STACO AGM NEW FINAL pdf - Staco Insurance Plc › annual_report › STACO_AGM_NEW_FINAL.pdfFifteenth...

NOTICE IS HEREBY GIVEN that the Fifteenth Annual General Meeting of STACO INSURANCE PLC will thbe held at Federal Palace Hotel, 6- 8 Ahmadu Bello Way, Victoria Island, Lagos on Wednesday,10

November, 2010 at 11.00 a.m. to transact the following business:

st1. To receive the Audited Financial Statements for the year ended 31 December, 2009 together with the Directors' and Auditors' reports thereon.

2. To receive the Report of the Audit Committee.3. To re-elect Directors.4. To authorize the Directors to fix the remuneration of the Auditors.5. T o elect/re-elect members of the Audit Committee.

6. To approve the Directors' remuneration.7. To consider, and if thought fit, pass the following resolution, which would be proposed as Ordinary

Resolution:

a) Increase of Authorized Share Capital. “That the Authorized Share Capital of the Company be and is hereby increased from N3,500,000,000,00 to N4,500,000,000.00 by the creation of additional 2,000,000,000 Ordinary Shares of 50k each ranking parri passu in all respects with the existing Ordinary Shares in the Capital of the Company”

b) Amendment Of Memorandum Of Association “That the first sentence of the Share Capital Clause No 6 in the Memorandum Of Association of the Company, only to the extent of the value and number of shares stated therein, be and is hereby amended to read as follows:The Share Capital of the Company is N4,500,000,000.00 (Four Billion, Five Hundred Million Naira ) divided into 9,000,000,000 (Nine Billion) Ordinary Shares of 50k each”

BY ORDER OF THE BOARD

TAIWO OGUNBAJOAg. COMPANY SECRETARY

THDATED: 14 OCTOBER, 2010

NOTES:

A shareholder of the Company entitled to attend and vote at the Annual General Meeting may appoint a proxy to attend and vote on his/her behalf and such proxy need not be a member of the company. A proxy form for this purpose is contained in the Annual Reports and Accounts.

To be valid for the meeting, the proxy form must be completed, stamped by the Commissioner for Stamp Duties and thereafter deposited at the office of First Registrars Limited, Plot 2, Abebe Village Road, Iganmu, Lagos not later than 48 hours before the time fixed for the meeting.

A member entitled to attend and vote at the Annual General Meeting may nominate a shareholder for election to the Audit Committee of the Company. Such nomination should be in writing and forwarded to the Company Secretary at 209, Herbert Macaulay Street, Ebute-Metta, Lagos not later than 21 days before the date of the Annual General Meeting.

ST thThe Register of Members and Transfer Books of the Company will be closed from 1 November, 2010 to 5 November, 2010, both days inclusive for the purpose of updating the Shareholders Records.

A. ORDINARY BUSINESS

B. SPECIAL BUSINESS

1. PROXY

2. AUDIT COMMITTEE

3. CLOSURE OF REGISTER AND TRANSFER BOOKS

2 1 5 T H A N N U A L R E P O R T & A C C O U N T S ‘ 0 9

NOTICE OF THE FIFTEENTH ANNUAL GENERAL MEETINGInsurance Plc

RC 167274

A passion for high standardsA passion for high standards

STACO Insurance Plc emerged in July 1994 as a result of discreet acquisition and restructuring thcarried out on Alpha Insurance Plc. It was incorporated in Nigeria with RC. No. 167274 on 10

October 1991 and subsequently licensed to transact all classes of Insurance business with stRegistration No. RI 135 and RI 135L on 1 October 1994. The company under the new name

commenced General Insurance Business and Special Risks with registration No. RIC-053.

Owned by Nigerians who have distinguished themselves in their various business endeavours and

manned by seasoned professionals who have proven integrity in the Nigerian Insurance Industry.

The company's asset base is in excess of Seven billion naira.

The company's strength lies in its passion for high standards and prompt claims settlement. This, and

the notable quality services delivery by the company every time has enabled it to win numerous

award out of which is the prestigious Insurance Company of the Year Award conferred on the

company in 2009 by Thisday Newspaper.

Our strength lies in our passion for high standards and prompt claims settlement.

We are poised to be a world class provider of insurance and other financial services

To be the first choice provider of superior financial services such that the delivery is of integral benefit to all our stakeholders

Professionalism

Team Work

Integrity

Empathy

Customer Satisfaction

Social Responsibility

Retain and enhance our client's base

Expand our ability to cross sell

Add real and genuine value to our customer's needs, particularly our claims settlement

Extend the penetration of our existing product and services

Develop at least one conspicuously different product each year

Flexibility

Excellent Services

Originality

Relationship Management

Good Leadership

Our Vision:

Our Mission:

Core Values:

Strategic Objectives:

Staco seeks to:

Differentiating Competences:

CORPORATE INFORMATION

About Us

31 5 T H A N N U A L R E P O R T & A C C O U N T S ‘ 0 9

Insurance PlcRC 167274


Board of Directors:

Mr. Oritsedere Otubu - Chairman

Mr. S. O. Oyefeso - Managing Director / CEO

Mr. Pius Olarewaju - Director

Mr. G. I. Ogan - Director

Mr. N. E. Chiejina - Director

Mr. L. O. Ojakovo - Director

Mr. G. B. Okoturo - Director

Mr. C. C. Chikeluba - Director

Corporate Secretaries: - Taiwo Ogunbajo

Company Secretary (Acting)

209, Herbert Macaulay Street

Ebute - Metta

Lagos

Registered Office: - 209, Herbert Macaulay Street

Ebute Metta

Lagos

Bankers: - First Bank of Nigeria Plc

- United Bank for Africa Plc

- Wema Bank Plc

- Oceanic Bank Plc

- Access Bank Plc

Auditors: - Abayomi - Dosunmu & Co.

