McNichols 2021

McNichols 2021 Annual Report
Contents: Page(s)
McNichols Vision & Mission 1

Company Profile 2
Board of Directors, Officers and Other Corporate Information 3
Results At A Glance 4
Board Profile 5- 7
Notice Of Annual General Meeting 8-9
Chairman’s Report 10
Report Of The Directors –Including Corporate Governance & Sustainability Reports 11-24
Statement Of Directors’ Responsibilities 25
Report Of The Audit Committee To The Members Of McNichols Consolidated Plc 26
Report Of The Independent Auditors To The Members 27–31
Financial Statements:
 Statement Of Profit Or Loss And Comprehensive Income 32

 Statement Of Financial Position 33-34
 Statement Of Changes In Equity 35
 Statement Of Cash Flows 36
 Notes To The Financial Statements 37-66
Other National Disclosures:
 Value Added Statement 67

 Five Year Financial Summary 68
Proxy 69-70
E-Dividend Form 71
Unclaimed Dividends 72-85

Our Vision
To be the foremost values-driven institution and compete favourably with the leader in our line of
business in Nigeria by 2025.
Our Mission
To improve the lives of our neighbours.
1
Company Profile.
McNichols Consolidated Plc is located at 7, Jeminat Laalu Street, Arepo, Km32, Lagos-Ibadan Expressway,
Ogun State and commenced operations in April 2005 as a manufacturing, packaging and distribution
company, engaged in the processing and packaging of sugar, chocolate powder, cereals and other food
products.
McNichols was listed on the floor of the Nigerian Exchange Limited on the 18 th of December 2009. McNichols
was migrated to the Growth Board of the Nigerian Exchange Limited on the 30 th of November 2020. Our focus is
on:
 Developing innovative food products to meet certain needs and yearning in the market place.
 Improving the hygiene, nutrition and quality of food products in the Nigerian market and environs.
 Offering economical pack sizes to enable affordability and improve the economic wellbeing of consumers
in Nigeria and environs.
McNichols plans to win in the market place with:
 Bulk breaking and fortification of sugar products with vitamin A.

 Improving the quality of economic chocolate powder products, including the bulk breaking of chocolate
powder products into pack sizes and price that are affordable.
 Manufacturing of high quality custard powders and other innovative breakfast products for the family.
Manufacturing of nutritious pancake mixes and offering a unique and affordable sumptuous dining experience.
Our current products are:
 Family Granulated sugar (white and brown)

 Family Cube Sugar (white and brown)
 Choice Icing Sugar
 Choice Baking Sugar
 Family Chocolate Powder (food drink)
 Family Custard ( 3in1 milk custard, 4in1 Choco custard, 5in1 custard and vanilla custard)
 Family milk powder
 New Life Bitter Leaf Tea
 New Life Bitter Leaf Tea Capsule
 Pancake House Pancake Mix
 Meals by Pancake House
Our key strategy is to play in the mass market for food and beverage products. We however take advantage of
unique opportunities in food supplements and the premium segment of the food and beverage market.
2
Board of Directors, Officers and Other Corporate Information
Directors:
Mr. Olusegun Layode Non-Executive Director and Chairman
Mr. Chimaraoke Ekpe Managing Director/Chief Executive Officer
Venerable Onyebuchi Agubesi Non-Executive Director
Mrs. Nneka Briggs Non-Executive Director
Mr. Ozurumba Afigbo Independent Non-Executive Director
Mrs. Hilda Nkor Independent Non-Executive Director
Mr. Nzeakor Atulomah Independent Non-Executive Director
Company Secretary: S. E. Nomuoja& Co

12B Fagba Crescent, off Acme Road,
Agidingbi, Ikeja , Lagos. Tel: 08059897826,
08028275252
Email:senomuja@gmail.com
www.senomuoja-ng.com
Office & Factory: No. 7, Jeminat Laalu Street, Arepo, Near Journalist Estate,
Kilometer 32, Lagos-Ibadan Expressway, Ogun State,
Nigeria. +2347040921603
Registrars: Coronation Registrars

10, Amodu Ojikutu Street,
Victoria Island, Lagos
Tel: 01- 7300898, 7300891
www.coronationregistrars.com
Independent Auditors: Gbenga Badejo & Co
Plot 8A Ajumobi Olorunoje Street, Off
Acme Road, Ikeja, Lagos
Tel: 08027444958
Bankers: Wema Bank Plc
Access Bank Plc
Zenith Bank Plc
Fidelity Bank Plc
United Bank for Africa Plc
3
Results at a glance
2021 2020
₦ ₦
Revenue 773,553,618 732,091,283
Operating profit 19,914,651 26,384,864
Profit before tax 17,578,822 19,870,339
Taxation 3,282,417 2,088,764
Deferred taxation (52,136) (1,648,656)
Profit for the year 14,244,269 16,132,919
Capital employed 359,155,370 353,732,001
Capital expenditure 23,149,090 58,027,793
Depreciation and impairment of property, plant and equipment 49,761,401 44,515,154
Cash and cash equivalents 130,215,900 110,254,707
Earnings per share (Kobo) 4.37 4.95

Net Assets per share (Naira) 1.10 1.08
NGX share price at 31 December (Naira) 0.77 0.51
Ratio % Revenue
Operating costs 97.43% 96.40%
Operating profit 2.57% 3.60%
Profit after tax 1.84% 2.20%
4
Board profile
Mr. Olusegun Layode – Non Executive Director & Chairman
Mr. Olusegun Layode holds a B.Sc. degree in Chemistry from the University of
Lagos and an MBA from the Lagos Business School. He is a Fellow of the
Institute of Chartered Accountants of Nigeria and trained as an accountant with
Robert Ade-Odiachi & Co, Chartered Accountants. Segun has extensive
experience in financial and business process reengineering, change management,
development of corporate strategies and corporate performance management. He
was responsible for the accounting systems and later headed the performance
management department of Standard Trust Bank. Segun later joined Fidelity
Bank Plc as Head Financial Control and Strategy and in December 2004 joined
Eterna Oil & Gas Plc as part of the turnaround team. Mr. Olusegun Layode
joined the Board of McNichols Consolidated Plc as a Non – Executive Director
on 24th August, 2007 and was appointed Chairman of the Board of Directors in
December 2007.
Mr. Chimaraoke Ekpe - Managing Director & Chief Executive Officer
Chimaraoke has detailed knowledge and extensive experience in operations

management, including extensive hands-on in leading small businesses. He has
assisted several small, medium and large companies in Nigeria to improve their
performance under a management consultancy arrangement. He holds a B.Sc.
degree in Business Management from Abia State University and an MBA from
Lagos Business School. Chimaraoke has facilitated several local and
international courses in business management. He offers his available time to
facilitate business and entrepreneurship classes and mentor upcoming
entrepreneurs. Chimaraoke left Arthur Andersen/KPMG Professional Services at
Senior Management level to manage McNichols. He is a pioneer director. He
was appointed the Vice-Chairman on the 3rd of December, 2007. He is the
Managing Director and Chief Executive Officer
5
Board profile (continued)
Venerable Onyebuchi Agubesi – Non Executive Director
Venerable Onyebuchi Agubesi is experienced in international procurement,

information technology and data analysis. He has been involved in large scale
procurements from North America and Asia for the oil and gas industry for
several years. Venerable Agubesi holds a B.Sc. degree in Statistics. He also
obtained a Bachelor of Arts degree in Theology from Newburgh Theological
Seminary, Indiana, USA. He is the Managing Director of Cedar Hills
Technologies Ltd., an oil and gas service company located in Port Harcourt.
Venerable Agubesi is also a priest in the Church of Nigeria (Anglican
Communion). He was appointed to the Board as a Non-Executive Director on
24th August, 2007. He is a member of the Audit Committee and also a member
of the Governance and Remuneration Committee.
Mrs. Nneka Briggs – Non Executive Director
Mrs. Nneka Briggs is a customer relationship management professional. She has

extensive experience in providing customer services in an environment of highly
discerning clientele having spent several years working internationally with
Lufthanza German Airlines. Mrs. Briggs is a graduate of Languages from the
University of Port Harcourt where she specialized in French Language. She was
appointed to the Board as Non-Executive Director on 24th August, 2007. She is
a member of the Governance and Remuneration Committee.
Mr. Ozurumba Afigbo – Independent Non-Executive Director
Mr. Ozurumba Afigbo has extensive experience in project finance, privatization

process, mergers and acquisitions and conducting due diligence. He was
severally responsible for the Small and Medium Industries Equity Investment
Scheme (SMIEIS Funds). He has acted as professional adviser to Bureau for
Public Enterprises (BPE) on privatization and SMIEIS policy for a bank and
managed the Corporate Finance and Capital Markets Group of the bank.
Ozurumba started his career at Arthur Andersen (KPMG) and later worked with
First Atlantic Bank Ltd, SME Manager Limited, HEIRS Alliance Limited and
NEXTZON Business Services Limited. Ozurumba later founded Sinergia
Advisory Services where he provides Management Consulting Services and
professional training to a select clientele. Ozurumba holds a B. Eng. degree in
Mechanical Engineering, from the University of Nigeria, Nsukka. He is also an
Associate Member of the Institute of Chartered Accountants of Nigeria (ICAN).
He was appointed to the Board as a Non-Executive Director on 17th August,
2015. He is a member of the Audit Committee as well as Finance and Risk
Management Committee.
6
Mrs. Hilda Nkor - Independent Non-Executive Director
Mrs. Hilda Nkor is the Managing Director/CEO of HNC Profession Services and the
immediate past Chief Executive Officer (CEO) of the Corporate Governance Nigeria
(SCGN). She has over 23 years working experience in the health, banking and
corporate sectors of the economy as well as in public, private and not-for-profit
organizations. She holds a B.Sc. in Sociology from Abia State University.
Mrs. Nkor has successfully designed and executed programmes of learning targeting Board Chairmen, Directors,
Company Secretaries, Board Committees (Audit, Risk, Remuneration and Nomination) and Senior Management. She
has also successfully conducted Board assessment and Evaluation for over 35 companies working closely with renowned
boardroom experts to achieve resounding results. Her organization skills are clearly displayed at various open events like
the corporate Governance Conferences, Breakfast meetings, President’s Dinner and Workshops which have featured
veterans in the corporate world, captains of industry, Ministers of the federal republic, past state Governors among
others.
She has facilitated at different Directors’ Induction Programmes (Executive & Non-Executive) on the subject of
Corporate Governance, Board & Strategy Development, Ethics and Compliance. She has led teams to conduct and
facilitated Board & Management retreats. She remains a go-to person on the subject of corporate behaviour and has
hosted various conferences, seminars and workshops, in collaboration with Regulators to drive knowledge in the field of
Corporate Governance. She has also facilitated senior Management trainings on fraud detection and management
assessment of internal controls. She strongly believes in the application of global best practices in Corporate Governance
to the Board and corporate environment in Nigeria, both in public and private sectors. Mrs. Nkor is an Associate
Member of the Nigerian Institute of Management and an Alumnus of the prestigious Lagos Business School. She is
member of the Governance and Remuneration Committee.
Mr. Nzeakor Atulomah - Independent Non-Executive Director
Mr. Nzeakor Atulomah is the Managing Partner of Synergy Law Partners and has acted for
clients in diverse sectors and industries – technology and construction sectors, including
financial technology (FinTech) groups, software and hardware solutions providers, original
equipment manufacturers (OEMs), and other actors on the technology value chain – on
corporate and commercial law, including advisory, litigation, arbitration, medication,
documentation and implementation.
Mr. Atulomah has been at the frontlines of corporate governance, participating actively in the processes leading up to
Nigeria’s first-ever corporate governance code – the Code of Best Practices on Corporate Governance in Nigeria – under
the auspices of the Security and Exchange Commission and the Corporate Affairs. He was the pioneer Honorary
Secretary of the Society for Corporate Governance Nigeria (2004 – 2008) and had the honour of putting together the first
Corporate Governance Roundtables and the Corporate Governance Summit for Banks Post – Consolidation, as well as
inaugurating the Journal of Corporate Governance. Mr. Atulomah is a contributor to Legal and Regulatory Aspects of
Commerce (2007) and has written several articles and papers.
Mr. Atulomah has taught membership induction course and authored published moot arbitration cases for the Nigerian
Institute of Chartered Arbitrators, and teaching cases for the Lagos Business School under the World/IFC Global
Business Schools project. Mr. Atulomah has also taught sessions in Corporate Governance, Business Law, as well as
Ethics in the MBA programmes of the Lagos Business School and in the Certificate in Enterprises Management
programme of the Enterprise Development Services (both of the Pan – Atlantic University). Mr. Atulomah has won
awards in Private International Commercial Arbitration., and sits on the boards of a number of companies as non-
executive director and is a trustee of Mensa Intelligence Quotient society Nigeria. He is a member of the Finance and
Risk Management Committee.
7
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Seventeenth Annual General Meeting of McNICHOLS
CONSOLIDATED PLC will be held at PROTEA HOTEL 2, Assbifi Road, Ikeja, Lagos State, on Wednesday,
the 27th day of July, 2022 at 12.00 p.m., to transact the following businesses:-
ORDINARY BUSINESS:
1. To lay before the meeting, the Report of the Directors and the Statement of Financial Position as at
31st December 2021, together with the Statement of Comprehensive Income for the year ended on
that date and the Reports of the Auditors and the Audit Committee thereon.
2. To declare a dividend.
3. To re-elect retiring Directors:
To re-elect Mr. Olusegun Layode as a Director, who is retiring by rotation.
To re-elect Mrs. Nneka Briggs as a Director, who is retiring by rotation.
4. To authorize the Directors to fix the remuneration of the Auditors.
5. To elect members of the Audit Committee in accordance with Section 404(3) and (6) of the
Companies and Allied Matters Act, 2020.
6. To disclose the remuneration of the Managers of the Company.
SPECIAL BUSINESS
7. To approve the remuneration of Directors.
8. To consider and pass this resolution as an ordinary resolution:
‘Pursuant to Rule 20.8 of The Nigerian Exchange Issuers Rule, that the general mandate given to the
Company to procure goods and services and enter into such incidental transactions necessary for its
day to day operations from its related parties or interested persons on normal commercial terms, be
and is hereby renewed.’
9. To consider and if approved to pass the following resolution as an ordinary resolution and the
recommendation of the Directors to authorize that Bonus Shares be declared and issued to
Shareholders whose names appear on the Register of Members on the date of closure 30 th June,
2022 at a ratio of six (6) shares for every five (5) shares on 392,040,000 units of shares,
subject to the relevant regulatory approvals.
10. a. To consider and if thought fit, to pass with or without modification the following as special resolution;
that the Directors be and are hereby authorised to undertake an offer by way of Rights Issue of up to
531,242,609 units of shares in the ratio 17 shares for every 23 shares held as at June 30, 2022 subject
to obtaining the approvals of regulatory authorities .
b. Cancellation of the residual units of unissued shares after the Rights Issue, in order to comply with the
provisions of CAMA 2020 and public notice of the Corporate Affairs Commission dated 16th April, 2021.
c. Authorization of Directors to appoint the Issuing House/Financial Advisers and all other parties
required and do all that is required to execute the Rights Issue and list the additional issued
shares on the floor of the Nigerian Exchange.
11. To consider and if thought fit, to pass the following special resolution:-
Amendment of Memorandum and Articles of Association That all references to authorized share capital in the
Memorandum and Articles of Association of the Company should be replaced with issued share capital.
NOTES:
1. COMPLIANCE WITH COVID-19 RELATED DIRECTIVES AND GUIDELINES
The Federal Government of Nigeria, State Governments, Health Authorities and Regulatory
Agencies have issued a number of guidelines and directives aimed at curbing the spread of
COVID-19 in Nigeria. The convening and conduct of the AGM shall be done in compliance with
these directives and guidelines.
2. PROXY
To ensure the safe conduct of the 17th Annual General Meeting in accordance with the
guidelines issued by the Nigeria Centre For Disease Control (NCDC) and in line with the
Guidelines of the Corporate Affairs Commission (CAC), attendance of the AGM shall be by proxy only
and shall be limited to a maximum of twenty (20) people (the maximum crowd size currently
permitted by the NCDC.
8
3. ATTENDANCE BY PROXY
In view of the foregoing, Shareholders to appoint a proxy of their choice from the list of nominated
proxies to attend and vote in his/her stead below: A Proxy need not be a member.
1. MR. OLUSEGUN LAYODE
2. MR. CHIMARAOKE EKPE
3. MR. OZURUMBA AFIGBO
4. VEN.ONYEBUCHI AGUBESI
5. MR. GODSLOVE OKORIE
6. MR. EMMANUEL DADA
4. STAMPING OF PROXY
A blank proxy form is attached to the Annual Report and can be downloaded from the Company’s
website. If it is to be valid, for the purpose of the Meeting, it must be completed and deposited at the
Registered Office of the Company, 7, Jeminat Laalu Street, Arepo, KM 32, Lagos Ibadan Expressway or the
office of the Registrars, Coronation Registrars, 10, Amodu Ojikutu Street, Victoria Island, Lagos, not later than
48 hours before the time for holding the meeting. The Company has made arrangements, at its cost, for the
stamping of the duly completed and signed proxy forms submitted within the stipulated time.
5. DIVIDEND WARRANTS
If the Dividend recommended by the Directors is approved, dividend will be sent electronically on
Wednesday, 3rd August, 2022 to the shareholders, whose names are registered in the Company's Register of
Members at the close of business on Thursday, 30th June 2022
6. CLOSURE OF REGISTER AND TRANSFER BOOKS
Notice is hereby given that the Register of Members and Transfer Books of the Company will be closed from
the commencement of business on -Friday 1st July to Tuesday 5th July 2022, both days inclusive.
7. NOMINATION OF AUDIT COMMITTEE
In accordance with Section 404 (1) and (5) of the Companies & Allied Matters Act Cap C20. Laws of the
Federation of Nigeria 2004, any shareholder may nominate another shareholder for appointment to the Audit
Committee. All nominations, made in writing, should reach the Company Secretary at least 21 days before the
time for holding the Annual General Meeting.
8. RIGHTS OF SECURITIES’ HOLDERS TO ASK QUESTIONS
Securities’ Holders have a right to ask questions not only at the Meeting, but also in writing prior to the Meeting
and such questions must be submitted to the Company on or before Tuesday 19th July 2022.
9. E-DIVIDEND/BONUS
Notice is hereby given to all shareholders to open bank accounts, stock broking accounts and CSCS accounts for
the purpose of dividend/bonus. A detachable application form for e-dividend and e-bonus is attached to this
Annual Report to enable all shareholders furnish particulars of their accounts to the Registrars (Coronation
Registrars) as soon as possible.
10. ELECTRONIC ANNUAL REPORT
The electronic version of the Annual Report will be available online for viewing and download from our website:
www.mcnicholsplc.com.
11. LIVE STREAMING OF THE AGM
The Annual General Meeting will be streamed live. This will enable Shareholders and other relevant
Stakeholders to watch the proceedings. The link to the live streaming of the Annual General Meeting
proceedings will be made available on the Company’s website: www. mcnicholsplc.com
BY THE ORDER OF THE BOARD
BENEDICTA O. SADARE
FRC/2018/ICSAN/00000018398
FOR: S. E. NOMUOJA & CO
(Chartered Secretaries & Administrators)
Dated this 24th day of June, 2022
9
Chairman’s Report
Distinguished shareholders, it is my pleasure to welcome you all to the 17th Annual General Meeting of McNichols
Consolidated Plc where we shall present to you, the Annual Report and Financial Statements of the Company for the
financial year ended 31 December, 2021.
We are grateful to God for a better year 2021 after the remarkable year 2020 that changed our world for good due to
Covid-19 pandemic. We saw some normalcy begin to return to the global supply chain environment towards the end of
2021. However, the security situation in our country continued to degenerate with significant disruptions in our
operations in the South East of Nigeria which is a major market for our products. Several days were lost in 2021 due to
the Sit-At-Home situation in the South East of our country. The security situation in other parts of the country did not
fare better in 2021. These safety issues made it difficult for us to expand distribution of our products as we planned it for
2021.
The recovery we experienced in 2021 is now appearing short-lived, the immediate future is again quite bleak with the
increased cost of operations arising from the invasion of Ukraine by Russia. Our country is ill-prepared for the hike in
energy costs and the kind of supply chain disruptions we are witnessing. The increases in production and logistics
expenses arising from the current hike in diesel cost alone is creating significant difficulties for consumers whose
purchasing power has continued to dwindle.
We would have to work harder in 2022 to craft and implement strategies that would help us ride through the current
difficulties in the operating environment, offer our consumers deals to help them navigate the current hardship and at the
same time deliver a decent return to our shareholders.
2021 Financial Performance
Our sales increased from N732 million in 2020 to N774 million in 2021, resulting to profit after tax of N14 million.
Our directors are recommending a dividend of 3 kobo per share for the year 2021 in line with our commitment to
continue to reward our esteemed shareholders. We are also rewarding our shareholders with 6 bonus shares for every 5
shares held. Our resolve is to strive to work harder, despite the difficult operating environment and the harsh economic
situation of our country in order to continue to deliver higher returns to our shareholders.
Future Prospects
While we thank God for the relative stability we enjoyed in the world in 2021, we are praying for an end to the Russian
invasion of Ukraine so that the world can get back to normalcy. This global normalcy is important for the improvement
of our operating environment and the disposable income of our consumers.
We are planning a Rights Issue to be executed before the end of the current year so as to improve our working capital
and distribution systems in order to better position our company to withstand the kind of supply chain shocks we are
witnessing in the country. We are committed to working extra hard and smart to make the best out of the ugly situation
and deliver better returns to our shareholders.
We sincerely appreciate the efforts of our directors, staff, distributors, service providers, material vendors and financiers
for their support and valuable contributions which kept our company moving. We pray that the almighty God will
continue to guide us in all our various endeavors.
Thank you.
Olusegun Layode
Chairman
10
Report of the Directors-Including Corporate Governance & Sustainability Reports
The Directors submit their Report together with the audited financial statements for the year ended 31 December 2021,
which disclose the state of affairs of the Company.
Incorporation
McNichols Consolidated Plc was incorporated in Nigeria on the 26 th of April, 2004 as a limited liability company and
commenced business in April 2005. It became a public limited liability company on the 1 st of July, 2008. The company
was listed on the Nigerian Exchange Limited on the 18th of December, 2009. The company was migrated to the growth
Board of the Nigerian Exchange Limited on the 30th of November 2020.
Principal activities
The Company is principally involved in the manufacture, processing, packaging and marketing of food and beverage
products. The Company has also invested in a restaurant (Pancake House) for the purpose of supporting and promoting
its manufactured products. It has its manufacturing plant at Arepo on Lagos-Ibadan Expressway, Ogun State.
Results
The results for the year are summarized as follows:
N
Revenue 773,553,618
Operating profit 19,914,651
Profit before tax 17,578,822
Profit for the year 14,244,269
Proposed dividend 9,801,000
Dividend
The Directors recommend to the shareholders, payment of a dividend in respect of the year ended 31 December, 2021,
of N9,801,000 that is, 3 Kobo gross per share which is subject to the deduction of appropriate withholding tax.
Bonus
The Directors recommend to the shareholders, 6 bonus shares for every 5 shares held.
Corporate Governance Report

McNichols Consolidated Plc operates within a Corporate Governance framework established on the following:
Companies and Allied Matters Act 2020

The Rule Book of the Nigerian Exchange Limited for the time being in force
The Investment and Securities Act 2007
Securities and Exchange Commission (SEC) Rules for the time being in force
The SEC Code of Corporate Governance for Public Companies 2011 as amended
The Memorandum and Articles of Association of McNichols Consolidated Plc
11
Report of the Directors (continued)
The McNichols Business Principles and Policies
From the above, the Corporate Governance policy of McNichols Consolidated Plc can be summed up as follows:
We are committed to internationally recognized best practices in Corporate Governance in our operations. We provide
timely, regular and reliable information on our activities, structure, financial situation and performance to our
shareholders and other stakeholders.
We conduct our operations with honesty, integrity and openness and with respect for the human rights and interests of
the employees.
We shall similarly respect the legitimate interests of those with whom we have relationships.
McNichols Consolidated Plc shall comply with the laws and regulations of the Federal Republic of Nigeria.
Compliance with the above principles is an essential element in our business success and all employees and business
partners of McNichols are mandated to comply with the above principles.
During the year 2020, McNichols Consolidated Plc. complied with all the mandatory provisions of the Securities and
Exchange Commission Code of Corporate Governance for public companies 2011 together with the requirements of
other good corporate governance standards listed above.
Board composition
The Directors who held office during the year 2021 and up to date of this report are:
Mr. Olusegun Layode Non-Executive Director and Chairman

Mr. Chimaraoke Ekpe Managing Director/Chief Executive Officer
Mrs. Hilda Nkor Independent Non-Executive Director
Mr. Nzeakor Atulomah Independent Non-Executive Director
Board responsibilities
The Board has the final responsibility for management, direction and performance of the company and has the powers,
authorities and duties vested in it by the relevant laws and regulations of the Federal Republic of Nigeria and the
Articles of Association of McNichols Consolidated Plc.
12
The Board has overall responsibility for the management of risk and for reviewing the effectiveness of the internal
control and risk management system within the Company. The Board has delegated to the Chief Executive Officer /
Managing Director all its powers, authorities and discretions which relate to the day to day operations of McNichols
Consolidated Plc.
The Directors of McNichols Consolidated Plc are responsible for the preparation of the financial statements that give a
true and fair view of the financial position of the Company as at 31 December 2021, and the results of its operations,
cash flows and changes in equity for the year ended, in compliance with International Financial Reporting Standards
("IFRS") and in the manner required by the Companies and Allied Matters Act of Nigeria, the Financial Reporting
Council of Nigeria Act, 2011.
In preparing the financial statements, the Directors are responsible for:

Proper selecting and applying of accounting policies;
Presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and
understandable information;
Providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable
users to understand the impact of particular transactions, other events and conditions on the Company's financial
position and financial performance;
Making an assessment of the Company's ability to continue as a going concern;
Designing, implementing and maintaining an effective and sound system of internal controls throughout the Company;
Maintaining adequate accounting records that are sufficient to show and explain the Company's transactions and
disclose with reasonable accuracy at any time the financial position of the Company, and which enable them to ensure
that the financial statements of the Company comply with IFRS;
Maintaining statutory accounting records in compliance with the legislation of Nigeria and IFRS;
Taking such steps as are reasonably available to them to safeguard the assets of the Company; and
Preventing and detecting fraud and other irregularities.
The powers, authorities and discretions exclusively for the Board and which currently have not been delegated include
making or approving the following:
Structural and constitutional powers

Alteration of Articles of Association
Alteration of the capital of the Company
Governance
Convening of meetings of the shareholders of McNichols Consolidated Plc. and the setting of the agenda thereof and
generally ensuring that a satisfactory dialogue with shareholders takes place.
Presentation of the annual report and financial statements to shareholders.
13
Reviewing and approving proposals from the Remuneration Committee.

Proposals to the general meetings of shareholders of McNichols plc on the Board remuneration policy within the
authority set by the general meeting of shareholders.
The reviewing of the functioning of the Board and its committees.
Overall responsibility for compliance with all relevant laws, regulations and codes.
Effectiveness of internal control system

The Board is responsible for maintaining a sound system of internal control to safeguard shareholders’ investment and
the assets of the Company. The system of internal control is to provide reasonable assurance against material
misstatement, prevent and detect fraud and other irregularities. There is an effective internal control and audit function
within the Company which gives reasonable assurance against any material misstatement or loss. The responsibilities
include oversight functions of internal audit and control risk assessment and compliance, continuity and contingency
planning, and formalisation and improvement of the Company’s business processes.
Board appointment and evaluation process

McNichols Consolidated Plc appoints Directors in line with its Board recruitment process which devolves from its code
of Business Principles. The basic principle underlining the process of recruitment of Directors in McNichols Plc are the
qualification, ability and skills required for the role and the ability to make visible and independent (as applicable)
contribution to the governance of McNichols Consolidated Plc in accordance with strategy and local legal requirements.
McNichols Consolidated Plc provides the right atmosphere for its Directors to exhibit leadership and enhance their
capabilities. The company further provides relevant governance information to its Directors and facilitates circulation of
essential governance documents to the Board from time to time to keep them updated on legal, regulatory and corporate
governance trends.
In line with McNichols Plc governance standards and in compliance with SEC Code of Corporate Governance, the
Board of McNichols Consolidated Plc. opted for an internal evaluation exercise in respect of period ended 31 December
2021 to review the performance of the Board. The Evaluation Report show that McNichols governance procedure and
practices during the year ended 31 December 2021 were in compliance with the provisions of applicable laws,
regulations, corporate governance Code and international best practices.
Board Committees
In line with the code of Best Practices in Corporate Governance, the Board of Directors works through the following
committees:
14
The Remuneration Committee

The responsibility of the committee is mainly to recommend a competitive remuneration package for the executive
management and the Board. In doing this, the committee considers the need to maintain both internal and external
competitiveness. It is also the responsibility of the committee to ensure the remunerations paid to the employees of the
company are adequate and commensurate with performance. The Committee is also charged with instituting a transparent
procedure for the appointment of new directors to the Board of Directors and making recommendations to the Board
regarding the tenures and the re-appointment of Non-Executive Directors to the Board. The committee assists the Board in
ensuring that the company’s strategic initiatives and objectives are translated into actions and processes.
Members of the Committee during the period ended 31 December 2021 were:
Venerable Onyebuchi Agubesi

Mrs. Nneka Briggs
The Audit Committee
The Audit Committee established in accordance with the provisions of section 359 (4) of the Companies and Allied
Matters Act of (CAP C20) laws of the federation of Nigeria 2004, is comprised of three (3) shareholders representatives
and three (3) Directors representatives. Members of the audit committee of the Company were elected at the Annual
General Meeting of 5th August 2020. The Chairman of the audit committee is one of the shareholders representatives.
The functions of the audit committee are governed by the provisions of S359(6) of the Companies and Allied Matters Act
CAP 20 laws of the federation of Nigeria 2004 and the SEC Code of Corporate Governance for public Companies 2011.
Members that served on the audit committee during the year comprise:
Mr. Godslove Okorie Shareholders’ Representative
Pastor Emmanuel Olu Omole Shareholders’ Representative
Mr. Emmanuel Dada Shareholders’ Representative
15
Finance and Risk Management Committee
The Finance and Risk Management committee is responsible for monitoring the integrity of the financial statements of the
company and reviewing the effectiveness of the Company’s internal control and risk management system.
The Committee is to assist the Board in its oversight of the risk profile, risk management framework and the risk reward
strategy. The Committee is to carry out periodic review of changes in the economic and business environment, including
emerging trends and other factors relevant to the Company’s risk profile. The Committee comprises two Non-Executive
Directors selected to provide a wide range of financial and commercial experience.
Members of the Committee who served during the year 2021 are:
Mr. Ozurumba Afigbo
Venerable Onyebuchi Agubesi
The terms of reference for all the committees are in line with the SEC Code of Corporate Governance 2011. In 2021, all the
above committees discharged their roles creditably and in line with their terms of reference.
Board meetings
During 2021, the Board held five meetings. The record of Directors attendance is presented below:
28th Jan, 26th Mar, 29th April, 29th July, 26th Oct,
Directors 2021 2021 2021 2021 2021
Mr. Olusegun Layode P P P P P
Mr. Chimaraoke Ekpe P P P P P
Venerable Onyebuchi
Agubesi P P P P P
Mr. Ozurumba Afigbo P P P P P
Mrs. Nneka Briggs P P P P P
Mrs. Hildar Nkor NYA NYA NYA P P
MR. Nzeakor Atulomah NYA NYA NYA P P
P - Present
NYA - Not Yet Approved
Remuneration Committee meetings
The Remuneration Committee held one meeting in 2021. The record of members’ attendance is presented below:
Committee Members Status Meetings
29/04/2021
Venerable Onyebuchi Agubesi Director Present
Mrs. Nnneka Briggs Director Present
16
Audit Committee meetings
The Audit Committee held three (3) meetings in 2020. The record of members’ attendance is presented below:
Committee Members Status Meetings

26/01/2021 25/03/2021 21/04/2021 28/07/2021 25/10/2021
Ven. Onyebuchi Agubesi Director P P P P P
Mr. Ozurumba Afigbo Director P P P P P
Mrs. Nneka Briggs Director P P P P P
Pastor Olu Omole Shareholder P P P P D
Mr. Godslove Okorie Shareholder P P P P P
Mr. Emmanuel Dada Shareholder P P P P P
P: Present D: Deceased
Finance and Risk Management Committee meetings
The Finance and Risk Management Committee held one (1) meeting in 2021. The record of members’ attendance is
presented below:
Committee Members Status Meeting

29/04/2021
Mr. Ozurumba Afigbo Director Present
Venerable .O. Agubesi Director Present
The Finance and Risk Management Committee met once during the year.
Record of Directors’ attendance at Board meetings
In accordance with section 258 (2) of the Companies and Allied Matters Act (CAP C20) Laws of the Federation of Nigeria
2004, the record of the Director’ attendance at Directors’ meetings during 2021 as listed above is available for inspection at
the Annual General Meeting.
Directors’ interest in contracts
No Director has notified the Company for the purpose of section 277 of the Companies and Allied Matters Act (CAP C20)
Laws of the Federation of Nigeria 2004, of their direct or indirect interest in contracts with the Company during the year.
17
Directors’ shareholding
The Register of Directors’ interests in the share capital of the Company will be open for inspection at the Annual General
Meeting.
The direct and indirect interest of Directors in the issued share capital of the Company as recorded in the Shareholding
Register and /or as notified by them for the purposes of sections 275 and 276 of the Companies and Allied Matters Act
(CAP C20) Laws of the Federation of Nigeria, 2004 and the listing requirements of the Nigerian Exchange Limited are as
follows:
No. of shares
held on date
account was
No. of shares held at No. of shares held at approved by
Directors 31 December 2021 31 December 2020 the Board
Mr. Olusegun Layode -Direct 2,420,000 2,420,000 2,420,000

Mr. Chimaraoke Ekpe -Direct 54,025,663 53,623,503 54,025,663
Mr. Ozurumba Afigbo -Direct Nil Nil Nil
Venerable Onyebuchi Agubesi –
Direct 1,332,767 1,332,767 1,332,767
Venerable Onyebuchi Agubesi -
Indirect - (Halden Nigeria Ltd) 20,109,587 20,109,587 20,109,587
Mrs. Nneka Briggs -Direct 8,277,212 8,277,212 8,277,212
Mrs. Hildar Nkor Nil Nil Nil
MR. Nzeakor Atulomah Nil Nil Nil
Substantial shareholdings
According to the register of members as at 31 December 2021, the following shareholders of the company held 5% and
above of the issued share capital of the Company:
Shareholder Number of Shares Percentage Held

