NIGERIAN CAPITAL MARKET STATISTICAL BULLETIN 2010sec.gov.ng/files/SEC Nigeria statitical bulletin...

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VOLUME 2

Prepared and Published by: Office of the Chief Economist and Research Division of the Research and Planning Department Securities and Exchange Commission Plot 272, Samuel Adesujo Ademulegun Street Central Business District P.M.B. 315 Garki Abuja

SECURITIES AND EXCHANGE

COMMISSION, NIGERIA

NIGERIAN CAPITAL MARKET

STATISTICAL BULLETIN

2010

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SEC Mission Statement “To develop and regulate a capital market that is

dynamic, fair, transparent and efficient, to

contribute to the nation’s economic

development”

SEC Vision Statement “To be Africa’s Leading Capital Market Regulator”

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LIST OF TABLES

Titles Table Page

Selected Economic Indicators (1981 -‐2010) 1 1

Interest Rate and Yield on Bonds and Equities (1980 – 2010) 2 2

Number of Major Financial Institutions in Nigeria (2000 – 2010) 3 3

Registered Capital Market Operators by Function (2008 – 2010) 4 4 Growth of Securities Listed on The Nigerian Stock Exchange (1961 – 2010) 5 5 – 6

Value of Traded Securities on The Nigerian Stock Exchange (1961 – 2010) 6 7 – 8

The Nigerian Stock Exchange All-‐share Index (1985 – 2010) 7 9 – 10

Performance of Equities Listed on The Nigerian Stock Exchange (1980 – 2010) 8 11

New Issues, Market Capitalization, GFCF and GDP (1981 – 2010) 9 12 – 13 Value of Securities Transactions, Market capitalization and Turnover Ratio (1980 – 2010) 10 14 – 15 Distribution of Quoted Companies by Size of Market Capitalization (1990 – 2009) 11 16 Federal Republic of Nigeria Development Stocks Initial Allotments (1961 – 1986) 12 17 – 18

Auction Summary of Federal Government Bonds (2003 – 2010) 13 19 – 21

Some Corporate Bonds Issued to Date (1960 – 2010) 14 22 – 25

States and Local Government Bonds (1978 – 2010) 15 26 – 28

Extract from the Balance Sheet of Some Listed Companies (2005 – 2009) 16 29 – 34

Extract from the Balance Sheet of Some Financial Institutions (2005 – 2009) 17 35 – 36

Extract from Profit and Loss Accounts of Some Listed Companies (2005 – 2009) 18 37 – 42 Extract from Profit and Loss Accounts of Some Financial Institutions (2005 – 2009) 19 43 – 44

Initial Offers of Registered Unit Trust Schemes 20 45 – 46 Investment Structure and Net Asset Value of Registered Unit Trust Schemes as at December 31, 2010 21 47 – 48

Registered Venture Capital Companies as at December 31, 2010 22 49 – 52 Business Combination Applications Handled by Securities & Exchange Commission (1982 – 2010) 23 53 – 71

Some Selected African Stock Market Indicators (2006 – 2010) 24 72 – 73

Stock Market Indicators for Some Selected Emerging Markets (2006 -‐ 2010) 25 74

Stock Market Indicators for Some Selected Developed Markets (2006 – 2010) 26 75

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The importance of accurate and timely data in socio-‐economic development cannot be

overemphasized. It is against this background that the Nigerian Capital Market Statistical

Bulletin was introduced to provide needed capital market information and other

macroeconomic statistics. Since the publication of its median edition in the 90s, the

Bulletin has been found to be very useful by local and foreign investors including the

academia, researchers, policy makers and stakeholders in the capital market.

This edition, which covers key economic and financial data up to 2010, is packed with

additional information that is believed would meet the needs of users. The additional

information includes financials of some listed companies, information on registered Unit

Trust Schemes and Venture Capital companies among others. It is important to note that

some segments in the previous edition were restructured and figures adjusted to reflect

revised positions.

The Research and Planning Department sincerely appreciates Management’s support as

well as other Departments’ contributions to the production of this bulletin. We commend

the desk officers’ untiring efforts in this regard.

Should there be any error or misrepresentation observed in this publication, kindly

contact the Research and Planning Department for clarifications.

Bibiana C. Okereafor (Mrs) Director (Research & Planning Department)

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ACQUISITION A term used to describe the takeover of a company by another which might be by agreement ALLOTMENT The allocation of securities among various subscribers to an offer ANNUAL REPORT AND ACCOUNTS A narrative of a company performance and financial results. It is a document published yearly by a company and distributed to its shareholders showing its operations including financial performance during the fiscal year. ANNUAL RETURNS The total annual returns on an investment, which includes dividend payments and capital gains/losses. Transaction costs and taxes are not included. BOND A generic name for a tradable loan security issued by governments and companies as a means of raising capital. The bond is an interest bearing security. It guarantees its holder both repayment of capital at a future specified date (Maturity date) and a fixed rate of interest also known as the coupon. CORPORATE BOND Bond issued by a company to raise money in order to expand its business. The term is usually applied to longer term debt instruments, with maturity date of at least two years after their issue date. DEBT MANAGEMENT OFFICE (DMO) An organ of the Nigerian government responsible for the issuance and management of government debt as established by Act 2003 and the local loans (Registered Stock and Securities) Act (cap 214) LFN 1990. DOMESTIC COMPANIES A company that is within the country of its own origin. DEBT An amount owed to a person or an organization for funds borrowed. EQUITIES An instrument that signify an ownership, or equity in a corporation and represent a claim on its proportionate share in a corporation’s assets and profit.

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GDP AT CURRENT BASIC PRICE GDP at current market prices less indirect taxes net of subsidies GLOBAL DEPOSITORY RECEIPT (GDR) A negotiable certificate which represents ownership of a given number of company shares and which can be listed and traded independently from the underlying shares. It is the most commonly used to make it easier and cheaper for investors in one country to invest in the shares of a company located in another country. GOVERNMENT BOND A bond issued by a National Government denominated in the country’s own currency. GROSS FIXED CAPITAL FORMATION (GFCF) Expenditure on fixed assets (such as building, machinery) either for replacing or adding to the stock of existing fixed assets. INITIAL OFFER The first offering or floatation of a company’s shares to the public. LISTING The admission of securities to dealings on a recognised exchange. Also called quotation. MARKET CAPITALIZATION (MARKET VALUE) The product of the total number of issued and fully paid shares of a company and its current price on a recognised exchange. MERGER The fusion of two or more companies mostly on equal terms. NEW ISSUES Newly created securities of a corporate entity or government, offered for subscription to the public. In other words, it is a means of raising fresh funds for development financing PAID UP CAPITAL Represents the sum of Un-‐ remitted Profits (Reserves) and the changes in foreign share capital. SECURITIES/STOCK A term given to financial instruments in the capital market.

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STOCK EXCHANGE An organization which provides facilities for trading in securities by its members. Such organs alone sets rules for the admission and trading of existing securities to guide the business conduct of its members. STOCK INDEX A means of measuring stock market trends and performance. It is used as barometer for monitoring upswings in the stock market prices. TRADING VALUE The total worth of shares traded on the stock exchange at that given period. TRANSACTION An agreement between a buyer and a seller to exchange an asset for payment. TURNOVER RATIO A measure of stock market liquidity. It is computed by dividing the value of stock traded by the market capitalisation at the end of a period multiplied by 100 UNIT TRUST An open-‐ ended investment scheme, which pools funds principally from small investors for subsequent investment in securities and other financial instruments VENTURE CAPITAL Equity capital typically provided for early stage, high potential growth companies in the interest of generating a return through an eventual realization event such as IPO or trade sale of the company. YIELD ON BONDS The rate of return on an investment on Bond issue.

Nigerian Capital Market Bulletin (Volume 2) Page 1

TABLE 1: SELECTED ECONOMIC INDICATORS

Year

Real GDP at 1990 Basic Prices

N' Billion %

Change

GDP at Current

Basic Prices N' Billion

% Change

National Savings N’ Billion

GFCF at Current

Purchasers’ value

N’ Billion %

Change

Inflation Rate

%

1981 205.2 - 47.6 - 6.6 18.2 - 20.9

1982 199.7 -2.7 49.1 3.2 7.5 17.2 5.5 7.7

1983 185.6 -7.1 53.1 8.1 9.4 13.3 (22.7) 23.2

1984 183.6 -1.1 59.6 12.2 11.0 9.2 (30.8) 39.6

1985 201.0 9.5 67.9 13.9 12.5 8.8 (4.3) 5.5

1986 206.0 2.5 69.1 1.8 13.9 11.4 29.5 5.4

1987 204.8 -0.6 105.2 52.2 18.7 15.2 33.3 10.2

1988 219.9 7.4 139.1 32.2 23.2 17.6 15.8 38.3

1989 236.7 7.6 216.8 55.9 23.8 26.8 52.3 40.9

1990 267.5 13.0 267.5 23.4 29.7 40.1 49.6 7.5

1991 265.4 -0.8 312.1 16.7 37.7 45.2 12.7 13.0

1992 271.4 2.3 532.6 70.7 55.1 70.8 56.6 44.5

1993 274.8 1.3 683.9 28.4 85.0 96.9 36.9 57.2

1994 275.5 0.3 899.9 31.6 108.5 105.6 9.0 57.0

1995 281.4 2.1 1,933.2 114.8 108.5 141.9 34.4 72.8

1996 293.7 4.4 2,702.7 39.8 134.5 204.1 43.8 29.3

1997 302.0 2.8 2,802.0 3.7 177.6 242.9 19.0 8.5

1998 310.9 2.9 2,708.4 -3.3 200.1 242.3 (0.2) 10.0

1999 312.2 0.4 3,194.0 17.9 277.7 231.7 (4.4) 6.6

2000 329.2 5.4 4,582.1 43.5 385.2 331.1 42.9 6.9

2001 357.0 8.4 4,725.1 3.1 488.0 372.1 12.4 18.9

2002 433.2 21.3 6,912.4 46.3 592.1 499.7 34.3 12.9

2003 477.5 10.2 8,487.0 22.8 655.7 868.2 73.7 14.0

2004 527.6 10.5 11,411.1 34.5 797.5 1,389.7 60.1 10.1

2005 561.9 6.5 14,572.2 27.7 1,317.0 1,780.0 28.1 11.5

2006 595.8 6.0 18,564.6 27.4 1,739.6 2,271.3 27.6 8.6

2007 634.3 6.5 20,657.3 11.3 2,693.6 1,935.0 (14.8) 6.6

2008 672.2 6.0 24,296.3 17.6 4,118.2 2,050.8 6.0 15.1

2009 718.9 6.9 24,794.2 2.0 5,763.5 3,048.0 48.6 12.1

2010 775.5 7.9 29,205.8 17.8 n/a 4,007.8 31.5 11.8 Sources: CBN, NBS `


Table 2: INTEREST RATE AND YIELD ON BONDS AND EQUITIES

Year MRR/MPR %

Average Prime Lending Rate

%

Average Savings Deposit Rate

%

Average Coupon of Listed Govt. Stocks

%

Average Coupon of Listed

Corporate Bonds %

Average Dividend Yield

on Equities %

1980 6.0 7.7 6.0 N/A N/A 11.5

1981 6.0 9.0 6.0 N/A N/A 11.4

1982 8.0 9.3 7.5 N/A N/A 11.8

1983 8.0 10.1 7.5 N/A N/A 11.3

1984 10.0 10.4 9.5 7.3 9.3 10.4

1985 10.0 9.2 9.5 8.8 9.7 10.6

1986 10.0 9.6 9.5 10.6 11.4 9.9

1987 12.8 14.0 12.2 12.0 12.2 11.2

1988 12.8 16.3 12.4 12.3 13.9 10.7

1989 18.5 25.5 16.5 13.1 14.1 11.7

1990 18.5 26.0 17.8 11.6 14.6 12.0

1991 15.5 20.2 14.9 9.0 15.9 10.4

1992 17.5 31.2 16.1 9.0 16.1 7.0

1993 26.0 36.1 16.7 11.4 21.1 6.5

1994 13.5 20.2 12.3 12.0 21.0 8.4

1995 13.5 20.2 12.6 11.5 18.4 7.9

1996 13.5 20.4 11.9 9.0 17.5 9.6

1997 13.5 18.4 6.1 8.7 17.2 8.7

1998 13.5 18.3 5.2 11.2 18.1 6.6

1999 20.7 22.5 6.6 11.5 19.0 7.8

2000 14.0 21.3 4.9 10.8 10.7 7.5

2001 20.5 26.0 5.0 9.9 11.1 7.3

2002 16.5 20.6 3.7 7.7 11.3 10.8

2003 15.0 19.6 3.2 11.0 10.9 10.5

2004 15.0 18.9 4.4 10.4 18.5 9.9

2005 13.0 17.8 3.3 10.7 18.0 9.5

2006 10.0 17.3 3.0 12.1 17.8 10.6

2007 9.5 17.3 3.2 11.2 21.4 5.3

2008 9.8 16.1 3.6 11.0 21.4 4.4

2009 6.0 19.0 3.4 10.8 15.3 6.8

2010 6.3 15.7 1.5 11.5 11.8 5.8 Source: Compiled from CBN and The NSE reports


Chart 1: MPR AND YIELD ON BONDS AND EQUITIES

Source: CBN and NSE Reports TABLE 3: NUMBER OF MAJOR FINANCIAL INSTITUTIONS IN NIGERIA

INSTITUTION 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Deposit Money Banks 88 90 90 89 89 25 25 25 24 24 24 Community Banks/Microfinance Banks 881 747 769 774 753 757 750 709 695 901 807

Finance Companies 93 98 102 104 109 112 112 112 75 84 84

Insurance Companies 118 118 122 122 107 103 103 77 54 49 53

Stock & Commodity Exchanges 2 2 2 2 2 2 2 2 2 2 2

Primary Mortgage Institutions - - - - - - - - - 98 101 Sources: CBN & SEC


TABLE 4: REGISTERED CAPITAL MARKET OPERATORS BY FUNCTION

FUNCTION NUMBER OF OPERATORS

2008 2009 2010 Auditor - 3 3 Banker to an Issue 1 1 1 Broker 5 5 5 Broker/Dealer 294 302 308 Central System Depository 1 1 1 Commodity Pool Operator 1 1 1 Corporate Investment Adviser 65 70 76 Custodian 3 3 3 Estate Valuer/Surveyor 12 14 16 Fund Manager 16 28 28 Fund/Portfolio Manager 107 110 110 Individual Investment Adviser 15 16 19 Issuing House 96 99 102 Market Maker 7 7 7 Rating Agency 5 5 5 Receiving Banker 21 21 21 Registrar 35 36 36 Reporting Accountant 136 141 146 Solicitor 331 345 348 Sub-broker 11 11 11 Trustee 30 32 33 Underwriter 12 13 13 Venture Capital/Fund Manager 13 13 13 Total 1,217 1,277 1,306 Source: SEC Note: Some of these operators are registered for more than one function Chart 2: NUMBER OF REGISTERED MARKET OPERATORS IN THE NIGERIAN CAPITAL MARKET

Source: SEC


TABLE 5: GROWTH OF SECURITIES LISTED ON THE NIGERIAN STOCK EXCHANGE

Year

Equities Debt Stocks

Total Main List SSM

Sub-Total

Ind. Loan & Pref. Share Federal

State/Municipal Bond

Sub-Total

1961 3 - 3 - 5 - 5 8 1962 4 - 4 3 8 - 11 15 1963 5 - 5 4 12 - 16 21 1964 5 - 5 4 15 - 19 24 1965 5 - 5 5 18 - 23 28 1966 6 - 6 6 21 - 27 33 1967 6 - 6 6 25 - 31 37 1968 6 - 6 6 29 - 35 41 1969 7 - 7 6 32 - 38 45 1970 8 - 8 8 36 - 44 52 1971 13 - 13 8 39 - 47 60 1972 19 - 19 11 42 - 53 72 1973 23 - 23 11 48 - 59 82 1974 33 - 33 11 51 - 62 95 1975 33 - 33 12 54 - 66 99 1976 34 - 34 12 59 - 71 105 1977 34 - 34 16 62 - 78 112 1978 42 - 42 19 66 1 86 128 1979 81 - 81 20 70 1 91 172 1980 91 - 91 22 74 1 97 188 1981 93 - 93 22 78 1 101 194 1982 93 - 93 29 82 1 112 205 1983 93 - 93 32 86 1 119 212 1984 94 - 94 32 86 1 119 213 1985 95 1 96 33 90 1 124 220 1986 96 3 99 46 94 1 141 240 1987 96 4 100 47 95 2 144 244 1988 96 6 102 52 95 4 151 253 1989 102 9 111 56 95 5 156 267 1990 115 16 131 63 95 6 164 295

Source: Compiled from data supplied by The Nigerian Stock Exchange


TABLE 5 CONT’D: GROWTH OF SECURITIES LISTED ON THE NIGERIAN STOCK EXCHANGE

Year

Equities Debt Stocks

Total Main List SSM

Sub-Total

Ind. Loan & Pref. Share Federal

State/Municipal Bond

Sub-Total

1991 123 19 142 52 39 6 97 239

1992 132 21 153 56 37 5 98 251

1993 151 23 174 60 32 6 98 272

1994 156 21 177 64 29 6 99 276

1995 161 20 181 61 28 6 95 276

1996 163 20 183 63 24 6 93 276

1997 163 19 182 56 22 4 82 264

1998 170 16 186 55 19 4 78 264

1999 179 16 195 54 15 4 73 268

2000 179 16 195 49 12 4 65 260

2001 178 16 194 50 11 6 67 261

2002 179 16 195 49 10 4 63 258

2003 184 16 200 51 9 5 65 265

2004 191 16 207 52 12 6 70 277

2005 198 16 214 51 17 6 74 288

2006 186 16 202 47 34 5 86 288

2007 196 16 212 47 46 5 98 310

2008 198 15 213 48 35 5 88 301

2009 200 16 216 4 41 4 49 265

2010 201 16 217 7 32 8 47 264 Source: Compiled from data supplied by The Nigerian Stock Exchange


TABLE 6: VALUE OF TRADED SECURITIES ON THE NIGERIAN STOCK EXCHANGE

Year Govt. Stock

(N'M) % of Total

Value Other Securities

(N'M) % of Total

Value Total Value

(N'M) 1961 1.4 60.87 0.9 39.13 2.3

1962 4.2 93.33 0.3 6.67 4.5

1963 9.7 93.81 0.6 6.19 10.3

1964 11.8 84.29 2.2 15.71 14.0

1965 14.4 90.57 1.5 9.43 15.9

1966 15.2 92.68 1.2 7.32 16.4

1967 12.1 97.58 0.3 2.42 12.4

1968 12.6 98.36 0.2 1.64 12.8

1969 16.2 98.90 0.2 1.10 16.4

1970 16.4 98.56 0.2 1.44 16.6

1971 16.3 90.06 1.8 9.94 18.1

1972 26.2 96.39 1.0 3.61 27.2

1973 91.9 99.43 0.5 0.57 92.4

1974 49.4 97.44 1.3 2.56 50.7

1975 62.8 98.59 0.9 1.41 63.7

1976 111.3 99.50 0.6 0.50 111.9

1977 178.8 99.33 1.2 0.67 180.0

1978 187.1 98.73 2.4 1.27 189.5

1979 257.5 98.32 4.4 1.68 261.9

1980 503.5 98.32 8.6 1.68 512.1

1981 326.0 98.16 6.1 1.84 332.1

1982 206.5 96.14 8.3 3.86 214.8

1983 384.9 96.73 13.0 3.27 397.9

1984 402.8 96.32 15.4 3.68 418.2

1985 296.0 92.62 23.6 7.38 319.6

1986 470.3 95.20 23.7 4.80 494.0

1987 307.9 88.48 40.1 11.52 348.0

1988 104.9 76.24 32.7 23.76 137.6

1989 462.0 88.57 59.6 11.43 521.6

1990 156.4 58.91 109.1 41.09 265.5

1991 42.7 31.35 93.5 68.65 136.2 Source: Compiled from data supplied by The Nigerian Stock Exchange


TABLE 6 CONT’D: VALUE OF TRADED SECURITIES ON THE NIGERIAN STOCK EXCHANGE

Year Govt. Stock

(N'M) % of Total

Value

Other Securities

(N'M) % of Total

Value Total Value

(N'M) 1992 73.8 23.54 239.7 76.46 313.5

1993 49.7 12.35 352.6 87.65 402.3

1994 14.7 2.58 555.0 97.42 569.7

1995 0.0 0.00 1,838.8 100.00 1,838.8

1996 90.0 1.27 6,972.7 98.73 7,062.7

1997 140.0 1.26 10,932.0 98.74 11,072.0

1998 15.6 0.11 13,556.8 99.89 13,572.4

1999 0.8 0.01 14,026.6 99.99 14,027.4

2000 8.1 0.03 28,146.5 99.97 28,154.6

2001 24.6 0.04 57,612.6 99.96 57,637.2

2002 777.3 1.29 59,311.3 98.71 60,088.7

2003 6,547.0 5.42 114,156.0 94.58 120,703.0

2004 2,026.6 0.90 223,793.9 99.10 225,820.5

2005 8,049.1 3.06 254,880.5 96.94 262,929.6

2006 1,665.4 0.35 468,588.4 99.65 470,253.8

2007 0.00 0.00 2,086,294.6 100.00 2,086,294.59

2008 1.0 Negligible 2,379,141.7 100.00 2,379,142.70

2009 0.00 0.00 684,451.2 100.00 684,451.2

2010 14.1 0.002 797,537.5 99.998 797,551.6 Source: Compiled from data supplied by The Nigerian Stock Exchange

Chart 3: PERCENTAGE OF TRADING VALUE OF GOVERNMENT STOCK AND OTHER SECURITIES TO TOTAL TRADING ON THE NSE

Source: Compiled from data supplied by The Nigerian Stock Exchange

Nigerian Capital Market Statistical Bulletin – Volume 2 Page 17

TABLE 12: FEDERAL REPUBLIC OF NIGERIA DEVELOPMENT STOCKS INITIAL ALLOTMENTS 1961 -1986

Date and Name of stock

Commercial Bank

Saving type Institutions

Statutory Bodies and

Co-op Insurance

Companies Individuals

State and Local

Government Others Central Bank Total

Percentage Subscription

by CBN Balance/ Others

N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 % % 1961

2nd Dev. Loan Stock 2,460 2,460.0 7,160.0 140 320.0 - 80 7,380.0 20,000 36.9 63.1 1962

3rd Dev. Loan Stock 3,440 3,468.0 108.0 80 1,952.0 - 70 4,882.0 14,000 34.9 65.1 1963

4th Dev. Loan Stock 200 5,838.0 5,000.0 180 236.0 26 18,520.0 30,000 61.7 38.3 1964

1st Dev. Loan Stock 90 2,392.0 1,490.0 432 78.0 - 200 35,318.0 40,000 88.3 11.7 1965

2nd Dev. Loan Stock 50 1,236.0 584.0 440 88.0 - 24 27,528.0 30,000 91.8 8.2 1966

3rd Dev. Loan Stock 130 304.0 800.0 200 26.0 - - 26,540.0 28,000 94.8 5.2 1967

4th Dev. Loan Stock 290 726.0 2,690.0 246 40.0 - - 36,008.0 40,000 90.0 10.0 1968

5th Dev. Loan Stock - 2,843.6 800.0 270 17.0 - - 36,069.4 40,000 90.2 9.8 1969

6th Dev. Loan Stock N/A N/A N/A N/A N/A N/A N/A 28,740.0 30,000 95.8 4.2 1970

7th Dev. Loan Stock 1,000 2,477.2 1,519.8 1,300 180.6 6,000 10 27,512.4 40,000 68.8 31.2 1971

8th Dev. Loan Stock 2,810 4,176.0 - 550 115.8 6000 - 26,337.4 60,000 43.9 56.1 1972

9th Dev. Loan Stock - 1,486.8 208 270 43 6000 - 51,992.2 60,000 86.7 13.3 1973

10th Dev. Loan Stock - 1,725.5 - 1,195 123.7 - - 56,954.8 60,000 94.9 5.1 1973

11th Dev. Loan Stock - 2,910.0 - 158 745.3 - - 56,186.7 60,000 93.6 6.4 1974

12th Dev. Loan Stock 2,000 550.8 - 1,706 29.5 - 3,030 52,683.7 60,000 87.8 12.2 1975

13th Dev. Loan Stock 25,000 7,203.0 26 6,642 200 - 1,200 109,729 150,000 73.2 26.8 1975

14th Dev. Loan Stock 1,525 20,718.0 - 3,515 557 300 1,000 258,660 300,000 86.2 13.8 N/A = Not Available Source: Compiled from various issues of SEC Annual Report and Accounts as well as internal records.


