated in equity under the heading of revaluation reserve. Decreases that offset
previous increases of the same asset are recognised in other comprehensive income. All other
decreases are charged to the Income statement.
Amortization ceases at the earlier of the date that the asset is classified as held for sale and the date
that the asset is derecognized and ceases temporarily while the residual value exceeds or is equal to
the carrying value
Statutory deposit represents 10% of the minimum paid up capital of the Group deposited with the
Central Bank of Nigeria (CBN) in pursuant to Section 10(3) of the Insurance Act, CAP I17, LFN 2004
Statutory deposit is measured at cost.
Insurance contract liabilities include the outstanding claims provision, the provision for unearned
premium and provision for premium deficiency. The outstanding claims provision is based on the
estimated ultimate cost of all claims incurred but not settled at the reporting date, whether reported or
not, together with related claims handling costs and reduction for the expected value of salvage and
5.18 Statutory deposit
5.19 Insurance contract liabilities
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other recoveries. Delays can be experienced in the notification and settlement of certain types of
claims, therefore, the ultimate cost of these cannot be known with certainty at the reporting date.
The liability is calculated at the reporting date using a range of standard actuarial claim projection
techniques, based on empirical data and current assumptions that may include a margin for adverse
deviation. The liability is not discounted for the time value of money. No provision for equalisation or
catastrophe reserves is recognised. The liabilities are derecognised when the obligation to pay a claim
expires, is discharged or is cancelled.
The provision for unearned premiums represents that portion of premiums received or receivable that
relates to risks that have not yet expired at the reporting date. The provision is recognised when
contracts are entered into and premiums are charged, and is brought to account as premium income
over the term of the contract in accordance with the pattern of insurance service provided under the
contract.
At each reporting date, the Group reviews its unexpired risk and a liability adequacy test is performed in
accordance with requirement of IFRS on liability adequacy test to determine whether there is any
overall excess of expected claims and deferred acquisition costs over unearned premiums.
This calculation uses current estimates of future contractual cash flows after taking account of the
investment return expected to arise on assets relating to the relevant non-life insurance technical
provisions. If these estimates show that the carrying amount of the unearned premiums (less related
deferred acquisition costs) is inadequate, the deficiency is recognised in the income statement by
setting up a provision for premium deficiency.
At the end of the reporting period, liability adequacy tests are performed by an actuary to ensure the
adequacy of the contractual liabilities net of related deferred acquisition cost assets (DAC). In
performing these tests current best estimates of future contractual cash flows and claims handling and
administrative expenses, as well as investment income from the assets backing such liabilities, are used.
Any deficiency is immediately charged to profit or loss initially by writing off DAC and by subsequently
establishing a provision for losses arising from liability adequacy tests “the unexpired risk
provision”.
These contracts insure customers from consequences of events that would affect the ability of the
customers to maintain their current level of income. There are no maturity benefits. However, there is a
death benefit payable to named beneficiary if death occurs within the ten years guaranteed period.
The annuity contracts are fixed annuity plans. Policy holders make a lump sum payment recognised as
part of premium in the period when the payment was made. Constant and regular payments are made
to annuitants based on terms and conditions agreed at the inception of the contract and throughout
? Liability adequacy test
?Annuity contracts
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ANNUALREPORT
2016
the life of the annuitants. The annuity funds are invested in money market instruments to meet up with
the payment of monthly/quarterly annuity payments. The annuity funds liability is actuarially
determined based on assumptions as to mortality, persistence, maintenance expenses and investment
income that are established at the time the contract is issued.
Annuity premiums relate to single premium payments and are recognised as earned premium income
in the period in which payments are received.
Claims are made to annuitants in the form of monthly/quarterly payments based on the terms of the
annuity contract and charged to income statement as incurred. Premiums are recognised as revenue
when they become payable by the contract holders. "
The Group's investment contract business offers a range of savings products to suits group and
individual customers' long and short term investment needs. It comprises all types of contract, both
with or without insurance risk, and with and without discretionary participation features.
The liability of the Group to the schemes is as determined by Actuarial valuation carried out annually,
by Messrs HR Nigeria Limited. The details are as stated in note 19 to the financial statements.
Trade payables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest rate.
The estimated fair value of payables with no stated maturity which includes no interest payables is the
amount repayable on demand.
General Provisions are recognised when the Group has a present obligation (legal or constructive) as a
result of a past event, and it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation.
Where the Group expects some or all of a provision to be reimbursed, the reimbursement is
recognised as a separate asset but only when the reimbursement is virtually certain.
The expense relating to any provision is presented in the income statement net of any reimbursement.
If the effect of the time value of money is material, provisions are discounting using a current pre-tax
rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the
increase in the provision due to the passage of time is recognised as a finance cost.
?Recognition and Measurement of Annuity Premium and Claims
5.20 Investment contract liabilities
5.21 Trade payables
5.22 Other payables and accruals
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5.23 Financial liabilities
?Borrowings
5.24 Finance lease obligations
5.25 Employee retirement benefits
?Retirement Benefit Obligations
All financial liabilities are recognised initially at fair value of the consideration given plus the transaction
cost with the exception of financial liabilities carried at fair value through profit or loss, which are initially
recognised at fair value and the transaction costs are expensed in the income statement. The Group
financial liabilities include Daewoo bond, lease payables, trade and other payables. These are
measured subsequently at amortised cost using the effective interest method. All interest related
charges and, if applicable changes in an instrument's fair value that are reported in profit or loss are
included within finance costs or income.
Borrowings are recognised initially at fair value, net of transaction costs incurred, Borrowings are
subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs)
and the redemption value is recognised in the income statement over the period of the borrowings
using the effective interest rate.
Fees paid on the establishment of loan facilities are recognised as a transaction cost of the loan to the
extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is
deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or
all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and
amortised over the period of the facility to which it relates.
Asset held under finance leases are initially recognised as asset of the Group at their fair value at the
inception of the lease or if lower at the present value of the minimum lease payments. The
corresponding liability to the lessor is included in the statement of financial position as a finance lease
obligation.
Lease payments are apportioned between the liability and finance charges. The corresponding rental
obligation, net of finance charges are included in long term payables. The interest element of the
finance cost is charged to the income statement over the lease periods so as to produce constant
periodic rate of interest on the remaining balance of the liability for each period. The property, plant
and equipment acquired under finance leases is depreciated over the useful life of the asset.
The Group operates a defined contribution scheme for qualifying employees. The Group contributes
10% while all its employees contribute 8% each of their pensionable emoluments (basic salary, housing
allowance and transport allowance) to the Pension Scheme and this is being managed by registered
and licensed pension managers as may be chosen by the staff from time to time.
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ANNUALREPORT
2016
5.26 Income tax liabilities
?Group Income tax
?Education tax
5.27 Deferred tax liabilities
5.28 Share capital and share premium.
Income tax expense is the aggregate amount charged/(credited) in respect of current tax and deferred
tax in determining the profit or loss for the year. Tax is recognised in the income statement except when
it relates to items recognised in other comprehensive income, in which case it is also recognised in
other comprehensive income.
This is the amount of income tax payable on the taxable profit of the Group for the year determined in
accordance with the Group Income Tax Act, CAP. C60 LFN, 2004. The tax rates and tax laws used to
compute the amount are those that are enacted or substantively enacted as at the reporting date.
This is a component of the income tax. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted as at the reporting date.
Deferred tax is provided in full on all temporary differences except those arising from the fair value
measurement of assets.
Deferred tax is determined using the liability method on all temporary differences arising between the
tax bases of assets and liabilities and their carrying values for financial reporting purposes, using tax
rates and laws enacted or substantively enacted at the statement of financial position date and
expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be
available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss.
Deferred tax items are recognised in correlation to the underlying transaction either in other
comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off
such current tax assets against current income tax liabilities and the deferred taxes relate to the same
taxable entity and the same Taxation authority.
Ordinary shares are recognised at par value and classified as 'share capital' in equity. Any amounts
received over and above the par value of the shares issued are classified as 'share premium' in equity.
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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The share premium account is utilised in accordance with the provisions of Companies and Allied
Maters Act (CAMA) CAP. C20 LFN, 2004.
This is computed in accordance with the provisions of section 22 of the Insurance Act, CAP I17 LFN
2004. It is credited with amount equal to the higher of 3% of the total premium written and 20% of the
net profit until it reaches the amount of the minimum paid up capital.
Retained earnings are the carried forward recognised income net of expenses plus current period
profit or loss attributable to owners of the Group.
Insurance premium revenue is received or receivable by the Group from in-force insurance contracts
during the reporting period. In-force insurance contracts are those whose premiums have been
collected by the Group, its intermediaries or collectible within 30 days of the reporting date. Premium
revenue is recognised on the date on which the insurance policy commences.
Gross premium income comprises the total premium written in a year after adjusting for unearned
premiums.
Unearned premiums are those proportions of premiums written in a year that relate to periods of risk
after the statement of financial position date. Unearned premiums are calculated on a daily pro rata
basis. The proportion attributable to subsequent periods is deferred as a provision for unearned
premiums.
Reinsurance premiums are outward premiums due to reinsurance companies in accordance with the
tenor of the reinsurance contract, after adjusting for the unexpired portion, as at the end of the
period.
The result of the gross premium income and reinsurance premium expenses is the net premium
income accruing to the entity for the period.
When the Group acts in the capacity of an agent rather than as the principal in a transaction, the
revenue recognised is the amount of commission made by the Group. Commission on reinsurance is
recognised as income over the period of the underlying contracts. If the fees are for services provided
in future periods, then they are deferred and recognised over those future periods.
5.29 Contingency reserves
5.30 Retained earnings
5.31 Gross premium income
?Unearned premiums
?Reinsurance premium
?Net premium income
5.32 Commission on reinsurance
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ANNUALREPORT
2016
5.33 Investment income
5.34 Fees and other income
5.35 Realised/unrealised gains and losses
5.36 Underwriting and management expenses
?Underwriting expenses
?Brokers' and Agents' commissions
Investment income includes interest on bank placements, dividend income and rental income arising
from operating leases on investment properties, which are presented in the Income statement.
Income from any earmarked investment is credited to its source. Otherwise, the investment income is
distributed between the Insurance contract business, Investment contract business and shareholders'
account on the basis of average investments outstanding during the year as financed by the respective
funds.
The distribution is presented only as note to the financial statements.
Insurance contract policyholders are charged for surrenders and other contract fees. Investment
contract policyholders are charged for administration services, investment management services,
surrenders and other contract fees. These fees are recognised as revenues over the periods in which
the related services are performed. If the fees are for services provided in future periods then they are
deferred and recognised over those future periods.
Realized gains and losses include gains and losses arising from the disposal of financial instruments,
non-current assets held for sale and investment properties and they are recognised in the Income
statement of the period in which the disposal occurred.
Unrealised gains and losses include gains and losses arising from the fair valuation of financial assets,
non-current assets held for sale (that is, immediately before classification as held for sale) and
investment properties. Unrealised gains and losses arising from the fair valuation of investment
properties are recognised in the Income statement.
Expenses are recognised in the Statement of profit or loss and other comprehensive income when a
decrease in future economic benefit related to a decrease in an asset or an increase of a liability has
arisen that can be measured reliably. This means, in effect, that recognition of expenses occurs
simultaneously with the recognition of an increase in liabilities or a decrease in assets.
These are acquisition costs and other underwriting expenses, which include commissions to brokers
and other agents, business development costs and other technical expenses. The expenses are
accounted for on accrual basis.
The Group employs the services of brokers in marketing its insurance policies. Commissions paid to
the brokers are charged against revenue as underwriting expenses.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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5.37 Benefits and claims expenses
?Gross benefits and claims
?Reinsurance claims recoveries
?Salvage and subrogation reimbursements
5.38 Underwriting and management expenses
Gross benefits and claims for insurance contracts are included in the cost of all claims incurred during
the period including internal and external claims handling costs that are directly related to the
processing and settlement of claims as well as changes in the gross valuation of insurance liabilities.
Claims are recorded on the basis of notifications received.
Reinsurance claims recoveries are recognised when the related gross insurance claim expenses are
recognized according to the terms of the relevant contract.
Some insurance contracts permit the Group to sell (usually damaged) property acquired in settling a
claim (for example, salvage). The Group may also have the right to pursue third parties for payment of
some or all costs (for example, subrogation).
Estimates of salvage recoveries are included as an allowance in the measurement of the insurance
liability for claims, and salvage property is recognised in other assets when the liability is settled. The
allowance is the amount that can reasonably be recovered from the disposal of the property.
Subrogation reimbursements are also considered as an allowance in the measurement of the
insurance liability for claims and are recognis3ed in other assets when the liability is settled. The
allowance is the assessment of the amount that can be recovered from the action against the liable
third party.
Expenses are recognised in the Statement of profit or loss when a decrease in future economic benefit
related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably.
This means, in effect, that recognition of expenses occurs simultaneously with the recognition of an
increase in liabilities or a decrease in assets.
The Group's expenses are recognised in the statement of profit or loss on the following basis:
?As either directly attributable expenses on insurance contracts and investment contracts on one hand
and sundry business activities on the other hand. These expenses are accounted for wholly under the
businesses that they relate to;
?Common expenses, which are those other than the directly attributable expenses but excluding
brokers/ agents' allowances and commissions. The common expenses are allocated in the ratio
of 70:20:10 between insurance business, investment contract and shareholders' funds. The amount
allocated to insurance contract business is again distributed between Group Life and Individual life on
the basis of gross premium written in the year.
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ANNUALREPORT
2016
Brokers/ Agents' commissions and allowances
Net claims expenses
5.39 Dividends
5.40 Earnings per share
5.41 Conversion of foreign currencies
The Group employs the services of brokers/ agents in marketing its life policies and investment
contracts. Commissions paid to the agents/brokers are charged against revenue as underwriting
expenses.
Furthermore, the Group employs the services of agents in marketing its individual life policies and
investment contract products. Allowances and commissions paid to the agents are allocated on equal
basis between the individual life business and investment contract activities.
The result of the gross benefits and claims expenses and reinsurance claims recoveries is the net claims
expense for the period. Ceded reinsurance arrangements do not relieve the Group from its obligations
to policyholders.
"Policyholder benefits incurred comprise claims paid in the year and changes in the provision for
insurance contract liabilities. Benefits paid represent all payments made during the year, whether
arising from events during that or earlier years. Insurance contract liabilities represent the
estimated ultimate cost of settling all benefits accruing to policyholders and are discounted to the
present value."
Dividends on ordinary shares are recognised as a liability in the year in which they are declared.
Proposed dividends are accounted for as a separate component of equity until they have been
declared at an annual general meeting. Dividends for the year that are approved after the statement of
financial position date are dealt with as a non-adjusting event after the statement of financial position
date.
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares.
Basic earnings per share amounts are calculated by dividing the profit for the year attributable to
ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding
at the reporting date.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the
weighted average number of ordinary shares outstanding, adjusted for own shares held, for the
effects of all dilutive potential ordinary shares, which comprise convertible notes and share options
granted to employees.
On initial recognition, all transactions are recorded in the functional currency (the currency of the
primary economic environment in which the Group operates or transacts business), which is Nigerian
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
73PAGE
74PAGE
ANNUALREPORT
2016
Naira and Kobo. Transactions in foreign currencies during the year are converted into the functional
currency using the exchange rate prevailing at the transaction dates.
Monetary assets and liabilities at the statement of financial position date denominated in foreign
currencies are translated into the functional currency using the exchange rate prevailing as at that
date. The resulting foreign exchange gains and losses from the settlement of such transactions and
from year-end translation are recognised on a net basis in the income statement in the year in which
they arise.
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker (Board of Directors). Directors allocate resources to and assess the
performance of the operating segments of the Group. The operating segments are based on the
Group's management and internal operating structure. The directors consider the Group to comprise
three business segments: Group life assurance segment, Individual life assurance segment and
Investments management or savings links segment.
Where necessary, comparatives have been adjusted to conform to changes in presentation in the
current year. Where changes are made and affect the statement of financial position, a third statement
of financial position at the beginning of the earliest period presented is presented together with the
corresponding notes.
The financial statements are adjusted to reflect events that occurred between the statement of
financial position date and the date when the financial statements are authorised for issue, provided
they give evidence of conditions that existed at the statement of financial position date. Events that are
indicative of conditions that arose after the statement of financial position date are disclosed, but do
not result in an adjustment of the financial statements.
5.42 Segment reporting
5.43 Comparatives
5.44 Events after the statement of financial position date
Standard Alliance Insurance Plc and Its Subsidiary Company
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ANNUALREPORT
2016
CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016
Group Group Company Company
2016 2015 2016 2015
ASSETS NOTES N'000 N'000 N'000 N'000
Cash and cash equivalents 6 485,013 734,315 347,097 147,234
Financial Assets:
- At fair value through profit or loss 7.1 29,303 36,395 14,903 18,365
- Loans and receivables 7.2 84,095 80,224 4,323 12,629
- Available for sale investment 7.3 342,674 433,948 342,674 433,948
- Held to maturity 7.4 314,678 583,551 228,738 583,551
Reinsurance assets 8 955,467 1,032,984 475,048 492,673
Trade receivables 9 16,340 49,994 16,340 49,994
Other receivables and prepayments 10 44,294 65,074 22,510 28,117
Deferred acquisition costs 11 117,910 131,238 86,885 108,199
Investment in subsidiary company 12.1 -
-
277,673 406,728
Non current assets held for sale 13 -
1,890,433 - 1,890,433
Investment property 14 3,824,589 3,304,563 1,300,000 1,150,000
Intangible assets 15 13,480 11,757 7,230 8,241
Property, plant and equipment 16 6,257,177 2,897,893 6,178,413 2,770,510
Statutory deposit 17 535,000 535,000 335,000 335,000
TOTAL ASSETS 13,020,020 11,787,369 9,636,834 8,435,622
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Insurance contract liabilities 18 5,022,163
4,404,741 2,443,530 2,226,847
Investment contract liabilities 19 590,676
630,239 - -
Trade payables 20 75,670
157,331
15,632 75,986
Other payables and accruals 21 538,464
469,627
757,737 516,749
Borrowings 22 1,269,650
795,918 1,269,650 795,918
Finance lease obligations 23 80,676
136,698
66,998 111,800
Income tax liabilities 24 204,136 214,013
171,316 170,561
Deferred tax liabilities 25 586,662
382,004
563,191 361,291
TOTAL LIABILITIES 8,368,097 7,190,571 5,288,054 4,259,152
SHAREHOLDERS' EQUITY
Share capital 26 5,996,587 5,996,587 5,996,587 5,996,587
Share premium 27 7,667,475 7,667,475 7,667,475 7,667,475
Contingency reserves 28 1,505,600 1,411,579 1,461,555 1,386,196
Accumulated loss 29 (13,870,648) (12,552,146) (13,853,338) (12,553,495)
Revaluation reserves 30 3,076,501 1,616,101 3,076,501 1,616,101
Fair value reserves 31 - 63,606 - 63,606
Total equity attributable to the owners of the parent 4,375,515 4,203,202 4,348,780 4,176,469
Non-controlling interest in equity 32 276,408 393,596 - -
TOTAL EQUITY 4,651,923 4,596,798 4,348,780 4,176,469
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 13,020,020 11,787,369 9,636,834 8,435,622
The financial statements were approved by the Board of Directors on 31 March 2017 and signed on
its behalf by:
Restated
Standard Alliance Insurance Plc and Its Subsidiary Company
75PAGE
ANNUALREPORT
2016
CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2016
Group Group Company Company
NOTE 2016 2015 2016 2015
N'000 N'000 N'000 N'000
Gross premium written 33 4,378,185 5,235,571 2,511,965 2,956,271
Unearned premium 33 (37,763) 190,614 (7,998) 113,843
Gross premium income 4,340,422 5,426,185 2,503,967 3,070,114
Reinsurance expenses 34 (692,015) (853,396) (495,787) (602,574)
3,648,407
4,572,789
2,008,180
2,467,540
Commission income 35 118,816
341,341
37,340
52,044
Net underwriting income 3,767,223
4,914,130
2,045,520
2,519,584
Claims expenses (net) 36 (1,436,046)
(1,718,166) (851,594) (777,410)
Changes in investment contract liabilities (392,339)
(323,895)
-
-
Underwriting expenses 37 (1,666,991)
(1,638,071)
(517,501)
(599,154)
(3,495,376)
(3,680,132)
(1,369,095)
(1,376,564)
271,847
1,233,998
676,425
1,143,020
Investment and other income 38 288,475 313,325 222,255 197,132
Loss on investment contract liabilities 39 (158,374)
(103,340)
-
-
Management expenses 40 (1,515,825)
(1,484,138)
(1,426,478)
(1,323,958)
Finance charges 41 (189,904)
(286,350)
(185,898)
(263,349)
Write back on other assets 42 -
858,611
-
945,216
Fair value loss on financial assets 7.5 (45,860)
(18,317)
(42,230)
(16,072)
Gain on disposal of financial assets 7.3.4 -
153,765
-
153,765
Fair value gain on investment properties 14.2 520,026
394,000
150,000
65,000
Loss on disposal of investment properties 14.1 -
(125,000)
-
(125,000)
Foreign exchange loss 22.1 (385,289)
(117,514)
(385,289)
(117,514)
Share of loss/ profit of subsidiary -
-
(129,055)
55,627
(1,214,904)
819,040
(1,120,270)
713,867
Income tax 24 (126,765)
68,441
(104,214)
96,371
(1,341,669)
887,481
(1,224,484)
810,238
Fair value loss on financial assets 31 (63,606)
(436,930) (63,606) (436,930)
Revaluation surplus on building 30 1,460,400
501,583 1,460,400 501,583
55,125 952,134 172,310 874,891
Owners of equity (1,224,481) 836,970 (1,224,484) 810,238
Non controlling interest 32 (117,188) 50,511 - -
(1,341,669) 887,481 (1,224,484) 810,238
(10.13) 6.83 (9.34) 5.95
Restated
Net premium income
Total underwriting expenses
Underwriting profit
(Loss)/profit before taxation
Loss for the year
Other comprehensive income
Item that are or may be reclassified to profit or loss:
Items that will be classified to profit or loss:
Total comprehensive income for the year
(Loss)/profit attributable to:
(Loss)/profit per share : Basic/diluted
76PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
ANNUALREPORT
2016
Share Share Contingency Retained Revaluation Fair valueNon
ControllingGroup Capital Premium Reserves Earnings Reserves Reserves Total Interest Total
N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
3,301,579 343,085 3,644,664
Total comprehensive income for the year:
Profit for the year
836,970 50,511 887,481
Transfer to contingency reserve (Note 28)
- - -
Revaluation surplus on building (Note 30)
501,583 - 501,583
Fair value loss on quoted shares - Available for sale(Note 31)
(436,930) - (436,930)
Total comprehensive income for the year
901,623 50,511 952,134
Dividends to equity holders
- - -
Total transactions with owners
- - -
4,203,202 393,596 4,596,798
4,203,202 393,596 4,596,798
Loss for the year (1,224,481) (117,188) (1,341,669)
Transfer to contingency reserve (Note 28)
- - -
Revaluation surplus on building (Note 30) 1,460,400 - 1,460,400
Fair value loss on quoted shares - Available for sale(Note 31) (63,606) - (63,606)
Total comprehensive income for the year 172,313 (117,188) 55,125
Dividends to equity holders - - -
Total transactions with owners - - -
5,996,587
-
-
-
-
-
-
-
5,996,587
5,996,587
-
-
-
-
-
-
-
5,996,587
7,667,475
-
-
-
-
-
-
-
7,667,475
7,667,475
-
-
-
-
-
-
-
7,667,475
1,243,423
-
168,156
-
-
168,156
-
-
1,411,579
1,411,579
-
94,021
-
-
94,021
-
-
1,505,600
(13,220,960)
836,970
(168,156)
-
-
668,814
-
-
(12,552,146)
(12,552,146)
(1,224,481)
(94,021)
-
-
(1,318,502)
-
-
(13,870,648)
1,114,518
-
-
501,583
-
501,583
-
-
1,616,101
1,616,101
-
-
1,460,400
-
1,460,400
-
-
3,076,501
500,536
-
-
-
(436,930)
(436,930)
-
-
63,606
63,606
-
-
-
(63,606)
(63,606)
-
-
- 4,375,515 276,408 4,651,923
Balance 1 January, 2015
Other comprehensive income:
Transactions with owners recorded directly in equity
Contributions by and distribution to owners
Balance 31 December, 2015
Balance 1 January, 2016
Total comprehensive income for the year:
Other comprehensive income:
Transactions with owners recorded directly in equity
Contributions by and distribution to owners
Balance 31 December, 2016
STATEMENT OF CHANGES IN EQUITYYEAR ENDED 31 DECEMBER 2016
Standard Alliance Insurance Plc and Its Subsidiary Company
77PAGE
Share Share Contingency Retained Revaluation Fair value
Company Capital Premium Reserves Earnings Reserves Reserves Total
N'000 N'000 N'000 N'000 N'000 N'000 N'000
Balance 1 January, 2015 5,996,587
7,667,475 1,243,423
(13,220,960) 1,114,518 500,536 3,301,579
Total comprehensive income for the year:
Profit for the year -
-
-
- - 810,238
Transfer to contingency reserve (Note 28) -
-
142,773
- - -
Other comprehensive income:
Revaluation surplus on building (Note 30) -
-
-
501,583 - 501,583
Fair value loss on quoted shares - Available for sale(Note 31) -
-
-
- (436,930) (436,930)
Total comprehensive income for the year -
-
142,773
501,583 (436,930) 874,890
Transactions with owners recorded directly in equity
Contributions by and distribution to owners
Dividends to equity holders -
-
-
- - -
Total transactions with owners -
-
-
- - -
Balance 31 December, 2015 5,996,587
7,667,475 1,386,196
1,616,101 63,606 4,176,469
Balance 1 January, 2016 5,996,587
7,667,475 1,386,196
1,616,101 63,606 4,176,469
Total comprehensive income for the year:
Loss for the year -
-
-
- - (1,224,484)
Transfer to contingency reserve (Note 28) - - 75,359 - - -
Other comprehensive income:
Revaluation surplus on building (Note 30) - - - 1,460,400 - 1,460,400
Fair value loss on quoted shares - Available for sale(Note 31) -
-
-
- (63,606) (63,606)
Total comprehensive income for the year - - 75,359 1,460,400 (63,606) 172,310
Transactions with owners recorded directly in equity
Contributions by and distribution to owners
Dividends to equity holders - - - - - -
Total transactions with owners - - - - - -
Balance 31 December, 2016 5,996,587 7,667,475 1,461,555
810,238
(142,773)
-
-
667,465
-
-
(12,553,495)
(12,553,495)
(1,224,484)
(75,359)
-
-
(1,299,843)
-
-
(13,853,338) 3,076,501 - 4,348,780
ANNUALREPORT
2016
STATEMENT OF CHANGES IN EQUITYYEAR ENDED 31 DECEMBER 2016
78PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2016
ANNUALREPORT
2016
Group Group Company Company2016 2015 2016 2015
Cash ?ows from operating activities NOTES N'000 N'000
N'000 N'000
Premium received from policy holders 45 4,411,839 5,807,248 2,545,619 3,052,766
Cash received on investment contract 19 1,321,679 1,278,175 -
Interest received on investments 38 100,444 149,132 61,587 86,103
Interest on treasury bills 38 6,138 - 3,738
Other income 38 14,175
12,469
7,892
10,487
Claims paid 18.2.1 (1,531,907)
(2,139,516)
(700,794)
(886,558)
Claims recovered 36 283,130
359,586
57,864
47,384
Fees and commission 35 95,974
338,141
37,340
52,044
Cash payments for reinsurance (548,688)
(853,396)
(527,381)
(602,574)
Brokers/Agents commissions and allowances 37 (672,823)
(867,072)
(291,849)
(381,412)
Cash payments to employees, suppliers and others (1,957,352)
(2,085,408)
(1,106,514)
(1,077,314)
Loans against policy 7.2.1b (15,448)
(5,143)
-
-
Cash withdrawals on investment contract 19 (1,739,759)
(1,551,036)
-
-
(232,597)
443,180
87,502
300,926
Taxes paid: Income tax 24 (94,251)
(67,353)
(63,826)
(67,353)
VAT (2,986)
(3,498)
-
-
Net cash (used in)/ generated from operating activities (329,834)
372,329
23,676
233,573
Cash ? ows from investing activities
Purchase of Property, plant and equipment 16 (44,211) (154,859) (41,206) (114,290)
Purchase of Intangible assets 15 (15,000) (3,620) (7,500) (3,620)
Investment in financial assets through profit or loss 7.1 (100)
-
(100)
-
Decrease/(increase) in held to maturity financial assets 7.4.1 275,010
(583,551)
354,813
(583,551)
Proceeds from sale of Property, plant and equipment 3,750
1,218
2,830
1,218
Proceeds from sale of financial assests through profit or loss 7.1.1 -
40,584
-
40,584
Proceeds from sale of available for sales financial assets 7.3.1 -
164,093
-
164,093
Proceeds from sales of investment property 14.1 -
210,000
-
210,000
Rent from investment properties 21.1 17,816
49,569
9,016
33,821
Dividend received 38 750
22,393
591
15,881
Income on investment in Blueberry projects 38 11,000
-
11,000
-
Acquisition of interest in Blueberry project 7.3.3 (11,000)
(75,328)
(11,000)
(75,328)
Net cash generated from/ (used in) investing activities 238,015
(329,501)
318,444
(311,192)
Cash ? ows from financing activities
Finance charges 41 (45,399)
(286,350)
(41,393)
(263,349)
Repayment of Daewoo loan 22.1 -
(248,476)
-
(248,476)
Repayment of term loan 22.2 (56,062)
(43,950)
(56,062)
(43,950)
Lease financing (net) 23 (56,022)
94,578
(44,802)
79,392
Net Cash outflow from financing activities (157,483)
(484,198)
(142,257)
(476,383)
Net (decrease)/increase in cash and cash equivalents (249,302)
(441,370)
199,863 (554,002)
Cash and cash equivalents at the beginning of the year 734,315 1,175,685 147,234 701,236
Cash and cash equivalents at the end of the year 485,013 734,315 347,097 147,234
Cash and cash equivalent comprise:
Cash in hand 2,183 1,500 2,042 1,500
Current Bank accounts balances 281,172 236,870 209,830 66,021
Short term deposits - Local banks 201,658 495,945 135,225 79,713
485,013 734,315 347,097 147,234
Standard Alliance Insurance Plc and Its Subsidiary Company
79PAGE
ANNUALREPORT
2016
Group Group Company Company
2016 2015 2016 2015
Cash and cash equivalents N'000 N'000 N'000 N'000
Cash in hand 2,183
1,500
2,042 1,500
Bank balances 281,172
236,870
209,830 66,021
Short term deposits 201,658
495,945
135,225 79,713
485,013
734,315
347,097
147,234
Included in short term deposits is a sum of N2,476,007 (2015: N2,383,000) being unclaimed dividends returned by First
Registrars as instructed by Securities and Exchange Commission. This amount is included in other payables and accruals
(Note 21).
Short-term deposits are made for varying periods of between one day and three months depending on the immediate cash
requirements of the Company.
Treasury bill which was classified as part of cash and cash equivalent in the year 2015 has been reclassified in the year 2016 as
financial assets held to maturity as shown in note 7 below
Financial assets N'000 N'000 N'000 N'000
At fair value through profit or loss (FVTPL) (Note 7.1)
Loans and receivables (Note 7.2)
Available for sale investment (Note 7.3)Held to maturity investment (Note 7.4)
Financial assets at fair value through profit or lossQuoted investments
N'000 N'000 N'000 N'000
Cost 391,859
416,371
309,921 334,433
Additions 100
-
100 -
Disposals -
(24,512)
- (24,512)
Fair value changes (Note 7.1.2) (362,656)
(355,464)
(295,118) (291,556)
Market Value 29,303
36,395
14,903 18,365
The disposal is further analysed thus: N'000 N'000 N'000 N'000
Cost of investment disposed -
(24,512)
- (24,512)
Proceeds on investment disposed -
40,584
- 40,584
Gain on investment disposed -
16,072
- 16,072
The fair value changes are further analysed thus: N'000 N'000 N'000 N'000
At 1 January (355,464)
(337,147)
(291,556) (275,484)
Increase in fair value losses (7,192)
(18,317)
(3,562) (16,072)
At 31 December (362,656)
(355,464)
(295,118) (291,556)
Analysis of the fair value of the Company's investments in listed entities is shown below: N'000 N'000 N'000 N'000
ABC Transport Plc 5,173 5,174 5,174 5,174
Africa Prudential Registrars Plc 27 22 - -
Larfarge 1,850 4,003 - -
Cornerstone Insurance Plc 175 175 - -
Dangote Sugar Refineries Plc 1,833 1,809 - -
Dangote Flour Mills Plc 128 34 1,832 1,809
Diamond Bank Plc 264 690 264 690
Ecobank Transnational Plc 136 192 66 108
First City Monument Bank Plc 2,089 3,209 1,760 2,704
Fidelity Bank Plc 2,007 3,584 2,007 3,584
29,303
36,395
14,903 18,365
84,095
80,224
4,323 12,629
342,674
433,948
342,674 433,948
314,678 583,551 228,738 583,551
770,750 1,134,118 590,638 1,048,493
6
7
7.1
7.1.1
7.1.3
7.1.2
80PAGE
FINANCIAL STATEMENTS, 31 DECEMBER 2016 OTHER NOTES TO THE FINANCIAL STATEMENTS
Standard Alliance Insurance Plc and Its Subsidiary Company
ANNUALREPORT
2016
Group Group Company Company
2016 2015 2016 2015
N'000 N'000 N'000 N'000
First Bank of Nigeria Limited 3,269 5,006 2,222
Guaranty Trust Bank Plc 1,081 795 -
Nigerian Aviation Handling Company 1,642 1,965 -
OANDO 181 227 -
Skye Bank Plc 551 1,742 498
Standard Alliance Insurance Plc 2,853 2,853 -
UBA Capital 97 46 -
United Bank for Africa Plc 3,661
2,786
1,551
Halal lotus capital 100
-
-
WAPIC Insurance Plc 25
25
25
Zenith Bank Plc 2,161
2,058
-
29,303
36,395
18,418
Loans and receivables N'000 N'000 N'000 N'000
Loans against policies (Note 7.2.1a) 78,623
63,175
- -
Standard Alliance Properties Limited (Note 7.2.1c) -
-
- -
Staff debtors 5,472
17,049
1,451
-
-
-
158
-
-
2,066
100
25
-
14,903
4,323 12,629
84,095
80,224
4,323 12,629
Loans against policies
2016 2015 2016 2015
N'000 N'000 N'000 N'000
GSL policy loan 16,802 15,171 - -
Standard Life Accumulator Scheme 3,175
3,175
- -
Special Personel Policy 3,993
3,417
- -
Flexible Assurance scheme 113
-
- -
Personal Providence Plan 42,527
36,412
- -
Annuity Policy Loan 6,653
- -
Deposit Link Assurance 5,000
5,000
- -
Agency loan 360
-
- -
78,623
63,175
- -
Movement in loan against policy N'000 N'000 N'000 N'000
At 1 January 63,175
58,032
- -
Addition during the year 15,448
5,143
- -
At 31 December 78,623
63,175
- -
Standard Alliance Properties Limited N'000 N'000 N'000
Balance, beginning of the year -
1,890,433
-
Interest income for the year -
-
-
-
1,890,433
-
Acquisition of properties as repayment (Note 13) -
(1,890,433)
-
Balance, end of the year -
-
-
N'000
1,890,433
-
1,890,433
(1,890,433)
-
The Company grants commercial loans to life policyholders. The surrender values serve as collaterals for the loans. The details
of the loans are as shown below
OTHER NOTES TO THE FINANCIAL STATEMENTS
7.2
7.2.1a
7.2.1b
7.2.1c
Standard Alliance Insurance Plc and Its Subsidiary Company
-
81PAGE
ANNUALREPORT
2016
Standard Alliance Properties Limited transferred a warehouse at lekki, a land at abuja and a bare site at lekki
valued at N500million, N950million and N440.433million respectively to Standard Alliance Insurance Plc in the
year 2015 in full repayment of the loan. These properties were classified as Non-current assets held for sale and
subsequently reclassified to property, plant and equipment.
Impairment provision
At 1 January
Write back of provision for impairment (Note 42)
At 31 December
Quoted shares in Transcorp Plc (Note 7.3.1)
Lagoon Homes Saving & Loans Ltd (Note 7.3.2)
Investment in Blueberry Project (Note 7.3.3)
Investment in quoted shares (Transcorp Plc)
Balance, beginning of the year
Disposal during the year
Balance, end of the year
Fair value gain
Market value
Disposal during the year
Cost at the beginning of the year
Write back of fair value gain on disposal
Proceeds on investment disposed
Gain on investment disposed
Fair value changes are further analysed as follows:At 1 JanuaryFair value realised loss on disposalFair value loss during the year written off to fair value reserves (Note 30) Impairment of available for sales financial assets At 31 December
Lagoon Home Savings and Loans Limited
5% 5 year Redeemable preference share
Impairment provision
Impairment provision
At 1 January
Impairment allowance for the year
At 31 December
Group Group
2016 2015
N'000 N'000
-
945,216
-
(945,216)
-
-
N'000 N'000
154,046
256,320
-
-
188,628
177,628
342,674
433,948
N'000 N'000
120,835
147,235
-
(26,400)
120,835
120,835
33,211
135,485
154,046 256,320
N'000 N'000
-
171,600
-
(145,200)
-
26,400
-
(164,093)
-
(137,693)
N'000 N'000
135,485 572,415
-
(145,200)
(63,606)
(291,730)
(38,668)
-
33,211 135,485
N'000 N'000
162,848 162,848
(162,848) (162,848)
- -
N'000 N'000
162,848 162,848
- -
162,848 162,848
Company
2016
N'000
-
-
-
N'000
154,046
-
188,628
342,674
N'000
120,835
-
120,835
33,211
154,046
N'000
-
-
-
-
-
N'000
135,485
-
(63,606)
(38,668)
33,211
N'000
162,848
(162,848)
-
N'000
162,848
-
162,848
Company
2015
N'000
945,216
(945,216)
-
N'000
256,320
-
177,628
433,948
N'000
147,235
(26,400)
120,835
135,485
256,320
N'000
171,600
(145,200)
26,400
(164,093)
(137,693)
N'000
572,415
(145,200)
(291,730)
-
135,485
N'000
162,848
(162,848)
-
N'000
162,848
-
162,848
Standard Alliance Insurance Plc converted its term deposit and current accounts balances with Lagoon Homes Savings and Loans Limited to a 5% 5 years preference shares holding in the financial institution in the year 2013.
During the year 2014, the investment in Lagoon Homes was fully impaired due to withdrawal of its licence by the Central Bank of Nigeria and subsequent takeover by the NDIC.
Available for sale financial assets7.3
7.3.1
7.3.2
82PAGE
OTHER NOTES TO THE FINANCIAL STATEMENTS
Standard Alliance Insurance Plc and Its Subsidiary Company
Group Group Company Company2016 2015 2016 2015
Investment in Blueberry Technology Solutions Limited N'000 N'000 N'000 N'000
Balance, beginning of the year 177,628 102,300 177,628 102,300
Additions during the year 11,000 75,328 11,000 75,328
Balance, end of the year 188,628 177,628 188,628 177,628
Gain on disposal of financial assets N'000 N'000 N'000 N'000
Gain on disposal of Financial assets at FVTPL (Note 7.1.1) -
16,072
-
16,072
Gain on disposal of Available for sale investment (Note 7.3.1) -
137,693
-
137,693
-
153,765
-
153,765
Held to maturity financial assets N'000 N'000 N'000 N'000
Treasury bills 314,678 583,551 228,738 583,551
Movement in held to maturity financial assets N'000 N'000 N'000 N'000
At 1 January 583,551
-
583,551
-
Additions during the year -
583,551
-
583,551
Liquidation during the year (275,010) - (358,551) -
Interest during the year (Note 37) 6,137 - 3,738 -
At 31 December 314,678 583,551 228,738 583,551
Fair value loss on financial assets N'000 N'000 N'000 N'000
Financial assets at fair value through profit or loss 7,192
18,317
3,562
16,072
Available for sale financial assets - Transcorp Plc 38,668
-
38,668
-
45,860
18,317
42,230
16,072
Reinsurance assets N'000 N'000 N'000 N'000
Claims recoverable;
- Non - life business 379,304
368,169
379,304
368,169
- Life business 392,821
382,259
-
-
772,125
750,428
379,304
368,169
Deferred reinsurance cost
- Non - life business 95,744
124,504
95,744
124,504
- Life business 87,598
158,052
-
-
183,342 282,556 95,744 124,504
Total reinsurance assets 955,467 1,032,984 475,048 492,673
Movement in deferred reinsurance cost N'000 N'000 N'000 N'000
At 1 January 282,556 390,044 124,504 191,115
Additions during the year 467,027 745,908 467,027 535,963
Amortisation during the year (566,241) (853,396) (495,787) (602,574)
At 31 December 183,342 282,556 95,744 124,504
The reinsurance assets are of current maturity.
ANNUALREPORT
2016
This represents the Company's investment in Blueberry Technology Solutions Limited under a joint venture arrangement for the provision of
Electronic National Drivers' and Vehicles Identification System (ENDVIS) for the Kaduna State Government. Under the terms of agreement
investment is expected to be recovered within a period of 5 years and revenue from the project is to be shared by the parties. Total income
accruing from the investment in 2016 was N11,000,000 (2015: Nil)
Held to maturity financial assets refers to the Company's investment in treasury bill which have a tenor of 182days fair valued at a discounted
rate of 14%. The investment was placed on 23 November 2016 and will mature by 22 May 2017. The outstanding maturity period as at 31
December 2016 is 141days
This represents amount recoverable from reinsurers in respect of claims incurred and reinsurance premium paid of which risk has not expired.
7.3.3
7.3.4
7.4
7.4.1
7.5
8
8.1
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
83PAGE
ANNUALREPORT
2016
Trade receivables N'000 N'000 N'000 N'000
Amount due from Insurance Brokers 16,340
49,994
16,340
49,994
Age analysis N'000 N'000 N'000 N'000
0-90 days 16,340 49,994 16,340 49,994
91-180 days - - - -
16,340 49,994 16,340 49,994
Other receivables and prepayments N'000 N'000 N'000 N'000
Prepayments 12,062 35,804 3,743 12,003
Interest receivable 31,576 28,614 18,767 16,114
Deposit for quoted shares (Note 10.1) 656 656 - -
44,294 65,074 22,510 28,117
The balance of N16,339,558 due from insurance brokers has been fully received subsequent to year end.
Deposit for quoted shares represents the Company’s subscription for right issues in Access Bank which are yet to be alloted.
