Chams PLC 2016 Annual Report and Accounts

Transcription

1 Chams PLC 2016 Annual Report and Accounts Repositioned for Growth

2 We remain confident about 2017 with positive expectations that your company will start reaping the full dividend of diversification of our revenue source. We have over the years since 2014 begun to build our private sector clientele which has also made us to invest in technologies aimed at meeting and satisfying their needs.

3 Table of Contents 5 Our Envisioned Future 6-7 Directors, Officers & Professional Advisers 8 Notice of 33 rd Annual General Meeting of Chams PLC 9-11 Chairman s Statement Managing Director s review Corporate Governance Directors Report for the year ended 31 December Board of Directors Profile Projects & Events 32 Report of the Audit Committee Independent Auditors Report to the Shareholders of Chams Plc and its Subsidiary Companies 38 Consolidated and Separate Statement of Profit or Loss and Other Comprehensive Income 39 Consolidated and Separate Statement of Financial Position 40 Consolidated and Separate Statement of Changes in Equity - Group 41 Consolidated and Separate Statement of Changes in Equity - Company 42 Consolidated and Separate Statement of Cash Flows Notes to The Financial Statements 83 Consolidated Statement Of Value Added 84 Consolidated Financial Summary Corporate profile and subsidiary information 91 Corporate Directory List Of Unclaimed Dividend as at 30 Th June 2017 e-dividend Mandate Form/Proxy Mandate Form CHAMS PLC 2016 ANNUAL REPORT 3

4 4 CHAMS PLC 2016 ANNUAL REPORT

5 Our Envisioned Future A company of Nigerian origin, we will be extremely influential and highly visible in global technology. Our trusted cutting edge technology will enhance the quality of life in a manner that glorifies God. We would be employer of first choice. OUR VISION To be the leading provider of innovative and beneficial technologies that improve the quality of life. OUR MISSION To design and deploy innovative and beneficial technologies, while creating value for all our stakeholders OUR CORE VALUES 1. Create a healthy and dynamic work environment characterized by Z-CASE Zero tolerance for excuses Candor An entrepreneurial spirit, Strong bonds between past and present Chams family Excitement 2. We commit to giving back to society through group activities that will positively impact on our communities. 3. Faith in God CHAMS PLC 2016 ANNUAL REPORT 5

6 Directors, Officers & Professional Advisers BOARD OF DIRECTORS Very Rev. Ayo Richards... Chairman Mr. Olufemi Williams... Managing Director Sir. Demola Aladekomo... Director Dr. Ajoritsedere Awosika mfr. Director Prof Shehu Abdullahi ofr... Director Dr. Evans Woherem... Director Professor Oye Ibidapo Obe... Director COMPANY SECRETARY Yetunde Emmanuel LEGAL ADVISERS Marriot Solicitors 91A, Lewis Street, Lagos. 6 CHAMS PLC 2016 ANNUAL REPORT

7 DIRECTORS, OFFICERS & PROFESSIONAL ADVISERS REGISTERED OFFICE 8, Louis Solomon Close, off Ahmadu Bello Way, Victoria Island, Lagos AUDITORS BDO Professional Services ADOL House 15, CIPM Avenue, CBD, Alausa Ikeja, Lagos REGISTRARS First Registrars Plot 2 Abebe Village Road Iganmu, Lagos BANKERS UBA PLC Plot 226 Idowu Taylor Street Victoria Island Lagos First Bank of Nigeria Ltd Adeola Odeku Victoria Island Lagos Zenith Bank PLC Ajose Adeogun Victoria Island Lagos GTB PLC Awolowo Road Ikoyi Lagos FCMB PLC 38 Adeola Hopewell Street Victoria Island Lagos Skye Bank PLC Adeola Hopewell Street Victoria Island Lagos Access Bank PLC Awolowo Road Ikoyi Lagos Wema Bank PLC Idowu Taylor Street Victoria Island Lagos EcoBank PLC Akin Adesola Street Victoria Island Lagos CHAMS PLC 2016 ANNUAL REPORT 7

8 Chams PLC Notice of 33 rd Annual General Meeting of Chams PLC NOTICE IS HEREBY GIVEN that the Thirty-Third Annual General Meeting of CHAMS PLC will hold on July 13 th at ACE Olivia Hall, 2nd floor, Lagos City Mall, Onikan Lagos at 11 am prompt to transact the following business: ORDINARY BUSINESS 1. To receive the Audited Financial Statements for the Year ended 31st December 2016 and the Reports of the Directors, Auditor and Audit Committee thereon; 2. To elect/re-elect the Directors 3. To fix the remuneration of Directors 4. To authorize the Directors to fix the remuneration of the Auditors 5. To elect Members of the Audit Committee PROXY A member entitled to attend and vote at an Annual General Meeting is entitled to appoint a proxy to attend and vote in his/her stead. The proxy need not be a member of the Company. For the appointment to be valid, a completed and duly stamped proxy form must be deposited at the office of the Company Secretary, Plot 8, Louis Solomon Close, Victoria Island, Lagos not less than 48 hours before the time fixed for the meeting. BY ORDER OF THE BOARD Yetunde Emmanuel Acting Company Secretary 8 th day of June NOTES 1. CLOSURE OF REGISTER The Register of Members and Transfer book will be closed from 4 th - 8 th July, 2017 (both days inclusive) for the purpose of updating the Register of Members. 2. AUDIT COMMITTEE In accordance with Section 359(5) of the Companies and Allied Matters Act, Cap C20 LFN 2004, any shareholder may nominate another shareholder for appointment to the Audit Committee by giving notice in writing of such nomination to the Company Secretary at least Twenty-One (21) days before the Annual General Meeting. 3. ELECTION/RE-ELECTION OF DIRECTORS i. Election of Directors a. Mr. Wim Tappij Gielen and Pastor Ituah Ighodalo are being proposed for election as Non-Executive Directors while Mrs. Funke AlomoOluwa and Mrs. Mayowa Olaniyan are being proposed for election as Executive Directors. b. Mr. Wim Tappij Gielen and Pastor Ituah Ighodalo were appointed as Non-Executive Directors while Mrs. Funke AlomoOluwa and Mrs. Mayowa Olaniyan were appointed as Executive Directors on December 21st 2016 by the Board of Directors and are being presented for shareholders approval at the 33rd Annual General Meeting. Their profile is available for viewing on 4. RIGHTS OF SHAREHOLDERS TO ASK QUESTIONS Shareholders have the 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 Secretary not later than 30 th June CHAMS PLC 2016 ANNUAL REPORT

9 Chairman's Statement Distinguished Shareholders, Ladies and Gentlemen It gives me pleasure to welcome you to the 33 rd Annual General Meeting of our Company, Chams Plc, and present to you the Annual Report of our Company for the financial year ended 31 st December Before I present the operating performance of the Company for the year ended 2016, let me take you through the global and macro-economic environment in which we operate and how global events have impacted our results in 2016 and the outlook for I will also keep you abreast with the strategies we are putting in place to enable us continue to be a dominant player in the identity management space in Nigeria. The year 2016 started on a slow mode, with global oil prices falling as low as $28 per barrel in February This was caused by ramp up in crude oil production by member countries of the Organization for Petroleum Exporting Countries (OPEC) as well as Non-OPEC members like the United States of America which has developed new technologies to drill the Shale oil in a cost efficient manner thereby lowering their demand for Crude oil. The slowdown in the economy of China also contributed to the glut in the world oil supply. The overall impact of the price and output slowdown was a shortfall in the country s foreign exchange earnings. In fact, the country s foreign reserves hovered between $23billion dollars and $27billion dollars for the most part of This created an exchange rate crisis for the Central Bank of Nigeria with the exchange rate losing close to 50% of its value within the first six (6) months of the year. Inflation rate also moved up significantly from a single digit of 9.6% in December 2015 to a double digit of 18.45% in December This was fuelled by increase in food prices, energy costs, liberalization of the oil industry, transportation cost, exchange rate devaluation etc. The removal of oil subsidy for petroleum import marketers was also effected in 2016 which took the pump price per litre of petrol to a new level of N145 per litre. The Nigerian economy closed 2016 with its worst economic performance in over 20 years witnessing four consecutive quarters of negative GDP growth rate. The general weakness in the economy affected the federal government as well as the state governments alike in executing major identity management projects as actual revenue receipts were negatively impacted by both external and local shocks in the oil and gas space. The above factors affected significantly the top and bottom line of our financial performance as major CHAMS PLC 2016 ANNUAL REPORT 9

10 CHAIRMAN'S STATEMENT mandates could not be secured from Federal government institutions as well as State government who represent a sizeable portion of our business. FINANCIAL RESULT We recorded a loss after tax of N1.9 billion in This loss was heavily impacted by the huge impairment charges of N2.0 billion made on some of our investments as dictated by the International Financial Reporting Standard (IFRS) on investment. These were investments made in our subsidiaries to position our group for a seamless execution of the Concession on the National Identity Card project which, regrettably, became subject of Mediation/Arbitration. On the part of Board and Management, the impairment that hit our books was a bold step in cleaning our books of all overhang of the unfortunate developments in the National Identity Card Project on our performance. Steps have been taken to rationalize staff and streamline operations to make your company more nimble and responsive to market dynamics. As a technology-based organization, we are concentrating more on innovative products and services that will surpass the expectations of customers in the private sector. To this end, we are collaborating with world-class organizations to deliver products that will bring speed, convenience and security to transactions across a broad spectrum of our national economy. We believe that we have finally come out of the woods. We look to the years ahead with great enthusiasm and optimism, with God on our side and given the caliber of Directors and staff with whom we are blessed. BOARD OF DIRECTORS In the course of the year under review, Mr. Ben Akabueze was appointed as Director General of the Budget Office by the Federal Government and had to resign his appointment as a Director of your company to answer the national call to duty. Mr. Kyari Bukar and Prof. Shehu Abdullahi also resigned as Directors due to other pressing commitments. On your behalf, I thank them for their avowed interest in serving on our Board and the invaluable contributions they made. We wish them success in all their endeavours. To strengthen our market position locally and internationally, the Board approved the appointment of Pastor Ituah Ighodalo and Mr. Wim Tapij Gielen as Non-Executive Directors; Mrs. Mayowa Olaniyan and Mrs. Funke Alomooluwa as Executive Directors. Their profiles are provided in the Annual Report. I believe it is pertinent at this juncture to state that members of the Board of Directors of your company have made immense sacrifice and contributions towards the survival of your company during the very difficult phase through which it has passed. ECONOMIC OUTLOOK Technology has been adjudged to be the new oil or an alternative to crude oil and your company remains on the cutting edge of developing innovative solutions and technologies aimed at improving the quality of life of the populace. 10 CHAMS PLC 2016 ANNUAL REPORT

11 CHAIRMAN'S STATEMENT According to Managing Director and Chief Economist, Global Research Africa, Standard Chartered Bank, Razia Khan, Nigerian economy should grow at 2.8 percent on the average in 2017 while Moody s Aurelien Mali predicted a 2.5% expansion provided the country can achieve 2.2 million barrels per day of oil production. We remain confident about 2017with positive expectations that your company will start reaping the full dividend of diversification of our revenue source. We have over the years since 2014 begun to build our private sector clientele which has also made us to invest in technologies aimed at meeting and satisfying their needs. CONCLUSION In conclusion, On behalf of the Board of Directors, I thank you, our esteemed shareholders for your unflinching support and confidence you have reposed in the Board and management of your company over the years. I also thank my colleagues on the Board for their unalloyed commitment and sacrifice towards the progress of this our Company. I am also grateful to the management and staff who work tirelessly daily to make the vision and goals of your company a reality. I pray the Good Lord will continue to shower his blessings upon us all. God bless you all. Very Rev. Ayo Richards Chairman CHAMS PLC 2016 ANNUAL REPORT 11

12 Managing Director s review Distinguished stakeholders, shareholders, my fellow board members, management and staff, our customers, it gives me great pleasure to welcome you to the 33 rd Annual General Meeting of our great company. I am most grateful to everyone for the support accorded me so far since taking up the mantle of the leadership of this great company. This year s Annual General meeting marks my second as the Managing Director of our beloved company. The road no doubt has been bumpy and full of many global and local macro-economic headwinds to which we have remained resilient with your support and unalloyed commitment. The year 2016 was particularly challenging for most businesses and sectors of the Nigerian economy. The Nigerian economy witnessed her worst economic performance in over 20 years recording four consecutive quarters of Negative GDP growth rate and thereby sliding into recession. Inflation rose to a double digit of 18.45% as at December 2016, foreign exchange liquidity challenges was heightened resulting into an exchange rate crisis in the country, Monetary policy rate (MPR) was increased to 14% to attract foreign portfolio investors to the country which further increased the cost of borrowing in the economy to a rate in excess of 25%. Amidst the global and local shocks your company was resilient and was able to initiate and close major projects with its clients. Your company remains on the cutting edge of delivering innovative solutions and technologies to their clients aimed at solving their peculiar needs. Your company was particularly visible in the Agriculture space in the course of the year, Chams Plc was engaged by the Central Bank of Nigeria (CBN) and Bank of Agriculture (BOA) to deploy Bank Verification Number (BVN) enrolment machines nationwide under the Federal Government Anchor Borrowers project. All farmers (both rural and urban) that will benefit from the program are expected to be identified through their BVNs. In view of our successful projects with the States and Schools, we were also approached by the management of Afe Babalola University, Ado-Ekiti (ABUAD). The project involved the development of the School s management portal as well as the production of Smart ID cards. We developed a biometric device aimed at resolving the identity management issues of the institution particularly as it relates to attendance, headcount etc. We partnered with Anambra State through IGR Hub development project. The purpose of the project was to improve the internally generated revenue of the State. The exercise has helped particularly to reduce fraud in the State and hence promoted probity, transparency and accountability in government. The Company through the membership solution product offering also assisted the Chartered Institute of Personal Management of Nigeria (CIPMN) with the development of a membership portal containing several module covering registration of members, payment of professional dues etc. We also partnered with the Institute of Chartered Accountants of Nigeria (ICAN) on the development of her electronic voting portal. 12 CHAMS PLC 2016 ANNUAL REPORT

13 MANAGING DIRECTOR'S REVIEW We partnered with British Council, Joint Admissions and Matriculation Board (JAMB) and SASCON during the year. Your company through her Business Process Outsourcing solutions (BPO) was able to assist the British Council in deploying technologies to be used for e-testing, examination and interviews. We partnered with the Lagos State Government and assisted them in the development of a Lagos digital village used for Uber driving test and a host of other uses etc In view of the loss after tax and negative retained earnings position of N1.9billion and N3.7billion respectively recorded in 2016, we have mapped out strategies to improve our top line numbers in This will involve us playing key and visible role in certain sectors of the Nigerian economy which we believe ample opportunities exist and are the key economic thrust of the current administration. Chams Plc will continue to reinvent productivity and business processes by ensuring we develop cost and time saving technologies for the delight of our clients. We will continue to improve on our existing array of technologies and solutions aimed at helping our clients achieve increasingly complex and challenging outcomes more quickly than ever. We are deploying more of our solutions in the Agriculture space, Financial Industry with focus on small and micro finance sectors. The efforts in the small and micro finance sectors are geared towards improving the level of financial inclusion in Nigeria. We recognize the power of building an intelligent and well diversified team to drive business outcomes and success. This is why we strive to make our workplace the greatest place to work where everyone can contribute their quota towards achieving organizational goals and objectives. Finally, I am personally convinced of a better 2017, the stage appears set for superior performance in 2017 for our company as the economy also rebounds out of recession before the end of the year. Our company has been restructured to take advantage of profitable opportunities as they come along in the course of the year. I want to specially thank our esteemed Board of Directors, clients and customers, management and staff and other stakeholders for your continued support through the year. I pray that God will continue to make us pacesetters in the industry and in life generally. Thank you and God bless you all. Mr. Femi Williams Group Managing Director CHAMS PLC 2016 ANNUAL REPORT 13

14 Corporate Governance The companies that make up Chams Group are advocates and practitioners of corporate governance. The practice of corporate governance fosters openness, transparency, accountability, honesty, selflessness, integrity, leadership, monitoring of performance and leadership. This is visible through the adherence to international best practice in the following areas: COMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCE The Board as a whole is comprised of a number of sub-committees amongst which are Audit, Finance and Appointment, Promotions and Governance Committees. The Board is also comprised of high profile non-executive members serving in various capacities at the sub committees mentioned above and involved in setting the emoluments of the managing director and other directors of the company. The non-executive directors are appointed for a fixed period and have to be re-elected by the shareholders at an AGM. The company is committed to full disclosure and transparency in providing information to all stakeholders because of its belief that this is the most important driving force in any good governance process. RISK MANAGEMENT FUNCTION Across the group, there is an internal audit function that ensures compliance, operational and financial controls are in place, in order to minimize risk. The Internal Audit unit ensures that these functions are performed. The Audit Committee also has a risk management oversight function to ensure full compliance. PUBLISHING OF FINANCIAL STATEMENTS AND AUDITORS REPORT The implementation of audit exercises and the publishing of company's annual reports as well as group annual reports help to foster transparency and openness.the use of highly qualified external auditors from a reputable audit firm helps to minimize external risks as well as ensuring that information contained in financial reports are accurate. Your company is continuously working on improving the free flow of information to all stakeholders and the general public. COMMUNICATION BETWEEN BOARD OF DIRECTORS AND SHAREHOLDERS Apart from the Annual General Meetings your company has recognized the need to carry the shareholders along through periodic sensitization of developments in the organization. This is to ensure that there is an avenue for continuous flow of information and to foster better understanding. The Company therefore has in place, a well-established Complaints Management Policy framework to resolve all complaints. SECURITIES TRADING POLICY The Board of Directors have an approved a Securities Trading Policy which prescribes a code of behavior for Directors, management of the Company, external advisers and other related persons in possession of market sensitive information. The Code prohibits these persons from dealing in the Company s securities during closed periods in accordance with the provisions of the Investments and Securities Act and the Post Listing Rules of the Nigerian Stock Exchange. All Insiders are notified of closed periods through written or electronic communication from the Company Secretary. The Securities Trading Policy is available on the website of the Company. CORPORATE SOCIAL RESPONSIBILITY Corporate Social Responsibility is an integral part of the activities of the companies in the Chams Group. We believe in giving back to the society and this is done through activities such as the Chams Theatre Series, a strategic contribution of Chams Plc to the rejuvenation and growth of the Arts in Nigeria and the Soup Kitchen through which we reach the under-privileged and 14 CHAMS PLC 2016 ANNUAL REPORT

15 CORPORATE GOVERNANCE disadvantaged in the society. Your Company was also involved with voluntary work through partnering with a not-for-profit organization, the Volunteer Corp thereby contributing to the education of young persons in our society. GOAL CONGRUENCE AMONG STAKEHOLDER GROUPS This has to do with ensuring that there is synergy between directors and shareholders thereby reducing conflict and ensuring that directors fully maximize the wealth of shareholders. Other stakeholders are also taken into consideration such as suppliers, employees and so on, in order to ensure that components of each organization are working in tandem towards the realization of stated objectives. REMUNERATION The remuneration of Directors and all members of staff are performance based. This is to ensure that the company does not reward directors and managers for failure and non-compliance. QUALITY CONTROL REVALIDATION OF ISO 9001: 2008 The company in the year under review completed the process of revalidation of the ISO 9000:2001 certification thereby ensuring that the Company and subsidiaries within the Group maintain high level quality standard in all transactions within the organization and stipulated processes are strictly adhered to. Other certified companies within the group with valid ISO certification are in checks to ensure adherence to stated quality standards. BOARD FINANCE COMMITTEE The committee acts on behalf of the Board on matters relating to financial management. It reviews the budget and audited accounts and is responsible for providing useful advices to the company s management team as and when required. The members are as follows; MARCH 9, 2016 MARCH 29, 2016 OCTOBER 18, 2016 DECEMBER 19, 2016 TOTAL ATTENDANCE DATE OF MEETING Mr. Demola 1 NA Aladekomo Prof. Abdullahi NA 3 Shehu Dr. Dere Awosika Dr. Evans Woherem 1 1 NA 1 3 AUDIT COMMITTEE This is established in accordance with part C of the code of corporate governance. It comprises dedicated individuals with proven integrity that have a thorough understanding of standard practice MARCH 9, 2016 MARCH 29, 2016 OCTOBER 19, 2016 DECEMBER 20, 2016 TOTAL ATTENDANCE DATE OF MEETING Mr. Emmanuel Onochie Mr. Moses Igbrude Mr. Doyin Owolabi Dr. Evans Woherem 1 1 NA 1 3 Dr. Dere Awosika 1 1 NA 1 3 CHAMS PLC 2016 ANNUAL REPORT 15

16 CORPORATE GOVERNANCE APPOINTMENT, PROMOTIONS AND GOVERNANCE COMMITTEE This Committee is responsible for defining and assessing the qualifications for Board of Director membership and identifying qualified individuals, responsible for assisting the Board organize itself in the discharge of its duties and responsibilities properly and effectively, ensuring proper attention and effective response to shareholders concerns regarding corporate governance, assisting the Board in the fulfilment of its oversight responsibility for the Group s broad enterprise risk management program in connection with the Groups governance structures 9TH MARCH TH OCTOBER TH DECEMBER 2016 TOTAL ATTENDANCE DATE OF MEETING Prof. Abdullahi Shehu 1 1 NA 2 Prof. Ibidapo Obe INNOVATION, MARKETING AND TECHNOLOGY MEETINGS 18TH OCTOBER TH DECEMBER 2016 TOTAL ATTENDANCE DATE OF MEETING Sir. Demola Aladekomo Prof. Ibidapo Obe BOARD MEETINGS The Board and its Committees met as follows: NO OF MEETINGS BOARD/ COMMITTEE MEETING Board of Directors 4 Audit Committee 4 Appointment, Promotions and Governance 3 Committee Board Finance Committee 4 Innovation, Marketing and Technology Committee 2 Attendance at Board meetings for the year ended 31 st December 2016 JUNE 16, 2016 JULY 18, 2016 OCTOBER 20, 2016 DECEMBER 21, 2016 TOTAL ATTENDANCE DATE OF MEETING Very Rev Ayo Richards (Chairman) Mr. Demola Aladekomo Prof. Abdullahi Shehu Prof. Ibidapo Obe NA Dr. Dere Awosika Dr. Evans Woherem 1 1 NA 1 3 Mr. Femi Williams AUDITORS The Auditor, Messrs BDO Professionals Service have indicated their willingness to continue in office in accordance with Section 357 (2) of the Companies and Allied Matters Act CAP C20, LFN 2004, a resolution will be proposed at the Annual General Meeting to authorise the Directors to fix their remuneration. BY ORDER OF THE BOARD Yetunde Emmanuel Acting Company Secretary 16 CHAMS PLC 2016 ANNUAL REPORT

17 Directors Report FOR THE YEAR ENDED 31 DECEMBER 2016 The Directors present their annual report on the affairs of Chams Plc ( the Company ), and subsidiaries ( the Group ), together with the group audited financial statements and the auditor s report for the year ended 31 December PRINCIPAL ACTIVITIES The principal activities of Chams Plc and its subsidiaries continue to be provision of identification, transaction and payment solutions. This includes the development, deployment, implementation and maintenance of technology based systems, computing and solutions platforms, communication infrastructure and other services designed to facilitate the operations of all forms of electronic business. 2. LEGAL FORM The company was incorporated as a private limited company on September 10 th 1985 and became a public limited company in At the 23rd Annual General Meeting of the Company on 6 June 2008, the shareholders authorized the Directors to change the name Chams Nigeria PLC to CHAMS PLC. Subsequent to the Placements authorized by the shareholders, an application was made to the Council of the Nigeria Stock Exchange for the admission of all the issued and paid up shares of the Company to the Daily Official List of the Exchange through Listing by Introduction. 3. SUBSIDIARIES The company has three subsidiaries; CardCentre Nigeria Limited, engaged in the production and manufacturing of Cards Identity, payments, Smart cards etal; ChamsAcccess Limited, licensed consortium for the deployment of ATMs in the country also involved in the deployment of multi application terminals; and ChamsSwitch, engaged in provision of the e-payment transaction processing platform for the Nigerian Market. 4. OPERATING RESULTS The following is a summary of the Company s operating results: GROUP COMPANY =N= 000 =N= 000 =N= 000 =N= 000 Turnover 1,482,037 1,610, , , 929 Cost of Sales (788,580) (1,221,521) (273,689) (757,571) Gross Profit 693, , , ,358 Profit After Tax (1,518,613) (3,405,316) (1,908,433) (2,519,174) EPS (25)k (69)k (39)k (54)k CHAMS PLC 2016 ANNUAL REPORT 17

18 DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMEBER SHARE CAPITAL HISTORY YEAR AUTHORIZED ISSUED SHARE CAPITAL INCREASE CUMMULATIVE INCREASE CUMMULATIVE CONSIDERATION , , , ,000 Cash ,900, ,000, ,000 Cash ,000, ,000, ,000 Cash ,000,000 99,900, ,000,000 Cash ,200,000,000 2,500,000,000 72,060, ,060,000 Cash ,500,000,000 5,000,000, ,060, ,120,000 Cash ,000,000,000 1,378,480,000 1,720,600,000 4 for 1 Bonus ,000,000,000 2,000,000,000 3,720,600,000 Cash ,000,000, ,000,000 4,695,600,000 Cash ,000,000, ,696,060,000 Cash ,000,000, ,696,060,000 Cash ,000,000, ,696,060,000 Cash ,000,000, ,696,060,000 Cash ,000,000, ,696,060,000 Cash ,000,000, ,696,060,000 Cash ,000,000, ,696,060,000 Cash ,000,000, ,696,060,000 Cash 6. DIRECTORS WHO SERVED DURING THE YEAR The following Directors served during the year under review: NAME DESIGNATION 1. Very Rev. Ayo Richards Chairman 2. Mr. Femi Williams Managing Director 3. Sir. Demola Aladekomo Member 4. Prof Oyewusi Ibidapo-Obe Member 5. Prof Shehu Abdullahi Member 6. Dr. Evans Woherem Member 7. Dr. Dere Awosika Member 7. DIRECTORS INTEREST IN SHARES The Directors who served during the year and their interests in the shares of the Company are as follows: NAME HOLDINGS 1 Very Rev. Ayo Richards 1,087,000 2 Mr Demola Aladekomo 69,090,000 3 Mr Femi Williams 8,000,000 4 Dr. Evans Woherem NIL 5 Prof. Shehu Abdullahi NIL 6 Prof. Oyewusi Ibidapo Obe NIL 7 Dr. Dere Awosika NIL 18 CHAMS PLC 2016 ANNUAL REPORT

19 DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMEBER DISCLOSURE OF SUBSTANTIAL SHAREHOLDING (ABOVE 5%) AS AT DECEMBER 2016 AC NAME ADDRESS HOLDING HOLDINGS STANBIC NOM./ AMCON / C/O STANBIC NORMIEES 494, ACCESS BANK PLC NIG LTD, PLOT 1712 IDEJO FC/AMC/SKYESTB/SMARCITY RESORTS PLC F C/O FIRST PENSIONS CUSTODIAN LTD, ,526, TOTAL 847,426, a. ANALYSIS OF SHAREHOLDING The analysis of the distribution of the shares of the Company as at 31 December 2016 is as follows: CATERGORY CAT DESCRIPTION NO OF HOLDERS HOLDINGS 1 FOREIGN ADDRESSES 31 16,404,000 2 CORPORATE BODY 579 2,259,209,776 3 INDIVIDUALS 7,819 2,420,446,224 TOTAL 8,429 4,696,060,000 9b. RANGE ANALYSIS The range analysis of the shares of the Company as at 31 December 2016 is as follows: RANGE NO OF HOLDERS % HOLDERS UNITS % UNITS , , ,176, ,842, , ,481, , ,236, , ,742, ,863, ,044, ,127, ,723, ,276, SHARECAPITAL ,777,114, , ,696,060, APPOINTMENT OF DIRECTORS The following persons were appointed Directors at the Board of Directors meeting held on the 21 st December, 2016: 1. Mr. Wim Tappij Gielen 2. Pastor Ituah Ighodalo 3. Mrs. Funke AlomoOluwa 4. Mrs. Mayowa Olaniyan Subject to ratification at the Annual General meeting in accordance with the provisions of CAMA. CHAMS PLC 2016 ANNUAL REPORT 19

20 DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMEBER STATEMENT OF DIRECTORS RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 In accordance with the provisions of the Companies and Allied Matters Act of Nigeria, the Directors are responsible for the preparation of financial statements, which give a true and fair view of the state of affairs of the Company and of the profit or loss for that year. In so doing, the Directors are required to ensure that: a) Proper accounting records are maintained which disclose with reasonable accuracy the financial position of the Company and which ensures the financial statements comply with the requirements of the Companies and Allied Matters Act. b) Applicable accounting standards are followed. c) Suitable accounting policies are adopted and consistently applied. d) Judgments and estimates made are reasonable and prudent. e) The going concern basis is used, unless it is inappropriate to presume that the Company will continue in business. f) Internal control procedures are instituted which, as far as is reasonably possible, safeguard the assets of the Company and prevent and detect fraud and other irregularities. 12. DONATIONS AND CHARITABLE GIFTS The Company identifies with the aspirations of the community as well as the environment within which it operates and made voluntary donations to various charitable organizations and other institutions in the country. No donation was made to any political organization. 13. EMPLOYMENT AND EMPLOYEES a. Employment of physically challenged persons The Company has a non-discriminatory policy on recruitment. Applications would always be welcomed from suitably qualified disabled persons and are reviewed strictly on qualification. The Company s policy is that the highest qualified and most experienced persons are recruited for appropriate job levels irrespective of an applicant s state of origin, ethnicity, religion or physical condition. b. Health, safety and welfare of employees Health and safety regulations are in force within the Company s premises and employees are aware of existing regulations. The Company provides subsidies to all level of employees for medical expenses, transportation, housing, lunch etc. c. Employees involvement and training The Company is committed to keeping employees fully informed as much as possible regarding the Company s performance and progress and seeking their opinion where practicable on matters, which particularly affects them as employees. Training is carried out at various levels through both in-house and external courses. Incentive schemes designed to encourage the involvement of employees in the Company s performance are implemented whenever appropriate. 14. POST BALANCE SHEET EVENTS There were no post balance sheet events which could have had a material effect on the state of affairs of the Company as at 31 December 2016 or the loss for the year ended on that date, which have not been adequately provided for or disclosed. 20 CHAMS PLC 2016 ANNUAL REPORT

21 DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMEBER COMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCE Chams Plc continuously strives to comply with global standards of corporate governance. The Company has separated the posts of Managing Director and Chairman and the Chairman is not involved in the day-to-day running of the Company. This is geared towards avoiding the concentration of too much power in a single individual. The Board as a whole is comprised of a number of sub-committees amongst which are Audit, Finance and Appointment, Performance and Governance Committees. The Board is also comprised of high profile nonexecutive members serving in various capacities at the sub-committees mentioned above and involved in setting the emoluments of the Managing Director and other Directors of the Company. The non-executive directors are appointed for a fixed period and have to be re-elected by the shareholders at an AGM. The Company is committed to full disclosure and transparency in providing information to all stakeholders because of its belief that this is the most important driving force in any good governance process. 16. BOARD FINANCE COMMITTEE The Committee acts on behalf of the Board on matters relating to Financial Management. It reviews the Budget and Audited Accounts and is responsible for providing useful advice to the Company s management team as and when required. The members are as follows: NAME STATUS 1. Dr Evans Woherem Chairman 2. Mr Demola Aladekomo Member 3. Dr. Dere Awosika Member 4. Prof Shehu Usman Abdullahi Member 17. AUDIT COMMITTEE This is established in accordance with part C of the Code of Corporate Governance. It comprises dedicated individuals with proven integrity that have a thorough understanding of the Company s business affairs including the associated risks and controls put in place to mitigate those risks. The Company Secretary is the secretary of the Committee and they meet regularly. The members are as follows: NAME STATUS 1. Mr. Onochie Emmanuel Chairman 2 Mr. Igbrude Moses Member 3 Mr. Doyin Owolabi Member 4 Dr. Dere Awosika Member 5 Dr. Evans Woherem Member CHAMS PLC 2016 ANNUAL REPORT 21

22 DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMEBER APPOINTMENTS, PROMOTIONS AND GOVERNANCE COMMITTEE This Committee is responsible for defining and assessing the qualifications for Board of Director membership and identifying qualified individuals, responsible for assisting the Board organize itself in the discharge of its duties and responsibilities properly and effectively, ensuring proper attention and effective response to shareholders concerns regarding corporate governance, assisting the Board in the fulfilment of its oversight responsibility for the Group s broad enterprise risk management program in connection with the Groups governance structures NAME STATUS 1 Prof. Oyewusi Ibidapo-Obe CHAIRMAN 2 Prof. Abdullahi Shehu Member 3 Demola Aladekomo Member 19. BOARD MEETING The Board and its Committees met as follows: BOARD/ COMMITTEE MEETING NO OF MEETINGS 1 Board of Directors 4 2 Chams Plc Audit Committee 4 3 Board Appointments, Promotions and Governance Committee 3 4 Board Finance Committee 4 5 Innovation, Marketing and Technology Committee ATTENDANCE AT BOARD MEETINGS FOR THE YEAR ENDED 31 ST DECEMBER 2016 DIRECTOR NO OF MEETINGS ATTENDANCE 1 The Very Reverend Ayo Richards Prof Shehu Abdullahi Dr Evans Woherem Mr. Demola Aladekomo Mr. Femi Williams Dr. Dere Awosika Prof. Oyewusi Ibidapo-Obe AUDITORS BDO Professional Services have indicated their willingness to continue in office. In accordance with Section 357(2) of the Company and Allied Matters Act of Nigeria, a resolution will be proposed at the Annual General Meeting to authorize the Directors to fix their remuneration. BY ORDER OF THE BOARD Yetunde Emmanuel Acting Company Secretary 22 CHAMS PLC 2016 ANNUAL REPORT

23 Board of Directors' Profile THE VERY REVD. AYODEJI RICHARDS The Very Revd. Richards is an associate of the Chartered Institute of Bankers of Nigeria (CIBN) and the Institute of Chartered Accountants of Nigeria (ICAN). He has over 25 years experience in the banking sector and has contributed immensely to the sector s successes owing to his wealth of experience and prestigious positions held over the years. He was the Managing Director of (GTB) Guaranty Trust Bank (Gambia), Deputy General Manager of Access Bank and the Pioneer Chief Executive Officer of Stallion Home Savings & Loan Ltd to mention a few. The Very Reverend Richards is the Managing Consultant of Shepherds Consult Limited a firm with specialty in corporate restructuring, tax consultancy, financial training and Change Management. He has a passion for reading, and has published several Christian literature some of which are The hand that gives, In his vineyard, Resist the devil etc. MR. FEMI WILLIAMS Sunday Olufemi Williams is known for his very hands-on and versed IT skills. Olufemi started his career at Chams as a Youth Corps Member in 1989 and rose through the ranks to become the Deputy Managing Director in 2012, a position he held till September 2015 when he was appointed by the Board of Directors as the Group Managing Director of the Chams group, having served on the Chams PLC board as non- executive director for over 15 years. Femi obtained a Bachelor s degree in Electronics & Electrical Engineering from the University of Ife in 1989 as well as a Masters of Business Administration (MBA) degree from Abubakar Tafawa Balewa University, Bauchi. He is an alumnus of the prestigious Massachusetts Institute of Technology (MIT), United State of America. He is also an alumnus of the Lagos Business School, where he successfully completed the Chief Executive and the International Management Programme. Over the last 25 years, Olufemi Williams has made immense contributions to Chams PLC and the IT industry. He led the Chams technical team in many of its pioneer technology solutions in Nigeria and he also led the Chams team on the bid and implementation of the novel Bank Verification Number (BVN) project. He is a fellow of the Nigeria Computer Society (NCS) and the Institute of Credit Administration (ICA). Olufemi is also a member of the Computer Professionals (Registration Council) of Nigeria (CPN),the Nigerian Society of Engineers (NSE), Ikoyi Club and Metropolitan Club. CHAMS PLC 2016 ANNUAL REPORT 23

24 BOARD OF DIRECTORS' PROFILE DR. EVANS WOHEREM Dr. Evans Woherem is a renowned industry player with clout and he brings this requisite experience and expertise to the Chams Board as a director. Dr Woherem worked for Lloyd s Register, London, as a Knowledge Engineer and rising to the position of a Senior Consultant (Software Engineering) and Manager, Continuous Process Improvement, ABSA Bank, South Africa, as a Senior Consultant and Group Head, Business Architecture, FSB International Bank Plc, as a General Manager, First Bank of Nigeria Plc, as an Executive Director, First Interstate Bank, as Deputy Managing Director and Unity Bank Plc, as Group Executive Director. He was the pioneer Chairman, Interswitch Nig. Ltd., Director, NIBSS (Nigerian Interbank Settlement Systems), Director, Northlink Insurance Brokers and Chairman, Pelican Printers, a subsidiary of Unity Bank Plc. He holds the AMP of Harvard Business School, a PhD in Expert Systems from the University of Manchester, an MA (Econ.) from the University of Manchester, an M.Sc in Cognition, Computing and Psychology from the University of Warwick, England, and a B.Sc in Behavioural Science from the University of La Verne, California. Dr Woherem is the author of two key books on Information Technology and has published numerous academic papers in International Journals and Conference Proceedings. He is regarded internationally as a leading authority on Information Technology in Africa. He is a Fellow of the Institute of Credit Administration of Nigeria, an Honourary Senior Member of the Chartered Institute of Bankers (CIBN). SIR. DEMOLA ALADEKOMO Demola Aladekomo is the Founder CHAMS Group and a Non-Executive Director of Chams Plc. He started CHAMS in 1985 as the first indigenous computer maintenance company in Nigeria. Over the years, the company has pioneered many new technologies and provided intelligent solutions to a wide range of public and private initiatives. Some of his achievements in the field of IT practice include the first wide-area-network on PCs in Nigeria, the first company to venture into card technologies in Nigeria and the Guinness Book of Records recognition for Chams City Innovation. With a commitment and passion to provide solutions that leads to the enhancement of the living standards of the Nigerian people, he led the team that won the concession on the Identity Management Program in Nigeria among other trail blazing efforts in Nigeria. Ademola is acknowledged as the brain behind the success of the first e-payment card in Nigeria birthed by the Valucard project working with a consortium of 5 indigenous Banks. Demola was also part of the first Chief Executive Program at the Lagos Business School (LBS) and served as the President of the Lagos Business School Alumni Association (LBSAA) in He also served President of the Nigeria Computer Society in He is a Fellow of the Nigeria Computer Society (FNCS), a member of the Nigerian Society of Engineers (NSE) and a fellow of the Computer Professionals (Registration Council) (FCPN). He is the Founder and Chairman, Board of Trustees: Volunteer Corps, a non-governmental organisation committed to professional volunteerism for public school education. Demola also served as the Vice Chairman of the Board of Trustees of SmartCard Society of Nigeria. He retired as the Group Managing Director of Chams Group in CHAMS PLC 2016 ANNUAL REPORT

25 BOARD OF DIRECTORS' PROFILE DR. (MRS) AJORITSEDERE AWOSIKA Dr. Awosika is a technocrat with extensive and meritorious public and private sector experience. She brings her wealth of experience at executive and boardroom levels in technology, power and banking sectors to bear on the business of Chams Plc. Dr. Awosika was the pioneer National Coordinator/Chief Executive of the National Programme on Immunization; Director (Parastatals) in the Office of the Head of the Civil Service of the Federation; Director (Department of Community Relations & Youth Development) in the Ministry of Niger Delta Affairs; Permanent Secretary, Ministry of Interior; Permanent Secretary, Career Management Office, in the Office of the Head of the Civil Service of the Federation; and Permanent Secretary, Federal Ministry of Science & Technology. She retired from the Federal Civil service as the Permanent Secretary, Ministry of Power in January She presently serves as a non-executive independent director of Access Bank PLC and also sits on the board of Adekunle Ajasin University, Ondo State and Capital Insurance Nig Ltd. PROF OYE IBIDAPO OBE Prof Obe, attended Ilesa Grammar School and Igbobi College and the University of Lagos from where he obtained a B.Sc. Hons in Mathematics (First Class) in He also obtained M.Sc. in Applied Mathematics with a minor in Computer Science in 1973 and a Doctor of Philosophy (PhD) in Civil Engineering with specialisation in Applied Mechanics/Systems in 1976 both from the University of Waterloo, Ontario, Canada. Prof. Obe was a Commonwealth Scholar (Canada) ( ); an NSERC/CIDA (Natural Sciences and Engineering Research Council/Canadian International Development Agency) and a Senior Fulbright Research Scholar ( ). He served the University of Lagos from 1 October 1972 as a Graduate Assistant through 1976 as Lecturer Grade II till 1983 as Professor. He also served as head of Engineering Analysis Unit ( ) and the Dean of the Faculty of Engineering at the University ( ). In April 2000, Prof Obe was appointed deputy vicechancellor of the University of Lagos and later became the vice-chancellor by May 1, He was the chairman of the Committee of Vice Chancellors of Nigerian Universities and was awarded the Best Vice Chancellor s Prize (2004 and 2005) for the Nigerian University System (NUS). Prof Obe is president of the Nigerian Academy of Science and is the current Vicechancellor of the Federal University Ndufu Alike, Ikwo( FUNAI), Ebonyi State. He has published extensively in reputable international journals and has written and delivered numerous academic, social, advocacy, papers since his appointment as professor. CHAMS PLC 2016 ANNUAL REPORT 25

