annual report - inner - TOTAL Nigeria Plc

REPORT OF THE DIRECTORS (Cont’d)
For the year ended 31st December, 2011
.5 The interests of each Director in the ordinary shares of the company are as follows:
Engr. J.W. Adeyinka
Engr. K. Ukonne
Chief F. Majekodunmi
2011
Number
46,974
17,873
43,581
2010
Number
46,974
17,873
-
6. DIRECTORS' INTEREST IN CONTRACTS
None of the Directors has notified the company for the purpose of Section 277 of the
Companies and Allied Matters Act, CAP C20 of the Laws of the Federation 2004 of any
declarable interest in any contracts involving the company.
7.
DIRECTORS' AND THEIR RESPONSIBILITIES
The company's Directors are responsible for the preparation of financial statements which
give a true and fair view of the state of affairs, and of the profit for that period, and which
comply with the Companies and Allied Matters Act CAP C20 of the Laws of the Federation
2004. They are obliged to ensure that:
Proper accounting records are maintained;
Internal control procedures are instituted which, as far as is reasonably possible,
safeguard the assets, prevent and detect fraud and other irregularities;
Applicable accounting standards are followed;
Suitable accounting policies are adopted and consistently applied;
Judgments and estimates made are reasonable and prudent, and
The going concern basis is used, unless it is inappropriate to presume that the company
will continue in business.
8.
DIVIDEND
During the year ended 31st December, 2011, the directors authorized the payment of N2.00
(2010 – N2.00) as interim dividend and hereby recommend to members the payment of a
final dividend of N7.00 (2010– N6.00) per ordinary share of 50 kobo each. The dividend is
subject to deduction of withholding tax at the rate applicable at the time of payment.
9.
FIXED ASSETS
Movements in fixed assets during the year are shown in Note 8 on page 35.
2011 Annual Report & Accounts
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