(Chartered Accountants)

3rd Floor, Alex Creppy House

30, King George V Road

Onikan, Lagos

Management Team:

Mr. S. O. Oyefeso - Managing Director / CEO

Mr. Bayo Fakorede - Associate Director (Brokers Group)

Mr. Tayo Ajibulu - Associate Director (Corporate Clients)

Mrs. Adaobi Nwaeme - Deputy Director (Lagos Control Office)

Mr. Goke Adeyemo - Deputy Director (Business Development)

Mr. Bola Ogundijo - Assistant Director (Brokers Unit)

Mrs. Tobore Ojumah - Assistant Director (HR/Admin)

Mr. Abiodun Ajayi - AGM (Finance)

Mr. Tunji Nosiru - AGM (Technical, LCO)

Mr. Olatunji Aminu - AGM (Transportation)

Mr. Hamza Razak - AGM (Claims)

Mr. Lanre Oyaleye - AGM (Fire, Engineering & Re-Insurance)

Mrs. Joyce Ojemudia - AGM (Ikeja Branch)

Mr. Sola Oyenuga - AGM (Management Accounts)

Mr. Mojeed Sogo - AGM (Abuja Branch)

Mr. Ade Adetayo - AGM (General Accident/Oil & Gas)

Mr. Sola Akinola - AGM (Marketing, LCO)

REINSURERS COMPANIES - Munich Reinsurance Co. Ltd

- African Reinsurance Corporation

Continental Reinsurance Plc

- Aveni Reinsurance Co. Limited

- Waica Reinsurance Pool

Nigeria Reinsurance Corporation

Corporate Information (cont ’d)

Directors, Offices & Management Team




OUR RANGE OF PRODUCTS

Generic Products:

Customized Products:

Fire and Special Perils

Consequential Loss Insurance

Burglary and Theft Insurance

Motor Insurance

Marine Hull and Marine Cargo Insurance

Goods-In-Transit Insurance

Money Insurance

Group Personal Accident / Personal Accident

Workmen's Compensation Insurance

Public Liability, Professional liability

Fidelity Guarantee Insurance

Contractor's All Risks Insurance

Machinery Breakdown

Erection All Risk

Engineering Insurance

Bond (performance, advance payment, bid, tender and customs)

Aviation

Oil and Gas

Staco Home Owners Insurance

Staco 3 “R” Motor Insurance

Staco Travel Insurance

Staco Personal Protection Plan




Head Office:209, Herbert Macaulay Street,

Ebute-Metta, P.M.B.1018, Sabo, Yaba, Lagos.

Tel.: 01 7741181, 7740571, 4758852-3Fax: 01 3425466

Website: E-mail:

Lagos Control Office:292F Ajose Adeogun Street

Victoria IslandLagos

Tel.: 01 7410184

Ikeja Office,Skymit compound,

32, Mobolaji Bank Anthony Way,Ikeja, Lagos.

Tel: 01-2806995Fax: 01-2806996

Apapa Office:1, Ibikunle Akintayo Street,

Off Randle Road,Apapa, Lagos.

Tel: 0802 884 9062

Northern Regional Office:118, Aminu Kano Crescent,

AbujaTel.: 07027857227

Kaduna Branch:4, Constitution Road,

Kaduna, Kaduna StateTel.: 07028026049

Kano Branch:

36, Ibrahim Taiwo Rd,Kano, Kano State

Tel.: 07028026055

Port - Harcourt Branch:31, King Perekule Street,

G.R.A Phase 11, Port HarcourtPort Harcourt, Rivers State

Tel.: 07028026051

[email protected]

Ibadan Branch:

49, Ring Rd, by Ajeigbe B/Stop

Ibadan, Oyo State

Tel.: 07028022223

Akure Branch:st1 floor, BOI House (left wing),

Opposite Olam Nig Limited,Ado/Owo Road,

Alagbaka, Akure, Ondo State.

Tel: 07041370145, 08034726260

Warri Branch:

255, Effurun/Sapele Road

Effurun, Delta State

Tel.: 07028026041, 08023044606

Yenogoa Branch:

193B, Mbiama Str., Yenogoa Road,

Yenogoa, Bayelsa State

Tel.: 08023064656, 07028026052

Awka Branch:

229, Zik Avenue,

Awka, Anambra State

Tel.: 07028211838

Asaba Branch:

28, Illah Road,

Opposite Nelrose Hotels,

Asaba, Delta State

Tel.: 08033247681, 07029954959

Jos Branch:

No. 4, Beach Road,

Ahmedu Bello way (Beach House),

Jos, Plateau State.

Tel.: 07028026057, 08023187896

Uyo Branch:

174, Ikot Ekpene Road,

Uyo, Akwa-Ibom State.

Tel.: 070 28026080




Corporate Information (cont ’d)

2009 2008 Growth

N'000 N'000 %

MAJOR BALANCE SHEET ITEMS

Total assets 7,823,701 7,205,432 8.58

Shareholders' funds 4,673,478 4,336,904 7.76

Investments 3,522,023 3,947,460 (10.78)

MAJOR PROFIT AND LOSS ACCOUNT ITEMS

Gross premium 5,058,949 4,375,118 15.63

Premium earned 4,327,845 4,011,711 7.88

Investment and other income 397,439 699,519 (43.18)

Claims incurred 1,225,060 899,778 36.15

Profit before taxation 538,406 623,478 (13.64)

Profit after taxation 433,164 542,420 (20.14)

INFORMATION PER 50K ORDINARY SHARE

Earnings per share (kobo)(Basic) 8 11 (25.87)

Dividend per share (kobo) - 12 (100.00)

Assets ratio (kobo) 88 149 (40.94) Stock exchange quotation (kobo) at 31 December 125 670 (81.34)

Price earnings ratio 15 61 (75.41)

Number of 50k shares issued 5,312,425,762 4,829,477,966 -

Number of employees 306 306 -

Number of branches 16 15 -


FINANCIAL HIGHLIGHTS Insurance PlcRC 167274


Chairman’s statement

Mr. Or i t sedere Otubu


Distinguished Shareholders, Ladies and

Gentlemen,

It is my pleasure to welcome you to the

Fifteenth Annual General Meeting of our

Company, Staco Insurance Plc., and to

present to you the Annual Report and stAccounts for the year ended 31 December,

2009.

