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1. Head Office:
Plot 3, Alagbaka Junction
P. O. Box
685,
Akure, Ondo
State.
Control Office:
Great Nigerian House
(6th Floor)
45/57 Martins
Street, Lagos.
Tel: 234-01-2669668, 2665085.
2. Nature of Business:
All classes of Insurance, Special Risks, Life and
Pensions.
3. Date of Incorporation:
N/A
4. Date Listed on The Exchange:
6th August, 1999
5. NSE Classification:
Insurance
6. Board of Directors:
Mr. A. Adebayo (Chairman)
F. C. A. Akanbi Esq. (MD/CEO)
Otunba A. B. Ajomale
A. K. Yinka Gbegudu Esq.
F. O. S. Ibukun Esq.
Alhaji (Chief) Shehu Ajijola
Chief P. G. Ogundare
7. Company Secretary:
Kole Inakoju Esq.
Plot 3, Alagbaka Junction
P. O. Box
685,
Akure, Ondo
State.
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8. Auditors:
BDO Balogun Badejo & Co.,
(Chartered Accountants)
Charter House
199, Ikorodu
Road,
Obanikoro, Lagos.
9. Company Registrars:
NICON Trustees Limited
Nicon House,
5, Customs
Street,
P. O. Box
1100,
Lagos.
10. Subsidiaries/Associates
Nil
11. End of Accounting Year
31 December
12. Number of Employees
N/A
13. Capital Structure
i. Authorised: N100,000,000.00
ii. Paid-Up N100,000,000.00
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FIVE-YEAR FINANCIAL SUMMARY
CAPITAL
EMPLOYED 2001 2000 1999 1998 1997
N‘000 N‘000 N‘000 N‘000 N‘000
Share capital 105,813 105,813 44,174 10,000 10,000
Other reserves 88 88 88 1,088 1,088
Revaluation reserves 50,847 50,847 50,847 50,847 50,847
Revenue reserves 3,940 283 (2,851) (6,754) (10,376)
Contingency reserves 14,480 10,711 7,849 6,366 5,963
====== ====== ====== ====== ======
Shareholders’ fund 175,163 167,742 100,107 61,547 57,522
Statutory reserves 92,581 74,670 57,562 41,377 40,193
------------ ------------ ------------ ------------ -----------
267,749 242,412 157,669 102,924 97,715
====== ====== ====== ====== ======
ASSETS
Fixed Assets 60,817 62,812 58,147 57,253 58,165
Investments 27,966 34,392 15,599 10,895 11,177
Statutory Deposits 13,500 13,500 6,000 5,000 5,000
Net current assets 165,466 131,708 77,923 29,776 23,373
------------ ------------ ------------ ------------ -----------
267,749 242,412 157,669 102,924 97,715
====== ====== ====== ====== ======
Turnover 140,040 102,874 58,140 28,078 26,301
Profit before tax 16,811 13,369 4,553 5,322 (15,680)
Profit after tax 13,886 12,444 3,903 3,622 (16,030)
Proposed dividend 5,291 5,291 - - -
====== ====== ====== ====== ======
Data Per 50k Share
Earnings per share 6.56k 5.88k 1.84k* 1.71k* (7,57k)*
Dividend per share 2.50k 2.50k - - -
Dividend cover (times) 2.62 2.35 - - -
Net assets per share N1.27 N1.15 N0.75* N0.49* N0.46*
Price earnings ratio 8.69 10.20 32.61* - -
NOTE: The earnings and net assets
per share have been calculated on the basis of the issued share capital at
31 December, 2001. *Adjusted earnings/net assets per share.
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