Quarter 5 - financial statement for 2025

Nascon Allied Industries Plc FRC/2012/0000000000478

Annual report and financial statements for the year ended 31 December 2025

Page

Directors, Officers and Professional Advisers 2

Results at a Glance 3

Report of the Directors 4

Corporate Governance Report 8

Report of the Statutory Audit Committee 13

Statement of Directors Responsibilities for the Preparation and Approval of the Annual report 15

and financial statements

Certification pursuant to Section 405 (1) of Companies and Allied Matters 16

Act, Laws of the Federation of Nigeria 2020

Certification of Management's Assessment on Internal Control over Financial Reporting 17

Management's Report on the Assessment of Internal Control over Financial Reporting as at 18

31st December 2025

Independent Practitioner's Report 19

Independent Auditor's Report 21

Statement of Profit or Loss and Other Comprehensive Income 25

Statement of Financial Position 26

Statement of Changes in Equity 27

Statement of Cash Flows 28

Notes to the annual report and financial statements 29

Other National Disclosure - Value Added Statement 71

Other National Disclosure - Five Year Financial Summary 72

Country of incorporation and domicile Nigeria

Nature of business and principal activities The principal activities of the Company during the year include

processing of raw salt into refined, edible and grade salt. The Company also produces Seasoning cubes.

Directors Olakunle Alake Chairman Aderemi Saka* Managing Director

Thabo Mabe** Managing Director

Fatima Aliko-Dangote Non-Executive Director

Halima Aliko-Dangote Non-Executive Director

Abdu Dantata Non-Executive Director

Sada Ladan-Baki*** Non-Executive Director

Knut Ulvmoen*** Non-Executive Director Fatima Wali-Abdurrahman Non-Executive Director Ifeyinwa Ighodalo**** Independent Director

Tonya Lawani**** Independent Director

Mahmud Tukur**** Independent Director

*Appointed Deputy Managing Director on 26 February, 2025 : Appointed Managing Director on 1 December, 2025.

**Resigned on 30 November, 2025.

***Resigned on 30 June, 2025.

****Appointed on 1 July, 2025.

Company Secretary Oluseun Oluwole

Business office 15B Ikosi Road

Oregun Industrial Estate Lagos, Nigeria

Independent auditor PricewaterhouseCoopers

FF Millenium Towers, 13/14 Ligali Ayorinde Street, Victoria Island, Lagos

Ultimate holding company Greenview International Corp (Incorporated in Cayman Island)

Bankers

Access Bank Plc Ecobank Limited

First Bank of Nigeria Limited

First City Monument Bank Limited Guaranty Trust Bank Plc

Jaiz Bank Limited Keystone Bank Limited Stanbic IBTC Bank Plc Sterling Bank Plc

United Bank for Africa Plc Union Bank of Nigeria Plc Wema Bank Plc

Zenith Bank Plc

The Board of Directors is pleased to submit their report together with the audited financial statements of the Company for the year ended 31 December 2025.

1. Review of activities Principal activities

   The principal activities of the Company during the year include processing of raw salt into refined, edible and grade salt. The Company also produces Seasoning cubes.

   The Company recorded a profit after taxation of N33.53 billion (2024: N15.58 billion) for the year. 2025 proposed dividend is 600 kobo per share (2024: 200 kobo per share).

2. Legal form

   The Company was incorporated on 30 April 1973 as a limited liability Company. The shares are currently quoted on the Nigeria Exchange Limited.

3. Directors and Directors' Interests

   1. The directors of the company during the year and to the date of this report are as follows:

      Olakunle Alake Chairman

      Aderemi Saka* Managing Director

      Thabo Mabe** Managing Director

      Fatima Aliko-Dangote Non-Executive Director

      Halima Aliko-Dangote Non-Executive Director

      Abdu Dantata Non-Executive Director

      Sada Ladan-Baki*** Non-Executive Director

      Knut Ulvmoen*** Non-Executive Director

      Fatima Wali-Abdurrahman Non-Executive Director

      Ifeyinwa Ighodalo**** Independent Director

      Tonya Lawani**** Independent Director

      Mahmud Tukur**** Independent Director

   2. By virtue of Section 285 of the Companies and Allied Matters Act, Laws of the Federation of Nigeria 2020, one-third of the Directors of the Company who have been longest in office since their last election shall retire from office and in accordance with this section, Olakunle Alake, Fatima Wali-Abdurrahman and Abdu Dantata are retiring by rotation and being eligible, offer themselves for re-election. In addition, the appointments of Ifeyinwa Ighodalo, Mahmud Tukur and Tonya Lawani are to be ratified.

   3. No Director has a service contract not determinable within five years.

   4. The Directors' interests in the issued share capital of the Company as recorded in the register of members and/or as notified by them for the purpose of Section 301 of the Companies and Allied Matters Act, Laws of the Federation of Nigeria 2020, are as follows:

*Appointed Deputy Managing Director on 26 February, 2025; Appointed Managing Director on 1 December, 2025.

