AFRICA PRUDENTIAL PLC
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
LAGOS, NIGERIA
AFRICA PRUDENTIAL PLC
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
CONTENTS | PAGE |
Corporate information | 1 |
Report of the directors | 2 |
Corporate governance report | 6 |
Sustainability and corporate social responsibility report | 12 |
Statement of directors' responsibilities in relation to the preparation of the financial statements | 14 |
Report of the statutory audit committee | 15 |
Statement of corporate responsibility for the financial statements | 16 |
Independent auditor's report | 17 |
Statement of profit or loss and other comprehensive income | 22 |
Statement of financial position | 23 |
Statement of changes in equity | 24 |
Statement of cash flows | 25 |
Notes to the financial statements | 26 |
Other National Disclosures: | |
Value added statements | 56 |
Five-year financial summary | 57 |
AFRICA PRUDENTIAL PLC
CORPORATE INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022
Chairman | Chief (Mrs.) Eniola Fadayomi FIOD MFR | |
Directors | Mr. Obong Idiong | Managing Director |
Mr. Samuel Nwanze | Non-Executive Director | |
Mr. Peter Elumelu | Non-Executive Director | |
Mr. Peter Ashade | Non-Executive Director | |
Mr. Emmanuel Nnorom | Non-Executive Director | |
Mrs. Fumbi Chima | Independent Non-Executive Director | |
Mrs. Zubaida Mahey Rasheed | Independent Non-Executive Director | |
Registered Office | 220b, Ikorodu Road | |
Palmgrove, Lagos | ||
Company Secretary | Joseph Jibunoh | |
Africa Prudential Plc | ||
220b, Ikorodu Road | ||
Palmgrove | ||
Lagos | ||
Auditor | Ernst & Young | |
UBA House, 10th and 13th Floors | ||
57 Marina, Lagos | ||
Bankers | United Bank for Africa Plc | |
UBA House; 57, Marina, Lagos Island, Lagos. | ||
JAIZ Bank Plc | ||
Kano House; 73, Ralph Shodeinde Street, Central Business District, Garki Abuja. | ||
Stanbic IBTC Plc | ||
220, Herbert Macaulay Way, Yaba, Lagos. | ||
RC No. | 649007 |
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AFRICA PRUDENTIAL PLC
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022
The Directors are pleased to present their report on the affairs of the Company, together with the Audited Financial Statements and auditor's report for the year ended December 31, 2022.
LEGAL FORM AND PRINCIPAL ACTIVITIES
Africa Prudential Plc was originally incorporated as UBA Registrars Ltd on March 23, 2006. The Company subsequently changed its name to Africa Prudential Registrars Plc on August 10, 2011, and was listed on the Nigerian Exchange (NGX) in January 2013. To expand its business portfolio, the Company acquired UAC Registrars Ltd in June 2013.
To enhance its market competitiveness and diversified business interests, the Company changed its name to Africa Prudential Plc, following a special resolution passed by the Members in General Meeting on March 28, 2017.
Africa Prudential Plc primarily carries on the business of registrar and investor relation service in accordance with its Memorandum and Articles of Association. As part of its business diversification strategy, it has expanded its business activities to provision of digital solutions for businesses. Its flagship digital solutions product known as EasyCoop is a unique software, which is aimed at aiding the administration of Cooperative Societies in Nigeria and other digital business solutions.
The Company's competency in digital technology covers advanced Agile and other Software Development Life Circle (SDLC) Methodologies, Biometrics management, Cyber Security, Cloud Computing, Design thinking / Product Development Labs, Blockchain technology, among others. The Company deploys Platform as a Service (PaaS) and Software as a Service (SaaS) which are scalable for various sizes of organizations.
RESULTS FOR THE YEAR
The following is the summary of the performance of the Company during the year under review as compared with the previous year:
in thousands of Nigerian Naira | 2022 | 2021 |
Gross earnings | 4,165,030 | 3,617,982 |
Operating expenses | (1,998,868) | (1,611,911) |
Profit before income tax expense | 2,166,162 | 2,006,071 |
Income tax expenses | (672,913) | (591,404) |
Profit after tax | 1,493,249 | 1,414,667 |
Proposed dividend | 1,000,000 | 1,000,000 |
2022 | 2021 | |
Proposed dividend | 1,000,000 | 1,000,000 |
Retained profit at the end of the year | 493,249 | 414,667 |
DIRECTORS
Record of Directors' Attendance at Meetings
Pursuant to Section 284(2) of the Companies and Allied Matters Act, 2020, the records of Director's attendance at Board meetings during the year under review will be available for inspection at the Annual General Meeting.