Lenux Integrated Resources Ltd 18,150,000 5.56%
NRC Pension Funds 20,000,000 6.12%
Halden Nigeria Ltd 20,109,587 6.16%
Chimaraoke Ekpe 54,025,663 16.53%
Ijeoma Chimaraoke 61,672,866 18.87%
Lenux Integrated Resources Ltd and NRC Pension Funds are not represented on the Board. The interest of Ijeoma
Chimaraoke is represented on the Board by Chimaraoke Ekpe.
No other individual except as disclosed holds 5% and above of the issued and fully paid shares of the Company
18
Analysis of shareholdings
Number of
% of Shareholders Number of Shares % Shareholding
Share Range Shareholders
1 - 1,000 381 43.444 112,134 0.0343
1,001 - 5,000 181 20.6385 412,455 0.1262
5,001 - 10,000 51 5.8153 355,312 0.1088
10,001 - 50,000 114 12.9989 2,547,863 0.7799
50,001 - 100,000 44 5.0171 2,953,673 0.9041
100,001 - 500,000 50 5.7013 10,870,435 3.3273
500,001 - 1,000,000 14 1.5964 9,057,811 2.7725
1,000,001 -5,000,000 26 2.9647 57,876,876 17.7156
5,000,001 -10,000,000 10 1.1403 73,490,713 22.4949
Above 10,000,000 6 0.6842 169,022,728 51.7364
Total 877 100 326,700,000 100
Share Capital History

The history of the authorized and fully paid up ordinary share capital of the Company as at 31 st Dec 2021 is as follows:
Date Authorised Authorised Issued and fully paid Issued and fully paid
(Additional) NGN (Cumulative) NGN (Additional) NGN (cumulative) NGN
2004 100,000 100,000 100,000 100,000
2008 100,842,667.50 100,942,667.50 100,842,667.50 100,942,667.50
2013 149,157,332.50 250,000,000.00 34,057,332.50 135,000,000.00
2015 Nil 250,000,000.00 13,500,000.00 148,500,000.00
2016 Nil 250,000,000.00 14,850,000.00 163,350,000.00
2017 Nil 250,000,000.00 Nil 163,350,000.00
2018 375,000,000.00 625,000,000.00 Nil 163,350,000.00
2019 Nil 625,000,000.00 Nil 163,350,000.00
2020 Nil 625,000,000.00 Nil 163,350,000.00
Share dealing policy
In accordance with the post-listing Rules of the Nigerian Exchange Limited, McNichols Consolidated Plc. has in place a
share dealing policy which regulates securities transactions by its Directors, Employees and other Insiders on terms which
are no less exacting than the required standard set out in the Nigerian Exchange Limited Rules. The policy and Closed
Periods are communicated periodically to drive compliance. In respect of the year ended 31 December, 2021, the Directors
of McNichols Consolidated Plc. hereby confirm that:
A code of conduct regarding securities transactions by all Directors has been adopted by the Company.
Specific enquiry of all Directors has been made during the reporting period and there is no incidence of non- compliance
with the listing rules of the Nigerian Exchange Limited, and McNichols Consolidated Plc code of conduct, regarding
securities transactions by Directors.
No share options were granted to the directors by McNichols Consolidated Plc.
19
Complaints Management Policy Framework
In compliance with the Securities and Exchange Commission Rule Relating to the Complaint Management Framework
of the Nigerian Capital Market (‘’SEC Rules’’) 2018, McNichols Consolidated Plc. has developed a definite
Complaints Management Policy by which complaints arising from issues covered under the Investment and Securities
Act 2007 (ISA) are registered, and promptly resolved. A copy of this policy is available on the company’s website
www.mcnicholsplc.com for detailed information.
Our business principles
McNichols Consolidated Plc has zero tolerance for corruption and unethical practices and mandates its Directors,
employees and business partners to adhere to all applicable laws, regulations and the McNichols Business Principles.
McNichols Business Principles prescribe a uniform standard of conduct expected of every McNichols Director,
employee and business partners. It covers matters such as obeying the law, conflict of interest, business integrity,
responsibility to our consumers, business partners, and Shareholders.
Employment policy
At McNichols Consolidated Plc we strongly believe that to win in the market place, we must win with people and
through people. This is very key in our policy formulation as it relates to human resource recruitment. We strive to
remain an equal opportunity employer that is passionate about diversity and inclusiveness, mutual respect as well as
encouraging vibrant communication and consultation between employees and management.
Employment of physically challenged persons:
It is the policy of the Company that there is no discrimination in considering applications for employment including
those of physically challenged persons. In the event of members of staff becoming physically challenged, every effort
is made to ensure that their employment with the Company continues and that appropriate training is arranged. It is the
policy of the Company that training, career development and promotion of physically challenged persons should, as far
as possible, be identical with that of other employees.
Employees involvement and training
The Company places considerable value on the involvement of its employees and has continued the practice of keeping
them informed on matters affecting them as employees and on various factors affecting the performance of the
Company. Employee representatives are consulted regularly on a wide range of matters affecting their current and
future interests. Briefing sessions are also held at all levels to enhance exchange of information.
Health and safety at work and welfare of employees
The Company invests its resources to ensure that hygiene on its premises is of the highest standard. In this regard, the
Company’s work environment is kept conducive and as safe as possible. The Company continues to provide visible and
inspiring safety leadership to protect and enhance wellbeing of our employees, contractors, visitors and third party
service providers. Our Employees are safety conscious in all that they do and have both individual and collective
responsibility in ensuring that working environment is safe at all times.
In McNichols, we do all that is reasonably, practicable to prevent personal injury, we provide and maintain a healthy
and safe environment in all our operations. In the bid to maintain the high level of safety awareness and educate staff
on occupational health issues, safety talks are organized for workers on regular basis to continually promote the culture
of safety awareness.
20.

We administer first aid services to staff before referring them to clinics for proper treatment. Our factory workers undergo
regular food handlers test aimed at certifying their medical fitness in handling food. Our waste management system is
environmental friendly as we encourage zero non-hazardous waste disposal processes.
Quality policy
At McNichols we understand that the consumer is at the heart of what we do every day. Our consumers expect a
great experience every time they use our products and trust us to deliver it. Great quality is the core of this trust.
Our business is built on our quality promise – it keeps our consumers safe, builds stronger brands and its key to
our sustainable growth.
Product quality has always been part of our brand promise and in a more demanding, competitive and digitalized
world we are poised to ensure our brand reputation remains strong.
In meeting Quality objectives, we continue to work and engage closely with regulators to ensure consistent
compliance to local and international statutory requirements.
Our focus continues to be helping to improve the lives of our neighbours.
Sustainability report
The Company pays adequate attention to the interest of its stakeholders such as its employees, host community,
the consumers and the general public. The Company has a culture of integrity and zero tolerance to corruption and
corrupt practices.
McNichols is the pioneer in bulk breaking of both granulated and cube sugar products and manufacturing of
baking sugar in Nigeria. We are also the pioneer in the production of milk custards (3 in 1), Choco custards (4 in
1), in Nigeria and today we have a good number of foods and beverages available to our numerous consumers.
Our vision of improving the lives of our neighbours is sacrosanct and to achieve this vision we will:
Help people take action to improve their health and well-being.


Enhance livelihoods through our business practices and benevolence.

Increase the size of our business.
The launching of our Newlife Bitterleaf Tea is to help detoxify the bodies of our consumers to contribute our
quota to a better and healthier life for our consumers. The business case for growing a Company sustainably is
compelling. Consumers expect it and retailers increasingly demand it from their suppliers. It drives innovation and
market development. Also, it inspires the people who work for our business. This is not just about doing good, it
is also about doing well. Even as our sustainability activities improve the lives and wellbeing of those we serve, it
is also an investment in the growth and resilience of our business. These investments ensure that we:
21
Achieve more growth
Sustainability is supporting growth by deepening brand equity, driving sales and inspiring innovation.
Hedge our risks
Sustainable ways of doing business help us mitigate risk across our operations. Operating sustainably helps us to future proof
our supply chain against the risks associated with climate change and long term sourcing of raw materials.
Build more trust
Placing sustainability at the heart of our business model strengthens our relationships with stakeholders and helps us
succeed as a business. It helps us maintain our value and relevance to consumers while inspiring McNichols Plc’s
current and future employees.
Corporate social responsibility N

Sponsorship of spelling competition 300,000
Community development (provision of street lights and road maintenance) 371,500
Total 671,500
Local sourcing of raw materials
On a continuing basis, the Company insists on the use of local raw materials as far as practicable in its production
processes and has successfully used locally produced items such as, soya, cocoa, and vegetables in a number of its
products.
Disclosures
Borrowings
The details of the borrowings are stated in Note 21 of the financial statements.
Risk Management and Compliance System
The directors are responsible for the total process of risk management as well as expressing their opinion on the effectiveness
of the process. The risk management framework is integrated into the day-to-day operations of the business and provides
guidelines and standards for administering the acceptance and on-going management of key risks such as operational,
reputational, financial, market, technology and compliance risk. The directors are of the view that effective internal audit
function exists in the Company and that risk management control and compliance system are operating efficiently and
effectively in all respects.
(c) Sustainability Initiatives
The Company pays adequate attention to the interest of its stakeholders such as its employees, host community,
the consumers and the general public. Also, the Company is sensitive to Nigerian’s social and cultural diversity
and promotes as much as possible national interests as well as national ethos and values.
22
(d) Related Party Transactions

st
The Company had no contractual relationship with any related party in the ordinary course of business as at 31
December 2021.
Notable awards/ nominations
McNichols Consolidated Plc did not receive any awards and did not accept any nominations during the year.
Suppliers
The company procures its raw materials from local vendors, importers and sugar refineries.
Major distributors
The Company's products are mainly patronised and distributed across the country as shown below:
Name Region
Shoprite South West
Game Stores South West
Prestige Stores South West
Spar South West
Grocery Bazar South West
Justrite Superstores South West
Globus Supermarket South West
Victory Investments South West
Ola Oyekan Investment South West
Babcock University South West
One Source Supermarket South West
Grandsquare Supermarket South West
Ifyu Ventures Limited North Central

Johan Enterprises North Central
Sunny De Legend Services North Central
Bonie Multichoice Ltd North Central
TKC North Central
Next Cash and Carry Superstores North Central
Sahad Stores North West

Jifatu Enterprises North West
Chibuking Ifes Inter Ltd North West
Ogbodo Christian Chinedu Enterprises South East

Iyke and Sons South East
Okechukwu Onwuegbu South East
Uche Ekwunife South East
23
Chuks Gabriel and Sons Ventures South East

Mouin Trading Enterprises South East
Zitonia Integrated South East
Zeph Foods Industries Ltd South East
Emeka Progress South East
Market Square South South

Udochi Maxwell South South
Unity Favour Enterprises South South
Otosi Nigeria Enterprises South South
Ebenat Global South South
E Y Enteprises South South
Next Cash and Carry Superstores South South
Double 7 South South
Chukwuka Agbakoba & Sons South South
Independent auditor
Messrs Gbenga Badejo & Co. Chartered Accountants were appointed as the auditors to the company. Relevant
corporate governance rules on tenure in office have indicated their willingness to continue in office as auditors to the
Company. In accordance with Section 357(2) of the Companies and Allied Matters Act (CAP C20) Laws of the
Federation of Nigeria, 2004 therefore, the auditors will be re-appointed at the next annual general meeting of the
Company without any resolution being passed.
Dated this 25th day of March 2022.
BY ORDER OF THE BOARD
S.E.Nomuoja & Co.
Company Secretary
12B Fagba Crescent, Off Acme Road, Agidingbi Ikeja
Lagos.
24
Statement of Directors’ responsibilities for the year ended 31 December 2021
The Directors of McNichols Consolidated Plc. accept responsibility for the preparation of the annual financial
statements that give a true and fair view of the financial position of the Company, and the results of its operations,
cash flows and changes in equity for the year ended 31 December 2021, in accordance with the International
Financial Reporting Standards ("IFRS") and in the manner required by the Companies and Allied Matters Act (CAP
C.20) Laws of the Federation of Nigeria, 2004 and the Financial Reporting Council of Nigeria Act, 2011.
The Directors further accept responsibility for maintaining adequate accounting records as required by the
Companies and Allied Matters Act 9(Cap C.20) Laws of the Federation of Nigeria, 2004 and for such internal
control as the Directors determine is necessary to enable the preparation of financial statements that are free from
material misstatement whether due to fraud or error.
Going Concern
The Directors have made an assessment of the Company’s ability to continue as a going concern and have no
reason to believe the Company will not remain a going concern in the year ahead.
SIGNED ON BEHALF OF THE BOARD OF DIRECTORS BY:
Olusegun Layode Chimaraoke Ekpe
(Chairman) (Managing Director)
FRC/2016/ICAN/00000015366 FRC/2016/NIM/00000014307
25th March 2022
25
Report of the Audit Committee to the members of McNichols Consolidated Plc
In accordance with the provisions of Section 359(6) of the Companies and Allied Matters Act (CAP C20) Laws of
the Federation of Nigeria 2004, the members of the statutory audit committee of McNichols Consolidated Plc
hereby report as follows:
We confirm that:
The accounting and reporting policies of the Company are consistent with legal requirements and ethical practices.
The internal audit programmes are extensive and provide a satisfactory evaluation of the efficiency of the internal
control systems.
We have considered the independent auditors post audit report in respect of year ended 31 December, 2021 and
management responses thereon, and are satisfied thereto.
Members of the Audit Committee are:
Godslove Okorie Shareholders’ Representative

Pastor Emmanel Olu Omole Shareholders’ Representative
Emmanuel Dada Shareholders’ Representative
Ozurumba Afigbo Independent Non-Executive Director
Nneka Briggs Non-Executive Director
Dated this 25th March, 2022
Godslove Okorie
Chairman
FRC/2013/ICAN/00000001869
26
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS

OF McNICHOLS CONSOLIDATED PLC
Opinion
We have audited the financial statements of McNichols Consolidated Plc, which comprise, the statement of profit or loss and
comprehensive income, the statement of financial position as at 31st December, 2021, the statement of cash flows for the year
ended, the significant accounting policies and other explanatory notes. These financial statements are set out on pages 9 to 45
and have been prepared using the notes to the financial statements set out on pages 14 to 43.
In our opinion, the financial statements give a true and fair view of the financial position of McNichols Consolidated Plc as at 31st
December, 2021 and of the company’s financial performance and cash flows for the year ended on that date, and comply with
the relevant sections of the Companies and Allied Matters Act CAP C20 LFN 2020 and the applicable International Financial
Reporting Standards as adopted by the Financial Reporting Council of Nigeria.
Basis of our opinion
An audit involves performing procedures so as to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making the assessments, the auditor considers the
internal controls that are relevant to the entity’s preparation and fair presentation of the financial statements in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the
information contained within the financial statements.
Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our
description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditors' responsibilities for the audit of the financial statements section of
our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the
basis for our audit opinion on the accompanying financial statements.
27
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF McNICHOLS CONSOLIDATED PLC - (continued)
Key Audit Matters (continued)
Key Audit Matters How the Matter was addressed in the audit
Investment in Interlinked Technologies Plc:
On the above, we observed that the company has The impairment on this investment was reviewed by the company
changed its name to Eunisell Interlinked Plc. This is in line as at 31st December, 2021.
with the approval obtained from the Company's
shareholders at its Annual General
Meeting held on 10th December, 2020 and the
Company's receipt of a new certificate of
incorporation from the Corporate Affairs Commission.
Also as at 1st September, 2021; the company's share
with closing price of N2.91k as at 31st August, 2021 was
removed from NSE Daily Official Share Price List.
We assessed the adequacy of the cumulative impairment

disclosed regarding this investment in the financial statements
to determine they were in accordance with
IFRS.
Disclosure of the Investment.
Plant, Property and Equipment:
Plant, Property and Equipment were subject to impairment There were no compensation from third parties for items of
checks and there were no impairment of Plant, Property and property, plant, and equipment that were impaired, lost or given
Equipment during the year, up that is included in profit or loss.
We assessed the adequacy of the recoverable amount of each

components of PPE and conduct impairment test on each of the
items in the financial statements to determine they were in
accordance with IFRS. At the end of each reporting year, we
assessed whether there was any indication that an asset may be
impaired based on the list of external and internal indicators of
impairment according to IAS 36 and we confirmed that there
were no indications for impairment, then they were reported
on fair value IAS
36.9. (i.e. its carrying amount is equal to its recoverable
amount).
Disclosure of the Impairment loss
28

OF McNICHOLS CONSOLIDATED PLC - (continued)
Other Information
The directors are responsible for the other information. The other information comprises the Directors' Report, Corporate
Governance Report, Chairman's Statement, Statement of Directors' Responsibility, Report of the Audit Committee, Value Added
Statement and Five Year Financial Summary as required by the Companies and Allied Matters Act, CAP C20, Laws of the Federal
Republic of Nigeria 2020, which we obtained prior to the date of this report, and the Annual Report, which is expected to be made
available to us after that date. Other information does not include the financial statements and our Auditors' report thereon.
Our opinion on the financial statements does not cover the other information and we do not express an audit opinion of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information obtained prior to the date of this Auditors' report, we conclude
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in
this report.
Responsibilities of the Directors for the Financial Statements

The directors are responsible for the preparation and fair presentation of the financial statements in accordance with the
International Financial Reporting Standards as adopted by the Financial Reporting Council of Nigeria. This responsibility includes:
the designing, implementing and maintaining internal controls that are relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error; as well as selecting and applying
appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.
We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free
from material misstatement.
Auditors’ responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and so issue an Auditors' report that includes our opinion. Reasonable assurance is
high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individual or in the
aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
29

OF McNICHOLS CONSOLIDATED PLC - (continued)
Auditors’ responsibility - (continued)
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout
the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Evaluate
the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by
the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or
conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentations, structure and content of the financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the
company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of
the company audit. We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence,
and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the
financial statements of the current year and are therefore the key audit matters. We describe these matters in our Auditors' report
unless law or regulatory precludes public disclosure about the matter or when, in extremely rare circumstances of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
30
McNICHOLS CONSOLIDATED PLC

Statement of Profit or Loss and Comprehensive Income
For the year ended 31st December, 2021
2021 2020
Notes ₦ ₦
Turnover 7 773,559,018 732,091,283
Cost of Sales 11b (661,343,273) (607,238,875)
Distribution, Marketing and Other Expenses 11b (52,706,750) (57,986,022)

Administrative Expenses 11b (42,653,962) (43,199,531)
Other Income 8 3,059,617 2,718,008
Operating Profit 19,914,651 26,384,864

Financial Income 10 11,153,835 3,860,641
Financial Cost 10 (13,489,663) (10,375,166)
Profit Before Tax 17,578,822 19,870,338
Income Tax Expense 13 (3,382,417) (2,088,764)
Profit After Tax 14,7296,405 17,781,575

Deferred Tax 14 (52,136) (1,648,656)
Other Comprehensive Income for the year - -
Total Comprehensive Income for the year 14,244,269 16,132,919
Profit for the year attributable to owners of the company 14,244,269 16,132,919
Earnings per share for profit attributable to owners

of the parent:
Basic (Kobo) 17 4.37 4.95
The notes on pages 14 to 43 form an integral part of these financial statements.
32

STATEMENT OF FINANCIAL POSITION
AS AT 31ST DECEMBER, 2021
2021 2020
Notes ₦ ₦
Non-Current Assets
Property, Plant and Equipment 15 323,929,624 350,541,935
Investments 25 5,820,000 5,820,000
Total Non-Current Assets 329,749,624 356,361,935
Current Assets
Inventories 18 129,973,012 148,688,051
Trade and Other Receivables 16 102,574,618 96,654,673
Cash and Cash Equivalents 19 52,951,878 3,203,185
Restricted Cash 19 77,264,022 107,051,522
Total Current Assets 362,763,530 355,597,431
Total Assets 692,513,155 711,959,366
Liabilities
Current Liabilities
Trade and Other Payables 23 72,317,375 73,853,018
Loans and Borrowings 21 41,250,000 17,187,500
Current Tax Liabilities 13 3,282,417 7,945,458
Total Current Liabilities 116,849,790 98,985,975
Non-Current Liabilities
Loans and Borrowings 21 106,562,500 147,812,500
Provisions 24 89,000,000 90,535,530
Deferred Tax Liabilities 14 20,945,495 20,893,359
Total Non-Current Liabilities 216,507,995 259,241,389
Equity
Ordinary Share Capital 20 163,350,000 163,350,000
Share Premium 20 16,913,313 16,913,313
Retained Earnings 20 178,892,057 173,468,688
Total Equity 359,155,370 353,732,001
Total Equity and Liabilities 692,513,155 711,959,365
33
Statement of Financial Position (Continued)
As at 31st December, 2021
These financial statements were approved by the Board of Directors on 25th March, 2022 and signed on its behalf by:
Olusegun Layode Chimaraoke Ekpe Adebayo Temitope

Chairman Managing Director Finance Manager
FRC/2016/ICAN/00000015366 FRC/2016/NIM/00000014307 FRC/2021/001/00000022401
The notes on pages 14 to 43 form an integral part of these financial statements
34

Statement of Changes in Equity
Share Premium Retained Earnings

Share Capital Total Equity
₦ ₦ ₦ ₦
Balance at 1st January 2020 163,350,000 21,380,007 166,156,669 350,886,676
Total Comprehensive Income for the year

- - 16,132,919 16,132,919
Transactions with the owners
Dividend declared - - (8,820,900) (8,820,900)

Share increase/public offer expenses
- (4,466,694) - (4,466,694)
At 31st December, 2020 163,350,000 16,913,313 173,468,688 353,732,001
Balance at 1st January, 2021 as previously

reported 163,350,000 16,913,313 173,468,688 353,732,000
Adjustment - - - -
Adjusted balance on 1st January, 2021
163,350,000 16,913,313 173,468,688 353,732,000
Total Comprehensive Income for the year

- - 14,244,269 15,775,686
Transactions with the owners
Dividend declared - - (8,820,900) (8,820,900)

Share increase/public offer expenses
- - - -
At 31st December, 2021 163,350,000 16,913,313 179,892,057 359,155,370
The notes on pages 14 to 43 form an integral part of these financial statements.
35

Statement of Cash Flows
2021 2020
₦ ₦
Cash flows from operating activities
Cash generated from operations 17,578,822 19,870,338
Income tax expense (3,282,417) (2,088,764)
Net Income 14,296,406 17,781,575
Adjustments to reconcile net income to net cash provided by

operating activities:
Depreciation and amortization 49,761,401 44,588,866
Changes in Current Assets/Liabilities:
Increase in inventories 18,715,039 (99,004,139)

Increase in account receivables (11,782,253) (3,811,107)
Decrease in prepaid expenses 5,862,307 1,107,552
Decrease in account payables (17,863,812) (24,494,985)
Net Cash Provided by Operating Activities 94,716,712 (63,832,238)
Cash flows from investing activities

Purchase of property, plant and equipment (23,149,090) (58,027,793)
Biological Assets - 4,160,050
Net cash used in investing activities (23,149,090) (53,867,742)
Cash flows from financing activities

Loans and borrowing (41,250,000) (5,637,500)
Provisions (1,535,530) 10,535,530
Dividend Paid (8,820,900) (8,820,900)
Net cash flow generated from financing activities
(51,606,430) (3,922,870)
Net increase in cash and cash equivalents 19,961,193 (121,622,851)

Cash and cash equivalents at the beginning of the year
110,254,707 231,877,557
Cash and cash equivalents at the end of the year
130,215,900 110,254,707
36

Notes to the financial statements
1 Reporting entity
McNichols Consolidated Plc ("the Company") is a Company domiciled in Nigeria. The address of the Company's registered
office is at 7 Jeminat Laalu Street, near Journalist Estate Arepo, off Km 32 Lagos Ibadan Expressway Ogun State. The Company
is listed on the Nigerian Stock Exchange. The principal activities of the Company continue to be the manufacturing, packaging,
marketing and distribution of foods and beverages products.
2 Basis of preparation
(a) Statement of compliance

The financial statements of McNichols Consolidated Plc. have been prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The financial
statements have been prepared under the historical cost basis, except for the following items which are measured on
an alternative basis on each reporting date:
Items Measurement basis

Inventories - Lower of cost and net realizable value
(b) Functional and presentation currency

The financial statements are presented in Nigerian Naira, which is the Company's functional and presentation
currency.
(c) Going concern

Nothing has come to the attention of the directors to indicate that McNichols Consolidated Plc will not remain a
going concern for at least twelve months from the date of approval of these financial statements.
3 Significant Accounting Policies

The Company has applied the following accounting policies to these financial statements. Set out below is an index of
the significant accounting policies, the details of which are available on the pages that follow:
Financial instruments 15
Property, plant and equipment 18
Biological assets 19
Investments 19
Inventories 19
Impairment of Non-financial assets 20
Employee benefits 20
Provisions 21
Contingent liabilities 21
Statement of cash flows 21
Revenue 21
Advance payment to suppliers 22
37

Notes to the financial statements - (Continued)
Finance income and finance costs 23

Income tax 23
Earnings per share 23
Segment reporting 23
Dividends 23
Related parties 23
(A) Financial instruments
Financial assets and financial liabilities are recognized in the Company‘s statement of financial position when the Company
becomes a party to the contractual provisions of the instrument. With the exception of trade receivables that do not contain
a significant financing component or for which the Company has a pplied the practical expedient, financial instruments are
initially measured at their fair value, except in the case of financial assets and financial liabilities recorded at FVPL,
transaction costs are added to, or subtracted from, this amount. Trade receivables that do not contain a significant financing
component or for which the Company has applied the practical expedient are measured at the transaction price
determined under IFRS 15.
(I) Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way
purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established
by regulation or convention in the marketplace.
Impairment of financial assets

The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial
recognition of the respective financial instrument. The expected credit losses on financial assets are adjusted for factors
that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast
direction of conditions at the reporting date.
(i) Significant increase in credit risk

In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the
Company compares the risk of a default occurring on the financial instrument at the reporting date with the risk of a
default occurring on the financial instrument at the date of initial recognition. In making this assessment, the
Company considers both quantitative and qualitative information that is reasonable and supportable, including
historical experience and forward looking information that is available without undue cost or effort.
Forward‑looking information considered includes the future prospects of the market in which the Company‘s
debtors operate, obtained from economic expert reports, financial analysts, governmental bod ies, relevant
think‑tanks and other similar organisations, as well as consideration of various external sources of actual and
forecast economic information that relate to the Company‘s core operations.
Irrespective of the outcome of the above assessment, the Company presumes that the credit risk on a financial asset
has increased significantly since initial recognition when contractual payments are more than 30 days past due,
unless the Company has reasonable and supportable information that demonstrates otherwise.
38


Despite the foregoing, the Company assumes that the credit risk on a financial instrument has not increased significantly
since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. A financial
instrument is determined to have low credit risk if the debtor has a strong capacity to meet its contractual cash flow
obligations in the near term, and adverse changes in economic and business conditions in the longer term may, but will not
necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations.
(ii) Definition of default

The Company considers the following as constituting an event of default for internal credit risk management purposes as
historical experience indicates that financial assets that meet either of the following criteria are generally not recoverabl e:
when there is a breach of financial covenants by the debtor; or

information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors,
including the Company, in full (without taking into account any collateral held by the Company). Irrespective of the above
analysis, the Company considers that default has occurred when a financial asset is more than 60 days past due unless the
Company has reasonable and supportable information to demonstrate that a mo re lagging default criterion is more
appropriate.
(iii) Credit ‑ impaired financial assets

A financial asset is credit‑impaired when one or more events that have a detrimental impact on the estimated future cash
flows of that financial asset have occurred. Evidence that a financial asset is credit‑impaired includes observable data about
the following events:
(a) significant financial difficulty of the issuer or the borrower;
(b) a breach of contract, such as a default or past due event (see (ii) above);
(c) the lender(s) of the borrower, for economic or contractual reasons relating to the borrower‘s financial difficulty, having
granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
(d) it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation.
(iv) Write off policy

The Company writes off a financial asset when there is sufficient information indicating that the debtor is in severe financial
difficulty and there is no realistic prospect of recovery, e.g. when all economic attempts to recover the outstanding amount
have failed or when the period within which the debt can be legally enforced has expired or
unable to locate debtor or debtor passed away leaving no asset, whichever occurs sooner.
Financial assets written off may still be subject to enforcement activities under the Company‘s recovery procedures, taking
into account legal advice where appropriate. Any recoveries made are recognized in profit or loss.
(v) Measurement and recognition of expected credit losses

The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude
of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given
default is based on historical data adjusted by forward‑looking information as described above. As for the exposure at
default, for financial assets, this is represented by the assets‘ gross carr ying amount at the reporting date. For financial
assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Company
in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original
effective interest rate. The Company recognises an impairment gain or loss in profit or loss for all financial instruments wi th
a corresponding adjustment to their carrying amount through a loss allowance account. For trade receivables, the
Company applies a simplified
approach in calculating ECLs.
39

(v) Measurement and recognition of expected credit losses - (Continued)

Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs
at each reporting date.
Derecognition of financial assets
The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or
when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If
the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the
transferred asset, the Company recognizes its retained interest in the asset and an associated liability for amounts it may
have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the
Company continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.
On derecognition of a financial asset measured at amortized cost, the difference between the asset‘s carrying amount and
the sum of the consideration received and receivable is recognized in profit or loss.
(II) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
borrowings, payables, as appropriate.
All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of
directly attributable transaction costs.
The Company‘s financial liabilities include trade and other payables, loans and borrowings.
Subsequent measurement
All financial liabilities are measured subsequently at amortized cost using the effective interest method. Financial liabilities
measured subsequently at amortized cost are not:
(i) contingent consideration of an acquirer in a business combination,

(ii) held‑for‑trading, or
(iii) designated as at FVTPL, are measured subsequently at amortized cost using the effective interest method.
The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash
payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction
costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter
period, to the amortized cost of a financial liability.
40

Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the effective
interest (EIR) amortization process.
Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss. This category
generally applies to interest-bearing loans and borrowings.
Derecognition of financial liabilities

The Company derecognizes financial liabilities when, and only when, the Company‘s obligations are discharged, cancelled or
have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid
and payable is recognized in profit or loss. When the Company exchanges with the existing lender one debt instrument into
another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability. Similarly, the Company accounts for substantial modification
of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new
liability.
It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new
terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 per cent
different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is
not substantial, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present
value of the cash flows after modification should be recognized in profit or loss as the modification gain or loss within other
gains and losses.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if
there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis,
to realize the assets and settle the liabilities.
(III) Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share
options are recognized as a deduction from equity, net of any tax effects.
(B) Property, plant and equipment
I. Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment
losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. When parts of an item of
property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of
property, plant and equipment. Gains and losses on disposal of an item of property, plant and equipment are determined
by comparing the proceeds from disposal with the carrying amount of
property, plant and equipment, and are recognized in profit or loss.
41

(B) Property, plant and equipment - (Continued)
II . Subsequent costs
The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is
probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably.
The carrying amount of the replaced part is derecognized. The costs of the day-today servicing of property, plant and equipment
are recognized in profit or loss as incurred.
III. Depreciation
Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its
residual value. Depreciation is recognized in profit or loss on a straight -line basis over the estimated useful lives of each part of an
item of property, plant and equipment which reflects the expected pattern of consumption of the future economic benefits
embodied in the asset.
The estimated useful lives for the current and comparative periods are as follows:
Buildings 20 years
Plant and machinery 5 years
Motor vehicles 3 years
Furniture and fittings 4 years
Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. The
attributable cost of each asset is transferred to the relevant asset category immediately the asset is available for use and
depreciated accordingly. Land has unlimited useful life so it is not depreciated.
(C) Biological assets

Biological assets are measured at fair value less selling costs. They represent investments in crops, poultry and fishery during the
year under review. Changes in fair value less costs to sell are included in the profit or loss account.
(D) Investment
Investment is measured at fair value in statement of financial position with changes recognized in the statement of profit or loss.
(E) Inventories
Inventory is measured at the lower of cost and net realisable value. The cost of inventory includes expenditure incurred in
acquiring the inventory, production or conversion costs and other costs incurred in bringing them to their existing location and
condition. Cost incurred in bringing each product to its present location and condition is
based on:
(i) Raw and packaging materials and purchased finished goods --- purchase cost on a first- in, first - out basis
including transportation and clearing costs.
42

(E) Inventories - (Continued)
(ii) Products in process and manufactured finished goods—Weighted average cost of direct material and labour plus a
reasonable proportion of manufacturing overhead based on normal levels of activity.
(iii) Engineering spares---Purchase cost on a weighted average cost basis including transportation and clearing cost.
(iv) Goods in transit---Purchase cost incurred to date.
Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of conversion
and selling expenses.
Engineering spares are classified as inventory and are recognized in the profit or loss account as consumed. Allowance is
made for obsolete, slow moving or defective items where appropriate.
(F) Impairment of Non-financial assets
The carrying amounts of the Company‘s non-financial assets, other than inventories are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such indication exists, then the asset‘s recoverable amount
is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value
less costs to sell.
In assessing value in use, the estimated future cash flows are discounted to the ir present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset or cash generating
unit (CGU). For the purpose of impairment testing, assets that cannot be tested indivi dually are grouped together into the
smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of
other assets or groups of assets (the ―cash-generating unit, or CGU‖).
An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount.
Impairment losses are recognized in profit or loss.
Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to
the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis. In
respect of other assets (excluding Goodwill for which impairment loss is not reversed), impairment losses recognized in prior
periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment
loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An imp airment loss
is reversed only to the extent that the asset‘s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortization, if no impairment loss had been recognized.
(G) Employee benefits
Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate
entity and will have no legal or constructive obligation to pay further amounts.
Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit
or loss in the period during which services are rendered by employees. Prepaid contributions are recognized as an asset to the
extent that a cash refund or a reduction in future payments is available. The Company has a pension fund scheme in
operation.
43
(G) Employee benefits - (Continued)
Pension fund scheme

In line with the provisions of the Pension Reform Act 2014, the Company instituted a defined contribution pension scheme for
Staff. Staff contributions to the scheme are funded through payroll deductions while the Company's contributions are
charged to the profit and loss account. The Company's contribution is 10% for all staff while employees contribute 8% of
their monthly emolument (basic, housing and transport).
(H) Provisions
A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can
be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
(I) Contingent liabilities

