SEC Nigeria Statitical Bulletin 2010 PDF

SECURITIES AND EXCHANGE
COMMISSION, NIGERIA
NIGERIAN CAPITAL MARKET
STATISTICAL BULLETIN
2010
Prepared and Published by: i

Office of the Chief Economist and Research Division of the Research and Planning Department
Securities and Exchange Commission

Plot 272, Samuel Adesujo Ademulegun Street
Central Business District
P.M.B. 315 Garki
Abuja
SEC Mission Statement
“To develop and regulate a capital market that is
dynamic, fair, transparent and efficient, to
contribute to the nation’s economic
development”

SEC Vision Statement

“To be Africa’s Leading Capital Market Regulator”
ii

LIST OF TABLES
Titles Table Page

Selected Economic Indicators (1981 -‐2010) 1 1
Interest Rate and Yield on Bonds and Equities (1980 – 2010) 2 2
Number of Major Financial Institutions in Nigeria (2000 – 2010) 3 3
Registered Capital Market Operators by Function (2008 – 2010) 4 4
Growth of Securities Listed on The Nigerian Stock Exchange (1961 – 2010) 5 5 – 6
Value of Traded Securities on The Nigerian Stock Exchange (1961 – 2010) 6 7 – 8
The Nigerian Stock Exchange All-‐share Index (1985 – 2010) 7 9 – 10
Performance of Equities Listed on The Nigerian Stock Exchange (1980 – 2010) 8 11
New Issues, Market Capitalization, GFCF and GDP (1981 – 2010) 9 12 – 13
Value of Securities Transactions, Market capitalization and Turnover Ratio
(1980 – 2010) 10 14 – 15
Distribution of Quoted Companies by Size of Market Capitalization
(1990 – 2009) 11 16
Federal Republic of Nigeria Development Stocks Initial Allotments
(1961 – 1986) 12 17 – 18
Auction Summary of Federal Government Bonds (2003 – 2010) 13 19 – 21
Some Corporate Bonds Issued to Date (1960 – 2010) 14 22 – 25
States and Local Government Bonds (1978 – 2010) 15 26 – 28
Extract from the Balance Sheet of Some Listed Companies (2005 – 2009) 16 29 – 34
Extract from the Balance Sheet of Some Financial Institutions (2005 – 2009) 17 35 – 36
Extract from Profit and Loss Accounts of Some Listed Companies (2005 – 2009) 18 37 – 42
Extract from Profit and Loss Accounts of Some Financial Institutions (2005 –
2009) 19 43 – 44
Initial Offers of Registered Unit Trust Schemes 20 45 – 46
Investment Structure and Net Asset Value of Registered Unit Trust Schemes as at
December 31, 2010 21 47 – 48
Registered Venture Capital Companies as at December 31, 2010 22 49 – 52
Business Combination Applications Handled by Securities & Exchange
Commission (1982 – 2010) 23 53 – 71
Some Selected African Stock Market Indicators (2006 – 2010) 24 72 – 73
Stock Market Indicators for Some Selected Emerging Markets (2006 -‐ 2010) 25 74
Stock Market Indicators for Some Selected Developed Markets (2006 – 2010) 26 75

iii

The importance of accurate and timely data in socio-‐economic development cannot be
overemphasized. It is against this background that the Nigerian Capital Market Statistical
Bulletin was introduced to provide needed capital market information and other
macroeconomic statistics. Since the publication of its median edition in the 90s, the
Bulletin has been found to be very useful by local and foreign investors including the
academia, researchers, policy makers and stakeholders in the capital market.

This edition, which covers key economic and financial data up to 2010, is packed with
additional information that is believed would meet the needs of users. The additional
information includes financials of some listed companies, information on registered Unit
Trust Schemes and Venture Capital companies among others. It is important to note that
some segments in the previous edition were restructured and figures adjusted to reflect
revised positions.

The Research and Planning Department sincerely appreciates Management’s support as
well as other Departments’ contributions to the production of this bulletin. We commend
the desk officers’ untiring efforts in this regard.

Should there be any error or misrepresentation observed in this publication, kindly
contact the Research and Planning Department for clarifications.

Bibiana C. Okereafor (Mrs)

Director (Research & Planning Department)

iv

ACQUISITION
A term used to describe the takeover of a company by another which might be by agreement

ALLOTMENT
The allocation of securities among various subscribers to an offer

ANNUAL REPORT AND ACCOUNTS
A narrative of a company performance and financial results. It is a document published yearly by a
company and distributed to its shareholders showing its operations including financial performance
during the fiscal year.

ANNUAL RETURNS
The total annual returns on an investment, which includes dividend payments and capital gains/losses.
Transaction costs and taxes are not included.

BOND
A generic name for a tradable loan security issued by governments and companies as a means of raising
capital. The bond is an interest bearing security. It guarantees its holder both repayment of capital at a
future specified date (Maturity date) and a fixed rate of interest also known as the coupon.

CORPORATE BOND
Bond issued by a company to raise money in order to expand its business. The term is usually applied to
longer term debt instruments, with maturity date of at least two years after their issue date.

DEBT MANAGEMENT OFFICE (DMO)
An organ of the Nigerian government responsible for the issuance and management of government debt
as established by Act 2003 and the local loans (Registered Stock and Securities) Act (cap 214) LFN
1990.

DOMESTIC COMPANIES
A company that is within the country of its own origin.

DEBT
An amount owed to a person or an organization for funds borrowed.

EQUITIES
An instrument that signify an ownership, or equity in a corporation and represent a claim on its
proportionate share in a corporation’s assets and profit.
v

GDP AT CURRENT BASIC PRICE
GDP at current market prices less indirect taxes net of subsidies

GLOBAL DEPOSITORY RECEIPT (GDR)
A negotiable certificate which represents ownership of a given number of company shares and which
can be listed and traded independently from the underlying shares. It is the most commonly used to
make it easier and cheaper for investors in one country to invest in the shares of a company located in
another country.

GOVERNMENT BOND
A bond issued by a National Government denominated in the country’s own currency.

GROSS FIXED CAPITAL FORMATION (GFCF)
Expenditure on fixed assets (such as building, machinery) either for replacing or adding to the stock of
existing fixed assets.

INITIAL OFFER
The first offering or floatation of a company’s shares to the public.

LISTING
The admission of securities to dealings on a recognised exchange. Also called quotation.

MARKET CAPITALIZATION (MARKET VALUE)
The product of the total number of issued and fully paid shares of a company and its current price on a
recognised exchange.

MERGER
The fusion of two or more companies mostly on equal terms.

NEW ISSUES
Newly created securities of a corporate entity or government, offered for subscription to the public. In
other words, it is a means of raising fresh funds for development financing

PAID UP CAPITAL
Represents the sum of Un-‐ remitted Profits (Reserves) and the changes in foreign share capital.

SECURITIES/STOCK
A term given to financial instruments in the capital market.

vi

STOCK EXCHANGE
An organization which provides facilities for trading in securities by its members. Such organs alone
sets rules for the admission and trading of existing securities to guide the business conduct of its
members.

STOCK INDEX
A means of measuring stock market trends and performance. It is used as barometer for monitoring
upswings in the stock market prices.

TRADING VALUE
The total worth of shares traded on the stock exchange at that given period.

TRANSACTION
An agreement between a buyer and a seller to exchange an asset for payment.

TURNOVER RATIO
A measure of stock market liquidity. It is computed by dividing the value of stock traded by the market
capitalisation at the end of a period multiplied by 100

UNIT TRUST
An open-‐ ended investment scheme, which pools funds principally from small investors for subsequent
investment in securities and other financial instruments

VENTURE CAPITAL
Equity capital typically provided for early stage, high potential growth companies in the interest of
generating a return through an eventual realization event such as IPO or trade sale of the company.

YIELD ON BONDS
The rate of return on an investment on Bond issue.
vii

TABLE 1: SELECTED ECONOMIC INDICATORS
Real GDP GFCF at
at 1990 GDP at Current
Basic Current National Purchasers’ Inflation
Prices % Basic Prices % Savings value % Rate
Year N' Billion Change N' Billion Change N’ Billion N’ Billion Change %
1981 205.2 - 47.6 - 6.6 18.2 - 20.9
1982 199.7 -2.7 49.1 3.2 7.5 17.2 5.5 7.7
1983 185.6 -7.1 53.1 8.1 9.4 13.3 (22.7) 23.2
1984 183.6 -1.1 59.6 12.2 11.0 9.2 (30.8) 39.6
1985 201.0 9.5 67.9 13.9 12.5 8.8 (4.3) 5.5
1986 206.0 2.5 69.1 1.8 13.9 11.4 29.5 5.4
1987 204.8 -0.6 105.2 52.2 18.7 15.2 33.3 10.2
1988 219.9 7.4 139.1 32.2 23.2 17.6 15.8 38.3
1989 236.7 7.6 216.8 55.9 23.8 26.8 52.3 40.9
1990 267.5 13.0 267.5 23.4 29.7 40.1 49.6 7.5
1991 265.4 -0.8 312.1 16.7 37.7 45.2 12.7 13.0
1992 271.4 2.3 532.6 70.7 55.1 70.8 56.6 44.5
1993 274.8 1.3 683.9 28.4 85.0 96.9 36.9 57.2
1994 275.5 0.3 899.9 31.6 108.5 105.6 9.0 57.0
1995 281.4 2.1 1,933.2 114.8 108.5 141.9 34.4 72.8
1996 293.7 4.4 2,702.7 39.8 134.5 204.1 43.8 29.3
1997 302.0 2.8 2,802.0 3.7 177.6 242.9 19.0 8.5
1998 310.9 2.9 2,708.4 -3.3 200.1 242.3 (0.2) 10.0
1999 312.2 0.4 3,194.0 17.9 277.7 231.7 (4.4) 6.6
2000 329.2 5.4 4,582.1 43.5 385.2 331.1 42.9 6.9
2001 357.0 8.4 4,725.1 3.1 488.0 372.1 12.4 18.9
2002 433.2 21.3 6,912.4 46.3 592.1 499.7 34.3 12.9

2003 477.5 10.2 8,487.0 22.8 655.7 868.2 73.7 14.0
2004 527.6 10.5 11,411.1 34.5 797.5 1,389.7 60.1 10.1
2005 561.9 6.5 14,572.2 27.7 1,317.0 1,780.0 28.1 11.5
2006 595.8 6.0 18,564.6 27.4 1,739.6 2,271.3 27.6 8.6
2007 634.3 6.5 20,657.3 11.3 2,693.6 1,935.0 (14.8) 6.6
2008 672.2 6.0 24,296.3 17.6 4,118.2 2,050.8 6.0 15.1
2009 718.9 6.9 24,794.2 2.0 5,763.5 3,048.0 48.6 12.1
2010 775.5 7.9 29,205.8 17.8 n/a 4,007.8 31.5 11.8

Sources: CBN, NBS
`
Nigerian Capital Market Bulletin (Volume 2) Page 1

Table 2: INTEREST RATE AND YIELD ON BONDS AND EQUITIES
Average Coupon Average
Average Prime Average Savings Average Coupon of of Listed Dividend Yield
MRR/MPR % Lending Rate Deposit Rate Listed Govt. Stocks Corporate Bonds on Equities
Year % % % % %
1980 6.0 7.7 6.0 N/A N/A 11.5

1981 6.0 9.0 6.0 N/A N/A 11.4
1982 8.0 9.3 7.5 N/A N/A 11.8
1983 8.0 10.1 7.5 N/A N/A 11.3
1984 10.0 10.4 9.5 7.3 9.3 10.4
1985 10.0 9.2 9.5 8.8 9.7 10.6
1986 10.0 9.6 9.5 10.6 11.4 9.9
1987 12.8 14.0 12.2 12.0 12.2 11.2
1988 12.8 16.3 12.4 12.3 13.9 10.7
1989 18.5 25.5 16.5 13.1 14.1 11.7
1990 18.5 26.0 17.8 11.6 14.6 12.0
1991 15.5 20.2 14.9 9.0 15.9 10.4
1992 17.5 31.2 16.1 9.0 16.1 7.0
1993 26.0 36.1 16.7 11.4 21.1 6.5
1994 13.5 20.2 12.3 12.0 21.0 8.4
1995 13.5 20.2 12.6 11.5 18.4 7.9
1996 13.5 20.4 11.9 9.0 17.5 9.6
1997 13.5 18.4 6.1 8.7 17.2 8.7
1998 13.5 18.3 5.2 11.2 18.1 6.6
1999 20.7 22.5 6.6 11.5 19.0 7.8
2000 14.0 21.3 4.9 10.8 10.7 7.5
2001 20.5 26.0 5.0 9.9 11.1 7.3
2002 16.5 20.6 3.7 7.7 11.3 10.8
2003 15.0 19.6 3.2 11.0 10.9 10.5
2004 15.0 18.9 4.4 10.4 18.5 9.9
2005 13.0 17.8 3.3 10.7 18.0 9.5
2006 10.0 17.3 3.0 12.1 17.8 10.6
2007 9.5 17.3 3.2 11.2 21.4 5.3

2008 9.8 16.1 3.6 11.0 21.4 4.4
2009 6.0 19.0 3.4 10.8 15.3 6.8
2010 6.3 15.7 1.5 11.5 11.8 5.8
Source: Compiled from CBN and The NSE reports

Chart 1: MPR AND YIELD ON BONDS AND EQUITIES
Source: CBN and NSE Reports
TABLE 3: NUMBER OF MAJOR FINANCIAL INSTITUTIONS IN NIGERIA
INSTITUTION 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Deposit Money
Banks 88 90 90 89 89 25 25 25 24 24 24
Community
Banks/Microfinance
Banks 881 747 769 774 753 757 750 709 695 901 807
Finance Companies 93 98 102 104 109 112 112 112 75 84 84

Insurance
Companies 118 118 122 122 107 103 103 77 54 49 53
Stock & Commodity
Exchanges 2 2 2 2 2 2 2 2 2 2 2
Primary Mortgage
Institutions - - - - - - - - - 98 101
Sources: CBN & SEC

TABLE 4: REGISTERED CAPITAL MARKET OPERATORS BY FUNCTION
NUMBER OF OPERATORS
FUNCTION 2008 2009 2010
Auditor - 3 3
Banker to an Issue 1 1 1
Broker 5 5 5
Broker/Dealer 294 302 308
Central System Depository 1 1 1
Commodity Pool Operator 1 1 1
Corporate Investment Adviser 65 70 76
Custodian 3 3 3
Estate Valuer/Surveyor 12 14 16
Fund Manager 16 28 28
Fund/Portfolio Manager 107 110 110
Individual Investment Adviser 15 16 19
Issuing House 96 99 102
Market Maker 7 7 7
Rating Agency 5 5 5
Receiving Banker 21 21 21
Registrar 35 36 36
Reporting Accountant 136 141 146
Solicitor 331 345 348
Sub-broker 11 11 11
Trustee 30 32 33
Underwriter 12 13 13
Venture Capital/Fund Manager 13 13 13
Total 1,217 1,277 1,306
Source: SEC Note: Some of these operators are registered for more than one function
Chart 2: NUMBER OF REGISTERED MARKET OPERATORS IN THE NIGERIAN CAPITAL MARKET
Source: SEC

TABLE 5: GROWTH OF SECURITIES LISTED ON THE NIGERIAN STOCK EXCHANGE
Equities Debt Stocks
Main Sub- Ind. Loan & State/Municipal Sub-
Year List SSM Total Pref. Share Federal Bond Total Total
1961 3 - 3 - 5 - 5 8
1962 4 - 4 3 8 - 11 15
1963 5 - 5 4 12 - 16 21
1964 5 - 5 4 15 - 19 24
1965 5 - 5 5 18 - 23 28
1966 6 - 6 6 21 - 27 33
1967 6 - 6 6 25 - 31 37
1968 6 - 6 6 29 - 35 41
1969 7 - 7 6 32 - 38 45
1970 8 - 8 8 36 - 44 52
1971 13 - 13 8 39 - 47 60
1972 19 - 19 11 42 - 53 72
1973 23 - 23 11 48 - 59 82
1974 33 - 33 11 51 - 62 95
1975 33 - 33 12 54 - 66 99
1976 34 - 34 12 59 - 71 105
1977 34 - 34 16 62 - 78 112
1978 42 - 42 19 66 1 86 128
1979 81 - 81 20 70 1 91 172
1980 91 - 91 22 74 1 97 188
1981 93 - 93 22 78 1 101 194
1982 93 - 93 29 82 1 112 205
1983 93 - 93 32 86 1 119 212
1984 94 - 94 32 86 1 119 213
1985 95 1 96 33 90 1 124 220
1986 96 3 99 46 94 1 141 240
1987 96 4 100 47 95 2 144 244
1988 96 6 102 52 95 4 151 253
1989 102 9 111 56 95 5 156 267
1990 115 16 131 63 95 6 164 295
Source: Compiled from data supplied by The Nigerian Stock Exchange

TABLE 5 CONT’D: GROWTH OF SECURITIES LISTED ON THE NIGERIAN STOCK EXCHANGE
Equities Debt Stocks
Main Sub- Ind. Loan & State/Municipal Sub-
Year List SSM Total Pref. Share Federal Bond Total Total
1991 123 19 142 52 39 6 97 239
1992 132 21 153 56 37 5 98 251
1993 151 23 174 60 32 6 98 272
1994 156 21 177 64 29 6 99 276
1995 161 20 181 61 28 6 95 276
1996 163 20 183 63 24 6 93 276
1997 163 19 182 56 22 4 82 264
1998 170 16 186 55 19 4 78 264
1999 179 16 195 54 15 4 73 268
2000 179 16 195 49 12 4 65 260
2001 178 16 194 50 11 6 67 261
2002 179 16 195 49 10 4 63 258
2003 184 16 200 51 9 5 65 265
2004 191 16 207 52 12 6 70 277
2005 198 16 214 51 17 6 74 288
2006 186 16 202 47 34 5 86 288
2007 196 16 212 47 46 5 98 310
2008 198 15 213 48 35 5 88 301
2009 200 16 216 4 41 4 49 265
2010 201 16 217 7 32 8 47 264


TABLE 6: VALUE OF TRADED SECURITIES ON THE NIGERIAN STOCK EXCHANGE
Govt. Stock % of Total Other Securities % of Total Total Value
Year (N'M) Value (N'M) Value (N'M)
1961 1.4 60.87 0.9 39.13 2.3
1962 4.2 93.33 0.3 6.67 4.5
1963 9.7 93.81 0.6 6.19 10.3
1964 11.8 84.29 2.2 15.71 14.0
1965 14.4 90.57 1.5 9.43 15.9
1966 15.2 92.68 1.2 7.32 16.4
1967 12.1 97.58 0.3 2.42 12.4
1968 12.6 98.36 0.2 1.64 12.8
1969 16.2 98.90 0.2 1.10 16.4
1970 16.4 98.56 0.2 1.44 16.6
1971 16.3 90.06 1.8 9.94 18.1
1972 26.2 96.39 1.0 3.61 27.2
1973 91.9 99.43 0.5 0.57 92.4
1974 49.4 97.44 1.3 2.56 50.7
1975 62.8 98.59 0.9 1.41 63.7
1976 111.3 99.50 0.6 0.50 111.9
1977 178.8 99.33 1.2 0.67 180.0
1978 187.1 98.73 2.4 1.27 189.5
1979 257.5 98.32 4.4 1.68 261.9
1980 503.5 98.32 8.6 1.68 512.1
1981 326.0 98.16 6.1 1.84 332.1
1982 206.5 96.14 8.3 3.86 214.8
1983 384.9 96.73 13.0 3.27 397.9
1984 402.8 96.32 15.4 3.68 418.2
1985 296.0 92.62 23.6 7.38 319.6
1986 470.3 95.20 23.7 4.80 494.0
1987 307.9 88.48 40.1 11.52 348.0
1988 104.9 76.24 32.7 23.76 137.6
1989 462.0 88.57 59.6 11.43 521.6
1990 156.4 58.91 109.1 41.09 265.5
1991 42.7 31.35 93.5 68.65 136.2

TABLE 6 CONT’D: VALUE OF TRADED SECURITIES ON THE NIGERIAN STOCK EXCHANGE
Other
Govt. Stock % of Total Securities % of Total Total Value
Year (N'M) Value (N'M) Value (N'M)
1992 73.8 23.54 239.7 76.46 313.5
1993 49.7 12.35 352.6 87.65 402.3
1994 14.7 2.58 555.0 97.42 569.7
1995 0.0 0.00 1,838.8 100.00 1,838.8
1996 90.0 1.27 6,972.7 98.73 7,062.7
1997 140.0 1.26 10,932.0 98.74 11,072.0
1998 15.6 0.11 13,556.8 99.89 13,572.4
1999 0.8 0.01 14,026.6 99.99 14,027.4
2000 8.1 0.03 28,146.5 99.97 28,154.6
2001 24.6 0.04 57,612.6 99.96 57,637.2
2002 777.3 1.29 59,311.3 98.71 60,088.7
2003 6,547.0 5.42 114,156.0 94.58 120,703.0
2004 2,026.6 0.90 223,793.9 99.10 225,820.5
2005 8,049.1 3.06 254,880.5 96.94 262,929.6
2006 1,665.4 0.35 468,588.4 99.65 470,253.8
2007 0.00 0.00 2,086,294.6 100.00 2,086,294.59
2008 1.0 Negligible 2,379,141.7 100.00 2,379,142.70
2009 0.00 0.00 684,451.2 100.00 684,451.2
2010 14.1 0.002 797,537.5 99.998 797,551.6
Chart 3: PERCENTAGE OF TRADING VALUE OF GOVERNMENT STOCK AND OTHER SECURITIES TO TOTAL TRADING ON THE NSE

TABLE 12: FEDERAL REPUBLIC OF NIGERIA DEVELOPMENT STOCKS INITIAL ALLOTMENTS 1961 -1986
Statutory State and Percentage
Commercial Saving type Bodies and Insurance Local Central Subscription Balance/
Date and Bank Institutions Co-op Companies Individuals Government Others Bank Total by CBN Others
Name of stock N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 % %
1961
2nd Dev. Loan Stock 2,460 2,460.0 7,160.0 140 320.0 - 80 7,380.0 20,000 36.9 63.1
1962
3rd Dev. Loan Stock 3,440 3,468.0 108.0 80 1,952.0 - 70 4,882.0 14,000 34.9 65.1
1963
4th Dev. Loan Stock 200 5,838.0 5,000.0 180 236.0 26 18,520.0 30,000 61.7 38.3
1964
1st Dev. Loan Stock 90 2,392.0 1,490.0 432 78.0 - 200 35,318.0 40,000 88.3 11.7
1965
2nd Dev. Loan Stock 50 1,236.0 584.0 440 88.0 - 24 27,528.0 30,000 91.8 8.2
1966
3rd Dev. Loan Stock 130 304.0 800.0 200 26.0 - - 26,540.0 28,000 94.8 5.2
1967
4th Dev. Loan Stock 290 726.0 2,690.0 246 40.0 - - 36,008.0 40,000 90.0 10.0
1968
5th Dev. Loan Stock - 2,843.6 800.0 270 17.0 - - 36,069.4 40,000 90.2 9.8
1969
6th Dev. Loan Stock N/A N/A N/A N/A N/A N/A N/A 28,740.0 30,000 95.8 4.2
1970
7th Dev. Loan Stock 1,000 2,477.2 1,519.8 1,300 180.6 6,000 10 27,512.4 40,000 68.8 31.2
1971
8th Dev. Loan Stock 2,810 4,176.0 - 550 115.8 6000 - 26,337.4 60,000 43.9 56.1
1972
9th Dev. Loan Stock - 1,486.8 208 270 43 6000 - 51,992.2 60,000 86.7 13.3
1973
10th Dev. Loan Stock - 1,725.5 - 1,195 123.7 - - 56,954.8 60,000 94.9 5.1
1973
11th Dev. Loan Stock - 2,910.0 - 158 745.3 - - 56,186.7 60,000 93.6 6.4
1974
12th Dev. Loan Stock 2,000 550.8 - 1,706 29.5 - 3,030 52,683.7 60,000 87.8 12.2
1975
13th Dev. Loan Stock 25,000 7,203.0 26 6,642 200 - 1,200 109,729 150,000 73.2 26.8
1975
14th Dev. Loan Stock 1,525 20,718.0 - 3,515 557 300 1,000 258,660 300,000 86.2 13.8
N/A = Not Available
Source: Compiled from various issues of SEC Annual Report and Accounts as well as internal records.
Nigerian Capital Market Statistical Bulletin – Volume 2 Page 17

TABLE 12 – CONT’D: FEDERAL REPUBLIC OF NIGERIA DEVELOPMENT STOCKS INITIAL ALLOTMENTS 1961 – 1986
Statutory State and Percentage Balance/
Commercial Saving type Bodies and Insurance Local Central Subscription Others
Date and Bank Institution Co-op Companies Individuals Government Others Bank Total by CBN %
Name of stock N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 % %
1976
15th Dev. Loan Stock 39,500 9,625.0 300 3,729 97 - - 346,749 400,000 86.7 13.3
1977
16th Dev. Loan Stock 56,000 7,804.7 - 7,535 82.2 - 625 342,954 415,000 82.6 17.4
1978
17th Dev. Loan Stock 12,500.0 100 7,200 125 - 625 370,400 400,000 92.6 7.4
1979
18th Dev. Loan Stock - 2,100 - 4,500 600 - - 592,800 600,000 98.8 1.2
1980
19th Dev. Loan Stock 4,000 16,000 - 7,500 300 - 400 271,800 300,000 90.6 9.4
1981
20th Dev. Loan Stock - 5,500 500 9,000 200 - 300 284,400 300,000 94.8 5.2
1982
21st Dev. Loan Stock 12,500 41,300 - 13,200 500 - 15,000 217,500 300,000 72.5 27.5
1983
22nd Dev. Loan
Stock 17,000 10,900 - 7,100 2,200 - 0 262,800 300,000 87.6 12.4
1984
Nil N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
1985
23rd Dev. Loan Stock 166,300 166,300 158,300 48,300 2,800 500 - 63,500 600,000 10.6 89.4
1986
24th Dev. Loan Stock N/A N/A N/A N/A N/A N/A N/A N/A 856,505.04 N/A N/A
N/A = Not Available
Source: Compiled from SEC Annual Report and Accounts and other SEC internal records.

