Vitafoam Nigeria : NIG PLC.- AUDITED FINANCIAL STATEMENT FOR 2022

Vitafoam Nigeria Plc.

Consolidated and Separate Financial Statements

for the year ended 30 September 2022

Vitafoam Nigeria Plc.

Consolidated and Separate Financial Statements for the year ended 30 September 2022

Contents

	Page
Corporate information	2
Directors' profile	3 - 6
Financial highlights	7
Report of the directors	8 - 33
Statement on corporate governance at Vitafoam Nigeria Plc	34 - 35
Report of the Audit Committee	36
Statement of Directors responsibilities for the preparation and approval of the	37
financial statements
Certification of the financial statements	38
Independent auditor's report	39 - 42
Consolidated and Separate Statements of Profit or Loss and Other Comprehensive	43
Income
Consolidated and Separate Statements of Financial Position	44
Consolidated and Separate Statements of Changes in Equity	45-46
Consolidated and Separate Statements of Cash Flows	47
Significant accounting policies	48- 64
Notes to the Consolidated and Separate Financial Statements	65-110
Value Added Statement	111-112
Five Year Financial Summary	113-114

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Vitafoam Nigeria Plc.

Consolidated and Separate Financial Statements for the year ended 30 September 2022

Corporate Information

Directors	Dr. Bamidele O. Makanjuola	Chairman
	Mr. Taiwo A. Adeniyi	Group Managing Director/CEO
	Mr. Abbagana M. Abatcha	Group Technical & Development
		Director (Deceased December 2021)
	Mr. Joseph Alegbesogie, FCA	Finance Director
	Mr. Bamidele S. Owoade	Commercial Director
	Mrs. Adeola Adewakun	Non- Executive Director
	Mr. Gerson Silva	Non- Executive Director
	Prof. (Mrs.) Rosemary Egonmwan	Independent Non-Executive
		Director
	Mr. Achike C. Umunna	Independent Non-Executive
		Director
	Mr. Abdul A. Bello	Independent Non- Executive Director
Registrar	Meristem Registrars Limited
	213, Herbert Macaulay Way,
	Adekunle, Yaba, Lagos
Auditors	PricewaterhouseCoopers,
	Landmark Towers Plot 5B Water Corporation Road, Victoria Island, Lagos
Registered office	140, Oba Akran Avenue
	Ikeja Industrial Estate
	Lagos, Nigeria
Website	www.vitafoam.com.ng
Bankers	Globus Bank
	Zenith Bank Plc.
	First Bank of Ngeria Limited
	United Bank for Africa Plc
	Wema Bank Plc
	Jaiz Bank Plc
	Access Bank Plc
	Union Bank of Nigeria Plc
	Greenwich Merchant Bank Limited
	Guaranty Trust Bank Limited
Company Secretary	Mr. Olalekan Sanni
Company registration number	RC 3094

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Vitafoam Nigeria Plc

Consolidated and Separate Financial Statements for the year ended 30 September 2022

DIRECTORS' PROFILE

DR. BAMIDELE OSUOLALE MAKANJUOLA (Non-Executive)

Dr. Makanjuola is a first class Chemical Engineering graduate of University of Ife (now Obafemi Awolowo University), Ile- Ife. He holds a Doctor of Philosophy Degree in Chemical Engineering and Economics from the Loughborough University of Technology, United Kingdom. He is a member of the Polymer Institute of Nigeria and Fellow of the Nigerian Society of Engineers. He became the Executive Director in Charge of Corporate Planning and Development in December 2001 and was appointed Managing Director on 1st April, 2006, a position he held until his retirement on 30th September, 2012. He is currently the Chairman of the Board.

MR. TAIWO AYODELE ADENIYI (Executive)

Mr. Adeniyi holds a B.Sc Degree in Chemistry and M.sc (Pharmaceutical Chemistry) from the University of Lagos and a Masters Degree in Supply Engineering and Logistics from the University of Warwick, United Kingdom. He is also an Alumnus of Cranfield University School of Management. He won the prestigious Chairman's award of an outstanding employee in 2009 and the Nigerian National Productivity Order of Merit Award in 2010. He started his career in PharmaDeko Plc where he gained wide experience in operations management and products developments. He joined Vitafoam in 2007 as Logistics Manager and later became the Manufacturing Manager in 2010, a position he held until his appointment in July, 2012 as Executive Director and later Technical Director. Mr. Adeniyi was appointed Acting Managing Director on 22nd April, 2015 and became the substantive Managing Director on 4th June, 2015.

