COMPARATIVE ANALYSIS OF COMPUTERIZED AND MANUAL ACCOUNTING
1. A COMPARATIVE ANALYSIS OF COMPUTERIZED AND MANUAL
ACCOUNTING SYSTEM
(A study of Forte Oil PLC Presidential Road, Enugu Branch)
BY
OKAFOR MICHAEL U.
ACC/N2015/R/020
DEPARTMENT OF ACCOUNTANCY
OUR SAVIOUR INSTITUTE OF SCIENCE AND AGRICULTURAL
TECHNOLOGY, ENUGU (OSISATECH POLY, ENUGU)
OCTOBER, 2017
2. TITLE
APPROVAL
This research is on comparative analysis of computerized and manual accounting system (A
case study of Forte Oil Plc, Presidential Road, Enugu) has been read and approved for
Accountancy Department, OSISATECH Poly, Enugu.
Mrs. Grace Ukolio ā¦ā¦..ā¦ā¦ā¦ā¦ā¦ā¦ā¦..
Project Supervisor Signature and Date
Mr. Onwukwe R. ā¦ā¦ā¦ā¦ā¦ā¦ā¦.......
Head of Department Signature and Date
ā¦ā¦ā¦ā¦ā¦ā¦ā¦ā¦ā¦ā¦ā¦
External Supervisor
3. ACKNOWLEDGEMENTS
My profound gratitude goes to my father in heaven, the giver of life and the owner of my
life, through whom this research work is successful.
My unreserved and immense appreciation goes to my parent Mr. & Mrs. M. O Okafor, my
Sibling Okafor Benjamin and my friends which I canāt mention all here, for their
immeasurable financial and moral support.
I remain thankful to my project to my project supervisor, a woman I respect so much, truly
a teacher worthy of emulation in the person of Mrs. Grace Ukoli who inspite of her busy
schedules, made out time to greatly assist, impact and attend to me. I must acknowledge my
Head of Department, in the person of Mr. R.I Onwukwe the Head of Department for Banking
and Finance in the person of Mr. Ezeoha P.O for being there for me anytime I needed his
assistant.
I equally remain grateful to all my lecturers and my co students who added to my academic
life, I pray that God almighty will always provide for you and do unto you your wishes that
are not evil.
4. DEDICATION
I wish to dedicate this research work to God Almighty for the gift of life and his indefinite
mercies that sustained me throughout my ND program.
To my parents who at all angle provided for me financially and morally irrespective of the
bad economy facing the country today.
5. TABLE OF CONTENT
Approval page
Certification
Acknowledgement
Dedication
Abstract
CHAPTER 1:
Introduction
Background of the study
Statement of problem
Objective of study
Research questions
Research hypotheses
Significance of the study
Scope of the study
Limitation of the study
Definition of terms
CHAPTER TWO:
Review of related literature
Evolution of accounting
Purpose of accounting information
Classification and storing data in an accounting Environment
Controls in the manual system environment
6. Controls in the computerized accounting system
The nature of integrated accounting software system
Basic requirement of software accounting data
Advantages of computerized accounting system
Disadvantages of computerized accounting system
Comparison between manual Accounting system and Software Accounting system
Effect of software accounting system on organization performance
Companyās Profile
CHAPTER 3:
Introduction
Research design
Area of the study
Population of the study
Sampling size and procedure
Instrument for data collection
Validation of Instrument
Reliability of Instrument
Method of data presentation and analysis
Sample distribution
CHAPTER 4
Presentation and Interpretation of Data
Decision rule
CHAPTER 5
Summary of findings
Implication of findings
Conclusion
Recommendations
7. References
Appendix
Questionnaires
ABSTRACT
This research study is a comparative analysis of computerized and manual accounting system
with reference to Forte Oil Plc Enugu Branch. The essence of this study is to ascertain which
one is more efficient and effective than the other. Data were collected from primary and
secondary sources which include the use of questionnaires, personal observation, text books,
journals and internet. It was discovered that software accounting system is expensive to run,
it handles larger volume of data than manual accounting system, but it encourages fraud and
funds can be lost in organization with the use of software accounting system. In other to
attain a larger volume of data and work accuracy in a shorter period, it is better for
organization to use computerized accounting system to increase their efficiency. Those
studying accounting as a profession should be introduced to both the theoretical and practical
aspect of the accounting and to reduce funds lost through fraud and forgeries, managers and
accountants should provide software developers with progressive information relating to
their activities.