A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company, or a
present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources
embodying economic benefits will be required to settle the obligation; or the amount of the obligation cannot be measured
with sufficient reliability. Contingent liabilities are only disclosed and not recognized as liabilities in the statement of financial
position. If the likelihood of an outflow of resources is remote, the possible obligation is neither a provision nor a contingent
liability and no disclosure is made.
(J) Statement of cash flows
The statement of cash flows is prepared using the indirect method. Changes in statement of financial position items that
have not resulted in cash flows such as depreciation, and other non-cash items have been eliminated for the purpose of
preparing the statement. Dividends paid to ordinary shareholders are included in financing activities. Net finance cost is
included in financing activities.
(K) Revenue
Revenue from contracts with customers IFRS 15
Sale of goods
The Company is into manufacturing, marketing and distribution of food products. Sales are recognized when control of the
products has transferred, being when the products are shipped to the customer. Sales occur when the products have been
shipped to the specific location and either the Distributor has accepted the products in accordance with the sales contract,
or the Company has objective evidence that all criteria for acceptance have been satisfied.
Variable consideration
If the consideration in a contract includes a variable amount, the Company estimates the amount of consideration to which it
will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract
inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue
recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Some
contracts for the sale of goods may provide customers with a right of return and trade incentives. The rights of return and
trade incentives give rise to variable consideration.
44

Rights of return
Certain contracts provide a customer with a right to return the goods within a specified period. The Company uses the expected
value method to estimate the goods that will not be returned because this method best predicts the amount of variable
consideration to which the Company will be entitled. The requirements in IFRS 15 on cons training estimates of variable
consideration are also applied in order to determine the amount of variable consideration that can be included in the transaction
price. For goods that are expected to be returned, instead of revenue, the Company recognizes a refund liability.
Trade incentives
The Company provides incentives to customers who achieve certain targets or for purchasing certain products from time to time .
Incentives are credited to the customer‘s account, available for purchase of products. T he Company calculates actual incentive for
each relevant period. The Company does not offer trade incentives for periods further than the current reporting period.
Significant financing component
Generally, the Company receives short-term advances from its customers. Using the practical expedient in IFRS 15, the Company
does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract
inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for
that good or service will be one year or less.
Contract balances
Trade receivables
A receivable represents the Company‘s right to an amount of consideration that is unconditional (i.e., only the passage of time is
required before payment of the consideration is due). Refer to accounting policies of financial assets.
Contract Asset
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Company
performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a
contract asset is recognized for the earned consideration that is conditional.
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration
(or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or
services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier).
Contract liabilities are recognized as revenue when the Company performs under the contract.
Assets and liabilities arising from rights of return

Right of return assets
Right of return asset represents the Company‘s right to recover the goods expected to be returned by customers. The asset is
measured at the former carrying amount of the inventory, less any expected costs to recover the goods, including any potential
decreases in the value of the returned goods.
The Company updates the measurement of the asset recorded for any revisions to its expected level of returns, as well as any
additional decreases in the value of the returned products.
45
Refund liabilities
A refund liability is the obligation to refund some or all of the consideration received (or receivable) from the customer
and is measured at the amount the Company ultimately expects it will have to return to the customer.
The Company updates its estimates of refund liabilities and the corresponding change in the transaction price at the end of
each reporting period.
(L) Advance payment to suppliers
Advance payments represent payments made to vendors for materials and services not yet rendered or supplied as at year
end.
(M) Finance income and finance costs
Net finance cost includes interest expense on borrowings as well as interest income on funds invested. Net finance cost
is the excess of finance cost over finance income.
(N) Income tax

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except
to the extent that it relates to items recognized directly in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates statutorily
enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in
respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and
the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to
temporary differences when they reverse, based on the laws that have been statutorily enacted by the reporting date.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
(O) Earnings per share

The Company presents basic earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the
profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares
outstanding during the period.
(P) Segment reporting

An operating segment is a component of the Company that engages in business activities from which it may earn revenues
and incur expenses, including revenues and expenses that relate to transactions with any of the Company's other
components. The Company is focused on food and beverage products. Consequently the Company segments its reporting
along food products and beverage products.
(Q) Dividends
Dividends are recognized as liability in the period they are declared. Dividends which remained unclaimed are treated in
accordance with Securities and Exchange Commission rules and regulations.
46

(R) Related parties
Related parties include the Directors, their close family members and any employee who is able to exert a significant
influence on the operating policies of the Company. Key management personnel are also regarded as related parties. Key
management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.
IFRS 16 Leases
IFRS 16 was issued in January 2016 and it replaces IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a
Lease, SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a
Lease.
IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees
to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS 17. The
standard includes two recognition exemptions for lessees – leases of ‘low- value‘ assets (e.g., personal computers) and
short-term leases (i.e., leases with a lease term of 12 months or less). At the commencement date of a lease, a lessee will
recognize a liability to make lease payments (i.e., the lease liability) and an asset representing the right to use the underlying
asset during the lease term (i.e., the right- of-use asset). Lessees will be required to separately recognize the interest expense
on the lease liability and the depreciation expense on the right-of-use asset. Lessees will be also required to remeasure the
lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments
resulting from a change in an index or rate used to determine those payments). The lessee will generally recognize the
amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset.
Lessor accounting under IFRS 16 is substantially unchanged from today‘s accounting under IAS 17. Lessors will continue to
classify all leases using the same classification principle as in IAS 17 and distinguish between two types of leases: operating
and finance leases. IFRS 16 also requires lessees and lessors to make more extensive disclosures than under IAS 17. The
preliminary assessment indicates that this new standard has no impact in our operations.
IFRS 17 Insurance contracts
The new Standard establishes the principles for the recognition, measurement, presentation and disclosure of insurance
contracts and supersedes IFRS 4 Insurance Contracts. The Standard outlines a General Model, which is modified for insurance
contracts with direct participation features, described as the Variable Fee Approach. The General Model is simplified if certain
criteria are met by measuring the liability for remaining coverage using the Premium Allocation Approach. The General
Model will use current assumptions to estimate the amount, timing and uncertainty of future cash flows and it will explicitly
measure the cost of that uncertainty, it takes into account market interest rates and the impact of policyholders‘ options and
guarantees. The implementation of the Standard is likely to bring significant changes to an entity‘s processes and systems,
and will require much greater co‑ordination between many functions of the business, including finance, actuarial and IT. The
Standard is effective for annual reporting periods beginning on or after 1 January 2021, with early application permitted. It is
applied retrospectively unless impracticable, in which case the modified retrospective approach or the f air value approach is
applied. For the purpose of the transition requirements, the date of initial application is the start of the annual reporting
period in which the entity first applies the Standard, and the transition date is the beginning of the period immediately
preceding the date of initial application. The directors of the Company do not anticipate that
the application of the Standard in the future will have an impact on the Company‘s financial statements.
47

Amendments to IAS 28: Long-term interests in associates and joint ventures
The amendment clarifies that IFRS 9, including its impairment requirements, applies to long‑term interests.
Amendments to IAS 28: Long-term interests in associates and joint ventures (Continued)
Furthermore, in applying IFRS 9 to long-term interests, an entity does not take into account adjustments to their carrying amount
required by IAS 28 (i.e., adjustments to the carrying amount of long-term interests arising from the allocation of losses of the investee
or assessment of impairment in accordance with IAS 28). The amendments are effective for annual reporting periods beginning on or
after 1 January 2019. Earlier application is permitted. Specific transition provisions apply depending on whether the first‑time
application of the amendments coincides with that of IFRS 9. The preliminary assessment indicates that this new standard has no
impact on our operations.
IFRIC 23 Uncertainty over income tax treatments

IFRIC 23 sets out how to determine the accounting tax position when there is uncertainty over income tax treatments. The
Interpretation requires an entity to:
determine whether uncertain tax positions are assessed separately or as a group; and
assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity
in its income tax filings:
– If yes, the entity should determine its accounting tax position consistently with the tax treatment used or planned to be used in its
income tax filings.
– If no, the entity should reflect the effect of uncertainty in determining its accounting tax position. The interpretation is effective
for annual periods beginning on or after 1 January 2019. Entities can apply the interpretation with either full retrospective
application or modified retrospective application without restatement of comparatives retrospectively or prospectively. The
directors of the Company have assessed the impact of this amendment for the period under review and no impact was observed on
the Company‘s financial statements.
Amendments to IFRS 9: Prepayment features with negative compensation

The amendments to IFRS 9 clarify that for the purpose of assessing whether a prepayment feature meets the SPPI condition, the
party exercising the option may pay or receive reasonable compensation for the prepayment irrespective of the reason for
prepayment. In other words, prepayment features with negative compensation do not automatically fail SPPI. The amendment
applies to annual periods beginning on or after 1 January 2019, with earlier application permitted. There are specific transition
provisions depending on when the amendments are first applied, relative to the initial application of IFRS 9. The application of the
amendments has no significant impact on the Company‘s financial statements.
Amendments to IAS 19: Plan amendment, curtailment or settlement

The amendments clarify that the past service cost (or of the gain or loss on settlement) is calculated by measuring the defined
benefit liability (asset) using updated assumptions and comparing benefits offered and plan assets before and after the plan
amendment (or curtailment or settlement) but ignoring the effect of the asset ceiling (that
may arise when the defined benefit plan is in a surplus position).
48

Amendments to IAS 19: Plan amendment, curtailment or settlement - (Continued)
IAS 19 is now clear that the change in the effect of the asset ceiling that may result from the plan amendment (or curtailment
or settlement) is determined in a second step and is recognized in the normal manner in other comprehensive income. The
paragraphs that relate to measuring the current service cost and the net interest on the net defined benefit liability (asset)
have also been amended. An entity will now be required to use the updated assumptions from this remeasurement to
determine current service cost and net interest for the remainder of the reporting period after the change to the plan. In the
case of the net interest, the amendments make it clear that for the period post plan amendment, the net interest is calculated
by multiplying the net defined benefit liability (asset) as remeasured under IAS 19.99 with the discount rate used in the
remeasurement (also taking into account the effect of contributions and benefit payments on the net defined benefit liability
(asset)). The amendments are applied prospectively. They apply only to plan amendments, curtailments or settlements that
occur on or after the beginning of the annual period in which the amendments to IAS 19 are first applied.
The amendments to IAS 19 must be applied to annual periods beginning on or after 1st January 2019, but they can be applied
earlier if an entity elects to do so. The directors of the Company have assessed the impact of application of the amendments
and hereby report that no significant impact was seen on the Company‘s financial statements.
Amendments to IFRS 10 and IAS 28: Sale or contribution of assets between an investor and its associate or joint venture
The amendments to IFRS 10 and IAS 28 deal with situations where there is a sale or contribution of assets between an investor
and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a
subsidiary that does not contain a business in a transaction with an associate or a joint venture that is accounted for using the
equity method, are recognized in the parent‘s profit or loss only to the extent of the unrelated investors’ interests in that
associate or joint venture.
Similarly, gains and losses resulting from the remeasurement of investments retained in any former subsidiary (that has become
an associate or a joint venture that is accounted for using the equity method) to fair value are recognized in the former
parent‘s profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture. The
effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments is permitted.
The directors of the Company do not anticipate that the application of the amendments in the future will have a significant
impact on the Company‘s financial statements.
4 Significant accounting judgements, estimates and assumptions
The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates. The management of the Company revises its estimates and
assumptions on a regular basis to ensure that they are relevant regarding the past experience and the current economic and
political environment. Estimates and underlying assumptions are reviewed on an on -going basis.
Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods
affected. The accounting for certain provisions, certain financial instruments and the disclosure of financial assets, contingent
assets and liabilities at the date of the financial statements is judgmental. The items, subject to judgment, are detailed in the
corresponding notes to the financial statements. In particular, information about significant areas of estimation uncertainty
and critical judgements in applying accounting policies that have the most significant effect on the amount recognized in the
financial statements are discussed below:
49

4 Significant accounting judgements, estimates and assumptions - (Continued)
4.1 Critical accounting judgements
In the process of applying the Company‘s accounting policies, management has made the following judgements, which have
the most significant effect on the amounts recognized in the financial statements:
Determining method to estimate variable consideration and assessing the constraint.
Certain contracts for the sale of products include a right of return that gives rise to variable consideration.
In estimating the variable consideration, the Company is required to use either the expected value method or the most likely
amount method based on which method better predicts the amount of consideration to which it will be entitled. The
Company determined that the expected value method is the appropriate method to use in estimating the variable
consideration for the sale of goods with rights of return, given the large number of customer contracts that have similar
characteristics.
Before including any amount of variable consideration in the transaction price, the Company considers whether the amount of
variable consideration is constrained. The Company determined that the estimates of variable consideration are not
constrained based on its historical experience, business forecast and the current economic conditions. In addition, the
uncertainty on the variable consideration will be resolved within a short time frame.
Determining the timing of satisfaction of sales of goods.

The Company concluded that revenue for sales of goods is to be recognized as a point in time; when the customer obtains
control of the goods. The Company assesses when control is transferred using the indicators below:
The Company has a present right to payment for the goods;

The Company has transferred physical possession of the asset;
The customer has the significant risks and rewards of ownership of the goods; and
The customer has accepted the asset.
Key Sources Of Estimation Uncertainty

Estimated useful lives and residual values of property, plant and equipment
The Company‘s management determines the estimated useful lives and related depreciation charge for its items of property,
plant and equipment on an annual basis. The Company has carried out a review of the residual values and useful lives of
property, plant and equipment as at 31 December 2020 and that has not highlighted any requirement for an adjustment to
the residual values and remaining useful lives of the assets for the current or future periods.
Impairment testing
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the
higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on
available unobservable inputs that are developed based upon the best information available under the circumstances,
which might include the Company's own data less incremental costs of
disposing of the asset.
50

Impairment testing - (Continued)

The value in use calculation is based on a discounted cash flow (DCF) model. The cash flows are derived from the budget for the next
fifteen years and do not include restructuring activities that the Company is not yet committed to or significant future investments
that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate
used for the DCF model as well as the expected future cash- inflows and the growth rate used for extrapolation purposes.
Provision for expected credit losses (ECL) of trade receivables

The Company uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for
groupings of various customer segments that have similar loss patterns (i.e., by geography, product type, customer type and rating,
and coverage by letters of credit and other forms of credit insurance). The provision matrix is initially based on the Company‘s
historical observed default rates. The Company will calibrate the matrix to adjust the historical credit loss experience with forward-
looking information.
For instance, if forecast economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which
can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. At every
reporting date, the historical observed default rates are updated and changes in the forward looking estimates are analyzed. The
assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significa nt
estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Company‘s
historical credit loss experience and forecast of economic conditions may also not be representative of customer‘s actual default in
the future.
Estimating variable consideration for returns

The Company estimates variable considerations to be included in the transaction price for the sale of goods with rights of return
and trade incentives. The Company developed a statistical model for forecasting sales returns. The model used the his torical
return data of each year to come up with expected return percentages. These percentages are applied to determine the expected
value of the variable consideration. Any significant changes in experience as compared to historical return pattern will impact the
expected return percentages estimated by the Company. The Company‘s expected trade incentives are analyzed on a per customer
basis. Determining whether a customer will be likely entitled to trade incentive will depend on the customer‘s historical incentive
entitlement and accumulated performance to date. The Company applies a statistical model for estimating expected trade
incentives. The model uses the historical purchasing patterns and incentive entitlement of customers to determine the expected
incentive percentages and the expected value of the variable consideration.
Any significant changes in experience as compared to historical purchasing patterns and incentive entitlements of customers will
impact the expected incentive percentages estimated by the Company.
The Company updates its assessment of expected returns periodically and the refund liabilities are adjusted accordingly. Esti mates
of expected returns are sensitive to changes in circumstances and the Company‘s past experience regarding returns may not be
representative of customers‘ actual returns in the future.
51

Measurement of the expected credit loss allowance for financial asset

The measurement of the expected credit loss allowance for financial assets measured at amortized cost is an area that requires the
use of complex models and significant assumptions about future economic conditions and credit behavior (e.g. the likelihood of
customers defaulting and the resulting losses). A number of significant judgements are also required in applying the accounting
requirements for measuring ECL, such as:
· Determining criteria for significant increase in credit risk;

· Choosing appropriate models and assumptions for the measurement of ECL;
· Establishing the number and relative weightings of forward-looking scenarios for each type of
product/market and the associated ECL; and
· Establishing groups of similar financial assets for the purposes of measuring ECL.
Provision for legal matters
The Company makes provisions for legal matters based on its judgement as to the probability of liability arising from such legal
matters.
52

5 Operating segments
(a Basis of segmentation
The Company is focused on food and beverage products. All operational activities of the company are focused on the manufacturing, sales and distribution of food
and beverage products.
Segment Description
Food products This includes the production and sale of custard products, farm produce, and Pancake House foods.
Beverages This includes the production and sale of sugar products, chocolate flavoured milk products, tea and
milk products.
Information regarding the results of each reportable segment is included in Note 6b
Food Beverages Others Total

2021 2020 2021 2020 2021 2020 2021 2020
₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦
Revenue 312,479,090 280,381,088 461,079,930 451,710,194 - - 773,559,019 732,091,283
Other income - - - - 3,059,617 2,718,008 3,059,617 2,718,008

Interest
income - - - 11,153,835 3,860,641 11,153,835 3,860,641
Interest expense
- - - - (13,489,663) (10,375,166) (13,489,663) (10,375,166)
Depreciation 19,811,147 16,592,708 29,950,254 26,731,815 - - 49,761,401 43,324,522
Impairment - 394,257 - 273,975 - - - 668,232
Reporting 10,371,505 11,723,500 7,207,317 8,146,839 - - 17,578,822 19,870,338
There are no significant reconciling items between the reportable segment revenue and revenue for the year.
Profit or loss 2021 2020
₦ ₦
Total profit or loss for reportable segments 17,578,822 19,870,338
Other corporate expenses and income -
Profit before income tax 17,578,822 19,870,338
6 Geographical information
2021 2020
₦ ₦
Revenue Revenue
South West 366,458,442 208,292,872
South East 201,801,837 221,822,468

South South 125,880,610 162,506,161
North Central 55,675,408 114,767,722
North West 23,737,321 24,702,059
North East
Total revenue from contracts with customers 773,553,618 732,091,283
Retail Supermarkets Nigeria Ltd (Shoprite) is the only key customer that accounted for more than 10% of the company‘s revenue.
53

7 Turnover
Revenue for the year which arose from sales of goods comprise:
2021 2020
₦ ₦
Nigeria 773,559,018 732,091,283

Export - -
773,559,018 732,091,283
All the company‘s revenue was made within Nigeria.
7.1 Disaggregated revenue information
For the year ended 31 December 2021
Food Products Beverages Total

₦ ₦ ₦
Goods transferred at a point in time:

Total revenue 312,479,089 461,079,930 773,559,018
Disaggregation of revenue—quantitative disclosure

The Company has assessed that the disaggregation of revenue by operating segments is appropriate in meeting this disclosure
requirement as this information is important in order to evaluate the financial performance of the entity. The Company determ ines
that the categories used in the investor presentations can be used to meet the objective of the disaggregation disclosure
requirement in paragraph 114 of IFRS 15, which is to disaggregate revenue from contracts with customers into categories that depict
how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
7.2 Performance obligations
Information about the Company‘s performance obligations are summarized below:
Sale of goods
The performance obligation is satisfied upon delivery of the product and payment is generally due within the customer’s
credit days. Some contracts provide customers with a right of return and incentives which give rise to variable consideration
subject to constraint.
54

8 Other Income
2021 2020
₦ ₦
Interest, sundry, waste packaging materials and scraps
3,059,617 2,718,008
9 Right of return
In line with adoption of IFRS 15, a refund liability of ₦600,000 (2020: ₦600,000) has been recognized for the right to
recover returned goods assets of ₦490,000 (2020: ₦490,000). Management has made an estimate based on historical
trend of likely sales returns by customers subsequent to year end. The amount of re venue recognized is adjusted for
expected returns. A refund liability (Note 23ii) and the right to recover returned goods asset have been recognized (Note
18).
10 Net finance cost
Finance income 11,153,836 3,860,641
Finance expense (13,489,663) (10,375,166)
Net finance cost (2,335,828) (6,514,525)
11 Profit before income tax
(a) Profit before income tax is stated after charging:

Notes 2021 2020
₦ ₦
Depreciation 15 49,761,399 43,324,522

Impairments 11 ( c ) - 1,190,632
Auditors' remuneration 750,000 700,000
Directors' remuneration 12 ( c ) 2,320,000 2,220,000
Personnel expenses 12 ( a ) 33,413,697 30,825,510
Interest on loans and bank charges 10 13,489,663 10,375,166
55

(b) Expenses by nature
Notes 2021 2020
₦ ₦
Depreciation 15 49,761,399 43,324,522
Impairments 11 ( c ) - 1,190,632
Auditor‘s remuneration 750,000 700,000
Personnel expenses 12 ( a ) 33,413,697 30,825,510
General license, fees/levies 2,477,360 2,143,387
Raw materials and consumables 586,213,522 535,064,894
Distribution expenses 48,653,431 53,382,343
Advertising & sales promotion 4,053,319 4,603,679
Factory overheads 15,223,077 18,350,390
Communication, printing, stationary
& postages 2,786,038 3,294,818
Repairs & maintenance 3,987,315 4,270,868
Insurance 843,521 915,000
Transport, travels & entertainment 6,112,323 6,397,786
Rent 1,609,992 2,610,000
Other expenses 1,223,991 1,350,599
756,703,985 708,424,428
2021 2020
₦ ₦
Summarized as follows:
Cost of Sales 661,343,273 607,238,875

Marketing and distribution expenses 52,706,750 57,986,022
Administrative expenses 42,603,962 43,199,531
756,703,985 708,424,428
(c) Impairment loss

Investments - 522,400
PPE - 668,232
1,190,632
12 Personnel expenses
(a) Personnel expenses for the year comprise the following:
2021 2020
₦ ₦
Salaries, wages and allowances 29,280,718 28,609,254
Contribution to pension 1,787,989 1,656,376

Medical 2,344,990 559,880
33,413,697 30,825,510
56

(b) Employees of the Company received remuneration in the following ranges:
2021 2020
Number Number
₦ ₦
200,000 - 300,000 36 33
300,001 - 400,000 5 3
400,001 - 500,000 1 4
500,001 - 600,000 4 7
600,001 - 700,000 20 13
700,001 - 800,000 3 6
800,001 - 900,000 2 5
900,001 - 1,000,000 1 0
72 71
The number of full-time persons employed per function as at 31st December was as follows:
2021 2020
Number Number
Production 46 48
Sales and distribution 19 15

Administration 7 8
72 71
(c) Directors remuneration
Remuneration paid to directors of the Company was as follows:

2021 2020
N ₦
Directors' emoluments:
Non-executive directors 500,000 400,000
Executive director 1,820,000 1,820,000
2,320,000 2,220,000
The directors‘ remuneration shown above includes:

2021 2020
₦ ₦
Chairman 100,000 100,000
Highest paid director 1,820,000 1,820,000
57

Other directors receive emoluments in the range below: 2021 2020
Number Number
₦ ₦
- 100,000 5 3
5 3
13 Current Tax Liabilities
Income Tax Expense
The tax charge for the year has been computed after adjusting for certain items of expenditure and income, which are not
deductible or chargeable for tax purposes, and comprises:
2021 2020
₦ ₦
Current tax expense
Current period income tax 1,933,898 1,830,228
Current period tertiary education tax 1,347,804 257,542
Current period police trust fund 715 994
3,282,417 2,088,764
Deferred tax credit 52,136 1,648,656

Total income tax expense 3,334,553 3,737,420
Current tax liabilities

2021 2020
₦ ₦
Movement in current tax liabilities account during the year was as follows :
At 1 January 7,945,458 7,613,917
Charge for the year 3,282,417 2,088,764

Payments/Adjustments in the year (7,945,458) (1,757,223)
At 31 December 3,282,417 7,945,458
14 Deferred Tax
(i) Per Income Statement
Carrying Amount 200,278,038 213,114,455
Tax Written Down Value 153,053,710 166,063,915

Timing Difference 47,224,327 47,050,540
Deferred tax liability at 30% 14,167,298 14,115,162
Deferred tax b/fwd 14,115,162 12,466,506
Deferred tax debit/(credit) 52,136 1,648,656
(ii) Per Financial Position
Balance as at 1 January 2021 20,893,359 19,244,703

Deferred tax debit/(credit) 52,136 1,648,656
Balance as at 31 December 2021 20,945,495 20,893,359
58

Impairment test
The assets of the company were subjected to impairment test and there were no impairment differences; assets have been recorded at their
recoverable amount as shown in the PPE schedules.
Security
As at 31st December 2020, assets of the company were pledged as a security to WEMA Bank Plc for Bank Guarantee issued on behalf of the
Company in favour of the Bank of Industry for the facility granted to the company by Bank of Industry.
16 Trade & Other Receivables

Note 2021 2020
₦ ₦
Trade Receivables 86,732,541 76,053,101
Staff Loans 16 (b) 4,676,763 5,103,828

Allowance for expected credit losses - (1,529,877)
Prepayments 11,165,314 17,027,621
102,574,618 96,654,673
Prepayments include prepaid loan charges of ₦7,798,486 (2020: ₦11,570,759)
Deposit for equipment represents advance Payment to an original equipment manufacturer with respect to equipment ordered by the
Company.
16(b) Staff loans

Key management staff 935,353 1,020,766
Other staff 3,741,410 4,083,062
4,676,763 5,103,828
The staff loan is on short term basis.
17 Earnings Per Share
(a) Basic earnings per share
Basic earnings per share is based on profit attributable to the owners of the Company for the year of ₦14,244,269 (2020:
₦16,132,919), on 326,700,000 (2020: 326,700,000) ordinary shares of 50 kobo each, in issue outstanding at reporting date.
₦ ₦
the purpose of basic earnings per share 14,244,269 16,132,919
Number Number
Number of ordinary shares as at 31 December 326,700,000 326,700,000
Basic earnings per share (kobo) 4.37 4.95
60

17 Earnings Per Share - (Continued)
(b) Diluted earnings per share
Diluted earnings per share is based on profit attributable to the owners of the Company for the year of ₦14,244,269 (2020:
₦16,132,919), on 326,700,000 ordinary shares of 50 kobo each (2020: 326,700,000) in issue outstanding at reporting date.
2021 2020
₦ ₦
Earnings from continuing operations for the purpose of diluted earnings per
share 14,244,269 16,132,919
Number Number
Number of ordinary shares as at 31 December 326,700,000 326,700,000
Diluted earnings per share (kobo) 4.37 4.95
There were no potentially dilutive shares at the reporting date thus the basic earnings per share and diluted earnings per
share have the same value.
18 Inventories
Raw & Packaging Materials 129,191,812 145,938,671
Food Market Stock 291,200 2,259,380

Right to recover returned goods 490,000 490,000
Less: Provision for slow moving stock - -
129,973,012 148,688,051
The value of inventories consumed during the year and recognized in cost of sales amounted to ₦562.6 million (2020:
₦535.1 million).
The right to returned goods asset represents the Company‘s right to recover products from customers where customers exercise
their right of return under the Company‘s sale or returns policy. The Company uses its accumulated historical experience to
estimate the number of returns in a year. In line with IFRS 15, right of returned goods asset of ₦490,000 was recognized.
Consequently, a refund liability of ₦600,000 was recognized as
amount payable in respect of the returned goods asset.
61

19 Cash and Cash Equivalents 2021 2020

₦ ₦
Cash on hand 7,133 27,084

Cash at bank 52,944,745 3,176,101
52,951,878 3,203,185
Restricted cash 77,264,022 107,051,522
130,215,900 110,254,707
Restricted cash represents a debt facility specifically designated for the procurement of equipment.
20 Capital, Reserves and Share Premium
(a) Ordinary Share 2021 2020
₦ ₦
Issued and fully paid ordinary shares of 50k each
At 31st December (in number of shares) 326,700,000 326,700,000
At 31st December (in Naira) 163,350,000 163,350,000
Holders of these shares are entitled to dividends as declared from time to time and are entitled to one vote per share at the
general meetings of the Company.
(b) Share Premium 2021 2020

₦ ₦
The premium on the 326,700,000 ordinary shares of 50 kobo each
is as follows:
At 1 January 16,913,313 21,380,007
Share capital increase & Public offer costs - (4,466,694)
As at 31 December 16,913,313 16,913,313
(c) Reserves 2021 2020

₦ ₦
Revenue Reserves:
Balance At 1st January 173,468,688 166,156,669
Profit retained for the year 14,244,269 16,132,919
187,712,957 182,289,588
Dividend (8,820,900) (8,820,900)
Balance At 31st December 178,892,057 173,468,688
62

21 Loans and borrowings
This note provides information about the contractual terms of the Company‘s interest-bearing loans and borrowings.
(a)
Loans and borrowing as at 31st December is as follows:
2021 2020
₦ ₦
Secured bank loan (Note 21b) 147,812,500 165,000,000
Loans and borrowings are analyzed into short and long term liabilities based on the time the repayment obligation falls due
as follows:
2021 2020
₦ ₦
Current liabilities 41,250,000 17,187,500
Non-current liabilities 106,562,500 147,812,500
147,812,500 165,000,000
(i) Secured bank loan
This represents the loan obtained from the Bank of Industry (BOI). The bank issued a loan of ₦165 million to McNichols Plc at
5% interest for a period of 5 years (inclusive of a moratorium period of 12 months on principal only) ending 2025. The loan is
secured by the guarantee of the Company‘s bankers. A portion of the outstanding principal amount and accrued interest is
repaid monthly.
(b) Reconciliation between opening and closing balances of the loans and borrowings is shown below:
2021 2020
₦ ₦
At 1st January 165,000,000 212,850,000
Addition - 165,000,000
Repayment (17,187,500 (212,850,000)
Net cash (outflow)/inflow (17,187,500) (47,850,000)
At 31st December 147,812,500 165,000,000
63

22 Pension payable
The balance on the pension payable account represents the amount due to the Pension Fund Administrators which is yet to be remitted
at the year end. The movement on this account during the year was as follows:
2021 2020
₦ ₦
Balance at 1st January 13,404,989 13,654,138
Charged for the year 1,387,989 1,531,376

Payments during the year (1,235,020) (1,780,525)
Balance at 31st December 13,557,958 13,404,989
Pension Payable is included in other payables and accruals in Note 24.
23 (i) Trade and other payables 2021 2020
Note ₦ ₦
Trade payables 25,909,525 44,800,906
Other payables & accruals 22ii 46,357,850 29,052,112
72,267,375 73,853,018
23 (ii) Other payables & accruals
Sundry Payables 15,404,450 9,734,856
Inter Linked - 436,706

Pension Plan Liabilities 13,557,959 13,404,989
Accrued Directors Fees - 300,000
Accrued Salaries 540,353 1,831,821
Accrued Directors Expenses - 400,000
Accrued Audit Fees 750,000 700,000
Accrued Secretarial Services 200,000 200,000
Accrued Electricity Bill 396,090 271,863
Accrued Housing Allowance 250,000 750,004
Refund Liabilities 600,000 600,000
Other Tax Payable 14,708,997 421,873
46,407,847 29,052,112
24 Provisions
Most of the provisions represent management's estimate of the Company's probable exposure to legal matters at the end of the
year. The provisions have been stated under non-current liability because they are not expected to crystalize in the next one
year.
₦ ₦
Balance at 1 January 90,535,530 80,000,000
Provisions made during the year - 10,535,530

Provisions used during the year (1,535,530) -
Balance at 31 December 89,000,000 90,535,530
64

25 Investments
2021 2020
₦ ₦
Balance at 1 January 5,820,000 6,342,400
Impairment loss - (522,400)
Balance at 31 December 5,820,000 5,820,000
The investment of ₦6.5 million (2m ordinary shares at ₦3.25 per share) in Eunisell Interlinked Plc. (formerly Interlinked
Technologies Plc) was tested for impairment using FVTPL model and a cumulative impairment loss of ₦680,000 was recorded for
year 2019 and year 2020 but no impairment as at 31 December, 2021. Price of the shares as at 31 December 2021 is still
₦2.91/share being the same market price of the shares as at 31 December, 2020.
In line with IFRS 9 the investment is measured at fair value in statement of financial position with changes recognized in the
statement of profit or loss.
26 Risk management framework
The Board of Directors has overall responsibility for the establishment and oversight of the Company‘s risk management
framework. The Board has established the Risk Management Committee, which is responsible for developing and
monitoring the Company‘s risk management policies. The committee reports to the Board of Directors on its activities.
The Company‘s risk management policies are established to identify and analyze the risks faced by the Company, to set
appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are
reviewed periodically to reflect changes in market conditions and the Company‘s activities.
The Company, through its training and management standards and procedures, aims to develop a disciplined and constructive
control environment in which all employees understand their roles and obligations.
The Company‘s Audit Committee oversees how management monitors compliance with the Company‘s risk management policies
and procedures, and reviews the adequacy of the risk management in relation to the risks faced by the Company. The Company‘s
Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad-hoc reviews of
risk management controls and procedures, the results of which are reported to both senior management and the Audit
Committee.
27 Contingencies
The Company is involved in a pending litigation in respect of a margin loan alleged to be obtained by the company in 2008
to trade in shares quoted on the Nigeria Stock Exchange. The amount being claimed by the investment managers is
₦73.6 million plus accrued interest. McNichols Consolidated Plc made a counter claim against the investment
managers. The matter is currently on appeal and the directors of the company are of the opinion that the company will get
favorable pronouncement from the courts. However the directors have chosen to exercise extra caution and therefore
made a provision in the sum of ₦85
million to absorb any shocks that may arise from this matter.
65

28 Financial commitments
The directors are of the opinion that all known liabilities and commitments, which are relevant in assessing the
company‘s state of affairs have been taken into account in the preparation of these financial statements.
29 Proposed dividend
For the year ended 31st December, 2021 the directors have proposed a dividend of 3kobo per share amounting to
₦9,801,000 which will be subject to the approval of the shareholders at the next annual general meeting.
Unclaimed dividend returned by the registrar has been deposited into the bank. The company will continue to
comply with SEC rules in dealing with unclaimed dividends.
30 Comparative figures
Certain comparative figures have been restated in line with the presentation in the current year.
31 Subsequent events
There are no significant subsequent events which could have had material effect on the state of affairs
of the Company as at 31 December 2021 that have not been adequately provided for or disclosed in the financial
statements.
66

Other National Disclosures
Statement of Value Added

2021 2020
₦ ₦
% %
Turnover 773,559,018 643,380,590
Less: Bought in materials and services
Local (673,478,889) (546,693,503)
Other income 3,059,617 3,031,400

Finance Income 11,153,835 32,598,246
114,191,447 132,316,733
100 100
Applied as follows:
To employees:
Salaries, Wages and Other Benefits 33,413,697 29 30,294,032 23

