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Growing a Sweet Harvest

About Us

About Us 4 5 6 10

Vision, Mission, Values Global Sugar Market Chairman’s Statement Company Rerview

Operational Review Our Operation Our People Our Approach to Sustainabilty Health and Safety Food Safety Our Approach to Risk Management Group Managing Director's Review

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Corporate Governance Corporate Governance Report Board of Directors Report of the Directors

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Financials Financial Highlights Statement of Director's Responsibilities in Relation to the Financial Statements Statement of Management's Responsibilities for the Preparation and Approval of the Financial Statements Statement of Directors' Responsibilities for the Preparation and Approval of the Financial Statements Report Of The Audit Committee Report of the Independent Auditors to the Members of Dangote Sugar Refinery Plc Consolidated and Separate Statement of Profit or Loss and other Comprehensive Income Consolidated and Separate Statement of Financial Position Consolidated Statement of Changes in Equity Separate Statement of Changes in Equity Consolidated and Separate Statement of Cash Flows Notes to the Consolidated and Separate Financial Statements Non IFRS Statement- Statement of Value Added Non IFRS Statement- Financial Summary Non IFRS Statement Five Year Financial Summary

52 53 54 55 56 57 58 59 60 61 62 63 108 109 110

Supplementary Information

Off loading at Apapa port, Lagos

Notice of Annual General Meeting Directors And Professional Advisers Corporate Information Share Capitalisation History E-Dividend Mandate Form Proxy Form Unclaimed Dividend Position as at 31st December, 2014

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2014

Operational Review

Corporate Governance Financial Statements

Vision, Mission, Values

Vision Our vision is to be one of the world's leading integrated sugar DANGOTE SUGAR R EF I N ERY P LC AN N UAL R EPORT 2014 producers, respected for the quality of our products and the way we conduct our business.

Mission To deliver consistently good returns to our shareholders by selling high-quality products at affordable prices, backed by excellent customer service. To satisfy market demand by producing the very best refined granulated sugar using exceptional resources and processes that comply with international standards and industry best practices To help Nigeria towards self-sufficiency in sugar production by moving from importation and refining to creating new plantations with their own refining facilities, close to major centres of demand, with a target to produce 1.5 million tonnes of refined sugar by 2024 across more than150,000 hectares of newly planted land. To provide economic benefits to local communities by way of direct and indirect employment. To set a good example in areas such as governance, sustainability, health and safety.

Values ? ? ? ?

Customer Service Entrepreneurship Excellence Leadership

Apapa Refinery, Lagos, Nigeria

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Global Sugar Market in 2014 About Us

Sugar is a commodity whose price is determined by the dynamics of global supply and demand. Sugar production is affected by weather and the amount of land under cultivation, while the consumption of sugar is driven by macro-economic factors such as increasing wealth and population growth in the developing world, set against conscious reductions in sugar consumption elsewhere. Although global sugar consumption is rising at present, its growth is being outpaced slightly by the increase in sugar production. Over the last two years, favourable weather conditions and new sugar projects have created surplus stocks that led to a fall in the global price of raw sugar from more than $450 per tonne to less than $350.

Operational Review

Corporate Governance Financial Statements

Global Sugar Production 2009/2010 - 2014/2015 (M MT)

180

177.6

175

175

172.3

172.5

170 165

162.2

160 155

153.4

150 145 140 2009/2010

2010/2011

2011/2012

2012/2013

2013/2014

2014/2015

Estimates Of World Sugar Production, Consumption And Global Surplus For 2013/2014 (million Tonnes, Raw) Source Czarnikow F.O. Licht ISO KINGSMAN USDA

Production 184.0 181.4 182.7 180.3 175.7

Consumption 181.1 175.2 178.8 175.1 168.7

Surplus 2.9 4.7 4.0 5.2 1.5

Taking an average of these estimates, sugar consumption has been on a steady increase over the past few years. In 2014, consumption rose by approximately 2.0% to 175.8MT from 172.3MT in 2013.

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To this end, our Board is following a prudent course of action that will support our backward integration projects and enable our Company to sustain a stronger financial footing in the future.



Aliko Dangote, GCON Chairman

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Chairman’s Statement About Us

Distinguished shareholders, My colleagues on the Board, invited guests, ladies and gentlemen. It is my pleasure to welcome you all to the 9th Annual General Meeting of our company, Dangote Sugar Refinery Plc, at which I will also present to you the Annual Report and Financial Statements for the year ended 31st December, 2014. 2014 was a year of challenges in our operating environment, particularly in the areas of declining purchasing power and security issues in the North Eastern part of the country. The situation and its impact on our business was a harsh reality, which we had to face and manage to the best of our ability. Despite challenging circumstances in the past year, the Group posted a turnover of ? 95 billion in 2014. Profit Before Tax (PBT) stood at ? 15.3 billion, and Profit After Tax (PAT) ? 11.6 billion. Earnings per share totaled 97kobo per share an 8% increase over the corresponding period in 2013. Worthy of mention is the resounding and unprecedented success of the recent presidential elections in Nigeria which gives much cause for optimism and we look forward to a stable future in the country, in which our business will thrive and continue to grow. 2014 Dividends It remains the Company's policy to return part of its profits as dividends to shareholders at the end of each business year. The dividend paid depends on the Company's financial performance, investment decisions, liquidity levels and banks balances. In view of the significant investments required for our backward integration projects, your company is in need of additional funding. As such, your

“2014 was a year of challenges in our operating environment, particularly in the areas of declining purchasing power and security issues in the north eastern part of the country”

Board has taken the decision to reduce the dividend payment for the year from 60 kobo per share to 40 kobo per share. This is a transitional situation, requiring our short term sacrifices in order to build for the future, and is necessary for us to maintain prudent capital and liquidity levels, to sustain our operations, in tandem with our backward integration projects.

Operational Review

Corporate Governance Financial Statements

To this end, your Board is following a prudent course of action that will support our backward integration projects and enable our Company to sustain a stronger financial footing in the future. The Global Sugar Market Conditions in the global sugar market were generally favourable to our refining business in 2014. The consumer demand in emerging markets remains subdued, despite population growth and the seeming gradual recovery in market economies, world sugar prices reflected surplus supply conditions and maintained a downward trend. From the very late 1990's up until 2014, the Global Sugar Manufacturing industry has had to contend with increasing production and volatile price levels. The increasing diversion of sugar stocks to ethanol production in Brazil did however, limit the buildup of surplus stocks. Raw sugar prices declined during the year, which led to a reduction in the dollar value of our raw sugar imports within the period. Also, the European Commission confirmed the abolition of sugar quotas from October 2017, and this placed a further cap on world sugar prices. As European sugar producers position themselves for a post-quota market, we will continue to expect more volatility in market prices. Nigerian Sugar Market in 2014 The Nigerian Sugar Market has seen an increase in investment activity during the year owing to the various initiatives that were prompted by the implementation of the Federal Government's National Sugar Development Plan. This plan has seen the

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Chairman’s Statement existing sugar operators invest in sugar plantations across the country in addition to consolidating their own refining activities. Despite a sluggish global demand trend, our market remained strong in the year. We had to contend with heightened insecurity in north eastern Nigeria, along with other consumer oriented businesses. Access to our key markets was hampered, while we also had to grapple with reduced consumer purchasing power and the periodic menace of low-priced unlicensed imported sugar. Notwithstanding this, our local sales volumes exceeded 780,000 tonnes in 2014, a slight reduction on the prior year. Our Strategy Recall that we have already begun the implementation of our sugar development plans. Ten years from now, our target is to produce 1.5 million tonnes of refined sugar from locally grown sugarcane that is processed at our own, onsite facilities in locations close to key Nigerian markets. We will maximise opportunities to benefit from the extended value chain in sugar production, with the production of fuel ethanol and the generation of electricity from our factories. We believe that our expansion project will g e n e r a t e m o r e t h a n 10 0 , 0 0 0 j o b opportunities in the coming decade. In 2014, we carried out an evaluation of our projects with the help of our technical partners. As a result of this evaluation, we have adjusted our expansion plans in line with market conditions and will now implement the overall project in stages. We have begun with the rehabilitation of the Savannah Sugar operations as a model for our plan, which will then be replicated across our o t h e r p r o j e c t s i t e s . Th e S a v a n n a h rehabilitation will be undertaken in parallel with the greenfield development of a 23,000 hectars project in Taraba State within the next 3-5 years. This will be followed by the development of our other sites to cumulate the project within the 10 year plan.

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Oil and Currency Impact in Short-Medium Term The beginning of 2015 has seen a carryover of the challenging business environment with even more impact on our cash resources. The devaluation of the naira amongst other uncertainties cast a shadow on the business environment. Lower oil prices and the naira depreciation had an impact on our raw material costs and we recognise that passing these costs fully to the already liquidity squeezed consumer environment is a major challenge. The Central Bank of Nigeria closed the RDAS/WDAS Foreign Exchange Window and directed all demand for foreign exchange to the Interbank Foreign Exchange Market. This development together with a general shortage of foreign currency and any further devaluation of the naira, will make the current business year difficult for us, as we consolidate and invest for the future. However, we have a firm belief in the viability of the Nigerian economy, and maintain a positive outlook for future investment. The Board will continue to guide our Company by employing strategies that will guarantee a sustainable future for our business.

“We are driven by a desire to contribute positively towards the development of the communities in which we operate, and to society at large.” Improvements in Governance and Risk Management We are driven by a desire to contribute positively towards the development of the communities in which we operate, and to society at large. As such, our Environment, Health & Safety, and Social Investment Agendas were enhanced during the year under review across all our operations.

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Chairman’s Statement About Us

The Board is a firm believer that the sustainability of our business is interwoven with the health & safety of our people and a strong attitude of caring for our environment. This is guided by good corporate governance and effective risk management initiatives that are now being implemented within the Group. Dangote Sugar will continue to implement its sustainability agenda, which is the platform it uses in the delivery of its commitments with focus on environmental awareness, promoting health and safety and minimising the risks within our operations. Board of Directors Since the last Annual General Meeting, there have been no changes in the Board composition. The Board is currently made up of two (2) Executive Directors, Eight (8) Non–Executive Directors including the Chairman, three (3) of which are Independent. Three (3) Directors will retire by rotation at this meeting and the Directors eligible will present themselves for re-election at this meeting. Details of the members of the Board of Directors are shown on pages 39 to 42 of the annual report.

Despite our present economic challenges, the Board remains very confident that our company is positioned strongly to enhance its leadership position and our expansion strategy will deliver business success and long-term value for shareholders. My sincere appreciation goes to my fellow Directors for their contributions. I also appreciate our esteemed shareholders, customers, suppliers and every stakeholder for their continued support and partnership.

Operational Review

Corporate Governance Financial Statements

Our employees remain the key to our success, and without their commitment, all the operational improvements we have recorded over the years, would not have been possible. I am confident that we have the right strategy, the people and resources to continuously deliver sustainable growth for the company, and returns to shareholders in the years ahead. Thank you.

Aliko Dangote, GCON Chairman

Apapa Refinery Jetty

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Company Overview Dangote Sugar Refinery Plc (“Dangote Sugar” or “DSR”) is a household name in the sugar refining sector of the Nigerian Food and Beverage Industry. Our entry into the sugar business dates back to the 1970s with the import and sale of sugar by our parent company, Dangote Industries Limited. Today, Dangote Sugar is a leading brand that has made a remarkable impact on the Nigerian sugar sector. Our sugar refining facility at Apapa is the largest in Sub-Saharan Africa, with 1.44MT per annum installed capacity. Our core competences include: ?

Refining of raw sugar to make highquality Vitamin A fortified and nonfortified granulated white sugar ? Marketing and distribution of our refined sugar grades in 50kg, 1kg, 500g & 250g Ibese, Ogun State, Nigeria packages ? Cultivation and milling of sugar cane to finished sugar from our subsidiary, Savannah Sugar Company Limited ?

line with our strategy, “Sugar for Nigeria,” which in turn is an integral part of Nigeria's National Sugar Master Plan In addition, our business provides key valueadded support services for our customers including logistics, supply-chain management, credit and risk advice, sales and merchandising. We operate to international standards of food production, health and safety and have been honoured with numerous awards for our work. Dangote Sugar Refinery Plc was listed on the main board of the Nigerian Stock Exchange (NSE) on 18th March, 2007. With more than 102,000 shareholders as at 31st December, 2014, the authorized share capital of DSR Plc is ? 6 billion, amounting to 12 billion shares of 50 kobo each. Dangote Industries Limited has a majority shareholding of approximately 67.66% while 32.34% is held by other shareholders.

Development of greenfield projects in

Raw Sugar Sugar Shed Shed at at Apapa Apapa Refinery Refinery Raw

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Operational Review

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Our Operations About Us

Dangote Sugar Refinery, Apapa Our flagship refinery complex is located at Apapa Wharf in Lagos, with a dedicated jetty that berths large shipments of raw sugar from Brazil. The facility was commissioned in 2000, with an initial refining capacity of 600,000MTPA. Over the years, the facility has undergone two major upgrades that have turned it into one of the largest sugar refineries in the world with 1.44MTPA refining capacity. The refinery is powered efficiently with gas and/or Low-Pour Fuel Oil (LPFO) with 16MW of in-house generating capability. Over 2013-14, the facility benefited from further upgrades that now enable it to achieve more efficient sugar yields. We continue to improve its efficiency and are installing a new high-pressure boiler, upgrading automation and improving energy conservation. The energy-saving project is an advanced engineering intervention to improve the efficient use of energy in our sugar refining process. When completed, the scheme is expected to reduce our cost of production, increase productivity and further improve the quality of our refined sugar. Together, these

initiatives will enhance our competitive position in the Nigerian sugar industry.

Operational Operations reviews Review

Our refining operations are supported by warehouses located strategically across the country and served by more than 400 trucks that take our finished products to market.

Corporate Governance Financial Statements

Sugar for Nigeria - The Future of our Business Nigeria has always imported sugar, either raw for refining or in its refined and granulated forms. This dependence on imports is a reflection on the fact that until recently, Nigeria has had no native sugar production industry of any scale and there was little incentive to create one. Yet Nigeria is a country that is blessed with abundant fertile land suitable for planting sugar cane. Recognising this paradox, the Federal Government drew up the Nigerian Sugar Master Plan, which is an ambitious drive to make Nigeria self-sufficient in this most basic commodity, at the same time reducing outflows of Nigerian cash for imports and creating thousands of jobs in sugar production. This policy of ‘Backward

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Our Operations Integration’ – achieving self-sufficiency by turning importers into producers has already achieved spectacular success in the Cement industry where, benefiting from favourable tax incentives and the phasing out of imports, our sister company, Dangote Cement Plc, has almost single-handedly made Nigeria selfsufficient in cement. Dangote Sugar is an integral part of this national plan. In 2012, we committed ourselves to becoming an integrated sugar business, serving local and export markets from integrated plantation and refinery sites that we plan to build across Nigeria. Our goal over the next ten years is to reach a capacity to produce 1.5 million tonnes of refined sugar every year from locally grown sugarcane. At the same time, we will sustain and improve our existing refining operations as necessary. Pursuing this goal will ensure that Dangote

Sugar becomes a global force in sugar production, for the benefit of our shareholders and all Nigeria. We have set out to achieve this target by the planting and cultivation of sugarcane on new plantations covering more than 150,000 hectares of land across a number of sites in Nigeria. The implementation of our development plan has commenced with the rehabilitation and expansion of Savannah Sugar in Adamawa State, which was acquired in December 2012. As shown in the map below, we plan other integrated sites in locations close to suitable land with good irrigation, close to key markets. We have begun acquiring additional sites and are engaging competent technical partners to plan and develop the necessary agricultural work, factory design and project planning.

Sokoto Katsina Yobe

Jigawa

Zamfara

Borno

Kano Kebbi

Bauchi

Kaduna

Gombe Niger

Adamawa Plateau Abuja FCT

Kwara

Nasarawa

Oyo

Taraba Kogi

Ekiti Osun Ogun

Benue Ondo

Enugu

Edo

Anam bra

Lagos

Delta

Bayelsa

Imo

Rivers

Ebonyi

Abia

Cross River

KEY Green Field Projects

Akwa Ibom

Savannah Sugar Estate

Highlights of Dangote Sugar's Expansion Plan

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?

Move from port-based refining to fully integrated sugar production within Nigeria, thereby helping Nigeria to achieve self-sufficiency in sugar production

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Develop, in the next 5-10 years, the capacity to produce 1.5 million tonnes of sugar a year from more than150,000 hectares of locally grown cane at existing and new plantations

?

Create more than 100,000 new employment opportunities

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Our Operations About Us Operational Operations reviews Review

Corporate Governance Financial Statements

New Sugarcane plantation at Savannah

Savannah Sugar Company Limited Savannah Sugar Company Limited (SSCL) is an existing cane sugar production operation located on 32,000 hectares of land in Numan, Adamawa State, Nigeria, with a milling capacity of 50,000 tonnes of sugar per annum. At present, however, SSCL produces refined sugar from just 6,750 hectares of sugar cane cultivated on its sugarcane fields. As part of our growth strategy, SSCL is undergoing rehabilitation and expansion so that much more of its land can be planted and harvested effectively. Investments have already been made and are ongoing in land preparation and development, farm machinery, environmental improvements, employee welfare and manpower training and development.

This expansion project will increase sugar milling capacity to some 260,000 tonnes of sugar per annum, from sugar cane produced on approximately 25,000 hectares of cultivated land. Rehabilitation of the SSCL estate has commenced and land development and planting of new areas to sugarcane will continue over the next two years. The project will include the development of 25,000 hectares of land by 2018, an out-growers scheme and the refurbishment of infrastructure within the estate, as well as a significant upgrade to its existing factory. In addition, a new factory is also under consideration to process the increased cane supply. SSCL employs 700 full-time staff, and 4800 part-time staff, with seasonal workers during the harvest season.

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Our Operations Expansion Projects Apart from the rehabilitation of Savannah Sugar’s plantation and factory infrastructure, our growth strategy to farm more than 150,000 hectares of planted sugarcane by 2023 includes the creation of integrated plantation and refinery facilities at the following locations: • Lau/Tau, Taraba State • Hadejia, Jigawa State • Zaria kalakala, Kebbi State • Kpada, Kwara/Kogi States Integrated sugar mills will be sited at these locations to: • Refine white sugar from locally grown sugarcane to sell into local markets and where appropriate, to export to other markets across West Africa. •

Generate power from bagasse for own use, with any excess electricity being sold to the national grid.



Produce Fuel Ethanol (ethyl alcohol).



Produce Animal feed from molasses and bagasse .



Produce Bio-Fertilizer from pressmud/filter cake during sugar manufacturing.

Expansion Project Phase 1 This first phase of the project has begun with pre-project implementation activities including: • New site selection/suitability (soil Assessmtnt, topography, climate, water and Irrigation potential)

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Project design, detailed studies and development of implementation strategy



Partnership with technical consultants to conduct feasibility studies and develop appropriate designs



Investment in farm machinery and equipment

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New sites survey and land development; Seed cane production; planting; irrigation; industrial development; housing and amenities

This phase also includes the rehabilitation and expansion of Savannah Sugar’s estate, which will be used as a model for the other locations. We have begun with the following activities: •

Land development and expansion of cane production at Savannah.



Refurbishment/Upgrade of SSCL facilities (factory, housing & amenities).



Reintroduction of a robust out-growers scheme.



Char ting community relations & development initiatives guided by consultations and engagements with the local communities in which we will operate. The initiative will be implemented through various environmental, healthcare, educational, skills acquisition and job creation programmes to make a positive impact on the living standards in these communities, aimed towards fostering a sound cordial relationship with them.

Lau/Tau, Taraba State Project The Lau & Tau Sugar Project will be the first of the new sites to be developed over the next three years. The area is located on the south bank of the Benue River in Taraba State, about 30 km Northeast of Jalingo. The project will be an independent sugar estate, as per the Savannah model, with its own sugarcane plantation and mill. Land acquisition for the site is nearing completion and pre-project development activities have commenced on the site. Soil and topographic surveys of the land have been concluded and verification of irrigation water availability is underway to better determine bulk water supply and the location of abstraction points. An environmental and social impact assessment is also in progress.

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Our Operations About Us

Initially, 18,000 hectares growing to 23,000 hectares will be planted with room for the development of nearby lands as an outgrowers scheme. The project will produce 2.3 million tonnes of sugarcane. Lau/Tau will have a cane milling factory capable of handling 12,000 tonnes/day, and the aim is to produce 250,000 tonnes of refined sugar per annum. The main source of irrigation for the Lau and Tau project will be the Benue and Lamurde Rivers. To achieve our target for factory

commissioning in 2018, we have started building up our cane supply with the establishment of a sugarcane nursery at Lau & Tau. The seed cane nursery will be used to plant a commercial nursery, and thereafter to fully develop the total area to be planted. The cane from the nursery will be used to plant sugarcane during the next three years, with a target of 2018 for the first commercial harvest. This will coincide with the commissioning of a new factory at the site.

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Operational Operations reviews Review

Corporate Governance Financial Statements

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Our Operations Hadejia, Jigawa State Project The Jigawa State project site is a 21,449 hectares of land located at Hadejia. An environmental and soil impact assessment is underway. In addition, soil surveys and topographical assessments have been completed. Our technical partner have commenced the agricultural design as part of a detailed feasibility study. Factory requirements will be met by the design of a 12,000tonne/day sugarcane milling facility.

These projects will have integrated sugar operations on 60,000ha area in Kebbi State, and 36,000ha at Kwara/Kogi States. The approvals for the sites have been obtained from the relevant authorities and the soil and topographical surveys concluded. We are now finalising the land acquisition processes. Once concluded, the pre-project activities will commence at these locations to ensure the target deadline is met.

Expansion Project Phase 2: Kebbi And Kwara/kogi States Projects, 5-10 Years The second phase of expansion into new sites will cover two further locations in Kebbi and Kwara/Kogi states over the next 5 to 10 years.

New Sugarcane Nursery at Lau/Tau, Taraba State Project Site

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Our People About Us

Our people continue to be the driving force behind our business, therefore, our human resources and manpower development strategies are aligned with our business objectives and aspirations.

The Group has designed and is implementing a performance management system, which will help us to identify gaps in our reward system and address specific training development needs of our employees.

During the year under review, we reviewed our organisational development, with talent management, performance management, employee engagement and competitive appraisal systems redesigned to motivate our employees. We are building capability and leadership among our people and attracting some of the best talent in the marketplace. The development of relevant competences remains an important priority for management.

The Company has maintained harmonious industrial relations with employees. With our robust aspirations for the future, our employees are carried along with developments in the company with periodic briefing by our management. We will continue to upgrade the skills and competences of our people to firmly position us as a leading sugar industry business.

Operational Operations reviews Review

Corporate Governance Financial Statements

During the year, in addition to 'on the job learning', 96% of employees attended inhouse training, local and international learning and developmental courses to upgrade their skills for optimal performance.

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3 1. Employee Long Service Award Recipient 2. Employee SAP Super User Award recipient 3. Cross section of staff at the SAP Super User Awards

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Our Approach To Sustainability Our sustainability approach is driven by a desire to contribute and impact positively towards the development of the immediate communities we operate in and society at large. In 2014, our Environmental, Health and Safety, and Social Investment efforts were enhanced with the consolidation of existing and development of new group-wide policies that will guide our approach to this very important aspect of our businesses. These efforts are coordinated by a central group directorate at our parent company, Dangote Industries, who work with the sustainability team in Dangote Sugar to ensure that policies and standards are implemented to meet the specific requirements of each business.

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For Dangote Sugar, this sustainability agenda guides the delivery of our commitments in this area, with focus on promoting Health and safety within our operations, as well as supporting our commitments to the host communities of our projects. 2

3 1. Savannah Sugar Staff School Children 2. & 3. Presentation of the Patrol Vehicles to NAFDAC

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Health and Safety About Us

We are committed to the implementation and maintenance of Occupational Health and Safety Management Systems (OHSMS) that aim at the prevention of occupational injury and ill–health to all people who have access to the organisation's workplace. A strong commitment to continuous improvement is needed for production, sales and delivery of refined granulated white sugar in compliance with relevant legal, statutory and other requirements.

a safe working environment, with minimal risk to their health, as we strive to achieve zero accidents in our operations. In addition, the Staff Welfare Unit organizes health awareness talks, seminars and programmes with professionals in the health sector on various health issues and diseases such as HIV/AIDS, high blood pressure, personal hygiene, Ebola, Diabetes, and other serious diseases.

Operational Operations reviews Review

Corporate Governance Financial Statements

During the year under review, we enhanced our commitment to ensuring zero accidents across our operations, with an improved health and safety strategy, with the objective of building and reinforcing a winning safety culture amongst employees. Our slogan remains: “Safety First. If it is not safe, don't do it.” The occupational health & safety policy is documented, monitored and sustained through adequate communication, supervision and awareness creation to all employees, suppliers and all stakeholders in line with the requirements of the OHSAS 18001:2007 safety system. Health, safety and environmental workshops are organised for all employees with a broad focus on continuous improvement to ensure 1

2 1. OH & S Certificate 2. Cross section of DSR HSE officers & Fire Marshals

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Food Safety The Dangote Sugar Refinery Plc food safety policy ensures that our operations in refining, sales and distribution of granulated white sugar meet statutory, regulatory and consumer food safety requirements, using the most appropriate food grade production facilities under hygienic conditions, whilst also maintaining effective communication with stakeholders on food safety issues. Our food safety policy is supported by measurable objectives that are monitored, maintained and continually reviewed with the objectives: a. To provide wholesome and nutritious sugar that supports healthy living b. To achieve 100% compliance with all relevant customers', statutory and regulatory food safety requirements c. To ensure that all relevant parties in the food production chain are aware of, and comply with the company's food safety requirement. Dangote Sugar Refinery Plc is FSMS (Food Safety Management System) I SO 22000:2005, certified, and we are working towards the achievement of the FSSC 22000 (Food Safety System Certification); before the end of the 2015 business year. The FSSC 22000 (Food Safety System Certification) is a Global Food Safety Initiative (GFSI). This food safety certification and other efforts in the continuous improvement of our product quality and standards has made Dangote Sugar the preferred brand of most multinational corporations in the Nigerian food and beverage sector.

“Our food safety policy is suppor ted by measurable objectives that are monitored, maintained and continually reviewed to achieve 100% compliance, with applicable customers, Statutory/regulatory food safety requirements”

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picture to be adviced

3 1. Employees handling the Retail Sugar Packaging 2. Dangote Sugar Retail Packaging Plant @ Ikeja 3. Vee Processor: the Vitamin A Mixer. Vitamin A is added to our sugar for the required 25,000 iu/kg minimum

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Our Approach To Risk Management About Us

Risk management remains integral to our operational strategy and the achievement of our long-term goals. Given the volatile environment we operate in, our businesses are subject to risks and uncertainties. The Board, therefore, have during the year under review paid particular attention to sharpening our focus on the following key risk areas: credit, market, liquidity, operational and safety risks. A new approach to risk management was developed, with a robust risk framework piloted by the Audit and Audit/Risk Management Committee of the Board of Directors, in line with internationally accepted standards. The Board of Directors are advised by its audit and audit/risk management committee where appropriate; they regularly review the significant risks and decisions that could have a material impact on our business. These reviews provide a clear position on the level of risk that we can take in pursuit of our business strategies, and the effectiveness of the management controls in place to mitigate the risk exposures. The risk management department has been

strengthened by the appointment of professional risk managers to ensure a holistic fit-for-purpose approach, with a robust framework for timely identification, measurement, control, reporting and monitoring of risks in the company. This approach has been designed to provide reasonable assurance that our assets are safeguarded, while the risks facing the businesses are assessed on a continuous basis to mitigate any eventualities.

Operational Operations reviews Review

Corporate Governance Financial Statements

Periodically, the audit and audit/risk committee, through the Group risk team review and assess the internal controls and procedures, approved by the Board of Directors; testing effectiveness and the remedial actions to be taken should the need arise. As a result, our people are more aware that our success as an organisation does not just depend on our ability to identify and exploit the opportunities that are available in the markets we operate in. In addition, we must adopt a prudent approach to risk management, which if not well managed could impact on our ability to meet our targets and profitability and could also be detrimental to our reputation.

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Group Managing Director's Review these factors by commissioning an alternative boiler fuel system (using low pour fuel oil), which sustained our operations, whilst also benefitting from lower raw sugar prices during the year. We were able to increase selling prices to offset cost increases brought about by currency devaluation in the last quarter of 2014. Our sales team worked continuously with our trade customers to sustain their needs in troubled parts of the country and we were also able to improve the supply of high quality refined sugar to our corporate customers. Group sugar production totaled 838,993 tonnes for the year, compared to 819,996 tonnes produced in 2013. A total of 832,660 tonnes of refined sugar was produced at the Apapa refinery (2013: 814,910 tonnes). At Savannah, sugar production increased to 6,333 tonnes from 5,036 tonnes produced in 2013, reflecting the beginning of our rehabilitation and expansion activities.

Graham Clark Group Managing Director

“Our sales and marketing objectives during the year remained the sustenance of our leadership position and enabled us to maintain the largest market share in Nigeria.” During 2014, our primary focus was to enhance our operational efficiency, focus on our growth plans, increase sugar production, and to continue to provide for the needs and requirements of our customers, employees and stakeholders generally. Regular communication with our investor community continued via quarterly financial and performance updates designed to give a better understanding of the key drivers of our business, as well as describing our achievements, challenges and aspirations for the future. Our performance in 2014 was negatively impacted by operational challenges including disruptions to the supply of natural gas (our primary energy source) to the Apapa Refinery, currency depreciation and the challenges of the security situation in North-Eastern Nigeria. We were, however, able to mitigate the impact of

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Group sugar sales volume was 781,319 tonnes (2013: 804,258 tonnes). Local sales declined by 3%, reflecting the challenges faced in the domestic market. No sugar was exported in the year compared to 15,000 tonnes exported in 2013, this being due to unattractive export prices prevailing during 2014. Turnover for the year reached ? 95billion, (2013 ? 103billion), and the refinery achieved a gross operating margin of 23% compared to 26% in 2013. Group profit before tax and profit after tax stood at ? 15.3b and ? 11.6billion, respectively, compared to ? 16.3billion and ? 10.8billion achieved in 2013. Group earnings per share increased from 90 to 97 kobo per share. During the year, our cash needs were met from cash generated from our Apapa Refinery operations. Investments made in respect of the various projects we have embarked upon in sugar production and equipment/operational upgrades were funded from these internal resources, as well as our expansion project needs. These investments are the foundation that will support our sustainable growth over time by improving our operational efficiencies, output and returns to shareholders in the years to come. As part of our operational focus, we continue to implement various projects at the Apapa Refinery geared towards achieving improved operational efficiency and increased output.

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Group Managing Director's Review About Us

We are also in the process of upgrading our quality systems, working towards achieving the Food Safety System Certification (FSSC 2200); a Global Food Safety Initiative (GFSI) recognised scheme, before the end of 2015. This certification will further boost our food safety standards and position our product as the preferred brand to companies in the pharmaceutical and food and beverage industries in Nigeria. Our activities were further enhanced in the year with a strengthened Enterprise Wide Risk Management approach. This will enable us to better manage existing and emerging business risks via a process that effectively identifies, measures and monitors the risk environment in which we operate. The introduction of a capital projects function will also help us to successfully undertake capital projects through planning, project management and formal tracking against our project objectives. Our sales and marketing objectives during the year remained the sustenance of our leadership position and enabled us to maintain the largest market share in Nigeria. To achieve this, we focused on the upgrading of our sales and marketing strategy by developing and implementing new initiatives to maximise our strengths in the market. Fixed-term supply agreements were negotiated with corporate customers, customer performance incentives were continued and technical and market support was provided where needed. To this end, we established new distributors, enforced rigorous compliance to our trade terms and facilitated customer forums to enable us to work with our customers to maximise their growth potential.

Our sugar development projects continued in the year, with technical evaluation and design activities for our identified opportunities being progressed. The agricultural and factory rehabilitation of Savannah is ongoing, and a total of 1,223 hectares was redeveloped in the year, with plant, equipment and field machinery deployed as necessary. This redevelopment area will increase to a targeted 2,735 hectares in 2015, and accelerate thereafter to fully develop all available land over the next 3 years.

Operational Review

Corporate Governance Financial Statements

The 2014, sugar production season at Savannah commenced in January 2014 and ended in April 2014. Cane production during the year was negatively impacted by the challenges faced on the estate in the prior year. As a result, cane yields remained low, although higher than the prior season average, and a total of 123,494 tonnes of cane was harvested, compared to 102,181 tonnes of cane harvested in 2013. The 2015 harvest commenced in January 2015, with improved cane yields being recorded to date following new area planted and improved cane husbandry on the estate. The sucrose content in the cane is also much improved and sugar production in the coming season stands to exceed prior-year achievements. Our additional expansion plans on the identified sites continues to gain momentum, with our goal remaining to achieve 1.5 million tonnes of refined sugar per annum in the next 10 years, from locally grown sugar cane that is produced and processed at the new facilities in Nigeria. We have redrawn our project implementation plans to develop these new projects in two phases.

Retail Sugar Packaging Plant

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Group Managing Director's Review The first phase will include the ongoing rehabilitation and expansion of Savannah to ultimately produce 260,000 tonnes of refined sugar per annum. In parallel, we will commence the development of the Lau/Tau project in Taraba State and will also mobilise to commence the development of a second new site at Hadejia in Jigawa State. Site evaluation and technical design work is progressing in respect of these two new sites and land acquisition procedures are nearing completion at Lau/Tau and continue at Hadejia. It is anticipated that these projects will span a 5year horizon, the intention being to produce up to 750,000 tonnes of refined sugar in this first phase. When the first phase of our development is nearing completion, the second phase of our expansion plan will be to commence development in Kebbi, Kwara and Kogi States. Site evaluation and technical analysis of these sites is underway in order to complete all preliminary work well ahead of the development timetable for these sites. As an organisation, sustainability and equitable growth remain key drivers of our business operations. During the past year, various

sustainability initiatives have been progressed to improve our environmental, health and safety and social investment agendas. Ultimately these initiatives will contribute to improved operational efficiency, the reduction of operating costs and better management of operational risk. The implementation of enhanced health and safety initiatives continues in order to improve the working environment of our employees. Ongoing safety awareness campaigns and the implementation of improved workplace safety procedures is part of our drive to upgrade and heighten workplace safety awareness amongst our workforce, service providers and visitors to our facilities. We will continue to strive towards an accident free environment with health and safety procedures designed to lift the wellbeing and productivity of our workforce. The outlook for 2015 remains challenging in the face of external factors such as currency devaluation that might have an impact on our business. Attention will be focused to mitigating the potential negative impact of these factors as we strive to sustain our growth during 2015.

Graham Clark Group Managing Director

Land preparation activities at Savannah

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Growing Growing aa Sweet Sweet Harvest Harvest

About Us Operational Operations reviews Review

Corporate Governance

D D AA N NG GO O TT EE SS U UG G AA RR RR EE FF II N N EE RR YY PP LL CC

AA N NN NU U AA LL RR EE PP O O RR TT 22 00 11 44

Corporate Governance Financial Statements

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declared. Consequently, we have requested all shareholders to complete the detachable form in the annual report, in order to provide our registrars, Veritas Registrars Limited, with their bank and other details. Board of Directors The Board currently consists of ten (10) members, the Chairman, Group Managing Director, Deputy Group Managing Director and seven non-executive Directors, three (3) of whom are Independent Directors. The Board has the overall responsibility for ensuring that the Company is appropriately managed towards the achievement of the Company’s strategic objectives. The Board is headed by a non–executive Chairman.

Aliko Dangote, GCON Chairman of the Board Dear Shareholder,

Dangote Sugar Refinery Plc. (DSR) is committed to best practice and procedures in Corporate Governance. The Board put in place mechanisms that assist it to review, on a regular basis, the operations of the Company so as to ensure that our business is conducted in accordance with good Corporate Governance and global best practices. Transparency in Financial Reporting and Internal Control Dangote Sugar Refinery Plc produces a comprehensive annual report and financial statements in compliance with the Company and Allied Matters Act. We put in place adequate internal control procedures and ensure that the documents reveal the business and provide detailed audited financial statements in accordance with the relevant accounting standards and regulations. E-dividend Consistent with the Dangote Sugar Refinery Plc business strategy, shareholder value Creation and commitment to good Corporate Governance, we are encouraging our shareholders to embrace the e-dividend. This is to enable us to pay the dividend due to shareholders by crediting their bank accounts with dividends immediately after they are

Operational Review

Corporate Governance Financial Statements

Responsibilities of the Board Of Directors The general responsibilities of the Board include but are not limited to the following: • Defining the vision, goals, objectives and strategic priorities including recruiting and evaluating the performance of the Officers; reviewing the company’s organisation and remuneration structure; and establishing a succession plan for the GMD and the senior officers. • Establishing the overall business objectives and strategies, and through an institutionalised strategic planning process, consider whether they continue to be appropriate in the context of the business environment, taking responsibility for issuing the audited financial statements and ensuring the high quality and reasonableness of the accounting and financial management. • Reviewing the short, medium and longterm strategic, financial and business plans including reviewing the annual budget of the company as well as major risks to which the company is exposed. • Providing a broad oversight of the overall activities and affairs of DSR and the effective performance of management and monitoring the deployment of financial and human resources for the achievement of those plans.

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Corporate Governance Report • Reviewing and approving all major capital expenditure and material projects such as investments, divestments, mergers and acquisitions or other business combinations. • Establishing procedures for the approval of and approving all significant acquisitions and major contracts outside the ordinary course of business. • Approving the declaration of dividends, stock buy-backs and new issuances of shares, restructure of the capital and share reconstructions including those associated with employee equity or incentive programmes. • Approving the framework for the delegation of authority to the GMD and Management and defining the powers reserved for the Board. • Approving the appointment of other directors including their training as may be recommended by the governance committee. • Ensuring that an effective management team is in place and appointing key officers of the Company, including the GMD, company secretary and internal auditor. • Approving a competitive compensation structure for the non-executive Directors subject to the Articles of Association and laying the statutory Directors’ fee before the AGM for approval upon the recommendation of the governance committee. • Approving a mandate or charter for the Board and establishing Board Committees as well as approving their mandates or charters. • Receiving concise reports from Board Committees at the next Board meeting after the committee meeting and a written report or copies of the minutes.

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• Setting performance objectives and approving key performance indicators for the company and its committees and ensuring the regular evaluation of the effectiveness and performance of and the operations of the Company and associated companies. • Periodically reviewing the organogram and approving all major changes to the structure of the organisation as well as reviewing the management succession plan and human resources plan. • Overseeing employee compensation plans to ensure that they are consistent with the sustainable achievement of business objectives, prudent management of operations and consistent with ongoing assessments of the risks to which the company is exposed. • Approving a risk management framework, setting the risk threshold, monitoring the major risks to the Company and ensuring that management takes actions to mitigate those threats, which may include but are not limited to those pertaining to operations, raw raterials, product or stock availability, quality, price, liquidity, interest and exchange rate changes, capital market dynamics, on-going availability of capital and fash flow to operate the business, profitability, insurance, safety, people and reputation risks. • Ensuring that an effective and secure Whistle Blowing Policy and adequate structures by which staff and stakeholders can raise concerns about possible or potential improprieties are in place. • Ensuring there is an appropriate framework of internal controls in place and monitor ongoing reports on the adequacy and continuous improvement in such controls.

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• Reviewing IT systems policies and disaster recovery plans; and • Approving that the appointment, reappointment or removal of the external auditor be put to the Annual General Meeting for approval and recommending to the general meeting, the appointment of the external auditor as determined by the audit committee. • Approving all policies and revisions thereof, including those pertaining to corporate disclosure and communications, finance and accounting, credit, risk management, operations, IT, liquidity, funding, profitability and capital management. • Overseeing the correctness of communications with shareholders and stakeholders including communities, interim and annual financial statements, shareholder meeting materials, etc. • Checking that compliance documents are filed correctly and in a timely manner with applicable company, securities and other regulators, including but not limited to, the Securities and Exchange Commission, the Nigerian Stock Exchange the Corporate Affairs Commission, NAFDAC, SON and similar filings with other applicable authorities. • Approving policies to improve the corporate governance system and ensuring that DSR operates within the laws of the Federal Republic of Nigeria and institutionalising conduct that promotes, maintains and enhances the integrity and reputation of the company; and • Establishing high standards of business conduct and ethical behaviour for directors, officers and employees including disclosing potential areas of conflict of interest and ensuring that there is an ongoing process for ensuring compliance with those standards.

The Board carries out the above responsibility through the Board Committees whose terms of reference clearly set out their roles, responsibilities, scope of authority and procedures for reporting to the Board. Each committee is chaired by a Non Executive Director to ensure strict compliance with the principles of good corporate governance practice, while a representative of the shareholders chairs the Audit Committee.

Operational Review

Corporate Governance Financial Statements

The various Committees of the Board assist the Board of Director’s in fulfilling their oversight functions regarding financial reporting, risk management, Internal control, employee welfare etc in line with regulatory and corporate governance practice requirements. Meetings of the Board of Directors The Board of Directors holds at least four (4) meetings a year, to consider important corporate events and actions such as approval of corporate strategy, annual corporate plan, review of internal risk management and control systems, performance review; direct the affairs of the Company, its operations, finances and formulate growth strategies. It may however, convene a meeting whenever the need arises. During the year under review, the Board of Directors and the board committees convened several meetings. Record of Directors’ Meeting In line with the provisions of Section 258(2) of the Companies and Allied Matters Act, Cap. C20 Laws of the Federation of Nigeria, 2004, the record of Directors’ attendance at Board meetings is available for inspection at the Annual General Meeting. Committees of the Board of Directors Th e B o a r d d e l e g a t e d s o m e o f i t s responsibilities to standing committees that consist of Executive and Non – Executive Directors. In compliance with the practices of good corporate governance, the Chairman of the Board of Directors is not a member of any of these committees. The committees are the Governance, Finance and Audit/Risk

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Corporate Governance Report

Management Committees. The committees report to the Board of Directors on their activities and recommendations, which are ratified by the full Board, at a meeting. Finance Committee The Committee is comprised of six Directors, with an Independent Director as Chairman. Members of the Committee are: Ms. Bennedikter Molokwu Mr. Olakunle Alake Alhaji Abdu Dantata Engr. Abdullahi Sule Mr. Graham Clark Ms. Maryam Bashir -

Chair Person Member Member Member Member Member

Responsibilities of the Finance Committee • Review and recommend for approval by the Board, the financial and business plan of the Company as well as its quarterly and annual operating and capital budgets and forecasts as well as revisions thereto proposed by management. • Ensure the completeness and accuracy of financial statements – quarterly, half year and annual accounts, make reports and recommendations and oversee the proper disclosure of its financial information. • Review the capital appropriation plans of the Company and provide advice and guidance on the authorization limits established by the Board. • Review, as it is deemed appropriate, the Company’s financial policies, capital structure, matters affecting the capital like mergers and acquisitions, divestments and acquisitions, loan repayments, guarantees, assumptions of debt, foreign currency transactions and major disposals not in the ordinary course of its business or that of its subsidiaries. • The Committee shall periodically review

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investment and operation performance plans, make recommendations regarding the financial, accounting, actuarial and investment policies, practices and guidelines, tax planning and compliance programmes and provide guidance and advisory recommendations. • Develop alternative strategies to improve funding and ensure a balance between strategic priorities and resource availability. • Appraise major equity or other investments, any share repurchase plans or disposals of shareholding interests of more than 5% or take-over action, participation in joint ventures, partnerships or similar initiatives and make recommendations to the Board. • Annually review the company’s dividend policy and make recommendations to the Board on the dividend to be declared. • In accordance with the Company’s policies and practices for the review of contractual obligations as approved by the Board, the committee shall review summaries prepared by management of certain contractual obligations including certain human resources, business process, outsourcing contracts and certain consulting contracts. • Periodically review major banking, investment advisors, subsidiaries, customer and competitor activities and relationships and the impact of the company’s actions on those relationships and the short and long term interests. • Review with management and the governance committee the company’s retirement strategy, gratuity, defined benefit and contributions plans and make recommendations performance and funding of the plan assets.

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Board Governance Committee The Committee comprise of five Directors, with an independent Director as Chairman. Members of the Committee are: Dr. Konyinsola Ajayi, SAN Mr. Uzoma Nwankwo Ms. Maryam Bashir Mr. Graham Clark Engr. Abdullahi Sule

-

Chairman Member Member Member Member





Ensure that a fair and competitive Remuneration Policy which defines the criteria and mechanism for determining levels of remuneration and the frequency for review of such criteria and mechanism is in place. The policy should define a process, if necessary with the assistance of external advisers or professional executive recruitment firms, for the determination of Executive and Non-executive compensation, as well as providing to what extent Executive Directors rewards should be linked to corporate and individual performance.



Conduct periodic reviews of the organogram, size, composition, effectiveness of the senior management and the human resources policies of the organisation for the Executive Directors and key officers against current industry practice and emplace professional executive recruitment publications for DSR thereby creating a clear understanding of the different methods of recruiting, training, motivating, retaining and remunerating Executive Directors and key officers.



Determine and recommend the criteria necessary to measure the performance of Directors and the senior executives and the Directors in discharging their functions and responsibilities including setting performance bonuses or incentives.



Annually evaluate the skills, competences, knowledge and experience required on the Board and all aspects of the Board’s structure, composition, responsibilities, processes and roles and make recommendations on the performance

Responsibilities of the Board Governance Committee: • Regularly review the Board structure, size and composition and provide recommendations to the Board with regards to any adjustments deemed necessary. •

Regularly review the required mix of skills of the Board, experience and other qualities of the Directors in order to assess the effectiveness of the Board as a whole, its Committees and the contribution of each Director.



Make recommendations to the Board on the appointment of new Executive and non-executive Directors, including alternate Directors, the composition of the Board generally and ensure that a balance exists between executive and nonexecutive Directors.



Identify and nominate candidates for the approval of the Board, to fill Board vacancies as and when they arise. Investigate the eligibility of new Director’s for appointment and their backgrounds, along the lines of the approach required for listed companies by the SEC/NSE, prior to their appointment including the determination of the independence or otherwise of a prospective independent Director.



Recommend Directors who are retiring per the Articles of Association or under the provisions of CAMA to be put forward for re-election at the AGM.

Establish the general human resources policies including the retirement age, the exit criteria, retirement and termination payments and benefits for executive and Non- executive Directors and Key Officers and review and propose necessary changes of the policies.

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Corporate Governance Financial Statements

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Corporate Governance Report of individual, committee and Board. This performance evaluation or appraisal may be conducted internally by the governance committee but at least once in three years by an external consultant. •



The Directors’ fees should be fixed by the Board and approved by the shareholders in an annual general meeting while the Board of Directors would approve the remuneration of each Executive Director, including the GMD, individually taking into consideration direct relevance of skill and experience to the company at the particular time.



The Committee should put in place in collaboration with the Company Secretary, induction and continuing education programmes to keep the skills required on the Board at its optimum level and in par ticular ensure that corporate governance training permeates the organisation.



Provide the policy and framework for compliance with laws, regulations and principles of corporate governance and to provide the mechanisms for periodic assessment of compliance, including compliance by significant vendors and consultants.



Monitor changes and proposed changes in laws, regulations and rules affecting the organisation and obtain regular updates from the Legal Counsel or Company secretary regarding compliance matters.



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Ensure that a duly approved trust deed governs the policy and administration of the employee Shares ownership or Incentive scheme and to recommend acceptable changes to the policy or other developments to the Board.

Communicate with the Board regarding the organisation’s policy on ethics, code of conduct and fraud policy as it relates to internal control, financial reporting activities and all disclosures and related party transactions.

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The Committee must put in place a mechanism, whereby the findings of any inspections by regulatory agencies and auditor observations, including investigations of standards, hazards, compliance, misconduct or fraud are considered and acted upon.

Audit/Risk Management Committee The Committee comprises of seven Directors, the Members of the Committee are: Mr. Uzoma Nwankwo Ms. Bennedikter Molokwu Dr. Konyinsola Ajayi, SAN Mr. Olakunle Alake Ms. Maryam Bashir Mr. Graham Clark Engr. Abdullahi Sule

-

Chairman Member Member Member Member Member Member

Responsibilities of the Audit/Risk Management Committee Risk assessment and risk management are the responsibility of Dangote Sugar Refinery Plc’s management. The committee has an oversight role and in that capacity will receive reports from management concerning the Company’s risk management principles, policies, processes and practices so that it can review and report to the Board that: • Adequate systems are in place for the effective identification and assessment of all areas of potential material business risk • Adequate policies, processes and procedures have been designed and implemented to manage identified material risks and • Appropriate action is undertaken to bring the identified material risks within the company’s risk tolerance levels. Actions the committee will undertake to fulfill its duties and responsibilities include the following: • Ensure the design and implementation of the risk management framework and internal control systems, in conjunction with existing business processes and systems, to manage the Company’s material business risk exposures.

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Monitor the risk profile of the Company against the agreed company risk appetite and risk management framework. Ensure the establishment of processes and procedures for the monitoring and evaluation of the Company’s risk management systems to assess the effectiveness of those systems in minimizing material risks that may impact adversely on the business objectives of the Company. Establish reporting guidelines for management to report to the committee on the effectiveness of the management of the Company’s material business risk exposures.



Evaluate the adequacy and effectiveness of the Company’s risk management systems by reviewing the Company’s risk registers.



Review and make recommendations on the strategic direction, objectives and effectiveness of the Company’s risk management policies.



Receive reports from management concerning the implications of new and emerging risks, legislative or regulatory initiatives and changes, organizational change and major initiatives, in order to assess and evaluate the potential impact on the strategy and business objectives of the Company.

Committee are elected annually at the general meeting. Members of the committee are : Mr. Segun Olusanya Chairman/Shareholder Representative Hadjia Muheebat Dankaka (OON) Shareholder Representative

-

Mallam Dahiru Ado Shareholder Representative

-

Ms. Bennedikter Molokwu Mr. Olakunle Alake Dr. Konyinsola Ajayi, SAN

-Director -Director -Director

Corporate Governance Financial Statements

Responsibilities of the Audit Committee The Committee carries out all such other functions as are stipulated by the Companies and Allied Matters Act. Cap C20 Laws of the Federal Republic of Nigeria, 2004; in addition to the responsibilities stated below: •

Evaluate DSR’s interim and annual financial statements for reasonableness, completeness and accuracy and consistency with information known to committee members and appropriate accounting policies and principles prior to issue and approval by the Board and, with the internal and external auditors review the integrity of DSR’s financial reporting process.



Review significant accounting and reporting issues including complex or unusual transactions, proposed adjustments and areas of judgement involved in the compilation of the company’s results under accounting standards or IFRS as well as recent professional and regulatory pronouncements especially their impact on financial statements. The Committee can use their own system to assess appropriateness and conformity with IFRS or relevant accounting standards.



Review with management, the internal auditors and the external auditors the

Audit Committee In addition to the Board standing committees, there is the audit committee, which also plays an important role in the Company. The audit committee is made up 6 (six) members, three members of the Board of Directors and 3 members representing the shareholders. In compliance with the requirement of Corporate Governance practice, a shareholder chairs the committee. Members of the audit

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Corporate Governance Report results of the audit including resolving any difficulties that were encountered, adjustments and assessing any improved reporting suggestions proposed by them. •

Review with the general counsel the status of legal matters that may have an effect on the financial statements and ensure the financial statements reflect appropriate accounting principles.



Review annual and interim financial statements prior to filing with regulators to ensure that statements written by the management’s concerning their responsibility for the assessment of the effectiveness of the internal control structure and the procedures for financial reporting are correct.



The Board retains responsibility for implementing recommendations that may arise from the financial reporting process.

Securities Trading Policy In compliance with the provisions of Section 14 of the Amended Listing Rules of the Nigerian Stock Exchange, 2014, the Directors and Employees of the Company, their immediate families, that is spouse, son, daughter, mother or father, and other insiders as defined under Section 315 of Investments and Securities Act, (ISA) and Rule 110 (3) of the SEC Rules and Regulations, are prohibited from buying or selling shares of the Company during the period stated below, in order to avoid occurrence of insider trading of the stocks of the Company, as defined under the Investments and Securities Act, 2007. Consequently, and in accordance with Section 14.4 of the same Rules, compliance of the Rules by the Employees and Directors of the Company, will be disclosed in the Company's unaudited quarterly Financial Statements and the Audited Financial Statements.

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Closed Period The closed period shall be at the time of: a. Declaration of Financial results (quarterly, half-yearly and annually); b. Declaration of Dividends (interim and final); c. Issue of Securities by way of Public Offer or Rights or Bonus, etc.; d. Any major expansion plans or winning of bid or execution of new projects; e. Amalgamation, mergers, takeovers and buy-back; f. Disposal of the whole or a substantial part of the undertaking; g. Any changes in policies, plans or operations of the Company that are likely; to materially affect the prices of the Securities of the Company; h. Disruption of operations due to natural calamities; i. Litigation/dispute with a material impact; j. Any information which, if disclosed, in the opinion of the person disclosing the same is likely to materially affect the prices of the securities of the Company. Period of Closure The period of closure shall be effective 15 (Fifteen days) prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of Agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to 24 hours after the sensitive information is submitted to the Exchange. The trading window shall thereafter be opened. Employees and Directors should inform the Company Secretary in writing of their dealings with the Company's shares on quarterly basis, on or before two weeks to the end of the quarter; and also confirm that they complied with the Company's Securities Trading Policy.

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Board of Directors

Aliko Dangote, GCON (Centre) FR: Ms. Bennedikter Molokwu, Mr. Graham Clark, Ms. Maryam Bashir, Alhaji Sani Dangote BR: Engr. Abdullahi Sule, Mr. Uzoma Nwankwo, Alhaji Abdu Dantata, Mr. Olakunle Alake, Dr. Konyinsola Ajayi, SAN

Growing a Sweet Harvest

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Corporate Governance Financial Statements

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Board Of Directors

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Aliko Dangote, GCON Chairman (Non Executive)

Graham Clark

Aliko Dangote is the f o u n d e r a n d President/CEO, Dangote Group. He is a Business Studies graduate of AlAzahar University, Cairo, Egypt. For his philanthropy and contributions to the growth of Nigeria’s economy, he was awarded: the ZIK Award for professional leadership (1992), the Sir Ahmadu Bello International Award, the Cross River State Roll of Honour Award (2002), the Thisday Newspapers Award for CEO of the Year (2005). His national awards include OON in 2000, CON in 2005 and currently GCON. He occupies various offices in service to the Federal Government of Nigeria.

Mr. Graham Clark is the Group Managing Director of Dangote Sugar. Mr. Clark is an Australian, a Certified Chartered Accountant, with over 30 years' experience in the African Sugar Industry. Mr. Clark was the Managing Director of Ilovo Sugar, the largest sugar company in Africa before he joined Dangote Sugar in November 2013. Prior to joining Ilovo sugar, he was the Finance Director of Lonrho Sugar Corporation, with presence in Malawi, Zambia, Swaziland and Mauritius. Mr. Clark is a fellow of the Australian Institute of Chartered Accounts.

Group Managing Director

Abdullahi Sule

Sani Dangote

Dep. Group Managing Director

Non-Executive Director

Engr. Abdullahi Sule has over 30 years’ experience in the Oil & Gas, Steel Production, Machine Shop Operations and Sugar industries both in Nigeria and the US. He was the pioneer MD of Sadiq Petroleum Nig. Ltd, MD/CEO of African Petroleum Plc (now Forte Oil), Director for Business Development (Africa) at Osyka Corporation, Houston, Texas and Country Manager (Nigeria) at Tetra Technologies Inc, Houston, Texas. He was the MD/CEO of Dangote Sugar Refinery Plc (2007-2009) and Country Director of Fairport Process Equipment UK (2008-2011) till he was reappointed MD/CEO of DSR Plc in December 2011. He became Deputy Group MD of Dangote Sugar in November 2013. He holds a BSc. in Mechanical Engineering and MSc. in Industrial Technology from Indiana State University, USA.

Alhaji Sani Dangote joined in 2007. He has been on the Board of several other companies including Nigerian Textile Mills Plc, Nutra Sweet Limited, Gum Arabic Limited, Dangote Textile Mills Limited, Alsan Insurance Brokers, Dan-Hydro Company Limited, Dansa Food Processing Company Limited and Dangote Farms Limited. He has also been Deputy Chairman of African Gum Arabic Producers Association and President of Lagos Polo Club. He was also appointed as Consul-General of the Romanian Embassy in Nigeria. He is member of several Chambers of Commerce, Fellow of the Chartered Institute of Shipping of Nigeria and President of the Fertilizer Producers and Suppliers Association. He is an alumnus of Harvard Business School, Harvard University.

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Board Of Directors About Us

Olakunle Alake

Bennedikter Molokwu

Non-Executive Director

Independent Non-Executive Director

Operational Review

Ms. Bennedikter Molokwu joined in 2007. She is a Fellow of the Institute of Directors and a member of the Nigerian Bar Association, International Bar Association, International Federation of Women Lawyers and Chartered Institute of Bankers. She received an LLB degree from the University of Nigeria, Nsukka in 1975 and was called to the Nigerian Bar in 1976. She also received a Master's degree in International and Comparative Law from Vrije Universiteit Brussel, Belgium, in 1978.

Corporate Governance

Mr. Olakunle Alake is Fellow of the Institute of Chartered Accountants of Nigeria. He started his c a r e e r w i t h P r i c e Wa t e r h o u s e i n September 1984 and joined the Dangote Group in July 1997 as Financial Controller and Head of Strategic Services. He was promoted to the position of Group Strategist/Executive Director in 2001. He received a Bachelor's degree in Civil Engineering from Obafemi Awolowo University, Ile- Ife, in 1983.

Konyinsola Ajayi, SAN

Abdu Dantata

Independent Non-Executive Director

Non–Executive Director

Dr. Konyinsola Ajayi, SAN has been a Managing Partner of the law firm of Olaniwun Ajayi & Co., Legal Counsel in Nigeria since 1980 and has over 25 years of legal experience in Energy and Natural Resources, International Business Transactions, Banking, Capital Markets, Construction and Engineering, Privatization as well as Litigation and Arbitration. He is Member of the International Bar Association, London, the Nigerian Bar Association and the Nigerian Economic Summit Group.

Financial Statements

Alhaji Abdu Garba Dantata serves as a NonExecutive Director of Dangote Sugar Refinery Plc. In addition, he has served as Executive Director, Sales and Marketing at Dangote Group, having responsibility for coordinating the sales and marketing of all products manufactured or imported by the Group. He has been Chairman of Agad Nigeria Limited.

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Board Of Directors Uzoma Nwankwo

Maryam Bashir

Non-Executive Director

Independent Non-Executive Director

Mr. Uzoma Nwankwo joined in 2007. He held senior positions in several international organizations such as Citicorp North America, Citibank Nigeria and First Bank of Nigeria Plc. He was Consultant/Lead Advisor to many companies locally and internationally in the areas of financial management, mergers and acquisitions and business process improvement. He joined Dangote Industries Limited in 2005 as Executive Director, Corporate Finance and Treasury. He holds: M.Sc. in Agricultural Engineering (Michigan State University, USA, 1983), MBA with specialization in Financial and International Business Management (University of Michigan, USA, 1987).

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Ms. Maryam Bashir was appointed on 31 December 2013. She has 17 years of financial and banking experience. She received a BSc. in Business Administration from Ahmadu Bello University, Zaria in 1983, before obtaining her Master of Business Administration degree in Finance from University of Jos in 1990. She commenced her working career in the banking sector as an Assistant Supervisor in the Operations Department of International Merchant Bank Limited (IMB) and joined the United Bank for Africa Plc (UBA) between 1994 and 2004, where she occupied various positions including the post of an Executive Director.

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Growing a Sweet Harvest

Report of The Directors About Us

The Directors are pleased to submit their report together with the audited financial statements of the Company for the year ended 31st December, 2014. The Company’s corporate governance statements forms part of this Director’s Report. In the opinion of the Directors, the state of the Company’s affairs is satisfactory, and the financial statements presented gives a true and fair view of the state of the Company during the financial year under review. 1. Business Review And Results For The Year ? ’000 The Company’s revenue for the year was ? 94,855,203 The profit for the year after taxation was ? 11,635,780

Dangote Sugar Refinery Plc’s outlook for 2015 and beyond shows confidently that the company will continue operational existence for the foreseeable future as at the time when the Consolidate Financial Statements were approved. 2. Principal Activities The Company refines raw sugar into edible sugar and sells refined sugar, at its 1.44million MT/PA Apapa sugar refinery. The company has begun its backward integration project with a 10 year sugar development plan, to produce 1.5 million MT/PA of sugar from locally grown sugarcane. The project has commenced with its acquisition of Savannah Sugar Company Limited (SSCL) at Numan, in Adamawa State and other Green Project sites across Nigeria. 3. Legal Form The Company was incorporated on the 4th of January, 2005 as a Public Limited Liability Company. DSR shares were listed in the Nigerian Stock Exchange, on the 18th March, 2007, and has since being traded on the NSE. 4. Directors Responsibilities The Directors are responsible for the preparation of the financial statements, which give a true and fair view of the state of affairs of the Company at the end of each financial year and of the profit or loss for that period, and comply with the provisions of the Companies and Allied Matters Act, C20 Laws of the Federation of Nigeria 2004.

In doing so, the Directors responsibilities include ensuring that: a) p r o p e r a c c o u n t i n g r e c o r d s a r e maintained; b) applicable accounting standards are followed; c) suitable accounting policies are adopted and consistently applied; d) judgments and estimates made are reasonable and prudent; e) the going concern basis is used, unless it is inappropriate to presume that the Company will continue in business and; f) Internal control procedures are instituted which as far as is reasonably possible, safeguard the assets, prevent and detect fraud and other irregularities.

Operational Review

Corporate Governance Financial Statements

5. Directors and their Interests I. The names of all the Directors who held office during the year under review and, are currently in office are as follows: Aliko Dangote (GCON) Chairman Mr. Graham Clark Group Managing Director Abdullahi Sule Dep. Group Managing Director Sani Dangote Olakunle Alake Bennedikter Molokwu Konyinsola Ajayi, SAN Mr. Uzoma Nwankwo Alhaji Abdu Dantata Ms. Maryam Bashir

Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director

The Director’s biographical details appear on pages 40 to 42 of this report. Since the last Annual General Meeting, there has been no changes on the DSR’s Board composition. The appointment of Directors is governed by the Company’s Articles of Association and the Company Allied Matters Act, CAP 20. It also sets out the responsibilities of the Directors. II.

In accordance with Article 62(b) (c) of the Company’s Articles of Association, the Directors retiring by rotation are Messrs,

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Report of The Directors Olakunle Alake, Maryam Bashir and Konyinsola Ajayi, SAN and being eligible, offer themselves for re-election. III. No Director has a service contract not determinable within five years. IV. The Directors’ interest in the issued share capital of the Company as recorded in the Register of members and/or as notified by them for the purpose of Section 275 of the Companies and Allied Matters Act, C20 Laws of the Federation of Nigeria 2004 are as follows: Directors’ Shareholding Number of shares held as at:31- Dec- 13 31-Dec- 14 ? ’000 ? ’000 Aliko Dangote 653,095,014 653,095,014 Graham Clark Nil Nil Abdullahi Sule 1,044,000 1,547,987 Sani Dangote Nil Nil Olakunle Alake 6,864,000 6,864,000 Bennedikter Molokwu1,383,400 1,483,400 Konyinsola Ajayi, SAN Nil Nil Uzoma Nwankwo 834,692 384,692 Abdu Dantata 1,044,000 1,044,000 Maryam Bashir Nil Nil 6. Corporate Governance In Dangote Sugar Refinery, our actions and interactions with our consumers, employees, government officials, suppliers, shareholders and other stakeholders reflect our values beliefs and principles. Our business is largely self-regulated and we pride ourselves as leading our peers in the industry and Nigeria in this regard. In addition to self-regulation, we are committed to conducting business in line with best practice, in accordance with applicable laws and regulations in Nigeria and the requirements of the Nigerian Stock Exchange as well as in compliance with the code of corporate governance in Nigeria. The Company complied with these corporate governance requirements during the year

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under review as set out below: Board of Directors The Board of Directors is responsible for the oversight of the business, long-term strategy and objectives, and the oversight of the Company's risks while evaluating and directing the implementation of controls and procedures including, in par ticular, maintaining a sound system of internal controls to safeguard shareholders' investments and the Company's assets. There are currently Board meetings during each fiscal year. Strategy and Management ? Input into the development of the longterm objectives and overall commercial strategy for the Company. ?

Oversight of the Company's operations.

?

Review of performance in the light of the Company's strategy, objectives, business plans and budgets and ensuring that any necessary corrective action is taken.

?

Extension of the Company's activities into new business or geographic areas.

?

Any decision to cease to operate all or any material part of the Company's business.

Structure and Capital ? Changes relating to the Company's capital structure including reduction of capital, share issues (except under employee share plans) and share buy backs. ?

Major changes to the Company's corporate structure.

?

Changes to the Company's management and control structure.

?

Any changes to the Company's listing or its status as a Plc.

Financial Reporting and Controls ? Approval of preliminary announcements if interim and final results

ANNUAL REPORT

2014

Growing a Sweet Harvest

Report of The Directors About Us

?

Approval of the annual report and accounts, including the corporate governance statement

?

Approval of the dividend policy

?

Declaration of the interim dividend and recommendation of the final dividend

?

Approval of any significant changes in accounting policies or practices

?

Approval of treasury policies including foreign currency

Internal Controls Ensuring maintenance of a sound system of internal control and risk management including: ? Receiving reports from the finance and risk Committee in, and reviewing the effectiveness of the Company's risk and control processes to support its strategy and objectives ?

Undertaking an annual assessment of these processes through the finance and risk Committee and

?

Approving an appropriate statement for inclusion in the report

Contracts ? Major capital projects ?

?

Contracts which are material strategically by reason of size, entered into by the Company in the ordinary course of business, for example, bank borrowings and acquisitions or disposals of fixed assets of amounts above the threshold reserved for Executive Directors under the schedule of limits and authorities

Communication ? Approval of resolutions and corresponding documentation to be put forward to shareholders at a general meeting ?

Approval of all circulars and listing particulars, approval of routine documents such as periodic circulars about scrip dividend procedures or exercise of conversion rights could be delegated to a Committee

?

Approval of press releases concerning matters decided by the Board

Operational Review

Corporate Governance Financial Statements

Board Membership and other Appointments Changes to the structure, size and composition of the Board, following recommendations from the Board Governance Committee. Ensuring adequate succession planning for the Board and senior management following recommendations from the Board Governance Committee. ?

Appointments to the Board, following recommendations by the Board Governance Committee.

?

Appointment of Non-Executive Directors including independent Directors following recommendations by the Board Governance Committee.

?

Membership and Chairmanship of Board Committees

?

Continuation in office of Directors at the end of their term of office when they are due to be re-elected by shareholders at the AGM or otherwise as appropriate.

Major investments including the acquisition or disposal or interest of more than (5) percent in the voting shares of any Company or the making of any takeover offer

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Report of The Directors ?

?

Appointment or removal of the Company secretary following recommendations by the Board Governance Committee. Continuation in office of Non-Executive Directors at any time.

?

Appointment, reappointment or removal of the external auditor to be put to shareholders for approval, following the recommendation of the Audit Committee.

?

Appointment to Boards of subsidiaries.

Remuneration ? Approval of the remuneration of Directors, Company Secretary and other Senior Executives following recommendation by the Board Governance Committee. ?

?

Approval of the remuneration of the NonExecutive Directors, subject to the articles of association and shareholder approval as appropriate following recommendations by the Board Governance Committee. The introduction of new share incentives plans or major changes to existing plans, to be put to shareholders for approval following recommendations by the Board Governance Committee.

Delegation of Authority. ? The division of responsibilities between the chairman and the chief executive, which should be in writing. ?

Approval of terms of reference of Board Committees.

?

Receiving reports from Board Committees of their activities.

Performance Evaluation Process ? The Board Governance Committee oversees a formal evaluation process to assess the composition and performance of the Board, each Committee, and each individual Director on an annual basis.

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The assessment is conducted to ensure the Board, Committees and individual members are effective and productive and to identify opportunities for improvement and skill set needs. ?

As part of the process, each member completes a detailed and through questionnaire. While results are agg regated and summarized for discussion purposes, individual responses are not attributed to any member and are kept confidential to ensure honest and candid feedback is received. The governance and remuneration Committee reports annually to the full Board on the outcome of its assessment. A Director will not be nominated for re-election unless it is affirmatively determined that he/she is substantially contributing to the overall effectiveness of the Board.

Code of Business Conduct and Code of Governance for Directors The Company has a code of business which defines the Company's mission within a corporate governance framework. The code is applicable to all employees as well as Directors and business partners of the Company in business conduct. In our bid to continue to create awareness on the essence and importance of compliance and ethics to every aspect of the Company's operations and to bring compliance front of the mind, the Company emphasizes on the importance of compliance and has put in measures to ensure that the laid out procedures are followed at all times. 7. Substantial Interest In Shares The Registrar has advised that according to the Register of Members on 31st December, 2014, apart from Dangote Industries Limited with 8,119, 200,00 ordinary shares of 50k each and Alhaji Aliko Dangote with 653,095,014 ordinary shares of 50k each, no other shareholder held more than 5% of the issued share capital of the Company.

ANNUAL REPORT

2014

Growing a Sweet Harvest

Report of The Directors About Us

8. Fixed Assets Movements in fixed assets during the year are shown in Note 14 to the Accounts. In the opinion of the Directors, the market value of the Company’s properties is not less than the value shown in the accounts. 9. Donations And Charitable Gifts Dangote Sugar Refinery Plc. identifies with the causes and aspirations of our operational environment by supporting charitable and worthy causes in the areas of education, health, skills acquisition, poverty alleviation and sports amongst others. During the year under review, the following donations were made by the Company: Beneficiary Nigerian Ports Authority HSE Committee Ephraim Consulting (Corporate Governance Book Launch) Surveillance Vehicles for NAFDAC

? 30,000.00

10. Post Balance Sheet Events There were no significant developments since the balance sheet date which could have had a material effect on the state of affairs of the Company as at 31st December, 2013 and the profit for the year ended on that date which have been adequately recognized. 11. Company's Distributors The Company's products are sold through many Distributors across the whole Country.

Operational Review

Corporate Governance Financial Statements

12. Suppliers The Company obtains its materials at arm's length basis from overseas and local suppliers. Amongst its main overseas and local suppliers are SUCRES ET DENREES, Broadbent UK, Belvoir UK and Dangote Agrosacks, Gaslink Nigeria Ltd, Vitachem Nigeria Ltd, Biochemical Derivatives Nigeria Ltd, Istabaraqim Nigeria Ltd, Bulk Commodities Dubai, Fairport UK, Unatrac, and ErriKs UK, amongst others.

100,000.00 15,960,000.00 16,090,000.00

During the year under review no donation was made to any political party or organization. 13.Analysis of Shareholding as at 31st December, 2014 Range 1- 10,000 10,001 - 50,000 50,001 - 500,000 500,001 – 1,000,000 1,000,001- 10,000,000 10,000,001- 50,000,000 50,000,001 – 100,000,000 100,000,001 – 500,000,000 500,000,001 – 12,000,000,000

No. of Holders 85,153 12,894 3,524 154 200 32 7 3 2 101,969

Holder% 83.51% 12.64% 3.46% 0.15% 0.20% 0.03% 0.01% 0.00% 0.00% 100.00%

Units Units % 190,394,312 1.58% 267,056,536 2.23% 437,406,850 3.64% 114,692,849 0.96% 539,463,400 4.50% 555,512,995 4.63% 495,619,806 4.13% 627,559,238 5.23% 8,772,295,014 73.10% 12,000,000,000 100.00%

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Report of The Directors 14. Human Resources 1. Employment and Employees The Company reviews its employment policy in line with the needs of business. We remain an equal opportunities employer, with employment policies that are not discriminatory to gender, race, religion or disability to our existing and potential employees. We are focused on attracting and retaining outstanding talents in the Company, to add value to the company and ensure all stipulated high performance indices are met. 2. Health, Safety and Environment The Company continuously strives to improve its operations to ensure a safe and conducive working environment. It maintains a high standard of hygiene in all its premises through sanitation practices and the regular fumigation exercises have been further strengthened by the installation of pest and rodent control gadgets. Fire-fighting prevention and drills are carried out periodically at all our facilities, while firefighting equipment are installed in our offices and plants. Health, Safety and Environment workshops amongst others are organized for all employees with a broad focus on good housekeeping to ensure a safe working environment. The company provides fully paid nutritionally balanced meals for staff in the canteen. Regularly, the Company updates its staff on current issues as they relate to diseases including HIV/AIDS, High Blood Pressure and other serious diseases through health talks, health assessments and information sharing. 3. Employee Development The Company continues to place premium on its human capital development for improved efficiency of the business and maintenance of a strategic manpower advantage over competition. During the year under review, the Company invested in the training and development of its workforce through in-

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house and external training programmes locally and overseas across all job functions, while continuously encouraging employees to develop themselves to their full potentials. Employees are carried along on developments in the Company through quar terly management briefings and provision of information through the Corporate Communications and Human Resources/ Admin departments 4. Retirement Benefits In line with the provisions of the Pension Reform Act of 2014, the Company operates the uniform contributory pension scheme for all employees, independent of its finances. The fund is managed on behalf of the employees by Pension Fund Administrators. The scheme is funded by the employees and DSR's contributions of 10% each, of the employee's monthly basic, housing and transport allowances, remitted to the employee's choice Pension Fund Administrator, on a monthly basis. 15. Audit Committee The Company has an audit Committee set up in accordance with the provisions of Section 359(3) of the Companies and Allied Matters Act Cap. C20 Laws of the Federation of Nigeria, 2004. It comprises an equal number of NonExecutive Directors and ordinary shareholders elected at the Annual General Meetings. It evaluates annually, the independence and performance of external auditors, receives the planning, interim and final audit presentation from the external auditors and also reviews with management and the external auditors the annual audited financial statements before its submission to the Board. During the year, the Committee approved the audit plan and scope of the external auditors for the financial year and reviewed quarterly and half yearly financial results before presentation to the Board. The Committee also received reports from management on the accounting system and internal controls framework of the Company. The members of the statutory audit

ANNUAL REPORT

2014

Growing a Sweet Harvest

Report of The Directors About Us

Committee during the 2014 financial year are as follows. Mr. Segun OlusanyaShareholder/Chairman Mallam Dahiru AdoShareholder/Member Hadjia Muheebat Dankaka (OON)Shareholder/Member Dr. Konyinsola Ajayi, SAN -Director/Member Ms. Bennedikter Molokwu -Director/Member Mr. Olakunle Alake -Director/Member

Federation of Nigeria 2004. Details of the Audit Committee and its responsibilities are shown under the Corporate Governance Report on pages 35 to 36. 16. Auditors Messrs Akintola Williams Deloitte (Chartered Accountants), the Auditors to the Company have indicated their willingness to continue in office in accordance with Section 357(2) of the Companies and Allied Matters Act. Cap C20 Laws of the Federation of Nigeria, 2004. A resolution will be proposed authorizing the Directors to fix their remuneration.

Operational Review

Corporate Governance Financial Statements

By Order Of The Board The functions of the Audit Committee are as laid down in Section 359(6) of the Companies and Allied Matters Act, Cap. C20 Laws of the

Chioma Madubuko Company Secretary/Legal Adviser FRC/2014/NBA/00000007451 3rd Floor, Greenview Development Nig. Ltd Building, Terminal “E” Apapa Port Complex. Lagos, Nigeria. Dated this 31st day of March, 2015

1

2

1. Some of DSR Backward integration equipments 2. DSR and Pan African equipment officials

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50

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ANNUAL REPORT

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BGrowing uildina g Sweet P r o s pHarvest erity

About Us Operational Review

Financials

Corporate Governance Financial Statements

Cross Cross section section of of shareholders shareholders at at an an AGM AGM

D A N G O T E SDUAGNAGRO TREE FC IENMEERNY T P P L CL C AANNNNUUAAL L RREEPPOORRTT 2 0 1 4

51 85

Financial Highlights Group 2014 ? ’000

Group 2013 ? ’000

Change

Turnover

94,855,203

103,153,735

-8

Profit before taxation

15,273,152

16,265,159

-6

3,637,373

5,419,227

-33

11,635,779

10,845,932

7

-

10,741

-100

11,635,779

10,856,673

7

12.27

10.52

17

40kobo

60kobo

-33

Share capital

12,000,000

12,000,000

0

Shareholders’ funds per

51,413,720

46,977,941

9

Earnings per share

97kobo

90kobo

8

Dividend

40kobo

60kobo

-33

Taxation Profit after taxation Other comprehensive income/ Expenditure Profit after taxation

%

Transferred to revenue reserve Net profit margin Proposed dividend

50 kobo share data (kobo)

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Growing a Sweet Harvest

Statement of Director's Responsibilities in Relation to the Financial Statements for the Year Ended 31st December, 2014 About Us

The Directors of Dangote Sugar Refinery Plc are responsible for the preparation of the financial statements that present fairly the financial position of the Company as at 31st December, 2013, and the results of its operations, cash flows and changes in equity for the year then ended, in compliance with International Financial Reporting Standards ("IFRS"). In preparing the financial statements, the Directors are responsible for: ? properly selecting and applying accounting policies; ?

presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

?

providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient, to enable users to understand the impact of particular transactions, and conditions on the Group's financial position and financial performance; and

?

making an assessment of the Group's ability to continue as a going concern.

Operational Review Corporate Governance

Financial Statements

The Directors are responsible for: ? designing, implementing and maintaining an effective and sound system of internal controls throughout the Company; ?

maintaining adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company, and which enable them to ensure that the financial statements of the Company comply with IFRS;

?

maintaining statutory accounting records in compliance with the legislation of Nigeria and IFRS;

?

taking such steps as are reasonably available to them to safeguard the assets of the Company; and preventing and detecting fraud and other irregularities.

The financial statements of the Company for the year ended 31st December, 2014 were approved by Directors on the 31st day of March, 2015.

SIGNED ON BEHALF OF THE DIRECTORS BY:

________________ Deputy Chief Executive Officer FRC/2013/ICAN/00000002065

________________ Chief Financial Officer FRC/2013/ICAN/00000002246

___________________ Chief Operating Officer FRC/2013/ICAN/00000002214

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Statement of Management's Responsibilities for the Preparation and Approval of the Financial Statements for the Year Ended 31st December, 2014 In accordance with the provisions of the Companies and Allied Matters Act of Nigeria, the Directors are responsible for the preparation of annual financial statements, which give a true and fair view of the state of affairs of their Company at the end of the financial period and of their profit or loss for the year ended. Their responsibilities among others include ensuring that: I.

The Company keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Company and comply with requirements of the Companies and Allied Matters Act of Nigeria;

II. Appropriate and adequate internal controls are established to safeguard its assets, prevent and detect fraud and other irregularities; III. The Company prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates that are consistently applied; and IV. It is appropriate for the financial statements to be prepared on a going concern basis The Directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates in conformity with International Financial Reporting Standard (IFRS) and the requirements of the Companies and Allied Matters Act of Nigeria. The Directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the Company and of its profit. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems internal financial control. Nothing has come to the attention of the Directors to indicate that the Company will not remain a going concern for at least twelve months from the date of this statement. Signed on behalf of the Management of the Company by:

____________________________ 31st March, 2015

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____________________________ 31st March, 2015

ANNUAL REPORT

2014

Growing a Sweet Harvest

Statement of Directors' Responsibilities for the Preparation and Approval of the Financial Statements About Us

The Directors of Dangote Sugar Refinery Plc are responsible for the preparation of the consolidated financial statements that give a true and fair view of the financial position of the Group and Company as at 31st December, 2014, and the results of its operations, cash flows and changes in equity for the period ended, in compliance with International Financial Reporting Standards ("IFRS") and in the manner required by the Companies and Allied Matters Act of Nigeria, the Financial Reporting Council of Nigeria Act, 2011. In preparing the consolidated financial statements, the Directors are responsible for:

? ? ?

?

Operational Review Corporate Governance

Financial Statements

properly selecting and applying accounting policies; presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group and Company's financial position and financial performance; making an assessment of the Group's ability to continue as a going concern.

The Directors are responsible for:

? ?

?

?

designing, implementing and maintaining an effective and sound system of internal controls throughout the Group and Company; maintaining adequate accounting records that are sufficient to show and explain the Group's and company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company, and which enable them to ensure that the financial statements of the Group and Company comply with IFRS; maintaining statutory accounting records in compliance with the legislation of Nigeria and IFRS; taking such steps as are reasonably available to them to safeguard the assets of the Group and Company; and preventing and detecting fraud and other irregularities.

Going Concern: The Directors have made an assessment of the Group's and Company's ability to continue as a going concern and have no reason to believe the Group and Company will not remain a going concern in the year ahead.

The consolidated financial statements of the Group and Company for the year ended 31st December, 2014 were approved by directors on 31st March, 2015.

On behalf of the Directors of the Group

_________________________ Director

________________________ Director

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Report Of The Audit Committee To the Members of Dangote Sugar Refinery Plc for the year ended 31st December, 2014 In compliance with Section 359(6) of the Companies and Allied Matters Act, Cap C20 LFN, 2004, we have: a. reviewed the scope and planning of the audit requirements; b. reviewed the external Auditors' Memorandum of Recommendations on Accounting Policies and Internal Controls, together with Management Responses; c. ascertained that the accounting and reporting policies of the Company for the year ended 31st December, 2014 are in accordance with legal requirements and agreed ethical practices. In our opinion, the scope and planning of the audit for the year ended 31st December, 2014 were adequate and the Management Responses to the Auditors findings were satisfactory.

_________________________ Segun Olusanya Chairman, Audit Committee Dated this 22nd day of April, 2015 Members of the Audit Committee Mr. Segun Olusanya Mallam Dahiru Ado Hadjia Muheebat Dankaka, OON Mr. Olakunle Alake Ms. Bennedikter Molokwu Dr. Konyinsola Ajayi, SAN

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Growing a Sweet Harvest

Report of the Independent Auditors to the Members of Dangote Sugar Refinery Plc

Akintola Williams Deloitte 235, Ikorodu Road, Ilupeju P.O.Box 965, Marina Lagos, Nigeria Tel: +234 (1) 271 7800 Fax: +234 (1) 2717801 www.deliotte.com/ng

Report on the Financial Statements We have audited the accompanying consolidated and separate financial statements of Dangote Sugar Refinery Plc (“the Company”) and its subsidiary (together referred to as “the Group”) which comprise the consolidated and separate statements of financial position as at 31st December 2014, the consolidated and separate statements of profit or loss and other comprehensive income, consolidated and separate statements of changes in equity, consolidated and separate statements of cash flows for the year then ended, a summary of significant accounting policies and other explanatory information. Directors' Responsibility for the Financial Statements The Directors are responsible for the preparation and fair presentation of these consolidated and separate financial statements in accordance with the Companies and Allied Matters Act CAP C20 LFN 2004, the Financial Reporting Council of Nigeria Act, 2011, the International Financial Reporting Standards and for such internal control as the Directors determine is necessary to enable the preparation of consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error.

About Us Operational Review Corporate Governance

Financial Statements

Auditors' Responsibility Our responsibility is to express an opinion on these consolidated and separate 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 about 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 auditors' 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 auditors consider internal controls 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. Opinion In our opinion, the consolidated and separate financial statements give a true and fair view of the financial position of Dangote Sugar Refinery Plc and its Subsidiary as at 31st December, 2014 and of its financial performance and cash flows for the year then ended in accordance with the International Financial Reporting Standards, the Companies and Allied Matters Act CAP C20 LFN 2004 and the Financial Reporting Council of Nigeria Act, 2011. Other reporting responsibilities In accordance with the Sixth Schedule of Companies and Allied Matters Act CAP C20 LFN 2004 we expressly state that: i)

We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit.

ii)

The Group has kept proper books of account, so far as appears from our examination of those books.

iii)

The consolidated and separate statements of financial position and the consolidated and separate statements of profit or loss and other comprehensive income are in agreement with the books of account.

Onwu Ijeoma – FRC/2013/ICAN/00000001364 For: Akintola Williams Deloitte Chartered Accountants Lagos, Nigeria 14th April, 2015.

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57

Consolidated and Separate Statement of Profit or Loss and other Comprehensive Income Group Group Company Company Year ended Year ended Year ended Year ended Note 31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13 ? '000 ? '000 ? '000 ? '000 Continuing operations Revenue Cost of sales Gross profit

6 94,855,203 103,153,735 94,103,677 102,467,361 7 (76,227,193) (78,555,261) (72,369,075) (75,497,463) 18,628,010 24,598,474 21,734,602 26,969,898

Selling and distribution expense Administrative expenses Investment income Other income

7.1 (1,955,669) (3,434,861) (1,835,803) (3,418,895) 8 (6,644,389) (8,710,872) (4,955,453) (7,201,142) 9 285,594 1,491,638 285,594 1,491,637 10 5,066,049 2,387,944 2,289,193 2,258,019

Profit from operating activities Finance costs

9.1

Profit before tax

15,379,595 (106,443)

16,332,323 (67,164)

17,518,133 20,099,517 (45,292) -

15,273,152

16,265,159

17,472,841 20,099,517

Income tax expense

11

(3,637,373) (5,419,227) (5,564,151) (6,561,905)

Profit for the year

12

11,635,779

10,845,932 11,908,690 13,537,612

Other comprehensive expenditure: items that will not be reclassified subsequently to profit or loss: Actuarial gain/ (loss) on gratuity scheme (net of tax) 27.5 Total other comprehensive income/(loss) for the year Total comprehensive income for the year

-

-

-

-

-

10,741 10,741

-

10,741 10,741

11,635,779

10,856,673 11,908,690 13,548,353

11,649,425 (13,646) 11,635,779

10,980,516 11,908,690 13,537,612 (134,584) 10,845,932 11,908,690 13,537,612

Profit for the year attributable to: Owners of parent Non-controlling interest

Total comprehensive income for the year attributable to: Owners of parent 11,649,425 Non-controlling interest (13,646) 11,635,779 Earnings per share Basic and diluted earnings per share (Kobo) 13 97

10,991,257 11,908,690 13,548,353 (134,584) 10,856,673 11,908,690 13,548,353

90

99

The accompanying notes and IFRS statements on pages 63 to 107 form an integral part of these consolidated and separate financial statements.

58

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

113

Growing a Sweet Harvest

Consolidated and Separate Statement of Financial Position About Us

Group 31-Dec-14 ? '000

Group 31-Dec-13 ? '000

Company Company 31-Dec-14 31-Dec-13 ? '000 ? '000

14 15 16 17 19 11.4

50,472,720 263,885 189,337 1,122,679 2,488,822 54,537,443

41,847,307 301,711 109,693 487,215 555,465 43,301,391

29,346,717 26,250,037 203,752 256,912 109,693 3,214,923 3,214,923 32,765,392 29,831,565

20 17 21 16 18 22

15,098,890 675,686 14,012,843 1,409,315 864,647 6,202,478 38,263,859

11,826,595 12,124 19,273,525 290,877 8,455,366 39,858,487

14,047,767 11,097,891 42,083,720 38,027,061 1,409,315 290,877 864,647 6,116,963 7,864,788 64,522,412 57,280,617

92,801,302

83,159,878

97,287,804 87,112,182

23 24 25

6,000,000 6,320,524 39,288,074 51,608,598

6,000,000 6,320,524 34,838,649 47,159,173

6,000,000 6,000,000 6,320,524 6,320,524 46,205,678 41,496,988 58,526,202 53,817,512

Non-controlling interest

25.1

(194,878) 51,413,720

(181,232) 46,977,941

58,526,202 53,817,512

LIABILITIES Borrowings Deferred tax liability Total non-current liabilities

26 11.4

4,611,315 4,611,315

385,052 4,741,717 5,126,769

4,229,514 4,359,916 4,229,514 4,359,916

11.3 27.4 28 26 29

5,936,185 1,527,748 25,226,985 2,385,052 1,700,297 36,776,267

4,756,600 5,910,930 4,737,924 1,356,067 1,311,654 1,356,067 23,073,810 23,609,260 21,508,166 536,094 2,000,000 1,332,597 1,700,244 1,332,597 31,055,168 34,532,088 28,934,754

Total liabilities

41,387,582

36,181,937

38,761,602 33,294,670

Total equity and liabilities

92,801,302

83,159,878

97,287,804 87,112,182

Assets

Note

Non-current assets Property, plant and equipment Intangible assets Other assets Biological assets Investments Deferred tax assets Total non-current assets Current assets Inventories Biological assets Trade and other receivables Other assets Held for sale investment in subsidiary Cash and cash equivalents Total current assets Total assets EQUITY Share capital Share premium Retained earnings

Current tax liabilities Retirement benefit obligation Trade and other payables Borrowings Other liabilities Total current liabilities

Operational Review Corporate Governance

Financial Statements

These financial statements were approved and authorised for issue by the Board of Directors on 31st March, 2015 and were signed on its behalf by:

________________________ Abdullahi Sule Deputy Chief Executive Officer FRC/2013/NSE/00000002065

_______________________ Olakunle Alake Chief Operating Officer FRC/2013/ICAN/00000002214

____________________ Modupe Oguntade Chief Financial Officer FRC/2013/ICAN/00000002246

The accompanying notes and non-IFRS statements on pages 63 to 107 form an integral part of these consolidated and separate financial statements.

