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Ecobank Nigeria Limited Annual Report 2013

Celebrating 25 yearsof pan-African banking

Ecobank Nigeria Limited Annual Report 2013 2 Branches/Outlets

Branches/Outlets

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, OjoTel.: (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 LagosTel.: (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, LagosTel.: (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 ApapaTel.: (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, LagosTel.: (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 LagosTel.: (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 MazaTel.: (234) 07087963001/’07041451421

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

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

Cash Center

Berger Cash CentreMc 1 park, Berger Under Bridge, AjegunleTel.: (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

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

Ecobank Nigeria Limited Annual Report 20131Branches/Outlets

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 IkejaNahco 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) 07044088872/07041451360

Unity road Ikeja3A Toyin street, Ikeja08023093070,Tel.: (234) 08059377474/07041451339

Cash Center

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

Oko Oba Cash Center2 Old Abeokuta road Abbatoir Agege LagosTel.: (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

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 II60 Adeniran Ogunsanya Str. SurulereTel.: (234) 08087180238/07041450898

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


Branches/Outlets

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, LagosTel.: (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

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 Center

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, OgunTel.: (234) 8068675245


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

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

Cash Center / 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, Ondo82, Molasuru Juction, OreTel.: (234) 08034739350;08129009813

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

Cash Center

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 AreaTel.: (234) 7041450066/08033712219

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

Naca/NetpostOau 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

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 Center

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 Center / Netpost

Landmark UniversityLand 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, DeltaTel.: (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, EffurunTel.: (234) 7045699050/ 08053902233


Branches/Outlets

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 StateTel.: (234) 8037980526 / 07045699026

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

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

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

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

Ughelli market7/8 Ughelli -Warri road, UghelliTel.: (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 CenterAladja 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 CenterEziukwu 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, OnitshaTel.: (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

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

Onitsha Fegge33/35 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 marketOse 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 Center

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 Center

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 CenterConcordeConcord 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 StateTel.: (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

Uyo145, Ikot Ekpene rd UyoTel.: (234) 08060032175

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) 8027029007Ikom 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 Center

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

Cash Center

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 .AbujaTel.: (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 Maitama51 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

Ogbomosho road3 Ogbomosho street, Area 8, Garki, AbuujaTel.: (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

Yola31 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


Branches/Outlets

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 road11E 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 - NigeriaTel.: (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

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,KanoTel.: (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 Center

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

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

Naca/Netpost

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

Sokoto

Ile ilaKonni 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 StateTel.: (234) 08087180340

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

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

Ecobank Nigeria Limited Annual Report 2013 10

Content

General information 11

Chairman’s statement 12

Report of the directors 13

Profile of the directors 17

Ecobank Nigeria Limited sustainability report 22

Corporate governance report 28

Statement of directors’ responsibilities 33

Independent auditors’ report 34

Statement of profit or loss and other comprehensive income 35

Statement of financial position 36

Statement of changes in equity 37

Statement of cashflows 38

Notes to the financial statements 40

Statement of prudential adjustments 75

Financial risk management 76

Statement of value added 97

Five year financial summary 98

Reconciliation of NGAAP TO ifrs 31 December 99

Holding Company and Subsidiaries 101

Content


General Information

Directors, professionals, address

DirectorsThe Olor’ogun (Dr) S. F. Kuku, OFR - Chairman

Jibril Aku - Managing Director

Anthony Okpanachi - Deputy Managing Director (Appointed April, 2013)

Alhaji Mua’zu Anache - Director

Chief Wilfred Belonwu - Director

Mr. Edouard Dossou - Yovo-Independent Director

Mr. Kola Karim - Director

Mr. Olufemi Ayeni - Independent Director

Mrs. Funmi Oyetunji - Director

Mr. Thierry Tanoh - Director (Until 11 March 2014)

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 East (Resigned April, 2013)

Mr. Shehu Jafiya - Executive Director, Abuja & North

Mr. Kingsley Umadia - Executive Director, South-South/South East (Appointed December, 2013)

Company secretaryAdenike Laoye

Registered office21 Ahmadu Bello WayVictoria IslandLagos, Nigeria

Independent auditorsAkintola Williams Deloitte

235, Ikorodu Road, Ilupeju

P.O. Box 965, Marina

Lagos, Nigeria

RegistrarEDC registrars Limited154 Ikorodu Road OnipanuLagos, Nigeria

General Information

Ecobank Nigeria Limited Annual Report 2013 12 Chairman’s statement

Chairman’s statement

I am pleased to present to you the Financial Statements of the Bank for the year ended December 31, 2013.2013 was a tough year for banks with the CBN-driven contraction in earning sources and the increase in the Cash Reserve Requirements (CRR) in respect of public sector funds from 12% to 75%. The new CRR led to the withdrawal of over one trillion naira from banks.

Financial ResultsDespite the tightening of monetary policy and rates chargeable by banks, Ecobank still witnessed improvements in its overall performance. Our profit after tax increased from N7.8billion recorded in 2012 to over N11.6billion, a 48.7% increase. Our total assets also increased by 10% closing at N1.4 trillion from N1.3 trillion recorded in 2012.

The ultimate goal of satisfying customers remained our focus and there was improvement in this respect.

People and ProcessesOur People remain key to our business and we continue to ensure an enabling environment for our staff to thrive and excel. We recognize exceptional performance and compensate those who excel and

exceed expectations. Over 1,200 staff were promoted in 2013.

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 banks in the country. We continued with acculturation and training in order the enhance staff skills and knowledge. This conversely led to customer satisfaction with an improvement in our Net Promoters Score from 17% to 25%. The successful integration of the Flexcube, our core banking application in all branches in the first quarter of 2013 enhanced our operations and processes leading to improved customer satisfaction. The Bank also continued with the acculturation of staff and various training programs to enhance staff productivity and quality of service delivery.

For their contribution and devotion to the Bank in 2013, a big thank you to all our employees.

The Board As part of our commitment to enhancing its executive management and ensuring continued and close keen focus on the objectives of the Bank, the Board appointed Mr. Anthony Okpanachi as Deputy Managing Director and Mr. Kingsley Umadia as Executive Director, South-South/South East. I can confirm that their presence in management and the Board has been very commendable and I am confident of their continued positive impact on the Bank. I use this opportunity to again welcome them both.

Mr. Henry Ajagbawa resigned as an Executive Director on the Board during the year. On behalf of the Board, I thank him for his contributions to the Bank while wishing him every success in the future.

Corporate Social Responsibility (CSR)Ecobank sustained its support and empowerment of people within its operating environment in 2013. Health, education and general public welfare were all considered in our choice of CSR support. 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. The Bank contributed to various schools in

Nigeria, providing educational materials, renovating school blocks as well as providing borehole water. We will continue to ensure development in the communities in which we operate in order to ensure sustainability of our environment.

Looking Ahead In 2014 we have started consolidating on the gains of the previous year and are confident of our ability to continue to improve on our performance. The Ecobank Brand remains strong and resilient and poised to remain amongst the top banks in Nigeria.

Also important to us is or commitment to comply with the Nigerian Sustainability Banking Principles in 2014 as it is essential to build a sustainable business in a sustainable environment.

ConclusionIn conclusion, I extend sincere appreciation to our customers for their patronage: they are the reason we continue to remain in business.

I would also like to thank all our other stakeholders: who remain part of our success and who we will continue to rely on.

Thank you all.

Ecobank Nigeria Limited Annual Report 20131313Report of the directors

1. Results

2013N’million

2012N’million

The Profit of the Bank after providing for Taxation was 11,658 7,805Transfer to Statutory Reserve - -Transfer to retained Earnings 11,658 7,805

2. Legal formThe Bank, 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 Bank but the Bank 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 license to operate from the 36 states and the FCT

of the Country. Ecobank is a Top Tier bank currently categorized as a Systemically Important Bank (SIB).

During the year, the Bank improved its overall efficiency and embarked on a number of cost containment initiatives. The Bank continued to focus on culture integration and training while ensuring continuous improvement of its processes to enhance quality service delivery and customer satisfaction.

The Bank operates within two key business segments, Domestic Bank and Corporate and Investment Bank, and provides a full range of retail, wholesale, investment and transactional banking services, all supported by Operations & Technology, Risk Management, Legal, Finance, Audit, Internal Control and Human Resources.

The Bank introduced the RIA Money Transfer and Pearl Plan A Account (ZERO COT Current Account) during the year.

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

4. Directors1. The names of the current directors are

listed in page 12.

2. Since the last Annual General Meeting held on June 18, 2013, Mr. Anthony Okpanachi was appointed as Deputy Managing Director and Mr. Kingsley Umadia as Executive Director by the Board of Directors, while Mr. Henry Ajagbawa resigned as an Executive Director on the Board. Mr Thierry Tanoh ceased to be director.

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

3. In accordance with Article 93 of the Bank’s Articles of Association Alhaji Muazu Anache, Mme. Eveline Tall and Mr. Femi Ayeni retire by rotation and being eligible, offer themselves for re-election.

4. Thierry Tanoh was a Director up till 11 March 2014.

Current Holding of Directors

31 December 2013Direct

31 December 2013Indirect

31 December 2012Direct

31 December 2012Indirect

The Olor’ogun (Dr). 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 NilAnthony Okpanachi 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 NilKingsley Umadia Nil Nil Nil Nil

The Directors hereby submit their Report together with the financial statements of the Bank for the year ended 31 December 2013.

Report of the directors

Ecobank Nigeria Limited Annual Report 2013 14 14 Report of the directors


5. Directors’ responsibilitiesIn accordance with the provisions of sections 334 and 335 of the Companies and Allied Matters Act (CAMA) 1990 and Sections 24 and 28 of the Banks and Other Financial Institutions Act 1991 as amended, the Directors are responsible for the preparation of Annual Financial Statements.These responsibilities include ensuring that:

(a) adequate internal control procedures are instituted to safeguard assets, prevent and detect fraud and other irregularities;

(b) proper accounting records are maintained;

(c) applicable accounting standards are followed;

(d) suitable accounting policies are used and consistently applied;

(e) the financial statements are prepared on a going concern basis, unless it is inappropriate to presume that the company will continue in business.

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

Quantity Issued:18,482,529,765

Share Range Number of Shareholders % of Shareholders Number of Holdings % Shareholding

1 1 1 0.01,000,000,000 1 1 18,482,529,764 100.0

Total: 2 100.0000 18,482,529,765 100.0

These figures are as at 31 December 2013.

7. Substantial interest in shares

31 December 2013 31 December 2012Number % Number %

Ecobank Transnational Inc. (ETI) 18,482,529,764 100 18,482,529,764 100Nigerian Citizens and Associations 1 0 1 0

18,482,529,765 100 18,482,529,765 100

These figures are as at 31 December 2013.

8. Fixed assetsMovements in fixed assets during the year are shown in note 25 on page 63. In the opinion of the Directors, the market value of the Bank’s properties is not less than the value shown in the Financial Statements.

9. Post balance sheet events There are no Post Balance Sheet Events which could have had a material effect on the state of affairs of the Bank as at December 31, 2013 which have not been adequately provided for.

10. DonationsA total of N344,348,886.00 was donated by the Bank in the course of the year as follows:

1. Donation to Flood Disaster Victims in Nigeria N300,000,000.002. Ecobank Day Corporate Social Responsibilities:

a Renovation of a Classroom Block in C & S Primary School, Ikorodu N2,880,000.00b Provision of Borehole to Government Secondary School, Kubwa-Abuja N1,520,000.00

cRenovation of Classroom Blocks / Library at Eastern Academy School, Onitsha in Anambra State N4,304,850.00

dProvision of Educational materials (Exercise books, pencils and rulers) to Schools across the country N35,644,036.00

Total N344,348,886.00

Ecobank Nigeria Limited Annual Report 20131515Report of the directors

11. Employment and employeesEmployment of Disabled PersonsIt is the policy of the Bank 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 31 December, 2013, disabled person was in the employment of the Company.

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

Management, professional and technical expertise are the Bank’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 Bank’s premises and employees are aware of safety regulations. The Bank 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 2013(a) Analysis of total employees by gender

Number PercentageMale Female Total Male female

Employees 4,210 2,664 6,874 61% 39%

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

Number PercentageMale Female Total Male female

Assistant General Manager 30 15 45 67% 33%Deputy General Manager 16 3 19 84% 16%General Manager 8 3 11 73% 27%Board members (Non-Executive directors) 7 2 9 78% 22%Board members (Executive directors) 5 1 6 83% 17%

66 24 90 73% 27%

12. Corporate social responsibilityThe 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.

We have also adopted the Central Bank of Nigeria’s 9 Nigerian Banking Industry Sustainability Principles and are tracking to ensure that the Bank, overtime, fully complies with the Principles.

13. 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 partnership 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.

14. 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, 39% of our workforce and 27% of our management team are female.

15. 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 put in place 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. This is also in line with one of the Sustainability principles of the Nigerian Banking Industry.

Ecobank Nigeria Limited Annual Report 2013 16 16 Report of the directors


16. 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.

17. 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.

18. Board audit & compliance committeeThe Company has in place a Board Audit & Compliance Committee with the following directors as members as at December 31, 2013:

1. Alhaji Muazu Anache-Chairman

2. Chief Wilfred Belonwu-Member

3. Mr. Kola Karim-Member

4. Mr. Edouard Dossou-Yovo-Member

By order of the board

Adenike LaoyeCompany Secretary11 March 2014FRC/2013/CIBN/00000002048


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

Alhaji Muazu Anache Chief Wilfred A. Belonwu

Born in 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 was also a Trustee and a Distinguished Fellow of the National Postgraduate Medical College of Nigeria, President and Trustee of the West African College of Physicians and Chairman of the Committee of Pro Chancellors of State Universities and Committee of Chairmen of Federal Tertiary Hospitals. He received the First Distinguished Alumnus Award University of Lagos and Ambassador of Goodwill Award, City of Freetown and 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. Currently, he is an Officer of the Order of the Federal Republic (“OFR”).

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

Born in 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 in 1944, 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 of MPN and rose to the position of Vice Chairman, a position he held from January 2004 until December 2005, when he retired.

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

Profile of the Directors



Mme. Eveline Tall Edouard Virgile Dossou Yovo Mr. Orikolade Karim

Born in 1958, Eveline Tall is an Executive Director of Ecobank Transnational Incorporated, its Chief Operating Officer and a Deputy Chief Executive Officer. She started her banking career in 1981 with Citibank in Dakar. She left Citibank to join Ecobank Mali as Deputy Managing Director in 1998 and became Managing Director in 2000. She 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.

Born in 1949, Mr. Dossou Yovo has a Master’s Degree and Ph.D in Commercial Law. He worked with Banque Paribas Group France for ten years 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 brought 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 in 1968, Mr. Karim is the Group Managing Director/CEO of 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 of its subsidiary companies including Schlumberger Testing & Production Services Nigeria Limited, and Trans Amadi Facilities Ltd, in addition to being Chairman of 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 has delivered opinion and position papers at international conferences, investment forum, business schools and universities.

He 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 the Bank in June 2010.



Ecobank Nigeria Limited Annual Report 201319Profile of the Directors

Mr. Olufemi Ayeni Mrs. Funmi Oyetunji Jibril Aku – Managing Director

Born in 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 the University of Pennsylvania, United States of America. He is the Founder and Chairman/CEO of Ultima Limited (1989 to the date of this prospectus), a pioneer company in telecommunication and media industry.

Mr. Ayeni has over 30 years of experience in the entertainment, media, telecommunications, and banking industries. He has international banking experience from National Bank Philadelphia in the United States of America and local banking experience 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 joined the Board in January 2012.

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 of the UK.

She brings over 30-years-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.

Born in 1960, Mr. Jibril Aku has over 33 years of banking experience with 19 years spent in senior management positions. His banking career includes key positions in Capital Markets, Foreign Exchange, and Treasury Management. Mr Aku 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 served as Chairman of the NIBOR Committee of MMAN. 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 Bachelor’s and Master’s Degrees in Business Administration.

Jibril Aku was Executive Director responsible for the Bank’s Treasury & Financial Institutions Group amongst others from April 2006 until March 2010.

He has been the Managing Director of the Bank since March 2010. He was conferred with an Honorary Doctorate Degree by the Achievers University Owo in December 2013.


