C & I Leasing : AND I LEASING PL.- AUDITED FINANIAL STATEMENT FOR 2022

C & I LEASING PLC

ANNUAL REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2022

C & I LEASING PLC

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Contents			Page
Corporate Information	1
Corporate governance report	2
Directors' report	9
Statement of directors' responsibilities in relation to the preparation of the
consolidated and separate financial statements	13
Statement of corporate responsibility for the consolidated and separate financial statements	14
Audit Committee Report	15
Report of the performance appraisal of the Board of Directors	16
Independent Auditor's Report	17
Consolidated and separate statements of financial position	22
Consolidated and separate statements of profit or loss and other comprehensive income	23
Consolidated and separate statements of changes in equity	24
Consolidated and separate statements of cash flows	26
Notes to the Consolidated and separate financial statements	27
Other national disclosures:
Value added statement	102
Five-year financial summary	104

C & I LEASING PLC

ANNUAL REPORT AND FINANCIAL STATEMENTS

CORPORATE INFORMATION

Directors
Dr. Samuel Maduka Onyishi	Chairman
Mr. Chukwuemeka Ndu	Vice Chairman
Mr. Ugoji Lenin Ugoji	Group Managing Director/CEO	Appointed 1 January 2022
Mr. Omotunde Olao-Olaifa	Non-Executive Director
Mr. Babatunde Edun	Non-Executive Director
Alhaji Sadiq Abubakar Adamu	Non-Executive Director
Mrs. Florence Okoli	Non-Executive Director
Mr. Oluyemi Abaolu-Johnson	Non-Executive Director
Mr. Tom Oko Achoda	Non-Executive Director
Management Team
Mr. Ugoji Lenin Ugoji	Group Managing Director/CEO
Mr. Alexander Mbakogu	Deputy Managing Director/COO
Mr. Okechukwu Nnake	Chief Financial Officer
Mr. Babatunde Ogunturin	Head - Treasury
Mr Adesoji Aiyeola	Financial Controller
Mr Iyke Chiobi	General Manager - LeasAfric
Mr Mustapha Momoh	General Manager - Marine
Mrs Ruth Nwigwe	Group Head, Corporate Services & Projects
Ms Uche Nwachukwu	Head - Outsourcing
Mr. Ayodele Babatunde	Country Manager - Fleet

Company Secretary

Mbanugo Udenze & Co.

Plot 9b Olatunji Moore Street

Off T.F. Kuboye Road

Lekki Phase 1

Lagos

Registered Office:

Leasing House

2, C & I Leasing drive

Off Bisola Durotimi Etti Drive

Off Admiralty way, Lekki Phase 1 Lagos

Independent Auditor:

Ernst & Young

10th & 13th Floors, UBA House

57, Marina

Lagos

Nigeria

www.ey.com

RC Number

RC 161070

CBN License Number and date

FI000185/ 2nd June 1993

1

C & I LEASING PLC

Corporate Governance Report For Full Year Ended 31 December 2022

The Board of C & I Leasing Plc ('the Company) is pleased to present the Corporate Governance Report for the 2022 Financial Year. The report provides insight into the operations of our governance framework and the Board's key activities during the reporting period.

The Board

The Board is led by the Group Chairman and sets the Group's strategy and risk appetite. It also approves capital and operating plans for the attainment of the Group's strategic objectives on the recommendation of Management. The Board's composition during the 2022 financial year is detailed below.

Director	Role
Dr. Samuel Maduka Onyishi	Chairman
Mr. Chukwuemeka Ndu	Vice Chairman
Mr. Ugoji Lenin Ugoji	Group Managing Director/CEO
Mr. Omotunde Olao-Olaifa	Non-Executive Director
Mr. Babatunde Edun	Non-Executive Director
Alhaji Sadiq Abubakar Adamu	Non-Executive Director
Mrs. Florence Okoli	Non-Executive Director
Mr. Oluyemi Abaolu-Johnson	Non-Executive Director
Mr. Tom Oko Achoda	Non-Executive Director
Board Members Profile

Dr. Samuel Maduka Onyishi

Chairman/ Non Executive Director

Dr. Onyishi has a degree in Social Works and Community from the University of Nigeria, Nsukka. He also holds a Master's degree in Entrepreneurship from the Institute for Transformative Thought and Learning in the Doctoral Research Centre of the University of Arizona, Phoenix, in the United States and founded the transportation company

- Peace Mass Transit Limited (PMT) in 1996. He joined the Board of C & I Leasing Plc. in 2020.

Mr. Chukwuemeka Ndu

Vice Chairman/ Non Executive Director

Mr. Ndu, a Chartered Accountant and Group Vice Chairman of C & I Leasing Plc. Until June 2000, he was the Chairman of the Equipment Leasing Association of Nigeria (ELAN). Mr. Ndu has served as the Chairman of the Shipping and Marine Services Sub-Committee of the National Consultative Forum set up by the Nigerian National Petroleum Corporation (National Content Division) to promote indigenous content in the Nigerian oil & gas industry.

