2012 nigeria annual reports

The future is pan-African

Ecobank Nigeria LimitedAnnual Report 2012

1 Ecobank Nigeria Limited Annual Report 2012

LAGOS

APAPA / FESTAC / BADAGRY

Agbara3 Ilaro road AgbaraIndustrial estate, Agbara Ogun state Tel.: (234) 08028414580, ‘08132588956, 01-4545838

Alaba Agudosi4 Agudosi str, Alaba intl mkt, Ojo Tel.: (234) 08023194080/08129009652

Alaba Agudosi II1 Agudosi street Alaba international market ojoTel.: (234) 08025611711; 07041450719

Alaba ElectricalChurch street, st. Patrick Junction, Alaba int’l market, ojo Lagos.Tel.: (234) 08022234104 , 08129009653

Alaba Ojo Igbedeh line Alaba int’l Ojo- igbede LagosTel.: (234) 08037151716, 07041450147

Alaba St PatrickSt Patrick’s Junction, Alaba int’l market, Ojo LagosTel.: (234) 07041450123 & 08022236919

Alaba st Patricks Junction3a Ojo Igbede road Alaba intl mkt Ojo Lagos Tel.: (234) 07041450247/08033275054

Amuwo OdofinPlt 132, blk 10, Festac Link rd, Amuwo OdofinTel.: (234) 08028732800/07041451397

Apapa creek road26 creek rd.,ApapaTel.: (234) 08033336627 & 08129009649

Apapa Commercial road1 commercial road,Eleganza Plaza Cancer block Apapa Lagos.Tel.: (234) 08033546484/’07041451233

Apapa Kirikiri road198 kirikiri road, Olodi Apapa LagosTel.: (234) 08023526682 ;0704141333

Apapa Mobil road21 Mobil road mobilTel.: (234) 08025011005

Apapa park Lane46,parklane,Apapa GRA, Lagos Tel.: (234) 08023151154, 07041451270

Apapa Point road1b Point road, Apapa, LagosTel.: (234) 08023198929

Apapa Randle road7, randle road apapaTel.: (234) 08184130814; 08129009638

Apapa Warehouse road9a Warehouse road Apapa LagosTel.: (234) 08023124249

Apapa warehouse road II2 Warehouse road Apapa Tel.: (234) 07041450142 08020523483, 08038170067

Apapa Wharf road13/15, Wharf road, Apapa LagosTel.: (234) 07041450106;08022241688

Aspamdazone e block 9, t/fair Complex(Aspamda) OjoTel.: (234) 08033454887/07041451428

BadagryAlong market road,Badagry.Tel.: (234) 08033048200

Bba int.Trade fairAtiku Abubakar hall, International Trade Fair, LagosTel.: (234) 07041450115,08020523418

Festachouse 22, 2nd avenue, festac town, Lagos Tel.: (234) 08020523568/07041450268

Festac 21 roadFg Close 21 road Festac Town LagosTel.: (234) 08023039109; 07041451398

Intnl Trade FairOlusegun Obasanjo Hall,tradefair Complex,Badagry ExpresswayTel.: (234) 07041450061, 08020523542

Int.Trade fair (balogun)Tradefair Complex, Atiku Abubakar HallTel.: (234) 08023192729/07041451429

Orile Cokerblock12 Agric market, Odunade, Orile Coker,LagosTel.: (234) 08023171639/07041451384

Ojo CantonementNigerian Army Millitary Cantonment Ojo LagosTel.: (234) 08033041881/07041451426

Olodi Apapa17 Apapa-Oshodi Expressway.Olodi-Apapa, LagosTel.: (234) 07086720256, 07041450237

Olojo DriveChrist in me Plaza Olojo Drive Ojo Lagos Tel.: (234) 08033436393, 07041451249

Orile11/13 Balogun St Marshall Plaza Behind Agric market Alaba Oro Amukoko CokerTel.: (234) 08033218816/07041450219

Maza maza13, Old Ojo road, Maza-Maza, LagosTel.: (234) 07041450119/08020523562

Satelitekm 22 Badagry Express Way,Maza Maza Tel.: (234) 07087963001/’07041451421

Seme Border IIBank avenue, Seme border, seme - LagosTel.: (234) 08098528790

Seme Border3, Bank avenue, Seme Border.Tel.: (234) 07041450248/08023642199

CASH CENTRES

Berger Cash CentreMc 1 park, Berger Under Bridge, Ajegunle Tel.: (234) 07086720256, 07041450237

Festac Cash CentreSuite 1, 5th avenue, Between e and g close, Festac townTel.: (234) 08020523568/07041450268

Orile Agric market C/CentreAgric market, Lagos-Badagry ExpresswayTel.: (234) 08033218816/07041450219

Tincan cash officeCustoms House; Tincan Port Apapa LagosTel.: (234) 07041450106;08022241688

NACA/NETPOST

Ajegunle NetpostAjegunle Netpost - Ajegunle Post Office, Ago Hausa, Opposite Ajeromi lgTel.: (234) 07086720256, 07041450237

Navy Town NetpostNavy Town Post Office,Navy TownTel.: (234) 07041450061, 08020523542

IKEJA / OGBA . ISOLO

Abeokuta Expressway162,Abeokuta Exp.WayTel.: (234) 08033262553

AbesanFederal Govt Layout Ipaja AbesanTel.: (234) 08074866509,07041451374

Adeniyi Jones84 Adeniyi Jones Ikeja LagosTel.: (234) 07041450154/08023051395

Airport road14 International Airport road, Mafoluku, Oshodi, Lagos.Tel.: (234) 08033792572

Ajao Estate43, Muritala Mohammed Int’l Airport rd, Ajao EstateTel.: (234) 08023123422

AlausaGood Shepherd House, Ipm avenue. Opposite Alausa Secretariat, IkejaTel.: (234) 08033465065

Alausa Lspc Mall131 Obafemi Awolowo Way , Alausa Ikeja, LagosTel.: (234) 08095829564, 07041451470

Allen avenue22, Allen avenue IkejaTel.: (234) 08034465530

Branches/outlets


Allen avenue II94 Allen avenue, By Alade market,Ikeja ,LagosTel.: (234) 07041450130,08023125739

College road Ogba67,College road-Adekoya Estate Corner-Piece, Idi-Agbon B/Stop-OgbaTel.: (234) 08033002788

Daleko812/813 Bank road Daleko market Mushin LagosTel.: (234) 08054553716/07041450191

Daleko IIBank road, Daleko marketTel.: (234) 08023205544

Egbeda26/28,Energy Filling Station, Ile-Epo Alhaji B/Stop - Lagos - NigeriaTel.: (234) 08023123834/07041451373

EjigboInside Energy Filling Station Ile Epo EjigboTel.: (234) 08033245439/07041451351

Fadu EjigboNo 1 Fadu avenue, Orilowo.EjigboTel.: (234) 08033434353/07041451352

Ijaiye572 Lagos Abeokuta Exp Way IjaiyeTel.: (234) 08023130572;’07041450076

Iju road Agege155,Iju road,IjuTel.: (234) 08033089072

Ikeja48/50 Adeniyi Jones avenue,Ikeja LagosTel.: (234) 08023139189

Ikeja Gra8, Joel Ogunnaike street, Gra IkejaTel.: (234) 08023127046; 07041450205

Ikeja - Oba Akran 119A Oba Akran avenue, Ikeja , LagosTel.: (234) 08020523549,07041450125

Ikosi2 Assoc Close, Ikosi KetuTel.: (234) 08023123714-07041451418

Ikorodu road Ketu487 Ikorodu rd KetuTel.: (234) 07043720322

Ikotun52, Idimu/Isheri rd IktTel.: (234) 08033082216 & 07041451350

IlasamajaPlot 1Block K,Isolo Industrial Estate,Sadiku Bus-Stop,Ilasamaja - Lagos - NigeriaTel.: (234) 08033064073

Intl AirportD Arrival,Muritala Muhammed International Airport LagosTel.: (234) 07086458027,07041450145

Ire Akari1A, Ire-Akari Estate rd, Isolo-LagosTel.: (234) 08022866305/07041450236

Isaac John Ikeja29B Isaac John street Ikeja Gra, LagosTel.: (234) 08023171508

Isheri420 Oba Ogunnusi road Ojodu Berger Lagos Tel.: (234) 8087180390

IsoloTel.: (234) 08022239310

Iyana-IpajaOpp, Iyana Ipaja Garage, Iyana Ipaja Rounabount LagosTel.: (234) 08023123715/07041451375

Motor Way IkejaMororways Centre, IkejaTel.: (234) 08023028148

Mm Intl. Airport Ikeja Nahco Complex M/M Intl Airport Ikeja LagosTel.: (234) 08023123214, 07041451382

New Domestic Terminal IkejaObi Quarters, Opposite Arik Gate, Mma2, Ikeja, LagosTel.: (234) 08034540425,07041451383

Obafemi Awolowo Way Ikeja31 Obafemi Awolowo Way ,IkejaTel.: (234) 08023071578 & 07041451358

Ogba21 Ijaiye road Ogba Aguda LagosTel.: (234) 07041450039/08023125317

Ogba Shopping ComplexNo 15 Ijaiye road, Opposite BlueCross Hospital, Caterpillar Bus Stop, Ogba LagosTel.: (234) 08037276780, 07041451256

Ogudu114, Ogudu , Ojota - Lagos - NigeriaTel.: (234) 07041450678/08023467449

Ogudu II135 Ogudu road Ojota LagosTel.: (234) 08024047445-08129009714

Ojodu240 Ogunnusi road Ojodu Berger LagosTel.: (234) 087033284610 & 07041451258

Oke Afa6 Egbe road Opp L.C.H.E Estate, Oke -Afa, Isolo, Lagos.Tel.: (234) 07041450288/08023027063

Okota132/134 Okota road, Okota,LagosTel.: (234) 08023014283 , 07041451452

OmolePlot 17 Ogunnusi road, Omole , Ikeja , LagosTel.: (234) 08023721330

Opebi50 ,Opebi street IkejaTel.: (234) 08023253902/07041451245

OregunPlot 70, Kudirat Abiola Way, OregunTel.: (234) 08023048484

Oregun Adebayo Akande 2 Adebayo Akande street, Oregun, LagosTel.: (234) 08023123399

Toyin street Ikeja15 Toyin street, Ikeja LagosTel.: (234) 07044088872/07041451360Unity road Ikeja3A Toyin street, Ikeja 08023093070,Tel.: (234) 08059377474/07041451339

CASH CENTRES

Ojota114, Ogudu , Ojota - Lagos - NigeriaTel.: (234) 07041450678/08023467449

Oko Oba Cash Center2 Old Abeokuta road Abbatoir Agege Lagos Tel.: (234) 7041450039LAGOS MAINLAND

Dillion street KirikiriNo 2 Dillion street,Kirikiri Industrial Estate,Apapa.Tel.: (234) 08033135966/07041451331

Enitan Aguda3A&B Enitan street Aguda SurulereTel.: (234) 08034037447 & ‘07041451385

Gbagada170 Gbagada Oshodi Exp Way Gbagada Phase 1Tel.: (234) 08027341636 /07041451312

Herbert Macaulay II383, Herbert Macaulay Way, Yaba, LagosTel.: (234) 08023848400/07041451391

Herbert Macaulay302 Herbert Macaulay Way , Sabo , YabaTel.: (234) 08033979569/07041450201

Ibachem7 Tincan Way Apapa Oshodi Expressway Coconut Bus-Stop Olodi ApapaTel.: (234) 08099780120/08060109057

Iddo8 Taylor road,G-Cappa IddoTel.: (234) 08023124161;07041451390

Ikorodu52, Lagos road, Ikorodu Town. LagosTel.: (234) 08023123203/07041451416

Ikorodu road322A Ikorodu road, Elizade Plaza, Anthony Lagos.Tel.: (234) 07088342358/07041450233

IlupejuNo 1 Bank Lane IlupejuTel.: (234) 07086450864 07041450701

Ilupeju II29/31 Ilpeju Bye-Pass Ilupeju LagosTel.: (234) 08025829646/07041451435

Branches/outlets


LadipoAguiyi Ironsi Plaza,Ladipo Mushin LagosTel.: (234) 07041450253/08085867920

Ladipo II94/96 Ladipo street, MushinTel.: (234) 08033162107/07041451354

Matori Ladipo street97 Ladipo street, Matori, Lagos.Tel.: (234) 08087180283 / 07041450210

Mushin324 Agege Motor road,MushinTel.: (234) 08025018232/07041451367

Mushin Idi Oro118, Agege Motor road LagosTel.: (234) 08023408475 , 07041450808

Ojuelegba30/32 Ojuelegba road, Yaba LagosTel.: (234) 07041450230, 08033042624

Ojuelegba II8, Funsho Williams avenue, Ojuelegba, Lagos - NigeriaTel.: (234) 08033055612 & 07041451394

OjuwoyeNo 3 Mumuni Str. Ojuwoye, Mushin.Tel.: (234) 08023347609 & 07041451366

Onipanu131 Ikorodu road, Onipanu, LagosTel.: (234) 8023186141

Oyingbo22 Herbert Macaulay Str, Ebute-Metta, LagosTel.: (234) 08028515213/07041450223

Palm avenue38, Palm avenue Mushin, LagosTel.: (234) 08025018251/07041451356

Palm Groove154,Ikorodu road,Onipanu LagosTel.: (234) 08037169151&07028118437

Somolu7, Apata street SomoluTel.: (234) 8035777778

Surulere15, Itire road, Surulere, LagosTel.: (234) 08033180709, 07041451393

Surulere II 60 Adeniran Ogunsanya Str. SurulereTel.: (234) 08087180238/07041450898

Trinity22 Oshodi Apapa Expressway,Westminister Busstop,Apapa LagosTel.: (234) 8123196450

CASH CENTRES

Psychytric Implant30/32 Ojuelegba road, Yaba LagosTel.: (234) 07041450230, 08033042624

LAGOS ISLAND / VICTORIA ISLAND / LEKKI

Adeola Odeku54 Adeola Odeku street, Victoria Island, LagosTel.: (234) 8023592050

Adeola Odeku II5 Adeola Odeku street,V/ITel.: (234) 07086458699/’07041451478

Ahmadu Bello Way21,Ahmadu Bello Way Branch V/I LagosTel.: (234) 08020523745

Ajah Ado Badore26 Ado road, AjahTel.: (234) 08033891343/07041451402

Ajose Adeogun2 Ajose Adeogun street, V/I, LagosTel.: (234) 07041450166

Ajose Adeogun II282 Ajose Adeogun street , Victoria Island LagosTel.: (234) 08023393116

Akin Adesola25 Akin Adesola street, Victoria Island, LagosTel.: (234) 08032012727

Akin Adesola IIPlot 642 Akin Adesola St, VITel.: (234) 08025148154,07041451386

Awolowo rd 2142 Awolowo road IkoyiTel.: (234) 08129006363/08023163494

Bishop Aboyade ColePlot 3 Bishop Aboyade Cole street, Victoria Island,LagosTel.: (234) 08033038084

Broad street130 Broad streetTel.: (234) 07043720008 ‘08022635292

Broad street 2137-139 Broad street Apongbon Lagos IslandTel.: (234) 07041450227, 08023136340

Broad street 374/76, Broad street Lagos Island LagosTel.: (234) 07041451404

ChevronKm 18 Lekki Express Way By Chevron Drive,Lekki-LagosTel.: (234) 8023002049 & 07043720477

Docemo45 Docemo street Lagos IslandTel.: (234) 08023466622/07041451362

EleganzaEleganza Gardenskm 22 Lekki Epe Expressway AjahTel.: (234) 08035459220

Epe33/35 Lagos road EpeTel.: (234) 08087183575/08129119742

Glover road25 Glover road, IkoyiTel.: (234) 08022234517/07041451389

Idejo1 Amodu Ojikutu Str Off Saka Tinubu V/IslandTel.: (234) 08065439237 & 07041451497

Idowu Taylor16 Idowu Taylor street Vi LagosTel.: (234) 08022242164

Idowu Martins Branch6 Idowu Martins Str, V.ITel.: (234) 08025019998/07041451484

Idumagbo55, Idumagbo avenue, Lagos Island, LagosTel.: (234) 08023070403, 07041451361

Idumagbo II74 Iga-Idunganran Str, Off Idumagbo avenueTel.: (234) 07041450053;08023200088

Idumota133, Nnamdi Azikiwe street, Idumota, LagosTel.: (234) 08038580867 & 07041451364

Idumota - Enu-Owa37/43 Enu-Owa street, Idumota, LagosTel.: (234) 08023000663, 07041450204

Idumota - Nnamdi Azikwe100, Nnamdi Azikwe street, Idumota, Lagos Tel.: (234) 8033015089/07041450220

Idumota - Ashogbon10 Ashogbon street Idumota LagosTel.: (234) 08033059035,07041450281

IkotaIkota Shopping Complex, Lekki-Ajah, Lagos.Tel.: (234) 08022440022

Ikota Shopping ComplexJ17-J26 Ikota Shopping ComplexTel.: (234) 08035713604

Ikoyi Awolowo road67 Awolowo road Branch,IkoyiTel.: (234) 07041450167

Ikoyi Awolowo road II226 Awolowo road, IkoyiTel.: (234) 08034465040 / 07041451387

Issa Williams8 Issa Williams St. Lagos IslandTel.: (234) 08071786270 & 07041451403

Kofo Abayomi18 Kofo Abayomi street, V/ITel.: (234) 08028446483/07041451345

LekkiLekki Epe Expressway Lekki.Tel.: (234) 08087180275/07041450120

Ligali Ayorinde2B Ligali Ayorinde street, Victoria Island, Lagos Tel.: (234) 8022906499

Branches/outlets


MarinaOando Plaza Marina, LagosTel.: (234) 08023136260/07041451501

Muri OkunolaPlot 235 Muri Okunola street ViTel.: (234) 08069189217

Oke-Arin7 Sanusi Olusi, Okearin, LagosTel.: (234) 08023241737,07041450269

Oke-Arin II19 Oke Arin St, Lagos IslandTel.: (234) 08033063807, 07041451363

Oyin JolayemiPlot 1675, Oyin Jolayemi street, V.I. LagosTel.: (234) 08033239033

Ozumba Mbadiwe270, Ozumba Mbadiwe V/ITel.: (234) 08036889909

Tbs39B-40 Tafawa Balewa Sq. Onikan LagsoTel.: (234) 08023156937 & 07041450717

Tiamiyu Savage3A Tiamiyu Savage street, Victoria Island, LagosTel.: (234) 08033071052 & 07041451327

Ultra Modern Plaza BalogunUltra Moder Shoping Plaza, Balogun Lagos IslandTel.: (234) 08023249458 / 07041451365

V.G.C. Km 22, Lekki-Epe Exp. Way, Lekki - Lagos - NigeriaTel.: (234) 08033086044

CASH CENTRES

Bonny CampBonny Camp Ahmadu Bello Way V/Tel.: (234) I08020523745

NACA/NETPOST

Moloney NetpostNo 2 Moloney street1, LagosTel.: (234) 08020523483, 07041450142

SOUTH WEST

EKITI

Ado Ekiti33, New Secretariat roadTel.: (234) 08034238470/08058676250

Ado Ekiti II15, Ajilosun Str, Ado EkitiTel.: (234) 08066861174

University Of Ado-Ekiti (Unad)Km 15 Iworoko road, Ekiti State Univ Ado EkitTel.: (234) 08034746052

OGUN

Abeokuta75, Awolowo avenue, Omida, IbaraTel.: (234) 07014150910/07069423542

Canaan LandKm 10 Idiroko road,Winners Chapel OttaTel.: (234) 08066508736/017742354

Crawford UniversityKm 8, Atan-Agbara rd, Faith City, Igbesa Ogun St.Tel.: (234) 8033468761

Idiroko road237 Idiroko road OtaTel.: (234) 08023379273

Ijebu Ode71, Ibadan road,Ijebu-OdeTel.: (234) 08033456256

Mfm Prayer IbafoKm 12 Lagos-Ibadan Expressway Ibafo Ogun StateTel.: (234) 08033471732

Olabisi Onabanjo UnivOlabisi Onabanjo University Permanent Site

Otta101 Lagos Abeokuta Expressway Sango Otta Ogun StateTel.: (234) 08027962828/017611038

Owode Egbado86, Idiroko road,Owode Egbado, Ogun Tel.: (234) 8068675245

Redemption Camp OgunKm 46/48 Lagos-Ibadan Expressway Ogun StatTel.: (234) 08061628350/08025011401

Shagamu168, Akarigbo street Sabo ShagamuTel.: (234) 8025011018

CASH CENTRES / NETPOST

Abeokuta NetpostSapon Post OfficeTel.: (234) 08023259549

Idiroko Cash CentreIdiroko Seme BoarderTel.: (234) 8068675245

Ota NetpostOtta Post OfficeTel.: (234) 07043720715

ONDO

Akure20 Owo rd,Alagbaka Akure Tel.: (234) 08023549875

Arakale road Akure72 Arakale road, Akure Ondo StateTel.: (234) 08037117489

Ibadan49B Idi Ape Iwo road IbadanTel.: (234) 08023048692

IkareNo 1 Nta Junction,Olwolabi street,IkareTel.: (234) 08036785584

Okitipupa128 Braod street OkitipupaTel.: (234) 08029331213

Ondo Town13 , Omimode street Yaba Ondo TownTel.: (234) 08034738305/08091567517

Ore, Ondo 82, Molasuru Juction, OreTel.: (234) 08034739350;08129009813

Owo, OndoOpp Old Mobil Filling Station Ijebu OwoTel.: (234) 08033614682

CASH CENTRES

Fmc OwoFed Med Centre OwoTel.: (234) 08033614682

OSUN

Ile-IfeOpposite Phcn Office ,Lagere,Ile-IfeTel.: (234) 08077077048

Ilesa, Osun77,Itabalogun Str. IlesaTel.: (234) 08033279835/08129009697

OsogboKm 4, Gbongan-Ibadan road, Onward Area Tel.: (234) 7041450066/08033712219

Osogbo II51 Gbongan Ibadan Expressway Opp Fakunle School OshogboTel.: (234) 08035065236/08129009807

NACA/NETPOST

Oau NacaBeside Sub OauTel.: (234) 07041450066

OYO

AgodiBeside Inaolaji Shopping Complex AgodiTel.: (234) 07041405257/08062473175

Ajayi Crowther Univ (Oyo)Beside Acu Gate Oyo Ogbomoso rd, OyoTel.: (234) 08036085533

Bodija EstateOpp Ss Peter And Paul, New BodijaTel.: (234) 7041450199/08032013561

Challenge, Ibadan15, Mko Abiola Way, Challenge, IbadanTel.: (234) 08033250192, 02-7525441

Dugbe, Ibadan8, New Court road DugbeTel.: (234) 08033260417/027523334

Branches/outlets


Gbagi market IbadanBola Ige Int’l market,New Gbagi, Old Ife road , Ibadan. Oyo StateTel.: (234) 08023247588

IseyinMako Allah House, Oja Nla IseyinTel.: (234) 08037188419

Iwo road122, Iwo road, Abayomi Bus StopTel.: (234) 07041450199/08032013561

Lebanon43 Lebanon street DugbeTel.: (234) 07041450133/08020523494

New Court roadNo 24, New Court road, Ogunpa DugbeTel.: (234) 07041450090/08087180333

OgbomoshoIlorin rd,Apake Area, OgbomosoTel.: (234) 08062789028/08129009698

OjooMile 94 1/2 , Aba Alfa, Onile Aro B/Stop, Ojoo-U.I. ExpresswayTel.: (234) 08023120938/08129009711

OkebolaSwa/95A, Lagos Bye Pass, Oke BolaTel.: (234) 07041450212/08080295888

Owo road, Akure9, Owo road AlagbakaTel.: (234) 07041450218/8033524160

CASH CENTRES

BodijaDmr Building, Bodija marketTel.: (234) 08097892143

Lautech Cash CentreLadoke Akintola UniversityTel.: (234) 08035065236/08129009807

Shaki NetpostSaki Post OfficeTel.: (234) 07041450090

KWARA

Ilorin19 M/M Way IlorinTel.: (234) 08033935611

Offa69, Olofa Way, Offa, Kwara StateTel.: (234) 08030641441

Omu-AranOpp. Irepodun Lga Secretariat, Omu Aran, KwaraTel.: (234) 08034700640/08129009803

Upper Taiwo, Ilorin160 Ibrahim Taiwo road IlorinTel.: (234) 0802728600 ,08029009806

Cash Centres / Netpost

Landmark University

Land Mark University CampusTel.: (234) 8068675245

EDO / DELTA

DELTA

Abraka DelsuDelta State University, Abraka, Delta StateTel.: (234) 08036294427, 07041450117

Abraka Delsu IIDelta State University, Campus 2, AbrakaTel.: (234) 08059182230 & 07045699006

AgbarhoAlong Old Ughelli rd Agbarho Delta StateTel.: (234) 08091543112;

Agbor178 Old Lagos-Asaba rd , Agbor rd , Delta StateTel.: (234) 07068689757; 07041451187

Agbor II93 Old Lagos Asaba road, Bojiboji Agbor Delta StateTel.: (234) 08024671077, 07045699002

Airport road, Warri57/58 Airport road, WarriTel.: (234) 08034743223, 07045699046

Asaba144 Dennis Osadebe Way Asaba DeltaTel.: (234) 08137224048,08035529104

Asaba Anwai Dual Carriage45, Anwai Dual Carriage Way, Asaba, Delta Tel.: (234) 7041450763 , 08025018860

Asaba Nnebisi road258 Nnebisi road Asaba Delta StateTel.: (234) 08183535790/07041450174

Boyo road, Delta7,Boyo road.SapeleTel.: (234) 08023848449,07045699020

Deco road Warri39 Deco road, WarriTel.: (234) 08023346723

Dennis Osadebe Way1, Dennis Osadebe Way By Traffic Light Junction AsabaTel.: (234) 08037882310, 07045699008

Dsc Aladja, Delta31B Ogoja street, Steel Town 1 Dsc Housing EstateTel.: (234) 08033570707, ‘07045699034

Effurun61, Effurun Sapele road, Effurun Tel.: (234) 7045699050/ 08053902233

Effurun II102 Effurun/Sapele road,Delta StateTel.: (234) 08020523746/07041450063

Effurun BarracksEffurun Barracks Along Npa Expressway EffurunTel.: (234) 08075086006 ,07045000000

Ekrejeta Quarters , AbrakaTel.: (234) 08023031014 ; 07045699010

Enheren Junction Warri25 Effurun Sapele road, EffurunTel.: (234) 08022242175/07045699052

Igbudu market2, Edjekaye street, Off Nupe Line, Igbudu marketTel.: (234) 08033319970/07045699054

Isoko road Ughelli94 Isoko road, Ughelli.Tel.: (234) 08039128382, 07045699040

Koko, DeltaAlong New road ,Beside National Fishing Company ,Koko Tel.: (234) 08060346858 & 07045699021

Kwale, Delta115, Umusadege rd, Kwale, Delta StateTel.: (234) 08022245463, 08129009925

Jakpa, Warri111 Jakpa rd,Opp Small Mkt,Effurrun Delta StateTel.: (234) 07045699028;08033517090

Ngc Ekpan Warri1,Odin rd Ngc Ekpan WarriTel.: (234) 07030562426;07045699030

Nnebisi road II264 Nnebisi road,AsabaTel.: (234) 07034082554/07045699012

Obiaruku, Delta46, Old Sapele/Agbor road, Umusume Quarters, Obiaruku. Delta StateTel.: (234) 08065817151, 07045699014

OgharefeAlong Otoroh road Ogharefe Delta StateTel.: (234) 07045699024, 07082149945

Okpanam road, AsabaPlot 111,Phase Iv,Core Area Opp Police Hqtrs Okpanam road AsabaTel.: (234) 08035352033,07045699016

Patani road, UghelliUghelli/Patani rd,By Agbarha Junction,UghelliTel.: (234) 07045699032;08160452396

Ppmc WarriPpmc Warri Depot Branch, Ekpan, WarriTel.: (234) 08035350931/07045699060

Sapele133 Sapele /Warri road Sapele Delta State Tel.: (234) 8037980526 / 07045699026

Sapele Amikpe129, Sapelwarri rd Ajogodo Sapele, Delta StateTel.: (234) 08061116803/07041450175

Sapele road Warri138, Warri/Sapele road, Warri, Delta State Tel.: (234) 8035521248/07045699056

Udu road Warri38 Udu rd,Enerhen Warri.Tel.: (234) 07045699044;08035267198

Branches/outlets


Ughelli Central74/76 market rd,UghelliTel.: (234) 07045699038;08039676192

Ughelli market7/8 Ughelli -Warri road, Ughelli Tel.: (234) 023250397

Warri Main market#1 market road, Off Warri/Sapele road, Main marketTel.: (234) 08023282297

WrpcWarri Refinery And Petrochemical Coy,Ekpan,WarriTel.: (234) 08083132293/07041450072

CASH CENTRESAladja Dsc Cash CentreWarri-Deco road

EDO STATE

Akpakpava60 Akpakpava rd Benin CityTel.: (234) 07045699068;08033702292

Auchi67 Igbe road Auchi, Edo State.Tel.: (234) 08038056821/08077280188

Auchi Polytechnic road35. Auchi Polytechnic road, Auchi, Edo State.Tel.: (234) 08023350518/08037573473

Ekpoma15/17 Royal market road, EkpomaTel.: (234) 08068116840/07045699082

Ekpoma Aau62, Royal market road, EkpomaTel.: (234) 08068116840/07045699082

Ikpoba Hill BeninPlot 5 Ikpoba Hill Layout Opp Ramat park, BeninTel.: (234) 08068287866/07041450044

Ikpoba Slope Benin160 Akpakpava Ikpoba Slope Benin Edo StateTel.: (234) 08035351524/07045699062

Mission road Benin101/105 Mission rd,BeninTel.: (234) 08037109516;07045699072

New Lagos rd Benin3 New Lagos road, Benin City Edo StateTel.: (234) 08034400081/07041450506

Oba market Benin28 Oba market rd BeninTel.: (234) 08053095009/07045699066

Ppmc BeninIpman Secretariat,Ppmc Depot Benin CityTel.: (234) 08036010084;07045699070

Sapele road Benin55 Sapele rd Benin CityTel.: (234) 07036343434;07045699064

Ugbowo Benin254 Ugbowo rd,Benincity.Tel.: (234) 07045699076;08094322400

Upper Siluko Benin232,Upper Siluko rd,Benin City Edo State.Tel.: (234) 07045699078;08129009919

Upper Uwa, Benin146 Mm Way,BeninTel.: (234) 08152677301/07045699080

Uromi22 Mission rd Uromi Edo StateTel.: (234) 08038771876;

Uselu, Benin94 Uselu Lagos road, Benin CityTel.: (234) 08087180204/07041450150

Uselu road Benin192 Uselu Lagos road,Benin City,Edo State.Tel.: (234) 08023005036/07045699074

NACA/NETPOST

Ugbowo NetpostUgbowo Post Office, Opp Uniben Main Gate, Benin City Edo StateTel.: (234) 08034400081/07041450506

SOUTH EAST

ABIA

Aba EkeohaEkeoha Shopping Centre, Ehi rd AbaTel.: (234) 08033301287/07041450389

Aba Factory roadFactory rd ,AbaTel.: (234) 07041450398

Aba Faulks road187 Faulks road Aba, Abai State.Tel.: (234) 08020523407, 07041450096

Aba Ngwa road22A Ngwa road AbaTel.: (234) 08036701928/07043720527

Aba Old GraPlot 44 Old Gra, AbaTel.: (234) 08033215478/07041450136

Faulks road Branch Aba210 Faulks road, AbaTel.: (234) 8085873001

Govt. Station Layout UmuahiaPlot 110 Govt Stn. Layout UmuahiaTel.: (234) 08033294778/07041450225

Micheal Okpara UnivMichael Okpara University Of Agric,Umudike AbiaTel.: (234) 7034184955

Ohafia19 Arochukwu road, Ohafia Tel.: (234) 8035001867

Port Harcourt MainPlot 333 Trans Amadi Indusrial Layout.PhTel.: (234) 08023197289/07045696097

Station road, Aba2 Station road AbaTel.: (234) 8033427276

St Micheal road AbaSt Micheals road, AbaTel.: (234) 0802696

Trans AmadiPlot 25A Trans Amadi Industrail AreaTel.: (234) 8032729525

Umuahia Library road5 Library avenue UmuahiaTel.: (234) 8064090067

Cash CentresEziukwu Ekeoha Shopping Centre, Ehi rd AbaTel.: (234) 08033301287/07041450389

Ohafia NetpostOhafia Post Office, Ohafia Abia StateTel.: (234) 08035001867/07041450393

ANAMBRA

AwkaKm 42 Enugu Onitsha Expressway Br AwkaTel.: (234) 08037117191/07041451849

Awka Zik avenue64 Ziks avenue, Awka Anambra StateTel.: (234) 08024582013/07041451847