Anthony Okpanachi – Deputy Managing Director

Foluke Aboderin – Executive Director, Corporate Bank

Oladele Alabi – Executive Director, Finance and Control

Born in 1966, Anthony Adejo Okpanachi was appointed as the Deputy Managing Director of Ecobank Nigeria in March 2013. Prior to this he was the Chief Executive Officer of Ecobank Kenya and Regional Head for East Africa, comprising Kenya, Uganda, Tanzania, Rwanda, and Burundi within the Ecobank Group. Tony’s banking career spans 25 years with 17 of those in senior management level positions across various strategic business units and functions such as treasury operations, retail business development, regional business management, and top level relationship management amongst others. Tony, who has extensive local and international training, holds an MBA from Manchester Business School in the United Kingdom and a BSc in Economics with distinction from the Ahmadu Bello University in Zaria and an MSc from the University of Lagos.

Tony is a member of the Board of some affiliates of the Bank and is a member of the Chartered Institute of Stockbrokers, the Nigeria Institute of Management and the Malawi Institute of Banking.

Born in 1961, Ms. Aboderin is a Chartered Accountant and also holds a [Bachelor’s] degree in Economics. She joined the Bank in March 2007.

A seasoned banker, her banking experience spans 27 years and includes managing the relationships of multinationals and top tier local corporations operating in key economic sectors. She has attended several Citibank courses in and outside of Nigeria and carried out a short term 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.

Born in 1967, ‘Dele Alabi has over 18 years of diverse experience in banking, having worked in various areas including treasury and financial institutions, strategy and business development, corporate banking and risk management departments in the Ecobank Group. As the first Managing Director for Ecobank Uganda, since its inception in January 2009 until August 2011, he also has country supervision and management experience. He joined the Bank in 1993. 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 the bank in 1993, he worked for 5 years with 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 Executive Director in August 2011, with responsibility for finance and control functions in the bank.




Mr. Kingsley Aigbokhaevbo – Executive Director, Lagos and West

Mr. Shehu Jafiya – Executive Director, Abuja and North

Mr. Kingsley Umadia – Executive Director, South-South/South-East

Born in 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.

Born 1962, Mr. Jafiya has over 26 years of banking experience with over 10 years at the senior management level. He spent his career in different Banks, including 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 (Honours) 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.

Born in 1966, Kingsley Umadia joined the Bank on 3 January 2011 as General Manager, Operations, before being seconded to former Oceanic Bank as the Executive Director in charge of Operations & Technology during the acquisition of Oceanic Bank by ETI before assuming the role of the Group Head of Operations & Technology at the Bank after the merger of Oceanic Bank into the Bank.

Prior to joining the Bank, Kingsley served as divisional director, corporate resources and centralized shared services, at Bank PHB and was the Executive Director, service bank, at Spring Bank Plc. He started his professional career with Pricewaterhouse (now Pricewaterhouse Coopers). After qualifying as a Chartered Accountant in 1990, he joined Midas Merchant Bank as Deputy Financial Controller and later Internal Auditor. He also worked with Diamond Bank and United Bank for Africa Plc.

Kingsley is a 1988 University of Nigeria, Nsukka, graduate of Accounting, and he has an MBA from the University of Benin. He is an Associate Member of the Nigerian Institute of Management, a Fellow of the Institute of Chartered Accountants of Nigeria (2005) and also a Fellow of the Chartered Institute of Taxation of Nigeria (2006). He has approximately 23 years of comprehensive experience covering different aspects of banking. He was appointed Executive Director responsible for the Bank’s South South and Southeast Region in December 2013.


Ecobank Nigeria Limited Annual Report 2013 22 Sustainability report

Sustainability report

Managing Sustainable Development:Ecobank Nigeria has embraced sustainable development in its business operations and activities with the objective of impacting the lives and businesses of its customers, shareholders, employees and all other stakeholders; while also preserving the environment in which it operates. The financial performance outlined in this report took into consideration the triple bottom line of driving for economic transformation, impacting on the lives of people in our society and host communities; and the preservation of our environment by funding socially responsible and environmentally friendly projects. We kept our promise of being sensitive to the challenges of our environment in the areas of poverty reduction, disease control, and human capacity development.

We ensured that Sustainability thinking influenced the direction of our activities because of our firm belief that our business can only thrive in the long term based on sustainable banking policies and practices. Our affiliations and continued membership of international organizations mainstreaming sustainable practices and the adoption and implementation of the Nigerian Sustainable Banking Principles are clear testimonies of our commitment.

Sustainability Framework:We adopted an integrated and comprehensive approach to Sustainability in 2012 as a subsidiary of Ecobank Transnational Incorporated. In addition we are also signatories to the Nigerian Sustainable Banking Principles (NSBP) introduced in July 2012 by the Bankers’ Committee and enforced by the Central Bank of Nigeria (CBN). These principles have been incorporated in our Sustainability Framework.

Our sustainability framework hinges on driving economic transformation by creating economic value and fostering integration and partnership for development, socially responsible finance with the objective of promoting financial inclusion as well as corporate social responsibility. It also focuses on human capital development and the provision of a congenial inter-cultural work environment whilst not neglecting the impact of business decisions on the natural environment.

Fostering Financial and Economic IntegrationEcobank Nigeria has continued to take a leading role in the Ecobank Group in fostering economic integration in Africa. The group provides access to banking facilities in over thirty five African Countries and beyond with over 1,200 branches and over 1,600 ATMs and 24million point of sales (POS) worldwide. The Bank’s flagship product:

Ecobank Sustainability Framework

Driving economic transformation

• Creating economic value

• Fostering Integration

• Partnership for development

Protecting natural resources: environmental sustainability

• Risk management

• Green business

• Global initiatives

• Internal carbon footprint management

Social responsible Finance

• Microfinance and microbanking

• Women in business

• Ecobank foundation

• Community engagement

Human Capital: attracting and retaining employees

• Diversity and culture

• Training and development

• Pan-African spirit

Ecobank Nigeria Limited Annual Report 201323Sustainability report

the Rapid Transfer continues to dominate cross-border transactions and remittances for African migrant workers within the African Continent. Ecobank Nigeria contributes over 40% to the Group.

Our transformational banking solution is premised on the need to support Africa’s trade and infrastructure development through private-public partnership and regional integration, which offers us the opportunity to finance projects of larger scale at lower unit costs. We leverage on African trade corridors across the various sub-regions by providing integrated trade solutions using various payment methods to facilitate intra-African trade. The continent is witnessing the rise of businesses that are often considered as emerging regional champions. Our unique ‘One Bank’ platform enables us to serve these regional corporates seamlessly.

This regional approach is further cemented by our Ecobank-Nedbank Alliance creating

opportunities to do business in South Africa. We have also become the gateway for international banks seeking to provide services to their clients operating in Africa.

Partnership for DevelopmentEcobank Nigeria partnered with USAID development credit authority for a USD 5million Clean Energy/SME funding partnership, which gives leverage to Companies that are into Small and Medium Scale green businesses. This facility affords customers a tenor of ten years with minimal or no security requirement for the loans. Many of the customers who have accessed the facility are mainly into solar energy power fabrication, installation and maintenance. There is no doubt about the immense benefits of solar energy in carbon emission, reduced energy consumption and cleaner energy production and in effect a positive contribution to the reduction of the devastating effect of climate change. Furthermore, Ecobank Nigeria has continued

the partnership with the National Union of Road Transport Workers (NURTW) in improving mass transportation in Lagos State through the BRT scheme. The partnership which started in 2006 was given a further boost in 2013 with the purchase and deployment of fifty (50) additional buses to ease the transportation challenges of the people through a Public Private Partnership (PPP). As at December 2013, the scheme has recorded a passenger traffic count of over two hundred million since inception.

Socially Responsible FinanceEcobank Nigeria offers financial products driven by its sustainability framework. Different business activities and product differentiation demonstrate the belief and commitment to sustainable banking. Product design is specially crafted to impact all segments of society and deepening the culture of financial inclusion, SME Banking, Innovative and flagship products and green business finance.

FinancialInclusion

SMEBanking

InnovativeFinancial products

Microfinance SME Banking Mobile BankingSustainable

Energy Finance

Micro Banking Agribusiness Finance Diaspora BankingClimate Change

Adaptation

Women in Business Trade Finance Rapid TransferEnvironmental and Social Assessments

Green Business Finance

Ecobank Sustainability Framework



As part of our effort to create access to finance for the unbanked especially those excluded from the formal financial services, Ecobank Nigeria created a microfinance desk where facilities of USD3, 000 and below can be easily accessed with flexible and minimal collateral arrangement. Reception has been impressive with over four hundred (400) customers befitting over USD1million in less than three months. The success of the microfinance product is invaluable, especially the smile that the financial access has brought to the faces of the beneficiaries; and the realization that people can lift themselves out of poverty with access to financial products. We remain committed to financial inclusion programmes, which in our view; contribute to the reduction of poverty in our society.

Ecobank Foundation/Community Engagement and Women EmpowermentEcobank is sensitive to gender equality and gender balance in the work place and places an enormous premium on Women entrepreneurial ability. Initiatives for women economic empowerment especially for the ‘women in business’, continues to be supported by Ecobank from time to time with great delight in creating a forum for interactions and networking.

This is further demonstrated by the sponsorship of the 2nd Women in Africa 2013 conference held in Lagos, where women from different business vocations came together to discuss and interact. The conference afforded the ‘women in business’ entrepreneurial opportunities to network among themselves and deliberate on vital issues that affect women business prospects.

Ecobank’s corporate social responsibility for 2013 focused on community engagement and educational empowerment. The programmes included Ecobank Cares Day-where support in terms of food items, clothes, cosmetics and electronics were donated to homes and orphanages in Nigeria. The Ecobank Day, a day set aside every year from 2013 on October 5, where Ecobank Staff across the thirty five(35) Countries where Ecobank operates give back to our host communities. Some selected schools in Nigeria were renovated, boreholes provided for access to clean water amongst others. Other Projects included, building of drainage for Apapa Area ‘B’ Police Command, Bus presentation to Vigilant Heart Foundation/Orphanage as well as Books donation to Lumina Foundation to reignite the culture of reading among youth. Some of the projects are indicated below:

Name of Beneficiary Items Donated Impact

Vigilant Heart Foundation Hummer Bus To reduce the transportation needs of the orphanage

Shehu Malami Primary school Fencing of School Compound Improve the security of the pupils in the school.Community Primary School – Ikorodu Renovation of class-rooms and donation of

stationery materials.Congenial learning environment and academic empowerment.

Government Secondary School –Kubwa, Abuja Construction of water borehole, and donation of stationery materials

Access to portable water by the beneficiaries and academic empowerment

Eastern Academy- Onitsha, Anambra State Renovation of Class-rooms and donation of stationary materials

Congenial learning environment and academic empowerment.

Protecting Natural Resources: Environmental SustainabilityAs one of the largest Banks in Nigeria with over four hundred branches and a customer base of over five million customers, our commitment to financial and economic development will be incomplete without demonstrated commitment to environmental sustainability. Ecobank’s commitment to environmental sustainability is evidenced in the revised Ecobank Environmental and Social Risk Policy and Procedure Manual (ESPPM), which guides our business decisions in ensuring that we are not financing business activities that will cause irreparable, irreversible and large scale destruction to the environment. At the same time, we work with our clients to identify and implement mitigation and corrective action plans to minimize any impact that acceptable transaction would have on the environment. ESPPM has been effectively integrated within the enterprise-wide risk management framework of the Bank and coordinated by the newly inaugurated Environmental and Sustainability (E&S) unit.

In 2013, the E&S unit ensured that all credit transactions and investments are screened for environmental and social risks. Transactions identified in the medium and high risk categories are assessed for detailed environmental and social due diligence (ESDD). This exercise however, has prompted clients to conduct their businesses in a more sustainable manner. Environmental issues that hitherto could have been overlooked are now more cautiously examined and mitigation measures put in place to avoid crystallization of environmental and social risks on the business. The bank has invested towards the implementation of Environmental and Social Management System (ESMS) across the three regions of the Bank in Nigeria viz: Lagos/South West, FCT/North and South East/ South South. These include setting up of E&S desk in the three regions as well as conducting trainings for over two hundred staff in the three regions and strategic business units.


Green Business FinancingCertain business decisions were taken essentially because of the expected positive impact on the environment. This was part of the decision to fund the use of trenchless technology in an underground pipeline construction. Trenchless technology is designed to lay petroleum products and gas pipelines up to thirty meters in depth and 2.9Kilometers in width in a single drill, without the usual practice of breaking long stretch of distances in pipeline laying construction and causing biodiversity destruction and disorientation. Besides, the preservation of fauna and flora bio-diversity, the technology is also essentially meant to discourage pipeline vandalism which has become a norm in the country. It is therefore pertinent to note that by funding this technology, Ecobank has contributed to discouraging and possibly eliminating the environmental consequences of incessant fire outbreaks and oil spills that result from pipeline vandalism.

Other green business financing activities embarked upon during the 2013 financial year included solar powered streetlight, Solar powered water project, boreholes, and electrification projects in rural communities of the Niger-Delta and other parts of Nigeria. Portfolio exposure to green business financing in 2013 was well over USD20million.

Carbon Footprint Management Carbon footprint management is an important component of the sustainability management imperative. Ecobank is concerned about the impact its operations may have on the environment and the host communities

and is setting up strategies to ensure that environmental impact is minimal or completely offset by deployment of green solutions. One of the significant events of 2013 was the collation of data on carbon footprint using expenditure on energy consumption, waste disposal, paper consumption, and travel and vehicle maintenance as indices.

Coordinated efforts to reduce the carbon footprint included the unified travel policy, the webex/teleconference initiative that has minimized travel of personnel for meetings, the centralized fuelling/diesels arrangement, and the deployment of solar

solutions for reducing energy consumption. In 2013, four (4) solar ATMs were deployed while another eight sites are undergoing load analysis. The ambition going forward is to have full branches running on solar power.

Global initiativesEcobank Nigeria continues its commitment to sustainability with its active involvement and participation with organizations that mainstream sustainability best practices. These institutions include United Nations Environmental Programme for Financial Institutions (UNEP-FI), Un-Global Compact, International Finance Corporation (IFC) and Equator Principles Financial Institution (EPFI). Locally, Ecobank has commenced aggressive implementation of the Nigerian Sustainable Banking Principle of the Central Bank of Nigeria (CBN).

Ecobank is an active member of the UNEP FI and UNEPFI Africa Task Force (ATF). This platform has offered it the opportunity to create awareness and also build capacity for environmental and social risk analysis. It is instructive to note that all the staff overseeing the implementation of the Environmental and Social risk management system in Ecobank Nigeria have participated in the on-line training course on Environmental and Social Risk Analysis (ESRA). Two of the staff on the E&S desk in SE/SS and FCT/North also participated in 2013.

Participants were involved in a range of activities, from simulating implementation of environmental and social policies guidelines and case study analysis, to carrying out exercises based on their own experience with clients’ environmental and social impacts. The online courses taught participants how to include environmental and social variables in the traditional analysis made by financial analysts when making lending and/or investment decisions. Each course is made up of five consecutive modules:

• Introduction to Sustainable Finance

• Identification of Environmental and Social Risks

• Categorization

• Evaluation of Environmental and Social Risks

• Administration of Environmental and Social Risks

Ecobank’s participation in this training further underscores its strong commitment to environmental sustainability in its operations, as the participants gained enhanced knowledge necessary to support the implementation of E&S.

UN Global Compact, a voluntary commitment by companies towards supporting principles relating to labor standards, human rights, environmental

responsibility, and anti-corruption. Ecobank is fully compliant with its membership obligation of UNGC.

Ecobank Nigeria, as a beneficiary of IFC investment has a contractual obligation of ensuring that projects and businesses funded with IFC funds comply with IFC performance standards in the evaluation of environmental and social risk management. Performance standards include environmental, health and social management system, labour and working conditions, Resource efficiency, pollution prevention and abatement, Community, health safety and security, land acquisition and involuntary resettlement, Biodiversity, conservation and sustainability management, treatment of indigenous people and preservation of cultural heritage.

The Environmental and Social Management system (ESMS) emplaced in 2012 was maintained and improved upon with various initiatives to ensure that the ESMS is dynamic and embraced by frontal players in the implementation of the system. These initiatives include an automatic categorization of E&S risks of projects into four categories of Low, Medium A, Medium B and high; inclusion of E&S analysis and assessment in credit proposals presented for management approval and the maintenance of a database for all screened qualifying

THE G

LOBAL COMPACT



proposal. Ecobank also maintained commitment by complying with all the provisions of the obligations with IFC and has issued an annual environmental performance report (AEPR) for 2013. Besides, Ecobank was also represented and actively participated in the IFC Environmental performance market development organized in Lagos- Nigeria (EPMD series for 2013).

