ABC TRANSPORT: AUDITED FINANCIAL STATEMENTS FOR 2021

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ABC TRANSPORT PLC

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2021

INDEX

PAGE

Administrator reports

I

Audit committee reports

iv

Statement of directors’ responsibilities in relation to the financial statements

1

Declaration of conformity

2

The independent auditor’s report

3

Consolidated statement of financial position

8

Consolidated statement of net income and other comprehensive income

9

Consolidated statement of changes in equity

ten

Consolidated statement of cash flows

11

Notes to the financial statements

12

Other National Disclosures:

Consolidated declaration of added value

79

Financial summary – Group

80

Financial Summary – Company

81

FOR THE YEAR ENDED DECEMBER 31, 2021

The directors submit their report together with the audited financial statements for the year ended December 31, 2021.

1 OPERATING RESULT

2021

2020

N’000

N’000

Profit/Loss for the year after tax

(263,767)

(619,412)

2 LEGAL FORM

ABC Transport Plc was incorporated as a limited liability company on April 5, 1993 and was converted into a limited liability company on November 21, 2005. The shares were listed on the Nigerian Stock Exchange on December 20, 2006. As approved by the shareholders at the General Meeting of 12and August 2011, the Business the name was changed from Associated Bus Company Plc to ABC Transport Plc in 2011.

3 MAIN ACTIVITIES

The main activity of the company is road transport. It provides long and short-haul bus services; consolidated freight and transport services in Nigeria and the West African sub-region.

4 DIRECTORS AND INTERESTS OF DIRECTORS

No director has a divulgable interest in contracts in which the company was involved during the year under review.

5 RESPONSIBILITIES OF DIRECTORS

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 at the end of each financial year and of the profit or loss for that period and which comply with the Companies and Allied Matters Act 2020. In doing so, they guarantee that:

– appropriate accounting records are kept;

– internal control procedures are instituted which, as far as possible, protect the assets and prevent and detect fraud and other irregularities;

  • – applicable accounting standards are complied with;

  • – appropriate accounting policies are adopted and consistently applied;

  • – the judgments and estimates made are reasonable and prudent; and

  • – the going concern basis is used, unless it is inappropriate to assume that the Company will continue as a going concern.

– Internal control procedures are instituted which, to the extent possible, safeguard assets and prevent and detect fraud and other irregularities.

6 Shareholders of Directors:

Direct

Indirect

Direct

Indirect

Interest like

Interest in

Interest like

Interest like

S/N

name

to Dec. 2021

Dec. 2021

to Dec. 2020

to Dec. 2020

1

Mr. Olumide Obayomi

110,000

5,720,000

110,000

5,720,000

2

Mr. Francis Nneji

626,000,000

75,901,087

617 699 198

3

Mr Jude Nneji

18,202,508

18,202,508

4

Alh. Kabiru Yusuf

1,100,000

1,100,000

5

Mr John Okoro

907 253

907 253

6

Mr. Bamidele Asije

700,000

279 835 881

700,000

279 835 881

7

Mr. Rex Okoro

Prince Olumide Obayomi, Mr Francis Nneji and Mr Bamidele Asije hold indirect holdings through Royal Funbay Limited, Rapido Ventures Ltd respectively. and Drolemoc Farms Limited.

I

FOR THE YEAR ENDED DECEMBER 31, 2021

7 TANGIBLE ASSETS

Movements of fixed assets during the year are presented in the financial statements.

8 POST-ASSESSMENT EVENTS

There are no significant events after the closing that have not been provisioned in these accounts.

9 MAIN SUPPLIERS:

The main local suppliers of the Company are: FO Obison Int’l Agency

Chidel Ventures Ltd. Jibeco Nigeria Limited Obidiegwu Enterprises

Kwereson Ent. Nigeria Limited – Lagos Ideal standard services

1st Magnificent Energy Ltd. Amanni Oil and Gas

Iyke Paulson Co. Nig. ltd.

10 DONATIONS

The following amounts were disbursed in the form of grants and donations during the year under review.

N’000

book launch

40,000

Youth empowerment

219,000

Corporate gifts

2,411,250

Condolences, funerals, weddings, etc.

1,611,706

4,281,956

No donations or donations were made to a political party, political association or for political purposes during the year under review.

11 EMPLOYMENT AND EMPLOYEES 1) Employment and employees

ABC Transport Plc is an equal opportunity employer committed to employee retention and strives to remain the employer of choice in the road transport industry. The company offers total compensation that allows it to attract and retain highly qualified employees while recognizing the need to manage salary costs.

2) Employment of persons with disabilities

The Company has reviewed its employment policy based on the needs of the business. A Company policy states that there shall be no discrimination in the consideration of job applications, including those from persons with disabilities. All employees, disabled or not, have equal opportunities for development.

3) Work environment

The Company strives to provide a safe work environment for its employees. Health and safety rules are in force within the Business the premises and employees know the regulations in force. Subsidies are given to all levels of employees for medical care, transportation, housing, etc.

4) Involvement, development and training of employees

Training workshops and seminars are regularly organized for employees at all levels. The Company attaches great importance to the involvement of its employees in achieving its objectives. He also undertakes to keep them informed of his progress and performance. The Company also seeks the opinion of its employees, particularly on matters that concern them directly.

ii

FOR THE YEAR ENDED DECEMBER 31, 2021

Formal meetings are held between staff in operational areas and employee suggestions and opinions are solicited and considered on general business operations as well as matters affecting them.

The career development of each employee and succession planning are major priorities for the company. Company employees follow short- and long-term training programs that are tailored to the needs of the employee and the company. Employees are sufficiently rewarded and motivated to achieve results.

5) Health, safety at work and well-being of employees

The company attaches paramount importance to the health, safety and well-being of its employees. In this context, the company has a group life insurance policy and a pension plan. He also retained the services of health care providers in various locations. Safety standards are respected in the workplace. The company’s employees are currently affiliated by the company to the National Health Insurance Scheme.

6) Security Policy

ABC places great importance on the safety of its passengers and crew during transit. To this end, the company organizes quarterly reorientation and safety training programs for its crew. All vehicles in our fleet are equipped with tracking devices and speed limiters that monitor vehicle speed. For the period under review, the accident rate of the of the company fleet was well within acceptable limits, with many of the accidents recorded attributable to errors and miscalculations by other road users.

12. COMPLAINTS POLICY

ABC Transport Plc has implemented a complaints handling policy in accordance with the requirements of the Securities and Exchange Commission. The policy defines the general framework for receiving, recording and processing complaints from shareholders and investors in an impartial, confidential and prompt manner.

13. SECURITIES TRADING POLICY

ABC Transport Plc has a securities trading policy which applies to all employees and directors. The policy applies to all employees who may at any time possess insiders or material company information. Commercial policy includes the need to impose confidentiality on outside advisers.

14. INDEPENDENT AUDITORS

Pursuant to section 401(2) of the Companies and Allied Matters Act 2020, PKF Professional Services (Accountants and Business Advisers) have indicated their willingness to continue in office as Business Auditors. A resolution will be proposed authorizing the Directors to determine their remuneration.

BY ORDER OF COUNCIL

Onyekachukwu C. Chigbo, Esq. Secretary General/Legal Counsel FRC/2020/002/00000021630

IMO State,

Nigeria.

As of March 26, 2022

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