May & Baker Nigeria : AND BAKER- QUARTER 5 - FINANCIAL STATEMENT FOR 2022

MAY AND BAKER NIGERIA PLC

CONSOLIDATED AND SEPARATE

FINANCIAL STATEMENTS

31 DECEMBER 2022

MAY AND BAKER PLC
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Contents	Page
Corporate information	i
Share free float analysis	ii
Attestation	iii
Statement of Directors' responsibilities in relation to the consolidated financial
statements	1
Independent auditor's report	2
Consolidated statement of financial position	6
Consolidated statement of profit or loss and other comprehensive income	7
Consolidated statement of changes in equity	8
Consolidated statement of cash flows	9
Notes to the consolidated financial statements	10
Other national disclosures:
Consolidated statement of value added	64
Financial summary	65
For management use:
Detailed profit or loss and other comprehensive income account	67

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

CORPORATE INFORMATION

BOARD OF DIRECTORS:

Senator D. E. Danjuma Mr. P.O. Ajah

Mrs. G.I. Odumodu Dr. E. Abebe

Chief S.M. Onyishi (MON) Mr. V.C. Okelu

Mr. A.S. Aboderin

Mr. K.O. Durojaiye FCA, HICB Dr. (Mrs.) Rahila Ilegbodu

- - - - - - - - -

Chairman Managing Director Non-Executive Non-Executive Non-Executive Executive Executive Non-Executive Independent Non-Executive

SECRETARIES:

-Marina Nominees Limited 233 Ikorodu Road, Ilupeju, Lagos.

REGISTRATION NO.:

-558

REGISTERED OFFICE:

-3/5 Sapara Street, Ikeja.

REGISTRAR:AUDITORS:

-Veritas Registrars Limited

Plot 89A Ajose Adeogun Street, Victoria Island Extension, Lagos.

-PKF Professional Services 205A Ikorodu Road, Obanikoro, Lagos.

SOLICITORS:

-Nnenna Ejekam & Associates

BANKERS:

-Bank of Industry

First City Monument Bank Limited Fidelity Bank Plc

First Bank of Nigeria Limited Guaranty Trust Bank Limited Standard Chartered Bank Limited Zenith Bank Plc

Citibank Limited Sterling Bank Plci

MAY AND BAKER PLC

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Free Float Computation

Company Name:

Board Listed : Year End: Reporting Period: Reporting Period:

Shareholding Structure / Free Float Status

May & Baker Nigeria Plc Main Board

December

Quarter 4 Ended 31 December 2022 N4.30k (2021: N4.02K)

Description	31-Dec-22	31-Dec-21
Unit	Percentage	Unit	Percentage
Issued Share Capital	1,725,234,886	100.00%	1,725,234,886	100%
Substantial Shareholdings (5% and above)
T.Y.Holdings	720,878,543	41.78%	720,878,543	41.78%
Onyishi Maduka samuel	257,264,668	14.91%	257,264,668	14.91%
Total Substantial Shareholdings	978,143,211	56.70%	978,143,211	56.70%
Directors' Shareholdings (direct and indirect), excluding directors with substantial interest
Senator Daisy Danjuma (Indirect)	Representing Oil Tech Nigeria Ltd Representing Osis Yuvic Ltd Oil Tech Nigeria Ltd)	14,874,759 11,088,000	0.86% 0.64%	14,874,759 11,088,000	0.86% 0.64%
Mr. Patrick Ajah	-	-	-	-
Dr. E. Abebe (Direct)	-	-	-	-
Mr. I. Dankaro (Indirect)	Representing David Dankaro	16,558,831	0.96%	16,558,831	0.96%
Representing Maydav Multi Resources Ltd	45,073,864	2.61%	45,073,864	2.61%
Mrs G.I. Odumodu (Indirect)	Representing Seravac Nigeria Ltd	54,134,958	3.14%	54,134,958	3.14%
Representing J.I. Odumodu	3,617,198	0.21%	3,617,198	0.21%
V.C. Okelu	1,591,862	0.09%	1,591,862	0.09%
C.S. Chukuka	1,007,168	0.06%	1,007,168	0.06%
Aboderin A.S	93,500	0.01%	93,500	0.01%
Durojaiye Kolawole Olalekan	139,570	0.01%	139,570	0.01%
Other Directors' Shareholdings	148,179,710	8.59%	148,179,710	8.59%
Total Directors' Shareholdings	1,126,322,921	65.29%	1,126,322,921	65.29%
Free Float in Units and Percentage	598,911,965	34.71%	598,911,965	34.71%
Free Float in Value (N)	2,575,321,449.50	2,407,626,099.30

Declaration:

May & Baker Nigeria Plc with a free float percentage of 34.71% as at 31st December, 2022, is compliant with The Exchnage's free float requirements for companies listed on the Main Board.

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CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

CERTIFICATION PURSUANT TO SECTION 7(2) OF THE FRCN ACT 2011

We the undersigned hereby certify with regards to the Annual Report and Financial Statements of May & Baker Nigeria Plc and its subsidiaries for the year ended 31 December, 2022 that:

• (a) We have reviewed the report;

• (b) To the best of our knowledge, the report does not:

  • i. contain any untrue statement of a material fact, or

  • ii. omit to state a material fact, which would make the statements misleading in the light of the circumstances under which such statements were made;

• (c) We have examined the report to ascertain whether or not there were significant changes 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.

• (d) We:

  • i. are responsible for establishing and maintaining internal controls.

  • ii. have designed such internal controls to ensure that material information relating to the Company including thesubsidiaries is made known to such officers and others within those entities particularly during the period in which the annual reports are being prepared;

  • iii. have evaluated the effectiveness of the Company's internal controls as of date and within 90 days prior to the report;

  • iv. have presented in the report our conclusions about the effectiveness of the internal controls based on our evaluation as of that date;

• (e) 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 at 31st December, 2022 and for the periods presented in the report.

…………………………… ..

Managing Director/CEO FRC/2021/003/00000023215

Finance Director

FRC/2014/ICAN/00000008270

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