Quarter 5 financial statement for 2024

Omatek Ventures Plc

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER, 2024

OMATEK VENTURES PLC

CORPORATE INFORMATION

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BOARD OF DIRECTORS Dr. Timothy Farinre

• - Company Chairman Omatek Ventures Plc., Director OVDL, OCL

  Mr. Yemi Ogundipe, FCA

• - Company MD/CEO Omatek Ventures Plc., Director OVDL, OCL, OESL

  Mr. Temidayo Seriki

  Alh. Nakande Dasuki

• - Director Omatek Ventures Plc., Director OVDL, OCL, OESL

• - Director Omatek Ventures Plc., OCL

  OVDL

• - Omatek Ventures Distribution Limited

  OESL OCL

  - -

• - Omatek Engineering Services Limited

• - Omatek Computers Limited

  2

  COMPANY SECRETARY

  3

  CORPORATE HEADQUARTERS

  4

  MAIN BANKERS

• - Femi David Ikotun Esq., Ikotun Temowo & Co

  Suite 201, 2nd Floor, Copper House

  Plot 4, Algiers Street, Zone 5 Wuse, Abuja

  12, Bissau Street,

  Wuse Zone 6, Abuja FCT

• - WEMA Bank Plc Access Bank Limited

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  AUDITORS

• - Olukayode Aina & Co. (Chartered Accountants) Plot 5, Olusola Harris Way Lekki Peninsula Scheme II Lagos

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OMATEK VENTURES PLC

OPERATIONAL HIGHLIGHTS

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER, 2024

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OMATEK VENTURES PLC

ANNUAL CONSOLIDATED AND SEAPRATE FINANCIAL STATEMENTS

STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024

REPORT OF THE DIRECTORS

The directors submit their report together with the audited consolidated and separate financial statements of Omatek Ventures Plc. for the year ended 31st December, 2024.

• 1 LEGAL FORM

  The Company which commenced operation in Nigeria in 1988, was incorporated as a limited liability Company in Nigeria in 1988. It was converted into a Public Company in 2008 and its name was subsequently amended to reflect its status as a public company. The company's shares are quoted and traded on the Nigerian Stock Exchange.

• 2 PRINCIPAL ACTIVITIES AND CORPORATE DEVELOPMENT

  The Company has interests in subsidiaries and associates involved in manufacturing, distribution, selling and servicing of computer equipment and also provides engineering services.

• 3 BUSINESS REVIEW AND FUTURE DEVELOPMENT

  The Company carried out business activities in accordance with its Memorandum and Articles of Association. The company has resolved her major issues with some major lenders and now in the phase of sourcing for investors to beef up the capital base of the Group.

• 4 PROPERTY, PLANT & EQUIPMENT

  Movement in property, plant & equipment during the year 2024 is shown in note 5 of the Notes to the Financial Statement herein. In the opinion of the directors, the market value of the Company's property plant & equipment is not less than the value shown in the accounts.

• 5 DIVIDEND

  In respect of the current year, the Directors do not recommend any dividend.

• 6 DIRECTORS

  • a) The directors who were in office during the year are listed on page 1.

  • b) The re-election of nine Non-Executive Directors is presented to the members for approval.

• 7 STATEMENT OF DIRECTORS' RESPONSIBILITIES

  The directors of Omatek Ventures Plc "the company" accept responsibility for the preparation of the financial statements for each financial year, which give a true and fair view of the state of affairs of the Company and of the profit or loss and cash flows for that year. In preparing these financial statements, the directors have selected suitable accounting policies and applied them consistently, made judgments and estimates that are reasonable and prudent and in accordance with International Financial Reporting Standards (IFRSs), Companies and Allied Matters Act 2020, Securities and Exchange Commission Act 2007 as well as Corporate Governance Code of the Securities and Exchange Commission 2011, the Financial Reporting Council of Nigeria (Amendment) Act, 2024.guidelines and circulars issued by the Nigerian Exchange Limited and other relevant regulators.

  The directors accept responsibilities for ensuring that the company keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the company. The directors are also responsible for safeguarding the assets of the company and taking reasonable steps for the prevention and detection of fraud and other irregularities.

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OMATEK VENTURES PLC

ANNUAL CONSOLIDATED AND SEAPRATE FINANCIAL STATEMENTS

STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024

In doing so they ensure that:

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

• 9 DIRECTORS' INTERESTS IN SHARES

  The interest of the Directors in the issued share capital of the company as recorded in the register of Directors as at 31st December 2024 was as follows:

  Director	Direct shareholding of ordinary shares of 50 kobo each	Indirect shareholding	Total	Percentage
  1	Dr. Timothy Farinre- Company Chairman	Nil	100,357,894	100,357,894	3.411%
  2	Late Engr. (Mrs.) Florence Seriki, MFR (Estate reperesented by Mr. Temidayo Seriki)	1,552,315,285	165,717,635	1,718,032,899	58.40%
  3	Alh. Nakande Dasuki	Nil	Nil
  4	Mr. Yemi Ogundipe, FCA GMD/CEO	80,000	Nil	25,000	0.001%

• 10 SHAREHOLDING ANALYSIS

  The Company has an authorized share capital of N3,500,000,000.00 divided into 7,000,000,000 ordinary shares of 50 kobo each. The issued share capital is N1, 470,895,000.00 divided into 2,941,789,472 ordinary shares of 50 kobo each.

