“To pursue excellence - Nairametricsnairametrics.com/wp-content/uploads/2013/05/Cornerstone-2006... · “To pursue excellence in the provision of insurance services of a global

“To pursue excellence

in the provision of insurance services

of a global standard, with

emphasis on our people to ensure added value

to our customers and shareholders”

“To pursue excellence

in the provision of insurance services

of a global standard, with

emphasis on our people to ensure added value

to our customers and shareholders”

Mission Statement

11

...a new beginning...a new beginning

2 0 0 6A n n u a l R e p o r t & A c c o u n t s

C o n t e n t sC o n t e n t sC o n t e n t s

NOTICE OF ANNUAL GENERAL MEETING

CORPORATE INFORMATION

RESULT AT A GLANCE

BOARD OF DIRECTORS

EXECUTIVE MANAGEMENT

CORPORATE GOVERNANCE

CHAIRMAN’S STATEMENT

OUR PRODUCTS

DIRECTORS’ REPORT

REPORT OF THE AUDIT COMMITTEE

REPORT OF THE AUDITORS

ACCOUNTING POLICIES

GROUP BALANCE SHEET

COMPANY BALANCE SHEET

LIFE REVENUE ACCOUNT

NON LIFE REVENUE ACCOUNT

PROFIT & LOSS ACCOUNT

CASHFLOW STATEMENT

NOTES TO THE ACCOUNT

CONSOLIDATED STATEMENT OF VALUE ADDED

FIVE-YEAR FINANCIAL SUMMARY

SHARE CAPITAL INFORMATION

PERFORMANCE CHART

MANAGEMENT STAFF

PROXY FORM

UNCLAIMED DIVIDENDS


CORPORATE INFORMATION

RESULT AT A GLANCE

BOARD OF DIRECTORS

EXECUTIVE MANAGEMENT

CORPORATE GOVERNANCE

CHAIRMAN’S STATEMENT

OUR PRODUCTS

DIRECTORS’ REPORT

REPORT OF THE AUDIT COMMITTEE

REPORT OF THE AUDITORS

ACCOUNTING POLICIES

GROUP BALANCE SHEET

COMPANY BALANCE SHEET

LIFE REVENUE ACCOUNT

NON LIFE REVENUE ACCOUNT

PROFIT & LOSS ACCOUNT

CASHFLOW STATEMENT

NOTES TO THE ACCOUNT

CONSOLIDATED STATEMENT OF VALUE ADDED

FIVE-YEAR FINANCIAL SUMMARY

SHARE CAPITAL INFORMATION

PERFORMANCE CHART

MANAGEMENT STAFF

PROXY FORM

UNCLAIMED DIVIDENDS

22

3-4

5

6

8-9

10

11

12-15

16

18-20

21

22

23-24

25

26

27

28

29

30

31-38

39

40

41-42

43

44

45

46-51

3-4

5

6

8-9

10

11

12-15

16

18-20

21

22

23-24

25

26

27

28

29

30

31-38

39

40

41-42

43

44

45

46-51

N o t i c e o f A n n u a l G e n e r a l M e e t i n g



NOTICE IS HEREBY GIVEN that the 15th Annual General Meeting of members of Cornerstone Insurance Plc

will be held on Wednesday 29th August 2007, at Agip Recital Hall, Muson Centre, Onikan Lagos, at 11.00

O'clock in the forenoon to transact the following businesses:

Ordinary Business:

1. To lay before members the Audited Financial Statements for the year ended 31st December 2006,

and the Directors' and Auditors Reports thereon.

2. To declare a dividend

3. To elect/ re-elect Directors

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

5. To authorise the Board to appoint and fix the remuneration of the Auditors

Special Business

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

6. To approve the remuneration of the Directors.

To consider and if thought fit, to pass the following resolutions as special resolutions:

7. That subject to the approval of the Corporate Affairs Commission and all other appropriate

regulatory authorities, the name of the company be and is hereby changed from 'Cornerstone

Insurance Plc' to 'Cornerstone Financial Services Plc'.

8. That Clause 1 of the Memorandum and Articles of Association be and is hereby amended to read,

'That the name of the Company is Cornerstone Financial Services Plc'.

9. That the Board of Directors be and are hereby authorized to take any further or other actions that

may be required to give effect to the above resolutions.


Ordinary Business:

Special Business

33

N o t i c e o f A n n u a l G e n e r a l M e e t i n g


NOTES

1. PROXY

A. A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote in his/her place. A proxy need not be a member of the company.

B. A form of proxy is attached hereto and if intended to be used, it must be completed and returned to the office of the Company Secretary, 136, Lewis Street, Lagos, not less than 48 hours before the time of holding the meeting.

2. AUDIT COMMITTEE

The Audit Committee consists of 3 shareholders and 3 directors. Pursuant to Section 359[5] of the Companies and Allied Matters Act, 1990, any shareholder may nominate another shareholder as a member of the Audit Committee by giving notice in writing at least 21 days before the date of the Annual General Meeting. A nominee needs to physically attend the Annual General Meeting at which he is proposed for election.

3. DIVIDEND WARRANTS

If payment of dividend is approved by the Annual General Meeting, shareholders whose names are on the register at the close of business on the 24th of August 2007 will be entitled to dividend. The dividend warrants will be posted from September 10 and will be subject to deductions of appropriate withholding tax.

4. CLOSURE OF REGISTER AND TRANSFER BOOKS

In compliance with the provisions of Section 89 of the Companies and Allied Matters Act, 1990, the Register of Members and Share Transfer Books will be closed from the 27th to 29th August 2007 [both days inclusive], for the purpose of payment of dividend.

Dated this 27th July 2007

BY ORDER OF THE BOARD

DONALD KANUAg. COMPANY SECRETARY

NOTES

1. PROXY

2. AUDIT COMMITTEE

. DIVIDEND WARRANTS

4. CLOSURE OF REGISTER AND TRANSFER BOOKS

Dated this 27th July 2007

BY ORDER OF THE BOARD

DONALD KANU

44

C o r p o r a t e I n f o r m a t i o n

DIRECTORS:DIRECTORS: Mr Ambrose A. Feese (Chairman)Mr Ambrose A. Feese (Chairman)

Mr Richard O. Ikiebe (Vice-Chairman)Mr Richard O. Ikiebe (Vice-Chairman)

Mr. Dominic Ichaba (Acting Managing Director)Mr. Dominic Ichaba (Acting Managing Director)

Alhaji Hussaini AbdulrahmanAlhaji Hussaini Abdulrahman

Mr Peter Ameadaji (Alternate to Alhaji Hussaini Abdulrahman)Mr Peter Ameadaji (Alternate to Alhaji Hussaini Abdulrahman)

Vice-Admiral Okhai Akhigbe (Rtd)Vice-Admiral Okhai Akhigbe (Rtd)

Mr. Oladapo Egbeyemi Mr. Oladapo Egbeyemi

Dr Barnabas GemadeDr Barnabas Gemade

Mrs. Abiodun O. OgunkanmiMrs. Abiodun O. Ogunkanmi

ACTING COMPANY SECRETARY/ACTING COMPANY SECRETARY/

LEGAL ADVISER:LEGAL ADVISER: Mr. Donald KanuMr. Donald Kanu

REGISTERED & HEAD OFFICE:REGISTERED & HEAD OFFICE: 136, Lewis Street, Lagos Tel: 01-2632863, 2630722, 2631832.136, Lewis Street, Lagos Tel: 01-2632863, 2630722, 2631832.

LAGOS BRANCHES:LAGOS BRANCHES: 198, Igbosere Road, Lagos Tel: 01-7939899 (Life)198, Igbosere Road, Lagos Tel: 01-7939899 (Life)

101B, Adeniyi Jones, Ikeja Tel: 01-7730680, 2711342101B, Adeniyi Jones, Ikeja Tel: 01-7730680, 2711342

42/44, Warehouse Road, Apapa, Lagos Tel: 01-5458827/29, 791136342/44, Warehouse Road, Apapa, Lagos Tel: 01-5458827/29, 7911363

OTHER BRANCHES:OTHER BRANCHES: (a) NN18, Constitution Road, Kaduna Tel: 062-394612(a) NN18, Constitution Road, Kaduna Tel: 062-394612

(b) Tafotech Building, 67 Aboderin Layout, Ring Road, Ibadan. Tel: 02-7512395, 7504668(b) Tafotech Building, 67 Aboderin Layout, Ring Road, Ibadan. Tel: 02-7512395, 7504668

(c) 180, Aba Express way, PortHarcourt Tel: 84-230644/5, 463435/6(c) 180, Aba Express way, PortHarcourt Tel: 84-230644/5, 463435/6

(d) Plot 487, No. 79 Adetokunbo Ademola Crescent, Wuse II Abuja. Tel: 09-5238511, 5238058(d) Plot 487, No. 79 Adetokunbo Ademola Crescent, Wuse II Abuja. Tel: 09-5238511, 5238058

(e) 19, Zaria Road, Gyadi - Gyadi, Kano Tel: 064-667922/3(e) 19, Zaria Road, Gyadi - Gyadi, Kano Tel: 064-667922/3

(f) 57, Effurun/ Sapele Road, Warri Tel: 053-250260(f) 57, Effurun/ Sapele Road, Warri Tel: 053-250260

(g) 9, Ekpo Archbong Street, Off MCC Road, Calabar Tel: 087-238520.(g) 9, Ekpo Archbong Street, Off MCC Road, Calabar Tel: 087-238520.

REGISTRARS:REGISTRARS: Lighthouse Registrars LimitedLighthouse Registrars Limited

NICON House, 5, Customs Street, Lagos.NICON House, 5, Customs Street, Lagos.

BANKERS:BANKERS: Access Bank PlcAccess Bank Plc

Diamond Bank LimitedDiamond Bank Limited

First Bank of Nigeria PlcFirst Bank of Nigeria Plc

Standard Chartered Bank LimitedStandard Chartered Bank Limited

Guaranty Trust Bank PlcGuaranty Trust Bank Plc

Wema Bank PlcWema Bank Plc

United Bank for Africa PlcUnited Bank for Africa Plc

AUDITORS:AUDITORS: Dele Olufon & Co.Dele Olufon & Co.

Chartered AccountantsChartered Accountants

11, Obafemi Awolowo Way,11, Obafemi Awolowo Way,

Ikeja, Lagos.Ikeja, Lagos.


55

R e s u l t a t a g l a n c e


RESULT AT A GLANCE FOR THE YEAR ENDED 31ST DECEMBER, 2006 (COMPOSITE)

GROUP GROUP COMPANY COMPANY

20062006 20052005 20062006 20052005

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

GROSS WRITTEN PREMIUMGROSS WRITTEN PREMIUM 2,739,111

1,597,801

2,739,111

1,597,801

NET WRITTEN PREMIUMNET WRITTEN PREMIUM 1,989,917

1,233,854

1,989,917

1,233,854

PROFIT BEFORE TAXPROFIT BEFORE TAX 278,273

303,685

348,174

302,402

PROFIT AFTER TAXPROFIT AFTER TAX 176,824

206,693

247,460

205,790

TRANSFER TO/(FROM) INSURANCE FUNDTRANSFER TO/(FROM) INSURANCE FUND 117,321

(157,170)

117,321

(157,170)

TRANSFER TO CONTINGENCY RESERVETRANSFER TO CONTINGENCY RESERVE 75,554

62,974

75,554

62,974

REVENUE RESERVEREVENUE RESERVE 13,585

60,641

13,585

60,641

PROPOSED DIVIDENDPROPOSED DIVIDEND 172,872

98,227

172,872

98,227

PAID UP SHARE CAPITALPAID UP SHARE CAPITAL 2,160,903

982,274

2,160,903

982,274

NET ASSETSNET ASSETS 3,720,335 1,551,289 3,720,335 1,551,289

66

ADVERT

11

Because our Life Assurance Products ...Because our Life Assurance Products ...

assure you of the safety of your hard earned savings.

assure your child of a solid education.

assure you of a secured tomorrow

help you save towards life targets.

lend you a helping hand.

never fail you.

assure you of the safety of your hard earned savings.

assure your child of a solid education.

assure you of a secured tomorrow

help you save towards life targets.

lend you a helping hand.

never fail you.

With a CORNERSTONE cover

You have many reasons to

Wi th a CORNERSTONE cover

You have many reasons to

Relax

Abuja Apapa Ikeja Ibadan Port-Harcourt Kano Kaduna Warri Abuja Apapa Ikeja Ibadan Port-Harcourt Kano Kaduna Warri

B o a r d o f D i r e c t o r s

Mr. Ambrose A. Feese C H A I R M A N

88

Mr. Richard Ikiebe Vice Chairman

B o a r d o f D i r e c t o r s

Vice Adm. Okhai M Akigbe (Rtd). DIRECTOR

Mr. Peter Ameadaji. DIRECTORMr. Oladapo Egbeyemi. DIRECTOR Mrs. Abiodun Ogunkanmi. DIRECTOR

Mr. Barnabas Gemade. DIRECTORMr. Dominic Ichaba. AG. MD/CEO

99


E x e c u t i v e M a n a g e m e n t

Dominic IchabaAg. MD/CEODominic Ichaba

Soji EmiolaGM. Operations

Soji Emiola Adedayo AderintoRegional Head, North

Adedayo Aderinto

Kemi OmomiaGroup Head, Risk Management

Kemi OmomiaMartins UwuilekhueGroup Head, Special Risk

Martins Uwuilekhue

Adeola KudayaHead, Human Capital

Adeola Kudaya

Mr. Sunday OjoGroup Head, Finance & Asset Mngt.

Mr. Sunday Ojo

Dayo AlaoGroup Head, Alternative Market

Dayo Alao Steve AlangboHead, Life

Steve AlangboCharles AkobunduGroup Head, Brokers’ Market

Charles Akobundu

1010

C o r p o r a t e G o v e r n a n c e


The Company is committed to the principles of Corporate Governance and Code of Best Practices and therefore takes account of and complies with the principles of good corporate governance. At Cornerstone Insurance, the Board is committed to full disclosure and transparency in providing information to all stakeholders.

Corporate Governance Policies are designed to ensure the protection of the long term interest of all stakeholders. To this end therefore, the Board exercises the best of judgment in policy making, monitoring executive actions and directing the group strategy.

The Board is accountable to the Shareholders and does this in a number of ways. The Board pro-actively evaluates the socio-economic, environmental and ethical matters that may impact on the stakeholders' interests. Accordingly, it uses various fora to advise shareholders on the performance of the company. This includes the Annual Reports and Accounts, announcements made through the Nigerian Stock Exchange, the company's web site (www.cornerstoneinsuranceplc.com), and the media.

Directors also meet with shareholders at the Annual General Meetings, Extra-Ordinary General Meetings convened by the company.

The policies of the Board are designed to maintain its distinct duty as the link between shareholders and the company's management led by the Chief Executive Officer

The Board of Directors is made up of Eight (8) directors comprising one executive director and seven non-executive directors.

The Board is responsible for controlling and managing the strategic business of the company and constantly reviews and presents a balanced and comprehensive assessment of the company's performance and future prospects. It may exercise all such powers of the company as are not by law or the Articles of Association of the company, required to be exercised by the company in General meetings.

Specifically, the functions and responsibilities of the Board of Directors include but are not limited to:

· Determining the Company's objectives and strategies as well as planning to achieve them and setting objectives, goals and strategic direction for management

· Approving Senior management staff appointments, promotions and discipline

· Approving Annual budgets and monitoring financial performance· Ensuring that adequate budgetary and planning processes exist

such that performance is measured against budget and plans· Approving the general policies of the company· Ensuring that an effective risk management process exists and is

maintained· Ensuring balanced and understandable reporting to shareholders· Ensuring adequacy of systems of financial, operational and

internal controls and regulatory compliance· Ensure value creation for shareholders and employees· Approve major capital expenditure acquisitions· Ensure adequate disclosure and communication

· Succession Planning, etc.· Present a balanced and understandable report of the company's

performance in all price sensitive public reports· Ensure the implementation of all decisions taken at the General

Meetings· Review and approve the Audited Financial Statements of the

company for presentation subject to NAICOM approval to shareholders at the Annual General Meeting.

· Monitoring Compliance with Legal and regulatory requirements.

The Board functions either as a full Board or through any of the underlisted committees, which are constituted as follows:

Committee Membership Status

Compensation and Richard Ikiebe ChairmanGeneral Purpose Barnabas Gemade Member

Abiodun Ogunkanmi “Managing Director/CEO “

This committee reviews and recommends for approval to the Board matters bordering on Board Appointments, Staff Appointments, Staff compensation, welfare, promotions and recruitment into senior management positions, financial control and performance and also budgetary control. The committee sits at least once a quarter.

Investment Dapo Egbeyemi ChairmanOkhai Akhigbe MemberAbiodun Ogunkanmi “Managing Director/CEO “

This committee reviews and recommends for approval to the Board matters relating to investment of the company's funds and all other areas of asset management of the company to ensure maximum returns while ensuring the protection of the assets of the company.

Audit Adeyemo Adejumo ChairmanGabriel Legunsen MemberEke Chibuzor “Okhai Akhigbe “Abiodun Ogunkanmi “Managing Director/CEO “

This committee which is chaired by a shareholder has the responsibility of reviewing the scope, results of the audit, independence and objectivity of the auditors. It is also saddled with all other matters as are reserved to the Audit Committee by the Companies and Allied Matters Act (Cap 59) Laws of Federation of Nigeria 1990 and the company's Articles of Association.

Strategy Committee Richard Ikiebe ChaimanDapo Egbeyemi MemberPeter Ameadaji “Managing Director/CEO “

The strategy committee is an ad-hoc committee that is convened at short notice to proffer solution to challenging issues that may require corporate direction and steps to be taken to achieve the overall corporate objective of the company.

The membership may be enlarged as circumstances may demand to ensure the quality of input as may be necessary to address relevant issues.

Committee Membership Status

Compensation and Richard Ikiebe ChairmanGeneral Purpose Barnabas Gemade Member

Abiodun Ogunkanmi “Managing Director/CEO “

Investment Dapo Egbeyemi ChairmanOkhai Akhigbe MemberAbiodun Ogunkanmi “Managing Director/CEO “

Audit Adeyemo Adejumo ChairmanGabriel Legunsen MemberEke Chibuzor “Okhai Akhigbe “Abiodun Ogunkanmi “Managing Director/CEO “

Strategy Committee Richard Ikiebe ChaimanDapo Egbeyemi MemberPeter Ameadaji “Managing Director/CEO “

1111

C h a i r m a n ’ s S t a t e m e n t

C H A I R M A N

“I am convinced that the future of our company is going to be greater, better and more glorious. ”

“I am convinced that the future of our company is going to be greater, better and more glorious. ”

1212


1313

Introduction

Business Environment

Socio-Political Environment

Insurance Industry

Fellow Shareholders, distinguished Ladies and Gentlemen, it is my profound pleasure to welcome you all to the 15th Annual General Meeting of our Company. I am also delighted to present to you the Report and Accounts of our company for the year ended 31st December, 2006.

The business environment in 2006 saw government consolidate on its reform programmes in various sectors of the economy thus posting positive macro economic results. The continued increase in crude oil price in the international market saw Nigeria reaping windfall income as the price rose far above the budget benchmark of $33 pb to $76 pb. External reserves exceeded $36 billion while the external debt fell to less than $4 billion as a result of the settlement of both Paris and London clubs of creditors. Nigeria also got a “BB” rating from an internationally recognised rating agency, Fitch & Co. These fundamentals no doubt boosted investors' confidence in the economy.

Expectedly, these brought about significant growth in the economy as Gross Domestic Product (GDP) growth rate rose to 7.5% as against 6% in 2005. Nevertheless, poverty is still very visible and basic infrastructure, particularly electricity supply, further deteriorated in most parts of the country. This, coupled with incessant scarcity of refined petroleum products, increased production cost and lowered consumer purchasing power.

The socio-political environment remained relatively stable except for violent militant activities in the Niger Delta Region which were characterised by kidnappings/hostage taking. This resulted in loss in crude oil production by as much as 25%. Also, the wind of impeachment of some state Chief Executives across the country unsettled the political space and was widely condemned by the civil populace.

Opposition groups and civil societies expressed strong reservations about the processes leading to the conduct of the general elections alleging that they were manipulated and rigged in favour of the ruling Peoples Democratic Party (PDP). Also, the open discord at the presidency between the president and the vice president heated up the polity as they threw caution to the winds while blackmailing each other on the Petroleum Trust Development Fund (PTDF) saga. These amongst other actions of government cast doubts about government sincerity in its anti-corruption crusade.

On February 28, 2007, the curtain was drawn on the industry's recapitalization exercise. 71 companies [comprising 43 for Non Life, 26 for Life and 2 Re-insurance firms], were granted approval in principle as having met the capital requirement. I am happy to report that your company retained its two operating licenses in General Business and Life and is working hard to unbundle the companies into their respective businesses. At the appropriate time, we shall seek shareholders' approval to effect the re-structuring.

In the process of verifying the funds raised in the recapitalisation, insurance companies were directed to lodge the funds with the Central Bank of Nigeria (CBN) not later than February 20, 2007. The funds are sanitised and have been lying idle with CBN since that time. This has slowed down the tempo of activities including investment and will have a telling effect on earnings and results in 2007. The funds should be released to the companies without further delay so that they can meet the forecasts made to investors in their prospectus.

Introduction

Business Environment

Socio-Political Environment

Insurance Industry


1414

Financial Results

Dividend

Corporate Social Responsibility (CSR)

Board

Our company recorded a Gross Premium Income of N2.74billion in 2006 from N1.6billion in 2005, an increase of 71 %. Profit Before Tax was N348million as against N302 million, an increase of 15% while Profit After Tax was N247million as against N206million, an increase of 20% over the previous year.

Shareholders funds grew to N3.7billion from N1.6billion representing 140% over 2005 while investment income grew by 93% to N278million from N144million in 2005. The growth in shareholders' funds resulted primarily from our capital raising in 2006. The growth in our profit in 2006 is not as impressive as that in gross premium because in addition to huge claims payout in the year under review, there was increased provision for unpaid premium and other non-performing assets in the subsidiary company, Cornerstone Trustees Limited to begin on a cleaner slate, post-consolidation.

On account of this performance, and taking into cognizance our dividend policy, the Board is proposing for your approval a dividend of 4 kobo per share.

