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1. Head Office:
35, Adetokunbo
Ademola Street,
Victoria Island,
Lagos.
Tel: 234-01-4615006-9, 2619011
2. Nature of Business:
General Insurance, Life and Pensions Businesses.
3. Date of Incorporation:
1994 but commenced operations on 2nd January, 1995
4. Date Listed on The Exchange:
29th November, 2006
5. NSE Classification:
Insurance
6. Board of Directors:
Chief (Dr.) Ephraim F. Faloughi, OON (Chairman)
Mr. Oluseun O. Ajayi (MD/CEO)
Mr. Bolaji Agbabiaka
Chief (Mrs.) Titilayo Rotimi
Mr. Kolapo Lawson
Sir Chike Oyeka
Mrs. A. A. Taire, OFR
Mr. Olawale Onaolapo
Sir (Dr.) Ogala Osoka
Mr. Adesola Adebayo
Prof. Steve Azaiki
7. Company
Secretary:
Equity Union Limited
(Company Secretaries & Nominees)
Equity Union house, 11 IPM Avenue
Central Business District, Alausa, Ikeja Lagos
8. Auditors:
Ighodalo & Co.,
(Chartered Accountants)
2, Fawole
Lane/272 Ikorodu Road,
Obanikoro, Lagos.
Tel: 234-01-4971708, 4936037, 4965466
Fax: 234-01-4936599, 2694576
E-mail: ighodalo@nigol.net.ng
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9. Company Registrars:
Meristem Registrars Limited
305 Herbert
Macaulay Way,
Sabo, Yaba, Lagos
Tel: 234-01-8920491, 8920492
E-mail: info@meristemregistrars.com
Website: www.meristemregistrars.com
10. End of Accounting Year
31st December
11. Number of Employees
155
12.Capital Structure
i. Authorised:
N3,500,000,000.00
ii. Paid-Up N2,268,232,195.00
13. Analysis of Shareholding
Bayelsa
State Government - 17.53%
TEEOF Holdings Limited
- 14.80%
Murphy Shipping & Comm. Services Limited 8.43%
TWSN Limited
- 6.52%
Slok Nigeria Limited
- 5.97%
Kolapo Lawson
- 5.84%
Other Nigerian Citizens & Asso. - 40.91%
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FIVE-YEAR FINANCIAL SUMMARY
CAPITAL
EMPLOYED 2007 2006 2005 2004 2003
N’000 N’000 N’000 N’000 N’000
Share capital 2,168,232 1,185,458 510,995 433,729 353,500
Share premium 191,943 18,570 7,575 7,575 7,575
Reserves for bonus
433,646 - 63,874 54,216 58,917
Contingency reserve 377,509 201,204 147,501 112,321 85,359
FX equalization reserve - 2,250 2,250 2,250 2,250
Retained earnings 306,423 182,879 74,256 44,223 7,535
----------- ----------- ----------- ----------- ----------
Shareholders’ funds 3,477,753 1,590,361 806,352 654,314 515,135
====== ====== ====== ====== ======
Creditors and accruals 103,011 260,417 102,611 49,786 105,478
Insurance fund 378,452 349,213 340,407 323,217 288,189
Life fund - 35,188 62,257 51,448 10,820
----------- ----------- ----------- ----------- ----------
Liabilities 481,463 644,818 505,275 424,452 404,486
----------- ----------- ----------- ----------- ----------
Total Liabilities 3,959,216 2,235,179 1,311,628 1,078,766 919,621
====== ====== ====== ====== ======
REPRESENTED BY:
Cash and bank 16,332 5,111 4,158 5,031 3,929
Statutory deposit 375,000 35,000 35,000 35,000 35,000
Short term investments 1,218,632 959,480 214,817 182,295 199,034
Debtors and prepayments 1,117,243 780,281 486,378 341,349 207,020
Long term investments 615,608 114,661 493,532 353,068 347,403
Deferred Charges 223,786 175,272 - - - -
Fixed assets 392,615 165,373 77,743 162,023 127,235
----------- ----------- ----------- ----------- ----------
Total Assets 3,959,216 2,235,179 1,311,628 1,078,766 919,621
====== ====== ====== ====== ======
Gross premium written 2,487,754 1,418,514 1,022,284 951,156 859,129
Net premium written 2,017,650 1,141,407 881,666 821,738 682,463
Profit before tax 407,869 268,515 175,165 132,962 128,226
Profit after tax 357,789 233,800 157,648 119,866 115,606
Dividend proposed 260,188 142,255 30,660 - 28,280
Earnings per share
Basic 8.25k 10.42k 30.85k 27.64k 32.70k
Diluted 8.25k 5.39k 3.63k 2.76k 2.67k
Dividend per share
Basic - 6k 6k - 8k
No of Employees 155 109 126 141 145
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