9
10
10.1
Deferred acquisition costs
Motor
Aviation
Engineering
Fire
General Accident
Marine
Bond
Oil & Gas
Life businesses
The movement in deferred acquisition cost is:
At 1 January
Additions during the year
Amortisation for the year
At 31 December
Investment in related companies
The Company has equity investments in the following entities:
Investment in Subsidiary
Standard Alliance Life Assurance Limited (52.41%)
N'000
277,673
N'000
406,728
Group
2016
N'000
23,058
959
5,190
27,028
13,968
7,545
5,943
3,194
31,025
117,910
N'000
131,238
385,360
(398,688)
117,910
Group
2015
N'000
21,848
170
8,192
19,774
31,239
17,026
5,791
4,159
23,039
131,238
N'000
125,904
872,406
(867,072)
131,238
Company
2016
N'000
23,058
959
5,190
27,028
13,968
7,545
5,943
3,194
-
86,885
N'000
108,199
270,535
(291,849)
86,885
Company
2015
N'000
21,848
170
8,192
19,774
31,239
17,026
5,791
4,159
-
108,199
N'000
96,442
440,173
(428,416)
108,199
Approval was obtained from both the Securities and Exchange Commission (SEC) and the National Insurance Commission
(NAICOM) in 2016 for the merger with the subsidiary. Subsequent to Statement of Financial Position date, court sanction
of the merger was obtained.
11
12
12.1
84PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
ANNUALREPORT
2016
Investment In Associates
Standard Alliance Life Assurance Limited (47.41%)
Standard Alliance Life Assurance Limited N'000 N'000
Cost 1,938,497 1,905,000
Additions during the year - 33,497
Share of post acquisition reserve (Note 12.3) (1,660,824) (1,531,769)
277,673 406,728Share of post acquisition profit or lossesStandard Alliance Life Assurance Limited N'000 N'000
At 1 January (1,531,769) (1,587,396)
Share of current year (loss)/profit (Note 12.3) (129,055) 55,627
At 31 December (1,660,824) (1,531,769)
The investments are accounted for using the equity method and further details of the investments balances are:
2016 2015
Summary of financial statements of Associates:Standard Alliance Life Assurance Limited
N'000 N'000
Property, plant and equipment 78,765 127,383
Investment property 2,524,589 2,154,563
Other assets 1,412,347 1,490,423
Liabilities (3,434,887) (3,098,605)
Net assets 580,814 673,764
Revenue 1,836,455 2,356,071
(Loss)/profit before taxation (233,692) 134,069
(Loss)/profit after taxation (246,243) 106,139
52.41% thereof (129,055) 55,627
Non current assets held for sale N'000 N'000 N'000 N'000
Cost at 1 January 1,890,433
-
1,890,433 -
Additions during the year (Note 7.2.1c) -
1,890,433
- 1,890,433
Transfer to property, plant and equipment (Note 16) (1,890,433)
-
(1,890,433) -
At 31 December -
1,890,433
- 1,890,433
These comprise the following properties: N'000 N'000 N'000 N'000
1. Warehouse, Oreki Village, Ibeju Lekki 500,000 500,000 500,000 500,000
2. Land along Airport Road, Lugbe, Abuja, 950,000 950,000 950,000 950,000
3. Bare site, shapati village, ibeju Lekki 440,433 440,433 440,433 440,433
1,890,433 1,890,433 1,890,433 1,890,433
Investment Properties
Cost at 1 January
Disposal during the year
Cost at 31 December
Fair value gain (Note 14.2)
Market value
N'000 N'000 N'000 N'000
2,177,001 2,527,001 1,085,000 1,435,000
- (350,000) - (350,000)
2,177,001 2,177,001 1,085,000 1,085,000
1,647,588 1,127,562 215,000 65,000
3,824,589 3,304,563 1,300,000 1,150,000
All properties are intended for sale by the Company in the short term. Non current assets held for resale represents properties recovered from Standard Alliance Properties Limited in full repayment of the loan which were previously classified as loans and receivables. These have been transfered to property,plant and equipment during the year.
12.2
12.2.1
12.3
12.4
13
14
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
85PAGE
Group Group Company Company2016 2015 2016 2015
Loss on disposal of investment properties N'000 N'000 N'000 N'000
Cost -
350,000 - 350,000
Disposal expenses -
5,000 - 5,000
-
355,000 - 355,000
Fair value loss written back (Note 14.2) -
(20,000) - (20,000)
Market value -
335,000 - 335,000
Proceeds from sale of investment properties -
(210,000) - (210,000)
Loss on disposal -
125,000 - 125,000
Movement in fair value gain N'000 N'000 N'000 N'000
At 1 January 1,127,562
713,562
65,000 (20,000)
Gain for the year 520,026
394,000
150,000 65,000
Write back on disposal -
20,000
- 20,000
At 31 December 1,647,588
1,127,562
215,000 65,000
Fair value of invesment properties are stated below: Cost Cost
250 hecters of farmland at Mydumbi Village, N'000 N'000 N'000 N'000 N'000 N'000
Kaduna-Zaria Road, Kaduna 40,000 50,000
50,000
40,000 100,000 50,000
Twin Duplex, Parkview Estate, Ikoyi-Lagos - -
-
- - -
11 units of 4-bedroom terrace houses at New
County Estate, Lekki, Lagos 1,045,000 1,200,000 1,100,000 1,045,000 1,200,000 1,100,000
The 10 units of 2 Bedroom Terrace houses and
a wing of 4 bedroom duplex, Lekki, Lagos 302,105 495,000 445,000 - - -
The six (6) storey lettable office complex - Ebute Metta 201,301 599,589 529,563 - - -
The 6 bedroom detached house, Asokoro-Abuja 268,595 850,000 600,000 - - -
Abuja plot of land, Cadasral Zone 320,000 580,000 580,000 - - -
2,177,001 3,774,589 3,304,563 1,085,000 1,300,000 1,150,000
Intangible assets
Computer software
Cost N'000
At 1 January 39,812
Additions 3,620
Write off -
At 31 December 43,432
Amortisation N'000
At 1 January 32,126
Amortisation for the year 3,065
Write off -
At 31 December 35,191
Carrying amount at 31 December 8,241
ValuationValuation
N'000
136,548
15,000
(136,548)
15,000
N'000
124,791
7,175
(130,446)
1,520
13,480
N'000
132,928
3,620
-
136,548
N'000
103,103
21,688
-
124,791
11,757
N'000
43,432
7,500
(43,432)
7,500
N'000
35,191
3,259
(38,180)
270
7,230
ANNUALREPORT
2016
The intangible asset relates to the Company's accounting software packages (Turnquest) bought from Turnkey Africa, a Company registered in Nairobi, Kenya. The Turnquest was replaced in 2016 with GIBS, an underwriting solution software bought from Intteck Global systems. The carrying amount of the former software(Turnquest) which is no longer being used by the Company has been derecognised from the Company's book during the year.
14.1
14.2
15
The Company's investment properties are properties held to earn rentals or capital appreciation or both. A sum of N18.3million was earned as rentals from investment properties during the year.The transfer documents on the 250 hectares of land at Mydumbi Village, Kaduna valued at N40 million has been fully executed but issues relating to consent and ownership have not been perfected. The Twin Duplex located at Parkview Estate, Ikoyi-Lagos, valued at N330 million was disposed during the year 2015.
86PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
ANNUALREPORT
2016
Property, plant and equipment - Group
Land Building Motor
vehicles
Furniture
and
fittings
Computer
and other
equipment
Total
N'000 N'000 N'000 N'000 N'000 N'000
290,000
1,923,500
750,138
219,786 425,258 3,608,682
-
-
122,874
4,514 27,471 154,859
-
(157,314)
-
- - (157,314)
165,000
392,314
-
- - 557,314
-
-
(13,800)
(590) (14,390)
455,000
2,158,500
859,212
224,300 452,139 4,149,151
455,000
2,158,500
859,212
224,300 452,139 4,149,151
-
-
39,710
1,077 3,424 44,211
1,390,433
500,000
-
- - 1,890,433
(53,100)
-
- - (53,100)
645,000
977,666
-
- - 1,622,666
-
-
(55,573)
- - (55,573)
-
-
-
- (3,982) (3,982)
2,490,433
3,583,066
843,349
225,377 451,581 7,593,806
-
119,071
641,073
131,086 345,283 1,236,513
-
38,476 96,214 19,180 31,650 185,520
-
-
(13,344)
- (117) (13,461)
- (157,314) - - - (157,314)
- 233 723,943 150,266 376,816 1,251,258
- 233 723,943 150,266 376,816 1,251,258
- 53,170 91,423 19,281 30,170 194,044
- - (55,573) - - (55,573)
- (53,100) - - - (53,100)
- 303 759,793 169,547 406,986 1,336,629
455,000 2,158,267 135,269 74,034 75,323 2,897,893
Cost
At 1 January 2015
Additions
Transfer to accumulated depreciation on revaluation
Revaluation surplus
Disposals
At 31 December 2015
At 1 January 2016
Additions
Transfer from non current assets held for sales (Note 13)
Transfer to accumulated depreciation on revaluation
Revaluation surplus (Note 30)
Disposals
Write off
At 31 December 2016
Accumulated depreciation and impairment
At 1 January 2015
Charge for the year
On disposals
Transfer to accumulated depreciation to cost
At 31 December 2015
At 1 January 2016
Charge for the year
On disposals
Transfer to accumulated depreciation to cost
At 31 December 2016
Carrying amounts as at:
31 December 2015
31 December 2016 2,490,433 3,582,763 83,556 55,830 44,595 6,257,177
16
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
-
-
87PAGE
ANNUALREPORT
2016
Land Building Motor
vehicles
Furniture
and
fittings
Computer
and other
equipment
Total
Cost N'000 N'000 N'000 N'000 N'000 N'000
At 1 January 2015 290,000
1,920,000
422,663
128,068
253,992 3,014,723
Additions -
-
85,720
3,457
25,113 114,290
Transfer to accumulated depreciation on revaluation -
(157,314)
-
-
- (157,314)
Revaluation surplus 165,000
392,314
-
-
- 557,314
Disposals -
-
(13,800)
(590) (14,390)
At 31 December 2015 455,000
2,155,000
494,583
131,525
278,515 3,514,623
At 1 January 2016 455,000
2,155,000
494,583
131,525
278,515 3,514,623
Additions -
-
39,710
507
989 41,206
Transfer from non current assets held for sales (Note 13) 1,390,433
500,000
-
-
- 1,890,433
Transfer to accumulated depreciation on revaluation (53,100)
-
-
- (53,100)
Revaluation surplus (Note 30) 645,000
977,667
-
-
- 1,622,667
Disposals -
-
(26,769)
-
- (26,769)
Write off -
-
-
-
(3,982) (3,982)
At 31 December 2016 2,490,433
3,579,567
507,524
132,032
275,522 6,985,078
Accumulated depreciation and impairment
At 1 January 2015 -
118,908
383,090
78,510
211,609 792,117
Charge for the year -
38,406
54,568
10,607
19,558 123,139
On disposals -
-
(13,665)
-
(164) (13,829)
Transfer to accumulated depreciation to cost -
(157,314)
-
-
- (157,314)
At 31 December 2015 -
-
423,993
89,117
231,003 744,113
At 1 January 2016 - - 423,993 89,117 231,003 744,113
Charge for the year - 53,100 58,425 10,617 20,279 142,421
On disposals - - (26,769) - - (26,769)
Transfer to accumulated depreciation to cost - (53,100) - - - (53,100)
At 31 December 2016 - - 455,649 99,734 251,282 806,665
Carrying amounts as at:
31 December 2015 455,000 2,155,000 70,590 42,408 47,512 2,770,510
31 December 2016 2,490,433 3,579,567 51,875 32,298 24,240 6,178,413
Property, plant and equipment - Company16
88PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
-
ANNUALREPORT
2016
Land and Building was professionally valued by Messrs Osaro Eguasa & Co. FRC/2012/0000000000423 (Estate
Surveyors and Valuers) as at 31 December, 2015 on the basis of their open market values. The revised value of
the properties was N2,613,500,000 resulting in a surplus on revaluation of N557,314,000 which has been
credited to the property, plant and equipment revaluation account. The revaluation report was dated 31
December 2015.
Land and Building was professionally valued by Messrs Osaro Eguasa & Co. FRC/2012/0000000000423 (Estate
Surveyors and Valuers) as at 31 December, 2016 on the basis of their open market values. The revised value of
the properties was N3,723,500,000 resulting in a surplus on revaluation of N1,110,000,000 which has been
credited to the property, plant and equipment revaluation account. The revaluation report was dated 31
December 2016.
The re-valued property is the Group's Head Office building located at Plot 94, Providence Street, Lekki Scheme
1, Lekki, Lagos and the Ibadan building located at No. 20 MKO Abiola Way, Ring road, Ibadan, Oyo.
Group Group Company Company
2016 2015 2016 2015
Statutory Deposits N'000 N'000 N'000 N'000
Deposit with the Central Bank of Nigeria 535,000
535,000
335,000
335,000
Insurance contract liabilities N'000 N'000 N'000 N'000
Unearned premium reserve (Note 18.1) 1,091,889
Outstanding claims (Note 18.2) 3,930,274
5,022,163
Less: Reinsurance assets (Note 8) (562,646)
4,459,517
1,054,125
3,350,616
4,404,741
(1,032,984)
3,371,757
811,534
1,631,996
2,443,530
(475,048)
1,968,482
803,535
1,423,312
2,226,847
(492,673)
1,734,174
The insurance contract liabilities balances above are covered by the Company's dedicated assets thus:
N'000 N'000 N'000 N'000
Cash and cash equivalents 480,494 734,315 342,579 145,734
Financial assets 576,650 1,134,118 397,687 858,236
Available for sales financial assets 188,627 - 188,627 177,628
Investment properties 1,719,261 1,100,000 610,000 400,000
Property, plant and equipment 165,000 - 108,413 -
Statutory deposits 335,000 535,000 335,000 335,000
3,465,032 3,503,433 1,982,306 1,916,598
Unearned premium reserve N'000 N'000 N'000 N'000
Aviation 13,894
1,716
13,894
1,716
Bond 29,778
29,588
29,778
29,588
Engineering 49,855
45,324
49,855
45,324
Fire 231,209 94,701 231,209 94,701
General accident 95,553 169,186 95,553 169,186
Marine 123,667 94,159 123,667 94,159
Motor 186,398 191,092 186,398 191,092Oil & gas 81,180 177,769 81,180 177,769Life 280,355 250,590 - -
1,091,889 1,054,125 811,534 803,535
This represents 10% of the minimum paid up share capital deposited with the Central Bank of Nigeria in accordance with Section
10 (3) of the Insurance Act, CAP I17, LFN 2004.
17
18
18.1
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
89PAGE
ANNUALREPORT
2016
Group Group Company Company2016 2015 2016 2015
Outstanding claims reserves N'000 N'000 N'000 N'000
Aviation 103,957 150,478 103,957 150,478
Bond 18,505 48,634 18,505 48,634
Engineering 43,851 36,813 43,851 36,813
Fire 325,154 269,153 325,154 269,153
General accident 221,244
157,399
221,244
157,399
Marine 57,514
28,641
57,514
28,641
Motor 109,751
156,611
109,751
156,611Oil & gas 458,357
250,255
458,357
250,255Life 649,395
670,760
-
-
1,987,728
1,768,744
1,338,333
1,097,984
Provision for claims incurred but not reported (IBNR) 293,663
325,328
293,663
325,328
Life (IBNR) 1,648,883
1,256,544
-
-
3,930,274
3,350,616
1,631,996
1,423,312
Movement in outstanding claims reserves N'000 N'000 N'000 N'000
Outstanding claims reserve at the beginning 1,768,744
1,593,010
1,097,984
1,184,508
Reported claims in the current year 1,750,891
2,315,250
941,123
800,034
Claims paid during the year (1,531,907)
(2,139,516)
(700,794)
(886,558)
218,984
175,734
240,349
(86,524)
Outstanding claims reserve at the end 1,987,728
1,768,744
1,338,333
1,097,984
The age analysis of outstanding claims was as follows: N'000 N'000 N'000 N'000
0 - 90 days 153,502
150,663
115,842
111,765
91 - 180 days 223,779
126,260
148,905
48,923
181 - 360 days 447,885
325,447
256,986
128,267
361 days and above 1,162,562
1,166,374
816,600
809,029
1,987,728 1,768,744 1,338,333 1,097,984
Investment Contract Liabilities N'000 N'000 N'000 N'000
At 1 January 630,239
819,964
-
-
Amount received in the year 1,321,679
1,278,175
-
-
Interest expenses 171,825
124,704
-
-
Withdrawals (1,533,067)
(1,551,036)
-
-
590,676
671,807
-
-
Reclassification per actuarial valuation to/frominsurance contract -
(41,568)
-
-
At 31 December 590,676
630,239
-
-
Trade payables N'000 N'000 N'000 N'000
Due to Reinsurer 39,638 133,116 15,632 75,986
Due to Co-assurers 19,140 23,025 - -
Deferred commision income 16,892 1,190 - -
75,670 157,331 15,632 75,986
The trade payables are all of current maturity.
18.2.1
18.2
19
20
90PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
ANNUALREPORT
2016
Group Group Company Company
2016 2015 2016 2015
Other payables and accruals N'000 N'000 N'000 N'000
Due to government agencies 23,950
Information technology development levy (Note 43) -
Lease rent received in advance (Note 21.1) 12,354
Due to staff 29,814
Accrued expenses (Note 21.2) 81,062
Unclaimed dividend 2,383
Other credit balances 2,672
Preference dividend payable (Note 21.3) 175,000
Pension payable -
Current account with Standard Alliance Life Assurance Ltd (Note 21.4)
167,043
SEC penalty payable
-
Amount due to other beneficiaries
-
Directors current account
22,471
538,464 469,627 757,737
516,749
The above are further analysed as: N'000 N'000 N'000 N'000
Current 538,464 469,627 757,737
516,749
Non-current - - -
-
538,464
43,538
4,523
4,523
80,025
152,289
2,476
8,404
175,000
10,203
-
5,500
9,222
42,761
469,627
31,449
4,523
19,315
57,690
120,588
2,383
2,672
175,000
-
-
-
33,536
22,471
26,801
-
2,883
36,932
96,168
2,476
8,404
175,000
-
354,843
5,500
5,969
42,761
757,737
516,749
Lease rent received in advance
Movement in deferred rental income N'000 N'000 N'000 N'000
Opening Balance as at January 1 19,315 25,775 12,354 18,814
Additional Rental Income Received 17,816 49,569 9,016 33,821
Rental income apportioned during the period - - (18,487) (40,281)
Balance as at December 31, 2016 37,131
75,344
2,883
12,354
Accrued expenses N'000 N'000 N'000 N'000
Qualiserve 378
419
378
562
Audit fee 14,400
13,000
8,400
7,000
NAICOM supervisory levy 22,000
28,000
22,000
28,000
FRSC statutory annual dues 2,399
-
1,699
-
Staff medical 40,009
-
20,000
-
Management expenses payable 68,103
79,169
43,691
45,500
Interteck Global system 5,000
-
-
-
152,289
120,588
96,168
81,062
Preference dividend payable N'000 N'000 N'000 N'000
At 1 January 175,000
175,000
175,000
175,000
Paid during the year -
-
-
-
At 31 December 175,000
175,000
175,000
175,000
The Company leased out three floors (ground and first) of its head office building to Standard Alliance Properties Limited at an annual rent of N10 million effective July 2011. This is to ensure professional management of the lease agreements with non-related tenants of the floors. Standard Alliance Properties Limited made an advance payment of rent of N47 million in 2011 which has been fully amortised in 2016.
21.1
21
21.2
21.3
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
91PAGE
ANNUALREPORT
2016
Borrowings N'000 N'000 N'000 N'000
Daewoo Securities Bond (Note 22.1) 1,177,335 647,541 1,177,335 647,541
Term loan (Note 22.2) 92,315 148,377 92,315 148,377
1,269,650 795,918 1,269,650 795,918
The Company had 17,500,000 (Seventeen Million, Five Hundred Thousand units of preference shares of N100 (One
Hundred Naira) each prior to year ended 31 December 2011. These were converted to ordinary shares of 50k (50 Kobo)
each in the Company and issued to the holders of the preference shares as at 31 December 2011 in accordance with the
resolution passed at the 15th Annual General Meeting of 16th December 2011. The amount of N175 million is the balance
of pre conversion dividend yet unpaid as at 31 December, 2016.
The movement in current account with Standard Alliance Life Assurance Limited as a result of pre merger expenses incurred
on behalf of SA Insurance Plc for which assets have subsequently been allocated in settlement.
Current account with Standard Alliance Life Assurance Ltd
Daewoo Securities Bond
The Company received a capital inflow of JPY650,000,000 ($7,397,516) zero coupon bond raised from Daewoo
Securities in December 2009.
The bond was tenured originally for 20 years with the lenders' option to convert the bond to Standard Alliance
Insurance Plc's ordinary shares. If the option is not exercised, the Company must pay interest 4.25% per annum
on the gross bond value for the entire term it has been outstanding.
Daewoo Securities requested for the full redemption of the bond in 2011 following which the Company went to
a negotiation with it and a repayment plan with the bond owners was renegotiated in 2012. Further negotiation
commenced in 2015 and are still on-going and should be concluded in 2017.The Company's outstanding
liability to Daewoo Securities as at 31 December 2016 is JPY452,264,373 (2015: JPY396,753,575), principal and
interest inclusive.
21.4
22
22.1
Further details of transactions during the year are:
Principal Interest Total 2016 2015
JPY'000 JPY'000 JPY'000 N'000 N'000
At 1 January 363,050
33,704
396,754
647,541
565,476
Under/(over) statement of liability 35,153
(22,248)
12,905
33,595
-
Interest accrued during the year -
42,605
42,605
110,910
121,932
Payments during the year -
-
-
-
(248,476)
Foreign exchange difference -
-
-
385,289
117,514
Default penalty interest -
-
-
-
91,095
At 31 December 398,203
54,061
452,264
1,177,335
647,541
92PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
ANNUALREPORT
2016
Current maturities
Interest 54,061
54,061
144,505
55,007
Principal 398,203
398,203
1,032,830
592,534
Total current maturities 452,264
452,264
1,177,335
647,541
Non-current principal maturity - - - -
452,264 452,264 1,177,335 647,541
Default penalty interest represents charges in respect of delayed payments at current market interets rates.
Group Group Company Company
2016 2015 2016 2015
Term Loan N'000 N'000 N'000 N'000
Balance, at beginning of the year 148,377
192,327
148,377
192,327
Repayment during the year (56,062) (43,950) (56,062) (43,950)
Balance, at end of the year 92,315 148,377 92,315 148,377
Current 92,315 80,593 92,315 80,593
Non-current - 67,784 - 67,784
92,315 148,377 92,315 148,377
The balance of JPY452,264,373 (N1,177,334,615) is stated in the financial statements at the Central Bank of Nigeria
closing exchange rate of N2.6032/JPY as at 31 December 2016. Subsequent to 2016, no payment has been made in
principal and interest.
Default penalty interest represents charges in respect of delayed payments at current market interets rates.
The Company took a loan facility of N200 million in 2014 from FCMB Plc for operational needs. The loan is payable in thirty
six equal monthly instalments from November 2014. The loan attracts interest at the rate of 25% per annum.
Finance lease obligations N'000 N'000 N'000 N'000
Balance, at beginning of the year 136,698 42,120 111,800 32,408
Additions during the year 24,000 147,145 24,000 122,247
Repayment during the year (80,022) (52,567) (68,802) (42,855)
Balance, at end of the year 80,676 136,698 66,998 111,800
During the year 2014, the company obtained a lease facility of N45,937,500 from Diamaond Bank Plc at an
interest rate of 22% for a period of 18months to finance the acquisition of 8units of motor vehicles. In the year
2015, the Company acquired a lease facility of N69,800,000 from Lotus Capital Halal investments at an interest
rate of 16% for a period of 36 months to finance various vehicles. This is in addition to the lease facility obtained
from Aquila Assets at an interest rate of 25% for a period of 36 months to finance 15 units of Hilux vehicles.
During the year 2016, the Company acquired a new lease facility of N24,000,000 from CFS Financial Services at
an interest rate of 23% for a lease period of 36 months to finance the acquisition of a motor vehicle.
22.2
23
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
93PAGE
ANNUALREPORT
2016
N'000 N'000 N'000 N'000
Less than 3 months 19,344 26,990 14,195 26,990
Between 3 and 6 months 19,214 14,578 15,076 14,578
Between 6 and 12 months 11,929 36,524 7,538 22,780
50,487 78,092 36,809 64,348
Over 12 months 30,189 58,606 30,189 47,452
80,676
136,698
66,998
111,800
Current income tax liabilities
Per Statement of Comprehensive income N'000 N'000 N'000
Company income tax 74,934
92,007
Education tax 9,440
8,717
Overprovision in prior years -
(169,165)
Deferred tax 42,391
-
126,765
(68,441)
N'000
56,804
7,777
-
39,633
104,214
64,077
8,717
(169,165)
-
(96,371)
Per Statement of Financial Position:
Balance at beginning of the year: N'000 N'000 N'000 N'000
Company income tax 187,436
323,287
150,581
314,362
Education tax 26,577
26,520
19,980
19,923
214,013
349,807
170,561
334,285
Provisions for the year:
Company income tax 74,934
92,007
56,804
64,077
Education tax 9,440 8,717 7,777 8,717
Overprovision in prior years - (169,165) - (169,165)
Payments during the year:
Company income tax (83,227)
(58,693)
(55,000)
(58,693)
Education tax (11,024)
(8,660)
(8,826)
(8,660)
At 31 December 204,136
214,013
171,316
170,561
Deferred tax liabilities N'000 N'000 N'000 N'000
At 1 January 382,004
326,273
361,291
305,560
Charged for the year 42,391
-
39,633
-
Tax on gain on revaluation of property plant and equipment 162,267
55,731
162,267
55,731
At 31 December 586,662
382,004
563,191
361,291
These motor vehicles are included in the property, plant and equipment of the Company as at 31 December 2016.
The rental due as at 31 December 2016 are further analysed as follows:
24
25
94PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
Group Group Company Company
2016 2015 2016 2015
ANNUALREPORT
2016
Company Company
2016 2015
26 Ordinary share capital
AuthorizedN'000 N'000
14,000,000,000 ordinary shares of 50k each 14,000,000 7,000,000
Issued and Fully Paid N'000 N'000
11,993,173,000 units of ordinary shares of 50k each;At 31 December 5,996,587 5,996,587
27 Share premium N'000 N'000
At 31 December
Group
2015
N'000
7,000,000
N'000
5,996,587
N'000
7,667,475
7,667,475 7,667,475
28 Contingency reserves N'000 N'000 N'000
At 1 January 1,243,423 1,386,196 1,243,423
Charge for the year
168,156
75,359 142,773At 31 December
1,411,579
1,461,555 1,386,196
Group
2016
N'000
14,000,000
N'000
5,996,587
N'000
7,667,475
N'000
1,411,579
94,021
1,505,600
Share premium comprises additional paid-in capital in excess of the fair value. This reserve is not ordinarily available for distribution.
Contingency reserve is provided for at the rate of 3% of the gross premium or 20% of profit for non life business and 1% of gross premium or
10% of profit for life (whichever is greater for the year) in accordance with Section 22 (1)(b) of the Insurance Act 2003.
29 Accumulated loss N'000 N'000 N'000
At 1 January (12,552,146)
(12,553,495) (13,220,960)
(Loss)/profit for the year (1,224,481)
(1,224,484) 810,238
Appropriation to contingency reserves (94,021)
(75,359) (142,773)
At 31 December (13,870,648)
(13,853,338) (12,553,495)
Restated
30 Revaluation Reserves N'000 N'000 N'000
At 1 January 1,616,101
1,616,101 1,114,518
Addition during the year (Note 16) 1,460,400
1,460,400 501,583
At 31 December 3,076,501
3,076,501 1,616,101
Further details are: N'000 N'000 N'000
Revaluation surplus (Note 16) 1,622,667
1,622,667 557,314
Less; Tax on gain on revaluation (162,267)
(162,267) (55,731)
1,460,400
1,460,400 501,583
N'000
(13,220,960)
836,970
(168,156)
(12,552,146)
Restated
N'000
1,114,518
501,583
1,616,101
N'000
557,314
(55,731)
501,583
The Company's office building at Ibadan and Head Office in Lagos were revalued at N20 million in 2006 and
N1,431,857,000 in 2012 respectively by the firm of Messrs Osaro Eguasa & Co (FRC/2012/0000000000423). The
revaluations resulted in surpluses of N14,299,000 and N767,258,000 respectively, which has been credited to the
property, plant and equipment revaluation account.
The Company's Head office was revalued in 2014 at N1,900,000,000 by Messrs Osaro Eguasa & Co
(FRC/2012/0000000000423). The revaluations resulted in surplus of N411,117,000 which has been credited to
the property, plant and equipment revaluation account.
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
95PAGE
ANNUALREPORT
2016
31 Fair Value Reserves
This is the net accumulated changes in the fair value of available for sale assets.
Group Group Company Company
2016 2015 2016 2015N'000 N'000 N'000 N'000
At 1 January 63,606
500,536 63,606 500,536
Decrease during the year - net of income tax (63,606)
(436,930) (63,606) (436,930)
At 31 December -
63,606 - 63,606
The addition during the year is further analyzed thus: N'000 N'000 N'000 N'000
Fair value loss on disposal of available for sale- (Note 7.3.1) - (145,200) - (145,200)
Fair value loss on available for sale for the year (Note 7.3.1) (63,606) (291,730) (63,606) (291,730)
(63,606) (436,930) (63,606) (436,930)
96PAGE
32 Non-controlling interest in equity
The entity accounting for non-controlling interest is shown below:
At 1 January
(Loss)/profit for the year
At 31 December
N'000
343,085
50,511
393,596
Non controlling interest in entities within the group in 2016 is as analysed below:
Company name % of equity held by NCI
Standard Alliance Life Assurance Limited 47.59
N'000
393,596
(117,188)
276,408
N'000
-
-
-
N'000
-
-
-
During the year 2015, the Company's Head office in Lagos and office building at Ibadan were revalued at N2.6
billion and N35million respectively by Messrs Osaro Eguasa & Co (FRC/2012/0000000000423). The revaluations
resulted in surpluses of N522 million and N35million respectively, which has been credited to the property, plant
and equipment revaluation account.
Land and Building was professionally valued by Messrs Osaro Eguasa & Co. FRC/2012/0000000000423 (Estate
Surveyors and Valuers) as at 31 December, 2016 on the basis of their open market values. The revised value of
the properties was N3,723,500,000 resulting in a surplus on revaluation of N1,110,000,000 which has been
credited to the property, plant and equipment revaluation account. The revaluation report was dated 31
December 2016.
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
ANNUALREPORT
2016
General Motor
Non Life
Business Life Business
Aviation Bonds Engineering Fire Accident Marine Accident Oil & Gas Total 2016 2016 2015
34 Reinsurance premium expenses N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Charged for the year 2016 - 4,917 17,338 27,428 39,266 31,349 - 375,489 495,787 196,228 692,015 853,396
Group General Motor
Non Life
Business Life Business
33 Gross premium income Aviation Bonds Engineering Fire Accident Marine Accident Oil & Gas 2016 2016 2016 2015
N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Premium written 24,854
61,657
110,572
403,780
435,712
361,122 476,810 637,458 2,511,965 1,866,220 4,378,185 5,235,571
Movements in unexpired risks (Note 33.1) (12,178)
(189)
(4,532)
(136,508)
73,634
(29,509) 4,694 96,590 (7,998) (29,765) (37,763) 190,614
Gross premium 12,676 61,468 106,040 267,272 509,346 331,613 481,504 734,048 2,503,967 1,836,455 4,340,422 5,426,185
33.1 Movement in Unepired risks
Unexpired risk At 1 January 2016 1,716 29,589 45,323 94,701 169,186 94,158 191,092 177,770 803,535 250,590 1,054,125 1,244,739
Unepired risk At 31 December 2016 (13,894) (29,778) (49,855) (231,209) (95,552) (123,667) (186,398) (81,180) (811,533) (280,355) (1,091,888) (1,054,125)
Movement during the year (12,178) (189) (4,532) (136,508) 73,634 (29,509) 4,694 96,590 (7,998) (29,765) (37,763) 190,614
Company General Motor Total Total
33 Gross premium income Aviation Bonds Engineering Fire Accident Marine Accident Oil & Gas 2016 2015
N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Premium written 24,854
61,657
110,572
403,780
435,712
361,122 476,810 637,458 2,511,965 2,956,271
Movements in unexpired risks (Note 33.1) (12,178)
(189)
(4,532)
(136,508)
73,634
(29,509) 4,694 96,590 (7,998) 113,843
Gross premium 12,676
61,468
106,040
267,272
509,346
331,613 481,504 734,048 2,503,967 3,070,114
33.1 Movement in Unepired risks
Unexpired risk At 1 January 2016 1,716 29,589 45,323 94,701 169,186 94,158 191,092 177,770 803,535 917,378
Unepired risk At 31 December 2016 (13,894) (29,778) (49,855) (231,209) (95,552) (123,667) (186,398) (81,180) (811,533) (803,535)
Movement during the year (12,178) (189) (4,532) (136,508) 73,634 (29,509) 4,694 96,590 (7,998) 113,843
General Motor Total Total
Aviation Bonds Engineering Fire Accident Marine Accident Oil & Gas Total 2015
34 Reinsurance premium expenses N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Charged for the year 2016 - 4,917 17,338 27,428 39,266 31,349 - 375,489 495,787 -
Charged for the year 2015 - 2,953 25,494 50,914 65,243 77,868 - 380,102 602,574
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
97PAGE
ANNUALREPORT
2016
Group Group Company Company
2016 2015 2016 2015
35 Commission income N'000 N'000 N'000 N'000
Aviation - - - -
Bond 1,616 738 1,616 738
Engineering 4,071 6,009 4,071 6,009
Fire 12,826 15,081 12,826 15,081
General Accident 12,729
17,828
12,729
17,828
Marine 6,098
12,388
6,098
12,388
Motor -
-
-
-
Oil &Gas -
-
-
-
37,340
52,044
37,340
52,044
Life - forfeitures and admin charges 58,634
286,097
-
-
95,974
338,141
37,340
52,044
Life - commission on reinsurance 22,842
3,200
-
-
118,816
341,341
37,340
52,044
36 Claims expenses N'000 N'000 N'000 N'000
Claims paid 1,531,927
2,089,400
700,794
886,558
Increase in outstanding claims(Note 17.2.1) 218,984
175,734
240,329
(86,524)
(Decrease)/increase in claims incurred but not reported (31,735)
(187,382)
(31,665)
24,760
1,719,176
2,077,752
909,458
824,794
Claims expenses recovered from reinsurers (283,130)
(359,586)
(57,864)
(47,384)
1,436,046
1,718,166
851,594
777,410
37 Underwriting expenses
Acquisition cost: N'000 N'000 N'000 N'000
Aviation 1,542
1,395
1,542
1,395
Bond 12,140
20,402
12,140
20,402
Engineering 20,472 27,553 20,472 27,553
Fire 61,907 55,201 61,907 55,201
General Accident 95,204
100,093
95,204
100,093
Marine 37,831
98,014
37,831
98,014
Motor 51,661
66,958
51,661
66,958
Oil and Gas 11,092
11,796
11,092
11,796
Life 380,974
485,660
-
-
Total acquisition cost 672,823
867,072
291,849
381,412
Maintenance cost - General business 225,652
136,280
225,652
217,742
Maintenance cost - Life 768,516
634,719
-
-
1,666,991
1,638,071
517,501
599,154
38 Investment and other income N'000 N'000 N'000 N'000
Interest on deposits 100,444
149,132
61,587
86,103
Interest on teasury bills 6,138
-
3,738
-
Rental income 31,923
56,029
18,487
40,281
Dividend received 750 22,393 591 15,881
Investment recovered from SA Investment Limited - 33,497 - 33,497
139,255 261,051 84,403 175,762
Balances with banks recovered - 2,004 - 2,004
Foreign exchange gain 120,295 10,412 116,130 8,222
Profit on sale of fixed assets 3,750 657 2,830 657
Investment income from blue berry 11,000 - 11,000 -
Gain on bargain purchase - 26,732 - -
Other income 14,175 12,469 7,892 10,487
288,475 313,325 222,255 197,132
98PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
ANNUALREPORT
2016
Group Group Company Company
2016 2015 2016 2015
39 Loss on investment contract liabilities N'000 N'000 N'000 N'000
Investment income attributable to investment contracts 13,451
21,364
-
-
Guaranteed interest on investment contracts (171,825)
(124,704)
-
-
(158,374)
(103,340)
-
-
40 Management expenses N'000 N'000 N'000 N'000
Salaries and Allowances 392,328
423,483
360,971
309,270
Other staff costs 63,765
49,018
63,765
49,018
Directors' fees and Allowances 67,886
71,093
63,886
66,275
Insurance expenses 17,147
12,644
16,512
11,415
Rent and rates 31,966
27,172
25,977
22,869
Repairs and maintenance 209,617
137,096
203,680
134,080
Depreciation and amortisation 151,235
134,340
145,681
126,203
Professional fees 169,717
142,899
164,420
141,813
Bank charges 14,764
10,220
14,109
9,354
Printing and stationery 46,304
23,835
45,897
23,627
Advertising and promotion expenses 55,626
85,719
55,381
85,068
Books and periodicals 1,093
855
1,093
855
Telephone and postages 31,799
21,965
31,141
21,258
Other administrative expenses 62,002
70,093
37,206
55,286
Supervisory levies 19,275
32,064
19,275
32,064
Staff training and development 28,654
20,303
28,270
20,303
Audit fee 7,600
7,600
7,000
7,000
Corporate and public relation expenses 98,401
94,607
97,879
94,368
Travelling,outstation and hotel epenses 25,826
32,754
23,514
30,477
Share capital expenses - 64,257
-
64,257
Annual general meeting expenses 11,587
4,007
11,587
4,007
Write off of intangible assets 5,252
-
5,252
Property,plant and equipment written off 3,981
-
3,982 -
Information Technology Development levy - 18,114 - 15,091
1,515,825 1,484,138 1,426,478 1,323,958
41 Finance charges N'000 N'000 N'000 N'000
Interest expenses on loan 26,958 41,899 26,958 41,899
Lease charges 18,441
31,424
14,435
8,423
Interest on Daewoo bond 144,505 213,027 144,505 213,027
189,904 286,350 185,898 263,349
42 N'000 N'000 N'000 N'000
- (945,216) - (945,216)
- 86,605 - -- (858,611) - (945,216)
Write back of impairment charges on other assets
Write back of provision on loans and receivables (Note 7.2.1c)
Write off of investment in SA properties
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
-
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ANNUALREPORT
2016
Group Group Company Company
2016 2015 2016 201543 Information Technology Development Levy
N'000 N'000 N'000 N'000
At 1 January 4,523
10,766
- 9,266
Appropriation for the year -
18,114
- 15,091
Payment during the year -
(24,357)
- (24,357)
At 31 December 4,523
4,523
- -
44 (Loss)/profit before taxation
(Loss)/profit before taxation is stated after charging/(crediting): N'000 N'000 N'000 N'000
Depreciation 194,044
185,520
142,421 123,139
Amortization 7,175
21,688
3,259 3,065
Auditors' remuneration 13,000
13,000
7,000 7,000
Director's remuneration 67,886
71,093
63,886 66,275
45 Premium receipt from policy holders N'000 N'000 N'000 N'000
Premium due from policy holder at 1 January 49,994 621,671 49,994 32,646Gross Premium written in the year 4,378,185 5,235,571 2,511,965 3,070,114
4,428,179 5,857,242 2,561,959 3,102,760
Premium due from policyholders at 31 December (16,340) (49,994) (16,340) 49,994
Premium receipts in the year 4,411,839 5,807,248 2,545,619 3,152,754
The Nigerian Information Technology Development Agency (NITDA) Act was signed into law on 24 April, 2007. Section 12(a) of the Act
stipulates that specified Companies contribute 1% of their profit before tax to the Nigerian Information Technology Development Agency. No
provision has been made as there was no profit before taxation as at 31 December 2016.
46 Fair value Hierarchy
Level 1
Level 2
The Company's fair value measurements model is highlighted in accounting policy 5.6.
Fair value measurements classified as level 1 include fair values of quoted investments based on current
market prices.
Fair value measurements classified as level 2 include fair values of unquoted investments which the
Company established using valuation techniques such as:
• Recent arm's length transactions
• Reference to other instruments that are substantially the same
• Net assets value and
• Discounted cash flows
100PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
ANNUALREPORT
2016
Level 3
Fair value measurements classified as level 3 include fair values of financial assets of which there are no
active markets and no observable inputs. They comprise loans and other receivables.
The table below highlights financial instruments in their various fair value hierarchies at year end:
2016
Asset type Total Level 1 Level 2 Level 3
N'000 N'000 N'000 N'000
14,903
14,903
-
-
Quoted securities - Available for sale 154,046
154,046
-
- 168,949
168,949
-
- 2015
Asset type Total Level 1 Level 2 Level 3
N'000 N'000 N'000 N'000
18,365
18,365
- -
Quoted securities - Available for sale 256,320
256,320
- -
274,685 274,685 - -
Quoted securities - At fair value through
profit or loss
Quoted securities - At fair value through
profit or loss
Section Nature of infraction
2016 2015 N'000 N'000
Late submission of 2013 quarterly returns -
250
47.2 Penalty by Nigerian Stock Exchange N'000 N'000
Un-Authorised publication of Accounts -
548
Post-listing requirements penalty for default filing of 2015 accounts 500
600
Section 14(a) of General Undertaking Un-authorised conversion of Preference shares -
15,373
2011 Annual reports -
2,192
18,713
47.3 Penalty by Securities and Exchange Commission N'000 N'000
Late submission of quarterly returns 18,920 1,275
This represent penalties imposed on the company for late filing of quarterly returns between 2012 and 2014.
Amount of penalty
Section 1.16 of operational guideline
During the year the Company contravened certain sections of the Insurance Act, CAP I17, LFN 2004, NAICOM's
operational guidelines, the Nigeria Stock Exchange (NSE) post listing requirements and the Securities and Exchange
Commission (SEC) rules. Details of the contraventions and appropriate penalties thereon are as follows:
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
47.1 Penalty by NAICOM
47 Penalties
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500
ANNUALREPORT
2016
48 Directors and employees
Employees
The average number of persons employed by the Company during the year by category
Number Number
Excecutive Director 2 2 Management Staff 24 15 Non-management staff 94 114
120 131
Staff cost for the above persons (Excluding Executive Directors) was:
Wages and Salaries 417,360
527,897
Employees' Retirement Benefits 7,376
6,463
424,736
534,360
The details of the restatements are as follows: Number Number
N900,001 - N1,100,000 1 1
N1,100,001 - N1,300,000 22 1
N1,300,001 - N1,500,000 - 22
Above - N1,500,000 97 107
120 131
The number of employees of the company other than Director who received emolument in the following range was:
Directors' Remuneration 2016 2015
The remuneration paid to the Directors of the company was: N'000 N'000
Fees and other allowances 15,406
22,678 Excecutive compensation 48,480
43,597
63,886
66,275
Fees and other emolument disclosed above include amount paid to: N'000 N'000
The Chairman 3,800
3,800
Highest paid Director 29,240
35,338
33,040
39,138
The number of Director who received fees and other emolument
(excluding pension contribution) in the following ranges was: Number Number
N1,000,001 - N2,000,000 6
6
N2,000,001 and above 2 2
8 8
102PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
ANNUALREPORT
2016
49 Prior Period Restatements
Revaluation Reserve
In 2015 revaluation surplus on land and building was stated without recognition of defered tax. As a result the
revaluation surplus was overstated by N55,731,000.
