OMATEK VENTURES : 2022 NCCG COMPLIANCE REPORT

FINANCIAL REPORTING COUNCIL OF NIGERIA

(Federal Ministry of Industry, Trade & Investment)

FRC/CG/001: TEMPLATE FOR REPORTING COMPLIANCE WITH THE NIGERIAN

CODE OF CORPORATE GOVERNANCE 2018

Section A: Introduction

Corporate Governance is a key driver of corporate accountability and business prosperity. The Nigerian Code of Corporate Governance, 2018 (NCCG 2018) seeks to institutionalize corporate governance best practices in Nigerian companies. It is also aimed at increasing entities' levels of transparency, trust and integrity, and create an environment for sustainable business operations.

The Code adopts a principle-based approach in specifying minimum standards of practice that companies should adopt. Where so required, companies are required to adopt the "Apply and Explain" approach in reporting on compliance with the Code. The 'Apply and Explain' approach assumes application of all principles and requires entities to explain how the principles are applied. This requires companies to demonstrate how the specific activities they have undertaken best achieve the outcomes intended by the corporate governance principles specified in the Code.

This will help to prevent a 'box ticking' exercise as companies deliberately consider how they have (or have not) achieved the intended outcomes. Although, the Code recommends practices to enable companies apply the principles, it recognises that these practices can be tailored to meet industry or company needs. The Code is thus scalable to suit the type, size and growth phase of each company while still achieving the outcomes envisaged by the principles.

This form seeks to assess the company's level of compliance with the principles in the NCCG 2018. Entities should explain how these principles have been applied, specify areas of deviation from the principles and give reasons for these deviations and any alternative practice(s) adopted.

Please read the instructions below carefully before completing this form:

1. Every line item and indicator must be completed.
2. Respond to each question with "Yes" where you have applied the principle, and "No"

where you are yet to apply the principle.

1. An explanation on how you are applying the principle, or otherwise should be included as part of your response.
2. Not Applicable (N/A) is not a valid response.

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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018

Section B - General Information

S/No.

Items

Details

i.

Company Name

Omatek Ventures Plc

ii.

Date of Incorporation

06/ 07/ 1988

iii.

RC Number

115161

iv.

License Number

v.

Company Physical Address

11 KUDIRAT ABIOLA ROAD, (FORMERLY

OREGUN ROAD) IKEJA, LAGOS NIGERIA LAGOS

vi.

Company Website Address

www.omatek.ng

vii.

Financial Year End

31st DECEMBER

viii.

Is the Company a part of a Group/Holding Company?

Yes

Yes/No

If yes, please state the name of the Group/Holding

Omatek Ventures Plc

Company

ix.

Name and Address of Company Secretary

IKOTUN, TEMOWO & CO. (ZIONGATES

CHAMBERS

201, COPPER HOUSE, 4, ALGIERS STREET, WUSE

ZONE 5, ABUJA- FCT

x.

Name and Address of External Auditor(s)

OLUKAYODE AINA AND CO

2, SOPHIE KUYE STREET, GBAGADA PHASE 1,

SOMOLU, LAGOS

[e-mail]

xi.

Name and Address of Registrar(s)

CARNATION REGISTRARS

2A GBAGADA

EXPRESSWAY ANTHONY,LAGOS.

07066440781 , 01-4526020

E-mail:

[e-mail]

www.carnationregistrars.com

xii.

Investor Relations Contact Person

[e-mail]

(E-mail and Phone No.)

xiii.

Name of the Governance Evaluation Consultant

Company Under Receivership

xiv.

Name of the Board Evaluation Consultant

Company under receivership

Section C - Details of Board of the Company and Attendance at Meetings

1. Board Details:

S/No.

Names of Board Members

Designation

Gender

Date First

Remark

(Chairman, MD, INED, NED,

Appointed/ Elected

ED)

1.

DR. TIMOTHY FARINRE

CHAIRMAN

MALE

JULY 1988

2.

ALH. IBRAHIM DASUKI

NED

MALE

MARCH 2008

NAKANDE

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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018

3.	MR. YEMI OGUNDIPE	GROUP MANAGING	MALE	MARCH 2017
		DIRECTOR
4.	MR. TEMIDAYO SERIKI	MEMBER	MALE	JUNE 2022

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2. Attendance at Board and Committee Meetings:

S/No.	Names of Board Members	No. of Board	No. of	Membership	Designation	Number of Committee	Number of
		Meetings	Board	of Board	(Member or	Meetings Held in the	Committee
		Held in the	Meetings	Committees	Chairman)	Reporting Year	Meetings
		Reporting	Attended				Attended in
		Year	in the				the
			Reporting				Reporting
			Year				Year
1.	DR. TIMOTHY FARINRE	4	4	NIL	CHAIRMAN	4	NIL (THE
							CHAIRMAN
							IS NOT A
							MEMBER OF
							THE AUDIT
							COMMITTEE)
2.	MR. YEMI OGUNDIPE	4	4	1	GROUP	4	4
					MANAGING
					DIRECTOR
3.	ALHAJI IBRAHIM DASUKI	4	4	1	MEMBER	4	4
	NAKANDE
4.	MR. TEMIDAYO SERIKI	4	3	1	MEMBER	4	3

Section D - Details of Senior Management of the Company
1.	Senior Management:
S/No.		Names	Position Held	Gender
1		Emmanuel Nwabuike	GM Corporate Servcies	Male
2		Olanrewaju Akinloye	GM Technical	Male
3		Anthony Ohmenke	CFO	Male

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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018