Awka Opp. Govt HouseOpposite Govt House,AwkaTel.: (234) 08087180309,07041450175

Ekwulobia22 Orlu road EkwulobiaTel.: (234) 07089066987/08129009909

Electrical market Obosi46 Port Harcourt rd, Onitsha Tel.: (234) 8033570656 / 07041451833

Ihiala1 Umudimogo rd By Orlu rd IhialaTel.: (234) 070414511839

Nkpor market road42 New market rd, NkporTel.: (234) 7041450137,8085839651

Nnewi48, Nkwo Nnewi market road, Nnewi, Anambra State.Tel.: (234) 08023500959, 08035351676, 07041451857

Nnewi Edo Ezemui road2,Edo Ezemewi road, Uruagu, Nnewi Anambra StateTel.: (234) 07041450098/08037055767

Onitsha Bakery market Bakery Materials market, OgidiTel.: (234) 08034618771,08129009900

Branches/outlets


Onitsha Bridge Head Electrical Parts Int’l market, Klm 5,Onitsha Owerri road,Obosi.Anambra StateTel.: (234) 07041451837/08023371249

Onitsha Fegge 33/35 Uga street, Fegge Onitsha Tel.: (234) 08033456113;07041450209

Onitsha Iweka road20, Iweka road, Onitsha, Anambra StateTel.: (234) 08037573779, 07041451831

Onitsha Main market2A New market rd, Main market Onitsha.Tel.: (234) 08033446459/07041451845

Onitsha New market rd27,New market road OnisthaTel.: (234) 7041450172,8087180355

Onitsha Obodoukwu road236,Obodoukwu rd,Onitsha,Anambra State.Tel.: (234) 08036671957/07041451835

Onitsha OgboefereOgboefere market BranchTel.: (234) 7041450254,8033871772

Onitsha Old market road24 Old Mkt rd OnitshaTel.: (234) 7041450171,8033017229

Onitsha Old market road II69 Old market road OnitshaTel.: (234) 08033344088

Onitsha Ose market Ose Mkt Branch Ysg Shopping Comlex ,OnitshaTel.: (234) 08033471886

Onitsha Williams street7 William street OnitshaTel.: (234) 7041450907,8033357444

UliAnambra State University UliTel.: (234) 08034538752, 08129009997

CASH CENTRES

Onitsha Promassidor80 Limca road, Nkpor, OnitshaTel.: (234) 08037867445

UmuokpoBuilding Material market, Umuokpu,AwkaTel.: (234) 08087180309,07041450175

NACA/NETPOST

Awka NetpostPost Office Ziks avenue AwkaTel.: (234) 08087180309,07041450175

EBONYI

Abakaliki1C, Ogoja rd AbakalikiTel.: (234) 08037456149

Abakaliki State SecretariatOpp Unity Square,AiTel.: (234) 08035481131

Afikpo2 Eke market road, Afikpo, Ebonyi StateTel.: (234) 08038067022; 08124617555

Ezza roadEzza road AbakalikiTel.: (234) 08036729685

Okpara Strret Abakaliki11 Sam Egwu Way, AbakalikiTel.: (234) 08037790317

ENUGU

Agbani road Enugu133 Agbani rd ,EnuguTel.: (234) 08035351305,08129009889

Emene 174 Old Abakaliki rd.(Opp. Nnpc Depot),Emene,EnuguTel.: (234) 08032751855

Garden avenue Enugu40 Garden avenue EnuguTel.: (234) 08060048366 & ‘08129009879

market road Ogui5 market road EnuguTel.: (234) 08035503646,08129009880

Nsukka4 University road, Nsukka,Enugu StateTel.: (234) 08033238609/70414511855

Obollo AforOld Otukpo road Obollo AforTel.: (234) 08034096053

Okpara avenue31A Okpara avenue EnuguTel.: (234) 08035499318, 07041450143

Okpara avenue II20B Okpara avenue EnuguTel.: (234) 08033122061/07041450208

Unn NsukkaUniversity Of Nigeria Campus NsukkaTel.: (234) 08122482461/08129009892

9Th Mile Enugu19 Old Onitsha road,9Th Mile Corner,Ngwo EnuguTel.: (234) 08033484638/08129119757

CASH CENTRES

Kenyatta21 Amawbia street, Uwani EnuguTel.: (234) 08035499318, 07041450143

OgbetteOgbete Main market EnuguTel.: (234) 08033122061/07041450208

NACA/NETPOST

Unn Enugu NacaUniversity Of Nigeria Enugu CampusTel.: (234) 08035499318, 07041450143

IMO

Assumpta avenue OwerriNo 6 Assumpta ave, OwerriTel.: (234) 08063828181/070414511829

Douglas road126/128 Douglas road OwerriTel.: (234) 08033443149, 07041451827

Douglas road II59 Douglas road OwerriTel.: (234) 08033135834/07041450240

MbaiseAhiara Ahiazu MbaiseTel.: (234) 08032547463/07041451823

Obinze, ImoOpposite Obinze Barracks, Obinze, OwerriTel.: (234) 08033448358 & 07041451821

Okigwe B106 Owerri rd Okigwe Imo State.Tel.: (234) 07041451819

Orlu3,Amaigbo road Orlu,Imo StateTel.: (234) 08033278484;07041451817

Owerri - Okigwe road13C, Okigwe rd OwerriTel.: (234) 07043720533 & ‘08068761990

Wetheral road102 Wetheral rd Owerri ,Imo State . Tel.: (234) 07041451825,08035222152

CASH CENTRES

ConcordeConcord Hotel OwerriTel.: (234) 07043720533 & ‘08068761990

South South

AKWA IBOM

Aka road, Uyo29 Aka road Uyo Akwa IbomTel.: (234) 08023122267

Barracks road Uyo74 Barracks road, UyoTel.: (234) 08023122308/07041451127

Eta Agbor roadPlot 182, Eta-Agbor road, Opposite Unical, CalabarTel.: (234) 08033622868

Eket15,Grace Bill rd,Eket Akwa Ibom State Tel.: (234) 08035519344/08022911183

Branches/outlets


Eket - QitQit,Opp Mpnu,IbunoTel.: (234) 08023512886/07041450276

Ikom31 Calabar road, IkomTel.: (234) 08033018268

Oron road Uyo92 Oron road, UyoTel.: (234) 08024575600/07041450274

Uyo 145, Ikot Ekpene rd UyoTel.: (234) 08060032175

CASH CENTRES

Eket Cash Centre56 Hospital road, EketTel.: (234) 08023512886/07041450276

NACA/NETPOST

Abak Netpost1 Ikot Ekpene road,Abak Net PostTel.: (234) 08024575600/07041450274

Uniuyo NacaUniversity Of UyoTel.: (234) 08023122308/07041451127

BAYELSA

Brass, YenegoaAlong Agip Gate, BrassTel.: (234) 8063555261/08129009859

Sani Abacha Way, YenegoaSanni Way, YenagoaTel.: (234) 7086458032

Yenegoa Main179 Mbiama Yenagoa road Yenagoa BayelsaTel.: (234) 08033570680/08129009858

Yenegoa Mbiama road II194 Mbiama/Yenagoa road Bayelsa StateTel.: (234) 08036726840/07045699110

Yenagoa Mbiama road204B Mbiama/Yenagoa Raod BayelsaTel.: (234) 08020523578;07041450105

CROSS RIVER

Calabar 331,Ediba rd,Calabar Cross River StateTel.: (234) 08023120934

Calabar 214 Murtala Mohhamed High Way,CalabarTel.: (234) 08037204656/07041450260

Ediba road Calabar31 Ediba road CalabarTel.: (234) 08023281908

Igoli Ogoja CalabarPlot Mla 19,Hospital road,OgojaTel.: (234) 8027029007

Ikom Calabar 72 Calabar road,IkomTel.: (234) 08033018266

Mary Slessor Calabar12 May Slessor avenue, CalabarTel.: (234) 08037095426/0704320449

Nnung Udoe12 Uyo road,Nung UdoeTel.: (234) 8023088498

Obudu Calabar2 Govt Station Ranch road,ObuduTel.: (234) 8034186012

Ogoja8 Hospital road, Ogoja , Cross Rivers StateTel.: (234) 08036429732

CASH CENTRES

Calabar Cash CentreMichael Ani Secretariat, CalabarTel.: (234) 08037095426/0704320449

RIVERS

Aba road PhPresidential Hotel Aba rd PhTel.: (234) 08038856748 & 07041450428

Aba road Ph II280 Aba rd, PhTel.: (234) 08037825492/07045699099

Ahoada-Abua road3 Abua road, Ahoada, Rivers State.Tel.: (234) 08035474074

Asei World Center57 Aba road Port Harcourt

Bonny Mission road 2No.10, New road, Bonny Island, Rivers StateTel.: (234) 08035310965/07041450042

Circular road PhNo 176 Aba road,PhcTel.: (234) 8035353133

Elele1 Port Harcourt road EleleTel.: (234) 8033613328

ElemeEleme/Bori Express road,Alode ElemeTel.: (234) 08032926661/07041450235

Eleme Petrochem IIEleme Petrochemical Branch Eleme Expressway Port Harcourt Rivers StateTel.: (234) 07041450189/08033134754

Fleet House105 Olu Obasanjo road Port HarcourtTel.: (234) 07043720435 & 08033099284

Ikwere road42 Ikwerre road Mile1 Port-HarcourtTel.: (234) 07041451115

Ikwerre road IINo 142 Ikwerre road,PhcTel.: (234) 08020523574/07041450102

Mile 3 Rebisi21B Amaigbo rd, Mile 3, Diobu, Phc.Tel.: (234) 08020523576; 07041450103

MothercatTel.: (234) Plot 8.Mothercat,Trans Amadi Ind Layout,Port HarcourtTel.: (234) 07086458033;07041450250

Nnamdi Azikiwe road Ph15A Nnamdi Azikwe rdTel.: (234) 08036751349/07045699119

Okporo roadOkporo road BranchTel.: (234) 08033070722/07041450165

Olu Obasanjo Way Ph1 Benjamin Okpara street,PhcTel.: (234) 8087180226

Omoku78 Ahoada road OmokuTel.: (234) 08033726361

OyigboNo 206 Old Aba road Mbano Camp Oyigbo Port HarcourtTel.: (234) 08087180230/07041450108

Ppmc ElemePpmc Eleme PhcTel.: (234) 8063424390

PrpcOpp Ph Refinery Gate Alesa ElemeTel.: (234) 08087583289/08056073338

Rsust ComplexRivers State University Of Science & Tech. Nkpolu, Port HarcourtTel.: (234) 08023184598

Rumokoro11 East West road, Rumuokoro, PhcTel.: (234) 8037241997

Rumuola119/121 Rumuola road, Rumuola, Port Harcourt, RiversTel.: (234) 08033080601/’07045699121

School Of Nursing PhSch Of Nurs Br. Km 6 Ikwerre rd, Mile 4 RumuemeTel.: (234) 084-802555

Trans Amadi13 / 15 Trans Amadi Ind Layout, Port HarcourtTel.: (234) 07041450242, 07086458024

UniportUniport Choba parkTel.: (234) 07041450164-’0808780228

Woji #46 Woji Estate road,Woji Phc.Tel.: (234) 08053246839/07045699113

Branches/outlets


CASH CENTRES

Onne

OyigboUmuegbuleTel.: (234) 08087180230/07041450108

Ppmc

NACA/NETPOST

Uniport NacaDelta park UniportTel.: (234) 07041450164-’0808780228

ABUJA FCT

Abuja Area OfficeHerbert Macaulay Way Wuse ZoneTel.: (234) 608023268561

Abia House AbujaCentral Area,Abuja

Aminu Kano, AbujaAminu Kano Crescent, Wuse 2, AbujaTel.: (234) 08023413588

Area 3 GarkiPlot 9A Kontagora Close Jos street Area 3 Garki Abuja Tel.: (234) 08036334522, 07041450325

AsokoroPlot 67 Yakubu Gowon Crescent, AsokoroTel.: (234) 8082000404

Asokoro IIPlot157, Yakubu Gowon Way,Asokoro .Abuja Tel.: (234) 07081432919

Cadastral Zone A08Plot 114 Adetokunbo Ademola Crescent, Cadastral Zone A08, Wuse 2, AbujaTel.: (234) 08023123147

Cairo street Wuse 223, Atbarat street, Off Cairo street, Wuse II - Abuja - NigeriaTel.: (234) 8036736990

Casamance street (Zone 3)Plot 2263, Casamance street, Wuse Zone 3, AbujaTel.: (234) 08037189286

Central AreaPlot 251 Herbert Macaulay Way, Millennium Builders Plaza,Cbd- AbujaTel.: (234) 08020523557

EcowasPlot 101, Yakubu Gowon Crescent, Asokoro - AbujaTel.: (234) 08036163397/07041450122

DeideiC3 802 International Building Materials market, Dei Dei, Abuja –Fct, NigeriaTel.: (234) 08127290688/07041450794

Dei Dei IIDeidei Buliding Material marketTel.: (234) 08037869721/O8057459596

Emab PlazaSuite E1 Plot 751, Aminu Kano Crescent, Wuse 11 Abuja.Tel.: (234) 08023202146

FCDAEngineering Dept, Fcda Secretariat, Area 11, Garki, AbujaTel.: (234) 07034051647/08035899186

Federal SecretariatFederal Secretariat Complex, Phase 2, Block C, Shehu Shagari Way, Cbd,AbujaTel.: (234) 08023217413

Fmbn Complex, AbujaPlot 226, Cadastral Ao Cbd - Abuja - NigeriaTel.: (234) 08023569950

Fourth avenue, GwarimpaChembian Plaza,4Th avenue,Gwarinpa,AbujaTel.: (234) 08037860883/09-8704288-9

Gado Nasco Kubwa186 Gado Nasco road Kubwa AbujaTel.: (234) 8023057675

Gana street Maitama 51 Gana street Matiama AbujaTel.: (234) 08098311704

Garki 2796 Oka Akoko Close Garki 2 AbujaTel.: (234) 08036776770

Garki Area 7603 Dambata Close, Area 7, GarkiTel.: (234) 08138819397

Gowon BarracksNaowa Centre AsokoroTel.: (234) 08033202253/08129009758

Gwagwalada7A Secretariat road, GwagwaladaTel.: (234) 07041450334/08034503908

Gwagwalada II355 Specialist Hospital road-Gwagwalada AbujaTel.: (234) 08035876038

Gwarimpa AbujaBeside Chembian Plaza,4Th avenue,Gwarinpa,AbujaTel.: (234) 08025019818/09-8701883

JabiNo 1 Idris Ibrahim Crescent Off Obafemi Awolowo road, JabiTel.: (234) 08036121461/08129009801

Kado Fish market Plt 217, Cadastral Zone Co2 Kado Fish market, Life Camp AbujaTel.: (234) 08033140527

Le MeridianPlot 903, Tafawa Balewa Way, Nicon Luxury Hotel, AbujaTel.: (234) 07043720138/08033448584

Naowa Shopping ComplexNaowa Shopping Complex, AsokoroTel.: (234) 08022239313

Maina CourtPlot 252A, Herbert Macaulay Way, Cbd, Abuja, NigeriaTel.: (234) 08062358935/07041450355

Mpape, FctAnsar Plaza, Mpape Hill Off Maitama, Abuja.Tel.: (234) 08033172290

MazfalahMazfallah Plaza, Karu SiteTel.: (234) 08023569950

Nafcon, Abuja19 Dunukofia street Area Eleven Garki, AbujaTel.: (234) 08091324954

Nasco road KubwaPlot 6/11 Gado Nasco road, Federal Housing , Kubwa Abuja Tel.: (234) 07039568782

National Assembly AbujaThree Arms Zone, White House Basement, National AssemblyTel.: (234) 08033025549

National Assembly Abuja II3 Arm Zone National Assembly Complex AbujaTel.: (234) 08033141094/07043720171

Ncc AbujaPlot 423 Aguiyi Ironsi St, Maitama,AbujaTel.: (234) 08033139565/08099867535

Nexim House BranchNexim House, Kur Mohammed St. Cbd,Fct AbujaTel.: (234) 07030999234

Nicon House, AbujaNicon House Branch - Plot 242 Muhammadu Buhari Way Cbd AbujaTel.: (234) 08023030952

Nkegwu Plaza Area 1Nkwuegu Plaza , Old Federal Secretariat rd, Area 1Tel.: (234) 08033194033

Nnamdi Azikiwe AirportNahco Warehouse, Nnamdi Azikiwe Airport, AbujaTel.: (234) 08034505236/ ‘08129009799

Nyanya22, Hospital road, Area B Nyanya - Abuja - NigeriaTel.: (234) 08037870709

Nnpc AbujaNnpc Towers Herbert Macaulay Way Central Business District AbujaTel.: (234) 08036260956

Nspmc Abuja160, Samuel Ladoke Akintola Boulevard, Garki 11 Abuja Tel.: (234) 08030693775/097802065

OagfTreasury House, Garki AbujaTel.: (234) 08034332040

Branches/outlets


Ogbomosho road3 Ogbomosho street, Area 8, Garki, Abuuja Tel.: (234) 08034013767

Petroleum Equalisation FundsPlot 622 Ambassadorial Conclave, Cbd, AbujaTel.: (234) 08056192271/07026306121

Shippers CouncilPlot 438 Michael Okpara street, Wuse Zone 5, AbujaTel.: (234) 0803824149

Treasury HouseOffice Of Accountant General Of The Federation,Samuel Ladoke street Garki 11 AbujaTel.: (234) 8034332040

UtakoBefs Plaza , Opposite Mountain Of Fire H/Q Utako AbujaTel.: (234) 08087180775/08129009781

Wuse 2Plot 212 Ademola Adetokunbo Wuse 2 AbujaTel.: (234) 08023077804/07041450032

Zone 4Plot 2306 Suez Crescent Wuse Zone 4, AbujaTel.: (234) 8037051101

Zone 42097 Herbert Macaulay Way Wuse Zone 4

NORTH

ADAMAWA

Bishop street YolaNo. 2 Bishop street YolaTel.: (234) 08036161694

Mubi, Adamawa60, Ahmadu Bello Way, Mubi SouthTel.: (234) 08036283987

NumanKm 81 Yola Gombe road Numan

Yola 31 Galadima Aminu Way Jimeta-YolaTel.: (234) 08073331100,08129119739

BAUCHI

BauchiNo 21 Abdul Kadir Ahmed road BauchiTel.: (234) 08035303030

M/Mohammed Way7, Murtala Mohammed Way BauchiTel.: (234) 08035893929/ 07084100079

BENUE

Gboko44 J.S. Tarka Way, GbokoTel.: (234) 08023045709

Gboko road89 Gboko road Makurdi BenueTel.: (234) 08034373199

Makurdi86 Old Otukpo rd High LevelTel.: (234) 08034735489

Makurdi road LafiaNo.48 Makurdi rd, Lafia Nasarawa StateTel.: (234) 08099933818

Otukpo19, Federal road Otukpo,Benue StateTel.: (234) 08063523636

Ogiri Okoh road MakurdiAlong Ogiri Okoh road, Old Gra Makurdi, Benue State.Tel.: (234) 08027486673

BORNO

Kashim Ibrahim12 Sir Kashim Ibrahim Way MaiduguriTel.: (234) 08065987410

Kashim Ibrahim II2 Kirikasama road, Maiduguri, Brono StateTel.: (234) 8036401492

Kiri Kasama Maiduguri9/10 Kiri Kasama rd MaiduguriTel.: (234) 08065703795

Monday market MaiduguriNo 6 Opp Galadima Kyari Drive Monday market MaiduguriTel.: (234) 08036814389

Univ. Of MaiduguriUniversity Of MaiduguriTel.: (234) ‘08038574648

GOMBE

Gombe16 Biu road GombeTel.: (234) 08032407934

Gombe market road20/21.New market road.GombeTel.: (234) 08036785803/08189775950

Gombe Ultra Modern marketGombe Local Govt Shopping Complex,Along Emir`S Drive,Gombe

JIGAWA

DutseBeside Old Secretariat, Kiyawa road-Dutse- Jigawa StateTel.: (234) 08061626655

Hadejia, Jigawa10 Maje road, Hadejia Jigawa StateTel.: (234) 08079361738/08060992507

JigawaPlot C2-rd/Ss02 Layout, Sani Abacha Way,Dutse,Jigawa StateTel.: (234) 08034702091/Na

KANO

Bello road 11E Bello road, Kano - NigeriaTel.: (234) 08035886646/07041450309

Birnin GwariLagos-Kaduna Exp. roadTel.: (234) 08034413536

Bye Pass (Tundun Wada) KadunaKm 16 Nnamdi Azikiwe Express Way, KadunaTel.: (234) 08034101104

Dawanau marketDawanau market Br Kastina road KanoTel.: (234) 08064911484

France road5B France road, Sabon Gari, Kano - Nigeria Tel.: (234) 8057822606/07041450052

GiwaAlong Zaria/Funtua road, Giwa Local Govt., KadunaTel.: (234) 08065653445

HotoroMaiduguri rd, Opp Nnpc Depot Hotoro KanoTel.: (234) 08035350773

Ibrahim Taiwo341, Naibawa, KanoTel.: (234) 07086498850

KachiaKaduna/Zonkwa road, Sabongari, Kachia, Kaduna StateTel.: (234) 07063969099

Kafanchan91B Kagoro road, Near New World Hotel, Kafanchan, Kaduna StateTel.: (234) 08131653706

Kofar RuwaDala road, Kofar Ruwa market, KanoTel.: (234) 08028502437

Kano CityAbdullahi Wase road By Shahuchi Pry Sch. Kano CityTel.: (234) 08037045008

Kasuwa BirchiBb3, Ibrahim Taiwo road, Tudun Wada KadunaTel.: (234) 08037042282

Kawo, Kaduna11 Ali Akilu road, Kawo. KadunaTel.: (234) 08037471047

M/Mohammed Way KanoMurtala Mohd Way KanoTel.: (234) 08023598047

M/Mohamed Way Kano II192 Murtala Mohammed WayTel.: (234) 08023785395

M/Mohammed Way Kano III13C Murtala Muhammed Way,KanoTel.: (234) 80336528412

Branches/outlets


Nda KadunaRibadu Cantonment, KadunaTel.: (234) 07041005484

Ppmc KadunaKrpc/Ppmc Refinery Complex, Km16 Kachia road KadunaTel.: (234) 08098104533

Sabon Gari10/11 France Raod, Sabon-Gari, KanoTel.: (234) 08034511307, 07055146130

SaminakaAlond Jos rd., Ahmadu Bello Way, Saminaka, KadunaTel.: (234) 08032849500

Yankura71A Murtala Mohd Way, KanoTel.: (234) 08031323519

Zaria road Kano23,Gyadigyadi Round About, Zaria road,Kano Tel.: (234) 07061370185

Zoo road KanoNo 5 Zoo rd, KanoTel.: (234) 08029036964/08034532987

KADUNA

Ali Akilu road5/7 Ali Akilu road KadunaTel.: (234) 08023582330

Junction road4, Junction road, KadunaTel.: (234) 08035520469/07041450141

Kaduna Ahmadu Bello Way6A, Ahmadu Bello Way, KadunaTel.: (234) 08034067823

Kaduna Central marketIbrahim Taiwo road, KadunaTel.: (234) 08033503433

Kaduna Main20 Ali Akilu rd, Kaduna MainTel.: (234) 08036006418

Kaduna PolyKaduna Poly Main Campus T/WadaTel.: (234) 08087187848

Kaduna SouthAz 23, Kachia road, KadunaTel.: (234) 08088988931

KrpcKm16, Kachia road, Krpc Complex KadunaTel.: (234) 08023928400/07041450071

Naf Base KadunaAirforce Base Mando KadunaTel.: (234) 08023444011

ZariaF7. Pz Area, Kaduna road.ZariaTel.: (234) 08025010220

CASH CENTRES

National Eye Centre Kaduna20 Ali Akilu rd, Kaduna MainTel.: (234) 08036006418

NACA/NETPOST

Abu Zaria NacaCongo Campus, Abu ZariaTel.: (234) 08034067823

Katsina

Kafar KauraIbb Way, Kofar Kaura, Katsina. Tel.: (234) 08036786892/065-290123

KatsinaKatsinaTel.: (234) 08031824623

KEBBI

Ahmadu Bello Way Kebbi71, Ahmadu Bello Way, Birnin Kebbi, Kebbi State, Nigeria.Tel.: (234) 08036067230/Na

AlieroOnion market Along Jega road,Aliero Kebbi StateTel.: (234) 08035813436

ArgunguAhmadu Bello ArgunguTel.: (234) 08036870229

Birnin KebbiAhmadu Bello Way BirninTel.: (234) 08036531394

Jega, KebbiOpp New market, B/Kebbi rd , JegaTel.: (234) 08035776440

Yauri, KebbiAlong Kontagora/Lagos Highway, Yauri Kebbi StateTel.: (234) 08064065291,08087000000

Zuru, KebbiNo 1 Emir Sani Sami road, Zuru, Kebbi StateTel.: (234) 08039297110

KOGI

Ibb Way Lokoja103 Ibb Way Near State Sub Treasury LokojaTel.: (234) 08060234669

IdahFederal Polytechnic IdahTel.: (234) 08053789145, 08129009766

LokojaPlot 5 Ibb Way Ganaja Junction Opp Stella Obj, Lokoja Kogi StateTel.: (234) 08037636250/08129009767

ObajanaOpposite Obajana Cement Factory, Obajana, Kogi StateTel.: (234) 08062329310

Naca/Netpost

Ajaokuta NetpostNet Post, Ajaokuta Post Office, Kogi StateTel.: (234) 08033515111/07041450636

NASARAWA

Doma69 Lafia road Opp Doma L.G. Sect. Nasarawa StateTel.: (234) 8034954627

Jos road Lafia32, Jos road, Lafia Nasarawa StateTel.: (234) 08036144292

KaruPlot 13138,Abuja/Keffi road,Near Mararaba Sharp CornerTel.: (234) 8033109774

MararabaAlong Keffi/Abuja rd MararabaTel.: (234) 08060122254 ;07041450339

Nassarawa TownNo,8 Umaru Makama Dogo StreatTel.: (234) 08065639116

Nasarawwa State Univ.KeffiNassarawa State University KeffiTel.: (234) 08189899574

NIGER

BidaNo 10 Bcc road, Bidal

Bosso road MinnaSw 36,Central Business Area Bosso road MinnaTel.: (234) 08032480909

Kontagora, NigerPlt 139 Yauri rd.Opp. N/MktTel.: (234) `08035475409

MadallaOpp Mobil Filling Station, Kaduna/Abuja Expressway, Madalla, Niger StateTel.: (234) 08035879235

MinnaPlot 1150 Paiko road Opp Cbn MinnaTel.: (234) 08035978640

SulejaPlot 78, Usman Faruk road, Opp Mr. Biggs Suleija Niger StateTel.: (234) 08032596717

PLATEAU

Ahmadu Bello Way5 Ahmadu Bello Way JosTel.: (234) 08033454222

Ahmadu Bello Way II35 Ahmadu Bello Way JosTel.: (234) 08033370360

Bukuru8 Constitution rd Bukuru JosTel.: (234) 08033800312

Branches/outlets


Rwang Pam JosNo 20 Rwang Pam Jos, Plateau StateTel.: (234) 08034510592

Naca/Netpost

Unijos Naca CenterNaraguta Unijos CampusTel.: (234) 08033371360 /07041450912

SOKOTO

IleilaKonni road Opp Central Mart IllelaTel.: (234) 08065728160

Kano road Sokoto41, Kano road, Sokoto, Sokoto State.Tel.: (234) 08028906478/Na

Kano road,,Sokoto II6 Kano road SokotoTel.: (234) 08035950855

Sokoto - Dogon Daji HouseNo. 19 Sultan Bello road, Old market Area, Old market Branch, Sokoto State.Tel.: (234) 08087180340

Sokoto MainSultan Bello road Old market SokotoTel.: (234) 08086531999

Sokoto market18, Kano road, Sokoto. Sokoto StateTel.: (234) 08124493030

TARABA

Jalingo21 Hammaruwa WayTel.: (234) 08091258083/08129009873

YOBE

Damaturu marketBukar Abba Ibrahim Way, Damaturu Yobe StateTel.: (234) 08039245544/08023557866

GashuaNear Central market Gashua, Yobe StateTel.: (234) 08036159845

PotiskumNo.137 Mohammed Idriss Way, PotiskumTel.: (234) 08034499221,08185780443

ZAMFARA

Fce GusauFce(T) School Complex Zaria road GusauTel.: (234) 08058885452

GusauSani Abacha Way, Opp Cbn, Gusau Zam StateTel.: (234) 08035879607

Gusau IINo.10, Zaria Sokoto road, Gusau, Zamfara State

Tel.: (234) 08087180340

Kaura Namoda12 Shinkafi road Kaura Namoda ZamfaraTel.: (234) 08032439034

Talata MafaraPlot 7 Sokoto-Zaria road,Talata Mafara ZamfaraTel.: (234) 08034315050

Branches/outlets


General information 14Chairman’s statement 15Report of the Directors 17Profile of the Directors 21Corporate Governance report 29Board Appraisal Report 33Statement of Directors’ responsibility 34Report of the Independent Auditor 35Statement of Comprehensive Income 36Statement of Financial Position 37Statement of Changes in Equity 38Statement of prudential adjustments 39Statement of Cash Flows 40Notes to the financial statements 41

Content

Directors, professionals, address

DirectorsThe Olor’ogun S. F. Kuku, OFR - Chairman Jibril Aku - Managing Director Alhaji Muazu Anache - Director Chief Wilfred Belonwu - Director Mr. Edouard Dossou-Yovo - Independent Director Mr. Orikolade Karim - Director Mr. Olufemi Ayeni - Independent DirectorMrs. Funmi Oyetunji - Director Mr. Thierry Tanoh - Director Madame Eveline Tall - Director Ms. Foluke Aboderin - Executive Director, Corporate Bank Mr. Oladele Alabi - Executive Director, Finance & Control Mr. Kingsley Aigbokhaevbo - Executive Director, Lagos & West Mr. Henry Ajagbawa - Executive Director, South-South/South EastMr. Shehu Jafiya - Executive Director, Abuja & North

Company secretary

Adenike Laoye

Registered office 21 Ahmadu Bello Way Victoria Island Lagos, Nigeria

Independent auditors Akintola Williams Deloitte235, Ikorodu Road, IlupejuP.O. Box 965, MarinaLagos, Nigeria

Registrar

EDC Securities Limited 137/139 Broad StreetLagos Nigeria01-7301231

General information


Chairman’s statement

“I am pleased to present to you the financial statements of the Bank for the year ended December 31, 2012.

2012 was the year in which the Bank consolidated its operations with former Oceanic Bank International Limited, following the merger at the end of December 2011. With the merger, the Bank experienced significant growth in its branch network, number of employees and asset size amongst others.”

We successfully completed the integration of staff and operations early on in the year but continued to operate two core banking applications until the end of the year. This, of course resulted in challenges which have now however been surmounted with the successful migration of Finacle to Flexcube in the first quarter of 2013. Despite the use of two sets of core banking application in the course of 2012, our performance significantly improved over the previous year while our indices in most areas also experienced significant growth.

Indeed, based on its current size, the bank is now regarded as a Tier 1 and systemically important Bank and we are on the right path to attaining our objective of being one of the Top Three Banks in Nigeria within the next three years.

Financial ResultsIn 2012, our total earnings grew significantly from N67.77billion recorded in 2011 to over N156.98billion. Our total assets and Contingencies grew by N240.23 billion from N1.09 trillion to over N1.33 trillion, representing a 22% growth. This arose from the combination of deposit growth and capital injection.

We recorded profit after tax of N7.8 billion for 2012, again a significant improvement over the performance of 2011.

Certainly, our improved performance affirms that the Bank can only continue to grow. Our fundamentals continue to improve and remain strong and we expect much better results ahead in order to compete effectively

People and ProcessesDuring the year and pursuant to the merger, the Bank focused on culture change programs and training for staff, in order to ensure full integration and cohesiveness of its larger workforce.

The acculturation process which started at the beginning of 2012 is already yielding fruits; improved staff efficiency is evident across the various business units.

Our processes were also integrated and despite the challenges of operating two core banking applications, our staff embraced the challenges in order to ensure that we serve our customers.

Our employees are our invaluable asset as they remain committed to ensuring the attainment of the Bank’s objective of becoming one of the ‘top three’ banks in the country within the next three years.

The Bank’s Executive Management remained stable during the year and this has helped us focus and stay close to the customers.


The experience, knowledge and skills of all our employees continue to be a crucial element in the success of the Bank. I take this opportunity to thank all our employees for their hard work and dedication during the year.

We will continue to recognize exceptional performance of staff and reward appropriately.

The Board The Board remained essentially stable during the year. The only changes were the following: the resignation of Mr. Arnold Ekpe who retired from the Ecobank Group as Group Chief Executive Officer after a very successful tenure in which the Ecobank Group grew significantly with presence in over 33 countries in Africa and Europe. On behalf of the Board, I sincerely commend Mr. Ekpe for his selfless service to the Ecobank Group and wish him every success and fulfillment in retirement.

Dr. Nadu Denloye also resigned from the Board in 2012. On behalf of the Board I express appreciation to her for her contributions on the Board and to the Bank.

Corporate Social Responsibility (CSR)In 2012, Ecobank sustained its support and empowerment of people within its operating environment. Health, education and general public

welfare were all considered in our choice of CSR support during the year. The Ecobank Foundation, the corporate philanthropic arm of the Ecobank Group partnered with and supported various communities within the African continent, including Nigeria in impacting lives of those in need.

Looking Ahead 2013 for us is the year to consolidate and to begin to reap benefits from our business merger with former Oceanic Bank. We will continue to leverage on our strengths by remaining amongst the top banks in Nigeria, providing the banking needs for all Nigerians, no matter their class or location and ensuring realisation of the Central Bank’s initiative on financial inclusiveness. Indeed we will strive to be the retail bank of choice and utilize our strength as the truly Pan African Bank to ensure optimal customer service delivery.

ConclusionIn conclusion, I extend the sincere appreciation of the Board of Directors to our devoted customers and staff and of course our regulators for their support, understanding and co-operation, as we look ahead to continued improved performance.

Thank you all.

Chairman’s statement


Report of the Directors

The Directors are pleased to submit their report together with the financial statements for the year ended 31 December 2012.

1. Results

2012N’milion

2011N’milion

(Restated)The Profit of the Bank after providing for taxation was 7,805 19,344Transfer to Statutory ReserveTransfer to Retained Earnings 7,805 19,344

2. Legal formThe Company, which was incorporated on October 7, 1986 as a Public Limited Liability Company, commenced business on April 24, 1989. Pursuant to Federal High Court Lagos sanction of a Scheme of Arrangement of the Company’s capital on December 30, 2011, Ecobank Transnational Incorporated (ETI) became the sole beneficial shareholder of the Company but the Company remained a public limited liability company until it was, re-registered as a private Limited Liability Company on April 5, 2012.

3. Principal activities and business reviewThe Bank is engaged in the business of commercial banking with national authorisation.

During the year, the Bank essentially completed the integration of former Oceanic Bank with its operations. This impacted significantly and positively on the activities of the Bank. The Bank focused on culture change programs and training while also ensuring integration of its processes.

The Bank also received and capitalized a total sum of US$400million (NGN64billion) from its parent company, Ecobank Transnational Incorporated.

The Bank continued to be organized along business lines: Domestic Bank (DB) and Corporate and Investment Banking (CIB); which is further broken into Treasury and Corporate Banking, all supported by Operations & Technology, Risk Management, Legal Finance, Audit, Internal Control and Human Resources.

Two key products were launched during the year – “Ecobank Mobile Money”, a fully integrated mobile banking platform from Domestic Bank and “OMNI”, a self-service collection platform specifically designed for our corporate clients from Corporate Bank.

There are no inhibiting factors which would affect the Bank continuing as a going concern.

4. Directors

4.1The names of the current directors are listed in this Annual Report.

4.2Since the last Annual General Meeting held on July 27, 2012, Mr. Thierry Tanoh was appointed as director by the Board of Directors, while Mme. Eveline Tall became a substantive director.

A resolution would be proposed to shareholders at the Annual General Meeting in respect of their appointments.

Mr. Arnold Ekpe and Dr. (Mrs.) Nadu Denloye resigned as directors from the Board.

4.3 In accordance with Article 93 of the Bank’s Articles of Association, The Olor’ogun S.F. Kuku, OFR and Mr. Edouard Dossou-Yovo retire by rotation and being eligible, offer themselves for re-election.

Current Holdings of Directors 31 December 2012 31 December 2012 31 March 2012 31 March2012

Direct Indirect Direct Indirect

Olor’ogun S. F. Kuku, OFR Nil Nil Nil NilAlhaji Mua’zu Anache Nil Nil Nil NilChief Wilfred Belonwu Nil Nil Nil NilMr. Edouard Dossou-Yovo Nil Nil Nil NilMr. Kola Karim Nil Nil Nil NilMme. Eveline Tall Nil Nil Nil NilMr. Thierry Tanoh Nil Nil Nil NilMr. Femi Ayeni Nil Nil Nil NilMrs. Funmi Oyetunji Nil Nil Nil NilJibril Aku Nil Nil Nil NilFoluke Aboderin Nil Nil Nil NilKingsley Aigbokhaevbo Nil Nil Nil NilDele Alabi Nil Nil Nil NilHenry Ajagbawa Nil Nil Nil NilShehu Jafiya Nil Nil Nil Nil


6. Analysis of shareholdingAuthorized Shares: 30,000,000,000

Quantity Issued : 18,482,529,765

During the year, by order of the Federal High Court Lagos, the Bank’s issued share capital was reduced from N13,959,599,453.50 to N5,904,043,900, to eliminate the negative reserves which arose from ETI’s acquisition of controlling stake in former Oceanic Bank International Ltd. (OCB). OCB subsequently merged with Ecobank Nigeria, leaving Ecobank Nigeria as the surviving entity.

Also within the year the Board of Directors, upon authorization from the shareholders also allotted 6,674,441,964 shares to ETI in consideration for Deposit for shares of N66,744,419,640. Consequently the issued share capital of the Bank is presently N9,241,264,882.50

9.Fixed assetsMovements in fixed assets during the year are shown in note 24 on page 64. In the opinion of the Directors, the market value of the Company’s properties is not less than the value shown in the Financial Statements.

10. Employment and employeesEmployment of Disabled PersonsIt is the policy of the Company that there should be no discrimination in considering applications for employment including those from disabled persons. All employees are given equal opportunities for self-development. As at December 31, 2012, one disabled person was in the employment of the Company.

Employee Involvement and TrainingThe Company is committed to keeping employees fully informed as much as possible regarding the Company’s performance and progress and seeking their views wherever practicable on matters, which particularly affect them as employees.

Report of the Directors (Cont’d)

Analysis of shareholding

Share RangeNumber of

Shareholders% of

ShareholdersNumber of

Holdings%

Shareholding

1 1 0.00 1 0.001,000,000,000 1 100.00 18,482,529,764 100.00

Total: 2 100.00 18,482,529,765 100.00

These figures are as at 31 December 2012.

7. Substantial interest in shares

31 December 2012 31 March 2012Number % Number %

Ecobank Transnational Inc. (ETI) 18,482,529,764 100 27,919,198,911 100Nigerian Citizens and Associations 1 00.0 1 0.00

18,482,529,765 100 27,919,198,912 100

8. Donations and contributions made by the bank during the year amounted to N 86,000,000

Description Amount (n)

Donation to Ogun State Security Fund 75,000,000Donation to St. Augustine University – Lagos 5,000,000Donation to SOS Children Village Nigeria – Jos 1,500,000Donation to SOS Children Village Nigeria – I solo 1,500,000Donation to SOS Children Village Nigeria – Owe Jibe 1,500,000Donation to SOS Children Village Nigeria – Gwagwalada 1,500,000

86,000,000


Management, professional and technical expertise are the Company’s major assets and investment in their further development continues.Training is carried out from entry level through various levels with both in-house and external courses. Mandatory Virtual Training is also done by all staff regardless of their level.

Health, safety at work and welfare of employeesHealth and safety regulations are in force within the Company’s premises and employees are aware of safety regulations. The Company provides subsidies for all employees for medical, transportation, housing and lunch. Incentive schemes designed to meet the circumstances of each individual are implemented wherever appropriate, and some of these include bonuses, salary review, promotion, use of health management organizations for medical and gratuity for long service.

Gender analysis as at 31 December 2012(a) Analysis of total employees by Gender

Number PercentageMale Female Total Male Female

Employees 4,363 2,825 7,188 61% 39%

(b) Analysis of board and top management staff by gender

Number PercentageMale Female Total Male Female

Assistant General Managers 37 17 54 69% 31%Deputy General Managers 14 3 17 82% 18%General Managers 9 5 14 64% 36%Board mem-bers (Non-Executive Directors) 7 2 9 78% 22%Board members (Executive Directors) 5 1 6 83% 17%

72 28 100 72% 28%

11. Corporate Social Responsibility and SustainabilityThe Ecobank Group business model and key performance indicators take into account Ecobank’s commitment to the economic development of Africa.

Ecobank is conscious that its progress must go hand-in-hand with the sustainable development of the

continent. We embrace social and environmental issues, including challenges relating to ecology, healthcare and education. We are committed to making a strong economic and social contribution in our local communities, whilst safeguarding the environment for future generations. We continue to do this within Nigeria.

12. Ecobank foundationThe Ecobank Foundation was set up as part of the Ecobank Group’s mission to contribute, beyond banking, to the development of all of the African countries in which it operates. Up to one percent of profit after tax of the Ecobank Group is set aside for the Foundation to support projects, independent of Ecobank, that promote gender equality, youth engagement, education, healthcare and culture. Since 2005, the Ecobank Foundation has funded a total of approximately US$2million of social welfare initiatives.

To expand the scope of its activities, it has entered into partnerships with organizations including the Pathfinder Foundation, the Western Union Foundation and USAID. This strategy has proved effective, resulting in projects that will have a direct impact on more than 25,000 people of all ages within several regions of Africa.

13. Diversity and inclusion Ecobank, by virtue of its geographical spread, is one of the most diversified groups in Africa in terms of its people. Ecobank also has a policy of ensuring diversity in its employee talent pool without compromising the quality of its staff. Regular reports are presented and monitored to ensure adherence to policy. Within the Ecobank Group, we communicate in English, French and Portuguese. Reflecting our commitment to equality of opportunity, 44% of our workforce and 31% of our management team are female.

14. The environment As a responsible corporate citizen, Ecobank aims to operate in a way that minimizes its carbon footprint. In 1999, the Ecobank Group adopted a general policy that outlined its commitment to a clean and green environment, requiring all Ecobank subsidiaries to be environmentally responsible. For example, all staff are discouraged from printing electronic message unless absolutely necessary.

Ecobank has adopted a Social and Environmental Management System (SEMS) and group-wide policy guidelines that govern project financing and other credits. Environmental Coordinators are present in the Bank to ensure that we abide by the SEMS and its policy requirements. Environmental and Social (E&S) assessments are carried out on lending proposals to ensure policy compliance.



The Ecobank Group has centralized credit approval processes to ensure all lending activities remain consistent with the SEMS and policy guidelines. We are required to conduct social and environmental due diligence for projects. Any socially or environmentally-sensitive projects are monitored to ensure that client companies demonstrate compliance with environmental standards or sign up to a corrective action plan where necessary.

15. Paper usage We have deployed workflow solutions, which automate account opening/maintenance and funds transfer, as we seek to move closer towards paperless business. We are increasingly adopting the usage of electronic forms that will reduce paper usage as well.

16. Energy To reduce energy consumption, we promote the use of electronic communications (such as video and audio conferencing) within the Group, thereby reducing the need for air and road travel. We are also working on a group-wide energy audit to promote the use of more environmentally friendly appliances such as energy efficient light bulbs and air conditioners.

17. Board audit & compliance committeeThe Company has in place a Board Audit & Compliance Committee with the following directors as members as at December 31, 2012:

i. Alhaji Muazu Anache Chairman

ii. Chief Wilfred Belonwu Member

iii. Mr. Kola Karim Member

iv. Mr. Edouard Dossou-Yovo Member

By order of the Board

Adenike Laoye

Company Secretary

15 March 2013

FRC/2013/CIBN/00000002048



Profile of the Directors

Born 1944, Dr. Kuku is a renowned Physician, Scholar and Administrator. He has been Joint Chief Medical Director and Chairman at EKO Hospital (Ekocorp Plc) which he co-founded in 1978.

Dr. Kuku has also been a Trustee and a Distinguished Fellow of the National Postgraduate Medical College of Nigeria, President and Trustee West African College of Physicians. A past Chairman of the Committee of Pro-Chancellors of State Universities and Committee of Chairmen of Federal Tertiary Hospitals, he was a recipient of the First Distinguished Alumnus Award University of Lagos and Ambassador of Goodwill Award, City of Freetown. The first African Master of the American College of Physicians, he is a Fellow of the prestigious Nigerian Academy of Science. He was a Director of Midas Merchant Bank and is Chairman of Midas Stockbrokers Limited. He was the Chairman of the Human Capital Policy Commission of the Nigerian Economic Summit Group. He is an Officer of the Order of the Federal Republic (OFR).

Dr. Kuku was the immediate past President, King’s College Old Boys Association and current Chairman, Board of Management University College Hospital Ibadan. He joined the Board of Ecobank Nigeria Plc in 2004 and was appointed Chairman in March 2010.

The Olor’ ogun (Dr.) Sonny Folorunso Kuku, OFR

Chairman of the Board

Alhaji Muazu Anache

Non – Executive Director

Born 1954, Alhaji Anache is a non-Executive Director. He obtained a National Certificate of Education from the Advanced Teachers College, Minna, Niger State in 1978 and a Higher National Certificate in Accounting from the Dundee College of Commerce, Scotland in 1982. Alhaji Anache is a member of the Institute of Chartered Secretaries and Administrators and was with the Niger State Development Company Limited as the General Manager Administration/Company Secretary. Alhaji Anache is a Director of the Niger State Supply Company Limited. He joined the Board of the Bank in March 2005.



Born 1942, Chief Belonwu is a distinguished accountant and graduate of the University of Nigeria, Enugu Campus. He is a fellow of the Association of National Accountants of Nigeria.

From 1974 to December 2005, Chief Belonwu worked in different positions in Mobil Producing Nigeria Unlimited (MPN) and Mobil Oil Corporation New York. He was Executive Director Finance/Chief Financial Officer and rose to the position of Vice-Chairman of MPN a position he held between January 2004 – December 2005 when he retired.

Chief Belonwu has had extensive experience in financial analysis, internal audit and financial control. He is bringing over 31 years’ experience in a major international conglomerate to Ecobank. He joined the Board of the Bank in September 2006.

Chief Wilfred A. Belonwu


Mr. Thierry Tanoh


Born 1962, Mr. Thierry Tanoh joined the Ecobank Group as CEO of Ecobank Transnational Incorporated in July 2012, as part of succession plan put in place pursuant to the retirement of Mr. Arnold Ekpe, at the end of 2012. Before joining the Ecobank Group, Mr. Tanoh worked with the International Finance Corporation (IFC), a member of the World Bank Group and a global financial institution that supports private sector development in developing countries. During his 17-year career with the IFC, Mr. Tanoh played a key role in expanding the latter’s investment activity in Sub-Saharan Africa from USD 140 million in 2003 to more than to $3.5 billion in 2011. During this time, his responsibilities included business development, deal structuring and processing of some of IFC’s largest transactions, before taking on a broader management role.

Mr. Tanoh joined IFC in 1994 through the young professional program. He initially worked in the Asia Department. He then specialized in the chemicals and petrochemicals sector, working on transactions in Asia, Latin America and Eastern Europe. He moved to Rio de Janeiro, Brazil in 2001, focusing on transactions in Latin America. He became Regional Director in 2006 and Vice President, Latin America & the Caribbean, Sub-Saharan Africa and Western Europe in 2008.

Prior to joining IFC, Mr. Tanoh worked for a consulting firm in Paris and with the banking commission of the West African Central Bank in Abidjan, Cote d’Ivoire. An Ivorian national, he graduated from Ecole Superieure de Commerce d’Abidjan, is a certified public accountant in France and holds a Masters in Business Administration from the Harvard Business School.

He joined the Board of Ecobank Nigeria in November 2012.



Born 1958, Eveline Tall is an Executive Director in Ecobank Transnational Incorporated, its Chief Operating Officer and a Deputy Chief Executive Officer. She started her banking career in 1981 in Citibank in Dakar. She left Citibank to join Ecobank Mali as Deputy Managing Director in 1998, and was made Managing Director in 2000. She was later transferred to Ecobank Senegal as Managing Director in 2000. She was appointed Regional Head of the UEMOA Zone in October 2005. Eveline Tall holds a Bachelor’s degree in English (Dakar) and a Diploma in International Trade, Distribution and Marketing from the Ecole d’administration et de Direction des Affaires, Paris. She was appointed to the Board of the Bank in March 2010.

Mme. Eveline Tall

Non-Executive Director

Edouard Virgile

Dossou-Yovo

Independent Director

Born 1949, Mr. Dossou-Yovo has a Masters Degree and Ph.D in Commercial Law. He worked with Banque Paribas Group France for 10years as Investment Advisor and Legal Counsel. Since leaving Banque Paribas Group, from 1990 to date, Mr. Dossou-Yovo has been operating his own Company, Cabinet International Ingenierie Financiere Assitance Juridique et Gestion (CIIFAG).

Mr. Dossou-Yovo is bringing his wealth of experience in international banking as well as the Law to Ecobank Nigeria as a non-Executive Director and Independent Director. He is from the Republic of Benin and joined the Board in April 2009.



Born 1968, Mr. Karim is the Group Managing Director/CEO Shoreline Energy International Ltd (a leading energy and infrastructure company focused on Africa). His current portfolio consists of business in the construction, commodity trading, agro-allied products, oil and gas, engineering and power sectors.

In addition to his role at Shoreline Energy International, Mr. Karim is the current Chairman of Costain West Africa Plc and serves as director in seven (7) subsidiary companies including Schlumberger Testing & Production Services Nigeria Limited, Trans Amadi Facilities Ltd and Chairman, Nigerian Ropes Plc.

Mr. Karim is a Young Global Leader 2008 Award Honoree and also a pioneer and active member of the Global Agenda Council on Emerging Multinationals of the World Economic Forum. He had delivered opinion and position papers at international conferences, investment forum, business schools and universities.

He has attended many courses both locally and international including management and leadership courses at the prestigious Harvard Business School and John F. Kennedy School of Government.

Mr. Karim is a member of the Institute of Directors, Nigeria (IoD), Lagos Polo Club, Ikoyi Club 1938 and Lagos Motor Boat Club. He was appointed a director in Ecobank Nigeria in June 2010

Mr. Orikolade Karim


Mr. Olufemi Ayeni

Independent Director

Born 1955, Mr. Ayeni is a graduate of the University of Lagos with an MBA specializing in Finance and Entrepreneurial Management from Wharton Business School and University of Pennsylvania USA. He is the founder and Chairman/CEO of Ultima Limited (1989 to date), a pioneer company in telecommunication and media industry.

Mr. Ayeni has over 30 years experience in the entertainment, media, telecommunications and banking industries. He has international banking experience from National Bank Philadelphia in United States of America (USA) and locally with the International Merchant Bank.

His company Ultima Limited is behind the successful weekly, interactive TV Reality show “Who Wants To Be A Millionaire?” and “Project Fame West Africa” among others.

Mr. Ayeni, a distinguished entrepreneur joined the Board in January 2012.



Born in 1961, Ms. Aboderin is a Chartered Accountant and also holds a first degree in Economics. She joined Ecobank in March 2007.

A seasoned banker, her banking experience spans 27 years, managing the relationships of Multinationals and Top-tier Local Corporates operating in key sectors of the economy. She has attended several Citibank courses locally and abroad and she performed a short-time assignment in Citibank South Africa. Before working with Citibank, she started her banking career at First City Merchant Bank (now First City Monument Bank) where she worked in the Corporate Finance and Corporate Banking Departments of the bank for over ten years.

Foluke Aboderin is the Group Head of Corporate Banking, and was appointed an Executive Director in September 2007.

Foluke Aboderin

Executive Director

Born in 1957, Mrs. Oyetunji graduated from the University Of Nigeria in 1977 with a BSc in accountancy. She is a Fellow of both the Institute of Chartered Accountants of Nigeria and The Association Of Certified Accountants in the UK.

She brings over 30years of experience in audit, financial services, banking and asset management. From 1981 to 1992, she built a career in audit and business/financial advisory with the firms of Coopers and Lybrand and Z.O Ososanya & Co in Nigeria and KPMG in the UK. Her banking experience spanned ten years from 1992 to 2002 when she held senior management positions including head of Foreign Operations and Bank Treasurer at First Bank of Nigeria. Since 2002, she has been the Managing Director of Abitos Financial Services Limited, a financial advisory and real estate investment company.

Mrs. Oyetunji has taught Accounting and Finance on the executive programs of the Lagos Business School and IBFC Agusto. She has also taught Asset & Liability Management for the Money Market Association of Nigeria. She is a member of the International Women Society

Mrs. Oyetunji joined the Board in April 2012.

Mrs. Funmi Oyetunji

Non-Executive Director



Oladele Alabi

Executive Director

Born 1967, ‘Dele Alabi has over 18 years of diversified experience in banking, having worked in various areas including Treasury and Financial Institutions, Strategy and Business Development, Corporate Banking and Risk Management groups in the Ecobank Group. He also has country supervision and management experience, as the pioneer Managing Director for Ecobank Uganda since inception in January 2009 till August 2011. He joined Ecobank Nigeria in 1993 and rose to senior management position in the affiliate before his transfer to the group in January 2007. He was a member of the team involved in growing Ecobank franchise in the East and Southern African region between 2007 and 2008. Prior to joining Ecobank Nigeria PLC in 1993, he worked for 5 years in Arthur Andersen & Co (now KPMG Professional Services), an international audit and consulting firm.

Dele holds a First Class Honours degree in Accounting from the University of Ife and an MBA (specializing in Finance) from the University of Lagos. He is an award winning Chartered Stockbroker (Associate), Chartered Accountant (Fellow), Chartered Banker (Fellow) and Chartered Tax practitioner (Associate), He was appointed an Executive Director in August 2011, with responsibility for the Finance and Risk functions in the bank.

Born 1965, Mr. Aigbokhaevbo has over 18 years of banking experience with over 8 years at senior management positions. His banking career has included key positions in Internal Control and Audit, Corporate Banking, and Marketing. He spent the bulk of his career in Zenith Bank Plc where he rose to become the General Manager/Group Zonal Head, Victoria Island Annex Zone, with responsibilities for driving business initiatives. He left Zenith Bank Plc. in 2007 to join UBA Plc where he held several positions namely Regional Head, Island Bank and Ikeja Bank. He holds a B.Sc( Honors) degree in Agric Economics, with a second class upper division, from University of Ibadan, Oyo State. He is a Fellow of the Institute of Chartered Accountants of Nigeria, ICAN and is responsible for overseeing the Bank’s Domestic Banking operations in the Lagos and West Region. He was initially appointed Executive Director in June 2011 and re-appointed in April 2012.

Mr. Kingsley Aigbokhaevbo

Executive Director



Mr. Henry Ajagbawa

Executive Director

Born 1963, Mr. Ajagbawa has over 21 years of banking experience with over 11 years in various senior management positions. His banking career has included key positions in Audit, Corporate Banking, and Marketing. He worked with Standard Trust Bank Plc, Continental Trust Bank Limited, Equitorial Trust Bank Limited and United Bank for Africa (UBA) and more recently as Executive Director in Oceanic Bank International Limited before its merger with Ecobank Nigeria. He holds a B.Sc( Honors) degree in Economics, with a Second Class Upper Division, from University of Lagos and M.Sc. Economics from the same Institution. He is a Fellow of the Institute of Chartered Accountants of Nigeria, ICAN

Prior to his appointment as Executive Director in April 2012 responsible for the Bank’s South South/South East Region, he was Group Head, Public Corporates with the Ecobank Group.

Born 1962, Mr. Jafiya has over 26 years of banking experience with over 10 years at senior management level. He spent his career in different Banks which include United Bank for Africa (UBA), Equitorial Trust Bank Limited, City Express Bank, Oceanic Bank International and Bank PHB among others. He holds a B.Sc( Honors) degree in Business Administration with a Second Class Upper Division, and M.Sc in Business Administration. He was appointed Executive Director in April 2012 responsible for the Bank’s Northern Region.

Mr. Shehu Jafiya

Executive Director



Jibril Aku

Managing Director

Born 1960, Mr. Jibril Aku has over 33 years banking experience with 19 years spent in senior management. His banking career has included key positions in Capital Markets, Foreign Exchange and Treasury Management. Mr Aku at one time served two terms as director of Nigeria Inter-bank Settlement Systems (NIBSS) and various subsidiaries of Afribank Group including Afribank International Limited (Merchant Bankers) and ANP International Finance, Dublin, Ireland. Mr . Aku is a former President of the Money Market Association of Nigeria (MMAN) and has serves as Chairman of the NIBOR Committee of the Association. Prior to joining Ecobank in 2006, he worked for Nigeria International Bank Limited (Citibank) and later with Afribank Nigeria Plc as Executive Director in charge of Operations & Information Technology. He holds a Bachelors and Masters Degrees in Business Administration.

Jibril Aku was Executive Director responsible for the Bank’s Treasury & Financial Institutions Group amongst others from April 2006–March 2010. He was elevated to the position of the Managing Director of the Bank in March 2010.


Corporate governance report

Corporate governance reportCommitment to Corporate Governance

Ecobank remains committed to ensuring international best practice in terms of Corporate Governance.

1. Board compositionAs at December 31, 2012, the Board comprised fifteen (15) Directors: nine (9) non-executive and six (6) executive directors.

During the year the Bank was in compliance with the CBN Code of Corporate Governance regarding the appointment of a minimum of two (2) independent non-executive directors. The independent directors are Mr. Edouard Dossou-Yovo and Mr. Olufemi Ayeni.

All the Bank’s Directors have varied experience and backgrounds and are well equipped to handle the responsibilities of the Board.

2. Role of the boardFundamental to the guiding principles of Ecobank is that all power belongs to the shareholders.

The role of the Board is well documented in the Ecobank Group Corporate Governance Charter which is revised from time to time based on the evolving nature of the responsibilities of the Board.

The Board receives continuous training on corporate governance and relevant areas of the banking. Directors attended training on the following during the financial year

• Continuous Education on Corporate Governance

• Internal Control Oversight & Monitoring

• FITC Improving Board Audit Committee’s Effectiveness

• Credit Risk Management Workshop

• Enterprise Risk Management Workshop

The Board’s oversight of the operations and activities of the Bank is also carried out transparently.

3. Compliance with the Central Bank of Nigeria (CBN) Code of Corporate Governance The Bank rendered monthly returns to the CBN on the status of its compliance with the CBN Code of Corporate Governance. The Bank is in compliance with the terms of the Code.

4. Board committeesDuring the 2012 financial year, the Board delegated some of its responsibilities to the following Committees:

i.Board Credit CommitteeResponsibilities • Approval of credits outside management’s approval

limit

• Approval of insider-related transactions/credits

• Review of remedial accounts/past due obligations/classified accounts

• Approval of accounts to be written-off and any other related matters

• Approval of exceptions to the credit policy

• Review of periodic reports and assessment of portfo-lio performance

Committee Composition: Mr. Olufemi Ayeni - Chairman

Mr. Kola Karim

Mrs. Funmi Oyetunji

Mr. Edouard Dossou-Yovo

Mr. Jibril Aku

Ms. Foluke Aboderin

ii. Board Governance CommitteeResponsibilities • Compliance with Governance Code

• Corporate governance issues and assessment/evalu-ation of the Board

• Approval of contractors and major contracts

• Human Resources matters, relating to employment, termination of employment and review of perfor-mance appraisal of Assistant General Managers and above, staff salary changes and loans, and considera-tion of appointment of directors and their emolu-ments.

Committee Composition:Chief Wilfred Belonwu - Chairman

Alhaji Mua’zu Anache

Mme. Eveline Tall

Dr. (Mrs.) Nadu Denloye - Resigned in October 2012

iii. Board Risk Committee Responsibilities • Review and recommend changes to the Board as

needed to ensure that the Bank has in place at all times a Risk Management Policy

• Approve and recommend risk tolerance levels, limits and metrics.

• Review on an annual basis a risk assessment pre-pared by management that identifies and evaluate all material risks.


Corporate governance report (Cont’d)

• Provide oversight to ensure that the risk manage-ment monitoring and reporting functions in the Bank are independent of business line or risk-taking processes.

• Discuss and evaluate the Bank’s risk exposures in light of current market conditions, established risk limits, operating performance and other relevant factors.

• Review the report that monitors compliance with risk parameters established by regulation or Bank policy and measures the adequacy of risk monitoring, test-ing and governance.

• Inform the Board of the status of risk exposures and risk management processes in the Bank.

• Oversee the Bank’s risk framework and controls, and monitor the activities of the management level risk committees.

• Periodically review and approve proposals regard-ing financial, investment, credit and operating risk management strategies and key decisions of the management level risk committee.

Committee Composition: Dr. (Mrs.) Nadu Denloye - Chairman up to October 2012

Mrs. Funmi Oyetunji - Chairman effective December 2012


Mr. Olufemi Ayeni

Mr. Jibril Aku

Mr. Oladele Alabi

iv. Board Audit & Compliance CommitteeResponsibilities• Review and assessment of all internal and external

audit reports. Review and monitoring of internal control and ensuring effectiveness of controls

• Review of frauds and forgeries

• Review of the Bank’s compliance requirements

• Liaising with external and internal auditors and management

• Ensuring compliance with all applicable laws and regulations, as well as operating standards

• Review of the Bank’s financial performance

• Review of scope and planning of audits

• Review of audited accounts and management Control Reports

• Review of capital expenditure and operating expenses

Committee Composition:

Alhaji Mua’zu Anache - Chairman

Chief Wilfred Belonwu

Mr. Kola Karim


5. Frequency of meetings

Meetings of the Board and its Committees are usually held quarterly, but may be convened at any time whenever the need arises.

The Board and its Committees met as follows:

Board/Committees Meetings No. of Meetings

Board of Directors 8Board Credit 7Board Risk 5Board Governance 4Board Audit & Compliance 4

During the year under review, management was supported by the following Management Committees

i) Executive Management Committee chaired by the Managing Director

ii) Human Resources Committee, chaired by an Executive Director

iii) Assets and Liabilities Committee, chaired by the Managing Director

iv) Disciplinary Committee, chaired by an Executive Director

v) Criticised Asset Committee

vi) Information Technology Steering Committee, chaired by an Executive Director


The Board of Directors convened eight (8) times during the year

S/N Directors Attended Percentage

1. The Olor’ogun S. F. Kuku, OFR 8 100%2. Alhaji M. Anache 8 100%3. Dr. (Mrs.) Nadu Denloye 7 100%4. Chief W. Belonwu 5 63%5. Mr. Edouard Dossou-Yovo 7 88%6. Mr. Kola Karim 7 88%7. Mr. Femi Ayeni * 6 85%8. Mrs. Funmi Oyetunji * 4 80%9 Mr. Arnold Ekpe * 5 100%10 Mr. Thiery Tanoh - 0%11. Mme. Eveline Tall 2 100%12. Mr. Jibril Aku 8 100%13. Ms. Foluke Aboderin 8 100%14. Mr. Oladele Alabi 8 100%15. Mr. Kingsley Aigbokhaevbo 6 100%16. Mr. Henry Ajagbawa * 5 100%17. Mr. Shehu Jafiya * 4 80%

* Mr. Femi Ayeni was appointed in January 2012* Mrs. Funmi Oyetunji was appointed in April 2012* Mr. Henry Ajagbawa was appointed in April 2012* Mr. Shehu Jafiya was appointed in April 2012* Mr. Kingsley Aigbokhaevbo was re-appointed in April 2012* Mr. Thierry Tanoh was appointed in October 2012* Dr. (Mrs.) Nadu Denloye retired in October 2012* Mr. Arnold Ekpe retired in October 2012

Board Governance CommitteeThe Committee convened four (4) times during the year.

S/N Directors Total No. Attended Percentage

1. Alhaji Mua’zu Anache 4 100%2. Chief Wilfred Belonwu 3 75%3. Mme. Eveline Tall 1 50%4. Dr. Nadu Denloye 3 100%5. Mr. Arnold Ekpe 2 100%

Board Credit Committee The Committee convened four (7) times during the year.


1. Mr. Olufemi Ayeni 7 100%2. Mr. Kola Karim 5 72%3. Mr. Edouard Dossou-Yovo * 4 57%4. Mrs. Funmi Oyetunji * 6 100%5. Mme. Eveline Tall * 1 100%6. Mr. Jibril Aku 5 72%7. Ms. Foluke Aboderin 5 72%

* Mr. Edouard Dossou-Yovo – member from April 2012 and ceased to be a member in December 2012* Mrs. Funmi Oyetunji – member from June 2012* Mme. Eveline Tall – member from April 2012 and ceased to be a member in June 2012

6. Attendance at board and committee meetingsThe Board



Board Risk Committee The Committee convened four (4) times during the year


1. Dr. (Mrs.) Nadu Denloye * 4 100%2. Mr. Olufemi Ayeni * 4 80%3. Mrs. Funmi Oyetunji * 2 100%4. Mr. Jibril Aku 3 75%5. Mr. Oladele Alabi 5 100%

* Dr. (Mrs.) Nadu Denloye – member from May 2009 and ceased to be a member in October 2012* Mr. Olufemi Ayeni – member from March 2012* Mrs. Funmi Oyetunji – member from October 2012

Board Audit & Compliance Committee The Committee convened four (4) times during the year.


