RE: Caveat Emptor22 Oct 2025 17:27
P126 has more details
In Q2 2025 (shortly before the intended approval of the financial statements for the year ended 31 December 2024) the Group commenced an investigation focused on the Nigerian operations of the Group. The consequence of this investigation is that governance, and the effectiveness of financial controls within the Group’s Nigerian operations have been under review.
The Directors sought expert external legal and other professional advice which included an independent, comprehensive investigation which has recently concluded. The investigation highlighted control weaknesses in the financial control environment in the Nigerian operations relating to: (i) segregation of duty limitations in respect of certain payments, (ii) inconsistently applied processes in respect of supplier onboarding and (iii) breaches of internal policy in respect of recording payments and contract management. As a result, the Company is working on an implementation plan to address these deficiencies and to enhance the overall design and robustness of its internal processes, including enhancements to information systems.
The outcome of the investigation, noted above, has not, as of the date of approval of the financial statements, resulted in any changes to the financial statements compared to the unaudited results announced on 6 June 2025. The Company advised its external auditors, BDO, of the above matters, resulting in the auditors requiring to undertake further audit procedures and testing. BDO have completed additional work since that time however, at the date of this report, they have not been able to conclude on this work as information which is required to complete their testing is not yet available and leads to our and their conclusion of control weaknesses in the financial control environment, as noted above. These findings and the limitation
on their work consequentially has an impact on the audit opinion.