8.
9. CHAPTER 1
INTRODUCTION
BACKGROUND OF THE STUDY
Accounting system according to an Italian monk, Luca Pacioli (1491), is the combination
of personnel records and procedures that a business uses to meet its need for financial data.
Financial accounting also encompasses the summary of information and presentation of
periodic reports such as profit and loss statement and balance sheet. The historical firms of
accounting were of different degree of sophistication according to the need and techniques
of the time. This is why modern accounting is based on the double entry system and the
recognition of the dual nature of each transaction and this gives a co-ordinate support for the
control of all the transaction of a business.
Accounting system according to business dictionary is an organized set of manual and
computerized accounting methods, procedures and controls established to gather, record,
classify, analyze, summarize, interpret and present accurate and timely financial data for
management decisions.
In spite of this, there are policies for reporting an organizational performance and current
conditions. These policies increase the usefulness of report including their reliability and
comparability. The policy that makes up acceptable accounting practices are determined by
many individuals and groups and those policies are referred to as Generally Accepted
Accounting Principles (GAAP). Since accounting is a service activity, these rules reflect
our societyās needs and not only on those of accountants. The Financial Accounting
Standard Board (FASB) is another body or group that is seen as an independent group of
seven full-time members with a large staff. This body has issued six statements of accounting
concepts which help in guiding accounting standard setting. Many companies and
organizations involve themselves in setting accounting rules/policies. They include
10. investors, government agencies, politicians, unions, lenders and other business and non-
business organizations.
Furthermore, there are two major types of methods used in recording accounting
information, such methods are;
ā¢ Manual Accounting System and
ā¢ Software Accounting System or Computerized Accounting System.
Manual Accounting System extends and includes the method of processing, recording,
journalizing transactions, posting to the ledgers and preparing the financial statements which
provide decision makers with useful information in making decisions. These decisions relate
to the allocation and use of scarce economic resources such as money, land, labour and
capital. These manual accounting systems are wholly used for preparing income tax returns,
reports to managers, bills to customers and other forms of providing accounting information.
In addition, with manual accounting system, accountants and managers usually inspect the
documents, journal ledgers and reports in the performance of testing and verification.
Transaction can be traced from source documents to journals, general ledgers, printed report
etc. Subsidiary ledgers can be posted and the total can be compared with control accounts.
It is visually observed by the auditors or accountants to determine whether proper books of
accounts or is being followed.
In Computerized Accounting System, technology is the main part of our modern society
and business practices. It also plays a major important role in accounting as it helps in
reducing the time, effort and cost of record keeping while improving clerical accuracy.
Technology has distinct the way we store, process and summarize large masses of data which
makes accounting free to increase its field.
11. The origin of software could be traced back to early 1960ās. Historically, emphasis in
computer industry was on programming and was seen as the biggest single problem in the
implementation of a computer system. Computer has the ability to add and subtract, but
frequently not to multiply or divide, the computer run with relatively simple software
routines.
However, this study tends to analyze the comparison between manual accounting and
software accounting which are the two types of accounting system used by various
organizations and companies.
STATEMENT OF THE PROBLEMS
In recent times, most companies and organizations have been using the manual form of
operations in their accounting systems. Primarily, these manual accounting systems used to
meet the organizational information requirement but this has been on consistent failure in
recent times as a result of growth and diversification of business and technological
advancement complexities in information technology to meet the current business demands.
This companies and organization had usually been faced with numbers of problem in the use
of this manual accounting system which involves;
1. Lack of ability to handle sufficient or large volume of data: this implies the ability
to handle large volume of data or files which manual accounting system faces.
2. Insufficient data storage and retrieval system often resulting to loss of vital
records or information: this implies that there is lack of sufficient storage facilities
in either the two accounting system which normally lead to file lost.
3. Rampant report of forgeries which might lead to fraud: to ascertain the proper
accounting system that will be effective in the effort of forgeries in other to prevent
fraud.
12. OBJECTIVE OF THE STUDY
The main objective of this study is a comparative analysis of software accounting system
and manual accounting system. The study aims at ascertaining the following;
1. To ensure that software accounting system can handle large volume of data or
information more than the manual accounting system.
