LASACO ASSURANCE : FRCN(TEMPLATE FOR REPORTING NCCG 2018)

FINANCIAL REPORTING COUNCIL OF NIGERIA

(Federal Ministry of Industry, Trade & Investment)

FRC/CG/001: TEMPLATE FOR REPORTING COMPLIANCE WITH THE NIGERIAN

CODE OF CORPORATE GOVERNANCE 2018

Section A: Introduction

Corporate Governance is a key driver of corporate accountability and business prosperity.The Nigerian Code of Corporate Governance, 2018 (NCCG 2018) seeks to institutionalize corporate governance best practices in Nigerian companies. It is also aimed at increasing entities' levels of transparency, trust and integrity, and create an environment for sustainable business operations.

The Code adopts a principle-based approach in specifying minimum standards of practice that companies should adopt. Where so required, companies are required to adopt the "Apply and Explain" approach in reporting on compliance with the Code. The 'Apply and Explain' approach assumes application of all principles and requires entities to explain how the principles are applied. This requires companies to demonstrate how the specific activities they have undertaken best achieve the outcomes intended by the corporate governance principles specified in the Code.

This will help to prevent a 'box ticking' exercise as companies deliberately consider how they have (or have not) achieved the intended outcomes. Although, the Code recommends

practices to enable companies apply the principles, it recognizes that these	practices can be
tailored to meet industry or company needs. The Code is thus scalable to	suit the type, size

and growth phase of each company while stiU achieving the outcomes envisaged by the

principles.1

This form seeks to assess the company's level of compliance with the principles in the NCCG 2018. Entities should explain how these principles have been applied, specify areas of deviation from the principles and give reasons for these deviations and any alternative practice(s) adopted.

Please read the instructions below carefully before completing this form:

Every line item and indicator must be completed.

1. Respond to each question with "Yes" where you have applied the principle. and "No"

where you are yet to apply the principle.

1. An explanation on how you are applying the principle, or otherwise should be included as part of your response.
2. Not Applicable (N/A) is not a valid response.

REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018

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Section B-GeneralInformation

S/No.

Items

Details

i.

Company Name

Lasaco Assurance Pic

ii.

Date of Incorporation

December, 1979

iii.

RC

Number

31126

iv.

License Number

RIC-023

V,

Company

Physical Address

Plot 16 Acme Road Ogba lkeja

vi.

Company Website Address

www.lasacoassurance.com

vii.

Financi

al Year End

3J s1 December

viii.

Is the Company a part of a Group/Holding Company?

No

Yes/No

If yes, please state the name of the Group/Holding

Company

ix.

Gertrude Olutekunbi

Name and Addres

s of Company Secretary

Plot 16 Acme Road Ogballceja agos

X,

Name and Address of External Auditor(s)

600 Professional Services ADOl House

15 CIPM Avenue CentralBusiness District

Alausa lkeja lagos

xi.

Nome and Address of Registrar(s}

Apel Registrars limited

No.8 Alhaji

Bashorun Street,Off Norman Williams

Street lkoyi

xii.

Investor Relations Contact Person

Adeniron Adeluwoye

(E-mailand Phone No.}

niranadeltlwoye@!asqcoam rance cam

08029099081

xiii.

Name of the Governance Evaluation Consultant

Society for Corporate Gove

rnance

Nigeria

xiv.

Name of the Board Evaluation Consultant

Society for Corporate Governance

Nigeria

Section C- Details of Board of the Company and Attendance at Meetings

1. Board Details:

S/No.	Names of BoardMembers	Designation	Gender	Date First	Remark
			(Chairman,MD,INED,			Appointed/
			NED,ED)			Elected
1,	MRS.OLATEJU PHILLIPS		Chairman	Female		09/09/2020
	MR. SEGUN BALOGUN		Managing Director	Male		05/05/2016	Resigned 29/05/2021
	MR.RAZZAQ ABIODUN		Managing Director	Mole		27/08/2021
	OTUNBA AKIN DOHERTY		NED	Mole		17/5/2016
	MR.AKINOLA ODUSAMI		NED	Mole		1611 1/2015
	ENGR.SANINDANUSA		INED	Male		22/10/2014
	PRINCE JAMIU ADIO		NED	Mole		13/08/2020
	MR. RILWAN OSHINUSI		DMD Corporate	Male		15/6/2016
	MR.ADEMOYE SHOBO	Executive Dk'ector	Mole		22/1 2/2021
			Technical

REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018

2. Attendance at Board and Committee Meetings:

S/No.

Names of Board Members

No.of Boord

No, of

Membership

Desig nation (Member or

Number of

Number of

Meetings

Board

of Board

Chairman)

Committee

Committee

HeldIn the

Meetings

Committees

Meetings

Meetings

Reporting

Attended

Held in the

Attended In

Year

in the

Reporting

the

Reporting

Year

Reporting

Year

Year

CHIEF MRS OLATEJU PHLLIPS

8

8

NA

NA

NA

NA

MR.AKINOLA ODUSAMI

8

8

8

4

Chairman-Governance

6

6

OTUNBA AKINDOHERTY

8

4

Chairman-Finance

8

6

ENGR.SANI NDANUSA

8

8

4

Chairman- Audit. Risk

4

4

PRINCE SAKA ADIO

8

8

NA

MR.SEGUN BALOGUN

8

4

3

2

MR.RAZZAQ ABIODUN

8

8

3

4

MR.RILWAN OSINUSI

4

8

8

3

MR.ADEMOYE SHOBO

3

Confirmed by NAICOM

'12/

1. Senior Management:

S/No.

Names

Position Held

Gender

I.

RAZZAQ ABIOOUN

MANAGING DIRECTOR

MALE

2.

RILWANOSHNI USI

DMD CORPORATE SERVICES

MALE

3.

ADEMOYE SHOBO

EXECUTIVE DIRECTOR TECHNICAL

MALE

4.

OLUMIDE JAYEOLA

GM LASACO PROPERflES

MALE

5.

AKJNWALE SOFILE

GM FINANCE & INVESTMENT

MALE

6.

OLUYEMISAMSON

GM TECHNICAL

MALE

7.

OLADIMEJI OLONA

GMLIFE

MALE

8.

OLUMUYWI A ANWOJU

GMSALES

MALE

9.

IBIRONKE BABAITA

DGMMDA

FEMALE

10.

GERTRUDE OLUTEKUNBI

COMPANY SECRETARY

FEMALE

MORADEYO BUKOLA

INTERNAL AUDITOR

MALE

REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018

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