RC 226959
INFINITY TRUST MORTGAGE BANK PLC
2021 ANNUAL REPORT & ACCOUNTS
OUR VISION
To be the ideal customer focused bank.
OUR MISSION
To be the role model for mortgage business through excellent customer service, leveraging the best in technology, abiding ethical and professional standards while creating shelter and wealth for all our stakeholders
TABLE OF CONTENTS
PAGE | |
Notice of Annual General Meeting | 3 |
OVERVIEW | |
Financial Highlights & Performance | 5 |
Professional Advisers | 8 |
Board of Directors | 9 |
3
REPORTS OF THE BOARD AND MANAGEMENT | |
Directors report | 16 |
Chairman's Statement | 24 |
Managing Directors/CEO Review | 30 |
OTHER STATUTORY REPORTS | |
Sustainability Report | 36 |
Corporate Governance | 66 |
Report of the Independent Consultant on Board Evaluation and Corporate Governance | 79 |
Directors responsibility | 81 |
Report of the Independent Auditors | 82 |
Report of the Audit Committee | 87 |
Certification Pursuant | 88 |
FINANCIAL STATEMENTS | |
Statement of Comprehensive Income | 90 |
Statement of Financial Position | 96 |
Statement of Changes in Equity | 97 |
Statement of Cash Flows | 98 |
Statement of Prudential Adjustments | 99 |
Notes to the Financial Statements | |
Significant Accounting Judgments, Estimates and Assumptions | 100 |
Other Supporting Notes to the Financial Statements | 129 |
Fair Value Disclosures | 140 |
Risk Management Disclosures | 142 |
Other Disclosures | |
Legal, Contingents & Capital Commitments Disclosures | 190 |
Related Party (Insiders) | 198 |
Capital Management | 199 |
Maturity Profile of Assets and Liabilities | 200 |
Interest Rate Risk | 203 |
OTHER NATIONAL DISCLOSURES | |
Employees Information | 204 |
Contraventions and Customer Complaints Data | 204 |
Value Added Statement | 205 |
Five Years Financial Summary | 206 |
CORPORATE INFORMATION | |
Awards | 207 |
Management Team | 209 |
Product Information | 210 |
Locations Information | 218 |
SHAREHOLDER INFORMATION | |
Proxy Form | 216 |
Admission Card | 217 |
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Annual General Meeting of Infinity Trust Mortgage Bank Plc will hold as follows:
Date:
12th May, 2022
Venue: 4th Floor, Infinity House, 11 Kaura Namoda Street, Area 3, Abuja
Time:
10.00 am prompt
The following businesses will be transacted at the meeting:
AGENDA
Ordinary Business
1. To receive and consider the Audited Financial Statements for the year ended 31 December, 2021 together with the Report of the Directors, Auditors, and the Audit Committee thereon.
2. To declare dividend
3. To re-appoint Messrs Aminu Ibrahim & Co. as Auditors
4. To authorize the Directors to fix the remuneration of the Auditors.
5. To elect members of the Audit Committee
6. To elect/re-elect Directors
Special Business
1. To fix the Directors' fees for the year ending 31 December, 2022.
Notes:
1. Proxy
The person entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote in his/her stead. A proxy need not be a member of the company. A proxy form is attached to the notice of the meeting posted to the Shareholders. To be valid, the proxy form must be duly signed by the Shareholders and stamped at the Stamp Duties office and returned to the Registrars/Company's Secretary not less than 48 hours before the date and time scheduled for the meeting.
2.
Audit Committee
In accordance with Section 359 (5) of The Companies and Allied Matters Act CAP C20 LFN 2004, any member may nominate a Shareholder for election as a member of the Audit Committee by giving notice in writing of such nomination to the Company Secretary at least 21 days before the Annual General Meeting.
The Central Bank of Nigeria's Code of Corporate Governance has indicated that some members of the Audit Committee should be knowledgeable in internal control processes. We would therefore request that nominations be accompanied by a copy
of the nominee's Curriculum Vitae.
3. Dividend
If approved, dividend of 5k per share is payable to shareholders whose names are registered in the register of members as at close of business on 23rd April, 2022. Dividend warrant will be posted on 24th May, 2022.
If approved, dividend of 7k per share is payable to Preference Shareholders whose names are registered in the register of members at close of business on 23rd of April, 2021. Dividend warrant will be posted on 24th May, 2022.
4.
Closure of Register of Members
The Register of members and transfer books will be closed on 23rd April, 2022.
By order of the Board
Tolu Osho (Mrs.)
FRC/2017/NBA/00000016418
Company Secretary
11, Kaura Namoda Street Area 3, Garki, Abuja
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Infinity Trust Mortgage Bank plc published this content on 29 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2022 11:58:01 UTC.