2. To assure that sufficient storage devices or means is provided by either manual or
computerized system of accounting which might lead to fraud as a result of file lost
or inadequate retrieval system.
3. To ascertain that the manual or computerized accounting system can offer quick report
of forgeries in other to fight and prevent corruption and fraud
RESEARCH QUESTION
The course of this research has picked up some interesting enquires and discussions which
centered more on a comparative analysis of software accounting and manual accounting
system in Forte Oil Plc, Enugu Branch.
The following questions are put forward for the purpose of the study:
1. Is software accounting system able to handle large volume of data or information more
than the manual accounting system.
2. Can software accounting system be more effective in easy retrieval and also provide
sufficient storage means for the storing of data than the manual accounting system.
3. How can software accounting system of accounting provide quick report of forgeries
in an organization in other to fight frauds and corruptions more than the manual
accounting system.
RESEARCH HYPOTHESES
Here are the following hypotheses that were formulated, tested and validated in the study.
13. Hypothesis One
H0: Software accounting system is able to handle large volume of data or information than
the manual accounting system.
H1: Software accounting system is not able to handle large volume of data than the manual
system
Hypothesis Two
H0: Software accounting system is more effective in easy file retrieval and also provide
sufficient storage means than the manual accounting system.
H1: Software accounting system is not more effective in easy file retrieval and also cannot
provide sufficient storage means than the manual accounting system
Hypothesis Three
H0: Software accounting system can provide quick report of forgeries in an organization
more than the manual accounting system
H1: Software accounting system cannot provide quick report of forgeries in an organization
more than the manual accounting system
SIGNIFICANCE OF THE STUDY
This study has a lot of significance to the educational system and industrial environments.
ā¢ It imparts hold knowledge to the general public who may not have the opportunity of
reading some relevant test on software accounting system as well as manual
accounting system.
ā¢ It creates new initiative in information expertise sub-sector.
ā¢ Non-computer experts with little or no assistance will be exposed and encourage
through this study.
ā¢ It provides important literature for other researchers.
14. ā¢ It will promote productivity, efficiency and effectiveness in industries since userās
satisfaction is assured as well as error free and speeding reporting system.
SCOPE OF THE STUDY
The coverage of this study is limited to the study of a comparative analysis of software
accounting system and manual accounting system of which particular attention is given using
Forte Oil Plc, Enugu.
LIMITATION OF THE STUDY
There is no research work or study that is entirely hitch-free. During the course of this study,
a lot of problems prompted up. The main limitation of this research work is time factor. The
researcher had limited time with which he used in completing the study. This also created a
room for other problems and made data collection a difficult task.
The problem of finance cannot be ruled out any research work of this entails typing,
photocopying, transportation etc. The unavailability of material with which to work with
constituted the limitation of the research work.
The study is however limited to Forte Oil Plc, Enugu. As well as the following financial
areas: Such as general ledger, account payable, account receivable, purchasing, inventory
control and cash resources. The research will also provide overall information on software
such as peach tree accounting system for windows implementation procedures involved.
DEFINITION OF TERMS
SYSTEM: It is an interrelated or interacting element organized into a complex whole. A
system is a group of interrelated components working together towards a common goal by
accepting inputs and producing outputs in an organized transformation process.
15. SOFTWARE: It is a general term for the various kinds of programs used to operate
computers and related devices. Software is the programs and symbolic languages that control
the function of the hardware.
MANUAL ACCOUNTING SYSTEM: These are those systems in which source document
are posted by hands which extends and includes method of processing, recording,
journalizing transactions posting to the ledgers, sales, cash receipt and other type of journals.
ACCOUNTING SYSTEM: It is an organized set of manual and computerized accounting
methods, procedures and controls established to gather, record, classify, analyze, summarize,
interpret and present accurate and timely financial data for management decisions.
ACCOUNTING: It is a system for recording; classifying, measuring, interpreting financial
data for an organization to enable users make assessment and decision making.
COMPUTERIZED ACCOUNTING: It is what businesses used to track their financial
information.
COMPUTERIZED ACCOUNTING SYSTEM: It is a system used by business for
recording their financial information. Every time a transaction happens, an entry is made
into the system.
CHAPTER 2
REVIEW OF RELATED LITERATURE
16. The review of the comparative analysis of the computerized accounting system and manual
accounting system, its merit and demerits, how effective it is in an organization will expose
the important features in the computerized accounting system and how it is better than the
manual system.
