AFROMEDIA: AUDITED FINANCIAL STATEMENTS FOR 2021

SARL AFROMEDIA

RC registration number 2027

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Chartered Accountants)

18b Olu Holloway Road

Ikoyi, Lagos Nigeria

Tel: 01-2630870, 2630871 W ebsite: www.siao-ng.com

E-mail: [email protected]

Afromedia Plc

(RC registration number 2027)

Annual report and financial statements for the year ended December 31, 2021

General informations

Country of incorporation and domicile

Nature of business and main activities

Directors

Registration deskbusiness addressSecretaryWebsite

Registry and transfer office

NigeriaThe Company’s core business is outdoor advertising which consists of airport advertising, street furniture and billboards.

Alhaji Lateef Akande Bakare – Chairman (independent non-executive director)

Otunba Akinlola Irewunmi Olopade – Group Managing Director/CEO

Engineer Patrick Osita Nwabunie – Deputy General Manager of the Group

Mr. Kabir Usman – Independent Non-Executive Director

Mr. Olajide Shokunbi – Non-Executive Director

Kilometer 21, Badagry Expressway, Araromi, Ajangbadi,

PO Box 2377, Marina, Lagos, Nigeria

Tel: +234-1-8980017

39, Ladipo Bateye Street, GRA, Ikeja,

Lagos.

Lexworth Legal Partners

3rd Floor, Wing A, Lofty Heights Office Complex, Bola Hussain Close, Lekki Phase I, Lagos,

Nigeria www.lexworthlegal.comwww.afromediaplc.com

Crescent Registrars Limited OFFICE 23 Olusoji Idowu Street, Ilupeju,

Lagos

Auditors

SIAO Partners (Chartered Accountants)

18b Olu Holloway Road,

PO Box 55461, Falomo, Ikoyi, Lagos

Website: www.siao-ng.com E-mail: enquir[email protected]

bankers

Go to Bank Plc

Ecobank Nigeria Plc

First Bank of Nigeria Limited

First City Monument Bank Limited Guaranty Trust Bank Plc Keystone Bank Limited Polaris Bank Limited Stanbic IBTC Bank Plc

Standard Chartered Bank Limited Sterling Bank Plc

United Bank for Africa Plc Zenith Bank Plc

Afromedia Plc
(RC registration number 2027)
Annual report and financial statements for the year ended December 31, 2021
Contents
Page
Financial Highlights	3
Audit committee report	4
Company Secretary‘Certificate	5
Directors’ report	6- 9
Responsibilities and Approval of Directors	ten
Certification in accordance with CAMA 2020 Section 405	11
The independent auditor’s report	12
Statement of financial position	16
Statement of net income and other comprehensive income	17
Statement of changes in equity	18
Cash flow statement	19
Accounting rules	20 – 35
Notes to the financial statements	36 – 62
Statement of added value	63
Five-year financial summary	64

Afromedia Plc

(RC registration number 2027)

Annual report and financial statements for the year ended December 31, 2021

Financial Highlights

1.

Statement of financial position

Turnover 322,976

Profit before tax 177 185

Profit from continuing operations after tax 144 237

3.

Earnings per share

Information per share Basic earnings per share (N)

0.03

3

Afromedia Plc

(RC registration number 2027)

Annual report and financial statements for the year ended December 31, 2021

Audit committee report

1. External Auditor

The Audit Committee has recommended to the Board of Directors the appointment of SIAO Partners as Independent Auditor and Mr. Abiodun Ariyibi as Designated Partner, who is a registered Independent Auditor, for the appointment of the Audit 2021.

The Committee satisfied itself, after investigation, that the external auditor is independent as defined by the Companies and Related Matters Act of 2020 of Nigeria and according to the standards stipulated by the audit profession. The required assurance has been sought and provided by the Companies and Allied Matters Act of Nigeria, 2020 that the internal governance processes within the company support and demonstrate the claim of independence.

The Audit Committee, in consultation with senior management, has accepted the terms of the engagement. The audit fees for the external audit were reviewed and approved taking into account factors such as the timing of the audit, the scope of work required and the scope.

2. Annual report and financial statements

Pursuant to section 404(7) of the Companies and Related Matters Act 2020, we have performed our statutory duties and have considered the report of the auditors for the period ended 31 December 2021 and hereby declare that following :.

We have reviewed the scope and planning of the audit for the period ended December 31, 2021 which, in our opinion, was adequate.

We have reviewed the management letter from the auditors for the period ended December 31, 2021 and management’s responses thereto.

Internal control was subject to constant and effective monitoring.

We have also ensured that the Company’s accounting and reporting policies for the period ended December 31, 2021 comply with legal requirements and ethical practices.

In our opinion, the scope and planning of the audit for the period ending December 31, 2021 was adequate and management’s response to the auditors’ findings in this regard was satisfactory.

On behalf of the Audit Committee

Mr. Benjamin Adedigba Chairman Audit Committee FRC/2015/ICAN/00000010983

Other members are

Mrs. Elizabeth Gbegbaje	Member
Alh. Kabir Ousman	Member
Mr. Olajide Shokunbi	Member

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