In 2012, Ecobank became a member of the Equator Principles Financial Institution (EPFI) and became one of the six Banks in Nigeria to have been registered in the prime organization responsible for benchmarking the application of environmental and social management systems to project finance transactions of USD10Million and above. Ecobank has demonstrated its commitment to environmental and social performance in line with Equator principles (EP) recommendations

by integrating the Equator Principles in its internal E&S systems and has employed the IFC performance standards as a basis for client engagement. Ecobank has successfully implemented Equator Principles II (EP II) and are moving progressively to EPIII.

Ecobank Nigeria adopted the Nigerian Sustainable Banking Principles (NSBP) initiatives by the Banker’s Committee of the Central Bank of Nigeria. Detailed principles adopted by deposit money banks included the integration of environmental and social consideration in the decision making of business activities, and operations, respect for human rights in business activities and operations, promotion of women economic empowerment, promotion of financial inclusion; implementation of robust governance structure, development of institutional and sector specific capacity for managing environmental and social risks, build collaborative partnership with both international and local organizations and finally review and report progress on the implementation of the principles.

Ecobank accepted these principles which had been earlier captured in its sustainability framework and has started aggressive implementation of the principles. It has put in place a robust ESMS responsible for managing identified environmental and social risks. Milestone implementation schedule set by the regulator has been followed in submitting draft report for June, September and December 2013. Ecobank also participated in all CBN organized events on sustainability and also attended the steering committee meeting on the implementation of the NSBP in an observer status. The status of our implementation is as detailed below:

NSBP principle Status of implementation

Principle 1:Our Business Activities A total of two hundred and forty one (241) qualifying transactions were screened in the following

categories: Category A- 33; Category B - 133 and Category C - 75

Principle 2:Our Business operation We established a trend baseline on key indicators on Energy consumption, Waste, Paper, Travel and vehicle

maintenance expenses.We also installed two solar ATMs at Caleb University and Stallion Motors and carried out load analysis on eight (8) branches for solar power installation.

Principle 3:Human Right We are revising our Human Resource policy to further entrench our framework on Human rights in the

policy.Principle 4:Women Economic Empowerment We supported the 2nd Women in African Conference. Currently, 39% of our staff are women while 21% of

board members and 27% of our senior management are female. We remain committed to meeting the CBN deadline of attaining 30% on the Board and 40% as senior management.

Principle 5:Financial Inclusion Established a Microfinance Department to grant financial access to the un-banked population. Over four

hundred (400) customers have benefitted from the microfinance access at an exposure of over N350million in its first six months of operation.

Principle 6:E&S Governance We presently have a Governance structure for E&S Risk Management with the Cluster Coordinator reporting

to the Chief Risk Officer and the Group Manager on Environmental and Sustainability Management. A proposal on Sustainability Governance based on the NSBP Principles will shortly be presented to the Board of Directors for adoption.

Principle 7:Human Capacity Building Capacity Building: A total of four hundred and four staff were trained and re-trained on Environmental and

Sustainability in 2013; while over N80million was spent on various local and international training for staff.Principle 8:Collaborative Partnership We partnered with Access Bank in hosting a Knowledge sharing session for the implementation of NSBP.Principle 9:Reporting We submitted the following Report in compliance with our reporting obligations:

1. IFzC’s Annual Environmental Performance Report (AEPR). 2. Equator Principle Report 3. UN Global Compact 4. CBN Exposure draft on Sustainability Reporting


Human Capital DevelopmentEcobank Nigeria is committed to hiring and retaining best talents in the Industry and providing them with a congenial work environment to perform. We recognize the important position of human capital in the execution of business strategy and therefore place a premium on the welfare of our workforce. Our human resource strategy provides clear direction on overall talent acquisition, development and retention. It emphasizes the significance of having the appropriate skills mix to meet business requirements.

Talent ManagementWe made significant progress in human capital development in 2013 by creating a career path strategy where staff will be at liberty to request to move to other functions either within the existing or across departments. This was to ensure that career aspirations of staff are fulfilled and provide opportunities to release latent talents and innovation. This initiative is in line with Ecobank’s retention policy and its quest of becoming the employer of first choice in the Nigerian financial services sector. Another pivotal pillar to Ecobank’s talent management is in the recognition and reward of exceptional performance through promotions. In 2013, Ecobank promoted over four hundred staff to various positions as a way of recognizing their outstanding performance to the success of the Institution.

Other initiatives aimed at talent retention include ‘walking to bond’ programme, Town-hall meetings where staff meet with Management and express their opinion on the running of the Bank and also receive explanation of the activities of the Management which staff require clarification on. International men’s and women’s day celebrations are days set aside to celebrate our male and female work-force and create a bond of friendship and camaraderie. This receives continuous commendation from both staff and management.

Learning and DevelopmentEcobank Nigeria took giant strides in 2013 to further develop its workforce first, by introducing a four-week long induction programme that emphasizes teaching and mentoring new hires on the culture of the Bank and inculcating basic skills required to succeed in the Banking workspace. Courses included basic accounting, credit, product

knowledge, and business etiquette and other specialized topics like Legal and Risk management. Besides, a number of training programmes were organized to ensure a well-trained and professionally equipped workforce. A total of five thousand five hundred and eight (5,508) staff were trained at a total cost of over USD500,000; through various programmes thereby continuing to enhance the capacity of our human capital resources.

Ecobank Nigeria Limited Annual Report 2013 28 Corporate governance report

Corporate governance report

Commitment to Corporate Governance

Ecobank’s commitment to ensuring international best practice in terms of Corporate Governance remains unequivocal.

1. Board compositionAs at December 31, 2013, the Board comprised fifteen (15) Directors: nine (9) non-executives and six (6) executive directors. In the course of the year, the Board appointed Mr. Anthony Okpanachi as Deputy Managing Director while Mr. Henry Ajagbawa resigned as an Executive Director.

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

Independent DirectorsDuring 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.

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. A review is expected in the 2014 financial year.

The Board continues to receive training on corporate governance and other relevant areas of banking. During the year, directors attended training on the following:

• AML/CFT Compliance Training

• IFC/FITC Corporate Governance & Board Leadership Series 2

• International Programme for Directors: Risk Oversight in the Board Room

• CBN/FITC 2013 Edition of the Continuous Education for Directors of Financial Institution

• A Capacity Building Programme On Sustainability by UNEP – FI

• Africa Financial Summit on International Finance

The Board’s oversight of the operations and activities of the Bank continues to be 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. An independent Appraisal of the Board is also carried out annually. The last appraisal was carried out by PriceWaterhouse Coopers, and recommendations for improvement are been implemented.

4. Board committeesIn line with the CBN Code of Corporate Governance, the Chairman of the Board is not a member of any Board Committee.

During the 2013 financial year, the Board delegated some of its responsibilities to the following Committees:

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

delegated 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 portfolio performance

Committee Composition: Mr. Olufemi Ayeni-Chairman

Mr. Kola Karim

Mrs. Funmi Oyetunji

Mr. Jibril Aku

Ms. Foluke Aboderin

II. Board Governance CommitteeResponsibilities

• Compliance with Governance Codes, laws and regulations

• Corporate governance issues and

assessment/evaluation of the Board

• Approval of contractors and major contracts

• Human Resources matters, relating to employment, termination of employment and review of performance appraisal of Assistant General Managers and above, staff salary changes and loans

• Appointment of directors and approval of their emoluments

Committee Composition:Chief Wilfred Belonwu - Chairman

Alhaji Mua’zu Anache

Mme. Eveline Tall

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 prepared by management that identifies and evaluate all material risks.

• Provide oversight to ensure that the risk management 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 report that monitor compliance with risk parameters established by regulation or Bank policy and measure the adequacy of risk monitoring, testing 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 regarding financial, investment, credit and operating risk management strategies and key decisions of the management level risk committee.

Ecobank Nigeria Limited Annual Report 201329Corporate governance report

Committee Composition: Mrs. Funmi Oyetunji-Chairperson

Mr. Edouard Dossou-Yovo

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

Mr. Edouard Dossou-Yovo

5. Frequency of meetingsMeetings of the Board and its Committees are usually held quarterly, but may be convened at any time whenever the need arises. In the course of the year and in line with recommendations of the Central Bank of Nigeria on nature of presentation of credits for approval, the Board Credit Committee started meeting more frequently for management to formally present credits for review, critique and approval. A process which has enhanced the Bank’s credit approval process.

The Board and its Committees met as follows:

Board/CommitteesMeetings

No. ofMeetings

MeetingsBoard of Directors 7Board Credit 9Board Risk 4Board Governance 6Board Audit & Compliance 5

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

VII. Management Risk Committee, chaired by the Managing Director



6. Attendance at board and committee meetingsThe BoardThe Board of Directors convened seven (7) times during the year

S/N DirectorsTotal No. Attended Percentage

1. The Olor’ogun (Dr.) S. F. Kuku, OFR 7 100%2. Alhaji Mua’zu M. Anache 7 100%3. Chief Wilfred Belonwu 7 100%4. Mr. Edouard Virgile Dossou-Yovo 6 85%5. Mr. Kola Karim 7 100%6. Mr. Femi Ayeni 7 100%7. Mrs. Funmi Oyetunji 6 85%8. Mr. Thierry Tanoh 4 57%9 Mme. Eveline Tall 5 72%10 Mr. Jibril Aku 7 100%11. Mr. Anthony Okpanachi * 5 100%12. Ms. Foluke Aboderin 7 100%13. Mr. Oladele Alabi 7 100%14. Mr. Kingsley Aigbokhaevbo 6 85%15. Mr. Henry Ajagbawa * 2 100%16. Mr. Shehu Jafiya 7 100%

*Mr. Anthony Okpanachi appointed in April 2013 *Mr. Henry Ajagbawa resigned in April 2013

Board Governance Committee The Committee convened six (6) times during the year.


1. Alhaji Mua’zu Anache 6 100%2. Chief Wilfred Belonwu 6 100%3. Mme. Eveline Tall 1 17%

Board Credit Committee The Committee convened nine (9) times during the year.


1. Mr. Olufemi Ayeni 9 100%2. Mr. Kola Karim 4 44%3. Mrs. Funmi Oyetunji 9 100%4. Mr. Jibril Aku 7 77%

5. Ms. Foluke Aboderin 8 88%

Board Audit & Compliance Committee The Committee convened five (5) times during the year.


1. Alhaji Mua’zu Anache 5 100%2. Chief Wilfred Belonwu 5 100%3. Mr. Kola Karim 3 60%4. Mr. Edouard Dossou-Yovo 4 80%

Ecobank Nigeria Limited Annual Report 201331Corporate governance report

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


1. Mrs. Funmi Oyetunji 4 100%2. Mr. Olufemi Ayeni 4 100%3. Mr. Edouard Dossou-Yovo 4 100%4. Mr. Jibril Aku 3 75%5. Mr. Oladele Alabi 4 100%

7. Related party transactionsThe Bank in the ordinary course of business entered into contracts with the following companies related to some directors.

The contracts were done on arms-length basis and were satisfactorily handled.

These are as follows:

Company Service Related Party

Total Health Trust - Health Management The Olor’ogun S. F. Kuku, OFR

Kenarch Nigeria Ltd. - Building Contract Jibril Aku

Resources Trades & Tech - Supply of fireproof cabinets Jibril Aku

Computer Warehouse Group - Maintenance of ATMS Chief W. Belonwu

8. Ecobank nigeria – consumer complaints report for the year 2013

S/N Description Number Amount claimed Amount refunded2013 2012 2013 2012 2013 2012

N’000 N’000 N’000 N’000

1. Pending complaints B/F NGN 65 N/A 8,710,887,379.59 N/A - -2. Pending complaints B/F USD 2 N/A 445,648.66 N/A - -3. Received complaints NGN 604 473 16,409,260,740.06 16,836,333,165.55 - -4. Received complaints USD 9 0 4,001,393.14 - - -5. Resolved complaints NGN 180 406 5,920,726,196.13 8,125,000,137.30 180,945,741.71 311,156,399.156. Resolved complaints USD 9 0 4,175,269.80 - 3,642,664.20 -

7.Unresolved complaints escalated to CBN 8 0 1,884,831,749.22 - - -

8.Unresolved complaints pending with the Bank. 483 67 17,314,590,174.30 8,711,333,028.25 USD 271,772.00 -



Unresolved complaints relate mostly to disputes on excess charges which we are committed to resolving in the course of 2014 upon mutual agreement of the parties.

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

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.

By order of the Board

Adenike LaoyeCompany Secretary11 March 2014FRC/2013/CIBN/00000002048

Ecobank Nigeria Limited Annual Report 201333Statement of Directors’ responsibilities

Statement of Directors’ responsibilities

The Companies and Allied Matters Act and the Banks and other Financial Institutions Act, require 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 consistently applied.

The Directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments 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 Institutions Act;

- Requirements of the Companies and Allied Matters Act; and

- Requirements of the Financial Reporting Council of Nigeria 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.

Going ConcernNothing 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.

Deriving from the above the Directors believe the Bank has adequate resources to continue operations in the year ahead and have consequently adopted the going concern basis of accounting for the preparation of these

Jibril AkuManaging DirectorFRC/2013/CIBN/00000001879

The Olor’ogun (Dr.) Sonny Kuku, OFRChairmanFRC/2013/WACP/00000001824

Ecobank Nigeria Limited Annual Report 2013 34 Independent auditor’s Report

Independent Auditor’s Report to the

Members of Ecobank Nigeria Limited

Report on the Financial StatementsWe have audited the accompanying financial statements of Ecobank Nigeria Limited which comprise the statement of financial position as at 31 December 2013, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flow for the year ended 31 December 2013, a summary of significant accounting policies and other explanatory information set out on pages 35 to 75.

Directors’ Responsibility for the Financial StatementsThe Directors are responsible for the preparation and fair presentation of these financial statements in accordance with the International Financial Reporting Standards, the Companies and Allied Matters Act CAP C20 LFN 2004, the Banks and other Financial Institutions(BOFIA) Act CAP B3 LFN 2004, the Financial Reporting Council of Nigeria Act No 6, 2011, and for such internal control as the Directors determine are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial 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 audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, the auditors consider internal controls relevant to the entity’s preparation and fair presentation of the financial statements 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, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements present fairly, in all material respects, the financial position of Ecobank Nigeria Limited as at 31 December 2013 and the financial performance and cash flows for the year ended 31 December 2013 in accordance with the International Financial Reporting Standards, the Companies and 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.

Report on other Legal and Regulatory RequirementsIn accordance with circular BSD/1/2004 issued by the Central Bank of Nigeria, details of insider-related credits are as disclosed in note 37.

During the year the bank contravened certain sections of BOFIA and CBN circulars/guidelines, the details of the contravention and the related penalties are as disclosed in Note 40 to the financial statements.

David Achugamonu, FCA - FRC/2013/ICAN/00000000840

For: Akintola Williams DeloitteChartered AccountantsLagos, Nigeria23 April 2014

Ecobank Nigeria Limited Annual Report 201335Statement of profit or loss and other comprehensive income

Statement of profit or loss and other comprehensive income

(All amounts in millions of Nigerian Naira unless otherwise stated) Note 31 December

201331 December

2012

Gross revenue 176,658 157,748

Interest income 3 132,931 118,492Interest expense 4 (44,532) (45,110)

Net interest income 88,399 73,382

Impairment charge for losses 5 (32,606) (12,342)

Net interest income after impairment charge for credit losses 55,793 61,040

Net fee and commission income 6 32,572 29,059Net (gains)/losses from financial instruments at fair value 7 (171) 1,015Other operating income 8 7,757 8,410Employee benefit expense 9 (42,959) (46,957)General and administrative expense 10 (24,718) (22,610)Depreciation and amortization 11 (7,390) (9,286)Other operating expenses 12 (10,351) (15,444)

Profit before tax 10,533 5,227

Income tax 13 1,125 2,578

Profit for the year 11,658 7,805

Other comprehensive income:Items that will not be reclassified subsequently to profit or loss:Remeasurement of defined benefit obligations 32 (237) -

Items that may be reclassified subsequently to profit or loss:Revaluation of available for sale financial assets 14 (8,421) 10,578

Other comprehensive income for the year, net of tax (8,658) 10,578

Total comprehensive income for the year 3,000 18,383

Profit attributable to:Owners of the parent 11,658 7,805

Total comprehensive income attributable to:Owners of the parent 3,000 18,383

Earnings per share for profit attributable to owners of the parentBasic 15 63k 42k

Ecobank Nigeria Limited Annual Report 2013 36 Statement of financial position

Statement of financial position

(All amounts in millions of Nigerian Naira unless otherwise stated) Note 31 December

201331 December

2012

AssetsCash And Balances With Central Bank 16 228,341 112,323Cash Balances With Other Banks 17 62,117 120,078Loans And Advances To Customers 18 625,907 546,873Financial Assets Held For Trading 19 17,881 23,394Investment Securities: Available-For-Sale 20 162,956 222,480Investment Securities: Loans And Receivables 21 57,555 81,366Investment In Subsidiaries 22 2,846 2,846Pledged Assets 23 181,386 109,334Non-Current Assets Held For Sale 24 2,560 2,744Property, Plant And Equipment 25 56,134 59,387Intangible Assets 26 65 103Deferred Tax Asset 27 7,335 6,005Other Assets 28 55,600 38,382Retirement Benefit Asset 32 128 -Total Assets 1,460,811 1,325,315

LiabilitiesDeposits From Banks 29 61,919 21,489Deposits From Customers 30 1,118,401 1,043,213Borrowings 31 58,122 58,883Current Income Tax Liabilities 13 1,734 1,581Other Liabilities 33 64,007 46,521Total Liabilities 1,304,183 1,171,687

EquityShare Capital 34 9,241 9,241Share Premium 35 115,961 115,961Retained Earnings (9,625) (19,704)Other Reserves 41,051 48,130

Total Equity 156,628 153,628

Total equity and liabilities 1,460,811 1,325,315

The notes on pages 40 to 100 form an integral part of these financial statements.