Business Environment

As anticipated, the year 2009 was indeed a

challenging one as the global economy did

not fully recover from what most economic

analyst termed a depression. The Central

Bank of Nigeria (CBN) played its regulatory

role by introducing some reforms in the

banking industry with a view to reversing

the negative trend. The reforms, however,

almost brought the credit expansion to a

total freeze resulting to a major slowdown

in economic activity in the last quarter of

year 2009. This caused business closures

and massive job losses in many sectors of

the economy thereby raising the

unemployment levels with adverse effect

on government revenues forcing

government to resort to increased

borrowing and stricter enforcement of

taxation. Also, the government's failure to

deliver on the promised 6,000 mw of

electricity power generation by December

2009 worsened the country's economic

activity.

Macroeconomic Conditions

The lower oil production volumes

occasioned by the attacks on oil

installations caused a significant drop in

government revenues and government at

all levels had to resort to a combination of

increased borrowing, more aggressive tax

col lection measures and reduced



expenditure to plug budget deficits.

Insurance Industry

In the light of the global economic meltdown, the

governments of both developed and developing

countries were working on strategies that would

turn their economies around. Consequently,

business regulators in Nigeria like other countries

introduced reforms that will ensure that business is

done in Nigeria in line with the world's accepted

best practices to attract foreign investors.

The National Insurance Commission (NAICOM)

has not been left out in the crusade for achieving

the best business practices as it has embarked on

strict enforcement of regulations and guidelines

more than ever before. It has similarly embarked

on public enlightenment on compulsory insurance

and the launching of new products nationwide. It

is also worthy of note that the passage of the Local

Content Act has helped to increase the retention

capacity of the local insurance companies on oil

and gas insurance businesses.

Financial Results

I am pleased to inform you that the Board and

Management worked relentlessly to keep your

company on the track of profitability in spite of the

operating environment. The Gross Premium

increased by 15.63% from N4.375 billion in 2008

to N5.058 billion in 2009. Our investment income

recorded a decline of 43.18% from N699.52

million in 2008 to N397.44 million in 2009 as a

result of the losses suffered in the capital market.

Despite the high rate of reduction in investment

income, your company strived to ameliorate the

effect on Profit before Tax (PBT) which declined

only marginally by 13.64% from N623.478 million

in 2008 to N538.406 million in 2009. We hope to

continue our effort and evolve strategies to ensure

that the trend is fully reversed in 2010.

Your company's shareholders fund increased

marginally from N4.336 billion in 2008 to N4.673

billion in 2009.( i.e. by N336.574 million or 7.76%)

Dividend

In view of the need for your company to improve

its financial performance your Directors are not

recommending payment of dividend.

Future Outlook

The insurance industry continues to face market

challenges as a fall out of the prevailing global

financial crisis. The various reforms aimed at

pulling the world economy out of recession have

also had their ripple effect on the income of the

insurance industry because of the reduced levels

of consumer credits, less disposable income for

consumers and weak capital market and exposure

to equities investments. Your Directors have

resolved to turn the challenges to opportunities,

strive to make your company a big player in the

underwriting of oil and energy business and give

necessary support to Management to improve the

company's performance for the benefit of all the

stakeholders. We are making frantic efforts at

repositioning your company for better strategic

presence in the market place.

Conclusion

I wish to express my appreciation to all our

customers and business partners for their loyal

patronage and support without which we would

not have attained our present position. I also wish

to express my gratitude to my colleagues on the

Board for their support and cooperation towards

making Staco Insurance Plc a household name

insurer in Nigeria.

Finally, I wish to thank our esteemed shareholders

for their interest, support and confidence in the

Board and to the Management and staff for their

dedication and commitment which has helped the

company to be counted among the best insurance

companies in Nigeria.

Thank you and God bless.

DERE OTUBU

991 5 T H A N N U A L R E P O R T & A C C O U N T S ‘ 0 91 5 T H A N N U A L R E P O R T & A C C O U N T S ‘ 0 9

Chairman’s Statement (cont’d.)Insurance Plc

RC 167274


BOARD OF DIRECTORS

Mr. Or i t sedere Otubu Cha i rman

Mr. S . O. Oye fesoManag ing D i rec to r / CEO

1010 1 5 T H A N N U A L R E P O R T & A C C O U N T S ‘ 0 91 5 T H A N N U A L R E P O R T & A C C O U N T S ‘ 0 9



Board Of Directors (cont ’d)

Mr. Pius Olarewaju-Director Mr. G. I. Ogan-Director

Mr. N. E. Chiejina-Director Mr. L. O. Ojakovo-Director

Mr. G. B. Okoturo-Director Mr. C. C. Chikeluba-Director





Mr. S. O. Oyefeso-Managing Director / CEO



M A N A G E M E N T T E A M

Mr. Bayo FakoredeAssociate Director (Brokers Group)

Mr. Tayo AjibuluAssociate Director (Corporate Clients)

Mrs. Adaobi NwaemeDeputy Director

(Lagos Control Office)

Mr. Goke AdeyemoDeputy Director

(Business Development)

M a n a g e m e n t T e a m ( c o n t ’ d )

Mrs. Tobore OjumahAssistant Director (HR/Admin)

Mr. Bola OgundijoAssistant Director (Brokers Unit)

Mr. Abiodun AjayiAGM (Finance)

Mr. Tunji NosiruAGM (Technical, LCO)

Mr. Olatunji AminuAGM (Transportation)

Mr. Hamza RazakAGM (Claims)

Mr. Lanre OyaleyeAGM (Fire, Engineering & Re-Insurance)

Mrs. Joyce OjemudiaAGM (Ikeja Branch)

Mr. Sola OyenugaAGM (Management Accounts)

Mr. Mojeed SogoAGM (Abuja Branch)

Mr. Adegboye AdetayoAGM (General Accident/Oil & Gas)

Mr. Sola Akinola

AGM (Marketing, LCO)




REPORT OF THE DIRECTORS

Directors hereby submit their report to the members of STACO INSURANCE PLC with

Balance Sheet as at 31 December 2009 together with the Profit and Loss Account for the

year ended on that date.