TABLE 13: AUCTION SUMMARY OF FEDERAL GOVERNMENT BONDS
Amount Amount Subscription Allotment
Tenor Auctioned Subscription Allotment Marginal Tenor Auctioned (million (million Marginal
1ST FGN BONDS, 2003 (yrs) (million Naira) (million Naira) (million Naira) Rate (%) 4RD FGN Bonds, 2007 (yrs) (million Naira) Naira) Naira) Rate (%)
1 3 30,000.00 55,725.07 55,725.07 17.75% 1 3 40,000.00 124,860.00 40,000.00 10.75
2 5 40,000.00 12,285.14 12,285.14 18.25% 2 5 35,000.00 99,799.00 35,000.00 9.50
T/Bill +
3 7 40,000.00 3,956.03 3,956.03 3% 3 7 35,000.00 49,038.50 35,000.00 10.75
Bill +
4 10 40,000.00 599.45 599.45 3.75% 4 3 65,000.00 172,347.50 65,000.00 9.00
Overall 150,000.00 72,565.69 72,565.69 5 5 50,000.00 105,360.00 50,000.00 9.23
2ND FGN BONDS, 2005 6 7 45,000.00 59,800.50 45,000.00 9.20
1 3 20,000.00 69,923.57 20,533.54 11.50% 7 3 36,000.00 72,039.60 36,000.00 7.95
2 2 20,000.00 64,586.93 20,812.01 8.25% 8 10 20,000.00 35,260.00 20,000.00 9.85
3 3 20,000.00 58,283.22 29,310.00 8.50% 9 5 46,000.00 48,249.40 46,000.00 9.50
4 2 20,000.00 34,464.78 23,064.76 8.00% 10 10 20,000.00 40,610.00 20,000.00 9.35
5 3 20,000.00 12,064.86 11,064.86 12.50% 11/ 10 20,000.00 27,290.00 20,000.00 9.51
6 2 20,000.00 17,610.00 17,610.01 15.00% 12 7 30,000.00 46,590.00 30,190.00 9.25
7 3 20,000.00 69,428.51 55,878.54 17.00% 13/ 10 20,000.00 25,560.00 20,000.00 9.95
Overall 140,000.00 326,361.87 178,273.72 14 3 22,810.00 67,729.73 22,810.00 7.00
3RD FGN BONDS, 2006 15/ 10 20,000.00 33,280.00 20,000.00 11.00
1 3 25,000.00 73,149.03 36,704.82 15.00% 16 3 30,000.00 33,279.00 30,000.00 9.20
2 3 10,000.00 29,449.94 12,612.19 12.50% 17/ 10 20,000.00 61,050.00 20,000.00 11.03
3 5 20,000.00 45,591.43 23,481.21 14.50% 18 3 30,000.00 66,441.00 30,000.00 8.99
4 3 10,000.00 15,783.27 8,163.30 12.50% Sub-Total 584,810.00 1,168,584.23 585,000.00
5 5 20,000.00 13,387.03 8,087.03 14.50% Special Bonds, 2007
6 3 10,000.00 34,344.54 15,406.13 12.00% Local Contractors Debt 5 2,260.00 2,260.00 2,260.00 13.50
7 5 20,000.00 43,853.00 26,905.00 13.50% Local Contractors Debt 5 9,230.00 9,230.00 9,230.00 13.50
8 5 10,000.00 33,961.53 12,515.20 12.00% Sub-Total 11,490.00 11,490.00 11,490.00
9 7 10,000.00 16,586.80 10,361.80 15.00% Overall 596,300.00 1,180,074.23 596,490.00
10 7 20,000.00 28,944.56 21,697.56 16.00% / Extension of Series 9 issue
11 3 20,000.00 45,854.37 20,007.27
12 3 20,000.00 53,898.67 29,279.30 12.00%
13 5 20,000.00 64,697.13 26,862.03 12.99%
14 7 10,000.00 41,500.00 10,000.00 12.74%
15 7 10,000.00 43,030.00 10,000.00 10.98%
16 7 10,000.00 28,940.00 10,000.00 11.99%
Sub-Total 245,000.00 612,971.30 282,082.84
Special Bonds, 2006
PA 3 75,000.00 75,000.00 75,000.00 12.50%
LCD 1 5 87,645.95 87,645.95 87,645.95 13.50%
LCD 2 5 4,107.00 4,107.00 4,107.00 13.50%
Sub-Total 166,752.95 166,752.95 166,752.95
Overall 411,752.95 779,724.25 448,835.79
Source: Compiled from DMO reports

TABLE 13 CONT’D: AUCTION SUMMARY OF FEDERAL GOVERNMENT BONDS
5th FGN Bonds Tenor Amount Auctioned Subscription Allotment Marginal 6th FGN Tenor Amount Auctioned Subscription Allotment Marginal
2008 (YRS) (million Naira) (million Naira) (million Naira) Rate (%) Bonds 2009 (YRS) (million Naira) (million Naira) (million Naira) Rate (%)
Series 1/a 3 30,000.00 49,389.00 30,000.00 8.99 Series 1 3 20,000.00 36,570.00 20,000.00 9.92
2 5 20,000.00 45,360.00 20,000.00 9.45 2/e 5 20,000.00 26,580.00 20,000.00 11.40
3/a 3 30,000.00 40,041.00 30,000.00 8.99 3/f 20 10,000.00 49,550.00 10,000.00 13.24
4/b 5 20,000.00 24,744.00 20,000.00 9.45 4/g 3 20,000.00 35,490.00 20,000.00 10.25
5/a 3 30,000.00 43,998.00 30,000.00 8.99 5/e 5 20,000.00 24,370.00 20,000.00 11.64
6/b 5 20,000.00 39,610.00 20,000.00 9.45 6/f 20 10,000.00 25,210.00 10,000.00 13.21
7/b 5 30,000.00 57,990.00 30,000.00 9.45 7/g 3 20,000.00 26,700.00 20,000.00 10.95
8/b 5 30,000.00 33,639.00 30,000.00 9.45 8/e 5 20,000.00 23,640.00 20,000.00 12.00
9 10 20,000.00 35,080.00 20,000.00 10.70 9/f 20 10,000.00 26,420.00 10,000.00 13.50
10/b 5 30,000.00 46,029.00 30,000.00 9.45 10/g 3 35,000.00 39,441.50 35,000.00 11.00
11/c 10 20,000.00 18,540.00 18,540.00 10.70 11/e 5 25,000.00 40,060.00 25,000.00 11.85
12/c 10 20,000.00 32,320.00 9,820.00 12.75 12/f 20 10,000.00 33,180.00 10,000.00 11.50
13 3 25,000.00 31,320.00 15,820.00 10.50 13 3 20,000.00 35,890.00 20,000.00 10.50
14/d 3 30,000.00 32,340.00 30,000.00 11.40 14/e 5 20,000.00 48,440.00 20,000.00 10.50
15/c 10 20,000.00 44,260.00 20,000.00 12.75 15 20 10,000.00 33,280.00 10,000.00 12.49
16/d 3 30,000.00 55,110.00 30,000.00 11.00 16/h 3 20,000.00 40,070.00 20,000.00 10.50
17/c 10 20,000.00 46,280.00 20,000.00 12.45 17/e 5 10,000.00 35,690.00 10,000.00 10.50
18/d 3 30,000.00 50,151.00 30,000.00 10.00 18/e 20 20,000.00 43,910.00 20,000.00 12.49
19/c 10 20,000.00 44,630.00 20,000.00 11.99 19/h 3 20,000.00 40,070.00 20,000.00 10.50
20/d 3 20,000.00 34,980.00 20,000.00 10.00 20/e 5 20,000.00 71,380.00 20,000.00 10.50
21 5 10,000.00 25,890.00 10,000.00 10.50 21/i 20 20,000.00 43,910.00 20,000.00 12.49
22 20 10,000.00 23,520.00 10,000.00 15.00 22/h 3 20,000.00 36,160.00 20,000.00 10.50
Overall 515,000.00 855,221.00 494,180.00 23/e 5 20,000.00 39,810.00 20,000.00 10.50
Source: Compiled from DMO reports 24/i 20 20,000.00 45,290.00 20,000.00 12.49
Note: /a - Extension of Series 18 of 2007 issues, /b - Extension of Series 2 of 2008 issues, /c - Extension of Series 9 of 2008 issues
/d - Extension of Series 13 of 2008 issues, /e: Extension of series 21 of 2008 issues, /f: Extension of series 22 of 2008 issues, 25/h 3 20,000.00 29,190.00 35,000.00 10.50
/g: Extension of series 1 of 2009 issues, /h: Extension of series 13 of 2009 issues, /i: Extension of series 15 of 2009 issues and
/j: Extension of series 29 of 2009 issues. 26/e 5 14,000.00 29,860.60 14,000.00 10.50
27/i 20 26,000.00 37,731.20 26,000.00 12.49
28/h 3 20,000.00 32,690.00 31,500.00 10.50
29 10 10,000.00 35,890.00 10,000.00 7.00
30/i 20 19,440.00 42,839.93 19,440.00 12.49
31/h 3 15,000.00 43,399.50 15,000.00 6.75
32/j 10 20,000.00 30,430.00 20,000.00 8.32
33 20 30,000.00 74,160.00 30,000.00 8.50
Overall 614,440.00 1,257,302.73 640,940.00

TABLE 13 CONT’D: AUCTION SUMMARY OF FEDERAL GOVERNMENT BONDS
7th FGN Bonds Tenor Amount Auctioned Subscriptions Amount Allotted
2010 (Years) (N’billion) (N’billion) (N’billion) Marginal Rate
1/a 3 20,000.00 40,430.00 38,500.00 6.83
2/b 10 25,000.00 42,100.00 25,000.00 8.14
3/c 20 30,000.00 65,500.00 30,000.00 8.50
4 3 20,000.00 78,030.00 20,000.00 5.50
5/b 10 25,000.00 53,200.00 25,000.00 7.00
6/c 20 30,000.00 66,050.00 30,000.00 8.50
7/d 3 20,000.00 82,140.00 20,000.00 5.50
8/b 10 20,000.00 62,200.00 20,000.00 7.00
9/c 20 30,000.00 79,860.00 30,000.00 8.50
10/d 3 30,000.00 36,300.00 30,000.00 5.50
11 5 20,000.00 68,720.00 20,000.00 4.00
12/c 20 30,000.00 51,150.00 30,000.00 8.50
13/d 3 25,000.00 26,050.00 25,000.00 5.50
14/e 5 25,000.00 26,200.00 25,000.00 4.00
15/c 20 30,000.00 43,460.00 30,000.00 8.50
16/d 3 30,000.00 98,100.00 30,000.00 5.50
17/e 5 30,000.00 64,210.00 30,000.00 4.00
18/c 20 20,000.00 67,020.00 20,000.00 8.50
19/d 3 35,000.00 77,000.00 35,000.00 5.50
20/e 5 35,000.00 61,340.00 35,000.00 4.00
21 20 35,000.00 73,280.00 35,000.00 10.00
22/d 3 35,000.00 82,690.00 42,490.00 5.50
23/e 5 35,000.00 50,880.00 42,330.00 4.00
24/f 20 35,000.00 69,290.00 41,640.00 10.00
25/d 3 40,000.00 65,650.00 40,000.00 5.50
26/e 5 40,000.00 81,200.00 40,000.00 4.00
27/f 20 40,000.00 101,240.00 40,000.00 10.00
28/d 3 40,000.00 37,780.00 26,670.00 5.50
29 7 62,810.00 54,100.00 37,500.00 9.25
30/f 20 40,000.00 68,170.00 58,760.00 10.00
31/d 3 20,000.00 34,530.00 22,030.00 5.50
32/g 7 25,310.00 30,900.00 25,310.00 9.25
33/f 20 25,000.00 61,510.00 41,900.00 10.00
34/d 3 25,000.00 41,320.00 25,000.00 5.50
35/e 5 20,000.00 55,800.00 20,000.00 4.00
36 20 25,000.00 44,420.00 25,000.00 15.00
Overall 1,073,120.00 2,141,820.00 1,112,130.00
Source: Compiled from DMO reports
Note: /a - Extension of Series 15 of 2009 issues, /b - Extension of Series 29 of 2009 issues, /c - Extension of Series 33 of 2009 issues /d - Extension of Series 4 of 2010 issues, /e: Extension of series 11 of 2010 issues, /f: Extension of series
21 of 2010 issues, and /g: Extension of series 29 of 2010 issues.

TABLE 14: SOME CORPORATE BONDS ISSUED (1960 TO 2010)
COUPON YEAR OF AMOUNT
S/N COMPANY RATE YEAR OF ISSUE MATURITY N ‘M’ FEATURES
1. Broadcasting Corporation N/A 1960 1962 £210,000.00 First mortgage debenture stock
Aluminum Company
2. Of Nigeria N/A 1962 1970/72 £425,000.00 Mortgage convertible debenture stock
3. Nigerian Textiles Printer LTD N/A 1964 1974/6 £1.30 Million N/A
4. Nigerian Textiles Mills N/A 1966 1973/8 N/A N/A
5. Nigerian Sugar Company N/A 1977 1982 N/A Private Placement
6. PZ Industries 9.75% 1981 1995 N/A Redeemable Debenture Stock
7. UTC 9.75% 1981 1995 N/A Redeemable Debenture Stock
8. First Bank Nigeria N/A 1981 N/A 25.00 Preference Stock
9. Nig. Bottling Company 12% 1982 1992 20.00 Secured Debenture
10. Roads Nigeria 12¼% 1982 1993 10.00 Mortgage Debenture Stock
11. Chemical & Allied Products 12% 1982 1993/7 15.00 Redeemable Debenture
12. Union Bank Nigeria 11¾% 1982 1988/92 40.00 Unsecured Debenture
13. Cadbury Nigeria 12% 1982 1992 10.00 Unsecured Debenture
14. UAC 11¼% 1983 1994 25.00 Redeemable Insurance Debenture
Nig. Sewing Machine
15. Manufacturing Company 12% 1983 1989/93 8.00 Mortgage Debenture
Nigerian Industrial Development
16. Bank 11¾% 1983 1989/95 15.00 Loan Stock
17. CFAO Nigeria 12% 1983 1991/8 25.00 Redeemable Debenture
18. Nigeria Merchant Bank N/A 1990 1992/7 50.00 Floating Rate Redeemable Stock
19. Delta Glass N/A 1990 1993/7 25.00 Floating Rate Debenture Stock
20. Aswani Textile Mill Ltd N/A 1990 1994/7 40.00 Floating Rate Debenture Stock
Floating Rate Redeemable Debenture
21. Beecham Nig. PLC 1990 1995/8 40.00 Stock
Convertible unsecured debenture
22. Afriprint Nig. PLC N/A 1990 1996/02 90.00 stock
Redeemable mortgage debenture
23. Ashaka Cement Company PLC N/A 1990 N/A 100.00 stock
N/A = Not Available

TABLE 14 CONT’D: SOME CORPORATE BONDS ISSUED TO DATE
24. Nigeria Bottling Company PLC N/A 1990 1995/98 50.00 Floating rate debenture stock
Unsecured floating rate redeemable
25. West African Portland Cement 24% 1991 1994/98 150.00 debenture stock
26. PZ Industries N/A 1991 1996/06 100.00 stock
Floating rate redeemable mortgage
27. Vono Product 25% 1991 1996/98 9.00 debenture stock
28. Cadbury Nigeria Plc 0% 1991 2001 2,500.00 Irredeemable convertible loan stock
Floating rate unsecured Debenture
29. Guinness Nigeria PLC 1991 1996/01 100.00 Stock
Floating rate redeemable debenture
30. Christi Lied PLC 37% 1991 1996/2000 40.00 stock
Unsecured Float Rate redeemable
31. PZ Industries N/A 1991 1996/06 100.00 debenture stock
32. Texaco Nig. PLC 40% 1992 1991/97 30.00 Floating rate unsecured debenture stock
33. Guinea Insurance PLC 28% 1992 1994/98 30.00 stock
Floating rate redeemable unsecured
34. Nigeria Lamps Industries PLC N/A 1992 1994/97 10.00 debenture stock
35. Allied Bank of Nigeria PLC N/A 1992 1994/98 60.00 debenture stock
36. Costain (WA) PLC 25% 1992 1995/98 15.00 stock
37. Nigeria Hoechst PLC 27.5% 1992 1997/99 60.00 Floating rate unsecured debenture stock
38. Texaco Nig. PLC 42% 1992 1991/97 30.00 Floating rate unsecured debenture stock
N/A = Not Available

TABLE 14 CONT’D: SOME CORPORATE BONDS ISSUED TO DATE
Avon Crown Caps & Containers Nig Floating rate unsecured debenture
39. PLC - 1992 1995/99 30.00 stock
Floating rate unsecured debenture
40. Incar Nigeria PLC - 1992 1998 10.00 stock
Convertible Redeemable Unsecured
41. John Holt 15% 1993 1993 N/A Loan
42. Lever Brothers 10½% 1994 1995 20.00 Redeemable Debenture
Floating Rate/ Mortgage Redeemable
43. 7 UP Bottling Coy of Nigeria 14% 1994 1995 30.00 Debenture Stock
44. UAC N/A 1994 2005 25.00 First Mortgage Debenture
45. A.G. Leventis 20% 1994 1996 100.00 Convertible debenture
Unsecured redeemable debenture
46. CMB Packaging Nig. PLC 20% 1994 1997/00 50.00 stock
47. Okitipupa Oil Palm PLC - 1994 1995/99 20.00 Debt Stock
48. 7 UP Bottling PLC N/A 1995 1997 100.00 Floating rate redeemable stock
49. Golden Guinea 9.5% N/A 1995 N/A N/A
50. Aluminium Extrusion Industries Plc 20.75% 1999 2002 150.00 Debt Stock
51. Valucard Nig. Plc N/A 1999 2002 100.00 Debt Stock
52. Nigeria Breweries Plc 0.5% 2000 2001/06 50.00 Debt Stock
53. West African Glass Plc 22.25% 2000 2002 7,000.00 Debt Stock
Zero Unsecured zero coupon irredeemable
54. NOLCHEM (CONOIL) coupon 2002 N/A 4,000.00 convertible loan stock
Cement Company of Northern
55. Nigeria Plc 15% 2002 2004 1,500.00 Debenture stock
Redeemable convertible debenture
56. Neimeth Pharmaceutical Plc 22.5% 2003 2008 650.00 stock
Cadbury Nig PLC (Unsecured Zero
57. irredeemable convertible loan stock coupon 2005 N/A 5,000.00 Irredeemable convertible loan stock
N/A = Not Available

TABLE 14 CONT’D: SOME CORPORATE BONDS
1.5
(above 3
months 2005/
58. Access Bank PLC LIBOR) 2005 2013 1,900.00 Redeemable convertible loan stock
12.0%
(and 2%
59. Access Bank PLC spread) 2006 N/A 13,500.00 Convertible loan stock
60. Crusader (Nig) Plc 12% 2008 2013 4,000.00 Convertible debenture stock
Variable 1,170 .00 Redeemable Convertible
61. Custodian & Allied Insurance Plc Coupon 2008 (US$ 10 million) debenture stock
Variable
62. C & I Leasing Plc Coupon 2009 2014 2,240.00 Variable Coupon
UACN Property Development Fixed Rate Unsecured Non-
63. Co. Plc 10.0% 2010 2015 15,000.00 convertible Bond
Fixed Rate Subordinated
Unsecured Redeemable Non-
64. United Bank for Africa Plc 14.0% 2010 2017 20,000.00 convertible Bond
Series 1 Fixed Rate Senior
65. Flour Mills Nigeria Plc –S1 12.0% 2010 2015 37,500.00 Unsecured Bonds
Series 1 Senior Unsecured Fixed
66. Chellarams Plc 14.0% 2010 2016 1,500.00 Rate Bond
Floating
67. Tantalizers Plc (US$7.0 million) Rate 2010 2017 1,050.00 Floating Rate Loan stock
N/A = Not Available

Table 15: STATES AND LOCAL GOVERNMENT BONDS
YEAR OF YEAR OF AMOUNT LEVEL OF
S/N STATE/LOCAL GOVERNMENTS MATURITY ISSUE (N’M) SUBSCRIPITON (%) COUPON RATE PROJECT
1. Bendel State Loan Stock 1988 1978 20.00 30 7.00 Developing of Housing Estate
2. Ogun State Revenue Bond 1996 1986 15.00 76 12.0 Development of water project
1st Lagos State Revenue
3. Bond 1990/99 1987 30.00 N/A 19.00 Development of Lekki Peninsula Scheme Phase I
2nd Lagos State Revenue
4. Bond 1990/99 1988 60.00 N/A 19.00 Development of Lekki Peninsula
5. 1st Lagos Island LGA FRRB 1996 1992 100.00 52.50 24.75 Development of Sura Shopping Complex
Adamasingba Shopping Complex

6. 1st Oyo State Revenue Bond 1999 1987 30.00 102 16.50 Gbagi Market Development
1st Kaduna State Revenue
7. Bond 1996 1989 30.00 100 17.00 Development of Ginger factory
2nd Kaduna State Revenue
8. Bond 1996 1993 30.00 63.49 20.00 Development of Ginger factory
9. Edo State Revenue Bond 2000/06 2000 1,000.00 203 21.00 Development of Ogba Riverside Housing Estate
10. Delta State Revenue Bond 2003/06 2000 3,500.00 101.74 16.50 Market, Healthcare, Water and Education
11. Yobe State Revenue Bond 2002/05 2002 2,500.00 81.28 23.00 Urban Roads, Houses and Drainage Improvement
1st tranche Ekiti State Financial, urban, rural roads, establishment of palm plantation,
12. Revenue Bond 2002/05 2002 2,500.00 81.28 24.5 rural electricity, expansion of water projects
13. Lagos State Bond 2002/09 2002 15,000.00 77.58 4% above TB Refinance developmental projects
Cross River State Tourism
14. Dev. Bond 2004/07 2004 15,000.00 79.69 20.5 Upgrading and expansion of Obudu Ranch Resort
1st Akwa Ibom State
15. Revenue Bond 2005/07 2004 6,000.00 100.00 19.5 To finance infrastructural development
Kebbi State University of Science and Technology and Zauro
16. Kebbi State Revenue Bond 2006/09 2006 3,500.00 100.00 14.0 polder irrigation
Lagos State Government Re-financing of outstanding loans and financing of on-going
17. Bond- Series 1 2008/2013 2008 50,000.00 117.93 13.0 projects
N/A = Not Available

TABLE 15 CONT’D: STATES AND LOCAL GOVERNMENT BONDS
YEAR OF YEAR OF AMOUNT LEVEL OF
S/N STATE/LOCAL GOVERNMENTS MATURITY ISSUE (N’M) SUBSCRIPITON (%) COUPON RATE PROJECT
rehabilitation of its water schemes, rehabilitation & construction
Imo State Government Bond of its critical roads and equity investment in ‘Imo Wonder Lake &
18. – Series 1 2009/2016 2009 18,500.00 100.00 15.5% Conference Centre, Oguta’
Kwara State Truck plaza, International Aviation College, Asa
Dam mixed use Development, New secretariat, Commercial
agricultural projects, Kwara State University, Ilorin water
Kwara State Government distribution project, Agricultural irrigation support project, Kwara
19. Bond – Series 1 2009/2014 2009 17,000.00 100.00 14.0% advanced diagnostic centre, Loan re-financing
Rehabilitation of roads in Minna Metropolis and Industrial Layout
and construction of roads in seven (7) other locations within the
20. Niger State Government Bond 2009/2014 2009 6,000.00 100.00 14.0% state.
Lagos State Government Re-financing of outstanding loans and financing of on-going
21. Bond- Series 2 N/A 2010 57,500.00 100.00 10.0% projects
Repayment of existing obligations owed Equatorial Bank, Bank
PHB, Intercontinental Bank, First Bank of Nigeria, Multilateral
22. Bayelsa State Government 2010/2017 2010 50,000.00 100.00 13.75% Debts and World Bank
To finance Zaria regional water supply (150 MLD treatment
plant), Construction of 200 bed specialist hospital, Kaduna
Millennium City, Kaduna, Construction of new government house
office complex, Kaduna, Construction of Tum Madakiya road &
construction of 4th bridge across River Kaduna AND Construction
23. Kaduna State Government 2010/2015 2010 8,500.00 100.00 12.5% of Kafanchan Campus of Kaduna State University, Kaduna.
Repayment of outstanding bank facilities and financing the
construction of Ebonyi State International Market, Abakaliki,
Ebonyi State regional water schemes, Ebonyi roads & bridges of
24. Ebonyi State Government 2010/2015 2010 16,500.00 100.00 13.0% Unity and Ebonyi rice world project.
Refinancing total debt obligations and finance on-going
25. Edo State Government 2010/2016 2010 25,000.00 100.00 14.0% infrastructural projects
N/A = Not Available

