ABC TRANSPORT : CORPORATE GOVERNANCE REPORT

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 recognises 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 still achieving the outcomes envisaged by the principles.

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:

1. Every line item and indicator must becompleted.

1. 1. Respond to each question with "Yes" where you have applied the principle, and "No" Where you are yet to apply the principle.
   2. 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.

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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE

Section B - General Information

S/No.	Items	Details
i.	Company Name	ABC Transport Plc
ii.	Date of Incorporation	5th April, 1993
iii.	RC Number	219970
iv.	License Number
v.	Company Physical Address	Km 5, MCC Road, Umuoba Uratta,
		Imo State.
vi.	Company Website Address	www.abctransport.com
vii.	Financial Year End	December 31
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.	Name and Address of Company Secretary	Onyekachukwu C. Chigbo, Esq.
		Km 5, MCC Road, Umuoba Uratta,
		Imo State
x.	Name and Address of External Auditor(s)	PKF Professional Services,
		PKF House 205A Ikorodu Road,
		Lagos.
xi.	Name and Address of Registrar(s)	First Registrars & Investor Services
		Limited,
		No. 2, Abebe Village Road, Iganmu,
		Lagos.
xii.	Investor Relations Contact Person	Email:[e-mail]
	(E-mail and Phone No.)	Mobile Number: 08037844066
xiii.	Name of the Governance Evaluation Consultant
xiv.	Name of the Board Evaluation Consultant

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

1. Board Details:

S/No.	Names of Board	Designation	Gender	Date First		Remark
	Members	(Chairman, MD, INED,		Appointed/
		NED,		Elected
		ED)
1.	Prince Olumide Obayomi	Chairman	Male	February, 2006
2.	Mr. Frank Nneji	MD	Male	November, 2005
3.	Mr. Jude Nneji	ED	Male	November, 2005
4.	Alhaji Kabiru Yusuf	NED	Male	August, 2006
5.	Mr. John Okoro	INED	Male	August, 2012
6.	Mr. Bamidele Asije	NED		March, 2018
	representing Drolemoc
	Farms Limited.
REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE	2

7.	Mr. Rex Okoro	ED	Male	July, 2018
8.	Mrs. Ifeoma Adeoye	NED	Female	March 2022

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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE

2. Attendance at Board and Committee Meetings:

S/No.	Names of Board	No. of	No. of	Membership	Designatio	Number of	Number
	Members	Board	Board	of Board	n	Committee	of
		Meetings	Meetings	Committees	(Member	Meetings Held in	Committe
		Held in	Attended		or	the Reporting	e
		the	in the		Chairman)	Year	Meetings
		Reporting	Reporting				Attended
		Year	Year				in the
							Reporting
							Year
		4	4	The Chairman
				is not a
				member of any
1.	Prince Olumide Obayomi			Board
	(Chairman)			Committee in
				compliance
				with the Code.
				Risk	Member	3	3
		4	4	Management
2.	Mr. Francis Nneji			Committee
	(MD)
				Risk		3	3
		4	4	Management	Member
3	Mr. Jude Nneji			Committee
	(DMD)
				Governance	Chairman
				And		3	3
4.	Alhaji Kabiru Yusuf	4	4	Remuneration
				Committee
				Statutory	Member	4	4
				Audit
				Committee
				Governance	Member	3	3
				And
5.	Mr. John Okoro	4	4	Remuneration
				Committee
				Risk	Chairman	3	3
				Management
				Committee
6.	Mr. Bamidele Asije
		Governance &		3	3
	representing Drolemoc
	4	4	Remuneration	Member
	REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE	4

Farms Ltd.

7 Mr. Rex Okoro (ED)

8. Mrs. Ifeoma Adeoye

Committee

		Risk
4	4	Management	Member	3
		Committee
		Risk
		Management	Member	3
		Committee
4	2	Governance
		and
		Remuneration	Member	3
		Committee

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Section D - Details of Senior Management of the Company

1. Senior Management:

S/No.	Names	Position Held	Gender
1.	Mr. Frank Nneji	MD/CEO	Male
2.	Mr. Jude Nneji	DMD	Male
3.	Mr. Rex Okoro	ED,FS/A	Male
4.	Sir Celestine Anyim	Deputy General Manager, Haulage	Male
		Division
5.	Lady Nkechi Nwogu	Assistant General Manager, Human	Female
		Resources and Administration
6.	Mr. John Nwaji	Assistant General Manger, Audit	Male
		Services
7.	Mr. Victor Nneji	Senior Manager, Innovation,	Male
		Strategy & Marketing
8.	Mr. Maduka Chidobe	Senior Manager, Travel Operations	Male
9.	Barr. Onyekachukwu	Head, Legal Services	Male
	Chigbo
10.	Mr. Audu Onemayin	Acting Head, Traffic, Safety &	Male
		Environment
11.	Mr. Darlington Anyanwu	Head, Fleet Maintenance - Travel	Male
		Division

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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE