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2007-Annual-Report-Financial-Statements.Pdf United Bank for Africa Plc 2007 ANNUAL REPORT AND FINANCIAL STATEMENTS ANNUAL REPORT AND FINANCIAL STATEMENTS ANNUAL 2007 1 Core Values Humility Empathy Integrity Resilience Synonymous with Knowledge of the Every member of the It is part of the culture in meekness and a belief customer and intimate UBA group is taught to UBA to pro-actively that the “Customer is understanding of their uphold the virtues of conceptualise, design and King”. Products and businesses is an integral moral excellence, honesty, develop products and services cover every part of the Group’s wholeness and sincerity services, which surpass segment of the market. marketing strategy, and in all interactions the expectations of At UBA, staff are taught this is done with a view with customers, service customers, no matter the not to despise small to developing mutually providers, fellow staff and odds. The Bank’s innate beginnings. By a beneficial and enduring all other stakeholders. strength also enables deliberate business relationships. We are This value has proven it to adapt to philosophy, numerous constantly driven by a tremendously helpful in fast changing economic start-ups and new strong desire to assist our building the UBA brand. trends and cycles. business initiatives have customers in their efforts been supported from to create value. incubation to maturity. We partner with our customers in a way that reflects understanding and appreciation of their businesses. 01 02 03 04 UBA Annual Report 2007 Group Financial Highlights 4 Corporate Information 7 The Board of Directors 8 Post-Balance Sheet 2008 Key Events 12 Group Executive Commitee 14 Notice of Annual General Meeting 22 Chairman’s Statement 24 GMD’s Statement 33 Corporate Governance Report 38 UBA’s Approach to Risk Management 40 Report to the members of UBA Plc on 45 the outcome of the Board Evaluation Directors’ Report 48 Report of the Audit Committee 54 Report of the Independent Auditors 55 Statement of Accounting Policies 56 Balance Sheet 61 Profit and Loss Account 62 Statement of Cashflows 63 Notes to the Financial Statements 64 Group Statement of Value Added 83 Bank Statement of Value Added 84 Group Five-Year Financial Summary 85 Bank Five-Year Financial Summary 86 Shareholders’ Information 87 Corporate Profile 90 Corporate Social Responsibility 97 Business Office Contacts 102 UBA Group’s Milestones for the year 110 3 Group Financial Highlights ended Sept. 30, ended Sept. 30, 2007 2006 N million N million As at As at Sept. 30, 2007 Sept. 30, 2006 N million N million Deposits and Managed Funds 971,819 776,135 25% UBA Annual Report 2007 Group Financial Highlights (cont’d) Operating income (N' billion) Profit Before Tax (N' billion) 29.5 77.1 57.9 80 30 70 25 12.8 60 22.5 20 50 6.5 40 15 30 10 20 5 10 0 0 2005 2006 2007 2005 2006 2007 Profit After Tax (N' billion) Earnings per Share / Dividends per Share (N) 3.00 21.5 2.50 25 2.00 11.5 2.61 20 2.63 1.50 1.87 15 4.9 1.00 EPS 10 0.50 1.00 1.20 0.60 5 0.00 0 20051 2006 2007 2005 2006 2007 2005 2006 2007 DPS Deposits, Current Accounts & Managed Funds (N' billion) Book Value per 50kobo Share (N) 972 14.6 776 1,000 16.0 900 14.0 800 6.9 12.0 6.1 700 600 205 10.0 500 8.0 400 6.0 300 4.0 200 100 2.0 0 0.0 2005 2006 2007 20051 2006 2007 Shareholders' Funds (N' billion) Total Assets & Contingents (N' billion) 167.7 1,642 200 2,000 1,051 150 1,500 48.5 333 100 19.4 1,000 50 500 0 0 2005 2006 2007 2005 2006 2007 5 UBA Annual Report 2007 Corporate Information DIRECTORS Ferdinand Alabraba Chairman Tony O. Elumelu, MFR Group Managing Director/CEO Faith TUEDOR-matthews Phillips ODUOZA Mathias Chika MORDI Victor Aiminogho Osadolor Suzanne Olufunke SoboyeJO-IROCHE Godwin IZE-IYAMU Israel C. OGBUE Paolo DI Martino (Italian) Rose A. Okwechime Ibrahim JEGA Willy Kroeger (German) Garba Ruma Adekunle A. Olumide, OON Runa N. Alam (American) AUDITORS: Akintola Williams Deloitte Kola B. Jamodu, OFR (Chartered Accountants) 235, Ikorodu Road, Ilupeju, COMPANY SECRETARY Lagos, Nigeria Aidevo ODU-Thomas REGISTERED NO: REGISTRARS: RC No : 2457 UBA Registrars Limited Raymond House REGISTERED OFFICE: 95/105 Broad Street, UBA House, 57 Marina, Lagos, Nigeria. Lagos, Nigeria . 