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

59

Consolidated Statement of Changes in Equity

Share Capital ? '000

Group Balance as at 1st January 2012 6,000,000 Profit for the year Other comprehensive income (net of tax) Actuarial loss on gratuity Total comprehensive income for the year Dividend paid Balance as at 31st December 2012 Profit for the year

Share Premium ? '000

Attributable to equity Retained holders of Earnings the parent ? '000 ? '000

6,320,524

26,813,185 10,796,416

39,133,709 10,796,416

-

(60,966) (60,966)

(60,966) (60,966)

- 10,735,450 10,735,450 - (3,600,000) (3,600,000)

Noncontrolling interests ? '000

Total

? '000

- 39,133,709 - 21,592,832

-

(121,932) (121,932)

- 10,735,450 - (3,600,000)

6,000,000

6,320,524

33,948,635 10,980,516

46,269,159 10,980,516

- 46,269,158 (134,584) 10,845,932

-

-

10,741

10,741

44,939,892

57,260,416

(134,584) 57,125,831

Other comprehensive loss (net of tax) Actuarial gain gratuity

10,741

Total comprehensive income for the year Effect of acquisition of subsidiaries under common control

-

- (4,101,243) (4,101,243)

(46,648) (4,147,891)

Dividend paid

-

- (6,000,000) (6,000,000)

- (6,000,000)

Balance as at 31st December, 2013

6,000,000

6,320,524

Profit for the year

34,838,649

47,159,173

(181,232) 46,977,940

11,649,425

11,649,425

(13,646) 11,635,780

-

-

Other comprehensive income for the year

-

-

Dividend paid (Note 25)

-

- (7,200,000) (7,200,000)

Balance as at 31st December, 2014

60

-

6,000,000

6,320,524

DANGOTE SUGAR R EF I N ERY P LC

39,288,074

51,608,598

ANNUAL REPORT

2014

-

-

- (7,200,000)

(194,878) 51,413,720

Growing a Sweet Harvest

Separate Statement of Changes in Equity About Us

Company Balance as at 1st January, 2012 Profit for the year

Share Capital ? '000 6,000,000

Share Retained Premium Earnings ? '000 ? '000 6,320,524 26,813,185 10,796,416

Attributable to equity holders of the parent ? '000 39,133,709 10,796,416

Operational Review

Total

? '000

Corporate Governance

39,133,709 10,796,416

Financial Statements

Other comprehensive income (net of tax) Actuarial loss on gratuity

-

-

Total comprehensive income for the year Dividend paid

-

- 10,735,450 10,735,450 10,735,450 - (3,600,000) (3,600,000) (3,600,000)

Balance as at Ist January, 2013 6,000,000 Profit for the year Other comprehensive loss (net of tax)

(60,966) (60,966)

6,320,524 -

33,948,635 13,537,613

10,741

(60,966) (60,966)

(60,966) (60,966)

46,269,159 46,269,159 13,537,613 13,537,613

Actuarial gain gratuity

-

-

Total comprehensive income for the year Dividend paid

-

- 13,548,354 13,548,354 13,548,354 - (6,000,000) (6,000,000) (6,000,000)

Balance as at 31st December, 2013 Profit for the year Dividend paid (Note 25)

6,000,000 -

Balance as at 31st December, 2014

6,000,000

6,320,524

41,496,988

10,741

53,817,512

10,741

53,817,512

- 11,908,690 11,908,690 11,908,690 - (7,200,000) (7,200,000) (7,200,000) 6,320,524

46,205,678

DANGOTE SUGAR R EF I N ERY P LC

58,526,202 58,526,202

ANNUAL REPORT

2014

61

Consolidated and Separate Statement of Cash Flows Group 31-Dec-14 ? '000

Group 31-Dec-13 ? '000

Company 31-Dec-14 ? '000

Company 31-Dec-13 ? '000

11,635,779

10,845,932

11,908,690

13,537,612

11.1 14 15

3,637,373 3,572,263 115,705

5,419,227 2,885,292 -

5,564,151 2,685,729 85,638

6,561,905 1,725,252 -

12

15,224

79,062

15,224

63,551

21

(1,033,748)

342,165

34,936

139,168

Note Cash flows for operating activities Profit for the year Adjustments for non-cash income and expenses: Income tax expense recognised in profit and loss Depreciation Amortisation of intangible assets Impairment loss on property, plant and equipment (Write back) /Impairment loss recognised on trade receivables Impairment loss recognised on other receivables Fair value adjustment on biological assets Finance cost Investment income Transfer of asset Disposal Actuarial gain on gratuity scheme Effect of acquisition under common control

21 17 9.1 9 14 14 27.5

Changes in operating assets and liabilities: (Increase)/decrease in inventories Increase in biological asset (Increase)/decrease in trade & other receivables (Increase)/decrease in other assets (Increase)/decrease in Held for sale investment in subsidiary Increase/(decrease) in trade and other payables Increase/(decrease) in employee benefits Cash generated from operations Retirement benefits Interest Paid Tax paid in the year

11.3

Net cash from operating activities Cash flows from investing activities Purchase of investment in subsidiary company Purchase of Property, plant and equipment Purchase of intangible asset Interest received Non cash adjustment Payment in respect of acquisition under common control

75,629 155,725 (1,501,971) 373,915 106,443 67,164 (285,594) (1,491,638) 54,781 7,506 15,344 - (15,178,674)

(3,272,296) 202,948 6,218,802 (1,198,082)

2,203,709 (873,254) 5,775,944 49,529

(864,647) 2,520,874 171,680 20,123,888

(2,611,105) 95,195 8,208,313

(864,647) 2,468,741 (44,413) 13,614,709

(4,176,748) 95,195 6,954,658

(106,443) (4,521,548)

(5,877,803)

(45,292) (4,521,548)

(5,877,803)

15,495,897

2,330,510

9,047,869

1,076,855

14 (12,220,406) (10,280,806) 15 (77,879) (301,711) 9 285,594 1,491,638

32.1

Net cash used in investing activities

14,421 342,166 45,292 54,781 (285,595) (1,491,637) 43,672 15,344 7,506 -

-

(3,214,923)

(12,012,691) (12,305,802)

(2,949,877) 2,923,412 (4,106,014) (12,884,872) (1,008,745) 49,529

- (3,214,923) (5,848,811) (10,195,311) (32,478) (256,912) 285,595 1,491,637

-

-

(5,595,694) (12,175,509)

Cash flows from financing activities Dividends paid Loan obtained during the year Payment of loans

25 26 26

Net cash used in financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of December 2014

62

DANGOTE SUGAR R EF I N ERY P LC

(7,200,000) 2,000,000 (536,094)

(6,000,000) (532,784)

(7,200,000) (6,000,000) 2,000,000 -

(5,736,094)

(6,532,784)

(5,200,000) (6,000,000)

(2,252,888) (16,508,076) (1,747,8245) (17,098,654) 22

8,455,366

24,963,442

7,864,788

24,963,442

22

6,202,478

8,455,366

6,116,963

7,864,788

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

1. General Information Dangote Sugar Refinery Plc (the Company) was incorporated as a public limited liability company on 4th January, 2005 and commenced operations on 1st January, 2006. The Group became quoted on the Nigerian Stock. Exchange in March, 2007 and its current shareholding is 68% by Dangote Industries Limited and 32% by the Nigerian public. The ultimate controlling party is Dangote Industries Limited. The registered address of the Group is located at GDNL Administrative Building, Terminal E, Shed 20 NPA Apapa Wharf Complex, Apapa, Lagos. The consolidated financial statements of the Group for the year ended 31st December, 2014 comprises the Group and its subsidiary Savannah Sugar Company Limited. 1.1. The Principal Activity The principal activity of the Group is the refining of raw sugar into edible sugar and the selling of refined sugar. The Group's products are sold through distributors across the country. 1.2. Going Concern Status The Group has consistently been making profits. The Directors believe that there is no intention or threat from any party to curtail significantly its line of business in the foreseeable future. Thus, these financial statements are prepared on a going concern basis. 1.3. Operating Environment Emerging markets such as Nigeria are subject to different risks than more developed markets, including economic, political and social, and legal legislative risks. As has happened in the past, actual or perceived financial problems or an increase in the perceived risks associated with investing in emerging economies could adversely affect the investment climate in Nigeria and the country's economy in general. The global financial system continues to exhibit signs of deep stress and many economies around the world are experiencing lesser or no growth than in prior years. These conditions could slow or disrupt Nigeria's economy, adversely affecting

the Group's access to capital and cost of capital for the Group and more generally, its business, results of operation, financial condition and prospects. 2. Financial Period These financial statements cover the financial year from 1st January, 2014 to 31th December, 2014, with restated comparative for year end 1st January, 2013 to 31st December ,2013.

Operational Review Corporate Governance

Financial Statements

3. Application of new and revised International Financial Reporting Standards (IFRSs) 3.1 New and revised IFRSs/IFRICs affecting amounts reported and/or disclosures in this financial statements In the current year, the Group has applied a number of new and revised IFRSs issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1st January, 2014. Amendments to IFRS 10, IFRS 12 and IAS 27 Investment Entities The Group has applied the amendments to IFRS 10, IFRS 12 and IAS 27 Investment Entities for the first time in the current year. The amendments to IFRS 10 define an investment entity and require a reporting entity that meets the definition of an investment entity not to consolidate its subsidiaries but instead to measure its subsidiaries at fair value through profit or loss in its consolidated and separate financial statements. To qualify as an investment entity, a reporting entity is required to: •



obtain funds from one or more investors for the purpose of providing them with investment management services; commit to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and measure and evaluate performance of substantially all of its investments on a fair value basis.

Consequential amendments have been made to IFRS 12 and IAS 27 to introduce new disclosure requirements for investment entities.

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

63

Notes to the Consolidated and Separate Financial Statements As the Company is not an investment entity (assessed based on the criteria set out in IFRS 10 as at 1st January, 2014), the application of the amendments has had no impact on the disclosures or the amounts recognised in the Group's consolidated financial statements. Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities The Group has applied the amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities for the first time in the current year. The amendments to IAS 32 clarify the requirements relating to the offset of financial assets and financial liabilities. Specifically, the amendments clarify the meaning of 'currently has a legally enforceable right of set-off' and 'simultaneous realisation and settlement'. The amendments have been applied retrospectively. As the Group does not have any financial assets and financial liabilities that qualify for offset, the application of the amendments has had no impact on the disclosures or on the amounts recognised in the Group's consolidated financial statements. The Group has assessed whether certain of its financial assets and financial liabilities qualify for offset based on the criteria set out in the amendments and concluded that the application of the amendments has had no impact on the amounts recognised in the Group's consolidated financial statements. Amendments to IAS 36 Recoverable Amount Disclosures for Non-Financial Assets The Group has applied the amendments to IAS 36 Recoverable Amount Disclosures for NonFinancial Assets for the first time in the current year. The amendments to IAS 36 remove the requirement to disclose the recoverable amount of a cash-generating unit (CGU) to which goodwill or other intangible assets with indefinite useful lives had been allocated when there has been no impairment or reversal of impairment of the related CGU. Furthermore, the amendments introduce additional disclosure requirements applicable to when the recoverable amount of an asset or a CGU is measured at fair value less costs of disposal. These new disclosures include the fair value hierarchy, key assumptions and valuation techniques used which are in line with the

64

DANGOTE SUGAR R EF I N ERY P LC

disclosure required by IFRS 13 Fair Value Measurements. The application of these amendments has had no material impact on the disclosures in the Group's consolidated financial statements. Amendments to IAS 39 Novation of Derivatives and Continuation of Hedge Accounting The Group has applied the amendments to IAS 39 Novation of Derivatives and Continuation of Hedge Accounting for the first time in the current year. The amendments to IAS 39 provide relief from the requirement to discontinue hedge accounting when a derivative designated as a hedging instrument is notated under certain circumstances. The amendments also clarify that any change to the fair value of the derivative designated as a hedging instrument arising from the novation should be included in the assessment and measurement of hedge effectiveness. The amendments have been applied retrospectively. As the Group does not have any derivatives that are subject to novation, the application of these amendments has had no impact on the disclosures or on the amounts recognised in the Group's consolidated financial statements. IFRIC 21 Levies The Group has applied IFRIC 21 Levies for the first time in the current year. IFRIC 21 addresses the issue as to when to recognise a liability to pay a levy imposed by a government. The Interpretation defines a levy, and specifies that the obligating event that gives rise to the liability is the activity that triggers the payment of the levy, as identified by legislation. The Interpretation provides guidance on how different levy arrangements should be accounted for, in particular, it clarifies that neither economic compulsion nor the going concern basis of financial statements preparation implies that an entity has a present obligation to pay a levy that will be triggered by operating in a future period. IFRIC 21 has been applied retrospectively. The application of this Interpretation has had no material impact on the disclosures or on the amounts recognised in the Group's consolidated financial statements.

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

3.2 New and revised IFRSs in issue but not yet effective The Group has not applied the following new and revised IFRSs that have been issued but are not yet effective: IFRS 9 IFRS 15 Amendments to IFRS 11 Amendments to IAS 16 and IAS 38 Amendments to IAS 16 and IAS 41 Amendments to IAS 19 Amendments to IFRSs Amendments to IFRSs Financial Instruments 5 Revenue from Contracts with Customers 4 Accounting for Acquisitions of Interests in Joint Operations 3 Clarification of Acceptable Methods of Depreciation and Amortisation 3 Agriculture: Bearer Plants 3 Defined Benefit Plans: Employee Contributions 1 Annual Improvements to IFRSs 2010-2012 Cycle 2 Annual Improvements to IFRSs 2011-2013 Cycle 1 1 Effective for annual periods beginning on or after 1st July, 2014, with earlier application permitted. 2 Effective for annual periods beginning on or after 1st July ,2014, with limited exceptions. Earlier application is permitted. 3 Effective for annual periods beginning on or after 1st January, 2016, with earlier application permitted. 4 Effective for annual periods beginning on or after 1st January, 2017, with earlier application permitted. 5 Effective for annual periods beginning on or after 1st January, 2018, with earlier application permitted. IFRS 9 Financial Instruments IFRS 9 issued in November 2009 introduced new requirements for the classification and measurement of financial assets. IFRS 9 was subsequently amended in October 2010 to include requirements for the classification and measurement of financial liabilities and for derecognition, and in November 2013 to include the new requirements for general hedge accounting. Another revised version of IFRS 9

was issued in July, 2014 mainly to include a) impairment requirements for financial assets and b) limited amendments to the classification and measurement requirements by introducing a ‘fair value through other c o m p r e h e n s i v e i n c o m e ’ ( F V TO C I ) measurement category for certain simple debt instruments.

Operational Review Corporate Governance

Financial Statements

Key requirements of IFRS 9: All recognised financial assets that are within the scope of IAS 39 Financial Instruments: Recognition and Measurement are required to be subsequently measured at amortised cost or fair value. Specifically, debt investments that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortised cost at the end of subsequent accounting periods. Debt instruments that are held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets, and that have contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, are measured at FVTOCI. All other debt investments and equity investments are measured at their fair value at the end of subsequent accounting periods. In addition, under IFRS 9, entities may make an irrevocable election to present subsequent changes in the fair value of an equity investment (that is not held for trading) in other comprehensive income, with only dividend income generally recognised in profit or loss. With regard to the measurement of financial liabilities designated as at fair value through profit or loss, IFRS 9 requires that the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is presented in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. Changes in fair value attributable to a financial liability’s credit risk are not subsequently reclassified to profit or loss. Under IAS 39, the

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

65

Notes to the Consolidated and Separate Financial Statements entire amount of the change in the fair value of the financial liability designated as fair value through profit or loss is presented in profit or loss. In relation to the impairment of financial assets, IFRS 9 requires an expected credit loss model, as opposed to an incurred credit loss model under IAS 39. The expected credit loss model requires an entity to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognised. The new general hedge accounting requirements retain the three types of hedge accounting mechanisms currently available in IAS 39. Under IFRS 9, greater flexibility has been introduced to the types of transactions eligible for hedge accounting, specifically broadening the types of instruments that qualify for hedging instruments and the types of risk components of non-financial items that are eligible for hedge accounting. In addition, the effectiveness test has been overhauled and replaced with the principle of an ‘economic relationship’. Retrospective assessment of hedge effectiveness is also no longer required. Enhanced disclosure requirements about an entity’s risk management activities have also been introduced. The directors anticipate that the application of IFRS 9 in the future may have a material impact on amounts reported in respect of the Group’s financial assets and financial liabilities. However, it is not practicable to provide a reasonable estimate of the effect of IFRS 9 until the Group undertakes a detailed review. IFRS 15 Revenue from Contracts with Customers In May 2014, IFRS 15 was issued which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. IFRS 15 will supersede the current revenue recognition guidance including IAS 18 Revenue, IAS 11 Construction Contracts and the related Interpretations when it becomes effective.

66

DANGOTE SUGAR R EF I N ERY P LC

The core principle of IFRS 15 is that an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the Standard introduces a 5-step approach to revenue recognition: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation. Under IFRS 15, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when ‘control’ of the goods or services underlying the particular performance obligation is transferred to the customer. Far more prescriptive guidance has been added in IFRS 15 to deal with specific scenarios. Furthermore, extensive disclosures are required by IFRS 15. The Directors do not anticipate that the application of IFRS 15 will have a material impact on the Group’s consolidated financial statements. Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations The amendments to IFRS 11 provide guidance on how to account for the acquisition of a joint operation that constitutes business as defined in IFRS 3 Business Combinations. Specifically, the amendments state that the relevant principles on accounting for business combinations in IFRS 3 and other standards (e.g. IAS 36 Impairment of Assets regarding impairment testing of a cashgenerating unit to which goodwill on acquisition of a joint operation has been allocated) should be applied. The same requirements should be applied to the formation of a joint operation if and only if an existing business is contributed to the joint operation by one of the parties that participate in the joint operation. A joint operator is also required to disclose the relevant information required by IFRS 3 and other standards for business combinations.

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

The amendments to IFRS 11 apply prospectively for annual periods beginning on or after 1 January 2016. The directors do not anticipate that the application of these amendments to IFRS 11 will have a material impact on the Group’s consolidated financial statements. Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation and Amortisation The amendments to IAS 16 prohibit entities from using a revenue-based depreciation method for items of property, plant and equipment. The amendments to IAS 38 introduce a rebuttable presumption that revenue is not an appropriate basis for amortisation of an intangible asset. This presumption can only be rebutted in the following two limited circumstances: a) when the intangible asset is expressed as a measure of revenue; or b) when it can be demonstrated that revenue and consumption of the economic benefits of the intangible asset are highly correlated. The amendments apply prospectively for annual periods beginning on or after 1st January, 2016. Currently, the Group uses the straight-line method for depreciation and amortisation for its property, plant and equipment, and intangible assets respectively. The Directors believe that the straight-line method is the most appropriate method to reflect the consumption of economic benefits inherent in the respective assets and accordingly, the directors do not anticipate that the application of these amendments to IAS 16 and IAS 38 will have a material impact on the Group’s consolidated financial statements. Amendments to IAS 16 and IAS 41 Agriculture: Bearer Plants The amendments to IAS 16 and IAS 41 define a bearer plant and require biological assets that meet the definition of a bearer plant to be accounted for as property, plant and equipment in accordance with IAS 16, instead of IAS 41. The produce growing on bearer plants continues to be accounted for in accordance with IAS 41. The Directors do not anticipate that the application of these amendments to IAS 16 and IAS 41 will have a material impact on the Group’s consolidated financial statements as the Group is not engaged in agricultural activities.

Amendments to IAS 19 Defined Benefit Plans: Employee Contributions The amendments to IAS 19 clarify how an entity should account for contributions made by employees or third parties to defined benefit plans, based on whether those contributions are dependent on the number of years of service provided by the employee.

Operational Review Corporate Governance

Financial Statements

For contributions that are independent of the number of years of service, the entity may either recognise the contributions as a reduction in the service cost in the period in which the related service is rendered, or to attribute them to the employees’ periods of service using the projected unit credit method; whereas for contributions that are dependent on the number of years of service, the entity is required to attribute them to the employees’ periods of service. The Directors do not anticipate that the application of these amendments to IAS 19 will have a significant impact on the Group’s consolidated financial statements. Annual Improvements to IFRSs 2010-2012 Cycle. The Annual Improvements to IFRSs 2010-2012 Cycle include a number of amendments to various IFRSs, which are summarised below. The amendments to IFRS 2 (I) change the definitions of ‘vesting condition’ and ‘market condition’; and (ii) add definitions for ‘performance condition’ and ‘service condition’ which were previously included within the definition of ‘vesting condition’. The amendments to IFRS 2 are effective for share-based payment transactions for which the grant date is on or after 1st July, 2014. The amendments to IFRS 3 clarify that contingent consideration that is classified as an asset or a liability should be measured at fair value at each reporting date, irrespective of whether the contingent consideration is a financial instrument within the scope of IFRS 9 or IAS 39 or a non-financial asset or liability. Changes in fair value (other than measurement period adjustments) should be recognised in profit or loss. The amendments to IFRS 3 are

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Notes to the Consolidated and Separate Financial Statements effective for business combinations for which the acquisition date is on or after 1st July, 2014. The amendments to IFRS 8 (I) require an entity to disclose the judgements made by management in applying the aggregation criteria to operating segments, including a description of the operating segments aggregated and the economic indicators assessed in determining whether the operating segments have ‘similar economic characteristics’; and (ii) clarify that a reconciliation of the total of the reportable segments’ assets to the entity’s assets should only be provided if the segment assets are regularly provided to the chief operating decision-maker. The amendments to the basis for conclusions of IFRS 13 clarify that the issue of IFRS 13 and consequential amendments to IAS 39 and IFRS 9 did not remove the ability to measure short-term receivables and payables with no stated interest rate at their invoice amounts without discounting, if the effect of discounting is immaterial. As the amendments do not contain any effective date, they are considered to be immediately effective. 3. Application of New and Revised International Financial Reporting Standards (IFRSs) The amendments to IAS 16 and IAS 38 remove perceived inconsistencies in the accounting for accumulated depreciation/amortisation when an item of property, plant and equipment or an intangible asset is revalued. The amended standards clarify that the gross carrying amount is adjusted in a manner consistent with the revaluation of the carrying amount of the asset and that accumulated depreciation/ amortisation is the difference between the gross carrying amount and the carrying amount after taking into account accumulated impairment losses. The amendments to IAS 24 clarify that a management entity providing key management personnel services to a reporting entity is a related party of the reporting entity. Consequently, the reporting entity should disclose as related party transactions the amounts incurred for the service paid or payable

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to the management entity for the provision of key management personnel services. However, disclosure of the components of such compensation is not required. The Directors do not anticipate that the application of these amendments will have a significant impact on the Group’s consolidated financial statements. Annual Improvements to IFRSs 2011-2013 Cycle The Annual Improvements to IFRSs 2011-2013 Cycle include a number of amendments to various IFRSs, which are summarised below. The amendments to IFRS 3 clarify that the standard does not apply to the accounting for the formation of all types of joint arrangement in the financial statements of the joint arrangement itself. The amendments to IFRS 13 clarify that the scope of the portfolio exception for measuring the fair value of a group of financial assets and financial liabilities on a net basis includes all contracts that are within the scope of, and accounted for in accordance with, IAS 39 or IFRS 9, even if those contracts do not meet the definitions of financial assets or financial liabilities within IAS 32. The amendments to IAS 40 clarify that IAS 40 and IFRS 3 are not mutually exclusive and application of both standards may be required. Consequently, an entity acquiring investment property must determine whether: (a) the property meets the definition of investment property in terms of IAS 40; and (b) the transaction meets the definition of a business combination under IFRS 3. The Directors do not anticipate that the application of these amendments will have a significant impact on the Group’s consolidated financial statements. 4. Significant Accounting Policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

4.1 Statement of Compliance These consolidated and separate financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and Interpretations issued by the International Financial Reporting Interpretations Committee of IASB (together "IFRS”) that are effective at 31st December, 2014 and requirements of the Companies and Allied Matters Act (CAMA) of Nigeria and the Financial Reporting Council (FRC) Act. 2011 of Nigeria. 4.2. Basis of Preparation The consolidated and separate financial statements have been prepared on the historical cost basis except for the revaluation of certain financial instruments. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The principal accounting policies are set out below: 4.3. Subsidiaries Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to t h e n o n - c o n t r o l l i n g i n t e r e s t s . To t a l comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

The results of subsidiaries acquired or disposed of during the year are included in the Group statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners' of the Company and to the non-controlling interests even if this results in the non -controlling interest having a deficit balance.

Operational Review Corporate Governance

Financial Statements

In the Company's separate financial statements, investments in subsidiaries are carried at cost less any impairment that has been recognised in profit or loss. 4.4. Transactions Eliminated on Consolidation Inter-Company transactions, balances and any gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but to the extent that there is no evidence of impairment. 4.5. Non-controlling Interest Non-controlling interest is the equity in a subsidiary not attributable, directly or indirectly, to a parent company and is presented separately in the consolidated statement of profit or loss, in the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position. Total comprehensive income attributable to noncontrolling interests is presented on the "Noncontrolling interest" in the statement of financial position, even if it can create negative noncontrolling interests. Changes in the ownership interest of a subsidiary that do not result in loss of control are accounted for as an equity transaction. Consequently, if Company acquires or partially disposes of a noncontrolling interest in a subsidiary, without losing control, any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognised directly in equity. 4.6 Acquisition of Entities Under Common Control Business combinations arising from transfers of interests in entities that are under the control of the shareholder that controls the Group are accounted prospectively as of the date that

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Notes to the Consolidated and Separate Financial Statements transfer of interest was effected. The assets and liabilities acquired are recognised at the carrying amounts recognised previously in the Group controlling shareholder’s consolidated financial statements. The difference between the consideration paid and the net assets acquired is accounted for directly in equity. 4.7 Functional and Presentation Currency These financial statements are presented in Naira, which is the Group's functional currency. All financial information presented in naira has been rounded to the nearest thousand. 4.8 Revenue Recognition Revenue is derived principally from the sale of goods and is measured at the fair value of consideration received or receivable, after deducting discounts, volume rebates, value added tax and any estimated customer returns. Sales are stated at their invoiced amount which is net of value added taxes and discounts. Sale of Goods Revenue from the sale of goods is recognised when all the following conditions are satisfied: •



• •



the Group has transferred to the buyer the significant risks and rewards of ownership of the goods; the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the Group; and The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered (or collected, if sold under self-collection terms) and legal title is passed. Amount relating to shipping and handling whether included as part of sales is billed separately is recorded as revenue and cost incurred for shipping and handling are classified under selling and distribution expenses.

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4.9 Interest Income Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition. 4.10 Pensions and other Post-employment Benefits The Group operates a defined contribution based retirement benefit scheme for its staff, in accordance with the amended Pension Reform Act of 2004 with employee contributing 8% and the employer contributing 10% each of the employee’s relevant emoluments. Payments to defined contribution retirement benefit plans are recognised as an expense in statement of profit or loss when employees have rendered the service entitling them to the contributions. 4.11 Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. 4.11.1 Current Tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statements of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Current income tax is the expected amount of income tax payable on the taxable profit for the year determined in accordance with the Companies Income Tax Act (CITA) using statutory tax rates at the reporting date. Education tax is assessed at 2% of the assessable profits.

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

4.11.2 Deferred Tax Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net Current and deferred tax are recognised in profit and loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are

recognised in other comprehensive income or directly in equity respectively. Where current tax and deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. 4.12 Property, plant and equipment i. Recognition and Measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.

Operational Review Corporate Governance

Financial Statements

Cost includes expenditure that is directly attributable to the acquisition of the asset. Fixed assets under construction are disclosed as capital work-in-prog ress. The cost of construction recognised includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and borrowing costs on qualifying assets. Purchased software that is integral to the functionality of the related equipment is capitalized as part of the equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised in the statement of comprehensive income. ii. Subsequent Costs The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in profit or loss as incurred.

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Notes to the Consolidated and Separate Financial Statements Depreciation is calculated on the depreciable amount, which is the cost of an asset, or other amount Working Draft substituted for cost, less its residual value. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment which reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term in which case the assets are depreciated over the useful life. The estimated useful lives for the current and comparative periods are as follows: Buildings Plant and Machinery Motor Vehicles Computer Equipment Tools and Equipment Furniture and Equipment Freehold land is not depreciated.

– 50 years – 15 years – 4 years – 3 years – 4 years – 5 years

Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. Capital work-inprogress is not depreciated. The attributable cost of each asset is transferred to the relevant asset category immediately the asset is available for use and depreciated accordingly. Properties in the course of construction for production, supply or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Cost includes Group’s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use. 4.12 Property, Plant and Equipment Depreciation is recognised so as to write off the cost of assets (other than properties under construction) less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate

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accounted for on a prospective basis. Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, the term of the relevant lease. 4.13 Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Where there are no agreed lease terms, rent payable is recognised as incurred. 4.14 Intangible Assets Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straightline basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each annual reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. Derecognition of Intangible Assets An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognised in profit or loss when the asset is derecognised. 4.15 Impairment of Tangible and Intangible assets other than Goodwill At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cashgenerating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. 4.15 Impairment of Tangible and Intangible Assets other than Goodwill If the recoverable amount of an asset (or cashgenerating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or

cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Operational Review Corporate Governance

Financial Statements

4.16 Inventories Inventories are stated at the lower of cost and net realisable value. Cost of engineering spares and consumable stock is determined on a first in first out basis. Cost of other stock (Raw materials, packaging materials, work in progress and finished goods) is determined on the basis of standard costs adjusted for variances. Standard costs are periodically reviewed to approximate actual costs. Goods in transit are valued at the invoice price. Cost of inventory includes purchase cost, conversion cost (materials, labour and overhead) and other costs incurred to bring inventory to its present location and condition. Finished goods, which include direct labour and factory overheads, are valued at standard cost adjusted at year-end on an actual cost basis. Costs, including an appropriate portion of fixed and variable overhead expenses, are assigned to inventories by the method most appropriate to the particular class of inventory, with the majority being valued on an average cost basis. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. 4.17 Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation (when the time value of money is material). The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where

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Notes to the Consolidated and Separate Financial Statements a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. 4.17.1 Onerous Contracts Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract. 4.17.2 Environmental Costs Costs incurred that result in future economic benefits, such as extending useful lives, increasing capacity or safety, and those costs incurred to mitigate or prevent future environmental contamination are capitalized. When the Group’s management determine that it is probable that a liability for the future remediation cost is recorded as a provision without contingent insurance recoveries being offset (only virtually certain insurance recoveries are recognized as an asset on the statement of financial position). When we do not have a reliable reversal time schedule or when the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows. Environmental costs, which are not included above, are expensed as incurred. 4.18 Financial Instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction cost that are directly attributable to the acquisition or issue of the financial assets and financial liabilities (other than financial assets or financial liabilities at fair value through profit or loss) are

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added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Financial Assets Financial assets are classified into the following specified categories: financial assets at fair value through profit or loss?(FVTPL), ‘held-to-maturity? investments, available-for-sale (AFS) financial assets and loans and receivables. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. All regular purchases or sales of financial assets are recognised and derecognized on a trade date basis. Regular purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market place. The Group’s financial assets comprise other loans and receivables. Effective Interest Method The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. Loans and Receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including trade and other receivables) are measured at amortised cost using the effective interest method, less any impairment. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

Impairment of Financial Assets Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the end of Working Draft each reporting period. Financial assets are considered impaired when there is objective evidence that as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. For all categories of financial assets, objective evidence of impairment could include: •

significant financial difficulty of the issuer or counterparty, or



breach of contract, such as a default or delinquency in interest or principal payments; or



It is becoming probable that the owner will enter bankruptcy or financial reorganisation; or



the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Group’s past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 30 days, as well as observable changes in national or local economic conditions that correlate with default on receivables. For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the current market rate

of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

Operational Review Corporate Governance

Financial Statements

Derecognition of Financial Assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss. 4.19 Cash and Cash Equivalents Cash and cash equivalents consist of cash, highly liquid investments and cash equivalents which are not subject to significant changes in value and with an original maturity date of generally less than three months from the time of purchase.

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Notes to the Consolidated and Separate Financial Statements 4.20 Financial Liabilities and Equity Instruments Issued by the Group Classification as debt or equity Debts and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity Instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs. Incremental costs directly attributable to the issue of ordinary shares and share options are recognized as a deduction from equity, net of any tax effects. 4.20 Financial Liabilities and Equity Instruments Issued by the Group Financial Liabilities Financial Liabilities are classified as either financial liabilities, at fair value through profit or loss (FVTPL) or other liabilities. The Group only operates the category of other financial liability. Other Financial Liabilities Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortised cost using the effective interest method.

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when, and only when the Group’s obligations are discharged, cancelled, or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid, and payable is recognised in profit or loss. 4.21 Earnings per Share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during the period, adjusted for own shares held, if any. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, if any, for the effects of all dilutive potential ordinary shares. 4.22 Foreign Currency Transactions and Translation Items included in the financial statements of each of the Group are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The financial statements are presented in Naira, which is the Group's functional and presentation currency. 4.22a Foreign Currency Transactions and Translation Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of profit or loss and other comprehensive income.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly estimates future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) , a shorter period, to the net carrying amount on initial recognition.

Non-monetary assets and liabilities in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the transaction date and are not restated.

Derecognition of Financial Liabilities The Group derecognises financial liabilities

Non-monetary assets and liabilities denominated in foreign currencies that are

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

stated at fair value are translated to the functional currency at foreign exchange rates prevailing at the dates the fair value was determined and are not restated. 4.23 Borrowing costs Borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. 4.25 Segment information Information reported to the Chief Operating decision maker of the Group for the purposes of resource allocation and assessment of segment performance focuses on its sole product, refined sugar based on different geographical location. Segment reporting has been prepared based on the geographical information of the group 5. Critical accounting judgements and key sources of estimation uncertainty In the application of the group’s significant accounting policies, described in note 4, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

5.1 Critical judgements in applying accounting policies The following are the critical judgements, apart from those involving estimations (see note 5.2 below), that the directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements.

Operational Review Corporate Governance

Financial Statements

The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. 5.1.0 Revenue Recognition In recognising revenue, critical judgement is made with respect to the mode of delivery. Where the customer opts to make personal arrangement to take delivery of goods by bringing his own truck, revenue is recognised as soon as the truck is loaded and a waybill is generated. However, where the customer opts for delivery to be made using DSR trucks, revenue is recognised only when the goods are delivered at the address provided and receipt of same is acknowledged on the waybill. 5.1.1 Allowance for credit losses The Group periodically assesses its trade receivables for probability of credit losses. Management considers several factors including past credit record, current financial position and credibility of management, judgement is exercised in determining the allowances made for credit losses. Provisions are made for receivables that have been outstanding for 365 days, in respect of which there is no firm commitment to pay by the customer. Furthermore, all balances are reviewed for evidence of impairment and provided against once recovery is doubtful. These assessments are subjective and involve a significant element of judgement by management on the ultimate recoverability of amounts receivable. 5.1.2 Fair values of biological assets The fair value of the biological asset is derived using a replacement cost approach.

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2014

77

Notes to the Consolidated and Separate Financial Statements Management uses estimates for the costs to replace the biological asset by segmenting the assets into their various life circles less expected costs to produce and sell the sugar and molasses, which are determined by considering historical actual costs incurred on a per hector basis. The estimated selling price and costs are subject to fluctuations based on the timing of prevailing growing conditions economic and market conditions as obtained from the various units directly involved in the sales and biological transformation of the assets. 5.2 Key Sources of Estimation Uncertainty The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 5.2.1 Useful Life of Property, Plant and equipment The Group reviewed and revised the estimated

useful lives of its property, plant and equipment on transition to IFRS on 1 January, 2011, and under IFRS, has reviewed them annually at each reporting date. Useful lives are estimated based on the engineer’s report, as at each reporting date. Some of the factors considered include the current service potential of the assets, potential cost of repairs and maintenance. There is a degree of subjective judgment in such estimation which has a resultant impact on profit and total comprehensive income for the year. 5.2.2 Valuation of Deferred Tax The recognition of deferred tax assets requires an assessment of future taxable profit. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. The availability of future taxable profits depends on several factors including the group's future financial performance and if necessary, implementation of tax planning strategies.

6. Revenue

Sale of sugar - 50kg Sale of sugar - Retail Sale of molasses Freight income

Group

Group

Company

Company

31-Dec-14

31-Dec-13

31-Dec-14

31-Dec-13

? '000 ? '000 ? '000 ? '000 90,549,360 100,381,353 89,811,404 99,732,874 1,234,714 557,729 1,234,714 557,729 58,390 120,927 44,820 83,032 3,012,739 2,093,726 3,012,739 2,093,726 94,855,203 103,153,735 94,103,677 102,467,361

Revenue comprises of both domestic and export sales. 6.1 Segment Information Information reported to the chief operating decision maker (the Managing Director) for the purposes of resource allocation and assessment of segment performance is based on the entity as a whole as there is no other distinguishable component of the entity that engages in business activities from which it earns revenues and incurs expenses whose operating results are regularly reviewed by the Managing Director to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. Segment information is presented in respect of the group's reportable segments. For Management purposes, the Group is organised into business units by geographical areas in which the group operates and the locations that comprise such regions represent operating segments. The Group has 4 reportable segments based on location of the principal operations as follows: Ghana, Northern Nigeria, Southern Nigeria, Eastern Nigeria and Lagos.

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ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

6.2 Geographical information The group's revenue from external customers by region of operations is listed below.

Ghana Nigeria: Lagos North West East

Group 31-Dec-14 ? '000 -

Group 31-Dec-13 ? '000 1,794,738

Company Company 31-Dec-14 31-Dec-13 ? '000 ? '000 - 1,794,738

26,504,641 38,296,462 25,987,415 4,066,685 94,855,203

56,097,204 30,065,627 11,143,855 4,052,311 103,153,735

26,504,640 56,097,204 37,544,935 29,379,253 25,987,415 11,143,854 4,066,687 4,052,312 94,103,677102,467,361

Segment Cost of Sales 31-Dec-14 31-Dec-13 ? '000 ? '000 - 1,322,354

Segment Profit 31-Dec-14 31-Dec-13 ? '000 ? '000 472,384

Operational Review Corporate Governance

Financial Statements

Group

Ghana Nigeria: Lagos North West East

Company

Ghana Nigeria: Lagos North West East

Group

Ghana Lagos North West East

Company

Ghana Lagos North West East

Segment Revenue 31-Dec-14 31-Dec-13 ? '000 ? '000 1,794,738 26,504,641 38,296,462 25,987,415 4,066,685 94,855,203

56,097,204 30,065,627 11,143,855 4,052,311 103,153,735

Segment Revenue 31-Dec-14 31-Dec-13 ? '000 ? '000 1,794,738 26,504,640 37,544,935 25,987,415 4,066,687 94,103,677

56,097,204 29,379,253 11,143,854 4,052,312 102,467,361

9,136,869 41,332,152 7,367,772 14,765,052 28,784,332 24,704,294 9,512,130 5,361,333 25,369,765 8,210,738 617,650 2,933,117 2,936,227 2,985,723 1,130,458 1,066,588 76,227,193 78,555,261 18,628,010 24,598,474 Segment Cost of Sales 31-Dec-14 31-Dec-13 ? '000 ? '000 - 1,322,354

Segment Gross Profit 31-Dec-14 31-Dec-13 ? '000 ? '000 472,384

19,136,870 41,332,152 7,367,770 14,765,052 27,108,178 21,646,494 10,436,757 7,732,759 23,187,800 8,210,740 2,799,615 2,933,114 2,936,227 2,985,723 1,130,460 1,066,589 72,369,075 75,497,463 21,734,602 26,969,898 Total Segment Assets Total Segment Liabilities 31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13 ? '000 ? '000 ? '000 ? '000 92,801,302 83,159,878 41,387,582 36,181,937 92,801,302 83,159,878 41,387,582 36,181,937 Total Segment Assets Total Segment Liabilities 31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-14 ? '000 ? '000 ? '000 ? '000 97,287,804 87,112,182 38,761,602 33,294,670 97,287,804 87,112,182 38,761,602 33,294,670

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2014

79

Notes to the Consolidated and Separate Financial Statements

6.3 Information about Major Customers There is a single customer who buys industrial Non- Fortified Sugar that represents more than 10% of total sales during the year. 6.3.1 Large Corporate/Industrial Users These are leading blue chip companies in Nigeria, and they include manufacturers of confectioneries and soft drinks. This group typically accounts for 30% of the company's sales. They buy Non-Fortified sugar exclusively. 6.3.2 Distributors The company sells unfortified sugar mainly to pharmaceutical, food and beverage manufacturers, while Vitamin A-fortified sugar is sold to distributors who sell to small wholesalers, confectioners and other smaller value-adding enterprises who provide the distribution network to the Nigerian retail market. The Company sells a small amount of sugar directly to retail customers. Retail packaging comes in various sizes of 250g, 500g, and 1kg under the brand name “Dangote Sugar”. Sales to Distributors account for 70% of the company's revenue. 6.3.3 The Company provides a delivery service to customers by transporting refined sugar to other destinations. Freight income represents revenue earned in this respect during the year. The associated cost of providing this service is included in cost of sales.

7. Cost of sales Raw material Direct labour cost Direct overheads Other overheads Depreciation Fleet expenses

7.1 Selling and distribution expenses Carriage expenses Selling and marketing expenses

80

DANGOTE SUGAR R EF I N ERY P LC

Group 31-Dec-14 ? '000 60,018,765 3,122,304 7,034,802 495,928 3,232,313 2,323,081 76,227,193

Group 31-Dec-13 ? '000 65,567,707 608,065 8,283,193 19,778 2,159,542 1,916,976 78,555,261

1,012 1,954,657 1,955,669

2,008,962 1,425,899 3,434,861

ANNUAL REPORT

2014

Company Company 31-Dec-14 31-Dec-13 ? '000 ? '000 59,619,604 63,801,527 1,522,499 539,917 6,050,947 8,210,618 405,976 18,898 2,446,968 1,009,527 2,323,081 1,916,976 72,369,075 75,497,463

720,090 1,115,713 1,835,803

1,992,996 1,425,899 3,418,895

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

8. Administrative Expenses Salaries and related staff cost Depreciation Utilities Rents Audit fees Management fee Directors' remuneration Impairment loss Fair value adjustment on biological asset Legal and professional fees Gratuity Subscription and donations Advertisements and promotions Transport and travelling Security expense Insurance Others

9. Investment Income Interest income on bank deposits

Group 31-Dec-14 ? '000 2,117,611 425,723 257,366 112,039 44,000 605,529 84,954 294,442 217,038 216,094 23,725 1,877 118,403 70,862 86,582 1,968,144 6,644,389

Group 31-Dec-13 ? '000 2,976,528 725,748 182,907 59,679 40,700 2,007,544 91,946 576,953 373,915 180,591 284,969 63,404 131,620 176,372 87,433 750,563 8,710,872

Company 31-Dec-14 ? '000 1,581,724 324,399 171,968 112,039 32,000 590,462 84,954 225,680 163,939 23,724 1,877 118,403 70,862 86,582 1,366,840 4,955,453

Company 31-Dec-13 ? '000 2,175,547 715,723 129,819 58,385 32,000 2,007,544 91,946 544,885 160,359 281,199 63,404 98,365 152,111 51,017 638,838 7,201,142

285,594 285,594

1,491,638 1,491,638

285,594 285,594

1,491,637 1,491,637

Operational Review Corporate Governance

Financial Statements

Interest is earned on bank deposits at an average rate of 11.45 % p.a. on short term (30 days) bank deposits. 9.1 Finance cost The average effective interest rate on funds borrowed generally is 10% per annum for the Group and Company (2013: 10% and 12% per annum respectively). Group 31-Dec-14 ? '000 Insurance claims 1,222,799 Insurance claims on burnt assets 47,223 Sales of scrap materials 1,435,877 Fleet Income 487,005 Electricity supply 73,856 Exchange Gain 285,775 Bad debt recovered 11,543 Export grant Fair value adjustment on Biological assets (Note 17) 1,501,971 5,066,049 10. Other Income

Group 31-Dec-13 ? '000 35,350 1,879,269 238,011 235,314 2,387,944

DANGOTE SUGAR R EF I N ERY P LC

Company 31-Dec-14 ? '000 1,222,799 208,215 487,005 73,856 285,775 11,543 2,289,193

Company 31-Dec-13 ? '000 2,962 1,879,269 140,474 235,314 2,258,019

ANNUAL REPORT

2014

81

Notes to the Consolidated and Separate Financial Statements 11. Taxation

11.1 Income tax recognized in profit or loss Current Tax Income tax based on profit for the year Education tax expense In respect of prior years

Group 31-Dec-14 ? '000

Group 31-Dec-13 ? '000

Company 31-Dec-14 ? '000

Company 31-Dec-13 ? '000

5,302,009 399,124 5,701,133

4,352,695 391,727 469,237 5,213,659

5,295,430 399,124 5,694,554

4,346,197 391,727 469,237 5,207,161

(2,063,760) 3,637,373

132,109 73,459 5,419,227

(130,403) 5,564,151

1,281,284 73,460 6,561,905

Deferred tax Deferred tax (income)/expense In respect of prior years

The tax rates used in the above comparative figures are the corporate tax rate of 30% payable by corporate entities in Nigeria. Education tax rate of 2% is also payable. 11.2 The income tax expense for the year can be reconciled to the accounting profit as follows: 31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13 ? '000 ? '000 ? '000 ? '000 Profit before tax 15,273,152 16,265,159 17,472,841 20,099,517 Income tax expense calculated at 32 %( 2013:32%) 4,887,408 5,204,850 5,591,309 6,431,845 Effect of capital gains tax rolled over 80,775 80,775 Effect of Investment allowance, not recognised in accounting 1,694 (98,602) 55,169 (98,602) Effect of expenses which are not deductible in determining profits 55,169 23,017 21,884 Effect of concessions (research and development and other allowances) (1,324,150) (49,007) Effect of income items that are exempt from tax (406,430) (406,430) Effect of minimum tax adjustment 6,579 6,498 Others 93,660 66,423 49,667 (10,263) Education tax at 2% of assessable profits Effect of Capital gains tax rolled over 41,395 41,395 Capital gains on disposal of assets (subject to tax at different rates) (124,382) (124,382) Adjustments recognised in the current year in relation to the deferred tax of prior years 73,459 73,459 Adjustments recognised in the current year in relation to the current tax of prior years 469,237 469,237 Income tax expense recognised in profit or loss. 3,637,373 5,419,227 5,564,151 6,561,905

82

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ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

11.3 Current tax liabilities in the statement of financial position Balance, beginning of the year Effect of acquisition of subsidiary under common control (Note 32.2) Charge for the year (Note 11.1) Payment made during the year

11.3.1 Current Tax Liabilities Income tax Education tax Provision in respect of under accruals in earlier years

11.4 Deferred tax balances Deferred tax assets Deferred tax liability Net deferred tax assets/ (liabilities)

Company 31-Dec-14 ? '000

Company 31-Dec-13 ? '000

Operational Review

4,756,600

5,408,566

4,737,924

5,408,566

Corporate Governance

5,936,185

4,756,600

5,910,930

4,737,924

5,302,009 399,124

4,352,695 391,727

5,295,430 399,124

4,346,197 391,727

5,701,133

469,237 5,213,659

5,694,554

469,237 5,207,161

Financial Statements

2,488,822 555,465 (4,611,315) (4,741,717) (4,229,514) (4,359,916) (2,122,493) (4,186,252) (4,229,514) (4,359,916)

11.4.1 Deferred tax Group

Opening Movements Recognised balance recognized directly in equity ? '000 ? '000 ? '000

31-Dec-14 Deferred tax (liabilities)/assets in relation to: Property, plant and equipment @ 30% Property, plant and equipment @ 10% Exchange difference Provisions Unrelieved losses @ 30% Capital gains tax on revaluation of land @ 10%

31-Dec-13 Deferred tax (liabilities)/assets in relation to: Property, plant and equipment @ 30% Property, plant and equipment @ 10% Exchange difference provisions Unrelieved losses @ 30% Capital gains tax on revaluation of land @ 10%

Group 31-Dec-13 ? '000

12,178 5,701,133 5,213,659 5,694,554 5,207,161 (4,521,548) (5,877,803) (4,521,548) (5,877,803)

Balance end of the year

Group

Group 31-Dec-14 ? '000

(6,615,874) (80,775) (17,752) 467,665 2,442,285 (381,801) (4,186,252)

(49,772) (41,395) 772,274 109,204 790,311

Closing balance

? '000

1,273,449 (5,392,197) - (122,170) 754,522 576,869 - 2,442,285 - (381,801) 1,273,449 (2,122,492)

Effect of Movements Recognised Recognised Opening balance acquisition recognized directly directly of subsidiary in the year in equity in equity under by the common company control ? '000 ? '000 ? '000 ? '000 ? '000

400,838 -

(3,401,406) 356,171 1,327,871

(2,277,753) (80,775) (17,752) (284,741) 1,114,414

(936,714)- (6,615,873) (80,775) (17,752) (4,604) 467,664 - 2,442,285

(381,801) - (381,801) (3,000,568)(975,512)(205,568) (4,604) (4,186,252)

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2014

83

Notes to the Consolidated and Separate Financial Statements Company

31-Dec-14 Deferred tax (liabilities)/assets in relation to: Property, plant and equipment @ 30% Property, plant and equipment @ 10% Exchange difference Provisions

31-Dec-13 Deferred tax (liabilities)/assets in relation to: Property, plant and equipment @ 30% Property, plant and equipment @ 10% Exchange difference Provisions

Opening Movements Recognised balance recognized directly in the year in equity by the company ? '000 ? '000 ? '000 (4,726,291) (80,775) 17,752 429,398 (4,359,916)

Closing balance

? '000

170,314 (41,395) 1,483 130,402

- (4,555,977) - (122,170) 17,752 430,881 - (4,229,514)

(3,401,406) (1,324,885) (80,775) 17,752 400,838 33,163 (3,000,568) (1,354,745

- (4,726,291) (80,775) 17,752 (4,603) 429,398 (4,603) (4,359,916)

12. Profit for the year is arrived at after charging:

Impairment of property, plant and equipment Depreciation of property, plant and equipment (Write back) /Impairment loss recognised on trade receivables Impairment loss recognised on other receivables Defined contribution plans Defined Benefit Plan Auditors remuneration Amortisation of Intangible assets

Group 31-Dec-14 ? '000 3,572,263

Group 31-Dec-13 ? '000 79,062 2,885,292

Company 31-Dec-14 ? '000 2,685,729

Company 31-Dec-13 ? '000 63,551 1,725,252

(1,033,747) 75,629 161,554 216,094 40,700 115,705

342,165 155,725 191,622 191,731 32,000 -

34,936 14,421 117,531 32,000 85,638

139,168 342,166 93,39 229,32 32,00 -

10,845,932 11,908,690

13,537,612

10,845,932 11,908,690

13,537,612

13. Earnings per share The earnings weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows: Profit for the year 11,635,779 Earnings used in the calculation of basic earnings per share from continuing operations 11,635,779 Weighted average number of ordinary shares for the purpose of basic and diluted earnings per share 12,000,000 Basic and diluted EPS (kobo) 97

84

DANGOTE SUGAR R EF I N ERY P LC

12,000,000 12,000,000 12,000,000 90 99 113

ANNUAL REPORT

2014

1,582,102

13,220,648 15,660,284

Net book value: Balance, 31st December, 2013

Balance, 31st December, 2014

241,570 -

1,340,532

14,331,988

15,743,438

7,237,967

1,564,509 -

5,673,458

358,651 1,031,354 -

405,890 265,043 -

Balance, 31st December, 2014

Charge for the year Disposal Impairment

Balance, 31st December, 2013

4,283,453

21,569,955

153,059 -

669,599

17,242,386

Balance, 31st December, 2014

Accumulated depreciation and impairment: Balance as at 1st January, 2013 Effect of acquisition of subsidiary under common control(Note 32) Charge for the year Impairment

2,681,206 -

21,416,896

6,021,310 3,244,334 -

9,576,069 55,781 14,561,180

12,151,252

Plant & Machinery ? '000

4,929,330

Freehold Land & Buildings ? '000

Additions during the year Reclassifications Disposal Impairment

Balance, 31st December, 2013

Cost: Balance as at 1st January, 2013 Effect of acquisition of subsidiary under common control(Note 32) Additions during the year Disposal

14. Property, Plant and Equipment Company

807,287

854,565

1,669,072

164,279 -

1,504,793

898,274 576,414 -

30,105

2,476,359

117,001 -

2,359,358

1,996,164 43,752 -

319,442

Tools & Equipment ? '000

4,074,516

4,964,392

5,856,310

1,523,442 (8,895) (6,269)

4,348,032

723,604 988,897 79,062

2,556,469

9,930,826

656,296 (16,401) (21,493)

9,312,424

1,447,208 4,343,235 -

3,521,981

Motor Vehicles ? '000

Notes to the Consolidated and Separate Financial Statements

119,707

14,568

32,982

12,110 -

20,872

364 3,029 -

17,479

152,689

117,249 -

35,440

5,161 7,232 -

23,047

Computer Equipment ? '000

149,864

62,475

89,711

30,360 -

59,351

19,854 17,597 -

21,900

239,575

117,749 -

121,826

48,051 28,893 -

44,882

Furniture & Fittings ? '000

860,877

896,870

38,951

35,993 -

2,958

2,958 -

-

899,828

-

899,828

899,828 -

-

Aircraft ? '000

14,468,197

6,090,351

-

-

-

2,406,637 -

-

14,468,197

7,238,847 1,138,999 -

6,090,351

1,657,751 (54,781)

4,487,381

Capital Work In Progress ? '000

Total

50,472,720

41,847,307

16,507,095

3,572,263 (8,895) (6,269)

12,949,996

2,885,292 79,062

7,579,005

66,979,815

54,797,303 11,081,407 1,138,999 (16,401) (21,493)

19,093,963 10,280,806 (54,781)

25,477,315

? '000

Notes to the Consolidated and Separate Financial Statements

Balance, 31st December,2013 Charge for the year Impairment Disposal Transfer to Savannah

Accumulated depreciation and Impairment: Balance, 31st December, 2012 Charge for the year Impairment

Balance, 31st December, 2014

Balance, 31st December, 2013 Additions during the year Reclassification Disposal Impairment Transfer to Savannah

Cost: Balance, 31st December, 2012 Additions during the year Disposal

-

-

-

1,848,996

1,848,996 -

-

? '000

4,181,882

891,704

768,199 123,505 (26,424)

669,599 98,600 -

6,500,146

4,950,081 1,550,065 -

4,929,330 20,751 -

Buildings ? '000

9,408,073

10,201,205

6,244,839

5,194,381 1,050,458 -

4,283,453 910,928 -

15,652,912

15,395,586 257,326 -

12,151,252 3,244,334 -

Plant & Machinery ? '000

268,183

249,384

194,299

106,748 87,551 -

30,105 76,643 -

462,482

356,132 106,350 -

319,442 36,690 -

Tools & Equipment ? '000

3,319,619

4,602,589

4,573,268

3,245,542 1,369,314 (6,269) (8,895)

2,556,469 625,522 63,551

7,892,887

7,848,131 152,746 (16,401) (21,493) (70,096)

3,521,981 4,326,150 -

Motor Vehicles ? '000

94,319

8,661

27,372

20,106 7,266 -

17,479 2,627 -

121,691

28,767 92,924 -

23,047 5,720 -

Computer Equipment ? '000

33,059

43,032

41,516

29,873 11,643 -

21,900 7,973 -

74,575

72,905 1,670 -

44,882 28,023 -

Furniture & Fittings ? '000

60,876

896,869

38,952

2,959 35,993 -

2,959 -

899,828

899,828 -

899,828 -

Aircraft ? '000

7,905,148

6,066,415

-

-

-

7,905,148

6,066,415 699,734 1,138,999 -

4,487,381 1,633,815 (54,781)

Capital Work In Progress ? '000

29,346,717

26,250,037

12,011,950

9,367,808 2,685,730 (6,269) (8,895) (26,424)

7,579,005 1,725,252 63,551

41,358,665

35,617,845 4,709,811 1,138,999 (16,401) (21,493) (70,096)

25,477,315 10,195,311 (54,781)

? '000

Total

Balance, 31st December, 2014

-

5,608,442

14.2 Property, Plant and Equipment Company

Net book value: Balance, 31st December, 2013

1,848,996

Land

Balance, 31st December, 2014

•Balance represents official vehicles of 2 directors which was transferred to them by the entity, The vehicle has a cost of ? 16,401,000 and an accumulated depreciation of ? 8,895,103 which gives a netbook value of ? 7,505,897 •Balance represents cost of Land incurred on Lau Sugar Project and Kwara Sugar Project transferred from other receivables to Land.

14.3 Impairment loss recognized during the year Impairment loss (? 15.2million) and (? 15.2million) for the Group and Company were recognised in the current year respectively. This represents Net book value of Motor vehicle destroyed by fire during the year (2013: Group – ? 79.06million, Company- ? 63.5million).

14.4 None of the Company's assets are pledged as security for any liabilities. The Group borrowing are secured on an all asset debenture over the present and future fixed and floating assets of Savannah Sugar Company Limited to be shared pari-passu with other existing lenders.

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

15. Intangible assets Cost Balance at 1st January, 2013 Additions

Group ? '000 301,711 -

Company ? '000 256,912 -

Balance at 31st December, 2013 Additions

301,711 77,879

256,912 32,478

Balance at 31st December, 2014

379,590

289,390

-

-

Balance at 31st December, 2013 Amortisation expense

115,705

85,638

Balance at 31st December, 2014

115,705

85,638

Balance at 31st December, 2013

301,711

256,912

Balance at 31 December 2014

263,885

203,752

Accumulated amortisation Balance at 1st January, 2013 Amortisation expense

Operational Review Corporate Governance

Financial Statements

This represents investment in respect of new SAP software with a useful life of 3 years. This will be amortised on a straight line basis over the useful life of the software. 16. Other assets

Prepaid rent Prepaid insurance Prepaid Lease Advance payment to Vendors

Current portion Non-current portion

Group 31-Dec-14 ? '000 282,908 147,060 1,168,684 1,598,652

Group 31-Dec-13 ? '000 362,452 24,441 13,677 400,570

Company 31-Dec-14 ? '000 282,908 92,834 1,033,573 1,409,315

Company 31-Dec-13 ? '000 362,452 24,441 13,677 400,570

1,409,315 189,337 1,598,652

290,877 109,693 400,570

1,409,315 1,409,315

290,877 109,693 400,570

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

87

Notes to the Consolidated and Separate Financial Statements

17. Biological Assets Carrying value at the beginning of the year (Usage)/Additions Fair value adjustment Carrying value as at year end The carrying value comprises of: Roots Standing Cane

Reconciliation of changes in Biological assets Carrying value as at 1st January Gain or loss arising from changes in fair value less cost to sell Increases arising from purchases Decreases attributable to sales and biological assets classified as held for sale Carrying Value as at 31st December

Group 31-Dec-14 ? '000 499,339 (202,945) 1,501,971 1,798,365

Group 31-Dec-13 ? '000 609,454 263,800 (373,915) 499,339

Company 31-Dec-14 ? '000 -

Company 31-Dec-13 ? '000 -

1,122,679 675,686 1,798,365

487,215 12,124 499,339

-

-

499,339

609,454

-

-

1,501,971 271,124

(373,915) 363,481

-

-

(474,069) 1,798,365

(99,681) 499,339

-

-

In terms of IAS 41: Agriculture, sugar cane growing crops are accounted for as biological assets and are measured and recognised at fair value.

18. Held for Sale Investment in Subsidiary

Group 31-Dec-14 ? '000 864,647

Group 31-Dec-13 ? '000 -

Company 31-Dec-14 ? '000 864,647

Company 31-Dec-13 ? '000 -

Amount represents investment made by the company in 2008 in Algeria for the intended purpose of expansion of the Company's activities through an Algerian Company SPA Dangote, Algeria. Subsequent to the payment for the Land, the Algerian Government, without revoking the Algerian company's title to the Land, refused the siting of the proposed Refinery at the Port citing that the site is not suitable for the intended purpose. The company lost control over this company in late 2010. The balance has been disclosed as a Held for Sale Investment in subsidiary in 2014 (2013: Other receivables) as Management has obtained ownership to the land and is committed to selling the Land within the next 12 months.

88

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

19. Investment in Subsidiary

Savannah Sugar Company Limited

Group 31-Dec-14 ? '000 -

Group 31-Dec-13 ? '000 -

Company 31-Dec-14 ? '000 3,214,923 3,214,923

Company 31-Dec-13 ? '000 3,214,923 3,214,923

Operational Review Corporate Governance

The Group owns 95% shareholding in Savannah Sugar Company Limited. The Principal activities of Savannah Sugar Company Limited are Planting of Sugar cane, processing, packaging and selling of refined sugar and molasses and registered address is Km 81, Yola Gombe Road (Near Numan) Adamawa State.

Financial Statements

19.1 There are no significant restrictions on the use of the subsidiary assets. 19.2 Dangote Sugar Refinery provides financial support to Savannah Sugar in terms of payment of salaries and wages, purchase of assets and settlement of liabilities.

Raw materials Packaging materials Work-in-process Finished goods Chemicals and consumables Spare parts Allowance for obsolete inventory

Group 31-Dec-14 ? '000 3,332,462 117,806 76,712 8,167,676 387,396 3,853,976 (837,138) 15,098,890

Group 31-Dec-13 ? '000 7,479,108 37,595 104,074 585,468 685,206 3,772,282 (837,138) 11,826,595

Company 31-Dec-14 ? '000 3,026,374 111,145 76,711 8,158,937 315,542 2,359,058 14,047,767

Company 31-Dec-13 ? '000 7,49,108 37,594 104,074 580,161 236,997 2,659,957 11,097,891

20.1 No inventory was pledged as security for any liability. 20.2 The cost of inventory recognised in profit or loss during the year is Group 31-Dec-14 ? '000 60,018,765

Group 31-Dec-13 ? '000 65,567,707

Company Company 31-Dec-14 31-Dec-13 ? '000 ? '000 59,619,604 63,801,527

20.3 There was no write down of inventories and neither was any there reversal of previously write down during the period (2013: Nil) 20.4 There are no inventories that are expected to be recovered after more than 12 months. (2013: Nil)

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

89

Notes to the Consolidated and Separate Financial Statements 21. Trade and other receivables

Trade receivables Allowance for doubtful debts

Staff loans and advances VAT receivable Deposit for Land Insurance claim receivable in relation to burnt assets destroyed in fire Negotiable Duty Credit Certificates Other receivables Refundable Sugar price differential Allowance for impaired other receivables Amount due from related parties -(Note 31.3)

Group Group 31-Dec-14 31-Dec-13 ? ’000 ? ’000 7,522,278 8,720,281 (682,087) (1,715,834) 6,840,191 7,004,447

Company 31-Dec-14 ? ’000 7,522,278 (682,087) 6,840,191

Company 31-Dec-13 ? ’000 7,651,599 (647,151) 7,004,448

298,873 1,032,679 -

211,624 1,023,273 -

77,389 248,279 864,647

152,959 248,279 864,647

666,911 374,500 666,911 374,500 805,683 805,683 805,683 805,683 1,436,725 6,982,740 1,315,787 1,289,159 - 2,019,466 2,019,466 (276,412) (200,783) (80,095) (65,674) 3,208,193 1,021,587 31,300,346 25,409,164 7,172,652 12,269,078 35,243,529 31,022,613 14,012,843 19,273,525 42,083,720 38,027,061

21.1 Trade Receivables The average credit period on sales of goods is 30 days. Allowances for doubtful debts are recognised against trade receivables outstanding beyond 365 days based on estimated irrecoverable amounts. Previous experience has shown that receivables that are past due after 365 days are doubtful of recovery. Allowances for doubtful debts are recognised against trade receivables due over 180 days and below 365 days based on estimated irrecoverable amounts determined by reference to past default experience of the counterparty and an analysis of their current position. Before accepting any new customer to buy on credit, the customer must have purchased goods on cash basis for a minimum period of six months in order to test the financial capability of the customer. Based on good credit rating by the credit committee of the Group, the customer may be allowed to migrate to credit purchases after the presentation of an acceptable bank guarantee which must be valid for one year. Trade receivables disclosed above include amounts (see below for aged analysis) that are past due more than 30 days as at the reporting date for which the Group has not recognised an allowance for doubtful debts because there has not been a significant change in credit quality and the amounts are still considered recoverable.

90

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

21.2 Age analysis of trade receivables that are past due but not impaired Group Group 31-Dec-14 31-Dec-13 ? ’000 ? ’000 0-30 days 3,555,159 3,555,159 30-60 days 1,669,754 1,669,754 61-90 days 1,419,689 1,419,689 91-180 days 195,589 359,845 Total 6,840,191 7,004,447 21.2 Age analysis of trade receivables that are past due and impaired Group Group 31-Dec-14 31-Dec-13 ? ’000 ? ’000 Above 365 days 682,087 1,715,834 Allowance for credit losses Balance brought forward 1,715,835 507,983 Effect of acquisition under common control - 1,052,127 Impairment losses recognised on receivables 155,724 Amount written off during the year as uncollectible Amounts recovered during the year (1,033,748) 682,087 1,715,834

Company 31-Dec-14 ? ’000 3,555,159 1,669,754 1,419,689 195,589 6,840,191

Company 31-Dec-13 ? ’000 1,625,398 1,763,534 2,873,547 741,969 7,004,448

Company 31-Dec-14 ? ’000 682,087

Company 31-Dec-13 ? ’000 647,151

647,151 46,479 (11,543) 682,087

507,983 139,168 647,151

Operational Review Corporate Governance

Financial Statements

21.3 Concentration Risk About 32% of the trade receivables are due from a single customer. The Group evaluates the concentration of risk with respect to trade receivables as low, as the concentration is with a well- established local blue chip company. Its customers otherwise are diverse, including both corporate entities and a large number of individual end users. The requirement for impairment is analysed at each reporting date on an individual basis for corporate and individual customers. 22. Cash and Cash Equivalent For the purpose of the statement of cash flows, cash and cash equivalents include cash on hand and in banks and short term deposits with 30 days tenure. Cash and cash equivalents at the end of the reporting period as shown in the statement of cash flows can be reconciled to the related items in the statement of financial position as follows:

Cash in hand Bank balances Short term deposits

Group 31-Dec-14 ? ’000 13,091 6,189,387 6,202,478

Group 31-Dec-13 ? ’000 13,953 3,791,413 4,650,000 8,455,366

Company 31-Dec-14 ? ’000 13,091 6,103,872 6,116,963

Company 31-Dec-13 ? ’000 13,271 3,201,517 4,650,000 7,864,788

The short term deposits are placed on call of 30 days tenure with interest ranging between 9% to 13%. All short term deposits have been liquidated as at end of 31st December, 2014.

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

91

Notes to the Consolidated and Separate Financial Statements 23. Share capital The balance in the share capital account was as follows: Group 31-Dec-14 ? ’000

Group 31-Dec-13 ? ’000

Company 31-Dec-14 ? ’000

Company 31-Dec-13 ? ’000

Authorised: 12,000,000,000 Ordinary shares of 50k each Allotted, called up issued and fully paid: 12,000,000,000 Ordinary shares of 50k each

6,000,000

6,000,000

6,000,000

6,000,000

6,000,000

6,000,000

6,000,000

6,000,000

24. Share premium Authorised: 12,000,000,000 ordinary shares of 50k each issued at 52.67k premium

6,320,524

6,320,524

6,320,524

6,320,524

Share premium represents the excess of the shareholders' value over the nominal share capital at the point of the commencement of operations in January 2006. 25. Retained earnings

Balance at the beginning of the year Profit for the year Effect of acquisition of subsidiary under common control (Note 32). Re-measurement of defined benefit obligation Payment of dividend (Note 31.1).

25.1 Non-controlling interest Balance brought forward Share of loss for the year Balance at end of year

92

DANGOTE SUGAR R EF I N ERY P LC

Group Group 31-Dec-14 31-Dec-13 ? ’000 ? ’000 34,838,649 33,948,635 11,649,425 10,980,516

Company Company 31-Dec-14 31-Dec-13 ? ’000 ? ’000 41,496,988 33,948,635 11,908,690 13,537,612

- (4,101,243) 10,741 10,741 (7,200,000) (6,000,000) (7,200,000) (6,000,000) 39,288,074 34,838,649 46,205,678 41,496,988

(181,232) (13,646) (194,878)

(46,648) (134,584) (181,232)

ANNUAL REPORT

2014

-

-

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

26. Borrowings

Bank loans Related party loan (Note 26.1)

Current Non-current

Balance on acquisition under common control Balance brought forward Additions Payments

Group 31-Dec-14 ? ’000 385,052 2,000,000 2,385,052

Group 31-Dec-13 ? ’000 921,146 921,146

Company 31-Dec-14 ? ’000 2,000,000 2,000,000

Company 31-Dec-13 ? ’000 -

2,385,052 2,385,052

536,094 385,052 921,146

2,000,000 2,000,000

-

-

1,453,930

-

921,146 2,000,000 (536,094) 2,385,052

(532,784) 921,146

2,000,000 2,000,000

Operational Review Corporate Governance

Financial Statements

-

26.1 On 12th December, 2014, the Group received a loan of ? 2 billion from a related party-Dangote Industries Limited for Short term Working Capacity purpose over a period of 90 days at the prevailing market interest rate of 13.5%. The loan is repayable in full at the end of the tenor plus interest on maturity. The Loan is not secured by assets of the company. 26.2 Group Fixed interest rate agricultural loan with remaining maturity period not exceeding 3 years. The loan is at an interest rate of 9%. 27. Retirement Benefit Obligation 27.1 Defined Contribution Plans The Group operates a defined contribution retirement benefit plan for all qualifying employees. The assets of the plans are held separately from those of the Group in funds under the control of trustees. The employees contribute 8% of their gross salary (basic, housing and transport) while the Group contributes 10% of gross salary on behalf of the employees to the same plan. The obligation of the Group and Company to the employer with respect to the retirement benefit plan is recognised as an expense in the statement of profit or loss and amounts are ? 117.5million. (2013:? 93.3million) and ? 161.5million, (2013: ? 191million) respectively. 27.2 Defined benefit plans The Group operated a defined benefit plan for all qualifying employees up till 30th September, 2013. Under the plan, the employees were entitled to retirement benefits which vary according to length of service. At the date of discontinuation, qualified staff as at this date are to be paid their retirement benefit at the point of exit hence the recognition as a current liability as it is payable on demand. The amounts stated in the financial statement as at 2013 are based on actuarial valuation carried out in 2013. For the purpose of comparison the present value of the defined benefit obligation, and the related current service cost and past service cost stated in the books up till 30th September, 2013 was measured using the Project Unit Credit Method.

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

93

Notes to the Consolidated and Separate Financial Statements The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the Project Unit Credit Method. The most recent Actuarial Valuation was carried out in 2014 using the staff payroll of 30th September, 2013. In calculating the liabilities, the consultant took the following into recognition: ** length of service rendered by each member of staff at the review date ** discounting of the expected benefit payments.

Investment risk

The present value of the defined benefit plan liability is calculated using a discount rate determined by reference to high quality corporate bond yields; if the return on plan asset is below this rate, it will create a plan deficit. Currently, the plan has a relatively balanced investment in equity securities, debt instruments and real estates. Due to the long-term nature of the plan liabilities, the board of the pension fund considers it appropriate that a reasonable portion of the plan assets should be invested in equity securities and in real estate to leverage the return generated by the fund.

Interest risk

A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan's debt investments.

Longevity risk

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan's liability.

Salary risk

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.

27.2a Financial Assumptions The principal financial assumptions used for the purposes of the actuarial valuations were as follows: ? Long term average discount rate (p.a) ? Average pay increase (p.a) ? Average rate of inflation (p.a)

27.3 Demographic Assumptions Mortality in Service The rates of mortality assumed for employees are the rates published in the A67/70 tables, published jointly by the institute and the Faculty of Actuaries in the UK. Sample age 25 30 35 40 45 Withdrawal from Service Age band Less than or equal to 30 31 - 39 40 - 44 45 - 50 51 - 60

94

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

27.4 Movement in gratuity

Balance as at 1 January Current service charge Finance cost Actuarial losses - change in assumption Actuarial losses - experience Benefits paid from plan Curtailments Gains/Losses

Group 31-Dec-14 ? ’000 1,356,067 216,094 (44,413) 1,527,748

Group 31-Dec-13 ? ’000 1,260,869 122,819 121,845 (145,277) 129,933 (81,237) (52,885) 1,356,067

Company 31-Dec-14 ? ’000 1,356,067 (44,413) 1,311,654

Company 31-Dec-13 ? ’000 1,260,869 122,819 121,845 (145,277) 129,933 (81,237) (52,885) 1,356,067

Operational Review Corporate Governance

Financial Statements

As at the date of the valuation, no fund has been set up from which payments can be disbursed. Dangote Sugar Refinery expects to settle its obligations out of its existing reserves. The contribution into the gratuity scheme was discontinued in 2013. At the date of discontinuation, all qualified staff as at date are to be paid their entitlement at the point of exit which classifies the outstanding balance as a current liability as it is payable on demand. 27.5 Retirement benefit plans The amount included in the other comprehensive income arising from the entity's obligation in respect of its defined benefit plans is as follows: Group Group Company Company 31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13 ? ’000 ? ’000 ? ’000 ? ’000 Actual (gain)/losses recognised in the year (15,344) (15,344) Tax impact 4,603 4,603 (10,741) (10,741) 28. Trade and other payables

Trade payables Accruals & sundry creditors Other credit balances Due to related entities (Note 31.4)

Group Group Company Company 31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13 ? ’000 ? ’000 ? ’000 ? ’000 6,726,020 15,596,813 6,398,704 15,477,683 16,154,096 1,996,036 15,775,706 1,843,771 369,340 2,993,535 142,285 2,778,671 1,977,529 2,487,426 1,292,565 1,408,041 25,226,985 23,073,810 23,609,260 21,508,166

The average credit period on purchases of goods from suppliers is 90 days. No interest is charged on the trade payables.

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

95

Notes to the Consolidated and Separate Financial Statements 28.1 Other credit balance is made up of the following:

Other Suppliers' accounts VAT Payables Contractors account Other creditors

29. Other liabilities Advance payment for goods

Group 31-Dec-14 ? ’000 227,055 142,285 369,340

Group 31-Dec-13 ? ’000 2,200,118 152,365 155,742 485,310 2,993,535

Company 31-Dec-14 ? ’000 142,285 142,285

Company 31-Dec-13 ? ’000 2,200,118 422,812 155,741 2,778,671

1,700,297

1,332,597

1,700,244

1,332,597

This represents advance payment by customers for finished goods 30. Financial Instruments 30.1The Group manages its capital to ensure that it will be able to continue as a going concern, while maximising the return to stakeholders through the optimisation of its capital structure. The capital structure of the Group is made up of equity comprising issued capital, share premium and retained earnings. The Group is not subject to any externally imposed capital requirements. The Group’s risk management committee reviews the capital structure of the Group on an annual basis. As part of this review, the committee considers the cost of capital and the risks associated with each class of capital. The gearing ratio as at 31st December, 2014 of 10% (see below) was at the lower end of the target range. Gearing ratio The gearing ratio at year end is as follows:

Debt (ii) Cash and bank balances (including cash and bank balances in a disposal group held for sale) Net Debt Equity (ii) Debt to equity ratio (%)

Group 31-Dec-14 ? ’000 2,385,052

Group 31-Dec-13 ? ’000 921,146

ii.Equity includes all capital and reserves of the Group that are managed as capital.

DANGOTE SUGAR R EF I N ERY P LC

Company 31-Dec-13 ? ’000 -

(6,202,478) (8,455,366) (6,116,963) (7,864,788) (3,817,426) (7,534,220) (4,116,963) (7,864,788) 51,608,598 47,159,173 58,526,203 53,817,512 (7%) (16%) (7%) (15%)

i.Debt is defined as both current and non-current borrowings.

96

Company 31-Dec-14 ? ’000 2,000,000

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

30.2 Categories of financial instruments Group Group Company Company 31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13 Loans and Loans and Loans and Loans and receivables receivables receivables receivables ? ’000 ? ’000 ? ’000 ? ’000 Assets Trade and other receivables (Note 30.2.1) Cash and cash equivalents

9,242,700 14,514,646 6,202,478 8,455,366 15,445,178 22,970,012

Operational Review Corporate Governance

9,034,512 8,745,496 6,116,963 7,864,788 15,151,475 16,610,284

Financial Statements

30.2.1 Defined as total trade and other receivables excluding prepayments, accrued income and amounts relating to taxation. 30.3 Liabilities

Borrowings Trade and other payables

Other Other Financial Financial Liabilities Liabilities 2,385,052 921,146 22,880,116 17,592,848 25,265,168 18,513,994

Other Financial Liabilities 2,000,000 22,174,411 24,174,411

Other Financial Liabilities 17,321,453 17,321,453

30.3.1 Defined as total trade and other payables excluding taxation and social security. The borrowings disclosed above are classified as financial liabilities measured at amortised cost. The directors consider that the carrying amount of borrowings is approximately equal to their fair value. 30.4 Significant accounting policies Details of the significant accounting policies and methods adopted (including the criteria for recognition, the basis of measurement and the bases for recognition of income and expenses) for each class of financial asset, financial liability and equity instrument are disclosed in note 4. 30.5 The Group is exposed to market risk, credit risk and liquidity risks. The Parent Company’s internal audit and risk management team is responsible for monitoring its exposure to each of the mentioned risks. This policy provides guidance over all treasury and finance-related matters and is underpinned by delegated authority guidelines and detailed procedures. The main objectives of the policy are to ensure that sufficient liquidity exists to meet the operational needs of the business, to maintain the integrity and liquidity of the investment portfolio, and to manage the impact of foreign exchange and interest rate volatility on the company’s net income. 30.6 Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices are affected by interest rate risk and foreign exchange currency risk. Financial instruments affected by market risk include cash and cash equivalents, trade and other receivables and trade and other payables. Market risk exposures are measured using sensitivity analysis.

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

97

Notes to the Consolidated and Separate Financial Statements 30.6.1 Interest rate risk management Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group is exposed to fluctuations in interest rates on its borrowings. The Group pays fixed/floating rate interest on its borrowings. The company actively monitors interest rate exposures on its investment portfolio and borrowings so as to minimise the effect of interest rate fluctuations on the income statement. The risk on borrowings is managed by the company by maintaining an appropriate mix between fixed and floating rate borrowings. All loans, cash and cash equivalent are fixed interest based and therefore the company does not have any exposure to the risk of changes in Market rates 30.6.2 Interest rate sensitivity The sensitivity analysis below have been determined based on the exposure to interest rates for Related party loan at the prevailing market interest rate of 13.5% at the end of the reporting period. A 250 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates. A 250 basis points reflects a N50million impact on finance cost. A positive number below indicates an increase in profit or equity for a 250 basis points change in the Finance cost. A negative number below indicates a decrease in profit or equity for a 250 basis points change in the Finance cost. 30.6.3 Foreign currency risk management Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group's exposure to the risk of changes in foreign exchange rates is limited to foreign currency purchases of operating materials (e.g. finished equipment and other inventory items) and trade receivables that are denominated in foreign currencies. Foreign exchange exposure is monitored by the Group's treasury unit. The Naira carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:

US DOLLARS Trade and other payable Bank Balance

Liabilities 31-Dec-14 31-Dec-13 $’000 $’000 14,038,557 15,475,912 -

Assets 31-Dec-14 31-Dec-13 $’000 $’000 5,019 442,994

Exchange rate of $1 = 170.18 Foreign currency sensitivity analysis The Group is mainly exposed to the US dollar. 30.6.4 Foreign currency risk management The following table details the Group’s sensitivity to a 15% (2013: 3%) increase and decrease in the Naira against the US Dollar. 15% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonably possible change in foreign exchange rates. A positive number below indicates an increase in profit or equity for a 15% change in the exchange rates. A negative number below indicates a decrease in profit or equity for a 15% change in the exchange rates. Liabilities 31-Dec-14 31-Dec-13 $’000 $’000

Assets 31-Dec-14 31-Dec-13 $’000 $’000

US DOLLARS Effect on Profit or loss/Equity for a 15% (2013:3%) appreciation

2,105,783.51

464,277.36

(753)

(13,290)

Effect on Profit or loss/Equity for a 15% (2013:3%) depreciation

(2,105,784)

(464,277)

753

13,290

This is mainly attributable to the exposure outstanding on US dollar receivables and payables at the end of the reporting period.

98

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

30.7 Credit risk management Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily for trade receivables) and from its investing activities, including deposits with banks and other financial institutions. The Group has a credit management committee that is responsible for carrying out preliminary credit checks, review and approval of bank guarantees to credit customers. A credit controller also monitors trade receivable balances and resolves credit related matters.

Operational Review Corporate Governance

Financial Statements

30.7.1 Trade receivables (see note 20) Concentration of risk About 32% of the trade receivables are due from a single customer whose credit history is good. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are otherwise diverse including both corporate entities and lots of individual end users. The requirement for impairment is analysed at each reporting date on an individual basis for corporate and individual customers. 30.7.2 Deposits with banks and other financial institutions Credit risk from balances with banks and financial institutions is managed by the Group’s treasury department in accordance with its corporate treasury policy that spells out counterparty limits, list of financial institutions that the Group deals with and the maximum tenure of fixed term funds. Surplus funds are spread amongst these institutions and funds must be within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Corporate Treasurer periodically and may be updated throughout the year. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through the potential counterparty’s failure. 30.7.3 Maximum exposure to credit risks The carrying value of the Group’s financial assets represents its maximum exposure to credit risk. The maximum exposure to credit risk at the reporting date was: Group Group Company Company 31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13 ? ’000 ? ’000 ? ’000 ? ’000 Trade receivables Note 21 6,840,191 7,004,447 6,840,191 7,004,448 Other receivables Note 21 3,964,459 11,247,491 3,943,186 5,613,450 Deposits with banks Note 21 - 4,650,000 - 4,650,000 Amount due from related party Note 31.3 3,208,193 1,021,587 31,300,946 25,409,164 14,012,843 23,923,525 42,084,323 42,677,062 30.8 Liquidity risk management The Company monitors its risk to a shortage of funds by maintaining a balance between continuity of funding and by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and liabilities. To manage liquidity risk, our allocation of letters of credit on raw sugar and spares/chemicals are spread over dedicated banks. Therefore, the establishment of these Letters of Credit which are commitments by the banks provides security to our funds placed on deposit accounts. In other words, our funds placed are substantially tied to our obligations on raw sugar and spares.

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

99

Notes to the Consolidated and Separate Financial Statements 30.8.1 Liquidity maturity table The following table details the Group's and Company's remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cashflows of financial liabilities based on the earliest date on which the Group and the Company can be required to pay. The tables include both interest and principal cash flows. Group Carrying amount

? ’000 Financial liabilities at amortised cost Non-interest bearing: Trade and other payables Borrowings

Contractual amount Less than More than one year one year ? ’000 ? ’000

25,226,985 25,226,985 2,385,052 2,385,052 27,612,037 27,612,037

Total

? ’000

- 25,226,985 2,385,052 - 27,612,037

Company Carrying amount

? ’000 Financial liabilities at amortised cost Non-interest bearing: Trade and other payables Borrowings

Contractual amount Less than More than one year one year ? ’000 ? ’000

23,609,260 23,609,260 2,000,000 2,000,000 25,609,260 23,609,260

Total

? ’000

- 23,609,260 - 2,000,000 - 25,609,260

Financial liabilities that can be repaid at any time have been assigned to the earliest possible time period. It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.

100

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements 31.

Related Party Information

31.1

Identity of Related Parties

About Us Operational Review

Related parties Nature of related party transactions Corporate Governance

Dangote Transport Limited services prior to 2010.

Fellow subsidiary company that provided haulage services prior to 2010

Dangote Textile Industries Limited (LPFO)

Fellow subsidiary company that exchanges inventory of Automotive Gas Oil (AGO) and low pour fuel oil

Dansa Foods Limited

An entity controlled by the Directors of the Company that has trading relationship with the Company.

