RC 2176
UNAUDITED FINANCIAL STATEMENTS
31 DECEMBER 2021
Table of contents | |
Statement of directors' responsibilities | 3 |
Certification Pursuant to Section 60(2) of Investment and | 4 |
Securities Act No.27 of 2007 | |
Statement of significant accounting policies | 6 |
Statement of financial position | 29 |
Statement of Comprehensive income | 30 |
Statement of changes in equity - Group | 31 |
Statement of changes in equity - Company | 32 |
Statement of cash flows | 33 |
Notes to the financial statements | 34 |
Statement of Directorsʼ Responsibilities in Relation to the Financial Statements
The Directors of African Alliance Insurance plc are responsible for the preparation of financial statements that give a true and fair view of the financial
position of the company as at 31 December 2021, and the results of its operations, cash flows and changes in equity for the period ended, in compliance with International Financial Reporting Standards ("IFRS"), and in the manner required by the Companies and Allied Matters Act of Nigeria, the Insurance Act, CAP I17 LFN 2004, relevant guidelines and circulars issued by the National Insurance Commission (NAICOM) and Financial Reporting Council Act 2011.
In preparing the financial statements, the Directors are responsible for:
- Properly selecting and applying accounting policies
- Presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information
- Providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to
understand the impact of particular transactions, other events and conditions on the Groupʼs and Companyʼs financial position and financial performance; and
- Making an assessment of the Groupʼs and Companyʼs ability to continue as a going concern. The Directors are responsible for:
- Designing, implementing and maintaining an effective and sound system of internal controls throughout the Groupʼs and Companyʼs; Maintaining adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company, and which enable them to ensure that the Consolidated and Separate financial statements of the company comply with IFRS;
- Maintaining statutory accounting records in compliance with the legislation of Nigeria and IFRS;
By order of the Board | |
Joyce Ojemudia | Olabisi Adekola |
MD/CEO | Chief Financial Officer |
FRC/2015/CIIN/00000012042 | FRC/2013/ICAN/00000001179 |
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CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO. 27 OF 2007
We the undersigned hereby certify the following with regards to our unaudited report for the period ended 31 December
2021 that:
- We have reviewed the report:
- To the best of our knowledge, the report does not contain:
- Any untrue statement of a material fact, or
- Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;
- To the best of our knowledge, the financial statement and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the company as of, and for the periods presented in the report.
- We;
- Are responsible for establishing and maintaining internal controls.
- Have designed such internal controls to ensure that material information relating to the company and its consolidated subsidiary is made known to such officers by others within those entries particularly during the period in which the periodic reports are being prepared;
- Have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report;
- Have, present in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
e. We have disclosed to the auditors of the company and audit committee:
(i). All significant deficiency in the design or operation of internal controls which would adversely affect the company's ability to record, process, summarise and report financial data and have identified for the company's auditors any material weakness in internal controls, and
(ii). Any fraud, whether or not material, that involves management or other employees who have significant role in the company's internal controls.
- We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
On behalf of the Directors of the Group and Company
Joyce Ojemudia | Olabisi Adekola |
MD/CEO | Chief Financial Officer |
FRC/2015/CIIN/00000012042 | FRC/2013/ICAN/00000001179 |
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Shareholding Structure/Free Float Status
Company Name: | African Alliance Insurance Plc | ||||||
Board Listed: | Main Board | ||||||
Year End: | December | ||||||
Reporting Period: | Period End 31 December 2021 | ||||||
Share Price At End of Reporting Period: | N0.20 (2020: N0.20) | ||||||
31-Dec-21 | 31-Dec-20 | ||||||
Description | Unit | Percentage | Unit | Percentage | |||
Issued Share Capital | 20,585,000,000 | 100% | 20,585,000,000 | 100% | |||
Substantial Shareholdings (5% and above) | |||||||
Conau Limited | 11,816,192,187 | 57.40% | 11,835,900,000 | 57.50% | |||
Universal Insurance Plc | 1,200,000,000 | 5.83% | 1,200,000,000 | 5.83% | |||
Total Substantial Shareholding | 13,016,192,187 | 63.23% | 13,035,900,000 | 63.33% | |||
Directors Shareholdings (direct and indirect) excluding directors with substantial holdings | |||||||
Dr Anthony Okocha | 50,000 | 0.00% | 50,000 | 0.00% | |||
Mr Sylva Ogwemoh (SAN) | - | - | - | - | |||
Mrs Funmi Omo | - | 0.00% | - | 0.00% | |||
Mrs Olabisi Adekola | 500,000 | 0.00% | 500,000 | 0.00% | |||
Total Directors Shareholding | 550,000 | 0.00% | 550,000 | 0.00% | |||
Other Shareholdings | |||||||
African Alliance Staff Scheme | 23,652,673 | 0.11% | 23,652,673 | 0.11% | |||
Total Other Shareholdings | 23,652,673 | 0.11% | 23,652,673 | 0.11% | |||
Free Float in Units and Percentage | 7,544,605,140 | 36.65% | 7,524,897,327 | 36.56% | |||
Free Float in Value | ₦ | 1,508,921,028.00 | ₦ | 1,504,979,465.40 | |||
Declaration:
- African Alliance Insurance Plc with a free float percentage of 36.65% as at 31 December 2021, is compliant with the Exchange's free float requirements for companies listed on the Main Board.
- African Alliance Insurance Plc with a free float value of N1,508,921,028.00 as at 31 December 2021, is compliant with the Exchange's free float requirements for companies listed on the Main Board.
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African Alliance Insurance plc published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 14:49:06 UTC.