The financial statements have been restated to correct this error. The restatements required adjustments in the
statement of other comprehensive income and the statement of financial position as at 31 December 2015. To
this effect, the statement of profit or loss and other comprehensive income, the Statement of financial position,
statement of changes in equity and affected notes showed restated comparative information for the year
ended 31 December 2015.
The details of restatement are as follows
Revaluation reserve N'000
As previously stated 1,671,832
Recognition of tax on gain on revaluation surplus (55,731) As restated 1,616,101
Revaluation surplus N'000
As previously stated 557,314 Recognition of tax on gain on revaluation surplus (55,731) As restated 501,583
Deferred tax liabilty N'000
As previously stated 305,560
Recognition of tax on gain on revaluation surplus 55,731
As restated 361,291
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
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50 Contingent liabilities
51 Related party transactions
52 Events after the reporting period
53 Risk Management Report
A) Introduction and overview
Risk Management Philosophies and Principles
No material contingent liabilities have been made or are likely to be made in these financial statements.
Insurance contract - Standard Alliance Life Assurance Limited.
The Company buys Group Life Policy for the staff from Standard Alliance Life Assurance Limited, a
related Company. A sum of N1,667,922. (2015: N6,006,927) was paid as premium for the year ended 31
December 2016.
There were no events after the reporting period which could have a material effect on the
financial position of the Company as at 31 December 2016 and profit attributable to equity holders.
The Company was faced with the following risks in its operations.
i Capital Adequacy risk
ii Regulatory risk
iii Liquidity risk
This note presents information about the Company's exposure to each of the above risks, the Company's
objectives, policies and processes for measuring and managing risks.
The following principles guide financial risk management in the Company:
i. A deliberate and conscious management of the Company’s investment portfolio to ensure that
the risk of excessive concentration on any one class, industry, or sector is minimized, as well as to
ensure portfolio flexibility and liquidity.
ii. A strict adoption of sound internal policies and processes resulting in consistent adherence to
investment guidelines issued by the National Insurance Commission to enable the Insurance
industry maintain sound solvency margin and sound liquidity health at all times.
iii. The Executive Management took responsibility for establishing a robust liquidity management
framework consistent with regulatory requirements of the Commission that ensures sufficient
liquidity to withstand a range of stress events.
iv. The financial risk procedural manual spell-out the operational steps and procedures for executing
Standard Alliance Insurance Plc and Its Subsidiary Company
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relevant controls to prevent the occurrence or reduce the impact of risk events touching on
Financial and strategy risk. The manual is being reviewed periodically reviewed and updated to
take into account new activities, system changes, and structural changes in the industry.
v. The Board approves all strategies and policies in respect of financial and strategic risk
management.
vi. Evaluation of the effectiveness of risk management process and the internal control system shall
be carried out by external consultants periodically.
vii. The Company relies on its Risk Management Committee
viii. lt develops early warning indicators to aid the prompt identification of all risks from all of the risk
categories
The Board and Management has put in place clearly defined financial risk management framework that
provides the Company with guidance and prescribes tolerable financial risk related losses considering
available capital and levels of other investment risk exposures. The Company’s financial risk policy and
strategy are anchored on the following:
i. Investment portfolio diversification which involves the application of the Company’s investable
funds in a wide range and class of financial instruments consistent with Regulatory Requirements.
ii. Liquidity risk Management taking within well defined limits with the sole purpose of creating and
enhancing liquidity and competitive advantage,
iii. Effective utilisation of Company’s liquidity position.
The Standard Alliance Insurance Plc recognises the presence of financial risk in its process of delivering
value to its stakeholders. This financial risk Management Framework is set out to manage financial risks
resident in the investment processes and procedures of the company. It provides guidance on related
issues of Identification, Measurement, Monitoring and Reporting of financial risks in order to ensure the
Company continually meets its contractual liabilities to policy holders.
The Company recognizes the importance of these classes of risks, which is inherent in the investment,
Risk Management Strategy
Risk Management Framework
Standard Alliance Insurance Plc and Its Subsidiary Company
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market, and liquidity management of its insurance business. This policy contains guidelines to help the
Company manage its assets in a sound and prudent manner, taking account of the profile of its liabilities, its
solvency position and its risk return profile.
The Company's financial risk shall be managed within tolerable limits through an appropriate management
focus and deployment of resources.
The overall responsibility for the management of financial risk shall resides with the Board through its Risk and
Remuneration Committee. To ensure consistency and prudent management of financial risks, this responsibility
shall be divided as follows:
i. Board of Directors/ Risk & Remuneration Committee
ii. Finance and Investment Committee of the Board
iii. Executive Management Committee on Investment
iv ERM Committee/CRO
v. Finance and Investment Department.
vi Quality Assurance and Control
The Company shall operate by managing its risks within acceptable bounds so as to maintain and
increase the value of its resources for its stakeholders. An explicit discussion of risks and risk tolerance wil
be part of the STANDARD ALLIANCE INSURANCE's decision making process.
STANDARD ALLIANCE INSURANCE has defined Enterprise risk appetite at two levels:
i. The enterprise level; and
ii. The Business/Support/Functional Unit levels
ERM Committee set target key performance indicators (“KPI's”) at both an enterprise and a
business/support unit level based on recommendations from the Chief Risk Officer. Target KPI's is reviewed at
least on annual basis.
At the Business and Support unit levels, the enterprise KPI's is cascaded to the extent that the
contribution of each Business/Support Unit to enterprise risk shall serve as input for assessing the performance
of the Business/Support Unit.
Tolerance levels is defined for each key risk indicator and serves as a proxy for the risk appetite for each risk area
and Business/Support Unit.
Tolerance levels is subject to approval of ERM Committee and shall be reviewed on a periodic basis to
reflect changing circumstances.
Risk Management Governance
Risk Tolerance/Appetite
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OTHER NOTES TO THE FINANCIAL STATEMENTS
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Risk Management Process
The Company's disciplined approach to risk management is iterative, scalable, and includes the steps
below. Consistent application of this process enables continuous improvement in decision making and
performance by top Management. The processes are as follows:
1. Communication and Dialogue: Communication and dialogue with internal and, as appropriate,
external stakeholders as far as necessary takes place at each stage of the risk management
process.
2. Establishing the Context: This defines risk parameters to be taken into account when managing
risk, and setting the scope and risk criteria for the remaining process.
3. Risk Identification: This process helps the company develop a comprehensive list of risks based on
those events that might enhance, prevent, degrade, or delay the achievement of the objectives.
4. Risk Analysis: This context helps to understand the causes and sources of risk, their positive and
negative consequences, and the likelihood that those consequences can occur. Existing risk
controls and their effectiveness should be taken into account and communicated.
5. Risk Evaluation: The purpose of risk evaluation is to assist in making decisions based on the
outcomes of risk analysis about which risks need treatment and to prioritize treatment
implementation for those unacceptable risks (i.e. those that exceed risk tolerance)
6. Risk Treatment: This involves the selection of one or more options for modification of
unacceptable risks and implementing those options. Risk treatment options include: avoiding
the risk, seeking out an opportunity, removing the source of risk, changing the likelihood,
changing the consequence, sharing the risk with another party, and retaining the risk by choice.
7. Monitoring and Review: This step should encompass all aspects of the risk management process
to:
i. Analyse and learn lessons from events, changes, and trends.
ii. Detect changes in the external and internal context including changes to the risk.
Risks/ events shall be identified and analysed against the broad success criteria which may be affected.
The focus in risk identification is capturing all the possible risks associated with an event, activity, project,
roles or management decisions. It also covers the impact of an event occurring on the identified success
criteria.
i. Element of Risk- Description of the risk engaged within a process and event or a role.
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ii. Impact on business- Details the consequences of a risk occurring upon the related success criteria.
iii. Mitigation Measures- Details controls already established or in the process of being established.
iv. Responsibility- Identifies the officer and department responsible for the implementation and
monitoring of compliance of the prescribed controls.
Risks is measured in terms of likelihood and consequences on both inherent and residual basis (pre and
post controls). Both likelihood and consequences may be measured qualitatively or quantitatively
depending on the risks being considered.
The criteria for success adopted by the Company are;
I. Shareholders' funds
ii. Market Share
iii. Company's image
iv. Revenue growth
v. Employees welfare
vi. Solvency Margin
vii. Customer Service
B) Financial Risk Assessment
Consequence rating scale
No Rating Quantification
1 Catastrophic
2 Major
3 Moderate
4 Minor
5 Negligible
Most success criteria threatened or one severely affected5% - < 10% of shareholders’ fund
Consequence (impact on established success criteria)
Share holder’s fund depleted, license with drawn and
liquidation imminent>/= 10% of Shareholders’ fund
Some success criteria affected, considerable effort being
made to rectify1% - < 5% of shareholders’ fund
Easily remedied, criteria can be recovered 0.5% - < 1% of shareholders’ fund
Very small impact, rectified in the course of normal processes < 0.5% of shareholders’ fund
The impact of risk against this success criteria form the basis for the development of the consequence rating
scale. The specific evaluation criteria adopted in this document is:
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Likelihood rating scale
No Rating Interpretations
1 Almost certain More than 50% change that it will happen during the year and may occur several
2 Likely 50% change that it will happen during the year
3 Possible Less than 50% chance that it will happen during the year
4 Unlikely Could occur once over a 5-10 year period
5 Rare Very unlikely over a 10 year period
a) Market Risks
b. Credit Risks
Market risk refers to worsening financial condition arising from adverse movements in the level of
volatility of market prices. It involves the exposure to movement of financial variables such as; equity
prices, interest rates or exchange rates. It is usually introduced into a Standard Alliance Operation
through variations in financial markets that cause changes in asset values, product or portfolio valuation.
Some of the events under market risks are:
i. Movement in interest rates to the extent that future cash flows from the assets and liabilities are
not well matched.
ii. Movement in market values of equity, real estate and other assets to the extent that the
company is exposed to changes in market value.
iii. Movement in exchange rates which may result in losses from asset and liabilities denominated
in different currencies.
Credit risk refers to the risk of financial losses arising from default or movement in the credit quality of
issuers of security, debtors, or counterparties and intermediaries to whom the company has
exposures. Such risk events are:
i. Default Risk: Risk that a company will not receive or receipts delayed or partially the cash flow
or assets to which it is entitled because the other parties default in one or more obligations.
This risk has been substantially eliminated by the regulations No Premium, No Cover policy.
ii. Concentration Risk: Risk of increased exposure to losses due to concentration of investments in
a geographical area, economic sector, counterparty, or connected parties.
iii. Downgrade or Migration Risks: Risks that change in the probability of a future default by an
obligor will adversely affect the present value of the contract with the obligor today.
iv. Indirect or Spread Risks: Risk due to market perception of increased risk on either a macro or
micro basis.
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
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c) Liquidity Risks:
Liquidity risk refers to the risk that a Company, though solvent has insufficient liquid assets to meet its
obligations as they fall due. Liquidity is concerned with the current and future maintenance of
appropriate levels of cash and liquid assets. Such risk events are:
i. Liquidation Value Risks: The risk that unexpected timing or amount of needed cash may require the
liquidation of asset when market condition may result in loss of realized value.
ii. Affiliated Investment Risk: The risk that an investment in the Company may be difficult to sell or
that such affiliate may create a drain on the financial or operating resources of the Company.
iii. Capital Funding Risks: The risk that the company will not be able to obtain sufficient outside
funding as its assets are illiquid at the time of need.
iv. Negative Publicity with unexpected liquidity strain.
v. Negative Report about other companies in similar trade.
vi. Deterioration of the Economy.
vii. Abnormally volatile or stressed market.
Identification of Financial Risk
The various risk types identified under financial risk category as used in this policy are:
Market Risks Credit Risks Liquidity Risks
Interest Rate Concentration Risk Liquidation Value
Equity Default Risk Affiliated Investment
Real Estate Indirect or spread Risks Capital Funding
Currency Downgrade or Migration Risks Negative Publicity
Role of the CRO in conjunction with the Finance/ Investment risk manager:
Assessment of Financial Risk
i. Strive to anticipate the risks inherent in the above listed indicative factors and propose appropriate
preventive measures.
ii. Document the anticipated risks and reports to the ERMC for appropriate response and implementation.
I. The Company measures its financial risk exposures across risk types, risk factors and overall investment
portfolio.
ii. The Company documents the appropriate products to be used to hedge exposures, the item that
qualifies to be hedged, how hedging instruments effectiveness shall be assessed and identify individuals
responsible for monitoring hedge performance.
iii. The Company has set appropriate limit structure to control its financial risk exposures.
Standard Alliance Insurance Plc and Its Subsidiary Company
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iv. The Company periodically reviews its financial risk limits to verify its suitability based on current market
conditions, economic conditions and its overall risk tolerance
v. The Company applies its stress testing to determine the potential effect of economic shifts, market
events, changes in interest rates, changes in foreign exchange and changes in liquidity conditions
Internal risk relate to risks that have their sources in faulty or deficient internal systems, process or negligence or
indolence of persons responsible for such roles. Such risk resides within the financial management system of the
Company.
i. Internal Processes
ii. Reporting System
iii. Bank reconciliation practices
iv. Budget preparation and monitoring
v. Working capital management
Financial risks also reside within financial processes, people in financial management, compliance levels,
Reporting system, control processes.
External risks relate to risks that are exogenously determined and impact directly on the financial health
of the company. Such risks can arise from the following;
i. Changes in regulation
ii. Changes in currency and exchange rate
iii. Changes in interest rate
iv. Changes in capitalization and Solvency Margin.
v. Changes in shareholder’s structure and composition
vi. Changes in money and capital markets
Risk control self assessment of existing, newly identified and emerging financial risk should be carried
out regularly, at least once every quarter.
i. For every Control-based financial risks such as fraud, the CRO in conjunction with the finance/
Investment managers risk shall;
a Identify the control structure
b Compare the control structure to a best practice model
c Identify the gaps
d Recommend and implement new controls.
Internal Risk Identification and Assessment
External Risk Identification and Assessment
Risk & Control Self Assessments
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
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2016
Risk Mitigation
i. The finance/ Investment risk manger brings to the attention of the Head Administration department
every risk emanating from investment operations that ought to be insured (refer to the risk register
for financial risks that are mitigated through insurance)
ii. The Administration Manager ensures that premium due for all insurances are dully paid
iii. The finance/ Investment risk manager shall advise the administration department of any insurance
that is no longer required.
All consultancy services relating to financial risk shall have contract which clearly states the terms of
engagement of the consultant.
The Chief risk officer shall ensure that the contract arising from all consultancy services covers the following;
Standard Level Agreement (SLAs) which;
i. details the minimum level of performance/quality required from the consultants
ii. clearly delineates the risks to be borne by the consultant
iii. clearly specifies the penalty for default
a. Insurance
b. Consultancy
Market Risks – KRIs Credit Risks – KRIs Liquidity Risks - KRIs
Interest rate fluctuations Increasing receivables Earnings volatility
Proportion of debt to equity Changes in debt profile Asset coverage
Decline in market values Frequency of settlement failure Liquidity ratio
Guaranteed value losses Connected or affiliated Cash flow modelling
Changes in exchange rate Financial trends Frequency of Cash conversion
Rising inflation Counterparty exposures Working Variations in capital
Risk Ratings
Key Risk Indicators
The CRO in conjunction with the finance/ Investment risk managers
Ensure every risk identified and assessed is given the right risk priority rating for effective treatment.
Management considers several factors as indicative of the presence of financial risks across the
organization. Some of these indicative factors are:
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Financial Risk Management requires an organization to have an effective risk reporting process reflecting the
up-to-date status of risk issues within the Company.
i. Such report should define the responsibility for production of investment report, the layout of each of the
reports, timing of production and delivery, presentation of result, basis evaluation, etc.
ii. Report should be analyzed to improve existing risk management performance, evaluate the impact of
financial risk breaches and monitor compliance with risk appetite levels.
iii. Separate report should be generated for each of the three major risk types: Market, Credit and
Liquidity Risk.
The periodic report should include the following:
i. Details of investment activities during the period under reference
ii. Commentary on each of the investment activity
iii. Details of portfolio positions by asset type
iv. Concentration analysis of portfolio and/or credit exposures
v. Details of any regulatory or internal limits breached during the period
vi. Actions taken on such if any
vii. Planned future investment activities
The Company’s capital management framework is designed to ensure that the company is capitalised in line
with the risk profile, regulatory requirements, economic capital standards and target ratios approved by the
board. The capital management objectives of the company are to:
• maintain sufficient capital resources to meet minimum regulatory capital requirements set by
NAICOM
• maintain sufficient capital resources to support the company’s risk appetite and economic capital
requirements;
• support the company’s credit rating;
• maintain adequate capital to support the development of its business and to enable it continue as a
going concern, while at the same time maximising the return to its shareholders.
• allocate capital to businesses to support the company’s strategic objectives, including optimising
returns on economic and regulatory capital;
• ensure the company holds capital in excess of minimum requirements in order to achieve the
target Capital Adequacy Ratios set by management and to withstand the impact of potential stress
events; and
• manage the net asset value currency management process, including evaluating and implementing new
derivative instruments that could be used for hedging purposes;
Risk Reporting Template
C) Capital management
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
Risk Reporting
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ANNUALREPORT
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Capital Management Strategy
Solvency Margin
Valuation Methods
The Company’s Enterprise Risk Management (ERM) committee ensures compliance with the Company’s
capital management objectives. The committee reviews actual and forecast capital adequacy on a regular
basis. The processes in place for delivering the Company’s capital management objectives are:
• establish internal targets for capital adequacy;
• apply stress tests to assess the Company’s capital adequacy under stress scenarios;
• plan and forecast capital requirements to ensure that capital ratios exceed the targets set by the
Board.
In addition to these processes, the board, through the ERM Committee, review and set risk appetite annually
and analyse the impact of stress scenarios to understand and manage the Company’s projected capital
adequacy.
The Company has had no significant changes in its policies and processes to its capital structure during the year
under review through effective selection of investment platforms and has shown concerns over strict
compliance with NAICOM investment guidelines.
The Company solvency margin position is summarised below:
2016 2015
N'000 N'000
4,773,971 4,717,380
Regulatory minimum capital required (3,000,000) (3,000,000)
Surplus in solvency margin 1,773,971 1,717,380
The Company had a solvency margin of N4.774 billion for the year ended 31 December 2016 (2015:N4.717
billion), which is N1.774 billion (2015:N1.717 billion) higher than the regulatory minimum capital of N3 billion.
The Insurance Act, CAP I17, LFN 2004 does not specify any particular approach that must be used in
determining the statutory value of insurance liabilities. Whilst some sections of the Act appear to make
reference to the net premium approach to reserving, we understand that this simply reflects the practice at the
time the Act was written and is not a requirement to adopt a net premium valuation approach. We have in the
last few years adopted the gross premium valuation approach for statutory purposes as standard and this has
been acceptable to NAICOM.
From the IFRS perspective, the main features of IFRS 4 that impact the liability calculations are as follows:
a) The IFRS prohibits provisions for possible claims under contracts that are not in existence at the end of
the reporting period.
b) The IFRS requires an insurer to keep insurance liabilities in its statement of financial position until they are
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
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Company solvency
ANNUALREPORT
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discharged or cancelled, or expire, and to present insurance liabilities without offsetting them against
related reinsurance assets.
c) The IFRS requires a test for the adequacy of recognised insurance liabilities and an impairment test for
reinsurance assets.
At each reporting date, an assessment is made of whether the recognised long-term business provisions are
adequate, using current estimates of future cash flows. If that assessment shows that the carrying amount of the
liabilities (less related assets) is insufficient in light of the estimated future cash flows, the deficiency is recognised
in the profit or loss by setting up an additional provision in the statement of financial position.
IFRS 4 paragraph 15 describes the liability adequacy test which, if conditions are not met, requires any deficiency
to be recognised in profit or loss. Paragraph 16 states that:
“If an insurer applies a liability adequacy test that meets the specified minimum requirements, this IFRS imposes
no further requirements. The minimum requirements are the following:
a) The test considers current estimates of all contractual cash flows, and of related cash flows such as claims
handling costs, as well as cash flows resulting from embedded options and guarantees.
b) If the test shows that the liability is inadequate, the entire deficiency is recognised in profit or loss.”
Liability adequacy
Key assumptions in liability adequacy testing
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
115PAGE
1 Claims and Premium Data
1.1 Data Reconciliation
1.1.1 Premium Data Reconciliation
The gross written premium and total claims paid up to 31 December, 2016 by line of business was compared
with the amounts recorded in the financial accounts and the data is shown below
ANNUALREPORT
2016
Table 1.1b
Table 1.1a
1.1.2 Claims Data Reconciliation
Gross Claims Paid Gross Claims Paid Data (N) Account (N)
General Accident 74,773,937 74,773,937 0.00%
Engineering 69,230,594 69,230,594 0.00%
299,224,444 299,224,444 0.00%
Marine 34,955,154 34,955,154 0.00%
Motor 154,069,269 154,069,269 0.00%
Aviation 14,079,182 14,079,182 0.00%
Bond 22,703,384 22,703,384 0.00%
Oil & Gas 31,758,286 31,758,286 0.00%
Total 700,794,250 700,794,250 0.00%
Percentage Difference
Class of Business
General Accident 435,711,956 435,711,956 0.00%
Engineering 110,571,994 110,571,994 0.00%
Fire 403,780,008 403,780,008 0.00%
Marine 361,122,116 361,122,116 0.00%
Motor 476,809,952 476,809,952 0.00%
Aviation 24,854,163 24,854,163 0.00%
Bond 61,657,443 61,657,443 0.00%
Oil & Gas 637,458,361 637,458,361 0.00%
Total 2,511,965,992 2,511,965,992 0.00%
Class of Business Percentage Difference
Gross Written PremiumData (N)
Gross Written PremiumAccount (N)
Fire
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
116PAGE
1.1.3 Comments on Claims Data
Extreme Large Losses
1.2 Business Trend
The claims data was divided into eight risk groups - (Marine, Motor, Engineering, Fire, General Accident, Bond,
Aviation and Oil & Gas) in accordance with the Nigerian Insurance Act 2003.
To enhance data credibility, we have not subdivided the claims data into sub risk groups e.g. comprehensive,
third party, private and commercial vehicles.
There was one (1) extreme large loss that was paid in 2016:
" Fire: Payout of N92m was made to Ifeco Communications Limited for a fire incident that
occurred on their premises in 2016."
" In addition, there are two outstanding large Fire and General Accident losses of N63m and N64m
respectively for incidents that occurred in 2015."
We illustrate in the table below that the Gross Written Premium decreased between the calendar years 2015 to
2016 with significant decreases in all lines of line of business except for Fire and Aviation lines business which
experienced positive premium growth.
ANNUALREPORT
2016
Table 1.2
Data (N) Data (N)
General Accident 435,711,956 615,637,927 -29.2%Engineering 110,571,994 132,053,013 -16.3%
Fire 403,780,008 287,577,563 40.4%
Marine 361,122,116 537,646,726 -32.8%
Motor 476,809,952 559,967,691 -14.9%
Aviation 24,854,163 11,416,049 117.7%
Bond 61,657,443 63,923,286 -3.5%
Oil & Gas 637,458,361 748,047,921 -14.8%
Total 2,511,965,992 2,956,270,176 -15.0%
Class of Business Gross Written Premium as at December 2016
Gross Written Premium as at December 2015
Percentage Growth
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
117PAGE
ANNUALREPORT
2016
2.0 Valuation Methodology
2.1.1
2.1.2
2.1.3
2.2 Claims Reserves
2.2.1
2.2.2
2.2.3
"We describe in this section the methods used for calculating Premium and Claim Reserve. "
Premium Reserves
Our reserves consist of Unearned Premium (“UPR”), Unexpired Risk Reserve (“URR”) and Additional
Unexpired Risk Reserve (“AURR”), which are all described in section 3.
We used the 365th ( time apportionment) method each policy's unexpired insurance period UP as the
exact number of days of insurance cover available after the valuation date and estimate the UPR as the
premium *(UP)/ policy duration.
We then calculate the expected future claims cost for all the unexpired policy called the Unexpired risk
reserve (URR) as the product of our assumed Combined Loss Ratio and the Unexpired Premium (UP)
Typically, the Unearned Premium Reserve is expected to cover the unexpired risk. Where the unexpired
risk exceeds the unearned premium we have held , an additional reserve called Additional Unexpired
Risk Reserve (AURR) is created.
"The claim reserves comprise of:• Outstanding Claims Reported (OCR)• Incurred But Not Reported
(IBNR)The Gross Claim Reserve is the sum of the OCR and the IBNR.The OCR is obtained from the annual
financial statements. "
"In estimating the Gross Claim Reserves, we used three (3) approaches namely:a) Basic Chain Ladder
Method (BCL)b) Inflation Adjusted Basic Chain Ladder Method (IABCL)c) Discounted Basic Chain Ladder
and Inflation Adjusted Basic Chain Ladder However, based on the risk nature and claims distribution, we
have as our reserve estimate recommended the Discounted IABCL Method. The following section
describes each of the methods in turn;"
"The Basic Chain Ladder Method (BCL)The Basic Chain Ladder method forms the basis to the reserving
methods explained below. Historical paid claims were grouped into accident year cohorts by class of
business–representing when they were paid after their accident year e.g. a claim paid 3 years after
accident year 2007 etc. These cohorts form the development triangles.Each accident years, paid claims
were accumulated to the valuation date and projected into future their expected ultimate claim amount
using the trends observed in the historical data. The gross claim reserve was then derived from the
difference between the cumulated paid claims and the estimated ultimate claim.For the later years
where the cohorts are underdeveloped or has less than expected claims, the Bornheutter Ferguson (BF)
method was used to estimate the ultimate claims. The appropriate loss ratio used in estimated the BF
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
118PAGE
ultimate claim was the average of fully developed historical years."
"The Inflation Adjusted Basic Chain Ladder Method (IABCL): Under this method, the historical paid losses
were adjusted to allow for inflation to the valuation date using the corresponding inflation index in each
of the accident years.The inflation adjusted paid were then treated similarly to the Basic Chain Ladder
described above. The incremental projected claims are then inflated based on our future inflation
assumption to the expected future payment date. "
"Discounted BCL and IABCLThis is the discounted form of the BCL and IABCL. In determining the value,
the future expected cash flow for claim payments is discounted to present day terms using our assumed
discount rate. "
"Reinsurance Recovery ReservesThe methods for calculating claim reserves is also the method used to
calculate reinsurance recovery reserves. However, due to the limited historical reinsurance recovery
data, the ratios between the Gross outstanding and reinsurance recoveries over historical years was
applied to the gross reserves to derive the reinsurance recovery reserves.The AURR recoveries were
derived by the product of the AURR and the ratio of the reinsurance recoveries to the gross outstanding
reserves."
2.2.4
2.2.5
2.3
ANNUALREPORT
2016
We have adopted the official inflation indices below in our calculations:
YearAccumulated Inflation Index
2007 193.16%
2008 175.01%
2009 138.93%
2010 109.77%
2011 87.63%
2012 70.11%
2013 51.88%
2014 40.63%
2015 29.85%
2016 18.48%
2017+
Inflation Index
6.60%
15.10%
13.90%
11.80%
10.30%
12.00%
8.00%
8.30%
9.60%
18.48%
15.00%
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
119PAGE
“We performed calculations on the following two bases;• By discounting the claims estimated to the valuation
date at a discount rate of 16% p.a which at valuation data was close to the weighted average of bonds with
outstanding term of 4 years or less. • With no discounting"
This method is simple and gives an approximate estimate. We adopted this method as a check on our ultimate
projections and also where there was insufficient data to be credible to use for the statistical approaches. Under
this method, we obtained the Ultimate claims by studying the historical loss ratios, investigating any differences
and using judgments to derive a loss ratio. Paid claims already emerged were then deducted from the estimated
Ultimate claims to obtain our reserves."
This method investigates the trend of the claim frequency and average cost per claim for each accident year. An
Average of the fully run off accident years was used as a guide on the ultimate claim frequency and ultimate
average cost which was then adopted for the accident years that are not fully run off. Large Losses Large losses
distorting the claims payment trend were excluded from all our chain ladder projections and analyzed
separately using the Average Cost per claim method."
?Policies are written uniformly throughout the year for each class of business.
?Claims occur uniformly throughout the year for each class of business. This implies that claims occur on
average halfway through year.
?Future claims follow a regression pattern from the historical data. Hence payment patterns will be
broadly similar in each accident year. The proportionate increase in the known cumulative payments
from one development year to the next is used to calculate the expected cumulative payments for the
future development periods.
?An implicit assumption of the chain ladder is that weighted past average inflation will remain unchanged
in to the future.
?We assume gross claim amount includes all related claim expenses. If this is not the case, we will hold a
separate reserve to cover claim expenses.
?The UPR is calculated on the assumption that risk will occur evenly during the duration of the policy.
?Under the Average Cost per claim method used in estimating large losses, we assumed the early years
(e.g. accident years 2007, 2008) are fully developed
2.4 "Loss Ratio Method
2.5 "Frequency and Severity Method
2.6 Assumptions underlying the Valuation Methods
Our calculation assumes:
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
120PAGE
Large Losses
The table below shows the large loss cut off level assumed for each class of business. SD below means Standard
Deviation of the claim distribution.
ANNUALREPORT
2016
10,000,000
10,403,262
9,749,074
10,098,805
5,000,000
N/A
N/A
N/A
Not Applicable
Not Applicable
10m Assumed
Mean + 3SD
Mean + 3SD
Mean + 3SD
5m adopted
Not Applicable
General Accident
Engineering
Fire
Marine
Motor
Bond
Oil & Gas
Aviation
Large Loss Comment on DerivationClass of business
3 Valuation Results
3.1 Inflation Adjusted Chain Ladder Method – Result Table
Table 3.1: Discounted Inflation Adjusted Basic Chain Ladder Method- Discounted
Class of BusinessGross Outstanding
Claims
Estimated Reinsurance Recoveries
Net Outstanding Claims
General Accident 259,935,938
(138,848,950)
121,086,988
Engineering 63,114,694
(35,550,614)
27,564,080
Fire 377,490,629
(137,014,586)
240,476,043
Marine 72,886,231
(46,939,366)
25,946,865
Motor 157,808,508
(20,950,527)
136,857,981
Bond* 28,732,677
-
28,732,677
Aviation* 105,649,034
-
105,649,034
Oil & Gas* 566,378,153
-
566,378,153
TOTAL 1,631,995,862
(379,304,043)
1,252,691,820
Accounts (Outstanding Claims) 1,338,332,734
(311,192,740)
1,027,139,994
Difference 293,663,129
(68,111,303) 225,551,826
*Estimated using Expected loss ratio method and discounted
N N N
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
121PAGE
ANNUALREPORT
2016
3.2 Incurred But Not Reported (IBNR) Table
Table 3.2: IBNR Table
Class of BusinessOutstanding Claim
ReservesN
Outstanding Reported Claim Reserves
N
IBNRN
General Accident 259,935,938
221,243,887
38,692,051
Engineering 63,114,694
43,850,713
19,263,980
377,490,629
325,154,254
52,336,376
Marine 72,886,231
57,514,062
15,372,169
Motor 157,808,508
109,751,013
48,057,495
Bond 28,732,677
18,505,497
10,227,180
Aviation 105,649,034
103,956,664
1,692,370
Oil & Gas 566,378,153
458,356,645
108,021,509
TOTAL 1,631,995,862
1,338,332,734
293,663,129
3.3 Reinsurance IBNR Table
Fire
Table 3.3: Reinsurance IBNR Table
Class of BusinessTotal Outstanding
Reinsurance Recoveries
N
Outstanding Reported Reinsurance Recoveries
NReinsurance IBNR
N
General Accident 138,848,950 118,180,970 20,667,980
Engineering 35,550,614 25,356,622 10,193,992
Fire 137,014,586 118,018,494 18,996,092
Marine 46,939,366 38,822,654 8,116,712Motor 20,950,527 10,814,000 10,136,527
Bond -
-
-
Aviation -
-
-
Oil & Gas -
-
-
TOTAL 379,304,043 311,192,740 68,111,303
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
122PAGE
13,967,872
5,189,836
27,027,623
7,545,963
23,058,225
5,942,702
958,629
3,194,321
86,885,173
3.4 UPR (Gross and Reinsurance UPR) – Result Table
Table 3.4: Estimated UPR (net of reinsurance)
Class of BusinessGross UPR
NReinsurance UPR
NNET UPR
N
General Accident 95,552,920 Engineering 49,854,751 Fire 181,879,763
Marine 123,667,197
Motor 186,398,205
Bond 29,778,134
Aviation 8,930,989
Oil & Gas 81,179,887
Total 757,241,846
(18,381,548) (6,193,423) (12,540,191)
(9,180,539)
-
(2,458,655)
-
(29,084,577)
(77,838,934)
77,171,371
43,661,328
169,339,572
114,486,658
186,398,205
27,319,479
8,930,989
52,095,309
679,402,912
ANNUALREPORT
2016
3.5 Deferred Acquisition Cost (DAC)
Table 3.5: DAC
Class of BusinessDAC
N
General Accident
Engineering
Fire
Marine
Motor
Bond
Aviation
Oil & Gas
Total
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
123PAGE
3.6 Additional Unexpired Risk Reserve (AURR)
We illustrate below that for a some lines of business the assumed Combined Loss Ratio is more than 100%. The
assumed Combined Loss Ratio is calculated as the average of the sum of the Expense Ratio and the Ultimate loss
ratio over previous years. We have assumed a fixed Expense ratio across all lines of 63%. Accordingly, we have
estimated AURR's and their corresponding Reinsurance recoveries for those lines of business whose assumed
Combined Loss Ratio is greater than 100%.
Class of BusinessAssumed
Loss RatioAURR
Reinsurance on AURR
General Accident 85% - -
Engineering 91% - - Fire 127% 49,329,283 (17,904,633) Marine 73% -
-
Motor 90% -
-
Bond 77% -
- Aviation 156% 4,962,902
-
Oil and Gas 84% -
-
Total 54,292,185
(17,904,633)
Table 3.6: Loss Ratio Table
3.7
3.7.1 Gross Reserves
We summarise below the estimated Gross Reserves and Reinsurance Recoveries under four (4) main
methods:
3.7.2 Reinsurance Recoveries
ANNUALREPORT
2016
344,270,712 392,705,755
379,304,043 431,642,993
Discounted Undiscounted N
BCL
IABCL
Discounted Undiscounted N
BCL 1,554,817,033 1,670,213,278
IABCL 1,631,995,862 1,755,077,083
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
124PAGE
4 Conclusion
4.1
4.2 Technical Reserves
We are adopting the reserves from the Inflation Adjusted Discounted Chain Ladder method in this
report. This method as indicated earlier
· Anticipates that total claim payments may be exposed to future inflationary pressures
· Recognises that reserves should represent the present value of future claim payments
We are reporting Gross Reserves of N2.44 billion and Reinsurance Assets of N475 million as shown in the
table below. Our estimates meet the Liability Adequacy Test.
ANNUALREPORT
2016
(N)
Reserves Gross Reinsurance Assets Net
Claims 1,631,995,862 (379,304,043) 1,252,691,820
UPR 811,534,031
(95,743,567)
715,790,464
Total 2,443,529,894
(475,047,610)
1,968,482,284
Table 4.2: Technical Reserves
Standard Alliance Insurance Plc and Its Subsidiary Company
OTHER NOTES TO THE FINANCIAL STATEMENTS
125PAGE
General REVENUE ACCOUNT Aviation Bond Engineering Fire Accident Marine Motor Oil & Gas 2016 2015
N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Premium Income
Premium written 24,854 61,657 110,572 403,780
435,712
361,122
476,810
637,458
2,511,965
2,956,271
(Increase)/Decrease in Unearned premium (12,178) (189) (4,532) (136,508)
73,634
(29,509)
4,694
96,590
(7,998)
113,843
12,676 61,468 106,040 267,272
509,346
331,613
481,504
734,048
2,503,967
3,070,114
Reinsurance premium expenses - (4,917) (17,338) (27,428)
(39,266)
(31,349)
-
(375,489)
(495,787)
(602,574)
Net premium written 12,676 56,551 88,702 239,844 470,080 300,264 481,504 358,559 2,008,180 2,467,540
Commission received on reinsurance - 1,616 4,072 12,825
12,729
6,098
-
-
37,340
52,044
Underwriting income 12,676 58,167 92,774 252,669 482,809 306,362 481,504 358,559 2,045,520
2,519,584
Less Claims Expenses
Claim paid (14,079) (22,703) (69,231) (299,224)
(74,774)
(34,955)
(154,069)
(31,759)
(700,794)
886,558
Increase/(Decrease) in provision for
outstanding claims 46,521 30,129 (7,038) (56,001) (63,845) (28,873) 46,860 (208,102) (240,349) (86,524)
Claims incurred but not reported (IBNR) (13,274) 14,070 (8,388) 10,326 14,294 (12,536) 13,329 13,844 31,665 24,760
19,168 21,496 (84,657) (344,899) (124,325) (76,364) (93,880) (226,017) (909,478) 824,794
Claims expenses recoveries from reinsurers - - 25,878 139,616 110,277 43,301 21,169 (282,357) 57,884 (47,384)
Net Claims expenses 19,168 21,496 (58,779) (205,283) (14,048) (33,063) (72,711) (508,374) (851,594) 777,410
Underwriting expenses:
Acquisition cost (1,542) (12,140) (20,472) (61,907) (95,204) (37,831) (51,661) (11,092) (291,849) 381,412
Maintenance cost (2,233) (5,539) (9,933) (36,272) (39,140) (32,440) (42,832) (57,263) (225,652) 217,742
Total underwriting expenses (3,775) (17,679) (30,405) (98,179) (134,344) (70,271) (94,493) (68,355) (517,501) 599,154
Total Expenses 15,393 3,817 (89,184) (303,462) (148,392) (103,334) (167,204) (576,729) (1,369,095) 1,376,564
Underwriting profit (2,717) 54,350 181,958 556,131 631,201 409,696 648,708 935,288 676,425 1,143,020
ANNUALREPORT
2016
REVENUE ACCOUNT Aviation Bond Engineering Fire Accident Marine Motor Oil & Gas Life 2016 2015
N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
Premium Income
Premium written 24,854
61,657
110,572
403,780
435,712 361,122 476,810 637,458 1,866,220 4,378,185 5,235,571
(Increase)/decrease in Unearned premium (12,178)
(189)
(4,532)
(136,508)
73,634 (29,509) 4,694 96,590 (29,765) (37,763) 190,614
12,676
61,468
106,040
267,272
509,346 331,613 481,504 734,048 1,836,455 4,340,422 5,426,185
Reinsurance premium expenses -
(4,917)
(17,338)
(27,428)
(39,266) (31,349) - (375,489) (196,228) (692,015) (853,396)
Net premium written 12,676
56,551 88,702 239,844 470,080 300,264 481,504 358,559 1,640,227 3,648,407 4,572,789
Commission received on reinsurance -
1,616
4,072
12,825
12,729 6,098 - - 81,476 118,816 341,341
Underwriting income 12,676
58,167 92,774 252,669 482,809 306,362 481,504 358,559 1,721,703 3,767,223 4,914,130
Less Claims Expenses
Claim paid (14,079) (22,703) (69,231) (299,224) (74,774) (34,955) (154,069) (31,759) (831,133) (1,531,927) 2,089,400
Increase/(decrease) in provision for
outstanding claims 46,521 30,129 (7,038) (56,001) (63,845) (28,873) 46,860 (208,102) 21,365 (218,984) 175,734
Claims incurred but not reported (IBNR) (13,274) 14,070 (8,388) 10,326 14,294 (12,536) 13,329 13,844 31,665 (187,382)
19,168 21,496 (84,657) (344,899) (124,325) (76,364) (93,880) (226,017) (809,768) (1,719,246) 2,077,752
Claims expenses recoveries from reinsurers - - 25,878 139,616 110,277 43,301 21,169 (282,357) 225,316 283,200 (359,586)
Net Claims expenses 19,168 21,496 (58,779) (205,283) (14,048) (33,063) (72,711) (508,374) (584,452) (1,436,046) 1,718,166
Underwriting expenses:
Acquisition cost (1,542) (12,140) (20,472) (61,907) (95,204) (37,831) (51,661) (11,092) (385,360) (677,209) 867,072
Maintenance cost (2,233) (5,539) (9,933) (36,272) (39,140) (32,440) (42,832) (57,263) (764,130) (989,782) 770,999
Changes in investment contract liability - - - - - - - - - (392,339) 323,895
Total underwriting expenses (3,775) (17,679) (30,405) (98,179) (134,344) (70,271) (94,493) (68,355) (1,149,490) (2,059,330) 1,961,966
Total Expenses 15,393 3,817 (89,184) (303,462) (148,392) (103,334) (167,204) (576,729) (1,733,942) (3,495,376) 3,680,132
Underwriting profit (2,717) 54,350 181,958 556,131 631,201 409,696 648,708 935,288 3,455,645 271,847 1,233,998
Financial Statements, 31 December 2016
General
APPENDIX TO THE FINANCIAL STATEMENTS
Standard Alliance Insurance Plc and Its Subsidiary Company
126PAGE
Group
Company
-
ANNUALREPORT
2016
Financial Statements, 31 December 2016 OTHER NATIONAL DISCLOSURE STATEMENT OF VALUE ADDED
Group Group Company Company
2016 2015 2016
N'000 % N'000 % N'000 % %
Premium, Investment and Other Income 4,747,713
6,080,851
2,763,562
3,319,290
Premiums,Commissions, Claims paid and
Other operational cost (5,292,150)
(4,300,179)
(3,046,642)
(1,761,212)
Value (absorbed)/ Added (544,437)
100
1,780,672
100
(283,080)
100 1,558,078 100
DISTRIBUTED AS FOLLOWS:
EMPLOYEES
Staff costs 456,093
(84) 472,501
27
424,736
(150) 358,288 23
PROVIDERS OF FUNDS
Finance charges 189,904
(35)
286,350
16
185,898
(66) 263,349 17
GOVERNMENT
Taxation including information technology
development levy - - - - -
ASSET REPLACEMENT
Depreciation & amortisation 151,235 (28) 134,340 8 145,681 (51) 126,203 8
CONTRACTION/EXPANSION -
Shareholder's interest
(Loss)/profit for the year after taxation (1,341,669) 246 887,481 50 (1,039,395) 367 810,238 52
VALUE ADDED (544,437) 100 1,780,672 100 (283,080) 100 1,558,078 100
The value added statement represents the distribution of the wealth created by the Company through the
use of its assets and the efforts of the employees.