National Salt Company of Nigeria (NASCON)

Fellow subsidiary from which the Company purchases raw salt as input in the production process

Dangote Nigeria Clearing Limited

Fellow subsidiary Company which is a registered custom broker that provides clearing services

Savannah Sugar Company Plc

Subsidiary- Exchange of spare parts

Dangote Industries Limited (see note 28.3)

Parent company that provides management support and receives 2% of turnover as management fees

Greenview Development Company Limited

Fellow subsidiary - Property rentals, concessionaries of Lands were factory and office building are located

Dangote Cement Plc

Related company - Supply of diesel and LPFO

Bluestar Investments U.K

Financial Statements

Provision of agency and logistics services

Dangote Flour Mills Plc

Related company -Supplies of power

Dangote Pasta Limited

Related company -Supply of AGO LPFO

Dangote Noodles Limited

Related company- Supply of AGO LPFO

Dangote Agrosacks sacks

Related company- Supplies empty bags for bagging of finished sugar

Key management personnel

(see note 31.7)

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

101

Notes to the Consolidated and Separate Financial Statements 31.2 Effective 30st September, 2012, a majority shareholding in Dangote Flour Mills Plc, and its subsidiaries Dangote Noodles Limited, Dangote Pasta Limited and Dangote Agrosacks was acquired by Tiger Brands, an unrelated South African Company. Alhaji Aliko Dangote retains 10% of the controlling interest in the Company, and sits on the Board of the new Companies as a Director, in his personal capacity. Thus, these companies still meet the definition of a related party as the Companies are under the significant influence of the ultimate controlling party of the Company. During the year, group entities entered into the following trading transactions with related parties that are not members of

102

Group:

Sales of goods & services

NASCON PLC DANGOTE AGROSACKS LIMITED SAVANNAH SUGAR COMPANY LIMITED DANGOTE NIGERIA LIMITED -CLEARING DANCOM TECHNOLOGIES DANGOTE FOUNDATION DANGOTE CEMENT DANGOTE INDUSTRIES LIMITED GREENVIEW DEV. COY. LIMITED BLUESTAR INVESTMENTS DANGOTE FLOUR BLUESTAR SHIPPING DANGOTE PORT OPERATIONS DANGOTE NOODLES

Year ended 31-Dec-14 ? ’000 1,754 388 115,608 18874 7 31,807 53,915 186,926 2 22,950

Company:

Sales of goods & services

NASCON PLC DANGOTE AGROSACKS LTD

Year ended 31-Dec-14 ? ’000 -

DANGOTE SUGAR R EF I N ERY P LC

Year ended 31-Dec-13 ? ’000 33171 51,155 -

Year ended 31-Dec-13 ? ’000 -

ANNUAL REPORT

2014

Purchases of goods & services Year ended Year ended 31-Dec-14 31-Dec-13 ? ’000 ? ’000 166,089 225,852 2,226,838 40,890 5,353,580 24,164,773 4,741 84,962 92,715 590,462 2,997,544 Purchases of goods & services Year ended Year ended 31-Dec-14 31-Dec-13 ? ’000 ? ’000 166,089 225,852 2,188,622 1,650,192

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

31.3 The following balances were outstanding from related parties at the end of the reporting period

Amount owed by related parties Dangote Textile Industries Limited Dansa Foods Limited Dangote Nigeria Clearing Limited Dangote Flour Mills Plc Savannah Sugar Company Plc Dangote Flour Mills Plc DIL Strategic Supplies Dangote Pasta Limited Dangote Industries Limited Dangote Noodles Limited Dangote Group Transport Maintenance National Salt Company of Nigeria Plc Dangote Nigeria Limited Dancom Technologies Dangote Cement Plc Dangote Ports Operations Dangote Foundation Dangote Agro sacks Limited Dangote Fertilizers Dangote Industries Limited

Group

Group

Company

Company

31-Dec-14 11,038 243,632 246,535 216,709 56,153 801,242 16,157 2 54,015 59 576,224 979,984 6,443 3,208,193

31-Dec-13

31-Dec-14 11,038 243,632 28,092,152 246,535 216,709 56,153 643,320 16,157 2 54,015 59

31-Dec-13 11,038 23,263 24,342,055 198,529 216,709 56,153 454,238 13,351 30,037 52,266 60 11,462 3 25,409,164

11,038 23,263 198,529 216,709 21,535 454,238 13,351 30,037 52,266 60 558 3 1,021,587

576,224 1,137,907 6,443 31,300,346

Operational Review Corporate Governance

Financial Statements

31.4 The following balances were due to related parties at the end of the reporting period. Amount owed to related parties Dangote Cement Plc Greenview Development Company Limited Dangote Agrosacks Nigeria Limited Bluestar Shipping National Salt Company Plc Dangote Flour Mills Plc Dangote Foundation Dancom Technologies Dangote Group Transport Maintenance DNL Clearing MHF Property Dangote Ports Operation Dangote Intraplant Bluestar Investments U.K Obajana Transport

Group 31-Dec-14 1,342,785 134,345 65,482 30,715 28,932 1,922 11 238,474 134,863 1,977,529

Group 31-Dec-13 1,915,723 166,152 140,514 238,474 2,903 23,660 2,487,426

DANGOTE SUGAR R EF I N ERY P LC

Company 31-Dec-14 657,821 134,345 65,482 30,715 28,932 1,922 11 238,474 134,863 1,292,565

Company 31-Dec-13 859,999 166,152 140,513 38,474 2,903 1,408,041

ANNUAL REPORT

2014

103

Notes to the Consolidated and Separate Financial Statements 31.5 Sales of goods to related parties were made at the company's usual market price without any discount to reflect the quantity of goods sold to related parties. Purchases were made at market price and there was no discount on all purchases. The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. Dangote Industries Limited (D.I.L) in recognition of the requirement of Transfer Pricing Regulations that all transactions between connected taxable persons shall be carried out in a manner that is consistent with arm’s length principle, has come up with basis of computing its Management fees and Royalty taking into cognizance certain principles. Therefore Dangote Sugar Refinery Plc shall pay management fee to Dangote Industries Limited (D.I.L) based on DIL’s reimbursable expenses plus service charges at 7.5% of such expenses with effect from 1st January, 2014. Royalty payment shall be made in addition to Management Fees payable, from 1st January, 2015 at the rate of 0.5% of the total revenue. The amount due from the holding company represents current account balances 31.6 Loans to and from related parties On 12th December, 2014, the Company received a loan of ? 2 billion from a related party - Dangote Industries Limited - for Short term Working Capacity purpose over a period of 90 days at the prevailing market interest rate of 13.5%. The loan is repayable in full at the end of the tenor plus interest on maturity. The Loan is not secured by an asset of the company. 31.7 Key Management Personnel

104

List of Directors of DSR Plc 1 Aliko Dangote (GCON) Chairman 2 Mr. Graham Clark 3 Engr. Abdullahi Sule 4 Alh. Sani Dangote 5 Mr. Olakunle Alake 6 Mr. Uzoma Nwankwo 7 Ms. Bennedikter Molokwu 8 Dr. Konyinsola Ajayi, SAN 9 Alh. Abdu Dantata 10 Ms Mayram Bashir

Group Managing Director Deputy Group Managing Director Board Member " " " " " "

List of Key Management Staff 1 Mr. Graham Clark 2 Engr. Abdullahi Sule 3 Mr. Martin Welch 4 Mr. Mayroud El-sunni 5 Engr. Braimah Ogunwale 6 Mr. Abdulsalam Waya 7 Mr. Murtala Zubair 8 Mr. Chris Okoh 9 Mrs . Modupe Oguntade

Group Managing Director Deputy Group Managing Director Group Technical Manager ED - Engr. & Oprs General Manager, Refinery Head, Sales/marketing Dgm, HR/Admin Process Manager Chief Financial Officer

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

31.8 Directors and Key Management Personnel The Remuneration of directors and other members of key management personnel during the year comprised short term benefits of ? 200.670 million (2013:? 152.661 million) 31-Dec-14 ? '000 200,670 200,670

Short-term benefits Post-employment benefits Other long-term benefits Share-based payments Termination benefits Total Directors

31-Dec-13 ? '000 152,661 152,661

Group 31-Dec-14 31-Dec-13 ? '000 ? '000

Directors' emoluments comprise: Fees salaries others

Emoluments of the highest paid Director were

Operational Review Corporate Governance

Financial Statements

Company 31-Dec-14 31-Dec-13 ? '000 ? '000

18,500 240,670 69,585 328,755

18,500 60,716 73,445 152,661

16,500 240,670 68,133 325,303

18,500 60,716 73,445 152,661

200,670

31,144

200,670

31,144

The number of Directors excluding the Chairman with gross emoluments within the bands stated below were: Group Group Company Company 31-Dec-14 31-Dec-13 31-Dec-14 31-Dec-13 ? '000 ? '000 ? '000 ? '000 ? '000 0-19,000 8 8 8 8 20,000-25,000 26,000-31,000 2 2 38,000-43,000 2 2 Employees Average number of persons employed during the year: Management Senior staff Junior staff

Aggregate payroll costs: Wages, salaries, allowances and other benefits Provision for gratuity Pension cost

63 318 982 1,363

40 332 930 1,302

53 213 401 667

26 229 396 651

4,628,064 214,258 170,619 5,012,941

3,272,472 191,622 120,499 3,584,593

3,239,315 126,181 3,365,496

2,430,450 191,622 93,392 2,715,464

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

105

Notes to the Consolidated and Separate Financial Statements The number of employees with gross emoluments within the bands stated below are: Group 31-Dec-14 Number 13 140 168 593 449 1,363

? '000 401-600 601-800 801-1,000 1,001-2,000 2,001-Above

Group 31-Dec-13 Number 305 186 246 341 224 1,302

Company 31-Dec-14 Number 5 45 88 293 236 667

Company 31-Dec-13 Number 8 81 73 279 210 651

32. Subsidiary Acquired Year 2013

Savannah Sugar Company Limited

Principal Activity

Date of Acquisition

Growing of cane and production of sugar

01-Jan-13

Proportion Of Consideration Voting Equity Transferred Interests (? '000) Acquired 95% 3,214,923

Savannah was acquired to facilitate the Group's backward integration plan. 32.1Consideration transferred The consideration was cash of ? 3.214 billion paid to Dangote Industries Limited. 32.2 Assets acquired and liabilities recognised at the date of acquisition. 2013

? '000 Current assets Inventories Trade and other receivables Cash and bank balances Non-current assets Property, plant and equipment Biological asset Deferred tax Current liabilities Trade and other payables Current tax liabilities Non-current tax liabilities Borrowings Intercompany loans Deferred tax

106

1,505,539 75,582 134,775

16,687,326 609,454 -

(16,396,432) (12,178)

(1,453,930) (1,107,592) (975,513) (932,969)

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Growing a Sweet Harvest

Notes to the Consolidated and Separate Financial Statements About Us

32.3 Non-Controlling Interest The Non-controlling interest (5% ownership interest in Savannah Company Limited recognised at the acquisition date was measured by the proportionate share of net assets method at ? 46.648million. 32.4 Net cash outflow on acquisition of subsidiaries

Consideration paid in cash Less: cash and cash equivalent balances acquired

Operational Review Corporate Governance

2013 ? '000 3,214,923 (134,775) 3,080,148

Financial Statements

32.5 Effect of acquisition of subsidiary under common control The group has opted for merger accounting in accounting for subsidiary acquired 2013

? '000 Purchase consideration Parent Company's share of Net Assets acquired (95% in Savannah) Effect of acquisition of subsidiary under common control

3,214,923 886,320 4,101,243

33. Contingent Liabilities The Company is subject to additional assessed tax liability to the tune of ? 7.2 million, ? 17million and ? 75.99 million based on the tax audit carried by Lagos State Inland Revenue Service for Tax year 2011, 2012 and 2013 respectively. The total of ? 4,312,736,234.98 was assessed by FIRS based on the Nationwide VAT and WHT verification exercise for the period from 2008 - 2013. This includes the withholding tax of ? 2,529,600,000 paid on dividend for the period under review which was remitted to FIRS through our Registrars, Veritas Registrars. Letter of objection to the liabilities assessed against the company with all required documents have been acknowledged by FIRS without any response. No provision has been made for this assessment based on the evidences provided by the company against the claims for which responses were yet to be received as at the year end. The Company is subject to disputes and claims that arise in the normal course of business. As at 31st December, 2014, the entity was subject to claims and disputed amounts of ? 31 million (2013: ? 244 million) We have made adequate provisions for these contingencies for the current year based on advice from the Company's legal experts that this is the estimated likely liability payable by the Company. Contingent Assets None 34. Capital Commitments As at 31st December, 2014, there were capital commitments in respect of the Lagos factory expansion which amounted to ? 716 million (2013: ? 475.8 million). 35. Event after the Reporting Period At the board meeting held on 31st March, 2015, the Board recommended a dividend of 40 kobo per ordinary share to be paid to shareholders (total value ? 4, 800,000,000) for the year ended 31st December, 2014. This is subject to approval at the Annual General Meeting of the Group.

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

107

Non IFRS Statement - Statement of Value Added

31-Dec-14 ? '000 94,855,203 5,351,644 100,206,847

Group 31-Dec-13 ? '000 % 103,153,735 3,879,582 107,033,317

Less: Bought in materials and services: - Imported (76,074,068) - Local (3,169,753)

(81,499,773) (3,395,824)

Revenue Other income

Value Added

20,963,026 100

Company 31-Dec-14 31-Dec-13 ? '000 ? '000 % % 94,103,677 102,467,361 2,574,787 3,749,656 96,678,464 106,217,017

(71,940,643) (2,997,527)

%

(78,917,721) (3,288,238)

22,137,720 100 21,740,294 100 24,011,058 100

Applied as follows: To pay employees Salaries, wages and other benefits

2,117,610

10

2,976,528

13

1,581,723

7

2,175,547

11

To pay government Taxes

5,701,133

28

5,213,659

24

5,694,554

27

5,207,161

20

Growth and payment of dividend Deferred taxation (2,063,760) (9) 205,568 1 (130,402) (2) 1,354,744 6 Depreciation 3,572,263 17 2885292 13 2,685,729 12 1,725,252 7 Profit for the year 11,635,780 54 10,845,932 49 11,908690 56 13,537,612 56 Other comprehensive income/(loss) for the year 10741 10,741 0 20,963,026 100 22,137,720 100 21,740,294 100 24,011,057 100 Value added represents the additional wealth the Group has been able to create by its own and its employees' efforts. This statement shows the allocation of that wealth among employees, capital providers, government and that retained for future creation of more wealth. This report is not prepared under IFRS. Instead, it has been prepared in compliance with the Company and Allied Matters Act (CAMA) requirement.

108

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ANNUAL REPORT

2014

Growing a Sweet Harvest

Non IFRS Statement - Financial Summary About Us

Group Dec-2014 ? '000 Property, plant and equipment 50,472,720 Intangible assets 263,886 Investments Other assets 189,337 Biological assets 1,122,679 Held for sales investment in subsidiary 864,647 Biological assets Deferred taxation assets 1,991,324 Net current assets 2,061,905 56,966,498

Group Dec-2013 ? '000 41,847,307 301,711 109,693 487,215 555,467 10,159,385 53,460,778

Borrowings Deferred taxation liabilities Gratuity provision

(4,259,509) (1,527,748) 51,179,241

(385,052) (4,741,717) (1,356,067) 46,977,941

6,000,000 6,320,524 39,078,470 (219,753) 51,179,241

6,000,000 6,320,524 34,838,649 (181,232) 46,977,941

Revenue and profit Revenue

94,855,203

103,153,735

Profit before taxation Profit after taxation

15,273,151 11,401,300

16,265,159 10,845,932

Capital and reserves Share capital Share premium Retained earnings Non-controlling interest

Per share data- (Kobo) Earnings per share (Kobo) - Basic Earnings per share (Kobo) - Annualised Earnings per share (Kobo) - Net assets

97 97 426

Operational Review Corporate Governance

Financial Statements

90 90 391

Earnings per share are based on profit after taxation and the weighted average number of issued and fully paid ordinary shares at the end of each financial year. This report is not prepared under IFRS. Instead, it has been prepared in compliance with the Company and Allied Matters Act (CAMA) requirement

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

109

Non IFRS Statement Five Year Financial Summary Company Dec 2012 Dec 2011 Dec 2010 IFRS IFRS NGAAP ? '000 ? '000 ? '000 17,898,310 16,283,504 15,509,562

Dec 2014 IFRS ? '000 Property, plant and equipment 29,346,717 Intangible assets 203,752 Investments 3,214,923 Other assets Held for sales investment in subsidiary 864,647

Dec 2013 IFRS ? '000 26,250,037 256,912 3,214,923 109,693 -

Biological assets Net current assets

30,348,545 63,978,584 (3,877,709) (1,311,654) 58,789,221

29,701,930 31,759,739 25,702,743 26,167,048 59,533,495 50,530,600 42,886,639 42,651,598 (4,359,916) (3,000,568) (2,837,360) (91,468) (1,356,067) (1,260,873) (915,570) (585,533) 53,817,512 46,269,159 39,133,709 41,974,597

6,000,000 6,320,524 46,468,697 58,789,221

6,000,000 6,320,524 41,496,988 53,817,512

Deferred taxation liabilities Gratuity provision

Capital and reserves Share capital Share premium Retained earnings

Revenue and profit Revenue Profit before taxation Profit after taxation

864,647 7,904 -

6,000,000 6,320,524 33,948,635 46,269,159

864,647 35,745 -

972,337 2,651 -

6,000,000 6,000,000 6,320,524 6,320,524 26,813,185 26769129 39,133,709 39,089,653

94,103,677 102,467,361 106,888,054 107,218,642 89,980,499 17,472,841 20,099,517 16,331,679 10,921,229 16,146,930 12,171,708 13,537,612 10,796,416 7,403,597 11,282,240

Per share data- (Kobo) Earnings per share (Kobo) - Basic

99

113

90

62

94

Earnings per share (Kobo) - Annualised

99

113

180

62

94

Earnings per share (Kobo) - Net assets

490

448

386

326

326

This report is not prepared under IFRS. Instead, it has been prepared in compliance with the requirement of the Companies and Allied Matters Act (CAMA). Earnings per share are based on profit after taxation and the weighted average number of issued and fully paid ordinary shares at the end of each financial year.

110

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ANNUAL REPORT

2014

Growing a Sweet Harvest

Tour of Savannah Sugar

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

111

Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the Ninth Annual General Meeting of DANGOTE SUGAR REFINERY PLC. will be held at the Latana Hall, Eko Hotel & Suites, Victoria Island, Lagos, on Friday, 22nd day of May, 2015 at 11a.m. to transact the following businesses: Ordinary Business 1. To receive the Financial Statements for the year ended 31st December, 2014, the Reports of the Directors, Auditors and Audit Committee thereon. 2. To declare a Dividend. 3. To re-elect Directors. 4. To authorize Directors to fix the remuneration of the Auditors. 5. To elect Members of the Audit Committee. Special Business 6. To fix the remuneration of the Directors. Proxy A member of the Company entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of him/her. A proxy need not also be a member. A form is enclosed and if it is to valid for the purposes of the meetings, it must be completed and deposited at the office of the Registrar, Veritas Registrars Limited, Plot 89A Ajose Adeogun Street, Victoria Island, Lagos, not less than 48hours before the time for holding the Meeting. Closure of Register and Transfer Books The Register of Members and Transfer Books of the Company will be closed from Tuesday 28th to Thursday 30th April, 2015, both dates inclusive, to enable the Registrar prepare for the payment of Dividend. Dividend and Dividend Warrants If the dividend recommended by the Directors is approved by members at the Annual General Meeting, it will be paid to Shareholders whose names appear in the Company's Register of members at the close of business on Monday, 27th April, 2015. Shareholders who have completed the E-Dividend Mandate Form will receive a direct credit of the Dividend into their bank accounts on Friday, 22nd May, 2015, while the Dividend Warrants of Shareholders who have not completed the E-Dividend Mandate Form will be posted by Monday, 25th May, 2015. Unclaimed Share Certificates and Dividend Warrants All Shareholders are hereby informed that the Registrars of the Company are holding the Share Certificates and Dividend Warrants which have been returned by the Post Office as “unclaimed”. Some Dividend Warrants sent to Shareholders registered addresses are yet to be presented for payment or returned to the Registrars of the Company for validation. Audit Committee In accordance with section 359(5) of the Companies and Allied Matters Act [Cap C20, Laws of the Federation of Nigeria, 2004], a nomination (in writing) by any member or a shareholder for appointment to the Audit Committee should reach the Company Secretary at least 21 days before the date of the Annual General Meeting. BY ORDER OF THE BOARD

CHIOMA MADUBUKO Company Secretary/Legal Adviser. FRC/2014/NBA/00000007451 3rd Floor, Greenview Development Nigeria Ltd Building, Terminal “E” Apapa Port Complex, Lagos, Nigeria. Dated this 31st day of March, 2015

112

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Growing a Sweet Harvest

Directors And Professional Advisers About Us

Board of Directors Alhaji Aliko Dangote, GCON Mr. Graham Clark (Australian) Engr. Abdullahi Sule Alhaji Sani Dangote Mr. Olakunle Alake Alhaji Abdu Dantata Ms. Bennedikter Molokwu Dr. Konyinsola Ajayi, SAN Mr. Uzoma Nwankwo Ms. Maryam Bashir

-

Operational Review

Chairman Group Managing Director Deputy Managing Director Non Executive Director Non Executive Director Non Executive Director Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director

Corporate Governance

Financial Statements

Company Secretary/Legal Adviser Chioma Madubuko (Mrs) Auditors Akintola Williams Deloitte (Chartered Accountants) 235 Ikorodu Road, Ilupeju, Lagos. Bankers Access Bank Plc Diamond Bank Plc Ecobank Nigeria Plc Fidelity Bank Plc First Bank of Nigeria Plc First City Monument Bank Plc GTBank Plc Jaiz Bank Plc. StanbicIBTC Bank Plc Standard Charted Bank Nigeria Ltd UBA Plc Zenith Bank Plc

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

113

Corporate Information Capital Market Information NSE Ticker Symbol Date Listed Financial Calendar (year End) Authorized/Paid Up Share Capital

Dansug 18th March, 2007 31st December 12,000,000,000 Ordinary Shares of 50k each

Shareholder Information RC Number Date of Incorporation

613748 January 2005

Registered Office 3rd Floor, GDNL Building Terminal E, Shed 20 NPA Wharf Port Complex Apapa Lagos Factory Shed 20 Apapa Wharf Apapa Lagos Subsidiary Savannah Sugar Company Limited Numan, Adamawa State Registrar And Transfer Office: Veritas Registrars Limited (formerly Zenith Registrars Ltd) Plot 89a, Ajose Adeogun Street, Victoria Island, Lagos Corporate Communications Contact Ngozi Ngene +234 1 761 7881 [email protected] Investor Relations Carl Franklin +44 207 399 3070 [email protected]

114

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ANNUAL REPORT

2014

Growing a Sweet Harvest

Share Capitalisation History About Us

Issued & Issued Authorised Fully Paid Up & Fully Pd Year Authorized [ ? ’000] [ ? ‘000] [ ? ‘000] [ ? ’000] Consideration Increase Cumulative No. of Shares Increase Cumulative No. of Shares 27-12-04 50,000 50,000 50,000 500 500 500 Cash 30-06-06 0 50,000 50,000 49,500 50,000 50,000 Scheme Shares 26-07-06 5,950,000 5,000,000 12,000,000 4,950,000 5,000,000 10,000,000 Bonus & Stock Split from ? 1.00 to 50k 27-03-08 0 5,000,000 12,000,000 1,000,000 6,000,000 12,000,000 Bonus

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Operational Review Corporate Governance

Financial Statements

115

V ERITAS R EGISTRARS (formerly Zenith Registrars)

RC: 510155

Plot 89A, Ajose Adeogun Street, P.O. Box 75315, Victoria Island, Lagos Telephone: (01) 2708930-4, 2784167 –8; Fax:(01)2704085 [email protected]; www.veritasregistrars.com

Mandate For E-dividend

e - DIVIDEND MANDATE FORM FOR DANGOTE SUGAR

Affix Passport Photograph (to be stamped by the Bank)

I/We hereby request that from now, all dividends due to me/us from my/our shareholding in Dangote Sugar Refinery Plc becredited to my/our bank account named below.

/

Date: DD/MM/YYYY

/

Surname/Company’s Name

Other Names (for Individual Shareholder)

Present Postal Address

City

State

E-mail Address

Mobile (GSM) Phone Number

Clearing House Number

Bank Name

Branch Address

Bank Account Number

Bank Sort Code

Company Seal/Incorporation No. (Corporate Shareholder)

Shareholder’s Signature or Thumbprint

Shareholder’s Signature or Thumbprint

For Bank’s use only Date account was established: Authorized Signature and Stamp of Bankers

/

/

DANGOTE SUGAR R EF I N ERY P LC

Authorized Signature and Stamp of Bankers

ANNUAL REPORT

2014

7

The Registrars VERITAS Registrars Limited (formerly Zenith Registrars Ltd) Plot 89A Ajose Adeogun Street, P. O Box 75315 Victoria Island Lagos

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

DANGOTE SUGAR REFINERY PLC. RC: 613748 The Registrar Veritas Registrars Limited (formerly Zenith Registrars Ltd) Plot 89a, Ajose Adeogun Street Victoria Island, Lagos.

PROXY FORM Ninth Annual General Meeting to be held at Latana Hall, The Eko Hotel & Suites, Victoria Island, Lagos on Friday, 22nd May, 2015.

I/WE ............................................................................................................................................................................................................................................................... of ..................................................................................................................................................................................................................................................................... being a shareholder of Dangote Sugar Refinery Plc, hereby appoint ........................................................... or failing him/her ....................................................................................................................or .................................................................................................................................................. as my/our Proxy to act and vote for me/us on my/our behalf at the 9th Annual General Meeting to be held on Friday, the 22nd day of May, 2015 and at any adjournment thereof. DATED THE .................... DAY OF ................................... 2015 NO. I/We desire this proxy to be used in favour of/or against the resolution as indicated alongside (strike out whichever is not required).

1. 2. 3. 3.1 3.2 3.3 4. 5. 6.

SHAREHOLDER’S SIGNATURE .........................................................

ORDINARY BUSINESS

FOR

AGAINST

To receive the Financial Statements for the year ended 31st December, 2014, the Reports of the Directors, Auditors and Audit Committee thereon. To declare a dividend To elect or re-elect Directors Re-election of Olakunle Alake, as a Director, who is retiring by rotation Re-election of Maryam Bashir, as a Director, who is retiring by rotation Re-election of Konyinsola Ajayi, SAN as a Director, who is retiring by rotation To authorize Directors to fix the remuneration of the Auditors. To elect the members of the Audit Committee Special Business To fix the remuneration of the Directors.

Please indicate with an “X” in the appropriate column, how you wish your votes to be cast on the resolutions set out above. Unless otherwise instructed, the Proxy will vote or abstain from voting at his/her discretion. This proxy form should NOT be completed and sent to the registered office if the member will be attending the meeting.

NOTE i. A member (shareholder) entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy in his stead. All proxy forms should be deposited at the registered office of the Registrar (as in notice) not later than 48 hours before the meeting. ii. In the case of Joint Shareholders, any of them may complete the form, but the names of all Joint Shareholders must be stated. iii. If the shareholder is a Corporation, this form must be executed under its Common Seal or under the hand of some officers or an attorney duly authorised. iv. The Proxy must produce the Admission Card sent with the Notice of the meeting to gain entrance to the meeting. v. It is a legal requirement that all instruments of proxy to be used for the purpose of voting by any person entitled to vote at any meeting of the shareholders must bear appropriate stamp duty from the Stamp Duties office (not adhesive postage stamps). Before posting this form, please tear off this part and retain it for admission to the meeting.

ADMISSION C A R D

NAME AND ADDRESS OF SHAREHOLDER(S):

NUMBER OF SHARES HELD:

Please admit……………………………….. …. to the 9th Annual General Meeting of Dangote Sugar Refinery Plc, to be held at Latana Hall, The Eko Hotel & Suites, Victoria Island, Lagos on Friday, 22nd May, 2015 by 11a.m prompt.

Signature of person attending: .................................................................................... •

The Shareholder or his /her proxy should produce this admission card in order to obtain entrance to the Annual General Meeting.



You are requested to sign this card at the entrance in the presence of the Company Secretary or her Nominee on the day of the Annual General Meeting.

Please be advised that to enable a Proxy gain entrance to the meeting, the Proxy Form should be duly completed and delivered to the Company Secretary not later than 48 hours before the time fixed for the meeting.

The Registrars VERITAS Registrars Limited (formerly Zenith Registrars Ltd) Plot 89A Ajose Adeogun Street, P. O Box 75315 Victoria Island Lagos

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Growing a Sweet Harvest

SUGAR Veritas Registrars Limited (formerly Zenith Registrars Limited) Plot 89A, Ajose Adeogun Street, P.O. Box 75315, Victoria Island, Lagos Telephone: (01) 2708930-4, 2784167 –8; Fax:(01)2704085 [email protected]; www.veritasregistrars.com

e-BONUS (DIRECT CREDIT TO CSCS ACCOUNT) Account No:_________________

I/We have _______________ units of Dangote Sugar Refinery Plc shares. I/We hereby request and authorise you to credit my/our CSCS account (statement attached) with BONUS accruing on my/our holdings. I/We indemnify the Directors of Dangote Sugar Refinery Plc against all claims and demands (and any case expense thereof which may be made in consequence of your complying with this instruction: Ibese, Ogun State, Nigeria

Shareholder’s Name:

………………………………………………………………………………………………… SURNAME

OTHER NAMES

Shareholder’s Address: …………………………………………………………………………………………………………. ……………………………………………………………………………………………………….. Mobile Tel:

…………………………………………………………………………………………………………

Account No:_________________ Date: ………………………………………………………………………………………………………. I hereby affirm that the information given above are true of me ._____________________ Shareholder’s Signature 1. Please attach copies of CSCS statement

2. CSCS transaction listing 3. Name of Stockbrokers

FOR REGISTRAR’S USE ONLY Action taken: Credited

DATE Not Credited

Officer’s Name & Sign:_______________________________

Pending

Growing a Sweet Harvest

Unclaimed Dividend Position as at 31st December, 2014 About Us

The Company has been declaring Dividend since it became a public Company in March, 2007. Currently, the dividend account indicates that some dividend warrants have not been presented to the Bank for payment, while others were returned to the Registrar unclaimed, because the addresses have changed or could not be traced. Financial Year Dividend No 11/04/2007 27/04/2007 09/09/2007 31/10/2007 09/04/2008 08/09/2008 03/07/2009 30/07/2010 25/05/2011 18/05/2012 14/05/2013

1 2 3 4 5 6 7 8 9 10 11

Final/Interim

Final Interim 1 Interim 2 Interim 3 Half Year Interim Final Final Final Final Final Final

Total Dividend Declared ( ? ) 11,388,819,816.78 3,433,139,219.03 3,257,223,236.85 3,192,370,844.23 5,000,000,000.00 10,200,000,000.00 3,780,817,535.25 10,800,000,000.00 6,480,000,000.00 3,240,000,000.00 7,200,000,000.00

Operational Review Corporate Governance

Net Amount Unclaimed as at 31-Dec-14 1,079,570.00 575,157.00 747,539.00 517,180.00 452,470.00 2,803,380.00 16,723,000.00 53,786,700.00 3,801,871.00 79,117,815.00 97,057,570.00

Financial Statements

We therefore request that all affected shareholders should fill the Shareholders information update and the mandate for e-dividend payment forms or please contact: -

The Registrars VERITAS Registrars Limited (formerly Zenith Registrars Ltd) Plot 89A Ajose Adeogun Street, P. O Box 75315 Victoria Island Lagos

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68

7 9 218461 215022 144 150 124330 116790 202 216 233 236 215358 247 249 263 268 272 215423 118349 231626 119585 310 217322 319 110485 344 364 365 121234 445 447 482 449 122399 489 466 475 212682 220774 480 227253 121125 538 531 533 555 559 563 575 583 587 623 596 626 629 699 703 679 685 213637 208362 221398 221399 221400 801 214018 209317

50256 50258 31434 94959 50302 50303 29977 20579 91088 31443 99581 50327 18105 91090 91092 31455 25521 50332 43934 50348 39039 31457 50352 50368 94961 50373 50372 91098 31458 39040 39043 50402 43944 31462 50405 31469 19406 31465 29980 43951 20583 37567 43952 43961 91100 48320 39053 31476 49097 94965 31479 48326 31484 43969 48332 43982 89800 94967 50433 89051 31491 31494 50462 50463 50464 50465 49101 44006

69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136

213976 841 852 935 858 865 938 882 939 898 900 941 908 911 912 920 931 962 124691 985 969 209545 979 123246 1021 1023 221642 221641 1030 1037 1050 228891 212940 1051 221570 224341 1084 223941 208325 1091 215936 1413 1103 1109 1111 206083 206748 206082 1420 1144 1146 1154 1159 1171 1178 1179 1180 1207 1212 1429 1232 216560 1240 213072 1256 1262 1273 1274

39090 24926 50478 25531 31502 27945 31509 44026 31512 31505 44028 31514 48344 44030 31506 44033 50483 104533 49112 50497 49109 44042 31519 31529 50502 44046 31571 31572 48349 44049 38939 23313 44101 39114 44102 23315 31537 48374 44107 44056 31573 50533 25532 13488 19993 104538 44116 104539 50534 48358 44065 99603 31547 44066 39126 31548 31549 89059 48361 44123 50520 38822 39135 50539 31555 89060 48363 44080

2004 Investment Club 2hs Commercial Ventures A. Musa Surajo Aanthony-ola Theresa Oyeronke Aaron Friday Aba Folakemi Caroline Abah Adaora Ifeyinwa Edith Abailim Peter Uchenna Abajingin Olalekan Tunde Abalaka Daniel Abal-yamani Mohammed K Kafa Abandi Frankline Emmanuel Abangwu Peace Anayochi Abanire Balikis Ajoke Abanire Sariat Atinuke Abanofor Valentine Chukwudubem Abanum Godspower Abanum Sebastine Oghenemurok Or Abari Joy Abarigwe Emeka Abarshi Ramatu Aliyu Abarshi Rilwan Hussein Abasiene Uno Edet Abass Abibat Abass Babatunde Olayode Abassah Nneoma Silverline Abassah Silverline Nneoma Abatan Timothy Olayinka Abatan Tokunbo Modupe Abatuba Aromnde S Abba Abdulkadir Bala Abba Abdulmumin Abba Abdulrazaq Yalwa Abba Ahmed Tanko Abba Gana Ibrahim Abba Jaye Bishir Abba Maimuna Abba Saadatu Abba Ugo C. Abba Umma Ahmed Abba Usman Abba Waziri Rukkayyatu Abba Zaharadden Dauda Abbas Sanusi Amina Yarbichi Abbas Titilayo Adedapo Abbas Yahaya Abbulazeez Hamzat Abbulkadir Zainab Zainab Abbulmalik Abdullahi Alabi Abdlazeez Olalekan Abdl-semiu Abdu Adama Pinado Abdu Ahmed Abdu Ali Sanusi Abdu Bashir Abdu Daura Lawal Abdu Maisauki Auwalu Abdul Ibrahim Abdul Azeez Salahudeen Ariyayo Abdul Olubukola Temitope Abdul Risi Abdulai Ojone Salametu Abdulazeez Ibrahim Abdulfatai Adejoke Salimat Abdulfatai Babatunde Adeniyi Abdulfatai Hassan Adesegun Abdul-gadir Amina Yunusa Abdulganiyu Muideen Atilola Abdulhalim Ahmad Muhammad

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Abdulhameed Isiaka Abdulhamid Aminu Isa Abduljamiu Moshood Kam-salem O A Abdulkadir Bashir Abdulkadir Abdulkadir Kabir Abdulkadir Abraham Ebenezer Abdulkadir Aisha Aisha Abdulkadir Aminu Aliyu Abba Abdulkadir Fatima Abdulkadir Abdulkadir Ibrahim Mohammad Abdulkadir Ismail Tsauni Abdulkadir Khadija Khadija Abdulkadir Mohammed Dikko Abdulkadir Muhammad Bissallah Abdulkadir Mujahid Kabir Abdulkadir Salimat Abdulkadir Yusuf Abdulkareem Hakeem Agboola Abdulkareem Halidat Amoke Abdul-kareem Haolat Bamidele Abdulkareem Khadijat Abdulkareem Oziggis Tijjani Abdulkareem Taofeek Amolegbe Abdulkarim Halima Abubakar Abdullah Tawfiq Ola Abdullahi Abba Muhammad Abdullahi Abdulhannan Abdullahi Abdulmannan Abdullahi Abdulmutalabi Lawal Abdullahi Abdussalamu Uba Abdullahi Abubakar Naamo Abdullahi Abubakar Sadiq Abdullahi Abubakar Urologist Abdullahi Abubakar Yaro Abdullahi Adam Abdullahi Alhaji Yakubu Abdullahi Aliyu Abdullahi Almustapha Dangani Abdullahi Amar Abdullahi Aminu Adamu Abdullahi Aminu Kurna Abdullahi Bako Idris Doma Abdullahi Bala Abdullahi Bashir Musa Abdullahi Bashir Muhammed Abdullahi Firdausi Abdullahi Garba Sagagi Abdullahi Hafsat Abdullahi Hajara Umar Abdullahi Hamza Darma Abdullahi Haruna Abdullahi Hassan Waziri Abdullahi Hayatu Abdullahi Ibrahim Fagge Abdullahi Idris Atogbo Abdullahi Idris Abdullahi Abdullahi Idris Ojotu Abdullahi Khadijat Abdullahi Labo Muntari Abdullahi Mohammed Abdullahi Mohammed Abdullahi Mohammed Bodmas Abdullahi Mohammed Nda Abdullahi Muhammad Danladi Abdullahi Muhammed Rahmat Abdullahi Murtala Mohammed Abdullahi Mustapha Ako Abdullahi Mustapha K/naisa

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

Acc. No

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S/no

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137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204

1432 1276 1278 1283 1288 1290 1306 1309 1323 221363 1339 1341 118556 1438 1349 1355 121955 225007 1368 1373 1376 212506 1467 1472 1475 1478 208247 1493 1500 1501 1513 1514 1515 1516 229829 1518 1523 217049 1528 1530 1536 1544 1555 115816 1575 1578 1585 116828 1606 1612 1622 1635 1642 1646 124743 1722 1730 1732 1738 1757 1869 1880 1887 1906 1908 1911 1913 1918

44127 48365 39137 44082 24929 31558 44085 31560 44087 44135 31564 89062 31580 44137 31566 43346 50541 39146 19994 39148 39149 50542 44142 31583 31584 20594 37577 19424 31588 31589 50552 50553 50554 50555 23330 99618 44152 44154 39172 49118 31593 39176 37543 44158 49122 93734 89069 50571 93735 39192 49125 44163 50583 23331 44168 39216 31611 31613 50590 50594 89072 94983 50632 25540 27947 25541 101844 24934

205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272

1924 118720 1927 224262 1970 1974 1998 2013 2044 2046 2085 2056 2082 2097 2102 121683 2106 2115 116883 2141 2161 2165 124537 2191 2199 2203 2208 2210 2224 2225 207914 2235 2253 120370 208332 110781 2307 2309 2310 2331 2341 215428 2351 208546 232458 2387 2388 2389 2393 2390 214519 2401 2421 217790 230269 2470 2476 2478 2489 2503 2543 2557 2581 2584 2588 2599 232623 228543

39221 50647 31623 104543 50661 50663 50681 50684 50689 94994 50703 91119 50700 99624 50711 50737 50712 94997 31630 93743 91124 27952 99625 50767 25544 49138 25545 25546 25547 31632 50791 50792 50797 31634 31635 50817 38825 50825 50826 90110 95009 50840 50838 24936 27957 31642 31643 31644 31646 31645 39231 27958 50856 49145 50865 95028 99630 50877 50881 27960 50904 50907 50918 38946 101852 31652 104545 31654

Abdullahi Mustapha Kiru Abdullahi Mustapha Lawal Abdullahi Nafisatu Abdullahi Nasiru Abdullahi Ningi Abdullahi Nuraddeen Abdullahi Saadanu Abdullahi Sadiq Ango Abdullahi Salisu Hassan Abdullahi Shuaibu Abdullahi Sophie Henrietta Abdullahi Sulaiman Mazakuka Abdullahi Suleiman H. Abdullahi Ubale Na' Abba Abdullahi Umar Farouk Abdullahi Ummu-hani Abdullahi Usman Abu Abdullahi Yakubu Asma'u Abdullahi Yakubu Dutse Abdullahi Yusuf Abdullahi Yusuf Muhammad Abdullahi Yusuf Usman Abdulmalik Halima Abdulmalik Maryam Dalhat Abdulmalik Ramatu Moh'd Abdulmalik Umar Abdulmumin Zainab Abdulmumini Hannatu Abdulmumiw Bello Aisha Abdulmumiw Bello Yasmin Abdul-qadir Abdulsalam Yunusa Abdul-qadir Aisha Yunusa Abdul-qadir Aliyu Yunusa Abdul-qadir Bilkis Ibrahim Abdulqadir Yaqub Abdulqadir Abdulrafiu Mrs Amina Folashade Abdul-rahaman Jamila Ali Abdulrahaman Yusuf Abdulraheem Khadijat Abdulkareem Abdulraheem Nurudeen Toyin Abdulraheem Tajudeen Abdulrahman Abdulrahman Abdulrahman Folake Abdulrahman Maryam Abdulrahman Taofeeq Abdulrahman-jalloh Sefinat Joke Abdulramman Adamu Abdul-rasheed Adam Akintayo Abdulrauf Muhammad Monsor Abdulsalaam Kunle Gafar Abdulsalam Ayo Musliudeed Abdulsalam Kabiru Abdulsalam Oladele Luqman Abdulsalam Ozohu Hadiza Abdulssalam Nasiru Kabara Abdurrazaq Olanrewaju Murtala Abdu-said Muhammad Abdu-said Said Abdussalam Abdullateef Abe Augustine Olutoyin Abel Pauline Pambolo Peac Hes Abelakun Taiwo Victor Abepoju Charles Olufunsho Abhoghophia Otto Nneka Abhulimen Augustine Aigbiremon Abhulimen Kate Nwamaka Abhulimhen Akugbe Abia Christopher Hannah

DANGOTE SUGAR R EF I N ERY P LC

About Us

Abia Obiora Shadrack Abia Richard Edem Abia Usoro Collins Abibu Abdulazeez Alh. H Abidoye Bunmi Betty Abidoye Halimat Oluwatobi Abienekpen Fred. Isabo. Abijoroh Henry Abimaje Yahaya S Yahaya S Abimbola Abiodun Temitope Abimbola Blessing Ameh Abimbola Emmanuel Ifeoluwa Abimbola Tolulope Abimiku Lorentzen Alash'le Abiodun Adedayo Abiodun Adeleke Atanda Abiodun Akolonbo Abiodun Esther Yetunde Abiodun Olayinka Tony Abiodun Omomiyi Moses Abiola Ajibola Oyediran Abiola Ayodeji Emmanuel Abiola Joseph Adebayo Abiola Oiuwakemi Adedoyin Abiola Rafiu Alao Abiola Tajudeen Abioluwajumi Lucky Abiona Abayomi Ayinde Abiona Olufunmilayo Kehinde Abiona Olukunle Solomon Abiona Stephen Abiose Olatunde Moruff Abioye Julius Adelani Abioye Mary Abiodun Pastor Mrs Abioye Raphael Oladejo Abisoye Bashiru Abo Ahmed M Ringim Aboaba Michael Taiwo Aboaba Olanrewaju Ayodapo Abodunde Alice Olayemi Abodunrin Folorunso Abodunrin Jimoh Adegboye Abodunrin Peter Olufemi Aboh Patience Akinsheye Abohi David Lambusu Abok Abi Abok Anap Abok Asang Abok Jnr Samuel Atu Abok Nyam Aboki Umar Abolade Adeyemi Abolaji Oluseyi Abolarin Olutayo Abolarinwa Simbiat Bisola Abonde Kazeem Abiade Abonyi Oliver Chikaodili Aborhawk Llmited Aborisade Segun Jonathan Aboullahi Baba Isa Abraham Bankoleoluwa Samuel Abraham Ladi Abraham-ajayi Ayodeji Adedamola Abrakang Sunday Egere Abrre Peacebe Abu Ehi Helen Abu Emmanuel Eleojo Abu Faruk Dr

ANNUAL REPORT

2014

Operational Review

Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

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Acc. No

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273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340

2602 2645 2607 2628 117083 2654 2665 2670 223105 224768 3061 231562 2690 2694 2696 2705 2708 2725 229105 114912 2731 2741 2749 2754 121995 2778 221277 120633 2785 2790 216043 2799 2801 2805 2808 3068 2821 120236 123081 2834 3071 231559 3076 2852 2860 2866 231560 3067 220449 2906 2907 2912 218553 2920 231561 2941 2948 2969 2972 2978 225300 2984 231977 220064 3018 3093 3037 3046

8470 48386 31656 31657 31685 31660 50941 104546 31686 50944 20603 23333 19434 19435 44191 44193 31662 43360 50947 31689 19997 44199 44201 99632 31692 105103 31693 39280 44209 39250 48396 23336 31667 50952 44214 4516 39254 44268 31697 31669 89081 23337 44272 50955 25562 104552 23339 50959 44276 39260 23341 49152 50977 50961 23343 31674 31677 31678 44246 44249 44251 104553 50966 89812 101857 39285 39272 18107

341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408

3102 3113 3120 219078 3149 3151 3152 3164 214606 3179 3203 214552 3213 3214 123027 3226 3232 3235 230646 3256 3267 3269 3272 218795 3276 3287 3318 3328 3331 210968 217740 3341 3347 229298 3398 231566 3428 3438 3444 206698 3464 3484 3485 3488 3498 3532 3569 3570 3571 3573 3575 3588 3597 3612 221663 223186 223187 3656 3665 3683 3685 216911 3499 3711 3715 3739 3752 3763

31705 50985 91138 50991 25565 50998 50999 51004 27975 51009 20606 51018 51019 23798 25567 51024 37987 31713 51030 51036 31717 51042 31718 51045 20609 51051 44293 25569 25570 51068 27977 51073 20612 99644 31728 37590 31735 90121 51098 51117 51103 51111 51112 31739 51128 44304 44310 44311 51141 99655 99656 104558 44315 44317 39345 23355 23356 31754 44325 44329 51148 31771 51149 51150 39331 20615 31762 39339

Abu Feliwetu Abu Gidado Aishatu Abu Inekole Calista Abu Owoicho Joseph Abubakar Umar Bawa Abubakar Abba Ibrahim Abubakar Abdulkarim Abubakar Abdullahi Barau Abubakar Abdullahi Muhammad Abubakar Adamu Ibrahim Abubakar Ahmad Muhammad Abubakar Ahmad Sadiq Abubakar Aisha Abubakar Aisha Giwa Abubakar Aisha Yahaya Abubakar Ali Haruna Abubakar Aliyu Abubakar Amorley Hauwa Abubakar Amudat Bimbo Abubakar Asma'u Abubakar Audu Arobana Abubakar Baffa Jakada Abubakar Basiru Turaki Abubakar Bilkis Deola Abubakar Fatima Hayfaa Abubakar Fatimah Inno Abubakar Fatsuma Banaru Abubakar Giwa Baba Abubakar Hafiz Abubakar Halima Abubakar Hamza Adam Abubakar Hassan Umar Abubakar Hauna Jummai Abubakar Hauwa Bello Abubakar Husaina Adamu Abubakar Hussein Abubakar Ibrahim Bobo Abubakar Ibrahim Shuaibu Abubakar Isah Zuwaida Abubakar Jamila Abubakar Jibrin Shakirat Bukola Abubakar Khadija Sadiq Abubakar Kwalli Abdulmalik Abubakar Lamido Abubakar Mahmud Abubakar Maryam Abubakar Maryam Sadiq Abubakar Muhammad Abubakar Muhammad Abubakar Muhammad Lawal Abubakar Muhammad Maijamaa Abubakar Muhammed Abubakar Musa Abubakar Musa Abubakar Mus'ab Sadiq Abubakar O Lami Abubakar Rabi Ahmed Abubakar Sadiq Haruna Abubakar Sadiq Jamila Abubakar Salamatu Abubakar Sambo Abubakar Sani Abubakar Suleiman Abubakar Tanimu Abubakar Umar Suleiman Abubakar Usman Al-amin Imam Abubakar Yakubu Aliyu Abubakar Zahrau Abdullahi

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Abubakar-sanusi Saadhtu Abudlraamam Momodu Lawal Abudu Fisat Oluwakemi Abudu Isiaka Oshiokhale Abulu Festus Ighodalo Abulu Mary Izegbua Abulu Osereimen Jude Abus Henry Israel Judith I Bhas Abusomwan Clinton Abuwa Ochuko Efe Achebe Wisdom Ogechukwu Acheneje John Ocholi Achi Ivechukwu Kelvin Achi James Nyikwagh Achigbue Mathew Achikeh Chinedu Austine Achilonu Alphonsus Achimugu Akowe Andrew Acholonu Obinna Ikechi Achong Jeff Sunday Achor Lauretta Nnenna Achor Uzoma Cordelia Achua Martin Dibang Achuagu Amobichukwu John Achugbu Ebele Anioma Achusim Ujunwa Mercy Adache Austine S M Adagbon Johnson Ofunim Adagha Annabelle Odjuvwueder Hie Adagha Vivian Akpeoweoghene Adaghegbe Augusta I Adah Dan Adah Rosa M Cath.min. Rev Bro Andrew Adah Ruth Otelahu Adam Maryam Salisu Adama Mohammed Adamoh Al Amin Olalekan Adamolekun Olurotimi Opeyemi Adams Aisha Oluwatoyin Adams Gladys Adams Kolapo Olabisi Adams Thomas Bode Adams Tony Adams Zakaria Adamson Sidiqat Temitope Adamu Ahmad Adamu Bature Adamu Bello Salamatu Adamu Bisi Husseni Adamu Bitrus Jugu Adamu Bukata Adamu Eleojo Adamu Fatima Bello Adamu Haruna Ishaq Adamu Hauwa Yusuf Adamu Jumba Anas Al-hassan Adamu Jumba Faisal Al-hassan Adamu Lauratu Usman Adamu Maryam Lawan Adamu Muhammad Muhammad Adamu Muhammed Auwalu Adamu Musa Shaawa Adamu Nasiru Mohammed Adamu Saidu Adamu Salihu Adamu Suleiman Minjibir Adamu Umar Adamu Usman Gosho

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

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S/no

Acc. No

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409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476

228426 3780 116457 3819 3820 3830 3841 3842 3843 116743 3857 3876 229196 225514 3915 3926 3933 3965 3976 3987 212973 216539 4028 4312 4050 218721 4113 4114 117884 223623 4177 4201 215317 4256 219196 4259 4263 124832 4352 4361 4367 114535 4373 4383 207062 4435 4472 123951 4489 4509 209099 4523 4525 4607 222966 214664 4638 4639 4668 4671 4686 4694 4702 4722 4750 4755 4758 4771

23354 51157 51164 31773 31774 31775 31776 31777 51172 105206 51177 101869 23805 44363 51190 51196 51198 51216 51227 95050 51267 91150 51257 51373 95056 51379 93760 31783 95080 51389 95066 49160 91161 51354 51400 51355 51358 51421 51425 95083 91166 51429 39362 51437 31796 90135 31798 51491 51481 90136 51495 25583 51488 51526 51541 51545 91177 51537 51555 51557 51566 51570 51574 95113 51598 49167 31811 24946

477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544

4814 4855 4869 4876 4881 222243 4960 4970 206039 5027 5041 117981 5068 228705 5097 121325 121950 227367 5152 5164 5168 5172 116952 207090 5191 218357 5210 216452 5233 122007 5243 5273 5290 5296 5307 5318 5320 5382 218998 5427 5429 5439 215716 213749 5458 5462 5483 5522 219157 5506 5518 5551 5559 5566 5574 5575 110762 5588 5603 212363 110476 5627 206820 5630 5632 5638 5648 215217

51631 51645 51649 51653 1718 51686 51697 51703 31816 39369 51734 93793 95155 105212 51752 51767 29627 51762 51791 95168 93795 51797 51800 51802 51807 51811 51814 93798 93799 31819 99673 51844 51849 51850 51851 51852 51854 93803 95188 51883 51884 51886 51892 31826 51895 51899 51906 89099 93810 31829 51920 51937 99674 51941 51945 95209 95221 51952 51956 95223 51973 39375 51974 31833 51967 93812 31834 51977

Adamu Zainab Adamu Zakari Adamu-biu Hasiya Adamu-ibrahim Mariam Nkechi Adamu-ibrahim Ngozi Nafisat Adanikin Amoke Olufunmilayo Adapule Janet Adara Olurotimi Sunday Adara Udeh Benedicta Ifeyinwa Adaramaja Mobolaji Abiodun Adaramola Titilayo Oluwafunke M Agda Adaro Christopher Oghenerue Mu Adayi Daniel Rev. Fr. Ade & Wasiu Adeagbo Adebukola Taoheed Adeagbo Iswatu Adetutu Adeagbo Rasidatu Eniola Adebambo Francis Taiwo Adebanji Johnson Abolaji Adebanjo Ademola Sesan Adebanjo Oluseyi Adeleke Adebanjo Oluwatosin Rebecca Adebanjo Tojomimo Samson A Adebayo Lasisi Alaka Adebayo Abiola Adebayo Adeyinka Peter Adebayo Cecilia Bosede Adebayo Charles Abiodun Adebayo Clara Adebayo Josephine Eyitayo Adunni Adebayo Kamorudeen Olalekan Adebayo Mohammed Toyin Adebayo Olawale Lukmon Adebayo Oriyomi Shakiru Adebayo Peter Oludare Adebayo Philip-adesola Adebayo Ramota Romoke Adebesin Babafunmilayo Adewemimo Adebileje Festus Akin Adebimpe Agboola Muili Adebimpe Sadiat Abolanle Adebinpe Enitan Oluwatosin Adebisi Abdulwasiu Adewale Adebisi Adeola Samuel Adebisi Najeem Adeyinka Adebiyi Adebukola Modupe Adebiyi Grace Chidi Adebiyi Maryam Mopelola Adebiyi Michael Adebayo Adebiyi Oluwafemi Enitan Adebiyi Patience Adeola Olukemi (chief) Adebiyi Samson Adekunle Adebiyi Tiwalade Adeyinka Adebowale Bolaji Ayuba Adebowale Meek Mukaila Adebowale Odunayo Folashade Adebowale Temitope Rebecca Adebowale Tosin Adeboye Ireoluwakitan Adeboye Kehinde Adeboye Oreoluwa Adeboye Taiwo Adeboyejo Ekundayo Remilekun Adebusoye James Adegoke Adedapo Racheal Adenike Adedare Tinuke Alice Adedayo Adegbenga Ominiabohs Adedayo Michael Adebiyi

DANGOTE SUGAR R EF I N ERY P LC

About Us

Adedeji Adewale Adebusuyi Adedeji Morohunfade Adebola Adedeji Oluwadunsin Samuel Adedeji Omowumi Kafilat Adedeji Rukayat Adebisi Adedipe Adebanji Gerald Adediran Jacob Adediran Mary Adetoun Adedokun Adeiyi Ayooluwayimika Adedokun Babatunde Adedokun James Adekunle Adedokun Olusola Kolawole Adedokun Peter Olubisi Adedoyin Adebisi Timothy Adedoyin Cecilia Folashade Adedoyin Cecilia Folashade Adedoyin Lawrence Adedoyin Michael Adebayo Adefarakan Olugbenga Samson Adefemi Ganiyu Adefemi Segun Lasisi Adefeso John Oluwagbemiga Adefidipe Eunice Olapeju Adefihan Adebimpe Adefioye Peter Ajibade Adefisayo Taofeek Bunmi Ade-fosudo Mary Makoko Adegbaju Solomon Omoniyi Adegbami Adeleke Adegbayemu Adenike Adegbe Ojonoka Veronica Adegbesan Adeola Seun Adegbindin Gloria Omovakpo Adegbite Adebola Adegbite Adekola Adegbite Aderemi Adegbite Adetola Adegbite Olubukola Feranmi Adegbite Thomas Bode Adegbola Babatunde Adegbola Bolanle Elizabeth Adegbola Kudirat Mojisola Adegbola Luqman Akanni Adegbola Racheal Oluwafisayo Adegbore Timothy Olufemi Adegborioye Bolanle Tomomewo Adegboye Ekpo Irene Adegboyega Popoola Emmanuel Adegboyega Babatunde Adebayo Adegboyega Bolanle Elizabeth Adegboyega Saheed Adegede John Emmanuel Adegite Adedayo David Adegoke Adebanjo Omotayo Adegoke Adenike Oluyemisi Adegoke Adenike Maria Adegoke Adetowa Ayoola Adegoke Comfort Mobolanle Adegoke Gbenga Adegoke Modupe Susan Adegoke Olalere Adegoke Olukorede Adebola Abi Ola Adegoke Olusegun Idowu Adegoke Oluwakemi Ramota Adegoke Omowumi Olaoluwa Adegoke Samuel Ademola Adegoke Uduak Margaret Adegoke Yinusa Adeyemi

ANNUAL REPORT

2014

Operational Review

Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

545 546 547 548 549 550 551 552 553 554 555 556 557 558 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582 583 584 585 586 587 588 589 590 591 592 593 594 595 596 597 598 599 600 601 602 603 604 605 606 607 608 609 610 611 612

5654 5666 231663 5727 5742 215685 118533 5764 5791 213564 5807 212281 5852 5853 5858 5862 217250 5866 5868 5879 5881 218400 5886 224683 5900 5907 5929 215554 5936 5948 215085 5972 5976 207692 6024 6000 212330 6023 121651 211959 6078 124015 211371 230123 6123 116584 120274 6152 6155 6160 6163 6164 6200 6214 6231 6251 6256 6286 119393 226850 122832 6341 6361 6395 6412 6414 6426 6448

51979 51983 90160 52004 52007 91215 31839 49185 90165 95239 52028 90168 31840 31841 52047 52048 52051 31842 7 95246 52053 90170 52057 31846 52062 52065 52074 91224 52078 52084 52093 93825 52103 52118 101898 95261 90175 52117 52155 105109 13536 52159 52160 31852 13538 31855 25587 52173 95271 52175 52176 93828 52187 13541 93831 31856 91242 52227 52244 52241 52251 52253 13393 93837 31862 31863 52288 31864

613 614 615 616 617 618 619 620 621 622 623 624 625 626 627 628 629 630 631 632 633 634 635 636 637 638 639 640 641 642 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661 662 663 664 665 666 667 668 669 670 671 672 673 674 675 676 677 678 679 680

6449 6466 208369 6494 6497 6508 6509 6528 6545 111339 6575 6591 216680 215768 6605 6606 111220 6612 6620 123393 6638 6650 6666 6676 6677 6684 229694 6704 6708 6743 6762 6765 6778 6802 6826 6838 6883 229693 6931 6950 220560 6957 6958 6964 231382 6972 6976 6983 221546 6986 6996 205492 7024 219947 7048 7068 7077 230677 7086 120595 7097 7100 7102 7103 7104 7117 7146 7153

31865 52294 52315 95308 90182 95319 95320 52328 52338 31869 52352 31868 52376 52378 52379 52380 52383 99685 95330 52396 52398 52405 52411 105217 52418 52424 52427 52431 52432 52452 31874 31875 95344 52476 52487 49196 13556 52512 39399 95359 99691 52552 52553 90192 52554 52557 95372 52561 52582 31878 52562 93853 52578 31879 52597 52604 52610 52611 52615 52658 104563 31882 52620 43380 52621 52627 49200 52640

Adegor Godwin Adegun Funmilola Ayodele Adegun Kehinde Elijah Adejimi Adu Funmilola Ololade Adejobi Adejumoke Adejobi Oyebade Micheal Adejoh Enemona Runcie Adejoh Mike And Bunmi Adejoro Beatrice Omono Adejumo Adebisi Adeniyi Adejumo Adekemi Taiwo Adejumo Gbenga Tajudeen Adejumo Susan Adejumo Taiwo Adebayo Adejumobi Adebeju Idayat Adejumobi Adeyinka Alabi Adejumobi Fatai Gbolahan Adejumobi Medinah Adebimpe Adejumobi Oluwatoyin Abiola Adejuwon Nat Aderemi Adejuwon Olufunke Welade Adejuyigbe Kayode Toyin Adejuyigbe Olawale John Adekan Ganiyu Adekanbi Bolade Samuel Adekankun Babatunde Adekanmbi Toyibat Olusolape Adekanmi Michael Adekunle Adekanmi Williams Olaniyi Williams Olaniyi Adekanye Olajide Felix Adekanye Patience Odiri Oluwafunmilayo Adekeye Oluwaseun Lydia Moronfade Adeko Adeshola Aderonke Adekola Adebisi Olusegun Adekola Alexander Ojeake Adekola Idowu Adeyinka Adekola Rafiu Olabisi Adekola Yetunde Adekoya Kehinde Adekunle Adekoya Gbenga Paul Adekoya Mudashiru Adekoya Oluwaseun Abiola Adekoya Stella Olabisi Adekpe Salome N Adeku Akeem Alabi Adekunle Ademola Abdul-rahman Adekunle Aderemi Abayomi Adekunle Aina Mulikat Adekunle Aminat Adekunle Ayisat Olaitan Adekunle Babatunde Joseph Adekunle Bamidele Adekunle Nurudeen Oluwasesan Adekunle Olusegun Adekunle Samuel Kayode Adelabu Abiodun Durojaye Adelabu Ayinla Mamndu Adelaja Ezekiel Dele Adelakun Adeboye David Adelakun Rilwan Abiodun Adelani Adekunle Afegbai Adelanwa Olamide Adelekan Ademola Adeleke Adedayo Adebobola Adeleke Adetunji Owoade Adeleke Adeyemi Adefemi Adeleke Atolani Adeleke Iyabo Elizabeth

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Adeleke Iyabo Monsurat Adeleke Moradeke Adesola Adeleke Muritala A Adeleke Sunday Ademola Adeleke Taofeeq Adewale Adeleru Grace Folashade Adeleru Ruth Adetola Adeleye Adepeju Olubunmi Adeleye Elizabeth Adeyoola Adeleye Iyaniwura Omooja Adeleye Olaleye Oluwayemisi Adeleye Tolulope R Adelodun Adebola Muibat Adeloju Kudirat Bolanle Adelola Adebola Adelola Adeola Adelola Henry Adekunle Adelola Yemi Adelowo Oluwatimilehin Adedap O Adeloye Juliana Lola Adelugba Aderemi Adelusi Abiola Abike Ademakinwa Samuel Adewole Ademiluyi Adebambo Ademiluyi Adedokun Ayoade Ademo Oluwakemi & Adetunji Ademola Adebambo Ademola David Oluwatobi Adeol Uwa Ademola Funmilayo Ademosu Ope Oluwa Olufunmila Yo Ademoyega Adeyemi Obafolarin Ademu Mohammed Lawal Ademuyiwa Adenike Ebunoluwa Adenaike Shakiru Adenekan Collins Oladipupo Adenekan Sefi Adeniji Ademola Adeleke Adeniji Adesina Olutosin Adeniji Oluwaseun Taiwo Adeniji Titilola Olasumbo Adeniji Yetunde Adenike Gbindin-idowu Olajumoke Adeniken Olusola Adenikinju Tomide Christopher Adenipekun Taiwo Ademola Adeniran Adebimpe Ajoke Adeniran Adekunle Isiaka Adeniran Adetutu Adeniran Adeyemi Michael Adeniran Adeyinka Oritoke Adeniran Emmanuel Adeniran Esther Oyinlola Adeniran Sunday Adelowo Adeniregun Marian Oluremi Adeniyi Adebayo Adeniyi Anthony Babatunde Adeniyi Bankole Ebenezer Adeniyi Bashiru Olayemi Adeniyi Elizabeth Olatoke Adeniyi Elizabeth Olufunke Adeniyi Funmilayo .a. Adeniyi Ibidunni Stella Adeniyi Inioluwa Praise Adeniyi Isaac Adeniyi Iyanuoluwa Glory Adeniyi Michael Sunday Adeniyi Olutoyin Bosede Adeniyi Oreoluwa Adetoni

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

681 682 683 684 685 686 687 688 689 690 691 692 693 694 695 696 697 698 699 700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 715 716 717 718 719 720 721 722 723 724 725 726 727 728 729 730 731 732 733 734 735 736 737 738 739 740 741 742 743 744 745 746 747 748

7165 7167 7173 216243 7188 7196 7199 7202 7213 7230 7236 7242 7286 7296 7301 223378 7335 218910 7353 7382 7362 7393 7403 7417 7424 7492 7503 7523 7530 7531 117827 7554 7569 7607 7619 7625 7629 210223 7644 120161 7653 7697 111274 7705 7731 7740 7744 7749 7759 7762 7764 7786 7811 7813 7815 7819 7822 213612 7831 7835 7851 7860 7870 7878 114854 7879 7896 7898

31884 52645 52648 91305 52671 52675 91307 52678 52687 52694 13558 95398 52725 52730 52733 52753 95407 52779 52764 31893 31892 95411 52791 52800 52803 95424 52841 52849 95427 52854 52884 93867 52867 52891 44368 52900 52901 52934 52909 99695 52913 93873 52950 52949 52963 52967 93876 52970 52973 52976 52979 52994 53001 9 31908 95464 53003 53005 53008 6531 53019 53022 53028 105223 53039 53035 91336 91337

749 750 751 752 753 754 755 756 757 758 759 760 761 762 763 764 765 766 767 768 769 770 771 772 773 774 775 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 795 796 797 798 799 800 801 802 803 804 805 806 807 808 809 810 811 812 813 814 815 816

7899 7904 7911 114688 7921 7923 7928 205817 213371 7942 7943 7972 122276 8009 8014 8015 8039 8041 8047 8067 217641 8082 8083 232347 8103 8104 8108 8111 222367 8136 8137 215690 124414 111971 8174 8178 117005 8195 8198 8219 8226 8238 227946 115518 8268 8276 8279 8264 121304 8301 8320 212434 8334 8336 8348 8352 8377 8379 8386 8397 8402 8420 8428 8439 8446 8447 208770 8452

53047 53051 53056 53097 53059 53061 53064 53100 53101 53071 53072 53087 53111 31916 53118 53119 53129 31917 53133 53137 53178 91350 53142 53143 93886 49223 53153 53155 95491 53161 53162 101919 53187 53188 53190 53193 49228 53204 53205 53214 53218 49233 53230 53240 53235 53238 53239 95507 53248 31924 53261 53266 91375 53271 90211 91376 53288 53290 53294 53297 53299 53304 53308 53314 53317 90213 53320 99701

Adeniyi Tajudeen Gbadebo Adeniyi Temiloluwa Grace Adeniyi Wosilat Folashade Adenle John Oyewole Adenmosun Aoegbemi Adedola Adenola-modede Oluwadare Temitope Adenowo Abekunle Azeez Adenowo Nojeem Bola Adenuga Abeni Adenuga Atinuke Adenuga Felicia Remi Adenuga Hamzat Adebanjo Adenugba Duro Tunji Adenusi Mojisola Olaitan Adeoba Olasumbo Christiana Adeogun Busayo Seun Adeoke Babatunde Olusola Ade Leke Adeola Adebimpe Adeola Christianah Ojuolape Adeola Joseph Adeola Joshua Olunatoyim Adeomi Adeleye Abiodun Adeosin Abiola Olubunmi Adeosun Adeboye Adeosun Dolapo Adeoye Abiodun Mathew Adeoye Adedapo Adeoye Adetutu Frances Adeoye Babatunde Adeoye Babatunde Kamaru-deen Adeoye Moses Adeoye Moses Adeyemi Adeoye Oluwagbenga John Adepegba Bunmi M Adepitan Abiodun Samuel Adepoju Adebimpe Adepoju Adedoyin Temitope Adepoju Adedoyin Temitope Adepoju Boluwatife Adepoju Dorcas Olawafunmilayo Adepoju Ibitomi Aderanti Aderemi Taiwo Aderemi Olayinka Rebecca Aderemi Rukayat Adenike Aderibigbe Adewale Muhideen Aderibigbe Hajarat Aderibigbe Julius Adetunji Aderibigbe Moruff Olasile Adisa Aderibigbe Rukayat Aderibigbe Umar Aderibigbe Yakubu Ayodele Aderinto Adeola Aderiye Adedayo Sunday Aderoba Adedoyin Aderogba Flora Adebimpe Aderoju Abiodun Adetunji Aderoju Folasade Grace Aderoju Suraju Akanni Aderombi Adeyinka Kehinde Aderonmu Adetunji Victor Adesakin Bamidele Adesalu Musiliu Oluwasegun Adesanmi Banke Eniola Adesanu Hakeem Opeola Adesanwo Ademolu Olufunso Adesanwo Aderonke Elizabeth Adesanya Adebola Ayomide Adesanya Adedayo Ayomikun

DANGOTE SUGAR R EF I N ERY P LC

About Us

Adesanya Adefolake Josephine Adesanya Adesina Akanni Adesanya Afolabi Sunday Kofowo Rola Adesanya Babatunde Oluwagbemiga Adesanya David Abiodun Adesanya Emmanuel Mobolaji Adesanya Ganiyu Kareem Adesanya Kehinde Husein Adesanya Michael Adegbenga Adesanya Mofoluwake Esther Adesanya Mofoluwaso Deborah Adesanya Oluwatoyin Esther Adesemoye Adedeji Jones Adeshida Emmanuel Abayomi Adeshina Adegbenga Adeshina Adeleke Opeyemi Adeshipo Olukemi Adetokunbo Adeshiyan Babajide Adetayo Adeshoga Morenike Olusola Adesina Abosede Felicia Adesina Adegbaye Ali Adesina Adewumi Saliu Adesina Adeyinka Omolara Adesina Adiat Olabimpe Adesina Gabriel Olulakin Adesina Gani Adesina Jacob Sunday Adesina Johnson Adegoke Adesina Mary Iyabo Adesina Olukemi Tolani Adesina Olumuyiwa Afolabi Adesina Oluwakemi Adesina Omolola Adebimpe Adesina Wakeel Amobi Adesioye John Adesipe Omowumi Adesiyan Abdulrasaq Adedayo Adesoji Adewale Gbenga Adesoji Oladele Anthony Adesokan Risikat Folashade Adesola Ademola Afolabi Adesola Gbenga Muideen Adesope Gabriel Abiodun Adesoye Adebayo Samuel Adesoye Aderinsola Muibat Adesoye Raymond Shofolahan Adesoye Toyin Adesuyan Reuben Bamidele Adesuyi Comfort Adebimpe Adetayo Adebisi Adebimpe Adetiba Ademuyiwa Olufemi Adetifa Bolanle Ebunoluwa Adetimehin Adesina Y Adetimehin Julius Oluwole Adetokunbo Olukemi Titilayo Adetola Azeez Afolabi Adetomiwa Adewole Sunday Adetomiwa Adeyinka Yusuf Adetona Kehinde Adewale Adetoro Olatoyosi Adeolu Adetosoye Aderinsola Adetoye Mofoluwakemi Ania Adetoyinbo Christianah Olufunke Adetula Fola Beatrice Adetula Olaide Fausat Adetula Olubukola Linda Adetula Temilade Adetula Victor Adebola Olubun Mi

ANNUAL REPORT

2014

Operational Review

Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

817 818 819 820 821 822 823 824 825 826 827 828 829 830 831 832 833 834 835 836 837 838 839 840 841 842 843 844 845 846 847 848 849 850 851 852 853 854 855 856 857 858 859 860 861 862 863 864 865 866 867 868 869 870 871 872 873 874 875 876 877 878 879 880 881 882 883 884

8454 8464 231874 212454 8490 8508 229305 8519 8525 8546 224616 8562 8566 8571 8604 120876 8617 8622 8623 8625 8651 220816 8661 209110 209710 8676 230906 8706 8710 225538 8734 8738 8740 8748 8755 223153 8760 8761 8784 8808 8812 212244 8826 8827 8833 231733 110496 8856 208384 8859 119831 8881 8885 8903 112646 8917 8925 209560 113191 8953 8961 8977 8981 8998 123200 9044 3910 207333

39422 91380 53329 95533 53334 53342 53346 53347 53352 31934 91383 53370 53373 39424 53393 53412 53399 53401 53402 53404 49250 49251 95550 53430 53431 93912 53433 53440 53441 53443 31940 53448 31942 91397 53458 39425 31943 53461 53471 53486 53487 53504 53494 53495 53500 53502 49259 53511 53524 53513 53526 53527 53529 53537 95575 53547 53553 53563 31960 53570 91410 53575 53577 53587 53686 95588 53604 101927

885 886 887 888 889 890 891 892 893 894 895 896 897 898 899 900 901 902 903 904 905 906 907 908 909 910 911 912 913 914 915 916 917 918 919 920 921 922 923 924 925 926 927 928 929 930 931 932 933 934 935 936 937 938 939 940 941 942 943 944 945 946 947 948 949 950 951 952

9061 9067 9068 9073 9080 9085 9101 9120 123663 122937 9135 9138 210826 9150 9156 210244 9172 9184 9190 9198 9213 9231 9233 115978 115368 206641 9246 9305 114691 9308 9323 218372 123591 212833 9337 9338 9343 213797 9359 124765 9372 9373 9376 9379 9386 209160 9390 9394 9418 9429 9434 9440 209221 227265 9475 9482 230397 209496 9494 9499 9510 9513 219274 212652 226855 217666 9588 9595

25597 53610 53611 95591 53614 27993 53624 53631 53694 53697 31955 53638 39433 53645 53650 91430 24950 95600 53665 53668 53673 95609 53709 91436 31965 99706 91434 95621 53760 95622 53737 53762 53764 53765 53744 53745 53747 31971 53769 53771 53772 53773 53775 101933 53780 53786 53781 93945 53795 53797 91443 53803 53815 53806 99707 44376 48415 20623 27995 53828 53833 31975 101943 95644 53849 53871 53854 53856

Adetunji Abdulraheem Adetunji Adetokunbo Adetunji Kemi Racheal Adetunji Olufunke Adetunji Yinusa Aderemi Adetutu Olumide Ademola Adeusi Damilola Adebambo Adeusi Olusegun Adegboyega Adewale Adebola Regina Adewale Inioluwa Ruth Adewale Johnson Adebayo Adewale Oladunjoye Anthony Adewale Olukayode Akinropo Adewale Rachael Abosede Adewole Elizabeth Abimbola Adewole Esther Ajiri(mrs) Adewole Olanike Olayeni Adewole Oluwafolajimi Oluwashubomi Adewole Oluwatomisin Adeola Solomon Adewole Opeyemi Olu Adewoye Gideon Adeniyi Adewoye Idowu Itunu Adewoye Omoniyi Adewoyin Adewumi Foluso Adewoyin Kate Adewoyin Omolola Olusayo Adewumi A.odunayo Adewumi Eyitayo Folasade Adewumi Grace Femi Adewumi Kola James Adewumi Solomon Ajiboye Adewumi Veronica Olufunke Adewuni Ademola Bashir Adewunmi Adedayo Adewunmi Annabella Adewuyiwa Adewunmi Bola Adewunmi Dele Stephen Adewunmi Fausat Adesola Adewunmi Oluwaseun Funmilayo Adewusi Atinuke Nimota Adewusi Esther Olufunke Adewusi Johnsonm Adewusi Olufemi Michael Adewusi Olukayode Ayotunde Adewusi Tolulope Alexandra Adewusi Yetunde Adewuyi Bamidele Aderinola Adewuyi Kehinde Moyosore Adewuyi Matthew & Olubunmi Mr&mrs Adewuyi Monsurat Oluwayemisi Adewuyi Oluwatosin Adeyanju Adedeji Robert Adeyanju Adeola Omowumi Adeyanju Nimota Abeni Bolarinw A Adeyanju Olatokunbo Babkemisola Adeyefa Caleb Oluremi Adeyegbe Aduke Olawunmi Adeyeloja Adebayo Adeyemi Abigail Modupe Adeyemi Abiodun Ajoke Adeyemi Adebimpe Olubunmi Adeyemi Ademuyiwa Adeyemi Aderonke Enitan Adeyemi Ajoke Omowunmi Adeyemi Elizabeth Adeyemi Elizabeth Olatoun Adeyemi Emmanuella Adeyemi Folashayo Blessing

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Adeyemi Funsho Zacchaeus Adeyemi Gideon Adewale Adeyemi Hassan Adeyemi Isaac Adebayo Adeyemi Johnson Olufemi Adeyemi Julius Kolawole Adeyemi Mathew Funsho Adeyemi Oladele Temitope Adeyemi Olalekan Kazeem Adeyemi Olufemi Adeyemi Olugbenga Gabriel Adeyemi Olurotimi Ayodeji Adeyemi Oluwasayo Adeyemi Omolara Florence Adeyemi Oreoluwa Adetunji Adeyemi Rasheed Abimbola Adeyemi Sakiru Adeyemi Stella Omolola Adeyemi Sunkanmi Olatunde Adeyemi Temitope Elizabeth Adeyemi Yekini Babatunde Adeyemo Abraham Ademuyiwa Adeyemo Adebayo Olasunkanmi Adeyemo Adefemi Jomoh Adeyemo Adekunle Samson Adeyemo Adeniji Abimbola Adeyemo Adenike Adebola Adeyemo Olanrewaju Stephen Adeyemo Olubukola Jadesola Adeyemo Oludayo Michael Adeyemo Olutola Adeyemo Olutola Yetunde Adeyemo Oluyombo Adeyemo Omotola Olawunmi Adeyemo Samson Bolarinwa Adeyemo Sekeenat Olawunmi Adeyemo Taiwo Adeyinka Adeyeri Adedayo O. Adeyeri Adewale Munir Adeyeri Steve Kunle Adeyeye Adediwura Iyadunni Adeyeye Adekeye Ojo Adeyeye Adeolu Adeyeye Akeem Adesola Adeyeye Iyadunni Mary Adeyeye Joel Adebayo Adeyeye Noah Ayodele Adeyeye Opeyemi A Adeyiga Adesola Adekunle Adeyinka Aderinsola Helen Adeyinka Ayodele Adeyinka Kareem Yusuf Adeyinka Olasumbo Omoteso Adeyinka Olusola Olutoyin Adgidzi Godwin Adgidzi Adhama Aminu Hafizu Adi Ahmed K. Adi Anthony Ejike Adiabuia Solomon Adibe Andrew Chukwuma Adibe Virtus Tochukwu Adibite Arit Adiele Priscilla Onyegecha Adifagbade Sikiru Alade Adigun Ahmed Oluwole Adigun Jeremiah Temitayo Adigun Motungboreoluwa Debor Ah Adigun Olawale

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

953 954 955 956 957 958 959 960 961 962 963 964 965 966 967 968 969 970 971 972 973 974 975 976 977 978 979 980 981 982 983 984 985 986 987 988 989 990 991 992 993 994 995 996 997 998 999 1000 1001 1002 1003 1004 1005 1006 1007 1008 1009 1010 1011 1012 1013 1014 1015 1016 1017 1018 1019 1020

9603 9604 9605 9609 9615 9634 110926 9670 111004 9705 9732 9742 9753 9758 113017 9776 9781 123772 9796 9795 9835 206432 9829 211227 207129 9881 231385 123207 221501 9917 9946 9954 208268 9966 9984 9986 9992 10002 10006 231844 230830 10015 10020 10023 10030 213777 10060 10069 10077 10081 10086 10092 207304 10118 10152 10168 10175 10183 10202 10215 10244 10266 10282 10288 119313 10302 10317 10319

53858 53859 53861 53863 53867 53888 53891 31984 105228 99710 53914 53915 53920 53923 53929 20634 53933 105229 4652 53936 44395 44401 53940 53943 53954 25609 53956 101950 53973 53968 53976 53978 53980 53982 53987 53991 89110 28001 53994 53995 53999 25610 95682 44406 28002 28003 54017 44407 90245 30006 20639 99715 24953 54034 54049 54054 54055 95686 95687 31997 49292 54083 54088 54091 54139 54099 95702 54104

1021 1022 1023 1024 1025 1026 1027 1028 1029 1030 1031 1032 1033 1034 1035 1036 1037 1038 1039 1040 1041 1042 1043 1044 1045 1046 1047 1048 1049 1050 1051 1052 1053 1054 1055 1056 1057 1058 1059 1060 1061 1062 1063 1064 1065 1066 1067 1068 1069 1070 1071 1072 1073 1074 1075 1076 1077 1078 1079 1080 1081 1082 1083 1084 1085 1086 1087 1088

10324 10345 10353 10383 10411 10392 10499 10503 10505 10511 225774 216437 10522 227268 10532 10534 10535 10536 10537 219750 218938 86875 10551 226338 113188 218303 120724 10582 10583 10589 10607 10628 211087 10639 10671 218854 10651 10653 211621 210495 10679 10680 10693 10716 124968 10762 10765 214632 10774 230503 10791 222310 10794 10795 10801 10807 10808 123185 10822 10825 10840 10871 10906 232415 10916 10920 215330 120860

32001 54115 54121 54150 54171 54156 20642 30010 32014 25620 18120 32016 95716 54220 99722 54222 54223 54224 54225 24233 54227 54228 54230 37598 54235 54238 54240 54242 24956 20647 54249 54264 20649 32022 54278 54279 54270 54272 54282 54283 25628 25629 20651 54292 54310 32033 91478 54316 20659 54318 54320 20662 54321 20661 54324 54326 54327 54329 54334 54337 54344 44410 54359 28015 54363 54364 18127 54371

Adigun Oluwafemi Matthew Adigun Oluwafikunoremi Esthe R Adigun Oluwatamilore Joseph Adigun Ruth Ebun Adigun Wahab Ajani Adikai-michael William Adikamkwu Samuel Eziafa Adimah Comfort Ogoh Adinoyi Abdulkareem Bala Adio Oluseyi Cecilia Adisa Adekemi Faosat Adisa Ismail Olanrewaju Adisa Olalekan Saheed Adisa Oluwatobi Adisa Tinuola Yetunde Adisi Victor Chikelue Adja Odumo Solomon Adjeh Anthony Edafe Adji Mohammadu Laila Adji Sureya Ado Bayero Fatima Ado Sule Sabiu Ado Usman Danladi Adoga Vera Ayibean Adollo Christopher Obayemi Adolor Theodora Nonye Adon Aderes Ltd Adooh Neenebari Matthew Adu Olayinka Adu Olayinka Barakat Adubi Olabisi Atinuke Adubor Cynthia Adugbe Gabriel Afolabi Aduku Hassan Aduloju Oluwaseyi Ilesanmi Aduma Francis Adungbe Samuel Baye Aduodeh Selina Erumerone Aduroja Fehintola Patience Adurosakin Saka Oluwaranti Aduwo Oyinye Irene Aduye Frederick Onyisi Sund Ay Aeley Ventures Ltd Afabor Aaron Afam Onyedikachi Godslight Afambu Victor Chukwuyem Afekhuai Omua Jennifer Afelumo Vincent Nike Janet Afeni Temitope Ilesanmi Afeola Olanrewaju & Funmilay O Affam John Affia Ime Udo Affiah Eme Enobong Afilaka Segun Gideon Afolabi Adeola Afolabi Akinwale Gbenga Afolabi Ayodeji Afolabi Babatunde Afolabi Florence Tinuade Afolabi Idowu Omoniwa Afolabi Mike Afolabi Olakunle Rasheed Afolabi Olufunbi Adebowale Ishola Afolabi Oluwagbemileke Afolabi Ozofu Afolabi Peter Ayo Afolabi Segun Afolabi Sekinat Ololade

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Afolabi Stella Foluke Afolabi Victor Kehinde Afolabi Yejide Olakorede Afolayan Jejeloye Adetutu Flor Ence Afolayan Jejeloye Rebecca Olushola Afolayan Olawale Hammed Agada Fredrick Gozie Agada James Ojonide Agada Julius Sunday Agada Nichodemus Uchenna Agada Okwuchukwu Agada Rose Agaga Oluwadamilare Amos Agagu Abisoye Agaldo Samuel Danlami Agam Alexander E Agam Etu A Agam Ike Agam Rosemary Akpe Agama Esther Ede Agameh Owepke Mary Agamwonyi Omoevbaria Helen Aganmwomyi Cordelia Chinyere Agape Multi Purpose Co Op Society Ltd Agara Joy Bodisere Agaro Oghenenyerhovwo Agarwal Ajay Agb0 Esther Okwuoma Agba Akomaye Simon Agba John Nwankwo Eyisi Agbabiaka Hamza Agbadugo Jude Chijioke Agbai Gabriel Chukwuma Agbai Peter Okoji Agbaje Oluwayemisi Agbaje Festus Sunday Agbaje Hakeem Olatunde Agbaje John Agbaje Oluseyi Agbaje Saheed Opeyemi Agbakpro Emamoke Gilbertho Agbakpro Mary Elomense Agbaleke Obiora Anderson Agbamuche Diana Nwamaka Agbarakwe Kingsley Chidiebere Agbasi Uju Sandra Agbasiere Izuchukwu Agbasimalo Nnamdi Charles Agbata Benneth Nwafor Agbata Chukwuemeka Fred Agbazue Cyprian Udechukwu Agbe (dr) James Terna Agbe Eric Ewokpokpo & Vict Oria Agbe James Terna Agbebaku Edore Oje Agbedahunsi Gregory Babawale Agbedahunsi Mojisola Elizabet Agbe-davies Olusunmade Agbede Yeside Ifeoluwa Agbedeyi Oluwatosin Abisola Agbelese Olubunmi Olufunlola Agbetola Abayomi Abdulrahman Agbi Adesua Edith Agbi Michael Agbi Simon Bamijoko Agbiboa Umole Philip Agbidi Sylvester Agbo Agnes

ANNUAL REPORT

2014

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Acc. No

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1089 1090 1091 1092 1093 1094 1095 1096 1097 1098 1099 1100 1101 1102 1103 1104 1105 1106 1107 1108 1109 1110 1111 1112 1113 1114 1115 1116 1117 1118 1119 1120 1121 1122 1123 1124 1125 1126 1127 1128 1129 1130 1131 1132 1133 1134 1135 1136 1137 1138 1139 1140 1141 1142 1143 1144 1145 1146 1147 1148 1149 1150 1151 1152 1153 1154 1155 1156

10932 10952 10959 10982 11002 11005 226562 11024 209734 11029 11030 11033 11034 11035 11036 221684 11047 11048 218843 11049 11051 11081 11087 11094 214813 11107 11117 11123 11139 11141 11144 11153 11155 122376 222535 11219 11224 11225 11229 11233 11234 218542 222684 11271 11282 11292 11294 11295 11300 218880 11312 224350 11342 11357 11362 11381 11387 221437 11442 11443 11444 11445 222766 11482 11484 215073 214138 214109

30020 30022 30023 30026 28017 28018 54390 54395 54396 54399 54400 95727 54402 91483 54403 54408 28024 28025 28026 25635 32044 30030 30031 32049 54452 54428 54433 95731 54440 54442 54443 93977 93979 54464 28035 101972 23822 54470 54473 54477 95739 99732 54488 54492 95742 30032 30034 30035 54500 54502 28044 28046 25645 54513 24958 54520 54525 54532 28051 28052 28053 28054 54543 54550 54551 54558 54560 39494

1157 1158 1159 1160 1161 1162 1163 1164 1165 1166 1167 1168 1169 1170 1171 1172 1173 1174 1175 1176 1177 1178 1179 1180 1181 1182 1183 1184 1185 1186 1187 1188 1189 1190 1191 1192 1193 1194 1195 1196 1197 1198 1199 1200 1201 1202 1203 1204 1205 1206 1207 1208 1209 1210 1211 1212 1213 1214 1215 1216 1217 1218 1219 1220 1221 1222 1223 1224

11521 11529 112700 11531 11543 11549 225368 11568 11572 11576 11583 11587 213902 11612 11639 11640 11648 11653 11605 11668 11676 11678 11684 212690 11721 11727 11735 11756 11765 11774 11793 11799 11808 11827 11842 11844 11845 11847 11860 214779 11866 215348 11871 11872 11975 11976 11876 229372 11981 11882 11889 11898 11983 11901 11912 11932 218723 11941 11942 11991 11945 11946 221526 11955 11995 12003 12009 12011

99735 20674 32065 30038 54568 18135 30043 54579 20678 54581 25654 28055 38003 99738 54611 32067 54614 54616 54624 54619 54622 54623 93981 30050 54639 54641 54644 32080 30053 32083 54660 54662 89116 32086 25657 54685 54686 54689 54694 11 19467 54696 32088 32089 44453 44454 24235 54701 54704 32091 19468 25658 101992 37600 44435 20692 44460 32093 37601 6759 39517 19472 32099 44447 44462 54709 54711 6908

Agbo Chinenyenwa Chibunduo Ra J Agbo Innocent Okwudili Agbo Kenneth Chukwuemeka Agbo Wilfred Chukwuemeka Agboifo Bernadette Aiferaomo Agboinghale Frederick Agbola Olugbemi Abel Olasebikan Agbolade Stephen Olaide Agbolade Susan Emike Agboluaje Sulaimon Agboluaje Tawakalitu Olanike Agbomeji Olusegun Aliu Oluwato Sin Agbomoniyi Agbomoniyi Aderemi Agbon Andrew Osereme Agbon Odion Paulina Agbonibhi Osagie Agbonifo Osahenrumwen Agbonifo Osas Emmanuel Agbonifo Sunday Enofe Agbonifo Sunday Enofe Agbonika Philip Agboola Adebukola Agboola Adeniyi Olufemi Agboola Akinwale Agboola Bola Mufutau Agboola Felix Olakunle Agboola Margaret Agboola Nurat Adetoun Agboola Oluseye Hezekiah Agboola Olushola Agboola Oluwakemi Agboola Rafiu Adejare Agboola Raphael Adeniran Agboola Timothy Kolawole Agbro Ufuoma Martha Agburuga Godpower Claude Agede Kenneth Orseer Agede Mark Danteni Ageh Ebenezer Ageh Uzuazoraro Ageless Resources Agene Patrick Agezeh Samson Illikefe Agha Francis Dike Aghadiuno Nkem Aghaji Dumkenechukwu Leonar D Lo Aghaji Okigbo Christopher Al Exan Aghaji Ugochukwu Clarence Wi Llia Aghamiogie Esther Aghara Josephine Njideka Aghayedo Faith Aghedo Wilfred Agholor Ifeanyi Williams Agiamah Maria Oghenewogaga Agida Patrick Etchue Agim Harold Obiawuotu Agina Obiageli Gloria Agoi Michael Mobolaji (prince) Agomuo Ubani Chetachi Daberechi Agomuo Ubani Chinweoke Chichebem Agomuo Ubani Chizurum Chidiuto Agomuo Ubani Nmesomachi Chinezerem Agonor Udukhomoh Lucky Agoro Risikat Adunni Odunay O Agoro Saheed Agorye Christiana Ashiye Agosu Sikiru Agu Bro Uchenna

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2014

Agu Ephraim Ugochukwu Agu Hilary Ejiofo Agu Ignatius Anayo Agu Iloabuchi Patrick Agu Monica Ukamaka Agu Ogwo Ukaogo Agu Sunday Peter Agubata Okechukwu Benson Agubuike Chinedu Johnson Aguda Oluwafunmilayo Adebun Mi Aguebor Nosakhare Aguele Roseline Agukwu Maria Ojoma Agulebe Chiahemba Agunbiade Adeniyi Victor Agunbiade Ajebola Joy Agunbiade Fatiu Babatuhde Agunbiade Kayode Agunbiade Muhammed Jamiu Agunbiade Rafai Yetunde Agunbiade Wande Agunbiade Zulifat Amoke Agunloso Olufemi Aguode Gabriel Sunday Agupusi Anthonia Chinasa Agusto Mudafiat Aguzue Chidiebgre Hope Agwom Ruth Adala Agwu Chukhu Ekwe Agwu Michael Mbadiwe Agwulonu Emmanuela Agbomma Agwuna Onochie Chukwunonelu. C Agyo Kilishi Fatima Ahamioje Nelson Omoike Ahaotu John Okechukwu Aharanwa Divine Chibueze Aharanwa Felicia Chinyere Ahatty Phillip Ahimie Ojekhoa Ohifeme Ahimie Omoruan Oiseoruemi Obaika Ahindi Dyangale Donacdson Ahiru-balogun Adeola Abiodun Ahjuwa Nigeria Enterprise Ahmabu Jonathan John Ahmad Abba Sharif Ahmad Abdulhalim Muhd Ahmad Abdulsalam Ahmad Abubakar Tunau Ahmad Adamu Ahmad Ali Sani Ahmad Baba Ibrahim Ahmad Fadimatu Ahmad Fatika Fatima Ahmad Fatsuma Lelu Ahmad Jamila Usman Ahmad Munir Gwarzo Ahmad Nura Saadu Ahmad Rahma Qatti Ahmad Ramatu Ladi Ahmad Rufai Balkisu Ahmad Saidu Ahmad Salihu Meje Ahmad Sokoto Hadiza Ahmad Tanko Shaaibu Ahmad Yunusa Ahmadu Abiola Kazeem Ahmadu Ahmadu Fidi Ahmadu Asamau

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

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Acc. No

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1225 1226 1227 1228 1229 1230 1231 1232 1233 1234 1235 1236 1237 1238 1239 1240 1241 1242 1243 1244 1245 1246 1247 1248 1249 1250 1251 1252 1253 1254 1255 1256 1257 1258 1259 1260 1261 1262 1263 1264 1265 1266 1267 1268 1269 1270 1271 1272 1273 1274 1275 1276 1277 1278 1279 1280 1281 1282 1283 1284 1285 1286 1287 1288 1289 1290 1291 1292

215340 12020 12058 122652 12038 12050 12360 12362 12085 12366 12112 12117 12121 12132 124389 12137 12140 12162 12164 12189 221980 12207 227616 210773 12245 12256 214512 12267 12284 211854 12386 12308 216549 12314 221480 12321 12325 217573 208996 12354 12399 12412 212920 117210 12466 12467 12482 12495 12502 12506 12512 216431 12532 12536 205603 12547 12557 118427 12569 12571 12583 12590 118990 12616 12630 12667 12689 232285

54717 32103 39532 99744 39527 54715 43402 39564 54722 39566 44480 32112 39540 104862 44517 39544 32114 54734 54735 54737 32120 19484 48432 19498 54739 44500 28059 49320 32130 105005 19499 39557 23829 32131 44527 23375 44507 89831 44529 20696 32148 23831 89128 13618 54764 5908 54767 28073 89129 101996 32151 54785 9766 25671 28079 19501 54799 54802 101998 28081 32158 32160 54822 54827 54834 54845 54854 54858

1293 1294 1295 1296 1297 1298 1299 1300 1301 1302 1303 1304 1305 1306 1307 1308 1309 1310 1311 1312 1313 1314 1315 1316 1317 1318 1319 1320 1321 1322 1323 1324 1325 1326 1327 1328 1329 1330 1331 1332 1333 1334 1335 1336 1337 1338 1339 1340 1341 1342 1343 1344 1345 1346 1347 1348 1349 1350 1351 1352 1353 1354 1355 1356 1357 1358 1359 1360

