RAK Unity Petroleum : PET. COMP. PLC.- PETROLEUM COMPANY PLC - FINAL ACCOUNT

RAK Unity Petroleum Company Plc (in

Liquidation)

Liquidators‟ Final Account (Members‟ Voluntary

Winding Up)

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RAK Unity Petroleum Company Plc

Liquidators' Final Account

Contents	Page
Notice of Meeting	3
Liquidator‟s Report	5
Summary of Final Report	6
Auditors‟ Report	7
Receipts and Payments Account	9
Form 72	10
Appendixes
Appendix A - Notes to the Final Report	12
Appendix B - Schedule of Banks and Balances	13
Proxy	14

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RAK Unity Petroleum Company Plc

Liquidators' Final Account

RAK UNITY PETROLEUM COMPANY PLC (IN LIQUIDATION)

(RC-51563)

NOTICE OF FINAL MEETING

NOTICE IS HEREBY GIVEN that, in accordance with section 631 of the Companies and Allied Matters Act 2020 ("Act"), the Final Meeting of the members of RAK Unity Petroleum Company Plc ("the Company") will be held at The Muson Center, 8/9 Marina, Onikan Lagos, on Friday, 2nd June 2023 at 11.00 am for the purpose of laying before the meeting an Account of the Liquidator's acts and dealings and of the conduct of the Winding-Upto closure.

PROXY

A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of him. A proxy needs not be a member of the Company. A proxy form is included in the Liquidator‟s Report. All instruments of proxy must be executed and deposited at the office of the Registrars - First Registrars & Investor Services Limited, No. 2 Abebe Village, Iganmu, Lagos, or via Email: [e-mail] later than 48 hours before the time fixed for the meeting. Arrangements have been made by the Company to bear the cost of stamp duties on the instruments of proxy.

NOTES

1. The Company has made arrangements for Members and their proxies who will not be attending physically to participate via Zoom conferencing.
2. The link to join online will be made available on the Company‟s websitewww.rakunity.com before the date of the meeting.
3. Shareholders are encouraged to send in any questions in advance of the Meeting by emailing them [e-mail] to the questions will be provided at the Meeting.

Any person who requires further information may contact the Liquidator by e-mail to [e-mail]

DATED: April 25, 2023

Chinwe Chiwete (Mrs.)

(Liquidator)

Liquidator's Registered Address

Chinwe Chiwete (Mrs.)

25 Kusenla Road Ikate Eleguishi

Lekki, Lagos, Nigeria

[e-mail]

Company Secretary's Registered Address

Alsec Nominees Limited

St. Nicholas House (10th Floor) Catholic Mission Street.

P. O. Box 53123, lkoyi, Lagos, Nigeria [e-mail]

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RAK Unity Petroleum Company Plc

Liquidators' Final Account

Company's Registered Address

Block 5, Water Corporation Road,

Ijora GRA,

Lagos,

Nigeria.

Liquidation Auditors

Gbenga Adewole & Co

(Chartered Accountants)

Suite 7, LSPDC Phase 5

Oba Ogunji Road

Ogba Lagos

Registrars

First Registrars & Investor Services

Plot 2 Abebe Village Road

Iganmu Lagos

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RAK Unity Petroleum Company Plc

Liquidators' Final Account

Liquidator's Report

The Liquidator hereby sets out below the final account of her acts and dealings and the conduct of the winding up during the preceding year as provided in section 631 (1) of the Companies and Allied Matters Act CAMA 2020 ("the Act")

Background

The Company was incorporated on 20 December 1982, as RAK Unity Nigeria Company Limited under the Companies Act 1968, and was converted to a public company on 16 November 1987, and the name changed to RAK Unity Petroleum Company Plc. The Company was incorporated to, among others, carry on the business of sale, distribution and transportation of petroleum products, liquid and gaseous hydrocarbons. In summary, the principal activity of the Company prior to the commencement of liquidation was the sale and distribution of petroleum products.

Commencement of winding up

At the annual general meeting of RAK Unity Petroleum Company Plc ("the Company") held on 4 June 2021, shareholders resolved to put the Company into members‟ voluntary winding up, leading to the appointment of Chinwe Chiwete (Liquidator) of EPIC Legal as the liquidator of the Company.

Post One year Compliance

• Winding up exceeded one year, and in line with section 640 of CAMA, a General Meeting of members was held on 2 September 2022
• Interim account was duly filed with the Corporate Affairs Commission (CAC)

Realization of Assets

Prior to liquidation, the Company had disposed of its physical assets to Asharami Synergy Limited at a total cost of N59,541,562, and the said amount was factored into payment due from Asharami Synergy Limited. Accordingly, all known assets of the Company, as disclosed by Management, were fully realized and captured below.

No	Description	Amount
1	Asharami Synergy Limited	329,587,348.00
2	Centrum Properties Limited	5,700,575.00
3	Bank balance (Appendix B, page 13)	180,249,989.25
4	Money held with third party and prior payment to Liquidator brought into liquidation	4,064,311.27
	Total	519,602,223.52

Unclaimed Dividends Prior to liquidation

Notice to shareholders to claim dividends was published on 21 September 2021. The said Notice was also uploaded on the NGX Issuers‟ Portal and the Company‟s website. In addition, booklets containing the names of all shareholders were printed and sent to the Registrars for distribution to all Shareholders‟ Associations.

Unclaimed dividend payment

No	Beneficiary		Amount
1	Distributed to beneficiaries		25,916,987.73
2	Unclaimed paid to CAC		2,644,503.03
	Total		28,561,490.76

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