1. Alhaji Mua’zu Anache 4 100%2. Chief Wilfred Belonwu 2 50%3. Mr. Kola Karim 3 75%4. Mr. Edouard Dossou-Yovo 3 75%5. Mrs. Funmi Oyetunji * 2 100%

* Mrs. Funmi Oyetunji – member from June 2012


7. Related party transactionsThe Bank in the ordinary course of business entered into contracts with a company related to one of the directors. The contracts were done on arms-length basis and have been duly performed.

These are as follows:

The Bank entered into Computer and ATM supply contracts with Computer Warehouse Group, (a company in which Chief Belonwu is the Chairman), Resources, Trade and Technologies for the Supply of Chubb Safes (the Company is related to Mr. Jibril Aku), Telnet/Softworks – for maintenance of 6 ATMs (the Company is related to Dr. Denloye, now a former director).

8. Shareholder participationThe Bank is conscious of, and promotes shareholder rights. It continues to take necessary steps to ensure same. The benefits from contributions, advice and the wise counsel of shareholder members of the Statutory Audit Committee remain useful.

9. Whistle-blowingIn line with our commitment to instill best corporate governance practices in the institution and in compliance with regulatory requirements, all stake holders are invited to report any concern about a threatened/suspected or actual breach through an independent Whistle-Blowing process. The Bank currently subscribes to the KPMG Ethics Line, an independent Whistle-Blowing procedure which ensures anonymity of the whistle-blower and effective

handling of issues reported. All stakeholders are enjoined to utilize the Line. The e-mail address is [email protected]. Toll free hotlines: 07030000026, 0700000027, 08088118888, 08088228888

10. Customer compliantsThe Board and its Committees met as follows:

Complaints Resolved UnresolvedNumber 473 406 67Amount refund-ed (N’millions) - 311 -

The unresolved complaints relates to unauthorized deductions, excess charges, interest and COT contested by the customers.

We were unable to resolve some of these complaints as they were received towards the ending of the year and are currently under Investigations.

Good Corporate Governance is fundamental to the long term success of any institution. This remains the bedrock of the operations of the Bank and its Board.

March 2013


Board Appraisal Report

8 May 2013

The Chairman

Board of Directors

Ecobank Nigeria Limited

Plot 21, Ahmadu Bello Way

Victoria Island

Lagos, Nigeria

Dear Sir

Report to the Directors of Ecobank Nigeria Limited on the outcome of the Board Performance AssessmentPricewaterhouseCoopers was engaged to carry out an assessment of the Board of Directors of Eco bank Nigeria Limited (“Ecobank”) as required by Section 5-4.6 of the Central Bank of Nigeria’s Code of Corporate Governance for Banks in Nigeria (“the Code”). The Code requires that the review should cover all aspects of the Board’s structure and composition, responsibilities, processes and relationships, as well as individual members’ competencies and respective roles on the Board’s performance. The review was conducted for the period ended 31 December 2012.

The Board is responsible for the preparation and presentation of information relevant to its performance. Our responsibility is to reach a conclusion on the Board’s performance based on work carried out within the scope of our engagement as contained in our letter of engagement. In carrying out the evaluation, we have relied on representations made by members of the Board and management and on the documents provided for our review.

The Board has complied to a large extent with the directives of the Codes. Areas of compliance include the structure and composition of the Board and Board Committees, the skills, gender and age diversity on the Board and the commitment of Board members as evidenced by the level of attendance at Board and Committee meetings. Other areas of strength include the quality of experience of Board members, regular management reporting to the Board, effectiveness of the Company Secretariat and the existence of a well-developed induction programme for newly appointed Board Members.

We have also identified areas for improvement during the course of our review, some of which include the need for more direct involvement of the Non-Executive Directors in strategy formulation and regular enhancement of the Bank’s succession planning policy which would ensure effective implementation and adherence. Other findings and recommendations are contained in our full report to the Board.

We also assessed the performance of the individual Directors on the Board for the year under review. This assessment was based on their individual competence, level of attendance to Board and Board Committee meetings, contribution and participation at these meetings and relationship with other Board members. Each individual Director’s Assessment report was prepared and made available to them respectively while a consolidated report of the performance of all Directors was also submitted to the Chairman of the Board.

Yours faithfullyFor: PricewaterhouseCoopers Limited

Dr Andrew NevinDirector


Statement of Directors’ Responsibility

Jibril AkuManaging Director

The Olor’ogun (Dr.) Sonny Kuku, OFRChairman

The Companies and Allied Matters Act and the Banks and other Financial Institutions Act, requires Directors to prepare financial statements for each financial year which give a true and fair view of the state of financial affairs of the Bank at the end of the year and of its profit or loss.

The responsibilities include ensuring that the Bank: a. keeps proper accounting records that disclose, with

reasonable accuracy, the financial position of the Bank and comply with the requirements of the Companies and Allied Matters Act and the Banks and other Financial Institutions Act;

b. establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and

c. prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates, and are consist-ently applied.

The Directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with the:

- International Financial Reporting Standards;

- Prudential guidelines for licensed banks;

- Relevant circulars issued by the Central Bank of Nigeria;

- Requirements of Banks and other Financial Institu-tions Act; and

- Requirements of the Companies and Allied Matters Act

The Directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the Bank and of its profit and cash flows. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control.

Nothing has come to the attention of the Directors to indicate that the Bank will not remain a going concern for at least twelve months from the date of this statement.


Report of the independent auditors to the members of

Ecobank Nigeria Limited

Report on the Financial Statements

as at 31 December 2012, 31 December 2011 and 1 January 2011

statement for the years ended 31 December 2012 and 31 December

explanatory information set out on pages 36 to 105.

Directors’ Responsibility for the Financial StatementsThe Directors are responsible for the preparation and fair presentation

Allied Matters Act CAP C20 LFN 2004, the Banks and other Financial Institutions Act CAP B3 LFN 2004, the Financial Reporting Council of Nigeria Act No 6, 2011, the International Financial Reporting Standards, and for such internal control as the Directors determine

are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the

statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence

procedures selected depend on the auditors’ judgment, including

statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal controls relevant to the

in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also

includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Directors,

statements.

and appropriate to provide a basis for our audit opinion.

Opinion

December 2012 and 31 December 2011 and 1 January, 2011 and

31 December 2012 and 31 December 2011 in accordance with the Companies and Allied Matters Act CAP C20 LFN 2004, the Financial Reporting Council of Nigeria Act No 6, 2011 and the International Financial Reporting Standards.

Other reporting responsibilitiesIn accordance with circular BSD/1/2004 issued by the Central Bank of Nigeria, details of insider-related credits are as disclosed in note 38.

During the year the bank contravene certain sections of BOFIA and CBN circulars/guidelines, the details of the contravention and

statements.

Akintola Williams DeloitteChartered AccountantsLagos, Nigeria22 April, 2013FRC number: FRC/2013/ICAN/000000000830


Statement of Comprehensive Income

For the year 31 December 2012

Note 31 December 31 December(All amounts in millions of naira unless otherwise stated) 2012 2011

Interest income 3 118,492 43,656Interest expense 4 (45,110) (21,527)Net interest income 73,382 22,129

Impairment charge for credit losses 5 (12,342) 15,260Net interest income after impairment charge for credit losses 61,040 37,389

Net fee and commission income 6 29,059 16,390Net gains from financial instruments at fair value 7 1,015 2,270Other operating income 8 8,410 5,455Employee benefit expense 9 (46,957) (16,970)General and administrative expense 10 (22,610) (12,533)Depreciation and amortisation 11 (9,286) (3,571)Other operating expenses 12 (15,444) (10,407)

Profit before tax 5,227 18,023Income tax 13 2,578 1,321

Profit for the year 7,805 19,344

Other comprehensive income:Revaluation of financial assets 14 10,578 (5,597)

Total comprehensive income for the year 18,383 13,747

Profit attributable to:Owners of the parent 7,805 19,344

Total comprehensive income attributable to:Owners of the parent 18,383 13,747

18,383 13,747

Earnings per share for profit attributable to owners of the parentBasic/Diluted 15 42.23k 69.29k

The notes on pages 41 to 103 form an integral part of these financial statements.


Statement of Financial Position

As at 31 December 2012

(All amounts in millions of Naira unless otherwise stated) Note 31 December 2012 31 December 2011 1 January 2011

AssetsCash and balances with Central Bank 16 112,323 86,919 19,437Loans and advances to banks 17 120,078 116,597 100,514Loans and advances to customers 18 546,873 410,150 225,369Financial assets held for trading 19 23,394 32,812 6,821Investment securities: -Available-for-sale investments 20 228,576 249,272 26,036 -Loans and receivables 21 78,116 74,159 3,949Pledged assets 22 109,334 18,600 17,487Non-current assets held for sale 23 2,744 - -Property, plant and equipment 24 59,387 67,131 19,440Intangible assets 25 103 820 155Deferred tax asset 26 6,005 4,709 2,729Other assets 27 38,382 23,889 22,041

Total assets 1,325,315 1,085,058 443,978

LiabilitiesDeposits from banks 28 21,489 10,116 710Deposits from customers 29 1,043,213 890,425 342,379Borrowings 30 58,883 64,409 3,776Retirement benefit obligations 31 - 1,502 502Provisions 32 1,279 1,290 18Current income tax liability 13 1,581 1,548 329Other liabilities 33 45,242 40,406 30,717

Total liabilities 1,171,687 1,009,696 378,431

EquityShare capital 34 9,241 13,960 6,940Share premium 35 115,961 84,799 54,119Retained earnings (19,704) (64,532) (11,188)Other reserves 48,130 41,135 15,676

Total equity 153,628 75,362 65,547

Total equity and liabilities 1,325,315 1,085,058 443,978

The notes on pages 41 to 103 form an integral part of these financial statements.

These financial statements were approved by the Board of Directors and authorized for issue on 15 March, 2013 and signed on its behalf by :

The Olor’ogun (Dr) Sonny F. Kuku, OFR Jibril Aku Dele AlabiChairman Managing Director Executive DirectorFRC/2013/WACP/00000001824 FRC/2013/CIBN/00000001879 FRC/2013/ICAN/00000001767


Attributable to equity holders of the parent

Share capitalShare pre-

miumRetained earnings

Statutory reserve

SMIEIS reserve

Capital reserve AFS reserve

Regulatory reserve Total

N’Million N’Million N’Million N’Million N’Million N’Million N’Million N’Million N’Million

Balance at 1 January 2011 6,940 54,119 (11,188) 6,135 1,150 7,218 1,173 - 65,547

Profit - - 19,344 - - - - 19,344Transfer to regulatory risk reserves (12,255) - 12,255 -Revaluation of equity financial assets, net of tax - - - - - - (5,597) (5,597)

Total comprehensive income - - 7,089 - - - (5,597) 12,255 13,747

Issue of new shares 7,020 30,680 - - - 18,800 - - 56,500Acquired from business combination - - (60,433) - - - - - (60,433)

At 31 December 2011 13,960 84,799 (64,532) 6,135 1,150 26,018 (4,424) 12,255 75,362

Profit - - 7,805 - - - - 7,805Revaluation of AFS net of tax (i) - - - - - - 10,578 10,578

Total comprehensive income - - 7,805 - - - 10,578 18,383Issue of new shares (ii) 3,337 63,407 - - - (18,800) - - 47,944Adjustment to regulatory reserves - - (15,218) - - - - 15,218 -Inflow receivable from AMCON (iii) - - 11,372 - - - - - 11,372Reduction of shares (iv)(iii) (8,056) (32,245) 40,301 - - - - - -Prior year IFRS adjustment - - 568 - - - - - 568

At 31 December 2012 9,241 115,961 (19,704) 6,135 1,150 7,218 6,154 27,473 153,628

i) This shows the effects from the fair value measurement of equity instruments elected to be presented in other comprehensive income on initial recognition.

ii) A total of 6,674,441,964 shares were issued to Ecobank Transnational Incorporated (ETI) during the year at N10 per share and nominal value of N0.5.

iii) N11.3 billion represents inflow receivable from AMCON in respect of the negative networth acquired from former Oceanic Bank in 2011.

iv) A total of 16,111,111,111 shares, worth N8.05 billion and share premium of N32.2 billion were reduced and transferred to retained earnings during the year.

Statement of Changes In Equity

For the year 31 December 2012


Statement of prudential adjusments

For the year ended 31 December 2012

31 December 2012

31 December 2011

Impairment - IFRSLoans: - Collective 5,328 4,179 - Specific 17,044 13,440

22,372 17,619

Investment securities - LR - -Other assets 5,866 5,709

Impairment - Prudential GuidelinesLoans:- General 5,486 4,073- Specific 19,848 12,274

25,334 16,347

Long term investments 12,255 12,255Other assets 5,866 5,709

Excess of Prudential guidelines over IFRS - Loans 2,963 - - Investments 12,255 12,255

Excess of Prudential impairment over IFRS impairment transferred to regulatory reserve 15,218 12,255


NoteDecember

2012December

2011

Cash flows from operating activitiesProfit before tax 5,227 18,023Adjustments:Loan impairment charges 5 10,973 (16,537)Depreciation 11 8,556 3,377Amortisation of intangible assets 11 730 194Impairment losses on loans and receivables 5 707 (34)Impairment losses on other assets 5 287 846Profit from sale of property and equipment 8 (105) (67)Bad loans written off 18 (6,218) (82,814)Property, plant and equipment scrapped 54 62Amount written-off other assets (131) (219)Interest paid on long term borrowings 4 1,333 852Net interest income (73,382) (22,129)Dividend income 8 (240) (130)Retirement benefit obligation - charge for the period 9 1,892 1,408

(50,317) (97,168)

Cash reserve balance 16 (33,850) (55,288)Interest received 3 118,492 43,656Interest paid 4 (45,110) (21,527)Loans and advances to customers 18 (141,477) (156,423)Financial assets held for trading 19 9,418 (25,991)Investment securities – AFS 20,696 (4,423)Investment securities – loans and receivables 21 (3,957) (70,210)Pledged assets 22 (90,734) (1,113)Non-current assets held for sale (2,744) -Other assets (14,650) 6,533Deposit from banks 28 11,373 9,406Deposit from customers 29 152,788 548,046Retirement benefit obligations (1,502) 1,000Provisions (11) 1,272Other liabilities 5,925 10,427Value added tax paid (551) (531)income tax paid - (642)

Net cash from operating activities (66,211) 187,024

Cash flows from investing activitiesProceeds from sale of AFS financial assets 20 20,695 (223,236)Dividend income 240 130Purchase of software (13) (859)Purchase of property and equipment 24 (5,085) (51,522)Proceeds from sale of property and equipment 4,324 459

Net cash used in investing activities 20,161 (275,028)Cash flows from financing activitiesProceeds from issue of shares 47,944 56,500Borrowings 30 (5,526) 60,633Interest paid on long term borrowings 4 (1,333) (852)

Net cash (used in)/generated from financing activities 41,085 116,281

Increase in cash and cash equivalentsCash and cash equivalents at the beginning of year 145,826 117,549Net cash from operating activities (66,211) 187,024Net cash from investing activities 20,161 (275,028)Net cash from financing activities 41,085 116,281

Cash and cash equivalents at end of year 16 140,861 145,826

Cash and cash equivalents comprise:Cash and balances with central bank 16 20,783 29,229Loans and advances to banks 17 120,078 116,597

140,861 145,826

Statement of Cash Flows



Notes to the financial statements


1. General InformationEcobank Nigeria (hereinafter referred to as “the Bank”) was incorporated as a public limited liability company on 7 October 1986, and was granted banking licence on 24 April 1989. The Bank was listed on the Nigerian Stock Exchange by introduction between 24 April 2006 and remained listed until 31 December 2011. On 30 December 2011, by a Federal High Court Sanction of a Scheme of Arrangement, Ecobank Transnational Incorporated (ETI), Lome, incorporated in the Republic of Togo which prior to that date held 85.1% equity shares in the Bank, became beneficial owner of 100% shareholding in the Bank. The Bank is now a fully owned subsidiary of ETI and has been re-registered as a private limited liability company at the Corporate Affairs Commission, Abuja.

ETI acquired 100% interest in Oceanic Bank Group on 28 October 2011 through the issue of shares to AMCON and the shareholders of Oceanic Bank. Oceanic Bank was delisted on the Nigerian Stock Exchange (NSE) on that date and became a Limited liability entity.

As a result of common control in both Ecobank Nigeria and Oceanic Bank Limited, ETI decided to merge the two operations. The effective date of business combination is 30 December 2011. The address of its registered office is as follows:

Plot 21, Ahmadu Bello Way, P.O. Box 72688, Victoria Island Lagos, Nigeria

The principal activity of the Bank is commercial banking which includes domestic and corporate banking services. The Bank operates under a commercial banking license with National Banking status in line with the Central Bank of Nigeria’s present Banking model.

The financial statements for the year ended 31 December 2012 have been approved for issue by the Board of Directors on 15 March 2013. Neither the entity’s owners nor others have the power to amend the financial statements after issue.

2. Summary of significant accounting policiesThe principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. An explanation of how the transition to International Financial Reporting Standards (IFRS) has affected the reported financial position, financial performance and cash flows of the Bank is provided in note 45. This note includes reconciliations of equity and the statement of comprehensive income for the comparative periods reported under Nigerian GAAP (Previous GAAP) to those reported for these periods under IFRS.

2.1 Basis of presentationThe Bank’s financial statements for the year 2012 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Additional information required by national regulations is included where appropriate. These are the first stand-alone financial statements of the Bank prepared in accordance with IFRS and IFRS 1 (First-time Adoption of IFRS) has been applied.

The Bank has elected not to consolidate its holdings in 3 of its subsidiaries, in accordance with the guidance under IAS 27 ‘Separate Financial Statements’, paragraph 10 and with the full consent of its parent company, Ecobank Transnational Incorporated (ETI).

Ecobank Transnational Incorporated (ETI) is incorporated in Lome, Togo, and it prepares consolidated IFRS financial statements for public use. These consolidated financial statements are available at ETI’s registered office address:

Transnational Incorporated 2365, Boulevard du Mono B.P. 3261, Lome - Togo.

The investments and Ecobank Nigeria Limited’s holdings in them are listed thus:

% InterestOceanic Pension Fund Custodian Nigeria 100Oceanic Bureau de Change Nigeria 100Oceanic Securities Nigeria 100

These investments have been accounted for at fair value on the acquisition date.

The financial statements comprise the income statement and statement of comprehensive income showing as two statements, the statement of financial position, the statement of changes in equity, the statement of cash flow and the notes.

The financial statements have been prepared under the historical cost convention, except for the fair value for financial instruments.

The Bank classifies its expenses by the nature of expense method.

The Bank’s financial statements are presented in Nigerian Naira, which is the Bank’s presentation currency. The figures shown in the financial statements are stated in millions of Naira (N’Millions). The disclosures on risks from financial instruments are presented in the financial risk management report contained in Note 41.”

The preparation of these financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Bank’s accounting policies. Changes in assumptions may have a significant impact on the financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate and that the Bank’s financial statements therefore present the financial position and results fairly. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 44.

2.1.1 Changes in accounting policies and disclosures(a)New and amended standards adopted by the BankThe Bank has adopted IFRS for the first time in 2012 refer to IFRS 1 (note 46) for further details.




New standards and interpretations that are not yet effective and have not been early adopte. A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after 1 January 2012, and have not been applied in preparing these financial statements. None of these is expected to have a significant effect on the financial statements of the Bank, except the following set out below:

Amendment to IAS 1, ‘Presentation of Financial Statements’ regarding other comprehensive income. The main change resulting from these amendments is a requirement for entities to group items presented in ‘other comprehensive income’ (OCI) on the basis of whether they are potentially reclassifiable to profit or loss subsequently (reclassification adjustments). The amendments do not address which items are presented in OCI. The application of this amendment will mainly impact the presentation of the primary statements.

IFRS 13, ‘Fair value measurement’, aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. The requirements, which are largely aligned between IFRSs and US GAAP, do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs or US GAAP. The application of IFRS 13 may enhance fair value disclosures in a lot of circumstances.

IAS 19, ‘Employee benefits’, was amended in June 2012. The impact on the Bank will be as follows: to immediately recognise all past service costs; and to replace interest cost and expected return on plan assets with a net interest amount that is calculated by applying the discount rate to the net defined benefit liability (asset). The directors are yet to assess the full impact of the amendments.

IFRS 9, ‘Financial instruments’, addresses the classification, measurement and recognition of financial assets and financial liabilities. Issued in November 2009 and October 2011, it replaces the parts of IAS 39 that relate to the classification and measurement of financial instruments. IFRS 9 requires financial assets to be classified into two measurement categories: those measured as at fair value and those measured at amortised cost. The determination is made at initial recognition. The classification depends on the entity’s business model for managing its financial instruments and the contractual cash flow characteristics of the instrument. For financial liabilities, the standard retains most of the IAS 39 requirements. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded in other comprehensive income rather than the income statement, unless this creates an accounting mismatch. The directors are yet to assess IFRS 9’s full impact and intend to adopt IFRS 9 no later than the accounting period beginning on or after 1 January 2015. The directors will also consider the impact of the remaining phases of IFRS 9 when completed by the IASB.

There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Bank.

2.2 Foreign currency translation(a) Functional and presentation currencyItems included in the financial statements of the Bank are measured using the currency of the primary economic environment in which the Bank operates (“the functional currency”).

The financial statements are presented in Naira and figures are stated in millions of Naira, which is the Bank’s presentation currency.

(b) Transactions and balances“Foreign currency transactions that are denominated, or that require settlement, in a foreign currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.

Monetary items denominated in foreign currency are translated with the closing rate as at the reporting date. If several exchange rates are available, the forward rate is used at which the future cash flows represented by the transaction or balance could have been settled if those cash flows had occurred. Non-monetary items measured at historical cost denominated in a foreign currency are translated with the exchange rate as at the date of initial recognition; non-monetary items in a foreign currency that are measured at fair value are translated using the exchange rates at the date when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Changes in the fair value of monetary assets denominated in foreign currency classified as available-for-sale are analysed between translation differences resulting from changes in the amortised cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in the amortised cost are recognised in profit or loss, and other changes in the carrying amount, are recognised in other comprehensive income.

Translation differences on non-monetary financial instruments, such as equities held at fair value through profit or loss, are reported as part of the fair value gain or loss. Translation differences on non-monetary financial instruments, such as equities classified as available-for-sale financial assets, are included in other comprehensive income.

2.3 Sale and repurchase agreementsSecurities sold subject to repurchase agreements (‘repos’) are reclassified in the financial statements as pledged assets when the transferee has the right by contract or custom to sell or repledge the collateral; the counterparty liability is included in deposits from banks or deposits from customers, as appropriate. Securities purchased under agreements to resell (‘reverse repos’) are recorded as loans and advances to other banks or customers, as appropriate. The difference between sale and repurchase price is treated as interest and accrued over the life of the agreements using the effective interest method. Securities lent to counterparties are also retained in the financial statements.

2.4 Financial assets and liabilitiesAll financial assets and liabilities – which include derivative financial




instruments – have to be recognized in the statement of financial position and measured in accordance with their assigned category.

A) Initial recognition and measurementThe Bank uses trade date accounting for regular way contracts when recording financial asset transactions. Financial instruments at fair value through profit or loss are initially recognised at fair value while transaction costs, which are directly attributable to the acquisition or issue of the financial instruments, are recognised immediately through profit or loss. Financial instruments that are not carried at fair value through profit or loss are initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issue of the financial instruments.

The Bank does not currently apply hedge accounting.

B) Subsequent measurementSubsequent to initial measurement, financial instruments are measured either at fair value or amortised cost depending on their classification.

C) Classification and related measurementManagement determines the classification of its financial instruments at initial recognition. Reclassification of financial assets is permitted in certain instances as discussed below.

2.4.1 Financial assetsThe Bank classifies its financial assets in the following categories: financial assets at fair value through profit or loss, loans and receivables, held-to-maturity and available-for-sale financial assets. The directors determine the classification of its financial assets at initial recognition. The Bank uses trade date accounting for regular way contracts when recording financial asset transactions.

(a) Financial assets at fair value through profit or lossThis category comprises two sub-categories: financial assets classified as held for trading, and financial assets designated by the Bank as at fair value through profit or loss upon initial recognition.

A financial asset is classified as held for trading if it is acquired or incurred principally for the purpose of selling or repurchasing it in the near term or if it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking.

Derivatives are also categorised as held for trading unless they are designated and effective as hedging instruments. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative.

The Bank designates certain financial assets upon initial recognition as at fair value through profit or loss (fair value option). This designation cannot subsequently be changed and can only be applied when the following conditions are met:

- the application of the fair value option reduces or eliminates an accounting mismatch that would otherwise arise or

- the financial assets are part of a portfolio of financial instruments which is risk managed and reported to senior management on a fair value basis or

- the financial assets consist of debt host and an embedded deriva-tives that must be separated. “

Financial instruments included in this category are recognised initially at fair value; transaction costs are taken directly to profit or loss. Gains and losses arising from changes in fair value are included directly in profit or loss and are reported as ‘Net gains/(losses) on financial instruments classified as held for trading’. Interest income and expense and dividend income and expenses on financial assets held for trading are included in ‘Net interest income’ or ‘Dividend income’, respectively. Fair value changes relating to financial assets designated at fair value through profit or loss are recognised in ‘Net gains on financial instruments designated at fair value through profit or loss’.

b) Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than:

a.those that the Bank intends to sell immediately or in the short term, which are classified as held for trading, and those that the entity upon initial recognition designates as at fair value through profit or loss;

b.those that the Bank upon initial recognition designates as available for sale; or

c.those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration.

Loans and receivables are initially recognized at fair value – which is the cash consideration to originate or purchase the loan including any transaction costs – and measured subsequently at amortized cost using the effective interest rate method. Loans and receivables are reported in the statement of financial position as loans and advances to banks or customers or as investment securities. Interest on loans is included in the income statement and is reported as ‘Interest income’. In the case of impairment, the impairment loss is reported as a deduction from the carrying value of the loan and recognised in the income statement as ‘Loan impairment charges’.

c) Held-to maturity financial assetsHeld-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Bank’s management has the positive intention and ability to hold to maturity, other than:

(i) those that the Bank upon initial recognition designates as at fair value through profit or loss;(ii) those that the Bank designates as available for sale; and(ii) those that meet the definition of loans and receivables.

Held-to-maturity investments are initially recognized at fair value including direct and incremental transaction costs and measured subsequently at amortized cost, using the effective interest method.

d) Available-for-saleAvailable-for-sale investments are financial assets that are intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates,




exchange rates or equity prices or that are not classified as loans and receivables, held-to-maturity investments or financial assets at fair value through profit or loss.

Available-for-sale financial assets are initially recognized at fair value, which is the cash consideration including any transaction costs, and measured subsequently at fair value with gains and losses being recognized in the statement of comprehensive income, except for impairment losses and foreign exchange gains and losses, until the financial asset is derecognized. If an available-for-sale financial asset is determined to be impaired, the cumulative gain or loss previously recognized in the statement of comprehensive income is recognized in the income statement. However, interest is calculated using the effective interest method, and foreign currency gains and losses on monetary assets classified as available for sale are recognized in profit and loss.

2.4.2 Financial liabilitiesThe Bank’s holding in financial liabilities represents mainly deposits from banks and customers and other liabilities. Such financial liabilities are initially recognised at fair value and subsequently measured at amortised cost

a) Financial liabilities at fair value through profit or lossThis category comprises two sub-categories: financial liabilities classified as held for trading and financial liabilities designated by the Bank as at fair value through profit or loss upon initial recognition.

A financial liability is classified as held for trading if it is acquired or incurred principally for the purpose of selling or repurchasing it in the near term or if it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking. Derivatives are also categorized as held for trading unless they are designated and effective as hedging instruments. Financial liabilities held for trading also include obligations to deliver financial assets borrowed by a short seller. Those financial instruments are recognized in the statement of financial position as ‘Financial liabilities held for trading’.”

Gains and losses arising from changes in fair value of financial liabilities classified held for trading are included in the income statement and are reported as ‘Net gains/(losses) on financial instruments classified as held for trading’. Interest expenses on financial liabilities held for trading are included in ‘Net interest income’.

Financial liabilities for which the fair value option is applied are recognized in the statement of financial position as ‘Financial liabilities designated at fair value’. Fair value changes relating to financial liabilities designated at fair value through profit or loss are recognized in ‘Net gains on financial instruments designated at fair value through profit or loss’.”

b)Financial liabilities measured at amortized costFinancial liabilities that are not classified as at fair value through profit or loss are measured at amortised cost using the effective interest method. Interest expense is included in ‘Interest expense’ in the Statement of comprehensive income.

2.4.3 Determination of Fair Value“At initial recognition, the best evidence of the fair value of a financial instrument is the transaction price (i.e. the fair value of the consideration paid or received), unless the fair value of that instrument is evidenced by comparison with other observable current market transactions in the same instrument, without modification or repackaging, or based on valuation techniques such as discounted cash flow models and option pricing models whose variables include only data from observable markets.

Subsequent to initial recognition, for financial instruments traded in active markets, the determination of fair values of financial assets and financial liabilities is based on quoted market prices or dealer price quotations. This includes listed equity securities and quoted debt instruments on major exchanges and broker quotes.

A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. If the above criteria are not met, the market is regarded as being inactive. Indications that a market is inactive are when there is a wide bid-offer spread or significant increase in the bid-offer spread or there are few recent transactions.

For all other financial instruments, fair value is determined using valuation techniques. In these techniques, fair values are estimated from observable data in respect of similar financial instruments, using models to estimate the present value of expected future cash flows or other valuation techniques, using inputs existing at the reporting dates.

The Bank uses widely recognised valuation models for determining fair values of non-standardised financial instruments of lower complexity, such as options or interest rate and currency swaps. For these financial instruments, inputs into models are generally market-observable.

For more complex instruments, the Bank uses internally developed models, which are usually based on valuation methods and techniques generally recognised as standard within the industry. Valuation models are used primarily to value derivatives transacted in the over-the-counter market, unlisted debt securities (including those with embedded derivatives) and other debt instruments for which markets were or have become illiquid. Some of the inputs to these models may not be market observable and are therefore estimated based on assumptions.

The Bank uses its own credit risk spreads in determining the current value for its derivative liabilities and all other liabilities for which it has elected the fair value option. When the Bank’s credit spreads widen, the Bank recognises a gain on these liabilities because the value of the liabilities has decreased. When the Bank’s credit spreads narrow, the Bank recognises a loss on these liabilities because the value of the liabilities has increased.

The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, and valuation techniques employed may not fully reflect all factors relevant to the




positions the Group holds. Valuations may therefore be adjusted, where appropriate, to allow for additional factors including model risks, liquidity risk and counterparty credit risk. Based on the established fair value model governance policies, and related controls and procedures

2.4.4 DerecognitionFinancial assets are derecognised when the contractual rights to receive the cash flows from these assets have ceased to exist or the assets have been transferred and substantially all the risks and rewards of ownership of the assets are also transferred (that is, if substantially all the risks and rewards have not been transferred, the Bank tests control to ensure that continuing involvement on the basis of any retained powers of control does not prevent derecognition). Financial liabilities are derecognised when they have been redeemed or otherwise extinguished.

Collateral (shares and bonds) furnished by the Bank under standard repurchase agreements and securities lending and borrowing transactions is not derecognised because the Bank retains substantially all the risks and rewards on the basis of the predetermined repurchase price, and the criteria for derecognition are therefore not met.

Financial assets that are transferred to a third party but do not qualify for derecognition are presented in the Statement of financial position as ‘Assets pledged as collateral’.

2.4.5 Reclassification of financial assets“The Bank may choose to reclassify a non-derivative financial asset held for trading out of the held-for-trading category if the financial asset is no longer held for the purpose of selling it in the near-term. Financial assets other than loans and receivables are permitted to be reclassified out of the held for trading category only in rare circumstances arising from a single event that is unusual and highly unlikely to recur in the near-term. In addition, the Bank may choose to reclassify financial assets that would meet the definition of loans and receivables out of the held-for-trading or available-for-sale categories if the Bank has the intention and ability to hold these financial assets for the foreseeable future or until maturity at the date of reclassification.

Reclassifications are made at fair value as of the reclassification date. Fair value becomes the new cost or amortized cost as applicable, and no reversals of fair value gains or losses recorded before reclassification date are subsequently made. Effective interest rates for financial assets reclassified to loans and receivables and held-to-maturity categories are determined at the reclassification date. Further increases in estimates of cash flows adjust effective interest rates prospectively.

On reclassification of a financial asset out of the ‘at fair value through profit or loss’ category, all embedded derivatives are re-assessed and, if necessary, separately accounted for.”