These financial statements were approved by the Board of Directors and authorised for issue on

8 April 2014 and signed on its behalf by:

The Olor’ogun (Dr.) Sonny F. Kuku, OFRChairmanFRC/2013/WACP/00000001824

Jibril AkuManaging DirectorFRC/2013/CIBN/00000001879

Dele AlabiExecutive DirectorFRC/2013/ICAN/00000001767

Ecobank Nigeria Limited Annual Report 201337Statement of changes in equity

Statement of changes in equity

Attributable to equity holders of the parentShare

capitalShare

premiumRetained earnings

Statutory reserve

SMIEIS reserve

Capital reserve AFS reserve

Regulatory reserve Total

TotalAt 1 January 2012 13,960 84,799 (64,532) 6,135 1,150 26,018 (4,424) 12,255 75,361

Profit - - 7,805 - - - - - 7,805Revaluation of equity financial assets, net of tax - - - - - - 10,578 - 10,578

Total comprehensive income - - 7,805 - - - 10,578 - 18,383

Issue of new shares 3,337 63,407 - - - (18,800) - - 47,944Transfer to regulatory risk reserves - - (15,218) - - - - 15,218 -Inflow receivable from AMCON - - 11,372 - - - - - 11,372Reduction of shares (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

Profit - - 11,658 - - - - - 11,658Actuarial loss on retirement benefit - - - - - - (237) - (237)Revaluation of AFS net of tax - - - - - - (8,421) - (8,421)

Total comprehensive income - - 11,658 - - - (8,658) 3,000Adjustment to regulatory reserves - - (1,579) - - - - 1,579 -

At 31 December 2013 9,241 115,961 (9,625) 6,135 1,150 7,218 (2,504) 29,052 156,628

Ecobank Nigeria Limited Annual Report 2013 38 Statement of cashflows

Statement of cashflows

Note31 December

201331 December

2012

Cash flows from operating activitiesProfit after tax 11,658 7,805Adjustments:Loan impairment charges 5 25,077 13,540Depreciation 11 7,327 8,556Amortisation of intangible assets 11 63 730impairment losses on Investment securities: loans and receivables 5 229 707impairment losses on other assets 5 2,147 287Profit from sale of property and equipment (79) (105)Profit from disposal of non-current asset (40) -Bad loans written off 5 (122) (375)Property, plant and equipment scrapped - 146Amount written-off/reclass other assets 28 (965) (131)Foreign exchange gain 8 (6,919) (7,772)Interest paid on long term borrowings 4 935 1,333Net interest income (88,399) (73,382)Dividend income 8 (443) (240)Deferred tax asset 13 (1,330) (2,631)Retirement benefit obligation - charge for the period 9 636 1,892

(50,225) (49,640)

Movement in assets and liabilitiesCash reserve balance (58,640) (33,850)Interest received 3 132,931 118,492Interest paid 4 (44,532) (45,110)Loans and advances to customers (102,904) (147,695)Financial assets held for trading 5,513 9,418Investment securities - available-for-sale-investments 20 60,425 47,811Investment securities - loans and receivables 21,566 (3,957)Pledged assets (72,052) (90,734)Other assets (18,400) (14,650)Deposit from banks 40,430 11,373Deposit from customers 75,188 152,788Retirement benefit obligations (128) (1,502)Income tax payable 153 33Deferred tax assets (1,330) (2,631)Other liabilities 17,486 4,836

Cash generated from operations 5,481 (45,018)


Note 2013 2012

Value added tax paid (1,028) (551)income tax paid 13 (52) -Income tax expense 205 53

Net cash from operating activities 4,606 (45,516)

Cash flows from investing activitiesProceeds from sale of non-current assets held for sale 226 -Dividend income 8 443 240Purchase of software 26 (25) (13)Purchase of property and equipment 25 (4,256) (5,085)Proceeds from sale of property and equipment 119 4,324

Net cash used in investing activities (3,493) (534)

Cash flows from financing activitiesProceeds from issue of shares 0 - 47,944Borrowings (761) (5,526)Interest paid on long term borrowings 4 (935) (1,333)

Net cash (used in)/generated from financing activities (1,696) 41,085

Increase in cash and cash equivalentsCash and cash equivalents at the beginning of year 16.1 140,861 145,826Net cash movement for the year (583) (4,965)Cash and cash equivalents at end of year 16 140,278 140,861

Cash and cash equivalents comprise: Cash and balances with central banks 16 78,161 20,783 Cash balances with other banks 17 62,117 120,078

140,278 140,861

Statement of cashflows

Ecobank Nigeria Limited Annual Report 2013 40 Notes to the financial statements

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 on 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 Private Limited liability company. By reason of the cancellation of minority shareholding in Ecobank Nigeria Limited on 28 October 2011, ETI acquired 100% holding in Ecobank Nigeria Limited. As a result of common control in both Ecobank Nigeria Limited and Oceanic Bank Limited, ETI decided to merge the two operations. The effective date of business combination is 1 November 2011.

The address of its registered office is as follows:

Plot 21, Ahmadu Bello Way, P.O. Box 72688, Victoria IslandLagos, 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.

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.

2.1Basis of presentationThe Bank’s financial statements for the year 2013 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.

The Bank has elected not to consolidate its holdings in its 2 subsidiaries, in accordance with the guidance under IFRS 10 ‘Consolidated Financial Statements’, paragraph 4 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 Incorporated2365, Boulevaard du MonoB.P. 3261, Lome - Togo.

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

Country of

Incorporation % Interest

Oceanic Pension Fund Custodian Limited

Nigeria 100

Oceanic Bureau de Change Limited

Nigeria 100

These investments have been accounted for at fair value in these financial statements.

The financial statements comprise the statement of profit or loss and other comprehensive income showing as one statement, the statement of financial position, the statement of changes in equity, the statement of cash flow and other explanatory notes to the financial statements.

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’million). The disclosures on risks from financial instruments are presented in the financial risk management report as disclosed in these financial statements on pages 76 to 96.

The preparation of these financial statements is in conformity with IFRS which 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 page 90.

2.1.1 Changes in accounting policies and disclosuresAdoption of new and revised standards

(a) Standards and interpretations effective in the current periodThe following new and amendments to the existing standards issued by the International Accounting Standards Board and interpretations issued by the International Financial Reporting Interpretations Committee are effective for the current period:

• IFRS 10 “Consolidated Financial Statement” – A More Robust Definition of Control. Replaces the part of IAS 27 Consolidated and Separate Financial Statements that deals with consolidated financial statement and SIC 12 Consolidation – Special Purpose Entities.

• IFRS 11 “Joint Arrangement” - Classification of Joint Arrangement where Two or More Joint Control Exist. Replaces IAS 31 Interests in Joint Ventures and SIC 13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers,

• IFRS 12 “Disclosure of Interests in Other Entities” – Extensive Disclosures for Entities with Interest in Subsidiaries, Joint

Ecobank Nigeria Limited Annual Report 201341Notes to the financial statements

Arrangements, Associates or SPE under SIC 12,

• IFRS 13 “Fair Value Measurement” A New Definition of Fair Value for both Financial and Non-Financial Items,

• IAS 19 “Employee Benefits (as revised in 2011) Changes The Accounting for Defined Benefits plans and Termination Benefits,

• Amendments to IFRS 1 – First-time Adoption of IFRS”Government Loans - Provides Relief for First-time Adopters,

• Amendments to IFRS 7 “Disclosures” Offsetting Financial Assets and Financial Liabilities,

• Amendments to IAS 1 “Presentation of Items of Other Comprehensive Income”-Introduce New Terminology to the Statement of Comprehensive Income and Income Statement.

IAS 19 Employee Benefits (as revised in 2011)IAS 19 (as revised in 2011) changes the accounting for defined benefit plans and termination benefits. The most significant change relates to the accounting for changes in defined benefit obligations and assets. The amendments require the recognition of changes in defined benefit obligations and in the fair value of plan assets when they occur, and hence eliminate the ‘corridor approach’ permitted under the previous version of IAS 19 and accelerates the recognition of past service costs. The amendments require all actuarial gains and losses to be recognized immediately through other comprehensive income in order for the net pension asset or liability recognized in the statement of financial position to reflect the full value of the plan deficit or surplus.

Another significant change to IAS 19 relates to the presentation of changes in defined benefit obligations and plan assets with changes being split into three components:

• Service cost: recognized in profit or loss and includes current and past service cost as well as gains or losses on settlements.

• Net interest: recognized in profit or loss and calculated by applying the discount rate at the beginning of each reporting period to the net defined benefit liability or asset at the beginning of that reporting period, taking into account any changes in the net defined benefit liability

(asset) during the period as a result of contribution and benefit payments.

• Remeasurement: recognized in other comprehensive income and comprise actuarial gains and losses on the defined benefit obligation, the excess of the actual return on plan assets due to passage of time, and the changes, if any, due to the impact of the asset ceiling.

As a result, the profit or loss no longer include an expected return on plan assets; instead, imputed finance income on plan assets is now recognized as part of remeasurement in other comprehensive income.

IAS 19 (2011) has had some effect on the presentation and the amount that have been presented especially in the area of remeasurements in other comprehensive income. Also with the elimination of the corridor approach, all past service cost are now being recognised in the statement of comprehensive income by the bank. However, these did not materially impact the bank’s Financial Statement.

IAS 27 Consolidated and Separate Financial StatementsThe requirements of IAS 27(2011) are generally consistent with the equivalent requirements previously included in IAS 27(2008) and, therefore, adoption of the revised Standard is only relevant for separate financial statement and does not have any significant effect on the Bank’s separate financial statement.

The adoption of these amendments to the existing standards and interpretations has not led to any changes in the bank’s accounting policies.

(b) Standards and interpretations in issue not yet adopteAt the date of authorisation of these financial statements the following standards, revisions and interpretations were in issue but not yet effective:

The bank has not early adopted the following new and revised IFRSs that have been issued but are not yet effective:

IFRS 9 Financial instruments**

Amendments to IFRS 9 and IFRS 7

Mandatory effective date of IFRS 9 and transition disclosures**

Amendments to IFRS 9, IFRS 12 and IAS 27

Investment entities*

Amendments to IAS 32

Offsetting financial assets and financial liabilities*

* Effective for annual periods beginning on or after 1 January 2014, with earlier application permitted

** Effective for annual periods beginning on or after 1 January 2015, with earlier application permitted.

IFRS 9 Financial InstrumentsIFRS 9, issued in November 2009, introduced new requirements for the classification and measurement of financial assets. IFRS 9 was amended in October 2010 to include requirements for the classification and measurement of financial liabilities and for derecognition.

Key requirements of IFRS 9:

All recognised financial assets that are within the scope of IAS 39 Financial Instruments: Recognition and Measurement are required to be subsequently measured at amortised cost or fair value. Specifically, debt investments that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortised cost at the end of subsequent accounting periods. All other debt investments and equity investments are measured at their fair value at the end of subsequent accounting periods. In addition, under IFRS 9, entities may make an irrevocable election to present subsequent changes in the fair value of an equity investment (that is not held for trading) in other comprehensive income, with only dividend income generally recognised in profit or loss.



With regard to the measurement of financial liabilities designated as at fair value through profit or loss, IFRS 9 requires that the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is presented in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss.

Changes in fair value attributable to a financial liability’s credit risk are not subsequently reclassified to profit or loss.

Under IAS 39, the entire amount of the change in the fair value of the financial liability designated as fair value through profit or loss is presented in profit or loss.

Amendments to IFRS 10, IFRS 12 and IAS 27 Investment EntitiesThe amendments to IFRS 10 define an investment entity and require a reporting entity that meets the definition of an investment entity not to consolidate its subsidiaries but instead to measure its subsidiaries at fair value through profit or loss in its consolidated and separate financial statements.

To qualify as an investment entity, a reporting entity is required to:

• Obtain funds from one or more investors for the purpose of providing them with professional investment management services.

• Commit to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both.

• Measure and evaluate performance of substantially all of its investments on a fair value basis.

Consequential amendments have been made to IFRS 12 and IAS 27 to introduce new disclosure requirements for investment entities.

The directors of the bank do not anticipate that the investment entities amendments will have any effect on the financial statements as the bank is not an investment entity.

Amendments to IAS 32 Offsetting Financial Assets and Financial LiabilitiesThe amendments to IAS 32 clarify the requirements relating to the offset of financial assets and financial liabilities.

Specifically, the amendments clarify the meaning of ‘currently has a legally enforceable right of set-off’ and ‘simultaneous realisation and settlement’.

The directors of the bank do not anticipate that the application of these amendments to IAS 32 will have a significant impact on the financial statements as the bank does not have any financial assets and financial liabilities that qualify for offset.

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 balancesForeign 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; nonmonetary 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.

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 derivatives 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 recognized 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:

(d) those that the Bank upon initial recognition designates as at fair value through profit or loss;

(e) those that the Bank designates as available for sale; and

(f) 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 ValueAt 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 impact on net profit of financial instrument valuations reflecting non-market observable inputs (level 3 valuations) is disclosed in Note 21.

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 applied, management believes that these valuation adjustments are necessary and appropriate to fairly state the values of financial instruments carried at fair value in the consolidated statement of financial position. Price data and parameters used in the measurement procedures applied are generally reviewed carefully and adjusted, if necessary - particularly in view of the current market developments.

In cases when the fair value of unlisted equity investments cannot be determined reliably, the instruments are carried at cost less impairment.

The Fair values of contingent liabilities and irrevocable loan commitments correspond to their carrying amounts.


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’.

2.4.5Reclassification of financial assetsThe 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 instrumentsThe 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 tradingDebt securitiesEquity securities

Financial assets designated at fair value through profit or loss

Debt securitiesEquity securities

Loans and receivables

Loans and advances to banks

Loans and advances to customers

Loans to individual (retail):OverdraftCredit cardsTerm loansMortgagesLoans and advances to corporateLarge corporate customersSMEsOthers

Held-to-maturity investments Investment securities - debt instrumentsListedUnlisted

Available-for-sale financial assetsInvestment securities - debt instruments

ListedUnlisted

Investment securities - equity instrumentsListedUnlisted

Financial liabilities at amortised cost

Deposits – banks

Deposits from customersRetailLarge corporate customersSMEs

Borrowings

Off-balance sheet financial instrumentsLoan 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 Fee and commission incomeFees 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 incomeDividends 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 borrower’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 Banks 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 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

Lease hold improvements 5 years

Furniture and Fittings 5 years

Motor vehicles 4 years

Machinery and equipments 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 Non-current assets held for sale

Non-current assets and disposal groups are classified as held for sale if their carrying amount if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed

sale within one year from the date of classification.

Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.

2.16 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 3 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.

2.17 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.

2.18 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.

2.19 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.

2.20 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.

2.21 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.

2.22 Dividends payableDividends on ordinary shares are recognised in equity in the period in which they are approved by the Company’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.

2.23 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.