26 BOARD OF DIRECTORS' PROFILE PROFESSOR SHEHU ABUDULLAHI Professor Shehu Abudullahi is a former vice chancellor of Ahmadu Bello University. Abdullahi is an alumnus of the National Institute for policy and strategic studies as well as of the Nigerian Defence Academy, where he served as Academic Provost. He is an old student of the famous Barewa College, Kaduna. Prof Shehu Abdullahi was appointed President, African Strategic and Peace Research Group (Nigerian Chapter NGO) from 2000 to 2004, Clinical Consultant National Agricultural Land Development Authority (NALDA), the presidency, Federal Republic of Nigeria from , he wrote and broadcast a 10 hour Hausa Radio Programme on Animal disease for centre for adult education and extension services of Ahmadu Bello University, Zaria in Prof Shehu Adullahi has produced 2 theses/projects, 39 journal articles, 7 textbook contributions, 27 conferences/ seminar/workshop papers and 9 commissioned reports, making a total of 84 publications. PASTOR ITUAH IGHODALO Pastor Ituah Ighodalo is a Pastor, an Accountant, a Thinker, a Social Reformer and a Writer. He obtained a B.Sc combined honours degree in Economics and Accounting in 1982 from the University of Hull, England, qualified as a Chartered Accountant in July 1986 and attended a Business Management Course at the Harvard Business School, Boston in Pastor Ituah is a Fellow of the Institute of Chartered Accountants of Nigeria, a fellow of the Chartered Institute of Taxation Nigeria, member of the Nigerian Institute of Management, member American Society of Industrial Security and member, American Institute of Management. He sits on the board of several corporate, charitable organizations and NGOS as Chairman and Director, they include, FAMAD Nig. Plc., FINATRUST MFB, The Clinix Diagnostic Center, NSIA Insurance, Standard Bearers School, the Courage Education Foundation, Edensfield Health Initiative, ELPIS Mental Health Initiative, Heritage Homes, and others. He is the Publisher/Editor-in-Chief of the TIMELESS Media Group, Chairman, Trinity Media and Films, Celebr8 Music Festival and producer Courage Center TV series. He has written and published several articles, papers and books. Pastor Ituah has sat on various government panels (State and Federal), and has been an adviser/consultant to government at different levels. He is on the Council of the Nigerian British Chamber of Commerce and the Nigeria Employers Consultative Association. He is the Pastor-in- Charge, Trinity House. 26 CHAMS PLC 2016 ANNUAL REPORT

27 BOARD OF DIRECTORS' PROFILE MR. WIM TAPPIJ GIELEN Wim started his career in developing of card related solutions for the banking, retail and health care industry in 1969 and with the growth of the card industry, ID related projects became a key element of his day to day business. He is one of the pioneers in the card industry in the Netherland. Joining DeLarue in 1981, he later became MD with the responsibilities of managing their card production facilities in The Netherlands and Germany, the personalisation bureaus in The Netherlands and Belgium and the development of security features for the ID division. With the expertise in various national ID projects, he contributed to many of the global Government ID projects DeLaRue was involved in. Wim later joined Datacard in 1989 as Regional Vice President Europe Middle-East, India and Africa. In addition to this, he also led the development of secure ID and Passport personalisation solutions. Under his leadership, Datacard has established a major position in secure ID and Passport solutions. In 2005 he became the Senior Vice President Global Sales and service, and in 2009 he took on the Global responsibility for Government Business Development as Senior Vice President, a position he held until his retirement from Entrust Datacard in Currently, Wim acts as an independent consultant and board member of international organisations in the secure ID industry. MRS. FUNKE ALOMOOLUWA Prior to her appointment, Funke AlomoOluwa is the current Managing Director of ChamsAccess Limited, a subsidiary of Chams PLC. A seasoned business executive spanning over 19 years in both the Financial and ICT sectors, with a proven track record of successfully guiding major expansion efforts, turnarounds, strategic partnerships and transactions at both public and private Sectors. Funke was the Deputy Project Manager and Chief Installation Officer of the bank verification number (BVN) project initiated by the Central Bank of Nigeria (CBN) and the Banker s Committee to implement the customer identification and verification project of banks in Nigeria- the largest KYC project in Africa. Her change implementation strategies have helped ChamsAccess and the Group towards market leadership and growth. An alumnus of IESE Business School, Barcelona Spain and Lagos Business School Executive MBA programme. A fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Funke holds a degree in Computer Science and Economics (combined honors) from the Obafemi Awolowo University, Ile- Ife. She is a member of the Nigeria Computer Society (NCS), member of the Institute of Directors (IOD) and an associate member of Women in Business (WIMBIZ). CHAMS PLC 2016 ANNUAL REPORT 27

28 MRS. MAYOWA OLANIYAN Mayowa Olaniyan is an astute business executive with strong managerial skills. Until her appointment, Mayowa holds the office of the Chief Strategist and Financial Officer for the Chams Group. A resilient administrator with extensive handson experience in business development and management, business leadership having to work with the Board of directors, regulatory authorities and other key stakeholders to ensure achievement of company objectives. Over the years, she has established record of successes by significantly growing business value and maximizing profits through internal control and efficiency. Mayowa led the implementation of one of Chams PLC s most successful public private partnership project, deriving costs optimization for the partnering state government and in turn achieving increased earnings for the company. A chartered accountant of repute, a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and Association of Chartered Certified Accountants (ACCA), global body for professional Accountants. She holds an MBA from Edinburgh Business School, UK, and a post graduate degree from Oxford Brooks University, UK. She is an alumna of the prestigious NANYANG Technology University, Singapore and Pan Atlantic University (Lagos Business School). Mayowa Olaniyan serves on the board of several organizations within the Chams group and other organizations. 28 CHAMS PLC 2016 ANNUAL REPORT

29 Projects & Events OSUN RESIDENCY PROJECT Data capture of residents of Osun State for issuance of state residency ID. CHAMS PLC 2016 ANNUAL REPORT 29

30 PROJECTS & EVENTS KCOBA (KINGS COLLEGE OLD BOYS ASSOCIATION) MEMBERSHIP SOLUTION MOBILE APP LAUNCH The official launch of the KCOBA Members Mobile Application developed by Chams Membership Solution. First to register on the application is the Senate President, Bukola Saraki DONATION OF ALL- IN-ONE APPLE PCs TO OBELE COMMUNITY HIGH SCHOOL in the course of the year, Chams PLC donated 5 units of all-in-one Apple PCs to Obele Community High School as part of her Corporate Social Responsibility and its contribution to the development of ICT in the state. 30 CHAMS PLC 2016 ANNUAL REPORT

31 PROJECTS & EVENTS BUSINESS VISIT TO COMPUTER VILLAGE, IKEJA Visit to the renowned Computer Village, Otigba, Ikeja Lagos which is one of Africa s largest ICT market. CHAMS PLC 2016 ANNUAL REPORT 31

32 Report of the Audit Committee TO THE MEMBERS OF CHAMS PLC AND ITS SUBSIDIARIES In accordance with the provision of section 359(6) of the Companies and Allied Matters Act Cap C20 Laws of the Federation of Nigeria, 2004, we have reviewed the audited financial statements of the Company for the year ended 31 st December 2016 and report as follows: a) The accounting and reporting policies of the Company are consistent with legal requirements and agreed ethical practices b) The scope and planning of the external audit was adequate c) The Company maintained effective systems of accounting and internal control during the year d) We are satisfied with the external auditor's findings and recommendations on management letter and management responses thereon. Dated this 21st Day of March 2017 Mr. Adedoyin Owolabi For: Chairman Audit Committee FRC/2013/ICAN/ MEMBERS OF THE AUDIT COMMITTEE Mr. Emmanuel Onochie -Chairman Mr. Moses Igbrude - Member Mr. Doyin Owolabi - Member Dr. Evans Woherem - Member Dr. Mrs. Ajoritsedere Awosika - Member 32 CHAMS PLC 2016 ANNUAL REPORT

33 Tel: ADOL House 15 CIPM Avenue Central Business District Alausa, Ikeja P. O. Box 4929, GPO, Marina Lagos, Nigeria Independent Auditors Report to the Shareholders of Chams Plc and its Subsidiary Companies REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OPINION We have audited the accompanying financial statements of Chams Plc and its subsidiary Companies ( together the Group ) for the financial year ended 31 December 2016, which comprises the consolidated and separate statement of financial position, consolidated and separate statement of profit or loss and other comprehensive income, consolidated and separate statement of changes in equity, consolidated and separate statement of cash flows for the year then ended, and notes to the consolidated and separate financial statements which include the significant accounting policies and other explanatory notes In our opinion the accompanying financial statements give a true and fair view of the Group and the Company s financial position as at 31 December 2016 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards issued by the International Accounting and Assurance Standards Board, and in compliance with the relevant provisions of the Financial Reporting Council of Nigeria, Act No 6, 2011 and the Companies and Allied Matters Act, CAP C20, LFN BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor s Responsibilities for the Audit of the Financial Statements attached as an appendix to our report. We are independent of the Company and its subsidiaries in accordance with the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants together with the ethical requirements that are relevant to our audit of the financial statements in Nigeria, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the International Ethics Standards Board Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion 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 period. 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. BDO Professional Services, a firm of Chartered Accountants registered in Nigeria, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. Partners: Sanni A. Dosunmu, E. Olaseinde Olabisi, Olugbemiga A. Akibayo, Kamar Salami, Tokunbo L. Oluyemi, Henry B. Omodigbo BN:

34 REVENUE RECOGNITION Risk The Company s revenue is recognised in phases depending on the milestones agreed. Under ISA 240 (the auditor's responsibilities relating to fraud in an audit of financial statements) there is a presumed risk that revenue may be misstated due to the improper recognition. Response For every completed job, the customer as well as the project manager are made to sign off the project as completed. This will form the basis of revenue recognition. In addition: Vouched revenue recorded in ledger to sales invoices raised Vouched sales invoices to supporting documentation such as contract/award letter, ensuring contract is duly signed. Ascertained revenue recognition criteria and policy are consistently applied Test completeness of revenue throughout the year by tracing delivery notes, waybills etc to the ledger ACCOUNTS RECEIVABLE Risk In order to ensure the recoverability of accounts receivable and considering the age analysis of receivables, we have considered the accounts receivable a significant risk of material misstatement. Response Obtained a year end aged trade receivables report Test the reliability of the ageing analysis by: Reviewing ageing of trade receivables and follow up all items greater than 365 days old and ensure recoverable or appropriately included in the schedule of trade receivables allowances. In making provision for doubtful balances, made reference to the Company s policy and a) Checked if all necessary balances were included in allowance for doubtful debts b) Checked whether allowance is required by reference to: i) payment history ii) iii) Subsequent to year end receipts customers correspondences Reviewed job completed forms and the award letters and considered whether these have been accounted for in the correct period. Obtained status report from Project Management Office and ensured receivables are booked in accordance with the milestones reached Reviewed material journals throughout the year and all journals raised after the year end.

35 Select samples of trade receivables balances on the receivables ledger and traced invoices from the ledger to supporting documents Requested for customers to confirm direct to BDO: -- The year end balance -- Details of the reconciling items if in disagreement OTHER INFORMATION Management is responsible for the other information. The other information comprises the information included in the Chairman s and Directors statements, but 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 any form 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, we conclude that there is a material misstatement of this information, we are required to report that fact, we have nothing to report in this regard. RESPONSIBILITIES OF DIRECTORS FOR THE FINANCIAL STATEMENTS The Directors are responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards issued by the International Accounting and Assurance Standards Board, and in compliance with the relevant provisions of the Financial Reporting Council of Nigeria Act, No 6, 2011 and the Companies and Allied Matters Act, CAP C20 LFN 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. In preparing the financial statements, the directors are responsible for assessing the Company and its subsidiaries ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. AUDITOR S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS 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 to issue a report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located in an appendix to this report. This description forms part of our audit report.

36 REPORT ON OTHER LEGAL REQUIREMENTS The Companies and Allied Matters Act, CAP C20, LFN, 2004 requires that in carrying out our audit we consider and report to you on the following matters. We confirm that: i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit ii) in our opinion, proper books of account have been kept by the Group and the Company, and iii) the Group s and Company s statement of financial position, and its statement of profit or loss and other comprehensive income are in agreement with the books of account. Lagos, Nigeria Olugbemiga A. Akibayo 24 March, 2017 FRC/2013/ICAN/ For: BDO Professional Services Chartered Accountants

37 APPENDIX Details of Auditors responsibilities for the audit of the financial statements As part of an audit in accordance with International Standards on Auditing, we exercise professional judgment and maintain professional skepticism 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 management. Conclude on the appropriateness of Management s 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 auditor s report to the related disclosures in the financial statements or, if such dislousres are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, 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. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, and significant audit findings and any significant deficiencies in internal control that we identify during our audit. CHAMS PLC 2016 ANNUAL REPORT 37

38 CHAMS PLC AND ITS SUBSIDIARY COMPANIES Consolidated and Separate Statement of Profit or Loss and Other Comprehensive Income FOR THE YEAR ENDED 31 DECEMBER 2016 GROUP COMPANY NOTES N 000 N 000 N 000 N 000 Revenue 7 1,482,037 1,610, , ,929 Cost of sales 8 (788,580) (1,221,521) (273,689) (757,571) Gross profit 693, , , ,358 Other operating income 9 407, , , ,179 Administrative expenses (2,558,295) (3,778,776) (2,623,514) (2,694,774) Loss from operations (1,457,677) (3,231,559) (1,858,318) (2,361,237) Finance expenses 10 (15,909) (161,512) (15,520) (155,538) Finance income 10 1, Net finance expenses (14,240) (161,461) (15,520) (155,538) Loss before taxation (1,471,917) (3,393,020) (1,873,838) (2,516,775) Tax expense 20(a) (46,696) (12,296) (34,595) (2,399) Loss for the year after taxation (1,518,613) (3,405,316) (1,908,433) (2,519,174) Other comprehensive income: Item that will not be reclassified to profit or loss: Item that may be reclassified to profit or loss Total other comprehensive income net of tax Total Comprehensive loss (1,518,613) (3,405,316) (1,908,433) (2,519,174) Loss attributable to non controlling interest (89,903) (153,619) - - Loss attributable to Parent (1,428,710) (3,251,697) (1,908,433) (2,519,174) Loss for the year after taxation (1,518,613) (3,405,316) (1,908,433) (2,519,174) Total comprehensive loss attributable to: Owners of the parent (1,428,710) (3,251,697) (1,908,433) (2,519,174) Non-controlling interest (89,903) (153,619) - - Total comprehensive loss (1,518,613) (3,405,316) (1,908,433) (2,519,174) Basic loss per share (Kobo) 11 (25)k (69)k (39)k (54)k Diluted loss per share (Kobo) 11 (30)k (69)k (39)k (54)k The accompanying notes to the financial statements on pages 43 to 82 and other national disclosures on pages 83 and 84 form part of these financial statements. Auditors report, pages 33 to CHAMS PLC 2016 ANNUAL REPORT

39 CHAMS PLC AND ITS SUBSIDIARY COMPANIES Consolidated and Separate Statement of Financial Position FOR THE YEAR ENDED 31 DECEMBER 2016 GROUP COMPANY ASSETS NOTES Non-current assets N 000 N 000 N 000 N 000 Property, plant and equipment 12 2,936,146 3,106,027 2,262,419 2,028,172 Investment project , ,048 Intangible assets ,140 84,641 75,652 83,302 Investment in subsidiaries 15(f) - - 1,845,985 1,845,985 Available for sale financial assets , , , ,000 Deferred tax asset 20(c) - 285, ,051 Deposit for investments 17(i) - - 1,207,092-3,193,286 3,799,767 5,491,148 4,566,558 Current assets Inventories ,582 1,057,726 99, ,127 Trade and other receivables 19 2,369,241 3,545,431 2,198,220 5,831,777 Cash and cash equivalents , , ,022 99,930 2,840,150 4,760,602 2,419,904 6,266,834 Total assets 6,033,436 8,560,369 7,911,052 10,833,392 LIABILITIES Non-current liabilities Deferred tax liability 20(c) Current liabilities Trade and other payables 21 3,289,812 4,005,028 2,113,369 2,830,387 Loans and borrowings , ,358 97, ,931 Corporate tax liability 20(e) 681, , , ,418 4,197,695 5,206,017 2,834,829 3,848,736 Total liabilities 4,197,695 5,206,017 2,834,829 3,848,736 Net assets 1,835,741 3,354,352 5,076,223 6,984,656 Issued capital and reserves attributable to owners of the parent Share capital 24 2,348,030 2,348,030 2,348,030 2,348,030 Share premium 25(i) 5,458,750 5,458,750 5,458,750 5,458,750 Capital reserve , , Revaluation reserve 25(ii) 959, , , ,065 Retained earnings 25(iii) (6,429,119) (5,000,410) (3,689,622) (1,781,189) 2,482,248 3,910,957 5,076,223 6,984,656 Non-controlling interest 27 (646,507) (556,605) - - Total equity 1,835,741 3,354,352 5,076,223 6,984,656 The financial statements and notes on pages 33 to 84 were approved by the Board of Directors on 23 March, 2017 and signed on its behalf by: Very Rev. Ayodeji Richards Olufemi S. Williams Mayowa Olaniyan Chairman Managing Director Chief Financial Officer FRC/2013/ICAN/ FRC/2013/NSE/ FRC/2013/ICAN/ The accompanying notes to the financial statements on pages 43 to 82 and other national disclosures on pages 83 and 84 form part of these financial statements. Auditors report, pages 33 to 37 CHAMS PLC 2016 ANNUAL REPORT 39

40 CHAMS PLC AND ITS SUBSIDIARY COMPANIES Consolidated and Separate Statement of Changes in Equity FOR THE YEAR ENDED 31 DECEMBER 2016 GROUP SHARE CAPITAL SHARE PREMIUM REVALUATION RESERVE CAPITAL RESERVE RETAINED EARNINGS TOTAL ATTRIBUTABLE TO EQUITY HOLDERS OF PARENT NON- CONTROLLING INTEREST TOTAL EQUITY N 000 N 000 N 000 N 000 N 000 N 000 N 000 N January ,348,030 5,458, , ,522 (5,000,410) 3,910,957 (556,605) 3,354,352 Loss for the year (1,428,710) (1,428,710) (89,903) (1,518,613) Other comprehensive Income Total comprehensive income (1,428,710) (1,428,710) (89,903) (1,518,613) Transaction with owners recorded directly in equity 31 December ,348,030 5,458, , ,522 (6,429,119) (2,482,298) (646,508) (1,835,739) SHARE CAPITAL SHARE PREMIUM REVALUATION RESERVE CAPITAL RESERVE RETAINED EARNINGS TOTAL ATTRIBUTABLE TO EQUITY HOLDERS OF PARENT NON-CONTROLLING INTEREST TOTAL EQUITY N 000 N 000 N 000 N 000 N 000 N 000 N January ,348,030 5,458, , ,522 (1,654,792) 7,256,575 (402,987) 6,853,588 Loss for the year (3,251,697) (3,251,697) (153,619) (3,405,316) Other comprehensive Income Total comprehensive loss (3,251,697) (3,251,697) (153,619) (3,405,316) Transaction with owners recorded directly in equity Dividend (93,921) (93,921) - (93,921) 31 December ,348,030 5,458, , ,522 (5,000,410) 3,910,957 (556,605) 3,354,352 The accompanying notes to the financial statements on pages 43 to 82 and other national disclosures on pages 83 and 84 form part of these financial statements. Auditors report, pages 33 to CHAMS PLC 2016 ANNUAL REPORT

41 CHAMS PLC AND ITS SUBSIDIARY COMPANIES Consolidated and Separate Statement of Changes in Equity FOR THE YEAR ENDED 31 DECEMBER 2016 COMPANY SHARE CAPITAL SHARE PREMIUM REVALUATION RESERVE RETAINED EARNINGS TOTAL EQUITY N 000 N 000 N 000 N 000 N January ,348,030 5,458, ,065 (1,781,189) 6,984,656 Loss for the year (1,908,433) (1,908,433) Other comprehensive income, net of tax Total comprehensive income (1,908,433) (1,908,433) Transaction with owners and recorded directly in equity Dividend paid December ,348,030 5,458, ,065 (3,689,622) 5,076,223 SHARE CAPITAL SHARE PREMIUM REVALUATION RESERVE RETAINED EARNINGS TOTAL EQUITY N 000 N 000 N 000 N 000 N January ,348,030 5,458, , ,906 9,597,751 Loss for the year (2,519,174) (2,519,174) Other comprehensive income, net of tax Total comprehensive income (2,519,174) (2,519,174) Transaction with owners and recorded directly in equity Dividend paid (93,921) (93,921) 31 December ,348,030 5,458, ,065 (1,781,189) 6,984,656 The accompanying notes to the financial statements on pages 43 to 82 and other national disclosures on pages 83 and 84 form part of these financial statements. Auditors report, pages 33 to 37 CHAMS PLC 2016 ANNUAL REPORT 41

42 CHAMS PLC AND ITS SUBSIDIARY COMPANIES Consolidated and Separate Statement of Cash Flows FOR THE YEAR ENDED 31 DECEMBER 2016 GROUP COMPANY NOTES N 000 N 000 N 000 N 000 Loss after taxation (1,518,613) (3,405,316) (1,908,433) (2,519,174) Adjustments for: Loss on sale of property, plant and equipment - 1,297-1,297 Gain on sale of property, plant and equipment 9 - (350) - - Finance costs 10 15, ,512 15, ,538 Finance income 10 (1,669) (51) - - Tax expense 20(a) 46,695 12,296 34,595 2,399 Depreciation 12(a) 202, , ,933 76,570 Amortisation of intangible assets 14(a) 20,296 30,444 7,650 7,650 Impairment allowance for Investment project 177, ,832 - Transfer of investment project ,086 - Transfer of property plant and equipment - - (324,630) - Loss on asset written off 1,722-1,573 - Changes in assets and liabilities: Decrease in inventories 770, , ,465 38,254 Decrease in trade and other receivables 1,461,241 2,825,025 3,918,608 2,675,161 Decrease in trade and other payables (715,216) (89,008) (717,018) (124,684) 460, ,948 1,598, ,011 Tax paid (12,637) (12,000) (1,000) (12,000) Net cash generated from operating activities 447, ,948 1,597, ,011 Cash flows from investing activities Purchase of property, plant and equipment 12(a) (33,847) (25,471) (21,122) (13,279) Additions to investment projects 13 (870) (73,013) (870) (73,013) Purchase of intangible assets 14(a) (92,795) (10,470) - - Project investment transferred 47, Proceeds from sale of property, plant and equipment - 27,959-27,200 Finance income 10 1, Deposit for investments 17(i) - - (1,207,092) - Net cash used in investing activities (78,757) (80,944) (1,229,084) (59,092) Cash flows from financing activities Finance expenses 10 (15,909) (161,512) (15,520) (155,538) Dividend - (93,921) - (93,921) Net cash provided by financing activities (15,909) (255,433) (15,520) (249,459) Net increase/(decrease) in cash and cash equivalents 353,045 (156,429) 352,576 (7,540) Cash and cash equivalents at the beginning of the year (395,913) (239,484) (328,001) (320,461) Cash and cash equivalents at the end of the year 28 (42,867) (395,913) 24,575 (328,001) The accompanying notes to the financial statements on pages 43 to 82 and other national disclosures on pages 83 and 84 form part of these financial statements. Auditors report, pages 33 to CHAMS PLC 2016 ANNUAL REPORT

43 CHAMS PLC AND ITS SUBSIDIARY COMPANIES FINANCIAL STATEMENTS, 31 DECEMBER 2016 Notes to The Financial Statements 1. HISTORY OF THE COMPANY AND NATURE OF OPERATIONS Chams Plc (The Company) was incorporated as a limited liability Company on 10 September 1985 and became a public Company on 4 September The Company was listed on the floor of the Nigerian Stock Exchange on 8 September The principal activities of Chams Plc and its subsidiaries (the Group) include identity management, payment collections and transactional systems. The Company s registered office is located at 8, Louis Solomon Close, Victoria Island, Lagos. 2. BASIS OF PREPARATION a. Summary of significant accounting policies The principal accounting policies adopted in the preparation of the consolidated financial statements are set out in note 5. The policies have been consistently applied to all the years presented, unless otherwise stated. b. Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting and Assurance Standards Board (IAASB) and interpretations issued by the International Financial Reporting Interpretation Committee (IFRIC) and the requirements of the Companies and Allied Matters Act, CAP C20, LFN, c. Basis of measurement The financial statements were authorised for issue by the Board of Directors on 24 March, The consolidated financial statements have been prepared on the historical cost basis except for revalued property, plant and equipment. d. Functional and presentation currency. These financial statements are presented in Naira, which is the Group s functional currency. Amounts are rounded to the nearest thousand, unless otherwise stated. e. Use of estimates and judgement The preparation of financial statements in compliance with IFRS requires management to make certain critical accounting estimates. It also requires management to exercise judgement in applying the Group s accounting policies. Areas where assumptions and estimates are significant to the financial statements are disclosed in Note 4 3. ACCOUNTING STANDARDS ISSUED NOT YET EFFECTIVE The following new amended accounting standards and interpretations have been issued, but are not mandatory for financial year ended 31 December They have not been adopted in preparing the financial statements for the financial year ended 31 December 2016 and are expected to affect the Group in the period of initial application. In all cases the Group intends to apply these standards from application date as indicated in the table below. CHAMS PLC 2016 ANNUAL REPORT 43

44 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 IFRS REFERENCE TITLE AND AFFECTED STANDARD(S) NATURE OF CHANGE APPLICATION DATE IMPACT ON INITIAL APPLICATION IFRS 9 (2014) (issued Jul 2014) Financial Instruments Classification and measurement Financial assets will either be measured at amortised cost, fair value through other comprehensive income (FVTOCI) or fair value through profit or loss (FVTPL) Impairment The impairment model is a more forward looking model in that a credit event no longer has to occur before credit losses are recognised. For financial assets measured at amortised cost or fair value through other comprehensive income (FVTOCI), an entity will now always recognise (at a minimum) 12 months of expected losses in profit or loss. Lifetime expected losses will be recognised on these assets when there is a significant increase in credit risk after initial recognition. Hedging The new hedge accounting model introduced the following key changes: Simplified effectiveness testing, including removal of the % highly effective threshold Annual reporting periods commencing on or after 1 January 2018 The first time application of IFRS 9 will have a wide and potentially very significant impact on the accounting for financial instruments. The new impairment requirements are likely to bring significant changes for impairment provisions for trade receivables, loans and other financial assets not measured at fair value through profit or loss. Due to the recent release of this standard, the entity has not yet made a detailed assessment of the impact of this standard. More items will now qualify for hedge accounting, e.g. pricing components within a non-financial item, and net foreign exchange cash positions Entities can hedge account more effectively the exposures that give rise to two risk positions (e.g. interest rate risk and foreign exchange risk, or commodity risk and foreign exchange risk) that are managed by separate derivatives over different periods - less profit or loss volatility when using options, forwards, and foreign currency swaps New alternatives available for economic hedges of credit risk and own use contracts which will reduce profit or loss volatility. 44 CHAMS PLC 2016 ANNUAL REPORT

45 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 Standards and amendments issued but yet to take effect IFRS REFERENCE TITLE AND AFFECTED STANDARD(S) NATURE OF CHANGE APPLICATION DATE IMPACT ON INITIAL APPLICATION IFRS 15 Issued in May 2014 Revenue from contracts with customers IFRS 15 contains comprehensive guidance for accounting for revenue and will replace existing requirements which are currently set out in a number of Standards and Interpretations. The standard introduces significantly more disclosures about revenue recognition and it is possible that new and/or modified internal processes will be needed in order to obtain the necessary information. The Standard requires revenue recognised by an entity to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This core principle is delivered in a fivestep model framework: (i) Identify the contract(s) with a customer (ii)identify the performance obligations in the contract (iii)determine the transaction price (iv) Allocate the transaction price to the performance obligations in the contract (v) Recognise revenue when (or as) the entity satisfies a performance obligation. 1 January 2018 The Board is currently reviewing the impact the standard may have on the preparation and presentation of the financial statements when the standard is adopted. Consideration will be given to the following: (i)at what point in time the company recognises revenue from eachcontract whether at a single point in time or over a period of time; (ii) whether the contract needs to be unbundled into two or morecomponents; (iii)how should contracts which include variable amounts of consideration be dealt with; (iv)what adjustments are required for the effects of the time value of money; (v) what changes will be required to the company s internal controls and processes. 4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The Group makes certain estimates and assumptions regarding the future. Estimates are based on factors including historical experience and expectations of future events that management believes to be reasonable. However, given the judgmental nature of such estimates, actual results could be different from assumptions used. The estimates and assumptions that can have significant risks of causing material adjustments to the carrying amounts of assets and liabilities are set out below: a. Power to exercise significant influence When the Group holds less than 20% of voting rights in an investment but the Company has the power to exercise significant influence, such an investment is treated as an associate. Where the Company holds over 20% of voting rights (but not over 50%) and the Group does not exercise significant influence, the investment is treated as an available for sale investment. b. Legal proceedings In accordance with IFRS, the Group recognizes a provision where there is a present obligation from a past event, a transfer of economic benefits is probable and the amount of cost of the transfer can be estimated reliably. In instances where the criteria are not met, a contingent liability may be disclosed in the notes to the financial statements. Application of these accounting principles to legal cases requires the Group s management to make determinations about various factual and legal matters beyond control. The Group reviews outstanding CHAMS PLC 2016 ANNUAL REPORT 45

46 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 legal cases following developments in the legal proceedings and at each reporting date in order to assess the need for provisions and disclosures in its financial statements. Among the factors considered in making decisions on provisions are the nature of litigation, claim or assessment, the legal process and potential level of damages in the jurisdiction in which the litigation, claim or assessment has been brought, the progress of the case( including the progress after the date of the financial statements but before those statements are issued), the opinion or views of legal advisers, experience on similar cases and any decision of the Group s management as to how it will respond to the litigation, claims or assessment. c. Income and deferred taxation Chams Plc and its subsidiary Companies annually incur significant amounts of income taxes payable and also recognises significant changes to deferred tax assets and liabilities, all of which are based on management s interpretations of applicable laws and regulations. The quality of these estimates is highly dependent upon management s ability to properly at times apply a complex set of rules, to recognise changes in applicable rules and in the case of deferred tax assets, management s ability to project future earnings from activities that may apply loss carry forward positions against future income taxes. d. Impairment of property, plant and equipment and intangible assets The Group assesses assets or groups of assets for impairment annually or whenever events or changes in circumstances indicate that carrying amounts of those assets may not be recoverable. In assessing whether a write-down of the carrying amount of a potentially impaired asset is required, the asset s carrying amount is compared to the recoverable amount. Frequently, the recoverable amount of an asset proves to be the Group s estimated value in use. The estimated future cash flows applied are based on reasonable and supportable assumptions and present management s best estimates of the range of economic conditions that will exist over the remaining useful life of the cash flow generating assets. 5. SIGNIFICANT ACCOUNTING POLICIES i. Foreign currency translation In preparing the financial statements of the Group, transactions in currencies other than the entity's presentation currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign currency differences on loans and other borrowings are recognised as finance income and expenses. Other foreign currency differences as a result of transactions are recognised in the related items within the operating results. ii. Revenue recognition Revenue is the fair value of the consideration received net of taxes and discounts, it is recognised when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably. Revenue from sales of goods is recognised when delivery has taken place and transfer of risks and reward of ownership has been completed. Revenue from service rendered is recognised immediately as the service is completed and a service delivery form is issued. When services are provided in phases, revenue is recognised on completion of each phase of the project. Dividends are recognised 46 CHAMS PLC 2016 ANNUAL REPORT

47 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 when shareholders right to received payment is established. Contract revenue is recognised in the income statement on percentage of completion method with the stage of completion being measured by reference to the actual work performed to date. iii. Finance costs and finance income Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, changes in the fair value of financial assets at fair value through profit or loss where the Company holds such financial assets and impairment losses recognised on financial assets (other than trade receivables). Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss. Finance income comprises interest income on short-term deposits with bank, dividend income, changes in the fair value of financial assets at fair value through profit or loss and foreign exchange gains. iv. Basis of consolidation Where the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. De-facto control exists in situations where the company has the practical ability to direct the relevant activities of the investee without holding the majority of the voting rights. In determining whether de-facto control exists the company considers all relevant facts and circumstances, including: The size of the company s voting rights relative to both the size and dispersion of other parties who hold voting rights Substantive potential voting rights held by the group and by other parties Other contractual arrangements Historic patterns in voting attendance. The consolidated financial statements present the results of the company and its subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated and separate statement of profit or loss and other comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases. a. Associates When the Group has the power to participate in (but not control) the financial and operating policy decisions of another entity, it is classified as an associate. Associates are initially recognised in the consolidated statement of financial position at cost. The Group s share of post-acquisition profits and losses is recognised in the consolidated and separate statement of profit or loss and other comprehensive income except that losses in excess of the Group s investment in the associate are not recognised unless there is obligation to make good those losses. Profit and losses arising on transactions between the Group and its associates are recognised only to the extent of CHAMS PLC 2016 ANNUAL REPORT 47

48 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 unrelated investor s interest in the associate. The investor s share in the associate s profits and losses resulting from these transactions is eliminated against the carrying value of the associates. Any premium paid for an associate above the fair value of the Group s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the associate. Where there is objective evidence that the investment in the associate has been impaired, the carrying amount of the investment is tested for impairment in the same way as other non financial assets. b. Joint Venture "A joint venture is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the strategic financial and operating policy decisions relating to the activities require the unanimous consent of the parties sharing control. The Group reports its interests in jointly controlled entities using the equity method, which involves recognition in the consolidated income statement of Chams Plc s share of the net results of the joint ventures for the year. Accounting policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. Chams Plc s interest in a joint venture is carried in the statement of financial position at its share in the net assets of the joint venture together with goodwill paid on acquisition, less any impairment loss. When the share in the losses exceeds the carrying amount of an equity-accounted company (including any other receivables forming part of the net investment in the company), the carrying amount is written down to nil and recognition of further losses is discontinued, unless we have incurred legal or constructive obligations relating to the company in question" v. Segment reporting An operating segment is a component of an entity: a) That engages in business activities from which it may earn revenues and incur expenses (including inter group transactions). b) Whose operating results are regularly reviewed by the entity s chief operating decision maker to make decisions about resources to be allocated to the segments and assess its performance and c) For which discrete financial information is available The Company has three main business segments: Identity Management and solutions Payments, Collections and Transactional Systems ICT Training Revenue and cost reporting are directly related to the segments. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision makers. The chief operating decision makers have been identified as the members of the management team including the Group Managing Director. All reported revenue and related costs of each segments are reconciled. a. Identity management Chams Plc is a regional resource centre for identification solutions for clients ranging from corporations, educational bodies to national government. 48 CHAMS PLC 2016 ANNUAL REPORT

49 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 The Group's identity management activities will include prometrics, biometrics identification with applications in the financial, healthcare, corporate and other public fields. Chamscity: is the major hub for large and nationwide Biometrics, data management, online real-time examinations and conferences etc. It offers a unique infrastructural backbone for the realisation of net national identification schemes and projects. Under the Group Operations it provide identity management through our subsidiary companies such as: Card Centre Limited This is an operator of one of the world s largest card manufacturing and personalising factory. It also has Smart and Chip Card expertise engaging efficient and effective technologies for card personalisation, identity card enrolment logistic and access control. b. Payments, collections and transactional systems The payment systems involve building, developing and maintenance of ICT infrastructures across the nation through its companies by helping Nigeria move seamlessly with the world s trend of cashless economy. Under the Group Operations, it provide payment platforms through our subsidiary companies such as: ChamsAccess Limited Deploys across the nation the premium automated teller machines and self-service Chams Access Service Terminals (CAST) and acess control. ChamsSwitch Limited Set up to build an enabling infrastructure to ensure unimpeded expansion of all other E-payment initiatives of Chams Group. ChamsMobile Limited/Naira.com Setting up mobile payment platforms that will allow users carry out transactions through their mobile phones. These transactions ranges from funds transfer and airtime top-up to balance equiry etc. Paymaster Limited Specialises in deployment of POS terminals with e-payment, vouchers, identity, loyalty, and more financing banking applications. c. All non current assets under each segment are geographically analysed. d. Others: Terminal and printers and recharge card aspect of Card Center vi. Property, plant and equipment Items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly attributable costs and the estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding liability is recognised within provisions. Freehold buildings are subsequently carried at fair value, based on periodic valuations by a professionally qualified valuer. These revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Changes in fair value are recognised in other comprehensive income and accumulated in the revaluation reserve except to the extent that any decrease in value in excess of the credit balance on the revaluation reserve, or reversal of such a transaction, is recognised in profit or loss. CHAMS PLC 2016 ANNUAL REPORT 49

50 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 Freehold land is not depreciated. Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. The expected useful lives of property, plant and equipment are as follows: Leasehold improvement Building Computers and other IT equipment Furniture and fittings Plant and machineries Motor vehicles IT Software Over the shorter of the useful life of the item 50 years 4 years 4 years 7 years 4 years 5 years At the date of revaluation, the accumulated depreciation on the revalued freehold property is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. The excess depreciation on revalued freehold buildings, over the amount that would have been charged on a historical cost basis, is transferred from the revaluation reserve to retained earnings when freehold buildings are expensed through the consolidated and separate statement of profit or loss and other comprehensive income (e.g. through depreciation, impairment). On disposal of the asset the balance of the revaluation reserve is transferred to retained earnings. Derecognition An item of property, plant and equipment is derecognised on disposal when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in profit and loss in the year the asset is derecognised. At each statement of financial position date, the Group assesses whether there is any indication that an asset may be impaired. If any such exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the smallest generating unit to which the asset belongs. If there is an indication that an asset is impaired, the carrying amount of the asset is reduced to its recoverable amount. Impairment losses are recognised immediately in the income statement. vii. Leases Leases in which substantially all the risks and rewards incidental to the ownership of the leased asset have been transferred to the Group (a finance lease), the asset is treated as if it has been purchased outright. Upon initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset. The interest element of the lease is charged to the consolidated statement of comprehensive income over the period of the lease. Leases order than finance lease are operating lease and are not recognised as assets in the books. lease expenses are charged to the statement of profit or loss and other comprehensive income. 50 CHAMS PLC 2016 ANNUAL REPORT

51 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 viii. Intangible asset Internally generated intangible assets primarily comprised internally developed software. Such software as well as other internally generated assets for internal use are valued at cost and amortised over their useful lives. Impairments are recorded if the carrying amount of the asset exceeds the recoverable amount. Development costs include, in addition to those costs attributable to the development of the asset, an appropriate proportion of overhead costs. Borrowing costs are capitalised to the extent that they are material and related to the period over which the asset is gene ix. Goodwill Goodwill represents an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately re-organised. Cost comprises of assets given, liabilities assumed and equity instruments issued, plus the amount of any non controlling interests in the business acquired plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in case of contingent consideration classified as financial liability, measured subsequently through profit and loss. Goodwill is capitalized as an intangible asset with any impairment (The Company is required to test on annual basis whether goodwill has suffered impairment) in carrying value being charged to the consolidated statement of comprehensive income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated statement of comprehensive income on the acquisition date. x. Inventories Inventories are stated at the lower of cost and net realisable value. Inventories include Scanner and Computers for biometric data capture and versity books for training and are stated at cost, which is arrived at using the average cost method. Net realisable value is the estimated selling price in the ordinary course of business. Cost comprises purchase price and other incidental cost in bringing the inventory to the warehouse. Write down on inventories of spare parts and consumables are calculated by comparing book value and probable net realizable value after a specific analysis of obsolescence of inventory. xi. Financial Instruments Recognition, Initial measurement and derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instruments and are measured initially at fair value adjusted by transaction costs, except for those carried at fair value through profit or loss which are measured initially at fair value. Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire, or when the financial assets and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Classification and subsequent measurement of financial assets For the purpose of subsequent measurement, financial assets other than those designated and effective as hedging instruments are classified into the following categories upon initial recognition: Loans and receivables CHAMS PLC 2016 ANNUAL REPORT 51

52 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 Financial assets at fair value through profit or loss (FVTPL) Held-to-maturity (HTM) investments Available-for-sale (AFS) financial assets All financial assets except for those at FVTPL are subject to review for impairment at least yearly to identify whether there is any objective evidence that a financial asset or a group of financial assets is impaired. All income and expenses relating to financial assets that are recognised in the profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses. Loans and receivables Loans and receivables are non derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial recognition, these are measured at amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect of discounting is immaterial. The group s cash and cash equivalents, trade and other receivables fall into this category of financial instruments. Individual significant receivables are considered for impairment when they are past due or when objective evidence is received that a specific counterparty will default. Receivables that are not considered to be individually impaired are reviewed for impairment in groups, which are determined by reference to the industry and region of a counterparty and other shared risk characteristics. The impairment loss estimate is then based on recent historical counterparty default rates for each identified group. Financial assets at FVTPL Financial assets at FVTPL include financial assets that are either classified as held for trading or that meet certain conditions and are designated at FVTPL upon initial recognition. All derivative financial instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply. Assets in this category are measured at fair value with gains or losses recognised in profit or loss. The fair values of financial assets in this category are determined by reference to active market transactions or using a valuation technique where no active market exists. Held to maturity asset HTM investments are non derivative financial assets with fixed or determinable payments and fixed maturity other than loans and receivables. Investments are classified as HTM if the group has the intention and ability to hold them until maturity. HTM investments are measured subsequently at amortised cost using the effective interest method. If there is objective evidence that the investment is impaired, determined by reference to external credit ratings, the financial asset is measured at the present value of estimated future cash flows. Any changes to the carrying amount of the investment including impairment losses are recognised in profit or loss. Available for sales financial assets AFS financial assets are non derivative financial assets that are either designated to this category or do not qualify for inclusion in any of the other categories of financial assets. The group s AFS financial assets include unquoted equity investment in Joint Komputer Kompany Limited. The equity investment in Joint Komputer Kompany Limited is measured at cost less any impairment charges, as 52 CHAMS PLC 2016 ANNUAL REPORT

