2025
TIP FINANCE DEPARTMENT
12/31/2025
DOCUMENT NO.: TIP-FIN-MNG -0026 REV NO.: 00
Unit/Dept: COMMERCIAL AND FINANCE Site/Location: TIP BASE
Completed By: TANEH ROSEMARY Position: CHIEF FINANCIAL OFFICER
TABLE OF CONTENTTITLE PAGE 1
TABLE OF CONTENT 2
STATEMENT OF DIRECTOR'S RESPONSILITY… 3
CERTIFICATION OF COMPLIANCE 4
SECURITY TRADING POLICY 5
FREE FLOAT STATUS… 6
AUDIT COMMITTEE REPORT 7
EXECUTIVE SUMMARY 8-11
STATEMENT OF COMPREHENSIVE INCOME 12
STATEMENT OF FINANCIAL POSITION 13
CHANGE IN EQUITY 14
CASHFLOW STATEMENT 15
NOTE TO THE ACCOUNTS-- 16-22
STATEMENT OF VALUE ADDED 33
FIVE YEARS FINANCIAL SUMMARY 34
DOCUMENT NO.: TIP-FIN-MNG -0026
REV NO.: 00
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors of The Initiates Plc are responsible for the preparation of the financial statements that give a true and fair view of the financial position of the Company and the results of its operations, cashflows and changes in equity for the period ended 31st December 2025, in compliance with International Financial Reporting Standards ("IFRS") and in the manner required by the Companies and Allied Matters Act of Nigeria, the Financial Reporting Council of Nigeria 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 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
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
preventing and detecting fraud and other irregularities.
The financial statements of the Company for the period ended 31st December, 2025 were approved by directors on 28th, January, 2026.
SIGNED ON BEHALF OF THE BOARD OF DIRECTORS BY:
………………………………………….. …………………………………………..
Mr. Joe Ogbonna Anosikeh Mr. Reuben Mustapha Ossai
Chairman Managing Director
FRC No:FRC/2014/NIS/00000008836 FRC No:FRC/2014/NIAECHI/00000009687
DOCUMENT NO.: TIP-FIN-MNG -0026 REV NO.: 00
CERTIFICATE OF COMPLIANCE OF THE INITIATES PLC PURSUANT TO SECTION 60(2) OF THE INVESTMENT AND SECURITIES ACT, 2007 FOR THE
FOURTH QUARTER ENDED 31ST DECEMBER 2025
We hereby certify that:
The signing officers have reviewed the financial report;
Based on the knowledge of the officers, the Management account does not:
Contain any untrue statement of a material fact;
Omit to state a material fact which would make the statement misleading in the light of the circumstances under which the statement was made;
The financial statement represents fairly the financial condition and result of the operations of the Company as of and for the period indicated;
The signing officers:
Are responsible for establishing and maintaining internal control.
Have designed such internal control to ensure that material information relating to the Company is made known to such officers within the entity particularly during the period in which the periodic report was prepared.
Have evaluated the effectiveness of the Company's internal control as of date
within 30 days prior to the time of this account.
The signing officers have disclosed to the Audit Committee of the Company.
All significant deficiencies in the design or operations of the internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and was identified for any material weakness in internal controls;
Anosikeh, Joe Ogbonna Ossai, Reuben Mustapha Taneh Rosemary Chairman Chief Executive Officer Chief Financial Officer
FRC No: FRC/2014/PRO/DIR/003/00000008836 FRC No: FRC/2014/PRO/DIR/003/00000009687 FRC//2017/PRO/ICAN/001/00000016060
DOCUMENT NO.: TIP-FIN-MNG -0026 REV NO.: 00
SECURITIES TRADING POLICY
In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule): The Initiates Plc maintains effective Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares. The Policy is regularly reviewed and updated by the Board. The Company has made specific inquiries of all the directors and other insiders and is not aware of any infringement of the policy during the period.
Olaide Odejobi Company Secretary
FRC/2017/PRO/NBA/002/00000016739
DOCUMENT NO.: TIP-FIN-MNG -0026 REV NO.: 00
THE INITIATES PLC
SHAREHOLDING STRUCTURE AND FREE FLOAT STATUS AS AT THE PERIOD ENDED 31ST DECEMBER 2025
COMPANY NAME: THE INITIATES PLC.
BOARD LISTED: GROWTH BOARD
YEAR END: 31ST DECEMBER
REPORTING PERIOD 2025 FOURH QUARTER (1ST OCTOBER - 31ST DECEMBER 2025)
SHARE PRICE AS AT REPORTING DATE: N13.30 (2024: N2.50)
DESCRIPTION | 2025 | 2024 | ||
UNITS | PERCENTAGE (IN RELATION TO ISSUED SHARE CAPITAL) % | UNITS | PERCENTAGE (IN RELATION TO ISSUED SHARE CAPITAL) % | |
Issued Share Capital @ 50 Kobo per share | 889,981,552 | 100% | 889,981,552 | 100% |
266,994,465.60 | ||||
Details of Substantial Shareholdings (5% and above) | ||||
OSSAI REUBEN M | 163,088,334 | 18.32 | 190,695,237 | 21.43 |
AFOLAYAN SAMUEL OLAJIDE | 117,727,359 | 13.23 | 137,798,925 | 15.48 |
RICHGATE INVEST SEC LTD | 50,750,000 | 5.70 | 106,400,000 | 11.96 |
OBOH-OZOHEREBE GORDON | - | - | 58,568,412 | 6.58 |
Total Substantial Shareholdings | 331,565,693 | 37.26 | 493,462,574 | 55.45 |
Details of Directors Shareholdings (direct and indirect), excluding directors' holding substantial interests | ||||
ANOSIKEH JOE OGBONNA | 15,825,274 | 1.78 | 20,295,796 | 2.28 |
ALIKOR ACHI EDWARD | 1,126,761 | 0.13 | 1,126,761 | 0.13 |
EBINUM JOESEPH ( INDIRECT - BELL IYKE LIMITED) | 37,550,000 | 4.22 | 37,550,000 | 4.22 |
GODWIN OVIEMUNO OBOH | 1,529,128 | 0.17 | - | - |
Total Directors' Shareholdings | 56,031,163 | 6.30 | 58,972,557 | 6.63 |
Details of Other Influential shareholdings, if any (E.g. Government, Promoters) | ||||
EMPLOYEES | 5,432,282 | 0.61 | 5,432,282 | 0.61 |
Total of Other Influential Shareholdings | 5,432,282 | 0.61 | 5,432,282 | 0.61 |
Free Float in Unit and Percentage | 496,952,414 | 55.84 | 332,114,139 | 37.32 |
Free Float in Value ₦ 6,609,467,106.20 | ₦ 830,285,347.50 | |||
THE INITIATES Plc with a free float percentage of 55.84% as at 31st December 2025, is compliant with The Exchange's free float requirements for companies listed on the GROWTH Board.
THE INITIATES Plc with a free float Value of N6,609,467,106.20 as at 31st December 2025, is compliant with The Exchange's free float requirements for companies listed on the GROWTH Board.
DOCUMENT NO.: TIP-FIN-MNG -0026 REV NO.: 00
AUDIT COMMITTEE REPORT OF THE INITIATES PLC
In compliance with Section 359(6) of the Companies and Allied Matters Act CAP.C20, LFN 2004, and Section 60(2) of the Investment and Securities Act 2007, we have reviewed the Management account for the fourth quarter ended 31st December 2025; and hereby state as follows:
We examined the accounting entries, policies and bases for preparation of the fourth quarter ended 31st December 2025; this was in our opinion adequate.
We also reviewed the Internal Auditors report for the period as well as the Management's
response thereon.
We ascertained that the accounting and reporting policies of the Company for fourth quarter ended 31st December 2025; are in accordance with legal requirements and agreed ethical practices.
In our opinion, the accounting entries, policies and bases of this Management account for the fourth quarter ended 31st December 2025; was adequate and Management's response to Internal Auditors' findings thereon was satisfactory.
Dated 27th January, 2026.
FRC/2017/PRO/ ICAN/002/00000016424
Members of the Committee:
Mr. Christian Ugochukwu Nwanma - Chairman/Shareholder Representative Prof.Edward Alikor - Non-Executive Director
Mr. Joseph Ebinum - Non-Executive Director
Mr. Adegbite Olushola Babawale Shareholder Representative
DOCUMENT NO.: TIP-FIN-MNG -0026 REV NO.: 00
EXECUTIVE SUMMARY:
FOURTH QUARTER (OCT - DECEMBER 2025)
TIP reported a remarkable revenue of N6.31B (2024: N2.006B) representing over 214.57% increase over same period in 2024. A gross Profit of N2.840 billion naira representing 45% of the revenue (Q4 2024: N832.5m) was reported for the quarter showing a significant performance of 45% of the revenue and over 241.14% of the gross profit of Q4 2024 and an outstanding Net Profit Before Tax of N2.274b (Q4 2024: 694m) for the 4th quarter.
YEAR TO DATE (JAN- DECEMBER 2025) REPORT:
TIP posted a total revenue of NGN11.698B (2024: NGN4.566B) which represent over 156.18% increase over revenue of 2024. Gross Profit of N5.985 billion naira (51% of revenue) was reported for the period showing a great performance in comparison to same period in (2024 N1.837b). A net Profit before tax of 4.998b - 43% of revenue was also reported (2024: 1.426b). TIP is delighted at these performances and is very determined to do better in the coming year.