**Resigned on 30 November, 2025.

***Resigned on 30 June, 2025

****Appointed on 1 July, 2025

1. Directors and Directors' Interests (continued) Directors Shareholding

2. Share capital history

   AUTHORISED NOMINAL VALUE ISSUED AND PAID-UP

   Other than by bonus Bonus issue Total

   Year	No. of shares '000	Amount N	No. of Shares '000	Amount N '000	No. of Shares '000	Amount N '000	No. of Shares '000	Amount N
   1991	40,000	20,000	-	-	-	-	14,110	7,055
   1992	40,000	20,000	-	-	-	-	14,110	7,055
   1993	40,000	20,000	-	-	-	-	14,110	7,055
   1994	40,000	20,000	-	-	-	-	14,110	7,055
   1995	80,000	40,000	-	-	-	-	14,110	7,055
   1996	80,000	40,000	65,847	32,923	-	-	79,957	39,978
   1997	200,000	100,000	-	-	-	-	79,957	39,978
   1998	200,000	100,000	-	-	-	-	79,957	39,978
   1999	200,000	100,000	-	-	-	-	79,957	39,978
   2000	200,000	100,000	-	-	-	-	79,957	39,978
   2001	200,000	100,000	-	-	-	-	79,957	39,978
   2002	200,000	100,000	-	-	-	-	79,957	39,978
   2003	200,000	100,000	-	-	-	-	79,957	39,978
   2004	200,000	100,000	-	-	-	-	79,957	39,978
   2005	200,000	100,000	-	-	-	-	79,957	39,978
   2006	4,000,000	2,000,000	-	-	-	-	79,957	39,978
   2007	4,000,000	2,000,000	2,127,909	1,063,954	-	-	2,207,865	1,103,932
   2008	4,000,000	2,000,000	-	-	441,573	220,787	2,649,438	1,324,719
   2009	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2010	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2011	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2012	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2013	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2014	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2015	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2016	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2017	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2018	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2019	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2020	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2021	4,000,000	2,000,000	-	-	-	-	2,649,438	1,324,719
   2022	2,649,438	1,324,719	-	-	-	-	2,649,438	1,324,719
   2023	2,649,438	1,324,719	-	-	-	-	2,649,438	1,324,719
   2024	2,702,426	1,351,213	-	-	52,988	26,494	2,702,426	1,351,213
   2025	2,702,426	1,351,213	-	-	-	-	2,702,426	1,351,213

3. Directors' Responsibilities

   The Directors are responsible for the preparation of the financial statements which give a true and fair view of the state of affairs of the Company in accordance with Companies and Allied Matters Act, Laws of the Federation of Nigeria 2020.

   In doing so, they ensure that:

   • Proper accounting records are maintained;

   • Applicable accounting standards are followed;

   • Suitable accounting policies are adopted and consistently applied;

   • Judgments and estimates made are reasonable and prudent;

   • The going concern basis is used, unless it is inappropriate to presume that the Company will continue in business;

   • Internal control procedures are instituted which as far as are reasonably possible, safeguard the assets, prevent and detect fraud and other irregularities.

4. Corporate governance

   • The Company is committed to best practices and procedures in corporate governance. Its business is conducted in a fair, honest and transparent manner which conforms to high ethical standards.

   • Members of the Board of Directors meet at least once quarterly to decide on policy matters and direct the affairs of the Company; review its performance, its operations and finance; and formulate growth strategy. Attendance at Directors' meetings is impressive.

   • In line with provisions of section 284(2) of the Companies and Allied Matters Act, Laws of the Federation of Nigeria 2020, the record of Directors' attendance at Board Meetings is available for inspection at the Annual General Meeting.

   • The remuneration of the Executive Director is fixed.

   • The Board of Directors consists of Nine (9) members; One (1) Executive Director and Eight (8) Non-Executive Directors of which Three (3) are Independent.

   • Appointment to the Board is made by shareholders at the Annual General Meeting where a vacancy arises.

   • The Board, from time to time, routinely empowers committees to examine and deliberate on finance and establishment related issues.

5. Substantial interest in shares

   The Registrar has advised that according to the Register of Members on 31 December 2025, one shareholder held more than 5% of the issued share capital of the Company. Dangote Industries Limited holds 62.19% with 1,680,718,828 ordinary shares of 50k each.

6. Events after the reporting period

   There were no significant developments since the statement of financial position date which could have had a material effect on the state of affairs of the Company as at 31 December 2025 and the profit for the year ended on that date, which have not been adequately recognized.

7. Non-current assets

   Movements in Property, Plant and Equipment during the year are shown in Note 19 to the financial statements. In the opinion of the Directors, the market value of the company properties is not less than the value shown in the financial statements.

8. Company Distributors

   The Company's products are distributed by customers across the country, who redistribute to wholesalers, confectioners, supermarkets and retailers. Salt retail packs come in 250g, 500g and 1kg and are sold under the brand name Dangote Refined Salt. Seasoning is sold under the brand name Dangote Classic Seasoning.

9. Suppliers

The Company obtains its materials at arm's length basis both locally and internationally. Amongst its main vendors are Bulk Commodities Limited and Dangote Packaging Limited.

PricewaterhouseCoopers have indicated their willingness to continue in office as the Company's auditor in accordance with section 401(2) of the Companies and Allied Matters Act, Laws of the Federation of Nigeria 2020. A resolution will be proposed authorizing the Directors to fix their remuneration at the Annual General Meeting.

By Order of the Board

Oluseun Oluwole Company Secretary

FRC/2013/NBA/00000000856

Nascon Allied Industries Plc, 15b, Ikosi Road,

Oregun Ikeja, Lagos Nigeria

23 February 2026

1. General information

   Nascon Allied Industries Plc is committed to best practices and procedures in corporate governance. The corporate governance practices are constantly under review, in line with dynamics of the business environment. There was considerable focus on the Company's corporate governance practices especially at the Board level during the year.