12693 12699 12705 12715 215956 12728 12747 224687 12768 12771 222375 223377 12839 12840 12845 12858 12862 12863 115885 112454 12889 218112 209051 12921 117887 12926 12936 12946 12947 12967 115221 209635 12999 13004 215647 13008 13020 13033 229686 13054 13063 13088 211549 13103 216049 205540 217113 13154 13161 120147 13167 13177 13181 13193 13202 13221 13712 216565 214884 218158 13390 114338 13401 13431 214865 13482 13487 208060

91506 54861 54864 7006 43408 102001 19502 54899 28089 54900 25676 32177 32180 54932 54935 54942 54946 3244 54951 54954 54964 54969 18151 25678 38010 54977 54983 91515 32184 25681 55003 55009 44539 32188 32189 55013 95783 55019 55023 55024 89132 18155 39589 43412 91523 95804 55071 25686 55064 95805 13622 55079 32196 55081 32197 55088 95845 94003 55283 28095 6029 94005 95829 55160 102017 55177 44544 55295

Ahmadu Daniel Mathew Ahmadu Hajara Ahmadu Kakaki Babangida Ahmadu Matthew Adakara Ahmadu Momoh Bello Ahmadu Ussafi Khadi Ahmed Bin Ibrahim Ahmed Abdullahi Zubairu Ahmed Abubakar Ahmed Accama Idris Ahmed Aisha Abba Ahmed Alheri Maryam Ahmed Aliyu Sabiu Ahmed Babawuro Mohammed Ahmed Bayero Radhiya Ahmed Bello Hammawa Ahmed Bilkisu Ahmed Folashade Abimbola Si Miat Ahmed Garba Ahmed Hussein Ahmed Ibrahim Ahmed Ismail Ibrahim Ahmed Masaudu Ahmed Mohammed Raji Ahmed Mohammed Sani Ahmed Muhyiddeen Ringim Ahmed Odion Aliat Soughie Ahmed Olajumoke Ahmed Ruqaiyatu Bappa Ahmed Sa'ad (lt Col) Ahmed Sahabo Salihu Ahmed Shifau Ahmed Sulaiman Bagana Ahmed Suleiman Ahmed Suleman Aliyu Ahmed Talatu Gawarza Dass Ahmed Tukur Ahmed Uba Maryam Ahmed Umma Wudil Ahmed Zainab Datti Ahmodu Abubakar Ahua Samuel Akor Ahunna Ijeoma Monica Aibinuomo Rachael Temilola Stslwm Aideloje Olohita Aideyan Aisosa Winner Aigbe Hannah Aigbefo Lawrenta Osebhajimend E Aigbo Abraham Aigbo Aigbodion Dennis Idemudia Aigbogun Patricia Ehizuwa Aigbogun-brai Felicitas Aigbokhan Margaret Elomense Aigbologa Nelly Nora Yeri Aigbomian Eunice Efe Aih Hamza Abubakar Aikhenomia Egbomiade Emmanuel Aikhomu Emmanuel Oriarewo Aikpitanyi Godfrey Imuetinyan Aikpitanyi-iduitua Godwin A. Ailende Roselyn Ruare Aileru Folake Olaide Aimiuwu Catherine Aina Anthony Gbenga Aina Festus Olajide Aina Ololade Aina Oluwatosin Aina Oluwayemisi Temitope

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Aina Opemipo Oluwayemisi Aina Samuel Dotun Aina Sunday Omotayo Aina-badejo Tinuade Sewande Ainoko Joy Alami Airhunmwunde Iyen Daniel Iyen Daniel Aisha Mohammed Baba Yola Aitanun Victor Asuenimhen Aitimon Patrick Aimienmon Aituaefe Erhohon Joshua Aiwoyo Osaromme Henry Aiyedenu Grace Aiyenimelo Akin Olubode Aiyenomuro Adele Segun Aiyeola Adijat Motunrayo Aiyeola Segun Aiyeomoni Nicholas Emedane Aiyeoribe Samuel Olufemi Aiyesa Olayinka Rachael Aiyetoro Rilwan Gbolahan Ajade Hakeem Ajadi Tawa Ajaegbu Uche Merit Ajaelo Francisca Chinyere Ajaelu B. Kizito Chiedozie Ajaero Chimaobi Joshua Ajagba Chioma Ajagbe Iseoluwa Emmanuel Ajagbe Josiah Kayode Ajagunna Mary Yemi Ajah Simon Nnaemeka Ajaka Chibuzo Eunice Ajakaiye Adeola Jacob Ajakaiye Ayorinde Ajakaiye Babatunde Peter Ajakaiye Elizbeth Olufunke Ajakaiye Tomiwa Oluwaseye Ajala Abolaji Yekinni Ajala Edward Ibikunle Ajala Ganiu Babatunde Ajala Matthew Adebowale Ajalode Adedunmola Mopelola Ajanah Elizabeth Ohunjene Ajanah Hamza Ajanaku Samuel Oluwatosin Ajani James Adebanji Ajani Julius Ajao Ajani Olufunsho Adeyemi Ajani Serifah Opeyemi Ajani-adeigbe Dauda Asimiyu Ajani-lawal Isiaka Ilori Ajao Adewale Ajao Alice Bisi Ajao Fatimoh Adebisi Bami Dele Ajao Isaiah Olusegun Ajao Oluwatosin Adegoke Ajayi Mrs Taiwo Mercy Ajayi Akinolu Temitope Ajayi Bidemi Olugbenga Ajayi Dare Ajayi Ezekiel Oluranti Ajayi Feyisara Ebunolu Ajayi Folasade Opeyemi Ajayi Israel Olugbolade Ajayi Mahmood Ahmed Ajayi Mercy Bolanle Ajayi Michael Femi Ajayi Morufat Yetunde

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2014

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List of unclaimed dividends warrants S/no

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S/no

Acc. No

Warr. No Names

1361 1362 1363 1364 1365 1366 1367 1368 1369 1370 1371 1372 1373 1374 1375 1376 1377 1378 1379 1380 1381 1382 1383 1384 1385 1386 1387 1388 1389 1390 1391 1392 1393 1394 1395 1396 1397 1398 1399 1400 1401 1402 1403 1404 1405 1406 1407 1408 1409 1410 1411 1412 1413 1414 1415 1416 1417 1418 1419 1420 1421 1422 1423 1424 1425 1426 1427 1428

13496 13555 13568 13571 212346 13591 13594 13601 209777 13603 13721 13655 13678 13722 13706 115244 211527 122306 13775 13806 13829 13836 13837 220032 13881 13882 13885 219425 220517 13911 220518 13924 13938 13942 13951 13964 13969 120494 13970 13977 14029 232560 14059 212859 14097 14099 14103 14105 14109 14115 14125 212410 14147 229524 14160 14165 14173 14185 14194 14200 14202 14212 14214 14261 14263 14264 14265 14273

28092 95838 91533 55216 25688 55222 55224 55227 55301 55229 32214 91539 91540 55307 90282 55313 55323 95852 32216 55343 55356 55360 55361 55398 55383 55384 55385 94011 104572 55392 39610 102019 32224 55404 13643 55411 32225 55424 55413 102020 55436 55440 55441 55453 39612 55458 55459 55461 49354 55467 55470 55475 55474 55478 28099 55482 55486 55491 55498 55502 55504 55510 55512 44546 18162 20703 25695 102024

1429 1430 1431 1432 1433 1434 1435 1436 1437 1438 1439 1440 1441 1442 1443 1444 1445 1446 1447 1448 1449 1450 1451 1452 1453 1454 1455 1456 1457 1458 1459 1460 1461 1462 1463 1464 1465 1466 1467 1468 1469 1470 1471 1472 1473 1474 1475 1476 1477 1478 1479 1480 1481 1482 1483 1484 1485 1486 1487 1488 1489 1490 1491 1492 1493 1494 1495 1496

14275 211659 14280 14284 14305 14324 14326 214483 14358 14379 14380 14381 14387 14392 14393 14398 224384 14400 123777 14427 231732 14440 212481 14461 14465 14478 14479 14482 228994 14495 14519 14540 14579 14583 14584 14600 14637 14640 219177 14654 210298 14677 14921 14681 223191 14685 14717 119462 210117 14737 14745 14747 14754 14760 231178 14765 223630 224548 14769 214076 214075 14805 14807 14816 14821 14832 211167 14853

55540 24245 55541 55544 55549 55557 32236 28100 55578 91559 43419 30059 55590 55594 13646 13649 55597 55598 55601 55607 55608 55613 55616 55619 43420 55626 55627 23838 20709 38014 55645 55650 55661 91566 55663 55668 55682 102035 55696 55691 94028 32250 55699 55700 91569 32251 44550 55752 55753 55721 95911 32254 32255 32256 55729 94027 55755 55733 55737 55758 55759 95926 95927 24971 18164 55766 55774 55775

Ajayi Nathaniel Oluwadusi Ajayi Olubunmi Eniola Ajayi Olumayowa Micheal Ajayi Olumide Abayomi Ajayi Oluwabunmi Eva Ajayi Oluwafemi Ajayi Oluwafunmilayo Ajayi Oluwaseun Samson Ajayi Oluwatomilola Temitope Ajayi Oluwatope Ajayi Richard Richard Itopa Ajayi Samuel Olaitan Ajayi Taiwo Eniola Ajayi Taiwo Olasunkanmi Ajayi Wale Ayodele Ajayi-yusuf Abdurrazaq Ajeigbe Jacob Bukola Ajekiigbe David Akinwale Ajemigbitse Adetutu A Ajere Babatunde Olusayo Ajetunmobi Okagwu Christabel Ajetunmobi Temitope Adeola Ajetunmobi Wasiw Adegbenga Ajibade Akeem Ajibade Benseil Abidemi Ajibade Bolajoko Oluwatoyin Ajibade Christianah Olufunmil Ayo Ajibade Iyanda Anafi Ajibade Mutiat Ajibade Olukunle Abiodun Ajibade Wasiu Akanni Ajibade Yunusa Garba Ajibo Ifeanyi Ajibode Islamiat Bolatito Ajibola Adebayo Ajibola Emmanuel Olamuyiwa Ib Idap Ajibola Hannah Oluwakemi Ife Dara Ajibola Henry V. Ajibola Ijeoma Ajibola Monisola Temitope Ajiboye Amos Ajiboye Joseph Olanrewaju Ajiboye Joseph Oluwasegun Ajiboye Olalekan Ajiboye Sunday Anthony Ajibuwa Comfort Ajidagba Babasola Ajidagba Michael Olusegun Ajide Kazeem Olawale Ajidele Tokunbo Aminat Ajieh Ossai Franklin Ajifowowe Alfred Femi Ajifowowe Femi Alfred Ajiga Oluyinka Abideen Ajijala Margaret Bosede Ajijola Bayo Mak Raheem Ajikobi Kudirat Modupe Ajileye Sunday Israel Ajilore Abosede Modupe Ajilore Oluwole Mobolarinde Ajilore Victor Olufemi Ajimoti Omowumi Adekemi Ajimuda Omotola Olusegun Ajjid Mohammad Hassan Ajoagu Kingsley Onyeka Ajoagu Solomon Ajobere James Olusegun Ajodo Hycienth Ojodomo

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2014

Ajodo Sunday Ajogbor Alfred Ajogwu Chamberlain Ezugwu Ajoku Chinonso Angelina Ajomale Adeniyi Ajomale Temitope Olusegun Ajomale Tosin Temitope Ajoni Justina Ojekemi Ajose Victoria Taiwo Ajulo Temitope Olubukola Ajulo Vincent Meni Ajulu Chukwuemeka Uchenna Ajumo Emmanuel Olatunji Ajumobi Samuel Busola Ajumogobia Awune Ajumogobia Soemineta Ajumuka Anthony Ajunam Stella Ifeanyichukwu Ajuogu John O. Ajuyah Solomon Ajuzie Helen Ogechi Aka Esther Aghofuyemi Aka Olayinka Gladys Akabogu Lauretta Nchedo Akabueze Emeka Akadri Joseph Saka Akadri Muibi Adeoye Akaeme Augustine Kenechukwu Akaeze Obiora Adolphus Akagha Chinedu Obinna Akaiso Bassey Etim Akali Andrew Inocent Akamigbo Anthony Akamni Gbemisoye Oludare Joh Nson Akamnonu John Oguguo Akanbi Ayodele Adebowale Akanbi Olatunde Mutaleeb Akanbi Oluwafemi & Oby Akanbi Rafiu Omoniyi Akanbi Shefiu Akande Adejoke Adeoti Akande Ademola Oluwatobi Akande Aduragbemi Adebanke Akande Alaba Nadezarat Akande Alabi Joseph Akande Atilolaoluwa Akande Funmilayo Temitope Akande John Olukayode Akande Katryne Ekaette Akande Mojirayo Sherifat Akande Olaide Kazeem Akande Olawumi Kikelomo Akande Olufunke Adebola Akande Oluwafemi Joshua Akande Oluwanifemi Olubukola Akande Oluwatosin Akande Oluyinka George Akande Omobola Olaronke Akande Peter Wusa Akang David Basil Akang Esther Basil Akangbe Lola Akangbe Toye Kehinde Akanihu Francis Nwankwo Akaniro Chioma Nwakaku Akanji Idowu Titilope Akanji Rasheed Animashaun Akanle Olabopo Oyetunde

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

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S/no

Acc. No

Warr. No Names

1497 1498 1499 1500 1501 1502 1503 1504 1505 1506 1507 1508 1509 1510 1511 1512 1513 1514 1515 1516 1517 1518 1519 1520 1521 1522 1523 1524 1525 1526 1527 1528 1529 1530 1531 1532 1533 1534 1535 1536 1537 1538 1539 1540 1541 1542 1543 1544 1545 1546 1547 1548 1549 1550 1551 1552 1553 1554 1555 1556 1557 1558 1559 1560 1561 1562 1563 1564

14858 14859 14866 229279 14894 14896 14907 52362 121305 232419 14938 218970 14957 14961 220831 14980 228544 14990 215807 123921 15000 15010 15021 15022 15023 223019 15062 15074 15078 15080 15096 15098 15107 15112 15124 15125 15132 15142 223840 15170 15171 215753 210082 15179 15187 15188 15193 222911 227636 15221 15223 15225 118844 15241 15260 15271 15278 15284 15300 15305 15306 15307 15309 210482 15330 217720 15381 214939

55777 55778 55783 55792 55796 94032 38018 13658 38019 55813 13660 55820 43422 99766 55825 55826 25710 55831 55833 55838 55839 55843 55846 29691 55847 55856 28106 55869 55870 55874 55880 55882 28107 95951 55899 55900 28109 32268 25712 102047 55916 91577 28121 28116 28120 55921 32271 25713 55936 55938 55940 105111 20716 102051 55947 55949 55952 55954 32285 55966 55967 55968 55969 105242 55980 56004 56006 56014

1565 1566 1567 1568 1569 1570 1571 1572 1573 1574 1575 1576 1577 1578 1579 1580 1581 1582 1583 1584 1585 1586 1587 1588 1589 1590 1591 1592 1593 1594 1595 1596 1597 1598 1599 1600 1601 1602 1603 1604 1605 1606 1607 1608 1609 1610 1611 1612 1613 1614 1615 1616 1617 1618 1619 1620 1621 1622 1623 1624 1625 1626 1627 1628 1629 1630 1631 1632

15407 15420 210418 212112 215016 218628 211820 215499 15523 15526 15528 15530 15561 15564 15567 15580 15596 15611 15625 212345 15641 15660 15667 15672 210997 15686 15702 15710 15712 15714 15723 15727 15734 116619 15763 15768 15781 15808 228625 15699 15835 220688 15867 15872 15901 15911 15925 223210 15935 223270 15952 15979 15988 15990 110507 16030 16037 16048 120585 16056 16057 16074 16090 114644 16101 16117 16158 122454

56024 56030 56038 56068 56069 56070 56079 56081 56088 56091 32293 56093 56116 56118 56120 38956 56133 56142 56154 56155 94048 95981 56166 56170 56172 95987 56181 56185 56186 56187 56192 56195 56197 56204 56218 56220 56225 43425 102055 56239 56250 56260 56263 25715 56282 96016 56297 56300 56304 24972 96018 96025 29698 89141 56356 56339 56343 56359 56361 105246 56362 94057 56375 56385 56378 56395 56407 91630

Akanmu Folajimi Adekunle Akanmu Olusegun Alani Akanni Adetunji Oluwagbenga Akanni Oladehinde I. Akanni Sheriff Ishola Akanni Taofik Olayinka Akano Edward Francis Njeman Ze I Akano Eric Eziukwu Akano Ralph Uzoma Prince Akapan Isaac John Akapo Olusegun Solomon Akaranwolu Henry Ezinwa Akasu Global Ventures Akatanimo Hakeem Ayinde Akatu Solomon Ted Akawushim-nwosu Abigail Nkechi Ake Adam Ake Olumide Thomas Akede Philip Akeeb Nikki Lateefat Akeem Adewale Oyebayo Akeh Rena Kamsyochukwu Akeju Adetoun Atinuke Akeju Adeyemi Opeyemi Akeju Ajibola Andrew Akeju Fehintola Adetutu Akeogba Youth Club Ofigbanke Akeredolu Funmilola Akeredolu Olufemi Rotimi Akeredolu Paul Omowaye Akerele Ojo Akerele Olatunde Oluwaseye Akerele Rachael Ebun Akerele Wilson Ademola Akhabhoa Precious Onomhene Akhabhoa Princess Osereme Akhabue Peter Ibolo Akhata Charity Amu Akhidime Gladys Izegboya Akhigbe Benedict Akhigbe David Agbonifo Akhigbe Emmanuel Emmy Akhigbe Fidelis Akhigbe Idorenyin Akhigbe Omon Augstin Akhigbe Omuwa Naomi Akhile Omo Emmanuel Akhilele Daniel Osaremen Akiba Bosede Shemau Akibo Michael Adekunle Akibon Ashiru Adepowon Akibu Magaji Akigwe Ifeanyichukwu Michael Akikibofori Owajimimin Akimsola Olajide Enitan Akin Bello Tiwalola Omotilewa Akinade Mujibat Oluwatoyin Akin-ajayi Oluwabukola Oladuni Akinbami Temitope Oluwatobi Akin-bello Akintomiwa Moromolaol Uwa Akin-bello Anjolaoluwa Omoyelemi Akin-bello Ayokunmi Gbemisola Akinbile Akintunde Michael Akinbiyi Oladoyin Abiola Akinbo Olusegun Samson Akinbola Lateefat Aina Akinbolusere Olufisayo Akinyinminu Akinbowale Olubode John

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Akindayini Gbenga Samuel Akinde Olawale Akeeb Abiola Akinde Sulaimon Gbolahan Akindele Olujoke Akindele Shulammite Abidemi Akindele Toluope Rasheedat Akindolie Victoria Oladiwura Akindolu Busayo Kikelomo Akinfenwa Adenike Titilayo Akinfenwa Cecilia Adekunbi Akinfenwa Morounfolake Olariike Akinfenwa Victor Akinsola Akingbade Funmilayo Bunmi Akingbade James Oluwasegun Akingbade Olanrewaju Ajibade Akingbesote Olumide Akingbulugbe Tunde Akinwunmi Akinjayeju Olubukola Omoyeni Akinjiyan Mojibayo Akinjo Ebunoluwa Anuoluwa Akinjokun Adesina Adebayo Akinkugbe Ayomide Akinkugbe Olukayode Akinkunmi Abigail Abioye Akinkunmi Akinyinka Olugbenga Akinkunmi Oyebisi Grace Akinla Martha Olufunke Akinlabi Mariam Titilayo Akinlabi Oluwajomiloju Lagos Akinlabi Oluwayojusimi Annabel Akinlade Alice Olufunlayo Akinlade Bosede Olusola Akinlade Kehinde Felicia Akinlade Messrs Lanre & Teslim Akinlawon Gilbert Olushola Akinleye Ajibola Olufowoke Akinleye Josiah Akande Akinlolu Olayiwola Atanda Akinlosotu Akintunde Olaniyi Akinlotan Debo Francis Akinloye Yetunde Olajumoke Akinluyi Oluwatosin Fikayo Akinmade Ibironke Omojola Akinmadeyan Raphael Olu Akinmusire Olabisi Oluwafummilol A Akinnayajo Caleb Owoyele Akinniranye Olubukola Akinniyi Damilola Mayowa Akinnukawe Shola Tony Akinnuoye Yewande Kemi Akinola Ajibola Sikiru Akinola Florence Fummilayo Akinola James Iddwu Akinola Joshua Adegbola Akinola Olayemi Akinola Saliu Ayanlayo Akinola Taiwo Anthony Akinola-bakare Oluyomi Folasade Akin-olugbade Owugbade Akin-olugbemi Titilayo Akinosho David Akinlawon Akinpe Ganiyu Akanbi Akinpelu Ibrahim Olalekan Akinpelu Jimoh Oladipupo Akinpelu Oulius Adeyemi Akinrelere Olusoji Akinrinlade Stephen Adelanke Akinsanmi Latifat Aina

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1633 1634 1635 1636 1637 1638 1639 1640 1641 1642 1643 1644 1645 1646 1647 1648 1649 1650 1651 1652 1653 1654 1655 1656 1657 1658 1659 1660 1661 1662 1663 1664 1665 1666 1667 1668 1669 1670 1671 1672 1673 1674 1675 1676 1677 1678 1679 1680 1681 1682 1683 1684 1685 1686 1687 1688 1689 1690 1691 1692 1693 1694 1695 1696 1697 1698 1699 1700

16215 16264 16286 16298 16312 117764 215138 16328 16329 113839 16335 16350 16377 16381 16398 16418 119014 16450 16455 221756 123880 16511 16519 16521 16555 116441 16566 16569 207740 112599 16587 212163 207351 16611 207562 223537 16674 16677 16678 16681 16707 228272 16718 229375 16755 229376 16771 16773 16776 16782 220631 16817 16843 16872 16881 16882 16883 16884 16885 16886 16887 16888 16889 16890 16891 16892 16893 16895

56444 56470 56491 56498 91641 32313 56522 28132 96066 56523 56517 56529 96070 32316 96072 25717 56551 56558 91647 56567 32321 56590 56599 94065 56618 56626 32322 56629 94070 99776 30066 7161 56644 32324 56656 56672 91659 56679 105249 56682 56696 96111 56706 91662 56729 56730 96121 56741 56743 56748 56775 56763 91666 56782 13682 13683 13684 13685 13686 13687 13688 13689 56789 13690 13691 56790 13692 56792

1701 1702 1703 1704 1705 1706 1707 1708 1709 1710 1711 1712 1713 1714 1715 1716 1717 1718 1719 1720 1721 1722 1723 1724 1725 1726 1727 1728 1729 1730 1731 1732 1733 1734 1735 1736 1737 1738 1739 1740 1741 1742 1743 1744 1745 1746 1747 1748 1749 1750 1751 1752 1753 1754 1755 1756 1757 1758 1759 1760 1761 1762 1763 1764 1765 1766 1767 1768

16896 212101 16933 16934 222390 16955 121001 211284 17056 17059 17061 17063 116641 17078 17084 17104 227809 224271 17137 17144 207645 210444 113024 17173 17205 17210 110505 17240 17251 17297 17301 17313 207260 121638 17336 121308 17349 17351 117734 117850 17390 17396 17475 220262 17480 17482 219604 17494 17501 17503 17508 216069 17514 17520 17533 17548 17549 17555 17562 17563 123141 17582 17598 216341 17627 17628 17633 17642

56793 56809 56811 56813 102066 39657 56841 29704 56851 30067 56852 56853 56860 56858 89146 56865 37622 18169 56879 20018 20020 20021 37547 99788 20029 28136 56941 56908 23382 56918 56919 32361 56947 20066 56931 32366 32364 20056 32369 56951 56956 43430 56977 25729 56979 56980 25733 25734 56986 56988 102084 102085 25741 56993 24997 25746 25747 24998 25748 25749 20724 30070 89841 30073 18171 30074 20731 32384

Akinsanya Adekunle Akinsanya Waidi Akinsete Tolu Akinshipe Simisola Comfort Akinsipo Raobil Isola Akinsola Christie Olufemi Akinsola Gloria Omotayo Akinsola Harry Femi Akinsola Jeremiah Aremu Akinsola Kazeem Adisa Akinsola Olufunmilola Omolabak E Akinsulire Adewole Tayo Akintade Oluwasanmi Lawrence Akintade Samuel Adeoye Akintan Olufunso Racheal Akintaro Oladimeji Akinyemi Akintayo Johnson Shola Akinteye Olubunmi Abu Akintimehin Olajide Tope Akintobi Akintunde Oluseyi Akintola Olanisimi Fredrick Akintola Taiwo O Akintomide Adetola Ajibola Akintomide Anthony Olubunmi Akintoye Oluwakemi Agbeke Akintoye Sunday Akintola Akintunde Adebola Aminat Akintunde Akinola Oluwaseun Akintunde Aremu Olawuyi Akintunde Awotunde Akintunde Olufemi John Akintunji Pauline Titilayo Akintunwa Adesokeji Fred Akinwale Akinsola Olumuyiwa Akinwale Akintunde Hezekiah Akinwande Abigail Olajumoke Akinwola Oyindamola Dorcas Akinwole Muyiwa Sunday Akinwole Oladotun Remilekun Akinwolere Catherine Omolara Akinwunmi Adebayo Wasiu Akinwunmi Julius Babajide Akinwunmi Safiya Laraba Akinwunmi Temidayo S. Akinyemi Adeola Oluwayemisi Akinyemi Adewale Muniru Akinyemi Durojaye Yekini Akinyemi Faith Toluwani Akinyemi Folashade Florence Akinyemi Julius Olusola Akinyemi Olujide Abiodun Akinyemi Richard Olusegun Akinyode Olusola Akiode Daniel Oladele Akiolu Ajibade Fatai Akiolu Aminat Adepeju Akiolu Fatiu Adegbola Akiolu Fuad Ademola Akiolu Gboyega Tajudeen Akiolu Kuburat Fadeke Akiolu Kuburat Adejoke Akiolu Kudirat Amope Akiolu Margaret Olanike Akiolu Modinat Adetola Akiolu Moshood Kayode Akiolu Muinat Titilayo Akiolu Mulikat Abiola Akiolu Taofiq Adeyemi

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Akiolu Titilola Omotayo Akiwowo Abiola O. Ako Morayo Phoebe Ijeoma Akobe-ajibolu Abiola Akobo Seddon Benjamin Akodu Eunice Fehintola Akomolafe A. Adeleye Akomolafe Johnson Adeniyi Akoni Stephen Ako-njoku Ebith Obiageli Nonye Akonoghrere Rita Oghenekevwe Akonton Temitope Eyitayo Akor Adikwu Joseph Akor Paulina Egwa Akorede Abubakar Folorunsho Akoshile Rasaki Akpa Romanus Onyeanaoke Chukwu Akpa Sandra Ogonna Akpabio Akpabio George Akpabio Godfrey Thompson Akpabio Nse Edward Akpabio Patience Christopher Ibanga Akpaibor David Oshioke Akpam Naomi Tini Akpan Charles Asanga Akpan Clement Akpan Edet Davies Akpan Eno Gift Akpan Friday Akpan Mercy Akpan Mfon Oladimeji Magnus Akpan Nseobong Jeremiah Akpan Okon Etuk Udoh Akpan Otuekong Umoh Akpan Peter Ekpenyong Akpan Silas Henry Akpan Sunday Abraham Akpan Sunday Jacob Akpan Sylvester Ekanem Akpan-ubi Adeola And Donald Akpasubi Victor Eseomo Akpata Julius Oyebanji Akpo Emily Akpo Raymond Ogheneyerume Akpobasah Efe Dorothy Akpobudu Onos Valentine Akpoguma Hitler Augustine Akpoigbe Stephen Avwoghokoghen E Akpojotor Utieyin Ogheneuwore Akpoka Charity Osobhaleakho Akpokugbe Joy Akpomerhohwo Solomon Ebruphiyo Akpomiemie Khalin Akpomughe Godspower Akporhuarho Lucky Friday Akpoteta Oghenevwogaga Akpotoma Faith Ejiro Akpotuzor Josephine Onudiniru Akpoviri Emuowhochere Benson Akpovwa Aghogho Akpu William Uderika Akpunonu Chioma Cynthia Aku Danjuma A Akubude Ifeoma Eunice Akubugwo Emmanuel Iroha Akubuilo Chukwudi Joseph Akubuo Kelechi Kelvin Akudolu Chimuanya Daniel

Growing a Sweet Harvest

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1769 1770 1771 1772 1773 1774 1775 1776 1777 1778 1779 1780 1781 1782 1783 1784 1785 1786 1787 1788 1789 1790 1791 1792 1793 1794 1795 1796 1797 1798 1799 1800 1801 1802 1803 1804 1805 1806 1807 1808 1809 1810 1811 1812 1813 1814 1815 1816 1817 1818 1819 1820 1821 1822 1823 1824 1825 1826 1827 1828 1829 1830 1831 1832 1833 1834 1835 1836

17644 229122 17661 17669 17670 17703 17714 17745 218416 17766 17767 17768 17772 17795 17796 17826 17829 17832 17841 221026 17870 17913 17914 115370 17934 17941 17950 17952 17969 213063 17998 18001 210835 18009 18018 230403 18035 18040 18055 228547 18094 18100 228548 18124 121083 18169 18172 18184 18209 18219 18229 18238 18240 18558 18289 18323 18327 18349 18355 124984 218741 18383 18384 18414 18446 18469 18472 214651

39673 20732 38030 18172 18173 44562 18175 32391 89843 20736 57075 57076 57079 57085 57086 91678 96141 91679 49377 91683 57115 102092 91680 57193 91681 99797 90389 91682 57154 57197 39677 90391 90392 57166 32399 57175 57200 25763 96161 32403 57211 6940 32405 90393 57243 102095 18177 102097 99799 57262 24793 57266 96175 57281 57292 32409 32410 91695 38038 57322 96182 49389 94094 57334 57347 11794 13703 57361

1837 1838 1839 1840 1841 1842 1843 1844 1845 1846 1847 1848 1849 1850 1851 1852 1853 1854 1855 1856 1857 1858 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904

18506 18533 18535 114905 18546 18563 18576 18609 18615 18637 18640 18641 18657 18658 18663 18665 122527 18709 18727 18741 18735 18743 18749 214890 18786 18788 18791 18793 18798 18800 18802 18803 18804 18805 18806 18807 18808 18809 18811 18816 18828 18836 205500 18840 114692 229515 212478 215744 18896 215743 18959 122990 18973 18979 207138 26455 18984 18986 18987 209989 220074 19061 19085 19159 212576 19193 19199 19209

57379 57388 30085 57390 32420 25766 32423 32430 23385 57419 90402 91710 39701 57423 32433 18 30087 57454 99806 39703 44576 32439 44578 48449 48450 102118 44583 44584 43440 44585 44587 44588 44589 44590 44591 44592 44593 44594 39705 7213 28154 57465 32446 89152 57472 44603 23390 89846 44605 89847 44618 32455 20744 102119 30090 44620 32451 32452 57494 39722 32461 28157 57511 32466 44674 39729 32468 32470

Akudung Anawish Philip Akuenebu Philip Ikenna Akujobi Ikechukwu Cyril Akuka Chidera Wilson Akuka Churchill Chika Akunne Jude Ikechukwu Akura Chinedu Elvis Akwarandu Chinny Ihuoma Akwolu Charles Chibuko Akwuaka Felicia Ifeoma Akwuaka Ukamaka Agatha Akwuba Chikwendu Fred Akwugo Onuekwusi Alaba Funmilola Adedayo Alaba Iteoluwakiiti Teniola Alabi Aderonke Dorcas Alabi Adeyinka Akeem Alabi Adumola Eunice Alabi Ayodele Habeebat Alabi Babatunde Olasehinde Alabi Folashade Blessing Alabi Moshood Alabi Mosinmiloluwa Alabi Olalekan M. Alabi Olasubomi Emmanuel Alabi Olubunmi Abidemi Alabi Oluwabusayo Joshua Alabi Oluwafemi Iyiola Alabi Omobolanle Esther Alabi Rufus Kehinde Alabi Samuel Olusegun Alabi Seminire Helen Alabi Sunday Oluwaninyo Alabi Taiwo Abosede Alabi Tony Durojaiye Alabi Tunji Alaboru Charles Ovie Alabson Martin Alade David Adeseye Alade David Olamipo Alade Omotoyosi Sekinat Alade Samuel Omotayo Alade Sukanmi Martins Aladejana Dada Abiola Aladesua Philips & Yemisi Mr. & Mrs. Aladeusi Faruk Aladi Valentine Okezie Alafah Jephter Okwuisi Alagbe Akintunde Samson Alagbe Oyebanji Benjamin Alagoa Yela Joseph Alaja-browne Carlene Angella Alaje Vincent Akin Alake Mabel Modupe Alakija Wole Alamai Umar Atuman Alambe Robert Alamutu Kamilu Idowu Mobolaj I Alaneme Anderline Ngozi Alangrange Securities Ltd Deposit Alani Aminat Oluwabusayo Alao Ahmed Opeyemi Alao Alatunbosnn Kayode Alao Musa Alara Olugbenga Alasa Hassanat Olaide Alasa Omoh Alashe Olasimbo Rukayat

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Alausa Yusuff Alausa Alawoya Oluranti Abidemi Alawuba Oliver Alayaki Kabirat Olabisi Alayande Esther Emiloye Al-aziz Adebayo Rafiu Albert Thomas Oscar Alebiosu Victoria Ulunma Aleem Kamorudeen Folorunso Alegun Wilson Prince Alejolowu Omokolade Oluwaseyi Aleke Ifeanyi Alemoh Ewela Ernest Alemongwa Andy Ojore Alenkhe Mary Aleogena Paul Aleshinloye Olawale Abiodun Alfa Samuel Ojochogwu Alfred Mangai Abams Alh Musa Adamu Alh. Bashir Badamasi Mariam Alh.ahmed Usman Alhaji Muhammad Alhaji Musa Alhaji Yakubu Alhaji Mustapha Abdulhadi Alhaji Saleh Sunusi Alhaji Sunusi Hussain Alhaji Tijjani Abdullahi Alhaji Yakubu-onalo Abdulmalik Alhaji Yau Anas Alhaji Yau Fatima Alhaji Yau Hajara Alhaji Yau Khalid Alhaji Yau Maryam Alhaji Yau Sumaiya Alhaji Yau Ummassalamat Alhaji Yau Zainab Alhaji Yav Zulaihat Alhamdu Keziah Alhassan Abdu Mohammed Alhassan Aminu Alhassan Emmanuel Alhassan Haru Alhassan Ibn Nuhi Alhassan Maju Ali Abubakr Ali Ahmadu Nguru Ali Akims Hussaini Ali Alhajiji Umar Ali Gyanku Mailafiya Ali Mohd Umar Ali Muhammad Zarah Ali Ozoemena Cyprian Ali Saleh Ali Salfa Mamtur Ali Sani Mahmud Ali Suleiman Baba Ali Sunday Idoko Ali Sunday Jeremiah Aligana Muhammad Dr. Alika Egiliwe Donald Alikah Golda Alimi Ganiat Bolanle Aliu Mwuese Sheila Aliyu Abba Gabasawa Aliyu Abdulmalik Aliyu Abubakar Aliyu Abubakar Saddio

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2014

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1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972

221812 19215 19451 19230 19452 212534 211682 219388 19281 19301 19316 19466 218188 19335 232332 19472 19364 19365 19380 207734 19476 19389 19402 19479 232333 118997 19434 19441 209387 19497 212166 19505 19507 212167 19511 19514 208932 19543 19559 19566 19584 19611 19618 19619 19645 217396 205582 219320 119844 19680 19682 19708 19739 19740 19746 19760 19766 19770 123147 19776 19793 19803 116176 124870 19860 19915 19885 228808

105011 32471 9125 19512 38841 39778 44685 44687 20750 39747 32475 32492 44691 39754 39758 44694 57569 39759 28162 48465 57580 39764 105010 96209 39767 44699 44673 39774 32495 104580 89854 89166 57586 89856 24262 105012 44707 99832 57597 57602 57610 102130 57630 13716 57656 57657 99833 25004 57665 57667 57668 29719 57700 57701 57704 57710 99835 57714 57720 57716 32508 57733 57746 57749 28167 94105 57761 57765

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

19903 212633 214017 19935 19954 19968 217785 19983 19985 19987 19992 20007 20010 20029 20030 19947 228388 20043 20069 210919 119300 213709 20101 209379 20146 20145 221628 20149 20155 20163 20172 20175 20178 20183 20191 20215 20216 206278 20220 20234 20240 20245 20253 111513 220019 20326 218067 225260 223031 20335 20340 20341 20354 20361 20366 211125 20391 20405 20418 20431 20449 20486 206745 20633 20499 20529 20636 20639

96234 91724 30105 28168 57797 30106 57820 89168 102146 38043 57805 28172 57808 57813 57814 32520 38045 57825 25786 30110 32522 57840 23853 32526 18185 102162 57861 57863 57865 32531 20764 32532 20766 18186 57875 57880 18187 18189 89171 57885 57886 32537 102171 57898 96243 99840 57920 57921 57922 1906 39808 38844 57928 57932 25797 57938 39811 57948 39814 32549 25799 19517 44721 48478 28184 13725 32564 44757

Aliyu Adamu Aliyu Ahmad Maryam Aliyu Aisha Larai Mahmud Aliyu Amina Aliyu Babura Zainab Aliyu Fatima Binta Aliyu Fatima Yola Aliyu Gusau Shehu Aliyu Hassah Yunus Aliyu Idris Aliyu Kayode Aliyu Lawantare Muhammad A. Maidab Aro Aliyu Lubabatu Yola Aliyu Mohammad Aliyu Mukhtar S. Aliyu Muraddeen Aliyu Musa Aliyu Musayyib Aliyu Omoh Suwedat Aliyu Rano Aminu Aliyu Sabonbirni Hafsatu Aliyu Salihu Aliyu Sulyman Aliyu Sulyman Asma'u Azini Aliyu Usamatu Sisa Aliyu Usman Aliyu Zainab Aliyu Zayyanu Aliyu Zurmi Ibrahim Alka Ayuba Alkali Habiba Hajia Alkali Egbeamiuwa Mohammed A Ishe Alkali Friday Abuh Alkali Ibrahim Alkali Ibrahim Mohammed G.w Alkali Khadijah Mohammed Alkasim Sanusi Allanana John Alu Alli Abosede Adijat Alli Adekunle Kazeem Alli Christianah Olufunmilola Alli Ronke Sidikat Alli Temitope Bushirat Alli Tunde Wakeel Alliu Abdul Fatai Alliu Kayode Allu Tiku Gyobe Allwell Uzodinma Al-muminaat The Believing Women Org Alo Gloria Agboemomo Alo Olusola Akinola Alofe Gbenga John Alomaja Afolabi Alominle Olalekan Mustapha Alonge Adenike Dorcas Alonge Jessica Temitope Alonge Oladeji Alonge Oluwatimilehin Josh Alonge Samson Oluranti Alonge Titus Adebanjo Alozie Abel Collins Alozie Goodluck Gift Altis Equity Investments Limited Aludogbu Michael Ijeoma Alufohai Ewah Aluko Samuel Idowu Samuel Idodu Aluko Joel Sunday Aluko Olufunmilola

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2014

Aluko Oluwakemi Aluko-agborume Ronke Grace Alumona Veronica Okike Aluyi Jonah Aimuaemwosa Amade Abdul Amadi Caroline Nkechi Amadi Chinyere Charity Amadi Edwin Eddeh Amadi Emenike Amadi Felix Onwuzurigbo Amadi Gibson Chidomere Amadi Julian Ugo Amadi Lawrence Chukwudi Amadi Rita Henrietta Chizom Am Amadi Roseclare Chinma Amadi Tony Uchenna Amadi Wina Ifeoma Amadife Chisom Judith Amadu Samsom Ojo Amaechi Chukwuemeka Marinus Amaechi Esomonu Rmanus Amaechi Roseline Chinyere Amaechina Uju Amafule Innocent Emeka Amah Rosemary Nkolika Amah Willis Timipre Amah-boniface Emelda Ozioma Amaihian Samuel Odemore Amaji Chiaka Anthony Amajuoyi-agwunedu Ijeoma A. Ijeuru Amako Ngozi Francesca Amakor Bede Obioma Amakor Hilary Nwoke Amakwe Chidi Clement Amaliechi Anthony Ikechukwu Amanah David Timimene Amanamba Chisom Uzoamaka Amanambu Chimezie Mr. & Mrs Amanchukwu Ikenna Amangbo Mary Unoma Amangbo Samuel Ikechukwu Amankwe Charles Chukwuenweniw E Amanze Ekanem Juliana Amao Dimeji Amao Oladiran Olubukola Amazing Grace Private School Ambah Olamide Adeola Ambali Aishat Doyin Ambaliadeola Wasiu Ambi Anyy Ambo Danladi Ambrose Jummai Amechi Benedict Adiele Amede Oghenetega Naomi Amedu Dauda Amedu Inusa Lucky Ameh Charles Anawo Ameh Godswill Ameh Ocheche Andrew Ameh Titus Eneojo Ameriwho Margaret Amina Mohammed Baba Yola Amina Muhammad Yusuf Aminu Aliyu Kurami Aminu Abu Aminu Azizah Mojiyinola Aminu Bello Mubarak Aminu Dutse Hafsat

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

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Warr. No Names

2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 2064 2065 2066 2067 2068 2069 2070 2071 2072 2073 2074 2075 2076 2077 2078 2079 2080 2081 2082 2083 2084 2085 2086 2087 2088 2089 2090 2091 2092 2093 2094 2095 2096 2097 2098 2099 2100 2101 2102 2103 2104 2105 2106 2107 2108

20556 215143 120143 20571 212238 20581 209474 20606 20647 231760 20627 20632 20657 20658 20674 20688 20709 20714 20715 212806 20737 20743 20752 20760 225581 20792 20818 20840 20841 20850 20852 20857 20858 209046 20896 20914 20920 20931 224089 20940 20950 20961 110548 20974 20979 205934 121170 21033 21034 21044 21053 116778 21066 21071 215458 21090 221898 117886 21120 21137 21173 20202 21204 122463 116660 21228 21252 21256

5385 57992 44759 57980 24268 20773 39842 89863 104583 44745 57989 44752 102176 57998 44777 30117 49413 43457 39846 25009 39848 58032 96254 96260 90421 58053 25800 99843 49415 58075 58077 58081 58082 32577 38050 58103 25804 28186 30121 32579 49418 58121 58128 32581 58132 58151 58152 20778 58154 58155 18197 20779 44778 20783 58170 20789 102186 20792 25012 20799 58192 1918 58194 20803 20804 20805 58204 58205

2109 2110 2111 2112 2113 2114 2115 2116 2117 2118 2119 2120 2121 2122 2123 2124 2125 2126 2127 2128 2129 2130 2131 2132 2133 2134 2135 2136 2137 2138 2139 2140 2141 2142 2143 2144 2145 2146 2147 2148 2149 2150 2151 2152 2153 2154 2155 2156 2157 2158 2159 2160 2161 2162 2163 2164 2165 2166 2167 2168 2169 2170 2171 2172 2173 2174 2175 2176

21257 21294 21321 21329 21335 21360 21385 211667 21390 21401 212760 208920 21411 123939 21444 21463 209705 21469 21488 21494 21500 21503 21535 205446 21541 21548 21562 122547 224696 123549 21586 21591 21601 21612 21615 121747 21636 21641 21645 228993 21661 21675 217282 124532 21718 21730 230308 212318 21763 21766 21771 21778 21795 209016 21810 21825 21845 21871 222284 21889 21891 21897 21899 21904 21946 21932 21933 21940

58206 9463 58223 25015 25808 32591 58232 89173 28188 20807 58239 30137 58237 20808 30138 20812 20816 58251 96283 58259 25810 20818 39873 99853 96286 32601 30144 58284 38052 58285 89174 20821 58290 58298 38053 58301 58311 30153 18209 20833 28194 30158 58327 58335 32614 105119 58351 30166 58359 58360 58363 58368 25816 30171 32617 30173 58401 32622 58415 20844 20846 58424 99858 32626 13748 13736 13737 13743

Aminu Halima Ibrahim Kofa Aminu Ibrahim Bolaji Aminu Idris Aminu Mahadi Ahmed Aminu Mohammed Suraka Aminu Muhammad Murtala Aminu Munayatu Aminu Safiya Sahiba Aminu Sakina Aminu Sani Sani Aminu Yunusa Aminu Zara Amiolemen Richard Aimiewan-u Amiolemen Rosemary Omare S. Ra Ammed Aminu Abubakar Amobi Ifeoma Phina Amodu Adamson Olalekan Amodu Amina Rachel Amodu Amos Tijani Amogbonjaye Abdulazeez Amoka Irmiya Samson Amokeodo Rufus Oluwafemi Amole Benjamen Bioye Amole Oyeyemi Ramota Amoo Kazeem Olanrewaju Amoo Mulikat Owoola Amorighoye Darnley Oshof Amos Samson Chila Amosa Sanusi Babatunde Amosu Olatunde George Amosu Oluwaseyi Durojaiye Amosun Noah Oyebande Amosun Sunday Adefemi Amu Agatha Nkechi Amuchie Chika Paulin Amuda Isiaka Amuda Saidat Oyinade Amuju Suleman Oziobanyi Amuka Amaechi Nnamdi Amuna Sunday Samuel Amupitan Lennox Kehinde Amusa Ganiatu Abiola Amusa Ganiyu Abolore Amusa Sulemon Babatunde Amusan Adebimpe Mariam Amuzat Rasaq Lekan Amuze Christopher Osayande Amuzie Iloegbunam Peter Amuzie Nnadozie Joseph Amzat Titiloye Anaba Iweadighiuru Alex Ifeanyi Anabareonye Ifeoma Anadu Shaaibu Anadueme Emmanuel Chukwuma Anaele Sonitus Ekwutos Anaenyeonu Nnamdi Ikechukwu Anagbogu Emeka Nestor Anaguih Calistus Ikechukwu Anagwe Bishung Augustine Sunday Anakebeh Moses Nkachukwu Anamelechi Okechukwu Ananaba Nwayisunday Violet Ananenu Vivien Ananti Ikechukwu Madike Ananwa Chidi Anthony Ananwude Phoebe Uche Anas Abdulmajid Anas Fatimah

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Anas Hafsat Anazodo Daniel Chukwuemeka Andah Onimisi Mulumba Andem Grace Andy Andrawus Kezia Andrew Yohanna Anebi Anyebe Anefu Ejembi Anegbe Sylvanus Amhanogho Aneke Chimaobi Hyacinth Aneke Christian Anayochukwu Aneke Emmanuel Chukwuemeka Aneke Joyce Chinonye Anekwe Raphael Zelibe Anele Uchenna Young Anene Grace Ego Anene Jane Obiageli Anene Nkiruka Eucharia Aneni Ehimen Chima Anenih Ebose Blessing Anesah Ebibebefiede Edwin Anetoh Chidozie Leonard Ango Peter Angyu Comfort Mbosire Ani Amobi Cresent Ani Chinwuba Anthony Ani Gabriel Etiti Ani Monisola Olufunlayo - Imf Ani Precious D Ani Udoka Morgan Ani Ugochukwu Aniagoh Edwin Obiora Anibaba Dupe Rashidat Anibi Olaide Afusat Aniche Ikenna Chiedozie Anidobi Uchechukwu Aniedobe Michael Okechukwu Anieke Silvanus Okenna Aniekwe Wilfred Uchechukwu Anielo Ebenezer Ikechukwu Aniemena Ngozi Phillipa Aniewe Chika Bonaventure Anifowose Joel Anigbashim Egbaga David Anigbogu Kypra Anigbogu Anih Chika Anikpe Ozo Hope Anikwe Nneka Obiageli Animasaun Ademola Animashaun Abdulkabir-belko Animashaun Ismaila Adebayo Animashaun Mutiat Adeola Animba Godfrey Anioma Frank Anionwu Felix Osita Aniugbo Roseline Chinasa Anjolaiya Ganiyu Agbolade Ankwedel Nitte Yila Annam Funto Otolorin Anochie Chinyere Henrietta Anochie Christian Ndubisi Anodu Chimereze Nnamdi Anogu Christopher Ig Anoke Emmanuel Anonyai & Anonyai Associates Anonyai Anthony Anonyai Arusu Anonyai Henrietia

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Acc. No

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2177 2178 2179 2180 2181 2182 2183 2184 2185 2186 2187 2188 2189 2190 2191 2192 2193 2194 2195 2196 2197 2198 2199 2200 2201 2202 2203 2204 2205 2206 2207 2208 2209 2210 2211 2212 2213 2214 2215 2216 2217 2218 2219 2220 2221 2222 2223 2224 2225 2226 2227 2228 2229 2230 2231 2232 2233 2234 2235 2236 2237 2238 2239 2240 2241 2242 2243 2244

21978 21983 21994 21998 22001 22007 22021 121913 22039 22042 22050 22070 22078 208648 217733 22088 22110 232251 121513 22129 113888 22182 22183 22195 22199 216392 22242 123863 22250 22261 212660 22276 211947 22285 22293 208090 219371 22308 22311 22321 22323 22329 120940 22384 22387 113667 22396 22410 22412 22431 22447 22460 22464 22465 113520 22486 22487 22512 22545 215941 210188 208707 22574 227540 22588 22589 205664 22602

58441 32628 20862 58445 58446 30174 58454 102199 58461 58462 25020 25820 38063 18214 38065 58477 20873 30176 32633 20875 27807 20879 30181 28199 30183 18217 58515 18218 32635 25825 58524 30189 58525 18220 18221 58567 102208 32636 32637 58537 58538 18225 32644 20890 38075 58576 32642 18232 58565 18234 27808 30194 20898 44792 96297 20899 20900 104873 102213 58638 32653 30196 58646 105253 58653 58654 58655 58658

2245 2246 2247 2248 2249 2250 2251 2252 2253 2254 2255 2256 2257 2258 2259 2260 2261 2262 2263 2264 2265 2266 2267 2268 2269 2270 2271 2272 2273 2274 2275 2276 2277 2278 2279 2280 2281 2282 2283 2284 2285 2286 2287 2288 2289 2290 2291 2292 2293 2294 2295 2296 2297 2298 2299 2300 2301 2302 2303 2304 2305 2306 2307 2308 2309 2310 2311 2312

22603 22641 22654 231575 219799 222622 219603 22700 22704 113181 22734 205559 22799 22812 22838 214888 22934 22941 22953 22975 23017 23025 23041 23042 23088 23118 23130 23151 23178 23196 23214 23221 112731 227648 23241 120952 23263 23264 23265 23269 23281 23290 23299 211141 23315 219098 215951 23351 117699 23392 23402 224093 23488 23490 23496 23517 23536 23553 114877 23596 23679 23680 23684 23708 23725 23727 23742 23750

58659 32656 20904 58684 28201 11180 32657 27810 91751 58707 19523 58714 32665 58743 58753 58781 58794 25837 18237 58814 29726 25840 58841 58842 18239 58872 58881 91770 44795 94136 90443 5784 58960 91773 96339 58965 58976 58978 58979 43465 102227 99886 58996 59013 29729 59017 59026 59027 59045 25846 28210 59056 99891 59057 30206 28215 23878 90448 59091 25852 96350 96351 13772 96354 32703 59137 25856 59147

Anosike Eric Ikenna Anosike Lilian Odochi Anowai Ugonna Arinze Anozie Ben Dabirichukwu Anozie Cletus Chimezie Anozie Joy Uchechukwu Antagio Ventures Anthony Blessing Anthony Linus Onyeji Anthony Samson Oghenerozo Antia Christiana Inyang Anufa Pedro Omoefe Anugom Uzoma.k. Anugwa Henry C. Anukem Vitalis Chimezie Anukua Charles Uzochukwu Anunihu Lawrence Uwakwe Anuniru Uchechukwu Moses Anunobi Chinyere Lilian Anusiem Chidi Christopher Anwara Helen Ejimoleh Anyachor Ferdinand Uzochukwu Anyachor Oscar Chima Anyaegbu Maureen Anyaegbu Pamela Onyinyechukwu Anyaeriuba Ezesinachi Chima Anyakudo Phllips Anyalebechi Augustine Uchechi Anyalewechi Israel Okey Anyali Tevin Chifum Anyanaebechi Uzochukwu Samuel Anyanechi Ejike Ireneaus Anyanechi Ijeoma Christiana Anyanso Helen Nwanganga Anyanwu Adaku Anyanwu Akudo Akundu Anyanwu Caroline Anyanwu Chidi R Anyanwu Chiemezie Claire Anyanwu Chisa Anyanwu Christian Chidiebube Anyanwu David Omeziri Maduabu Chi Anyanwu Henry Alagbaoso N. Anyanwu Onyeka Chinedu Emmanu El Anyanwu Peter Chukwuemeka Anyanwu Sabina Aku Anyanwu Samuel Ezedinachi Anyanwu Ugochukwu Obidike Anyanwu Victor Ikenna Anyaso Anyaso Onyekachi Anyi Emeka Sampson Anyichie Angela Ogechukwu Anyijiofor Franca Uche Anyika Allbright Anyikwa Cosmas Chukwudi Anyoha Chimchetaram Adaeze Anyoha Chukwudalu Angel Apake Matakhi Ebenezer Apata Omotola Olamide Apeh Boniface Apeh Margaret Eteme Apeh Matthew B. C Apeyo-mathew Francisca Jennifer Apoe Kennedy Folorunso Mabel Ebun Apollo Queen Tangson Apollos Acheseomie Apologun Chris Pendo Apples Investment Ltd

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2014

Apresai Doubra Arabi Zuhriya Amina Idrees Araka Chiweta Onuora Aramide Moshood Ademide Aranmude Omonzee Maria Araromi Tola Timothy Arasah Dauda Yunusa Arasomwan Osasu Peter Arawole Mrs Olabisi Olubunmi Arayomi Joseph Oladeinde Ardo Maryam Yahya Are Moroof Aremu Adenike Elizabeth Olu Wato Aremu Babajide Adedayo & O. Olabimpe Aremu Josephine Yemi Areo Tolulope Ayodeji Arewa Sylvester Agbonlahor Arhamerene Juliana Nkonye Ariama Victor Eme Aribilola Aribilola James Arije Mary Olubunmi Arikoro Samuel Oghenekevwe Arimoro Joy Naomi Arimoro Omotayo Arisa Chikezie Ariyibi Eunice Omolara Ariyo Aderogba Olusola Ariyo Peter Kehinde Armiyau Abdullahi Arobieke Regina Ifeolu Arogundade Fatai Kehinde Arogundade Olatomiwa Arogundade Olutoyin Shonibare Arogundade Rapharl Ademola Aroh Magdalene Chimezie Aroh Ugonwa Nnenna Aroloye Philip Adesoji Aroluwayin Marion Feyishade Aromashodu Abimbola Aromeh Godwin Wilson Arong Vincent Aidams Arosantin John Olufemi Arowobusoye Akinlabi Ignatius Arowolo Ajoke Funmilayo Arowolo Kehinde Ayodeji Arowolo Rafat Ayoka Aroworowon Idiat Arowosafe Susan Jagundina Arthur-worrey Iquo Henshaw Arubasa Ajevuawa Aruku Amurade Samuel Aruwayo-obe Kiishi Asabe Barri Monday Asabe Asabor Isiuwa Ayo Asadu Chinweike Asaka Marcus Erhamwonyi Asanya Ikechukwu Asanya Asebiomo Olusola Samuel Asekun Topeyemi Asemota Magdalene Ashagidigbi Mobayoji Oluwatoni Ashagidigbi Oluwanifemi Mariam Ashaju Julius Babatope Ashaye Awujoola Olamide Ashgar Umar Zanna Ashi Awele Cynthia Ashima Tuoyo Ashimole Chidinma Joy

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2313 2314 2315 2316 2317 2318 2319 2320 2321 2322 2323 2324 2325 2326 2327 2328 2329 2330 2331 2332 2333 2334 2335 2336 2337 2338 2339 2340 2341 2342 2343 2344 2345 2346 2347 2348 2349 2350 2351 2352 2353 2354 2355 2356 2357 2358 2359 2360 2361 2362 2363 2364 2365 2366 2367 2368 2369 2370 2371 2372 2373 2374 2375 2376 2377 2378 2379 2380

114423 219074 230509 124715 23862 23863 23864 23889 23891 23899 23902 223162 23925 24010 23954 231499 23956 23960 23963 23985 24019 24020 24022 24024 116953 24039 24042 225582 24049 24053 24059 24095 24097 24111 24116 24125 24151 24154 213958 230872 213764 24270 232056 24280 124722 24327 24330 24332 24358 24365 24374 24377 223375 213485 24381 24398 24413 24427 24435 112995 24443 24462 24467 24471 24491 24494 24498 24505

59148 32704 59158 105120 59196 59197 59198 32709 91797 39934 32710 25029 102245 59223 20924 30211 32717 59236 59237 32718 94150 91802 28231 28232 32721 19526 59267 59269 59273 102249 20083 59288 24282 25861 25862 94151 94152 59301 32735 32737 25035 59348 91810 23881 96380 59379 59380 59381 59395 59400 32739 59405 32740 59415 59407 25871 32742 30217 89183 30220 102257 32747 105122 5816 18245 102259 59451 18246

2381 2382 2383 2384 2385 2386 2387 2388 2389 2390 2391 2392 2393 2394 2395 2396 2397 2398 2399 2400 2401 2402 2403 2404 2405 2406 2407 2408 2409 2410 2411 2412 2413 2414 2415 2416 2417 2418 2419 2420 2421 2422 2423 2424 2425 2426 2427 2428 2429 2430 2431 2432 2433 2434 2435 2436 2437 2438 2439 2440 2441 2442 2443 2444 2445 2446 2447 2448

24514 24518 24538 24540 212737 118609 24549 24556 24573 24584 24594 24600 24617 209848 214967 24637 231070 217485 24682 24687 24695 24699 210353 24704 123313 24761 224860 215311 24801 24812 24815 24817 24831 24835 232461 24848 24852 24857 209019 24864 113278 219011 220128 24892 24893 24894 24920 24926 24928 115820 24944 228551 24978 24980 24995 25001 122869 25005 25025 25071 118275 25123 25126 25135 25144 213347 25160 25161

99911 59460 32749 91818 32750 32752 32753 48491 89185 89871 59475 89872 32760 32765 32766 43474 32768 44815 59495 37643 59499 39970 32772 32770 32773 59505 38089 99922 59516 44846 25043 25886 28246 32776 28248 59524 99926 28249 25889 20933 59530 59538 32777 102266 94157 59542 59552 59556 59558 59560 59567 59572 59587 59588 59596 59599 59602 39994 59608 59633 59654 59662 32784 59664 59668 59676 59679 59680

Ashinze Caroline Ngozi Ashiofu Amaka Ashiru Mary Iyanuoluwa Asho Kabiru Tsafe Asiemo Cindy Ijata Asiemo Frank Ejiro Ogene Asiemo Raymond Ogale Asikogu Suzan Chinedu Asimi Mohammed Jamiu Asimolowo Akinboyejo Asimolowo Khadijat Adenike Oyin Damo Asinya Ekom Ese Asita Onisoduenyiya P. Asiuloka Daniel Asogwa Uchenna Asogwa Wilfred Obinna Asogwa Yirginia Nkeiruka Asoluka Lilian Iheoma Asoluka Solomon Austin Asough Nguavese Asubiojo Oluwatoyin Temitope Asue Oyengba Daniel Asuelimen Ehimare Asuelimen Onoisedeba Asuku Onyioza Maris Asuku Yakubu Asun Olatiwola Rasheed Asuni Oladimeji Qudus Asuoha Baby Davies Asuquo Andem Esu Asuquo End Ndarake Atabo Adamu Adejo Atabo Ali Sunday Ataihire Nancy Atakirijenyo Afro Prince Atanda Abiola Hidayah Atanda Moustapha Atanda Olubukola Abiola Athekame C.osarenio Atiatobe Anthony Adaumbe Atiku Patrick Atiku Sulaiman Olusegun Atilola Iyabo Debby Atim Grace Kgwua Ativie Ajibola Julie Atobasire Adeyemin Olasunbo Atobatele Aderonke Opeyemi Atobatele Ayodeji Oluseyi Atolagbe Kolawole Yusuf Atolani Abosede Adejoke Atoyebi Abdulhakeem Atoyebi Atinuke Abosede Atoyebi Ayofe Oluwafemi Atoyebi David Olamiposi Atoyebi Kehinde Jones Atsenoga Mudiaga Obed Atta Azmira Martha Attah Eunice Adaobi Attah Kedono Davis Attah Lovetta Ifesinachi Attah Michael Ojogbane Attahiru Anita Asabe Attahiru Malami Yabo Attahiru Raymond Gregory Longt Sen Atu Chinedu Cletus Atuboyedia-obianime Tamunosipiribi Esther Atuchukwu Uchechi Chizoba Atueyi Aloysius Nnaemeka

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Atukum Mallem Rifkatu Atumah Ukay Modupe Atunwa Adedoyin Victoria Atunwa Olujide Johnson Atureta Aijimoh Orewa Aturuamu Folashade Olukeme Aturuobi Ikechukwu Christian Audi Abdullahi Sani Audu Abubakar Gabriel Audu Ali Rabiata Audu Braimah Audu Emmanuel Abimiku Audu James Manga Audu Maria Jankada Audu Muhammed Sanni Audu Oke Fatima Augie Adamu Maryam Augustine Omo Augustine U Nduka Aunduru Yakubu Austin White Auta Agnes Ladi Auta Auta Hadiza Abubakar Auta Joseph Apaji Auwal Sumayya Muhammad Avbioroko Solomon Patrick Avuke Izunna Francis Awah Nkeiruka Perpetua Awah-manga Alastair Awaisu Hamza Ibrahim Awaitam Usen Effiong Awaiye Adebusola Akanji Awala Etamedaye Juliet Awala Loveth Bemigho Awala-ale Helen Ozuwa Awanebi Funmilayo Florence Awang Sati Klein Awaritoma Humphrey Oghenovo Awaritoma Ishioma Lucy Awasiudu Njidera Doris Awatefe Akpomedaye David Awazie Patricia Oby Awe Christiana Bola Awe Kayode Awe Kehinde E Awe Michael Toyin Aweda Bose Olubunmi Awelenje Ibraheem Mobolaji Awelewa Gbolabo Mayokun Awelewa Olabisi Deborah Awhansu Abigail Olusola Awo Pius Mobolaji Awobote Oluwaseyi Tinuade Awobotu Grace Omorinsola Awodeko Rasaki Seun Awoderu Oluwasijibomi Christo Pher Awodi Peter Ochoche Awodimibola Samuel Babalola Awodumila Micheal Olaniyi Awojobi Oluwagbemiga Lawrence Awolana Itunuoluwa Victor Chuk Awoleye Sarah Olukemi Awoliyi Peter Oladipupo Awolola Victoria Eboade Awolowo Abiodun Olufemi Awomosu Abiodun Labake Awonaya Idowu Anthony Awonaya Olawunmi Susanah

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2449 2450 2451 2452 2453 2454 2455 2456 2457 2458 2459 2460 2461 2462 2463 2464 2465 2466 2467 2468 2469 2470 2471 2472 2473 2474 2475 2476 2477 2478 2479 2480 2481 2482 2483 2484 2485 2486 2487 2488 2489 2490 2491 2492 2493 2494 2495 2496 2497 2498 2499 2500 2501 2502 2503 2504 2505 2506 2507 2508 2509 2510 2511 2512 2513 2514 2515 2516

25188 25197 25207 120172 25230 223137 25245 25249 25257 25262 25270 25275 25286 25312 25316 25317 25318 25328 108279 216935 25365 25366 25372 25380 25436 25442 25448 25449 25451 25452 225258 220331 25475 25483 207210 25516 25518 205453 25537 25547 25560 119733 25571 25579 25593 25605 25626 25627 25629 25633 208467 25665 25686 25702 25712 25716 25721 25726 25738 25757 25804 25806 207817 25821 25882 25883 25898 25899

59692 96412 94165 59713 59714 59722 59728 99929 94167 59738 59740 40001 99930 96420 59764 23890 59765 91846 59778 44849 59788 59789 28253 32791 59843 59845 59847 59848 59850 59851 59854 59855 59867 91848 91850 59883 28256 59885 91853 59890 59893 59895 32798 59904 59909 59910 59915 28257 59916 59918 30224 59936 94179 59951 59955 102282 96459 59958 59963 59969 32807 90470 24806 59999 23895 60021 32810 60028

2517 2518 2519 2520 2521 2522 2523 2524 2525 2526 2527 2528 2529 2530 2531 2532 2533 2534 2535 2536 2537 2538 2539 2540 2541 2542 2543 2544 2545 2546 2547 2548 2549 2550 2551 2552 2553 2554 2555 2556 2557 2558 2559 2560 2561 2562 2563 2564 2565 2566 2567 2568 2569 2570 2571 2572 2573 2574 2575 2576 2577 2578 2579 2580 2581 2582 2583 2584

25904 223244 25947 25949 25956 25964 214482 25982 228392 26018 26022 26034 26082 26084 26095 26103 26145 26117 220976 26176 26187 26202 124411 26207 213141 223600 26310 213997 26347 26320 26331 26346 26368 26432 26391 26398 221008 26402 26404 26407 26418 229735 123409 206813 26434 26435 26441 26458 26456 26463 221001 205467 26522 26533 206350 26558 26574 26577 225072 26578 226292 26601 26618 26621 119951 26626 26645 26663

60033 96471 94185 89875 32812 28261 96478 60053 60067 60068 28262 60077 60103 60104 60111 60114 94189 96491 60131 60136 60140 96494 60168 94190 60169 104593 40015 25906 99940 89876 32823 89190 99941 60225 60209 60213 60234 60216 60217 60218 96512 94194 60236 30227 28263 25908 60238 32828 60239 49477 20942 18254 13789 60259 60263 40024 27 20948 60273 38092 60279 60287 60291 38095 40025 60296 102289 32840

Awonuga Ibikunle Oladipo Awopejo Tolulope Awopileda Olubunmi Awosan Monisola Awosanya Jimmy Olusesan Awosanya Oladimeji Opeyemi Awosika Babatunde Oluwasegun Awosika Olakanmi Samuel Awosiyan Titus Oluwagbemiga Awosope Eunice Kunnuade Awotiwon Emiloju Olowoeribi Awotoye Adewale Adetunji Awotunde Peter Olaniyi Awoyemi Adetayo Olumide Awoyemi Eniola Opeyemi Awoyemi Funmilayo Awoyemi Johnson Bankole Awoyemi Olutayo Samuel Awoyinfa Obadurotimi Obafun Mllo Awuhe Alexis Alueshuma Awulor Edith Oseremekhian Awulu Charity Ojonugwa Awure David Abiodun Awuya Moses Ekom Ayabina Tamarapreye Rose Ayagi Ibrahim Lurwan Ayalogu Chike Ayalogu Chukwunonso Ayalogu Nebolisa Ayalogu Obianuju Ayalomhe Isaac Oshioaguwe Ayanbadejo John Olugbemisola Ayandeji Mudasiru Bola Ayandipe Bolanle Omolara Ayankoya Atolani (mrs) Ayanlaja Stephen Adewale Ayanlere Onohoomen Omuekpen Ayanleye Oluwakemi Amudat Ayannuga Stella Oluwatosin Abo Sede Ayansina Lateef Ayoade Ayantoye Idowu Sunday Ayanu Olusegun Charles Ayanyemi Julius Olufemi Ayara Momodu Ali Ayebamieye Ebi Blessing Ayedun-aluma Victor And Bridget Ayekun Ifedolapo Adenike Ayela - Vhangue Osazoduwa Osasieme Ayelabola Aderonke Stella Ayelagbe Samuel Adekunle Ayemere Franklyn E. Ayeni Bolanle Mary Ayeni Islamiyat Olusola Ayeni Micheal Ayeni Oladimeji Ayeni Olamilekan Abiodun Ayeni Olatunde Abubakar Ayeni Olubunmi Yewande Ayeni Oluwapelumi Oluwadami Lare Ayeni Titilola Ayewoh Ignatius Oriarewo Ayeye Emily Faderera Ayibaware Investment Company Ltd Ayide Christiana Iguoma Ayinde Olatunji Tajudeen Ayinde Olayinka Bolanle Ayinde-yakub Safuriat Olasumbo Ayininuola Oluwasola Oluwaseyifu Nmi

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2014

Ayinla Adeleke Ayinla Ola Samson Ayisire Eseoghene Ayitogo Danjuma Onyapa Ahmed Ayo Idowu Ayo Mike Udieguome Ayoade Abosede Olu Ayoade Fatai Aderemi Ayobanjo Adeseye Oke Ayobanjo Oladunni Juliet Ayodeji Abosede Deborah Ayodeji Fehintola Ojuolape Ayodele Ayodeji Simeon Oladip Upo Ayodele Ayomide Solomon Olaji De Ayodele Elizabeth Adeyoyin Ayodele Gideon Taiwo Ayodele Mojeed Adeniyi Ayodele Olabamidele Ayodeji Ayodele Timothy Oludare Sunday Ayomide John Oke Ayonrinde Abimbola Atinuke Ayoola Dorcas Kikelomo Ayoola Folabi A Ayoola Folasade Ibidunni Ayoola Toluwalashe Ayuba Andesati Ayuba Asmau Tukur Ayuba Danladi Magajinzo Ayuba Dauda Lydia Ayuba Grace Wado Ayuba Mriza John Ayuba Zainab Yusuf Azeaku Plang Faith Azeez Aishat Akua Azeez Kamardeen Adekunle Azeez Moronke Azeez Nafiu Olayiwola Azeez Nafiu Olayiwola Azeez Obafemi Hakeem Azeez Olatubosun Abdulsamiu Azeez Saliu Adewole Azeez Sariyat Azegba Peter Onyebuchi Azegba Jude Chukwudi Azegbeobor Joachim Oseigbe Azeke Edirin Disi Doris Azenabor Ehidiamen Rolland Azi Nyako Igbarak Azi Solomon Elue Aziegbemi Mike Imandaye Azike Florence Nwadaubu Azodo Uchechukwu Azodo Victor Obi Azoro Perpetua Chijiagor Azubike Ikechukwu Azubuike Boniface Okemefula Azubuike Innocent Utonwanne Azubuike Joseph Chijindu Azubuike Kamsi Jessica Azubuike Maudline Ngozi Azuh Nkadi Azuka Uche Azunna Uzunma Azuoma Kenneth Chukwudi Azuonye Cecilia Ann Soibi Azurunna Helen Chidinma Baah George Wuwu Baba Armiyau Umaru

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Acc. No

Warr. No Names

2585 2586 2587 2588 2589 2590 2591 2592 2593 2594 2595 2596 2597 2598 2599 2600 2601 2602 2603 2604 2605 2606 2607 2608 2609 2610 2611 2612 2613 2614 2615 2616 2617 2618 2619 2620 2621 2622 2623 2624 2625 2626 2627 2628 2629 2630 2631 2632 2633 2634 2635 2636 2637 2638 2639 2640 2641 2642 2643 2644 2645 2646 2647 2648 2649 2650 2651 2652

26667 207793 26674 26686 26690 26708 218893 26737 26761 216195 26780 26789 26794 26796 26802 26821 26834 26860 26914 26922 227024 26937 26950 123627 26977 26979 27013 27016 230188 116755 27028 211359 27041 27042 224442 27048 27059 27072 232058 220306 231468 27117 27128 27142 210659 27168 218078 27198 27205 27208 210143 227959 27220 27242 27244 27259 110867 120699 116786 214372 214168 112715 27356 219617 214117 27375 27382 27389

44864 40033 44866 23408 104878 44870 43488 32856 60321 60329 102290 40038 25049 44882 44887 32861 60342 60356 102292 96536 60376 102293 102294 60412 49479 102295 40049 96548 60419 60426 49485 60434 94207 60435 91878 60439 40051 91879 60451 60487 60466 60474 60490 32873 60508 96559 60509 29 60517 60519 60527 48499 44917 44922 24292 44927 60556 96567 60563 60593 60597 60598 60586 96573 60601 60592 102298 60607

2653 2654 2655 2656 2657 2658 2659 2660 2661 2662 2663 2664 2665 2666 2667 2668 2669 2670 2671 2672 2673 2674 2675 2676 2677 2678 2679 2680 2681 2682 2683 2684 2685 2686 2687 2688 2689 2690 2691 2692 2693 2694 2695 2696 2697 2698 2699 2700 2701 2702 2703 2704 2705 2706 2707 2708 2709 2710 2711 2712 2713 2714 2715 2716 2717 2718 2719 2720

27395 27396 27398 220625 27452 232166 27475 27526 121336 27553 27554 27559 27567 27576 218066 27619 27634 222630 27660 27669 27673 27680 27688 222962 27696 27728 27806 27743 27763 27771 27818 27779 27820 27852 27857 27888 122861 27896 27902 116684 27936 27937 27954 205557 27972 114465 124342 115099 28012 28013 28031 28071 28075 28077 28089 28195 28108 122850 28116 28119 28132 113321 28143 28152 28157 28164 207044 28203

60610 60611 60613 32888 89878 32890 60626 32897 60706 32899 60656 60661 60666 13794 60710 60693 60697 60711 60716 32905 32907 23416 32909 60720 32910 44957 44976 32913 40087 44965 11010 40090 44980 40101 32927 60743 60876 60744 60748 60878 32930 32931 32932 60882 60779 60883 60884 102304 60797 60798 49500 96603 60828 60830 60836 60894 60840 60900 60844 60847 60852 60906 60857 60859 104596 89882 60914 32937

Baba Badariya Baba Baba Bukar Baba Daibat Baba Kabir Mohammed Baba Martins Jatau Baba Saidu Baba Sunday Baba Umar Hassan Babafemi Olufemi Samuel Babajide Lateef Folonsho Babajide Obafemi Babajo Alhaji Nuhu Babakara Danladi Auwalu Babakusa Hauwa Babakusa Zaharau Nasidi Babalola Abiodun Francis Babalola Adesola Owolabi Babalola Ebenezer Babalola Olaniyi Babalola Olayemi Oluyemisi Babalola Olubukola Odunola Babalola Oluwadamilola Omohik U Babalola Praise Olorunfemi Babalola Samiatu Babalola Yekini Oyewumi Babalola Yemisi Onaname Babaoye Oluwatoyin Irene Babarinde Akinropo Oladimeji Babarinde Babatunde O Babarinde Olufunmilola Temitope Babarinsa Oluwatosin Gabriel Babatola Oyekunle Babatope Babaniyi Babatope Charles Oluwaseun Babatunde Abdulfatah Iyanda Babatunde Adebisi Joseph Babatunde Deola Chioma Kayode Babatunde Grace Bolanle Babatunde J. Salu Productions Babatunde Oletubo Babatunde Olusola Emmanuel Babatunde Shakirat Abosede Babatunde-gegele Segilola Kikelomo Babawale Ndiniamaka Patience Babayemi Isaiah Taiwo Babayemi Olaniyi Jacob Babayode Semiu Adebukola Bada Albert Akin Bada Monsuru Olayinka Bada Samiat Kehinde Badaiki Igbaoshimeobor Loveth Badamasi Abdullahi Sadauki Badamasi Jamila Badamosi Taofik Olanrewaju Badar Salihu Mamman Badawi Ahmad Badejo Ademola Julius -1 Badejo Oluwakemi Aderonke Badejoko Victory Badmus Abdullahi Badmus Idris Bambo Badmus Ismaila Badmus Kehinde Mojisola Badmus Muizz Adeola Badmus Olaide B. Badmus Waheed Abiodun Badom Veronica Ndabia Badru Gani Ajadious

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Badru Olukayode.r. Badru Olukunle Abdul-ganiyu Operational Badru Taofikat Olabisi Review Bagudu Adnan Bello Bai Jemila Margaret Bai Terdoo Christopher Corporate Baji Suleiman H Governance Bakare Bakare Abu Mero Ameh Bakare Bukola B. Shakirat Bakare Ibraheem Financial Bakare Ibrahim Adeolu Owolab I Statements Bakare Iswat Omoshalewa Bakare Kazeem Abiodun Bakare Mukaila Folorunso Bakare Rasheed Babatunde Bakare Sulkifli Adeolu Bakare Waheed Atanda Bakare Yusuf Bakinson Saheed Adeniyi Bako Anna John Bako Daniel Roy Bako Haruna Bako Luke Peter Bako Mayijebo Joseph Bako Yakubu John Mr Bala Abdulaziz Bala Abdullahi Nura Bala Bala Isyaku Dankande Bala John Bala Maigishiri Nafiu Bala Mohammad Sanusi Kurfi Bala Mustapha Bala Rabiu Abdulrauf Balarabe Mohammad Lawal Balarabe Samir Ballo Luqmon Balogun Abideen Otolorin Balogun Abiodun Balogun Abiola Kafilat Balogun Adewale Muyideen Balogun Ahewenbona Godday Balogun Ahmed Ajenifuja Balogun Alliu Olakunle Balogun -are Niniola Rasheedat Balogun Bolanle Morenikeji Balogun Christine Oyewunmi Balogun Emmanuel Abiodun O Balogun Eyitayo Abiola Balogun Ibikunle Omokorede Balogun Ibrahim Akanbi Balogun Joyce Oluwakemi Balogun Morufat Oloruntoyin Balogun Motolani Muyibat Balogun Mubaraq Kolawole Balogun Odunayo Olufolake Balogun Olaitan Adewale Olaitan Adewale Balogun Olayinka Balogun Olufikunayo Balogun Olugbade Larry Balogun Oluseye Rasaq Balogun Prisca Ijeoma Balogun S. Olubunmi Balogun Salisu Ayodele Balogun Sidikatu Olayinka Balogun Stephen Oluwole Balogun Taiwo Emmanuel Balogun Wasiu Salami Baloni Fatima

ANNUAL REPORT

2014

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

2721 2722 2723 2724 2725 2726 2727 2728 2729 2730 2731 2732 2733 2734 2735 2736 2737 2738 2739 2740 2741 2742 2743 2744 2745 2746 2747 2748 2749 2750 2751 2752 2753 2754 2755 2756 2757 2758 2759 2760 2761 2762 2763 2764 2765 2766 2767 2768 2769 2770 2771 2772 2773 2774 2775 2776 2777 2778 2779 2780 2781 2782 2783 2784 2785 2786 2787 2788

28207 28209 28217 28230 28232 28237 28257 28269 227041 28278 114831 28311 28323 28346 28347 28351 28365 28377 28387 28389 228001 223547 226974 28429 28430 28433 220078 28437 214331 28454 28461 28476 28477 28481 28503 28515 28524 28536 28541 28546 28551 28556 28557 28564 230568 28585 28602 28603 28611 28613 28627 113826 28642 28650 28658 116751 28680 207550 224443 28683 28697 28702 118078 118080 211567 209283 28729 28732

102305 32938 32940 60921 60923 60924 60931 60936 60941 60942 25050 60953 32943 45007 45008 60964 60969 60974 60976 94232 60979 60980 96622 60985 60986 60989 32946 11970 60992 60994 60999 32947 32948 99976 61011 61015 61021 61024 32951 61035 61038 61041 61042 61047 61055 91935 61069 61070 61073 61074 61079 91942 32952 6122 61102 28275 61112 61114 61113 61115 32955 23417 45015 45016 45017 48515 61119 61120

2789 2790 2791 2792 2793 2794 2795 2796 2797 2798 2799 2800 2801 2802 2803 2804 2805 2806 2807 2808 2809 2810 2811 2812 2813 2814 2815 2816 2817 2818 2819 2820 2821 2822 2823 2824 2825 2826 2827 2828 2829 2830 2831 2832 2833 2834 2835 2836 2837 2838 2839 2840 2841 2842 2843 2844 2845 2846 2847 2848 2849 2850 2851 2852 2853 2854 2855 2856

28750 28755 28777 28792 28804 28810 217298 28827 28829 28832 28850 28854 28902 124762 218850 28873 28882 221364 206756 28897 122242 28914 123176 28927 28934 28943 28945 112750 28946 28966 29045 220454 28988 120282 213822 29052 29065 29073 3774 215704 29081 29086 29099 29101 29165 218924 29153 29169 29164 29171 124630 29206 29209 211561 29264 210052 29276 29314 205766 29332 29343 237943 29350 29349 29371 29377 29378 29402

13403 32961 102313 61143 102319 32965 61154 105019 61157 40141 32967 45026 32972 61161 45040 96640 40151 45041 37665 32970 96641 61163 61171 61169 45043 61176 61177 32984 61178 61183 61203 25059 32979 32985 61208 32986 61212 48522 45045 100000 40158 37667 32989 23419 104605 100006 102328 105393 61217 104606 105020 91949 61228 18268 33000 61253 61256 33002 61372 40178 61268 105395 105396 61271 61275 89207 45064 61279

Balte Abdulahi Bamai Basheer Idris Bamanga Dahiru Ahmed Bamgbade Falilulai Alani Bamgbala Anjolaoluwa Opemipo Bamgbala Moronke Olupero Bamgbose Adesoji Omotayo Ohio Renu Bamgbose Oyindamola Itunuoluwa Olo Bamgboye Abigael Agboola Bamgboye Bolaji Omolade Bamgboye Victoria Omiyola Bamidele Olufemi Joshua Bamidele Sunday Gabriel Bamigbaiye Asiat Bamigbaiye Bolaji Kassim Bamigbola Akeem Olayinka Bamigboye Idowu Oladejo Bamigboye Victor Oluyemi Bamikole Mlchael Sunday Bamimore Oluwaseyi Kikelomo Aj Ibol Bamishe Olusegun Omotayo Mr Bamishe Omotayo Olusegun Bamkole Sophie Olusola Bammeke Olatomiwa Mojola Bammeke Rachel Olugbemileke Bammodu Taiwo Olubunmi Bamsa Dorcas Atinuke Bamson Gladys Bancorp Nominees Ltd. 'ijd’ Bancorp Nominees Ltd A/c Alb Bancorp Nominees Ltd A/c Nal Bandi Hassan Bandi Musa Bangkas Sunday Danladi Banjo Adetora Banjo Idowu Olusegun Banjo Olufemi Afolabi Banjo Taiwo Elijah Banjoko Adebukonla Adeoti Banjoko Bilikisu Banjoko James Olajide Banjoko Oludolapo Oladipupo Banjoko Olufemi Banjoko Oluwole Bankole & Tokunbo Bankole Adebayo Bankole Femi Bankole Funlola Abiona Bankole James Babatunde Bankole Jubril Abiodun Bankole Olatunde Francis Bankole Olugbenga Abiola Bankole Philip Olatunde Bankole Waheed Banji Bankong Angela Banmah Christiana Ayoka Banye Ebuwa Henry Banye Ekene Udoka Banye Okeychukwu Kelvin Joseph Banye-ukudolo Nwanne Bappah Salihu Abubakar Bara Yusuf Sule Barau Danbatta Rummanatu Barau Danbatta Suwaiba Barau Kamilu Salisu Barau Yusuf Ingawa Barde Dantsoho Francis Barde Maryam Asabe

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2014

Barkindo Aliyu Mustapha Jamilu Barnabas Caleb Baruwa Abdul-muhaymin Olatun Ji Baruwa Hakeem & Halima Baruwa Ramat Adunni Baruwa Sylvester Nahum Basco Services Nig. Ltd Basharu Rahama Basharu Sa'adatu Aminu Basheri Bulus Danfulani Bashir Ameer Shuaibu Bashir Bello Gandu Bashir K Umar Bashir Maryam Mohammed Bashir Mohammed Kabir Bashir Morufat Abidemi Bashir Naomi Bitrus Bashir Tukur Bashir Bashir Umar Kashere Bashir Zainab Bashiru Aremu Adeyemo Bashiru Ganiyat Atinuke Bashorun Oluwatoyin Ganiat Bashorun Zulikhat Olubukunola Oluf Baso Ahmed Adamu Basse7 Glory Usoro Basset Mr Okomon Ita Bassey Rita E Bassey Ada Uloma Bassey Christiana Okon Bassey David Ikpeme Bassey Efiong Asuquo Bassey Eno Okon Bassey Udoh Essien Bassey Victor Edet Bassi Mercy Sule Batna Mary Joy Bature Abdullahi Bature Adamu Yusuf Bature Cecila Gyang Bature Grace Yusuf Bature Iliya Bature Umar Abdullahi Bature Usman Yuyu Bawa - Abubakar Saadatu Bawa Datoegoem Bawa Rabi Melony Bawa Sani Dutsin-ma Bawa Usman Kaltungo Bawa-abubakar Nadia Bayero Mohammed Abubakar Bayewu Olateju Olatunji Baylee International Agency Bebia Paul Osor Beetseh Clement Nenge Begho Thelma Anire Bejide Olakunle Olutosin Bello Abba Bayero Bello Abdulganiyu Bello Abdulrahaman Bello Abike Adetutu Bello Abubakar Bello Abubakar Bello Abubakar Bello Afeez Abidemi Bello Aisha Abbas Bello Aisha Mohammed Bello Amir Olaoluwa

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List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

2857 2858 2859 2860 2861 2862 2863 2864 2865 2866 2867 2868 2869 2870 2871 2872 2873 2874 2875 2876 2877 2878 2879 2880 2881 2882 2883 2884 2885 2886 2887 2888 2889 2890 2891 2892 2893 2894 2895 2896 2897 2898 2899 2900 2901 2902 2903 2904 2905 2906 2907 2908 2909 2910 2911 2912 2913 2914 2915 2916 2917 2918 2919 2920 2921 2922 2923 2924

225172 29426 29766 29442 29449 123925 221753 29465 29467 29482 124147 29484 29526 29533 29534 29538 29550 29574 29580 29588 217122 29595 29609 229316 111585 213022 29650 29674 29677 229845 29704 29716 211219 29739 29743 29787 29745 222883 29819 29849 29851 117343 29867 111940 29880 209266 214149 29888 223334 29912 29915 29919 207870 29920 29926 29928 29945 29948 112893 29959 29964 29966 29978 29982 224707 29995 29997 29998

40184 45068 61377 40187 61299 61379 61303 61304 61305 104610 45095 23422 61316 61319 33018 33019 23423 91959 45079 45080 49524 61329 20963 61332 61386 61388 33024 91961 96657 43507 61363 33026 43512 61369 61370 33041 33030 33042 19557 25932 61411 61413 61418 33044 61419 94236 25933 61420 61425 33045 61437 61440 105258 24305 61443 45108 61450 61452 61454 61455 13808 40225 61460 91968 33048 61462 90505 96666

2925 2926 2927 2928 2929 2930 2931 2932 2933 2934 2935 2936 2937 2938 2939 2940 2941 2942 2943 2944 2945 2946 2947 2948 2949 2950 2951 2952 2953 2954 2955 2956 2957 2958 2959 2960 2961 2962 2963 2964 2965 2966 2967 2968 2969 2970 2971 2972 2973 2974 2975 2976 2977 2978 2979 2980 2981 2982 2983 2984 2985 2986 2987 2988 2989 2990 2991 2992

30001 30002 121888 120945 209388 30081 220857 30115 30119 30122 30124 30130 30132 219477 30170 30207 205541 30240 30241 30267 30271 205960 30321 30342 217703 30359 30362 30365 30366 30370 30371 30372 30381 30392 30393 30424 30465 30482 30495 30499 30500 110701 30517 30524 30529 30532 30535 118119 30539 30580 221825 30591 30617 30653 30659 30662 30665 219284 30691 30692 30693 30694 224627 30695 30696 30707 229027 30741

33051 61464 90506 33 11985 25935 61502 33057 61508 100042 61510 61512 61513 45112 40232 61526 28290 61536 45121 61554 61557 40236 33070 40244 102358 61579 61580 13812 61582 61584 61585 61586 61589 96678 91976 61612 40253 61626 49531 61631 61632 90509 94249 61642 61648 61650 23903 33074 40256 38098 61667 29760 96700 25946 102366 61686 61688 33079 33080 33081 33082 61701 61700 61703 33083 61711 102371 102373

Bello Asiya Mohammed Bello Baraatu Oyhman Bello Bobbo Sutura Bello David Eneye Bello Ewere Patience Isi Bello Ganiyu Bello Garba Bello Grace Omoyemi Bello Hakeem Abiodun Bello Hassanat Ranti Bello Hauwa Mohd Bello Hayatu Bello Kafayat Adeyanju Bello Kayode Hamzat Bello Kayode Raphael Bello Khadijat Bello Maijamaa Bello Monsurat Afolake Bello Muhammad Hafsatu Bello Muktar Adamu Bello Musa Eyitayo Bello Musibau Ayinla Bello Nuruddeen Ibrahim Bello Oladele Olumayowa Bello Olasumbo Adio Bello Olawunmi Faosat Bello Rafik Mandiya Bello Saidat Abisola Bello Sale Alhaji Bello Salihu Bello Sulayman Bello Tanko Mohammed Bello Tunde Bello Waleola Omoboyenle Bello Yahaya Femi Bello Yar'adua Aisha Bello Yunusa Avidime Belo Buhari Bemi/D. S. Refinery Moses Bagale Benakeyefe Simple Omolo B. Fe Benard Bayo Friday David Bendega Joseph Tardzua Beneficience Link Ventures Benif Investments Nig. Ltd. Benjamin Busuyi Abiodun Benjamin Elizabeth Aina Benjamin Kolawole Benjamin Ojo Adewoye Benjamin-ade Eniola Joseph Benson Cecilia Augustine Benson Ibilola Fehintola Benson Mojisola Ibukunoluwa Benson Mojisola Omolola Benson Monday Isaiah Benson Shamusideen Adeniji Benson Tasallah Beredugo Ekeopre Orukalama Berege Eagle Milton Bernadetter Okere Bernard John Bernard Obajana Cement Plc Ojo Cosmas Berok O Peter Jacob Best Practices Limited Bestlink Investment Club Bestmann Oduye Joshua Bethesda Investment Betiku Femisayo Betiku Olorunnisola