53 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 its fair value cannot currently be estimated reliably. Impairment charges are recognised in profit or loss. All other AFS financial assets are measured at fair value. Gains and losses are recognised in other comprehensive income and reported within the AFS reserve within equity, except for impairment losses and foreign exchange differences on monetary assets, which are recognised in profit or loss. When the asset is disposed of or is determined to be impaired, the cumulative gain or loss recognised in other comprehensive income is reclassified from the equity reserve to profit or loss and presented as a reclassification adjustment within other comprehensive income. Interest is calculated using the effective interest rate method and dividends are recognised in profit or loss within finance income. Reversals and impairment losses are recognised in other comprehensive income, except for financial assets that are debt securities which are recognised in profit or loss only if the reversal can be objectively related to an event occurring after the impairment loss was recognised. xii. Prepayments Prepayments are payments made in advance relating to the following year and are recognised and carried at original amount less amounts utilised in the statement of profit or loss and other comprehensive income. xiii. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less. For the purpose of the statement of cash flows, bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position. xiv. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. xv. De-recognition of financial liabilities The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in income statement. xvi. Borrowings costs Borrowing costs are interest and other costs that the entity incurs in connection with the borrowing of funds. Borrowing costs on qualifying capital expenditure are capitalized while others are expensed. xvii. Employee benefits a. Short - term employee benefits All short term employee benefits payable within 12 months after service is rendered, the undiscounted amount of the benefits expected to be paid in respect of service rendered by employees in a period should be recognized in that period. All benefits that are due or outstanding as at the end of the year are accrued for. CHAMS PLC 2016 ANNUAL REPORT 53

54 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 b. Defined contribution plans The Company operates a defined contribution plan as stipulated in the Pension Reform Act, Under the defined contributory scheme, the Company contributes 10%, while its employees contribute 8% of their annual basic, housing and transport allowances to the scheme. Once the contributions have been paid, the Company retains no legal and constructive obligation to pay further contributions if the fund does not hold sufficient assets to finance benefits accruing under the retirement benefit plan. The Company's obligations are recognised in the statements of comprehensive income as administrative expenses (employee benefits) when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or reduction in the future payments is available. c. Termination benefits Termination benefits would be recognized when and only when, the Group is demonstrably committed to either terminate the employment of an employee or group of employees before the normal retirement date or provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. The Group shall recognize termination benefits as an expense when the Group is demonstrably committed with a detailed formal plan for the termination without realistic possibility of withdrawal. xviii. Income tax Expenses on income tax comprise current and deferred tax. Current tax is the expected tax payable on taxable income or loss for the year, using tax rates enacted by the Government. Current tax assets and liabilities will be offset on the statement of financial position. Deferred tax is provided using the statement of financial position method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for taxation purposes. A deferred tax asset is recognized only to the extent that it is probable that future taxable profit will be available against which the asset can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Additional income taxes that arise from the distribution of dividend by the Group are recognized at the same time as the liability to pay the related dividend is recognized. xix. Share capital and share premium Shares are classified as equity when there is no obligation to transfer cash or other assets. Any amounts received over and above the par value of the shares issued are classified as share premium in equity. Incremental costs directly attributable to the issue of equity instruments are shown in equity as a deduction from the proceeds, net of tax. Financial instruments issued by the Group are classified as equity only to extent that they do not meet the definition of a financial liability or financial asset. The Group's ordinary shares are classified as equity instruments. xx. Reserves Reserves include all current and prior period retained earnings. xxi. Dividends on ordinary shares "Dividends on ordinary shares are recognised as a liability and deducted from equity when they become legally payable. Interim dividends are deducted from equity when they are declared and no longer at the discretion of the shareholders. In the case of final dividends, this is when approved by the shareholders at the Annual General 54 CHAMS PLC 2016 ANNUAL REPORT

55 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 Meeting. xxii. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. xxiii. Impairment of financial instruments The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after initial recognition of the asset (a 'loss event') and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation, and where observable data indicates that there is a measurable decrease in the estimated future cash flows such as changes in arrears or economic conditions that correlate with defaults. For the loans and receivables category, the amount of the loss is measured as the difference between the asset s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognised in the income statement. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the company may measure impairment on the basis of an instrument s fair value using an observable market price. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor s credit rating), the reversal of the previously recognised impairment loss is recognised in the income statement. xxiv. Provisions, Contingent Assets and Liabilities Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of economic resources will be required from the group and the amounts can be estimated reliably. Timing or amounts of the outflow may still be uncertain. Provisions are measured at the estimated amounts required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values when the time value of money is material. xxv. Related party transactions "Related parties include the related companies, the directors and any employee who is able to exert significant influence on the operating policies of the company. Key management personnel are also considered related CHAMS PLC 2016 ANNUAL REPORT 55

56 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 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. The Company considers two parties to be related if, directly or indirectly one party has the ability to control the other party or exercise significant influence over the other party in making financial or operating decisions. Where there is a related party transactions with the company, the transactions are disclosed separately as to the type of relationship that exists with the company and the outstanding balances necessary to understand their effects on the financial position and the mode of settlement" Accounting classification and fair value of financial assets and liabilities The table below sets out the carrying amounts and fair values of the Group's financial assets and financial liabilities: HELD FOR TRADING CARRIED AT FAIR VALUE LOANS AND RECEIVABLES CARRIED AT AMORTISED COST AVAILABLE FOR SALE INVESTMENTS CARRIED AT COST TOTAL CARRYING AMOUNT FAIR VALUE 31 December 2016 N 000 N 000 N 000 N 000 N 000 Financial assets Cash and cash equivalents - 183, , ,327 Investment in Joint Komputer Kompany Plc , , ,000 Trade and other receivables - 2,369,241-2,369,241 2,369,241-2,552, ,000 2,652,568 2,652,568 Financial liabilities Trade and other payables - 3,289,812-3,289,812 3,289,812 Loans and borrowings - 226, , ,194-3,516,006-3,516,006 3,516, December 2015 Financial assets Cash and cash equivalents - 157, , ,445 Investment in Joint Komputer Kompany Plc , , ,000 Trade and other receivables - 3,545,431-3,545,431 3,545,431-3,702, ,000 3,802,876 3,802,876 Financial liabilities Trade and other payables - 4,005,028-4,005,028 4,005,028 Loans and borrowings - 553, , ,358-4,558,386-4,558,386 4,558, CHAMS PLC 2016 ANNUAL REPORT

57 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER FINANCIAL RISK MANAGEMENT The Group is exposed through its operations to the following risks: Reputational risk Technology risk Legal Risk Credit risk Fair value or cash flow interest rate risk Foreign exchange risk Other market price risk, and Economic government/political risk. In common with all other business, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. There have been no substantive changes in the Group s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous years unless otherwise stated in this note. The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows: Trade receivables Cash and cash equivalents Investments in unquoted equity securities Trade and other payables Bank overdrafts Floating-rate bank loans Forward currency contracts General objectives, policies and processes The Board has overall responsibility for the determination of the Group s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group s finance function. The Board receives quarterly reports from the Financial Controller through which it reviews and monitors performance. The Group s internal auditors also review the risk management policies and processes and report their findings to the Audit Committee. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group s competitiveness and flexibility. Further details regarding these policies are set out below: Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual CHAMS PLC 2016 ANNUAL REPORT 57

58 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy to assess the credit risk of new customers before siging contracts. Such credit ratings are taken into account by business practices. The Finance Committee has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group s standard payment and delivery terms and conditions are offered from the Finance Committee. The Finance Committee determines concentrations of credit risk by quarterly monitoring the creditworthiness rating of existing customers and through a monthly review of the trade receivables ageing analysis. In monitoring the customers credit risk, the Group ensures that substantial amount of the outstanding balance is paid before future credit sales are made to the customers. Credit risk also arises from cash and cash equivalents with banks and financial institutions. For banks and financial institutions, the Group consider banks that have been approved by the Central Bank of Nigeria. Further disclosures regarding trade and other receivables, which are neither past due nor impaired, are provided in note 19. Cash in bank and short-term deposits A significant amount of cash is held with the following institutions: 31 DECEMBER DECEMBER 2015 CASH AT BANK CASH AT BANK N 000 N 000 Zenith International Bank Plc 22,717 22,862 First Bank of Nigeria Limited 51,320 25,927 Access Bank Plc 31,371 47,990 Wema Bank Plc 13,531 1, ,939 98,386 The Finance Committee monitors the utilisation of the credit limits regularly and at the reporting date does not expect any losses from non-performance by the counterparties. Market risk Market risk arises from the Group s use of tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates (currency risk) or other market factors (other price risk) Fair value and cash flow interest rate risk The Group is exposed to cash flow interest rate from borrowings at floating rate. It is currently Group policy that all existing floating rate borrowings are restructured to fixed rates in order to mitigate against frequent fluctuation in interest rate.this policy is managed across the Group by individual treasury units. Although the board accepts that this policy neither protects the Group entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash flow risk associated with variability in interest payments, it considers that it achieves an apropriate balance of exposure to these risks. During 2016 and 2015, the Group s borrowings at variable rate were denominated in Naira The Group analysis the interest rate exposure on a quarterly basis. A sensitivity analysis is performed by applying a simulation technique to the liabilities that represent major interest bearing positions. Based on the various scenarios the Group then manages its cash-flow interest rate risk by changing from using floating-to-fixed interest rate. 58 CHAMS PLC 2016 ANNUAL REPORT

59 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 Foreign exchange risk Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group s policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. Where group entities have liabilities denominated in a currency other than their functional currency (and have insufficient reserves of that currency to settle them), cash already denominated in that currency will, where possible, be transferred from elsewhere within the Group. In order to monitor the continuing effectiveness of this policy, the Board recieves a monthly forcast, analysed by the major currencies held by the Group, of liabilities due for settlement and expected cash reserves. The Group is currently not expose to foreign exchange risk as it does not have any liability to be settled in foreign currency. Liquidity risk Liquidity risk arises from the Group s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facilities) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by fixing interest rates (and hence cash flows) on a portion of its long-term borrowing. The Board receives rolling 12-month cash flow projections on a monthly basis as well as information regarding cash balances. At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances and will not need to seek for overdraft facilities. The Group currently maintains a no borrowing Philosophy. The liquidity risk of each entity is managed by the treasury function within the entity. To ensure efficiency in liquidity management, the treasury unit manages the funds for each projects within the Group. Projects within each entity are seen as being self funding. The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities: BELOW BETWEEN ABOVE TOTAL 1 YEAR 1 TO 2 YEARS 3 YEARS At 31 DECEMBER 2016 N 000 N 000 N 000 N 000 Trade and other 3,289, ,289,812 payables Loans and borrowings 226, ,194 Total 3,516, ,516,006 BETWEEN BETWEEN ABOVE TOTAL 1 YEAR 1 TO 2 YEARS 3 YEARS AT 31 DECEMBER 2015 N 000 N 000 N 000 N 000 Trade and other 4,005, ,005,028 payables Loans and borrowings 553, ,358 Total 4,558, ,558,386 CHAMS PLC 2016 ANNUAL REPORT 59

60 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 Capital Disclosures The Group monitors adjusted capital which comprises all components of equity (i.e. share capital share premium, non-controlling interest, retained earnings, and revaluation reserves) The Group s objectives when maintaining capital are: to safeguard the entity s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital on the basis of the debt to adjusted capital ratio. This ratio is calculated as net debt adjusted capital as defined above. Net debt is calculated as total debt (as shown in the consoidated statement of financial positon) less cash and cash equivalents. Due to recent market uncertainty, the Group s strategy is to preserve a strong cash base and achieve a debt-toadjusted-capital ratio of approximately 4-5% (2015: 20-22%). The objective of this strategy is to secure access to finance at reasonable cost by maintaining a high credit rating. The debt-to-adjusted-capital ratios at 31 December 2016 and at 31 December 2015 were as follows: N 000 N 000 Loans and borrowings 226, ,358 Less: cash and cash equivalents (183,327) (157,445) Net debt 42, ,913 Total equity 1,835,741 3,354,352 Total adjusted capital 1,835,741 3,354,352 Debt to adjusted capital ratio (%) 2% 11.80% The decrease in the debt to adjusted capital ratio during 2016 resulted primarily from the decrease in net debt arising from settlement of outstanding loans and borrowings during the year. 60 CHAMS PLC 2016 ANNUAL REPORT

61 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER SEGMENT INFORMATION IDENTITY MANAGEMENT & SOLUTION OTHERS TOTAL Segment Information (Group) 2016 N 000 N 000 N 000 Revenue 1,482,037-1,482,037 Cost of sales (788,580) - (788,580) Gross profit 693, ,457 Total gross profit from external customers 693, ,457 Group gross profit per consolidated statement of comprehensive 693, ,457 income Depreciation (155,261) - (155,261) Segment profit 538, ,196 Other operating income 407,161 Depreciation of head office building (46,812) Finance expenses (15,909) Finance income 1,669 Administrative expenses (2,356,222) Group profit before tax (1,471,917) Segment financial position as at 31 DECEMBER 2016 Property plant and equipment (carrying amount) 2,936,146-2,936,146 Long term investments 100, ,000 Intangible assets 157, ,140 Investment projects Deferred taxation Current assets 2,840,150-2,840,150 Current liabilities 4,197,695-4,197,695 Net assets as at 31 DECEMBER ,231,131-10,231,131 Segment information (Group) 2015 N 000 N 000 N 000 Revenue 1,133, ,331 1,610,478 Cost of sales (913,742) (307,779) (1,221,521) Gross profit 219, , ,957 Total gross profit from external customers 219, , ,957 Group gross profit per consolidated statement of comprehensive income 219, , ,957 Depreciation (63,509) (169,323) (232,832) Segment profit 155, ,125 Other operating income 158,260 Depreciation of head office building (40,000) Finance expenses (161,512) Finance income 51 Administrative expenses (3,505,944) Group loss before tax (3,393,020) CHAMS PLC 2016 ANNUAL REPORT 61

62 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 IDENTITY MANAGEMENT & SOLUTION OTHERS TOTAL N 000 N 000 N 000 Segment financial position as at 31 December 2015 Property plant and equipment (carrying amount) 2,571, ,927 3,106,027 Long term investments - 100, ,000 Intangible assets 84,641-84,641 Investment projects 145,259 78, ,049 Deferred taxation 285, ,051 Current assets 4,103, ,650 4,760,602 Current liabilities (4,491,296) (714,722) (5,206,018) Net assets as at 31 December ,698, ,645 3,354,352 Segment information (Company) 2016 N 000 N 000 N 000 Revenue 641, ,435 Cost of sales (273,689) - (273,689) Gross profit 367, ,746 Total gross profit from external customers 367, ,746 Gross profit per statement of comprehensive income 367, ,746 Depreciation (63,121) (63,121) Segment Profit 304, ,625 Other operating income 397,450 Other expenses - Depreciation of head office building (46,812) Finance expenses (15,520) Administrative expenses (4,961,646) Company loss before tax as at 31 DECEMBER 2016 (4,321,903) Segment financial position as at 31 DECEMBER 2016 N 000 N 000 N 000 Property plant and equipment (carrying amount) 2,262,419-2,262,419 Long term investments 100, ,000 Intangible assets 75,652-75,652 Investment projects Deferred taxation Current assets 2,419,904-2,419,904 Current liabilities 2,834,829-2,834,829 Net assets 7,692,804-7,692, CHAMS PLC 2016 ANNUAL REPORT

63 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 IDENTITY MANAGEMENT & SOLUTION OTHERS TOTAL Segment information (Company) 2015 N 000 N 000 N 000 Revenue 914, ,929 Cost of sales (757,571) - (757,571) Gross profit 157, ,358 Total gross profit from external customers 157, ,358 Gross profit per statement of comprehensive income 157, ,358 Depreciation (36,570) - (36,570) Segment Profit 120, ,788 Other operating income 176,179 Other expenses - Depreciation of head office building (40,000) Finance expenses (155,538) Administrative expenses (2,618,204) Company profit before tax as at 31 December 2015 (2,516,775) Segment financial position as at 31 December 2015 N 000 N 000 N 000 Property plant and equipment (carrying amount) 2,028,171-2,028,171 Long term investments 1,945,985-1,945,985 Intangible assets 83,303-83,303 Investment projects 224, ,048 Deferred taxation 285, ,051 Current assets 6,266,834-6,266,834 Current liabilities (3,848,736) - (3,848,736) Net assets 6,984,656-6,984, COST OF SALES GROUP COMPANY Analysis by operations N 000 N 000 N 000 N 000 Biometric 258, , , ,104 Training 3, ,467 3, ,467 ATM 6,788 12, Switching 10,125 19, Scratch Cards and consumables 398, , Kiosks and Booths - 5, Maintenance 62, Clearing 26,863 2, Other direct costs 21,239 10,070 11, ,580 1,221, , , OTHER OPERATING INCOME N 000 N 000 N 000 N 000 Rental Income ,612 22,063 Miscellaneous income 23,581-1,614 - Discount received 94,713 15,795 90,519 12,001 Waiver received on loan repayment 184, ,702 - Provision for bad debt no longer required 5, Loss from disposal of property, plant and equipment - (947) - (1,297) Exchange difference 99, ,412 99, ,412 Total 407, , , ,179 CHAMS PLC 2016 ANNUAL REPORT 63

64 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER FINANCE INCOME AND EXPENSE GROUP COMPANY N 000 N 000 N 000 N 000 Interest received on bank deposits 1, Total finance income 1, Finance expenses N 000 N 000 N 000 N 000 Interest expense on loans and overdraft 15, ,512 15, ,538 Total finance expenses 15, ,512 15, ,538 Net finance expenses recognised in income statement (14,240) (161,461) (15,520) (155,538) 11. EARNINGS PER SHARE GROUP COMPANY N 000 N 000 N 000 N 000 Loss for the year used in basic EPS (1,428,710) (3,251,697) (1,908,433) (2,519,174) Loss used in diluted EPS (1,428,710) (3,251,697) (1,908,433) (2,519,174) Denominator Weighted average number of shares used in basic EPS 4,696,060 4,696,060 4,696,060 4,696,060 Weighted average number of shares used in diluted EPS 4,696,060 4,696,060 4,696,060 4,696,060 (25)k (69)k (39)k (54)k 64 CHAMS PLC 2016 ANNUAL REPORT

65 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER (A) PROPERTY, PLANT AND EQUIPMENT (GROUP) LAND BUILDING PLANT AND MACHINERY FIXTURES AND FITTINGS COMPUTER EQUIPMENT EQUIPMENT MOTOR VEHICLE TOTAL Cost/valuation N 000 N 000 N 000 N 000 N 000 N 000 N 000 N 000 Balance at 1 January ,009 2,000,000 1,903, , ,120 1,156, ,654 6,100,101 Additions ,106 12,905 3,960 6,500 25,471 Disposals (28,342) - (6,205) (34,547) Balance at 31 December ,667 2,000,000 1,896, , ,025 1,160, ,154 6,091,025 Balance at 1 January ,667 2,000,000 1,896, , ,025 1,160, ,154 6,091,025 Additions , ,720 33,847 Transfers - - (324,630) , Acc depreciation on assets transferred - - (670,206) (670,206) Write off (225) (27,348) (37,826) (65,399) Balance at 31 December ,667 2,000, , , ,881 1,458, ,048 5,389,267 Accumulated depreciation Balance at 1 January , , ,155 1,108, ,821 2,741,572 Depreciation charge for the year - 40, ,141 3,763 22,684 14,538 10, ,477 Disposals - - (6,051) (6,051) Balance at 31 December , , , ,839 1,123, ,172 2,984,998 Balance at 1 January , , , ,839 1,123, ,172 2,984,998 Depreciation charge for the year - 46,812 78,627 1,444 7,241 54,565 13, ,005 Accummulated depreciation on - - (670,206) (670,206) assets transferred Write off (74) (25,805) (37,798) (63,677) Balance at 31 December , , , ,006 1,151, ,691 2,453,121 Carrying amount as at: 31 December ,667 1,960, ,336 1,692 22,186 37,164 24,982 3,106, December ,667 1,913, ,657 1,000 36, ,402 21,358 2,936,146 Bank borrowings are secured on the Group s buildings. The outstanding loan for the year amounted to N million (2015: N million) CHAMS PLC 2016 ANNUAL REPORT 65

66 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER (B) PROPERTY, PLANT AND EQUIPMENT (COMPANY) LAND BUILDING PLANT AND MACHINERY FIXTURES AND FITTINGS COMPUTER EQUIPMENT EQUIPMENT MOTOR VEHICLE TOTAL Cost/valuation N 000 N 000 N 000 N 000 N 000 N 000 N 000 N 000 Balance at 1 January ,572 2,000,000 84, ,298 63, , ,268 3,537,344 Additions ,485 10,128 1,666-13,279 Disposals (28,342) - (6,205) (34,547) Balance at 31 December ,230 2,000,000 78, ,783 73, , ,268 3,516,076 Balance at 1 January ,230 2,000,000 78, ,783 73, , ,268 3,516,076 Additions , ,122 Transfers in , ,630 write off (27,348) (37,826) (65,174) Balance at 31 December ,230 2,000,000 78, ,283 93,838 1,240, ,442 3,796,654 Accumulated depreciation Balance at 1 January , ,623 41, , ,531 1,417,386 Depreciation charge for the year - 40,000 6,395 1,534 14,643 4,459 9,539 76,570 Disposals - - (6,051) (6,051) Balance at 31 December ,000 75, ,157 55, , ,070 1,487,905 Balance at 1 January ,000 75, ,157 55, , ,070 1,487,905 Depreciation charge for the year - 46,812 1,666 1,236 6,243 44,608 9, ,933 Write off (25,805) (37,798) (63,603) Balance at 31 December ,812 76, ,393 62, , ,640 1,534,235 Carrying amount as at: 31 December ,230 1,913,188 1,303 1,890 31, ,382 9,803 2,262, December ,230 1,960,000 2,969 2,626 17,245 5,903 19,198 2,028, CHAMS PLC 2016 ANNUAL REPORT

67 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER INVESTMENT PROJECTS: GROUP COMPANY Investment projects N 000 N 000 N 000 N 000 Chams Varsity 4,083 4,083 4,083 4,083 Chams.Net - 40,796-40,796 Chams Wallet - 6,290-6,290 Chams Consortium 146, , , ,259 Chams Mobile Limited 27,620 27,620 27,620 27,620 Allowance for impairments (177,832) - (177,832) - Total - 224, ,048 Investment projects represent expenses incurred on behalf of Chams Varsity, Chams.Net and Chams Wallet divisions, and will be converted to shares when these divisions become subsidiaries. The chams.net and chams wallet were transfered to Chams Switch by the board resolution of Board of directors of Chams Plc meeting held on 18 July ChamsAccess Limited Deploys across the nation the premium automated teller machines and self-service Chams Access Service Terminals (CAST) ChamsSwitch Limited Set up to build an enabling infrastructure to ensure unimpeded expansion of all other E-payment initiatives of Chams Group ChamsMobile Limited Setting up more mobile payment platforms that will allow users to carry out transactions through their mobile phones. These transactions range from funds transfer and airtime top-up to balance enquiry etc. Paymaster Limited Specialises in deployment of POS terminals with e-payment, vouchers, identity, loyalty and more financing & banking applications. CHAMS PLC 2016 ANNUAL REPORT 67

68 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER (a) INTANGIBLE ASSETS - GROUP MASTERVERVE CERTIFICATE NAIRA.COM NCC LICENCES SOFTWARE DEVELOPMENT TOTAL Cost N 000 N 000 N 000 N 000 N 000 Balance at 1 January , , , ,481 Additions - externally acquired 24,150 68, ,795 Balance at 31 December ,282 68, , , ,276 Balance at 1 January , , , ,011 Additions - externally acquired 10, ,470 Balance at 31 December , , , ,481 Amortisation Balance at 1 January , ,000 42, ,840 Amortisation charge for the year 8,596 4,050-7,650 20,296 Balance at 31 December ,390 4, ,000 49, ,136 Balance at 1 January ,000 34, ,396 Amortisation charge for the year 22, ,650 30,444 Balance at 31 December , ,000 42, ,840 Carrying amount as at: 31 DECEMBER ,892 64,595-75, , December , ,303 84,641 Intangible assets represent the value of NCC licence acquired from SmartCity by Card Center Nigeria Limited, Software Development Cost acquired from Supercard Limited by Chams Plc recognised in the books in 2011 and Naira.com an internet based payment solution platform transfered by Chams Plc to Chams switch. The NCC licence and software development cost have a lifespan of 10 years, which should be amortized by straight line method at 10% p.a. while the naira.com has a lifespan of 5years and it should be amortised on straight line method at 20%. Amortisation charges on the group s intangible assets are recognised in the administrative expenses line item in the statement of profit or loss and other comprehensive income. 68 CHAMS PLC 2016 ANNUAL REPORT

69 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER (B) INTANGIBLE ASSETS - COMPANY SOFTWARE DEVELOPMENT TOTAL Cost N 000 N 000 Balance at 1 January , ,349 Additions - externally acquired - - Additions - internally developed - - Balance at 31 DECEMBER , ,349 Balance at 1 January , ,349 Additions - externally acquired - - Additions - internally developed - - Balance at 31 December , ,349 Amortisation Balance at 1 January ,047 42,047 Amortisation charge for the year 7,650 7,650 Balance at 31 DECEMBER ,697 49,697 Balance at 1 January ,397 34,397 Amortisation charge for the year 7,650 7,650 Balance at 31 December ,047 42,047 Carrying amount as at: 31 December ,652 75, December ,302 83,302 Intangible assets represent the value of Software Development Cost acquired from Supercard Limited by Chams Plc recognised in the books in CHAMS PLC 2016 ANNUAL REPORT 69

70 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER INVESTMENT IN SUBSIDIARIES a. Composition of the Group NAME OF THE SUBSIDIARY COUNTRY OF INCORPORATION AND PRINCIPAL PLACE OF BUSINESS PRINCIPAL ACTIVITIES PROPORTION OF OWNERSHIP INTERESTS HELD BY THE GROUP Card Centre Nigeria Limited Nigeria Printing of payment/ financial cards Chams Access Limited Nigeria Development of ATM, POS, printers and terminals Chams Switch Limited Nigeria Processing of electronic payment 90.63% 90.63% 67.80% 68.37% 90% 90% CARD CENTRE NIGERIA LIMITED CHAMS ACCESS LIMITED CHAMSSWITCH LIMITED N 000 N 000 N 000 As at 31 DECEMBER 2016 Revenue 335, ,906 65,756 Cost of sales (288,644) (214,343) (11,905) Gross profit 47, ,563 53,851 Other operating income 30, ,160 Administrative expenses (629,276) (341,560) (46,630) (Loss)/profit from operating activities (551,393) (116,420) 13,381 Net finance (cost)/income (380) 1, (Loss)/profit before taxation (551,773) (115,326) 13,947 Taxation (4,643) (5,537) (1,920) (Loss)/profit after tax for the year (556,416) (120,863) 12,027 Loss allocated to NCI (52,136) (38,918) 1,203 Other comprehensive income allocated to NCI Total comprehensive income allocated to NCI (52,136) (38,918) 1,203 Cash flows from operating activities 23,265 11,598 69,747 Cash flows from investing activities (34,706) 854 (70,288) Cash flows from financing activities Net cash (outflow)/inflow (11,441) 12,452 (541 ) As at 31 DECEMBER 2016 Total assets 960, , ,390 Total liabilities (1,713,434) (1,349,244) (780,489) Equity (758,135) (1,081,338) (610,099) Percentage of holding 90.63% 67.80% 90% 70 CHAMS PLC 2016 ANNUAL REPORT

71 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 As at 31 December 2015 CARD CENTRE NIGERIA LIMITED CHAMS ACCESS LIMITED CHAMSSWITCH LIMITED N 000 N 000 N 000 Revenue 351, ,782 66,016 Cost of sales (242,120) (202,160) (19,670) Gross profit 109,631 75,622 46,346 Other operating income 350 2, Administrative expenses (624,435) (391,994) (89,636) Loss from operating activities (514,454) (313,445) (42,423) Net finance cost/income (5,973) 50 - Loss before taxation (520,427) (313,395) (42,423) Taxation (4,663) (3,311) (1,923) Loss after tax for the year (525,090) (316,706) (44,346) Loss allocated to NCI (49,201) (100,174) (4,435) Other comprehensive income allocated to NCI Total comprehensive expense allocated to NCI (49,201) (100,174) (4,435) Cash flows from operating activities (89,483) (60,620) 23,476 Cash flows from investing activities (19,940) (1,388) (934) Cash flows from financing activities Net cash (outflows)/inflows (109,423) (62,008) 22,542 As at 31 December 2015 Total assets 1,483, ,028 92,596 Total liabilities 1,684,976 1,722, ,722 Equity (201,719) (960,475) (622,126) Percentage of holding 90.63% 68.37% 90% Visit our Lagos & Abuja Centres today for state of the art training and testing facilities. w w w. c h a m s p l c. c o m CHAMS PLC 2016 ANNUAL REPORT 71

72 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 b. Subsidiary with material non-controlling interests The Group includes one subidiary, Chams Access Limited with material non-controlling interests (NCI): PROPORTION OF OWNERSHIP INTEREST AND VOTING RIGHTS HELD BY THE NCI LOSS ALLOCATED TO THE NCI ACCUMULATED NCI 31 DECEMBER 31 DECEMBER 31 DECEMBER 31 DECEMBER 31 DECEMBER 31 DECEMBER N 000 N 000 N 000 N 000 N 000 N 000 Chams Access Ltd (38,918) (20,946) (678,804) (578,629) No dividends were paid on the NCI during the years 2016 and Summarised financial information for Chams Access Limited intragroup eliminations, is set out below: N 000 N 000 Non-current assets 401, ,636 Current assets 360, ,946 Total assets 762,028 1,086,582 Non-current liabilities 1,517,374 1,517,374 Current liabilities 205, ,977 Total liabilities 1,722,503 1,730,351 Equity attributable to owners of the parent Non-controlling interests N 000 N 000 Revenue 277, ,135 Loss for the year attributable to owners of the Company (216,532) (45,275) Loss for the year attributable to NCI (38,918) (20,946) Loss for the year (255,450) (66,221) Other comprehensive income for the year (all attributable to owners of the parent) Total comprehensive expense for the year attributable to owners of the Company (216,532) (45,275) Total comprehensive expense for the year attributable to NCI (38,918) (20,946) Total comprehensive income for the year (255,450) (66,221) c. Loss of control over a subsidiary during the year The Group did not lose any control in any subsidiary during 2016 and d. Interest in unconsolidated structured entities The Group has no interests in unconsolidated structured entities e. Investment in associate The Group s only investment in associate is in Paymaster Limited. No dividend was received from Paymaster Limited during 2016 and The investment in Paymaster Limited has been fully provided for based on diminution in value. 72 CHAMS PLC 2016 ANNUAL REPORT

73 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 f. Analysis of investment in subsidiaries GROUP COMPANY N 000 N 000 N 000 N 000 Card Centre Nigeria Limited - - 1,531,302 1,531,302 Chams Access Limited , ,600 Chams Switch Limited , , ,941,153 2,941,153 Impairment provision for value of subsidiaries Card centre Limited - - (981,798) (981,798) Chams Access - - (113,370) (113,370) Chams Switch - Net investment in subsidiaries - - 1,845,985 1,845, INVESTMENT IN EQUITY ACCOUNTED ENTITIES Paymaster Nigeria Limited 263, , , ,471 Impairment allowance for value of investment (263,471) (263,471) (263,471) (263,471) Net investment in associate AVAILABLE FOR SALE FINANCIAL ASSETS Unitec Nigeria Limited 1,500 1,500 1,500 1,500 Joint Komputer Kompany Limited 100, , , , , , , ,500 Impairment provision (1,500) (1,500) (1,500) (1,500) Net Investemnt in equity accounted enties 100, , , ,000 Effective rate (i) DEPOSIT FOR INVESTMENTS N 000 N 000 N 000 N 000 Chams Access - - 1,000,000 - Chams Switch , ,207,092 - CHAMS PLC 2016 ANNUAL REPORT 73

74 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER INVENTORIES GROUP COMPANY N 000 N 000 N 000 N 000 Terminals and consumables 934, ,998 99, ,642 Work in progress - 194, ,485 Goods in transit - 11, Provision for obsolete inventory (647,416) (133,256) a. TRADE AND OTHER RECEIVABLES 287,582 1,057,726 99, ,127 N 000 N 000 N 000 N 000 Trade receivables 3,424,020 3,789,024 3,040,257 3,273,733 Less: provision for impairment of trade receivables (19(d)) (1,476,202) (978,086) (1,314,748) (773,454) Trade receivables - net 1,947,818 2,810,938 1,725,509 2,500,279 Receivables from subsidiary companies (Note 19f(i)) ,206,279 Receivables from related parties (Note 19(f(ii)) 13, , ,109 Loan to related Company (Note 19(c)) , ,378 Total financial assets other than cash and cash equivalents classified 1,961,067 3,146,296 1,918,256 4,556,045 as loans and receivables Prepayments 20,354 10,056 1,667 1,200 Other receivables (Note 19(b)) 387, , ,297 1,274,532 Total trade and other receivables 2,369,241 3,545,431 2,198,220 5,831,777 b. OTHER RECEIVABLES Other receivables N 000 N 000 N 000 N 000 Withholding tax 252, , , ,134 Directors current account 478 2, ,589 VAT 88,299 85,183 62,662 59,916 Deposit for Merchant-petcard SC Deposit for fixed assets ,150 Staff receivables 101, ,835 88,344 89,996 other receivables 25,352 44,550 8,331 8,331 Deposit for shares- Chams Access ,000,000 Less impairment allowance for staff loans and directors current account (Note 19(e)) (80,698) (95,791) (80,698) (95,791) Total other receivables 387, , ,297 1,274,532 c. MOVEMENT IN LOAN TO RELATED COMPANY N 000 N 000 N 000 N 000 Balance at beginning of the year , ,378 Additions during the year Transfer of data center - - (324,631) - Write off - - (10,000) - Balance at the end of the year , ,378 Term loan represents loan given by Chams Plc to Chams Access Limited at interest free rate 74 CHAMS PLC 2016 ANNUAL REPORT

75 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 d. MOVEMENT IN IMPAIRMENT ALLOWANCE FOR TRADE RECEIVABLES GROUP COMPANY N 000 N 000 N 000 N 000 Balance at beginning of the year 978, , , ,804 Additions during the year 552, , , ,650 Write off (54,001) (156,191) - - Balance at the end of the year 1,476, ,086 1,314, ,454 e. MOVEMENT IN IMPAIRMENT ALLOWANCE FOR STAFF LOANS AND OTHER RECEIVABLES N 000 N 000 N 000 N 000 Balance at beginning of the year: Staff debtors 95,791 95,791 95,791 95,791 Directors current account - 66,150-66,150 95, ,941 95, ,941 Write back during the year : Staff debtors (15,093) (66,150) (15,093) (66,150) Balance at the end of the year 80,698 95,791 80,698 95,791 Allowance for doubtful receivables was made on trade and other receivables which have been past due. Receivables are considered to be past due when they exceed the credit period granted. f. RECEIVABLES FROM SUBSIDIARIES AND OTHER RELATED PARTIES i. Receivables from subsidiaries N 000 N 000 N 000 N 000 Card Centre Nigeria Limited - - 1,055,074 1,044,342 Chams Switch Limited ,937 Provision for impairment of amount receivable from subsidiaries - - (1,055,074) ,206,279 ii. Receivables from related parties Chams Consortium 41,875 41,875 41,875 41,875 Paymaster Nigeria Limited - 251, ,896 Chams Mobile 41,667 41,587 28,338 28,338 Provision for impairment of amount receivables from related Company (70,293) - (70,213) - 13, , ,109 The ageing analysis of trade receivables that are past due but not impaired is stated below: N 000 N 000 N 000 N 000 Up to 3 months 41, ,153 41,903 60,718 3 to 6 months 90, ,672 90, ,717 6 to 12 months 570, , , ,719 Over 12 months 1,244,393 1,271,103 1,022,084 1,481,125 1,947,818 2,810,938 1,725,509 2,500,279 Movements in the impairment allowance for trade receivables are disclosed in note 19(d) and 19(e) Other classes of financial assets included within trade and other receivables do not contain impaired assets. CHAMS PLC 2016 ANNUAL REPORT 75

76 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER a. INCOME TAX GROUP COMPANY Current tax expense Current tax on loss for the year: N 000 N 000 N 000 N 000 Company/Minimum Tax 36,274 45,796 26,355 36,083 Education tax 10, ,240 - Capital gain tax - 1,872-1,872 46,696 47,852 34,595 37,955 Deferred tax expense Originating and reversal of temporary differences - (35,556) - (35,556) Total current tax 46,696 12,296 34,595 2,399 b. The reasons for the difference between the actual tax charge for the year and the standard rate of orporate tax in Nigeria applied to profits for the year are as follows: N 000 N 000 N 000 N 000 (Loss)/profit for the year (1,471,917) (3,393,020) (1,873,838) 415,137 Corporate tax at the domestic rate of 30% (2015: 30%) (758,097) (1,017,906) (562,151) 124,541 Effect of income that is exempt from taxation (9,527) (46,857) - - Effect of expenses that are not deductible in determining taxable profit 890, , , ,172 Losses relieved (24,949) 396, ,860 Investment allowance (7) Adjusted loss/relieved (89,712) - (123,598) - Capital allowances absorbed (7,758) Capital gains tax 36,274 1,872 26,355 1,872 Minimum Tax 10,421 45,796 8,240 36,083 Education tax Originating and reversal of temporary differences - (35,556) - (35,556) Tax expense 46,696 12,296 34, ,972 Effective rate (%) (3) (0.36) (2) CHAMS PLC 2016 ANNUAL REPORT

77 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 c. GROUP OPENING BALANCE AT 31 DECEMBER 2015 RECOGNIZE IN NET INCOME RECOGNIZE IN OCI RECOGNISE DIRECTLY IN EQUITY RECLASSIFY FROM EQUITY TO NET INCOME CLOSING BALANCE AT 31 DECEMBER 2016 N 000 N 000 N 000 N 000 N 000 N 000 Deferred tax liabilities Unrealised Exchange Gain Difference between NBV and TWDV 259, ,741 Deferred tax liability 259, ,741 Deferred tax assets N 000 N 000 N 000 N 000 N 000 N 000 Losses carried forward Unutilised capital allowances 544, ,792 Write off (285,051) Deferred tax assets 544, ,741 (285,051) d. COMPANY OPENING BALANCE AT 31 DECEMBER 2015 RECOGNIZE IN NET INCOME RECOGNIZE IN OCI RECOGNISE DIRECTLY IN EQUITY RECLASSIFY FROM EQUITY TO NET INCOME CLOSING BALANCE AT 31 DECEMBER 2016 Deferred tax liabilities N 000 N 000 N 000 N 000 N 000 N 000 Excess of NBV over TWDV 259, ,741 Deferred tax liability 259, ,741 Deferred tax assets N 000 N 000 N 000 N 000 N 000 N 000 Unutilised capital allowances 544, ,792 Write off (544,792) Deferred tax assets 544, Net deferred tax liability movement (285,051) ,741 CHAMS PLC 2016 ANNUAL REPORT 77

78 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER 2016 e. STATEMENT OF FINANCIAL POSITION GROUP COMPANY N 000 N 000 N 000 N 000 Balance as at 1 January 647, , , ,463 Charge/originating timing difference for the year 46,695 47,852 34,595 37, , , , ,418 Payment during the year (12,637) (12,000) (1,000) (12,000) Per Statement of Financial Position 681, , , ,418 f. The amount provided as income tax on the results of the Group and the Company is based on the provisions of Companies Income Tax Act CAP 21 LFN 2004 (as amended) g. Education tax for the Group and the Company is computed at 2% of assessable profit in line with Education Tax Act CAP E4 LFN, 2004 as amended. 21. TRADE AND OTHER PAYABLES N 000 N 000 N 000 N 000 Trade payables 907,010 1,057, , ,555 Other payables and accruals (Note 21(a)) 2,164,712 2,799,675 1,382,394 2,019,348 Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost 3,071,722 3,857,497 1,985,002 2,659,903 Payable to subsidiary companies ,387 36,267 Other payables - tax and social security payments 218, , , ,217 Total trade and other payables 3,289,812 4,005,028 2,113,369 2,830,387 21a. OTHER PAYABLES AND ACCRUALS N 000 N 000 N 000 N 000 Advances from customers 32,598 53,916 32,598 53,916 Salary payable 237,381-68,122 - Creditors for sundries 344, , , ,099 ChamsCooperative 16,239 10,105 11,425 10,105 Withholdingtax 61,082 59,394 59,394 59,394 Value Added Tax 707, , , ,477 Deposit for shares 23,490 16,490 10,030 10,030 Accrued audit fee 10,400 16,000 5,600 6,400 Accruals and other creditors 677,321 1,359, , ,927 Accrued tax penalty 26, Provision for finance charges 1, Deferred Revenue 25, ,164,712 2,799,675 1,382,394 2,019, CHAMS PLC 2016 ANNUAL REPORT