TABLE 12 – CONT’D: FEDERAL REPUBLIC OF NIGERIA DEVELOPMENT STOCKS INITIAL ALLOTMENTS 1961 – 1986

Date and Name of stock

Commercial Bank

Saving type Institution

Statutory Bodies and

Co-op Insurance

Companies Individuals

State and Local

Government Others Central Bank Total

Percentage Subscription

by CBN

Balance/ Others

% N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 % %

1976

15th Dev. Loan Stock 39,500 9,625.0 300 3,729 97 - - 346,749 400,000 86.7 13.3

1977

16th Dev. Loan Stock 56,000 7,804.7 - 7,535 82.2 - 625 342,954 415,000 82.6 17.4

1978

17th Dev. Loan Stock 12,500.0 100 7,200 125 - 625 370,400 400,000 92.6 7.4

1979

18th Dev. Loan Stock - 2,100 - 4,500 600 - - 592,800 600,000 98.8 1.2

1980

19th Dev. Loan Stock 4,000 16,000 - 7,500 300 - 400 271,800 300,000 90.6 9.4

1981

20th Dev. Loan Stock - 5,500 500 9,000 200 - 300 284,400 300,000 94.8 5.2

1982

21st Dev. Loan Stock 12,500 41,300 - 13,200 500 - 15,000 217,500 300,000 72.5 27.5

1983 22nd Dev. Loan

Stock 17,000 10,900 - 7,100 2,200 - 0 262,800 300,000 87.6 12.4

1984

Nil N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1985

23rd Dev. Loan Stock 166,300 166,300 158,300 48,300 2,800 500 - 63,500 600,000 10.6 89.4

1986

24th Dev. Loan Stock N/A N/A N/A N/A N/A N/A N/A N/A 856,505.04 N/A N/A N/A = Not Available Source: Compiled from SEC Annual Report and Accounts and other SEC internal records.


TABLE 13: AUCTION SUMMARY OF FEDERAL GOVERNMENT BONDS

1ST FGN BONDS, 2003 Tenor (yrs)

Amount Auctioned

(million Naira) Subscription

(million Naira) Allotment

(million Naira) Marginal Rate (%) 4RD FGN Bonds, 2007

Tenor (yrs)

Amount Auctioned

(million Naira)

Subscription (million Naira)

Allotment (million Naira)

Marginal Rate (%)

1 3 30,000.00 55,725.07 55,725.07 17.75% 1 3 40,000.00 124,860.00 40,000.00 10.75 2 5 40,000.00 12,285.14 12,285.14 18.25% 2 5 35,000.00 99,799.00 35,000.00 9.50

3 7 40,000.00 3,956.03 3,956.03 T/Bill +

3% 3 7 35,000.00 49,038.50 35,000.00 10.75

4 10 40,000.00 599.45 599.45 Bill +

3.75% 4 3 65,000.00 172,347.50 65,000.00 9.00 Overall 150,000.00 72,565.69 72,565.69 5 5 50,000.00 105,360.00 50,000.00 9.23

2ND FGN BONDS, 2005 6 7 45,000.00 59,800.50 45,000.00 9.20

1 3 20,000.00 69,923.57 20,533.54 11.50% 7 3 36,000.00 72,039.60 36,000.00 7.95 2 2 20,000.00 64,586.93 20,812.01 8.25% 8 10 20,000.00 35,260.00 20,000.00 9.85 3 3 20,000.00 58,283.22 29,310.00 8.50% 9 5 46,000.00 48,249.40 46,000.00 9.50 4 2 20,000.00 34,464.78 23,064.76 8.00% 10 10 20,000.00 40,610.00 20,000.00 9.35 5 3 20,000.00 12,064.86 11,064.86 12.50% 11/ 10 20,000.00 27,290.00 20,000.00 9.51 6 2 20,000.00 17,610.00 17,610.01 15.00% 12 7 30,000.00 46,590.00 30,190.00 9.25 7 3 20,000.00 69,428.51 55,878.54 17.00% 13/ 10 20,000.00 25,560.00 20,000.00 9.95

Overall 140,000.00 326,361.87 178,273.72 14 3 22,810.00 67,729.73 22,810.00 7.00

3RD FGN BONDS, 2006 15/ 10 20,000.00 33,280.00 20,000.00 11.00

1 3 25,000.00 73,149.03 36,704.82 15.00% 16 3 30,000.00 33,279.00 30,000.00 9.20 2 3 10,000.00 29,449.94 12,612.19 12.50% 17/ 10 20,000.00 61,050.00 20,000.00 11.03 3 5 20,000.00 45,591.43 23,481.21 14.50% 18 3 30,000.00 66,441.00 30,000.00 8.99 4 3 10,000.00 15,783.27 8,163.30 12.50% Sub-Total 584,810.00 1,168,584.23 585,000.00 5 5 20,000.00 13,387.03 8,087.03 14.50% Special Bonds, 2007 6 3 10,000.00 34,344.54 15,406.13 12.00% Local Contractors Debt 5 2,260.00 2,260.00 2,260.00 13.50 7 5 20,000.00 43,853.00 26,905.00 13.50% Local Contractors Debt 5 9,230.00 9,230.00 9,230.00 13.50 8 5 10,000.00 33,961.53 12,515.20 12.00% Sub-Total 11,490.00 11,490.00 11,490.00 9 7 10,000.00 16,586.80 10,361.80 15.00% Overall 596,300.00 1,180,074.23 596,490.00

10 7 20,000.00 28,944.56 21,697.56 16.00% / Extension of Series 9 issue 11 3 20,000.00 45,854.37 20,007.27 12 3 20,000.00 53,898.67 29,279.30 12.00% 13 5 20,000.00 64,697.13 26,862.03 12.99% 14 7 10,000.00 41,500.00 10,000.00 12.74% 15 7 10,000.00 43,030.00 10,000.00 10.98% 16 7 10,000.00 28,940.00 10,000.00 11.99%

Sub-Total 245,000.00 612,971.30 282,082.84 Special Bonds, 2006

PA 3 75,000.00 75,000.00 75,000.00 12.50% LCD 1 5 87,645.95 87,645.95 87,645.95 13.50% LCD 2 5 4,107.00 4,107.00 4,107.00 13.50%

Sub-Total 166,752.95 166,752.95 166,752.95 Overall 411,752.95 779,724.25 448,835.79 Source: Compiled from DMO reports


TABLE 13 CONT’D: AUCTION SUMMARY OF FEDERAL GOVERNMENT BONDS 5th FGN Bonds

2008 Tenor (YRS)

Amount Auctioned (million Naira)



Marginal Rate (%)

6th FGN Bonds 2009

Tenor (YRS)

Amount Auctioned (million Naira)



Marginal Rate (%)

Series 1/a 3 30,000.00 49,389.00 30,000.00 8.99 Series 1 3 20,000.00 36,570.00 20,000.00 9.92

2 5 20,000.00 45,360.00 20,000.00 9.45 2/e 5 20,000.00 26,580.00 20,000.00 11.40

3/a 3 30,000.00 40,041.00 30,000.00 8.99 3/f 20 10,000.00 49,550.00 10,000.00 13.24

4/b 5 20,000.00 24,744.00 20,000.00 9.45 4/g 3 20,000.00 35,490.00 20,000.00 10.25

5/a 3 30,000.00 43,998.00 30,000.00 8.99 5/e 5 20,000.00 24,370.00 20,000.00 11.64

6/b 5 20,000.00 39,610.00 20,000.00 9.45 6/f 20 10,000.00 25,210.00 10,000.00 13.21

7/b 5 30,000.00 57,990.00 30,000.00 9.45 7/g 3 20,000.00 26,700.00 20,000.00 10.95

8/b 5 30,000.00 33,639.00 30,000.00 9.45 8/e 5 20,000.00 23,640.00 20,000.00 12.00

9 10 20,000.00 35,080.00 20,000.00 10.70 9/f 20 10,000.00 26,420.00 10,000.00 13.50

10/b 5 30,000.00 46,029.00 30,000.00 9.45 10/g 3 35,000.00 39,441.50 35,000.00 11.00

11/c 10 20,000.00 18,540.00 18,540.00 10.70 11/e 5 25,000.00 40,060.00 25,000.00 11.85

12/c 10 20,000.00 32,320.00 9,820.00 12.75 12/f 20 10,000.00 33,180.00 10,000.00 11.50

13 3 25,000.00 31,320.00 15,820.00 10.50 13 3 20,000.00 35,890.00 20,000.00 10.50

14/d 3 30,000.00 32,340.00 30,000.00 11.40 14/e 5 20,000.00 48,440.00 20,000.00 10.50

15/c 10 20,000.00 44,260.00 20,000.00 12.75 15 20 10,000.00 33,280.00 10,000.00 12.49

16/d 3 30,000.00 55,110.00 30,000.00 11.00 16/h 3 20,000.00 40,070.00 20,000.00 10.50

17/c 10 20,000.00 46,280.00 20,000.00 12.45 17/e 5 10,000.00 35,690.00 10,000.00 10.50

18/d 3 30,000.00 50,151.00 30,000.00 10.00 18/e 20 20,000.00 43,910.00 20,000.00 12.49

19/c 10 20,000.00 44,630.00 20,000.00 11.99 19/h 3 20,000.00 40,070.00 20,000.00 10.50

20/d 3 20,000.00 34,980.00 20,000.00 10.00 20/e 5 20,000.00 71,380.00 20,000.00 10.50

21 5 10,000.00 25,890.00 10,000.00 10.50 21/i 20 20,000.00 43,910.00 20,000.00 12.49

22 20 10,000.00 23,520.00 10,000.00 15.00 22/h 3 20,000.00 36,160.00 20,000.00 10.50

Overall

515,000.00 855,221.00 494,180.00

23/e 5 20,000.00 39,810.00 20,000.00 10.50 Source: Compiled from DMO reports Note: /a - Extension of Series 18 of 2007 issues, /b - Extension of Series 2 of 2008 issues, /c - Extension of Series 9 of 2008 issues /d - Extension of Series 13 of 2008 issues, /e: Extension of series 21 of 2008 issues, /f: Extension of series 22 of 2008 issues, /g: Extension of series 1 of 2009 issues, /h: Extension of series 13 of 2009 issues, /i: Extension of series 15 of 2009 issues and /j: Extension of series 29 of 2009 issues.

24/i 20 20,000.00 45,290.00 20,000.00 12.49

25/h 3 20,000.00 29,190.00 35,000.00 10.50

26/e 5 14,000.00 29,860.60 14,000.00 10.50

27/i 20 26,000.00 37,731.20 26,000.00 12.49

28/h 3 20,000.00 32,690.00 31,500.00 10.50

29 10 10,000.00 35,890.00 10,000.00 7.00

30/i 20 19,440.00 42,839.93 19,440.00 12.49

31/h 3 15,000.00 43,399.50 15,000.00 6.75

32/j 10 20,000.00 30,430.00 20,000.00 8.32

33 20 30,000.00 74,160.00 30,000.00 8.50

Overall 614,440.00 1,257,302.73 640,940.00


TABLE 13 CONT’D: AUCTION SUMMARY OF FEDERAL GOVERNMENT BONDS 7th FGN Bonds

2010 Tenor

(Years) Amount Auctioned

(N’billion) Subscriptions

(N’billion) Amount Allotted

(N’billion) Marginal Rate 1/a 3 20,000.00 40,430.00 38,500.00 6.83 2/b 10 25,000.00 42,100.00 25,000.00 8.14 3/c 20 30,000.00 65,500.00 30,000.00 8.50 4 3 20,000.00 78,030.00 20,000.00 5.50

5/b 10 25,000.00 53,200.00 25,000.00 7.00 6/c 20 30,000.00 66,050.00 30,000.00 8.50 7/d 3 20,000.00 82,140.00 20,000.00 5.50 8/b 10 20,000.00 62,200.00 20,000.00 7.00 9/c 20 30,000.00 79,860.00 30,000.00 8.50

10/d 3 30,000.00 36,300.00 30,000.00 5.50 11 5 20,000.00 68,720.00 20,000.00 4.00

12/c 20 30,000.00 51,150.00 30,000.00 8.50 13/d 3 25,000.00 26,050.00 25,000.00 5.50 14/e 5 25,000.00 26,200.00 25,000.00 4.00 15/c 20 30,000.00 43,460.00 30,000.00 8.50 16/d 3 30,000.00 98,100.00 30,000.00 5.50 17/e 5 30,000.00 64,210.00 30,000.00 4.00 18/c 20 20,000.00 67,020.00 20,000.00 8.50 19/d 3 35,000.00 77,000.00 35,000.00 5.50 20/e 5 35,000.00 61,340.00 35,000.00 4.00 21 20 35,000.00 73,280.00 35,000.00 10.00

22/d 3 35,000.00 82,690.00 42,490.00 5.50 23/e 5 35,000.00 50,880.00 42,330.00 4.00 24/f 20 35,000.00 69,290.00 41,640.00 10.00 25/d 3 40,000.00 65,650.00 40,000.00 5.50 26/e 5 40,000.00 81,200.00 40,000.00 4.00 27/f 20 40,000.00 101,240.00 40,000.00 10.00 28/d 3 40,000.00 37,780.00 26,670.00 5.50 29 7 62,810.00 54,100.00 37,500.00 9.25

30/f 20 40,000.00 68,170.00 58,760.00 10.00 31/d 3 20,000.00 34,530.00 22,030.00 5.50 32/g 7 25,310.00 30,900.00 25,310.00 9.25 33/f 20 25,000.00 61,510.00 41,900.00 10.00 34/d 3 25,000.00 41,320.00 25,000.00 5.50 35/e 5 20,000.00 55,800.00 20,000.00 4.00 36 20 25,000.00 44,420.00 25,000.00 15.00

Overall

1,073,120.00 2,141,820.00 1,112,130.00 Source: Compiled from DMO reports

Note: /a - Extension of Series 15 of 2009 issues, /b - Extension of Series 29 of 2009 issues, /c - Extension of Series 33 of 2009 issues /d - Extension of Series 4 of 2010 issues, /e: Extension of series 11 of 2010 issues, /f: Extension of series 21 of 2010 issues, and /g: Extension of series 29 of 2010 issues.


TABLE 14: SOME CORPORATE BONDS ISSUED (1960 TO 2010)

S/N COMPANY COUPON

RATE YEAR OF ISSUE YEAR OF

MATURITY AMOUNT

N ‘M’ FEATURES 1. Broadcasting Corporation N/A 1960 1962 £210,000.00 First mortgage debenture stock

2. Aluminum Company Of Nigeria N/A 1962 1970/72 £425,000.00 Mortgage convertible debenture stock

3. Nigerian Textiles Printer LTD N/A 1964 1974/6 £1.30 Million N/A 4. Nigerian Textiles Mills N/A 1966 1973/8 N/A N/A 5. Nigerian Sugar Company N/A 1977 1982 N/A Private Placement 6. PZ Industries 9.75% 1981 1995 N/A Redeemable Debenture Stock 7. UTC 9.75% 1981 1995 N/A Redeemable Debenture Stock 8. First Bank Nigeria N/A 1981 N/A 25.00 Preference Stock 9. Nig. Bottling Company 12% 1982 1992 20.00 Secured Debenture 10. Roads Nigeria 12¼% 1982 1993 10.00 Mortgage Debenture Stock 11. Chemical & Allied Products 12% 1982 1993/7 15.00 Redeemable Debenture 12. Union Bank Nigeria 11¾% 1982 1988/92 40.00 Unsecured Debenture 13. Cadbury Nigeria 12% 1982 1992 10.00 Unsecured Debenture 14. UAC 11¼% 1983 1994 25.00 Redeemable Insurance Debenture

15. Nig. Sewing Machine Manufacturing Company 12% 1983 1989/93 8.00 Mortgage Debenture

16. Nigerian Industrial Development Bank 11¾% 1983 1989/95 15.00 Loan Stock

17. CFAO Nigeria 12% 1983 1991/8 25.00 Redeemable Debenture 18. Nigeria Merchant Bank N/A 1990 1992/7 50.00 Floating Rate Redeemable Stock 19. Delta Glass N/A 1990 1993/7 25.00 Floating Rate Debenture Stock

20. Aswani Textile Mill Ltd

N/A

1990 1994/7 40.00 Floating Rate Debenture Stock

21. Beecham Nig. PLC 1990 1995/8 40.00 Floating Rate Redeemable Debenture

Stock

22. Afriprint Nig. PLC N/A 1990 1996/02 90.00 Convertible unsecured debenture

stock

23. Ashaka Cement Company PLC N/A 1990 N/A 100.00 Redeemable mortgage debenture

stock N/A = Not Available Source: Compiled from SEC Annual Report and Accounts and other SEC internal records.


TABLE 14 CONT’D: SOME CORPORATE BONDS ISSUED TO DATE

S/N COMPANY COUPON


MATURITY AMOUNT

N ‘M’ FEATURES 24. Nigeria Bottling Company PLC N/A 1990 1995/98 50.00 Floating rate debenture stock

25. West African Portland Cement 24% 1991 1994/98 150.00 Unsecured floating rate redeemable

debenture stock

26. PZ Industries N/A 1991 1996/06 100.00 Unsecured floating rate redeemable

stock

27. Vono Product 25% 1991 1996/98 9.00 Floating rate redeemable mortgage

debenture stock

28. Cadbury Nigeria Plc

0%

1991

2001

2,500.00 Irredeemable convertible loan stock

29. Guinness Nigeria PLC 1991 1996/01 100.00 Floating rate unsecured Debenture

Stock

30. Christi Lied PLC 37% 1991 1996/2000 40.00 Floating rate redeemable debenture

stock

31. PZ Industries N/A 1991 1996/06 100.00 Unsecured Float Rate redeemable

debenture stock 32. Texaco Nig. PLC 40% 1992 1991/97 30.00 Floating rate unsecured debenture stock

33. Guinea Insurance PLC 28% 1992 1994/98 30.00 Floating rate redeemable debenture

stock

34. Nigeria Lamps Industries PLC N/A 1992 1994/97 10.00 Floating rate redeemable unsecured

debenture stock

35. Allied Bank of Nigeria PLC N/A 1992 1994/98 60.00 Unsecured floating rate redeemable

debenture stock

36. Costain (WA) PLC 25% 1992 1995/98 15.00 Floating rate redeemable debenture

stock 37. Nigeria Hoechst PLC 27.5% 1992 1997/99 60.00 Floating rate unsecured debenture stock 38. Texaco Nig. PLC 42% 1992 1991/97 30.00 Floating rate unsecured debenture stock

N/A = Not Available Source: Compiled from SEC Annual Report and Accounts and other SEC internal records.


TABLE 14 CONT’D: SOME CORPORATE BONDS ISSUED TO DATE

S/N COMPANY COUPON


MATURITY AMOUNT

N ‘M’ FEATURES

39. Avon Crown Caps & Containers Nig PLC - 1992 1995/99 30.00

Floating rate unsecured debenture stock

40. Incar Nigeria PLC - 1992 1998 10.00 Floating rate unsecured debenture

stock

41. John Holt 15% 1993 1993 N/A Convertible Redeemable Unsecured

Loan 42. Lever Brothers 10½% 1994 1995 20.00 Redeemable Debenture

43. 7 UP Bottling Coy of Nigeria 14% 1994 1995 30.00 Floating Rate/ Mortgage Redeemable

Debenture Stock 44. UAC N/A 1994 2005 25.00 First Mortgage Debenture 45. A.G. Leventis 20% 1994 1996 100.00 Convertible debenture

46. CMB Packaging Nig. PLC 20% 1994 1997/00 50.00 Unsecured redeemable debenture

stock 47. Okitipupa Oil Palm PLC - 1994 1995/99 20.00 Debt Stock 48. 7 UP Bottling PLC N/A 1995 1997 100.00 Floating rate redeemable stock 49. Golden Guinea 9.5% N/A 1995 N/A N/A 50. Aluminium Extrusion Industries Plc 20.75% 1999 2002 150.00 Debt Stock 51. Valucard Nig. Plc N/A 1999 2002 100.00 Debt Stock 52. Nigeria Breweries Plc 0.5% 2000 2001/06 50.00 Debt Stock 53. West African Glass Plc 22.25% 2000 2002 7,000.00 Debt Stock

54. NOLCHEM (CONOIL) Zero

coupon 2002 N/A 4,000.00 Unsecured zero coupon irredeemable

convertible loan stock

55. Cement Company of Northern Nigeria Plc 15% 2002 2004 1,500.00 Debenture stock

56. Neimeth Pharmaceutical Plc 22.5% 2003 2008 650.00 Redeemable convertible debenture

stock

57. Cadbury Nig PLC (Unsecured irredeemable convertible loan stock

Zero coupon 2005 N/A 5,000.00 Irredeemable convertible loan stock



TABLE 14 CONT’D: SOME CORPORATE BONDS

S/N COMPANY COUPON


MATURITY AMOUNT

N ‘M’ FEATURES

58. Access Bank PLC

1.5 (above 3 months LIBOR) 2005

2005/ 2013 1,900.00 Redeemable convertible loan stock

59. Access Bank PLC

12.0% (and 2% spread) 2006 N/A 13,500.00 Convertible loan stock

60. Crusader (Nig) Plc 12% 2008 2013 4,000.00 Convertible debenture stock

61. Custodian & Allied Insurance Plc Variable Coupon 2008

1,170 .00 (US$ 10 million)

Redeemable Convertible debenture stock

62. C & I Leasing Plc Variable Coupon 2009 2014 2,240.00 Variable Coupon

63. UACN Property Development Co. Plc 10.0% 2010 2015 15,000.00

Fixed Rate Unsecured Non-convertible Bond

64. United Bank for Africa Plc 14.0% 2010 2017 20,000.00

Fixed Rate Subordinated Unsecured Redeemable Non-

convertible Bond

65. Flour Mills Nigeria Plc –S1 12.0% 2010 2015 37,500.00 Series 1 Fixed Rate Senior

Unsecured Bonds

66. Chellarams Plc 14.0% 2010 2016 1,500.00 Series 1 Senior Unsecured Fixed

Rate Bond

67. Tantalizers Plc (US$7.0 million) Floating

Rate 2010 2017 1,050.00 Floating Rate Loan stock N/A = Not Available Source: Compiled from SEC Annual Report and Accounts and other SEC internal records.


Table 15: STATES AND LOCAL GOVERNMENT BONDS

S/N STATE/LOCAL GOVERNMENTS YEAR OF

MATURITY YEAR OF

ISSUE AMOUNT

(N’M) LEVEL OF

SUBSCRIPITON (%) COUPON RATE PROJECT 1. Bendel State Loan Stock 1988 1978 20.00 30 7.00 Developing of Housing Estate

2. Ogun State Revenue Bond 1996 1986 15.00 76 12.0 Development of water project

3. 1st Lagos State Revenue Bond

1990/99

1987 30.00 N/A

19.00 Development of Lekki Peninsula Scheme Phase I

4. 2nd Lagos State Revenue Bond 1990/99 1988 60.00 N/A 19.00 Development of Lekki Peninsula

5. 1st Lagos Island LGA FRRB

1996

1992

100.00 52.50

24.75 Development of Sura Shopping Complex

6. 1st Oyo State Revenue Bond

1999

1987

30.00

102

16.50

Adamasingba Shopping Complex Gbagi Market Development

7. 1st Kaduna State Revenue Bond 1996 1989 30.00 100 17.00 Development of Ginger factory

8. 2nd Kaduna State Revenue Bond 1996 1993 30.00 63.49 20.00 Development of Ginger factory

9. Edo State Revenue Bond 2000/06 2000 1,000.00 203 21.00 Development of Ogba Riverside Housing Estate

10. Delta State Revenue Bond 2003/06 2000 3,500.00 101.74 16.50 Market, Healthcare, Water and Education

11. Yobe State Revenue Bond

2002/05

2002

2,500.00

81.28

23.00 Urban Roads, Houses and Drainage Improvement

12.

1st tranche Ekiti State Revenue Bond

2002/05

2002

2,500.00

81.28

24.5 Financial, urban, rural roads, establishment of palm plantation,

rural electricity, expansion of water projects 13. Lagos State Bond 2002/09 2002 15,000.00 77.58 4% above TB Refinance developmental projects

14. Cross River State Tourism Dev. Bond 2004/07 2004 15,000.00 79.69 20.5 Upgrading and expansion of Obudu Ranch Resort

15. 1st Akwa Ibom State Revenue Bond 2005/07 2004 6,000.00 100.00 19.5 To finance infrastructural development

16. Kebbi State Revenue Bond 2006/09 2006 3,500.00 100.00 14.0 Kebbi State University of Science and Technology and Zauro

polder irrigation

17. Lagos State Government Bond- Series 1 2008/2013 2008 50,000.00 117.93 13.0

Re-financing of outstanding loans and financing of on-going projects



TABLE 15 CONT’D: STATES AND LOCAL GOVERNMENT BONDS

S/N STATE/LOCAL GOVERNMENTS YEAR OF

MATURITY YEAR OF

ISSUE AMOUNT

(N’M) LEVEL OF

SUBSCRIPITON (%) COUPON RATE PROJECT

18. Imo State Government Bond – Series 1 2009/2016 2009 18,500.00 100.00 15.5%

rehabilitation of its water schemes, rehabilitation & construction of its critical roads and equity investment in ‘Imo Wonder Lake & Conference Centre, Oguta’

19. Kwara State Government Bond – Series 1 2009/2014 2009 17,000.00 100.00 14.0%

Kwara State Truck plaza, International Aviation College, Asa Dam mixed use Development, New secretariat, Commercial agricultural projects, Kwara State University, Ilorin water distribution project, Agricultural irrigation support project, Kwara advanced diagnostic centre, Loan re-financing

20. Niger State Government Bond 2009/2014 2009 6,000.00 100.00 14.0%

Rehabilitation of roads in Minna Metropolis and Industrial Layout and construction of roads in seven (7) other locations within the state.