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

TABLE 16: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED COMPANIES
NET CURRENT ASSETS (N’MILLION) NET ASSETS/SHARE HOLDERS FUNDS (N’MILLION) SHARE CAPITAL (N’MILLION)
2nd Tier Securities 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010
ADSWITCH 15.93 20.26 20.54 21.08 23.89 93.76 29.98 35.04 35.23 35.92 42.44 47.61 25.00 25.00 25.00 25.00 25.00 25.00
CAPITAL OIL PLC (34.11) (31.11) (15.81) (955.35) NA NA 37.55 39.32 52.75 13.34 NA NA 19.71 19.71 29.39 29.39 NA NA
JULI NA (17.22) 12.19 5.54 (18.82) NA NA 80.06 67.51 61.08 245.93 NA NA 89.00 89.00 89.00 99.95 NA
ROKANA IND. (100.56) (110.03) (91.09) (130.81) NA NA 222.44 203.58 211.95 170.38 NA NA 15.00 15.00 15.00 25.00 NA NA
SMART PRODUCTS NIGERIA PLC 63.58 66.78 48.78 55.01 NA 5.82 63.58 66.78 48.78 55.01 NA 76.54 16.47 18.00 18.00 18.00 NA 18.00
Agriculture/Agro-Allied
LIVESTOCK FEEDS NA NA 90.01 92.10 129.70 90.43 NA NA 318.17 363.91 393.86 422.16 NA NA 600.00 600.00 600.00 600.00
OKOMU OIL PALM CO. PLC (239.37) (21.59) (438.10) 466.22 601.71 1,393.04 3,682.07 3,340.23 3,188.18 4,282.99 4,353.49 5,866.41 158.99 158.99 238.48 238.48 238.48 238.48
PRESCO PLC 372.99 45.06 (512.46) (421.81) NA 932.59 2,315.58 2,155.68 1,956.96 2,553.53 N/A 3,518.20 250.00 250.00 250.00 500.00 N/A 500.00
Airline Services
AIRLINE SERVICES AND LOGISTICS
PLC (36.32) 30.44 (530.23) (126.17) N/A 661.16 230.17 558.50 1,222.57 1,324.82 N/A 1,612.99 26.00 260.00 317.00 317.00 N/A 317.00
NIGERIAN AVIATION HANDLING

COMPANY PLC 102.90 89.47 (20.81) 1,572.75 1,927.84 1,362.74 855.57 119,969.00 1,699.64 4,216.98 4,676.82 4,992.99 150.00 150.00 375.00 492.19 615.23 615.23
Automobile & Tyre
R. T. BRISCOE 1,444.47 1,977.91 2,266.99 2,523.29 N/A 2,553.81 1,857.73 2,389.51 2,817.91 3,219.01 N/A 3,449.64 181.54 181.54 226.92 283.65 N/A 408.46
Breweries
GUINESS NIG. PLC N/A 14,186.20 14,848.00 10,759.47 4,622.69 N/A N/A 25,667.54 31,638.84 36,862.56 31,524.70 N/A N/A 589.97 737.46 737.46 737.46 N/A
INT. BREW. (682.39) (951.54) (1,231.16) 191.86 854.46 684.59 (828.49) (1,189.85) (1,308.06) 2.19 (283.36) (84.22) 256.46 256.46 256.46 1,056.46 1,056.46 1,056.46
NIGERIAN BREWERIES PLC (7,391.51) 1,041.74 10,517.72 (14,150.04) N/A (4,595.69) 34,724.24 36,249.39 43,183.04 32,229.18 N/A 50,172.16 3,781.28 3,781.28 3,781.28 3,781.28 N/A 3,781.28
Source: Compiled from 2009/2010 Annual Report & Accounts of Companies


TABLE 16 CONT’D: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED COMPANIES
NET CURRENT ASSETS NET ASSETS/SHARE HOLDERS FUNDS SHARE CAPITAL
Building Materials 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010
ASHAKA CEMENT PLC 8,293.21 4,513.20 (443.44) (1,676.89) (3,095.86) 11,633.60 11,618.08 10,725.11 12,795.16 13,141.59 731.25 731.25 731.25 853.13 995.31
CEMENT CO. OF NIG. PLC (722.54) (2,232.23) (911.63) 506.18 N/A 1,606.95 1,554.25 3,148.33 3,976.42 N/A 541.67 541.67 628.34 628.34 N/A
BENUE CEMENT CO. PLC (18,411.20) (11,063.73) (23,309.18) (27,509.27) (15,546.06) (1,354.87) 8,354.90 9,607.13 13,751.40 24,208.91 247.50 1,237.50 1,392.19 1,566.21 1,957.76
LAFARGE WAPCO PLC (3,280.22) (68.02) 1,431.53 487.74 6,747.78 15,501.01 25,546.74 32,806.01 40,456.12 43,710.56 1,500.80 1,500.80 1,500.80 1,500.80 1,500.80
NIGERIAN ROPES PLC 185.35 218.70 302.84 290.64 159.74 263.52 286.27 308.28 295.73 150.26 131.83 131.83 131.83 131.83 131.83
NIGERIAN WIRE
INDUSTRIES PLC (57.36) (64.79) (110.37) (119.41) (149.60) 242.14 223.17 240.31 211.48 209.87 7.50 7.50 7.50 7.50 7.50
Chemical and paints
AFRICAN PAINT (NIG). PLC NA (251.51) (264.44) (317.41) (277.36) (279.95) NA 24.53 8.11 49.45 82.83 68.44 NA 65.00 65.00 65.00 130.00 13.00
BERGER PAINTS PLC (223.41) (105.60) 55.61 314.05 486.70 691.18 885.79 967.47 1,080.09 1,216.69 1,344.75 1,611.04 108.68 108.68 108.68 108.68 108.68 108.68
CAP PLC 657.79 727.57 933.22 582.06 643.82 829.16 796.32 857.07 100.82 686.46 754.44 1,021.30 105.00 105.00 105.00 105.00 105.00 140.00
DN MEYER PLC (79.55) 100.67 (61.76) (448.28) (854.78) (879.52) 102.60 163.36 603.44 1,434.07 807.00 587.38 121.45 121.45 145.75 145.75 145.75 162.50
IPWA NIGERIA PLC (266.20) (179.64) 137.95 156.20 NA NA 121.28 71.09 381.12 400.83 NA NA 179.39 179.39 256.35 257.07 NA NA
NIGERIAN-GERMAN CHEM 211.77 216.63 523.25 (199.44) NA 1,615.90 1,138.68 1,183.12 1,273.42 1,236.89 NA 2,407.22 76.89 76.89 76.89 76.89 NA 76.89
PORTLAND PAINTS &
PROD 182.94 167.08 331.31 490.85 611.39 711.78 358.82 360.96 535.30 718.09 869.19 952.81 20.00 20.00 20.00 200.00 200.00 200.00
Commercial/Services
COURTVILLE N/A (34.43) 56.46 333.79 399.33 383.61 NA 57.59 939.37 2,384.93 2,447.97 2,627.53 NA 5.00 5.00 1,480.00 1,480.00 1.48
RED STAR EXPRESS PLC N/A 386.72 474.08 669.88 743.43 675.67 NA 810.01 805.02 1,179.11 1,280.02 1,211.93 NA 51.45 257.25 257.25 257.25 294.75
SECURE ELECTRONIC
TECH (1,897.12) (2,082.28) 750.63 909.59 1,436.07 5,732.08 (1,778.44) (1,986.57) 811.95 6,394.72 6,847.62 7,082.28 449.72 500.00 2,600.00 2,600.00 2,815.77 2,815.77
TRANS-NATION WIDE PLC 42.26 50.67 73.36 44.85 92.65 117.14 87.91 103.24 129.59 154.22 381.85 412.44 44.18 66.27 66.27 66.27 66.27 66.27
Computer and Office
Equipment
NCR (NIG). PLC 58.62 80.75 265.92 294.52 869.33 1,109.77 74.56 (553.91) (585.73) (505.50) 439.37 1,160.95 54.00 54.00 54.00 54.00 54.00 54.00
THOMAS WYATT PLC (697.06) (437.26) (338.02) 145.87 82.72 NA (285.24) (139.87) (29.38) 212.95 191.07 NA 35.44 35.44 50.00 100.00 100.00 NA
TRIPPLE GEE PLC NA 221.33 178.16 265.33 276.38 232.22 NA 721.41 730.60 779.95 862.78 685.25 NA 164.99 164.99 164.99 247.48 247.48

Conglomerates 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010
A.G. LEVENTIS N/A 1,389.40 1,742.55 895.99 1,392.15 N/A 3,361.41 5,802.39 7,305.73 7,798.44 N/A 1,103.04 1,103.04 1,323.65 1,323.65
CHELLARAMS PLC N/A 430.95 477.24 280.23 (378.64) N/A 2,160.92 2,420.98 2,729.37 2,336.23 N/A 180.73 180.73 180.73 361.46
JOHN HOLT (693.00) (1,193.00) (1,377.00) (1,505.00) (3,500.00) 180.00 (171.00) (49.00) (79.00) (1,810.00) 195.00 195.00 195.00 195.00 195.00
PZ INDUSTRIES PLC N/A 18,224.33 17,075.08 18,141.48 18,440.67 N/A 28,808.46 30,567.45 32,714.20 35,565.45 N/A 1,270.55 1,270.55 1,588.19 1,588.19
UACN PLC 2,041.00 4,562.00 (3,163.00) (15,262.00) (87.00) 15,228.00 18,009.00 27,354.00 41,157.00 37,487.00 N/A N/A N/A N/A N/A
UNILEVER NIG. PLC 852.99 (1,260.78) (1,029.43) 693.75 1,301.83 5,570.61 3,953.35 5,030.84 6,681.55 8,202.73 1,513.32 1,891.65 1,891.65 1,891.65 1,891.65
Construction
COSTAIN (W A) PLC N/A (1,400.42) (1,083.74) (1,292.78) 3,455.52 N/A (1,349.94) (1,241.98) (932.38) 8,692.29 N/A 79.96 79.96 79.96 542.19
JULIUS BERGER PLC N/A (38,364.34) (19,427.45) (16,597.27) (32,042.88) N/A 4,116.93 5,610.64 6,563.06 7,722.18 N/A 150.00 150.00 600.00 600.00
MULTIVERSE (548.75) (508.84) (542.36) 1,360.21 (127.50) 67.34 136.28 201.99 3,614.50 3,698.43 11.00 11.00 135.00 2,029.49 2,130.97
ROADS NIG. PLC N/A (78.58) (69.57) (224.25) (866.25) N/A 42.28 67.40 108.75 154.54 N/A 10.00 10.00 10.00 10.00
Engineering Technology
CUTIX PLC N/A 107.10 127.20 137.37 98.47 182.61 N/A 180.68 270.67 385.15 400.05 474.70 N/A 132.10 132.10 264.20 264.20 264.20
INTERLINKED TECH. PLC N/A (2.00) (10.09) (20.16) (45.16) 429.85 N/A 2.93 0.94 2.74 (25.68) 446.45 N/A 18.94 18.94 23.60 23.60 118.35
NIG. WIRE & CABLE PLC (756.39) (1,076.15) (1,105.83) (300.28) (551.52) N/A 244.24 (202.66) (437.01) 450.52 66.30 N/A 210.00 210.00 210.00 800.00 800.00 N/A
Food/Beverage &Tobacco
BIG TREAT PLC 459.76 637.49 551.59 587.15 79.31 103.31 1,020.23 2,076.09 2,282.43 1,552.76 20.00 865.00 1,000.00 1,000.00 1,000.00
CADBURY NIG. PLC 9,506.32 (9,756.53) (13,100.12) (14,426.48) 1,514.32 10,320.20 2,402.80 513.57 (2,734.53) 13,155.70 500.42 550.42 550.42 550.42 1,564.59
DANGOTE FLOUR MILLS PLC N/A 1,043.10 1,094.31 337.95 460.70 N/A 14,153.52 21,907.49 23,157.86 26,749.58 N/A 1,500.00 2,500.00 2,500.00 2,500.00
DANGOTE SUGAR REFINERY PLC N/A 13,920.44 14,270.73 19,292.41 26,003.78 N/A 27,977.59 25,956.15 32,627.20 41,612.80 N/A 5,000.00 5,000.00 6,000.00 6,000.00
FLOUR MILLS N/A 2,121.41 3,804.14 7,443.74 4,171.39 N/A 10,770.07 13,785.28 21,951.79 22,868.24 N/A 582.40 582.40 776.53 854.19
HONEYWELL FLOUR MILL PLC N/A (3,395.70) (2,474.96) (2,601.87) (2,625.38) N/A 2,948.12 3,584.47 5,190.48 5,399.59 N/A 1,000.00 1,000.00 1,999.99 3,499.99

Food/Beverage
&Tobacco (Cont’d) 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010
MULTI-TREX
INTERGRATED PLC N/A (33.77) (263.34) 640.33 (2,345.51) N/A 607.79 754.20 1,644.12 2,638.35 N/A 10.00 200.00 1,500.09 1,861.22
N. NIG. FLOUR MILLS N/A 474.85 242.07 306.34 512.73 N/A 793.72 608.43 66.02 865.17 N/A 74.25 74.25 74.25 74.25
NATIONAL SALT (51.72) (214.84) 2,368.85 2,428.94 N/A 14.07 (0.86) 3,472.38 3,887.53 N/A 39.98 39.98 1,103.93 1,324.72 N/A
NESTLE FOODS NIG.
PLC 3,118.02 4,247.01 2,579.57 4,248.58 (165.21) 5,980.31 6,360.49 6,236.52 9,031.24 10,543.94 264.22 264.22 330.27 330.27 330.27
NIG. BOTTLING CO. PLC (2,983.44) (6,508.57) (2,950.23) (9,442.84) (8,005.13) 20,404.16 20,088.54 22,853.19 21,912.67 29,826.12 649.64 649.64 649.64 649.64 649.64
PS MANDRIDES 109.44 112.03 109.71 125.76 120.67 219.22 227.13 233.34 264.17 268.53 20.00 20.00 20.00 20.00 20.00
TANTERLIZERS 98.28 136.21 (1,304.49) 231.99 (143.62) 599.87 734.91 971.68 3,768.05 3,647.67 5.00 5.00 961.68 1,475.00 1,475.00
UTC PLC 300.79 800.33 1,528.27 1,533.52 1,666.75 201.93 687.07 1,258.59 1,351.84 1,426.61 560.63 560.63 560.63 616.69 616.69
Healthcare
FIDSON HEALTHCARE
PLC N/A 400.64 606.70 2,596.76 668.75 312.83 N/A 1,068.57 1,426.73 4,965.95 5,095.02 8,450.14 N/A 89.18 89.18 750.00 750.00 750.00
GLAXO SMITHKLINE N/A N/A N/A N/A N/A
BEECHAM 1,367.92 1,768.75 1,871.69 2,327.38 N/A 1,765.19 3,493.47 4,193.08 4,601.95 5,451.46 N/A 7,381.9 478.35
MAY & BAKER 809.45 1,313.50 1,094.24 1,193.37 9.57 185.38 816.91 2,617.35 2,615.66 2,753.63 2,705.71 2,883.38 108.59 350.00 350.00 350.00 350.00 490.00
MORISON IND. PLC 102.78 81.42 81.29 82.76 N/A N/A 120.94 119.96 125.45 464.94 N/A N/A 45.65 45.65 76.09 76.09 N/A N/A
NEIMETH INT. PHARM. N/A 1,836.53 1,728.38 2,087.42 1,226.92 1,343.34 N/A 1,576.00 1,623.72 1,634.08 1,072.79 1,160.49 N/A 327.07 327.53 328.63 410.79 410.79
PHARMA DEKO PLC N/A (586.91) (787.35) (915.90) (1,301.55) 1,055.82 N/A 85.96 (66.44) (184.91) (646.41) 1,110.50 N/A 47.48 47.48 49.76 49.76 49.76
Hotel and Tourism
CAPITAL HOTEL PLC N/A 421.04 612.11 1,879.23 2,312.27 2,654.20 N/A 1,592.26 1,691.85 1,900.99 2,491.99 2,974.43 N/A 774.39 774.39 774.39 774.39 774.39
IKEJA HOTEL PLC (3,310.55) 379.42 (4,145.61) (3,451.98) (3,924.74) (3,018.38) 1,947.25 4,239.06 4,810.90 5,505.40 6,670.45 7,924.72 540.00 866.17 866.17 866.17 1,039.41 1,039.40
Industrial/Domestic
Products
ALUMINIUM EXTRUSION
IND. PLC (26.98) (137.48) (132.59) (291.77) (228.95) (210.92) 13.83 34.52 86.22 157.69 235.37 295.68 109.98 109.98 109.98 109.98 109.98 109.98
BOC GASES NIGERIA
PLC (139.14) (254.29) (288.04) (129.03) 31.56 340.01 403.62 470.07 627.68 763.38 910.66 1,140.79 196.56 196.56 196.56 196.56 196.56 196.56
FIRST ALUM. PLC (94.40) (460.29) 113.05 191.48 425.08 N/A 1,448.80 1,343.79 880.95 2,330.33 6,367.84 N/A 621.11 621.11 621.11 1,055.33 1,055.33 N/A
NIG. ENAMEL WARE 138.39 159.47 216.06 234.09 138.93 201.60 111.75 118.09 142.63 145.13 174.05 234.50 14.40 14.40 14.40 14.40 14.40 31.68
VITAFOAM NIG. PLC 713.03 693.19 1,042.72 1,128.60 N/A N/A 883.72 1,060.55 1,401.59 1,895.13 N/A N/A 327.60 409.50 409.50 409.50 N/A N/A
VONO PRODUCTS PLC 90.49 76.96 (487.49) (306.96) (609.67) 665.83 268.08 268.21 263.60 143.44 1,005.29 608.32 150.00 150.00 150.00 150.00 150.00 150.00

Information, Communication
and Telecommunication 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010
CHAMS PLC N/A (213.36) 12.42 4,083.89 3,866.53 3,038.60 N/A 726.52 2,184.21 9,879.28 8,751.99 7,381.70 N/A 100.00 861.03 2,348.53 2,348.53 2,348.00
E-TRANZACT
INTERNATIONAL PLC (141.70) 64.32 182.53 2,014.50 1,116.99 938.35 241.05 421.56 537.73 2,921.86 2,635.25 2,430.90 245.50 350.00 350.00 2,100.00 2,100.00 2,100.00
(2,325.10
IHS NIGERIA PLC N/A 1,323.66 2,386.74 4,849.72 13,612.31 ) N/A 227.08 428.89 1,498.46 9,187.85 9,700.60 N/A 30.00 30.00 30.00 2,200.00 2,200.00
MTI PLC 66.77 (550.61) (482.01) 4,380.09 13.59 N/A 117.47 (461.23) (416.43) 4,498.20 3,883.66 N/A 6.00 6.00 51.00 2,446.80 2,446.80 N/A
STARCOMMS PLC N/A (6,796.06) (8,942.71) 3,689.92 (7,006.85) 13,154.94 N/A (8,149.68) 7,311.02 39,036.26 31,249.08 23,588.95 N/A 41.28 1,846.86 3,439.24 3,439.24 3,439.24
Leasing
C & I LEASING PLC (929.75) (1,588.47) 266.78 (208.45) (118.99) 2,501.21 449.15 488.46 1,635.60 1,801.49 2,226.88 N/A 300.00 300.00 800.30 800.30 808.51 808.51
Maritime
JAPAUL OIL & MARITIME N/A
SERVICES N/A 49.60 439.87 1,985.71 3,293.05 N/A N/A 1,153.14 1,531.25 20,995.09 21,287.61 N/A N/A 583.10 583.10 3,131.35 3,131.35
Media
N/A N/A
AFROMEDIA PLC N/A (380.93) (445.28) 2,538.53 2,602.81 N/A N/A (217.86) 1,603.57 4,632.80 4,928.38 N/A 10.00 10.00 2,017.75 2,017.75
DAAR COMMUNICATION N/A N/A
PLC 1,347.35 1,133.37 1,321.32 (63.66) (2,592.83) N/A 10,136.36 9,551.85 11,416.35 17,528.10 14,870.18 750.00 750.00 3,085.26 4,000.00 4,000.00
Packaging
AVON CROWNCAPS AND 1,339.17 341.99
CONSTAIN N/A 315.10 398.20 836.43 1,016.50 881.02 N/A 1,347.31 1,519.95 1,714.06 1,868.53 N/A 284.99 284.99 341.99 341.99
9,816.81 249.99
BETA GLASS CO. PLC 744.32 874.13 777.95 709.33 3,179.31 3,209.40 5,031.34 5,366.98 6,165.05 7,289.57 8,524.35 227.26 227.26 227.26 249.99 249.99
341.38 21.32
GREIF NIGERIA PLC N/A (12.96) (40.73) 149.15 216.23 267.96 333.00 317.40 315.01 297.75 N/A 21.32 21.32 21.32 21.32
639.03 107.04
NAMPAK NIGERIA PLC 302.18 349.99 (9.33) (236.61) (216.36) 5.81 650.72 780.24 612.91 381.89 424.42 107.04 107.04 107.04 107.04 107.04
NIGERIAN BAGS 9,766.08 3,107.5
MANUFACTURING
COMPANY PLC N/A (271.82) (752.20) 5,217.34 5,830.55 6,000.38 N/A 660.70 1,573.65 9,284.92 9,239.72 N/A 125.00 125.00 3,107.50 3,107.50
330.52 120.00
POLY PRODUCTS N/A 46.20 39.12 100.00 (47.83) 64.03 N/A 248.00 264.24 275.76 306.54 N/A 120.00 120.00 120.00 120.00
N/A N/A
STUDIO PRESS (179.38) 557.78 (810.07) (1,379.95) (936.13) N/A 294.49 909.10 944.45 1,452.45 1,978.98 40.00 40.00 40.00 40.00 40.00

Petroleum (Marketing) 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010
AFRICAN PETROLEUM N/A N/A N/A
PLC 7,446.47 5,924.84 1,272.34 1,959.63 23,578.78 293.70 2,455.23 7,367.95 6,852.32 32,653.16 394.39 394.39 394.39 394.39 489.03
N/A N/A N/A
CONOIL PLC 3,532.49 3,845.49 6,137.96 5,589.21 7,634.62 8,486.14 11,294.90 11,980.01 11,892.69 13,511.10 346.98 346.98 346.98 346.98 346.98
ETERNA OIL & GAS N/A N/A N/A
PLC (555.00) (506.17) 582.77 (6,057.12) (2,090.75) (124.16) (100.82) 1,184.92 778.28 3,902.32 250.00 250.00 325.00 390.00 652.07
N/A N/A N/A
MOBIL OIL NIG. PLC 831.64 2,499.27 1,607.33 2,828.01 2,396.79 3,305.08 2,833.69 2,248.35 2,837.06 4,176.55 120.20 120.20 120.20 150.25 150.25
N/A N/A N/A
MRS OIL NIGERIA PLC 542.52 516.62 1,425.43 (370.73) 556.00 3,115.17 3,386.46 4,045.36 1,915.02 2,965.93 126.99 126.99 126.99 126.99 126.99
N/A N/A N/A
OANDO PLC N/A (5,324.00) 1,827.05 25,199.82 (13,562.77) N/A 22,113.92 44,713.58 33,218.52 35,079.84 N/A 286.15 377.04 452.44 452.44
N/A N/A N/A
TOTAL NIG. PLC (1,727.35) (2,226.32) (2,024.48) (2,303.39) (2,849.12) 3,742.24 4,131.82 5,765.75 6,338.94 7,268.98 167.76 167.76 167.76 167.76 167.76
Printing and Publishing

N/A N/A N/A
ACADEMY PRESS PLC N/A 112.54 117.92 82.48 58.09 N/A 262.57 313.33 352.11 385.83 N/A 100.80 100.80 100.80 151.20
N/A N/A N/A
LONGMAN NIG. PLC 221.74 408.61 634.76 3,144.76 3,355.33 351.43 555.18 761.42 3,227.75 3,551.51 73.50 88.20 88.20 128.58 385.73
UNIVERSITY PRESS N/A N/A N/A
PLC N/A 212.54 209.90 512.25 561.09 N/A 441.35 491.99 963.87 1,100.38 N/A 74.90 74.90 149.80 149.80
Real Estate
UACN PROPERTIES N/A N/A N/A
DEV. 3,664.97 8,018.07 5,630.08 20,369.47 19,675.07 16,814.84 20,981.25 20,549.18 30,900.20 29,779.68 550.00 550.00 550.00 550.00 550.00
Road Transportation
ASSOCIATED BUS N/A N/A N/A
COMPANY PLC (51.71) (321.85) (289.42) (244.56) (792.38) 1,754.32 1,780.21 1,826.77 1,752.16 1,764.47 753.50 753.50 753.50 753.50 753.50
Textiles
N/A N/A N/A
UNTL PLC 5,848.76 6,375.10 4,804.50 3,163.44 6,981.32 9,090.86 8,262.46 6,609.43 5,859.99 4,206.09 421.64 421.64 421.64 421.64 421.64