DOCUMENT NO.: TIP-FIN-MNG -0026 REV NO.: 00
BALANCE SHEET
TIP Balance Sheet value shows a total asset of over NGN11.866 billion as 31st December, 2025
Trade Receivables: This stood at NGN6.251B as 31st December, 2025 with only NGN281M above 90 days.
Trade Payable: NGN3.501B is the Account Payable balance as at the close of business (COB) on the 31st December, 2025.
Measurement of Liquidity:
TIP liquidity including Cash & Cash Equivalent at the close of the December 31st 2025 shows NGN2.547b. The Company's gearing ratio has dropped to 0:02 resulting from the repayment of loans as at 31st December, 2025.
The Management and Board are pleased that this continuous increase in overall performance will be sustained into the future with the addition of other facets of waste management in multiple locations.
DOCUMENT NO.: TIP-FIN-MNG -0026 REV NO.: 00
THE INITIATES PUBLIC LIMITED COMPANY
HIGHLIGHT OF ACCOUNT FOR THE PERIOD ENDED 31ST DECEMBER 2025
STATEMENT OF COMPREHENSIVE INCOME | ||||||
FOR THE PERIOD ENDED 31ST DECEMBER | ||||||
THREE MONTHS ENDED 31ST DECEMBER | YEAR TO DATE ENDED 31ST DECEMBER | |||||
ACTUAL | HISTROY | CHANGE | ACTUAL | HISTROY | CHANGE | |
N'Mn | N'Mn | % | N'Mn | N'Mn | % | |
Revenue | 6,310.33 | 2,006.04 | 214.57 | 11,698.63 | 4,566.58 | 156.18 |
Direct cost | 3,470.23 | 1,173.50 | 195.72 | 5,712.67 | 2,729.31 | 109.31 |
Gross Profit | 2,840.09 | 832.54 | 241.14 | 5,985.96 | 1,837.27 | 225.81 |
Other Income | 36.66 | - | 100.00 | 39.30 | - | 100.00 |
Total Indirect Cost | 597.54 | 128.41 | 365.34 | 986.27 | 343.95 | 186.74 |
Financial Cost | 4.42 | 9.83 | (55.01) | 40.22 | 67.47 | (40.40) |
Profit Before Tax | 2,274.79 | 694.29 | 227.64 | 4,998.77 | 1,425.84 | 250.58 |
Provision of Income Tax Expense | 733.73 | 223.94 | 227.64 | 1,612.35 | 459.91 | 250.58 |
Profit for the period | 1,541.06 | 470.35 | 227.64 | 3,386.42 | 965.94 | 250.58 |
STATEMENT OF FINANCIAL POSITION | ||||||
AS AT 31ST DECEMBER | ||||||
ACTUAL | HISTROY | CHANGE | ||||
ASSETS | N'Mn | N'Mn | % | |||
Non-Current Assets | ||||||
Property, plant and Equipment | 2,617.74 | 1,941.68 | 34.82 | |||
Other non - current asset | 4.60 | 8.47 | (45.70) | |||
Investment | 115.91 | 105.62 | 9.74 | |||
Total Non-Current Assets | 2,738.25 | 1,950.14 | 40.41 | |||
Current Assets | ||||||
Inventories | 68.81 | 26.38 | 160.82 | |||
Trade receivables | 6,251.18 | 2,943.32 | 112.39 | |||
Cash and cash equivalents | 2,546.86 | 35.63 | 7,048.42 | |||
Current tax assets | 111.09 | 113.27 | (1.92) | |||
Other current tax assets | 150.43 | 32.42 | 363.95 | |||
Total current Asset | 9,128.38 | 3,151.02 | 189.70 | |||
Total Assets | 11,866.62 | 5,101.17 | 132.63 | |||
Non-Current Liabilities | ||||||
Deferred tax | 360.04 | 122.13 | 194.81 | |||
Long Term Borrowing | 98.00 | 350.00 | (72.00) | |||
Total Non-Current Liability | 458.04 | 472.13 | (2.98) | |||
Current Liabilities | ||||||
Trade and Other payables | 3,501.79 | 1,312.66 | 166.77 | |||
Other current tax liabilities | 1,612.35 | 459.91 | 250.58 | |||
Other current tax liabilities | 1,048.88 | 371.94 | 182.01 | |||
Employees' benefits | 3.77 | 4.49 | (16.16) | |||
Short term borrowings | (0.00) | 193.99 | 100.00 | |||
Total current liabilities | 6,166.79 | 2,342.99 | 163.20 | |||
Total Liabilities | 6,624.83 | 2,815.11 | 135.33 | |||
Working Capital | 2,961.59 | 808.04 | 266.52 | |||
Net Asset | 5,241.80 | 2,286.05 | 129.29 | |||
DOCUMENT NO.: TIP-FIN-MNG -0026 REV NO.: 00
DOCUMENT NO.: TIP-FIN-MNG -0026 REV NO.: 00
KEY RATIOS | ||||
THREE MONTHS ENDED 31ST DECEMBER | YEAR TO DATE ENDED 31ST DECEMBER | |||
Q4 2025 | Q4 2024 | YTD 2025 | YTD 2024 | |
Earnings Per Share | 1.73 | 0.53 | 3.81 | 1.09 |
Gross Profit Margin | 45.01 | 41.50 | 51.17 | 40.23 |
Net Profit Margin | 24.42 | 23.45 | 28.95 | 21.15 |
Net Asset Per Shares | 5.89 | 2.69 | 5.89 | 2.69 |
Return on Capital Employed | 27.04 | 16.42 | 59.41 | 33.73 |
Current Ratios | 1.48 | 1.34 | 1.48 | 1.34 |
Net Working Capital: | 0.47 | 0.40 | 0.25 | 0.18 |
Fixed Asset Turnover: | 2.41 | 1.03 | 4.47 | 2.35 |
Receivables Turnover | 2.02 | 1.36 | 3.74 | 7.95 |
Payables Turnover | (1.95) | (1.78) | (3.21) | (4.19) |
Return On Equity | 0.53 | 0.39 | 0.65 | 0.40 |
Return On Assets | 0.53 | 0.39 | 0.99 | 0.88 |
Price Earning per Share | 7.68 | 4.73 | 3.50 | 2.30 |
Gearing Ratio | 0.02 | 0.15 | 0.02 | 0.15 |
Return on Sales | 0.36 | 0.35 | 0.43 | 0.31 |
Annual Revenue Increase | 2.15 | 3.06 | 1.56 | 1.47 |
Annual Net Profit Increase | 2.28 | 8.15 | 2.51 | 2.96 |
Net Profit Per Staff | 25,684,253.65 | 7,839,165.47 | 56,440,252.63 | 17,562,482.87 |
kobo
%
%
kobo
%
x x x x x
%
%
kobo
%
x x x x
TP
12,000.00
10,000.00
8,000.00
6,000.00
4,000.00
2,000.00
-
Q4 2025 ACTUAL N'Mn Q4 2024 HISTORY N'Mn
Graphical representation of TIP'S FOURTH QUARTER 2025 performance
YTD 2025 ACTUAL N'Mn YTD 2024 HISTORY N'Mn
-
12,000.00
10,000.00
8,000.00
6,000.00
4,000.00
2,000.00
Graphical representation of TIP'S 2025 YTD performance
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT | ||
DOCUMENT NO.: TIP-FIN-MNG -0026 | REV NO.: 00 | |
THE INITIATES PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31ST DECEMBER 2025
ACTUAL Q4 2025 | REVENUE | HISTORY Q4 2024 | CHANGE | ACTUAL YTD 2025 | REVENUE | HISTORY YTD 2024 | CHANGE | 2024 | 2023 | |
Continuing Operations Note | N | % | N | % | N | % | N | % | N | N |
Revenue from contracts with customers 6 | 6,310,326,368 | 100% | 2,006,039,625 | 214.57 | 11,698,628,274 | 100% | 4,566,579,591 | 156.18 | 4,663,473,951 | 1,849,471,769 |
Cost of sales 7 | 3,470,233,173 | 55% | 1,173,503,494 | 195.72 | 5,712,673,271 | 49% | 2,729,309,240 | 109.31 | 2,153,641,960 | 1,171,532,339 |
Gross profit | 2,840,093,196 | 45% | 832,536,132 | 241.14 | 5,985,955,003 | 51% | 1,837,270,351 | 225.81 | 2,509,831,991 | 677,939,430 |
Other income 6a | 36,657,060 | 1% | - | - | 39,296,605 | 0% | - | |||
Staff costs 8 | 126,948,044 | 2% | 55,176,189 | 130.08 | 229,936,668 | 2% | 118,316,181 | 94.34 | 115,439,125 | 77,014,490 |
Depreciation and impairment loss 9 | 34,189,380 | 1% | 2,303,940 | 1,383.95 | 52,697,316 | 0% | 9,212,264 | 472.03 | 10,872,692 | 9,098,316 |
Administrative expenses 10 | 436,400,600 | 7% | 70,927,992 | 515.27 | 703,634,868 | 6% | 216,425,656 | 225.12 | 440,784,295 | 141,609,490 |
Total Indirect Cost | 597,538,024 | 9% | 128,408,122 | 365.34 | 986,268,852 | 8% | 343,954,102 | 186.74 | 567,096,112 | 227,722,296 |
Results from operating activities | 2,279,212,232 | 36% | 704,128,009 | 223.69 | 5,038,982,756 | 43% | 1,493,316,249 | 237.44 | 1,942,735,879.44 | 450,217,134 |
Finance cost 13 | 4,424,101 | 0% | 9,833,333 | (55.01) | 40,215,086 | 0% | 67,474,404 | (40.40) | 80,205,166.90 | 78,298,206 |
Profit before tax | 2,274,788,130 | 36% | 694,294,676 | 227.64 | 4,998,767,670 | 43% | 1,425,841,845 | 250.58 | 1,862,530,713 | 371,918,928 |
Provision for Income tax expense 14.1 | 733,732,911 | 12% | 223,944,748 | 227.64 | 1,612,352,512 | 14% | 459,905,287 | 250.58 | (672,757,469) | (171,546,102) |
Profit for the year | 1,541,055,219 | 24% | 470,349,928 | 227.64 | 3,386,415,158 | 29% | 965,936,558 | 250.58 | 1,189,773,244 | 200,372,826 |
Other Comprehensive income | ||||||||||
Foreign currency translation difference 6b | (8,075,981) | (6,399,466) | 26.20 | (72,909,780) | 162,627,994 | (144.83) | 139,439,524 | 135,597,541 | ||
Other Comprehensive income 6aii | 5,129,167 | 34,546,635 | 138,282,342 | |||||||
Investment Income received from TIU 6a 23.3 | - | - | 61,986,458 | - | 52,706,908 | - | - | 50,471,279 | 12,256,645 | |
Other comprehensive income for the year | (2,946,814) | 55,586,992 | (105.30) | 14,343,763 | 300,910,336 | (95.23) | 189,910,803 | 147,854,186 | ||
Total comprehensive income for the year | 1,538,108,405 | 525,936,921 | 192.45 | 3,400,758,921 | 1,266,846,894 | 168.44 | 1,379,684,047 | 348,227,012 | ||
Basic earnings per share (kobo) 35 | 1.73 | 0.53 | 227.64 | 3.81 | 1.09 | 250.58 | 1.55 | 0.39 |
The notes on pages 15 to 34 form part of these financial statements.