Corporate Social Responsibility is a key concern to the Board and management of Cornerstone Insurance Plc as we have continued to support a variety of noble causes. In the year under review, we made several donations to promote causes and values which are in tandem with our corporate philosophy.We focused on the needs of indigent children in our society. In this regard, we adopted, reconstructed and rehabilitated a dilapidated ward at Massey Street Children's Hospital on Lagos Island which has been in a deplorable state for over two decades. The Hospital has been providing free medical services to children for over 90 years. This, no doubt, has brought joy and succour to the staff and patients of the hospital. We also funded the medical treatment for some inmates of Little Saints orphanage and contributed to the construction of a decent shelter for inmates of Heritage Homes.

In 2005, after nearly 10 years on the Board, including 4 years as Chairman, I indicated to my fellow directors, my desire to retire from the Board of your company with effect from July 2006. However, my colleagues persuaded me to reconsider my position due to the announcement of the recapitalisation of the industry. Having successfully scaled the recapitalisation hurdle, it is my pleasure to take my leave from the company at this point in time. I am happy to state that through the recapitalisation process, we have been able to attract a partnership which will propel our company to greater heights.

I want to specifically mention that African Capital Alliance (ACA), a reputable private equity fund with local and multilateral investors, has invested significantly (51%) in your company thus increasing our capital base to over N6 billion. They are bringing along with them a vast network of business associates both within and outside the country and reputable partnerships/relationships which will expand the clientele and enhance the earnings of your company. Thus, I am leaving as Chairman fully convinced that the future of our company is going to be greater, better and more glorious.

In line with the new ownership structure and the determination to reposition your company as the leading financial services provider, your Board will be rejuvenated and re-structured to include ACA's nominees and other personalities who will be coming in with a vast wealth of knowledge, rich background and

Financial Results

Dividend

Corporate Social Responsibility (CSR)

Board


1515

cross-industry experience and expertise in corporate governance and enterprise transformation they will contribute to strengthen the governance of your company for better performance and returns on your investment.

Our former Managing Director, Mrs. Funmi Babington-Ashaye left our services in March 2007 to pursue her private career in the insurance industry, having served Cornerstone Insurance Plc as a pioneer staff for 16 years. As a good ambassador, she has continued to support us and is building up to be one of our top brokers. We cherish her services and wish her success in her new endeavours. To fill the vacuum, the then Executive Director, Mr. Dominic Ichaba, was appointed Acting Managing Director/Chief Executive.

The long expected rebirth of the insurance industry in Nigeria has just begun. The recently concluded recapitalisation/consolidation exercise has created an opportunity for new industry leaders to emerge.

Your company is poised to take advantage of the opportunities created by this process to emerge as the undisputed leader in the provision of insurance services in the country.

We shall leverage on our strong global network and alliances to grow our business whilst introducing new distribution channels to increase our retail outlets.

A robust Information Technology (IT) infrastructure/platform will be effectively deployed to achieve e-insurance transactions for our customers' maximum benefit and convenience.

Our diversification and growing of subsidiaries in other strategic and related businesses; Pensions and Asset Management, will re-position our brand and make it truly, “The first choice financial services provider of global standards”.

Distinguished ladies and gentlemen, as we rededicate ourselves to the business of the new financial year, I wish to thank our customers, shareholders, regulators and all stakeholders for their inestimable contributions to the success that we have achieved so far.

May I also thank the staff and management for their hard work, dedication and commitment towards achieving the laudable goals we set for ourselves.

Finally, appreciation goes to my fellow Board members for their co-operation in directing the affairs and charting a new course for our company.

Thank you all.

Future Outlook

Conclusion

Future Outlook

Conclusion

O u r P r o d u c t s

1616

A c c o u n t s 2 0 0 7

We focused on the needs of indigent children in our society. In this regard, we adopted, reconstructed and rehabilitated a dilapidated ward at Massey Street Children's Hospital (a Free Medical facility for children) on Lagos Island which has been in a deplorable state for over two decades. The Hospital has been providing free medical services to children for over 90 years. This, no doubt, has brought joy and succour to the staff and patients of the hospital. We also funded the medical treatment for some inmates of Little Saints orphanage

We focused on the needs of indigent children in our society. In this regard, we adopted, reconstructed and rehabilitated a dilapidated ward at Massey Street Children's Hospital (a Free Medical facility for children) on Lagos Island which has been in a deplorable state for over two decades. The Hospital has been providing free medical services to children for over 90 years. This, no doubt, has brought joy and succour to the staff and patients of the hospital. We also funded the medical treatment for some inmates of Little Saints orphanage

CORPORATE SOCIAL RESPONSIBILITY (CSR) 2006CORPORATE SOCIAL RESPONSIBILITY (CSR) 2006

1717

D i r e c t o r s ’ R e p o r t


ACCOUNTS 31ST DECEMBER, 2006

1. REPORT1. REPORT

The Directors are pleased to submit to the members, their report and the audited financial

statements of the company for the year ended 31st December, 2006

2. RESULT2. RESULT

The result for the period was:- The result for the period was:- GROUP GROUP

Profit before tax Profit before tax

Less: Taxation Less: Taxation

Profit after tax Profit after tax

Less: Less:

Contingency Contingency

Revenue reserve brought forward Revenue reserve brought forward

Dividend under-provided in 2004 Dividend under-provided in 2004

Loss of Subsidiary Loss of Subsidiary

Revaluation Reserve - Write back/(Transfer) Revaluation Reserve - Write back/(Transfer)

Proposed Dividend Proposed Dividend

Revenue reserve carried forward Revenue reserve carried forward

20062006

N'000 N'000

278,273

(101,449)

176,824

(69,635)

107,189

60,641

-

-

18,627

186,457

(172,872)

13,585

20052005

N'000 N'000

303,685

(96,992)

206,693

(60,480)

146,213

33,474

(2,192)

-

(18,627)

158,868

(98,227)

60,641

COMPANY COMPANY

'2006 '2006

N'000 N'000

348,174

(100,714)

247,460

(69,635)

177,825

60,641

-

(70,636)

18,627

186,457

(172,872)

13,585

'2005 '2005

N'000 N'000

302,402

(96,612)

205,790

(60,480)

145,310

33,474

(2,192)

-

(17,724)

158,868

(98,227)

60,641

3. DIVIDEND3. DIVIDEND

The Directors have recommended the payment of dividend of 4kobo per share to shareholders

on the register of the Company as at close of business on December 31, 2006

4. LEGAL FORM4. LEGAL FORM

The company was incorporated in Nigeria as a private limited liability company on the

July 26, 1991. The company converted to a public limited company on June 17, 1997.

5. PRINCIPAL ACTIVITIES5. PRINCIPAL ACTIVITIES

Cornerstone Insurance Plc is a composite insurance company carrying on all classes of

insurance business .i.e.general insurance, special risk and life insurance business.

1818

D i r e c t o r s ’ R e p o r t C o n t d .



6. DIRECTORS' RESPONSIBILITIES6. DIRECTORS' RESPONSIBILITIES

The directors' are responsible for the preparation of financial statements which give a true and fair

view of the state of affairs of the company and group at the end of each financial year and of the

profit or loss for that period and comply with the Companies and Allied Matters Act, 1990 and the

Insurance Act, 2003. In doing so, they ensure that:

- Proper accounting records are maintained

- Adequate internal control procedures are established which as far as is reasonably

possible, safe guard the assets and prevent and detect fraud and other irregularities.

- Applicable accounting standards are followed

- Suitable accounting policies are adopted and consistently applied

- Judgements and estimates made are reasonable and prudent and consistently applied

- The going-concern basis is used unless it is inappropriate to presume that the company

shall continue in business.

7. DIRECTORS & THEIR SHAREHOLDINGS7. DIRECTORS & THEIR SHAREHOLDINGS

(i) The directors and their shareholding, (direct and indirect) as at December 31, 2006 were:

20062006 20052005

Units'000Units'000 Units'000Units'000

Mr. Ambrose A. Feese (Chairman)Mr. Ambrose A. Feese (Chairman) 56,44156,441 51,44151,441 Indirect thro' NSF Dev.Ltd.Indirect thro' NSF Dev.Ltd.

Mr Dominic Ichaba - Acting Managing DirectorMr Dominic Ichaba - Acting Managing Director 1,2881,288 - - Appointed w.e.f. March 15, 2007Appointed w.e.f. March 15, 2007

Mr. Richard O. Ikiebe (Vice-Chairman)Mr. Richard O. Ikiebe (Vice-Chairman) 55,81155,811 42,17442,174 Indirect & DirectIndirect & Direct

Mrs.Funmi Babington-Ashaye (Managing)Mrs.Funmi Babington-Ashaye (Managing) 11,27011,270 6,2706,270 Direct ( Resigned w.e.f. March 13, 2007)Direct ( Resigned w.e.f. March 13, 2007)

Alhaji Hussaini AbdulrahmanAlhaji Hussaini Abdulrahman 97,80397,803 104,803104,803 Indirect thro' Rahman Brothers.Ltd.Indirect thro' Rahman Brothers.Ltd.

Mr. Peter Ameadaji (Alternate)Mr. Peter Ameadaji (Alternate) 7,1717,171 6,1716,171 DirectDirect

Vice-Admiral Okhai Akhigbe (Rtd)Vice-Admiral Okhai Akhigbe (Rtd) 122,200122,200 115,200115,200 Indirect thro' Anchorage Holdings Ltd.Indirect thro' Anchorage Holdings Ltd.

Mr. Ayodeji Bankole-OlusinaMr. Ayodeji Bankole-Olusina - - - - Resigned w.e.f. September 30, 2006Resigned w.e.f. September 30, 2006

Mr. Oladapo EgbeyemiMr. Oladapo Egbeyemi 105,723105,723 100,723100,723 Indirect & Direct.Indirect & Direct.

Dr. Barnabas GemadeDr. Barnabas Gemade 102,623102,623 99,73099,730 Indirect thro' Bavis Inv.LtdIndirect thro' Bavis Inv.Ltd

Mrs. Abiodun OgunkanmiMrs. Abiodun Ogunkanmi 91,21291,212 89,74889,748 Indirect & DirectIndirect & Direct

(i) None of the directors have notified the company for the purpose of section 277 of the

Companies and Allied Matters Act, 1990 of any declarable interest in contracts which the

company is involved.

(ii) The register showing Directors' attendance at board meetings will be made available for

inspection at the Annual General Meeting as required by section 258(2) of the Companies and

Allied Matters Act, 1990.

1919



88 DONATIONSDONATIONS

Donations made during the period amounted to N370,000

BeneficiariesBeneficiaries Amount Amount N N

1 Little Saints Orphanage 100,0002 The Institute of Chartered Accountants of Nigeria 100,0003 Tai Solarin University 50,0004 Heritage Homes 50,0005 Others 70,000

370,000

No donation was made to any political party.

99 EMPLOYMENT & EMPLOYEESEMPLOYMENT & EMPLOYEES

(a) The company does not discriminate in the employment opportunities of staff,disabled or otherwise, but currently has no disabled employees. The number of staff in the company's employment as at the time of this report is 145

(b) The company places a high premium on its human resources, consequently, it pursues a policy of continuous development of its staff through courses, conferences and seminars both internally and externally.

1010 AUDITORSAUDITORS

In accordance with section 365(1) of the Companies and Allied Matters Act, 1990, the the Auditors, Dele Olufon & Co. have indicated their intention to resign as auditors at the end of the 15th Annual General Meeting of the company.

BY ORDER OF THE BOARDBY ORDER OF THE BOARD

DONALD KANUDONALD KANU

ACTING COMPANY SECRETARY

D i r e c t o r s ’ R e p o r t C o n t d .

2020


R e p o r t o f t h e A u d i t C o m m i t t e e

To the shareholders of Cornerstone Insurance Plc.

In accordance with the provision of Section 359 (6) of the Companies and Allied Matters Act of 1990, The members of the Audit Committee of cornerstone insurance Plc hereby reports as follows:

We have exercised our statutory functions under Section 359 (6) of the Companies and Allied Matters Act 1990 and we herein acknowledge the co-operation of management and staff in the conduct of these responsibilities

We are of the opinion that the accounting and reporting policies of the company are in accordance with Legal requirements and agreed ethical practices and that the scope and planning of both the external and Internal audit for the year ended December 31st , 2006, were satisfactory and reinforce the company’s Internal control systems.

We have deliberated with the external auditors, who have confirmed that the necessary cooperation was received from management in the course of their statutory audit.

Mr A. AdejumoChairman, Audit Committee30th July, 2007

Members of the Committee are:Mr A AdejumoMr Eke Chibuzor EmmanuelMr G. LegunsenMr Dominic IchabaMrs Abiodun OgunkanmiVice Adm. Okhai Akhigbe

In attendance

Mr Donald KanuSecretary

To the shareholders of Cornerstone Insurance Plc.

Mr A. Adejumo

Members of the Committee are:

2121

R e p o r t o f T h e A u d i t o r s t oC o r n e r s t o n e I n s u r a n c e P l c .



2222

C o m p a n y ’ s A c c o u n t i n g P o l i c i e s


Policies adopted by the company in the year are as follows:-Policies adopted by the company in the year are as follows:-

(a) (a) BASIS OF ACCOUNTINGBASIS OF ACCOUNTING

The financial statements are prepared under the historical cost convention and modified

by the revaluation of Leasehold Asset. The general insurance business is prepared on

annual basis of accounting while the life business is prepared on the fund basis of accounting

(b)(b) BASIS OF CONSOLIDATIONBASIS OF CONSOLIDATION

The consolidated financial statements include the accounts of the company and its

subsidiary, Cornerstone Trustees Limited in which it holds 99% of the shares.

(c)(c) FIXED ASSETSFIXED ASSETS

Fixed assets are stated at cost less accumulated depreciation.

(d )(d ) DEPRECIATIONDEPRECIATION

Depreciation is provided on a straight-line basis to write off the book value over the

expected useful lives of the assets concerned. The principal annual rates used for this

purpose are:

%

Leasehold property 2

Motor Vehicles 20

Office Equipment 20

Office Furnitures 10

(e)(e) INVESTMENTINVESTMENT

(i) Short-Term Investment

Short-term investments in quoted equities are accounted for on the basis of lower of

cost and market value. The amount by which cost exceeds market value, analysed

on an item by item basis, is charged to the income statement for that period. Realised

gains or loss on disposal is recognised in the income statement for the period.

(i) Long-Term Investment

Long-term investments are accounted for on a cost basis or the revalued amount.

Where a permanent diminution has occurred, ,the carrying amount is written down to

recognise the loss. The reduction in the carrying amount is reversed where the reason

for the reduction no longer exist. On revaluation, an increase in the carrying amount

is credited to owners' equity as revaluation surplus. The revaluation surplus shall be

used as adjusting factor for subsequent decrease in the carrying amount for the same

investment, to the extent that it has not been reversed or utilised.

2323

C o m p a n y ’ s A c c o u n t i n g P o l i c i e s


(f)(f) INVESTMENT PROPERTIESINVESTMENT PROPERTIES

Investment properties are stated at cost and/or revalued amount. Any surplus arising from

the revaluation of investment properties is credited to the revaluation reserve account.

Decreases that offset previous increases of the same assets are charged against

revaluation reserve and all other decreases are charged to the income statement.

Revaluation of disposed assets are written back to income in line with the provisions of

SAS 13.

(g)(g) INVESTMENT INCOMEINVESTMENT INCOME

Interest receivable is accounted for on accrual basis while dividends are accounted for on

receipt.

(h)(h) PROVISION FOR UNEXPIRED RISKSPROVISION FOR UNEXPIRED RISKS

Provision for unexpired risks is computed on a time apportionment basis of the risk

accepted during the year in accordance with the requirement of the Insurance Act, 2004.

(i)(i) CONTINGENCY RESERVECONTINGENCY RESERVE

This is calculated at the higher of 3% of total premium or 20% of net profit before tax for

non-life business. For life business, it is calculated at the higher of 1% of direct premium

or 10% of net profit in accordance with the Insurance Act, 2004.

(j)(j) TAXATIONTAXATION

Income tax payable is provided on taxable profits in accordance with the provisions of

relevant tax laws.

(k)(k) DEFERRED TAXATIONDEFERRED TAXATION

Deferred taxation, which arises from timing differences in the recognition of items for

accounting and tax purposes, has been calculated using liability method. Provision is made

for all material timing differences.

(l)(l) FOREIGN CURRENCY ITEMSFOREIGN CURRENCY ITEMS

Transactions denominated in foreign currencies are translated into naira at the rates of exchange ruling at the date of the transaction. Monetary asets and liabilities denominated in

foreign currencies are reported at the rates of exchange prevailing at the balance sheet date.

(m)(m) EMPLOYEES' RETIREMENT BENEFITSEMPLOYEES' RETIREMENT BENEFITS

The company maintains contributory staff pension fund which is opened to all confirmed staff

and a non-contributory staff gratuity. Contributions made by the company to the fund are charged

to the profit and loss account each year in compliance with the new Pension Act..

(n)(n) NET PREMIUMNET PREMIUM

Net Premium represents direct premium written by the company plus reinsurance inwards

accepted less reinsurance ceded out.

(o)(o) DEBTORS DEBTORS

Debtors are stated net of provisions for bad and doubtful debts. Provisions are made for

debts between 18 months and over 24 months after review of the company's credit control

report.

(p)(p) DEFERRED ACQUISITION EXPENSESDEFERRED ACQUISITION EXPENSES

Deferred acquisition expenses is determined separately for each class of business and is

calculated by applying to the acquisition expenses the ratio of unearned premium to written

premium.

2424

G r o u p B a l a n c e S h e e t



'2006 '2006 '2005 '2005 '2006 '2006 '2005 '2005

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

NOTESNOTES 20062006 20052005 '2006 '2006 '2005 '2005

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

ASSETSASSETS

CASHCASH 127,375127,375

74,972

92,18592,185

68,176 SHORT-TERM INVESTMENTSHORT-TERM INVESTMENT 1 3,243,9913,243,991

1,306,764

3,164,7393,164,739

1,016,375

DEBTORS & OTHERSDEBTORS & OTHERS 2 1,565,8331,565,833

823,005

1,519,3901,519,390

763,293 DEFERRED ACQUISITION EXPENSESDEFERRED ACQUISITION EXPENSES 12,21812,218

9,398

12,21812,218

9,398 LONG-TERM INVESTMENTLONG-TERM INVESTMENT 3 648,864648,864

534,257

418,414418,414

203,933

INVESTMENT PROPERTIESINVESTMENT PROPERTIES 4 166,235166,235

102,779

166,235166,235

102,779

STATUTORY DEPOSITSTATUTORY DEPOSIT 5 35,00035,000

35,000

35,00035,000

35,000

FIXED ASSETSFIXED ASSETS 6 296,545296,545

337,458

276,980276,980

320,611

TOTAL ASSETSTOTAL ASSETS 6,096,0626,096,062

3,223,633

5,685,1605,685,160

2,519,565

LIABILITIESLIABILITIES

CREDITORS & ACCRUALSCREDITORS & ACCRUALS 7 (1,234,097)(1,234,097)

(375,757)

(1,195,881)(1,195,881)

(365,574)

TRUST & MANAGED FUNDSTRUST & MANAGED FUNDS (369,426)(369,426)

(691,111)

- - -

INSURANCE FUNDINSURANCE FUND 8 (468,293)(468,293)

(322,843)

(468,293)(468,293)

(322,843)

LIFE ASSURANCE FUNDLIFE ASSURANCE FUND 25,82325,823

(30,074)

25,82325,823

(30,074)

DEPOSIT ADMINISTRATION FUNDDEPOSIT ADMINISTRATION FUND (299,064)(299,064)

(231,041)

(299,064)(299,064)

(231,041)

DEFERRED TAXATIONDEFERRED TAXATION 9c (30,670)(30,670)

(21,518)

(27,411)(27,411)

(18,744)

TOTAL LIABILITIESTOTAL LIABILITIES (2,375,727)(2,375,727)

(1,672,344)

(1,964,827)(1,964,827)

(968,276)

NET ASSETSNET ASSETS 3,720,3353,720,335

1,551,289

3,720,3353,720,335

1,551,289

FINANCED BY:FINANCED BY:

SHARE CAPITAL:SHARE CAPITAL:

AUTHORISEDAUTHORISED

6 billion ordinary shares of 50k each6 billion ordinary shares of 50k each 10 3,000,0003,000,000

3,000,000

3,000,0003,000,000

3,000,000

PAID UP PAID UP 10 2,160,9032,160,903

982,274

2,160,9032,160,903

982,274

CONTINGENCYCONTINGENCY 11 335,422335,422

259,868

335,422335,422

259,868

SHARE PREMIUMSHARE PREMIUM 12 1,076,5771,076,577

96,031

1,076,5771,076,577

96,031

CAPITAL RESERVECAPITAL RESERVE 13 133,848133,848

152,475

133,848133,848

152,475

REVENUE RESERVEREVENUE RESERVE 14 13,58513,585

60,641

13,58513,585

60,641

SHAREHOLDERS' FUNDSHAREHOLDERS' FUND 3,720,3353,720,335

1,551,289

3,720,3353,720,335

1,551,289

----------------------------------------------------------------------------------------------------------------------

MR. AMBROSE A. FEESE (CHAIRMAN)MR. AMBROSE A. FEESE (CHAIRMAN)

--------------------------------------------------------------------------------------------------------------------------------------------------------------------

MR. DOMINIC ICHABA (ACTING MANAGING DIRECTOR)MR. DOMINIC ICHABA (ACTING MANAGING DIRECTOR)

The accounting policies on pages 23 to 24 and notes on pages 31 to 38 form part of these financial

statements. Auditors' Report Page '22

AS AT 31ST DECEMBER, 2006

2525

C o m p a n y ’ s B a l a n c e S h e e t


AS AT 31ST DECEMBER, 2006

20062006 20052005

NotesNotes N'000 N'000 N'000 N'000

ASSETSASSETS

CASHCASH 78,33778,337

51,170

SHORT-TERM INVESTMENTSHORT-TERM INVESTMENT 1 2,891,8642,891,864

650,988

DEBTORS & OTHERSDEBTORS & OTHERS 2 832,520832,520

739,750

LOANS TO POLICY HOLDERSLOANS TO POLICY HOLDERS - - -

DEFERRED ACQUISITION EXPENSESDEFERRED ACQUISITION EXPENSES 12,21812,218

9,398

LONG-TERM INVESTMENTLONG-TERM INVESTMENT 3 197,500197,500

203,933

INVESTMENT PROPERTIESINVESTMENT PROPERTIES 4 166,235166,235

102,779

STATUTORY DEPOSITSTATUTORY DEPOSIT 3 20,00020,000

20,000

FIXED ASSETSFIXED ASSETS 6 268,594268,594

307,986

TOTAL ASSETSTOTAL ASSETS 4,467,2684,467,268

2,086,004

LIABILITIESLIABILITIES

CREDITORS & ACCRUALSCREDITORS & ACCRUALS 7 (411,083)(411,083)