2.4.6 Classes of financial instrumentThe Bank classifies the financial instruments into classes that reflect the nature of information and take into account the characteristics of those financial instruments. The classification made can be seen in the table below:

Category (as defined by IAS 39) Class (as determined by the Bank) Subclasses

Financial assets at Fair value through profit and loss

Financial assets held for trading

Debt securitiesEquity securitiesDerivatives non-hedging

Financial assets designated at fair value through profit or loss

Debt securitiesEquity securitiesLoans and advances to banksLoans and advances to customers

Loans and receivables

Loans and advances to banks

Loans and advances to customers

Loans to individual (retail)OverdraftCredit cardsTerm loansMortgages

Loans and advances to corporate

Investment securities - debt instrumentsSMEsListed

Held-to-maturity investments Investment securities - debt instrumentsUnlistedListed

Available-for-sale financial assets

Investment securities - debt instrumentsUnlistedListed

Investment securities - equity instrumentsListedUnlisted

Financial liabilities at amortised costDeposits – banksDeposits from customers Retail

Large corporate customersSMEs

Off-balance sheet financial instruments Loan commitmentsGuarantees, acceptance and other financial facilities




2.5 Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

2.6 Interest income and expenseInterest income and expense for all interest-bearing financial instruments are recognized within ‘interest income’ and ‘interest expense’ in the income statement using the effective interest method.

The effective interest method is a method of calculating the amortized cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Bank estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts.

Once a financial asset or a Bank of similar financial assets has been written down as a result of an impairment loss, interest income is recognized using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.

2.7 Fees and commissions income Fees and commissions are generally recognized on an accrual basis when the service has been provided. Loan commitment fees for loans that are likely to be drawn down are deferred (together with related direct costs) and recognized as an adjustment to the effective interest rate on the loan. Loan syndication fees are recognized as revenue when the syndication has been completed and the Bank has retained no part of the loan package for itself or has retained a part at the same effective interest rate as the other participants. Commission and fees arising from negotiating, or participating in the negotiation of, a transaction for a third party – such as the arrangement of the acquisition of shares or other securities, or the purchase or sale of businesses – are recognized on completion of the underlying transaction. Portfolio and other management advisory and service fees are recognized based on the applicable service contracts, usually on a time-apportionate basis. Asset management fees related to investment funds are recognized ratably over the period in which the service is provided. The same principle is applied for wealth management, financial planning and custody services that are continuously provided over an extended period of time. Performance-linked fees or fee components are recognized when the performance criteria are fulfilled.

2.8 Income from bonds or guarantees and letters of creditIncome from bonds or guarantees and letters of credit are recognised on a straight line basis over the life of the bond or guarantee.

2.9 Dividend income Dividends are recognized in the income statement in ‘Dividend income’ when the Bank’s right to receive payment is established.

2.10 Impairment of financial assetsa)Assets carried at amortized costThe Bank assesses at each reporting date whether there is objective evidence that a financial asset is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.

The criteria that the Bank uses to determine that there is objective evidence of an impairment loss include:

a. Delinquency in contractual payments of principal and interest;

b. Cash flow difficulties experienced by the borrower (for example, equity ratio, net income percentage of sales);

c. Breach of loan covenants and conditions;

d. Initiation of bankruptcy proceedings;

e. Deterioration of borrower’s competitive position

f. Deterioration in the value of collateral;

g. Downgrading below investment grade level;

h. Significant financial difficulty of the issuer or obligor;

i. A breach of contract, such as a default or delinquency in interest

or principal payments;

j. The lender, for economic or legal reasons relating to the bor-rower’s financial difficulty, granting to the borrower a concession that the lender would not otherwise consider;

k. It becomes probable that the borrower will enter bankruptcy or other financial reorganization;

l. The disappearance of an active market for that financial asset because of financial difficulties; or

m. Observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio including:

(i) adverse changes in the payment status of borrowers in the portfolio; and

(ii) national or local economic conditions that correlate with defaults on the assets in the portfolio.




The estimated period between a loss occurring and its identification is determined by the directors for each identified portfolio. In general, the periods used vary between 3 and 12 months; in exceptional cases, longer periods are warranted.

The Bank first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, and individually or collectively for financial assets that are not individually significant. If the Bank determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognized are not included in a collective assessment of impairment.

The amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in the income statement. If a loan or held-to-maturity investment has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the Bank may measure impairment on the basis of an instrument’s fair value using an observable market price.

The calculation of the present value of the estimated cash flows of a collateralized financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and selling the collateral, whether or not the foreclosure is probable.

For the purposes of a collective evaluation of impairment, financial assets are grouped on the basis of similar credit risk characteristics (i.e., on the basis of the Bank’s grading process that considers industry, collateral type, past-due status and other relevant factors). Those characteristics are relevant to the estimation of future cash flows for Banks of such assets by being indicative of the debtors’ ability to pay all amounts due according to the contractual terms of the assets being evaluated.

Future cash flows in a group of financial assets that are collectively evaluated for impairment are estimated on the basis of the contractual cash flows of the assets in the Bank and historical loss experience for assets with credit risk characteristics similar to those in the Bank. Historical loss experience is adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect the period on which the historical loss experience is based and to remove the effects of conditions in the historical period that do not currently exist.

Estimates of changes in future cash flows for group of assets should reflect and be directionally consistent with changes in related observable data from period to period (for example, changes in unemployment rates, property prices, payment status, or other factors indicative of changes in the probability of losses in the Bank and their magnitude). The methodology and assumptions used for

estimating future cash flows are reviewed regularly by the Bank to reduce any differences between loss estimates and actual loss experience.

“When a loan is uncollectible, it is written off against the related allowance for loan impairment. Such loans are written off after all the necessary procedures have been completed and the amount of the loss has been determined. Impairment charges relating to loans and advances to banks and customers are classified in loan impairment charges whilst impairment charges relating to investment securities (held to maturity and loans and receivables categories) are classified in ‘Net gains/(losses) on investment securities’.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor’s credit rating), the previously recognized impairment loss is reversed by adjusting the allowance account. The amount of the reversal is recognized in profit or loss.

b) Assets classified as available-for-saleThe Bank assesses at each date of the statement of financial position whether there is objective evidence that a financial asset or a group of financial assets is impaired. In the case of equity investments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is objective evidence of impairment resulting in the recognition of an impairment loss. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognized in profit or loss – is removed from equity and recognized in the income statement. Impairment losses recognized in the income statement on equity instruments are not reversed through the income statement. If, in a subsequent period, the fair value of a debt instrument classified as available-for-sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in profit or loss, the impairment loss is reversed through profit or loss.

c) Renegotiated loansLoans that are either subject to collective impairment assessment or individually significant and whose terms have been renegotiated are no longer considered to be past due but are treated as new loans. In subsequent years, the asset is considered to be past due and disclosed only if renegotiated again.

2.11 Impairment of non-financial assetsAssets that have an indefinite useful life such as goodwill or intangible assets not ready to use, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are




reviewed for possible reversal of the impairment at each reporting date.

Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. An impairment loss in respect of goodwill is not reversed.

2.12 Cash and cash equivalentsCash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

2.13 LeasesLeases are divided into finance leases and operating leases.

a. The Bank is the lesseeThe leases entered into by the Bank are primarily operating leases. The total payments made under operating leases are charged to other operating expenses in the income statement on a straight-line basis over the period of the lease.

When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognized as an expense in the period in which termination takes place.

b. The Bank is the lessorWhen assets are held subject to a finance lease, the present value of the lease payments is recognized as a receivable. The difference between the gross receivable and the present value of the receivable is recognized as unearned finance income. Lease income is recognized over the term of the lease using the net investment method (before tax), which reflects a constant periodic rate of return.

c. Fees paid in connection with arranging leasesThe Bank makes payments to agents for services in connection with negotiating lease contracts with the Bank’s lessees. For operating leases, the letting fees are capitalized within the carrying amount of the related investment property, and depreciated over the life of the lease.

2.14 Property and equipmentLand and buildings comprise mainly branches and offices. All property and equipment used by the parent or its subsidiaries is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent expenditures are included in the asset’s carrying amount or are recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Bank and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repair and maintenance costs are charged to other operating expenses during the financial period in which they are incurred.

Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:

Buildings 50 years

Leasehold improvements

Furniture and Fittings 5 years

Motor vehicles 4 years

Machinery and equipment 5 years

Computer hardware 3 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each date of the statement of financial position. Assets are subject to review for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and value in use.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in ‘other operating expenses’ in profit or loss.

2.15 Intangible assetsComputer software licences

Acquired computer software licences are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized on the basis of the expected useful lives. Software has a maximum expected useful life of 5 years.

Costs associated with developing or maintaining computer software programs are recognized as an expense incurred. Costs that are directly associated with the production of identifiable and unique software products controlled by the Bank are recognised as intangible assets when the following criteria are met:

- it is technically feasible to complete the software product so that it will be available for use;

- management intends to complete the software product and use or sell it;

- there is an ability to use or sell the software product;

- it can be demonstrated how the software product will generate probable future economic benefits;

- adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and

- the expenditure attributable to the software product during its development can be reliably measured.

Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an




appropriate portion of relevant overheads.

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Computer software development costs recognized as assets are amortized using the straight-line method over their useful lives.

2.16 Income taxa) Current income taxThe tax expense for the period comprises current and deferred income tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity respectively.

“The current income tax charge is the aggregate of the charge to the profit and loss account in respect of current income tax, information technology (IT) tax, education tax and deferred income tax.

Current income tax is the amount of income tax payable on the taxable profit for the year determined in accordance with the Companies Income Tax Act (CITA). Education tax is assessed at 2% of the chargeable profits. Information Technology levy is assessed at 1% of profit before tax. The directors periodically evaluate positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. They establish provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.”

Where the Bank has tax losses that can be relieved against a tax liability for a previous year, it recognizes those losses as an asset, because the tax relief is recoverable by refund of tax previously paid. This asset is offset against an existing current tax balance. Where tax losses can be relieved only by carry-forward against taxable profits of future periods, a deductible temporary difference arises. Those losses carried forward are set off against deferred tax liabilities carried in the statement of financial position. The Bank does not offset income tax liabilities and current income tax assets.

b) Deferred income taxDeferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Deferred income tax assets and liabilities are offset when there is a

legally enforceable right to offset current income tax assets against current income tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same entity or different taxable entities where there is an intention to settle the balances on a net basis.

2.17 Provisions Provisions for restructuring costs and legal claims are recognised when: the Bank has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

2.18 Employee benefitsa) Defined contribution schemeThe bank operates a defined contribution pension scheme in line with the provisions of the Pension Act. A defined contribution plan is a pension plan under which the bank pays fixed contributions into a separate entity. The bank has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the bank pays contributions to publicly or privately administered pension insurance plans on a contractual basis. The bank contributes 7.5% of basic salary, housing and transport allowances, with the employee contributing a further 7.5%. The bank has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

b) Defined benefit schemeThe Bank also operates a defined benefit scheme for employees who have spent 10 years and above in its employment. A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined pension plan is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, together with adjustments for unrecognised past-service costs. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the




estimated future cash outflows using interest rates of high-quality government bonds and that have terms to maturity approximating to the terms of the pension obligation.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to income statement in the period in which they arise. Past-service costs are recognised immediately in profit or loss, unless the changes to the pension plan are conditional on the employees remaining in service for a specified period of time (the vesting period). In this case, the past-service costs are amortised on a straight-line basis over the vesting period.

2.19 BorrowingsBorrowings are recognised initially at fair value net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between proceeds net of transaction costs and the redemption value is recognised in the income statement over the period of the borrowing using the effective interest method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

2.20 Share capitalShare issue costsOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.21 Dividends payableDividends on ordinary shares are recognised in equity in the period in which they are approved by the Bank’s shareholders. Dividends for the year that are declared after the date of the statement of financial position are dealt with in the subsequent events note.

2.22 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is the person or Bank that allocates resources to and assesses the performance of the operating segments of an entity. The Bank has determined the Executive board as its chief operating decision maker.

All transactions between business segments are conducted on an arm´s length basis, with intra-segment revenue and costs being eliminated in head office. Income and expenses directly associated with each segment are included in determining business segment performance.

In accordance with IFRS 8, the Bank has the following business segments: Corporate banking group, Domestic banking group and Ecobank Capital group.

2.23 Acceptances and letters of creditAcceptances and letters of credit are accounted for as off-balance

sheet transactions and disclosed as contingent liabilities.

2.24 IFRS 1 – First time adoptionAs these financial statements represent the initial presentation of the results and financial position under IFRS, they were prepared in accordance with IFRS 1, First Time Adoption of International Financial Reporting Standards (“IFRS 1”). IFRS 1 requires retrospective application of all IFRS standards, with certain optional exemptions and mandatory exceptions, which are described further in this Note. The accounting policies described in Note 2 have been applied consistently to all periods presented in our Financial Statements with the exception of the optional exemptions elected and the mandatory exceptions required. At 1 January, 2011 (“the Transition Date”), an opening balance sheet was prepared under IFRS.”

The most significant IFRS impact for the bank resulted from the implementation of IAS 39, which requires financial assets to be measured at fair value or at amortized cost (using the effective interest method) if certain criteria are met. As well as requirement to measure the impairment of financial assets only in case where there is objective evidence of impairment as a result of one or more loss events that occurred after the initial recognition of the asset.

The 2011 Financial Statements were previously prepared in accordance with the Nigerian SAS. In this Note the transition to IFRS is explained through the following:

a. First time adoption optional exemptions and mandatory exceptions to retrospective application of IFRS. This section describes the standards for which IFRS was not applied retrospectively as available in IFRS 1.

b. Reconciliations of total equity and comprehensive income from Nigerian SAS to IFRS. Quantitative and qualitative explanations are included in this section to explain the differences between Nigerian SAS and IFRS in total equity and comprehensive income.

c. Reconciliation of statement of financial position from Nigerian SAS to IFRS. This section explains quantitatively and qualitatively the impact and differences between Nigerian SAS and

d. Additional disclosuresThis section contains additional disclosures as at 1 January, 2011 and 31 December, 2011 for items where the most recent Financial Statements prepared under Nigerian SAS do not provide sufficient context.

2.25 First time adoption optional exemptions and mandatory exceptions to retrospective applicationAs previously noted, IFRS 1 requires retrospective application of all IFRS standards with certain optional exemptions and mandatory exceptions. The optional exemptions elected and the mandatory exceptions to retrospective application of IFRS are described below:




1 Optional exemptionsa.Financial instrumentsIAS 39, Financial Instruments: Recognition and Measurement (“IAS 39”) sets out the classification and designation requirements for financial instruments at the date of initial recognition, which is the date the entity becomes a party to the contractual provisions of the financial instrument. However, IFRS 1 allows for revised designation of financial instruments held at the Transition Date as AFS or FVTPL. The revised designations have been done primarily to reduce measurement inconsistencies or accounting mismatch.

b. Business combinationsThe retrospective application of IFRS 3, Business Combinations (“IFRS 3”), would require the restatement of all business combinations that occurred prior to the Transition Date. IFRS 1 provides an option not to apply IFRS 3 retrospectively to acquisitions that occurred before the Transition Date and we have elected this optional exemption. Therefore, no adjustments were required to retained earnings or other balances as a result of the adoption of IFRS 3.

c. Fair value as deemed costIFRS 1 provides option to elect to remeasure property, plant and equipment at fair value at the Transition date and use that fair value as their deemed cost. The “fair value as deemed cost” exemption may be applied on an asset-by-asset basis. We had elected to use fair value as deemed cost for property, plant and equipment.

d. Fair value measurement of financial assets and financial liabilities at initial recognition.The current guidance in IAS 39 states the transaction price of a financial instrument is generally the best evidence of fair value, unless fair value is evidence by comparison with other observable current market transactions in the same instrument or based on a valuation technique whose variables include only data from observable market.

At initial recognition, an entity may recognize as a gain or loss on the difference between this fair value measurement and the transaction price (i.e., “day one” gain or loss) only if the measurement of fair value is based entirely on observable market inputs without modification. Otherwise, IAS 39 does not allow the recognition of a day one gain or loss and force initial recognition at the transaction price, which is considered the best evidence of fair value. Subsequent measurement and recognition would follow the guidance as defined by IAS 39.

We had remeasured certain AFS securities to fair value as of the Transition Date and applied this exemption prospectively.

2.26 Mandatory exceptionsa. EstimatesEstimates made in accordance with IFRS at the Transition Date are consistent with estimates we previously made under Nigerian SAS.

b. De-recognition of financial assets and liabilities exceptionFinancial assets and liabilities derecognized before 1 January 2011 are not re-recognized under IFRS.

All other mandatory exceptions in IFRS 1 were not applicable because there were no significant differences in management’s application of Nigerian SAS in these areas.




3 Interest income31 December

201231 December

2011

N’ Million N’ Million

Loans and advances:

- To Banks 6,101 6,480

- To Customers 60,622 24,395

Investment Securities:

Available-for-sale 51,769 12,781

118,492 43,656

Interest income earned outside Nigeria amounted to N 883.7 million (2011 : N 1.24 billion)

4 Interest expense

Deposits from banks 4,683 2,051

Deposits from customers 39,094 18,624

Borrowings 1,333 852

45,110 21,527

5 Impairment charge for credit lossesLoans and advances to customers (refer note 18.1)

Increase in impairment 13,540 (13,984)

Amounts written off in the year as uncollectible 375 465

Reversal of impairment (2,567) (1,819)

Advances under finance leases (refer note 18.1)

Reversal of impairment - (734)

Investment

Increase in impairment 707 619

Reversal of impairment - (653)

Other assets

Increase in impairment 287 846

12,342 (15,260)




6 Net fee and commission income31 December

201231 December

2011


Credit related fees and commissions 6,619 4,278

Commission on off-balance sheet transaction 23 1,207

Commissions on Turnover 9,553 3,970

Letters of credit commission 1,677 1,921

Other fees 12,974 5,398

Fee and commission income 30,846 16,774

Fee and commission expense (1,787) (384)

Net fee and commission income 29,059 16,390

7 Net gains / (losses) from financial instruments at fair valueNet gains / (losses) arising on:

7.1 Financial instruments classified as held for trading:

- Interest rate instruments 1,254 -

- Others - -

1,254 -

7.2 Investment securities

Financial assets classified as Available-for-sale

- Allowance for impairment (Note 21) (239) 2,270

1,015 2,270

8 Other operating incomeForeign exchange gains / (losses) 7,772 5,210

Dividend income 240 130

Rental income 293 48

Profit on sale of property, plant and equipment 105 67

8,410 5,455

9 Employee benefits expenseWages and salaries 41,965 14,910

Pension costs:

- Defined contribution plans 1,650 538

- Retirement benefit cost - Gratuity (Note 31) 1,892 1,408

- Other employee costs and benefits 1,450 114

46,957 16,970




10 General and administrative expense

31 December

201231 December

2011


Information, communication and technology 2,760 2,040

Insurance expenses 5,282 3,118

Premises expenses 5,446 3,103

Equipment running costs 3,538 1,919

Advertisement and business promotion 1,488 895

Motor vehicle running costs 1,979 496

Business travels 925 629

Office consumables 932 329

Penalties (Note 41) 260 4

22,610 12,533

11 Depreciation and amortisationDepreciation of property and equipment (Note 24) 8,556 3,377

Amortisation of intangible assets (Note 25) 730 194

9,286 3,571

12 Other operating expensesAuditors' remuneration 83 110

Directors' emoluments 125 311

Consultancy and advisory expenses 6,540 5,547

Cash processing costs 524 1,164

Banking resolution sinking fund cost 3,306 1,828

Other operating expenses 4,866 1,447

15,444 10,407

13 TaxationCurrent taxes on income for the reporting period 53 323

Current taxes referring to previous periods - 405

Total current tax 53 728

Deferred tax (2,631) (2,049)

Impact of change in tax rate - -

Total deferred tax (2,631) (2,049)

Income tax expense (2,578) (1,321)




13 TaxationReconciliation of effective tax rate

31 Dec 2012 31 Dec 2011


Profit before income tax 5,227 18,023

Income tax using the domestic corporation tax rate at 30% 1,568 5,407

Effect of:

Deferred tax on fixed assets excluding revaluation (57%) (2,996) 4% 779

Collective impairment on loans charged to P & L 67% 3,507 (1%) (202)

IT tax 1% 53 2% 323

Change in tax rate 0% - 1% 151

Tax loss effect (60%) (3,142) (15%) (2,777)

(Over) / under provided in prior years 0% - 2% 405

Total income tax expense in income statement (49%) (2,578) (7%) (1,321)

The movement in the current income tax liability is as follows: 31 December

201231 December

2011


At 1 January 1,548 329

Acquired from business combination - 1,133

Tax paid - (642)

Prior period over/(under) provision (20) 405

Income tax charge 53 323

At 31 December 1,581 1,548

Current 53 323

Non-current 1,528 1,225

1,581 1,548

14 Income tax effects relating to components of other comprehensive income31 December 2012 31 December 2011

Before tax

Tax (expense)/ Benefit Net of tax Before tax

Tax (expense)/ Benefit Net of tax

Fair value gains on fair-value-through-other comprehensive income 10,578 - 10,578 (5,597) -

Actuarial gains/(losses) on defined benefit plans - - - - -

Other comprehensive for the year 10,578 - 10,578 (5,597) - (5,597)




15 Earnings per shareBasic/Diluted Basic/Diluted earnings per share is calculated by dividing the net profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding the average number of ordinary shares purchased by the Company and held as treasury shares.

31 December 2012

31 December2011


Profit attributable to equity holders of the Company (N’000) 7,805,192 19,344,100

Weighted average number of ordinary shares in issue (in '000s) 18,482,530 27,919,199

Basic/Diluted earnings per share (expressed in Kobo per share) 42.23k 69.29k

16 Cash and balances with central banks31 December

201231 December

201131 January

2011

N’ Million N’ Million N’ Million

Cash 28,595 21,083 13,688

Balances with central banks other than mandatory reserve deposits (7,812) 8,146 3,347

20,783 29,229 17,035

Mandatory reserve deposits with central banks 91,540 57,690 2,402

112,323 86,919 19,437

Mandatory reserve deposits are not available for use in the Bank and Bank’s day-to-day operations. The Bank had restricted cash balance of N91.5billion (N57.7billion: 31 December 2011).

16.1 Cash and cash equivalentCash and cash equivalents comprise balances with less than three months’ maturity from the date of acquisition, including cash in hand, deposits held at call with other banks and other short-term highly liquid investments with original maturities less than three months.

31 December2012

31 December2011

1 January2011


Cash and balances with central banks (Note 16) 20,783 29,229 17,035

Loans and advances to banks (Note 17) 120,078 116,597 100,514

140,861 145,826 117,549

17 Loans and advances to banksCurrent balances with banks with Nigeria 6,783 5,993 2,163

Current balances with banks outside Nigeria 70,226 49,126 26,590

Placements with local banks and discount houses 36,954 39,604 65,209

Placements with foreign banks and discount houses 6,115 21,874 6,552

120,078 116,597 100,514




17 Loans and advances to banks (Cont’d)31 December

201231 December

20111 January

2011


Current 120,078 116,597 100,514

Non-current - -

120,078 116,597 100,514

Further breakdown of placements with banks and discount houses for December 2012:

Local BanksTenor

(days)Rate (%)

AmountN’ Million

First securities discount house limited 6 11 8,017

Associated discount house limited 56 14 7,161

Kakawa discount house limited 68 14 20,214

Sterling Bank PLC 91 18 1,562

36,954

Foreign Banks

Ecobank Uganda 30 5.5 468

Ecobank Paris 50 0.2 9

Ecobank Ghana 90 6.9 5,466

Standard Chartered London 90 0.3 172

6,115




18 Loans and advances to customers18.1 Loans and advances to customers comprise:

Gross amount

Specific impairment

Collectiveimpairment

Totalimpairment

Carryingamount

N’ Million N’ Million N’ Million N’ Million N’ Million

31 December 2012

Specialised loans 170,942 (1,072) (1,903) (2,975) 167,967

Non-specialised loans

Overdrafts 153,798 (13,024) (1,254) (14,278) 139,520

Term loans 232,187 (2,734) (2,172) (4,906) 227,281

Commercial papers ('CP') 2,339 - - - 2,339

Advances under finance lease 9,979 (213) - (213) 9,766

569,245 (17,043) (5,329) (22,372) 546,873

31 December 2011

Specialised loans 102,684 (818) (43) (861) 101,823

Non-specialised loans

Overdrafts 96,311 (11,689) (1,112) (12,801) 83,510

Term loans 218,596 (720) (3,024) (3,743) 214,853



427,768 (13,440) (4,179) (17,618) 410,150

01 January 2011

Specialised loans 48,448 (3,233) (170) (3,403) 45,045

Non-specialised loans:

Overdrafts 111,715 (32,567) (1,716) (34,282) 77,433

Term loans 101,546 (3,492) (4,586) (8,078) 93,468



271,345 (39,505) (6,472) (45,976) 225,369

31 December 2012

31 December2011

1 January2011


Current 358,751 275,732 163,207

Non-current 210,494 152,036 108,138

569,245 427,768 271,345




Reconciliation of impairment allowance on loans and advances to customers:

To customers

Specialised Non-Specialised Finance lease Total

N’million N’million N’million N’million

Balance at 1 January 2012

Specific impairment 818 12,480 142 13,440

Collective impairment 43 4,064 71 4,178

861 16,544 213 17,618

Additional provision

Specific impairment 211 12,180 - 12,391

Collective impairment 903 246 - 1,148

***Loans written off during the year as uncollectible - (6,218) - (6,218)

Amounts recovered during the year (48) (2,520) - (2,567)

1,927 20,232 213 22,372



Balance at 31 December 2012 1,927 20,232 213 22,372

Balance at 1 January 2011

Specific impairment 3,233 36,058 213 39,504

Collective impairment 171 6,301 - 6,472

3,404 42,359 213 45,976


Acquired from business combination - 70,260 734 70,994

Specific impairment 654 (12,274) (805) (12,425)

Collective impairment (127) (2,236) 71 (2,293)

***Loans written off during the year as uncollectible (3,069) (79,746) - (82,815)

Amounts recovered during the year - (1,819) - (1,819)

861 16,544 213 17,616



Balance at 31 December 2011 861 16,544 213 17,618

*** All loans written off during the year were fully provided for.




18.2 Advances under finance lease may be analysed as follows:31 December

201231 December

20111 January

2011

N’million N’million N’million

Gross investment

- No later than 1 year 2,093 1,253 1,293

- Later than 1 year and no later than 5 years 10,824 7,392 5,677

12,917 8,645 6,970

Unearned future finance income on finance leases (2,937) (1,561) (758)

Net investment 9,980 7,084 6,212

Reconciliation of impairment allowance on advances under finance lease

Opening balance

Specific impairment 142 213 344

Collective impairment 71 - -

213 213 344


Acquired from business combination - 734 -

Specific impairment - 142 (131)

Collective impairment - (142) -

Loans written off during the year as uncollectible - (734) -

- - (131)

Specific impairment 142 142 213

Collective impairment 71 71 -

Closing balance 213 213 213

18.3 Nature of security in respect of loans and advances:

Secured against real estate 79,817 71,174 22,856

Secured by shares 20,971 26,268 51,856

Otherwise secured 343,945 285,184 151,087

Unsecured 124,512 45,142 45,546

569,245 427,768 271,345

The Bank is not permitted to sell or repledge the collateral in the absence of default by the owner of the collateral. During the period, the Bank obtained assets by taking possession of collateral held as security:

31 December2012

31 December2011

1 January2011


Nature of assets and carrying amount:

Real estate 180 597 427

Shares - - -

180 597 427

Repossessed properties are sold as soon as practicable, with the proceeds used to reduce the outstanding indebtedness.




19 Financial assets held for trading31 December

201231 December

20111 January

2011


Treasury bills 15,295 -

Federal Government Bonds 8,099 32,812 6,821

23,394 32,812 6,821




20 Investments securities: Available-for-sale31 December

201231 December

20111 January

2011N’million N’million N’million

Debt securities - at Fair value

- Listed

Federal Government Bonds - At fair value through other comprehensive income 28,858 100,756 1,956

Treasury bills 25,193 18,511 15,154

- Unlisted

Government Guaranteed Bonds - At fair value through other comprehensive income

State Government Bonds 8,800 5,017 905

AMCON Bonds 114,575 106,867 3,106

Local Contractor Bonds 31,098 - -

Euro Bond (see note (a) - 2,416 -

Bills discounted (see note (b) - - 1,233

Total Debt securities 208,523 233,567 22,354

Equity securities - at Fair value through Other comprehensive income

- Listed

Cadbury Nigeria Plc - 1 3

Guaranty Trust Bank Plc - 9 11

Nigerian Breweries Plc - 28 23

Oando Plc - 4 11

Daar Communication Plc - 13 13

Honeywell Flour Mills Plc - 696 -

- Unlisted

Express Discount House Limited 87 87 87

African Finance Corporation 9,914 7,507 -

First Securities Discount House Limited 1,848 1,622 1,550

Accion Microfinance Limited 214 251 214

EDC Securities Limited 9 48 48

Afreximbank 178 176 169

Central Securities Clearing System 793 529 264

Nigerian Automated Clearing System 211 102 79

SME II Partnership 76 39 41

Aureos West Africa Fund 345 334 485

Vintage Press Limited 200 - -

Oceanic Pension Fund Custodian Limited 2,266 2,130 -

Crusader Nigeria Plc 357 400 400

Flour Mills of Nigeria Plc 242 250 250

Chellarams Plc 893 500 -

Oceanic Bank Bureau de Change 580 580 -

Vivi Oil & Gas Limited 200 200 -

Maitama Amusement Park 193 48 -

Seaward Ventures 101 - -

Oceanic Securities Int’l Limited 33 144 -

Others 1,313 7 34

Total equity investments 20,053 15,705 3,682

Total securities Available-for-sale 228,576 249,272 26,036




20 Investments securities: Available-for-sale (continued)31 December

201231 December

20111 January

2011


Debt securities - at Fair value:

- Listed 54,052 119,627 17,110

- Unlisted 155,965 115,450 5,894

Equity securities - at Fair value:

- Listed - 751 62

- Unlisted 18,387 13,630 2,795

Equity securities - at Fair value:

- Unlisted 172 174 176

Total securities Available-for-sale 228,576 249,272 26,037

(a) Euro bond represents the Bank’s investment in the Zambian Eurobond (of $15 million) at coupon rate of 6.25% for the tenor of less than one year.

(b) Bills discounted represents discounted sovereign debt note issued by the Federal Government of Nigeria to the Bank’s customer in respect of importation and supply of petroleum products.

(c) Investments in listed and unlisted debts and equity investments are held at fair value through other comprehensive income. They represent financial assets that are intended to be held for a period of time. They may be sold in response to needs for liquidity or changes in investment rates.

21 Investments securities: loans & receivables31 December

201231 December

20111 January

2011


Debt securities – at amortised cost:

Tinapa Business Resort Limited 860 900 400

Card Technology 200 15 190

ETI Promissory notes (see note (a) 41,254 43,880 -

CBN Promissory notes (see note (b) 8,902 114 3,459

TBPlC (c) 30,150 30,150 -

81,366 75,059 4,049

Allowance for impairment (3,250) (900) (100)

Total securities Loans and receivables 78,116 74,159 3,949

Total investment securities 306,692 323,431 29,986

Current 205,273 233,419 22,316

Non-current 101,419 90,012 7,670

Total investments 306,692 323,431 29,986

(a) The promissory notes were issued by Ecobank Transnational Incorporated (ETI) for the acquisition of Oceanic Bank’s non-core assets under the Asset sale and purchase agreement dated 21 December 2011 between ETI and Oceanic Bank. The principal sum shall be payable in five (5) equal installments commencing from the date the notes was issued.

(b) Promissory notes were issued by the Central Bank of Nigeria in respect of acquired AIB (Africa International Bank) customers’ deposits verified and paid during the year.

(c) Investment of N30.15 billion in Treasury Bond Protected Investment Corporation Limited at coupon rate of 11.48% for the tenure of 15 years.




22 Pledged assetsTreasury Bills are pledged to various third parties in respect of the Bank’s ongoing participation in the Nigerian settlement system. Included in Federal Government Bonds is N 12.5 Billion pledged to BOI (Bank of Industry) as collateral in respect of loans obtained for the purpose of on-lending to manufacturing customers. These instruments are classified as available for sale.

The nature and carrying amounts of the assets pledged as collaterals are as follows:31 December

201231 December

20111 January

2011


Investments securities Treasury Bills 38,462 7,158 8,645

Investments securities: Federal Government Bonds 70,872 11,442 8,842

109,334 18,600 17,487

23 Non-current assets held for saleNon-current assets held for sale are Property, plant and equipment, which the Bank had obtained approval from Central Bank of Nigeria (CBN) for disposal: N2.74 billion.