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT | ||
DOCUMENT NO.: TIP-FIN-MNG -0026 | REV NO.: 00 | |
THE INITIATES PLC | ||||||
STATEMENT OF FINANCIAL POSITION | ||||||
AS AT 31ST DECEMBER 2025 | ||||||
ACTUAL | HISTORICAL | CHANGE | 2024 | 2023 | ||
Assets | Note | YTD 2025 | YTD 2024 | % | N | N |
Non-current assets | ||||||
Property, plant and equipment | 15 | 2,617,742,136 | 1,941,679,296 | 34.82 | 1,930,266,501 | 1,531,133,502 |
Other non-current assets | 17 | 4,596,867 | 8,465,625 | (45.70) | 4,596,867 | 17,907,467 |
Investment | 20 | 115,907,972 | 105,619,312 | 9.74 | 105,619,312.00 | 105,259,214 |
2,738,246,974 | 2,055,764,233 | 35 | 2,040,482,680 | 1,654,300,183 | ||
Current assets | ||||||
Inventories | 18 | 68,807,489 | 26,381,658 | 160.82 | 29,152,525 | 13,576,920 |
Trade and other receivables | 19 | 6,251,180,839 | 2,943,320,959 | 112.39 | 2,976,976,086 | 610,783,412 |
Cash and cash equivalents | 21 | 2,546,859,544 | 35,628,273 | 7,048.42 | 47,580,386 | 199,663,455 |
Current tax assets | 22 | 111,094,392 | 113,268,650 | (1.92) | - | 57,687,440 |
Other current assets | 23 | 150,433,755 | 32,424,474 | 363.95 | 26,070,001 | 23,756,139 |
Total current assets | 9,128,376,019 | 3,151,024,015 | 189.70 | 3,079,778,998 | 905,467,366 | |
Total Assets | 11,866,622,993 | 5,206,788,248 | 127.91 | 5,120,261,678 | 2,559,767,549 | |
Equity and Liabilities | ||||||
Equity | ||||||
Share capital | 24 | 444,990,776 | 444,990,776 | - | 444,990,776 | 444,990,776 |
Share premium | 25 | 17,780,000 | 17,780,000 | - | 17,780,000 | 17,780,000 |
Revaluation reserve | 26 | 303,473,535 | 303,473,535 | - | 303,473,535 | 303,473,535 |
Retained earnings | 27 | 4,475,550,874 | 1,625,429,089 | 175.35 | 1,707,751,603 | 411,981,089 |
Total equity | 5,241,795,185 | 2,391,673,400 | 119.17 | 2,473,995,914 | 1,178,225,400 | |
Non-current liabilities | ||||||
Deferred tax liabilities | 14.4 | 360,039,392 | 122,126,879 | 194.81 | 267,041,580 | 122,126,879 |
Long Term Borrowing | 31 | 98,000,000 | 350,000,000 | (72.00) | 350,000,000 | 550,000,000 |
Current liabilities | ||||||
Trade and other payables | 28 | 3,501,792,874 | 1,312,660,483 | 166.77 | 1,104,400,731 | 301,070,063 |
Current tax liabilities | 14 | 1,612,352,512 | 459,905,287 | 250.58 | 386,375,722 | 16,685,346 |
Other current tax liabilities | 29 | 1,048,876,808 | 371,935,115 | 182.01 | 353,915,595 | 118,846,934 |
Employees' benefits | 30 | 3,766,223 | 4,492,394 | (16.16) | 5,726,408 | 2,995,027 |
Short term borrowing | 31.2 | (0) | 193,994,690 | (100.00) | 178,805,728 | 269,817,900 |
Total current liabilities | 6,166,788,416 | 2,342,987,969 | 163.20 | 2,029,224,184 | 709,415,270 | |
Total liabilities | 6,624,827,808 | 2,815,114,848 | 135.33 | 2,646,265,764 | 1,381,542,149 | |
Total equity and liabilities | 11,866,622,993 | 5,206,788,248 | 127.91 | 5,120,261,678 | 2,559,767,549 | |
These financial statements were approved by the Board of Directors on 31ST DECEMBER, 2025 and signed on 28th January 2026 on its behalf by:
………………………………………….. …………………………………………..
Mr. Joe Ogbonna Anosikeh Mr. Reuben Mustapha Ossai Rosemary Taneh
Chairman Managing Director Chief Finance Officer FRC/2014/PRO/DIR/003/00000008836 FRC/2014/PRO/DIR/003/00000009687 FRC/2017/PRO/ICAN/001/00000016060
The notes on pages 15 to 34 form part of these financial statements.