(347,063)

INSURANCE FUNDINSURANCE FUND 8 (468,293)(468,293)

(322,843)

LIFE ASSURANCE FUNDLIFE ASSURANCE FUND - - -

DEPOSIT ADMINISTRATION FUNDDEPOSIT ADMINISTRATION FUND - - -

DEFERRED TAXATIONDEFERRED TAXATION 9c (27,411)(27,411)

(18,744)

TOTAL LIABILITIESTOTAL LIABILITIES (906,787)(906,787)

(688,650)

NET ASSETSNET ASSETS 3,560,4813,560,481

1,397,354

FINANCED BY:FINANCED BY:

SHARE CAPITAL:SHARE CAPITAL:

AUTHORISEDAUTHORISED

6 billion ordinary shares of 50k each6 billion ordinary shares of 50k each 10 2,850,0002,850,000 2,850,000

PAID UP PAID UP 10 2,010,9032,010,903

832,274

CONTINGENCYCONTINGENCY 11 325,568325,568

255,933

SHARE PREMIUMSHARE PREMIUM 12 1,076,5771,076,577

96,031

CAPITAL RESERVECAPITAL RESERVE 13 133,848133,848

152,475

REVENUE RESERVEREVENUE RESERVE 14 13,58513,585

60,641

SHAREHOLDERS' FUNDSHAREHOLDERS' FUND 3,560,4813,560,481

1,397,354

General General LifeLife

20062006 20052005

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

13,84813,848

17,006

272,875272,875

365,387

681,192681,192

20,362

5,6785,678

3,181

- - -

220,914220,914

-

-

15,00015,000

15,000

8,3868,386

12,625

1,217,8931,217,893 433,561

(784,798)(784,798) (18,511)

- - -

25,82325,823

(30,074)

(299,064)(299,064) (231,041)

- - -

(1,058,039)(1,058,039) (279,626)

159,854159,854

153,935

150,000150,000 150,000

150,000150,000

150,000

9,8549,854

3,935

- - -

- - -

- - -

159,854159,854

153,935

2626

L i f e R e v e n u e A c c o u n t


FOR THE YEAR ENDED 31ST DECEMBER, 2006

Premium ReceivedPremium Received

Less: Reinsurance OutwardsLess: Reinsurance Outwards

Net PremiumNet Premium

Add Commission ReceivedAdd Commission Received

Investment & Other IncomeInvestment & Other Income

Less: Underwriting ExpensesLess: Underwriting Expenses

Claims Paid & Admitted Claims Paid & Admitted

Management Expenses Management Expenses

Underwriting ResultUnderwriting Result

Less: ContingencyLess: Contingency

Transfer (from)/ to Life Fund AccountTransfer (from)/ to Life Fund Account

Accumulated Fund brought forwardAccumulated Fund brought forward

Accumulated Fund carried forwardAccumulated Fund carried forward

591,858

(411,939)

179,919

42,477

222,396

58,502

(96,045)

(171,066)

(63,765)

(49,978)

(5,919)

(55,897)

30,074

(25,823)

'2006 '2006

N'000 N'000

'2005 '2005

N'000 N'000

54,975

(3,496)

51,479

229

51,708

45,997

(29,953)

(11,741)

(31,070)

24,941

(2,494)

22,447

7,627

30,074

2727

N o n L i f e R e v e n u e A c c o u n t



Gross PremiumGross Premium

Income:Income:

Direct PremiumDirect Premium

Reinsurance InwardsReinsurance Inwards

Gross Written PremiumGross Written Premium

Reinsurance OutwardsReinsurance Outwards

Net Written PremiumNet Written Premium

Movement in Unexpired RiskMovement in Unexpired Risk

Premium EarnedPremium Earned

Commission EarnedCommission Earned

Expenses:Expenses:

Claims Paid & AdmittedClaims Paid & Admitted

Claims RecoveryClaims Recovery

Net Claims Paid and AdmittedNet Claims Paid and Admitted

Maintenance CostMaintenance Cost

Acquisition CostAcquisition Cost

Management ExpensesManagement Expenses

Underwriting resultUnderwriting result

173,164173,164

169,208169,208

3,9563,956

173,164173,164

(99,059)(99,059)

74,10574,105

10,69610,696

84,80184,801

26,10926,109

110,910110,910

(112,482)(112,482)

81,12681,126

(31,356)(31,356)

(19,667)(19,667)

(21,689)(21,689)(18,213)(18,213)

(90,926)(90,926)

19,98419,984

Fire Fire N'000 N'000

Accident N'000

618,157

616,660

1,497

618,157

(142,200)

475,957

(14,580)

461,377

46,001

507,378

(347,604)

160,125

(187,479)

(92,955)

(89,257) (116,973)

(486,664)

20,714

524,148524,148

519,068519,068

5,0805,080

524,148524,148

(61,086)(61,086)

463,062463,062

(37,476)(37,476)

425,586425,586

20,38220,382

445,968445,968

(49,577)(49,577)

33,95433,954

(15,623)(15,623)

(74,210)(74,210)

(62,499)(62,499)(113,803)(113,803)

(266,135)(266,135)

179,833179,833

Marine Marine N'000 N'000

2,147,253

2,132,957

14,296

2,147,253

(337,255)

1,809,998

(117,321)

1,692,677

95,158

1,787,835

(727,397)

281,669

(445,728)

(326,547)

(299,008)(444,836)

(1,516,119)

271,716

Total N'000

831,784

828,021

3,763

831,784

(34,910)

796,874

(75,961)

720,913

2,666

723,579

(217,734)

6,464

(211,270)

(139,714)

(125,564)(195,847)

(672,395)

51,184

Motor N'000

2828



P r o f i t & L o s s A c c o u n t




Underwriting ProfitUnderwriting Profit

Investment & other incomeInvestment & other income

Unrealised loss on quoted stocksUnrealised loss on quoted stocks

Bad debt provisionBad debt provision

Profit before taxProfit before tax

Less taxationLess taxation

Profit after taxProfit after tax

Less:Less:

ContingencyContingency

Revenue reserve brought forwardRevenue reserve brought forward

Dividend under-provided in 2004Dividend under-provided in 2004

Loss of SubsidiaryLoss of Subsidiary

Revaluation Reserve - Write Back/(Transfer)Revaluation Reserve - Write Back/(Transfer)

Proposed DividendProposed Dividend

Revenue reserve carried forwardRevenue reserve carried forward

Earnings per share (Basic)Earnings per share (Basic)

Dividend per share (Basic)Dividend per share (Basic)

'2006 '2006 '2005 '2005 '2006 '2006 '2005 '2005

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

271,716271,716 253,479 271,716271,716 253,479

146,189146,189

105,939

216,090216,090

104,656

(3,312)(3,312)

(6,184)

(3,312)(3,312)

(6,184)

(136,320)(136,320)

(49,549)

(136,320)(136,320)

(49,549)

278,273278,273

303,685

348,174348,174

302,402

278,273278,273

303,685

348,174348,174

302,402

(101,449)(101,449)

(96,992)

(100,714)(100,714)

(96,612)

176,824176,824

206,693

247,460247,460

205,790

(69,635)(69,635)

(60,480)

(69,635)(69,635)

(60,480)

107,189107,189

146,213

177,825177,825

145,310

60,64160,641

33,474

60,64160,641

33,474

- - (2,192)

- - (2,192)

- - - (70,636)(70,636)

-

18,62718,627

(18,627)

18,62718,627

(17,724)

186,457186,457

158,868

186,457186,457

158,868

(172,872)(172,872)

(98,227)

(172,872)(172,872)

(98,227)

13,58513,585

60,641

13,58513,585

60,641

4.14.1 11 5.75.7 10.5

4.04.0 5 4.04.0 5

2929



C a s h f l o w S t a t e m e n t




'2006 '2006 '2005 '2006 '2005

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

CASH FLOW FROM OPERATING ACT.

Profit before taxation 278,273278,273 303,685 348,174 302,402

Depreciation of fixed assets 82,57382,573

88,239

76,363

83,233

Increase/(Decrease) in insurance fund 145,450145,450

(159,487)

145,450

(159,487)

Increase in life fund 12,12612,126

98,196

12,126

98,196

Decrease/(Increase) in capital reserve 18,62718,627

(903)

- -

Loss/(Profit) on sale of fixed assets 1,8521,852

(848)

1,603

(848)

Life contingency reserve 5,9195,919

2,494

5,919

2,494

Investment income (163,356)(163,356)

(98,004)

(214,381)

(97,624)

OPERATING PROFIT BEFORE

CHANGES IN WORKING CAPITAL 381,464381,464

233,372

375,254

228,366

CHANGES IN WORKING CAPITAL:

Outstanding premium (742,828)(742,828)

(146,674)

(756,097)

(122,309)

Deferred Acquisition Expenses (2,820)(2,820)

(9,398)

(2,820)

(9,398)

Trust and managed funds (288,094)(288,094)

235,076

- -

Creditors and accruals 725,348725,348

138,604

731,157

143,036

Net changes in working capital (308,394)(308,394)

217,608

(27,760)

11,329

CASH GENERATED FROM

OPERATING ACTIVITIES 73,07073,070

450,980

347,494

239,695

Tax paid (65,350)(65,350)

(67,362)

(65,350)

(66,834)

NET CASH FROM OPERATING ACT. 7,7207,720

383,618

282,144

172,861

CASH FLOW FROM INVESTING ACT.

Investment and other income 163,356163,356

98,004

214,381

97,624

Proceeds on sale of fixed asset 6,6286,628

5,870

3,652

5,870

Purchase of fixed assets (50,139)(50,139)

(88,474)

(37,986)

(84,808)

Purchase of investment - Short-Term (1,937,227)(1,937,227)

(249,029)

(2,148,364)

(80,460)

Purchase of investment - Long-Term (133,235)(133,235)

(151,986)

(285,118)

(58,072)

Purchase of investment - Property (63,456)(63,456)

(8,779)

(63,456)

(8,779)

NET CASH FLOW FROM INVESTING ACT. (2,014,073)(2,014,073)

(394,394)(394,394)

(2,316,891)(2,316,891)

(128,625)(128,625)

CASH FLOW FROM FINANCING ACT.

Proceeds from public offer 2,159,1752,159,175

120,647

2,159,175

120,647

Dividends paid (100,419)(100,419)

(145,020)

(100,419)

(145,020)

NET CASH FLOW FROM FINANCING ACT. 2,058,7562,058,756

(24,373)(24,373)

2,058,7562,058,756

(24,373)(24,373)

NET INCREASE/(DECREASE) IN CASH AND CASH

EQUIVALENTS 52,40352,403

(35,149)

24,009

19,863

Cash & cash equivalents at 1st January 74,97274,972

110,121

68,176

48,313

Cash & cash equivalents at 31st December 127,375127,375

74,97274,972

92,18592,185

68,17668,176

3030

N o t e s t o t h e A c c o u n t s



(1).(1). SHORT-TERM INVESTMENT:SHORT-TERM INVESTMENT:

'2006 '2006

N'000 N'000

Quoted investmentQuoted investment

(Market Value N83,860,951)(Market Value N83,860,951) 53,792 Cash on depositCash on deposit 2,838,072

2,891,864

Life investment (Note 18)Life investment (Note 18) 272,875

CompanyCompany 3,164,739

Subsidiary: - Cash on depositSubsidiary: - Cash on deposit 79,252

GroupGroup 3,243,991

(2).(2). DEBTORS & OTHERSDEBTORS & OTHERS

This balance comprises the following:-This balance comprises the following:-

'2006

Non-Life:Non-Life: N'000

Outstanding premiumOutstanding premium 791,932

Staff loansStaff loans 24,961

Stock & othersStock & others 4,677

Prepaid rentPrepaid rent 10,950

832,520

Life - Debtors & others(Note 19)Life - Debtors & others(Note 19) 681,192

Life - Loans to Policy Holders Life - Loans to Policy Holders 5,678

CompanyCompany 1,519,390

Subsidiary:Loans & prepaymentSubsidiary:Loans & prepayment 46,443

GroupGroup 1,565,833

(3).(3). LONG-TERM INVESTMENT:LONG-TERM INVESTMENT:

Investment in subsidiary (Life & Non-Life)Investment in subsidiary (Life & Non-Life) 120,175

Retained (loss)/profit of subsidiaryRetained (loss)/profit of subsidiary (66,009)

Unquoted investmentUnquoted investment

Life investment in SubsidiaryLife investment - Others (Note 20)Life investment in SubsidiaryLife investment - Others (Note 20)

CompanyCompany

Subsidiary - Investment: Subsidiary - Investment:

20,000

- Shares & Others - Shares & Others347,673

Investment in subsidiaryInvestment in subsidiary

(203,232)

Retained (loss)/profit of subsidiaryRetained (loss)/profit of subsidiary

66,009

GroupGroup

'2005

N'000

84,627

119,306

203,933

-

203,933

414,951

(84,627)

534,257

(4).(4). INVESTMENT PROPERTIESINVESTMENT PROPERTIES

'2006

N'000Investment propertiesInvestment properties

166,235

'2005 '2005

N'000 N'000

84,651 566,337

650,988

365,387

1,016,375

290,389

1,306,764

'2005

N'000

642,808

62,851

18,367

15,724

739,750

20,362

3,181

763,293

59,712

823,005

80,000 4,627

45,000

369,951

(80,000)

(4,627)

'2005

N'000

102,779

'2006

N'000

54,166

143,334

197,500

220,914

418,414

367,673

(137,223)

648,864

* The directors are of the opinion that unquoted shares are not worth less than the

amount at which they are included in the accounts.

* Properties comprise of land in Abuja and Lekki acquired for investment purposes.

3131

83,057137,867



N o t e s t o t h e A c c o u n t s C o n t d .

This represents the company's deposit with the Central Bank of Nigeria at the end of 31st December, 2006 in compliance with the Insurance Act, CAP I17 LFN 2004.

COST / VALUECOST / VALUE

Balance brought forwardBalance brought forward

AdditionsAdditions

DisposalDisposal

Non-LifeNon-Life

Life ( Note 21)Life ( Note 21)

SubsidiarySubsidiary

Group Group

DEPRECIATIONDEPRECIATION

Balance brought forwardBalance brought forward

Charge for the yearCharge for the year

DisposalDisposal

Non-L:ifeNon-L:ife


CompanyCompany


GroupGroup


GroupGroup

Non-LifeNon-Life


CompanyCompany


As at 31st Dec, 2005As at 31st Dec, 2005

194,804

18,735

(14,682)

198,857

17,475

216,332

17,847

234,179

128,245

25,941

(9,427)

144,760

11,463

156,223

5,999

162,222

11,848

71,957

66,559

9,507

76,066

5,911

81,977

185,094

12,894

-

197,988

2,342

200,330

8,370

208,699

109,902

38,857

-

148,759

2,005

150,765

4,746

155,511

3,624

53,189

75,192

2,313

77,505

5,735

83,240

40,395

1,275

-

41,670

2,748

44,418

7,902

52,320

28,277

4,137

-

32,414

711

33,125

3,809

36,934

4,093

15,386

12,118

805

12,923

5,200

18,123

172,000

5,083

-

177,083

-

177,083

-

177,083

17,883

3,187

-

21,070

-

21,070

-

21,070

-

156,013

154,117

-

154,117

-

154,117

592,293

37,986

(14,682)

615,597

22,565

638,162

34,119

672,281

284,307

72,124

(9,427)

347,004

14,179

361,183

14,554

375,737

19,565

296,545

307,986

12,625

320,611

16,846

337,458

b. The company's leasehold property is stated at professional valuation as at 1st November,

2000 by Biodun Olapade & Co, Estate Surveyors & Valuers, on the basis of open market

valuation. In compliance with the requirements of the Accounting Standards, the surplus

on revaluation and the depreciation no longer required were taken to capital reserve

account.

MOTOR MOTOR

VEHICLES VEHICLES

N'000 N'000 OFFICE OFFICE

EQUIP. EQUIP.

N'000 N'000

OFFICE OFFICE

FURN. FURN.

N'000 N'000 LEASEHOLDLEASEHOLD

PROPERTY PROPERTY

N'000 N'000

TOTAL TOTAL

N'000 N'000

(5).(5). STATUTORY DEPOSITSTATUTORY DEPOSIT

(6).(6). FIXED ASSETSFIXED ASSETS

a)a) Fixed Assets comprise:Fixed Assets comprise:

3232




(7).(7). CREDITORS & ACCRUALSCREDITORS & ACCRUALS

Reinsurance BalanceReinsurance Balance

Accrual chargesAccrual charges

Unpaid dividendUnpaid dividend

Dividend Under-provided in 2004Dividend Under-provided in 2004

Taxation Payable (Note 9)Taxation Payable (Note 9)

LifeLife

CompanyCompany

Subsidiary - creditors & accrualsSubsidiary - creditors & accruals

GroupGroup

(8).(8). INSURANCE FUNDINSURANCE FUND

Balance as at Jan.1stBalance as at Jan.1st

Transfer to/ from revenue Transfer to/ from revenue

accounts:accounts:

MotorMotor

FireFire

AccidentAccident

MarineMarine

'2006 '2006

N'000 N'000

54,997

61,616

172,872

-

121,598

411,083

784,798

1,195,881

38,216

1,234,097

'2006 '2006

N'000 N'000

75,961

(10,696)

14,580

37,476

Unexpired Risk ReserveUnexpired Risk Reserve

Outstanding Claims ReserveOutstanding Claims Reserve

Balance as at December 31, 2006Balance as at December 31, 2006

N'000 N'000

277,707277,707

117,321

395,028

73,265

468,293

'2005 '2005

N'000 N'000

40,921

110,822

98,227

2,192

94,901

347,063

18,511

365,574

10,183

375,757

'2005 '2005

N'000 N'000

(59,160)

11,342

(154,153)

44,801

N'000 N'000

434,877434,877

(157,170)

277,707

45,136

322,843

Provision for unexpired risks is computed on a time apportionment basis of the risk

accepted during the period in accordance with the requirement of the Insurance Act, 2003.

3333




(9).(9). TAXATION PAYABLETAXATION PAYABLE

a) The movement on this account

during the period was as follows:

Balance, beginning of period

Charge for the period (Note 9b)

Under-provision

Payment during the year

Balance, end of the yearBalance, end of the year

b) The tax charge comprises:

Income tax

Education tax

Under-provision

Deferred tax

Company Profit & Loss Company Profit & Loss

Subsidiary: Income & Education Tax

Deferred Tax

Group Profit & LossGroup Profit & Loss

c) DEFERRED TAXATION

Balance as at January 1st

Transfer from/(to) Profit & Loss (9b)

CompanyCompany

Subsidiary

GroupGroup

'2006 '2006

N'000 N'000

94,901

92,047

-

(65,350)

121,598121,598

'2006 N'000

83,757

8,290

92,047

-

92,047

8,667

100,714100,714

250

485

101,449101,449

'2006

N'000

18,744

8,667

27,41127,411

3,259

30,67030,670

'2005 '2005

N'000 N'000

62,440

94,901

4,394

(66,834)

94,90194,901

'2005 N'000

87,086

7,815

94,901

4,394

99,295

(2,683)

96,61296,612

654

(274)

96,99296,992

'2005

N'000

21,427

(2,683)

18,74418,744

2,774

21,51821,518

3434




(10).(10). SHARE CAPITALSHARE CAPITAL

Authorised - 6 billion ordinary shares

of 50k each

Paid Up

Balance brought forward

Public Offer

Rights Issue

Bonus Issue

Prior Year Adjustment

4,321,806,000 ordinary shares of 50k each4,321,806,000 ordinary shares of 50k each

(11).(11). CONTINGENCY RESERVECONTINGENCY RESERVE

As at 1st January

Transfer from profit & loss account

General

Life

The contingency reserve is provided for at the higher of 20% of net profit before tax and 3% of total premium

for non-life and 10% of net profit for life in accordance with the provision of the Insurance Act, 2003

(12).(12). SHARE PREMIUM SHARE PREMIUM

Share premium brought forward

Prior Year Adjustment

Additional premium

Share premium carried forwardShare premium carried forward

(13).(13). CAPITAL RESERVECAPITAL RESERVE


Profit of subsidiary (Note 14)

'2006 '2006

N'000 N'000

3,000,000

982,274

1,178,629

-

-

-

2,160,9032,160,903

'2006

N'000

255,933

69,635

325,568

9,854

335,422335,422

'2006 '2006

N'000 N'000

96,031

-

980,546

1,076,5771,076,577

'2006

N'000

152,475

(18,627)

133,848133,848

'2005 '2005

N'000 N'000

3,000,000

557,768

-

47,041

371,845

5,620

982,274982,274

'2005

N'000

195,453

60,480

255,933

3,935

259,868259,868

'2005 '2005

N'000 N'000

28,045

(5,620)

73,606

96,03196,031

'2005

N'000

133,848

18,627

152,475152,475

3535




(14).(14). REVENUE RESERVEREVENUE RESERVE

Revenue reserve brought forward

Dividend under-provided in 2004

Loss of Subsidiary

Revaluation Reserve - Write back/(Transfer) Note 13

Profit for the year

Proposed Dividend

Revenue reserve carried forward

(15).(15). MANAGEMENT EXPENSESMANAGEMENT EXPENSES

Included in the management expenses allocated to the various revenue accounts

are the following charges;

'2006

N'000

Depreciation 76,363

Auditors' fees 2,500

Directors' fees 928

Profit/(Loss) on disposal of assets 1,025

Wages & Salaries 103,298

'2005

N'000

83,233

1,500

1,156

(848)

92,177

(16).(16). EMOLUMENTS OF DIRECTORSEMOLUMENTS OF DIRECTORS

Emolument of directors were as follows:

'2006

Fees: N'000

The Chairman's fee amounted to 120

Other Directors 808

928928

Emoluments as Executives 2,1542,154

Emolument of the highest paid Director

amounted to 1,2541,254

'2005

N'000

120

1,036

1,1561,156

3,0573,057

1,3931,393

The table below shows the number of directors (excluding the chairman) whose

remuneration (excluding pension contribution and allowances) in respect of services

rendered to the company fell within the range

2006 2005

Number Number

50,001 - 100,000 9 9

500,001 - 1,000,000 3 3

'2006 '2006

N'000 N'000

60,64160,641

- -

- -

18,62718,627

79,26879,268

107,189107,189

186,457186,457

(172,872)(172,872)

13,58513,585

'2005

N'000

33,474

(2,192)

-

(18,627)

12,655

146,213

158,868

(98,227)

60,64160,641

'2006 '2006

N'000 N'000

60,64160,641

- -

(70,636)(70,636)

18,62718,627

8,6328,632

177,825177,825

186,457186,457

(172,872)(172,872)

13,58513,585

'2005

N'000

33,474

(2,192)

-

(17,724)

13,558

145,310

158,868

(98,227)

60,64160,641

Group Company

3636




(17).(17). EMPLOYEESEMPLOYEES

The table below shows the number of employees whose earnings (excluding

pension contribution and allowances) fell within the following range:

20062006 20052005

30,000 - 60,000 1

60,001 - 70,000 1 1

70,001 - 80,000 - 1

80,001 - 100,000 1 2

100,001 - 200,000 23 79

200,001 - 360,000 81 75

360,001 - 500,000 29 9

500,001 and above 10 7

145 175

LIFE FUNDLIFE FUND

(18)(18) SHORT-TERM INVESTMENTSHORT-TERM INVESTMENT

These comprise:

'2006 '2006 '2005 '2005

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

Quoted Investment

(Market Value N96,563,141) 77,000

47,051

Cash on Deposit 195,875

318,336

272,875

365,387

(19)(19) DEBTORS & OTHERSDEBTORS & OTHERS

These comprise:

'2006 '2006 '2005 '2005

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

Reinsurance 586,905

8,044

Trade Debtors 93,266

-

Current account with Non-Life - 10,488

Staff Loan 1,021

1,830

681,192

20,362

(20)(20) LONG-TERM INVESTMENTLONG-TERM INVESTMENT

These comprise:

'2006 '2006 '2005 '2005

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

Unquoted Investment 183,057

-

Bonds 37,857

-

Unquoted Investment @ Cost 220,914

-

3737




(21)(21) FIXED ASSETSFIXED ASSETS

COST / VALUE


Additions

DEPRECIATION


Charged for the year

NET BOOK VALUE

As at December 2006

As at December 2005

Motor

Vehicles

N'000

17,475

-

17,47517,475

7,968

3,495

11,46311,463

6,0126,012

9,507

Furniture

& Fittings

N'000

2,748

-

2,7482,748

435

276

711711

2,0372,037

2,313

Office

Equipment

N'000

2,342

-

2,3422,342

1,537

468

2,0052,005

337337

805

Total

N'000

22,565

22,56522,565

9,940

4,239

14,17914,179

8,3868,386

12,625

(22)(22) CREDITORS & ACCRUALSCREDITORS & ACCRUALS

'2006 '2006

N'000 N'000

Outstanding Claims 688,620

Reinsurance balance 91,981

Others 4,197

784,798784,798

'2005 '2005

N'000 N'000

18,511

-

-

18,51118,511

(23)(23) LIFE ASSURANCE FUNDLIFE ASSURANCE FUND

Balance as at January 1, 2005

Profit & Loss Account

Balance as at December 31, 2006

'2006 '2006

N'000 N'000

30,074

(55,897)

(25,823)(25,823)

'2005 '2005

N'000 N'000

7,627

22,447

30,07430,074

(24)(24) CONTINGENCYCONTINGENCY

'2006 '2006 '2005 '2005

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

Balance as at January 1, 2006 3,935 1,441

Profit & Loss Account 5,919 2,494

Balance as at December 31, 2006 9,8549,854 3,9353,935

(25)(25) EMPLOYEES' RETIREMENT BENEFITSEMPLOYEES' RETIREMENT BENEFITS

The contributions to the staff provident fund and the staff gratuity scheme are administered

by a board of trustees. The costs are charged to the profit and loss account.

(26)(26) EARNINGS PER SHAREEARNINGS PER SHARE

The adjusted earnings per share is computed on profit after tax and the number of ordinary

shares in issue as at 31st December, 2006.

(27)(27) SUBSEQUENT TO YEAR ENDSUBSEQUENT TO YEAR END

Subsequent to the year end, the authorised and paid up share capital was increased to N5 billion and

African Capital Alliance acquired 51% of the capital of the company.

(28)(28) APPROVAL OF ACCOUNTSAPPROVAL OF ACCOUNTS

The accounts were approved by the Board of Directors on July 25th, 2007.

3838

C o n s o l i d a t e S t a t e m e n t o f V a l u e A d d e d



Premium Earned

Investment & Other Income

Less:

Claims, commissions, interest etc

Value Added

Applied to pay

Employees salaries and

other costs

Governments taxes

* Shareholders dividends

Retained in the business:

Profit

Depreciation

Unexpired Risk

Contingency

Life Fund

'2006

N'000

1,872,596

142,877

2,015,473

(1,188,259)

827,214827,214

399,025

101,449

107,189

-

82,573

117,321

75,554

(55,897)

827,214827,214

%

100100

48

12

13

-

10

14

9

(7)

100100

'2005

N'000

1,233,854

99,755

1,333,609

(789,721)

543,888543,888

284,193

96,992

98,227

47,986

88,239

(157,170)

62,974

22,447

543,888543,888

%

100100

52

18

18

9

16

(29)

12

4

100100

The Value added represents the additional wealth which the company has been able to create

by its own and its employees' efforts.

* The balance on dividend amounting to N65,683,000 is to be provided out of reserves

brought forward.

3939

F i v e - Y e a r F i n a n c i a l S u m m a r y


2002 - 2006

CASH & BANK

DEBTORS & OTHERS

DEFERRED ACQUISITION EXPENSES

SHORT-TERM INVESTMENT

LONG-TERM INVESTMENT

INVESTMENT PROPERTIES

STATUTORY DEPOSIT

FIXED ASSETS

TRUST AND MANAGED FUNDS

CREDITORS & ACCRUALS

INSURANCE FUND

LIFE ASSURANCE FUND

DEPOSIT ADMIN. FUND

DEFERRED TAXATION

NET ASSETSNET ASSETS

REPRESENTED BY:

PAID UP SHARE CAPITAL

CONTINGENCY

SHARE PREMIUM

BONUS ISSUE RESERVE

CAPITAL RESERVE

REVENUE RESERVE

SHAREHOLDERS' FUNDSHAREHOLDERS' FUND

PROFIT AFTER TAX

EARNINGS PER SHARE

(BASIC) KOBO

EARNINGS PER SHARE

(ADJUSTED) KOBO

DIVIDEND PER SHARE (BASIC) KOBO

DIVIDEND PER SHARE (ADJUSTED) KOBO

Note: The adjusted earnings per share and dividend per share are computed on profit after tax and the number

of ordinary shares in issue as at 31st December, 2006

'2002 '2002

N'000 N'000

39,628

397,491

-

333,051

189,287

-

13,500

267,434

(114,235)

(138,151)

(300,900)

64

(34,014)

(14,299)

638,856638,856

210,000

113,146

123,203

-

133,848

58,659

638,856638,856

89,956

21

2

10

1

'2006 '2006

N'000 N'000

127,375

1,565,833

12,218

3,243,991

648,864

166,235

35,000

296,545

(369,426)

(1,234,097)

(468,293)

25,823

(299,064)

(30,670)

3,720,3353,720,335

2,160,903

335,422

1,076,577

-

133,848

13,585

3,720,3353,720,335

176,824

4

4

4

4

'2005 '2005

N'000 N'000

74,972

823,005

9,398

1,306,764

534,257

102,779

35,000

337,458

(691,111)

(375,757)

(322,843)

(30,074)

(231,041)

(21,518)

1,551,2891,551,289

982,274

259,868

96,031

-

152,475

60,641

1,551,2891,551,289

206,693

11

5

5

2

'2004 '2004

N'000 N'000

110,121

676,331

-

1,057,735

381,368

94,000

35,000

342,245

(456,035)

(249,167)

(482,330)

(7,627)

(155,292)

(24,475)

1,321,8741,321,874

557,768

196,894

28,045

371,845

133,848

33,474

1,321,8741,321,874

173,540

16

4

13

3

'2003 '2003

N'000 N'000

49,670

477,376

-

449,353

134,554

94,000

13,500

305,484

(171,382)

(104,496)

(429,783)

1,330

(85,463)

(21,442)

712,701712,701

378,000

148,990

-

-

133,848

51,863

712,701712,701

126,227

17

3

13

1

4040

S h a r e C a p i t a l I n f o r m a t i o n


2002 - 2006

2006 2,160,903,000 4,321,806,000 Public Offer

DIRECTORS HOLDING AS AT DEC 2006DIRECTORS HOLDING AS AT DEC 2006

NAMESNAMES DIRECT HOLDINGDIRECT HOLDING INDIRECT HOLDINGINDIRECT HOLDING TOTAL HOLDINGTOTAL HOLDING %%

FEESE AMBROSE A 56,440,900

56,440,900

1.31 N S F DEVELOPMENT

ABDULRAHMAN HUSSANNI 97,803,271

97,803,271

2.26 RAHAMAN BROTHERS LTD

AMEADAJI PETER 6,171,426

1,000,000

7,171,426

0.17 TONETFIELDS LTD

AKHIGBE MIKE OKHAI 122,200,000

122,200,000

2.83 ANCHORAGE HOLDING LTD

BABINTON-ASHAYE FUNMI 11,270,371

11,270,371

0.26

EGBEYEMI OLADAPO 77,634,204

28,088,875

105,723,079

2.45 WORTHWHILE VENTURES & LADYBIRD INVEST.

GEMADE BANABAS 102,623,138

102,623,138

2.37 BAVIS INVESTMENT LTD

IKIEBE RICHARD O 41,660,178

14,150,585

55,810,763

1.29 RAITAS LTD & COLTROSS NIG LTD

OGUNKANMI ABIODUN 2,898,695

88,313,324

91,212,019

2.11 BODTEX INVEST & ESTATE OF OGUNKANMI

ICHABA DOMINIC 1,287,900

1,287,900

0.03 PACESETTERS INVESTMENT LTD

TOTAL 651,542,867 15.08

SUBSTANTIAL HOLDING AS AT DEC 2006SUBSTANTIAL HOLDING AS AT DEC 2006

NAMESNAMES TOTAL HOLDINGTOTAL HOLDING %%

I B T C CHARTERED PLC 545,454,540

12.62

ENERGY RESOURCES MGT LTD 516,454,800 11.95

VETIVA CAPITAL MGT LTD 368,636,343

8.53

1,430,545,683

SHAREHOLDERS STRUCTURESHAREHOLDERS STRUCTURE

NUMBERNUMBER %% HOLDINGSHOLDINGS

INDIVIDUALS 17,116

95

2,071,620,653

COPORATE 854 5 2,250,239,826

TOTAL 17,970 100 4,321,860,479

4141

S h a r e C a p i t a l I n f o r m a t i o n ( C o n t d )


2002 - 2006

SHAREHOLDING NUMBER % HOLDINGS %

1-500 185 1.03 49,936 0.00

501-1000 273 1.52 238,360 0.01

1001-5000 4,482 24.94 18,386,481 0.43

5001-10000 3,499 19.47 30,724,313 0.71

10001-20000 2,487 13.84 42,281,525 0.98

20001-50000 2,898 16.13 109,398,445 2.53

50001-100000 1,900 10.57 160,614,427 3.72

100001-500000 1,696 9.44 407,679,580 9.43

500001-1000000 277 1.54 218,712,058 5.06

1000001 & ABOVE 273 1.52 3,333,775,354 77.14

TOTAL 17,970 100 4,321,860,479 100

2006 247,460,000 172,872,000 4

4242

P e r f o r m a n c e C h a r t


4343

M a n a g e m e n t S t a f f



AG.MANAGING DIRECTOR/CHIEF EXECUTIVE Dominic Ichaba GENERAL MANAGER Soji Emiola

DEPUTY GENERAL MANAGER Dayo Aderinto

ASSISTANT GENERAL MANAGERS Adeola Kudaya Sunday Ojo Martins Uwuilekhue Kemi Omomia Charles Akobundu

SENIOR MANAGERS Steve Alangbo Demola Abidogun Peter Ekwueme MANAGERS Yinka Dawodu Duro Saliu Demola Adepoju Dele Akande Donald Kanu Kola Mustapha Blessing Onyeanuna Kayode Adenihun Misari Ibiam Joke Alo Bolaji Ayiejuyo Rasheed Bolarinwa Collins Igbinakenzua Jackson Ikiebe Kola Adekoya Niyi Aboloyinjo Lanre Onajide Paul Aja

AG.MANAGING DIRECTOR/CHIEF EXECUTIVE

GENERAL MANAGER

DEPUTY GENERAL MANAGER

ASSISTANT GENERAL MANAGERS

SENIOR MANAGERS

MANAGERS

4444

P r o x y F o r m


Resolutions For Against

1. To receive the reports and Financial Statements 2. To declare dividend 3. To Re-elect Mr. Richard Ikiebe

4. To Re-elect Dr. Barnabas Gemade 5. To Re-elect Alhaji Hussaini Abdulrahman

6. To Appoint Auditors 7. To Elect/re-elect members of the Audit Committee 8. To approve the remuneration of Directors

9. To authorize Directors to fix remuneration of auditors 10. To change the Name of the Company 11. To alter the Memorandum and Articles of Association

4545

Cornerstone Insurance Plc which will be held at Agip Recital Hall, Muson Centre, Onikan, Lagos on 29th August 2007 at 11am.The Admission Slip must be produced by the Shareholder on his proxy in order to obtain entrance to the Annual General Meeting.

U n c l a i m e d D i v i d e n d s / S h a r e C e r t i f i c a t e s


RETURNED FROM POST OFFICE AS AT TODAY 20 / 7/ 2007

1 ABATAN ISREAL OLUFELA2 ABDUL KAREEM ABDUL WASIU3 ABOLUDE OLANIKE OMOYIOLA4 ABOLURIN MATTHEW SEGUN5 ABUBAKAR DANJUMA ABDULLAHI6 ABUBAKAR HASSAN MUHAMMAD (ALHAJI)7 ABUMERE VICTOR8 ACHAPU EBITIMI JOYCE9 ADANGSON BARRY10 ADEBANWO FATAI ADEBOLA11 ADEBIYI ADEMOLA12 ADEDEJI ISIAKA ADETOKUNBO13 ADEDEJI SHERIF ALAMU OLADIPO14 ADEDEJI-MABIAKU AMAJUORITSE UTSE15 ADEDIRAN GBENGA BENJAMIN (PASTOR)16 ADEDOKUN GIDEON OLUWADAMILOLA17 ADEEKO ADESANMI18 ADEGBE AJOGU JEPTHA19 ADEGBE ENYOJO JESSE20 ADEGBOYE FAMILY WELFARE TRUST21 ADELAKUN IFEDAYO OYEDELE22 ADELAKUN OLUWATOMISIN F23 ADEMU OMOH P.24 ADENIJI ADEYEMI ISRAEL25 ADENIYI ADEWALE OREOLUWA26 ADENIYI OLUWASEGUN27 ADENUGA MOSUDI ADEMOLA28 ADEPITAN OLULANU OMOTUNDE29 ADEWALE ADETUNJI30 ADEWALE EMMANUEL ADEBOLA31 ADEYEYE OLUKOYA M.32 ADEYINKA SAMUEL ADISA OLUKAUODE33 ADUBA VICTOR MR.34 AFOLABI KAMORU ABIORO35 AGBONAVBARE KENNEDY OSAS36 AGWU MAUREEN ORI NWABUISI37 AJALA ADEREMI OMOTESO38 AJALA KUDTRAT ABEBI OLABISI39 AJAYI BABAFEMI OLUYEMI40 AJIBADE DANIEL OLUWASEGUNFUNMI41 AJUDUA SAMUEL ELOKE42 AKAAKAR BEN (ENGR)43 AKANNI OWOLA ADISA44 AKANNI TAOREED KOLADE45 AKINBAMI ABIOLA TAWAKALIT46 AKINBAMI HAMEERAH ATINUKE OMOLARA47 AKINBO STEPHEN ADEBAYO48 AKINKUNMI OLUFEMI ADEMOLA49 AKINLABI RASIDAT ADEBOLA50 AKINLUYI OLAOLUWA GABRIEL51 AKINRO CHRIS A.52 AKINROWO KEHINDE ADEKUNLE53 AKINTAJU ABIODUN TEMIT54 AKINTUNDE ABOLADE55 AKINWUNMI ADEBAYO56 AKINYEMI FUNMILAYO CAROLINE57 AKINYODE MAUSI OLABISI58 AKIOLU FADEKE KUBURAT59 AKPERI ANINO60 AKUMA OBIAGERI EUNICE61 AKURA JULIET MWUESE62 AKWINWU KELECHI IHEANACHO63 ALALIBO ABIBIA64 ALASI FOLASADE65 ALHASSAN MAJU66 ALI SURAJUDEEN AYANJIDE67 ALIDU ESTHER HALIMA68 AMINOMA EBENEZER ORITSETEMIYIN69 ANIEBONAM UCHENNA CLEMENT AUGUSTINE70 ANUM JOSEPH AKOOM71 ANYACHOR UCHE SYLVIA72 ANYANKU CHUKWU ANYANWU 73 ANYANWO VICTOR CHIAGOZIE74 ARCOD TURST LIMITED75 ARINZE CHUKWUNWIKE JUVANTUS76 AROWOLO BABATUNDE77 ATIEGOBA ANNE IFEANYI78 AUDU AISHA GOD'S GIFT79 AZEEZ SIKIRU ADETONA80 AZUBUIKE CHIBUZOR C81 BABALOLA OLATUNJI OLADAPO (DR)82 BADMUS TEMITOPE MUINAT83 BAIKE EMMANUEL OLUSOJI84 BALOGUN AFUSAT ADUNNI85 BALOGUN JOSEPH OLUSEGUN86 BAMIGBOYE TAIWO ADEWOLE87 BEBETEIDOH ALEXANDRA T.88 BEBETEIDOH LAURYN OYIN89 BEBETEIDOH PAULA-YOUNG90 BEBETEIDOH WISDOM

RETURNED FROM POST OFFICE AS AT TODAY 20 / 7/ 2007

A list of shareholders who have either unclaimed dividends or share certificates have been compiled and attached to this report. Shareholders who find their names on the list and have claimed their dividend or share certificates since December 2006 should kindly ignore the attached list. However, shareholders who are yet to claim their unclaimed dividend or Share Certificate should contact the company secretary or the Registrars.

91 BELLO ABDULAZEEZ OLUWAFEMI92 BELLO GBOLAHAN93 BELLO TAWAKALIT OLAYINKA94 BELLO TONY ONOME95 BISIRIYU MUTIU OLUWASEYI96 BOLARINWAN FEYISOLA OMLARA97 BOLARINWANRASHEED RAJI98 BUKOL NIGERIA LTD99 BUSARI TEMITOPE FAUSAT100 CHUKWUANI JUNIOR CLIFFORD101 DARE ADESOLA ADEBAYO102 DAYO OLUWAYOMI103 DAYO OLUWAYOMI104 DESALU OLUWADARA105 DIKE FRANKLIN IFEDINACHUKWU106 DIKE INNOCENT EMENIKE107 DIMKA ISAAC YILJI ZAKARI108 DIVINE NOBLE FAITH VENTURES109 DUNDUN KEHINDE IBIDUN110 DUROSINMI-ETTI OLUFUNMILAYO TITI111 DUYILEMI FEMI EDWARD112 EGBUJI GOODY CHIKE113 EGOPIJA JULIANA AYUWU114 EJEMUTA ISAAC115 EGOPIJA JULIANA AYUWU116 EJEMUTA ISAAC117 EKONG ANDIKAN CHARLES118 EKONG IBIYE ASME119 EKONG UDEME MICHAEL120 EKUNDAYO-ELISHA OLAMIPOSI ELIAKIM121 ELUHAIWE PAUL NDUKA122 ELUJOBA AYOOLA OLABISI123 ELUYEFA PETER124 EMMANUEL MONDAY SAMSON125 EMODI VICTOR126 EMORDI NKIRUKA VERONICA127 EMORDI UCHE JENNIFER128 ENEJE PETER CHUKWUMA129 ENIKUOMEHIN CHRISTIAN OMOTEREM130 ENYENIHI DEREK ABASIEKONG131 ERONMOMMOSELE VINCENT132 ESEHA AUGUSTINE ENEJETA133 ESEHA OMAMIRO OLUWASEYI134 ESENE JOSEPH KELLY135 ETOWE UFUOMAOGHENE EFEOGHENE O.136 ETTA CLAUDIA IGUO137 EWURUM ANGELA138 EYA OLIVER AMA139 EZE FOLUKE BOSEDE140 EZENWA MOUREEN IFEOMA141 FADAIRO OLUWASEGUN EMMANUEL142 FADARE CHIOMA PRECIOUS143 FAMAKINWA IBIRONKE OLUBUNMI144 FAMCAB NIG. LTD145 FAOZAT VENTURES146 FATOYE AYODEJI SAMUEL147 FESTUS FELIX ARINYE148 FIDELITY UNION HOUSE A/C149 FOLAYAN JOHNSON OMOTUNDE150 FORTE ASSET MANAGEMENT LTD.151 FORTRESS/STALLON152 FRIDAY NSIKAN153 GBOLAGUNTE ADEGBOYE AYINLA154 GBUN JOY NWUESE155 GEORGE SELEIPIRI IWURU156 GIWA-OSAGIE MUDIAME O.157 GOJE BLESSED SANI158 GOLD AMBROSE PHILIP159 GWOTT SYLVESTER DUNG160 HABEEBAT AINOGBO161 HARRY AYIBO162 HARUNA ABUBAKAR163 HODONE SEWEDO MUYIWA164 IAS CARGO AIRLINES NIGERIA LIMITED165 IBAZEBO EHIDIAME ROBERT166 IBE LOUIS EMEFU167 IBIDOJA KAROL IFEYINWA168 IBRAHEEM ABDUL-GAFAR OLORUNT 2 IBIK169 IBRAHEEM WAKEELAT OLORUNLOPE 2 IBIK170 IBRAHIM SHAMSUDEEN SAEED171 IDOWU SAMUEL FOLORUNSHO172 IGBOKE MICHAEL SUNDAY173 IHEJESI CYRIACUS NNANNA174 IJEH IWEANYA HENRY175 IKEAKANAM RAPHAEL176 IKEJIAKU-NWOSU ANTHONY IFEANYI177 IKOLO EZEKIEL OMAYAYERHWE178 IKOLO EZEKIEL OMAYAYERHWE179 IKOYI CLUB 1938180 IKWEONYE ALEXANDER IFEANYICHUKWU181 ILESANMI ISAAC OLUWASAYO182 IMAM RIDWAN AYINLA