79 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER LOANS AND BORROWINGS N 000 N 000 N 000 N 000 Bank Loan (Note 22(a)) 113, ,518 97, ,377 Other unsecured loan (Note 22(b)) 103, , Bank overdraft 8, , ,554 Total Loans and borrowings 226, ,358 97, ,931 22a. MOVEMENT IN BANK LOANS N 000 N 000 N 000 N 000 Balance at beginning of the year 244,518 18, ,377 - Additions during the year - 227, ,377 Repayments (130,930) (1,710) (129,930) - Balance at year end 113, ,518 97, ,377 Security on Facility 1. Admission into mortgage debenture on Head Office property. 2. Domiciliation of contract proceeds upon utilization of CFF Personal Guarantee of Sir Demola Aladekomo, Former Group Managing Director Personal Guarantee of two directors of Chams Plc supported by statements of Net worth All Assets Debenture 22b. MOVEMENT IN OTHER UNSECURED LOANS N 000 N 000 N 000 N 000 Balance at beginning of the year 100, ,518 18,851 Additions during the year 3, , ,377 Repayments - - (130,930) (1,710) Balance at year end 103, , , , DUE TO RELATED PARTY GROUP COMPANY N 000 N 000 N 000 N 000 Chams Access ,387 36,267 The Group has neither made any provision for bad or doubtful debts in respect of related party receivable nor has any guarantee been given nor received during 2016 or 2015 regarding related party transactions. CHAMS PLC 2016 ANNUAL REPORT 79

80 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER SHARE CAPITAL GROUP COMPANY VALUE VALUE VALUE VALUE Authorised: N 000 N 000 N 000 N billion ordinary shares of 50 kobo each 5,000,000 5,000,000 5,000,000 5,000,000 NUMBER NUMBER NUMBER NUMBER billion ordinary shares of 50k each 10,000,000 10,000,000 10,000,000 10,000,000 Issued and fully paid: VALUE VALUE VALUE VALUE N 000 N 000 N 000 N 000 4,696,060,000 ordinary shares of 50 kobo each 2,348,030 2,348,030 2,348,030 2,348,030 NUMBER NUMBER NUMBER NUMBER ,696,060,000 ordinary share of 50k each 4,696,060 4,696,060 4,696,060 4,696, RESERVES i. Share premium N 000 N 000 N 000 N 000 Share premium 5,458,750 5,458,750 5,458,750 5,458,750 ii. Revaluation Reserve N 000 N 000 N 000 N 000 Revaluation reserve 959, , , ,065 iii. Retained Earnings N 000 N 000 N 000 N 000 Opening balance (5,000,410) (1,654,792) (1,781,189) 831,906 Transfer from income statement (1,428,710) (3,251,697) (1,908,433) (2,519,174) Dividend paid - (93,921) - (93,921) At 31 December (6,429,119) (5,000,410) (3,689,622) (1,781,189) 80 CHAMS PLC 2016 ANNUAL REPORT

81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER CAPITAL RESERVE GROUP COMPANY N 000 N 000 N 000 N 000 Opening balance 145, , Capital reserve on consolidation - 14, At 31 December 145, , NON-CONTROLLING INTERESTS N 000 N 000 N 000 N 000 Share capital 606, , Share premium 15,119 15, Revenue reserves (1,268,372) (1,178,470) - - At 31 December (646,507) (556,605) CASH AND CASH EQUIVALENTS Comprises: N 000 N 000 N 000 N 000 Bank and cash balances 183, , ,022 99,930 Bank overdraft/borrowings (226,194) (553,358) (97,447) (427,931) 29. GUARANTEES AND OTHER FINANCIAL COMMITMENTS Capital commitments (42,867) (395,913) 24,575 (328,001) There were no capital commitments authorised by the Directors as at 31 December, 2016 ( Nil). Contingent liabilities a) The contingent liability in respect of a pending litigation with a member of the group is One hundred and Ninety nine million naira (N199,000,000) with respect to certain contracts executed between the group and a third party. b) A suit was filed against the Company for recovery of premises and rent with respect to a commercial space. The total possible liability of Chams Plc in the suit in view of the sum claimed is two million, three hundred thousand Naira, only (N2,300,000). In the opinion of the legal counsel, the pending actions do not pose a threat to the Group s present and future financial profile. 30. SUBSEQUENT EVENTS REVIEW In the opinion of the Directors, there were no significant subsequent events that could have material effect on the state of affairs of the Company and its subsidiaries as at 31 December 2016 and on the loss for the year ended on that date, which have not been adequately provided for or disclosed in these consolidated financial statements. CHAMS PLC 2016 ANNUAL REPORT 81

82 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMEBER RELATED PARTY TRANSACTIONS Related parties include the Board of Directors, the Group Executive Board, the Group Managing Director, close family members and companies which are controlled by these individuals. During the year, the Company transacted business to/from its subsidiaries and associated companies These transactions were conducted on an arms length basis in the ordinary course of business. The related party transactions arose among others from rents due and payments to suppliers. As at 31 December 2016 balances due from and to related Companies were as stated in Notes 20 and 22 to the consolidated financial statements respectively. The significant transactions with the related parties are disclosed below: Transactions with Subsidiaries Rent and service charges to Chams Access is N5.278million Rent and service charges to CardCentre Nigeria Limited is N million Other related parties Working capital loan to Chams Consortium from Chams Plc is N41 million 32. STAFF COSTS Information regarding Directors and Employees Staff Costs (including directors) Comprise: GROUP COMPANY N 000 N 000 N 000 N 000 Wages and salaries 323, , , ,414 Pension contribution 28,780 30,939 16,344 22, , , , ,616 Emoluments of Directors of the Company were - Fee: Chairman 3,130 3,110 2,500 1,350 Other Directors 12,420 20,484 10,000 6,600 15,550 23,594 12,500 7,950 Fees (excluding pensions contributions) include amounts paid to The Chairman 2,500 1,460 2,500 1,350 The highest paid Director 2,500 1,460 2,500 1, CHAMS PLC 2016 ANNUAL REPORT

83 CHAMS PLC AND ITS SUBSIDIARY COMPANIES OTHER NATIONAL DISCLOSURE Consolidated Statement Of Value Added FOR THE YEAR ENDED 31 DECEMEBER 2016 GROUP COMPANY N 000 % N 000 % N 000 % N 000 % Sales of products and services 1,482,037 1,610, , ,929 Other income 407, , , ,179 1,889,198 1,768,738 1,038,885 1,091,108 Bought in materials and services:- - Imported Local (2,707,260) (4,019,516) (2,660,259) (2,971,148) Value eroded (818,062) 100 (2,250,778) 100 (1,621,374) 100 (1,880,040) 100 Applied as follows: To pay employees: Employees wages, salaries and other benefits 325,741 (40) 547, ,957 (10) 363,615 (19) To pay Government: Income tax 46,696 (6) 12,296 (2) - - 2,399 (0.1) To pay providers of capital: Finance costs 15,909 (2) 161, ,520 (1) 155,538 (8) To provide for replacement of assets and growth: - Depreciation of property, plant and equipment 202,005 (25) 249, ,933 (7) 109,933 (6) - Amortisation of intangible assets 20,296 (2) 30, ,650-7,650 (0.4) - Profit and loss account (1,428,710) 175 (3,251,697) (141) (1,908,433) 118 (2,519,174) 134 (818,062) 100 (2,250,778) (100) (1,621,374) 100 (1,880,040) 100 CHAMS PLC 2016 ANNUAL REPORT 83

84 CHAMS PLC AND ITS SUBSIDIARY COMPANIES OTHER NATIONAL DISCLOSURE Consolidated Financial Summary FOR THE YEAR ENDED 31 DECEMEBER 2016 GROUP COMPANY ASSETS/(LIABILITIES) N 000 N 000 N 000 N 000 N 000 N 000 N 000 N 000 N 000 N 000 Property, plant and equipment 2,936,146 3,106,027 3,358,528 1,682,203 2,056,248 2,262,419 2,028,171 2,119,959 1,164,419 1,234,336 Intangible assets 157,140 84, ,615 98, ,113 75,652 83,303 90,953 98, ,113 Long term investments 100, , , , ,000 1,945,985 1,945,985 1,945,985 1,973,605 1,973,605 Investment projects - 224, , ,236 99, , , ,316 71,818 Deferred tax asset - 285, , , , Deposit for investments ,207, Net current (liabilities)/assets (1,357,545) (445,415) 2,889,915 2,645,605 2,309,172 (414,925) 2,418,098 5,040,324 4,832,305 4,294,882 Provision for liabilities and charges (210,688) (210,688) 1,835,741 3,354,352 6,853,588 4,677,747 4,489,583 5,076,223 6,984,656 9,597,751 8,192,348 7,469,066 CAPITAL AND RESERVES Share capital 2,348,030 2,348,030 2,348,030 2,348,030 2,348,030 2,348,030 2,348,030 2,348,030 2,348,030 2,348,030 Share premium 5,458,750 5,458,750 5,458,750 5,458,750 5,458,750 5,458,750 5,458,750 5,458,750 5,458,750 5,458,750 Fixed assets revaluation reserve 959, , , , , , Revenue reserve (6,429,119) (5,000,410) (1,654,792) (2,892,657) (3,613,136) (3,689,622) (1,781,189) 831, ,568 (337,714) Capital reserve 145, , , ,094 78, Goodwill Revaluation reserve Non-controlling interests (646,507) (556,605) (402,987) (367,470) 217, Total equity 1,835,741 3,354,352 6,853,588 4,677,747 4,489,583 5,076,223 6,984,656 9,597,751 8,192,348 7,469,066 TURNOVER AND PROFIT Turnover 1,482,037 1,610,478 4,115,835 3,439,197 2,835, , ,929 3,336,359 3,142,035 2,604,113 (Loss)/Profit before taxation (1,471,917) (3,393,020) 261, , ,627 (1,873,838) (2,516,775) 415, , ,930 Taxation (46,696) (12,296) 18,622 81,541 (82,088) (34,595) (2,399) 31,201 89,106 (77,586) (Loss)/profit after taxation (1,518,613) (3,405,316) 280, ,464 87,539 (1,908,433) (2,519,174) 446, , ,344 Attributable to: Owners of the Company (1,428,710) (3,251,697) 310, , ,916 (1,908,433) (2,519,174) 446, , ,344 Non controlling interest (89,903) (153,619) (30,312) (132,567) (51,377) PER SHARE DATA (Kobo): (Loss)/earnings per share Basic(kobo) (25) (69) (39) (39) (Loss)/earnings per share Diluted(kobo) (25) (69) (39) (54) Net assets per share (kobo) CHAMS PLC 2016 ANNUAL REPORT

85 Corporate profile and subsidiary information Chams PLC is Nigeria's leading identity management and Identity transaction systems provider. Over the last 3 decades, Chams business evolved from computer and hardware maintenance to the provision of enterprise technology solutions in identity management and identity transaction systems for the public and private sectors. Chams PLC is the first home-grown company to be listed in Guinness Book of Records for setting up the mega ChamsCity Digital Mall. It is also the first computer technology company listed on the Nigerian Stock Exchange. Our Specialties as a group span Identity Management, Biometric Solution, Platforms and Business process outsourcing services, Electronic and Card payment systems, Mobile Payment, ATMs sale, deployment and support, POS deployment and support. Our passion for impacting and improving the quality of life through our innovative solution shines through time and again in key sectors of the Nigerian economy we serve. PRODUCTS AND SERVICES ID SOLUTIONS OVERVIEW As the pioneer of identity management service in Nigeria, Chams PLC provides a robust platform for Identity management and identity transaction services. The Chams product suites is a result of years of research in smart card and identity management, substantial industry experience and expertise. Having been involved in every major Identity project in Nigeria, Chams now offers a robust identity based solutions to serve a cross section of the economy, spanning private to public sector. 1. E-CITIZEN ABOUT The Chams e-citizen Suites is a range of solutions specially designed to address government administration issues using Identity Management technologies. It looks at specific areas of need of the government and provides solutions that consciously improve processes with keen attention on accuracy of data. At the heart of e-citizens solutions is the creation of a highly reliable database of residents through which other services are delivered. Component Products or Services (with short details or explanations) Residency: The Chams Residents Enrolment solution establishes a comprehensive and unique database of all individuals resident in the state including the staff of state owned institutions and it would provide an authentic base infrastructure for planning, provision of social services and other modern e-government services in the State. Wage Bill Optimization Solution (WBOS): It is a collection of solutions designed to address identified areas of wastages, fraud, misappropriation and inefficiencies associated with managing wages for the government. The CHAMS PLC 2016 ANNUAL REPORT 85

86 CORPORATE PROFILE AND SUBSIDIARY INFORMATION component solutions of WBOS are as follows; Staff Audit, Payroll Management, Time & Attendance, Access Control and Pension Administration. The Marriage Registry (TMR): The Marriage Registry is an online, real-time, robust & flexible marriage registration & Verification portal. It was developed to address the issues with manual processes of marriage registration that usually results in untimely revenue collection & reporting, marriage certificate forgery and lack of a centralized database for verification. Waste Pay: The Chams Waste Management solution provides the government and waste collection operators an automated means of managing waste collections and payments. This solution in turn delivers for the citizens a cleaner and safer environment, eliminates impersonation and fraud, while creating more jobs for the citizens. Automated payments give the government exact details on properties for improved government operations. Constituency Connect: The State Contact and Citizen Support Centre will serve as an enquiry, information gathering and Government service delivery unit for the citizens, thereby closing the gap between the Government and the led. BENEFITS The residency database will be linked to all other systems in the State to allow for easy verification and several other benefits to the government and citizens. The WBOS addresses identified areas of wastages, fraud, misappropriation and inefficiencies associated with managing wages for the government. TMR improves efficiency of marriage processes and services. Constituency Connect provides an avenue for the Government to adequately cater for her people thereby providing basic needs per LGA. Waste Pay provides accurate identification of properties in the state and the waste they produce to allow for appropriate taxation. 2. IGRHUB IGRHub is a solution designed to assist with enumeration, calculation and collections of revenue due to authorities. Chams offers a partnership service model with the Government at all levels - local, state and federal governments for a seamless administration and management of collections and IGR related services. FEATURES Rapid improvement in IGR collection A tax management application that automates income assessment, receipt issuance and all tax/levy processes Harmonization of all IGR related database Improve collection from leakages; properties, direct assessment, markets and other areas of IGR collection Engage in massive mobilization of citizens with a view to obtaining buy-in and collaborative support for the development agenda BENEFITS Eliminate revenue leakages 86 CHAMS PLC 2016 ANNUAL REPORT

87 CORPORATE PROFILE AND SUBSIDIARY INFORMATION Increased IGR collection Rich tax database Improved service delivery with end-to-end e-payment and automation of all collections Availability of verifiable data for planning Heightened economic activity Better living standards 3. NQR National Qualifications Registry (NQR) is a secure, international standard, online academic qualification verification framework for Nigerian Tertiary Institutions. CHAMS PLC understands the challenges that academic qualification verification presents and recognizes the untapped opportunities in creating an improved secure online process. FEATURES Online Admission Verification Online academic result verification Identification Biometric Identity Verification Secure Verification platform Payments Integration Data is owned and managed by participating institutions Transaction audit trail and logs BENEFITS Increased Revenue for the Institutions from verification processing Cost reduction: Verification through ConfirmMe is less costly to the institution in the long run than traditional method which takes up good man hours. Process improvement and personnel effectiveness in results administration. Easier access to qualification repositories of other institutions. Easier access to verification services by end users. Self-audit service available to member institutions Highly secure repository. Adequate back-up / Data recovery availability Standardization of response to verification enquiries Improved ranking of tertiary institutions in Nigeria for efficiency. CHAMS PLC 2016 ANNUAL REPORT 87

88 CORPORATE PROFILE AND SUBSIDIARY INFORMATION 4. CONFIRMME ConfirmMe is a robust verification platform that offers identity and credential verification services in Nigeria. The system connects various data sources to offer verification and validation of academic, Identity and other records. ConfirmMe is positioned to become technology platform for online real-time verification services across Identity repositories e.g. National ID, Bank Accounts,Passport, Driver s License, Qualifications, etc FEATURES Online Credential Verification Online Credential Identification Biometric Identity Verification Secure Processing platform Centralization of qualification repositories Role Based Access Controls Process Payments Integration Data is owned by provider Transaction audit and logs BENEFITS Reduction in cost of Verification by Institutions. Increased Revenue for Institutions. Process improvement and personnel effectiveness Time savings Standardization in processing of qualifications verifications. Easier access to qualification repositories. Highly secure repository 5. MEMBERSHIP SOLUTION Our Membership portal is a robust, user-friendly and highly functional interactive system that is flexible enough to take all the requirements of a medium to large size organization. The Membership Portal was designed to meet the needs of Public and Private Associations in the country with a need for more membership engagement and an easy and timely revenue collection process. FEATURES Registration Verification evoting Instant messaging Social media integration 88 CHAMS PLC 2016 ANNUAL REPORT

89 CORPORATE PROFILE AND SUBSIDIARY INFORMATION Important notices Secure payment collection Customised reporting and analytics Membership card Mobile App Some of the Elective features organizations have requested for include but are not limited to Accounts Module Certificate Generation Module Events and Training Module Fellowship tracking Module BENEFITS Easily verify Members Allows membership, groups, payments and other information to sit on one system Increase Membership Commitment & Engagement Members can use social Media to spread the Association s activities Improve Operational Efficiency Members can interact and stay in touch anywhere they are with the Mobile App 6. CHAMSCITY BUSINESS PROCESS OUTSOURCING SERVICE ChamsCity, a historical digital city is a pioneer in Nigeria and globally. It is a world class Digital Mall that facilitates transactions in payment, identification, pleasure and large-scale data management services. ChamsCity holds the world record for the largest number of PCs in one digital mall at a time and has been certified by the Guinness Book of World Records. Chams Offers Business Outsourcing services ranging from computer based training, computer based testing and call centres. FEATURES Capability to accommodate large population up to 1000 persons at a time 1,000 High tech Apple imac PC systems at our locations Strategic geographical location of facilities: Lagos Abuja Port Harcourt Noiseless and conducive Ambience CHAMS PLC 2016 ANNUAL REPORT 89

90 CORPORATE PROFILE AND SUBSIDIARY INFORMATION Facility department which ensure the management of all facilities In house training capabilities 24 x 7 service rendered Toll free parking area 24 x 7 security measures: CCTV cameras and security personnel Ensured Privacy working area BENEFITS Ability to test efficiently large numbers of people in batches or at the same time Impossibilty of impersonation due to system of verification in place Assurance of data integrity and no compromise Accessive to conducive environment and top-rated technology Seamless, stress free and fast process Flexibility in service delivery thus enabling our services to be tailored to the needs of the client 90 CHAMS PLC 2016 ANNUAL REPORT

91 Corporate Directory HEAD OFFICE 8 Louis Solomon Close Off Ahmadu Bello Way Victoria Island Lagos ABUJA OFFICE Plot 1288, Ahmadu Bello Way, Area 11, Garki, Abuja WEBSITE AND TELEPHONE NUMBERS info@chamsplc.com Website: Tel: +234 (01) ASSOCIATE ChamsMobile Limited 128a Plot 9b New Creation Street Off Maruwa Roundabout Lekki Lagos SUBSIDIARIES ChamsAccess Limited 8 Louis Solomon Close Off Ahmadu Bello Way Victoria Island Lagos ChamsSwitch Limited 8 Louis Solomon Close Off Ahmadu Bello Way Victoria Island Lagos CardCentre Nigeria Limited 8 Louis Solomon Close Off Ahmadu Bello Way Victoria Island Lagos CHAMS PLC 2016 ANNUAL REPORT 91

92 List Of Unclaimed Dividend AS AT 30TH JUNE FUTURE IMPACT 2. A & B CAR CONCEPT NIG LTD 3. A. J. & FLIK NIGERIA LIMITED 4. ABAGANA SUSANNA. U. 5. ABAH UCHECHUKWU JONAS 6. ABALOGU CHIOMA 7. ABAMBA STELLA ISIOMA 8. ABANI PETER UGOCHUKWU 9. ABANIKANNDA OLATUNJI TAJUDEEN 10. ABAWA ABDULLAHI ALIYU 11. ABBA BASHIR JAYE 12. ABBA BASHIR JAYE 13. ABBA MUHAMMAD KWAJAFFA 14. ABBAS HABIBA 15. ABBAS RABI 16. ABBY-KALIO IBIFIRI LOLIA 17. ABDU ADAMA PINADO 18. ABDUL EMMANUEL OLUWASEUN 19. ABDUL LAWAL 20. ABDULAHI SHEHU USMAN 21. ABDULGAFAR ABDULHAFEEZ 22. ABDULGAFAR AWWAL 23. ABDULGAFAR HABEEB 24. ABDULGANIYU HARUNA 25. ABDULKADIR AMINU WADA 26. ABDULKARIM MOSHOOD BIODUN 27. ABDULKARIM SANI 28. ABDULKARIM TUKUR 29. ABDULLAHI ABDULKADIR ALHAJI 30. ABDULLAHI ABU RIMI 31. ABDULLAHI AISHAH 32. ABDULLAHI AISHAT EBUN 33. ABDULLAHI BASHIR ANANGI 34. ABDULLAHI GUMEL JAMILA SANI 35. ABDULLAHI HABIBU 36. ABDULLAHI MARIAM KEMI 37. ABDULLAHI MARYAM. 38. ABDULLAHI SALEH BINTA 39. ABDULLAHI SULEMAN ALHAJI 40. ABDULMUMIN IMAN & INTISAR 41. ABDULRAHAMAN AHMED 42. ABDULRAHMAN A. GARBEL 43. ABDULSALAM AYODEJI MAHMUD 44. ABDULSALAM BABATUNDE ABDULSALAM 45. ABDULSALAM ZARIYAT OMOBOLA 46. ABDULWAHAB MUBAARAQ OLOLADE 47. ABDULWAHAB MURITALA FARA 48. ABDURRAHMAN ABDULLAHI 49. ABDURRAHMAN BISHIR MAGAJI 50. ABE ADETOKUNBO OLUSEGUN 51. ABEEB PATIENCE I. 52. ABERE SIJIBOMI 53. ABEREFA ADEBAYO JAMES 54. ABIDOYE MAJEED TUNJI 55. ABIDOYE TAOFEEK OYEKUNLE 56. ABIDOYE TAOFIK OWOLABI 57. ABIMBOLA BABATUNDE 58. ABIMBOLA OLAWALE SUNDAY 59. ABIMBOLA ONALAJA SAMUEL A 60. ABIMIKU JULIUS 61. ABINA EMMANUEL FOLORUNSHO 62. ABINA OLAOLUWA 63. ABINLEKO ISMAIL ADEWALE 64. ABIODUN A. ADEMOYE 65. ABIODUN ADEROJU MODUPEOLA 66. ABIODUN AFOLABI KAREEM 67. ABIODUN AZEEM AKINBIYI 68. ABIODUN CELINA ABIKE 69. ABIODUN FUNMI JOSEPH 70. ABIODUN HELEN TITILAYO 71. ABIOLA BABAJIDE A 72. ABIOYE AHMED ADEWALE 73. ABIOYE BILIKISU SHOLA 74. ABIOYE DORCAS OMODELE 75. ABIOYE KEHINDE TEMILADE 76. ABIOYE OLUWASESAN OLUWAREMI 77. ABISHAI VENTURES LIMITED 78. ABK GOLDEN PROFILE LIMITED 79. ABOKEDE MUSTAPHA ABIODUN 80. ABOLARINWA KAYODE 81. ABOLO PAUL CHUKWUWETA 82. ABONYI CHARLES CHINEDUM 83. ABONYI CHARLES CHINEDUM 84. ABONYI EUPHEMIA OGECHUKWU 85. ABORE HAUWA UMAR 86. ABORODE ELIJAH A. 87. ABRAHAM KAYODE WILLIAMS 88. ABRAHAM OSAZELE 89. ABRAHAM-AJAYI OLANREWAJU O. 90. ABU JAFARU 91. ABUBADA SOKO TAMUNO 92. ABUBAKAR AISHA IGE 93. ABUBAKAR ALI BALA 94. ABUBAKAR ALIYU 95. ABUBAKAR ALIYU (22) 96. ABUBAKAR GARBA BAIDU 97. ABUBAKAR ISA ALKALI 98. ABUBAKAR KABIRU 99. ABUBAKAR KUNDULI MUHAMMAD 100. ABUBAKAR SADIQ BELLO 101. ABUBAKAR SALIU 102. ABUBAKAR UDU FATIMA AMAL 103. ABUBAKARI SAEEDU ALIYU 104. ACHIMUGWU OJONUGWA VIVIAN 105. ACHUSIM APPOLONIA EMELUGINI 106. ACHUSIM CYPRIAN UDOBATA 107. ADADEVOH AMEYO STELLA 108. ADAJI ELIZABETH ADAJI 109. ADAMS NAZEEF UMAR 110. ADAMSON REMILEKUN MODUPE 111. ADAMU ALIYU 112. ADAMU ALIYU PAKI 113. ADAMU BINTA 114. ADAMU BITRUS 115. ADAMU CHIKA KOMA 116. ADAMU ISMAILA 117. ADAMU SAIDU SHABBAL 118. ADAMU SANI KACHALLA 119. ADAMU SULE SYLVESTER 120. ADAMU VICTOR 121. ADAMU YAHAYA YUSUF 122. ADARAMAJA MOBOLAJI ABIODUN 123. ADARAMEWA KAMORUDEEN OLUSUYI 124. ADAUDU OBEYA ANDREW 125. ADEAGBO ADEBOWALE MUYIDEEN 126. ADEBAMBO ABAYOMI 127. ADEBAMBO GRACE OLUWANIFEMI 128. ADEBAMBO OLUWABUKOLA ALICE 129. ADEBAMBO OLUWATOYIN ADEBISI 130. ADEBAYO ADEYINKA ISIAKA 131. ADEBAYO GANIYAT ABIKE 132. ADEBAYO GBENGA 133. ADEBAYO ISIOMA IMELDA 134. ADEBAYO MOSES TUNJI 135. ADEBAYO OLUWASEGUN JOSEPH 136. ADEBAYO RASHIDA AJOKE 137. ADEBAYO SUNDAY 138. ADEBESIN ADEOLA RAHAMAN 139. ADEBISI ABIODUN CAROLINE KENNIE 140. ADEBISI ADENIYI ARAUNSI 141. ADEBISI MORUF ADETOLA 142. ADEBISI PAULINA ADUKE 143. ADEBISI RACHEL TITILAYO 144. ADEBIYI OLUWASANMI AKANNI 145. ADEBO VICTOR ESECHE 146. ADEBOBUYI DEBORAH O ADEBOMI EBUNOLUWA 148. ADEBOMI JACOB KAYODE 149. ADEBOWALE ADETUNJI O. A ADEBOYE ADEJUMOKE ABOSEDE 151. ADEBOYE ADELOLA 152. ADEBOYEJO OLAYIWOLA ALEX 153. ADEBUSOYE STEVE OLUWASEUN 154. ADEDA OMOHWO MARTIN 155. ADEDAYO ADEYINKA ADEYEMI 156. ADEDAYO M. OLAJUWON 157. ADEDAYO RAPHAEL GBENGA 158. ADEDEJI ADEFOWOPE GBENGA 159. ADEDEJI EMMANUEL ADEKOLA 160. ADEDEJI ETHAN ADEYEMI 161. ADEDEJI RONKE RUKAYAT 162. ADEDINI AYOKUNMI RUTH 163. ADEDIPE AMINAH OLORUNTOSIN 164. ADEDIPE EZEKIEL OLUFEMI 165. ADEDIRAN IDOWU OLUSEGUN 166. ADEDIRAN OLUWAFEMI SUNDAY 167. ADEDIRAN PAUL ADEBOWALE 168. ADEDOKUN (MR & MRS) ADENIRAN 169. ADEDOKUN TAIWO 170. ADEEKO MODUPE OMOWUNMI 171. ADEEKO TOLUWALASE ADESEUN 172. ADEEYINWO OLASIJI BEN 173. ADEFILA ADEBOLA OYINDAMOLA 174. ADEFILA IBUKUN SUNDAY 175. ADEFILA MICHAEL AJIBADE 176. ADEFILA MOTUNRAYO FELICIA 177. ADEFUYE OLUGBEMIGA 178. ADEGBITE ADEDOTUN OLAWEPO 179. ADEGBITE ADEYEMI LATEEF 180. ADEGBITE OLUYEMI FADEKEMI 181. ADEGBOYE ADEKUNLE 182. ADEGBOYE ENITAN 183. ADEGBOYE JAMES BABATUNDE 184. ADEGBOYE KEHINDE ISAAC 185. ADEGBOYE OLAJIDE 186. ADEGBOYE OLUMAYOWA 187. ADEGBOYE OLUWOLE 188. ADEGBOYE YETUNDE 189. ADEGBOYEGA ADEOLU 190. ADEGBOYEGA MICHAEL OLUSEGUN 191. ADEGBULU ADEMOLA 192. ADEGBULUGBE ADEBOWALE 193. ADEGBUYI TAJUDEEN TUNDE 194. ADEGOKE ADEDAMOLA 195. ADEGOKE ADEKUNLE 196. ADEGOKE ADENIYI 197. ADEGOKE BASHIRU 198. ADEGOKE FREDRICK 199. ADEGOKE KOFOWOROLA 200. ADEGOKE MARGARET ADEMIDUN 201. ADEGOKE NAOMI 202. ADEGOKE OKIKIOLA 203. ADEGOKE OLUSINA AMOS 204. ADEGOKE OLUWAYEMISI OMOWUNMI 205. ADEGOKE OMOYENI 206. ADEGOKE OYINJOLAYEMI 207. ADEGOKE OYINKANSOLA 208. ADEGOKE TEMITOPE ADENIKE 209. ADEGOKE TENIOLA 210. ADEGOKE WONUADE 211. ADEGOKE YEWANDE 212. ADEGOROYE GOKE 213. ADEGUN FUNMILOLA AYODELE 214. ADEGUN MAYOWA DOLAPO 215. ADEGUNLE SUNKANMI AYODEJI 216. ADEJINMI OLADOYIN JANET 217. ADEJOKUN OLUBUKOLA ADEOLA 218. ADEJORIN ADETAYO PRINCE 219. ADEJUWON KAYODE STEPHEN 220. ADEKANYE MUDASHIR ADENRELE 221. ADEKEYE STEPHEN 222. ADEKOLA TEMILADE 223. ADEKOYA ADETOKUNBO NURUDEEN 224. ADEKOYA OLUSOLA JULIUS 225. ADEKOYA OWOLABI ADEBAYO 226. ADEKOYA VICTORIA OLUWATOYIN 227. ADEKUNLE ADETAYO ADEYEMI 228. ADEKUNLE BAMIDELE 229. ADEKUNLE EMMANUEL OLUDAISI 230. ADEKUNLE KAYODE OLUFEMI 231. ADEKUNLE OYINLADE 232. ADEKUNLE SHALEWA OLASENI 233. ADEKUNLE TEMITOPE ALBERT 234. ADEKUNLE TOSIN ADERIBIGBE 235. ADELAJA ADEBOLA AYODEJI 236. ADELAJA ADETOLA ADEWUNMI 237. ADELAKUN ADEDEJI WASIU 238. ADELANI ADEKUNLE AFEGBAI 239. ADELANWA DAVID ADETUNJI 240. ADELEKAN DEBO(DR) 241. ADELEKE ADEBAYO ADETUNJI 242. ADELEKE ADEBOLA 243. ADELEKE ADEGOKE AZEEZ 244. ADELEKE ADERONKE RASHIDAT 245. ADELEKE ALAO GAFAR 246. ADELEKE BABATUNDE ABAYOMI 247. ADELEKE BABATUNDE ABAYOMI 248. ADELEKE OLUSOLA ADETORO 92 CHAMS PLC 2016 ANNUAL REPORT

93 LIST OF UNCLAIMED DIVIDEND 249. ADELEYE ADETOLA OMOLADE 250. ADELEYE OLUGBENGA ABIODUN 251. ADELEYE OLUWASEUN BETTY 252. ADELEYE SUNDAY LAMIDI 253. ADELUSOLA MATTHEW GOKE 254. ADEMEFUN KOLA OLUFEMI 255. ADEMOLA SHAFIU ADEWOLE 256. ADEMOSU OLASUPO 257. ADEMOWO ADEBOLA E ADENEKAN AYOOLA OLUWATOSIN 259. ADENIGBA OMOTAYO TEMITOPE MRS 260. ADENIJI ADEBAYO OLUSOLA 261. ADENIJI ADEREMI 262. ADENIJI TAOFEEK YOMI 263. ADENIRANYE OLUFUNMILOLA ABISOLA 264. ADENIYAN OLUFEMI ADEOLA 265. ADENIYAN OLUFEMI ADEOLA 266. ADENIYI ADEYEMI 267. ADENIYI AKINTOYE 268. ADENIYI MICHAEL BAMIDELE 269. ADENIYI MOYOSORE ODUNOLA 270. ADENIYI OLAYINKA ESTHER 271. ADENIYI PETER ADEDEJI 272. ADENIYI TOLANI ALADE 273. ADENIYI WUMI OLUSHOLA 274. ADENOLA DANIEL OLUWATOMISIN TEMILOLUWA 275. ADENOLA JESUTOFUNMI OLAMIDE MERCY 276. ADENOLA OLABISI JANET 277. ADENOLA OLUMUYIWA 278. ADENUGA FELIIX AKINDELE 279. ADENUGA OLUDAYO ADERONKE 280. ADEOGUN ABDULGAFAR ABIODUN 281. ADEOGUN IYIOLA 282. ADEOGUN JANET OLASUNBO 283. ADEOGUN MARIA FUNMILAYO 284. ADEOLA ADEMOLA LEEROY 285. ADEOLA ANIFOWOSHE 286. ADEOLU ABAYOMI ADEMOLA 287. ADEOSUN ADELEKE O ADEOSUN ADESANMI OLORUNLEKE 289. ADEOTI OLADELE 290. ADEOYE ADETOLA MORENIKE 291. ADEOYE ENITAN ELIJAH 292. ADEOYE ESTHER AYO 293. ADEOYE FREDRICK 294. ADEOYE SAMUEL OLUMIDE 295. ADEOYE TIMILEHIN KEHINDE (I.T.F) 296. ADEOYE TOMIWA TAIWO (I.T.F) 297. ADEPARUSI ADEBAYO 298. ADEPOJU IYEBIYE OLUWADUNBARIN 299. ADEPOJU OLUWASEGUN ADEKUNLE 300. ADERETI OLASUNMBO OMOTOLA 301. ADERIBIGBE OLASILE MORUFF 302. ADESALU SHAKIRUDEEN ADEKUNLE 303. ADESANYA ADEBAYO MAYOWA 304. ADESANYA ADEBISI ADESOLA 305. ADESANYA ADENIYI 306. ADESANYA VICTORIA ADEOLA 307. ADESEMOWO ADEFOLARIN OLAITAN 308. ADESEMOWO OYEBADE OBASANJO 309. ADESHINA BOLA 310. ADESINA ADEDEJI OLAYINKA 311. ADESINA OLABODE ADEBAYO 312. ADESINA RASHIDAT OLUWATOYIN 313. ADESINA REMI MOTUNRAYO 314. ADESIYAN ADEOYE NICHOLAS 315. ADESUJI TOLULOPE ADEYEMI 316. ADESULURE ROSEMARY MODUPE 317. ADESULURE ROSEMARY MODUPE 318. ADESUNLOYE ADEBISI 319. ADESUYAN OLUWEHINMI JOHN 320. ADETAYO B. BOLA 321. ADETAYO STEPHEN ADEBAYO 322. ADETIMIRIN OLUFEMI IYIOLA 323. ADETOLA GABRIEL ADEBAYO 324. ADETONA ADESHOLA 325. ADETORO FEMI EZEKIEL 326. ADETORO TAIWO 327. ADETUGA ADEDOYIN TABURA 328. ADETULA BABATUNDE TIMOTHY 329. ADETUNJI ADESOKAN ELIJAH 330. ADETUNJI AKINFENWA MARTINS 331. ADETUNJI ELISHA 332. ADETUNJI GRACE FOLAKEMI 333. ADETUNJI SULAIMON AFOLABI 334. ADEWALE OLAIDE SHAKIRAT 335. ADEWALE ONATEMOWO 336. ADEWOLE ADEJUMOKE OLUWATOYIN 337. ADEWOLE ADEWALE NICHOLAS 338. ADEWOLE BABATUNDE FARUQ 339. ADEWOLE OPEYEMI MATTHEW 340. ADEWON FOLAJOYE OLUMIDE 341. ADEWUMI ABIMBOLA 342. ADEWUMI TINUOLA ADEWUMI 343. ADEWUNMI FUNMILAYO TOYIN 344. ADEWUNMI STEPHEN AYINDE 345. ADEWUYI ADEFUYI OLAYEMI 346. ADEYANJU ADEOLA OLATUNJI 347. ADEYANJU TIMOTHY AKANJI 348. ADEYEFA KOFOWOROLA 349. ADEYEFA OLUWAGBADE 350. ADEYEFA OLUWAGBEMISOLA AJIBOLA 351. ADEYEMI ADEBANJI ADEDEJI 352. ADEYEMI ADEDOJA ALABA 353. ADEYEMI ADEKUNLE MARK 354. ADEYEMI ALBERT ADEYINKA 355. ADEYEMI EDNA 356. ADEYEMI LATEEF ADESOLA 357. ADEYEMI M ADENIYI 358. ADEYEMI MATTHEW OLANREWAJU 359. ADEYEMI MUIBAT 360. ADEYEMI OLUBUNMI OLUMIDE 361. ADEYEMI OLUFEMI MATTHEW 362. ADEYEMI OLUFUNMILAYO 363. ADEYEMI OLUFUNMILAYO 364. ADEYEMI RAHMAT OLURANTI 365. ADEYEMI TAIWO RAHMAN 366. ADEYEMI TEMITAYO PHILIP 367. ADEYEMI WILLIAMS OLUSEGUN 368. ADEYEMO ADESOLA ALEX 369. ADEYEMO OLUSEGUN JOSEPH 370. ADEYERI SUNDAY OLUGBENGA 371. ADEYI OLUSOLA 372. ADEYINKA ADEDAPO SUNDAY 373. ADEYINKA OLUWAREMILEKUN 374. ADEYOYE MONSURAT ARAMIDE 375. ADIBITE BENJAMIN O 376. ADIGUN ABIODUN OLALEKAN 377. ADIGUN DAUDA MOBOLAJI 378. ADIGUN MOSES ADEGBOLA 379. ADIGUN OLAMIDE 380. ADIGUN OLASUNKANMI 381. ADIGUN OLAWALE AYINDE 382. ADIGUN OLAWUNMI ALADEKOMO 383. ADIGUN OLAWUNMI JOSEPH 384. ADIGUN OMOWUMI T ADIGWE EZEKIEL NDUBUISI 386. ADIO ADEMOLA ALEXANDER 387. ADIOS GLOBAL CONCEPT 388. ADIRA AKISON 389. ADISA BABAJIDE ABASS 390. ADISA HAMMED OLANREWAJU 391. ADISA OLABISI TEMITOPE 392. ADO SANI MAI HULA 393. ADO YOLA ZAKARIYYA 394. ADOGIE ABDULRAHMAN ALENOGHENA (SOW) 395. ADOLPHUS EBELECHUKWU EZENWA 396. ADU OLUWASEUN OLATUNDE 397. ADUBU-AYENI TAIWO AARINOLA 398. ADUBUOLA ATINUKE TOLULOPE 399. ADUKWU SAMUEL EMMANUEL 400. AFANGIDE UDUAK 401. AFOLABI ADEBAYO 402. AFOLABI ADEDAYO BABATUNDE 403. AFOLABI DELE 404. AFOLABI MURITALA ABIOLA 405. AFOLABI OLADAPO ABAYOMI 406. AFOLABI OLADELE JOSEPH 407. AFOLABI OLAYEMI KAZEEM 408. AFOLABI OLUMUYIWA AFOLABI 409. AFOLABI OMOWUMI EUNICE 410. AFOLABI SUNDAY IBUKUN 411. AFOLABI TABITHA ADUNOLA 412. AFOLABI TITILAYO APEKE 413. AFOLALU ABISOLA OLANREWAJU 414. AFOLARIN BANWO 415. AFOLAYAN OLUSOLA 416. AFOLAYAN SUNDAY ANTHONY 417. AFONNE JOSEPH-CHUKWUEMEKA 418. AGADA SOLOMON AGADA 419. AGARAWU KUDIRAT ADERONKE 420. AGBABIAKA HABIBULAI AKINOLA 421. AGBAEGBU NNAMDI 422. AGBAFOR BLESSING 423. AGBAGA ALPHONSUS KENECHUKWU 424. AGBAGA ANTHONIA UKAMAKA 425. AGBAGA SYLVANUS ODINAKA-OLISA 426. AGBAPU CHIDOZIE 427. AGBEBIYI ADELOLA TEMITOPE 428. AGBETUSI KAYODE TOKUNBO 429. AGBEYI IDAHOSA 430. AGBO DANIEL 431. AGBOKE SHAMSIDEEN TUNDE 432. AGBOLA CATHERINE OLUSEUN 433. AGBOLA CATHRINE OLUSEUN 434. AGBOLADE ADEDEJI 435. AGBOLUAJE KABIR LAWAL 436. AGBONIBHI OSAGIE 437. AGBOOLA MOYINOLUWA EYITAYO 438. AGBOOLA OLAMIDE FOLUSHO 439. AGBU FRANCISCA EBILI 440. AGENE OMOLUMEN 441. AGHEDO ANTHONY BLESSING 442. AGHETE EDWARD FRANKIN 443. AGIAMA OGHENEFEJIRO ANITA 444. AGONSI LILIAN NKIRU 445. AGSABO JACOB OGUNBIYI 446. AGU AFAM 447. AGU DONALD CHUKWUMA OGUEJIOFO 448. AGU IFEOMA MARIA 449. AGU MAXWELL NNABIKE 450. AGU MAXWELL NNABIKE 451. AGUGUO JACINTA CHINYERE 452. AGUNBIADE ADEDAYO 453. AGUNBIADE FESTUS ADELOYE 454. AGWU CHUKWUEMEKA KALU 455. AHAMEFULE RUTH IHUAKU 456. AHANOTU UCHENNA INNOCENT 457. AHMAD ADAM 458. AHMAD GHARZALI AHMAD 459. AHMAD LAWAL A 460. AHMADU HARUNA ABDULKHALIL 461. AHMADU PRINCE PAUL 462. AHMED ALHASSAN D AHMED ALIYU AMINU 464. AHMED AMINA MUSA 465. AHMED MUNZALI ABDULLAHI 466. AHMED SAID 467. AHMED TEMITAYO OLUWAFEMI 468. AHMODU AJARA 469. AIGBIREMHON FELICIA OSEMEATA 470. AIGBODION SUNDAY JOSEPH 471. AIGBODJE OVO 472. AIGBOGUN LEVIS OSARETIN 473. AIGBOKHAEVBO EBOSEREMEN 474. AIGBOKHAEVBO EFESEMOBOR 475. AIGBOKHAEVBO OSEDEBAMEN 476. AIGBOKHAEVBO REMEN AIGBOKHAEVBO 477. AIGBOKHAEVBO UDUEHI KINGSLEY 478. AIKPOKHIO MONDAY 479. AILOYAFEN GRACE ONOSEGBUAN 480. AIMS ASSET MANAGEMENT NOMINEES AIMS ASSET NOMINEES ACCT 1 -AIRA 482. AIMS ASSET NOMINEES IIPMA 483. AINA ADEBAYO ABIODUN 484. AINA EMMANUEL SUNDAY 485. AINA JOSEPH SUNDAY 486. AINA OLAWALE OLUSEYE 487. AIRA TECHNOLOGIES LTD 488. AIRA TECHNOLOGIES LTD 489. AIYEDOGBON SAMUEL AJAYI 490. AIYELEYE FRANCIS BANKOLE 491. AIYERIN OYEDELE 492. AJA KALU 493. AJA VICTOR OKO 494. AJADI MUFUTAU AWEDA 495. AJADI OLAWALE FATAI 496. AJADI OLAYINKA 497. AJAERO NGOZI VICTORIA 498. AJAEZU FELIX AMAECHI 499. AJAGBE ADEREMI OLAYINKA 500. AJAGBUSI BOLARINDE 501. AJAH EKEOMA 502. AJAKO JULIANAH OLAJUMOKE 503. AJALA ADESOYE OYINADE 504. AJALA ESTHER NIHINLOLA 505. AJALA IBRAHIM OLUWAKEMI 506. AJANA JIMOH KELLY 507. AJANI JAMIU 508. AJANI WAHAB ABIDOYE 509. AJAO MOSUDI AYINDE 510. AJAO QASIM MAS'UD 511. AJAYI ADEDIRAN GABRIEL 512. AJAYI ADEDIRAN GABRIEL 513. AJAYI BABATUNDE 514. AJAYI BISOLA ADENIKE 515. AJAYI BOLARINWA 516. AJAYI COMFORT KEHINDE 517. AJAYI GBENGA SAMUEL 518. AJAYI KEHINDE OLUWATOYIN 519. AJAYI OBE IFEOLUWA EKENE 520. AJAYI OLANIYI OLALEKAN 521. AJAYI OLANIYI STEPHEN 522. AJAYI OLAROTIMI ADEREMI 523. AJAYI OLUBODE JAMES 524. AJAYI OLUFEMI ADESOJI 525. AJAYI OLUWADARE ABIODUN 526. AJAYI OLUWASHOLA MICHAEL 527. AJAYI OLUWASOLA E AJAYI THOMPSON STEVE 529. AJEGBILE ADEBARE FOLAKE 530. AJEKENRENBIAGHAN TUOYO WILLIAMS 531. AJEKWUENU AUSTIN NWABUISI 532. AJI OKORO UGO KIRE 533. AJIAMAH ARMSTRONG 534. AJIBADE BABATUNDE AYODEJI CHAMS PLC 2016 ANNUAL REPORT 93