(including that of Directors)
To provide for maintenance of assets 49,761,400 44 46,801,721 35
To pay taxes 3,282,417 1.62 1,640,000 1.24
To pay interest on borrowings and deposits 13,489,663 12 33,365,171 25
Retained profit for the year 14,244,269 20,215,810

14 15
114,191,447 132,316,733
100 100
This statement represents the distribution of the wealth created through the use of the Company‘s assets through its
own and employees‘ efforts.
67

Other National Disclosures
Five Year Financial Summary
2021 2020 2019 2018 2017

₦ ₦ ₦ ₦ ₦
Funds Employed
Share Capital 163,350,000 163,350,000 163,350,000 163,350,000 163,350,000

Share Premium 16,913,313 16,913,313 16,913,313 21,380,007 28,719,818
Retained Earnings 178,892,057 173,468,688 166,156,669 148,422,607 133,708,915
Shareholder's Fund 359,155,370 353,732,001 346,419,982 333,152,614 325,778,733
Current Liabilities 116,849,790 98,985,975 123,407,249 136,259,472 141,517,817
Non-current Liabilities 216,507,995 259,241,389 252,694,703 356,277,466 71,940,986
692,513,156 711,959,365 722,521,934 825,689,552 539,237,536
Asset Employed
Non-Current assets 329,749,626 356,361,935 347,009,347 391,691,423 412,526,345
Current assets 362,763,530 355,597,431 375,512,587 433,998,129 126,711,191
Total assets 692,513,154 711,959,366 722,521,934 825,689,552 539,237,536
Turnover 773,559,018 732,091,283 643,380,590 786,912,331 967,193,655
Profit before tax 17,578,822 19,870,338 18,768,307 42,602,246 41,520,583

Taxation (3,282,417) (2,088,764) (1,640,000) (3,361,334) (3,292,936)
Profit for the year 14,244,269 16,132,919 20,215,810 40,849,692 34,049,259
Total comprehensive income
for the year 14,244,269 16,132,919 20,215,810 40,849,692 34,049,259
Basic/diluted earnings per
share (kobo) 4.37 4.95 6.20 12.50 10.42
Dividend per share (kobo) 3.00 3.00 3.00 5.00 3.00

Net assets per share (Naira)
1.10 1.08 1.06 1.01 0.98
68
MCNICHOLS CONSOLIDATED PLC R.C. 509,201
PROXY CARD:
Seventeenth Annual General Meeting of McNICHOLS Resolution For Against

CONSOLIDATED PLC will be held at PROTEA HOTEL 2,
 To receive the Audited Financial
Assibifi Road, Ikeja, Lagos State, on Wednesday, the 27th
Statement for the year ended 31st
day of July, 2022 at 12.00 p.m.,
December, 2021 and the reports of
the Directors, Auditors and Audit
I/We……………..……………………… being a member(s) Committee thereon.
of McNichols Consolidated Plc, hereby appoint**…………
 To declare a dividend
……………………………………………as my/our proxy
to act and vote for me/us and on my/our behalf at the  To re-elect retiring Directors:
Annual General Meeting of the Company to be held on i) To re-elect Mr Olusegun Layode
Wednesday the 27th day of July, 2022 or any adjournment as a Director, who is retiring by
thereof. rotation.
ii) To re-elect Mrs Nneka Briggs as
Dated this…….… day of ……….…….……. 2022 a Director, who is retiring by
rotation
Shareholder’s Name  To authorize the Directors to fix the
remuneration of the Auditors.
Number of Shares……………………………………………. To elect members of the Audit
Committee.
Shareholder’s Signature………………….………………….
SPECIAL BUSINESS
 To approve the remuneration of
Directors.
 To authorize the bonus issue of 6
Shares for every 5 on
392,040,000 units of shares.
 To approve the Rights Issue of 17
Shares for every 23 shares held as
at June 30, 2022 of up to
531,242,609 units of shares.
 To approve cancellation of the
residual units of unissued
shares after the Rights Issue.
 To authorize the Directors to
appoint the Issuing House/Financial
Advisers and all other parties
required.
 To amend the Memorandum and
Articles of Association accordingly.
Please indicate, by marking ‘X’ in the appropriate space,
how you wish your votes to be cast on the Resolutions
NOTES: set out above.
Further to the directive of the Federal and State Government on the restriction of large public gatherings
due to COVID 19 pandemic, the Corporate Affairs Commission (CAC) has approved that the AGM be
conducted through the use of proxies by shareholders of the Company. Members are therefore advised
that attendance at the AGM shall only be by proxy.
A member of the Company entitled to attend and vote at the meeting is entitled to appoint a proxy to
attend and vote in his/her/its place. A proxy need not be a member of the Company. In view of the above,
members may appoint a proxy of their choice from the following proposed proxies to represent them at
the meeting: (a) Mr. Olusegun Layode, (b) Mr. Chimaraoke Ekpe, (c) Mr. Ozurumba Afigbo, (d)
Venerable Onyebuchi Agubesi, (e) Mr. Godslove Okorie, (f) Mr Emmanuel Dada.
A duly executed proxy form should be deposited with the Registrars, Coronation Registrar,No.10 Amodu
Ojikutu Street, Victoria Island Lagos or via email at info@coronationregistrar.com or
mcnicholsservices@yahoo.com not later than 48 hours before the time fixed for the meeting and ensure
that the proxy form is filled, dated and signed.
ADMISSION CARD
McNICHOLS CONSOLIDATED PLC (R.C. 509,201)
ANNUAL GENERAL MEETING
Please admit the Shareholder named on this card ___________________________________

