The new Pension Fund Plans (courtesy, trustfundpensions.com)

Last week, a big brother asked me what I think about switching from Fund 2 to Fund 1. Fund 2 is the default plan for everyone below age 50 years. 

Below is my reply, as usual, sprinkled with my deep bias. Enjoy. 😁

courtesy aiicopension.com
Variable investment instruments mean stocks, real estate, corporate bonds etc.

You can download and read the official doc from PenCom  https://www.pencom.gov.ng/wp-content/uploads/2017/10/1492535703_Amended_Investment_Regulation_April-2017.pdf





Fund 1 is mandated to invest between 20% to 75% in stocks, real estate and other volatile assets while Fund 2 can only invest between 10% to 55% in such assets. Fund 2 is the default for people below 50 years old.

Switching from Fund 2 to Fund 1 means you are okay with greater exposure to the stocks market and other volatile assets class. Mathematically, you are expected to gain more potential returns (in fact, a sure higher return over the long term) but there are two reality issues that can negate that:

  1. Our Nigerian stocks, real estate and corporate bond market is not well developed and not efficient, resulting in all manners of non-theoretically expected results. For instance, our stocks market is more influenced by foreign investors inflow/outflow than the actual by-the-book dynamics that should reflect a stock’s price. Our real estate market is not organized and all the REITS (real estate investment trusts, funds) are very poorly performing. These fundamental distortions amplify the risks one face, and greatly lengthens the time it will take to assuredly get the higher returns expected.
  2. If you are about 10 years or less to reaching 50, when the PFA will have to mandatorily move you to another plan (with reduced exposure to volatile assets) you might not have enough time to gain that promised higher return rate, and might experience less return on your pension fund compared to someone who stayed in Fund 2.
 From my experience with mutual funds, they are not good at stock picking, they often buy/sell too often raking transaction charges that come straight out of your money and still charge their management fees. I have stopped using stocks mutual funds* because over the last 7 years of using them, they’ve not done well at all compared to leaving one's money in the money market fund (where most of PFAs have been stacking pension). My Stanbic Pension has performed way better than my Stanbic Mutual Fund since 2011. So I might be even going for Fund 3 (if allowed) rather than let them actively trade my money in Fund 1.

Again, just my biased opinion based on explanations above.



* I do my stocks buying by myself, and have been performing better than ARM Discovery Fund and Stanbic IBTC NEF. So I pulled out my money from those mutual funds.
In case you are not too familiar with SUMIF, SUMIFS, COUNTIF and COUNTIFS, they are a group of formula used to sum or count records that meet a specified criterion. 

Below are some easy to follow examples to help you fully grasp them. You can download the practice file here: https://drive.google.com/file/d/15W7zluKlqD3naEyIskvF4xT9wZ22qvYZ/view?usp=sharing 

SUMIF
I have a transaction database for a pizza restaurant and I am interested in total sales for Hot Veggie. With SUMIF I can get that done easily.

=SUMIF(B:B,"Hot Veggie",E:E)




SUMIFS
What if we also want to consider other conditions beyond just the name of the pizza sold, say we want to find the sales amount for all the Hot Veggie sold after 8:30 am? 

That is what SUMIFS is for; it is the plural form of SUMIF, allowing you to chain as many conditions as you want.

=SUMIFS(E:E,B:B,"Hot Veggie",F:F,">8:30")



COUNTIF
Maybe I am just interested in the number of transactions that are for Hot Veggie. Again, very easy. We just use COUNTIF.

=COUNTIF(B:B,"Hot Veggie")



COUNTIFS
How about count of transactions for Hot Veggie that happened after 8:30?

=COUNTIFS(B:B,"Hot Veggie",F:F,">8:30")



Now to the very interesting parts. What if I am interested in not just Hot Veggie, but also Meatzaa, Italiano and BBQ Chicken?

Q: Sum all the sales for Meatzaa, Hot Veggie, Italiano and BBQ Chicken
A: =SUM(SUMIF(B:B,{"Meatzaa","Hot Veggie","Italiano","BBQ Chicken"},E:E))


You might wonder why the {..} wrapping the list of pizzas. It is how Excel allows you to specify an array (a list, like we've done). Also, you might wonder why the SUM(...) around the SUMIF formula. It is what allows Excel to sum up all the different answers for each pizza type. See what I mean from the partially calculated formula screenshot below.



And you can use this same pattern for SUMIFS, COUNTIF and COUNTIFS.

Q: Sum all the sales for Meatzaa, Hot Veggie, Italiano and BBQ Chicken after 8:30 am
A: =SUM(SUMIFS(E:E,B:B,{"Meatzaa","Hot Veggie","Italiano","BBQ Chicken"},F:F,">8:30"))


Q: Count of all the transactions for Meatzaa, Hot Veggie, Italiano and BBQ Chicken
A: =SUM(COUNTIF(B:B,{"Meatzaa","Hot Veggie","Italiano","BBQ Chicken"}))


Q: Count of all the transactions for Meatzaa, Hot Veggie, Italiano and BBQ Chicken after 8:30 am
A: =SUM(COUNTIFS(B:B,{"Meatzaa","Hot Veggie","Italiano","BBQ Chicken"},F:F,">8:30"))



For more of these types of very useful tutorials you can check out https://www.urbizedge.com/Tutorials and subscribe to my YouTube channel
image: saleshacker.com

During our monthly training classes, I notice a strong interest in being able to make sales and transactions forecast by participants from retail industry and financial institutions. Their face lit up when I tell them that there are a couple of forecast tools in Microsoft Excel they can make good use of.