183 ISHIORHOVOJA OKEREOGHHENE A184 ISHIORHOVOJA ONOME ANDREA185 ISTIFANUS MURINA186 IWUJI FRANCISCA AGATHA187 JAGUN OMOFEHINTOLA188 JAMES KITWA189 JAMES KITWA190 JAWO JOHNSON191 JIMOH TAJUDEEN AKANNI192 JOHNSON MOBOLAGI O193 JOHNSON PAUL OLADIMEJI194 JOLAYEMI RAPHAEL OLUSEGUN195 JOSOAH GLORIA NWANYIEZE196 JOSOAH GLORIA NWANYIEZE197 KALEJAIYE OLANREWAJU OLUWATOYIN198 KENEDY AGBAEZE199 KENKU KEHINDE OMOLABI200 KENKU TAIWO AFOLABI201 KERERE-EKUN SAIHEED RAHUF202 KOLARINWA REMI203 KUE YEGHENEE NNA204 KUTENHA DARLINGTON205 LAJORIN OLUSINA EBENEZER206 LANIYAN SOLOMON OLA207 LAWAL DARASIWA ESTHER208 LAWAL IFEOLUWANI AYOMIDE209 LAWAL OLUSEMILOORE AYOBAMIDELE210 LAWAL OLUTOBI ADEDIWURA211 MAKANJUOLA SIKIRU ALADE212 MAKINDE OLAWALE OLAYITAN213 MALU ABRAHAM ORKUGRA214 MARVEL TRADES & SERVICES215 MBONU THERESA NKECHI216 METROPOLITAN MOTORS LIMITED217 MICHEAL RICHARD NNAMDI218 MINTY BELTHA OMARI219 MINTY GABRIEL AKABOM TITO220 MINTY IVAN OSATOHAMWEN221 MINTY ZARA ISIUWA222 MOHAMMED IDRIS223 MOMAH IFEYINWA224 MOMOH WAHEED OWOLABI225 MORKA GOODLUCK CHUKWUEMEKA226 MOSES GIDEON AKINTOMIWA227 MUSA MUDASIRU228 NDULUE BENEDICT CHIKE229 NEJO BAMIGBE DEDE230 NLEMDIM UCHENNA OGADINMA231 NURUDEEN AKINOLA DAUDA232 NWAEREMA BLESSING GODPOWER233 NWAFOR CHARLES OKECHUKWU234 NWAGWU HELEN O (PROF) MRS235 NWANKOR NNAMDI MIKE236 NWANKWO OGBONNA CHRISTIAN237 NWEKE NKIRUKA JUDITH238 NWOKO EJIKE LEXIUS239 NZEKWE UZONDU SHERRIF240 OBADUN LATEEF OLADAPO241 OBAMONIRE OLADAPO SAMUEL242 OBETA MICHAEL243 OBETTA CALLISTUS244 OBIOHA NGOZI OFFIONG245 OBUNA CHIJIOKE DAMIAN246 OCHOCHE EMMANUEL ALECHENU247 ODELEYE STEPHEN ADE248 ODUAH MABEL OBIALALI249 OFOYEJU MITCHELL JARIKRE250 OGBONNA GODWIN CHINWENDU251 OGELE TONY ICHEBADU252 OGINNI BAKARE MABAYOMIJE (CHIEF)253 OGONA ABUMERE JAMES254 OGOR ESINAJE255 OGONA ABUMERE JAMES256 OGOR ESINAJE257 OGUNBIYI BABATUNDE JUBRIL A.258 OGUNSOLA GBENGA THOMAS259 OGUNTAYO ABIODUN IBIRONKE260 OHAERI EMMANUEL OKEZIE261 OJUMOOLA OLUSEGUN AKANBI262 OJELEKE OLABAYO A.R.263 OJO JAMES AKINLOLU264 OJUMOOLA OLUSEGUN AKANBI265 OKE KOLAWOLE OLAKUNLE266 OKE TAIWO OLUWASEUN267 OKECHUKWU JOSEPH PETER268 OKEKE CHRISTIAN UCHENNA269 OKESOLA MAYOWA SOLOMON270 OKESOLA MUSILIAT AYOKA271 OKESOLA ROTIMI SAMUEL272 OKOJI MOMOH SULE273 OKOLO ELVIS274 OKOLO NGOZI CHRISTIANA

275 OKON ANDREW ANIEFIOK276 OKONJE UMO GABRIEL277 OKONKWO KENECHUKWU JUDAH278 OKOSUN EDWARD EROMOSELE279 OKOYE AFAMEFUNA NNAMDI O.280 OKUSANYA OLUWASEYI281 OLADAJI THERESA ADEYOOLA282 OLADOYIN KEMI ADUNNI283 OLAITAN TAIWO FOLASHADE284 OLAIYA ISAAC ADEBISI285 OLAIYAWOLA SUNDAY286 OLAJIDE DAVID BANKOLE287 OLALEYE BENJAMIN OLADUNNI288 OLATUNDE OMON ANTHONY289 OLATUNJI ENOMA MERCY290 OLAYINKA KEHINDE OLOLADE291 OLAWOYE JOHNSON DAPO292 OLAYIWOLA SUNDAYA293 OLIVER AMAEYA294 OLONISAKIN AYOOLA295 OLORUNFUNMI OLUSEGUN ADELEYE296 OLUBIYI SAMUEL OLUWOLE297 OLUKOYA TITILOPE298 OLUMESE DONALD EHINOR299 OLUOKUN AYOBAMI300 OLUOKUN AYOBAMI301 OLUSANYA OLUSEGUN302 OLUTOBI ADEOGUN CHRISTOPHER303 OMAGBEMI MILDRED SELAYI304 OMONDIAGBE ALEX OMON305 OMONIYI BENJAMIN OLAOLUWA306 OMONIYI MODUPE307 OMOPARIOLA HENRY IBUKUN308 OMOREGHA ADEBOWALE CLAUDIUS309 OMORIBA BABATUNDE310 OMORUYI SANDRA311 OMOSE JOHN OTEFERE312 ONABADE VICTOR OLUSEGUN313 ONABAJO OLAYIDE JULIUS314 ONANUGA SABAINAH OLUDAYO315 ONASANYA ALABA316 ONI OGHOGHO JOY317 ONIFADE FELIX ABAYOMI318 ONIFADE FELIX ABAYOMI319 ONISEMO JIMOH BABATUNDE320 ONISEMO JIMOH BABATUNDE321 ONIWINDE ADEBOYE TAIWO322 ONU EZEKIEL CHINEME323 ONWUEMENE ONYEBUCHI324 ONWUEMENE PATRICK DUMEBI325 ONWUKA MARY326 ONWUMW GODFREY CHIGBUNDU327 ONWUSAH CHINAPA328 ONYEKWELU TAGBOO CHARLES329 ONYEMA PATRICK ONYEBUCHI330 ONYI OKECHUKWU F.331 OPARAJI GEOFFREY IKECHUKWU332 ORIAIFOH BEATRICE ITOSE333 ORISHANI AUGUSTINE IKECHUKWU334 ORUNDAMI KOLAWOLE AYODELE335 OSENI OLAYEMI336 OSENI RAUFU OLADIMEJI337 OSIBANJO OLAJUMOKE OLSOLA338 OSIGWELEM PRISCA CHIZOBA339 OSIGWELEM PRISCA CHIZOBA340 OSOTA OBAFUNMILAYO OLABOYE341 OSOTA OLUWAFEMI342 OSOTA OBAFUNMIAYO OLABOYE343 OSOTA OLUWAFEMI344 OSUNSANYA BOLAJI345 OTAIKU KEHINDE YUSUF346 OTENIYA AKINOLA347 OTENIYA MARTINS AKINDELE348 OTENIYA RUFUS KAYODE349 OTUN ADENIYI MORUFF350 OVAH EJIRO351 OWOSO ARAMIDE352 OWOYEYE JAMES OLABODE353 OWUNNAH ROYAL IKECHUKWU354 OYEBONA SULAIMON OLAJIDE355 OYELOWO TUNDE AKINLOYE356 OYENUG VICTOR OLUSEGUN (ENGR.)357 OYENUGA OLUDARE OLADAPO358 OYETIBO GANIYU OLADUNJOYE359 OYEWO ABOSEDE ABIDEMI360 OYEWO YOYIN361 OYEYEMI ADEKUNLE OLUMIDE362 PROFS STOCKBROKERS LTD363 RANDLE KINGSLEY364 RCCG THE JUBILEE COLLECTIVES365 RED OAK TRUST & INVESTMENT366 RESORT SECURITIES & TRUST LTD

4646



367 ROTIMI COMFORT OMOLOLA368 SAIBU RASAQ SEDIE369 SAIBU RASAQ SEDIE370 SALAKO SHAMUSUDEEN OLADIPO371 SALTAWAY LIMITED372 SANNI KAYODE373 SANUSI IDOWU DAUDA374 SANUSI JOSEPH OLADELE375 SANUSI JOSEPH OLADELE376 SAPIRIYU ISRAEL AYOKUNLE377 SAWYERR ABIKE ONAOLAPO378 SAWYERR ABIOLA IBIRONKE379 SAWYERR AKINLOLUWA TOLUWALASE380 SAWYERR FOLUKE ANTHONIA381 SHAABA ADAMA UMARU PUTA382 SHITTU MUMIN ALANI383 SHOBANJO YEWANDE384 SILVERAGE LIMITED385 SODANGI ABUBAKAR DANSO386 SODEINDE OLUTAYO OLUTOLA387 SOLID TRUST INSURANCE BROKERS388 SOLOMON JUSTINA389 SONGONGA ADEYEMI ADESOLA AYINDE390 SONGONUGA BABATUNDE SOROMOLA391 SOREMEKUN ABISOLA AMUDAT392 SOWUNMI MARGARET ABOSEDE393 SOYOMBO AYODELE394 SULAIMAN LATIF LAMBO395 SULAIMAN LATIF LAMBO396 SULE MUTAIRU AUGUSTINE397 TAHIR AHMED398 TAIGA EMUMEJAYE OKPAKO PETERSON399 TAIWO AMOS ROTIMI400 TEBIRA EMMANUEL401 THOMAS ADESEYE402 TITILOLA BAYO SIKIRU403 TITILOYE FOLSADE ESTHER404 TOKOYA BABATUNDE OLUWATELE405 UCHENDI COLLINS OJOCHEMI406 UCHENDI ELVIS OJOCHILE407 UDEGBUNEM ENDALINE NKIRUKA408 UDO EDIDIONG HAZEL409 UDO IQUO OKON410 UDOH IMAOBONG411 UDOH ISTEVE412 UDOH OLUTAYO413 UDOSEN IMOH CHIOMA414 UDUEHI ODION415 UFOT EKEMINI ANTHONY416 UGAMAH JONES CHUKWUEMEKA417 UGWUIBE BOB DESMOND418 UGWUIBE CHIBUIKE OBIKARA419 UKACHUKWU EMEKA DANIEL420 UKAH OGAGA-OGHENE EMMANUEL421 UKPABI NKEMAKOLAM SIMPSON422 UMEJI CHRISTIAN OKECHUKWU423 UMENWA UGOCHUKWU424 UNANG UDOMA UDOH425 UNOGU LYNDA KELECHI426 WILCOX FRANCIS SOTONYE427 YAKUBU JOSHUA428 YUNUSS ISMAIL

OUTSTANDING CERTIFICATES FROM PREVIOUS YEARTO DATE 18 / 7 2007

1 ABANA JUDE2 ABANA JUDE3 ABASS KOLAWOLE KAZEEM4 ABDUL ZAINAB OMOTAYO 5 ABDULLAHI WAHEED WILLIAMS6 ABDULLAHI WAHEED WILLIAMS7 ABDULLAHI WAHEED WILLIAMS8 ABDULLAHI WAHEED WILLIAMS9 ABDULRAHAMAN ABDULHAMID10 ABDULRAHAMAN ABDULHAMID11 ABDULRAHAMAN ABDULHAMID12 ABDULRAHAMAN ONYENEOIZA U.13 ABDULRAHAMAN ONYENEOIZA U.14 ABDULSALAM OGUEYI TIJANI15 ABDURRAHMAN SURAJ ALAO16 ABEGUNDE ANTHONY OSO17 ABEGUNDE OLUWASEPE18 ABIODUN BANKOLE AYODEJI19 ABIOYE JOHN OLUREMI20 ABIOYE OLAWALE FATAI21 ABOABA EYITAYO22 ABOLO TONY23 ABU OMACHONU (MR)24 ABU OMACHONU (MR)25 ABUBAKAR AL-MUJTABA26 ABUBAKAR KABIR (MALLAM)27 ABUBAKAR NANA HAUWA28 ABUBAKAR NANA HAUWA29 ACEN INSURANCE30 ACHIMUGU ENEOJO M.31 ACHIMUGU ENEOJO M.32 ACHIMUGU ENEOJO M.33 ADAJI ADUKU JOHN34 ADAJI OGBADU THOMAS

OUTSTANDING CERTIFICATES FROM PREVIOUS YEARTO DATE 18 / 7 2007

35 ADAJI OGBADU THOMAS36 ADAJI OGBADU THOMAS37 ADAMS LATEEF AKANNI38 ADEBANJO DOTUN39 ADEBAYO ADEBOLA OLABODE40 ADEBAYO EMMAN BABAFEMI41 ADEBAYO JOHN ADEBAYO42 ADEBAYO SAMUEL SUNADY43 ADEBAYO SAMUEL SUNDAY44 ADEBAYO SAMUEL SUNDAY45 ADEBAYO SAMUEL SUNDAY46 ADEBIYI KINHINDE ADEGBOYE47 ADEBIYI YINKA48 ADEBIYI YINKA49 ADEBIYI YINKA50 ADEDAYO ADEDAYO ADEBAYO51 ADEDAYO SODEINDE52 ADEDEJI SHERIF ALAMU OLADIPO53 ADEEKO ADESANMI TAIWO54 ADEFEKO ADEYINKA SHERIFAT55 ADEFIRANYE ABIOLA OLUMIDE56 ADEFIRANYE ABIOLA OLUMIDE57 ADEFIRANYE ABIOLA OLUMIDE58 ADEFIRANYE ABIOLA OLUMIDE59 ADEGBAYI DARE 60 ADEGBEGA MICHAEL ADEDEJI61 ADEKEYE JULIE MOJISOLA62 ADEKOYA ABIODUN SUNDAY63 ADEKOYA ACHRISTIANA64 ADEKOYA ADEWALE65 ADEKOYA ADEWALE66 ADEKOYA ADEWALE67 ADEKOYA ADEWALE68 ADEKOYA CHRISTIANA69 ADEKOYA TITILADE70 ADEKOYE ABIODUN SUNDAY71 ADEKUNLE MOJIRAYO ABEGBO72 ADEKUNLE OLUWATOYIN R.73 ADEKUOYE OLUBUNMI74 ADELEKE ADEBAYO ADETUNJI75 ADELEYE CORNELIUS OLUFEMI76 ADELEYE CORNELIUS OLUFEMI77 ADELEYE EMMANUEL BOBADE78 ADELEYE EMMANUEL BOBADE79 ADELKAN TAOFEEK80 ADEMOYEGUN RUFUS O.81 ADENEYE OLALEKAN AHMED82 ADENIJI OMOTAYO83 ADENIJI OMOTAYO84 ADENIRAN ADEMOLA FRANCEIS85 ADENIRAN ADEMOLA FRANCEIS86 ADENIRAN ADEMOLA FRANCEIS87 ADENIRAN ADEMOLA FRANCEIS88 ADENIYI FUNKE ABIGALE89 ADENIYI FUNKE ABIGALE90 ADENIYIFUNKE ABIGAEL91 ADENRELE S.BABATUNDE92 ADENUGA ADEMOLA BABATUNDE93 ADEOJO KAMAL94 ADEOJO KAMAL95 ADEOJO KAMAL96 ADEOLA JOHN97 ADEOLA JOHN98 ADEOLA JOHN99 ADEOLA JOHN100 ADEOTI SUNDAY OLASUNKANMI101 ADEOYE ADESAYO OYETUNDE102 ADEOYE JOHN OLUREMI103 ADEOYE JOHN OLUREMI104 ADEOYE OYEKANMI105 ADEPITAN OLULANU OMOTUNDE106 ADERIBIGBE ABDULKAREEM A.107 ADERIBIGBE ABDULKAREEM A.108 ADESANYA ADEKUNLE AZEEZ109 ADESANYA MISAN O.110 ADESI SILAS111 ADESI SILAS112 ADESI SILAS113 ADESI SILAS114 ADESOLA ORIMALADE115 ADESOLA ORIMALADE116 ADESOLA ORIMALADE117 ADETAYO (MRS) NEE THOMAS118 ADETAYO ADEWUMI AKINTUNDE NEE THOMA119 ADETAYO ADEWUMI AKINTUNDE NEE THOMA120 ADETAYO ADEWUMI AKINTUNDE NEE THOMA121 ADETOBA ADEYEMI TEMITOPE122 ADETOYE FOLUKE AINA123 ADETUYI OLAWUMI124 ADETUYI OLAWUMI125 ADETUYI OLAWUMI126 ADEWALE ABIOLA OLAIDE127 ADEWALE ADETUNJI128 ADEWALE ADETUNJI129 ADEWUSI JOSEPH OLUTAYO130 ADEWUSI JOSEPH OLUTAYO131 ADEWUSI JOSEPH OLUTAYO132 ADEWUYI GEORGE ADEOLA133 ADEWUYI NAJEEM KAYODE134 ADEYANJU LATEEF OYEKANMI135 ADEYANJU MUKAILA OLAOGUN136 ADEYANJU MUKAILA OLAOGUN137 ADEYANJU OYEKEMI OYEDAYO138 ADEYEMI ADESOLA ADENIIYI

139 ADEYEMI ADETAYO140 ADEYEMI JOSEPH ADEYINKA141 ADEYEMI MICHAEL ADEKUNLE142 ADEYI AKANJI ADEMOLA143 ADEYINKA ADEOLU AKANNI144 ADIBE IRONUMA JOHN145 ADISA ABEL OLUWABEMIGA146 ADISA ABEL OLUWAGBEMIGA147 ADISA ABEL OLUWAGBEMIGA148 ADU FOLAKEMI149 ADU FOLAKEMI150 ADU FOLAKEMI151 ADU FOLAKEMI152 ADUBA VICTOR MR.153 AEDWOJO AJIBADE154 AEYINKA AKANNI ADEOLU155 AFOLABI SOLAFUNMI ADENIKE156 AFOLAYAN GBENGA157 AFOLAYAN GBENGA158 AFOLAYAN OBENGA159 AGBABIAKA LUKMAN OLUGBEGA160 AGBAJE ADEYIGA161 AGBEDE CALE ADARAMOLA162 AGBOOLA ADEPESOLA SIDIKAT163 AGOHA-EHINM UZOMA164 AGORO RASAKI165 AGORO RASAKI166 AGU NAOMI167 AGUDA AKINTAYO CLEMENT168 AGUNBIADE DORIS DILLI (MRS)169 AGWOEMEH CHUKWU DOMINIC170 AIGBOVO OSARETIN171 AIYELABOLA SAMUEL OLUWATOSIN172 AJADI BOLAJI DORCAS173 AJALA SEGUN174 AJAO MATHEW OLUGBEMIGA175 AJAWUIHE NELSON UZOMA176 AJAYI E. B.177 AJAYI E. B.178 AJAYI EMMANUEL IBUKUN179 AJAYI EMMANUEL IBUKUN180 AJAYI EMMANUEL IBUKUN181 AJAYI EMMANUEL IBUKUN182 AJAYI KOLADE OLUMIDE MR.183 AJAYI KOLADE OLUMIDE MR.184 AJAYI MICHAEL OLATUNBOSUN185 AJAYI MICHAEL OLATUNBOSUN186 AJAYI OLATUNBOSUN187 AJAYI OLATUNBOSUN188 AJAYI TEMITAYO189 AJAYI TEMITAYO190 AJE IFEDOLAPO ABIODUN191 AJORE DANIEL KEHINDE192 AJOSE BUSAYO DANIELLA193 AJUDUA STEVE ELVE194 AKANDE ADEYEMI ADEBAYO195 AKANDE ADEYEMI ADEBAYO196 AKANDE ADEYEMI ADEBAYO197 AKANDE OLAREWAJU198 AKANDE OLAREWAJU199 AKANDE SILI AKANBI200 AKANDE SILI AKANBI201 AKANNI JULIANAH ABIKE202 AKHAURE PEACE OZIENKHAYE203 AKHILOMEN EHIS GODWIN204 AKIBOYE MICHAEL AKINUNMI OLUFEMI205 AKIM-BABALOLA ADEBUKOLA H.206 AKINADE EMMANUEL O.207 AKIN-BABALOLA ADEBUKOLA H.208 AKIN-BABALOLA ADEBUKOLA H.209 AKINBO HAJARAT OMOTAYO210 AKINBOADE COMFORT SHADE211 AKINBODE FRANCIS AKINDEJI212 AKINBODE JACOB AKINSOLA213 AKINBOLA MICHAEL O.214 AKINBOLUSERE MICHAEL AFOLABI215 AKINBULE OLUDAMILOLA OLUSEYI216 AKINDEINDE OLAJOMOKE O.217 AKINDEINDE OLAJOMOKE O.218 AKINDOYIN VICTORIA OLANREWAJU219 AKINDOYIN VICTORIA OLANREWAJU220 AKINDOYIN VICTORIA OLANREWAJU221 AKINDOYIN VICTORIA OLANREWAJU222 AKINDURO BOLA BOROJI223 AKINDURO BOLA BOROJI224 AKINFEMIWA AKINSOLA225 AKINKUNMI OLUWASAYO ADEOLA226 AKINLATUN OLABODE ADEOYE227 AKINOLA PATRICK AYODELE228 AKINRINBIDO OLAFEMIWA229 AKINSELOYIN KEHINDE ADEOLA230 AKINSELOYIN KEHINDE ADEOLA231 AKINTADE SOLOMON ATIJOSAN232 AKINTOKUN AMOS BAMIDELE233 AKINTOKUN AMOS BAMIDELE234 AKINTOKUN AMOS BAMIDELE235 AKINTOUN AMOS BAMIDELE236 AKINTUNDE ADETAYO ADEWUNMI237 AKINTUNDE OLUKUNLE TAIWO238 AKINYEDE LAMBERT OLUWAFEMI239 AKINYEMI ANTHONY BABATUNDE240 AKINYEMI GABRIEL A.241 AKOH JOEL AMEDU242 AKORGA BENEDICT SAAVE