or his or her duly appointed proxy to the Annual Name of Shareholder
General Meeting of the Company to be held on Wednesday, the 27th day,
of July, 2022 at 12 p.m. at PROTEA HOTEL 2, Assibifi Road,
Ikeja, Lagos State.
____________________________________
Name of Proxy
_________________________________
Number of Shares held
_________________________________
Signature of Shareholder
The Registrars,
Coronation Securities Limited,
10, Amodu Ojikutu Street, Victoria Island, Lagos.
info@coronationregistrars.com
Tel: 08162881632.
Please affix postage
Stamp
UNCLAIMED DIVIDENDS
S/N NAME Amount S/N NAME Amount
1 INTEGRATED CAPITAL SERVICES LTD - 67,500.00 66 BASHIRU RASAK, MATTHEW 135.00
2 OKPANKU OGECHI NIPHER 1,350.00 67 AYANWAMIDE KAYODE, AYANTOKUN OBALALARO 2.70
3 TOKE IBRU 54,000.00 68 OLORUNDAHUNSI SUNDAY, 10,345.16
4 ADEDEJI ABIODUN M. 1,350.00 69 BASSEY MFON, 2.70
5 FREDRICK OSEJI 1,350.00 70 OMORUYI BRIGHT, ERHUNMWUNSE 54.00
6 ADEYANJU ADEOLA OLATUNJI 54,000.00 71 OJIAKO UZONNA, MICHAEL 378.00
7 ITORO COSMAS 1,350.00 72 IDOWU OLUFUNSO, ADEKUNLE 27.00
8 ATTUMBA LINUS 1,350.00 73 OJORE-AKPALA TEA, 27.00
9 ABOLARINWA KAYODE 48,600.00 74 ADEFOWORA TOKUNBO, 27.00
10 CHANDWANY KISHORE 40,500.00 75 ONYEIJE EDMUND, NGOZI 324.00
11 DEPENDABLE SECURTIES- DEPOSIT A/C - 27,000.00 76 ABIDOYE AKEEM, ISHOLA 27.00
12 NWABUOKU CHARLES 27,000.00 77 OGUNBODE OLUSHOLA, SUSAN 5.40
13 NWABUOKU FOLUKE, 27,000.00 78 AYEBOLA SOLA, 54.00
14 BAKARE IBIDAPO OMOLABAKE 27,000.00 79 IGBRUDE MOSES, OKE 40.50
15 EZEAKU EMEKA CYRIL 27,000.00 80 FOFAH JENSON, 45.90
16 OKPALEKE DECLAN CHUKWUDUBEM 13,500.00 81 MUSA SHITTU, ABOKI 5.40
17 ONWUDINJO CHUKS 13,500.00 82 ALI DOUGLAS, 2,116.64
18 OMUNIZUA HEPHZI-BAH, 13,500.00 83 AKINSANYA SOLOMON, SUNDAY 3.24
19 OMUNIZUA STELLA 13,500.00 84 ANGA JULIUS, DEINMA 67.50
20 AWODEDE OBED AREGHERE 10,800.00 85 AKINBO OLADIMEJI, AYINLA 1.35
21 OKORO JUDE 6,750.00 86 ATTU NAJI, RAPHAEL 45.52
22 ZACHEAUS OLAYANJU OLAWOYIN 1,080.00 87 BINUYO SHARAFA, TEJU 170.83
23 OKORONKWO NDUBUEZE 3,228.12 88 QUADRI SULAIMON, 5.40
24 OKHEI RITA 810.00 89 SALAMI WASIU, 5.40
25 EVULOBI AMARACHI 810.00 90 AYANWAMIDE OMOWUMI, TOYIN 2.70
26 CHUKWUEZE OLUCHI RUTH 793.80 91 AYANWAMIDE OLUMIDE, AYANSOLA G 5.40
27 OMORODION JOSEPHINE RUKEWE 2,700.00 92 AYANWAMIDE AYANDOYIN, OPEYEMI O 2.70
28 AYANBADEJO OLAMIDE EBENEZER 675.00 93 AGBOOLA ABIODUN, ADENIJI 8.10
29 MORAKINYO ANUOLUWAPO OLUWABUSAYOMI 675.00 94 OMOKONGBE PHILIP, MEGHOLA 5.40
30 MBA OKECHUKWU 540.00 95 UZOIGWE OBINNA, AZUBUIKE 2.70
31 FELIX COSMAS 540.00 96 OLOWOLAFE KEHINDE, BOBOYE 5.40
32 WILKIE STELLA 540.00 97 AKOBUNDU NKEMAKOLAM, AMAZIAH 1,226.77
33 UGWUOKE EMEKA 540.00 98 ECHEFU EBERECHUKWU, FRANCIS 5.40
34 MILDRED NKANG 405.00 99 OMOYELE IDRIS, OLAYINKA (CHIEF) 2,821.50
35 SALAMI ESTHER 405.00 100 OGUNTOYE OLUWATOPE, LAWRENCE 2.70
36 OKEH CHINASA 405.00 101 ESTATE OF MONEKE GABRIEL, OKOYE 270.00
37 UKAGWU CHINYERE 405.00 102 ENYAM DANIEL, FRANCIS 815.40
38 EZIMMA CECILIA 405.00 103 NOMBA RUTH, 3,645.00
39 IBIDOKUN OLOLADE FAITH 270.00 104 AYEYE OYEKEMI, 4,050.00
40 ISAAC ANGELA 270.00 105 ONUEKWUSI AKWUGO, MOZELLY 1,350.00
41 NMODU DANLAMI 2,700.00 106 AWOYINFA BABATUNDE, EZEKIEL 14,999.98
42 UKWUOMA EMEKA VINCENT 2,700.00 107 NWAOKORO EDWIN, 54.00
43 AIKAMHEZE ANTHONY 270.00 108 AKINJOBI TEMITOPE, ANUOLUWAPO 13.50
44 IKE IFEANYI TONY 2,700.00 109 NIG.STOCKBROKERS LTD.TRADED-STOCK-A/C 32,197.50
45 FRANCES ESTHER 270.00 110 OSILEWE OLAYINKA, 54.00
46 GODWIN NJOKU 2,700.00 111 AFOLARIN GANI, KOLA 16.20
47 JUDE IKUBOR 2,700.00 112 RASAQ OLALEKAN, MUMUNI 5.40
48 ETUK HAPPINESS 270.00 113 SHEHU MALLAM, MIKAIL 36.88
49 SUNDAY ESANGBEDO 2,700.00 114 ADESHINA TAJUDEEN, IMRAN AYINLA 54.00
50 SAMPSON OGECHI 270.00 115 MARTINS HAKEEM, ABIOLA 13.50
51 OGUNWARE SHADE 270.00 116 SHOKUNBI KAMILU, MUHAMMED 18.98
52 EGWUATU RITA 270.00 117 SAAIIO VENTURES, 13.50
53 AKOBUNDU OBINNA 270.00 118 LAWAL MORUF, OLANREWAJU 1.89
54 ADEDEJI BUKOLA 270.00 119 ADJEJEVWE ROLAND, ESEOGHENE 1,350.00
55 RAPHAEL MERCY 135.00 120 LAWAL OLANIYI, KAZEEM 521.10
56 IKUBOR AUGUSTINE CHUKWUKA 2,160.00 121 IGWILO DANIEL, UBA 391.50
57 BALOGUN OLUFEMI WASIU 135.00 122 TICKLE CONSULTING, LIMTED 2.70
58 ADELEYE BABATOPE 1,620.00 123 OLANREWAJU JOSHUA, OLAITAN 810.00
59 DARLINGTON NZEKWE 1,620.00 124 YUSUF TAIWO, FATAI 810.00
60 DR. OGBONNA EBENEZER 1,377.54 125 BAKARE ISMAILA, ABIODUN 27.00
61 OFOBIKE CHIBUGO EVELYN 1,350.00 126 USMAN FAITH, EKELIKHOTSE GEORGE 27.00
62 AJUFOR-OBI JULIA AIKENOSI 1,350.00 127 SHERIFFDEEN MORWAN, ADEWALE A 2.70
63 GBEGBAJE-DAS USI 1,350.00 128 SABA ABIOLA, MARIAM 2.70
64 TOPMOST FIN.&, INV. LTD.TRADED-STOCK-A/C 54.00 129 WILLIAMS GRACE, MFON 0.27
65 BALOGUN OLALEKAN, SHAMUSIDEEN 13.50 130 OBATAYO JOHN, OLUWAFEMI 17.28
1 INTEGRATED CAPITAL SERVICES LTD - 90,000.00 75 SALAU M., ADEBANJO 18.00
2 OKPANKU OGECHI NIPHER 1,800.00 76 ALI DOUGLAS, 2,822.18
3 TOKE IBRU 72,000.00 77 EZENNADILI CHRISTOPHER, 36.00
4 ADEDEJI ABIODUN M. 1,800.00 78 AKINBO OLADIMEJI, AYINLA 1.80
5 FREDRICK OSEJI 1,800.00 79 ATTU NAJI, RAPHAEL 60.70
6 ATTUMBA LINUS 1,800.00 80 SALAMI WASIU, 7.20
7 ABOLARINWA KAYODE 64,800.00 81 OFFOH HERBERT, UCHECHUKWU 2,250.00
8 CHANDWANY KISHORE 54,000.00 82 AYANWAMIDE OMOWUMI, TOYIN 3.60
9 EZEAKU EMEKA CYRIL 36,000.00 83 ADEFEHINTI DAVID, IBITOYE 36.00
10 ONWUDINJO CHUKS 18,000.00 84 AYANWAMIDE OLUMIDE, AYANSOLA G 7.20
11 OMUNIZUA HEPHZI-BAH, 18,000.00 85 AYANWAMIDE AYANDOYIN, OPEYEMI O 3.60
12 OMUNIZUA STELLA 18,000.00 86 AGBOOLA ABIODUN, ADENIJI 10.80
13 AWODEDE OBED AREGHERE 14,400.00 87 OMOKONGBE PHILIP, MEGHOLA 7.20
14 OKORO JUDE 9,000.00 88 UZOIGWE OBINNA, AZUBUIKE 3.60
15 ANIKWENWA OGOOR ADAORAH 7,200.00 89 OLOWOLAFE KEHINDE, BOBOYE 7.20
16 ZACHEAUS OLAYANJU OLAWOYIN 1,440.00 90 ECHEFU EBERECHUKWU, FRANCIS 7.20
17 OSHOJAH HARRIS SUNDAY 5,760.00 91 OGUNTOYE OLUWATOPE, LAWRENCE 3.60
18 NWANNA GLORIA 1,440.00 92 NOMBA RUTH, 4,860.00
19 DIKE OGBONNAYA ANTHONY 4,320.00 93 IWU GABRIEL, CHINENYE 36.00
20 OKORONKWO NDUBUEZE 4,304.16 94 BAKARE MUIBA, MOTUNRAYO 36.00
21 OKHEI RITA 1,080.00 95 AYEYE OYEKEMI, 5,400.00
22 EVULOBI AMARACHI 1,080.00 96 ONUEKWUSI AKWUGO, MOZELLY 1,800.00
23 CHUKWUEZE OLUCHI RUTH 1,058.40 97 NWAOKORO EDWIN, 72.00
24 OMORODION JOSEPHINE RUKEWE 3,600.00 98 IGBASANMI JOHN, OLATOMIDE 36.00
25 AYANBADEJO OLAMIDE EBENEZER 900.00 99 AHTSEMA VENTURES, LTD 360.00
26 MORAKINYO ANUOLUWAPO OLUWABUSAYOMI 900.00 100 SULE SAMUEL, BABATUNDE 9,384.30
27 MBA OKECHUKWU 720.00 101 AMINU HARUNA, ABDULLAHI 7.20
28 FELIX COSMAS 720.00 102 AFOLARIN GANI, KOLA 21.60
29 WILKIE STELLA 720.00 103 KOFANA INVESTMENT, 2 2,195.42
30 IQUO NSEOBONG IKPANG 551.02 104 RASAQ OLALEKAN, MUMUNI 7.20
31 MILDRED NKANG 540.00 105 SHEHU MALLAM, MIKAIL 49.18
32 SALAMI ESTHER 540.00 106 MARTINS HAKEEM, ABIOLA 18.00
33 OKEH CHINASA 540.00 107 ODEBIYI ANTHONY, ADENIYI 0.72
34 UKAGWU CHINYERE 540.00 108 SAAIIO VENTURES, 18.00
35 EZIMMA CECILIA 540.00 109 OLUSANYA OLUREMI, OLUKUNLE 18.00
36 ODUKOYA OLUWAKEMI ADEBAMBO 360.00 110 OYEDELE NURAT, ADENIKE EJIDE 1.08
37 ADEKOYA ADEYINKA ADEDOYIN 360.00 111 SALAM ABASS, 1.08
38 IBIDOKUN OLOLADE FAITH 360.00 112 LAWAL MORUF, OLANREWAJU 2.52
39 ISAAC ANGELA 360.00 113 LAWAL OLANIYI, KAZEEM 360.00
40 NMODU DANLAMI 3,600.00 114 TICKLE CONSULTING, LIMTED 3.60
41 UKWUOMA EMEKA VINCENT 3,600.00 115 BAKARE ISMAILA, ABIODUN 36.00
42 AIKAMHEZE ANTHONY 360.00 116 MAKANJUOLA OLADAYO, ABDUL YEKINI 0.36
43 IKE IFEANYI TONY 3,600.00 117 SABA ABIOLA, MARIAM 3.60
44 FRANCES ESTHER 360.00 118 CHUKWU JULIET, NNENNA 3.60
45 GODWIN NJOKU 3,600.00 119 OLANIYI SULE, ADISA 0.72
46 JUDE IKUBOR 3,600.00 120 BINUYO OLALEKAN, WASIU 0.72
47 ETUK HAPPINESS 360.00 121 GIWA LATEEF, ABIODUN 0.72
48 SUNDAY ESANGBEDO 3,600.00 122 WILLIAMS GRACE, MFON 0.36
49 SAMPSON OGECHI 360.00 123 WILLIAMS ADEBAYO, JOHN 3.60
50 OGUNWARE SHADE 360.00 124 OLOYEDE KAYODE, LATEEF 7.20
51 EGWUATU RITA 360.00 125 BELLO ADISA, SULE 7.20
52 AKOBUNDU OBINNA 360.00 126 OYEDELE AWWAL, ADEKOLA BAMIDELE 1.80
53 ADEDEJI BUKOLA 360.00 127 OBATAYO JOHN, OLUWAFEMI 23.04
54 RAPHAEL MERCY 180.00 128 ABIDOYE OWOLABI, TAOFIK 36.00
55 IKUBOR AUGUSTINE CHUKWUKA 2,880.00 129 IDRIS LATEEF, OLANREWAJU 0.72
56 BALOGUN OLUFEMI WASIU 180.00 130 SAKA MUSILIMOT, ABIKE 10.80
57 ADELEYE BABATOPE 2,160.00 131 AJUMOBI GRACE, OMONIYI 36.00
58 DARLINGTON NZEKWE 2,160.00 132 TAJUDEEN NAJEEM, AREMU 18.00
59 DR. OGBONNA EBENEZER 1,836.72 133 JOSEPH PETER, TOCHUKWU 72.00
60 OFOBIKE CHIBUGO EVELYN 1,800.00 134 APETE WAKILU, OLAYINKA 7.20
61 AJUFOR-OBI JULIA AIKENOSI 1,800.00 135 REDDY DAMIDI, SREERAJPAL 360.00
62 GBEGBAJE-DAS USI 1,800.00 136 NDULUE ALEXANDER, CHIGOZIE 3.60
63 OKPALA CHINENYE JULIET 1,800.00 137 EKUNDAYO DAMILOLA, SIMIDELE 72.00
64 NWANDU KINGSLEY CHUKWUKA 1,800.00 138 BLAIZE ROTIMI, FAROUK 3.60
65 OLORUNDAHUNSI SUNDAY, 13,793.54 139 EYANUKU PETER, ONOBRHIE 36.00
66 BASSEY MFON, 3.60 140 AKINTUNDE MARY, ADEOLA 36.72
67 OMORUYI BRIGHT, ERHUNMWUNSE 72.00 141 OSINFOLARIN OLUWEMIMO, ADEBOWALE 360.00
68 OJO OLUFUNKE, ADEBAYO 72.00 142 OKUNIYI ADEDAPO, 10.80
69 IDOWU OLUFUNSO, ADEKUNLE 36.00 143 KAZEEM TEMITAYO, SHERIFAT 18.00
70 OJORE-AKPALA TEA, 36.00 144 ADEGOROYE MONISADE, OLUKEMI 3.60
71 ADEFOWORA TOKUNBO, 36.00 145 PAUL INI-OBONG, ISREAL 72.00
72 ONYEIJE EDMUND, NGOZI 432.00 146 IFEOLA BIMBO, FAUSAT 36.00
73 OGUNBODE OLUSHOLA, SUSAN 7.20 147 SCA INVESTMENT, LTD 144.00
74 AYEBOLA SOLA, 72.00
1 ANYA IFEYINWA 2,475.00 117 OKELEYE ISRAEL, AYODAMOPE 4.95
2 INTEGRATED CAPITAL SERVICES LTD - 123,750.00 118 OLOYEDE KAYODE, LATEEF 9.90
3 OKPANKU OGECHI NIPHER 2,475.00 119 OYEDELE AWWAL, ADEKOLA BAMIDELE 2.48
4 TOKE IBRU 99,000.00 120 OBATAYO JOHN, OLUWAFEMI 31.68
5 ADEDEJI ABIODUN M. 2,475.00 121 ABIDOYE OWOLABI, TAOFIK 49.50
6 FREDRICK OSEJI 2,475.00 122 IDRIS LATEEF, OLANREWAJU 0.99
7 ATTUMBA LINUS 2,475.00 123 SAKA MUSILIMOT, ABIKE 14.85
8 ABOLARINWA KAYODE 78,174.00 124 TAJUDEEN NAJEEM, AREMU 47.25
9 CHANDWANY KISHORE 74,250.00 125 JOSEPH PETER, TOCHUKWU 99.00
10 DEPENDABLE SECURTIES- DEPOSIT A/C - 49,500.00 126 IBIKUNLE OYERINDE, SIMEON 49.50
11 NWABUOKU FOLUKE, 45,000.00 127 APETE WAKILU, OLAYINKA 9.90
12 BAKARE IBIDAPO OMOLABAKE 49,500.00 128 REDDY DAMIDI, SREERAJPAL 495.00
13 EZEAKU EMEKA CYRIL 49,500.00 129 AJANI TUNDE, OLUWOLE 24.75
14 OKPALEKE DECLAN CHUKWUDUBEM 24,750.00 130 NDULUE ALEXANDER, CHIGOZIE 4.95
15 ONWUDINJO CHUKS 24,750.00 131 ADEPONLE MARY, FUNMILAYO 24.75
16 OMUNIZUA HEPHZI-BAH, 24,750.00 132 ADEDIGBA OLABISI, 65.97
17 OMUNIZUA STELLA 24,750.00 133 BLAIZE ROTIMI, FAROUK 4.95
18 AWODEDE OBED AREGHERE 19,800.00 134 AKINTUNDE MARY, ADEOLA 50.49
19 OKORO JUDE 12,375.00 135 OLAOFE ABAYOMI, OLADIPO 19.80
20 CHIKERE BLAISE 9,900.00 136 OSINFOLARIN OLUWEMIMO, ADEBOWALE 495.00
21 ANIKWENWA OGOOR ADAORAH 9,900.00 137 EGBOH DICKSON, EZIAFA 49.50
22 OSHOJAH HARRIS SUNDAY 720.00 138 OKUNIYI ADEDAPO, 14.85
23 NWANNA GLORIA 1,980.00 139 EGBOH CHIZOBA, FAITH 24.75
24 DIKE OGBONNAYA ANTHONY 5,940.00 140 KAZEEM TEMITAYO, SHERIFAT 24.75
25 OKORONKWO NDUBUEZE 5,918.22 141 ADEGOROYE MONISADE, OLUKEMI 84.51
26 OKHEI RITA 1,485.00 142 IFEOLA BIMBO, FAUSAT 49.50
27 EVULOBI AMARACHI 1,485.00 143 EMENOGU MAXWELL, CHIBUIKE 495.00
28 CHUKWUEZE OLUCHI RUTH 1,455.30 144 AKANBI MOSES, ADENIYI 9.00
29 OMORODION JOSEPHINE RUKEWE 4,950.00 145 BANKOLE MOTUNRAYO, 87.75
30 AYANBADEJO OLAMIDE EBENEZER 1,237.50 146 ADOGHE ITUA, DANIEL 22.50
31 MORAKINYO ANUOLUWAPO OLUWABUSAYOMI 1,237.50 147 DSL STAFF, PENSION FUND 4,843.53
32 MBA OKECHUKWU 990.00 148 ORIBAMISE BAYODE, JULIUS 225.00
33 FELIX COSMAS 990.00 149 ONWUBALILI CHIMEZIE, STEPHEN 130.05
34 WILKIE STELLA 990.00 150 ANAGBOGU MICHAEL, MATTHEW 19.08
35 IQUO NSEOBONG IKPANG 757.62 151 ESOMOJUMI BENSON, ADEOLA 45.00
36 MILDRED NKANG 742.50 152 EZEM NNAMDI 891.00
37 SALAMI ESTHER 742.50 153 AMANDIANEZE CASMIR 1,782.00
38 OKEH CHINASA 742.50 154 IBEABUCHI THANKGOD 1,782.00
39 UKAGWU CHINYERE 742.50 155 NWARIBE IKENNA 891.00
40 EZIMMA CECILIA 742.50 156 ORISAJUWA JOHN 891.00
41 ODUKOYA OLUWAKEMI ADEBAMBO 495.00 157 MAGAJI OLAIDE 891.00
42 ODUJOKO OLUWOLE OLANIYI, 495.00 158 OKORO ISIDORE 891.00
43 IBIDOKUN OLOLADE FAITH 495.00 159 IREWAMBHOR LAWRENCE 2,214.27
44 ARMON SAMUEL BASSEY 495.00 160 ANIETTIE MICHAEL 594.00
45 ISAAC ANGELA 495.00 161 AGEDE MARY 594.00
46 NMODU DANLAMI 4,950.00 162 ATOYEBI MICHAEL 1,782.00
47 UKWUOMA EMEKA VINCENT 4,950.00 163 ETIM GODWIN 495.00
48 AIKAMHEZE ANTHONY 495.00 164 IDOWU ADEDAYO 495.00
49 IKE IFEANYI TONY 4,950.00 165 ISAU KHADIJAT 495.00
50 FRANCES ESTHER 495.00 166 JOSEPH IFEANYI 495.00
51 GODWIN NJOKU 4,950.00 167 OKONOBOH ROSEMARY 495.00
52 JUDE IKUBOR 4,950.00 168 NJOKU ESTHER 495.00
53 ETUK HAPPINESS 495.00 169 OKORIE GODSLOVE 5,513.72
54 SUNDAY ESANGBEDO 4,950.00 170 MC NICHOLS BONUS FRACTION 1.26
55 SAMPSON OGECHI 495.00 171 ODUNTAN WARIZZ, ADETOYE (MASTER) 1.35
56 OGUNWARE SHADE 495.00 172 OGUNSANWO JOHN, SUNDAY 4.50
57 EGWUATU RITA 495.00 173 DAODU PRAISE, TEMILOLUWA 4.50
58 AKOBUNDU OBINNA 495.00 174 DAODU GRACE, OLUWAJOMILOJU 4.50
59 ADEDEJI BUKOLA 495.00 175 ERIOMOLA JUDE, IRETUNDE 4.50
60 RAPHAEL MERCY 247.50 176 ERIOMOLA IRETOMIWA, E. 4.50
61 IKUBOR AUGUSTINE CHUKWUKA 3,960.00 177 OLADIMEJI DAVID, OLUWASEYI 4.50
62 BALOGUN OLUFEMI WASIU 247.50 178 ABDULSALAM LATIF, BABATUNDE 4.50
63 ADELEYE BABATOPE 2,970.00 179 OYEBANJI LEAH, JOLADE 4.50
64 DARLINGTON NZEKWE 2,970.00 180 BADMUS BOSEDE, BAYONLE 4.50
65 DR. OGBONNA EBENEZER 2,525.49 181 OLAWUYI AKINLOLU, FOLORUNSO 4.50
66 AJUFOR-OBI JULIA AIKENOSI 2,475.00 182 ADEWUYI ADEBOWALE, OLUGBENGA 4.50
67 GBEGBAJE-DAS USI 2,475.00 183 ADEDAPO OLAYEMI, ADESOYE 4.50
68 YALOKWU VICTOR CHIBUZOR 2,475.00 184 ADEBIYI OLAYINKA, 4.50
69 ADEBAYO ABIADE, GABRIEL 49.50 185 ADESIYAN CHRISTIE, IYABODE 4.50
70 OKORONKWO TIMOTHY, ALACHULAM 2,029.50 186 ADETOYI BOLANLE, ABIMBOLA 4.50
71 BASSEY MFON, 4.95 187 OKOGUN OLUWAKEMI, OPEYEMI 4.50
72 OMORUYI BRIGHT, ERHUNMWUNSE 99.00 188 OKOGUN OLUMIDE, OLAOLUWA 4.50
73 AKOLE OLUSOLA, OJO 99.00 189 OKOGUN OLUWANISHOLA, ABIODUN 4.50
74 OJO OLUFUNKE, ADEBAYO 99.00 190 OKOGUN OMOLARA, OMOWUMI 4.50
75 IDOWU OLUFUNSO, ADEKUNLE 49.50 191 OLAKANLU RASHEED, ZAINAB ROMOKE 9.00
76 OJORE-AKPALA TEA, 49.50 192 ADEGOKE DEBORAH, BUKOLA 9.00
77 ADEFOWORA TOKUNBO, 49.50 193 RUFAI ABOSEDE, BIMPE 9.00
78 SULEIMAN DAUDA, BABATUNDE 14.85 194 OLAKANLU THOMAS, SARAH RAFIATU 4.50
79 OGUNBODE OLUSHOLA, SUSAN 9.90 195 ADENIYI FOLASADE, FUNMILAYO 4.50
80 AYEBOLA SOLA, 99.00 196 AGBOOLA ABOSEDE, ABIODUN 13.50
81 SALAU M., ADEBANJO 24.75 197 BICKERSTETH CHRISTOPHER, ABIONA 4.50
82 ALI DOUGLAS, 3,880.49 198 ADETUNJI BUKOLA, REBECCA 4.50
83 ANGA JULIUS, DEINMA 123.75 199 OGINNI CHRISTIANAH, OLUKEMI 4.50
84 ATTU NAJI, RAPHAEL 83.43 200 ONIFADE TAIWO, OLUFEMI 4.50
85 SALAMI WASIU, 9.90 201 ONIFADE KEHINDE, BOLANLE 4.50
86 OFFOH HERBERT, UCHECHUKWU 3,093.75 202 SODEINDE BENJAMIN, ADE-ABISOYE 4.50
87 AYANWAMIDE OMOWUMI, TOYIN 4.95 203 RAHEEM ADEBAYO, ADEWALE 4.50
88 AGBOOLA ABIODUN, ADENIJI 14.85 204 ADESINA MORENIKE, ADETUTU 4.50
89 OMOKONGBE PHILIP, MEGHOLA 9.90 205 ONASANYA BENNETT, ADESINA 4.50
90 UZOIGWE OBINNA, AZUBUIKE 4.95 206 ONASANYA OLAYINKA, FOLORUNSO 4.50
91 OLOWOLAFE KEHINDE, BOBOYE 9.90 207 AJAYI ESTHER, TOMILOLA 4.50
92 ECHEFU EBERECHUKWU, FRANCIS 9.90 208 FAJUYIGBE GRACE, OYE 9.00
93 OGUNTOYE OLUWATOPE, LAWRENCE 4.95 209 OGUNDE SUNDAY, A. 4.50
94 NOMBA RUTH, 6,682.50 210 DAODU DEBORAH, 4.50
95 AYEYE OYEKEMI, 7,425.00 211 ERINLE OLAMIDE, FOLASHADE 4.50
96 NWAOKORO EDWIN, 99.00 212 ERINLE MAYOWA, 4.50
97 IGBASANMI JOHN, OLATOMIDE 49.50 213 ERINLE OLUWASEYI, SUNDAY 4.50
98 OSILEWE OLAYINKA, 99.00 214 BABATUNDE FUNKE, JANET 4.50
99 AMINU HARUNA, ABDULLAHI 9.90 215 ADEBAYO ADEWALE, OLUSEGUN 4.50
100 AFOLARIN GANI, KOLA 29.70 216 LAWAL SHERIFAT, BUKOLA 4.50
101 RASAQ OLALEKAN, MUMUNI 9.90 217 OWOJORI ADEKEMI, TEMITOPE 4.50
102 OLAGUNJU GABRIEL, ADEWALE 57.51 218 ADEMILUYI RUTH, ADEBIMPE 4.50
103 ODEBIYI ANTHONY, ADENIYI 0.99 219 ADEMILUYI AYOOLA, ADEREMI 4.50
104 SAAIIO VENTURES, 24.75 220 ADEMILUYI STEPHEN, ADEYEMI 4.50
105 OYEDELE NURAT, ADENIKE EJIDE 1.49 221 ADEMILUYI ADEMUYIWA, JAMES 4.50
106 SALAM ABASS, 1.49 222 BOLAJI ELIZABETH, ODUNOLA 4.50
107 LAWAL MORUF, OLANREWAJU 3.47 223 IBITOLA AKINYEMI, OLANREWAJU 4.50
108 LAWAL OLANIYI, KAZEEM 495.00 224 KOLADE OLAKANYE, FRANCIS 4.50
109 TICKLE CONSULTING, LIMTED 4.95 225 AYOADE BOSEDE, KEHINDE 4.50
110 BAKARE ISMAILA, ABIODUN 49.50 226 RICHARD FOLAYAN, OMOLE ESTATE OF 11.25
111 USMAN FAITH, EKELIKHOTSE GEORGE 49.50 227 NWAGBOM CONSTANTINA, ONYEKACHI 30.51
112 MAKANJUOLA OLADAYO, ABDUL YEKINI 0.50 228 ODOZI UCHE, 292.19
113 SABA ABIOLA, MARIAM 4.95 229 ODUNTAN OMOTAYO, MORENIKE 9.00
114 BINUYO OLALEKAN, WASIU 0.99 230 YEKINI YINUSA, OLAOSEBIKAN 9.00
115 WILLIAMS GRACE, MFON 0.50 231 DUROJAIYE ANTHOMIA, O 99.00
116 WILLIAMS ADEBAYO, JOHN 4.95
1 FRACTIONAL SHARES 1.49 153 OBISANYA EMMANUEL, IDOWU 335.96
2 ANYA IFEYINWA 1,633.50 154 REDDY DAMIDI, SREERAJPAL 326.70
3 INTEGRATED CAPITAL SERVICES LTD - 81,675.00 155 AJANI TUNDE, OLUWOLE 16.34
4 OKPANKU OGECHI NIPHER 1,633.50 156 NDULUE ALEXANDER, CHIGOZIE 3.27
5 NYONG EKANEM EFFIONG 148.50 157 EKUNDAYO DAMILOLA, SIMIDELE 126.52
6 ADEDEJI ABIODUN M. 1,633.50 158 ELUEHIKE PETER, SUNDAY 163.35
7 FREDRICK OSEJI 1,633.50 159 UKASOANYA UGOCHI, JOY 16.34
8 ITORO COSMAS 1,633.50 160 EYANUKU PETER, ONOBRHIE 32.67
9 ATTUMBA LINUS 1,633.50 161 AKINTUNDE MARY, ADEOLA 33.32
10 ABOLARINWA KAYODE 51,594.84 162 AYODELE OLUMIDE, BABATUNDE 13.64
11 OBIAGWU CHUKWUEMEKA OBIAHA 49,005.00 163 KAZEEM WASIU, IYANDA 32.67
12 CHANDWANY KISHORE 49,005.00 164 AZEEZ SULAIMAN, AKINADE 98.01
13 DEPENDABLE SECURTIES- DEPOSIT A/C - 32,670.00 165 KAZEEM TEMITAYO, SHERIFAT 16.34
14 EZEAKU EMEKA CYRIL 32,670.00 166 ADEWALE ANTHONY, ABIODUN 16.34
15 OKPALEKE DECLAN CHUKWUDUBEM 16,335.00 167 MORADEYO DAVID, ADEMOLA 42.17
16 ONWUDINJO CHUKS 16,335.00 168 ADEGOROYE MONISADE, OLUKEMI 55.76
17 OMUNIZUA HEPHZI-BAH, 16,335.00 169 PAUL INI-OBONG, ISREAL 65.34
18 OMUNIZUA STELLA 16,335.00 170 OHWOVORIOLE AKPIFO, ONOME 3.86
19 AWODEDE OBED AREGHERE 13,068.00 171 IFEOLA BIMBO, FAUSAT 32.67
20 OKORO JUDE 8,167.50 172 EMENOGU MAXWELL, CHIBUIKE 326.70
21 CHIKERE BLAISE 6,534.00 173 SAKA NURUDEEN, OLUWASEUN 6.53
22 ANIKWENWA OGOOR ADAORAH 6,534.00 174 AFINJU TAIWO, ANUOLUWA OMOTAYO 810.00
23 OSHOJAH HARRIS SUNDAY 475.20 175 AKANBI MOSES, ADENIYI 5.94
24 NWANNA GLORIA 1,306.80 176 TOMIL TRUST, LIMITED 1,349.43
25 DIKE OGBONNAYA ANTHONY 3,920.40 177 BANKOLE MOTUNRAYO, 57.92
26 OKORONKWO NDUBUEZE 3,906.01 178 ADOGHE ITUA, DANIEL 14.85
27 OKHEI RITA 980.10 179 DSL STAFF, PENSION FUND 1,360.72
28 EVULOBI AMARACHI 980.10 180 OKANRENDE AKINSANYA, 979.88
29 CHUKWUEZE OLUCHI RUTH 960.50 181 ONWUBALILI CHIMEZIE, STEPHEN 7.80
30 OMORODION JOSEPHINE RUKEWE 3,267.00 182 ANAGBOGU MICHAEL, MATTHEW 12.58
31 AYANBADEJO OLAMIDE EBENEZER 816.75 183 ESOMOJUMI BENSON, ADEOLA 29.70
32 MORAKINYO ANUOLUWAPO OLUWABUSAYOMI 816.75 184 ISAAC IKPE 392.04
33 MBA OKECHUKWU 653.40 185 EZEM NNAMDI 588.06
34 FELIX COSMAS 653.40 186 EKPE NGOZI 392.04
35 WILKIE STELLA 653.40 187 IBEABUCHI THANKGOD 1,176.12
36 IQUO NSEOBONG IKPANG 500.01 188 ALLEN PROMISE 1,176.12
37 MILDRED NKANG 490.05 189 MAGAJI OLAIDE 588.06
38 SALAMI ESTHER 490.05 190 OKORO ISIDORE 588.06
39 OKEH CHINASA 490.05 191 IREWAMBHOR LAWRENCE 1,461.40
40 UKAGWU CHINYERE 490.05 192 ANIETTIE MICHAEL 392.04
41 EZIMMA CECILIA 490.05 193 AGEDE MARY 392.04
42 ODUKOYA OLUWAKEMI ADEBAMBO 326.70 194 ATOYEBI MICHAEL 1,176.12
43 ODUJOKO OLUWOLE OLANIYI, 326.70 195 ETIM GODWIN 326.70
44 IBIDOKUN OLOLADE FAITH 326.70 196 IDOWU ADEDAYO 326.70
45 ISAAC ANGELA 326.70 197 ISAU KHADIJAT 326.70
46 NMODU DANLAMI 3,267.00 198 JOSEPH IFEANYI 326.70
47 UKWUOMA EMEKA VINCENT 3,267.00 199 OKONOBOH ROSEMARY 326.70
48 AIKAMHEZE ANTHONY 326.70 200 NJOKU ESTHER 326.70
49 IKE IFEANYI TONY 3,267.00 201 OKORIE GODSLOVE 3,639.03
50 FRANCES ESTHER 326.70 202 MC NICHOLS BONUS FRACTION 0.81
51 GODWIN NJOKU 3,267.00 203 ONYIA UCHENNA, CHINYERE 148.50
52 JUDE IKUBOR 3,267.00 204 ODUNTAN WARIZZ, ADETOYE (MASTER) 0.89
53 ETUK HAPPINESS 326.70 205 OGUNSANWO JOHN, SUNDAY 2.97
54 SUNDAY ESANGBEDO 3,267.00 206 DAODU PRAISE, TEMILOLUWA 2.97
55 SAMPSON OGECHI 326.70 207 DAODU GRACE, OLUWAJOMILOJU 2.97
56 OGUNWARE SHADE 326.70 208 ERIOMOLA JUDE, IRETUNDE 2.97
57 EGWUATU RITA 326.70 209 ERIOMOLA IRETOMIWA, E. 2.97
58 AKOBUNDU OBINNA 326.70 210 OLADIMEJI DAVID, OLUWASEYI 2.97
59 ADEDEJI BUKOLA 326.70 211 ABDULSALAM LATIF, BABATUNDE 2.97
60 RAPHAEL MERCY 163.35 212 OYEBANJI LEAH, JOLADE 2.97
61 IKUBOR AUGUSTINE CHUKWUKA 2,613.60 213 BADMUS BOSEDE, BAYONLE 2.97
62 BALOGUN OLUFEMI WASIU 163.35 214 OLAWUYI AKINLOLU, FOLORUNSO 2.97
63 ADELEYE BABATOPE 1,960.20 215 ADEWUYI ADEBOWALE, OLUGBENGA 2.97
64 DARLINGTON NZEKWE 1,960.20 216 ADEDAPO OLAYEMI, ADESOYE 2.97
65 DR. OGBONNA EBENEZER 1,666.82 217 ADEBIYI OLAYINKA, 2.97
66 OFOBIKE CHIBUGO EVELYN 1,633.50 218 ADESIYAN CHRISTIE, IYABODE 2.97
67 AJUFOR-OBI JULIA AIKENOSI 1,633.50 219 ADETOYI BOLANLE, ABIMBOLA 2.97
68 GBEGBAJE-DAS USI 1,633.50 220 OKOGUN OLUWAKEMI, OPEYEMI 2.97
69 NWANDU KINGSLEY CHUKWUKA 1,633.50 221 OKOGUN OLUMIDE, OLAOLUWA 2.97
70 NIGERIAN RAILWAY, CORP(PENSION FUND DIV.) 857,317.50 222 OKOGUN OLUWANISHOLA, ABIODUN 2.97
71 ADEBAYO ABIADE, GABRIEL 32.67 223 OKOGUN OMOLARA, OMOWUMI 2.97
72 AYANWAMIDE KAYODE, AYANTOKUN OBALALARO 3.27 224 OLAKANLU RASHEED, ZAINAB ROMOKE 5.94
73 OKORONKWO TIMOTHY, ALACHULAM 1,339.47 225 ADEGOKE DEBORAH, BUKOLA 5.94
74 OLORUNDAHUNSI SUNDAY, 12,517.61 226 RUFAI ABOSEDE, BIMPE 5.94
75 BASSEY MFON, 3.27 227 OLAKANLU THOMAS, SARAH RAFIATU 2.97
76 OMORUYI BRIGHT, ERHUNMWUNSE 65.34 228 ADENIYI FOLASADE, FUNMILAYO 2.97
77 ADESINA RASHIDAT, OLUWATOYIN 32.67 229 AGBOOLA ABOSEDE, ABIODUN 8.91
78 AKOLE OLUSOLA, OJO 65.34 230 BICKERSTETH CHRISTOPHER, ABIONA 2.97
79 NWOSU UZO, 65.34 231 ADETUNJI BUKOLA, REBECCA 2.97
80 OJO OLUFUNKE, ADEBAYO 65.34 232 MORADEYO SOLOMON, ENIOLA 2.97
81 IDOWU OLUFUNSO, ADEKUNLE 32.67 233 DOORSTEP AGENCY, & LIASON SERV 972.00
82 OJORE-AKPALA TEA, 32.67 234 OGINNI CHRISTIANAH, OLUKEMI 2.97
83 ADEFOWORA TOKUNBO, 32.67 235 ONIFADE TAIWO, OLUFEMI 2.97
84 ONYEIJE EDMUND, NGOZI 392.04 236 ONIFADE KEHINDE, BOLANLE 2.97
85 ONOCHIE EMMANUEL, OGOCHUKWUKA 163.35 237 SODEINDE BENJAMIN, ADE-ABISOYE 2.97
86 SHOBOWALE SAMUEL, 32.67 238 RAHEEM ADEBAYO, ADEWALE 2.97
87 OGUNBODE OLUSHOLA, SUSAN 6.53 239 ADESINA MORENIKE, ADETUTU 2.97
88 AYEBOLA SOLA, 65.34 240 ONASANYA BENNETT, ADESINA 2.97
89 NWOLE INVESTMENTS, LTD 326.70 241 ONASANYA OLAYINKA, FOLORUNSO 2.97
90 TUNA ASSET, MANAGEMENT SERVICES 392.04 242 AJAYI ESTHER, TOMILOLA 2.97
91 SALAU M., ADEBANJO 16.34 243 FAJUYIGBE GRACE, OYE 5.94
92 ALI DOUGLAS, 2,561.11 244 OGUNDE SUNDAY, A. 2.97
93 EZENNADILI CHRISTOPHER, 38.61 245 DAODU DEBORAH, 2.97
94 SOARES AKINOLA, (EVANG) 65.34 246 ERINLE OLAMIDE, FOLASHADE 2.97
95 ANONO GODWIN, AUGUSTINE 65.34 247 ERINLE MAYOWA, 2.97
96 ATTU NAJI, RAPHAEL 55.05 248 ERINLE OLUWASEYI, SUNDAY 2.97
97 BINUYO SHARAFA, TEJU 206.66 249 BABATUNDE FUNKE, JANET 2.97
98 QUADRI SULAIMON, 6.53 250 ADEBAYO ADEWALE, OLUSEGUN 2.97
99 SALAMI WASIU, 6.53 251 LAWAL SHERIFAT, BUKOLA 2.97
100 AYANWAMIDE OMOWUMI, TOYIN 3.27 252 OWOJORI ADEKEMI, TEMITOPE 2.97
101 AYANWAMIDE OLUMIDE, AYANSOLA G 6.53 253 ADEMILUYI RUTH, ADEBIMPE 2.97
102 AYANWAMIDE AYANDOYIN, OPEYEMI O 3.27 254 ADEMILUYI AYOOLA, ADEREMI 2.97
103 AGBOOLA ABIODUN, ADENIJI 9.80 255 ADEMILUYI STEPHEN, ADEYEMI 2.97
104 OMOKONGBE PHILIP, MEGHOLA 6.53 256 ADEMILUYI ADEMUYIWA, JAMES 2.97
105 UZOIGWE OBINNA, AZUBUIKE 3.27 257 BOLAJI ELIZABETH, ODUNOLA 2.97
106 OLOWOLAFE KEHINDE, BOBOYE 6.53 258 IBITOLA AKINYEMI, OLANREWAJU 2.97
107 ECHEFU EBERECHUKWU, FRANCIS 6.53 259 KOLADE OLAKANYE, FRANCIS 2.97
108 OGUNTOYE OLUWATOPE, LAWRENCE 3.27 260 AYOADE BOSEDE, KEHINDE 2.97
109 ADEYEMO TITI, LATIFAT 16.34 261 ESSIEN ISRAEL, SAM 59.40
110 NOMBA RUTH, 4,410.45 262 RICHARD FOLAYAN, OMOLE ESTATE OF 7.43
111 BAKARE MUIBA, MOTUNRAYO 32.67 263 NWAGBOM CONSTANTINA, ONYEKACHI 20.12
112 AYEYE OYEKEMI, 4,900.50 264 YEKINI YINUSA, OLAOSEBIKAN 5.94
113 DEPENDABLE SECURITIES NOMINEE ACCT. 1 2,430.81 265 NWOSU PEACE, CHIDI 59.40
114 ONUEKWUSI AKWUGO, MOZELLY 1,633.50 266 OJUKWU OBINNA, 29.70
115 NWAOKORO EDWIN, 65.34 267 DUROJAIYE ANTHOMIA, O 65.34
116 IGBASANMI JOHN, OLATOMIDE 32.67 268 MBAJEKWE AUGUSTINE, CHIJIOKE 89.10
117 SULE SAMUEL, BABATUNDE 8,516.23 269 ASHAVER AONDOAWASE, 151.79
118 NIG.STOCKBROKERS LTD.TRADED-STOCK-A/C 102,223.76 270 OGUIKE EVA, CHIJIOKE 8.91
119 OSILEWE OLAYINKA, 65.34 271 OMORUYI ERHAUYI, DARLINGTON 27.00
120 AFOLARIN GANI, KOLA 19.60 272 TAJUDEEN TAIWO, JAMIU 8.10
121 RASAQ OLALEKAN, MUMUNI 6.53 273 AYODELE OLUSHOLA, OMOTAYO 2.70
122 ADESHINA TAJUDEEN, IMRAN AYINLA 228.69 274 OPAFEMI FIYIFOLUWA, IFENNA 9.45
123 OLAGUNJU GABRIEL, ADEWALE 37.94 275 OLATUNDUN RASHEED, OLABISI 21.60
124 ODEBIYI ANTHONY, ADENIYI 0.65 276 EMMANUEL OLU, OMOLE 6.75
125 SAAIIO VENTURES, 16.34 277 OJO STEPHEN, ADETUNJI 5.40
126 MBAERU IKECHUKWU, HENRY 81.68 278 AKINWANDE OLUBUKONLA, OLASUBOMI 5.40
127 OLUSANYA OLUREMI, OLUKUNLE 16.34 279 KAZEEM FATIMO, ADENIKE 9.45
128 OYEDELE NURAT, ADENIKE EJIDE 0.97 280 APEL CAPITAL, REGISTRARS LIMITED 180,036.68
129 SALAM ABASS, 0.97 281 ERINFOLAMI BOSERECALEB, IJAODOLATIOLUWA 5.40
130 LAWAL MORUF, OLANREWAJU 2.27 282 DAUDU TAOFIKI, BAMIDELE 5.40
131 TICKLE CONSULTING, LIMTED 3.27 283 OLA-OLUWA ABIDEMI, JAMES 1.35
132 TIJANI, ADIJATU-KUBURA, OLUWATOSIN 6.53 284 ONWORDI ALBERT, NCHEKWUBE 27.00
133 AZEEZ ABOLANLE, AYINKE 1.94 285 AJAYI AJIBOLA, OLUFUNSO 5.40
134 BAKARE ISMAILA, ABIODUN 32.67 286 UGWUEZUMBA SAMUEL, 2.70
135 MAKANJUOLA OLADAYO, ABDUL YEKINI 0.32 287 PATRICK UGOCHUKWU, NNAMDI 2.70
136 SABA ABIOLA, MARIAM 3.27 288 ISAIAH EMEKA, PHILIP 0.14
137 OLANIYI SULE, ADISA 0.65 289 ISAIAH ROSELINE, NGOZI 0.14
138 BINUYO OLALEKAN, WASIU 0.65 290 MOSHOOD ISIAKA, TUNDE 1.35
139 GIWA LATEEF, ABIODUN 0.65 291 AKINSANYA FOLASHADE, OMOLAYO 27.00
140 WILLIAMS GRACE, MFON 0.32 292 OLAGOKE SAMSON, OLUSEGUN 2.70
141 OKELEYE ISRAEL, AYODAMOPE 3.27 293 JOWOSIMI OLUBUNMI, TEMITOPE 2.70
142 OLOYEDE KAYODE, LATEEF 6.53 294 ANTHONY EBERE, MERCYMERIT 2.70
143 BELLO ADISA, SULE 6.53 295 JOWOSIMI ADEMOLU, MATTEW 2.70
144 OYEDELE AWWAL, ADEKOLA BAMIDELE 1.62 296 ABOIKA JOY, EKEMEIREN 2.70
145 OBATAYO JOHN, OLUWAFEMI 20.90 297 YUSUF HAMMED, 0.14
146 SAKA MUSILIMOT, ABIKE 9.80 298 TAIWO MUDASHIRU, ABIODUN 4.86
147 MOT OLAYIWOLA, TOBUN 326.70 299 SALAMI RASHEEDAT, ABOSEDE 2.70
148 IHEANACHO STEPHEN, CHINONSO 32.67 300 GEORGE FAITH, EKELIKHOTSE 32.67
149 TAJUDEEN NAJEEM, AREMU 31.19 301 UMEZE NZE, INNOCENT 27.00
150 IJOMA FIDELIS.OPIA.ODILI, 32.67 302 ADEDIGBA OLABISI, BEATRIC 2.70
151 JOSEPH PETER, TOCHUKWU 65.34 303 NWABUEZE OBI-AZUKAEGO, HENRY 13.50
152 APETE WAKILU, OLAYINKA 6.53
1 FRACTIONAL SHARES 1.48 222 MORGANCAPITAL INVESTMENT, LTD 0.32
2 IYOWUNA BRIGGS 260,780.61 223 OBISANYA EMMANUEL, IDOWU 335.96
3 ANYA IFEYINWA 1,633.50 224 OKOYE VICTOR, 5.40
4 INTEGRATED CAPITAL SERVICES LTD - 81,675.00 225 OKOYE SOMADINA, DANIEL 949.05
5 OKPANKU OGECHI NIPHER 1,633.50 226 REDDY DAMIDI, SREERAJPAL 326.70
6 TOKE IBRU 65,340.00 227 NWANI AYODELE, 5,377.18
7 ADEDEJI ABIODUN M. 1,633.50 228 AJANI TUNDE, OLUWOLE 27.00
8 FREDRICK OSEJI 1,633.50 229 NDULUE ALEXANDER, CHIGOZIE 3.27
9 ITORO COSMAS 1,633.50 230 EKUNDAYO DAMILOLA, SIMIDELE 126.52
10 ATTUMBA LINUS 1,633.50 231 ELUEHIKE PETER, SUNDAY 163.35
11 ABOLARINWA KAYODE 51,594.84 232 ADEDIGBA OLABISI, 43.52
12 NWACHUKWU CHRISTOPHER 2,809.62 233 ANIGIORO AMOS, OLADAPO 16.34
13 OBIAGWU CHUKWUEMEKA OBIAHA 49,005.00 234 OLATUNJI BOLANLE, SEGUN 8.15
14 CHANDWANY KISHORE 49,005.00 235 BLAIZE ROTIMI, FAROUK 3.27
15 DEPENDABLE SECURITIES LTD - 97.79 236 UKASOANYA UGOCHI, JOY 16.34
16 DEPENDABLE SECURTIES- DEPOSIT A/C - 31,955.31 237 EYANUKU PETER, ONOBRHIE 32.67
17 NWABUOKU CHARLES 7,332.36 238 AKINTUNDE MARY, ADEOLA 33.32
18 NWABUOKU FOLUKE, 29,700.00 239 OYEWOLE ISAIAH, OLUWATOSIN 3.27
19 BAKARE IBIDAPO OMOLABAKE 32,670.00 240 DARAMOLA OLANREWAJU, TAIWO 637.07
20 EZEAKU EMEKA CYRIL 32,670.00 241 BRIGGS NNEKA, 223,484.72
21 SOTE GBADENIYI OLAWOLE 20,010.38 242 OMOLE JOSEPH, ABIONA A. A. 32.67
22 OKPALEKE DECLAN CHUKWUDUBEM 16,335.00 243 KAZEEM WASIU, IYANDA 32.67
23 ONWUDINJO CHUKS 16,335.00 244 EGBOH DICKSON, EZIAFA 32.67
24 ANYAOGU SUNDAY, ONYEKOZURU 16,335.00 245 AZEEZ SULAIMAN, AKINADE 98.01
25 MBAMA GENEVIEVE OBIANUJU 16,335.00 246 EGBOH CHIZOBA, FAITH 16.34
26 OMUNIZUA HEPHZI-BAH, 16,335.00 247 KAZEEM TEMITAYO, SHERIFAT 16.34
27 OMUNIZUA STELLA 16,335.00 248 ADEWALE ANTHONY, ABIODUN 16.34
28 AWODEDE OBED AREGHERE 13,068.00 249 MORADEYO DAVID, ADEMOLA 42.17
29 ADODO FRANK OKHIAI 11,712.20 250 ADEGOROYE MONISADE, OLUKEMI 55.76
30 OKORO JUDE 8,167.50 251 ELIZABETH AND, STEPHEN NIGERIA LTD 81.68
31 ROSEY MEREGINI 7,800.76 252 PAUL INI-OBONG, ISREAL 65.34
32 CHIKERE BLAISE 6,534.00 253 OHWOVORIOLE AKPIFO, ONOME 3.86
33 ANIKWENWA OGOOR ADAORAH 6,534.00 254 IFEOLA BIMBO, FAUSAT 32.67
34 AJAH EKEOMA 6,534.00 255 EMENOGU MAXWELL, CHIBUIKE 326.70
35 ZACHEAUS OLAYANJU OLAWOYIN 1,894.86 256 SCA INVESTMENT, LTD 11.88
36 OSHOJAH HARRIS SUNDAY 475.20 257 SAKA NURUDEEN, OLUWASEUN 6.53
37 NWANNA GLORIA 1,306.80 258 OWOEYE OLUSEGUN, EMMANUEL 7.42
38 DR. CHINEDU CHUKWU 4,900.50 259 MADUFORO GOLDEN, GLAY 35.64
39 AKINFALA OLANREWAJU A. 1,143.45 260 AFINJU TAIWO, ANUOLUWA OMOTAYO 1,080.00
40 AKINFALA ADEDAPO 1,143.45 261 AKANBI MOSES, ADENIYI 5.94
41 CHRISTIAN MARY 1,022.57 262 TOMIL TRUST, LIMITED 1,349.43
42 AKINFALA OLADIPUPO 980.10 263 BANKOLE MOTUNRAYO, 57.92
43 DIKE OGBONNAYA ANTHONY 3,920.40 264 OMOLE VICTORIA, MOTUNRAYO O.O. 7.42
44 OKORONKWO NDUBUEZE 3,906.01 265 ADOGHE ITUA, DANIEL 14.85
45 OKHEI RITA 980.10 266 DSL STAFF, PENSION FUND 1,344.65
46 EVULOBI AMARACHI 980.10 267 OKANRENDE AKINSANYA, 979.88
47 CHUKWUEZE OLUCHI RUTH 960.50 268 ICHADO REUBEN, OKOLIKO 1,485.00
48 OMORODION JOSEPHINE RUKEWE 3,267.00 269 ORIBAMISE BAYODE, JULIUS 148.50
