AFROMEDIA : AUDITED FINANCIAL STATEMENT FOR 2021

AFROMEDIA PLC

Registration number RC 2027

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

(Chartered Accountants)

18b Olu Holloway Road

Ikoyi, Lagos Nigeria

Tel: [phone] W ebsite:www.siao-ng.com

E-mail:[e-mail]

Afromedia Plc

(Registration number RC 2027)

Annual Report and Financial Statements for the year ended 31 December 2021

General Information

Country of incorporation and domicile

Nature of business and principal activities

Directors

Registered officeBusiness addressSecretaryWebsite

Registrar and Transfer office

NigeriaThe principal activity of the company is outdoor advertising which consist of advertising in airports, street furniture and bill boards.

Alhaji Lateef Akande Bakare - Chairman (Independent Non-Executive Director)

Otunba Akinlola Irewunmi Olopade - Group Managing Director / CEO

Engr. Patrick Osita Nwabunie - Group Deputy Managing Director

Mr Kabir Usman - Independent Non-Executive Director

Mr Olajide Shokunbi - Non Executive Director

Kilometer 21, Badagry Expressway, Araromi, Ajangbadi,

P. O. Box 2377, Marina, Lagos, Nigeria

Tel: [phone]

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,

Nigeriawww.lexworthlegal.comwww.afromediaplc.com

Crescent Registrars Limited OFFICE 23, Olusoji Idowu Street, Ilupeju,

Lagos

Auditors

SIAO Partners (Chartered Accountants)

18b Olu Holloway Road,

P.O. Box 55461, Falomo, Ikoyi, Lagos

Website:www.siao-ng.com Email:[e-mail]

Bankers

Access 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
(Registration number RC 2027)
Annual Report and Financial Statements for the year ended 31 December 2021
Contents
Page
Financial Highlights	3
Audit Committee Report	4
Company Secretary's Certification	5
Directors' Report	6- 9
Directors' Responsibilities and Approval	10
Certification Pursuant to Section 405 of CAMA 2020	11
Independent Auditor's Report	12
Statement of Financial Position	16
Statement of Profit or Loss and Other Comprehensive Income	17
Statement of Changes in Equity	18
Statement of Cash Flows	19
Accounting Policies	20 - 35
Notes to the Financial Statements	36 - 62
Statement of Value Added	63
Five year Financial Summary	64

Afromedia Plc

(Registration number RC 2027)

Annual Report and Financial Statements for the year ended 31 December 2021

Financial Highlights

1.

Statement of Financial Position

2. Statement of Profit or Loss and Other Comprehensive Income

Assets	31 December	31 December	Change	Change
2021	2020	N'000	%
N'000	N'000
Non-Current Assets	1,127,758	1,140,778	(13,020)	(1.14)
Current Assets	623,216	950,640	(327,424)	(34.44)
Non-Current Liabilities	3,600,900	124,399	3,476,501	2,794.64
Current Liabilities	1,368,489	5,329,671	(3,961,182)	(74.32)
Equity
Share capital	2,219,524	2,219,524	-	-
Reserves	2,853,605	2,853,605	-	-
Share premium	537,754	537,754	-	-
Retained (Loss)	(8,829,298)	(8,973,535)	(144,237)	(1.61)
347,001	(24,025)	(6.92)
492,915	(315,730)	(64.05)
544,927	(367,742)	(67.48)
0.12	-	-

Revenue 322,976

Profit before taxation 177,185

Profit from continuing operations after taxation 144,237

3.

Earnings per share

Per share information Basic earnings per share (N)

0.03

3

Afromedia Plc

(Registration number RC 2027)

Annual Report and Financial Statements for the year ended 31 December 2021

Audit Committee Report

1. External auditor

The audit committee has recommended to the Board the appointment of SIAO Partners as the independent auditor and Mr. Abiodun Ariyibi as the designated partner, who is a registered independent auditor, for appointment of the 2021 audit.

The committee satisfied itself through enquiry that the external auditor is independent as defined by the Companies and Allied Matters Act of Nigeria, 2020 and as per the standards stipulated by the auditing profession. Requisite assurance was sought and provided by the Companies and Allied Matters Act of Nigeria, 2020 that internal governance processes within the firm support and demonstrate the claim to independence.

The audit committee in consultation with executive management, agreed to the terms of the engagement. The audit fee for the external audit has been considered and approved taking into consideration such factors as the timing of the audit, the extent of the work required and the scope.

2. Annual Report and Financial Statements

In compliance with Section 404 (7) of the Companies and Allied Matters Act , 2020, we have exercised our statutory functions and have examined the Auditors Report for the period ended 31 December 2021 and hereby state the following:.

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

We have reviewed the auditors Management letter for the period ended 31 December 2021 as well as the Management responses there on.

The internal control has been constantly and effectively monitored.

We also ascertained the accounting and reporting policies of the Company for the period ended 31 December 2021 are in accordance with legal requirement and ethical practice.

In our opinion, the scope and planning of the audit for the period eneded 31 December 2021 was adequate and management's response to Auditors' finding thereon 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 Usman	Member
Mr Olajide Shokunbi	Member