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PARADIGM INITIATIVE FOR INFORMATION TECHNOLOGY DEVELOPMENT
STATEMENT OF AFFAIRS
FOR THE YEAR ENDED
31ST DECEMBER, 2019
CORPORATE INFORMATION
Company Name
PARADIGM INITIATIVE FOR INFORMATION TECHNOLOGY DEVELOPMENT
Registered Office
374, BORNO WAY
ALAGOMEJI
YABA
LAGOS.
Date of Incorporation
December 16, 2008
Board of Directors
Prof Pat Utomi
Chairman
Dr. Seyi Adebayo Olubi
Nick Jekogian
Dr. Aida Opoku-Mensah
Dr. Jummai Zainab Umar-Ajijola
`Gbenga Sesan
Executive Director
Company Secretary/Legal Adviser
Adeboro Odunlami
Bankers
ACCESS BANK PLC
GUARANTY TRUST BANK PLC
UNITED BANKFOR AFRICA PLC
Auditors
DEBAYO AJAYI & CO
(Chartered Accountants)
18A, Akinola Cole Crescent,
Off Adeniyi Jones Street,
Ikeja — Lagos
DIRECTORS’ REPORT
The Directors present their annual report and the audited financial statements for the year ended 31 December, 2019.
Principal activities
Paradigm Initiative for Information Technology Development (the Company) is a company incorporated in Nigeria and has its registered office at 39 Baale Street, Ajegunle, Lagos, Nigeria; principal place of business at 374 Borno Way, Yaba, Lagos, Nigeria; operational offices at 17B Ngwa Road, Aba, Nigeria; Plot 117 Ahmadu Bello Way, Abuja; Obuntu Hub, Arusha, Tanzania; 547, Warshu Hospital Road, Kano, Nigeria; 8 Rue Bodjona, Lome, Togo; Plot 16948B, Thabo Mbeki Road, Lusaka, Zambia; Essos Rue Antoine, Yaounde, Cameroon.
The principal activities of the Company, registered under the Nigeria Companies and Allied Matters Decree as an Incorporated Trustee, is to connect under-served African youth with Information and Communication Technology (ICT) enabled opportunities in order to improve their lives and that of their families.
Results and appropriations
The state of the Company’s affairs for the year ended 31 December 2019 is set out in the Company’s financial statements on pages 6 to 12.
Fixed assets
Details of the tangible fixed assets of the Company are set out in note 2 to the financial statements.
Directors
The directors of the Company during the year and up to the date of this report were:
Prof. Pat Utomi (Chairman)
Dr. Aida Opoku-Mensah
Dr. Jumai Umar-Ajijola
Dr. Seyi Adebayo-Olubi
Nick Jekogian
‘Gbenga Sesan (Executive Director)
The Company did not enter into any contract, other than the contracts of service with the directors or any person engaged in the full-time employment of the Company, whereby any individual, firm or body corporate undertakes the management and administration of the whole, or any substantial part of any business of the Company.
Directors’ interests in contracts of significance
No contract of significance to which the Company was a party and in which a director of the Company had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.
Events after the reporting date
No significant event, which would affect the state of affairs prevented, occurred after the reporting date.
Auditor
A resolution will be submitted after the annual board meeting to re-appoint Debayo Ajayi & Co (Chartered Accountants) or name a new and for of 1.1–1– Company.
On behalf of the Board,
|
Prof. Pat Utomi
Chairman
June 2, 2020
|
`Gbenga Sesan
ExecutiveDirector
June 2, 2020
|
REPORT OF AUDITORS
The Company’s Directors are responsible for the preparation of the Statement of Affairs. It is our responsibility to form an independent opinion, based on our audit, on those financial statements and to report our opinion to you.
We conducted our audit in accordance with generally accepted auditing standards. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the Statement of Affairs. It also includes an assessment of the significant accounting estimates and judgments by the Directors in the preparation of the Statement of Affairs, and of whether the accounting policies are appropriate to the Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations we considered necessary in order to provide sufficient evidence to give reasonable assurance that the Statement of Affairs are free from material misstatement. In forming our opinion, we also evaluated the overall adequacy of the information presented in the Statement of Affairs.
In our opinion, the Statement of Affairs gives a true and fair view of the state of the affairs of the Company at December 31, 2019 and have been properly prepared in accordance with the Companies Allied Matters Act, 1990.
ADEBAYO AJAYI
LAGOS, NIGERIA
Dated this…June 16, 2020
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accounts have been prepared under the historical cost convention.
Depreciation of Fixed Assets
Depreciation of tangible assets is calculated to write off the cost on a straight — line basis over the expected useful lives of the assets concerned. The annual rates used for various classes of tangible fixed assets are as follows:
Description
| Computers | 12½ |
| Furniture, Fittings and Fixtures | 12½ |
| Motor Vehicles | 25 |
| Improvements to leasehold | 20 |
Exchange Rates
Transactions in foreign currencies were translated to naira at the rate ruling at the date of transaction while balances were translated at the rate ruling at the balance sheet date.
STATEMENT OF AFFAIRS
INCOME AND EXPENDITURE ACCOUNT
STATEMENT OF CASHFLOW
NOTES TO THE ACCOUNT