   The corporate governance policies adopted by the Board of Directors are designed to ensure that the Company's business is conducted in a fair, honest and transparent manner which conforms to high ethical standards.

   Nascon is committed to compliance with the Nigerian corporate governance framework, which includes but is not limited to the Securities and Exchange Commission's Code of Corporate Governance for Public Companies in Nigeria,

   the Nigerian Code of Corporate Governance and the Companies and Allied Matters Act. Nascon has not incurred any sanctions in respect of the said framework.

   Board of Directors

   The Board delegates the day-to-day running of the Company's affairs to the Managing Director supported in this task by an Executive Management Committee. The Board of Directors consists of Nine (9) members; one (1) Executive Director and Eight (8) Non-Executive Directors of which three (3) are Independent.

   It is the responsibility of the Board of Nascon Allied Industries Plc to:

   • Ensure integrity of the Company's financial and internal control policies.

   • Ensure the accurate, adequate and timely rendition of statutory returns and financial reporting to the regulatory authorities (NGX Regulation Limited, Financial Reporting Council of Nigeria, Corporate Affairs Commission, Securities and Exchange Commission) and shareholders.

   • Ensure value creation for shareholders, employees and other stakeholders.

   • Review and approve corporate policies, strategy, annual budget and business plan.

   • Monitor implementation of policies and the strategic direction of the Company.

   • Set performance objectives, monitor implementation and corporate performance.

   • Review and approve all major capital expenditure of the Company.

   • Ensure that the statutory rights of shareholders are protected at all times.

2. Meeting of the Board of Directors

   The Board of Directors holds several meetings during the year to consider corporate actions such as the approval of corporate strategy, annual corporate plan, review of internal risk management and control systems, review of the Company's performance and operations, as well as the formulation of growth strategies.

   1. Record of Directors' meetings

      In line with provisions of Section 284(2) of the Companies and Allied Matters Act, Laws of the Federation of Nigeria 2020, the record of Directors' attendance at Board meetings is available for inspection at the Annual General Meeting.

      Board Meetings and Attendance for the year ended 31 December 2025

      The Board held eight (8) meetings in 2025.

      Name	26-Feb-25	24-Apr-25	08-May-25	30-Jun-25	29-Jul-25	30-Oct-25	17-Nov-25	03-Dec-25
      Olakunle Alake	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
      Aderemi Saka*	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
      Thabo Mabe**	Yes	Yes	Yes	Yes	Yes	Yes	Yes	N/a
      Fatima Aliko-Dangote	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
      Halima Aliko-Dangote	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
      Abdu Dantata	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
      Sada Ladan-Baki***	Yes	Yes	Yes	Yes	N/a	N/a	N/a	N/a
      Knut Ulvmoen***	Yes	Yes	Yes	Yes	N/a	N/a	N/a	N/a
      Fatima Wali-Abdurrahman	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
      Ifeyinwa Ighodalo****	N/a	N/a	N/a	Yes	Yes	Yes	Yes	Yes
      Tonya Lawani****	N/a	N/a	N/a	Yes	Yes	Yes	Yes	Yes
      Mahmud Tukur****	N/a	N/a	N/a	Yes	Yes	Yes	Yes	Yes

   2. Key activities of the Board

      • Extensive review of the Company's short and long term strategy, culminating in a detailed strategic plan.

      • Consideration of the reports of the Board Committees with recommendations for approval.

      • Consideration of the 2025 quarterly unaudited financial reports.

      • Consideration of the 2024 audited financial reports, interim dividend and proposed bonus issuance.

      • Revision of the operational performance, marketing strategy and report on business and projects.

      • Revision of the risk management objectives and implementation.

3. Board Committees

   The Board delegated some of its responsibilities to standing committees that consist of Non-Executive Directors. These are the Establishment and General Purpose and Finance, Risk and Audit Committees. The Committees report to the Board of Directors on their activities and decisions which are ratified by the full Board. On June 30 2025, the Finance, Risk Management & Audit Committee (FRMAC) and Establishment & General-Purpose Committee (EGPC) were reorganized into the Audit and Risk Management Committee (ARMC), Finance and Sustainability Committee (FSC) and Governance Committee (GC)

   In compliance with the practices of good corporate governance, the Chairman of the Board is not a member of either of these committees.

   1. The Finance, Risk and Audit Committee

      The Finance, Risk and Audit Committee is responsible for monitoring the integrity of the financial statements of the Company. It also assesses and monitors all risks associated with the operations of the Company, and oversees the implementation of Internal Control System, by Management. The Committee assists the Board in its responsibility relating to the oversight of the Company's financial credit and risk management policies and procedures.

      The Committee is comprised of three (3) Directors. The Committee members are:

      Sada Ladan-Baki*** Chairman

      Fatima Aliko-Dangote Member

      Halima Aliko-Dangote Member

      The Committee held three (3) meetings in 2025.
      Name	24-Feb-25	22-Apr-25	28-Jul-25
      Sada Ladan-Baki***	Yes	Yes	N/a
      Fatima Aliko-Dangote	Yes	Yes	Yes
      Halima Aliko-Dangote	Yes	Yes	Yes
      Key matters of the committee

      • Reviewed the 2024 annual reports and accounts.

      • Reviewed the 2025 quarterly financial reports.