24 Property, plant and equipmentLand Leasehold Office Furniture Computer Motor Work in

buildings equipment & fittings equipment vehicles progress Total

N’million N’million N’million N’million N’million N’million N’million N’million

Cost

At 1 January 2012 6,520 40,915 17,310 9,363 10,322 8,659 16,739 109,828

Additions - 382 1,134 221 3,107 236 5 5,085

Reclassifications - 1,773 (109) (64) (6) - (1,594) -

Write offs (113) (3) (5) (25) - (146)Transferred to non-current assetsheld for sale - (450) - - - - (2,408) (2,858)

Disposals - (250) (37) (22) (12) (762) (1,157) (2,240)

At 31 December 2012 6,520 42,257 18,295 9,493 13,386 8,133 11,585 109,669

Accumulated depreciation

At 1 January 2012 - 9,206 11,177 6,446 8,843 7,025 - 42,697

Charge for the year - 2,252 2,748 1,456 1,020 1,080 - 8,556

Write offs - (67) - (4) (21) - - (92)Transferred to non-current assets held for sale - (114) - - - - - (114)

Disposals - (16) (27) (20) (12) (687) (3) (765)

At 31 December 2012 - 11,261 13,898 7,878 9,830 7,418 (3) 50,282

Net book amount at 31 Decem-ber 2012

6,520 30,996 4,397 1,615 3,556 715 11,588 59,387

Cost

At 1 January 2011 3,641 10,679 4,972 692 3,725 3,253 1,771 28,733

Acquired from business combination 2,879 31,973 12,245 8,631 6,477 5,952 13,269 81,426

Additions - 648 513 76 631 206 42 2,116

Reclassifications - (1,971) 129 66 29 - 1,747 -

Write offs - (261) (440) (87) (511) - (58) (1,357)

Disposals - (153) (109) (15) (29) (752) (32) (1,090)

At 31 December 2011 6,520 40,915 17,310 9,363 10,322 8,659 16,739 109,828

Accumulated depreciation

At 1 January 2011 - 1,222 2,577 335 3,108 2,051 - 9,293

Charge for the year - 667 1,153 385 535 637 - 3,377

Write offs - (259) (439) (86) (511) - - (1,295)

Disposals - - (91) (13) (27) (567) - (698)

At 31 December 2011 - 9,206 11,177 6,446 8,843 7,025 - 42,697

Net book amount at 31 December 2011

6,520 31,709 6,133 2,917 1,479 1,634 16,739 67,131




25 Intangible assets Computer software N’million

Cost:

31 December 2012:

At 1 January 4,600

Additions 13

At 31 December 4,613

31 December 2011:

At 1 January 1,210

Acquired on combination 3,390


1 January 2011:

At 1 January 1,205

Additions 5


Amortisation31 December 2012:

At 1 January 3,780

Amortisation charged 730


31 December 2011:

At 1 January 1,055

Acquired on combination 2,531



1 January 2011:

At 1 January 731



Carrying Amount

31 December 2012 103

31 December 2011 820

1 January 2011 155

The amortisation charge for the period is included in depreciation and amortisation expenses in the Statement of comprehensive income.




26 Deferred taxDeferred income taxes are calculated on all temporary differences under the liability method using a tax rate of 30% (2011: 30%).

Deferred income tax assets are attributable to the following items31 December

201231 December

20111 January

2011


Deferred tax assets Fixed assets and intangible assets 7,340 3,374 688

Opening IFRS adjustment (1,335) - -

Allowances for loan losses - 1,253 1,890

Employee benefits - 82 151

6,005 4,709 2,729

Deferred tax assets

- Deferred tax asset to be recovered after more than 12 months 6,005 4,709 2,729

- Deferred tax asset to be recovered within 12 months - - -

31 December 2011

Recognised in P&L

Recognised in OCI

31 December 2012

N’million N’million N’million N’million

Movements in temporary differences during the year:

Opening balance as at 1 January 2012

Fixed assets and intangible assets 3,374 2,996 - 6,370

Allowances for loan losses 1,253 (3,507) - (2,254)

Tax loss carry forward - 3,142 - 3,142

Employee benefits 82 - - 82

4,709 2,631 - 7,340

Deferred income tax assets are recognised for tax losses carried forward only to the extent that realisation of the related tax benefit is probable. The Bank has tax losses of N3.1 billion (2011: N2.8 billion) to carry forward against future taxable income. These tax losses are not expected to expire in line with local tax law. The benefit of the tax losses has not been recognised in these financial statements due to uncertainty of their recoverability.




27 Other assets31 December

201231 December

20111 January

2011


Financial assets

Sundry receivables 32,769 15,795 21,123

Less specific allowances for impairment (5,865) (5,709) (1,023)

26,904 10,086 20,100

Non-financial assets

Prepayments 9,969 11,778 1,824

Prepaid employee benefit expense 1,509 2,025 117

38,382 23,889 22,041

Current 26,904 10,086 20,099

Non-current 11,478 13,803 1,942

38,382 23,889 22,041

Reconciliation of impairment account

At start of period 5,709 1,023 1,042

Acquired from business combination - 4,059 -

Increase in impairment 287 846 104

Amounts written off (131) (219) (123)

At end of period 5,865 5,709 1,023

28 Deposits28.1 Deposits from banks

Money market deposits

Items in course of collection - 42 -

Other deposits from banks 3,239 1,324 -

Deposits from banks under repurchase agreements 18,250 5,750 710

- 3,000 -

21,489 10,116 710

Current 21,489 10,116 710

Non-current - - -

21,489 10,116 710

Deposits from banks only include financial instruments classified as liabilities at amortised cost. Deposits from banks under repurchase agreements are secured by treasury bills sold of N Nil (2011: N3 billion).

Further breakdown of other deposits from banks for December 2012:

Name Tenor(days) Rate (%) Amount

Ecobank Togo 92 3.5 601

Fidelity Bank Plc 10 3.5 4,686

First Bank of Nigeria Limited 14 3.0 7,809

Keystone Bank Limited 7 4 1,562

United Bank for Africa Plc 7 3.5 3,592

18,250




29 Deposits from customersDeposits due to customers are primarily comprised of savings deposits, amounts payable on demand, and term deposits.

31 December2012

31 December2011

1 January2011


Demand 386,527 357,986 102,314

Savings 157,966 155,383 33,630

Term 270,518 262,240 115,680

Domiciliary 228,202 114,816 90,755

1,043,213 890,425 342,379

Current 1,038,316 888,707 341,836

Non-current 4,897 1,718 543

1,043,213 890,425 342,379

30 Borrowings31 December

201231 December

20111 January

2011


Long term borrowing comprise:

International Finance Corporation (see note (i) below) 1,938 2,506 3,098

Deutsche Bank (see note (ii) below) - 473 678

International Finance Corporation (see note (iii) below) 9,532 9,632 -

Merrill Lynch (see note (iv) below) - 8,520 -

Bank of Industry (see note (v) below) 43,593 41,278 -

CBN Agric Loan (see note (vi) below) 3,820 2,000 -

58,883 64,409 3,776

Current - 436 1,213

Non-current 58,883 63,973 2,563

58,883 64,409 3,776

The Bank has not had any defaults of principal, interest or other breaches with respect to their liabilities during the period (2011: nil).(i) The amount represents outstanding balance ($18.8 million) on dollar denominated on-lending credit obtained from the International Finance Corporation.

The facility will expire on or after 24 November 2015 and has a rate of 2.75% above 3 month’s Libor.(ii) The amount represents outstanding balance ($1.5 million) on dollar denominated loan from Deutsche Bank with Sun and Sand Industries as the

beneficiary. The facility ran for 2 years and expired in June 2012 at 1.8% above Libor payable semi-annually.(iii) The amount represents Tier II capital loan of $61.03 million granted by the International Finance Corporation. The facility has a tenure of 8 years with

moratorium of 5 years and interest rate is 8.5% above 6-month Libor payable semi - annually. (iv) The amount represents outstanding balance on $175 million unsecured credit facility between Oceanic Bank and Merrill Lynch International on 16 May

2007. This is a 5 year loan with maturity date of 18 May 2012 at the rate of 13.4%. The facilty has been fully repaid(v) This represents CBN intervention funds on-lent to some of the Bank’s customers in the manufacturing sector through Bank of industry (BOI). The fund

is administered at an all-in interest rate of 7% per annum payable on a quarterly basis. The maximum tenor of the facility is 15 years. A total of N12.5 billion bonds held by BOI as collateral. (see note 22).

(vi) This represents CBN intervention funds to some of the Banks customers in the Agricultural sector. The fund is administered at a maximum interest rate of 9% per annum. The maximum tenor of the facility 7 years.




31 Retirement benefit obligationsStatement of Financial Position

31 December2012

31 December2011

1 January2011


Defined benefit obligation 4,389 3,180 1,427

Plan assets (4,389) (1,678) (925)

Net liability - 1,502 502

Reconciliation of Obligation

Balance on 1 January 3,180 1,427

Past service cost 840 -

Current service cost 596 451

Interest cost 563 315

Actuarial gains/losses (42) (771)

Payments (748) (59)

Liability Acquired - 1,817

At 31 December 4,389 3,180

Reconciliation of Plan Assets

Balance on 1 January 1,678 925

Contributions to the scheme 2,562 741

Benefits paid - (59)

Return on assets 149 129

Actuarial gains/losses - (58)

At 31 December 4,389 1,678

Income Statement

Past service cost 840 -

Current service cost 596 451

Interest cost 563 315

Return on plan assets (149) (129)

Actuarial gains/losses 42 771

1,892 1,408

31 Retirement benefit obligations (continued)

Assumptions used:

Rate of return on assets 9% 12% 12%

Rate of increase in remuneration 5% 10% 10%

Discount Rate 14% 12% 12%

Major classes of plan assets

Defined contribution schemeThe Bank and its employees make a joint contribution of 15% of total basic salary, housing and transport allowance to each employee’s retirement savings account maintained with their nominated pension fund administrators

Gratuity schemeThe Bank has a gratuity scheme for employees who have spent 10 years and above in its employment. An amount of N2.6 billion (N741 million; 2011) was transferred to the fund administrator.




32 Provisions31 December

201231 December

20111 January

2011


At 1 January 1,290 18 18

Acquired from business combination - 1,224 -

- Additional provisions 22 48 -

Utilised during the year (33) - -

At 31 December 1,279 1,290 18

Current - - -

Non-current 1,279 1,290 18

1,279 1,290 18

Included within provisions are:

Provisions of N1.051 billion (2011: N1.2 billion) have been made in respect of costs arising from contingent liabilities and contractual commitments.

An amount of N228 million representing a provision for certain legal claims brought against the Bank by customers and former staff. Legal actions are subject to many uncertainties, and their outcome is often difficult to predict, particularly in the earlier stages of a case.

33 Other liabilities31 December

201231 December

20111 January

2011


Customer deposits for letters of credit 9,932 - -

Accounts payable 25,814 34,249 27,528

Unearned income 672 - -

Bank cheques/draft 1,258 1,258 939

Other liabilities 7,566 4,899 2,250

45,242 40,406 30,717




34 Share capital

Authorised

30,000,000,000 ordinary shares of 50k each 15,000 15,000 15,000

Issued and fully paid

18,482,529,765 ordinary shares of 50 kobo each 9,241 13,960 6,940

Movements during the period:

Balance at 1 January 13,960 6,940 3,609

Issued during the year 3,337 7,020 3,331

Cancelled during the year (8,056) - -

At 31 December 9,241 13,960 6,940

35 Share premium and reserves

Balance at 1 January 2012 84,799 54,119 11,917

Issued during the year 63,407 30,680 42,202

Cancelled during the year (32,245) - -

At 31 December 2011 115,961 84,799 54,119

In 2012, a special resolution was passed at the Annual General Meeting to undertake a share reduction that resulted into cancelation of 16,111,111,111 shares, worth N8,055,555,556 and share premium of N32, 244,444,445. The contra of this resulted in a credit of N40, 301,021,171 in retained earnings

The nature and purpose of the reserves in equity are as follows:

Share premium: Premium from the issue of shares are reported in share premium. Retained earnings: Retained earnings comprise the undistributed profits from previous years, which have not been reclassified to the other reserves noted below.

Statutory reserve: Undistributable earnings required to be kept by the Central Bank in accordance with national law.

SMEISS reserve: Appropriated from retained earnings by regulation for investment in small scale industries. Revaluation reserve: The revaluation reserve shows the effects from the fair value measurement of equity instruments elected to be presented in other comprehensive income on initial recognition after deduction of deferred taxes. No gains or losses are recognised in the income statement.

36 Contingent liabilities and commitments36.1 Capital commitments

31 December2012

31 December2011

N’million N’million

Authorised and contracted 3,151 1,735

36.2 Confirmed credits and other obligations on behalf of customersIn the normal course of business the Bank is a party to financial instruments with off-balance sheet risk. These instruments are issued to meet the credit and other financial requirements of customers. The contractual amounts of the off-balance sheet financial instruments are:

Contingent Liability - Bonds & Guarantees 63,386 72,005

Contingent Liability - unfunded letters of credit 93,473 108,613

Contingent Liability - Guaranteed commercial papers 6,401 18,799

163,260 199,417




37 LitigationThe Bank is a party to legal actions arising out of its normal business operations for claims against it totaling N114 billion as at 31 December 2012 (2011: N242 billion).

The Directors believe that, based on currently available information and advice of counsel, none of the outcomes that result from such proceedings will have a material adverse effect on the financial position of the Group, either individually or in the aggregate. Consequently, no provision has been made in these financial statements.

37a Events After Reporting PeriodDuring the year, the Bank carried out a share reconstruction of its share capital in line with the recommendations of the Shareholders at the Annual General Meeting. The reconstruction which was effective 31 December 2012 was stamped at the Corporate Affairs Commissions on 12 March 2013.

Apart from the above, there are no Post Balance Sheet Events which could have had a material effect on the state of affairs of the Company as at December 31, 2012 which have not been adequately provided for.

38 Related party transactionsThe parent company of the Bank is Ecobank Transnational Incorporated.

A number of banking transactions are entered into with related parties in the normal course of business. These include loans and deposits.

The volumes of related-party transactions, outstanding balances at the year-end, and relating expense and income for the year are as follows:




38.1 Included in loans and advances is an amount of N40.6 billion (2011: N5.2 billion) representing credit facilities to companies in which certain directors and shareholders have interests and personal loans to directors. The balances as at 31 December, 2012 are as follows:Name of company/individual Relationship Facility Type N’million Status Security

Costain West Africa Plc Joint director Overdraft 834 Performing Legal mortgage

Nigerian Ropes Plc Joint director Term loan 112 Performing Legal mortgage

Shoreline Natural Resources Ltd Joint director Term loan 15,618 Performing Debenture

Shoreline Power Company Limited Joint director Term loan 2,674 Performing Charge over Asset

Computer Warehouse Group Limited Joint director Lease 43 Performing Asset financed

Aigbokhaevbo Kingsley Director Term loan 8 Performing Domiciliation

Chief J.A Odeyemi Ex-Director Overdraft 1 Performing Share

Offong & Hamda AmbahEx-Director of

Parent company Mortgage 68 PerformingMortgage property

Dele Alabi Director Mortgage 4 PerformingMortgage property

Gbenga Kuye

Director (until January

2012) Mortgage 77 Performing Legal mortgage

Okorodudu JoloneExecutive in

parent company Mortgage 21 Performing Legal mortgage

Okorodudu JoloneExecutive in

parent company Term loan 9 Performing Asset Financed

Ronke WilsonExecutive in

parent company Term loan 6 Performing Asset financed

Henry Ajagbawa Director Mortgage 95 Performing Legal mortgage

Agbara Estate LimitedDirector of Parent

company Term loan 1,394 Doubtful Mortgage

Bewcastle Nigeria Limited Holding Company Term loan 11,368 Performing ETI Guarantee

Bewcastle Nigeria Limited Holding Company Overdraft 1,987 Performing ETI Guarantee

EDC Securities Limited Holding Company Term loan 4,752 Performing Share

EDC Securities Limited Holding Company Overdraft 119 Performing Share

Clina-Lancet Laboratories Ltd Joint director Lease 4 Performing Asset financed

Oceanic Homes, Savings and Holding Company Term loan 1,436 Doubtful Clean

Loans Limited

40,630

Off-balance sheet engagements

Costain West Africa Plc Joint director 3,116 Legal mortgage

3,116

The bank granted various credit facilities to other companies which have common directors with the bank and those that are members of the Bank. The rates and terms agreed are comparable to other facilities being held in the bank’s portfolio. Details of these are described below:

38.2

Key management personnel Common Directorship

Period ended 31 December 2012 N’million N’million


Loans outstanding at 1 January 133 5,090

Loans issued during the year - 35,432

Loan repayments during the year (26) -

Loans outstanding at 31 December 107 40,523




38.2 Loans and advances to related parties (cont’d)The loans issued to directors and other key management personnel (and close family members) during the year of N35.4 billion are repayable monthly over two years and have variable interest rates. The loans advanced to the directors during the year are collateralised.

38.3 Deposits from related partiesKey management

personnel

Period ended 31 December 2012 N’million

Due to customers

Deposits at 1 January 595

Deposits received during the year 977

Deposits repaid during the year (1,454)

Deposits at 31 December 118

39 EmployeesThe average number of persons employed by the Bank during the period was as follows:

Number

31 December 2012

31 December2011

1 January2011

Executive directors 6 5 6

Management 292 281 118

Non-management 6,890 7,473 2,652

7,188 7,759 2,776

Compensation for the above staff:

N'million

Executive directors 125 311 293

Other staff (excluding executive directors) 46,957 16,663 12,814

47,082 16,974 13,107

39 Employees (continued)The number of employees of the Bank, other than directors, who received emoluments in the following ranges (excluding pension contributions and certain benefits) were:

Number31 December

201231 December

20111 January

2011

Less than N1,000,001 221 232 270

N1,000,001 - N2,000,000 378 953 444

N2,000,001 - N3,000,000 508 717 805

N3,000,001 - N4,000,000 1,382 1,531 421

N4,000,001 - N5,000,000 1,919 1,820 242

N5,000,001 - N6,000,000 - 231 242

N6,000,001 and above 2,774 2,270 346

7,182 7,754 2,770

In accordance with the provisions of the Pensions Act 2004, the Bank commenced a contributory pension scheme in January 2005. The contribution by employees and the bank are 7.5% and 7.5% respectively of the employees’ basic salary, housing and transport allowances. The contribution by the Bank during the period was N1.65 billion and N538 (2011) respectively.




40 Directors' emolumentsRemuneration paid to the Bank's directors (excluding certain allowances) was:

N’million31 December

201231 December

20111 January

2011

Fees and sitting allowances 28 25 31

Executive compensation 71 38 28

Other director expenses 26 248 234

125 311 293

Fees and other emoluments disclosed above include amounts paid to:

Chairman 15 12 7

Highest paid director 45 45 38

The number of directors who received fees and other emoluments (excluding pension contributions and certain benefit) in the following ranges was:


201231 December

20111 January

2011

Below N3,000,001 - - 3

N3,000,001 - N4,000,000 - - 3

N4,000,001 - N5,000,000 6 6 1

N5,000,001 and above 8 6 4

14 12 11

41 Compliance with banking regulationsThe Bank contravened the following banking legislations and provisions during the year:

Banking legislation Nature of Contravention Penalties


201231 December

2011

Section 60 (1) of BOFIA 1991 Amended - Illegal transfer on the account of Folky Merchants Nigeria Limited 2 2

Section 2.15 of the CBN Revised Guidelines for the Operation of FX Market

- Failure to return to the CBN, WDAS funds purchased after five working days of non utilization in line with regulation

2 2Section 2.15 of the CBN Revised Guidelines for the Operation of FX Market

- Processing petroleum products importation without valid DPR import permits as at time of examination 2 -

Provision of the Regulation of the Scope of Banking Activities and Ancillary Matter No. 3, 2016

- Non-compliance with the provision of the regulations on the scope of Banking activities and ancillary matters No. 3 2016 2 -

Section 60 (1) of BOFIA 1991 Amended- Non-submission of Returns on Parastatal balances with Financial Institutions 0.08 -

Section 6 (1) OF BOFIA 1991 Amended - Failure to obtain approval for relocation of branches

28 -

Section 60 (1) of BOFIA 1991 Amended- Failure to comply with Regulatory directives on Organogram

4 -

Section 9 (9) of the RRF Guidelines- Contravention of Refinancing and Rediscounting Scheme (RRF) Guidelines 217 -

Section 25 of BOFIA 1991 Amended - Failure to render daily return 0.03 -

Section 25 of BOFIA 1991 Amended - Late rendition of daily e-Fass return 0.03 -

Section 60 (1) of BOFIA 1991 Amended - Sale of Properties by private tenders 2 -

260 4




42 Financial risk management The Bank’s business involves taking on risks in a targeted manner and managing them professionally. The core functions of the Bank’s risk management are to identify all key risks for the Bank, measure these risks, manage the risk positions and determine capital allocations. The Bank regularly reviews its risk management policies and systems to reflect changes in markets, products and best market practice. The Bank’s aim is to achieve an appropriate balance between risk and return and minimise potential adverse effects on the Bank’s financial performance. The Bank defines risk as the possibility of losses or profits foregone, which may be caused by internal or external factors.

Risk management is carried out by the Bank Risk Management under policies approved by the Board of Directors. Bank Risk Management identifies, evaluates and hedges financial risks in close co-operation with the operating units of the Bank. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments. In addition, the Internal Audit and Compliance is responsible for the independent review of risk management and the control environment.

The most important types of risk are credit risk, liquidity risk, market risk and other operational risk. Market risk includes currency risk, interest rate risk and other price risk.

42.1 Credit riskCredit risk is the risk of suffering financial loss, should any of the Bank’s customers, clients or market counterparties fail to fulfill their contractual obligations to the Bank. Credit risk arises mainly from commercial and consumer loans and advances, credit cards, and loan commitments arising from such lending activities, but can also arise from credit enhancement provided, financial guarantees, letters of credit, endorsements and acceptances.

The Bank is also exposed to other credit risks arising from investments in debt securities and other exposures arising from its trading activities (‘trading exposures’), including non-equity trading portfolio assets, derivatives and settlement balances with market counterparties and reverse repurchase loans.

Credit risk is the single largest risk for the Bank’s business; the directors therefore carefully manage the exposure to credit risk. The credit risk management and control are centralised in a credit risk management team, which reports to the Board of Directors and head of each business unit regularly.

42.1.1 Credit risk measurement(a) Loans and advances (including loan commitments and guarantees)

The estimation of credit exposure is complex and requires the use of models, as the value of a product varies with changes in market variables, expected cash flows and the passage of time. The assessment of credit risk of a portfolio of assets entails further estimations as to the likelihood of defaults occurring, of the associated loss ratios and of default correlations between counterparties.

The Bank has developed models to support the quantification of the credit risk. These rating and scoring models are in use for all key credit portfolios and form the basis for measuring default risks. In measuring credit risk of loan and advances at a counterparty level, the Bank considers three components: (i) the ‘probability of default’ (PD) by the client or counterparty on its contractual obligations; (ii) current exposures to the counterparty and its likely future development, from which the Bank derive the ‘exposure at default’ (EAD); and (iii) the likely recovery ratio on the defaulted obligations (the ‘loss given default’) (LGD). The models are reviewed regularly to monitor their robustness relative to actual performance and amended as necessary to optimise their effectiveness.

(i) Probability of defaultThe Bank assesses the probability of default of individual counterparties using internal rating tools tailored to the various categories of counterparty. They have been developed internally and combine statistical analysis with credit officer judgement. They are validated, where appropriate, by comparison with externally available data. The Bank’s rating method comprises 10 rating levels for loans. The rating methods are subject to an annual validation and recalibration so that they reflect the latest projection in the light of all actually observed defaults.

The Bank’s internal ratings scale and mapping of external ratings as supplemented by the Bank’s own assessment through the use of internal rating tools are as follows:

The Bank utilizes an internal risk system rating based on a scale of 1 to 10. A risk rating of “1” identifies obligors or transactions of the highest quality or lowest risk. A risk rating of “10” is assigned to obligor’s or transactions of lowest quality or highest risk. The table below provides a grid showing comparisons between the risk rating system of Ecobank and the rating scale used by Standard & Poor’s.




Investment quality Ecobank S & P Definition

1 AAA Largely risk free

2 AA Exceptional credit / Minimal risk

3 A Excellent credit / very low risk

4 BBB Good credit quality / low risk

5 BB Satisfactory credit quality

Investment Grade 6 B Acceptable credit quality but less stable

7 CCC Risk factors deteriorating

8 CC Special mention

9 C Substandard credit quality

Non-Investment Grade 10 D Doubtful / Loss

Obligors risk rated 1 to 4 are considered low risk ("investment grade"). Those risk rated 5 and 6 are considered as medium risk, while those risk rated 7 through 10 are considered high risk. Medium and high risk obligors are also commonly categorized as "non-investment grade".

Risk rating is assigned to individual obligors (obligor risk ratings) and to individual credit facilities (facility risk rating). They are also assigned total facilities extended to an obligor (approval risk rating), to all the facilities extended to a group or related obligors (economic group rating), or to an entire portfolio (portfolio risk rating).

(ii) Exposure at default (“EAD”)“EAD is based on the amounts the Bank expects to be owed at the time of default. For example, for a loan this is the face value. For a commitment, the Bank includes any amount already drawn plus the further amount that may have been drawn by the time of default, should it occur.

(iii) Loss given default / Loss severityLoss given default or loss severity represents the Bank’s expectation of the extent of loss on a claim should default occur. It is expressed as a percentage loss per unit of exposure and typically varies by type of counterparty, type and seniority of claim and availability of collateral or other credit mitigation

The measurement of exposure at default and loss given default is based on the risk parameters standard under Basel II.

(b) Debt securities and other billsFor debt securities, external rating such as Standard & Poor’s rating or their equivalents are used by Bank Treasury for managing of the credit risk exposures as supplemented by the Bank’s own assessment through the use of internal ratings tools.

42.1.2 Risk limit control and mitigation policiesThe Bank manages, limits and controls concentrations of credit risk wherever they are identified − in particular, to individual counterparties and Banks, and to industries and countries.

The Bank structures the levels of credit risk it undertakes by placing limits on the amount of risk accepted in relation to one borrower, or Banks of borrowers, and to geographical and industry segments. Such risks are monitored on a revolving basis and subject to an annual or more frequent review, when considered necessary. Limits on the level of credit risk by product, industry sector and by country are approved quarterly by the Board of Directors.

The exposure to any one borrower including banks and other non-bank financial institutions is further restricted by sub-limits covering on- and off-statement of financial position exposures and daily delivery risk limits in relation to trading items such as forward foreign exchange contracts. Actual exposures against limits are monitored daily.

Lending limits are reviewed in the light of changing market and economic conditions and periodic credit reviews and assessments of probability of default. Some other specific control and mitigation measures are outlined below:

Risk limit control and mitigation policies continued

(a) CollateralThe Bank takes in addition to the debtor’s covenant to repay, tangible assets and/or assurances as security for the loan. The qualities the Bank looks out for in a good collateral are:

(i) It should have assurance of title and an ascertainable value which is stable and not subject to undesirable downward valuation.

(ii) It should also be marketable, readily realizable without undue cost or difficulties as well as be devoid of all cases of encroachment or encumbrance and lastly, there should be a good margin between the value of the security provided and the amount of facility being sought.




(iii) There should be a good margin between the value of the security provided and the amount of facility being sought.Exposure to credit risk is also managed through regular analysis of the ability of borrowers and potential borrowers to meet interest and capital repayment obligations and by changing these lending limits where appropriate.

Some other specific control and mitigation measures are outlined below:

The Bank employs a range of policies and practices to mitigate credit risk. The most traditional of these is the taking of security for funds advances, which is common practice. The Bank implements guidelines on the acceptability of specific classes of collateral or credit risk mitigation. The principal collateral types for loans and advances are:

• Mortgages over residential properties.

• Charges over business assets such as premises, inventory and accounts receivable.

• Charges over financial instruments such as debt securities and equities.

Collateral held as security for financial assets other than loans and advances depends on the nature of the instrument.

Longer-term finance and lending to corporate entities are generally secured; revolving individual credit facilities are generally unsecured. In addition, in order to minimise the credit loss the Bank will seek additional collateral from the counterparty as soon as impairment indicators are identified for the relevant individual loans and advances.”

(b) Lending limits (for derivative and loan books)The Bank maintains strict control limits on net open derivative positions (that is, the difference between purchase and sale contracts) by both amount and term. The amount subject to credit risk is limited to expected future net cash inflows of instruments, which in relation to derivatives are only a fraction of the contract, or notional values used to express the volume of instruments outstanding. This credit risk exposure is managed as part of the overall lending limits with customers, together with potential exposures from market movements. Collateral or other security is not always obtained for credit risk exposures on these instruments, except where the Bank requires margin deposits from counterparties.

Settlement risk arises in any situation where a payment in cash, securities or equities is made in the expectation of a corresponding receipt in cash, securities or equities. Daily settlement limits are established for each counterparty to cover the aggregate of all settlement risk arising from the Bank’s market transactions on any single day.

(c) Master netting arrangementsThe Bank further restricts its exposure to credit losses by entering into master netting arrangements with counterparties with which it undertakes a significant volume of transactions. Master netting arrangements do not generally result in an offset of assets and liabilities of the statement of financial position, as transactions are either usually settled on a gross basis or under most netting agreements the right of set off is triggered only on default. However, the credit risk associated with favourable contracts is reduced by a master netting arrangement to the extent that if a default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Bank’s overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

(d) Financial covenants (for credit related commitments and loan books)The primary purpose of these instruments is to ensure that funds are available to a customer as required. Guarantees and standby letters of credit carry the same credit risk as loans. Documentary and commercial letters of credit – which are written undertakings by the Bank on behalf of a customer authorising a third party to draw drafts on the Bank up to a stipulated amount under specific terms and conditions – are collateralised by the underlying shipments of goods to which they relate and therefore carry less risk than a direct loan

Commitments to extend credit represent unused portions of authorisations to extend credit in the form of loans, guarantees or letters of credit. With respect to credit risk on commitments to extend credit, the Bank is potentially exposed to loss in an amount equal to the total unused commitments. However, the likely amount of loss is less than the total unused commitments, as most commitments to extend credit are contingent upon customers maintaining specific credit standards (often referred to as financial covenants).

The Bank monitors the term to maturity of credit commitments because longer-term commitments generally have a greater degree of credit risk than shorter-term commitments

42.1.3 Impairment and provisioning policiesThe internal and external rating systems described in Note 41.1.1 focus on expected credit losses – that is, taking into account the risk of future events giving rise to losses. In contrast, impairment allowances are recognised for financial reporting purposes only for losses that have been incurred at the reporting date based on objective evidence of impairment. Due to the different methodologies applied, the amount of incurred credit losses provided for in the financial statements is usually lower than the amount determined from the expected loss model that is used for internal operational management and banking regulation purposes.

The impairment allowance shown in the statement of financial position at year-end is derived from each of the four internal rating grades. However, the largest component of the impairment allowance comes from the default grade. The table below shows the percentage of the Bank’s on- and off-balance sheet items, like financial guarantees, loan commitments and other credit related obligations, relating to loans and advances and the associated impairment allowance for each of the Bank’s internal rating categories




2012

Loans and advances Impairment provision

Amount % Amount %

1. Current 490,309 86.0% 4,299 19.2%

1A. Watchlist 52,575 9.2% 1,029 4.6%

II. Substandard 3,026 0.5% 106 0.5%

III. Doubtful 10,633 1.9% 6,111 27.3%

IV. Loss 12,702 2.2% 10,827 48.4%

569,245 100% 22,372 100%

2011


Amount % Amount %

1. Current 397,246 92.9% 4,002 22.7%

1A. Watchlist 5,633 1.3% 1,016 5.8%

II. Substandard 8,860 2.1% 672 3.8%

III. Doubtful 6,498 1.5% 2,904 16.5%

IV. Loss 9,531 2.2% 9,025 51.2%

427,768 100% 17,618 100%

2010


Amount % Amount %

1. Current 188,187 69.4% 4,551 9.9%

1A. Watchlist 18,473 6.8% - 0.0%

II. Substandard 3,916 1.4% 787 1.7%

III. Doubtful 19,433 7.2% 8,223 17.9%

IV. Loss 41,336 15.2% 32,415 70.5%

271,345 100% 45,976 100%




42.1.4 Maximum exposure to credit risk before collateral held or other credit enhancementsFinancial instruments whose carrying amounts do not represent the maximum exposure to credit risk without taking account of any collateral held or other credit enhancements are disclosed in Note 35(c).

Concentration of risks of financial assets with credit risk exposure.