94 LIST OF UNCLAIMED DIVIDEND 535. AJIBADE OLUNIYI ABOLADE 536. AJIBOLA FOLAKEMI OLUWAYEMISI 537. AJIEH FESTUS OCHEM 538. AJIMOTOKIN ADETAYO VICTOR 539. AJIROTUTU SABAINA DOLAPO 540. AJISEFINNI ADEBOLA SIKIRU 541. AJITERU SOLOMON OYEYEMI 542. AJIYA IDRIS HASSAN 543. AJOBO TEMITOPE OLUSOGA 544. AJOKU CHIBUZO NNAEMEKA 545. AJOLOKO IDOWU OLAWALE 546. AJOMAFUWE BEANICE IGBRUDE 547. AJOMAFUWE GIFT 548. AJOMAFUWE MABEL 549. AJOMAFUWE PRECIOUS 550. AJOSE OLUWATOYIN AJOKE 551. AJOSE TUNDE IDRIS 552. AJULO JOSEPH ILORI 553. AKABOGU NCHEDO AUGUSTINA 554. AKACHUKWU IHUARU UZUEGBU 555. AKAEZE FEDELIS 556. AKAEZE IFEANYICHUKWU FELIX 557. AKAGBUSI IKECHUKWU MACAULAY 558. AKAM JOSEPH AUGUSTINE 559. AKAMELU OBIANUJU ADLINE 560. AKAN BASSEY ENENE 561. AKANBI ESTHER MOTUNRAYO 562. AKANBI OLADELE OLADELE ABIOLA 563. AKANDE AYODELE ALABA 564. AKANDE BUKY 565. AKANDE EUNICE OLUSOLA 566. AKANDE MODUPE 567. AKANDE OLUWANIFEMI OLUBUKOLA 568. AKANDE OLUWANIFEMI OLUBUKOLA 569. AKANDE THERESA OLUSOLA 570. AKANUSI DICKSON 571. AKAPO DEMILADE EDWARD 572. AKAPO TAMILORE KIKILORE 573. AKEMU FOLUKE FLORENCE 574. AKENOBO CHARLES 575. AKEREKAN OLASANMI JOHN 576. AKINBAMBO RASHIDAT ADERONKE 577. AKINBINU CYRIL ADENIYI 578. AKINBISOLA AKINTAYO EBENEZER 579. AKINBO OLAYIWOLA ADIO 580. AKINBOBOYE OLUWABANKOLE KOLAWOLE 581. AKINBOBOYE OLUWABANKOLE KOLAWOLE 582. AKINBOBOYE WEYINMI DEBORAH 583. AKINBOYE KAYODE BABATUNDE 584. AKINBOYE OLUSEGUN ANDREW 585. AKINDE OLUDOTUN 586. AKINDE SOLA 587. AKINDEINDE ADEBAYO 588. AKINDELE FESTUS & OLUREMI 589. AKINDELE HAKEEM AMOO 590. AKINFENWA OLUBUNMI TOLULOPE 591. AKINGBADE KEHINDE MONSURU 592. AKINGBADE TAJUDEEN AKINRINMADE 593. AKINGBE AJIBOYE JOSHUA 594. AKINJOLA OLUGBENGA 595. AKINJOLE KEHINDE 596. AKINKUNMI ADEBAYO TAIWO 597. AKINLABI BABALOLA ADEBOLA NURAT 598. AKINLABI OLUWASEYI EMMANUEL 599. AKINLABI YESIDE EBUNOLA MARY 600. AKINLADE BUKOLA KUBURAT 601. AKINLAJA FOLAKE TAIWO 602. AKINLEYE ADEBOLA ADETUTU (MRS) 603. AKINLOLU OLUWADARE 604. AKINMULERO TAIWO JACOB 605. AKINNOLA OLUWADAMILOLA OLUBOWA 606. AKINNUGBA ALICE UGONMA 607. AKINOLA ABIOLA OLATUNBOSUN A AKINOLA ADUKE GRACE 609. AKINOLA FELICIA I.A&BABAJIDE O(ADMORS) 610. AKINOLA JOHNSON OLADIMEJI 611. AKINOLA OLUWASEUN 612. AKINPELU AKINWALE 613. AKINRELE MARSHALL OLATUNDE 614. AKINREMI JIDE FOLORUNSO 615. AKINRINLOLA OLAFIOYE ABIODUN 616. AKINRINLOLA OLAFIOYE ABIODUN 617. AKINRODOYE ABIMBOLA 618. AKINROTIMI FEMI 619. AKINSANYA ADEOLU 620. AKINSANYA AYOWUNMI JULIANA 621. AKINSETE BABATUNDE ADELAKUN 622. AKINSOYINU ABDUL YEKINI 623. AKINTADE HELEN OMOWUNMI 624. AKINTADE ROTIMI EMMANUEL 625. AKINTERINWA KOLAWOLE OLUWAROTIMI 626. AKINTUNDE OLUWASEUN 627. AKINWA OYEWOLE FREDERICK 628. AKINWALE MORUFF OLATUBOSUN 629. AKINWALE TAWFIQ TAYO 630. AKINWALE TINUOLA MARIA 631. AKINWANDE JAMES ABIODUN 632. AKINWANDE MOSES FOLORUNSO 633. AKINWANDE OLAJIDE ISMAIL 634. AKINWUSI TITILOLA MARIAN 635. AKINYELE OLUWASEUN EMMANUEL 636. AKINYELE OLUWASEUN EMMANUEL 637. AKINYELE TAJUDEEN AKINTOYE 638. AKINYEMI AMIDU AKANMU 639. AKINYEMI IBIYEMI 640. AKINYEMI JOSUA OJO OLUWAFEMI 641. AKINYEMI KEHINDE 642. AKINYEMI KOLA 643. AKINYEMI MUYIWA 644. AKINYOOLA MOSES AFOLABI 645. AKNIYEMI OLUJIDE ABIODUN 646. AKODAOLU SAMSON ABAYOMI 647. AKOK MICHAEL 648. AKOLO ABIODUN EMMANUEL 649. AKOMOLAFE LADIPO 650. AKOREDE OPEYEMI SULAIMAN 651. AKOREDE OPEYEMI SULAIMAN 652. AKOSILE ADEGBOYEGA RAZAK 653. AKOSILE OLUWASEYI 654. AKOSILE OLUYEMISI OMOWUNMI 655. AKPABIO UDUAK MATTHEW 656. AKPAN ANTHONY PIUS 657. AKPAN OFONMBUK OKON 658. AKPAN ROSEMARY JUMBO 659. AKPAN UDINYANG JOHN 660. AKPAN UKEME PETERS 661. AKPANEKWERE ISRAEL JOSEPH 662. AKPE ARHO 663. AKPEJI AUGUSTINE AYODELE 664. AKPEJI MONICA YETUNDE 665. AKPEJI STELLA OMOBOLANLE 666. AKPOBOME MARY ATUNYOTA 667. AKPOMUDIARE AHANU CYNTHIA 668. AKPORUGO JOEL PRESTON EJAIFE 669. AKPUNONU JOY NWANNEKA 670. AKPUOGWU ANAEFUNA 671. AKPUOGWU MATHIAS 672. AKRONG ABIODUN 673. AKUBUEZE CHARLES UGOCHUKWU 674. AKUBUILO EZEKIEL 675. AKUCHIE JUSTICE 676. AKUE FRANCA 677. AKUMABOR IMUETINYAN VICTORIA 678. AKUTU KENNETH IKENNA 679. AKUTU TIMOTHY EBUKA 680. AKWAKA CLEMENT AZUBUIKE 681. AKWAKWA EFE JOHN 682. AKWARANDU NGOZI PAULINE 683. ALAAFIN PETER ADEYEMI 684. ALAAFIN PETER ADEYEMI 685. ALABARAONYE KELECHI 686. ALABE NURENI 687. ALABEDE JONATHAN OLUSOLA 688. ALABI ADIJAT OLUWATOYIN 689. ALABI JERRY TUNSEYI 690. ALABI MONICA OLUKEMI (MRS.) 691. ALABI OLUSOLA IBRAHIM 692. ALABI YUSUF BABATUNDE 693. ALADE GBOLAHAN A ALADE LAWRENCE AGBOOLA 695. ALADE OLUWASEYI 696. ALADEYOMI AKINGBADE ISOLA 697. ALAEFULE FIDELIS ODINAKACHUKWU 698. ALAGA KOLAWOLE MUFTAU 699. ALAGBAOSO CHIDUBEM GERALD 700. ALAJA-BROWNE FOLAYEMI 701. ALAMAS MUSA NGALE 702. ALAMU AKEEM 703. ALAMUTU IMRAN YUSUF 704. ALAO ABD-AL-BAARI OMOKOLAPO 705. ALAO AL-HARITH OBAGBI OPEYEMI 706. ALAO AYOKUNLE 707. ALAO EMMANUEL SEGUN 708. ALAO FRANCIS ADEYEMI 709. ALAO LEKAN TAOFEEK 710. ALAPOTIOWO TAOFEEK ABIOLA 711. AL-ASA NIGERIA LIMITED 712. ALASE OLORUNSOGO JULIUS 713. ALASHI OLADELE 714. ALATISE ABIODUN OLASUNKANMI 715. ALAWIYE ELIZABETH OLUWADAMILOLA 716. ALAWIYE HANNAH OLUWAREMILEKUN 717. ALAWODE GIDEON OLUSHOLA 718. ALAWODE RICHARD OLUSEUN 719. ALBASU ABDULRAHMAN BASHIR 720. ALBERT VICTORIA 721. ALEEM ABOLADE MUSAFIU 722. ALEJO OLAWANDE OLAYINKA 723. ALEXANDER JOHNSON ABIAJE 724. ALI ABDULMUMIN 725. ALI AMBISISI DANLAMI 726. ALI AUDU 727. ALI FLORENCE KINYAR 728. ALI MOHAMMED MOHAMMED 729. ALICORN CAPITAL 1YMCQ1 PORTFOLIO 730. ALIDU CHRISTOPHER 731. ALIGASIM ONYINYECHI 732. ALIGO CHINEDU VINCENT 733. ALIKU DUMBI ARTHUR 734. ALIMHINGBE MICHAEL OWHEGOJABO 735. ALIU IBRAHIM ABIODUN 736. ALIYU HAMZA ABUBAKAR 737. ALIYU HASSAN 738. ALIYU JUWARETU OHUNENE 739. ALIYU MOHAMMED JIMOH 740. ALIYU MUHAMMADU 741. ALIYU WAHIRAT MUSTAPHA 742. ALIYU YUSUF 743. ALLI BABATUNDE OLUMUYIWA 744. ALLI BALOGUN TOKUNBO (DR) 745. ALLO MORONKEJI 746. ALLO RASHEEDAY 747. ALLWELL-BROWN SIENNE 748. ALO ADEREMI ABRAHAM 749. ALO EDWARD OLUSEGUN 750. ALO ISAAC 751. ALO MATTHEW ONI 752. ALOBA BABATUNDE LAYIWOLA 753. ALOBA BOLANLE 754. ALOBA DAMILOLA MORAKINYO 755. ALOBA OLAKUNLE OLASUNKANMI OLALEKAN 756. ALOBA OLASUPO OLUWASEYE 757. ALOBA OLUWASEYI CALEB 758. ALOBA OYEBANJI RASAK 759. ALOGBE OTHUKE EPHRAIM 760. ALOH ALEXANDER CHINEDU 761. ALOMO ABDULRASHEED ABIOLA 762. ALONGE AYODELE 763. ALUFOHIA ADORABLE OMON MISS 764. ALUFOHIA JEWEL ODION MISS 765. ALUKO ADETORO 766. ALUKO BOSEDE KEMISOLA 767. AMACHREE ABIYE AUGUSTINE 768. AMADI SEBASTINE EJIOFOR 769. AMAJUOYI ANITA 770. AMAKIRI DORCAS T 771. AMAMA JACOB CHINEDUM 772. AMANARI OGEONYE CHARLES 773. AMAO ABDUL - RASAQ OWOLABI 774. AMAO OLAJIRE OMOWUNMI 775. AMAO SEGUN 776. AMBODE OLUWAJOMILOJU JUMOKE 777. AMBODE OLUWATOFUNMI OLASUBOMI 778. AMEADAJI ILEMONA 779. AMEADAJI OJONE 780. AMEADAJI OJONUGA 781. AMEEN MUBARAK AHMAD 782. AMEEN MUHAMMED B A 783. AMEH MARY 784. AMINADOKI DAVID T 785. AMINU ABDULHAMID AREMU 786. AMINU AMINAT OMOLARA 787. AMINU FATIMA SAFANA 788. AMINU IBRAHIM 789. AMODENI ADEMILUYI ADETOLU 790. AMODU BASIRAT A AMODU FAUSAT OLUWATOYIN 792. AMOKE ONYEBUCHI EMMANUEL 793. AMONIYAN OLUWADUROTIMI OLADELE 794. AMOO TOPE SALIU 795. AMOO TOPE SALIU 796. AMOS BISI MICHAEL 797. AMOS EMMANUEL 798. AMOS-OSEBEYO BOLARINWA-GD/M A/C 799. AMU CHARLES AGBOLOGA 800. AMUDA ADEKUNLE OBASANJO 801. AMUND AYODEJI PAUL 802. AMUSAN FEMI OLA 803. ANAEBO MICAHEL UCHENNA 804. ANAEVUNE AUSTIN 805. ANAMENE COSTANCE NONYE 806. ANASONYE ANDREW 807. ANAZODO ROSEMARY IFEYINWA 808. ANDEOBIH LTD 809. ANDY STEVE MOMOH 810. ANENE KENNETH CHUKWUEMEKA 811. ANGEL TOLUWANI F. C ANGELA TELLA MORIAMO 813. ANI NICHODEMUS 814. ANI PHILIP NWITTE-EZE 815. ANIDUGBE KOFOWOROLA OLAITAN 816. ANIFOWOSHE FOLASHADE NUSIRAT 817. ANIFOWOSHE O. ADEOLA 818. ANIKE EMEKA PAUL 94 CHAMS PLC 2016 ANNUAL REPORT

95 LIST OF UNCLAIMED DIVIDEND 819. ANIKWE JOSEPHAT UCHENNA 820. ANIMASHAUN AISHA MORADEYO 821. ANIMASHAUN AL-FUR'QAN FOLORUNSHO 822. ANIMASHAUN NADIA OLAOLUWA 823. ANIMASHAUN NIMATA OLAYINKA 824. ANIMASHAUN RASHEEDAT ADEBIMPE 825. ANNY-MUOJEKWU CHICHETA Q. EMMANUELA 826. ANNY-MUOJEKWU CHIDIMMA NANCY PRECIOUS 827. ANNY-MUOJEKWU CHIOMA GRACE 828. ANNY-MUOJEKWU TRACY 829. ANNY-MUOJEKWU UCHECHI JOYCE MERIT 830. ANOINTED FEET PRIVATE SCHOOL 831. ANOKE NNANNA JOHN 832. ANONYE CHIBUZO BARTHOLOMEW 833. ANOSIKE ERIC IKENNA 834. ANOSIKE ONYEMAUCHE JAPHET 835. ANOZIE DOMINIC 836. ANSARI RUTH 837. ANTHONIA O. OLULEYE 838. ANUCHE NGOZI MAUREEN 839. ANUFORO IBE 840. ANUNTU QUEENDALINE IFUNANYA 841. ANURUKEM CHIMA 842. ANYAEGBU CHUKWUDI MARCUS 843. ANYAELE NNENNA 844. ANYALEWECHI SAMUEL CHINONYEREM 845. ANYANWU BERNARD OBIDINMA 846. ANYANWU BUKOLA MARYAN 847. ANYANWU CHARLES CHIMELA 848. ANYANWU CHUKWUMA 849. ANYANWU HILARY UGOCHUKWU 850. ANYANWU LILIAN MEDLINE 851. ANYANWU NWAMAKA JOAN 852. ANYANWU STANLEY ONYEDIKACHI 853. ANYIAM FLORENCE ONYINYECHI 854. ANYIKWA ANYIKWA (CHIEF) 855. APATA ADEDAYO TOBA 856. APEL ASSET AND TRUST LIMITED 857. APETE AMUNDA AJIUN 858. APIAKA STEPHEN OKECHUKWU 859. APOESO BABATOPE OYEBOLA 860. AQUANOX NIGERIA LTD 861. ARAGBUWA OLUWAGBENGA OLUMIDE 862. ARAGBUWA OLUWAGBENGA OLUMIDE 863. ARAOYE CHRISTIANAH OLABISI 864. ARAROMI MOSQUE YOUTH ASSOCIATION 865. ARASE GRACE MUAME 866. ARCHIBONG LOUIS EDEM 867. AREGBESOLA FOLASASE JELIAT 868. AREGBESOLA THOMAS BABATUNDE 869. AREMU AKINTUNDE JOHN 870. AREMU FOLAKE THERESA 871. AREO ABRAHAM BABATUNDE 872. ARIBALOYE BABAJIDE 873. ARIBALOYE OLUWADAMILARE 874. ARIBILOLA AYOTOMIWA A 875. ARIDOZ INVEST. & PROPERTIES LTD 876. ARINZE CHUKWUNONSO BENNARD 877. ARINZE IJEOMA MARY-ANN 878. ARISE ABIMBOLA KEMISOLA (MRS) 879. ARIT AKPAYEN 880. ARIWODO ABEL NDUBUISI 881. ARIYOH RILWAN ABIODUN 882. AROGBAOLA AKINWANDE NIYI 883. AROGUNDADE FESTUS OLUFEMI 884. AROGUNDADE WASIU ABAYOMI 885. AROH CHUKWUDI BENJAMIN 886. AROH LEONARD UZODINMA 887. AROKOYU OLUSOLA FLORENCE 888. AROMIRE ARAMIDE 889. AROMIRE FELICIA MULIKATU 890. AROWOBUSOYE TAIWO PAUL 891. AROWOLO LATEEF ADEKUNLE 892. AROWOLO MONSUR OLADIPUPO 893. AROWOLO OLUSEUN GBADEBO 894. AROWOROWON YUSUF OBALOWU 895. AROWOSHOLA OLUFUNMILAYO ADERINSOLA 896. ARUBI UGBEM AGAMA 897. ARUNA ANTHONY 898. ARUNA OLADEINDE WASIU 899. ARUNAH DENIS 900. ASAKAH OLUCHI PRISCA 901. ASHIRU IDOWU BASHIRU 902. ASHIRU MONSURU ADISA 903. ASHIRU-BALOGUN ADEOLA 904. ASIKOKO DANIEL OHIHON 905. ASOMUGHA TOCHUKWU GABRIEL 906. ASOR CHARLES ONYEKA 907. ASU ARCHIBONG UTONG 908. ASUA JACOB IORKOHOL 909. ASUBIOJO ABIODUN OLADAPO 910. ASUBIOJO OLUWEMIMO COMFORT 911. ASUENI CHARLES 912. ASUKWO OKOH 913. ASUNMO RASAQ AJAYI ASUQUO EDET EDEM 915. ASUQUO NYENAM BASSEY 916. ATALOR ABEL 917. ATANDA AJIBOYE KAYODE 918. ATHROL NIGERIA LIMITED 919. ATITEBI OMOBOLADE ADEOLA 920. ATOLAGBE VICTORIA ODUNOLA 921. ATOYEBI IBUKUN BABATUNDE 922. ATOYEBI KAZEEM WALE 923. ATOYEBI OLUWASESAN GABRIEL 924. ATSANDA RAS CYRIL 925. ATTAH OGOCHUKWU 926. ATTAHIRU SUWAIBA BAFARAWA 927. ATTAMAHCHUKWU VALENTINA OSAYEMWENRE 928. ATTAZAIKI ISMAIL 929. ATUANYA ANTHONY TOCHUKWU 930. ATUBE EMMANUEL CHIBUZOR 931. ATUNDE LOOKMAN 932. ATUNNISE ADETOLA FAVOUR 933. ATUONWU NANNA VICTOR 934. AUDU MARY ADUN 935. AUDU MONDAY HAPPINESS 936. AUGUSTA OGBON 937. AUWA TITILAYO BASIRAT 938. AVROSYN IMPEX LIMITED 939. AVWARURORO PETER ERERE 940. AWAH HELEN C/O CHIKA UMEDEZIE 941. AWAZIE NDUBUISI CHUWUNYERE 942. AWE ADEBISI JANET 943. AWE OLAMIDE DAVID 944. AWODEIN OLUBUKANYO BIODUN 945. AWODERU OLUWOLE 946. AWODOYIN OLUWATOSIN IFEDOLAPO 947. AWOFESO EZEKIEL ADEDAYO 948. AWOJOBI OLUSOJI A. IDOWU 949. AWOJOOPU BANKE YETUNDE 950. AWOLUSI RONKE MONISOLA 951. AWONAIKE ADEDAMOLA OLAOLUWA 952. AWONAIKE ADEOLUWA OLUWAPAMILERIN 953. AWOPETU OLUWAKEMI TOLULOPE 954. AWOSAN MONISOLA 955. AWOTIWON BOLUWATIFE DAVID 956. AWOTIWON OLUWAPAMILERIN OLADAPO 957. AWOTULA AYODEJI OLUSHOLA 958. AWOTUNDE ADEGOKE ABEL 959. AWUJOOLA OLUSESAN JOSHUA 960. AXHOLMES NOMINEES LTF "IK" 961. AYALOGU ERIC 962. AYANDELE SUNDAY AYANTUNJI 963. AYANGBA EBI NAOMI 964. AYANLEYE ZAINAB FEHINTOLA 965. AYANLOLA TIMOTHY AYANLABI 966. AYAYA EMMANUEL 967. AYEDIRAN FUNMILAYO 968. AYEGBO REBECCA DAMILOLA 969. AYELE PATRICK ILOBA 970. AYENI ABIODUN EMMANUEL 971. AYENI AGNES OLAWUMI 972. AYENI ALEXANDER 973. AYENI CHIDUM ULUNMA 974. AYENI IFEOLUWA RUTH 975. AYENI OLAKUNLE OLUWABUNMI 976. AYENI OLORUNGBON DAVID 977. AYENI PRECIOUS FISAYOMI 978. AYENI RISIKAT MONISOLA 979. AYEOYENIKAN AUGUSTINE ITUNUOLUWA 980. AYEWOLE ADEWALE AKINADE 981. AYILARA FALILATU ASANI 982. AYINDE ABIMBOLA OMOTANWA 983. AYINDE OLUBUKOLA ADEOLA 984. AYINLA RALIAT ABIKE 985. AYIYE MUHAMMAD IDRIS 986. AYMUR INVESTMENTS LTD 987. AYO IGE MAYOWA 988. AYO LAWANI 989. AYODELE JOSEPH OLUSOLA 990. AYODELE MATTHEW AREMU AYOBAMIDELE 991. AYODELE OLUSEGUN 992. AYODELE-BAMISAYE AKINTAYO OPEYEMI 993. AYO-IDOWU OZE 994. AYUBA ALIYU 995. AYYG & SONS NIGERIA LIMITED 996. AZEEZ BABATUNDE GBOLAHAN 997. AZEEZ HAMIDU OLALEKAN 998. AZEEZ JIMOH OGUNBANWO 999. AZEEZ KAZEEM ADEROJU AZEEZ MUFUTAU ADENIYI AZIKIWE ABIODUN NWACHUKWU (DR) AZODOH OBIAGELI IMMACULATE AZUBUGWU EUNICE CHINELO AZUBUIKE KAMSI JESSICA AZUONWUN COLLINS UCHENNA BA'ABA ABUBAKAR BABAJIDE FARMS LIMITED BABAJIDE ISIAKA AMOO BABAJIDE OLUWASANMI BABAJIDE SUNDAY ADELEKE BABALOGBON TEMITOPE JOSEPH BABALOLA ADEBIMPE NURAT BABALOLA ADEGBOYEGA ADESOJI BABALOLA AJOKE SUMAIYAH BABALOLA IBIDUN HENRIETTA BABALOLA IBRAHIM REMI BABALOLA JAMEELA ONAOPEMIPO BABALOLA NASIRUDEEN OLUWATOBILOBA BABALOLA OLAYINKA JOB BABALOLA OLUSOLA BABALOLA OLUSOLA BABALOLA SUMAIYA OMONIYI BABAMA'AJI YAKUBU BABA-MANU MARYAM BABA-MANU RUKAYYATU BABARINDE TOLANI IJECHE BABARINSA OLATUNDE BABATUNDE ENITAN OLUFEMI BABATUNDE OLUSOLA EMMANUEL BABATUNDE SEUN BABAYARO BARAATU BABFAL NIG LTD BADEJO ADEBUKOLA JENIFFER BADEJOKO ADETOLA O BADMOS MARGARET OLUBUNMI BADRU FALILATU JANE BAFFA MUHAMMAD IDRIS BAJAH EMIKO BAJERE IRENE MIRURAYEHINE BAKARE ADEBISI OLUWAYEMISI BAKARE AZEEZ OLATUNJI BAKARE BAKARE ADEBAJO AKEEM BAKARE FAUSAT OLAYEMI BAKARE FAUSAT OLAYEMI BAKARE FOLARIN ADEWALE BAKO JAMILA SANI BALA NEEMAT BALARABE LAWAL HALIMATU BALLYTECH NIGERIA LIMITED BALOGUN ADENIYI SHAKIRU BALOGUN ADENIYI SHAKIRU BALOGUN ALABA BALOGUN OMOOLADE OLUWAGBEMI BALOGUN OYEYINKA ABDULGAFAAR BALOGUN OYINDAMOLA OLUSOLA BALOGUN SAHEED ABIODUN BALOGUN SIDIKAT BALOGUN SULAIMON ABDULAHI BALOGUN TAJUDEEN BALOGUN Y BAMGBOPA ABDULAZEEZ KAYODE BAMGBOPA KEHINDE BAMGBOYE YOMI OLUWASEUN BAMIDURO KEHINDE BUKOLA BAMIGBETAN BAMIDELE BAMIGBETAN DELE BAMIGBETAN DOTUN BAMIGBETAN KAYODE BAMIGBETAN OLADOTUN BAMIGBETAN OLUKAYODE BAMISILE ABIOLA O BANKING RESOURCES LIMITED BANKOLE J. O. (CHIEF) BANKOLE TAOFIQ ASHOLA BAPPA INUWA MUHAMMAD BASHARU HASHIYA HARUNA BASHIR ABDALLAH LERE BASHIR FATIMA UMAR BASSEY CALED BASSEY HANNAH UDOH BASSEY IFREKE IME BASSEY OMINI EKPO BAZUAYE KINGSLEY OSAYANDE BEENAT INTERNATIONAL COY LTD BEKEDEREMO MORRISON BELLO ADEOLA BELLO ADISA SULE BELLO AISHA BABA BELLO GUSAU ABDULRASHEED BELLO IBRAHIM ZARAU BELLO KOKO SHEHU MOHAMMED BELLO MOSES OLUMUYIWA BELLO MUSA JUNAIDU BELLO NURA MUHAMMED BELLO NURA MUHAMMED BELLO OLUTAYO TOKUNBO MISS BELLO RASAQ OLADIPUPO BELLO SUHAILA BELOCHUKWU JOSEPH BENNIBOR SHIONO ALLEN (MR) CHAMS PLC 2016 ANNUAL REPORT 95

96 LIST OF UNCLAIMED DIVIDEND BENSTOWE SHADRACH OGBULU BILLIE SHEHU SALISU BIMLAG PRIESTLY TRAIN FOUNDATION BINDAWA JUNAID SANI BIOKO BINAEBI NANCY BLUE MARINA COMPANY LIMITED BOBBOI A. AHMED BOB-MANUEL HELEN IBIBA BOKO MARY UMARU BOLAJI MUSTAPHA TUNDE BOLAJI STEPHEN DELE BOLARINWA ATINUKE HABIBAT BOLARINWA EKI BOLARINWA OLUMIDE DANIEL BOLODEOKU ADEDAMOLA BOLOU-SOBAI BODISE LEBRUN BOLU RONKE BOLUWATIFE OPEYEMI BON-AMAKIRI CHIAMAKA FORTUNE BOROMA YAKUBU MOHAMMED BOSSEY FRANCIS EGBHATSE BRAIMAH ABDULMUMINI BRIBENA EMMANUEL OYINKURO BRIGHTHOUSE ESTATE LTD BRIGUE EBRUCE FLOREEN BRISKILA JAMES BROWN IAN BROWN IBIFUBARA BROWN MARK BROWN NOEL ODOYO BUARI ABIMBOLA OMOLARA BUARI MOHAMMED ADEBAYO BUARI TESLIMAH TOLULOPE BUARI ZAHRA OLUTAMILORE BUBA GWARY HAJARA BUHARI SARIYAT BOLA BUKBEE 'N' J LIMITED BUKO AZUKA MARGARETH BUKOL NIGERIA LIMITED BUKOLA-AJETUNMOBI NGOZI BURA ALHAJI GUJARI BURAIMOH STELLA OMONIKE BUSARI AKEEM OLATUNJI BUSARI RAZAAK ADEKUNLE BUSARI SULEIMAN OPELOYERU BYFORTE NIGERIA LIMITED CAC ALABUKUN BENEVOLENT GROUP CACTEDIB VENTURES CANDIDO M. ENTERPRISES CANNES INDUSTRIAL CARDINAL DEVELOPERS & TRUST LTD CASHVILLE INVESTMENT & SEC. LTD CATHEDRAL OF ST PETERS AKE CAULCRICK SAMUEL OLUDAMILOLA CAXTON NIGERIA LIMITED CHEN DAVID FANEN CHIABUOTU EMMANUEL NDUBUISI CHIAGOZIE ESSIENAWAN NNENNA CHIBIKO GODSON ONYEJI CHIBUIKEM JAMES OJIAWA CHIBUIKEM REX CHIDIEBUBE CHIBUZO-ONYEBUENYI CHIKA B CHIBUZOR FRED AKOSA CHIBUZOR NNAEMEKA OKAFOR CHIDOKA OBINNA CHIDOKA SAMUEL CHIDOZIE CHIKE CHIEJINE NWADINMA EMMANUEL CHIGBU KINGSLEY NDUBUSI CHIJIOKE CHINEDUM CHIJIOKE EVELYN NNENNAYA CHIJIOKE VICTOR CHIKELUBA COLLINS CHIME ANDREW OGBONNA CHIME ROMANUS IKECHIKWU CHIMEZIE NGOZI CHINAKA CHINONYE CHINAKA UBA CHINECHEREM FABIAN E CHINEDU STEPHEN CHINEKEZI DANIELA CHINAZAEKPERE CHINWEZE MMADUKA ANTHONY CHIVALRY MERCHANTS & BROKERS LTD CHIZCON GLOBAL VENTURES LTD CHOKI TELESPHORE CHRIS-ALADUN UGOCHUKWU CHINEDU CHRIST SOWERS LADIES LEAGUE CHRISTOPHER EMEKA CHUKWU ANN CHUKWU BOBBY THEOPHILUS CHUKWU CHIBUEZE ALOYSIUS CHUKWU EVELYN CHIBOGU CHUKWU GODWIN CHUKWU VICTORIA ADAH CHUKWU VIVIAN CHUKWUEBUNI PATRISON CHUKWUEDO AUSTIN IKECHUKWU CHUKWUEKETE CHRISTOPHER CHUKWUEKEZIE SOMTOCHUKWU GODWIN CHUKWUEMEKA CHINYELU CHUKWUEMEKA GABRIEL CHIKA CHUKWUJINDU IZUCHUKWU NDUBISI CHUKWUKA BARNABAS C CHUKWUKERE SYLVESTER CHINYERE CHUKWUMA ANYANWU CHUKWUMA KENECHI EBUKA CHUKWUMA ONYEWUCHI STELLA CHUKWUMA PAUL NNODI CHUKWUMALU UJU MARYLINDA CHUKWUMEZIE ISAAC ONYEDIKA CHUKWUNETA NWAMAKA MAUREEN CHUKWUNMEZIE ANN O CHUMPYPLANET ENT. & GEN. MERCHANISE CHUNDUSU DAFON ISHAYA CITY DEALS GLOBAL VENTURES CITYMATRIX NIG. LTD CLARKE EKWEOSINOMO DICY CODEFUTURE INVESTMENT LIMITED COK INTEGRATED INVESTMENT LTD COKER BABAJIDE OLUSEGUN COKER OLUWAGBEMIGA ADEDEJI COLE IBIYINKA OLAWALE COLE OLAKUNLE IBIYINKA COLE OMOREDE COLLINS IBEKWE COLTROSS LTD COMPSOLVE INTERNATIONAL LIMITED CONSOLIDATED INV LTD NOMINEE A/C CONSTRUCTION PLANT & EQUIPMENT INT CONYBRID NIGERIA LTD CORNERSTONE TRUSTEES A/C PETERS EMMANUEL OLULONIYIN CORNERSTONE TRUSTEES A/C PETERS GRACE OLULAYO CORNERSTONE TRUSTEES A/C PETERS JOSEPH OLUSEGUN CORNERSTONE TRUSTEES A/C PETERS MOPELOLA OLUKEMI CORNERSTONE TRUSTEES A/C PETERS OLUBUKUNMI CORNERSTONE TRUSTEES A/C PETERS OLUSEUN JOSEPH CORNERSTONE TRUSTEES A/C PETERS OLUWEMIMO TITILOPE COSTCUTTER INVESTMENT LTD COUPLE-EBOH OGHENEAKPOBO FRANK COUTROUPIS TINUOLA ADETORO CROWNFIT KLEAN TOUCH DADA EMMANUEL ADESHINA DADA OLAWUNMI KAFAYAT DADA OLUMIDE IDOWU DAHIRU AMIN JIBRILA DAHIRU BINDAWA BILKISU DAHIRU MUSA GADAS DAHUNSI AFEEZ AKANBI DAHUNSI AFEEZ AYODEJI DAHUNSI MARY DAIRO BABATUNDE FISAYO DAIRO EMMANUEL DAIRO OLUWADAMILOLA OLUDAYO DAN'AZUMI ABDULLAHI MOH'D DANBUGA ABDULKADIR JELANI DANIEL ADEOYE DANIEL IFETOLA OLUSEGUN DANJUMA BOBBO DAODU OLUWAFUNMILAYO ATINUKE DARAMOLA ABIODUN CHRISTIANAH DARAMOLA OLUREMI ALICE DARAMOLA RICHARD DATTI USENI EMMANUEL DATUGUN PETER DANLADI DAUDA MOSHOOD OLADIPUPO DAUDA S MAINA DAUDA YINUSA ADISA DAVID DANIEL DAVID DANLADI UGBEDE DAVID ILIYA LOT DEGIRI AUGUSTINE AKPOLEBABARI DEJI-LOGUNLEKO AMINA OMOKHOMO DEJO PADETIN TITILAYO DEKPEN NICHOLAS AKPOGANJO DELE JOSEPH DELE-GIWA OLUFUNMILAYO DEMANEHI INVESTMENTS LTD DEMARVIA INVESTMENT LIMITED DEME JOHNBULL DEMOK IND LTD DERE HAIRAT WURAOLA DERE WASIU ABIODUN DEROX PAPER MILL LTD DICK-NWOKE UGORJI NNANNA DIGITAL FOTO SNAP DIKE ROSEMARY DIKE SMART NNAMDI DIM JOHNSON UCHE DIMKA EZEKIEL GOTOM DINGBA ISHAKU TANZE DIRI MOHAMMAD SAIDU DIRIBE CHKWUDI CHINEDU DISU ELIAS OLASUPO DIYAN OLUWATOSIN OLALEKAN DOBLIC ENTERPRISES DOCAAI NIG LIMITED DOMINIC TITUS T DOSA ENAYON OLUFEMI DOSUNMU ADETOUN DOSUNMU AJIBIKE DOSUNMU OLUSEYE DOYIN IFEDAYO DR ADEPETUN ADEBAYO DR AKINOLA PETER DR ALALADE OLADAPO DR AMOLE I IBIYINKA OLUSHOLA DR ERIBAKE OYENUGA DR ROTZLER OLUKEMI OLUMAYOWA DREAM BASKET LIMITED DRMOLOVA GBOLAHAN NOIMOT DROLEMOC FARMS LIMITED DUDUS MOTIVE ENTERPRISES DUNG RUTH JOHN DURO-EMANUEL LYDIA ATINUKE DUROJAYE OWOLABI GBENGA DUROJAYE SAMUEL SUNDAY DURU KINGSLEY ONYEABU DURUIBE NIGERIANUS TOCHUKWU DYNAMIC ADONAI COOPERATIVE SOCIETY EARLSWOOD MANAGEMENT SERVICES LTD EASTLINE INVESTMENTS EBEANO SUPERMARKET EBENUWAH HENRY CHUKWUEMEKA EBERE IFEANYI PAUL EBERENDU NGOZIKA MAGDALINE EBEREONWU NKECHI STELLA EBEREONWU NKECHI STELLA EBHODAGHE BLESSING EBILIKO LONGINUS CHINASAOKWU EBOH JUDE EBOIGBODIN OMO-OSAGIE EBUEHI STEPHEN OSAGIE WILLIAMS EBUEHI WILLIAMS OSAGIE EBUEKU EHIMWENNA TOYIN MARY EBUEKU ISOKEN ANU LYNDA EBUKANSON EMMANUEL GEORGE ECHIEGBUE UZOMA ISAAC ECHIGEME GOD'SPOWER BOGNOR ECO INVESTMENTS LTD EDEH IFEANYI JAMES EDEH NNEKA GLDYS EDEH OBINNA EDEH UCHECHUKWU PEACE EDEM AKAN ISRAEL EDEM ASUQUO EDET EDEM UBONG BONNY EDEOGHO SYLVANUS EDET OKON GODWIN EDJE WARRIRUME PATRICK EDOBURUN SOLOMON EDOMWONYI OGHOSANOR EDOMWONYI OSARUGUE EDITH EDU OLAYEMI EDUN ABIODUN OLATUNJI EDUN AKINBODE OWOLABI EDWARD EMEKA EDWARD HELEN EDWARD KOLAWOLE JOHN EFFIONG EKPEDEME EMMANUEL EFFIONG PATRICK ASUQWO EFI SOLOMON EFIKA CHIDI EFUNBAJO SUNDAY ISAAC EGBARIN CHINYERE EGBE EMEKA MICHAEL EGBE EMEKA MICHAEL EGBE OMO ILARA MOKIN EGBEAKA TOBIAS UCHECHUKWU EGBEDINA AKINTOLA OLADAPO EGBELEYE ADEYINKA ABOSEDE EGBERONGBE BILIKIS OMOTUNDE EGBEYEMI FLORENCE O EGBO AUGUSTINE ESEROGHENE EGBO CHUKWUMA JOSEPH EGBO EZENNAYA AMOBI EGBOKHAN KINGSLEY OZIEGBE EGBONU CHIDI EGBOO CHRISTIAN EZECHUKWU EGBULEFU DENNIS OBINNA EGBUNA PRISCA NNENNE EGBUTU BONIFACE CHUKWUMA 96 CHAMS PLC 2016 ANNUAL REPORT

