N’000
Authorised:	500,000,000 Ordinary Shares of N1.00 each	500,000
Issued and fully Paid:	386,767,000 Ordinary Shares of N1.00 each	386,767
Contingency Reserve:		137,006
Asset Revaluation Reserve:		55,849
Bonus Issue Reserve		96,699
General Reserve:		9,647
Total:		685,968

At an extra-Ordinary General Meeting of January 12, 2005 the authorized share capital of the Company was increased to 1,500,000,000 ordinary shares.

SHAREHOLDING STRUCTURE

Presently, the issued and fully paid ordinary share capital of the Company is N483,497,221 made up of 483,497,221 ordinary shares of N1 each

Beneficially held as follows:

Shareholders	Ordinary Shares	Percentage
Aiico Insurance Plc	100,417,644	20.77%
NICON Insurance Corporation	80,182,280	16.58%
Leadway Assurance Ltd.	76,993,839	15.92%
Niger Insurance Plc	68,508,120	14.17%
Prestige Assurance Plc	58,673,820	12.14%
Others	98,721,518	20.42%
Total:	483,497,221	100.00%

.

Except as stated above, no shareholder holds more than 5% of the issued share capital of the Company

DIRECTORS’ BENEFICIAL INTERESTS

The interests of the Directors of the Company as recorded in the Register of Members as at the date of this Placement Memorandum are as follows:

	---------- Numbers of shares held ----------
Name	Indirectt	Directt	Percentage
Jon Quirk	100,417,644	-	20.77%
P.M.G. Soares	80,182,280	-	16.58%
Oye Hassan-Odukale	76,993,839	-	15.92%
Bala Zakariya’u	68,508,120	-	14.17%
N.S.R. Chandraprasad	58,673,820	-	12.14%
A. B. Ajomale	7,078,755	9,454,263	3.42%
S. O. Sonny-Oyekunle	-	7,023,663	1.45%
Nuhu Aliyu	-	6,554,169	1.36%
E. A. Ekundayo	-	750,000	1.36%
Fola Daniel	-	-	-