49 AYANBADEJO OLAMIDE EBENEZER 816.75 270 ONWUBALILI CHIMEZIE, STEPHEN 7.80
50 MORAKINYO ANUOLUWAPO OLUWABUSAYOMI 816.75 271 ANAGBOGU MICHAEL, MATTHEW 12.58
51 MBA OKECHUKWU 653.40 272 ESOMOJUMI BENSON, ADEOLA 2.70
52 FELIX COSMAS 653.40 273 ISAAC IKPE 392.04
53 WILKIE STELLA 653.40 274 EZEM NNAMDI 588.06
54 UGWUOKE EMEKA 1,437.48 275 EKPE NGOZI 392.04
55 IQUO NSEOBONG IKPANG 500.01 276 AMANDIANEZE CASMIR 1,176.12
56 MILDRED NKANG 490.05 277 IBEABUCHI THANKGOD 1,176.12
57 SALAMI ESTHER 490.05 278 ALLEN PROMISE 1,176.12
58 OKEH CHINASA 490.05 279 NWARIBE IKENNA 588.06
59 UKAGWU CHINYERE 490.05 280 ORISAJUWA JOHN 588.06
60 EZIMMA CECILIA 490.05 281 MAGAJI OLAIDE 588.06
61 ODUKOYA OLUWAKEMI ADEBAMBO 326.70 282 OKORO ISIDORE 588.06
62 ODUJOKO OLUWOLE OLANIYI, 326.70 283 IREWAMBHOR LAWRENCE 1,461.40
63 ADEKOYA ADEYINKA ADEDOYIN 326.70 284 ANIETTIE MICHAEL 392.04
64 IBIDOKUN OLOLADE FAITH 326.70 285 AGEDE MARY 392.04
65 ARMON SAMUEL BASSEY 326.70 286 EMMANUEL HELEN 392.04
66 ARMON TEHILLAH GHEVOLOR 326.70 287 ATOYEBI MICHAEL 1,176.12
67 ISAAC ANGELA 326.70 288 ETIM GODWIN 326.70
68 NMODU DANLAMI 3,267.00 289 IDOWU ADEDAYO 326.70
69 UKWUOMA EMEKA VINCENT 3,267.00 290 ISAU KHADIJAT 326.70
70 AIKAMHEZE ANTHONY 326.70 291 JOSEPH IFEANYI 326.70
71 IKE IFEANYI TONY 3,267.00 292 OKONOBOH ROSEMARY 326.70
72 FRANCES ESTHER 326.70 293 NJOKU ESTHER 326.70
73 GODWIN NJOKU 3,267.00 294 OKORIE GODSLOVE 3,639.03
74 JUDE IKUBOR 3,267.00 295 MC NICHOLS BONUS FRACTION 0.81
75 ETUK HAPPINESS 326.70 296 ANAKWEZE-UMEGBO CHINEDU, VALENTINE 310.31
76 SUNDAY ESANGBEDO 3,267.00 297 ODUNTAN TAJUDEEN, ADEDOYIN 27.68
77 SAMPSON OGECHI 326.70 298 ONYIA UCHENNA, CHINYERE 486.00
78 OGUNWARE SHADE 326.70 299 TIJANI OLUSOLA, EBUDOLA MUKADAM 29.70
79 FEHINTOLA AYODEJI 2,613.60 300 ODUNTAN WARIZZ, ADETOYE (MASTER) 0.89
80 EGWUATU RITA 326.70 301 OGUNSANWO JOHN, SUNDAY 2.97
81 AKOBUNDU OBINNA 326.70 302 DAODU PRAISE, TEMILOLUWA 2.97
82 ADEDEJI BUKOLA 326.70 303 DAODU GRACE, OLUWAJOMILOJU 2.97
83 RAPHAEL MERCY 163.35 304 ERIOMOLA JUDE, IRETUNDE 2.97
84 IKUBOR AUGUSTINE CHUKWUKA 2,613.60 305 ERIOMOLA IRETOMIWA, E. 2.97
85 BALOGUN OLUFEMI WASIU 163.35 306 OLADIMEJI DAVID, OLUWASEYI 2.97
86 ADELEYE BABATOPE 1,960.20 307 ABDULSALAM LATIF, BABATUNDE 2.97
87 KUNLE ADEOYE OKUSANYA 2,548.26 308 OYEBANJI LEAH, JOLADE 2.97
88 AHMED RAIMI 2,548.26 309 BADMUS BOSEDE, BAYONLE 2.97
89 OLUSHOLA OLUJIMI 2,744.28 310 OLAWUYI AKINLOLU, FOLORUNSO 2.97
90 DARLINGTON NZEKWE 1,960.20 311 ADEWUYI ADEBOWALE, OLUGBENGA 2.97
91 DR. OGBONNA EBENEZER 1,666.82 312 ADEDAPO OLAYEMI, ADESOYE 2.97
92 ADESANMI TEMILEHIN A. 1,633.50 313 ADEBIYI OLAYINKA, 2.97
93 AKINFALA TEMITOPE 1,633.50 314 ADESIYAN CHRISTIE, IYABODE 2.97
94 OFOBIKE CHIBUGO EVELYN 1,633.50 315 ADETOYI BOLANLE, ABIMBOLA 2.97
95 AJUFOR-OBI JULIA AIKENOSI 1,633.50 316 OKOGUN OLUWAKEMI, OPEYEMI 2.97
96 OLOREDE THOMPSON 1,633.50 317 OKOGUN OLUMIDE, OLAOLUWA 2.97
97 AKWARANDU JOHN N.S. 1,633.50 318 OKOGUN OLUWANISHOLA, ABIODUN 2.97
98 GBEGBAJE-DAS USI 1,633.50 319 OKOGUN OMOLARA, OMOWUMI 2.97
99 OKPALA CHINENYE JULIET 1,633.50 320 OLAKANLU RASHEED, ZAINAB ROMOKE 5.94
100 NWANDU KINGSLEY CHUKWUKA 1,633.50 321 ADEGOKE DEBORAH, BUKOLA 5.94
101 NIGERIAN RAILWAY, CORP(PENSION FUND DIV.) 837,000.00 322 RUFAI ABOSEDE, BIMPE 5.94
102 ADEBAYO ABIADE, GABRIEL 32.67 323 OLAKANLU THOMAS, SARAH RAFIATU 2.97
103 BASHIRU RASAK, MATTHEW 163.35 324 ADENIYI FOLASADE, FUNMILAYO 2.97
104 AYANWAMIDE KAYODE, AYANTOKUN OBALALARO 3.27 325 AGBOOLA ABOSEDE, ABIODUN 8.91
105 OBARINDE ISAAC, OBATOSHO 16.34 326 BICKERSTETH CHRISTOPHER, ABIONA 2.97
106 OKORONKWO TIMOTHY, ALACHULAM 1,339.47 327 ADETUNJI BUKOLA, REBECCA 2.97
107 OLORUNDAHUNSI SUNDAY, 12,517.60 328 MORADEYO SOLOMON, ENIOLA 2.97
108 BASSEY MFON, 3.27 329 DOORSTEP AGENCY, & LIASON SERV 980.10
109 OMORUYI BRIGHT, ERHUNMWUNSE 65.34 330 ADESINA OLALEKAN, OLADEPO 237.60
110 ADESINA RASHIDAT, OLUWATOYIN 32.67 331 EKEGHE OGBONNAYA, NDUKA AND EUNICE O 100.98
111 AKOLE OLUSOLA, OJO 65.34 332 OGINNI OLUTOYIN, 2.97
112 NWOSU UZO, 65.34 333 OGINNI CHRISTIANAH, OLUKEMI 2.97
113 OJO OLUFUNKE, ADEBAYO 65.34 334 ONIFADE TAIWO, OLUFEMI 2.97
114 IDOWU OLUFUNSO, ADEKUNLE 32.67 335 ONIFADE KEHINDE, BOLANLE 2.97
115 OJORE-AKPALA TEA, 32.67 336 SODEINDE BENJAMIN, ADE-ABISOYE 2.97
116 ADEFOWORA TOKUNBO, 32.67 337 RAHEEM ADEBAYO, ADEWALE 2.97
117 ONYEIJE EDMUND, NGOZI 392.04 338 ADESINA MORENIKE, ADETUTU 2.97
118 ONOCHIE EMMANUEL, OGOCHUKWUKA 163.35 339 ONASANYA BENNETT, ADESINA 2.97
119 ABIDOYE AKEEM, ISHOLA 32.67 340 ONASANYA OLAYINKA, FOLORUNSO 2.97
120 SHOBOWALE SAMUEL, 32.67 341 MORISHELADE BIKE, FAKOREDE 2.97
121 OGUNBODE OLUSHOLA, SUSAN 6.53 342 AJAYI ESTHER, TOMILOLA 2.97
122 AYEBOLA SOLA, 65.34 343 FAJUYIGBE GRACE, OYE 5.94
123 ONOKPITE GODSPOWER, OGHENEVBOGAGA 38.45 344 OGUNDE SUNDAY, A. 2.97
124 FOFAH JENSON, 55.54 345 DAODU DEBORAH, 2.97
125 JOHN EMMANUEL, BOSSAN 556.82 346 ERINLE OLAMIDE, FOLASHADE 2.97
126 TUNA ASSET, MANAGEMENT SERVICES 392.04 347 ERINLE MAYOWA, 2.97
127 SALAU M., ADEBANJO 16.34 348 ERINLE OLUWASEYI, SUNDAY 2.97
128 ALI DOUGLAS, 2,561.11 349 BABATUNDE FUNKE, JANET 2.97
129 EZENNADILI CHRISTOPHER, 38.61 350 ADEBAYO ADEWALE, OLUSEGUN 2.97
130 ANGA JULIUS, DEINMA 81.68 351 LAWAL SHERIFAT, BUKOLA 2.97
131 AKINBO OLADIMEJI, AYINLA 1.62 352 OWOJORI ADEKEMI, TEMITOPE 2.97
132 ATTU NAJI, RAPHAEL 55.05 353 ADEMILUYI RUTH, ADEBIMPE 2.97
133 QUADRI SULAIMON, 6.53 354 ADEMILUYI AYOOLA, ADEREMI 2.97
134 SALAMI WASIU, 6.53 355 ADEMILUYI STEPHEN, ADEYEMI 2.97
135 OFFOH HERBERT, UCHECHUKWU 2,041.88 356 ADEMILUYI ADEMUYIWA, JAMES 2.97
136 AYANWAMIDE OMOWUMI, TOYIN 3.27 357 BOLAJI ELIZABETH, ODUNOLA 2.97
137 ADEFEHINTI DAVID, IBITOYE 32.67 358 IBITOLA AKINYEMI, OLANREWAJU 2.97
138 AWOYOMI ADEDAYO, SUNDAY J. 329.97 359 KOLADE OLAKANYE, FRANCIS 2.97
139 AYANWAMIDE OLUMIDE, AYANSOLA G 6.53 360 AYOADE BOSEDE, KEHINDE 2.97
140 AYANWAMIDE AYANDOYIN, OPEYEMI O 3.27 361 ESSIEN ISRAEL, SAM 59.40
141 AGBOOLA ABIODUN, ADENIJI 9.80 362 RICHARD FOLAYAN, OMOLE ESTATE OF 7.42
142 OMOKONGBE PHILIP, MEGHOLA 6.53 363 ODESANYA SOLOMON, OLAJIDE 10.12
143 UZOIGWE OBINNA, AZUBUIKE 3.27 364 ODESANYA ELIZABETH, TITILAYO 10.12
144 OLOWOLAFE KEHINDE, BOBOYE 6.53 365 ADEKOYA KEHINDE, S.S 7.42
145 ECHEFU EBERECHUKWU, FRANCIS 6.53 366 ADEKOYA TAIWO, S.S 7.42
146 OGUNTOYE OLUWATOPE, LAWRENCE 3.27 367 OMOLE PRECIOUS, OKIKIJESU 16.34
147 MADUFORO GOLDEN, C. 140.48 368 OMOLE JOSHUA, OLABODE 8.91
148 ADEYEMO TITI, LATIFAT 16.34 369 NWAGBOM CONSTANTINA, ONYEKACHI 20.11
149 ESTATE OF MONEKE GABRIEL, OKOYE 326.70 370 BELLO KAZEEM, OWONIKOKO 14.85
150 NOMBA RUTH, 4,410.45 371 ODUNTAN OMOTAYO, MORENIKE 5.94
151 BAKARE MUIBA, MOTUNRAYO 32.67 372 YEKINI YINUSA, OLAOSEBIKAN 5.94
152 AYEYE OYEKEMI, 4,900.50 373 OJUKWU OBINNA, 29.70
153 DEPENDABLE SECURITIES NOMINEE ACCT. 1 2,911.49 374 DUROJAIYE ANTHOMIA, O 65.34
154 KUDAISI AYODELE, SARAT 29.40 375 MBAJEKWE AUGUSTINE, CHIJIOKE 89.10
155 AKUNYILI OKECHUKWU, MICHAEL 3,267.00 376 BABATUNDE SAHEED-OLADIMEJI, 2.97
156 ONUEKWUSI AKWUGO, MOZELLY 1,633.50 377 SHOBOWALE AYO, OLUSEGUN 89.10
157 NWAOKORO EDWIN, 65.34 378 OMORUYI ERHAUYI, DARLINGTON 27.00
158 IGBASANMI JOHN, OLATOMIDE 32.67 379 TAJUDEEN TAIWO, JAMIU 8.10
159 SULE SAMUEL, BABATUNDE 8,398.78 380 ALLI AYANWOLE, SIKIRU 5.40
160 NIG.STOCKBROKERS LTD.TRADED-STOCK-A/C 102,223.76 381 REALITIES ENTERPRISES, 270.00
161 OSILEWE OLAYINKA, 65.34 382 ADU AYODELE, 2.70
162 AMINU HARUNA, ABDULLAHI 6.53 383 AYODELE OLUSHOLA, OMOTAYO 2.70
163 IWUEZE UCHECHUKWU, AHAMEFULE 11.88 384 OPAFEMI FIYIFOLUWA, IFENNA 9.45
164 AFOLARIN GANI, KOLA 19.60 385 OLUGBOSUN BANJI, 0.54
165 KOFANA INVESTMENT, 2 1,992.33 386 ABUBAKAR HABIBU, ALHAJI 2,700.00
166 RASAQ OLALEKAN, MUMUNI 6.53 387 OLATUNDUN RASHEED, OLABISI 21.60
167 EGBUJIE CHRISTIANTUS, 333.23 388 OLAWUYI TAIWO, JULIE 6.75
168 ADEGBITE WAHEED, ADEKUNLE 163.35 389 OJO STEPHEN, ADETUNJI 5.40
169 ADESHINA TAJUDEEN, IMRAN AYINLA 228.69 390 OPESEITAN JONATHAN, OLANREWAJU 4.05
170 OLAGUNJU GABRIEL, ADEWALE 37.94 391 AKINWANDE OLUBUKONLA, OLASUBOMI 5.40
171 ODEBIYI ANTHONY, ADENIYI 0.65 392 KAZEEM FATIMO, ADENIKE 9.45
172 OGUNTUNWASE BAMIDELE, ABIODUN 6.53 393 AKOMOLAFE SAMUEL, 5.40
173 SAAIIO VENTURES, 16.34 394 ODUNTAN MUIBI-ISHOLA, 2.70
174 MBAERU IKECHUKWU, HENRY 81.68 395 APEL CAPITAL, REGISTRARS LIMITED 200,354.18
175 OYEDELE NURAT, ADENIKE EJIDE 0.97 396 SALEMSON SHAREHOLDERS, ASS OF NIGERIA 2.70
176 SALAM ABASS, 0.97 397 ERINFOLAMI BOSERECALEB, IJAODOLATIOLUWA 5.40
177 LAWAL MORUF, OLANREWAJU 2.27 398 ABAELU IZUCHUKWU, JOHN 108.00
178 FUTURE VIEW NOMINEE AMARA 10,265.37 399 DAUDU TAOFIKI, BAMIDELE 5.40
179 OBISESAN BABATUNDE, MUSTAPHA 326.70 400 OLA-OLUWA ABIDEMI, JAMES 1.35
180 FADAHUNSI K., AYOOLA (ENGR) 130.68 401 ONWORDI ALBERT, NCHEKWUBE 27.00
181 AIKAY-UNEGBU KAITOCHUKWU, DAVID 163.35 402 AJAYI AJIBOLA, OLUFUNSO 5.40
182 AIKAY-UNEGBU KAMSY, EMMANUEL TOMISIN 163.35 403 LASOJU AGNES, MODUPE 0.08
183 AIKAY-UNEGBU CHARIS, SOCHUKWUKAIMA 163.35 404 OLATUNJI TITILAYO, OLUWASEUN 13.50
184 TICKLE CONSULTING, LIMTED 3.27 405 LASOJU OLAKUNLE, OLADIPO 0.08
185 TIJANI, ADIJATU-KUBURA, OLUWATOSIN 6.53 406 LASOJU ABIKE, MARY 0.08
186 TIJANI, QUZEEM, AYOMIDE OLUWADUROTIMI 6.53 407 UGWUEZUMBA SAMUEL, 2.70
187 BAKARE ISMAILA, ABIODUN 32.67 408 UMUKORO FESTUS, 13.50
188 MAKANJUOLA OLADAYO, ABDUL YEKINI 0.32 409 ISAIAH EMEKA, PHILIP 0.14
189 SAKA HAKEEM, OLORUNTOYIN 32.67 410 ISAIAH ROSELINE, NGOZI 0.14
190 SHERIFFDEEN MORWAN, ADEWALE A 3.27 411 MOSHOOD ISIAKA, TUNDE 1.35
191 SABA ABIOLA, MARIAM 3.27 412 AKINSANYA FOLASHADE, OMOLAYO 27.00
192 CHUKWU JULIET, NNENNA 3.27 413 OLAGOKE SAMSON, OLUSEGUN 2.70
193 OLANIYI SULE, ADISA 0.65 414 JOWOSIMI OLUBUNMI, TEMITOPE 4.05
194 GIWA LATEEF, ABIODUN 0.65 415 ANTHONY EBERE, MERCYMERIT 2.70
195 WILLIAMS GRACE, MFON 0.32 416 JOWOSIMI ADEMOLU, MATTEW 4.05
196 OKELEYE ISRAEL, AYODAMOPE 3.27 417 ABOIKA JOY, EKEMEIREN 2.70
197 OLOYEDE KAYODE, LATEEF 6.53 418 TALABI FESTUS, OLATUNDE 135.00
198 BELLO ADISA, SULE 6.53 419 ADEBANJO DAVID, OLUWAKOREDE OLATUNJI 27.00
199 OYEDELE AWWAL, ADEKOLA BAMIDELE 1.62 420 YUSUF HAMMED, 0.14
200 AFOLABI MICHAEL, 32.67 421 ADENIKA MOYINOLUWA, PRECIOUS 9.75
201 EKEGHE OGBONNAYA, NDUKA 637.07 422 LAIYEMO SUNDAY, ADEKUNLE 8.10
202 OBATAYO JOHN, OLUWAFEMI 20.90 423 OMOLOKUN MOBOLAJI, VALENTINA 2.70
203 OLORUNFUNMI YINUSA, ADEKUNLE 9.80 424 TAIWO MUDASHIRU, ABIODUN 4.86
204 ABIDOYE OWOLABI, TAOFIK 32.67 425 SALAMI RASHEEDAT, ABOSEDE 2.70
205 SAKA MUSILIMOT, ABIKE 9.80 426 GEORGE FAITH, EKELIKHOTSE 32.67
206 MOT OLAYIWOLA, TOBUN 326.70 427 UMEZE NZE, INNOCENT 27.00
207 OSILEYEOLUGBENGA AFOLABI, 3.27 428 ADEDIGBA OLABISI, BEATRIC 2.70
208 OLUKOYA OLUWASEUN, BABAJIDE 65.34 429 IDOWU SANNI, QUADRI 13.50
209 IHEANACHO STEPHEN, CHINONSO 32.67 430 ORJI SUNDAY, AZUBUIKE 13.50
210 AJAO ADEFUNSHO, ADEYI 3.27 431 ADENIYI ADELEKE, AKINWUNMI 1.35
211 AJUMOBI GRACE, OMONIYI 32.67 432 IFEANYI OKEY, FESTUS 13.50
212 ADETOLA OMOTAYO, 326.70 433 ODEJAYI ADEOLU, IBITAYO 13.50
213 TAJUDEEN NAJEEM, AREMU 31.18 434 OJERINDE OMOLOLA, MOSUNMOLA 1.62
214 AROLEOWO GANIAT, ABIODUN 1.62 435 TIBOWEI RUTH, ABOSEDE 1.35
215 IJOMA FIDELIS.OPIA.ODILI, 32.67 436 ONWUKA LAZARUS, NNADOZIE 54.00
216 ABOD-REUBENS NIG, LTD 16.34 437 DIKE EVA, CHIJIOKE 8.91
217 MADUKO FIDELIS, OGBOGU 65.34 438 JAJI BABATUNDE, RAHMAN 13.50
218 JOSEPH PETER, TOCHUKWU 65.34 439 PATRICK CHINELO, FAVOUR 5.40
219 IBIKUNLE OYERINDE, SIMEON 32.67 440 IWU GABRIEL, CHINEYE 32.67
220 SABITU AKANNI, DISU 32.67 441 AKINOLA RAJI, ABAYOMI 877.50
221 APETE WAKILU, OLAYINKA 6.53
1 FOFAH JENSON, 92.57 243 IOU INVESTMENT ADVISERS LTD 0.45
2 AFINJU TAIWO, ANUOLUWA OMOTAYO 4,500.00 244 EGBEBI FOLUKE OMOBONIKE 2.25
3 NWACHUKWU CHRISTOPHER 4,682.70 245 HASSAN FEYISAYO AISHAT 238.63
4 ESTATE OF MONEKE GABRIEL, OKOYE 544.50 246 JIMOH-KUKU ISMAIL OLANIRAN 90.00
5 SULE SAMUEL, BABATUNDE 13,997.97 247 HASSAN TITILAYO AZEEZAT 150.75
6 KOFANA INVESTMENT, 2 3,320.55 248 BATULA HAKEEM 22.50
7 OKPALA CHINENYE JULIET 2,722.50 249 OKPANKU OGECHI NIPHER 2,722.50
8 OFFOH HERBERT, UCHECHUKWU 3,403.13 250 TOKE IBRU 108,900.00
9 ONWUBALILI CHIMEZIE, STEPHEN 13.01 251 FREDRICK OSEJI 2,722.50
10 ANAKWEZE-UMEGBO CHINEDU, VALENTINE 517.19 252 OBIAGWU CHUKWUEMEKA OBIAHA 81,675.00
11 OMORUYI ERHAUYI, DARLINGTON 45.00 253 NONYE GOODIE, OBI 55,561.14
12 ABAELU IZUCHUKWU, JOHN 180.00 254 NWABUOKU CHARLES 12,220.60
13 IFEANYI OKEY, FESTUS 22.50 255 NWABUOKU FOLUKE, 49,500.00
14 EZEAKU EMEKA CYRIL 54,450.00 256 OGBECHE GERTRUDE 54,450.00
15 IKUBOR AUGUSTINE CHUKWUKA 4,356.00 257 SOTE GBADENIYI OLAWOLE 33,350.63
16 OLORUNDAHUNSI SUNDAY, 20,862.67 258 OKPALEKE DECLAN CHUKWUDUBEM 27,225.00
17 JOHN EMMANUEL, BOSSAN 928.03 259 ONWUDINJO CHUKS 27,225.00
18 ATTU NAJI, RAPHAEL 91.75 260 REGUARDY GLOBAL CONCERNS LTD - 27,225.00
19 MADUFORO GOLDEN, C. 234.13 261 OMUNIZUA HEPHZI-BAH, 27,225.00
20 IWUEZE UCHECHUKWU, AHAMEFULE 19.80 262 OMUNIZUA STELLA 27,225.00
21 OKOYE SOMADINA, DANIEL 1,581.75 263 JENNIFER MEREGINI 14,056.92
22 EMENOGU MAXWELL, CHIBUIKE 544.50 264 OKORO JUDE 13,612.50
23 OWOEYE OLUSEGUN, EMMANUEL 12.37 265 ROSEY MEREGINI 13,001.27
24 MADUFORO GOLDEN, GLAY 59.40 266 CHIKERE BLAISE 10,890.00
25 BANKOLE MOTUNRAYO, 8.77 267 ZACHEAUS OLAYANJU OLAWOYIN 3,158.10
26 AJUDUA PATRICK OKAFOR 90.90 268 OSHOJAH HARRIS SUNDAY 792.00
27 UGOCHUKU OBINNA 2,700.00 269 NWANNA GLORIA 2,178.00
28 OKOLIE HUMPHREY EZE 63.23 270 CHRISTIAN MARY 1,704.29
29 NWABUGHOGU BRIGHT 0.45 271 FELIX CHIKWENDU 9,038.70
30 ADEDEJI ABIODUN M. 2,722.50 272 OKORONKWO NDUBUEZE 6,510.01
31 ABOLARINWA KAYODE 85,991.40 273 OKHEI RITA 1,633.50
32 ADEKOYA ADEYINKA ADEDOYIN 544.50 274 WILKIE STELLA 1,089.00
33 ADEDEJI BUKOLA 544.50 275 UGWUOKE EMEKA 2,395.80
34 ADELEYE BABATOPE 3,267.00 276 SALAMI ESTHER 816.75
35 ADEBAYO ABIADE, GABRIEL 54.45 277 OKEH CHINASA 816.75
36 ADEFOWORA TOKUNBO, 54.45 278 UKAGWU CHINYERE 816.75
37 ABIDOYE AKEEM, ISHOLA 54.45 279 EZIMMA CECILIA 816.75
38 ADEFEHINTI DAVID, IBITOYE 54.45 280 ODUKOYA OLUWAKEMI ADEBAMBO 544.50
39 ADEGBITE WAHEED, ADEKUNLE 272.25 281 ODUJOKO OLUWOLE OLANIYI, 544.50
40 ABIDOYE OWOLABI, TAOFIK 54.45 282 ISAAC ANGELA 544.50
41 ADEDIGBA OLABISI, 72.54 283 NMODU DANLAMI 5,445.00
42 ADEGOROYE MONISADE, OLUKEMI 92.93 284 UKWUOMA EMEKA VINCENT 5,445.00
43 ABDULSALAM LATIF, BABATUNDE 4.95 285 JUDE IKUBOR 5,445.00
44 ADEDAPO OLAYEMI, ADESOYE 4.95 286 SUNDAY ESANGBEDO 5,445.00
45 ADEGOKE DEBORAH, BUKOLA 9.90 287 SAMPSON OGECHI 544.50
46 ADENIYI FOLASADE, FUNMILAYO 4.95 288 OGUNWARE SHADE 544.50
47 ADEBAYO ADEWALE, OLUSEGUN 4.95 289 RAPHAEL MERCY 272.25
48 ADEKOYA KEHINDE, S.S 12.37 290 OLUSHOLA OLUJIMI 4,573.80
49 ADEKOYA TAIWO, S.S 12.37 291 DARLINGTON NZEKWE 3,267.00
50 DUROJAIYE ANTHOMIA, O 108.90 292 DR. OGBONNA EBENEZER 2,778.03
51 ABOIKA JOY, EKEMEIREN 4.50 293 OFOBIKE CHIBUGO EVELYN 2,722.50
52 ADEBANJO DAVID, OLUWAKOREDE OLATUNJI 45.00 294 OLOREDE THOMPSON 2,722.50
53 ADENIKA MOYINOLUWA, PRECIOUS 16.24 295 NWANDU KINGSLEY CHUKWUKA 2,722.50
54 ADEDIGBA OLABISI, BEATRIC 4.50 296 NIGERIAN RAILWAY, CORP(PENSION FUND DIV.) 900,000.00
55 ADENIYI ADELEKE, AKINWUNMI 2.25 297 OKORONKWO TIMOTHY, ALACHULAM 2,232.45
56 ADEBIYI BABAJIDE, ADESOLA 2.25 298 OMORUYI BRIGHT, ERHUNMWUNSE 108.90
57 ADEBIYI ADEOLA, KATE 0.90 299 NWOSU UZO, 108.90
58 SALAMI YUSUFU BISI 45.00 300 OJO OLUFUNKE, ADEBAYO 108.90
59 ADEBESO MUINAT OLUWATOYIN 4.50 301 OJORE-AKPALA TEA, 54.45
60 ALEX-ORJI UGO 149,197.72 302 ONYEIJE EDMUND, NGOZI 653.40
61 ANYA IFEYINWA 2,722.50 303 ONOCHIE EMMANUEL, OGOCHUKWUKA 272.25
62 ATTUMBA LINUS 2,722.50 304 SHOBOWALE SAMUEL, 54.45
63 ANYAOGU SUNDAY, ONYEKOZURU 27,225.00 305 OGUNBODE OLUSHOLA, SUSAN 10.89
64 AWODEDE OBED AREGHERE 21,780.00 306 TUNA ASSET, MANAGEMENT SERVICES 653.40
65 ADODO FRANK OKHIAI 19,520.32 307 SALAU M., ADEBANJO 27.22
66 ANIKWENWA OGOOR ADAORAH 10,890.00 308 ALI DOUGLAS, 4,268.52
67 AJAH EKEOMA 10,890.00 309 ANGA JULIUS, DEINMA 136.13
68 AKINFALA OLANREWAJU A. 1,905.75 310 QUADRI SULAIMON, 10.89
69 AKINFALA ADEDAPO 1,905.75 311 SALAMI WASIU, 10.89
70 AKINFALA OLADIPUPO 1,633.50 312 AGBOOLA ABIODUN, ADENIJI 16.33
71 ARMON SAMUEL BASSEY 544.50 313 OMOKONGBE PHILIP, MEGHOLA 10.89
72 ARMON TEHILLAH GHEVOLOR 544.50 314 UZOIGWE OBINNA, AZUBUIKE 5.45
73 AIKAMHEZE ANTHONY 544.50 315 OLOWOLAFE KEHINDE, BOBOYE 10.89
74 AKOBUNDU OBINNA 544.50 316 OBOLI ZULU, HILARY 4,337.55
75 AHMED RAIMI 4,247.10 317 OGUNTOYE OLUWATOPE, LAWRENCE 5.45
76 ADESANMI TEMILEHIN A. 2,722.50 318 NOMBA RUTH, 7,350.75
77 AKINFALA TEMITOPE 2,722.50 319 ONUEKWUSI AKWUGO, MOZELLY 2,722.50
78 AJUFOR-OBI JULIA AIKENOSI 2,722.50 320 NWAOKORO EDWIN, 108.90
79 AKWARANDU JOHN N.S. 2,722.50 321 NIG.STOCKBROKERS LTD.TRADED-STOCK-A/C 170,372.93
80 ADESINA RASHIDAT, OLUWATOYIN 54.45 322 OSILEWE OLAYINKA, 108.90
81 AKOLE OLUSOLA, OJO 108.90 323 AMINU HARUNA, ABDULLAHI 10.89
82 AKINBO OLADIMEJI, AYINLA 2.70 324 RASAQ OLALEKAN, MUMUNI 10.89
83 ADEYEMO TITI, LATIFAT 27.22 325 OLAGUNJU GABRIEL, ADEWALE 63.23
84 AKUNYILI OKECHUKWU, MICHAEL 5,445.00 326 ODEBIYI ANTHONY, ADENIYI 1.08
85 AFOLARIN GANI, KOLA 32.67 327 SAAIIO VENTURES, 27.22
86 ADESHINA TAJUDEEN, IMRAN AYINLA 381.15 328 OYEDELE NURAT, ADENIKE EJIDE 1.62
87 AIKAY-UNEGBU KAITOCHUKWU, DAVID 272.25 329 SALAM ABASS, 1.62
88 AIKAY-UNEGBU KAMSY, EMMANUEL TOMISIN 272.25 330 TICKLE CONSULTING, LIMTED 5.45
89 AIKAY-UNEGBU CHARIS, SOCHUKWUKAIMA 272.25 331 TIJANI, ADIJATU-KUBURA, OLUWATOSIN 10.89
90 AFOLABI MICHAEL, 54.45 332 TIJANI, QUZEEM, AYOMIDE OLUWADUROTIMI 10.89
91 AJAO ADEFUNSHO, ADEYI 5.45 333 SHERIFFDEEN MORWAN, ADEWALE A 5.45
92 AJUMOBI GRACE, OMONIYI 54.45 334 SABA ABIOLA, MARIAM 5.45
93 ADETOLA OMOTAYO, 544.50 335 OLANIYI SULE, ADISA 1.08
94 AROLEOWO GANIAT, ABIODUN 2.70 336 WILLIAMS GRACE, MFON 0.54
95 APETE WAKILU, OLAYINKA 10.89 337 OKELEYE ISRAEL, AYODAMOPE 5.45
96 AJANI TUNDE, OLUWOLE 45.00 338 OLOYEDE KAYODE, LATEEF 10.89
97 AKINTUNDE MARY, ADEOLA 55.53 339 OYEDELE AWWAL, ADEKOLA BAMIDELE 2.70
98 AKANBI MOSES, ADENIYI 9.90 340 OBATAYO JOHN, OLUWAFEMI 34.83
99 ADOGHE ITUA, DANIEL 24.75 341 OLORUNFUNMI YINUSA, ADEKUNLE 16.33
100 ANAGBOGU MICHAEL, MATTHEW 20.97 342 SAKA MUSILIMOT, ABIKE 16.33
101 AMANDIANEZE CASMIR 1,960.20 343 MOT OLAYIWOLA, TOBUN 544.50
102 ALLEN PROMISE 1,960.20 344 OSILEYEOLUGBENGA AFOLABI, 5.45
103 ADEWUYI ADEBOWALE, OLUGBENGA 4.95 345 OLUKOYA OLUWASEUN, BABAJIDE 113.40
104 AGBOOLA ABOSEDE, ABIODUN 14.85 346 TAJUDEEN NAJEEM, AREMU 51.97
105 AJAYI ESTHER, TOMILOLA 4.95 347 ABOD-REUBENS NIG, LTD 27.22
106 ALLI AYANWOLE, SIKIRU 9.00 348 SABITU AKANNI, DISU 54.45
107 ADU AYODELE, 4.50 349 OBISANYA EMMANUEL, IDOWU 559.93
108 AKINWANDE OLUBUKONLA, OLASUBOMI 9.00 350 NWANI AYODELE, 8,961.97
109 AKOMOLAFE SAMUEL, 9.00 351 NDULUE ALEXANDER, CHIGOZIE 5.45
110 APEL CAPITAL, REGISTRARS LIMITED 201,089.47 352 OLATUNJI BOLANLE, SEGUN 13.59
111 AJAYI AJIBOLA, OLUFUNSO 9.00 353 BLAIZE ROTIMI, FAROUK 5.45
112 AKINSANYA FOLASHADE, OMOLAYO 45.00 354 UKASOANYA UGOCHI, JOY 27.22
113 ANTHONY EBERE, MERCYMERIT 4.50 355 OYEWOLE ISAIAH, OLUWATOSIN 5.45
114 AKINOLA RAJI, ABAYOMI 1,462.50 356 OMOLE JOSEPH, ABIONA A. A. 54.45
115 APU OKEOGHENE, ANIEFIOK 2.25 357 AZEEZ SULAIMAN, AKINADE 163.35
116 ATTAH ENEYE, DANIEL 0.04 358 ADEWALE ANTHONY, ABIODUN 27.22
117 AJUMOBI OLUGBENGA EZEKIEL 0.23 359 MORADEYO DAVID, ADEMOLA 70.29
118 AINA OLADIPUPO 22.50 360 PAUL INI-OBONG, ISREAL 108.90
119 ALBERT MICHAEL KEHINDE 2.25 361 OHWOVORIOLE AKPIFO, ONOME 6.43
120 ALAYAKI FAROUQ OLAWALE 292.50 362 SAKA NURUDEEN, OLUWASEUN 10.89
121 ALAYAKI FAHEEM OLADIPUPO 292.50 363 TOMIL TRUST, LIMITED 2,249.05
122 ATE GIDEON ATIM 8,863.29 364 OKANRENDE AKINSANYA, 1,633.14
123 ALABI GABRIEL OLATUNJI 45.00 365 ISAAC IKPE 653.40
124 FRACTIONAL SHARES 2.47 366 EZEM NNAMDI 980.10
125 LENUX INTEGRATED RESOURCES LTD - 816,750.00 367 EKPE NGOZI 653.40
126 IYOWUNA BRIGGS 434,634.35 368 NWARIBE IKENNA 980.10
127 INTEGRATED CAPITAL SERVICES LTD - 136,125.00 369 ORISAJUWA JOHN 980.10
128 ITORO COSMAS 2,722.50 370 OKORO ISIDORE 980.10
129 CHANDWANY KISHORE 81,675.00 371 ANIETTIE MICHAEL 653.40
130 DEPENDABLE SECURITIES LTD - 4,917.24 372 AGEDE MARY 653.40
131 DEPENDABLE SECURTIES- DEPOSIT A/C - 53,258.85 373 EMMANUEL HELEN 653.40
132 BAKARE IBIDAPO OMOLABAKE 54,450.00 374 ATOYEBI MICHAEL 1,960.20
133 MAKANJU TOLULOPE OLATUNDE 27,225.00 375 ETIM GODWIN 544.50
134 MBAMA GENEVIEVE OBIANUJU 27,225.00 376 IDOWU ADEDAYO 544.50
135 DR. CHINEDU CHUKWU 8,167.50 377 ISAU KHADIJAT 544.50
136 DIKE OGBONNAYA ANTHONY 6,534.00 378 JOSEPH IFEANYI 544.50
137 EVULOBI AMARACHI 1,633.50 379 OKONOBOH ROSEMARY 544.50
138 CHUKWUEZE OLUCHI RUTH 1,600.83 380 NJOKU ESTHER 544.50
139 AYANBADEJO OLAMIDE EBENEZER 1,361.25 381 OKORIE GODSLOVE 6,065.05
140 MORAKINYO ANUOLUWAPO OLUWABUSAYOMI 1,361.25 382 ODUNTAN TAJUDEEN, ADEDOYIN 54.00
141 MBA OKECHUKWU 1,089.00 383 ONYIA UCHENNA, CHINYERE 900.00
142 FELIX COSMAS 1,089.00 384 TIJANI OLUSOLA, EBUDOLA MUKADAM 49.50
143 IQUO NSEOBONG IKPANG 833.35 385 ODUNTAN WARIZZ, ADETOYE (MASTER) 9.00
144 MILDRED NKANG 816.75 386 OGUNSANWO JOHN, SUNDAY 4.95
145 IBIDOKUN OLOLADE FAITH 544.50 387 OLADIMEJI DAVID, OLUWASEYI 4.95
146 IKE IFEANYI TONY 5,445.00 388 OYEBANJI LEAH, JOLADE 4.95
147 FRANCES ESTHER 544.50 389 BADMUS BOSEDE, BAYONLE 4.95
148 GODWIN NJOKU 5,445.00 390 OLAWUYI AKINLOLU, FOLORUNSO 4.95
149 ETUK HAPPINESS 544.50 391 ADEBIYI OLAYINKA, 4.95
150 FEHINTOLA AYODEJI 4,356.00 392 ADESIYAN CHRISTIE, IYABODE 4.95
151 EGWUATU RITA 544.50 393 ADETOYI BOLANLE, ABIMBOLA 4.95
152 BALOGUN OLUFEMI WASIU 272.25 394 OKOGUN OLUWAKEMI, OPEYEMI 4.95
153 GBEGBAJE-DAS USI 2,722.50 395 OKOGUN OLUMIDE, OLAOLUWA 4.95
154 BASHIRU RASAK, MATTHEW 272.25 396 OKOGUN OLUWANISHOLA, ABIODUN 4.95
155 AYANWAMIDE KAYODE, AYANTOKUN OBALALARO 5.45 397 OKOGUN OMOLARA, OMOWUMI 4.95
156 BASSEY MFON, 5.45 398 OLAKANLU RASHEED, ZAINAB ROMOKE 9.90
157 IDOWU OLUFUNSO, ADEKUNLE 54.45 399 RUFAI ABOSEDE, BIMPE 9.90
158 AYEBOLA SOLA, 108.90 400 OLAKANLU THOMAS, SARAH RAFIATU 4.95
159 EZENNADILI CHRISTOPHER, 64.35 401 MORADEYO SOLOMON, ENIOLA 4.95
160 AYANWAMIDE OMOWUMI, TOYIN 5.45 402 ADESINA OLALEKAN, OLADEPO 396.00
161 AYANWAMIDE OLUMIDE, AYANSOLA G 10.89 403 OGINNI CHRISTIANAH, OLUKEMI 4.95
162 AYANWAMIDE AYANDOYIN, OPEYEMI O 5.45 404 ONIFADE TAIWO, OLUFEMI 4.95
163 ECHEFU EBERECHUKWU, FRANCIS 10.89 405 ONIFADE KEHINDE, BOLANLE 4.95
164 BAKARE MUIBA, MOTUNRAYO 54.45 406 SODEINDE BENJAMIN, ADE-ABISOYE 4.95
165 AYEYE OYEKEMI, 8,167.50 407 RAHEEM ADEBAYO, ADEWALE 4.95
166 DEPENDABLE SECURITIES NOMINEE ACCT. 1 4,268.61 408 ADESINA MORENIKE, ADETUTU 4.95
167 FUTUREVIEW SECURITIES LTD-MM TRADING 321,264.90 409 ONASANYA BENNETT, ADESINA 4.95
168 IGBASANMI JOHN, OLATOMIDE 54.45 410 ONASANYA OLAYINKA, FOLORUNSO 4.95
169 MBAERU IKECHUKWU, HENRY 136.13 411 FAJUYIGBE GRACE, OYE 9.90
170 LAWAL MORUF, OLANREWAJU 3.78 412 OGUNDE SUNDAY, A. 4.95
171 FUTURE VIEW NOMINEE AMARA 17,108.95 413 DAODU DEBORAH, 4.95
172 FADAHUNSI K., AYOOLA (ENGR) 217.80 414 ERINLE MAYOWA, 4.95
173 BAKARE ISMAILA, ABIODUN 54.45 415 LAWAL SHERIFAT, BUKOLA 4.95
174 MAKANJUOLA OLADAYO, ABDUL YEKINI 0.54 416 OWOJORI ADEKEMI, TEMITOPE 4.95
175 CHUKWU JULIET, NNENNA 5.45 417 ADEMILUYI RUTH, ADEBIMPE 4.95
176 GIWA LATEEF, ABIODUN 1.08 418 ADEMILUYI AYOOLA, ADEREMI 4.95
177 BELLO ADISA, SULE 10.89 419 ADEMILUYI STEPHEN, ADEYEMI 4.95
178 EKEGHE OGBONNAYA, NDUKA 1,061.77 420 ADEMILUYI ADEMUYIWA, JAMES 4.95
179 IHEANACHO STEPHEN, CHINONSO 54.45 421 BOLAJI ELIZABETH, ODUNOLA 4.95
180 IJOMA FIDELIS.OPIA.ODILI, 54.45 422 IBITOLA AKINYEMI, OLANREWAJU 4.95
181 MADUKO FIDELIS, OGBOGU 108.90 423 KOLADE OLAKANYE, FRANCIS 4.95
182 JOSEPH PETER, TOCHUKWU 108.90 424 AYOADE BOSEDE, KEHINDE 4.95
183 IBIKUNLE OYERINDE, SIMEON 54.45 425 RICHARD FOLAYAN, OMOLE ESTATE OF 12.37
184 EKUNDAYO DAMILOLA, SIMIDELE 210.87 426 ODESANYA SOLOMON, OLAJIDE 16.87
185 ELUEHIKE PETER, SUNDAY 272.25 427 ODESANYA ELIZABETH, TITILAYO 16.87
186 EYANUKU PETER, ONOBRHIE 54.45 428 OMOLE PRECIOUS, OKIKIJESU 27.22
187 BRIGGS NNEKA, 372,474.54 429 OMOLE JOSHUA, OLABODE 14.85
188 KAZEEM WASIU, IYANDA 54.45 430 NWAGBOM CONSTANTINA, ONYEKACHI 33.53
189 EGBOH DICKSON, EZIAFA 54.45 431 ODUNTAN OMOTAYO, MORENIKE 9.90
190 EGBOH CHIZOBA, FAITH 27.22 432 YEKINI YINUSA, OLAOSEBIKAN 9.90
191 KAZEEM TEMITAYO, SHERIFAT 27.22 433 OJUKWU OBINNA, 49.50
192 ELIZABETH AND, STEPHEN NIGERIA LTD 136.13 434 SHOBOWALE AYO, OLUSEGUN 148.50
193 IFEOLA BIMBO, FAUSAT 54.45 435 TAJUDEEN TAIWO, JAMIU 13.50
194 DSL STAFF, PENSION FUND 712.08 436 REALITIES ENTERPRISES, 450.00
195 ICHADO REUBEN, OKOLIKO 2,475.00 437 OPAFEMI FIYIFOLUWA, IFENNA 15.75
196 ESOMOJUMI BENSON, ADEOLA 4.50 438 ABUBAKAR HABIBU, ALHAJI 4,500.00
197 DAODU EBENEZER 1,960.20 439 OLATUNDUN RASHEED, OLABISI 36.00
198 IBEABUCHI THANKGOD 1,960.20 440 OLAWUYI TAIWO, JULIE 11.25
199 MAGAJI OLAIDE 980.10 441 OJO STEPHEN, ADETUNJI 9.00
200 IREWAMBHOR LAWRENCE 2,435.67 442 OPESEITAN JONATHAN, OLANREWAJU 6.75
201 MC NICHOLS BONUS FRACTION 1.35 443 ODUNTAN MUIBI-ISHOLA, 4.50
202 DAODU PRAISE, TEMILOLUWA 4.95 444 SALEMSON SHAREHOLDERS, ASS OF NIGERIA 4.50
203 DAODU GRACE, OLUWAJOMILOJU 4.95 445 OLA-OLUWA ABIDEMI, JAMES 2.25
204 ERIOMOLA JUDE, IRETUNDE 4.95 446 ONWORDI ALBERT, NCHEKWUBE 45.00
205 ERIOMOLA IRETOMIWA, E. 4.95 447 OLATUNJI TITILAYO, OLUWASEUN 22.50
206 BICKERSTETH CHRISTOPHER, ABIONA 4.95 448 UGWUEZUMBA SAMUEL, 4.50
207 DOORSTEP AGENCY, & LIASON SERV 789.89 449 OLAGOKE SAMSON, OLUSEGUN 4.50
208 EKEGHE OGBONNAYA, NDUKA AND EUNICE O 168.30 450 TALABI FESTUS, OLATUNDE 225.00
209 MORISHELADE BIKE, FAKOREDE 4.95 451 YUSUF HAMMED, 0.23
210 ERINLE OLAMIDE, FOLASHADE 4.95 452 OMOLOKUN MOBOLAJI, VALENTINA 4.50
211 ERINLE OLUWASEYI, SUNDAY 4.95 453 TAIWO MUDASHIRU, ABIODUN 8.10
212 BABATUNDE FUNKE, JANET 4.95 454 SALAMI RASHEEDAT, ABOSEDE 4.50
213 ESSIEN ISRAEL, SAM 99.00 455 UMEZE NZE, INNOCENT 45.00
214 BELLO KAZEEM, OWONIKOKO 24.75 456 ORJI SUNDAY, AZUBUIKE 22.50
215 MBAJEKWE AUGUSTINE, CHIJIOKE 148.50 457 ODEJAYI ADEOLU, IBITAYO 22.50
216 BABATUNDE SAHEED-OLADIMEJI, 4.95 458 OJERINDE OMOLOLA, MOSUNMOLA 2.70
217 AYODELE OLUSHOLA, OMOTAYO 4.50 459 TIBOWEI RUTH, ABOSEDE 2.25
218 KAZEEM FATIMO, ADENIKE 15.75 460 ONWUKA LAZARUS, NNADOZIE 90.00
219 ERINFOLAMI BOSERECALEB, IJAODOLATIOLUWA 9.00 461 OLAJOSAGBE JOHN, OLUBUNMI 135.00
220 DAUDU TAOFIKI, BAMIDELE 9.00 462 VINSTAR CONSULTING, 225.00
221 LASOJU AGNES, MODUPE 0.13 463 RUNSEWE ADEDOYIN, EWAOLUWA 45.00
222 LASOJU OLAKUNLE, OLADIPO 0.13 464 UMEOKORO PAULINUS 2,252.25
223 LASOJU ABIKE, MARY 0.13 465 OHERI ELIZABETH OKWUDIRI OROH 45.00
224 ISAIAH EMEKA, PHILIP 0.23 466 UDOFIA EDNA DAN 22.50
225 ISAIAH ROSELINE, NGOZI 0.23 467 UDOFIA DANIEL NSIKAK 45.00
226 MOSHOOD ISIAKA, TUNDE 2.25 468 ONIMOLE EZEKIEL OLAYINKA 4.50
227 JOWOSIMI OLUBUNMI, TEMITOPE 6.75 469 OKPALA CHUKWUEMEKA REFLEX 450.00
228 JOWOSIMI ADEMOLU, MATTEW 6.75 470 NWAFOR CHUKWUKA CHARLES 157.50
229 GEORGE FAITH, EKELIKHOTSE 54.45 471 OMOGBEHIN SOLA ZACH 22.50
230 IDOWU SANNI, QUADRI 45.00 472 JURBE DOKWUNNA YILJI 144.00
231 DIKE EVA, CHIJIOKE 14.85 473 AYODELE MATTHEW AREMU AYOBAMIDELE 4,500.00
232 JAJI BABATUNDE, RAHMAN 22.50 474 OLUMUYIWA ORENUGA OLUWASEYI 1,125.00
233 ILESANMI ADEBAYO, ISIAKA 360.00 475 MUKAILA KAFILAT AJOKE 22.50
234 IROH AGU, ONYEKA 45.00 476 ODUYEYE AYODELE ABIKE 450.00
235 DEPENDABLE SECURITIES LTD 9,000.00 477 NWOSU KENECHUKWU LOTANNA 900.00
236 LAWAL ADETORERA WAKEELAT 45.00 478 AKINWALE ADEMOLA 2.25
237 LUTFU INTEGRATED SERVICES 8.01 479 OTENIYA THERESA OMOPONMILE 0.45
238 IGBOKWE LAMBERT EJIKE 251.77 480 OTAKPOR AGGREY NONYE 90.00
239 MORGAN CAPITAL SEC-TRADED-STCK-AC 0.54 481 OGUNWALE BUKUNMI BENJAMIN 4.50
240 AXHOLME NOMINEES LTD(PTA)A/C 32,127.07 482 OLANREWAJU RACHAEL ADENIKE 4.50
241 LAMINA SIKIRU TAIWO 0.09 483 SOMAN INVESTMENTS NIG LTD 450.00
242 DUROWAIYE IYABO YETUNDE 9.00
1 FOFAH JENSON, 55.54 244 KPERUUN KWAGHKUMA CATHERINE 2.70
2 NWACHUKWU CHRISTOPHER 2,809.62 245 IRIELE INNOCENT EMEJURU 540.00
3 KOFANA INVESTMENT, 2 1,992.33 246 EMEKA ORJI 0.27
4 ANAKWEZE-UMEGBO CHINEDU, VALENTINE 310.31 247 IBRAHIM MUHIZ ABIODUN 6.53
5 ABAELU IZUCHUKWU, JOHN 108.00 248 OKPANKU OGECHI NIPHER 1,633.50
6 IFEANYI OKEY, FESTUS 13.50 249 TOKE IBRU 65,340.00
7 EZEAKU EMEKA CYRIL 32,670.00 250 FREDRICK OSEJI 1,633.50
8 IKUBOR AUGUSTINE CHUKWUKA 2,613.60 251 OBIAGWU CHUKWUEMEKA OBIAHA 49,005.00
9 OKPALA CHINENYE JULIET 1,633.50 252 NONYE GOODIE, OBI 33,336.68
10 OFFOH HERBERT, UCHECHUKWU 2,041.87 253 NWABUOKU CHARLES 7,332.36
11 ONWUBALILI CHIMEZIE, STEPHEN 7.80 254 NWABUOKU FOLUKE, 29,700.00
12 OMORUYI ERHAUYI, DARLINGTON 27.00 255 OGBECHE GERTRUDE 32,670.00
13 OKOLIE HUMPHREY EZE 37.93 256 SOTE GBADENIYI OLAWOLE 20,010.37
14 OLORUNDAHUNSI SUNDAY, 12,517.60 257 OKPALEKE DECLAN CHUKWUDUBEM 16,335.00
15 JOHN EMMANUEL, BOSSAN 556.82 258 ONWUDINJO CHUKS 16,335.00
16 ATTU NAJI, RAPHAEL 55.05 259 REGUARDY GLOBAL CONCERNS LTD - 16,335.00
17 MADUFORO GOLDEN, C. 140.48 260 OMUNIZUA HEPHZI-BAH, 16,335.00
18 IWUEZE UCHECHUKWU, AHAMEFULE 11.88 261 OMUNIZUA STELLA 16,335.00
19 OKOYE SOMADINA, DANIEL 949.05 262 JENNIFER MEREGINI 8,434.15
20 EMENOGU MAXWELL, CHIBUIKE 326.70 263 OKORO JUDE 8,167.50
21 OWOEYE OLUSEGUN, EMMANUEL 7.43 264 ROSEY MEREGINI 7,800.76
22 MADUFORO GOLDEN, GLAY 35.64 265 CHIKERE BLAISE 6,534.00
23 BANKOLE MOTUNRAYO, 5.27 266 ZACHEAUS OLAYANJU OLAWOYIN 1,894.86
24 ABDULSALAM LATIF, BABATUNDE 2.97 267 OSHOJAH HARRIS SUNDAY 475.20
25 DUROJAIYE ANTHOMIA, O 65.34 268 NWANNA GLORIA 1,306.80
26 AJUDUA PATRICK OKAFOR 54.54 269 CHRISTIAN MARY 1,022.57
27 UGOCHUKU OBINNA 985.50 270 FELIX CHIKWENDU 5,423.22
28 NWABUGHOGU BRIGHT 0.27 271 OKORONKWO NDUBUEZE 3,906.01
29 ADEDEJI ABIODUN M. 1,633.50 272 OKHEI RITA 980.10
30 ABOLARINWA KAYODE 51,594.84 273 WILKIE STELLA 653.40
31 ADEKOYA ADEYINKA ADEDOYIN 326.70 274 UGWUOKE EMEKA 1,437.48
32 ADEDEJI BUKOLA 326.70 275 SALAMI ESTHER 490.05
33 ADELEYE BABATOPE 1,960.20 276 OKEH CHINASA 490.05
34 ADESANMI TEMILEHIN A. 1,633.50 277 UKAGWU CHINYERE 490.05
35 ADEBAYO ABIADE, GABRIEL 32.67 278 EZIMMA CECILIA 490.05