TABLE 17: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED FINANCIAL INSTITUTIONS
ASSETS SHAREHOLDERS FUNDS SHARE CAPITAL
Banking 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010
ACCESS BANK
NIG. PLC N/A 174,553.87 328,615.19 1,031,842.02 647,574.72 N/A N/A 28,893.89 28,384.89 172,002.03 173,151.02 N/A N/A 6,978.16 3,489.08 8,071.25 8,131.02 N/A
BANK PHB PLC 51,670.88 156,001.30 378,949.31 1,036,586.07 N/A N/A 12,660.36 28,490.49 36,127.54 167,480.27 N/A N/A 4,311.37 9,652.54 3,217.51 7,577.50 N/A N/A
ECOBANK
NIGERIA PLC 67,652.62 132,091.71 311,395.89 432,466.25 N/A N/A 26,935.30 29,321.45 34,822.35 76,825.90 74,320.00 N/A 5,413.56 10,827.11 10,827.11 3,609.04 N/A 6,940.00
N/A
FIDELITY BANK
PLC N/A 119,986.00 217,144.00 533,122.00 434,052.00 N/A 25,597.00 26,757.00 135,863.00 129,340.00 134,444.00 N/A 8,232.00 8,232.00 14,481.00 14,481.00 14,481.00
FIRST CITY N/A
MONUMENT
BANK Plc N/A 106,611.29 262,805.89 465,210.90 460,081.09 N/A 26,398.33 30,968.87 132,127.48 128,127.07 134,635.82 N/A 4,751.22 4,751.22 8,135.60 8,135.60 8,135.60
N/A
GT BANK PLC N/A 304,580.63 478,363.06 918,278.76 1,019,911.54 N/A 40,645.54 47,433.19 179,550.73 188,475.80 205,167.80 N/A 3,000.00 4,000.00 7,461.50 9,326.88 11,658.60
N/A
STERLING BANK
PLC 19,435.29 109,664.43 145,974.67 236,502.92 205,640.83 2,966.73 26,319.33 26,800.40 30,238.88 22,141.99 26,320.49 2,386.99 5,276.42 5,276.42 6,281.55 6,281.55 6,281.55
N/A
UNION BANK OF
NIGERIA PLC 248,928.00 851,241.00 1,102,348.00 1,520,091.00 1,400,879.00 17,702.00 47,621.00 164,821.00 188,155.00 187,719.00 (135,894.00) 1,530.00 3,530.00 5,748.00 8,622.00 10,778.00 6,755.00
N/A
WEMA BANK PLC N/A N/A 182.87 156.21 150.94 N/A N/A 26,426.65 (19,936.57) (45,837.96) 14,837.28 N/A N/A 5,034.97 5,034.97 5,160.32 6,410.62
N/A
ZENITH BANK
PLC 332,885.00 610,769.00 883,941.00 1,680,032.00 1,573,196.00 37,790.00 100,401.00 112,833.00 338,483.00 328,383.00 350,414.00 3,000.00 4,587.00 4,633.00 8,372.00 12,559.00 15,698.00
Mortgage
Companies
N/A
ABBEY BUILDING
SOCIETY PLC 2,202.98 3,397.91 5,546.90 10,213.49 10,730.91 464.24 616.99 1,445.20 5,295.27 5,404.60 5,518.52 360.00 518.00 1,019.94 2,100.00 2,100.00 2,100.00
N/A
ASO SAVINGS
AND LOANS PLC 2,288.28 3,341.46 43,833.02 67,278.14 N/A (285.47) (532.71) (256.09) 5,038.01 N/A 3,008.45 107.24 107.24 107.24 4,339.57 N/A 4,339.57
RESORT N/A
SAVINGS &
LOANS PLC 305.53 350.36 432.41 6,730.51 8,489.69 (23.42) 114.75 146.86 5,601.68 7,003.14 N/A 13.25 151.40 191.50 5,494.74 6,587.87 N/A
UNION HOMES N/A
SAVINGS AND
LOANS 54,776.47 61,838.49 69,529.86 78,425.54 85,055.41 2,430.25 2,494.32 8,559.01 10,262.62 7,215.37 N/A 1,000.00 1,000.00 2,500.00 3,125.00 3,906.25 N/A
Other Financial
Institutions
N/A
CRUSADER
NIGERIA PLC 7,177.69 10,327.14 13,015.68 7,889.58 8,043.59 1,857.97 6,148.49 8,373.58 4,621.18 4,594.00 4,649.14 66.75 66.75 2,774.61 2,774.61 2,569.13 2,260.30
DEAP CAPITAL N/A
MANAGEMENT &
T N/A 1,227.63 2,883.30 5,310.93 5,789.90 N/A 246.40 1,308.99 2,378.70 737.97 (958.35) N/A 231.38 500.00 750.00 750.00 750.00
N/A
ROYAL
EXCHANGE PLC 5,418.61 6,041.54 15,332.79 12,493.74 N/A 2,727.59 3,207.59 11,916.36 5,947.79 N/A 2,286.83 800.90 800.90 1,679.95 1,847.94 N/A 12,899.71

TABLE 17 CONT’D: EXTRACTS FROM THE BALANCE SHEET OF SOME LISTED FINANCIAL INSTITUTIONS
ASSETS SHAREHOLDERS FUNDS SHARE CAPITAL
Insurance 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
AIICO INSURANCE PLC 10,729.69 8,704.16 12,969.43 20,313.03 22,079.65 3,193.36 4,793.26 5,234.27 10,628.43 11,129.25 700.00 1,332.77 1,873.76 3,485.34 3,520.08
CONSOLIDATED HALLMARK INSURANCE
PLC 630.67 1,148.30 4,651.67 5,607.70 4,991.82 432.16 900.74 3,736.64 4,081.99 3,973.27 300.00 665.16 3,000.00 3,000.00 3,000.00
CONTINENTAL REINSURANCE 2,932.31 4,230.96 14,159.65 14,353.59 15,640.19 1,362.43 2,224.40 11,815.27 11,134.33 11,169.62 856.91 1,240.59 5,186.37 5,186.37 5,186.37
CORNERSTONE INSURANCE PLC 2,519.57 5,820.77 8,819.91 8,711.54 9,223.70 1,649.52 3,963.84 6,732.44 5,893.85 5,875.64 982.27 2,160.90 4,410.01 4,410.01 4,410.01
CUSTODIAN AND ALLIED INSURANCE 3,966.94 5,596.54 11,854.92 14,135.88 3,034.94 4,575.60 8,944.45 11,133.80 1,695.83 2,000.00 2,395.37 2,569.39
EQUITY ASSURANCE PLC 360.71 485.38 6,218.19 8,045.28 8,464.55 334.22 413.10 5,775.86 5,622.50 6,437.70 224.12 240.13 3,853.94 3,853.94 4,423.65
GOLDLINK INSURANCE PLC 5,453.70 6,880.73 7,605.53 8,484.52 8,739.50 4,135.88 5,427.19 5,570.60 6,967.50 6,778.20 2,395.00 3,396.32 3,735.95 4,549.95 2,274.97
GUARANTY TRUST ASSURANCE 3,361.27 6,181.64 7,975.94 16,474.14 3,101.26 5,335.79 6,298.66 12,515.35 500.00 4,842.59 2,500.00 4,375.00
GUINEA INSURANCE PLC 974.92 1,118.52 4,053.98 4,090.87 4,221.64 523.90 532.40 3,513.19 3,338.00 3,297.36 360.00 210.00 2,550.00 2,550.00 2,550.00
INTERCONTINENTAL WAPIC PLC 11,530.41 12,112.26 11,186.87 8,816.70 8,497.36 8,312.60 2,109.09 2,530.90 2,530.90
INTERNATIONAL ENERGY INSURANCE PLC 116.40 2,849.00 12,464.00 16,498.00 15,629.00 717.00 1,897.00 10,873.00 11,748.00 9,321.00 635.00 1,425.00 2,752.00 2,752.00 3,210.00
KAPITAL INSURANCE PLC 904.38 773.79 3,898.93 8,895.09 661.52 616.17 3,548.83 8,156.07 364.00 394.00 3,311.17 6,175.00
LASACO ASSURANCE PLC 2,194.42 2,770.83 8,626.49 8,742.83 1,340.30 1,515.45 6,086.10 6,014.42 500.00 604.91 3,601.72 3,601.72
LAW UNION AND ROCK 4,868.18 5,146.16 5,816.11 6,866.70 1,207.09 3,980.52 3,646.96 4,537.82 500.00 1,718.67 1,718.67 1,718.67
LINKAGE ASSURANCE PLC 2,455.87 3,214.19 7,290.09 5,265.65 979.14 2,283.68 4,518.49 3,247.58 1,319.99 2,041.86 2,551.40 2,551.40
MUTUAL BENEFITS ASSURANCE PLC 2,911.01 5,164.93 10,783.30 9,928.19 11,994.01 1,977.71 4,035.69 6,261.17 4,394.31 4,511.56 500.00 950.00 2,844.37 2,844.37 4,000.00
N.E.M INSURANCE CO (NIG) PLC 732.06 1,022.81 5,158.80 4,997.94 359.83 369.48 3,951.77 4,037.70 203.06 203.11 2,488.46 2,488.46
NIGER INSURANCE PLC 8,400.98 11,154.88 13,641.48 18,565.28 2,063.41 5,487.47 6,383.57 5,622.94 750.00 1,580.33 1,975.41 1,975.41
OASIS INSURANCE PLC 1,051.04 3,707.77 3,581.28 3,424.87 735.03 3,459.98 3,122.73 3,027.19 545.42 2,501.75 2,501.75 2,501.75
PRESTIGE ASSURANCE PLC 3,981.67 5,094.58 4,878.17 5,879.20 3,617.36 4,681.92 4,369.62 4,343.72 797.65 859.99 1,074.99 1,074.99
REGENCY ALLIANCE INSURANCE 824.33 2,065.33 4,321.79 4,822.97 601.03 1,516.70 3,703.90 4,396.64 350.00 350.00 1,075.00 3,031.25
SOVEREIGN TRUST INSURANCE PLC 1,311.63 2,235.18 3,959.22 5,357.55 5,268.70 806.35 1,590.36 3,217.57 3,619.44 3,439.89 510.99 1,185.46 2,168.23 2,601.88 2,601.88
STACO INSURANCE PLC 945.92 3,323.06 4,375.90 4,336.90 945.92 3,323.06 4,375.90 4,336.90 607.55 2,144.74 2,414.74 2,414.74
STANDARD ALLIANCE INSURANCE 2,376.94 3,162.21 7,388.45 22,389.13 18,742.47 1,669.51 1,641.12 6,338.45 21,252.98 16,432.57 490.00 735.00 3,571.59 5,996.59 5,996.59
UNIC INSURANCE PLC 3,631.69 7,376.59 6,973.15 7,362.57 7,210.06 4,129.80 4,715.22 4,708.85 4,451.58 1,191.73 397.60 1,291.15 1,291.15 1,291.15 1,291.15
UNITY KAPITAL ASSURANCE PLC 904.38 773.79 3,898.93 8,895.09 8,994.75 661.52 616.17 3,548.83 8,156.07 8,191.78 364.00 394.00 3,311.17 6,175.00 6,175.00
UNIVERSAL INSURANCE COMPANY PLC 6,204.43 5,698.65 10,634.37 10,474.50 8,320.78 4,500.85 4,485.84 9,503.25 9,722.35 7,651.68 400.00 2,000.00 8,000.00 8,000.00 8,000.00

TABLE 18: EXTRACTS FROM PROFIT AND LOSS ACCOUNT OF SOME LISTED COMPANIES
TURNOVER PROFIT AFTER TAX EARNING PER SHARE DIVIDEND PER SHARE
COMPANY 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
2nd Tier Securities
ADSWITCH 55.52 38.02 57.20 35.99 84.73 6.60 5.06 5.19 0.68 6.51 0.05 0.04 0.04 0.01 0.05
CAPITAL OIL PLC 140.89 135.85 219.93 257.60 0.39 1.78 0.27 (39.41) 0.01 0.02 0.00 (0.50)
JULI 185.65 236.62 286.55 288.70 (23.51) (7.09) (11.88) (26.47) (0.13) (0.04) (0.06) (0.13)
ROKANA IND. 57.56 80.91 63.35 77.89 (21.36) (18.85) (19.63) (46.57) (1.41) (1.26) (0.79) (1.86)
SMART PRODUCTS
NIGERIA PLC 26.24 10.56 12.55 13.32 (6.60) 2.36 3.87 2.47 (0.18) 0.06 0.11 0.07
Agriculture/Agro-
Allied
LIVESTOCK FEEDS 931.98 2,368.59 2,178.43 34.67 45.74 29.95
OKOMU OIL PALM
CO. PLC 2,465.66 2,740.78 2,807.71 4,734.19 4,741.22 701.31 395.73 139.79 1,207.46 549.52 2.21 1.24 0.29 2.53 1.15 1.000 0.000 0.000 0.250 0.250
PRESCO PLC 2,347.61 2,104.75 2,266.95 3,964.45 340.68 216.87 37.25 674.06 0.68 0.43 0.07 0.67 0.600 0.600 0.050 0.300
Airline Services
AIRLINE SERVICES
AND LOGISTICS PLC 910.30 1,847.47 3,471.16 3,601.02 27.06 179.24 322.76 213.29 0.52 0.34 0.51 0.17 0.030 0.090 0.050
NIGERIAN AVIATION
HANDLING
COMPANY PLC 3,050.54 3,245.55 3,661.28 4,430.04 6,066.55 317.73 434.12 589.95 802.91 1,247.33 1.06 1.45 0.79 0.82 1.01 0.300 0.300 0.300 0.550 0.700
Automobile & Tyre

R. T. BRISCOE 7,726.05 13,162.02 16,239.45 20,051.34 199.69 531.78 609.94 628.02 0.55 1.46 1.34 1.11 0.350 0.350 0.500 0.400
Breweries
GUINESS NIG. PLC 53,651.78 62,265.41 69,172.85 89,148.21 7,440.10 10,691.06 11,860.88 13,541.19 6.31 7.84 8.04 9.18 3.000 3.460 4.500 12.800
INT. BREW. 401.40 313.05 561.67 931.92 1,616.50 (523.66) (361.36) (118.22) 63.51 (285.55) (0.30) (0.43) (0.23) 0.03 (0.14)
NIGERIAN
BREWERIES PLC 80,130.97 86,322.08 111,748.30 145,461.76 8,254.56 10,900.52 18,942.86 25,700.59 1.09 1.44 2.50 3.40 0.650 1.200 1.590 4.850
Building Materials
ASHAKA CEMENT
PLC 15,815.25 16,771.56 16,473.96 21,378.20 17,193.97 4,429.88 3,377.48 1,603.46 2,070.05 943.62 3.03 2.31 1.10 1.21 0.47 2.320 1.500 0.000 0.000 0.000
CEMENT CO. OF
NIG. PLC 5,916.17 6,374.33 8,042.95 9,878.09 224.28 (34.95) 138.66 1,530.52 0.21 (0.03) 0.11 1.34 0.100 0.100 0.000 0.100 0.900
BENUE CEMENT CO.
PLC 4,005.10 6,029.21 5,473.44 16,453.71 35,012.08 2,243.94 3,032.87 1,252.23 4,144.27 10,457.51

TABLE 18 CONT’D: EXTRACTS FROM PROFIT AND LOSS ACCOUNT OF SOME LISTED COMPANIES
Building Materials
(Cont’d) 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
LAFARGE WAPCO PLC 26,463.84 39,517.59 38,664.80 43,273.81 45,589.80 3,032.87 10,946.20 10,678.65 11,252.03 5,055.40 1.01 3.65 3.56 3.75 1.68 0.300 1.000 1.200 0.600 0.100
NIGERIAN ROPES PLC 417.56 450.71 367.13 442.66 425.36 14.24 22.75 22.01 29.72 (128.42) 0.05 0.09 0.08 0.11 (0.49) 0.000 0.075 0.075 0.075 0.075
NIGERIAN WIRE
INDUSTRIES PLC 272.70 246.42 319.36 538.20 571.89 (9.51) (18.97) (14.47) 2.77 (1.61) (0.63) (1.26) (0.96) 0.18 (0.11)
Chemical and paints

AFRICAN PAINT (NIG).
PLC 78.12 59.91 42.58 50.94 (22.30) (16.43) (61.81) (31.62)
BERGER PAINTS PLC 1,914.24 2,300.62 2,275.36 2,534.72 2,379.85 (44.91) 81.68 112.62 148.74 193.28 (0.21) 0.37 0.52 0.95 0.89 0.000 0.000 0.000 0.000 0.000
CAP PLC 1,525.43 1,986.25 2,099.93 2,679.86 3,027.60 201.57 312.75 829.78 735.64 340.98 0.96 1.49 3.95 3.50 1.62 0.700 3.000 3.750 3.300 1.600
DN MEYER PLC 1,368.94 2,008.79 2,094.03 2,266.91 1,894.49 (208.79) 60.75 63.78 (296.42) (627.07) (0.86) 0.25 0.21 (1.02) (2.15) 0.000 0.000 0.000 0.100 0.000
IPWA NIGERIA PLC 253.97 303.92 485.67 562.79 (34.13) (50.19) 68.52 21.51 (0.12) (0.14) 0.13 0.04 0.012 0.020
NIGERIAN-GERMAN
CHEM 2,060.02 2,040.01 2,492.46 2,683.99 91.00 98.26 159.50 32.68 0.59 0.64 1.04 0.21 0.350 0.000 0.450 0.000
PORTLAND PAINTS &
PROD 1,175.52 1,441.01 1,711.42 1,963.72 2,269.25 (81.10) 2.14 212.75 187.76 183.10 (2.03) 0.05 5.32 0.47 0.46 0.000 0.000 0.000 0.000 0.000
Commercial/Services
COURTVILLE 17.74 268.45 515.80 776.83 (37.85) 2.61 273.35 215.94
RED STAR EXPRESS
PLC 2,249.10 2,668.27 3,098.50 3,959.98 231.38 118.48 197.18 248.29 4.50 0.23 0.33 0.42
SECURE ELECTRONIC
TECH 0.00 0.00 107.11 120.42 1,871.70 (786.44) (208.13) (475.26) 631.61 10.84
TRANS-NATION WIDE
PLC 183.41 274.04 378.50 474.70 533.01 21.81 28.58 45.71 47.50 55.74 0.25 0.22 0.34 0.36 0.42 0.000 0.100 0.100 0.100 0.050
Computer and Office

Equipments
NCR (NIG). PLC 860.99 1,590.83 4,209.68 5,411.43 4,270.06 31.26 (623.07) (31.82) 80.24 944.86 0.30 (5.80) (0.30) 0.70 8.70
THOMAS WYATT PLC 34.69 79.57 121.85 162.75 201.98 (115.81) 1.87 0.27 2.02 0.98 (1.63) 0.03 0.00 0.01 0.01
TRIPPLE GEE PLC 383.85 631.35 775.41 1,000.41 20.69 52.08 101.40 143.27 0.06 0.16 0.31 0.29
Conglomerates
A.G. LEVENTIS 3,251.83 2,452.09 2,858.94 3,585.97 300.59 541.99 576.73 874.97 0.14 0.25 0.22 0.33
CHELLARAMS PLC 8,357.09 9,929.88 12,571.94 14,398.83 159.46 260.07 192.01 (338.93) 0.44 0.72 0.53 (0.66) 0.100 0.000 0.150 0.150
JOHN HOLT 9,159.00 11,914.00 16,551.00 20,866.00 18,414.00 2.00 (467.00) 38.00 (85.00) (2,112.00) 0.51 (1.20) 0.10 (0.22) (5.43)
PZ INDUSTRIES PLC 37,919.30 45,494.69 55,239.42 63,800.73 3,235.59 3,512.35 3,950.94 4,818.61 1.02 1.11 1.24 1.52 0.690 0.710 0.620 0.680
UACN PLC 27,229.00 34,082.00 37,155.00 53,652.00 56,496.00 1,630.00 3,204.00 3,058.00 4,241.00 4,019.00 1.27 2.49 2.19 3.31 3.14 1.000 1.000 1.700 2.000 1.300
UNILEVER NIG. PLC 33,390.94 25,554.42 33,990.85 37,377.49 44,481.28 1,616.46 (1,617.26) 1,077.50 2,596.53 4,093.82 0.43 (0.43) 0.28 0.69 1.08

Construction 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
COSTAIN (W A) PLC 1,111.76 3,016.40 3,814.90 6,274.12 (1,488.64) 107.96 353.22 (615.12) (9.31) 0.68 2.21 (0.57)
JULIUS BERGER
PLC 56,868.10 78,377.64 112,475.89 148,426.20 1,119.05 1,763.71 2,452.43 3,259.12 3.73 5.88 2.04 2.72 0.900 1.250 1.750 2.400
MULTIVERSE 115.43 236.70 303.32 417.03 552.63 (15.22) 68.94 64.71 86.99 93.81 (0.69) 0.26 0.02 0.06 0.02 0.000 0.000 0.000 0.000 1.000
ROADS NIG. PLC 1,332.85 1,756.41 2,426.23 3,124.72 11.96 25.12 41.34 59.80 0.60 1.26 2.07 2.99 0.000 0.300 0.400 0.450
Engineering
Technology
CUTIX PLC 714.17 1,064.02 1,307.34 1,323.45 54.32 121.69 114.48 78.31 0.10 0.23 0.22 0.15 0.100 0.120 0.120 0.120
INTERLINKED TECH.
PLC 128.41 77.09 285.64 292.13 8.09 (1.99) (13.18) 1.13 0.21 (0.05) (0.28) 0.02 0.000 0.000 0.000 0.000
NIG. WIRE & CABLE
PLC 260.72 90.19 0.00 980.23 1,018.21 (298.26) (446.90) (234.35) (272.81) (349.07) (0.71) (1.06) (0.56) (0.17) (0.22)
Food/Beverage
&Tobacco
BIG TREAT PLC 257.61 1,585.07 3,003.19 3,932.79 4,156.13 2.97 71.92 245.87 406.34 (440.51) 0.15 0.07 0.14 0.20 (0.22)
CADBURY NIG. PLC 27,444.42 16,297.98 18,017.95 21,729.16 23,240.61 (2,196.18) (4,543.10) (464.23) (2,952.77) (1,023.70) 2.19 (4.13) (0.42) (2.68) (0.69) 1.300 0.000 0.000 0.000 0.000
DANGOTE FLOUR
MILLS PLC 35,672.70 31,303.85 30,109.61 41,839.92 721.98 290.34 1,704.09 5,359.86 0.24 0.06 0.34 1.07
DANGOTE SUGAR
REFINERY PLC 83,767.91 80,649.44 80,671.38 82,395.71 16,657.07 21,478.56 21,871.05 13,185.60 1.67 2.15 1.82 1.10
FLOUR MILLS 50,985.84 64,864.24 104,051.38 147,388.33 1,304.68 3,015.21 4,324.76 2,469.51 1.12 2.59 2.78 1.45 0.850 1.200 1.000 0.500
HONEYWELL FLOUR
MILL PLC 13,146.83 15,599.81 18,773.82 25,964.19 722.56 636.34 816.45 209.11 0.09 0.08 0.10 0.03
MULTI-TREX
INTERGRATED PLC 635.37 1,199.82 1,154.74 1,627.68 4.07 146.40 557.65 (347.68) 0.41 0.73 0.19 (0.09)
N. NIG. FLOUR
MILLS 4,886.44 4,784.22 5,500.51 8,533.02 55.07 (104.41) 55.59 236.28 0.37 (0.70) 0.39 1.59
NATIONAL SALT 6.28 13.44 6,252.58 7,888.28 (11.55) (14.93) 1,259.87 1,298.29 (0.14) (0.19) 0.57 0.49
NESTLE FOODS NIG.
PLC 34,335.89 38,422.78 44,027.53 51,742.30 68,317.30 5,303.13 5,660.33 5,441.90 8,331.60 9,783.58 10.04 10.71 8.79 12.61 14.81 7.000 10.000 8.990 8.400 12.550
NIG. BOTTLING CO.
PLC 55,444.50 59,674.52 68,529.13 80,080.69 90,195.98 2,327.06 766.25 3,172.26 2,181.70 2,888.11 1.78 0.80 2.42 0.01 6.05 0.600 0.300 0.750 0.000 0.500
PS MANDRIDES 253.54 192.09 140.79 234.62 202.18 17.19 8.37 6.21 30.78 21.34 0.43 0.21 0.16 0.77 0.53 0.000 0.000 0.000 0.000 0.000
TANTERLIZERS 3,407.48 3,505.60 3,744.22 4,531.41 5,390.84 35.74 140.04 235.52 305.40 56.62 3.57 14.00 0.12 0.10 0.02 0.000 0.000 0.000 0.000 0.000
UTC PLC 612.57 951.55 1,465.05 2,153.93 2,579.82 (166.74) (48.50) 37.57 46.36 74.77 0.07 0.05 0.03 0.08 0.06

