And baker quarter 5 financial statement for 2024

MAY AND BAKER NIGERIA PLC

CONSOLIDATED AND SEPARATE

FINANCIAL STATEMENTS

FOR THE YEAR ENDED '31 DECEMBER 2024

MAY AND BAKER PLC

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CORPORATE INFORMATION

BOARD OF DIRECTORS:

Senator Daisy E. Danjuma Mr Patrick Ajah

Mr. Aboderin S. A. Dr. Rahila Ilegbodu

Mr. Kolawole Olalekan Durojaiye Mr. Michael Odumodu

Dr. E. Abebe

Chief S. M. Onyishi

SECRETARIES: REGISTRATION NO.:

- - - - - - - - -

Chairman

Executive Director (MD/CEO) Executive Director (CFO) Non-executive Director (Independent) Non-executive Director Non-executive Director (Independent) Non-executive Director Non-executive Director

Marina Nominees Limited 233 Ikorodu Road,

Ilupeju, Lagos.

-

558

REGISTERED OFFICE:

-

3/5 Sapara Street, Ikeja.

REGISTRAR:

-

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

INDEPENDENT AUDITORS: SOLICITORS:

-

Grant Thornton Nigeria (Chartered Accountants)

2a,Ogalade Street, Off Ologun street, Off Adeola Odeku Street, Victoria Island

Lagos, Nigeria.

-

Nnenna Ejekam & Associates

70A Itafaji Road, Dolphin Estate, Ikoyi Lagos, Nigeria

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 Plc i

MAY AND BAKER PLC

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Free Float Computation

Shareholding Structure /Free Float Status

Description

Issued Share Capital

Substantial Shareholdings (5% and above)

T.Y.Holdings

Onyishi Maduka Samuel

Total Substantial Shareholdings

Senator Daisy Danjuma (Indirect)

Mr. Patrick Ajah

Dr. E. Abebe (Direct)

Dr. (Mrs.) Rahila Ilogbodu

Mr. Michael C. Odumodu (Indirect)

V.C. Okelu

Aboderin A.S

Durojaiye Kolawole Olalekan Other Directors' Shareholdings

Representing Oil Tech Nigeria Ltd Representing Osis Yuvic LtdOil Tech Nigeria Ltd)

Representing Seravac Nigeria Ltd Representing J.I. Odumodu

Declaration:

May & Baker Nigeria Plc with a free float percentage of 35.15% as at 31st December, 2024, is compliant with The Exchnage's free float requirements for companies listed on the Main Board.

ii

MAY AND BAKER PLC

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

MANAGEMENT'S REPORT ON THE ASSESSMENT OF INTERNAL CONTROL OVER FINANCIAL REPORTING

We are pleased to report that May and Baker Nigeria Plc has completed the management assessment of the internal control over financial reporting for the financial year ended December 31, 2024.

Internal control over financial reporting (ICFR) refers to the systems, policies, and procedures implemented by an organization to ensure the accuracy, reliability, and integrity of its financial statements. These controls are designed to safeguard assets, prevent fraud, and ensure compliance with laws and regulations. They provide reasonable assurance that financial information is complete and accurate, allowing stakeholders to make informed decisions.

We utilized the COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework to evaluate the effectiveness of our internal control over financial reporting. This internationally recognized framework provides a comprehensive approach to assessing internal controls, ensuring reliability and integrity in financial reporting processes.

Our assessment was concluded 90 days before the issuance of our financial report, aligning with regulatory requirements and demonstrating our commitment to timely reporting.

However, because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness in future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate

Based on the assessment performed, the management of May and Baker Nigeria Plc is pleased to confirm that our assessment shows that our internal control over financial reporting is effective. There were no material weaknesses identified as of December 31, 2024.

Daisy Danjuma Chairman. FRC/2020/003/00000020890

Dated: 27 March 2025

Mr.Aboderin Ayodeji S. Finance Director /CFO FRC/2014/ICAN/00000008270

Dated: 27 March 2025

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MAY AND BAKER PLC

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING (ICoFR)

CERTIFICATION

We, Mr. Patrick Ajah (The Group Managing Director) and Mr Ayodeji S. Aboderin (the Group

CFO) of May and Baker Nigeria Plc, certify that:

(a)

we have reviewed this consolidated financial report for May and Baker Nigeria Plc

(b)

Based on our 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 concerning the period covered by this report

(c)

Based on our 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

(d)

We:

1 2

are responsible for establishing and maintaining internal controls.

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;

3

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 by generally accepted accounting principles;

4

have evaluated the effectiveness of the company's internal controls and procedures as of a date within 90 days before 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.

(e)

We have disclosed, based on our most recent evaluation of the internal control system, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

1

All 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

2

Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control system.

(f)

We have identified, in the report whether or not there were significant changes in internal controls or other facts that could significantly affect internal controls after the date of their evaluation including any corrective actions about significant deficiencies and material weaknesses.

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CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CERTIFICATION PURSUANT TO SECTION 7(2) OF THE FRCN ACT 2023 (Amended)

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, 2024 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, 2024 and for the periods presented in the report.

Mr. Patrick Ajah Managing Director/CEO FRC/2021/003/00000023215

Mr. Aboderin Ayodeji S. Finance Director/CFO

FRC/2014/ICAN/00000008270

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STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RELATION TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors accept responsibility for the preparation of the accompanying consolidated financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates in accordance with the International Financial Reporting Standards; in compliance with the Financial Reporting Council Act No. 6, 2011 and in the manner required by the Companies and Allied Matters Act, 2020.

The Directors are of the opinion that the accompanying consolidated financial statements give a true and fair view of the state of the financial affairs of the Company, in accordance with the International Financial Reporting of Standards; in compliance with the Financial Reporting Council of Nigeria Act. No 6, 2011 and in manner required by Companies and Allied Matters Act, 2020.

The Directors further accept responsibility for the maintenance of adequate accounting records as required by the Companies and Allied Matters Act, 2020 and for such internal controls as the Directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatements whether due to fraud or error.

The consolidated financial statements have been prepared on a going concern basis. The Directors have made assessment of the company's ability to continue as a going concern and have no reason to believe that the company will not remain a going concern at least 12 months from the date on this consolidated financial statements..

Signed on behalf of the Board of Directors by:

Chairman FRC/2020/003/00000020890

Managing Director

FRC/2022/003/00000023215

Dated: 27 March 2025

Dated: 27 March 2025

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