21. Lagos State Government Bond- Series 2 N/A 2010 57,500.00 100.00 10.0%

Re-financing of outstanding loans and financing of on-going projects

22. Bayelsa State Government 2010/2017 2010 50,000.00 100.00 13.75%

Repayment of existing obligations owed Equatorial Bank, Bank PHB, Intercontinental Bank, First Bank of Nigeria, Multilateral Debts and World Bank

23. Kaduna State Government 2010/2015 2010 8,500.00 100.00 12.5%

To finance Zaria regional water supply (150 MLD treatment plant), Construction of 200 bed specialist hospital, Kaduna Millennium City, Kaduna, Construction of new government house office complex, Kaduna, Construction of Tum Madakiya road & construction of 4th bridge across River Kaduna AND Construction of Kafanchan Campus of Kaduna State University, Kaduna.

24. Ebonyi State Government 2010/2015 2010 16,500.00 100.00 13.0%

Repayment of outstanding bank facilities and financing the construction of Ebonyi State International Market, Abakaliki, Ebonyi State regional water schemes, Ebonyi roads & bridges of Unity and Ebonyi rice world project.

25. Edo State Government 2010/2016 2010 25,000.00 100.00 14.0% Refinancing total debt obligations and finance on-going infrastructural projects



Chart 7: NUMBER OF ISSUES FLOATED BY COMPANIES AND STATES/LOCAL GOVERNMENTS FROM 1999 TO 2010

Source: SEC AND DMO


TABLE 16: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED COMPANIES

NET CURRENT ASSETS (N’MILLION) NET ASSETS/SHARE HOLDERS FUNDS (N’MILLION) SHARE CAPITAL (N’MILLION)

2nd Tier Securities 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010

ADSWITCH 15.93 20.26 20.54 21.08 23.89 93.76 29.98 35.04 35.23 35.92 42.44 47.61 25.00 25.00 25.00 25.00 25.00 25.00

CAPITAL OIL PLC (34.11) (31.11) (15.81) (955.35) NA NA 37.55 39.32 52.75 13.34 NA NA 19.71 19.71 29.39 29.39 NA NA

JULI NA (17.22) 12.19 5.54 (18.82) NA NA 80.06 67.51 61.08 245.93 NA NA 89.00 89.00 89.00 99.95 NA

ROKANA IND. (100.56) (110.03) (91.09) (130.81) NA NA 222.44 203.58 211.95 170.38 NA NA 15.00 15.00 15.00 25.00 NA NA

SMART PRODUCTS NIGERIA PLC 63.58 66.78 48.78 55.01 NA 5.82 63.58 66.78 48.78 55.01 NA 76.54 16.47 18.00 18.00 18.00 NA 18.00

Agriculture/Agro-Allied

LIVESTOCK FEEDS NA NA 90.01 92.10 129.70 90.43 NA NA 318.17 363.91 393.86 422.16 NA NA 600.00 600.00 600.00 600.00

OKOMU OIL PALM CO. PLC (239.37) (21.59) (438.10) 466.22 601.71 1,393.04 3,682.07 3,340.23 3,188.18 4,282.99 4,353.49 5,866.41 158.99 158.99 238.48 238.48 238.48 238.48

PRESCO PLC 372.99 45.06 (512.46) (421.81) NA 932.59 2,315.58 2,155.68 1,956.96 2,553.53 N/A 3,518.20 250.00 250.00 250.00 500.00 N/A 500.00

Airline Services

AIRLINE SERVICES AND LOGISTICS PLC (36.32) 30.44 (530.23) (126.17) N/A 661.16 230.17 558.50 1,222.57 1,324.82 N/A 1,612.99 26.00 260.00 317.00 317.00 N/A 317.00

NIGERIAN AVIATION HANDLING COMPANY PLC 102.90 89.47 (20.81) 1,572.75 1,927.84 1,362.74 855.57 119,969.00 1,699.64 4,216.98 4,676.82 4,992.99 150.00 150.00 375.00 492.19 615.23 615.23

Automobile & Tyre

R. T. BRISCOE 1,444.47 1,977.91 2,266.99 2,523.29 N/A 2,553.81

1,857.73 2,389.51 2,817.91 3,219.01 N/A 3,449.64 181.54 181.54 226.92 283.65 N/A 408.46

Breweries

GUINESS NIG. PLC N/A 14,186.20 14,848.00 10,759.47 4,622.69 N/A N/A 25,667.54 31,638.84 36,862.56 31,524.70 N/A N/A 589.97 737.46 737.46 737.46 N/A

INT. BREW. (682.39) (951.54) (1,231.16) 191.86 854.46 684.59 (828.49) (1,189.85) (1,308.06) 2.19 (283.36) (84.22) 256.46 256.46 256.46 1,056.46 1,056.46 1,056.46

NIGERIAN BREWERIES PLC (7,391.51) 1,041.74 10,517.72 (14,150.04) N/A (4,595.69) 34,724.24 36,249.39 43,183.04 32,229.18 N/A 50,172.16 3,781.28 3,781.28 3,781.28 3,781.28 N/A 3,781.28

Source: Compiled from 2009/2010 Annual Report & Accounts of Companies


TABLE 16 CONT’D: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED COMPANIES NET CURRENT ASSETS NET ASSETS/SHARE HOLDERS FUNDS SHARE CAPITAL

Building Materials 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010

ASHAKA CEMENT PLC 8,293.21 4,513.20 (443.44) (1,676.89) (3,095.86) 11,633.60 11,618.08 10,725.11 12,795.16 13,141.59 731.25 731.25 731.25 853.13 995.31

CEMENT CO. OF NIG. PLC (722.54) (2,232.23) (911.63) 506.18 N/A 1,606.95 1,554.25 3,148.33 3,976.42 N/A 541.67 541.67 628.34 628.34 N/A

BENUE CEMENT CO. PLC (18,411.20) (11,063.73) (23,309.18) (27,509.27) (15,546.06) (1,354.87) 8,354.90 9,607.13 13,751.40 24,208.91 247.50 1,237.50 1,392.19 1,566.21 1,957.76

LAFARGE WAPCO PLC (3,280.22) (68.02) 1,431.53 487.74 6,747.78 15,501.01 25,546.74 32,806.01 40,456.12 43,710.56 1,500.80 1,500.80 1,500.80 1,500.80 1,500.80

NIGERIAN ROPES PLC 185.35 218.70 302.84 290.64 159.74 263.52 286.27 308.28 295.73 150.26 131.83 131.83 131.83 131.83 131.83 NIGERIAN WIRE INDUSTRIES PLC (57.36) (64.79) (110.37) (119.41) (149.60) 242.14 223.17 240.31 211.48 209.87 7.50 7.50 7.50 7.50 7.50

Chemical and paints

AFRICAN PAINT (NIG). PLC NA (251.51) (264.44) (317.41) (277.36) (279.95) NA 24.53 8.11 49.45 82.83 68.44 NA 65.00 65.00 65.00 130.00 13.00

BERGER PAINTS PLC (223.41) (105.60) 55.61 314.05 486.70 691.18 885.79 967.47 1,080.09 1,216.69 1,344.75 1,611.04 108.68 108.68 108.68 108.68 108.68 108.68

CAP PLC 657.79 727.57 933.22 582.06 643.82 829.16 796.32 857.07 100.82 686.46 754.44 1,021.30 105.00 105.00 105.00 105.00 105.00 140.00

DN MEYER PLC (79.55) 100.67 (61.76) (448.28) (854.78) (879.52) 102.60 163.36 603.44 1,434.07 807.00 587.38 121.45 121.45 145.75 145.75 145.75 162.50

IPWA NIGERIA PLC (266.20) (179.64) 137.95 156.20 NA NA 121.28 71.09 381.12 400.83 NA NA 179.39 179.39 256.35 257.07 NA NA

NIGERIAN-GERMAN CHEM 211.77 216.63 523.25 (199.44) NA 1,615.90 1,138.68 1,183.12 1,273.42 1,236.89 NA 2,407.22 76.89 76.89 76.89 76.89 NA 76.89 PORTLAND PAINTS & PROD 182.94 167.08 331.31 490.85 611.39 711.78 358.82 360.96 535.30 718.09 869.19 952.81 20.00 20.00 20.00 200.00 200.00 200.00

Commercial/Services

COURTVILLE N/A (34.43) 56.46 333.79 399.33 383.61 NA 57.59 939.37 2,384.93 2,447.97 2,627.53 NA 5.00 5.00 1,480.00 1,480.00 1.48

RED STAR EXPRESS PLC N/A 386.72 474.08 669.88 743.43 675.67 NA 810.01 805.02 1,179.11 1,280.02 1,211.93 NA 51.45 257.25 257.25 257.25 294.75 SECURE ELECTRONIC TECH (1,897.12) (2,082.28) 750.63 909.59 1,436.07 5,732.08 (1,778.44) (1,986.57) 811.95 6,394.72 6,847.62 7,082.28 449.72 500.00 2,600.00 2,600.00 2,815.77 2,815.77

TRANS-NATION WIDE PLC 42.26 50.67 73.36 44.85 92.65 117.14 87.91 103.24 129.59 154.22 381.85 412.44 44.18 66.27 66.27 66.27 66.27 66.27 Computer and Office Equipment

NCR (NIG). PLC 58.62 80.75 265.92 294.52 869.33 1,109.77 74.56 (553.91) (585.73) (505.50) 439.37 1,160.95 54.00 54.00 54.00 54.00 54.00 54.00

THOMAS WYATT PLC (697.06) (437.26) (338.02) 145.87 82.72 NA (285.24) (139.87) (29.38) 212.95 191.07 NA 35.44 35.44 50.00 100.00 100.00 NA

TRIPPLE GEE PLC NA 221.33 178.16 265.33 276.38 232.22 NA 721.41 730.60 779.95 862.78 685.25 NA 164.99 164.99 164.99 247.48 247.48



TABLE 16 CONT’D: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED COMPANIES NET CURRENT ASSETS NET ASSETS/SHARE HOLDERS FUNDS SHARE CAPITAL

Conglomerates 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010

A.G. LEVENTIS N/A 1,389.40 1,742.55 895.99 1,392.15 N/A 3,361.41 5,802.39 7,305.73 7,798.44 N/A 1,103.04 1,103.04 1,323.65 1,323.65

CHELLARAMS PLC N/A 430.95 477.24 280.23 (378.64) N/A 2,160.92 2,420.98 2,729.37 2,336.23 N/A 180.73 180.73 180.73 361.46

JOHN HOLT (693.00) (1,193.00) (1,377.00) (1,505.00) (3,500.00) 180.00 (171.00) (49.00) (79.00) (1,810.00) 195.00 195.00 195.00 195.00 195.00

PZ INDUSTRIES PLC N/A 18,224.33 17,075.08 18,141.48 18,440.67 N/A 28,808.46 30,567.45 32,714.20 35,565.45 N/A 1,270.55 1,270.55 1,588.19 1,588.19

UACN PLC 2,041.00 4,562.00 (3,163.00) (15,262.00) (87.00) 15,228.00 18,009.00 27,354.00 41,157.00 37,487.00 N/A N/A N/A N/A N/A

UNILEVER NIG. PLC 852.99 (1,260.78) (1,029.43) 693.75 1,301.83 5,570.61 3,953.35 5,030.84 6,681.55 8,202.73 1,513.32 1,891.65 1,891.65 1,891.65 1,891.65

Construction

COSTAIN (W A) PLC N/A (1,400.42) (1,083.74) (1,292.78) 3,455.52 N/A (1,349.94) (1,241.98) (932.38) 8,692.29 N/A 79.96 79.96 79.96 542.19

JULIUS BERGER PLC N/A (38,364.34) (19,427.45) (16,597.27) (32,042.88) N/A 4,116.93 5,610.64 6,563.06 7,722.18 N/A 150.00 150.00 600.00 600.00

MULTIVERSE (548.75) (508.84) (542.36) 1,360.21 (127.50) 67.34 136.28 201.99 3,614.50 3,698.43 11.00 11.00 135.00 2,029.49 2,130.97

ROADS NIG. PLC N/A (78.58) (69.57) (224.25) (866.25) N/A 42.28 67.40 108.75 154.54 N/A 10.00 10.00 10.00 10.00

Engineering Technology

CUTIX PLC N/A 107.10 127.20 137.37 98.47 182.61 N/A 180.68 270.67 385.15 400.05 474.70 N/A 132.10 132.10 264.20 264.20 264.20

INTERLINKED TECH. PLC N/A (2.00) (10.09) (20.16) (45.16) 429.85 N/A 2.93 0.94 2.74 (25.68) 446.45 N/A 18.94 18.94 23.60 23.60 118.35

NIG. WIRE & CABLE PLC (756.39) (1,076.15) (1,105.83) (300.28) (551.52) N/A 244.24 (202.66) (437.01) 450.52 66.30 N/A 210.00 210.00 210.00 800.00 800.00 N/A

Food/Beverage &Tobacco

BIG TREAT PLC 459.76 637.49 551.59 587.15 79.31 103.31 1,020.23 2,076.09 2,282.43 1,552.76 20.00 865.00 1,000.00 1,000.00 1,000.00

CADBURY NIG. PLC 9,506.32 (9,756.53) (13,100.12) (14,426.48) 1,514.32 10,320.20 2,402.80 513.57 (2,734.53) 13,155.70 500.42 550.42 550.42 550.42 1,564.59

DANGOTE FLOUR MILLS PLC N/A 1,043.10 1,094.31 337.95 460.70 N/A 14,153.52 21,907.49 23,157.86 26,749.58 N/A 1,500.00 2,500.00 2,500.00 2,500.00

DANGOTE SUGAR REFINERY PLC N/A 13,920.44 14,270.73 19,292.41 26,003.78 N/A 27,977.59 25,956.15 32,627.20 41,612.80 N/A 5,000.00 5,000.00 6,000.00 6,000.00

FLOUR MILLS N/A 2,121.41 3,804.14 7,443.74 4,171.39 N/A 10,770.07 13,785.28 21,951.79 22,868.24 N/A 582.40 582.40 776.53 854.19

HONEYWELL FLOUR MILL PLC N/A (3,395.70) (2,474.96) (2,601.87) (2,625.38) N/A 2,948.12 3,584.47 5,190.48 5,399.59 N/A 1,000.00 1,000.00 1,999.99 3,499.99



TABLE 16 CONT’D: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED COMPANIES NET CURRENT ASSETS NET ASSETS/SHARE HOLDERS FUNDS SHARE CAPITAL Food/Beverage &Tobacco (Cont’d) 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 MULTI-TREX INTERGRATED PLC N/A (33.77) (263.34) 640.33 (2,345.51) N/A 607.79 754.20 1,644.12 2,638.35 N/A 10.00 200.00 1,500.09 1,861.22

N. NIG. FLOUR MILLS N/A 474.85 242.07 306.34 512.73 N/A 793.72 608.43 66.02 865.17 N/A 74.25 74.25 74.25 74.25

NATIONAL SALT (51.72) (214.84) 2,368.85 2,428.94 N/A 14.07 (0.86) 3,472.38 3,887.53 N/A 39.98 39.98 1,103.93 1,324.72 N/A NESTLE FOODS NIG. PLC 3,118.02 4,247.01 2,579.57 4,248.58 (165.21) 5,980.31 6,360.49 6,236.52 9,031.24 10,543.94 264.22 264.22 330.27 330.27 330.27

NIG. BOTTLING CO. PLC (2,983.44) (6,508.57) (2,950.23) (9,442.84) (8,005.13) 20,404.16 20,088.54 22,853.19 21,912.67 29,826.12 649.64 649.64 649.64 649.64 649.64

PS MANDRIDES 109.44 112.03 109.71 125.76 120.67 219.22 227.13 233.34 264.17 268.53 20.00 20.00 20.00 20.00 20.00

TANTERLIZERS 98.28 136.21 (1,304.49) 231.99 (143.62) 599.87 734.91 971.68 3,768.05 3,647.67 5.00 5.00 961.68 1,475.00 1,475.00

UTC PLC 300.79 800.33 1,528.27 1,533.52 1,666.75 201.93 687.07 1,258.59 1,351.84 1,426.61 560.63 560.63 560.63 616.69 616.69

Healthcare FIDSON HEALTHCARE

PLC N/A 400.64 606.70 2,596.76 668.75 312.83 N/A 1,068.57 1,426.73 4,965.95 5,095.02 8,450.14 N/A 89.18 89.18 750.00 750.00 750.00

GLAXO SMITHKLINE BEECHAM 1,367.92 1,768.75 1,871.69 2,327.38 N/A 1,765.19 3,493.47 4,193.08 4,601.95 5,451.46 N/A 7,381.9

N/A N/A N/A N/A N/A 478.35

MAY & BAKER 809.45 1,313.50 1,094.24 1,193.37 9.57 185.38 816.91 2,617.35 2,615.66 2,753.63 2,705.71 2,883.38 108.59 350.00 350.00 350.00 350.00 490.00

MORISON IND. PLC 102.78 81.42 81.29 82.76 N/A N/A 120.94 119.96 125.45 464.94 N/A N/A 45.65 45.65 76.09 76.09 N/A N/A

NEIMETH INT. PHARM. N/A 1,836.53 1,728.38 2,087.42 1,226.92 1,343.34 N/A 1,576.00 1,623.72 1,634.08 1,072.79 1,160.49 N/A 327.07 327.53 328.63 410.79 410.79

PHARMA DEKO PLC N/A (586.91) (787.35) (915.90) (1,301.55) 1,055.82 N/A 85.96 (66.44) (184.91) (646.41) 1,110.50 N/A 47.48 47.48 49.76 49.76 49.76

Hotel and Tourism

CAPITAL HOTEL PLC N/A 421.04 612.11 1,879.23 2,312.27 2,654.20 N/A 1,592.26 1,691.85 1,900.99 2,491.99 2,974.43 N/A 774.39 774.39 774.39 774.39 774.39

IKEJA HOTEL PLC (3,310.55) 379.42 (4,145.61) (3,451.98) (3,924.74) (3,018.38) 1,947.25 4,239.06 4,810.90 5,505.40 6,670.45 7,924.72 540.00 866.17 866.17 866.17 1,039.41 1,039.40 Industrial/Domestic Products

ALUMINIUM EXTRUSION IND. PLC (26.98) (137.48) (132.59) (291.77) (228.95) (210.92) 13.83 34.52 86.22 157.69 235.37 295.68 109.98 109.98 109.98 109.98 109.98 109.98 BOC GASES NIGERIA PLC (139.14) (254.29) (288.04) (129.03) 31.56 340.01 403.62 470.07 627.68 763.38 910.66 1,140.79 196.56 196.56 196.56 196.56 196.56 196.56

FIRST ALUM. PLC (94.40) (460.29) 113.05 191.48 425.08 N/A 1,448.80 1,343.79 880.95 2,330.33 6,367.84 N/A 621.11 621.11 621.11 1,055.33 1,055.33 N/A

NIG. ENAMEL WARE 138.39 159.47 216.06 234.09 138.93 201.60 111.75 118.09 142.63 145.13 174.05 234.50 14.40 14.40 14.40 14.40 14.40 31.68

VITAFOAM NIG. PLC 713.03 693.19 1,042.72 1,128.60 N/A N/A 883.72 1,060.55 1,401.59 1,895.13 N/A N/A 327.60 409.50 409.50 409.50 N/A N/A

VONO PRODUCTS PLC 90.49 76.96 (487.49) (306.96) (609.67) 665.83 268.08 268.21 263.60 143.44 1,005.29 608.32 150.00 150.00 150.00 150.00 150.00 150.00



TABLE 16 CONT’D: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED COMPANIES NET CURRENT ASSETS NET ASSETS/SHARE HOLDERS FUNDS SHARE CAPITAL Information, Communication and Telecommunication 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010

CHAMS PLC N/A (213.36) 12.42 4,083.89 3,866.53 3,038.60 N/A 726.52 2,184.21 9,879.28 8,751.99 7,381.70 N/A 100.00 861.03 2,348.53 2,348.53 2,348.00 E-TRANZACT INTERNATIONAL PLC (141.70) 64.32 182.53 2,014.50 1,116.99 938.35 241.05 421.56 537.73 2,921.86 2,635.25 2,430.90 245.50 350.00 350.00 2,100.00 2,100.00 2,100.00

IHS NIGERIA PLC N/A 1,323.66 2,386.74 4,849.72 13,612.31 (2,325.10

) N/A 227.08 428.89 1,498.46 9,187.85 9,700.60 N/A 30.00 30.00 30.00 2,200.00 2,200.00

MTI PLC 66.77 (550.61) (482.01) 4,380.09 13.59 N/A 117.47 (461.23) (416.43) 4,498.20 3,883.66 N/A 6.00 6.00 51.00 2,446.80 2,446.80 N/A

STARCOMMS PLC N/A (6,796.06) (8,942.71) 3,689.92 (7,006.85) 13,154.94 N/A (8,149.68) 7,311.02 39,036.26 31,249.08 23,588.95 N/A 41.28 1,846.86 3,439.24 3,439.24 3,439.24

Leasing

C & I LEASING PLC (929.75) (1,588.47) 266.78 (208.45) (118.99) 2,501.21 449.15 488.46 1,635.60 1,801.49 2,226.88 N/A 300.00 300.00 800.30 800.30 808.51 808.51

Maritime

JAPAUL OIL & MARITIME

SERVICES N/A 49.60 439.87 1,985.71 3,293.05 N/A N/A 1,153.14 1,531.25 20,995.09 21,287.61 N/A N/A 583.10 583.10 3,131.35 3,131.35

N/A

Media

AFROMEDIA PLC N/A (380.93) (445.28) 2,538.53 2,602.81 N/A N/A (217.86) 1,603.57 4,632.80 4,928.38

N/A N/A 10.00 10.00 2,017.75 2,017.75

N/A

DAAR COMMUNICATION PLC 1,347.35 1,133.37 1,321.32 (63.66) (2,592.83) N/A 10,136.36 9,551.85 11,416.35 17,528.10 14,870.18

N/A 750.00 750.00 3,085.26 4,000.00 4,000.00

N/A

Packaging AVON CROWNCAPS AND

CONSTAIN N/A 315.10 398.20 836.43 1,016.50 881.02 N/A 1,347.31 1,519.95 1,714.06 1,868.53

1,339.17 N/A 284.99 284.99 341.99 341.99

341.99

BETA GLASS CO. PLC 744.32 874.13 777.95 709.33 3,179.31 3,209.40 5,031.34 5,366.98 6,165.05 7,289.57 8,524.35

9,816.81 227.26 227.26 227.26 249.99 249.99

249.99

GREIF NIGERIA PLC N/A (12.96) (40.73) 149.15 216.23 267.96 333.00 317.40 315.01 297.75

341.38 N/A 21.32 21.32 21.32 21.32

21.32

NAMPAK NIGERIA PLC 302.18 349.99 (9.33) (236.61) (216.36) 5.81 650.72 780.24 612.91 381.89 424.42

639.03 107.04 107.04 107.04 107.04 107.04

107.04

NIGERIAN BAGS MANUFACTURING COMPANY PLC N/A (271.82) (752.20) 5,217.34 5,830.55 6,000.38 N/A 660.70 1,573.65 9,284.92 9,239.72

9,766.08 N/A 125.00 125.00 3,107.50 3,107.50

3,107.5

POLY PRODUCTS N/A 46.20 39.12 100.00 (47.83) 64.03 N/A 248.00 264.24 275.76 306.54

330.52 N/A 120.00 120.00 120.00 120.00

120.00

STUDIO PRESS (179.38) 557.78 (810.07) (1,379.95) (936.13) N/A 294.49 909.10 944.45 1,452.45 1,978.98

N/A 40.00 40.00 40.00 40.00 40.00

N/A



TABLE 16 CONT’D: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED COMPANIES

NET CURRENT ASSETS NET ASSETS/SHARE HOLDERS FUNDS SHARE CAPITAL

Petroleum (Marketing) 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 AFRICAN PETROLEUM PLC 7,446.47 5,924.84 1,272.34 1,959.63 23,578.78

N/A 293.70 2,455.23 7,367.95 6,852.32 32,653.16

N/A 394.39 394.39 394.39 394.39 489.03

N/A

CONOIL PLC 3,532.49 3,845.49 6,137.96 5,589.21 7,634.62

N/A 8,486.14 11,294.90 11,980.01 11,892.69 13,511.10

N/A 346.98 346.98 346.98 346.98 346.98

N/A

ETERNA OIL & GAS PLC (555.00) (506.17) 582.77 (6,057.12) (2,090.75)