97 LIST OF UNCLAIMED DIVIDEND EGEDE ROLAND EFE EGEDEGBE GLORIA EGUAVOEN CHARIS OSASERE EGUEVOI AIGBOKHAI ABRAHAMS EGUNJOBI EMMANUEL OLUWADAMILARE EGWEDE EMMANUEL ETABUNO EHIEDU FELIX KIMEMENIHIA EHIMAGUNMWENDE EKI CHRISTY EHIOGHIREN A. IKPONMWOSA EHIRIM ELISHA EHIRIM KINGSLEY NNAEMEKA EHIRIM LOVE EHIS ULAIKERE EJARUNE BLESSING EUFOMA EJEKWU QUEEN PATIENCE EJELE ITUA HELLEN EJEZIE AFAMEFUNA TONY EJIBE IRUNNA BLESSING EJIKUNLE TUNDE ROBBINSON EJIMNKEONYE MARY-ANN OLUCHI EJIMOFOR UCHE EJIMOKUN OLANREWAJU OLAMILEKAN EJIOFOR CHIDIOGO BENJAMIN EJOVI LAWERENCE EMUOBO EKANEM ENO OBONG JANE EKE CHIDI IREM EKE CLINTON NNAMDI EKE DESMOND ONYEBUCHUKWU EKEANYA CYNTHIA OMONIGHO EKEIFO BAMIYO EYITEMI EKEKWE CHRISTIANA C EKERE SAMPSON IFEANYI EKOJA DANDY IMANCHE EKONG EMMANUEL JACKSON EKPAGHA LORETTA EFUEYE EKPO AUGUSTINE PAULINUS EKPO EMEM PATRICK EKUMA FRANCIS CHUKWUEBUKA EKWEALOR BONIFACE NWAFE EKWENSI CHIGOZIE DORIS JENNIFER EKWERONU ONYINYECHI ONONOGBU EKWOM OBINNA EMMNAUEL EKWONNA SAMPSON.I. (DR) EKWONYE CHRISTIAN UCHECHUKWU EKWUEME CHIKA CHIEMEKA EKWUGHA PATIENCE CHIAMAKA EKWUNIFE WISDOM OSITADINMA EKWUTOZIE ROSEMARY NGOZI ELAIHO OBI STELLA ELBAFF JAMAL ABDALLAH ELEGBEDE AMINAT OMOLOLADE ELELU BOLAJI RAFIU ELELU OLADMEJI RASAQ ELEODI BENSON CHUKS ELEOGU CHUKWUBUIKE FRED ELETINMI SAMSON AJIBOLA ELI-TOYO & ASSOCIATE LIMITED ELOM HYGINUS FRIDAY NWENYI ELONNA-EZULU AKUDO FAVOUR ELUEHIKE CELESTINE ELUEHIKE THERESA ELUWA KELECHI OKEZIE EMEH CYNTHIA EZINNE EMEH EDWARD IFEANYI EMEH VICTOR CHINOMSO EMENIKE NJIDEKA MERCY EMGC NOMINEES EMIOLA TEMITOPE ABIMBOLA EMMANUEL ADAH MATHEW EMMANUEL INNOCENT MEBEI EMMANUEL KINGSLEY EYINECHUKWU EMOVON ABIGAIL AMENZE EMU FIDELIA OREVAOGHENE EMUANYAKA EZENWA HENRY ENAIFOGHE VICTOR ENDONI PAEBI SYNDOPH ENE VICTOR SUNNY C ENECHE SYLVANUS ENEH PRAISEGOD ISIBUBE.C ENENDU MIKE OGBONNA ENEZE LAWRENCE UDEH ENIOLA AYOKUNMI IBRAHIM ENIOLA ILERIAYO OLANIYI ENIOLA OMOTAYO ENITINWA MOBOLAJI OLUWATOSIN ENO BAKHARE OGHOGHO YEWANDE ENTERPRISE INVESTMENT MANAGEMENT II ENTERPRISE INVESTMENT MANAGEMENT LIMITED ENUMA JOSEPH OBIEZE ENWEMADU CHIEDU ANDREW ENWERE ATHANASIUS CHUKWUMA ENWERE MCHUKS PAULINUS ENWEREUZO CYNTHIA CHINWENDU ENWERUZO-AMAEFULE OLUCHI DORINE ENWERUZO-AWAEF OLUCHI DORINE EQUERE MERCY NSEOBONG EQUINOX PROPERTIES LTD ERE OLALEKAN EREZI AJIRI ROXY EREZI JESUOVIE LOUIS ERI AMINU ALI ERIBAKE TEMITOPE ORIYOMI ERIKUME KENNETH EROMOSELE OISEMUDIAMEN EROMOSELE OSEMUDIAMEN OLUWASHINA-AYOMI ESARA JAMES ESAUINIOBONG FRIDAY ESENE ANTHONY EGBADON ESHCOL PETROLEUM LIMITED ESIEVO SHEDRACK AKPEBE ESO ABIODIUN RICHARD ESOKPUNWU EMMANUEL ESOMOJUMI BENSON ESSANG ETIM OKON ESSANGENYI EDET EDET ESSIEN GRACE PETER ESSIEN ROSEMARY ESSOR GODWIN IBIADULE ESTATE OF ASALU AKINTUNDE ESTATE OF ODEGBAMI OLATUNJI ABIODUN ESTATE OF OGEDENGBE MICHAEL FOLORUNSHO ESTATE OF ONYEKURU UZOMA HENRY ESTATE OF WILLIAMS T. ABAYOMI ETEFIA USEN TUNDE ETEJERE EJIROGHENE ETI RUHAMAH CHIOMA ETTEH ENOBONG ETTU AFUI OLUGBENGA ETUK CHRISTOPHER DOMINIC ETUKUDO UKO MORGAN-JOHN EVO NNANA SAMSON EWERE HENRY OGBEMUDIA EWILEM EVELYN ELUAGWUNI EWILEM EVELYN ELUAGWUNI EWULLUH UZOMA JOY EXERT TRADING LTD EYAM-OZUNG PATRICIA EYENOWO GIDEON EZEKIEL EYETU BENJAMIN ONOSIGHO EYITAYO COMFORT OLAJUMOKE EYITAYO YUSUF OLAYIWOLA EZE SAMUEL CHIBUZO EZE VINCENET IFEANYI EZEADUM HYGINUS CHUKWUMA EZEH EZEALA OKEY EZEAMAMA EMEKA JOHNMARK EZEANI NGOZI MABEL EZEASOR CHIAMAKA FAVOUR EZEASOR CHIEDOZIE BARTHOLOMEW EZEASOR CHIOMA PRINCESS EZEASOR ODINAKA AUGUSTA EZEBUIKE DANIEL ILOAMAEKWU EZECHI ONYINYE ADAOBI EZECHINYERE DONATUS EZEDINUGWU JOSEPH IFEANYICHUKWU EZEGBOBELU SOLOMON ONYEMAECHI EZEGBOBELU STEPHEN OSITA EZEH OKECHUKWU CELESTINE EZEJA IGNATIUS ODO EZEKA MARTIN CHUKWU NONYE EZEKOLONKWO CHIDOZIE CHRISTIAN EZEKWE JUSTINA CHINENYE EZEKWE OKECHUKWU VINCENT EZELIORA AMAKA JULIANA EZEMA CHIGOZIE EZEMA CHUKWUEMEKA EZENWA DEBORAH ABOSEDE EZENWUGO GODWIN EZENYI BENJAMIN IFENNA EZEOBIORA EPHRAIM EZEOKE FLORENCE ERIWUAKU EZEOKE LAUREN NKIRU EZEOKE MALACHY UCHE EZERIOHA OKECHUKWU ANTHONY EZEUKO OBIANUJU ANTHONIA EZIMAH COMFORT CHIGOZIE EZIUZO CHIBUZO NZUBE EZUGWU CHIDINMA LOVETH EZULIKE DENNIS CHUKWUDI F N C IGWE NIG LTD F.N.C IGWE NIGERIA LTD FABIYI MICHAEL TAIWO FABUNMI EBUNEYITOMI TIMA FADA AUGUSTINE NWANKPU FADAHUNSI KOLAWOLE OLUTOSIN FADAHUNSI OLUWOLE OLADIPUPO FADAYOMI MIKE FADEYI AYOOLA FADEYI OYEDEJI FAFOLAHAN EZEKIEL ADEKUNLE FAGBAMIYE SEYE FAGBEMI OMOTOSO KAZEEM FAGBOLAGUN RAPHAEL FAGOYINBO BOLANLE OLUFISAYO FAJEMIROKUN EMMANUELLA OLUWAJOMILOJU FAJEMIROKUN MARY OLUWAJUWONLO FAJEMISIN BUSURAT NIYILOLA FAJOBI OMOTOLANI FAKAN IBIYEMI OLUWAYEMISI FAKAYEJO OLUWATOBI OLAMIDE FAKOLADE TEMITAYO ONAOLAPO FAKOYA TOLULOPE FAKUYIDE ADEYINKA FALADE GABRIEL OJEDAPO FALALU ISYAKU FALETI PHILIP OLUWOLE FALEYE KOLAPO ALABI FALEYIMU OLOLADE MOPELOLA FALOLA OLAWUMI REBECCA FALOPE LASISI OLUTOYESE FALOPE LASISI OLUTOYESE FALOWO TUBOSUN TOKUNBO FAMILONI OLUFUNKE OMOLAYO FAMORITADE OLAYEMI FAMUREWA ABAYOMI FAMUYIWA JULIANAH IYABO FAMUYON YUNUSA AGBOOLA FANIRAN DEBORAH TAIWO FANIYI ABAYOMI BABATUNDE FANU ADEWALE FAPOHUNDA BABATOPE & MOPEOLA O O FARI IBRAHIM UMAR FARODOYE JAMES OLADIPO FARODOYE OLAKUNLE JOHN FAROTIKA TOPE EBENEZER FAROTIMI ISAAC ADEMOLA AYOKUNMI FASAKIN OLUWAFEMI IYIOLA FASAMI JANET AWONIKE FASEHUN FREDRICK FASHINA TEMITAYO FASHOLA IBRAHIM BABALOLA FASINA OLUWATOSIN MICHAEL FASORANTI YEMISI VICTORIA FATIGUN ADEDOYIN OLUSHOLA FATIREGUN IBIDUNNI FATOBI FUNSHO FATOKI ADEKUNLE MICHAEL FATOKI LATEEFAT ABISOLA FAWOLE OLUSOLA BABATUNDE FAYEDUN JULIANAH RANTI FEM INTERLINKS VENTURES FERNANDEZ BARON DEHINDE FEYISITAN OLUFEMI OLUGBEGA FIELDCO LTD FINMBA ENTERPRISES FINNIH KOLAWOLE LATEEF FIRST EQUITY SEC LIMITED FISHER EMMANUEL OLUBOMI FIVE STAR TRAVEL LIMITED FLOJU GLOBAL NETWORK LTD FLOODGATE FIN. & SEC. LTD FLOORTEX WEST AFRICA LTD FODEKE ADESOLA REGINALD FODEKE ADESOLA REGINALD FOFAH JENSON FOLA-ALADE ADEOLA REMILEKUN FOLAMI ADEBUKOLA FOLARIN ADEWALE SAFIU FOLARIN SEGUN TOPE FOLAWEWO KAFAYAT ATINUKE FOLIO VEST LTD FRANK PAPILL NIGERIA LIMITED FRED OKA CHIDINMA THEODORAH FREDRICK OKECHUKWU FRIDAY AMADASUN FRNL NOMINEE ACCOUNT FUND MANAGEMENT SECURITIES FUSHUWA GOROMA JAJERE FUTURE TRUST SECURITIES G FOLAYAN GABRIEL LABIJA GABRIEL OLUSOLA OLANREWAJU GAFAAR OLUSOLA OMOWUMI GALADIMA FATI BABA GAMBARI IBRAHIM AGBOOLA GANI ALHASSAN MOHAMMAD GANIYU ABIOLA ALIYU GANIYU BOLANLE FUNMILAYO GANIYU SHEHU KADIRI GANIYU-RAMONI SADIAT OYENIKE GARBA HAUWA GARBA MUHAMMAD GARBA SALISU KABUGA CHAMS PLC 2016 ANNUAL REPORT 97

98 LIST OF UNCLAIMED DIVIDEND GARBA-ALI FATIMA GAYA TIJANI USMAN GBADEBO ADELEKE SAHEED GBADEBO ADEYEMI GBADEBO OLUWADEMILADE GBADEBO RUFUS ADEFOLA GBADEGESIN MUTALIB OLAKUNLE GBAFE RICHARD ABOLARINWA GBATEMAN JULIANA MEMBER GEE TWO INVESTMENT ASSOCIATES LIMITED GEM TRAVELS AND TOURS LIMITED GEORGE EMUOGHENERURU PROMISE GEORGE ENAMETTE SIMON GEORGE SUSAN ROTDI GEORGE SYLVESTER J GEORGE TOSIN GETINUEL INVESTMENT LTD GIDAUNIYA INV.& SEC.LTD-TRADED- STOCK-A/C GIWA KAMOL AWEDA GIWA OLUFOLAKEMI OLUFOLARIN GIWA-OSAGIE HELEN GLOBAL GROWTH & INCOME LTD GODFREY MARVIN CHIDERA GODSON MOSES GOMES S. E. ADEBOWALE GRACE ADEOLA OKORO GRACE PERFECT TOUCH SERVICES LIMITED GRAHAM OMENKA GSO GTB/KAKAWA ASSET/KAKAWA DISCOUNT - TRAD GUMUT BAMAIYI JOSEPH GUNDU SESUGH PETER GUOBABIA ELIZABETH ADESUWA GURAMA ADAMU HAAZORDOZ MERCHANT & TECH LTD HABEEB HAJIA RAIHANATU HABIB NAJIB MOHAMMED HABILA BENARD JOHN HAFSOH A M AFOLABI HALLIDAY EMILIA HAMILTON RACHAEL OLUFUNKE HAMISU GIDE HAMMED LUKMAN OLADIMEJI HAMZAT NURUDEEN OLATUNJI HANAFI ABDUL GANIY IBRAHEEM HANSAF VENTURES HARMONY TRUST & INVESTMENT CO LTD HARRIS ANNEKE LTD HARRISON KORIBO BENEBO HARUNA KARIMATU HASSAN BALA M HASSAN DANJARI HASSAN FAUZZIYAH OLUWAKEMI HASSAN GANIYU OLUSEGUN (ALHAJI) HASSAN NURUDEEN OLAWALE HASSAN OLABISI SAIDAT HASSAN OLOLADE IDOWU HASSANA IBRAHIM HAVEN INVESTMENT & TRUST CO HOFLICH PATIENCE NORA HORNECKER DEBORAH JAN HOUNSINOU ALFRED OLUSEGUN HUNDUGA AMOS KAZUGA HUSSAINI IBRAHIM HYELDA LAWAL IBANGA ANDIKAN IME IBANGA INIOBONG OKONNA IBE CHIOMA IBE FRANCIS IBE HART IBEABUCHI IKEM O IBEAWUCHI JOHNSON NWABUEZE IBEGBU MICHAEL CHIMEZIE IBE-GEORGE ALESSANDRA IFEYINWA IBEH COLLINS EBUKA IBEH IFEANYI CHINWENDU IBEH OBIORAH EMMIANUEL IBEKWE COLLINS OKWUCHUKWU IBEKWE IFEOMA JUSTINA IBEKWE MICHAEL OBIWENITE EMMAN UEL IBEZIM IJEOMA NWAKAEGO IBIDAPO OJO IBIDAPO OJO IBIDAPO-OBE OYEWUSI IBIDUNMOYE OLADIPO FOLUSO IBIFURO PERFECT IBIOK OWOIDIGHE UDO IBIYEYE MARY OMOTAYO IBOK MARY AFAHA IBRAHEEM ADEBUSOLA ADUNNI IBRAHEEM TAJUDEEN GBADEBO IBRAHEEM-ALABI IKRAM OLUWATAMILORE IBRAHEEM-ALABI IMAN IBRAHIM ABDULLAHI B IBRAHIM ANJI YUNUSA IBRAHIM BASIRAT T IBRAHIM IFRAIMU IBRAHIM JOSEPH KAIGAMA IBRAHIM KAMARUDEEN OLATUNJI IBRAHIM MOHAMMED MOHAMMED IBRAHIM MUHAMMAD BARU IBRAHIM MUHAMMAD ILIYASU IBRAHIM MUHAMMAD MUSTAPHA IBRAHIM MUSA IBRAHIM MUSTAPHA IBRAHIM OLUWASEGUN ABDULAZEEZ IBRAHIM RABI IBRAHIM TAIWO IBRAHIM YARO MUHAMMAD IBRAHIM YARO MUHAMMAD IBRAHIMMOHAMMED IBRAHIM IBUKUN OLUWA C.M.U LIMITED ICONIC SOLUTIONS LTD IDBPR GRACE FISH FARMERS IDEAL NOBLE AFFAIRS IDEMUDIA ERIC UWAIFO IDENTICO INTERGRATED SERV. LTD IDIEGE FAVOUR IWHOULIMRE IDIEGE PECULIA PEULIM IDIKA UKPAI CHIBUZO IDLOWU OLUFEMI OMOLOLU IDOGHO C. ROSEMOND IDOGHO ROSEMOND IDOKO AUSTINE IDOKO FAITH AISHETU IDONIBOYE INYE B IDOWU ADEDAYO OLUSEUN IDOWU ARINOLA SARAI IDOWU LOGILE IDOWU OLAWALE EMMANUEL IDOWU YINKA IDRIS AHMED IDRIS BILKISU ZAKARIA IDRIS FATIMA MUHAMMAD IDRIS KHADIJA IDRIS MUAZU ABDURRAUF IDRIS MUHAMMAD KHALID IDRIS MUHAMMAD ZULAIHA IDRIS NAZIR MUHAMMAD IDRIS OLAGOKE R IDRIS OVUREVU KASSIM IDRIS RAHAMA MUHAMMAD IDRIS SANI MUHAMMAD IDRIS SURAJO MUHAMMAD IDRISS ABDULSHAFIU IDUH ANTHONY AZUBUIKE IFE IBIJOJU IFEANYI AMAECHI DILLIBE IFEKWEM ANULIKA CYNTHIA IFEKWEM AUGUSTINE CHUKWUDALU IFEKWEM RITA CHINWE IFEKWEM SCHOLASTICA UCHE IFELODUN CAMS LIMITED IFELODUN CAMS LIMITED IFEMKPA CHUKWUDI CHUKWUEMEKA IFESOWAPO CMS LTD IFEYEWA CLUB OF NIGERIA IFRAIMU COMFORT IFUKWU UJU OGONNA IGBOKE BENSON OGBONNAYA IGBOKWE UCHENNA SUCCESS IGBONEZU IKECHUKWU DENNIS IGBOSANYA OLUYEMISI KEMI IGBOYI AKOH AUGUSTINE IGBOZURUIKE EKENE EDWIN IGBRUDE AJIRIOGHENE MILLER IGBRUDE EFE MILLER IGBRUDE EMAKPO IGBRUDE ESTHER IGBRUDE JUSTINA IGBRUDE MARGARET IGBRUDE MILLER IGBRUDE OKE IGBRUDE OMOGHENE MILLER IGBUDU EDDY CHIMEZIE IGE BAMIDELE AFOLABI IGE FEMI OWOYEMI IGE SAMSON AYO IGHODALO PETER UKPEBOR IGHODARO OSAHON STEPHEN IGHODO SYLVESTER IGHO-OSAGIE PHILOMINA AMENAGHAWORO IGOCHE EMMANUEL ECHE IGUNBOR EGHOSA IGWE COMFORT NKASIOBI IGWE EMMAUNEL IGWE EUGENE IKPENDU IGWE LOIS NKECHI IGWILO FRANCES UCHENNA IHEANACHO NKEIRUKA ROSEMARY IHEANACHO STEPHEN CHINONSO IHEDIKE JACOB NZUBECHUKWU IHEJIRIKA ESTHER CHIDINMA IHEJIRIKA JUSTUS AKUJOBI IHEME FIONA IFEYINWA IHEVBA JAMES PHILLIPS IHEZIE CALISTA CHILEZIE IHONDE AIMALOHI AMENAWON IHONVBERE GRACE IHUDIEBUBE SPLENDOR CHUKWUDI IJEZIE NWANNEKA EDNA IJIMAKINWA MOTUNRAYO ESTHER IJOMAH IKEM IKANI ANDREW EDEBO IKEAGU CHINEDUM ONYENWEE IKECHUKWU EBEGBULAM EVERESTUS IKECHUKWU SUNDAY IKEDIOBI CHINONYE JULIET IKELI TIMOTHY ONUORAH IKE-UYANWUNE TOOCHUKWU QUEENETH IKOKWU CHIDIOGOR IKONTA IKENNA IKPAT EMEM EMMANUEL IKPAT EMMENUEL J IKPEAMA TOCHUKWU JOSHUA IKPEAMANZE AMAUCHE CHINYERE IKPEKHIA GEORGE EHICHOYA IKPEKHIA OLOKHIFA WINIFRED IKPEYAN LUCKY OGBEVIRE IKPI SUNDAY OKOI IKPOBE APOLLOS IKUBOR UCHE IKUEZE CHIKA JOSEPH IKUNWANNE NELSON ELOZONA IKWUAGWU ELEKWACHI IKWUETOGHU CHINONYE LOTACHUKWU ILAYA EMU SPECIAL ILECHUKWU ADA HELEN ILELEJI GEORGE ODAFE ILO UGOCHUKWU INNOCENT ILOANYA JONATHAN MADUABUCHI ILODIANYA UCHECHI CHRISTIANA ILODUBA NONSO GERALD ILOH CHRISTOPHER CHEKWAS ILOKA JOSEPHINE UZO ILONWA KEVIN O ILORI AUGUSTINE OLUSEGUN ILORI F. ADEYEMI EST. OF ILORI F. ADEYEMI EST. OF ILOUNO VERONICA AKUKANANWA ILOYI IYABO AJOKE ILUYOMADE IDOWU IMAM AYUBA INDABAWA IMAM MARYAM ISA IMAM TAHIR NIG LTD IMASUA NICHOLAS NGOZI IMEH IMOH IMIDO FAVOUR IMO OFONIME UMOH IMOHIMI PETER AISEKHAGHE IMOHIMI RUTH REKHIA IMOHIMI SOLOMON OHI IMONDE JIM IKWUOCHE IMTIYAAZ ABDUS SAMII'U DEBAH INDABAWA BASHARI ALKA INDEPENDENT SECURITIES LIMITED-REC INECHI MACAULAY INEDE FREDRICK ORIAREWO INEGBEDION ISIMEMEN INFOPRENEUR INVESTMENTS & SERVICES LIMIT INFOPRENEUR INVESTMENTS & SERVICES LIMIT INNOENT C. IGWE INSIDER CONCEPTS LIMITED INTERCONTINENTAL BNK/TOPMOST FIN. TRDNG INT'L URBAN KLEENERS LTD INUWA MAGAJI (ALH) INYANG ETIM QUEENETTE IPADEOLA ADEBAYO OLABISI IRABOR CHRISTY EGHONHON IRIOGBE THOMAS OMONZOKPIA IRO DELLA THOMPSON MADUABUCHI IROEGBU AUGUSTINE NDIDI IROEGBU RUFINA AMECHI IROH IGIRI HOPE IROKO IFEANYI CHUKWU IRUEGHE IGWILOHI EWAOHI ISA ABDULLAHI ISAH ISAAC BRIGHT CHIMEZIE ISAAC IYAFOKHAI ISAAC KENNETH ISAAC KENNETH 98 CHAMS PLC 2016 ANNUAL REPORT

99 LIST OF UNCLAIMED DIVIDEND ISAAC MONICA ANIETIE ISAH ANNATTE ISAH BASHIR ISAH IDRIS BALARABE ISAH ISYAKU ISAH ISYAKU RABIU ISAH MEDINAT SALIHU ISAIAH EMEKA PHILIP ISAIAH PRINCE JOSHUA ISANGEDIGHI PETER ASUQUO ISESELE MATTHEW IMOBHIO ISEWON ROTIMI BANKOLE ISHAKU YUSUFU ISHOLA LATEEF TEMITOPE ISHOLA SHEHU IBRAHIM ISIAKPONA DENNIS OGE ISMAIL HABIBU ISMAIL SAFIYA HABIBU ISMAIL SHEHU ISRANI RAJAN ISS NOMINEES LIMITED ACCOUNTS "AA" ISU AGATHA ISYAKU ABDULAZEEZ ABDULLAHI ISYAKU ABUBAKAR KANKIA ITAH CELESTINE HARRY ITALOYE OLUWOLE ITALUME JOHN IKHIANOSIMEH ITF AJEDIRAN INIOLUWA OLUWAFEYISAYO ITIE JOSEPH CHINEDUM ITODO PAUL DANIEL ITOYA SERAH IVALAVE VINCENT ABUGH IVEEC INVESTMENTS LIMITED IVORY CAPITAL LIMITED IWERIEBOR EHIEDU EMMNAUEL GOODLUCK IWUNDU ONYEKACHI ELEAZAR IWUOHA CHUKWUEMEKA GABRIEL IWUOHA MABEL IYAJI UKAMA ANDREW IYANDA AYODEJI EMMANUEL IYANDA FOLUKE FLORENCE IYAOMIYE OLORUNWA RUFUS IYILADE OLUREMI IZABI THOMPSON JOHN IZIMA HENRY NZE IZOKUN STANLEY TUNDE IZUORGU CHUKWUEMEKA OGEMDI J P NOMINEES LIMITED J P NOMINEES LIMITED JABOW NIGERIA LIMITED JACKSON -AINOMHE JULIE ZINA JACOB ASABE JACOB MICHEAL OSARETIN JAMES EMEKA BABATUNDE JAMES NWOSU OKENWA JAMES JAMES OSHIRAMA JOHN JAMES-OYINBO OLUBUKOLA UWAYEMEN JARI ALIYU JASPER SAMUEL MSHELIA JATAU NUHU BAWA JEBODA SOJI JEGEDE ADEMOLA ANTHONY JEJE MICHAEL OLUSOLA JENFA PETER OLATUNJI JIBRIN BARAU SAMINU JIDEAMA ESTHER JIDEAMA UCHENNA TOCHUKWU JIDE-ARIBALOYE OLUFUNMILOLA JIMOH JAMIU BANKOLE JIMOH OLUDARE TAJUDEEN JIMOH OMOTAYO RASHIDAT JIMOH SODIQ ADESOJI JIM-SIMO ENTERPRISES JOE-NWAGBO JASON CHINEDU JOGAI JONATHAN B JOGUNOMI RAFIU LASISI JOHN ADEGOKE JOHN BASSEY UDOH JOHN MARIA JULIET JOHN NGOZI EMENIKE JOHN OLADEJI VICTOR JOHN UWAOMA DAVID JOHNGIFT CONSULTING JOHNSON A MARGARET JOHNSON ADEBANKE ADEDUNMOLA JOHNSON ADEBIDOLA AYOMIDE JOHNSON ADEYOSOLA MOJISOLA JOHNSON BABATUNDE OLUKAYODE JOHNSON EDWINA JOHNSON IDOWU TANIMOWO JOHNSON OLASUPO BABALADE JOHNSON OMOTOLA IBUKUNOLUWA JOLAPAMO KUDIRATU NIHINLOLA JONAH INIOBONG BASSEY JONAH PETER KWALA JONATHAN JOSEPH UGOCHUKWU JONGO RICHARD LAPAGHA JOSEPH AKINLOYE OJO JOSEPH CHIKA DENNIS JOSEPH ELEKA TSEGBA JOSEPH JAMES JOSEPH OMOTOLA OLOLADE JOSHUA INVESTMENTS LIMITED JOSIAH DANIEL JULIUS IBITAYO JUNAID ADEBIMPE OLUFUNKE JUNAID ADEYINKA JUNAID OLUFUNKE ADEBIMPE JUNAID SIKIRU AREMU KASHIMAWO JUWOBOR INIH-IVIBODOHU DENNIS S KABIRU JINJIRI RINGIM KADRI SEGUN SURAJUDEEN KAJOPAIYE ADERONKE ADEOLA KAKA ADEYEMI AZEEZ KALEJAIYE AYOMIDE ADEOLA KALU AKUWA NJOKU KALU BLESSING KALU BLESSING BEAUTY KALU EMEABA GRACE KALU EMEKA D KALU FRANCIS CHUKWUMA KAMATA JOHN KANU DONALD KANU IKEDICHI OZOMENA KAREEM KABEER KAREEM MODINAT OLAYEMI KAREEM SAHEED KARIEREN OLUWATOYIN ADENIKE KARUNWI ABISADE MOSOBALAJE KARUNWI EREM YVONNE KASALI AYANYEMI OLARINOYE KASALI MUJIDAT ANIKE KATE NWUBA KATIBI AJIBIKE HABEEBAT KAWU PETO ABDULKAREEM KAYODE IBIRONKE MODUPE KAYODE OLAMILEKAN PAUL KAYODE OLUWATAMILORE AYODEJI SAMUEL KAYODE RICHARD KAYODE SALAU KAZAURE ADAMU MUSA KAZIM MUYIDEEN ADEYINKA KEHINDE DAVID OLALEYE KEHINDE TAIBAT OLAYINKA KELA DANJUMA JOSHUA KELECHI ANYANWU KELLOGS ASSET MGT LTD KEMABONTA KEHINDE KEMI ADEYEMO KEMI MOMOH KENNETH CHETACHUKWU KENNETH OBEKE KING PRODUCTS AND SOLUTION LTD KINGSLEY NWABUEZE KENECHUKWU KIRPSON OBINNA FC KODE PATRICK KOJO FESTUS KOKO KOKO AISHATU SHEHU KOKORIAN JALOGHO JOSEPH AKPO KOLA-BANKOLE AYOOLUWA KOLADE OMONIYI KOLA-OLALERE ESTHER KIKELOMO KOLAWOLE O. ADEYEMI KOLAWOLE SAKA IBRAHIM KOLE-JAMES IFEOMA KOLLERE AHMAD USMAN KOLLERE AHMAD USMAN KOMOLAFE EMMANUEL ADEJUYIGBE KOMOLAFE ORIYOMI ADEYEMI KOMONIBO EBIERE EMMANUELA KOMONIBO EBIOKPO DAVID KOMONIBO EBIOWEI EMMANUEL KONAC INDUSTRIES LTD KOSIPRE BUTOUNGHA AKPOTOLUMU CHARLES KOSOKO MOHAMMED GBOLAHAN KOSOKO MOHAMMED GBOLAHAN KOYEJO AYODELE KOYENIKAN OLUSOLA KOYENIKAN OLUSOLA IDOWU KPEREGBEYI OLA N KUDAISI AYODELE SARAT KUDAISI AYODELE SARAT KUDAISI MOBOLAJI SULAIMON KUDAISI MOJISOLA HABEBAT KUDU BABA SHAFIYI KULANDAI SAMY VELANI KUMAPAYI OLUWATITOFUNMI KUMBIYA KUMBIYA ADAMU ABDULLAHI KUPOLUYI SALEWA VICTORIA KUPONIYI OLUGBENGA TEMITOPE KUPONIYI OPEYEMI TEMITOLA KURFI ABBAS OTHMAN KURFI ABDULLAHI YUSUF KURFI HAMISU MANNIR KURFI RABI ADO KURIOS NIGERIA LTD KURIOS NIGERIA LTD KUSORO OLUBUNMI KUTI TINUOLA DUPE KWATAMDIA JOY MUSA LAAH THOMAS GAMBO LABARAN HUSSEYN ZAKARI LABARAN RABIU MOHAMMED LABIJA GABRIEL LADAN WUNTI IBRAHIM LADIPO KOLA JAMES LADIPO OMORINSOLA LAOSHE-LAWAL ADEBUFOLA MORENIKEJI LARRY ETTAH LASISI OLAIDE SAHEED LASISI OLAWALE AFEEZ LATEEF STEPHEN LATIMORE VENTURES LAW UNION & ROCK INS. (LIFE FUND) LAWAL ARIYO NURUDEEN LAWAL ELIZABETH OLUWANIFE LAWAL FUNMILAYO IGE LAWAL ISIAKA OLATUNDE LAWAL ISMAIL DAMILOLA LAWAL KAYODE AKINTOLA LAWAL KEHINDE O ABIODUN LAWAL MARIAM OLAYIDE LAWAL MOREWA LAWAL OLANIYI KAZEEM LAWAL OLANIYI KAZEEM LAWAL OLASHILE MORUFF LAWAL OLAYIWOLA LAWAL OMOLOLA O LAWAL RASHEED GBENGA LAWAL SILIFAT IYABO LAWAL TAIWO OLUFEMI LAWAL TAMILORE LAWAL WAHAB FARAYADE LAWAL WAHEED MOLADE LAWRENCE OLUYOMISOLA ANTHONIA LAWSON-JACK TELEMA S. P LAYONU LEKAN LEGUNSEN OLUDEJI OLUMOROTI LEMORU OLATUNBOSUN O LEMORU OLUWAFEMI LEWIS-ASONYE OBINNA LIASU QUADRY OLUWASEUN LIMAN SALIHU MAIRAFI LOKO VICTORIA LONGE ADETOUN LONGE OLAYINKA HAMMED MAAJI HADIZA MOHAMMED MA'AJI KAWU MUHAMMAD MAAJI MOHAMMED MAAJI MUHAMMAD MUHAMMAD MABI EMEKE B & MILLICENT N(MR & MR) MACAULAY ABIOLA MACCIDO SAADATU MACPRINCE ELIJAH A MACRO ASSET NIGERIA LIMITED MADAKI JOHN YAHAYA MADIEBO RICHARD NWORA MADU CHIOMA THERESA MADU CYRIL CHUKWUEMEKA MADU EMMANUEL IFEANYI MADU PATRICK OBUNIKE MADUAKO SAMUEL NDUBUISI MADUEKE AMAKA JULIET MADUMELU GINIKA NNEAMAKA MAFEM VENTURES (NIG) LTD MAFIMIDIWO ADENIYI BAMIDELE MAFWAL PETER MASOK MAGAJI MOHAMMED HAUWA MAHA IFEANYI ADA MAHMUD AISHA MAHMUD FAIZA MAHMUD MUNIRA MAHMUD MUSTAPHA MAHMUD UBAIDULLAH MAHMUD YUSUF MAIGWANJO KURFI ALHAJI HAMISU MAIMUNA MOHAMMED HARUNA MAINA D BAKALI MAINA D DEBORAH MAINA D JUMMAI MAINA D NANKIN MAIRO OKHAI MAIYARA MOHAMMED BELLO MAIYARA MOHAMMED BELLO MAJA OLAWALE MURTALA CHAMS PLC 2016 ANNUAL REPORT 99

