DAAR COMMUNICATIONS PLC
Company No. RC 117587
ANNUAL REPORTS AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER, 2024
DAAR COMMUNICATIONS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2024
DAAR COMMUNICATIONS PLC | |
TABLE OF CONTENT | |
CONTENTS | PAGE |
Corporate information | 2 |
Financial highlights | 4 |
Statement of directors' responsibilities | 5 |
Report of audit committee | 6 |
Certificate of pursuant | 7 |
Management's annual assessment of and report on internal control over financial reporting | 8 |
Certification of Management's assessment of internal control over financial reporting by | |
Ag.MD/CEO | 9 |
Certification of Management's assessment of internal control over financial reporting by | |
CFO | 10 |
Report of the independent auditors | 11-15 |
Independent auditor's attestation of management's assessment of internal control | |
Over financial reporting | 16-18 |
Statement of profit or loss and other comprehensive income | 19 |
Statement of financial position | 20 |
Statement of changes in equity | 21 |
Statement of cash flows | 22 |
Notes to the financial statements | 23-66 |
Other national disclosures | 67 |
Statement of value added | 66 |
Five-year financial summary | 69 |
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DAAR COMMUNICATIONS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2024
DAAR COMMUNICATIONS PLC
CORPORATE INFORMATION | ||||
Directors: | Chief Raymond Paul Dokpesi Jnr. Chairman of the Board | |||
Snr High Chief. Tony A. Akiotu | Group | Managing | (retired | |
31/October/24) | ||||
Alhaji Gambo Lawan | Non-Executive | |||
Professor Ralph A. Akinfeleye | Non-Executive | |||
Mr. Nornah Awoh | Independent Non-Executive | |||
(not re-elected on | ||||
11/12/2024) | ||||
Mr. Emeka Mba | Non-Executive | |||
Mr. Obi Asika | - | Non-Executive | ||
(Resigned 06/2024) | ||||
Hon. Magnus Onyibe | Non-Executive | |||
Mr. Femi Ademola CFA | Non-Executive | |||
Dr. Ambrose Somide | Executive (retired 10/24) | |||
Dr. (Mrs.) Oluwatosin Dokpesi | Executive (retired 10/24) | |||
Engr. Tony C. Uyah | Executive (retired 10/24) | |||
Chief Stanley Sagboje | Executive | |||
Chief Dr Marcellinus Anyalechi, FCA | Ag. MD/CEO (appointed | |||
01/11/12024) | ||||
Company Secretary | Barr Miji Jonah | |||
Registration No: | RC. 117587 | |||
FRC No: | FRC 2013/00000001551 | |||
Registered Office: | Ladi Lawal Drive Kpaduma Hills, | |||
Off T. Y. Danjuma Street, Asokoro, | ||||
FCT Abuja. | ||||
Independent Auditors: | Baker Tilly Nigeria | |||
(Chartered Accountants), | ||||
No 7 Gwandu close, Off Jibia Street, | ||||
Off Badagry Street, Area 2, Garki, | ||||
Abuja; FCT | ||||
Tel: 08023378194, 08030746349 | ||||
Registrars: | First Registrars and Investors Services Ltd. | |||
No. 2 Abebe Village Road Iganmu, Lagos. | ||||
Bankers: | Fidelity Bank Plc | |||
First Bank Nigeria Plc | ||||
First City Monument Bank Ltd | ||||
Sterling Bank Plc |
Guaranty Trust Bank Plc.