EVOLUTION OF ACCOUNTANCY
Accounting records dating back several thousand years have been found in various parts of
the world. A discussion of the development of accounting in Nigeria cannot be undertaken
without making reference to the development of Nigeria as a nation. In pre-colonial Nigeria,
economic activities hardly required the services of an accountant. However, the introduction
of a modern economy stimulated by international trade and diversified inter cash economy
has called for a profession such as accounting to service the expanding modern sector.
Accounting as a profession originated from the need to have in place a system of recording
financial transactions. In the past, man had employed accounting according to his needs: to
enumerate and control assets, as a reporting device of stewardship, tax-gathering and as
evidence of trade, for the control of production, or the management of business.
PURPOSE OF ACCOUNTING INFORMATION
Accounting information exposes the following;
1. Results of operation: this is the information that contains the profit or loss of an
organization for a particular business period usually a year.
2. Financial position: this is the information that stated the resources and liability of an
organization. Inotherwords, an information that states the assets and liability of an
entity
3. Solvency: it is an information that states the ability of an entity to pay its obligations
4. Liquidity: the ability of an entity to meet short term obligations.
17. 5. Cash flow: the total amount of money being transferred into and out of a business,
especially as affecting liquidity.
CLASSIFICATIONS AND STORING DATA IN AN ACCOUNTING
ENVIRONMENT
Data classification is the process of organizing data into categories for its most effective and
efficient use.
A well-planned data classification system makes essential data easy to find and retrieve. This
can be of particular importance for risk management, legal discovery, and compliance.
Written procedures and guidelines for data classification should define what categories and
criteria the organization will use to classify data and specify the roles and responsibilities of
employees within the organization regarding data stewardship. Once a data-classification
scheme has been created, security standards that specify appropriate handling practices for
each category and storage standards that define the data's lifecycle requirements should be
addressed.
In a computerized accounting system, the framework of storage and processing of data is
called operating environment that consists of hardware as well as software in which the
accounting system, works. The type of the accounting system used determines the operating
environment. Both hardware and software are interdependent. The type of software
determines the structure of the hardware. Further, the selection of hardware is dependent
upon various factors such as the number of users, level of secrecy and the nature of various
activities of functional departments in an organization.
CONTOLS IN MANUAL ACCOUNTING SYSTEM
18. ā¢ Independent reconciliation of external data like using bank statement to reconcile to
the companyās bank account or using external supplier statement of account to
reconcile with our individual creditor account;
ā¢ Using Control or Total Account
ā¢ Review of the Trial Balance to ensure debit
CONTORLS IN COMPUTERIZED ACCOUNTING SYSTEM
ā¢ Proper transaction authorization. Input control needs to be instituted like input data
needs to be verified for accuracy and completeness by a person different from the one
who is keying in the data;
ā¢ Besides the above input control, there should be processing and output controls to
ensure integrity of the transaction data is intact;
ā¢ No unauthorized access to computer files, data, etc. All kept under lock and key and
proper log is maintained;
ā¢ Uses of password control to access data;
THE INTERGRATED ACCOUNTING SOFTWARE SYSTEM
What is Integrated Accounting System?
An integrated accounting system is a software application that standardizes your procedures
for recording transactions and disseminating financial information. It interconnects the
reporting activities of different functional areas of your business such as point of sale, stores,
back office and front office. This streamlines the information input and output of your
management accounting and financial reporting functions. The adoption of an integrated
financial system enhances your speed, accuracy and efficiency of processing financial
information.
BASIC REQUIREMENT FOR SOFTWARE ACCOUNTING DATA
19. ā¢ Accounting Framework: A good accounting framework in terms of accounting
principles, coding and grouping structure is a pre-condition. It is the application
environment of the computer-ized accounting system.
ā¢ Operating Procedure: A well-conceived and designed operating procedure blended
with suitable operating environment is necessary to work with the computerized
accounting system. The computer accounting is one of the database-oriented
applications, wherein the transaction data is stored in well-organized database. The
user operates on such database using the required interface. And he takes the required
reports by suitable transformations of stored data into information. Hence, it includes
all the basic requirements of any database-oriented application in computers
ADVANTAGES OF COMPUTERIZED ACCOUNTING SYSTEMS
ā¢ Speed: Accounting data is processed faster by using a computerized accounting system
than it is achieved through manual efforts. This is because computers require far less time
than human beings in performing a task.