2009 2008

N'000 N'000

Profit Before Taxation 538,406 623,478

Less: Taxation Provision (105,242) (81,058)

Profit After Taxation 433,164 542,420

======= ======

Appropriation

Transfer to contingency reserve 151,768 131,254

Transfer to general reserve 281,396 411,166

433,164 542,420

======= =======

The company was incorporated in Nigeria as a public limited liability company in 1994

under the name of Standard Trust Assurance Plc. The Company's name was changed to

STACO Insurance Plc in 2007 following the merger of Standard Trust Assurance Plc with

Summit Insurance Company Limited as a result of directive from National Insurance

Commission (NAICOM) on the increase of share capital of Insurance Companies in

Nigeria.

The Company is principally engaged in General Insurance Business.

Mr. O.S Otubu Chairman

Mr. S.O. Oyefeso Managing Director/CEO

Mr. P. Olarewaju Director

Mr. G. I. Ogan Director

Mr. E. Chiejina Director

Mr. L.O. Ojakovo Director

Mr. G.B. Okoturo Director

Mr. C.C. Chikeluba Director

1. ACCOUNTS

2. LEGAL FORM

3. PRINCIPAL ACTIVITIES

4. DIRECTORS




5. RESPONSIBILITIES OF DIRECTORS

6. RE-ELECTION OF DIRECTORS

7. INTEREST OF DIRECTORS

8. SHARE CAPITAL

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

view of the state of affairs of the company as at the end of the financial year and of its profit and

cash flows for the year and comply with the provisions of the Companies and Allied Matters Act,

CAP C20, LFN 2004. These responsibilities include ensuring that:

. adequate internal control procedures are instituted to safeguard assets, prevent and detect fraud

and other irregularities;

. proper accounting records are maintained;

. applicable accounting standards are adhered to;

. suitable accounting policies are used and consistently applied; and

. the financial statements are prepared on the going concern basis unless it is inappropriate to

presume that the company will continue in business.

Messrs G. I. Ogan, C. C. Chikeluba and Pius Olarewaju, Directors will retire by rotation from the

board of directors at this annual general meeting and being eligible, offer themselves for re-

election.

Pursuant to Section 275 and 276 of the Companies and Allied Matters Act, CAP C20, LFN 2004, the

directors' direct interest in the Issued capital of the company as at 31 December 2009 is as

follows:

The Nominal Value of the Share is 50k each.

31/12/2009 31/12/2008

No. of Nominal No. of Nominal

Shares Value Shares Value

Names N N

Mr. O.S Otubu 307,348,043 153,674,021.50 279,407,312 139,703,656.00

Mr. S.O. Oyefeso 401,208,625 200,604,312.50 364,735,114 182,367,557.00

Mr. P. Olarewaju (Indirect) 221,100,001 110,550,000.50 201,000,001 100,500,000.50

Mr. I. G. Ogan 11,000,000 5,500,000.00 10,000,000 5,000,000.00

Mr E. Chiejina 14,758,333 7,379,166.50 13,416,666 6,708,333.00

Mr C.C Chikeluba 29,406,667 14,703,333.50 26,733,334 13,366,667.00

Mr L.O Ojakovo 44,000,000 22,000,000.00 40,000,000 20,000,000.00

Mr G.B Okoturo 12,397,647 6,198,823.50 11,270,588 5,635,294.00

As required by Section 277 of the Companies and Allied Matters Act 1990, none of the directors

has notified the company of any declarable Interest in contracts, which the company is involved as

at 31 December 2009.

The issued and fully paid up Share Capital was N2,656,212,881 divided into 5,312,425,762

ordinary shares of 50 kobo each as at 31 December 2009.

Report Of The Directors (cont'd)




Report Of The Directors (cont'd)

No shareholder except as disclosed below held more than 5% of the issued share capital of the

company as at 31 December 2009.

2009 % 2008 %

No of shares No of shares

Seaforce Investment Ltd 586,666,674 11.04 533,333,334 11.04

Mr. S. O. Oyefeso 401,208,625 7.56 364,735,114 7.56

Mr. O. O. S. Otubu 307,348,043 5.79 279,407,312 5.79

Nigerian Citizens and Associates 4,017,202,420 75.61 3,652,002,206 75.61

5,312,425,762 100 4,829,477,966 100

=========== === ========= ===

Movement in Fixed Assets during the period is shown in the Notes on the Financial Statements.

The company identifies with the aspirations of the community as well as the environment within

which it operates and made charitable donations to the under-listed organizations amounting to

N8,247,320 (2008- N2,300,000) during the year as follows:

Organisations: N

Gateway Polytechnic 2,500,000

Chartered Insurance Institute of Nigeria 1,500,000

Ansar-ud-deen Society of Nigeria 500,000

Nigerian Council of Registered Ins. Brokers 500,000

Annual Brokers Day Ibadan 100,000

Lasumba Heritage 150,000

Primetouch College 100,000

Institute of Chartered Accountants of Nigeria 100,000

Crowns Mouth Resort 100,000

Association of Registered Agents of Nigeria 50,000

Eagle Tower School 50,000

Others 2,697,320

8,247,320

========

(a) Employment of Disabled Persons

The Company does not discriminate in its employment policy as it relates to disabled persons.

(b) Health, Safety and Welfare

The Company complies with all Safety and Welfare regulations and maintains retainership

agreement with accredited Medical Clinics for the benefit of its Staff.

(c) Training and Development

The Company has a policy of ensuring “on the job” training and development of its staff.

9. SIGNIFICANT CHANGES IN FIXED ASSETS

10. DONATIONS AND CHARITABLE GIFTS

11. PERSONNEL




1 5 T H A N N U A L R E P O R T & A C C O U N T S ‘ 0 9 17

12. AUDITORSPursuant to Section 357(2) of the Companies and Allied Matters Act 1990, the Auditors, Messrs Abayomi Dosunmu & Co, (Chartered Accountants) have expressed their willingness to continue in office and a resolution will be proposed at the annual general meeting to authorize the Directors to fix their remuneration.

BY ORDER OF THE BOARD

Dated: …………………….. 2010

Report Of The Directors (cont'd)Insurance Plc

RC 167274



CORPORATE GOVERNANCE

1. INTRODUCTION

Corporate governance is the process and structure by which the business affairs of an institution

is directed and managed in order to improve long term shareholder value by enhancing corporate

performance and accountability, while taking into account the interests of other stakeholders.