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT | ||
DOCUMENT NO.: TIP-FIN-MNG -0026 | REV NO.: 00 | |
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31ST DECEMBER 2025
Share capital | Share premium | Revaluation reserve | Retained earnings | Total Equity | |
N | N | N | N | N | |
At 1 January | 444,990,776 | 17,780,000 | 303,473,535 | 1,707,751,603 | 2,473,995,914 |
Dividend paid | - | - | - | (88,998,155) | (88,998,155) |
Prior Year Adjustment | - | - | - | (543,961,495) | (543,961,495) |
Profit for the year | - | - | - | 3,400,758,921 | 3,400,758,921 |
444,990,776 | 17,780,000 | 303,473,535 | 4,475,550,873 | 5,241,795,184 | |
At 31st December | 444,990,776 | 17,780,000 | 303,473,535 | 4,475,550,873 | 5,241,795,184 |
FOR THE PERIOD ENDED 31ST DECEMBER 2024
Share capital | Share premium | Revaluation reserve | Retained earnings | Total Equity | |
N | N | N | N | N | |
At 1 January | 444,990,776 | 17,780,000 | 303,473,535 | 411,981,089 | 1,178,225,400 |
Dividend Paid | (53,398,893) | (53,398,893) | |||
Profit for the year | - | - | - | 1,266,846,894 | 1,266,846,894 |
444,990,776 | 17,780,000 | 303,473,535 | 1,625,429,090 | 2,391,673,401 | |
At 31st December | 444,990,776 | 17,780,000 | 303,473,535 | 1,625,429,090 | 2,391,673,401 |
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31ST DECEMBER 2025
ACTUAL Q4 | HISTORY Q4 | ACTUAL YTD | HISTORY | ||||
2025 | 2024 | CHANGE | 2025 | YTD 2024 CHANGE 2024 | 2023 | ||
Note N | N | % | N | N % N | N | ||
Cashflow from Operating Activities Cashflows from Operations | 5,360,475,621 | 1,522,082,973 | 252.18 | 7,774,956,651 | 2,890,670,037 168.97 1,498,034,998 | 596,878,485 | |
Cash Paid to Suppliers | (1,305,352,610) | (1,496,144,589) | (12.75) | (2,663,253,216) | (2,495,412,013) 6.73 (646,769,516) | (177,056,025) | |
Cash Paid to Employees | (126,948,044) | (55,176,189) | 130.08 | (229,936,668) | (118,316,181) 94.34 (186,605,862) | (115,384,096) | |
Paid to Government (taxes) | - | - | - | (78,055,521) | (110,472,023) (29.34) (17,890,570) | (11,998,243) | |
Total | 3,928,174,966 | (29,237,806) | (13,535.26) | 4,803,711,247 | 166,469,820 2,785.63 646,769,050 | 292,440,121 | |
Cashflow from Investment Activities Acquisition of property, plant and equipment | (1,326,965,014) | (200,389,243) | 562.19 | (1,805,883,123) | (325,888,731) 454.14 (509,874,235) | (293,720,902) | |
Disposal of asset (Hiace Staff Bus) | 10,400,000 | 10,400,000 | |||||
Dividend received | - | 52,706,908 | 162,627,994 (67.59) 138,144,819 | (118,967) | |||
Dividend Paid | - | (88,998,155) | (53,957,135) 64.94 (53,398,893) | 514,782 | |||
Unclaimed dividends paid to Shareholders | - | (1,884,196) | (3,105,429) (39.33) (3,000,000) | ||||
Total | (1,316,565,014) | (200,389,243) | 557.00 | (1,833,658,565) | (220,323,301) 732.26 (428,128,309) | (293,325,087) | |
Cashflow from Financing Activities Equity | - | - | - | ||||
Borrowings | - | 217,903,381 | 182,950,820 | 593,744,690 (69.19) 656,864,418 | 269,817,900 | ||
Repayment of borrowings | (102,000,000) | (50,000,000) | (613,756,548) | (636,735,317) (3.61) (947,876,590) | (150,000,000) | ||
Interest on unclaimed dividends | 123,645 | - | 247,290 | 283,330 (12.72) 493,529 | - | ||
Finance cost | (4,424,101) | (9,833,333) | (40,215,086) | (67,474,404) (40.40) (80,205,167) | (78,298,206) | ||
Total | (106,300,456) | 158,070,047 | (167.25) | (470,773,524) | (110,181,701) 327.27 (370,723,810) | 41,519,694 | |
Net Cash Flow | 2,505,309,496 | (71,557,001) | (3,601.14) | 2,499,279,158 | (164,035,183) (1,623.62) (152,083,069) | 40,634,728 | |
Opening Balance | 41,550,047 | 107,185,273 | (61.24) | 47,580,386 | 199,663,455 (76.17) 199,663,455 | 159,028,727 | |
Closing Balance | 21 | 2,546,859,544 | 35,628,272 | 7,048.42 | 2,546,859,544 | 35,628,272 7,048.42 47,580,386 | 199,663,455 |
NOTES TO THE FINANCIAL STATEMENTS
ACTUAL Q4 2025
N
FO FOR THE PERIOD ENDED 31ST DECEMBER 2025
Revenue from contracts with customers
HISTORY Q4
2024 CHANGE
N %
ACTUAL YTD 2025
N
HISTORY YTD
2024 CHANGE 2024 2023
N % N N
Waste Management Service 6,310,326,368 1,131,787,938
457.55
10,219,898,611
3,543,895,736
188.38
3,640,790,096
1,033,555,438
Industrial Cleaning Service - 874,251,687
(100.00)
1,478,729,663
1,022,683,856
44.59
1,022,683,856
815,916,330
6,310,326,368 2,006,039,625
214.57
11,698,628,274
4,566,579,591
156.18
4,663,473,951
1,849,471,769
The revenue from contracts with customers is made up of:
TDU KWALE
5,493,648,048
930,219,137
490.58
8,536,263,984
2,664,506,091
220.37
1,562,640,196
-
TDU PHC
392,520,558
146,224,334
168.44
828,678,306
653,746,614
26.76
1,852,317,198
784,852,115
Incineration
412,170,915
43,567,499
846.05
636,524,137
168,184,054
278.47
168,373,724
87,237,482
E- Waste
11,986,848
11,776,967
1.78
181,178,791
55,220,377
228.10
55,220,377
65,815,241
Asbestos
-
-
37,253,394
2,238,600
1,564.14
2,238,600
95,650,600
ICS Vessel
-
-
13,375,000
100,194,686
(86.65)
3,510,000
104,632,827
ICS FPSO
-
874,251,687
(100.00)
1,465,354,663
922,489,169
58.85
1,019,173,856
711,283,504
6,310,326,368
2,006,039,625
214.57
11,698,628,274
4,566,579,591
156.18
4,663,473,951
1,849,471,769
6a.
Other income
Interest Received
36,127,060
100.00
38,744,027
-
100.00
430
-
Sundry income
530,000
-
100.00
552,578
-
100.00
934,177
1,191,770
36,657,060
-
-
39,296,605
-
100.00
934,607
1,191,770
6ai.
Dividend Received from TIU
-
61,986,458
(100.00)
52,706,908
138,282,342
(61.88)
138,504,917
134,405,771
6aii.
Gain on Asset Disposal
5,129,167
100.00
5,129,167
-
100.00
Debt recovery
-
-
29,417,468
-
100.00
-
-
5,129,167
-
100.00
34,546,635
-
100.00
6b
Foreign exchange gains
This represents exchange difference arising from translation of
foreign currency transactions during the year under review.
Foreign exchange gains
(20,550,397)
(6,399,466)
221.13
(72,909,780)
162,627,994
(144.83)
50,471,279
12,256,645
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT
DOCUMENT NO.: TIP-FIN-MNG -0026
REV NO.: 00
7. Cost of sales
Waste Collection and Haulage
369,747,688
448,045,950
(17.48)
991,700,063
785,443,490
26.26
545,443,490
431,121,284
Waste Treatment
1,376,552,424
18,190,000
7,467.63
1,965,219,320
423,593,108
363.94
158,593,108
-
Waste Disposal
624,926,127
585,000
100.00
792,541,578
2,473,100
31,946.48
12,473,100
80,125,390
Hiring of equipment
46,891,562
222,751,653
(78.95)
211,238,440
452,852,593
(53.35)
448,815,393
269,290,907
Diesel and lubricants
13,450,500
17,376,975
100.00
97,319,313
54,374,964
78.98
48,665,364
35,454,841
Repairs and Maintenance
33,265,150
93,321,657
(64.35)
89,740,074
131,928,995
(31.98)
95,717,102
29,606,787
Employee costs
35,729,731
26,247,195
36.13
114,414,425
70,490,737
62.31
71,166,737
38,369,606
Transport and travelling
1,519,342
5,302,537
(71.35)
19,636,812
12,015,290
63.43
12,015,290
16,890,545
Consumables
866,282,475
305,309,053
183.74
1,204,526,954
663,701,165
81.49
619,180,869
178,235,788
Depreciation
24,387,011
15,326,349
59.12
87,490,722
50,098,083
74.64
56,562,167
38,162,233
Direct wages
5,022,200
7,175,500
(30.01)
16,526,200
49,944,389
(66.91)
49,944,389
16,985,025
Community relations and security
64,721,472
10,805,000
499.00
95,356,372
14,115,000
575.57
14,959,500
17,348,958
Compliance
7,737,491
2,976,625
159.94
25,762,999
17,338,826
48.59
18,664,451
17,689,375
Business Development
-
90,000
(100.00)
1,200,000
939,500
27.73
1,441,000
2,251,600
3,470,233,173
1,173,503,494
195.72
5,712,673,271
2,729,309,240
109.31
2,153,641,960
1,171,532,339
8.
Staff costs
Staff Salaries and Wages (Corporate)
31,697,785
15,476,079
104.82
103,039,660
57,963,593
77.77
135,043,970
93,830,258
Staff Pensions (Employer)
2,470,950
1,078,650
129.08
7,275,150
4,004,563
81.67
4,004,562
5,220,296
Staff Welfare
60,870,000
30,990,000
96.42
61,020,000
31,420,000
94.21
29,820,000
5,752,000
Leave Allowance
2,590,500
3,633,300
(28.70)
10,404,900
7,233,640
43.84
-
-
Terminal Benefit
22,250,500
158,813
13,910.55
25,208,276
4,722,135
433.83
4,722,135
1,226,078
Medical Expense
7,068,309
3,839,348
84.10
22,988,682
12,972,251
77.21
13,015,195
9,355,464
126,948,044
55,176,189
130.08
229,936,668
118,316,181
94.34
186,605,862
115,384,096
8b.