ā¢ Accuracy: The possibility of error is eliminated in a computerized accounting system
because the primary accounting data is entered once for all the subsequent usage and
processes in preparing the accounting reports. Normally, accounting errors in a manual
accounting system occur because of repeated posting of same set of original data by several
times while preparing different types of accounting reports.
ā¢ Reliability: The computer system is well-adapted to performing repetitive operations. They
are immune to tiredness, boredom or fatigue. As a result, computers are highly reliable
compared to human beings. Since computerized accounting system relies heavily on
computers, they are relatively more reliable than manual accounting systems.
20. ā¢ Up-to-Date Information: The accounting records, in a computerized accounting system
are updated automatically as and when accounting data is entered and stored. Therefore,
latest information pertaining to accounts get reflected when accounting reports are produced
and printed. For example, when accounting data pertaining to a transaction regarding cash
purchase of goods is entered and stored, the cash account, purchase account and also the
financial statements (trading and profit and loss account) reflect the impact immediately.
ā¢ Real Time User Interface: Most of the automated accounting systems are inter-linked
through a network of computers. This facilitates the availability of information to various
users at the same time on a real time basis (that is spontaneously).
ā¢ Scalability: In a computerized accounting system, the requirement of additional manpower
is confined to data entry operators for storing additional vouchers. The additional cost of
processing additional transactions is almost negligible. As a result the computerized
accounting systems are highly scalable.
ā¢ Legibility: The data displayed on computer monitor is legible. This is because the
characters (alphabets, numerals, etc.) are type written using standard fonts. This helps in
avoiding errors caused by untidy written figures in a manual accounting system.
ā¢ Efficiency: The computer based accounting systems ensure better use of resources and
time. This brings about efficiency in generating decisions, useful informationās and reports.
ā¢ Quality Reports: The inbuilt checks and untouchable features of data handling facilitate
hygienic and true accounting reports that are highly objective and can be relied upon.
21. ā¢ Motivation and Employees Interest: The computer system requires a specialized training
of staff, which makes them feel more valued. This motivates them to develop interest in the
job. However, it may also cause resistance when we switch over from a manual system to a
computer system
DISADVANTAGES OF COMPUTERIZED ACCOUNTING SYSTEM
ā¢ Cost of Training: The sophisticated computerized accounting packages
generally require specialized staff personnel. As a result, a huge training cost is incurred to
understand the use of hardware and software on a continuous basis because newer types of
hardware and software are acquired to ensure efficient and effective use of computerized
accounting systems.
ā¢ Staff Opposition: Whenever the accounting system is computerized, there is a significant
degree of resistance from the existing accounting staff, partly because of the fear that they
shall be made redundant and largely because of the perception that they shall be less
important to the organization.
ā¢ Disruption: The accounting processes suffer a significant loss of work time when an
organization switches over to the computerized accounting system. This is due to changes in
the working environment that requires accounting staff to adapt to new systems and
procedures.
ā¢ System Failure: The danger of the system crashing due to hardware failures and the
subsequent loss of work is a serious limitation of computerized accounting system. However,
providing for back-up arrangements can obviate this limitation. Software damage and failure
may occur due to attacks by viruses. This is of particular relevance to accounting systems
22. that extensively use Internet facility for their online operations. No full proof solutions are
available as of now to tackle the menace of attacks on software by viruses.
ā¢ Inability to Check Unanticipated Errors: Since the computers lack capability to judge,
they cannot detect unanticipated errors as human beings commit. This is because the
software to detect and check errors is a set of programmes for known and anticipated errors.
ā¢ Breaches of Security: Computer related crimes are difficult to detect as any alteration of
data may go unnoticed. The alteration of records in a manual accounting system is easily
detected by first sight. Fraud and embezzlement are usually committed on a computerized
accounting system by alteration of data or programmes. Hacking of passwords or user rights
may change the accounting records. This is achieved by tapping telecommunications lines,
wire-tapping or decoding of programme. Also, the people responsible for tampering of data
cannot be located which in a manual system is relatively easier to detect.
ā¢ Ill-effects on Health: The extensive use of computers systems may lead to development of
various health problems: bad backs, eyestrain, muscular pains, etc. This affects adversely the
working efficiency of accounting staff on one hand and increased medical expenditure on
such staff on the other.
