The intrinsic value of an option is the difference between the price of the underlying asset in the market and the exercise price. Intrinsic value is always positive. When the difference between the price of the underlying asset and the strike price is negative, the intrinsic value equals 0. At expiration, the intrinsic value is the value of the option.

The Obasanjo Government inaugurated the Technical Committee on Local Government Reforms on June 25, 2003. The Chairman of the Committee was the Etsu Nupe, Alhaji Sanda Umaru Ndayako. Following the death of Alhaji Ndayako on September 1, 2003, the Deputy Chairman of the Committee, Alhaji Adamu Liman Ciroma, who was a former Secretary to the Federal Government, was made the new Chairman of the Committee.