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Financial Statements Building the future Annual Report and Accounts 2008 Corporate information Building the future Board of Directors: Adewale Adedapo Vice President Dr Jonathan AD Long Chairman Olusiji Adeyinka Vice President Mr Ladi Balogun Managing Director/ Ayoleke Adu Vice President towards a Chief Executive Officer Folake Fajemisin Vice President Mr Anurag Saxena Executive Robert Grant Vice President Director/Chief Operating Officer Patrick Iyamabo Vice President world-class business Mr Henry Semenitari Executive Director Bonaventure Okhaimo Vice President Mr GTS Adokpaye Director Oni Olayinka Vice President Our mission: We are passionate about building a world-class Dr John Udofa Director Obatoyinbo Oloyede Vice President financial services group that is focused on adding value to Mr Tope Lawani Director Bukola Smith Vice President businesses and lives, and committed to a culture of excellence. Mr Nigel Kenny Director Austin Ufomba Vice President Mr Ladi Jadesimi Director FCMB Capital Markets: Mr Bismarck Rewane Director Our vision: Francis Esem Wood Managing Director Alhaji Ibrahim Damcida Director Bayode Rotimi Senior Vice President To be the premier financial services group of African origin. Mr Maurice Phido Executive Director Bekuochi Nwawudu Senior Vice President We provide financial services in the following areas: (Notice of resignation received 11 March Company Secretary: 2008, effective 2 May 2008) Consumer banking Mrs Olajumoke Bakare Senior Management: The building blocks for creating the most valuable consumer banking franchise Ladi Balogun Managing Director/ Auditors: in Nigeria are being established. Chief Executive Officer PricewaterhouseCoopers Anurag Saxena Executive Director/ (Chartered Accountants) Transaction banking Chief Operating Officer Correspondent Banks: For corporates, government and SMEs we provide value-adding technology Henry Semenitari Executive Director ANZ Banking Group Limited solutions in the areas of trade, payments, collections and liquidity management. Peter Obaseki Senior Vice President Bank of Beirut (UK) Ltd Investment banking Hakeem Adedeji Senior Vice President BNP Paribas As Nigeria’s pre-eminent investment banking group, we are focused on Debo Adesanya Senior Vice President Citibank New York accumulating investments to fuel the growth of our economy. Olajumoke Bakare Senior Vice President FBN (UK) Ltd Oluyemisi Edun Senior Vice President Fortis Bank, SA/NV London Contact: Shiba Ghosh Senior Vice President HSBC Plc First City Monument Bank Plc Tunde Macaulay Senior Vice President Standard Bank Plc South Africa Primrose Towers, 17A Tinubu Street, Adam Nuru Senior Vice President Standard Chartered Bank Plc, UK P.O. Box 9117, Lagos State, Nigeria Bayo Sanni Senior Vice President UBN (UK) Ltd Nath Ude Senior Vice President United Bank of Africa Plc (New York) www.firstcitygroup.com Introduction Our core values: 2 BUILDING ON OUR FOUNDATIONS 8 FROM THE ARCHIVES OF THE FOUNDER 4 PERFORMANCE: FINANCIAL HIGHLIGHTS 10 STATEMENT FROM THE CHAIRMAN I Professionalism N T 6 NOTICE OF ANNUAL GENERAL MEETING 14 REVIEW FROM THE CHIEF EXECUTIVE R Ambition O D Creativity U C T I Excellence O N Operating review 18 CONSUMER BANKING 33 BOARD EVALUATION REPORT O 171% 20 CORPORATE BANKING 34 CORPORATE GOVERNANCE P E R Increase in profit before 22 COMMERCIAL BANKING 40 BUILDING THE FUTURE TOGETHER: A T BOARD OF DIRECTORS I tax to N20.5 billion 24 TREASURY AND FINANCIAL MARKETS N 42 DIRECTORS’ REPORT G 26 INVESTMENT BANKING R E 28 ENTERPRISE RISK MANAGEMENT 45 ANALYSIS OF SHAREHOLDING V I E 112% W Increase in gross earnings to N52.8 billion Financial statements % F 43 51 STATEMENT OF DIRECTORS’ RESPONSIBILITIES 63 NOTES TO FINANCIAL STATEMENTS I N 52 REPORT OF THE AUDIT COMMITTEE 89 STATEMENTS OF VALUE ADDED A Increase in dividend per N C 53 REPORT OF THE INDEPENDENT AUDITORS’ 90 FIVE YEAR FINANCIAL SUMMARY I share to 50k A L 54 STATEMENT OF SIGNIFICANT 92 LIST OF BRANCHES S T ACCOUNTING POLICIES 96 FORMS: A T E 58 PROFIT AND LOSS ACCOUNT E DIVIDEND FORM M ACCOUNT OPENING FORM E 59 BALANCE SHEET N See performance on page 4 PROXY FORM T 61 CASH FLOW STATEMENT S FCMB Annual Report 2008 Contents 1 Building on N O I T our foundations C U D O From its origins as a local bank FCMB has continued to grow – R T N building at each stage on a solid platform of trust earned I from customers. www.firstcitygroup.com W E I V E R G N I T A R E P O 1982 –1984 1977 –1981 The licensing of FCMB in 1982 and its subsequent commencement of banking operations in August, City Securities Limited, the foundation and parent 1983 blazed a new trail in the history of banking. FCMB S T company of First City Monument Bank Plc (formerly became the first wholly-owned Nigerian Merchant Bank N E First City Merchant Bank Limited) and indeed, First City to be established without any foreign technical partner M E Group was established in September 1977. At that time, T as was required in those days. The corporate finance A T it was the first Nigerian financial services company to and advisory services division were transferred from S L combine