N/A (124.16) (100.82) 1,184.92 778.28 3,902.32

N/A 250.00 250.00 325.00 390.00 652.07

N/A

MOBIL OIL NIG. PLC 831.64 2,499.27 1,607.33 2,828.01 2,396.79

N/A 3,305.08 2,833.69 2,248.35 2,837.06 4,176.55

N/A 120.20 120.20 120.20 150.25 150.25

N/A

MRS OIL NIGERIA PLC 542.52 516.62 1,425.43 (370.73) 556.00

N/A 3,115.17 3,386.46 4,045.36 1,915.02 2,965.93

N/A 126.99 126.99 126.99 126.99 126.99

N/A

OANDO PLC N/A (5,324.00) 1,827.05 25,199.82 (13,562.77)

N/A N/A 22,113.92 44,713.58 33,218.52 35,079.84

N/A N/A 286.15 377.04 452.44 452.44

N/A

TOTAL NIG. PLC (1,727.35) (2,226.32) (2,024.48) (2,303.39) (2,849.12)

N/A 3,742.24 4,131.82 5,765.75 6,338.94 7,268.98

N/A 167.76 167.76 167.76 167.76 167.76

N/A

Printing and Publishing

ACADEMY PRESS PLC N/A 112.54 117.92 82.48 58.09

N/A N/A 262.57 313.33 352.11 385.83

N/A N/A 100.80 100.80 100.80 151.20

N/A

LONGMAN NIG. PLC 221.74 408.61 634.76 3,144.76 3,355.33

N/A 351.43 555.18 761.42 3,227.75 3,551.51

N/A 73.50 88.20 88.20 128.58 385.73

N/A

UNIVERSITY PRESS PLC N/A 212.54 209.90 512.25 561.09

N/A N/A 441.35 491.99 963.87 1,100.38

N/A N/A 74.90 74.90 149.80 149.80

N/A

Real Estate UACN PROPERTIES

DEV. 3,664.97 8,018.07 5,630.08 20,369.47 19,675.07

N/A 16,814.84 20,981.25 20,549.18 30,900.20 29,779.68

N/A 550.00 550.00 550.00 550.00 550.00

N/A

Road Transportation ASSOCIATED BUS

COMPANY PLC (51.71) (321.85) (289.42) (244.56) (792.38)

N/A 1,754.32 1,780.21 1,826.77 1,752.16 1,764.47

N/A 753.50 753.50 753.50 753.50 753.50

N/A

Textiles

UNTL PLC 5,848.76 6,375.10 4,804.50 3,163.44 6,981.32

N/A 9,090.86 8,262.46 6,609.43 5,859.99 4,206.09

N/A 421.64 421.64 421.64 421.64 421.64

N/A



TABLE 17: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED FINANCIAL INSTITUTIONS

ASSETS SHAREHOLDERS FUNDS SHARE CAPITAL

Banking 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010

ACCESS BANK NIG. PLC N/A 174,553.87 328,615.19 1,031,842.02 647,574.72 N/A N/A 28,893.89 28,384.89 172,002.03 173,151.02 N/A N/A 6,978.16 3,489.08 8,071.25 8,131.02 N/A

BANK PHB PLC 51,670.88 156,001.30 378,949.31 1,036,586.07 N/A N/A 12,660.36 28,490.49 36,127.54 167,480.27 N/A N/A 4,311.37 9,652.54 3,217.51 7,577.50 N/A N/A

ECOBANK NIGERIA PLC 67,652.62 132,091.71 311,395.89 432,466.25 N/A N/A 26,935.30 29,321.45 34,822.35 76,825.90 74,320.00 N/A 5,413.56 10,827.11 10,827.11 3,609.04 N/A 6,940.00

FIDELITY BANK PLC N/A 119,986.00 217,144.00 533,122.00 434,052.00

N/A

N/A 25,597.00 26,757.00 135,863.00 129,340.00 134,444.00 N/A 8,232.00 8,232.00 14,481.00 14,481.00 14,481.00 FIRST CITY MONUMENT BANK Plc N/A 106,611.29 262,805.89 465,210.90 460,081.09

N/A

N/A 26,398.33 30,968.87 132,127.48 128,127.07 134,635.82 N/A 4,751.22 4,751.22 8,135.60 8,135.60 8,135.60

GT BANK PLC N/A 304,580.63 478,363.06 918,278.76 1,019,911.54

N/A

N/A 40,645.54 47,433.19 179,550.73 188,475.80 205,167.80 N/A 3,000.00 4,000.00 7,461.50 9,326.88 11,658.60

STERLING BANK PLC 19,435.29 109,664.43 145,974.67 236,502.92 205,640.83

N/A

2,966.73 26,319.33 26,800.40 30,238.88 22,141.99 26,320.49 2,386.99 5,276.42 5,276.42 6,281.55 6,281.55 6,281.55

UNION BANK OF NIGERIA PLC 248,928.00 851,241.00 1,102,348.00 1,520,091.00 1,400,879.00

N/A

17,702.00 47,621.00 164,821.00 188,155.00 187,719.00 (135,894.00) 1,530.00 3,530.00 5,748.00 8,622.00 10,778.00 6,755.00

WEMA BANK PLC N/A N/A 182.87 156.21 150.94

N/A

N/A N/A 26,426.65 (19,936.57) (45,837.96) 14,837.28 N/A N/A 5,034.97 5,034.97 5,160.32 6,410.62

ZENITH BANK PLC 332,885.00 610,769.00 883,941.00 1,680,032.00 1,573,196.00

N/A

37,790.00 100,401.00 112,833.00 338,483.00 328,383.00 350,414.00 3,000.00 4,587.00 4,633.00 8,372.00 12,559.00 15,698.00

Mortgage Companies

ABBEY BUILDING SOCIETY PLC 2,202.98 3,397.91 5,546.90 10,213.49 10,730.91

N/A

464.24 616.99 1,445.20 5,295.27 5,404.60 5,518.52 360.00 518.00 1,019.94 2,100.00 2,100.00 2,100.00

ASO SAVINGS AND LOANS PLC 2,288.28 3,341.46 43,833.02 67,278.14 N/A

N/A

(285.47) (532.71) (256.09) 5,038.01 N/A 3,008.45 107.24 107.24 107.24 4,339.57 N/A 4,339.57 RESORT SAVINGS & LOANS PLC 305.53 350.36 432.41 6,730.51 8,489.69

N/A

(23.42) 114.75 146.86 5,601.68 7,003.14 N/A 13.25 151.40 191.50 5,494.74 6,587.87 N/A UNION HOMES SAVINGS AND LOANS 54,776.47 61,838.49 69,529.86 78,425.54 85,055.41

N/A

2,430.25 2,494.32 8,559.01 10,262.62 7,215.37 N/A 1,000.00 1,000.00 2,500.00 3,125.00 3,906.25 N/A

Other Financial Institutions

CRUSADER NIGERIA PLC 7,177.69 10,327.14 13,015.68 7,889.58 8,043.59

N/A

1,857.97 6,148.49 8,373.58 4,621.18 4,594.00 4,649.14 66.75 66.75 2,774.61 2,774.61 2,569.13 2,260.30 DEAP CAPITAL MANAGEMENT & T N/A 1,227.63 2,883.30 5,310.93 5,789.90

N/A

N/A 246.40 1,308.99 2,378.70 737.97 (958.35) N/A 231.38 500.00 750.00 750.00 750.00

ROYAL EXCHANGE PLC 5,418.61 6,041.54 15,332.79 12,493.74 N/A

N/A

2,727.59 3,207.59 11,916.36 5,947.79 N/A 2,286.83 800.90 800.90 1,679.95 1,847.94 N/A 12,899.71



TABLE 17 CONT’D: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED FINANCIAL INSTITUTIONS

ASSETS SHAREHOLDERS FUNDS SHARE CAPITAL

Insurance 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009

AIICO INSURANCE PLC 10,729.69 8,704.16 12,969.43 20,313.03 22,079.65 3,193.36 4,793.26 5,234.27 10,628.43 11,129.25 700.00 1,332.77 1,873.76 3,485.34 3,520.08 CONSOLIDATED HALLMARK INSURANCE PLC 630.67 1,148.30 4,651.67 5,607.70 4,991.82 432.16 900.74 3,736.64 4,081.99 3,973.27 300.00 665.16 3,000.00 3,000.00 3,000.00

CONTINENTAL REINSURANCE 2,932.31 4,230.96 14,159.65 14,353.59 15,640.19 1,362.43 2,224.40 11,815.27 11,134.33 11,169.62 856.91 1,240.59 5,186.37 5,186.37 5,186.37

CORNERSTONE INSURANCE PLC 2,519.57 5,820.77 8,819.91 8,711.54 9,223.70 1,649.52 3,963.84 6,732.44 5,893.85 5,875.64 982.27 2,160.90 4,410.01 4,410.01 4,410.01

CUSTODIAN AND ALLIED INSURANCE 3,966.94 5,596.54 11,854.92 14,135.88 3,034.94 4,575.60 8,944.45 11,133.80 1,695.83 2,000.00 2,395.37 2,569.39

EQUITY ASSURANCE PLC 360.71 485.38 6,218.19 8,045.28 8,464.55 334.22 413.10 5,775.86 5,622.50 6,437.70 224.12 240.13 3,853.94 3,853.94 4,423.65

GOLDLINK INSURANCE PLC 5,453.70 6,880.73 7,605.53 8,484.52 8,739.50 4,135.88 5,427.19 5,570.60 6,967.50 6,778.20 2,395.00 3,396.32 3,735.95 4,549.95 2,274.97

GUARANTY TRUST ASSURANCE 3,361.27 6,181.64 7,975.94 16,474.14 3,101.26 5,335.79 6,298.66 12,515.35 500.00 4,842.59 2,500.00 4,375.00

GUINEA INSURANCE PLC 974.92 1,118.52 4,053.98 4,090.87 4,221.64 523.90 532.40 3,513.19 3,338.00 3,297.36 360.00 210.00 2,550.00 2,550.00 2,550.00

INTERCONTINENTAL WAPIC PLC 11,530.41 12,112.26 11,186.87 8,816.70 8,497.36 8,312.60 2,109.09 2,530.90 2,530.90

INTERNATIONAL ENERGY INSURANCE PLC 116.40 2,849.00 12,464.00 16,498.00 15,629.00 717.00 1,897.00 10,873.00 11,748.00 9,321.00 635.00 1,425.00 2,752.00 2,752.00 3,210.00

KAPITAL INSURANCE PLC 904.38 773.79 3,898.93 8,895.09 661.52 616.17 3,548.83 8,156.07 364.00 394.00 3,311.17 6,175.00

LASACO ASSURANCE PLC 2,194.42 2,770.83 8,626.49 8,742.83 1,340.30 1,515.45 6,086.10 6,014.42 500.00 604.91 3,601.72 3,601.72

LAW UNION AND ROCK 4,868.18 5,146.16 5,816.11 6,866.70 1,207.09 3,980.52 3,646.96 4,537.82 500.00 1,718.67 1,718.67 1,718.67

LINKAGE ASSURANCE PLC 2,455.87 3,214.19 7,290.09 5,265.65 979.14 2,283.68 4,518.49 3,247.58 1,319.99 2,041.86 2,551.40 2,551.40

MUTUAL BENEFITS ASSURANCE PLC 2,911.01 5,164.93 10,783.30 9,928.19 11,994.01 1,977.71 4,035.69 6,261.17 4,394.31 4,511.56 500.00 950.00 2,844.37 2,844.37 4,000.00

N.E.M INSURANCE CO (NIG) PLC 732.06 1,022.81 5,158.80 4,997.94 359.83 369.48 3,951.77 4,037.70 203.06 203.11 2,488.46 2,488.46

NIGER INSURANCE PLC 8,400.98 11,154.88 13,641.48 18,565.28 2,063.41 5,487.47 6,383.57 5,622.94 750.00 1,580.33 1,975.41 1,975.41

OASIS INSURANCE PLC 1,051.04 3,707.77 3,581.28 3,424.87 735.03 3,459.98 3,122.73 3,027.19 545.42 2,501.75 2,501.75 2,501.75

PRESTIGE ASSURANCE PLC 3,981.67 5,094.58 4,878.17 5,879.20 3,617.36 4,681.92 4,369.62 4,343.72 797.65 859.99 1,074.99 1,074.99

REGENCY ALLIANCE INSURANCE 824.33 2,065.33 4,321.79 4,822.97 601.03 1,516.70 3,703.90 4,396.64 350.00 350.00 1,075.00 3,031.25

SOVEREIGN TRUST INSURANCE PLC 1,311.63 2,235.18 3,959.22 5,357.55 5,268.70 806.35 1,590.36 3,217.57 3,619.44 3,439.89 510.99 1,185.46 2,168.23 2,601.88 2,601.88

STACO INSURANCE PLC 945.92 3,323.06 4,375.90 4,336.90 945.92 3,323.06 4,375.90 4,336.90 607.55 2,144.74 2,414.74 2,414.74

STANDARD ALLIANCE INSURANCE 2,376.94 3,162.21 7,388.45 22,389.13 18,742.47 1,669.51 1,641.12 6,338.45 21,252.98 16,432.57 490.00 735.00 3,571.59 5,996.59 5,996.59

UNIC INSURANCE PLC 3,631.69 7,376.59 6,973.15 7,362.57 7,210.06 4,129.80 4,715.22 4,708.85 4,451.58 1,191.73 397.60 1,291.15 1,291.15 1,291.15 1,291.15

UNITY KAPITAL ASSURANCE PLC 904.38 773.79 3,898.93 8,895.09 8,994.75 661.52 616.17 3,548.83 8,156.07 8,191.78 364.00 394.00 3,311.17 6,175.00 6,175.00

UNIVERSAL INSURANCE COMPANY PLC 6,204.43 5,698.65 10,634.37 10,474.50 8,320.78 4,500.85 4,485.84 9,503.25 9,722.35 7,651.68 400.00 2,000.00 8,000.00 8,000.00 8,000.00



TABLE 18: EXTRACTS FROM PROFIT AND LOSS ACCOUNT OF SOME LISTED COMPANIES TURNOVER PROFIT AFTER TAX EARNING PER SHARE DIVIDEND PER SHARE

COMPANY 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009

2nd Tier Securities

ADSWITCH 55.52 38.02 57.20 35.99 84.73 6.60 5.06 5.19 0.68 6.51 0.05 0.04 0.04 0.01 0.05

CAPITAL OIL PLC 140.89 135.85 219.93 257.60

0.39 1.78 0.27 (39.41)

0.01 0.02 0.00 (0.50)

JULI

185.65 236.62 286.55 288.70

(23.51) (7.09) (11.88) (26.47)

(0.13) (0.04) (0.06) (0.13)

ROKANA IND. 57.56 80.91 63.35 77.89

(21.36) (18.85) (19.63) (46.57)

(1.41) (1.26) (0.79) (1.86) SMART PRODUCTS

NIGERIA PLC 26.24 10.56 12.55 13.32

(6.60) 2.36 3.87 2.47

(0.18) 0.06 0.11 0.07

Agriculture/Agro-

Allied

LIVESTOCK FEEDS

931.98 2,368.59 2,178.43

34.67 45.74 29.95 OKOMU OIL PALM

CO. PLC 2,465.66 2,740.78 2,807.71 4,734.19 4,741.22 701.31 395.73 139.79 1,207.46 549.52 2.21 1.24 0.29 2.53 1.15 1.000 0.000 0.000 0.250 0.250

PRESCO PLC 2,347.61 2,104.75 2,266.95 3,964.45

340.68 216.87 37.25 674.06

0.68 0.43 0.07 0.67

0.600 0.600 0.050 0.300

Airline Services AIRLINE SERVICES

AND LOGISTICS PLC 910.30 1,847.47 3,471.16 3,601.02

27.06 179.24 322.76 213.29

0.52 0.34 0.51 0.17

0.030 0.090 0.050 NIGERIAN AVIATION

HANDLING COMPANY PLC 3,050.54 3,245.55 3,661.28 4,430.04 6,066.55 317.73 434.12 589.95 802.91 1,247.33 1.06 1.45 0.79 0.82 1.01 0.300 0.300 0.300 0.550 0.700

Automobile & Tyre

R. T. BRISCOE 7,726.05 13,162.02 16,239.45 20,051.34

199.69 531.78 609.94 628.02

0.55 1.46 1.34 1.11

0.350 0.350 0.500 0.400

Breweries

GUINESS NIG. PLC

53,651.78 62,265.41 69,172.85 89,148.21

7,440.10 10,691.06 11,860.88 13,541.19

6.31 7.84 8.04 9.18

3.000 3.460 4.500 12.800

INT. BREW. 401.40 313.05 561.67 931.92 1,616.50 (523.66) (361.36) (118.22) 63.51 (285.55) (0.30) (0.43) (0.23) 0.03 (0.14) NIGERIAN

BREWERIES PLC 80,130.97 86,322.08 111,748.30 145,461.76

8,254.56 10,900.52 18,942.86 25,700.59

1.09 1.44 2.50 3.40

0.650 1.200 1.590 4.850

Building Materials ASHAKA CEMENT

PLC 15,815.25 16,771.56 16,473.96 21,378.20 17,193.97 4,429.88 3,377.48 1,603.46 2,070.05 943.62 3.03 2.31 1.10 1.21 0.47 2.320 1.500 0.000 0.000 0.000 CEMENT CO. OF NIG. PLC 5,916.17 6,374.33 8,042.95 9,878.09

224.28 (34.95) 138.66 1,530.52

0.21 (0.03) 0.11 1.34

0.100 0.100 0.000 0.100 0.900

BENUE CEMENT CO. PLC 4,005.10 6,029.21 5,473.44 16,453.71 35,012.08 2,243.94 3,032.87 1,252.23 4,144.27 10,457.51



TABLE 18 CONT’D: EXTRACTS FROM PROFIT AND LOSS ACCOUNT OF SOME LISTED COMPANIES

TURNOVER PROFIT AFTER TAX EARNING PER SHARE DIVIDEND PER SHARE

Building Materials (Cont’d) 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009

LAFARGE WAPCO PLC 26,463.84 39,517.59 38,664.80 43,273.81 45,589.80 3,032.87 10,946.20 10,678.65 11,252.03 5,055.40 1.01 3.65 3.56 3.75 1.68 0.300 1.000 1.200 0.600 0.100

NIGERIAN ROPES PLC 417.56 450.71 367.13 442.66 425.36 14.24 22.75 22.01 29.72 (128.42) 0.05 0.09 0.08 0.11 (0.49) 0.000 0.075 0.075 0.075 0.075 NIGERIAN WIRE INDUSTRIES PLC 272.70 246.42 319.36 538.20 571.89 (9.51) (18.97) (14.47) 2.77 (1.61) (0.63) (1.26) (0.96) 0.18 (0.11)

Chemical and paints

AFRICAN PAINT (NIG). PLC

78.12 59.91 42.58 50.94

(22.30) (16.43) (61.81) (31.62)

BERGER PAINTS PLC 1,914.24 2,300.62 2,275.36 2,534.72 2,379.85 (44.91) 81.68 112.62 148.74 193.28 (0.21) 0.37 0.52 0.95 0.89 0.000 0.000 0.000 0.000 0.000

CAP PLC 1,525.43 1,986.25 2,099.93 2,679.86 3,027.60 201.57 312.75 829.78 735.64 340.98 0.96 1.49 3.95 3.50 1.62 0.700 3.000 3.750 3.300 1.600

DN MEYER PLC 1,368.94 2,008.79 2,094.03 2,266.91 1,894.49 (208.79) 60.75 63.78 (296.42) (627.07) (0.86) 0.25 0.21 (1.02) (2.15) 0.000 0.000 0.000 0.100 0.000

IPWA NIGERIA PLC 253.97 303.92 485.67 562.79

(34.13) (50.19) 68.52 21.51

(0.12) (0.14) 0.13 0.04

0.012 0.020 NIGERIAN-GERMAN

CHEM 2,060.02 2,040.01 2,492.46 2,683.99

91.00 98.26 159.50 32.68

0.59 0.64 1.04 0.21

0.350 0.000 0.450 0.000 PORTLAND PAINTS &

PROD 1,175.52 1,441.01 1,711.42 1,963.72 2,269.25 (81.10) 2.14 212.75 187.76 183.10 (2.03) 0.05 5.32 0.47 0.46 0.000 0.000 0.000 0.000 0.000

Commercial/Services

COURTVILLE

17.74 268.45 515.80 776.83

(37.85) 2.61 273.35 215.94 RED STAR EXPRESS

PLC

2,249.10 2,668.27 3,098.50 3,959.98

231.38 118.48 197.18 248.29

4.50 0.23 0.33 0.42 SECURE ELECTRONIC

TECH 0.00 0.00 107.11 120.42 1,871.70 (786.44) (208.13) (475.26) 631.61 10.84 TRANS-NATION WIDE

PLC 183.41 274.04 378.50 474.70 533.01 21.81 28.58 45.71 47.50 55.74 0.25 0.22 0.34 0.36 0.42 0.000 0.100 0.100 0.100 0.050

Computer and Office

Equipments

NCR (NIG). PLC 860.99 1,590.83 4,209.68 5,411.43 4,270.06 31.26 (623.07) (31.82) 80.24 944.86 0.30 (5.80) (0.30) 0.70 8.70

THOMAS WYATT PLC 34.69 79.57 121.85 162.75 201.98 (115.81) 1.87 0.27 2.02 0.98 (1.63) 0.03 0.00 0.01 0.01

TRIPPLE GEE PLC

383.85 631.35 775.41 1,000.41

20.69 52.08 101.40 143.27

0.06 0.16 0.31 0.29

Conglomerates

A.G. LEVENTIS

3,251.83 2,452.09 2,858.94 3,585.97

300.59 541.99 576.73 874.97

0.14 0.25 0.22 0.33

CHELLARAMS PLC

8,357.09 9,929.88 12,571.94 14,398.83

159.46 260.07 192.01 (338.93)

0.44 0.72 0.53 (0.66)

0.100 0.000 0.150 0.150

JOHN HOLT 9,159.00 11,914.00 16,551.00 20,866.00 18,414.00 2.00 (467.00) 38.00 (85.00) (2,112.00) 0.51 (1.20) 0.10 (0.22) (5.43)

PZ INDUSTRIES PLC

37,919.30 45,494.69 55,239.42 63,800.73

3,235.59 3,512.35 3,950.94 4,818.61

1.02 1.11 1.24 1.52

0.690 0.710 0.620 0.680

UACN PLC 27,229.00 34,082.00 37,155.00 53,652.00 56,496.00 1,630.00 3,204.00 3,058.00 4,241.00 4,019.00 1.27 2.49 2.19 3.31 3.14 1.000 1.000 1.700 2.000 1.300

UNILEVER NIG. PLC 33,390.94 25,554.42 33,990.85 37,377.49 44,481.28 1,616.46 (1,617.26) 1,077.50 2,596.53 4,093.82 0.43 (0.43) 0.28 0.69 1.08 Source: Compiled from 2009/2010 Annual Report & Accounts of Companies


TABLE 18 CONT’D: EXTRACTS FROM PROFIT AND LOSS ACCOUNT OF SOME LISTED COMPANIES TURNOVER PROFIT AFTER TAX EARNING PER SHARE DIVIDEND PER SHARE

Construction 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009

COSTAIN (W A) PLC

1,111.76 3,016.40 3,814.90 6,274.12

(1,488.64) 107.96 353.22 (615.12)

(9.31) 0.68 2.21 (0.57) JULIUS BERGER

PLC

56,868.10 78,377.64 112,475.89 148,426.20

1,119.05 1,763.71 2,452.43 3,259.12

3.73 5.88 2.04 2.72

0.900 1.250 1.750 2.400

MULTIVERSE 115.43 236.70 303.32 417.03 552.63 (15.22) 68.94 64.71 86.99 93.81 (0.69) 0.26 0.02 0.06 0.02 0.000 0.000 0.000 0.000 1.000

ROADS NIG. PLC

1,332.85 1,756.41 2,426.23 3,124.72

11.96 25.12 41.34 59.80

0.60 1.26 2.07 2.99

0.000 0.300 0.400 0.450

Engineering

Technology

CUTIX PLC

714.17 1,064.02 1,307.34 1,323.45

54.32 121.69 114.48 78.31

0.10 0.23 0.22 0.15

0.100 0.120 0.120 0.120 INTERLINKED TECH. PLC

128.41 77.09 285.64 292.13

8.09 (1.99) (13.18) 1.13

0.21 (0.05) (0.28) 0.02

0.000 0.000 0.000 0.000

NIG. WIRE & CABLE PLC 260.72 90.19 0.00 980.23 1,018.21 (298.26) (446.90) (234.35) (272.81) (349.07) (0.71) (1.06) (0.56) (0.17) (0.22)

Food/Beverage &Tobacco

BIG TREAT PLC 257.61 1,585.07 3,003.19 3,932.79 4,156.13 2.97 71.92 245.87 406.34 (440.51) 0.15 0.07 0.14 0.20 (0.22)

CADBURY NIG. PLC 27,444.42 16,297.98 18,017.95 21,729.16 23,240.61 (2,196.18) (4,543.10) (464.23) (2,952.77) (1,023.70) 2.19 (4.13) (0.42) (2.68) (0.69) 1.300 0.000 0.000 0.000 0.000 DANGOTE FLOUR MILLS PLC

35,672.70 31,303.85 30,109.61 41,839.92

721.98 290.34 1,704.09 5,359.86

0.24 0.06 0.34 1.07

DANGOTE SUGAR REFINERY PLC 83,767.91 80,649.44 80,671.38 82,395.71

16,657.07 21,478.56 21,871.05 13,185.60

1.67 2.15 1.82 1.10

FLOUR MILLS

50,985.84 64,864.24 104,051.38 147,388.33

1,304.68 3,015.21 4,324.76 2,469.51

1.12 2.59 2.78 1.45

0.850 1.200 1.000 0.500

HONEYWELL FLOUR MILL PLC

13,146.83 15,599.81 18,773.82 25,964.19

722.56 636.34 816.45 209.11

0.09 0.08 0.10 0.03

MULTI-TREX INTERGRATED PLC

635.37 1,199.82 1,154.74 1,627.68

4.07 146.40 557.65 (347.68)

0.41 0.73 0.19 (0.09)

N. NIG. FLOUR MILLS

4,886.44 4,784.22 5,500.51 8,533.02

55.07 (104.41) 55.59 236.28

0.37 (0.70) 0.39 1.59

NATIONAL SALT 6.28 13.44 6,252.58 7,888.28

(11.55) (14.93) 1,259.87 1,298.29

(0.14) (0.19) 0.57 0.49

NESTLE FOODS NIG. PLC 34,335.89 38,422.78 44,027.53 51,742.30 68,317.30 5,303.13 5,660.33 5,441.90 8,331.60 9,783.58 10.04 10.71 8.79 12.61 14.81 7.000 10.000 8.990 8.400 12.550 NIG. BOTTLING CO. PLC 55,444.50 59,674.52 68,529.13 80,080.69 90,195.98 2,327.06 766.25 3,172.26 2,181.70 2,888.11 1.78 0.80 2.42 0.01 6.05 0.600 0.300 0.750 0.000 0.500

PS MANDRIDES 253.54 192.09 140.79 234.62 202.18 17.19 8.37 6.21 30.78 21.34 0.43 0.21 0.16 0.77 0.53 0.000 0.000 0.000 0.000 0.000

TANTERLIZERS 3,407.48 3,505.60 3,744.22 4,531.41 5,390.84 35.74 140.04 235.52 305.40 56.62 3.57 14.00 0.12 0.10 0.02 0.000 0.000 0.000 0.000 0.000

UTC PLC 612.57 951.55 1,465.05 2,153.93 2,579.82 (166.74) (48.50) 37.57 46.36 74.77 0.07 0.05 0.03 0.08 0.06 Source: Compiled from 2009/2010 Annual Report & Accounts of Companies




Healthcare 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 FIDSON HEALTHCARE PLC N/A 2,200.17 3,307.42 4,503.65 5,019.78

370.43 505.30 189.30 429.07

3.05 4.02 0.13 0.29

1.100 2.270 0.200 0.220

GLAXO SMITHKLINE BEECHAM 8,589.81 10,389.55 9,915.40 12,545.13

975.74 1,082.29 836.88 1,277.44

0.92 1.01 0.75 1.22

0.400 0.450 0.450 0.600

MAY & BAKER 1,996.97 2,253.39 3,859.75 5,439.91 4,604.46 101.76 211.47 208.32 417.96 232.08 0.47 0.30 0.30 0.60 0.33 0.300 0.300 0.400 0.400 0.000

MORISON IND. PLC 195.01 211.34 221.77 369.23

10.76 8.15 5.49 14.45

0.12 0.09 0.04 0.09 NEIMETH INT.

