Page 67 - Continental Reinsurance 2022 Annual Report

Statement of Director's Responsibility in relation 65
to the Preparation of the nancial statements

The Companies and Allied Matters Act and Nigerian insurance Act require the Directors to prepare financial statements
for each financial year that present fairly, in all material respect, the state of financial affairs of the Company and its
subsidiaries at the end of the year and of its profit or loss. The responsibilities include ensuring that the Company and its
subsidiaries:

i. Keep proper accounting records that disclose, with reasonable accuracy the financial position of the Company and
Group and comply with the requirement of the Companies and Allied Matters Act and the Nigerian Insurance Act.

ii. Establish adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities;
and

iii. Prepare financial statements using suitable accounting policies supported by reasonable and prudent judgments
and estimates that are consistently applied.

The Directors accept responsibility for the financial statements, which have been prepared using appropriate
accounting policies supported by reasonable and prudent judgments and estimates, in conformity with the
International Financial Reporting Standard (IFRS) and requirements of the Companies and Allied Matters Act, relevant
guidelines and circulars issued by the National Insurance Commission (NAICOM). And the Financial Reporting Council
of Nigeria.

The directors are of the opinion that the consolidated and separate financial statements give a true and fair value of the
state of the financial affairs of the Group and of the financial performance and cash-flow for the period. The directors
further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of
financial statements as well as adequate systems of internal control.

Nothing has come to the attention of the directors to indicate that the Company and Group will not remain a going
concern for at least twelve months from the date of this statement.

SIGNED ON BEHALF OF THE BOARD OF DIRECTORS BY:

Mr. Paul Kokoricha Mr. Lawrence Nazare
Chairman Managing Director/CEO
FRC:2015/ICAN/00000013047 FRC/2013/IODN/00000000988