Total employee costs recognised in profit or loss
Cost of sales
35,729,731
26,247,195
36.13
114,414,425
70,490,737
62.31
71,166,737
38,369,606
Administrative expenses
126,948,044
55,176,189
130.08
229,936,668
118,316,181
94.34
186,605,862
115,384,096
162,677,776
81,423,384
99.79
344,351,093
188,806,918
156.65
257,772,599
153,753,702
9. Depreciation and impairment loss Depreciation
34,189,380
2,303,940
1,383.95
52,697,316
9,212,264
472.03
10,872,692
9,098,316
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT
DOCUMENT NO.: TIP-FIN-MNG -0026
REV NO.: 00
10. Administrative expenses
Directors' emolument
13,020,000
6,510,000
100.00
51,492,800
26,040,000
97.75
27,360,000
27,360,000
Board and AGM expenses
72,388,443
1,260,000
5,645.11
91,110,191
10,541,931
764.26
12,141,931
6,475,386
Directors' fees
1,300,000
1,912,500
(32.03)
5,200,000
5,200,000
(0.00)
5,200,000
2,750,000
Promotion / Advert
9,078,409
-
100.00
15,380,509
-
100.00
-
-
Transport and travelling expenses
3,046,447
3,536,350
(13.85)
13,712,331
8,144,655
68.36
12,269,975
3,752,030
Legal and Professional fees
7,874,887
2,854,775
175.85
28,219,550
10,891,141
159.11
12,294,141
9,056,865
Electricity
2,288,159
1,180,339
93.86
9,231,819
2,806,693
228.92
2,806,693
5,439,980
Fuel and diesel
10,062,725
18,534,775
(45.71)
34,169,638
40,329,550
(15.27)
42,372,670
22,036,070
Licenses and Levies
120,000
-
100.00
597,500
427,700
39.70
464,700
1,625,067
Donation & Gift
1,100,000
1,220,000
(9.84)
3,320,000
1,890,000
75.66
1,890,000
500,000
Repairs and maintenance
6,269,064
1,777,000
252.79
16,543,564
11,086,100
49.23
11,116,100
6,434,400
Printing and Stationery
2,038,655
757,945
168.97
5,328,750
1,667,906
219.49
1,666,489
1,552,018
Insurance
2,185,113
3,364,589
(35.06)
10,723,855
14,717,001
(27.13)
10,505,604
4,922,072
Telephone and postage
258,000
210,600
22.51
937,478
837,764
11.90
1,575,095
1,136,145
Entertainment
450,000
170,800
163.47
1,878,400
459,300
308.97
471,300
663,665
Internet expenses
1,530,052
114,130
1,240.62
7,754,404
8,084,163
(4.08)
7,377,432
319,250
QHSE Compliance
2,573,613
-
100.00
21,991,850
-
100.00
7,102,112
-
Industrial Training Fund
1,266,739
3,203,967
(60.46)
4,301,719
9,173,498
(53.11)
4,225,460
1,689,814
Bank charges
10,300,029
328,000
3,040.25
19,527,225
984,373
1,883.72
9,558,429
5,859,951
Training expenses
6,202,300
7,339,230
(15.49)
6,252,300
20,199,227
(69.05)
984,373
1,115,500
Local content tax
51,177,912
5,816,364
779.90
88,525,099
9,369,136
844.86
20,199,227
14,755,069
Subscription
759,254
2,542,300
(70.14)
3,036,534
9,308,300
(67.38)
9,369,136
2,625,172
Meal expenses
4,359,150
-
100.00
15,364,650
-
100.00
9,409,700
5,310,820
Corporate social responsibility
70,754,000
-
100.00
70,754,000
-
100.00
39,492,374
1,178,000
Balances written off
-
875,000
(100.00)
-
3,500,000
(100.00)
1,562
8,000
Tax Expense
148,976,416
-
100.00
148,976,416
-
100.00
-
-
Auditors' remuneration
1,250,000
3,543,932
(64.73)
8,500,000
8,192,452
3.75
4,000,000
3,500,000
Security expenses
3,249,872
-
100.00
12,407,472
-
100.00
9,213,856
3,819,135
Office and general expenses
2,521,361
3,875,395
(34.94)
8,396,815
12,574,768
(33.22)
8,666,791
7,725,081
436,400,600
70,927,992
515.27
703,634,868
216,425,656
225.12
271,735,150
141,609,490
TIP carried out several Corporate Social Responsibility prog
68,483,801
55,101,128
228,049,138
164,290,216
Distribution of Secondary School text books to 5 schools in Isiokpo Community in Rivers State worth N6.3million naira.
Purchase, installation and commissioning of 300 KVA x11 electricity transformer donated to the Ogbagu-Ogume community in Delta State worth N21.4mil naira.
ii. Purchase, construction and commissioning of 100 Solar lights and poles donated to the Ikwerre Igwo community in Rivers State worth N20.4mil naira.
ii. Purchase, construction and commissioning of 100 Solar lights and poles donated to theAfor community in Delta State worth N22.6mil naira.
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT | ||
DOCUMENT NO.: TIP-FIN-MNG -0026 | REV NO.: 00 | |
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST DECEMBER 2025
13. Finance cost
This represents interests charged by Bank of Industry and Providus Bank on loan and invoice discounting facilities obtained respectively by The Initiates Plc.
ACTUAL | HISTORY | ACTUAL | HISTORY | |||||
Q4 2025 | Q4 2024 | CHANGE | YTD 2025 | YTD 2024 | CHANGE | 2024 | 2023 | |
N | N | N | N | |||||
Other financial charges | 1,148,704 | - | 5,989,188 | 4,290,441 | 39.59 | 13,589,256 | 18,391,402 | |
Interest on loans | 3,275,397 | 9,833,333 | (66.69) | 34,225,898 | 63,183,964 | (45.83) | 66,615,911 | 59,906,804 |
4,424,101 | 9,833,333 | (55.01) | 40,215,086 | 67,474,404 | (40.40) | 80,205,167 | 78,298,206 | |
14. Taxation | ||||||||
14a Income tax expense | ||||||||
Company income tax | 682,436,439 | 208,288,403 | 227.64 | 1,499,630,301 | 427,752,554 | 250.58 | 459,654,297 | 90,673,352 |
Education tax | 45,495,763 | 13,885,894 | 227.64 | 99,975,353 | 28,516,837 | 250.58 | 60,682,662 | 16,658,550 |
Police Trust Fund | 113,739 | 34,715 | 227.64 | 249,938 | 71,292 | 100.00 | 102,622 | 25,989 |
NASENI | 5,686,970 | 1,735,737 | 227.64 | 12,496,919 | 3,564,605 | 100.00 | 5,131,104 | - |
733,732,911 | 223,944,748 | 227.64 | 1,612,352,512 | 459,905,287 | 250.58 | 525,570,685 | 107,357,891 | |
- | ||||||||
Prior year under-provision | - | - | 2,272,083.00 | 24,580,523 | ||||
Current tax expense | 733,732,911 | 223,944,748 | 227.64 | 1,612,352,512 | 459,905,287 | 250.58 | 527,842,768 | 131,938,414 |
Deferred tax | - | - | - | - | 144,914,701 | 39,607,688 | ||
Income tax expense as per profit or loss | 733,732,911 | 223,944,748 | 227.64 | 1,612,352,512 | 459,905,287 | 250.58 | 672,757,469 | 171,546,102 |
14b Current tax liabilities | ||||||||
Movement in Income tax liabilities | ||||||||
At 1 January | - | 17,953,330 | - | - | 17,953,330 | (100.00) | 16,685,346 | 7,550,070 |
Adjustment | - | - | - | - | - | 1,527,225 | ||
Prior year under-provision (note 13.1.1) | - | - | - | - | - | - | 2,272,083 | 24,580,523 |
Payments during the year | - | (17,953,330) | - | (17,953,330) | (100.00) | (17,890,570) | (11,998,243) | |
Tax charge for the year | 733,732,911 | 459,905,287 | 228 | 1,612,352,512 | 459,905,287 | 250.58 | 525,570,685 | 107,357,891 |
Withholding tax credit notes applied | - | - | - | - | - | - | (140,261,822) | (112,332,120) |
- | ||||||||
At 31st December | 733,732,911 | 459,905,287 | 59.54 | 1,612,352,512 | 459,905,287 | 250.58 | 386,375,722 | 16,685,346 |
14.3 Reconciliation of effective tax rate | ||||||||
Profit for the year before tax | 2,274,788,130 | 1,425,841,845 | 59.54 | 4,998,767,670 | 1,425,841,845 | 250.58 | 2,052,441,515 | 519,773,114 |
Dividends received from foreign investment | (138,504,917) | (12,256,645) | ||||||
Unrealized exchange gains | ||||||||
2,274,788,130 | 1,425,841,845 | 59.54 | 4,998,767,670 | 1,425,841,845 | 250.58 | 1,913,936,598 | 507,516,469 | |
Company Income Tax | 682,436,439 | 427,752,553 | 59.54 | 1,499,630,301 | 427,752,554 | 574,180,979 | 152,254,940 | |
Education Tax | 45,495,763 | 28,516,837 | 59.54 | 99,975,353 | 28,516,837 | 250.58 | 57,418,098 | 15,225,494 |
Police Trust Fund | 113,739 | 71,292 | 59.54 | 249,938 | 71,292 | 102,622 | 25,989 | |
NASENI | 5,686,970 | 3,564,605 | 59.54 | 12,496,919 | 3,564,605 | 5,131,104 | - | |
Tax effect on expenses not deductible for tax purposes | - | - | - | - | - | - | 35,910,202 | 15,763,621 |
Tax effect on capital allowances | - | - | - | - | - | - | (147,172,320) | (75,912,153) |