At Staco Insurance Plc, we are dedicated to the protection and promotion of shareholders'

interest. The company recognizes the importance of the adoption of superior management

principles, its valuable contribution to long term business prosperity and accountability to its

shareholders.

The Company also complies with the code of corporate governance in the composition of the

Board of Directors by ensuring a diversity of experience without compromising integrity,

availability and independence.

2. Responsibilities of the Board;

The Board reviews corporate performance, authorizes and monitors strategic decisions whilst

ensuring regulatory compliance and safeguarding the interest of shareholders. It is committed to

ensuring that the company is managed in a manner that will fulfill stakeholder's aspirations and

societal expectations.

During the year, the Board actively performed the following roles;

. Ensuring the integrity of the company's accounting, financing and reporting system.

. Supervising and monitoring the execution of policies and providing direction for the

management.

. Review of corporate strategy, major plans of action, risk policy, business plans, setting

performance objectives, monitoring implementation and corporate performance.

3. Board Composition:The Board is composed of 8 members including the Chairman, who is a

Non Executive Director, the Managing Director and 6 Non Executive Directors. The Board of

Directors has a broad range of expertise that covers the oil sector, the company's main

business, the legal sector and finance. Each individual director has experience,

knowledge, qualifications, expertise and integrity necessary to effectively discharge the duties of

the board of directors.

4. Board Structure:

The Board has three Committees. The Committees are saddled with the following responsibilities;

Finance & Investment:

- Considering Quarterly And Annual Accounts

- Considering Annual Budgets

- Considering Investment Quarterly Report.

- Considering Capital Raising Exercise.

Human Resources:

- Formulating recruitment policy for the company

- Review of remuneration from time to time

- Recruitment of top management staff

- Review of organogram of the organization for time to time.

Audit:

- Review of accuracy of data and information in audited financial report.

- Reviewing of quarterly internal audit report.

- Considering and reviewing major changes in accounting policies.




Directors who were unable to attend any of the meetings sent apologies for absence

prior to the meeting.

6. Internal Audit:

The internal audit reports to the Board through the Managing Director and ensures

that all controls including financial, operational and compliance control and risk

management are functioning effectively.

7. Shareholder's Participation:

In line with the Code of Corporate Governance, the Company gives equal opportunity

to all shareholders. They are encouraged to participate in Annual General Meetings and

they receive notices of meeting and other relevant information/ documents at least 21

days before the meetings except in cases of EGM's and other exceptions under CAMA.

The Company also maintains a website at to promote effective

dissemination of information to shareholders.

OGUNBAJO TAIWO

AG. COMPANY SECRETARY

www.stacoplc.com

Corporate Governance (cont’d)

4.1 Board Members and their Committees:



5. Meetings of the board:

3452


Abayomi Dosunmu & Co.Chartered Accountants

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF STACO INSURANCE PLC

To the members of STACO Insurance Plc

Report on the Financial StatementsWe have audited the accompanying financial statements of STACO Insurance Plc which comprise the balance sheets as at 31 December 2009, the profit and loss account, statements of cash flows, value added statements for the year then ended, the statement of accounting policies, notes to the financial statements and the five year financial summary, as set out on page 41.

Directors' Responsibility for the Financial StatementsThe directors are responsible for the preparation and fair presentation of these financial statements in accordance with Statements of Accounting Standards applicable in Nigeria and in the manner required by the Companies and Allied Matters Act of Nigeria, and relevant National Insurance Commission (NAICOM) guidelines and circulars. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor's ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, these financial statements give a true and fair view of the financial position of STACO Insurance Plc as at 31 December 2009, Company's financial performance and cash flows for the year then ended in accordance with Statements of Accounting Standards applicable in Nigeria and in the manner required by the Companies and Allied Matters Act of Nigeria, Insurance Act of Nigeria and relevant NAICOM guidelines and circulars.

Report on Other Legal and Regulatory RequirementsCompliance with the requirements of Schedule 6 of the Companies and Allied Matters Act of Nigeria.In our opinion, proper books of account have been kept by the Company, so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us. Additionally, the Company's balance sheet and profit and loss account are in agreement with the books of accounts.

AUDITOR’S REPORTInsurance Plc

RC 167274



REPORT OF THE AUDIT COMMITTEE

We have examined the Auditor’s Report for the year ended 31st December, 2009 in accordance

with provision of section 352 of the Companies and Allied Matters Act, 1990.

We have obtained all the information and explanations we required for our work.

In our opinion, the A uditor’s Report is consistent with our review of the scope and planning of the

Audit and the Management letter and replies thereon, and the Company’s Accounting and

Financial Reporting policies are in accordance with the provision of Section 359(6)(a) of the

Companies and Allied Matters Act, 1990.

Lagos, Nigeria.

MEMBERS OF THE AUDIT COMMITTEE

1. Mr. I. G. Ogan

2. Mr. L. O. Ojakovo

3. Mr. Ebisa Rewane

4. Mr. M. O. Kassim



The following are the significant accounting policies which have been adopted by the company;

The financial statements have been prepared under the historical cost convention adopting the annual accounting basis. No provision has been made to reflect the effect of inflation or specific increase in prices.

Cash and bank balances represent the Company's balances held with banks in Nigeria and cash in hand.

Fixed asset are stated at cost less accumulated depreciation. Depreciation is provided to write off the cost of fixed assets over their expected useful lives at the following annual rates:

Leasehold property (Amortized over unexpired lease period 34 years)

Plant and Machinery 10%Motor vehicle 20%Office Equipment 10%Furniture and Fittings 10%Land and Buildings 2%Work-in-progress -

The capital element under finance lease is capitalized along with the company's fixed assets and depreciated at the same rates for assets in that category. The obligation to lessor is shown as part of borrowings, appropriately classified as to maturity.

Gross premium is recognized at the point of attachment of risk to a policy before deducting cost of reinsurance cover. All written premium relating to risk for period not falling within the accounting period is carried forward as unearned premium.