Mr. Ugoji Lenin Ugoji

Managing Director / Chief Executive Officer

Mr. Ugoji joined C & I Leasing Plc. In September 2021 as the Chief Operations Officer and was promoted to the GMD/CEO in January 2022 whereafter he joined the Board. He has several years of experience as a Portfolio/Fund Manager and has worked with several Banks and Investment companies including the then Continental Trust Bank Limited, NAL Bank Plc, Aquila Capital Limited and Aquila Asset Management. He holds a BSC in Estate Management from the University of Lagos and an MBA in Banking and Finance from the Enugu State University of Technology Business School.

Mr. Omotunde Alao-Olaifa

Non-Executive Director

Mr. Omotunde Alao-Olaifa has extensive experience across the corporate spectrum which includes Capital Raising, Deal Structuring, Acquisition, Project Financing as well as asset Management. He holds a degree in Political Science from the University of Ibadan and an MBA from Pan Atlantic University (Lagos Business School). He represents Leadway Assurance Company Limited on the Board as a Non-Executive Director.

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Mr. Babatunde Olakunle Edun

Non-Executive Director

Mr Babatunde Edun is a serial entrepreneur with demonstrated expertise in the Telecommunication, Logistics, and Distributed Power Industries. He has immense capacity for developing start-ups, and has built several businesses of scale. Mr. Edun is a member of the Institute of Directors (IoD), the Lagos Polo and Ikoyi clubs and serves on the PTA Executive of the Saint Saviour's School Ikoyi, Lagos. He attended King's College Lagos, the University of Lagos, and the Lagos Business School. He sits on the boards of Prudential Mortgage Bank, Biswal Limited, Tranos Contracting Limited, Accat (Nigeria) Ltd, Exchange Telecommunications Limited and the Iluburin Development Project Company Limited.

Alhaji Sadiq Abubakar Adamu

(Non-Executive Director - Awaiting regulatory approval)

Alhaji Abubakar Adamu is the former General Counsel, ExxonMobil Affiliated Companies in Nigeria, Executive Director, Mobil Producing Nigeria Unlimited, Executive Director Esso Exploration & Producing Nigeria Limited, Executive Director Esso Exploration & Producing (Offshore East) Limited and Director Lagos Court of International Arbitration. He is an alumnus of Bayero University. He has a Master of Laws degree from Harvard University Law School in the United States, and a postgraduate certificate in advance negotiation from Oxford University College of Petroleum and Energy Resources.

Mrs Florence Okoli

(Non-Executive Director - Awaiting regulatory approval)

Mrs. Florence Okoli has over 20 years multi-industry cross functional experience spanning energy, telecommunications and advisory services. She attended Queens College, Yaba, Lagos and the University of Lagos. She holds an MBA from Harvard Business School. She previously worked with Arthur Anderson, MTN Nigeria Communication, Mobil Producing Nigeria Unlimited and Shell Petroleum Development Company. She is presently the Group Managing Director of Eraskorp Nigeria Limited.

Mr. Oluyemi Abaolu-Johnson

(Non-Executive Director - Awaiting regulatory approval)

Mr. Oluyemi Abaolu-Johnson is a seasoned accountant with vast experience in auditing, tax, finance and risk management. He has continued to support many multinational companies and public sector entities with their processes. Abaolu-Johnson who at various times worked at Access Bank Plc., Standard Trust Bank Plc., Deloitte Nigeria, Price Waterhouse Coopers amongst others, is a Fellow of the Institute of Chartered Accountants of Nigeria. He is currently the Chief Executive Officer of BVS Professional Services.

Mr. Tom Oko Achoda

(Non-Executive Director - Awaiting regulatory approval)

Mr. Tom Oko Achoda holds a bachelor's degree in economics, with broad experience and special interest in Business income, and process streamlining. He is an alumnus of the University of South Wales, and the University of Port Harcourt, respectively. He has attended several trainings, and has worked in both the public and private sectors, with the latter including United Bank for Africa Plc., Standard Trust Bank Plc. and NAL Bank Plc. He is presently the Chief Executive Officer of Treasure Capitals and Trusts Limited.

Directors Retiring By Rotation

In accordance with the provisions of Section 285(1) of the Companies and Allied Matters Act, 2020, the Directors to retire by rotation at this Annual General Meeting are Mr. Tom Achoda and Mr. Oluyemi Abaolu-Johnson, and they, being eligible, offer themselves for re-election.

Board Composition

The Board of Directors consists of nine members, chosen based on their in-depth professional background, expertise, business experience and integrity. The alignment of their unique skills is in tune with the Company's objectives and strategic goals. The Board members are responsible for the oversight of the business and of the Company's risks while evaluating and directing the implementation of controls and procedures including maintenance of sound internal control systems to safeguard shareholders' investments and the Company's assets. They are responsible also for providing good leadership and steering the Company in achieving its long-term goals.

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