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My Bank and I… First City Monument Bank Plc Annual Report and Accounts 2010 Our vision: To be the Premier Financial Services Group of African Origin. First City Monument Bank Plc Primrose Towers, 17A Tinubu Street, P.O. Box 9117, Lagos State, Nigeria Tel: 01-2665944, Fax: 01-2665126 www.firstcitygroup.com My Bank and i… Designed by Flag, UK. FCMB ANNUAL REPORT 2010 WELCOME Annual Report and Accounts for 2010 First City Monument Bank Plc (FCMB) is a wholesale Our vision banking group with a niche retail banking franchise, To be the Premier Financial Services Group of African Origin. headquartered in Lagos, Nigeria. FCMB is the flagship company of First City Group, and maintains a presence ore va Our c lues in the United Kingdom and the Republic of South Africa to support its growing customer base. m lis Am na b io it s io s n e f Our mission o r P We are passionate about building a world-class financial services group that is focused on adding value to businesses and lives, and committed to E a culture of excellence. x y c t e i l iv Auditors: FBN (UK) Ltd l t en a KPMG Professional Services Fortis Bank, SA/NV London c re e C (Chartered Accountants) HSBC Plc Correspondent Banks: Standard Bank Plc South Africa ANZ Banking Group Limited Standard Chartered Bank Plc, UK Bank of Beirut (UK) Ltd UBN (UK) Ltd BNP Paribas United Bank of Africa Plc Citibank New York (New York) CONTENTS FCMB ANNUAL REPORT 2010 1 My Bank and i… INTRODUCTION INTRODUCTION 2 Who we are 4 Notice of annual general meeting 6 From the archives of the founder 8 Statement from the chairman OPERATING REVIEW 12 Review by the chief executive officer 16 Corporate social responsibility activity report 21 Board evaluation report 22 Corporate governance 28 Board of directors OPERATING REVIEW OPERATING FINANCIAL STATEMENTS 34 Directors’ report 39 Statement of Directors’ responsibilities 40 Report of the Audit Committee 41 Independent Auditor’s report 43 Statement of significant accounting policies 58 Consolidated profit and loss accounts 59 Balance sheets 61 Statements of cash flows 63 Notes to the financial statements 112 Financial risk analysis FINANCIAL STATEMENTS 151 Statement of value added 152 Five-year financial summary – Group 154 Five-year financial summary – Bank 156 List of branches 161 Forms: Account opening form E-dividend form E-bonus form www.firstcitygroup.com Proxy form/Resolutions 2 FCMB ANNUAL REPORT 2010 CORPORATE PROFILE Who we are First City Monument Bank Plc (FCMB) is a predominantly wholesale banking group with a niche retail banking franchise, headquartered in Lagos, Nigeria. FCMB Plc is the flagship company of the First City As a leading financial services provider, FCMB is FCMB is the first and only bank in Nigeria to have held INTRODUCTION Group, one of Nigeria’s leading comprehensive financial committed to serving the interests of its shareholders, these diverse awards at the same time and remains the services providers. From its early origins in investment customers, staff and the community. The globalisation only institution to have won the Mergers and banking as City Securities Limited in 1977, FCMB of business activity, the expansion of financial markets Acquisitions award for three consecutive years. In (established in 1982) has emerged as one of the leading and the sustained growth of emerging economies, recent times the Bank has also received recognition for financial services institutions in Nigeria, one of the top particularly in Africa, are trends for which FCMB, with its successful forays outside investment banking, with eight lenders in the country with subsidiaries that are its focus on Investment Banking, Transaction Banking nomination in 2009 for the most innovative bank in market leaders in their respective segments. and Retail Banking, is well prepared. Africa by African Banker Magazine. FCMB was incorporated as a private limited liability FCMB’s success has been recognised by many industry Our business is structured along four market-facing company on April 20, 1982 and granted a banking awards over the years both nationally and divisions in the bank, and six associated companies. licence on August 11, 1983. On July 15, 2004, the Bank internationally. In 2008, it won the Euromoney award These divisions are Corporate and Commercial Banking, changed its status from a private limited liability for the Best Equity House (Nigeria) and was named the Institutional Banking, Retail Banking (which also company to a public limited liability company and was Best Investment Bank in Nigeria at the Euromoney 2007 includes our Credit Direct Limited subsidiary) and OPERATING REVIEW OPERATING listed on the Nigerian Stock Exchange by introduction Awards for Excellence. The Bank had been adjudged Investment Banking (which includes all other associated on December 21, 2004. Nigeria’s most consistent issuing house/financial companies). Through these divisions and associated adviser 1993–1998 by Reuters and SBA Research companies, we execute our strategy of attaining The Bank has witnessed virtually uninterrupted growth Limited in June 2000 