Healthcare 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
FIDSON
HEALTHCARE PLC N/A 2,200.17 3,307.42 4,503.65 5,019.78 370.43 505.30 189.30 429.07 3.05 4.02 0.13 0.29 1.100 2.270 0.200 0.220
GLAXO
SMITHKLINE
BEECHAM 8,589.81 10,389.55 9,915.40 12,545.13 975.74 1,082.29 836.88 1,277.44 0.92 1.01 0.75 1.22 0.400 0.450 0.450 0.600
MAY & BAKER 1,996.97 2,253.39 3,859.75 5,439.91 4,604.46 101.76 211.47 208.32 417.96 232.08 0.47 0.30 0.30 0.60 0.33 0.300 0.300 0.400 0.400 0.000
MORISON IND. PLC 195.01 211.34 221.77 369.23 10.76 8.15 5.49 14.45 0.12 0.09 0.04 0.09
NEIMETH INT.
PHARM. 1,203.53 1,503.86 1,946.51 1,867.37 82.23 116.42 98.27 (455.21) 0.30 0.18 0.15 (0.55) 0.100 0.150 0.120 0.000
PHARMA DEKO
PLC 648.87 790.40 1,105.57 501.93 (337.33) (242.28) (197.97) (461.50) (3.97) (3.55) (2.08) (4.64) 0.000 0.000 0.000 0.000
Hotel and Tourism

CAPITAL HOTEL
PLC 2,851.14 2,811.79 3,962.50 4,703.68 235.25 177.03 209.13 668.45 0.10 0.11 0.14 0.43 0.050 0.050 0.050 0.075
IKEJA HOTEL PLC 4,189.72 4,642.95 5,282.35 6,454.98 7,169.09 434.13 525.94 697.75 872.53 1,172.07 0.23 0.30 0.50 0.50 0.81 0.100 0.100 0.100 0.000 0.000
TOURIST CO. OF
NIG PLC
Industrial/Domestic
Products
ALUMINIUM
EXTRUSION IND.
PLC 779.05 864.29 1,042.40 1,311.90 1,518.22 8.43 20.69 51.70 71.49 77.70 0.04 0.09 0.24 0.32 0.35
BOC GASES
NIGERIA PLC 1,128.59 1,319.15 1,872.66 1,871.54 2,223.87 137.28 129.34 228.37 221.46 249.48 0.35 0.33 0.58 0.56 0.63 0.160 0.160 0.180 0.220 0.260
FIRST ALUM. PLC 7,045.44 7,602.72 7,863.24 7,375.57 7,740.48 138.04 (42.90) (462.83) (156.99) 31.30
NIG. ENAMEL
WARE 1,776.70 1,573.40 1,568.96 1,510.02 2,412.92 23.95 20.74 24.54 19.78 63.48 0.33 0.72 0.85 0.69 2.20 0.500 0.500 0.600 0.000 0.000
VITAFOAM NIG.
PLC 3,525.48 4,060.96 6,149.52 8,172.01 111.65 275.12 439.31 698.30 0.17 0.34 0.54 0.85 0.150 0.120 0.250 0.300
VONO PRODUCTS
PLC 264.62 1,001.49 1,404.13 629.86 447.87 (44.57) 0.13 (548.14) (120.17) (253.60) (0.29) 0.04 (1.83) (0.40) (0.85)
Infor tech
CHAMS PLC 1,095.31 4,467.19 1,913.11 319.82 361.69 799.32 1,003.50 (992.65) 3.62 0.46 0.39 (0.37)
E-TRANZACT
INTERNATIONAL
PLC 30.70 421.56 426.36 757.89 757.18 (126.82) 161.28 116.18 122.71 (174.69)
IHS NIGERIA PLC 2,011.84 2,269.19 7,266.44 8,317.84 84.16 201.81 758.17 524.72 2.81 6.73 12.64 0.14
MTI PLC 1,395.47 2,337.74 1,120.75 1,206.52 157.89 72.96 (213.41) 20.25 33.51 (614.54) 12.16 (0.36) 0.40 0.01 (0.13) 0.000 0.000 0.000 0.000 0.000
STARCOMMS PLC 13,614.80 19,135.58 34,501.21 34,304.47 (1,495.02) 1,016.07 (8,008.08) (7,787.18) (0.36) 1.03 (1.44) (1.13)

Leasing 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
C & I LEASING
PLC 1,166.86 1,345.45 1,613.57 2,482.17 4,676.40 95.65 99.31 134.12 341.89 367.71 0.00 0.00 0.00 0.21 0.22 0.100 0.100 0.060 0.120 0.000
Maritime
JAPAUL OIL &
MARITIME
SERVICES 1,401.15 2,328.50 3,971.03 4,659.25 189.94 378.12 681.42 730.90 0.16 0.32 0.11 0.12
Media
AFROMEDIA PLC 174.57 753.99 1,956.16 2,396.75 (196.22) 100.93 438.52 340.79 (0.39) 0.20 0.11 0.08
DAAR
COMMUNICATION
PLC 1,830.54 2,532.44 2,822.07 3,678.05 7,359.88 146.80 168.69 595.92 (381.49) (2,625.78) 0.04 0.04 0.00 (0.05) (0.33)
Packaging
AVON
CROWNCAPS
AND CONSTAIN 6,155.21 6,178.23 6,905.13 9,576.31 158.22 172.64 251.11 236.55 0.20 0.21 0.41 0.35 0.100 0.100 0.120 0.120
BETA GLASS CO.
PLC 4,822.88 5,135.84 7,032.24 9,075.94 10,561.25 218.65 381.09 866.25 1,192.69 1,384.78 0.48 0.84 1.91 2.39 2.77
GREIF NIGERIA
PLC 592.09 532.62 643.71 823.24 206.23 (15.60) 2.58 (17.26) 0.71 (0.37) 0.06 (0.40) 0.200 0.000 0.000 0.000
NAMPAK NIGERIA
PLC 1,840.57 2,702.34 2,849.61 2,976.40 4,126.08 46.69 129.53 (145.92) (231.02) 42.53 0.22 0.61 (0.68) (1.08) 0.20 0.075 0.100 0.000 0.000 0.000
NIGERIAN BAGS
MANUFACTURING
COMPANY PLC 7,812.41 9,034.78 9,675.70 10,293.67 929.40 922.95 235.15 270.82 3.72 3.69 0.05 0.04 0.100 0.100 0.050 0.050
POLY PRODUCTS 1,428.21 1,510.16 1,362.80 1,649.12 2.90 18.82 11.52 40.38 0.01 0.08 0.05 0.17 0.000 0.000 0.040 0.080
STUDIO PRESS 516.83 1,082.10 1,830.08 2,966.47 4,812.61 10.97 10.42 35.35 (212.84) 379.63 0.14 0.13 0.78 0.39 0.42
Petroleum
(Marketing)
AFRICAN
PETROLEUM PLC 42,761.16 81,934.35 102,026.37 151,258.81 156,393.85 (3,569.17) 2,161.53 5,701.51 5,005.89 (9,484.62) (4.52) 2.74 7.23 6.35 (8.78) 0.000 0.000 1.000 7.000 5.200
CONOIL PLC 75,535.14 90,523.37 86,847.55 124,213.61 101,853.17 2,624.23 2,808.76 2,593.48 1,821.05 2,312.37 3.78 4.05 3.74 2.62 3.33 2.500 2.750 2.750 1.000 1.500
ETERNA OIL &
GAS PLC 1,417.58 3,512.20 4,907.54 12,025.27 9,225.44 (235.61) 23.34 (135.48) (406.65) (1,495.20) (0.47) 0.05 (0.21) (0.52) (1.32) 0.000 0.000 0.000 0.000 0.000
MOBIL OIL NIG.
PLC 50,914.92 50,809.61 54,541.94 66,740.88 62,032.06 2,422.53 1,716.21 1,131.10 1,718.58 2,841.96 10.08 7.14 4.71 6.22 9.46 9.100 7.140 4.700 5.000
MRS OIL NIGERIA
PLC 51,942.27 65,914.44 72,628.10 48,687.82 74,603.05 1,045.63 1,312.65 1,959.31 (225.43) 1,050.91 4.12 5.17 7.71 (0.89) 4.14 4.100 5.120 7.500 0.000 0.000
OANDO PLC 132,397.37 131,007.17 6,837.74 4,207.85 2,353.68 2,671.48 6,343.57 4,661.36 4.11 4.22 7.01 5.15 2.500 4.000 8.000 3.000
TOTAL NIG. PLC 95,011.77 126,722.10 126,573.96 137,339.50 177,411.95 8.18 10.65 7.41 9.59 12.94 8.18 10.65 7.41 9.59 12.94 9.000 9.500 7.400 9.500 12.930

Printing and
Publishing 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
ACADEMY PRESS
PLC 930.90 1,110.55 1,218.10 1,353.88 47.82 61.84 54.71 46.70 0.24 0.31 0.27 0.15 0.055 0.060 0.060 0.060
LONGMAN NIG.
PLC 1,304.64 1,743.87 2,314.64 4,632.58 3,877.07 119.84 203.75 276.79 669.36 709.49 0.82 1.16 1.57 2.60 0.92 0.300 0.400 1.000 0.500 0.500
UNIVERSITY
PRESS PLC 548.16 691.75 956.95 1,614.14 70.38 109.43 163.51 241.36 0.47 0.73 0.64 0.81
Real Estate
UACN
PROPERTIES DEV. 4,549.95 5,484.78 5,676.18 13,328.45 13,331.50 834.26 962.40 425.28 3,682.87 2,386.34 0.77 0.88 0.39 3.35 2.21 0.250 0.350 0.490 0.750 0.500
Road
Transportation
ASSOCIATED BUS
COMPANY PLC 2,708.99 3,201.65 3,956.88 4,051.50 4,612.49 143.01 141.25 167.12 85.67 57.51 0.34 0.10 0.11 0.06 0.04
Textiles
UNTL PLC 17,083.54 19,079.71 17,479.62 11,436.70 8,433.01 130.38 (787.03) (1,653.03) (749.44) (1,653.91) 0.15 (0.93) (1.96) (0.89) (1.96)


TABLE 19: EXTRACTS FROM PROFIT AND LOSS ACCOUNT OF SOME LISTED FINANCIAL INSTITUTIONS
GROSS EARNINGS/INCOME PROFIT AFTER TAX EARNING PER SHARE DIVIDEND PER SHARE
Banking 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
ACCESS BANK NIG.
PLC 13,360.36 27,881.45 57,627.10 56,943.67 737.15 6,083.44 16,056.46 (880.75) 0.07 0.87 1.73 (0.05) 0.000 0.000 0.400 0.700
BANK PHB PLC 6,642.63 12,973.47 35,589.24 86,483.95 702.51 2,415.68 7,637.06 19,437.04 0.17 0.13 1.19 2.46 0.000 0.065 0.700 0.450
ECOBANK NIGERIA
PLC 9,302.51 17,258.09 32,709.71 55,155.92 1,668.17 3,558.59 7,449.78 2,130.46 0.15 0.27 0.34 (0.00)
FIDELITY BANK PLC 11,572.00 23,630.00 40,474.00 33,894.00 3,162.00 4,160.00 12,987.00 1,414.00 0.19 0.25 0.45 0.05
FIRST CITY
MONUMENT Bank Plc 10,824.54 24,678.52 50,086.20 33,398.74 2,841.38 5,805.86 13,720.47 669.37 0.36 0.61 1.23 0.06
GT BANK PLC 23,988.02 33,756.27 74,411.91 113,926.79 7,905.51 13,013.15 28,073.25 23,848.06 1.45 1.63 1.88 1.28 0.700 1.030 0.700 1.000
STERLING BANK PLC 1,611.28 12,444.60 21,057.25 32,777.85 43,464.72 (4,820.56) 961.65 620.66 6,523.15 (6,660.41)
UBA PLC 25,506.00 86,079.00 101,106.00 154,330.00 220,467.00 4,653.00 11,468.00 19,831.00 40,002.00 12,889.00 2.49 1.86 2.41 3.05 0.60 0.600 1.000 1.200 1.000
WEMA BANK PLC 29,379.57 25,978.28 18,994.97 1,303.36 (46,304.60) (7,530.30) 0.11 (4.55) (0.66)
ZENITH BANK PLC 34,913.00 58,222.00 89,194.00 190,120.00 254,147.00 7,156.00 11,489.00 17,509.00 46,524.00 18,365.00 1.36 1.91 1.89 3.45 0.73
Mortgage
Companies
ABBEY BUILDING
SOCIETY PLC 316.13 274.92 393.38 799.69 1,146.96 80.30 12.75 111.29 189.46 235.33 0.12 0.02 0.07 0.07 0.06 0.050 0.000 0.000 0.030 0.000
ASO SAVINGS AND
LOANS PLC 388.53 507.97 1,979.65 7,063.14 (573.57) (247.24) 276.62 1,061.77 (5.35) (2.30) 2.58 0.34
RESORT SAVINGS &
LOANS PLC 1.05 22.54 39.09 484.50 1,174.26 (36.65) (8.60) 12.81 145.52 308.33 (0.24) (0.04) 0.03 0.02 0.02
UNION HOMES
SAVINGS AND
LOANS 10,022.61 9,596.10 8,396.22 8,916.22 9,816.63 351.22 116.71 1,000.66 1,997.23 (2,245.76) 0.04 0.01 0.13 0.26 (0.29)
Other Financial
Institutions
CRUSADER NIGERIA
PLC 1,313.10 1,099.56 2,169.25 0.00 0.00 277.78 267.12 1,446.93 (14.17) (27.18) 0.28 0.27 0.36 (0.00) (0.01) 0.100 0.150 0.000 0.000 0.000
DEAP CAPITAL
MANAGEMENT & T 175.20 454.21 880.95 364.61 14.39 138.62 257.55 (1,605.70) 0.03 0.14 0.17 (1.07)
ROYAL EXCHANGE
PLC 2,068.76 2,394.33 2,733.65 133.55 178.71 647.14 (932.83) 0.08 0.11 0.19 (0.66) 0.050 0.000 0.000 0.000 0.000


TABLE 19 CONT’D: EXTRACTS FROM PROFIT AND LOSS ACCOUNT OF SOME LISTED FINANCIAL INSTITUTIONS
GROSS EARNINGS/INCOME PROFIT AFTER TAX EARNING PER SHARE DIVIDEND PER SHARE
Insurance 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
AIICO 2,931.82 3,030.49 4,675.78 3,581.15 4,899.68 81.81 483.70 304.71 4.05 231.35 0.06 0.13 (0.05) 0.00 0.03
CONSOLIDATED
HALLMARK INSURANCE
PLC 394.99 508.37 1,506.21 3,043.30 2,454.93 52.97 56.87 230.01 360.46 242.67 0.18 0.04 0.04 0.06 0.04
CONTINENTAL
REINSURANCE 319.76 95.90 519.10 351.78 763.43 254.13 135.79 676.69 473.33 905.22 0.15 0.05 0.07 0.05 0.09 0.100 0.000 0.050 0.000 0.000
CORNERSTONE
INSURANCE PLC 1,542.83 2,739.11 2,775.79 3,271.85 3,429.89 304.92 197.48 389.04 (339.29) (377.73) 0.15 0.04 0.08 (0.04) (0.04)
CUSTODIAN AND ALLIED
INSURANCE 1,608.72 2,714.77 4,102.05 5,277.05 562.15 916.95 1,559.55 1,879.23 0.17 0.23 0.33 0.37
EQUITY ASSURANCE PLC 88.11 223.60 1,293.01 2,128.38 2,406.27 14.05 54.13 445.04 4.19 (895.84) 0.00 0.11 0.06 0.01 (0.10) 0.000 0.000 0.035 0.000 0.000
GOLDLINK INSURANCE
PLC 1,816.72 2,869.80 2,320.99 3,471.98 4,014.60 467.10 1,283.95 593.99 406.44 61.81 0.20 0.15 0.16 0.04 0.01 0.020 0.000 0.120 0.000 0.000
GUARANTY TRUST
ASSURANCE 488.23 1,067.49 2,061.66 4,143.90 27.38 294.43 821.24 1,865.22 0.03 0.06 0.09 0.33 0.000 0.000 0.000 0.060
GUINEA INS. 526.18 669.09 261.21 935.47 1,169.85 30.00 86.70 92.61 75.35 (13.39) 0.04 0.21 0.04 0.01 (0.00)
INTERCONTINENTAL
WAPIC PLC 3,890.93 6,141.86 4,522.65 525.14 102.48 (184.75) 0.12 0.02 (0.04) 0.000 0.000 0.000
INTERNATIONAL ENERGY
INSURANCE PLC 1,060.00 1,196.00 2,668.00 3,023.00 4,712.00 197.00 139.00 740.00 796.00 (1,577.00) 0.15 0.09 0.23 0.12 (0.24) 0.000 0.000 0.090 0.050 0.000
KAPITAL INSURANCE PLC 309.82 301.62 622.54 906.71 47.40 (30.75) (125.77) 98.46 0.17 (0.12) 0.00 0.01 0.055 0.000 0.000 0.000
LASACO ASS. 957.84 1,600.54 1,773.85 2,334.15 141.39 171.53 688.17 457.60 0.14 0.14 0.09 0.06
LAW UNION AND ROCK 1,332.58 2,509.75 3,708.48 3,528.58 164.63 311.28 (93.04) 294.55 0.16 0.09 (0.03) 0.09
-
LINKAGE ASSURANCE PLC 835.68 590.45 1,471.93 2,252.74 (775.78) 71.52 273.98 (156.38) 0.00 0.02 0.05 (0.03) 0.000 0.020 0.054 0.031
MUTUAL BENEFITS
ASSURANCE PLC 851.61 1,935.01 2,102.83 3,388.37 4,722.53 209.03 702.22 1,037.68 (1,554.52) 277.02 0.21 0.37 0.13 (0.19) 0.03
N.E.M INSURANCE CO
(NIG) PLC 586.87 853.56 2,553.49 4,001.98 (2.27) 8.77 399.81 461.68 (0.01) 0.02 0.08 0.09 0.000 0.000 0.050 0.000
NIGER INSURANCE PLC 1,002.61 1,664.41 3,269.43 4,407.32 280.04 575.82 653.70 (152.34) 0.07 0.15 0.17 (0.04) 0.200 0.050 0.150 0.150
OASIS INSURANCE PLC 292.79 271.52 558.40 895.08 113.55 38.16 (849.68) (95.54) 0.10 0.10 (0.17) (0.02) 0.020 0.020 0.000 0.000
PRESTIGE ASS. 1,539.10 2,260.71 3,008.39 3,445.45 407.42 638.08 711.65 593.07 0.42 0.39 0.33 0.28
REGENCY ALLIANCE
INSURANCE 382.87 556.81 993.08 1,470.77 88.98 215.23 237.57 312.66
SOVEREIGN TRUST
INSURANCE PLC 1,022.28 1,418.51 2,487.75 3,811.74 4,440.30 157.65 233.80 357.79 360.80 4.20 0.31 0.10 0.08 0.07 0.00 0.060 0.060 0.060 0.030 0.000
STACO INSURANCE PLC 899.04 1,684.21 2,814.78 4,375.12 243.19 491.46 757.98 542.42 0.41 0.12 0.16 0.11 0.000 0.030 0.030 0.000
STANDARD ALLIANCE
INSURANCE 1,273.94 1,481.83 2,120.13 3,007.47 3,258.17 799.95 262.38 333.58 690.49 (5,815.36) 0.20 0.22 0.13 0.12 (0.67) 0.000 0.000 0.075 0.050 0.000
UNIC 1,122.40 1,312.37 992.07 1,341.13 1,415.87 194.60 211.30 236.83 101.87 (535.34) 0.24 0.08 0.11 0.04 (0.21)
UNITY KAPITAL
ASSURANCE PLC 309.82 301.62 622.54 639.25 1,345.80 47.40 (30.75) (125.77) 98.46 112.06 0.17 (0.12) 0.00 0.01 0.01 0.055 0.000 0.000 0.000 0.000
UNIVERSAL INSURANCE
COMPANY PLC 100.42 653.53 428.57 743.98 578.95 18.77 330.22 209.44 206.66 2,070.67 0.05 0.17 0.01 0.01 (0.13)

TABLE 20: INITIAL OFFERS OF REGISTERED UNIT TRUST SCHEMES
Year of Open or Close Level of

S/N Name of Scheme Commencement Ended Fund Manager Floatation Units/Price Initial Units Subscription (%)
1. Abacus Unit Trust Scheme 1990 Open ended Crossworld Securities Ltd 50m units @ 50k each 18,374,780 36.78
2. Indo Nigeria Unit Trust 1991 Open ended Indo Nig. Merchant Bank 50m units @ 50k each 2,900,000 4.52
Denham Management
3. Millenium Fund 1991 Open ended Denham Management Ltd 25m units @ N1 each 11,661,976 26.65
4. Lighthouse Jubilee Fund 1991 Open ended Lighthouse Asset Management Ltd 20m units @ N1 each 7,000,000 35.00
5. Continental Unit Trust 1991 Open ended Global Asset Management Ltd 100m units @ N1 each 40,000,000 40.00
6. MBA Mutual Fund 1991 Open ended Crossworld Securities Ltd 100m units @ 50k each 26,420,000 26.42
7. Paramount Equity Fund 1991 Open ended Denham Management Ltd 50m units @ N1.05 each 21,000,000 42.00
8. ARM Discovery Fund 1996 Open ended Asset & Resource Mgt. Co. Ltd 15m units @ N100 each 7,254,000 48.36
9. Stanbic IBTC Equity Fund 1996 Open ended IBTC Asset Mgt. Co. Ltd 2b units @ N100 each 1,505,360,000 75.27
160,000 units @
10. Nigerian Int'l Debt Fund 1997 Close ended Afrinvest Co. Ltd $100/N8,250 each 106,980 66.86
Nigerian Energy Sector
11. Fund 1998 Close ended Sterling Capital Markets Ltd 2.5m units @ N100 each 745,200 29.81
Nigeria Global Investment
12. Fund 2000 Open ended Denham Management Ltd 500m units @ N1 each 125,000,000 25.00
13. IMB Energy Master Fund 2000 Open ended IMB Int'l Bank Plc 1b units @ N1 each 280,700,000 28.07
14. Nigerian Int'l Growth Fund 2002 Open ended Fidelity Bank Plc 500m units @ N1.05 each 204,560 40.91
15. The Frontier Fund 2003 Open ended Sterling Capital Markets Ltd 5m units @ N100 each 2,564,840 52.30
Intercontinental Integrity Intercontinental Capital Markets
16. Fund 2004 Open ended Ltd 500m units @ N1 each 435,687,000 87.13
750,000 units @ N1,000
17. Coral Growth Fund 2005 Open ended FSDH Asset Mgt. Ltd each 750,000 119.24
18. Stanbic IBTC Ethical Fund 2005 Open ended IBTC Asset Mgt. Co. Ltd 1m units @ N100 each 1,063,120,000 106.31
19. Legacy Fund 2006 Open ended FCMB Capital Markets Ltd 1b units @ N1 each 1,118,426,000 111.84
500,000 units @ N1,000
20. Coral Income Fund 2006 Open ended FSDH Asset Mgt. Ltd each 509,960 101.99
500,000 units @ N1,000
21. Coral Ethical Fund 2006 Open ended FSDH Asset Mgt. Ltd each 502,100 100.42
22. UBA Balanced Fund 2006 Open ended UBA Asset Mgt. Ltd 1b units @ N1 each 2,130,730,000 213.07
23. UBA Bond Fund 2006 Open ended UBA Asset Mgt. Ltd 1b units @ N1 each 2,066,090,000 206.61
24. UBA Money Market Fund 2006 Open ended UBA Asset Mgt. Ltd 1b units @ N1 each 2,409,730,000 108.47
25. UBA Equity Fund 2006 Open ended UBA Asset Mgt. Ltd 1b units @ N1 each 1,084,700,000 240.97
Source: SEC

TABLE 20 CONT’D: INITIAL OFFERS OF REGISTERED UNIT TRUST SCHEMES
Level of
Year of Open or Close Subscription
S/N Name of Scheme Commencement Ended Fund Manager Floatation Units/Price Initial Units (%)
26. DVCF Oil & Gas 2007 Open ended DVCF Oil & GAS 1b units @ N1 each 337,966,225 33.79
27. Oceanic Vintage Fund 2007 Open ended Oceanic Bank Plc 2b units @ N1 each 2,439,084,000 121.90
Kakawa Guaranteed
28. Income Fund 2007 Open ended Kakawa Asset Mgt 1b units @ N1 each 1,435,215,135 143.52
Stanbic IBTC Guaranteed
29. Investment Fund 2007 Open ended IBTC Asset Mgt. Co. Ltd 10m units @ N100 each 1,045,980,000 104.50
30. Skye Shelter Fund 2007 Open ended Skye Bank Plc 200,000 units @ N100 each 20,000,000 100.00
Arm Aggressive Growth
31. Fund 2008 Open ended Asset & Resource Mgt. Co. Ltd 50m units @ N20 each 2,454,100,000 245.41
32. FBN Heritage Fund 2008 Open ended FBN Capital Ltd 55b units @ N100 each 55,091,240 110.00
33. Union Trustees Mixed Fund 2008 Open ended Union Trustees Capital Ltd 4b units @ N1 each 4,023,094,900 100.60
34. Lotus Halal Fund 2008 Open ended Lotus Capital Ltd 5b units @ N1 each 5,000,000,000 278.01
35. Zenith Income Fund 2008 Open ended Zenith Bank Plc 2b units @ N10 each 206,654,500 103.30
36. Zenith Ethical Fund 2008 Open ended Zenith Bank Plc 1b units @ N10 each 157,675,000 157.67
37. Zenith Equity Fund 2008 Open ended Zenith Bank Plc 8b units @ N10 each 807,573,500 161.51
38. Women Investment Fund 2008 Open ended Chapel Hill Denham Mgt. Ltd 25m units @ N100 each 25,000,000 25.20
Union Homes Real Estate 970,873,787 units @ N51.5
39. Investment Fund 2008 Close ended Union Homes Savings & Loans Plc each 970,873,787 100.00
40. BEDROCK Fund 2008 Open ended Cashcraft Asset Mgt. Ltd 2b units @ N1 each 2,000,000,000 40.00
41. Anchor Fund 2008 Open ended Cashcraft Asset Mgt. Ltd 2b units @ N1 each 2,000,000,000 29.00
42. Afrinvest Equity Fund 2009 Open ended Afrinvest Co. Ltd 50m units @ N100 each 50,000,000 10.00
Stanbic IBTC Money Market