Net premium represents the total amount invoiced to policy holders less reinsurance. It is recognized as income from the date of attachment of risks.

Work-in-progress represents land and building under construction. The attributable cost of each asset will be transferred to the relevant asset category upon completion.

1. Basis of accounting

2. Cash and bank balances

3. Fixed assets

4. Finance lease

5. Gross premium

6 Net premium

7. Work-in-progress

ACCOUNTING POLICIESFOR THE YEAR ENDED 31 DECEMBER 2009




8. Claims expenses

9. Underwriting expenses

10. Deferred acquisition costs

11. Acquisition cost

12. Management expenses

13a. Trade debtors

13b. Other debtors and prepayments

All claims paid and incurred are charged against revenue as expense when incurred. Reinsurance

recoveries are recognized when the re-insurer accepts liability for the claims.

Underwriting expenses for insurance contracts are recognized as expenses when incurred, with

the exception of acquisition costs, which are recognized on a time apportionment basis in respect

of risks.

Acquisition costs comprise all direct and indirect costs arising from the writing of insurance

contracts. Deferred acquisition costs represent a proportion of commission and other acquisition

costs, which are incurred during a financial period and are deferred to the extent that they are

recoverable out of future revenue margins.

Acquisition costs comprise all direct and indirect costs arising from the writing of insurance

contracts.

Management expenses are expenses other than claims, investment and underwriting expenses.

They include salaries and wages, depreciation expenses and other expenses. They are accounted

for on an accrual basis.

Debtors are stated after deducting allowance made for specific debts considered doubtful of

recovery. In accordance with the National Insurance Commission (NAICOM) guidelines,

allowance is made for bad debts as follows:

Period outstanding % Allowance required

Up to 3 months Nil

3 - 6 months 25%

6 - 9 months 50%

9 - 12 months 75%

Above one (1) year 100%

Other debtors are stated after deduction of amounts considered bad or doubtful of recovery.

Subsequent recoveries are credited to the profit and loss account.

Prepayments are carried at cost less amortised amounts.

Accounting Policies (cont'd)

For The Year Ended 31 December 2009Insurance Plc

RC 167274


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14. Foreign currency transactions

15. Technical reserves

16. Long-term investments

17. Short-term investments

Transactions in foreign currencies are recorded in Naira at the rate ruling on the date of

the transaction. Assets and liabilities in foreign currencies are translated to Naira at the

rate ruling at the balance sheet date. All differences arising from the conversion of

balances in foreign currencies to the Naira are taken to profit and loss account.

These are computed in accordance with the provisions of Section 20 and 21 of the

Insurance Act 2003 as follows:

a. Reserve for unexpired risks

In accordance with Section 20(1) (a) of Insurance Act 2003, the reserve for unexpired

risks is calculated on a time apportionment basis in respect of the risks accepted during

the year.

b. Reserves for outstanding claims

In accordance with Section 20(1) (b) of Insurance Act 2003, the reserve for outstanding

claims is maintained at the total amount of outstanding claims plus 10% thereof to cover

claims incurred but not reported at the balance sheet date.

c. Contingency reserves

In accordance with Section 21(1) of Insurance Act 2003, the contingency reserve is

credited with the greater of 3% of total premiums, or 20% of the profits. This shall

accumulate until it reaches the amount of greater of minimum paid-up capital or 50

percent of net premiums.

Quoted investments are stated at the lower of cost or market value. The diminution in

value of investments is charged against profit and loss account.

These are stated at cost. Where in the opinion of the Directors the value of any unquoted

investment falls below its cost, an appropriate allowance for diminution in value thereof is

charged against the profit and loss account.

Short-term investments are stated at the lower of cost or market value. The carrying cost

is determined on an item by item basis. The amount by which cost exceeds market value

(unrealized loss) is charged to the profit and loss account. Realised gains or losses on

disposal of short-term investments are taken to the profit and loss account. Interest

receivable on investments is accrued and credited to the profit and loss account.

a. Quoted investments

b. Unquoted investments

Accounting Policies (cont’d.)

FOR THE YEAR ENDED 31 DECEMBER 2009Insurance Plc

RC 167274


18. Investment income

19. Taxation

20. Deferred taxation

21. Dividend

22. Pension

Investment income comprises income earned on short term deposits and dividends on port folio.

Income tax expenses/credits are recognized in the profit and loss account. Current income tax is the expected tax payable on the tax income for the year using the statutory tax rate at the balance sheet date.

Deferred taxation, which arises from timing differences in the recognition of items for accounting and tax purpose, is calculated using the liability method. Deferred taxation is provided fully on timing differences, which are expected to reverse at the rate of tax likely to be in force at the time of reversal.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the associated unused tax losses and deductible temporary differences can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

In accordance with SAS 23, dividend distribution to the company's shareholders is recognized as a liability in the Financial Statements in the period in which the dividend is approved by the shareholders.

The Company operates a contributory pension scheme for eligible employees. Employees and the Company contribute 7.5% each of the qualifying staff salary in line with the provisions of the Pension Reform Act 2004.


Accounting Policies (cont’d.)


RC 167274


26

Approved by the Board of Director on 17th September, 2010

The accounting policies on pages 22 to 25 and accompanying notes on pages 30 to 39 form part of these financial statements.

BALANCE SHEET AS AT 31 DECEMBER 2009





PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2009



REVENUE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2009





STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2009

2009 2008

N'000 N'000

Cash flow from operating activities

Profit for the period before taxation 538,406 623,478

Accretion to Insurance funds 390,957 410,988

Depreciation on fixed assets 112,442 129,599

Depreciation on leased assets 100,643 81,755

Operating profit before working capital changes 1,142,448 1,245,820

Working capital changes

Debtors and prepayments (1,136,638) (167,511)

Creditors and accruals 87,254 261,921

Cash generated from operations 93,064 1,340,230

Tax paid (26,992) (44,946) Dividend paid (96,590) (581,419)

Net Cash from operating activities (30,518) 713,865

Cash flow from investing activities

Bank loan 156,012 78,723

Convertible bond (182,356) -

Purchase of fixed assets (32,263) (53,779)

Leased assets (61,560) ( 222,790)

Investment portfolio 425,437 (472,524)

Library books (481) (933)

Net Cash from operating and investing activities 274,271 42,562

Cash flows from financing activities

Lease repayment (248,422) (179,585)

Net cash from financing activities (248,422) (179,585)

Net changes in cash and cash equivalents 25,849 (137,023)

Cash and cash equivalents at start of year 175,833 312,856

Cash and cash equivalents at end of the year 201,682 175,833




1 The Company

The company was incorporated as a public company in 1994. It markets General insurance

business and the shares became listed on the Nigerian Stock Exchange on June 18 2007.