36 ADESINA RASHIDAT, OLUWATOYIN 32.67 279 ODUKOYA OLUWAKEMI ADEBAMBO 326.70
37 ADEFOWORA TOKUNBO, 32.67 280 ODUJOKO OLUWOLE OLANIYI, 326.70
38 ABIDOYE AKEEM, ISHOLA 32.67 281 ISAAC ANGELA 326.70
39 ADEFEHINTI DAVID, IBITOYE 32.67 282 NMODU DANLAMI 3,267.00
40 ADEGBITE WAHEED, ADEKUNLE 163.35 283 UKWUOMA EMEKA VINCENT 3,267.00
41 ADESHINA TAJUDEEN, IMRAN AYINLA 228.69 284 JUDE IKUBOR 3,267.00
42 ABIDOYE OWOLABI, TAOFIK 32.67 285 SUNDAY ESANGBEDO 3,267.00
43 ADEDIGBA OLABISI, 43.52 286 SAMPSON OGECHI 326.70
44 ADEGOROYE MONISADE, OLUKEMI 55.75 287 OGUNWARE SHADE 326.70
45 ADEDAPO OLAYEMI, ADESOYE 2.97 288 RAPHAEL MERCY 163.35
46 ADEGOKE DEBORAH, BUKOLA 5.94 289 OLUSHOLA OLUJIMI 2,744.28
47 ADENIYI FOLASADE, FUNMILAYO 2.97 290 DARLINGTON NZEKWE 1,960.20
48 ADEBAYO ADEWALE, OLUSEGUN 2.97 291 DR. OGBONNA EBENEZER 1,666.82
49 ADEKOYA KEHINDE, S.S 7.43 292 OFOBIKE CHIBUGO EVELYN 1,633.50
50 ADEKOYA TAIWO, S.S 7.43 293 OLOREDE THOMPSON 1,633.50
51 ABOIKA JOY, EKEMEIREN 2.70 294 NWANDU KINGSLEY CHUKWUKA 1,633.50
52 ADEBANJO DAVID, OLUWAKOREDE OLATUNJI 27.00 295 NIGERIAN RAILWAY, CORP(PENSION FUND DIV.) 540,000.00
53 ADENIKA MOYINOLUWA, PRECIOUS 9.75 296 OKORONKWO TIMOTHY, ALACHULAM 1,339.47
54 ADEDIGBA OLABISI, BEATRIC 2.70 297 OMORUYI BRIGHT, ERHUNMWUNSE 65.34
55 ADENIYI ADELEKE, AKINWUNMI 1.35 298 NWOSU UZO, 65.34
56 ADEBIYI BABAJIDE, ADESOLA 1.35 299 OJO OLUFUNKE, ADEBAYO 65.34
57 ADEBIYI ADEOLA, KATE 0.54 300 OJORE-AKPALA TEA, 32.67
58 ADEBESO MUINAT OLUWATOYIN 2.70 301 ONYEIJE EDMUND, NGOZI 392.04
59 ABURIME SYLVANUS STEPHEN 13.69 302 ONOCHIE EMMANUEL, OGOCHUKWUKA 163.35
60 ALEX-ORJI UGO 89,518.63 303 SHOBOWALE SAMUEL, 32.67
61 ANYA IFEYINWA 1,633.50 304 OGUNBODE OLUSHOLA, SUSAN 6.53
62 ATTUMBA LINUS 1,633.50 305 TUNA ASSET, MANAGEMENT SERVICES 392.04
63 ANYAOGU SUNDAY, ONYEKOZURU 16,335.00 306 SALAU M., ADEBANJO 16.33
64 AWODEDE OBED AREGHERE 13,068.00 307 ALI DOUGLAS, 0.05
65 ADODO FRANK OKHIAI 11,712.19 308 ANGA JULIUS, DEINMA 81.67
66 ANIKWENWA OGOOR ADAORAH 6,534.00 309 QUADRI SULAIMON, 6.53
67 AJAH EKEOMA 6,534.00 310 SALAMI WASIU, 6.53
68 AKINFALA OLANREWAJU A. 1,143.45 311 AGBOOLA ABIODUN, ADENIJI 9.80
69 AKINFALA ADEDAPO 1,143.45 312 OMOKONGBE PHILIP, MEGHOLA 6.53
70 AKINFALA OLADIPUPO 980.10 313 UZOIGWE OBINNA, AZUBUIKE 3.27
71 ARMON SAMUEL BASSEY 326.70 314 OLOWOLAFE KEHINDE, BOBOYE 6.53
72 ARMON TEHILLAH GHEVOLOR 326.70 315 OGUNTOYE OLUWATOPE, LAWRENCE 3.27
73 AIKAMHEZE ANTHONY 326.70 316 NOMBA RUTH, 4,410.45
74 AKOBUNDU OBINNA 326.70 317 ONUEKWUSI AKWUGO, MOZELLY 1,633.50
75 AHMED RAIMI 2,548.26 318 NWAOKORO EDWIN, 65.34
76 AKINFALA TEMITOPE 1,633.50 319 NIG.STOCKBROKERS LTD.TRADED-STOCK-A/C 102,223.75
77 AJUFOR-OBI JULIA AIKENOSI 1,633.50 320 OSILEWE OLAYINKA, 65.34
78 AKWARANDU JOHN N.S. 1,633.50 321 AMINU HARUNA, ABDULLAHI 0.05
79 AKOLE OLUSOLA, OJO 65.34 322 RASAQ OLALEKAN, MUMUNI 6.53
80 AKINBO OLADIMEJI, AYINLA 1.62 323 OLAGUNJU GABRIEL, ADEWALE 37.93
81 ADEYEMO TITI, LATIFAT 16.33 324 ODEBIYI ANTHONY, ADENIYI 0.65
82 AKUNYILI OKECHUKWU, MICHAEL 3,267.00 325 SAAIIO VENTURES, 16.33
83 AFOLARIN GANI, KOLA 19.60 326 OYEDELE NURAT, ADENIKE EJIDE 0.97
84 AIKAY-UNEGBU KAITOCHUKWU, DAVID 163.35 327 SALAM ABASS, 0.97
85 AIKAY-UNEGBU KAMSY, EMMANUEL TOMISIN 163.35 328 TICKLE CONSULTING, LIMTED 3.27
86 AIKAY-UNEGBU CHARIS, SOCHUKWUKAIMA 163.35 329 TIJANI, ADIJATU-KUBURA, OLUWATOSIN 6.53
87 AFOLABI MICHAEL, 32.67 330 TIJANI, QUZEEM, AYOMIDE OLUWADUROTIMI 6.53
88 AJAO ADEFUNSHO, ADEYI 3.27 331 SHERIFFDEEN MORWAN, ADEWALE A 3.27
89 AJUMOBI GRACE, OMONIYI 32.67 332 SABA ABIOLA, MARIAM 3.27
90 ADETOLA OMOTAYO, 326.70 333 OLANIYI SULE, ADISA 0.65
91 AROLEOWO GANIAT, ABIODUN 1.62 334 WILLIAMS GRACE, MFON 0.32
92 APETE WAKILU, OLAYINKA 6.53 335 OKELEYE ISRAEL, AYODAMOPE 3.27
93 AJANI TUNDE, OLUWOLE 27.00 336 OLOYEDE KAYODE, LATEEF 6.53
94 AKINTUNDE MARY, ADEOLA 33.32 337 OYEDELE AWWAL, ADEKOLA BAMIDELE 1.62
95 AKANBI MOSES, ADENIYI 5.94 338 OBATAYO JOHN, OLUWAFEMI 20.90
96 ADOGHE ITUA, DANIEL 14.85 339 OLORUNFUNMI YINUSA, ADEKUNLE 9.80
98 AMANDIANEZE CASMIR 1,176.12 341 OSILEYEOLUGBENGA AFOLABI, 3.27
99 ALLEN PROMISE 1,176.12 342 OLUKOYA OLUWASEUN, BABAJIDE 68.04
100 ADEWUYI ADEBOWALE, OLUGBENGA 2.97 343 TAJUDEEN NAJEEM, AREMU 31.19
101 AGBOOLA ABOSEDE, ABIODUN 8.91 344 ABOD-REUBENS NIG, LTD 16.33
102 AJAYI ESTHER, TOMILOLA 2.97 345 SABITU AKANNI, DISU 32.67
103 ALLI AYANWOLE, SIKIRU 5.40 346 OBISANYA EMMANUEL, IDOWU 335.96
104 ADU AYODELE, 2.70 347 NWANI AYODELE, 5,377.19
105 AKINWANDE OLUBUKONLA, OLASUBOMI 5.40 348 NDULUE ALEXANDER, CHIGOZIE 3.27
106 AKOMOLAFE SAMUEL, 5.40 349 OLATUNJI BOLANLE, SEGUN 8.15
107 APEL CAPITAL, REGISTRARS LIMITED 120,653.69 350 BLAIZE ROTIMI, FAROUK 3.27
108 AJAYI AJIBOLA, OLUFUNSO 5.40 351 UKASOANYA UGOCHI, JOY 16.33
109 AKINSANYA FOLASHADE, OMOLAYO 27.00 352 OYEWOLE ISAIAH, OLUWATOSIN 3.27
110 ANTHONY EBERE, MERCYMERIT 2.70 353 OMOLE JOSEPH, ABIONA A. A. 32.67
111 AKINOLA RAJI, ABAYOMI 877.50 354 AZEEZ SULAIMAN, AKINADE 98.01
112 APU OKEOGHENE, ANIEFIOK 1.35 355 ADEWALE ANTHONY, ABIODUN 16.33
113 ATTAH ENEYE, DANIEL 0.03 356 MORADEYO DAVID, ADEMOLA 42.17
114 AJUMOBI OLUGBENGA EZEKIEL 0.13 357 PAUL INI-OBONG, ISREAL 65.34
115 AINA OLADIPUPO 13.50 358 OHWOVORIOLE AKPIFO, ONOME 3.86
116 ALBERT MICHAEL KEHINDE 1.35 359 SAKA NURUDEEN, OLUWASEUN 6.53
117 ALAYAKI FAROUQ OLAWALE 175.50 360 TOMIL TRUST, LIMITED 1,349.43
118 ALAYAKI FAHEEM OLADIPUPO 175.50 361 ISAAC IKPE 392.04
119 AXHOLME NOMINEES LTD(PTA)A/C 19,276.25 362 EZEM NNAMDI 588.06
120 ALABI GABRIEL OLATUNJI 27.00 363 EKPE NGOZI 392.04
121 ADISA GANIYU DAMILARE 2.83 364 NWARIBE IKENNA 588.06
122 AKITOYE ADESEGUN 67.50 365 ORISAJUWA JOHN 588.06
123 AJAYI OLAROTIMI ADEREMI 540.00 366 OKORO ISIDORE 588.06
124 FRACTIONAL SHARES 1.49 367 ANIETTIE MICHAEL 392.04
125 LENUX INTEGRATED RESOURCES LTD - 490,050.00 368 AGEDE MARY 392.04
126 IYOWUNA BRIGGS 260,780.61 369 EMMANUEL HELEN 392.04
127 INTEGRATED CAPITAL SERVICES LTD - 81,675.00 370 ATOYEBI MICHAEL 1,176.12
128 ITORO COSMAS 1,633.50 371 ETIM GODWIN 326.70
129 CHANDWANY KISHORE 49,005.00 372 IDOWU ADEDAYO 326.70
130 DEPENDABLE SECURTIES- DEPOSIT A/C - 31,955.31 373 ISAU KHADIJAT 326.70
131 BAKARE IBIDAPO OMOLABAKE 32,670.00 374 JOSEPH IFEANYI 326.70
132 MAKANJU TOLULOPE OLATUNDE 16,335.00 375 OKONOBOH ROSEMARY 326.70
133 MBAMA GENEVIEVE OBIANUJU 16,335.00 376 NJOKU ESTHER 326.70
134 DR. CHINEDU CHUKWU 4,900.50 377 OKORIE GODSLOVE 3,639.03
135 DIKE OGBONNAYA ANTHONY 3,920.40 378 ODUNTAN TAJUDEEN, ADEDOYIN 32.40
136 EVULOBI AMARACHI 980.10 379 ONYIA UCHENNA, CHINYERE 540.00
137 CHUKWUEZE OLUCHI RUTH 960.50 380 TIJANI OLUSOLA, EBUDOLA MUKADAM 29.70
138 AYANBADEJO OLAMIDE EBENEZER 816.75 381 ODUNTAN WARIZZ, ADETOYE (MASTER) 5.40
139 MORAKINYO ANUOLUWAPO OLUWABUSAYOMI 816.75 382 OGUNSANWO JOHN, SUNDAY 2.97
140 MBA OKECHUKWU 653.40 383 OLADIMEJI DAVID, OLUWASEYI 2.97
141 FELIX COSMAS 653.40 384 OYEBANJI LEAH, JOLADE 2.97
142 IQUO NSEOBONG IKPANG 500.01 385 BADMUS BOSEDE, BAYONLE 2.97
143 MILDRED NKANG 490.05 386 OLAWUYI AKINLOLU, FOLORUNSO 2.97
144 IBIDOKUN OLOLADE FAITH 326.70 387 ADEBIYI OLAYINKA, 2.97
145 IKE IFEANYI TONY 3,267.00 388 ADESIYAN CHRISTIE, IYABODE 2.97
146 FRANCES ESTHER 326.70 389 ADETOYI BOLANLE, ABIMBOLA 2.97
147 GODWIN NJOKU 3,267.00 390 OKOGUN OLUWAKEMI, OPEYEMI 2.97
148 ETUK HAPPINESS 326.70 391 OKOGUN OLUMIDE, OLAOLUWA 2.97
149 FEHINTOLA AYODEJI 2,613.60 392 OKOGUN OLUWANISHOLA, ABIODUN 2.97
150 EGWUATU RITA 326.70 393 OKOGUN OMOLARA, OMOWUMI 2.97
151 BALOGUN OLUFEMI WASIU 163.35 394 OLAKANLU RASHEED, ZAINAB ROMOKE 5.94
152 GBEGBAJE-DAS USI 1,633.50 395 RUFAI ABOSEDE, BIMPE 5.94
153 BASHIRU RASAK, MATTHEW 163.35 396 OLAKANLU THOMAS, SARAH RAFIATU 2.97
154 AYANWAMIDE KAYODE, AYANTOKUN OBALALARO 3.27 397 MORADEYO SOLOMON, ENIOLA 2.97
155 BASSEY MFON, 3.27 398 ADESINA OLALEKAN, OLADEPO 237.60
156 IDOWU OLUFUNSO, ADEKUNLE 32.67 399 OGINNI CHRISTIANAH, OLUKEMI 2.97
157 AYEBOLA SOLA, 65.34 400 ONIFADE TAIWO, OLUFEMI 2.97
158 EZENNADILI CHRISTOPHER, 38.61 401 ONIFADE KEHINDE, BOLANLE 2.97
159 AYANWAMIDE OMOWUMI, TOYIN 3.27 402 SODEINDE BENJAMIN, ADE-ABISOYE 2.97
160 AYANWAMIDE OLUMIDE, AYANSOLA G 6.53 403 RAHEEM ADEBAYO, ADEWALE 2.97
161 AYANWAMIDE AYANDOYIN, OPEYEMI O 3.27 404 ADESINA MORENIKE, ADETUTU 2.97
162 ECHEFU EBERECHUKWU, FRANCIS 6.53 405 ONASANYA BENNETT, ADESINA 2.97
163 BAKARE MUIBA, MOTUNRAYO 32.67 406 ONASANYA OLAYINKA, FOLORUNSO 2.97
164 DEPENDABLE SECURITIES NOMINEE ACCT. 1 2,561.17 407 FAJUYIGBE GRACE, OYE 5.94
165 IGBASANMI JOHN, OLATOMIDE 32.67 408 OGUNDE SUNDAY, A. 2.97
166 MBAERU IKECHUKWU, HENRY 81.67 409 DAODU DEBORAH, 2.97
167 LAWAL MORUF, OLANREWAJU 2.27 410 ERINLE MAYOWA, 2.97
168 FUTURE VIEW NOMINEE AMARA 10,265.37 411 LAWAL SHERIFAT, BUKOLA 2.97
169 FADAHUNSI K., AYOOLA (ENGR) 130.68 412 OWOJORI ADEKEMI, TEMITOPE 2.97
170 BAKARE ISMAILA, ABIODUN 32.67 413 ADEMILUYI RUTH, ADEBIMPE 2.97
171 MAKANJUOLA OLADAYO, ABDUL YEKINI 0.32 414 ADEMILUYI AYOOLA, ADEREMI 2.97
172 CHUKWU JULIET, NNENNA 3.27 415 ADEMILUYI STEPHEN, ADEYEMI 2.97
173 GIWA LATEEF, ABIODUN 0.65 416 ADEMILUYI ADEMUYIWA, JAMES 2.97
174 BELLO ADISA, SULE 6.53 417 BOLAJI ELIZABETH, ODUNOLA 2.97
175 EKEGHE OGBONNAYA, NDUKA 637.06 418 IBITOLA AKINYEMI, OLANREWAJU 2.97
176 MOT OLAYIWOLA, TOBUN 326.70 419 KOLADE OLAKANYE, FRANCIS 2.97
177 IHEANACHO STEPHEN, CHINONSO 32.67 420 AYOADE BOSEDE, KEHINDE 2.97
178 IJOMA FIDELIS.OPIA.ODILI, 32.67 421 RICHARD FOLAYAN, OMOLE ESTATE OF 10.13
179 MADUKO FIDELIS, OGBOGU 65.34 422 ODESANYA SOLOMON, OLAJIDE 10.13
180 JOSEPH PETER, TOCHUKWU 65.34 423 ODESANYA ELIZABETH, TITILAYO 10.13
181 IBIKUNLE OYERINDE, SIMEON 32.67 424 OMOLE PRECIOUS, OKIKIJESU 16.33
182 ELUEHIKE PETER, SUNDAY 163.35 425 OMOLE JOSHUA, OLABODE 8.91
183 EYANUKU PETER, ONOBRHIE 32.67 426 NWAGBOM CONSTANTINA, ONYEKACHI 20.11
184 BRIGGS NNEKA, 223,484.72 427 ODUNTAN OMOTAYO, MORENIKE 5.94
185 KAZEEM WASIU, IYANDA 32.67 428 YEKINI YINUSA, OLAOSEBIKAN 5.94
186 EGBOH DICKSON, EZIAFA 32.67 429 OJUKWU OBINNA, 29.70
187 EGBOH CHIZOBA, FAITH 16.33 430 SHOBOWALE AYO, OLUSEGUN 89.10
188 KAZEEM TEMITAYO, SHERIFAT 16.33 431 TAJUDEEN TAIWO, JAMIU 8.10
189 ELIZABETH AND, STEPHEN NIGERIA LTD 81.67 432 REALITIES ENTERPRISES, 270.00
190 IFEOLA BIMBO, FAUSAT 32.67 433 OPAFEMI FIYIFOLUWA, IFENNA 9.45
191 DSL STAFF, PENSION FUND 427.25 434 ABUBAKAR HABIBU, ALHAJI 2,700.00
192 ICHADO REUBEN, OKOLIKO 1,485.00 435 OLATUNDUN RASHEED, OLABISI 21.60
193 ESOMOJUMI BENSON, ADEOLA 2.70 436 OLAWUYI TAIWO, JULIE 6.75
194 DAODU EBENEZER 1,176.12 437 OJO STEPHEN, ADETUNJI 5.40
195 IBEABUCHI THANKGOD 1,176.12 438 OPESEITAN JONATHAN, OLANREWAJU 4.05
196 MAGAJI OLAIDE 588.06 439 ODUNTAN MUIBI-ISHOLA, 2.70
197 IREWAMBHOR LAWRENCE 1,461.40 440 SALEMSON SHAREHOLDERS, ASS OF NIGERIA 2.70
198 MC NICHOLS BONUS FRACTION 0.81 441 OLA-OLUWA ABIDEMI, JAMES 1.35
199 DAODU PRAISE, TEMILOLUWA 2.97 442 ONWORDI ALBERT, NCHEKWUBE 27.00
200 DAODU GRACE, OLUWAJOMILOJU 2.97 443 OLATUNJI TITILAYO, OLUWASEUN 13.50
201 ERIOMOLA JUDE, IRETUNDE 2.97 444 OLAGOKE SAMSON, OLUSEGUN 2.70
202 ERIOMOLA IRETOMIWA, E. 2.97 445 TALABI FESTUS, OLATUNDE 135.00
203 BICKERSTETH CHRISTOPHER, ABIONA 2.97 446 YUSUF HAMMED, 0.13
204 DOORSTEP AGENCY, & LIASON SERV 473.93 447 OMOLOKUN MOBOLAJI, VALENTINA 2.70
205 MORISHELADE BIKE, FAKOREDE 2.97 448 TAIWO MUDASHIRU, ABIODUN 4.86
206 ERINLE OLAMIDE, FOLASHADE 2.97 449 SALAMI RASHEEDAT, ABOSEDE 2.70
207 ERINLE OLUWASEYI, SUNDAY 2.97 450 OJERINDE OMOLOLA, MOSUNMOLA 1.62
208 BABATUNDE FUNKE, JANET 2.97 451 TIBOWEI RUTH, ABOSEDE 1.35
209 ESSIEN ISRAEL, SAM 59.40 452 ONWUKA LAZARUS, NNADOZIE 54.00
210 BELLO KAZEEM, OWONIKOKO 14.85 453 OLAJOSAGBE JOHN, OLUBUNMI 81.00
211 MBAJEKWE AUGUSTINE, CHIJIOKE 89.10 454 VINSTAR CONSULTING, 135.00
212 BABATUNDE SAHEED-OLADIMEJI, 2.97 455 RUNSEWE ADEDOYIN, EWAOLUWA 27.00
213 AYODELE OLUSHOLA, OMOTAYO 2.70 456 UMEOKORO PAULINUS 1,351.35
214 KAZEEM FATIMO, ADENIKE 9.45 457 OHERI ELIZABETH OKWUDIRI OROH 27.00
215 ERINFOLAMI BOSERECALEB, IJAODOLATIOLUWA 5.40 458 UDOFIA EDNA DAN 13.50
216 DAUDU TAOFIKI, BAMIDELE 5.40 459 UDOFIA DANIEL NSIKAK 27.00
217 LASOJU AGNES, MODUPE 0.08 460 ONIMOLE EZEKIEL OLAYINKA 2.70
218 LASOJU OLAKUNLE, OLADIPO 0.08 461 OKPALA CHUKWUEMEKA REFLEX 270.00
219 LASOJU ABIKE, MARY 0.08 462 NWAFOR CHUKWUKA CHARLES 94.50
220 ISAIAH EMEKA, PHILIP 0.13 463 OMOGBEHIN SOLA ZACH 13.50
221 ISAIAH ROSELINE, NGOZI 0.13 464 JURBE DOKWUNNA YILJI 86.40
222 MOSHOOD ISIAKA, TUNDE 1.35 465 FASAANU OLASUNKANMI 2.16
223 JOWOSIMI OLUBUNMI, TEMITOPE 4.05 466 AYODELE MATTHEW AREMU AYOBAMIDELE 2,700.00
224 JOWOSIMI ADEMOLU, MATTEW 4.05 467 OLUMUYIWA ORENUGA OLUWASEYI 702.00
225 GEORGE FAITH, EKELIKHOTSE 32.67 468 MUKAILA KAFILAT AJOKE 13.50
226 IDOWU SANNI, QUADRI 27.00 469 NWOSU KENECHUKWU LOTANNA 540.00
227 DIKE EVA, CHIJIOKE 8.91 470 AKINWALE ADEMOLA 1.35
228 JAJI BABATUNDE, RAHMAN 13.50 471 OTENIYA THERESA OMOPONMILE 0.27
229 ILESANMI ADEBAYO, ISIAKA 216.00 472 OTAKPOR AGGREY NONYE 54.00
230 IROH AGU, ONYEKA 27.00 473 OGUNWALE BUKUNMI BENJAMIN 2.70
231 LAWAL ADETORERA WAKEELAT 27.00 474 OLANREWAJU RACHAEL ADENIKE 2.70
232 LUTFU INTEGRATED SERVICES 4.81 475 SOMAN INVESTMENTS NIG LTD 270.00
233 IGBOKWE LAMBERT EJIKE 150.52 476 AYODELE SAMUEL OLUSOLA 27.00
234 MORGAN CAPITAL SEC-TRADED-STCK-AC 0.32 477 UBA NOM/UNI.TRUST./VETV CONS.GOODS ETF-T 545.86
235 LAMINA SIKIRU TAIWO 0.05 478 OMOFADE OLUWATOBI CHUKWUEBUKA 8.10
236 DUROWAIYE IYABO YETUNDE 5.40 479 SULE ANARUGU SHEHU 8.10
237 IOU INVESTMENT ADVISERS LTD 0.03 480 OGBUMMAH WOGWUGWU THEOPHILUS U. 27.00
238 EGBEBI FOLUKE OMOBONIKE 1.35 481 OLATUNJI BOLANLE SEGUN 47.25
239 HASSAN FEYISAYO AISHAT 143.18 482 SANNI KAFILAT MOSUMOLA AMOKE 27.00
240 JIMOH-KUKU ISMAIL OLANIRAN 54.00 483 OGINNI OLUWATOYIN 2.97
241 HASSAN TITILAYO AZEEZAT 90.45 484 STANBIC IBTC NOM/AMCON/STERLING BANK PLC 250.34
242 BATULA HAKEEM 13.50 485 OMOTESO ADEBAYO OPEYEMI 0.05
243 FATUNBI RUTH BOSEDE 41.55
1 JOSEPH AJIRI 67,909.27 245 MBAERU IKECHUKWU, HENRY 81.67
2 FOFAH JENSON, 55.54 246 MBAJEKWE AUGUSTINE, CHIJIOKE 89.10
3 OSMUND DONALD 135.00 247 MBAMA GENEVIEVE OBIANUJU 16,335.00
4 OLADEJI RASAK 54.00 248 MC NICHOLS BONUS FRACTION 0.81
5 NWACHUKWU CHRISTOPHER 2,809.62 249 MILDRED NKANG 490.05
6 KOFANA INVESTMENT, 2 1,992.33 250 MORAKINYO ANUOLUWAPO OLUWABUSAYOMI 816.75
7 ABAELU IZUCHUKWU, JOHN 108.00 251 MORISHELADE BIKE, FAKOREDE 2.97
8 ANAKWEZE-UMEGBO CHINEDU, VALENTINE 310.31 252 MOSHOOD ISIAKA, TUNDE 1.35
9 EKEGHE OGBONNAYA NDUKA 39.15 253 MOT OLAYIWOLA, TOBUN 326.70
10 IFEANYI OKEY, FESTUS 13.50 254 MUKAILA KAFILAT AJOKE 13.50
11 OFFOH HERBERT, UCHECHUKWU 2,041.87 255 NDULUE ALEXANDER, CHIGOZIE 3.27
12 OKPALA CHINENYE JULIET 1,633.50 256 NIG.STOCKBROKERS LTD.TRADED-STOCK-A/C 102,223.75
13 NGUTOR ANYAM 13.12 257 NIGERIAN RAILWAY, CORP(PENSION FUND DIV.) 540,000.00
14 OMORUYI ERHAUYI, DARLINGTON 27.00 258 NMODU DANLAMI 3,267.00
15 ONWUBALILI CHIMEZIE, STEPHEN 7.80 259 NOMBA RUTH, 4,410.45
16 EZEAKU EMEKA CYRIL 32,670.00 260 NONYE GOODIE, OBI 33,336.68
17 IKUBOR AUGUSTINE CHUKWUKA 2,613.60 261 NWABUOKU CHARLES 7,332.36
18 Osadolor Charles 6.75 262 NWABUOKU FOLUKE, 29,700.00
19 OKOLIE HUMPHREY EZE 37.93 263 NWAFOR CHUKWUKA CHARLES 94.50
20 UGWUEDE BENEDICT CHIDEBERE 270.00 264 NWAGBOM CONSTANTINA, ONYEKACHI 20.11
21 ATTU NAJI, RAPHAEL 55.05 265 NWANDU KINGSLEY CHUKWUKA 1,633.50
22 OKOYE SOMADINA, DANIEL 949.05 266 NWANI AYODELE, 5,377.19
23 OLORUNDAHUNSI SUNDAY, 12,517.60 267 NWANNA GLORIA 1,306.80
24 OWOEYE OLUSEGUN, EMMANUEL 7.43 268 NWAOKORO EDWIN, 65.34
25 SANYAOLU JONATHAN AYO 27.00 269 NWARIBE IKENNA 588.06
26 AJUDUA PATRICK OKAFOR 54.54 270 NWOSU KENECHUKWU LOTANNA 540.00
27 NWABUGHOGU BRIGHT 0.27 271 NWOSU UZO, 65.34
28 EMENOGU MAXWELL, CHIBUIKE 326.70 272 OBATAYO JOHN, OLUWAFEMI 20.90
29 IWUEZE UCHECHUKWU, AHAMEFULE 11.88 273 OBIAGWU CHUKWUEMEKA OBIAHA 49,005.00
30 MADUFORO GOLDEN, C. 140.48 274 OBISANYA EMMANUEL, IDOWU 335.96
31 MADUFORO GOLDEN, GLAY 35.64 275 ODEBIYI ANTHONY, ADENIYI 0.65
32 BANKOLE MOTUNRAYO, 5.27 276 ODESANYA ELIZABETH, TITILAYO 10.13
33 JOHN EMMANUEL, BOSSAN 556.82 277 ODESANYA SOLOMON, OLAJIDE 10.13
34 DUROJAIYE ANTHOMIA, O 65.34 278 ODUJOKO OLUWOLE OLANIYI, 326.70
35 OKEOLA SALIU BAYO 135.00 279 ODUKOYA OLUWAKEMI ADEBAMBO 326.70
36 ABDULSALAM LATIF, BABATUNDE 2.97 280 ODUNTAN MUIBI-ISHOLA, 2.70
37 ABIDOYE AKEEM, ISHOLA 32.67 281 ODUNTAN OMOTAYO, MORENIKE 5.94
38 ABIDOYE OWOLABI, TAOFIK 32.67 282 ODUNTAN TAJUDEEN, ADEDOYIN 32.40
39 ABOIKA JOY, EKEMEIREN 2.70 283 ODUNTAN WARIZZ, ADETOYE (MASTER) 5.40
40 ABOLARINWA KAYODE 51,594.84 284 OFOBIKE CHIBUGO EVELYN 1,633.50
41 ABURIME SYLVANUS STEPHEN 13.69 285 OGBECHE GERTRUDE 32,670.00
42 ADEBANJO DAVID, OLUWAKOREDE OLATUNJI 27.00 286 OGBUMMAH WOGWUGWU THEOPHILUS U. 27.00
43 ADEBAYO ABIADE, GABRIEL 32.67 287 OGINNI CHRISTIANAH, OLUKEMI 2.97
44 ADEBAYO ADEWALE, OLUSEGUN 2.97 288 OGUNBODE OLUSHOLA, SUSAN 6.53
45 ADEBESO MUINAT OLUWATOYIN 2.70 289 OGUNWARE SHADE 326.70
46 ADEBIYI ADEOLA, KATE 0.54 290 OHERI ELIZABETH OKWUDIRI OROH 27.00
47 ADEBIYI BABAJIDE, ADESOLA 1.35 291 OHWOVORIOLE AKPIFO, ONOME 3.86
48 ADEDAPO OLAYEMI, ADESOYE 2.97 292 OJERINDE OMOLOLA, MOSUNMOLA 1.62
49 ADEDEJI ABIODUN M. 1,633.50 293 OJO OLUFUNKE, ADEBAYO 65.34
50 ADEDEJI BUKOLA 326.70 294 OJO STEPHEN, ADETUNJI 5.40
51 ADEDIGBA OLABISI, 43.52 295 OJORE-AKPALA TEA, 32.67
52 ADEDIGBA OLABISI, BEATRIC 2.70 296 OJUKWU OBINNA, 29.70
53 ADEFEHINTI DAVID, IBITOYE 32.67 297 OKELEYE ISRAEL, AYODAMOPE 3.27
54 ADEFOWORA TOKUNBO, 32.67 298 OKORIE GODSLOVE 3,639.03
55 ADEGBITE WAHEED, ADEKUNLE 163.35 299 OKORO ISIDORE 588.06
56 ADEGOKE DEBORAH, BUKOLA 5.94 300 OKORO JUDE 8,167.50
57 ADEGOROYE MONISADE, OLUKEMI 55.75 301 OKORONKWO NDUBUEZE 3,906.01
58 ADEKOYA ADEYINKA ADEDOYIN 326.70 302 OKORONKWO TIMOTHY, ALACHULAM 1,339.47
59 ADEKOYA KEHINDE, S.S 7.43 303 OKPALA CHUKWUEMEKA REFLEX 270.00
60 ADEKOYA TAIWO, S.S 7.43 304 OKPALEKE DECLAN CHUKWUDUBEM 16,335.00
61 ADELAKUN LUKMON, ADESOLA 0.27 305 OKPANKU OGECHI NIPHER 1,633.50
62 ADELEYE BABATOPE 1,960.20 306 OLAJOSAGBE JOHN, OLUBUNMI 81.00
63 ADENIKA MOYINOLUWA, PRECIOUS 9.75 307 OLAKANLU RASHEED, ZAINAB ROMOKE 5.94
64 ADENIYI ADELEKE, AKINWUNMI 1.35 308 OLAKANLU THOMAS, SARAH RAFIATU 2.97
65 ADENIYI FOLASADE, FUNMILAYO 2.97 309 OLANIYI SULE, ADISA 0.65
66 ADESANMI TEMILEHIN A. 1,633.50 310 OLANREWAJU RACHAEL ADENIKE 2.70
67 ADESHINA TAJUDEEN, IMRAN AYINLA 228.69 311 OLA-OLUWA ABIDEMI, JAMES 1.35
68 ADESINA RASHIDAT, OLUWATOYIN 32.67 312 OLASEGE BABATUNDE, HAMZAT 32.67
69 ADETOLA OMOTAYO, 326.70 313 OLATUNDUN RASHEED, OLABISI 21.60
70 ADEWUYI ADEBOWALE, OLUGBENGA 2.97 314 OLATUNJI BOLANLE SEGUN 47.25
71 ADEYEMO TITI, LATIFAT 16.33 315 OLATUNJI BOLANLE, SEGUN 8.15
72 ADISA GANIYU DAMILARE 2.83 316 OLATUNJI TITILAYO, OLUWASEUN 13.50
73 ADODO FRANK OKHIAI 11,712.19 317 OLAWUYI TAIWO, JULIE 6.75
74 ADOGHE ITUA, DANIEL 14.85 318 OLOREDE THOMPSON 1,633.50
75 ADU AYODELE, 2.70 319 OLORUNFUNMI YINUSA, ADEKUNLE 9.80
76 AFOLABI MICHAEL, 32.67 320 OLOYEDE KAYODE, LATEEF 6.53
77 AFOLARIN GANI, KOLA 19.60 321 OLUKOGA WILLIAMS ABAYOMI 81.67
78 AGBOOLA ABOSEDE, ABIODUN 8.91 322 OLUKOYA OLUWASEUN, BABAJIDE 68.04
79 AHMED RAIMI 2,548.26 323 OLUSHOLA OLUJIMI 2,744.28
80 AIKAMHEZE ANTHONY 326.70 324 OMOGBEHIN SOLA ZACH 13.50
81 AIKAY-UNEGBU CHARIS, SOCHUKWUKAIMA 163.35 325 OMOKONGBE PHILIP, MEGHOLA 6.53
82 AIKAY-UNEGBU KAITOCHUKWU, DAVID 163.35 326 OMOLE JOSEPH, ABIONA A. A. 32.67
83 AIKAY-UNEGBU KAMSY, EMMANUEL TOMISIN 163.35 327 OMOLE JOSHUA, OLABODE 8.91
84 AINA OLADIPUPO 13.50 328 OMOLE PRECIOUS, OKIKIJESU 16.33
85 AJAH EKEOMA 6,534.00 329 OMOLOKUN MOBOLAJI, VALENTINA 2.70
86 AJANI TUNDE, OLUWOLE 27.00 330 OMORUYI BRIGHT, ERHUNMWUNSE 65.34
87 AJANI WAHAB ABIDOYE 162.00 331 OMOTESO ADEBAYO OPEYEMI 0.05
88 AJAO ADEFUNSHO, ADEYI 3.27 332 OMUNIZUA HEPHZI-BAH, 16,335.00
89 AJAYI AJIBOLA, OLUFUNSO 5.40 333 OMUNIZUA STELLA 16,335.00
90 AJAYI ESTHER, TOMILOLA 2.97 334 ONIMOLE EZEKIEL OLAYINKA 2.70
91 AJAYI OLAROTIMI ADEREMI 540.00 335 ONOCHIE EMMANUEL, OGOCHUKWUKA 163.35
92 AJUFOR-OBI JULIA AIKENOSI 1,633.50 336 ONUEKWUSI AKWUGO, MOZELLY 1,633.50
93 AJUMOBI GRACE, OMONIYI 32.67 337 ONWORDI ALBERT, NCHEKWUBE 27.00
94 AJUMOBI OLUGBENGA EZEKIEL 0.13 338 ONWUDINJO CHUKS 16,335.00
95 AKANBI MOSES, ADENIYI 5.94 339 ONWUKA LAZARUS, NNADOZIE 54.00
96 AKINBO OLADIMEJI, AYINLA 1.62 340 ONYIA UCHENNA, CHINYERE 540.00
97 AKINFALA ADEDAPO 1,143.45 341 OPAFEMI FIYIFOLUWA, IFENNA 9.45
98 AKINFALA OLADIPUPO 980.10 342 OPESEITAN JONATHAN, OLANREWAJU 4.05
99 AKINFALA OLANREWAJU A. 1,143.45 343 ORISAJUWA JOHN 588.06
100 AKINFALA TEMITOPE 1,633.50 344 OSHOJAH HARRIS SUNDAY 475.20
101 AKINOLA RAJI, ABAYOMI 877.50 345 OSILEWE OLAYINKA, 65.34
102 AKINSANYA FOLASHADE, OMOLAYO 27.00 346 OSILEYEOLUGBENGA AFOLABI, 3.27
103 AKINTUNDE MARY, ADEOLA 33.32 347 OTAKPOR AGGREY NONYE 54.00
104 AKINWANDE OLUBUKONLA, OLASUBOMI 5.40 348 OTENIYA THERESA OMOPONMILE 0.27
105 AKITOYE ADESEGUN 67.50 349 OYEDELE AWWAL, ADEKOLA BAMIDELE 1.62
106 AKOBUNDU OBINNA 326.70 350 OYEDELE NURAT, ADENIKE EJIDE 0.97
107 AKOLE OLUSOLA, OJO 65.34 351 OYEWOLE ISAIAH, OLUWATOSIN 3.27
108 AKOMOLAFE SAMUEL, 5.40 352 PAUL INI-OBONG, ISREAL 65.34
109 AKUNYILI OKECHUKWU, MICHAEL 3,267.00 353 QUADRI SULAIMON, 6.53
110 AKWARANDU JOHN N.S. 1,633.50 354 RAPHAEL MERCY 163.35
111 ALABI GABRIEL OLATUNJI 27.00 355 RASAQ OLALEKAN, MUMUNI 6.53
112 ALAYAKI FAHEEM OLADIPUPO 175.50 356 REALITIES ENTERPRISES, 270.00
113 ALAYAKI FAROUQ OLAWALE 175.50 357 REGUARDY GLOBAL CONCERNS LTD - 16,335.00
114 ALBERT MICHAEL KEHINDE 1.35 358 RICHARD FOLAYAN, OMOLE ESTATE OF 10.13
115 ALEX-ORJI UGO 89,518.63 359 RUFAI ABOSEDE, BIMPE 5.94
116 ALLEN PROMISE 1,176.12 360 SAAIIO VENTURES, 16.33
117 ALLI AYANWOLE, SIKIRU 5.40 361 SABA ABIOLA, MARIAM 3.27
118 AMANDIANEZE CASMIR 1,176.12 362 SABITU AKANNI, DISU 32.67
120 ANIKWENWA OGOOR ADAORAH 6,534.00 364 SAKA NURUDEEN, OLUWASEUN 6.53
121 ANTHONY EBERE, MERCYMERIT 2.70 365 SALAM ABASS, 0.97
122 ANYA IFEYINWA 1,633.50 366 SALAMI ESTHER 490.05
123 ANYAOGU SUNDAY, ONYEKOZURU 16,335.00 367 SALAMI RASHEEDAT, ABOSEDE 2.70
124 APEL CAPITAL, REGISTRARS LIMITED 120,653.69 368 SALAMI WASIU, 6.53
125 APETE WAKILU, OLAYINKA 6.53 369 SALAU M., ADEBANJO 16.33
126 ARMON SAMUEL BASSEY 326.70 370 SALEMSON SHAREHOLDERS, ASS OF NIGERIA 2.70
127 ARMON TEHILLAH GHEVOLOR 326.70 371 SAMPSON OGECHI 326.70
128 AROLEOWO GANIAT, ABIODUN 1.62 372 SAVAGE ADEBUKOLA ARIKE 270.00
129 ATTAH ENEYE, DANIEL 0.03 373 SHERIFFDEEN MORWAN, ADEWALE A 3.27
130 ATTUMBA LINUS 1,633.50 374 SHOBOWALE AYO, OLUSEGUN 89.10
131 AWODEDE OBED AREGHERE 13,068.00 375 SHOBOWALE SAMUEL, 32.67
132 AXHOLME NOMINEES LTD(PTA)A/C 19,276.25 376 SOMAN INVESTMENTS NIG LTD 270.00
133 AYANBADEJO OLAMIDE EBENEZER 816.75 377 SOTE GBADENIYI OLAWOLE 20,010.37
134 AYANWAMIDE AYANDOYIN, OPEYEMI O 3.27 378 SULE ANARUGU SHEHU 8.10
135 AYANWAMIDE KAYODE, AYANTOKUN OBALALARO 3.27 379 TAIWO MUDASHIRU, ABIODUN 4.86
136 AYANWAMIDE OLUMIDE, AYANSOLA G 6.53 380 TAJUDEEN NAJEEM, AREMU 31.19
137 AYANWAMIDE OMOWUMI, TOYIN 3.27 381 TAJUDEEN TAIWO, JAMIU 8.10
138 AYEBOLA SOLA, 65.34 382 TALABI FESTUS, OLATUNDE 135.00
139 AYODELE OLUSHOLA, OMOTAYO 2.70 383 TIBOWEI RUTH, ABOSEDE 1.35
140 BABATUNDE FUNKE, JANET 2.97 384 TICKLE CONSULTING, LIMTED 3.27
141 BABATUNDE SAHEED-OLADIMEJI, 2.97 385 TIJANI OLUSOLA, EBUDOLA MUKADAM 29.70
142 BAKARE IBIDAPO OMOLABAKE 32,670.00 386 TIJANI, ADIJATU-KUBURA, OLUWATOSIN 6.53
143 BAKARE ISMAILA, ABIODUN 32.67 387 TIJANI, QUZEEM, AYOMIDE OLUWADUROTIMI 6.53
144 BAKARE MUIBA, MOTUNRAYO 32.67 388 TOKE IBRU 65,340.00
145 BALOGUN OLUFEMI WASIU 163.35 389 TOMIL TRUST, LIMITED 1,349.43
146 BASHIRU RASAK, MATTHEW 163.35 390 TUNA ASSET, MANAGEMENT SERVICES 392.04
147 BASSEY MFON, 3.27 391 UBA NOM/UNI.TRUST./VETV CONS.GOODS ETF-T 514.62
148 BATULA HAKEEM 13.50 392 UDOFIA EDNA DAN 13.50
149 BELLO ADISA, SULE 6.53 393 UKAGWU CHINYERE 490.05
150 BELLO KAZEEM, OWONIKOKO 14.85 394 UKASOANYA UGOCHI, JOY 16.33
151 BICKERSTETH CHRISTOPHER, ABIONA 2.97 395 UKWUOMA EMEKA VINCENT 3,267.00
152 BRIGGS NNEKA, 223,484.72 396 UMEOKORO PAULINUS 1,351.35
153 CHANDWANY KISHORE 49,005.00 397 UZOIGWE OBINNA, AZUBUIKE 3.27
154 CHUKWU JULIET, NNENNA 3.27 398 VINSTAR CONSULTING, 135.00
155 CHUKWUEZE OLUCHI RUTH 960.50 399 WILKIE STELLA 653.40
156 DAODU EBENEZER 1,176.12 400 WILLIAMS GRACE, MFON 0.32
157 DAODU GRACE, OLUWAJOMILOJU 2.97 401 YEKINI YINUSA, OLAOSEBIKAN 5.94
158 DAODU PRAISE, TEMILOLUWA 2.97 402 YUSUF HAMMED, 0.13
159 DAUDU TAOFIKI, BAMIDELE 5.40 403 BLAIZE ROTIMI, FAROUK 3.27
160 DEPENDABLE SECURITIES NOMINEE ACCT. 1 2,561.17 404 OLAGUNJU GABRIEL, ADEWALE 37.93
161 DEPENDABLE SECURTIES- DEPOSIT A/C - 31,955.31 405 ADEWALE ANTHONY, ABIODUN 16.33
162 DIKE EVA, CHIJIOKE 8.91 406 AGEDE MARY 392.04
163 DIKE OGBONNAYA ANTHONY 3,920.40 407 ANIETTIE MICHAEL 392.04
164 DOORSTEP AGENCY, & LIASON SERV 473.93 408 ATOYEBI MICHAEL 1,176.12
165 DR. CHINEDU CHUKWU 4,900.50 409 AYODELE MATTHEW AREMU AYOBAMIDELE 2,700.00
166 DSL STAFF, PENSION FUND 427.25 410 AYODELE SAMUEL OLUSOLA 27.00
167 DUROWAIYE IYABO YETUNDE 5.40 411 CHRISTIAN MARY 1,022.57
168 ECHEFU EBERECHUKWU, FRANCIS 6.53 412 DARLINGTON NZEKWE 1,960.20
169 EGBEBI FOLUKE OMOBONIKE 1.35 413 EKPE NGOZI 392.04
170 EGBOH CHIZOBA, FAITH 16.33 414 EMMANUEL HELEN 392.04
171 EGBOH DICKSON, EZIAFA 32.67 415 ETIM GODWIN 326.70
172 EGWUATU RITA 326.70 416 EZEM NNAMDI 588.06
173 EKEGHE OGBONNAYA, NDUKA 637.06 417 EZIMMA CECILIA 490.05
174 ELIZABETH AND, STEPHEN NIGERIA LTD 81.67 418 FASAANU OLASUNKANMI 2.16
175 ELUEHIKE PETER, SUNDAY 163.35 419 FELIX CHIKWENDU 5,423.22
176 EMEKA ORJI 0.27 420 FREDRICK OSEJI 1,633.50
177 ERINFOLAMI BOSERECALEB, IJAODOLATIOLUWA 5.40 421 IDOWU ADEDAYO 326.70
178 ERINLE OLAMIDE, FOLASHADE 2.97 422 ISAAC ANGELA 326.70
179 ERINLE OLUWASEYI, SUNDAY 2.97 423 ISAAC IKPE 392.04
180 ERIOMOLA IRETOMIWA, E. 2.97 424 ISAU KHADIJAT 326.70
181 ERIOMOLA JUDE, IRETUNDE 2.97 425 JENNIFER MEREGINI 8,434.15
182 ESOMOJUMI BENSON, ADEOLA 2.70 426 JOSEPH IFEANYI 326.70
183 ESSIEN ISRAEL, SAM 59.40 427 JUDE IKUBOR 3,267.00
184 ETUK HAPPINESS 326.70 428 NJOKU ESTHER 326.70
185 EVULOBI AMARACHI 980.10 429 OKEH CHINASA 490.05
186 EYANUKU PETER, ONOBRHIE 32.67 430 OKONOBOH ROSEMARY 326.70
187 EZENNADILI CHRISTOPHER, 38.61 431 OMOFADE OLUWATOBI CHUKWUEBUKA 8.10
188 FADAHUNSI K., AYOOLA (ENGR) 130.68 432 ROSEY MEREGINI 7,800.76
189 FATUNBI RUTH BOSEDE 41.55 433 SUNDAY ESANGBEDO 3,267.00
190 FEHINTOLA AYODEJI 2,613.60 434 UGWUOKE EMEKA 1,437.48
191 FELIX COSMAS 653.40 435 ZACHEAUS OLAYANJU OLAWOYIN 1,894.86
192 FRACTIONAL SHARES 1.49 436 ADEMILUYI ADEMUYIWA, JAMES 2.97
193 FRANCES ESTHER 326.70 437 ADEMILUYI AYOOLA, ADEREMI 2.97
194 FUTURE VIEW NOMINEE AMARA 10,265.37 438 ADEMILUYI RUTH, ADEBIMPE 2.97
195 GBEGBAJE-DAS USI 1,633.50 439 ADEMILUYI STEPHEN, ADEYEMI 2.97
196 GEORGE FAITH, EKELIKHOTSE 32.67 440 OLADIMEJI DAVID, OLUWASEYI 2.97
197 GIWA LATEEF, ABIODUN 0.65 441 OWOJORI ADEKEMI, TEMITOPE 2.97
198 GODWIN NJOKU 3,267.00 442 ABOD-REUBENS NIG, LTD 16.33
199 HASSAN FEYISAYO AISHAT 143.18 443 ADEBIYI OLAYINKA, 2.97
200 HASSAN TITILAYO AZEEZAT 90.45 444 ADESINA MORENIKE, ADETUTU 2.97
201 IBEABUCHI THANKGOD 1,176.12 445 ADESINA OLALEKAN, OLADEPO 237.60
202 IBIDOKUN OLOLADE FAITH 326.70 446 ADESIYAN CHRISTIE, IYABODE 2.97
203 IBRAHIM MUHIZ ABIODUN 6.53 447 ADETOYI BOLANLE, ABIMBOLA 2.97
204 IDOWU OLUFUNSO, ADEKUNLE 32.67 448 AGBOOLA ABIODUN, ADENIJI 9.80
205 IFEOLA BIMBO, FAUSAT 32.67 449 AKINWALE ADEMOLA 1.35
206 IGBARUMAH JOHN, IMONJE 1,080.00 450 AYOADE BOSEDE, KEHINDE 2.97
207 IGBASANMI JOHN, OLATOMIDE 32.67 451 AZEEZ SULAIMAN, AKINADE 98.01
208 IGBOKWE LAMBERT EJIKE 150.52 452 BADMUS BOSEDE, BAYONLE 2.97
209 IHEANACHO STEPHEN, CHINONSO 32.67 453 BOLAJI ELIZABETH, ODUNOLA 2.97
210 IJOMA FIDELIS.OPIA.ODILI, 32.67 454 DAODU DEBORAH, 2.97
211 IKE IFEANYI TONY 3,267.00 455 ERINLE MAYOWA, 2.97
212 ILESANMI ADEBAYO, ISIAKA 216.00 456 FAJUYIGBE GRACE, OYE 5.94
213 INTEGRATED CAPITAL SERVICES LTD - 81,675.00 457 IBITOLA AKINYEMI, OLANREWAJU 2.97
214 IOU INVESTMENT ADVISERS LTD 0.03 458 KOLADE OLAKANYE, FRANCIS 2.97
215 IQUO NSEOBONG IKPANG 500.01 459 LAWAL SHERIFAT, BUKOLA 2.97
216 IREWAMBHOR LAWRENCE 1,461.40 460 MORADEYO DAVID, ADEMOLA 42.17
217 IRIELE INNOCENT EMEJURU 540.00 461 MORADEYO SOLOMON, ENIOLA 2.97
218 IROH AGU, ONYEKA 27.00 462 OGINNI OLUWATOYIN 2.97
219 ISAIAH EMEKA, PHILIP 0.13 463 OGUNDE SUNDAY, A. 2.97
220 ISAIAH ROSELINE, NGOZI 0.13 464 OGUNSANWO JOHN, SUNDAY 2.97
221 ITORO COSMAS 1,633.50 465 OGUNTOYE OLUWATOPE, LAWRENCE 3.27
222 IYOWUNA BRIGGS 260,780.61 466 OGUNWALE BUKUNMI BENJAMIN 2.70
223 JAJI BABATUNDE, RAHMAN 13.50 467 OKOGUN OLUMIDE, OLAOLUWA 2.97
224 JIMOH-KUKU ISMAIL OLANIRAN 54.00 468 OKOGUN OLUWAKEMI, OPEYEMI 2.97
225 JOSEPH PETER, TOCHUKWU 65.34 469 OKOGUN OLUWANISHOLA, ABIODUN 2.97
226 JOWOSIMI ADEMOLU, MATTEW 4.05 470 OKOGUN OMOLARA, OMOWUMI 2.97
227 JOWOSIMI OLUBUNMI, TEMITOPE 4.05 471 OLAGOKE SAMSON, OLUSEGUN 2.70
228 KAZEEM FATIMO, ADENIKE 9.45 472 OLAWUYI AKINLOLU, FOLORUNSO 2.97
229 KAZEEM TEMITAYO, SHERIFAT 16.33 473 OLOWOLAFE KEHINDE, BOBOYE 6.53
230 KAZEEM WASIU, IYANDA 32.67 474 ONASANYA BENNETT, ADESINA 2.97
231 KPERUUN KWAGHKUMA CATHERINE 2.70 475 ONASANYA OLAYINKA, FOLORUNSO 2.97
232 LAMINA SIKIRU TAIWO 0.05 476 ONIFADE KEHINDE, BOLANLE 2.97
233 LASOJU ABIKE, MARY 0.08 477 ONIFADE TAIWO, OLUFEMI 2.97
234 LASOJU AGNES, MODUPE 0.08 478 OYEBANJI LEAH, JOLADE 2.97
235 LASOJU OLAKUNLE, OLADIPO 0.08 479 RAHEEM ADEBAYO, ADEWALE 2.97
236 LAWAL ADETORERA WAKEELAT 27.00 480 SODEINDE BENJAMIN, ADE-ABISOYE 2.97
237 LAWAL MORUF, OLANREWAJU 2.27 481 AMINU HARUNA, ABDULLAHI 0.05
238 LENUX INTEGRATED RESOURCES LTD - 490,050.00 482 ALI DOUGLAS, 0.05
239 LUTFU INTEGRATED SERVICES 4.81 483 ANGA JULIUS, DEINMA 81.67
240 MADUKO FIDELIS, OGBOGU 65.34 484 CHIKERE BLAISE 6,534.00
241 MAGAJI OLAIDE 588.06 485 DR. OGBONNA EBENEZER 1,666.82
242 MAKANJU TOLULOPE OLATUNDE 16,335.00 486 OKHEI RITA 980.10
243 MAKANJUOLA OLADAYO, ABDUL YEKINI 0.32 487 ONYEIJE EDMUND, NGOZI 392.04
244 MBA OKECHUKWU 653.40 488 ABUBAKAR HABIBU, ALHAJI 270.00