Maximum exposure31 december

201231 december

20111 January

2011

Credit risk exposures relating to on-balance sheet assets are as follows:

Loans and advances to banks 120,078 116,597 19,437

Loans and advances to customers:

Corporate Bank

− Overdrafts 47,451 35,122 24,594

− Term loans 223,014 116,992 56,436

− Others 5,244 6,023 -

Domestic Bank

− Overdrafts 85,716 76,745 50,419

− Credit cards 759 667 6,195

− Term loans 181,670 171,105 83,967

− Mortgages 3,020 3,497 3,758

Trading assets

− Debt securities 23,394 32,812 6,821

Investment securities

− Debt securities 427,399 341,781 47,472

Other assets 27,010 23,889 22,041

Contingent liabilities and commitments are as follows:

Loan commitments and other credit related liabilities 166,411 201,152 82,267

At 31 December 1,311,163 1,126,381 403,407

42.1.5 Loans and advances

31 December 2012 31 December 2011 1 january 2011Loans and

advances to banks

Loans and advances to

customers


banks


customers


banks


customers

Neither past due nor impaired 120,078 490,309 116,597 397,246 19,437 188,187

Past due but not impaired Impaired - 52,575 - 5,633 - 18,473

Impaired - 26,361 - 24,889 - 64,685

Gross 120,078 569,245 116,597 427,768 19,437 271,345

Less: allowance for impairment - (22,372) - (17,618) (45,976)

Net 120,078 546,873 116,597 410,150 19,437 225,369

(a) Loans and advances neither past due nor impairedThe credit quality of the portfolio of loans and advances that were neither past due nor impaired can be assessed by reference to the internal rating system adopted by the Bank.

The credit quality of the portfolio of loans and advances that were neither past due nor impaired can be assessed by reference to the internal rating system adopted by the Bank.




42.1.5 Loans and advances (continued)


31 December 2012 Corporate Bank Domestic Bank

Grades Overdrafts Term loans Others Overdrafts Credit cards Term Loans Mortgages Total

1. Current 33,248 225,136 5,243 45,640 425 177,768 2,850 490,309

IA. Watchlist 14,636 - - 37,390 303 76 170 52,575

Total 47,884 225,136 5,243 83,030 728 177,844 3,020 542,884

Mortgage loans in the sub-standard class were considered not to be impaired after taking into consideration the recoverability from collateral.

31 December 2011 Loans and advances to customers

Corporate Bank Domestic Bank

Grades: Overdrafts Term loans Others Over drafts Credit cards Term Loans Mortgages Total

1. Current 35,407 130,580 - 56,465 674 169,891 4,229 397,246

IA. Watchlist 4,870 - - 762 - - - 5,632

Total 40,277 130,580 - 57,227 674 169,891 4,229 402,878

1 January 2011 Loans and advances to customers

Corporate Bank Domestic Bank

Grades : Overdrafts Term loans Others Overdrafts Credit cards Term Loans Mortgages Total

1. Current 5,167 52,959 - 38,785 5,062 82,772 3,442 188,187

IA. Watchlist 507 5,199 - 3,807 497 8,125 338 18,473

Total 5,674 58,158 - 42,592 5,559 90,897 3,780 206,660





(b) Loans and advances past due but not impairedLate processing and other administrative delays on the side of the borrower can lead to a financial asset being past due but not impaired. Therefore, loans and advances less than 90 days past due are not usually considered impaired, unless other information is available to indicate the contrary. Gross amount of loans and advances by class to customers that were past due but not impaired were as follows:

Loans and advances less than 90 days past due are not considered impaired, unless other information is available to indicate the contrary. Gross amount of loans and advances by class to customers that were past due but not impaired were as follows:




Past due up to 30 days 1,938 - - 3,139 - - - 5,077

Past due 30-60 days 8,413 - - 3,784 - - 31 12,228

Past due 60-90 days 4,285 - - 30,467 303 76 139 35,270

Total 14,636 - - 37,390 303 76 170 52,575

Fair value of collateral 9,898 - - 13,578 - - - 23,476

Amount of undercollateralisation 4,738 - - 23,812 303 76 170 29,099



Past due up to 30 days 173 - - 536 - - - 709

Past due 30-60 days - - - 113 - - - 113

Past due 60-90 days 4,698 - - 114 - - - 4,812

Total 4,870 - - 762 - - - 5,634

Fair value of collateral - - - - - - - -

Amount of undercollaterization 4,870 - - 762 - - - 5,633





1 January 2011 Corporate Bank Domestic Bank

Overdrafts Term loans Others Overdrafts Credit cards Term Loans Mortgages Total

Past due up to 30 days 237 - 1 10,219 114 3,312 88 13,971

Past due 30-60 days - - - 2,380 40 1,434 126 3,980

Past due 60-90 days - - - 137 120 66 199 522

Total 237 - 1 12,736 274 4,812 413 18,473

Fair value of collateral - - - - - - - -

Amount of undercollateralisation 237 - 1 12,736 274 4,812 413 18,473

(c) Loans and advances individually impaired

(i) Loans and advances to customersThe individually impaired loans and advances to customers before taking into consideration the cash flows from collateral held is N26.3 billion (2011: N24.8 billion).

The breakdown of the gross amount of individually impaired loans and advances by class are as follows:




Individual impaired loans 1 - - 17,120 729 8,511 - 26,361

Impairment allowance 434 2,059 62 13,104 740 5,840 132 22,372

Fair value of collateral - - - 5,603 - 6,133 - 11,736

31 December 2011

Individual impaired loans 81 1,278 - 17,617 1,465 4,447 - 24,889

Impairment allowance 368 872 5 11,859 1,435 3,024 55 17,618Fair value of collateral - - - 2,602 14 906 - 3,522

1 January 2011

Individual impaired loans 9,356 1 - 40,683 6,018 7,935 692 64,685

Impairment allowance 2,412 3,263 120 30,390 4,884 4,514 393 45,976

Fair value of collateral - - - 5,076 273 51 148 5,548

(ii) Loans and advances to banks

The total amount of individually impaired loans and advances to banks as at 31 December 2012 was N20.6 billion (2011: N24.8 billion).




42.1.6 Debt securities The tables below present an analysis of debt securities by rating agency designation at 31 December 2012 and at 31 December 2011, based on Standard & Poor’s ratings or their equivalent:

42.1.7 Repossessed collateralThe Bank obtained assets by taking possession of collateral held as security. The nature and carrying amounts of such assets at the reporting date are as follows:

2012 2011 2012

Carrying amount Carrying amount Carrying amount

Nature of assets Collateral Related Loan Collateral Related Loan Collateral Related Loan

Residential property 180 113 597 5,257 427 1,009

Repossessed properties are sold as soon as practicable, with the proceeds used to reduce the outstanding indebtedness. Repossessed property is classified within ‘other assets’.

42.2 Market riskThe Bank takes on exposure to market risks, which is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risks arise from open positions in interest rate, currency and equity products, all of which are exposed to general and specific market movements and changes in the level of volatility of market rates or prices such as interest rates, foreign exchange rates and equity prices. The Bank separates exposures to market risk into either trading or non-trading portfolios.

The market risks arising from trading and non-trading activities are concentrated in Bank Treasury and monitored by two teams separately. Regular reports are submitted to the Board of Directors and heads of each business unit.

Trading portfolios include those positions arising from market-making transactions where the Bank acts as principal with clients or with the market.

Non-trading portfolios primarily arise from the interest rate management of the entity’s retail and commercial banking assets and liabilities. Non-trading portfolios also consist of foreign exchange and equity risks arising from the Bank’s held-to-maturity and available-for-sale financial assets.

42.2.1 Market risk measurement techniquesThe objective of market risk measurement is to manage and control market risk exposures within acceptable limits while optimising the return on risk. The Bank Treasury is responsible for the development of detailed risk management policies and for day-to-day implementation of those policies.

(a) Value at riskThe Bank applies a ‘value at risk’ (VAR) methodology to its trading and non-trading portfolios to estimate the market risk of positions held and the maximum losses expected, based upon a number of assumptions for various changes in market conditions. The Board sets limits on the value of risk that may be accepted for the Bank, which are monitored on a daily basis by Bank market risk. Interest rate risk in the non-trading book is measured through the use of interest rate repricing gap analysis (Note 3.2.5).

VAR is a statistically based estimate of the potential loss on the current portfolio from adverse market movements. It expresses the ‘maximum’ amount the Bank might lose, but only to a certain level of confidence (95%). There is therefore a specified statistical probability (5%) that actual loss could be greater than the VAR estimate. The VAR model assumes a certain ‘holding period’ until positions can be closed (1 day). It also assumes that market moves occurring over this holding period will follow a similar pattern to those that have occurred over 1-day period in the past. The Bank’s assessment of past movements is based on data for the past five years. The Bank applies these historical changes in rates, prices, indices, etc. directly to its current positions − a method known as historical simulation. Actual outcomes are monitored regularly to test the validity of the assumptions and parameters/factors used in the VAR calculation. The use of this approach does not prevent losses outside of these limits in the event of more significant market movements.

The quality of the VAR model is continuously monitored by back-testing the VAR results for trading books. All back-testing exceptions and any exceptional revenues on the profit side of the VAR distribution are investigated, and all back-testing results are reported to the Board of Directors.

(b) Stress testsStress tests provide an indication of the potential size of losses that could arise in extreme conditions. The stress tests carried out by Bank market risk include: risk factor stress testing, where stress movements are applied to each risk category; emerging market stress testing, where emerging market portfolios are subject to stress movements; and ad hoc stress testing, which includes applying possible stress events to specific positions or regions − for example, the stress outcome to a region following a currency peg break.

The results of the stress tests are reviewed by senior management in each business unit and by the Board of Directors. The stress testing is tailored to the business and typically uses scenario analysis.




42.2.2 VAR summary for 2012 and 2011

(a) FX trading portfolio VAR

The average FX VAR by historical simulation at a 95% confidence level over a 1-day holding period in 2012 was N5.2 million (2011: N2.5 million).

42.2.3 Foreign exchange riskThe Bank takes on exposure to the effects of fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows. The Board sets limits on the level of exposure by currency and in aggregate for both overnight and intra-day positions, which are monitored daily. The table below summarises the Bank’s exposure to foreign exchange risk at 31 December 2012. Included in the table are the Bank’s financial instruments at carrying amounts, categorised by currency.

Concentrations of currency risk – on- and off-balance sheet financial instrumentsAs at 31 December 2012 Dollar Euro CFA Naira Gh. Cedis Others Total

Assets

Cash and balances with central banks 1,303 944 - 110,076 - - 112,323

Loans and advances to banks 77,938 - - 42,140 - - 120,078

Loans and advances to customers 171,808 66 - 374,813 - 186 546,873

Trading assets - - - 23,393 - - 23,393

Investment securities - available-for-sale 49,069 - - 257,623 - - 306,692

Pledged assets - - - 109,334 - - 109,334

Other assets - 8,229 - 30,153 - - 38,382

Total financial assets 300,118 9,239 - 947,534 - 186 1,257,077

Liabilities

Deposits from banks 21,372 - - 117 - 21,489

Due to customers 217,064 13,421 - 812,728 - 1,043,213

Borrowed funds 12,504 - - 46,380 - 58,883

Other liabilities 7,722 1,059 - 36,462 - 45,242

Total financial Liabilities 258,662 14,480 - 895,687 - 1,168,827

Net on-balance sheet financial position 41,456 (5,241) - 52,847 - 186 88,250

Credit commitments 104,367 18,473 - 39,848 - 732 163,421

As at 31 December 2011

Total financial assets 170,713 3,463 - 830,559 - 7,663 1,012,398

Total financial liabilities 86,334 10,450 - 902,781 - 5,790 1,005,356

Net on-balance sheet financial position 84,379 (6,987) - (72,222) - 1,873 7,042

Credit commitments 110,906 18,473 - 76,748 - 7,567 213,694

As at 1 January 2011

Total financial assets 90,714 11,598 - 317,689 - 1,653 421,653

Total financial liabilities 89,744 11,584 - 274,547 - 1,707 377,582

Net on-balance sheet financial position 970 13 - 43,142 - (54) 44,071

Credit commitments 52,732 (6,744) - 41,292 - (34) 87,246

42.2.4 Foreign exchange risk sensitive analysisThe foreign currency risk sensitivity analysis reflects the expected financial impact in Naira equivalent resulting from a 1% shock to foreign currency risk exposure. The foreign exchange rate sensitivity analysis reflects a potential gain of N.211 billion and loss of N.15 billion for USD and Euro Aggregate Net open positions respectively.




42.2.5 Interest rate risk Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The Bank takes on exposure to the effects of fluctuations in the prevailing levels of market interest rates on both its fair value and cash flow risks. Interest margins may increase as a result of such changes but may reduce losses in the event that unexpected movements arise. The Board sets limits on the level of mismatch of interest rate repricing and value at risk that may be undertaken, which is monitored daily by Bank Treasury.

The tables below summarise the Bank’s non-trading book fair value exposure to interest rate risks. It includes the Bank’s financial instruments at carrying amounts (non-derivatives), categorised by the earlier of contractual repricing (for example for floating rate notes).

As at 31 December 2012 Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 yearsNon-interest

bearing Total

Assets

Cash and balances with central banks 20,783 - - - - 91,539 112,322

Loans and advances to banks 36,142 8,364 - - - 75,572 120,078

Loans and advances to customers 156,479 113,162 55,291 145,898 76,045 - 546,873

Trading assets - - 23,394 - - - 23,394

Investment securities - available-for-sale 13,978 23,956 69,739 168,369 30,650 - 306,692

Pledged assets 14,300 57,612 2,650 15,983 18,789 - 109,334

Other assets - 79 22,589 15,709 - - 38,382

Total financial assets 241,682 203,173 173,668 345,960 125,484 167,112 1,257,078

Liabilities

Deposits from banks 13,082 8,407 - - - - 21,489

Due to customers 331,998 109,787 29,761 4,897 - 566,769 1,043,213

Borrowed funds - - - 163 58,720 - 58,883

Other liabilities - 16,453 14,038 14,751 - - 45,241

Total financial liabilities 345,080 134,647 43,799 19,811 58,720 566,769 1,168,826

Total interest repricing gap (103,398) 68,526 129,869 326,149 66,764

As at 31 December 2011 Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 yearsNon-interest

bearing Total


Loans and advances to banks 116,597 - - - - - 116,597

Loans and advances to customers 176,340 54,409 42,240 137,161 - - 410,150

Trading assets 13,116 5,818 13,878 - - - 32,812

Investment securities-available-for-sale - - 1,600 12,344 328,087 - 342,031

Pledged assets - - - - 18,600 - 18,600

Other assets 11,879 95 358 783 692 10,081 23,888

Total financial assets 347,161 60,322 58,076 150,288 334,349 67,771 1,030,997

Liabilities

Deposits from banks 5,687 3,105 1,324 - - - 10,116

Due to customers 769,777 94,036 24,894 1,718 - - 890,425

Borrowed funds - - 8,830 - 44,579 - 64,409

Other liabilities 3,219 15,244 - 21,943 - - 40,406

Total financial liabilities 778,683 112,385 35,048 23,661 55,579 - 1,005,356

Total interest repricing gap (431,522) (52,063) 23,028 126,627 291,800




As at 1 January 2011 Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 yearsNon-interest

bearing Total


Loans and advances to banks 100,514 - - - - - 100,514

Loans and advances to customers 107,093 39450 5,316 73,510 - - 225,370

Trading assets 4,929 1,893 - - - - 6,822

Investment securities-available-for-sale - - 11,928 12,344 5,712 - 29,984

Pledged assets - - - - 17,487 - 17,487

Other assets 20,113 95 358 783 692 - 22,041

Total financial assets 249,684 41,438 17,602 86,637 23,891 2,402 421,654

Liabilities

Deposits from banks - - 710 - - - 710

Due to customers 284,315 50,698 4,590 2,775 - - 342,379

Borrowed funds 226 - 342 569 2,639 - 3,776

Other liabilities 2,943 2,232 2,025 23,517 - - 30,717

Total financial liabilities 287,484 52,930 7,668 26,861 2,639 - 377,582

Total interest repricing gap (37,800) (11,492) 9,935 59,776 21,252

42.2.6 Interest rate sensitivity

A parallel 100 basis points (1%) interest rate increase in all yield curves would increase net interest income by N4.5 billion, while a parallel decrease in all yield would decrease net interest income by N4.5 billion.

42.3 Liquidity risk

Liquidity risk is the risk that the Bank is unable to meet its obligations when they fall due as a result of customer deposits being withdrawn, cash requirements from contractual commitments, or other cash outflows, such as debt maturities or margin calls for derivatives. Such outflows would deplete available cash resources for client lending, trading activities and investments. In extreme circumstances, lack of liquidity could result in reductions in the statement of financial position and sales of assets, or potentially an inability to fulfill lending commitments. The risk that the Bank will be unable to do so is inherent in all banking operations and can be affected by a range of institution-specific and market-wide events including, but not limited to, credit events, merger and acquisition activity, systemic shocks and natural disasters.

42.3.1 Liquidity risk management process

The Bank’s liquidity management process, as carried out within the Bank and monitored by a separate team in Bank Treasury, includes:

• Day-to-day funding, managed by monitoring future cash flows to ensure that requirements can be met. This includes replenishment of funds as they mature or are borrowed by customers. The Bank maintains an active presence in global money markets to enable this to happen;

• Maintaining a portfolio of highly marketable assets that can easily be liquidated as protection against any unforeseen interruption to cash flow;

• Monitoring the liquidity ratios of the statement of financial position against internal and regulatory requirements; and

• Managing the concentration and profile of debt maturities.

Monitoring and reporting take the form of cash flow measurement and projections for the next day, week and month respectively, as these are key periods for liquidity management. The starting point for those projections is an analysis of the contractual maturity of the financial liabilities and the expected collection date of the financial assets (Notes 41.3.3 – 41.3.4).

Bank Treasury also monitors unmatched medium-term assets, the level and type of undrawn lending commitments, the usage of overdraft facilities and the impact of contingent liabilities such as standby letters of credit and guarantees.

42.3.2 Funding approach

Sources of liquidity are regularly reviewed by a separate team in Bank Treasury to maintain a wide diversification by currency, provider, product and term.




42.3.3 Non-derivative financial liabilities and assets held for managing liquidity risk The table below presents the cash flows payable by the Bank under non-derivative financial liabilities and assets held for managing liquidity risk by remaining contractual maturities at the reporting date. The amounts disclosed in the table are the contractual undiscounted cash flow, whereas the Bank manages the liquidity risk based on a different basis (see Note 41.3.1 for details), not resulting in a significantly different analysis.

As at 31 December 2012 Up to 1 month 1 -3 months 3 - 12 months 1 - 5 years Over 5 years Total

Liabilities

Deposits from banks 13,342 8,532 - - - 21,875

Due to customers 11,189 160,407 879,734 - - 1,051,331

Borrowed funds - - 163 58,935 - 59,098

Other liabilities 16,453 14,038 16,030 - - 46,520

Provisions 1,279 1,279

Current income tax liabilities - - - 1,581 - 1,581

Total liabilities (contractual maturity) 40,985 182,977 895,927 61,795 - 1,181,684

Total assets

Cash and balances with central banks 20,783 - - - 91,539 112,323

Loans and advances to banks 112,108 8,442 - - - 120,551

Loans and advances to customers 156,618 113,256 55,293 146,022 76,110 547,299

Trading assets 23,550 - - 23,550

Investment securities - available-for-sale 13,978 24,018 54,043 169,727 30,905 292,671

Pledged assets 14,440 58,175 2,676 16,139 18,973 110,402

Other assets - 79 21,234 15,710 - 37,023

Total assets (expected maturity dates) 317,927 203,970 156,796 347,598 217,527 1,243,818

As at 31 December 2011 Up to 1 month 1 -3 months 3 - 12 months 1 - 5 years Over 5 years Total

Liabilities

Deposits from banks 5,729 3,105 1,324 - - 10,158

Due to customers 773,487 94,036 24,894 1,718 - 894,135

Borrowed funds - - 8,830 - 55,579 64,409

Other liabilities 3,433 15,244 - 21,943 - 40,620

Provisions - - - 1,290 1,290

Current income tax liabilities - - - 1,548 - 1,548

Deferred income tax liabilities - - - 533,642 - 533,642

Retirement benefit obligations - - - - 1,502 1,502

Total liabilities (contractual maturity) 782,649 112,385 35,048 26,499 57,081 1,013,662

Total assets

Cash and balances with central banks 86,919 - - - - 86,919

Loans and advances to banks 117,150 16,044 - - - 133,194

Loans and advances to customers 176,758 54,409 42,240 137,161 - 413,567

Trading assets 13,335 5,818 13,878 - - 33,031

Investment securities - available-for-sale - - 1,600 12,344 330,557 344,501

Pledged assets - - - - 18,738 18,738

Other assets 11,879 95 358 783 10,773 23,888

Total assets (expected maturity dates) 409,041 76,366 58,076 150,288 360,067 1,053,838




As at 1 January 2011 Up to 1 month 1 -3 months 3 - 12 months 1 - 5 years Over 5 years Total

Liabilities

Deposits from banks - - 713 - - 713

Due to customers 285,742 50,698 4,590 2,775 - 343,806

Borrowed funds 239 - 342 569 2,639 3,789

Other liabilities 2,943 2,232 2,025 23,517 - 30,717

Provisions - - - 18 - 18

Current income tax liabilities - - - 329 - 329

Retirement benefit obligations - - - 502 - 502

Total liabilities (contractual maturity) 288,924 52,930 7,670 27,710 2,639 379,873

Total assets

Cash and balances with central banks 19,437 - - - - 19,437

Loans and advances to banks 100,933 - - - - 100,933

Loans and advances to customers 108,971 39,450 5,316 73,510 - 227,248

Trading assets 4,974 1,893 - - - 6,867

Investment securities - available-for-sale - - 12,153 5,712 - 30,209

Pledged assets - - 17,618 17,618

Other assets 20,113 95 358 783 692 22,041

Total assets (expected maturity dates) 254,428 41,438 17,827 86,637 24,022 424,352

42.3.4 Assets held for managing liquidity risk

The Bank holds a diversified portfolio of cash and high-quality highly-liquid securities to support payment obligations and contingent funding in a stressed market environment. The Bank’s assets held for managing liquidity risk comprise: • Cash and balances with central banks;

• Certificates of deposit;

• Government bonds and other securities that are readily acceptable in repurchase agreements with central banks; and

• Secondary sources of liquidity in the form of highly liquid instruments in the Bank’s trading portfolios.”

42.3.5 Contingent liabilities and commitments

(a) Loan commitmentsThe dates of the contractual amounts of the Bank’s contingent liabilities that it commits to extend credit to customers and other facilities (Note 35) are summarised in the table below.

(b) Other financial facilities

Other financial facilities (Note 35) are also included in the table below, based on the earliest contractual maturity date.

(c) Operating lease commitmentsWhere the Bank is the lessee, the future minimum lease payments under non-cancellable operating leases, as disclosed in Note 35, are summarised in the table below.

(d) Capital commitments

Capital commitments for the acquisition of buildings and equipment (Note 35) are summarised in the table below:

As at 31 December 2012 Not later than 1 Year Over one year Total

Guarantees, acceptances and other financial facilities 120,550 42,710 163,260

Capital commitments 3,151 - 3,151

123,701 42,710 166,411




As at 31 December 2011 Not later than 1 Year Over one year Total


Capital commitments 1,735 - 1,735

157,592 43,560 201,152

As at 1 January 2011 Not later than 1 Year Over one year Total


Capital commitments 190 - 190

77,705 4,562 82,267

43 Fair value of financial instruments (a) Financial instruments not measured at fair value

The following table summarises the carrying amounts and fair values of those financial assets and liabilities not presented on the Bank’s statement of financial position at their fair value:

Carrying value Fair Value

2012 2011 2010 2012 2011 2010

LCY'000 LCY'000 LCY'000 LCY'000 LCY'000 LCY'000

Assets

Loans and advances to banks 120,078 116,597 100,514 120,898 119,191 100,770

Loans and advances to customers 546,873 410,150 225,369 543,954 406,457 229,726

Liabilities

Deposits from banks 21,489 10,116 710 18,598 7,047 710

Due to customers 1,043,213 890,425 342,379 1,047,527 892,302 338,430

Other deposits - - - - -

Borrowed funds 58,883 64,409 3,776 59,098 64,312 3,941

(i) Loans and advances to bankLoans and advances to banks include inter-bank placements and items in the course of collection.

“The carrying amount of floating rate placements and overnight deposits is a reasonable approximation of fair value.

The estimated fair value of fixed interest bearing deposits is based on discounted cash flows using prevailing money-market interest rates for debts with similar credit risk and remaining maturity.”

(ii) Loans and advances to customersLoans and advances are net of charges for impairment. The estimated fair value of loans and advances represents the discounted amount of estimated future cash flows expected to be received. Expected cash flows are discounted at current market rates to determine fair value.

(iii) Investment securities The fair value for loans and receivables and held-to-maturity financial assets is based on market prices or broker/dealer price quotations. Where this information is not available, fair value is estimated using quoted market prices for securities with similar credit, maturity and yield characteristics.

Investment securities (available-for-sale) disclosed in the table above comprises only those equity securities held at cost less impairment. The fair value for these assets is based on estimations using market prices and earnings multiples of quoted securities with similar characteristics. All other available-for-sale financial assets are already measured and carried at fair value.

(iv) Deposits from banks and customers The estimated fair value of deposits with no stated maturity, which includes non-interest-bearing deposits, is the amount repayable on demand.

The estimated fair value of fixed interest-bearing deposits not quoted in an active market is based on discounted cash flows using interest rates for new debts with similar remaining maturity.

v) Off-balance sheet financial instrumentsThe estimated fair values of the off-balance sheet financial instruments are based on markets prices for similar facilities. When this information is not available, fair value is estimated using discounted cash flow analysis.




Fair value of financial instruments continued

(b) Fair value hierarchyIFRS 7 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources; unobservable inputs reflect the group’s market assumptions. These two types of inputs have created the following fail value hierarchy:

• Level 1 – Level 1 - Quoted prices (adjusted) in active markets for identical assets or liabilities. This level includes listed equity securities and debt instru-ments on exchanges.

• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is as prices) or indi-rectly (that is derived from prices).

• Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs). This level includes equity investments and debt instruments with significant unobservable component

This hierarchy requires the use of observable market data when available. The group considers relevant and observable market prices in its valuations where possible.

43.1 Assets and liabilities measured at fair value

31 December 2012

Level 1 Level 2 Level 3

Trading assets 23,394 - -

Investment securities - available-for-sale 54,052 - 174,525

Pledge assets - - 109,334

Total financial assets 77,446 - 283,859

31 December 2011






1 January 2011






The following table shows the sensitivity of level 3 measurements to reasonably possible alternative assumptions:

44 Capital management “The Bank manages its capital base to achieve a prudent balance between maintaining capital ratios to support business growth and depositor confidence, and providing competitive returns to shareholders. The capital management process ensures that the Bank maintains sufficient capital levels for legal and regulatory compliance purposes. The Bank ensures that its actions do not compromise sound governance and appropriate business practices and it eliminates any negative effect on payment capacity, liquidity or profitability.”

Capital adequacy and the use of regulatory capital are monitored daily by the Bank’s management, employing techniques based on the guidelines developed by the Central Bank of Nigeria (CBN), for supervisory purposes. The required information is filed with the CBN on a monthly basis. Auditors to the Bank are also required to render an annual certificate to the Nigeria Deposit Insurance Corporation (NDIC) that includes the computed capital adequacy ratio of the Bank.

The CBN requires each bank to:

(a) hold the minimum level of the regulatory capital of N25 billion and

(b) maintain a ratio of total regulatory capital to the risk-weighted asset at or above the minimum of 10%.




The capital adequacy ratio, which reflects the capital strength of an entity compared to the minimum regulatory requirement, is calculated by dividing the capital held by that entity by its risk weighted assets. The Bank’s regulatory capital as managed by its Financial Control and Treasury Unit is divided into two tiers:”

• Tier I capital: (primary capital) represents permanent forms of capital such as share capital, retained earnings and reserves created by appropriations of retained earnings. The book value of goodwill is deducted in arriving at Tier 1 capital; and

• Tier II capital: (secondary capital) includes preference shares, minority interests arising on consolidation, qualifying debt stock, fixed assets revaluation reserves, foreign currency revaluation reserves, general provisions subject to maximum of 1.25% of risk assets and hybrid instruments - convertible bonds.

The risk-weighted assets are measured by means of a hierarchy of five risk weights classified according to the nature of credit/counterparty risk and reflecting an estimate of credit risks associated with each asset and counterparty. A similar treatment is adopted for off balance sheet exposures, with some adjustments to reflect the more contingent nature of the potential losses.

The table below summarises the composition of regulatory capital and the ratios of the Bank for the years ended 31 December 2012 and 31 December, 2011. During those two years, the Bank complied with all of the externally imposed capital requirements.

31 December 2012

31 December 2011

1 January 2011


Tier 1 capital

Share capital 9,241 13,960 6,940

Share premium 115,961 84,799 54,119

Statutory reserves 6,135 6,135 6,135

Contingency reserve - - -

SMIEIS reserve 1,150 1,150 1,150

Capital reserve 7,218 26,018 7,218

Retained earnings (19,705) (64,532) (11,188)

Other reserves 33,627 7,832 1,173

Deposit for shares - -

Less: goodwill and intangible assets (6,005) (4,709) (2,729)

Total qualifying Tier 1 capital 147,622 70,653 62,818

Tier 2 capital

Long-term borrowing - 9,632 -

Minority interest - - -

Convertible bonds - - -

Revaluation reserve - fixed assets - - -

Revaluation reserve – investment securities - - -

Translation reserve - - -

General provision 5,328 4,321 6,471

Total qualifying Tier 2 capital 5,328 13,953 6,471

Total regulatory capital 152,950 84,605 69,289

Risk-weighted assets:

On-balance sheet 741,100 608,831 287,908

Off-balance sheet 88,643 90,801 45,954

Total risk-weighted assets 829,743 699,632 333,862

Risk weighted Capital Adequacy Ratio (CAR) 18% 12% 21%




45 Critical accounting estimates and judgementThe Bank makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. All estimates and assumptions required in conformity with IFRS are best estimates undertaken in accordance with the applicable standard. Estimates and judgements are evaluated on a continuous basis, and are based on past experience and other factors, including expectations with regard to future events.

Accounting policies and directors’ judgements for certain items are especially critical for the Bank’s results and financial situation due to their materiality.

(a) Impairment losses on loans and advancesThe Bank reviews its loan portfolios to assess impairment at least on a quarterly basis. In determining whether an impairment loss should be recorded in profit or loss, the Bank makes judgements as to whether there is any observable data indicating an impairment trigger followed by measurable decrease in the estimated future cash flows from a portfolio of loans before the decrease can be identified with that portfolio. This evidence may include observable data indicating that there has been an adverse change in the payment status of borrowers in a bank, or national or local economic conditions that correlate with defaults on assets in the Bank. The directors use estimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairment similar to those in the portfolio when scheduling future cash flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience.

(b) Impairment of available-for-sale equity investmentsThe Bank determines that available-for-sale equity investments are impaired when there has been a significant or prolonged decline in the fair value below its cost. This determination of what is significant or prolonged requires judgement. In making this judgement, the Bank evaluates among other factors, the volatility in share price. In addition, objective evidence of impairment may be deterioration in the financial health of the investee, industry and sector performance, changes in technology, and operational and financing cash flows.

(c) Fair value of financial instrumentsThe fair value of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. In these cases, the fair values are estimated from observable data in respect of similar financial instruments or using models. Where market observable inputs are not available, they are estimated based on appropriate assumptions. Where valuation techniques (for example, models) are used to determine fair values, they are validated and periodically reviewed by qualified personnel independent of those that sourced them. All models are certified before they are used, and models are calibrated to ensure that outputs reflect actual data and comparative market prices. To the extent practical, models use only observable data; however, areas such as credit risk (both own credit risk and counterparty risk), volatilities and correlations require management to make estimates.

(d) Held-to-maturity investmentsIn accordance with IAS 39 guidance, the Bank classifies some non-derivative financial assets with fixed or determinable payments and fixed maturity as held-to-maturity. This classification requires significant judgement. In making this judgement, the Bank evaluates its intention and ability to hold such investments to maturity. If the Bank were to fail to keep these investments to maturity other than for the specific circumstances – for example, selling an insignificant amount close to maturity – the Bank is required to reclassify the entire category as available-for-sale. Accordingly, the investments would be measured at fair value instead of amortised cost.

e) Retirement benefitsThe present value of the retirement benefit obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. Any changes in these assumptions will impact the carrying amount of pension obligations.

The assumptions used in determining the net cost (income) for pensions include the discount rate. The Bank determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Bank considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability.

Other key assumptions for pension obligations are based in part on current market conditions.

46 Divisional analysisThe Bank’s operations by major business divisions during the year are summarised below:

(i) Domestic banking - provides banking services to governments, small and medium scale enterprises and local companies including retail solutions to consumers.

(ii) Corporate banking - provides a broad range of financial solutions to multinationals, regional companies, state-owned companies, non-governmental organisations, international and multinational organisations and financial institutions.

(iii) Ecobank Capital comprises our treasury, investment banking, and asset management businesses which focus on financial markets and investors.