  According to the Register of members, only two (2) members, namely, Mrs. Florence Seriki and Portables Investments Ltd. held more than 5% of the issued share capital as at 31st December, 2024.

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OMATEK VENTURES PLC

ANNUAL CONSOLIDATED AND SEAPRATE FINANCIAL STATEMENTS

STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024

The range analysis of the shareholding of the company is as shown in the table below:

• 11 EMPLOYMENT AND EMPLOYEES a) Employment of physically challenged persons

  It is the policy of the Company that there should be no discrimination in considering applications for employment including those from disabled persons. All employees are given equal opportunities for self-development. As at December 31, 2024, however, no disabled person was in the employment of the Company.

  b) Health, Safety and Welfare of employees

  Health and safety regulations are in force within the Company's premises and employees are aware of the existing regulations. The Company provides subsidy to all levels of employees, transportation, housing, etc.

  c) Employee involvement and training

  The Company is committed to keeping employees informed as much as possible regarding the Company's performance and progress and seeking their views whenever practicable on matters which particularly affect them as employees

  Management, professional and technical expertise are the Company's major assets and investment in their further development continues. Training is carried out at various levels through both in-house and external courses.

• 12 EVENTS AFTER REPORTING DATE

  No material transactions have occurred after the reporting period requiring disclosure in or adjustment to the financial statements for the year ended 31 December, 2024.

• 13 GOING CONCERN STATUS

  The Company is free from material encumbrances and its free to carry out its business into the foreseeable future.

  Meanwhile, the Board and management is intensifying effort at attracting fresh capital from willing investors, both national and international.

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OMATEK VENTURES PLC

ANNUAL CONSOLIDATED AND SEAPRATE FINANCIAL STATEMENTS

STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024

The financial statements are prepared on the basis of accounting policies applicable on a going concern basis.

• 14 AUDIT COMMITTEE

  Pursuant to Section 404 of the Companies and Allied Matters Act 2020, the company has in place an Audit Committee comprising of three shareholders and two Director's representatives appointed at the last AGM as follows:

• 15 AUDITORS

  The Auditors, Messrs Olukayode Aina & Co. have indicated their willingness to continue in office as auditors in accordance with section 401 (2) of the Companies and Allied Matters Acts 2020. A resolution will be proposed to authorise the directors to fix their remuneration.

• 16 COMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCE

  As a company listed on the Nigerian Exchange Limited, Omatek complies with the provisions of the Code of best practice on Corporate Governance for public quoted companies. In its bid to maintain its strong pioneer status and transparency, the Company has adopted the Corporate Governance Code of the Securities and Exchange Commission and strives to maintain compliance with the rules of the Nigerian Exchange Limited, in addition to the relevant laws and guidelines operating in Nigeria.

  BY ORDER OF THE BOARD

  Femi David Ikotun Esq.

  Ikotun Temowo & Co Company Secretary

  Dated this 25th day of March, 2025

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OMATEK VENTURES PLC

ANNUAL CONSOLIDATED AND SEAPRATE FINANCIAL STATEMENTS STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024

STATEMENT OF DIRECTORS'RESPONSIBILITIES IN RELATION TO THE ANNUAL CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

The Directors accept responsibility for the preparation of the annual consolidated and separate financial statements that give a true and fair view in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards) and in the manner required by the Companies and Allied Matters Act (CAMA), 2020 and the Financial Reporting Council of Nigeria (Amendment) Act,2023.

The Directors further accept responsibility for maintaining adequate accounting records as required by the Companies and Allied Matters Act (CAMA), 2020 and for such internal control as the directors determine is necessary to enable the preparation of annual consolidated and separate financial statements that are free from material misstatement whether due to fraud or error.

The Directors have made an assessment of the Group and the Company's ability to continue as a going concern and have no reason to believe the Company will not remain a going concern in the year ahead.

Signed on behalf of the Board of Directors by:

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OMATEK VENTURES PLC

ANNUAL CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST

DECEMBER, 2024

STATEMENT OF CORPORATE RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

In line with the provisions of Section 405 of the Companies and Allied Matters Act (CAMA) 2020, we, the Managing Director/CEO and Chief Financial Officer, hereby certify the financial statements of Omatek Ventures Plc for the year ended 31 December 2024 as follows

To comply with the provisions of Section 1.3 of SEC Guidance on Implementation of Sections 60-63 of Investments and Securities Act 2007, and the Financial Reporting Council Act (as amended) we hereby make the following statements regarding the Internal Controls of Omatek Ventures Plc for the year ended 31 December, 2024:

i. That we have reviewed the audited financial statements of the Company for the year ended 31 December 2024

That the audited financial statements do not contain any untrue statement of material fact or omit to state a material fact which would make the statements misleading, in the light of the circumstances under

which such statement was made.

ii.

iii.

That the audited financial statements and all other financial information included in the statements fairly present, in all material respects, the financial condition and results of operation of the Company and its consolidated subsidiaries for the year ended 31 December 2024.

iv.

That we are responsible for establishing and maintaining internal controls and have designed such internal controls to ensure that material information relating to the Company is made known to us by other officers of the Company, during the year end 31 December 2024.

v.

That we have evaluated the effectiveness of the Company's internal controls within 90 days prior to the date of audited financial statements, and certify that the Company's internal controls are effective as of that date.

vi That we have disclosed the following information to the Company's Auditors:

i) there are no significant deficiencies in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarise and report financial data 2) there is no fraud that involves management or the other employees who have a significant role in the Company's internal control.

Signed on behalf of the Board of Directors by :

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