      • Reviewed the critical accounting policies applied in the preparation of the financial statements.

      • Reviewed the reports on key operational risks and the related controls and processes to manage and mitigate

   2. Audit and Risk Management Committee

      The Audit and Risk Management Committee is responsible for monitoring the integrity of the financial statements of the Company. It maintains oversight over frameworks in respect of whistle-blowing, risk management, internal control, IT data governance and related party transactions.

      The Committee is comprised of five (5) Directors and their attendance is stated below.

      Name 20-Oct-25

      Mahmud Tukur**** Yes

      Tonya Lawani**** Yes

      Fatima Wali-Abdurrahman Yes

      Fatima Aliko-Dangote Yes

      Abdu Dantata Yes

      Key matters of the committee

      • Reviewed the quarterly financial statements.

      • Reviewed reports on compliance IT Data Governance, Risk Management and Internal Audit

   3. The Establishment and General Purpose Committee

      The Committee is responsible for reviewing the policy framework for employee and remuneration issues. The Committee also institutes a transparent procedure for the appointment of new Directors to the Board of Directors and makes recommendations to the Board regarding the tenures and the re-appointment of Directors.

      The committee is comprised of five (5) Directors:

      Knut Ulvmoen*** Chairman

      Fatima Aliko-Dangote Member

      Halima Aliko-Dangote Member

      Abdu Dantata Member

      Fatima Wali-Abdurrahman Member

      The Establishment and General Purpose Committee attendance for the year ended 31 December 2025. The Committee held three (3) meetings in 2025.

      Name	19-Feb-25	16-Apr-25	21-Jul-25
      Knut Ulvmoen***	Yes	Yes	N/a
      Fatima Aliko-Dangote	Yes	Yes	Yes
      Halima Aliko-Dangote	Yes	Yes	Yes
      Abdu Dantata	Yes	Yes	Yes
      Fatima Wali-Abdurrahman Key matters of the committee	Yes	Yes	Yes

      • Considered matters relating to human resources, including employee recruitment and development.

      • Considered HSE and sustainability-related matters including safety achievements and trends.

      • Considered matters relating to projects and fleet maintenance.

   4. Governance Committee

      The Governance Committee is responsible for reviewing all matters relating to the board, its committees and executive management, as well as the governance framework of the Company.

      The Committee is comprised of five (5) Directors and their attendance is stated below:

      Ifeyinwa Ighodalo****	Chairman
      Tonya Lawani****	Member
      Fatima Wali-Abdurrahman	Member
      Halima Aliko-Dangote	Member
      Mahmud Tukur****	Member
      Name Ifeyinwa Ighodalo**** Tonya Lawani**** Fatima Wali-Abdurrahman Halima Aliko-Dangote Mahmud Tukur****		20-Oct-25 Yes Yes Yes Yes Yes	17-Nov-25 Yes Yes Yes Yes Yes
      Key matters of the committee

      • Reviewed matters relating to employees.

      • Reviewed matters relating to the board.

   5. The Finance and Sustainability Committee

The Finance and Sustainability Committee is responsible for the general operational performance of the Company. It maintains oversight over matters related to health and safety and sustainability, as well as matters related to finance, capital structure and strategy.

The Committee is comprised of five (5) Directors, and their attendance is stated below:

Fatima Aliko-Dangote Chairman

Abdu Dantata Member

Halima Aliko-Dangote Member

Ifeyinwa Ighodalo**** Member

Tonya Lawani**** Member

Name 20-Oct-25

Fatima Aliko-Dangote Yes

Abdu Dantata Yes

Halima Aliko-Dangote Yes

Ifeyinwa Ighodalo**** Yes

Tonya Lawani**** Yes

Key matters of the committee

• Reviewed matters relating to health and safety, and sustainability

• Reviewed matters relating to production, projects and fleet maintenance

Signed on behalf of the Board of Directors By;

Olakunle Alake Chairman

FRC/2013/ICAN/00000002214

23 February 2026

This report is provided by the Audit committee appointed in respect of the 2025 financial year of Nascon Allied Industries Plc.

1. Members of the Statutory Audit Committee

   The Audit Committee is made up of five (5) members, three (3) representatives of Shareholders and two (2) members of the Board of Directors. Members of the Audit Committee are elected yearly at Annual General Meetings. The Committee in compliance with the requirement of corporate governance practice is chaired by a representative of the Shareholders and include:

   Name Position

   Okey Nwuke Chairman/Shareholder

   Umar Farouk Shareholder

   Moses Igbrude***** Shareholder

   Halima Aliko-Dangote Director

   Sada Ladan-Baki*** Director

   Mahmud Tukur**** Director

   ****Appointed on 1 July, 2025.

   ***Resigned on 30 June, 2025.

   *****Appointed on 8 May, 2025.

2. Meetings held by the Statutory Audit Committee

   The committee held four (4) scheduled meetings during 2025;

   Name 26-Feb-25 25-Apr-25 30-Jul-25 29-Oct-25

   Okey Nwuke Yes Yes Yes Yes

   Umar Farouk Yes Yes Yes Yes

   Moses Igbrude***** N/a N/a Yes Yes

   Halima Aliko-Dangote Yes Yes Yes Yes

   Sada Ladan-Baki*** N/a Yes N/a N/a

   Mahmud Tukur**** N/a N/a N/a Yes

3. Statutory Audit Committee Responsibilities

   • Ensuring the independence and objectivity of the Audit.