100 LIST OF UNCLAIMED DIVIDEND MAJEKODUNMI ABOLADE MAJEKODUNMI OLADIPUPO O MAKINDE AZEEZ ADENIYI MAKINDE JAMIU ALAO MALLAMI BUKAR MOHAMMED MALLIM PETER REZAN MALOMO OLAYINKA MALOMO OLAYINKA SAMUEL MAMMAN ELI MAMMAN JAMES YASHIYI MAMUDA ALI RABIU MAN ANGULU & CO LTD MANDATE RESOURCES & PROPERTY COMP LTD MANNIRU ADAMU IBRAHIM MARIMPEX FIN & INVESTMENT MARSHALL AUGUSTINE OKAFOR MARTINS BABATUNDE OLADIPO (JUSTICE) MARTINS BABATUNDE OLADIPO (JUSTICE) MARTINS OLADIPUPO MARTINS OLAIDE MAGARET MARTINS OLUFUNSHO BAMIDELE MARTINS STEPHENIE OLAOLUWALAYO MARTINS TEMITOPE MARY'S GROTTO FELLOWSHIP (M.G.F.) MASAUDA BAFARAWA MASU RASAQ OLAYINKA MATANKARI IBRAHIM TANIMU MATANKARI JAMIN MAURICE EKANEM NYONG MAXIFUND INV. & SEC PLC -DEPOSIT A/C MAXIMUM DATA LIMITED MAYALEEKE HIDAYAH OLUBUNMI MAYALEEKE IBRAHIM ADEROGBA MAYALEEKE NASIRU ADEWUNMI MAYALEEKE SHEEREF AFOLALOLA MBADIWE AIRA MBADIWE NNAEMEKA ANTHONY MBADIWE OGECHI ANITA MBADUGHA CYNTHIA CHINELO GLORIA MBAGWU ADAEZE NGOZICHUKWU MBAGWU CHUKWUEMEKA IKEMEFUNA MBAGWU NWAMAKA NKECHINYERE MBAGWU UCHENNA FELICIA MBAHAOTU CHIMA HENRY MBAOCHA UZONDU ANDERSON MBAWUIKE VINCENT CHIDIEBERE MBUNG ATIM EFANGA MEGAFU ANYIBUOFU MEGAWEALTH LIMITED MEGWAI STEVE IFEANYI MEGWAI VICTORIA ILUADBE MENE ESTHER USIMEN MENIRU MARYLYN OBIANUJU OKOYE MENIRU RICHARD IFESINACHI MENIRU TOBY CHINEMELUM MENSHA SAMUEL KWAME MEREM UCHECHUKWU MESELE OLAMIDE OREOLUWA FOLASADE MESELE OLUFEMI LAWRENCE METCHO MUHAMMAD UMAR MGBECHETA SAMUEL NTOMCHUKWU MGBECHETA STANLEY NNAEZIE MGBEMEKWUNA CHUKA NNAMDI CHRISTIAN MGBEMENA IKECHUKWU EMMA ROB MGBEMENA IKEORAH MADUABUCHI MGBEMENA ONOCHIE IKECHUKWU MGBEMERE BLESSING CHITURU MIBIOLA SIMON MICRO MARINE NIG. LTD MIJINYAWA MOHAMMED MIKETONAL GLOBAL CONCEPT LIMITED MINA PROMISE MARK MINERVA RECRUITMENT LTD MISS AKEREDOLU OMOBOLANLE MISS AMALU ONA MISS LAKISOKUN ADEJOKE TEMITOPE MISS LAWAL OLUYEMISI HELEN MISS OKEOWO MODUPE IBUKUNOLUWA MISS OKEOWO OLAYINKA OLUWATOYIN MISS OSINOWO FOLAJOMI OPEOLUWA MIVANYI JAMES MUSA MMADUBUEZE CHIKWADO CHRISTIAN MOBUH JOSEPHINE ANGELA MODEBE ANIREJUORITSE RITA MODESTINO VENTURES LIMITED MOHAMMED ABDULLAHI MOHAMMED ADEREMI ISIAKA MOHAMMED BALA YARGOJE MOHAMMED BASHARI MOHAMMED IBRAHIM DOTTIJO MOHAMMED KOLAWOLE ABDULLATEEF MOHAMMED LAWAN MOHAMMED MAIMUNA MOHAMMED MODINAT BOLANLE MOHAMMED SALIU MOHAMMED SANI FATIMA MOHAMMED SHEHU RAHAMATU MOHAMMED SHEHU RAHAMATU MOHAMMED SUFIYAN MOHAMMED MOHAMMED USMAN AMINA MOHAMMED ZAINAB (ALHAJA) MOHAMMED ZAKARIYA MOK EMMANUEL IFEANYI MOKWE CHIZOBA MARYBENET MOLOKWU UZOECHINA MOMODU OLUWADEMILADE ADRIAN MOMOH OLAYINKA KUBRAT MOMOH OLAYINKA KUBRAT MORAH EMEKA JOSEPH EVANG MORAKINYO JOHN OLUWATIMILEHAN MORDI REGINALD CHIEDU MOSES MARY IBABY MOSES MBOSO SUNDAY MOSES MICHAEL OSCAR MOSES TOMBARI B MOSURO FOLARIN MOT OLAYIWOLA TOBUN MOUNTAIN INVESTMENT & SECURITIES LTD MPAMAUGO CHIDIEBERE DAVID MR & MRS AKINDELE FESTUS & OLUREMI MR ADARUGO OKEZI MR ADEDAPO SIKIRU GBADEGA MR ADEKUNLE ADETAYO ADEYEMI MR ADEMOLU OLUFEMI MR ADENUPEBI ADEBAYO CLEMENT MR ADEOSUN KAYODE LUCAS MR AGUNBIADE DAWUD ADEBAYO MR AKINDE ROTIMI DANIEL MR AKINOLA MARTINS KOLAWOLE MR ANYAELE SAMUEL TIMOTHY MR APOCHI AGADA BONIFACE MR BOLAJI JOSEPH DAPO MR BUKAR KYARI ABBA MR DURUIKE ALEX MR EDU MUZZAMMIL OLUWASIJIBOMI MR ESSIEN DOMINIC MR GANA KINGSLEY SAMBO MR IBIKUNLE AZEEZ OLAYINKA MR IBITOWA NATHANIEL MR IBRAHIM EMMANUEL UDIGA MR IGBOANUGO OSITA HYGINUS MR KOYEJO ADEYEMI MR MADAMIDOLA AYINLA BASHIR MR MICHAEL PRINCE UGO MR NDIDI JOSEPH MR NKEMERE OBIDIKE CHIMEZIE MR NWAMU DANIEL NWACHUKWU MR OBEY OLUWAROPO MR OGUNJIMI ABIODUN KASSIM MR OGUNLESI FOLA MR OGUNTADE GEORGE MOROUNFOLU MR OGUNTOBI SAMSON OLUSEYI MR OJENGBEDE ADESINA DAVID MR OKEOWO GBOLADE OLUSEYI MR OKI GODDY OGHENESEDE MR OLANIRAN YAYA ADISA & MRS OLANIRAN REGINA MONILOLA MR OLOPADE ABIODUN ALABI MR OLUYEMI OLAWALE DAVID MR OSUNTOKUN AKIN MR OTENIYA OLUMIDE GABRIEL MR OWOLABI EMMANUEL ADELEKE MR ROJUGBOKAN ADEBAYO OLORUNWA MR UMUKORO UFUOMA EDIRI MR USMAN MUSA MRABURE CHARLES OGHENOVO MRS ABERE REMILEKUN MRS ADEJUWON ITUNU AYOBISI MRS ADEYELU LYNDA MEDINA MRS AGBEDAHUNSI ANNE ABIMBOLA MRS AKINLOYE YETUNDE OLAJUMOKE MRS AKWARAONWU AGNES IGANYA MRS CHOKI EBELE MRS OGUNLESI ELIZABETH MRS OKEOWO MODUPE ABIOLA MRS OLOPADE CATHERINE MRS ORIOLA EUNICE ADUKE MRS ROJUGBOKAN FOLASHADE OLUBUNMI MUDASHIRU WAIDI KAYODE MUDI HAFSAT MUFEEDAH FARMS AND INVESTMENTS MUHAMMAD HABIBA H MUHAMMAD HADIZA BELLO MUHAMMAD HADIZA BELLO MUHAMMAD HUSSAINI IDRIS MUHAMMAD IBRAHIM ALHAJI MUHAMMAD MAIRO MUNDU MUHAMMAD MARYAM JAMEELAH MUHAMMAD MUSTAPHA MUHAMMAD SULEIMAN MUHAMMAD TIJJANI MUHAMMED RAHMATU MUHAMMED YAKUBU IDRIS MUHAMMED YUSUF ISAH MULLAK TIMNAP MUNDU MOHAMMED MUSTAPHA MUNIC VENTURES LTD MUOBIKE NGOZI FIDELIA MUODUMOGU CHINWE ANTHONIA MUOKA CALISTA ENUMA MURITALA RASAQ ADEWUNMI MUSA ABUBAKAR ADAMU MUSA ABUBAKAR ADAMU MUSA ANAS MUSA SALISU MUSA UMAR ADAMU MUSA UMAR ADAMU MUSA YERIMA BELLO MUSBAU SULAIMAN AKANJI MUSLIM STUDENT SOCIETY OF NIGERIA MUSTAFA BASHIR MUSTAPHA ABDULLAHI TAGOJE MUSTAPHA AUDU MUSTAPHA BABAGANA SHUWA MUSTAPHA NURENI OLAIYA MUSTAPHA OLAREWAJU SHITTU MUSTAPHA OMOTAYO ALIYU MUSTAPHA RILWAN OLADIMEJI MUTIU POPOOLA/ OLANREWAJU OBAFEMI MUYIDEEN FAISAL OLORUNSEYI NAKWARAI JAMIL SHEHU NANSHAP ESTHER NANSHIP RICHARD NASIR BARDA HADIZA NASIR HAFSAT NASIR KHADIJA NASSAR MOSHOOD LANREWAJU NDALOLO AMINAT NDIWE EMMANUEL CHUKA NDU LILLIAN NDU NYEKACHI KINGSLEY NDUANYA UJUNWA IFEOMA NDUBA IJEOMA JOMOCIN NDUKA NWADIKE ABEL NDUKWE CHARLES NDUKWU ANNA KATE NEBO CHIDIEBERE LOIS NEBO CHIENYE ORIAKU NEDD ADEFOLAKE ADEFOPE NESFIED ERIM NEXT INTER'L LTD NGOKA ZION NZECHINYERE NGWUOKE EMMANUEL ONYEMAECHI NIKACHY MULTISERVICES LTD NINIOLA ABIOLA ABIODUN NIYI OYEMADE NJEPU AUGUSTINE NNAEDOZIE NJOKU CHRISTOPHER CHUKWUEMEKA NJOKU CHRISTOPHER IHEANYI NJOKU EDMUND UZOMA NJOKU EPHRAM UWABUNKONYE NJOKU EUNICE CHIOMA NJOKU IJEOMA TITUS NKACHUKWU OZOEMENAM EMMANUEL NKAMEME UCHE CLARE NKECHI U. KALU NKEMDIRIM CHIDI MOREAN NKEMDIRIM CHIDI MOREAN NKIRI ISAAC GODWIN NMEKA OGEDINIRU NELSON NNA NELSON CHIDI NNACHEBE DANIEL UCHECHUKWU NNADOZIE EZEKANACHI NNADOZIE FREDRICK CHITOO NNAEBUE CHINWENDU EDITH NNAJI CHIKA NNAJI CHIKA NNAJI ONYEKACHUKWU NNAJI UCHECHUKWU GOD'SWILL NNAJIOFOR FRANCIS KINGSLEY NNAMANI BASIL CHISOMAGA NNAMANI EBERECHUKWU PHILOMINA NNAMANI STANLEY OKONKWO NNAMDI INNOCENT OKWUDILI NNANNAH CHINEDU JAMES NNEJI ANN IFEYINWA NNODUECHI UCHECHI STELLA NNOROM IHEOMA GEORGINA NOK BUSINESS SOLUTIONS LTD NONJU C. GOD'SPOWER NONSO ONWUZO NOSIRI CHINYERE CYNTHIA NSEOBONG ANTHONIA AKPABIO NSOFOR LAWRENCE NNAEMEKA 100 CHAMS PLC 2016 ANNUAL REPORT

101 LIST OF UNCLAIMED DIVIDEND NTIAJU ERIC OGBONNA NTUI IYA NURUDEEN-AHMED MUSILIU ALABA NWACHUKWU ALLOY CHINEDU NWACHUKWU JERRY EJIKEME NWACHUKWU NKECHI ENYIDIYA NWACHUKWU NNEKA NWADIKE ALOYSIUSMARY IKECHUKWU NWADINOBI GODWIN CHIKAODIRI NWAEME TEMITOPE OWOWUNMI NWAENYI GEOFFREY CHUKWUDI NWAFOR CHIJIOKE BLESSING NWAFOR CHUKWUKA CHARLES NWAFOR FRANCISCA CHIDALU NWAFOR FREDERICK IFEANYI NWAFOR IFEOMACHUKWU FELICITAS NWAFOR OMOYEMI ADERIKE NWAFOR PERPETUAL UCHECHI NWAFOR PETER JACOB NWAFOR SUNDAY NKEMAKONAM NWAGBO DOMINIC ENYEOBI NWAGBO JOSEPH NWAGHA NKOLI EZINWANNE NWAIBE UGOCHUKWU NWAIGBO BASIL NWAIGBO ONYEBUCHI NWAIWU-ODUS OKECHUKWU NWAJEI JOY OLUCHI NWAJEI MICHAEL NWAJEI UCHE NWAKA NKECHI DAINA NWAKUDO ANAYO STANLEY NWAKWUE KATERINE NKPUROMA NWAMU GLORIA AYOMIKUN NWANEDO NDUBUISI ANSLEM NWANERI CHINOMSO VICTORIA NWANESI CHIBUZO PASCAL NWANETI POLYCARP O NWANGANGA OSINACHI CHARLES NWANGWU HYGINUS IFEANYI C NWANJI COLLINS C NWANKWO FREDRICK CHIDI ELIAS NWANKWO IFEANYI BENARO NWANKWO OBINNA CHARLES NWANKWO OKECHUKWU JEREMIAH NWANKWO SUNNY NWANNEMELU MARIAGORETTI NWANNUKWU UCHE AUGUSTA NWANZE EUNICE CHINONYEREM NWAOBI UWADIMEGWU NWAOFUNNE EMMANUEL NWAOGWUGWU EZE PAUL NWAORGU PRINCEWELL N NWAORGU YVONNE NKENNA NWAUBANI EMEKA CHRISTOPHER NWAZOJIE CHISOM NWEBUBE NNAMDI OKECHUKWU NWEBUBE ONYEOMA C NWEKE ADA NWEKE DAMIAN OKECHUKWU NWEKE GRACE OBIAGELI NWEKE MADUKA JAMES NWENE IGNAY NWESE ORGBU IGWE NWEZE EMMANUEL NWIGWE MARIA ONYEMA NWIZU OGECHUKWU MARYANNE NWOBA EMMANUEL NWACHUKWU NWOBODO LYDIA AMALA NWOBU SAMUEL IKECHUKWU NWOGU WINIFRED CHINYERE NWOGWU BENJAMINE OKWY NWOKEAFOR MICHAEL CHILEZIE NWOKEDI CHUKWUDI MICHAEL NWOKEDI JENNIFER NKIRUKA NWOKEJIOBI IJEOMA NNENNA NWOKIKE IKECHUKWU OLIVER NWOKO JOY AJUMA NWOKOCHA GEORGE NWORAH ARINZE KINGSLEY NWORAH ESTHER CHIDIEBERE NWORDU MARTINA ENUMA NWORISA IMADE JULIAN NWOSU ABATAM CHUKWUJEKWU NWOSU AZUKA PEACE NWOSU BILIKISU NWOSU BLESSING OBIAUJU NWOSU CATHERINE NWOSU CHIJIOKE JUSTIN NWOSU CHIKODI NWOSU NNAMDI CHUKWUDI NWOSU ONYANI UKA NWOSU UCHE NWOSUOCHA PATRICK ONYEMA NWOYE EUNICE UCHE NYONG ESUONG MICHAEL NYOYOKO CHRISTIAN CHRISTOPHER NZE ORLEANS CHUKWUEMEKA NZEWUIHE IKECHUKWU KELECHI OAIKHENA EHIDIAMEN OASIS AND COMMUNICATION GLOBAL LTD OBA NWAKAEGO AGATHA OBADARA PRECIOUS OLABISI OBADARE OLUKAYODE JOSEPH OBADIAH GANDU TITUS OBAIZAMOMWAN PETER OSZAZEE OBANIBI ADAMS OLORUNSOGO OBANLA WAHEED ABIMBOLA OBANOYEN NUSI OLADUNNI OBASA DAVID ROTIMI OBASANYA JOSEPHINE KEHINDE OBASE DEBORAH OBASEKI JEREMIAH OBASI CLARA ATAIGBUA OBASI JOHNSON CHINONSO OBATAYO JOHN OLUWAFEMI OBAYOMI ADEOLUWA ONAARA OBAYOMI IDOWU OBAZEE OSAMUDIAMEN OBEMBE OLAWALE OBEMBE OLUBUNMI OBENDE ONAWUREYI OLAYEMI OBERABOR PETER OBI ANTHONY NKEMDIRIM OBI CHINYELE CELESTINA OBI CHUKWUMA JASPER OBI FRANCIS CHUKWUMA OBI JEROME CHUKWUEMEKA OBI JOHN CHUKWUEMEKA OBI JUSTIN OBI NDIBE OBI NNEKA ZAINABU OBI UGOCHUKWU L OBIAGWU SAMUEL CHUKWUMA OBIAHUBA GABRIEL CHINYEAKA OBIAJULU IKECHUKWU SAMUEL OBIAKOR DENIS OBIANIGWE IJEOMA HAPPINESS OBIANKE ODION GODWIN OBIANO (CHIEF MRS) EBELECHUKWU V OBIANOZIE OSITA INNOCENT OBIARAERI NNAEMEKA ONYEKA OBIDIGBO SUNDAY SAMUEL OBIDIKE KEN -PAUL OBIECHINA ZITA CHIOMA OBIEFUNA CHINENYE JOY PROMISE OBIEFUNA NNEKA OBIEFUNA PATRICK UZODINMA OBIEFUNA TONIE EJIKE OBIEKWE CHUKWUDI JOSHUA OBIEKWE ERIC UCHECHUKWU UCHEBEST OBIEKWUGO AGATHA OBIGBESAN OLADAYO POPOOLA OBIJIAKU SAMUEL IKECHUKWU OBIJURU MATINA OLACHI OBIKA INNOCENT EMEKA OBIKE IKECHUKWU & ROSEMARY OBIKWERE JOY JUSTINA OBINNA ANDREA AMARACHI OBINWE ERIC CHUMA OBIORA COSMAS AKATAEKWE DR OBIORA EDWARD OBINNA OBIORA IBE OBIRE E. GLORY OBISANYA FUNMILAYO OMOLARA OBODI ANTHONY UFUOMAEFE OBODI UFUOMAEFE ANTHONY OBOH PETER AIGBORNA I OBOH PETER AIGBORNA I OBOH PRINCE EDET EMMANUEL OBOH PRINCE EDET EMMANUEL OBOTT USEN N. FRANK OBRI FRANCIS OGAR OBU DAVID UDANYI OBUKADIATA EMMANUEL FRANCIS OCHEME FELICIA OCHIA OBICHUKWU PETER ODAFIN SANDRA O ODE FOLASHADE ODEDIRAN OLATUNDE ADEBISI ODEJIMI OLUBISI ODEJOBI ADEMOLA OLAGUNJU ODEJOBI AYOBAMI ODEKWO OGHENEFEJIRO SARAH ODELEYE OPEYEMI OMONIKE ODENIYI TIMOTHY OLUGBENRO ODERINDE CHRISTIAN OLUWATOSIN ODERINDE TAIWO AKINLOLU ODETORO ROFIKAT ADEBUKONLA(NEE AINA) ODEYEMI SUNDAY OLUYEMI ODIA ANTHONY ODIAZOR CHIGOZIE JOHNSON ODIETE UDUMA JUSTINA ODIGWE OFURE EKINADOESE ODIGWE OSAIHIEORIA U ODIKPO FELIX ELUOJO ODIMBA JOSEPH ODINENU VICTORIA NNE ODINKEMERE CONFIDENCE NKECHI ODIONYE AMARACHI ODIYI EMMANUEL C. A ODOCK FRANCA ARONG ODOGE EMMANUEL OMALE ODOGWU SANDRA NWAKA ODOH ROBERT IHEANYICHUKWU ODOH SHEDRACK CHIEDOZIE ODOZI CHIDI DANIEL CHIWEOKU ODUAGU INVESTMENT TRUST LTD ODUESO JANET OLUWASEUN ODUGBESAN IBUKUN SONAIKE ODUKOYA ABAYOMI ODUKOYA AJIBOLA OLAYINKA ODUKOYA OLALEKAN YESIRU ODUMESI JOHN OLAYEMI ODUMUYIWA BANKOLE ADEGOKE ODUNAIKE OLADAYO OLUFUNMI ODUNLAMI ABIOLA OLAYINKA ODUNLAMI SAMSON ADENIYI ODUNMBAKU KOLAWOLE OLUWATOSIN ODUNUGA OLUKEMI AFOLASADE ODUNUGA SAMIAT ADEBANKE ODURUKWE OLUWATOSIN ESTHER ODUSANYA FOLASHADE OLUWAYEMISI ODUSANYA ODUFUNMILAYO OLUWAKEMI ODUSANYA OLUFUNMILAYO ADESHOLA ODUSHOLA SURAJU ADELEKE ODUSINA OLAYINKA S ODUSOLA MONSURAT ABOSEDE ODUTOLA ADEGBOYEGA ODUTOLA ADELANA ODUTOLA OLUFUNKE OFFEH BLESSING OFFONWI EFFIONG OKON OFFOR ANGELA IFEYINWA OFFOR BENSON OFFOR CHETACHI C OFFOR OGADINMA ROSELINE OFI AYODELE OLUFEMI OFILI ONYEKA UCHE OFODUM IKECHUKWU PATRICK OFOMATA NKEMJIKA GLADYS OFO-MUOGBO EDNAH ADAOBI ODUMCHEFU OFUDJE B. JULIET OMAS OFUOKWU CHUKWUDI JOHN OFUYEKPONE STELLA ORAHARHE OGBALU MICHAEL OBIEFUNA OGBARA KAZEEM OGBEBOR GODWIN OTABOR OGBECHIE EMMY OGBECHIE NYEMIKE OGBENI KINSLEY I OGBODO CHUKWUEMEKA MARK OGBOKU CHINYERE A OGBOMO RICHARD OGBONNA CHINEDU EMMANUEL OGBONNA EMEKA CHIBUZO OGBONNA NGOZI HELEN OGBOYE FIYINFOLUWA HAMIRA OGBUAGU DANIEL JOSEPH OGBUE GODWIN UDOCHI OGBUEFI FABIAN NDUBUISI OGBUEFI NGOZI ANTHONIA OGBULIE EMMANUEL MADU OGHAGHA JOSEPH OGHALI CHUKWUKA CHUKS OGHENEMARO ENAHORO EFE OGHUMA KENNETH OSHIOMA OGIDIOLU ADEGBENRO OGIDIOLU ADEKANMI OGIDIOLU ADEKANMI OGIERIAKHI MERCY OGIEVA VINCENT SUNDAY OGIKE CHIBUZO J OGIKE TOCHI XAVIER OGINNI AYODELE NATHANIEL OGINNI FUNMILAYO CATHERINE OGINNI IDOWU ADENIRAN OGINNI OLUWASEUN & FAMUBO O OGINNI OLUWATOYIN AJAO OGINNI TAIWO OGOBEGWU STELLA ALERO OGODO MICHEAL OGOEGBUNEM STEVE KAINALIO-OSE OGOR MIKE OGU AMARACHUKWU FIDELIS CHAMS PLC 2016 ANNUAL REPORT 101

102 LIST OF UNCLAIMED DIVIDEND OGUADINMA EMMANUEL ONUDINACHUKWU OGUAMA UCHECHI BETTER OGUERI MITCHEL UCHENNA OGUEZUMA JACK DONATUS OGULEDO IKECHUKWU FRANCIS OGUN MARIA PENTHO OGUN OLUWASEYEEMMANUEL OGUNBADEJO ABOSEDE ADETOUN OGUNBADEJO BUKOLA ADIJAT OGUNBADEJO TAOFIK BABATUNDE OGUNBAJO ADEBOLA ABIODUN OGUNBANWO ADEKUNLE OGUNBANWO RAZAQ OLANREWAJU OGUNBIYI ADESOJI OGUNBIYI OLUDARE GABRIEL OGUNBIYI OLUDARE GABRIEL OGUNBONA OLUWASEUN OGUNBONA OLUWASEUN OLUWAGBOHUNMI OGUNBUKOLA MATTHEW OLUSEGUN OGUNDARE HELEN OLUFUNMILAYO OGUNDARE MOBOLAJI OPEOLU OGUNDARE OLUFEMI OLUSOLA OGUNDARE RACHEL WALEOLA OGUNDARE YUSUF ADEOLA OGUNDELE OLUBUNMI ADEJOKE OGUNDERO OLUFOLAKE OGUNDIJO ANNE OJOMA OGUNDIJO MUYIWA ABIODUN OGUNDIMU OREOLUWA DAMILOLA OGUNDIPE ABIODUN JOHNSON OGUNDIPE ESTHER OLAITAN OGUNDIRAN JUNAID OLANIYI OGUNFOWOKE OLAYINKA ABENI OGUNFOWORA OLUMUYIWA OGUNGBE FEYI OGUNGBE JIJOHO AYOSUNMOLE OGUNGBE OLATUNDE AYODEJI OGUNGBESAN OLUWADAMILOLA O OGUNGBESAN OLUWAFEMI SAMUEL OGUNGBILE SAMUEL PRECIOUS OGUNGBIRE JOHNSON KAYODE OGUNJIMI ALABI LOOKMAN OGUNJIMI TENIOLA OGUNJIRIN ADEYINKA OLORUNFEMI OGUNKO TOLUTOPE BRENDA OGUNKOYA OLUSANYA TAIWO OGUNKOYA YETUND TITILAYO OGUNLANA ABIODUN OGUNLEYE ABODUNRIN CATHERINE OGUNLEYE OLABODE (DR.) OGUNLEYE TOSIN OGUNNEYE LADI OGUNNUBI ROBERTS OGUNREMI ABIGEAL ANIKE OGUNREMI MELUTIA OGUNRINDE ARAOLUWA OLUWAGBEMISOKE OGUNRINDE BOLADE SUNDAY OGUNRINDE IYANUOLUWA AFOLABI OGUNSIPE BIDEMI ADEREMI OGUNSOLA JOSEPH TEMIDARA O OGUNSOLU ALEXANDER OLUYEMI OGUNTADE AKEEM HARDIX OGUNTIMEHIN JOHN OLAWALE OGUNTIMEHIN SAMSON TAIWO OGUNTOLA OLUROTIMI BABATUNDE OGUNTOYE OLALEKAN OLUWASEGUN OGWO KALU OGWO OHAJI COLLINS OGECHI OHAKWE CHINEDU FIDEL OHAZURUME SUNDAY MICHAEL OHIOMOBA CAXTON OLUMIDE OHIMAI OHIRI DANIEL AMAECHI OHWORHUADJEKE HELEN OIGBOCHIE LARRY OJEAH IWEDIKE HENRY OJEH ANTHONY OJEI CHUKWUMA DAVID OJEI ESTHER EWERE OJEI FAITH NGOZI OJEI SAMUEL UCHE OJEI-DAVID CHUKWUDUMEBI THERESA OJEI-DAVID NGOZI BLESSING OJELEYE BOLANLE ADEJOKE OJETUNDE SAMSON OLUGBENGA OJEWUYI JOSHUA OJI ADANNAYA GRACE OJI EMMANUEL ONU OJIAKO UZONNA MICHAEL OJIMBA SEBASTINE ODIRA OJO AKINWALE OBIYO OJO AYODELE JOSEPH OJO AYODELE JOSEPH OJO BLESSING OMOTAYO OJO CHARLES A OJO MICHEAL AKINWALE OJO OLUKUNLE OLUSEYI OJO OLUMUYIWA OJO OSARUNAMEN VICTORIA OJO ROTIMI RIYELE OJO SAMUEL ADEOYA OJO TIMOTHY LAWRENCE OJO TIMOTHY LAWRENCE OJOSIPE ADEDAYO BABATUNDE OJOSIPE ROSALIND OJUMOOLA IBRAHIM ISHOLA OJURONGBE FUNMILOLA JULIANA OKACHI CHUKWUMA OKAFOR ARINZE ONYEKA OKAFOR CHINYERE MAUREEN OKAFOR CHIOMA BENEDETTE OKAFOR CHRISTOPHER CHINAKA OKAFOR EDWIN EMEKA OKAFOR EMMANUEL SUNDAY OKAFOR GEORGE NCHEDO OKAFOR KINGSLEY CHIDI OKAFOR LETICIA AMUCHE OKAFOR MONDAY OKAFOR OBIANIKA MICHAEL OKAFOR OKECHUKWU FRANCIS OKAFOR ONYEBUCHI MAC-HAROLD OKAFOR PATRICIA AZUKA OKAFOR PAUL CHUKWUEMEKA OKAFOR RICHARD OKAFOR UCHE DOROTHY OKAKOR BENEDICT OKALI OBINNA NDUBUISI OKANLAWON OLUFUNKE ABOSEDE OKANLAWON TAIWO USMAN OKANLAWON YETUNDE OLUBUNMI OKANOLA-BIALA AYOKUNLE JOHN OKATE LAWRENCE AKHANOYA OKATTA CELESTINE OKEY OKAZU NJUBEMERE OKE ABAYOMI W OKE MAGARET AFOLAKE OKE OLUWAFEMI ABIODUN OKE OLUWOLE (HONOURABLE) OKEAGU CHIJIOKE OKEAGU IGNATIUS OKANANDU OKEBUGWU CHRISTIAN NNAMDI OKEBUNMI KAMORUDEEEN OKECHUKWU BENJAMIN MONDAY OKECHUKWU CHIDI JNR OKECHUKWU IFEYINWA UGONNA OKECHUKWU IZUNNA ABEL OKECHUKWU JANET AMAKA OKEDARA AFEEZ AYINDE OKEDARA OLATUNDE OKEGBOLA OLUWOLE GABRIEL OKEGBUE NZERIBE SUNDAY OKEKE DANIEL ONYESO OKEKE EMMANUEL IKECHUKWU OKEKE EMMANUEL UCHENNA OKEKE JESSY EKWUTOSI OKEKE KINGSLEY EMEKA OKEKE OBINNA MATHEW OKEKE ODILI MOSES OKEKE PIUS JOHNSON O OKEKE SCHOLASTICA N OKEKE SUNNY ALEX OKEKE VINCENT NNAEMEKA OKELANA ADEBAYO OKELEYE ENOCH ANJOLA-OLUWA OKEMMADU GEORGE MMADUABUCHUKWU OKENNWA MODESTUS NKEMJIK S. P OKENYEHIKE AMAKA GODWIN OKEOMA JUDE EBERECHUKWU OKEOWO MUFUTAU ABOLANLE OKEOWO OLAJUMOKE OWUNOLUWA OKEOWO OLUTOYIN OLAOLU OKEREKE ANGELA OKEREKE AYAH OKEREKE PRICILLIA EKENE OKEREKE-ONYIUKE NDI OKEREKE-ONYIUKE NDI (DR MRS) OKESON PAUL NWORA OKESON PAUL NWORA OKEWOLE NIKE YEMI OKEY GABRIEL EKENE OKIKA JOSEPH OKOCHA CHRISTIAN CHUKWUELOKE OKOCHA CHUKWUEROKE JONAH OKOCHA PEACE EBERE OKOEGUALE ELOMHENSEBHOR GLADYS OKOGBA JOSEPHINE PREYE OKOGBUE BEN EZINWA OKOGWU JOSEPH NWABUAKU OKOH O. AUGUSTINE OKOJI MAUREEN E OKOJIE MARY OKOKORO WILLIAMS OKOLI AUGUSTINE JIDEOFOR OKOLI GRACE NJIDEKA OKOLI IMMANUEL IKE OKOLI VICTOR IKECHUKWU OKOLOKO EBRUBA JOHN OKOMHANRY OSAREMWEN RUFUS OKON CLEMENT EFFIONG OKON EDIDIONG RACHAEL OKON EKE EDEM OKON EQUERE EDET OKON ESTHER OKON IME EDITH OKON INNOCENT ETIM OKON JEREMIAH OKONGWU AMALACHUKWU OKONGWU VICTOR NNAEMEKA OKONJI FRIDAY CHIBUEZE OKONJI MARIA EDAILOKUN OKONKWO ABUMCHUKWU OKONKWO FRANCIS OBALUM OKONKWO GILBERT EZECHIMA N OKONKWO IFEYINWA PROSPER OKONKWO IFEYINWA PROSPER OKONKWO IGNATIUS EKENE OKONKWO IKECHUKWU CHUKWUEMEKA OKONKWO KENECHUKWU OLUCHUKWU OKONKWO LINUS ODINAKA OKONKWO NZUBE DOMINIC OKONKWO PENINAH NNENNA OKONTA UDOKA ONYEKA OKONTI ANWULI GREAT OKORIE ANSELM OKORIE BENJAMIN OKORIE CHIJIOKE OKORIE ERNEST OKORIE JOHNSON EZINWANNE OKORIENTA MADUABUCHI STEPHEN OKORO AUGUSTINE EZE OKORO NKECHI CAROLINE OKORO PRISCILLA UGOCHI OKORO SAMUEL UGOCHUKWU OKOROAFOR CHIKE SOPURUCHI OKORODUDU ALEX OMATSEGUWA OKOSUN SAMUEL AMEDU OKOTETE ALEXANDER JUVWERE OKOTIE FRANKLIN OKOTIE ONAJITE OKOUBOH MACDONALD OKOYE ALEXANDER CHINONSO OKOYE AMAKA STELLA C/O NWAGBO J OKOYE BELINDA ADAOBI OKOYE COSMOS AKACHUKWU OKOYE COSMOS PATRICK OKOYE EBUKA HENRY OKOYE GREGORY IFEANYICHUKWU OKOYE IFEANACHO KIZITO OKOYE KING CHIBUEZE OKOYE MICHAEL CHIKEZIE OKOYE NGOZI JOSEPHINE OKOYE SUNDAY ARINZE OKOYE V. EBUKA OKPA JOSEPH AGU OKPALA CHUKWUMA CHARLES OKPALA ESUNE THONY OKPALA GODWIN OGOMEGBUNAM OKPALAKUNNE CLEMENT NDUBUISI OKPALAOKA CHUKWUEMEKA NKEMAKONAM OKPALAUGO PAULINUS CHUKWUMA OKPAPI SOPHIA OKPARA GODWIN CHINAZA OKPARA OBIOMA IKECHUKWU OKPARA OBUNIKE E OKPARA OSIMIRIN UCHE OKPARA SUSAN CHIGOROM OKPARA UGOCHUKWU TIMOTHY OKPE UCHENNA MARTIN OKPETUE CHUKWUDI OKPO IFEOMA OKPOMO OMUAYIFETENE FELIX OKPOMU JACKSON OYINOENEPERI OKUBOYEJO ADETOKUNBO OKUKENU OLUWAFEMI ADEYEMI OKUMOR FORTUNE BLESSING OKUNBOR LOUSIA OBIAGELI OKUNFOLAMI TINA ADEOYE OKUNJEMIRUWA DEBORAH CHIDINMA OKUNLOLA RACHEL ARINOLA OKUNNOWO BABATUNDE.D OKUSANYA ABIODUN ENITAN OKUYIGA MOYOSORE OKWARA HADASSAH NGOZI OKWESILI IKECHUKWU CHARLES OKWOR EMMANUEL 102 CHAMS PLC 2016 ANNUAL REPORT

103 LIST OF UNCLAIMED DIVIDEND OKWOR SUNDAY OMANG OKWORI COMFORT OKWORI EMMANUEL JAMES OKWUACHI BEN-BENSON NWAZE OKWUMO ECHEZONA N OLA GOKE OLA TUNJI OLABODE OLUFEMI OLADAPO OLUWASEUN TEMITOPE OLADAPO ROBERT OMISADE OLADAPO VICTOR IPOOLA OLADEINDE OLUFISOLA OLADEINDE OYINKAN OLADEJO ALIMAT MOTUNRAYO OLADEJO MARYAM OREOLUWA OLADELE AKEEM OLATUNBOSUN OLADELE BISOLA YEMISI OLADELE SALIU HASSAN OLADEPO MONSURAT BOLAJI OLADEPO OLUSOJI FREDRICK OLADIMEJI MERCY OLADIMEJI OLADELE JOHNSON OLADIMEJI RILWAN ATANDA OLADIPO IBRAHIM OLANREWAJU OLADIPO JOSEPH GBADEGESIN OLADIPO MATINA AJIBADE OLADIPO MUSBAU OLAYIWOLA OLADIPO OLUFEMI GABRIEL OLADIPO OLUWAKEMI VICTORIA OLADIPUPO SUNDAY ANTHONY OLADIRAN OLADAPO OLADIRAN OREOLUWA DOTUN OLADOSU OLUDARE EMMANUEL OLAGBAJU BABATUNDE SAMUEL OLAGOKE SAMSON OLUSEGUN OLAITAN OLADIPO AKINDELE OLAIYA ABIOLA ELIZABETH OLAJIDE AZEEZ OLAJIDE HILARY OPEYEMI OLAJIDE KOLE OLAJIDE OGUNSANLU OLUGUNWA OLAJIDE OLAWALE SAMUEL OLAJIDE PRINCESS OPEYEMI OLAJIDE-AWOSEDO OLUWADAMILOLA OLAJUMOKE MOLADE OLAKANLE GLORIA OLALEMI ISAAC ADELEKE OLALEMI OLUWASEUN JOSHUA OLALEYE EMMANUEL KOKUMO OLAMIDE OLUWATOMIWA DAVID OLAMIDE OLUWATOMIWA DAVID OLAMIDE SHONEKAN OLAMIJULO SAMUEL KAYODE OLANIPEKUN ADEBOLA OLAYEMI OLANIPEKUN DORCAS OLANIYAN ABDULRASAQ ALIYU OLANIYAN ADEMOLA ADELODUN OLANIYAN ADEREMI OLANIYAN MARIAN TAIWO OLANIYAN O. OLAYINKA OLANIYAN OLUWAMAYOWA CHRISTIANAH OLANIYAN OLUWASEYI OLUWATOYIN OLANIYI OLUKEMI TITILOPE OLANREWAJU AKEEM OLANREWAJU OLUGBENGA SEUN OLANREWAJU SHEKONI OLANREWAJU YUSUF MOHAMMED OLAOBAJU TIMOTHY O OLAOBAJU TIMOTHY O OLAOJO BABATUNDE FEMI OLAOYE GHANDI OLAOYE MICHAEL AKEEM OLAOYE OLAOLUWA ABIODUN OLAOYE PIUS TAYO OLAPEJU DIPO OLAREWAJU OLAKUNLE YEMI OLARINDE ADETAYO RAHMAN OLARINDE BABATUNDE OLARINOYE ABIODUN OLARINOYE KEHINDE OLARINOYE SAHEED OLASODE BABATUNDE J (DR&DR MRS) OLATAYO MOUFTAOU ALARAPE OLATERU- OLAGBEGI ADEYEMI OLATERU OLUWASEYE SAMSON MAYOWA OLATUNBOSUN KABEER AYOFE OLATUNDE JULIANAH KEMI OLATUNDE MUKTAR AYOMIDE OLATUNDE MUSHARAF BABATUNDE OLATUNDE MUTALLIB KAYODE OLATUNDE MUTMAINAT TOPE OLATUNDE TITILOPE TOYIN OLATUNDE-VAUGHAN BABASOLA OLATUNJI BAMIDELE OLATUNJI CHRISTIANAH MRS OLATUNJI FEMI OLATUNJI KOLA SAEED OLATUNJI OLUSOGO TUNDE OLATUNJI OMOBOLANLE ATOKE OLAWALE ISAAC WALE-AWE OLAWALE OLALEKAN TAIWO OLAWALE OMOTOLA OLOLADE OLAWANLE SAMSON OLAWEPO MATTHEW KUNLE OLAWOLE EUNICE OLUFUNMILAYO OLAWOLE OLAYEMI OLATUNJI OLAWOLE SAIBU OLAWOYE BOLAJI MONISOLA OLAWOYE KOLADE OLAWUYI ABIDEMI TITILAYO OLAWUYI MIKE S OLAWUYI SILIFAT FUNMI OLAWUYI SUNDAY ABAYOMI OLAYANJU TUNDE TIMOTHY OLAYEMI HENRY KEHINDE OLAYEMI RICHARD ADENIYI OLAYEMI RICHARD ADENIYI OLAYINKA AJIBOLA ODUKOYA OLAYINKA JANET FADEKE OLAYINKA OLANIPEKUN M OLAYIOYE ADEDAYO OLAYEMI OLERU FRANCIS ANAYO OLIKAGU CHIBUEZE ANTHONY OLISA CHIGOZIE SAMUEL OLISA IJOMAH SAMUEL OLISE ERIC JOHN I OLISEDU MONICA NONYELUM OLISEMEKA PATRICK OLOBA OLUWAJOBA MICHAEL OLODUN ADEKUNLE OLOGBENLA ADEBISI DAVID OLOGBENLA BENJAMIN ADEROJU OLOJO OLUWAROTIMI ABAYOMI OLOKETUYI OLANIYI SEGUN OLOKO HABEEB OLADAPO OLOOWOKERE OLUSHOLA OLOPADE ABIODUN OLOPADE FASILAT FOLASADE OLORUNFEMI OLUBUNMI ADEMOLA OLORUNFEMI OLUSIMBO OLORUNNISOLA JOHN ADEKANMI OLORUNSOLA FEYISAYO OLORUNSOLA PETER IBUKUN OLORUNSUYI JOHN OLORUNSUYI KHAFILAT OLORUNSUYI OPEMIPO OLORUNTIMILEHIN OLAYINKA OLORUNTOLA EDWARD TOKUNBO OLORUNTOLA FUNMILAYO FAUSAT OLOTIN BAMIDELE OLAMIDE OLOWO EDWARD TAIWO OLOWOGORIOYE VICTOR OLOWOPOROKU TEMITOPE OLOWOSUKO OLUBUSOLA OMOWAARE OLOWOYO SUNDAY SOLA OLOWU ISAKA ABIODUN OLOWU KEHINDE ABIOLA OLOYE WASIU ADEKUNLE OLOYEDE ADELOLA JOHN OLOYEDE ADEWALE ADEKUNLE OLOYEDE ISRAEL OLUSEGUN OLUBA JUDE CHUKWUEMEKA OLUBANWO FUNMI OWOWUNMI OLUBIYI ADEYEMI GIDEON OLUBIYI OLUBUSAYO AKINYELE OLUBODUN OLUWAKEMI OLUBORI OLUBUNMI OLUWASEUN OLUBUNMI BABATUNDE GBADEBO OLUDOTUN KOLAWOLE TIMOTHY OLUFEMI HAMED OLUFON BABATUNDE KARUNWI OLUGUNWA BABAFEMI OLUWOLE OLUKEYE LATEEF AJANI OLUKOREDE OLAIDE HONOUR OLUKOYA OLUFEMI ABIDEMI JOSEPH OLUKUNLE TOKUNBO OLULANA JOSEPH A OLUMEKO DESTINY OLANIYI OLUMIDE AJIBAWO OLUMOLU OLUWASEYI SAMUEL OLUNIYI OLAWUMI OLANIYI OLUNOWO KOFOWOROLA AMUDAT OLUOKUN AYO OLURINDE DAVID MORAKINYO OLUSA MICHEAL TOBAOLUWANIMI OLUSANYA OLUMIDE ADEYIGA OLUSEGUN ALICE OLUSEGUN OLAWALE OLUDARE OLUSESI OMOSANYA ADEWUNMI OLUSOLA YETUNDE OPEYEMI OLUTAYO JANE O OLUWABIYI AANUOLUWA OLUWABIYI OOREOLUWA OLUWAFEMI LAWRENCE ADETUNJI OLUWAGBEMIGUN ADENIKE ELIZABETH OLUWALETI OLUWAFEMI ADETONA OLUWANLE ADEDOTUN OLUOLA OLUWARANTI ADEDUNMOLA OLUWASEUN OLUWATOLA FOLAKE ABIOLA OLUWATOSIN OLUWADAMILOLA OLUWO FUNMILAYO BOLADE OLUWOLE ABIODUN FRANCIS OLUWOLE MOSEBOLATAN ABENIADE OLUWOLE SUNDAY ADEGBOLA OLUWUNMI IFEOLUWA ELIZABETH OLUYEMI AKINWALE JOHNSON OLUYOLE OPEYEMI MUINAT OLUYORI OLUWAGBEMI DAVID OLUYORI SEGUN OMADHEBO HENRY OMAKA EMMANUEL N OMAMOGHO DANIEL OVUAKPOROYE OMEDE GLADYS OMEJE EUGENE CHUKWUEMEKA OMEJE SUNDAY IBEBUIKE OMENI STELLA EKENE OMETORUWA IMUETINYAN IGHIWIYISI OMIDIJI JOSEPH OLATAYO OMIKOREDE ADEBAYO KOLADE OMIN BUGEWA UWOMAWNO OMIN GABRIEL OMIREFA OLATUNDE OLABISI OMIRINLEWO JONATHAN OLUWASEUN OMISANJO GRACE BUSOLA OMITOGUN TEMIDAYO ABOSEDE OMITOLA OLUFEMI GBENGA OMIWOLE OLUSEGUN OMOBUDE UWA OMOIGUI MICHAELJESUROBO OMOJADEGBE FRANCIS WOLE OMOJOWO ODUNAYO OMOJUGHARE FAITH ELOHO OMOKHUA AUSTIN OMOKIDE KAMILU OMOKUNGBE TEMITOPE ADEWUNMI OMOLADE ARIYO OLORUNMEYE OMOLADE ESTHER OLUBUNMI OMOLADE OLUWASEGUN SAMUEL OMO-LAMAI VIRTUE AMANESI OMOLE OLUWOLE AYODOTUN OMOLEYE OLUSEGUN OLUWATOBILOLA OMOLOLU AJEDIRAN A OMOMIA LAURA OMONEGHO OMONIYI ISAAC TUNDE OMONIYI SHERIFAT OLUWAFUNMILAYO OMONUA PETER OMONZOKPIA CHRISTIAN OSAI OMOREGHA DANIEL OMOREGIE EFOSA OMOREGIE OSAMUDIAMEN OMOROTIONMWAN MC JOSE OMOSALEWA TEMIDAYO FAJOBI OMOSANYA OLUFEMI SODIQ OMOTAYO JOHN OMOTAYO-BENSON OLUWAROTIMI O OMOTAYO-BENSON OYEKUNLE OMOTESO MOFIYINFOLUWA OMOTAYO OMOTESO OMOLOLU OMOLOLA OMOTOLANI BAKARE OMOTOSHO FATHIA ABIOLA OMOTOSHO OYEWOLE (DR) OMOYAKHI JOHN OMOKHAGBO OMOYELE OLABAMBO OMOYIBO GOODLIVE ANDREW OMUNA-AMADI VIVEAN IHUOMA ONABAJO OLUWASEUN EMMANUEL ONABOWALE KAYODE OLUMUYIWA ONABOWALE OLADIPO ONAGORUWA OBAFEMI ONARIKE ONAH BENARD ONAH LAZARUS IBAGWA ONAH STANLEY CHIDIMMA ONAKOYA DORCAS ABIODUN ONALO PAUL OJOMAH ONANUGA FOLASHADE OLUFEMI ONATADE ELIZABETH TOSIN ONDOA FLORENTINE TIWALOLUWA ONI BABATUNDE ONI BUSOLA CHRISTIANA ONI EMMANUEL ABIMBOLA ONI FOLUKE EUNICE ONI FUNMILAYO TEMITOPE ONI MOSOBALAJE YUSUFF ONI OLUGBENGA OLAKITAN ONI OLUWASEUN ISAAC ONI SAMSON FOLARIN ONIBANIYI TEMITOPE JOSEPH CHAMS PLC 2016 ANNUAL REPORT 103