In today's post, I will be walking you through those forecast tools with a focus on using them to make sales forecast.

1. Forecast Sheet 


People are usually surprised when I show them this tool. It is one of the tools added to Excel 2016 and Office 365, and you will find it under Data menu. With it you can make very useful time series forecasts that takes into consideration trend and seasonality in your data.

Let's say you work for Cadbury and would like to forecast sales for the ever yummy Bournvita beverage; it is common sense to factor in the reality that sales always spike in some specific months of the year (Christmas hampers period etc.). That is what is beautifully handled by the seasonality component of the forecast sheet tool. And there is also trend (are sales generally trending upwards or downwards). What I most like about it is the flexibility Microsoft put into it: you can handle missing records, set confidence interval, and even let it automatically detect the seasonality.



2. Moving Average

This is the most common forecasting method I see business people use. Any time you are projecting the average growth for the last couple of months or years forward, you are doing plain vanilla Moving Average. Then whenever you take that average and add a magic number to it (like we do in coming up with optimistic case and pessimistic case in most financial modelling), you are still doing Moving Average -- the strawberry and lemon flavoured version of it. And whenever management says they want to double growth rate year on year for the next three years; that, again, is Moving Average.

So how do you do it in Microsoft Excel? If you are okay with typing a simple formula in Excel, then just doing =AVERAGE(last x periods) gets you there.

However, if you are not on friendly terms with Excel formulas, you can take advantage of Moving Average in Excel Data Analysis Toolpak.



Just remember to first activate Data Analysis Toolpak from File >> Options >> Add-ins >> Manage Excel Add-ins 




3. Regression

Let's say you work for Julius Berger Construction company. The company revenue depends on Federal Government budget, GDP growth rate, number of meetings with potential clients, which party is in power, PMI and FDI. Perhaps way more than which month of the year we are in or the previous years revenue. Then it would make better sense to do a forecast model that combines all those factors and give you some sense of what type of revenue figure to expect this year. And more importantly, show you which factors strongly influence your revenue and which are not very important, plus how much you need to do as regards the factors under your control in order to achieve a specific desired revenue goal. 

That forecast model is regression.

It requires a fairly good deal of statistics knowledge but is well worth the work. And Excel has a tool that takes away most of the computational headache. You just do a couple of clicks and read a blog post on how to interpret + use the regression tool results.

You'll find it under the Data Analysis Toolpak I earlier showed you how to activate.




And these are the common sales forecasting tools you should be conversant with in Microsoft Excel. If you look through the Data Analysis Toolpak, you'll find a couple more.


If you enjoyed this and would like to learn more useful analysis tools, you absolutely should subscribe to my YouTube channel and go through my humour filled tutorial video collections. :)


People are surprised when I tell them that my first (and only) degree is in Electrical and Electronics Engineering. And unlike many people, I had the chance to go back to the core Engineering role I studied for but I didn't, only asked my boss to keep the offer open in case I get bored with Microsoft Excel. Now I make my full-time living from Microsoft Excel.

So what are the practical value you get from being good at using Microsoft Excel?

Let's start with in general life, outside of work. Especially for people whose work won't need them using Microsoft Excel.

1. Non-work Use
What do you think I and many other people use for their personal finance planning and investment analysis? Well, it is Microsoft Excel. Even when you buy a personal finance book and additional resources are given you for practical application of what the book is teaching you, those resources often include Microsoft Excel templates.

What do you think people use to track the performance of their side business? Actually, people use all kinds of things to track their side hustle -- from paper + biro, word of mouth, intuition, Microsoft Excel, to sophisticated apps/software. Hope you noticed Microsoft Excel in the list. If you don't have money for sophisticated apps/software and don't want to use paper + pen, Microsoft Excel is more than enough.

What do people use to plan major events and major projects expenses? Microsoft Excel.

Having a good grasp of Microsoft Excel can make many tedious non-work (or even non-data related work) activities a breeze. Imagine an IT guy needing to create email accounts for 120 newly employed staff. With Excel, all he needs to do to reduce the number of keystrokes significantly is to copy their first name and last name into Excel in separate columns, then CONCATENATE (and LEFT if the company uses initials in the email format). 

There are many non-Excel and non-work related stuff I have used Excel for and see others use Excel for. One example I even created a template around for people not Excel savvy is the need to send bulk SMS to dozens or hundreds of people and not wanting to spend an hour on arranging the numbers in the format most bulk SMS platforms require. Another is sending personalized email to your group or community members without doing it one by one or using an email marketing app.

The knowledge of Excel is as good and versatile as the knowledge of basic mathematics. You will always find situations where it will save you time and even prevent you from making wrong decisions.

2. Work Use
The moment you aspire to be part of management, to rise to the level of a CEO or CMO or CFO or COO or CIO or CTO, that moment is your clue to knowing that you can't escape the use of Microsoft Excel in your career. At that top, everything falls on data-driven strategy. You can't sweet talk your fellow CxO and board into doing something you haven't done the Excel analysis around.

I constantly come across people who have risen in their career, following a very technical path, and then suddenly they are part of management or need to work very closely with management, and find that their low competence in using Excel and carrying out data-driven analysis is an embarrassing weakness.

Then there are programmers who just love to hate Excel. They represent a category of people who would like to use something complicated for everything. Then they start having issues with managers who want some type of reports that are best made in Excel. Occasionally, I see them spend time coding a program to do something one off, something very easy and fast to do in Excel. They still don't see the value of Excel until I do it for them in Excel and they go WOW! 