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Betiku Temiwoluwa Monisola Betiku Titilope Omolanke Bewaji Janet Morenike Bgl/augustine Kayode Kole James Bhadmus Ladi Biambo Gzorge Tamunotonye Bidemi Ogundipe Bienonwu Bridget Bigila Anthony Johnson Bigwan Emmanuel Isa Bikikoro Deriduduo Bilawu Morufu Adekunle Bilesanmi Abdulfatai Owoyemi Bilikisu Dalhatu Binchan Rabi Kundili Biobaku Ikeolu Patricia Bioseh Evelyn Esohe Bisade-phillips Bmkola Rachael Bisalah Sani Habibu Bisiriyu Taofeek Popoola Bissy-aluko David Babatunde Bitiyong Phicomina S. Blankson Tuoyo Doglas Boadi Edith Onukuwe Bob-manuel Awoye Halden Bob-manuel Damiete Bob-manuel Emi K Bob-manuel Viola Bob-manuel. Kaine Boboye Adebola Oludamilola Boboye Daniel Oluwadare Boboye Kikelomo Bode Akinwande Chinwe Bodija(oyo)owolowo.cics Bodunde Helen Aduke Bola-akintobi Anthonia Yetunde Bolaji Sadiat Bola Bolanle Folake Bolarin Olufemi Bolarinde Moradeke Adunola Bolarinde Mufutau Bolarinwa Gbenga Blessing Bolarinwa Olutoyin Janet Bolarinwa Yetunde Risikat Bolatito Oyinkan Bolawa Israel Olawunmi Bologo Aondover Simon Bolori Yagana Bukar Bolorunduro Oluseun Modupe Bon-kafor Chioma Rachel Borabis Nigeria Limited Borisade Olanrewaju Michael Bosede Augustine Olaiya Bowewu Nig Ltd Boyi Ifeola Boyi Mohammad Bande Boyle Esther Oluwafunmilayo Bradford & Bingley Invest Ltd Braimah Anna Enemona Braimah Elezabeth Achenyo Braimah Jane Mawedo Braimah Michael Arome Braimah Bello Ebhomeana Braimah Gloria Eleojo Braimah Johnpaul Amana Braimoh Matilda Oizuajeme Briggs Belema Benita Briggs Queen O

ANNUAL REPORT

2014

Operational Review

Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

2993 2994 2995 2996 2997 2998 2999 3000 3001 3002 3003 3004 3005 3006 3007 3008 3009 3010 3011 3012 3013 3014 3015 3016 3017 3018 3019 3020 3021 3022 3023 3024 3025 3026 3027 3028 3029 3030 3031 3032 3033 3034 3035 3036 3037 3038 3039 3040 3041 3042 3043 3044 3045 3046 3047 3048 3049 3050 3051 3052 3053 3054 3055 3056 3057 3058 3059 3060

219869 30765 30773 30780 121075 225413 30812 30815 30818 30849 30824 30828 30835 30850 30884 30893 30974 206944 30984 30988 230091 219513 31029 31039 31040 120787 122546 31079 31085 225927 31092 208818 31111 216284 31209 31227 112197 31241 31242 31246 31248 215826 31296 31283 31286 221914 31292 31299 31343 111233 220804 31358 31372 220680 228190 31386 31387 213314 31466 31467 31482 222370 115799 31538 31543 228870 31604 31605

96703 102376 25065 18273 33086 61738 61740 19565 105021 33093 45126 61743 2044 33095 33097 24314 24325 96705 100087 91982 49537 96712 96709 61779 61780 34 33119 61799 100090 91989 45140 61805 33120 91993 61846 28296 23907 40296 40297 33123 102390 91994 89886 20981 40299 61862 96716 25953 61868 33128 38100 102395 61878 28297 61881 30237 33130 20987 33132 33133 33135 33137 61935 61939 61940 20997 18287 102409

3061 3062 3063 3064 3065 3066 3067 3068 3069 3070 3071 3072 3073 3074 3075 3076 3077 3078 3079 3080 3081 3082 3083 3084 3085 3086 3087 3088 3089 3090 3091 3092 3093 3094 3095 3096 3097 3098 3099 3100 3101 3102 3103 3104 3105 3106 3107 3108 3109 3110 3111 3112 3113 3114 3115 3116 3117 3118 3119 3120 3121 3122 3123 3124 3125 3126 3127 3128

219362 31614 31622 31633 31637 210838 31648 31651 31657 212641 31661 31667 31710 212711 216489 216490 31726 31757 31759 31778 31779 31780 31796 31811 31839 31840 31855 31856 214513 31860 217495 208596 31868 222994 31902 31903 31911 31925 31930 222265 115026 31934 31960 31964 31966 31967 31972 31980 31992 32027 211598 218982 32080 32081 226879 32117 32119 213057 216694 208459 32169 224200 116939 220604 32212 32225 230353 112747

21005 61963 25965 38106 61969 30247 21010 18290 28302 61977 61975 61980 33144 30252 30255 30256 100107 62005 25968 40308 62007 40309 38116 62014 18300 30262 100109 21029 25969 24334 33155 102415 33157 100115 62043 62044 13835 96721 62050 104886 62051 45155 62061 21032 33165 62064 62067 62071 18305 30264 30275 21038 100124 25974 21036 21037 30272 62118 62119 30278 21040 28304 21050 62129 62133 62138 62139 62142

Brotford Investments Ltd Brown Cynihia Ibelema Brown John Effiong Brown Ndubuisi Bruce Philomena Abosede Mrs Buari Folorunsho Rahoof Buari Teslimah Tolulope Buba Adamu Ardo Buba Alhaji Aliyu Buba Godobe & Company Buba Habiba Buba Intelligence Buba Musa Siam Bubachoho Philimonbuba Buhari As Sani Bukar Gady Adam Bulus Kaze Taazia Bunu Makinta Bunu Markus Mato Buraimo Hubasir Olaitan Buraimoh Omotayo Abiodun Busari Babatunde S. Busari Kabir Olajide Busari Musa Bolaji Busari Nurudeen Ajibola Busari Olanitemi Olasunmade Bwala Ladi Bwala Shangazira Abdu Byanyiko Dorothy Shekwoagami C O Sobowale C. Nwakire Emeka Cactus Global Resources Caleb Emmanuel Nom Catholic Friendly Society Catholic Youth Org. Of Nig. Lagos Prov Ince Chaba Bino Chagu Pius N. Chaha Kwaghdoo Chaha Tersen Chamba M Susan Chamberline Maureen Nnenna Charin Dunamis Investment Limited Charles Bala Azgaku Charles Chukwudi Harrison Charles Excellent Charles Julius Effiong Charles Kpeivioso Japhet Inio Luwa Charles Okpom Lovinah Nnenna Chetuya Raymond N O Chia Deve Margaret Chiagoro Gerald Chiaha Obinna Leonard Chiatula Onochie And.oliaku Chiazor Rita Chibogwu Michael Amedu Chiboka Prince Ihechiluru Chibor Anthony Onyekachi Ogu Chibuikem Mauren Uchechukwu Chidolue Michel Chetachukwu Chidolue Sean Chidubem Chiedozie S.obioma & Ijeoma D. Chiejine George Chiemeka Emanuella Oluwatamilore Chieyine Dennis Chidozie Chigbo Chike Paulinus Chigbo Somtochukwu Anthony Chike Emmanuel Onyinye Chike Godswill Buduka

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ANNUAL REPORT

2014

Chikendu Nneka.a. Chike-nwosu Denzel Chisom Chikeze Amechi Joseph Chikezie Ogechi Alexander Chikezie Ugonna George Chikwelu Chizoba Stella Chikwelu Obinna Chikwem Obed Ndidika Chikwendu Kingsley Uchenna Chikwendu Levi Chikwendu Veronica Chilaka Uchenna Lewis Chima-oduko Ibe Chime Chinwe Julia Chime Praise Chiagozie Chime Samuel Okedinachi Chimelie Joseph Chigozie Chime Zie Chinaka Nweke Ogonnaya Chinakwe James Chindo Paul Sule Chindo William Chindo Yohanna Bako Chinenye Izuchukwu Solomon Chinweokwu Edith Ogochukwu Chinyere Maxwell Ejike Chinyere Ndukwe Ikea Chirdan Oluwabunmi Oluwayemis I Chirin Ado Saidu Chiroma Barka Chiroma Hadiza Ali Chiroma M Hannatu Chiroma Zanna Alhaji Chirtau Nanko Choji Gyang Chokor Kpenu Hadassah Mary Chokor Oghenerhijerheme Davi D Chowdhury Masihul-huq Christ Ambassador Society Christ Peoples' Assembly Christian Church Of Nig G.u Center Christian Nwanneka Justin (mr & Mrs) Christiana Sim Mathew Chuchife Nigeria Limited Chude Mofumanya Victor Chugali Samson Omar Chugb0 Cyril Isaac Okwudi Chuka Chioma Eva Chuk-chiejile William Chukwuwenike Chukhuma Micheal Ethelbert Chukwu Abraham Ifeanyi Chukwu Felicia Chiebonam Chukwu Gloria Chizimuzo Chukwu Immaculeta Chinyere Chukwu Jacob Patrick Chukwu Lindline Odinaka Chukwu Okechukwu Chukwu Okorafor Chukwuagozie Ijeoma Chukwuanu Chidiebere Daniel Chukwudebe Grace N. Chukwudeme Lillian Chime Chukwudi Enejere Chukwueke Nnanna Malcolm Chukwuekem Earnest Ifeanyichukwu Chukwuemeka Ekene Martha Chukwuemelie Sunday Chukwuemerie Excel Emmanuel Chukwujama Chidinma Leslie

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

3129 3130 3131 3132 3133 3134 3135 3136 3137 3138 3139 3140 3141 3142 3143 3144 3145 3146 3147 3148 3149 3150 3151 3152 3153 3154 3155 3156 3157 3158 3159 3160 3161 3162 3163 3164 3165 3166 3167 3168 3169 3170 3171 3172 3173 3174 3175 3176 3177 3178 3179 3180 3181 3182 3183 3184 3185 3186 3187 3188 3189 3190 3191 3192 3193 3194 3195 3196

32233 32234 32236 32242 228795 32254 208934 32288 32289 231800 32308 205699 224377 32345 32378 32388 218842 32407 205566 32425 32431 32432 32437 32465 32467 32469 32512 220799 214871 118191 32550 32564 32567 32568 207472 207170 32651 123708 223181 213396 216064 205753 208481 208071 211100 210731 226438 211068 216184 32718 207006 113280 32788 210061 32834 32846 32856 32865 32867 32896 218130 32915 32920 219980 32929 32948 117452 32974

62147 25978 62148 62151 28306 21058 18320 62165 62166 62170 21059 33183 62184 30284 62192 62194 102432 25070 62202 100131 62205 104617 62208 62211 62212 62213 62221 62222 33194 62264 33196 62242 62243 62244 62270 104618 62290 62293 100143 102441 62309 62310 62311 62313 62314 62315 62316 62318 18328 62331 33203 62336 30288 28309 33205 33208 33209 40325 100161 62382 62444 102446 49544 62448 89223 96732 33215 13853

3197 3198 3199 3200 3201 3202 3203 3204 3205 3206 3207 3208 3209 3210 3211 3212 3213 3214 3215 3216 3217 3218 3219 3220 3221 3222 3223 3224 3225 3226 3227 3228 3229 3230 3231 3232 3233 3234 3235 3236 3237 3238 3239 3240 3241 3242 3243 3244 3245 3246 3247 3248 3249 3250 3251 3252 3253 3254 3255 3256 3257 3258 3259 3260 3261 3262 3263 3264

32996 33006 33064 33068 33070 33085 207155 33098 33100 33150 33152 33122 33138 33142 33144 120425 33160 33161 33185 33194 33198 33201 33217 33223 33264 33276 33282 33299 218367 33353 33359 95050 220675 33400 33407 33415 33416 33421 33424 33436 33447 120996 33482 33557 33549 124625 33571 33587 124455 120478 33600 120480 33617 33630 124716 33649 33674 33678 33681 33694 32806 207161 33701 33703 33704 33708 232144 33710

62421 49545 40334 62456 62458 100172 45166 62466 96741 48548 40345 102450 89890 104620 45175 62471 90519 25990 62476 62480 90521 40356 33231 100180 21074 45187 40365 62499 100198 100204 20113 33247 45200 40373 62510 104623 45219 62511 62512 33250 45226 62542 62529 29768 100226 33256 18334 45231 45236 100233 62560 100235 105029 45241 105140 33262 37682 102461 13860 11657 33264 48551 33265 33266 33267 100242 30291 45262

Chukwuji Cynthia Ngozi Chukwuji Martin Chukwujike Patricia Ifeyinwa Chukwuka Anthony Uche Chukwuka Ernest Uzoetoh Chukwuka Joseph Ifeanyichukwu Chukwukaelo Uche Nnebuogu Chukwulobe Makuochukwu Timothy Chukwuma Adaeze Jennifer Chukwuma Henry Obidiako Chukwuma Joseph Chukwuemeka Chukwuma Olisa Mathis Chukwumerije Nkem Chukwumerije Nnaedozie Chuby Chukwunonyerem Ikechukwu Ezenwa Chukwunyere Caroline Chidinma Chukwurah Augustina Awele Chukwurah Loveth Ugenyi Chukwurah Pauline Chumle Paul Nanpon Chunwu Amaka Juliet Church Of The Pentecost Ang. Com. SoKoto Chuwang Mang Boyi Dung Benedict Ma Ng Ciroma Aisha Ciroma Hauwa Ciroma Ibrahim Cleaveteck Standard Limited Clement Irene Onuikpo Clement Ngando Emmanuel Coker Abdul Rachid Babatunde Coker Adedoyin Apinke Coker Francis Olajide Coker Iteoluwa Liberty Coker Iyetomide Simon Oluse Yi Coker R. Oluwatosin Cole Victoria Commander Farms & Agro Allie Communication Information Technology Conteh Aminata Amara Cookey-gam Oroma Core Media Services Limited Cornerst Trustee A/c: Morenike M S. Cornerst. Trustees A/c Krakue .c Cornerstone Trustee A/c:olawuyi A Cornerstone Trustee Edwin Aghedo Cornerstone Trustee Raine G Cornerstone Trustees A/c Titilayo O. Cornerstone Trustees/adepoju Adeleke Cottage Hospital Azumini Ltd Crescon Projects Ltd Rc 656874 Crown Courts International Ltd Csl Nominee A/c - 'bus1' Cvik Global Concepts Limited Dabder Justine N Dabo Christopher S Philip Dabo Rabi Murtala Dabup Helen Edward Dachollom Gyang Toje Dachomo Pam Musa Dada Azeez Oladayo Dada Bola Dada Fidelia Dada Foluke Roseline Dada Habeeb Olanrewaju Dada Hadiza Dada Margaret Dada Olayinka Lizzy Dada Olufunke Taiwo

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3265 3266 3267 3268 3269 3270 3271 3272 3273 3274 3275 3276 3277 3278 3279 3280 3281 3282 3283 3284 3285 3286 3287 3288 3289 3290 3291 3292 3293 3294 3295 3296 3297 3298 3299 3300 3301 3302 3303 3304 3305 3306 3307 3308 3309 3310 3311 3312 3313 3314 3315 3316 3317 3318 3319 3320 3321 3322 3323 3324 3325 3326 3327 3328 3329 3330 3331 3332

122378 33712 33725 219600 33787 33791 33801 218322 33819 33822 209460 33837 33841 33856 33858 210206 33865 227964 33885 33918 33892 33903 33906 33931 33950 33987 34017 34026 34027 34040 34044 214166 34054 34056 34058 34121 34085 34090 34125 34105 34140 34149 29232 29108 34158 113005 34177 34178 34186 224899 222868 34206 34227 224071 226782 116902 34246 34257 34258 220469 34270 34283 34321 34329 34340 34344 34357 207424

48553 33268 62579 45264 100244 45287 62584 62592 23915 89894 62597 62598 48554 62606 62608 62635 62611 62617 40410 11419 29773 62630 94258 62646 49551 92034 23442 100261 100262 45296 33278 100264 100269 62679 62680 33284 62686 100272 40431 33282 33286 33288 33289 33290 33292 62708 62699 45320 62701 28318 96757 13863 37688 62712 62713 62716 62722 62730 62731 62737 62739 100287 92038 3587 62757 62759 24345 25996

3333 3334 3335 3336 3337 3338 3339 3340 3341 3342 3343 3344 3345 3346 3347 3348 3349 3350 3351 3352 3353 3354 3355 3356 3357 3358 3359 3360 3361 3362 3363 3364 3365 3366 3367 3368 3369 3370 3371 3372 3373 3374 3375 3376 3377 3378 3379 3380 3381 3382 3383 3384 3385 3386 3387 3388 3389 3390 3391 3392 3393 3394 3395 3396 3397 3398 3399 3400

209338 227614 34433 34435 217098 34439 221336 34449 232076 34456 215599 34486 217217 114938 207714 222266 34586 34601 34632 34624 34628 34652 34655 217779 34680 34691 228073 217453 34741 211546 34788 34794 206621 34811 34821 34843 34882 228749 34945 34971 34994 118341 35026 228750 35040 35042 35043 35044 35048 35051 112964 35068 35084 35085 111276 35170 35174 222271 35198 120358 35245 35259 35287 217069 116634 35316 35328 35329

102480 62792 33311 33312 62796 62800 33313 40446 24812 62811 62818 62831 28321 102484 62842 40450 62870 18337 25079 102491 45327 24347 62891 102493 38133 62902 26005 45328 38974 40456 62931 21084 100326 21086 33330 62949 62972 96772 21094 33337 62994 63007 90530 33340 63014 40468 40469 40470 63016 63019 63027 63029 30300 63039 104631 63089 45337 45338 63098 25082 100347 33353 24355 63113 96791 63118 63121 92057

Danmusa Idris Mamman Danmusa Jamila Mohammed Dansu Ezekiel Gbetogo Dantanga Yahaya Shehu Dantsoho Mohammed Sabitu Danyaro Bashir Ibrahim Danzuru Yusuf Daodu Clement Aderinde Dapap Delashik Datak Dapar Rose Maxwell Dapo-awosika Tinuola Dapo-thomas Boladele Aderemi Dara Ahmadu Daramola Adeniyi Daramola Adetokunbo Chinedum Daramola Bayo Cornelius Daramola Blessing Bimpe Daramola Ibikunle O. Daramola Olaoluwa Isaac Daramola Oluwafemi Dennis Daramola Oluwaseun Ebenezer Daramola Sefiu Jide Daramola Stella Okunlola Darby Ene-ameh Mitchel Dare Kollins Joshua Dasaolu Comfort Adenike Dass Yusufu Lumana Dateba Malise Turba Dateba Roseline Malise Datti Adamu Danjummai Datti Tijjani Mohammed Dattijo Lamaran Makama Datugun Paul Naankot Datuowei Bodisere Deborah Datuowei Helen Ebiere Dauda Dr Saleh Dauda Ismaila Dauda Margaret Dauda Rose Dauda Samaila Dauke Peter John Daura Buhari Mamman Daura Hassan Mamman Daura Husseini Mamman Daura Rabia Mamman David Agboola Oluwatobi Agbetuyi David Alexander David Asabe David Felicia Bolajoko David Newton David Oladele Adeniyi David Olamide David Saul Framni David Valor Ventures David-akanbi Lanre Davidson Innocent Ewean Davies Ibidunni Abioye Davies Oluwakemi Abiola Davies Omobolaji Laolu Davies-folorunso Tesleemah Oluwakemi Davis Juliet Nnenna Davou Yusuf Ali Dawodu Joseph Olalekan Adeye Mi Dawodu Muheez Olawale Dawodu Taiwo Omolara Dawodu Tolulope Yewawde Daya Abdullahi Abdulkarim Dede Fidelis Elonime

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3401 3402 3403 3404 3405 3406 3407 3408 3409 3410 3411 3412 3413 3414 3415 3416 3417 3418 3419 3420 3421 3422 3423 3424 3425 3426 3427 3428 3429 3430 3431 3432 3433 3434 3435 3436 3437 3438 3439 3440 3441 3442 3443 3444 3445 3446 3447 3448 3449 3450 3451 3452 3453 3454 3455 3456 3457 3458 3459 3460 3461 3462 3463 3464 3465 3466 3467 3468

124105 35373 221350 35384 35386 218937 216003 35398 35407 35411 35418 121672 35441 35455 35496 35497 35499 35520 35523 35542 35543 35544 35559 232353 35565 35572 35622 35639 35640 221860 35657 214741 35683 35684 224286 35687 35737 35738 221403 35747 210276 124544 35772 35794 35824 217596 35851 110680 218650 35864 35881 35928 211406 35951 35981 120821 36014 217037 36030 36046 36047 121069 36079 36090 36091 46935 36104 36105

63134 28329 94277 92062 63148 92064 21100 63151 38140 21099 38142 63171 63164 102515 100362 13138 100363 102517 33362 33364 33365 33366 33367 21103 102521 23926 102526 63218 63219 30301 63222 63234 20127 13876 26025 24817 33380 26030 30302 21113 63260 63263 63267 102537 2112 63284 21117 63293 63296 26033 21119 30303 18361 21122 33390 89238 23931 28346 63351 37690 21125 30311 33400 20135 25087 63374 26040 63375

3469 3470 3471 3472 3473 3474 3475 3476 3477 3478 3479 3480 3481 3482 3483 3484 3485 3486 3487 3488 3489 3490 3491 3492 3493 3494 3495 3496 3497 3498 3499 3500 3501 3502 3503 3504 3505 3506 3507 3508 3509 3510 3511 3512 3513 3514 3515 3516 3517 3518 3519 3520 3521 3522 3523 3524 3525 3526 3527 3528 3529 3530 3531 3532 3533 3534 3535 3536

36107 36108 207146 214650 36123 36126 36136 112817 36138 117640 36161 215256 36209 36233 36246 36258 36261 36273 36278 36288 36289 36294 36313 36325 36341 36342 121751 36353 124962 36357 36364 36377 36415 36443 36444 36494 212585 36518 36519 36521 36536 116061 36563 120396 36582 36587 36620 36632 36633 36637 36639 36645 210132 210408 207048 36679 36680 36694 222502 36708 36698 209874 36714 36730 123730 36764 36765 210527

63376 63377 63379 105266 63383 33401 63390 63391 63393 63411 102555 26049 33405 26053 28354 33412 37691 28356 28358 28360 13887 63450 21127 28362 28364 20144 28366 40487 63460 28370 26063 63465 92073 28371 21129 33419 26068 33422 26072 26073 26076 63518 102572 33423 63533 63534 63545 20150 20151 30317 30318 28374 63559 96812 63573 26087 40492 26088 28375 63579 25102 92079 26090 92080 63591 18367 18368 33431

Durojaiye Oluwatoyin Adejoke Durotimi Moses Folorunsho Durotoye Olorunninsola Oye Durowoju Akanbi Durowoju Funmilola Abidemi Durowoju Raubil Niyi& Folayemi I Duru (sir) Kingsley Onyeabu Duru Chidubem Martins Duru Eberechukwu Linus Duru Fabian Onyemauche Duru Ikenna Chidolue Duru Okechukwu Nwabugo Duru Patricia Kelechi Duruebube Cosmos Chimezie Dzakma Falnyi Manasseh Dzarma Hyelna'anda Manasseh Dzarma Victor Manasseh E2ennaka Rita Chinenye Eagle Consultants & Managers Ltd Ebalu Odufa Itohan Ebalu Omoathefe Francis Ebalu Omoathefe Osadebawen Ebbi Audu Markus Ebe Samuel Ebecha Chidinma Endurance Ebeh Sylvanus Endurance Aaron Eberechi Nwalozie Aloysius Ebhoaye Stella Ebhodaghe Abel Omozojie Ebhodaghe Michael Obeahon Ebi Adejoke Adenike Ebiega Anthony Adadu Ebienang Charles Iyakndue Ebiendele Pat E A Ebieshuwa Omatsola Ebifegha Pere Ebiyaibo Sonny Ebiye Onyibe Elvis Ebizie Maritha Ogonnaya Eboatu Ijeoma Lilian Eboda Omolara Hawawu Eboesomi Peter Oshiogbhe Eboh Lucky Eboka Azuka Jones Ebong Nelson Ebong Victoria Eno Ebozue Ferenc Chibuzo Ebri Blessing Ekaete Ebuehi Tina Ebufegha Ebieyi Veronique Ebunilo Peter Udochukwu Echedom Prince Chukwunonso Echema Joe Ndubisi Echendu Margaret Nwakaego (m Rs) Echua Thomas Agbor Ecwa Goodnews Church Ede Moses Obiabo Edebor Otabor Augustine Edefiwotu Micheal Orhan Edeh John Edeh Joseph Chidozie Edeh Ruth Chinwe Edelduok Monica Samuel Edem John Titus Edem Joseph Edema Efe Abel Edema Felix Akpo Edema Glory Omote

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3537 3538 3539 3540 3541 3542 3543 3544 3545 3546 3547 3548 3549 3550 3551 3552 3553 3554 3555 3556 3557 3558 3559 3560 3561 3562 3563 3564 3565 3566 3567 3568 3569 3570 3571 3572 3573 3574 3575 3576 3577 3578 3579 3580 3581 3582 3583 3584 3585 3586 3587 3588 3589 3590 3591 3592 3593 3594 3595 3596 3597 3598 3599 3600 3601 3602 3603 3604

36818 36833 36840 36877 224036 36885 36893 231205 117158 207565 36919 36921 36929 219340 212551 37005 37022 37061 37075 37081 37093 37095 37104 37106 37107 37117 37125 223201 37135 37144 37147 37151 37182 37204 37216 37232 37257 37282 37314 37316 37330 37339 37362 205925 37391 231076 37422 111255 37429 37438 37440 37467 37485 206728 37511 217207 37519 37523 37545 37556 37561 222529 214398 37580 37588 37599 37600 37603

28379 92085 33432 63632 63638 27822 63640 38159 63647 30326 102583 30327 33434 63662 63670 18374 63672 21160 45359 45362 92086 102590 63697 40497 33439 33440 63701 28388 26108 63705 26112 21165 21172 28396 104633 63726 33446 18380 104893 21174 21177 33457 63762 63766 63774 63795 63797 28409 28406 28410 26123 28417 63825 28420 26125 28423 92090 18386 33462 28428 26127 28429 33463 26129 26130 63872 63873 26131

3605 3606 3607 3608 3609 3610 3611 3612 3613 3614 3615 3616 3617 3618 3619 3620 3621 3622 3623 3624 3625 3626 3627 3628 3629 3630 3631 3632 3633 3634 3635 3636 3637 3638 3639 3640 3641 3642 3643 3644 3645 3646 3647 3648 3649 3650 3651 3652 3653 3654 3655 3656 3657 3658 3659 3660 3661 3662 3663 3664 3665 3666 3667 3668 3669 3670 3671 3672

37621 207462 37662 37684 228012 37701 37709 37714 37719 37758 37773 37777 37818 222216 37847 214036 37875 37876 67200 37892 211112 37912 206182 228753 37946 219175 208682 37982 37986 217029 38017 211166 38021 208704 231558 38054 38060 122388 38072 38079 214984 38091 227966 38108 38113 38115 38134 38136 38137 38140 38154 38159 38164 38169 220243 38187 38189 38257 38261 214468 38266 38270 38287 120355 38294 38306 221036 110794

26132 96832 21184 21185 30336 33472 63907 63912 21188 21190 38180 102611 26147 92093 20154 20160 102616 63961 63969 33481 18395 102617 63994 63988 38185 102625 64006 64012 64013 64023 64028 64029 21199 21202 21201 25112 18404 102636 102634 18405 102638 33488 64067 28439 64070 28440 102643 102645 25114 92097 33495 30344 100388 45375 33497 33498 25121 64109 26159 25138 25129 64111 102650 25140 33503 33505 64127 42

Egbo Betty Enyonanovwe Egbo Mr Ukwodili Chukuu Egbodor Angela Imeh Egbonyi Patrick Amor Egbu Livinus Egbu Virginia Ngozi Egbuche Isabella Kwene Egbuchelem Nnamdi Jacob Egbuiwe Augustine Ngozi Mfon Egbuji Gerald Chinedu Egbujor Nkechi Egbujor Uchechi Linda Egbukichi Oluchi Roseline Egbuna Chiedozie Jideofor Egbuson Elliott Enaemeaye Egbuta Chinyere Otuu Egede Christian Onyekachukw U Egenti Chinyere Sabina Egeonu Catherine Egeonu John Egerongbe Tijani Taiwo Egerue Kingsley Eghagha Aaron Okeroghene Ugoc Hukw Eghaghe Christy Osadebamwen Eghaghe Obianuju Ebelechukwu Egharevba Micheal Eghenayore Anthony Obazee Eghonghon Theophilus Ikuenobe Eghorieta Johnbull Arienrere Egieyeh Robert Oluwadamilola Egiliwe Ikechukwu Anthony Egli Paul Ogbenjuwa Egu Gloria Nneka Eguavoen Esosa Abidemi Theresa Eguke Odemine Sunday Egunjimi Ayowale Oluwakayode Egwa Emmanuel Adakole Egwim Emeka Godspower Egwu Sunday Okoh Egwuagu Adaobi Augusta Egwuatu Obiora Joseph Egwu-bechi-association-abuja Egwumba Ogechi Glory Egwuonwu Nnama D Gunns Ehebha Griffith Onus Ehighibe Michael Orji Ehigiamusoe Doris Anombekwue Ehigiator Alex Friday Ehigiator Esther Ehigiegba Olive Osariemen Ehiginwa Michael Chukwudi Ehimen Ebehiremen Patricia Ehimwenma Osaze Uyi Osaze Uyi Ehiogie Patience Uwa Ehiorobo Felix A. Ehiorobo Helen Ehirim Elearms Ehirim Loveth Ngozi Ehizokhale Christian Anenin Ehrabor 0 Prosper Osabogie Prosper Ehwarieme Vera Ena Eigbojie Lucky Ehimonaraman Eihebholo Humphrey Eirewele Williams O Ejaife Chisom Daniella Ejebughaobi Kingsley Monday Ejechi David Uwadia Ejedafeta Ese Daniels

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Warr. No Names

3673 3674 3675 3676 3677 3678 3679 3680 3681 3682 3683 3684 3685 3686 3687 3688 3689 3690 3691 3692 3693 3694 3695 3696 3697 3698 3699 3700 3701 3702 3703 3704 3705 3706 3707 3708 3709 3710 3711 3712 3713 3714 3715 3716 3717 3718 3719 3720 3721 3722 3723 3724 3725 3726 3727 3728 3729 3730 3731 3732 3733 3734 3735 3736 3737 3738 3739 3740

38352 208344 38357 38364 38366 226049 38375 38379 38386 38398 38422 38430 221603 227488 38504 208001 38518 124131 38523 38549 220130 38532 38533 222085 38537 38540 38554 38555 38564 117972 38590 38594 121748 38620 227376 227967 38682 38686 219079 38699 38706 38722 38727 38737 38742 232034 38771 38773 38808 38827 38847 214315 227094 38878 38891 38892 38893 38895 38933 38954 38955 38956 38958 38962 38984 38988 38992 38995

28445 33508 27834 33509 30345 33510 90538 96839 28450 64148 64157 102661 64160 21207 21213 30350 30351 30352 64189 30353 38190 64194 64195 30354 64196 64198 38191 38192 21219 33525 33528 40524 45378 21220 64221 20188 64244 64247 64250 64256 30355 45380 33532 26166 64269 64283 33535 96851 64291 19615 64303 33542 21227 64316 21229 21230 33544 64321 33549 64344 33551 33552 33553 33554 26173 64350 33555 21232

3741 3742 3743 3744 3745 3746 3747 3748 3749 3750 3751 3752 3753 3754 3755 3756 3757 3758 3759 3760 3761 3762 3763 3764 3765 3766 3767 3768 3769 3770 3771 3772 3773 3774 3775 3776 3777 3778 3779 3780 3781 3782 3783 3784 3785 3786 3787 3788 3789 3790 3791 3792 3793 3794 3795 3796 3797 3798 3799 3800 3801 3802 3803 3804 3805 3806 3807 3808

39011 39052 39053 39055 39062 39063 39094 213360 39095 39098 215789 208602 219489 39142 39159 39172 39187 206937 39203 39214 39216 39236 39264 39288 224048 115947 39340 211325 39346 39352 39355 227440 39363 114137 113158 39380 39383 39384 221326 39405 39409 218704 228914 39443 221512 39446 39469 39481 209733 39495 39500 39503 39516 39517 39520 39528 39531 39533 112967 39546 39553 120309 39585 39589 39596 212497 39613 39614

33557 38201 64358 33561 33563 64364 18420 38204 64373 21238 64377 30365 64391 102686 102688 33569 30368 30369 18426 38211 64414 64424 33573 26190 102694 33577 64464 64498 90546 64469 64471 102695 64475 94294 64499 33579 64480 64481 33583 64488 102697 33585 18432 33586 33587 26196 26198 33589 64525 30371 64530 21255 33590 33591 28467 28471 26206 64540 64546 28472 92114 30375 33594 33595 30379 30381 26211 26212

Ekpu Theresa Ekpunobi Edith Nwabogo Ekpunobi Ikechwkwu Kanayo Ekubo Kekechi Ekuchey Mitcheli Nwankwo Ekugo Kelechi Alexander Ekun Abike Grace Ekundare Fehintola Omotayo Ekundayo Afe Omolola Ekundayo Joseph Gbenga Ekure Godwin Atebfia Ekwe Innocent Ekwe Jessie Nwanneka Ekweli Emmanuel Chukwunyeaka Ekwerekwu Harold Chiedu Ekwo Henry Ekwonu Patricia Ngozi Ekwonye Esther Chika Ogwu Ekwubiri Stanley Ihejierewunwa Ekwueme Chinebu C Clement Ekwueme Elizabeth Chinwe Ekwueme Elizabeth Onwuenyiagb A Ekwueme Fabian Anele Ekwueme Ginika Queendaline Ekwueme Irene Osarieme Ekwueme Khrushchev Ugochukwu Ekwulonu Raphael Ifeanyi Ekwulonu Sanctus Chijioke Ekwunife Francis Uchenna Ekwuno Ifeanyinwa Gloria Elah Owoicho Godwin Elaigu Ojowugwa Attayi Elder Ibrahim Hassan Ele Grace Nkiruka Eleah Godwin Eleazar Samuel Ichulo Elegbede Mussadiq Adesina Elegbede Saheed Ishola Elegbede Sefiu Alani Elegide Ikenna Chris Eleje Emeka Emmanuel Elelleh Titus Clinton Chino Nye Elemi Philomena Otuba Elendu Kachikere Elenitola Oluwafemi Sunday Elewomawu Esther Odun Elewoyori Femi Isreal Elewuro Jubril Mobolaji Elibe Martina Elijah Promise Elisha Yamtal Ella Sandra Ene Elobuike Osmond Onyedika Eloebo Uchenna Anthony Elomba Ngozi Theresa Elosi Mary-rose Ifeoma Elosili Ifeoma Felicia Elosiuba Stephinie Kaodili Elumeze Ogwashima Sylvester Elvis-isi Idiakheua Franca El-yakub Ameera Usman El-yakub Asmau Usman El-yakub Hassan Usman El-yakub Nana-aisha Usman Emakpor Ufuoma Bethel Emalumhe Peter Emarieru Moses Otobo Emavwoyan Efeturi Mary

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Emeana Geraldine Chinwe Emecheta Emmanuel Chuks Emechete Emede Blessing Mary Emefiele Sunday Okuoma Emefiene Ahdrew Onyebigwu Emejuiwe David Emejulu Charles Obinna Emejulu Obiemeka Paul Emeka Barthlomen Obiora Emeka Chike Emmanuel Emelife Georgia Ngozi Emelobe Samuel Chimezie Emem Ubilevie Charles Ememe Bernice Chinyere Emengo Beatrice Nwando Emenike Rita Obiageli Emeoha Chima Emerenini Benjamin Emeronm Onyekachi Emerson Marshall Emeto Anthony Chidi Emezue Nathaniel Emili Benjamin Emmanson Okon Emmanual-seimodei Ebikaboere Emmanuel Caleb Emmanuel Chukwuma Samuel Emmanuel Edet Ekpri Emmanuel Eyinehi Victoria Emmanuel Friday Nwamuo Emmanuel George Lucky Gift Emmanuel John Mathew Emmanuel John Olufemi Sunday Emmanuel Kingsley Chukwudi Emmanuel Nelson Alika Emmanuel Nicholas Jessu Emmanuel Nimpher Ukamaka Emmanuel Ogbajie Emmanuel Emmanuel Randy Yakubu Emmanuel Silas Orinate Emmauel Christiana Remi Emodi Chinyere & Augustine Emoefe Grace Bruce Emoefe Grace Bruce Emojevwe Ogheneruona James Emordi John Charles Emovon Osamwonyi Kelvin Empere Natasha Alaere Emuchay Theophilus Usonwanne Jack Emueze Goddy Ngozi Emuka Emeka Virginus Emuze Helen Osariemen Emuze John Abieyuwa Enaboifo Rosemary Osaremen Enadeghe Majekodunmi Fred Enaemo Oghenevwiroro Aaron Enaholo Henry Oriasotie Enahoro Rijan Enaike John Oghenerhoro Enakhimion Samuel Ene Fidelis Umesie Ene Gloria Ekanem Ene Michael Eneanya Ngozi Joyce Eneasato Uzoamaka Loveth - Conrad Enebeli Robinson & Rene Enebeli Roseline Onyenibe

ANNUAL REPORT

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Corporate Governance Financial Statements

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S/no

Acc. No

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3809 3810 3811 3812 3813 3814 3815 3816 3817 3818 3819 3820 3821 3822 3823 3824 3825 3826 3827 3828 3829 3830 3831 3832 3833 3834 3835 3836 3837 3838 3839 3840 3841 3842 3843 3844 3845 3846 3847 3848 3849 3850 3851 3852 3853 3854 3855 3856 3857 3858 3859 3860 3861 3862 3863 3864 3865 3866 3867 3868 3869 3870 3871 3872 3873 3874 3875 3876

112829 39669 39681 39687 39709 39716 39720 39728 208837 39748 39753 39754 39756 39758 39763 39769 39770 218118 209509 39784 39805 39816 114170 39845 39855 219754 39873 225885 39904 39930 39944 225816 39957 39992 217959 40009 40022 40029 40030 40059 40069 40075 40082 40096 40099 40112 40119 40127 40148 215040 40165 40174 121932 40204 40207 40208 40212 40214 40215 224461 40220 40222 40236 40237 40262 40287 40305 216397

33603 102702 21260 33605 21266 30390 21268 28476 21270 26216 18436 18437 18439 18441 40540 33611 64609 30393 21272 33613 64618 64624 96867 102706 28481 19621 64639 64645 64647 102709 64657 64661 33629 18445 64683 18450 64693 100411 24373 38218 102715 26227 64713 64716 28493 64719 64722 28500 64730 28504 64735 64738 64745 64750 40546 64752 102720 28510 26243 28511 64756 64757 64762 26246 64772 96878 13934 26254

3877 3878 3879 3880 3881 3882 3883 3884 3885 3886 3887 3888 3889 3890 3891 3892 3893 3894 3895 3896 3897 3898 3899 3900 3901 3902 3903 3904 3905 3906 3907 3908 3909 3910 3911 3912 3913 3914 3915 3916 3917 3918 3919 3920 3921 3922 3923 3924 3925 3926 3927 3928 3929 3930 3931 3932 3933 3934 3935 3936 3937 3938 3939 3940 3941 3942 3943 3944

208505 40342 40351 40352 40359 40376 40389 209907 206384 40400 40413 119239 40446 40459 40461 40462 40466 40467 40481 40503 228681 40514 215670 40516 40560 40575 40594 15288 40616 40622 40627 221647 219697 40643 40656 110980 40666 228666 118392 40684 40749 40759 40816 40814 216891 218113 212962 40876 209022 40892 40917 212210 216593 216592 40935 206340 40936 40938 40942 40944 40954 213908 40959 40961 40976 40979 41006 41013

64791 64799 40552 40553 64805 64813 64815 64816 64817 64818 64823 64830 20203 26264 21284 64838 102731 25158 64845 64853 21289 26267 26268 30402 33650 102735 102739 28129 96884 64897 102749 20225 28522 105275 33655 28524 26272 102752 102753 49580 64925 25173 33663 102757 64960 64983 33668 20248 33669 20254 105277 33674 64999 65000 65004 65006 65007 65008 28526 65011 28529 65016 102761 18464 28532 65022 28539 26283

Eneh Quindalin Chinonyenun Eneji Pius Onigah Enem Nelson Obiora Enemaku Ogu Sunday Enemuo Samuel Enemuo Uchenna Nneka Enemuoh Simeon Chukwudi Enemuoo Roy Tony Efetoboh Enendu Adadiogo Favour Eneogwe Ugoeze Nne Eneoko Anthony Chidubem Eneoko Chiamaka Eneoko Evlyn Uzoechi Eneoko Nnaemeka Collins Enesi Jummai Fehintola Enetomhe John Uloko Enewally Peter Okwuegbunam Eneye Constance Chinyere Engineer Obijiofor Godwin Ejikeme Eni Pauline Lami Enigbokan Zane Tsolaye Eniobamo Omolola Omoleye Eniola Oluwatoyin Olajumoke` Enobun Monday Enoghama Magdalene Enu Rita Ojong Enu Steve Chinedum Enughobi Chimezie Jessie Enumah Omaka Maureen Enwenaonu Stellamaris Nkechi Enwerem Rosane Nnedi Enwereuzor Wilson Wogu Enworo Silas Behtrlce Enyigord C.charles Enyinnaya Christian C. Enyioha Daniel Somtochukwu Epemolu Adepeju Olalonpe Ephraim Amamki Danladi Ephraim Elizabeth Patrick Erastus John Onyedika Erekosima Inko Godfrey Eremu Donaldson Ajoye Eresanya Sunday Obayomi Ereyomi Bamidele Erhabor Enogieru Henry Erhiahwe Frank Ifeanyi Erhinyodavwe Olusola Ogheneroh Erhunmwunse Peter Osas Erikume Kenneth Erimona Ellis Temi Erinle Esther Aderemi Erinne Ada Uche Ngozi Eriyai Bolobowei Felix Erogunaine Yetunde Helen Eroje Isa Musah Eroje Joyce Eromon Abel Eromonsele Friday Eromonsele Olehiagbe Pius Eromosele Juliet Eromosele Ondsekhale Joseph Eromosele Victor Erua Shedrack Shegun Eruanovwe Okpako Edwin Eruosanyin Opeyemi Akinbayode Esan Bolanle Esan Olutope Esangbedo Osayande Collins

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2014

Esanoluwa Anthony Bayo Caxton Esedebe-governor Abraham Ekene Eseigbe Oselumese Eseigbe Oserieme Eseka Elizabeth Ibukunola Eselehaton Tuesday Edebhor Esene Boniface Ehiabhi Esewe Uwamusi Esewhaye Richard Ovie Esezobor Ronalda Olohitai Eshiet Rhoda Esi Felicia Owariobo Esifa Harris Ben Esimobi Christiana Christiana Esimoneze Anthony Obiora Esin Asuquo Edet Esin Ronald Asuquo Esio Okon Jack Esisi Oritseweyimi Andrew Esoimeme John Odiase Esomonu Martins Ndibem Esomu Ese Lilian Esonanjor Winnie Anwulika Esonwune Chinwendu Scholar Essien Gabriel Effiong Essien Joseph Michael Essien Uduak Udondak Estate Of Akin-akinlade Clara Ivbade Estate Of Late Chief Akinlade Adejumo Esther Baikie Esu Asuquo Okon Esua Okon Johnson Esumeh Frederick Ikechukwu Esuruoso Obafemi Adeniyi Etang Ejen Alfred Etchie Johnejuluwah Eteghrara Oghenekaro Duke Etela Ashford Owanate Etetegwung Uriah Meniel Etibeng Okon George Etim Justin Anthony Etim Sunday Edem Etsu Ndagi Musa Awwal Etsu Umar Edota Etta Rita Ega Etuk Emmanuel Jonah Etuk Friday Johnson Etuk Geraldineita Etuk Ubon Emmanuel Etukeno Eno Ben Eubany Lorraine Adamma Eugenia Ifeoma Agu Evah Joseph Evah Preye Josephine Evbodaghe Flora Evboren Dennis Oakhena Evborokhai Promise Ebunuta Evbota Raphael Oluwaseun Ose Mudi Evbuomwan Bright Evbuomwan Efosa Eviebor Unuabona Ehidiamen Jeffery Evoh Uchechi Evuetapha Owhonigho Joy Evuline Constance Onyekachi Ewansiha Ekene Osahenruwan Ewarawdh Kayode Abiodun Ewemade Godday Ewere Owhofasa

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3945 3946 3947 3948 3949 3950 3951 3952 3953 3954 3955 3956 3957 3958 3959 3960 3961 3962 3963 3964 3965 3966 3967 3968 3969 3970 3971 3972 3973 3974 3975 3976 3977 3978 3979 3980 3981 3982 3983 3984 3985 3986 3987 3988 3989 3990 3991 3992 3993 3994 3995 3996 3997 3998 3999 4000 4001 4002 4003 4004 4005 4006 4007 4008 4009 4010 4011 4012

41014 41016 41023 41026 41035 215006 41051 41071 41083 41089 215856 41102 41107 41117 41124 41147 41167 41169 41174 41175 41184 41197 41199 124429 41201 41207 208133 41235 207809 41240 41243 124689 41260 41263 208706 41277 41281 41294 41355 210972 41306 41323 41325 117360 41371 211654 41379 212259 41419 41426 41428 41429 41441 41467 41452 41453 124956 213537 41494 41500 41503 41527 41548 41559 115085 41626 41565 41571

96890 40565 65040 13952 65042 65052 65046 65057 65061 25182 65064 33682 26287 65069 65073 65085 65093 33685 102773 65097 33686 102775 65104 65142 21295 18470 28545 21298 65148 65116 30414 65149 33690 33691 38226 30416 30417 30420 100427 38228 65130 33694 21307 30431 38231 21314 65165 38234 92143 65188 21322 27841 21327 21335 26299 21331 21336 65191 21343 65203 21345 65209 65220 65228 65230 33710 26302 23957

4013 4014 4015 4016 4017 4018 4019 4020 4021 4022 4023 4024 4025 4026 4027 4028 4029 4030 4031 4032 4033 4034 4035 4036 4037 4038 4039 4040 4041 4042 4043 4044 4045 4046 4047 4048 4049 4050 4051 4052 4053 4054 4055 4056 4057 4058 4059 4060 4061 4062 4063 4064 4065 4066 4067 4068 4069 4070 4071 4072 4073 4074 4075 4076 4077 4078 4079 4080

225315 231202 219855 41594 41597 219787 217649 41642 41644 41645 41647 41648 41649 41650 41659 41670 222533 41678 41679 41691 219887 35519 41724 118495 41745 208774 41815 41816 41827 41834 41849 119032 41852 41855 41860 230142 41881 222431 217867 41895 41900 217640 41912 41922 41927 41933 41934 41935 41937 41938 118721 223132 41947 41983 211155 41995 124598 42018 42019 42021 42023 42030 111136 42079 42088 42096 214745 42130

30439 30443 30447 65236 26303 21363 65251 33712 65255 8896 18479 18480 18481 18482 21367 18485 18486 65262 30453 65266 100436 65274 90563 65279 21385 21392 65302 30459 18495 65308 33720 21403 21404 21405 65317 65319 21415 65324 21418 21421 65330 21423 33723 21426 65338 33725 33726 33727 21429 30465 21430 21432 90564 65354 24386 65357 21451 21453 21454 100437 21456 28562 65386 65394 65395 89262 21474 65410

Ewereoke Nchedo Ewesuedo Dorothy Bowie Ewewie Andrew Ebehigha Ewhenji Joseph A Ewoneme Mathew Ewumi Olufemi Adewale Ewumi Ayoola Idowu Ewuzie Ifeanyi Kingsley Exotique Cakes Eyafe Samson Eyak Daniel Eye Patience Okoro Eyekomogba Okuiyborivkunerhe Chr Isto Eyetsemitan Kingsley Oti Eyinagho Isoken Martina Eyo Edak Esua Eyoansa Uduak Joshua Eyong Arikpo Ibiang Ezabilike Victor Blessing Ezaga Efemaibuno Eze Albert Akuma Eze Azubike Okwudili Eze Bryan-kingsley Ebere Eze Casmir Ikechukwu Eze Celestine Chukwuma Eze Chinonye Divine Eze Cleophas Azubuike Eze Emmanuel Ikechukwu Ob Iora Eze Eunice Oyibo Eze Faith Uchechukwu Eze Florence Nkechinyere Eze Franca Paul Eze Ifeyiawa Mercy Eze Ijeoma Euphemia Eze James Agwo Eze Joy Chinyere Eze Kenechukwu Charles Eze Ngozi Lilian Eze O James Eze Ogechi Eze Okechukwu Eze Samuel Chibuzo Eze Solomon Chibuike Eze Vivinne Apollonia Ezeagu Fortune Nchedo Ezeagu Philomena Chimaoge Ezeajugh Chinwuko Val Ezealla Jerome Ugwoebulem Ezeama Uche Jude Ezeamaku Joseph Chukwudalu Ezeamaku Obum Chukwuemeka Ezeamalu Lawrence Obiefuna Ezeani Bridget Ezeani Chinelo Stella Ezeani Jude Obinna Ezeani Juliana Adaora Ezeani Paul Obumneme Ezeani Uzoamaka Gloria Ezeanyika Kenechukwu Clement Ezeayan Chineyere Osaremen Ezeazuka Azubugwu Jp Ezechidiebube Chinonso Cornelius Ezediebube Violet Nwanneka Ezegbolu Ann Ogugua Ezegbunam Simon & Gertrude Ezeh Uchenna M Uchenna Monday Ezeh Agnes Chinwendu Ezeh Blessing Agatha Ngozi

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Ezeh Chika Ezeh Emilia Ezeh Emilia Nkechi Ezeh Fredrick Ikechukwu Ezeh Hilary Chukwuemeka Bi Shop Ezeh Innocent Ihemeje Ezeibe Elizabeth Obiageli Ezeife-abengowe Fidelia Obianuju Ezeifedi Maureen Chinenye Ezeifeka Bibian Chijioke Ezeigbo Ambrose Chinedu Ezeigbo Anayo Cyprain Ezeigbo Ejike Gabriel Ezeigbo Emeka Hyacinth Ezeigwe Steve Obinna Ezeikpe Thomas Ezeiloegbu Ikechukwu Ezeiru Omelebere Florence Ezeiru Onyekachi Elochukwu Ezeji Kelechi Matthew Ezekiel Danboyi Bot Ezekiel Ladi Ezekiel Oladele Ezekwe Emmanuel Chiedu Ezekwem Esther Nneka Ezema John Chidi Ezemobi Victor Chimuanya Ezemoka Juliana Adaobi Ezendiokwelu Bernard Chukwujekwu Ezenduka Anthony Ifedigbo Ezenma Ngozi Christophin Ezennaka Anthony Obinna Ezennia Crispina Chima Ezennwa Valentine Anayochukwu Ezenwa Agatha Chinenye Ezenwa Chiamaka Augustina Ezenwa Mmesoma Uchenna Ezenwa Oliver I. Ezenwa Wilson Chukwukaero Ezenwafor Udoka Ezenwajiaku Chike Ezenwamma Augustina Ifeoma Ezenwanne Nkiru Ann Ezenwe Innocent Ezenwosu Solomon Ndiuwakwe Ezenwune Amarachi Lucymary Ezenwune Emmanuel Chibuike Ezenwune Valetino Chimaobim Ezenyi Chibuko Reuben Ezenyirioha Imelda Ekeoma Ezeobi Felicita Uche Ezeobi Mathew Anayo & Agatha Ugochi Ezeobi Nwankwo Joel Ezeoka Ikenna Trevor Chinweo Ke Ezeoke Ernest Ezeoke Juliana Ezeokonkwo Okechukwu Franklin Ezeomodo Bartholomew Azubuike Ezeona Alphonsus Uwakwe Ezeonu Ifeanyi Ezeonuogu Uchechukwu Mmaduka Ezeonyeikedi Toochukwu Kenneth Ezetah Rejinald Chinedu Ezeugwa Okwudili Christian Ezeuka Sylvester Chukwuma Ezeunara Emmanuel Chukwujekwu Eziamaka John Ejikeme Ezigbo Audrey Ndidiamaka

ANNUAL REPORT

2014

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Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

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S/no

Acc. No

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4081 4082 4083 4084 4085 4086 4087 4088 4089 4090 4091 4092 4093 4094 4095 4096 4097 4098 4099 4100 4101 4102 4103 4104 4105 4106 4107 4108 4109 4110 4111 4112 4113 4114 4115 4116 4117 4118 4119 4120 4121 4122 4123 4124 4125 4126 4127 4128 4129 4130 4131 4132 4133 4134 4135 4136 4137 4138 4139 4140 4141 4142 4143 4144 4145 4146 4147 4148

42147 214964 42183 42191 42199 42200 42209 116209 122871 42220 42231 42250 42258 226789 121386 230113 42284 42290 42294 213755 218572 42311 42313 42316 42323 42333 42336 42348 42358 42387 42409 42413 42414 225550 42455 42476 35522 42478 228720 42517 42522 42525 232110 42550 118787 42580 42595 228014 42604 42614 42630 42631 42656 207517 220627 42676 42688 42689 42695 42716 42747 42753 42754 42756 230797 42801 42817 42824

21478 30481 26312 21484 65429 28564 30482 45412 21486 18511 21488 65448 92149 49588 29787 105279 37697 65466 65468 65471 94301 92156 33744 19625 43551 65484 65485 65490 10525 96917 65509 96921 65511 65524 65525 65532 65533 40587 65537 102800 65550 65552 65558 33752 65572 96936 92173 94307 65580 65583 65591 29791 102802 65602 96945 90577 26318 26319 96946 65629 96950 29795 65645 65646 94314 65672 65681 65683

4149 4150 4151 4152 4153 4154 4155 4156 4157 4158 4159 4160 4161 4162 4163 4164 4165 4166 4167 4168 4169 4170 4171 4172 4173 4174 4175 4176 4177 4178 4179 4180 4181 4182 4183 4184 4185 4186 4187 4188 4189 4190 4191 4192 4193 4194 4195 4196 4197 4198 4199 4200 4201 4202 4203 4204 4205 4206 4207 4208 4209 4210 4211 4212 4213 4214 4215 4216

42917 226155 42986 42994 43005 229259 122056 43068 43089 43125 43135 43139 110575 43191 117986 43217 217091 43238 43281 43324 211238 43333 43336 43338 43343 209903 119930 43357 215898 43382 43383 43411 215398 43439 217237 43470 43474 43475 43477 230413 218014 43510 43512 43513 43530 43528 113275 43547 43549 43566 43572 43574 43577 43578 43587 43607 43645 43648 43649 43650 219803 43658 223635 43679 43678 43686 221798 43690

33760 65716 100444 102807 96964 100445 96970 96971 90589 65791 96977 65799 65805 65819 65828 65832 65839 105034 65856 65868 33765 65873 65874 65875 90599 49596 65876 23463 45422 96999 65880 65890 65903 65907 65917 40600 40602 40603 40605 33770 90603 13982 65932 65933 65940 65938 65956 65949 65950 65962 65967 97008 94332 65970 65973 65981 65999 66000 66001 66002 40608 23959 90605 90607 66009 66016 66018 92209

Ezike Chukwuma Chukwubueze Ezisi Chinyelu Nkem Ezissi Uchenna Anthony Ezomike Uchechukwu Obiora Ezue Chinwe Gloria Ezue Eugene Olisaemeka Ezugwu Augustine Chibueze Ezugwu Chidiebere Jonas Ezugwu Michael Okechukwu Ezuka Peter Chisom Ezumba Chigbo Nwabueze Fabeku Adunni Musili Fabiyi Beatrice Omotayo Fabiyi Femi Samuel Fabiyi Wuraola Adebanke Fabode Abiodun Olufemi Fabulous Amos Mela Boh Fabunmi Caleb Ibukunoluwa Fabunmi Emmanuel Ayooluwa Fabunmi Isaac Adedokun Fabusuyi Akinlabi Rapheal Fad1pe Ibrahim Olatunji Fada Danjuma Fadah Usularo Mary Fadahunsi Olufunke Omonike Fadairo Feyisara Olufunmilay O Fadairo Olaoluwa Fadakinte Temitope Adebayo Fadare David Adebayo Fadeji Samuel Olaniran & Eli Zabe Fadeyi Risikat Abiola Fadeyibi Adegbite David Fadeyibi Temitope Adeniyi Fadipe Olanrewaju Idris Fadipe Olutayo Akanbi Daniel Fadoju Olayinka Idowu Fadoju Olumuyiwa Ifabiyi Fadojutimi Clement Ayodele Fadola Alaba Fagade Titilope Fagbami Tawakalit Oyenike Fagbamigbe Susanna Olusola Fagbayi Ridwan Olaribigbe Tope Fagbemi Olabode Ibukunolu Fagbenle Olaniyan Fagbenro Nafisat Adedoyin Fagbire Anthony Olusegun Fagbohun Abraham Babatope Fagbohun Akinbowale Akinola Fagbohun Victoria Olanike Fagboyo Rufus Omoniyi Fagboyo Timothy Kayode Fagoroye Vivian Odochi Fahm Abdulraheem Oladipupo Fajana Johnson Olusegun Fajana Joseph Adesina Fajemisin Ayomikun Ademilade O Luwa Fajemisin Christopher Adebowale Fajimi Abiola Fajorin Agboola Oladimeji Fakayode Oluwayemisi Fakeye David O. Fakeye Kehinde Fakeye Olaleke Olawumi Fakoya Francis Adelade Fakuade Temitope Joseph Fakunle Daniel Temitope Fakunle Oluwayemisi Modupeola

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2014

Falaye Adeshola Josephine Falcon Sec. Ltd/babalola Olufemi Fale Yaknan Jeremiah Faleti Biliaminu Adio Faleye Florence Adenike Falle Nanbol Paul Falope Lasisi Olutoyese Falowo Elizabeth Olajumoke Faluyi Abimbola Ayokunle Familoni Oluwole Babafemi Familusi Titilayo Famiyesin Modupe Olubusayo Famoroti Femi Famuyiwa Maclawrence Kolapo Oy Eyem Fanimokun Olumuyiwa Faniyi Abayomi Babatunde Ona Nuga Faniyi Babalola Fantami Dogo Bukar Farayola Modupe Tijani Farinde Peter Oluwafunsho Farinloye Olawale Oluwole Farinu Morenike Victoria Farodoye Titilola Omotunde Farombi Mojisola Funmiloma Faromika Olapeju Alice Farominiyi Esther Iyabode Farore Kolawole Cosy Farouk Umar Ismail Farouk Zubaida Ladan Fasakin Jumoke Olaitan Fasan Bolanle Fasanya Taiye Funmi Fasasi Leke Bashir Faseemo Bamidele Fasetire Hakeem Olusegun Faseyitan Abiola Faseyitan Oluwaseun Faseyitan Oluwatosin Akanni Faseyitan Temitope Fashedemi Titilola Fashina Amos Odunayo & Florence Fashina Babatunde Jamiu Fashina Boluwatife Fashina Damilola Fashina Owolabi Oluyemi Oluyemi Fashina Toluwalashe Fashola Adetunji Tubosun Fashola Moshobalaje Jubril Fashola Muka Ishola Fashoyin Temitayo Olutoyin Fasina Durotoluwa Opefoluwa Fasina Folake Iyinfolu Fasina Paul Ademola Fasina Tolulope Omololu Fasogbon Adeyemi Omoniyi Fasoranti Lawrence Ayokunle Fasuyi Stephen Biola Fatade Bolade Fatade Bolaji Fatade Debola Fatai Muniru Olayinka Fatai Saidi Adewale Fatele Folake Olubunmi Miss Fatimehin Tolulope Bunmi Fatimehin Olatunji Clement Fatimiro James Rotimi Fatimiro Oluwatoyin Abimbola Fatoba Olusola Steve

Growing a Sweet Harvest

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Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

4217 4218 4219 4220 4221 4222 4223 4224 4225 4226 4227 4228 4229 4230 4231 4232 4233 4234 4235 4236 4237 4238 4239 4240 4241 4242 4243 4244 4245 4246 4247 4248 4249 4250 4251 4252 4253 4254 4255 4256 4257 4258 4259 4260 4261 4262 4263 4264 4265 4266 4267 4268 4269 4270 4271 4272 4273 4274 4275 4276 4277 4278 4279 4280 4281 4282 4283 4284

43693 43707 43714 213636 229327 205903 43750 43755 43756 43760 43772 43778 43785 43789 43807 43813 43816 43831 43839 43843 43844 220226 43870 43872 207422 43902 43943 43961 43967 43973 43995 228599 44002 44015 44018 44042 220052 44079 44115 111185 206791 44186 44197 44202 44207 44227 44234 230095 44242 225600 44250 44256 44272 44273 222937 44301 44306 44324 44329 44375 44416 44394 121893 44396 44400 44408 120849 44424

66021 66026 66027 92210 66036 66048 66053 66057 66059 66063 90610 66075 94352 66077 66089 66093 66095 66105 66110 33782 66114 66121 13984 92213 102814 102815 66162 66166 102820 66168 66175 33784 66178 28572 26324 33787 49601 26325 66291 102823 66305 92218 66317 26327 49603 66325 66330 66333 33792 66338 92225 66344 66352 89271 49605 66367 97049 100456 24390 66399 33800 40626 66417 40627 30485 40628 33801 102827

4285 4286 4287 4288 4289 4290 4291 4292 4293 4294 4295 4296 4297 4298 4299 4300 4301 4302 4303 4304 4305 4306 4307 4308 4309 4310 4311 4312 4313 4314 4315 4316 4317 4318 4319 4320 4321 4322 4323 4324 4325 4326 4327 4328 4329 4330 4331 4332 4333 4334 4335 4336 4337 4338 4339 4340 4341 4342 4343 4344 4345 4346 4347 4348 4349 4350 4351 4352

44425 44434 44440 44485 44575 44579 44621 44562 44713 44738 44758 107099 44891 44931 44463 45985 45005 45074 45091 45110 45117 45210 45241 45263 45416 45426 45453 39871 95944 44563 45984 45534 45543 45553 45205 45565 45706 45726 45841 45843 45848 45867 45869 45873 45924 44507 45950 45955 45981 45997 46017 46018 46041 46085 46111 220643 46136 46146 46147 46160 46166 46216 46172 46174 215191 46191 46195 46196

30486 33805 26329 66445 66465 66466 66468 66471 66475 66476 66478 66480 66481 66483 66484 66485 66486 66487 66489 66492 66494 66498 66499 66501 66505 66506 66507 66508 66509 66510 66511 66513 66514 66515 66516 66517 66519 66520 66526 66527 66529 66532 66534 66536 66539 66540 66541 66542 18516 92232 100468 66547 66552 66569 33822 66579 104644 48574 45445 45448 21495 45461 45451 45452 40657 26331 66586 33833

Fatoberu Olu Olakunle Fatoki Ireoluwani Fiyinfunol Uwa Fatoki Yetunde Ibironke Fatokun Eunice Amen Fatokun Yemi Fatoye Festus Akinyemi Fatuna Temitope Olubukola Fatunde Omobolanle Funmilayo Fatungase Doyinsola Omobolanle Fatunke Akintunji Eyitayo Faturoti Aralola Surulola Fatusin Sola Fawale Edward Olufemi Fawehinmi Abayomi Stevens Fawi Johnny Olaoluwa Fawole Adekunle Olayiwola Fawole Folasade Adeola Fayanju Oluleke Temidayo Fayemi Adeola Bolanle Fayemi Ebenezer Olugbgmiga Fayemi Emmanuel Adebola Abio Dun Fayemi Oluwatosin Funmilola Fayomi Martin Fayomi Tolulope Morenikeji Fegbeboh Oyintonbra Fekoweimo Adere Femi-pearse Omotunde Atinuke Festus Christopher Festus Lawrence Ngwungwung Festus Olushola Fetuga A Adedoyin Adeyemi Fetuga Omolara Risikat Feyisetan Oladunjoye Olalekan Fiade-isiramen Olufunke Duroorike Fiberesima Sabaina Daso Fihosy Elizabeth Zainab Filumatics Enterptrises First Dor International Coy Fisher Abosede Martha Flank Investment Ltd Fofana Frederick Folajin Samson Oyetunji Folami Silifat Idowu Folaranmi Abiodun Abraham Folaranmi S Samuel Lakan Folarin Ganiu Adebowale Folarin Lawrence Taofeeq Folarin Oluyemi Folarin Oyekanmi Olasupo Folarin Yetunde Esther Folasade C/o Wema Bank Plc Folawiyo Oladapo Daniel Folorunsho Aishat Folorunsho Ayobami Folorunsho Cecilia Ola Folorunso Felicia Abayomi Folorunso Ogunleye Peter Fom Joseph Lozoi Fomben Jan Peter Fowora Oyewole Francis E Meriam Francis Boniface Vincent Francis Egiri Francis Ene Victoria Francis Francis Uchenna Francis Mercy Ada Francis Rose Frank W.frank

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List of unclaimed dividends warrants S/no

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S/no

Acc. No

Warr. No Names

4353 4354 4355 4356 4357 4358 4359 4360 4361 4362 4363 4364 4365 4366 4367 4368 4369 4370 4371 4372 4373 4374 4375 4376 4377 4378 4379 4380 4381 4382 4383 4384 4385 4386 4387 4388 4389 4390 4391 4392 4393 4394 4395 4396 4397 4398 4399 4400 4401 4402 4403 4404 4405 4406 4407 4408 4409 4410 4411 4412 4413 4414 4415 4416 4417 4418 4419 4420

219682 46221 46203 46210 46211 46214 46230 46239 225784 46258 214428 46292 46301 227036 46332 46347 46349 46352 46354 46357 221070 121495 122402 46393 207495 46410 46527 114693 46430 46436 46544 46474 219809 46489 46492 46495 219744 46509 222466 46568 228631 230317 46612 46615 46632 46641 46653 46677 46682 46683 46696 46697 215860 46740 46767 210222 46786 220920 46802 46820 46864 229949 223530 46895 213524 211911 119240 46923

45465 48577 66588 40654 33834 89907 66594 89279 26332 33843 19643 66605 92235 33848 37702 40667 21497 37705 33851 66621 45507 45508 66632 40670 92236 45485 45511 33865 45490 33858 24396 102844 66644 66626 23476 66627 33867 45503 38862 28576 33869 66663 66667 104648 45532 89286 97070 97078 66679 40689 66685 26337 97086 66711 66724 66728 97094 30489 33884 66740 33887 66760 26340 92247 66771 26341 26342 97102

4421 4422 4423 4424 4425 4426 4427 4428 4429 4430 4431 4432 4433 4434 4435 4436 4437 4438 4439 4440 4441 4442 4443 4444 4445 4446 4447 4448 4449 4450 4451 4452 4453 4454 4455 4456 4457 4458 4459 4460 4461 4462 4463 4464 4465 4466 4467 4468 4469 4470 4471 4472 4473 4474 4475 4476 4477 4478 4479 4480 4481 4482 4483 4484 4485 4486 4487 4488

46932 46936 120797 206890 46981 46993 46996 46997 47007 47022 47024 47034 47051 47059 47058 47064 211904 47079 216759 47092 47098 47112 47132 210621 47165 47167 214011 215563 212959 122203 47211 47222 47233 47239 215037 121252 47273 120435 47321 215952 47332 47336 47340 207381 47356 225753 47357 219215 47406 47407 47409 47410 47413 47417 215673 47276 47424 231084 208971 47458 47460 47467 47468 47472 47475 47476 47484 47506

18517 66786 49619 66820 66801 19645 66806 97106 66811 33896 66815 66828 45533 66833 89288 45537 28584 66843 40699 45539 40698 100510 66871 33906 66880 30491 66908 89909 66910 66915 97115 66898 97116 66903 66923 33911 33912 33913 23962 66945 66947 100521 66949 26346 66950 49627 13998 100530 33922 33923 33924 33925 33926 33928 66966 66967 102871 66975 66976 33934 100548 49629 33938 33939 26347 105284 102875 40716

Gambo Jamila Abdullahi Gambo Kurfi Nura Gambo Mairo Gambo Suleiman Balarabe Gambo Tanko Gambo Vincent Misalai Gamu Olayinka Azeezat Gana Francis Ndakogi Ganani Justina Gandonu Esther Taribu Gani Gideon Ganiyu Moruff Adisa Ganiyu Rasaq Omokeji Ogunber U Garba Abbas Garba Abubakar Garba Amina Garba Amina Rabiu Garba Aminu Garba Amir Abubakar Yusif Garba Auwal Muhammed Garba Danliti Garba Dr. Ibrahim Garba Haruna Garba Ibrahim Ka-almasih Garba Ibrahim Usman Garba Khadija Ahmed Garba Kutfi Binta Garba Mihammad Gwarzo Garba Mohammed Aisha Garba Mohammed Sarari Garba Na Adamu Sadis Garba Salihu Garba Samuel Madaki Garba Temitayo Oluwabukola Garba Umar Gamawa Garba Usman Garba Veralucia Eris Ter Garba Zainab Lawan Garki Saleh Mohammed Garpiya-musa Taiwo Olukemi Gasiokwu Blessing Olawumi Gasl Nominee- Mogaji Trust Fund Gaston Andrew Young Sunday Gatana Ahmed Gayus Elisha Magaji Gayya Habila Umaru Gbadamosi Adesola Mohammed Gbadamosi Mudashiru Atanda Gbadamosi Muraina Oluwole Gbadamosi Mustapha Ayinla Gbadamosi Rashidat Abiola Gbadamosi Richard Jimoh Gbadamosi Sule Oyedotun Gbadebo Fatai Gbagi Ovigueroye Eric Gbaja-biamila Ahmed Olukayode Gbamgbola Siaka Iyiola Gbazueagu Ogochukwu Felicia Gbegbe Dominic T. Gbemisola Hassan Adedamola Gbenga-ogundele Gladys Oyindamola Gbenu Samuel Akoteyon Gbise Godfrey Omevworovwe Gbogboade Olufunmilayo Adunola Gbolade Adekemi Motunrayo Gbolahan-idowu Cyinthia Gborhohwo Kingsley Ighofode Gbotosho Grace Olusola

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Acc. No

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4489 4490 4491 4492 4493 4494 4495 4496 4497 4498 4499 4500 4501 4502 4503 4504 4505 4506 4507 4508 4509 4510 4511 4512 4513 4514 4515 4516 4517 4518 4519 4520 4521 4522 4523 4524 4525 4526 4527 4528 4529 4530 4531 4532 4533 4534 4535 4536 4537 4538 4539 4540 4541 4542 4543 4544 4545 4546 4547 4548 4549 4550 4551 4552 4553 4554 4555 4556

120572 47518 220431 47539 206744 47554 47570 47581 47586 47594 47607 47619 47630 47631 211116 47642 111740 47657 47664 47698 232244 47720 47739 47737 47740 47741 47742 214448 206647 213722 47779 47780 210643 228290 208190 47798 211290 47815 47820 47840 47853 47858 47865 47874 47883 47886 231804 47927 47916 47917 47918 211683 47937 47949 217335 211311 47978 48027 47999 48029 48037 115806 48059 218378 48077 208657 48115 48153

67008 97129 33942 100553 33945 33947 67024 45554 45557 45560 33952 45563 67027 102877 33953 100565 100575 100570 67032 67041 104655 67043 40737 26351 45577 100584 30493 45580 67045 48599 33963 67048 48601 45593 45594 104658 45599 33967 23485 67053 102881 104660 94372 45605 33972 97132 89919 45610 45607 102882 45608 45612 24406 9224 67075 92262 45615 45624 102884 45630 92263 102885 48605 37722 23966 30494 89295 67118

4557 4558 4559 4560 4561 4562 4563 4564 4565 4566 4567 4568 4569 4570 4571 4572 4573 4574 4575 4576 4577 4578 4579 4580 4581 4582 4583 4584 4585 4586 4587 4588 4589 4590 4591 4592 4593 4594 4595 4596 4597 4598 4599 4600 4601 4602 4603 4604 4605 4606 4607 4608 4609 4610 4611 4612 4613 4614 4615 4616 4617 4618 4619 4620 4621 4622 4623 4624

48158 48160 206910 48202 48204 48207 123457 211383 48229 121475 48261 48278 48292 48293 48316 48323 123401 48334 48345 48356 48583 206646 226898 115449 48392 124428 212604 206870 48413 48419 48427 48432 48607 216000 48467 48473 48478 48489 48515 48536 48549 48631 229055 227288 48659 48673 48676 48694 48706 48721 111715 221608 48811 205779 48839 48852 222971 48868 48878 48896 48882 48903 48915 48916 48920 48925 123364 212361

33988 100592 38867 92266 33990 67127 40772 89296 105041 34002 104662 67139 45650 90635 45654 34003 105287 67147 40779 67152 45676 67195 40783 34023 40785 100601 19664 34025 6712 19662 67159 104904 92278 37736 40794 67166 67168 102896 67181 48608 100600 45685 34035 104683 67214 67221 37739 67225 67228 34039 67249 45694 45698 67272 48617 67285 67286 45703 34053 48624 45705 40831 25200 34056 11033 40833 34058 67305

Gtb/lead/delano Olugbemiga-trdg Guar Paul Ebenezer Gubio Zanna Dalatu Guluwa Joseph Bwans Silas Gundu Joy Member Gungpuus John Shemu Gurbani Sunder Gwadabe Amina Bello Gwadabe Hadiza Bello Gwadabe Safiya Gwamzhi Veronica Omozele Gwani Yahuza Yahaya Gwaza Yohanna Gwezia Bani Douglas Gwom Dung Kanneng Gyang Badung Zakka Gyang Istifanus Dung Gyang Nash Pwagyang Gyang Victoria Davou Habeeb -olatunde Abiodun Mutiat Habibu Mohammed Alhaji Habibu Umar Hadi Buhari Fuad Hadi Kabir Olawale Hadi Urwatu Alhaji Hadir Abdulrahaman Hadir Hadiza Ahmadu Hadiza Uba Tijjani Hafsoh Alausa Hajara Habu Matazu Hajia Bilikisu Saidu Hajia Sulaimon Aamina O Hakilu Sani Sheme Haladu Amina Haladu Suleiman Ahmed Hali Bello Halilu Salisu Balago Halilu Zainab Abdullahi Halima Musa Ajiya Halla Peter Halla Hamadina Ahmad Barka Hambali Abdulrahman Hamed-adekale Ifedadepo Aliu Hamida Abba Sani Hamidu Lydia Giwa Hamilton Foluke Bayonle Hamis Abubakar Sadiq Hamisu Naabba Musa Hamisu Maryam Bichi Hamisu Muhammad Hamisu Muhammad Hamisu Saadatu Hamma Sani Hammandikko Umar Suleiman Hammed Fatai Oluwafela Hammed Garba Akanbi Hamza Abubakar Yusuf Hamza Alhaji Yusuf Hamza Hashim Hamza Makeri Garba Hamzat Abesoji Muhammed Hamzat Iman Oyindamola Hanafi Aminu Hange Samuel Ikyernun Hanmaor Company Limited Harcourt Amaka Maurire Haroun Tope Marcus Hart Resources International

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Haruna Abdulkadir Haruna Abdullahi Alhaji Haruna Bashiru Haruna Gilbert Haruna Habiba Haruna Hadiza Gololo Haruna Hamisu Haruna Idrisu Haruna Kabiru Damagum Haruna Muhammad Aminu Haruna Rakiya Haruna Shuaib Kwechann Haruna Yahaya Haruna Yemisi Adunni Hasat Garzali Rahamata Garzali Hashim Jabir Ibrahim Haskamp Henning Hassan Abdulganiyu Hassan Abubakar Hassan Afusa Abeje Hassan Ahmed Birniwa Hassan Alausa Hassan Asabe Hassan Baba Umar Hassan Bilkisu Hassan Daniel Ghati Hassan Duhu Fatimatu Hassan Fauziyyah Usman Hassan Hadiza Hassan Hamman Hassan Ibrahim Olugbenga Hassan Isa Tamnya Hassan K Kafayat Opeyemisimiso La Hassan Mitchal Hassan Mohammed Bashir Hassan Mojeem Adekunle Hassan Muhammed Hassan Mustapha Bala Hassan Richard Adeleke Hassan Susan Hassan Umar Albarka Hauwa Jibirin Ibrahim Hauwa Nasir Ahmed Hayatu Mustapha Haziel Francis Caleb Hegde Shreepad Kamalakar Helna Hamnaya H Henry Anayochukwu Henshaw Effiong Etim Heselton Aisha Holloway Oluponle Ibikunle Hudaibiyya Multi-purpose Soceity Ltd Humsaa Management Consultant Hungbeme Akeem Kola Husamatu Iliya Dangani Hussain Salisu Hussaini Abubakar Hussaini Abubakar Aliyu Hussaini Isiyaku Ramat Hussaini Kaita Magajiya Hussaini Muhammad Aliyu Hussein Abbas Hussnni Umar Lawal Huthman Ademola Oluwatoyin Hworo Samson Chollom Hyuwa Nzanakaat Baba I.j.i. Competent Ventures Ibagere Harrison Daniel

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Operational Review

Corporate Governance Financial Statements

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S/no

Acc. No

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4625 4626 4627 4628 4629 4630 4631 4632 4633 4634 4635 4636 4637 4638 4639 4640 4641 4642 4643 4644 4645 4646 4647 4648 4649 4650 4651 4652 4653 4654 4655 4656 4657 4658 4659 4660 4661 4662 4663 4664 4665 4666 4667 4668 4669 4670 4671 4672 4673 4674 4675 4676 4677 4678 4679 4680 4681 4682 4683 4684 4685 4686 4687 4688 4689 4690 4691 4692

48981 48992 48996 49083 214083 49042 49044 49057 49058 49067 49080 49082 211942 227334 49113 49114 210946 49133 49134 49156 49166 49169 49170 49171 217972 49185 49204 49208 49209 49216 223824 228668 209667 122852 49285 49302 49349 49350 49351 49356 49374 49384 49385 122888 123977 49437 49471 49476 49494 223090 49506 49507 50154 50164 116306 49530 49531 49535 49544 49557 221152 49563 49580 49583 49586 49595 49598 49619

67306 20270 67309 67326 92286 34062 30498 26364 67321 34063 67325 18533 18536 67336 21529 67338 18539 38250 21530 67347 67352 40838 21534 67353 34070 67360 67369 67370 34072 102924 30503 21543 67390 40842 34075 102927 67423 89312 67424 67425 34078 49648 67428 102934 67449 67451 25203 18543 67469 49653 67476 67477 102943 21555 45851 49656 34087 92293 34090 67489 23504 19675 104687 45736 34094 34096 40858 67505

4693 4694 4695 4696 4697 4698 4699 4700 4701 4702 4703 4704 4705 4706 4707 4708 4709 4710 4711 4712 4713 4714 4715 4716 4717 4718 4719 4720 4721 4722 4723 4724 4725 4726 4727 4728 4729 4730 4731 4732 4733 4734 4735 4736 4737 4738 4739 4740 4741 4742 4743 4744 4745 4746 4747 4748 4749 4750 4751 4752 4753 4754 4755 4756 4757 4758 4759 4760

110641 216081 49645 227496 49680 49705 119497 49729 49732 49743 49753 50193 50194 49762 49778 49783 49797 116444 110910 49822 49825 116839 121850 49853 49859 50215 49862 49863 49867 209772 49873 49888 49901 49920 49935 49937 49976 49977 49985 50225 49994 214644 50026 50027 50030 50035 50057 50058 50059 50066 226211 50075 50077 50083 210584 50125 221694 50242 50149 50251 50275 124364 50304 50305 206468 50382 50390 50404

34133 67573 67506 45750 102935 48632 45875 40864 25205 45767 25206 49672 49673 67513 45773 45775 45778 37752 45888 34113 24428 34148 45891 40876 40878 45896 67525 67526 45794 38872 34116 45797 48641 105155 40885 45803 67539 34125 67541 67583 40889 45900 67549 43577 21553 67551 45832 45833 48643 45834 45835 40898 45837 67557 48654 40904 23507 45916 34131 34158 67601 67602 21556 21557 21558 14023 34167 34169

Ibajegingbone Omojuwa Ibanga Jackson Ibanga Ibanga Uchechukwu Ime Ibe Alexander Nnamdi Ibe Grace Agbo Ibe Grace Ngozi Ibe Helen Akwaugo Ibe Monday Kama Ibe Netochi Ibe Ochianunma Eberechukw U Ibe Urenna Ibe Victoria And Sylveste R Ibeaja Helen Izunwanne Ibeakamma Oliver Ibeanu Tony Okey Ibeanu Vera Ibebunjo Mabel Ibegbu Lilian Chinenye Ibegbu Pauline Ngozika Ibeh Collins Ndubuisi Ibeh Kevin Iyke Ibeh Michael Ibeh Mmesomachukwu Divine Ibeh Nathew.c Ibeh Patience Nkuka Ibeji Jesse John Cyril Ibekwe Emeka Ibekwe Godfrey Nwabueze Ibekwe Godfrey Okechukwu Ibekwe Matthew R C Ibekwe Philip Elochukwu Ibenegbu Obichukwu Maduka Ibeneme Kelechi Giovanni Ibeto Ifeoma Edith Ibezim Joseph Ibi Enaoroh Hiillary Ibikunle Hafeez Olajide Ibikunle Kehinbe Bukola Ibikunle Kehinde Omotayo Ibikunle Oluwaseun Ayowole Ibinaiye Paul Olorunntoba Ibirongbe Theresa Adebimpe Ibirongbe Tunde Moses Ibitoye Oluremi Joshua Ibitoye Temidayo Babatunde Ibiwoye Adenike Olugbemi Ibok Friday Akpan Iboko Chidi Ibraheem Ayobami Omowonuola Ibraheem Ganiy Olowo Ibraheem Nafisat Afolashade Ibraheem Nigel Ibrahim Abdullahi Alhaji Ibrahim Shehu Fardiyyah Ibrahim A. B. (92-1012) Ibrahim Abdu Ibrahim Abdul Zarewa Ibrahim Abdul-hafiz Olamide Ibrahim Abdullahi Ibrahim Abdullahi Sagir Ibrahim Abdullahi.. Ibrahim Abdulrashid Tanko Ibrahim Abubakar Alhaji Ibrahim Abubakar Garba Ibrahim Abubakar Maude Ibrahim Adamu Ibrahim Adamu Garba Ibrahim Ahmed

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S/no

Acc. No

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4761 4762 4763 4764 4765 4766 4767 4768 4769 4770 4771 4772 4773 4774 4775 4776 4777 4778 4779 4780 4781 4782 4783 4784 4785 4786 4787 4788 4789 4790 4791 4792 4793 4794 4795 4796 4797 4798 4799 4800 4801 4802 4803 4804 4805 4806 4807 4808 4809 4810 4811 4812 4813 4814 4815 4816 4817 4818 4819 4820 4821 4822 4823 4824 4825 4826 4827 4828

50414 212211 50427 50431 50463 50473 50499 230584 50517 50554 219424 50577 50579 50606 216267 50612 50623 50630 50633 50637 210937 213630 50694 50840 50824 50846 50847 50848 50849 50850 50852 50853 50854 50855 50861 50873 50876 50897 50898 50902 50911 50913 50935 51025 50946 221076 215558 50968 50973 50975 51028 50987 50989 225083 218710 213215 50996 50998 51001 51002 51006 51010 51011 51037 51054 51059 51061 119197

67632 34172 34174 97168 28618 34176 23978 67647 28627 67660 40938 34180 26383 43585 67683 45923 40940 34187 34188 34189 26387 92319 92305 67765 67746 67778 67779 67780 67781 67782 34204 34205 34206 34207 45925 34208 23510 67788 89329 34209 40954 49675 67796 40967 21562 100632 23519 67801 34213 34214 67819 40959 67808 45942 67820 38875 23516 45945 48661 45946 67811 40963 38873 34220 67825 67828 27846 28639

4829 4830 4831 4832 4833 4834 4835 4836 4837 4838 4839 4840 4841 4842 4843 4844 4845 4846 4847 4848 4849 4850 4851 4852 4853 4854 4855 4856 4857 4858 4859 4860 4861 4862 4863 4864 4865 4866 4867 4868 4869 4870 4871 4872 4873 4874 4875 4876 4877 4878 4879 4880 4881 4882 4883 4884 4885 4886 4887 4888 4889 4890 4891 4892 4893 4894 4895 4896

51096 215009 51138 51148 51217 51224 51234 51255 51274 51278 51281 51291 51311 51318 51319 51324 220772 51355 230153 51385 51386 51395 51396 51400 51406 51430 51450 227448 218648 51531 219590 51537 51540 118055 51552 51555 51562 51563 51564 51566 51571 51573 51578 51589 51601 209701 51626 51628 51631 207610 51643 51662 51687 51705 51707 51708 51712 219696 51720 51721 51727 206010 51745 51759 51768 51793 51797 51802

26394 94397 18548 21566 28654 40972 67853 67863 92330 102980 67868 21581 67877 67879 34228 26398 28659 67893 28660 28662 28663 26401 26402 30520 60 102986 28666 34230 67950 67955 21595 20279 30523 67958 21597 28684 21598 21599 28685 27849 21600 30524 21601 18558 67968 45960 18559 26417 26418 67996 34239 67988 26420 28691 28692 28693 26422 28696 26424 97209 26425 28699 28702 28704 34245 102994 28707 26428

Idanwekhai Foluke Omotayo Idayat Bolanle Odunola Ide Joseph Mwuese Doo Idebuemi Gladys Ota Idehen Sunny Ogbeide Idemetor Ignatius Michael Idenu Emmanuel Felix Idewu Ivigenia Idiagbonya Eddie Idika-kalu Rosemary Idiris Mohammed Hadiza Idjagboro Segun Anthony Idjerhe Ogheneruemu Prince Idoko Benjamin Enema Idoko Bethia Idoko Emaikwu Michael Idoko James Audu Idoko Maryann Idoko Ogwuche Idoko Patrick Abi Idonor Samuel Idowu Abiodun Olasunkanmi Idowu Ahmed Omokayode Idowu Oladimeji Olusegun Idowu Sunday Adetoye Idowu-bello Ayodele Fatimat Idowu-bello Ayomide Ibrahim Idowu-bello Ayomijuwura Jamiu Idowu-bello Ayotunde Sulaiman Idowu-bello Ayoyimika Ajimot Idrees Halimatu Amal Idrees Khalifa Abubakar Idrees Nafisatu Jalila Idrees Rabiatu Anisa Idris Abdulkadir Idris Abubakar Babangida Idris Abubakar Sadiq Idris Babatunde Hakeem Idris Bama Nma Idris Bello Bello Idris Fadilah A Idris Fatima Idris Kehinde Folasade Idris Kurfi Abdulkadir Idris Mansur Idris Mohammed. Idris Muhammad Habib Idris Mumini Oladeyinbo Idris Nabilah Zainab Idris Nasiru Idris Olakunle Amodu Idris Olakunle Idris Ramatu Idris Saadudeen Idris Salisu Ibrahim Idris Sammani Kaura Idris Sardauna Maimuna Idris Segun Ade Idris Sulaiman Idris Sule Ademoroti Idris Sule Idris Idris Tini Abeke Idris Usman Aliyu Idris Usman Bulama Idris-uwais Maryam Iduh Emmanuel O Iduku Orezimena Samuel Iduma Kenneth Enyita Iduozee,joseph And Joan

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Ifada Patrick Ighohwo Ife Al-halaal Ventures Ifeadi Francis Ikejiofor Ifeaka Blessing Enyidiya Ifebunso Thankgod Richard Ifedi Sunday.o Ifediora Ijeoma Jane Ifekoya Ifeyemi Moshood Ifenirepo Oluwatosin Ctcs Ifenkwe Justus Nmereke Ogundu Ifenna Donatus Emeodi Ifeorah Justina Ijeoma Ifesieh Gerald Ike Ifezue Chiemenam Edith Ifezue Chinelo Nkolika Iffie Okomite Lawson Ifijen Ohis Stephen Ifudu Nkem Collete Igbafe David Omokhafe .e. Igbanibo Saluchi Tari Igbanibo Tamara Jenebieware O Biaj Igbasanmi Adekunle Igbasanmi Mercy Igbasi Vivian Nneka Igbegbe Helen Oghenekome Igbikiketima Tamunotonye Hutton Igbinedion Dickson Igbinosa Jackson Osaro Igboanugo Paul Ejike Igbodudu Oghenetega Dimimu Igboekwe Mark Anthony Igboekwe Julian Izundu Igboelina Donald Onyeka Igboenyesi Kingsley Chuks Igboji Ezekiel Okechukwu Igbojugha Jasmine Uju Igboke David Igboke David Main Igboke Eunice Eberechi Igboke Kingsley Igboke Sunday Bathlomew Igbokoyi Olusola Isaiah Igbokwe Benjis Amaechi Igbokwe Ezinne Chinonye Igbokwe Uche Emmanuel Igbong Agwul Patrick Igbudu Charles Chukwudi Igbudu Joelsoh Igho Igbuwe Oghale Theodora Ige Abosede Alice Ige Fatima Folashade Ige Oluwabunmi Rosaleen Igenegbai Sherifatu Igharo Edoba Igharo Idahosa Igharo Queensley Eghian Ighavodha Abel Arerosuoghene Ighile Elizabeth Imuwahen Ighile Eseohe Ighile Mark Osamagbe Igho Samson Ighodaro Stanley Dave U. Ighoroje Richard Igiesurobo Joy Adezuwa Iginla Olusola Ibiyinka Igonifacha Ayibaebimiedei Ayibat Unim Igrinoba Stella Ashatu Iguma Andy Ikponmwosa