Union Bank of Nigeria Plc
United Bank for Africa Plc
Zenith Bank Plc
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DAAR COMMUNICATIONS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2024
Free Floating report
DAAR COMMUNICATION PLC
FREE FLOAT REPORT AS AT 31 DECEMBER 2024
Name of Company: | DAAR | COMMUNICATION PLC | |||
Board Listed: | |||||
Year End: | 31 DECEMBER | ||||
Reporting Period: | YEAR ENDED 31 DECEMBER 2024 | ||||
Share Price as at end of Reporting Period: | NGN | ||||
DESCRIPTION | CURRENT YEAR 2024 | PREVIOUS YEAR 2023 | |||
Percentage | Percentage (In | ||||
(In relation | relation to | ||||
Units | to Issued | Units | Issued Share | ||
Share | Capital) | ||||
Issued Share Capital | 8,000,001,000 | 100% | 8,000,001,000 | 100% | |
DETAILS OF SUBSTANTIAL SHAREHOLDINGS (5% AND ABOVE) | |||||
DAAR Investment & Holdings Co. Ltd | 4,890,523,000 | 61.13% | 4,890,523,000 | 61.13% | |
Estate of High Chief R. A. Dokpesi | 320,000,000 | 4% | 320,000,000 | 4% | |
Total Substantial Shareholdings | 5,210,523,000 | 65.13% | 5,210,523,000 | 65.13% | |
DETAILS OF DIRECTORS SHAREHOLDINGS (DIRECT & INDIRECT), EXCLUDING DIRECTORS | |||||
HOLDING SUBSTANTIAL INTERESTS | |||||
Chief Raymond Paul Dokpesi Jnr. | 10,000 | 0.00% | 10,000 | 0.00% | |
Mr. Tony A. Akiotu | 100,000 | 0.00% | 100,000 | 0.00% | |
Chief Dr Marcellinus Anyalechi, FCA | Nil | Nil | Nil | Nil | |
Chief Stanley Sagboje | Nil | Nil | Nil | Nil | |
Dr. Ambrose Somide | 4,000 | 0.00% | 4,000 | 0.00% | |
Dr. (Mrs.) Oluwatosin Dokpesi | 120,000 | 0.00% | 120,000 | 0.00% | |
Engr. Uyah Anthony Chukwuemeka | 100,000 | 0.00% | 100,000 | 0.00% | |
Malam Gambo Lawan | 15,000 | 0.00% | 15,000 | 0.00% | |
Mr. Obi Asika | Nil | Nil | Nil | Nil | |
Professor Ralph A. Akinfeleye | Nil | Nil | Nil | Nil | |
Mr. Nornah Awoh | 7,000 | 0.00% | 7,000 | 0.00% | |
Mr. Emeka Mba | Nil | Nil | Nil | Nil | |
Palesa Capital Market Association Ltd | 205,000 | 0.00% | 205,000 | 0.00% | |
Total Directors' Shareholdings Ltd | 561,000 | 0.00% | 561,000 | 0.00% | |
Free Float in Unit and Percentage | 2,788,917,000 | 34.86% | 2,788,917,000 | 34.86% | |
Free Float in Value
DECLARATIONS:
DAAR Communication PLC with a free float percentage of 34.86 % as at 31 December 2024, is in compliant with The Exchange's free float requirements for companies listed on the Main Board
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DAAR COMMUNICATIONS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2024
DAAR COMMUNICATIONS PLC
FINANCIAL HIGHLIGHT
2024 | 2023 | Absolute | Change | |
₦'000 | ₦'000 | ₦'000 | % | |
Revenue | 5,250,947 | 4,510,339 | 740,608 | 16 |
Loss before taxation | (2,313,920) | (1,578,275) | (735,645) | 47 |
Loss after taxation | (2,341,715) | (1,627,523) | (714,192) | 44 |
Non-current assets | 24,363,315 | 25,551,864 | (1,188,549) | (5) |
Current assets | 3,129,247 | 5,354,156 | (2,224,909) | (42) |
Non-current liabilities | 726,160 | 865,375 | (139,215) | (16) |
Current liabilities | 10,582,857 | 12,222,056 | (1,639,199) | (13) |
Issued share capital | 4,000,000 | 4,000,000 | - | 0 |
Share premium | 13,411,541 | 13,411,541 | - | 0 |
Shareholders' fund | 16,183,546 | 17,818,589 | (1,635,043) | (9) |
Total equity and liabilities | 27,492,563 | 30,906,020 | (3,413,457) | (11) |
======== | ======== | ======== | ==== | |
Loss per share (kobo) | (29) | (20) | (10) | (100) |
=== | === | === | ==== |
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DAAR COMMUNICATIONS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2024
DAAR COMMUNICATIONS PLC
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors of DAAR Communications Plc are responsible for the preparation of the financial statements that present fairly the financial position of the Company as at 31 December 2024, and the results of its operations, cash flows and changes in equity for the year ended, in compliance with International Financial Reporting Standards ("IFRS").