Lastly, if you are a sales analyst or finance manager or accountant or project manager or marketing manager or operations manager or human resource manger and you are not very proficient in the use of Microsoft Excel you might be jeopardizing your productivity. You are supposed to focus more on high level strategy and guiding the management than fighting with data. Being very good with Excel will mean more insightful reports, fast comprehensive analysis, better chart-backed presentations and better decision making based on data. 


If you feel convinced enough to want to up your Excel competence, you can take advantage of my company's free training resources or even take my Udemy course with a certificate for free using this coupon link https://www.udemy.com/business-data-analysis-with-microsoft-excel/?couponCode=KYYMCA (just 96 coupons available via that link).

All the best!
image: under30wealth.com


Pay yourself first. Sounds quite easy to do, but very few are doing it in practice. In fact, these three words may be what makes the difference between being rich or being poor. The way you deal with your money is a huge pointer of whether you will live in lack or plenty.

Now if there’s anyone who really understands how to amass wealth, then it should be Warren Buffett. Warren’s currently the 3rd richest man in the world, with a net worth of $84 billion. There are surely very few experts on the subject of money with the results that Buffett has.

It is sound wisdom to listen and take heed of what the experts are saying. Mr Buffett reportedly stated, “Do not save what is left after spending; instead spend what is left after saving”. In other words, you should keep some of your earnings for yourself, not spending all of it. Usually nothing is left after spending.

So in the simplest possible terms paying yourself first requires a different approach to handling your money. Stop thinking about your bills and expenses first. Refrain from spending a certain percentage of your income. And this is essentially what the rich people do.

Even though this sounds quite simple and easy to do yet many are not doing it. And there are a lot more people who are not doing it consistently. Riches and wealth building is not complex. The continuous application of simple steps like paying yourself first will lead to wealth in the future.

Here are 12 benefits of paying yourself first. I’m sharing them in order to ginger you to make this part of your lifestyle:

Funds are available for investment
Nearly everyone bemoans a lack of capital to invest. How can there be when you’re spending everything you make paying bills? Don’t just keep funds aside for keeping sake. Put it to work to produce more for you by investing it wisely.
Please note that savings alone cannot make anyone rich. It is saving + investment that leads to wealth and riches.

Paying yourself first is the rich man’s approach to building wealth
This is clearly one of the methods the rich use to build wealth, that the poor tend to neglect. And money discipline is one of the qualities of the rich. Wealth building requires resources. “You need money to make money” as the old adage goes.
Business people normally start out solely funding their business ideas. After a while he/she might seek for additional funding. It’s money saved that’s available to be used for starters. This is the way nearly all successful businesses start out.

You learn to live on less
Dedicating a portion of your earnings as yours means there will be less to live on. Paying yourself first means living off the rest, no matter what. And you can’t go back to spend what you’ve kept aside for investment purposes.
Granted it’s tough living on less. But when you consider what that money you’ve kept aside can do, it’s worth the effort. At the end of the day you’ll definitely be better off for having done this.

Investing becomes a priority, not an after thought
Investing is very important. It’s the key to building serious and lasting wealth. But too many people hardly think about it at all. They’re too busy thinking about how to pay their monthly bills and make ends meet. Now that’s a dangerous way to live life.
Investing should take priority over paying bills. And those who want to come out of the rat race would do well to make investing their priority. It makes one better positioned to take advantage of opportunities for wealth building.

Your money counts toward something worthwhile
You deserve better than to put a huge chunk of your earnings towards your expenses. A portion of your earnings is available to be put towards your financial future. And that’s far better than paying bills and making purchases every month with all that you make.
Life would surely be unfulfilling if you don’t strive to achieve something worthwhile. Paying yourself first gives you a chance to use these resources to push for a better life. With riches comes a better life.

Securing a future income
Securing a future income is a cardinal law of wealth. Those who desire to be wealthy know the importance of a future income. They’re willing and driven to make sacrifices now in order to achieve their wealth goals in the nearest future.
It pays to embrace discipline and frugality in the present with the hope of securing a future income. Investing one’s savings wisely would lead to this positive outcome.

Prioritise your spending
When there’s less to spend it means spending patterns will have to change. Spending decisions will be subject to more analysis and scrutiny. And going forward sacrifices and cuts will have to be made. "Is this necessary?", "Can I do without it for now?" are some of the questions you might ask before spending.
Clearly if something’s not a priority it will not be spent on, pure and simple.

Embrace Budgeting
budget is a strategic document that helps you to know where your money is going. It provides one with clarity regarding the ins and outs of one’s money. Greater monitoring and control can only lead to a greater understanding of one’s financial affairs.
A future financial goal acts as a major incentive to make better use of one’s current earnings. The more concerned one is about his financial state, the more the use of tools like a budget to track your money.

The ability to start saving small-small towards your future
Great things start small. And there’s wisdom in starting to take small steps towards a secure financial future. Start by saving small sums first. And gradually increase the amounts over time, especially when your earnings also increase.
The future you desire is still some ways ahead. But you will need funds to make it a reality. It’s not too late to start out now, no matter how little. It’s not starting at all that is unacceptable. So start where you are with what you can keep aside.

Builds discipline
Kentin Watts in his article, “7 reasons you really need to pay yourself first (seriously)” stresses that it builds discipline. And discipline is seriously required to achieve anything or to attain any height in life.
Wealth building thrives on the notion of postponing gratification of desires till a later time. You’re expected to put your desires in check and channel some of your resources into more productive pursuits. This is what the rich are able to do constantly and consistently.