   • Reviewing the adequacy and effectiveness of the Company's internal control policies prior to endorsement by the Board.

   • Supervised investigations into matters within its scope, such as evaluation of the effectiveness of the Company's internal controls.

     In addition to the above stated responsibilities, the Committee carries out all such other functions as stipulated by the Companies and Allied Matters Act, Laws of the Federation of Nigeria 2020.

4. Security Trading Policy

   In accordance with Rule 17 of the NGX Regulation Limited Amended Listing Rules, the Board has put in place a Security Trading Policy which applies to all Directors and Employees and also to those who may at any time possess, any insider or material information about the Company.

   The Security Trading Policy as endorsed by the Board is in substantial conformity with the standard set out in Rule 17 of the NGX Regulation Limited Listing Rules.

   Accordingly, it is hereby confirmed that, after specific inquiries of all the Directors of the Company, they have all confirmed their compliance with the Policy in the period before the Company results were announced for the 2025 financial year.

   There is no case of non-compliance with the Policy.

   Furthermore, the compliance of the Company Directors with the listing rules and the anti-insider trading policy will continue to be disclosed in the Company's quarterly and other financial reports.

5. Report of the Statutory Audit Committee

In accordance with the provisions of Section 404(4) of Companies and Allied Matters Act, Laws of the Federation of Nigeria 2020, we have examined the Auditors' report for the year ended 31 December 2025. We have obtained all the information and explanations we required.

In our opinion, the Auditors' report is consistent with our review of the scope and planning of the Audit. We are also satisfied that the accounting and reporting policies of the Company are in accordance with legal requirements and agreed ethical practices.

Having reviewed the Auditors' findings and recommendations in the Management letter, we are satisfied with Management's response therein.

Okey Nwuke

Chairman, Audit Committee FRC/2017/ICAN/00000016523

23 February 2026

The Directors of Nascon Allied Industries Plc are responsible for the preparation of the financial statements that give a true and fair view of the financial position of the Company as at 31 December 2025, and the results of its operations, statement of cash flows and changes in equity for the year ended, in compliance with International Financial Reporting Standards as issued by the International Accounting Standard Board (IFRS Accounting Standards) and in the manner required by Companies and Allied Matters Act, Laws of the Federation of Nigeria 2020, and the Financial Reporting Council of Nigeria (Amendment) Act, 2023.

In preparing the annual report and 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 IFRS Accounting Standards 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 enables them to ensure that the Annual Report And Financial Statements of the Company comply with IFRS Accounting Standards;

• Maintaining statutory accounting records in compliance with the legislation of Nigeria and IFRS Accounting Standards; and

• 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 annual report and financial statements of the Company set out on pages 25 to 72 for the year ended 31 December 2025, were approved by the Board of Directors on 23 February 2026.

  Signed on behalf of the Board of Directors By:

  
  
  

  Olakunle Alake Chairman

  FRC/2013/ICAN/00000002214

  Aderemi Saka Managing Director

  FRC/2026/PRO/DIR/003/670433

  Certification pursuant to Section 405 (1) of Companies and Allied Matters Act, Laws of the Federation of Nigeria 2020

  We have reviewed the financial statements of Nascon Allied Industries Plc for the year ended 31 December 2025. Based on our knowledge, the financial statements do not:

• Contain any untrue statement of a material fact; or

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

  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 for the years presented in the financial statements.

  The Directors are responsible for establishing and maintaining internal controls. We have:

• Designed such internal controls to ensure that material information relating to the Company is made known to us by other officers within the business, particularly during the year in which this report is being prepared.

• Evaluated the effectiveness of the Company's internal controls and reported to the Statutory Audit Committee on a quarterly basis and 90 days prior to 31 December 2025.

• Certified that the Company's internal controls are effective.

• Confirmed that there are no deficiencies in the design or operation of internal controls to report to the Company's auditors.

  In addition, we have disclosed to the Company's External Auditors and Statutory Audit Committee that:

• There are no deficiencies in the design or operation of internal controls to report.

• There was no fraud, whether material or not, that involved management or other employees who have a significant role in the Company's internal controls.

We confirmed that there were no significant changes in internal controls or factors that could significantly affect internal controls subsequent to the date of our evaluation.

Aderemi Saka Managing Director

FRC/2026/PRO/DIR/003/670433

Oladimeji Sorinmade Acting Financial Controller

FRC/2025/PRO/ICAN/001/987274

We, Aderemi Saka (Managing Director) and Oladimeji Sorinmade (Acting Financial Controller) of Nascon Allied Industries Plc, certify that:

1. We have reviewed this Management's Report on the Assessment of Internal Control Over Financial Reporting of Nascon Allied Industries Plc;

2. 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 with respect to the period covered by this report;

3. 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;

4. We:

   1. Are responsible for establishing and maintaining internal controls;

   2. 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, is made known to us by others, particularly during the period in which this report is 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 in accordance with generally accepted accounting principles;

   4. 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.

5. 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:

   1. There were no significant deficiencies and material weaknesses in the design or operation of the internal control system that are reasonably likely to adversely affect the company's ability to record, process, summarize, and report financial information; and

   2. There was no fraud, whether material or not, involving management or other employees who have a significant role in the company's internal control system.

6. 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 subsequent to the date of their evaluation including any corrective actions with regard to significant deficiencies and material weaknesses.