Under-provision in prior year | - | - | - | - | - | - | 2,272,083 | 24,580,523 |
- | ||||||||
Tax charge in income statement (Income tax and Education tax) | ||||||||
733,732,911 | 459,905,287 | 59.54 | 1,612,352,512 | 459,905,287 | 672,757,469 | 171,546,102 | ||
Effective tax rate | 32 | 32 | - | 32 | 32 | - | 35 | 34 |
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT | ||
DOCUMENT NO.: TIP-FIN-MNG -0026 | REV NO.: 00 | |
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST DECEMBER 2025
14.4 | Deferred tax liabilities | ||||||
ACTUAL | HISTORICAL | CHANGE | Accelerated tax | Revaluation | |||
YTD 2025 | YTD 2024 | Depreciation | Surplus | Total | |||
N | N | % | N | N | |||
At 1 January 2025 | 122,126,879 | 122,126,879 | (0.00) | 100,000,579 | 22,126,300 | 122,126,879 | |
Movement in the year | 144,914,701 | - | 100 | 144,914,701 | 144,914,701 | ||
At 31st December 2025 | 267,041,580 | 122,126,879 | 118.66 | 244,915,280 | 22,126,300 | 267,041,580 | |
Movement during the period | 92,997,812 | - | - | 92,997,812 | - | 92,997,812 | |
At 31st December 2025 | 360,039,392 | 122,126,879 | 194.81 | 337,913,092 | 22,126,300 | 360,039,392 | |
Property, Plant and Equipment
Summary
The carrying amount of property, plant and equipment is stated as follows;
ACTUAL
HISTORICAL
YTD 2025
YTD 2024
CHANGE
2024
2023
N
N
%
N
N
Land
71,733,787
71,733,787
-
71,733,787
71,166,592
Buildings
389,198,313
364,633,761
6.74
349,314,123
156,937,733
Capital Work-in-Progress
-
480,960,628
(100.00)
302,879,950
705,120,915
Motor Vehicle
425,485,433
9,412,479
4,420.44
1,184,245,252
581,490,071
Plant and Machinery
1,690,179,914
1,011,367,340
67.12
9,412,479
13,944,604
Furniture and Fittings
13,826,485
1,590,940
769.08
1,546,777
1,935
Office & HSE Equipment
27,318,204
1,980,360
1,279.46
11,134,133
2,471,652
2,617,742,136
1,941,679,296
34.82
1,930,266,501
1,531,133,502
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT
DOCUMENT NO.: TIP-FIN-MNG -0026
REV NO.: 00
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST DECEMBER 2025
A FOR THE PERIOD ENDED 31ST DECEMBER 2025
Land | Buildings | Capital Work- in-Progress | Motor Vehicle | Plant and Machinery | Furniture and Fittings | Office & HSE Equipment | Total | |
Deemed Cost N | N | N | N | N | N | N | N | |
At 1 January 2025 | 71,733,787 | 379,887,370 | - | 18,128,500 | 1,736,634,208 | 7,390,299 | 25,776,070 | 2,239,550,234 |
Addition in the period | - | 35,365,940 | - | 457,707,863 | 265,938,957 | 16,587,085 | 20,568,500 | 796,168,344 |
Disposal in the period | - | - | - | (11,000,000) | - | - | - | (11,000,000) |
At 31st December 2025 | 71,733,787 | 415,253,310 | - | 464,836,363 | 2,002,573,164 | 23,977,384 | 46,344,570 | 3,024,718,579 |
Accumulated Depreciation and impairment loss At 1 January 2025 | - | (24,126,292) | - | (10,298,656) | (288,006,240) | (8,794,618) | (17,382,391) | (348,608,196) |
Charge for the period | - | (1,928,705) | - | (29,052,274) | (24,387,011) | (1,356,281) | (1,643,976) | (58,368,247) |
At 31st December 2025 | - | (26,054,997) | - | (39,350,930) | (312,393,251) | (10,150,899) | (19,026,367) | (406,976,443) |
Carrying amount | ||||||||
At 31st December 2025 | 71,733,787 | 389,198,313 | - | 425,485,433 | 1,690,179,914 | 13,826,485 | 27,318,204 | 2,617,742,136 |
At 31st December 2024 | 71,733,787 | 364,633,761 | - | 9,412,479 | 1,492,327,968 | 1,590,940 | 1,980,360 | 1,941,679,296 |
B FOR THE PERIOD ENDED 31ST DECEMBER 2024
Land
Buildings
Capital Work-
in-Progress
Motor Vehicle
Plant and Machinery
Furniture and
Fittings
Office & HSE
Equipment
Total
Deemed Cost N
N
N
N
N
N
N
N
At 1 January 2024
71,733,787
234,398,173
485,100,628
18,128,500
1,213,570,177
5,800,299
16,351,501
2,045,083,066
Addition in the period
-
151,732,697
(4,140,000)
-
20,871,107
1,590,000
-
170,053,804
Movement within the year
(480,960,628)
480,960,628
-
At 31st December 2024
71,733,787
386,130,870
-
18,128,500
1,715,401,912
7,390,299
16,351,501
2,215,136,869
Accumulated Depreciation and impairment loss
At 1 January 2024
-
(20,622,428)
-
(7,582,990)
(210,469,540)
(5,799,359)
(14,064,041)
(258,538,357)
Charge for the period
-
(874,681)
-
(1,133,031)
(12,604,404)
-
(307,100)
(14,919,216)
At 30th September 2024
-
(21,497,109)
-
(8,716,021)
(223,073,944)
(5,799,359)
(14,371,140)
(273,457,573)
Carrying amount
At 31st December 2024
71,733,787
364,633,761
-
9,412,479
1,492,327,968
1,590,940
1,980,360
1,941,679,296
At 31st December 2023
69,426,593
157,812,414
309,396,912
15,306,802
579,837,587
13,686
3,160,890
1,134,954,884
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST DECEMBER 2025
Deemed cost
On 5 November 2018, the company's property, plant and equipment were revalued by Messrs. Jide Taiwo & Co (Estate Surveyors and Valuers -FRC/2012/00000000254) on the basis of open market value of N880,800,000. The revalued amount was incorporated in these financial statements.The surplus of N221,263,007 arising therefrom was transferred to revaluation reserve account.
Capital work-in-progress
These represent costs of property, plant and equipment acquired year which have not been put to use as at 30th June 2025.
ACTUAL | HISTORICAL | |||||
YTD 2025 | YTD 2024 | CHANGE | 2024 | 2023 | ||
Thermal Desorption Unit (TDU) with components | N - | N - | % - | N | - | N 148,968,234 |
High Pressure Pump | - | - | - | - | 144,698,678 | |
500KVA Soundproof Perkins Generator | - | - | - | - | 15,730,000 | |
Gerotto Robotic Tank Cleaning Equipment | - | - | - | 302,879,950 | 302,879,950 | |
Water Based Mud and Waste Water Treatment Plant | - | - | - | - | 33,382,000 | |
Construction of TDU Building | - | - | - | - | 59,462,053 | |
- | - | - | 302,879,950 | 705,120,915 | ||
15.5 Depreciation | ||||||
Cost of sales | 87,490,722 | 50,098,083 | 74.64 | 56,562,167 | 38,162,233 | |
Administrative expenses | 52,697,316 | 9,212,264 | 472.03 | 10,872,692 | 9,098,316 | |
140,188,038 | 59,310,347 | 136.36 | 67,434,859 | 47,260,549 | ||
15.6 Security | ||||||
All the Company's property, plant and equipment were pledged as security as at 31st December 2025. | ||||||
16. | Other non-current assets | |||||
Prepaid fees on Loan | 726,867 | 3,870,000 | (81.22) | 726,867 | 10,167,467 | |
Deferred costs | 3,870,000 | 4,595,625 | (15.79) | 3,870,000 | 7,740,000 | |
4,596,867 | 8,465,625 | (45.70) | 4,596,867 | 17,907,467 | ||
Prepaid fees on loan
These represent non-current portion of the fees charged by Providus Bank Plc on Bank Guarantee for loan facility of N700.0 million obtained from Bank of Industry in 2021 by The Initiates Plc. This also include legal fees paid to Bank of Industry and also fees charged by Consultants. The loan facility has a tenor of 5 years.
Deferred costs
These represent non-current portion of costs on environmental evaluation study as required by the Ministry of Environment.
ACTUAL | HISTORY | |||||
YTD 2025 | YTD 2024 | CHANGE | 2024 | 2023 | ||
N | N | % | N | N | ||
17. | Inventories | |||||
Technical Store | 25,674,439 | 9,965,209 | 157.64 | 13,812,750 | 550,064.00 | |
QHSE Store | 4,495,458 | 2,180,700 | 106.15 | 2,154,000 | 5,142,666 | |
Stationeries | 706,350 | 201,601 | 250.37 | 222,317 | 212,856 | |
Toiletries | 1,220,943 | 180,899 | 574.93 | 180,899 | 102,555 | |
Diesel | 36,710,300 | 13,853,250 | 164.99 | 12,782,559 | 7,568,779 | |
68,807,489 | 26,381,658 | 160.82 | 29,152,525 | 13,576,920 | ||
The value of inventories recognised as an expense during the period was N155.584 million (2024: N219.012million). No inventory was pledged as security during the year.