PHARM.

1,203.53 1,503.86 1,946.51 1,867.37

82.23 116.42 98.27 (455.21)

0.30 0.18 0.15 (0.55)

0.100 0.150 0.120 0.000 PHARMA DEKO PLC

648.87 790.40 1,105.57 501.93

(337.33) (242.28) (197.97) (461.50)

(3.97) (3.55) (2.08) (4.64)

0.000 0.000 0.000 0.000

Hotel and Tourism CAPITAL HOTEL

PLC

2,851.14 2,811.79 3,962.50 4,703.68

235.25 177.03 209.13 668.45

0.10 0.11 0.14 0.43

0.050 0.050 0.050 0.075

IKEJA HOTEL PLC 4,189.72 4,642.95 5,282.35 6,454.98 7,169.09 434.13 525.94 697.75 872.53 1,172.07 0.23 0.30 0.50 0.50 0.81 0.100 0.100 0.100 0.000 0.000 TOURIST CO. OF NIG PLC

Industrial/Domestic Products

ALUMINIUM EXTRUSION IND. PLC 779.05 864.29 1,042.40 1,311.90 1,518.22 8.43 20.69 51.70 71.49 77.70 0.04 0.09 0.24 0.32 0.35

BOC GASES NIGERIA PLC 1,128.59 1,319.15 1,872.66 1,871.54 2,223.87 137.28 129.34 228.37 221.46 249.48 0.35 0.33 0.58 0.56 0.63 0.160 0.160 0.180 0.220 0.260

FIRST ALUM. PLC 7,045.44 7,602.72 7,863.24 7,375.57 7,740.48 138.04 (42.90) (462.83) (156.99) 31.30 NIG. ENAMEL

WARE 1,776.70 1,573.40 1,568.96 1,510.02 2,412.92 23.95 20.74 24.54 19.78 63.48 0.33 0.72 0.85 0.69 2.20 0.500 0.500 0.600 0.000 0.000 VITAFOAM NIG. PLC 3,525.48 4,060.96 6,149.52 8,172.01

111.65 275.12 439.31 698.30

0.17 0.34 0.54 0.85

0.150 0.120 0.250 0.300

VONO PRODUCTS PLC 264.62 1,001.49 1,404.13 629.86 447.87 (44.57) 0.13 (548.14) (120.17) (253.60) (0.29) 0.04 (1.83) (0.40) (0.85)

Infor tech

CHAMS PLC

1,095.31 4,467.19 1,913.11 319.82

361.69 799.32 1,003.50 (992.65)

3.62 0.46 0.39 (0.37)

E-TRANZACT INTERNATIONAL PLC 30.70 421.56 426.36 757.89 757.18 (126.82) 161.28 116.18 122.71 (174.69)

IHS NIGERIA PLC

2,011.84 2,269.19 7,266.44 8,317.84

84.16 201.81 758.17 524.72

2.81 6.73 12.64 0.14

MTI PLC 1,395.47 2,337.74 1,120.75 1,206.52 157.89 72.96 (213.41) 20.25 33.51 (614.54) 12.16 (0.36) 0.40 0.01 (0.13) 0.000 0.000 0.000 0.000 0.000

STARCOMMS PLC

13,614.80 19,135.58 34,501.21 34,304.47

(1,495.02) 1,016.07 (8,008.08) (7,787.18)

(0.36) 1.03 (1.44) (1.13) Source: Compiled from 2009/2010 Annual Report & Accounts of Companies




Leasing 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 C & I LEASING PLC 1,166.86 1,345.45 1,613.57 2,482.17 4,676.40 95.65 99.31 134.12 341.89 367.71 0.00 0.00 0.00 0.21 0.22 0.100 0.100 0.060 0.120 0.000

Maritime JAPAUL OIL &

MARITIME SERVICES

1,401.15 2,328.50 3,971.03 4,659.25

189.94 378.12 681.42 730.90

0.16 0.32 0.11 0.12

Media

AFROMEDIA PLC

174.57 753.99 1,956.16 2,396.75

(196.22) 100.93 438.52 340.79

(0.39) 0.20 0.11 0.08 DAAR

COMMUNICATION PLC 1,830.54 2,532.44 2,822.07 3,678.05 7,359.88 146.80 168.69 595.92 (381.49) (2,625.78) 0.04 0.04 0.00 (0.05) (0.33)

Packaging

AVON CROWNCAPS AND CONSTAIN

6,155.21 6,178.23 6,905.13 9,576.31

158.22 172.64 251.11 236.55

0.20 0.21 0.41 0.35

0.100 0.100 0.120 0.120

BETA GLASS CO. PLC 4,822.88 5,135.84 7,032.24 9,075.94 10,561.25 218.65 381.09 866.25 1,192.69 1,384.78 0.48 0.84 1.91 2.39 2.77

GREIF NIGERIA PLC

592.09 532.62 643.71 823.24

206.23 (15.60) 2.58 (17.26)

0.71 (0.37) 0.06 (0.40)

0.200 0.000 0.000 0.000

NAMPAK NIGERIA PLC 1,840.57 2,702.34 2,849.61 2,976.40 4,126.08 46.69 129.53 (145.92) (231.02) 42.53 0.22 0.61 (0.68) (1.08) 0.20 0.075 0.100 0.000 0.000 0.000 NIGERIAN BAGS MANUFACTURING COMPANY PLC

7,812.41 9,034.78 9,675.70 10,293.67

929.40 922.95 235.15 270.82

3.72 3.69 0.05 0.04

0.100 0.100 0.050 0.050

POLY PRODUCTS

1,428.21 1,510.16 1,362.80 1,649.12

2.90 18.82 11.52 40.38

0.01 0.08 0.05 0.17

0.000 0.000 0.040 0.080

STUDIO PRESS 516.83 1,082.10 1,830.08 2,966.47 4,812.61 10.97 10.42 35.35 (212.84) 379.63 0.14 0.13 0.78 0.39 0.42 Petroleum

(Marketing) AFRICAN

PETROLEUM PLC 42,761.16 81,934.35 102,026.37 151,258.81 156,393.85 (3,569.17) 2,161.53 5,701.51 5,005.89 (9,484.62) (4.52) 2.74 7.23 6.35 (8.78) 0.000 0.000 1.000 7.000 5.200

CONOIL PLC 75,535.14 90,523.37 86,847.55 124,213.61 101,853.17 2,624.23 2,808.76 2,593.48 1,821.05 2,312.37 3.78 4.05 3.74 2.62 3.33 2.500 2.750 2.750 1.000 1.500 ETERNA OIL & GAS PLC 1,417.58 3,512.20 4,907.54 12,025.27 9,225.44 (235.61) 23.34 (135.48) (406.65) (1,495.20) (0.47) 0.05 (0.21) (0.52) (1.32) 0.000 0.000 0.000 0.000 0.000 MOBIL OIL NIG. PLC 50,914.92 50,809.61 54,541.94 66,740.88 62,032.06 2,422.53 1,716.21 1,131.10 1,718.58 2,841.96 10.08 7.14 4.71 6.22 9.46 9.100 7.140 4.700 5.000

MRS OIL NIGERIA PLC 51,942.27 65,914.44 72,628.10 48,687.82 74,603.05 1,045.63 1,312.65 1,959.31 (225.43) 1,050.91 4.12 5.17 7.71 (0.89) 4.14 4.100 5.120 7.500 0.000 0.000

OANDO PLC

132,397.37 131,007.17 6,837.74 4,207.85

2,353.68 2,671.48 6,343.57 4,661.36

4.11 4.22 7.01 5.15

2.500 4.000 8.000 3.000

TOTAL NIG. PLC 95,011.77 126,722.10 126,573.96 137,339.50 177,411.95 8.18 10.65 7.41 9.59 12.94 8.18 10.65 7.41 9.59 12.94 9.000 9.500 7.400 9.500 12.930





Printing and Publishing 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 ACADEMY PRESS PLC

930.90 1,110.55 1,218.10 1,353.88

47.82 61.84 54.71 46.70

0.24 0.31 0.27 0.15

0.055 0.060 0.060 0.060

LONGMAN NIG. PLC 1,304.64 1,743.87 2,314.64 4,632.58 3,877.07 119.84 203.75 276.79 669.36 709.49 0.82 1.16 1.57 2.60 0.92 0.300 0.400 1.000 0.500 0.500

UNIVERSITY PRESS PLC

548.16 691.75 956.95 1,614.14

70.38 109.43 163.51 241.36

0.47 0.73 0.64 0.81

Real Estate UACN

PROPERTIES DEV. 4,549.95 5,484.78 5,676.18 13,328.45 13,331.50 834.26 962.40 425.28 3,682.87 2,386.34 0.77 0.88 0.39 3.35 2.21 0.250 0.350 0.490 0.750 0.500

Road

Transportation ASSOCIATED BUS

COMPANY PLC 2,708.99 3,201.65 3,956.88 4,051.50 4,612.49 143.01 141.25 167.12 85.67 57.51 0.34 0.10 0.11 0.06 0.04

Textiles

UNTL PLC 17,083.54 19,079.71 17,479.62 11,436.70 8,433.01 130.38 (787.03) (1,653.03) (749.44) (1,653.91) 0.15 (0.93) (1.96) (0.89) (1.96) Source: Compiled from 2009/2010 Annual Report & Accounts of Companies


TABLE 19: EXTRACTS FROM PROFIT AND LOSS ACCOUNT OF SOME LISTED FINANCIAL INSTITUTIONS

GROSS EARNINGS/INCOME PROFIT AFTER TAX EARNING PER SHARE DIVIDEND PER SHARE

Banking 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 ACCESS BANK NIG. PLC

13,360.36 27,881.45 57,627.10 56,943.67

737.15 6,083.44 16,056.46 (880.75)

0.07 0.87 1.73 (0.05)

0.000 0.000 0.400 0.700

BANK PHB PLC 6,642.63 12,973.47 35,589.24 86,483.95

702.51 2,415.68 7,637.06 19,437.04

0.17 0.13 1.19 2.46

0.000 0.065 0.700 0.450 ECOBANK NIGERIA

PLC 9,302.51 17,258.09 32,709.71 55,155.92

1,668.17 3,558.59 7,449.78 2,130.46

0.15 0.27 0.34 (0.00)

FIDELITY BANK PLC

11,572.00 23,630.00 40,474.00 33,894.00

3,162.00 4,160.00 12,987.00 1,414.00

0.19 0.25 0.45 0.05 FIRST CITY

MONUMENT Bank Plc

10,824.54 24,678.52 50,086.20 33,398.74

2,841.38 5,805.86 13,720.47 669.37

0.36 0.61 1.23 0.06

GT BANK PLC

23,988.02 33,756.27 74,411.91 113,926.79

7,905.51 13,013.15 28,073.25 23,848.06

1.45 1.63 1.88 1.28

0.700 1.030 0.700 1.000

STERLING BANK PLC 1,611.28 12,444.60 21,057.25 32,777.85 43,464.72 (4,820.56) 961.65 620.66 6,523.15 (6,660.41)

UBA PLC 25,506.00 86,079.00 101,106.00 154,330.00 220,467.00 4,653.00 11,468.00 19,831.00 40,002.00 12,889.00 2.49 1.86 2.41 3.05 0.60 0.600 1.000 1.200 1.000

WEMA BANK PLC

29,379.57 25,978.28 18,994.97

1,303.36 (46,304.60) (7,530.30)

0.11 (4.55) (0.66)

ZENITH BANK PLC 34,913.00 58,222.00 89,194.00 190,120.00 254,147.00 7,156.00 11,489.00 17,509.00 46,524.00 18,365.00 1.36 1.91 1.89 3.45 0.73

Mortgage Companies

ABBEY BUILDING SOCIETY PLC 316.13 274.92 393.38 799.69 1,146.96 80.30 12.75 111.29 189.46 235.33 0.12 0.02 0.07 0.07 0.06 0.050 0.000 0.000 0.030 0.000 ASO SAVINGS AND LOANS PLC 388.53 507.97 1,979.65 7,063.14

(573.57) (247.24) 276.62 1,061.77

(5.35) (2.30) 2.58 0.34

RESORT SAVINGS & LOANS PLC 1.05 22.54 39.09 484.50 1,174.26 (36.65) (8.60) 12.81 145.52 308.33 (0.24) (0.04) 0.03 0.02 0.02

UNION HOMES SAVINGS AND LOANS 10,022.61 9,596.10 8,396.22 8,916.22 9,816.63 351.22 116.71 1,000.66 1,997.23 (2,245.76) 0.04 0.01 0.13 0.26 (0.29)

Other Financial Institutions

CRUSADER NIGERIA PLC 1,313.10 1,099.56 2,169.25 0.00 0.00 277.78 267.12 1,446.93 (14.17) (27.18) 0.28 0.27 0.36 (0.00) (0.01) 0.100 0.150 0.000 0.000 0.000 DEAP CAPITAL MANAGEMENT & T

175.20 454.21 880.95 364.61

14.39 138.62 257.55 (1,605.70)

0.03 0.14 0.17 (1.07)

ROYAL EXCHANGE PLC 2,068.76 2,394.33 2,733.65

133.55 178.71 647.14 (932.83)

0.08 0.11 0.19 (0.66)

0.050 0.000 0.000 0.000 0.000



TABLE 19 CONT’D: EXTRACTS FROM PROFIT AND LOSS ACCOUNT OF SOME LISTED FINANCIAL INSTITUTIONS

GROSS EARNINGS/INCOME PROFIT AFTER TAX EARNING PER SHARE DIVIDEND PER SHARE

Insurance 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009

AIICO 2,931.82 3,030.49 4,675.78 3,581.15 4,899.68 81.81 483.70 304.71 4.05 231.35 0.06 0.13 (0.05) 0.00 0.03 CONSOLIDATED

HALLMARK INSURANCE PLC 394.99 508.37 1,506.21 3,043.30 2,454.93 52.97 56.87 230.01 360.46 242.67 0.18 0.04 0.04 0.06 0.04

CONTINENTAL REINSURANCE 319.76 95.90 519.10 351.78 763.43 254.13 135.79 676.69 473.33 905.22 0.15 0.05 0.07 0.05 0.09 0.100 0.000 0.050 0.000 0.000 CORNERSTONE INSURANCE PLC 1,542.83 2,739.11 2,775.79 3,271.85 3,429.89 304.92 197.48 389.04 (339.29) (377.73) 0.15 0.04 0.08 (0.04) (0.04)

CUSTODIAN AND ALLIED INSURANCE

1,608.72 2,714.77 4,102.05 5,277.05

562.15 916.95 1,559.55 1,879.23

0.17 0.23 0.33 0.37

EQUITY ASSURANCE PLC 88.11 223.60 1,293.01 2,128.38 2,406.27 14.05 54.13 445.04 4.19 (895.84) 0.00 0.11 0.06 0.01 (0.10) 0.000 0.000 0.035 0.000 0.000 GOLDLINK INSURANCE PLC 1,816.72 2,869.80 2,320.99 3,471.98 4,014.60 467.10 1,283.95 593.99 406.44 61.81 0.20 0.15 0.16 0.04 0.01 0.020 0.000 0.120 0.000 0.000 GUARANTY TRUST ASSURANCE 488.23 1,067.49 2,061.66 4,143.90

27.38 294.43 821.24 1,865.22

0.03 0.06 0.09 0.33

0.000 0.000 0.000 0.060

GUINEA INS. 526.18 669.09 261.21 935.47 1,169.85 30.00 86.70 92.61 75.35 (13.39) 0.04 0.21 0.04 0.01 (0.00)

INTERCONTINENTAL WAPIC PLC

3,890.93 6,141.86 4,522.65

525.14 102.48 (184.75)

0.12 0.02 (0.04)

0.000 0.000 0.000

INTERNATIONAL ENERGY INSURANCE PLC 1,060.00 1,196.00 2,668.00 3,023.00 4,712.00 197.00 139.00 740.00 796.00 (1,577.00) 0.15 0.09 0.23 0.12 (0.24) 0.000 0.000 0.090 0.050 0.000

KAPITAL INSURANCE PLC 309.82 301.62 622.54 906.71

47.40 (30.75) (125.77) 98.46

0.17 (0.12) 0.00 0.01

0.055 0.000 0.000 0.000

LASACO ASS. 957.84 1,600.54 1,773.85 2,334.15

141.39 171.53 688.17 457.60

0.14 0.14 0.09 0.06

LAW UNION AND ROCK

1,332.58 2,509.75 3,708.48 3,528.58

164.63 311.28 (93.04) 294.55

0.16 0.09 (0.03) 0.09

LINKAGE ASSURANCE PLC 835.68 590.45 1,471.93 2,252.74

(775.78) 71.52 273.98 (156.38)

0.00 0.02 0.05 (0.03)

0.000 0.020 0.054 -

0.031 MUTUAL BENEFITS

ASSURANCE PLC 851.61 1,935.01 2,102.83 3,388.37 4,722.53 209.03 702.22 1,037.68 (1,554.52) 277.02 0.21 0.37 0.13 (0.19) 0.03 N.E.M INSURANCE CO

(NIG) PLC 586.87 853.56 2,553.49 4,001.98

(2.27) 8.77 399.81 461.68

(0.01) 0.02 0.08 0.09

0.000 0.000 0.050 0.000

NIGER INSURANCE PLC 1,002.61 1,664.41 3,269.43 4,407.32

280.04 575.82 653.70 (152.34)

0.07 0.15 0.17 (0.04)

0.200 0.050 0.150 0.150

OASIS INSURANCE PLC

292.79 271.52 558.40 895.08

113.55 38.16 (849.68) (95.54)

0.10 0.10 (0.17) (0.02)

0.020 0.020 0.000 0.000

PRESTIGE ASS.

1,539.10 2,260.71 3,008.39 3,445.45

407.42 638.08 711.65 593.07

0.42 0.39 0.33 0.28 REGENCY ALLIANCE

INSURANCE 382.87 556.81 993.08 1,470.77

88.98 215.23 237.57 312.66 SOVEREIGN TRUST

INSURANCE PLC 1,022.28 1,418.51 2,487.75 3,811.74 4,440.30 157.65 233.80 357.79 360.80 4.20 0.31 0.10 0.08 0.07 0.00 0.060 0.060 0.060 0.030 0.000

STACO INSURANCE PLC 899.04 1,684.21 2,814.78 4,375.12

243.19 491.46 757.98 542.42

0.41 0.12 0.16 0.11

0.000 0.030 0.030 0.000 STANDARD ALLIANCE

INSURANCE 1,273.94 1,481.83 2,120.13 3,007.47 3,258.17 799.95 262.38 333.58 690.49 (5,815.36) 0.20 0.22 0.13 0.12 (0.67) 0.000 0.000 0.075 0.050 0.000

UNIC 1,122.40 1,312.37 992.07 1,341.13 1,415.87 194.60 211.30 236.83 101.87 (535.34) 0.24 0.08 0.11 0.04 (0.21) UNITY KAPITAL

ASSURANCE PLC 309.82 301.62 622.54 639.25 1,345.80 47.40 (30.75) (125.77) 98.46 112.06 0.17 (0.12) 0.00 0.01 0.01 0.055 0.000 0.000 0.000 0.000 UNIVERSAL INSURANCE COMPANY PLC 100.42 653.53 428.57 743.98 578.95 18.77 330.22 209.44 206.66 2,070.67 0.05 0.17 0.01 0.01 (0.13)



TABLE 20: INITIAL OFFERS OF REGISTERED UNIT TRUST SCHEMES

S/N Name of Scheme Year of

Commencement Open or Close

Ended Fund Manager Floatation Units/Price Initial Units Level of

Subscription (%) 1. Abacus Unit Trust Scheme 1990 Open ended Crossworld Securities Ltd 50m units @ 50k each 18,374,780 36.78 2. Indo Nigeria Unit Trust 1991 Open ended Indo Nig. Merchant Bank 50m units @ 50k each 2,900,000 4.52

3. Denham Management Millenium Fund 1991 Open ended Denham Management Ltd 25m units @ N1 each 11,661,976 26.65

4. Lighthouse Jubilee Fund 1991 Open ended Lighthouse Asset Management Ltd 20m units @ N1 each 7,000,000 35.00 5. Continental Unit Trust 1991 Open ended Global Asset Management Ltd 100m units @ N1 each 40,000,000 40.00 6. MBA Mutual Fund 1991 Open ended Crossworld Securities Ltd 100m units @ 50k each 26,420,000 26.42 7. Paramount Equity Fund 1991 Open ended Denham Management Ltd 50m units @ N1.05 each 21,000,000 42.00 8. ARM Discovery Fund 1996 Open ended Asset & Resource Mgt. Co. Ltd 15m units @ N100 each 7,254,000 48.36 9. Stanbic IBTC Equity Fund 1996 Open ended IBTC Asset Mgt. Co. Ltd 2b units @ N100 each 1,505,360,000 75.27

10. Nigerian Int'l Debt Fund 1997 Close ended Afrinvest Co. Ltd 160,000 units @

$100/N8,250 each 106,980 66.86

11. Nigerian Energy Sector Fund 1998 Close ended Sterling Capital Markets Ltd 2.5m units @ N100 each 745,200 29.81

12. Nigeria Global Investment Fund 2000 Open ended Denham Management Ltd 500m units @ N1 each 125,000,000 25.00

13. IMB Energy Master Fund 2000 Open ended IMB Int'l Bank Plc 1b units @ N1 each 280,700,000 28.07 14. Nigerian Int'l Growth Fund 2002 Open ended Fidelity Bank Plc 500m units @ N1.05 each 204,560 40.91 15. The Frontier Fund 2003 Open ended Sterling Capital Markets Ltd 5m units @ N100 each 2,564,840 52.30