2.24 Acceptances and letters of creditAcceptances and letters of credit are accounted for as off-balance sheet transactions and disclosed as contingent liabilities.


3 Interest income31 Dec 2013

N’million31 Dec 2012

N’million

Loans and advances: - To Banks 2,804 6,101 - To Customers 79,376 60,622

82,180 66,723

Cash and cash equivalents 860 -Investment Securities: Available-for-sale 46,970 51,106Assets pledged as collateral 2,921 663

132,931 118,492

Interest income for the year ended 31 December 2013 includes N2,018,137,598.38 (December 2012: N2,046,367,864.95) accrued on impaired financial assets4 Interest expense

4 Interest expenseDeposits from banks 2,130 4,683Deposits from customers 41,467 39,094Borrowings 935 1,333

44,532 45,110

5 Impairment charge for losses Loans and advances to customers Increase in impairmentSpecific-specialised 514 211-non-specialised 23,294 12,180

Collective-specialised 146 903-non-specialised 1,111 246-finance lease 12 -

Total increase in impairment 25,077 13,540

Amounts written off in the year as uncollectible 122 375Income received on loans previously written off (2,425) -Reversal of impairment (1,207) (2,567)

21,567 11,348InvestmentIncrease in impairment 229 707

Other assets (refer note 27)Increase in impairment 2,147 287

Contingent liabilitiesIncrease in provision for contingent liabilities 8,663 -

32,606 12,342



6 Net fee and commission income31 Dec 2013

N’million 31 Dec 2012

N’million

Credit related fees and commissions 10,369 6,619Loan commitments and performance guarantees fees 10 23Commissions on Turnover 6,124 9,553Letters of credit commission 3,829 1,677Other fees 15,638 12,974

Fee and commission income 35,970 30,846

Fee and commission expense (3,398) (1,787)

Net fee and commission income 32,572 29,059

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 (171) 1,254

7.2 Investment securities

- Allowance for impairment - (239)

(171) 1,015

Foreign exchange net trading income includes gains and losses from spot and forward contracts. Interest rate instruments include the results of money markets instruments in government securities.

8 Other operating incomeForeign exchange gains 6,919 7,772

Dividend income 443 240

Rental income 276 293

Profit on sale of property, plant and equipment 119 105

7,757 8,410

9 Employee benefits expenseWages and salaries:

Core 31,328 35,063

Outsource 7,001 6,902

Pension costs:

- Defined contribution plans 1,660 1,650- Defined benefit plans 636 1,892- Other employee costs and benefits 2,334 1,450

42,959 46,957


10 General and administrative expense31 Dec 2013


N’million

Information, communication and technology 3,506 2,759Insurance expenses 1,197 1,324NDIC insurance premium expense 5,184 3,958Premises expenses 4,453 5,446Equipment running costs 3,712 3,538Advertisement and business promotion 1,912 1,488Motor vehicle running costs 1,676 1,979Business travels 1,650 926Office consumables 1,321 932Penalties (Note 40) 107 260

24,718 22,610

11 Depreciation and amortisationDepreciation of property and equipment (Note 24) 7,327 8,556Amortisation of intangible assets (Note 25) 63 730

7,390 9,286

12 Other operating expensesAuditors' remuneration 130 120Directors' emoluments 153 125Consultancy and advisory expenses 1,418 6,503Cash processing costs 600 524Banking resolution sinking fund cost (AMCON) 6,625 3,306Others 1,425 4,866

10,351 15,444



13 Taxation31 Dec 2013


N’million

Current taxes on income for the reporting period 205 53Current taxes referring to previous periods - -

Total current tax 205 53

Deferred tax (1,330) (2,631)Impact of change in tax rate - -

Total deferred tax (1,330) (2,631)

Income tax expense (1,125) (2,578)

Reconciliation of effective tax rate 31 Dec 2013 31 Dec 2012

Profit before income tax (N’million of Nigeria Naira) 10,533 5,227Income tax using the domestic corporation tax rate @ 30% 3,160 1,568Effect of;IT tax 1% 101 1% 53Education tax levy 1% 104 0% -Total deferred tax charged to P&L (13%) (1,330) (50%) (2,631)(Over) / under provided in prior years 0% - 0% -

Total income tax expense in income statement (11%) (1,125) (49%) (2,578)

31 Dec 2013N’million


At 1 January 1,581 1,548Tax paid (52) -

Prior period over/(under) provision - (20)Income tax charge 205 53At 31 December 1,734 1,581

Current 205 53Non-current 1,529 1,528

1,734 1,581

14 Income tax effects relating to components of other comprehensive income31 Dec 2013 31 Dec 2012

Before taxTax (expense)

/ Benefit Net of tax Before taxTax (expense)

/ Benefit Net of tax

Actuarial gain on retirement benefit (237) - (237) - - -Fair value gains on fair-value-through-other comprehensive income (8,421) - (8,421) 10,578 - 10,578

Other comprehensive for the year (8,658) - (8,658) 10,578 - 10,578


15 Earnings per shareBasicBasic 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.



Profit attributable to equity holders of the Company (N'000) 11,658,358 7,805,192Weighted average number of ordinary shares in issue (in '000s) 18,482,530 18,482,530Basic earnings per share (expressed in Kobo per share) 63k 42k

16 Cash and balances with central banksCash 42,515 28,595Balances with central banks other than mandatory reserve deposits 35,646 (7,812)

78,161 20,783Mandatory reserve deposits with central banks 150,180 91,540

228,341 112,323

Mandatory reserve deposits are not available for use in the Bank’s day-to-day operations. The Bank had restricted cash balance of N150.18 billion (N91.54 billion: 31 December 2012).

16.1 Cash and cash equivalents

Cash 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.

Cash and balances with central banks (Note 16) 78,161 20,783Cash balances with other banks (Note 17) 62,117 120,078

140,278 140,861



17 Cash balances with other banks



Current balances with banks within Nigeria 425 6,783Current balances with banks outside Nigeria 41,820 70,226Placements with local banks and discount houses 17,726 36,954Placements with foreign banks and discount houses 2,146 6,115

62,117 120,078

Below is the breakdown of placements with banks and discount houses for December 2013;

Tenor (days)Rate (%) Rate (%)

AmountN’million

Local banks/discount housesKakawa Discount House Limited 35 13 17,726

Foreign banksEcobank Paris France 50 0.2 97Ecobank Ghana 35 7.3 1,613Standard Chartered Bank London, UK 90 0.3 436

2,146



Current 62,117 120,078 Non-current - -

62,117 120,078


18 Loans and advances to customers18.1 Loans and advances to customers comprise:

Gross Specific Collective Total Carrying amount impairment impairment impairment amount

N'million N'million N'million N'million N'million

31 Dec 2013Specialised loans 243,454 (765) (1,092) (1,857) 241,597Non- specialised loansOverdrafts 133,198 (22,458) (2,347) (24,805) 108,393Term loans 271,298 (5,003) (3,074) (8,077) 263,221Commercial papers ('CP') 100 - (1) (1) 99Advances under finance lease 12,680 - (83) (83) 12,597

660,730 (28,226) (6,597) (34,823) 625,907

31 December 2012Specialised loans 170,942 (1,072) (1,903) (2,975) 167,967Non- specialised loansOverdrafts 153,798 (13,024) (1,254) (14,278) 139,520Term loans 232,187 (2,734) (2,172) (4,906) 227,281Commercial papers ('CP') 2,339 - - - 2,339Advances under finance lease 9,979 (213) - (213) 9,766

569,245 (17,043) (5,329) (22,372) 546,873



Current 411,883 358,751Non-current 248,847 210,494

660,730 569,245



18 Loans and advances to customers (Cont’d)Reconciliation of impairment allowance on loans and advances to customers:

To customersSpecialised

N’millionNon-specialised

N’millionFinance lease

N’millionTotal

N’million

At 1 January 2013Specific impairment 981 15,921 142 17,044Collective impairment 946 4,311 71 5,328

1,927 20,232 213 22,372Additional provisionSpecific impairment 514 23,294 - 23,808Collective impairment 146 1,111 12 1,269Loans written off during the year as uncollectible (649) (10,770) - (11,419)Amounts recovered during the year (81) (984) (142) (1,207)

1,857 32,883 83 34,823

Specific impairment 765 28,426 - 29,191Collective impairment 1,092 4,457 83 5,632

At 31 December 2013 1,857 32,883 83 34,823

Balance at 1 January 2012Specific impairment 818 12,480 142 13,440Collective impairment 43 4,064 71 4,178

861 16,544 213 17,618

Additional provisionSpecific impairment 211 12,180 - 12,391Collective impairment 903 246 - 1,149Loans written off during the year as uncollectible - (6,218) - (6,218)Amounts recovered during the year (48) (2,520) - (2,568)

1,927 20,232 213 22,372

Specific impairment 981 15,921 142 17,044Collective impairment 946 4,311 71 5,327

At 31 December 2012 1,927 20,232 213 22,372


18.2 Advances under finance lease may be analysed as follows:31 Dec 2013


N’million

Gross investment- No later than 1 year 4,570 2,093- Later than 1 year and no later than 5 years 10,527 10,824

15,097 12,917Unearned future finance income on finance leases (2,417) (2,937)

Net investment 12,680 9,980

The net investment may be analysed as follows:- No later than 1 year 4,386 1,918- Later than 1 year and no later than 5 years 8,294 8,062

12,680 9,980

Reconciliation of impairment allowance on advances under finance leaseOpening balance Specific impairment 142 142Collective impairment 71 71

213 213Additional provisionSpecific impairment - -Collective impairment 12 -Loans written off during the year as uncollectible - -Amounts recovered during the year (142) -

83 213

Specific impairment - 142Collective impairment 83 71

Closing balance 83 213

18.3 Nature of security in respect of loans and advances:

Secured against real estate 90,735 79,817Secured by shares 25,563 20,971Otherwise secured 469,950 343,945Unsecured 74,482 124,512

660,730 569,245

The Bank is not permitted to sell or repledge the collateral in the absence of default by the owner of the collateral.

During the year, the Bank obtained assets by taking possession of collaterals held as security:

Nature of assets and carrying amount:

Real estate - 180Vehicle and equipment 7 -

7 180

Repossessed properties are sold as soon as practicable, with the proceeds used to reduce the outstanding indebtedness.



19 Financial assets held for trading31 Dec 2013


N’million

Treasury bills 12,872 15,295 Federal Government Bonds 5,009 8,099

17,881 23,394

20 Investments securities: available-for-sale

Debt securities - at Fair value- ListedFederal Government Bonds-Fair value through other comprehensive income 8,750 28,858Treasury bills 62,580 25,193- UnlistedGovernment Guaranteed Bonds - At fair value through other comprehensive incomeState Government Bonds 7,530 8,800AMCON Bonds 41,054 114,574Local Contractor Bonds 30,974 31,098

Total Debt securities 150,888 208,523

Equity securities - at Fair value through Other comprehensive income- UnlistedExpress Discount House Limited - 87African Finance Corporation 7,977 9,914First Securities Discount House Limited* 2,183 1,848Accion Microfinance Limited 251 214EDC Securities Limited 1 9Afreximbank 210 178Central Securities Clearing System (CSCS) 950 793Nigerian Automated Clearing System 114 211SME II Partnership 76 76Aureos West Africa Fund 348 345Vintage Press Limited - 200Custodian and Allied Plc - 357Flour Mills of Nigeria Plc - 242Chellarams Plc - 893Vivi Oil & Gas - 200Maitama Amusement Park - 193Seaward Ventures - 101Oceanic Securities Int'l Limited - 33Others 1,193 1,313

Total equity investments 13,303 17,207Allowance for impairment (1,235) (3,250)

12,068 13,957

Total securities Available-for-sale 162,956 222,480

*This involves 297,819,622 Units of FDSH shares. The bank is currently exploiting avenues to dispose this investment in line with the provisions of Central Bank of Nigeria’s requirement on Scope of Banking Activities & Ancillary Matters, No 3, 2010.

Available-for-sale

Debt securities - at Fair value:- Listed 71,330 54,051- Unlisted 79,558 154,472Equity securities - at Fair value:- Listed - -- Unlisted 12,068 13,957

Total securities Available-for-sale 162,956 222,480


21 Investments securities: loans & receivables31 Dec 2013


N’million

Debt securities – at amortised cost:Tinapa Business Resort Limited - 860Card Technology Limited - 200TBPIC (see note (a)) 30,150 30,150

ETI Promissory notes (see note (b)) 27,173 41,254

CBN Promissory notes (see note (c)) 232 8,902

Total securities Loans and receivables 57,555 81,366

(a) Investment of N30.15 billion in Treasury Bond Protected Investment Corporation Limited at coupon rate of 2.25% for the tenure of 15 years.

(b) The promissory notes 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.

(c) Promissory notes issued by the Central Bank of Nigeria in respect of acquired AIB (Africa International Bank) customers’ deposits verified and paid during the year.

Summary- Investment securities

- Held for trading - note 19 17,881 23,394

- Available for sale - note 20 162,956 222,480

- Loans & receivables - note 21 57,555 81,366

238,392 327,240

Current 162,956 231,917

Non-current 75,436 95,323

238,392 327,240

22 Investment in subsidiaries

Oceanic Pension Fund Custodian Limited 2,266 2,266Oceanic Bank Bureau de Change 580 580

2,846 2,846



23 Pledged assets

Treasury 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 N35.2billion (N45.2billion: 31 December 2012) 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.



Investments securities Treasury Bills (note 23.1) 140,659 38,462Investments securities: Federal Government Bonds (note 23.2) 40,727 70,872

181,386 109,334

23.1 Bank of Industry 11,700 1,132Clearing collateral (CBN) 9,470 -Deutsche Bank 25,700 25,700Federal Inland Revenue Service 8,250 8,250E-Transact 1,000 1,000First Bank of Nigeria 9,546 -Goldman Sachs 26,254 -Interswitch 310 310NIBSS 20 20NNPC 2,000 2,000Standard Bank 21,145 -Standard Nominee 25,214 -Valucard 50 50

140,659 38,462

23.2 Bank of Industry 35,197 45,164Clearing collateral (CBN) 5,530 15,000First Bank of Nigeria - 8,200Stanbic Nominee - 2,508

40,727 70,872

24 Non-current assets held for sale

Non-current assets held for sales are Property, plant and equipment which the Bank had obtained approval from Central Bank of Nigeria (CBN) for disposal: N2.56 billion (N2.7billion: 31 December 2012) and for which the sale is yet to be fully consummated as at 31 December 2013. The Bank’s inability to dispose of the assets is principally as a result of perfection issues on the properties with various state governments which the Bank is actively pursuing to conclude and the general lull in the real estate sector. Management is actively in the process of ensuring that the disposal is concluded as quickly as possible. The bank is in discussion with an Asset Management Company and hope to conclude this transaction in compliance with the CBN’s directive on disposal of non-core assets of banks by June 2014.


25 Property, plant and equipmentLand Leasehold Office Furniture Computer Motor Work in

buildings equipment & fittings equipment vehicles progress TotalN'million N'million N'million N'million N'million N'million N'million

CostAt 1 January 2013 6,520 42,257 18,295 9,493 13,386 8,133 11,585 109,669Additions - 497 1,162 116 1,377 137 967 4,256Reclassifications - 1,242 - (1,870) 1,870 - (1,242) -Transferred to other assets - - - - - - (182) (182)Disposals - (6) (1) (10) - (359) - (376)

At 31 December 2013 6,520 43,990 19,456 7,729 16,633 7,911 11,128 113,367

Accumulated depreciationAt 1 January 2013 - 11,261 13,898 7,878 9,830 7,418 (3) 50,282Charge for the year - 2,063 2,299 917 1,625 423 - 7,327Reclassifications - (3) - (1,761) 1,761 - 3 -Disposals - (6) (1) (10) - (359) (376)

At 31 December 2013 - 13,315 16,196 7,024 13,216 7,482 - 57,233

Net book value at 31 December 2013 6,520 30,675 3,260 705 3,417 429 11,128 56,134

CostAt 1 January 2012 6,520 40,915 17,310 9,363 10,322 8,659 16,739 109,828Additions - 382 1,134 221 3,107 236 5 5,085Reclassifications - 1,773 (109) (64) (6) - (1,594) -Write offs (113) (3) (5) (25) - - (146)Transfer to Non-current assets held 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 depreciationAt 1 January 2012 - 9,206 11,177 6,446 8,843 7,025 - 42,697Charge for the year - 2,252 2,748 1,456 1,020 1,080 - 8,556Write offs - (67) - (4) (21) - - (92)Transfer 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 value at 31 December 2012 6,520 30,996 4,397 1,615 3,556 715 11,588 59,387



26 Intangible assets 31 Dec 2013


N’million

CostAt 1 January 4,613 4,600Additions 25 13

31 December 4,638 4,613

Amortisation

At 1 January 4,510 3,780Amortisation charged 63 730

31 December 4,573 4,510

Carrying Amount

31 December 65 103

27 Deferred tax

Deferred income taxes are calculated on all temporary differences under the liability method using the enacted tax rate of 30% (2012: 30%).