Paying yourself first is sound financial strategy
Wealth and financial success is the product of strategy. While strategy is a series of steps and actions that must be taken in order to receive the right results. The experts on wealth creation have used it to good effect in their journeys to wealth. You should not neglect to do the same.
The poor will definitely achieve the same results as the rich if they apply the same strategies the rich are using. Financial success is impartial. An application of the same winning strategies will lead to the same results for anyone.

Psychological Rewards
It’s easy to become frustrated with having nothing to show for time spent at a job or career. The process of keeping something aside leads to a positive mindset. This ensures that you’ll get something out at the end of the day. At least there’s something to show for your efforts.
Meeting your monthly or weekly savings goals can act as a boost to your morale. You get the feel good jolt of a job well done.

The final word on paying yourself first
In conclusion here are 7 further facts about paying yourself first:
1.      Whatever you save must be carefully invested to generate further returns. Check out my article on how to avoid scammers before investing here;
2.      Automate your savings. Instruct your bank to take out this money and move it to a separate account;
3.      Make it difficult to get your hands on these savings so it’s not diverted to other wasteful expenses;
4.      Money spent on expenses cannot be regained. It’s only money kept aside and invested that can provide you with returns and a future income;
5.      Always aim to invest the money as quickly as possible. Make plans on what to invest the money on in advance;
6.      Endeavour to keep some money aside for emergencies as well. An emergency fund is a good idea;
7.      Your expenses will always rise in an attempt to overtake income so you can spend more than you make. Do your best never to allow this to happen. That’s why it’s important to track your expenses.
Finally it’s time you got on the bandwagon of paying yourself first in order to secure a future income for yourself. Starting out and keeping at this will lead you to wealth and financial success sooner than later.


PROFILE
Kenneth Doghudje is intensely committed to seeing people achieve their financial goals and aspirations in Africa. A CEO by day and a Blogger by night, he believes that the secret to anyone succeeding financially is to mix workable insights with action which translates to wealth and riches.
Please endeavor to visit www.moneytalkNG.com for more articles on money and personal finance. You can also sign up for moneytalkNG’s newsletter where Kenneth dispenses financial wisdom by clicking here to receive latest insights direct into your mailbox. A free book that will speed up your wealth building efforts also awaits you!


Hello.

This is going to short and straight to the point.

Amazon is currently running a promo on my books for a few days. You can get my books for free during these promo days. Best to get it now before it is out of promo and back to its normal sales price of $10 each.

Power BI for the Busy Professional -- https://www.amazon.com/dp/B078NF5XYP 

Microsoft Excel and Business Data Analysis for The Busy Professional  -- https://www.amazon.com/Microsoft-Excel-Business-Analysis-Professional-ebook/dp/B01255TQ84/ 

Lastly, I am sharing new tips and content that will improve your business data analysis skills on YouTube, just subscribe to my channel to be in loop of all useful tips I share -- https://www.youtube.com/c/MichaelOlafusi


To your Excel-ling,
Michael Olafusi


P.S If you have gotten the books before or are able to get it during this promo period, please be kind to me and leave a review/rating on Amazon. Thanks.

image: fifthperson.com

This year I decided to stop leaving money on the table, letting my stocks dividends pass me. I had moved from my far-from-everywhere house in Abule-Egba to close-to-everywhere-I-go Gbadaga. But I needed to be sure my shares dividend warrants will get to me and that the ones I have not been receiving (like Total Nigeria PLC and others I can't remember their names) will be (reissued and) paid into my bank account.

So I did the e-Dividend mandate process. In fact, I bought small units of shares in all the companies I have ever considered owning shares in but don't yet own, so that I can do the e-Dividend mandate for them all at once. Later, I learned that I could have saved myself some stress and funds, that once I buy into a new company that is managed by a registrar that already has my details, I should just phone or email them and ask they extend the e-dividend mandate to cover the new/additional company.

Unfortunately, submitting e-dividend mandates didn't fix the problem. Some companies still kept sending me posted dividend warrants while a few started paying directly into my account. In the end, I had to take the following steps to get my dividends consistently paid into my bank account (and reclaim unclaimed dividends):

  1. Do the e-Dividends mandate (you can get the forms directly from this SEC page and below is a comprehensive table of registrars and the companies/securities they service)
  2. Email the registrars about the status of your e-dividend mandate (best to give a week or a month gap between the submission and this email query)
  3. Some will ask for signature specimen; go through your broker to provide them the signature specimen
  4. Some will ask for some additional details from you or that you fill a form and scan back the filled form to them. One even asked me to physically submit a form to their office
And those were the steps I had to go through to permanently fix my unpaid dividend and e-dividend problems.

Below is the list of companies and their respective registrars.