Board Composition
As of 31 December, 2022, the Company had eight (8) Directors all of whom held office in the year under review. Their biographies are contained in the Annual Report and are incorporated into this Report by reference. The appointment, removal or re-appointment of Directors is governed by the Company's Articles of Association, the Companies and Allied Matters Act, 2020 as well as relevant Board and governance policies. Also, these documents set out the rights and obligations of the Directors.
Directors Interests in Contracts
None of the Directors has notified the Company, for the purpose of Section 303 of the Companies and Allied Matters Act, 2020, of any declarable interest in Contracts in which the Company is involved.
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AFRICA PRUDENTIAL PLC
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022- Continued
Directors and their Interests in the Shares of the Company
Directors' interests in the issued share capital of the Company as recorded in the Register of Members and/or as notified by the Directors in compliance with Sections 301 and 302 of the Companies and Allied Matters Act, 2020 and the Listing Requirements of the Nigerian Exchange were as follows:
NAME | 31 December 2022 | 31 December 2021 | |||
DIRECT | INDIRECT | DIRECT | INDIRECT | ||
Chief (Mrs) Eniola Fadayomi | 4,006,060 | Nil | 4,006,060 | Nil | |
Mr. Peter Ashade | 1,703,864 | Nil | 2,703,864 | Nil | |
Mr. Samuel Nwanze | 83,009 | Nil | 83,009 | Nil | |
Mr. Peter Elumelu | 13,891 | Nil | 13,891 | Nil | |
Mr. Emmanuel Nnorom | Nil | 10,558,865 | Nil | 10,558,865 | |
Mrs. Zubaida Mahey Rasheed | Nil | Nil | Nil | Nil | |
Mrs. Funmibi Chima | Nil | Nil | Nil | Nil | |
Mr. Obong Idiong | 4,275,876 | 3,796,848 | Nil |
The details of indirect shareholding of Directors in the issued share capital of the Company is as below:
S/N | NAME | COMPANY | INDIRECT HOLDINGS | TOTAL INDIRECT HOLDINGS |
1 | MR EMMANUEL NNOROM | VINES FOOD LTD | 10,558,865 | 10,558,865 |
Alternate Directorship
There was no alternate directorship during the year under review.
SHAREHOLDING
The issued and fully paid up share capital of the Company is N1,000,000,000 (One Billion Naira) divided into 2,000,000,000 ordinary shares of N0.50k each.
In terms of significant shareholding (5% and above), the Register shows that International Equity Capital is the largest shareholder with 519,000,000 units of shares. The table below is instructive.
PARTICULARS OF SHAREHOLDER | NUMBER OF SHARES | % | |||||
INTERNATIONAL EQUITY CAPITAL | 519,000,000 | 26% | |||||
SHAREHOLDING ANALYSIS | |||||||
2022 | 2021 | ||||||
S/N | Holder Type | Holder Count | Holdings | Holder Count | Holdings | ||
1 | CORPORATE | 5,211 | 1,250,566,989 | 5,297 | 1,259,073,330 | ||
FOREIGN | 106 | 17,317,503 | 98 | 14,742,230 | |||
2 | GOVERNMENT | 18 | 2,241,273 | 18 | 2,241,273 | ||
3 | INDIVIDUAL | 252,220 | 710,216,367 | 253,087 | 710,390,052 | ||
4 | INSTITUTION | 165 | 1,607,851 | 167 | 1,634,791 | ||
5 | JOINT | 614 | 9,915,165 | 611 | 10,447,429 | ||
6 | PENSION | 10 | 8,134,852 | 10 | 1,470,895 | ||
TOTAL | 258,344 | 2,000,000,000 | 259,288 | 2,000,000,000 |
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Africa Prudential plc published this content on 02 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 March 2023 10:07:40 UTC.