new capital issues business with stock broking the old City Securities Limited into the new bank. A I C and share registration services. N A N I F 2 Building on our foundations FCMB Annual Report 2008 I N T R O D U C T I O N 2001 –Date In 2001, the bank became a full-fledged Universal Bank with Commercial and Investment Banking 1999 –2000 Divisions. The bank embarked on a private placement of shares from which it raised over N7 billion. This was subsequently followed by the conversion in August 2004 O P These were years of remarkable achievements during E of the bank to a public liability company, and the shares R which the bank established itself as one of the best A of the bank were listed on the Nigerian Stock Exchange. T I known names in investment banking if not the leader, N Through an initial public offering in year 2005, the bank G and became a training ground for many of the skilled R E staff in the Nigerian Banking Industry. Particularly it successfully raised over N16 billion to enable it to attain V I 1985 –1998 E produced as at the last count, not less than twenty-one the stipulated N25 billion share capital and it was one of W (21) current or former Chief Executives and Executive the 25 banks that achieved this target. During this period In 1985, FCMB brought in two senior international Directors of Banks as well as a former Deputy Governor FCMB also acquired 3 banks, namely Coopertative bankers to boost its management, namely; Mr. Martin J. of the Central Bank and Deputy Governor of a State Development Bank, Midas Bank, and Nigerian American White as Chief Operating Officer and Managing Director Government and quite a number of Commissioners Bank (former Nigerian subsidiary of BankBoston). of Finance in State Governments. It expanded the scope and Dr. Jonathan A. Long as Executive Director and From a modest number of 26 branches in year 2005 of its services beyond corporate finance and made a Head of Corporate Finance. In 1996, the bank made (pre-consolidation) to about 150 branches in year 2007. very strong inroad into Corporate Banking as a result a landmark achievement with the completion of the The bank also attracted sizeable foreign shareholding F I of which it had to set up some branches in main N first (largest at that time) loan syndication of N70m and entered into a Management Services Agreement A business centres in the country. N for the then National Fertilizer Company of Nigeria. with Sabre Capital in 2007 to provide requisite technical C I A In 1998 FCMB signed a Technical Services Cooperation In December 2000, the bank obtained approval from the support primarily in the area of consumer banking. The L S Agreement with Morgan Grenfell & Co. Limited bank raised its Tier 1 capital from just over N31 billion T Central Bank of Nigeria to change its name from First A (now integrated into Deutsche Bank). T City Merchant Bank to First City Monument Bank. to N133 billion as a result of another Public Offer. E M E N T S FCMB Annual Report 2008 Building on our foundations 3 Performance N O I financial highlights T C U D O R T Shareholders Funds Gross Earnings Profit After Tax N I N133.63 billion N52.82 billion N15.10 billion 330% increase 112% increase 154% increase Shareholders Funds Gross Earnings Profit After Tax W E N’000 N’000 I N’000 V E 60,000,000 15,000,000 15,109,091 R 150,000,000 G N I T 133,633,129 A 50,000,000 52,818,799 R E 120,000,000 12,000,000 P O 40,000,000 90,000,000 9,000,000 30,000,000 60,000,000 24,973,311 6,000,000 5,948,679 20,000,000 S T N E 30,000,000 31,103,585 3,000,000 2,841,380 M 26,398,323 10,000,000 10,824,537 E T A 6,121,037 T S 7,216,216 3,124,180 797,795 L 2,757,044 248,458 A 0 0 0 I C 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 N 2004 2005 2006 2007 2008 A N I F 4 Financial highlights FCMB Annual Report 2008 I N T R O D U C T I Dividend Per Share Total Assets + Contingents Total Deposits O N 50k N587.38 billion N251.22 billion 43% increase 90% increase 34% increase Dividend Per Share Total Assets + Contingents Total Deposits O P N’000 N’000 N’000 E R A 50 50 600,000,000 587,375,000 300,000,000 T I N G R E 500,000,000 250,000,000 251,223,129 V I 40 E W 35 400,000,000 200,000,000 187,670,992 30 308,952,000 300,000,000 150,000,000 20 100,000,000 200,000,000 F I N 13 A 70,296,796 N 124,640,000 10 C 50,000,000 I 100,000,000 A 7.5 L 63,271,000 S 26,857,412 3.3 17,355,092 T 30,804,000 A T 0 0 0 E M 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 E N T S FCMB Annual Report 2008 Financial highlights 5 Notice of N O I T annual general C U D O R T meeting N I www.firstcitygroup.com W E I V E R G N I T A R E P O S T N E M E T A T S L A I C N A N I F 6 Notice of annual general meeting FCMB Annual Report 2008 NOTICE OF ANNUAL GENERAL MEETING NOTES I Notice is hereby given that the 25th Annual General Meeting of N Proxies T First City Monument Bank Plc (FCMB) will be held at the Shell Hall, R O MUSON Centre, Onikan Lagos on Tuesday, October 7, 2008 Only a member of the company entitled to attend and vote at D U the general meeting is entitled to appoint a proxy in his/her stead.
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