The Company uses First In First Out method in valuing its inventory.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST DECEMBER 2025
ACTUAL | HISTORY | |||||
YTD 2025 | YTD 2024 | CHANGE | 2024 | 2023 | ||
18. | Trade and other receivables | N | N | % | N | N |
Trade receivables | 5,180,187,452 | 2,789,620,564 | 85.70 | 2,825,798,850 | 485,235,196 | |
Staff loans and advances | 60,626,413 | 1,524,035 | 3,878.02 | 474,237 | 4,958,914 | |
Asset - in- Transit | 1,009,714,778 | 152,167,360 | 563.56 | - | - | |
Other Receivable | 652,196 | 9,000 | 7,146.62 | 652,195.00 | - | |
6,251,180,839 | 2,943,320,959 | 112.39 | 2,826,925,282 | 490,194,110 | ||
Asset- in-transit: Represents Excarvator, Bobcats , Solid Control Equipment and 40' Container with spare parts which were not received by The | ||||||
18.1 Trade receivables Receivables from customers | 5,180,187,452 | 2,789,620,564 | 85.70 | 3,008,812,840 | 499,200,041 | |
Allowance for expected credit losses | - | - | - | (183,013,990) | (13,964,845) | |
5,180,187,452 | 2,789,620,564 | 85.70 | 2,825,798,850 | 485,235,196 | ||
Ageing of trade receivables | ||||||
Current | 2,527,091,840 | 2,075,566,771 | 21.75 | 1,973,924,423 | 86,590,632 | |
1 - 30 days past due | 1,622,082,299 | 436,599,974 | 271.53 | 1,926,782 | 15,502,803 | |
31 - 60 days past due | 645,071,205 | 158,264,092 | 307.59 | 164,115,002 | - | |
61 - 90 days past due | 104,802,146 | 119,189,727 | (12.07) | 603,963,008 | 65,382,876 | |
Over 90 days past due | 281,139,962 | 100.00 | 264,883,625 | 331,723,730 | ||
5,180,187,452 | 2,789,620,564 | 85.70 | 3,008,812,840 | 499,200,041 | ||
18.1.1 Movement in allowance for credit losses | ||||||
At 1 January | 183,013,990 | 13,964,845 | 1,210.53 | 13,964,845 | 13,964,845 | |
Debt recovery | (29,417,468) | - | 100.00 | - | - | |
Allowance for the year | - | - | - | 169,049,145 | - | |
At 31st December | 153,596,522 | 13,964,845 | 999.88 | 183,013,990 | 13,964,845 | |
18.2 | Key management personnel and staff loans | |||||
Loan to key management personnel | 23,774,615 | - | 100.00 | - | 2,000,000 | |
Staff loans and advances | 36,851,798 | 1,524,035 | 2,318.04 | 474,237 | 2,958,914 | |
Allowance for expected credit losses | - | - | - | - | - | |
60,626,413 | 1,524,035 | 3,878.02 | 474,237 | 4,958,914 | ||
18.2b. Relationship with key management Personnel | ||||||
Key Management personnel include the Directors and the Management staff of the Company | ||||||
18.2c. Transactions
During the period, funds were not provided by the key Management Personnel of the Company.
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT | ||
DOCUMENT NO.: TIP-FIN-MNG -0026 | REV NO.: 00 | |
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST DECEMBER 2025
ACTUAL YTD 2025
HISTORY
YTD 2024 CHANGE 2024 2023
N | N | % | N | N | ||||
19 | TIU Investments as at 31st December | 108,748,560 | 105,619,312 | 2.96 | 105,140,247 | 105,259,214 | ||
In February 2018, the Company entered into a joint venture agreement with a local company in Uganda with a view to tendering for waste management contracts in Total Uganda. This was followed up by the incorporation of a company (The Initiates Uganda Limited) in November 2018.
The authorized share capital of The Initiates Uganda Limited is UGX 100,000,000 (One Hundred Million Uganda shillings) i.e.100 ordinary shares of UGX 1,000,000 (One Million Uganda shillings) each. The shareholders of the company are The Initiates Plc and Dag & Bragan Oil & Gas Services Limited with
ownership structure of 60:40. | ||||||
The balance is made up of the following: Pre-Incorporation expenses | 6,307,001 | 6,307,001 | - | 6,307,001 | 6,307,001 | |
Cost of TDU Plant | 85,562,903 | 85,562,903 | - | 85,562,903 | 85,562,903 | |
Funds provided as working capital | 8,674,388 | 8,674,388 | - | 8,674,388 | 8,674,388 | |
Other expenses | 8,204,268 | 5,075,020 | 61.66 | 5,075,020 | 4,714,922 | |
108,748,560 | 105,619,312 | 2.96 | 105,619,312 | 105,259,214 | ||
19.1 | TIN Investments as at 31st December | 7,159,411 | - | 100.00 | - | - |
In September 2025 the Company entered into a joint venture agreement with a local company in Namibia with a view to tendering for waste management contracts in Namibia. The process of the incorporation of a company (The Initiates Namibia Limited) is in process. Amount here represent preincorporation
7,159,411
Pre-Incorporation expenses - 100.00 - -
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT | ||
DOCUMENT NO.: TIP-FIN-MNG -0026 | REV NO.: 00 | |
Cash and cash equivalents
Cash and cash equivalents represent cash in hand and at bank as at end of period. Cash in hand 2,109,791
Cash at bank 2,541,023,906
106,400 1,882.89 106,400 185,003
31,187,349 8,047.61 43,419,694 193,375,992
31,293,749 8,026.65 43,526,094 193,560,995
-
Amount wrongly credited
Short Term Investment (note 19.1)
490,000
2,546,859,544
2,543,133,697
-3,725,846
3,844,524 (3.09) 4,054,292 6,102,460
35,628,273 7,048.42 47,580,386 199,663,455
Short Term Investment
This represents unclaimed dividends of N3.0 million in 2019 and N3.01 million in 2021 totalling N6.01 million which were invested in Apel Investment Trust. This investment (principal and interest) was rolled over in 2022 for 182 days (from 21 February - 22 August 2022) with the interest rates of 7.25% per annum, N1.29 million was liquidated out of it for dividend payment in 2022 and the balance was rolled over for 182 days from 22 August 2022 - 20 February 2023 with the interest rate of 8.25% per annum. In 2023, principal and interest were rolled over for 182 days (from 20 February - 21 August 2023), from 21 August 2023 - 19 February 2024 with the interest rates of 10.50% and 10% per annum respectively. In June 2024, N2.5 million was liquidated for dividend payment and the balance of N3.8 million was rolled over for 66 days (from 14/06/2024 - 19/08/2024) with the interest rate of 10.50% per annum, and also for 182 days (from 19/08/2024 - 17/02/2025) with the interest rate of 13.50% per annum. It was rolled over againto run for another 180 days (from 17/02/2025 -
Current tax assets
These represent withholding tax receivable as at year end.
150,433,755
2023
N
62,910,235
26,440,865
80,668,460
(112,332,120)
57,687,440
2024
N
57,687,440
(30,546,742)
113,121,124
(140,261,822)
(1.92) -
113,268,650
CHANGE
%
(100.00)
172.78
HISTORY
YTD 2024
N
72,542,118
40,726,532
-
9,340,918
4,720,300
726,867
10,953,904
124,691,767
111,094,392
ACTUAL YTD 2025
N
-111,094,392
-
At 1 January
Withholding tax in the year
Withholding tax utilised during the year
At 31st December
Other current assets
Prepaid insurance
Prepaid Fees on Loan - Current Prepaid fees on loan
Prepaid Medicals Project Klean Expenses Prepaid expenses
7,553,381 23.67 12,759,401
9,440,600 (50.00) 12,759,401 10,445,539
10,167,467 (92.85) 9,440,600 9,440,600
5,263,027 108.13 3,870,000 3,870,000
- 100.00 - -
32,424,474 363.95 38,829,402 23,756,139
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT | ||
DOCUMENT NO.: TIP-FIN-MNG -0026 | REV NO.: 00 | |
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST DECEMBER 2025
ACTUAL YTD 2025
HISTORY
YTD 2024 CHANGE 2024 2023
23. Share capital | N | N | % | N | N |
Issued and fully paid: (note 23.2) | |||||
889,981,552 ordinary shares of N0.50 each | 444,990,776 | 444,990,776 | - | 444,990,776 | 444,990,776 |
23.1 Paid up share capital | |||||
2,000,000,000 ordinary shares of N0.50 each | 1,000,000,000 | 444,990,776 | - | 444,990,776 | 444,990,776 |
At the Annual General Meeting of company held on 25th July 2024, the Shareholders passed a resolution to:
Increase the share capital of the company from N444,990,776 to N1,000,000,000.
Raise additional equity capital by way of Public Offer and Rights Issue subject to the approval of Regulatory Authorities.
Alter Clause 6 of the Memorandum of Association to read "That the Share Capital of the Company is N1,000,000,000 (One Billion Naira) divided into 2,000,000,000 (Two Billion) ordinary shares of 50kobo each"
24. | Share premium | |||||
At 1 January | 17,780,000 | 17,780,000 | - | 17,780,000 | 17,780,000 | |
At 31st December | 17,780,000 | 17,780,000 | - | 17,780,000 | 17,780,000 | |
25. Revaluation Reserve
On 5 November 2018, the company's property, plant and equipment were revalued by Messrs. Jide Taiwo & Co (Estate Surveyors and Valuers - FRC/2012/0000000000254) on the basis of open market value of N880,800,000. The revalued amount was incorporated in these financial statements.The surplus of N221,263,007 arising therefrom was transferred to revaluation reserve account.