Standard Alliance Insurance Plc and Its Subsidiary Company
127PAGE
ANNUALREPORT
2016
OTHER NATIONAL DISCLOSURE
TWO YEAR FINANCIAL SUMMARY
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
Financial Statements, 31 December 2016
Group2016 2015
ASSETS EMPLOYED N'000 N'000
Cash and cash equivalents 485,013 734,315
Financial assets 770,750 1,134,118
Reinsurance assets 955,467 1,032,984
Trade Receivables 16,340 49,994
Other receivables and Prepayment 44,294 65,074
Deferred acqusition costs 117,910 131,238
Non-Current Asset Held for sale 1,890,433
Investment in Associate Companies -
Investment Property 3,824,589 3,304,563
Intangible Assets 13,480 11,757
Property, plants and equipments 6,257,177 2,897,893
Statutory Deposit 535,000 535,000
13,020,020 11,787,369
LIABILITIES 8,368,097
7,190,571
NET ASSETS 4,651,924
4,596,798
SHAREHOLDERS' EQUITY
Share Capital 5,996,587
5,996,587
Share Premium 7,667,475
7,667,475
Contingency Reserves 1,505,600
1,411,579
Other reserves 3,076,501
1,679,707
Retained earning (13,870,648)
(12,552,146)
4,375,515
4,203,202
276,408
393,596
TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
NON CONTROLLING INTEREST
TOTAL LIABILITY AND SHAREHOLDERS' EQUITY 13,020,020
11,787,369
Standard Alliance Insurance Plc and Its Subsidiary Company
128PAGE
-
-
ANNUALREPORT
2016
OTHER NATIONAL DISCLOSURE
TWO YEAR FINANCIAL SUMMARY
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Financial Statements, 31 December 2016
Group 2016 2015
N'000 N'000
Gross premium income 4,340,422 5,426,185
Reinsurance premium expenses (692,015) (853,396)
Net premium Income 3,648,407 4,572,789
Commission earned on reinsurance 118,816 341,341
Underwriting income 3,767,223 4,914,130
Total underwriting expenses (3,495,376) (3,680,132)
Underwriting result 271,847 1,233,998
Investment income 288,475 313,325
Loss on investment contract liability (158,374) (103,340)
Management expenses (1,515,825) (1,484,138)
Finance charges (189,904) (286,350)
Writeback - 858,611
Unrealised Fair value losses (45,860) (18,317)
Fair value gain on investment properties 520,026 394,000
Gain on disposal of assets - 153,765
Loss on disposal of investment property - (125,000)
Foreign exchange loss on loan (385,289) (117,514)
(Loss)/profit before taxation (1,214,904) 819,040
Income tax (126,765) 68,441
Loss for the year (1,341,669)
887,481
Other comprehensive income/(loss)
Revaluation surplus on building 1,460,400
501,583
(63,606)
(436,930)
Total comprehensive income 1,396,794
64,653
Total comprehensive income for the year 55,125
952,134
(Loss)/profit per share: Basic/Diluted (Kobo) (10.13)
6.83
Fair value loss on quoted shares(Available for sale) net of tax
Standard Alliance Insurance Plc and Its Subsidiary Company
129PAGE
OTHER NATIONAL DISCLOSURE
FIVE YEAR FINANCIAL SUMMARY
STATEMENT OF FINANCIAL POSITION
ANNUALREPORT
2016
Company 2016 2015 2014 2013 2012
ASSETS EMPLOYED N'000 N'000 N'000 N'000 N'000
Cash and cash equivalents 347,097
147,234
701,236
230,396
316,589
Financial assets 590,638
1,048,493
1,837,131
3,017,908
1,963,821
Reinsurance assets 475,048
492,673
607,664
241,092
641,965
Trade Receivables 16,340
49,994
32,646
7,673
642,257
Other receivables and Prepayment 22,510
28,117
32,469
98,513
563,752
Deferred acqusition costs 86,885
108,199
96,442
420,840
140,728
Non-Current Asset Held for sale -
1,890,433
-
-
1,435,000
Investment in Associate Companies 277,673
406,728
317,604
1,081,612
1,123,290
Investment Property 1,300,000
1,150,000
1,415,000
1,435,000
-
Intangible Assets 7,230
8,241
7,686
11,544
18,937
Property, plants and equipments 6,178,413
2,770,510
2,222,606
1,909,303
1,750,734
Statutory Deposit 335,000
335,000 335,000 335,000 335,000
9,636,834
8,435,622 7,605,484 8,788,881 8,932,073
LIABILITIES 5,288,054
4,203,421
4,303,905
4,011,311
4,059,225
NET ASSETS 4,348,780
4,232,201
3,301,579
4,777,570
4,872,848
SHAREHOLDERS' EQUITY
Share Capital 5,996,587
5,996,587
5,996,587
5,996,587
5,996,587
-
-
-
Share Premium 7,667,475
7,667,475
7,667,475
15,852,049
15,852,049
Treasury shares - - - (8,737,585) (8,737,585)
Contingency Reserves 1,461,315 1,386,196 1,243,423 1,113,425 999,663
Other reserves 3,076,501 1,735,438 1,615,054 1,447,511 896,009
Retained earning (13,853,338) (12,553,495) (13,220,960) (10,894,417) (10,133,875)
TOTAL SHAREHOLDERS' EQUITY 4,348,540 4,232,201 3,301,579 4,777,570 4,872,848
TOTAL LIABILITY AND SHAREHOLDERS' EQUITY 9,636,594 8,435,622 7,605,484 8,788,881 8,932,073
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2016
Standard Alliance Insurance Plc and Its Subsidiary Company
130PAGE
COMPREHENSIVE INCOME 2016 2015 2014 2013 2012
Company N'000 N'000 N'000 N'000 N'000
Gross premium income 2,503,967
3,070,114
4,338,679
3,779,634 5,381,232
Reinsurance premium expenses (495,787)
(602,574)
(475,015)
(683,715) (480,958)
Net premium Income 2,008,180
2,467,540
3,095,919
4,900,274 4,160,339
Commission earned on reinsurance 37,340
52,044
103,078
33,799 90,967
Underwriting income 2,045,520
2,519,584
3,129,718
4,991,241 4,253,065
Total underwriting expenses (1,369,095)
(1,376,564)
(2,536,055)
(2,124,355) (2,430,346)
Underwriting result 676,425
1,143,020
1,005,363
2,560,895 2,701,057
Investment income 222,255
197,132
239,631
335,212 208,069
Management expenses (1,426,478)
(1,323,958)
(1,795,804)
(1,497,228) (1,386,984)
Impairment charges on premium receivable -
-
-
- -
Finance charges (185,898)
(263,349)
(48,483)
(137,084) (190,144)
Writeback/(impairment charges) -
945,216
(1,145,650)
(297,351) (358,959)
Share of (loss)/profit on Subsidiary Company (129,055)
55,627
(726,422)
(239,741) 75,637
Unrealised Fair value gain/(losses) 150,000
48,928
(52,575)
41,093 10,715
Fair value loss on financial assets (42,230)
-
-
Gain on disposal of assets -
28,765
-
-
Foreign exchange loss on loan (385,289)
(117,514)
-
-
Information Technology Development levy -
-
-
-
(Loss)/profit before taxation (1,120,270)
713,867
(789,736)
919,229 99,036
Income tax (104,214)
96,371
(86,505)
(64,879) (120,192)
Deferred tax -
-
(11,524)
(26,327) (17,855)- - - - -
Loss for the year (1,224,484) 810,238 (880,942) 781,182 6,823
Other comprehensive income/(loss)
Revaluation surplus on building 1,460,400 557,314 411,117 - -
(63,606) (436,930) (243,574) 641,102 772,328
Total comprehensive income 1,396,794 120,384 641,102 772,328 14,586
Total comprehensive income/(loss) for the year 172,310 930,622 (239,840) 1,553,510 21,409
(Loss)/profit per share: Basic/Diluted (Kobo) (8.67) 6.76 (18.31) (7.35) (17)
Fair value gain on quoted shares (Available for sale)
net of tax
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2016
STATEMENT OF PROFIT OR LOSS AND OTHER
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
-
-
-
-
-
131PAGE
The solvency margin for the Company as at 31 December 2016 is as follows:
Note 2016 2015
Assets N'000 N'000Admissible Inadmissible
Cash and cash equivalents 6 220,070
127,027
347,097
Financial assets:
Fair value through profit or loss 7.1 14,903
18,365
Loans and receivables 7.2 4,323
12,629
Available for sale investment 7.3 342,674
433,948
Held to maturity financial assets 7.4 228,738
583,551
Reinsurance assets 8 475,048
492,673
Trade receivables 9 16,340
49,994
Other receivables (excluding prepayments) 10 18,767
3,743
16,114
Deferred acquisition cost 11 86,885
108,199
Non-current asset held for sale 13 - 1,890,433
Investment properties 14 1,300,000 1,150,000
Investment in subsidiary 12.1 277,673 406,728 Intangible assets 7,230 Property, plant and equipment 16 6,178,413 2,770,510 Statutory deposit 17 335,000