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 is insufficient, to enable users to understand the impact of particular transactions, and conditions on the Company's financial position and financial performance, and
- making an assessment of the Company's 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 Company,
- 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 Company, and which enable them to ensure that the financial statements of the Company comply with IFRS,
- Maintaining statutory accounting records in compliance with the legislation of Nigeria and IFRS,
- Taking such steps as are reasonably available to them to safeguard the assets of the Company, and prevent and detect fraud and other irregularities.
The Directors accept responsibility for the preparation of the annual financial statements which has been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates in conformity with International Financial Reporting Standards and the manner required by the Companies and Allied Matters Act (CAMA), 2020 and the Financial Reporting Council of Nigeria Act 2011.
Nothing has come to the attention of the directors to indicate that the Company will not remain a going concern for at least twelve months from the date of this statement.
The directors are of the opinion that the financial statements give a true and fair view of the financial position of the Company and of the loss for the year.
The financial statements of the Company for the year ended 31st December 2024 were approved by Management on … March, 2025.
Signed on behalf of the Directors
Chief Dr Marcellinus Anyalechi | |
Ag MD/CEO | Executive Director, Finance & Accounts/CFO |
FRC/2015/ICAN/00000013647 | FRC/2016/ICAN/00000015580 |
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DAAR COMMUNICATIONS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2024
DAAR COMMUNICATIONS PLC
REPORT OF AUDIT COMMITTEE
Report of the Audit Committee to the members of DAAR Communications Plc for the year ended 31 December 2024
In compliance with the provisions of Section 404 (7) of the Companies and Allied Matters Act, 2020, the members of the Audit Committee of DAAR Communications Plc have considered the audited Financial Statements for the year ended 31 December 2024 together with the Management Report from the External Auditors and Management response thereon.
In our opinion, the scope and planning of the audit for the year ended on 31 December 2024 was adequate.
After due consideration, the Audit Committee accepted the Report of the External Auditors that the Financial Statements were prepared in accordance with the International Financial Reporting Standards and agreed ethical practices and give a true and fair view of the state of affairs of the Company.
The Committee reviewed Management's Response to the Auditor's findings in respect of Management matters and is satisfied with Management's response thereto.
The Committee also considered and recommends to the Board provision made in the Financial Statements with respect to the remuneration of the Auditors.
The Committee, therefore, recommends that the audited Financial Statements of the Company for the year ended 31 December, 2024, and the Auditors' report thereon be presented for adoption at the Annual General Meeting.
John Adidi, FCA
FRC/2013/ICAN/00000000742
Chairman, Audit Committee
28 March, 2025.
Members of the Audit Committee are:
Mr. John Adidi, FCA | Chairman - Shareholder's Representative |
High Chief Vincent Barrah | Member- Shareholder's Representative |
Mr. Ayanwamide Yinka | Member - Representative |
Mr. Nornah Awoh | Member - Board's Representative (14 September, 2023- 11 |
December, 2024) | |
Prof. Ralph Akinfeleye | Member Board's Representative. (14 September, 2023- 11 |
December, 2024) | |
Dr Femi Ademola CFA | Member Board's Representative (Appointed December 2024) |
Hon. Magnus Onyibe | Member Board's Representative (Appointed December2024) |
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DAAR COMMUNICATIONS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2024
DAAR COMMUNICATIONS PLC
Certification Pursuant to Section 405 of CAMA 2020
We, the undersigned hereby certify the following with regards to our Audited Financial Statements for the period ended 31 December 2024 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 this 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 this report.
-
We:
- are responsible for establishing and maintaining internal controls.