43. Fund 2010 Open ended Stanbic IBTC Asset Mgt. Co. Ltd 10m units @ N100 each 12,211,800 122.12
44. Stanbic IBTC Bond Fund 2010 Open ended Stanbic IBTC Asset Mgt. Co. Ltd 10m units @ N100 each 8,539,800 85.40
Source: SEC

TABLE 21: INVESTMENTS STRUCTURE AND NET ASSET VALUE OF UNIT TRUST SCHEMES AS AT DECEMBER 31, 2010
Capital Market Money Market Other Total Total Net Asset Value
Investment Investment Investment Investment Expenses
No. Of Unit
S/N NAME OF FUND N N N N N N Holders
1. DVCF OilL & Gas Fund 83,022,690.89 418,834,725.25 501,857,416.14 275,315.97 512,848,195.60 26,762
2. Nigeria Inter'l Debt Fund 602,940,711.56 1,441,074,910.26 2,044,015,621.82 6,898,706.92 2,048,162,444.54 95
3. Nigeria Global Inv. Fund 24,013,593.29 33,734,976.08 25,857,663.25 83,606,232.62 888,511.19 87,315,371.50 33
4. Coral Income Fund 1,200.00 248,515,641.06 291,888,489.92 540,405,330.98 4,793,115.06 538,252,770.46 230
Stanbic IBTC Guaranteed Investment
5. Fund 245,755,216.23 803,923,150.69 1,856,008,576.07 2,905,686,942.99 18,886,002.07 2,936,181,490.96 2,586
6. ARM Aggressive Growth Fund 2,216,401,173.00 356,568,663.00 203,210,527.00 2,776,180,363.00 127,922,015.00 2,648,345,083.00 8,549
7. Frontier Fund 115,338,041.51 76,582,989.61 191,921,031.12 1,475,000.00 189,174,354.24 820
8. Continental Unit Trust 5,682,592.18 5,682,592.18 4,353,865.31 2,420
9. Afrinvest Equity Fund 275,514,076.95 170,786,849.32 51,148,057.62 497,448,983.89 2,191,748.41 492,378,918.64 1,924
10. Intercontinental Integrity Mutual Fund 196,946,799.15 114,673,502.96 89,750,000.00 401,370,302.11 1,695,419.28 302,753,320.06 6,073
11. Zenith Equity Fund 3,178,126,186.84 875,258,425.90 4,053,384,612.74 54,636,401.45 3,998,748,211.29 11,018
12. Lighthouse Jubilees Fund 3,149,260.00 3,149,260.00 62,607.00 4,159,952.00 3,736
13. Coral Growth Fund 2,272,855,147.91 303,285,796.95 899,237,196.81 3,480,378,439.90 28,323,103.63 3,456,627,315.12 1,064
14. Stanbic IBTC Equity Fund 14,828,195,368.51 364,577,917.81 672,514,918.28 15,865,288,204.60 251,451,392.37 15,448,717,991.70 18,791
15. Indo Nigeria Unit Trust Scheme 28,047,808.30 2,170,390.31 30,218,198.61 79,422.69 30,918,891.45 1,709
16. Union Trustees Mixed Fund 654,325,468.46 1,289,571,496.40 1,943,896,964.86 19,407,849.00 1,946,388.02 3,208
17. UBA Money Market Fund 103,000,000.00 131,831,873.68 234,831,873.68 1,356,110.64 2,255,540,216.31 941
18. IMB Energy Master Fund 138,251,992.93 64,508,564.95 202,760,557.88 161,999,038.51 715
19. Women Investment Fund 41,178,358.40 28,469,983.56 88,580,142.82 158,228,484.78 3,262,732.96 142,463,112.71 883
20. Nigeria Energy Sector Fund 246,318,354.74 512,881,003.36 233,040,110.39 992,239,468.49 6,876,674.27 949,759,322.75 823
21. Abacus Unit Trust 117,253,410.59 11,531,940.95 128,785,351.54 127,727,601.54 19
Source: SEC

TABLE 21 CONT’D: INVESTMENTS STRUCTURE AND NET ASSET VALUE OF UNIT TRUST SCHEMES AS AT DECEMBER 31, 2010
Capital Market Money Market Other Total Of Total
Investment Investment Investment Investment Expenses Net Asset Value
No. Of Unit
S/N NAME OF FUND N N N N N N Holders
22. Paramount Equity Fund 156,825,227.50 44,815,024.15 201,640,251.65 1,349,771.51 202,991,631.67 8,745
23. Nigeria International Growth Fund 1,833,651,411.71 349,681,840.00 791,698,316.65 2,975,031,568.36 7,603,277.60 2,831,811,439.71 2,085
24. Legacy Fund 359,424,140.92 367,059,178.06 726,483,318.98 7,542,056.48 722,693,776.64 4,127
25. UBA Equity Fund 1,602,103,808.85 515,000,000.00 130,352,310.87 2,247,456,119.72 10,554,990.29 2,182,444,531.68 3,086
26. Union Homes REITS Fund 654,325,468.46 1,289,571,496.40 1,943,896,964.86 19,407,849.00 13,712,150,335.01 5,338
27. Skye Shelter Fund 688,640,836.00 109,849,937.00 798,490,773.00 2,944,333.33 2,370,737,489.00 2,676
28. Zenith Income Fund 77,203,282.80 618,634,977.96 695,838,260.76 2,758,789.07 693,079,491.69 1,875
29. UBA Balanced Fund 648,052,564.48 734,000,000.00 581,506,008.51 1,963,558,572.99 9,759,286.42 1,954,222,001.36 1,427
30. Kakawa Guaranteed Income Fund 2,962,945,017.82 2,962,945,017.82 23,512,199.61 2,996,418,722.59 1,889
31. Denham Mgt. Millennium Fund 17,929,425.68 1,649,101.96 16,256,481.12 35,835,008.76 542,432.27 33,367,618.40 5,592
32. Zenith Ethical Fund 387,091,691.90 459,076,632.37 846,168,324.27 11,373,094.83 835,741,086.34 2,635
33. Coral Ethical Fund 3,654,883.76 10,045,114.42 13,699,998.18 154,628.10 13,556,704.39 141
34. Oceanic Vintage Fund 656,518,436.68 124,630,546.32 170,501,680.00 951,650,663.00 6,768,948.76 949,394,653.21 5,072
35. FBN Heritage Fund 1,608,192,497.86 2,167,161,338.72 956,500,479.45 4,731,854,316.03 19,028,083.35 4,646,321,986.45 6,513
36. Stanbic IBTC Ethical Fund 3,958,088,629.09 76,310,821.91 181,513,153.57 4,215,912,604.57 69,674,443.62 4,146,160,741.19 12,293
37. UBA Bond Fund 106,000,000.00 312,654,664.75 418,654,664.75 2,588,329.02 431,193,295.35 894
38. ARM Discovery Fund 2,964,263,892.09 539,978,050.56 1,247,133,681.31 4,751,375,623.96 162,784,931.25 4,573,805,400.00 23,314
39. Lotus Halal Fund 927,755,442.51 344,614,406.00 1,272,369,848.51 120,218,680.00 2,298,444,274.00 18,315
40. Anchor Fund 54,322,402.59 1,083,298.58 5,443,946.02 60,849,647.19 165,574.09 60,849,647.19 1,067
41. Bedrock Fund 108,371,195.44 1,000,000.00 3,456,367.87 112,827,563.31 16,356.93 82,450,808.33 1,465
42. Stanbic IBTC Bond Fund 924,059,424.89 1,738,578,795.76 2,662,638,220.65 10,170,532.54 2,678,826,039.61 318
43. Stanbic IBTC Money Market Fund 5,331,180,205.47 285,469,838.99 5,616,650,044.46 28,553,254.96 5,586,878,512.71 224
44. MBA Mutual Fund 90,231,431.20 90,231,431.20 94,633,370.76 11,824
Source: SEC

TABLE 22: REGISTERED VENTURE CAPITAL COMPANIES AS AT DECEMBER 2010
Fund Total Investment
Number Of Manager By Fund
Fund Date Of Investee Holdings Manager In Address Of Fund
S/N Manager Registration Companies Name Of Investee Companies (%) Investee Manager
1. SME Manager 21/01/04 9 1--ACCAT(Nigeria) limited 44.0 117,673,179.00 C & C Towers, 8th
Ltd 2-Alvac Company limited 43.5 480,616,211.24 Floor, Plot 1684,
3-Accion Microfinance 11.8 147,006,449.06 Sanusi Fafunwa
4-Frezone Plant Fabrication Int/nal ltd 18.1 148,312,408.51 Street Victoria Island,
5-Falcongaz limited 31.6 508,200,000.00 Lagos
6-Orbital Track & Fleet limited 41.5 29,276,751.50
7-Weltek limited 34.1 426,750,000.00
8-Media Makers limited 4.3 34,140,000.00
9-Vantage Drilling limited N/A 295,000,000.00
2. First Funds Ltd 06/09/04 10 27/29, Bioduo Street,
1 -Mimonet Nigeria limited 30.0 13,413,545.31 Off Keffi, S/W Ikoyi,
2-Amana Lodge Suites Hotel ltd 33.00 31,423,698.19 Lagos
3-Planet One Entertainment 26.00 283,541,544.19
4-Al-Bonaz Nigeria ltd 16.00 107,841,807.00
5-Management Education & Training ltd 40.00 26,267,090.89
6-McNichols Coonsolidated limited 40.00 39,147,674.89
7-Firm Farms Limited 38.00 46,442,736.18
8-Oleander Lodge Limited 40.00 25,408,304.72
9-Zacchi & Hotel Limited 37.80 55,500,000.00
10-Central Hotels Limited 40.00 241,202,616.43
3. IBTC Ventures 08/12/04 11 IBTC Venture Ltd,
Ltd IBTC Place, Walter
Carrington Crescent,
Victoria Island, Lagos.
N/A N/A 1,591,052.000
4. Deap Venture 23/06/06 6 14TH Floor, St
Capital Fund 1-DVCF Oil & Gas – Lagos 129,236,139.00 Nicholas House,
2-Precious Mines & Minerals Processing Co. Ltd 265,202,293.00 Catholic Mission
3-The Initiates Ltd 197,614,348.00 Street, Victoria Island,
4-Wellhead Oil & Gas Ltd 1,355,544.00 Lagos.
5-Tank Clearing Fund 40,000,000.00
6-Investment in Sub-Sahara5% cum pref shares N/A 15,000,000.00
5. Diamond 30/10/08 1 NECA Building, 43A
1-Lone Seed Nigeria Limited 100%
Capital Ltd Afribank St. Victoria
687,449,569
Island, Lagos.
Source: SEC

TABLE 22 CONT’D: REGISTERED VENTURE CAPITAL COMPANIES AS AT DECEMBER 2010
6 Unique 26/9/06 44 1-Air Logic Ltd N/A 2,290,000.00 Old Union Bank
Venture 2-Aira Nigeria Ltd 32,983,700.00 Building 5th Floor, 40,
Capital 3-Aplomb Hatcheries Ltd 57,927,000.00 Marina Lagos.
4-Armored Technologies 220,000,000.00
5-Bankers Warehouse Ltd 198,000,000.00
6-Best Foods Global Nigeria 35,456,000.00
7-Beta Computer Ltd Brand Thrust Ltd 74,000,000.00
8-Big Cheese 1,500,000.00
9-Brandnthrust 14,800,000.00
10-Colours@work 5,770,000.00
11-De Elims Ltd 18,500,000.00
12-Emperor Chopsticks 55,000,000.00
13-Eniabire 1,100,000.00
14-Gaskiya Farms Ltd 25,000,000.00
15-Gracin Chemicals Ltd 12,000,000.00
16-Hannover Trust Ltd 20,000,000.00
17-Health Body clinic Ltd 70,000,000.00
18-Intellectual Printing ltd 215,886.00
19-Interconnect Clearing House 150,000,000.00
20-Jannock Manufacturing Co 30,350,000.00
21-Lets Go Bowling 22,300,000.00
22-Letedos Bakery Ltd 23,836,000.00
23-Manefforts Ltd 10,000,000.00
24-Musa Raymond Ltd 16,590,000.00
25-New Day Concept 11,726,000.00
26-Omo Oye Farms Ltd 10,000,000.00
27-PD Ventures 3,363,000.00
28-Prime Dredges Ltd 157,221,000.00
29-Rockfield Ltd 67,596,800.00
30-Rockwealth 7,500,000.00
31-Smarthsoft Ltd 30,000,000.00
32-Soft Rock Ltd 32,300,000.00
33-Stalex Foods & Precision 62,000,000.00
34-Teveno Ventures 20,000,000.00
35-TFL Piggery 5,000,000.00
Source: SEC

TABLE 22 CONT’D: REGISTERED VENTURE CAPITAL COMPANIES AS AT DECEMBER 2010
Unique 36-Theorach ltd 2,100,000.00
Venture 37-Trade Connection Ltd 100,000,000.00
Capital 38-Ultimate Charry Ltd 119,428583.00
(Cont’d) 39-Universal Natural Beverage 85,000,000.00
40-WAVF 79,773,027.00
41-Wetland Integrated 63,342,200.00
42-Wheel Bound ltd 50,000.00
43-Winners Marble Ind. Ltd 76,609,434.00
44-Zeri Products Ltd 26,000,000.00
7 Plot 1319 Karimu
Cowry Asset Kotun Street, Victoria
Mgt 10/8/2009 N/A N/A N/A 298,409,540.28 Island. Lagos
Source: SEC
TABLE 23: REGISTERED UNIT TRUST SCHEMES (2002 – 2010)

YEAR TOTAL NUMBER OF NAV OF EXISTING FUND (N) NEW FUNDS NAV AGGREGATE (N)
REGISTERED FUNDS (ADDITION) (N)
2002 14 40,586,797,520.91 - 40,586,797,520.91
2003 15 40,586,797,520.91 363,503,537.02 40,950,301,057.93
2004 17 40,950,301,057.93 5,226,512,191.94 46,176,813,249.87
2005 17 46,176,813,249.87 - 46,176,813,249.87
2006 24 46,176,813,249.87 10,157,860,479.98 56,334,673,729.85
2007 29 56,334,673,729.85 9,519,356,458.98 65,854,030,188.83
2008 38 65,854,030,188.83 18,562,821,962.03 84,416,852,150.86
2009 41 84,416,852,150.86 14,506,917,231.92 98,923,769,382.78
2010 43 98,923,769,382.78 9,680,067,710.57 108,603,837,093.35
NOTE: The above table indicates the cumulative

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

Source: SEC

TABLE 23: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
Year of Terms of Conversion/Business
S/N Acquiring company Target company(ies) Approval Combination Type Mode of settlement
A price of 60k per 50k share of A.G. Leventis & Co.

NIG. Ltd and a par price of 50k each for the Shares of A.G. Leventis had to increase its Authorized
Leventis Stores Ltd. Giving rise to an exchange ratio of Capital to enable it issue 11,718,750 ordinary
A.G. Leventis & Company (NIG.) 83% i.e. 100 ordinary Shares of Leventis Stores for 83 shares in exchange for 14,052,500 ordinary
1. Limited Leventis Stores Ltd. 1983 ordinary shares of A.G. Leventis & Co. NIG. Ltd. shares of Leventis Stores- Exchange of shares
A price of 80k per 50k share for Lever Brothers Nig. Ltd.
And N1.20 per 50k share for Lipton Nig. Ltd. Giving rise LBN had to increase its Authorized Capital to
to an exchange ratio of 150 for 100 i.e. 150 ordinary enable it issue 11,340,000 ordinary shares in
shares of LBN for 100 ordinary shares of Lipton Nig. exchange for 7,560,000 ordinary shares of
2. Lever Brothers Nig. Ltd. Lipton Nig. Ltd. 1984 Ltd. Lipton Nig. Ltd.
Payment of N5,185,000 to clear Bauchi Bottling

Company’s outstanding debt and N1,230,000 to pay off
the shareholders of the company in respect of their
3. John Holt Ltd. Bauchi Bottling Co. Ltd. 1985 equity capital by JHL. Cash
The entire shares of NIACO were offered for N1.00 and

SCOA was to manage NIACO so as to ensure the
remittance to FIMM of N500,000 as full and final
Nig. Automotive Components settlement of the debt of N1,716,343 due from NIACO
4. SCOA Nig. Ltd. Ltd. 1985 to FIMM. Cash
A price of N1.50 per share for West Coast Fisheries

was approved. This put the total value of West coast
5. Intra motors (Nig.) Ltd West coast Fisheries Ltd. 1985 Fisheries Ltd. At N150,000 and it was settled by cash Cash
A price of N6.50 per N2.00 share of Hanein Spinning

Mills ltd. Was approved for the entire 745,973 shares of
6. ITI (Nig.) Ltd Hanein Spinning Mills Ltd. 1985 N2.00 each acquired by ITI Ltd. Cash
Source: Securities & Exchange Commission

TABLE 23 CONT’D: BUSINESS COMBINATION APPLICATIONS HANDLED BY SECURITIES & EXCHANGE COMMISSION (1982 – 2010)
Year of Terms of Conversion/Business Combination
S/N Acquiring company Target company (ies) Approval Type Mode of settlement
A par price of N1.00 per share of United Match Co. of Nig.
Ltd, Star Match Co. Ltd.& Safa Splints Ltd was considered.
United Match Co. of Nig. Ltd. There was no monetary consideration as regards Kaduna
Niger Match Co. Ltd. (Now Star Match Co. Ltd. Match Ltd. As it had not issued its initial capital and its
Associated Match industries Nig. Safa Splints Ltd. existing assets were financed entirely with loan from Niger Exchange of shares for the
7. Ltd.) Kaduna Match Ltd. 1985 Match Co. Ltd. first three (3) companies
A price of N6.50 per N2.00 share of Hanein Spinning Mills
ltd. was considered for the entire 745,973 shares of N2.00
8. ITI (Nig.) Ltd Hanein Spinning Mills Ltd. 1985 each acquired by ITI Ltd. Cash
A price of N2.00 per N1.00 share was approved for the
Motor Services Engineering Ltd. acquisition of the entire 750,000 ordinary shares of
9. SCOA Nig. Ltd. (MOSEL) 1985 MOSEL Cash
A price of N1.70 per 50k share for JHL and N4.00 per 50k
share for JHI was approved. The approved prices thus
gave an exchange ratio of 235 ordinary shares of JHL for
10. John Holt Ltd. (JHL) John Holt Investment Ltd. (JHI) 1987 100 ordinary shares of JHI- Exchange of shares Exchange of shares
11. Nig. Bottling Co. PLC Nig. Soft Drinks Co. 1987 N/A N/A
An exchange ratio of 300 ordinary shares of UBNL for 100
ordinary share of SBNL was approved. Under this
arrangement, SBNL issued 3,333,334 ordinary shares of
N2.00 each at N3.00 per share in exchange for 10,000,000
12. Standard Breweries Nig. Ltd. (SBNL) United Beverages Nig. Ltd. (UBNL) 1988 ordinary shares of UBNL at par price of N1.00 per share Exchange of shares
LBN was to increase its
An exchange ratio of 83 LBN ordinary shares for 100 Authorized capital to enable it
ordinary shares of CPI was approved. The new ordinary issue 7,529,360 ordinary
shares of LBN exchange was at an approved price of shares in exchange for
Chesebrough Products Investment N1.80 per share while a CPI share was at N1.50 Per 50k 9,072,000 ordinary shares of
13. Lever Brothers Nig. Ltd. (LBN) Ltd (CPI) 1988 share. CPI- Exchange of shares.
A price of N2.86 per N1.00 shares was Approved for the
Foundation Engineering Nig. Ltd. acquisition of the entire 1,5050,210 ordinary shares of
14. Costain (WA) Plc (Private company) 1990 Foundation Eng. Nig. Ltd. Cash
A price of N11.00 per share of N1.00 was Approved for the
Poly Product Nig. PLC Acquisition of the entire 400,000 ordinary share of R.H.
15. (Public Quoted company) R.H. Plastic Ltd. (Private Company) 1990 plastics Ltd. Cash

Acquiring Year of Terms of Conversion/Business Combination
S/N company Target company(ies) Approval Type Mode of settlement
A price of N1.45 per N1.00 ordinary shares was approved
Prudent Merchant for the acquisition of the entire 1,255,000 ordinary shares
16. Bank Prudent finance Ltd. 1990 of Prudent Finance Ltd. Cash
An exchange ratio of 100 ordinary shares of Gas &
Welding for every 68 shares of Gas producers was
17. Gas Producers Gas & Welding (Nig.) Ltd. 1991 approved. Cash
Leventis Technical Exchange ratio of 80 ordinary shares of Leventis Technical
18. PLC Sanyo Nig. Ltd. 1991 for 100 of Sanyo Exchange of shares
Exchange ratio of one (1) ordinary share of Continental

19. Eastern Breweries Plc Continental Breweries Plc 1992 breweries Ltd. For one (1) shares of Eastern Breweries plc Exchange of shares
Exchange of 100 ordinary shares of Asra Food processing
20. Asra Seafood Nig. Asra Food Processing 1992 Ltd. For 120 shares of |Asra Seafood Ltd. Exchange of shares
Nig. Embroidery Lace
Manufacturing Co. Plc. An Exchange ratio of 100 ordinary shares of N.E.L.M. for
21. (NELM) Nig. Synthetic Fabrics Ltd. (NSF) 1992 200 shares of N.S.F. Exchange of shares
Exchange of shares – a cash payment of
89k per shares for Leventis Technical and
128k per shares for Leventis Motors was
An Exchange ratio of 180 ordinary shares of Leventis approved for any shareholder not
A.G. Leventis & Leventis Technical plc technical and 125 ordinary shares of Leventis Motors for interested in participating in the merger
22. Company Nig. Plc Leventis Motors Plc 1993 100 new ordinary shares of A.G. Leventis. scheme.
An Exchange ratio of 60 ordinary shares of 50k each of
Nig. Ropes for every 100 ordinary shares of 50k each of
23. Nigerian Ropes Plc WASCO Ropes Ltd. 1993 WASCO ltd. Was approved Exchange of shares
A par price of N1.00 per share was approved for the
acquisition of the entire 2,000,000 ordinary shares of
24. Limca bottlers Ltd. Plateau Bottling Company 1993 plateau Bottling Company ltd. Cash
Nigerian Breweries Plc The purchase of assets of Diamond breweries Ltd. By
(Public Quoted Diamond Breweries plc Nigerian Breweries plc was approved by the Commission
25. Company) (Private Company) 1993 which was valued at N230, 000,000 Cash
Ratcon Engineering All motors Engineering services An exchange ratio of one (1) new ordinary shares of
26. Ltd. Co. ltd. (AMESCO) 1993 Ratcon for every one (1) ordinary share of (AMESCO) Exchange of shares

Year of
S/N Acquiring company Target company(ies) Approval Terms of Conversion/Business Combination Type Mode of settlement
United Nig. Life Ins. Co.
United Nig. Ins. co. Plc (UNIC) (UNLIC). Share exchange ratio of 100 ordinary shares of UNIC for every 125
27. (Public quoted company) (Public Quoted Company) 1994 ordinary shares of UNLIC was approved. Exchange of shares
An exchange ratio of nine (9) ordinary shares of LBN for every five (5)
UNL shares leading to 112.5 million shares of LBN issued to the
28. Lever Brothers Nig. Plc (LBN) Unilever Nigeria Ltd. 1995 shareholders of UNL which was wholly owned by Foreigner Exchange of shares
International Beer and Foreign shareholders of Sona breweries acquired the entire 9.69
Sona Breweries Industries of Beverages Industries of Nigeria million ordinary shares ofN1.00 or 64.65 of total share capital held by
29. Nigeria Ltd. Ltd. 1995 seven (7) Nigerian associates. Exchange of shares
A par price of N1.00 per share was approved for the acquisition of the
30. Multichem Nig. Ltd. Wheonye Int’l Enterprises Ltd. 1995 entire 20,000,000 Ordinary shares of Multichem Industries ltd Cash
Acquisition of 705 of paid-up share capital of NNL by exchange of one
(1) ordinary share of 50k each of NFN for four (4) ordinary shares of
31. Nestle Foods Nig. Plc (NFN) Nestle Nigeria Ltd. 1996 N1.00 each of NNL. Exchange of shares
Smithlkline Beecham Nig. Plc Sterling product (Nig) Plc Exchange of 7 ordinary share of N4.87 each of SPN for 4 ordinary
32. (SBN) (SPN) 1996 shares of N8.44 in SBN Exchange of shares
Nigerian Bottling company Plc Exchange of 5 ordinary shares of N2.00 each in SIL for 9 ordinary
33. (NBC) Sapanda Industries Ltd. (SIL) 1996 shares of 50k each in NBC Exchange of shares
Paterzon Zochonis Ind. Plc Thermo cool Eng. Co. Plc Exchange of 2 ordinary shares of N2.00 each in TEC for 7 Ordinary
34. (PZI) (TEC) 1996 shares of 50k each of PZI. Exchange of shares
Canmakers Nig. Ltd. (CNL)
Crown Cork & seal Co. Ltd.
(CCSL) An exchange ratio of 4 CMB’s ordinary shares for CNL’s shares of
Carnaud metal Box Nig. Plc 50k. While 0ne (1) ordinary share of 50k each of CMB would be
35. Carnaud Metal Box Nig. Plc. (CMB) 1997 exchange for 3 shares of CCSL. Exchange of shares
Royal Niger Insurance Co.

