DIRECTORS: UMAR YAHAYA (CHAIRMAN), KUNLE JINADU (MANAGING DIRECTOR/CEO), IJEOMA NWOGWUGWU, BAYO ODENIYI, PHILIP OLUFUNWA, REMI ONI,FUNSO SOBANDE

Bunmi AderonmuChief Financial OfficerFRC/2013/ICAN/00000001939

Umar YahayaChairmanFRC/2013/ODN/00000003223

Kunle Jinadu Managing Director/CEO FRC/2013/ICAN/00000002122

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018

STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2018

31 December 31 December2018 2017ASSETS

N’000 N’000

Property, plant and equipment

Intangible assets

Deferred tax assets

Loans & other receivables

Other assets

Investment Securities

Cash and cash equivalents

TOTAL ASSETS

EQUITY AND LIABILITIESEQUITY

Share capital

Retained earnings

TOTAL EQUITY

CURRENT LIABILITIES

Creditors & accruals

Income tax liabilities

TOTAL LIABILITIES

TOTAL EQUITY & LIABILITIES

PENSION ASSETS UNDER CUSTODY

NON-PENSION ASSETS UNDER CUSTODY

1,204,809 1,084,985

The financial statements were approved by the Board of Directors on 24 January, 2019 and signed on its behalf by:

Custody fee

Interest and other income

Operating income

Operating expenses

Profit before income tax

Income tax expense

Profit for the year

Total comprehensive income for the year

Earnings per share

31 December 31 December2018

N’000

To the Members of First Pension Custodian Nigeria Limited

OpinionThe accompanying financial statements which comprise the summary statement of financial position as at 31 December 2018, the summary statement of profit or loss and other comprehensive income for the year ended 31 December 2018 are derived from the audited financial statements of First Pension Custodian Nigeria Limited for the year ended 31 December 2018.

In our opinion, the accompanying summary financial statements derived from the audited financial statements of First Pension Custodian Nigeria Limited as at 31 December 2018 are consistent, in all material respects with those financial statements, in accordance with the International Financial Reporting Standards, Companies and Allied Matters Act, Cap C20, LFN 2004, Pension Reform Act 2014 and the Financial Reporting Council of Nigeria Act, 2011.

Summary Financial StatementsThe summary financial statements do not contain all disclosures required by the International Financial Reporting Standards, Companies and Allied Matters Act CAP C20 LFN 2004, Pension Reform Act 2014 and the Financial Reporting Council of Nigeria Act, 2011 applied in the preparation of the audited financial statements of First Pension Custodian Nigeria Limited. Reading the summary financial statements and the auditor's report thereon, therefore, is not a substitute for reading the audited financial statements and the auditor's report of First Pension Custodian Nigeria Limited. The summary financial statements and those financial statements do not reflect the effects of events that occurred subsequent to the date of our report on those financial statements. The Audited Financial Statements and Our Report ThereonWe expressed an unmodified audit opinion on those financial statements in our report dated 4 March, 2019.

Directors' Responsibility for the Summary Financial StatementsThe Directors are responsible for preparing and presenting an appropriate summary of the audited financial statements in accordance with Section 355 of the Companies and Allied Matters Act, Cap C20, LFN 2004, Pension Reform Act 2014 and the Financial Reporting Council of Nigeria Act, 2011 and the International Financial Reporting Standards.

Auditor's ResponsibilityOur responsibility is to express an opinion on whether the summary financial statements are consistent in all material respects with the audited financial statements based on our procedures which were conducted in accordance with International Standards on Auditing (ISA 810 revised). “Engagement to report on Summary Financial Statements”. Report on Other Legal and Regulatory RequirementsThe company complied with the sixth schedule of the Companies and Allied Matters Act CAP C20 LFN 2004.

Joshua Ojo, FRC/2013/ICAN/00000000849

For: Deloitte & ToucheChartered AccountantsLagos, Nigeria4 March, 2019

2017

N’000

INDEPENDENT AUDITOR’S REPORT

2018 FINANCIAL STATEMENTS

1,534,959

The summary financial statements disclosed were derived from the full financial statements of First Pension Custodian Nigeria Limited for the year ended 31 December 2018 and cannot be expected to provide a full understanding of the financial performance, financial position and cash flows of the company. The company's auditor issued an unqualified opinion on the full financial statements for the year ended 31 December 2018 from which these summary financial statements were derived. The company's auditor made a report under section 359 of the Companies and Allied Matters Act. The full financial statement from which these summary financial statement was derived would be delivered to the Corporate Affairs Commission.

1,272,330

4,434

150,171

714,890

117,667

10,547,474

1,827,967

14,897,562

9,176,737

11,176,737

2,516,016

3,720,825

14,897,562

2,760,627,093

12,865,621

6,729

171,224

764,521

156,084

9,889,063

1,475,645

13,735,596

2,000,000

8,436,036

10,436,036

2,214,575

3,299,560

13,735,596

2,420,701,587

621,991,192

6,409,599

1,724,472

8,134,071

2,343,336

5,790,735

(1,560,215)

4,230,520

4,230,520

212k

5,959,839

1,848,636

7,808,475

2,040,508

5,767,967

(1,405,693)

4,362,274

4,362,274

218k

2,000,000