- have designed such internal controls to ensure that material information relating to the Company is made known to such officers by others within the entity, 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 presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date; - We have disclosed to the auditors of the Company:
- All significant deficiencies in the design or operation of internal controls which would adversely affect the company's ability to record, process, summarize and report financial data and have identified for the company's auditors any material weakness in internal controls, and
- Any fraud, whether or not material, that involves management or other employees who have a 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.
Chief Dr Marcellinus Anyalechi | Chief Stanley Sagboje |
Acting MD/CEO | Executive Director, Finance & Accounts/CFO |
FRC/2015/PRO/ICAN/00000013647 | FRC/2016/PRO/ICAN00000015580 |
28 March, 2025 | 28 March, 2025 |
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DAAR COMMUNICATIONS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2024
MANAGEMENT'S ANNUAL ASSESSMENT OF, AND REPORT ON DAAR COMMUNICATIONS'S PLC'S INTERNAL CONTROL OVER FINANCIAL REPORTING FOR THE YEAR ENDED 31 DECEMBER 2024.
To comply with the provisions of Section 1.3 of SEC Guidance of implementation of Sections 60-63 of investments and Securities Act 2007, we hereby make the following statements regarding the Internal Controls of DAAR Communications Plc for the year ended 31 December 2024.
- DAAR Communications Plc's management is responsible for establishing and maintaining a system of internal control over financial reporting ("ICFR") that provides reasonable assurance and regarding the reliability of financial reporting and the preparation of financial statements for the external purposes in accordance with International Financial Reporting Standards.
- DAAR Communication Plc's management used the Committee of Sponsoring Organization of the Treadway Commission (COSO) Internal Control-Integrated Framework to conduct the required evaluation of the effectiveness of the entity's ICFR,
- DAAR Communication Plc's management has assessed that the entity's ICFR as of the end of 31 December, 2024 is effective.
- DAAR Communication Plc's external auditor Messrs Baker Tilly Nigeria that audited the financial statements, included in the annual report, has issued an attestation report on the management's assessment of the entity's internal control over financial reporting. The attestation report of Messrs Baker Tilly Nigeria that audited its financial statements will be filed as part of DAAR communication Plc's annual report
Chief Dr Marcellinus Anyalechi | Stanley Sagboje |
Acting MD/CEO | Executive Director, Finance & Accounts/CFO |
FRC/2015/PRO/ICAN/00000013647 | FRC/2016/PRO/ICAN00000015580 |
28 March, 2025 | 28 March, 2025 |
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DAAR COMMUNICATIONS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2024
CERTIFICATION OF MANAGEMENT'S ASSESSMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING FOR THE YEAR ENDED 31 DECEMBER 2024
To comply with the provisions of Section 1.3 of SEC Guidance of implementation of Sections 60-63 of investments and Securities Act 2007 we hereby make the following statements regarding the Internal Controls of DAAR Communications Plc for the year ended 31 December 2024.
I Chief Dr Marcellinus Anyalechi, certify that:
- I have reviewed this management assessment on Internal Control over financial reporting of DAAR Communications Plc.
- Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
- Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
- The company's other certifying officer(s) and I:
- are responsible for establishing and maintaining internal controls;
- have designed such internal controls and procedures, or caused such internal controls and procedures to be designed under our supervision, to ensure that material information relating to the company, and its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
- have designed such internal control system, or caused such internal control system to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
- have evaluated the effectiveness of the company's internal controls and procedures as of a date within 90 days prior to the report and presented in this report our conclusions about the effectiveness of the internal controls and procedures, as of the end of the period covered by this report based on such evaluation.
- The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of interna control system, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):
There were no significant deficiencies and material weaknesses in the design or operation of the internal control system which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and
There was no fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control system.
The company's other certifying officer(s) and I have identified, in the report whether or not there were significant changes in internal controls or other facts that could significantly affect internal controls subsequent to the date of their evaluation including any corrective actions with regard to significant deficiencies and material weaknesses.
Chief Dr Marcellinus Anyalechi
Acting MD/CEO
FRC/2015/PRO/ICAN/00000013647
28 March, 2025
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