Abuja Holdings Plc has the following information as at 30 June 2023: Total assets ₦480,000,000; Current liabilities ₦85,000,000; 10% Loan notes (2027) ₦60,000,000; Deferred tax liability ₦14,000,000; Redeemable preference shares (classified as liability) ₦25,000,000. What is the total equity of Abuja Holdings Plc?

Total equity = Total assets − Total liabilities. Total liabilities = Current liabilities ₦85,000,000 + Loan notes ₦60,000,000 + Deferred tax liability ₦14,000,000 + Redeemable preference shares ₦25,000,000 = ₦184,000,000. Therefore, equity = ₦480,000,000 − ₦184,000,000 = ₦296,000,000. Redeemable preference shares are classified as financial liabilities under IAS 32 because their redemption is mandatory, so they are excluded from equity.