335,000
9,498,834
138,000
8,615,241
Admissible liabilities
Finance liabilities 22 1,269,650
795,918
Trade payables 20 15,632
75,986
Other payables 21 757,737
516,749
Current income tax liabilities 24 171,316
170,561
Insurance contract liabilities 18 2,443,530
2,226,847
Finance lease obligation 23 66,998
111,800
Deferred tax liabilities -
563,191
-
4,724,863
563,191
3,897,861
Excess of admissible assets over admissible liabilities 4,773,971
4,717,380
The higher of 15% of net premium and minimum paid up capital 3,000,000
3,000,000
Surplus in solvency margin 1,773,971
1,717,380
Solvency ratio 0.59 0.57
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2016
ANNUALREPORT
2016
DETERMINATION OF SOLVENCY MARGIN
Standard Alliance Insurance Plc and Its Subsidiary Company
132PAGE
Kaduna
Abuja
Borno
Kwara
Ekiti
Edo
Osun
Oyo
Ogun
LagosOndo
Delta Imo
Rivers Akwa Ibom
133PAGE
ANNUALREPORT
2016
Unclaimed DividendAS AT 31ST DEC. 2016
Standard Alliance Insurance Plc and Its Subsidiary Company
134PAGE
1. ABORISADE BABATOPE EBENEZER
2. ACHUNINE CHIDEBE
3. ADEBESIN KEHINDE B.
4. ADEDOKUN GBENGA HGRMW
5. ADEGBINDIN SIKIRU AKIN
6. ADEGBOYE DEBORAH ABOSEDE
7. ADEKOYA SHAKIRUDEEN O. ABOLORE
8. ADELABU ADETAYO
9. ADENIJI ADENIKE OLAYEMI
10. ADENIYI ABOSEDE
11. ADENUGA G.S. MICHAEL OLUMUYIWA
12. ADEOLA MUASIBAU ADEJARE
13. ADEOYE OLUMIDE SAMUEL
14. ADEPOJU KAZEEM
15. ADEWUSI EBENEZER ADEKUNLE
16. ADIGWE OGOM IRENE
17. ADIGWU ANDREW IKEMEFUNA
18. ADISIANYA UCHENNA KANAYOCHUKWU
19. AFOLABI BUKOLA
20. AFOLABI OLAWALE AJANI
21. AGBABIAKA ABIOLA ADELEYE OMOLARA
22. AGBABIAKA AYODEJI OLUSOLA
23. AGBABIAKA IBITAYO OMONIYI
24. AGBABIAKA OLUREMI GRACE OLAWUNMI
25. AGEH COSMAS UKPANUKPONG
26. AJAEBILI IFEANYI JOSEPHAT
27. AJANA OLAJIDE
28. AJAYI OLUWAFEMI SAMUEL
29. AJILEYE TAIWO JAMES
30. AJOSE LUKMAN OLABIRAN
31. AJUDUA STEVE ELUE
32. AKANJI YINUSA KAYODE
33. AKINDELE YISA ADEWALE
34. AKINOSO TAIWO
35. ALABI AYOBAMI ADEDAPO
36. ALABI MICHAEL OLASUNKANMI
37. ALADE ISREAL OLABODE
38. ALAFIATAYO LADE YEMISI
39. ALEX OLATUNDE RAPHAEL
40. ALI EMMANUEL OCHEIDO
41. ALUMA JOHN ALUMA
42. ANARAH FLORENCE OGOCHUKWU
43. ANARE PAUL GIDEON
44. ANIEROBI FELICIA ABOSEDE
45. ARHAVWARIEN JONES
46. ASAKPA JAMES
47. ASHIRU SHAKIRAT BOLANLE
48. AYANKOYA ELIZABETH BOLANLE
49. AYEGBA ABDUL
50. AYODELE ADEFUNKE OLUYEMISI
51. AYODELE JOHNSON
52. AYODELE OLUFEMI ADEYEMI
53. BAIYEWU OLUFEYIKEMI
54. BAKARE MURITALA ADEGBOYEGA
55. BAMIDELE MICHEAL MABINUOLA
56. BAMIDELE OLAGOKE
57. BEN-NWAKANMA NGOZI AMANDA
58. BOKINNI SIRAJ KOLAWOLE
59. BOLARINWA FUNMI
60. DADA ABIOLA OYERONKE
61. DADA OLUFEMI ADETOLA
62. DADA SAMSON OLUGBEMIGA
63. DANBALA MAGAJI
64. DARE ADEBOLA J.
65. DAUDU ALFRED TAIYE
66. DIORU ARUBICA ROWLAND
67. EBOJIE KENNEDY
68. EDE MOSES NWEKE
69. EFFIONG ANIEKAN ETTE
70. EFUNNUGA ADEMOLA ADEWALE
71. EGWUATU THERESA NWANYIBUTE
72. EJIOFOR CHIOMA EBERE
73. EKUNDAYO OLUBUNMI DESOLA
74. ELOYE OJO MONAEKHIS
75. ENUJIOFOR NKIRUKA HOPE
76. ERUKU EBENEZER MAROMIPIN
77. ESUE ABAYELI IVUEDOYA
78. EZEMGBE SYLVANUS CHUKWUMA
79. EZEOBI NWANKWO CHRISTOPHER
80. FADARE ADEJUMO ADIO
81. FAMOROTI BANKOLE OLUWATOYIN
82. FATOKE OLUKAYODE OLUSEGUN
83. FAZING ZINGKUN ZINGKUN
84. IBIROGBA ADEBOLA BABS
85. IDJAI MONDAY
86. IKEH OLUCHI M
87. ISA LADU ADEJO
88. IYEVHE LAZARUS ASEGIEMHE
89. JAIYEOLA ADEWUNMI ABIODUN
90. JOSEPH ADEBAYO
91. KABIRU YUSUF ZAINAB MARYAM FATI
92. KADIRI RAFIU
93. KALU OKEH GAIUS & HAPPINESS GAIUS
94. KALU UGO OKEKE
95. KAMFA AUWALU ISHAQ
96. KOLEOSO FOLASADE ARINADE
97. LAWAL MUTIU OLAKUNLE
98. LEWA JACINTA ASHE'NGOM
99. MADUAGWU DILICHUKWU DAMIAN
100. MADUAKO ANTHONY
101. MAYIKO JOSIAH OWHOBEVUGHE
102. MBAEMEKA C.DEAR JOHN
103. MBANUGO EMENIKE OLISAEMEKA
104. MEYANBE OLU ADEBISI
105. MOKOLO GLORY N.
106. MOMOH BEATRICE MODUPE
107. NDUBISI CHIDI NDUBISI O.
108. NKAK ARIT UDOFA
109. NKEMDILIM IKECHUKWU FRANCIS
110. NNADI FREDRICA AMAKA
111. NNAEBUE CHUKA EMMANUEL
112. NNAH SOLOMON KELECHI
113. NWADIKE PIUS EZIEFULA
114. NWAUWA DIVINE-WILL AKUJUOBI C.
115. NWOKE OGUWUIKE DAMIAN
116. NWOKE SOLOMON OBINNA
117. NXUMALO OSAMEDE ANNE
118. OBAFAIYE CLEMENT OLUWATOSIN
119. OBIANONWO BASIL UGOCHUKWU
120. OBITOLU GEORGINA UKAMAKA
121. OCHIAGHA LIVINUS
122. ODERO NYIMBI
123. OFOEDU IJEOMA JOY
124. OGA MOSES OGO
125. OGBONNA AGATHA AKUWUEZIUKA
126. OGBONNA NDIDI S.
127. OGBONNAYA EMMANUEL
128. OGHALI SUNDAY
129. OGUGUA MBADIWE EDMUND
130. OGUNWALE REGINA ADEDOYIN
131. OGUNYINKA BABATUNDE MICHEAL
132. OJEDOYIN TIMOTHY OLADAPO
133. OJEWUSI AYOOLA AYOBAMI
134. OKACHE CHRISTOPHER ODEY
135. OKAFOR JOHN
136. OKE ADEKUNLE OLAYINKA
137. OKEKE OBINNA MICHAEL
138. OKEREKE AKUNNA GEOEVIVE
139. OKEWOLE DOYIN
140. OKHIRIA GBENGA LUCKY
141. OKOH HYCENT
142. OKOLIGWE JUDE IKECHUKWU
143. OKONKWO CHIDI S. OKONKWO
144. OKONTA PAUL EJIME
145. OLAWOYE IFEOLUWA MOBOLAJI
146. OLOGAN OLUMIDE JOSEPH
147. OLOLA MULIKAT AWERO
148. OLORUNDAMISI OLANIKE GRACE OLAPEJU
149. OLORUNDARE KEHINDE JOSEPH (ACA)
150. OLOWU CLARA OLANREWAJU
151. OLUPAYIMO MICHAEL KAYODE
152. OLUSANYA ABIODUN ADEWALE
153. OLUSANYA OLUDAMILOLA OLUKEMI
154. OLUWO GANIYAT ADEBUKOLA
155. OMITOGUN AKINYEMI OLATUNDE
156. OMOKOREDE ADESHOLA ABOSEDE E
157. OMOKOREDE BOLANIRAN CYRIL
158. OMOLE MUYIWA
159. OMOLE OLUWATOSIN AFOLABI
160. OMOLUA ESIEMA DIANA
161. OMU ABRAHAM
162. ONADIPE SERIAN ERERE
163. ONYEOCHA CHARLES NNODIM
164. OPOROMO EMMANUEL PERE
165. OREAGBA ABAYOMI OLUFUNMILAYO
166. ORIDOTA LANRE ADEBOYE
167. OSANEKU LAWRENCE EFOMA
168. OSIFESO OLUSEYI OLUKAYODE O.
169. OSINUSI ADEGOKE
170. OTUBU OLUSEYE AKINOLA
171. OVIRIH ANDY DAVIDSON
172. OWARA OJO LAWRENCE OLADIRAN
173. OWOH EMMANUEL EMEKA
174. OYALOWO OLALEKAN OLAWALE
175. OYEDOTUN STELLA ADEFUNKE
176. OYELEKE RAFIU BALLE
177. OYIBO MOHAMMED ADJARHO
178. OZEMWONGIE JOSHUA M. OSARUMWENSE
179. RAJI FATAI ADEBAYO
180. SABITU ADEYEMI ISHAQ
181. SALAWU OLAYEMISI SERIFAT
182. SANGOSANYA TAOFEEK ADEYEMI
183. SANI LAWAN AMINA MUHAMMED YUSUF
184. SHOFUYI OLUWASEUN SAMUEL
185. SHUAIBU ABUBAKAR
186. SIDI ALI RABI
187. SOFILE AFOLASHADE OLUWAFUNMILAYO
188. SOLIU LUQMAN M.
189. SONEYE ABAYOMI ADEBOLA
190. TIAMIYU EMMANUEL BAMIDELE
191. TOM-GEORGE DAREGO
192. UDOFIA ANIEKAN EFFIONG
193. UGBECHIE FRANCA CHIKA
194. UMEADI ANDY UDEM
195. WANIYO UMARU TUMBA
196. WILLIAMS AFUSAT ADEOLA
197. YAHAYA MUHAMMED IMAM
198. YUNUSA UBA
199. YUSSUF AYINDE RAFIU
200. YUSUF BAKIN RUWA MUSA MOHAMMED
Payment 1
ANNUALREPORT
2016
Unclaimed DividendAS AT 31ST DEC. 2016
Standard Alliance Insurance Plc and Its Subsidiary Company
1. ADETOLA OLUSEYI OBABUNMI
2. ADUBIFA ABIMBOLA
3. AFFI MICHAEL SABO
4. AGBAGA ANDREW OGHENEOVO
5. AGWERE CHRISTOPHER AJIRI
6. AKINJAYEJU IGBEKELE FESTUS.TOLA
7. AKINYEMI EMMANUEL OLARENWAJU
8. AKOSILE JOHN OLAWALE
9. AKPOMIE MATTHEW
10. ALEGIEUNO JESSE
11. ALIYU SIKY ADEWALE
12. AMEH BENARD
13. AREKE KUNLE
14. ASIWAJU REMILEKUN OMOWUNMI
15. BAMIDELE OLUWAFUNMILOLA ADEBOWALE
16. EMBASSY PHARM & CHEM LTD
17. ESONANJOR MATHEW
18. EZE CHIDIMMA
19. FIRST INLAND BANK/DE-LORDS SEC.-TRADING
20. GEORGE GRACE ALAERE
21. ILESANMI AFOLABI
22. IMOH ANITA INYANG
23. ISA LADU ADEJO
24. K.C.OGBONNAYA VENTURES NIGERIA LIMITED
25. KANO STATE PENSION FUND TRUSTEES
26. KURA VICTORIA ISTY
27. MADU FIDELIS UCHE
28. MAYIKO JOSIAH OWHOBEVUGHE
29. MBAMAH LOUIS CHINEDU
30. NDARAKU CHESTER CHUKWUEMEKA
31. NNAMANI KELVIN IKENNA NNAJIOFOR
32. NWOSU EMEKA FIDELIS
33. ODUSANYA SAKIRU OLUWASEUN
34. OGBODO MATTHEW
35. OGUNSANYA STEPHEN BABAJIDE
36. OJEI UDOKA ALEX
37. OKORONKWO MONDAY UCHENNA
38. OLUWA DURO
39. ONATE SAMUEL
40. OPARA COLLINS
41. OPHIOHONREN EMMANUEL PHIEKPAMARE
42. OVBUDE OGODINMA LIZZIE
43. QUANTUM ARBITAGE LIMITED
44. UZOMA NADOZIEM OLIVER (SQN LDR RTD)
1 AAKO JOHN TAIWO
2 AALIYA EMEKA
3 ABABA TIMINIPERE
4 ABAJA HENRY IFEANYI
5 ABAJUE VERONICA CHIKA
6 ABAKUN SAMUEL OLUWADEMILADE
7 ABAKUN SARAH OLUWAFUNMILADE
8 ABALO OLUWATOSIN OLAOLU
9 ABAM DAVID EYONG
10 ABANE JOHN
11 ABANEKE KINGSLEY
12 ABANG ABUO SAM
13 ABANG OKON WILSON
14 ABANG YUSUFU
15 ABANI SHARON AMARACHI
16 ABANIWU LAURA IFE
17 ABANUM GRACE ASHINEDU
18 ABARATA BUKAR
19 ABARI SIMIDELE
20 ABASI-AKAMA GLORIA HARVEST
21 ABASS ADETOBA
22 ABASS OLOMISOLA
23 ABASS SEUN AZEEZ
24 ABATAN AYODELE
25 ABATI FELIXMORE
26 ABATI ISIAKA
27 ABATU IZEDONMWEN
28 ABAYE GOWON PIUS
29 ABAYOMI ANOSIKE
30 ABAYOMI BABAYEMI
31 ABAYOMI CHINEDUM
32 ABAYOMI OLUFEMI
33 ABAYOMI OLUSOLA
34 ABAYOMI SHADE
35 ABAZU AYOMIDE
36 ABBA JOHNSON
37 ABBAH FRANCO
38 ABBAS KEISHA
39 ABBAS MADUNEME
40 ABBAS PHYDELIA
41 ABBAS UGO
42 ABBEY ABBEY JAMES
43 ABBEY ABBEY JAMES B.
44 ABBEY JAMES NNAOMA
45 ABBEY JAMES NNAOMA J.
46 ABDEL GIGGS
47 ABDEL KEON
48 ABDU ADEWALE
49 ABDU PAT LEMMY
50 ABDUL ADAMU
51 ABDUL ADESOLA
52 ABDUL ADEYEMI
53 ABDUL EJAH
54 ABDUL FATAI MUFTAU
55 ABDUL HAMEED HASSAN LAWAL
56 ABDUL JOHN ABDUL
57 ABDUL KEISHA
58 ABDULAKEEM AMODU
59 ABDULATEEF KAYODE
60 ABDULAZEEZ S. AYODELE
61 ABDULFATAI FATIMAH OMOLASO
62 ABDULHAMEED HASSAN LAWAL I.
63 ABDULLAH KESIA
64 ABDULLAH UZO
65 ABDULLAHI ALADEJEBI
66 ABDULLAHI BELLO
67 ABDULLAHI DAVID
68 ABDULLAHI EZIEBO
69 ABDULLAHI OLUWAYEMISI
70 ABDULLAHI PEACE
71 ABDULRAHIM OLADELE
72 ABDULRAHMAN IBRAHIM ALFA
73 ABDULRAHMAN OZOYAH ISIAQ
74 ABDULRASAQ FOLARIN
75 ABDULSALAM KABIR OLAIDE
76 ABDULSALAM ODO
77 ABDULWAHAB OGUNUGAFOR
78 ABDULWAHAM MAKINWA
79 ABIMBOLA HELEN
80 ABIMBOLA JIBOLA
81 ABIMBOLA JIBRIL
82 ABIMBOLA KARDAL
83 ABIMBOLA LUFADEJU
84 ABIMBOLA TAWOJU
85 ABIMBOLA TEMITAYO ADENIKE
86 ABIMBOLA YAZID
87 ABIODUN CHRISTY
88 ABIODUN ELABOR
89 ABIODUN FAVOUR
90 ABIODUN FRANCIS
91 ABIODUN HENRY OLAWALE
92 ABIODUN IBRAHIM
93 ABIODUN ISAAC
94 ABIODUN MARGARET OLUREMI
95 ABIODUN RASHIDAT ADENIKE
96 ABIOLA AJOKPAGHENE
97 ABIOLA FLORIAN
98 ABIOLA JAMES
99 ABIOLA KANAYOCHUKU
100 ABIOLA OBINWANNE
101 ABIOLA OLUFEMI
102 ABIOLA UGWUZOR
103 ABIOLA UNWAM
104 ABIOSE KALEJAIYE
105 ABIOYE JEGO
106 ABIOYE OLAJUMOKE JANE
107 ABIOYE PETER MOLOYEOLA
108 ABIOYE RASHEED OYEKOLA
109 ABIR IBUKUNOLA
110 ABIR KIDEN
111 ABIR OGUNLANA
112 ABIRI JOE JIRHEVWE
113 ABIRI SOMOLU
114 ABISO IDEMUDIA
115 ABISOLA ADEWALE
116 ABISOLA OSEGHALE
117 ABISOYE BOLORUNDURO
118 ABIWO POPOOLA LEWIS
119 ABIYE EMMANUEL
120 ABIYE EMMANUEL F.
121 ABODE BOLAJI SANI
122 ABODERIN ADEYEMI
123 ABODUNRIN SAMSON
124 ABODUNRIN SANNI BALOGUN
125 ABOH MUYIWA
126 ABOH TAIWO MONDAY
127 ABOLAJI ABOLANLE SHOTUYO KAFAYAT
128 ABOLANLE OKENIYI
129 ABOLARIN DEINDE
130 ABOLARIN RAPHAEL ROTIMI
131 ABOLORE ABUBAKAR
132 ABOLRIN SIMON ROTIMI
133 ABOLUWODI BUKUNMI
134 ABONU Simonpeter
135 ABOOTU CANNICE
136 ABORISADE OZOEKWE
137 ABORO DARE
138 ABOSEDE OKECHUKWU
139 ABOSEDE OLATERU
140 ABRAHAM ADEMOLA
141 ABRAHAM CHIDI
142 ABRAHAM KOLAWOLE OMOTAYO TOLUWANIMI
143 ABRAHAM OLI
144 ABSALOM LATEEFAH
145 ABSALOM OTEDOLA
146 ABU KURFI
147 ABU MARYJANE
148 ABU OLUWOLE
149 ABU OLUWOLE OLATUNDE
150 ABU REKHIA
151 ABUAH BURAIMOH
152 ABUBAKAR BAZAK AYODELE
Payment 2 Payment 3
135PAGE
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
136PAGE
153 ABUBAKAR DANAMARY
154 ABUBAKAR DEGGE
155 ABUBAKAR MUSA
156 ABUBAKAR SALISU
157 ABUBAKAR YAHAYA GARBA
158 ABUDU OKOTIE
159 ABUDU OSHODI
160 ABUDULSALAM AAUWA AYINKE
161 ABUI BURHAN
162 ABULE DANJUMA
163 ABULUDE AYOKUNLE
164 ABUYA JULIET
165 ACHI EZEH HENRY
166 ACHIEKEH OLANIKE
167 ACHIKE ONYEMADU
168 ACHIKE TOBI
169 ACHODA BOSE
170 ACHODAS BOSE E.
171 ACHODAS WAHAB
172 ACHONU THEODARA
173 ACHONU UMAR
174 ACHOR BURHAN
175 ACHUMIE MIRACLE CHIDERA
176 ACHUNINE CHIDEBE
177 ACIKEH E. RAPHAEL
178 ADA OLUJI
179 ADAGA ABETIANBE AGBA
180 ADAGAZU EMMANUEL OVYER
181 ADAGBONIYIN OSARENOMA OSARENOMA
182 ADAGBONYIN LEONARD
183 ADALIS EUGENE ADALIS
184 ADAMS BURUBOYEFE
185 ADAMS BUTA
186 ADAMS LATEEF ISHOLA
187 ADAMS OLALEKAN
188 ADAMSON ABIODUN STEPHEN
189 ADAMU ABATI
190 ADAMU ALFARMA
191 ADAMU EGUONO THOMAS
192 ADAMU EJIROGHENE MOSES
193 ADAMU ESEOGHENE EMMANUELLA
194 ADAMU IKE
195 ADAMU LYDIA IGBEKELEOLUWA
196 ADAMU MOHAMMED BABANGIDA
197 ADAMU SULEIMAN
198 ADAMU UFUOMA PATIENCE
199 ADARA YETUNDE
200 ADARE HASSAN
201 ADARE HASSAN E.
202 ADAUTIN KUNLE BENJAMI F.
203 ADAUTIN KUNLE BENJAMIN
204 ADAUTIN LAWAL ADAUTIN
205 ADAUTIN LAWAL ADAUTIN G.
206 ADAYI HANNAH
207 ADDIE BULUS
208 ADE ADEOLA
209 ADEALA ADESOLA JOLAADE
210 ADEARA FUNKE PRINCESS
211 ADEBAMBO OLAWALE
212 ADEBAMBO TEMITOPE TITILAYO
213 ADEBANJO AFOLASHADE OMODUNMI
214 ADEBANJO OLUSEGUN SAMUEL
215 ADEBAYO ABAYOMI
216 ADEBAYO ABOLAJI OLUFEMI
217 ADEBAYO ABRAHAM ADEWALE
218 ADEBAYO ADEKUNLE
219 ADEBAYO ADENIYI OLUWASEUN
220 ADEBAYO AKANDE
221 ADEBAYO AKANNI AZEEZ
222 ADEBAYO BISI FOLAKE (MRS)
223 ADEBAYO BUSUYI
224 ADEBAYO EMMANUEL BABAFEMI
225 ADEBAYO GBENGA ADEBOLA
226 ADEBAYO HELEN ADEFOLAKE
227 ADEBAYO OMOBOLAJI SHERIFF
228 ADEBAYO OSIO
229 ADEBERO BOLUWATIFE ESTHER
230 ADEBIAYE AYISAT YETUNDE
231 ADEBIMPE KADIR
232 ADEBIMPE LATEEF
233 ADEBISI CALA
234 ADEBISI OLUFUNMILAYO
235 ADEBISI RUTH
236 ADEBISI TITILAYO O.
237 ADEBIYI AYODEJI MUHAMMED
238 ADEBIYI SARAH OLAJUMOKE
239 ADEBOLA OPENIYI
240 ADEBOLA SOBOWALE
241 ADEBOWALE ADEBAYO
242 ADEBOWALE WURAOLA NIMOTA
243 ADEBOYE ELIZABETH TOLUWALOPE
244 ADEDAMOLA ADEMOLA
245 ADEDAPO OLUROPO
246 ADEDAYO OLADOTUN
247 ADEDEJI DOHERTY
248 ADEDEJI FEMI LATEEF
249 ADEDIJI EBENEZER OLUMIDE
250 ADEDIPE KAYODE
251 ADEDIPE KENNEDY
252 ADEDIRAN ADEFEMI SAMSON
253 ADEDIRAN JOSEPHINE
254 ADEDIRAN JOSEPHINE J.
255 ADEDIRIN FOLUSHO
256 ADEDOYIN ADEDOTUN DAVID
257 ADEDOYIN MOSES BABATUNDE
258 ADEDOYIN OLADELE EMMANUEL
259 ADEDOYIN SAMUEL OLAYEMI
260 ADEEKO OLUWAGBOHUNMI
261 ADEEKO VERONICA ANUOLUWAPO
262 ADEFALU OPEYEMI GRACE
263 ADEFEMI SOLA KAREEM
264 ADEFILA TERRESA ABIBOLA
265 ADEFUNMI OSU
266 ADEGBESAN FEYINTOLA
267 ADEGBINDIN ADENIYI
268 ADEGBITE ANTHONY ABIODUN
269 ADEGBITE MATTHEW KAYODE
270 ADEGBITE MUDASIRU ADEREMI
271 ADEGBITE OLUWASEYI OLASUNKANMI
272 ADEGBOLA ADEBAYO MICHAEL
273 ADEGBOLA CANTARA
274 ADEGBOLA OLUGBENRO
275 ADEGOJU JOY AYOYINKA
276 ADEGOKE ADEJUMOKE ADERONKE
277 ADEGOKE ADEMOLA JAMIU
278 ADEGOKE ASIMIYU KOLAWOLE
279 ADEGOKE CARINA
280 ADEGOKE DEJI FRANCIS
281 ADEGOKE KORU ADE
282 ADEGUN IYABO
283 ADEGUNWA ISIAKA ABIODUN
284 ADEH CATE
285 ADEJIMOLA ADEBOLA
286 ADEJUGBE TAJUDEEN
287 ADEJUMO CECELIA
288 ADEJUMO JOHN ADELOMO
289 ADEJUMO KAZEEM
290 ADEJUMO OJUADE
291 ADEJUMOBI MUNIRUDEEN KEHINDE
292 ADEKANBI SOYEBO
293 ADEKO AFOLAKE BUSRAT
294 ADEKOLA WALE
295 ADEKOLEJO ADEWUNMI MOSES
296 ADEKOYA BOSE
297 ADEKOYA CELESTINA
298 ADEKOYA FANIKU
299 ADEKOYA MIKE
300 ADEKOYA SAMSON OPEOLUWA
301 ADEKUNLE ADETUNJI
302 ADEKUNLE ADEYEMI
303 ADEKUNLE CEMAL
304 ADEKUNLE CEMAL JUMAI
305 ADEKUNLE GABRIEL
306 ADEKUNLE MOROUNMUBO TEMITOPE
307 ADEKUNLE OLUDAYO ADEDOKUN
308 ADEKUNLE OLUWASEYI OLUKEMI
309 ADEKUNLE TUNRAYO LIZZY
310 ADELAGUN OLAJUWON
311 ADELAKUN FATOYINBO
312 ADELANI OLUWADAMILOLA MARIAH
313 ADELEKAN ADESHINA BABATUNDE
314 ADELEKE ADEDEJI OLAREWAJU
315 ADELEKE ADEJOKE OLUWAFI KUNAYOMI
316 ADELEKE ADERONKE OLAJUMOKE
317 ADELEKE ADEWALE THOMAS
318 ADELEKE CHARITY
319 ADELEKE DAMILOLA ADEIFE
320 ADELEKE IYABO ELIZABETH
321 ADELEKE JULIUS ADE
322 ADELEKE OLUWAFUNTO BOLU
323 ADELEKE PEREIRA
324 ADELEKE SAMUEL ADEDAYO
325 ADELEKE SULAIMAN ADEREMI
326 ADELEKE TOLULOPE ADEDAMOLA
327 ADELEYE ABIMBOLA ABIOLA
328 ADELOJA CHI
329 ADEMILOYE ADEYINKA ADEJOKE
330 ADEMIROKUN BIDEMI
331 ADEMOLA ADIO ADEBAYO
332 ADEMOLA GLORIA
333 ADEMOLA NIKE
334 ADEMOLA OJO EMMANUEL
335 ADEMOLA SAKIRU JIMOH ADEMOLA
336 ADEMOSU AHMED OLASUNKANMI
337 ADEMOSU BOLAJI BASHIR
338 ADEMOSUN SIMBIAT
339 ADEN ANISHANU
340 ADEN IKE
341 ADEN LAHANA
342 ADENAIKE KEHINDE
343 ADENEYE FUNMILOLA ABOSEDE
344 ADENIJI ADENIKE OLAYEMI
345 ADENIJI SIMON SANMI
346 ADENIKE CHIBUKE
347 ADENIYI ADEWALE OREOLUWA
348 ADENIYI AKIN AKINWOLE
349 ADENIYI AYODEJI SAMUEL
350 ADENIYI SAMSON ADELAGUN
351 ADENIYI VICTORIA OLUYEMISI
352 ADENIYI WILLIAM
353 ADENUGA BILIKIS
354 ADENUGA OLUFEMI
355 ADENUGA TAIWO STEPHEN BADE
356 ADENUSI OLUWATOSIN
357 ADEOGBA ADEBANJO
358 ADEOLA AMOS
359 ADEOLA AYANFEMI ADEYEMI
360 ADEOLA MUASIBAU ADEJARE
361 ADEOSO ADEBOYE
362 ADEOSUN & ADEYEMI SOLOMON YETUNDE
363 ADEOTI ADEMOLA OLABODE
364 ADEOWU ADENIYI WASIU
365 ADEOYE ABEL
366 ADEOYE ABIODUN EYITAYO
367 ADEOYE ADEKUNLE ISIAKA
368 ADEOYE IBUKUN
369 ADEOYE MICHAEL ADEDEJI
370 ADEOYE OLABISI MOTURAYO
371 ADEOYE OLUWASEUN JONATHAN
372 ADEOYE THOMAS ADEYEMI
373 ADEPOJU ADEDAPO PAUL
374 ADEPOJU ADEWALE ABIMBOLA
375 ADEPOJU TAJUDEEN .A.
376 ADEPOJU TAJUDEEN .A.
377 ADEPOJU TAJUDEEN .A.
378 ADEREMI ADEDAMI OTUN OLUWAPELUMI
379 ADEREMI ADEKEPEMI OLUWAFIYIBOMI
380 ADEREMI ADENIYI
Payment 3
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
381 ADEREMI ADESEKEMI OYAOPEMIPO
382 ADEREMI ADEWOJUMI OLUWASEMILORE
383 ADEREMI NNEKA
384 ADEREMI OLANIPEKUN
385 ADEREMI OLUKEMI OMOTAYO
386 ADERIBIGBE ADETUNJI
387 ADERIBIGBE MOBOLAJI
388 ADERIBIGBE OMOLARA FOLUKE
389 ADERINNALE OLUWATIFE
390 ADERINNALE SOLA
391 ADEROGBA AKEEM KOLAWOLE
392 AFOLABI STELLA MARIS
393 AFOLARANMI KARIMU-BELLO
394 AFONJA AJAO PETER
395 AFONJA SIKIRU SEYIN
396 AFRAMA OLAWOLE
397 AFUAPE JACOB
398 AFUBE ANSLEM CHUDI
399 AGADA BLESSING
400 AGADA KOYA TOBI
401 AGADA PAMELA ONYOIBO
402 AGAHIU MOHAMMED DANLADI
403 AGBABIAKA ADETOLA AMINAT
404 AGBADE EBIOLADE
405 AGBAIAKA OLAOLU GANIAT
406 AGBAJE SAHEED IDOWU
407 AGBALAYA AYOMIDE MUIZ
408 AGBALU SEBASTAIN IFEANYI AGBALU
409 AGBAS OSEGBUE
410 AGBASON VICTOR C.
411 AGBATA CHIBUZO
412 AGBATA CHIDIOGO
413 AGBAWN ABDUL ABDULLAHI
414 AGBEDE BABAJIDE RASAK
415 AGBEHI OGIRI
416 AGBELEMOGE VERONICA
417 AGBELUSI DEJI
418 AGBENIYI CHRISTIANAH KEHINDE
419 AGBIDI JOHN ULEA
420 AGBO OKANG
421 AGBO OTON JAMES
422 AGBO TITUS
423 AGBOGO SUARA
424 AGBOGU AMAKA MARY TELLAARE
425 AGBOGU CHRIS A.C
426 AGBOM MAURICE OGBONNA
427 AGBONSUREME AKWUEME
428 AGBONTAN ESTHER
429 AGBONTAN GEORGE
430 AGBONTAN ISAIAH
431 AGBONTAN JEREMIAH
432 AGBONTAN NAOMI
433 AGBOOLA IDRIS WIKE
434 AGBOOLA KUNMI SEYI
435 AGBOOLA LUKMON OPEYEMI
436 AGBOOLA LUKMON OPEYEMI
437 AGBOOLA LYDIA OLUBUSAYO
438 AGBOOLA TAIWO TITILOLA
439 AGBOOLA-AKINRODOYE OLUBUKOLA OLASUMBO
440 AGBOTAN OSAZI
441 AGBULU OWAJIROYEM
442 AGGREY AKINMOLAYAN
443 AGGREY CHIJIOKE
444 AGHATOR LUCKY AGHATOR
445 AGHAULOR NTUABUNAUZOR DONATUS
446 AGHELEGIN PAUL
447 AGHO EBIUWA SANDRA
448 AGHOMONU FESTUS
449 AGINAM CHRISTIANA NGOZI
450 AGINIGHAN DUBAMO
451 AGNES OGBU
452 AGOGO BERNICE NKONYE
453 AGOMOH CHIKA
454 AGOMOH CHIKA N
455 AGOMOH EMMANUEL NNAMDI
456 AGU IBIYEMI
457 AGU MICHAEL IFEANYICHUKWU
458 AGUBE BLESSING GODWIN
459 AGUDA OYEBIMPE OMOLOLA
460 AGUGHAGWO GABRIEL NWABUEZE
461 AGULONU AGBOR HELEN
462 AHUAANYA PRINCEWILL P
463 AHUAZA AISHA
464 AIBANGBE FESTUS
465 AIESHA ALAO
466 AIFA JUSTIN
467 AIGBE
468 AIGBINI-JOHN BLESSING
469 AIGBINI-JOHN BOSEDE
470 AIGBIREMONLEM ROSE
471 AIGBOKHAEVBO HUMPHERY
472 AIN ABIOLA
473 AINA ADEBAYO GANIYU
474 AINA ADEMOLA ADEDAYO
475 AINA DELE
476 AINA JAMES AJEKIGBE
477 AINA OLUWASESAN EMMANUEL
478 AINA RACHEAL TINU
479 AIRAMOEHI OBEHI
480 AIRHUNMWUNDE CHARLES OSAWARU
481 AISHA CENTURY INVESTMENT LTD
482 AISHA ALI ATIM
483 AISHA MOSES
484 AISHATU CHIKEZIE
485 AISIMI AISHA
486 AISIMI MUSA YUSUF
487 AISUEOGUN DAMISOLA
488 AIYEDUN ADEBOWALE F.
489 AIYETAN DAYO ADEKUNLE
490 AIYETAN OLAMIDE BUNMI
491 AJADI SUNDAY AKINTUNDE
492 AJAGBA MARTIN CHINWENDU
493 AJAGBE MANSUR BATO
494 AJAGBO DAVID ELLOH
495 AJAGU ONYEKA RAYMOND
496 AJAH CHUKWU BASIL
497 AJAKPO JOSEPHIN S
498 AJAKPO JOSEPHINE
499 AJAL EWUSI
500 AJALA ATINUKE
501 AJALA IBIYEMI
502 AJALA OYIZA
503 AJALA VALENTINE
504 AJANI IKATE
505 AJANI TIOLUWANI
506 AJANI WASIU KOLAWOLE
507 AJAO ADEBOLA OLUWATOYIN
508 AJAO BAMIDELE LAWRENCE
509 AJAO FOLORUNSHO AAKANJI
510 AJAO OLUWATOBI FOLORUNSHO
511 AJAO OLUWATOMI ADEBOLA
512 AJAO OLUWATOSIN TEMITOPE
513 AJAYI ABIODUN YETUNDE
514 AJAYI ABIOLA
515 AJAYI ADEOLA
516 AJAYI ADEPEJU MATILDA
517 AJAYI AFOLABI OLAMIDE
518 AJAYI AJOKE
519 AJAYI ANTHONIA OLAIDE
520 AJISAFE OLUFOLAHAN
521 AJISEGIRI OLUBUNMI KATE
522 AJOBI ABIOLA
523 AJOGI ARUBI
524 AJOGWU EJEH
525 AJOKE AYINLA
526 AJOKU OLUCHI NKECHI
527 AJOLOKO OLATUNDE MATTHEW
528 AJOMALE OLAITAN S
529 AJOSE MARVEL
530 AJUDUA STEVE ELUE
531 AJUKWU CHINEDU CHRISTIAN
532 AJUONOMA IGNATIUS IKECHUKWU
533 AJUWON SAIDATU
534 AKABIKE IME CHRISTIAN
535 AKABOGU KENNETH SUNDAY
536 AKABOM MARYJANE
537 AKABOM MARYJANE G.
538 AKABUIKE CHICHI (MISS) MARY
539 AKACHUKWU NNAMANI
540 AKADIRI ADEDOYIN SADAT
541 AKAGBUSI UCHECHUKWU RICHARD
542 AKAKABOTA DANIEL
543 AKAKABOTA DANIEL M
544 AKAKPOR MICHAEL
545 AKAKRA ELIZABETH ARUORIWO
546 AKALI CHINONSO PHIL
547 AKALI HENRY CHINEDU
548 AKALUMHE ONAGIE
549 AKAN DATA
550 AKANBI JAMES
551 AKANBI MODUPEOLA OPEYEMI
552 AKANDE ABEKE
553 AKANDE ADEFOLAJU SAKIRUDEEN
554 AKANDE ADEKUNLE
555 AKANDE DANIEL ADURAGEMI
556 AKANDE ELIZABETH OLUWASEUN
557 AKANDE ISAAC BOLAJI
558 AKANDE LEKAN
559 AKANDE OLUWANIFEMI O.
560 AKANDE OLUWANIFEMI O.
561 AKANDE PETER OLADIMEJI
562 AKANDE PRISCA MONISOLA
563 AKANDE RAPHAEL IDOWU
564 AKANDE SHERIDD OLANIYI
565 AKANG ekikere
566 AKANG EKIKERE T
567 AKANG UBONG JOHNSON
568 AKANI OLUSOLA
569 AKANIHU JOHN IFEANYICHUKWU
570 AKANKE WOSILAT
571 AKANNI BABATUNDE
572 AKANNI FATAI
573 AKANNI ISAAC OLADELE
574 AKAOLISA NKECHI JECINTA
575 AKAOLISA OBINNA PAUL
576 AKINMADE T.A
577 AKINMADE TOLUWALASE ABIGAEL
578 AKINMOLAYAN JOHN
579 AKINMUYISITAN VINCENT
580 AKINOLA DEPO ADELEKE
581 AKINOLA OLANREWAJU MORUFF
582 AKINOLA OLAPE
583 AKINOLA OLUWAPELUMI AYOMIDE
584 AKIN-OLUWADARE OLUMIDE
585 AKINOSHO AKINLAWON
586 AKINOSHO DAVID
587 AKINOSO ASHAMU BABATUNDE
588 AKINOSO ASHAMU BABATUNDE
589 AKINPELU ADU MOSES
590 AKINPELU AKINBAMIJI JULIUS
591 AKINPELU BAMIDELE DOLAPO
592 AKINPELU BAMIDELE DOLAPO
593 AKINPELU SEUN ROBERT
594 AKINRADEWO TEMILOLUWA OLUWAFIKUNAYOMI
595 AKINREMI ADESHINA ADEBAYO
596 AKINREMI BABS OLUWASANMI
597 AKINREMI ESTHER OLUDAYO
598 AKINSANYA ADEBAYO WASIU
599 AKINSANYA ADEDOLAPO ADEYINKA
600 AKINSANYA FUNKE
601 AKINSANYA NOFISAT TEMIDAYO
602 AKINSANYA TOKE ADIJAT
603 AKINSANYA WASIU
604 AKINSANYA WASIU ADEBAYO
605 AKINSUNLOLA AKINNIMI JOSIAH
606 AKINTOLA OLUFEMI A
607 AKINTOYE OLUSEGUN OLUWATOBA
608 AKINTOYE VICTORIA OMOLARA
609 AKINTUNDE BOLAJI AWE
610 AKINTUNDE OJUTIKU
611 AKINTUNDE SAMSON BOLADE
137PAGE
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
138PAGE
612 AKINTUNDE VICTORIA ALABA
613 AKINWANDE EBENEZER OLUSEGUN
614 AKINWUNMI ABIODUN OLUWOLE
615 AKINYELE BEATRICE FOLUKE
616 AKINYEMI AKINDELE
617 AKINYEMI BABATUNDE SAMUEL
618 AKINYEMI MABOGUNJE
619 AKINYEMI OLAIDE FATIMA
620 AKINYEMI OLAYINKA AMINAT
621 AKINYEMI OLUWADAMILOLA OLAMIDE
622 AKINYOSOYE TENIOLA
623 AKIODE EMMANUEL
624 AKIOTU OLU EVELYN
625 AKIOYA MAC-DAVE
626 AKODU OLUWAKEMI
627 AKOGU AYEGBA
628 AKOGUN FATAI OLUWATAYO RICHARD
629 AKOGWU TAYI ELIZABETH
630 AKOMU VICTOR
631 AKONGWALE SABASTINE
632 AKOR EDWIN ABAH
633 AKOR GABRIEL
634 AKOSILE JOHN OLAWALE
635 AKOT VENTURES LTD
636 AKOWE LAWRENCE ABIMAJE
637 AKOWONJO ADEFEMI OLAYINKA
638 AKPA OMENKA
639 AKPAM MANDISA
640 AKPAM MARGARET
641 AKPAN EMMANUEL
642 AKPAN ESTHER UDUAK
643 AKPAN ETOP ANDY
644 AKPAN IDORENYIN CHRISTOPHER
645 AKPAN PETER AKPAN
646 AKPAN TADE
647 AKPAN UFOT JACOB
648 AKPAN UMOH ROSELYN
649 AKPANNAH UDONSAK EMMAN
650 AKPANNAH UDONSAK EMMAN Z
651 AKPANWA ROBINSON
652 AKPANWA ROBINSON Y
653 AKPASI OBRUCHE ABRAHAM
654 AKPATA JOHN EDEMA
655 AKPAWUSI NGOZI EVANGELINE
656 AKPE SALAMI
657 AKPE SALAMI B
658 AKPELU CHIDOZIE FELIX
659 AKPEWA OGHENEGWEKE EMMANUEL
660 AKPOBOERE CAROLINE
661 AKPOBOERE CAROLINE J
662 AKPOMIE MATTHEW
663 AKPOS EVELYN AFOKE
664 AKPOVESO ANTHONY ASHLEY
665 AKPOVOFENE ODIRIVWERENE KINGSLEY
666 AKPUNKU PETER MADUABUCHI
667 AKPUOKWE ESTHER NKECHINYELU
668 AKUBO ADEGBE WILSON
669 AKUBUIRO PAUL
670 AKUBUKO CHIGOZIE
671 AKUBUZE ONYEMACHI
672 AKUCHE NGOZI DIANA
673 AKUEKWE CHRISTOPHER SUNDAY
674 AKULUE ONYINYE BERNICE
675 AKUNNE DORIS CHIMA
676 AKWITI CHINYERE CELESTINA
677 AKWUBA GODWIN
678 AKWUZIE NNAMDI FELIX
679 AL AMIN HARUNA
680 ALABA IBUKUN
681 ALABI ADEOLA MURITALA
682 ALABI ADEREMI STELLA
683 ALABI AKINDELEAREMU
684 ALABI BAYO AKINADE
685 ALABI DEBORAH
686 ALABI EZEKIEL OLGBADE
687 ALABI FALILATU TITI
688 ALABI FOLASADE OMOYEMI
689 ALABI JAMES OLALEYE
690 ALABI JIMOH ODETAYO
691 ALABI LADI DEBORAH
692 ALABI MARIAM ABIDEMI
693 ALABI MURITALA ALABA
694 ALABI NOAMI
695 ALABI ONAOLAPO RAFIU
696 ALABI SUNDAY
697 ALABI TAJUDEEN
698 ALACHEWE DANIEL
699 ALACK ANNA
700 ALADDIN MANSA
701 ALADDIN MARTINS
702 ALADE ALAO
703 ALADE CHIMASON
704 ALADE DORCAS OLUWAFUNKE
705 ALADE OLAYEMI BEATRICE
706 ALADE OYEDELE MATTHEW
707 ALADHE DANIEL MELO
708 ALAEKWE DESMOND OKEZIE
709 ALAETO CHIZOBA
710 ALAGI JOYCE
711 ALAGWU CALISTUS EMEKA
712 ALAKA OMOTOLA
713 ALAMU ATILADE JAMES
714 ALAMU OLAWUNMI
715 ALAO AYOTUNDE YETUNDE
716 ALAO DELE DAVID
717 ALAO EZEKIEL OYENIYI
718 ALAO JALIL
719 ALAO JULIANA
720 ALAO RHODA
721 ALASOADURA ADETAYO
722 ALASOADURA OYINLADE OLUWABUSUYI
723 ALATISHE KUNLE SUNDAY
724 ALATISHE KUNLE SUNMADE
725 ALAUSA FUNMILAYO OBE
726 ALAWODE SADIKU
727 ALAWODE SADIKU C
728 ALAWONDE OLADIWURA DEBORAH
729 ALAWONDE OLASUBOMI ISREAL
730 ALBALTRADE LTD
731 ALBERT ADEYEMI
732 ALBERT GAMAL
733 ALBERT SUCCESS
734 ALCHENY CHINAKA
735 ALESEI ABIMBOLA
736 ALESER NABELUNG
737 ALEWI ABIMBOLA ELIZABETH
738 ALEWI FREDRICK OLUBUNMI
739 ALEWI OLAMILEKAN PETER
740 ALEWI OLUWASEYI GRACE
741 ALFRED CHINEDU
742 ALFRED CHINEDU
743 ALFRED ENWANTA ISIRHINRHIEN
744 ALFRED GODFREY
745 ALFRED JOSEPH EFEREMOH
746 ALHASSAN ABAS
747 ALHASSAN ALILU
748 ALHASSAN SHERIFAT TOLA
749 ALI ADEBANJO
750 ALI EMEMA
751 ALI ERACIMUS
752 ALI GARBA
753 ALI IRABOR
754 ALI OBIOHA
755 ALI RUTH EBELU
756 ALI-BIU DAUDA
757 ALICE NWACHUKWU
758 ALIEMEKA GOODLUCK DENNIS
759 ALIEMEKE GOODLUCK DENNIS
760 ALIKA OGHOGHO IFUERO
761 ALIKE ALIU
762 ALIM COMFORT
763 ALIM NAEEM
764 ALIMA GRACE
765 ALIU ADELEKE ODULOYE
766 ALIU AFOLABI
767 ALIU HUGH ALLI
768 ALIU KEHINDE OLANREWAJU
769 ALIU KEHINDE OLANREWAJU
770 ALIYA DAVID
771 ALIYU GOTE
772 ALIYU MAIMUNA ISMAIL
773 ALIYU MURITALA
774 ALIYU OLATUNJI ABDULWASIU
775 ALIYU ROBERT
776 ALIYU ROBERT Y.
777 ALLAN CHINAKA
778 ALLEN ANDIO
779 ALLEY ANDIO
780 ALLI NJOMU
781 ALLI RASHEEDAT OMOLARA
782 ALLINSON BAYO
783 ALLIU ADETOLA RAFIU
784 ALMA HASSAN
785 ALMIRA JOHN
786 ALMUSTAPHA GODWIN
787 ALO FOLUSO
788 ALOFIN OKELOLA
789 ALOH CHARLES
790 ALOY AUGUSTINE
791 ALOY CONSTATINA
792 ALOY FAMOUS
793 ALOY UCHENNA
794 ALOZIE CHINEDU
795 AMADI EMINA ISRAEL
796 AMADI PROMISE AHAMUEFULE
797 AMAH BENEDICT UCHENNA
798 AMAKA EBIMOT
799 AMAKARA HARITH
800 AMAKARA IBEAMAKA
801 AMAKIRI CLEMENT EZE
802 AMAKIRI NYEGIALA TONYE
803 AMAL FARID
804 AMAL NARKEASHA
805 AMALA FAROOK
806 AMALA MICHEAL
807 AMALA MICHEAL K
808 AMANI FAYSAL
809 AMAO ADEWALE PETER
810 AMAO OLUWASHOLA OLAYINKA
811 AMAO RITA
812 AMARA OKONOWO
813 AMARACHI OKOYE
814 AMARACHI OKOYE D
815 AMARAH JABIRAH
816 AMASIORAH IFEANYI GREGORY
817 AMAVU BOBO
818 AMBER FEROL
819 AMBER SANYA
820 AMBRA FERRAN
821 AMBURUM JOSEPHINE PHILIP
822 AMBURUM PALANG PHILIP
823 AMECHI O. WILLIAMS
824 AMECHI SAMSON
825 AMEEN ABIMBOLA RISIQAT
826 AMEERAH FIRDOS
827 AMEH BENIABI
828 AMEH CHARITY OGHENERELO
829 AMEH DANIEL
830 AMENE CHIDIEBERE
831 AMEOBI BUSAYO
832 AMIAHKHOR MAGDALENE IYAESOMI
833 AMIDU EGUDE
834 AMIN GADIL
835 AMINA ABUBAKAR
836 AMINA GAMAL
837 AMINAH AMINU IBUKUN
838 AMINAT SHARAFADEEN
839 AMINU AMINU HABU
840 AMINU BAYO
841 AMINU CHRISTY
842 AMINU FATIMA
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
843 AMINU JAFARU
844 AMINU NASHA
845 AMINU OKORIE
846 AMINU OKORIE
847 AMINU YESOKO
848 AMIR GHASSAN
849 AMIR OBIAJULU
850 AMIRA GINTON
851 AMODE EDNA
852 AMODU TAIWO
853 AMOGBON PIUS AYODELE
854 AMOJI PETER OKORO
855 AMOLEGBE ADEBOWALE MOHAMMED
856 AMON CHUKA
857 AMOO ABIODUN
858 AMOS KATO
859 AMOS TESSY
860 AMOUH AMEN
861 AMU GIWA
862 AMUNU BABA
863 AMUSA ABORISADE
864 AMUSA SAMUEL
865 AMUSA SAMUEL
866 AMUSU INIOBONG ADE
867 AMUTA AGNES PRECIOUS CHIOMA
868 AMUZIENWA JELANI
869 ANA BARBARA
870 ANADI CHUKA
871 ANADUAKA FRED CHUKS
872 ANAENUGWU NDUBUISI VINCENT
873 ANAETO EMMA
874 ANAETO EMMANUEL
875 ANAETO OKWU
876 ANAETO PAT
877 ANAETO PATRICK
878 ANAGHARA LINDA CHIYERE
879 ANAN GIVON
880 ANARADO CHIDIKAONYE
881 ANARADO CHIDIKAONYE G.
882 ANATAN OSUJI
883 ANAWO DAVID ENEMONA
884 ANAZODO BUNU
885 ANAZODO UCHENNA
886 ANDEH CLETUS OGBONNA
887 ANDREW BATHLOMI
888 ANDREW CHUKWU
889 ANDREW ELEOJO JOY
890 ANDREW ELIJAH BOLANLE
891 ANDREW ELIJAH CHUKWU
892 ANDREW JOHNSON
893 ANDREW MANASSAH
894 ANDREW SUNDAY
895 ANDREW SUNDAY
896 ANDY ERONSE
897 ANDY MORGAN
898 ANDY PATIENCE BASSEY
899 ANDY SODIPO
900 ANDY-ADEBOLA FLORENCE OLUWAYEMISI
901 ANEKE PERPETUA NKIRU
902 ANEKWE GABRIEL CHIKA
903 ANENE NDID PATIENCE
904 ANERU FAROUK UMORU
905 ANGBA ABIGAIL
906 ANGBASHIM AWAZI
907 ANGEL NNEKA DURU
908 ANGELA JAMES
909 ANGELA JOHNSON
910 ANGIE BAMGBALA
911 ANGULU MOHAMMED DANJUMA
912 ANI CHRISTOPHER IFEANACHO
913 ANI MARIA CHIOMA
914 ANI MATTHEW ONYEMECHI
915 ANI PATIENCE NGOZI
916 ANI UCHECHUKWU VICTOR
917 ANIA CELESTINA IYABO
918 ANIA MERCY CHUKWU
919 ANIBOWEI PATIENCE
920 ANICHO CHUKWUDI PHILIP
921 ANIEBONAM TOCHUKWU
922 ANIEFOK OGOCHUKWU
923 ANIEFOK OGOCHUKWU O.
924 ANIEKA CHIOMA
925 ANIEKE CHUKWUMA PETER