7 The Board of Directors 1 2 UBA Annual Report 2007 1. Ferdinand Alabraba Chairman 2. Tony O. Elumelu, MFR Group Managing Director/ Chief Executive Officer 3 4 3. Faith TUEDOR-MATTHEWS Executive Director 4. Phillips ODUOZA Executive Director 5. Mathias Chika MORDI Executive Director 6. Victor Aiminogho Osadolor 5 6 Executive Director 8 9 9 7. Suzanne soboyeJO-iroche Executive Director 8. Godwin IZE-iyamu Executive Director 9. Israel C. OGBUE Director 10. Paolo DI Martino (Italian) 11 Director 11. Rose A. Okwechime Director 12. Ibrahim JEGA Executive Director 13. Willy Kroeger (German) 7 8 Director 14. Garba Ruma Director 15. Adekunle A. Olumide, OON Director 16. Runa N. Alam (American) Director 17. Kola B. Jamodu, OFR Director 18. Aidevo ODU-Thomas 13 14 Company Secretary UBA Annual Report 2007 9 10 11 12 15 16 17 18 Board Of Directors (Cont’d) 11 POST-BALANCE SHEET 2008 KEY EVENTS Subsequent to the balance sheet date, the following major developments took place in the company: New Board Appointments Appointment of Deputy Managing Directors Three (3) new executive directors and two (2) non-executive directors As concomitant fallout of the realignment in the Group’s operating were appointed to the Board of Directors by the company, subject to structure, two (2) new Deputy Managing Directors (DMDs) were the approval of the Central Bank of Nigeria. appointed. They are Faith Tuedor-Matthews, who becomes DMD – UBA Nigeria (North). Until her appointment, she was Bank Head of Abuja The executive directors are: Bank Directorate. 1. Emmanuel Nwabuikwu Nnorom Also appointed was Phillips Oduoza, who becomes DMD – UBA Nigeria [Until his appointment, he was a General Manager and (South). Until his appointment, he was CEO of UBA Retail Financial Director of Group Executive Office.] Services Limited, a new subsidiary within the UBA Group. 2. Angela Nwabuoku Reconstitution of Group Executive Committee [Until her appointment, she was a General Manager and Director of Retail and Transactions Banking Directorate.] (“Group ExCo”) Following the restructuring and the new appointments indicated above, 3. Rasheed Adejare Olaoluwa the Group Executive Committee (“Group ExCo”) has been reconstituted. [Until his appointment, he was a General Manager and Regional CEO, UBA West and Central Africa.] The Group ExCo is the highest executive decision making body within the Group, supporting the Group Managing Director/CEO. Its role is The non-executive directors are: to implement the goals and objectives of the Group as defined by the 1. Mr. Ja’afaru Aliyu Paki Board of Directors. The committee meets at least once every month. Members of the new Group ExCo include the following: 2. Mrs. Foluke Kafayat Abdul-Razaq Tony O. Elumelu (MFR) Group Managing Director/CEO The new Board members will be bringing on board their Faith Tuedor-Mattthews DMD, UBA Nigeria (North) wealth of experience in their chosen fields of endeavour. Phillips Oduoza DMD, UBA Nigeria (South) Chika Mordi CEO, UBA Capital Godwin Ize-Iyamu ED, Wholesale Banking Group Restructuring Ibrahim Jega ED, Public Sector & State Governments In response to the increasing complexities of our existing portfolio Victor A. Osadolor Group Chief Finance Officer of businesses, as well as the rapid expansion of our financial services Emmanual N. Nnorom Group Chief Operating Officer group globally, we have undertaken the restructuring of our Angela Nwabuoku ED, UBA Products & Segment Banking operations to reinforce our bank holding company structure, as a prelude to a migration to a financial services holding structure. Rasheed Olaoluwa CEO, UBA International The new operating structure consists of six (6) strategic business Kennedy Uzoka Group Director of Resources units (SBUs) and four (4) strategic support functions (SSFs). David Isiavwe Head, Group Internal Audit UBAThe Annualnew structure Report is 2007 presented on the facing page: Aidevo Odu-Thomas Company Secretary UBA PLC ORGANOGRAM BOARD OF DIRECTORS Board Audit Committee Group Exec Office GMD/CEO ¥!Group Strategy Office ¥!Special Advisers Deputy Executive Deputy CEO CEO CEO General Managing Group Chief Group Chief Managing Director Group Chief Manager Director Director UBA Int’l UBA Retail Fin UBA Capital Finance Operating Srvcs Product & Officer Risk Officer Officer Group UBA Nigeria UBA Nigeria Segment Internal Audit South UBA Capital North UBA WA & Europe CEMAC Cards Regional Regional Treasury & Balance Market Risk Grp Ops & UBA Capital Bank Audit Regional Banks (8) UBA East & Investments Sheet Mgt Mgt Technology Consumer Dubai Banks (4) Pub Sector Southern Afrc Financial Operational UBA Subsidiary Finance UBA Capital Public Sector Govt South Products Control Risk Mgt Properties Audit UBA EMENA Africa IT Audit & Govt Pub Sector Mortgages Tax & Credit Risk Brand Mgt & Segment Security Govt Lag & W Merchant Insurance Mgt Comms E-Solutions UBA NY UBA Banking Banking System Portfolio Compliance E-Solutions Transfunds Direct Resources Security UBA Asset Mgt Investments & Fin Crime Prod. Sales & UBA Asia & Channels Services Prod. Sales & ROW UBA FX Mart M&A/Cap Regulatory Investigations UBA Trustees Mktg & Sales IT Risk Mgt Wholesale Services Reg. Whole- Alloc/Fundng Affairs UBA Support Banking Corporate sale Bank UBA Chief Credit Microfinance Stockbrokers Chief Oprtng Accounts Exec Office Special Audit Chief Oprtng Bank Chief
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