S/N Registrar Company
1 Africa Prudential Registrars A & G INSURANCE PLC
2 Africa Prudential Registrars A.R.M LIFE PLC
3 Africa Prudential Registrars ABBEY MORTGAGE BANK PLC
4 Africa Prudential Registrars ADAMAWA STATE GOVERNMENT BOND
5 Africa Prudential Registrars AFRICA PRUDENTIAL REGISTRARS PLC
6 Africa Prudential Registrars AFRILAND PROPERTIES PLC
7 Africa Prudential Registrars BECO PETROLEUM PRODUCTS PLC
8 Africa Prudential Registrars BENUE STATE GOVERNMENT BOND
9 Africa Prudential Registrars BUA GROUP
10 Africa Prudential Registrars CAP PLC
11 Africa Prudential Registrars CAPPA AND D'ALBERTO PLC
12 Africa Prudential Registrars CEMENT COY OF NORTHERN NIG. PLC
13 Africa Prudential Registrars CHAMPION BREWERIES PLC
14 Africa Prudential Registrars COMPUTERWAREHOUSE GROUP
15 Africa Prudential Registrars CSCS PLC
16 Africa Prudential Registrars EBONYI STATE GOVERNMENT BOND
17 Africa Prudential Registrars GOLDEN CAPITAL PLC
18 Africa Prudential Registrars INFINITY TRUST MORTGAGE BANK PLC
19 Africa Prudential Registrars INTERNATIONAL BREWERIES PLC
20 Africa Prudential Registrars INVESTMENT & ALLIED ASSURANCE PLC
21 Africa Prudential Registrars JAIZ BANK PLC
22 Africa Prudential Registrars KADUNA STATE GOVERNMENT BOND
23 Africa Prudential Registrars MIXTA REAL ESTATE PLC (formerly ARM Properties Plc)
24 Africa Prudential Registrars NEM INSURANCE PLC
25 Africa Prudential Registrars NEXANS KABLEMETAL NIG. PLC
26 Africa Prudential Registrars OMOLUABI SAVINGS AND LOANS PLC
27 Africa Prudential Registrars P.S MANDRIDES PLC
28 Africa Prudential Registrars PERSONAL TRUST & SAVINGS LTD
29 Africa Prudential Registrars PORTLAND PAINTS & PRODUCTS NIG. PLC
30 Africa Prudential Registrars PREMIER BREWERIES PLC
31 Africa Prudential Registrars RESORT SAVINGS & LOANS PLC
32 Africa Prudential Registrars ROADS NIGERIA PLC
33 Africa Prudential Registrars SCOA NIGERIA PLC
34 Africa Prudential Registrars THE LA CASERA CORPORATE BOND
35 Africa Prudential Registrars TOWER BOND
36 Africa Prudential Registrars TRANSCORP HOTELS PLC
37 Africa Prudential Registrars TRANSCORP PLC
38 Africa Prudential Registrars UAC PROPERTY DEVELOPMENT COMPANY PLC
39 Africa Prudential Registrars UACN Plc
40 Africa Prudential Registrars UBA BALANCED FUND
41 Africa Prudential Registrars UBA BOND FUND
42 Africa Prudential Registrars UBA CAPITAL PLC
43 Africa Prudential Registrars UBA EQUITY FUND
44 Africa Prudential Registrars UBA MONEY MARKET FUND
45 Africa Prudential Registrars UNIC PLC
46 Africa Prudential Registrars UNITED BANK FOR AFRICA PLC
47 Africa Prudential Registrars UTC NIGERIA PLC
48 Africa Prudential Registrars WEST AFRICAN GLASS IND PLC
49 All Crowns Registrar Greif Nigeria
50 Apel capital ABACUS MONEY MARKET
51 Apel capital ANINO INT’L PLC
52 Apel capital BREWERIES PLC
53 Apel capital CHAPEL HILL DENHAM
54 Apel capital EQUITY ASSURANCE PLC
55 Apel capital FIRST ALUMINUM PLC
56 Apel capital FUND
57 Apel capital INNOVATION PLC
58 Apel capital INTERLINKED
59 Apel capital INTERNATIONAL
60 Apel capital LASACO ASSURANCE
61 Apel capital LEAD UNIT TRUST SCHEME
62 Apel capital MASS TELECOM
63 Apel capital MBA MUTUAL TRUST
64 Apel capital MONEY MARKET FUND
65 Apel capital NCR (NIGERIA) PLC
66 Apel capital NEM INSURANCE PLC
67 Apel capital PARAMOUNT EQUITY
68 Apel capital PHARMA DEKO PLC
69 Apel capital PLC
70 Apel capital SCHEME
71 Apel capital TECHNOLOGIES PLC
72 Apel capital THE INITIATES PLC
73 Atlas Registrars Flour Mills
74 Atlas Registrars Northern Nigeria Flour Mills
75 CardinalStone Registrars ACORN PET. PLC
76 CardinalStone Registrars AFRIK PHARMACEUTICALS PLC
77 CardinalStone Registrars AG HOMES SAVINGS & LOANS
78 CardinalStone Registrars AG LEVENTIS
79 CardinalStone Registrars ARBICO PLC
80 CardinalStone Registrars ASHAKACEM PLC
81 CardinalStone Registrars BANKERS WAREHOUSE
82 CardinalStone Registrars BETA GLASS
83 CardinalStone Registrars CAPITAL HOTEL PLC
84 CardinalStone Registrars ELLAH LAKES
85 CardinalStone Registrars EVANS MED PLC
86 CardinalStone Registrars FCMB BOND
87 CardinalStone Registrars FCMB GROUP PLC
88 CardinalStone Registrars FIDSON BOND
89 CardinalStone Registrars G. CAPPA PLC
90 CardinalStone Registrars GUINEA PLC
91 CardinalStone Registrars IMB ENERGY MASTER FUND
92 CardinalStone Registrars JOS INT. BREWERIES PLC