In line with the NAICOM Directive to Insurance Companies to recapitalise, the company

increased its issued share capital through public offer and so increasing the networth to

N3 billion.

2009 2008

N'000 N'000

2 Cash and bank balances

Cash at bank 201,384 175,379

Cash in hand 298 454

201,682 175,833

3 Short term investments 2,285,104 2,252,241

Short term investments include fixed deposit with banks and other financial institutions

4 Debtors and Prepayments

Agency debtors (Note 4.1) 1,734,572 1,124,704

Interest receivable 208,082 -

Due from Reinsurance Companies 242,499 17,675

Prepayments 39,624 58,352

Staff loan 25,365 28,344

Deferred acquisition cost 225,876 62,458

Sundry debtors (Note 4.2) 127,200 175,047

2,603,218 1,466,580

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009




2009 2008

N'000 N'000

4.1 Agency debtors

Debtors for premium (Note 4.1.1) 1,892,349 1,983,181

Provision for doubtful debts (Note 4.1.1) (157,777) (858,477)

1,734,572 1,124,704

4.1.1 Age analysis of agency debtors

Gross % Provisions

Premium

0 to 90 days 1,403,150 -

91 to 180days 400,874 25 100,219

181 to 270 days 35,442 50 17,721

271 to 365 days 52,883 75 39,837

Over 360 days - 100 -

1,892,349 157,777

4.1.2 The movement in doubtful debt

provision during the year was as follows:

Balance brought forward 858,477 248,522

Addition (Note 4.1.1) 157,777 609,955

Written off during the year (858,477) -

Balance carried forward 157,777 858,477

4.2 Sundry debtors

Debtors 190,133 176,480

Provision for doubtful debts (Note 4.2.1) (62,933) (1,433)

127,200 175,047

4.2.1 Balance brought forward 1,433 -

Addition 61,500 1,433

Balance carried forward 62,933 1,433

4.3 Summary of charge to profit and

loss account

Agency Debtors (Note 4.1.2) 157,777 609,955

Other Debtors ( Note 4.2.1) 61,500 1,433

219,277 611,388

Notes To The Financial Statements (cont’d.)


RC 167274



2009 2008

N'000 N'000

5 Quoted Investments

First Bank of Nigeria Plc 6,733 6,733

Guaranty Trust Bank Plc 6,433 6,246

Nigerian Breweries Plc 466 466

Cadbury Nigeria Plc 641 641

Nolchem Plc 323 323

Mobil Nigeria Plc 323 323

Nestle Nigeria Plc 326 326

Nigeria Bottling Company Plc 383 383

Flour Mills of Nigeria Plc 290 290

Guinness Nigeria Plc 710 710

Zenith Bank Plc 1,912 253,912

Ashakacem Plc 342 342

United Bank for Africa Plc 78 78

PZ Cussons Nigeria Plc 410 410

Unilever Plc 450 450

Oceanic Bank Plc 530 530

OANDO Nigeria Plc 1,074 1,074

Diamond Bank Plc 200,504 200,504

Access Bank Plc 126,753 76,752

Intercontinental Bank Plc 4,807 4,807

Wema Bank Plc 1,500 1,501

Skye Bank Plc 1,270 1,270

Sterling Bank Plc 1,749 1,749

Spring Bank Plc 2,600 2,600

First City Monument Bank Plc 800 150,800

Berger Paint Plc 83 83

Access Bank bond 12,500 100,000

Union Bank of Nigeria Plc 158 158

Bank PHB Plc - 170,000

Afribank of Nigeria Plc 50,000 50,000

Fidelity Bank Plc - 80,000

424,148 1,113,461

Provision for diminution In value (Note 5.1) (190,461) (347,742)

233,687 765,719

Aggregate market value 233,687 765,719

5.1 Diminution in value

At 1 January (347,742) -

Addition during the year - (347,742)

Diminution on investment sold 66,909 -

Appreciation in value 90,372 -

At 31 December (Note 5) (190,461) (347,742)


FOR THE YEAR ENDED 31 DECEMBER 2009




2009 2008 N'000 N'000

6 Unquoted Equities at cost 703,232 629,500

In the opinion of the Directors the value of unquoted investments is not lower than cost.

7 Statutory depositThis represents amount deposited with Central Bank of Nigeria (CBN) in accordance with section 10(3) of the Insurance Act, 2003. 300,000 300,000

Notes To The Financial Statements (cont’d.) FOR THE YEAR ENDED 31 DECEMBER 2009







F O R T H E Y E A R E N D E D 3 1 D E C E M B E R 2 0 0 9


Notes To The Financial Statements ( Cont’d.)


RC 167274





2009 2008

12.2 Staff pension N'000 N'000

At 1 January 2009 - -

Provision in the year 35,321 23,197

35,321 23,197

Release to pension fund administrators (35,321) (23,197)

At 31 December 2009 - -

13 Taxation

Per profit and loss account

Income tax 86,944 60,737

Education tax 10,663 8,098

97,607 68,835

Deferred taxation (Note 15) 7,635 12,223

105,242 81,058

Per balance sheet

At 1 January 2009 179,030 155,141

Provision for the year 97,607 68,835

276,637 223,976

Payment during the year (26,992) (44,946)

At 31 December 2009 249,645 179,030

14 Insurance funds

Provision for unearned premium

Fire and Engineering 167,601 138,508

Motor 539,173 492,295

General Accident 153,966 114,749

Marine 123,030 95,298

Bonds 2 4

Oil and Energy 28,018 2,840

1,011,790 843,694

Provision for outstanding claims

This balance is inclusive of the 10% incurred but not reported(IBNR) provision as required under

section 20 (1)(b) of the Insurance Act 2003.