104 LIST OF UNCLAIMED DIVIDEND ONIFADE JOSEPH AGBOOLA ONIFADE TEMITOPE COMFORT ONIOVO JOSIAH ONISOYA PRIYE ONIWINDE ADEMOLA OLUWOLE ONIYERE CHARLES ONOCHIE ESTHER IJEOMA ONODUGO CALLISTUS ON WURAH ONOKPASA ALLEN ONOKPASA OBADORO ISAAC ONOKPASA TINA ONOKPITE GODSPOWER OGHENEVBOGAGA ONOMASE OZIEOGHEKET CHRIS ONOWUGBEDA JOSEPH ONU EUCHARIA IFEBUCHE ONU PIUS EBUKA ONUBAH FRANCIS KENNETH ONUEGBU GODWIN ONUGBA MOHAMMED BARTHOLOMEW ONUGHA CHARLES OTUOSOROCHI ONUIGWE IFEANYI IZUCHUKWU ONUMA KALU KALU ONUMAJURU EMMANUEL NEDUM PRINCE ONUNKWO ADOLPHUS CHUKWUNONSO ONUNWA OLUCHI GIFT ONUOHA CHIBUEZE ONUOHA DORATHY AMUCHE ONUOHA FELIX ALOZIE ONUOHA GODWIN KELECHI ONUOHA NGOZI THERESA ONUORAH JUNI PEACE ONUORAH NKIRU NKECHI ONUORAH PAUL ONUORAH SUNDAY EKENE ONWU EMEKA ALOYSIUS ONWUAKPA CHIBUGOM CHIEMERIE ONWUBIKO UCHENNA KINGSLEY ONWUDIWE JANET AJUMA ONWUGBENU EUCHARIA ONWUGBENU EUCHARIA ONWUGBENU KIZITO ONWUGBENU LOUIS IZUCHUKWU ONWUGBENU ONYEDIKA ANTHONY ONWUGHALU THEDORA NWAMAKA ONWUKA BENJAMIN NNAEMEKA ONWUKA CHINEDU CHRISTOPHER ONWUNANZO PETER UCHENNA ONWURAFOR OBINNA ONOCHIE ONWUSAKA JANE EVERBRIGHT ONYE OKECHUKWU EMMANUEL ONYEAGBA CHUKWUJI HENRY ONYEANI-NWOSU CONSTANCE CHIKA ONYEANI-NWOSU CONSTANCE CHIKA CHEDO ONYEBUCHI JUSTINA NNENNA ONYEBUCHI JUSTINA NNENNA ONYEBUCHI, KINGSLEY ONYEBUCHI ONYECHE CHIOMA CHINEDU ONYEGBULE UZOMA ONYEJIAKA CAROL NNEOMA ONYEJIAKA CHIBUZO ONYEJIAKA DEBORA ONYEJIAKA DESTINY ONYEJIAKA EKEOMA ONYEKA CHRISTIAN CHUKWUDUM ONYEKE SUNDAY ONYEKWELU ANGELA IFEANYICHUKWU ONYEKWERE CHIYERE CALLISTA ONYEKWERE CHUKWUNONYEREM ONYEKWERE CHUKWUNONYEREM ONYEKWERE UKONU FRANCIS ONYELEONU OBIAGELI ONYEMA CHUKWUWE HENRY ONYEMAH FELIX AZUKA ONYEMAOBI ANAYO BENJAMIN ONYEMAOBI CHINYERE PATIENCE ONYEMEFOLU UCHECHUKWU BONA ONYEMERELA FELIX CHINEDU ONYEOMA ENMMANUEL JUNIOR ONYEOMA JUDA KELECHI ONYEOMA ONYINYE GRACE ONYEOMA PRINCE EMMA CHIEMEZIE ONYEOZIRI FAVOUR UGOCHUKWU ONYEOZIRI WINNER NMERI ONYERIKA EMEKA KENNEDY ONYEWUENYI HOPE IFEOMA ONYIA CHUKWUBUIKEM ONYIA REMIGUS CHINEDU JANNET CHI ONYIAGWA IKECHUKWUKA F ONYISHI AUGUSTINE ONYUTE ADAM FELIX OPADIRAN COMFORT ADEFEMI OPADIRAN DANIEL ADEFEMI OPADIRAN ISAAC OLUFISAYO OPADIRAN MARY OLAMIDE OPADIRAN OLADAPO OLAOLUWA OPADIRAN OLUWATOSIN ESTHER OPADIRAN TUNJI OPALUWA YAKUBU OPARA CHIMA JOSIAH OPARA GERTRUDE EBERECHUKWU OPARA KENNETH & OLUCHI (MR & MRS) OPARANOZIE CLARA IJEOMA OPEGBEMI SAAC OLUWASANMI OPEKE SEGUN KAYODE OPEYEMI ADEYINKA OPURUM DANIEL CHIBUEZE OPURUM GODFREY N OPUSUNJU AMONIA HARRIS ORAETUE CHIJIOKE DENNIS ORAJIAKA MAUREEN NONYE ORANEKWULU BLESSING U ORANEKWULU BLESSING U ORANMIYAN 007 CONCEPT ORDU-OBUAH NONYE EMMANUEL(PST) ORELUSI ISOLA ORETOYE MICHAEL ADEGBOYEGA ORIADETU ADEKUNLE ISMAIL ORIAHI BERNARD IBERU ORIDUN CAPITAL MANAGEMENT ORIRI GIFT EBIYE ORISAKWE PRINCEWILL CHINONSO ORISAKWE UGOCHUKWU LEONARD ORIZU GRACE CHINYERE ORJI CHINO MALCON ORJI FAVOUR IFEOMA ORJI KEVIN IFEANYI ORJI OLUOMACHI ORJI UCHECHUKWU GOD'SWILL ORJINTA NGOZI QUEENY OROGE GLORIA URUEMU OROGUN LUCKY KELVIN OROK KUFREITORO ANDEM ORTESE BENJAMIN O ORUKELE AVUAKPORETA JACOB ORUPABO OLUBUNMI PATRICIA ORURUO ELOKA MILLICENT OSAGIE KIZITO OSAJI OKEZIE FRANCIS OSAKUE JOHN EVBAKHAVBOKEN OSAKWUNI AUGUSTINA ONYEISHI OSAMEYAN OLUFEMI MOYINOLUWA OSANYIN OLATUNDUN OSARO EDEE JOHN OSAWE MAGDALENE EHIMWENMA OSAWOTA LUCKY OSEMEAHON RANDOLPH OSEMENAM CHUKWUDI KINYANJUI NWABUEZE OSENI FAUSAT ABIOLA OSENI HAKEEM OLANSILE OSERUVWOJA TOHWO OSHIKOYA OLUDIYA OSHILAJA OLAYEMI VICTORIA OSHIN ABIOLA OWOLABI OSHIN OLUSEYI OMOTOLA OSHIOKHAMELE EMMANUEL OSHOBUGIE OSHO DOLAPO OPEYEMI OSHO IDAYAT ARIKE OSHO OLADEHINDE T OSHO OLUWAFEMI OLUWASEUN OSHO TAIRAT OMOWALE OSIFESO OLUSEGUN GABRIEL OSINEYE YOMI ANUOLUWA OSINFOLARIN OLUWEMIMO ADEBOWALE OSINNUSI ADELAJA HAKEEM OSINOWO MUNIRU KOFOWOROLA OSINOWO OYEDAYO OLUYEMISI OSIYEMI AGBOLADE BABATUNDE OSIYEMI FOLAKEMI FOLASADE OSIYEMI OLAKUNLE OSIYEMI OLUWASEGUN ORIYOMI OSO CLEMENT OLADIPUPO OSO OLUWASOLABOMI MODUPE OSOFISAN SEGUN OSSAI ERNEST OKECHUKWU OSUAGWU INNOCENT OSUAGWU JOHNPIUS CHIMA OSUAGWU NICHOLAS CHIKODINAKA OSUAN HENRIETTA OTASOWIE OSUMA ESTHER VICTORIA OSUNBOR JOSEPH OSARETIN OSUNDE KEHINDE ADEOLA OSUNFISAN OSUNFUYI VINCENT OSUNGBESAN OLUFUNMILOLA OSUNSINA ADUNFE ISMAIL OSUNTUBO TEMITAYO OPEYEMI OSUOHA JOHN IFEANYICHUKWU OTABOR GODWIN NATA OTABOR IVIE ROSE GODWIN OTAIGHO BENJAMIN OGHENETEGOR OTAKORE CHARLES OGHENERUONA OTALOR JACKSON EMEKA OTALOR JOHN IKPONWOSA OTAMKPO PAUL CHIBUZOR OTELE ABIOLA CHARLES OTELE IKECHUKWU OTELE IKECHUKWU OTI STEPHEN OBIOHA CHUKWUEMEKA OTIOCHA AMARAHI OTIOCHA KELECHI OTIOCHA MMESOOMA OTIOCHA ONYINYECHI OTIONO ELLA OTIONO OBIAGELI THECMA OTITI HAKEEM OLANREWAJU GBOLAHAN OTOBO ODEZI FIDELIS OTON CHRISTOPHER MOFFAT OTU JULIET AFIONG OTU PROMISE OTU SOLOMON GODDIVINE OTU VICTORY ABASIAKA OTUFOWORA NOJEEM ADEBAYO OTUN OLABUNMI TEMITOPE OTUNLA DAPO OTUONYE VICTORIA OTUONYE VICTORIA OMON OTUYEMI VICTOR ADEBAYO OUT FINNER MOSES OVIAWE OMOROGBE FRIDAY OVWIGHOWHARA OKIEMUTE VERA OWA OLATUNDE SAMUEL OWA OLATUNDE SAMUEL OWADUGE MARIAN ADENIKE OWEH SUNDAY OWEZIEM BRIGHT UCHENNA OWOADE ADEDIWURA BABATUNDE OWOEYE ISAIAH DADA OWOH EKPUK BROWN OWOLABI ABDULFATAI ENITAN OWOLABI ABIOLA OLUBANKE OWOLABI ENOCH AYOBAMI OWOLABI FOLASHADE ABOSEDE OWOLABI GBENGA OWOLABI GBENGA OLADAPO OWOLABI KEHINDE KABIR OWOLABI OLUFUNMILAYO OYENIKE OWOLABI OLUKUNLE ROTIMI OWOLABI OLUMUYIWA OLUWOLE OWOLABI SEGUN KAYODE OWOLABI TAIWO ADEMOLA OWOLABI TEMITAYO OLUSEUN OWOLABI TUNDE AKINWUNMI OWOLABI WALIYU OLUWASEGUN OWOSEKUN ADEWUNMI ADEOLU OWUH JERRY OMOAREGBA OWULU FIDELIA AMAKA OYADIRAN SAMUEL MAYOWA OYEBADEJO OLUWAFUNMILAYO ANUOLUWAPO OYEBANDE OLUBIYI DICKSON OYEBODE ADEMOLA VICTOR OYEBODE OLADAYO SUNDAY OYEDELE ABDULAZEEZ ADEMOLA TAIWO OYEDELE ADEOLA TAIWO OYEDELE NURAT ADENIKE EJIDE OYEDIRAN DAVID YINKA OYEDIRAN HAKEEM MAKANJUOLA OYEDOKUN OLUFEMI ABIODUN OYEDOTUN JELIL SHINA OYEFESO BABATUNDE OLAYINKA OYEGUNLE FUNKE AINA OYEJOLA OLUFUNSO EUNICE OYEKANMI TEMITAYO ABOSEDE OYELADE ABDULFATAI OLUWASHINA OYELAKIN ADEKOLA OYEDELE OYELAKIN OLADOSU OLALEKAN OYELEKE IBITAYO IGBEKELE OYELEKE TAIWO MODUPE OYELEYE AYODEJI JAMES OYELOWO MATHEW OLANIYI OYENEKAN OLAJUMOKE DORCAS OYENIYI TAIWO HASSAN OYERINDE OLUWAKEMI TITILOLA OYETADE OLUSAKIN ADELEKE OYETAYO FUNMILOLA GRACE OYETI BABAJIDE ABAYOMI OYETORO LAJA OYETUNDE ANTHONY OYEDEJI OYETUNDE OLUTONI OYEWALE ABDULRASHEED OYELOLA OYEWOLE OLUDELE A OYEWOLE RICHARD ALABI OYEWUNMI OBAFEMI RUFUS OYEYEMI ADEMOLA OYEYINKA ISAIAH KOLAWOLE OYEYIPO FEMI ABAYOMI 104 CHAMS PLC 2016 ANNUAL REPORT

105 LIST OF UNCLAIMED DIVIDEND OYIBOKA EDITH NDIDI OYINLOYE ADEKUNLE ABDULRAZAQ OYINWOLA MOSUNMOLA OLATUNDE OZEH CHRISTIAN SUNDAY OZIGBO VALENTINE CHINETO OZIOKO MARK OKAFOR OZIOKO VINCENT OZOKA UCHECHUKWU THERESA OZOLUA STELLA MERAB OZORJI JEOVITA OKECHUKWU OZOUWAKWE SAMUEL MADUKA OZUKWE AUSTIN EZE PAIMO OLUKUNLE JOEL PAKI NUHU SADAUKI PANCHIRI FRANCIS MEDU PANTELERIA LIMITED PARAMOLE HAMED OLALEKAN PARTNERSHIP INV CO/ECOBANK NIG PLC-TRDNG PARTRICK ROSE ZIRRA PASCAL KINGSLEY & CO PASTOR LAWAL BOLADE PATRICK LUCKY AYEBANUA PATRICK NWACHI EHIOMA LAURETTA PAUL OKEZIE SOLOMON PDC GLOBAL SERVICES PEACEFORT INVESTMENT LTD PENDER - OBODO KIKI OKIREMETU PETER DAAPE STELLA PHIDO LILIAN IDEM PLURAL LTD POPOOLA AMOS KEHINDE POPOOLA NOJEEM OLALEKAN POPOOLA OLUBUSOLA EMILY POPOOLA OLUWATOYIN ASAKE POPOOLA SHERIFAT TAIWO POROKU ADEDAYO DANIEL POSSIBILITY GLOBAL RESOURCES LTD PRATT OLATUNDE YEKINI PRIMOTEKS SYSTEMS LIMITED PROPERTY AND PECUNIARY INS BROKERS PYRAMID SECURITIES LIMITED Q-TRIANGLE LTD QUADRI IMAAN IYADUNNI QUOTRON INVESTMENT LTD RABIU ABDULHAMEED JIBIA RABIU ABDULHAMEED JIBIA RABIU GBOLAGADE TIRIMISIYU RABIU SULE ADEYEMO RAHAMACORP VENTURES RAHEEM SAHEED ADIGUN RAIMI AJOKE MONSURAT RAJI JULIUS OLUWASANMI RAJI MOH'D MUHIBULLAH RAJI MOMOHJIMOH ANAKOBE RASAQ OLALEKAN MUMUNI RASAQ OLASUNKANMI MUKTAR RASAQ TAJUDEEN RAYMOND MONDAY ENDURANCE REAL STOCK PROPERTIES REAPERS INVESTMENTS LTD REAPWELL NIG. LTD RECORN TECHNICAL LTD RENIQUES DEZIGN REWARD NORMINEE FAOL RICHARDS AYODEJI JOSHUA RILLY VENTURES LTD ROBERT ADEDOKUN ROBERT BELEMA FREDERICK ROCKGASBY PLUS ROMILUYI ABISOLA OMOTUNDE ROMILUYI OLUFEMI & ABISOLA ROMILUYI OLUFEMI E. &ABISOLA O ROMILUYI OLUWASEUN VICTOR ROMILUYI OYINKANSOLA SUSAN ROTIS NIGERIA LTD ROYAL POWER & ENERGY LTD ROYAL TREASURES GLOBAL VENTURES ROYAS EXCLUSIVE FURNISHINGS RUFAI AHMED MOHAMMED RUFAI AWWAL MOHAMMED RUFAI BABA MOHAMMED RUFAI BILIKISU MOHAMMED RUFAI SAKINA MOHAMMED RUFUS OLUSEGUN TEMIDAYO RUTH IKEDIFE RUTH WASA SA'AD ABDUL ZAKIRAI SAAIIO VENTURES SABA ABIOLA MARIAM SABITU ADEYEMI ISHAQ SAB-KON SERVICES SADE MUHAMMA MAGAJI SADIQ MAHRAZU ABUBAKAR SADIQ MOHAMMED FARI SADIQ OYIZA KHADIJAT SADIQ SADIQ FARI SADIQ SAIFULLAH FARI SADIQ SALIM FARI SAFI MOHAMMED SAIDU KABIRU MR SAKA ABDULGANIU ATANDA SALAKO IBRAHIM ABAYOMI SALAM ABASS SALAMI BASIRAT ABIMBOLA SALAMI ESTHER BUKKY OLABISI SALAMI IDOWU LUKMAN SALAMI LATEEF ATANDA SALAMI OLUROTIMI GIDEON SALAU BABATUNDE TAJUDEEN SALAU OLUFUNMILAYO IBIDUN SALAUDEEN AFISI ABIOLA SALAUDEEN OLADIMEJI ISMAIL SALAWU KABIR OLANIYI SALAWU PAUL SALAWU TAOHEEDAT MORADEYO SALIHU AHMED ABDULLAHI SALIHU MOHAMMED SALISU IDRIS MAKAMAN DANMADAMI SALISU KHADUJAT IDRIS SALISU ZAINULABIDEEN SALIU AKEEM OMOGBOLAHON SALIU KODRI OLANREWAJU SALIU OLAWALE OLANREWAJU SALIU OLUSEGUN SAHEED A SALMAN ISSA OLASENI SAM CHRISTIANA JOHNSON SAMBO ABBAS SANI SAMIRA ATIKU KIGO SAMSON ELISHA SANI IBRAHIM SANI MAHMOUD UMAR SANI MUHAMMAD AMINU SANI NASIRU ALIERO SANI YENUSA OCHENI SANNI ABDULFATAI ADEKUNLE SANNI AKINDELE BABATUNDE SANNI ALASHE RASIDI AINA SANNI DELE SANNI LATEEF OLADIMEJI SANNI MAMUNAT BOLA SANNI OLUMIDE ALAMU SANNI SIKIRU ADEBAYO SANNI TOYIN FOLASHADE SANNI WASILAH FUNMILAYO SANTRUST CAPITAL LIMITED SANTRUST SECURITIES LTD-DEP A/C SANYA-ALABI OLUSANYA JULIUS SANYAOLU OLADIPO T. OREOLUWA SAWYERR AKIN SCHEFFER LIMITED SCHUBBS NIGERIA LIMITED SEEDTIME EQUITY FUND SEGUNMARU OLUWAFEMI ISMAIL SEIDU SIDIKAT OPEYEMI SEYE FEMI-GUREJE SEYI-IDOWU JUYCEMARY SFS RESEARCH SHADA TOLULOPE SHAIBU OHIARE MICHAEL SHALLYBROS TELECOMS LIMITED SHEHU ABBAS OTHMAN SHEHU HALIMA MOHAMMED SHEHU MALLAM MIKAIL SHEILE ESTHER ABOSEDE SHERIFFDEEN MORWAN ADEWALE A SHETTIMA TAIBU MOHAMMED SHITTA OLUFOLAKE ANIFATU SHOBOWALE SALIMOT OMOWUNMI SHODEINDE AYODEJI UZENAT SHODIPO IDOWU NIYI SHODUNKE ANTHONY OLUMIDE SHODUNKE KADIR OLAROTIMI SHODUNKE OLUSOLA SHOFOLAHAN ELIZABETH BUKOLA SHOLARU OLUTAYO SHOLLYVEN COMMUNICATIONS SHOMALA OLUWADEMILADEAYO AYOMIDE SHOMORIN OLUYEMI ADISA SHOMOYE OLUBUKOLA MOJISOLA SHONEKAN OLAMIDE SHONIBARE ADEMOLA ABRAHAM SHONUGA DAVID OYEDELE SHOPADE OLUFEMI OLUTAYO SHOTUNDE OMOLARA SHOTUYO ADEBOWALE S SHUAIBU AMINU SHUAIBU MUHD SIRAJO SHUGABA RESOURCES NIG. LTD SIBANI CLIFFORD MEESUA SIDI ISHATU IDRIS SIGNET INVESTMENT-DEPOSIT A/C SIKOKI IKANKUMO MOSES SIL CHEMICALS LIMITED SINA-OLULANA OLUWOLE TEMITOPE SINGERR EUNICE BOLAJI SIR EKEUGO CHILEOBI CHUKWUMA SMARTCITY RESORTS PLC SNOMI MARKIE SOBO OLUWADARE OLABAMIJI SODEINDE OLUGBENGA AJIBOLA SODEKE ADEMOLA KOLAWOLE SODIMU OLAWALE IBUKUNOLU SODIMU OYENIYI OLUWASEUN SODIQ NOJIMUDEEN IBITAYO SOETAN MAYOWA MICHAEL SOEWU OLUBUNMI ALICE SOFELA TAIWO OLATUNDE SOFOLUKE SIGISMUND OLATUNJI SOFOLUWE JOSEPH AKINSOLA OLUJIMI SOFOLUWE LOLA MARY SOKENU TOLU SOKO LAWRENCE AKPOBORIE SOKUNLE RAUFU OLAWALE SOLA BICKERSTETH SOLABI OLAJUMOKE OMOBOLANLE SOLAGBADE ADEPEJU SOLANKE FADEKEMI OLUTOYIN SOLEYE ADEYEMO OLADAPO SOLID FOUNDATION CHILDREN SCHOOL SOLID KAY ENTERPRISES SOMORIN OYIN PROF SONDE BOSEDE ADENIKE SONNIE AYERE SONTAN MODUPE MOJISOLA SONUGA TOLULOPE BUSAYO SOOLA OLUYINKA OLUBUNMI SOSAN ABIODUN NIGEL SOSAN SOLOMON MEDABI SOUNOUKINI RACHEAL PRUDENCE SOYEMI IBUKUNOLUWA SARAH SOYODE OLUWATOMI SOYOMBO VICTOR OPE-ODU SPRING LIFE ASSURANCE COMPANY PLC SPRINGFOUNTAIN MANAGEMENT CONSULTANTS LTD SSCM- OFEH MAMUZOH LUCKY SSL NOMINEE - OJO CALEB SSUA INVEST. CO. LTD ST.JOSEPH'S ANG. CHURCH WILMER STELLAMARIS NWAEHIKE STEVE AKINTOLA SUKINET INTERFACE TECHNOLOGY SULE ABDUL HAKEEM OLUDAYO SULE AHMED ADESEGUN SULE EMMANUEL JNR SULE MANI BIRCHI SULEIMAN GARBA MAIFATA SULEIMAN ISMAILA TSAURE SULEIMAN MARYAM SULEIMAN MARYAM SULYMAN WOSILAT (MRS) SUNMONU RASAK MAYOWA TAACO INVESTMENTS LIMITED TABUGBO MICHAEL OBIORA TAFIDA ISA TAIRU MOTUNRAYO RAMOTA TAIWO ADEKUNLE FATAI TAIWO DAVID OLADIPO TAIWO JOSEPH ADEKUNLE TAIWO KASALI TAIWO MOTUNRAYO OLUWATAYO TAIWO OLAYINKA OSHUNNIYI TAIWO OLUYEMI TAIWO OYINDAMOLA TAIWO SUNDAY SAMSON TAIWO TITI TALI FARRANT FAUEN NIMFA TARZAAN GIDEON TERFA TATUA THOMPSON DISEYE TAWOJU AZEEZ IDOWU TAYLOR TAIWO JENNIFER TAYO CAROLINE EBUN TELLA OLUWADAMILOLA TELLA OLUWATOYIN AINA TEMITOPE BAMIDELE TEMTSEN HELEN KANGYANG TEWOGBOYE ABAYOMI ERIC THE ROCK TRUST LTD THE ROCK TRUSTS LTD THEOPHILUS MMERENWANNE STEPHEN THEOPHILUS OLUMUYIWA ADESINA THIKAN PETER TAMARAEMI THOMAS DANIEL THOMAS JOHN THOMAS NANSOH CHAMS PLC 2016 ANNUAL REPORT 105

106 LIST OF UNCLAIMED DIVIDEND THOMAS SANDRA THOMPSON OKECHUKWU THOMSA GODIYA THORPE BAWO THORPE BAWO OMOTARA TIAMIYU AMOFE LAWAL TIAMIYU KAZEEM ADEKUNLE TIJANI HAROON ABIODUN TIJANI OLADIPUPO MUHRTALA TIJANI SAIDAT ABIMBOLA TIJJANI GARBA JIDDA TIJJANI HAFSAT TIJJANI KAZEEM ADESOLA TIMEPLUS GLOBAL RESOURCES TINUKE TADESE TINUOLU GABRIEL OMOTUNRAYO ABIOLA TINUOLU GABRIEL MOTUNRAYO ABIOLA TITANIUM INVESTMENT LIMITED TITILOYE OLUWAYEMI FELIX TITUS DORIS TOGUN MICHAEL OLUSHOLA TOHIR FOLORUNSHO ISMAILA TOLUHI OLATUBOSUN BONIFACE TOPAMIDE ABIGAIL OMOWUNMI TOPE A. OLADIPO TORO IGHO SAMSON TORRY ANIKE OMOLABAKE TOYFEM NIG. LIMITED TOYFEM NIGERIA LTD TRADERITE LIMITED TRESHBOND CONSULTANCY TRINITY SONGS OF JOY LIMITED TRIPAX INVESTMENT NIGERIA LTD TRIPPLESEA LIMITED TRUSTHOUSE INVEST. LTD VENTURE A/C TSEGBONE ORITSUWA GODFREY TUKUR MOHAMMED TUNA ASSET MANAGEMENT SERVICES TURNER MARIAM IDOWU TUWATIMI AUSTINE OLUWAGBENGA U2 SERVICES VENTURES UBA GLOBAL MARKETS UBA ONYEKA C UBAECHU JUSTIN CHUKWUMA UBAH BASIL IFENNA UBAKA OKOLIE NELSON UBAYDULLAH O T ABDUSSAMI'l UCHE CHIGOZIE COSMOS UCHE EJIKE UCHE JULIA CHINENYE UCHEAGWU IGNATIUS NNAMENE UCHEKWE STANLEY OBUNIKE UCHENDU AUGUSTINE TOCHUKWU UCHENDU UJU FRANCISCA UCHE-OKOLI AKUCHUKWU FRANKA UCHE-OKORO CHINYERE J F UDAH JACOB EMMANUEL UDEBUANI CLETUS OKWUCHUKWU UDEMBA VICTOR CHIDI UDEMEZUE DAVID C/O CHIKA UDEMEZUE UDEOGU NDUDIM MARTIN UDEZE MARTIN ONYEDIKA UDEZE MARYJANE CHIEMERIE UDEZE PASCHALINE AMALA UDEZE UCHENNA MARYLAND UDEZE VICTORIA CHINENYE UDEZEH FRANCISCA CHINONYE UDI EMMANUEL UDOBOR BENJAMIN DOUGLAS UDOCHUKWU HAFFORD UDOFIA INYANG EDEM UDOH ALMOND OKON UDOH ANDY IME UDOH EMMANUEL UDOH IDONGESIT EBONG UDOH SUNDAY NNAEMEKA LIVINUS UDOJI UGOCHUKWU KINGSLEY UDOM CHRISTIAN UDOME BEATRICE CALLY UDUMEBRAYE DAMIAN OGHENETEJIRI UDUMEBRAYE EDNA UFUOMA UDUMEBRAYE GERALD OGHENEKARO UDUMEBRAYE JESSICA ESE UDUMEBRAYE JOHN-KAROL AROH UDUMEBRAYE MICHAEL OGHENERUKEVWE UFOMBA OKWUDIRI STAMLEY UGBAH CHIEJINE SAMSON UGHA BLESSING GLORIA UDOGADI UGHAONU CHIDINMA JESSY UGHEOKE EMMANUEL EMAMHOT UGO HELEN UZOAMAKA UGOCHUKWU DICKSON NDUBUISI UGOCHUKWU GEORGELINE ONYEKACHI UGOCHUKWU SAMUEL AGBO UGOCHUKWU STEPHEN EZUGO UGOH CHINENYE JUSTINA UGOH ODIGWE BENNY UGURU UCHE EVANS UGWU AHAMEFUNA PAUL UGWU LIVINUS EJIKE UGWU MAUREEN UCHENNA UGWU OGOCHUKWU ADA UGWUNTA BONIFACE ANIAGOR UJANG WOMI RAYMOND UJU SHARON NDIDI UKA IFEANYI CHUKWU UKA VICTOR CHIEDOZIE UKAGHA NGOZI UKANAH SUNNY AKPAN UKATTA HENRY KEKECHUKWU UKATU FLORENCE CHINYERE UKEH ROSELYN CHINONSO UKOH C. UCHECHUKWU UKPAA KENNETH UDOBATA UKPAKA NGOZI ANGELA UKPAKA NJAMINA INTERNATIONAL LTD UKPE LAWRENCE INOH UKPEBOR OSAZELE ELIJAH UKPONG FELIX EFFIONG UKPONG OKON ETEKA UKPONG UKPONG S UKWUEGBU ANTHONY CHIJIOKE UKWUOMA CHIOMA C ULAIKERE MARVIN-SHAWN OISEIKHOJE UMAR ABDUSSALAM UMAR BASHIR UMAR UMAR DANJUMA DANGABAS UMAR IBRAHIM MANYAHAYA UMAR MUSA KURIGA UMAR NASIRU LERE UMAR NURUDEEN ABAYOMI UMAR SALISU UMAR SAMMANI IBRAHIM UMARU AISHAT EJURA UMARU MOHAMMED MATTHEW UMARU YUSUF MOHAMMED UME-EZEOKE CHUKWUNONSO ANGELINA UME-EZEOKE CHUKWUNONSO ANGELINA C UMEH CALLISTUS EMEKA GEORGE UMEH IFEANYI MARTIN UMEJEI EMEKA LUCKY UMEJIAKU ANGELA CHINENYE UMEJIAKU GOODNESS MMESOMA UMEJIEGO CHRISTIAN SUNDAY UMELO KELECHI CHINAKA UMEOZULU MERCY CHIOMA UMEOZULU NOBERT IFEANYI UMEUGOJI EHTELBERTH CHIBUIKE UMOH IME ITA UMUDU RITA NNEKA UMUEZE NELSON UMUKORO EDAFE OGHENEKENO UMUKORO EFETURI PRINCE UMUKORO JOSHUA PAUL UMUKORO ONOME UFUOMA UMUKORO RACHEAL UNA UDEME ARCHIBONG UNANKA IRUOMA PEACE UNDELIKWO FRANCES NKECHI UNGUWAR RIMI ABDULLAHI UMAR UNITY SISTERS CITY MISSION UNIVERSAL BUREAU SEERVICES LIMITED UNOKA OLUWATOYIN OBIAGELI UNUAJOHWOFIA MATTHEW OGHENEGUEKE UNUIGBOJE EDORE UNUIGBOJE OJE UNUIGBOJE OJEIRU UNUIGBOJE OMOIKHUDU UNUIGBOKHAI EMOHIOMEU UNU-ORUKPE SALIMAT UPUUH GBAKAAN GODWIN URUEJOMA OLUWAFUNKE DEBORAH USIFO GODWIN EHIMARE USMAN ABUBAKAR ILIYASU USMAN AHMED USMAN MOROOF-ATANDA USMAN REUBEN MONDAY USMAN SANI SHEHU UTOWHO JOHN B UTOWHO SAMUEL B UVERE CHIJIOKE EMMANUEL UWALAKA CHIAMAKA DEBORAH N UWALAKA DANIEL IFEANYI N UWONWA RAPHEAL U UYANWUNE NGOZI ROSELINE UZO NWANKWO UZOETUE SAMUEL IKECHUKWU UZOH GERALD TOCHUKWU UZOH JUDE AZUBUEZE UZOIGWE MICHAEL UZOMA JONATHAN CHINEDU UZOZIE ROSELINE CHIOMA VICTOR-AGOZUE PAMELA ONYEMAECHI VICTORIA OGUNDIRAN VIGEO CAPITAL LTD WAHAB ADETUNJI WAHAB DOSUNMU WALE KUKU WAZIRI AHMADU MAN WAZIRI BABAGANA MOHAMMED WAZIRI MOHAMMED BABA WAZIRI SILAS IDDAH WAZIRI YANDAMAN ALIYU WEWE OYINKASOLA S WHETO JOEL AHONOWHE WHITE JACOB P WILLAIMS IBUKUN WILLIAMS BASIT BABAJIDE WILLIAMS FATHIA ABIOLA WILLIAMS JACOB OLUFEMI WILLIAMS JOSHUA UBONGABASI WILLIAMS OLAYINKA IBIYEMI WILLIAMS SUNDAY O WILLIAMS USMAN DAMILOLA WILLIAMS-MORDI TAMUNO LIAN WILSON AMEZHI WILSON CHUKWUEMEKA EGIMEN WISEPATH TREASURES LTD WURAOLA AKINDELE OLUFEMI WUSU NUNAYON SUNDAY XSQUARE CAPITAL LIMITED YAKASAI MURTALA AMINU YAKUBU ALFA BALARABE YAKUBU AMINA YAKUBU AMINAH ALHAJI YAKUBU HALIMAT S YAKUBU JENNIFER YARIMA FATIMA HAMZA YAYA JOHNSON OLATUNBOSUN YEKINNI TAIWO SUNDAY YEPWI JOSEPH YERO MANSUR UMAR YGD AND SONS NIGERIA LIMITED YOADE OLUBUNMI ABIMBOLA YOLA ABDULLAHI BASHIR YOLA ABDULMUMINI ADO YOLA ABULMUMIN ADO YOMI ONIWINDE YOMI-JOHNSON OLUWATOMIKI SAMUEL KEHINDE YOMI-JOHNSON OLUWATOMISIN SAMANTHA TAIWO YONE GIDEON YOU-ON-ON ATIMANU BETEBEKEH YUSHAU MUAZU HAJIYA ZUWAIRA YUSUF ABDUL-AKEEM BABATUNDE (ALHAJI) YUSUF ABDULMUMEEN YUSUF ABDULRASAK ADEOLA YUSUF AHMED YUSUF AJADI AYODELE ZAINAB YUSUF AMAJE MUHAMMED YUSUF FARIDA DIKKO YUSUF JIMOH OPE YUSUF M AL-MUSTAPHA YUSUF MOHAMMED OLUWASEUN YUSUF MUJIBAT TITILAYO YUSUF MUMINI ADEKUNLE YUSUF NURUDEEN YUSUF NURUDEEN YUSUF OLANREWAJU SULEIMAN YUSUF OLOLADE BILIKIS YUSUF RAMOTA AMOKE YUSUF RASHIDAT SULEIMAN YUSUF SURAJUDEEN ADENRELE YUSUF YAKUBU YUSUFF AZEEZ YUSUFF ISIAKA AKANJI ZADOK PRINCE ABIATHAR ZAKAAT (ALH. ALAMUTU IMRAN YUSUF) ZAKARI SUMAYYAH ZAKARIYAU HABEEB ZANNAH KALLI ZARAMI BUBA ABUBAKAR ZARMA NANAFATIMA AJIYA ZENABU YAKUBU ZUBAIRU DANJUMA MR 106 CHAMS PLC 2016 ANNUAL REPORT

107 e-dividend MANDATE FORM The Registrar, First Registrars Nig Ltd Chams PLC Plot 2 Abebe Village Road, Iganmu P.M.B Marina Lagos Only Clearing Banks are acceptable I/ We hereby request that from now on, all dividend warrant(s) due to me/our holding(s) in Chams Plc be paid directly to my/our Bank named below: Shareholder s Account Number Date (DD/MM/YYYY) Surname/ Company s Name Other Names (for Individual Shareholder) Present Postal Address City State Address Mobile (GSM) Phone Number Bank Name Branch Address Bank Account Number Branch Sort Code (Very Important) SHAREHOLDER S SIGNATURE OR THUMBPRINT SHAREHOLDER S SIGNATURE OR THUMBPRINT COMPANY SEAL/INCORPORATION NUMBER (CORPORATE SHAREHOLDER) AUTHORISED SIGNATURE & STAMP OF BANKER

108

109 Chams PLC PROXY FORM 33 rd Annual General Meeting to be held at Ace-Olivia Hall, City Mall, 2nd Floor, Onikan, Lagos, on 13 th July, 2017 at 11 am. I/We.being a member/members of CHAMS Plc hereby appoint or failing him, or failing him, as my proxy to attend and vote for me/us and on my behalf at the Annual General Meeting of the company to be held on Thursday, 13 th July, 2017 and at any adjournment thereof. Dated this.day of 2017 Shareholder s name Shareholder s Signature RESOLUTION FOR AGAINST 1 To receive the audited Financial Statement for the year ended 31 December, 2016 and the Reports of the Directors, Auditors and Audit Committee thereon 2 To elect or re-elect Directors 3 To fix the remuneration of Directors 4 To authorise Directors to fix the remuneration of the Auditors 5 To elect Members of the Audit Committee Please indicate with an X in the appropriate square how you wish your votes to be cast on the resolutions set above. Unless otherwise instructed, the proxy will vote or abstain from voting at his or her discretion. Directors for Election/Re-Election NAME OF DIRECTOR FOR AGAINST Please indicate with an X in the appropriate square how you wish your votes to be cast on the resolutions set above. Unless otherwise instructed, the proxy will vote or abstain from voting at his or her discretion. Before posting the above form please tear off this part and return it for admission to the meeting ADMISSION CARD Please admit the Shareholder named on this Card or his duly appointed proxy to the Annual General Meeting to be held on 13 th July 2017 at Ace-Olivia Hall, City Mall, 2nd Floor, Onikan, Lagos. The admission card must be produced by the Proxy in order to gain entrance into the Annual General Meeting. NAME OF SHAREHOLDER NAME OF PROXY SIGNATURE (SHAREHOLDER) NUMBER OF SHARES HELD

110

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112 Chams PLC