243 AKPAN ROSE244 AKPAN ROSE245 AKPAN ROSE246 AKPAN ROSE247 AKPAN S.E.248 AKPAN S.E.249 AKPAN S.E.250 AKPATA UYIOSA N.251 AKPATA UYIOSA N.252 AKWAZIE V. M.A253 AKWE EMMANUEL-UCHE254 ALABI ADETOYE LAYIDE255 ALABI EBENEZER LAGOKE256 ALADE MORENIKE257 ALAO OLATUNJI AYOOLA258 ALAWAYE ADEBANKE259 ALAWAYE ADEBANKE260 ALAWAYE ADEBANKE 261 ALAWAYE ADEBANKE 262 ALEGBEMI MODUPE OLUFUNKE263 ALEGE MOSES IYA264 ALEONEWESE JOHN OKHUMODE265 ALEONEWESE JOHN OKHUMODE266 ALEONEWESE JOHN OKHUMODE267 ALEONEWESE JOHN OKHUNMODE268 ALEXANDER AJAH269 ALEXANDER-ZAMBA IDOWU MARY270 ALEXANDER-ZAMBA IDOWU MARY271 ALFRED EDOGAME272 ALI-BALOGUN NKECHI BRIDGET273 ALIGWEKWE CHUKWUDI CAIUS274 ALIGWEKWE CHUKWUDI CAIUS275 ALIGWEKWE CHUKWUDI CAIUS276 ALIMI SAHEED277 ALKOLE OLUSOLA OJO278 ALL STAFF SUPERANNUATION FUND279 ALLU CHRISTOPHER OLORUNDARE280 ALLU CHRISTOPHER OLORUNDARE281 ALOKUN NURUDEEN A TOPE282 ALOKUN NURUDEEN A TOPE283 ALOKUN NURUDEEN A TOPE284 ALUKO ANTHONIA OLUSOLA (MRS)285 AMADIN RICHARD O.286 AMADIN RICHARD O.287 AMINU USMAN288 AMINULAHI JIBRIL G.289 AMINULAHI JIBRIL G.290 AMOBI JOSEPH CHINEDU291 AMOBI JOSEPH CHINEDU292 AMOBI JOSEPH CHINEDU293 AMOBI JOSEPH CHINEDU294 AMOLE BISI LAWRENCE295 AMOLEGBE MUSBAN ADENLE O. (COL)296 AMU BANKOLE297 AMU BANKOLE298 AMUWO ADEYEMI MICHAEL299 AMUWO ADEYEMI MICHAEL300 AMZAT ADELEYE N.301 ANDU RASULLAI ABIODUN302 ANGLICAN DIOCESE OF KADUNA303 ANIFOWOSE JIMOH AYINDE304 ANUGENGEN SAMUEL305 ANUGENGEN SAMUEL306 ANUKAM KINGSLEY CHIDOZIE307 ANYIM AGBAI JAMES308 ANYIWO RAYMONY ARINZE309 ANYIWO RAYMONY ARINZE310 ARE ADERONKE MODINAT311 ARE OLANIYI IFEOLUWA312 AREGBESOLA MOTUNRAYO A.313 AREGBSOLA MOTUNRAYO314 AREMU JULIANA IKEOLU315 ARIBISALA MARGARET OLUSOLA316 ARIBISALA SOLOMON OJO317 ARUNA SURAJ TEMITOPE318 ASABIA CONSTANT AKINFOLAYAN319 ASARE-BEDIAKON MIKE320 ASARE-BEDIAKON MIKE321 ASARE-BEDIAKON MIKE322 ASARE-BEDIAKON MIKE323 ASHIMOM FRANCIS324 ASHOGBON JAMIU SHINA MR. & MRS325 ASHOGBON JAMIU SHINA MR. & MRS326 ASUNI BAYO327 ATANE NICHOLAS328 ATANE NICHOLAS329 ATANE NICHOLAS330 ATANE NICHOLAS331 ATEKOJA ADEFISAYO332 ATTAH EDEGBO DANIEL333 ATTAH IKO VICYOR334 ATU SUNDAY ATSON335 ATUKUN SAMUEL BITRUS336 AUDU SALIU TIJANY337 AUDU SALIU TIJANY338 AVANTE CAPITAL PARTNER339 AWA-OSAJE PHINA340 AWESU OLUKAYODE341 AWOBAJO MICHAEL OLAYIMIKA342 AWOH NORNAH343 AWOKOYA OLUSEGUN OLASUPO344 AWOKOYA OLUSEGUN OLAWALE345 AWOLU FRANZ SEGUN346 AWONIYI OLUFEMI ADEWALE

4747



347 AWONUGA AYODEJI OLU (MR&MRS)348 AWOSANYA OLUSEGUN OLASUPO349 AWOYOMI JOHNSON OLU350 AYENI ESTHER351 AYENI ESTHER352 AYENI ESTHER353 AYENI JOSEPH ABIODUN354 AYIDU DONATUS355 AYO OGUNWANDE356 AYOADE CHRISTOPHER IDOWU ADEBUSOYI357 AYODELE EMMANUEL O.358 AYODELE OMOLARA359 AYODELE TALABI360 AYODELE TALABI361 AYODELE WASIU OLALEKAN362 AYORINDE CAROLINE ABOSEDE363 AYORINDE CAROLINE ABOSEDE364 AYORINDE CAROLINE ABOSEDE365 AYORINDE DELE366 AYOTUNDE SALU367 AZEEZ FIMISOLA A.368 AZEEZ FIMISOLA A.369 AZEEZ FIMISOLA A.370 AZEEZ FIMISOLA A.371 AZUBUIKE FELIX ONYEDIKACHI372 BABARINDE OYEBAMIJI KEHINDE373 BABATUDE AEKUNLE M.374 BABATUNDE ADEKUNLE375 BABATUNDE ADEKUNLE M.376 BABATUNDE ADEKUNLE M.377 BABATUNDE IBIRONKE378 BABATUNDE IBIRONKE379 BADA ADEBIMPE ADUNFE380 BADARU EZE KEHINDE381 BADARU EZE KEHINDE382 BADIRU BOLANLE383 BADIRU BOLANLE384 BADIRU BOLANLE385 BADRU IBRAHIM ADEBAYO386 BAILEY SOLAPE VICTORIA387 BAIYE EUNICE AYOKA MRS388 BAKARE ADEBISI OLUWAYEMISI389 BAKARE AISHA BUKOLA390 BAKARE LSTEEF ABDUL391 BAKARE WASIU ADIO392 BALALOLA OLANREWAJU393 BALOGUN AKINOLA 394 BALOGUN TAOFIQ OLAWALE395 BALOGUUN MOSHOOD ISHOLA396 BALUCHI BEHRAM SHERO397 BAMIDELE HAMBOLU398 BAMIDELE MORUF399 BAMIDELE MORUF400 BAMIGBOJE ABRAHAM O401 BAMIGBOJE PHEBEAN ADEBUKUNOLA402 BAMIGBOJE PHEBEAN ADEBUKUNOLA403 BAMIGBOJE V. ZACHEUS OYEWOLE404 BAMIGBOJE V. ZACHEUS OYEWOLE405 BAMISILE SESAN (MR)406 BAMMEKE AYO407 BANJOKO OLADELE408 BANJOKO OLADELE409 BANJOKO OLADELE410 BANJOKO OLADELE411 BANMIDELE ALFRED AYOOLA412 BAPETEL IBRAHAM413 BATIDO SYSTMS LIMITED414 BAYODE DAMOLA BOSEDE415 BELADE JANET416 BELLO GBOLAHAN417 BELLO RASHIDAT MORENIKE418 BELLO RASHIDAT MORENIKE419 BELLO SIKIRU ADETINKA420 BENSON OLAYEMI421 BENSON OLAYEMI422 BENSON OLAYEMI423 BIRIYOK CASIMIR424 BLANKSON AMPIM GOGO425 BLUBIRD COMMUNICATIONS LTD426 BOLA OGUNDIJO427 BOLARINWA JACOB AYODEJI428 BONIFACE A. DURU429 BROLBAK INTERNATIONAL LTD430 BROLBAK INTERNATIONAL LTD431 BROLBAK INTERNATIONAL LTD432 BUKOL NIGERIA LTD433 BULUS GWASHI434 CANOGA ESTATE & PROPETY SERV. LTD.435 CAPIMS NIG. LTD436 CAPITAL PROVIDERS SEC. LTD.437 CAPITAL PROVIDERS SEC. LTD.438 CAPITAL TRUST BRKS LTD TRADED A/C439 CAPITAL TRUST BRKS LTD TRADED A/C440 CAPITAL TRUST BRKS LTD TRADED A/C441 CAVESCO INVESTMENT COY LTD442 CAVESCO INVESTMENT COY LTD443 CAVESCO INVESTMENT COY. LTD444 CAVESCO INVESTMENT COY. LTD445 CENTURY SECURITIES LTD446 CHALLSON NYIAM447 CHALLSON NYIAM448 CHART INVESTMENTS LTD449 CHART INVESTMENTS LTD450 CHINRA PAUL CHUKWURAH451 CHIRA PAUL CHUKWURAH

452 CHIRA PAUL CHUKWURAH453 CHUKWU ANYAOGU AWARA454 CHUKWUKA NDULUE DOMINIC455 CITY-CODE TRUST NOMINEES456 CLARION & MARK LTD457 COMPETENT INURANCE BROKERS LTD.458 CORE TRUST & INVEST459 COUNTERS TRUST SECURITIES LTD460 CRUSADER INSURANCE461 CRUSADER INSURANCE462 DADA ISHOLA ADELOYE463 DADA ISHOLA ADELOYE464 DADA ISHOLA ADELOYE465 DADA MOTUNDE466 DADINA OLUGBENGA467 DAHUNSI ARINOLA OLUWAYOMI468 DAMOLA ADENIRAN469 DAMOLA ADENIRAN470 DAN OTUEKONG471 DAWANDARA DENNIS DALYOP472 DAYO ALAO473 DE BUSINESS NETWORK LTD474 DEBO AINA (ARC & DR (MRS)475 DE-CANON INVESTMENT LTD476 DE-CANON INVESTMENT LTD477 DELE ADENIYI478 DELE ADENIYI479 DIKE JUDE NCHEKWUBECHUKWU480 DILIGENT PROJECTION VENTURE481 DIMOWO OLUWATOYIN482 DOKUN AFOLABI483 DOSUNMU ADENIKE S.484 DOSUNMU OLUWOLE ROGER485 DOSUNMU OLUWOLE ROGER486 DOSUNMU OLUWOLE ROGER487 DOSUNMU OLUWOLE ROGER488 DOSUNMU SIDIQUAT FOLASHADE489 DOSUNMU SIDIQUAT FOLASHADE490 DOSUNMU SIDIQUAT FOLASHADE491 DOSUNMU SIDIQUAT FOLASHADE492 DOZIE UZOMA493 DUOPAMA OBOMANU BOMA494 DUOPAMA OBOMANU BOMA495 EBENUWAH ANTHONY N.496 EDEKOBI NNAMDI PIUS497 EDOZIE JOHN U.498 EDOZIE JOHN U.499 EDOZIE JOHN U.500 EDOZIE JOHN U.501 EDUN ALBERT502 EGIE EDAFE EMMANUEL503 EGIE EDAFE EMMANUEL504 EGIE EDAFE EMMANUEL505 EGIE EDAFE EMMANUEL506 EGUBE EJIROGHENE THODORE507 EGUBE EJIROGHENE THODORE508 EGUBE EJIROGHENE THODORE509 EGUBE GAB. EJIRO510 EGUBE GAB. EJIRO511 EGUNYOMI AKINLOLU S.512 EHIGIEGBA ENORENSE PHILIP513 EHIY CHRISTOPHER OSEGHALE514 EHIY CHRISTOPHER OSEGHALE515 EHIY CHRISTOPHER OSEGHALE516 EKE ALOYSIUS ONYEMAUCHE517 EKE CHRISTIAN OBIAGERI518 EKE IFEOMA JECENTA519 EKE MICHAEL NNAMDI520 EKEBOR SILAS C.521 EKEBOR SILAS C.522 EKEJIUBA UCHENNA EKEJIUBA S.523 EKEJIUBA UCHENNA EKEJIUBA S.524 EKEMODE JILIUS OLUTOPE525 EKEOBA ANTHONY OSAMHON526 EKERIN GANIYU ADEBISI527 EKHATOR AYGYSTINE OSAMUDIMEN528 EKHATOR AYGYSTINE OSAMUDIMEN529 EKHATOR AYGYSTINE OSAMUDIMEN530 EKHATOR AYGYSTINE OSAMUDIMEN531 EKPENYONG ELEANOR AKPO532 EKPO USORO EKANEM533 EKPO USORO EKANEM534 EKPO USORO EKANEM535 EKUN PHILOMINA ILEYEMI TINUOLA536 EKUNOLA KOLAWOLE ABRAHAM537 EKWEALOR NORAH I.538 EKWEALOR NORAH I. 539 EKWEMALOR N. STELLA540 ELERI NICHOLAS541 ELETU OLASEIDE BABATUNDE (DR)542 ELETU OLASEIDE BABATUNDE (DR)543 ELETU OLASEIDE BABATUNDE (DR)544 EMENIKE CHLOO G.545 EMENIKE CHLOO G.546 EMENIKE CHLOO G.547 EMENIKE CHUKWUEMEKA CHRISTIAN548 EMENIKE DONATUS549 EMERUWA PRISCILIA O.550 EMERUWA PRISCILIA O.551 EMERUWA PRISCILIA O.552 EMOEFE DAFE ESERO553 EMOEFE DAFE ESERO554 EMPIRE SEC. TRADED-STOCK A/C555 ENEH RICHARD O.556 ENEM NELSON OBIORA

557 ENEMAMA PAT558 ENTRPRISES STOCKBROKER559 ESAN ADEWONULA OLUKEMI560 ESEGBA DEBORAH EGUOMI561 ESO ADEBAYO JOSEPH562 EVBUOMWAN OMOREGIE563 EVBUOMWAN OMOREGIE564 EVBUOMWAN OMOREGIE565 EVBUOMWAN OMOREGIE JIMMY566 EVBUOMWAN OOREGIE JIMMY567 EVBUOMWAN OOREGIE JIMMY568 EWETO J. ONOBEREVU569 EWETO J. ONOBEREVU570 EWULO ORIYIMI FELIX571 EYONG FRANCIS572 EZAAGWUNA CHUKWUEMEKA ANTHONY573 EZEAGWUNA ANTHONY CHUKWUMEKA574 EZEAGWUNA ANTHONY CHUKWUMEMEKA575 EZEGO NIH CLEMENT576 F.N.C. IGWE ENTR NIG. LTD577 FADDINA OLUGBEGA578 FADE ANTHONY ADEMOLU579 FADE ANTHONY ADEMOLU580 FADE ANTHONY ADEMOLU581 FADINA OLUGBENGA582 FAJOBI OLADEJO583 FAJOBI OLADEJO584 FALADE MUDIRAT MORENIKE585 FALAEYE LATEEF FOLORUNSHO586 FALAEYE LATEEF FOLORUNSHO587 FALAN OLUEYMI588 FALCON SECURITIES-DEPOSIT A/C589 FALUSI CALEB OJO590 FAMAKINWA ADEDOYIN591 FAMILUGBA ADEBISI592 FAMILUGBA ADEBISI593 FAMILUGBA ADEBISI594 FAMORIYO SILIFAT MOSUNMOLA ADENEYE595 FARRI ENIOLA596 FARRI ENIOLA597 FASHETIRE FUNSHO598 FASOGBON ADEBISI599 FASORO BODUNDE ALANI600 FATAI B. OWODUNMI601 FATAI OWODUNMI602 FATANMI COLSON OLADAPO603 FATGBE KOLAWOLE OLUFEMI604 FATINIKUN TUNDE605 FATOGUN B. O.606 FATUBARIN SAMUEL FOLORUNSO607 FATUBARO TITUS OLADIPUPO SUNDAY608 FATUNKE OLUFEMI DANIEL609 FEARON IDOWU J. BISHOP610 FICM LTD611 FIDELIMMA DABIRI612 FIDELITY UNION HOUSE A/C613 FIDELITY UNION HOUSE A/C614 FIDELITY UNION HOUSE A/C615 FIRST ALL STATE SEC.616 FIRST ALL STATE SEC.617 FIRST ALL STATE SEC.618 FIRST ALL STATE SEC.619 FORTHRIGHT SECURITIES & INV. LTD620 FOUNTAIN SEC.LTD621 FOUNTAIN SECURITIES LTD622 FRANCES O. AYEWOH623 FRANK AKPAN624 FUEL NOMINEE A/C625 FUSL NOMINEE A/C626 FUTURE VIEW SECURITIES LTD627 FUTURE VIEW SECURITIES LTD628 GANA JERRY (DR)629 GANA JERRY (DR)630 GANA JERRY (DR)631 GANA RACHEL W.632 GANA RACHEL W.633 GANIIYU AFOLABI MORUFU634 GANIYU IYABO635 GBARAB EMMANUEL LEGIA636 GBEYIDE OLUWOLE EMMANUEL637 GBELEYI ARIYO638 GBELEYI ARIYO639 GBELEYI ARIYO640 GEORGE-HART GLADYS N641 GOERGE-HART CLADYS N.642 GOERGE-HART CLADYS N.643 GOERGE-HART CLADYS N.644 GRANDSTONE INDUSTRIES LTD.645 GREEN LOUIS OLAKUNLE646 GREEN LOUIS OLAKUNLE647 GREEN LOUIS OLAKUNLE648 GUINEA INSURANCE PLC649 HALIDU-GIWA ABDULMAIK650 HALIDU-GIWA ABDULMAIK651 HALIDU-GIWA ABDULMAIK652 HAMBOLU VICTOR653 HAMBOLU VICTOR654 HARIGOLD VENURES LTD655 HASSAN OLAREWAJU AFIS656 HOLLOWAY JOLASUN657 HUSSAINI HAMIDU658 HWAKAR HENRY GBAASOM659 HWAKAR HENRY GBAASOM660 HWAKAR HENRY GBAASOM661 IBEGBULEM CHUKA ONOCHIE

662 IBINE OLAYIWOLA JETHRO663 IBITOYE TOLU664 IBITOYE TOLU665 IBITOYE TOLU666 IBRAHIM ABDULKAREEM MAJID667 IBRAHIM MUHAMMED AUDU668 IBTA TRUST & INVESTMENT LTD669 IDAKWO JOHN O670 IDELE ROSEMARY OMOZEFE671 IDORNIGIE SUNDAY PIUS672 IDOWU FAOSAT OLAYINKA673 IDOWU FAOSAT OLAYINKA674 IDOWU FAOSAT OLAYINKA675 IDOWU FAOSAT OLAYINKA676 IDOWU JOHN677 IDOWU JOHNSON ADEYI678 IDOWU JOHNSON ADEYI679 IDOWU JOHNSON ADEYI680 IDOWU OLAYIWOLA JACOB681 IDOWU PASCHAL ADELEKE682 IFATUJOSIN S. BABATOPE683 IFEBUEME JULIET OGECHUKWU684 IFEMADE OLUBUKOLA OMOLOLA685 IFEYINWA -COY686 IFEYINWA -COY687 IGBEN LESLIE DONOR688 IGBEN LESLIE DONOR689 IGBINOVIA NOSA690 IGBOKWE IWUEJINA AUGUSTINE691 IGHEN LESLEI DONOR692 IGIEBOR AMADIN WILFRED693 IHEAKA NKEIRUKA CHARITY694 IHEAKA NKEIRUKA CHARITY695 IHEUKO STANLEY696 IKEANEKE OBIAGELI697 IKEANEKE OBIAGELI698 IKEGWUANI ONOCHIE OBIESIE699 IKEM AUGUSTINE OGOEGBUNAM700 IKEM AUGUSTINE OGOEGBUNAM701 IKEM AUGUSTINE OGOEGBUNAM702 IKHELOA JOSEPHINE O.703 IKHELOA JOSEPHINE O.704 IKOGWE ADEBOLA OLUBUNMI705 IKPIRHIRHIN ONAEFE BLESSING706 IKPON SUNDAY E.707 IKUYIMINU OLANIY708 ILAVBARHE MUSAH ORIVBABEHI709 ILELEJI ERNEST710 ILELEJI ERNEST711 ILELEJI ERNEST712 ILOH EMMANUEL NNAEMEKA713 IMAM TAIYE ABDUL714 IMAM TAIYE ABDUL715 IMAM TAIYE ABDUL716 IMONA PETER OSEDEBIAMWEN717 INDEPENDENT SEC. LTD718 INDEPENDENT SEC. LTD719 INDEPENDENT SEC. LTD720 INIYEZO EMMANUEL OGHENEOVO721 INIYEZO EMMANUEL OGHENEOVO722 INVESTMENT MMASTERS & TRUST LTD.723 INYANG MORGAN JOHNSON724 INYANG REBECCA EFFIONG725 IRABOR HUMPHREY726 IREYOMI IYANIWURA ADERINOLA727 IREYOMI IYANIWURA ADERINOLA728 IREYOMI IYANIWURA ADERINOLA729 IREYOMI, IYANIWURA ADERINOLA730 IRONDI EZINWANYI731 ISMAIL K. MUSTAPHA732 ITANOLA NURAIN OMOTAYO733 ITANOLA NURAIN OMOTAYO734 ITANOLA NURAIN OMOTAYO735 ITANOLA NURAIN OMOTAYO736 ITONYO VICTOR WILFRED737 ITONYO VICTOR WILFRED738 IWERE TED739 IYAMU OMORUYI C.740 IYAMU OMORUYI C.741 IYIOLA A. & SONS742 IYORE EMMANUEL O.743 IYORE EMMANUEL O.744 IYORE EMMANUEL O.745 IZU LIVINGSTONE CLITON746 IZU LIVINGSTONE CLITON747 IZU LIVINGSTONE CLITON748 J&P LAUNDRY AND DRYCL749 JABAR MOSHOOD OLAYIDE750 JACKSON-COLE FREDRICK E. O.751 JACOB BABATUNDE BOLAJI MR. & MRS752 JADOT ASSOCIATIES LTD.753 JAGA MICHAEL754 JAGA OLUBUKOLA BOSEDE755 JAIYEOLA CHARLES EKUNDAYO756 JAIYESIMI LATEEF O.757 JAIYESIMI MOSES758 JAIYESIMI OLUFEMI759 JAJA-WACKUKU EMENUWA ANUGHA760 JAJA-WACKUKU EMENUWA ANUGHA761 JALO Y OLGA762 JAMES OLUSEGUN MICHAEL763 JATAU EMMANUEL MONDAY764 JAWANDO OLUWAKEMI O.765 JAWO JOHNSON766 JAWO JOHNSON OLAKUNLE