Deferred income tax assets and liabilities are attributable to the following items:

Deferred tax assets

At 1 January 6,005 4,709Opening IFRS adjustments - (1,335)

6,005 3,374Fixed assets and intangible assets 2,237 2,996Allowances for loan losses 659 (3,507)Tax loss carry forward (1,566) 3,142

31 December 7,335 6,005

Deferred tax assets- Deferred tax asset to be recovered after more than 12 months 7,335 6,005- Deferred tax asset to be recovered within 12 months - -


28 Other assets31 Dec 2013


N’million

Financial assetsSundry receivables 55,084 32,769Less specific allowances for impairment (7,047) (5,865)

48,037 26,904Non-financial assetsPrepayments 7,563 9,969Prepaid employee benefit expense - 1,509

55,600 38,382

Current 48,037 26,904Non-current 7,563 11,478

55,600 38,382

Reconciliation of impairment accountAt 1 January 5,865 5,709Increase in impairment (note 5) 2,147 287Amounts written off/Reclassification (965) (131)

31 December 7,047 5,865

29 Deposits from banks

Items in course of collection 2,026 3,239Other deposits from banks 59,893 18,250

61,919 21,489

Current 61,919 21,489Non-current - -

61,919 21,489

Deposits from banks only include financial instruments classified as liabilities at amortised cost.

Below is the breakdown of other deposits from banks:

Name Tenor (days) Rate (%) Amount

Goldman Sachs International 94 2.7 16,000 Standard Bank 90 2.2 32,000 Ecobank Sierra Leone 94 3.0 2,077 EDC Registrars 9,816

59,893



30 Deposits from customers

Deposits due to customers are primarily comprised of savings deposits, amounts payable on demand, and term deposits.



Demand 354,136 386,527Savings 182,134 157,966Term 319,080 270,518Domiciliary 263,051 228,202

1,118,401 1,043,213

Current 1,116,251 1,038,316

Non-current 2,150 4,8971,118,401 1,043,213

31 Borrowings

Long term borrowing comprise:International Finance Corporation (see note (i) below) 1,355 1,938International Finance Corporation (see note (ii) below) 9,856 9,532Bank of Industry (see note (iii) below) 45,091 43,593CBN Agric Loan (see note (iv) below) 1,820 3,820

58,122 58,883

Current 531 -Non-current 57,591 58,883

58,122 58,883

The Bank has not had any defaults of principal, interest or other breaches with respect to their liabilities during the year (2012: 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 Tier II capital loan of $61.03 million granted by the International Finance Corporation. The facility has tenure of 8 years expiring 30 April 2019 with moratorium of 5 years and interest rate is 8.5% above 6-month Libor payable semi - annually.

III. 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).

IV. 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.


32 Retirement benefit obligations



The amounts recognised in the balance sheet are as follows:

Defined benefit obligation 5,348 4,389Plan assets (5,476) (4,389)

Net (asset)/liability (128) -

Reconciliation of ObligationAt 1 January 4,389 3,180Past service cost - 840Current service cost 619 596Interest cost 672 563Actuarial (gain)/losses 91 (42)Payments (423) (748)

Total included in staff costs 5,348 4,389

Reconciliation of Plan AssetsBalance on 1 January 4,389 1,678 Contributions to the scheme 1,001 2,562 Benefits paid (423) -Return on assets 655 149 Actuarial gains/(losses) (146) -

At 31 December 5,476 4,389

Income StatementPast service cost - 840 Current service cost 619 596 Interest cost 672 563 Return on plan assets (655) (149)

At 31 December 636 1,850

Other Comprehensive IncomeActuarial gains/(losses) on obligations (91) - Actuarial (gains)/losses on plan assets (146) -

(237) -

Assumptions used:

Rate of return on assets 9% 9%

Rate of increase in remuneration 5% 5%

Discount Rate 13% 14%

Major clasees of plan assets Defined contribution schemeThe Bank and its employees make a joint contribution of 15% 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 N1.3 billion (N2.6 billion; 2012) was transferred to the fund administrator.



33 Other liabilities



Customer deposits for letters of credit 7,228 9,932Interest payable 300 -Accounts payable 38,195 26,277Provisions (Note 33.1) 9,942 1,279Deferred income on financial guarantees 116 209Others 8,226 8,824

64,007 46,521

33.1 Provisions

At 1 January 1,279 1,290Additional provisions 8,663 22Utilised during the year - (33)

At 31 December 9,942 1,279

Current - -Non-current 9,942 1,279

9,942 1,279Included within provisions are:Provisions of N9.942 billion (2012: N1.279 billion) made in respect of costs arising from contingent liabilities and contractual commitments.

34 Share capital

Authorised 30,000,000,000 ordinary shares of 50k each 15,000 15,000

Issued and fully paid

18,482,529,765 ordinary shares of 50 kobo each 9,241 9,241

Movements during the period:

At 1 January 9,241 13,960Issued during the year - 3,337Cancelled during the year - (8,056)

At 31 December 9,241 9,241

35 Share premium, retained earnings and other reserves

At 1 January 2013 115,961 84,799Issued during the year - 63,407Cancelled during the year - (32,245)

At 31 December 2013 115,961 115,961


(a) There was no movement in the share premium account during the current year.

(b) The nature and purpose of the reserves in equity are as follows;

(c) Share premium: Premiums from the issue of shares are reported in share premium.

(d) Retained earnings: Retained earnings comprise the undistributed profits from previous years which have not been reclassified to the other reserves noted below.

(e) Statutory reserve: Nigerian Banking regulations require the Bank to make an annual appropriation to a statutory reserve. As stipulated by section 16(1) of the Bank and Other Financial Institutions Act of 1991 (amended), an appropriation of 30% of profit after tax is made if the statutory reserve is less than the paid-up share capital and 15% of profit after tax if the statutory reserve is greater than the paid up share capital.

(f) SMIEIS reserve: The SMIEIS reserve is maintained to comply with the Central Bank of Nigeria (CBN) requirement that all licensed banks set aside a portion of the profit after tax in a fund to be used to finance equity investments in qualifying small and medium scale enterprises. Under the terms of the guideline, the contributions will be 10% of profit after tax and shall continue after the first 5 years but banks’ contributions shall thereafter reduce to 5% of profit after tax. The small and medium scale industries equity investment scheme reserves are non-distributable. Transfer to this reserve is no longer required. AFS reserve: Comprises fair value movements on equity instruments and other financial assets classified as available for sale.

(g) Capital reserve: The Capital reserve arose from a share construction, done in 2008, by way of reverse share split on the basis of one for every three existing shares.

(h) Regulatory risk reserve: The Central Bank of Nigeria requires the bank to create a reserve for the difference between the cumulative impairment charges determined in line with the principles of IFRS and the charge determined in line with the prudential guidelines issued by the Central Bank of Nigeria (CBN). This reserve is not available for distribution to shareholders.

36 Contingent liabilities and commitments

36.1 Capital commitments31 Dec 2013


N’million

Authorised and contracted 1,563 3,151

36.2 Loan commitments, guarantee and other financial facilities

In 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 Bank loan commitment and performance guarantee are;

Bonds & Guarantees 165,541 63,386Documentary and commercial letters of credit 136,778 93,473Guaranteed commercial papers 3,720 6,401

306,039 163,260

36.3 Litigation

The Bank is a party to legal actions arising out of its normal business operations for claims against it totaling N101.2 billion as at 31 December 2013 (2012: N114 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 Bank, either individually or in the aggregate.



37 Related party transactions

The parent company of the Bank is Ecobank Transnational Incorporated (ETI).

The bank maintains business relationships with the parent company and a number of its affiliates for various services rendered to it, as follows:

- Ecobank Transnational Incorporated - Parent - Group Shared Service Agreement

- E-Process, Ghana - Affiliate - Information technology services

Also, 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:

37.1 Included in loans and advances is an amount of N27.4 billion (2012: N40.6 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, 2013 are as follows:

Name of company/individual Relationship Facility Type N’million Status Security

Costain West Africa Plc Common director Overdraft 958 Performing Legal mortgageNigerian Ropes Plc Common director Term Loan 114 Performing Legal mortgageShoreline Natural Resources Ltd. Common director Term Loan 14,668 Performing DebentureShoreline Power Company Ltd. Common director Term Loan 3,601 Performing Charge over AssetAigbokhaevbo Kingsley Director Term Loan 5 Performing Domiciliation

Ogbogu EdwinExecutive in parent company Mortgage 74 Performing Legal mortgage

Offong & Hamda AmbahEx-Director of Parent company Mortgage 62 Performing Mortgage property

Dele Alabi Director Mortgage 3 Performing Mortgage property

Okorodudu JoloneExecutive in parent company Mortgage 18 Performing Legal mortgage

Okorodudu JoloneExecutive in parent company Term Loan 7 Performing Asset Financed

Ronke WilsonExecutive in parent company Term Loan 5 Performing Asset financed

Bewcastle Nigeria LimitedRelated to Holding Company Term Loan 4,662 Performing ETI Guarantee

EDC Securities LimitedRelated to Holding Company Term Loan 3,214 Non-Performing Share

Clina-Lancet Laboratories Ltd Common director Lease 2 Performing Asset financed

27,393 Off-balance sheet engagementsCostain West Africa Plc Common director Legal mortgage 3,106 Performing


37 Related party transactions (cont’d)

37.2 Loans and advances to related partiesThe 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:

Key management

personnelN’million

Common DirectorshipN’million

Period ended 31 December 2013Loans and advances to customersLoans outstanding at 1 January 107 42,235Loans issued during the year - -Loan repayments during the year (99) (14,850)

Loans outstanding at 31 December 8 27,385

The outstanding loan balance due from directors and other key management personnel (and close family members) of N29 billion are repayable monthly over two years and have variable interest rates. The loans advanced to the directors during the year are collateralised.

37.3 Deposits from related parties

Key management personnelN’million

Year ended 31 December 2013Due to customers;Deposits at 1 January 118

Deposits received during the year 2,066

Deposits repaid during the year (2,017)

Deposits at 31 December 167

Year ended 31 December 2012Due 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



38 Employees

The average number of persons employed by the Bank during the period was as follows:

Number31 Dec 2013 31 Dec 2012

Executive directors 6 6Management 279 292Non-management 6,589 6,890

6,874 7,188

Compensation for the above staff:

N’million N’million

Executive directors 308 223 Other staff (excluding executive directors) 43,169 46,859

43,477 47,082

Key management personnel compensation for the period comprises:

2013N’million

2012N’million

Executive directors:

Short term employee's benefit: 443 379

Defined contribution plan (Pension): 13 11

Long term incentive plan: 3 3

Total compensation to key management personnel: 459 394

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 Dec 2013 31 Dec 2012

Less than N1,000,001 218 221N1,000,001 - N2,000,000 398 378N2,000,001 - N3,000,000 326 508N3,000,001 - N4,000,000 1,592 1,382N4,000,001 - N5,000,000 1,727 1,919N5,000,001 - N6,000,000 - -N6,000,001 and above 2,607 2,774

6,868 7,182

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 year was N1.66 billion (2012: N1.65 billion).


39 Directors' emoluments



Directors' fees 36 28Directors' sitting allowances 94 71Other director expenses 23 26

153 125

Fees and other emoluments disclosed above include amounts paid to:

Chairman 22 15

Highest paid director 22 17

The number of directors who received fees and other emoluments (excluding

pension contributions and certain benefit) in the following ranges was:

Below N3,000,001 - -N3,000,001 - N4,000,000 - -N4,000,001 - N5,000,000 6 6N5,000,001 and above 8 8

14 14

40 Compliance with banking regulations

The Bank contravened the following banking legislations and provisions during the year:



Section 60 (1) of BOFIA 1991 Amended Illegal transfer on the account of Folky Merchants Nigeria Limited - 2.00

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 4.00 2.00

Section 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 - 2.00

Provision of the Regulation of the Scope of Banking Activities and Ancillary Matter No. 3, 2016

Non-compliance with the provision of the Provision of the Regulation on the Scope of Banking Activities and Ancillary Matters No. 3 2016 - 2.00

Section 60 (1) of BOFIA 1991 AmendedNon-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 - 28.00

Section 60 (1) of BOFIA 1991 Amended Failure to comply with Regulatory directives on Organogram - 4.00

Section 9 (9) of the RRF Guidelines Contravention of Refinancing and Rediscounting Scheme (RRF) Guidelines - 217.42

Section 25 of BOFIA 1991 Amended Failure to render daily return - 0.03Section 25 of BOFIA 1991 Amended Late rendition of daily e-Fass return - 0.03Section 60 (1) of BOFIA 1991 Amended Sale of Properties by private tenders - 2.00

Section 60 (1) of BOFIA 1991 Amended Non-compliance with CBN AML/CFT regulatory guidelines 13.40 -

Section 60 (1) of BOFIA 1991 AmendedNon-approval of promotion/appointment of management staff 78.00 -

Section 60 (1) of BOFIA 1991 AmendedNon-compliance with anti-money laundering regulations 2.00 -

Section 60 (1) of BOFIA 1991 Amended Failure to report adequately public sector deposits 2.00 -Section 60 (1) of BOFIA 1991 Amended Non-compliance with cashless banking legislation 1.44 -Section 60 (1) of BOFIA 1991 Amended Infractions from foreign exchange examination 6.00 -

106.84 259.56



41 Divisional analysis

The 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 2013 December 2012Corporate Domestic Ecobank Total Corporate Domestic Ecobank

Banking Banking Capital N’million Banking Banking Capital TotalN’million N’million N’million N’million N’million N’million N’million

Revenue : - Derived from external customers 46,517 69,574 60,567 176,658 33,752 55,987 68,009 157,748 - Derived from other business divisions (2,760) 41,420 (38,660) - 149 50,362 (50,511) -

Total revenue 43,757 110,994 21,907 176,658 33,901 106,349 17,498 157,748

Total cost - Interest expense (12,796) (29,258) (3,712) (45,766) (10,253) (27,917) (7,033) (45,203) - Risk and other asset impairment (5,133) (28,772) (716) (34,621) - - (707) (12,342) - Other operating expenses (15,843) (57,021) (12,874) (85,738) (11,981) (81,876) (12,056) (105,913)

Total cost (33,772) (115,051) (17,302) (166,125) (22,932) (109,793) (19,795) (153,629)

Profit/(loss) before tax 9,985 (4,057) 4,605 10,533 10,969 (3,444) (2,298) 5,227Tax - - - 1,125 - - - 2,578Profit/(loss) after tax 9,985 (4,422) 4,605 11,658 10,969 (3,444) (2,298) 7,805

Divisional asset 361,363 264,084 835,364 1,460,811 275,709 271,164 778,442 1,325,315Divisional liabilities 356,541 814,103 133,539 1,304,183 256,026 787,187 128,473 1,171,687

Net asset 4,822 (550,019) 701,825 156,628 19,683 (516,023) 649,969 153,628

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.


Reconciliation of IFRS and CBN recommended provision as at 31 December 2013

Specific General TotalReference N’million N’million N’million

a. Loans and advancesProvision per CBN Prudential Guidelines 32,716 6,026 38,742Impairment allowance per IAS 39(inclusive of collective impairment) (Note 18) 34,823

Amount transferred to Regulatory Risk Reserves 3,919

b. Provision for Other Known Losses

Provision for Other Known losses - CBN 10,184

Provision for Other Known losses - IFRSSpecific impairment for equities (Note 20) 1,235

Impairment on other assets (Note 28) 7,047Provision on litigation (Note 33.1) 1,279

9,561

Difference 623

c. Movement in Regulatory Reserves

Loans andadvances

Long term investment

N’million

Other known losses

N’millionTotal

N’million

Balance as at 1 January 2,963 24,510 - 27,473Transfer during the period 956 - 623 1,579

Balance, end of the period 3,919 24,510 623 29,052

Statement of prudential adjustments

Statement of prudential adjustments

Ecobank Nigeria Limited Annual Report 2013 76 Financial risk management

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 Department 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.

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.