16. Intercontinental Integrity Fund 2004 Open ended

Intercontinental Capital Markets Ltd 500m units @ N1 each 435,687,000 87.13

17. Coral Growth Fund 2005 Open ended FSDH Asset Mgt. Ltd 750,000 units @ N1,000

each 750,000 119.24 18. Stanbic IBTC Ethical Fund 2005 Open ended IBTC Asset Mgt. Co. Ltd 1m units @ N100 each 1,063,120,000 106.31 19. Legacy Fund 2006 Open ended FCMB Capital Markets Ltd 1b units @ N1 each 1,118,426,000 111.84

20. Coral Income Fund 2006 Open ended FSDH Asset Mgt. Ltd 500,000 units @ N1,000

each 509,960 101.99

21. Coral Ethical Fund 2006 Open ended FSDH Asset Mgt. Ltd 500,000 units @ N1,000

each 502,100 100.42 22. UBA Balanced Fund 2006 Open ended UBA Asset Mgt. Ltd 1b units @ N1 each 2,130,730,000 213.07 23. UBA Bond Fund 2006 Open ended UBA Asset Mgt. Ltd 1b units @ N1 each 2,066,090,000 206.61 24. UBA Money Market Fund 2006 Open ended UBA Asset Mgt. Ltd 1b units @ N1 each 2,409,730,000 108.47 25. UBA Equity Fund 2006 Open ended UBA Asset Mgt. Ltd 1b units @ N1 each 1,084,700,000 240.97

Source: SEC


TABLE 20 CONT’D: INITIAL OFFERS OF REGISTERED UNIT TRUST SCHEMES

S/N Name of Scheme Year of

Commencement Open or Close

Ended Fund Manager Floatation Units/Price Initial Units

Level of Subscription

(%) 26. DVCF Oil & Gas 2007 Open ended DVCF Oil & GAS 1b units @ N1 each 337,966,225 33.79

27. Oceanic Vintage Fund 2007 Open ended Oceanic Bank Plc 2b units @ N1 each 2,439,084,000 121.90

28. Kakawa Guaranteed Income Fund 2007 Open ended Kakawa Asset Mgt 1b units @ N1 each 1,435,215,135 143.52

29. Stanbic IBTC Guaranteed Investment Fund 2007 Open ended IBTC Asset Mgt. Co. Ltd 10m units @ N100 each 1,045,980,000 104.50

30. Skye Shelter Fund 2007 Open ended Skye Bank Plc 200,000 units @ N100 each 20,000,000 100.00

31. Arm Aggressive Growth Fund 2008 Open ended Asset & Resource Mgt. Co. Ltd 50m units @ N20 each 2,454,100,000 245.41

32. FBN Heritage Fund 2008 Open ended FBN Capital Ltd 55b units @ N100 each 55,091,240 110.00

33. Union Trustees Mixed Fund 2008 Open ended Union Trustees Capital Ltd 4b units @ N1 each 4,023,094,900 100.60

34. Lotus Halal Fund 2008 Open ended Lotus Capital Ltd 5b units @ N1 each 5,000,000,000 278.01

35. Zenith Income Fund 2008 Open ended Zenith Bank Plc 2b units @ N10 each 206,654,500 103.30

36. Zenith Ethical Fund 2008 Open ended Zenith Bank Plc 1b units @ N10 each 157,675,000 157.67

37. Zenith Equity Fund 2008 Open ended Zenith Bank Plc 8b units @ N10 each 807,573,500 161.51

38. Women Investment Fund 2008 Open ended Chapel Hill Denham Mgt. Ltd 25m units @ N100 each 25,000,000 25.20

39. Union Homes Real Estate Investment Fund 2008 Close ended Union Homes Savings & Loans Plc

970,873,787 units @ N51.5 each 970,873,787 100.00

40. BEDROCK Fund 2008 Open ended Cashcraft Asset Mgt. Ltd 2b units @ N1 each 2,000,000,000 40.00

41. Anchor Fund 2008 Open ended Cashcraft Asset Mgt. Ltd 2b units @ N1 each 2,000,000,000 29.00

42. Afrinvest Equity Fund 2009 Open ended Afrinvest Co. Ltd 50m units @ N100 each 50,000,000 10.00

43. Stanbic IBTC Money Market Fund 2010 Open ended Stanbic IBTC Asset Mgt. Co. Ltd 10m units @ N100 each 12,211,800 122.12

44. Stanbic IBTC Bond Fund 2010 Open ended Stanbic IBTC Asset Mgt. Co. Ltd 10m units @ N100 each 8,539,800 85.40 Source: SEC


TABLE 21: INVESTMENTS STRUCTURE AND NET ASSET VALUE OF UNIT TRUST SCHEMES AS AT DECEMBER 31, 2010

S/N NAME OF FUND

Capital Market Investment

Money Market Investment

Other Investment

Total Investment

Total Expenses

Net Asset Value

No. Of Unit Holders N N N N N N

1. DVCF OilL & Gas Fund 83,022,690.89 418,834,725.25 501,857,416.14 275,315.97 512,848,195.60 26,762

2. Nigeria Inter'l Debt Fund

602,940,711.56 1,441,074,910.26 2,044,015,621.82 6,898,706.92 2,048,162,444.54 95

3. Nigeria Global Inv. Fund 24,013,593.29 33,734,976.08 25,857,663.25 83,606,232.62 888,511.19 87,315,371.50 33

4. Coral Income Fund 1,200.00 248,515,641.06 291,888,489.92 540,405,330.98 4,793,115.06 538,252,770.46 230

5. Stanbic IBTC Guaranteed Investment Fund 245,755,216.23 803,923,150.69 1,856,008,576.07 2,905,686,942.99 18,886,002.07 2,936,181,490.96 2,586

6. ARM Aggressive Growth Fund 2,216,401,173.00 356,568,663.00 203,210,527.00 2,776,180,363.00 127,922,015.00 2,648,345,083.00 8,549

7. Frontier Fund 115,338,041.51 76,582,989.61 191,921,031.12 1,475,000.00 189,174,354.24 820

8. Continental Unit Trust 5,682,592.18 5,682,592.18 4,353,865.31 2,420

9. Afrinvest Equity Fund 275,514,076.95 170,786,849.32 51,148,057.62 497,448,983.89 2,191,748.41 492,378,918.64 1,924

10. Intercontinental Integrity Mutual Fund 196,946,799.15 114,673,502.96 89,750,000.00 401,370,302.11 1,695,419.28 302,753,320.06 6,073

11. Zenith Equity Fund 3,178,126,186.84 875,258,425.90 4,053,384,612.74 54,636,401.45 3,998,748,211.29 11,018

12. Lighthouse Jubilees Fund 3,149,260.00 3,149,260.00 62,607.00 4,159,952.00 3,736

13. Coral Growth Fund 2,272,855,147.91 303,285,796.95 899,237,196.81 3,480,378,439.90 28,323,103.63 3,456,627,315.12 1,064

14. Stanbic IBTC Equity Fund 14,828,195,368.51 364,577,917.81 672,514,918.28 15,865,288,204.60 251,451,392.37 15,448,717,991.70 18,791

15. Indo Nigeria Unit Trust Scheme 28,047,808.30 2,170,390.31 30,218,198.61 79,422.69 30,918,891.45 1,709

16. Union Trustees Mixed Fund 654,325,468.46 1,289,571,496.40 1,943,896,964.86 19,407,849.00 1,946,388.02 3,208

17. UBA Money Market Fund 103,000,000.00 131,831,873.68 234,831,873.68 1,356,110.64 2,255,540,216.31 941

18. IMB Energy Master Fund 138,251,992.93 64,508,564.95 202,760,557.88 161,999,038.51 715

19. Women Investment Fund 41,178,358.40 28,469,983.56 88,580,142.82 158,228,484.78 3,262,732.96 142,463,112.71 883

20. Nigeria Energy Sector Fund 246,318,354.74 512,881,003.36 233,040,110.39 992,239,468.49 6,876,674.27 949,759,322.75 823

21. Abacus Unit Trust 117,253,410.59 11,531,940.95 128,785,351.54 127,727,601.54 19 Source: SEC


TABLE 21 CONT’D: INVESTMENTS STRUCTURE AND NET ASSET VALUE OF UNIT TRUST SCHEMES AS AT DECEMBER 31, 2010

S/N NAME OF FUND

Capital Market Investment

Money Market Investment

Other Investment

Total Of Investment

Total Expenses Net Asset Value No. Of Unit

Holders N N N N N N

22. Paramount Equity Fund 156,825,227.50 44,815,024.15 201,640,251.65 1,349,771.51 202,991,631.67 8,745

23. Nigeria International Growth Fund 1,833,651,411.71 349,681,840.00 791,698,316.65 2,975,031,568.36 7,603,277.60 2,831,811,439.71 2,085

24. Legacy Fund 359,424,140.92 367,059,178.06 726,483,318.98 7,542,056.48 722,693,776.64 4,127

25. UBA Equity Fund 1,602,103,808.85 515,000,000.00 130,352,310.87 2,247,456,119.72 10,554,990.29 2,182,444,531.68 3,086

26. Union Homes REITS Fund 654,325,468.46 1,289,571,496.40 1,943,896,964.86 19,407,849.00 13,712,150,335.01 5,338

27. Skye Shelter Fund 688,640,836.00 109,849,937.00 798,490,773.00 2,944,333.33 2,370,737,489.00 2,676

28. Zenith Income Fund 77,203,282.80 618,634,977.96 695,838,260.76 2,758,789.07 693,079,491.69 1,875

29. UBA Balanced Fund 648,052,564.48 734,000,000.00 581,506,008.51 1,963,558,572.99 9,759,286.42 1,954,222,001.36 1,427

30. Kakawa Guaranteed Income Fund 2,962,945,017.82 2,962,945,017.82 23,512,199.61 2,996,418,722.59 1,889

31. Denham Mgt. Millennium Fund 17,929,425.68 1,649,101.96 16,256,481.12 35,835,008.76 542,432.27 33,367,618.40 5,592

32. Zenith Ethical Fund 387,091,691.90 459,076,632.37 846,168,324.27 11,373,094.83 835,741,086.34 2,635

33. Coral Ethical Fund 3,654,883.76 10,045,114.42 13,699,998.18 154,628.10 13,556,704.39 141

34. Oceanic Vintage Fund 656,518,436.68 124,630,546.32 170,501,680.00 951,650,663.00 6,768,948.76 949,394,653.21 5,072

35. FBN Heritage Fund 1,608,192,497.86 2,167,161,338.72 956,500,479.45 4,731,854,316.03 19,028,083.35 4,646,321,986.45 6,513

36. Stanbic IBTC Ethical Fund 3,958,088,629.09 76,310,821.91 181,513,153.57 4,215,912,604.57 69,674,443.62 4,146,160,741.19 12,293

37. UBA Bond Fund 106,000,000.00 312,654,664.75 418,654,664.75 2,588,329.02 431,193,295.35 894

38. ARM Discovery Fund 2,964,263,892.09 539,978,050.56 1,247,133,681.31 4,751,375,623.96 162,784,931.25 4,573,805,400.00 23,314

39. Lotus Halal Fund 927,755,442.51 344,614,406.00 1,272,369,848.51 120,218,680.00 2,298,444,274.00 18,315

40. Anchor Fund 54,322,402.59 1,083,298.58 5,443,946.02 60,849,647.19 165,574.09 60,849,647.19 1,067

41. Bedrock Fund 108,371,195.44 1,000,000.00 3,456,367.87 112,827,563.31 16,356.93 82,450,808.33 1,465

42. Stanbic IBTC Bond Fund 924,059,424.89 1,738,578,795.76 2,662,638,220.65 10,170,532.54 2,678,826,039.61 318

43. Stanbic IBTC Money Market Fund 5,331,180,205.47 285,469,838.99 5,616,650,044.46 28,553,254.96 5,586,878,512.71 224

44. MBA Mutual Fund 90,231,431.20 90,231,431.20 94,633,370.76 11,824 Source: SEC


TABLE 22: REGISTERED VENTURE CAPITAL COMPANIES AS AT DECEMBER 2010

S/N Fund Manager

Date Of Registration

Number Of Investee Companies Name Of Investee Companies

Fund Manager Holdings

(%)

Total Investment By Fund

Manager In Investee

Address Of Fund Manager

1. SME Manager Ltd

21/01/04 9 1--ACCAT(Nigeria) limited 2-Alvac Company limited 3-Accion Microfinance 4-Frezone Plant Fabrication Int/nal ltd 5-Falcongaz limited 6-Orbital Track & Fleet limited 7-Weltek limited 8-Media Makers limited 9-Vantage Drilling limited

44.0 43.5 11.8 18.1 31.6 41.5 34.1 4.3 N/A

117,673,179.00 480,616,211.24 147,006,449.06 148,312,408.51 508,200,000.00

29,276,751.50 426,750,000.00

34,140,000.00 295,000,000.00

C & C Towers, 8th Floor, Plot 1684, Sanusi Fafunwa Street Victoria Island, Lagos

2. First Funds Ltd

06/09/04 10

1 -Mimonet Nigeria limited 2-Amana Lodge Suites Hotel ltd 3-Planet One Entertainment 4-Al-Bonaz Nigeria ltd 5-Management Education & Training ltd 6-McNichols Coonsolidated limited 7-Firm Farms Limited 8-Oleander Lodge Limited 9-Zacchi & Hotel Limited 10-Central Hotels Limited

30.0 33.00 26.00 16.00 40.00 40.00 38.00 40.00 37.80 40.00

13,413,545.31 31,423,698.19

283,541,544.19 107,841,807.00

26,267,090.89 39,147,674.89 46,442,736.18 25,408,304.72 55,500,000.00

241,202,616.43

27/29, Bioduo Street, Off Keffi, S/W Ikoyi, Lagos

3. IBTC Ventures Ltd

08/12/04 11

N/A N/A 1,591,052.000

IBTC Venture Ltd, IBTC Place, Walter Carrington Crescent, Victoria Island, Lagos.

4. Deap Venture Capital Fund

23/06/06

6 1-DVCF Oil & Gas – Lagos 2-Precious Mines & Minerals Processing Co. Ltd 3-The Initiates Ltd 4-Wellhead Oil & Gas Ltd 5-Tank Clearing Fund 6-Investment in Sub-Sahara5% cum pref shares N/A

129,236,139.00 265,202,293.00 197,614,348.00

1,355,544.00 40,000,000.00 15,000,000.00

14TH Floor, St Nicholas House, Catholic Mission Street, Victoria Island, Lagos.

5. Diamond Capital Ltd

30/10/08

1 1-Lone Seed Nigeria Limited

100%

687,449,569

NECA Building, 43A Afribank St. Victoria Island, Lagos.

Source: SEC


TABLE 22 CONT’D: REGISTERED VENTURE CAPITAL COMPANIES AS AT DECEMBER 2010

S/N Fund Manager




(%)


Manager In Investee


6 Unique Venture Capital

26/9/06 44 1-Air Logic Ltd 2-Aira Nigeria Ltd 3-Aplomb Hatcheries Ltd 4-Armored Technologies 5-Bankers Warehouse Ltd 6-Best Foods Global Nigeria 7-Beta Computer Ltd Brand Thrust Ltd 8-Big Cheese 9-Brandnthrust 10-Colours@work 11-De Elims Ltd 12-Emperor Chopsticks 13-Eniabire 14-Gaskiya Farms Ltd 15-Gracin Chemicals Ltd 16-Hannover Trust Ltd 17-Health Body clinic Ltd 18-Intellectual Printing ltd 19-Interconnect Clearing House 20-Jannock Manufacturing Co 21-Lets Go Bowling 22-Letedos Bakery Ltd 23-Manefforts Ltd 24-Musa Raymond Ltd 25-New Day Concept 26-Omo Oye Farms Ltd 27-PD Ventures 28-Prime Dredges Ltd 29-Rockfield Ltd 30-Rockwealth 31-Smarthsoft Ltd 32-Soft Rock Ltd 33-Stalex Foods & Precision 34-Teveno Ventures 35-TFL Piggery

N/A 2,290,000.00 32,983,700.00 57,927,000.00

220,000,000.00 198,000,000.00

35,456,000.00 74,000,000.00

1,500,000.00 14,800,000.00

5,770,000.00 18,500,000.00 55,000,000.00

1,100,000.00 25,000,000.00 12,000,000.00 20,000,000.00 70,000,000.00

215,886.00 150,000,000.00

30,350,000.00 22,300,000.00 23,836,000.00 10,000,000.00 16,590,000.00 11,726,000.00 10,000,000.00

3,363,000.00 157,221,000.00

67,596,800.00 7,500,000.00

30,000,000.00 32,300,000.00 62,000,000.00 20,000,000.00

5,000,000.00

Old Union Bank Building 5th Floor, 40, Marina Lagos.

Source: SEC


TABLE 22 CONT’D: REGISTERED VENTURE CAPITAL COMPANIES AS AT DECEMBER 2010

S/N Fund Manager




(%)


Manager In Investee


Unique Venture Capital (Cont’d)

36-Theorach ltd 37-Trade Connection Ltd 38-Ultimate Charry Ltd 39-Universal Natural Beverage 40-WAVF 41-Wetland Integrated 42-Wheel Bound ltd 43-Winners Marble Ind. Ltd 44-Zeri Products Ltd

2,100,000.00 100,000,000.00 119,428583.00 85,000,000.00 79,773,027.00 63,342,200.00

50,000.00 76,609,434.00 26,000,000.00

7 Cowry Asset Mgt 10/8/2009 N/A N/A N/A 298,409,540.28

Plot 1319 Karimu Kotun Street, Victoria Island. Lagos

Source: SEC

TABLE 23: REGISTERED UNIT TRUST SCHEMES (2002 – 2010) YEAR TOTAL NUMBER OF

REGISTERED FUNDS NAV OF EXISTING FUND (N) NEW FUNDS NAV

(ADDITION) (N) AGGREGATE (N)

2002 14 40,586,797,520.91 - 40,586,797,520.91 2003 15 40,586,797,520.91 363,503,537.02 40,950,301,057.93 2004 17 40,950,301,057.93 5,226,512,191.94 46,176,813,249.87 2005 17 46,176,813,249.87 - 46,176,813,249.87 2006 24 46,176,813,249.87 10,157,860,479.98 56,334,673,729.85 2007 29 56,334,673,729.85 9,519,356,458.98 65,854,030,188.83 2008 38 65,854,030,188.83 18,562,821,962.03 84,416,852,150.86 2009 41 84,416,852,150.86 14,506,917,231.92 98,923,769,382.78 2010 43 98,923,769,382.78 9,680,067,710.57 108,603,837,093.35

NOTE: The above table indicates the cumulative


Chart 8: NET ASSET VALUE OF REGISTERED UNIT TRUST SCHEMES (2005 – 2010)

Source: SEC


TABLE 23: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)

S/N Acquiring company Target company(ies) Year of

Approval Terms of Conversion/Business Combination Type Mode of settlement

1. A.G. Leventis & Company (NIG.) Limited Leventis Stores Ltd. 1983

A price of 60k per 50k share of A.G. Leventis & Co. NIG. Ltd and a par price of 50k each for the Shares of Leventis Stores Ltd. Giving rise to an exchange ratio of 83% i.e. 100 ordinary Shares of Leventis Stores for 83 ordinary shares of A.G. Leventis & Co. NIG. Ltd.

A.G. Leventis had to increase its Authorized Capital to enable it issue 11,718,750 ordinary shares in exchange for 14,052,500 ordinary shares of Leventis Stores- Exchange of shares

2. Lever Brothers Nig. Ltd. Lipton Nig. Ltd. 1984

A price of 80k per 50k share for Lever Brothers Nig. Ltd. And N1.20 per 50k share for Lipton Nig. Ltd. Giving rise to an exchange ratio of 150 for 100 i.e. 150 ordinary shares of LBN for 100 ordinary shares of Lipton Nig. Ltd.

LBN had to increase its Authorized Capital to enable it issue 11,340,000 ordinary shares in exchange for 7,560,000 ordinary shares of Lipton Nig. Ltd.

3. John Holt Ltd. Bauchi Bottling Co. Ltd. 1985

Payment of N5,185,000 to clear Bauchi Bottling Company’s outstanding debt and N1,230,000 to pay off the shareholders of the company in respect of their equity capital by JHL. Cash

4. SCOA Nig. Ltd. Nig. Automotive Components Ltd. 1985

The entire shares of NIACO were offered for N1.00 and SCOA was to manage NIACO so as to ensure the remittance to FIMM of N500,000 as full and final settlement of the debt of N1,716,343 due from NIACO to FIMM. Cash

5. Intra motors (Nig.) Ltd West coast Fisheries Ltd. 1985

A price of N1.50 per share for West Coast Fisheries was approved. This put the total value of West coast Fisheries Ltd. At N150,000 and it was settled by cash Cash

6. ITI (Nig.) Ltd Hanein Spinning Mills Ltd. 1985

A price of N6.50 per N2.00 share of Hanein Spinning Mills ltd. Was approved for the entire 745,973 shares of N2.00 each acquired by ITI Ltd. Cash

Source: Securities & Exchange Commission


TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)

S/N Acquiring company Target company (ies) Year of


7.

Niger Match Co. Ltd. (Now Associated Match industries Nig. Ltd.)

United Match Co. of Nig. Ltd. Star Match Co. Ltd. Safa Splints Ltd. Kaduna Match Ltd. 1985

A par price of N1.00 per share of United Match Co. of Nig. Ltd, Star Match Co. Ltd.& Safa Splints Ltd was considered. There was no monetary consideration as regards Kaduna Match Ltd. As it had not issued its initial capital and its existing assets were financed entirely with loan from Niger Match Co. Ltd.

Exchange of shares for the first three (3) companies

8. ITI (Nig.) Ltd Hanein Spinning Mills Ltd. 1985

A price of N6.50 per N2.00 share of Hanein Spinning Mills ltd. was considered for the entire 745,973 shares of N2.00 each acquired by ITI Ltd. Cash

9. SCOA Nig. Ltd. Motor Services Engineering Ltd. (MOSEL) 1985

A price of N2.00 per N1.00 share was approved for the acquisition of the entire 750,000 ordinary shares of MOSEL Cash

10. John Holt Ltd. (JHL) John Holt Investment Ltd. (JHI) 1987

A price of N1.70 per 50k share for JHL and N4.00 per 50k share for JHI was approved. The approved prices thus gave an exchange ratio of 235 ordinary shares of JHL for 100 ordinary shares of JHI- Exchange of shares Exchange of shares

11. Nig. Bottling Co. PLC Nig. Soft Drinks Co. 1987 N/A N/A

12. Standard Breweries Nig. Ltd. (SBNL) United Beverages Nig. Ltd. (UBNL) 1988

An exchange ratio of 300 ordinary shares of UBNL for 100 ordinary share of SBNL was approved. Under this arrangement, SBNL issued 3,333,334 ordinary shares of N2.00 each at N3.00 per share in exchange for 10,000,000 ordinary shares of UBNL at par price of N1.00 per share Exchange of shares

13. Lever Brothers Nig. Ltd. (LBN) Chesebrough Products Investment Ltd (CPI) 1988

An exchange ratio of 83 LBN ordinary shares for 100 ordinary shares of CPI was approved. The new ordinary shares of LBN exchange was at an approved price of N1.80 per share while a CPI share was at N1.50 Per 50k share.

LBN was to increase its Authorized capital to enable it issue 7,529,360 ordinary shares in exchange for 9,072,000 ordinary shares of CPI- Exchange of shares.

14. Costain (WA) Plc Foundation Engineering Nig. Ltd. (Private company) 1990

A price of N2.86 per N1.00 shares was Approved for the acquisition of the entire 1,5050,210 ordinary shares of Foundation Eng. Nig. Ltd. Cash

15. Poly Product Nig. PLC (Public Quoted company) R.H. Plastic Ltd. (Private Company) 1990

A price of N11.00 per share of N1.00 was Approved for the Acquisition of the entire 400,000 ordinary share of R.H. plastics Ltd. Cash




S/N Acquiring company Target company(ies)

Year of Approval

Terms of Conversion/Business Combination Type Mode of settlement

16. Prudent Merchant Bank Prudent finance Ltd. 1990

A price of N1.45 per N1.00 ordinary shares was approved for the acquisition of the entire 1,255,000 ordinary shares of Prudent Finance Ltd. Cash

17. Gas Producers Gas & Welding (Nig.) Ltd. 1991

An exchange ratio of 100 ordinary shares of Gas & Welding for every 68 shares of Gas producers was approved. Cash

18. Leventis Technical PLC Sanyo Nig. Ltd. 1991

Exchange ratio of 80 ordinary shares of Leventis Technical for 100 of Sanyo Exchange of shares

19. Eastern Breweries Plc Continental Breweries Plc 1992 Exchange ratio of one (1) ordinary share of Continental breweries Ltd. For one (1) shares of Eastern Breweries plc Exchange of shares

20. Asra Seafood Nig. Asra Food Processing 1992 Exchange of 100 ordinary shares of Asra Food processing Ltd. For 120 shares of |Asra Seafood Ltd. Exchange of shares

21.