Dated this 23rd day of February 2026

Aderemi Saka

Managing Director FRC/2026/PRO/DIR/003/670433

Oladimeji Sorinmade

Acting Financial Controller FRC/2025/PRO/ICAN/001/987274

The Management of Nascon Allied Industries Plc is responsible for establishing and maintaining adequate internal control over financial reporting as required by the Securities and Exchange Commission (SEC) Act, 2007 and the Financial Reporting Council (Amendment) Act, 2023.

The Management of Nascon Allied Industries Plc assessed the effectiveness of the internal control over financial reporting as of 31 December 2025 using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission -2013 Integrated Framework (''the COSO Framework'') and in accordance with the SEC Guidance on implementation of section 88 to 91 of Investments and Securities Act 2025.

As of 31 December 2025, the Management of Nascon Allied Industries Plc did not identify any material weakness in its assessment of the internal control over financial reporting. As a result, Management has concluded that as of 31 December 2025, the company's internal control over financial reporting was effective.

The Company's independent auditor, PricewaterhouseCoopers who audited the financial statements included in this Annual report, issued an unmodified conclusion on the effectiveness of the Company's internal control over financial reporting as of 31 December 2025, based on the limited assurance engagement performed by them. PricewaterhouseCoopers' limited assurance reports appears on pages 19 - 20 of the Annual Report.

Management's Remediation plan and Status

Management is committed to maintaining a strong internal control environment. In response to the identified deficiencies noted in our assessment of the Internal Control over Financial Reporting for the company, management has already taken steps to substantially remediate these deficiencies and will continue to take further steps until such remediation is complete. The steps taken by management on the outstanding deficiencies yet to be remediated were to identify appropriate compensating controls to mitigate the financial risks that may result in a misstatement in the financial statement. While Management have taken steps to substantially remediate these identified deficiencies, we will continue to complete the remediation process as quickly as possible.

As management continues to evaluate and work to improve our Internal control over financial reporting, we may take additional measures to address these controls deficiencies or modify certain remediation measures described above.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred after the date of our evaluation of the effectiveness of internal control over financial reporting that significantly affected, or are reasonably likely to significantly affect, the Company's Internal control over financial reporting.

Dated on this day 23rd day of February 2026.

Aderemi Saka

Managing Director FRC/2026/PRO/DIR/003/670433

Oladimeji Sorinmade

Acting Financial Controller FRC/2025/PRO/ICAN/001/987274

To the Members of Nascon Allied Industries Plc

Report on an assurance engagement performed by an independent practitioner to report on management's assessment of controls over financial reporting

In our opinion, nothing has come to our attention that the internal control procedures over financial reporting put in place by management of Nascon Allied Industries Plc ("the company") are not adequate as at 31 December 2025, based on the SEC Guidance on Implementation of Sections 88 - 91 of The Investments and Securities Act 2025 issued by The Securities and Exchange Commission.

What we have performed

We have performed an assurance engagement on Nascon Allied Industries Plc's internal control over financial reporting as of December 31, 2025, based on FRC Guidance on Assurance Engagement Report on Internal Control Over Financial Reporting ("the Guidance") issued by the Financial Reporting Council of Nigeria. The company's management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on the Assessment of Internal Control over Financial Reporting as at 31st December 2025. Our responsibility is to express an opinion on the company's internal control over financial reporting based on our assurance engagement.

We conducted our assurance engagement in accordance with the Guidance, which requires that we plan and perform the assurance engagement and provide a limited assurance report on the entity's internal control over financial reporting based on our assurance engagement. As prescribed in the Guidance, the procedures we performed included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our engagement also included performing such other procedures as we considered necessary in the circumstances. We believe the procedures performed provide a basis for our report on the internal control put in place by management over financial reporting.

A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Also, projections of any evaluation of effectiveness to 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.

We also have audited, in accordance with the International Standards on Auditing, the financial statements of Nascon Allied Industries Plc and our report dated 2 March 2026 expressed an unqualified opinion.

For: PricewaterhouseCoopers 2 March 2026

Chartered Accountants Lagos, Nigeria FRC/2023/COY/176894

Engagement Partner: Yinka Yusuf FRC/2013/PRO/ICAN/004/00000005161

To the Members of Nascon Allied Industries Plc

Report on the audit of the financial statements

In our opinion, Nascon Allied Industries Plc's ("the company's") financial statements give a true and fair view of the financial position of the company as at 31 December 2025, and of its financial performance and its cash flows for the year then ended in accordance with international financial reporting standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and the requirements of the Companies and Allied Matters Act and the Financial Reporting Council of Nigeria (Amendment) Act, 2023.

What we have audited

Nascon Allied Industries Plc's financial statements comprise:

• the statement of profit or loss and other comprehensive income for the year ended 31 December 2025;

• the statement of financial position as at 31 December 2025;

• the statement of changes in equity for the year then ended;

• the statement of cash flows for the year then ended; and

• the notes to the annual report and financial statements, which include a summary of material accounting policies.

  Basis for opinion

  We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report.

  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

  Independence

  We are independent of the company in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards), i.e. the IESBA Code issued by the International Ethics Standards Board for Accountants. We have fulfilled our other ethical responsibilities in accordance with the IESBA Code.

  Key audit matters

  Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

  We have determined that there are no key audit matters to communicate in our report.