ANNUAL REPORT

2014

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Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

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S/no

Acc. No

Warr. No Names

4897 4898 4899 4900 4901 4902 4903 4904 4905 4906 4907 4908 4909 4910 4911 4912 4913 4914 4915 4916 4917 4918 4919 4920 4921 4922 4923 4924 4925 4926 4927 4928 4929 4930 4931 4932 4933 4934 4935 4936 4937 4938 4939 4940 4941 4942 4943 4944 4945 4946 4947 4948 4949 4950 4951 4952 4953 4954 4955 4956 4957 4958 4959 4960 4961 4962 4963 4964

51803 51808 51829 231337 51847 51854 228447 51863 51885 51904 51924 224420 51948 51987 124089 52022 52034 52063 52064 52066 52067 52068 52069 52070 52071 210851 52079 52076 52080 52092 232517 229732 52113 213876 214492 52135 52137 52145 115526 52159 215243 205634 52199 52201 52206 206250 52240 207096 52267 52301 52341 210987 52378 52387 226219 52395 213861 52419 124883 52423 213970 52442 52447 52458 52462 52469 52482 52483

28708 26429 34246 21604 34248 68053 21605 18561 38260 21610 21615 92332 21618 26432 68116 34261 30534 34263 14051 18575 18576 18577 18578 18579 18580 34264 30535 18582 103003 68148 103005 89942 26433 34265 18587 30537 18590 26434 92334 43591 34273 68188 68190 68192 2310 40977 18592 34278 68212 68223 26437 21629 3568 21626 19693 68244 30547 18595 68264 68256 68266 12140 6784 34283 68272 68275 34284 68287

4965 4966 4967 4968 4969 4970 4971 4972 4973 4974 4975 4976 4977 4978 4979 4980 4981 4982 4983 4984 4985 4986 4987 4988 4989 4990 4991 4992 4993 4994 4995 4996 4997 4998 4999 5000 5001 5002 5003 5004 5005 5006 5007 5008 5009 5010 5011 5012 5013 5014 5015 5016 5017 5018 5019 5020 5021 5022 5023 5024 5025 5026 5027 5028 5029 5030 5031 5032

52498 52503 222852 52517 52518 52533 52541 52543 52549 52564 52565 52569 52575 52577 52579 52584 220094 52613 52614 52615 217898 52629 52640 52653 52654 52663 226738 52680 216073 52687 216451 52706 52712 52716 52727 52736 52742 52765 52783 52811 52821 52830 218765 52850 52867 52870 52873 52876 52882 52884 218696 52929 52934 52941 52945 52947 52952 52954 52955 52957 52963 52983 53013 210634 53019 53065 119106 53095

21636 68295 38274 6895 21640 68300 38275 18601 18602 38278 30554 18603 28714 34286 28715 26441 103017 28717 28718 68326 68329 34289 30559 21649 100652 28720 28723 34292 68350 68351 68362 34295 34298 68366 24840 103024 26444 24841 68385 18608 30563 4845 30565 28731 28732 28734 34307 26448 29817 68419 68420 68437 21652 68441 18611 38283 18612 68449 21656 18613 68451 68458 94404 90657 6023 68496 97232 34319

Iguma Elvis Osahendtor Igun Kwache Florence Igwe Chimezie Igwe Chimezie Confidence Igwe Emmanuel Igwe Fidel Ngozi Igwe Francis Nonso Chukwukelu Igwe Jeremaih Ndukwe Igwe Princess Ezinwanne Igweaka Victoria Ekwunife Igwenagha Umegboro Cleophas Igwilo Malachy Igwilo Prince Gabriel Iheakanwa Emeka Charles Iheanacho Blessing Chibueze Ihechere Modestus Uche Ihedioha Celestine Ojina Ihekire Chinyere Sandra Ihekoronye Emmanuel Chinedum Ihekweaba Chinweze Ihekweaba Chukwugoziem Ihekweaba Iheanyi Ihekweaba Nwanyieze Nneasoka Ihekweaba Ogechi Ihekweaba Somkelechi Ihekweazu David Ikechukwu Uzoma Ihekwoaba Chioma Kelechi Chioma Kelechi Ihekwoaba Ephraim Uzoma Ihekwoeme Chidiebere Christogon Us Iheme Ure Enyinne Ihemegbulem Ezemdi Ogechi Ihenekwe Chikuebuka Moses Ihenyen Janet Oimenejeme Iheonu Emmanuel Ukaegbu Ihesiaba Olisa Ihezue Ndidi Osinachi Ihezukwu Augustina Nwadiuche Ihimekpen Patience Shaka Ihsan Mutual Integrated Invest Ltd Ihum Stephen Terlumun Ijachi David Ochoche Ijalana Akintunde Olubunmi Ijaleye Charles Rotimi Ijaleye Victor Temitope Ijaoba Munirat Motomori Ijegbai Eguaoje Kessington Ijeh Sunday Ijemba Ifeoma Ijeomah Donald Chinjele Ijimakinwa Feyisitan Oladapo Ijomor Florence Anie Ike Ambrose Ike Athanasius Onwukwe Ike Chukwunwendu Samuel Ike Clement Agbarakwe Ike Elvin Ighogbota Ike Linda Nkiru Ike Sabastine Izuchukwu Ike Sunday Chukwujekwu Ike Vincent Chijioke Ikeako George Ikechukwu Ikeano Victoria Ngozi Ikebe Paul Ebaye Ikechi Doreen Ikechukwu Augustine Tony Ikechukwu Frank Ikediashi Alexander Ikediashi Awele

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ANNUAL REPORT

2014

Ikedinobi Matthew Emezie Ikediugwu Ebere Eucharia Ikediuwa Onyechere Onumadu Ikegwuonu Christiana Mgbechi Ikegwuonu Fredrick Azubuike Ikeh Chioma Chinyere Clair E Ikeh Gregory Izunwanne Ikeh Ngozi Gold Ikeh Uchenna Onyekachi Ikejiaku Chijioke Ikejiaku Chuka Nnanyelu Ikejiobi Christian Ifeanyi Ikeke Celestina Oyaso Ikeke Vincent Ikekhuame Betty Ikeli Ndubuisi Hyginus Ikemike Huro Joseph Ikenebomeh Juliana Edo Ikenebomeh Marcel James Ikeneku Alex Ojiyovwi Ikeneku Maureen Ikenta Augustina Ozoemena Ikeokwu John Ifeanacho Ikeswuonu Obioma Iketona Benjamin Olatunsi Ikhanaede Constance Owomoale Ikhelowa Mohammed Omolhudu Ikhiboya Afeare Goodluck Ikhile Monday Ukweduan Ikhille Ohiwere Leo Ikhuoriah Ehigiele Aminu Ikiddeh Mbukidem Ime Ikiedemhe Roseline Ikilama Francis Ikiyei Felix Preye Ikodudu Austin Orumede Ikogwe Rose Ikoni Woyengikuro Emmanuel Ikotun Mary Olu Ikpe Ezenwa Cornelius Ikpeama Darling Odochi Ikpefan Dave Oziegbe Ikpenwa Tobias Mbadiwe Ikpi Charles Chuks Ikponmwen Edward Osawaru Ikponmwosa Isoken Ikponmwosa Racheal Ojobioma Ikpotor Usiewoma Alex Ikudayisi Olayemi Ikudehinbu Inumidun Ikuejamofo Olawunmi Adeolu Ikuyajolu Moses Temitayo Ikwelle Fidelis Chiedozie Ikwu Caroline-chinye Ikwuagwu Nnenna O Ikwuazom Anthony Chukwudifu Ok Oroa Ikwuechegh Uchechukwu Ikwuegbu Gladys Ijeoma Ikwuetoghu Bridget Obiageli Ikwuka Philemon Izuchukwu Ikwumelu Uzoamaka Blessing Ilawole Oluwarantimi Oliyema Yo Ileladewa John Adeyemi Ilemobayo Jacob Omowale Ilenagbe Ese Grace Ilevbabor Olajumoke Olufunmilay O Ilika Patrick Igwe Iliya Navati

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

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S/no

Acc. No

Warr. No Names

5033 5034 5035 5036 5037 5038 5039 5040 5041 5042 5043 5044 5045 5046 5047 5048 5049 5050 5051 5052 5053 5054 5055 5056 5057 5058 5059 5060 5061 5062 5063 5064 5065 5066 5067 5068 5069 5070 5071 5072 5073 5074 5075 5076 5077 5078 5079 5080 5081 5082 5083 5084 5085 5086 5087 5088 5089 5090 5091 5092 5093 5094 5095 5096 5097 5098 5099 5100

53104 217519 232657 232649 53122 53136 119759 53153 53158 206880 53183 53188 211593 53218 53220 53231 53233 211795 113637 53286 53298 53299 53311 53348 229713 53373 53424 53426 53427 53434 119984 119369 120639 119465 53479 53480 53481 53522 230155 206244 53553 53555 113576 115732 223717 53613 53625 209062 53647 223081 53661 53662 53678 53679 53683 53686 53687 53696 53760 53771 222943 231862 207801 53842 53843 53900 206723 53974

45973 45980 45977 45979 23523 21667 68514 89346 34322 68520 21673 21674 26458 34326 34327 18622 68533 94406 34331 97242 21687 30571 37758 28745 68582 18624 68596 68598 68599 26462 34336 68605 34337 92350 68617 68618 26466 28757 28758 28759 41006 68637 103047 100656 34350 34352 100657 68670 92354 68681 68683 20287 41010 34354 68688 68689 34355 68693 46026 100662 68721 68722 34370 103052 34369 34376 49694 68772

5101 5102 5103 5104 5105 5106 5107 5108 5109 5110 5111 5112 5113 5114 5115 5116 5117 5118 5119 5120 5121 5122 5123 5124 5125 5126 5127 5128 5129 5130 5131 5132 5133 5134 5135 5136 5137 5138 5139 5140 5141 5142 5143 5144 5145 5146 5147 5148 5149 5150 5151 5152 5153 5154 5155 5156 5157 5158 5159 5160 5161 5162 5163 5164 5165 5166 5167 5168

53986 53993 54002 54031 222098 219156 54116 210451 54144 54158 115121 214566 115182 54205 121565 54230 54285 54305 232424 209787 54330 54332 54334 54340 54346 122115 54352 220830 54404 54405 117183 54436 54441 54446 54448 123972 54471 54477 54478 103310 54494 226619 54502 54505 54542 118465 54581 217440 54590 54600 213178 54609 54632 54643 54657 54659 214956 54682 219814 54691 54711 54742 54757 54766 54768 54769 54770 114056

68780 92358 68790 94407 34380 68806 103070 68830 68831 46036 97268 104912 68838 94409 68839 19697 68846 68859 41053 34400 28777 43605 43606 43608 43609 46067 43610 100674 43614 43615 68872 11336 97270 94412 94413 46072 68886 26490 34405 34406 28782 97273 97277 46073 46078 34414 68906 21709 26495 26497 97283 43618 68921 26498 68927 68928 30582 97285 94416 49703 28786 30584 68963 34422 34423 34424 26505 68967

Iliyasu Ahmad Iliyasu Aisha Abdullahi Iliyasu Mairo Iliyasu Zainab Dahiru Illa Joseph Taimako Ilo Eucharia Okwudili Ilo Samuel Okechukwu Iloanusi Ogechukwu John Iloba Emmanuel Kanayo Ilobinso Chimezie Macachy Iloeje John Maduabuchukwu Iloetomma Patrick C Iloloje M. Beatrice Ilonah Ajuma Esther Ilonah Linda Ojone Ilonze Hyacinth Okonkwo Ilonzo Paul Nwachukwu Ilori Joseph Olagoke Ilori Mercy Olanike Ilori Timothy Abiodun Ilozumba Fidelis Okwuolisa E Ilozumba Jude Amechi Ilu Rebecca Danbima Imade Augustine Imafidon Dorothy Eki Imagha Jerry Anyaogu Imanlihen Anthony Imanlihen Ekuemunotale Anthony Imanyi George Utsu Imarhiagbe Henry Osahuemwenmwen Imasuen Anthony Imeh Esther Mfon Imgbian Nina Ember Immaculate Network Future Hope Inv. Immanuel Daniel-caleb Olofunso Immanuel Nathaniel Obashola Immonirioma Othuke Matthew Imoisi Florence Imuwahen Imonikhu Frank Mathias Imonwa Alexander Imose Aimieneroegbe Imotto Lawson Inaania Hezekiah Isanee Inaku Kenneth Ogar Inakwu Awuru Monday Indagawa Ruth Asabe Inedu Ali Wesley Inegbenebor Christiana Abonzebeter Inenemoh Favour Aghumile Inifadhe Uzoezi Kingsley Inijeze Lucy Titilayo Inim Ataobong Edet Inni Johnson Innocent Chinwe A. Hadassah Innocent Christian Inobeme Mayor & Biosiochi Inock Hans Ngaji Integrated Concept Propertie S Limited Inuwa Mariya Inuwababa Khadija Inwere Ijeoma Inweregbu Chinedu Kizito Inyang Margaret Inyang Patricia Bassey Inyang Roselin Ipila Solomon Iqra Venture Irene John Oshokenoyah

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Ireroa Uwade Owolabi Iretomiwa Agoika Ab Ctcs Ltd Iriabe Christy N Irinoye Olufunke Tolulope Iro Iro Uke Iro Thomas Ugochukwu Ironbar Michael Edem Irunokha Michael Iruobe Samuel Uanbahoro Isa Abubakar Isa Bawa Isa Alh. Isa Habu Pupule Isa Kaita Nafisatu Isa Kamarudeen Isa Mairo Talatu Isa Salihu Isaac Okeoghene Isabu Omozele Julia Isah Adamu Isah Alhassan Mahmoud Isah Amina Isah Aminat Isah Ashah Isah Bilikisu Isah Faridat Isah Habibu Isah Hassan Isah Mahmud Lawan Isah Yahaya Isah Yakubu Jatto Isaiah Lucy Isamade Theresa Isamotu Kabiru Oyebamiji Isamotu Yidiat Folashade Isamuyide Olayinka Isaac Isaq Adamu Zakariya Iseghohimen Iyonagbe Isekeije Omohaye Duke Iseko Ene Iseko Kingsley Iyoko Isewede Christopher Isewon Rotimi Bankole Ishabiy Michael Olagoke Ishak Marmana Ali Ishaq Mustapha Ishaya Mary Etsu Ishicheli Nwamaka Valeatina Ishiwu Cosmas Ishiyaku Tanko Abdullahi Sada Ishokare Governor Gospel Ishola Adekunle Ishola Ebenezer Benson Ishola Modupe Ishola Oke Rita Ishola Suday Oladokun Ishola Taofeek Abiodun Isi Byron Ifeanyi Benjamin Isiaka Ismaila Isiaka Kayode Akande Isiaka Yakubu Isibor Augustine U Oyeobagie Isife Ikenna J B C Isika Nkechinyere Uloma Isimi Ebeben Isimi Olubanke Cynthia Isimi Olufemi Marvin Isimite Anthony Isinguzo David

ANNUAL REPORT

2014

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Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

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S/no

Acc. No

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5169 5170 5171 5172 5173 5174 5175 5176 5177 5178 5179 5180 5181 5182 5183 5184 5185 5186 5187 5188 5189 5190 5191 5192 5193 5194 5195 5196 5197 5198 5199 5200 5201 5202 5203 5204 5205 5206 5207 5208 5209 5210 5211 5212 5213 5214 5215 5216 5217 5218 5219 5220 5221 5222 5223 5224 5225 5226 5227 5228 5229 5230 5231 5232 5233 5234 5235 5236

54788 54794 54797 54799 54812 54813 54814 54816 54828 54829 54841 211900 54859 54890 210314 54880 54881 206716 54913 54923 225089 54966 54971 54976 215413 112687 55010 55024 55034 55035 55055 226501 55080 55082 224055 55105 55109 55116 55122 55152 216223 55262 55272 55273 55289 55325 55332 55382 223494 55386 55389 214424 55450 55458 55460 55476 55479 55489 55497 218971 55512 55549 55558 55576 55607 55617 55619 55640

26506 68976 41093 26507 49708 46085 46086 41094 34427 41095 46092 46099 97288 100682 68993 46097 37765 100683 34439 69000 41101 69011 48690 21714 41103 26509 46106 38290 48697 48698 69038 69046 26512 26513 69054 34449 69058 34453 69060 69076 69113 69111 103097 28806 69115 18644 69124 43622 89950 28807 103104 28815 69159 26525 26526 34468 69165 30590 89951 103105 97314 69197 28829 34476 28837 21722 103110 21725

5237 5238 5239 5240 5241 5242 5243 5244 5245 5246 5247 5248 5249 5250 5251 5252 5253 5254 5255 5256 5257 5258 5259 5260 5261 5262 5263 5264 5265 5266 5267 5268 5269 5270 5271 5272 5273 5274 5275 5276 5277 5278 5279 5280 5281 5282 5283 5284 5285 5286 5287 5288 5289 5290 5291 5292 5293 5294 5295 5296 5297 5298 5299 5300 5301 5302 5303 5304

55650 55651 55676 55691 55692 55706 120658 55765 55768 55790 116094 55813 55832 55845 55849 55854 55860 55861 118315 55876 55882 55883 55897 55905 207286 222878 219081 116265 213092 215387 55976 55994 55996 56002 56007 218068 222256 56053 56059 56077 56095 117240 121872 56166 56173 124549 56186 56190 56201 56202 56222 56230 56243 56253 56254 56258 56259 56262 56274 218456 56318 212632 56298 213783 212631 56325 56328 56334

21726 69226 69235 46113 46114 41119 69244 43623 34485 69260 69269 97322 69278 69286 69287 20321 103124 34487 19712 30593 69296 69297 14093 69298 46121 69322 103129 25259 69324 69327 69319 69333 46123 41138 69334 100708 100709 12159 34500 34501 19719 100715 34504 97333 103134 100718 103135 100719 34505 34506 69412 26550 100723 69430 69431 69433 69434 34511 18659 97341 34518 38879 104705 104706 38880 46138 89374 41167

Isitua Joseph Chizea Isiwele Jane Isiyaku Yahaya Zango Isiyaru Ahmabu Lamire Ismail Abdulsalam Ismail Abubakar Ismail Adamu Mohammed Ismail Aisha Abimbola Ismail Hauwa Ismail Ibrahim Bolaji Ismail Nasiru Abdullahi Ismaila Abubakar Ismaila Adewale Monsuru Ismaila Dabang Danjuma Yusuf Ismaila Ibrahim Adeyinka Ismaila Rabi Ismaila Ramuna Yusuf Ismaila Salisu Mohammed Isong Isikong Okon Isoun Louise Tariye Israel David Isyaka Abdullahi Zainab Isyaku Amina Abdullahi Isyaku Lubabatu Ahmed Isyaku Umar Alh. Itabor Margeret Onomuki Itaketo Ubong Ndaeyo Itauma Henshaw Itela Osebi Itela Osigbodi Itiveh Ohwoede Daniel Itogbe Johnson Olalekan Itoje Oghale Anthony Itopa Samuel Asuva Itua Ark-stewart O. Ituen Etim Itumo Sunday Chijioke Ityokyaa Priscy Kande Ivalave Vincent Abugh Iweanya Thelma Nkili Iwuagwu Nnamdi Iwuagwu Rosemary Chioma Iwuala Vitalis Chimezie Iwualah Emeka Emmanuel Iwuchukwu Ikechukwu Femi Iwundu Okechukwu Alozi E Iwunor Mary Idowu Iyaji Ruth Eke Iyal Aliyu Hassan Iyalekhue Helen Nodiana Iyam Alexzanda Prince Iyamu Osebhahiemhen Ono Iyapo Samson Oluwatosin Iyasele Perpetua Iyawa Helen Ekiegini Iyekolo Bamidele Olawale Iyemifokhae Bello Saheed Iruobe Iyida Clement Okechukwu Iyimoga Justina Akama Iyiola Abiodun Iyiola Kazeem Oladimeji Iyoho Idorenyin Aniette Iyoriobhe Aimuamwosa Patrick Izang Ladi Usman Izeubizua Sylvester Post Of Iziriga Moses Chinwendu Izor Juliana Agbo Izueke Chikaodili Jude

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ANNUAL REPORT

2014

Izuka Ransom Amaechi Izuka Uchechi Elizabeth Izuyon Maria Iriedon Ja'afar Amira Ado Ja'afar Nafisa Ado Jabir Abdullahi Jackreece Beke, Abel Jacob Femi Aze Femi Jacobedi Malaika-soko Jagun Anotu Abiodun Jaiyeoba Tolulope O. Omoyemi Jaiyeola Babajide Oluwaseun Jaiyeola Oluwasegun Ajiboye Jaiyesimi Ifeoluwa Oluwajolayem I Jaiyesimi Oluwajolasun Olufemi Jaja Boma Siadapiri Jaja Tamunoboma David Michael Jaja Weri Jajua Mohammed Alison Jakes Efforts Company Limite Jalekun Damilola Anne Jalekun Ikemi Margaret Jalo Olga Yanbwamuro Jama Jame Ibrahim Jameela Aliyu James Favour James Imoh Udoh U James Joseph John James Morenike Bunmi James Oludayo.o James Sunday Semanter Jamhiyatu-l-irtifahi-l-islam Jamila Kabiru Jamilu Usman Shehu Jamiu Kudirat Bolanle Jang Anna Mary Jangnap Bolcit Wuyep Jatau Gad Matthew Jatau Joseph Victoria Jatto Bankole Calistus Javan Fredah Jave Patience Ediri Jegede Francis Kayode Jegede Titilola Jeje Pius Adebayo Jekada Yakubu Akonga Jeleel Kolawole Jeltu Benjamin Jemima Oluwakemi Alade Jeminiwa Funmilola Christianah Jeremiah Iyabode Jeresa Harriet Temabo Jesse Ola Martins Jesuoboh Shawntel Jesuoboh Terrence Jesuseitan Andrey Oluwashola Jesutofunmi Kehinde Olateju Jethrol Bala Jiakpo Chibuike Justin Jibreel Zunurain Sahban Jibril A A Adamu Jibril Abubakar Muhammad Jibril Aliyu Jibril Mahmud Muhammad Jibril Umar Muhammed Jibrin Alhaji Dahiru Jibrin Bala Abuja Jibrin Jane Chinwe

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

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S/no

Acc. No

Warr. No Names

5305 5306 5307 5308 5309 5310 5311 5312 5313 5314 5315 5316 5317 5318 5319 5320 5321 5322 5323 5324 5325 5326 5327 5328 5329 5330 5331 5332 5333 5334 5335 5336 5337 5338 5339 5340 5341 5342 5343 5344 5345 5346 5347 5348 5349 5350 5351 5352 5353 5354 5355 5356 5357 5358 5359 5360 5361 5362 5363 5364 5365 5366 5367 5368 5369 5370 5371 5372

214476 56337 56343 56353 56365 116932 207043 56439 114663 219055 56608 218782 56609 56490 56590 56653 56658 209483 56703 56733 56734 56737 218480 56812 56856 56866 56869 215514 56932 118165 56953 56956 210263 56998 56999 210060 57013 57029 119323 114245 222662 57083 208982 214668 210896 218203 57120 211948 57137 57141 224526 209412 57239 220222 57256 57268 206070 57272 57275 57306 117721 57346 57376 57377 220317 57415 57435 57446

41169 105057 24451 103139 100727 34531 69471 69475 97355 41185 100732 34548 90674 34537 34544 14103 41187 37774 69574 69588 69589 69590 41198 28857 69630 69633 103152 97365 21736 26570 92417 6696 69668 100744 69674 69678 69677 100747 89386 100749 28861 69698 103162 97372 92421 46160 103161 34580 100752 89388 69734 100755 69763 23545 46162 41221 46163 13190 34586 69786 100765 41229 34593 46183 41236 103171 92425 69818

5373 5374 5375 5376 5377 5378 5379 5380 5381 5382 5383 5384 5385 5386 5387 5388 5389 5390 5391 5392 5393 5394 5395 5396 5397 5398 5399 5400 5401 5402 5403 5404 5405 5406 5407 5408 5409 5410 5411 5412 5413 5414 5415 5416 5417 5418 5419 5420 5421 5422 5423 5424 5425 5426 5427 5428 5429 5430 5431 5432 5433 5434 5435 5436 5437 5438 5439 5440

57505 57507 57510 206415 57513 118981 220321 57619 57627 57705 57642 57643 230366 57681 111165 57702 57704 57737 57738 57741 57743 57759 57761 227363 123509 57775 57800 57803 57806 206321 57884 57901 57913 57914 222999 215861 215305 57950 57961 57962 57979 220175 123303 58018 219350 58043 58044 58045 111466 58047 58068 58074 58081 58092 58097 58104 58106 58143 58152 58158 58167 58198 58215 58219 58304 213675 58258 58273

69847 24017 26581 34605 41244 69863 69885 103179 37778 30605 69892 30600 103181 18674 69914 30604 69911 21742 21743 69919 34618 28866 69928 28867 41259 46213 69937 21745 30607 69985 69970 28868 103197 69996 97399 70003 70009 70010 100784 70014 70024 100786 70043 34628 49757 41278 41279 41280 70052 34629 24479 19739 34630 24480 34634 70061 70062 70072 70081 34638 34639 70101 100797 14117 70159 92459 94440 70144

Jibrin Magaji Jibrin Muhammed Jibrin Shuaibu Alhaji Jibueze Sunday Uchechukwu Jidanke Helen Vou Bala Jika Sakina Ribadu Jimba Rasidat Adebukola Jimmy Paul Okon Jimoh Abdul Razaq Jimoh Abdulfattah Adetunji Jimoh Abdylrafiu Adejare Jimoh Aishat Jimoh Basau Olugbenga Jimoh Gbenga Jimoh Tayo Suleiman Jinjiri Musa Jisambo Ahmed Tanimu Jobbo Dr. Habila Joboson Thelma Chizoba John Adeyela Abosede John Agnes Essien John Amaechi John Promise Namse John Samuel Ehiozua Johnson Babatunde Oluwafemi Johnson Doris Johnson Edwin Chukwumezie Johnson Olarewaju Ajibola Johnson Uyaemesi Johnson Yewande Jokotoye Sunday Akinlabi Jolaiya Samuel Oyeniyi Jolaoye Abigail Modupe Jolly Palang Janet Jolugba Soji David Jonah Anthony Okuouse Chukuyem Jonah Seyon-lanre Daniel Jonathan Esther Dambo Jonathan Fred Amao Jonathan Silas Vem Joseph Ateso Joseph Babajide Olusola Joseph Chika Dennis Joseph Dupe Esther Joseph Ikechukwu John Joseph Ladi Mary Joseph Nkem Joseph Ochai Joseph Omonigo Justina Joseph Rebecca Joseph-ekong Immanuela Imai-obong I Joshua Bintu Jubril Mustapha Jude Mary Joseph Julius Comfort Jumare Ahmed Jumare Ibrahim Abdullahi Jumbo Clement Chinedu Jumbo Somieari Davis Just Investment Club Juth Accounts Investment Club Kabir Said Muhammad Kabiru Mohammed Kabiru Muhammed Abdullahi Kabo Murtala Usman Kadala I Bilgah Kadiri Abdul-awwal Taiwo Kadiri Fatimah Omokhepue

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Kafte Umoru Garuba Kagher Mngohol Jane Kagho Okpeki Ighovhoda Kago Rabi Kahuwai Samuel Elisha Kalanda Judith Bamidele Epamiere Kalesanwo Oluwakemi Yetunde Abosede Kalio Anita Miebaka Kallu Hassan Haruna Kalu Ukpai Nwoke Ukpai Nwoke Kalu Chinyere Idika Kalu Chukwuemeka Emea Kalu Edward Uke Kalu Okey Eletuwa Kalu Uka Anya Kalu Uwa Obewu Kalu Williams Mbah Kamen Everest Emeka Kamen Uzonna Humphrey Isido Re Kamilu Alao Ayinla Kamiyole Joseph Kanabe Joseph Momodu Kanayo Charity Ugwu Kaneme Cyprian Kanhu Josephine Yohanna Kankarofi Lawan Mohammadu Kanu Chisom Nneoma Kanu Eddy Ifeanyi Kanu Emmanuel Ezegbulem Kareem Ganiu Babatunde Kareem Nurudeen Ademuyiwa Kareem Waheed Adewale Kariboro Joseph Karieren Anne Ogheneovo Karim Adijat Ronke Karimu Abdulkadir Isumafe Karunwi Emmanuel Adedeji Kasali Kehinde Abiodun Kashim Taiye Alhassan Kashimawo Samuel Olalekan Kasimo Regina Kasimu Yakubu Hassan Kassim Bolanle Nurat Kassim Oluwakemi Rashidat Katibi Olubukola Aderonke Katken Binaan Katken Homvel Katken Kwaphoot Katkuk Apollos Instifanus Katmi Yusuf Katunga Helen Kawahya Kwaghe Jason Kawonise Olusegun Sunday Kawuyu Umaru Adamu Kayit Keziah Kasham Kayode Akani Razak Opeoluwa Kayode Anuoluwapo Favour Kayode Tioluwani David Kayode-oyedele Louis Oluyemisi Kazaure Mrs Munira Shuaibu Kazeem Ahmed Olatunji Kazeem Titilope Muibat Kedong Arison Yusuf Kegbeyale Sampson Oyeyiola Kehinde Docas Kehinde Kazeem Adedayo Kehinde Lawrence Olakunle Kehinde Olatutu Olasumbo

ANNUAL REPORT

2014

Operational Review

Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

5441 5442 5443 5444 5445 5446 5447 5448 5449 5450 5451 5452 5453 5454 5455 5456 5457 5458 5459 5460 5461 5462 5463 5464 5465 5466 5467 5468 5469 5470 5471 5472 5473 5474 5475 5476 5477 5478 5479 5480 5481 5482 5483 5484 5485 5486 5487 5488 5489 5490 5491 5492 5493 5494 5495 5496 5497 5498 5499 5500 5501 5502 5503 5504 5505 5506 5507 5508

58321 223995 58352 58362 58375 222499 58389 218353 58397 58430 219095 58441 215700 58460 58474 58479 212405 228350 58506 58516 220588 211392 58538 58541 58579 58634 58643 229987 119720 58690 212007 58717 226909 58753 214514 212196 58822 58775 210701 58835 110583 58852 205930 58866 229456 58882 58920 58969 58980 58999 59018 59036 59050 112966 59096 112983 59104 206522 59124 219238 59151 225717 116468 120184 59167 59174 59190 59191

34644 100798 70184 70188 26584 100800 70195 21748 34650 70209 34654 6788 46247 30612 14122 103206 34658 41298 12903 103207 70234 34661 103209 23555 30613 70269 70275 20338 34663 41302 70308 70313 70318 41303 70354 34671 34672 97451 94449 34674 70370 70377 70380 34676 34679 89398 14127 34687 26592 38316 70436 70445 70451 70466 100816 104715 70473 70478 34695 70488 70498 70500 70502 70510 70508 46264 34699 34700

5509 5510 5511 5512 5513 5514 5515 5516 5517 5518 5519 5520 5521 5522 5523 5524 5525 5526 5527 5528 5529 5530 5531 5532 5533 5534 5535 5536 5537 5538 5539 5540 5541 5542 5543 5544 5545 5546 5547 5548 5549 5550 5551 5552 5553 5554 5555 5556 5557 5558 5559 5560 5561 5562 5563 5564 5565 5566 5567 5568 5569 5570 5571 5572 5573 5574 5575 5576

59192 59193 213138 59202 59242 59247 59252 59281 59294 59331 59332 59354 59360 59378 59403 59404 59407 59450 59454 59460 59465 59469 59474 221212 59503 59508 59546 59548 210427 59552 59582 59592 59593 59595 59599 59609 206886 59627 209839 227688 59655 59688 59716 59747 59749 114789 59788 59807 59815 59833 210738 59855 59975 217086 214556 59995 59998 117735 60027 60026 211180 60094 221458 60119 60120 60130 60131 60132

34701 34702 34703 92484 70536 70541 70545 100827 48722 49772 49773 70571 70574 70578 30614 70593 41327 21755 100833 100838 34714 34715 104918 26604 34719 89409 89963 104718 34724 41333 92489 70634 70635 70637 70639 70646 100843 34728 70651 70659 70667 70685 37793 70698 70699 23558 97497 46296 70729 19758 70737 70739 49777 97517 49778 70778 70781 70790 92503 70801 70989 70827 70994 97528 70837 100856 48738 46300

Kekere Samson Dele Kekwo Angela Ada Kellany Adio Ganiyu Kemakolam Isioma Kenerekedi Albert Kenkwo Ada Angela Kenwa-irefin Great Keri-uzor Stephanie Symphorosa Kerobo Godwin Oshioke Keyede Kamoru Oladiji Khadijat Abubakar Umaru Khalid Abubakar Ahmad Khalil Farida Umar Khama Leonard Ogbonnaya Kiddermister Properties And Supplies Limited Kigbu William Akolo Kiksenenso Daniel Benjamin Kilawa Sani Sale Kimnaton Sunday Kingoli Samuel Chartty D Ose Kingsley .a .adams Kinokris Company Limited Kio Ogie Chukwugozie Kirfi Yakubu Kodilinye Chiazor Regina Koko Michael Abanum Kokodoko Alfred Kokoette Ime Uwem Kokovi Edoh Claude Kolade Ruth Olubunmi Kola-olaleye Oladotun Babatunde Kolawole Abdul Imoyo Kolawole Alaba Oludotun Kolawole Habiba Yetunde Kolawole Micheal Oludare Kolawole Motunrayo Idiatu Kolawole Mr Segun Kolawole Odunayo Yaiqub Kolawole Olujimi & Ayoade Kolejo Rasheedat Iyabode Koleosho Oluwatomi Anjolaoluwa Koleowo Saheed Adeniyi Saheed Adeniyi Koli Sagir Kolo Abdulhameed Muhammad Kolo Mamud Habiba Kolo Mohammed Komolafe Janet Sebolatan Kor Akpen Kori-siakpere-omonigho Hilda Kosirikwe Scholar Onyinyechi Kotoko Ali Kough Godwin Zaki Koya Olusegun Krans Betty Kuchet Grace Salisa Kuchi Ibrahim Garba Kudayah Jojolola Oluwadamilo La Kudos Innovation Limited Kugbe Sonayon John Kujore Abiola & Opeolu Abiola Kukoyi Olabisi Abiola Kukoyi Olawunmi Kukoyi Olorunshola Ademiro Kuku Babatunde Ayodeji Kuku Olumide Olaniyi Kuliya Safiya Alkali Kumashi Adnan Sagir Kumashi Amatallah

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2014

Kumashi Fatima Kumashi Hauwa Deenar Kume Phoebe Kumoye Ololade Arinola Kupolokun Odunayo Kupoluyi Ayodele Ayodeji Kupoluyi Olubukola Anike Kuranga Suleiman Ibrahim Kuraye Abubakar Abdullahi Kusa Adetunji Adeniyi Kusa Anthonia Olumuyiwa Kusimo Omololu Adeneye Kusugh Henry Kuti Adetutu A Kuye Festus Ademolu Kuye Olakunle Oluwadamilar E Kuye Victoria Joshua Kwalli Maijidda Ahmad Kwaplong Niagsuk Longshal Kwarkas Vanbilip Kwasu Nancy Lami Kwaya Saratu Emmanuel Kwetishe Elisha Kyalo Antony Lababidi Houmam Jamil Labaran Mohammed Bala Laburta Blessing James Ladan Abubakar Abdullahi Ladan Aishatu Ilelah Ladan Asabe Titi Ladega Anuoluwapo Olubunmi Ladeji Grace Olajumoke Ladeji Jacob Oladejo Ladejo Olutosin Charles Ladejobi Adetola Oluwagbenga Ladejobi-somorin Olateju Abiola Ladele Olusoji Victor Ladepo Charles Olatunde Ladies Friendly Society Ladipo Layiwola Ladipo Temitayo Motunrayo Lagos State University Christian Fellowship Lakabra David Inuwa Lalude-davies Oluwakemi Lam Mohammed Lame Mu'azu Yakubu Lamidi Musa Iranlola Lamin Abdurrahman Muhammad Lamina Olalekan Lamoroe Maimuna Mansur Lanihun Folasade Olabisi Laniyan Emmanuela Oluwanifem I Lasisi Alaba Babashola Lasisi Olawale Afeez Lasisi Omoniyi Ismaila Lasisi Owolabi Taju-deen Lasisi Saheed Abolore Lasu Muslim Coop Society Lateef Sikiru Temitope Olawale Lateef Tajudeen Aladeniyi Lawal - Abiola Rashidat Aderonke Lawal Adeola Jelilat Lawal Adewale Olajide Lawal Akeem Adedayo Lawal Akinremi Taofeek Lawal Aminat Titilayo Adefa Lu Lawal Aminu Lawal Aminu

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List of unclaimed dividends warrants S/no

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S/no

Acc. No

Warr. No Names

5577 5578 5579 5580 5581 5582 5583 5584 5585 5586 5587 5588 5589 5590 5591 5592 5593 5594 5595 5596 5597 5598 5599 5600 5601 5602 5603 5604 5605 5606 5607 5608 5609 5610 5611 5612 5613 5614 5615 5616 5617 5618 5619 5620 5621 5622 5623 5624 5625 5626 5627 5628 5629 5630 5631 5632 5633 5634 5635 5636 5637 5638 5639 5640 5641 5642 5643 5644

60138 225291 111763 60195 60237 60562 60262 116045 60290 60291 60295 216504 216503 60335 227457 60340 60343 60396 60408 60419 60426 60427 119257 60437 60443 60454 60457 60458 60460 60472 205810 60575 60501 60512 231031 60518 60538 60583 223997 60589 60599 60605 60608 60614 60644 120069 60649 215019 124633 60703 60705 60706 60729 60755 60774 60789 60793 228725 208628 60830 220667 60854 60859 60868 60872 60878 217869 219194

34737 70852 71003 70865 46306 41378 41362 71011 89413 70892 70893 34751 34752 48745 70908 70909 48746 70932 49790 70942 70943 34744 46321 9100 70951 70959 89414 89415 97545 70962 71028 71031 28877 70979 46315 48751 34747 97560 71043 34754 46326 24494 34755 46331 20339 71056 48764 71080 71081 71084 97566 71085 71090 941 26611 34762 21764 71128 71133 71141 71152 24496 34763 71157 71163 71168 71170 71205

5645 5646 5647 5648 5649 5650 5651 5652 5653 5654 5655 5656 5657 5658 5659 5660 5661 5662 5663 5664 5665 5666 5667 5668 5669 5670 5671 5672 5673 5674 5675 5676 5677 5678 5679 5680 5681 5682 5683 5684 5685 5686 5687 5688 5689 5690 5691 5692 5693 5694 5695 5696 5697 5698 5699 5700 5701 5702 5703 5704 5705 5706 5707 5708 5709 5710 5711 5712

60949 214634 60961 60962 60977 61016 61022 207082 120361 61046 209475 61056 61077 61127 61148 61150 225372 61161 61195 216080 61203 61204 61205 61216 224960 61233 61268 61302 217816 206148 61370 61382 61399 61417 61419 61471 61449 61450 61458 61509 61517 61541 114078 61572 61603 61619 61622 61625 61627 61635 61638 206192 61657 61659 207105 61687 61724 61729 61740 61747 61773 61780 61790 61807 112086 61831 211511 61842

71206 103244 71211 71212 103245 71228 41400 71233 34779 24028 41401 26614 71238 34784 71270 100885 71274 26618 103252 71299 9435 71282 38322 30619 30621 71295 26621 71326 71329 38327 30624 21784 18698 34795 71350 46386 71357 34796 71359 71369 71371 46400 34805 46412 34815 34821 71381 34823 41446 34825 23566 41450 41451 34828 46422 34833 71393 34836 34838 100911 46434 46440 41464 41469 34844 71407 34847 26626

Lawal Asiata Kehinde Lawal Bolanle Lawal Fatai Opeyemi Lawal Firdaus Toluwalase Lawal Ibrahim Hussaini Lawal Ibrahim Ibrahim Lawal Kabir Lawal Ladi Lawal Ladidi Balkisu Lawal Laminde Aishetu Lawal Lateef Olayinka Lawal Mahdiyyah Kikelomo Lawal Mohammed Mustapha Kodja Lawal Muh Nuraddeen Lawal Muhammed Oluwasina Lawal Mukaila Oladimeji Lawal Muntari Kofarsoro Lawal Olatunde Temitope Lawal Olusegun Musibau Lawal Oluwatoyin Shukurat Lawal Omotola Esther Lawal Onize Lawal Rabilu Lawal Raheem Adewale Lawal Rasheed Akamu Lawal Rukayat Oluwakemi Lawal Saadatu Asabe Lawal Sadiq Lawal Saheed Lawal Shakiru Olalekan Lawal Sheriff Ademola Lawal Solarin Omolade Caroline Lawal Taofeek Jimoh Lawal Toheeb Abiodun Lawal Umar Lawal Usman Lawal Zaenab Titilope Lawale Florence Adenike Lawal-oloki Dare Lawan Abubakar Sadiq Lawan Bala Trader Lawan Bunu Lawan Hafsat Lawan Musa Lawani Anthony Shegun Lawani Titi Lawkl Jafaru Lawson Tony Olufemi Lawson Victor Mensah Layeni Adeyinka Aderonke Layiwola Peter Titilayo Layo Yusuf Adeola Lebi Olumide Gabriel Lekah-rotimi Ajibola Lelekumo Ogrebonimighan Hillar Y Lenka Philifd Musa Leonard-ben Yvonne Chinemerem Lewe Abilow Innocent Lewis Susan Kofoworola Liadi Jura Datoluwakemi Ligali Musliu Abiola Liman Abba Bashir Liman Balarabe Musa Liman Yaro Fatimah Binturrasul Linus Baba Chibok Lisa Ajolade Esther Lisa Tajudeen Akanji Ola Longe Akinlolu Oluwatosin

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Longe Babatunde Michael Babatunde Loolo Godwin Nameme Lot Olanrewaju Amos Lotechukwu Uruak Joy Loveday Sime Augusta Lukas Edmund Zulike Lukman Nafisat Lurwanu Abdulkadir M Aminu Ibrahim Urwatu M Ogbole Peter M.s.s.n Kasu Maajam Tabitha Mabadeje Adeolu Babatunde Maccido Mohammed Attahiru Mackintosh Ijeoma Timidera Debor Ah Maclean Bamnan Dikwal Mact Securities Limited Madaki Joseph Madu Anthony Joseph Chinenyeze Madu Anyinam Benjamin Madu Chinonye Cal Madu Chioma Theresa Madu Chris Evans Ogbonna Madu Harold Aguibe Madu Larry Emma Chika Arc Madu Perpetual Nkechi Maduaka Edith Nneka Madueke Lilian Chioma Madueke Nnamdi Remi Maduforo Golden C. Maduka Ignatius Chukwudi Maduka Okechukwu Madumere Douglas Dire Mafeni Amenaghawon Augustina Mafiana Anthony Uche Magaji Danja Aisha Magaji Hassan Olakwa Magaji Ibrahim Magaji Mariyam Maha Ojonugwa Joshua Mahammad Farouk Umar Mahmood Fatima Binta Mahmood Khadija Yusra Mahmud Binta Ahmad Mai Maimuna Hamza Maichibi Bako Damson Maid0ki Usman Musa Maidariya Joseph Maidawa Johnson Adamu Maidugu Yusuf Maigari Bello Maigari Muktar Maiha Bilkisu Bello Maijamaa Abednego Maikudi Ibrahim Usman Maikyau Zainab Mainabukar Fatima Musa Mainasara Zainab Bugaje Mairiga Umar Asma'u Maisaje Sabina John Maishanu Abubakar Fatima Maitama Basheer Kazaure Maiwada Halima Nuhu Maiyaki Grace Maiyara Mohammed Bello Majayogbe Victor Olaitan Maje Suleiman Abubakar Majekodunmi Aisha Oluwakemi

ANNUAL REPORT

2014

Operational Review

Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

5713 5714 5715 5716 5717 5718 5719 5720 5721 5722 5723 5724 5725 5726 5727 5728 5729 5730 5731 5732 5733 5734 5735 5736 5737 5738 5739 5740 5741 5742 5743 5744 5745 5746 5747 5748 5749 5750 5751 5752 5753 5754 5755 5756 5757 5758 5759 5760 5761 5762 5763 5764 5765 5766 5767 5768 5769 5770 5771 5772 5773 5774 5775 5776 5777 5778 5779 5780

61875 61883 61907 61910 61925 61928 61955 61982 213149 62016 62029 221916 62044 62051 62064 62086 62124 62129 122363 62137 221973 62139 62140 62143 62168 62187 62192 62193 62219 62221 122127 62245 62247 62248 114055 62279 62299 206727 62332 62348 62370 62373 62379 62384 62392 62408 62412 62416 62436 62445 222654 62462 62468 62471 62498 230696 62482 219577 62492 211324 212720 123113 62509 62535 120573 62559 62560 62573

71438 37813 71449 12195 34855 71452 71472 71480 97608 71487 71491 71501 71502 100917 71509 48787 34865 71518 34866 28886 34868 43652 103268 100927 24515 38331 49801 19775 19776 100934 46467 34878 71536 71537 71543 34882 34884 34886 23597 41507 97613 12680 71560 46476 100948 26632 97615 41511 37822 71581 23599 71591 71594 71596 71619 71602 71603 71620 71610 71626 23601 34892 41516 71634 100953 71641 71642 41520

5781 5782 5783 5784 5785 5786 5787 5788 5789 5790 5791 5792 5793 5794 5795 5796 5797 5798 5799 5800 5801 5802 5803 5804 5805 5806 5807 5808 5809 5810 5811 5812 5813 5814 5815 5816 5817 5818 5819 5820 5821 5822 5823 5824 5825 5826 5827 5828 5829 5830 5831 5832 5833 5834 5835 5836 5837 5838 5839 5840 5841 5842 5843 5844 5845 5846 5847 5848

121998 110431 62597 62613 62618 208646 62629 62667 62669 62671 62684 62686 62706 62717 62737 219256 62753 62759 62764 62765 212569 223681 218962 62795 62807 62821 62840 62850 62851 62856 62863 62869 214124 62884 230369 214740 216287 62917 62921 62926 62939 62942 219777 214751 62962 62963 121639 212068 231476 124940 63041 63060 209119 63111 63112 230289 63194 230253 63225 63247 63255 63258 117449 63271 63307 63340 112897 63348

19783 34901 71657 71664 41524 71665 103280 10855 41528 21800 97621 34905 23607 38335 18708 71700 71708 71710 38336 30630 30635 34910 30637 34911 71726 71729 71734 21815 27857 71742 71745 21821 71753 19785 18713 103287 71767 21825 34913 21826 71780 89437 30642 103290 71791 27859 71794 71800 71811 71818 37826 71830 71833 71851 71852 71853 25285 21834 21839 73 71897 100964 34937 34940 71909 26647 71924 38889

12

Maji Bawa Maji Victor Maka Ifeyinwa Nkiruka Makabi Zibia Yusuf Makama-dabup Shepme Makanju Abiola Titilayo Makbere Uyaze Jacob Makinde Christiana Oyebisi Makinde Modupe Olukemi Makinde Olusegun Olalekan Makinde Sikiru Abiodun Makinde Wakilat Iyabo Makinwa Chinyere Maklu Florence Soksim Maku Josephine Ibhanabhuel E Malam Musa Kurfi Ma0n Udu Malgwi Bala Musa Malik Abiodun Samuel Malik Fida Hussain Maliki Aniyu Abudu Maliki Ibrahim Saliu Maliki Musa Malinze Uche Mallam Yakubu Abubakar Khali D Mamadu Ibrahim Njidda Mammah Uche Godfrey Mamman Aminat Mamman Asabe Mamman Yakubu Wakawa Mamman Zahraddeen Salihu Mamuda Yunusa Aishatu Mamudu Luqman Mamudu Nurudeen Mamudu Salufu Mane Siddharthan Manga Azigbo Yusufu Mani Lawal Manko Umaru Abubakar Mansur Naja'atu Manu Yusuf Maradesa Abiodun Saheed Marafa Gusau Maraiyesa Modupeola Aderemilek Un Marchant And Investment Ltd Marcus Mary Nkese Mariere Joy Oghenegueke Marindoti Rasaq Marinnu Fountain Ltd Markus Chila Marquis Abolaji Emmanuel Martha Maibugu Martins Bolamle Arinola Martins Ignatius Babatunde Martins Lisa Ngozi Martins Omobola Dmobola Martins Omoikhueren Diana Martins Omolade Martins Sharon Aderonke O. Martins Temitope Oluwasola Mary Chiizoba Samuel Mary Haruna Yusuf Mrs Maryam B. Salihu Maryam Hajiya Masoni Smart Ekwelimeku Matawal Jerry Uren Matesun Kudirat Oluwatoyin Matesun Titilayo Abdulrashee D Mati Sadiq

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2014

Matori Musa Salisu Matthew John Onotu Matthew Oluwafunmilayo Iyanu Matti-balogun Silifat Damisola Maude Samaila Makama Maverick Investment Club Maxwell Ejikeme Mazadu Binta Jummai Mazaman A Yunana Mazi Benedict Mba Chizoba Sophina Mba Cyprian Ohagwu Mba Samuel Mbachu Chimaroke Obineze Mbadiwe Maureen Nwaoma Mbadugha Alphonsus Chigozie Mbaeri Paulinus Nwanosike Mbagwu Enyinnaya Chinedum Mbagwu Ernest Chinaka Ernest.chinaka Mbah Anthony Uche Mbah Charles Ndubuisi Mbah Chukwuemeka C. Mbajiorgu Ngozika Marian Mbajohnson Charles Chukwunwike Mbakwe Chinomso Chibuzo Mbalewe Ogadinma Chikwadom Mbanaso Ama Ephrhaim Mbanefo Michael Chuma Ifeanyi Mbanefo Nneka C Mbanefo Rita Obiageli Mbanugo Chioma Uzoamaka Mbanzu Angelina Chinyere Mbatojuo Kenneth Mbaya Daniel Yusufu C Mbiaka Peter Chibuzor Mbiwe Comfort Okwuoma C Mboho Victoria Emmanuel Mbonu Ekechukwu Daniel Mbonu Emmanuel Mbonu Lambert Sunny Mbung Atim Efanga Mbwaap Elisha Joshua Mcjaphet Samuel Chidoberem Mcwest Alfred Mebude-falade Tawakalit Modupe Mecha Joseph Ukah Medeyinlo Folasade Mega Union Company Nigeria Limited Megwa Grace Amarachi Mekiliuwa Isioma Simon Mela Danzaria Bosso Meme Nkoyo Emeka Menakaya Ifeoma Nkiru Mere Eziya Madalo Mere Godfrey Ehukwuemeka Mere Laureta Chineyenwa Mfon Usoh Samuel Mgbachi Sylvanus Chike Mgbemena Clement Chibuzor Mgbokwere Remi Mgburumm Mathias Monday Mhshingil Ibrahim Micafindex Enterprises Michael Andrew Eligie Michael Francis Kelechi Miebai Hephzibah Tarefegha A Mira Mijindadi Aisha Ajikobi Mijinyawa Abdullahi

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List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

5849 5850 5851 5852 5853 5854 5855 5856 5857 5858 5859 5860 5861 5862 5863 5864 5865 5866 5867 5868 5869 5870 5871 5872 5873 5874 5875 5876 5877 5878 5879 5880 5881 5882 5883 5884 5885 5886 5887 5888 5889 5890 5891 5892 5893 5894 5895 5896 5897 5898 5899 5900 5901 5902 5903 5904 5905 5906 5907 5908 5909 5910 5911 5912 5913 5914 5915 5916

63412 63427 63434 63440 214014 63455 117120 63485 209794 63502 116447 207399 63509 209486 123895 63551 63552 63570 63574 63583 116256 63598 63609 63627 64188 63659 63685 63697 224221 63719 63726 63729 114971 63764 63776 63777 211688 206854 64220 64222 117732 221831 63828 119654 121763 63839 63847 114035 63871 209899 63885 63892 63909 63912 114823 63924 63943 64240 64242 64244 64246 63973 64011 231415 64023 64029 64044 64066

100967 71951 71954 71958 71964 18720 21853 89972 105311 37832 104928 34954 46503 19788 34957 21858 72004 100969 72012 72018 34958 72031 46504 34962 26655 41567 89447 49805 72040 72043 72045 34970 41632 49806 89451 72051 49810 19798 46581 46582 35019 41644 19792 72115 72116 34983 72061 35026 105166 35028 72065 72068 23617 72073 72118 41597 19794 46586 24554 35032 35033 41603 43664 23620 72084 46551 34994 34996

5917 5918 5919 5920 5921 5922 5923 5924 5925 5926 5927 5928 5929 5930 5931 5932 5933 5934 5935 5936 5937 5938 5939 5940 5941 5942 5943 5944 5945 5946 5947 5948 5949 5950 5951 5952 5953 5954 5955 5956 5957 5958 5959 5960 5961 5962 5963 5964 5965 5966 5967 5968 5969 5970 5971 5972 5973 5974 5975 5976 5977 5978 5979 5980 5981 5982 5983 5984

64081 124484 64090 64091 64102 64103 64115 64120 64131 211034 64148 64182 64271 64285 64327 64348 64365 64373 64377 64402 64407 216550 213869 64447 220278 64485 64505 64515 208854 230483 64575 230203 64639 229553 64642 228504 64649 64678 64699 64710 64751 64713 214499 64721 219890 207753 221827 64788 120997 64795 210582 64805 64806 64808 64814 64822 64823 64828 64831 64838 64842 64848 64849 64853 64924 64942 64943 65000

46559 72126 23622 37842 104930 35000 41620 46563 46565 72128 35006 72108 30651 35045 89483 35047 105073 72165 28900 41664 92568 46609 72202 72190 35055 72210 35059 46610 28907 92570 72229 28910 72256 72257 26673 35065 14211 94485 28912 72274 72286 72275 35073 41679 72299 72307 72308 72311 72313 72315 105313 46613 46614 46616 72323 72326 35078 100997 72329 26678 72333 72334 72335 72337 41687 104731 104937 41703

Miri Grace Nansah Missa Risikat Ayoka Mitaire & Sons Mjiu Ventures Mkpat Akonsin Mmaduka Emeka Godwin Mmogbo Christopher Nnonyelu Mobi Emmanuel Mobolaji & Adeshola Mos - Shogbamimu Modi Esther Modibbo Ahmadu Modibbo Aishatu Inno Modibbo Garba Modibbo Mahmoud Moemeke Oseh Jude Moemenam Onyekachi Moeteke Augusta Chukwudiebele Moga Anthony Mogaji Bisola Oluwaseun Mogaji Margaret Obafunmike Mogbolu Isaac Issac Mogbolu Josephine Mohammad Abdul Mohammad Kabir Dodo Mohammed 1 Kabiru Bala Mohammed Abdullahi Mohammed Abubarar Mohammed Ademola Saheed Mohammed Aderemi Isiaka Mohammed Al-ameen Bala Mohammed Ali Mohammed Ali Adam Mohammed Ali Yahaya Mohammed Babatunde Azeez Mohammed Bashiru Mohammed Bashiru Olayiwola Mohammed Bolanta Shittu Mohammed Chubado Halima Mohammed Daneji Haruna Mohammed Dangote Flour Mills Mansur Mohammed Danjuma Mohammed Mohammed Fatimah Inya Mohammed Gaddafi Abubakar Mohammed Garba Abubakar Mohammed Habib Yusuf Mohammed Habibat Mohammed Hafsat Abubakar Sadiq Mohammed Hajiya Aishetu Iyoma Mohammed Hassan Dama Mohammed Hassana Bello Mohammed Ibrahim Adisa Mohammed Ibrahim Oluyemi Mohammed Ishaq Mohammed Ismaila Mohammed Jallo Mohammed Jamila Aliyu Mohammed Karimu Mohammed Labbo Abdurrahman Mohammed Laya Ahmed Mohammed Loko Ramatu Mohammed Mamman Audu Mohammed Maryam Aliko Mohammed Namarka Buzu Mohammed Nasir Mohammed Nurudeen Hussain Mohammed Onotu Hamzah Mohammed Saadia Mohammed Saliu

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Mohammed Shehu Mohammed Sherifat Bimbo Mohammed Shittu Zalli Mohammed Shuaibu Mohammed Tanimu Nasidi Mohammed Tauhid Mohammed Umar Mohammed Umar Bose Mohammed Usman Mohammed Wasulu Emmanuel Mohammed Yahaya Sheshi Mohammed Zubaru Mohammed-aminu Hassan Mohd Bello Yusuf Mokwa Isah Alhaji Isah Molokwu Michael Momammed Fati Abubakar Momodu Christabel Rabietu Momodu Grace Ikpemhinoghena Momoh Aisha Momoh Aliyu Momoh Henry Momoh Kamoru Momoh Mukhtar Mutari Momoh Umar Faruq Monday Maxwell Etuk-udo Moneke Sydney Igboanugo Monguno Khadija Sanusi Moni Mike Modesty Monisola Owofemi Moore Omotayo Oladipo Mordi Iyke Lawrence Mordi Obinwanne Desmond Mordi Okolie Helen Mordi Peace Ngozi Morethangold Limited Morgan Adebowale Omotayo Moronfolu Tirimisiyu Tunde Morris-okojie O Osebhajaje Moseri Stella Uka Moses Adebamigbe Moses Bala Nashal Moses Daniel Florence Moses Ezra Mosobalaje Rasheed Adebayo Mosuro Isiaka Olukayode Mosuro Tokunbo Bilkis Motayo Theophilus Olujimi Motherlink Enterprises Motunde Sina Motunrayo O Magregor Mowette George Mowette John Mowette Paul Moyegun Rasaq Ishola Mpama Lucky Nwosu Mpani Hakimi Mr Olaniyi Jacob Oladoye Mr & Mrs Idowu Kayode O. & Funmilayo V. Mr Ajulo Joseph Kolawole Mr Amaechi Godwill Ibe Mr Edu Basit Adeola Mr Eke Ogbonnaya Idumah Mr Ezeani Ositadimma Edwin Mshelia Hauwa Suzanne Mssn Udu Sok Chapter Mt Liman Sakinatu Muazu Aliyu Mandiya

ANNUAL REPORT

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Corporate Governance Financial Statements

7

List of unclaimed dividends warrants S/no

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Warr. No Names

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Acc. No

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5985 5986 5987 5988 5989 5990 5991 5992 5993 5994 5995 5996 5997 5998 5999 6000 6001 6002 6003 6004 6005 6006 6007 6008 6009 6010 6011 6012 6013 6014 6015 6016 6017 6018 6019 6020 6021 6022 6023 6024 6025 6026 6027 6028 6029 6030 6031 6032 6033 6034 6035 6036 6037 6038 6039 6040 6041 6042 6043 6044 6045 6046 6047 6048 6049 6050 6051 6052

64975 64991 64976 64980 65008 65075 206329 120249 65089 65100 65105 116247 65110 65123 65132 65141 218301 65154 65164 65179 65184 113459 213663 117298 65214 65219 215742 65222 208327 65332 65251 65334 65258 65262 65442 209406 65381 65387 65393 65395 65404 114169 65421 65422 65465 220137 65482 65500 65505 216038 65511 65515 65521 120739 223286 65535 65555 65557 65572 219633 65584 65603 65604 223868 219195 65629 65640 206181

37855 101000 89981 41696 72363 46639 46692 41732 21884 103320 28917 46695 41720 41721 21887 41724 46703 37857 89495 21888 72382 46708 104940 41734 46670 46672 89987 72385 46716 46723 41729 104738 101024 35103 89504 72410 92581 46736 72396 23633 72397 35136 48832 72405 41745 46758 94494 41747 35141 46772 46763 46766 46768 30660 26686 72426 104742 72431 18726 92582 41753 26687 26688 72445 72447 72454 21905 35156

6053 6054 6055 6056 6057 6058 6059 6060 6061 6062 6063 6064 6065 6066 6067 6068 6069 6070 6071 6072 6073 6074 6075 6076 6077 6078 6079 6080 6081 6082 6083 6084 6085 6086 6087 6088 6089 6090 6091 6092 6093 6094 6095 6096 6097 6098 6099 6100 6101 6102 6103 6104 6105 6106 6107 6108 6109 6110 6111 6112 6113 6114 6115 6116 6117 6118 6119 6120

65658 219778 65676 113441 222780 65692 66096 206998 65701 65706 65708 65714 223374 65721 65725 66107 65733 65748 65751 65767 65811 65815 65823 212285 65865 122271 208928 65880 65883 65893 229784 66139 65912 65928 65952 65960 65988 65995 213098 208550 66010 66017 66033 66039 66065 66150 209309 218603 207927 66094 224478 66175 66188 66193 118342 66201 66204 66238 66272 208276 66274 221589 66280 66289 224479 221674 66349 66379

72469 92584 103325 103326 105175 72479 26693 46844 35158 72481 35159 103327 35188 72484 46796 35190 46798 48842 101041 35163 12230 46813 43675 46850 101048 35198 23642 20349 72498 72501 72504 72531 46828 13419 104745 26691 35178 89991 46859 35207 35181 89993 72518 41789 24574 46861 72539 19818 101065 46840 35211 72543 72549 46867 72556 35212 24578 35213 103339 46886 41825 72600 72577 72581 72584 49843 97683 46890

Muazu Mohammed Hassan Mu'azu Muhammad Auwal Muazu Muhammad Tukur Muazu Rukayyat Muchel Taiwo Ashley Muhammad Abubakar Garba Muhammad Abubakar Kankarofi Muhammad Ahmad Muhammad Ahmad Alliu Muhammad Ali Bachi Muhammad Amatul-manan Luqman Muhammad Amina Bello Muhammad Aminu Muhammad Bello Muhammad Eurera Ado Muhammad Garba Tsauni Muhammad Hadejia Haruna Muhammad Hassan Gombe Muhammad Ibrahim Muhammad Isa Mikailu Muhammad Jaafar Muhammad Jafaru Sule Muhammad Kawuwa Muhammad Lawal Muhammad Mukhtar Mukhtar Muhammad Mustapha Chado Muhammad Nasir S. Saleh Muhammad Nasiruddeen Abdulrah Eem Muhammad Salihi Sa'adatu Muhammad Sharada Bello Muhammad Shuaibu Umar Muhammad Tsoho Ibrahim Muhammad Umar Muhammad Umar Pairs Muhammed Alfah Abdullahi Muhammed Basheer Zakariyah Muhammed Ganiyat Adesola Muhammed Hauwau Iyabo Muhammed Idris Mustapha Muhammed Isa Wabi Muhammed Lookman Muhammed Nasir Hauwa Muhammed Rahama Muhammed Ramatu Muhhmmed Muftahu Ademola Muhmmadu Ahmad Adam Muili Wasiu Adekunle Mukhtar Abdullah Mukhtar Fatima Shitu Mukhtar Hadiza. Mukhtar Hassana Ibrahim Mukhtar Ismat Mukhtar Salihat Muko Onyebuchi Okoro Mukolu Uzoma Reginald Mukoro Donald Oghenekaro Muktar Magori Binta Mulero Abayomi Abiola Mumonye Josephine Chika Mumuney Oluwatoyin Victoria Mundi Hauwa Munonye Ifeanyi Munonye Nkiruka Muogbo Uche Yvonne Muoghalu Augustina .o Muojiokwu Iheanyi Cyprian Muomah Gloria Chinyere Muomaife Muofe Eucharia

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Murele Samson Oyedepo Muritala Musibau Murphy Margaret Ujugbo Murray-bruce Francis Murtala Aishatu Murtala Suleiman Musa Mr Sule Musa Abdulhasib Musa Abdulkadir Musa Abdullah Oluwalolope Musa Abdullahi Musa Abdullahi Kabo Musa Abdullahi Nuratu Musa Abdurrahman Oluwatomi Sin Musa Abubakar Musa Adamu Abubakar Musa Ahmed Suleiman Musa Aminu Rafinoadi Musa Angut Apollos Musa Benjamin Musa Gajere Musa Fatima Ladi Musa Gali Tijjani Musa Habibu Musa Halima Musa Ibrahim Sale Musa Idris Fika Musa Imam Gololo Musa Isah Umar Musa Ismail Akin Musa Kabir Musa Lawal Musa Lawal Ann Omohu Musa Lawal Maidaga Musa Maryam Mohammed Musa Momoh Musa Muhammed Alhaji Musa Paul Nyigyeyi Musa Rabiu Musa Sadisu Abubakar Musa Safiya Hayatu .h Musa Safiyanu Musa Salamatu Umar Musa Shehu Musa Solomon Musa Usman Musa Usman Daura Musa Victoria Stephen Musa Yusuf Musa Zainab Alkasim Musa Zangina Musa-dauda Kudirat Oladunke Muse Taiwo Adelola Nurai N Musiliu Ramoni Muslim Students Society Of Nig. Buk Chapter Muslim Students' Society Of Nigeria Mustafa Fatima Abdulsalam Mustafa Kime Mustapha Aishatu Mustapha Hawna Tinuola Mustapha Hudu Aminu Mustapha Hussain Olarewaju Mustapha Ibrahim Akinwunmi Mustapha Ibrahim Tosin Mustapha Kazeem Lusty Mustapha Meimunat Oyinlola Mustapha Olaniyi Musbau Mustapha Saratu Mustapha U Usman

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6121 6122 6123 6124 6125 6126 6127 6128 6129 6130 6131 6132 6133 6134 6135 6136 6137 6138 6139 6140 6141 6142 6143 6144 6145 6146 6147 6148 6149 6150 6151 6152 6153 6154 6155 6156 6157 6158 6159 6160 6161 6162 6163 6164 6165 6166 6167 6168 6169 6170 6171 6172 6173 6174 6175 6176 6177 6178 6179 6180 6181 6182 6183 6184 6185 6186 6187 6188

220102 213155 216336 66425 66426 66427 66428 66430 66443 66448 66451 66452 66479 66480 66481 123729 66494 66495 66501 66503 66510 66521 66531 66536 66550 66551 230372 66556 66594 66601 66600 66622 66631 66642 111313 66676 66704 224804 66724 213923 217547 215914 217661 217005 221906 214496 66826 66831 66844 66851 66855 66861 66869 66870 66880 66906 66907 66915 66925 66929 66934 66942 66943 66969 232552 232553 66977 217080

19824 72606 26695 101075 101076 101077 101078 72613 46897 46899 38905 104749 101082 72619 41842 46907 41843 41844 41845 46909 41850 72623 46914 72627 46919 46920 72634 101085 101087 72644 26697 26698 72655 101100 35241 41861 46955 97693 35245 23648 46964 72673 72675 72683 30662 35254 35256 20351 26702 30664 35259 101101 35261 30666 72700 21928 21929 24600 30671 35264 72713 28931 30672 35267 104759 104760 24603 72726

6189 6190 6191 6192 6193 6194 6195 6196 6197 6198 6199 6200 6201 6202 6203 6204 6205 6206 6207 6208 6209 6210 6211 6212 6213 6214 6215 6216 6217 6218 6219 6220 6221 6222 6223 6224 6225 6226 6227 6228 6229 6230 6231 6232 6233 6234 6235 6236 6237 6238 6239 6240 6241 6242 6243 6244 6245 6246 6247 6248 6249 6250 6251 6252 6253 6254 6255 6256

66994 118459 67009 67099 67016 67035 212923 67093 67101 67103 67110 209875 67128 67130 116208 212080 67234 67248 224654 121657 221476 67274 67280 67289 67294 124298 120665 212516 67333 209150 214558 67357 67360 67361 67374 67411 215803 67421 67423 222757 67440 67457 67458 67464 67466 67467 216796 67482 67485 221688 67518 67538 67550 121549 229172 67594 210490 67620 67628 67629 67630 115117 224805 67690 232324 67739 67742 67745

21933 72738 26708 72742 72743 38367 72754 38368 72760 101107 72766 72771 30678 12242 35272 72805 35280 72809 30691 30694 30695 103372 72819 35285 72821 72822 72828 72831 72832 35288 18744 72836 72838 72840 35291 11253 72854 72857 72859 30701 38380 72866 72867 72870 72871 72872 35303 38384 35300 72908 35301 72893 103387 72917 72925 72929 72931 72932 72935 72936 72937 21954 26723 18756 26726 21960 72981 18758

Mustapha Umar Mohammed Mutalib Saliu Mutual Vantage Nig Ltd Mweltok Jwanshak Mweltok Lepnaan Mweltok Naanalong Mweltok Naandi Mwo Ender Godwin Akpan Naabba Binta Hamisu Naabba Suleiman Nuhu Naabo Ahmadu Na'abu Dauda Silame Nabaka Elizabeth Nabeeha M. Tijani Nabeel Mohammed Umar Nabegu Musa Mohammad Nadabo Abubakar Samu Nadabo Ahmad Samu Nadabo Khadija Samu Nadabo Sani Nadama Garba Fatima Nafiu Isiaka Alani Nafiu Magadi Abba Nagbo Barinua Naharu Zakari Maikusa Maryam Yusra Naharu Zakari Maikusa Nafisatu Nahman Nabil Naiya Sani Namo Victoria Isaac Nana Regina Nana Tsemisan Nanna Omayone Itseoritse Nariwoh Folusho Kingsley Nasarawa Baptist Church Nasidi Jummai Maijiddah Nasir Mohammed Nasiru Jamilu Nasiru Mufutau Afolabi Nasiru Umar Binta Nat Assoc. Of Catho. Cors Members Nata`ala Fatima Mohd Nathan Ifeoma Warmet Nathaniel Ajibola Aliyu Nchuchuwe Austine Ndaguba Stella Ndaliman Mohammed Gana Ndanusa Aishatu Ndarake Godwin Mkpatat Ndeche Vincent Okey Ndefo Joseph Chinedum Ndekhedekhe Lucy Edeke Nden Keziah John Ndibe Caroline Ngozi Ndibe Chukwueloka Samuel Ndifon Abang Nicholas Ndiwe Edward Achike Ndiwe Francisca Ekwunife Ndoma Manyo Adidi Ndu Ernest Ezewulu Ndu Ndu Obinna Nduaguba Chukwudi Anthony Ndubilo Faith Ndubisi Anuli Afoma Ndubuisi James Ignatius Ndubuisi Nkiruka Umeh Ndubuisi Nonso Ndubuisi Walter C Ndubuka Stella Onyekwuzunma

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Nduka Beniah Tabugbo Nduka Edith Onyechi Nduka Pascal Emeke Nduka-eze Mark Anthony Nduka-eze Nnamdi Ndukwe Chidinma Ndukwe Onyema Ndukwu Augustina Ngozi Ndulor Austin Chimaobi Ndulue Blessing Uche Ndulue Joy Uche Ndum Onyebuchi Chrstopher Nebe Samuel Ikechukwu Nebeolisa Gregory Izuchukwu Nebolisa Anozie Newbeach Martina Pere Nfofa Ngonda Ethel Nganigo Lucky Clement Ngene Amuche Ann Ngene Chukwuma Innocent Ngene Ikechukwu Christopher Ngene Okokoafor Ngezelonye Alda Eziuno Ngidi George Chiedu Ngini Chukwuma Uche Ngoboh Bomie Sarah Ngoka Chidi Ngozi Rosemary Okechukwu Ngozichukwu Uchechukwu Chibunna Ngubane Gladys Pwanedo Ngwakwe Nnadozie Charles Ngwube Mildred Ogechi Ngwuta Peter Onyema Niamecof International Ltd Nicodemus Felicia Nina-davito Ninis Emanueella Niyi Olufemi Arogundade Niyi-olaiya Funmilayo Mulikat Njemanze Patience Kay Njezi Ifeanyichukwu Barthol Omew Njokanma Chioma Claire Njokanma Chukwuemeka Daniel Njokanma Obinna Dennis Njokanma Uchenna Anthony Njokanma Ursula Osondu Njoku Chelsy Chesachi Njoku Chima Njoku Chukwudi Njoku Godwin Ifeanyi Njoku Justina Onyemaechi Njoku Ogechi Immaculeta Njoku Rosemary Njuru Uchechi Euphemia (mrs) Nkanga Efem Roselyn Nkanga-olomola Utibe-abasi Nke Anyi Thrift & Credit Coop Nkechi Blessing Mattew Nkem-ajoku Gabrielle Nkemafor Nkem-ajoku Habiba Margaret Nkem-ajoku Stephanie Nwugo Nkemakolam Paul Challenge Nkpaji Ifunanya Polly Nkpozi Cordelia E Nmadu Chukwuemeka Micheal Nmakamma Tobechukwu Dorathy Nmakwe Janet Ekatte Nmaokocha Don Richard

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6257 6258 6259 6260 6261 6262 6263 6264 6265 6266 6267 6268 6269 6270 6271 6272 6273 6274 6275 6276 6277 6278 6279 6280 6281 6282 6283 6284 6285 6286 6287 6288 6289 6290 6291 6292 6293 6294 6295 6296 6297 6298 6299 6300 6301 6302 6303 6304 6305 6306 6307 6308 6309 6310 6311 6312 6313 6314 6315 6316 6317 6318 6319 6320 6321 6322 6323 6324

67758 216543 67769 211035 67775 67781 221811 222465 67794 67800 67807 67815 67831 67843 67850 224340 230116 67860 67876 67877 67884 67886 67891 67901 67903 67912 112941 121829 67931 67942 206615 67956 67957 67970 67977 67983 227103 68006 68007 68054 68057 228044 68060 68067 68086 68105 68111 228204 68141 112626 68155 68163 68184 68185 68186 68204 68218 68232 218438 68294 68321 114983 218903 228465 68396 123579 222138 68447

26727 103398 30711 18763 18762 72990 21965 103400 72993 35317 30715 72999 21968 73019 103402 21973 30719 30720 35320 35321 26728 103404 30727 73037 73038 101130 73046 21978 73056 101132 30738 41906 30734 30739 30740 35326 35327 18770 73072 73088 73090 73091 73092 73096 73107 97703 73116 38418 73125 26735 73133 101133 18773 18774 18775 73153 21996 73160 73166 35343 30749 103424 47003 26746 103426 73200 22002 73207

6325 6326 6327 6328 6329 6330 6331 6332 6333 6334 6335 6336 6337 6338 6339 6340 6341 6342 6343 6344 6345 6346 6347 6348 6349 6350 6351 6352 6353 6354 6355 6356 6357 6358 6359 6360 6361 6362 6363 6364 6365 6366 6367 6368 6369 6370 6371 6372 6373 6374 6375 6376 6377 6378 6379 6380 6381 6382 6383 6384 6385 6386 6387 6388 6389 6390 6391 6392

68449 215572 119551 219070 215265 225950 68532 68543 68560 68583 209329 68604 206587 68608 68633 68635 68641 68642 68643 229929 68674 219163 122291 68733 224406 216050 68743 68775 68778 68790 68800 68805 68838 68860 68869 68880 68897 124400 68903 68952 68962 232355 210994 68978 68984 208699 231229 117820 69023 69025 69036 69055 69061 69069 123281 120829 69115 217918 69117 69151 69154 69173 69185 212647 69187 69191 69193 69197

18779 103428 73220 73284 73285 73242 38424 73248 26754 97709 73290 90724 35364 22015 73276 22019 103434 18785 22020 47007 35366 38432 30760 35369 73324 26762 18793 24614 90726 35370 47009 18798 73350 73359 18803 22045 73371 38436 73374 26768 28952 22053 47010 73399 73401 73403 73408 35384 38439 2528 18813 38441 27874 22063 30778 30779 14239 73452 73451 22072 35395 18821 18823 73492 73468 89539 103459 30783

Nmor Ekei Frederick Nnaa Henry Achinike Nnabueny1 Chima Henry Nnabugwu Celestine Onyeka Nnabugwu Evans Nonyelum Nnabuife Kerian Ikechukwu Nnabuike Umeugo Chukwu Moses Nnadede Kasarachi Sylvester Nnadi Anthony Nnadi Collins Obiora Nnadi Eugene Ibezimako Nnadi Kevin Nnaemeka Nnadozie Onyedika Madubuko Nnaemeka Derrick Nnah Udoh Augustine Nnajekwu Benjamin Dozie Nnaji Bernadette Chineye Nnaji Chijioke Anih Nnaji Joy Ifeoma Nnaji Joy Ifeoma Nnaji Nereus Ndubuisi Nnaji Nkechi Priscilla Nnaji Osita Chijioke Nnajieme Grace Adadinma Mrs Nnajiofor Beatrice Nnaka Sandra Ijeoma Nnakwe Emmanuel Nworah Nnalue Augustine Ikechukwu Nnama Chukwudubem Joel Nnamani Edwin And Chino Nnamani Emmanuel Michael Nnamani Patricia Jane N. Nnamani Peter Omaba Nnamchi Christiana Ijeoma Nnamchi Victor Nnaemeka Nnamdi Eucharia Nnamdi Ezeokoli Nnanna Ijeoma Nnanna Israel Ibe Nneji Gloria Nneoma Nneji Nwalozie Nneji Priscilla Chizoma Nneji Reinert Chinenye Nnenweke Obaji Nnodu Charity Ogochukwu Nnolum Benson Uzodima Nnopuechi Stella Nnorom Chibuzor Chris Noah Osatohanmwen Michael Noah Prince Terry Noibi Olanrewaju Hidayat Nokshwan Plangnan Sintiki Norbert Chigozie Mathias Norbert Emeka Gregory Norbert Ogochukwu Christogonu S Nosiru Lateefah Omobolanle Nriaka Francisca Ngozi Nsiegbunam Christiana Chinwendu Nsuhuye Maxwell Effiong Nuhu Andrew Nuhu Yohanna Sake Numbere Numberye P.f Nura Mallam Nwabudike Ngozi Patriciai Nwabudike Udoka Ubald Nwabueze Kingsley Kenechukwu Nwabueze Uju Miracle Nwabuisi Austin Nyemike

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Nwabuko Sunday Onyebuchi Nwabunike Felix Nwaokoye Nwachi Rita Ifeyinwa Nwachukwu Chinwe Ojuolape Nwachukwu Christie Nwachukwu Dorothy O. Nwachukwu Elesius Chukwunyere Nwachukwu Ezefunna Nwachukwu Ijeoma Eucharia Nwachukwu Kingsley Ugo Nwachukwu Mercy Nwachukwu Obiageri Josephine Nwachukwu Ogbonnaya & Chika (mr & Mrs) Nwachukwu Okey Nwachukwu Samuel Nwachukwu Samuel Onyemauche Nwachukwu Sunny Uchey Nwachukwu Thelma Akudo Nwachukwu Theodor Izunna Nwadibia Francis Okechukwu Nwadiegwu Joy Adanma Nwadinigwe Ifeoma Georgian Nwaegerue Chibuike Dickson - Imf Nwaeobch Chinelo Pauline Nwaeze Charity Ifeoma Nwaeze Emmanuel Azuobi Nwaeze Ikechukwu Nwafor Emmanuel Uchechukwu O Nyeb Nwafor Gbinali Nwafor Joy Ngozi Nwafor Nwakamma Mark Nwafor Paul Chukwudi Nwagbo Karen Onyinyechi Nwagu Chukwuemeka Nwaguru Onyenkwere Christian Nwagwu Joy Chinasa Nwaigwe Chinasa Florence Nwaigwe Henry Ifeanyi Nwaigwe Onyeka Glory Nwajei Nkiru Bridget Nwajiaku Godwin Chuks Nwajinka Osita Nwajiofor Ifeanyi Nwajuaku Ogochukhu Ifeoma Nwakaibe Charles Onyema Nwakalor Chidinma Mary Nwakanma Iheanyi Nwakor Udechukwu C. Nwakwue Chukwunyere Nwanevu Nwakwue Oluchi Nwalie Chukwudi Emmanuel Nwambara No Ngozi Ursula Nwamkpa Steve Emenike Nwana Stella Chizoba Nwandiogo Ugochukwu Nwaneri Ikechukwu Simeon Nwangoro Otitodirichukwu Nwanguma Berna Ebere Nwanguma Chinedu Peter Nwani James Mgbosoluchukwu Nwani Sunday Nwankudu Precious Chinyere Nwankwo Beneth Achufusi Nwankwo Caroline Iwebunor Nwankwo Caroline Nkechi Nwankwo Charles Monday Nwankwo Chigaemzu Thankgod Nwankwo Chinaemerem David

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Warr. No Names

6393 6394 6395 6396 6397 6398 6399 6400 6401 6402 6403 6404 6405 6406 6407 6408 6409 6410 6411 6412 6413 6414 6415 6416 6417 6418 6419 6420 6421 6422 6423 6424 6425 6426 6427 6428 6429 6430 6431 6432 6433 6434 6435 6436 6437 6438 6439 6440 6441 6442 6443 6444 6445 6446 6447 6448 6449 6450 6451 6452 6453 6454 6455 6456 6457 6458 6459 6460

69199 69219 69222 69226 69237 69243 215312 212648 69263 211121 69310 69334 69336 69337 69349 206692 69359 69380 69381 69392 69393 69402 69408 69409 69410 222344 69446 69450 69454 69456 122895 69498 215502 69540 212470 232193 69570 226603 69580 69582 69595 225466 69599 118194 226604 69618 69623 232157 205716 69635 69647 69659 69664 69665 207981 69693 69710 69713 231704 69731 69736 69762 214341 122218 69778 124282 219355 224877

30784 38450 14241 22081 22084 73474 101148 73496 22090 30792 73500 30794 22099 6361 18829 13150 103462 18831 103467 26776 23654 73534 73536 97719 73539 28956 22106 22108 73558 73559 73561 73573 103480 73588 30803 103484 35411 73596 27880 73598 103488 101156 27881 73612 73609 27882 73615 73616 18843 22119 38458 105322 22121 73631 73634 22123 73654 30809 73660 30811 73664 73672 73680 73681 73678 73682 103504 22134

6461 6462 6463 6464 6465 6466 6467 6468 6469 6470 6471 6472 6473 6474 6475 6476 6477 6478 6479 6480 6481 6482 6483 6484 6485 6486 6487 6488 6489 6490 6491 6492 6493 6494 6495 6496 6497 6498 6499 6500 6501 6502 6503 6504 6505 6506 6507 6508 6509 6510 6511 6512 6513 6514 6515 6516 6517 6518 6519 6520 6521 6522 6523 6524 6525 6526 6527 6528

122364 69852 69853 69871 221327 69877 69878 69902 69903 69934 69939 69950 228770 69969 228205 228046 70004 66432 70022 230070 121508 70054 230068 225952 70081 230071 117927 70100 124129 230072 70185 70188 70190 70193 218752 70229 70234 230698 70249 70253 70267 70279 70284 70292 70295 214684 70309 118439 70335 217903 70358 70363 70381 118310 124638 119256 70399 215341 70417 124257 70455 70457 224480 212205 70481 70476 70491 70504

103505 73699 22139 28964 22142 38469 35427 38472 73714 35432 26783 18868 30821 22150 35437 35436 28966 22156 22157 22158 73800 18873 22165 22166 73766 22168 30835 73771 38482 22179 73788 11691 22182 73790 35449 38483 73811 35451 73818 22190 30838 22192 22193 73830 73831 73836 101168 35456 73841 82 18883 22196 73858 73864 30843 73868 18885 28971 22203 73878 28973 28974 28975 73891 73901 73899 73907 73913

Nwankwo Chinwendu Boniface Nwankwo Emeka Obiora Nwankwo Emmanuel Amobi Nwankwo Emmanuel Ilo Nwankwo Frank Kenechukwu Nwankwo Grace Nma Nwankwo Ifeoma Doreen Nwankwo Kenneth Nwafea Nwankwo Ndidi Martina Nwankwo Ujuakwa Jane Nwankwor Collins Nwanne Uchenna Steve Nwanneneme Christian Ozoemena Nwanneneme Emmanuel James Nwantanya George Ifeanyi Nwanyanwu Bernardette Nwanze Bridget Ofunne Nkeiru Nwaobia Chibunna.e. Nwaobia Chinedum Charles Nwaodume Moses Onwazu Nwaoga John Nwaliobu Nwaogu Newman Chibueze Nwaogu Victoria.i Nwaogwugwu Chinyere John Nwaogwugwu Livinus Nwaokolobia Ifeyinwa Rosemary Nwaopara Friday Okechukwu Nwaorgu Azubike Romanus Nwaorgu Mary Adannaya Nwaosa Cordialia Nkechi Nwaoshai Ameshi Michael Nwato Moses Udochukwu Nwawuike Chinedu Canice Nwazuonwe Celestine Easter Nwefoh Emeka Chinweuba Nweje Esther Ezinne Nweke Chineze Iruoma Nweke Emeka Raymond Nweke Emmanuel Obiora Nweke Florence Ewomazino Nweke Marylinda Nwakaego Nweke Ndubuisi Nweke Osinachi P. Nweke Patricia Ngozi Nweke Walter Maduaduchie Nwene Godson Chita Nwenyi Chisom Victoria Nwevo Chinenye Augusta Nweze Jonathan Ugochukwu Nwibe Leticia Obiageli Nwigwe Obiyo Chigozie Nwiloh Jonathan Nwinyi Kenneth Okechukwu Nwire Christopher Nwabueze Nwiya Chika Spiff Nwobi Okechukwu Jeffrey Nwobodo Innocent Okorie Nwobodo Ndubuisi Nwobu Edison Chukwuemeka Nwodo Adaobi Nwodo Ifeoma Nwogu Bright Ugunna Nwogu Geraldine Amuche Nwogu Ngozi Nwogu Onyebuchi Nwogu Samuel Ulonnam Nwoke Chibuzo Mabel Nwoke Maureen Njideka

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6529 6530 6531 6532 6533 6534 6535 6536 6537 6538 6539 6540 6541 6542 6543 6544 6545 6546 6547 6548 6549 6550 6551 6552 6553 6554 6555 6556 6557 6558 6559 6560 6561 6562 6563 6564 6565 6566 6567 6568 6569 6570 6571 6572 6573 6574 6575 6576 6577 6578 6579 6580 6581 6582 6583 6584 6585 6586 6587 6588 6589 6590 6591 6592 6593 6594 6595 6596

70506 70526 70528 70541 70558 70572 70575 70599 70602 70609 207635 70613 70614 70615 70616 70631 119652 70639 70649 70655 70658 70660 70664 219706 70694 228793 228670 70721 70731 70738 210980 219376 70771 209010 70801 70803 229788 70823 70824 70854 232518 116028 70889 70902 225953 70946 70962 218366 71002 71003 119763 71018 71052 121186 71076 71189 231849 71116 120383 71131 71136 221141 215318 71169 232084 71195 218039 71201

41970 26794 73927 73933 41973 73946 73947 73957 22210 43686 73961 73964 73965 35468 35469 73970 73972 92607 104765 26797 73981 73982 73985 73991 73995 28982 74007 26800 74014 74017 92614 29837 103541 28985 74028 35482 103542 35483 24625 28991 74046 74055 74061 47023 28997 26805 35487 103551 26806 26807 74111 28999 74124 74172 38499 74174 18900 74143 74177 18901 22234 74183 101174 74161 25339 74188 74189 22246

6597 6598 6599 6600 6601 6602 6603 6604 6605 6606 6607 6608 6609 6610 6611 6612 6613 6614 6615 6616 6617 6618 6619 6620 6621 6622 6623 6624 6625 6626 6627 6628 6629 6630 6631 6632 6633 6634 6635 6636 6637 6638 6639 6640 6641 6642 6643 6644 6645 6646 6647 6648 6649 6650 6651 6652 6653 6654 6655 6656 6657 6658 6659 6660 6661 6662 6663 6664

119953 121671 71215 119819 71257 122112 71286 218597 71288 71292 71296 71328 71334 71355 71371 114145 71381 231350 71384 231712 120273 71393 216904 71407 71409 71410 71421 71449 71450 212243 71456 71474 118384 71481 71492 71527 71538 219331 117563 223246 71592 232342 71666 207064 71687 71703 212015 71710 113746 212076 71722 71748 71753 71757 217738 71783 213810 116161 121892 71819 71828 71854 71895 71898 71913 71933 71952 71972

35495 25340 74194 22251 35498 74211 22256 30853 47031 74225 26817 35504 22267 27889 26821 26822 6230 22276 74248 22278 74250 5205 74254 18909 74258 74259 35512 35515 35516 26823 18910 35518 22289 97755 74285 74292 74296 74312 30859 74319 103564 35528 35529 38516 22307 74363 74367 74369 74373 74374 12777 24863 20373 97764 30866 20375 74397 74402 74406 74407 26839 35539 74426 74428 74435 74438 35544 103580