93 CardinalStone Registrars KOGI SAVINGS & LOAN LTD
94 CardinalStone Registrars LAFARGE AFRICA PLC
95 CardinalStone Registrars LAFARGE BOND
96 CardinalStone Registrars LAW UNION & ROCK PLC
97 CardinalStone Registrars LEGACY FUND
98 CardinalStone Registrars LIVESTOCK FEEDS PLC
99 CardinalStone Registrars MORISON PLC
100 CardinalStone Registrars MRS OIL PLC
101 CardinalStone Registrars N.G.C PLC
102 CardinalStone Registrars NAHCO BOND
103 CardinalStone Registrars NAHCO PLC
104 CardinalStone Registrars NEWPAK PLC
105 CardinalStone Registrars NGC STERILE
106 CardinalStone Registrars NPF MICROFINANCE BANK
107 CardinalStone Registrars NULEC INDUSTRIES PLC
108 CardinalStone Registrars OKOMU OIL PALM PLC
109 CardinalStone Registrars PREMIER PAINT PLC
110 CardinalStone Registrars REAN PLC
111 CardinalStone Registrars SKYE BANK PLC
112 CardinalStone Registrars TOTAL NIG. PLC
113 CardinalStone Registrars TRANEX PLC
114 CardinalStone Registrars WOMEN INVESTMENT FUND
115 Centurion Registrars C&I Leasing
116 Centurion Registrars Diamond Bank
117 Centurion Registrars Linkage Assurance
118 Centurion Registrars Nigeria Wire Industries
119 Centurion Registrars Union Dicon Salt
120 Centurion Registrars Vital Products
121 DataMax Registrars AXA Mansard Insurance Plc.
122 DataMax Registrars Guaranty Trust Bank Plc.
123 DataMax Registrars IFC - Naija Bond
124 DataMax Registrars Imperial Mortgage Bank Limited
125 DataMax Registrars Kogi State Bond
126 DataMax Registrars Mainstream Energy Solutions
127 DataMax Registrars Seplat Petroleum Development Plc.
128 DataMax Registrars Sterling Assurance (Sterling Trust Fund)
129 EDC Registrars Adswitch Plc
130 EDC Registrars Afromedia Plc
131 EDC Registrars Courteville Bus. Solutions Plc
132 EDC Registrars Cutix Plc
133 EDC Registrars Dangote Flour Mills Plc
134 EDC Registrars Imo State Government Bond
135 EDC Registrars Plateau State Government Bond
136 EDC Registrars Resourcery Plc
137 First Registrars (SERIES 1 BOND)
138 First Registrars (SERIES 2 BOND)
139 First Registrars ABC TRANSPORT PLC
140 First Registrars ACAP CANARY GROWTH FUND
141 First Registrars ACCUMULATED)
142 First Registrars AFRICAN DEVELOPMENT BANK BOND
143 First Registrars AFRICAN PAINTS PLC
144 First Registrars ARM AGGRESSIVE GROWTH FUND
145 First Registrars ARM ETHICAL FUND
146 First Registrars ASO-SAVINGS AND LOANS PLC
147 First Registrars ASSET & RESOURCE MANAGEMENT COMPANY
148 First Registrars AUSTIN LAZ AND COMPANY PLC
149 First Registrars BANK PHB PLC (NOW KEYSTONE BANK LIMITED)
150 First Registrars BAYELSA STATE GOVERNMENT BOND
151 First Registrars BCN PLC-MARKETING COMPANY
152 First Registrars BOC GASES NIGERIA PLC
153 First Registrars CADBURY NIGERIA PLC
154 First Registrars CHAMS PLC
155 First Registrars CORE INVESTMENT SCHEME (COINS)
156 First Registrars CORE VALUE ACCOUNT (COVA)
157 First Registrars COSTAIN WEST AFRICA PLC
158 First Registrars CR SERVICES (CREDIT BUREAU) PLC
159 First Registrars CROSS RIVERS STATE GOVT BOND
160 First Registrars DAAR COMMUNICATIONS PLC
161 First Registrars DEAP CAPITAL MANAGEMENT & TRUST PLC
162 First Registrars DELTA STATE GOVT BOND
163 First Registrars DV BALANCED FUND
164 First Registrars EDO STATE GOVT BOND
165 First Registrars FAMAD NIGERIA PLC
166 First Registrars FBN FIXED INCOME FUND
167 First Registrars FBN HERITAGE FUND
168 First Registrars FBN HOLDINGS PLC
169 First Registrars FBN MONEY MARKET FUND
170 First Registrars FBN NIGERIA EUROBOND (USD) FUND
171 First Registrars FBN NIGERIA SMART BETA FUND
172 First Registrars FIDELITY BANK PLC
173 First Registrars FIDELITY BANK PLC BOND
174 First Registrars FIXED RATE SUBORDINATED UNSECURED
175 First Registrars FORTIS MICROFINANCE BANK PLC
176 First Registrars FRIESLANDCAMPINA WAMCO NIGERIA PLC
177 First Registrars FUND
178 First Registrars HONEYWELL FLOUR MILLS PLC
179 First Registrars INDORAMA ELEME PETROCHEMICALS COMPANY
180 First Registrars ISSUANCE PROGRAMME N80 BILLION 4%
181 First Registrars ISSUANCE PROGRAMME N87.5 BILLION 13.5%
182 First Registrars JULI PLC
183 First Registrars LAGOS STATE BOND 167.5 BILLION 2ND DEBT
184 First Registrars LAGOS STATE BOND 167.5 BILLION 2ND DEBT
185 First Registrars LEARN AFRICA PLC
186 First Registrars LOTUS HALAL EQUITY EXCHANGE TRADED
187 First Registrars LTD(FUND)
188 First Registrars NIGERIA POLICE MORTGAGE BANK PLC
189 First Registrars NIGERIAN BREWERIES PLC
190 First Registrars NOTES BOND
191 First Registrars NOTES BOND TRANCHE A & B
192 First Registrars OANDO PLC
193 First Registrars ONDO STATE GOVT BOND
194 First Registrars OYO STATE GOVT BOND
195 First Registrars PARTNERSHIP INVESTMENT CO.PLC
196 First Registrars PLC
197 First Registrars PRESCO PLC
198 First Registrars PRESTIGE ASSURANCE PLC
199 First Registrars PZ-CUSSONS NIGERIA PLC
200 First Registrars RAK UNITY PETROLEUM PLC
201 First Registrars REDEEMED GLOBAL MEDIA COMPANY
202 First Registrars SIM CAPITAL ALLIANCE VALUE FUND
203 First Registrars STACO INSURANCE PLC
204 First Registrars STAFF COOP SOCIETY LTD
205 First Registrars STANBIC IBTC BALANCED FUND
206 First Registrars STANBIC IBTC BANK PLC FLOATING RATE&
207 First Registrars STANBIC IBTC BOND FUND
208 First Registrars STANBIC IBTC DOLLAR FUND
209 First Registrars STANBIC IBTC ETF 30 FUND
210 First Registrars STANBIC IBTC ETF 40 FUND
211 First Registrars STANBIC IBTC ETHICAL FUND
212 First Registrars STANBIC IBTC GUARANTEED INCOME FUND
213 First Registrars STANBIC IBTC HOLDINGS PLC
214 First Registrars STANBIC IBTC MONEY MARKET FUND
215 First Registrars STANBIC IBTC NIGERIAN EQUITY FUND
216 First Registrars STANDARD ALLIANCE INSURANCE PLC
217 First Registrars STARCOMMS PLC
218 First Registrars UBA FIXED RATE SUBORDINATED UNSECURED
219 First Registrars UNION DIAGNOSTIC AND CLINICAL SERVICES
220 First Registrars UPDC REITS
221 First Registrars VANTAGE BALANCED FUND (INCOME &
222 First Registrars VANTAGE GUARANTEED INCOME FUND
223 First Registrars WEST AFRICAN ALUMINIUM PRODUCTS (WAAP)
224 First Registrars ZAMFARA STATE BOND
225 GTL Registrars 7UP Bottling Company
226 GTL Registrars Abplast Products
227 GTL Registrars Aluminium Extrusion
228 GTL Registrars Cashew Nut Processing Industry
229 GTL Registrars Chellarams
230 GTL Registrars Christlieb
231 GTL Registrars Dana Group
232 GTL Registrars DN Meyer
233 GTL Registrars DN Tyre & Rubber
234 GTL Registrars Ecobank
235 GTL Registrars EKOCORP
236 GTL Registrars Ensure Insurance
237 GTL Registrars Eterna Oil
238 GTL Registrars First Aluminium
239 GTL Registrars General Telecoms
240 GTL Registrars Global Biofeuls
241 GTL Registrars Great Nigeria Insurance
242 GTL Registrars GSK
243 GTL Registrars Ikeja Hotels
244 GTL Registrars Imprest Bakolori
245 GTL Registrars Industrial & General Insurance
246 GTL Registrars IPWA
247 GTL Registrars John Holts
248 GTL Registrars Julius Berger
249 GTL Registrars Kajola Integrated & Investment Company
250 GTL Registrars Lennards Nigeria
251 GTL Registrars Mobil Oil Nigeria
252 GTL Registrars Nestle Nigeria
253 GTL Registrars Nigeria Cement Company
254 GTL Registrars Nigeria Enamelware Company
255 GTL Registrars Nigeria Reinsurance
256 GTL Registrars Nigerian Lamps Industry
257 GTL Registrars Nigerian Wire & Cable
258 GTL Registrars Okitipupa Oil Palm
259 GTL Registrars Oluwa Glass Company
260 GTL Registrars The Tourist Company of Nigeria
261 GTL Registrars Tripple Gee
262 GTL Registrars UBN Property 
263 GTL Registrars Unilever
264 GTL Registrars Union Bank
265 GTL Registrars Union Homes REITS
266 GTL Registrars Union Homes Savings & Loans
267 GTL Registrars University Press
268 GTL Registrars Wema Bank
269 Lighthouse Registrars Cornerstone Insurance
270 MainstreetBank Registrars African Alliance Insurance
271 MainstreetBank Registrars Golden Guinea Breweries
272 MainstreetBank Registrars Multiverse Resources
273 MainstreetBank Registrars Nigerian Ropes
274 MainstreetBank Registrars Omatek Ventures
275 MainstreetBank Registrars Univeral Insurance
276 Meristem Registrars AFRINVEST EQUITY FUND
277 Meristem Registrars AIRLINE SERVICE & LOGISTICS PLC
278 Meristem Registrars BERGER PAINTS NIG PLC
279 Meristem Registrars CHELLARAMS BOND
280 Meristem Registrars CONOIL PLC
281 Meristem Registrars CONSOLIDATED HALLMARK INS. PLC
282 Meristem Registrars COVENANT SALT NIGERIA LIMITED
283 Meristem Registrars CUSTODIAN & ALLIED PLC
284 Meristem Registrars EMPLOYEE ENERGY LIMITED
285 Meristem Registrars ENERGY COMPANY OF NIGERIA PLC [ENCON]
286 Meristem Registrars eTRANZACT INTERNATIONAL PLC
287 Meristem Registrars FIDSON HEALTHCARE PLC