  Other information

  The directors are responsible for the other information. The other information comprises Directors, Officers and Professional Advisers, Results at a Glance, Report of the Directors, Corporate Governance Report, Report of the Statutory Audit Committee, Statement of Directors Responsibilities for the Preparation and Approval of the Annual report and financial statements, Certification pursuant to Section 405 (1) of Companies and Allied Matters Act, Laws of the Federation of Nigeria 2020, Certification of Management's Assessment on Internal Control over Financial Reporting, Management's Report on the Assessment of Internal Control over Financial Reporting as at 31st December 2025, Other National Disclosure - Value Added Statement and Other National Disclosure - Five-Year Financial Summary (but does not include the financial statements and our auditor's report thereon), which we obtained prior to the date of this auditor's report, and the other sections of the Nascon Allied Industries Plc 2025 Annual Report, which are expected to be made available to us after that date.

  Our opinion on the financial statements does not cover the other information and we do not and will not express an audit opinion or any form of assurance conclusion thereon.

  In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

  If, based on the work we have performed on the other information that we obtained prior to the date of this auditor's report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

  When we read the other sections of the Nascon Allied Industries Plc 2025 Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

  Responsibilities of the directors and those charged with governance for the financial statements

  The directors are responsible for the preparation of the financial statements that give a true and fair view in accordance with IFRS Accounting Standards and the requirements of the Companies and Allied Matters Act, the Financial Reporting Council of Nigeria (Amendment) Act,2023, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

  In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

  Those charged with governance are responsible for overseeing the company's financial reporting process.

  Auditor's responsibilities for the audit of the financial statements

  Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

  As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The Companies and Allied Matters Act requires that in carrying out our audit we consider and report to you on the following matters. We confirm that:

1. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

2. the company has kept proper books of account, so far as appears from our examination of those books and returns adequate for our audit have been received from locations not visited by us;

3. the company's statement of financial position and statement of profit or loss and other comprehensive income are in agreement with the books of account and returns.

   In accordance with the requirements of the Securities and Exchange Commission, we performed a limited assurance engagement and reported on management's assessment of Nascon Allied Industries Plc's internal control over financial reporting as of 31 December 2025. The work performed was done in accordance with FRC Guidance on Assurance Engagement Report on Internal Control Over Financial Reporting issued by the Financial Reporting Council of Nigeria, and we have issued an unqualified opinion in our report dated 2 March 2026.

   For: PricewaterhouseCoopers 2 March 2026

   Chartered Accountants Lagos, Nigeria

   Engagement Partner: Yinka Yusuf FRC/2013/PRO/ICAN/004/00000005161

   Statement of Profit or Loss and Other Comprehensive Income

   2025 2024

   Notes N'000			N'000
   Revenue from contracts with customers	5	152,686,973	120,387,151
   Cost of sales	7	(78,738,835)	(64,860,102)
   Gross profit		73,948,138	55,527,049
   Other income	8	236,128	261,239
   Other operating losses	9	(1,683,300)	(2,056,949)
   Writeback of/(Increase in) impairment allowance	10	63,584	(87,305)
   Distribution costs	11.1	(20,706,801)	(23,678,460)
   Administrative expenses	11.2	(8,961,645)	(6,928,169)
   Operating profit		42,896,104	23,037,405
   Finance income	12	6,006,200	1,793,858
   Finance costs	14	(659,067)	(1,180,596)
   Profit before taxation		48,243,237	23,650,667
   Taxation	16	(14,713,955)	(8,067,065)
   Profit for the year		33,529,282	15,583,602
   Other comprehensive income		-	-
   Total comprehensive income for the year		33,529,282	15,583,602
   Earnings per share information
   Per share information Basic and diluted earnings per share (kobo)	18	1,241	577

   The notes to the financial statements on pages 29 to 70 form an integral part of the annual report and financial statements.

   Statement of Financial Position as at 31 December
   	Notes	2025 N'000	2024 N'000
   Assets
   Non-Current Assets
   Property, plant and equipment	19	33,498,157	12,340,012
   Right of use assets	20	3,474,639	3,741,027
   		36,972,796	16,081,039
   Current Assets
   Inventories	21	15,689,487	18,261,106
   Trade and other receivables	22	40,019,127	17,223,440
   Other financial assets	23	764,569	635,901
   Other assets	24	187,736	1,600,851
   Cash and cash equivalents	25	41,632,242	24,700,150
   		98,293,161	62,421,448
   Total Assets		135,265,957	78,502,487
   Equity and Liabilities
   Equity
   Share capital	26	1,351,213	1,351,213
   Share premium	27	434,037	434,037
   Retained earnings	28	69,394,638	41,270,210
   		71,179,888	43,055,460
   Liabilities
   Non-Current Liabilities
   Borrowings	30	38,570	38,570
   Lease liabilities	31	3,419,442	3,517,756
   Retirement benefit obligation	32	110,834	122,258
   Deferred tax liabilities	17	4,239,908	5,431,277
   		7,808,754	9,109,861
   Current Liabilities
   Trade and other payables	33	33,688,438	12,744,083
   Borrowings	30	27,955	2,821,656
   Lease liabilities	31	303,401	385,461
   Contract liabilities	34	6,676,611	5,509,920
   Current tax payable	16	15,580,910	4,876,046
   		56,277,315	26,337,166
   Total Liabilities		64,086,069	35,447,027
   Total Equity and Liabilities		135,265,957	78,502,487

   The notes to the financial statements on pages 29 to 70 form an integral part of the annual report and financial statements.