The outstanding claims are analysed below:

Gross claims Provision Outstanding Outstanding

outstanding for IBNR Claim Claim

2009 2009 2009 2008

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

Fire and Engineering 105,220 10,522 115,742 80,000

Motor 109,433 10,944 120,377 40,000

General Accident 132,220 13,222 145,442 41,000

Marine 34,755 3,475 38,230 25,000

Bonds 12,791 1,279 14,070 25,000

394,419 39,442 433,861 211,000

Insurance funds 1,445,651 1,054,694




2009 2008

N'000 N'000

15 Deferred taxation

Excess of tax allowances on eligible fixed

assets over the depreciation provided in

respect thereof;

At January 1 2009 36,444 24,221

Charge for the year (Note 13) 7,635 12,223

44,079 36,444

16 Share Capital

(a) Authorised

7,000,000,000 ordinary shares of 50k each

At 1st January 2009 3,500,000 2,500,000

Addition during the year - 1,000,000

At 31 December 2009 3,500,000 3,500,000

(b) Called up and Fully Paid

5,312,425,762 ordinary shares of 50k each

(2008: 4,829,477,966 ordinary share of 50k each)

At 1st January 2009 2,414,739 2,414,739

Bonus issue (Note 17) 241,474 -

At 31 December 2009 2,656,213 2,414,739

17 Share premium account

Balance at the beginning of the year 693,455 693,455

Bonus issue (Note 16b) (241,474) -

At 31 December 2009 451,981 693,455

18 General reserve

At January 2009 683,514 853,767

Profit for the year 281,396 411,166

Dividends paid (96,590) (581,419)

At 31 December 2009 868,320 683,514

19 Contingency reserve

At 1st January 2009 545,196 413,942

Transfer from profit and loss account 151,768 131,254

At 31 December 2009 696,964 545,196

Notes To The Financial Statements (cont ’d).






F O R T H E Y E A R E N D E D 3 1 D E C E M B E R 2 0 0 9Insurance Plc

RC 167274



2009 2008

25 Employees Number Number Average number of persons employed during the year 306 306

N'000 N'000 Aggregate Payroll Cost:Wages, salaries and other benefits 651,335 468,332

Chairman and other Directors emolumentsEmolumentChairman 170 170 Other Directors 1,050 1,050

1,220 1,220 FeesChairman 200 200 Other Directors 1,400 1,400

1,600 1,600

The number of Directors whose emoluments were within the following ranges :

Number Number

Above - 150,000 8 8

Employees remuneration at higher ratesThe number of employees in receipt of emoluments,including

Allowances within the following ranges were:20,001 - 30,000 - 1030,001 - 40,000 8 640,001 - 50,000 39 4150,001 - 60,000 14 1460,001 - 70,000 23 1570,001 - 80,000 - - 80,001 - 90,000 41 3990,001 - 100,000 - - 100,001 - 120,000 15 19Above - 120,000 166 162

26 PenaltyPenalty amounting to N365,000 was paid for late filing of returns to the regulatory authorities during the year.

27 Comparative figuresCertain comparative figures have been reclassified to conform with presentation in the current year.

Notes To The Financial Statements (contd.)


RC 167274



2009 2008

N'000 % N'000 %

Net earned premium and commission 4,444,829 4,064,430

Investment and other income 397,439 699,519

4,842,268 4,763,949

Claims, Commission and other services (3,203,048) (2,802,761)

Value added 1,639,220 100 1,961,188 100

Applied as follows:

To Employees:

Employee costs 651,335 41 468,332 24

To Government :

Government Taxes 105,242 6 81,058 4

To providers of finance :

Interest on finance lease 139,804 9 76,606 4

Dividend paid 96,590 6 581,419 30

Retained in business :

Depreciation on fixed assets 112,442 7 129,599 7

Depreciation on leased assets 100,643 5 81,754 4

Contingency reserve 151,768 9 131,254 7

Retained in the business 281,396 17 411,166 20

Value added 1,639,220 100 1,961,188 100

“Value added" represents the additional wealth, which the company was able to create through its own efforts and those of its

employees. This statement shows the allocation of that wealth between employees, government and the proportion retained for

the future creation of more wealth.

STATEMENT OF VALUE ADDED F O R T H E Y E A R E N D E D 3 1 D E C E M B E R 2 0 0 9




FIVE - YEAR FINANCIAL SUMMARYInsurance Plc

RC 167274




P E R F O R M A N C E C H A R T S




S H A R E C A P I T A L H I S T O R Y


EVENTS

L-R, Justus Eziri, Endorser of Staco Insurance Plc,MD/CEO and Dr. Teslim Sanusi, President of NCRIB at the

Staco Sponsored NCRIB Monthly Meeting.

Sakiru Oyefeso (MD/CEO) and Mr. Adegboyega Adepegba, DG of CIIN during CIIN courtesy visit to

Staco Insurance Plc.

The President of ICAN, Mrs. Elizabeth Adegbite and MD/CEO, Staco Insurance Plc., during ICAN

courtesy visit to Staco.

Staff at the Staco sponsored Walk for Education by Catholic Church of Assumption, Falomo, Ikoyi.

Participants at the quality service train the trainer Seminar




Staco Management making a presentation of KIA Rioto ICAN for the winner of the Raffle Draw at

Accountant Conference.

Goke Adeyemo (DD, Business Development) with the Female Winner of the Staco Sponsored Governor’s Cup

Tournament held in Uyo.

Mr. Tunde Odeyemi (Head, Corporate Affairs), and Mr. Ade Adetayo (AGM, GA/Oil & Gas) with representatives of ASISAN during a trade visit

to Staco.

Staff with Ben Oke (The Technical Consultant) during his send-forth after completing his contract

with Staco

Staco Staff at the CIIN Annual Fitness Walk.

Sakiru Oyefeso (MD/CEO) and Mr. Ray Atelly (Council member of NBCC) during NBCC

courtesy visit to Staco Insurance Plc.

EVENTS







N O T E S


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