and was also the winner of the leadership in chosen areas through operational for 27 years and employs 3,300 employees spread 1999 Platinum Division in the first Reuters sponsored excellence and customer intimacy and creating value across every state of the Federal Republic of Nigeria, Nigerian Issuing House Awards. In 2000, FCMB also for our stakeholders. whilst a presence in the United Kingdom (through its received the inaugural Mergers and Acquisitions award FSA-authorised investment banking subsidiary, FCMB in recognition of its expertise in this area. It has Associated Companies UK) and a representative office in the Republic of South subsequently received the 2001 and 2002 award in the Africa, FCMB offers financial services across the Federal FCMB’s associated companies are positioned to be and same category. Republic of Nigeria. are invariably leaders in their respective markets. They also provide significant cross sell synergies and economies of scope for the Group, making the whole greater than the sum of its parts. FINANCIAL STATEMENTS CORPORATE PROFILE FCMB ANNUAL REPORT 2010 3 INTRODUCTION FCMB (UK) Limited (100% ownership) CSL Stockbrokers Limited Factfile This is an investment banking firm, established to (100% ownership from November 2009) service the international corporate finance and CSLS is a leading stockbroking and investment Useful information on the FCMB share (as at investment service requirements of its client base and management firm in Nigeria. Its equity and March 16, 2011) broaden the reach of its stockbroking services to the UK macroeconomic research is recognised internationally investors. Its stockbroking division CSL UK is recognised and the firm executes a significant share of international • Issued share capital: 16,271,192,202 units as one of the City of London’s leading research and portfolio trades on the Nigerian Stock Exchange. • Market capitalisation: N110.97bn/ $740m securities distribution firms for Nigerian securities. The firm is positioning to be the leading conduit of Services include: portfolio investment into Sub-Saharan Africa. • Weighting on the NSE: 1.4% • Corporate Finance • Weighting in the sector: 4.3% City Securities Registrars Limited REVIEW OPERATING • Securities Research (100% ownership from November 2009) • YTD average daily traded volume: 4,097,263 units • Sales and Trading Nigeria’s largest independent share registration company that manages share registers for many of the • Symbol: • Representative Office for FCMB plc. country’s leading corporate and quoted multinationals Bloomberg FCMB NL in the most actively traded sectors, including two NSE FCMB FCMB Capital Markets Limited leading banks, two leading cement companies and two GDR CUSIP 319636205 (100% ownership) leading petroleum marketing companies among many GDR ISIN US3196362053 Licensed by the Nigerian Securities and Exchange others – providing access to an investor database in Useful information on FCMB Commission as an issuing house and financial advisor, excess of 300,000 investors. FCMB Capital Markets Limited is the local investment • Public company, listed on the Nigerian Stock banking advisory arm of the Group, specialising in equity Legacy Pension Fund Administrators (PFA) Exchange in 2004 FINANCIAL STATEMENTS and debt capital raising, M&A advisory and other forms (25% ownership) • Initial public offering in 2005 of financial advice to top-tier corporates. FCMB Capital One of the fastest growing PFAs in the emerging pension • Financial year end: December 31 Markets remains a market leader in its field. industry of Nigeria. After three years of operation, Legacy is now a profitable and highly regarded PFA with • Credit rating: B+/B Long Term/Short Term Credit Direct Limited (100% ownership) over N75 billion assets under management. (Standard & Poor’s) (One of only a few banks Credit Direct Limited (CDL) is one of Nigeria’s leading in Nigeria with an S&P rating) microlending organisations in terms of profitability, asset quality and customer experience. CDL is also the fastest growing microlender in Nigeria. 4 FCMB ANNUAL REPORT 2010 NOTICE OF ANNUAL GENERAL MEETING Notice of annual general meeting Notice is hereby given that the 28th Annual Ordinary Business (ii) “That the Directors be and are hereby authorised General Meeting of First City Monument (1) To receive and consider the Report of the Directors to take steps to comply with the directives of Bank Plc (FCMB) will be held at the Shell and the Financial Statements for the year ended the Central Bank of Nigeria (CBN) by separating December 31, 2010, the Auditor’s Report thereon the non-banking subsidiaries from the Bank and INTRODUCTION Hall, MUSON Centre, Onikan, Lagos on and the Audit Committee Report. re-organising the non-bank businesses within a Friday, May 13, 2011 at 11.00 am to transact Group arrangement that will deliver and/or the following: (2) To declare a dividend. unlock value for shareholders in such manner (3) To authorise the Directors to fix the remuneration as they consider necessary within the period of the Auditors.
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