   February 2026 and

   
   
   

   The financial statements, notes and other national disclosures on pages 25 to 72, were approved by the Board on the 23 were signed on its behalf by:

   
   
   

   Olakunle Alake

   Chairman FRC/2013/ICAN/00000002214

   Aderemi Saka

   Managing Director FRC/2026/PRO/DIR/003/670433

   Oladimeji Sorinmade

   
   
   

   Acting Financial Controller FRC/2025/PRO/ICAN/001/987274

   Statement of Changes in Equity
   	Share capital N'000	Share premium N'000	Retained earnings N'000	Total equity N'000
   Balance at 01 January 2024	1,324,719	434,037	25,713,102	27,471,858
   Profit for the year	-	-	15,583,602	15,583,602
   Other comprehensive income	-	-	-	-
   Total comprehensive income for the year	-	-	15,583,602	15,583,602
   Transactions with owners Bonus Issue	26,494	-	(26,494)	-
   	26,494	-	(26,494)	-
   Balance at 31 December 2024	1,351,213	434,037	41,270,210	43,055,460
   Balance at 01 January 2025	1,351,213	434,037	41,270,210	43,055,460
   Profit for the year	-	-	33,529,282	33,529,282
   Other comprehensive income	-	-	-	-
   Total comprehensive income for the year	-	-	33,529,282	33,529,282
   Transactions with owners Dividends	-	-	(5,404,854)	(5,404,854)
   	-	-	(5,404,854)	(5,404,854)
   Balance at 31 December 2025	1,351,213	434,037	69,394,638	71,179,888
   Note(s)	26	27	28

   The notes to the financial statements on pages 29 to 70 form an integral part of the annual report and financial statements.

   Statement of Cash Flows
   	Note(s)	2025 N'000	2024 N'000
   Cash flows from operating activities
   Cash generated from operations	35	49,117,955	10,926,015
   Tax paid	17	(5,200,460)	(6,760,840)
   Retirement benefit obligations paid	32	(11,424)	(547)
   Net cash generated from operating activities		43,906,071	4,164,628
   Cash flows from investing activities
   Purchase of property, plant and equipment	19	(23,717,742)	(2,299,709)
   Proceeds from sale of property, plant and equipment	19.3	9,900	85,000
   Lease prepayments recognised as right of use assets	20	(169,255)	(141,457)
   Interest received	12	6,006,200	1,793,858
   Net cash used in investing activities		(17,870,897)	(562,308)
   Cash flows from financing activities
   Payment of borrowings	30	(2,793,701)	(2,672,443)
   Dividends paid	29	(5,404,854)	-
   Interest paid on borrowings	14	(284,664)	(808,460)
   Payment on lease liabilities	31	(724,031)	(736,161)
   Net cash used in financing activities		(9,207,250)	(4,217,064)
   Total cash and cash equivalents movement for the year		16,827,924	(614,744)
   Cash and cash equivalents at the beginning of the year		24,700,150	25,612,894
   Effect of exchange rate movement on cash balances		104,168	(298,000)
   The total cash and cash equivalents at end of the year	25	41,632,242	24,700,150

   The notes to the financial statements on pages 29 to 70 form an integral part of the annual report and financial statements.

   Notes to the annual report and financial statements

   Corporate information

   Nascon Allied Industries Plc is a public limited company incorporated and domiciled in Nigeria.

   The annual report and financial statements for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the directors on Monday, 23 February 2026.

   1. General information

      Nascon Allied Industries Plc (Formerly known as National Salt Company of Nigeria) was incorporated in Nigeria as a limited liability Company on 30 April 1973. It was fully privatised in April, 1992 and became listed on the (then) Nigerian Stock Exchange on 20 October 1992. At a general meeting held on 29 September 2006, the shareholders approved the acquisition of the assets, liabilities and business undertakings of Dangote Salt Limited and the issue and allotment of additional NASCON PLC shares as the purchase consideration. The major shareholder of the Company is Dangote Industries Limited which owns 62.19% of the issued share capital, while the remaining 37.81% is held by the general public.

      The ultimate controlling party is Greenview International Corp, a Company incorporated in Cayman Island. The registered address of the Company is Salt City, Ijoko Ota, Ogun State.

      1. The principal activity

         The principal activities of the Company during the year include processing of raw salt into refined, edible and grade salt. The Company also produces Seasoning cubes. The Company's products are sold through distributors across the country.

      2. Financial period

         The financial statements cover the financial year from 01 January 2025 to 31 December 2025 with comparatives for the year ended 31 December 2024.

      3. Going concern status

         The Company has consistently generated profits since 2007. The Directors believe that there is no intention or threat from any party to curtail significantly its line of business in the foreseeable future. Thus, these annual report and financial statements are prepared on a going concern basis.

   2. Material accounting policies

      The material accounting policies applied in the preparation of these annual report and financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

      1. Statement of Compliance

         The Financial Statements have been prepared in accordance with, and comply with, International Financial Reporting Standards as the issued by the International Accounting Standards Board ("IFRS Accounting Standards") , Companies and Allied Matters Act (CAMA) and Financial Reporting Council of Nigeria (Amendment) Act, 2023 and effective at the time of preparing these financial statements.

      2. Basis of measurement

The annual report and financial statements have been prepared under the going concern assumption and historical cost convention except for the following items: