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1. Head Office:
Plot 294, Jide
Oki Street,
Off Ligali
Ayorinde Street,
Victoria Island,
Lagos.
Tel: 234-01-4616972-4;
Fax: 234-01-2705695, 2705696, 2705770
2. Nature of Business:
General Insurance Business.
3. Date of Incorporation:
26th March, 1969
4. Date Listed on The Exchange:
13th July, 2007
5. NSE Classification:
Insurance
6. Board of Directors:
Lt. Gen. Salihu Ibrahim (Rtd.) (Chairman)
Mr. Ifie M. P. Sekibo, (Exec. Vice Chairman)
Mr. Jacob Erhabor (MD/CEO)
Sir Pat Sule Nduka Ugboma
Mr. Christopher Briggs, mni
Mr. Francis Okwedy
Glory Ogbonda Emeh
Alhaji Shehu Badamasi
7. Company Secretary:
Mr. Paul Ekpenisi
Plot 171A Moshood
Olugbani Street,
Victoria Island, Lagos.
8. Auditors:
Howarth Dafinone
(Chartered Accountants)
Ceddi
Towers
16, Wharf
Road,
Apapa, Lagos.
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9. Company Registrars:
HNB Trustees Limited
163/165 Broad
Street,
Lagos.
10. Subsidiaries/Associates:
Equity Life Insurance Company Limited
Assets Guardian
IEI Assets Limited
11. End of Accounting Year
31st December
12.Number of Empolyees
150
13. Analysis of Shareholding
Ski Consult -
23.95%
Rivers
State Government - 28.89%
Chillet Limited -
4.42%
Tanzila Petroleum Co.
Limited - 5.09%
Others -
37.65%
14.Capital Structure
i. Authorised: N8,500,000,000.00
ii. Paid-Up N
2,751,612,000.00
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FIVE-YEAR FINANCIAL SUMMARY
2007 2006 2005 2004 2003
N‘000 N‘000 N‘000 N‘000 N‘000
BALANCE SHEET
Cash and bank 218,141 52,878 5,351 349 755
Investments 5,798,388 828,418 416,372 175,135 10,500
Debtors and prepayments 4,315,963 1,225,707 397,624 249,056 63,017
Statutory deposits 322,500 80,000 35,000 35,000 3,000
Fixed assets 1,890,077 625,745 57,529 62,251 1,935
Goodwill reserve - 35,875 - - -
Creditors and accruals (1,041,420) (753,762) (107,620) (132,367) (68,640)
---------- ---------- ---------- ---------- ----------
11,503,649 2,094,861 804,256 389,424 10,567
====== ====== ====== ====== ======
REPRESENTED BY:
Paid up share capital 2,751,612 1,425,189 635,552 301,697 78,497
Deposit for shares - - - 150,000 -
Contingency reserves 237,152 89,088 53,206 13,817 5,171
Reserves/(deficit) 241,151 131,903 28,510 (129,046) (91,123)
Share premium 1,421,699 250,743 - - -
Revaluation reserves 234,933 - - - -
Capital reserve 5,503,223 - - - -
Dividend reserve 495,290 - - - -
---------- ---------- ---------- ---------- ----------
10,885,060 1,896,923 717,268 336,468 (7,455)
Insurance fund 618,589 197,938 86,988 52,956 18,022
---------- ---------- ---------- ---------- ----------
11,503,649 2,094,861 804,256 389,424 10,567
====== ====== ====== ====== ======
PROFIT AND LOSS ACCOUNT
Gross premium 2,668,325 1,196,044 1,059,874 284,035 38,557
====== ====== ====== ====== ======
Profit/(loss) before
taxation 910,408 177,641 246,145 (27,028) (6,089)
Taxation (157,806) (38,366) (49,200) (2,250) (244)
---------- ---------- ---------- ---------- ----------
Profit/(loss) after taxation 752,602 139,275 196,945 (29,278) (6,333)
Contingency reserve (148,064) (35,882) (39,389) (8,645) (896)
Profit/(loss) for the year 604,538 103,393 157,556 (37,923) (7,229)
====== ====== ====== ====== ======
APPROPRIATED AS FOLLOWS:
Dividend reserve 495,290 - - - -
Profit/(loss) for the year 109,248 103,393 157,556 (37,923) (7,229)
---------- ---------- ---------- ---------- ----------
604,538 103,393 157,556 (37,923) (7,229)
====== ====== ====== ====== ======
REVENUE RESERVES:
Retained profit/(loss) for
the year 109,248 103,393 157,556 (37,923) (7,229)
Reserve/(deficit) brought
forward 131,903 28,510 (129,046) (91,123) (83,894)
Reserves/(deficit) carried
forward 241,151 131,903 28,510 (129,046) (91,123)
====== ====== ====== ====== ======
Basic earning per share 23.3k 9k 15k (8k) (8k)
Net assets per share 209k 73k 63k 129k 13k
Dividend per share 9.0k - - - -
====== ====== ====== ====== ======
NOTE
The basic earnings per share
for 2006 and 2007 is calculated based on the weighted average number of
shares during the year, while the number of shares at the end have been
used for the other years. The dividend and net assets per share have been
computed on the basis of the issued share capital as at the end of the
year.
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