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2017 Annual Report Table of Contents 2017 ANNUAL REPORT TABLE OF CONTENTS Notice of 49th Annual General Meeting 03 Corporate Profile 04 Union Bank at a Glance 05 Chairman’s Statement 06 Chief Executive Officer’s Statement 09 Corporate Information 12 Management Team 13 The Union Bank Board 14 Corporate Governance Report 22 Directors’ Report 34 Statement of Directors’ Responsibilities 51 Report of Statutory Audit Committee 52 Independent Auditors’ Report 53 Independent Board Evaluation Report 60 2017 Financial Statements 61 Sales and Service Center Locations 182 Proxy Form 188 E-Dividend Form 189 02 2 0 1 7 A N N U A L R E P O R T NOTICE OF 49TH ANNUAL GENERAL MEETING NOTICE is hereby given that the 49th Annual General Meeting of Union Bank of Nigeria Plc will be held in the Africa Hall, International Conference Centre, Plot 900 Herbert Macaulay Way, Area 11, Central Area, Garki, Abuja on Tuesday, 5th June 2018 at 11.00 a.m. to transact the following business: ORDINARY BUSINESS 1. To receive and adopt the Audited Group Financial Statements for the financial year ended 31st December, 2017 together with the reports of the Directors, Auditor, Board Appraiser and Statutory Audit Committee thereon. 2. To elect/re-elect Directors. 3. To authorise the Directors to fix the remuneration of the Auditor. 4. To elect/re-elect members of the Statutory Audit Committee. SPECIAL BUSINESS Ordinary Resolution 1. To approve the remuneration of the Directors. NOTES a) PROXY A member of the Company entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote in its, his or her stead. A proxy need not be a member of the Company. A proxy form is supplied with this Notice. For completed proxy forms to be valid for the purpose of the meeting, they must be duly stamped by the Commissioner of Stamp Duties and deposited at the office of the Company Registrar, GTL Registrars Limited, 274 Murtala Muhammed Way, Yaba, Lagos not less than forty-eight (48) hours before the meeting. b) STATUTORY AUDIT COMMITTEE Any member may nominate a shareholder for election as a member of the Statutory Audit Committee by giving notice in writing of such nomination, attaching the curriculum vitae of the nominee to the Company Secretary at least twenty-one (21) days before the Annual General Meeting. Shareholders are enjoined to note that the Securities and Exchange Commission requires members of the Statutory Audit Committee to have basic financial literacy and an ability to read financial statements. c) CLOSURE OF REGISTER The Register of Members and Transfer Books of the Company will be closed from Monday 21st May 2018 to Friday 25th May 2018 (both days inclusive) for the purpose of preparing an up-to-date Register of Members. d) RIGHT OF SHAREHOLDERS TO ASK QUESTIONS Pursuant to Rule 19.12 (c) of the Nigerian Stock Exchange’s Rulebook, kindly note that it is the right of every shareholder to ask questions at the Annual General Meeting and also in writing prior to the meeting. We therefore urge that such questions be submitted to the Company Secretary not later than two (2) weeks before the date of the meeting. e) 2017 FINANCIAL STATEMENTS (WEB LINK) Shareholders can access the 2017 Financial Statements on the Bank’s website by using the following link: https://www.unionbankng.com/wp-content/uploads/2018/05/FY-2017-IFRS-Financial-Statement.pdf BY ORDER OF THE BOARD Somuyiwa Adedeji Sonubi Company Secretary FRC/2013/NBA/00000002061 Union Bank of Nigeria Plc Stallion Plaza 36 Marina Lagos Dated this 13th day of April, 2018 2 0 1 7 A N N U A L R E P O R T 03 CORPORATE PROFILE Union Bank was established in 1917 and is one of Nigeria's longest-standing and most respected financial institutions. We offer a portfolio of banking services to individual, SME, commercial and corporate clients, and our vision is to be Nigeria's most reliable and trusted banking partner. Our offerings include savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance, amongst others. These services are provided through our electronic channels, including online banking, mobile banking, debit cards and point-of-sale terminals, and an extensive network of over 300 sales and service centers and over 900 automated teller machines spread across Nigeria. Union Bank's ownership structure comprises of Union Global Partners Limited (UGPL), a consortium of strategically aligned investors with 65% shareholding, Atlas Mara Ltd with 24%, and a diverse group of shareholders that account for the remaining 11%. Union Bank employs all its resources in the achievement of its mission to make lives better by delivering the simplest, smartest solutions and guaranteeing the best experience every time, with a strategy focused on up- skilled employees, optimized processes and platforms, robust technology and a re-energized brand. As we look forward from our centenary year, we are committed to helping individuals, families, businesses and communities grow for the next century and beyond, as Your Simpler, Smarter Bank 04 2 0 1 7 A N N U A L R E P O R T UNION BANK AT A GLANCE 2 0 1 7 A N N U A L R E P O R T 05 CHAIRMAN'S STATEMENT Introduction Distinguished shareholders, ladies and gentlemen, on behalf of the Board of Union Bank of Nigeria (“Union Bank”), welcome to the Bank's 49th Annual General Meeting. I hereby present the annual report for the financial year ended December 2017 The Global Landscape The global economy continued its recovery in 2017, growing by an estimated 3.7%, up from 3.1% in 2016. This improvement is attributable to growth in both developed and emerging markets; growth is expected to reach 3.9% in 2018. In the United States, 2017 marked the start of the Trump Administration. On the economic front, the Federal Reserve hiked interest rates three times in 2017 following low unemployment rate of 4.1% and inflation rate under 2%. The Fed has forecasted additional hikes in 2018. In the United Kingdom, the ongoing Brexit negotiations remained the key theme throughout the year. Inflation spiked to 2.7% in December 2017 from 1.8% in December 2016 and the Bank of England hiked rates to 0.5% for the first time in a decade. Although, economic growth in the fourth quarter surpassed expectations, annual economic growth for the year was the slowest since 2012 at 1.8% versus 1.9% in 2016. Across the Eurozone, consumer confidence resulted in strong GDP growth of 2.7%, the fastest growth rate since 2007, and a decline in the unemployment rate. On the political scene, Emmanuel Macron was elected President of France and Angela Merkel's Christian Democratic Alliance emerged the largest group in parliament in Germany. Across emerging markets, China's economy grew by 6.9% in 2017, beating the full year target and the fastest rate in two years. Despite a sluggish year for India, the country's stock market gained over 30% year- on-year and Moody's upgraded India's sovereign credit rating to Baa2 from Baa3 for the first time since 2004. Brazil's forecast for GDP growth increased to 1.1% in 2017 from 0.5% as the country recorded faster growth from the recession. The Russia economy also expanded by 1.5% in 2017, growing for the first time in three years due to growth in the agriculture and mining sectors as well as a rise in oil prices. The extension of the OPEC agreement to cut oil production led to increased demand and lower inventory. Consequently, Brent Crude price increased by ~18% exceeding $65 per barrel. In 2018, OPEC estimates global oil demand will continue to grow driven by demand from emerging markets of China and India. Across Sub-Saharan Africa, there was a lot of activity on the political front. Uhuru Kenyatta was re-elected for a second term in office in Kenya while Paul Kagame also won Rwanda's presidential election, securing a third term in office. In West Africa, Nana Akufo-Addo was sworn in as the President of Ghana while George Weah was elected Liberia's President. 06 2 0 1 7 A N N U A L R E P O R T Sub-Saharan Africa grew by an estimated 2.4% in 2017, a significant improvement from 1.3% in 2016. Higher commodity prices spurred growth in key economies in the region, particularly Angola, Nigeria and South Africa. In 2018, we expect an uptick in the Sub-Saharan economy as Nigeria is estimated to record improved growth. However, political uncertainty in South Africa is expected to keep its growth below 1%. The Macroeconomic Environment Nigeria experienced an upswing in the economy, culminating in the return to positive economic growth of 0.8% in 2017 from a contraction of 1.6% in 2016. Following the shortage in foreign exchange liquidity in 2016, the Central Bank of Nigeria (CBN) took steps to stabilize the exchange rate through the implementation of the Investors & Exporters (I&E) FX window in April 2017. With this new window, the differential between the official exchange rate and the parallel market rate narrowed as the parallel market rate stabilized at ~N363/$ from the highs at ~N500/$. Furthermore, the Monetary Policy Committee (MPC) maintained a tight monetary policy in a bid to curb inflation. The MPC maintained rates throughout the year retaining the monetary policy rate, cash reserve requirement and liquidity ratio at 14%, 22.5% and 30% respectively.
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