COMPARISON BETWEEN MANUAL AND COMPUTERISED ACCOUNTING
Accounting by definition, is the process of identifying, recording, classifying and
summarizing financial transactions to produce the financial reports for their ultimate
analysis. Let us understand these activities in the context of manual and computerized
accounting system.
23. ā¢ Identifying: The identification of transactions, based on application of accounting
principles is, common to both manual and computerized accounting system
ā¢ Recording: The recording of financial transactions, in manual accounting system is through
books of original entries while the data content of such transactions is stored in a well-
designed accounting database in computerized accounting system.
ā¢ Classification: In a manual accounting system, transactions recorded in the books of
original entry are further classified by posting into ledger accounts. This results in transaction
data duplicity. In computerized accounting, no such data duplication is made to cause
classification of transactions. In order to produce ledger accounts, the stored transaction data
is processed to appear as classified so that the same is presented in the form of a report.
Different forms of the same transaction data are made available for being presented in
various reports.
ā¢ Summarizing: The transactions are summarized to produce trial balance in manual
accounting system by ascertaining the balances of various accounts. As a result, preparation
of ledger accounts becomes a prerequisite for preparing the trial balance. However, in
computerized accounting, the originally stored transactions data are processed to churn out
the list of balances of various accounts to be finally shown in the trial balance report. The
generation of ledger accounts is not a necessary condition for producing trial balance in a
computerized accounting system.
ā¢ Adjusting Entries: In a manual accounting system, these entries are made to adhere to the
principle of cost matching revenue. These entries are recorded to match the expenses of the
accounting period with the revenues generated by them. Some other adjusting entries may
24. be made as part of errors and rectification. However, in computerized accounting, Journal
vouchers are prepared and stored to follow the principle of cost matching revenue, but there
is nothing like passing adjusting entries for errors and rectification, except for rectifying an
error of principle by having recorded a wrong voucher such as using payment voucher for a
receipt transaction.
ā¢ Financial Statements: In a manual system of accounting, the preparation of financial
statements pre-supposes the availability of trial balance. However, in computerized
accounting, there is no such requirement. The generation of financial statements is
independent of producing the trial balance because such statements can be prepared by direct
processing of originally stored transaction data.
ā¢ Closing the Books: After the preparation of financial reports, the accountants make
preparations for the next accounting period. This is achieved by posting of closing and
reversing journal entries. In computerized accounting, there is year-end processing to create
and store opening balances of accounts in database.
It may be observed that conceptually, the accounting process is identical regardless of the
technology used
EFFECT OF SOFTWARE ACCOUNTING SYSTEM ON ORGANIZATIONAL
PERFORMANCE
Computerized accounting system has increased patronage of customers. In fact,
computerized accounting system has impacted positively on most organizations in Nigeria
by increasing its profitability and efficiency.
25. It makes internet services possible thereby opening the door for important policy such as;
cashless policy, internet payment of goods and services, etc.
The use of computerized accounting system with the adoption of generally Accepted
Accounting Principles as it relates to the industry helps to ensure reliability, comparability
and consistency and more so helps to checkmate unwholesome practices.
COMPANYāS PROFILE
FORTE OIL PLC
Forte oil plc is an indigenous energy group, headquartered in Lagos, Nigeria, with extended
operations in Ghana. It operates majority in the downstream sector of the Nigeriaās oil and
gas industry, but has diversified its business into other sectors of the energy value chain.
Forte oil which was formerly, āAFRICAN PETROLEUMā was incorporated on December
11, 1964. After 14 years in service, the company changed its status from a private limited
liability to public limited liability company. In compliance with the provision if the Nigerian
Enterprises Promotion Decree of 1977, 40% shares of the company were sold to Nigerians
and 60% was acquired by the federal government of Nigeria in Favour of the Nigeria
National Petroleum Corporation (NNPC).
Under the new management, African petroleum embarked on a rebranding and restructuring
programme which led to name change to Forte Oil Plc in December, 2010 and a rebranding
of the retail outlets spread across the country.
The company manufactured and distributed a range of lubricants, some of which include
symth 10,000, super V, Visco 2000, etc at its lubricating oil blending plants at Apapa Lagos,
Nigeria. They also provide well production, chemical and drilling fluids to Nigeriaās
petroleum upstream operators.