ABBEY MORTGAGE BANK : AUDITED FINANCIAL STATEMENT FOR 2022

ABBEY MORTGAGE BANK PLC

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

ABBEY MORTGAGE BANK PLC

REPORT OF DIRECTORS AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

CONTENTS	Page
Corporate Information	1
Report of the Directors	2 - 7
Statement of Directors' Responsibilities in Relation to the Preparation of the Financial Statements	8
Certification Pursuant to Section 60(2) of the Investments and Securities Act No. 29 of 2007	9
Statement of Corporate Responsibility for the Financial Statements	10
Corporate Governance Report	11 - 19
Board Evaluation Report	20
Enterprise Risk Management Policy	21-25
Report of the Audit Committee	26
Independent Auditor's Report	27-30
Statement of Profit or Loss and Other Comprehensive Income	31
Statement of Financial Position	32
Statement of Changes in Equity	33
Statement of Cash Flows	34
Notes to the Financial Statements	35 -112
Other National Disclosures
Value Added Statement	114
Five-Year Financial Summary	115 - 116

ABBEY MORTGAGE BANK PLC

CORPORATE INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2022

DIRECTORS
Names	Post Held	Appointment Date
Mazi Emmanuel Kanu O.Ivi	Chairman	1st August 1991
Mr. Madu Hamman	Managing Director/CEO*	18th December, 2008
Mr. Mobolaji Adewumi	Managing Director/CEO	3rd February, 2020
Mr. Oladipupo Adeoye	Executive Director	26th June, 2020
Air Vice Marshal Olufemi Soewu (rtd.)	Non-Executive Director	14th December, 2005
High Chief Samuel Oni	Independent Non-Executive Director	14th July, 2016
Mr. Nonso Okpala	Non-Executive Director	3rd February, 2020
Prof. Marius Umego	Non-Executive Director	3rd February, 2020
Brig-Gen John Obasa (rtd.)	Non-Executive Director	24th February, 2020
Geoff Amaghereonu Esq	Company Secretary.
	23 Karimu Kotun Street
Registered Office	Victoria Island
	Lagos
Registered No:	RC 172093
License No:	26
Tax Identification Number	01334740-0001
Auditor:	Deloitte & Touche
	Plot GA 1, Civic Towers
	Ozumba Mbadiwe, Victoria Island
	Lagos, Nigeria.
Registrars:	Africa Prudential Plc
	220B, Ikorodu Road
	Palmgrove
	Lagos
	Nigeria

* Mr Madu Hamman retired from the Bank on 14th April 2022 upon his appointment as the MD, FMBN

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ABBEY MORTGAGE BANK PLC

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2022

The Directors present their report together with the audited financial statements of Abbey Mortgage Bank Plc ("the Bank") for the year ended 31 December 2022.

The Bank applied the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board in preparing these Financial Statements and the comparative financial information.

1. RESULT
   Highlights of the Bank's operating results for the year under review are as follows:

	2022	2021
	₦'000	₦'000
Profit before income tax	827,268	661,063
Income tax expense	(61,109)	(38,865)
Profit after income tax	766,159	622,199
Other comprehensive income	-	-
Profit for the year	766,159	622,199
Less: appropriations:
Transfer from/(to) regulatory risk reserve	609,939	(509,187)
Net effect of operations on accumulated losses	1,376,098	113,011

1. PRINCIPAL ACTIVITIES AND BUSINESS REVIEW
   The principal activity of the Bank continues to be the provision of mortgage and banking services to the general public.
2. LEGAL FORM
   The Bank, which was incorporated in Nigeria as a private limited liability company on 26 August 1991, obtained its license to operate as a Mortgage Bank on 20 January 1992, commenced business on 11 March 1992 and later converted to a public limited liability company in September 2007. On 21 October 2008, the Bank became officially listed on the Nigerian Stock Exchange. Following the approval of the Central Bank of Nigeria, the Bank changed its name from Abbey Building Society Plc to Abbey Mortgage Bank Plc on 16 January 2014.

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ABBEY MORTGAGE BANK PLC

REPORT OF THE DIRECTORS - Continued

FOR THE YEAR ENDED 31 DECEMBER 2022

1. DIRECTORS' INTERESTS IN SHARES AND CONTRACTS
   The interests of the Directors in the issued share capital of the Bank as recorded in the Register of Directors' Shareholding as at 31 December 2022 are as follows:

		As at 31		As at 31
		December	Percentage	December	Percentage
S/N	Name of Directors	2022 (Shares)	Holding [%]	2021 (Shares)	Holding [%]
1	Mazi Emmanuel Kanu O. Ivi	118,642,341	1.17	118,642,341	1.17
2	Mr. Mobolaji Adewumi*	NIL		NIL
3	Mr. Oladipupo Adeoye*	NIL		NIL
4	Air Vice Marshal Olufemi Soewu (Rtd)	50,717,076	0.5	50,717,076	0.78
5	High Chief Samuel Oni	NIL		NIL
6	Mr. Nonso Okpala*	NIL		NIL
7	Prof. Marius Umego	NIL		NIL
8	Brig-Gen. John Obasa (Rtd)	NIL		NIL

• INDIRECT HOLDING
  Mobolaji Adewumi, Dipo Adeoye and Nonso Okpala have indirect holding through VFD Group.

None of the Directors notified the Bank of any disclosable interest in contracts with which the Bank was involved as at 31 December 2022 (2021: None)

1. ELECTION/RE-ELECTIONOF DIRECTORS
   In accordance with Article 106 of the Bank's Articles of Association, High Chief Samuel Oni and Brig-Gen John
   Obasa two of the Directors, retire by rotation and being eligible, offer themselves for re-election.
2. RECORD OF DIRECTORS' ATTENDANCE
   In accordance with Section 284 (2) of the Companies and Allied Matters Act 2020, the Record of Directors' attendance at Directors' meetings during the financial year under review is available for inspection at the Annual
   General Meeting. It is also disclosed in the Corporate Governance Section of the Annual Report.

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