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| FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2007 | ||
| CORPORATE INFORMATION: BOARD OF DIRECTORS |
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| HIS ROYAL MAJESTY EMEKA ACHEBE (CFR) |
CHAIRMAN | |
| CHIEF CYRIL AJAGU UMUNNA | GMD | |
| MRS JULIET MADUBUEZE | DIRECTOR | |
| CHIEF ABEL NWANKWO | DIRECTOR | |
| ALABO IDONIGBOYE | DIRECTOR | |
| EVANG. JASPER AZODO | DIRECTOR | |
| CAPT B. O. OGUNJIMI | DIRECTOR | |
| MRS. ENASE OKONEDO | DIRECTOR | |
| OKECHUKWU I. OKAFOR | MD/CEO | |
| CORPORATE HEADQUARTERS | PLOT 1204A AMODU OJIKUTU STR. OFF BISHOP OLUWOLE STREET VICTORIA ISLAND, LAGOS |
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COMPANY SECRETARY |
MRS. GLORIA MBANEFO NO. 4, RIDGEWAY/STATION ROAD ENUGU. |
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| AUDITORS | THEOPHILUS OHAZULIKE & CO (CHARTERED
ACOUNTANTS) 44, CHIME AVENUE NEW HAVEN, ENUGU |
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| BANKERS | FIRST BANK OF NIG. PLC UBA PLC, AFRIBANK PLC UNION BANK OF NIGERIA PLC |
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| BRANCHES: | NATIONWIDE | |
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2007. Fixed Assets Investment in fixed assets during the year is limited to the amount shown in the financial statements. In the opinion of the directors, the market value of fixed assets is not less than the value included in the financial statement Acquisition of Shares The company did not purchase any of its own shares during the year. Research and Development The company was heavily involved in product and marketing research in the period. It is envisaged that these up-front investments will contribute significantly to revenues in the foreseeable future. Employment of disabled Persons. It is the policy of the company that there is no unfair discrimination in considering applications for employment on grounds of disability. All employees whether disabled or not disabled are given equal opportunities to develop their experience and knowledge and to qualify for promotion in furtherance of their careers. As at 31 December 2007 there was no disabled person in the employment of the company. Employees’ Health, Safety and Welfare The company strictly observes all health and safety regulations. Financial provision is made for all employees in respect of transportation, housing, medical expenses and meals. Employees’ Training and Involvement The company is committed to keeping employees
fully informed as much as possible regarding the company’s
performance and progress. Views of the employees are sought where
practicable, on matters which particularly affect them as employees.
The company runs an open door management policy. Management, professional
and technical expertise are the company’s major assets and
investment in developing such skill is continuous. The company’s
expanding skills base is being brought about by a range of in-house
and external training. Opportunities for career development within
the company have been broadened. Incentive schemes designed to meet
the circumstances of each individual are implemented wherever appropriate
and some of these schemes include bonuses, promotion, salaries review. |
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The following statements, which should be read in conjunction with the auditors’ responsibility statement on page 6 is made to distinguish the responsibilities of the Directors for the financial statements from those of the Auditors.
The Directors are required by the Companies and Allied Matters Act, 1990 to prepare financial statements which give a true and fair view of the statement of affairs of the company and of the profit or loss for that period. The financial statements must be prepared on a going concern basis unless it is inappropriate to presume that the company will continue its business.
The Directors have responsibility for ensuring that the company keeps accounting records which disclose, with reasonable accuracy, the financial position of the company and enable them to ensure that financial statements comply with the requirements of the Companies and Allied Matters Act, 1990.
The Directors also have a general responsibility for taking such steps as reasonable open to them to safeguard the assets of the company to prevent and detect fraud and other irregularities.
The Directors considered that, in preparing the financial statement on pages 10 to 13, they have used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgment and estimates, and that all applicable accounting standards have been followed.
AUDITORS’ RESPONSIBILITY STATEMENT
The Auditors are responsible for forming an independent opinion on the financial statement, presented by the Directors, based on their audits, and for reporting their opinion to the shareholders. They also have the responsibility under the Companies and Allied Matters, Acts 1990 to report to shareholders if particular requirements are not met.
- That the company has maintained proper books of account and proper returns obtained from branches not visited by the auditors.
- That the financial statements are in agreement with the accounting records and give the information required and a true and fair view, in the case of the balance sheet of the year end, and in the case of the balance sheet of the state of the financial affairs of the company at the financial year end, and in the case of the profit and loss accounts of the profits or loss for the year.
- That the financial statements have been properly prepared in accordance with the provision of the acts so as to give a true and fair view of the state of affairs and profit or loss of the company.
- That the auditors have obtained all the information and explanations which to the best of their knowledge and belief, were necessary for the purpose of their audit.
The Auditors opinion does not encompass the Directors report on pages
3 to 5 [together with matters included therein by reference]. However,
the auditors are to report to members if the matters contained in the
Directors report are inconsistent with the financial statements.
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