Financial Statements: Statement of the accounting policies; the balance sheet as at the last day

of the year; a profit and loss account or, in the case of a company not trading for profit, an
income and expenditure account for the year; notes on the accounts; the auditors
reports; the directors report; a statement of the source and application of fund; a value
added statement for the year; a five year financial summary; and in the case of a
holding company, the group financial statements as stipulated in CAMA, 1990

Individual Investor: Non- institutional investor who invests in listed firm on Nigerian Stock

Market.

Institutional Investor: Corporate organization who invests in other listed firm on Nigerian

Stock Market.