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 default

The 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 4 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

Ecobank Nigeria Limited Annual Report 201377Financial risk management

Investment quality Ecobank S & P Definition

1 AAA Largely risk free2 AA Exceptional credit / Minimal risk3 A Excellent credit / very low risk4 BBB Good credit quality / low risk5 BB Satisfactory credit quality

Investment Grade 6 BAcceptable credit quality but

less stable

7 CCC Risk factors deteriorating8 CC Special mention9 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 severity

Loss 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 bills

For 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.

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:”

(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.

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.

Impairment and provisioning policiesThe internal and external rating systems 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.

• Current - The facility is deemed current if the payment of both principal and interest are up to date with the agreed terms

• Watchlist - Principal and interest repayments are overdue between 1 and 90 days

• Substandard - Principal and interest repayments are overdue by more than 91 days but less than 180 days

• Loss - Principal and interest repayments are overdue by more than 360 days

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.”

2013Loans and advances Impairment provisionAmount % Amount %

1. Current 574,175 86.8% 6,636 19%1A. Watchlist 47,368 7.2% - 0%II. Substandard 4,964 0.8% 1,682 5%III. Doubtful 20,835 3.2% 13,695 39%IV. Loss 13,388 2.0% 12,810 37%

660,730 100% 34,823 100%

2012Loans and advances Impairment provisionAmount % Amount %

1. Current 490,309 86.1% 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%

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 below.



Concentration of risks of financial assets with credit risk exposure

Maximum exposure

2013

Maximumexposure

2012

Credit risk exposures relating to on-balance sheet assets are as follows:Cash balances with other banks 62,117 120,078Loans and advances to customers:Corporate Bank

− Overdrafts 78,130 47,451− Term loans 283,233 223,014− Others - 5,244

Domestic Bank− Overdrafts 80,236 85,716− Credit cards 816 759− Term loans 179,388 181,670− Mortgages 4,104 3,020Trading assets− Debt securities 17,881 23,394

Investment securities

− Debt securities 404,743 416,027Other assets 55,600 38,382

Contingent liabilities and commitments are as follows:Loan commitments and other credit related liabilities 307,602 166,411At 31 December 1,473,850 1,311,163

Loans and advances

31 December 2013 31 December 2012Cash balances

with other banksLoans and advances

to customersLoans and advances

to banksLoans and advances

to customers

Neither past due nor impaired 62,117 574,173 120,078 490,309Past due but not impaired - 47,368 - 52,575Impaired - 39,189 - 26,361Gross 62,117 660,730 120,078 569,245Less: allowance for impairment - (34,823) - (22,372)Net 62,117 625,907 120,078 546,873


(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.

31 December 2013 Loans and advances to customersCorporate Bank Domestic Bank

Grades: Over drafts Term loans Others Over drafts Term loans Others Mortgages Total

1. Current 70,888 283,232 - 40,501 424 175,024 4,104 574,173

IA. Watchlist 7,242 - - 39,734 392 - - 47,368Total 78,130 283,232 - 80,235 816 175,024 4,104 621,541

Fair value of collateral 53,940 195,538 - 55,393 - 120,833 4,925 430,629

Amount of under/ (over) collateralization 24, 191 87,694 - 24,842 816 54,191 (821) 190,913

Mortgage loans in the sub-standard class were considered not to be impaired after taking into consideration the recoverability from collateral.



1. Current 33,248 225,136 5,243 45,639 425 177,768 2,850 490,309

IA. Watchlist 14,636 - - 37,390 303 76 170 52,575Total 47,884 225,136 5,243 83,030 728 177,844 3,020 542,884

Fair value of collateral 34,272 111,112 - 48,695 - 144,562 5,286 343,928

Amount of under/ (over) collateralization 6,005 19,468 - 8,532 674 25,329 (1,057) (58,951)

(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:



Past due up to 30 days 40 - - 2,227 - - - 2,267

Past due 30-60 days 12 - - 1,686 - - - 1,698

Past due 60-90 days 7,190 - - 35,821 392 - - 43,403Total 7,242 - - 39,734 392 - - 47,368

Fair value of collateral 6,743 - - 17,517 - - - 24,338

Amount of under collaterization 499 - - 22,217 392 - - 23,108



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 under collaterization 4,739 - - 23,812 303 76 170 29,099



(c) Loans and advances individually impairedI. Loans and advances to customers

The individually impaired loans and advances to customers before taking into consideration the cash flows from collateral held is N39.2billion (2012: N26.4 billion).

The breakdown of the gross amount of individually impaired loans and advances by class are as follows:

31 December 2012 Corporate Bank Domestic BankGrades: Over drafts Term loans Others Over drafts Term loans Others Mortgages Total

Individual impaired loans 1,334 3,214 - 27,554 38 7,049 - 39,189Impairment allowance 2,055 - 4,918 20,730 49 6,980 91 34,823Fair value of collateral 92 1,198 - 6,579 - 7,429 - 15,298

31 December 2013

Individual impaired loans 1 - - 17,120 729 8,511 - 26,361Impairment allowance 434 2,059 62 13,104 740 5,840 133 22,372Fair value of collateral - - - 5,603 - 6,134 - 11,737

II. Loans and advances to banks

The total amount of individually impaired loans and advances to banks as at 31 December 2013 was nil (2012: nil).

(d) Industry sectorsThe following table breaks down the Bank’s main credit exposure at their carrying amounts, as categorised by industry sector as of 31 December 2013. For this table, the Bank has allocated exposures to industry based on the sector of industry of our counterparties.

2013N’millions

2012N’millions

Agriculture 49,131 41,915Oil and gas 197,000 177,336Capital market 7,072 -Consumer credit 44,790 46,692Trade 41,317 45,264Services & Others 18,712 14,823Manufacturing 61,132 47,828Mining and quarrying 11,167 3,947Mortgage 7,884 9,416Real estate and construction 47,603 48,415Finance and insurance 39,706 37,587Government 42,347 34,768Power 23,616 12,689Transportation 19,074 32,745Communication 48,141 13,429Education 2,038 2,390

660,730 569,245


(e) Geographical sectorsThe following table breaks down the Bank’s main credit exposure at their carrying amounts, as categorised by geographical region as of 31 December 2013. For this table, the Bank has allocated exposures to regions based on the location of our counterparties.

2013N’millions

2012N’millions

South South 72,071 48,739South West 444,800 450,302South East 10,976 5,862North West 8,721 3,892North Central 49,808 39,011North East 1,122 757Outside Nigeria 73,233 20,681

660,730 569,245

Impaired loans and advances by Industry

Agriculture 437 199Oil and gas 6,048 2,154Capital market 848 -Consumer credit 870 2,843Trade 2,218 1,591Services & Others 432 2,837Manufacturing 1,796 414Mining and quarrying 69 -Mortgage - 25Real estate and construction 27 426Finance and insurance 23,315 13,455Government 70 1,738Power 107 -Transportation 2,624 557Communication 327 107Education 1 16

39,189 26,361

Impaired loans and advances by Geography

NigeriaSouth South 177 1,089South west 36,181 21,691South east 20 142North west 142 1,748North central 2,610 1,673North east 59 19

39,189 26,361



(f) Quality of creditThe 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 to determine the quality of risk assets as follows:

2013 2012Rating Total exposure Rating Total exposure

AAA 4,4866 AAA 4,388A 32,294 A 25,349BBB 52,152 BBB 44,444BB 61,583 BB 44,243B 369,812 B 272,439CCC 54,964 CCC 97,716CC 46,250 CC 54,305C 8,497 C 12,857D 30,692 D 13,504

Grand Total 660,730 Grand Total 569,245

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:

2013 2012Carrying amount Carrying amount

Collateral Related Loan Collateral Related Loan

Residential property - - 597 5,257

Vehicle and equipment 7 45 - -

7 45 597 5,257

Repossessed properties are sold as soon as practicable, with the proceeds used to reduce the outstanding indebtedness. Repossessed property is classified within ‘other assets’.

Market riskMarket risk is the risk that earnings or capital would be adversely affected by changes in the level or volatility of market factors. Market factors include interest rates, foreign exchange rates, equity prices, and commodity prices. This risk arises mainly from trading activities as well as through non-traded risk in the banking book.

Central to market risk management in Ecobank is the deployment of appropriate tools and methodologies tailored towards identifying, measuring, monitoring, controlling and reporting the Bank’s exposure to each market risk factor.

During the financial year, the Bank was exposed to market risk in its trading, underwriting and investing activities mainly as a result of various regulatory and market changes:

1. Interest rate movements in response to fiscal policies, market forces or as directly indicated by monetary policy pronouncements such as the sterilization of 50% of all public sector funds as Cash Reserve Requirement (CRR).

2. Foreign exchange fluctuations arising from demand and supply pressure as well as regulatory/government policies such as the re-introduction of Retail Dutch Auction System (RDAS) and revocation of operating license of BDCs, amongst others.


Market risk management and control frameworkEcobank Nigeria Limited (ENG) has put in place a robust and clearly defined market risk management framework, which essentially provides the Board of Directors and Management with guidance on market risk management processes. All teams involved in the management and control of market risk are required to fully comply with the policy statements to ensure the Bank is not exposed to market risk beyond the qualitative and quantitative risk tolerances.

Market and liquidity risk management framework of the Bank is managed by the market & liquidity risk policy framework as approved by the Board. The Board approves the risk appetite for trading and non-trading activities, on the recommendation of the Management Risk Committee (MRC).

The Management Risk Committee (MRC) ensures that all market and liquidity risk management decisions by the Board are implemented by Management. They also recommend to the Board approvals for amendments to the market & liquidity risk policy when necessary.

The Asset & Liability Committee (ALCO) manages market and liquidity risk across the Bank and meets monthly to review, approve and make recommendations concerning the risk profile including limits and utilization.

The Bank’s liquidity management framework is designed in accordance with regulatory requirements. While the Asset & Liability Management (ALM) Team ensures that the Bank is liquid at all times to meet funding requirements and payment obligations as they fall due under normal and unusual markets situations without incurring additional cost.

A dedicated market risk team, independent of the trading and business units, is responsible for implementing the market risk control framework and assumes day-to-day responsibility for market risk management. A limit framework is set within the context of the approved market risk appetite while daily market risk dashboard and stress testing reports are generated.

The control framework covers the following principles:

• Clearly defined responsibilities and authorities for the primary groups involved in market risk management in the Bank;

• An independent market risk management process;

• Daily monitoring, analysis and reporting of market risk exposures against market risk limits;

• Clearly defined limit structure and escalation process in the event of a market risk limit excess;

• A market risk measurement methodology that captures correlation effects and allows aggregation of market risk across risk types, markets and business lines;

• Use of VaR at 95% Confidence Intervals and Stressed VaR (S-VaR) at 99% confidence Interval as a measure of the one-day market risk exposure of all trading positions. S-VaR is also extended to capture possible full position utilization;

• Use of non-VaR based limits and other controls such as duration limit and triggers;

• Use of stress testing and scenario analysis to support the market risk measurement and risk management process by assessing how portfolios perform under extreme market conditions;

• Use of back-testing as a diagnostic tool to assess the accuracy of the VaR model and other risk management techniques; and

• A product approval process that requires market risk teams to assess and quantify market risk associated with proposed new products.



Market risk measurement techniques

The objective of market risk measurement is to manage and control market risk exposures within acceptable limits while optimizing the return on risk. The Bank does not trade in commodities and equities, but is exposed to risks arising from the assets in transactions where these have been used as collateral for credit transactions. The latter is covered under credit risk management

(a) Value at riskValue at Risk (VaR) - is a technique that produces estimates of the potential change in the market value of a portfolio over a specified time horizon at a given confidence level. In line with the Bank’s policy, VaR assumes a time horizon of one trading day and a confidence level of 95% for internal risk management purposes bearing in mind present market realities, the Bank’s level of exposure as well as the composition of its portfolio. However, the Bank equally computes an S-VaR, which assumes total utilization of positions and 99% confidence interval. The Bank’s VaR model is based on a parametric simulation model, utilising data across a minimum of 252 trading days.

VaR is computed on all trading portfolio i.e. fixed income securities and foreign exchange trading position. The model, which is validated and approved by the group office, is an important market risk measurement and control tool.

The table below shows the trading VaR of the Bank. During the year, treasury bills recorded the highest VaR resulting mainly from the position levels of the Bank in this asset class. The Bank’s strategy was to maintain more of the lower duration assets in view of the highly volatile market during the year under review.

One-Day Daily Trading VaR at 95% Confidence Interval

Average High Low Actual*Risk categories Figures in thousands of Naira

Bond 47,855 182,062 1,167 15,346

T-bill 124,092 378,012 2,001 80,442FX 3,395 8,259 158 1,224

*This represents actual one-day VaR as at 31 December, 2013

In order to verify that the results acquired from VaR calculations are consistent and reliable, the model is always back tested. Back testing is an integral part of VaR reporting in ENG’s risk Management processes. Back testing is a procedure where actual profits and losses are compared to projected VaR estimates aimed at ensuring that the model yields accurate risk estimates.

(b) Stress testsAs stipulated in the Enterprise-Wide Risk Management Framework, the Bank conducts stress testing, which measures the impact of exceptional changes in market rates and prices on the fair value of the Bank’s trading and Available for Sale (AFS) portfolios. The Bank calculates:

• Risk factor stress testing, where stress movements are applied to each risk category;

• Historical stress tests where shocks based on historical movements are assumed and applied; and

• Ad hoc stress testing, which includes applying possible stress events to specific positions.

The results of the stress tests are reviewed by Senior Management and by the Board of Directors.


Foreign exchange risk The 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 2013. 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 instruments

As at 31 December 2013 Dollar Euro CFA Naira GhC Cedis Others Total

AssetsCash and balances with central banks - - - 228,341 - - 228,341

Cash and balances with other banks 30,594 6,886 - 24,037 9 591 62,117

Loans and advances to customers 247,048 45 284 378,526 - 4 625,907

Trading assets - - - 17,881 - - 17,881

Investment securities - 35,152 - - 188,206 - - 223,358

Pledged assets - - - 181,386 - - 181,386

Other assets - - - 55,600 - - 55,600Total financial assets 312,794 6,931 284 1,073,977 9 595 1,394,590

LiabilitiesDeposits from banks 50,211 - - 11,699 - 9 61,919

Due to customers 180,952 9,987 - 924,402 - 3,060 1,118,401

Borrowed funds 10,945 - - 47,177 - - 58,122

Other liabilities - - - 64,007 - - 64,007Total financial Liabilities 242,108 9,987 - 1,047,285 - 3,069 1,302,449

Net on-balance sheet financial position 70,686 (3,056) 284 26,692 9 (2,474) 92,141Credit commitments 167,549 13,778 - 88,148 - 1,017 270,492

As at 31 December 2012Total financial assets 300,118 9,239 - 947,534 - 186 1,257,077

Total financial liabilities 258,661 14,480 - 895,687 - - 1,168,828Net on-balance sheet financial position 41,456 (5,241) - 51,847 - 186 88,248Credit commitments 104,367 18,473 - 39,848 - 732 163,421



Foreign exchange risk sensitive analysis

The 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 marginal potential loss of N0.350million on a ‘short’ balance sheet Net Open Position (NOP) of $0.224million as at December 31, 2013. The ‘short’ NOP was largely due to the position held in USD.

Interest rate risk Interest rate risk is the current or prospective risk that earnings and/or capital are negatively affected by interest rate changes in the financial markets. This risk is inherent to the Bank’s business. Ecobank Nigeria Limited uses various indicators to measure interest rate risk. The interest rate risk position is monitored by the Asset and Liability Committee (ALCO) on a monthly basis. The interest rate risk is managed with an interest risk model, using guidelines and limits and by performing various interest rate stress scenarios.

The table below provides information on the extent of the Bank’s interest rate exposure. The assets and liabilities are grouped into brackets defined by their time to maturity or the date of the interest rate adjustment.

The difference, or gap, between assets and liabilities in each time bracket makes the Bank sensitive to interest rate fluctuations.

The amounts are based on interest rate maturities. However, saving and current accounts have a non-defined interest maturity. A quantitative assessment of the interest rate sensitivity of our saving accounts and current accounts has been executed. The outcome of this assessment is used in the calculations for interest rate risk.