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767 JAWO JOHNSON OLAKUNLE768 JAWO JOHNSON OLAKUNLE769 JEBANG ENTERPRISES LTD.770 JEGEDE COMFORT SALAMAT771 JEGEDE COMFORT SALAMAT772 JEGEDE RUFUS BABALOLA773 JEJE AHAMAD FOLORUNSHO774 JEJE AHMAD FOLORUNSHO775 JEREMIAH AGBO776 JEREMIAH AGBO777 JEREMIAH AGBO778 JEROME JIMOH779 JIBARTO NIG. LTD780 JINADU WASIU OLABISI781 JIYA ATTAI JIBRIN782 JIYA ATTAI JIBRIN783 JOHN ADEWUMI OLABODE OPADOKUN784 JOHN OMOSA ODUNTAN785 JOHNSON ABAYOMI 786 JOHNSON ABAYOMI 787 JOHNSON ABAYOMI (GEMA)788 JOHNSON ADEOLA789 JOHNSON BABATUNDE790 JOHNSON EDWARD791 JOHNSON EDWARD792 JOHNSON EDWARD793 JOLADEM COMPANY794 JUSTINA AJAYI795 KADRI KAMAL ADISA796 KASALI TAIWO797 KASSIM HADIZA798 KAYODE TIMOTHY OLUFEMI799 KENNETH NWADIKE800 KENNETH NWADIKE801 KESINRO JOS OLU802 KESSELLY YOUNGAH CECELIA803 KIPUPU NGAMUNONO AMIYOO804 KOFO OZOEMENA (MRS)805 KOFO OZOEMENA (MRS)806 KOLADE KOLA A.A.807 KOLAJA JIMOH AMUDA808 KOLE FUNSHO809 KOLE FUNSHO810 KOLE FUNSHO811 KOLE FUNSHO812 KOSOKO ZUBAIR ABIODUN813 KOVAME FRANCISCA ADEKUNBI814 KREUGER BRENT LTD.815 KUFORIJI NATHANIEL OLANREWAJU816 KUPOLUYI OLUFEMI OLAWOLE817 LADABOT NOMINEES LTD.818 LAIZER JOSEPH DAVID O.819 LAIZER JOSEPH DAVID O.820 LAIZER JOSEPH DAVID O.821 LAMIDI GAPARI ADENIYI822 LARA KOYA823 LASHORE BABATUNDE OLUWASEYI824 LASHORE CHRISTIE MOPELOLA825 LASHORE OLADIPUPO EBUN826 LASHORE OLAYEMI OLANIYI827 LASHORE OLOLADE OLABISI828 LASHORE OLUWABUKOLA829 LASHORE STEPHEN IBITAYO830 LAWAL ALADE AKINYEMI831 LAWAL MODINAT ADEOLA832 LAWAL MUSTAW AKANO833 LAWAL OLUBUNMI834 LAWAL OLUBUNMI835 LAWANSON TI A.836 LEWA JUSTINA A837 LEWA JUSTINA A838 LEWIS ANDREW OLUFUNMILAYO839 LIGHTHOUSE INVESTMENT LTD840 LONGE PETER OHIAKHUEMI841 LOWO EMMANUEL AKINTUNDE ABAYOMI842 LUCKY MADEK LTD.843 M&F NOMINEE LTD844 M&F NOMINEE LTD845 M/S FOLLY & SONES AUTO ENGINEERING846 M/S FOLLY & SONES AUTO ENGINEERING847 M/S FOLLY & SONES AUTO ENGINEERING848 MACAULAY AKIN849 MACAULAY AKIN850 MACAULAY AKIN851 MAJEKODUNMI FEYISOPE ADETUTU852 MALIZU CHINEMEREM BENDI853 MALOMO ABOSEDE GRACE854 MALOMO ABOSEDE GRACE855 MALOMO ABOSEDE GRACE856 MAMEDU BENJAMIN AIGBOGHIE857 MANUWA KUEWUMI858 MANUWA KUEWUMI859 MANUWA KUEWUMI860 MARRIOT SEC. & TRUST COY LTD.861 MARTINS THADDEUS OLUWASEYI862 MBACHU SOLOMON ONWUAMAEZE (ENGR)863 MBAMBA IJOMA SUNDAY & ANR (ADMORS)864 MBAMBA IJOMA SUNDAY & ANR (ADMORS)865 MBERU CEPHAS866 MEADOWS ADEGBOYEGA867 MEADOWS ADEGBOYEGA868 MEADOWS ADEGBOYEGA869 MEGACREDITS LTD.870 MEGACREDITS LTD.871 MEGACREDITS LTD.

872 MEGACREDITS LTD.873 MEMUD MUIBAT MEMUD874 MG RESOURCES LTD875 MGBAHURIKE SYLVESTER AHAMEFULE876 MILTON OGBONNAYA NWOSU877 MILTON OGBONNAYA NWOSU878 MILTON OGBONNAYA NWOSU879 MOH ABDULLAHI DAN AZUMI880 MOH ABDULLAHI DAN AZUMI881 MOH ABDULLAHI DAN AZUMI882 MOH ABDULLAHI DAN AZUMI883 MOHAMMED IBRAHIM KABIR884 MOHAMMED JAMILU KIRU885 MOMAH IFEYINWA886 MONEY THEOPHILUS IRUOMEVOSA887 MOZIE ROPHINA CHINENYE888 MUHAMMAD ANWALU ABDU889 MUHAMMAD ANWALU ABDU890 MUO IKE FERDINAND891 MUOGHALU CHRIS ALOYSIUS892 MURIANA KHALIL OPEYEMI893 MUSA SARAH894 MUSTAPHA IDOWU YAHAYA895 MUSTAPHER GANIYU ADEBAYO896 MUSTAPHER GANIYU ADEBAYO897 NAZEGBULAM CHRISTOPHER OLUMIDE898 NAZEGBULAM CHRISTOPHER OLUMIDE899 NAZEGBULAM CHRISTOPHER OLUMIDE900 NDI OKEREKE-ONYIUKE901 NDUBUISI ANTHONIA NGOZI902 NDUBUISI ANTHONIA NGOZI903 NDUBUISI ANTHONIA NGOZI904 NDUBUISI KISSINGER UGOCHUKWU905 NEM INSURANC PLC906 NEWDEVCO FINANCE SERVICES COMPANY907 NEWDEVCO FINANCE SERVICES COMPANY908 NGADI CHIDERA909 NGELALE GODSPOWER OSILAOLLOR910 NIGERIA SOCIAL INSURANCE TRUST FUND911 NIGERIA STOCKBROKERS LTD912 NKWOPARA V. H.913 NOAH MOHAMMED914 NOAH MOHAMMED915 NOENAH-AWOH UYOH-IYEN916 NWABUOKU CHARLES917 NWABUSI ISRAEL918 NWANGUMA GODFREY UCHECHUKWU919 NWANI OSITA EZEKIEL920 NWANI OSITA EZEKIEL921 NWANI OSITA EZEKIEL922 NWANZE JEFF CHIKEZIE JUDE923 NWANZE JEFF CHIKEZIE JUDE924 NWANZE JEFF CHIKEZIE JUDE925 NWATU MICHAEL NWAFOR926 NWOSU IFEANYI EUGENE927 OAMEN ANTHONY O.928 OAMEN ANTHONY O.929 OBAJIMI J. OLUWAROTIMI930 OBAMI SOT OWUNDA931 OBASEKI EDWARD OSAZEE932 OBEKE JOHNNY O.933 OBI AYOBAMCHUKWU A.934 OBI AYOBAMCHUKWU A.935 OBI NWACHUKWU936 OBIENE THEOPHILUS DIENEYE937 OBIKE JOHNNY O.938 OBILANA OLUSOLA939 OBILEYE VICTOR OLAJIRE940 OBILEYE VICTOR OLAJIRE941 OBIOHA OLANMA942 OBIOHA RALPHA943 OBISESAN AKINWALE TAIWO944 OBOMANU ISRAEL ABEREYANA945 OBUCHI LIMITED946 OCHIAGHA CLEMENT947 ODEBIYI NURUDEEN BOLAJI948 ODEBIYI NURUDEEN BOLAJI949 ODEBIYI NURUDEEN BOLAJI950 ODEBIYI NURUDEEN BOLAJI951 ODEDEJI DAVID ADEOYE952 ODEDERE ISAAC FOLORUNSHO953 ODEDOKUN DEBORAH OLUWATOYIN954 ODEKUNLE TAIWO OLUDELE955 ODEKUNLE TAIWO OLUDELE956 ODEKUNLE TAIWO OLUDELE957 ODEKUNLE TAIWO OLUDELE958 ODELE OLAKUNLE959 ODENIYI REBECCA OLAPEJU960 ODENIYI REBECCA OLAPEJU961 ODERINDE OLUFEMI SUNDAY962 ODETOYINBO SUSAN TOMI963 ODETOYINBO SUSAN TOMI964 ODETOYINBO SUSAN TOMI965 ODETOYINBO SUSAN TOMI966 ODETUNDE OLAGOKE M. OBERTH967 ODII FREDS CHUKWUEMEKA968 ODIKAGBUE THOMAS969 ODIKO CHRISTOPHER OSIOAKPEME970 ODOMA IBRAHIM ISA971 ODSOTE OKUNOLA972 ODUBIYI AKINKUNMI OYEWUNMI973 ODUFESI KEHINDE974 ODUGBESI ADEBAYO OLUSEGUN975 ODUNTAN OLAJIDE976 ODUSANYA ADEYEMI OLUWASESAN

977 ODUWOLE OLASENI978 OFOGBA PATRICIA LAIRE979 OFOMATA CHINENYE JOY980 OGBARA AKEEM MUSTAPHA981 OGBE OJONIMI JOHN982 OGBODO SAMUEL983 OGBODO SAMUEL984 OGBONMIDE CAROLINE OLAYINKA (MRS)985 OGBOYE SOLA COMFORT986 OGBOYE SOLA COMFORT987 OGBOYE SOLA COMFORT988 OGBU NNEDI (MRS)989 OGBU NNEDI (MRS)990 OGENYI AUDU EMMANUEL991 OGENYI AUDU EMMANUEL992 OGEYE BABATUNDE O.993 OGHOR GODWIN JAMES994 OGHOR GODWIN JAMES995 OGINNI BAKARE ADIO996 OGUDU FUNKE997 OGUFERE OWEN998 OGUINE SOLOMON UCHENNA999 OGUN THOMAS MAUTON1000 OGUN THOMAS MAUTON1001 OGUNAIKE OLAJIDE1002 OGUNBAMIYO SOLAPE BOLAJI1003 OGUNBAMIYO SOLAPE BOLAJI1004 OGUNBAMYO SOLAPE BOLAJI1005 OGUNBAMYO SOLAPE BOLAJI1006 OGUNDANA EMMANUEL OLANIYI1007 OGUNDE VERONICA MODUPE1008 OGUNDELE JAMES ONASANYA1009 OGUNDIPE AKINFOLARIN1010 OGUNDIPE DAVID1011 OGUNDIPE OLUBUNMI1012 OGUNDIPE PHEBEAN AJIBOLA1013 OGUNDIRAN EZEKIEL1014 OGUNDIRAN EZEKIEL1015 OGUNDU FUNKE1016 OGUNFERE OWEN1017 OGUNFOWODU OLAJUWON OMOPARIOLA1018 OGUNFOWODU OLAJUWON OMOPARIOLA1019 OGUNFOWODU OLAJUWON OMOPARIOLA1020 OGUNFOWODU OLAJUWON OMOPARIOLA1021 OGUNFOWORA ROTIMI A.1022 OGUNFOWORA ROTIMI A.1023 OGUNJIMI OLUFEMI BABALOLA1024 OGUNKAMI OLUFEMI SEBASTIN1025 OGUNKAMI TEMITAYO1026 OGUNKANMI TEMITAYO1027 OGUNKANMI TEMITAYO1028 OGUNKANMI TEMITAYO1029 OGUNLEYE BOLAJI1030 OGUNLEYE BOLAJI1031 OGUNLEYE GBEMIGA BUNMI1032 OGUNMEFUN ADEKUNLE OLUFEMI1033 OGUNNAIKE OLAJIDE ADEKUNLE1034 OGUNSUNLADE SUNDAY EMMANUEL1035 OGUNTOMI AYODELE1036 OGUNTUNDE OLALEKAN1037 OGUNWALE KUNLE LAWRENCE1038 OGUNWALE KUNLE LAWRENCE1039 OGUNWALE KUNLE LAWRENCE1040 OGUNYALE AKINTUNDE TAIWO1041 OGUNYEMI WINIFRED KUNBI1042 OHIOMAH EMMANUEL AHONKHAI1043 OHO INVESTMENTS LIMITED1044 OJEBOLA LADELE BOLA GANIYU1045 OJEMEN COSMAS A.1046 OJIDIRAN JAMES IYIOLA1047 OJIGBO TOBECHUKWU I.1048 OJIGBO TOBECHUKWU I.1049 OJO ALBERT OLUWOLE1050 OJO ALBERT OLUWOLE1051 OJO ALBERT OLUWOLE1052 OJO ALBERT OLUWOLE1053 OJO EZEKIEL OLUWASEYI1054 OJO EZEKIEL OLUWASEYI1055 OJO EZEKIEL OLUWASEYI1056 OJO ISAAC OLADEJO1057 OJO OLUFEMI VICTOR1058 OJO SOLOMON OLUSEGUN1059 OJOH DAVID1060 OKAFOR FRANCIS C. E.1061 OKAFOR KENECHUKWU HILARY1062 OKAFOR UZOCHUKWU SUNDAY1063 OKANLAWON SAMUEL ADEGOKE1064 OKE AYODEJI LAYIWOLA1065 OKEKE ANTHONY1066 OKEKE CLEMENT IKENNA1067 OKEREAFOR DONATUS1068 OKEREAFOR DONATUS1069 OKERONBI ADEWALE A.1070 OKEWOLE RANTI FLORENCE1071 OKEWOLE RANTI FLORENCE1072 OKEWOLE RANTI FLORENCE1073 OKEWOLE RANTI FLORENCE1074 OKHIRA LUCKY1075 OKOJIE OSA JOSEPH1076 OKONKWO UCHE MERCY 9DR01077 OKONKWO VICTOR CHUKWUNONSO O.1078 OKORIE ROSELYN REMI1079 OKORIE ROSELYN REMI1080 OKORIE ROSELYN REMI1081 OKORIE ROSELYN REMI

1082 OKOYE MARTIN OLISA1083 OKOYE MARTIN OLISA1084 OKOYE MARTIN OLISA1085 OKPALA CHUDE ONYEMAUCHE1086 OKPALA JUDE UDECHUKWU1087 OKPUNO LUKE UCHE1088 OKPUNO LUKE UCHE1089 OKUFOLAMIT BRIGHT1090 OKUGBENI ALFRED-BRORHIEN1091 OKUNADE OMOTAYO JULIUS1092 OKUNLADE OLUWAMUYIWA OLUKAYODE1093 OKUNLADE OLUWAMUYIWA OLUKAYODE1094 OKWARA KENNEDY STAN1095 OKWARA KENNEDY STAN1096 OKWARA KENNEDY STAN1097 OKWARA KENNEDY STAN1098 OKWUOSA OSY1099 OLA KEMI VICTOR1100 OLABANJI MICHAEL1101 OLABANJI MICHAEL1102 OLABISI JOHN KOLA1103 OLABODE OLAREWAJU1104 OLABODE OLAYINKA1105 OLABODE SOLA1106 OLABODE SOLA1107 OLABOPO HOLDINGS LTD1108 OLABOPO HOLDINGS LTD1109 OLABOSIPO OLUSEGUN MOSES1110 OLABOYE TAIWO OLUTADE1111 OLABOYE TAIWO OLUTADE1112 OLADAPO AJIBOLA YEMISI1113 OLADEJO1114 OLADEJO1115 OLADEJO 1116 OLADEJO ADEBAYO OLATUNDE1117 OLADEJO MAJEMITE ADEREMI1118 OLADEJO MAJEMITE ADEREMI1119 OLADELE DAVID OLANIYI1120 OLADIPO MUFUTAU ADEKUNLE1121 OLADIPO OLANREWAJU1122 OLADIPO OLANREWAJU1123 OLADIRAN ONAOLAPO1124 OLADOKE AYINDE OLUNDE OLUSHOLA (DECON)1125 OLADOKE AYINDE OLUNDE OLUSHOLA (DECON)1126 OLADUNNI EMMANUEL TAIWO1127 OLAGUNDOYE OLUREMI ADE1128 OLAITAN MICHAEL OLUFEMI1129 OLAITAN MICHAEL OLUFEMI1130 OLAITAN MICHAEL OLUFEMI1131 OLAITAN MICHAEL OLUFEMI1132 OLAITAN NOAH TOYIN1133 OLAJIDE ADEBAYO BAMIDELE1134 OLAJIDE OLANREWAJU TAJUDEEN1135 OLAKANYE BENSON ABIODUN1136 OLANDEHINDE OLAJUMOKE OLUWAKEMI1137 OLANIYAN BANJI1138 OLANIYAN BANJI1139 OLANIYAN BOLA MISS1140 OLANIYAN FUNMI1141 OLANIYAN GBOLADE CHARLES1142 OLANIYAN GBOLADE CHARLES1143 OLANIYAN OLUGBENGA1144 OLANIYAN OLUGBENGA1145 OLANIYAN OLUGBENGA1146 OLANREWAJU AMBALI ALLI1147 OLANREWAJU AMBALI ALLI1148 OLAOSEBIKAN TUNDE1149 OLAOSEBIKAN TUNDE1150 OLAOSEBIKAN TUNDE1151 OLATUNDE SALISU GANIYU1152 OLATUNJI ISHAQ OLALEKAN 1153 OLATUNJI MATHIAS ROTIMI1154 OLATUNJI SAMUEL1155 OLAWOYE J. D.1156 OLAWOYE J. D.1157 OLAYANJU OLOLADE1158 OLAYANJU OLOLADE1159 OLAYEMI EMMANUEL AYINLA1160 OLAYEMI EMMANUEL AYINLA1161 OLAYEMI EMMANUEL AYINLA1162 OLAYEMI EMMANUEL AYINLA1163 OLIMAH ELIZABETH I.1164 OLIMAH ELIZABETH I.1165 OLIOBI CHRISTIAN DR.&MRS1166 OLIOBI CHRISTIAN DR.&MRS1167 OLIOBI CHRISTIAN DR.&MRS1168 OLOGBOSERE AUSTYNE IYERE OSA1169 OLOGBOSERE AUSTYNE IYERE OSA1170 OLOGBOSERE AUSTYNE IYERE OSA1171 OLOKO BUSHURA OWOLABI1172 OLORUNFUNMI OLUSEGUN ADELEYE1173 OLORUNFUNMI OLUSEGUN ADELEYE1174 OLORUNSOLA PETER IBUKUN1175 OLOTU MICHAEL OLUWATOBI1176 OLOWE OLATUNDE JOHNSON1177 OLOWOKERE SAMSON1178 OLUBANIYI GRACE MORONMUBO1179 OLUBANIYI GRACE MORONMUBO1180 OLUBANIYI GRACE MORONMUBO1181 OLUBANIYI GRACE MORONMUBO1182 OLUBOYEDE DEBROAH O.1183 OLUBUNMI GA-OPADOKUN1184 OLUDARE GBENGA ISAAC