MR. OWOADE BAMIDELE SOLA (Executive)

Mr. Owoade holds a Bachelors degree in Mechanical Engineering and a Masters degree in Business Administration (MBA). He is a member of the National Institute of Marketing of Nigeria. He started his career in 1995 as management trainee in West African Batteries Limited (Exide) where he gained experience in operations management and quality assurance. He joined PharmaDeko Plc in 2000 as Plant Engineer and later became Factory Engineer and Head, Factory and Engineering. He joined Vitafoam Nigeria PLC in 2008. Prior to his appointment to the board of Vitafoam on 18th December, 2018, Mr. Owoade was at various times the Factory Manager, Ikeja plant, National Sales Manager, Head of Sales at Vitafoam and Managing Director Vitablom, Nigeria Limited (a subsidiary of Vitafoam).

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Vitafoam Nigeria Plc

Consolidated and Separate Financial Statements for the year ended 30 September 2022

DIRECTORS' PROFILE (CONTINUED)

MR. JOSEPH ALEGBESOGIE (Executive)

Mr. Alegbesogie joined the Vitafoam Group in February, 2013, as the Head of Finance and Administration at Vono Products PLC, a then subsidiary of Vitafoam Nig. Plc. Prior to joining Vitafoam, he had held leadership positions in various other organizations including Messrs. Giwa-Osagie, DFK & Co. (Chartered Accountants), as Audit Manager: 2005; Whassan Nigeria Ltd, a then subsidiary of Compass Group Plc, UK, as Financial Controller: 2012. He has over 24 years professional and practical experience in accounting, audit, taxation, and insolvency practice. He was redeployed from Vono Products Plc to Vitafoam Nigeria Plc in 2015, as Chief Accountant and later promoted the position of Head, Finance and Accounts in 2017. Mr. Alegbesogie is an alumni of Lagos Business School, a fellow of the Institute of Chartered Accountants of Nigeria and an Associate member of the Chartered Institute of Taxation of Nigeria. He holds a Bachelors degree in Management from the University of Port Harcourt. Mr. Alegbesogie was appointed to the Board of the company on 18th December, 2018.

MRS. ADEOLA ADEWAKUN (Non-Executive)

Mrs. Adewakun holds a Masters of Pharmacy Degree from the University of Portsmouth, Hampshire, United Kingdom. She is a member of the Royal Pharmaceutical Society of Great Britain and the General Pharmaceutical Council of Great Britain. A United Kingdom registered Pharmacist, Mrs. Adewakun has held various management positions in different Pharmaceutical companies in the United Kingdom. She was appointed to the Board of the company with effect from 23rd May, 2013.

PROF. (MRS.) ROSEMARY IVIONWEN EGONMWAN (Independent Non-Executive)

Prof. Egonmwan holds a Bachelors of Science (B.Sc Hons) Degree with 2nd Class upper and a Masters of Science (M. Sc.) in Zoology from the University of Lagos. She also obtained a Doctorate Degree (D.Phil.) in Zoology from the prestigious University of Oxford, United Kingdom. Professor (Mrs.) Egonmwan is a distinguished scholar and academician with over thirty (30) years experience. She was the Senior Environmental Adviser for Shell Nigeria Exploration and Production Company from 2009 - 2010 and served on the Management Board of Lagos University Teaching Hospital (LUTH) from 2012- 2016. Prof. (Mrs.) Egonmwan is on several boards and committees of the University of Lagos where she is currently a distinguished lecturer, including being a member of the Postgraduate School Board and University of Lagos Senate. She is a member of the Ecological Science of Nigeria, and British Ecological Society. Prof. (Mrs.) Egonmwan was appointed to the Board of the Company with effect from 1st October, 2017.

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