Nig. Embroidery Lace Manufacturing Co. Plc. (NELM) Nig. Synthetic Fabrics Ltd. (NSF) 1992

An Exchange ratio of 100 ordinary shares of N.E.L.M. for 200 shares of N.S.F. Exchange of shares

22. A.G. Leventis & Company Nig. Plc

Leventis Technical plc Leventis Motors Plc 1993

An Exchange ratio of 180 ordinary shares of Leventis technical and 125 ordinary shares of Leventis Motors for 100 new ordinary shares of A.G. Leventis.

Exchange of shares – a cash payment of 89k per shares for Leventis Technical and 128k per shares for Leventis Motors was approved for any shareholder not interested in participating in the merger scheme.

23. Nigerian Ropes Plc WASCO Ropes Ltd. 1993

An Exchange ratio of 60 ordinary shares of 50k each of Nig. Ropes for every 100 ordinary shares of 50k each of WASCO ltd. Was approved Exchange of shares

24. Limca bottlers Ltd. Plateau Bottling Company 1993

A par price of N1.00 per share was approved for the acquisition of the entire 2,000,000 ordinary shares of plateau Bottling Company ltd. Cash

25.

Nigerian Breweries Plc (Public Quoted Company)

Diamond Breweries plc (Private Company) 1993

The purchase of assets of Diamond breweries Ltd. By Nigerian Breweries plc was approved by the Commission which was valued at N230, 000,000 Cash

26. Ratcon Engineering Ltd.

All motors Engineering services Co. ltd. (AMESCO) 1993

An exchange ratio of one (1) new ordinary shares of Ratcon for every one (1) ordinary share of (AMESCO) Exchange of shares






27. United Nig. Ins. co. Plc (UNIC) (Public quoted company)

United Nig. Life Ins. Co. (UNLIC). (Public Quoted Company) 1994

Share exchange ratio of 100 ordinary shares of UNIC for every 125 ordinary shares of UNLIC was approved. Exchange of shares

28. Lever Brothers Nig. Plc (LBN) Unilever Nigeria Ltd. 1995

An exchange ratio of nine (9) ordinary shares of LBN for every five (5) UNL shares leading to 112.5 million shares of LBN issued to the shareholders of UNL which was wholly owned by Foreigner Exchange of shares

29. Sona Breweries Industries of Nigeria Ltd.

International Beer and Beverages Industries of Nigeria Ltd. 1995

Foreign shareholders of Sona breweries acquired the entire 9.69 million ordinary shares ofN1.00 or 64.65 of total share capital held by seven (7) Nigerian associates. Exchange of shares

30. Multichem Nig. Ltd. Wheonye Int’l Enterprises Ltd. 1995 A par price of N1.00 per share was approved for the acquisition of the entire 20,000,000 Ordinary shares of Multichem Industries ltd Cash

31. Nestle Foods Nig. Plc (NFN) Nestle Nigeria Ltd. 1996

Acquisition of 705 of paid-up share capital of NNL by exchange of one (1) ordinary share of 50k each of NFN for four (4) ordinary shares of N1.00 each of NNL. Exchange of shares

32. Smithlkline Beecham Nig. Plc (SBN)

Sterling product (Nig) Plc (SPN) 1996

Exchange of 7 ordinary share of N4.87 each of SPN for 4 ordinary shares of N8.44 in SBN Exchange of shares

33. Nigerian Bottling company Plc (NBC) Sapanda Industries Ltd. (SIL) 1996

Exchange of 5 ordinary shares of N2.00 each in SIL for 9 ordinary shares of 50k each in NBC Exchange of shares

34. Paterzon Zochonis Ind. Plc (PZI)

Thermo cool Eng. Co. Plc (TEC) 1996

Exchange of 2 ordinary shares of N2.00 each in TEC for 7 Ordinary shares of 50k each of PZI. Exchange of shares

35. Carnaud Metal Box Nig. Plc.

Canmakers Nig. Ltd. (CNL) Crown Cork & seal Co. Ltd. (CCSL) Carnaud metal Box Nig. Plc (CMB) 1997

An exchange ratio of 4 CMB’s ordinary shares for CNL’s shares of 50k. While 0ne (1) ordinary share of 50k each of CMB would be exchange for 3 shares of CCSL. Exchange of shares

36. Royal Niger Insurance Co. Ltd. Destiny Insurance co. Ltd. 1998 All Assets acquired Cash

37. International Textile Industries Ltd. (ITI) Platinum Textile Mill Ltd. (PTM) 1999

The entire 60-million ordinary shares of 50k each of Platinum Textile Mill Ltd. Were exchanged for the number of shares in ITI – PTM was absorbed in to ITI. Exchange of shares

38. Delta Glass plc Guinness Glass Plc 1999

The entire 102 million ordinary shares of N1.00 each of Guinness Glass were exchange for 163.2 million ordinary shares of 50k each of Delta Glass Plc. Delta Glass emerge as the new company. Exchange of shares






39. A.G. Leventis Nig. Plc

Iddo Investment Ltd. London Africa & overseas Ltd. (LAFRO) Victoria Beach Hotel Plc (VBH) 1999

69 million ordinary shares of 50k each of A.G. Leventis were to be issued to the shareholders of Iddo, LAFRO and VBH in exchange for 21.6 million, 2.4 million and 9.6 million ordinary shares of 50k respectively. Exchange of shares

40.

Nig. Westminster Dredging & marine Ltd. (NWDML)

Nig. Dredging & Marine Ltd. (NDM) Westminster Dredging Nig. Ltd. (WDN) 1999

The shareholders of NDM and WDN were to exchange their shareholding in exchange for shares of NWDML. Exchange of shares

41. British American Tobacco Limited (BATL) Nigerian Tobacco Co. Plc (NTC)

2000

The entire 400 million ordinary shares of NTC was surrendered for cancellation by the holders, NTC shareholders received N3.00 per share as consideration

BATL increases its shares capital from N10m to N2b so as to accommodate the incoming shares of the NTC. All the entire assets, liabilities and undertakings of NTC were merged with those of BATL

42. Stanbic Merchant Bank Nig. Ltd. (SMBN) Financial Equities Ltd. (FEL) 2000 SMBL acquired 90% equity interest in FEL

The acquisition was effected partly through 75% debt/equity swap involving 15million ordinary shares of N1.00 each and 15% cash payment involving 3 million ordinary shares of N1.00 each

43. Total Nigeria Plc Elf Nig. Ltd. 2001 The shareholders Surrender their share for an appropriate number in Total Nig. Plc

Exchange of 100 ordinary share of 50k each in Total for 82 ordinary share of 50k each in Elf oil Nig. Ltd

44. United Nig. Textile Ltd. (UNTL) Nichemtex Industries Plc 2001

All the assets, liabilities & undertakings of Nichemtex be transferred to UNTL, the entire share capital of Nichemtex be cancelled and dissolved without winding up.

13 ordinary shares of 50 kobo each of UNTL be exchanged for 5 ordinary shares of N2.00 each of Nichemtex Industries Plc

45. PZ Industries

PZ Nig. Limited Ekopak Nig. Limited Groove Properties Nig. Ltd. 2001

All assets, liabilities & undertakings of PZN, EN, and GPN be transferred to PZI, who in turn paid monetary value of shares to respective shareholders

Cash was paid for the entire shares of the companies by PZI as PZI – 33,918,600 ordinary share at 50 kobo EN – 10,000,000 ordinary share of N1.00 each GPN – 1250 ordinary share of N2.00 each





Year of Approval


46. Edo Cement Company Ltd. Bendel Cement Company Ltd. 2002

All the assets, undertaking of Bendel Cement was transferred to Edo Cement, while Edo state Government assume liabilities of Bendel Cement

Edo cement was newly created company, while major shareholders SCANCEMENT pay the naira value equivalent of 4 & 4 million to Edo State Government in consideration, to transfer all assets & undertakings of Bendel cement and transferred of all liabilities to Edo State Government.

47. Unipetrol Nig. Plc Agip Nig. Plc 2002

All the assets, liabilities, and undertakings including real properties and intellectual property & right of Agip are transferred to Unipetrol.

Unipetrol share price of N47.00 per share & Agip share price of N23.00 per share was exchanged, and every one ordinary share of 50 kobo in Elf for two ordinary shares of 50 kobo each in Agip.

48.

Lexington International Company Ltd

Express Insurance Safeway Insurance 2004

One ordinary share of enlarged Lexington Insurance Company was issued in exchange for one ordinary share of Safeway Insurance Company and one ordinary share of Express Insurance Company Ltd.

Cash

49. United Bank for Africa Plc Standard Trust Bank Plc 2005

All assets, liabilities and undertakings including real property and intellectual property right of STB be transferred to UBA and the entire share capital of 8,000,000,000 ordinary share of 50 kobo each of STB be cancelled and dissolved without winding up.

1ordinary share of 50 kobo each in UBA plc, be credited and fully paid in exchange for 2 ordinary shares of 50 kobo in STB

50. United Bank for Africa Plc Standard Trust Bank Plc 2005

All assets, liabilities and undertakings including real property and intellectual property right of STB be transferred to UBA and the entire share capital of 8,000,000,000 ordinary share of 50 kobo each of STB be cancelled and dissolved without winding up.

1ordinary share of 50 kobo each in UBA plc, be credited and fully paid in exchange for 2 ordinary shares of 50 kobo in STB

51. First Inland Bank Plc Inland Bank of Nigeria Plc First Atlantic Bank Plc

2005

All the ordinary shares of first Atlantic are to be surrender by the holders and cancelled, and all the assets, liabilities and undertakings of First Atlantic were merged with those of Inland Bank. First Atlantic will subsequently be dissolved with winding up.

3 ordinary shares of 50 kobo each of Inland Bank plc for 2 ordinary shares of 50 kobo each of First Atlantic Bank Plc.





Year of Approval


52. Access Bank of Nigeria Plc

Marina International Bank Plc Capital Bank limited 2005

All assets liabilities and undertakings, including real property and intellectual property right of Capital Bank and Marina Bank are transferred to Access bank plc and the entire share capital of Marina bank plc be cancelled. Capital bank and Marina bank will then be dissolve without winding up.

7 ordinary shares of Access bank Plc at N2.00 for 10 ordinary share of Capital bank at N2.15 and 10 ordinary share of Marina Int’l bank at N1.75

53. Intercontinental Bank

Equity Bank of Nigeria Plc Gateway Bank Plc Global Bank plc 2005

The entire share capital of Equity Bank plc Gateway Bank and Global Bank plc be surrender by holders and cancelled and all the assets, liabilities and undertakings including real property and intellectual property right be transferred to Intercontinental Bank plc .and the banks be dissolve without winding up.

One ordinary share of Intercontinental Bank Plc at 50 kobo each for; 4 ordinary shares in Equity Bank plc. 8 ordinary shares of 50 kobo each in Gateway Bank and 5 ordinary shares of 50 kobo in Global Bank plc.

54. Equatorial Trust Bank limited

Equatorial Trust limited Devcom Bank Limited 2005

All assets, liabilities and undertakings including real property and intellectual property rights of Equity bank, Gateway bank, and Global were transferred to IB and they were subsequently dissolved without winding up.

Share exchange ratio of 1 ordinary share of 50 kobo of Devcom Bank for 1 Equitorial Bank Share of 50 kobo.

55. First City Monument Bank Plc

First City Monument Bank Plc Co-operative Dev. Bank plc Nigeria-American Bank Ltd 2005

All assets, liabilities and undertakings including real properties and intellectual properties rights of CBD, were transferred to FCMB and entire share capital cancelled. Also the entire assets, liabilities and the undertakings of NAMBL real property, and intellectual rights were transferred to FCMB plc. Both CDB and NAMBL were subsequently dissolved without winding up.

2 ordinary shares of FCMB for 9 ordinary share of Co-operative Bank of 50 kobo each. NAMBL will received 2 ordinary shares of 50 kobo of FCMB for 11 ordinary shares of N1.00

56. First Bank of Nigeria Plc

First Bank of Nigeria PLC FBN [Merchant Bankers] Ltd MBC International Bank Ltd 2005

All assets, liabilities and undertakings including real properties and intellectual property rights of FBNMB and MBC were transferred to First bank and the entire share capital of transferee banks were cancelled

1 ordinary share of FBN Plc for; 14 ordinary shares of FBNMB and 25 0rdinary shares of MBC Int’l Bank

57. Sterling Bank Plc

NBM Bank Plc, Magnum Trust Bank Plc, Trust Bank of Africa Plc, Indo- Nigeria Bank Ltd, and NAL Bank Plc 2005

All assets, liabilities & undertakings, including real properties and intellectual property rights of Indo-Nig. Bank, Magnum, NBM Bank and Trust Bank be transferred to NAL and the entire share capitals of the transformed banks be cancelled and dissolved without winding up.

14 ordinary shares of NAL for 10 Indo-Nigeria, 1 NAL for 1 Magnum, 3 NAL for 10 NBM, 1NAL for 1 Trust Bank of Africa.





Year of Approval


58. Unity Bank Plc

Intercity Bank Plc , First Interstate Bank Plc Pacific Bank Limited, Tropical Commercial Bank Plc, Centre Point Bank Plc Societe Bancaire Nig. Ltd 2005

All assets, liabilities and undertakings Including real properties and intellectual rights of FIB, PB, TCB, SB and, CPB, were transferred to IC. The entire shares were cancelled and subsequently dissolved without winding up.

6 ordinary shares of Intercity for; 11 shares of First Interstate, 1 share of Intercity for 3 Tropical , 2 shares of Intercity for 5 Pacific Bank, 2 shares of Intercity for 25 Bancaires’, and 1 share of Intercity for 9 Center-Point Bank.

59. IBTC Chartered Bank Plc

IBTC Plc Chartered Bank Plc Regent Bank Plc 2005

All assets, liabilities & undertakings, including real properties and intellectual property rights of Chartered Bank and Regent Bank be transferred to IBTC. The entire share capital of Chartered Bank and Regent Bank be cancelled and dissolved without winding up.

4 IBTC ordinary shares for 5 Chartered Bank and 2 shares of IBTC for 15 shares of Regent Bank.

60. Platinum Habib Bank Plc

Platinum Bank Plc Habib Nig. Bank Plc 2005

All assets, liabilities & undertakings, including real properties and intellectual property rights of Habib be transferred to PlatinumHabiib Bank and the entire share capital of Habib Bank be cancelled. 13 Habib Bank for 17 Platinum Bank

61. Fidelity Bank Plc

Fidelity Bank Plc FSB Int’l Bank Plc Manny Bank Plc 2005

All assets, liabilities & undertakings, including real properties and intellectual property rights of FSB and Manny Bank be transferred to Fidelity and the entire share capital of FSB and Manny be cancelled.

8 Fidelity shares for 15 FSB Int’l and 2 Fidelity shares for 9 Manny Bank

62. SKYE Bank Plc

Prudent Bank Plc EIB Int’l Bank Plc Bond Bank Plc Reliance Bank Plc 2005

All assets, liabilities & undertakings, including real properties and intellectual property rights of Prudent, EIB, Bond Bank and Reliance Bank be transferred to SKYE and the entire share capital cancelled

1 Prudent for 1 EIB Int’l, 1 Prudent for 3 Bond Bank and 10 Prudent for 29 Reliance

63. Afribank Nigeria Plc

Afribank Nigeria Plc Afribank Int’l (Merchant Bankers) Ltd 2005

All assets, liabilities & undertakings, including real properties and intellectual property rights of Afribank Int’l Merc. Ltd be transferred to Afribank Nig. Plc and the entire share capital of AIL be cancelled

1 Afribank Nigeria Plc for 10 Afribank Int’l (Merchant Bankers) Ltd

64. Diamond Bank Plc Lion Bank Plc 2005 Acquisition 7 Diamond Bank shares for 25 Lion Bank Shares.

65. First Inland Bank Plc

First Inland Bank Plc NUB International Bank Plc IMB International Bank Plc 2006

All assets, liabilities & undertakings, including real properties and intellectual property rights of NUB and IMB be merged with those of First Inland Bank.

2 First Inland Bank for; 5 NUB Int’l Bank, 15 IMB Int’l Bank

66. Oceanic Bank Int’l Plc Oceanic Bank Int’l Plc International Trust Bank Plc 2006

All assets, liabilities & undertakings, including real properties and intellectual property rights of ITB be transferred to Oceanic Bank and the entire share capital of ITB be cancelled

The entire 1 billion ordinary shares of 50kobo each, issued share capital of ITB, were exchanged for a nominal value of N1.00.





Year of Approval


67. Oceanic Bank Int’l Plc Oceanic Bank Int’l Plc International Trust Bank Plc 2006

All assets, liabilities & undertakings, including real properties and intellectual property rights of ITB be transferred to Oceanic Bank and the entire share capital of ITB be cancelled

The entire 1 billion ordinary shares of 50kobo each, issued share capital of ITB, were exchanged for a nominal value of N1.00.

68. United Bank for Africa Plc Continental Trust Bank Ltd 2005 Acquisition Cash

69. SKYE Bank Plc SKYE Bank Plc Cooperative Bank Plc 2006

All assets, liabilities & undertakings, including real properties and intellectual property rights of Cooperative Bank be transferred to SKYE Bank and the entire share capital of Cooperative Bank be cancelled 7 SKYE Bank for 10 Cooperative Bank

70. Spring Bank Plc

Citizens Int’l Bank Plc Guardian Express Bank Plc ACB Int’l Bank Plc Omega Bank Plc Fountain Trust Bank Plc Trans Int’l Bank Plc 2006

All assets, liabilities & undertakings, including real properties, intellectual property rights of Guardian Express, ACB, Omega, TIB and Fountain Trust are to be cancelled. Guardian Express, ACB, Omega, TIB and Fountain Trust will subsequently be dissolved. Citizen will be renamed Spring Bank Plc.

100 units of Citizens Bank for; 88 units of Guardian Express, 140 units of ACB Int’l, 52 units of Omega Bank, 43 units of Fountain Trust Bank and 399 units of Trans International Bank.

71. Union Bank Plc

Broad Bank Plc Universal Trust Bank Plc Union Merchant Bank Ltd 2006 Acquisition

1 Union Bank share for; 43 Broad Bank shares, 36 UTB shares and 17 Union Merchant Bank shares.

72. First City Monument Bank Plc

FCMB Plc Midas Bank Ltd 2006 Acquisition

FCMB acquired assets and Liabilities of Midas based on nominal purchase and additional payment will be due to shareholders after recovery of N700.0 million bad loans.

73. Wema Bank Plc National Bank Ltd 2006 Acquisition 1 Wema Bank ordinary share for 2 National Bank shares.

74. Unity Bank Plc

Unity Bank Plc Bank of the North Limited NNB International Bank Plc New Africa Bank Limited 2006

All assets, liabilities and undertakings Including real properties and intellectual rights of BONL NNB and NABL were transferred to Unity Bank Plc. The entire shares were cancelled and subsequently dissolved without winding up.

5, 4 and 1 Unity Bank shares for every 2 BON shares, 5 NNB shares and 5 New African Bank shares correspondingly

75. Custodian and Allied Insurance Plc

Custodian and Allied Ins. Ltd Signal Insurance Ltd 2006

All assets, liabilities & undertakings, including real properties, intellectual property rights of Signal be transferred to Custodian and the entire share capital of Signal be cancelled

53 ordinary shares of 50k of Custodian for every 50 ordinary shares of N1.0 of Signal





Year of Approval


76. Custodian and Allied Insurance Plc

Custodian and Allied Ins. Plc Fire Equity & Gen. Ins. Ltd 2006

All assets, liabilities & undertakings, including real properties, intellectual property rights of FEGIC be transferred to Custodian & Allied Ins. and the share capital of FEGIC be cancelled

52 ordinary shares of 50k of Custodian for every 63 ordinary shares of N1.00 of FEGIC

77. International Energy Insurance Co. Ltd

Int’l Energy Insurance Co. Ltd Rivbank Insurance Co. Ltd 2006

All assets, liabilities & undertakings, including real properties, intellectual property rights of Rivbank be transferred to International Energy Insurance and the entire share capital of Rivbank cancelled

62 ordinary shares of 50k of IEI be exchange for every 25 ordinary shares of N1.0 of Rivbank

78. Standard Trust Assurance Plc

Standard Trust Assurance Plc Summit Insurance Co. Ltd 2006

All assets, liabilities & undertakings, including real properties, intellectual property rights of Summit be transferred to STACO and the entire share capital of Summit be cancelled

1 ordinary share of 50k of STACO for every 1 ordinary shares of 50k of summit

79. Royal Exchange Assurance Plc

Royal Exchange Assurance Plc Phoenix of Nig. Assurance Plc African Prudential Co. Ltd 2006

All assets, liabilities & undertakings, including real properties, intellectual property rights of Phoenix and African Prudential be transferred to Royal Exchange and the entire share capital of Phoenix and African Prudential be cancelled and the companies dissolved without winding up

4 and 1 ordinary shares of 50k each in Royal Exchange for every 11 and 1 ordinary shares of 50k each in Phoenix and African Prudential respectively

80. Aiico Insurance Plc

Aiico Insurance Plc NFI Insurance Co. Plc Lamda Insurance Co. Ltd 2006

All assets, liabilities & undertakings, including real properties, intellectual property rights of NFI and Lamda be transferred to Aiico and the entire share capital of NFI and Lamda be cancelled while the companies will be dissolved without winding up

2 and 100 ordinary shares of 50k each in Aiico for every 3 and 117 ordinary shares in NFI and Lamda respectively

81. Flour Mills of Nig. Plc Flour Mills of Nig. Plc Golden Fertilizer Co. Ltd 2006

All assets, liabilities & undertakings, including real properties, intellectual property rights of Golden Fertilizer be transferred to Flour Mills and the entire share capital of Golden Fertilizer be cancelled while the company dissolved without winding up

Nominal transaction (Golden Fertilizers is wholly own by flour mills)

82. Kamfin Lebanon Holding S.A.L.

Kamfin Lebanon Holding S.A.L. Dumez Nig. Plc 2006 Acquisition

Nominal and normal transfer of 2,249,004,734 and 52,000,000 respectively of Dumez Nig. Plc to kamfin Lebanon

83. Jap Telecoms Ltd Jap Telecoms Ltd Danjay Telecoms Ltd 2006 Acquisition

Jap Telecoms acquired 2,000,000 ordinary shares of Danjay Telecoms at N1.00 per share






84. Fenwick Overseas Holding Ltd Fenwick Overseas Holding Ltd Regency Overseas 2006 Acquisition

Fenwich acquired 30,000,000 shares of Regency at N8.00 per share

85. Goldlink Insurance Co. Ltd

Goldlink Insurance Co. Ltd Lexington Int’l Insurance Ltd Lister Insurance Ltd 2006 Acquisition

Goldlink acquired the assets, liabilities and business undertakings of Lexington and Lister based on issuance of 45,454,545 Goldlink shares to Lexington shareholders and payment of N30,000,000 to Lister shareholders in exchange for their shares

86. Jupiter Assets Management Ltd Jupiter Assets Man. Ltd Nig. Embroidery Lace Man. Ltd 2006 Acquisition

Jupiter acquired 4,501,765 shares at N2.00 per share of Nig. Embroidery Lace Man. Ltd

87. Sterling Assurance Nig. Ltd

Sterling Assurance Nig. Ltd Newline Insurance Com. Ltd Universe Reinsurance Co. Ltd 2007 Merger

1 ordinary share N1.0 each of Sterling Assurance for every 2 ordinary shares of N1.0 each of Newline Insurance and 10,000 ordinary shares of N1.0 each of Sterling Assurance for every 1 ordinary shares of N1,000 each of Universe Reinsurance

88. Linkage Assurance Plc Linkage Assurance Plc Central Insurance Company Ltd 2007 Merger

200 ordinary shares of 50k each of Linkage Assurance for every 119 ordinary shares of N1.0 each of Central Insurance Company Plc

89. Regency Alliance Insurance Plc

Regency Insurance Plc Destiny Insurance Co. Ltd Nigerian Alliance Insu. Corp Ltd Capital Express Gen. Insu. Ltd 2007 Merger

6 ordinary shares of 50k each in Regency Alliance for every 5 ordinary shares of Regency Insurance, 26 ordinary shares of 50k each of Regency Alliance for every 20 ordinary shares of Destiny Insurance, 14 ordinary shares of Regency Alliance for every 10 ordinary shares of N1.00 each of Nigerian Alliance Assurance and 24 ordinary shares of 50k each of Regency Alliance for every 25 ordinary shares of Capital Express.





Approval


90. Capital Express Insurance Company Ltd

Capital Express Insu. Com. Ltd Regency Life Assur & Pension Ltd 2007 Merger

1 ordinary share of N1.0 each of Capital Express for every 5 ordinary shares of 50k each of Regency Life Assurance.

91. NEM Insurance Plc NEM Insurance Plc Vigilant Insurance Com.0 Ltd 2007 Merger

100 ordinary shares of NEM Insurance for every 103 ordinary shares of Vigilant Insurance Company.

92. Kapital Insurance Company Ltd

Kapital Insurance Company Ltd Intercontinental Assu. Com. Ltd Global Commerce & Gen. Assur. Co. Ltd 2007 Merger

3 ordinary of N1.0 each of Kapital Insurance for every 2 ordinary shares of N1.0 each of Intercontinental Assurance and 5 ordinary shares of N1.0 each of Kapital Insurance for every 21 ordinary shares of 50k each of Global Commerce & General Assurance.