36. Ltd. Destiny Insurance co. Ltd. 1998 All Assets acquired Cash
The entire 60-million ordinary shares of 50k each of Platinum Textile

International Textile Industries Mill Ltd. Were exchanged for the number of shares in ITI – PTM was
37. Ltd. (ITI) Platinum Textile Mill Ltd. (PTM) 1999 absorbed in to ITI. Exchange of shares
The entire 102 million ordinary shares of N1.00 each of Guinness

Glass were exchange for 163.2 million ordinary shares of 50k each of
38. Delta Glass plc Guinness Glass Plc 1999 Delta Glass Plc. Delta Glass emerge as the new company. Exchange of shares

69 million ordinary shares of 50k each of A.G.
Iddo Investment Ltd. Leventis were to be issued to the shareholders of
London Africa & overseas Ltd. Iddo, LAFRO and VBH in exchange for 21.6 million,
(LAFRO) 2.4 million and 9.6 million ordinary shares of 50k
39. A.G. Leventis Nig. Plc Victoria Beach Hotel Plc (VBH) 1999 respectively. Exchange of shares
Nig. Westminster Nig. Dredging & Marine Ltd. (NDM) The shareholders of NDM and WDN were to
Dredging & marine Ltd. Westminster Dredging Nig. Ltd. exchange their shareholding in exchange for shares
40. (NWDML) (WDN) 1999 of NWDML. Exchange of shares
BATL increases its shares capital from
The entire 400 million ordinary shares of NTC was N10m to N2b so as to accommodate the
surrendered for cancellation by the holders, NTC incoming shares of the NTC. All the entire
British American Tobacco 2000 shareholders received N3.00 per share as assets, liabilities and undertakings of NTC
41. Limited (BATL) Nigerian Tobacco Co. Plc (NTC) consideration were merged with those of BATL
The acquisition was effected partly
through 75% debt/equity swap involving
15million ordinary shares of N1.00 each
Stanbic Merchant Bank and 15% cash payment involving 3 million
42. Nig. Ltd. (SMBN) Financial Equities Ltd. (FEL) 2000 SMBL acquired 90% equity interest in FEL ordinary shares of N1.00 each
Exchange of 100 ordinary share of 50k

The shareholders Surrender their share for an each in Total for 82 ordinary share of 50k
43. Total Nigeria Plc Elf Nig. Ltd. 2001 appropriate number in Total Nig. Plc each in Elf oil Nig. Ltd
All the assets, liabilities & undertakings of Nichemtex 13 ordinary shares of 50 kobo each of
be transferred to UNTL, the entire share capital of UNTL be exchanged for 5 ordinary
United Nig. Textile Ltd. Nichemtex be cancelled and dissolved without shares of N2.00 each of Nichemtex
44. (UNTL) Nichemtex Industries Plc 2001 winding up. Industries Plc
Cash was paid for the entire shares of the
companies by PZI as PZI – 33,918,600
ordinary share at 50 kobo EN –
PZ Nig. Limited All assets, liabilities & undertakings of PZN, EN, and 10,000,000 ordinary share of N1.00 each
Ekopak Nig. Limited GPN be transferred to PZI, who in turn paid monetary GPN – 1250 ordinary share of N2.00
45. PZ Industries Groove Properties Nig. Ltd. 2001 value of shares to respective shareholders each

Acquiring Year of Terms of Conversion/Business

S/N company Target company(ies) Approval Combination Type Mode of settlement
Edo cement was newly created company,
while major shareholders SCANCEMENT
pay the naira value equivalent of 4 & 4
million to Edo State Government in
consideration, to transfer all assets &
All the assets, undertaking of Bendel Cement was undertakings of Bendel cement and
Edo Cement transferred to Edo Cement, while Edo state transferred of all liabilities to Edo State
46. Company Ltd. Bendel Cement Company Ltd. 2002 Government assume liabilities of Bendel Cement Government.
Unipetrol share price of N47.00 per share &
Agip share price of N23.00 per share was
All the assets, liabilities, and undertakings including exchanged, and every one ordinary share of
real properties and intellectual property & right of 50 kobo in Elf for two ordinary shares of 50
47. Unipetrol Nig. Plc Agip Nig. Plc 2002 Agip are transferred to Unipetrol. kobo each in Agip.
One ordinary share of enlarged Lexington Insurance
Lexington Company was issued in exchange for one ordinary
International Express Insurance Safeway share of Safeway Insurance Company and one
48. Company Ltd Insurance 2004 ordinary share of Express Insurance Company Ltd. Cash
All assets, liabilities and undertakings including real
property and intellectual property right of STB be
transferred to UBA and the entire share capital of 1ordinary share of 50 kobo each in UBA plc,
United Bank for 8,000,000,000 ordinary share of 50 kobo each of be credited and fully paid in exchange for 2
49. Africa Plc Standard Trust Bank Plc 2005 STB be cancelled and dissolved without winding up. ordinary shares of 50 kobo in STB

property and intellectual property right of STB be
transferred to UBA and the entire share capital of 1ordinary share of 50 kobo each in UBA plc,
United Bank for 8,000,000,000 ordinary share of 50 kobo each of be credited and fully paid in exchange for 2
50. Africa Plc Standard Trust Bank Plc 2005 STB be cancelled and dissolved without winding up. ordinary shares of 50 kobo in STB
All the ordinary shares of first Atlantic are to be

surrender by the holders and cancelled, and all the
assets, liabilities and undertakings of First Atlantic 3 ordinary shares of 50 kobo each of Inland
Inland Bank of Nigeria Plc were merged with those of Inland Bank. First Atlantic Bank plc for 2 ordinary shares of 50 kobo
51. First Inland Bank Plc First Atlantic Bank Plc 2005 will subsequently be dissolved with winding up. each of First Atlantic Bank Plc.

All assets liabilities and undertakings, including real
property and intellectual property right of Capital Bank 7 ordinary shares of Access bank Plc at
and Marina Bank are transferred to Access bank plc N2.00 for
and the entire share capital of Marina bank plc be 10 ordinary share of Capital bank at N2.15
Access Bank of Marina International Bank Plc cancelled. Capital bank and Marina bank will then be and 10 ordinary share of Marina Int’l bank at
52. Nigeria Plc Capital Bank limited 2005 dissolve without winding up. N1.75
One ordinary share of Intercontinental Bank
The entire share capital of Equity Bank plc Gateway Plc at 50 kobo each for;
Bank and Global Bank plc be surrender by holders 4 ordinary shares in Equity Bank plc.
and cancelled and all the assets, liabilities and 8 ordinary shares of 50 kobo each in
Equity Bank of Nigeria Plc undertakings including real property and intellectual Gateway Bank and
Gateway Bank Plc property right be transferred to Intercontinental Bank 5 ordinary shares of 50 kobo in Global Bank
53. Intercontinental Bank Global Bank plc 2005 plc .and the banks be dissolve without winding up. plc.
property and intellectual property rights of Equity
bank, Gateway bank, and Global were transferred to Share exchange ratio of 1 ordinary share of
Equatorial Trust Bank Equatorial Trust limited IB and they were subsequently dissolved without 50 kobo of Devcom Bank for 1 Equitorial
54. limited Devcom Bank Limited 2005 winding up. Bank Share of 50 kobo.
properties and intellectual properties rights of CBD,
were transferred to FCMB and entire share capital
cancelled. 2 ordinary shares of FCMB for 9 ordinary
Also the entire assets, liabilities and the undertakings share of Co-operative Bank of 50 kobo
First City Monument Bank Plc of NAMBL real property, and intellectual rights were each. NAMBL will received 2 ordinary
First City Monument Co-operative Dev. Bank plc transferred to FCMB plc. Both CDB and NAMBL shares of 50 kobo of FCMB for 11 ordinary
55. Bank Plc Nigeria-American Bank Ltd 2005 were subsequently dissolved without winding up. shares of N1.00
First Bank of Nigeria PLC properties and intellectual property rights of FBNMB 1 ordinary share of FBN Plc for; 14 ordinary
First Bank of Nigeria FBN [Merchant Bankers] Ltd and MBC were transferred to First bank and the entire shares of FBNMB and 25 0rdinary shares of
56. Plc MBC International Bank Ltd 2005 share capital of transferee banks were cancelled MBC Int’l Bank
All assets, liabilities & undertakings, including real
NBM Bank Plc, properties and intellectual property rights of Indo-Nig.
Magnum Trust Bank Plc, Bank, Magnum, NBM Bank and Trust Bank be
Trust Bank of Africa Plc, transferred to NAL and the entire share capitals of the 14 ordinary shares of NAL for 10 Indo-
Indo- Nigeria Bank Ltd, and transformed banks be cancelled and dissolved Nigeria, 1 NAL for 1 Magnum, 3 NAL for 10
57. Sterling Bank Plc NAL Bank Plc 2005 without winding up. NBM, 1NAL for 1 Trust Bank of Africa.

Intercity Bank Plc , 6 ordinary shares of Intercity for; 11 shares
First Interstate Bank Plc All assets, liabilities and undertakings of First Interstate, 1 share of Intercity for 3
Pacific Bank Limited, Including real properties and intellectual rights of FIB, Tropical , 2 shares of Intercity for 5 Pacific
Tropical Commercial Bank Plc, PB, TCB, SB and, CPB, were transferred to IC. The Bank, 2 shares of Intercity for 25 Bancaires’,
Centre Point Bank Plc entire shares were cancelled and subsequently and 1 share of Intercity for 9 Center-Point
58. Unity Bank Plc Societe Bancaire Nig. Ltd 2005 dissolved without winding up. Bank.
properties and intellectual property rights of Chartered
IBTC Plc Bank and Regent Bank be transferred to IBTC. The 4 IBTC ordinary shares for 5 Chartered Bank
IBTC Chartered Bank Chartered Bank Plc entire share capital of Chartered Bank and Regent and 2 shares of IBTC for 15 shares of Regent
59. Plc Regent Bank Plc 2005 Bank be cancelled and dissolved without winding up. Bank.
properties and intellectual property rights of Habib be
Platinum Habib Bank Platinum Bank Plc transferred to PlatinumHabiib Bank and the entire share
60. Plc Habib Nig. Bank Plc 2005 capital of Habib Bank be cancelled. 13 Habib Bank for 17 Platinum Bank
Fidelity Bank Plc properties and intellectual property rights of FSB and
FSB Int’l Bank Plc Manny Bank be transferred to Fidelity and the entire 8 Fidelity shares for 15 FSB Int’l and 2
61. Fidelity Bank Plc Manny Bank Plc 2005 share capital of FSB and Manny be cancelled. Fidelity shares for 9 Manny Bank
Prudent Bank Plc All assets, liabilities & undertakings, including real
EIB Int’l Bank Plc properties and intellectual property rights of Prudent,
Bond Bank Plc EIB, Bond Bank and Reliance Bank be transferred to 1 Prudent for 1 EIB Int’l, 1 Prudent for 3 Bond
62. SKYE Bank Plc Reliance Bank Plc 2005 SKYE and the entire share capital cancelled Bank and 10 Prudent for 29 Reliance
Afribank Nigeria Plc properties and intellectual property rights of Afribank
Afribank Int’l (Merchant Int’l Merc. Ltd be transferred to Afribank Nig. Plc and 1 Afribank Nigeria Plc for 10 Afribank Int’l
63. Afribank Nigeria Plc Bankers) Ltd 2005 the entire share capital of AIL be cancelled (Merchant Bankers) Ltd
7 Diamond Bank shares for 25 Lion Bank
64. Diamond Bank Plc Lion Bank Plc 2005 Acquisition Shares.
First Inland Bank Plc All assets, liabilities & undertakings, including real 2 First Inland Bank for;
NUB International Bank Plc properties and intellectual property rights of NUB and 5 NUB Int’l Bank,
65. First Inland Bank Plc IMB International Bank Plc 2006 IMB be merged with those of First Inland Bank. 15 IMB Int’l Bank
All assets, liabilities & undertakings, including real The entire 1 billion ordinary shares of
properties and intellectual property rights of ITB be 50kobo each, issued share capital of ITB,
Oceanic Bank Int’l Plc transferred to Oceanic Bank and the entire share capital were exchanged for a nominal value of
66. Oceanic Bank Int’l Plc International Trust Bank Plc 2006 of ITB be cancelled N1.00.

All assets, liabilities & undertakings, including real The entire 1 billion ordinary shares of
properties and intellectual property rights of ITB be 50kobo each, issued share capital of ITB,
Oceanic Bank Int’l Plc transferred to Oceanic Bank and the entire share were exchanged for a nominal value of
67. Oceanic Bank Int’l Plc International Trust Bank Plc 2006 capital of ITB be cancelled N1.00.
United Bank for Africa
68. Plc Continental Trust Bank Ltd 2005 Acquisition Cash
properties and intellectual property rights of
Cooperative Bank be transferred to SKYE Bank and
SKYE Bank Plc the entire share capital of Cooperative Bank be
69. SKYE Bank Plc Cooperative Bank Plc 2006 cancelled 7 SKYE Bank for 10 Cooperative Bank
Citizens Int’l Bank Plc All assets, liabilities & undertakings, including real
Guardian Express Bank Plc properties, intellectual property rights of Guardian 100 units of Citizens Bank for; 88 units of
ACB Int’l Bank Plc Express, ACB, Omega, TIB and Fountain Trust are to Guardian Express, 140 units of ACB Int’l,
Omega Bank Plc be cancelled. Guardian Express, ACB, Omega, TIB 52 units of Omega Bank, 43 units of
Fountain Trust Bank Plc and Fountain Trust will subsequently be dissolved. Fountain Trust Bank and 399 units of
70. Spring Bank Plc Trans Int’l Bank Plc 2006 Citizen will be renamed Spring Bank Plc. Trans International Bank.
Broad Bank Plc 1 Union Bank share for; 43 Broad Bank
Universal Trust Bank Plc shares, 36 UTB shares and 17 Union
71. Union Bank Plc Union Merchant Bank Ltd 2006 Acquisition Merchant Bank shares.
FCMB acquired assets and Liabilities of
Midas based on nominal purchase and
additional payment will be due to
First City Monument FCMB Plc shareholders after recovery of N700.0
72. Bank Plc Midas Bank Ltd 2006 Acquisition million bad loans.
1 Wema Bank ordinary share for 2
73. Wema Bank Plc National Bank Ltd 2006 Acquisition National Bank shares.
All assets, liabilities and undertakings Including real
Unity Bank Plc properties and intellectual rights of BONL NNB and
Bank of the North Limited NABL were transferred to Unity Bank Plc. The entire 5, 4 and 1 Unity Bank shares for every 2
NNB International Bank Plc shares were cancelled and subsequently dissolved BON shares, 5 NNB shares and 5 New
74. Unity Bank Plc New Africa Bank Limited 2006 without winding up. African Bank shares correspondingly
properties, intellectual property rights of Signal be 53 ordinary shares of 50k of Custodian for
Custodian and Allied Custodian and Allied Ins. Ltd transferred to Custodian and the entire share capital every 50 ordinary shares of N1.0 of
75. Insurance Plc Signal Insurance Ltd 2006 of Signal be cancelled Signal

properties, intellectual property rights of FEGIC be 52 ordinary shares of 50k of Custodian
Custodian and Allied Custodian and Allied Ins. Plc transferred to Custodian & Allied Ins. and the share for every 63 ordinary shares of N1.00 of
76. Insurance Plc Fire Equity & Gen. Ins. Ltd 2006 capital of FEGIC be cancelled FEGIC
properties, intellectual property rights of Rivbank be 62 ordinary shares of 50k of IEI be
International Energy Int’l Energy Insurance Co. Ltd transferred to International Energy Insurance and the exchange for every 25 ordinary shares of
77. Insurance Co. Ltd Rivbank Insurance Co. Ltd 2006 entire share capital of Rivbank cancelled N1.0 of Rivbank
properties, intellectual property rights of Summit be
Standard Trust Standard Trust Assurance Plc transferred to STACO and the entire share capital of 1 ordinary share of 50k of STACO for
78. Assurance Plc Summit Insurance Co. Ltd 2006 Summit be cancelled every 1 ordinary shares of 50k of summit
properties, intellectual property rights of Phoenix and
African Prudential be transferred to Royal Exchange 4 and 1 ordinary shares of 50k each in
Royal Exchange Assurance Plc and the entire share capital of Phoenix and African Royal Exchange for every 11 and 1
Royal Exchange Phoenix of Nig. Assurance Plc Prudential be cancelled and the companies dissolved ordinary shares of 50k each in Phoenix
79. Assurance Plc African Prudential Co. Ltd 2006 without winding up and African Prudential respectively
properties, intellectual property rights of NFI and
Aiico Insurance Plc Lamda be transferred to Aiico and the entire share 2 and 100 ordinary shares of 50k each in
NFI Insurance Co. Plc capital of NFI and Lamda be cancelled while the Aiico for every 3 and 117 ordinary shares
80. Aiico Insurance Plc Lamda Insurance Co. Ltd 2006 companies will be dissolved without winding up in NFI and Lamda respectively
properties, intellectual property rights of Golden
Fertilizer be transferred to Flour Mills and the entire
Flour Mills of Nig. Plc share capital of Golden Fertilizer be cancelled while Nominal transaction (Golden Fertilizers is
81. Flour Mills of Nig. Plc Golden Fertilizer Co. Ltd 2006 the company dissolved without winding up wholly own by flour mills)
Nominal and normal transfer of
2,249,004,734 and 52,000,000
Kamfin Lebanon Kamfin Lebanon Holding S.A.L. respectively of Dumez Nig. Plc to kamfin
82. Holding S.A.L. Dumez Nig. Plc 2006 Acquisition Lebanon
Jap Telecoms acquired 2,000,000
Jap Telecoms Ltd ordinary shares of Danjay Telecoms at
83. Jap Telecoms Ltd Danjay Telecoms Ltd 2006 Acquisition N1.00 per share

Fenwick Overseas Holding Ltd Fenwich acquired 30,000,000 shares of
84. Fenwick Overseas Holding Ltd Regency Overseas 2006 Acquisition Regency at N8.00 per share
Goldlink acquired the assets, liabilities and
business undertakings of Lexington and
Lister based on issuance of 45,454,545
Goldlink Insurance Co. Ltd Goldlink shares to Lexington shareholders
Lexington Int’l Insurance Ltd and payment of N30,000,000 to Lister
85. Goldlink Insurance Co. Ltd Lister Insurance Ltd 2006 Acquisition shareholders in exchange for their shares
Jupiter acquired 4,501,765 shares at

Jupiter Assets Man. Ltd N2.00 per share of Nig. Embroidery Lace
86. Jupiter Assets Management Ltd Nig. Embroidery Lace Man. Ltd 2006 Acquisition Man. Ltd
1 ordinary share N1.0 each of Sterling
Assurance for every 2 ordinary shares of
N1.0 each of Newline Insurance and
10,000 ordinary shares of N1.0 each of
Sterling Assurance Nig. Ltd Sterling Assurance for every 1 ordinary
Newline Insurance Com. Ltd shares of N1,000 each of Universe
87. Sterling Assurance Nig. Ltd Universe Reinsurance Co. Ltd 2007 Merger Reinsurance
200 ordinary shares of 50k each of

Linkage Assurance for every 119 ordinary
Linkage Assurance Plc shares of N1.0 each of Central Insurance
88. Linkage Assurance Plc Central Insurance Company Ltd 2007 Merger Company Plc
6 ordinary shares of 50k each in Regency
Alliance for every 5 ordinary shares of
Regency Insurance, 26 ordinary shares of
50k each of Regency Alliance for every 20
ordinary shares of Destiny Insurance, 14
ordinary shares of Regency Alliance for
every 10 ordinary shares of N1.00 each of
Regency Insurance Plc Nigerian Alliance Assurance and 24
Destiny Insurance Co. Ltd ordinary shares of 50k each of Regency
Nigerian Alliance Insu. Corp Ltd Alliance for every 25 ordinary shares of
89. Regency Alliance Insurance Plc Capital Express Gen. Insu. Ltd 2007 Merger Capital Express.

Terms of
Year of Conversion/Business
1 ordinary share of N1.0 each of Capital
Capital Express Insurance Capital Express Insu. Com. Ltd Express for every 5 ordinary shares of 50k
90. Company Ltd Regency Life Assur & Pension Ltd 2007 Merger each of Regency Life Assurance.
100 ordinary shares of NEM Insurance for

NEM Insurance Plc every 103 ordinary shares of Vigilant Insurance
91. NEM Insurance Plc Vigilant Insurance Com.0 Ltd 2007 Merger Company.
3 ordinary of N1.0 each of Kapital Insurance for
every 2 ordinary shares of N1.0 each of
Kapital Insurance Company Ltd Intercontinental Assurance and 5 ordinary
Intercontinental Assu. Com. Ltd shares of N1.0 each of Kapital Insurance for
Global Commerce & Gen. Assur. Co. every 21 ordinary shares of 50k each of Global
92. Kapital Insurance Company Ltd Ltd 2007 Merger Commerce & General Assurance.
5 ordinary shares of 50k each of First
Equity Indemnity Insurance Co. Plc Assurance for every 2 ordinary shares of Equity
93. Equity Indemnity Insurance Plc First Assurance Plc 2007 Merger Indemnity Insurance
100 ordinary shares of 50k each of Crusader

Crusader Insurance Com. Plc Insurance for every 366 ordinary shares of 50k
94. Crusader Insurance Plc Admiral Insurance Company Ltd 2007 Merger each of Admiral Insurance.
Entire 6.25 billion ordinary shares of IBTC

IBTC Chartered Bank Plc Chartered in exchange for the assets and
95. Stanbic IBTC Bank Plc Stanbic Bank (Nig) Ltd 2007 Merger liabilities of Stanbic Bank
2 ordinary shares of 50k each of Aiico
Insurance for 3 ordinary shares of N1.0 each of
Aiico Insurance Plc NFI Insurance and 100 ordinary shares of 50k
NFI Insurance Plc each of Aiico Insurance for every 117 ordinary
96. Aiico Insurance Plc Lamda Insurance Company Ltd 2007 Merger shares of N1.0 each of Lamda Insurance.
4 ordinary shares of 50k each of Royal Exchange
for every 11 ordinary shares of 50k each of
Royal Exchange Nig. Plc Phoenix Assurance and 1 ordinary shares of 50k
Phoenix Assurance of Nig. Plc each of Royal Exchange for every 1 ordinary
97. Royal Exchange Assurance Plc African Prudential Ins. Co. Ltd 2007 Merger shares of N2.0 each of African Prudential.

Terms of
52 ordinary shares of 50k each of

Custodian Insurance for every 63
Custodian & Allied Insurance Custodian & Allied Insurance Plc ordinary shares of N1.0 each of Fire,
98. Plc Fire, Equity & General Ins. Co. Ltd 2007 Merger Equity & General Insurance.
Shareholders of Atlantic Assurance

received N265.7 million for the
Leadway Assurance Company acquisition of the entire shares of the
99. Ltd Atlantic Assurance Ltd 2007 Acquisition company by Leadway Assurance.
50 ordinary shares of Crusader

Insurance for every 291 ordinary shares
of Golden Insurance, 100 ordinary
shares of Crusader for every 313
ordinary shares of Royal Trust and 100
Golden Insurance Ltd ordinary shares of Crusader for every
Refuge Insurance Ltd 2749 ordinary shares of Refuge
100. Crusader Insurance Plc Royal Trust Assurance Ltd 2007 Acquisition Insurance.
Shareholders of African Development

Insurance Company received N539.75
Diamond Bank Plc million for the acquisition of the 95% of
101. Diamond Bank Plc African Development Ins. Co. Ltd 2007 Acquisition the company’s shares by Diamond Bank.
Shareholders of Sona Breweries, Food,
Agro & Allied Industries and International
Beer & Beverages received from Sona
Systems the sum of N640.368 million,
Sona Breweries Plc N661,165,254.55 and N227.514 million
Sona Systems Associates Food, Agro & Allied Industries Ltd respectively for the acquisition of the
102. Management Ltd International Beer & Beverages 2007 Acquisition entire assets of the companies.