December 2012 December 2011

Corporate Domestic Ecobank Corporate Domestic Ecobank

Banking Banking Capital Total Banking Banking Capital Total

N’million N’million N’million N’million N’million N’million N’million N’million

Revenue :

- Derived from external customers 33,752 57,096 68,009 158,857 19,585 35,037 13,533 68,155- Derived from other business divisions 149 50,362 (50,511) 0 1,382 11,767 (13,149) -

Total revenue 33,901 107,458 17,498 158,857 20,967 46,804 384 68,155

Total cost

- Interest expense (10,253) (27,917) (7,033) (45,203) (6,502) (11,110) (3,915) (21,527)

- Risk and other asset provisions (698) (10,937) (707) (12,342) 11,524 3,702 34 15,260

- Other operating expenses (11,981) (72,048) (12,056) (96,085) (10,347) (26,485) (7,033) (43,865)

Total Cost (22,932) (110,902) (19,796) (153,630) (5,325) (33,893) (10,914) (50,132)

Profit/(loss) before tax 10,969 (3,444) (2,298) 5,227 15,642 12,911 (10,530) 18,023

Tax - - - 2,578 - - - 1,321

Profit/(loss) after tax 10,969 (3,444) (2,298) 7,805 15,642 12,911 (10,530) 19,344

Divisional asset 275,709 271,164 778,442 1,325,315 167,068 243,082 674,908 1,085,058

Divisional liabilities 256,026 787,187 128,473 1,171,687 184,907 705,518 119,271 1,009,696

Net asset 19,683 (516,023) 649,968 153,628 (17,839) (462,436) 555,387 75,362

All transactions between business units were conducted at an arm’s length basis. Internal charges and transfer pricing adjustments are reflected in the performance of each division.

The Bank operates in a single geographical location, thus no divisional analysis based on geographical location is presented in this financial statement.




(All amounts in N’ million Naira unless otherwise stated)

47 Transition to IFRS

Reconciliation of Equity as at: 1 Jan. 2011 31 Dec. 2011

N’million N’million

Shareholders' equity under NGAAP 74,320 68,096

IFRS Adjustments

(a) Fair valuation of Financial Instruments

i Being reversal of adjustment to diminution of unquoted investment equities. a, i 64 64

ii Being adjustment for fair value of pledged financial assets a,ii (550) 511

iii Being adjustment for fair value of debt investments securities - AFS financial assets a,iii 73 (4,322)

iv Being adjustment for fair value of equity investments - AFS financial assets a,iv 1,650 41

v Being adjustment to recognise permanent impairment of unquoted investment equities. a,v (210) (247)

(b) Loan loss provision

ii Recognition of Interest in Suspense in interest Income b,ii 7,828 1,306

iv Specific and collective Impairment of loans and advances b,iv (19,175) (3,424)

v Recognition of reversal of impairment in TBPIC b,v - 12,255

(c) Employee Benefit - staff Loans

i Amortization of prepaid payroll cost over the life of the loan c,i (30) (467)

ii Increase in interest income due to application of Effective Interest Rate on staff loans c,ii 38 516

(d) Deferred Tax

i Income statement impact of deferred tax asset on Employee benefits and Loan loss provision d,ii 2,041 1,335

(f) Retirement Benefit Obligation

IFRS adjustment to reflect additional provision for retirement benefits f,i (502) (273)

Total IFRS Adjustment (8,774) 7,265

Shareholders' equity under IFRS 65,547 75,362




47 Transition to IFRS continuedReconciliation of Statement of Financial Position

01 January 2011

Note Nigerian GAAP Adjustments IFRS


Assets

Cash and balances with central banks 19,437 - 19,437

Treasury Bills a,a 20,756 (20,756) -

Bills discounted a,b 1,233 (1,233) -

Loans and advances to banks a,c 100,339 175 100,514

Loans and advances to customers a,d 231,108 (5,739) 225,369

Advances under finance leases a,e 5,999 (5,999) -

Financial assets held for trading a,f - 6,821 6,821

Investment securities a,g 19,656 (19,656) -

-Available-for-sale investments a,h - 26,036 26,036

-Loans and receivables a,i - 3,949 3,949

Pledged Assets a,j - 17,487 17,487

Property, plant and equipment a,k 19,595 (155) 19,440

Intangible Assets a,l - 155 155

Deferred tax asset a,m 688 2,041 2,729

Other assets a,n 35,428 (13,387) 22,041

- - -

454,239 (10,261) 443,978

Liabilities

Deposits from banks 939 (229) 710

Deposits from customers a,p 340,147 2,232 342,379

Borrowings a,q 3,760 16 3,776

Retirement benefit obligations a,r - 502 502

Provisions a,s - 18 18

Current income tax liability a,t 329 - 329

Deferred tax liability a,u - - -

Other liabilities a,v 34,744 (4,027) 30,717

Total liabilities 379,919

1,488

378,431

Share capital a,w 6,940 - 6,940

Share premium a,x 54,119 - 54,119

Retained earnings a,y (1,242) (9,946) (11,188)

Other reserves

Statutory reserve a,z 6,135 - 6,135

SSI Reserve b,a - - -

SMIES Reserve b,b 1,150 - 1,150

Fair value reserve b,c - 1,173 1,173

Capital Reserves b,d 7,218 - 7,218

Total equity 74,320 (8,773) 65,547

Total equity and liabilities 454,239 (10,261) 443,978




Reconciliation of Statement of Comprehensive Income


IFRS

Note NGAAP Adjustments IFRS

Interest income c,a 49,700 (6,044) 43,656

Interest expense (21,527) - (21,527)

Net interest income 28,173 (6,044) 22,129

Impairment charge for credit losses and investments c,b (13,363) 28,623 15,260

Net interest income after impairment charge for credit losses 14,810 22,579 37,389

Net fee and commission income 16,390 - 16,390

Net gains / (losses) from financial instruments at fair value 2,448 (178) 2,270

Other operating income 5,277 178 5,455

Employee benefit expense c,c (16,663) (307) (16,970)

General and administrative expense (12,533) - (12,533)

Depreciation and amortisation (3,571) - (3,571)

Other operating expenses (10,407) - (10,407)

Operating profit (4,249) 22,272 18,023

Profit before tax (4,249) 22,272 18,023

Income tax expense 1,958 (637) 1,321

Profit for the year (2,291) 21,635 19,344

Other comprehensive income:

Revaluation of equity financial assets c,d - (5,597) (5,597)

Tax effect of revaluation of equity financial assets - - -

Other comprehensive income for the year, net of tax - (5,597) (5,597)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR (2,291) 16,038 13,747




Reconciliation of Statement of Financial Position 31 December 2011



Assets

Cash and balances with central banks 86,919 - 86,919

Treasury Bills a,a 23,987 (23,987) -

Loans and advances to banks a,c 116,141 456 116,597

Loans and advances to customers a,d 401,807 8,343 410,150

Advances under finance leases a,e 6,871 (6,871) -

Financial assets held for trading a,f - 32,812 32,812

Investment securities a,g 347,476 (347,476) -

-Available-for-sale investments a,h - 248,136 248,136

-Held to maturity investments a,i - 75,294 75,294

Pledged Assets a,j - 18,600 18,600

Property, plant and equipment a,k 67,131 - 67,131

Intangible Assets a,l 820 - 820

Deferred tax asset a,m 3,374 1,335 4,709

Other assets a,n 47,501 (23,613) 23,888

- - -




Reconciliation of Statement of Financial Position continued 31 December 2011



Total Assets 1,102,027 (16,969) 1,085,058

Liabilities

Deposits from banks a,o 10,011 105 10,116

Deposits from customers a,p 873,532 16,893 890,425

Borrowings a,q 64,243 166 64,409

Retirement benefit obligations a,r - 1,502 1,502

Provisions a,s - 1,290 1,290

Current income tax liability a,t 1,548 - 1,548

Deferred tax liability a,u - - 534

Other liabilities a,v 84,597 (44,191) 40,406

Total liabilities 1,033,931 (24,235) 1,009,696

Share capital a,w 13,960 - 13,960

Share premium a,x 84,799 - 84,799

Deposit for shares a,y 18,800 (18,800) -

Retained earnings (23,666) (40,866) (64,532)

Other reserves a,z (40,300)

Statutory reserve b,a 6,135 - 6,135

SMIES Reserve 1,150 - 1,150

Fair value reserve b,d - (4,423) (4,423)

Capital Reserves b,e 7,218 18,800 26,018

Regulatory risk reserve - 12,255 12,255

Total equity 68,096 (33,034) 75,362

Total equity and liabilities 1,102,027 (57,269) 1,085,058




Notes to the reconciliation of equity a) IAS 32, 39 and IFRS 7 Fair valuation of financial instruments

Nigerian GAAP investment securities are either classified as short term or long term investments. Short-term investments are investments that management intends to hold for less than one year. These investments are measured at the lower of cost or net realisable value subsequent to initial recognition. Long term investments are investments other than short term investments and are carried at cost less impairment. Under IFRS, financial assets and liabilities are required to be classified as fair value through profit or loss (Held for Trading), fair value through other comprehensive income (Available for Sale), loans and receivables and held to maturity. Financial instruments are measured based on their classification. The application of fair value changes and its impact on the income statement or other comprehensive income resulted in a write-down in equity of N4.0 billion at 31 December 2011 (1 January 2011, N1.0 billion).

(b) Loan Loss Provision“Under NGAAP, provision on loans is determined using the prudential guideline which prescribes the percentage to be written down as soon as loan is designated as impaired, depending on whether the status of impairment is doubtful, substandard or lost. A general provision is then calculated as 1% of all performing loans. Under IFRS, a loan is assessed for impairment if there is objective evidence that impairment has occurred after its initial recognition. The reporting entity is also required to perform a collective impairment evaluation on all its insignificant loans as well as on its significant but non-impaired loans. The reporting entity determines by available history the Probability of Defaults (PD) and Loss Giving Default (LGD) by sectors and applies these ratios on the performing loans at each reporting date.The Bank assesses for impairment all loans that are due or unpaid for 90 days or more. The estimated cash flows expected from the loans including the collateral realization and timing are determined and discounted to present value. Application of IFRS to specific impairment calculation decreased Retained Earnings by N3.4 bn as at 31 December 2011 (N19.1 bn; 1 January 2011).The application of collective impairment procedures on all its insignificant loans as well as on its significant but non-impaired loans gave rise to a negative adjustment of N4.1 bn as on 31, December 2011 ( N6.4 bn; 1 January 2011).Under NGAAP, interest is accrued on Non-performing loans and advances at a default or contractual rate, but such interest is usually suspended and included as part of specific provision on the loans. Under IFRS, interest is accrued and recognized on impaired loans using effective interest rate. The recognition of Interest on impaired loans was a positive adjustment in retained earnings at 31 December 2011 of N1.3bn, (1 January 2011, N7.8bn).”

(c) Employee Benefit - staff LoansEmployees were granted loans at a below market interest rate. Under IFRS, the difference between the rate granted and a market related rate is an employee benefit, which must be deferred and recognised as an employee expense over the life of the loan. Amortization of prepaid benefits gave rise to a net debit in equity of N19 m for the year ending 31 December 2011,(1 January 2011, N8 m) was adjusted in equity.

(d) Deferred Tax AssetThe impact of changes in deferred income tax resulted from timing differences on fair value gains on available for sale financial instruments recognized under IFRSs. Nominal tax rate of 30% was used in calculating the deferred tax adjustments which also increased the balance sheet carrying amount of deferred tax assets by same amounts.

e) Retirement Benefit ObligationAn actuarial valuation of the defined benefit scheme, showed a deficit of N273 million as at 31 December 2011 (N502 m; 01 January 2011). The liability was not recognised in the Nigerian GAAP financial statements. Under IFRS, a defined benefit obligation must be recognised based on the projected unit credit method. Actuarial valuation was performed by Alexander Forbes Actuaries using the projected unit credit method of valuation. This gave rise to an obligation of N1.5 billion as at 31 December 2011 (N502 m; 01 January 2011), when the value of the assets as at the valuation date was compared to the liability of the scheme.




Notes to the reconciliation of Statement of Financial Positiona.a “Under NGAAP, treasury bills (including the portion pledged to third parties), are reported as separate line from investments. Under IFRS, treasury bills

qualify as financial assets and have been properly classified in line with IAS 39 at fair value through other comprehensive income (Available for Sale) and pledged assets. Treasury bill amounting to N15.3 bn (N12.1 bn; 01 January 2011) was reclassified to Investment securities at fair value through equity while pledged treasury bills of N7.2 bn ((N8.6bn; 01 January 2011) was reclassified to pledged assets.”

a.b Under NGAAP, bills discounted was reported as separate line from investments on the face of the financial statement. Under IFRS, bills discounted qualify as financial assets held at fair value through other comprehensive income (Available for Sale) and have been properly classified in line with IAS 39.

a.c As at 1 January 2011, included in Investment Securities is a placement with other banks and discount houses of N175 million. This has been reclassified to Loans and Advances to Banks under IFRS.

a.d Loan and Advances to Customers includes Loans and advances, Advances under Finance Leases and other facilities. Other Facilities include foreign currency denominated on-lending facilities. The difference of N5.7bn between the NGAAP and IFRS balances for loans to customers is a result of the reclassifications, the impact of additional impairment losses, and write-downs in respect of staff loans in order to reflect the correct amortized cost based on market rate. IFRS requires financial assets carried at amortised cost to be measured using the effective interest rate (EIR) method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument, or where appropriate, a shorter period to the net carrying amount of the financial asset or financial liability.

a.e Advances under finance lease are reported separately in the balance sheet under Nigerian GAAP. Given the size of this portfolio, management has reclassified the total balance of N6.8 billion as at 31 December 2011 (N5.9 billion at 1 January 2011) from Advances under finance lease to Loans and Advances to Customers.

a.f “Under IFRS, IAS 39 has four clearly defined categories of financial assets, namely (1) Financial assets ‘at fair value through profit or loss’ [measured at fair value with fair value gain or loss recognised in profit or loss] (2) Held-to-maturity investments [measured at amortised cost] (3) Loans and receivables [measured at amortised cost]; and (4) Available-for-sale financial assets [measured at fair value with fair value gain or loss recognised in other comprehensive income]. Furthermore there are two defined categories of financial liabilities, namely: (1) Financial liabilities ‘at fair value through profit or loss’ and (2) Other liabilities (measured at amortised cost). Under Nigerian GAAP, investment securities are either classified as short term or long term investments. Short-term investments are investments that management intends to hold for less than one year. These investments are measured at the lower of cost or net realisable value subsequent to initial recognition. Long term investments are investments other than short term investments and are carried at cost less impairment. Based on the classification and measurement criteria under IFRS the following was performed:

Fair value adjustmentsThe application of IFRS classification and measurement gave rise to the following classification of investments. A fair value adjustment of (N209m) was recorded on AFS equity adjustments, (N14.3bn) on AFS debt investment adjustments and N511m from fair value adjustment to pledged assets. A fair value adjustment was recognised on HFT debt security investment of N0 m as at 31 December 2011 (N0 m; 01 January 2011).

Reversal of previously recognised impairment chargeUnder IFRS, the fair value changes of available for sale financial instruments are recognized in other comprehensive income and transferred to fair value reserve in the equity section of the statement of financial position. To appropriately recognise the fair value adjustments, impairment on investment securities charged under NGAAP had to reverse through retained earnings

Reclassification adjustmentsTo ensure that the underlying asset are reported at their carrying amount before applying the measurement criteria under IFRS, the respective interest receivables classified as a component of other asset under NGAAP were reclassified to the respective investment securities. The total of N10.2bn as at 31 December 2011 (N625 m, 01 January 2011) were reclassified to underlying assets. Also pledged assets under repurchase agreement amounting to N18.6bn as at 31 December 2011 (N17.5bn; 01 January 2011) made up of bonds and treasury bills, which were part of the components of Other assets under NGAAP, were reclassified as a separate line item as pledged assets on the primary statements. “




Notes to the reconciliation of Statement of Financial Positiona.j “Under NGAAP, pledged assets (bills and bonds) are either reported as part of other assets or disclosed within the notes of the financial statement. Under

IFRS, pledged assets have been reported as a separate line item on the primary financial statement. Due to the separate disclosure of the pledged items, a reclassification of N7.1 billion and N11.4 bn in 31 December 2011 (N8.6 bn, and N8.8 bn; 01 January 2011) relating to investment securities - bonds and Treasury bills respectively was made.”

a.l Under NGAAP computer software was usually reported as part of property plant and equipment. The application of IFRS on 1 January 2011 required that this be separated. The total amount for computer software of N155m, has been reclassified to Intangible assets. Intangible assets represents the net book value of computer software being used in the Bank as there were no patents, trademarks or any other form of intangibles on this date.

a.m The implications of application of IFRS to loan losses provisioning and employee benefits increased Retained earnings by N3.4 bn on 31 December 2011 (1 January 2011, N19.1 bn). Nominal tax rate of 30% was used in calculating the deferred tax adjustments which also increased the balance sheet carrying amount of deferred tax assets by same amounts.

a.n The change in other assets on application of IFRS is accounted for by the reclassification of accrued interest receivable to the underlying assets in line with IAS 39 before measurement, as well as the recognition of additional staff benefit arising from restating staff loans carrying amount using the market rate. The recognized embedded prepaid staff benefits are carried in other asset, and amortized over the remaining expected life of the loans. In addition to this pledged debt equities previous reporting as a component under other assets under NGAAP has been classified under pledged bonds a separate financial statement line item on the primary statement for IFRS reporting purpose.

a.p Included in other liabilities are Customer’s cash collateral due to Banks amounting to N0 m as at 31 December 2011 (N710m; 01 January 2011). This was reclassified from other liabilities to deposit from Banks for proper presentation under IFRS. N16.8 billion as at 31 December 2011 (N2.2 billion; 01 January 2011) relating to customers’ deposit for letters of credit which was reclassified to deposits from customers under IFRS.

a.q “Under NGAAP, interest payable was mapped to other liabilities. In applying the effective interest method, IFRS requires a financial instrument carried at amortised cost to be measured at its net carrying amount. The application of the effective interest method resulted in a reclassification of N166m as at 31 December 2011 (N16m. 01 January 2011) from other liabilities to Borrowings.”

a.v The Bank accounted for interest payable and unearned income on its financial liabilities and assets as a separate component of other liabilities. IFRS requires a financial instrument carried at amortised cost to be measured at its net carrying amount and available for sale financial assets at fair value through equity. The change in other liabilities on application of IFRS is accounted for by the reclassification of unearned income on treasury bills and bonds to the underlying assets in line with IAS 39 of N24.2bn in 31 December 2011 (N1.9bn; 01 January 2011). Other liability balance of N16 m relating to interest payable on borrowings was reclassified to the underlying liability account in order to measure this at amortized cost. Also included in other liabilities are Customer cash collateral due to Banks amounting to N0 m as at 31 December 2011 (N710m; 01 January 2011). This was reclassified from other liabilities to deposit from Banks for proper presentation under IFRS.

b.c Under IFRS, the fair value changes of available for sale financial instruments are recognized in other comprehensive income and transferred to fair value reserve in the equity section of the statement of financial position. This classification was not required under NGAAP. The changes in retained earnings under IFRS arose from the reversal of impairment charges on loans and advances to customers and on financial assets recognised under NGAAP. The respective financial assets have subsequently been measured in line with IAS 39 and appropriate adjustments passed. See explanations on differences arising from measurement above.




Notes to the reconciliation of Statement of comprehensive Income c.a The application of effective interest rate to loans and advances resulted in reclassification from fee income to interest income. In addition, additional

interest raised on staff loans on application of market rate, as well as recognition of interest on impaired loans in line with IFRS gave rise to an increase in interest income.

c.b Impairment charges on credit losses and investments decreased due to the application of the incurred loss model and the collective impairment on performing loans and reversal of impairment charge on TBPIC.

c.c Employee benefit expense adjustments relate to amortization of staff benefits imbedded in staff loans granted at concessionary rates. The prepaid staff benefits are usually held as other assets in the statement of financial position, but amortized systematically to income as part of personnel expenses.

c.d Under IFRS, the fair value changes of available for sale financial instruments are recognized in other comprehensive income and transferred to fair value reserve in the equity section of the statement of financial position.

Notes to the Statement of cashflow(a) The cash flow statement has been prepared under IAS 7, using the indirect method.(b) Under Nigerian GAAP, the Bank classifies cash flows relating from the acquisition or sale (and redemption) of investment securities as investing cash

flows. Under IFRS, the cash flows from trading are considered part of the principal revenue producing activities of the Bank, and are therefore classified as operating cash flows. Cash flows associated with non-trading debt and equity securities at fair value continue to be classified as investing activities.

(c) Under IFRS, only call deposits and other short-term investments that are readily convertible to a known amount of cash and subject to insignificant risks of changes in value due to the short maturities thereof (three months or less from the date of acquisition) are classified as cash and cash equivalents. Under Nigerian GAAP, all treasury bills are classified as cash and cash equivalents. Under IFRS, only treasury bills with a maturity of three months or less are classified as cash and cash equivalents in the consolidated cash flow statements under IFRS


Statement of value added

2012 2011

N'million % N'million %

Gross income 158,764 68,155

Interest paid (45,110) (21,527)

113,654 46,628

Impairment charge for credit losses (12,342) 15,260

Bought-in materials and services (34,685) (20,682)

Value added 66,627 100 41,206 100

Distribution

Employees

- Salaries and benefits 46,957 70 16,970 41

Government

- Income tax 2,578 4 1,321 3

Retained in the Bank

- Asset replacement (depreciation & amortisation) 9,286 14 3,571 9

- Expansion (transfers to reserves) 7,805 12 19,344 47

66,627 100 41,206 100


Five year financial Summary

2012 2011 2010 2009 2008

N’million N’million N’million N’million N’million

IFRS N-GAAP

Assets:

Cash and balances with the central bank 112,323 86,919 19,437 9,524 18,768

Treasury bills and other eligible bills - - - 15,116 21,247

Loans and advances to banks 120,078 116,597 100,514 73,490 162,467

Loans and advances to customers 546,873 410,150 225,369 183,719 144,917

Advances under finance lease - - - 6,000 8,902

Financial assets held for trading 23,394 32,812 6,821 - -

Investment Securities: available-for-sale 228,576 249,272 26,036 15,387 22,155

Investment Securities: loans and receivables 78,116 74,159 3,949 - -

Pledged assets 109,334 18,600 17,487 - -

Non-current assets held for sale 2,744 - - - -

Property and equipment 59,387 67,131 19,440 21,382 18,818

Intangible assets 103 820 155 - -

Deferred income tax asset 6,005 4,709 2,729 1,073 -

Other assets 38,382 23,889 22,041 29,971 35,192

1,325,315 1,085,058 443,978 355,662 432,466

Financed by:

Share capital 9,241 13,960 6,940 3,609 3,609

Share premium 115,961 84,799 54,119 11,917 11,917

Retained earnings (19,705) (64,532) (11,188) (2,861) 1,727

Other reserves 48,131 41,135 15,676 14,503 14,503

Deposits from customers 1,043,213 890,425 342,379 243,831 310,714

Deposits from banks 21,489 10,116 710 17,147 23,913

Deposit for shares - - - 46,366 45,070

Borrowings 58,883 64,409 3,776 4,576 3,269

Retirement benefit obligations - 1,502 502 - -

Provisions 1,279 1,290 18 - -

Current income tax 1,581 1,548 329 213 752

Deferred income tax liabilities - - - - 283 -

Other liabilities 45,242 40,406 30,717 16,361 16,709

1,325,315 1,085,058 443,978 355,662 432,466

Acceptances and guarantees 163,260 199,417 82,079 93,723 173,366

IFRS N-GAAP

Gross earnings 158,764 68,155 58,313 59,864 55,156

Profit /(Loss) before taxation 5,227 18,023 2,120 (5,944) (898)

Income tax 2,578 1,321 (501) 1,356 893

Profit/(Loss) after taxation 7,805 19,344 1,619 (4,588) (5)

Earnings/(Loss) per share (Basic) 42k 69k 12k (1k) (0k)

Number of business offices 511 578 256 256 240



Holding company and its subsidiaries

Headquarters : Ecobank TransnationalIncorporated2365, Boulevard du Mono B.P. 3261, Lomé – TogoTel: (228) 22 21 03 03 / 22 21 31 68Fax: (228) 22 21 51 19

1. BeninRue du Gouverneur Bayol01 B.P. 1280, RP Cotonou – BéninTél: (229) 21 31 30 69 / 21 31 40 23Fax: (229) 21 31 33 85

2. Burkina Faso49, Rue de l’Hôtel de Ville01 B.P. 145Ouagadougou 01–Burkina FasoTel: (226) 50 33 33 33 / 50 49 64 00Fax: (226) 50 31 89 81

3. Burundi6, Rue de la ScienceB.P. 270, Bujumbura – BurundiTel: (257) 22 20 8100 (257) 22 20 8200 (257) 22 20 8299Fax: (257) 22 22 5437

4. ChadAvenue Charles de GaulleB.P. 87, N’Djaména – TchadTel: (235) 2252 43 14 / 21Fax: (235) 2252 23 45

5. CameroonBoulevard de la LibertéB.P. 582, Douala – CamerounTel: (237) 33 43 82 51 (237) 33 43 84 88 – 89Fax: (237) 33 43 86 09

6. Cape VerdeAvenida Cidade de LisboaC.P. 374 /c PraiaSantiago – Cabo VerdeTel : (238) 260 36 60Fax: (238) 261 10 90

7. Central African Republic Place de la RépubliqueB.P. 910 Bangui – République CentrafricaineTel: (236) 21 61 00 42Fax: (236) 21 61 61 36

8. CongoImmeuble de l’ARC, 3ème étageAvenue du CampB.P. 2485, Brazzaville – CongoTel: (242) 06 621 08 08 / 05 778 79 08

9. Côte d’IvoireImmeuble AllianceAvenue Terrasson de Fougères01 B.P. 4107– Abidjan 01 Côte d’IvoireTel: (225) 20 31 92 00Fax: (225) 20 21 88 16

10. Democratic Republic of the Congo47, Avenue Ngongo LuteteGombe –RD CongoB.P. 7515, KinshasaTel: (243) 99 60 16 000Fax: (243) 99 60 17 070

11. Equatorial GuineaAvenida de la Independencia APDO.268, Malabo – Républica de Guinea Ecuatorial Tel: (240) 333 098 271 / 555 300 203

12. Gabon214, Avenue Bouët9 Étages, Montagne SainteB.P. 12111Libreville – GabonTel: (241) 01 76 20 71 / 01 76 20 73Fax: (241) 01 76 20 75

13. Gambia42 Kairaba AvenueP.O. Box 3466Serrekunda – The GambiaTel : (220) 439 90 31 – 33Fax: (220) 439 90 34

14. Ghana19 Seventh Avenue, Ridge WestP.O. Box AN 16746Accra North – GhanaTel : (233) 302 68 11 46/8Fax: (233) 302 68 04 28/37

15. GuineaImmeuble Al ImanAvenue de la RépubliqueB.P. 5687Conakry – GuinéeTel: (224) 63 70 14 34 (224) 63 70 14 35 Fax: +224 30 45 42 41

16. Guinea-BissauAvenue Amilcar CabralB.P. 126, Bissau – Guinée-BissauTel: (245) 320 73 60 – 61Fax: (245) 320 73 63

17. KenyaEcobank TowersMuindi Mbingu StreetP.O. Box 49584, Code 00100Nairobi – KenyaTel : (254) 20 288 3000 /0719 098 000Fax: (254) 20 224 9670

18. LiberiaAshmun and Randall StreetP.O. Box 48251000 Monrovia 10 – LiberiaTel : (231) 886-74-76-93 / 886 -97- 44- 94 Fax: (231) 701 22 90

19. MalawiEcobank House, Corner Victoria Avenueand Henderson Street, Private Bag 389,Chichiri, Blantyre 3 – MalawiTel : (265) 01 822 099 / 808 / 681Fax: (265) 01 820 583

20. MaliPlace de la NationQuartier du FleuveB.P. E1272Bamako – MaliTel: (223) 20 70 06 00Fax: (223) 20 23 33 05

21. NigerAngle Boulevard de la Libertéet Rue des BâtisseursB.P. : 13804, Niamey – NigerTel: (227) 20 73 10 01 – 83 Fax: (227) 20 73 72 03 – 04

22. NigeriaPlot 21, Ahmadu Bello WayP.O. : Box 72688, Victoria IslandLagos – NigeriaTel : (234) 1 2710391–5Fax: (234) 1 2710111

23. RwandaPlot 314, Avenue de la PaixP.O. Box 3268, Kigali – RwandaTel : (250) 788 16 10 00Fax: (250) 252 50132

24. São Tomé and PríncipeEdifício HB, Travessa do Pelourinho C.P. 316São Tomé – São Tomé e PríncipeTel: (239) 222 21 41 / 222 50 02Fax: (239) 222 26 72

25. SenegalKm 5 Avenue Cheikh Anta DIOPB.P. 9095, Centre DouanesDakar – SénégalTel: (221) 33 859 99 99Fax: (221) 33 859 99 98

26. Sierra Leone7 Lightfoot Boston StreetP.O. Box 1007Freetown – Sierra LeoneTel : (232) 22 221 704 / 227 801Fax: (232) 22 290 450

27. TanzaniaKarimjee Jivanjee BuildingPlot Nº 19, Sokoine DriveP.O. Box 20500Dar es Salaam – TanzaniaTel : (255) 22 213 7447 (255) 22 212 5592 (255) 22 212 5594Fax: (255) 22 213 7446

28. Togo20, Avenue Sylvanus OlympioB.P. 3302Lomé – TogoTel: (228) 22 21 72 14Fax: (228) 22 21 42 37

29. UgandaPlot 4, Parliament AvenueP.O. Box 7368 Kampala – UgandaTel : (256) 417 700 100Fax: (256) 312 266 079

30. Zambia22768 Thabo Mbeki RoadP.O. Box 30705Lusaka – ZambiaTel : (260) 211 250 056 – 7 (260) 211 250 202 – 4 (260) 211 367 390Fax: +260 211 250 171

31. ZimbabweBlock A, Sam Levy’s Office Park, 2 Piers RoadP.O. Box BW1464, BorrowdaleHarare – ZimbabweTel : (263–4) 851644-9Fax: (263 – 4) 852632–851630–9 Toll free : 08003 2 800 000

32. EBI SA Groupe EcobankLes Collines de l’ArcheImmeuble Concorde F76 route de la Demi-Lune92057 Paris La Défense Cedex FranceTel: (33) 1 70 92 21 00Fax: (33) 1 70 92 20 90

33. EBI SA Representative Office2nd Floor, 20 Old Broad StreetLondon EC2N 1DP, United KingdomTel: +44 (0) 203 582 8820Fax: +44 (0)207 382 0671

34. BeijingRepresentative OfficeSuite 611, Taikang International Tower 2 Wudinghou, Financial Street Xicheng District, 100033Beijing, China Tel : (8610) 66 29 00 98 Fax: (8610) 66 29 00 98

35. JohannesburgRepresentative Office4 Sandown Valley Crescent4th Floor, Sandton 2196Johannesburg – South AfricaTel : (27) 11 783 6197 - 6431 / 6391Fax: (27) 11 783 6852

36. DubaiRepresentative OfficeLevel 26d, Jumeirah Emirates TowersShaikh Zayed Road, P.O. Box: 29926Dubai – UAETel : (971) 4 327 6996Fax: (971) 4 327 6990

37. LuandaRepresentative OfficeRua Joaquim Kapango Nº31Ingombota-LuandaC.P 25, Luanda – AngolaTel : (244) 938 910 345

38. Ecobank DevelopmentCorporation (EDC)2365, Boulevard du MonoB.P. 3261, Lomé –TogoTel: (233) 21 25 17 23Fax: (233) 21 25 17 34

39. EDC Investment CorporationImmeuble Alliance, 4ème étageAvenue Terrasson de Fougères01 B.P. 4107–Abidjan 01Côte d’IvoireTel: (225) 20 21 10 44 / 20 31 92 24 /20 21 50 00Fax: (225) 20 21 10 46

40. EDC Stockbrokers Limited5 Second Ridge Link, North RidgeP.O. Box 16746, Accra North – GhanaTel : (233) 21 25 17 23 / 24Fax: (233) 21 25 17 20

41. EDC Securities LimitedPlot 21, Ahmadu Bello WayP.O. Box 72688, Victoria IslandLagos – NigeriaTel : (234) 1 761 3833 / 761 3703Fax: (234) 1 271 4860

42. EDC Asset ManagementImmeuble Alliance, 4ème étageAvenue Terrasson de Fougères01 B.P. 4107–Abidjan 01Côte d’IvoireTel: (225) 20 22 26 68

43. eProcess International SA2365, Boulevard du MonoB.P. 4385, Lomé –TogoTel: (228) 22 22 23 70Fax: (228) 22 22 24 34

49, Rue de l’HôTél. de Ville01 B.P. 145Ouagadougou 01 – Burkina Faso

Ecobank Nigeria LimitedRC No: 89773

Plot 21, Ahmadu Bello WayP.O. : Box 72688, Victoria Island - Lagos – Nigeria

ecobank.com

2012 nigeria annual reports

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