926 ANIERIOBI CHUKWURAH JOHN
927 ANIFOWOSE OLUWAFEMI KAHARU
928 ANIGBO NGOZI
929 ANIGBOGU IFEADI EBELE
930 ANIH TOLA
931 ANIJAH CHUKWUDI PETER
932 ANIKA CAROLINE IFEATU
933 ANINYE GREAT ANORKOR
934 ANIOGOR DAVID N.
935 ANIRE WASAN
936 ANISA HABIB
937 ANIYA RIFKATU BOBAI
938 ANKU EDU
939 ANKU EDU F.
940 ANLAINI MUBARAK
941 ANNA LUKAS
942 ANNISSA HADI
943 ANOCHIRIONYE UZODIMMA ALEXANDER
944 ANOFOWOKAN ADEGBOYEGA ANTHONY
945 ANOHU CHIDI
946 ANOKE JOHNNY
947 ANOKE JONNY W
948 ANOKE KENNETH ANI
949 ANOKE OMENOGOR
950 ANOKWU OKOLO
951 ANOLOPE NJOKU
952 ANOLUE EMMANUEL
953 ANONYE ROSEMARY
954 ANONYEI ONYINYE GLADYS
955 ANORUO ANYAEHIE CHRIS
956 ANOSIKE AZUKA THEOPHINE
957 ANOSIKE SHINA
958 ANSARI HAFIZ
959 ANSARI PAULA
960 ANTAI EDEM H.
961 ANTHONIA AKURA
962 ANTHONIA CHUKWUBUIKEM
963 ANTHONY ALOTO FUNMILAYO
964 ANTHONY FRANK
965 ANTHONY K.
966 ANTHONY KINGSLY
967 ANTHONY OJAJA
968 ANTHONY PIUS
969 ANTHONY SANUSI
970 ANUEBUNWA NDUBUISI CHIJIOKE
971 ANUFORO CLETUS UBAEZUONU
972 ANUGWA ECHEFULAM LOUIS
973 ANULIGO INNOCENT IKECHUKWU
974 ANUMAKA JOY CHINONSO
975 ANURUKEM CHINAS AUGUSTINA
976 ANURUKEM EZEWUNWA THOMAS
977 ANUSHIEM SUNNY
978 ANWANA UKUT-ABASI EDET WILLIAM
979 ANWAR HAKIM
980 ANWAR RACH
981 ANYADIBE NWANNEKA CHINYERE
982 ANYAI EDEM
983 ANYAMARA MARITHA
984 ANYANG UKPONG I.
985 ANYANWU ALPHONSUS OBIOMA
986 ANYANWU BOLANLE
987 ANYANWU CHIKAODINAKA DOLORES
988 ANYANWU OGADINMA OLUFUNKE
989 ANYAOHA MARTHA ODOCHI
990 ANYASI JOHN AGBATONAM
991 ANYAWU DOLORES CHIKAODINAKA
992 ANYIHA CHUKWUMA
993 ANYOHA CHUKWUMA
994 APALOWO SAMUEL OLUMAYOWA
995 APANPA SERIFAT OLORUNTOYIN
996 APARA PAUL
997 APATA OSAZUWA
998 APERE OLUWAYEMISI GRACE
999 APERI JOSEPH
1000 APETE BOLANLE
1001 APEX TEAM LIMITED
1002 APPAH VICTOR
1003 ATIOMO AKINWANDE
1004 ATIYA HARUN
1005 ATOBA SAKIRU
1006 ATOLANI OLUWAKEMI
1007 ATOLANI VICTORIA
1008 ATOYEBI RASIDAT O.
1009 ATTAMAH CECILIA ASANA
1010 ATTUH JOSEPHINE AKUABATA
1011 ATUNG JONATHAN
1012 ATURAKA OLATOMIDE
1013 AUDU JOHN FREDRICK
1014 AUDU MARY ADUN
1015 AUDU SAMUEL ABUH
1016 AUGUSTINE BONIFACE UDOKA
1017 AUSTIN COMAN
1018 AUSTIN EDEGBE
1019 AUTA TALA SARAH
1020 AUTHUR SANUSI
1021 AUWALU SAMINY YOHANA
1022 AVAGA FELICIA
1023 AWA NUHU
1024 AWAISU OLADIGBOLU
1025 AWI PATRICK M
1026 AWINNIMU-AKATAK FRANK SOSOROBIA
1027 AWO FELICIA
1028 AWOBOYA OLAJUWON OLUSEGUN
1029 AWODUMILA COMFORT
1030 AWODUMILA COMFORT
1031 AWOKUNLE CALEB OLUSAYO
1032 AWOLESI ADENIKE IDIAT
1033 AWOLUMATE OLAMIDE DEBORAH I.
1034 AWOMODU DAVID
1035 AWOMODU DAVID N
1036 AWOMOLO ENITAN OLAKUNBI
1037 AWONIYI SULE
1038 AWOSANMI PETER TEMITOPE
1039 AWOSANYA JOSEPH BAMIKOLE
1040 AWOSIKA SHITTU DAVID
1041 AWOSIKA SHITTU FLORENCE
1042 AWOTAYO OLALEKAN EMMANUEL
1043 AWUDE CHRISTIANA OLUWAREMILEKU
1044 AWUGO ALAGI
1045 AWUTE MONDAY ONISURU
1046 AWUZU OBY HENRIEATTA
1047 AWWAL DADET
1048 AYAM PETER AIBE
1049 AYANKOLA KAZEEM AYANWALE
1050 AYANKOYA OLUKEMI MOTUNRAYO
1051 AYEBAE MOYOSOREOLUWA MICHELLE
1052 AYEGBA O
1053 AYEJIMIWO OLALEKAN DAVIDS
1054 AYEJUTO OHUNENE FOLASHADE
1055 AYELE CORDILLA
1056 AYELEKE AYEKUNLE
1057 AYENI HAMMED ADEBAYO
1058 AYENI LARA EVELYN
1059 AYENI OLUSHOLA ENIOLA
1060 AYENI TUNDE EMMANUEL
1061 AYEOLA MOSUNMOLA
1062 AYETE SAMUNI NUT CICS LTD.
1063 AYILARA ABDULQAYYUM
1064 AYINDE LATI ANTHONIA
1065 AYINLA AKOKO
1066 AYITA OLUWAFISAYO STEPHEN
1067 AYO BAKARE
1068 AYO OYEOKA
1069 AYO SUNDAY
1070 AYOADE BASHIRU ADESHINA
1071 AYOADE IDRIS ADEGBOYEGA
1072 AYOADE KUDIRAT
1073 AYOBOLU IBRAHIM
139PAGE
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
140PAGE
1074 AYODABO ESTHER OLATUTU
1075 AYODEJI UMAR
1076 AYODELE ADEKUNLE BISIRIYU
1077 AYODELE BOLA AKOMOLAFE
1078 AYODELE GAFAR
1079 AYODELE NIYI JULIUS
1080 AYODELE OLUFEMI ADEYEMI
1081 AYODELE-ESHO O. OLUWAMAYODE
1082 AYOKA MUSA
1083 AYOKO ESTHER
1084 AYOKUNLE ADAUTIN KUNLE
1085 AYOKUNLE ADAUTIN KUNLE F.
1086 AYOMIDE AFOLAKE QUEEN
1087 AYOOLA ADENIJI ABAYOMI
1088 AYOOLA MODUPE AMUDAT
1089 AYORINDE BEN JOHNSON
1090 AYORINDE IYABEJI
1091 AYORINDE MORENIKE AJOKE OMOTUNDE
1092 AYORINDE OLUWATOYIN PEJU
1093 AYOWOLE FOLASHADE
1094 AYOYEMI ISHOLA JAMES
1095 AYUBA ESTHER
1096 AZAINO EFE UZEZI
1097 AZAKA AUGUSTINA UCHE
1098 AZAKA CYNTHIA
1099 AZARE DADA
1100 AZEEZ ABDULWAHID ATANDA
1101 AZEEZ ADIJAT KUBURAT
1102 AZEGBEOBOR DADA
1103 AZI SHOAGA
1104 AZIBATOR DARLINGTON
1105 AZIE UCHE AGATHA
1106 AZIKE CHERY ADANMA
1107 AZIKE MONICA AMONOMAH
1108 AZIM HAZIM
1109 AZIM SAFIYA
1110 AZIZ HASSAN
1111 AZIZ SAIDAH ABIKE
1112 AZIZA HUSSAIN
1113 AZODE NNAGOZIE GABRIEL
1114 AZODE STELLA ADANNA
1115 AZRA HUSSEIN
1116 AZUAMAIRO CHIDOZIE
1117 AZUAMARIO CHIDOZIE GODWIN
1118 AZUBUIKE JUSTIN
1119 AZUH DAFE DAFE
1120 AZUH GERALDINE
1121 AZUH MATHEW SOCHUKWUDI
1122 AZUKA GIDEON
1123 AZUKA MEZEYI JONATHAN
1124 BAAKO FARAT
1125 BABA KABIRU
1126 BABA-AGBA FELICIA O.
1127 BABADE-BABATUNDE AFOLAKE
1128 BABAFUNMITO KUNLE PETER
1129 BABAFUNMITO KUNLE PETER H.
1130 BABAGANA FATIMA
1131 BABALOLA BUKOLA MARY
1132 BABALOLA DEBORAH T.
1133 BABALOLA KOLA (CHIEF)
1134 BABALOLA THOMAS OYEBAMIJI
1135 BABALOLA YINKA SUNDAY
1136 BABAS SAMUEL INBIGE
1137 BABASOLA ADAMS
1138 BABATUNDE FAITH ADERINSOLA
1139 BABATUNDE OKERE
1140 BABATUNDE OLUWASEUN GLENN
1141 BABATUNDE SOYEMI
1142 BABAWALE SAMSON BIBITAYO OLUFEMI
1143 BABBA HASSAN USMAN
1144 BABI DAFEGHA
1145 BABS KUFEJI OLUFUNKE AGBEKE
1146 BABSON ASSIAK
1147 BABTUNDE BELLO
1148 BACK FLATS CONCEPTS
1149 BACKRY OLUWAKEMI RASIDAT
1150 BADA BABATUNDE YUSUF
1151 BADA OLAWALE IDRIS
1152 BADA SUNDAY
1153 BADA YEMI
1154 BADEJO EMORHIE
1155 BADEJO OLATUNJI
1156 BADEJO OLUBUKOLA
1157 BADEMOSI FADEKE
1158 BADMUS OLUSHOLA MICHAEL
1159 BAIYESHEA OLUMUYIWA TOLA
1160 BAIYEWU OLUFEYIKEMI
1161 BAJOWA ADEDOTUN AYODEJI
1162 BAJULAIYE LEORNARD
1163 BAKARE ADEWALE RASEED
1164 BAKARE AFIS OLALEKAN
1165 BAKARE ALI
1166 BAKARE BENJAMIN
1167 BAKARE FADEKEMI GANIAT
1168 BAKARE KINGLSEY
1169 BAKARE MAGNUS
1170 BAKARE MUSTAPHA OLOLADE ADETUNJI
1171 BAKARE OLANREWAJU
1172 BAKARE OLUFEMI OTUNBA
1173 BAKARE OREFALE
1174 BALA SUNDAY
1175 BALARABA JUDE
1176 BALARABE MARY
1177 BALAT KADUNA
1178 BALDWIN-OKOLI NWAMAKA GLORIA
1179 BALLA JOHNNY
1180 BALLA JOHNNY O.
1181 BALOGUN ADEBAYO JOHNSON
1182 BALOGUN AWUDU
1183 BALOGUN OLAYINKA DELE
1184 BALOGUN OLUSHOLA SHERIFAT
1185 BALOGUN OLUWASEGUN
1186 BALOGUN PATIENCE
1187 BAMA DAGGASH
1188 BAMBI UCHE
1189 BAMGBOSE FELIX TAIWO
1190 BAMIDELE HAROUN
1191 BAMIDELE OLATAWURA
1192 BAMMODU RONKE MORENIKE
1193 BAMODU ODUNAYO OLUTOMI
1194 BANAN IDRIS
1195 BANIGU PRECIOUS
1196 BANIRE DAGOGO
1197 BANJI SUNBO GLORY
1198 BANJO BANJOKO
1199 BANKOLE ISIAKA
1200 BANKOLE KAZEEM OLALEKAN
1201 BANKOLE OLURANTI
1202 BANNUA JANET
1203 BANRE DAGOGO
1204 BAPPA TAIYE
1205 BARAKAH IMAM
1206 BARAU PEJU
1207 BARIRA YUNUSA OMAR
1208 BARKO DINCI IFEANYI
1209 BARU BELLO IBRAHIM
1210 BARU HAFSAT IBRAHIM
1211 BARU HALIMA IBRAHIM
1212 BARU IBRAHIM
1213 BARU LUQMAN IBRAHIM
1214 BARU ZAINAB BELLO
1215 BASHIR HARUNA
1216 BASHIR JABIR
1217 BASHIR SAIDI BIMPE
1218 BASHIRU DAHIRU
1219 BASHORUN ABIMBOLA ADIJAT
1220 BASHORUN TUNDE FATAI
1221 BASIL ADEREMI
1222 BASIL DAKUM
1223 BASIL DALHOTU
1224 BASIM FRIDAY
1225 BASIM JALEEL
1226 BASIMAH JALEN
1227 BASSEY AFFIONG BOKIME
1228 BASSEY BASSEY JAMES
1229 BASSEY N. TOYIN
1230 BASSEY NKEREUWEM EFIONG
1231 BASSEY REGINARD
1232 BASSEY ULAN
1233 BATETSONE WARITSE NIG LTD HAMILTON
ORITSEWEYIMI
1234 BATUBO TONYE BAGSHAW
1235 BATURE PETER FRANK
1236 BAWA EMMANUEL GIMBA
1237 BAWALA MONSUR OBAFEMI
1238 BAWALA ZAINAB
1239 BAYO AKERELE
1240 BAYO FADIL
1241 BAYO OLAWALE
1242 BAYOKO JADEED
1243 BAYOKO JADEED P
1244 BEITA ISREAL
1245 BEITA ISREAL Q
1246 BEJI ROLAND AFIGHODARI OPUEGEN
1247 BELEMA JANE
1248 BELLO AISHA OLUFUNMILOLA
1249 BELLO AISHAT AJIBOLA
1250 BELLO AISHAT OLABISI
1251 BELLO AISHIATU
1252 BELLO ALANI ISAU
1253 BELLO AZIZA
1254 BELLO BABATUNDE
1255 BELLO BISI
1256 BELLO DANLADI
1257 BELLO ESTHER
1258 BELLO GARBA ABUBAKAR
1259 BELLO MARIAM OLAMIDE
1260 BELLO MOMODU
1261 BELLO OLADIPO RASHEED
1262 BELLO ONI
1263 BELLO OSEREMEN BLESSING
1264 BELLO RASAK OLALEKAN
1265 BELLO RASAQ OLADIPUPO
1266 BELLO RAUF JNR
1267 BELLO SAKIRU OLALEKAN
1268 BELLO UMARU
1269 BELLO USMAN
1270 BELLO USMAN MBULAMA
1271 BEM FAISAL
1272 BEMA DAMILOLA
1273 BENARD OCHELLE
1274 BENARDINE DANIEL
1275 BENIE DANASABE
1276 BENITO MAC CHUKS
1277 BEN-IWU PRINCESS
1278 BENJAMIN IYENGE
1279 BENJAMINE OLUKAYODE
1280 BEN-JOHNSON DANBAKI
1281 BENNY FOLARIN
1282 BENSON AJAYI
1283 BENSON-OGUNSIPE ADERONKE
1284 BENSON-OGUNSIPE ADERONKE ADEBISI
1285 BEN-UZOM NGOZI CALISTER
1286 BEN-WHYTE RICHARD
1287 BENZOE SARAH OLUWAYEMISI
1288 BERCKLEY JOHN BILARY
1289 BERCKLEY JOHN DANBALA
1290 BERNARD EYO
1291 BERNARD UTULU
1292 BERNARDIN BUBA
1293 BESONG DANIELA
1294 BESONG ERIC NDOMA
1295 BETTY OBAYILO
1296 BFCL INVESTMENT A/C
1297 BIAYE DAVIES
1298 BIBI JALIJ
1299 BIDMOS MUSLIH
1300 BIENOSE JOHN
1301 BIKO OLA
1302 BILAL JAMAL
1303 BILAL SHASMECKA
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
1304 BILIKISU DANJUMA MOHAMMED
1305 BILIKISU DANJUMA MOHAMMED U
1306 BIMPE NGWUNZE
1307 BINDO BIOSE
1308 BINDO BIOSE R
1309 BINI DANJUMA
1310 BIRTUS DANLADI
1311 BIRTUS TAIWO
1312 BISHOPTON ABIMBOLA ALAKE
1313 BISIOLU RAMOTA ADUKE
1314 BITRUS BLESSING YOHANNA
1315 BITRUS GRACE YOHANNA
1316 BITRUS SAMUEL NINYIO
1317 BITRUS SILAS
1318 BLEMOD VENTURES
1319 BLESSING ANYA
1320 BLESSING DANLADI
1321 BLESSING EMELE
1322 BODE DANLADI
1323 BODE HASIM
1324 BOLABIRINWA OLUWAYEMI IBIDUN
1325 BOLADALE AMIRAT IDERAOLUWA
1326 BOLAJI ABIODUN OLUWAKEMI
1327 BOLAJI DANLAMI
1328 BOLAJI KAMIL
1329 BOLAJI SAMUEL OLUFEMI
1330 BOLANLE KARIM
1331 BOLARIN DAPO MOSES
1332 BOLARIN MONILOLA MARY
1333 BOLARIN WALE JOHN
1334 BOLARINWA FUNMI
1335 BOLARINWA OLUFELA OLAIYA
1336 BOLARINWA SALISU
1337 BOLARINWA SALISU U.
1338 BOLATITO GIWA
1339 BOMA DEDE
1340 BONNY TAMMY
1341 BORO ERNEST
1342 BORO ERNEST T.
1343 BORO MARK STANLEY
1344 BORO MARK STANLEY .J
1345 BORODO BORO
1346 BORODO BORO V.
1347 BOSE COKER
1348 BOSE OLUWALE
1349 BOSEDE VAUGHAN
1350 BOYEDE BOLARIN
1351 BRAITHWAITE OLUWAFUNMILAYO ADERONKE
1352 BRAITHWAITE OLUWASEMILOGO ADEKUNBI
1353 BRAITHWAITE OREOLUWATOMI ADEMIDE
1354 BRALIZE TAMMY
1355 BREDAN EGREGOR
1356 BRIGGS INNE
1357 BROKA ONOYOVBERE
1358 BROWN IBIFUBARA
1359 BUBA HASSAN
1360 BUBA JUMMA
1361 BUHARI DAPE
1362 BUHARI OLUREMI
1363 BUHARI SHITTU
1364 BUHARI SOLOMON
1365 BUKAR UCHE
1366 BUKOLA BABACJI
1367 BUKOYE BUKOLA RISQAUT
1368 BUKUAGHANGIN UTIBE N.
1369 BUKUGHANGIN UTIBE
1370 BUKUNMI REMI ANDREW
1371 BUNGWON PRECIOUS
1372 BUNMI WRIGHT
1373 BURAIMOH RASAKI
1374 BURHAN JIBRIL
1375 BURNAN SI BONGILE
1376 BURUBOYEFE SUOKUMO CLEMENT
1377 BURUBOYERE
1378 BUSARI GANIYU ALADE
1379 BUSARI RAIFU OLADELE
1380 BUSARI UCHENNA
1381 BUSOLA AYENI
1382 BUTA DOGO
1383 BUYAN EZRA
1384 BUYINYIN ISA
1385 BUYINYIN ISA X.
1386 BWALA DAUDA GARBA
1387 BYOMA BAKER E.
1388 CALA KADIN
1389 CALE EIUBORN
1390 CANICE UZEME
1391 CANTARA KAEZIR
1392 CAPAS NOMINEE "MAO"
1393 CAREW BABATUNDE
1394 CARLTON TARI
1395 CARNA KALE
1396 CECILIA OZEMWA
1397 CELESTINA EDWIN
1398 CELESTINA OSADEBE
1399 CEMAL KALID
1400 CEMAL SITEMBIKE
1401 CHAMA SIMON HASSAN
1402 CHAPPI DORCAS
1403 CHARITY ARIBA
1404 CHARLLY EMMANUEL EMMANUEL
1405 CHI OKAFOR
1406 CHIAMAH OGOCHUKWU ROSEMARY
1407 CHIBUIKE ISSAC JOHN
1408 CHIBUIKE UZOMAKA
1409 CHIBUNDU FRIDAY
1410 CHIBUZO DARAMOLA
1411 CHIDIKAONYE PKWECHIE
1412 CHIDIKAONYE PKWECHIE N
1413 CHIDINDU LOIUS
1414 CHIDIOGO BOLADE
1415 CHIE MARCELLINUS IFEANYI
1416 CHIEKE GRACE
1417 CHIELO JOHN
1418 CHIGBOGU LOTANNA JAMES
1419 CHIGBUZO ABBA
1420 CHIJINDU IVAN CHUKWUKA
1421 CHIJIOKE AGBELE
1422 CHIJIOKE BRYAN
1423 CHIJIOKE CLEMENT
1424 CHIJIOKE JOSEPHINE
1425 CHIJIOKE JOSEPHINE V
1426 CHIJIOKE MACPETERS
1427 CHIJIOKE MACPETERS S
1428 CHIJUKA DARAMOLA
1429 CHIKA CHIJIOKE ANDREW
1430 CHIKA CHIJIOKE ANDREW A
1431 CHIKATARA RUTH
1432 CHIKE ARIYU
1433 CHIKE UCHE
1434 CHIKELUBA UGOCHUKWU
1435 CHIKEZIE MADU AUGUSTINE
1436 CHIKEZIE OGECHI
1437 CHIKWELU CHETA
1438 CHILAKA CHUKA THOMAS
1439 CHILAKA CHUKA THOMAS B
1440 CHILAKA CHUKA WILFRED
1441 CHILAKA CHUKA WILFRED N
1442 CHILAKA DOGO
1443 CHILAKA DOGO P
1444 CHIMA ABBA
1445 CHIMA MAC-COLLINS
1446 CHIMA WILLIAMS IHKEKE
1447 CHIMADU DAREN
1448 CHIMADU ENITAN
1449 CHIMAOBI NELLY UNWANA
1450 CHIMASON YUSUF
1451 CHIMBO IBEZIMAKO
1452 CHIMGOZIM PATRICK
1453 CHIMGOZIM PATRICK R
1454 CHINAKA ABEL CHINAKA
1455 CHINAKA EDNA NDIDI
1456 CHINAKA PRINCESS
1457 CHINAKA ROSEMARY
1458 CHINASAOKWU EREGE
1459 CHINEDU ADIM FRANCIS
1460 CHINEDU OGOM
1461 CHINEDU ONWUEGBULE
1462 CHINELU AMOS
1463 CHINEMELUM UGOCHUKWU CHUKWUEMEKA
1464 CHINENYE AMAECHI URSLLA
1465 CHINOKO FAHD
1466 CHINONSO STEPHEN IHEANACHO C
1467 CHINWE ESEZOBOR
1468 CHINWE ESEZOBOR P
1469 CHINWEUB ANTHONY OBINNA
1470 CHINWUBA COSMOS ARINZE
1471 CHIROMA AMINAH
1472 CHIROMA DANSANI
1473 CHIROMA DANSANI Z
1474 CHISOM BABALOLA
1475 CHIZIMDU ESEZOBOR
1476 CHIZOBA JENEVIVE IFEYINWA
1477 CHIZOBA KENNETH JOHNBOSCO
1478 CHIZOBA MARTHA EZINNE
1479 CHIZOBA PHILOMENA
1480 CHIZOBA PHILOMENA N
1481 CHIZOBA VICTOR IKENNA
1482 CHRISTA ETOP
1483 CHRISTIAN ASSOCIATION OF NIGERIA
1484 CHRISTY THEOPHILUS
1485 CHUKA AHAMAD
1486 CHUKA DIWA
1487 CHUKE DANIEL
1488 CHUKS MAC BENITO
1489 CHUKWU COLLINS OGBONNA
1490 CHUKWU EMMANUEL VINTUS
1491 CHUKWU GEORGE NDUBUISI
1492 CHUKWU GOLD
1493 CHUKWU ICHEN
1494 CHUKWU NDUBUISI STANLEY
1495 CHUKWU NGOZI OLUCHI
1496 CHUKWU NKEM
1497 CHUKWUBUIKEM HARUNA
1498 CHUKWUDI AUSTINE AMAECHI
1499 CHUKWUDI SAMUEL CHIDIEBERE
1500 CHUKWUDIKE Q.
1501 CHUKWUDIKE PRINCESS
1502 CHUKWUDINMA NZUBE MELVIN
1503 CHUKWUDUM JOHN OGBONNA
1504 CHUKWUEMEKA SAMUEL
1505 CHUKWUGBO FRANKLIN AZUBIKE
1506 CHUKWUJEKWU COLLINS FRIDAY
1507 CHUKWUJIMBE EJIKE ANTHONY
1508 CHUKWUJINDU DEBORA
1509 CHUKWUKA AZUBUIKE NWACHUKWU
1510 CHUKWUMA BENEDICT
1511 CHUKWUMA CHRIS ONYEJEKWE
1512 CHUKWUMA ECHEZONACHUKWU CHUKWUDUBEM
1513 CHUKWUMA EWELE LUCKY
1514 CHUKWUMA JANE
1515 CHUKWUMA MABEL NKIRUKA
1516 CHUKWUMA OGECHI
1517 CHUKWUMA SOWANDE KENNETH
1518 CHUKWUNEKE JOY AKA
1519 CHUKWURAH OKEY
1520 CHUKWUZUEBULE WALTER C
1521 CHUWA PRINCEWILL
1522 CHUWA WILL S.
1523 CIROMA ABDULLAHI MBALALA
1524 CLARA UCHE
1525 CLIFORD DEBORAH
1526 C-MBA DARAMOLA
1527 COAKMAG INVESTMENT LTD
1528 COCOBASSEY EKPOANWAN ENETIE
1529 COLE AGBEKE
1530 DANIEL SEZUO SAMSON
1531 DANIELA OMOLAYO
1532 DANJUMA CHIBUEZE
1533 DANJUMA EMMANUEL
1534 DANJUMA ISIAKA-SULE
141PAGE
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
142PAGE
1535 DANJUMA JINOBI
1536 DANLADI BOLANLE
1537 DANLADI CHUKUDI
1538 DANLADI MARVELLOUS
1539 DANLAMI WUNMI
1540 DANMUSA GONTO
1541 DANMUSA GONTO M
1542 DAN-MUSA IDRIS GAMBO
1543 DAN-MUSA JAMILA GAMBO
1544 DAN-MUSA NAFISAT GAMBO
1545 DANSADAIJ UBOHO
1546 DANSADAIJ UBOHO Y
1547 DANSANI MSHELIA
1548 DAPE LIVINGSTONE
1549 DARAMOLA AFOLAKE
1550 DARAMOLA FABIAN
1551 DARAMOLA IMRAN
1552 DARAMOLA LEWIS
1553 DARE ABAYOMI JOSEPH
1554 DARE AKINGBOLA WILSON
1555 DAREN FARID
1556 DARODA ALIYU SANI
1557 DAVID DANON AKOTEGNON
1558 DAVID EBERE ONYEJE
1559 DAVID ELIZABETH (REV)
1560 DAVID ELIZABETH SUNDAY
1561 DAVID GRACE
1562 DAVID JIMMY FEMI
1563 DAVID KAYODE
1564 DAVID NWOKO
1565 DAVID ODUNAYO OLARINDE
1566 DAVID OLUJI
1567 DAVID OLUSANYA
1568 DAVID USMAN
1569 DAVIDSON ORIGA BIBI
1570 DAVID-WEST BANIGO
1571 DAVIES ADEMOLA B
1572 DAVIES AYI
1573 DAVIES BABAJIDE A
1574 DAVIES OWOLABI
1575 DAVIES PAULINUS
1576 DAWA FALANA
1577 DAWODU OLUWOLE HEZEKIAH
1578 DEBORA OKOOBA
1579 DEBORAH DAUDA
1580 DEBORAH GHASSAN
1581 DEBORAH O.SIMON
1582 DEEKAE OKWABE NWIBEKE NGOZI
1583 DEHINBO ADEMOLA NURUDEEN
1584 DEHUNIGBO OMOTAYO TEMITOPE
1585 DEJE ABASS ABASS
1586 DEJI BALA
1587 DELE AYIO
1588 DELE-GIWA OLUFUNMILAYO
1589 DELUWA BIJIMI
1590 DEMOLADE OLALUDE
1591 DEREFAKE BLISS
1592 DE-REGAL& ASSOCIATES LTD . .
1593 DERIRAN KETURAH EROURE
1594 DESMOND TUTU
1595 DE-ULTIMATE STARS NIG LTD
1596 DIANABASI STEPHEN
1597 DIANABASI STEPHEN A
1598 DIBIA AMA SAMUEL
1599 DIBIA JUDE ISIOMA
1600 DICKSON BOLADE
1601 DICKSON FELIX
1602 DICKSON OLUFUNMILOLA HELEN
1603 DICKSON THOMAS FRIDAY
1604 DIKE AFOMA ANN
1605 DIKE CHUKWU
1606 DIKEOCHA KALU
1607 DIKEOGU DOUGLASS
1608 DIKOBA NIGERIA
1609 DILLUM VICTOR
1610 DILLUM VICTOR A
1611 DIM OKORIE
1612 DIMKA ABDU
1613 DIMKA AISHA
1614 DIPE COMFORT ABOSEDE
1615 DIPEOLU CHIBUIKE STAN
1616 DIRRAN KAMAL
1617 DISU ABDUL LATEEF
1618 DITTIMI OTAGHOGHO
1619 DIVINE SULEIMAN
1620 DIYA CHUTA
1621 DOGARA SOLONYE
1622 DOGONDAJI AHMED SHEHU
1623 DOLBIB NIGERIA LIMITED
1624 DOMINIC MERCY JOSEPH
1625 DONALD AKHUETIEM
1626 DONALD FRIDAY
1627 DOPEMU ADERINSOLA ADESOLA
1628 DORA OKORIE
1629 DORA OLANDO
1630 DORGU CLARINA
1631 DORKA COMFORT
1632 DORKA COMFORT E
1633 DOROTHY IDEMUDIA
1634 DOSHIMA JOLLY
1635 DOSUNMU GBENGA SIMEON
1636 DOTUN KOYIN
1637 DOTUN OLUGBODI
1638 DOTUN PATRICK
1639 DRAMBI TIZHE
1640 DREAMLAND GLOBAL ASSETS LTD
1641 DUBA COLLINS
1642 DUBEM STEPHEN
1643 DUDU MARGRET AGBAMIRONARA
1644 DUKE MARYANU
1645 DUKU EMMANUEL UDUMEBRAYE
1646 DUMDE ELECHUKWU
1647 DUNG KANGYANG DAYOU
1648 DUNIYA CLINTON BIVAN
1649 DUNIYA KENEDY BOBAI
1650 DUNIYA MARTIN LUTHER KUYET
1651 DUNIYA NELSON ZAKI
1652 DUPE ABAMU
1653 DUREKE IFEKA ANSLEM
1654 DURODOYE RASHEED .A.
1655 DUROJAIYE HAMZAT OLATUNJI
1656 DUROJAIYE RASHEED
1657 DUROTOLUWA ADEOLA OMOLOBA
1658 DUROTOYE OLUSOLA
1659 DUROTOYE OPEYEMI
1660 DUROTOYE OPEYEMI
1661 DURUAKU IJEOMA QUENETH
1662 DURUNWOKEDI EMEKA HOPE
1663 DUWA AUTA
1664 E.C.P. GROUP
1665 EARNEST TIMI
1666 EBATA BENJAMIN
1667 EBATA CHRISTOPHER
1668 EBATA DOMINIC
1669 EBATA DONATUS
1670 EBATA FIDELIX
1671 EBATA GIDEON
1672 EBATA MACEL
1673 EBATA MATTHEW
1674 EBATA ROBERT
1675 EBATA ROSEMARY
1676 EBATA SOLOMON
1677 EBEK PRINCE ASUKWO
1678 EBELE AKPOBOME
1679 EBENGE MARTIN
1680 EBENGE MARTIN B.
1681 EBEOGU CHIOMA EBELECHUKWU
1682 EBERE AWULO
1683 EBERE GLORY
1684 EBERECHI EKENE
1685 EBERECHI EKENE N.
1686 EBHODAGHE TEGA IMHANDE
1687 EBHOHON FEDINARD
1688 EBHOHON FELIX
1689 EBHOHON MAGNUS
1690 EBHOHON PETER
1691 EBHOHON SAMUEL
1692 EBHOHON STANLEY
1693 EBHOHON STEPHEN
1694 EBHOHON VICTORIA
1695 EBIBI SANDRA
1696 EBIBI SANDRA C.
1697 EBINUM DANIEL CHUKWU-YENUM
1698 EBINUM DAVID ONYEKA-CHUKWU
1699 EBINUM JOY AWURI
1700 EBIOLADE RAYGIN
1701 EBOH AHMED
1702 EBOH ORITSEWENYIMI MICHAEL
1703 EBOJI JUDE OKEBUNOR
1704 EBOJIE KENNEDY
1705 EBOJIE NEVISMONT MONDAY
1706 EBOLOSUE CHUKWUMA HECTOR
1707 EBRAHIM KAMIL
1708 EBRAHIM SULAIMAN
1709 EBRUSIKE OGHENETEGA
1710 EBU UCHE STELLA
1711 EBUBECHUKWU RAZI
1712 EBUKA ABUBAKAR
1713 EBUKA ABUBAKAR A.
1714 EBUN GATTA
1715 ECAD MARJANI
1716 ECHEFU RASHIDA
1717 ECHEMA CHUKWUDI
1718 ECHEUMUNA ANTHONY
1719 ECHIEGU NWANKWO
1720 ECHINA FELIX OLELE
1721 EDAH OGBONNIA
1722 EDAH PETER
1723 EDDEH DALLAS
1724 EDDEH DALLAS D.
1725 EDEANI RUNAKO
1726 EDEBOR SAFIYA
1727 EDEGBE OSAS FELICIA
1728 EDEH JACKSON
1729 EDEKUNU ISAAC OGHENEWATA
1730 EDEM JACKSON A.
1731 EDEM OLAITAN
1732 EDEM SAMUEL EFFIOM
1733 EDEOGHON GABRIEL
1734 EDESIRI SATOPE
1735 EDESIRI SATOPE I.
1736 EDET ADAMS
1737 EDET JOAN AISHATU
1738 EDET LEONARD A.
1739 EDET ROSE
1740 EDET TUNDE
1741 EDETAN DELIGHT PEACE
1742 EDETAN MARVELLOUS OLUWASEMILORE
1743 EDI D. JOHN
1744 EDIGWE BLESSING OGHALE
1745 EDI-OSAGIE SIDNEY IFEANYI
1746 EDOGAME RITA SENUMA
1747 EDOH ONYECHE CATHERINE
1748 EDOHO EDOHO MFON
1749 EDOHO JENNIFER EMMMANUEL
1750 EDOHO JOY EDOHO
1751 EDOSA FRIDAY OKPOKOR
1752 EDOSA SUKUTAI
1753 EDOSUYI FARAJI
1754 EDREMODA EDITH OMAYEULI
1755 EDU JERRY
1756 EDU JERRY W
1757 EDU SALILAH
1758 EDUMELE JOSEPH ODOKO
1759 EDUN OLUWATOSIN GRACE
1760 EDUN OMOTAYO GEORGE
1761 EDUNO CLEMENT
1762 EDUNO CLEMENT E
1763 EDUOK SALIM
1764 EDWARD OLAJIDE O.
1765 EDWARDS ADEBIYI ADEREMI
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
1766 EDWIN PAUL CHIBUIHE
1767 EEVNAS BEAUTY SALOONS LTD
1768 EFE GODSPOWER EVI
1769 EFE SULAIMAN
1770 EFEMINI SAMUEL
1771 EFEWAPE MOBOLAJI
1772 EFFA ESU OTU
1773 EFFI DERENICK
1774 EFFIOM FELIX EFFIOM OKON
1775 EFFIONG ASUKWO
1776 EFFIONG ESSIEN GLORIA
1777 EFFIONG MFIONISO ADOLF
1778 EFFIONG MUKHTAR
1779 EFFIONG TABANSI
1780 EFFONG JOY AGNES
1781 EFOBI EKENE ANTHONY
1782 EFOSA PROSPER OSAREME
1783 EFOSA PROSPER OSAREME K.
1784 EFU EMMANUEL
1785 EFUWAPE TITILAYO J
1786 EGAUHON MAIZAH
1787 EGBE SIBONGILE
1788 EGBEDI ANTHONIA
1789 EGBEDI ROY
1790 EGBEKU BENIAH
1791 EGBEKU HELEN SIM
1792 EGBEKU SALEM
1793 EGBEKU SARAH
1794 EGBEKU SARIM EFE EGBEKU
1795 EGBI EGUNIKE
1796 EGBIREMHON DALINGTON EHIABHI
1797 EGBO UCHENNA PAUL
1798 EGBOH ADAEZE
1799 EGBOKA NWAKAEGO AGATHA
1800 EGBORAI NKECHI ANIREJUORITSE
1801 EGBORDI UCHENNA ALERO
1802 EGBOSIMBA OBIANAMA VICTORIA
1803 EGBUIWE TAPANGA
1804 EGBUNE BRIDGET NGOZI
1805 EGBUNG AUGUSTINE UKWADA
1806 EGBUNIKE RICHARD
1807 EGBUTA JOSEPHINE CHINJOMA
1808 EGEDE TABARI
1809 EGEOLU TAKIYAH
1810 EGERUO EDITH ADAEZE
1811 EGHAREUBA ERNEST
1812 EGHAREVBA ERNEST F
1813 EGHWEREHE EJOVI JUDITH
1814 EGONWA IRENE
1815 EGUNJOBI PEMBA
1816 EGUWIM IJEOMA FLORENCE
1817 EGWEBE NAILAH
1818 EGWUATO NONSO
1819 EGWUATU CHUKWUGOZIE CHUKWUMA MARCEL
1820 EGWUATU NDUBUISI DONS
1821 EGWUATU NDUBUISI DONS
1822 EGWUATU NMESOMA JENIFAR
1823 EGWUATU THERESA NWANYIBUTE
1824 EGWUENU OBIAJULU
1825 EGWUTUHA IFEANYI PAULINUS
1826 EHI CHIKOJILI MOSE
1827 EHIAGWINA AGATHA OSEMUDIAMEN
1828 EHIKIOYA DADA AYO
1829 EHIKODI GINA
1830 EHIMAH EGO FARIDA
1831 EHINDERO MICHAEL OLUWATUYI
1832 EHINMISAN OLATOMIDE FRANCIS
1833 EHOYE NABLEYI
1834 EIGBIREMHONLEN PHILIP EHIABII
1835 EIGBOKHAN GODWIN EHIMEN
1836 EILJAH GINGTON
1837 EJALONIBU MUKAILA AKANJI
1838 EJE EZEKIEL ODEY
1839 EJEH OBAGWU
1840 EJEM OBUMNEME M.
1841 EJEMBA ISREAL IFY
1842 EJEMBI PETER PATRICIA
1843 EJIAMU KINGSLEY CHIDI
1844 EJIBENAM OKWUDILI C.
1845 EJIBENDU EVELYN
1846 EJIKE CHINYERE AKUNNA
1847 EJIKE COLLINS
1848 EJIKE PHILIPS
1849 EJIKS FEMI
1850 EJIM FOLA
1851 EJIMADU GIFT EMEKA
1852 EJIMADU IWO
1853 EJIMBA CHRISTIANA
1854 EJINAKA INTERPRISES
1855 EJIOFOR ANAYO
1856 EJIOFOR DENNIS
1857 EJIOFOR EMOS
1858 EJIOFOR JONATHAN
1859 EJIOGU DONATUS ONUOHA
1860 EJIONYE RUTH IDOWU
1861 EJOAMAHE EVAW
1862 EKAMA TEGA
1863 EKANDE OLUSEGUN
1864 EKANEM ENOBONG ASUQUO (ADMOR)
1865 EKANEM SAMUEL ESSIEN
1866 EKANEM UDO
1867 EKE CHRISTOPHER OSATO
1868 EKE IKECHUKWU OLIVER
1869 EKE MATTHEW CHIJIOKE
1870 EKE OCHENEAWEROSU
1871 EKE OGBONNA KEN
1872 EKECHUKWU HARBERT EMECHETA IHEANYI
1873 EKEKWE UKACHUKWU FREDERICK SUNDAY
1874 EKEMODE UCHENNA
1875 EKEMORUAH AVEROSUEOGHENE
1876 EKEMORUAH MERCY ESEOGHENE O.
1877 EKEMORUAH OGHALE
1878 EKEMORUAH OTHUKE BEAUTY
1879 EKEOCHA IJEOMA CHIBU
1880 EKEREKA ANIFIOK FRIDAY
1881 EKHENLEN ALBERT BELLO
1882 EKIKERE IROAGBA
1883 EKIKERE IROAGBA W
1884 EKIKERE JOEL
1885 EKIKERE JOEL T
1886 EKO AREMU
1887 EKO BABAJIDE
1888 EKON BOYE
1889 EKOP MFON DANIEL
1890 EKPA MAGNUS YUNISA
1891 EKPE JOHN AMAECHI
1892 EKPE JONAH ETIM
1893 EKPE V CHRIST
1894 EKPENDU BEAUTY IFEOMA
1895 EKPENYONG LUCY MICHAEL
1896 EKPO EKPENO ITA
1897 EKPO ISONGUYO MATTHEW
1898 EKPO NAOMI
1899 EKPO UCHE
1900 EKUASE UHUNONA ELIZABETH
1901 EKUKU OMOREGIEVA SUNDAY
1902 EKUNDAYO OLABODE
1903 EKUNDAYO OLUWATAMILORE
1904 EKUNG TINEKAJAWANI
1905 EKURE JOHN
1906 EKWE JONATHAN SAMUEL
1907 EKWE OKORIE JOHN
1908 EKWE OKORIE JOHN N
1909 EKWERE EMAH GODWIN
1910 EKWERE EMAH GODWIN O
1911 ELAIGU ANDREW EKWUOJO
1912 EL-BASHIR ABDUL
1913 EL-BASHIR LAWANI
1914 ELEANYA KALU VICTOR
1915 ELEBUTE SULAIMON
1916 ELECHUKWU LOVEDAY
1917 ELEDU EBE EDITH
1918 ELEDU OGBONNA EDITH
1919 ELEGEONYE JOSHUA CHINEDU
1920 ELEKWACHI HART
1921 ELEODIMUO FRANCISCA AMAKA
1922 ELEWA MANDISA
1923 ELGAM EBOR PETER
1924 ELISHMA YARO
1925 ELIZABETH AKPAN
1926 ELIZABETH BIBINU
1927 ELIZABETH EMEKA
1928 ELIZABETH UDOEKPA A
1929 ELIZABETH UWAJEH
1930 ELKANEM ABDUSALAM
1931 ELOHO ANDYSON
1932 ELUE GAMBA
1933 ELUE UBA
1934 ELUGBILE RAUF AKANJI
1935 ELUM CHUKWUMA
1936 ELUMEZE CLEMENT ISIOMA
1937 ELUSHADE IBIYINKA OLUBUNMI
1938 ELVIS PHIL
1939 EMAFO HALIMA
1940 EMAFO TALE
1941 EMEBO BLAISE OGBONNAYA
1942 EMEDIONG MFON
1943 EMEFIELE AUGUSTINE
1944 EMEKA AKUNLUYI
1945 EMEKA AKWARANDU
1946 EMEKA STEPHEN
1947 EMEKAH HABIKAH
1948 EMEM-ABASI MURITALA
1949 EMENIYI ALFRED
1950 EMENOGHA CHINEDU AUGUSTINE
1951 EMENOGHA EBELE GRACE
1952 EMENYI ALFRED Q
1953 EMERE MATTHEW CHIKA
1954 EMERUEH NKEM
1955 EMERUEH OGE
1956 EMERUEH OGE NKEM
1957 EMIR KANIEL
1958 EMIR TABANSI
1959 EMMAH IKENNA
1960 EMMAH IKENNA R
1961 EMMANUEL ANTHONY ONAH
1962 EMMANUEL BAMIDELE KOLAWOLE
1963 EMMANUEL CHRIS O SEGUN LAWAL
1964 EMMANUEL IBE
1965 EMMANUEL IDRIS
1966 EMMANUEL SOLOMON
1967 EMMANUEL ULEGEDE
1968 EMMANUEL VICTOR CHINEDU
1969 EMOKPAIRE OGWIHI
1970 EMUCHEYA VICTORIA ESTHER NKEMJIKA
1971 EMUSA DATANIA NENGI
1972 ENAHOLO EROMOSELE OZIEGBE
1973 ENAHORO VICTOR
1974 ENANG GLORY
1975 ENANG GLORY B
1976 ENANG MICHAEL ECHEMI
1977 ENE AGBO
1978 ENEBUSE MARIA
1979 ENEBUSE MARIA D
1980 ENECHUKWU OSITA FREDRICK
1981 ENEFIOK MFONOBONG
1982 ENEH AMINU
1983 ENEKEBE CHINEDU
1984 ENEKEBE NKECHI CHRISTINE
1985 ENEKHIMION IYARE
1986 ENENCHE FRANCIS OGBECHE
1987 ENEUDE EJIKE FRANK
1988 ENGOM EMMANUEL ANZAKU
1989 ENI KYIJIAOSOWO
1990 ENI N EHIS K.
1991 ENILOLOBO DEBORAH AYOKUNMI
1992 ENINOBOR LEWIS UFUOMA
1993 ENO AKAN
1994 ENO EMANGHA OMINI
1995 ENOCH CHIMEZIE CELESTINE
1996 ENOCH KELECHI JOHN
143PAGE
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
144PAGE
1997 ENOGIERU GLADYS
1998 ENOGWE CHIDOZIRI CLARIBEL
1999 ENTONU GRACE
2000 ENUBUZOR MONICA OYEMEN
2001 ENUGUZO SAMUEL
2002 ENUNWA NKECHI
2003 ENWEMADU CHIEDU ANDREW
2004 ENWEREM OGBONNYA U.A.
2005 ENYE PETER AYO
2006 ENYEKWE IDARA
2007 ENYEKWE IDARA E
2008 ENYIA FIDELIS CHUKWUEMEKA
2009 ENYIDIA ORISEH
2010 ENYINA FAITH
2011 ENYINA FAITH Y
2012 ENYINNAYA JULIANA ANAYOCHI
2013 ENYINNAYA JULIANA SARAH
2014 EPANG ABENI RITA
2015 EPANG KESIA
2016 EPHRAIM KASIMU
2017 EQUERE PROMISE
2018 EQUERE PROMISE E
2019 EQUINOX PROPERTIES LIMITED
2020 EQUINOX ASSET MANAGEMENT LIMITED
2021 EQUINOX CONSULTING LIMITED
2022 ERABOR PHILIP
2023 ERAKPOTOBOR KEON
2024 EREH DAVID
2025 ERENGAKA JABARI
2026 EREOLA MUIDEEN ADEROJU
2027 ERETAN FESTUS OLANREWAJU
2028 ERIKAN JOSEPHIN U
2029 ERIKAN JOSEPHINE
2030 ERIKI ISOKPEHI EMMANUEL
2031 ERIN PRINCE
2032 ERINFOLAMI OLA OMOLARA
2033 ERINLE OLAMIDE OLANIYI
2034 EROMOSELE ELEDU MICHEAL
2035 EROMOSELE STEPHEN
2036 ERONDU ELIJAH ERONDU
2037 ERONINI KANENE
2038 ERUANOVUE OKPOKOR EDUN
2039 ERUGO CHINEDUM EZENWA
2040 ERUGO CHINYERE
2041 ERUGO EZENWA CHINEDUM
2042 ESAN JAYVYN
2043 ESANG EKOM EFIONG
2044 ESEDERE OMOTEJERE SARAH
2045 ESEDERE OMOTUNDE BEATRICE
2046 ESEGBONA KACHUKWU
2047 ESEGBONNA SOLOMON
2048 ESEGBONNA SOLOMON E
2049 ESEIGBE KARIMAH
2050 ESEKA EJIME PAUL
2051 ESENEH JOAN EBINEHITA
2052 ESENYIE KADIJA
2053 ESEWE PROSPER
2054 ESEWE PROSPER H
2055 ESEZO DEJI
2056 ESEZOBOR DELE
2057 ESEZOBOR DELUWA
2058 ESHEMOKHAI EMMANUEL EKPESHE
2059 ESHIET ANURI PETER
2060 ESHIET ANURI PETER W
2061 ESHO JOSHUA OLUWAFEMI
2062 ESHOKHAI PAUL SUNDAY
2063 ESIAGA ISOKE
2064 ESIBENNE KINGSLEY AJOMIWE
2065 ESIENUMOH ESHIETT
2066 ESIENUMOH ESHIETT D
2067 ESINWOKE CHERISH
2068 ESSEH EMMANUEL OTHOWARONA
2069 ESSEH ESTHER OLABISI
2070 ESSIEN ESTHER BASSEY
2071 ESSIEN KOOFREH CHARLES
2072 ESSIEN PATRICK FRIDAY
2073 ESSIEN PETER
2074 ESSUMAI WINGLE
2075 ESTHER ABEL
2076 ESTHER EACHA
2077 ESUMOBI KAMBO
2078 ESUOLA RAJI MOYOSORE
2079 ETA OBETEN JUNIOR
2080 ETCHIE ESIMAJE
2081 ETCHIE JOHN
2082 ETENG ETENG MBANG
2083 ETERIGHO ALEXANDER
2084 ETERIGHO ALEXANDER K
2085 ETIENO MFON
2086 ETIM ANTAN EFFIOM
2087 ETIMENSI SUNDAY
2088 ETINI EHIS
2089 ETINI RAYGIN
2090 ETINI RAYGIN Y.
2091 ETOFILS VENTURES NIG LTD
2092 ETOH DANIEL CHIBUIKEM
2093 ETOKWUDO IFEYINWA AUGUSTINA
2094 ETUKUDO INYANG VINCENT
2095 ETUKUDO NKORI
2096 ETUKUDO NKORI B.
2097 ETUNYA BLESSING
2098 EUCHARIAH BOSE
2099 EVELYN OTUDEKO
2100 EVERGREEN FARMERS CICS LTD
2101 EVERGREEN PHC UNIQUE COOP. INV. &
CREDIT SOC. LTD
2102 EWALEFO EMMANUEL EHIDIAMEN
2103 EWALEFO GLORIA
2104 EWERE WILFRED
2105 EWOULA OLUWAFISAYO
2106 EWULU ANTHONIA NGOZI
2107 EXITGATE RESOURCES LIMITED
2108 EYAH SUNDAY KENNETH
2109 EYESEMUAN WALTER
2110 EYIBO JUMA
2111 EYIMOFE BARBER
2112 EYO ANIETIE ASUQUO
2113 EYONG MARILIN EKANEM
2114 EZE AUGUSTIN IKECHUKWU
2115 EZE CHIKE LEO
2116 EZE CHUKWUEBUKA TADIMMA
2117 EZE DEBORAH
2118 EZE IROHA URUM
2119 EZE JULIET UCHECHUKWU
2120 EZE NWANI PETER
2121 EZE PHILIP
2122 EZE STANLEY
2123 EZE SUNDAY FRANCIS
2124 EZEAGWASINWA KENECHUKWU CHIJINDU
2125 EZEAMA BENJAMIN
2126 EZEAMA CHINEDU EZEAMA
2127 EZEANI GERALD ARINZE
2128 EZEANI JOSEPHINE NKIRU
2129 EZEANI OZOR CHRIS
2130 EZEANYA CHINWE NENKA
2131 EZEANYA NGOZI NKIRU
2132 EZEBUIKE OGUGUA COLLINS
2133 EZEBUIRO IGNATIUS
2134 EZECHUKWU ROSELINE IFEOMA
2135 EZEGWO CHIKE
2136 EZEIFE EBERE MERCY
2137 EZEIMO OKWUNNADI
2138 EZEKWEM FRIDAY J.
2139 EZEMA IJEOMA FAVOUR
2140 EZENDU VICK
2141 EZENNIA IKEMEFUNA IKENNA
2142 EZENWA JOY UKAMAKA JOSEPHINE
2143 EZENWAJIAKU ONYENKA DONATUS
2144 EZEOKOYE UJU
2145 EZEUKO PAUL OBUM
2146 EZEWANJIAKU CHIKA EMELDA
2147 EZUMA DANIEL NDUBUISI
2148 EZUNAGU ANTHONY EMEKA
2149 EZUTAH NNENNAYA-IGBO L.
2150 FABIYI OPEYEMI REBECCA
2151 FABORODE OLUWATOYIN MURTALA
2152 FABUSIWA OLUWASEUN TEMITOPE
2153 FABUSIWA VICTOR TEMITAYO OLUWATOBI