288 Meristem Registrars FOOD CONCEPTS PLC
289 Meristem Registrars FREE RANGE FARMS PLC
290 Meristem Registrars FTN COCOA PROCESSORS PLC
291 Meristem Registrars GEO-FLUIDS PLC
292 Meristem Registrars JUBILEE LIFE MORTGAGE BANK LTD
293 Meristem Registrars MAMA CASS RESTAURANTS LIMITED
294 Meristem Registrars MCN DIOCESE OF REMO
295 Meristem Registrars MCN LAGOS CENTRAL
296 Meristem Registrars MCN TAILORING FACTORY [NIGERIA] LIMITED
297 Meristem Registrars MULTI-TREX INTEGRATED FOODS PLC
298 Meristem Registrars MUTUAL BENEFITS ASSURANCE PLC
299 Meristem Registrars NASCON ALLIED INDUSTRIES PLC
300 Meristem Registrars NASSARAWA STATE GOVT BOND
301 Meristem Registrars NEIMETH INT’L PHARMS PLC
302 Meristem Registrars NIGER INSURANCE PLC
303 Meristem Registrars NIGERIA MORTGAGE REFINANCE COMPANY [NMRC] PLC
304 Meristem Registrars NIGERIA MORTGAGE REFINANCE COMPANY PLC [NMRC] BOND
305 Meristem Registrars ONWARD PAPER MILLS PLC
306 Meristem Registrars PACAM BALANCED FUND
307 Meristem Registrars PAINTS & COATINGS MANUFACTURERS NIG PLC
308 Meristem Registrars PROPERTYGATE DEVT. & INVEST. PLC
309 Meristem Registrars R.T. BRISCOE NIGERIA PLC
310 Meristem Registrars REGENCY ALLIANCE INSURANCE PLC
311 Meristem Registrars SMART PRODUCTS NIGERIA PLC
312 Meristem Registrars SOVEREIGN TRUST INSURANCE PLC
313 Meristem Registrars TANTALIZERS PLC
314 Meristem Registrars THE BGL NUBIAN FUND
315 Meristem Registrars THE BGL SAPPHIRE FUND
316 Meristem Registrars THOMAS WYATT PLC
317 Meristem Registrars VITAFOAM NIGERIA PLC
318 Meristem Registrars VONO PRODUCTS PLC
319 Meristem Registrars ZENITH EQUITY FUND
320 Meristem Registrars ZENITH ETHICAL FUND
321 Meristem Registrars ZENITH INCOME FUND
322 PAC Registrars Avon Crown Caps & Con. (Nig.)
323 PAC Registrars BEMIL Nigeria Limited
324 PAC Registrars Capital Oil Plc.
325 PAC Registrars Channel Petroleum Plc.
326 PAC Registrars FUMMAN Agric. Prod. Plc
327 PAC Registrars Heritage Bank Ltd.
328 PAC Registrars Int’l Energy Insurance Plc.
329 PAC Registrars Naturelle Extracts Plc.
330 PAC Registrars PANAfrican Capital Plc.
331 PAC Registrars Secure Electronic Tech. Plc.
332 PAC Registrars Spring Life Assurance Plc
333 PAC Registrars Stokvis Nigeria Plc
334 PAC Registrars Swap Tech. & Telecoms Plc.
335 PAC Registrars United Mortgage Plc.
336 Pace Registrars Academy Press
337 Pace Registrars Big Treat
338 Pace Registrars Capital Trust Brokers
339 Pace Registrars Continental Reinsurance
340 Pace Registrars Goldlink Assurance
341 Pace Registrars Japaul Oil and Maritime Service
342 Pace Registrars OPR-Refining & Petrochemical
343 Pace Registrars Orient Petroleum Resources
344 Pace Registrars Sterling Bank
345 Pace Registrars Studio Press
346 Pace Registrars Tetrazzini
347 United Securities Access Bank PLC
348 United Securities Afrinvest WA Ltd
349 United Securities AIICO Insurance PLC
350 United Securities AIICO Money Market Fund
351 United Securities BSS Industries Ltd
352 United Securities Caverton Offshore Support group
353 United Securities Dangote Cement PLC
354 United Securities First Securities Discount House
355 United Securities Food Emporium Int`l Limited
356 United Securities Gombe State Government
357 United Securities IHS Nigeria PLC
358 United Securities MCNichols Consolidated PLC
359 United Securities NDEP PLC
360 United Securities NIPCO PLC
361 United Securities Red Star Express PLC
362 United Securities Skye Fixed Income Fund
363 United Securities Three Point Industries Ltd
364 United Securities Trust Bond Mortgage Bank PLC
365 United Securities WAPIC Insurance PLC
366 Unity Registrars AFROIL PLC
367 Unity Registrars BGL PLC
368 Unity Registrars CARANDA MANAGEMENT SERV. LTD
369 Unity Registrars DVCF OIL & GAS FUND
370 Unity Registrars DVCF OIL & GAS PLC
371 Unity Registrars LOTUS CAPITAL HALAL FUND
372 Unity Registrars NORTHLINK BROKERS PLC
373 Unity Registrars PELICAN PRINTS LIMITED
374 Unity Registrars ROKANA PLC
375 Unity Registrars UNITY BANK PLC
376 Unity Registrars UNITY REGISTRARS LTD
377 Unity Registrars UNITYKAPITAL ASSURANCE PLC
378 Veritas Registrars DANGOTE SUGAR REFINERY PLC
379 Veritas Registrars FORTE OIL PLC
380 Veritas Registrars GUINNESS NIG. PLC
381 Veritas Registrars MAY & BAKER NIG. PLC
382 Veritas Registrars ZENITH BANK PLC