93. Equity Indemnity Insurance Plc Equity Indemnity Insurance Co. Plc First Assurance Plc 2007 Merger

5 ordinary shares of 50k each of First Assurance for every 2 ordinary shares of Equity Indemnity Insurance

94. Crusader Insurance Plc Crusader Insurance Com. Plc Admiral Insurance Company Ltd 2007 Merger

100 ordinary shares of 50k each of Crusader Insurance for every 366 ordinary shares of 50k each of Admiral Insurance.

95. Stanbic IBTC Bank Plc IBTC Chartered Bank Plc Stanbic Bank (Nig) Ltd 2007 Merger

Entire 6.25 billion ordinary shares of IBTC Chartered in exchange for the assets and liabilities of Stanbic Bank

96. Aiico Insurance Plc

Aiico Insurance Plc NFI Insurance Plc Lamda Insurance Company Ltd 2007 Merger

2 ordinary shares of 50k each of Aiico Insurance for 3 ordinary shares of N1.0 each of NFI Insurance and 100 ordinary shares of 50k each of Aiico Insurance for every 117 ordinary shares of N1.0 each of Lamda Insurance.

97. Royal Exchange Assurance Plc

Royal Exchange Nig. Plc Phoenix Assurance of Nig. Plc African Prudential Ins. Co. Ltd 2007 Merger

4 ordinary shares of 50k each of Royal Exchange for every 11 ordinary shares of 50k each of Phoenix Assurance and 1 ordinary shares of 50k each of Royal Exchange for every 1 ordinary shares of N2.0 each of African Prudential.





Approval


98. Custodian & Allied Insurance Plc

Custodian & Allied Insurance Plc Fire, Equity & General Ins. Co. Ltd 2007 Merger

52 ordinary shares of 50k each of Custodian Insurance for every 63 ordinary shares of N1.0 each of Fire, Equity & General Insurance.

99. Leadway Assurance Company Ltd Atlantic Assurance Ltd 2007 Acquisition

Shareholders of Atlantic Assurance received N265.7 million for the acquisition of the entire shares of the company by Leadway Assurance.

100. Crusader Insurance Plc

Golden Insurance Ltd Refuge Insurance Ltd Royal Trust Assurance Ltd 2007 Acquisition

50 ordinary shares of Crusader Insurance for every 291 ordinary shares of Golden Insurance, 100 ordinary shares of Crusader for every 313 ordinary shares of Royal Trust and 100 ordinary shares of Crusader for every 2749 ordinary shares of Refuge Insurance.

101. Diamond Bank Plc Diamond Bank Plc African Development Ins. Co. Ltd 2007 Acquisition

Shareholders of African Development Insurance Company received N539.75 million for the acquisition of the 95% of the company’s shares by Diamond Bank.

102. Sona Systems Associates Management Ltd

Sona Breweries Plc Food, Agro & Allied Industries Ltd International Beer & Beverages 2007 Acquisition

Shareholders of Sona Breweries, Food, Agro & Allied Industries and International Beer & Beverages received from Sona Systems the sum of N640.368 million, N661,165,254.55 and N227.514 million respectively for the acquisition of the entire assets of the companies.





Approval


103. Industrial & General Insurance Company Ltd Nasal Insurance Ltd 2007 Acquisition

1 ordinary share of IGI for every 7 ordinary shares of Nasal

104. Oando Marketing Ltd Oando Plc 2007 De-merger

Oando Marketing Ltd received assets worth N16.386 billion for 49,750,000 ordinary shares of N1.0 each of Oando Plc. Oando Marketing thus became a separate entity from Oando Plc

105. Niger Delta Exploration & Production Plc

Niger Delta Petroleum Resources Ltd 2007 Acquisition

Payment of net consideration of $4,227,476 by issuance of 7,410,232 ordinary shares of Niger Delta Exploration & Production Plc, representing 50% of the amount and $2,223,062 worth Niger Delta Petroleum Resources Ltd Irredeemable Participating Investment Notes (IPINs).

106. Niger Delta Exploration & Production Plc Chemur Ltd 2007 Acquisition

Payment of net consideration of $2,361,150 by issuance of 6,746,143 ordinary shares of N10.0 each in Niger Delta Exploration & Production Plc to the shareholders of Chemur Ltd

107. Oando Plc

Ocean & Oil Investment Ltd Gaslink Nig Ltd (involving 12 Identified shareholders) 2007 Acquisition

Issuance of 118,177,993 ordinary shares of Oando Plc for 11,765,889 fully paid ordinary shares of Ocean & Oil Investments in Oando Energy Services Ltd, Oando Production & Development Co. Ltd, Oando Exploration & Production Ltd, Oando Supply & Trading Ltd and Oando Trading (Bermuda) Ltd. 12 identified minority shareholders of Gaslink Nig. Ltd received 63,591,633 ordinary shares of Oando Plc for 635,916,330 ordinary shares of Gaslink Nig. Ltd.







Approval




110. Oando Plc

Ocean & Oil Investment Ltd Gaslink Nig Ltd (involving 12 Identified shareholders) 2007 Acquisition

Issuance of 118,177,993 ordinary shares of Oando Plc for 11,765,889 fully paid ordinary shares of Ocean & Oil Investments in Oando Energy Services Ltd, Oando Production & Development Co. Ltd, Oando Exploration & Production Ltd, Oando Supply & Trading Ltd and Oando Trading (Bermuda) Ltd. 12 identified minority shareholders of Gaslink Nig. Ltd received 63,591,633 ordinary shares of Oando Plc for 635,916,330 ordinary shares of Gaslink Nig. Ltd.

111. Tower Aluminium Nigeria Plc Tower Aluminium Nigeria Plc Cook “N” Lite Nigeria Plc 2008

All the assets, Liabilities and undertakings including real properties of Cook ‘N’ Light Nig. Plc were transferred to Tower Aluminium Nig. Plc.

Cash payment of N1.54 billion in exchange for every 1 ordinary share of 50k each of Cook “N” Lite Nigeria Plc

112. Sovereign Trust Insurance Plc

Sovereign Trust Insurance Plc Coral Int’l Insurance Company Ltd Prime Trust Insurance Co. Ltd 2008 Merger

11 ordinary shares of Sovereign Trust for every 15 ordinary shares of Confidence Insurance, 8 ordinary shares of Sovereign Trust for every 5 ordinary shares of Coral Int’l Insurance and 7 ordinary shares of Sovereign Trust for every 16 ordinary shares of Prime Trust

113. MTN Nigeria Ltd MTN Nigeria Ltd VGC Communications Ltd 2008 Merger

No new shares were issued and no cash payment (MTN wholly owned VGC).

114. Tantalizers Ltd Baytide Nigeria Ltd 2008 Acquisition

The transaction was a nominal transfer of 100% equity in Baytide Nig. Ltd, involving 20 million ordinary shares of N1.0 each to Tantalizers Ltd.





Approval


115. Consolidated Hallmark Insurance Plc

Hallmark Assurance Plc Nigerian General Ins. Co. Ltd 2008 Acquisition

375 ordinary shares of Consolidated Hallmark Insurance for every 100 ordinary shares of Hallmark Assurance and 120 ordinary shares of Consolidated Hallmark Assurance for every 100 ordinary shares of Nigerian General Insurance Company Ltd.

116. Damnaz Cement Company Ltd

Cement Company of Northern Nigeria Plc 2008

Acquisition of 50.7% Holdings of Scancem International in Cement Company of Northern Nigeria Plc by Damnaz Cement

Scancem Nig. Ltd received a cash payment of N3,453,580,080 from Damnaz Cement Company for its 637,403,152 ordinary shares or 50.7% holdings in Cement Co

117. Chapel Hill Advisory Services Ltd Denham Management Ltd 2008 Acquisition

4 ordinary shares of Denham Management for every 3 ordinary shares of Chapel Hill Advisory Services.

118. Standard Alliance Insurance Plc Perpetual Assurance Company Ltd 2008 Acquisition

1 ordinary share of Standard Alliance Insurance Plc for every 4 ordinary shares of Perpetual Assurance Company Ltd.

119. Dufil Prima Foods Ltd De-United Foods Industries Ltd Insignia Print Technology LFTZ Ent. 2008 Acquisition

Shareholders of Insignia Print received 540,000,000 ordinary shares of Dufil Prima for their 999,999 ordinary shares of N1.0 each and Shareholders of De-United Foods received 1,223,333,334 ordinary shares of Dufil Prima for their 59,999,998 ordinary shares of N1.0 each.

120. FCMB Capital Markets Ltd CSL Stockbrokers Ltd City Securities Registrars Ltd 2008 Acquisition

CSL Stockbrokers and City Securities Registrars received N6.65 billion and N995 million respectively from FCMB Capital Market Ltd in consideration of their issued and fully paid shares.

121. MTN Nigeria Communications Ltd VGC Communications Ltd 2008 Acquisition

The entire equity holdings of VGC Communications Ltd was purchased at the cost of N8.35 billion by MTN Nigeria Ltd.





Approval


122. Gyallesu Community Bank Ltd Kudandami Community Bank Ltd 2008 Acquisition

1 ordinary share of Gyallesu Community Bank for every 1 ordinary share of Kudandami Community Bank

123. Bank PHB Plc Spring Bank Plc 2008 Takeover

Bank PHB took over the management of Spring Bank after acquiring 33% of Spring Bank. Bank PHB thereafter bid to purchase 26.97% of issued and paid-up capital of Spring Bank.

124.

West Africa Household Utilities Manufacturing Company Limited (WAHUM)

Battery Manufacturing Company Nigeria Limited (BAMCO) 2009 Merger

Shareholders of BAMCO were paid N6.67 per every share held

125. Crown Flour Mills Ltd Interstate Flour Mills Ltd and Mix and Bake Flour Mills Industries 2009 Merger

Four (4) ordinary shares of Interstate Flour Mills Ltd to every Five (5) ordinary shares of Crown Flour Mills Ltd; and Five (5) ordinary shares of Mix and Bake Industries to every four (4) ordinary shares of Crown Flour Mills

126. Lasaco Insurance Plc Elmac Insurance Company Ltd 2009 Acquisition

For the Acquisition of 100% equity of Elmac, its shareholders will receive One (1) ordinary share of Lasaco Insurance Plc for every forty two (42) ordinary shares held

127. Niger Delta Exploration and Production Plc

Investors in the Irredeemable Participating Investment Notes (IPINs) of Niger Delta Exploration and Production Plc 2009 Acquisition

Acquisition/Cancellation of 3,393,589 IPINs by payment of $10,542,620.23, representing 30% and a total of 18,727,321 ordinary shares of Niger Delta Exploration and Production Plc

128. Ecobank Nigeria Plc African International Bank Ltd 2009 Acquisition

A total of N65,000,000 was paid to the shareholders of African International Bank by Ecobank Nigeria Plc based on N65 per share

129. Bank PHB Plc GTI Insurance (51% equity holding) 2009 Acquisition

A total N1,530,000,000 was paid to the shareholders of GTI Insurance Ltd.

130. Mutual Benefits Assurance Plc Worldwide Insurance Company Ltd 2009 Acquisition

One (1) ordinary share of Mutual Benefits Assurance for every five (5) ordinary shares of Worldwide Insurance Co. Ltd





Approval


131. FCMB Plc CSL Stockbrokers Limited, CSL Registrars Limited 2009 Acquisition

A total of N6.65 billion and N995.0 million were paid for 100% equity of CSL Stockbrokers and CSL Registrars at a unit price of N66.5 and N19.90 respectively.

132. Renaissance Securities (Nigeria) Limited Rencap Securities (Nigeria) Limited 2009 Acquisition

A total of N70,000,000 was paid to the shareholders of Rencap Securities Ltd

133. SW8 Investment Ltd Wema Bank Plc (26.50% equity holdings) 2009 Acquisition

A total of N13.50 billion was paid to Wema Bank by SW8 Investment Ltd for 2.70 billion ordinary shares of the bank at a unit price of N5.00

134. Consolidated Breweries Plc DIL/Maltex Nigeria Plc (95.5% equity holdings of CFAO) 2009 Acquisition

A total of €4,277,250 and N808,708,212 respectively were paid to CFAO for its 95.5% holdings in Dil/Maltex Nig. Plc

135.

Asset & Resource Management Ltd (ARM) (Management Buy-Out)

ARM Ltd and its Management (70% equity holdings of GT Bank Plc in ARM) 2009 Management Buy-Out A total of N80.o million was paid to GT Bank Plc

136. ARM Pension Managers First Alliance Pension & Benefit Ltd 2010 Merger

The holders of the cancelled First Alliance shares shall be entitled to 37% share holdings in the post-merger ARM Pension.

137. Rubber Estates Nigeria Ltd

Araromi Rubber Estates Ltd Osse River Rubber Estates Ltd Utagbo-Uno Rubber Estates Ltd Water Side Rubber Estates Ltd 2010

The merger transaction involved the transfer of assets, liabilities and undertakings of the four target companies to Rubber Estates Nigeria Ltd

Prior to the Merger Rubber Estates Nig. Ltd had 80% shareholdings in Osse River, Utagbo-Uno and Water Side respectively and 60% in Araromi.

138. Obajana Cement Plc (Dangote Cement Plc) Benue Cement Company Plc 2010

The merger transaction involved the transfer of assets, liabilities and undertakings of Benue Cement to Dangote Cement Exchange of shares

139. NEM Insurance Plc Lombard Insurance Company Plc 2010 Acquisition of 100% equity of Lombard Insurance

A total of 303,580,147 ordinary shares of NEM Insurance Plc were issued to the shareholders of Lombard Insurance.





Approval


140. Asset Resource Management (ARM) Co. Ltd

The Majority shares of Hamilton Hammer & Co. Ltd 2010

Transfer of majority shares of Hamilton Hammer & Co Ltd to ARM Ltd. Cash

141.

Emerging Market Telecommunication Services Ltd Alheri Mobil Ltd 2010

Acquisition of100% equity shareholding in Alheri Mobile by Emerging Market Communication Cash

142. Flour Mills of Nigeria Plc Nigeria Eagle Flour Mills Ltd 2010

Involves the acquisition of 51% equity holdings of Nigeria Eagle Flour Mills by Flour Mills of Nigeria Plc. Cash

143. Dangote Cement Plc

Obajana Cement Plc Dangote Bail Ltd DCW Ltd 2010

Restructuring of Dangote Cement Business Consolidation

144. Aiico Insurance Plc Aiico General Insurance Company Ltd 2010 Restructuring of Aiico Group Business Consolidation

145. Diamond Bank Plc Diamond Securities Ltd Diamond Capital & Financial Markets Ltd 2010

Transfer of Diamond Bank Plc’s Shareholding in Diamond Securities Limited to Diamond Capital & Financial Markets Limited


TABLE 24: SOME SELECTED AFRICAN STOCK MARKET INDICATORS 2006 - 2010

Country

S/N of Listed Companies Market Capitalization US$ (million) Turnover Ratio % S&P Global Equity Indices

Annual % Change*

2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010

Botswana 18 18 19 20 21 3,946.98 5,887.21 3,555.77 3,991.06 4,075.95 2.3 2.2 3.1 2.7 3.5 53.0 37.2 -38.4 24.3 -6.8

Cote d’Ivoire 40 38 38 38 38 4,155.26 8,352.89 7,070.75 6,141.29 7,099.22 3.3 2.5 4.1 2.0 2.0 35.6 115.6 -16.9 -10.7 19.3

Egypt 603 435 373 305 211 93,477.33 139,289.00 85,885.39 89,952.51 82,494.46 54.8 45.6 61.9 60.1 43.0 10.2 52.2 -55.8 35.6 11.5

Ghana 32 32 35 35 35 3,232.88 2,380.22 3,394.38 2,507.53 3,531.49 21.0 3.9 5.2 2.0 3.4 9.7 21.6 -10.4 -42.7 94.1

Kenya 51 51 53 55 53 11,378.04 13,386.59 10,916.56 10,755.99 14,460.87 14.6 10.6 11.8 4.6 8.6 60.3 11.8 -40.3 0.6 33.8

Morocco 65 74 77 78 73 49,360.03 75,494.55 65,744.97 62,909.97 69,152.53 35.3 42.1 31.4 45.7 16.3 78.5 45.3 -17.0 -1.7 13.1

Namibia 9 9 7 7 7 542.78 702.00 618.67 846.32 1,176.28 3.8 3.7 2.8 3.0 1.8 12.8 39.4 -9.9 22.6 24.2

Nigeria 202 212 213 214 215 32,819.36 86,346.84 49,802.82 33,324.90 50,882.97 13.6 28.2 29.3 11.0 12.5 34.0 108.3 - -35.4 20.3

South Africa 401 422 425 363 360 715,025.25 833,547.93 491,281.77 704,821.88 1,012,538.25 48.8 55.0 60.6 57.3 39.6 17.2 15.5 -41.7 53.7 32.1

Swaziland 6 6 7 5 5 199.86 203.09 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Tunisia 48 50 49 49 54 4,446.38 5,355.08 6,373.76 9,120.14 10,681.71 14.3 13.3 25.5 16.2 17.2 47.9 15.6 -3.1 40.6 11.7

Zambia 14 16 19 19 19 1,185.51 2,345.89 N/A N/A 2,816.73 2.1 4.1 N/A N/A N/A N/A N/A N/A 16.7 17.4

Zimbabwe 80 82 81 94 76 26,556.64 5,332.78 N/A N/A 11,476.48 6.2 5.1 N/A N/A N/A 912.3 -83.8 N/A N/A N/A

Source: Compiled from the World Development Indicator *US$ price change in the stock markets covered by the S&P/IFCI and S&P frontier BMI country indices


Chart 6: NUMBER OF LISTED COMPANIES ON THE STOCK EXCHNAGE OF SOME SELECETED AFRICAN COUNTRIES (2006 – 2010)

Source: World Development Indicator Chart 7: MARKET CAPITALISATION OF SOME AFRICAN STOCK MARKET (2006 – 2010)

Source: World Development Indicator


TABLE 25: STOCK MARKET INDICATORS FOR SOME SELECTED EMERGING MARKETS 2006 - 2010

Country

S/N of Listed Companies Market Capitalization US$ (million) Turnover Ratio % S&P Global Equity Indices Annual %

Change*

2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010

Argentina 103 107 107 101 101 79,730 86,684 52,309 48,932 63,910 6.4 9.9 19.3 5.4 4.6 57.6 0.7 -56.2 97.8 55.3

Brazil 392 442 432 377 373 711,099 1,370,377 589,384 1,167,335 1,545,566 42.9 56.2 74.3 73.9 66.4 43.1 74.7 -57.2 125.1 6.5

Chile 244 238 235 232 227 174,556 212,910 132,428 209,475 341,584 18.5 23.0 21.2 22.0 19.7 28.6 22.6 -41.2 84.0 47.2

China 1,440 1,530 1,604 1,700 2,063 2,426,326 6,226,305 2,793,613 5,007,646 4,762,837 102.0 180.1 121.3 229.6 164.4 80.7 66.6 -52.7 66.3 6.9

Egypt 603 435 373 305 211 93,477 139,289 85,885 89,953 82,495 54.8 45.6 61.9 60.1 43.0 10.2 52.2 -55.8 35.6 11.5

Georgia 231 161 N/A 146 143 668 1,389 327 733 1,059 18.6 4.4 1.0 0.3 0.3 N/A N/A N/A N/A N/A

Ghana 32 32 35 35 35 3,233 2,380 3,394 2,508 3,531 21.0 3.9 5.2 2.0 3.4 9.7 21.6 -10.4 -42.7 94.1

India 4,796 4,887 4,921 4,955 4,987 818,879 1,819,100 645,478 1,179,235 1,615,860 93.1 84.0 85.2 119.3 75.6 46.7 78.6 -64.1 94.1 18.7

Jordan 227 245 262 272 277 29,729 41,216 35,847 31,865 30,864 59.5 49.1 72.7 40.3 30.1 -36.0 32.6 N/A -13.9 -8.6

Malaysia 1,027 1,036 977 953 957 235,366 325,663 187,066 255,952 410,534 32.1 53.5 33.2 32.9 27.1 34.6 44.6 -43.7 46.7 35.1

Mexico 131 125 125 125 130 348,345 397,725 232,581 340,565 454,345 27.3 31.0 34.3 26.9 27.3 41.1 12.8 -45.1 55.8 26.6

Nigeria 202 212 213 214 215 32,819 86,347 49,803 33,325 50,883 13.6 28.2 29.3 11.0 12.5 34.0 108.3 - -35.4 20.3

Poland 267 328 349 354 569 149,054 207,322 90,233 135,277 190,235 45.3 47.5 45.7 49.5 47.6 38.1 23.2 -57.8 41.9 11.3

Romania 2,478 2,096 1,824 1,824 1,383 32,784 44,925 19,923 30,325 32,385 16.0 20.8 11.3 7.5 5.4 54.2 32.8 -72.2 26.1 -6.6 Russian Federation 309 328 314 279 345 1,057,189 1,503,010 397,183 861,424 1,004,525 64.1 58.9 59.2 108.5 85.7 62.0 21.9 -73.4 106.6 21.7 South Africa 401 422 425 363 360 715,025 833,548 491,282 704,822 1,012,538 48.8 55.0 60.6 57.3 39.6 17.2 15.5 -41.7 53.7 32.1

Turkey 314 319 284 315 337 162,399 286,572 117,930 225,735 306,662 140.5 134.7 118.5 141.7 158.4 -4.0 74.8 -62.4 99.6 21.4

Ukraine 249 276 251 288 183 42,869 111,757 24,358 16,790 39,457 3.5 2.6 3.7 2.9 7.5 48.6 112.2 -82.2 31.1 53.8



TABLE 26: STOCK MARKET INDICATORS FOR SOME SELECTED DEVELOPED MARKETS 2006 - 2010

Country S/N of Listed Companies Market Capitalization US$ (million) Turnover Ratio % S&P Global Equity Indices Annual

% Change*

2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010

Australia 1,751 1,913 1,924 1,882 1,913 1,095,858 1,298,429 675,619 1,258,456 1,454,547 87.0 110.5 103.1 78.8 90.1 N/A N/A N/A 72.4 12.5

Austria 96 102 85 83 72 191,300 228,707 72,300 53,578 67,683 50.4 57.8 69.4 40.6 79.4 N/A N/A N/A 57.0 10.9

Belgium 153 163 167 166 161 396,220 386,362 167,447 261,429 269,342 48.5 65.3 76.5 59.6 42.0 N/A N/A N/A 54.5 0.5

Canada 3,790 3,881 3,755 3,761 3,805 1,700,708 2,186,550 1,002,215 1,680,958 2,160,229 81.1 84.7 111.1 92.4 71.1 N/A N/A N/A 57.5 22.0

Denmark 201 198 216 206 196 231,015 277,746 131,526 186,852 231,746 86.4 95.2 104.0 93.2 69.1 N/A N/A N/A 40.6 25.1

France 717 707 966 941 901 2,428,571 2,771,217 1,492,327 1,972,040 1,926,488 119.6 131.5 153.2 78.8 42.5 N/A N/A N/A 25.6 -9.9

Germany 656 658 638 601 571 1,637,826 2,105,506 1,107,957 1,297,568 1,429,707 173.9 179.7 193.3 107.2 103.0 N/A N/A N/A 25.8 7.4

Italy 284 301 294 291 291 1,026,639 1,072,692 520,855 317,317 318,140 149.7 220.4 84.0 109.7 169.7 N/A N/A N/A 23.1 -17.4

Japan 3,362 3,844 3,299 4,161 3,553 4,726,269 4,453,475 3,220,485 3,377,892 4,099,591 132.1 141.6 153.2 127.1 114.5 5.9 -5.2 -40.0 16.4 9.6

Netherlands 226 122 110 121 113 779,645 956,469 387,,906 542,533 661,204 159.7 207.8 170.0 129.9 98.4 N/A N/A N/A 41.7 1.2

Spain 3,339 3,498 3,536 3,435 3,310 1,323,090 1,800,097 946,113 1,297,227 1,171,615 169.1 189.7 177.7 142.6 76.0 N/A N/A N/A 29.0 -24.5

Sweden 321 272 341 333 331 573,250 612,497 252,542 432,296 581,174 138.6 163.4 148.4 114.0 86.8 N/A N/A N/A 66.0 32.6

Switzerland 256 257 253 216 246 1,212,508 1,274,516 862,663 1,070,694 1,229,357 119.6 143.0 140.9 82.3 75.6 N/A N/A N/A 24.5 11.0 United Kingdom 2,913 2,588 2,415 2,179 2,056 3,794,310 3,858,505 1,851,954 2,796,444 3,107,038 123.8 269.8 227.2 146.4 101.9 26.2 5.6 -40.0 35.2 5.2

United States of America 5,133 5,130 5,603 4,401 4,279 19,425,855 19,947,284 11,737,646 15,077,286 17,138,978 182.8 216.5 230.2 348.6 189.1 13.6 3.5 -39.0 23.5 12.8


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