303,473,535 | 303,473,535 | - | 303,473,534 | 303,473,534 |
303,473,535 | 303,473,535 | - | 303,473,534 | 303,473,534 |
At 1 January
At 31st December
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT | ||
DOCUMENT NO.: TIP-FIN-MNG -0026 | REV NO.: 00 | |
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST DECEMBER 2025
HISTORY | |||||
ACTUAL YTD 2025 | YTD 2024 | CHANGE | 2024 | 2023 | |
N | N | % | N | N | |
26. Retained earnings | |||||
At 1 January | 1,707,751,603 | 411,981,089 | 314.52 | 411,981,089 | (53,379,368) |
Adjustments (note 28.1) | (543,961,495) | - | 100.00 | (30,514,639) | |
Dividends | (88,998,155) | (53,398,893) | 66.67 | (53,398,893) | 117,133,445 |
Profit for the year | 3,400,758,921 | 1,266,846,894 | 168.44 | 1,379,684,046 | 348,227,012 |
At 31st December | 4,475,550,874 | 1,625,429,089 | 175.35 | 1,707,751,603 | 411,981,089 |
27. Trade and other payables | |||||
Trade payables | 1,448,351,683 | 844,716,119 | 71.46 | 848,844,753 | 258,800,028 |
Dividend payable (note 28.1) | 2,314,628 | 3,884,093 | (40.41) | 4,198,824 | 6,706,191 |
Advances from customer | 60,030,879 | - | 100.00 | 187,000 | 483,735 |
Other payables | 1,054,450 | 139,416 | 656.33 | 1,054,450 | 139,416 |
Accruals (notde 28.2) | 1,990,041,233 | 463,920,855 | 328.96 | 250,115,704 | 34,940,693 |
3,501,792,874 | 1,312,660,483 | 166.77 | 1,104,400,731 | 301,070,063 | |
27.1 Dividend payable | |||||
Declared Dividends (note 29.1.1) | 4,198,824 | 6,989,522 | (39.93) | 2,314,628 | 5,315,094 |
Unclaimed Dividends (29.1.2) | (1,884,196) | (3,105,429) | (39.33) | 1,884,196 | 1,391,097 |
At 31st December | 2,314,628 | 3,884,093 | (40.41) | 4,198,824 | 6,706,191 |
27.1.1 Declared Dividends | |||||
At 1 January - - - | - | - | |||
Dividends declared during the year | 88,998,155 | - | 100.00 | 53,398,893 | - |
Payments made during the year | (88,998,155) | - | 100.00 | (53,398,893) | - |
At 31st December | 0.20 | 100 | - | - | |
At the 26th Annual General Meeting held on 25th April 2025, the Shareholders approved dividend of 10 kobo per ordinary share payable out of the profit for the year ended 31 December 2024.
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT | ||
DOCUMENT NO.: TIP-FIN-MNG -0026 | REV NO.: 00 | |
27.1.2 Unclaimed Dividends | |||||
At 1 January | 2,314,628 | 100 | 5,315,094 | 5,315,094 | |
Unclaimed dividends in the year | - | - | |||
Payments made during the year | (3,000,466) | - | |||
At 31st December | 2,314,628 | 100 | 2,314,628 | 5,315,094 | |
27.1.3 Interest on Unclaimed Dividend | |||||
At 1 January | 1,884,196 | - | 100 | 1,391,097 | 876,315 |
Interest on unclaimed dividends | 64,500 | - | 100 | 493,099 | 514,782 |
Payments made during the year | - | - | - | - | |
At 31st December | 1,948,696 | - | 100 | 1,884,196 | 1,391,097 |
27.2 Accruals Accrued Audit Fees | 5,000,000 | 3,500,000 | 42.86 | 4,000,000 | 3,500,000 |
Accrued Board Expenses | 57,824,707 | 2,500,000 | 2,212.99 | 5,200,000 | - |
Accrued Interest on Loan | 3,275,397 | 5,200,000 | (37.01) | 10,030,320 | 11,287,671 |
Accrued Professional Fees | 3,000,000 | 17,101,000 | (82.46) | 2,000,000 | 1,500,000 |
Accrued Staff Terminal Benefit | 14,595,567 | 1,674,000 | 771.90 | 20,000,000 | - |
Accrued Security and Community Expenses | 62,117,062 | 20,000,000 | 210.59 | 1,755,590 | 1,555,590 |
Accrued Industrial Training Fund | 3,726,809 | - | 100.00 | 2,525,895 | - |
Accrued Consumables | 220,176,854 | - | 100.00 | 5,309,275 | 13,100,275 |
Accrued Waste Disposal | 427,461,692 | - | 100.00 | - | - |
Accrued Tax Expenses | 148,976,416 | - | 100.00 | - | - |
Accrued Waste Treatment | 989,938,033 | 2,400,000 | 41,147.42 | 196,600,000 | - |
Accrued Contract Staff Wages | 2,000,000 | - | 100.00 | 2,400,000 | 1,200,000 |
Accrued Staff Welfare | 50,000,000 | 409,020,000 | (87.78) | - | 2,500,000 |
Accrued Interest on Unclaimed Dividend | 1,948,696 | 2,525,855 | (22.85) | 294,624 | 297,157 |
1,990,041,233 | 463,920,855 | 328.96 | 250,115,704 | 34,940,693 | |
28. Other current tax liabilities | |||||
Pay As You Earn | 133,124 | 936,071 | (85.78) | 936,071 | 781,426 |
Outstanding CIT | 543,961,495 | - | 100.00 | - | - |
Withholding tax payable | 74,800,187 | 59,126,445 | 26.51 | 58,062,224 | 31,036,290 |
Value Added Tax - Suppliers | 311,617,805 | 87,580,826 | 255.81 | 73,034,955 | 40,576,911 |
Value Added Tax - Customers | 118,364,198 | 224,291,773 | (47.23) | 221,882,345 | 46,452,307 |
At 31st December | 1,048,876,808 | 371,935,115 | 182.01 | 353,915,595 | 118,846,934 |
DOCUMENT TITLE: 2025 FOURTH QUARTER MANAGEMENT ACCOUNT | ||
DOCUMENT NO.: TIP-FIN-MNG -0026 | REV NO.: 00 | |
THE INITIATES PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31ST DECEMBER 2025
ACTUAL | HISTORY | ||||
YTD 2025 N | YTD 2024 N | CHANGE % | 2024 N | 2023 N | |
29. Employees' benefits | |||||
Defined contribution plans (note 27.1) | 3,766,223 | 4,492,394 | (16.16) | 5,726,408 | 2,995,027 |
29.1 Defined contribution plans
These represent pension contribution. It is computed as follows: 8% of the employee's basic salary, housing and transport is contributed monthly by the employee and 10% of the employee's basic salary, housing and transport is contributed by the employer. The monthly contribution is remitted to the Pension
At 1 January | 5,726,408 | 2,995,027 | 91.20 | 2,995,027 | 2,937,537 |
Provision for the year | 14,359,815 | 11,131,289 | 29.00 | 16,857,021 | 13,082,609 |
Payments made during the period | (16,320,000) | (9,633,922) | 69.40 | (14,125,640) | (13,025,119) |
At 31st December | 3,766,223 | 4,492,394 | (16.16) | 5,726,408 | 2,995,027 |
30 Borrowings | 98,000,000 | 350,000,000 | (72.00) | 350,000,000 | 550,000,000 |
30.1. Loan facility from Bank of Industry At 1 January | 350,000,000 | 500,000,000 | (30.00) | 550,000,000 | 700,000,000 |
Repayments in the year | (252,000,000) | (150,000,000) | 68.00 | (200,000,000) | (200,000,000) |
98,000,000 | 350,000,000 | (72.00) | 350,000,000 | 500,000,000 | |
30.2. Short Term Borrowings | |||||
These represent Invoice Discounting Facility IDF from Providus Bank asat 1st Jan 2025 | 178,805,728 | 269,817,900 | (33.73) | 134,908,950 | - |
IDF from Providus Bank within the year | 182,950,820 | 593,744,690 | (69.19) | 602,464,418 | 134,908,950 |
Repayments in the year | (361,756,548) | (669,567,900) | (45.97) | (558,567,640) | |
At 31st December | (0) | 193,994,690 | (100.00) | - 178,805,728 134,908,950 | |
Borrowings
These represent loan facility of N700.0 million obtained by The Initiates Plc from Bank of Industry in 2021 for procurement of plant and machinery for the treatment and disposal of oil drilling waste as well as industrial cleaning and decontamination services. The loan has a tenor of 5 years with one (1) year moratorium and interest rate of 8% per annum commencing from the date of first disbursement. The loan was secured with a Bank Guarantee from Providus Bank Plc. The security for the guarantee is as follows:
'- Mortgage Debenture on the Company's assets situated at Plot 400 Location Road, Umuebule 5, Aba/PH Expressway, Port Harcourt, Rivers State, to be valued by a Bank accredited valuer.
Legal Mortgage on a property in acceptable location in Lagos or Abuja.
Irrevocable domiciliation of contract proceeds to Providus Bank.
Deposit of a minimum of 25% of the facility amount in a DSRA account to be utilized to service both the principal and accrued interest on the facility for the 1st year. This must be replenished on a regular basis from the Company's operational cash flow.
Personal Guarantee of the Managing Director and another director suppported by notarized Statements of Networth.
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