Obadare Ebenezer Obadiaru Josephine Osaruonaeme Obadiegwu Ikechuknu Jude Obadina Jonathan Adekunle Obadofin Oluwatoyin Obafemi Erinayooluwa Obafemi Ireoluwakitan Obagbemi Omotayo Obagha Emmanuel Ude Obagunla Victor Obagunlu Sylvester Omokhodion Obagwu Joseph Obagwu Maria Owota Obah Godson Onyemaechi Obah Helen Nonso Obaje Agada Junior Patrick Obaje John Abah Obaji Obaji Samuel Barnabas Obajulu Ezekiel Ayo Obajuwana Kesiena Belinda Obaka Hassana Phebe Obaka Ilemona Benjamin Obakoya Adeniran Obande Godwin Aboh Obanile Clement Adedoyin Obanor Jennifer Iyenoma Obanure Olu Victor Obareh Deborah Avwerosuoghen E Obaro Jacob Omeiza Obaromi Abosede Adetoun Obasan Olayemi David Obasanmi Eniola Bolajoko Obaseki Efosa Obaseki Samson Obasi Ernest Anayochukwu Obasi Evarist Oluchukwu Obasi Florence .o Obasi Obioha Osita Obasi Ogadimma Kingsley Obasuyi Elizabeth Obataluonye Chukwuemeka Michael Obawole Adewole Obayelu Elizabeth Obayemi Victoria Bose Obazee Mike Obazei Dominic Adim Obe Onyeje Obele Mercy Goya Obemuhowho Joseph Obemuhowho Josiah Obeta Irene Nkechi Obetoh Egiya Franca Obi Chioma Laura Obi Ebere Obi Emeka Obi Godwin Gregory Obi Kizito Daberechi Obi Kosisochukwu Obi Ngozi Irene Obi Njideka Angela Obi Nonso Vin Obi Paul Chukwudi Obi Roseline Chilo Obi Theodora Anulika Obi Thomas Edum Obia Julia Ada Obia-amauwa Uchechi Obiaeli Chukwudozie Christoph Er

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Obiagwu Henry Chukwodi Obiagwu Imelda Felix Obiagwu Samuel Okwudili Obiakor Ifeanyichukwu Obiamalu Felix Chidozie Obiamalu Reginald Ifeanyichukwu Obiapuna Nneka Elizabeth Obiasulu Nkechi Doris Obiatu Anayo Paul Obiazikwor Nkem Samuel Obibi Ogheneovo Emmanuel Obidike Celestina Chinyere Obidike Jane Udelue Obiefuna Christopher Chukwuney E Obieh Sergeant Simeon Emeza Nena Obieke Cecilia Adobi & Anr Obiekie Dominic Chinwuba Obiekosi Doris Adaobi Obiekwe Emmanuel Ezenwa Obiekwe Eric Uchechukwu Uchebest Obiekwugo Agatha Ngozi Obiem Jane Obieme Chike Obiezenweile Collins C U Obiezu Lois Obiezu Luke Chibuisi Obigbo Pamela Obianuju Obikanye Opemipo Pelumi Obikaonu Pauline Chimuru Obike Patricia Igbeye Obike Ude Emma Obikwelu Chuks Winston Obikwelu Ifeanyichukwu Jude Obilaja Oluwakayode Obilor Ejike Emmanuel Obinna Chioma Ngozi Obinwa Chizoba Joy Obioha Johnson Nnaemeka Obioha Victoria Obiora Ezinne Obiora Modupe Titilayo Obiozo Ogomegbunam Victor Obitoro Perpetua Chimeruo Obiudu Hycient Chukwuemeka Dr Obizulike Ikemefuna George Obodo Francisca Obodoechina Adim Fredrick Obodoekwe Ebele Obodoekwe Ononuju Uche Obodoekwe Uchenna G. S. Obodozie Olatunde Ozoemena Oboh Oghoghomena Charity Oboho Arit John Oboite Adinbaoke Osadebamen Oboko Joseph Chukwudi Obong-eren Alice Uduak Obori Matthew Appeal Obot Christopher Akpan Obot Major Silas Obott Frank Obrikogho Sunday Obuezie Emmanuel Obiora Obuvie Kingsley Akporaro Ocan Victor Omara Oche Audu Ochei Charles Chiemeka Ochekwu Nehemiah John Ochi Roderick

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6665 6666 6667 6668 6669 6670 6671 6672 6673 6674 6675 6676 6677 6678 6679 6680 6681 6682 6683 6684 6685 6686 6687 6688 6689 6690 6691 6692 6693 6694 6695 6696 6697 6698 6699 6700 6701 6702 6703 6704 6705 6706 6707 6708 6709 6710 6711 6712 6713 6714 6715 6716 6717 6718 6719 6720 6721 6722 6723 6724 6725 6726 6727 6728 6729 6730 6731 6732

120322 71979 71987 71991 218856 72018 72019 119311 72071 72074 212274 72153 72189 72197 72198 72203 72216 72227 72238 72271 222613 215325 218464 72326 72355 72357 215164 72399 72400 72403 72405 72429 72433 112245 72447 213780 72475 72534 72540 72561 72574 72577 72583 72584 72587 213472 72615 72625 222061 72675 111081 218390 232173 72703 72715 72721 72722 72723 72736 72752 218624 72766 72772 72775 72785 72823 124724 72865

30873 74447 24069 74451 35547 43701 42008 92626 22319 74476 74487 74515 83 97782 74535 97784 74542 74544 74547 74565 74566 97792 74588 29019 26860 97799 74613 74620 42017 74624 74626 74634 74635 74638 74642 74648 42019 74676 92644 29021 29025 47039 26865 26866 74694 74699 74705 35571 74725 103586 74726 35572 74731 26872 74735 74736 22329 35574 74747 74757 35575 26876 18925 103592 29040 43710 74789 18928

6733 6734 6735 6736 6737 6738 6739 6740 6741 6742 6743 6744 6745 6746 6747 6748 6749 6750 6751 6752 6753 6754 6755 6756 6757 6758 6759 6760 6761 6762 6763 6764 6765 6766 6767 6768 6769 6770 6771 6772 6773 6774 6775 6776 6777 6778 6779 6780 6781 6782 6783 6784 6785 6786 6787 6788 6789 6790 6791 6792 6793 6794 6795 6796 6797 6798 6799 6800

217599 72888 211937 72910 212723 72921 72934 72935 72936 224307 72948 228946 72968 210503 73015 73017 73023 232151 73036 222176 73053 223435 224807 73076 73120 73126 73135 73158 208445 73169 73191 228355 73211 221984 73247 73254 216077 123956 73273 73303 216083 73310 208216 216611 73324 212311 73334 229407 73383 73394 222167 73399 215776 73420 73465 227463 73482 73483 113566 73499 73512 73523 73564 73567 208693 205439 222882 73580

74801 26885 74807 30883 97814 30885 103605 30887 30888 74820 74825 26887 25349 74845 74852 74853 74858 74860 74862 74864 35592 35593 92651 74885 30892 92656 74928 74947 74963 74953 42033 74972 74980 74994 26890 75009 75016 94537 75026 35597 92677 75048 75053 97827 75058 75072 75067 75084 75096 75101 75112 75105 75125 75118 75145 75155 75157 75158 75184 75168 75177 75188 75216 49879 75227 75228 29048 75238

Ochiagha Blessing Chioma Ochie Ehis Michael Ochigbo Adoyi John Ochigbo Elizabeth Dota Ochiora Onyinyechukwu Blessing Ocholi Ejiga Aaron Ocholi Jonathan Ochuehie Remigius Uchechukwu Ochumba Daniel Chukwugozie Odaga Adhiambo Odebisi Motunrayo Hauwa Odedeyi Estmer Olajumoke Odega Oronya Roseline Odegbaro Alexander Oluwadamilo La K Odegbaro Azeezat Olajumoke Odegbaro Thomas Oyekunle Odeh Godwin Odeigah Helen Nwakaego Odeja Bukola Odekina Useh Judith Odekola Kazeem Atanda Odeleye Hakeem Olalekan Odemenem Ambrose Nnanna Odemwingie Ifueko Oderhohwo Joseph Oderinde Ademola Yakub Odesanmi Yahaya Oloruntoogun Odesanya Shamsideen Tolani Odesanya Tinuola Rosemary Odeseye Abisola Odeshile Olatayo Olafimihan Odetola Bukola Mope Odetoyinbo Folaranmi Adebiyi Odetoyinbo Olukemi Olayinka Odetunmibi Olugbenga Olawale Odewale Shukurat Ajoke Odey Abubakar Nafisatu Odeyemi Joel Olayinka Odeyemi Sunday Abayomi Odia Ekundaye Odia Osazomwangie Odia Peter Noruwa Odiachi Ngozi Ernestina Odiachi Nonso Kenneth Odiagbe Ernest Odiaka Stella Iheoma Odiase Tadanegbe Yekhoega Odiba Augustina Egweye Odigie Ehimen Colinus Odigie Michael Odigie Osa & Kemi Odigie Stella Odih Jude Sunday Odikaesieme Christiana Nkemakona M Odili Irenosen Odili Valentine Odili Veronica Amara Odili Vincent Afamefune Odimba Chibiko Amos Odina Eunice Olatomi Odinenu Victoria Nne Odinigwe Alphonsiana Chizoba Odinma Gladys Ime Odio Ipulo Ebenezer Odion William Eromosele Odiyo Hannah Onyinoyi Odoemena Chidi Remigius Odoemena Chioma Christiana

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6801 6802 6803 6804 6805 6806 6807 6808 6809 6810 6811 6812 6813 6814 6815 6816 6817 6818 6819 6820 6821 6822 6823 6824 6825 6826 6827 6828 6829 6830 6831 6832 6833 6834 6835 6836 6837 6838 6839 6840 6841 6842 6843 6844 6845 6846 6847 6848 6849 6850 6851 6852 6853 6854 6855 6856 6857 6858 6859 6860 6861 6862 6863 6864 6865 6866 6867 6868

73598 205672 73607 116349 73618 217342 73627 73633 73635 73638 209708 73659 232619 221472 73698 73702 121464 73721 206869 73739 73746 216253 73799 73825 73833 73850 73867 73873 73879 215781 207711 73943 208427 73951 73957 227306 219288 73993 73995 74009 74012 232483 74050 74061 74068 123249 74079 74099 74124 223178 210604 74142 74145 74166 228470 228570 205843 219772 218809 74227 123769 119519 74240 74257 74259 74261 74280 74274

75243 97847 75245 75250 75254 75261 26893 103616 14309 75265 75271 75272 30898 35606 29049 8242 35608 26898 35612 22357 35613 92707 103620 35617 75321 75331 29051 25353 35620 26904 75350 103628 75363 104768 22382 75365 35626 38542 24094 35629 26907 75394 29057 75396 26908 26910 29058 101192 97853 75422 75424 75423 29070 29073 29075 35645 26915 22400 2601 75446 75449 30919 75447 75455 75457 75458 35655 19841

6869 6870 6871 6872 6873 6874 6875 6876 6877 6878 6879 6880 6881 6882 6883 6884 6885 6886 6887 6888 6889 6890 6891 6892 6893 6894 6895 6896 6897 6898 6899 6900 6901 6902 6903 6904 6905 6906 6907 6908 6909 6910 6911 6912 6913 6914 6915 6916 6917 6918 6919 6920 6921 6922 6923 6924 6925 6926 6927 6928 6929 6930 6931 6932 6933 6934 6935 6936

74285 74301 74321 74333 74346 224004 74365 74380 74382 225167 74396 223315 74472 74487 205771 206009 74523 74527 124882 117919 74568 74575 74583 74615 212372 74625 74632 217987 74655 74657 74696 74697 74698 74699 74703 74737 74739 222107 209975 74775 213674 74811 74886 74921 74939 211657 208126 74995 220699 216200 219492 231888 75062 75065 75072 75073 75082 75095 75134 75156 75186 210005 215636 75202 75211 230592 75223 216864

75466 75468 75473 18945 22403 75490 18948 14314 18951 30925 103643 30930 47053 30933 75523 30937 14320 14323 75533 75536 75539 22421 22424 75555 75564 75563 75566 75572 75570 75575 29083 103658 26950 29084 75588 29089 75600 75609 29095 26966 42050 75623 103671 10598 75663 35687 75683 14328 103679 75699 38553 75715 75717 30944 29101 29102 103684 29104 43724 75769 75791 75792 75804 75806 75811 75816 14330 42056

Oduwole Opeyemi Saheeb Oduye Oladipo Olusegun Oduyebo Sunday Owolabi Oduyemi Samuel Olawale & Anr. Oduyingbo Oluseun A Oduyoye Olumuyiwa Adebisi Ofagbare Londo Isreal Ofeimu Ojes Imas Ofem Etengolem Ofeton Veronica Elohor Offiah Ifeanyi Offiong Lucille Ako Offunu Emmanuel Ndubuisi Ofi Oladiran Ofiare Ogbaji Ofili Azuka Ofili Francisca Anulika Ofili Roy Animam Ofoche Amoge Stephanie Ofodile Emmanuel Okechukwu Ofodueze Uche Bernice Ofoegbu Leaticia Ihuaku Ofokansi Innocent Ikechukwu Ofomaja Divine Mejire Ofonagoro Elizabeth Adora Ofordile Anthony-john Ofovwe Queen Ofre Gabriel Akem Ofuama Akpomedaye Blessing Ofulue Onyeka Ofum Akomande Udama Rawlings Ogah Peter Onu Ogaji Shaibu Ogaji Ogala Aigbochie Hehen Ogalanya Godfrey Anaedum Onyeb Uchi Ogalue Obumnaeme Blaise Ogar Stephen Aja Ogazie Unaeze Ogb0j1 Ene Pauline Ogbadu Godwin Haruna Ogbagha Osaremeh Benedict Ogbavigho Reuben E. Ogbe Abuh Monday Ogbe Esther Ogbe Monday Matthias Ogbe Stella London Ogbebor Eseosa Francis Ogbechie Celestina Ngozi Ogbeibu Innocent George Ogbeide Michael Osamuyi Ogbeifun Chinyere Katukoma Ogbeifun Iyenoma Ogbeifun Paul Ehizofua Ogbemudia Osasumwen Ogbemudia Peter Edomwonyi Ogbenna Godfrey Tobechukwu Ogbhemhe Rosemary I. Ogbodo Augustine Chukwuma Ogbodo Christian Onyekachi Ogbodo Echeija Ogbodo Ifeanyichukwu Mba Ogbodo James Iloabuchi Ogbodo Okechukwu Eric Ogbogu Lawrence Ikechukwu Ogbogu Michael Emeka Ogbogu Victor Uchenna Ogbole Chide Grale Ogbole Elizabeth Ene

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ANNUAL REPORT

2014

Ogbolu Chidi Victor Ogbomon James Atabhotor Ogbonna Angela Ngozi Ogbonna Chinedum Michael Ogbonna Eanest Prowess Ogbonna Epiphany Ogbonna Isaac Chidi Ogbonna Obinna Stanley Ogbonna Ocheze Ogbonna Samuel Lucky Ogbonna Sunday Ogbonnaya Iheuko Sunday Dr Ogbu Ann Ifeoma Ogbu Grace Kelechi Ogbu Jimson Ogbuabo Ikem Ogbuaku Chimdindu Ogbuaku Lilian Ogbughalu Augustine Arinze Ogbuja Clara Chioma Ogbulefu Bartholomew Aham Ogbunude Joseph Chuba Ogbuozobe Tochukwu Stephen Ogedengbe Eunice Fisayo Ogedengbe Folake & Adewale Ogedengbe Paul Oluseyi Ogegbo Basil Ajibola Ogeye Damilola Olumide Ogeye Olufunke Olabisi Oghafua Solomon Uwagbae Oghide Osasere Oghidi Idemudia Kinlsley Oghighe Goddey Ohwofasa Oghinan Anetor Okhale-addeh Oghoanina Joy Oghogho Ogianyo Abudulahi John Ogiator Omuwa Ogidi Micheal Eloho Ogieva Efosa Ogigbah Adjaro E. Emmanuel Oginni Ayodeji Jacob Oginni Oluwaseun Christopher Ogoloma Chima Ogu Ansa Boco Ogu Vincent Innocent Oguche Oyinema Vera Ogude Funmilayo Abiodun Oguegbe Ferdinand Okorie Ogueji Ngozi Oguejiofor Emeka Charles Oguguo Opara Anthony Oguguo Kingsley Ibeabuchi Oguh Georgenia Oluchi Oguh Nnadozie Mark-lawrene E Oguike Ikechukwu Oguike Nonyerem Ogukwe Chukwuma Nwokedike Ogumor Omamomo Ogun Tayo Ogunbadejo Adebayo Adewale Ganiy U Ogunbanjo Magaji Oluwakemi Ogunbanjo Mercy Oremei Ogunbayo Temitope Olusomo Ogunbekun Oyindamola Mutiat Ogunbiyi Adesoji.o. Ogunbiyi Francisca Bamidele Ogunbiyi Kofoworola Ogunbiyi Michael Kolawole

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

6937 6938 6939 6940 6941 6942 6943 6944 6945 6946 6947 6948 6949 6950 6951 6952 6953 6954 6955 6956 6957 6958 6959 6960 6961 6962 6963 6964 6965 6966 6967 6968 6969 6970 6971 6972 6973 6974 6975 6976 6977 6978 6979 6980 6981 6982 6983 6984 6985 6986 6987 6988 6989 6990 6991 6992 6993 6994 6995 6996 6997 6998 6999 7000 7001 7002 7003 7004

75235 75244 75245 75258 75259 75263 75274 75284 75294 75305 75337 75366 221125 216658 75411 75482 75503 75527 75533 113954 118047 225217 75556 75559 222995 75626 75641 215985 208501 75683 75701 75703 75716 116179 75756 75760 75765 75767 75787 217045 75792 75819 75820 214028 209002 75894 232209 75906 75918 208627 209849 75930 75944 226179 120690 120689 220357 75982 75986 75996 76003 214169 76050 76053 76059 76062 76063 76072

14331 75828 75829 35691 75838 75842 75847 75854 75857 92720 75876 75883 75904 75906 75901 75942 97907 75962 75964 75967 75979 47059 94556 26979 75995 97920 90766 35705 76038 76047 35707 76061 35708 86 76093 76094 35709 76098 97935 49895 76109 94561 76132 76144 76188 35712 47061 35713 76177 35715 76194 92781 76199 76210 76214 76215 76225 90778 97945 76237 42066 89558 76268 92784 76274 76277 76278 76289

7005 7006 7007 7008 7009 7010 7011 7012 7013 7014 7015 7016 7017 7018 7019 7020 7021 7022 7023 7024 7025 7026 7027 7028 7029 7030 7031 7032 7033 7034 7035 7036 7037 7038 7039 7040 7041 7042 7043 7044 7045 7046 7047 7048 7049 7050 7051 7052 7053 7054 7055 7056 7057 7058 7059 7060 7061 7062 7063 7064 7065 7066 7067 7068 7069 7070 7071 7072

76092 76099 76126 76182 76198 76201 218011 76235 76239 76241 76242 123942 76263 76285 76286 212780 76292 76298 229010 222203 123544 217574 76381 209644 210433 215440 76564 76570 76581 114608 76591 76593 231289 215995 76616 76620 76650 76655 76679 222571 76690 76748 76757 76769 76774 76780 76783 76788 56269 228163 210711 76841 76840 76849 76860 76888 76895 76917 76921 76967 76982 224152 77012 77050 77054 216577 123717 77084

49899 76301 76314 76340 103691 76349 26985 97965 76358 97968 97969 76364 76366 92799 92800 97973 35731 97976 76386 76401 76404 76420 76426 76440 76480 94581 104774 76512 76515 76526 76528 92818 76529 76545 76537 76538 35741 76556 26990 76562 18971 26996 38561 22461 22462 76583 22463 18975 22464 76603 76605 76606 76604 103704 22466 29116 76621 47065 76631 76640 76645 76648 76660 2634 27019 24104 76685 30952

Ogunbiyi Onaopemipo Oluwanifemi I Ogunbo Mojisola Adetomi Ogunbo Olakunle Oladipo Ogunbolude Alice Yetunde Ogunbona Adesola Adunni Ogunbote Abosede Abisola Ogunbunmi Kayode Mufutau Ogundairo Adebola Ogundana Babatunde Ogundare Amos Iyanda Ogunde Folasade Ogundeji Sulyman Adesegun Ogundele Jeremiah Oluwaseyi Ogundele Latifu Oloyede Ogundele Samuel Ajayi Ogundipe Ezekiel Adebola Ogundipe Rotimi Akinleye Ogundiwin Lanre Oyegbola & Shol A Aj Ogundiyan Julius Olukayode Ogundogba Grace Olufunmilayo Ogundolie Sekinat Ogundoyinbo Ajibola Ogundun Ayodeji Kayode Ogune Chukudi Ogheneruemu Ogunfowokan Abimbola Ogungade Adewale Olusegun Ogungbe Oluwasinaayomi David Ogungbemi Igbekele Samuel Ogungbire Adedayo Thomas Ogunjimi Folashade Fatimat Ogunjobi Johnson Ariyo Ogunjobi Mary Iyabo Ogunjobi Sunday Cyril Ogunkomaya Adewale Oluwaseyi Ogunkoya Mohammed Olaiwola Ogunkoya Olalekan John Ogunkoya Olugbenga Ogunkoya Olusola Adunni Ogunlade Ayosiji Afolabi Ogunlade Blessing Oyindamola Ogunlade Mary Olufunmilayo Ogunlana Emmanuel Omotayo Ogunlana Olakunle Idowu Ogunlesi Irewole Mobolaji Ogunleye Lawrencia Adunni Ogunleye Mujidat Oyeyemi Ogunleye Olawale O. Ogunleye Olusanya Timothy Ogunleye Rachael Yemisi Ogunleye Taiwo Victor Ogunleye Tayo Adeola Ogunleye Zacheaus Oluwale Ogunlola Jackson Olabisi Ogunlusi Adetola Oluwabunmi Ogunlusi Adeyemi Ogunlusi Gbenga Ogunmekan Mojisola Olasimbo Ogunmilade Olufunke Edileola Ogunmodede Agnes Adebimpe Ogunmokun Festus Olujimi Ogunmola Festus Akin Wale Ogunmola Olayode Samson Ogunmwonyi Osawemwenguan Ojay Ogunnaike Adesanya Oluwasesa N Ogunnaike Josephine Ogunnaike Koseyinoluwa Ogunnaike Muyiwa Akintomide Ogunneye Omolara Abiola

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About Us

Ogunniyi Bola Sunday Ogunniyi Osobiyi Duncan Ogunnubi Precious Oreoluwa Ogunrinde Muili Abdulkareem Ogunro Noah Kayode Ogunro Oluwaseyi Abiola Oguns Ajanaku Ojo Ogunsan Darasimi Ogunsan Oreofe Ogunsan Oyindamola Ogunsan Sharonrose Ogunsanwo Ogunniyi Ogunsanya Fausat Anike Ogunsefunmi Bukonla Caroline Ogunsefunmi Omowole Olusegun Ogunseitan Adeyinka Ogunsemi Olayinka Olushola Ogunsesan Taofeekat Temitope Ogunseyin Taiwo Abimbola Ogunsimirin Moroof Kolawole Ogunsina Oluseye Olugbenga Ogunsola Banjo R. Ogunsuada Olasunkanmi Wasiu Oguntibeju Olumide Oguntoyinbo Adepitan Sharafadeen Ogunwale Adewumi Maryam Ogunwoye Juliana Ogunwumiju Temitayo Ogunyale Adedayo Olusola Ogunye Ogunbiyi Olugbuyi Ogunyemi Abiola Rashidat Ogunyemi Adebola Anike Ogunyemi Ayodele Ogunyemi Olayemi Rasaq Ogunyemi Olufemi Olubode Ogunyemi Omoniyi Ojo Ogunyomi Stephen Bode Oguonu Chikadibia Oyiboka Ogwe Chidinma Ogwo Chukwuemeka Obiorah Ogwo Ebuonye Miriam Ogwum Ogochukwu Oha Vitalis Iheahyichukwu Ohaegbu John Okwudili Ohaejesi Sabina Nkemejina Ohaeri Sunday Fredrick Ohaezukosi Sylvester Udenna Ohagwasim Collins Iyke Ohalezim Chinazom Catherine Ohanekwurum Ifeanyi Peter Ohanele Chukwuma Cyrinus Ohanele Emmanuei Obioma Ohanele Emmanuel Obioma Ohanyere Ifeanyi Ohas0 Ihionu Silas Ohenhen Uyi Peter Oheri Kenneth Omovie Ohieku Momoh Jimoh Buraimoh Ohigbochie Florence Edewasha Ohiowere Omekeuan Ohize Abdul Bashit Ohonba Evans Ohuakanwa Ugonna Stephanie Ohwotu Gregory Jacob Ohwovorione Esther Oigoga Esther Amichi Oiyole John Ojanomare Felix

ANNUAL REPORT

2014

Operational Review

Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

7073 7074 7075 7076 7077 7078 7079 7080 7081 7082 7083 7084 7085 7086 7087 7088 7089 7090 7091 7092 7093 7094 7095 7096 7097 7098 7099 7100 7101 7102 7103 7104 7105 7106 7107 7108 7109 7110 7111 7112 7113 7114 7115 7116 7117 7118 7119 7120 7121 7122 7123 7124 7125 7126 7127 7128 7129 7130 7131 7132 7133 7134 7135 7136 7137 7138 7139 7140

77092 77100 77108 216257 77111 77149 77196 77198 206632 77200 225839 77219 77226 218302 77279 77281 77303 208196 77306 77314 77334 77339 77367 77368 232174 77374 77396 77398 227707 212509 116082 77418 77427 77430 213041 216125 214203 77468 77474 77488 77493 205749 77525 219922 77581 212561 216053 77592 77624 77628 223504 77647 225764 77661 77683 77705 77723 77734 77737 121957 224064 77748 225959 77805 77836 77837 77844 208099

35770 29127 103714 98018 101219 98026 27028 76748 76749 24105 76752 42084 76757 76766 8878 92835 76786 98040 76787 76789 27032 103720 27034 27035 76805 27901 27036 29132 27037 27902 76827 76829 76837 76840 35780 98090 76965 76851 76853 90799 76859 76970 76870 76972 29133 29874 38911 105333 35785 49917 76978 76909 76911 76914 98080 76932 103725 76946 76948 94604 98101 98084 76953 29876 77004 77005 77010 77022

7141 7142 7143 7144 7145 7146 7147 7148 7149 7150 7151 7152 7153 7154 7155 7156 7157 7158 7159 7160 7161 7162 7163 7164 7165 7166 7167 7168 7169 7170 7171 7172 7173 7174 7175 7176 7177 7178 7179 7180 7181 7182 7183 7184 7185 7186 7187 7188 7189 7190 7191 7192 7193 7194 7195 7196 7197 7198 7199 7200 7201 7202 7203 7204 7205 7206 7207 7208

77868 77933 77934 215263 77943 120763 110297 77955 220183 77973 222159 77980 77985 77987 77998 218018 210009 78023 78030 78043 124669 78069 78075 120138 78092 110603 78094 78101 78102 209174 78129 78141 78174 78184 78186 230484 78197 224498 123924 78213 78222 221905 227552 78240 78248 78254 78264 230703 78275 78280 78282 78311 78312 215999 216434 78405 78411 78424 218825 78530 78548 78555 114288 78633 78605 78609 78616 78632

77025 22482 22483 47069 77049 77054 27045 77060 77067 77068 77074 77073 92857 77079 77084 27047 22490 77093 22495 49922 35809 77108 38585 77187 29142 22537 27050 77116 42101 30975 18992 22511 22517 18994 30966 30968 14374 24638 77194 22523 77147 77195 77152 22528 49924 30971 77157 30972 14375 22535 103736 27057 43736 77213 77215 77244 27059 35819 94612 77298 77306 14376 77331 77347 22548 77342 19007 77346

Oje Akwa Stephanie Ojeaga David Ojeba Dauda Vincent Ojebisi Olanrewaju Robert Ojebisi Olayode Isaiah Ojedokun Grace Ajokadee Ojeje Umulo Anthony Godspo Wer Ojejinmi Beatrice Folasade Ojeka Ede Peter Ojeka Katherine Eko Ojekhoa Uwaifo C Ojekunle Dr Joel Ademola Ojelabi Olumide Ademola Ojeleye Sikiru Akande & Abimbola Bilkis Ojere Onyeka Ojeke Ojerinde Ahmed Bukky Ojewola Johnson Olanrewaju Ojewole Olayinka Abolade Ojewuji Adedayo Daud Ojeyemi Gbadegesin Moses Oji Felicia Akpevwe Oji Iheyinwa Nwadi Ojiako Kenneth Kenechukwu Ojiako Nelson Chinedu Ojiako Uzonna Michael Ojiakor Agatha Ijeoma Ojieh Peace Chinye Ojiekhudu Andy Imobhio Ojiekhudu Lucy Ebosele Ojike Rapheal Nwodom Ojikutu Ajoke Fasilat Ojile Christopher Abah Ojini Charles Kanayo Ojinmah Uloma Ojji Dike Bevis Ojo Ibidunni Roseline Ojo Abayomi Moses Ojo Adefunmike Idowu Ojo Adeolu Ojo Akinola Steve Ojo Alaba Ojo Ayodeji Michael Ojo Dada Stephen Ojo Eyitayo Adedotun Ojo Grace Erokpadamwen Ojo Ilesanmi Festus Ojo James Olabankole Ojo Ojo Japhet Olafimihan Ojo Linda Ehimen Ojo Marcus Yemi Ojo Mercy Olaosebikan Ojo Musilimot Olabisi Ojo Oladele Ojo Olatunbosun Ojo Oluranti Eunice Ojo Oluwashola Emmanuel Ojo Osayande Michael Ojo Richard Temitope Ojo Saheed Ajayi Ojo Samuel Gbenga Ojo Samuel Olusesan (dr) Ojo Samuel Temitope Ojo Sunday Ojo Tope Babatola Joseph Ojochonu Daniel Ojochonu Victor Samuel Ojofeitimi Agboola Olufemi E Ojomo Oluwafemi Sunday

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Ojomu Taiwo Hassan Ojukwu Maxwell Chukwuma Uzon Na Ojukwu Ngozi Bridget Ojukwu Osita Hilary Ojukwu Rita Ebelechukwu Ojukwunze Udoka Emeka Ojumah Clifford Chukwutem Ojumu Kehinde Kolade Ojuolape Daniel-ojeh Eyitayo Ojuoluwa Omotola Janet Ojuri Olukayode Ojuri Sunday Ademola Ojuroye Aishah Idunnuoluwa Ojutalayo Jonny Laniyan Ojuyenum Ahan-enu Shalom Okachibe Daniel Utaji Okadigbo Pauline Okafor Amaka Mary-frances Okafor Atuegwu Chikezie Okafor Bertrand Udochukwu Okafor Cecilia Uzoamaka Okafor Chinedu Jude Okafor Chinyere Milared Okafor Chukwuma-kingsley Okafor Chukwunonye Emmanuel Okafor Cyriacus Elochukwu Okafor Daniel Ngozi Okafor Emeka Hyginus Okafor Emeka Kingsley Okafor Fidelis Onyebuchi Okafor Francis Ndubuisi Okafor Gregory Maduka Okafor Jude Ogochukwu Okafor Liver Nnachetam Okafor Lorrita Ebere Okafor Mercy Chisolu Okafor Michael Nwanua Okafor Natalia Makarova Okafor Nmadu Victor Okafor Nonso Peter Okafor Obianuju Okafor Okwuchukwu David Okafor Onuora Austin Okafor Onyinye Adaeze Okafor Patrick Kenechi Okafor Pearl Afuluchi Okafor Roseline Uche Okafor Simeon Ifeanyi Okafor Steve Tobechukwu Okafor Theresa Azuka Okafor Tochukwu Oliver Okagbare Janet Eserinone Okagbue Joseph Ifeatu Okalazu Nkiru Helen Okalla Christian Chukwuemeka Okanlawon Tttilayo Ajimoh Okanmelu Patrick Chike Okaraba Joseph Ojikpan Oke Ayo Gilgal Enterprises Oke Oluwatoyin Abiodun Oke Sherifat Olayemi Oke Sunday Oke Sunday Abayomi Okechukwu Ambrose Chijioke Okechukwu Dozie Cletus Okechukwu Favour Marcel Okechukwu Ifeyinwa Clement Okechukwu Uche

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

7209 7210 7211 7212 7213 7214 7215 7216 7217 7218 7219 7220 7221 7222 7223 7224 7225 7226 7227 7228 7229 7230 7231 7232 7233 7234 7235 7236 7237 7238 7239 7240 7241 7242 7243 7244 7245 7246 7247 7248 7249 7250 7251 7252 7253 7254 7255 7256 7257 7258 7259 7260 7261 7262 7263 7264 7265 7266 7267 7268 7269 7270 7271 7272 7273 7274 7275 7276

78645 219493 78675 78681 116466 78750 78751 211767 210911 78762 78779 78794 78803 219979 78827 78828 78838 78844 78864 220813 78870 78971 78900 78901 78939 78948 78953 78955 78956 78976 214059 78998 79003 79009 79014 79018 124516 79046 213252 79062 79063 217726 79067 214171 79122 79138 79141 79142 210840 79180 79191 79193 79260 79273 79279 207919 115706 79317 79321 79328 79377 120723 226333 79379 79390 79396 123923 79457

92866 103746 35829 38591 22554 77395 77396 77468 89569 77400 27903 22565 30989 22604 37881 77415 22572 22573 98131 103751 77428 77475 35837 77439 35838 35839 22593 77461 22594 22607 47081 77482 94615 27077 90815 77491 77504 35846 103754 35848 35849 77510 31005 77540 77544 35851 77551 42113 77585 77568 77573 19029 49927 77608 98150 19031 77626 31013 77631 77634 42117 42118 29157 77643 29159 29161 31017 77667

7277 7278 7279 7280 7281 7282 7283 7284 7285 7286 7287 7288 7289 7290 7291 7292 7293 7294 7295 7296 7297 7298 7299 7300 7301 7302 7303 7304 7305 7306 7307 7308 7309 7310 7311 7312 7313 7314 7315 7316 7317 7318 7319 7320 7321 7322 7323 7324 7325 7326 7327 7328 7329 7330 7331 7332 7333 7334 7335 7336 7337 7338 7339 7340 7341 7342 7343 7344

213356 79468 79470 232604 206741 79489 79499 79500 79501 79502 79503 79504 79509 210310 79526 79546 79551 79553 79554 226633 79579 123333 123334 207807 79593 79601 205873 79612 79637 79654 79656 79658 79696 79725 222260 117433 79727 216190 216189 79734 79736 79751 79893 79765 79768 79581 79800 79828 79831 123529 79849 112267 79882 79903 79907 79930 79935 79938 79941 79942 79947 79957 213833 79987 79991 79996 80004 80033

35872 77671 35873 77674 77680 25381 19033 19034 19035 19036 19037 19038 29164 77694 77696 77700 77703 27091 35878 29166 31021 77709 77710 77713 77712 24114 77730 14378 31023 77719 31025 42123 35883 77745 29175 77752 77746 77753 77754 29174 77749 29176 35891 77760 22620 77767 77771 31029 77778 77798 22633 35892 77791 77809 77812 77819 77821 77823 77825 77826 77828 77832 77863 27115 31034 77851 29183 77872

Okedara Ibraheem Adeniyi Okegbe Okechukwu Louis Okeh Confidence Ndidiamak A Okehi Roseline Chinyere Okejeme P. Chukwunyerenwa Okeke Chikweke Anthony Okeke Chima Amos Okeke Chinelo Ifeoma Okeke Chinonso Okeke Chinwe Juliet Okeke Cyril Okeke Emeka Justin Okeke Esther Oluchi Okeke Gold Nonye Okeke Hyginus Okeke Ifeanyi Ansalem Okeke Innocent Nnaemeka Okeke Izuchufwu Emmanuel Okeke Lawrence Okeke Linda Chinwendu Okeke Martha Uche Okeke Ngozi Nneka Okeke Nseabasi Edwin Okeke Nwamaka Eucharia Okeke Sunday Emmanuel Okeke Uchenna Elizabeth Okeke Uwasomanya Francis Do Natu Okeke Valentine Chidi Okeke Victor Chima Okekearu Pius Ogochukwu Chris Toph Okekumata Trustgod Odianosen Okelana Olubukola Adebisi Okeleji Olamide Emmanuel Okeleke Obi Moses Okelola Funsho Rotimi Okelue Chukwuemeka Joseph Okenini Ufuoma Victor Okeniyi Lekan Okenwa Mercy Nwanyinwa Okenwa Obiora James Okenwa Ruth Ndidi Okenwa Samuel Onyeka Okenyeka Obi Samuel Okeowo Olumide Okere Chiemeka Kenneth Okere Ngozi Catherine Ahunm A Okere Nwanneka Ebelechukwu Okere Oluchi Lawrencia Okereke Charles & Juliet Okereke Elizabeth Olayinka Okereke Jennifer Ekwutosi Okereke Kanu Christian Okesina Bolanle Shukrat Okesola Oluwole Ayodele Oketade Mr & Mrs Amos Bolanle Okeugo Ugochukwu Okewole Olabisi Mufliat Okey Nduka Okeyemi John Adewole Okeze Anthony Dumebi Okhidie Charity Cynthia Okhidie Charity Omohlegho Cynthia Okhionkpaimwonyi Juliet Okhipo Benedicta Odufua Okhuelegbe Goddey Okhuorobo Ogbebo Joseph Emokpae Okigwe John Ede Okikiola Oluwadare

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About Us

Okiky Investment Limited Okin Omolara Okirigwe Aboh Samuel Okiti Esohe Osagie Okiwelu Michael O. Oko Benjamin Silas Okoafoakpu Chukwuemeka Peter Okoafoakpu Ifeyinwa Fransica Okoafoakpu Obianju Evangeline Okoafoakpu Obiora Kingsley Okoafoakpu Stanley Ifeanyichukwu Okoafoakpu Tochukwu Paul Okoanegbete Cordelia Ilobekemen Okobi Benny Elue Okocha Grace Nwanneka Okodugha Christopher Abumhere Okoduwa Osadebame Deborah Okoduwa Oselubhen Peter Okoduwa Rasheedat Adunni Okoedo Bright Osezele Okogeri Patience Ugo Okogie Abigail Bosede Okogie Philip Uduimho Okogwu Ike Okogwu Theresa Idowu Okoh Anthony Ekele Joseph Okoh Carolynn Kikanwa Okoh Chika Thelma Okoh Festus Ogbodo Okoh Ododo Augustine Okoh Okoh Onyinyechi Antho Nia Okoh Onyejeche Jennifer Okoisor Jude Ashinze Okojie Eminomen Amajuoritse Okojie Faith Okojie Henry Ehimare Okojie Itsewoli Esenoselumen Okojie Leeroy Itohowo Okojie Leon Ofonime Okojie Obehi Hilda Okojie Oseremen Eyituovo Okokobili Christy Okoli I Nzube Nwakaego Okoli Akuchukwu Francisca Okoli Anayo Leonard Okoli Chukwue Dozie Okoli Ejike Hillary Okoli Irene Chinedu Okoli Joseph Okoli Juliana Chizoba Okoli Michael Uba Okoli Solomon N. Okoli Theola Chinezite Okolie Caroline Ifeanyichukw U Okolie Chinyere Vydolia Okolie James Adimabua Okolie Judith Nkemdilim Okolie Macdonald Chinedu Okolie Micheal Ikechukwu Okolie Micheala Okolie Nwabueze Peter Okolie Vitus Chukwudubem Okolo Chuks Okolo Emmanuel Othuke Okolo Francis Tochukwu Okolo Helen Okwuchukwu Okolo Joseph Kanayo Okolobi Susan Ujenwa

ANNUAL REPORT

2014

Operational Review

Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

Acc. No

7345 118607 7346 220583 7347 219202 7348 220260 7349 111311 7350 220616 7351 80070 7352 80077 7353 80103 7354 80104 7355 80108 7356 119399 7357 120695 7358 80124 7359 80139 7360 80153 7361 215380 7362 218491 7363 80182 7364 216034 7365 80208 7366 80209 7367 117414 7368 80227 7369 213121 7370 80234 7371 215897 7372 80248 7373 214829 7374 207703 7375 80283 7376 223808 7377 80297 7378 229932 7379 80299 7380 228363 7381 118488 7382 80305 7383 80310 7384 80311 7385 80317 7386 80339 7387 221460 7388 232325 7389 80356 7390 219688 7391 80399 7392 230828 7393 226506 7394 210074 7395 80457 7396 80458 7397 213635 7398 205792 7399 80470 7400 80471 7401 232593 7402 80482 7403 80485 7404 80491 7405 80497 7406 115260 7407 206920 7408 224167 7409 80527 7410 80528 7411 80685 Chukwueme Ka

Warr. No Names

S/no

Acc. No

Warr. No Names

77881 31039 31041 31044 77882 77899 35900 11783 25389 25390 20400 77900 77902 19053 42132 77906 22649 77919 22650 31057 22656 6714 31058 77931 31059 77934 22699 22667 35909 22702 22676 77975 77946 22683 31051 77947 77977 77950 77952 31053 12866 22690 22705 77962 77966 22707 20404 35911 78005 78012 20406 38607 38609 78028 38608 78023 78024 78025 19063 545 31064 78033 78034 78035 78043 78044 78095

7412 7413 7414 7415 7416 7417 7418 7419 7420 7421 7422 7423 7424 7425 7426 7427 7428 7429 7430 7431 7432 7433 7434 7435 7436 7437 7438 7439 7440 7441 7442 7443 7444 7445 7446 7447 7448 7449 7450 7451 7452 7453 7454 7455 7456 7457 7458 7459 7460 7461 7462 7463 7464 7465 7466 7467 7468 7469 7470 7471 7472 7473 7474 7475 7476 7477 7478 7479

80686 80577 205690 110441 221185 80648 80653 80656 80660 80703 210163 80715 80449 207636 81762 91018 80755 80764 80770 80779 80792 80808 232594 80818 80851 80852 80854 230074 80879 80908 214342 81097 211024 80933 80937 80972 81008 215760 81025 81035 81040 208350 81069 208185 81081 81104 230454 81110 81127 81152 81174 81178 81179 81204 81207 215376 81234 81264 81269 81351 81289 228521 81327 81332 81336 112495 81367 211731

78098 31070 22716 78106 78109 78077 29199 35929 78080 78115 47091 78118 19080 31078 104949 19085 35935 78136 31080 19092 78146 78152 78156 29202 78171 78172 78174 22718 31081 78181 35947 78224 22751 12355 78186 78194 78201 78231 103824 29208 22745 31090 78214 35950 78218 22758 22759 22760 78246 78257 42143 78265 22770 78274 22774 31093 35954 98178 35956 35965 78299 78306 35961 89585 19104 78311 42146 78328

Okolugbo Chinyere Julia Okoma Chidera Kaosiochukwu Okoma Ifeanyi Okoma Sonna Obiora Okomah Funmi & Segun Okon Bassey Edet Okon Christopher Etim Okon Edet Ikpeme Okon Jane Effiong Okon John Effiong Okon Joseph Sabbath Okon Joshua Effiong Okon Okon Edet Okon Paul Etim Okon Ub0ng Jeffrey Effiong Okongwu Ikenna Okonji Amalachukwu Mercy Okonjo Obianuju Peace Okonkwo Alexander Obunike Okonkwo Angela Chiemenam Okonkwo Charity Chinwendu Okonkwo Charity Nnenne Okonkwo Chidi James Okonkwo Chinelo Adaeze Okonkwo Chinwuba Okonkwo Christian Ifeanyi Okonkwo Christopher Chukwudi Okonkwo Daniel Ekpeleamaka Okonkwo Fidel Ifeanyi Okonkwo Izunna Cele Okonkwo James Emeka Okonkwo Joseph Ifeanyi Okonkwo Margaret C Okonkwo Maximus Chizoba Okonkwo Michael Ifeanyi Okonkwo Michael Chidi Okonkwo Ndidiamaka .d Okonkwo Nkechi Patience Okonkwo Nwanze Josephe Okonkwo Obi Augustine Okonkwo Obiora Okonkwo Stephen E Okonkwo Theodore Okey Okonkwo Uchechukwu Anne Okonkwo Ukamaka Christiana Okonkwo-ozokpo Ernest Nnabuike Okonna Grace Ndannke Okonofua Lucky Irhiogbe Okonya Izegbua Ihinosen Okorafor Enyinnaya C. Okori C/o Imo Etim Okorie Akpa John Okorie Charles Umezuruike Okorie Chinyere Onwubiko Okorie Ejinduaka John Okorie Emeka Okorie Friday Joshua Okorie Ignatius Uchechukwu Okorie Jennifer Uchenna Okorie Lazarus Ejike Okorie Okechukwu Patrick Okorie Uche Godwin (mr) Okorie Ukachi Okorie Wilfred Chukwudi Okoro Angela Oby Okoro Angelina Udekwesi Okoro Christopher Chukwuemeka Christopher

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Okoro Cynthian & Duru Okoro Ezeklel Chinonso Okoro Ikechukwu John Okoro Martha Nnebuihe Okoro Nnamdi Charles Okoro Pamela Ugonna Okoro Precious Chinedu Okoro Sam Chuks Okoro Sarah Okoroafor Chukwuemeka Kingsley Okoroafor Gloria Ferdinand Okoroafor Mba Okoroafor Mercy Chiagozie Okoroama Adamma Chinwe Okorocha Ignatius Okoronkwo Austen Okoronkwo Chukwuka Friday Okoronkwo Ndubueze Okoronkwo Okey Chris Okoronta Grace N Okose Elizabeth Adeyinka Ab Osed Okosun Ehianata Annette Okosun Michael Enahoro Okosun Romanus Erimwingbovo Okougha David Osemudiame Okougha Modupe Olanike Okowi Ngozi Okoye Angela Nwuka Okoye Benedeth Ify Okoye Chinyere Stella Okoye Christabel Julie Okoye Christian Okoye Cosmas J. Okoye Ebele Esther Okoye Ekenedilichukwu Okoye Ifeanyi Colin Okoye Loretta Nkolika Okoye Michael Chukwunwike Okoye Nkiru Ruth Okoye Obiageli Sabina Okoye Obumneme Okoye Reginald Okoye Sidney Chukwuemeka Okoye Thaddeus Sunday Chukwuka Okoye Tiko Emmamuel Okoyeagu Patrick Uchenna Okoyeigwe Ofodile Kennedy Okoyeimo O.cyprian Okpaise Benjamin Okpala Chibuzor Okpala Grace Okpala Ikechukwu Nnamdi Okpala John Ifeanyichukwu Okpala Stella Uzoamaha Okpala Tochukwu Joel Okpalanze Nwachukwu Boniface Okpalla Chukwunonso Okpanachi Jeremiah Adejoh Okpanachi Peter Okpara Chinonye Joy Okpara Chukwunyere Jonas Okpara Lovina Ola Okpara Obinna Ekenyere Okpara Onyemaechi Okpara Patricia Ngoruma Okpara Susan Chigorom Okpe Adakole Samson Okpe Stella Nwachi

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

7480 7481 7482 7483 7484 7485 7486 7487 7488 7489 7490 7491 7492 7493 7494 7495 7496 7497 7498 7499 7500 7501 7502 7503 7504 7505 7506 7507 7508 7509 7510 7511 7512 7513 7514 7515 7516 7517 7518 7519 7520 7521 7522 7523 7524 7525 7526 7527 7528 7529 7530 7531 7532 7533 7534 7535 7536 7537 7538 7539 7540 7541 7542 7543 7544 7545 7546 7547

81389 81390 215852 215937 81420 81463 81471 81475 81479 212133 229995 215266 81530 81568 81570 81582 215840 81641 121942 81646 81648 81656 81661 81665 81666 81667 81674 81676 81678 81699 81702 120834 224349 228954 81749 81751 81757 81767 122180 81776 81799 81800 113333 81825 81841 81847 81855 81858 81878 81894 231087 81901 81906 81909 81910 81911 81929 208879 227309 116352 81950 81958 81960 215740 81976 217486 82006 82010

78330 38631 29213 78336 78338 27168 27169 78349 103839 78355 78363 78369 78373 78382 4992 78390 78400 78411 78415 29217 78417 78422 78427 78429 78431 78433 27181 78435 78436 29219 78443 35982 29221 78459 31102 78463 78466 78473 78474 78479 14408 78493 27187 78509 78517 98203 78523 19113 31104 42154 78539 29226 78541 78542 22794 22795 42155 27190 22797 35989 78556 78560 78562 90821 27192 103852 78576 42160

7548 7549 7550 7551 7552 7553 7554 7555 7556 7557 7558 7559 7560 7561 7562 7563 7564 7565 7566 7567 7568 7569 7570 7571 7572 7573 7574 7575 7576 7577 7578 7579 7580 7581 7582 7583 7584 7585 7586 7587 7588 7589 7590 7591 7592 7593 7594 7595 7596 7597 7598 7599 7600 7601 7602 7603 7604 7605 7606 7607 7608 7609 7610 7611 7612 7613 7614 7615

82012 215250 82020 82036 82041 230379 82065 206057 82089 120010 213846 82186 82197 218160 82218 82223 82233 82242 82249 82260 82264 220090 222140 82302 220802 123300 82354 82323 122620 82333 82336 220522 118287 82362 207556 82372 82373 113820 82400 82407 82410 82415 82427 227715 115514 225621 214130 215042 82446 82451 82457 224231 118572 113279 82509 231666 82517 113145 232377 82563 82574 82576 82577 82584 82588 82633 82648 82668

78578 35997 78584 78596 98209 90822 78610 78621 98217 78644 78668 78658 90826 47100 78673 92927 36002 78681 98238 92934 101275 98252 78704 36004 94637 78726 78728 78709 78730 78714 78716 98262 78739 78737 78740 92944 92945 104781 78752 98271 78755 78757 78761 78762 78769 78770 78771 78798 49943 78775 78779 36010 42171 78806 78796 98284 78810 78826 78822 98293 78835 78836 98299 78838 78842 78859 78868 78879

Okpechi Emmanuel Obiuto Okpechi Orji Johnson Okperan Kingsley Ikponminosa Okpo Asuquo Asuquo(2) Okpoebo Clifford Uche Okpomo Okiemute Valentina Okposio Eraye Godspower Okpoyo Okpoyo Okon Okpozu Otsonu Samuel Okpurhe Caroline Okubajo Afolabi Okuboyejo Adetokunbo Mrs Okudo Ifeoma Evangeline Okuma Kaycee Chijioke Okumagba Anna Oyowuikoni Okumoto Nigeria Limited Okunade Adesegun Adeoye Okunbor Idedia Charles Okundaye Nike (chief Mrs.) Okundia Wilson Okuneye Abolupe Abiola Okungbure Adetokunbo Remilekun Okunjemiruwa Ayodele Okunjemiruwa Ololade Okunjemiruwa Tosin Okunkpolor Micheal Osahon Okunlaya Mobolanle Omowunmi Okunlola Abimbola Morenikeji Okunlola Adesunbo Ajoke Okunoguae Gloria Ifueko Okunola Adelokuh Ayofe Okunrinboye Joseph Daisi Mr.& Mrs. Okunwague Osamuede Elvis Okunzuwa Osaruyi Charles Okuonghae Veronica Okuoye Abiodun Aina Okupe Adedunmola Omolade Okurumeh Oyayero Andrew Ovayero Andrew Okusaga Abosede Oluyemisi Okusanya Adebayo Adefemi Okusanya Samuel Oluwafemi Okusanya Sean Adeolu Okusi Ese Okuyemi Modupe Elizabeth Okwara Fred Ikechi Okwara John Chinedu Okwarabuzie Venisus.n. Okwaraoha Alban Ikechukwu Okwo Ifeoma Mary Okwori Hyacinth Mathias Okwu Amaka Rose Okwu Ifeyinwa Euphemia Okwuadigbo Jason Ezeoma Ikechi Okwuaka Princess Amarachi Okwuanaso Chinelo Ifeyinwa Okwuanaso Obiageli Regina Okwudire Ann Okwudishu Dumebi Emmanuel Okwudoro Onyinye Cynthia Okwudu Nnebuogor Ngozi Okwumuo Nduka Jude & Chinelo Chri Okwunwa Olabisi Oluwakemi Okwuo Annasthasia Okwuokei Ebonne Samuel Okwuone Iloba Vincent Okwute Kenneth Chukwuma Ola Comfort Oluwayemisi Ola Emmanuel

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Ola Eunice Oluwatosin Ola Jumo Ola Mutiat Mojisola Operational Ola Olakunle Lekan Review Ola-aroyewun Muhammed Ikleel Olade Le Olabamiji Samson Olabanji Raphael Olajompo Corporate Olabiran Adetayo Folarin Governance Olabiyi Makanjuola Olabiyi Oyinade Titilayo Olabode Olusola Financial Oladapo Abejirinde Statements Oladapo Kudirat Oladapo Olaniyi Oladebeye Mercy Itohan Oladebo Isaac Adepoju Oladeinde Adebayo Kolawole Oluf Emi Oladeinde Saheed Abolore Oladeji Alabi Taofik Oladeji Michael Ajibade Oladeji Rianat Abidemi Oladeji Taofeeq Oladejo Olanrewaju Tosin Oladejo Raheem Olawle Oladejobi Godwin Adgbola Oladele Alice Adefunmike Oladele Ayodele O. & Omolara O. Oladele Femi Dare Oladele Jacob Oladele Oladapo Oladele Oladipo Oladele Olateju Oyeleke Oladele Oyetosho Oladepo Folasade Oluwakemi Oladepo Moshood Kolawole Oladepo Olugbenga Ezekiel Oladigbolu David Temilade Oladigbolu Florence Folashade Oladija Gabriel Omotayo Oladimeji Joseph Francis Olufol Arin Oladimeji Muinat Oladimeji Olajire Oladimeji Olufumke Bola Oladimeji Roland-oludola Oladimeji Saka Owolabi Oladimeji-yisa Taiwo Oladini Adedamola Ayo Oladini Racheal Adetoun Oladipo Abiodun Blessing Oladipo Amos Bello Oladipo Dolapo Ibrahim Oladipo Fatimah Adepeju Oladipo Olabisi Folake Oladipo Olalekan Oladipo Oluseyi Ekundayo Oladipo Tope Oladele Oladipupo Adetoyese Oladipupo Adijatu Kubura Ranti Oladiran Akinyemi Raymond Mr. Oladiran Julius Oluwadare Oladiti Olaide Oladoja Bayonle Arimiyau Oladoja James Olanrewaju Oladoja Josiah Olawale Oladokun Babatunde Moses Oladokun Motunrayo Khadijah Oladosu Saheed Akofe Oladotun Olumide Paul Oladunjoye Muyideen

ANNUAL REPORT

2014

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

7616 7617 7618 7619 7620 7621 7622 7623 7624 7625 7626 7627 7628 7629 7630 7631 7632 7633 7634 7635 7636 7637 7638 7639 7640 7641 7642 7643 7644 7645 7646 7647 7648 7649 7650 7651 7652 7653 7654 7655 7656 7657 7658 7659 7660 7661 7662 7663 7664 7665 7666 7667 7668 7669 7670 7671 7672 7673 7674 7675 7676 7677 7678 7679 7680 7681 7682 7683

82672 82678 82688 82699 82701 82702 82717 82719 229092 218164 82754 82770 117551 213145 82794 82800 82804 82831 82841 82843 82850 82878 207585 117920 82906 122098 82915 82917 82922 82924 82935 221138 82953 82955 82958 82967 210783 82994 82995 83002 224883 83011 83014 83057 216068 83068 112998 83091 115147 83096 83105 83106 83123 83149 83150 83160 220858 83174 210695 216836 218742 83203 124055 83218 83231 83233 83262 83267

78881 78886 78898 78904 78907 78908 78916 78917 78923 78927 78939 78949 78970 78973 36017 78963 78964 78982 78991 78992 14418 79009 79049 79051 94661 79052 79026 27200 79029 79031 98344 79053 98346 79043 79044 90836 79060 79063 79064 36024 92975 79068 36025 79092 79099 79097 79130 79108 94668 98371 27202 79115 36030 90842 79136 79138 79143 79146 79152 36033 101286 79157 79160 79162 98392 98393 79178 79180

7684 7685 7686 7687 7688 7689 7690 7691 7692 7693 7694 7695 7696 7697 7698 7699 7700 7701 7702 7703 7704 7705 7706 7707 7708 7709 7710 7711 7712 7713 7714 7715 7716 7717 7718 7719 7720 7721 7722 7723 7724 7725 7726 7727 7728 7729 7730 7731 7732 7733 7734 7735 7736 7737 7738 7739 7740 7741 7742 7743 7744 7745 7746 7747 7748 7749 7750 7751

83268 83269 83272 83281 213008 83286 83295 83298 83300 83303 220482 83312 83325 83334 222673 83347 230338 83354 83373 83390 219085 83391 83397 83407 83409 83420 83511 83541 83553 83574 83601 83617 115583 209785 83636 83648 83767 83776 83812 83813 83837 120388 83861 83873 83879 83906 83907 83928 83991 83959 116430 84001 84006 112675 84041 84049 213496 84072 84097 124646 84121 84167 84173 84179 84191 84215 84223 84226

36037 79183 79184 79187 79198 79192 79199 79200 94680 79201 79223 79206 98415 79215 79226 49967 79230 79231 79236 94682 92989 79243 95 79251 79253 79258 36044 79321 79323 79332 79343 79359 101294 79361 103869 79368 36047 36048 103872 79435 94696 79470 79457 79464 98502 79484 79485 98506 36054 79502 79525 79528 79532 79541 79550 79554 79560 79562 79572 79574 79585 79609 79611 79613 79618 42214 79632 50002

Oladunjoye Olawale Taofik Oladunjoye Rauf Oluwatosin Oladunmi Olumuyiwa Adebowale O Oladuntoye Ayodeji Abiola Olaegbe Abimbola Olatunbosun Olaegbe Lateepha Aderonke Olafioye Aderemilekun Matthew Olafisoye Kole Olatunde Olagbaju Olanrewaju Gbemiga Olagbenro Christiana Omolola Olagoke Onaopemipo Olagoke Olagundoye Tolulope Omowunmi Olagunju Bolanle Olajumoke Olagunju Janet Oluwakemi P Olagunju Matthew Olusegun Olagunju Olatunji Olagunju Oluwaseun Arowolo Olaifa Olasunkanmi Olawale Olaitan Abdul Wahab Olaitan Adegboyega Akanbi Olaitan Joseph Olaiya Festus Olawale Olajide Adenike Monsurat Olajide Anuoluwapo Aremu Olajide Bamidele Omoniyi Chri Stop Olajide Daniels Bello Olajide Henry Sunday Olajide Jimoh Musiliu Olajide Keji Olajide Lateefah Teniola Olajide Moshood Afolabi Olajide Olabode Olajide Olusola Aduke Olajide Oluwatobi Oluwademila De Olajide Oluwatoni Mofiyinfolu Wa Olajide Simeon Olajonlu Olusola Olajubutu Olumide Philip Olajubutu Sola Olajuwon Oluwatoyin Loretta Olajuwon Otesile Olakanpo Olubunmi Hazel Olakanse Olufolake Olaleke Sola Sunday Olalere Deborah Ebunlomo Olalere Kehinde Olaleye David Akinola Olaleye Ganiyat Abidemi Olaleye Isaac Taiwo (engr.) Olaleye Kunle Omosebi Olaleye Olabode Bolarinwa Olaleye Oladapo Towoju Olaleye Oluwagbemiga Jesse Olaloye Omowumi Omotoyosi Olaloye Rasheed Olabode Ola-michael Comfort Temilade Olamiposi Ogundipe Olamoyegun Zacheus Gbenga Olanihun Abisola Olaniji Rahman Oladotun Olanike Olayiwola Shakiratu Olanipekun Olusegun Tunji Olanipekun Sikiru Jimoh Olaniran Gboyega Alaji Olaniran Olubunmi Deborah Olaniran Reuben Akinyele Olaniyan George Olufemi Olaniyan Joseph Adewale

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Olaniyan Kayode Olaniyan Lukmon Oladunjoye Olaniyan Oladimeji Ojo Olaniyan Olutoba Muyiwa Olaniyan Omowunmi Wusamot Olaniyan Rasheed Olaniyi Abiobun Olaniyi Akinyemi Oladipo Olaniyi Atanda Mathew Olaniyi Climentina Olaniyi Folashade Kehinde Olaniyi Joseph Olawale Olaniyi Oladimeji Gafar Olaniyi Olayinka T. Olaniyi Oluwatosin Mary Olaniyi Taiwo Azeez Olannye Odigwe Henry & Awele Anthonia Olanpejo Oluwatamilore Bethel Onoh Olanrewaju David Oladijo Olanrewaju Margie Foluso Olanrewaju Maria Toyin Olanrewaju Modupe Omotayo Olanrewaju Oba Sulaiman Olanrewaju Oluwabunkunola Titila Yo Olanrewaju Omotayo Victoria Olanrewaju Temitope Olusola Olaoti Olatiwola Bolarinwa Olaoye Olutoyin Esther Olaoye Teresa Nwaefuru Olapade Saheed Babatunde Olarewaju Olawunmi Oyeyemi Olarinde Olugbenga Diekola Olarinoye Enoh Olaroye Alfred Ademowo Olasanya Gbolahan Olanrewaju Olaseinde Emmanuel Ayodele Olatokun Comfort Adeboyin Olatomide Daniel Adewale Olatuga Oluremi Linda Olatuja Abayomi Omobamidele Olatunbosun Omolola Idowu Olatunde Hazzan Hafeez Olatunde Lateef Ayoola Olatunde Oyetola Abiodun Olatunde Sunday Ayodeji Olatunji Bamidele Olatunji Bolaji Adeyemi Olatunji Josephine Ijeoma Olatunji Olayemi Sefiu Olatunji Oluwafolakemi Olamid E Olatuyi Omotayo Olawale Bosede Oladunni Olawale Janet Adepeju Olawale Oluwatoyin Ajoke Olawin Saudat Dashola Olawore Fasilat Adenike Olawoye Abimbola Olawoyin Felicia Folake Olawumi John Olawumi Ruth Oluwapelumi Olawuyi Irewolu Moses Olayemi Henry Kehinde Olayemi Olufunke Omolayo Olayemi Omowaleola Adekemi Olayeye Clement Olayinka Busayo Olalekan Olayinka Gabriel Olanrewaju Olayinka Jacob Kehinde

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

7752 7753 7754 7755 7756 7757 7758 7759 7760 7761 7762 7763 7764 7765 7766 7767 7768 7769 7770 7771 7772 7773 7774 7775 7776 7777 7778 7779 7780 7781 7782 7783 7784 7785 7786 7787 7788 7789 7790 7791 7792 7793 7794 7795 7796 7797 7798 7799 7800 7801 7802 7803 7804 7805 7806 7807 7808 7809 7810 7811 7812 7813 7814 7815 7816 7817 7818 7819

84244 212460 84255 84277 84290 84293 84312 84331 214878 84417 84432 84440 215344 84484 219562 84586 84666 84682 84740 210122 84796 84805 84853 84861 84873 84880 221736 84913 84914 84915 225525 218458 84938 84940 84941 84947 84950 84967 232278 232326 221524 84986 121291 220559 85039 85041 85053 222843 124520 85067 85078 85122 85124 85144 85149 85169 85173 223121 227071 227074 85235 85238 120170 205793 85289 85306 216111 85319

79639 79644 79640 42218 98540 79651 79657 98555 19118 36067 79699 79701 22807 79720 43753 79765 36080 79812 79839 36086 79858 79865 79888 79894 79899 13043 79908 79913 103894 79914 79926 79927 79929 79930 79931 103895 36097 79942 27229 27230 103897 90884 79966 79967 42236 79970 36106 79978 79982 79983 89605 31118 80009 29236 80018 80029 98602 80048 80053 80062 80074 80075 80087 80099 80105 42250 80118 80122

7820 7821 7822 7823 7824 7825 7826 7827 7828 7829 7830 7831 7832 7833 7834 7835 7836 7837 7838 7839 7840 7841 7842 7843 7844 7845 7846 7847 7848 7849 7850 7851 7852 7853 7854 7855 7856 7857 7858 7859 7860 7861 7862 7863 7864 7865 7866 7867 7868 7869 7870 7871 7872 7873 7874 7875 7876 7877 7878 7879 7880 7881 7882 7883 7884 7885 7886 7887

85322 112721 57176 209869 85348 85351 85356 211624 110809 225836 85408 85412 211263 85435 85453 85527 85530 85542 85549 85550 85553 85575 218389 213528 229617 85628 212839 85678 85717 230381 122606 85744 111533 219005 85782 85785 85796 85801 85804 85806 208063 211607 85819 206859 226259 85852 85854 118499 220576 118953 85928 206005 85951 85953 85969 85971 85976 227468 85991 86024 86032 219765 207315 86055 86062 86065 86070 86073

80123 80125 80138 80143 80146 80149 80151 98615 80175 80170 36118 80173 80183 80185 36119 36121 36123 80223 19122 80228 80230 80240 103905 80251 80249 80257 80268 105342 80289 80290 80300 80304 80308 80316 80327 103907 98637 80333 80335 43766 80340 80342 47121 80345 80344 93103 98643 98645 36135 80390 101309 36136 80407 94734 103 80412 80416 80423 29917 80431 80436 80441 36139 22809 20410 80457 98653 80461

Olayinka Oluseyi Omotayo Olayinka Omolayo Olayinka Samuel Oluwaseun Olayioye Serah Ibidun Olayiwola Babatunde Abdulsalam Olayiwola Bushirat Bola Olayiwola Olanrewaju Olayiwola Taofik Ajao Olebunne Ikenna Olika Oka Juliet Olisa Elizabeth Omowunmi Olisa Ngozi Olise Clive Oliyide Ismaila Olanrewaju Ologunagba Bernard Segun (rev. Fr) Oloidi Veronica Jokotola Ololade Rotimi Olatunji Ololuo Peter Olajide Olora Aarinola Olusola Oloriegbe Ekon Emen Racheal Olorunfemi Judith Funmi Esen Eme Olorunfemi Olusegun Oluwole Olorunmeyan Ezekiel Segun Olorunnisola Bilqis Ajoke Olorunnusi Oluwatosin Elijah Olorunshogo Samvictor Olawale Olorunsola Yewande Adesanya Oloruntoba Sanya Igbekele Oloruntobi Olukemi Oloruntobi Regina Modupe Olotin-olufemi Steven Oloto Adebayo Modinat Adewunmi Olotu Emmanuel Olugbega Olotu Francis Ojo Olotu Francis Ojo Olotu Olafemi Ayopo Olotu Olatunde Olajide Olowe Olusegun Lawrence Olowo Olugbenga Kolawole Olowo Olugbenga Kolawole Olowodasa Madiah Olowofela Abimbola Olowole Olumide Olowombi Joan Bolajoko Olowoniyan Florence Olu Olowonmi Michaela Olushola Olowookere Mojisola Adepeju Olowookere Oladimeji Yusuf Oloworaran Funlola Olowosaga Olasoji Dada Olowosulu Ruth Omotayo Oloye Ogo'luwa Henry Oloyede Abimbola Toluwalope Oloyede Henry Olasan Oloyede Julie Amen Oloyede Oyegoke.e Oloyede Rasheed Ayodele Olu-ajayi Rasheed Ayinde Olubajo Babatunde Ayodele Olubajo Temitope Bolanle Olubiyi Ismaila Babatunde Olubiyi Yusuf Owolabi Oluborode Funmilola Dolapo Olubunmi Atinuke Oludare Adeyemi Alexander Olude Ademola Olayiwola Olude Oluwatobi Bolarinwa Oludemi Morakinyo Adeshina

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Oludemi Soboyejo Akintayo Oludemi-johnson Yemisi Oluehi Joshua Chikaodinaka Olufade Abdulkabir Olufayo Gabriel Olufemi Olufayobi Olusola Teleola Olufe Esther Olufisibe Babatunde Olufowobi Moruf Adekunle Olufowobi Moruf Adekunle Olufowobi Oladipupo Olufowobi Omotayo Ibrahim Olufuwa Adetula Kayode Oluga Babatunde Simeon Olugbamila Marvellous Ayodeji Olugbodi Esther Olugbogi Aaebayo Benjamin Olugbuyi Adeolu Oluyele Olugu John Kalu Olugunwa Mayowa Oluigbo Ego Anne Oluka Ikechukwu Elijah Olukemi Oloruntobi Olukoga Oluwalotobiju Tanitolorun Olukoga Williams Abayomi Olukotun Philip Tunde Olukoya Winnifred Ayoka Olulode Olusola Seyi Olumide Ibilola Iyadunni Olumide Idowu Ajayi Olumofin Itohan Claudette Olumosu Adedotun Grace Olumuyide Abayomi Olunlade Dauda Amoo Oluogbagbemi Funke Oluoha Samuel Oluokun Olatunji Akeem Olu-okuo Juliamah Bummi Modupe Olu Oluoma Remigius Ogomuegbunam Olupeka Babafemi Emmanuel Olupitan Temitope Olupona Akindele Isaiah Oluranti Ahmed Oluremi Charles Olugbenga Oluremi Kehinde Olugbemisola Olusanya Daniel Mayowa Olusanya Eunice Olabisi Olusanya Olawale Olabanjo Olusegun Oluwole Majekodunmi Olusesi Rahman Abiodun Oluseye Isaac Abiodun Oluseyi Paul Dada Olusile Adeoye Olusile Adeyemi Oluniyi Olusoga Joseph Ojoipe Olusoga Moremike Olugbemisola Olusola Adefolaju Cole Olusola Kayode Babtunde Olusola Michael Ojo Olutade Olumuyiwa Afolabi Olutayo Olufunmilola Olutimehin Olufunke Ronke Olutimehin Oluwaseyi Titlayo Olutunmbi Olufemi David Oluwa Kafayat Oluwa Mobolanle Adejoke Oluwa Sidikatu Olajumoke Oluwabamiwo Bosede Folasade

ANNUAL REPORT

2014

Operational Review

Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

7888 7889 7890 7891 7892 7893 7894 7895 7896 7897 7898 7899 7900 7901 7902 7903 7904 7905 7906 7907 7908 7909 7910 7911 7912 7913 7914 7915 7916 7917 7918 7919 7920 7921 7922 7923 7924 7925 7926 7927 7928 7929 7930 7931 7932 7933 7934 7935 7936 7937 7938 7939 7940 7941 7942 7943 7944 7945 7946 7947 7948 7949 7950 7951 7952 7953 7954 7955

86104 86122 221681 86139 86154 86157 86161 86177 86182 86196 213280 113619 206800 86307 86342 86367 214577 86371 86377 222509 86413 86436 86443 86447 86458 117148 86477 213988 86494 86510 86513 86527 207016 117808 86559 86558 86569 86570 86572 86577 207948 86581 86583 220775 86647 86649 86650 86652 86653 86672 86704 86726 86739 86745 118276 86777 229412 86801 86810 86811 208666 86859 86905 86906 122216 86927 86931 123846

93117 80481 80490 94738 36147 80496 80498 80503 80504 80512 80526 80537 80570 80556 90919 90920 80592 36150 80598 31126 80604 10171 80618 80621 47125 27247 27248 80629 31129 80636 36160 36161 19125 80652 36165 36164 80658 80659 80660 80662 80664 80666 80667 80674 93131 80689 80690 80691 80692 80702 80712 36168 80732 80734 80742 80749 80754 29247 80765 80766 29249 80785 14461 14462 36177 29254 103917 42278

7956 7957 7958 7959 7960 7961 7962 7963 7964 7965 7966 7967 7968 7969 7970 7971 7972 7973 7974 7975 7976 7977 7978 7979 7980 7981 7982 7983 7984 7985 7986 7987 7988 7989 7990 7991 7992 7993 7994 7995 7996 7997 7998 7999 8000 8001 8002 8003 8004 8005 8006 8007 8008 8009 8010 8011 8012 8013 8014 8015 8016 8017 8018 8019 8020 8021 8022 8023

86934 86935 86937 232297 209012 86946 86981 86988 227313 87012 87020 232224 87036 87042 87075 220647 208847 87137 87143 223062 117557 209327 87169 87185 87190 87199 123878 87233 225002 87243 87246 216492 87268 87288 225507 87310 210202 87340 210070 87375 115232 124599 87392 87401 218975 87434 87440 121429 87468 87494 119614 87506 87512 119558 87529 87536 87537 87564 87589 205638 211445 111123 87611 87613 87643 87652 87654 87657

29255 29256 80825 29257 29260 80829 80850 80851 80860 80864 80866 80869 80870 80871 43776 80897 80903 93150 80905 80908 98712 29271 80914 80923 80924 19131 80950 80949 36191 80955 80957 29277 80960 2768 36194 29290 80982 29292 80995 81001 29299 103922 31135 27277 81052 81035 81038 81057 81060 81069 81090 36195 36196 81094 94774 81096 81097 81108 81123 81133 81134 81142 25412 81144 98736 81167 81168 81169

Oluwafemi Dorcas Abeni Oluwagboun Olushola Matt Oluwakemi Bankole Oluwakuyide Olayemi Oluwaniran Olubukola Abosede Oluwanisola Samuel Akinwale Oluwa-oshati Adelaja Oluwasanmi Eunice Omoribiwa Oluwasanmi Solomon A Oluwaseun Adeyemi Ogunlaja Oluwatomini Adesola Adesubomi Oluwatuyi Olabimpe Olufunke Oluwole Michael Adekunle Oluwole Olatunde R.(ambassado R) Oluwole-isaac Aneniyi Adewale Oluyemi Ilori Abiola Florence Oluyi Olanrewaju Omolade Oluyinka Abosede Kofoworola Oluyomi Olubunmi Deborah Omada Boniface Chukwurolu 2 Omage Adenike Adebowale Omale Siaka Omambala Emeka Emmanuel Omameh Peter Chukwumma Omar Inuwa Abbas Omarejivwie Eddie Omasheye Ufuoma Precious Omaye Rosemary Ladi Omdsowom Olasoji Victoria Omegah Chukwunonyerem Bonifa Ce Omeh Christian Omeire Martins Chimezie Omejua Emeka Godwin Omeke Chima Omeliko Miss Ene Onyeje Omeliko Emmanuel Anama Omene Abimbola Omene Dobson Omene Enameguono Omene Olubunmi Omeni Joseph Omenihu Innocent Omeninwan Sunday Omeoha Francis Omideyi Olatunde Kehinde Omidi Isaac Onovuakpo Omidi Oladys Ovuezire Omidiji Elsie Modinatu Omidiji Joy Oluwaseunfunmi Omidiya Jaodat Mosunmola Omikunle Aderomika Onikepo Ominyi Moses Elwule Omishakin Festus Gbenga Omisore Adetoyese Matthew Omisore Mojisola M Omitoogun Sakiru Adedapo Omiwole Olukayode & Adeola Mr & Mrs Omo Edna Ouvezirie Omoaka Fred Omoaka Janet- Zuma Omobude Ikonmwosa Kingsley Omodunbi Emmanuel Gbenga Omogbemeh Faith Alenosi Omogbemeh Praise Onosithena Omoge Otunba Kunle Omoh Samuel Asikhamen Omoigbedi Oke Oghene Nathan Omoigberale Lauretta Igho

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Omoigberale Michael Osasele Omoigiade Amenaghawon Omoigiafu Ann Ogbevire Omoigiafu Nosa Lucky Omoigui Emmanuel Omoijuanfo Ifidor Omojoye Esanbo Owoseni Omokanye Omolara Monsurat Omokhuale Alex Omokhudu Oluremi Helen Omokowajo Bosede Modupe Omolade Ganiyu Akanni Omolade Olaitan Martins Omolaiye John Obafemi Omole Aina Omolewa Oladapo Daniel Omoloja Oladipo O. Omolokun Adewale Liadi Omololu Modupeola Abiodun Omololu Oluyinka Ibikunle Omololu Thomas John E. Justice Omoma Richardson Omomo Iyetade Omoni Aduke Lydia Omoni Tonye Newton Omonira Oloruntosin Stone Omonojo Adefarahan Doyin Omonojo Tajirin Omonu Joseph Agada Omopariola Adeniyi Oluwatoyin Omopariola Oluwademilade Omoregbe Benson Obasuyi Omoregbe Imuetinyan Omoregie Justin Enosakhare Omoro Global Concept Ltd Omorodion Samuel Osazuwa Omorogbe Evans Ezemwenghian Omoruyi Benson Airen Benjam In Omosa Oluwatobi Ayodele Omosehim Stella Morenike Omosigho Mavis Isosa Omosini Olusegun Omosowon Adenayo Pius Omosulu Samuel Bamikole Omotayo James Olusegun Omotayo Kayode Oladimeji Omotayo Olanrewaju Olurotimi Omotayo Williams Omotehinse Martins Olatunji Omotola Omolola Oluwabonmi Omotosho Abdul Wahab Omotosho Babatunde Bamidele Ma Yowa Omotosho Eunice Iyabo Omotosho Sule Ishola Omotosho Tobalawi Gbemilek E Omotoso Adebayo Sunday Omotoso Adefolake Adeola Omotoso Omotayo Omotoye Samuel Omotubora Bayode Orimisan John Omotuenmhen Iwanehi Violet Omovbude, Margaret Ifeoma Omoviye Godspower Omovo Emmanuel Omoya Abike Comfort Omoyele Atinuke Adeola Omoyele Kolawole Ladipo Omoyele Oluwaremilekun Kolaw Ole

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

8024 8025 8026 8027 8028 8029 8030 8031 8032 8033 8034 8035 8036 8037 8038 8039 8040 8041 8042 8043 8044 8045 8046 8047 8048 8049 8050 8051 8052 8053 8054 8055 8056 8057 8058 8059 8060 8061 8062 8063 8064 8065 8066 8067 8068 8069 8070 8071 8072 8073 8074 8075 8076 8077 8078 8079 8080 8081 8082 8083 8084 8085 8086 8087 8088 8089 8090 8091

87671 87681 87687 231362 87696 87700 87708 87709 87710 230383 124417 213688 224747 87796 87802 232489 87823 87833 87845 216277 87847 87898 87907 87934 87940 87950 87960 110235 87976 87983 207030 87998 88000 222247 88031 225146 88032 88041 88042 88050 123029 88078 88080 211375 88103 230384 88138 88156 88168 88169 88184 219134 88195 88201 217085 88212 88214 88233 88236 88237 88252 88281 225853 88328 88333 218810 88350 205561

81176 36203 101318 27284 98738 19132 81187 22817 81188 81192 93173 81226 81230 81241 31137 81254 81257 90951 22818 36205 81259 27296 36209 81302 81305 81312 81319 81328 81330 98752 81349 81343 81345 27299 81361 81362 36213 81364 94782 81368 81376 27300 81380 81386 36218 81398 98760 81410 81413 81414 81422 81448 81428 81433 90957 36220 81436 81456 36222 14476 81463 14477 81492 8651 36226 81502 81506 81515

8092 8093 8094 8095 8096 8097 8098 8099 8100 8101 8102 8103 8104 8105 8106 8107 8108 8109 8110 8111 8112 8113 8114 8115 8116 8117 8118 8119 8120 8121 8122 8123 8124 8125 8126 8127 8128 8129 8130 8131 8132 8133 8134 8135 8136 8137 8138 8139 8140 8141 8142 8143 8144 8145 8146 8147 8148 8149 8150 8151 8152 8153 8154 8155 8156 8157 8158 8159

88381 88403 88411 88424 88426 88428 116730 88484 88532 88533 117815 88545 88547 88553 88557 88572 221401 88584 124554 88604 88613 88620 124854 124063 88647 88649 122224 212270 88700 88696 215356 88703 223831 88741 228098 88757 88759 220558 88782 88794 224234 88841 213768 88899 88910 88924 88927 88948 88949 214445 88963 214409 88989 88990 89001 215562 89048 89065 89061 89075 89109 89113 89119 89121 222044 124112 89137 89145

81517 98780 81535 81543 81545 81546 42308 27307 27311 27312 81583 23678 27314 19135 31153 42309 36237 42311 36240 81599 29315 27322 81614 81615 81622 42314 81634 81636 27332 81638 31157 19138 22830 19141 81649 81655 31165 36252 101330 22833 81672 81681 22838 81688 19147 81698 36264 81705 9411 105345 19156 81724 42319 81716 81719 81749 90960 81746 22849 81753 81767 81770 36275 29320 101334 22857 81780 81784

Omoyugbo Opeyemi Ayodele Omozokpia Chinyelu Eucharia Omu Magdalene Omu Orevaoghene Ezaena Omueti Modupe Omogbohun Omumuawuike Fabian Onyekachi Omuya Tom Ona Jude Ejiofo Onabade Bamidele Onabanjo Alexander Onadeko Oluwafolakemi O. Onadipe Seun & Grace Onafeko Olawale Onafusi Titilope Omobolanle Onaga Anthony Chinedu Onaghise Agharese Lucia Onagoruwa Eriye Erena Onah Chinedu Jim Onah James Ikechukwu Onah Josephat Onah Josephine Ochuole Onakpoya Mary Carmella Peace Onalo Esther Aladi Onanuga Adebayo Onanuga Ayodele Luqman Onanuga Funmi Onanuga Toyin Olamide Onaolapo Folashade Onarimi Imoiseme Onasanwo Samuel Adetunji Onasanya Adebowale Saratu Onasanya Mojolaoluwa Omotola Onasanya Mustapha Murtala Onashe Ese Onatuga Oyindamola Ivy Onatunde David Abolade Olusesan Onatunji Emmanuel Ola Onawunmi Olawumi Yetunde Onawunmi Oluwale Abiola Onayemi Morenike Tolulope Ondoma-isaac Mary Onedo Oghenerukevwe Onefeli Lynda Ojiugo Onewokae Mabel Affiong Oni Adekunle Fatunwashe Oni Ayodeji Olufunmilade Oni Funmilayo Grace Onome Oni Kabirat Olabimpe Oni Oke Johnson Oni Oladipo Olabode Odeji De Oni Olugbenga Joseph Oni Oluwafemi Emmanuel Oni Oluyemisi Jadesola Oni Paul Adekunle Oni Taiwo Mary Oni Tejumade Enitan Oni Titilayo Fatima Oni-awoyinka Agnes Olayemi Onibasa Ramatu Jumai Onibgbinde Adebayo Omotayo Onieba Vera Omeba Onifade Isiaka Alao Onigbanjo Tajudeen Akanni Onigbogi Isaac Olaitan Onigbogi Shobuana Jain Onikan Adeoye Omolade Onikosi Raphael Olatunji Onile-ere Kanyinsola Adunwale

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About Us

Onilenla Omolara Adebimpe Abio Ye Oniosun Jonathan Oladejo Operational Onipede Adeola Afusatu Review Onisarotu Kazeem Abayomi Onisarotu Zainab Olubukola Onisile Biola Aina Corporate Onoba Dayo Kehinde Governance Onoberhie Abraham Akpobasa-a Onofiaefe Blessing Dennis Onofiaefe Oghenerukevwe Beauty Financial Onogu Leo Godman Statements Onogu Muhammed Ibrahim Onoguwe Princewill Presswell Onoh Josephine Obiageri Onoh-cosmas Chimdimma Nora Onoja Grace Adunui Onoja Nancy Sunday Onoja Sunday Onoja Titilayo Dorothy Onojobi Cecilia Olufunmilayo Onokerhoraye Josephine Bosede Onokpikini-naibe Ejakpovi Hope Onomakpome Edore Onomakpome Edore Elawe Ononiwu Nkeiru Agnes Ononiwu Okechukwu Donatus O Onoro Godwin & Doris (mr & Mrs) Onosevwe Ejiro Jude Onovo Chukwuntae Chukwuwike Onovo Oluchukwu Uzoamaka Onovo Philomina Uzoamaka Onovughakpor (mr/mrs) Kingsley And Linda.o. Onu Emeka Innocent Onu Martin Ukah Onu Ngozi I.k Onuador Bertha Onyenachi Onuaguluchi Dan Izuchukwu Onuche John Onuche Michael Onuchukwu Omelogo Appolonia Onuegbu Okechukwu Onuigbo Happiness Ngozika Onukwulu Rufus Obiora Onumajuru Uche Blessing Onun Edwin R Iwunzeh Onunkwo Rita Uchenna Onunkwor Ijeoma Stella Onuoha Chidi Magunus Onuoha Chijioke Amaechi Onuoha Emilia Ozioma Onuoha Igwe Christopher Onuoha Josephine Funanya Onuoha Oluchi Janet Onuoha Onuoha Ejiogu Edmund Onuoha Victor Chijioke Onuorah Hilary Okechukwu Onuorah Josiah Nnamdi Onuorah Ogbonna Sylvester Onuorah Stella Nwakaego Onuwah Obidili Paulinus Onwe Joseph Ikechukwu Onweagba Stella Omagha Onwionoko Effiong Sampson Okwong Onwoamaka Daniel Ubaka Onwordi Barnabas Augustine Onwuachu Patrick Chukwuemeka Onwuaduegbo Isioma Benedicta Onwuanibe Chioma Obioma

ANNUAL REPORT

2014

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

8160 8161 8162 8163 8164 8165 8166 8167 8168 8169 8170 8171 8172 8173 8174 8175 8176 8177 8178 8179 8180 8181 8182 8183 8184 8185 8186 8187 8188 8189 8190 8191 8192 8193 8194 8195 8196 8197 8198 8199 8200 8201 8202 8203 8204 8205 8206 8207 8208 8209 8210 8211 8212 8213 8214 8215 8216 8217 8218 8219 8220 8221 8222 8223 8224 8225 8226 8227

89148 89152 89153 214500 207832 89167 226386 215778 228313 226653 70259 89208 219269 212099 222453 89249 89259 89263 89277 89282 89296 89302 89317 89332 89335 89340 89343 89361 89369 213362 89392 89393 89404 89410 115803 89467 89470 89480 89514 209461 89520 89532 227937 212341 207757 89538 89547 207215 89584 89600 227837 89622 89631 89635 89647 223487 89923 89705 89708 89711 89722 89724 231174 89738 89739 89757 215061 210376

81786 81787 22864 47138 81791 81792 81803 31188 81805 81809 81810 81811 81819 103957 19172 81828 27347 81836 81841 22884 19174 81847 19175 89618 22891 19176 22893 19180 29322 81878 36286 47141 81888 19185 47142 81915 9405 22901 81934 81937 36292 81942 22907 36293 81943 31203 22909 81955 81962 81965 81967 27359 81977 81978 81982 29325 81997 82013 103985 38670 12582 31211 19196 103986 82024 101344 82036 82037

8228 8229 8230 8231 8232 8233 8234 8235 8236 8237 8238 8239 8240 8241 8242 8243 8244 8245 8246 8247 8248 8249 8250 8251 8252 8253 8254 8255 8256 8257 8258 8259 8260 8261 8262 8263 8264 8265 8266 8267 8268 8269 8270 8271 8272 8273 8274 8275 8276 8277 8278 8279 8280 8281 8282 8283 8284 8285 8286 8287 8288 8289 8290 8291 8292 8293 8294 8295

89812 219446 89837 89843 224235 229997 89908 89939 220083 89985 89988 119947 90012 209339 90019 90021 90048 90098 90100 90114 90132 90134 213222 90154 232049 90187 90197 90203 90212 120191 90216 90225 90237 90242 90245 90248 90259 209904 90294 90296 90300 90305 90307 90321 117370 90330 209214 90373 90411 90436 229234 123109 90451 90463 90465 90468 90498 90507 90523 90529 90540 230168 90544 90591 90598 208673 90624 123886

19202 82049 47146 22939 31216 82069 82076 27367 82084 31221 22945 31224 11694 22946 42334 22949 29330 82124 94790 98801 43805 43807 19217 38683 38686 101349 19214 82162 36317 82175 105347 82167 38695 82176 82177 109 38698 82195 98808 42340 82203 82207 93217 82222 36322 104007 82230 38699 104010 82262 82263 82266 22952 22957 22958 22959 22965 82282 22970 29333 42343 22976 31238 82302 82304 82315 14495 104021

Onwuanyiam Raphael Chukwunetam Onwuasanya Festus Chibueze Onwuaso Charles Chinweze Onwuasoanya Benedict Onwuasoanya Lynda Nkechi Onwuasor Nkechi Onwubuariri Naboth Adindu Onwubuya Darlyn Munachiso Onwubuya Obunneme Onwuchuluba Chinwe Onwuchuruba Japhet Aham Onwuchuruba Okechukwu Theophilus Onwudinjo Osita Onwuebuchi Clara Onwuegbula Romanus Ezekwem Onwuegbune Ignatius Onwuegbuzie Mark Ifechukwude Onwuekwe Sylvia Uzoyibo Onwughai Victoria Ebose Onwughalu Okechukwu Emmanuel Onwuka Chukwudi Timothy Onwuka Foster Chibuike Onwuka Onyemachi Onwukanjo Stella Amarachukwu Onwukike Felicia Ifeoma Onwukwe James Ogbuka Onwukwe Kenechukwu Onwumelu Maxwell Ifedilichukwu Onwumere Jude Udochukwu Onwuneme Prisca Chibuokem Onwurah Ikechukwu Ochiagha Onwurah Onyebuchi Festus Onwutalu Nwaobi Emenike Onwuzo Afam Augustie Onwuzulike Anthony Uchenna Onyeacholem Rose Afuluenu Onyeachu Ekeoma Nkpola Onyeagba Charles Okey Chike Onyeaka Stephen Udeoba Onyeakazi Bethrand Kelechi Onyeali Mary June Onyeanusi Akinsola Comfort Ndidi Onyeanusi Anthony Ikechukwu Onyeario Adu Matthew Onyeario Rosemary Onyebalu Osita Chukunwike Onyebuchi Chidiebere Patricia Onyebuchi Emeka Onyedekegha Ikechukwu Christopher Onyegbula Gladys Chinasa Onyegbula Joyce Akunna Onyeije Godwin Onyeje Florence Abumchukwu Onyejegbu Chinwe Ifeyinwa Onyejelem Victor Udodiri Onyeka Colette Oluwabamise Onyeka Francis Chimezie Onyekperem John Eziako Onyekuru Innocent Onyekuru Ngozi Joy Ayodele Onyekwelu Donatus Onyekwelu Ifeoma Chinyelu Onyekwere Edwin Obioma Onyekwere Lovina Nnedi Onyekwere Nnenna Miriam Onyema Amanda Nene Onyema Amaobi Joseph Onyema Augustine