2154 FADAIRO ABAYOMI PAUL
2155 FADAIRO ABIDEMI OLAMITOKUN
2156 FADAIRO JOHN KAYODE
2157 FADEKE ALIU
2158 FADEKEMI ADAMS
2159 FADIMU YETUNDE
2160 FAGBAMILA REMI
2161 FAGBEMI BISAYO OMOGORIOLA
2162 FAGBOHUN OLUWAKEMI HELEN
2163 FAGBOLADE OLUTAYO
2164 FAJANA DAVID OLUWASESAN
2165 FAJANA OMOLOLA DEBORAH
2166 FAKAYODE OLATUNBOSUN ANTHONY
2167 FAKUNLE YETUNDE ELIZABETH
2168 FAMIWO OLUWAGBEMIGA VICTOR
2169 FAMUREWA DAMILARE ELIJAH
2170 FAPOHUNDA KIZITO
2171 FAPOHUNDA KIZITO N
2172 FAPONLE JOHN ADEBISI
2173 FARINRE JOHNSON
2174 FARINRE JOHNSON Z
2175 FARINTO OLALEKAN
2176 FARINTO OLA-SAMME
2177 FARINTO OLA-SAMOLA
2178 FARINTO OLA-SAMUEL
2179 FARINTO SAMUEL
2180 FARINTO SAMUEL OLALEKAN
2181 FARODOYE OLAWALE
2182 FAROUK IBRAHIM BABA
2183 FARQUAH AKPOTU GRACE
2184 FASANMI ADEYEMI ADE
2185 FASANMI MARGARET BOLA
2186 FASANYA JONATHAN OLEKE
2187 FASESIN SAMSON KUNLE
2188 FASHANU OLUWATOSIN MARY
2189 FASHOLA FEMI
2190 FASHOLA MOSHOBOLANLE JUBRIL
2191 FASHOLA MUDASHIRU OLAYINKA
2192 FASISI ABAYOMI ABIODUN
2193 FASUBAA AJADI
2194 FASUGBA AFOLABI OLUMIDE
2195 FATAI OLUFESO
2196 FATAI SERIKI
2197 FATIMA BARUWA
2198 FATIMOTA YAKUBU AMOPE
2199 FATINIKUN ADENIKE IBIYEMI
2200 FATIREGUN ADEDAMOLA
2201 FATIREGUN ADEDAMOLA
2202 FATIREGUN AGBOOLA
2203 FATIREGUN AGBOOLA OMOWUNMI
2204 FATIREGUN AGBOOLA OMOWUNMI
2205 FATIREGUN AGBOOLA OMOWUNMI
2206 FATIREGUN EMMNAUEL O
2207 FATIREGUN FALILAT
2208 FATIREGUN KOFOWOROLA F.
2209 FATIREGUN OMOLARA
2210 FATIREGUN OMOLARA OLUWATOYIN
2211 FATIREGUN OMOLARA OLUWATOYIN
2212 FATIREGUN OMONIYI
2213 FATIREGUN OMONIYI ADEBODUN
2214 FATIREGUN OMONIYI ADEBODUN
2215 FATOKI ADEBISI PAUL
2216 FATOKUN ABDULFATAI ALABI
2217 FATUYI OMOWONUOLA STEPHANIE
2218 FATUYI SAMUEL OLUSEGUN
2219 FAUZANA IFEDAYO
2220 FAUZANA IFEDAYO J
2221 FAWUMI HART
2222 FAWUMI HART S
2223 FAYE IGBEHINADARA
2224 FAYELE MODUPE ELIZABETH
2225 FAYEMO MICHAEL ADEBAYO
2226 FAYEOFOBI JUDE W
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
2227 FAYEOFORI JUDE
2228 FOLUKE JEGEDE
2229 FRANCIS BOLANLE
2230 FRANCIS U ESSIEN
2231 FRANK AKEEM
2232 FRANK EKPE BRITUS
2233 FREE POIT SOLUTION SERVICES LTD
2234 FREGENE ALEX ABOYOWA
2235 FRIDAY BELLO
2236 FRIDAY EKPE
2237 FRIDAY OTUAMAEJE ONYECHE
2238 FRONT RUNNER GLOBAL INVESTMENT LTD
2239 FUBARA SALEH PETER
2240 FUBARA SALEH PETER D
2241 FUNMI OYEMADE
2242 FUNMILAYO BIMBO
2243 FUNMILAYO ONI
2244 FUNSO OPENIBO
2245 FUSL NOMINEE A/C ADEBOLA KALE
2246 FUSL NOMINEE A/C ADERONKE KALE
2247 FUSL NOMINEE A/C ADETORO KALE
2248 GABARI BOLAJI ADENIKE
2249 GAIYA ALIYU RIFKATU
2250 GALADIMA GLADYS
2251 GAMBO NAFISAT
2252 GANIYU ADEDOTUN
2253 GANIYU AHMED
2254 GANNY PETER AFOLABI
2255 GARBA AGNES AJANI
2256 GARBA HAFSAT DANLADI
2257 GARUBA YAHAYA
2258 GASL-NOMINEE LTD-DABANA ACCT.
2259 GAZA ISSAKA
2260 GBABO DAVID PEREKEBINA
2261 GBADAMOGHO CYINTA N
2262 GBADAMOSI KASALIYU AYOBAMI
2263 GBADAMOSI MUYIDEEN WALE
2264 GBADAMOSI OWODAMOLA
2265 GBADEBO VICTOR OLUWATIMILEYIN
2266 GBARAMOGHO CYNTA
2267 GBE BARRY PERE
2268 GBENEDIO HENRY KESIENA
2269 GBENGA ONI IJEGBULEN
2270 GBINDINNINUOLA ISMAIL KEMI
2271 GBINDINNINUOLA ISMAIL OLUWAKEMI
2272 GBINDINNINUOLA OLAYINK SUBOMI
2273 GBOKOYI MARTINS OSHINTOLA
2274 GBOLABO OLAYIWOLA
2275 GBOLABO SENBAJO
2276 GBOYEGA COSIN
2277 GBOYEGA DEJI
2278 GBOYEMI ISREAL OLUWADUROTIMI
2279 GBOYEMI OLUWATOYIN
2280 GBOYEMI TAIWO
2281 GEGELESO BABAJIDE ADE
2282 GEORGE AYORINDE ABIODUNRINDE
2283 GEORGE GEORGE JOHN
2284 GEORGE GEORGINA WEIGETUMBRA
2285 GEORGE GRACE ALAERE
2286 GEORGE HARRY
2287 GEORGE ODODO
2288 GEORGE TOYIN EBI
2289 GEORGE-AHIRU GBOYINDE
2290 GEORGEWILL BRIDGET
2291 GEORGEWILL BUKOLA
2292 GIMBA HARUNA AYUBA
2293 GISANRIN OLUWATOSIN
2294 GISANRIN ROBERT
2295 GIWA ADAMSON
2296 GIWA MORILIATU IYABO
2297 GIWA MOTOLANI OLASUNKANMI
2298 GIWA RAIMOT
2299 GIWA-OSAGIE RHODA ESOSA
2300 GLADYS JOSEPH
2301 GLOBAL ASSET MGT. LTD-TRADED-STOCK-A/C
2302 GLORY OHIOMAH NERILAGHABOFA
2303 GODONU SOYINDE ALBERT
2304 GODSWILL KAYODE
2305 GODSWILL NWIGWE OLAWREWAJU
2306 GODWIN OBIAGELI
2307 GODWIN OKECHUKWU KELVIN
2308 GOERGE MOPESOLA
2309 GOMINA CHIDUME
2310 GONI SERIKI
2311 GONI SERIKI P
2312 GORIOLA MOLAKE
2313 GRACE OBENDE BOSE 2
2314 GRACE OSAMUDIAME
2315 GRANT PHILLIPS
2316 GREGORY-UBIGEN NOSA FYONNA
2317 GUASO MOSES MUSTAPHA
2318 GUMBI JAIWO
2319 GUMBI TAIWO R
2320 GUSEN KENNETH
2321 GUSEN KENNETH B
2322 GWAZU OLALEYE
2323 GWOM DEREFAKE
2324 GYANG MANCHA PETER
2325 HABEEB AZUKA
2326 HABIB ADE
2327 HADOME NGOZI
2328 HAIGBE OKON
2329 HALILU IJEOMA LEWISIK
2330 HALILULAHI FARUK
2331 HALIM FARUK OLUWATIMILEHIN
2332 HALIM FATIMA OLUWADAMILOLA
2333 HALIMA ALAO
2334 HALIMA PHILOMENA
2335 HALIMAT EMEKA
2336 HAMEED MARTINA
2337 HAMID GANIU BABATUNDE
2338 HAMMED SHAHEED
2339 HAMMED SHAHEED D
2340 HAMZA SHEHU
2341 HAMZAT OLASUNKANMI TAOFFET
2342 HANDEL YEMI
2343 HARBOR CHUKWUEMEKA LLOYD
2344 HARRIS FUNMI
2345 HARRISON IBINGIBO IBIFURO
2346 HARRY OYINLOLA
2347 HART CHRISTINE
2348 HARU IBRAHIM
2349 HARU IBRAHIM W
2350 HARUNA MOHAMMED
2351 HARUNA NUMMI
2352 HARUNA NUMMI N
2353 HARUNA SARUMI
2354 HARUNA T WAZIRI
2355 HASHIM ADEOLA MUTIU
2356 HASSAN CHUWA
2357 HASSAN CHUWA G
2358 HASSAN DAVID
2359 HASSAN EMMANUEL
2360 HASSAN KAYODE RAHEEM
2361 HASSAN LAWAL JUMMIA
2362 HASSAN LAWAL JUMMIA N
2363 HASSAN MOHAMMED NUHU
2364 HASSAN OLADIMEJI
2365 HASSAN SHERRY OLASUMBO
2366 HASSANAT SWEET
2367 HENRY TOLULOPE
2368 HENSHAW CHINONYE
2369 HILARY HENRY
2370 HUGH ALLI
2371 HUSSANI STEVE
2372 HYACINTH SAOLA
2373 IBAMA PHILIPS
2374 IBAMA PHILIPS W.
2375 IBANGA DANIEL MOSES
2376 IBANGA EKERETTE BERNARD
2377 IBANGA IBANGA GLORY
2378 IBANGA IBANGA GLORY Q.
2379 IBANGA IFEOMA
2380 IBE ETTE
2381 IBE JULIUS
2382 IBE UCHE CHRISTIAN
2383 IBEGBULEM CHRISTOPHER
2384 IBEGBULEM CHRISTOPHER B.
2385 IBEH FRANCIS ONYEMAEME
2386 IBEH LOUIS MADUABUCHI
2387 IBEKWE ABAZU
2388 IBEKWE ANGELA OSITA
2389 IBEKWE COLLINS OKWCHUKWU
2390 IBEKWE COLLINS OKWCHUKWU
2391 IBEKWE DANIEL DIKE
2392 IBEKWE IBRAHIM
2393 IBEME INEMESIT
2394 IBEME INEMESIT X.
2395 IBENEZI CHIKA THEOPHILUS
2396 IBEREDEM STANLEY
2397 IBEREDEM STANLEY M
2398 IBESON CATHERINE AMAECHI
2399 IBEZIAKO JOYCE UGOCHI
2400 IBEZIM JOHN OKEY
2401 IBIANG LOYOE NWANKE
2402 IBIDAPO GBADEBO
2403 IBIFUBARA CHIDI RAYMOND
2404 IBIFUBARA CHIDI RAYMOND W.
2405 IBIGBAMI ADENIKE MODUPE
2406 IBIKUNLE ISAAC FOLORUNSHO
2407 IBITOYE AREMU OLANREWAJU
2408 IBITOYE OKONGWU
2409 IBITOYE SAMUEL OLUSEGUN
2410 IBIWOYE ABIGAIL ADESOLAPE
2411 IBIWOYE JOSEPHKING AYOMIDE
2412 IBIWOYE SAMUELKING MAKINDE
2413 IBIYEMI OLAWEPO
2414 IBIYINKA AKINSEMOYIN
2415 IBOLO VIVIAN IGHOWHO
2416 IBONG ITORO NYONG
2417 IBRAHAM OLUWASEUN
2418 IBRAHEEM ABUBAKAR IBN
2419 IBRAHIM AISHA PATIENCE
2420 IBRAHIM ANJI YUNUSA
2421 IBRAHIM BALA
2422 IBRAHIM BELLO
2423 IBRAHIM GBOLAHAN
2424 IBRAHIM HABIB ADEYINKA
2425 IBRAHIM JAMIU OMOTAYO
2426 IBRAHIM KHALEEL
2427 IBRAHIM LATIF
2428 IBRAHIM MUHAMMAD BARU
2429 IBRAHIM MUSA
2430 IBRAHIM SAMUEL
2431 IBRAHIM VICTOR
2432 IBRAHIM VICTOR B
2433 IBRAHIM YAHAYA OLUWAROTIMI
2434 IBUBELEYE VICTOR
2435 IBUBELEYE VICTOR A
2436 IDA PHILIP
2437 IDAKWO EICHAYI NAOMI
2438 IDEAL BUSINESS LIFE INTERPRISES
2439 IDEBOGHIE MICHEAL
2440 IDEHEN EMMA
2441 IDEM GEORGE
2442 IDEM GEORGE I
2443 IDIAKHEUA TINA AIWANEHI
2444 IDIATA EBAS
2445 IDIATA EBAS J
2446 IDIKA VIVIAN NNEKA
2447 IDIKAN BOLAJI
2448 IDIOK ODOM
2449 IDIONG ADETOKUNBO
2450 IDISI CHRISTIAN OGBENEME
2451 IDOGA ELIZABETH EYUM
2452 IDOKO CHRISTIAN
2453 IDONGESIT ABDULRAHMAN
2454 IDONGESIT VICTORIA
2455 IDONGESIT VICTORIA G
2456 IDORENYIN ABASIYE
2457 IDORENYIN ABASIYE P
145PAGE
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
146PAGE
2458 IDORENYIN FRANKLIN
2459 IDORENYIN FRANKLN B
2460 IDORENYIN KABIRI
2461 IDORO BELIEVE
2462 IDOWU ADEGBOYEGA
2463 IDOWU ADEKUNLE
2464 IDOWU ADEKUNLE
2465 IDOWU ADELEYE OLUSANYA
2466 IDOWU ADEOLA
2467 IDOWU AKINLOLU SOLOMON
2468 IDOWU AMOS
2469 IDOWU ATOBITE
2470 IDOWU BASHIRU
2471 IDOWU BISI
2472 IDOWU CHRISTIAN
2473 IDOWU EBUN
2474 IDOWU FRANCISCA
2475 IDOWU FUNMILAYO CHRITIANA
2476 IDOWU GRACE
2477 IDOWU JOHN
2478 IDOWU KATE
2479 IDOWU LANRE
2480 IDOWU MOSES OLUSESAN
2481 IDOWU MUSEWDIKU
2482 IDOWU OLASUNBOMI ENITAN
2483 IDOWU OLAYEMI
2484 IDOWU OLAYINKA
2485 IDOWU OLAYINKA
2486 IDOWU OLAYINKA MUSEWDIKU
2487 IDOWU OLISAEMEKA
2488 IDOWU OLUFEMI
2489 IDOWU OLUSESAN
2490 IDOWU OLUSESAN MOSES
2491 IDOWU OLUWADAMILOLA
2492 IDOWU OLUWATOBI
2493 IDOWU OLUWATONI
2494 IDOWU OLUWATOSIN
2495 IDOWU ORINAYO
2496 IDOWU OYINDAMOLA
2497 IDOWU RAMOTA
2498 IDOWU SOARES
2499 IDOWU TARA
2500 IDOWU VICTORIA TEMILOLA
2501 IDRIS OMODUNNI
2502 IDRIS YAKUBU
2503 IFEANYI - OKORO SYLVIA NECHI
2504 IFEANYI OKAFOR
2505 IFEANYI ROSE O
2506 IFECHUKWU DARE
2507 IFECHUKWU STEPHEN A.
2508 IFEDAYO AKINLA
2509 IFEDIORA CHUKWUNONSO
2510 IFEKPOLUGO FADIJI
2511 IFEKPOLUGO FADIJI E.
2512 IFENNA DONATUS EMEODI
2513 IFEOMA AKPAN
2514 IFEOMA ODUNARO
2515 IFETAYO JUMOKE ELIZABETH
2516 IFEZUE CHIJIOKE OGOCHUKWU
2517 IFEZUE SOPHIA ANGEL
2518 IFEZUE ZANE YORAM CHUKWUEMEKA
2519 IFIDI IKE
2520 IFIDI IKE R.
2521 IFIOK EKPA PETER
2522 IFY KENNEDY
2523 IGALAWUYE CHARLES ONYEKA
2524 IGBAMOSUN LAZS TANEMOLA
2525 IGBEGWU MICHAEL UCHECHUKWU OBADIAH
2526 IGBEKA ONAJITE
2527 IGBEKOYI AKINYEMI GODWIN
2528 IGBENG BENJAMIN DONATUS
2529 IGBIKI NWAMAKA PHILOMENA
2530 IGBINOVIA OGUGBUE
2531 IGBO JUDE R.A.
2532 IGBOEGBUNAM CHINYERE STELLA
2533 IGBOEKWEZE OLUSOLA
2534 IGBONEME MARK UCHENNA
2535 IGBONUSI NNAMDI CHRISTIAN
2536 IGBONUSI VICTOR
2537 IGBOR VICTOR NINTOR
2538 IGBUDU OREVAOGHENE GODSWILL
2539 IGE AJOKE
2540 IGE ANIKE
2541 IGE ELIZABETH
2542 IGE ESTHER
2543 IGE LOLA
2544 IGE OLAYINKA
2545 IGE OLUFUNMILAYO
2546 IGE OMOLADE PHILLIP
2547 IGE OYINKANSOLA
2548 IGHALO DAVID
2549 IGHEBUIKE OBINNA CHARLES
2550 IGHIWIYISI EKI
2551 IGHO EFE PHILIPS
2552 IGHODALO E.O.CHRISTOPHER
2553 IGNATIUS OKWUTE
2554 IGOLO A PETERSON
2555 IGUE EHI FEDELIS
2556 IGUNBOR-OZOH OFURE HILDA
2557 IGWE ALEXANDER OLISEMEKA
2558 IGWE CAROLINE UNANAYA
2559 IGWEBIKE ANSELM NDIDI
2560 IGWEBUIKE BIOSA
2561 IGWEGBE FUNMILAYO
2562 IGWEH AJA DENNIS
2563 IGYANOR JOSEPH
2564 IHEANACHO JOSEPH CHIMAMKPAM
2565 IHEANAETU ABEL
2566 IHEJIAGWA KENNETH CHIDI
2567 IHEJIRIKA EMEKA MMADUABUCHUKWU
2568 IHEKUNA KEVIN CHIDIEBERE
2569 IHEMADU FAVOUR CHINOMSO
2570 IHEMADU RITA CHISARA
2571 IHETUGE GOODNESS NWADINMA
2572 IHIME ALBERT
2573 IHUNDA EZEKIEL
2574 IHUNDA EZEKIEL E.
2575 IHWIRO GIDEON NWAEZE
2576 IIJEOMA OWUEGBULE
2577 IJAGBUYIRO OFUASE
2578 IJAOPO ISSAAC OJO
2579 IJEOMA AGBASI
2580 IJEOMA NWABUEZE JUSTICE
2581 IJERE IJEOMA
2582 IJOMA SANDRA ADAOBI
2583 IKA TEGA
2584 IKANDU GEORGEWILL UBANI
2585 IKE AUGUSTINE C
2586 IKE OKWUCHI
2587 IKEAGU NNAMDI MICHEAL
2588 IKEBEOTU EMEKA
2589 IKEBUWA LUCKY
2590 IKECHUKWU ANDREW
2591 IKECHUKWU BLESSING
2592 IKECHUKWU WILFRED U
2593 IKECHUU BONAVACH OKWOMMA
2594 IKEDIASHI JOSEPH CHUKS
2595 IKEDINOBI ESTHER
2596 IKEDINOBI ESTHER H
2597 IKEDINOBI IKECHUKWUKA
2598 IKEDINOBI IKECHUKWUKA F
2599 IKEDINOBI UCHENDU
2600 IKEDINOBI UCHENDU P
2601 IKEDIOFOR SEGUN
2602 IKEFUNA SAMUEL IKECHUKWU
2603 IKEH CHINYERE
2604 IKEH-UCHE RUBY
2605 IKEH-UCHE UGOCHUKWU
2606 IKELEGBE NSIDIGBE
2607 IKELEGBE NSIDIGBE I
2608 IKEM
2609 IKENNA CORNELIUS
2610 IKENNA GRACE
2611 IKENNA KEMI
2612 IKENNA SHOLA
2613 IKEUBA LAWRENCE
2614 IKHAYERE OMONEFE
2615 IKHIMIOYA DOEGHOBONE ONOME
2616 IKHIMIOYA EROMOSERE PRINCEWILL
2617 IKHIMIOYA EZOMO
2618 IKHIMIOYA OLOHIGBE GODGIFT
2619 IKHIMIOYA OMOZUANUBO GEOFREY
2620 IKINNA NOJI
2621 IKO BUKOLA E
2622 IKO ESTHER B
2623 IKOGHO BENJAMIN F.
2624 IKON NEHEMIAH
2625 IKON NEHEMIAH E.
2626 IKON PETER
2627 IKON PETER Q.
2628 IKONOH ABDULFATAI
2629 IKORDEME INYANG
2630 IKPA FRANKKY INALEGWU
2631 IKPATI JOHN
2632 IKPATT JOHN P.
2633 IKPE CALLISTUS
2634 IKPE JOEL
2635 IKPE JOEL E
2636 IKPEAMANZE AMAUCHE CHINYERE
2637 IKPI EMMANUEL FRANCIS
2638 IKPI IMOH FRANCIS
2639 IKUJESIN MODUPEOLA OLUWASEYI
2640 IKUOMENISAN BUKOLA
2641 IKUSEBIALA BUSAYO
2642 IKWU ANKELI DANIEL
2643 IKWUEZE EUNICE NWANNEKA
2644 ILEGBINIJIE EDITH LUCY
2645 ILEKA OLAOYE
2646 ILESO FELIX ADEOYE
2647 ILOKA AMAKA PERPETUA
2648 ILOLAWOLE OLADIMEJI
2649 ILORI ISAAC BABATUNDE
2650 ILORI KUBURAT TOPE
2651 ILORI SIMBI AJOKE
2652 IMAAH JUBRIL
2653 IMAAH JUBRIL J.
2654 IMADOJEMU VIVIAN
2655 IMAEKHAI OSHOBUGIE EMMANUEL
2656 IMAFIDON FRANCISCA E.
2657 IMAGHODOR BERNICE AMASIHOHU
2658 IMANE (DISTRICT) DEVELOPMENT UNION
2659 IME BASSEY COLLINS
2660 IME BASSEY COLLINS P
2661 IMEH VICTORIA
2662 IMEKA FAITH
2663 IMEKA FAITH C
2664 IMEKA MIRACLE
2665 IMEKA MIRACLE X
2666 IMEKA NGOZIKA
2667 IMEKA NGOZIKA V
2668 IMEMA KENNETH
2669 IMOH JEREMIAH
2670 IMOH JEREMIAH R
2671 IMOSEMI DONALD OREOSE
2672 INAM ABAKASANGA JAMES
2673 INAMETE MAYEN ISAAC
2674 INCHI BALARABE
2675 INEGBENOSUN AUGUSTINE
2676 INEH ANITA I.
2677 INEH CHIAMAKA IGUGU
2678 INEH CHUKWUMA D.
2679 INEH DAVID
2680 INEH EMEKA
2681 INEH ESTHER IYABO
2682 INEH IFEOMA
2683 INEH ISIOMA
2684 INEH MARTHA
2685 INEH PETER
2686 INHERITABLE WEAITH INVESTMENT LTD
2687 INIABASI STANLEY
2688 INIABASI STANLEY F
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
2689 INIBEH UKIRU UFOT
2690 INIBEHE UKIRI UFOT X.
2691 INNOCENT EBELEBE
2692 INTERNATIONAL BUSINESS SOLUTION LIMITED
2693 INYANG IBOROABASI RICHARD
2694 INYANG IDONGESIT ETIM
2695 IORZUA ALPHA TERLUMUN
2696 IQUO CHUKWUNEYE
2697 IRABOR JOHN
2698 IRABOR PATRICK
2699 IRABOR SIMON
2700 IREDIA EVBARUESE EDITH
2701 IRIOGBE EMMANUEL EHIMARE
2702 IRIS TRADING & INVESTMENTS LTD
2703 IRIVWOTU GABRIEL EVUEVWIE
2704 IROAKAZI GODWIN UGOCHUKWU
2705 IRUENE ELFRIDA OKORIKA
2706 IRUNOKHAI BRIGHT EGHIEBADE
2707 ISA LADU ADEJO
2708 ISA NWOKORO
2709 ISA SAAMSUDDEN
2710 ISA SAAMSUDDEN E
2711 ISAAC BAYOWA
2712 ISAAC ISAAC CHIGOZIE
2713 ISAAC WERUCHE
2714 ISAH ABDULLAHI
2715 ISAH ADEJOH
2716 ISAH SULEIMAN
2717 ISAHWOZE ELO EUGENIA
2718 ISEBENI OBARO MARTINS
2719 ISEMIN IME JAMES
2720 ISERHIENRHIEN ALFRED EMWANTA
2721 ISHEMUHI PRECIOUS BOSEDE
2722 ISHIEKWENE OBI RICHARD
2723 ISHOLA MODUPE BLESSING
2724 ISIAKA LUQMAN OMOTOSHO
2725 ISIAKPERE BEAUTY ODEWANURE
2726 ISIBOR GODDIE ORHUE
2727 ISIBOR OSAS ENDURANCE
2728 ISICHEI DOROTHY
2729 ISMAIL MACAULAY
2730 ISOLA KOLAWOLE SILAS
2731 ISOMEKE CHUDI A
2732 ISOMKE CHUDI
2733 ISONGUYO PATRICK
2734 ISONGUYO PATRICK W
2735 ISREAL OWOLABI OLATUNJI
2736 ISYAKU MOHAMMED
2737 ITODO EJIOFOR SHEDRACK
2738 ITOHOWO ANIEBO
2739 ITOHOWO ANIEBO J
2740 ITORO SAMUEL BASSEY
2741 ITORO SAMUEL BASSEY K
2742 ITUEN NSIKAK ETIM
2743 ITUMOH AMOBI NELSON
2744 IVIENAGBOR AKPOSIBRUKE
2745 IWANEFUN ISAAC
2746 IWANEFUN ISAAC S.
2747 IWAYANWU OLUKAYODE
2748 IWEHA OBINWANNE ALOZIE
2749 IWEJUA ONYEYECHI BLESSING
2750 IWEKA CHIDUBEM ABATI
2751 IWERE ABAYE
2752 IWETAN ANIREJUORITSE JANE
2753 IWO NEMI
2754 IWOBI ADEBUKOLA
2755 IWOK UBONG EDET
2756 IWU FAITH
2757 IWU IFEANYI ROGER
2758 IWUAGWU SAMUEL CHUKWUKERE
2759 IWUANYANWU OLUCHI SOPHIA
2760 IWUCHUKWU UDEME
2761 IWUCHUKWU UDEME O
2762 IWUNO JACK
2763 IWUNO JACK A
2764 IWUOHA ADA AKUNNA
2765 IWUOHA OLUCHUKWU J.
2766 IWUOHA UZOMA KENNEDY
2767 IYABODE GABRIEL
2768 IYALEKHUE BRIGHT
2769 IYEH ESTHER CHINYERE
2770 IYEKEKPOLOR EMMANUEL OSAROSEMWEN
2771 IYEN IYAMU
2772 IYENGE BOOSHIMA
2773 IYENGUMWENA ADESINA
2774 IYIOKU ALLEN CHIDOZIE
2775 IYO DANIEL
2776 IYO DANIEL H
2777 IZAMOJIE ITOHAN ESTHER
2778 IZAMOJIE ONOMEN PAULINE
2779 IZEDONMWEN REMI
2780 IZEGAGBE BOSE AIJOHI
2781 IZEJIOHA FRANCIS EMEKA
2782 IZOEBONIYE FARORE
2783 IZUAKOR MICHAEL CHIEDOZIE
2784 IZUDIM ANTHONY CHUKWUDI
2785 JABOR JAMES
2786 JACK SOALA ABEL
2787 JACKSON IFIOK AMOS
2788 JACOB AWUGO
2789 JACOB GEORGE
2790 JACOB GEROGE O
2791 JADEED ALOH
2792 JADEED ALOH D
2793 JADESOLA GLOBAL LINK LTD
2794 JAGODA MICHAEL ANNA
2795 JAGUN ADETUTU
2796 JAJA CELESTINE NATHAN ROMEY
2797 JAJA TAMUWOIBELEMA
2798 JAJI SHAKI TOYIN
2799 JAJI SHAKI TOYIN
2800 JAJI SHAKIRAT OLUWATOYIN
2801 JAKPA RICHARD EGUORITSE
2802 JALE BALEWA
2803 JAMES ADESHINA
2804 JAMES CHRISTIANA
2805 JAMES COLE BUKOLA RONKE
2806 JAMES EDIDIONG GODWIN
2807 JAMES KAYODE STEPHEN
2808 JAMES NDUTIMI BEKETIRI
2809 JAMES OGBENE GLADYS
2810 JAMES PAUL ESENU
2811 JAMES SABO
2812 JAMES SUNDAY
2813 JAMGBADI LAWAL
2814 JATTO FATIMA
2815 JAWANDO AYODELE
2816 JEARIOGBE TUNDE SEGUN
2817 JEGEDE ADEBAYO THOMAS S
2818 JEGEDE OMOWUNMI ADIJAT
2819 JEJE JIDE JACKSON
2820 JEMERIGBE TEMITOPE KEHINDE
2821 JENNY OGANAH
2822 JEREMIAH CHUKA
2823 JEREMIAH CHUKA B
2824 JEROME BRIGGS
2825 JHONNY EMEM LIFOT
2826 JIBRIL MOHAMMED
2827 JIDE OLANDIE
2828 JIDE-JOHNSON O. OLASUBOMI
2829 JIDEOFOR EZEUGO SYLVESTER
2830 JIDEOFOR JACKSON
2831 JIDEOFOR JACKSON S
2832 JIKA OGUNLEYE
2833 JIMOH ABIODUN NURUDEEN
2834 JIMOH ASHY
2835 JIMOH BUHARI
2836 JIMOH ENIOLA
2837 JIMOH FALILAT AGBALAYA
2838 JIMOH GBENGA
2839 JIMOH MARY
2840 JIMOH MARYAM
2841 JOHNSON IGE OLUFUNMILAYO
2842 JOHNSON IGE OLUSOLA
2843 JOHNSON IGE OLUWOLE
2844 JOHNSON IGE OMOBOLA
2845 JOHNSON IGE OYINKANSOLA
2846 JOHNSON IGE SAMUEL
2847 JOHNSON IGE TEMITOPE
2848 JOHNSON IGE TOBI
2849 JOHNSON IGE WALE
2850 JOHNSON NDUBUISI
2851 JOHNSON UFUOMA ABOSEDE
2852 JOHUA SHALL DAVID
2853 JOKOTADE OPENIRO
2854 JOKOTOYE OLAWAMIWA GILGA
2855 JOLA JOHN
2856 JOLAIYA JOHN JIDE
2857 JOLAIYA OLUWATOYIN F.
2858 JOLAIYA OLUWATOYIN FELICIA
2859 JOLAOSHO RAMON OWOLABI
2860 JOLAOSO AKINWANDE OLUSOLA
2861 JONATHAN BAIYEKYSI
2862 JONATHAN BANJOKO
2863 JONES ADEGBOYE
2864 JONSON IGE TOMI
2865 JOSEPH CECILIA
2866 JOSEPH CHUKWUEMEKA OGO
2867 JOSEPH EMITAYO AGNES
2868 JOSEPH FLORENCE
2869 JOSEPH KOLADE
2870 JOSEPH MARTINS
2871 JOSEPH PATRICK
2872 JOSEPH SINA ALABI
2873 JOSHUA CHINWE
2874 JOY ADEGBOLA
2875 JOY JOHN
2876 JUDE UDEH
2877 JUDITH AWASAK
2878 JULIA EKENE BOLARIN
2879 JULIET NNAMDI
2880 JULIUS FEMI JONATHAN
2881 JULIUS MERCY
2882 KANYIN SALEH
2883 KAREEM AMIN JUMBO
2884 KARIMU JOHN ADE
2885 KASA MOHAMMED
2886 KASALI IKOCHUKWU
2887 KASHORO FRANKLIN IBIKUNLE
2888 KASI POLLYN
2889 KASI POLLYN E.
2890 KASIM ABIMBOLA OLAKUNLE
2891 KASUMU JAMIYU OLOWOPEKUN-ESOO
2892 KATE BULURO
2893 KATE MOBO
2894 KATUKA JEREMIAH YAKUBU
2895 KATUKA JONATHAN YAKUBU
2896 KATUKA YAKUBU THOMAS
2897 KAYODE ABI MBOLA MICHAEL
2898 KAYODE AZEEZ BOLAJI
2899 KAYODE FESTUS
2900 KAYODE FOLASHADE
2901 KAYODE-MARK MATTHEW ORE- OFEOLUWA
2902 KAZE PAUL DAVOU
2903 KAZEEM ADEROJU
2904 KAZEEM OLADAPO AHMED
2905 KEHINDE ABIOLA TEMITOPE
2906 KEHINDE AJOKE
2907 KEHINDE BUKOLA
2908 KEHINDE OGAGA
2909 KEHINDE OLAYINKA
2910 KEHINDE OLUDAYO OYELADE
2911 KEJEH PHILIPS
2912 KEJEH PHILIPS K
2913 KELECHI AGWUOCHA
2914 KELECHI EBOH
2915 KELECHI SEDE
2916 KELECHUKWU HENRY IKECHUKWU
2917 KELEKUN ISHOLA
2918 KELVIN TOPE
2919 KEMAKOLAM ABDU
147PAGE
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
148PAGE
2920 KEMIBEFUOJO STEVE G
2921 KEMIBERUOJO STEVE
2922 KEN OGU
2923 KENNEDY JOHN
2924 KETIKU KAYODE MICHAEL
2925 KEWULERE YEMI
2926 KEYE TOYIN
2927 KEYE TOYIN V
2928 KILANKO FIDELIS
2929 KILANKO LAWI
2930 KILANKO LAWI E
2931 KINGDOM AIDED IDEAS LTD
2932 KINGSLEY AKPASI
2933 KINGSLEY LAI
2934 KIRPSON OBINNA ODURUKWE
2935 KOFFI LAWANI
2936 KOFFI LAWANI J
2937 KOKUMO FELIX OLUFEMI
2938 KOLA AHMED
2939 KOLAWOLE ABUDU
2940 KOLAWOLE ADEKUNLE SUNDAY
2941 KOLAWOLE TAWAKALITU MOJISOLA
2942 KOLAWOLE-YUSUF OLAMIDE BUNMI
2943 KOLEOSO ESTHER AGBOMOALU
2944 KOLO ABIMBOLA OPEYEMI
2945 KOMOLAFE OLUWAFEMI
2946 KOMOLAFE RAPHAEL OLUWAFEMI
2947 KOMONE ISAAC AJOKPOGENE
2948 KONDO FARAI
2949 KONIBIRE IYABO HANNAH
2950 KORIPAMO WASIU
2951 KOSOKO JUSTINA ABHOHIEN
2952 KOSONI TIAMIYU
2953 KOYEJO MUJITAFA
2954 KPENOSEN CYRIL OMOJEVWE
2955 KRANTZ PHARM & CHEMICAL LTD
2956 KUFERABASI PATRICK
2957 KUFRE JACOB F
2958 KUFRE JACOBS
2959 KUFREABASI PATRICK J
2960 KUKU OYEMAKINDE
2961 KULEPA OSARAGUE
2962 KULEPA OSARAGUE S
2963 KUMANE OGHENEVWAIRHE
2964 KUPOLUYI RITA
2965 KUTI COPPER
2966 KUYE JOSEPH OLUWATIMILEHIN
2967 KWASAU STEPHEN
2968 LABARAN BENEDICT
2969 LADAGU OLUWASEYE
2970 LADAPO OLAJIDE
2971 LADEJOBI OLORUNDARE
2972 LADELE FAITH AYODEJI IFEOLUWA
2973 LADIPO AYOMUKUN ESTHER
2974 LADIPO CHARLES
2975 LADOJA DELE
2976 LAGOKE OMOLOLA
2977 LAI SHOLOLA
2978 LAIDE EBENEZER
2979 LAMID HAKIM AJIBOLA
2980 LAMIDI FATAI ARABA
2981 LAMIDI OLASENI TAIWO
2982 LANDE IJEOMA
2983 LARA AJAO
2984 LARY LAT EULOGE
2985 LASISI LATEEF ABIDEMI
2986 LATEEF OJOYE
2987 LATEEF OLIGBO
2988 LAURETTA USIADE
2989 LAWAL ADAUTINI H
2990 LAWAL ADEBANKE AJIBOLA
2991 LAWAL ADEKOYA
2992 LAWAL AGWANIHU
2993 LAWAL AKINADE ASIMIYU
2994 LAWAL FAGBILE
2995 LAWAL HAKEEM ADEBAYO
2996 LAWAL ISMAIL
2997 LAWAL KABIR AYINDE
2998 LAWAL KAFAYAT OLABISI
2999 LAWAL KEHINDE
3000 LAWAL LUKMAN ABAYOMI
3001 LAWAL MORENIKE RUKAYAT
3002 LAWAL NIMATALLAHI
3003 LAWAL OLANIPEKUN
3004 LAWAL OLATUNJI OWOLABI
3005 LAWAL OLAYEMI JIMOH
3006 LAWAL OLAYEMI SAKIRAT
3007 LAWAL OLAYINKA MUHEEZ
3008 LAWAL OLAYOLE WAHEED
3009 LAWAL SAHEED ADEWALE
3010 LAWAL-ADEBAYO RACHEAL
3011 LAWAN AHMAD
3012 LAWAN AISHATU
3013 LAWAN AISHATU M.
3014 LAWAN DANSANDA
3015 LAWAN DANSANDA S.
3016 LAWANSON JOHN WOLE
3017 LAWASNSON AKINTUNDE
3018 LAWRENCE BUNMI
3019 LAWRENCE CHUKWUEMEKA
3020 LAWRENCE EBUBECHUKWU LAWRENCE
3021 LAWRENCE TUNDE
3022 LAWRENCE UGOCHUKWU VICTOR
3023 LAWSON VICTOR MENSAH
3024 LEBARI STEPHEN
3025 LEBARI STEPHEN F.
3026 LEBI MARGARET OLUFUNMILAYO
3027 LEGBO GRACE MAME
3028 LEKAN LARABA
3029 LEKAN OGUNKOYA
3030 LELEPETERS MIRACLE VIRGINIA MINAWARI
3031 LEPDUNG LOUIS GOLECK
3032 LEWIS TAIWO
3033 LIASU IKENNA
3034 LILLY-TARIAH TELEMA MAGDALENE
3035 LIMESHARE INVESTMENT LTD
3036 LIMESHARE INVESTMENT LTD
3037 LINDA DRATT
3038 LINKINYO TAIWO OLUSOLA
3039 LOTACHI SOLOMON
3040 LOTACHI SOLOMON E
3041 LOUIS EZIOKWU
3042 LUCY AKIN
3043 LUFADEJU ENWELIM
3044 LUKE AMAKA JENIFER
3045 LUKMAN SANDRA
3046 MABAYOJE SUNDAY SAMUEL
3047 MABEL AYODELE
3048 MACAULAY IYABO MORENIKEJI
3049 MADARIOLA BABAJIMI
3050 MADUAGWU ANTHONY AZUAMAKA
3051 MADUAGWU CHIZOBA CATHERINE
3052 MADUAGWU JEREMIAH NNANYELUGO
3053 MADUBUCHI LEAH
3054 MADUBUCHI LEAH K.
3055 MADUBUIKE CHRISTIAN CHIBUEZE
3056 MADUBUKO A. CHUKWUDI
3057 MADUBUKO ELISHA IHEME
3058 MADUEKWE CHUKWUDIKE NNIA
3059 MADUEKWE DROHA JOSEPH
3060 MADUEKWE NGOZI MONICA
3061 MADUEKWE UGOCHUKWU
3062 MADUGU CAROLINE KADOON
3063 MADUKA EKENE GODWIN
3064 MADUKA JOHN OBI
3065 MADUKA OLAMIDE
3066 MADUKWE SUNDAY CHILASA
3067 MADUKWEM UZODINMA MICHAEL
3068 MAF-GRACES VENTURES
3069 MAGADA CHARITY YOROS
3070 MAGAJI BISOLA
3071 MAGAJI LAWI
3072 MAGAJI LAWI R
3073 MAGAJI MALIK
3074 MAGAJI MALIK D
3075 MAGBAGBEADE GRACE ABOLANLE
3076 MAIGARI BABAYO MODIBBO
3077 MAIRIGA RUFINA DONGJAAP
3078 MAJARO IBILIBOR
3079 MAJEKODUNMI ANABA
3080 MAJEKODUNMI JOSEPH OLUWAFEMI
3081 MAJEKODUNMI LUDIRAT
3082 MAJID RAYMOND
3083 MAJOROH OGHENEVO CHARLES
3084 MAKANJU SAM
3085 MAKANJUOLA FESTUS AYINDE
3086 MAKANJUOLA SAM B
3087 MAKINDE EFUNYEMI OLAPEJU
3088 MAKINDE OGUNLEYE
3089 MAKOLO ROLI TOLULOPE
3090 MALIK FARAJI
3091 MALIK RAMON
3092 MALIK TAWA
3093 MALIKA ELLA
3094 MALIKA FEMI
3095 MAMMAN COMFORT KUSANGA
3096 MAMMAN FATIMA SONIA
3097 MAMMAN SHANJU VALERY
3098 MAMUDU MARIAM EMIKE
3099 MAMUDU OMOTOLA MUJIDAT
3100 MAMUKUYOMI STEPHEN SOLEDAYO
3101 MANAGEMENT EDY
3102 MANAGEMENT OYEBODE
3103 MANDY MAHN
3104 MANGAI GODWIN
3105 MANGIBO MARCUS
3106 MANGIBO MARCUS N.
3107 MANU EMMANUEL
3108 MARCUS MBA
3109 MARCUS MBA E.
3110 MARCUS TOYIN IDOWU
3111 MARIMPEX FIN & INVESTMENT 2
3112 MARISON CHINWE EZE
3113 MARK NZERIBE
3114 MARK UCHENNA FREDERICK
3115 MARTICALI BRATE INVESTMENT LTD
3116 MARTINS CHIOMA
3117 MARTINS IYIOLA
3118 MARTINS OLU IYIOLA
3119 MARTINS UDOH
3120 MARTINS YOMI IYIOLA
3121 MARTINS ZOE IFUNANYACHUKWU
3122 MARY AKRO
3123 MARY ANN DAS
3124 MARY EJEH
3125 MARY LORA ADEH
3126 MARY MARK
3127 MARY OLUMUYIWA
3128 MARYAM OHIOZE
3129 MARYAN KALID
3130 MASHAK HANS
3131 MASHAK HANS D.
3132 MATANA HARITH
3133 MATHEW KAYODE OLALEKAN
3134 MATHEW MODI
3135 MATILUKO ADEBISI ADEBOJI GBOLAHAN
3136 MATO ESSIEN NYAKWO
3137 MATTHEW AIGBOGUN
3138 MATTHEW NKIRU
3139 MATTHEW OLUWATOYIN
3140 MAYIKO JOSIAH OWHOBEVUGHE
3141 MAYSA HIDI
3142 MBA BOLA
3143 MBA CHIBUZO COMFORT
3144 MBA EMEKA
3145 MBA FRANCIS
3146 MBA GEORGE ONYEBUCHI
3147 MBAEKWE BEATRICE CHIDERA
3148 MBAEKWE DANIEL NWAFOR
3149 MBAGWU TOCHUKWU VICTOR
3150 MBAH KELECHI GODWIN
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
3151 MBAH UZOCHUKWU SOLOMON
3152 MBAKA MATHER MATHER
3153 MBANAJA PAULINE CHIOMA
3154 MBASOH HUMPHREY M
3155 MBASOH HUMPREY NNODU
3156 MBATA JERRY
3157 MBATA OBI MARK
3158 MBELEDE IFEYINWA
3159 MBOTO BALOGUN
3160 MBRUK FAITH
3161 MBRUK FAITH Q.
3162 MBUBA FOLASHADE
3163 MBUK ESTHER
3164 MBUK ESTHER F.
3165 MBUK MBUK FELICIA
3166 MBUK MBUK FELICIA T.
3167 MCDONALD MAHA
3168 MCMMANUEL BENITO
3169 MEDUGBON MICHAEL MAYOMI
3170 MEGBA ESROM IYANU
3171 MEJURU REUBEN OSONDU
3172 MEKWUNYE AUGUSTINE COLLINS
3173 MEKWUNYE JUDITH EKPELE
3174 MELA OLUCHI JULIANA
3175 MELEKWE STEPHEN
3176 MEMPHIS OLUSHOLA
3177 MEN FORUM FAMILY MEETING
3178 MEYANBE OLU ADEBISI
3179 MGBEADICHIE OKE
3180 MICHAEL ADEKUNLE
3181 MICHAEL ISAAC KOLAWOLE
3182 MICHAEL MUSA
3183 MICHAEL SOLOMON
3184 MICHEAL ELIZABETH IFEOLUWA
3185 MIKE ENTERPRISES NIG
3186 MIKE MADEE
3187 MILLER BIODUN BODUNDE
3188 MILLER LIVINUS CHIMEZIE
3189 MILLION UBA
3190 MINIMA APRIL ONYINYE
3191 MIUNIRA KANENE
3192 MKANG GEORGE
3193 MKPA MARY
3194 MKPA MARY U.
3195 MKPANG GEORGE O.
3196 MKPANG PETER EDET
3197 MKPOUTO CHRISTOPHER
3198 MKPOUTO CHRISTOPHER U.
3199 MMA LANMBI
3200 MMADU OSOMOND OKECHUKWU
3201 MMADUAGWU REMIGIUS CHIGBO
3202 MMADUIGWE UGOCHUKWU
3203 MNWACHUKWU CHINYERE
3204 MOBOLAJI SOLANKE
3205 MODUPE FUNMILAYO BOLANLE
3206 MOGBOLU EMMANUEL
3207 MOGBOLU PATRICK NKEMDILIM
3208 MOGHALU MAY NGOZI
3209 MOHAMMED LAWAN HABIBA
3210 MOHAMMED NANA FIRDAUSI
3211 MOHAMMED RIANAT
3212 MOJEED ONWUANYI
3213 MOJOLA KIKELOMO O.
3214 MOMAH SUNDAY MAXWELL
3215 MOMODU MARIAM
3216 MOMODU OMOZOGIE
3217 MOMOH GODWIN
3218 MOMOH IZOBO
3219 MOMOH PHILOMINA
3220 MONDAY SAVIOUR PETER
3221 MONDIUM JOSEPH KAYODE
3222 MONSURUDEEN WISDOM
3223 MONSURUDEEN WISDOM G.
3224 MORADEYO DAVID ADEMOLA
3225 MORADEYO OLUWADUNSIN DOLAPO
3226 MORENIKE KELECHI
3227 MORENIKEJI FOLAJINMI OYINDAMOLA
3228 MORITIWON FLOARIN GBOLAHAN
3229 MOSE AKUME
3230 MOSERI ELIZABETH
3231 MOSES ESEMAYON NATHANIEL
3232 MOSES ETTA
3233 MOSES HAMID
3234 MOSES ONOVUGHE
3235 MOSES PASCAL
3236 MOSES SUNDAY OMOLEYE
3237 MOTWANI MUKESU
3238 MOYO-FALAYI MOFIYINFOLUWA EMMANUEL
3239 MOYO-FALAYI MOFOGOFOLUWA
3240 MOYOSORE OLAFISOYE
3241 MPRADEYO TOMIDE
3242 MUAZU ABDULLAHI
3243 MUBARAK ADMORS
3244 MUBARAK JELANI
3245 MUDASIRU OLAOLU OLUFEMI
3246 MUFUTAU JELILI ADEKUNLE
3247 MUFUTAU TAIBAT OMOLARA
3248 MUHAMMAD BELLO ABDULLAHI
3249 MUHAMMED BASHIR ABDUL
3250 MUHAMMED KARIMA
3251 MUHAMMED ROKIBAT KOFOWOLA
3252 MUHAMMED UZOM
3253 MUHAMMED YISA AYANDA
3254 MUKO CHIBUZOR
3255 MUKO NKECHI PRISCILLA
3256 MUKO OKORO OLUEBERE
3257 MUKO OKORO ONYEDIKACHI
3258 MUKO OKORO UBASI NACHI
3259 MUKO PEACE ULOMA
3260 MUKO UBSAINCHI
3261 MUKO-OKORO JOY
3262 MUKTAR ABDULJALAL
3263 MUNET SAMUEL
3264 MUNIK-SHONIBARE FOLASADE ONIKEPO
NAFISAT
3265 MUONEKE EDWIN
3266 MUONEKE EDWIN OSITA
3267 MURI MARK
3268 MURITALA AMIRA
3269 MURITALA FELIX
3270 MURITALA ISMAILA
3271 MUSA
3272 MUSA ABDURRASHEED RABE
3273 MUSA AHMED
3274 MUSA AISHA RABE
3275 MUSA KOSHOW MANGUL
3276 MUSA MOMODU
3277 MUSA OLAMIDE DANLA ABUBAKAR
3278 MUSA PHILEMON
3279 MUSA SHAKIRAT
3280 MUSA SYLVESTER
3281 MUSA TAJUDEEN YAKASAI
3282 MUSA ZAINAB RABE
3283 MUSAYAYI OLUWAKEM
3284 MUSBAU ATTEH
3285 MUSILI AHMED DALHOTO
3286 MUSILI AHMED DALHOTO W
3287 MUSILIU RAYMOND F
3288 MUSTAPHA AYODEJI MUBASHIR
3289 MUSTAPHA JIDE
3290 MUSTAPHA OLAYIWOLA ABDULWAHAB
3291 MUSTAPHA SHITTU OLAREWAJU
3292 MUYIWA OBOYOMI
3293 MUZAN EKPELU VERONICA
3294 MYIESHA KARIMAH
3295 N OKARO
3296 NABILAH MAHDI EJIS
3297 NAFADA BABANGIDA
3298 NAFISAH MAHMUD OLU
3299 NAHALATI MULTIPUPRPOSE
3300 NAMENE WISDOM BARITOSAN
3301 NANZA DAVID
3302 NARISA BAPPA
3303 NARKEASHA SERAH
3304 NASIR SALISU
3305 NDA OKEY
3306 NDAGI AISHATU
3307 NDAGI HUSSIEN
3308 NDAGI HUSSIEN R
3309 NDAGI MOSES
3310 NDAGI MOSES D
3311 NDE KENNETH
3312 NDE KENNETH A
3313 NDEKWE FINN
3314 NDIDI ANOSIKE CHINWE
3315 NDIFREKE JUDE
3316 NDIFREKE JUDE R
3317 NDIOLO GABRIEL OKEY
3318 NDUA MOHAMMED
3319 NDUBUIZU ADAUGO SANDRINE
3320 NDUBUKA CHETACHI ELISHA IGBEGWU
3321 NDUKA CHINWEUBA EVEREST
3322 NDUKA GLORIA
3323 NDUKA OKENEYEBUNO EMMANUEL
3324 NDUKA-NWANZE JOHN OGBOGU OGUM ISAAC
3325 NDUKE GRACE E.
3326 NDUKWE CYNTHIA
3327 NDUKWE ESTHER
3328 NDUKWE MARVELLOUS
3329 NDUKWE NELSON EME
3330 NDULUE GENEVIEVE ADAOBI
3331 NDUMELE CHINEDU OKECHUKWU
3332 NEBEIFE SOLOMON
3333 NEBO VICTOR CHUKWUKA
3334 NEHIKHARE DOSUNMU
3335 NELSON D JAMES
3336 NGOMA LEZI THIERRY
3337 NGONADI OBIORA SAM
3338 NGOWARI CHILAKA
3339 NGOWARI CHILAKA R
3340 NGOZI ADEMOLA
3341 NGOZI IBRAHIM
3342 NGOZI OHAKIM
3343 NGOZI THERESA
3344 NGWABA OBAHOR
3345 NGWU JOHN
3346 NICK BABALOLA
3347 NIGBAKUNLE STEPHEN
3348 NISAKN ESO CLESTUS L.
3349 NISAKN ESO CLETUS
3350 NIYI ABIODUN
3351 NJERE ANTHONIA KASARACHI
3352 NJKORI NICHOLAS A
3353 NJOKU EBERE CATHY
3354 NJOKU JULIUS UKACHUKWU
3355 NJOKU MALACHY CHUKWUMA
3356 NJOKU MICHAEL CHUKWUMARAM
3357 NJOKUOMA VIVIAN AMARACHI
3358 NKECHI LASISI
3359 NKECHI UZUEGBUNAM
3360 NKEDILIRIM HARRY L
