MRS OIL NIGERIA PLC MRS Oil Nigeria Plc
Annual report and financial statements for the year ended 31 December 2021
Annual report and financial statements for the year ended 31 December 2021
Table of Contents
Corporate Governance Report ................................................................................................................................ x
Statement of Directors' responsibilities .................................................................................................................. xv
Certification of financial statements ..................................................................................................................... xvi
Report of the audit committee ............................................................................................................................. xvii
Independent Auditor's report .............................................................................................................................. xviii
Statement of Profit or Loss and Other Comprehensive Income ............................................................................... 5
Statement of Financial Position ............................................................................................................................... 6
Statement of Changes in Equity ............................................................................................................................... 7
Statement of Cash Flows .......................................................................................................................................... 8
Notes to the financial statements ............................................................................................................................ 9
Statement of Value Added ..................................................................................................................................... 79
Five-Year Financial Summary ................................................................................................................................. 80
Annual report and financial statements for the year ended 31 December 2021
Corporate information
RC
6442
Board of directors
Mr. Patrice Alberti Mr. Marco Storari Ms. Amina Maina
Mr. Matthew Akinlade
Sir. Sunday Nnamdi Nwosu Chief Sir Amobi Daniel Nwokafor Mrs Priscilla OgwemohChairman Managing Director Non Executive Director Independent Director Non Executive Director Non Executive Director Non Executive Director
Registered officeCompany SecretaryRegistrarAuditorsPrincipal bankers
2, Tincan Island Apapa
Lagos
Mrs. O.M. Jafojo 2, Tincan Island Apapa
Lagos
First Registrars and Investor Services Limited Plot 2, Abebe Village Road,
Iganmu Lagos
PMB 12692 Marina, Lagos
Deloitte & Touche Civic Tower
Ozumba Mbadiwe Avenue Victoria Island
Lagos
Access Bank Plc
Coronation Merchant Bank Limited Fidelity Bank Plc
First Bank of Nigeria Limited First City Monument Bank Plc Globus Bank Limited
Polaris Bank Limited
Standard Chartered Bank Nigeria Limited Stanbic IBTC Bank Plc
Sterling Bank Plc
Union Bank of Nigeria Limited Unity Bank Plc
Wema Bank Plc Zenith Bank Plc
Annual report and financial statements For the year ended 31 December 2021
Corporate information (cont'd)
Leadership team Managing Director
Marco Storari
Stacey Obielu Treasury Manager
Oluwakemi M. Jafojo Company Secretary
Asuquo Ukoh Logistics Manager
Samson Adejonwo Chief Finance Officer
Nkem Fasanmi Supply Manager
Samuel Moses
Sales and Marketing Manager
Emeka Agugua Engineering Manager
Sunday Oyekale
Risk and Compliance Manager
Oyeyiola Olayemi
Human Resources ManagerSalami Muideen Accounts ManagerOlawale Badru Chief Legal CounselCol. Adebisi Adesanya Chief Security Officer Manager
Abiodun Alabi
Chief Internal Auditor
Arthur Igboanugo
Health, Safety and Environmentii
Annual report and financial statements
For the year ended 31 December 2021
DIRECTORS' REPORT
The Directors present their Annual Report on the state of affairs of the Company, together with the Audited Financial Statements for the year ended 31 December 2021.
Incorporation and Legal Status of the Company
The Company was incorporated as a privately owned Company in 1969, and was converted to a Public Limited Liability Company quoted on the Nigerian Exchange Limited (formerly known as Nigerian Stock Exchange) in 1978, as a result of the 1977 Nigerian Enterprises Promotions Decree. The Company is domiciled in Nigeria and its shares are listed on the Nigerian Exchange Limited (NGX).
The marketing of products in Nigeria commenced in 1913 under the Texaco brand, when they were distributed exclusively by CFAO, a French Multinational Retail Company. In 1964, Texaco Africa Limited started direct marketing of Texaco products, selling through service stations and kiosks acquired from the said multinational retail Company, on lease terms. It also entered into the aviation business.
On 12 August 1969, Texaco Nigeria Limited was incorporated as a wholly owned subsidiary of Texaco Africa Limited, thus inheriting the business formerly carried out in Nigeria by Texaco Africa Limited. With the promulgation of the Nigerian Indigenization Decree in 1978, 40% of Texaco Nigeria Limited shares, was sold to Nigerian individuals and organizations by Texas Petroleum Company.
In 1990, the Companies and Allied Matters Decree came into force and this necessitated the removal of Limited from the Company's corporate name, to the prescribed 'Public Limited Liability Company' (PLC) with its shares quoted on the Nigerian Exchange Limited.
Following the creation of ChevronTexaco in 2001 from the merger between Chevron Corporation and former Texaco Inc., Texaco Nigeria Plc became an integral part of the new corporation. As Chevron Texaco considered the acquisition of former Union Oil Company of California (UNOCAL), the Board of ChevronTexaco decided to eliminate 'Texaco' from the corporate name and retain only Chevron as the new name of the enlarged corporation.
Effective 1 September 2006, the Company's name changed from Texaco Nigeria Plc to Chevron Oil Nigeria Plc following a directive from Chevron Corporation's headquarters to all affiliate companies. This was designed to present a clear, strong and unified presence of Chevron Corporation throughout the world.
On 20 March 2009, there was an acquisition of Chevron Africa Holdings Limited, (a Bermudian Company) by Corlay Global S.A. of Moffson Building, East 54th Street, Panama, Republic of Panama. By virtue of this foreign transaction, Chevron Nigeria Holdings Limited, Bermuda changed its name to MRS Africa Holdings Limited, Bermuda. The new management of the Company announced a change of name of the Company from Chevron Oil Nigeria Plc to MRS Oil Nigeria Plc ("MRS") effective 2 December 2009, following the ratification of the name change of the Company at the 40th Annual General Meeting of the Company on 29 September 2009.
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MRS Oil Nigeria plc published this content on 30 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 01:05:03 UTC.