DANGOTE SUGAR R EF I N ERY P LC

ANNUAL REPORT

2014

Onyemelonu Stanley C Onyemenam Njume Nnennaya Onyenakazi Ngozi Nnenna Onyenanu Eugene Azubuike Onyenma Kelechi Grigory Onyenuforo Nnamdi Odinakachukwu Onyeoma Ikechukwu Ukwuome Onyeugbo Blessing Ngozi Onyeukwu Nkemjika Osinachi Onyia Ethel Amuche Onyia Josephat Chiwenyite Onyia Rose Chima Nene Onyike Chinwendu Onyike Fidelis Uchenna Onyilo Gloria Onyowo Onyiluka Ikechukwu Onyiuke Jude Ikechukwu Opadola Oluwarotimi Moses Opadoyin Ilufoye Oluniyi Opaleye Bukola Abigail Opaluwa Alice Adi Opaluwa Haruna Ibahim Opara Anastesia Chinenye Opara Anthony Okebaram Opara Chinemere B. Opara Gloria Owyinye Opara Kelechi Philomena Opara Lucy Uzo Opara Nneka Cyrina Opara Ositadinma Ogugua Opara Paschal Opara Rose Chioma Opara Virginia Onyemechi Oparah Christy Chinyere Oparah Eucharia Chisa Oparah Franklin Oparasi Odichi Georgenia (mrs ) Opata Peter Oladele & Olukemi Opawumi Olajide Opawumi Omolola Hanna Opayemi Oluwakemi.muyinat Ope Delphine Nyonke Opebiyi Basirat Funmilola Keh Inde Opeloye Sidikat Adesola Opeloyeru Hameed Ajibaiye Opene Victor Otunuya Opeola Deji & Sola (mr & Mrs) Opiegbe Ugochukwu Lawrence Opurum Ohaeri Kenneth Opute Omowonuola Oreoluwa Oputeh Oshioma Frank Oradubanya Chukwuemeka Cyprian Oraegbuna Patrick Nwankwo Oraelosi Charles Azubuike Chin Edu Oraemesi Charles Nonso Oragui Paul Osita Orakwe Ngozi Philomena Oramakinde Sunday David Oranugo Chinedu Henry Oranusi Solomon Oratokhai Aifeloba Orazulume Florence C & Samuel I Orazulume Grace Ngozi Oredemi Toyin Deborah Oredipe Eleje Nkechi Orekan Enitan Jimo A. Orekoya Abimbola Anike Orekoya Olusegun

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

8296 8297 8298 8299 8300 8301 8302 8303 8304 8305 8306 8307 8308 8309 8310 8311 8312 8313 8314 8315 8316 8317 8318 8319 8320 8321 8322 8323 8324 8325 8326 8327 8328 8329 8330 8331 8332 8333 8334 8335 8336 8337 8338 8339 8340 8341 8342 8343 8344 8345 8346 8347 8348 8349 8350 8351 8352 8353 8354 8355 8356 8357 8358 8359 8360 8361 8362 8363

90668 224980 120778 90704 90705 90734 90751 90756 90762 223579 90780 214545 211281 90817 90880 119964 90891 90892 90898 90906 209377 90954 90956 90961 220149 207007 90999 210326 229822 218873 91072 211405 91102 91114 211299 121505 91145 91149 91174 91199 224815 91215 91221 214851 91238 91243 91268 91269 91322 47304 91340 91372 91380 91402 91411 91414 91424 91426 91429 91430 91438 91475 91487 206609 91488 91489 91505 91495

93229 82344 36335 82361 42345 36337 82376 27394 27395 82383 98819 19224 105349 110 82427 31244 82428 19228 36344 31242 38703 37891 82439 82443 29344 36351 82463 82470 19238 36355 24654 101360 82501 27408 29347 36359 29349 82511 42356 82524 82529 27413 29359 82536 29361 82539 36364 82544 22991 22988 27425 27427 36368 27431 50063 82590 29377 36371 82593 36372 29378 29384 29387 36377 82605 82606 29390 27434

8364 8365 8366 8367 8368 8369 8370 8371 8372 8373 8374 8375 8376 8377 8378 8379 8380 8381 8382 8383 8384 8385 8386 8387 8388 8389 8390 8391 8392 8393 8394 8395 8396 8397 8398 8399 8400 8401 8402 8403 8404 8405 8406 8407 8408 8409 8410 8411 8412 8413 8414 8415 8416 8417 8418 8419 8420 8421 8422 8423 8424 8425 8426 8427 8428 8429 8430 8431

91517 91519 91520 91528 91531 91542 91544 91551 91555 91579 91580 91605 111778 225335 91618 214902 91636 91640 91648 91672 91673 213114 91686 91706 229414 227922 222891 91728 91730 227582 91747 91749 91750 91780 91794 218646 91822 91823 91895 91907 91923 227384 91965 92002 92007 223916 92026 92030 92038 92040 92041 216334 92063 92098 92113 92136 209328 92170 92180 226588 92204 92248 217582 92259 214153 212386 92306 210400

82620 29392 22993 82622 82624 29395 29396 27439 36384 93245 98844 82655 82663 27441 82665 82670 43824 89624 98848 82695 82696 82700 82708 82714 82715 82716 36393 82732 82733 82736 29401 29403 29404 36397 101365 82782 82775 82776 104063 82832 82840 82864 93263 82885 82887 29411 82893 36405 82897 82899 82900 82903 93274 82929 82934 82937 98867 82957 82962 82973 104066 36414 82993 27452 27454 90028 83009 83011

Oresanwo Abosede Omolola Oresanya Ibilola Orhorhoro Odiri Godwin Orhuozee Theodora Osemwonyenmw En Ori Sabarka Duwam Oricha Elizabeth Azee Orieneme Gloria Orifa Edwin Afivie Origbo Ufuoma Kesiena Orimalade Racheal Adedoyin Orimogunje Fehintolu Anthonia Orioha Bright Nkemjika Oriola Michael Sunday Oriola Olufunmilayo Agbeke Orji Agape Ijeoma Orji Azubuike Abel Orji Chijioke Etelberth Orji Chino Malcon Orji Chukwudi Orji Felicia Goretti Nkech I Orji Nneka Christiana Orjianimaku Charles Orjih K. Michael & Okuweh E. Nkec Orjioke Okosisi Lazarus Orobor Isoken Oroge Olaoluwa Inioluwa Oroh Emmanuel Census Oroniran Olubunmi Abiola Oruche Kenechukwu Anulika Orue Anthony Anoh Oruma Alhassan Musa Orume Umaru Osa Ikponmwosa Osabor Christiana Osabuohien Clement Osadolor Osabuohien Jennifer A. Osadolor Charles Osadolor Osayi Sandra Osagie Abieyuwa Juliet Osagie Ododo Osagie Philip Blessed Osagieda Omogiate Collins Osagiede Peter Osagiede Taiye Osaigbovo Agbonsalo Ulamen Osaigbovo Joy Amen Osaka Arthur Osaka Ndidi Chineze Osakwe Ernest Orakwue Osakwe Godswill Chukwujekwu Osamezu Juliana Iwejim Osaremwinda Edna Noma Osaretin Apollonia Talatu Osasa Egwonor Osasona Oladun David Osasona Tunde Kayode Osawaru Osatohanmwen Eghosa Osawe Benjamin Alonge Osawe Julie Nohenegbe Osawe Nosa Osawe-igharuosa Happiness Enos Osazuwa Osaretin Ose-aigbekaen Stella Osasogie Osebor Obehi Osede Victor Paul Osedele Akinkugbe Rufus Oseghale Nicholas Oseghale Oseyi Joel

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8432 8433 8434 8435 8436 8437 8438 8439 8440 8441 8442 8443 8444 8445 8446 8447 8448 8449 8450 8451 8452 8453 8454 8455 8456 8457 8458 8459 8460 8461 8462 8463 8464 8465 8466 8467 8468 8469 8470 8471 8472 8473 8474 8475 8476 8477 8478 8479 8480 8481 8482 8483 8484 8485 8486 8487 8488 8489 8490 8491 8492 8493 8494 8495 8496 8497 8498 8499

92320 226122 92336 92343 92357 92365 92367 92369 220126 92381 209500 92392 92410 92412 92433 92464 92476 92539 92540 92552 92577 210459 92616 207509 232640 92645 121939 92660 214822 221638 92712 121856 227719 214061 92747 92757 212139 92764 210012 92768 92787 229138 92797 92818 92882 92883 92891 92906 92914 92920 92936 92937 92944 92968 92977 92981 92991 92995 93020 214368 93040 93044 93048 93116 230601 93169 93178 216259

31251 83016 83020 83022 36419 36420 36421 83029 104072 27457 90030 27458 19244 23000 83054 94804 83076 83093 29940 83100 83112 36428 104073 36430 24886 29424 29941 83135 83136 42377 89629 98894 27468 83175 104083 23003 27471 98897 98900 98899 27475 27476 29434 83198 83222 83223 25428 83232 83237 83242 38722 19248 36444 83264 83266 83269 19249 36446 94812 83284 83292 83295 83299 29447 83335 31258 98917 83378

8500 8501 8502 8503 8504 8505 8506 8507 8508 8509 8510 8511 8512 8513 8514 8515 8516 8517 8518 8519 8520 8521 8522 8523 8524 8525 8526 8527 8528 8529 8530 8531 8532 8533 8534 8535 8536 8537 8538 8539 8540 8541 8542 8543 8544 8545 8546 8547 8548 8549 8550 8551 8552 8553 8554 8555 8556 8557 8558 8559 8560 8561 8562 8563 8564 8565 8566 8567

120373 230602 230754 93252 93288 93299 93301 93303 212453 93389 93412 93434 93436 93453 93458 93472 93471 93483 219445 224982 93512 210328 114160 229576 93556 207882 93573 93584 215733 210755 93596 117215 93624 93646 93657 93672 93679 93744 93751 93758 93794 230298 93829 93833 113539 93837 93843 124401 215081 117513 93927 93930 93931 116781 93960 208882 94016 94025 94044 214762 94073 94082 94099 113155 94147 94170 223641 94225

83379 93311 93312 83387 83404 83408 9328 98931 83453 29454 36461 83464 42386 83471 83474 83486 83485 83494 83499 94822 24891 83511 83518 27924 19253 83520 83531 83536 93328 36469 93329 25432 27502 98957 105353 91000 94825 83591 83597 98964 29959 83611 94840 83623 93350 83624 83627 83638 36473 83660 98994 83672 83673 101376 83684 105354 83718 83722 38724 36478 83750 83756 83765 42405 36483 83799 83825 83827

Ossai Luke A Ossi Moses Aja Osu Mariagoretti.n Osuagwu Bernadette Osuagwu Irene Adanma Osuagwu Nnamdi Anthony Osuagwu Regina Obiageli Osuagwu Richard Osuamkpe Onisobileme Brantley Osubor Kingsley Sunday Osude Funmi Telsy Osughe Osioakpeme Mary Osuigwe Francis Ujunwa Osuigwe Sunday Christian Osuji Kemi Amam Osunbitan Jimmy Akinfemi Osundairo Oladipupo Olayinka Osunleke Aderemi Abiodun Osunleye Samuel Olaseinde Osunsami Kayode Olalekan Osuntoyinbo Richard Temitope Osunwa Franca Chinagorom Osuwa Modupe Mercy Otairu Adbulganiyu Otaka Dr Dickson Ndukwe Otakhor Emmahuel Omoaluna Otamere Richard Uyinmwen Otarigho Ojevwe Gift Otarighoronor Luckson Omamus Otegwu Jones Olihi Oteri Hauwa Edirin Otesanya Joseph Temitope Otiede Christiana Eseni Otigbo Omolua Peggy Otigbo Priscillia Nyege Priscillia Nyege Otiocha Felicia Chinemeriela Otite Duke Otiti Alimatu Olufunmi Otiti Ayodeji Nurudeen Otiti Nurudeen(jnr) Temi Otogbono Onome Gift Otoibhili Benedicta Omozle Otoijamun Irdia Fred Otolorin Dauda Olusola Ottun Muhammad Musbau Ottun Mulikatu Arike Otu Bassey Bassey Otu Sotonye Grace Otubogun Folawe Babalola Otubu-watts Amajuoritse Enetetso Ma Otuibe Everestus Maduabuchi Otuije Ifeoma Ola Otukoya Ibukun Bolutife Otun Abiodun Olusegun Otun Temitope Olabunmi Otuneme Pearl Chigozie Otunwa Chioma Gabrieline Otuoepaikhian Ehinomen Regina Otusanya Olutobi Olufunmilayo Otusemade Stephen Segun Otuyele Peter Taiwo Ouec Investment Limited Ovbiagbede Ifidon Mamud Owabor Richard Owatunmise Ruth Owo Emmanuel Agbo Owoade Olufemi Adeyemi Owoeye Olajumoke Mofoluwake

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2014

Owoeye Olawale Adeolu Owofemi Ifedolapo Olayemi Owofemi Ikeoluwapo Kofoworola Owojori Anne Jaiyeola Owolabi Akintunde Owolabi Bolaji Tajudeen Owolabi Bose Christianah Owolabi Clementina Bamidele Owolabi Gbenga Musiliyu Owolabi Oluwatimilehin Joshua Owolabi Temilola Owolana Olabisi Ayopo Owoleke Olowo Emmanuel Owonibi Ifeoluwapo Grace Owoniyi Oluwole Owootori Mrs Toyin Sarah Owootori Santos Femi Oworu Oyebunmi Owoseni Serifat Taye Owoseye Ayokunle Michael Owotemu Veronica Temitayo Owoyele Ganiyat Oyenike Owoyemi Nicholas Adelani Owujie Augustine Owunna Daniel Obioma Nnabugw U Owunna Fidelis Chukwuemeka Oyabode Tinuade Oyafajo Abiodun Saheed Oyagbesan Festus Sunday Oyaigbevwen Erieye Shirley Oyaje Aladu Emmanuel Oyama Violet Nenka Oyasbarha Abel Akpovire Oyawuyi Kolawole Olayonbo Oye Margaret Oyebade Olugbenga Paul Oyebamiji Bashir Abubakar Oyebanji Rafiu Olaitan Oyebanji Temilola Olubunmi Oyebanjo Olaonipekun Moses Oyebola Matthew Oyebola Oluwatobi Mrs Oyedeji Daramola Isiaka Oyedeji Folashade Gbemisoye Oyedeji Ganiyu Alani Oyedeji Henry Bolaji Oyedeji Mofiyinfoluwa Alesand Ra O Oyedeji Oluwakemi Abosede Oyedele John Mafolasire Oyedele Nelson Babajide Oyedijo Jelilat Adeola Oyedipe Rosalind Adebimisola Oyediran Abisola Olubunmi Oyedokun Ayo Oyedokun Rafiu Adeola Oyefeso Olumide Oyegbola Oluwadamilola Ifeoluw Akii Oyegun Alice Mojoyin Oyejide George Oyeleke Oyekale Nathaniel Abiodun Oyekan Abiodun Adizat Oyekan Ifalade Ajasa Oyekan Temitope Thompson Oyekanmi Adedoyin Abolaji Oyekunle Joseph Olatunji Oyelade Tawakalit Bolanle Oyeleke Olukemi Ruth Oyelere Adesoji Sunday

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8568 8569 8570 8571 8572 8573 8574 8575 8576 8577 8578 8579 8580 8581 8582 8583 8584 8585 8586 8587 8588 8589 8590 8591 8592 8593 8594 8595 8596 8597 8598 8599 8600 8601 8602 8603 8604 8605 8606 8607 8608 8609 8610 8611 8612 8613 8614 8615 8616 8617 8618 8619 8620 8621 8622 8623 8624 8625 8626 8627 8628 8629 8630 8631 8632 8633 8634 8635

225481 94241 225482 94253 216977 94259 94290 218084 94330 209440 94341 94348 94383 94387 94403 94477 94494 94531 94553 94554 94571 94578 94601 211303 210880 94606 94614 221620 94670 94671 94679 94674 94693 94711 94729 94730 94752 94768 94776 94785 94790 231282 94818 94834 94836 94851 94856 215923 94866 94886 114913 94891 94893 230545 94909 207637 217123 115022 94939 94944 94950 94975 94980 95004 95034 95012 95023 117686

105355 99042 105356 83838 29461 29962 99045 31261 83880 99059 99055 83885 99063 14552 83908 83944 99073 7558 83972 93376 99084 83980 99087 84006 84007 83994 2871 99093 84035 36498 42419 84036 84044 27511 84051 84052 36506 91013 89640 84068 36514 84076 36516 36517 36519 29464 23014 36521 84095 84106 84107 84109 84110 84112 29465 31275 47172 36526 84125 84127 38727 27518 84135 42425 36530 101386 101392 37892

8636 8637 8638 8639 8640 8641 8642 8643 8644 8645 8646 8647 8648 8649 8650 8651 8652 8653 8654 8655 8656 8657 8658 8659 8660 8661 8662 8663 8664 8665 8666 8667 8668 8669 8670 8671 8672 8673 8674 8675 8676 8677 8678 8679 8680 8681 8682 8683 8684 8685 8686 8687 8688 8689 8690 8691 8692 8693 8694 8695 8696 8697 8698 8699 8700 8701 8702 8703

95064 95070 95082 95091 95176 231501 95188 95203 95214 95225 95236 124292 95273 218833 95304 95323 208372 95443 95446 95459 95472 95478 95480 95531 95537 95540 95541 95615 212406 95831 95844 120926 228840 96001 96003 96024 96026 96049 219657 96059 124046 96078 96081 96112 96096 96113 96116 96136 96144 96146 96151 96153 96154 96173 96179 207093 215547 118960 96224 124264 96306 96251 96265 96288 96295 96313 96320 96322

36533 84151 101404 84160 19863 42437 84179 84191 84198 29467 104140 84212 36545 84223 24662 93387 84240 36551 36553 84305 84308 84312 84314 84331 84336 101417 101418 36561 84410 84435 14572 101425 105361 84479 84480 84486 84487 47190 47206 47193 84518 84503 47198 36577 47201 84519 90038 84524 99140 99141 99143 99144 99145 99147 84538 36581 93410 89647 89646 84594 84595 84572 36587 84585 93412 42469 42470 84605

Oyeleye Adekunle Ibraheem Oyeleye Funmilayo Oyeleye Modinat Ibironke Oyelodi Oyebola Ayodele Oyelola Bolanle Waliyat Oyelola Oyetunde Oyemolade Toyin Ayofe Oyendi Brightman Oyeniy1 Olabisi Moses Oyeniyi Festus Oyeniyi Ismaheel Akano Oyeniyi Omotayo Olanrewaju Oyeola Juliana Olubunmi Oyepeju Aderemi Abraham Oyerinde Sunday Aderonmu Oyetunde Olayide Lawrence Oyetunji Oluwafemi Opeyemi Oyewo Adeyemi Oyewole David Oyedare Oyewole Dotun Oyewole Kehinde Isaiah Oyewole Morolayo Oluwatoyin Oyewole Rasheed Abiola Oyewole Rufus Adetunji Oyewole Segun Adetunji Oyewole Taiwo Oyewumi Ayobami Akinkunmi Oyewusi Samuel Oyebode & Oluseun Oyeyemi Omolara Nihinlolawa Oyeyemi Peter Iranloye Oyeyemi Samuel Esther Oyeyemi 0 Oyeyemi Samuel Olayiwola Oyi Linus Chidiebere Oyiborhoro Samuelikesiena Oyinbo Abiola Faith Olawummi Oyinbo James Amenawon Oyinlola Opeyemi Oluwabunmi Oyinloye Michael Ajide Oyinloye Victoria Oyofo Alima Louisa Oyosoro Edith I Ozakpo C. Augustina Oziegbe Ben Ozigis Hajiya Sabibat Ahuoiz A Ozigis Sheidu Bello Ozo Ehigiegbamen Ozoani Emeka Kenneth Ozodiniru Ndu Sunny Ozoemene Eze Ekpeazu Ozoji Ikechukwu Martin Ozojiofor Christian O. Ozoma Daniel Okechukwu Ozomah Abimbola Omotayo Ozor Charles Ozor Chukwunalu Alexander Ozougwu Loveline Uzoma Ozowara Ifeoma Augustina Ozoya Oluseyi Omobowale Ozukwe Austin Eze Ozulumba Ijeoma Lizzy Ozumba Chinwendu Nwabueze Paago Dinebari Victor Padi Mabel Mammle Pam Asabe Pam Bot Phillippa Pam Gwong George Pam Rwang Datuk Pantami Ibrahim Ahmed

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Papka Nubwa Yusufu Parah Julius Bawa Parlong Kevin Longter Paseda Abiodun Abimbola Paul Biyama Petel Paul Zirra John Payne Olabisi Pedro Khairaj Subuola Pelemo Olatunbosun Richard Pemu Akpufuoma Lawrence Pepple Dennis Mark Perfito & Aitrust Nig Ltd Peter Gabriel Igoh Peter Susan Faith Peter Titi Peters Favour Olusola Peters Patricia Okuk Philip Eleojo Asher Onu Philip Iorlumun Mwuese Doo Phillip Peter Phillips Oladoyin Foluke Phillips Omobola Adunoluwa Phillips Priscilla Omotilewa Pitan Adeyinka Adesoji Pitan Sunday Olusoji Pitmang Micaiah Pitmang. Vinamngo Popoola Folashade Pos Shop Ltd Prosperity Investment Club Psl A/c Tope Olawoyin Pwajok Bitrus Pyendang Nandom Quasim Abdul Razak Quasim Halimat Rabilu Ahmad Rabilu Fatima Rabiu Faruk Rabiu Rabiu Hamza Hadiza Rabiu Isa Rabiu Musa Ahmad Rabiu Oyenike Taiwo Rabiu Saadatu Rabiu Saadu Saadu Rabiu Suleman Rablu Oluwatoyin Bilikisu Rabo Ibrahim O Rafuah Patrick Ogom Rahamon Amidu Oyewole Rahamon Fatimo Adetoke Rahamon Muslimot Temilade Rahamon Sheriffdeen Temidayo Rahamon Sheu Temitope Raheem Wasiu Akanbi Rahman Adam Tolulope Rahmon Yetunde Olusola Raimi Anuoluwapo Elizabeth Raji Abdul Fattaahi Raji Abubakar Egigogo Raji Ibrahim Alani Raji J M Vincent Raji Jaiyeola Raji Maimuna Abubakar Raji Rahman Temitope Raji Sarafadeen Olajide Raliya Ahmed Lere Raman Taiwo Karimu Ramon Habib Akorede

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8704 8705 8706 8707 8708 8709 8710 8711 8712 8713 8714 8715 8716 8717 8718 8719 8720 8721 8722 8723 8724 8725 8726 8727 8728 8729 8730 8731 8732 8733 8734 8735 8736 8737 8738 8739 8740 8741 8742 8743 8744 8745 8746 8747 8748 8749 8750 8751 8752 8753 8754 8755 8756 8757 8758 8759 8760 8761 8762 8763 8764 8765 8766 8767 8768 8769 8770 8771

96330 232051 216208 96368 96381 96382 231581 96400 96405 96427 96445 96449 96479 96513 224996 228780 96570 96571 96625 96668 96670 96696 226250 96707 96769 206746 96821 96823 223083 96851 96858 232379 96904 96925 96928 96951 117526 118177 96972 96965 96981 96994 96997 96998 97014 97015 97016 97017 97019 97029 97049 97057 97067 112634 97115 97121 216529 97163 97205 97236 97244 97246 222259 97260 97264 206003 97275 97299

37895 84611 47215 94886 42472 84634 84647 99172 84649 84657 84661 84666 42476 84701 23686 101442 84710 42491 104174 47224 84745 84757 84758 27554 42500 47230 47231 42511 36604 47233 84801 37897 36608 104792 36610 23688 47262 36614 47264 47259 47268 47270 42531 47272 27556 84822 27557 27558 27560 43843 47282 47284 84836 84853 42538 42540 47299 104955 47308 42549 36628 47314 27564 37903 84896 84897 93438 84915

8772 8773 8774 8775 8776 8777 8778 8779 8780 8781 8782 8783 8784 8785 8786 8787 8788 8789 8790 8791 8792 8793 8794 8795 8796 8797 8798 8799 8800 8801 8802 8803 8804 8805 8806 8807 8808 8809 8810 8811 8812 8813 8814 8815 8816 8817 8818 8819 8820 8821 8822 8823 8824 8825 8826 8827 8828 8829 8830 8831 8832 8833 8834 8835 8836 8837 8838 8839

97290 97326 97332 97336 222054 97356 97363 97372 97391 97403 97408 97412 114088 97433 97440 97444 97445 232298 214084 97479 216462 97507 97510 97517 97518 97520 97521 97542 97562 110298 97583 114045 97587 97598 97603 97623 97626 119807 97657 97659 113945 209414 97691 97750 97752 215235 97777 97790 27882 97809 97814 97820 97826 97831 97838 97841 229358 226200 97868 97887 214410 97909 97941 97949 219644 97953 97993 97998

84908 42561 84928 99200 50136 50130 84942 99202 23033 93448 84967 93450 85034 84976 84979 36636 84981 84986 85037 36640 91029 85007 85008 85012 85013 85014 42569 85024 36643 42571 85057 85069 85060 85065 36644 85078 85081 94894 36648 50145 85096 101462 25438 47337 47340 47345 104191 104196 42593 23034 85113 36662 43852 85115 101470 23693 85118 47360 47362 25440 101472 42610 85127 50149 47386 91031 29482 85144

Ramzy James Oballim Randaji Global Services Nigeria Limited Rano Ali Aminu Bello Rasaq Semiu Rasheed Mustapha Rasheed Oluwabunmi Isiah Rauf Olabimpe Musifat Rauff Latifat Olanike Ravic Ventures Redcliffe International Ltd Remawa-fufore Halima Saadiya Remi-john Adeola Omolewa Reuben Joy Ify Richie Adewusi Fola I Rilwanu Abubakar Rimdap Namdap Ringim Nafiu Sabo Ringim Nurah Mohammed Rogo Ibrahim Lawan Rotimi Abdulsalam Osadolor Rotimi Adedolapo Esther Rowland Mabel Isekeije Royal Business Club Of Nigeria Roze Anirejoritse Stephen Rufai Fatima Adenike Bashir Rukayya Muhammad Inuwa Rumasau Abba Sani Rumi Ayuba Ruth Sherif SANUSI BARAUHARUNA S0ewu Esther Abiodun Saadatu Bome Ishaya Saadu Rahmat Omotayo Sabd Abubakar Liman-sanyinna Sabir Raja'u Ahmad Sabo Alhaji Aliman Sabo Bawa Sabo Safeeya Akama Sabo Sambo Usman Sabo Yusha'u Sada Abdulsalam Sadauki Farida Abubakar Saddih Tessa Miriam Saddik Gidabo Tahir Sadik Abdul-azeez Babson Sadik Adetoun Aminat Sadik Bilkis Aweke Sadik Farouk Babson Sadik Lateefat Olajumoke Sadiku Philip Ohiani Sadiq Danlami Sadiq Ibrahim Muhammad Sadiq Mulikat Oluwadamilare Sadiq Sekinat Aderonke Saeed Habiba Haruna Saeed Shemau Haruna Sagagi Auwalu Saminu Sahabo Hauwa Abubakar Saidu Baba Ringim Saidu Salihu Maimunat Saidu Waziri Abdullahi Saidu Yakubu Saidu Abubakar Saiki Edyth Ozofu Saini Umar Maryam Sajere Neville Saji Ayodele Suwebat Saka Adedotun Adeyinka Saka Fausat Olamide

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2014

Saka Nihinlola Olayinka Salahudeen Maryam Sambo Salako Adebisi Oladimeji Salako Adetola Kafayat Salako Ibrahim Moshood Adewale Salako Mulikat Olufunke Salako Olushola Akinwale Salako Sule Salam Oyewumi J Salami Abiodun Nurudeen Salami Aderonke Adedayo Salami Afolasade Risikat Salami Ayo Luqman Salami Fatai Olanrenaju Salami Gbolahan Ishau Salami Hamid Adesunkanmi Ope Yemi Salami Hassan Olanrewaju Salami Idowu Sidikat Salami Kazeem Abiodun Salami Mistura Adewunmi Tolu Wani Salami Muritala Samuel Salami Olukayode Salami Olusegun Olayinka Salami Osaretin Aina Salami Oseghale Anthony Salami Rafat Adepeju Salami Raimi Atanda Salami Temitope Musiliu Salau Baba Abdul Salam Salau Jamil O Salau Nasir Salau Rafiu Ayanniyi Salau Saheed Oluwatoyin Salau Zainab Salaudeen Abdulraheem Dele Salaudeen Biliqis Olajumoke Salawdeen Yusuf Balogun Salawu Afolabi Abdulkareem Salawu Kamarudeen Ayo Salawu Kazeem Adekunle Salawu Oluwatoyin Dr Salawu Saudat Sale Moh'd Gashuwa Saleh Danbatta Saleh Saleh Hotoro Halliru Salga Laminu Mahmoud Salihi Asmau Umar Salihu Adamu Bobuwa Salihu Hauwa Salihu Ibrahim Salihu Lawal Salihu Muhammad Abdullhhi Salihu Musa Ohiani Salihu Ramat Abubakar Salihu Victor Abbass Salihu Yakubu Salimanu Aransiola Atanda Salisu Abdullahi Salisu Aisha Haris Salisu Ibrahim Hassan Salisu Musa Alhassan Salisu Rukayya Saliu Adeyemi Akanbi Saliu Hudu Saliu Ibrahim Baboko Saliu Lasisi Ajisafe Salomi Diamond Salu Omotolani Abiola

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8840 8841 8842 8843 8844 8845 8846 8847 8848 8849 8850 8851 8852 8853 8854 8855 8856 8857 8858 8859 8860 8861 8862 8863 8864 8865 8866 8867 8868 8869 8870 8871 8872 8873 8874 8875 8876 8877 8878 8879 8880 8881 8882 8883 8884 8885 8886 8887 8888 8889 8890 8891 8892 8893 8894 8895 8896 8897 8898 8899 8900 8901 8902 8903 8904 8905 8906 8907

98026 98047 220483 212712 98072 209043 98098 98129 98132 98135 219715 98177 98186 98188 208824 98202 98219 213891 98236 98240 98268 215154 98474 98475 226224 117726 98300 210927 98308 98322 98341 98355 98359 221555 213695 98374 98507 98395 98512 98409 98414 209690 98436 232328 209965 98447 219701 217812 205781 98472 98528 98539 98554 98562 228782 220898 98588 214966 98603 98606 98631 98641 98650 98678 226021 98716 98717 98719

101476 37906 47396 47397 36691 47401 47402 85168 85169 42635 91033 85181 89661 85183 42639 20431 85195 85202 85201 24680 85211 36721 48946 36722 47419 47462 42644 47466 42646 36708 47430 42654 85220 105087 48949 36712 47485 36715 47487 42662 36717 47490 42666 42667 36732 24682 24683 47493 47495 42672 42687 24156 85231 48951 85238 85272 85243 36739 85245 85246 564 85259 85261 14590 42701 36741 122 85300

8908 8909 8910 8911 8912 8913 8914 8915 8916 8917 8918 8919 8920 8921 8922 8923 8924 8925 8926 8927 8928 8929 8930 8931 8932 8933 8934 8935 8936 8937 8938 8939 8940 8941 8942 8943 8944 8945 8946 8947 8948 8949 8950 8951 8952 8953 8954 8955 8956 8957 8958 8959 8960 8961 8962 8963 8964 8965 8966 8967 8968 8969 8970 8971 8972 8973 8974 8975

98723 98754 98767 98779 98804 98808 98810 98817 98822 207755 98870 226999 98905 98915 98937 206771 206722 217835 98952 211612 98964 98988 99002 210872 99041 121039 231622 212577 99066 99077 99116 99118 99127 99140 207437 99144 207992 99183 99186 99193 99194 99223 99226 208521 230301 99231 217480 99234 99251 99252 209632 99255 99258 222899 210291 99420 99300 99304 117133 99320 99321 99328 99348 99430 212755 99393 99394 110414

36742 93483 85317 36748 85345 36749 85348 93488 85354 36750 85363 14593 101504 48958 50158 99271 99274 85411 85413 85414 27574 85432 89668 85447 47509 85457 23040 85469 85463 85473 36762 85491 91042 47513 85500 85501 24158 9377 36766 36767 43860 36772 24686 101515 85537 89673 36773 29966 47524 85539 47529 47531 47534 85545 36774 23710 47542 47543 47566 47545 47546 85548 23043 23716 42754 38921 42747 101527

Samaila Musa Sani Sambau Yusufu Sambo Ali Abdu Sambo D. Mohammed Sambo Mohammed Bashir Samira Bala Usman Sammani Abubakar Samson Okechukwu Samson Steve Sunday Samu Nadabd Maryam Samuel Asika Michael Samuel Kolawole Micheal Samuel Okeke Samuel Olanrewaju & Mosunmol A Samuel Shedrach Kaibi Samuel Udo Udo Sanchi Augustina Basham Taga Ng Sanda Anthony Bankole Sanda Thombe Musa Sandabe Mala Bukar Sangosanya Tolulope Olajumoke Sani Ibrahim Doguwa Sani A Mansur Sani Abakura Amina Sani Abdulrahman Garba Sani Adamu Zuga Sani Aisha Umar Sokoto Sani Alice Aishatu Sani Amina Mohammad Sani Binta Junaidu Sani Habashiya Sani Hauwau Umar Sokoto Sani Ibrahim Abdulmumini Sani Ishaku Audu Sani Kabir Dangogo Sani Kabiru Kangiwa Sani Mariam Sani Mohammed Mujtaba Sani Muhammad Kabir Sani Muhmmad Sageer Sani Musa Aliyu Sani Nayaya Chedi Nayaya Sani Saudat Umar Sokoto Sani Suleiman Muhammad Sani Tanko Muazu Sani Tijjani Sani Usman Dankoli Sani Yahaya Amir Sani Yusuf Aliyu Sani Zayyad Umar Sokoto Sani-mohammed Hajiya Aishetu Sankey Emmanuel Musa Sanni Aishetu Hamman Sanni Azeezat Temitope Sanni Grace Ade Sanni Idiat Ajoke Sanni Jamiu Adebayo Sanni Mohammed Saeed Sanni Moruf Olanrewaju Sanni Muinat Omobolanle Sanni Rekiya Onayi Sanni Simiat Omowunmi Sanni Titilayo Kadijat Sanu Folake Sanusi Hauwa Sanusi Jaafar Usman Sanusi Jimoh Awumenu Sanusi Kamal Adewale

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8976 8977 8978 8979 8980 8981 8982 8983 8984 8985 8986 8987 8988 8989 8990 8991 8992 8993 8994 8995 8996 8997 8998 8999 9000 9001 9002 9003 9004 9005 9006 9007 9008 9009 9010 9011 9012 9013 9014 9015 9016 9017 9018 9019 9020 9021 9022 9023 9024 9025 9026 9027 9028 9029 9030 9031 9032 9033 9034 9035 9036 9037 9038 9039 9040 9041 9042 9043

212153 121728 99446 114069 229963 231461 99526 99523 124587 124626 99584 99603 211127 99620 99621 99676 208280 99775 114301 121749 213870 230093 99825 229668 99839 220206 228101 215359 224759 99893 99949 228371 100012 207119 229484 120125 100068 100020 100036 100038 100041 100065 113572 100081 100089 119147 100103 100122 100152 100153 100162 100170 230866 208331 222773 100205 100208 100239 122497 214663 206686 100266 100275 205635 100293 100294 209186 100301

42756 36785 47581 85575 36787 36791 24694 24693 24695 36801 85612 91046 94913 104218 99296 29967 99307 2945 85705 85706 85709 85715 85725 36808 36809 85738 85750 85760 85762 85774 85806 99323 85839 105191 47588 43865 90055 14612 23719 23720 47600 36822 85844 85843 85850 38733 47609 85856 85866 85867 85869 85871 85873 19269 42807 24701 89685 85883 85884 85891 85895 85893 36835 85909 85905 104233 85911 85907

9044 9045 9046 9047 9048 9049 9050 9051 9052 9053 9054 9055 9056 9057 9058 9059 9060 9061 9062 9063 9064 9065 9066 9067 9068 9069 9070 9071 9072 9073 9074 9075 9076 9077 9078 9079 9080 9081 9082 9083 9084 9085 9086 9087 9088 9089 9090 9091 9092 9093 9094 9095 9096 9097 9098 9099 9100 9101 9102 9103 9104 9105 9106 9107 9108 9109 9110 9111

100308 100316 100323 100324 100328 100330 100332 118580 100346 213551 100356 100359 227346 100376 216464 100383 100384 100390 100399 100401 114726 207226 211692 100441 223855 100453 100459 205794 227475 215408 100512 100513 100530 121100 100585 100593 205723 210525 215482 100630 100677 100682 100683 100696 100699 100700 206126 220754 100755 112653 100779 100812 100826 211081 112811 100911 100912 100913 100968 100973 100977 100978 100981 101001 101007 101008 101017 101018

85916 85923 99330 85929 85932 85933 85934 85944 93535 85949 93537 85952 85962 85963 85966 37920 85969 85970 85975 85976 85984 86005 93549 86002 50171 86008 86011 86014 86018 93555 86030 99344 86037 36839 93565 93567 93569 29968 99353 36841 99357 86117 86118 25448 12491 36842 36845 50174 86146 104246 86158 86185 86187 93594 23052 86225 86226 86227 93603 86261 86267 86268 86273 86283 86286 86287 86295 86296

Shehu Silifatu Olajumoke Shehu Tabako Ibrahim Shehu-usman Suleiman Shellcoop/ikelia Emma Shenbote Kafilato Oloruntoyin Shetima Mohammed Bashir Alh Shettima Kashim Rukayya Shettima Mohammed Shettimia Alh. Zannah Shittu Abdkhaliq Adebisi Shittu Adebowale Mufutau Shittu Binta Mojoyinola Shittu Dauda Adebayo Shittu Ibrahim Shittuladan Shittu Idayat Iyabo Shittu Samson Akinade Shobambi Folashade .o Shodimu Nurudeen Oyetunde N .o. Shodipo Olubayo Shodipo Theophilus Babatunde Shodiyan Diekola Shoetan Akintoye Olujide Shogaolu Damilola Christopher Shogunle Dolapo Christiana Shokoya Adeniyi Oduntan Emman Uel Shokunbi Tunde Nurudeen Sholola Tolulope Ibukun Shomade Mubarak Folu Shomefun Oluwaseye Ezra Shonibare Abiodun Shote Boluwatito Daniel Shotunde Thomas Olajide Shuaibu Ahmadu Yahaya Shuaibu Alh Musa Gusau Shuaibu Aminu Shuaibu Dan-asabe Shuaibu Dauda Eggon Shuaibu Faridah Shuaibu Korau Danlaji Shuaibu Laraba Ahmed Shuaibu Maimuna Usman Shuaibu Yunusa Shyllon Ademisiku Ibunkun-oluwa Shyllon Elizabeth Olufunke Sibe Esther Brakumo Sibie Pius Ukele Sidi Abubakar Muhammad Sido Edward Silas Adeola Priscilla Silas Bitrus Silas Regina Silva Olabisi Obafunke Silver Bells Limited Simeon Divineboom Simon Amos Simon Matthew Simon Okechukwu Anthony Sinyene Hannah Sipe Olatunbosun Siwoniku Titus Amunundun Siyanbola Adedoyin Olubunmi Siyanbola Olayinka David Skillpath Consulting Service Smith Esther Esosa Smith Ibrahim Kolawole Adew Ale Smith Ikendah David Smith Iyabo Adebola Smith Solomon Anietie

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Soaga Isiaka Olawale Sobaki Aderonke Iyabode Sobamiwa Olayemi Sobamowo Ajoke Olufemi Sobamowo Oreoluwa Ayodele Sobamowo Yewande Morenike Sobande Caroline Adesola Sobande Eniola Adeniyi Sobanke Shakirat Bolatito Sobayo Adeola Fatimat Sobitan Moradeke Olubunmi Sobodu Ajibola Olayiwola Sobowale Mobolaji Sowole Sobowale Olabode Oladipo Sobowale Oluwakemi Adeola Soboyejo Abiodun Folorunso Soboyejo Titilope Sodade Akinyinka Olusoga Sode Olubola & Ayobami Sodeinde Ademola Okunola Sodeke Olasumbo Elizabeth Sodiya Alao Surajudeen Sodiya Ebenezer Isola Sodiya Mobolanle Oyetoun Sodunke Jimoh Maaruf Soetan Bayo Olusegun Soetan Olufemi Soetan Sunday Olusola Sofola Olubunmi Olakunle Sofoluke Stella Olajumoke Sofoluwe Oyenola Taiwo Sofowora Florence Fadeke Sogbanmu Yakeen Babatunde Soji-taiwo Olubukola Esohe Sokoya Abimbola Adebola Sokunbi Aderemi Saibat Sokunbi Solomon Oluseyi Sola Ajayi Simisola.t Solademi Ayorinde Lanre Solaja Mohammed Jamiu Olayem I Soleye Olufunmilola Oladipup O Solid Eagles Entreprises Solid Foundation Estate Ltd Solomon Anita Henry Solomon Ezekiel Fei Solomon Gidema Solomon Iyabo Abibat Solomon Victoria Somemimo Efundunke Oluwakemi Somina Reginald Dein Somuyiwa Augustine Adeoluwa Sonde Adeoye Olamide Songonuga Adetutu Omoniyi Soremekun Florence F Soronnadi Malachy O. Sosan Ola Tayo Sosan Olatoye Sosan Sotayo Sowemimo Kamoru Owolabi Sowemimo Sadiat Oluwatoyin Sowole Modupeola Sowole Olaoluwa Sowoolu Yeside Ebunoluwa Soyege Adewunmi Olufisayo Soyemi Adeola Soyemi Adeola Damilola Soyemi Oluwadamilola Soyemi Oluwatosin

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9112 9113 9114 9115 9116 9117 9118 9119 9120 9121 9122 9123 9124 9125 9126 9127 9128 9129 9130 9131 9132 9133 9134 9135 9136 9137 9138 9139 9140 9141 9142 9143 9144 9145 9146 9147 9148 9149 9150 9151 9152 9153 9154 9155 9156 9157 9158 9159 9160 9161 9162 9163 9164 9165 9166 9167 9168 9169 9170 9171 9172 9173 9174 9175 9176 9177 9178 9179

101019 101021 208791 228618 213430 101103 122367 101117 116251 101129 101130 101141 101134 101137 218297 101150 110652 101168 101199 101201 206230 101231 122055 101244 101283 223684 101258 101274 101289 101300 101432 101318 101320 209600 101330 101340 101365 101381 101384 101385 101389 101392 214222 101412 101418 101438 101439 101440 101442 101445 220638 101456 101464 222772 209888 220330 101509 101562 101572 101602 101587 101606 101625 101632 101636 213850 229545 101675

86297 86298 86308 86313 86321 86344 36856 104253 27603 23054 104256 27604 86353 104258 43870 86360 27605 47620 19892 27606 86395 93619 99387 48973 101560 86399 99384 14636 86400 86404 86437 5972 36866 43877 86419 29970 36870 86423 36872 104962 104263 86425 86438 24703 47655 42845 86442 36875 12500 86445 42864 36877 86447 24705 36888 19897 43879 23060 47673 42873 47676 86466 91055 86471 50182 25452 86477 86483

9180 9181 9182 9183 9184 9185 9186 9187 9188 9189 9190 9191 9192 9193 9194 9195 9196 9197 9198 9199 9200 9201 9202 9203 9204 9205 9206 9207 9208 9209 9210 9211 9212 9213 9214 9215 9216 9217 9218 9219 9220 9221 9222 9223 9224 9225 9226 9227 9228 9229 9230 9231 9232 9233 9234 9235 9236 9237 9238 9239 9240 9241 9242 9243 9244 9245 9246 9247

101682 101696 101737 101751 101752 101758 221068 101813 209940 213737 101839 215480 101853 101858 101862 221052 101886 101894 101895 117742 209881 209539 101918 102078 216499 214066 101935 101972 114841 101975 101983 101989 211939 101997 102028 227216 102037 102065 102070 102090 231436 102120 102137 112002 102166 212986 102181 210763 102219 102221 102233 218702 102249 102296 102329 102373 205589 102433 220103 102458 206098 102479 102493 119142 102509 226484 119766 225293

104270 86486 86495 86502 86503 47699 47700 101577 36916 31290 86530 31291 93631 23065 10307 37932 47710 47714 47715 42904 47726 104274 47728 99415 86620 86622 86551 99407 86626 86567 86572 99409 36934 86580 86599 86600 86605 36933 86614 86642 50193 86653 86661 101586 36943 36946 104277 101591 27610 47730 42911 42920 27611 10253 42923 86721 36958 19905 86740 86747 86753 104288 24167 36966 86770 86772 104292 93654

Soyemi Oluwatosin Ewumi Soyemi Oreoluwa Soyombo Abiodun Funmilayo Spida Global Ventures Ltd Srichand Rajni Shroff Stanley-obi Ngozi Stella Ada Nwubani Stephen Blessing Robert Stephen Jemerigbe Stephen Ndife Nwakwo Stephen Nsibiet Robert Stephen Otarigho Awharevugheghen Stephen Sunday Ojo Stephen Victor Robert Stephen Yabayanza Moses Steve Kolawole Deborah Love Streams Of Wealth Investment Strivers Youth Association Bichi K.g.a Kano S. Sudan Joseph Sudeh Emuobo Julius Sulaiman Alero Sulaiman Basirat Oluyemisi Sulaiman Gboyega Nurudeen Sulaiman Idris Monko Sulaiman Memorial Of Nigeria Sulaiman Modinat Olufunke Sulaiman Mufutau Abiodun Sulaiman Taofeeq Olabiyi Sulaimon Abdul-azeez Sulaimon Lateef Olalekan Sule Abubakar Murja Sule Ahmed Tijani Sule Alidu (alhaji Black) Sule Augustine Oladunni Sule Basirat Ruth Sule Fatima Omotola Sule Lydia Daniel Sule Morufu Akande Sule Naomi Unekwu Orinah Sule Nasidi Sule Obeito Abdulazeez Sule Olanrewaju Hammed Sule Olawale & Abiodun Sule Shaka Sule Sumaila Suleh Abubakar Suleimah Haruna Suleimah Oziyarahu Florence Suleiman A.abdullahi Suleiman Abdullahi Suleiman Abdullahi Alhaji Suleiman Abubakar Suleiman Adedayo Suleiman Hajja Asmau Suleiman Halimat Suleiman Hawwau Suleiman Ibrahim Suleiman Saadatu Lawal Suleiman Sunusi Saleh Suleiman Usman Suleiman Zubaidah Hassan Suleimon Dauda Olorunsogo Suleyman Bashir Adebayo Suliman Hassan Sulu Saadu Oloje Sumaila Mathew Summit Finance Special Account Sunday David Victor Toluwala Se

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Sunday Goodluck Sunday Onuh Ambrose Sunmola Idowu Kamar Sunmonu Semiu Oladele Sunmonu Sherifat Abeni Sunusi Abba Sani Sunusi Aminu Muhammad Sylvanus Chetan Sylvester Rhoda Tabansi Ndubuisi Emmanuel Tabiowo Patrick Kesiena Tabugbo Silas Chukwudi Tadese Adenike Florence Tafarki Halima Abubakar Tafida Gogo Aminu Tafida Hassan Gadam Tahir Abdullam Ahmed Tahir Fathullah Ahmed Tahir Hamidullah Ahmed Tahir Muhammad Jalam Tahir Zufatu Suleman Taiger Diepere Richard Taimako Investment Club Taiwo Akintunde Taiwo Abimbola Toyin Taiwo Abiola Martins Taiwo Adeola Adekemi Taiwo Gaffar Ajibola Taiwo Ganiyat Taiwo Gilbert Olatunde Taiwo Isiaka Olalekan Taiwo Jumoke Sakirat Taiwo Luqman Adedeji Engr Taiwo Modupe Olushola Taiwo Olusegun Adelami Taiwo Olusola Adelugba Taiwo Oluwatobi Taiwo Tolu Taiwo Toluwani Taiwo-junaid Olanrewaju Tajudeen Olayinka Talabi Abiodun Talabi Olatanwa Tali Laraba Gladys Tam Nominee Y001 Tamar Chindo Tamunodukobipi Sampson Tamunokonbia Tang'an Kefas Amos Tanko Abdurrahman Ishiyaku Jada Tanko Adamu Idris Tanko Gbowl Patience Tanko Morondia Tanko Mutari Jada Tari Bulus Tasiu Bebeji Usman Tayo Mojisola Telli Kande Ephraim Telu Benitareni Teluwo Joy Temitope Olumuyiwa Temowo Olufunmilayo Jeremiah Tep Augustus Nubarido Terungwa Zever Terver Gemade Tewe Olujimi Olugbenga Thaddeus Abiola Felicia The Girl's Brigade, Rivers State The King's Crystal Limited

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9248 9249 9250 9251 9252 9253 9254 9255 9256 9257 9258 9259 9260 9261 9262 9263 9264 9265 9266 9267 9268 9269 9270 9271 9272 9273 9274 9275 9276 9277 9278 9279 9280 9281 9282 9283 9284 9285 9286 9287 9288 9289 9290 9291 9292 9293 9294 9295 9296 9297 9298 9299 9300 9301 9302 9303 9304 9305 9306 9307 9308 9309 9310 9311 9312 9313 9314 9315

102565 102586 102599 208677 226043 119559 102672 207317 102702 212254 211853 102763 102772 102774 102779 124211 102805 102806 102811 102847 102825 118354 102886 221474 102927 123171 215004 103029 103062 205562 215017 103094 115438 103088 103090 114049 103128 103138 103167 103177 103182 226532 103216 114210 103249 103330 103338 209096 103364 103396 103412 103417 103427 103444 103459 103478 230610 103504 103525 213806 103538 103542 103547 103566 103569 103574 220163 103589

36973 104294 12510 27616 31293 86832 86834 36987 86851 86901 24716 86883 86890 13325 99451 86907 47764 24717 47765 47779 47770 86921 38736 104302 93665 86951 101615 99466 99473 86991 20443 37001 87005 87004 25456 87006 89715 87026 24173 87045 24175 37011 87056 87066 87078 42961 87096 47797 87101 19919 37027 87104 87113 87126 101632 37030 87138 27634 37032 23087 47814 37940 87152 47824 47826 47828 23091 31296

9316 9317 9318 9319 9320 9321 9322 9323 9324 9325 9326 9327 9328 9329 9330 9331 9332 9333 9334 9335 9336 9337 9338 9339 9340 9341 9342 9343 9344 9345 9346 9347 9348 9349 9350 9351 9352 9353 9354 9355 9356 9357 9358 9359 9360 9361 9362 9363 9364 9365 9366 9367 9368 9369 9370 9371 9372 9373 9374 9375 9376 9377 9378 9379 9380 9381 9382 9383

103613 103635 103672 103694 103718 103726 211455 103781 103755 103760 103762 220914 103773 103776 103796 103797 103814 103815 103821 206386 103870 209795 103898 103906 213978 214537 213977 213979 213880 103930 103933 103937 103939 103943 117003 103947 103948 103949 103970 103978 211315 121097 103989 103991 224994 104013 210488 104029 224500 219990 104057 213447 104086 104096 213097 104176 218052 104246 104253 104278 104281 104286 231662 104289 104290 104301 104312 119595

31297 50210 87177 87181 23099 20449 19292 19294 87200 23101 29517 87212 19291 37037 104817 87219 37038 19297 29520 31303 101641 31304 87250 42986 87254 87255 87256 87257 87258 20452 87261 14656 14658 87265 87267 42987 27639 91066 87272 87273 31311 31315 101644 23134 23136 23141 87299 23142 27642 87303 37045 87315 87326 87329 20465 37048 24911 20479 25472 87392 27652 27651 87395 42989 87396 37054 87405 27930

There & Then Enterprises Thomas Aniefiok Okon Thomas Gloria Thompson-fregene Alex Thomson Ndubuisi Obarezi Thoyon Maupego Agnes Tiamiyu Anjolaoluwa Mistura Tifi Bello Aliyu Tijani Abdulazeez Babatunde Tijani Adebola Ayodele Tijani Aishatu Kyari Tijani Oladipupo Akeen Tijani Oluwakemi Hazeezat Tijani Raheem Olatunde Tijani Samsudeen Oladipupo Tijani Sikirat Modupe Tijjani Aisha Nakande Tijjani Baba Shehu Tijjani Furcra Nakande Tijjani Ibrahim Adamu Tijjani Muhammad Nakande Timisowei Binaebi Timothy Olawale Smith Titcombe Doris Nkechinyere Titilayo Kayode Titus Gloria Nseobong Titus Njama Togunloju Scholastica Nkiruka Tolashe Jelili Tolofari Hannah Tom Emmanuel Okon Tom George Ibiso Dawaye Tom Nseobong Uwem Tom Ofonime Sunday Tom Samuel Udo Toma Otaru Solomon Tonah Mary Yunana Tongha Benedict Oyin-ebi Tor-agbidye Geraldine Adoo Toriowei A Preela Torkura Joyce Doom Tower Asset Management Limited Towolawi Folake Toyfem Nig Ltd Travih Esther Towe Tuatongha Jefferson Oroupade Tudonu Seide Tobi Tukur Aminu Tukur Faridah Ibrahim Tukura Emoiti Bako Tumsah Kashim Musa Tunde Bayewu Tunde-adeyemo Adejoju Oreoluwa Tunwase Omowunmi Turaki Safiya Musa Twenty In One Enterprise Twinvest Ventures Uadia Boma Olohije Uba Chukwuji Friday Uba Emmanuel Chizoba Uba Ibrahim Al-hassan Uba Isa Uba Martha Uchenna Uba Shehu Adamu Uba Tahir Uba Yakubu Ubabuko Ngozi Uchenna V. Ubaezuoke Ikechukwu Martin

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Ubaka Chukwuemeka Michael Ubani Charles Ogbonna Ubbaonu Chimezie Durunwa Ubiudu Helen Ubosi Andrew Chinedu Ubulom Adasi Esau Uche Art Gallery Concept Uche Ikeh Calm Ugochukwu Uche Joseph Chinedu Uche Nelson Chimezie Uche Ogechukwu Kalu Uche Queen Chinasa Uche Sunday Okoro Uche Tobias Nnamdi Uchechukwu Patrick Uchechukwu Rose Uchegbulem Chinyere Emenike Ucheka Moses Okafor Uchendu Chukwuemeka Samuel Ude Anthony C And Joan France S Ude Chinedu Raymond Udeagbala Johnson Onyeka Udeagwu Amaka Cecilia Udeaku Amaechi Udeani Chioma Mary Udeani Chukwuebuka Louis Udeani Ikechukwu Nathaniel Udeani Izuchukwu Udeani Priscilla Nnenna Udedeh Oto-obong Amadu Udegbe Chike Anthony Udegbulem Ivj Ukanaka Udegbulem Nancy Uchechukwu Udegbunam Felix Eloka Udegbunem Ekenedilichukwu Franca Udeh Abdul Alexander Udeh Anthony Nwabueze Udeh Augustine Ikechkwu Udeh Nwagu Nwinyinya Udeh Stella Oluchi Udeh Sylvester Micheal C. Udeigwe Davidson Nebife Udeji Jude Chukwuemeka Udeke Edwin Chukwuma Udekwe Chukwukadibia Emmanuel Udemezue Anthony Chukwuemeka Udengwu Ngozi Eucharia Udenni Theophilus Okoye Udensi Okwara Arua Udenta Rita Chinedu Nnenne Udeogu Chukwuka Udeta Eric Ifeanyichukwu Udezeh Ifechukwu Kunle Udezuka Izunna Boniface Udo Eno Lawrence Udobi Emeka Henry Udofia Itoro George Udoh Emem Benson Udoh Eno Daniel Udoh Innocent Matthew Udoh Joseph Okon Udoh Joseph Okon Udoh Justina Frank Udoh Love C. Udoh Margaret Udoh Nsikan Innocent Udoh Usen Ekong Udoka Mac Anthony Obinna

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9384 9385 9386 9387 9388 9389 9390 9391 9392 9393 9394 9395 9396 9397 9398 9399 9400 9401 9402 9403 9404 9405 9406 9407 9408 9409 9410 9411 9412 9413 9414 9415 9416 9417 9418 9419 9420 9421 9422 9423 9424 9425 9426 9427 9428 9429 9430 9431 9432 9433 9434 9435 9436 9437 9438 9439 9440 9441 9442 9443 9444 9445 9446 9447 9448 9449 9450 9451

104336 104349 104351 104360 104362 104363 104367 104372 214337 205826 104395 205464 214147 104415 104429 228888 104437 104522 104550 209651 104567 104569 104577 104594 104595 104599 104613 104621 104627 104675 104682 104683 104686 217851 227478 104694 104695 104698 104707 104708 104710 104733 104735 113170 219624 104743 214963 104753 104761 104768 104771 104776 104780 224067 104791 104792 225236 208745 104812 104819 104826 104832 212583 104843 104845 104875 104892 104896

104342 37058 37059 87424 37061 20500 37063 87428 23162 87431 104350 87436 87439 87443 24183 87454 87458 87473 87482 37071 27659 31325 19318 87504 24186 27663 27666 27668 87516 27673 87528 87529 87531 87532 27674 99496 27675 87539 29537 29538 104356 38753 38754 87559 23174 38755 38758 19922 87556 87562 37085 87566 87569 23178 87576 87577 23179 87586 37086 101650 101651 87594 31331 31332 87603 31340 23185 27933

9452 9453 9454 9455 9456 9457 9458 9459 9460 9461 9462 9463 9464 9465 9466 9467 9468 9469 9470 9471 9472 9473 9474 9475 9476 9477 9478 9479 9480 9481 9482 9483 9484 9485 9486 9487 9488 9489 9490 9491 9492 9493 9494 9495 9496 9497 9498 9499 9500 9501 9502 9503 9504 9505 9506 9507 9508 9509 9510 9511 9512 9513 9514 9515 9516 9517 9518 9519

104912 104925 218417 104928 212022 217782 104938 104951 229899 104982 220869 104986 104993 207190 105019 105022 212961 122275 105083 105085 105094 105095 105097 212781 105139 105151 210285 105178 105188 228482 117612 122234 111455 105232 105238 105239 229744 105292 105295 206601 105329 105330 105338 105339 105348 105349 219459 105373 105374 214897 119692 105390 105399 105400 105408 105409 121792 105421 229818 105446 105451 113060 105486 105496 105501 105533 105534 105555

87618 23189 23191 27934 27678 93679 31351 31361 104365 87636 87638 87640 104370 47844 37103 87648 37104 31371 87673 87674 87678 87679 87680 87684 87696 87701 37112 37113 87715 87718 87724 87729 87730 87733 87736 87737 104377 87753 87754 87761 87771 87772 87776 87777 104383 87781 87788 37117 37118 87799 25488 99501 29557 27682 27684 27685 43003 27688 105380 31385 37123 87814 14672 47851 37126 87832 87833 20537

Udokang Etim Udom Dean Uwemedimo Jnr Udom Emmanuella Uwemedimo Udom Udom Ogedi Udom Udom Samuel Uwemedimo Udom Udom Francis Udom Victoria Imoh Uwemedi Mo Udomah Peter John Udombana Otuekong Manley Sunday Udoogu Lawrence Achufusi Udosen Joseph Essien Udosen Nsisong Rosemary Udotong Catherine Ekaette Udoye Innocent Chukwudi Udu Anthony Teryima Udu Solomon Udubra Shadrack Oghale Ufeli Jonathan Onyeweli Ufot Mercy Samson Ugar Janet Nkarrighor Ugb0ko Consolata Ugbabe Benedethe Nkechinyere Ugbaja Ugo Raphael Ugbeda U. Joseph Ugbede Benjamin Ternenge Ugbejevun Shehore Gloria Ugbeye Jeyere Dawas Ugbo Solomon Ovigueroye Ugboajah Baudlyne Ugen Frank Oghenekevwe Ugezeme Nkechi Ugezene Isioma Ugha Augustine Emeka Ughamadu Rosemary Omebu Ughanze Chiedozie Edwin Ugheighele Leonard Ughelli N01 Farmers Mpcs Ltd Ughutevbe Esiri Angelia Ugiagbe Osayande Ugiagbe Owen Monday Ugiagbe-osifo Osayomore Augustina Ugochukwu Chibuzo Ugochukwu Chilezie Ugochukwu Christiana Ify Ugochukwu Dennis Ozulu Ugochukwu Ihuoma Chinonyerem Ugochukwu Nneka Maureen Ugochukwu Obumnek E. Ugochukwu Polycarp Nwabueze Ugoh Ada Francisca Ugoh Faith Obianuju Ugo-ihejirika Tochukwu Eva Ugoji Nkemdilim Rita Ugoji Nonye (mrs) Ugono Rosaline Egbeegbe Ugono Stephen Olatunde Ugorji Emmanuel Odiri Uguezumba Chrysanthus Chijioke Uguh Emeka Kerian Uguru Bridget Okwuchukwu Uguru Ndubuisi Handy Ugwa Onyenaghuibe Sunday Ugwah Samuel Ugwoke Chekwube Ugwoke Chizoba Mercy Ugwu Christopher Emeka Ugwu Ernest Mmaduabuchi Ugwu Fexdinand Ifeanyi

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Ugwu Julius Ifeanyi Ugwu Nicholas Uchenna Ugwu Obinna Ugwu Ogochukwu Joy Ugwu Paul Ede Ugwu Sunday Chukwuma Ugwu Veronica Nkechi Ugwuanyi Darlington Ike Ugwuanyi Sylvester Ugwueze Moses Kanayo Ugwuezumba Amarachi Christiana Ugwuja Evelyn Ifeoma Ugwumabu Udoezi Uchenna Ugwumba Theodore Ifeanyichukwu Ugwushie Christian Uhegbu Agoha Uhegbu Magdalene Ijeoma Ujam Chuka Ujumadu Precious Uka Afia Okoro Ruth Uka John & Delphine Uka Kingsley Ekene Uka Nkechi Osebharemhente Ukachi Ebere Ukaegbu Happiness Ukaegbu Stephen Ikechukwu Ukam Immaculata Alex Ukana Timothy Taiwo Ukanwoke Chibuzor Ukaonu Chibueze Udokanma Ukawuba Martin Ikechukwu Ukegbu Harriet Ojiugo Ukegbu Nnennaya Nworoni Ukeme Anthony Nicholas Ukeni Anthony Ukeni Echaina Uko Udo Lydia Ukoha Jude Maduabuchi Ukoha Ndidi Victoria Ukoma Denis Green Komass Ukoumunne Chima Iroegbu Ukowo Ima Elijah Ukpabi Jonah Ukpabi Kalu Davies Ukpabia Ngozi Columba Ukpabio Augustine Iniobong Ukpaka Ngozi Angela Ukpeh Louisa Otuekong Ukpeh Paschal Ukpong Deborah Sonny Ukpong Eno Macaulay (prof.) Ukpong Folasade Esther Ukponmwan Osawaru Godwin Ukponu Oritseweyinmi Andrew Ukueku Ejenavwo Jane Ukueku Margaret Ekwabofu Ukut Effiong Asukwo Ukutaire Mary Oghenekevwe Ukwenya Stanley Xavier Ukwueze Ngozika Juliana Ukwuoma Cordelia Ulasbrey And Company Limited Ulocha Stella Uloko Andrew Enemako Uloko Onyeche Pamela Umahi Glory Oyidiya Umahi Grace Olanma Umanah Monday Edet

ANNUAL REPORT

2014

Operational Review

Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

9520 9521 9522 9523 9524 9525 9526 9527 9528 9529 9530 9531 9532 9533 9534 9535 9536 9537 9538 9539 9540 9541 9542 9543 9544 9545 9546 9547 9548 9549 9550 9551 9552 9553 9554 9555 9556 9557 9558 9559 9560 9561 9562 9563 9564 9565 9566 9567 9568 9569 9570 9571 9572 9573 9574 9575 9576 9577 9578 9579 9580 9581 9582 9583 9584 9585 9586 9587

116791 105585 217247 105599 105603 214382 105609 121880 105615 105621 207939 105649 105654 124624 231441 105676 105696 105700 105704 118681 105709 105710 105715 116550 105737 105754 105755 218923 105846 209601 211946 105799 218229 105804 105814 105910 227480 105861 105866 221058 105887 212634 105918 105939 105940 105944 105950 105972 105979 215823 105991 106011 227798 106027 106031 106032 106034 106047 106049 106050 106056 106066 112050 106089 106104 230651 106113 228316

47923 47857 87856 47862 87839 37158 50214 19932 37138 23213 43037 104972 47877 89725 43025 47886 38928 43026 87844 90075 43027 87845 87846 43041 87849 38929 47907 47948 24733 47950 37172 43034 43042 43035 87853 47956 24736 104401 87864 43047 87866 19937 39020 38771 38772 23220 31389 87881 87884 31397 14674 23231 87897 14679 43052 23236 23237 87904 87905 87906 87907 23243 87915 87917 87927 87930 19353 19355

9588 9589 9590 9591 9592 9593 9594 9595 9596 9597 9598 9599 9600 9601 9602 9603 9604 9605 9606 9607 9608 9609 9610 9611 9612 9613 9614 9615 9616 9617 9618 9619 9620 9621 9622 9623 9624 9625 9626 9627 9628 9629 9630 9631 9632 9633 9634 9635 9636 9637 9638 9639 9640 9641 9642 9643 9644 9645 9646 9647 9648 9649 9650 9651 9652 9653 9654 9655

106116 106137 116688 218830 106188 106231 106232 230650 106248 214580 106253 106257 106281 106285 230303 229137 232597 106327 106332 106340 106347 106349 106354 106367 106399 216902 218896 106423 106428 225272 117996 106464 106467 106474 106475 106481 106482 111593 218829 106509 106521 106532 120775 106549 106609 122669 217667 212956 211272 106629 124289 106631 106632 106637 116822 106651 106658 213875 106981 106681 106698 106712 106720 106726 106742 106751 215745 106767

104404 87937 43054 87943 37202 104407 104408 87968 20557 104411 20559 37208 87982 87984 25494 27703 87999 88004 27709 47965 88012 31403 27711 88021 19363 38776 88040 88046 19364 88051 104419 93690 88065 20567 104422 88072 88073 88080 88082 88083 6341 27718 27720 31405 37220 88113 88114 91078 29578 88118 88120 88121 88122 37223 37252 19939 37225 37956 48013 47974 37230 101683 37234 47981 43074 88139 90087 88140

Umar Mohammed Umar Adam Kibiya Umar Adamu Hauwa Umar Aisha Auwal Umar Aishamohammed Umar Ali Ahmed Umar Alice Olanumi Umar Aliyu Modibbo Umar Amina Umar Aminu Kawu Umar Bilkisu Umar Danjuma Christopher Umar Farouk Kibiya Umar Faruq Bahago Safiya Umar Hassan. Umar Hussaina Kibiya Umar Ismail M Umar Juliana Bose Umar Kamalumohammed Umar Khalid Ahmed Umar Lawal Mohammed Umar Lukmanmohammed Umar Maryam Mohammed Umar Mohammad Lawal Umar Muhammed Tanko Umar Nassar Musa Umar Nazifa Umar Rimi Sa.idu Umar Salisu Mohammed Bello Umar Saratu Umar Seku Gajo Umar Umar Farouq Adeikehi Umar Umma Umar Usman Umar Zayyad Mohammed Umaru Ahmed Zainab Umaru Alhassan Bub Umaru Atu Austine Umaru Bayo Adamu Umaru Kasumu Maidoya Umaru Maikudi Umaru Saidu Umca Birnin Kebbi Umeakuesie Luke Ifeanyichukwu Umeakuesie Virginia Azuka Umeania Peter Nnamdi Umeano Ngozi Anulika Umeh Amaka Cordelia Umeh Chinyere Adamma Umeh Francisca Nkiru Umeh Godwin Obumneme Umeh Ndubuisi Albert Umeh Paul Anthony Umeh Stella I Umeh Uche Gloria Umeh Uche Marian Umeh Uchechukwu Benson Umeizudike Theophilus Umeji Chibuzor Rita Umeji Chrismadus Umejiburu Malex Marcellus Umelo Amaka Carolyne Umeofia Joseph Umeohia Obianuju Ngozi Umeozulu Chinelo Benardine Umesi Sylvester Onyebuchi Umesiobi Chinwe Felicia Umesiobi Dennis Iheme

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Umetor Goodluck Sunday Umezurike Chioma Christiana Umma Bisiri Imam Umoeren Iniobong Umoh Emmanuel Assian Umoren Alexander David Umoren Andrew Daniel Umoren Innocent Akpan Umoren Nathan Idongesit Umoren Pius Titus Umoren Sunday Isong Umoren Umoren Umoru Lucky Umoru Sailas Isah Jatto Umoumo Umoh Edet Umudi Frank Umukoro Emmanuel Franklin Umukoro Macauley Umukoro Sunday Umul Raltumi Abubakar Imam Dada Umunna Ekene John Umunna Henry Chuka Umunna Patricia Lawrence Hil Lary Umuobia Development Union Lagos Branch Unamba Gloria Oluchi Unanka Godwin Onuegbu Undlikwo Felix Unmike Unegbu Ogochukwu Unegbu Valentine Oluchukwu Unico Employees Cooperative Society Universal Projects Nig Ltd Unogu Happiness Nneoma Unoka Emmanuel Ifeanyichukw U Unomieta Asuquo Uwe Unoneme Anayo Cyprian Unuakhe Paul Omoh Unuakhe Peter Odion Unuigboje Ezinwa (mrs) Unyiefo Victor Akinle U-osy Nigeria Ent Ltd Urasi Francis Chibuzo Urhude Ernest Uroye Augustine Uruakpa Mercy Chinyere Ushie Iyoo Cathrine Usiaphre Patrick Usideme Adams Eddy Usifo Esther Efe Usifo Onemiye Isabella Usifoh Moses Usih Joseph Ifeanyi Usiholo Ayemere Tina Usiholo Oluwaloni Gregory Usikalu Rachel Oluropo Usman Abba Fai'q And Faanihah Usman Abdulahi Usman Abdullahi Usman Abdullahi Musa Usman Usman Abubakar Abukur Usman Adam Usman Aishatu Shamsuddeen Usman Aliyu Habane Usman Aminu Usman Auwal Ahmad Usman Binta -rafiat Usman Danlami Usman Emmanuel (pastor) Usman Habib

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

9656 9657 9658 9659 9660 9661 9662 9663 9664 9665 9666 9667 9668 9669 9670 9671 9672 9673 9674 9675 9676 9677 9678 9679 9680 9681 9682 9683 9684 9685 9686 9687 9688 9689 9690 9691 9692 9693 9694 9695 9696 9697 9698 9699 9700 9701 9702 9703 9704 9705 9706 9707 9708 9709 9710 9711 9712 9713 9714 9715 9716 9717 9718 9719 9720 9721 9722 9723

216132 115635 106785 213838 106804 106808 106816 106817 211860 106830 106837 106994 106852 232238 106874 106888 106897 106898 207967 106968 107020 227864 216513 217578 107051 107055 118632 107063 209151 220923 215221 208674 107135 213136 107204 227879 123127 123128 227515 107270 107290 206958 107297 230304 107303 107309 107313 214625 107342 107346 214002 107355 107359 107366 107400 107429 107440 121645 107459 107482 94898 107499 107504 231905 107519 107522 107533 107534

88163 43102 9009 37261 90082 37240 89739 23749 37264 90084 88146 49038 134 88147 48001 6354 90086 101690 19950 19947 29585 37269 88178 20572 14689 88186 88192 101695 105381 37273 88201 88204 88220 88240 88245 19376 88256 88257 88259 29597 88281 88282 88285 88286 37280 88291 88292 38794 88304 88306 37284 88310 38795 31418 88323 88332 23274 31426 38798 38806 11538 104448 38809 38810 19392 104450 88361 88362

9724 9725 9726 9727 9728 9729 9730 9731 9732 9733 9734 9735 9736 9737 9738 9739 9740 9741 9742 9743 9744 9745 9746 9747 9748 9749 9750 9751 9752 9753 9754 9755 9756 9757 9758 9759 9760 9761 9762 9763 9764 9765 9766 9767 9768 9769 9770 9771 9772 9773 9774 9775 9776 9777 9778 9779 9780 9781 9782 9783 9784 9785 9786 9787 9788 9789 9790 9791

107544 229100 107581 107590 212326 107620 107628 122921 116458 225738 107654 107656 223794 107676 211503 107682 107699 107702 107704 107730 107732 220496 219167 107748 218865 107754 117011 116716 107766 107767 231238 107768 107770 107773 107774 107776 107781 107782 213899 107794 209404 211338 107843 228069 107883 107891 107901 227374 107904 107934 107978 107988 107999 108004 108016 108022 108031 108036 108040 108042 108049 108060 230613 108089 222068 108168 124351 108209

88366 88369 23283 88379 88382 88391 88394 88396 88408 88416 88420 88421 88423 88431 88442 88436 31430 37297 37299 38936 48037 48050 48051 48043 48052 48053 88455 29602 88457 88458 104466 88459 37307 104467 88460 93698 93699 88464 43114 88469 24757 19956 37318 101719 88481 37322 3038 23756 24759 14702 88500 23758 37336 37339 27763 88514 48081 88519 14703 88520 88525 43128 88539 88543 101728 88577 37348 88599

Usman Hammed Oluwashola Usman Haruna Usman Hassana Zira Usman Ibrahim Hauwa Usman Ishaq Tijani Usman Jaafaru Abdullahi Usman Kasimu Kuta Usman Kawuna Abubakar Usman Maimuna Usman Maimuna.tijjan Usman Martins Olaosebikan Usman Masabo Mariya Usman Mohammed Usman Mohammed Almustapha Usman Muslim Fagge Usman Rabiat Tijani Usman Ruqayya Tijani Usman S Ibrhim Usman Saidu Kalifa Usman Yusufu Usoh Osarenren Roland Usooiyol Samuel S Usoro Abasi-ofon Eriyanga Usoro Eno Okon Uteh Oluwayomi Uthman Adebukola Kudirat Uthman Kehinde Adeoye Taofik Uthman Muhammad Bello Utsalo Bartholomew & Mara Utsu Godwin Utuk Monday John Utuodor Owijho Benjamin Uwaechie Michael Okechukwu Uwakwe Cainis Uwalaka Ekele Ukuwa Uwandu Evans Ifeanyichukwu Uwatt Josephine Akon Uwatt Mfon Bassey Uwawah Abeoritsegbemi A. Victor Uwuoroya Charity Uyanwune Nwamaka Chinyere Uyeri Ewomazino Uyo Bassey Okon Uyoe Cornelia Imeh Uzaigbe Augustina Obomele Uzer Stephen Terfa Uzinyia Jerome Adie Uzochukwu Theresa Uchenna Uzodike Ogonna Benson Uzodinma Henry Chinedu Uzoechi C.n. Nnenne Uzoechi Eugenia Ndukaku Uzoechi Ogochukwu Janet Uzoechina Obinna Chinwuba Uzoho Nkechi Emilia Uzoka Macaulay Uzokwe Eunice Nonye Uzoma Anyadiegwu Godwin Uzoma Ngozichukwu Uzomba Chinonso Brenda Uzondu Lebechi Ruth Uzor Afam Uzor Christopher Uzor Kelechi Christian Uzor Ogwo Eme Uzor Solomon Madurunachukw U Uzosike Patrick Chijioke Uzoukwu Angela Kelechi

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Uzoukwu Ngozi Uzowuru Kingsley Chimezie Uzuegbunam Christian Okechukwu Uzuwe Patrick Onochei Valley Progressive Associates Venn Emmanuel Ifeanyi Vera-cruz Erere Enakeno Veracruz Theresa Oladoyin Vetiva Nominee-a/c "mayokun Ajibade Vetiva Securities Limited Victag Marketing Nig Ltd Victor Fidelia Victory Coop Target Viho Olusegun Semeton Vincent Christie O Vincent Olabode Bandele Adebi Si Voka Iliya Obadiah Vontau Dorcas Manmak Vontau Grace Ringbyen Wada Dalha Taura Wada Garba Yola Wada Salisu Aisha Wada Salith Abdallah Wada Sani Wada Tukur Wada Warure Abdulkadir Waec Coop Thrift & Credit Society Wagbatsoma Victoria Ade Wahaab Funmilayo Jemlat Wahab Abisoie Olukemi Wahab Abisola Ayodele Wahab Adelani Musbau Adegbo Yega Wahab Akeem Adelani Wahab Ayoola Jimoh Wahab Bamidele Oyekunbi Wahab Isiaka Wahab Olawunmi Kazeem Wahab Olugbenga Olayiwola Wahab Taiwo Olujoku Waheed Oluwasesan Olamide Wakilbe Ashe Abba. Wakili Fadimatu Mohammed Wali Aisha Bawa Walu Roseline Wailah Wambai Bida Mustapha Muhammadu Wamyil Caroline Yitpomwa Wanka Abubakar Yakubu Wanka Amina Yakubu Wapa Paul Ndirmbulah Wathanafa Mbitiri Waziri Nelson Kyari Yusuf` Waziri Ribina Istifanus James Wenegieme Prince Basil Wesley Mimi Amina Hephzibah Whegbgre Godson Whiskey William Imonina Widi Adama Jalo Wigwe Igwechi Francisca Pau La Wilbert Lanrence Anirejuorits E Wilcox Alesta Tamunonibam Wilkie Frederick Williams Adaeze C. Williams Cecilia Abimbola Williams Chukwudi Williams Lucy Williams Seth Gadena Williams Sunny-chuwunenye Wilson Victor Okon

ANNUAL REPORT

2014

Operational Review

Corporate Governance Financial Statements

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

9792 9793 9794 9795 9796 9797 9798 9799 9800 9801 9802 9803 9804 9805 9806 9807 9808 9809 9810 9811 9812 9813 9814 9815 9816 9817 9818 9819 9820 9821 9822 9823 9824 9825 9826 9827 9828 9829 9830 9831 9832 9833 9834 9835 9836 9837 9838 9839 9840 9841 9842 9843 9844 9845 9846 9847 9848 9849 9850 9851 9852 9853 9854 9855 9856 9857 9858 9859

213787 108218 108219 214887 108235 108249 112793 108272 111696 108295 115975 228621 108341 108349 108350 108353 108354 210084 108381 108511 108387 214835 114062 217093 108402 212933 108414 108415 114695 108427 208232 108515 108432 211138 108457 108475 113079 217663 226491 108527 116827 108564 108570 108571 108588 108599 108601 209750 108610 117748 108626 108642 108710 108724 108725 206781 216248 210705 108855 108862 108872 108879 116206 121847 108934 108929 210696 108942

88603 27942 27943 101729 19959 25515 93706 29606 88623 101731 88633 88637 104505 37359 37360 37361 37362 88640 90092 88655 88642 43166 37374 19962 43146 37376 48096 37368 43169 48099 48123 48124 12567 90094 48102 48111 101741 48128 88660 104507 88664 48133 104841 48135 50230 90096 37385 88699 88672 48153 37386 27767 37392 37395 19964 48157 37404 101753 23297 37409 23774 48169 88724 37412 23300 23299 48186 101764

9860 9861 9862 9863 9864 9865 9866 9867 9868 9869 9870 9871 9872 9873 9874 9875 9876 9877 9878 9879 9880 9881 9882 9883 9884 9885 9886 9887 9888 9889 9890 9891 9892 9893 9894 9895 9896 9897 9898 9899 9900 9901 9902 9903 9904 9905 9906 9907 9908 9909 9910 9911 9912 9913 9914 9915 9916 9917 9918 9919 9920 9921 9922 9923 9924 9925 9926 9927

108957 108959 108982 122799 223390 109000 109004 109005 208980 109052 109056 109070 109079 109086 109092 109099 109124 109135 109144 109147 223447 109154 109177 109178 109161 109183 109189 109197 109200 209966 211482 214005 109209 109227 109238 109253 109256 109257 109259 109309 115495 109317 109318 109319 109322 109324 109325 109326 109329 109331 207077 109338 109361 109360 218476 109366 109373 112870 109377 120137 109386 109392 109393 109400 212542 212058 109404 219348

88730 48188 50233 88743 93712 101766 88746 43239 89775 88754 88756 37422 37425 88767 99550 99551 37427 37429 101780 48192 37430 88789 88792 88793 99553 88798 88802 37431 27774 37433 37434 37975 104520 19975 88813 37438 88817 43919 48196 104521 88825 88827 88828 88830 88833 88835 88836 88837 88840 88841 43300 37442 88847 27776 43301 50236 104522 49069 49063 49071 88855 4048 88856 88859 49073 48239 48215 88929

Wilton-waddell Olanrewaju Winnahs Divine Ifeoma Winnahs Favour Chijindu Wirsiy Johnmua Emelda Wogu Bernadette Nkem Wokoma Boma John Women Missionary Union Wornu Sammie Sean Wright Olusegun Adekunle Wukari Cornelius Noel Wusu Olurotimi Xtrapearl Investment Limited Yaate Sunny Tabuka Yabo Bashir Abubakak Yabo Hayatu Abubakar Yabo Muazu Abubakar Yabo Nabil Abubakar Yahai Mohammed Yahaya Abdullahi Osheka Yahaya Abdulrafiu Abdulhameed Yahaya Abubakar Sadiq Yahaya Aishatu Musa Yahaya Asmau Yahaya Bala Yahaya Bashir Hamis Yahaya Faruk Yahaya Friday Yahaya Friday Abache Yahaya Halimah Hamza Yahaya Ibrahim Yahaya Ibrahim Dakata Yahaya Ibrahim Dukawa Yahaya Iliyasu Olawale Yahaya Ilori Hauwa Yahaya Mohammed Sagir Yahaya Nura Roni Yahaya Sheikh Muhammad Sani Jingir Yahaya Yakubu Yahaya-zekeri Sherifat Yahuza Haruna Yahya Ahmed Yakasai Buhari Lawan Yakasai Salisu Ahmed Yakasai Salisu Garuba Yakub Saheed Yakubu Abdullahi Ugah Yakubu Abdulsalam Maimuna Yakubu Abibat Yakubu Ahmed Yakubu Ahmed Sabo Yakubu Anthony Momoh Yakubu Dauda Yakubu Muhammad Imam Yakubu Omeiza Jimoh Yakubu Onalo Otilo Yakubu Sani Abdulwahab Yakubu Zainab Yakzum Felicia George Yaro Auwalu Yaro Daniel Yaro Sagir Ahmad Yarube Isyaku Umar Yasaio Ayuba Yau Badamasi Yamtumaki Ya'u Rabiu Bachirawa Yau Usman Ya'u Usman Yavala Eunice Yeba

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2014

Yaya Muyideen Tolani Yaya-hammari Abubakar Yekeen Surajudeen Adewale Yekinni Adejoke Mariam Yekinni Ibrahim Abiodun Yelkopba Christiana Tani Yelwat Kevin Joseph Yem Ahmadu Jeremiah Yerima Samuel Dauda Yesu Segun Felix Yesufu Abdullahi Yhwh Hephzibah Concept Ltd Yilshuut Kenneth Yinus Rasheed Olusiina Yinusa Joseph Adeyemi Yinusa Waheed Oyeleke Yohanna Ataka Hannatu Yohanna Jessica Yohop Grace Adamu Yola Muhtar Bello Yole Haruna Inusa Yomi Talabi Yomi-johnson Kehinde Oluwatomiki S Amue Yomi-johnson Taiwo Oluwatomisin Sa Mant Yomilad Adediran Nig Ent. Eind Yosola Williams Young-edo Eronmwon Amy Yua Paul Mkuma Yugbovwre Emmanuel Amu Yuguda Biyamakwu Ibrahim Yuke Haruna Yunana Elisha Maida Yunana Matitiya Yahaya Yunusa Ahmadu Yunusa Hadiza Suleiman Yunusa Mohammed Gana Yunusa Mustapha Yunusa Noah Odaudu Yunusa Rukayatu Lawan Yussuf Olaide Morike Yussuf Rashid Abolade Yussuff Adekemi Anna Yussuff Adunola Modupe Yussuff Ayoola Titilayo Yussuff Kehinde Ololade Yussuff Lukmon Alade Yussuff Moyosore Abdulganiy Yussuff Olalekan Ismail Yussuph Abib Adebola Yussyff Olagbenga Rilwan Yusuf Abdu Goje Yusuf Abdulfatai Yusuf Abubakar Yusuf Abubakar Yusuf Abubakar Lawal Yusuf Adamu Yusuf Ahmad Yusuf Ahmadu Yusuf Ahmed Ozi Yusuf Ahmed Tijjani Yusuf Alabi Kamoru Yusuf Aliyu Haidar Yusuf Aliyu Muhammad Yusuf Aminu Yusuf Aminu. Yusuf Annas Nadabo Yusuf Asabe Abbah Yusuf Azeez Onimisi

Growing a Sweet Harvest

List of unclaimed dividends warrants S/no

Acc. No

Warr. No Names

S/no

Acc. No

Warr. No Names

9928 9929 9930 9931 9932 9933 9934 9935 9936 9937 9938 9939 9940 9941 9942 9943 9944 9945 9946 9947 9948 9949 9950 9951 9952 9953 9954 9955 9956 9957 9958 9959 9960 9961 9962 9963 9964 9965 9966 9967 9968 9969 9970 9971 9972 9973 9974 9975 9976 9977 9978 9979 9980 9981 9982 9983 9984 9985 9986 9987 9988 9989 9990 9991 9992 9993 9994 9995

214388 109425 109436 109447 109453 109464 207434 109700 109491 109496 109501 109503 109504 124367 230894 109513 109520 109701 109534 218985 109566 109569 109570 212246 109583 109587 124539 109600 220781 109619 210200 109628 109632 109636 223465 212960 109660 109745 109760 109755 109756 216921 109764 208782 206524 109785 109790 109798 212184 109832 109887 221527 109907 109910 109938 109954 109984 109979 208078 109990 109991 109997 110028 213936 110064 213945 124837 211292

90100 88866 88867 88870 88871 37454 48245 48244 88878 89787 88880 48224 24776 48246 37459 37458 48225 43308 43287 89791 88889 88893 88894 48249 88899 50246 37481 88902 37483 88913 88938 48233 88916 88918 104524 88942 88922 88959 88970 88964 88965 99574 48255 90101 37491 88978 93725 88984 99576 49082 43928 37500 94958 43325 48284 37510 43330 50253 37981 48288 48289 43333 89016 39028 19985 43337 89028 48312

9996 9997 9998

120012 110134 110135

37536 89032 89033

Yusuf Bashir Babagbeyi Yusuf Busurat Adenike Yusuf Deda Abubakar Yusuf Folashade Kuburat Yusuf Ganiyu Agboola Yusuf Hajara Yusuf Ibrahim Abdullahi Yusuf Ibrahim Ibrahim Yusuf Idiatatinuke Yusuf Idris Jimoh Yusuf Isalha Yusuf Islaha Yusuf Ismail Yusuf Ismaila Sakina Yusuf John Yusuf John Yusuf Kabiru Danbatta Yusuf Kenedy Yusuf Kenedy Yusuf Khadijat Bukola Yusuf Mohammed Etsu Yusuf Mohammed Maikyau Yusuf Mopelola Kamilat Yusuf Moruf Ireti Yusuf Muhammad Yusuf Yusuf Musa Yusuf Najeem Bayo Yusuf Nathan Omeiza Yusuf Olawale Riliwan Yusuf Rakiya Suleiman Yusuf Rasheed Babatunde Yusuf Rukayat Bola Yusuf Sadiq Sanusi Yusuf Sally Ayo Yusuf Segilola Ramat Yusuf Suleiman Yusuf Surajudeen Adenrele Yusuf Tanimu Yusuff Muinat Omowunmi Yusuff Nana Hawawu Yusuff Silifai Aduke Yusuff Taibat Funmilayo Yusuff Tope Khairat Yusufu Abubakar Yusufu Alfa Tsenya Yusufu Muhammad Yusuph Alameen Yusuph Rauf Ayodele Osuolale Yyssuff Taiwo Olamide Zaccheus Adefunke Oluremi Zaharadeen Suleiman Zakari Jiya Teni Zakari Ele Zakariyau Abdulgafar Zaki Nuhu Zango Jamilu Hamisu Zarah Maldugu Zarma Balte Ibrahim Zarma Fatima Mohammed Zarma Habu Hinna Zawiyya Fatima Uba Zawiyya Halima Uba Zayyana Sabiu Zayyana Zensu Daniel Paul Zimro Yohanna Zinas Helen Zubair Jaafar Jibril Zubair Murtala Mohammed Zubairu Adamu

DANGOTE SUGAR R EF I N ERY P LC

About Us

Zubairu Idayat Bukola Zubayr Akinlade Abd Rahmon Zubayr Rasheedah Bolanle

Operational Review

Corporate Governance Financial Statements

ANNUAL REPORT

2014

DANGOTE SUGAR REFINERY PLC. ANNUAL REPORT 2014

Dangote Sugar Refinery Plc 3rd Floor, GDNL Adminstrative Building, Terminal ‘E’ Apapa Port Complex. Lagos, Nigeria