McNichols 2021

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McNichols 2021

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McNichols 2021 Annual Report

McNichols Vision & Mission 1

Statement Of Directors’ Responsibilities 25

Report Of The Audit Committee To The Members Of McNichols Consolidated Plc 26

Report Of The Independent Auditors To The Members 27–31

 Statement Of Profit Or Loss And Comprehensive Income 32

 Notes To The Financial Statements 37-66

Other National Disclosures:

 Value Added Statement 67

Unclaimed Dividends 72-85

McNichols plans to win in the market place with:

 Bulk breaking and fortification of sugar products with vitamin A.

Our current products are:

 Family Granulated sugar (white and brown)

Board of Directors, Officers and Other Corporate Information

Company Secretary: S. E. Nomuoja& Co

Registrars: Coronation Registrars

Bankers: Wema Bank Plc

Access Bank Plc

Zenith Bank Plc

Fidelity Bank Plc

United Bank for Africa Plc

Operating profit 19,914,651 26,384,864

Profit before tax 17,578,822 19,870,339

Taxation 3,282,417 2,088,764

Deferred taxation (52,136) (1,648,656)

Profit for the year 14,244,269 16,132,919

Capital employed 359,155,370 353,732,001

Capital expenditure 23,149,090 58,027,793

Depreciation and impairment of property, plant and equipment 49,761,401 44,515,154

Cash and cash equivalents 130,215,900 110,254,707

Earnings per share (Kobo) 4.37 4.95

Operating costs 97.43% 96.40%

Operating profit 2.57% 3.60%

Profit after tax 1.84% 2.20%

Mr. Olusegun Layode – Non Executive Director & Chairman

Mr. Chimaraoke Ekpe - Managing Director & Chief Executive Officer

Chimaraoke has detailed knowledge and extensive experience in operations

Board profile (continued)

Venerable Onyebuchi Agubesi – Non Executive Director

Venerable Onyebuchi Agubesi is experienced in international procurement,

Mrs. Nneka Briggs – Non Executive Director

Mrs. Nneka Briggs is a customer relationship management professional. She has

Mr. Ozurumba Afigbo – Independent Non-Executive Director

Mr. Ozurumba Afigbo has extensive experience in project finance, privatization

Mrs. Hilda Nkor - Independent Non-Executive Director

Mr. Nzeakor Atulomah - Independent Non-Executive Director

NOTICE OF ANNUAL GENERAL MEETING

BY THE ORDER OF THE BOARD

Dated this 24th day of June, 2022

2021 Financial Performance

Report of the Directors-Including Corporate Governance & Sustainability Reports

Corporate Governance Report

Companies and Allied Matters Act 2020

Report of the Directors (continued)

The McNichols Business Principles and Policies

Mr. Olusegun Layode Non-Executive Director and Chairman

Report of the Directors (continued)

In preparing the financial statements, the Directors are responsible for:

Structural and constitutional powers

Report of the Directors (continued)

Reviewing and approving proposals from the Remuneration Committee.

Effectiveness of internal control system