4949



1185 OLUDARE GBENGA ISAAC1186 OLUFIDIPE ANTHONY OYE1187 OLUFIDIPE TOLUWALASE1188 OLUFIDIPE TOLUWALASE1189 OLUFIDIPE TOLUWALASE1190 OLUJEDE ALADE ANTHONY1191 OLUJEDE ALADE ANTHONY1192 OLUMEGBON RISIKAT ABIMBOLA1193 OLUMEGBON RISIKAT ABIMBOLA1194 OLUMMEGBON RISIKAT ABIMBOLA1195 OLUMUYIWA IBIRONKE1196 OLUSANYA OLUSEGUN1197 OLUSEGUN O. ADEYEYE1198 OLUTOBI ADEOGUN CHRISTOPHER1199 OLUTOBI ADEOGUN CHRISTOPHER1200 OLUWADARE SUNDAY VICTOR1201 OLUWADARE SUNDAY VICTOR1202 OLUWADARE SUNDAY VICTOR1203 OLUWADARE SUNDAY VICTOR1204 OLUWAKOREDE NURUDEEN1205 OLUWAKOREDE NURUDEEN1206 OLUWAKOREDE NURUDEEN1207 OLUWAKOREDE NURUDEEN1208 OLUYEDE TAJUDEEN BALOGUN1209 OLUYEMI ADETUTU OLUKOREDE1210 OMF SECURITIES & FINANCE LTD1211 OMIDIRE FUNKE1212 OMISANYA ABDUL WASPL ADENIYI1213 OMISANYA ABDUL WASPL ADENIYI1214 OMODENI ADEGBOYEGA PHILIP OLADAPO1215 OMOFAYE BOASON OLA1216 OMOFAYE BOASON OLA1217 OMOFAYE BOASON OLA1218 OMOFAYE BOASON OLA1219 OMOGOR LAZARUS E.1220 OMOIFO BATHOLOMEW OKHAREDIA1221 OMOKHAYE BAYO OJEMERI1222 OMOLE JOSEPH ADEDEJO1223 OMOLODUN OLUSEGUN1224 OMOLOKUN OMOTOUN OMOTOPE1225 OMOLOKUN OMOTOUN OMOTOPE1226 OMONI OLUSOLA1227 OMONIYI FOLASAYO BUKOLA1228 OMONIYI FOLASAYO BUKOLA1229 OMONIYI FOLASAYO BUKOLA1230 OMONIYI FOLASAYO BUKOLA1231 OMONIYI OLUWATOSIN GIDEON1232 OMOREGBE CAROLIN (MRS)1233 OMORODION CELESTINA I.1234 OMORODION IRENUMA1235 OMORODION OSAYI1236 OMOTAYO OLANREWAJU KABIRU1237 OMOTAYO OLANREWAJU KABIRU1238 OMOTAYO OLANREWAJU KABIRU1239 OMOTAYO OLANREWAJU KABIRU1240 OMOTUNDE-YUNG OLUSOLA1241 ONABANJO OYEJIDE OLUKAYODE1242 ONABANJO VICTOR OLUFEMI1243 ONABANJO VICTOR OLUFEMI1244 ONABANJO VICTOR OLUFEMI1245 ONABANJO VICTOR OLUFEMI1246 ONADELE BOLA1247 ONAFOWOKAN A. ADERONKE1248 ONAFUWA ALBERT OBA1249 ONALAJA OLUWAFEMI OMOTOLA1250 ONANUGA LATEEF1251 ONAOLAPO OLAWALE1252 ONAOLAPO OLAWALE1253 ONI OLUYEMI1254 ONIBUDO AHMED (CHIEF)1255 ONILUDE J. TUNDE1256 ONIPEDE JOLADE1257 ONIWINDE FEMI1258 ONUOEAH VERU UZOAMAKA1259 ONUORAH VERU UZOAMAKA1260 ONUORAH VERU UZOAMAKA1261 ONUORAH VERU UZOAMAKA1262 ONWUALIA EVELYN NWAKAEGO1263 ONWUDYWE DAMIAN OBIORA1264 ONYENKPA VICTOR UZODINMA1265 ONYIA CHINEDU1266 OPARA CHRIS EKEOCHA1267 OPARA CHUKA LESLEY1268 OPARA CHUKA LESLEY1269 OPARA ETHELBERT O.1270 OPARISON MORAKINYO1271 OPARISON MORAKINYO1272 OPARISON MORAKINYO1273 OPARISON MORAKINYO1274 OPELAMI OLUYEMISI1275 OPEODU ADEBOLA AFEEZ1276 ORECHUKWU VIRGINIA AMOGE1277 ORIHIE GRACE C.1278 ORIHIE GRACE C.1279 ORIHIE GRACE C.1280 ORIJ FRANCIS UDU1281 ORUGBANI FIENYOBO SINCLAIR1282 ORUGBANI FIENYOBO SINCLAIR1283 ORUGBANI FIENYOBO SINCLAIR1284 OSADEBE SAMUEL IFEANYI1285 OSANDATUWA ANDY O. JOLOMI1286 OSHILE JOHN BABATUNDE CHIFE1287 OSHILE JOHN BABATUNDE CHIFE1288 OSHILE JOHN BABATUNDE CHIFE1289 OSHILE JOHN BABATUNDE CHIFE

1290 OSIEGBU UCHE FRANCISCA1291 OSIGWE ROSEMARY LEBORN1292 OSIGWE ROSEMARY LEBORN1293 OSIGWE ROSEMARY LEBORN1294 OSIGWE ROSEMARY LEBORN1295 OSIPITAN JONATHAN ADEGBUYI1296 OSIPITAN JONATHAN ADEGBUYI1297 OSIPITAN JONATHAN ADEGBUYI1298 OSIPITANN JONATHAN ADEGBUYI1299 OSITELU SAMSON B1300 OSIYEMI OLUKEMI1301 OSIYEMI OLUKEMI1302 OSOBO SUNDAY OLLAKANMI1303 OSOBU MICHAE ADEDAYO1304 OSUAGWU PETER NNEJI1305 OSULA OGHAGHO (MRS)1306 OSULA OGHAGHO (MRS)1307 OSULA OGHAGHO (MRS)1308 OSUNDEKO OLUSEYE1309 OSUNDEKO OLUSEYE1310 OSUNDEKO OLUSEYE1311 OSUNDEKO OLUSEYE1312 OSUNDOSMU AYO O.1313 OSUNKWO COLLINS CHINEDU1314 OSUNSANYA BOLAJI1315 OSUNTOKI OLANIKE KEHINDE1316 OSUNTOKI TITI1317 OSUNTOKI TITI1318 OSUNTOKI TITI1319 OSUNTOKI TITI1320 OTEGBADE OLUFEMI1321 OTENIYA AKINOLA1322 OTOIDE VICTOR A.1323 OTOIDE VICTOR A.1324 OTOIDE VICTOR A.1325 OTOIDE VICTOR A.1326 OTUN KAYODE1327 OTUN KAYODE1328 OWODUNNI BUKUNMI1329 OWODUNNI OLUWASEYI1330 OWOLABI BABATUNDE RAFIU1331 OWOLABI BABATUNDE RAFIU1332 OWOLABI BABATUNDE RAFIU1333 OWUYE ANTHONY ADEKUNLE1334 OWUYE ANTHONY ADEKUNLE1335 OYARINU ADEBAYO OLUGBENGA1336 OYATERU SOLOMON A. K1337 OYAWOYE ANUOLUWA ESTHER1338 OYEBAMIJI BOLA1339 OYEBAMIJI BOLA1340 OYEBAMIJI BOLA1341 OYEBISI AMOS OLADELE (PRINCE)1342 OYEDEJI DIDEOLUWA AYO1343 OYEDEJI DIDEOLUWA AYO1344 OYEDELE MICHAEL BOWO1345 OYEDELE MICHAEL BOWO1346 OYEDELE MICHAEL TAIWO1347 OYEDELE MICHAEL TAIWO1348 OYEDELE TIMOOTHY ABIDOYE1349 OYEFESO MR. & MRS1350 OYEGBOLA ABENI FUNMILAYO1351 OYEKAN EBUNLOMO GRACE1352 OYEKAOKWO EMMAN IKECHUKWU1353 OYENUBI MUYIWA1354 OYENUGA LUKEMAN GBOLAHAN1355 OYENYI AUDU EMMANUEL1356 OYERINU ADEBAYO OLUGBENGA1357 OYERINU ADEBAYO OLUGBENGA1358 OYERINU ADEBAYO OLUGBENGA1359 OYESH PHILLIP OLLATUNDE MR.1360 OYESHOMO PHILLIP OLATUNDE MR.1361 OYETUDE NURUDEEN ADEWALE1362 OYEWOLE BABAFUNMI OLUFOLA1363 OYEWOLE FEMI OLAUDIE1364 OYEWOLE MARIAM ASHABI1365 OYEWOLE MARIAM ASHABI1366 OYEWUM IOLAWAKEMI1367 OYEWUMI OLAWAKEMI1368 OYEWUMI OLAWAKEMI1369 OYEWUMI OLAWAKEMI1370 OYIBODE AUGUSTIAN1371 OZULUMBA IJEOMA DORIS1372 PASEDA ADEDAYO OLUSESAN1373 PCL CAPITAL 1374 PETER EKWUEME1375 PETER RICHARD OKPU1376 PETER RICHARD OKPU1377 PETER RICHARD OKPU1378 PHILOMENAA OBASOGIE1379 PINNICK WILMA & EBI1380 PITAN OLADELE OLORUNFUNMI1381 PITAN OLADELE OLORUNFUNMI1382 PIVOT FINANCE & INVESTMENT COY. LTD1383 POPOOLA WAHAB FUNSO1384 PREMIUM INTERNATIONAL HOTEL LIMITED1385 PREMIUM SECURITIES LIMITED1386 PROFS STOCKBROKERS LTD1387 PROMINENT SECURITIES LTD1388 PROSPERITIY INVESTMENT CLUB1389 PSI SECURITIES LTD1390 PSL PORTFOLIO MGT1391 PYE PROFESSIONAL TUTORS LTD1392 PYE PROFESSIONAL TUTORS LTD1393 PYE PROFESSIONAL TUTORS LTD1394 QUANTUM SEC. TRADED STOCK A/C

1395 RAHEEM RASAK BABATUNDE1396 RAJI GANIAT ABIDEMI (MRS)1397 REGENCY INSURANCE CO.1398 REMI SOBANJO1399 RIMS SECURITIES LTD1400 RIMS SECURITIES LTD1401 RIMS TRUSTEES LIMITED (A/C-HTF)1402 RIMS TRUSTEES LIMITED (A/C-OAO)1403 RIMS TRUSTEES LIMITED (A/C-OEO)1404 RIMS TRUSTEES LTD (A/C-EEO)1405 RIMS TRUSTEES LTD (A/C-EEO)1406 RIMS TRUSTEES LTD (A/C-EEO)1407 RIMS TRUSTEES LTD (A/C-HTF)1408 RIMS TRUSTEES LTD (A/C-HTF)1409 RIMS TRUSTEES LTD (A/C-OAO1410 RIMS TRUSTEES LTD (A/C-OAO)1411 RIMS TRUSTEES LTD (A/C-OEO)1412 RIMS TRUSTEES LTD(-A/C -OEC)1413 RIMS TRUSTEES LTD-A/C OTOMI VENTURE1414 RIMS(UNIT TRUST)1415 RIMS(UNIT TRUST)1416 ROBERTS NGOZI EUCHARIA1417 ROBERTS ROSEVITA NENE1418 ROY A. ASSOCIATES1419 ROYAL EXCHANGE ASSURANCE NIG. PLC1420 SALAKO ADEYEMI AFOLABI1421 SALAMI BABAJIDE1422 SALAMI VICTORIA FUNMILAYO1423 SALAU SIKIRU OLADIPUPO1424 SALAUDEEN DIMEJI ISMAIL1425 SALAUDEEN DIMEJI ISMAIL1426 SALAUDEEN DIMEJI ISMAIL1427 SALAWU AKEEM (MR)1428 SALAWU AKEEM (MR)1429 SALAWU AKEEM (MR)1430 SALAWU MOJISOLA KUDIRAT1431 SALISU TAOFIK TOYIN1432 SAMMY AGARRY1433 SANNI TUNDE1434 SANNI TUNDE1435 SANYA GANIU ADEWALE1436 SAPORU MICHAEL OBALOLA1437 SAPORU MICHAEL OBALOLA1438 SAVAGE AKEEM BOLAJI1439 SAVAGE AKEEM BOLAJI1440 SECURITIES TRANS & TRUST COY.1441 SECURITIES TRANS & TRUST COY.1442 SECURITIES TRANS & TRUST COY.1443 SENBANJO OLASUNMBO DAMILOLA1444 SENJOBI AYOOLA OLAWUNMI1445 SHAJI BOSEDE OLAJUMOKE1446 SHAJI BOSEDE OLAJUMOKE1447 SHAJI BOSEDE OLAJUMOKE1448 SHANU TOLUWALASE ADESINA1449 SHEBA ISREAL OLA1450 SHEBA ISREAL OLA1451 SHODEINDE MICHEAL OLADAPO1452 SHOTAYO MULIKATU BOLANLE1453 SHOTAYO SHODIPO1454 SHOTAYO SHODIPO1455 SHOTAYO SHODIPO1456 SHOTOMIWA MULIKAT BOLANLE1457 SHUAIBU ABDULMUMINI1458 SIERRA TRADES1459 SIJUWADE TITLOLA OLABIMPE1460 SIJUWADE TITLOLA OLABIMPE1461 SIJUWOLE TITILOLA1462 SIJUWOLE TITILOLA OLABIMPE1463 SIMISAIYE BINTU OLUDAYO1464 SIMISAIYE M. MARY IYABO1465 SIMON ALIKALI1466 SMITH MOSUNMOLA FAUSAT1467 SMITH MOSUNMOLA FAUSAT1468 SMITH MOSUNMOLA FAUSAT1469 SOARES PRISCA M.1470 SODIYA KOLAWOLE1471 SOETAN BAYO OLUSEGUN1472 SOMAN INVESTMENT NIG. LTD1473 SONGONUGA BABATUNDE1474 SONGONUGA BABATUNDE1475 SONGONUGA BABATUNDE1476 SOSY ANTHONY BABAFUNSHO1477 SOSY DOMINIC AFOLABI1478 SOUTHERNGATE GROUP1479 SOWANDE LEKAN1480 SOWANDE LEKAN1481 STAR HOPE INTERINAL ENT.1482 SULEIMAN AKEEM ADEYINKA1483 SUMMA GUARANITY & TRUST COY LTD1484 SUMMA GUARANITY & TRUST COY LTD1485 SUMMA GUARANITY & TRUST COY LTD1486 SYSTEMSPECS LTD1487 SYSTEMSPECS LTD1488 TAIWO ADEYINKA1489 TAIWO DAVID BABATUNDE1490 TAIWO OKUNGOWA1491 TAIWO OKUNGOWA1492 TAIWO OKUNGOWA1493 TALABI JEJELOLA ENITAN1494 TALABI JEJELOLA ENITAN1495 TALABI OLUFEMI1496 TENI TAIWO ZACCHEAUS1497 THOMAS DAPO1498 THOMPSON O. FAPOHUNDA1499 THOMSON O FOPOHUNDA

1500 THOMSON O FOPOHUNDA1501 THONSON O. FAPOHUNDA1502 TIDDO UNIVERSAL SEC. FIN. TRADED-STO1503 TIDDO UNIVERSAL SEC. FIN. TRADED-STO1504 TOMORI ADIJAT OLAIDE1505 TOMORI ADIJAT OLAIDE1506 TOMORI OLABODE FELIX1507 TOMORI OLABODE FELIX1508 TOMORI OLABODE FELIX1509 TOMORI OLABODE FELIX1510 TRUSTHOUSE INVESTMENT LTD1511 TRUSTHOUSE INVESTMENT LTD TRADED STOCK1512 UBAH KENNETH NWAINOBI C.1513 UBAH N. NANCY1514 UBANI N. NANCY1515 UBBOE SYLVANUS NWABUEZE1516 UBINI OKIEMUTE MCHMILLLAN1517 UBOHOH NNSEWO MISS1518 UDAZE BENJAMIN EHIJUME1519 UDOH JOHN OKON1520 UDUOK PETER PETER1521 UDUOK PETER PETER1522 UGBOAJA REMIGIUS NDUKWE1523 UGOJI NNADINMA MARTINS1524 UKAUWA INNOCENT OGBONNA1525 ULOKO MAXWEL1526 ULOKO MAXWEL1527 ULOKO MAXWEL1528 UMUKORO STEPHEN1529 USMAN UMAR BISHARA1530 USMAN UMAR BISHARA1531 UWAJEH JULIUS CHUKUMA1532 UZAMERE PETER O.1533 VALUETECH SUPPLIES AND MERCHANTS1534 VALUETECH SUPPLIES AND MERCHANTS1535 VALUETECH SUPPLIES AND MERCHANTS1536 VIVA SECURITIES LTD1537 WABI-LI-LAHI TAOFIK LTD1538 WALE-AJAYI OMAYULI (MRS)1539 WARIKORU JAKE RURONAKIGHA1540 WHISPERING HOPE INSUSRANCE CO. LTD1541 WILLIAM CHIBUOKE1542 WILLIAM CHIBUOKE1543 WORDMARK INSURANCE BROKERS LTD1544 WORDMARK INSURANCE BROKERS LTD1545 YAKUBU CONCERN ADAMS 1546 YAKUBU CONCERN ADAMS SHEHU1547 YEMI VAUGHAN1548 YENUGA VICTOR OLUSEGUN (ENGR)1549 YINKA FAKOLADE1550 YINKA FAKOLADE1551 ZIMEST INVEST & MGT. CO.

5050



THE DIV. FOR REGISTRATION AS AT 5/7/2007

1 ADEPITAN OLULANU OMOTUNDE P.O.BOX 1224 MARINA LAGOS2 CARLA AYEWOH C/O THE NIGERIA STOCK EXCHANG, LAGOS3 CASHCRAFT ASSET-DEPOSIT A/C NIM HOUSE 22 IDOWU TAYLOR STR. V/I LAGOS4 CASHCRAFT ASSET-DEPOSIT A/C P M B 80105 VICTORIA, ISLAND LAGOS5 CHIDERA R. EZEJA C/O MR. I.O. EZEJA P.O.BOX 2457 LAGOS6 DAKPOKPO EMMANUEL ALASA P.O.BOX 7212 LAGOS7 DE-DAVISON INVESTMENT LTD P.O.BOX 15710 IKEJA, LAGOS8 EBIGBO JUDE ODINAKACHUKWU P.O.BOX 4480 MARINA, LAGOS9 EBO ONYEKWERE I. P.O.BOX 722 IKEJA10 EBOIGBE JOHN JOSIAH P.O.BOX 9884 AREA 10 GARKI GPO ABUJA11 EFEKOHA EDWARD AIGBERIA MR. P.O.BOX 8789 MARINA, LAGOS12 EMERONYE BENJAMIN P.M.B 1213 FED. SECTARIAT ONNERI13 EMPIRE SEC. TRADED-STOCK A/C P.O.BOX 75121 LAGOS14 ENDURANCE MOTORS LIMITED 16, INDUSTRIAL STR. ILUPEJU, LAGOS15 ENEH CHIDI C. P.O.BOX 51277 FALOMO16 ESAN T A MR & MRS P.O.BOX 263 PORTHARCOURT17 EZENWA MERCY P.O.BOX 64615 IKOYI LAGOS18 FALANO OLUFEMI P.O.BOX 4163 IBARA ABEOKUTA, OGUN STATE19 FALCON SECURITIES -DEPOSIT A/C 15, OLOWU STREET IKEJA20 FATANMI COLSON OLADAPO P.O.BOX 7933 MARINA, LAGOS21 FISRT FORTRESS INVESTS. LTD P.O.BOX 1772 APAPA, LAGOS22 FOURSQUARE GOSPEL CHURCH 62, AKINWUNMI STR. YABA, LAGOS23 GIWA GANI GBADEBO P.O.BOX 6418, LAGOS24 IDOWU ABRAHAM ABIODUN CTL-TRS SPDC, 21/22, MARINA, LAGOS25 IKPON SUNDAY E. P M B 21274 IKEJA, LAGOS26 JOHNSON ABIMBOLA P.O.BOX 177 WARRI DELTA STATE27 KARUNWI OLABODE & OLAITE 5, DOUALA RD, APAPA LAGOS28 MARRIOT SEC.& TRUST COY. LTD P.O.BOX 70760 V/I, LAGOS29 NEM INSURANCE PLC 138/146 BROAD STR. P.O.BOX 654 LAGOS30 NIGERIA GLOBAL INVESTS. FUNDS/CBCLN 31, MARINA LAGOS31 NJOKU ALEXANDER AZORO P.O.BOX 1589 SURULERE, LAGOS32 OYEDELE TIMOTHY ABIDOYE P.O.BOX 2401, LAGOS33 ROYAL EXCHANGE ASSURANCE (NIG) PLC 31, MARINA LAGOS34 SECURITY SWAPS LIMTED 5, IDOWU TALOR STR, V/ISLAND35 SOARES PRISCA M. G. P.O.BOX 16850 IKEJA ,LAGOS36 TOMIL TRUST LTD 15B WESLEY/JOSEPH STR. LAGOS ISLAND 37 WALL STREET TRUST CO. LTD P.O.BOX 75519 V/I LAGOS38 WSTC NOMINEE LTD P.O.BOX 75519, LAGOS39 WT. SECURITIES LTD TRADING ACCT. P.O.BOX 6849 MARINA, LAGOS

THE DIV. FOR REGISTRATION AS AT 5/7/2007

RETURNED DIV. FROM POST OFFICE AS AT 16/7/2007

1 ADAJI ABRAHAM OLEMA2 ADEBOYE ADEBAYO AKINWALE3 ADEDEJI SHERIF ALAMU OLADIPO4 ADEDEJI SHERIF ALAMU OLADIPO5 ADEDEJI SHERIF ALAMU OLADIPO6 AFOLABI KAMORU ABIORO7 AKINBO HAJARAT OMOTAYO8 AKINRULI OLUGBENGA KOLAWOLE9 ASHAOLU SUNDAY AYINDE10 EJIEJI VINCENT OGBONNA11 FASHANU ISAIAH ADEPOJU12 FUNMILAYO REUBEN OLUWASINA13 IGBE EGHOSA BECKY14 JAWO JOHNSON15 JIMOH JEMITOPE OLUMUYIWA16 JONES-ERE OYEINMIEBI17 KOYEJO EBENEZER OLATUNJI18 LAWAL OLANIYI KAZEEM19 MALIZU KOSIRISO CHUKWU20 NDULUE CYRIL CHUKWUMA21 NWOSU MONDAY SAMPSON22 OAMEN ANTHONY O.23 OGBONNA FAVOUR EBERE24 OGUNLEYE ROYIMI WILLIAMS25 OLAIYA ABIMBOLA BUKOLA26 ONEUACHU CHIMEZIE DARLINGTON27 ORIAIFOH BEATRICE ITOSE28 OWOEYE FISAYO ROSEMARY29 OYEBAMIJI WALIU30 PYE PROFESSIONAL TUTORS LTD31 RAZAK-ADAMS BOLADAE O32 RAZAK-ADAMS OLUWADAMILOLA O.O33 SANUSI IDOWU DAUDA34 SANUSI IDOWU DAUDA35 SOWUNMI MARGARET ABOSEDE36 UDUEHI ODION37 UDUEHI ODION38 UMOH ENOBONG EMMANUEL39 UMOH UNYIME LEONARD40 ZIMEST INVEST & MGT CO.

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