3361 NKEM OMERUEH
3362 NKEMDILI PETER
3363 NKEMDIRIM HARRY
3364 NKEMNACHO MOSES
3365 NKEMNACHO MOSES F
3366 NKENJIKA BELLO
3367 NKESE NWAGU
3368 NKORI NICHOLAS
3369 NKWUKA SAMPSON
3370 NMADUFOR BLESSING
3371 NNA ASUKA
3372 NNABOGU DON
3373 NNABUGO DAVID
3374 NNABUGO DAVID E
3375 NNABUIHE HARBOR IJEOMA OBIAGERI
3376 NNACHETAM FIDELIS CHUKWUJIKE
3377 NNACHI UKPAI OJI
3378 NNAEGBUNA AKUNNA
3379 NNAEGBUNA AKUNNA W
3380 NNAEMEKA CHIDIMMA
149PAGE
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
150PAGE
3381 NNAEMEKA CHRIS
3382 NNAEMEKA OKECHUKWU
3383 NNAETO KOLAWOLE
3384 NNAJI CHUKWUDI
3385 NNAJI JUDE
3386 NNAJI OSULUME
3387 NNAJIOFOR GODWIN CHIGBO
3388 NNAKAENYI OBIOCHABUNDU ANULIKA
3389 NNAMCHI AUGUSTINE UCHENNA
3390 NNAMDI ALBERT
3391 NNAMDI CHIBUEZE WILSON
3392 NNAMDI CHIDERA
3393 NNAMDI CHINAEMEREM J
3394 NNAMDI CHINONSO FAVOUR
3395 NNAMDI IHECHUKWU CONFIDENCE
3396 NNAMDI KINGSLEY
3397 NNAMDI MALACHY
3398 NNAMDI NNEKA
3399 NNAMDI ODINAKACHI ROSEMARY
3400 NNAMEKA ISREAL EBUBE
3401 NNAMONA INNOCENT NDUBUISI
3402 NNANNA INNOCENT UGONNA
3403 NNEJI CHIDINMA STELLA
3404 NNEJI CHIUGO CHINELO
3405 NNEKA NWAKPA
3406 NNEKA UDOKA
3407 NNEMAKA ISREAL EBUBE H
3408 NNNEJI OKECHUKWU STEPHEN
3409 NNNENA BOYO
3410 NNODIM POPOOLA
3411 NNOLIM AFAMEFUNA ANTHONY
3412 NNOROM CHUKWUEBUKA EMMANUEL
3413 NNOZUBA ALOZIE JAMES
3414 NNOZUBA ALOZIE JAMES T
3415 NNUEIA GODWIN OGBONNA
3416 NOBEL SERVICES
3417 NOBLE FAITH CATERERS
3418 NOIBI ADEMOLA
3419 NONJU SAMUEL H
3420 NONJU SAMUEL PETERS
3421 NONOSO YVONNE
3422 NONYE KABE
3423 NOSEKE AMOLO NNOMADIM
3424 NSE PETERS
3425 NSE PETERS J
3426 NSEYO UDOH BASSEY
3427 NSEYO UDOH BASSEY L
3428 NSIKAK PRINCESS
3429 NSIKAK PRINCESS H
3430 NSOFOR JOSHUA
3431 NSOFOR OBINNA JUVENTUS
3432 NSOHA POLYCARP CHIDI
3433 NTI SCHOLASTICA OSANUNG
3434 NTIOKIET NTIOKIET ANAYO
3435 NTIOKIET NTIOKIET ANDY
3436 NUGA BAMIDELE C
3437 NUHU ILIYASU
3438 NUHU JOSEPHINE
3439 NUHU JOSEPHINE E
3440 NUMBERE NUMBEREYE PRE F.
3441 NUPE TEMISANREN
3442 NURUDEEN KENKU
3443 NURUDEEN OLUFEMI
3444 NWA AWANI
3445 NWABIA EMMANUEL NONSO
3446 NWABOGOR MARGARET MARY
3447 NWABUEBO ANTHONY ADIMABUA
3448 NWABUEZE JUDE IKECHUKWU
3449 NWABUNZE JOHN MARTINS
3450 NWABUNZE OBICHUKWU
3451 NWACHUKU PETER OKIKE
3452 NWACHUKWU BENARD IJEH
3453 NWACHUKWU BENJAMIN OBED UCHENDU
3454 NWACHUKWU EZIWANTI VICTORIA
3455 NWACHUKWU JANET CHIDOZIE
3456 NWACHUKWU JOHNPAUL CHUKWUDI
3457 NWACHUKWU PETER CHILAKA
3458 NWACHUKWU PRINCESS
3459 NWACHUKWU PRINCESS G.
3460 NWACHUKWU UCHENNA
3461 NWADIKE CLARICE IJEOMA
3462 NWAFOR CHIKEZIE SHADRACK
3463 NWAGBOGU IFEOMA MAUREEN
3464 NWAGWU PETER
3465 NWAJEI TONY IFEANYICHUKWU
3466 NWAJU SAIDAH
3467 NWAKAMA IGBONEME
3468 NWAKPA UCHENNA KINGSLEY
3469 NWAKUNA KOYA
3470 NWAKWUOKE NORBERT CHINEDU C.(REV.FR)
3471 NWALI JAMES IKECHUKWU
3472 NWALOR IJEOMA VICTORIA
3473 NWAMADI ANTHONY CHINEDU
3474 NWAMARA LEMENE
3475 NWAMARA LEMENE F.
3476 NWAMBA ONYEKA
3477 NWAMDI NNEJI JOSEPH
3478 NWAMPERE AISHATU
3479 NWANERI AZEBEOBOR
3480 NWANGWU OLATUNJI
3481 NWANI OKORO FIDELIS
3482 NWANKWO ISAAC EMENIKE
3483 NWANKWO ONUOLA
3484 NWANKWO STEPHEN UCHECHUKWU
3485 NWANKWOR UGOCHUKWU HENRY
3486 NWANNA EKE
3487 NWANPA GODWIN U
3488 NWANYA ASSUMPTA CHINWE
3489 NWAOCHA PRINCE
3490 NWAOCHA PRINCE C.
3491 NWAOGWUAGWU JUDE IBEH
3492 NWAOKIKE ANTHONY OGONNA
3493 NWAOKORIE CHIKA DORIS
3494 NWAORGU NNEOMA
3495 NWASOLU CHIJIOKE CLEMENT
3496 NWAWUNA IFEOMA GRACE
3497 NWAZU OLUKEMI NKEMDILIM
3498 NWEKE DABIRI
3499 NWEKE GLORIA
3500 NWEKE GLORIA D.
3501 NWIGWE- ANI JOHN OKEKE
3502 NWINBARI HELEN
3503 NWINBARIN HELEN
3504 NWOBI PETER
3505 NWOBI PETER W
3506 NWODE EMMANUEL COLLINS
3507 NWOFIA OBIAGELI CHRISTIANA
3508 NWOGU BASIL UGWUMBA
3509 NWOGWUGWU OKOYE
3510 NWOKAFOR MERCY ONYIYE
3511 NWOKE FRANK
3512 NWOKE FRANK Z
3513 NWOKOCHA CHIKA AMARACHI
3514 NWOKOLO BOLAJI
3515 NWOKOLO MARTINS UZOCHUKWU
3516 NWOLISA CHRISTOPHER N
3517 NWORAH CHRISTOPHER NDUKA
3518 NWOSU AMADI NNA
3519 NWOSU ANTHONY CHUKWUEMEKA
3520 NWOSU BALOGUN
3521 NWOSU CHIDINMA FLORENCE
3522 NWOSU EMMANUEL EKESON
3523 NWOSU ERNEST UCHE
3524 NWOSU IKENNA
3525 NWOSU JONATHAN CHUKWUWIKE
3526 NWOSU KENNETH CHUKWUEMEKA
3527 NWOSU OKECHUKWU ONYEKACHI
3528 NWOSU ONYINYECHI CHINYERE
3529 NWOSU S.OKECHUKWU
3530 NWOSU SCHOLARSTICA UZOMA
3531 NWOYE CHIZOBA IMELDA
3532 NWOYE MADUKA PIUS
3533 NWUJU OLOAKA STELLA
3534 NWUME CHUKWUJEKWU
3535 NWURUKU JESUSEME
3536 NZELU EDWIN CHUKWUDUM
3537 NZEMECHI IHEANYI OGUGUA
3538 NZEMECHI ONYINYECHI LINDA
3539 O YUSUF
3540 OARHE ADEKOLA
3541 OBA SAMUEL OLUMUYIWA
3542 OBADINA COLLEGE IB NUT CICS LTD
3543 OBAGBEMI ADENIKE WURAOLA
3544 OBAGUNLU MARCUS TIMILEHIN
3545 OBAGWU ANGELA
3546 OBAGWU PHILIP
3547 OBAIDE EFEIRI RICH
3548 OBAIKE FRIDAY TONY
3549 OBAJEMU FOLUSHO EMMANUEL
3550 OBALUM CHIMEZIE IFEOMA
3551 OBALUM CHUKWUEMEKA ZELUWA
3552 OBANIYI INNOCENT
3553 OBANIYI JULIANAH
3554 OBANO EBELE CECILIA
3555 OBARHUAKPOR STEPHEN
3556 OBARHUAKPOR STEPHEN W
3557 OBARO SARAH
3558 OBASAJU MODUPE BETHY
3559 OBASI FESTUS
3560 OBASI ORJI UCHE CHUKWU
3561 OBASI TONIA
3562 OBASI TONIA W
3563 OBASOLA AJIBADE
3564 OBASOLA AJOKE
3565 OBASOLA ESTHER
3566 OBASOLA OLUFUNMILAYO
3567 OBAYEMI MAURICE
3568 OBAYOPO MIKIE
3569 OBAYOPO MIKIK R
3570 OBEIMEN JULIET
3571 OBELE JOSEPH OSILAOWI
3572 OBESESAN UKPABIO
3573 OBEYA JOHNSON
3574 OBHAKHAN ANTHONIA
3575 OBHAKHAN ANTHONIA Y
3576 OBI BABS
3577 OBI BERNADETTE NGOZI
3578 OBI CHIKWENDEU WILFRED
3579 OBI EKENE
3580 OBI MIMBILA
3581 OBI NDUBUISI MATTHEW
3582 OBI STEPHEN OBI
3583 OBI TONY MERRY HEART
3584 OBI TUNJI
3585 OBIAFULA IWUJI PATRICK
3586 OBIAKEMHE TERRY DIRISU
3587 OBIAKOR CHIKE
3588 OBIANO MALDALENE NWABUGO
3589 OBIANYO KINS CHUMA
3590 OBIEJESI CHIJIOKE ERASMUS
3591 OBINNA AMARACHUKWU C
3592 OBINNA REGINALD IHEUKWUMERE
3593 OBINWA PHILOMINA AKUADI
3594 OBI-ODUN UKWE UKAMAKA DORIS
3595 OBI-ODUNUKWE CHIDNMA FELICIA
3596 OBI-ODUNUKWE CHINWIKE CALLISTUS
3597 OBIOKOYE E. ANTHONY
3598 OBIORA -OKAFOR CHINEDU AFAMEFUNA
3599 OBIRI AMBROSE OKEY
3600 OBI-UCHENDU IFEOMA
3601 OBODOEZE DAVID ONUORAH
3602 OBOH JACKSON IMHANS
3603 OBONNA OVIEZAKUME EBELECHUKWU
3604 OBOT INIABASI THOMAS
3605 OBOT SEKEWED IFIOK
3606 OBOTI SAMUEL
3607 OBUMNEME LINUS IKEOKWU
3608 OBUROTA CHIMAOBI
3609 OBUROTA JACOB
3610 OBUROTA PATRICK
3611 OCHE CHARITY
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
3612 OCHEJE ALEX DANJUMA
3613 OCHEMI AKOJI TEMPLE
3614 OCHI CHIOMA LOVETH
3615 OCHIGBO AGBOSON PATRICK
3616 OCHONOGOR SUNDAY
3617 OCHULOR OBIOMA
3618 ODEARA FATIMA OYEBIMPE
3619 ODEBEATU OGENNA CHILO
3620 ODEGHE OGBONNAC CHIOMA
3621 ODEH WILLIAM EHIGIE
3622 ODEKUOYE ADEREMI RALPH
3623 ODELEYE YETUNDE OMOLARA
3624 ODESANYA -OLOTO BASHIRU ABISOYE
3625 ODESANYA OLUWATOYIN BOLA
3626 ODETOLA DOLAPO DAMOLA
3627 ODEY RICHARD ODEY
3628 ODEYEMI FATIMAT ADESOLA
3629 ODIDI ISAAC EGON SEUN
3630 ODIDI RENA
3631 ODIGIE MARY
3632 ODILI FRANCISCA
3633 ODINAKA PETER
3634 ODIWE NNEBUOGO MARTHA
3635 ODO NNEKA ROSELINE
3636 ODONG NANCY
3637 ODOWEGWU JOHN ONAH
3638 ODU ABAYOMI OLUFEMI
3639 ODUCHE IFEYINWA FAITH
3640 ODUFALU OPEYEMI OLUWAGBAMILA
3641 ODUGBESAN ADESOLA
3642 ODULARU ADEMOLA
3643 ODULATE JOSEPH OLUSOLA
3644 ODULI OLUSEGUN
3645 ODUMOSU ADEBIMPE
3646 ODUNDOYIN ADEJUMOKE
3647 ODUNELA MONSURAT B.
3648 ODUNEWU KAYODE JOHN
3649 ODUNSI E. VICTOR
3650 ODUNSI ITUNOLUWA ADENIKE
3651 OGHENEJODE RUTH
3652 OGHIDI MOSES EWELAIKE
3653 OGHORIE SUNDAY
3654 OGISI MINISE FLOWERS
3655 OGOGO OMANVUAYE CHRISTIAN
3656 OGU ANADE CHRISTY OBY
3657 OGUCHIALU UCHENNA E. G.
3658 OGUDORO CHINYERE MAGELLA
3659 OGUEJIOFOR MICHAEL AZUBUIKE
3660 OGUEJIOFOR OKWUDILI DONATUS
3661 OGUGUO ANTHONY ONUNEKWU
3662 OGUN SHAKIRAT ARINOLA
3663 OGUNBAJO ABIOLA
3664 OGUNDAMOLA OLUSEGUN BABATUNDE
3665 OGUNDEIN IFETAYO OLAYINKA
3666 OGUNDEJI ADEBOWALE BOLANIRAN
3667 OGUNDELE OLADELE EMMANUEL
3668 OGUNDIPE ESTHER OSEOLA
3669 OGUNDIPE FOLULOPE
3670 OGUNDIPE FUNKE
3671 OGUNDIPE FUNSHO
3672 OGUNDIPE KOLAWALE
3673 OGUNDIPE TOPE
3674 OGUNDIRAN OMOLOLA GRACE
3675 OGUNDOYIN AYODEJI OJO
3676 OGUNGBADEJO ABDULKAREEM OMOTOYOSI
3677 OGUNGBAMILA OLASOJI O.
3678 OGUNGBE ADEYEMI ADEFEMI
3679 OGUNGBE OLUFEMI
3680 OGUNGBILE BIODUN
3681 OGUNGBILE GBOLABO DAMILARE
3682 OGUNJIMI TENIOLA FATAI
3683 OGUNJOBI BUKAYO OLUWASEYI
3684 OGUNJOBI SAMSON AJANI
3685 OGUNKOMAIYA IDOWU TITILOPE
3686 OGUNKOYA ADENIKE AFOLARIN
3687 OGUNLANU ABIMBOLA OLADUNNI
3688 OGUNLENDE ZAINAB JOSEPHINE
3689 OGUNLENDE ZAWE ABIOLA
3690 OGUNLESI AKINTUNDE A.
3691 OGUNLESI VICTORIA A.
3692 OGUNLEYE AMIDU TUNDE
3693 OGUNLEYE GBENGA
3694 OGUNLEYE SOLA OLUWAFEMI
3695 OGUNLEYE SUNKANMI SAMUEL
3696 OGUNLEYE TAIWO JONATHAN
3697 OGUNMAKINWA SUNDAY AKINLOYE
3698 OGUNMOROTI BUKOLA FOLASADE
3699 OGUNMUYIWA OYINADE FADEKE
3700 OGUNNAIKE ADEWOLE FOLORUNSHO
3701 OGUNNAIKE FOLASHADE OLUKOREDE
3702 OGUNNAIKE OLUSIMIDELE ANIKE
3703 OGUNNAIKE TEMITOPE
3704 OGUNREMI SIMEON
3705 OGUNRINDE HAKEEM MUSLIU
3706 OGUNRINOLA SUNDAY JAMES
3707 OGUNS AYORINDE OMOTAYO
3708 OGUNSAMI ADEMOLA KEHINDE
3709 OGUNSAMI ADETOLA TAIWO
3710 OGUNSANYA OLUWAFEMI E
3711 OGUNSANYA OYINDAMOLA A
3712 OGUNSE SEGUN
3713 OGUNSOLA EUNICE AFOLAKE
3714 OGUNSOLA JOSEPH TEMI DARA
OLUDAHUNSI
3715 OGUNTADE COMFORT MOJISOLA
3716 OGUNTADE MODUPE TOMILAYO
3717 OGUNTOYE OLANREWAJU
3718 OGUNWA ARIBIKE ORIGHOMISAN
3719 OGUNWALE OLUSHOLA
3720 OGUNYEMI JAMES OKE
3721 OGUNYOMI CHRISTOPHER OLUTAYO
3722 OHAEGBU LARRY
3723 OHAHURU EMILIA OLUCHI
3724 OHAHURU JULIE EZINNE
3725 OHAI CHUKS
3726 OHAKA CHINDA
3727 OHIMAI MODUPE OLADUNNI
3728 OHIOYA ONYEKACHUKWU ENDURANCE
3729 OIKERHE KENNEDY
3730 OJEDIRAN FATAI AYOOLA
3731 OJEDIRAN OLUSEYI ABRAHAM
3732 OJEDIRAN VICTOR AYOTUNDE
3733 OJEDOKUN MUSIBAU
3734 OJEFUA ALEXANDRIA
3735 OJEFUA EBALUNEGBEFO GREGORY
3736 OJEFUA EBOSEREMEN
3737 OJEFUA FRANCESCA ANYINRIO
3738 OJEFUA GODSWILL
3739 OJEFUA ISIBHAKHOMEN CONSTANCE
3740 OJEFUA OFURE
3741 OJEIKERE MARY OLAYINKA
3742 OJEIKERE OHIKHUARE
3743 OJELAKIN HANNAH OLUKEMI
3744 OJIAKO OBIORA BASIL
3745 OJIEH NWABUOGOR JONES
3746 OJIGBEDE ESTHER
3747 OJIGHO UFUOMA FOCUS
3748 OJIKPE NKIRU UCHEDILI
3749 OJIKUTU KEHINDE
3750 OJO ADEDAYO
3751 OJO ADEMOLA ABIODOLA
3752 OJO ADEYINKA OLAKUNLE
3753 OJO ADEYINKA OLUPONLE
3754 OJO BAMISAYE SANMI
3755 OJO BISOLA
3756 OJO ESTHER
3757 OJO OLUWAFEMI RICHARD
3758 OJO TEMITOPE OLUWATOSIN
3759 OJO VICTORIA OLASINBO
3760 OJOBI ADOLE AMEH
3761 OJOCHONU VICTOR SAMUEL
3762 OJUGBELE ADEFOLAMI A. FARUQ
3763 OJUKWU JOSEPH CHUKWUJUGHA
3764 OJUKWU NEREUS IKEDI
3765 OJUKWU TEMITOPE OLORUNTOBA
3766 OJUROMI LUKY MICHEAL
3767 OJUTIKU ADEDAPO
3768 OJUTIKU MOROUNFOLU
3769 OJUTIKU OLUGBOYEGA
3770 OKAFOR ALFRED IWEBUNOR
3771 OKAFOR CHARLES CHINEDU
3772 OKAFOR EBERE AMARA
3773 OKAFOR GODWIN FRANK
3774 OKAFOR IKECHUKWU SAMUEL
3775 OKAFOR JERRY
3776 OKAFOR JUSTICE VINCENT
3777 OKAFOR LINUS
3778 OKAFOR NGOZI BLESSING
3779 OKAFOR OBINA
3780 OKAFOR OLIVER CHUKWUDI
3781 OKAFOR STELLA IFEACHUKWU OKWUAFORKA
3782 OKAGBARE SAMUEL EGUBE
3783 OKAH AVAE MATHIAS OWIGHO
3784 OKAH JOY EWA
3785 OKAI CELESTINE IKE
3786 OKARA CHARLES GILBERT
3787 OKARO EMMANUEL OSELOKA
3788 OKATTA BLESSING IDARA
3789 OKE BOSEDE VICTORIA
3790 OKE CHINWE CLARA
3791 OKE FELIX
3792 OKE GBOLARO BOSEDE
3793 OKE GRACE OMOTOKE
3794 OKE OLUWAFUNMIBI STEPHANIA
3795 OKE OSAREMEN
3796 OKE RONKE AIMANNOSHI
3797 OKECHUKWU MANAFA
3798 OKECHUKWU OLULU HELEN
3799 OKEDARA MORINKOREOLUWA
3800 OKEDARA MOROUNTODUN JOANNA
3801 OKEDIJI WURAOLA TEMITOPE
3802 OKEH JOSEPH
3803 OKEKE ALOYSIUS UBANAGU
3804 OKEKE ALPHONSUS OSITA
3805 OKEKE CHRISTIAN O.
3806 OKEKE EBUKA C.
3807 OKEKE IKECHUKWU OWOH
3808 OKEKE MARK IKECHUKWU
3809 OKEKE NNENNA RITA
3810 OKEKE OBINNA SAMUEL
3811 OKELEKE LOUISA NNEKA
3812 OKENABIRHIE ESOSUO
3813 OKENWA CHIIJIOKE PAUL
3814 OKENWA PEACE CHINYERE
3815 OKERE CLIFFORD CHUKWUEMEKA
3816 OKERE CLIFFORD CHUKWUEMEKA
3817 OKEREJI O.OLUSEYI
3818 OKEREKE AUGUSTINE
3819 OKEREKE NGOZI
3820 OKEREKE STANLEY CHIDI
3821 OKESANYA EMMANUEL O.
3822 OKESANYA OLAMIJI
3823 OKETOGUN DARE F
3824 OKHUELEIGBE ADESUWA
3825 OKHUELEIGBE EHIMARE
3826 OKHUELEIGBE LIZZY
3827 OKONKWO GLORIA AGAEZI
3828 OKONKWO IKECHUKWU CRISTOPHER
3829 OKONKWO JOEL ONYEMA
3830 OKONKWO NNENNA LOVINA
3831 OKONKWO OGBONNE GLORIA
3832 OKONKWO VICTRO CHIDOZIE
3833 OKONTA CHUKUDI JAPHET
3834 OKORIE SUNDAY NICHOLAS
3835 OKORO BLESSING UCHE
3836 OKORO DANIEL JOHN
3837 OKORO JOHN
3838 OKORO JUSTINA UGBALA
3839 OKORO OBI NNENNA
3840 OKORO OKECHUKWU
3841 OKORO ULU OBASI
151PAGE
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
152PAGE
3842 OKORODE OMONIGHO
3843 OKORONKWO BROWN ONUOHA
3844 OKORONKWO CYNTHIA IHUOMA
3845 OKORONKWO MONDAY UCHENNA
3846 OKORONTA RUFUS EMEKA
3847 OKOSI FRANCIS
3848 OKWOLI ERIC OGBOLE
3849 OKWOMMA ONYINYECHI
3850 OKWUJE CHARLES CHUKS
3851 OKWUJE CHRISTOPHER CHUKWUWIEKE
3852 OKWUJE CHUKWUKA CHARLES
3853 OKWUJE ISREAL CHUKWUEMEKA
3854 OKWUMABUA STELLA
3855 OKWUO OLUCHUKWU JUDITH
3856 OKWUZI IFEANYI SYLVESTER
3857 OL0WU OPEYEMI TEMITOPE
3858 OLA DIMEJI
3859 OLABANJI AYOBOLA ABIOLA
3860 OLABANJI COMFORT MOSUN
3861 OLABISI MOJISOLA REBECCA
3862 OLABOLUDE OLATUNDE
3863 OLABOWALE BAMIDELE BIDEMI
3864 OLABULO OLAWUMI FEYIKEMI
3865 OLADAPA ABIODUN
3866 OLADAPO ABIODUN OLUWAKEMI
3867 OLADAPO KABIRU OLADIRAN
3868 OLADAPO OLUFEMI TAIWO
3869 OLADAPO OLUWASEUN JADESOLA
3870 OLADEJO ABIMBOLA
3871 OLADEJO TAIWO JOHN
3872 OLADELE OLUFUNKE OLADUNNI
3873 OLADEMEHIN RALPH ABAYOMI
3874 OLADIMEJI ISMAIL OLADOKU
3875 OLADIMEJI JOSHUA
3876 OLADIMEJI OLAYEMI RUTH
3877 OLADIMEJI OLAYINKA SUNDAY
3878 OLADIMEJI OLUWATOBI SUNDAY
3879 OLADIPO OLUBUNMI TUNRAYO
3880 OLADIPO OLUDARE
3881 OLADIPO SUNDAY OLALEKAN
3882 OLADIPUPO FLOURISH ADEKUNLE
3883 OLADIRAN ROTIMI ELIJAH
3884 OLADOSU VICTOR KOLAWOLE
3885 OLADUNJOYE ELIJAH IBUKUNOLUWA O
3886 OLADUNNI OLUWAFUNMIKE AMINAT
3887 OLAEWE JACOB OLUSEGUN
3888 OLAFIRANYE IBRAHIM OLAWALE
3889 OLAFIRANYE SULAIMON ADEDAMOLA
3890 OLAGBENJO SALAU
3891 OLAGOKE TITILAYO ABEGBE
3892 OLAGUNJU BAMIDELE J.
3893 OLAGUNJU PAUL OLUFEMI
3894 OLAIFA KAYODE TAJUDEEN
3895 OLAIGBE OLUWAFUNKE MORENIKE
3896 OLAIYA RUKAYATU AJOKE
3897 OLAJIDE ABOLAJOKO DEBORAH
3898 OLAJIDE GABRIEL TAIWO OLUSEGUN
3899 OLAJIDE OLUFOLAKE ADEPEJU
3900 OLAJIDE OLUFUNSHO OLAWALE
3901 OLAJIDE SUNDAY OLALEKAN
3902 OLAJIDE TAIWOLEKAN
3903 OLAJIDE VERONICA TITILAYO
3904 OLAJUBUTU OLUWASHOLA
3905 OLAKUNLE BABATUNDE
3906 OLAKUNLE ENYONAM TEMILOLUWA
3907 OLALEKE FELICIA IYABODE
3908 OLALEYE AYODELE KUNLE
3909 OLALEYE BIMBOLA MARY
3910 OLANBIWONNU HUMUANNI OMOTUNDE
3911 OLAYANDE IBIYEMI OLANIRETI
3912 OLAYENI OLUWAKEMI MOSUN
3913 OLAYIWOLA OLADIMEJI SOLOMON
3914 OLIJE VINCENT
3915 OLISAEKE PAUL CHUKWUNYERE
3916 OLISAH NGOZI JUDITH
3917 OLISAKWE MACNTHONY EMEKA
3918 OLIVER EBERENDU
3919 OLIYIDE ABIOLA OLUTOKE
3920 OLIYIDE AMINAT
3921 OLIYIDE HAZMAT OLUDOLAPO
3922 OLIYIDE ISMAILA OLANREWAJU
3923 OLIYIDE JAMIU
3924 OLIYIDE MODINAT
3925 OLIYIDE MORUFF
3926 OLIYIDE MUHAMMED TEMIDAYO
3927 OLIYIDE SAHEED
3928 OLIYIDE WOSILAT AMOPE
3929 OLOJEDE SAMSON OLUSOLA
3930 OLOKUN OLATUNBOSUN METHAIS
3931 OLOKUNDE TOYIN OLAYINKA
3932 OLOLADE SHAFIU OLADELE
3933 OLOMU GODSPOWER
3934 OLOREDE JAMES AYOOLA
3935 OLORUNFEMI GABRIEL SUNDAY
3936 OLORUNNISOMO ABOLAJI
3937 ONYEBU IFEOMA MAY
3938 ONYEBUCHI JAMES CHUKWUGOROM
3939 ONYEBUCHI NGOZI LOVELYN
3940 ONYEDIKA OLUCHI AHAOMA
3941 ONYEJE S. N.
3942 ONYEKAONWU LAWRETTA CHIMEZIE
3943 ONYEKELU CHIDOZIE HYGINUS
3944 ONYEKONWU ANDREW IBEZIN
3945 ONYEKWELU IFEOMA CHINYELU
3946 ONYEKWERE CAJETAN CHIKEZIE
3947 ONYEMA VICTORIA
3948 ONYEMALU FIDELIS OGBONNA
3949 ONYEMELUKWE CHIDIOGO NKEMDILIM
3950 ONYEMELUKWE CHUKWUKA OBUMNEME
3951 ONYEMELUKWE CHUKWUWIKE CHUKWUKA
3952 ONYEMELUKWE NGOZI CAROL
3953 ONYENEKE KENNETH IKENNA
3954 ONYENENUE JOEL ONYEKA
3955 OPATOLA BAMIKE TEMILADE
3956 OPEBIYI AYOBANJI ABRAHAM
3957 OPEBIYI AYOKUNLE SAMUEL
3958 OPEBIYI AYOTOMIWA FERANMI
3959 OPETU THANKGOD
3960 OPUALA-CHARLES SILVA
3961 ORAEZI MARYCYNTHIA IJEOMA
3962 ORAH BENNETH RAPULUCHUKWU
3963 ORAROTIMI OLADEJO OLADAPO
3964 OREBIYI SOLOMON OLUSEGUN
3965 OREDIA JOSEPH
3966 OREDIA LOVINA
3967 OREOLUWA OMOLAYO
3968 ORIAIFO-ODARO FELICIA EBAIDE
3969 ORIDAMI OLUSOLA TOKUNBO
3970 ORIJA OLUWAKEMI OMOLARA
3971 ORIMOLADE CLEMENT BAMIDELE
3972 ORITU AFOLABI SOLOMON ABE
3973 ORJI KINGSLEY ONWUCHEKWA
3974 ORJI ODILIONYENMA GREGORY
3975 ORJI ONYEABO CHIDIEBERE
3976 ORJI STEPHEN
3977 ORJI UDOCHUKWU VALENTINE
3978 OROWOLE OLUMIDE AYOOLA
3979 OROWOLE OLUMIDE AYOOLA
3980 OSABIYI OLASOJI VINCENT
3981 OSADARE OYENIYI
3982 OSADEBE UZOMA CHIDINMA
3983 OSADIPE JOSEPH BODUNDE
3984 OSAGIE KISITO OSAGIE
3985 OSAKA DANIEL
3986 OSAKWE ANTHONY OSANEBI
3987 OSAKWE IKECHUKWU CHRISTOHER
3988 OSAMO DARE OLUWASEGUN
3989 OSAMWONYI CHRISTIAN
3990 OSAMWONYI KEZIAH
3991 OSANYINTADE OLUWASEGUN OLUWAROTIMI
3992 OSARENKHOE ESOHE GRACE
3993 OSAWARU AMENAGHAWON JOSHUA
3994 OSAZUWA FESTUS
3995 OSHIN ANTHONY OLUGBENGA
3996 OSHINUGA TEMITOPE O.
3997 OSHIYOYE IYANUOLUWA OLUGBENGA
3998 OSHODI GIL DIKE
3999 OSHUNLUSI ABOLADE BUNMI
4000 OSHUNLUSI OLUWATOYIN OLAWUMI
4001 OSIBERU OLUWALAMBE JANET
4002 OSIBOGUN ABOLANLE MULIKAT
4003 OSIEGBU NDUKA
4004 OSIFESO OLUSEYI OLUKAYODE O.
4005 OSIGBEME AUGUSTINE ETSEILENA
4006 OSIGBEMHE GILBERT IZUAGBE
4007 OSIKWEME OMOSOMI MARY
4008 OSIN EVELYN
4009 OSIN EVELYN
4010 OSIN EVELYN I.
4011 OSIN EVELYN ISI
4012 OSIN EVELYN ISIMEME
4013 OSIN ISIMEME
4014 OSIN ISIMEME E.
4015 OSIN ISIMEME EVE
4016 OSIN ISIMEME EVELYN
4017 OSIN ISIMEME EVELYN
4018 OSINOWO EDORA NNEKA
4019 OSINUGA GBOLADE OLANREWAJU
4020 OSOMO FAROUK OMOTAYO
4021 OSONDU ONYEKA STANLEY
4022 OSOSAMI OLUGBENGA ADENIYI
4023 OSSAI SANDRA IJEOMA
4024 OTISE UCHE
4025 OWOMERO EMILY
4026 OWOSEJE KAYODE MR
4027 OYAKHIRE OLUSEGUN WILLIAM
4028 OYEBANJI OLUWATOSIN OYEBOLA
4029 OYEBISI ROTIMI
4030 OYEDE SEGUN ADEBAYO
4031 OYEDEJI OYEGBOLA ADEDAYO
4032 OYEDELE ADENIYI OLUGBENGA
4033 OYEDELE ADEROMKE F
4034 OYEDELE OLUWASESAN OYETUNDE
4035 OYEDELE PAUL
4036 OYEDELE TOLULOPE ADETOYESE
4037 OYEDESI MUYIWA EMMANUEL
4038 OYEDIRAN CHRISTIANAH FUNMILAYO
4039 OYEDIRAN MODUPEOLA OLUWATOYIN
4040 OYEDOKUN ISAIAH ADELANI
4041 OYEKAN FATIMAH FADEKE
4042 OYELAKIN KEHINDE HASSAN
4043 OYELAMI OLUWATOSIN AYOMIDE ALAKE
4044 OYELEYE EMMANUEL FUNMI
4045 OYELEYE SESAN ABRAHAM
4046 OYELOWO MATTHEW OLANIYI
4047 OYEMA VICTOR
4048 OYEMUNMI SEYI
4049 OYENIYI SIMEON KOLAWOLE
4050 OYENIYI TAIWO OLUMUYIWA
4051 OYENUGA OLUYEMISI
4052 OYETADE OLUFEMI ADEGOKE
4053 OYEWOLE BOSEDE ABIOLA
4054 OYEWOLE DUROTIMI OLUSEUN
4055 OYEWOLE FOLASHADE ABIOLA
4056 RAHEEM TUNDE
4057 RAHEEM WASIU ARANSE OLUWA
4058 RAHMAN FAUSAT BOLANLE
4059 RAIMI GBOLAGADE SAMUEL
4060 RAJI OLUWAFUNMILAYO OLUWATOYIN
4061 RAJI SHUKURAT OLASUMBO
4062 RAMON ABAYOMI
4063 RANTI ADEKUNLE ALAUSHA
4064 RASAK ABDULLAI OLANREWAJU
4065 RASAQ SAHEED BAMIDELE
4066 RAYMOND MUSA MOSES
4067 REAL STOCK LIMITED
4068 REEMSON WAHAB AJENIFUJAH
4069 REGINAA IBE
4070 REV AGBOOLA JOSEPH OKIKIOLA
4071 RICHARDS MARILYN ADETOKUNBO
4072 RICHMOORE ASSOCIATES LTD.
ANNUALREPORT
2016
Unclaimed Dividend
Standard Alliance Insurance Plc and Its Subsidiary Company
4073 RIGHI GREGORY O
4074 RIMI USMAN
4075 RIMOSJI VENTURES LIMITED
4076 SALIU IDRIS BAMDELE
4077 SAM ANYOMA COLLINS OGHENEDORO
4078 SAMBOL ENERGY & ALLIED SERVICES LTD
4079 SAMLEX INTEGRATED SERVICES LIMITED
4080 SAMSON DANJUMA
4081 SAMSON JUSTINA ONYINYECHI
4082 SAMUEL ADEKUNLE OLUGBENGA
4083 SAMUEL CHIDERA DIVINE C.
4084 SAMUEL IYABO TEMITOPE
4085 SAMUEL MARY TEMILOLA
4086 SAMUEL THANKGOD
4087 SAMUEL TOBA
4088 SANGOWAWA BOSUN ADEWUNMI
4089 SANWO OLUWATOYIN EMMANUELA
4090 SCOTT ORISHEWEYIMI S.
4091 SEGI KAYODE
4092 SHETTIMA MOHAMMAD SAGHIR
4093 SHETTIMA SAMUEL LABURTA
4094 SHEYINDEMI EMMANUEL A. ADEDAMOLA
4095 SHITTA WASIU
4096 SHITTA WASIU OLADELE
4097 SHITTU OWOLABI LATEEF
4098 SHITU O. NIMOTALAI
4099 SHOBAYO AJIGBOTOLA SADE
4100 SHODIPO ADETUTU
4101 SHOEWU OLUWARANTI OLUSOGA
4102 SILVARIUS ANIEBONAM TOCHUKWU
4103 SILVER MICHEAL FEMI
4104 SOWORE ADEBIMPE
4105 THEOGRACE GLOBAL CONCEPT LTD
4106 THESCO & AGRO LTD
4107 THOMAS ANIEFIOK DICKSON
4108 THOMEX GROUPEX NIG. LTD.
4109 THOMPSON OLUWAFEMI
4110 THOMPSON TAMUNODIKI
4111 TIAMIYU EMMANUEL BAMIDELE
4112 TIAMIYY ALHAMEEN ADETAYO
4113 TIJANI FATIMA
4114 TIJANI OLADIPUPO MUHRTALA
4115 TIMINIMI NELSON OTOH
4116 TITE JOCELYN ERORO
4117 TOCHUKWU A. S.
4118 TOCHUKWU SILVARIUS
4119 TOKODE OLUSEGUN OLAYINKA
4120 UCHE BATHOLOMEW EKEKA
4121 UCHE GLORY
4122 UCHEGBU GERALD CHIBUIKE PETER
4123 UCHENWA CHRISTOPHER CHIAGOZIE
4124 UCHENWA OBY VICTORIA
4125 UCHEUKWU ALOZIE
4126 UDEAGHA ANTHONY CHUKWUEMEKA
4127 UDEH SAMUEL OKEZIE
4128 UDEH UDEH CHIBUZOR VINCENT
4129 UDEICHI IDIA
4130 UDOH JOHN ETUK
4131 UDOH JOHN JONAH
4132 UDOH M. DAVID
4133 UDOH MICHAEL OKAFOR
4134 UGWU RAYMOND OMABA
4135 UGWU VICTORIA OLUCHUKWU
4136 UGWUANYI KENNETH CHIBUIKE
4137 UGWUEKE MATTIAS UGWUEKE
4138 UGWUMBA CHIBUZO ATHANASIUS
4139 UGWUMBA MARTHA CHIZOBA
4140 UGWUMBA THEODORE IFEANYICHUKWU
4141 UGWUOKE VALENTINE UCHE
4142 UJOATUONU JONATHAN UWAOMA
4143 UMEZURIKE OLAYINKA
4144 UMOETTE EKAETTE EKUTMFON
4145 UMOH JOSHUA UBON
4146 UMOH MFONIDOH DAVID
4147 UMOH SUNDAY MOSES
4148 UMOH UWEMEDIMO
4149 UMOREN ANTHONY
4150 UMORU JIMOH
4151 UMORUH AMINU CHRISTOPHER
4152 UNACHUKWU OBINNA GOBSON
4153 UNIGWE NNENNA
4154 USULOR CHIKAODIMICHIKAODI
4155 USUNOBUN OSBERT UADIALE
4156 UWAKWE ANDREW CHUKWUEMEKA
4157 UWANDU JUSTINA
4158 UZOUKWU PHILIP CHIBUIKE
4159 UZU FAVOUR NKEMDILIM
4160 UZUEGBU TONY
4161 YAKEEN KAZEEN
4162 YAKUBU AREMU AMUDA
4163 YUNUSA RASAK ADIGUN
4164 YUNUSA SODIQ ADESHINA
4165 YUSUFF SHERIFAT
153PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
ANNUALREPORT
2016
154PAGE
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
FIRST REGISTRARS AND INVESTOR SERVICES LTD.
155PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
156PAGE
Twenty First Annual General Meeting of STANDARD ALLIANCE INSURANCE PLC will be held at the Event Hall, Plot 1, Block 94 Providence Street, Lekki Phase 1, Lekki Phase 1, Lekki LagosState on 21st September, 2017 at 11:00am prompt.
21st September, 2017 at 11:00am prompt.
2017
ORDINARY BUSINESS
SPECIAL BUSINESS:
1. To receive the Audited Financial Statements for the year ended 31st December, 2016 together
with the Report of Directors, Auditors and Audit Committee thereon.
2. To re-elect the following Directors who in accordance with Article 83 of the Company’s Articles of Association,
retire by rotation, but are eligible and offer themselves for re-election:
?Mr. Johnson Chukwu as a Non-Executive Director
?Mrs. Adetayo Akintunde as a Non-Executive Director
3. To ratify the appointment of the following Director appointed to fill a casual vacancy:
?Mr. Bolaji Oladipo
4. To re-appoint BDO Professional Services as the Auditors of the Company and to authorize the Directors to fix their remuneration.
5. To elect members of the Statutory Audit Committee.
To consider and if thought fit, pass the following resolutions as Ordinary Resolutions:
1. To fix the remuneration of the Directors.
2. “That subject to the post listing rules(Rules Governing Transactions with Related Parties or Interested Persons) of the Nigerian
Stock Exchange, a General Mandate be and is hereby given for the Company to enter into recurrent related party or interested
party transactions provided such transactions are of a revenue or trading nature or are necessary for the Company’s day to day
operations; and that the Directors be and are hereby authorized to complete and do all such acts and things (including executing
all such documents as may be required) to give effect to the transactions as authorized by this Ordinary Resolution.”
3. “That the Directors be and are hereby authorized to take all steps they may deem appropriate to raise additional capital for the
Company by way of special placements or Public Offer with or without preferential allotment, rights issue, bond issue,
convertible loans, mezzanine finance or any combination of the foregoing, or in such other manner as the Directors may, in
their discretion approve and subject to the approval of the Regulatory Authorities.”
4. To consider and if thought fit, pass the following resolutions as Special Resolutions for the reduction of share capital of the Company:
“THAT following the merger of the then Standard Alliance Insurance Plc and Standard Alliance Life Assurance Limited, and subject to the
confirmation of the Court:
4.1. “The the post-Merger share premium of N7,529,796,430.00 (Seven Billion, Five Hundred and Twenty Nine Million, Seven Hundred
and Ninety Six Thousand, Four Hundred and Thirty Naira only) be reduced by the sum of N7,529,796,430.00 (Seven Billion, Five
Hundred and Twenty Nine Million, Seven Hundred and Ninety Six Thousand, Four Hundred and Thirty Naira only) by creating a
Special Reserve Account of N7,529,796,430.00 (Seven Billion, Five Hundred and Twenty Nine Million, Seven Hundred and Ninety
Six Thousand, Four Hundred and Thirty Naira only) for the purpose of writing off the losses of the Company; and
4.2. “The post-Merger issued Share Capital of the Company be and is hereby reduced fromN6,455,520,000.00 (Six Billion, Four
Hundred and Fifty Five Million, Five Hundred and Twenty Thousand Naira only toN2,151,840,000.00 [Two Billion, One Hundred
and Fifty One Million, Eight Hundred and Forty Thousand Naira only)by cancelling and extinguishing 8,607,360,000 (Eight
Billion, Six Hundred and Seven Million, Three Hundred and Sixty Thousand)unitsof the issued Ordinary Shares of N0.50 kobo each
in the Company, each of which is fully paid up, and the amount by which the Share Capital is so reduced be credited into the
Special Reserve Account created above for the purpose of writing off the losses of the Company.
4.3. That the share reduction in paragraph 4.2 above be applied pro –rata the existing issued shares of the Company, such that
following such reduction, each shareholder of the Company as at the last trading day before the Share Reduction, will hold 1 (One)
Ordinary Share of N0.50k each for every 3 (Three) Ordinary Shares held by them prior to the reduction.
4.4. “That the Directors be and are hereby authorized to use the Special Reserve Account ofN11,833,476,430.00 (Eleven Billion,
Eight Hundred and Thirty Three Million, Four Hundred and Seventy Six Thousand, Four Hundred and Thirty Naira only)
created pursuant to the above resolutions in writing off part of the losses of the Company”.
5. “That the Board of Directors be and is hereby authorized to do all such acts, deeds, matters and things as the Board
may deem necessary to give effect to the aforementioned resolutions of the Company.”
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
ANNUALREPORT
2016
21st September 2017 at 11:00am prompt.
The above form of proxy, when completed, must be deposited with the Registrars: First Registrars and Investor Services Ltd; Plot 2 Abebe Village Road, Iganmu, Lagos, not later than
157PAGE
Uruemuesiri Oghen
Standard Alliance Insurance Plc and Its Subsidiary Company
158PAGE
ANNUALREPORT
2016
FIRST REGISTRARS AND INVESTOR SERVICES LTD
Share Capital History
The company was incorporated as Jubilee Insurance Company Limited in July 1981 with an authorized share
capital of N15,000,000 divided into 15,000,000 ordinary shares of N1.00 each. The company changed its name
to Standard Alliance Insurance Plc and as at date the authorized share capital of the company is N7,000,000,000
comprising 14,000,000,000 ordinary shares of N0.50 each, out of which N5,996,586,725 comprising
11,993,173,450 ordinary shares of N0.50 each are issued and fully paid up.
The changes to the company's authorized and issued share capital since reincorporation are summarized
below:
Year Consideration
Date Increase Cumulative Increase Cumulative Cash/Bonus
1997 -
30,000,000
30,000,000
Cash
1997 70,000,000
100,000,000
45,000,000
75,000,000
Cash/Bonus
1998 - 100,000,000 25,000,000
100,000,000
Bonus
2000 100,000,000 200,000,000 25,000,000
125,000,000
Bonus
2001 - 200,000,000 25,000,000
150,000,000
Bonus
2002 150,000,000
350,000,000
50,000,000
200,000,000
Bonus
2002 -
350,000,000
-
200,000,000
Stock Split
2003 150,000,000
500,000,000
150,000,000
350,000,000
Cash
2005 -
500,000,000
140,000,000
490,000,000
Bonus
2006 1,250,000,000
1,750,000,000
245,000,000
735,000,000
Bonus
2006 -
1,750,000,000
999,844,500
1,734,844,500
Cash
2007 2,500,000,000
4,250,000,000
86,742,225
1,821,586,725
Bonus
2008 - 4,250,000,000 2,425,000,000 4,246,586,725 Cash
2011 1,750,000,000 6,000,000,000 1,750,000,000 5,996,586,725 Preference shares conversion
2012 1,000,000,000 7,000,000,000 - 5,996,586,725
Issued & Fully Paid-up (N)Authorized (N)
ANNUALREPORT
2016
Standard Alliance Insurance Plc and Its Subsidiary Company
159PAGE
Standard Alliance Insurance Plc and Its Subsidiary Company
160PAGE
First Registrars And Investor Services Ltd
Standard Alliance Insurance Plc and Its Subsidiary Company
ANNUALREPORT
2016
161PAGE
ANNUALREPORT
2016
Plot 1, Block 94,
Providence Street, Lekki Scheme 1,
Lekki-Epe Expressway, Lekki, Lagos.
Tel/Fax: 234-1-4619546.
0700Insurance(0700-467872623)
...your access to a rewarding lifeRC: 40590
Plc