Terms of
Industrial & General Insurance 1 ordinary share of IGI for every 7 ordinary shares
103. Company Ltd Nasal Insurance Ltd 2007 Acquisition of Nasal
Oando Marketing Ltd received assets worth

N16.386 billion for 49,750,000 ordinary shares of
N1.0 each of Oando Plc. Oando Marketing thus
104. Oando Marketing Ltd Oando Plc 2007 De-merger became a separate entity from Oando Plc
Payment of net consideration of $4,227,476 by

issuance of 7,410,232 ordinary shares of Niger
Delta Exploration & Production Plc, representing
50% of the amount and $2,223,062 worth Niger
Niger Delta Exploration & Niger Delta Petroleum Resources Delta Petroleum Resources Ltd Irredeemable
105. Production Plc Ltd 2007 Acquisition Participating Investment Notes (IPINs).
issuance of 6,746,143 ordinary shares of N10.0
Niger Delta Exploration & each in Niger Delta Exploration & Production Plc to
106. Production Plc Chemur Ltd 2007 Acquisition the shareholders of Chemur Ltd
Issuance of 118,177,993 ordinary shares of Oando
Plc for 11,765,889 fully paid ordinary shares of
Ocean & Oil Investments in Oando Energy
Services Ltd, Oando Production & Development
Co. Ltd, Oando Exploration & Production Ltd,
Oando Supply & Trading Ltd and Oando Trading
(Bermuda) Ltd. 12 identified minority shareholders
Ocean & Oil Investment Ltd of Gaslink Nig. Ltd received 63,591,633 ordinary
Gaslink Nig Ltd (involving 12 shares of Oando Plc for 635,916,330 ordinary
107. Oando Plc Identified shareholders) 2007 Acquisition shares of Gaslink Nig. Ltd.

issuance of 6,746,143 ordinary shares of N10.0
Niger Delta Exploration & each in Niger Delta Exploration & Production Plc to
108. Production Plc Chemur Ltd 2007 Acquisition the shareholders of Chemur Ltd

Terms of
Payment of net consideration of $2,361,150
by issuance of 6,746,143 ordinary shares of
N10.0 each in Niger Delta Exploration &
Niger Delta Exploration & Production Plc to the shareholders of Chemur
109. Production Plc Chemur Ltd 2007 Acquisition Ltd
Issuance of 118,177,993 ordinary shares of
Oando Plc for 11,765,889 fully paid ordinary
shares of Ocean & Oil Investments in Oando
Energy Services Ltd, Oando Production &
Development Co. Ltd, Oando Exploration &
Production Ltd, Oando Supply & Trading Ltd
and Oando Trading (Bermuda) Ltd. 12
identified minority shareholders of Gaslink
Ocean & Oil Investment Ltd Nig. Ltd received 63,591,633 ordinary shares
Gaslink Nig Ltd (involving 12 of Oando Plc for 635,916,330 ordinary shares
110. Oando Plc Identified shareholders) 2007 Acquisition of Gaslink Nig. Ltd.
All the assets, Liabilities and
undertakings including real properties
of Cook ‘N’ Light Nig. Plc were Cash payment of N1.54 billion in exchange
Tower Aluminium Nigeria Plc transferred to Tower Aluminium Nig. for every 1 ordinary share of 50k each of
111. Tower Aluminium Nigeria Plc Cook “N” Lite Nigeria Plc 2008 Plc. Cook “N” Lite Nigeria Plc
11 ordinary shares of Sovereign Trust for
every 15 ordinary shares of Confidence
Insurance, 8 ordinary shares of Sovereign
Trust for every 5 ordinary shares of Coral Int’l
Sovereign Trust Insurance Plc Insurance and 7 ordinary shares of Sovereign
Sovereign Trust Insurance Coral Int’l Insurance Company Ltd Trust for every 16 ordinary shares of Prime
112. Plc Prime Trust Insurance Co. Ltd 2008 Merger Trust
MTN Nigeria Ltd No new shares were issued and no cash

113. MTN Nigeria Ltd VGC Communications Ltd 2008 Merger payment (MTN wholly owned VGC).
The transaction was a nominal transfer of 100%
equity in Baytide Nig. Ltd, involving 20 million
114. Tantalizers Ltd Baytide Nigeria Ltd 2008 Acquisition ordinary shares of N1.0 each to Tantalizers Ltd.

Terms of
375 ordinary shares of Consolidated Hallmark
Insurance for every 100 ordinary shares of
Hallmark Assurance and 120 ordinary shares of
Consolidated Hallmark Assurance for every 100
Consolidated Hallmark Hallmark Assurance Plc ordinary shares of Nigerian General Insurance
115. Insurance Plc Nigerian General Ins. Co. Ltd 2008 Acquisition Company Ltd.
Acquisition of 50.7% Holdings of Scancem Nig. Ltd received a cash payment of
Scancem International in N3,453,580,080 from Damnaz Cement Company
Damnaz Cement Company Cement Company of Northern Cement Company of Northern for its 637,403,152 ordinary shares or 50.7%
116. Ltd Nigeria Plc 2008 Nigeria Plc by Damnaz Cement holdings in Cement Co
4 ordinary shares of Denham Management for
Chapel Hill Advisory every 3 ordinary shares of Chapel Hill Advisory
117. Services Ltd Denham Management Ltd 2008 Acquisition Services.
1 ordinary share of Standard Alliance Insurance

Standard Alliance Insurance Plc for every 4 ordinary shares of Perpetual
118. Plc Perpetual Assurance Company Ltd 2008 Acquisition Assurance Company Ltd.
Shareholders of Insignia Print received

540,000,000 ordinary shares of Dufil Prima for
their 999,999 ordinary shares of N1.0 each and
Shareholders of De-United Foods received
De-United Foods Industries Ltd 1,223,333,334 ordinary shares of Dufil Prima for
119. Dufil Prima Foods Ltd Insignia Print Technology LFTZ Ent. 2008 Acquisition their 59,999,998 ordinary shares of N1.0 each.
CSL Stockbrokers and City Securities Registrars

received N6.65 billion and N995 million
CSL Stockbrokers Ltd respectively from FCMB Capital Market Ltd in
120. FCMB Capital Markets Ltd City Securities Registrars Ltd 2008 Acquisition consideration of their issued and fully paid shares.
The entire equity holdings of VGC
MTN Nigeria Communications Ltd was purchased at the cost of
121. Communications Ltd VGC Communications Ltd 2008 Acquisition N8.35 billion by MTN Nigeria Ltd.

Terms of
1 ordinary share of Gyallesu Community

Bank for every 1 ordinary share of
122. Gyallesu Community Bank Ltd Kudandami Community Bank Ltd 2008 Acquisition Kudandami Community Bank
Bank PHB took over the management of
Spring Bank after acquiring 33% of Spring
Bank. Bank PHB thereafter bid to purchase
26.97% of issued and paid-up capital of
123. Bank PHB Plc Spring Bank Plc 2008 Takeover Spring Bank.
West Africa Household Utilities
Manufacturing Company Limited Battery Manufacturing Company Shareholders of BAMCO were paid N6.67
124. (WAHUM) Nigeria Limited (BAMCO) 2009 Merger per every share held
Four (4) ordinary shares of Interstate Flour
Mills Ltd to every Five (5) ordinary shares of
Crown Flour Mills Ltd; and Five (5) ordinary
Interstate Flour Mills Ltd and Mix and shares of Mix and Bake Industries to every
125. Crown Flour Mills Ltd Bake Flour Mills Industries 2009 Merger four (4) ordinary shares of Crown Flour Mills
For the Acquisition of 100% equity of Elmac,
its shareholders will receive One (1) ordinary
share of Lasaco Insurance Plc for every forty
126. Lasaco Insurance Plc Elmac Insurance Company Ltd 2009 Acquisition two (42) ordinary shares held
Acquisition/Cancellation of 3,393,589 IPINs
Investors in the Irredeemable by payment of $10,542,620.23, representing
Participating Investment Notes (IPINs) 30% and a total of 18,727,321 ordinary
Niger Delta Exploration and of Niger Delta Exploration and shares of Niger Delta Exploration and
127. Production Plc Production Plc 2009 Acquisition Production Plc
A total of N65,000,000 was paid to the
shareholders of African International Bank by
Ecobank Nigeria Plc based on N65 per
128. Ecobank Nigeria Plc African International Bank Ltd 2009 Acquisition share
GTI Insurance A total N1,530,000,000 was paid to the
129. Bank PHB Plc (51% equity holding) 2009 Acquisition shareholders of GTI Insurance Ltd.
One (1) ordinary share of Mutual Benefits
Assurance for every five (5) ordinary shares
130. Mutual Benefits Assurance Plc Worldwide Insurance Company Ltd 2009 Acquisition of Worldwide Insurance Co. Ltd

Terms of
A total of N6.65 billion and N995.0 million were
paid for 100% equity of CSL Stockbrokers and
CSL Stockbrokers Limited, CSL CSL Registrars at a unit price of N66.5 and
131. FCMB Plc Registrars Limited 2009 Acquisition N19.90 respectively.
Renaissance Securities A total of N70,000,000 was paid to the
132. (Nigeria) Limited Rencap Securities (Nigeria) Limited 2009 Acquisition shareholders of Rencap Securities Ltd
A total of N13.50 billion was paid to Wema Bank
Wema Bank Plc by SW8 Investment Ltd for 2.70 billion ordinary
133. SW8 Investment Ltd (26.50% equity holdings) 2009 Acquisition shares of the bank at a unit price of N5.00
A total of €4,277,250 and N808,708,212
DIL/Maltex Nigeria Plc respectively were paid to CFAO for its 95.5%
134. Consolidated Breweries Plc (95.5% equity holdings of CFAO) 2009 Acquisition holdings in Dil/Maltex Nig. Plc
Asset & Resource Management
Ltd (ARM) ARM Ltd and its Management (70%
135. (Management Buy-Out) equity holdings of GT Bank Plc in ARM) 2009 Management Buy-Out A total of N80.o million was paid to GT Bank Plc
The holders of the cancelled First Alliance
shares shall be entitled to 37% share holdings in
136. ARM Pension Managers First Alliance Pension & Benefit Ltd 2010 Merger the post-merger ARM Pension.
The merger transaction
involved the transfer of
Araromi Rubber Estates Ltd assets, liabilities and Prior to the Merger Rubber Estates Nig. Ltd had
Osse River Rubber Estates Ltd undertakings of the four 80% shareholdings in Osse River, Utagbo-Uno
Utagbo-Uno Rubber Estates Ltd target companies to Rubber and Water Side respectively and 60% in
137. Rubber Estates Nigeria Ltd Water Side Rubber Estates Ltd 2010 Estates Nigeria Ltd Araromi.
The merger transaction
involved the transfer of
assets, liabilities and
undertakings of Benue
Obajana Cement Plc Cement to Dangote
138. (Dangote Cement Plc) Benue Cement Company Plc 2010 Cement Exchange of shares
A total of 303,580,147 ordinary shares of NEM
Acquisition of 100% equity Insurance Plc were issued to the shareholders
139. NEM Insurance Plc Lombard Insurance Company Plc 2010 of Lombard Insurance of Lombard Insurance.

Terms of
Transfer of majority shares
Asset Resource Management The Majority shares of Hamilton Hammer of Hamilton Hammer & Co
140. (ARM) Co. Ltd & Co. Ltd 2010 Ltd to ARM Ltd. Cash
Acquisition of100% equity
Emerging Market shareholding in Alheri
Telecommunication Services Mobile by Emerging Market
141. Ltd Alheri Mobil Ltd 2010 Communication Cash
Involves the acquisition of
51% equity holdings of
Nigeria Eagle Flour Mills by
142. Flour Mills of Nigeria Plc Nigeria Eagle Flour Mills Ltd 2010 Flour Mills of Nigeria Plc. Cash
Obajana Cement Plc
Dangote Bail Ltd Restructuring of Dangote
143. Dangote Cement Plc DCW Ltd 2010 Cement Business Consolidation
Restructuring of Aiico Group
144. Aiico Insurance Plc Aiico General Insurance Company Ltd 2010 Business Consolidation
Transfer of Diamond Bank
Plc’s Shareholding in
Diamond Securities
Diamond Securities Ltd Limited to Diamond Capital
145. Diamond Bank Plc Diamond Capital & Financial Markets Ltd 2010 & Financial Markets Limited

TABLE 24: SOME SELECTED AFRICAN STOCK MARKET INDICATORS 2006 - 2010
S&P Global Equity Indices
S/N of Listed Companies Market Capitalization US$ (million) Turnover Ratio % Annual % Change*
Country 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Botswana 18 18 19 20 21 3,946.98 5,887.21 3,555.77 3,991.06 4,075.95 2.3 2.2 3.1 2.7 3.5 53.0 37.2 -38.4 24.3 -6.8
Cote
d’Ivoire 40 38 38 38 38 4,155.26 8,352.89 7,070.75 6,141.29 7,099.22 3.3 2.5 4.1 2.0 2.0 35.6 115.6 -16.9 -10.7 19.3
Egypt 603 435 373 305 211 93,477.33 139,289.00 85,885.39 89,952.51 82,494.46 54.8 45.6 61.9 60.1 43.0 10.2 52.2 -55.8 35.6 11.5
Ghana 32 32 35 35 35 3,232.88 2,380.22 3,394.38 2,507.53 3,531.49 21.0 3.9 5.2 2.0 3.4 9.7 21.6 -10.4 -42.7 94.1
Kenya 51 51 53 55 53 11,378.04 13,386.59 10,916.56 10,755.99 14,460.87 14.6 10.6 11.8 4.6 8.6 60.3 11.8 -40.3 0.6 33.8
Morocco 65 74 77 78 73 49,360.03 75,494.55 65,744.97 62,909.97 69,152.53 35.3 42.1 31.4 45.7 16.3 78.5 45.3 -17.0 -1.7 13.1
Namibia 9 9 7 7 7 542.78 702.00 618.67 846.32 1,176.28 3.8 3.7 2.8 3.0 1.8 12.8 39.4 -9.9 22.6 24.2
Nigeria 202 212 213 214 215 32,819.36 86,346.84 49,802.82 33,324.90 50,882.97 13.6 28.2 29.3 11.0 12.5 34.0 108.3 - -35.4 20.3
South
Africa 401 422 425 363 360 715,025.25 833,547.93 491,281.77 704,821.88 1,012,538.25 48.8 55.0 60.6 57.3 39.6 17.2 15.5 -41.7 53.7 32.1
Swaziland 6 6 7 5 5 199.86 203.09 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Tunisia 48 50 49 49 54 4,446.38 5,355.08 6,373.76 9,120.14 10,681.71 14.3 13.3 25.5 16.2 17.2 47.9 15.6 -3.1 40.6 11.7
Zambia 14 16 19 19 19 1,185.51 2,345.89 N/A N/A 2,816.73 2.1 4.1 N/A N/A N/A N/A N/A N/A 16.7 17.4
Zimbabwe 80 82 81 94 76 26,556.64 5,332.78 N/A N/A 11,476.48 6.2 5.1 N/A N/A N/A 912.3 -83.8 N/A N/A N/A
Source: Compiled from the World Development Indicator

*US$ price change in the stock markets covered by the S&P/IFCI and S&P frontier BMI country indices

Chart 6: NUMBER OF LISTED COMPANIES ON THE STOCK EXCHNAGE OF SOME SELECETED AFRICAN COUNTRIES (2006 – 2010)
Source: World Development Indicator
Chart 7: MARKET CAPITALISATION OF SOME AFRICAN STOCK MARKET (2006 – 2010)
Source: World Development Indicator

TABLE 25: STOCK MARKET INDICATORS FOR SOME SELECTED EMERGING MARKETS 2006 - 2010
S&P Global Equity Indices Annual %
S/N of Listed Companies Market Capitalization US$ (million) Turnover Ratio % Change*
Country 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Argentina 103 107 107 101 101 79,730 86,684 52,309 48,932 63,910 6.4 9.9 19.3 5.4 4.6 57.6 0.7 -56.2 97.8 55.3
Brazil 392 442 432 377 373 711,099 1,370,377 589,384 1,167,335 1,545,566 42.9 56.2 74.3 73.9 66.4 43.1 74.7 -57.2 125.1 6.5
Chile 244 238 235 232 227 174,556 212,910 132,428 209,475 341,584 18.5 23.0 21.2 22.0 19.7 28.6 22.6 -41.2 84.0 47.2
China 1,440 1,530 1,604 1,700 2,063 2,426,326 6,226,305 2,793,613 5,007,646 4,762,837 102.0 180.1 121.3 229.6 164.4 80.7 66.6 -52.7 66.3 6.9
Egypt 603 435 373 305 211 93,477 139,289 85,885 89,953 82,495 54.8 45.6 61.9 60.1 43.0 10.2 52.2 -55.8 35.6 11.5
Georgia 231 161 N/A 146 143 668 1,389 327 733 1,059 18.6 4.4 1.0 0.3 0.3 N/A N/A N/A N/A N/A
Ghana 32 32 35 35 35 3,233 2,380 3,394 2,508 3,531 21.0 3.9 5.2 2.0 3.4 9.7 21.6 -10.4 -42.7 94.1
India 4,796 4,887 4,921 4,955 4,987 818,879 1,819,100 645,478 1,179,235 1,615,860 93.1 84.0 85.2 119.3 75.6 46.7 78.6 -64.1 94.1 18.7
Jordan 227 245 262 272 277 29,729 41,216 35,847 31,865 30,864 59.5 49.1 72.7 40.3 30.1 -36.0 32.6 N/A -13.9 -8.6
Malaysia 1,027 1,036 977 953 957 235,366 325,663 187,066 255,952 410,534 32.1 53.5 33.2 32.9 27.1 34.6 44.6 -43.7 46.7 35.1
Mexico 131 125 125 125 130 348,345 397,725 232,581 340,565 454,345 27.3 31.0 34.3 26.9 27.3 41.1 12.8 -45.1 55.8 26.6
Nigeria 202 212 213 214 215 32,819 86,347 49,803 33,325 50,883 13.6 28.2 29.3 11.0 12.5 34.0 108.3 - -35.4 20.3
Poland 267 328 349 354 569 149,054 207,322 90,233 135,277 190,235 45.3 47.5 45.7 49.5 47.6 38.1 23.2 -57.8 41.9 11.3
Romania 2,478 2,096 1,824 1,824 1,383 32,784 44,925 19,923 30,325 32,385 16.0 20.8 11.3 7.5 5.4 54.2 32.8 -72.2 26.1 -6.6
Russian
Federation 309 328 314 279 345 1,057,189 1,503,010 397,183 861,424 1,004,525 64.1 58.9 59.2 108.5 85.7 62.0 21.9 -73.4 106.6 21.7
South
Africa 401 422 425 363 360 715,025 833,548 491,282 704,822 1,012,538 48.8 55.0 60.6 57.3 39.6 17.2 15.5 -41.7 53.7 32.1
Turkey 314 319 284 315 337 162,399 286,572 117,930 225,735 306,662 140.5 134.7 118.5 141.7 158.4 -4.0 74.8 -62.4 99.6 21.4
Ukraine 249 276 251 288 183 42,869 111,757 24,358 16,790 39,457 3.5 2.6 3.7 2.9 7.5 48.6 112.2 -82.2 31.1 53.8
TABLE 26: STOCK MARKET INDICATORS FOR SOME SELECTED DEVELOPED MARKETS 2006 - 2010
S&P Global Equity Indices Annual

Country S/N of Listed Companies Market Capitalization US$ (million) Turnover Ratio % % Change*
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Australia 1,751 1,913 1,924 1,882 1,913 1,095,858 1,298,429 675,619 1,258,456 1,454,547 87.0 110.5 103.1 78.8 90.1 N/A N/A N/A 72.4 12.5
Austria 96 102 85 83 72 191,300 228,707 72,300 53,578 67,683 50.4 57.8 69.4 40.6 79.4 N/A N/A N/A 57.0 10.9
Belgium 153 163 167 166 161 396,220 386,362 167,447 261,429 269,342 48.5 65.3 76.5 59.6 42.0 N/A N/A N/A 54.5 0.5
Canada 3,790 3,881 3,755 3,761 3,805 1,700,708 2,186,550 1,002,215 1,680,958 2,160,229 81.1 84.7 111.1 92.4 71.1 N/A N/A N/A 57.5 22.0
Denmark 201 198 216 206 196 231,015 277,746 131,526 186,852 231,746 86.4 95.2 104.0 93.2 69.1 N/A N/A N/A 40.6 25.1
France 717 707 966 941 901 2,428,571 2,771,217 1,492,327 1,972,040 1,926,488 119.6 131.5 153.2 78.8 42.5 N/A N/A N/A 25.6 -9.9
Germany 656 658 638 601 571 1,637,826 2,105,506 1,107,957 1,297,568 1,429,707 173.9 179.7 193.3 107.2 103.0 N/A N/A N/A 25.8 7.4
Italy 284 301 294 291 291 1,026,639 1,072,692 520,855 317,317 318,140 149.7 220.4 84.0 109.7 169.7 N/A N/A N/A 23.1 -17.4
Japan 3,362 3,844 3,299 4,161 3,553 4,726,269 4,453,475 3,220,485 3,377,892 4,099,591 132.1 141.6 153.2 127.1 114.5 5.9 -5.2 -40.0 16.4 9.6
Netherlands 226 122 110 121 113 779,645 956,469 387,,906 542,533 661,204 159.7 207.8 170.0 129.9 98.4 N/A N/A N/A 41.7 1.2
Spain 3,339 3,498 3,536 3,435 3,310 1,323,090 1,800,097 946,113 1,297,227 1,171,615 169.1 189.7 177.7 142.6 76.0 N/A N/A N/A 29.0 -24.5
Sweden 321 272 341 333 331 573,250 612,497 252,542 432,296 581,174 138.6 163.4 148.4 114.0 86.8 N/A N/A N/A 66.0 32.6
Switzerland 256 257 253 216 246 1,212,508 1,274,516 862,663 1,070,694 1,229,357 119.6 143.0 140.9 82.3 75.6 N/A N/A N/A 24.5 11.0
United
Kingdom 2,913 2,588 2,415 2,179 2,056 3,794,310 3,858,505 1,851,954 2,796,444 3,107,038 123.8 269.8 227.2 146.4 101.9 26.2 5.6 -40.0 35.2 5.2
United
States of
America 5,133 5,130 5,603 4,401 4,279 19,425,855 19,947,284 11,737,646 15,077,286 17,138,978 182.8 216.5 230.2 348.6 189.1 13.6 3.5 -39.0 23.5 12.8

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SECURITIES AND EXCHANGE

NIGERIAN CAPITAL MARKET

Prepared and Published by: i

SEC Vision Statement

Titles Table Page

Bibiana C. Okereafor (Mrs)

1981 205.2 - 47.6 - 6.6 18.2 - 20.9

1982 199.7 -2.7 49.1 3.2 7.5 17.2 5.5 7.7

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

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

1985 201.0 9.5 67.9 13.9 12.5 8.8 (4.3) 5.5

1986 206.0 2.5 69.1 1.8 13.9 11.4 29.5 5.4

1987 204.8 -0.6 105.2 52.2 18.7 15.2 33.3 10.2

1988 219.9 7.4 139.1 32.2 23.2 17.6 15.8 38.3

1989 236.7 7.6 216.8 55.9 23.8 26.8 52.3 40.9

1990 267.5 13.0 267.5 23.4 29.7 40.1 49.6 7.5

1991 265.4 -0.8 312.1 16.7 37.7 45.2 12.7 13.0

1992 271.4 2.3 532.6 70.7 55.1 70.8 56.6 44.5

1993 274.8 1.3 683.9 28.4 85.0 96.9 36.9 57.2

1994 275.5 0.3 899.9 31.6 108.5 105.6 9.0 57.0

1995 281.4 2.1 1,933.2 114.8 108.5 141.9 34.4 72.8

1996 293.7 4.4 2,702.7 39.8 134.5 204.1 43.8 29.3

1997 302.0 2.8 2,802.0 3.7 177.6 242.9 19.0 8.5

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

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

2000 329.2 5.4 4,582.1 43.5 385.2 331.1 42.9 6.9

2001 357.0 8.4 4,725.1 3.1 488.0 372.1 12.4 18.9

2002 433.2 21.3 6,912.4 46.3 592.1 499.7 34.3 12.9

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

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

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

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

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

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

2010 775.5 7.9 29,205.8 17.8 n/a 4,007.8 31.5 11.8

Nigerian Capital Market Bulletin (Volume 2) Page 1

1980 6.0 7.7 6.0 N/A N/A 11.5

2007 9.5 17.3 3.2 11.2 21.4 5.3

Nigerian Capital Market Bulletin (Volume 2) Page 2

Source: CBN and NSE Reports

TABLE 3: NUMBER OF MAJOR FINANCIAL INSTITUTIONS IN NIGERIA

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

Nigerian Capital Market Bulletin (Volume 2) Page 3

Chart 2: NUMBER OF REGISTERED MARKET OPERATORS IN THE NIGERIAN CAPITAL MARKET

Nigerian Capital Market Bulletin (Volume 2) Page 4

Nigerian Capital Market Bulletin (Volume 2) Page 5

1991 123 19 142 52 39 6 97 239

1992 132 21 153 56 37 5 98 251

1993 151 23 174 60 32 6 98 272

1994 156 21 177 64 29 6 99 276

1995 161 20 181 61 28 6 95 276

1996 163 20 183 63 24 6 93 276

1997 163 19 182 56 22 4 82 264

1998 170 16 186 55 19 4 78 264

1999 179 16 195 54 15 4 73 268

2000 179 16 195 49 12 4 65 260

2001 178 16 194 50 11 6 67 261

2002 179 16 195 49 10 4 63 258

2003 184 16 200 51 9 5 65 265

2004 191 16 207 52 12 6 70 277

2005 198 16 214 51 17 6 74 288

2006 186 16 202 47 34 5 86 288

2007 196 16 212 47 46 5 98 310