As at 31 December 2013Up to

1 month1-3

months3-12

months1-5

yearsOver

5 yearsNon-interest

bearingTotal

AssetsCash and balances with central banks 78,161 - - - - 150,180 228,341Cash and balances with other banks 60,026 1,654 437 - - - 62,117Loans and advances to customers 187,207 136,467 53,386 156,613 92,234 - 625,907Trading assets - 5,044 12,837 - - - 17,881Investment securities - available-for-sale 5,044 8,751 91,236 45,421 72,906 - 223,358Pledged assets 69,476 57,881 23,144 19,739 11,145 - 181,386Other assets 275 583 54,227 515 - - 55,600Total financial assets 400,189 210,380 235,267 222,288 176,285 150,180 1,394,590

LiabilitiesDeposits from banks 38,674 23,245 - - - - 61,919Due to customers 641,094 97,536 23,484 2,150 - 354,137 1,118,401Borrowed funds - - 531 1,089 56,502 - 58,122Other liabilities 12,266 66 41,643 10,032 - - 64,007Total financial liabilities 692,034 120,847 65,658 13,271 56,502 354,137 1,300,449

Total interest repricing gap (291,845) 89,533 169,609 209,017 119,783

As at 31 December 2012Cash and balances with central banks 20,783 - - - - 91,540 112,323Cash and balances with other banks 36,142 8,364 - - - 75,572 120,078Loans and advances to customers 156,479 113,162 55,291 145,898 76,045 - 546,873Trading assets - - 23,394 - - - 23,394Investment securities-available-for-sale 13,978 23,956 69,739 168,369 30,650 - 306,692Pledged assets 14,300 57,612 2,650 15,983 18,789 - 109,334

Other assets - 79 22,594 15,710 - - 38,383

Total financial assets 241,682 203,173 173,668 345,959 125,484 167,112 1,257,077

LiabilitiesDeposits 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 - - 45,242

Total financial liabilities 345,080 134,647 43,799 19,811 58,720 566,769 1,168,827

Total interest repricing gap (103,398) 68,526 129,869 326,148 66,764


Interest rate sensitivity A parallel 100 basis points (1%) interest rate increase in the yield curve would increase Net Interest Income by N1.61billion, while a parallel decrease of 50 basis points would decrease NII by N0.81billion.

Liquidity riskLiquidity 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 fulfil 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. Name-specific or systemic risk may lead to reductions in levels of interbank lending and may restrict the Bank’s access to traditional sources of liquidity or increase the costs of accessing such liquidity, which could ultimately lead to insolvency.

Liquidity risk management processThe Bank’s liquidity risk management process includes but not limited to:

• 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 as they are borrowed by customers. Therefore, the Bank maintains an active presence in the money markets;

• Maintaining a portfolio of highly marketable assets that can easily be liquidated as protection against any unforeseen interruption to cash flow;

• Determining the maximum cumulative outflow (MCO) across all time bands;

• Monitoring liquidity ratios against internal and regulatory requirements; and

• Conducting liquidity stress tests, at least once a month, to assess the capacity of the Bank to meet funding obligations under a variety of name-specific and systemic stress scenarios.

The Bank’s Treasury, in conjunction with credit risk, 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.

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.

Funding approachSources of liquidity are regularly reviewed by a separate team in Bank Treasury to maintain a wide diversification by currency, provider, product and term.

Non-derivative financial liabilities and assets held for managing liquidity riskThe 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, not resulting in a significantly different analysis.



As at 31 December 2013Up to

1 month1-3

months3-12

months1-5

yearsOver

5 yearsTotal

LiabilitiesDeposits from banks 38,745 23,455 - - - 62,200Due to customers 997,682 98,904 24,820 2,273 - 1,123,679Borrowed funds - - 1,677 57,603 - 59,280Other liabilities 11,966 118 41,702 11,558 - 65,344Current income tax liabilities - - - 1,734 - 1,734Deferred income tax liabilities - - - - - -Retirement benefit obligations - - - - - -

Total liabilities (contractual maturity) 1,048,393 122,477 68,199 73,168 - 1,312,237

Total assetsCash and balances with central banks 78,161 - - - 150,180 228,341Cash and balances with other banks 60,215 1,674 437 - - 62,326Loans and advances to customers 189,670 140,285 58,968 169,831 100,019 658,773Trading assets - 5,125 13,989 - - 19,114Investment securities - available-for-sale 5,093 54,107 60,615 126,025 - 245,840Pledged assets 70,146 59,557 25,861 22,057 12,453 190,074Other assets 275 583 54,227 515 - 55,600Total assets (expected maturity dates) 403,560 261,331 214,097 318,428 262,652 1,460,068

As at 31 December 2012LiabilitiesDeposits from banks 13,343 8,532 - - - 21,875Due to customers 11,189 160,407 879,734 - - 1,051,331Borrowed funds - - 163 58,935 - 59,098Other liabilities 16,453 14,038 16,030 - - 46,520Provisions - - - 1,279 1,279Current income tax liabilities - - - 1,581 - 1,581

Total liabilities (contractual maturity) 40,985 182,977 895,927 61,795 - 1,181,684

Total assetsCash and balances with central banks 20,783 - - - 91,539 112,323Cash and balances with other banks 112,108 8,442 - - - 120,551Loans and advances to customers 156,618 113,256 55,293 146,022 76,110 547,299Trading 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 1,243,819


Assets held for managing liquidity riskThe 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.

Contingent liabilities and commitments(a) Loan commitments

The dates of the contractual amounts of the Bank’s contingent liabilities that it commits to extend credit to customers and other facilities (Note 36) are summarised in the table below.

(b) Other financial facilitie Other financial facilities (Note 36) are also included in the table below, based on the earliest contractual maturity date.

(c) Operating lease commitments Where the Bank is the lessee, the future minimum lease payments under non-cancellable operating leases, as disclosed in Note 36, 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 2013 Not later than 1 Year Over one year Total

Guarantees, acceptances and other financial facilities 234,045 71,994 306,039Capital commitments 1,563 - 1,563

235,608 71,994 307,602

As at 31 December 2012 Not later than 1 Year Over one year Total

Guarantees, acceptances and other financial facilities 120,550 42,710 163,260Capital commitments 3,151 - 3,151

123,701 42,710 166,411

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 2013 2012 2013 2012

AssetsCash and balances with other banks 62,117 120,078 62,149 120,898Loans and advances to customers 625,907 546,873 658,773 543,954

LiabilitiesDeposits from banks 61,919 21,489 60,175 18,598Due to customers 1,118,401 1,043,213 1,124,834 1,047,527Borrowed funds 58,122 58,883 59,280 59,098



I. Cash and balances with other banks Cash and balances with other 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 customers Loans 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 instruments The 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.

(b) Fair value hierarchy IFRS 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 instruments 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 indirectly (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 components.

This hierarchy requires the use of observable market data when available. The Bank considers relevant and observable market prices in its valuations where possible.


Assets measured at fair value

31 December 2013 Level 1 Level 2 Level 3

Trading assets 17,881 - -Investment securities - available-for-sale 150,888 - 73,704Pledge assets 181,386 - -

Total financial assets 350,155 - 73,704

2013

Reconciliation of level 3 itemsAt 31 December 2012 174,525Gains/(losses) recognised through profit or loss -Gains/(losses) recognised through other comprehensive income (2,153)

Purchase 121Sales -Issues -Settlements (357)Write off (2,245)Transfer in (i) 57,555Transfer out (ii) (153,742)

73,704

I. The reason for the transfer (from loans and receivables) into level 3: Assets were reclassified into investment (level 3) in 2013 from loans and receivables. Currently, independent market prices are not readily available as the securities are not traded in the financial markets.

II. The reason for the transfer out of level 3: Independent market quotes are currently available as the above securities are readily traded amongst banks. The market price can independently be obtained from the Financial Market Dealers Quotation (FMDQ).

31 December 2013 Level 1 Level 2 Level 3

Trading assets 23,394 - -Investment securities - available-for-sale 54,052 - 174,525Pledge assets 109,334 - -Total financial assets 186,780 - 174,525

2012

Reconciliation of level 3 items 148,604At 31 December 2012 -Gains/(losses) recognised through profit or loss (618)Gains/(losses) recognised through other comprehensive income 47,555

Purchase -Sales -Issues (2,416)Settlements -Write off -Transfer in (18,600)Transfer out

174,525



Capital managementThe 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 Finance 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 contingent liability 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 2013 and December 31, 2012. During those two years, the Bank complied with all of the externally imposed capital requirements.


2013N’millions

2012N’millions

Tier 1 capitalShare capital 9,241 9,241Share premium 115,961 115,961Statutory reserves 6,135 6,135Contingency reserve - -SMIEIS reserve 1,150 1,150Capital reserve 7,218 7,218Retained earnings (9,625) (19,704)

Other reserves 26,548 33,627Deposit for shares - -Less: Deferred tax asset (7,335) (6,005)Total qualifying Tier 1 capital 149,293 147,623

Tier 2 capitalLong-term borrowing 9,856 -Minority interest - -Convertible bonds - -Revaluation reserve - fixed assets - -Revaluation reserve – investment securities - -Translation reserve - -General provision 6,597 5,329Total qualifying Tier 2 capital 16,453 5,329

Total regulatory capital 165,746 152,952

Risk-weighted assets:On-balance sheet 839,492 741,100Off-balance sheet 113,846 88,643Total risk-weighted assets 953,338 829,743

Risk weighted Capital Adequacy Ratio (CAR) 17% 18%



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 judgement 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’ judgments for certain items are especially critical for the Bank’s results and financial situation due to their materiality.

(a) Impairment losses on loans and advances

The 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 judgments 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 investments

The 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 instruments

The fair values 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) Retirement benefits

The 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.


Statement of value added

Statement of Value Added

2013N’million %

2012N’million %

Gross income 176,658 157,748

Interest paid (44,532) (45,110)

132,126 112,638

Impairment charge for losses (32,606) (12,342)

Bought-in materials and services (36,388) (33,670)

Value added 63,132 100 66,626 100

Distribution

Employees

- Salaries and benefits 42,959 68 46,957 70

Government

- Income tax 1,125 2 2,578 4

Retained in the Bank

- Asset replacement (depreciation and amortisation) 7,390 12 9,286 14

- Expansion (transfers to reserves) 11,658 18 7,805 12

63,132 100 66,626 100

Ecobank Nigeria Limited Annual Report 2013 98 Five year financial summary

Five year financial summary

2013N’million

2012N’million

2011N’million

2010N’million

2009N’million

I FRS N-GAAP

Assets:Cash and balances with the central bank 228,341 112,323 86,919 19,437 9,524Treasury bills and other eligible bills - - - - 15,116Cash balances with other banks 62,117 120,078 116,597 100,514 73,490Loans and advances to customers 625,907 546,873 410,150 225,369 183,719Advances under finance lease - - - - 6,000Financial assets held for trading 17,881 23,394 32,812 6,821 -Investment Securities: available-for-sale 162,956 222,480 246,425 26,036 15,387Investment Securities: loans and receivables 57,555 81,366 74,159 3,949 -Investment in subsidiaries 2,846 2,846 2,846 - -Pledged assets 181,386 109,334 18,600 17,487 -Non-current assets held for sale 2,560 2,744 - - -Property and equipment 56,134 59,387 67,131 19,440 21,382Intangible assets 65 103 820 155 -Deferred income tax asset 7,335 6,005 4,709 2,729 1,073Other assets 55,600 38,382 23,889 22,041 29,971Retirement benefit obligations 128 - - - -

1,460,811 1,325,315 1,085,058 443,977 355,662

Financed by:

Share capital 9,241 9,241 13,960 6,940 3,609Share premium 115,961 115,961 84,799 54,119 11,917Retained earnings (9,625) (19,704) (64,532) (11,188) (2,861)Other reserves 41,051 48,130 41,135 15,676 14,503Deposits from customers 1,118,401 1,043,213 890,425 342,379 243,831Deposits from banks 61,919 21,489 10,116 710 17,147Deposit for shares - - - - 46,366Borrowings 58,122 58,883 64,409 3,776 4,576Retirement benefit obligations - - 1,502 502 -Current income tax 1,734 1,581 1,548 329 213Other liabilities 64,007 46,521 41,696 30,735 16,361

1,460,811 1,325,315 1,085,058 443,977 355,662

Acceptances and guarantees 306,039 163,260 199,417 82,079 93,723

Gross earnings 176,658 157,748 68,155 58,313 59,864

(Loss)/Profit before taxation 10,533 5,227 18,023 2,120 (5,944)

Income tax 1,125 2,578 1,321 (501) 1,356

(Loss)/Profit after taxation 11,658 7,805 19,344 1,619 (4,588)

Proposed dividend

(Loss)/Earnings per share (basic) 63k 42k 69k 12k (1k)

Number of business offices 493 511 578 256 256

Ecobank Nigeria Limited Annual Report 201399Reconciliation of NGAAP to IFRS 31 December 2009

Reconciliation of NGAAP to IFRS 31 December 2009

Balance Sheet

NGAAP2009

N’million

Adjustments2009

N’million

IFRS2009

N’million

AssetsCash and balances with central banks 9,524 - 9,524Treasury bills 15,116 12,150 27,266Due from banks 73,490 694 74,184Loans and advances 183,719 6,000 189,719Advances under finance lease 6,000 (6,000) -Investment securities 15,387 - 15,387Other assets 31,044 (12,150) 18,894Fixed assets 21,382 (474) 20,908Intangible assets - 474 474Deferred income tax assets - - -

355,662 694 356,356 Liabilities

Customer deposits 243,831 1,679 245,510Due to other banks 17,147 698 17,845Tax payable 213 - 213Other liabilities 62,444 44,797 107,241Long term loan 4,576 3 4,579Deferred tax 283 - 283Retirement benefit obligations - 160 160

328,494 47,337 375,831 Equity

Share capital 3,609 18,857 22,466Capital reserve 7,218 (7,218) -Share premium 11,917 (11,917) -Retained earnings (2,861) - (2,861)Other reserves 7,285 - 7,285Deposit for shares - (46,365) (46,365)

27,168 (46,643) (19,476)

355,662 694 356,356

Ecobank Nigeria Limited Annual Report 2013 100 Reconciliation of NGAAP to IFRS 31 December 2009

Income Statement

NGAAPN’million

AdjustmentsN’million

IFRSN’million

Interest income 42,299 9,070 51,369Interest expense (19,042) (9,576) (28,618) Net interest income 23,257 (506) 22,751Lease income - 1,700 1,700Fee and commission income 10,228 (997) 9,231Foreign exchange earnings 7,287 - 7,287Investment income 44 1 45Other operating income 6 (10) (4)

Operating income 40,822 188 41,010Provision for losses (16,206) 749 (15,457)Operating expenses (30,560) (937) (31,497) (5,944) - (5,944)

Reconciliation of NGAAP to IFRS 31 December 2009

Ecobank Nigeria Limited Annual Report 2013101Holding and subsidiaries

Headquarters: Ecobank Transnational Incorporated2365, Boulevard du Mono B.P. 3261, Lomé – TogoTel: (228) 22 21 03 03 (228) 22 21 31 68Fax: (228) 22 21 51 19

1. BeninRue du Gouverneur Bayol01 B.P. 1280, RP Cotonou – BeninTel: (229) 21 31 30 69 (229) 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 (226) 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 LisboaCP 374CPraia – Cabo VerdeTel: (238) 260 36 60Fax: (238) 261 82 50

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 (242) 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 (240) 555 300 203

12. Gabon214, Avenue Bouët9 Étages, Montagne SainteB.P. 12111Libreville – GabonTel: (241) 01 76 20 71 (241) 01 76 20 73Fax: (241) 01 76 20 75

13. The 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. Guinea (Conakry)Immeuble 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 (231) 886 97 44 94 Fax: (231) 701 22 90

19. MalawiEcobank House Corner Victoria Avenue andHenderson Street, Private Bag 38 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 (239) 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 (232) 22 227 801Fax: (232) 22 290 450

27. South SudanKoita Complex, Ministries Road,P.O. Box 150, JubaSouth SudanTel: (211) 954 018018 (211) 955 541683

28. 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

29. Togo20, Avenue Sylvanus OlympioB.P. 3302Lomé – TogoTel: (228) 22 21 72 14Fax: (228) 22 21 42 37

30. UgandaPlot 4, Parliament AvenueP.O. Box 7368 Kampala – UgandaTel: (256) 417 700 100Fax: (256) 312 266 079

31. 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

32. ZimbabweBlock A, Sam Levy’s Office Park 2 Piers RoadP.O. Box BW1464, BorrowdaleHarare – ZimbabweTel: (263 – 4) 851644-9Fax: (263 – 4) 852632 (263 – 4) 851630-9 Toll free: 08003 2 800 000

33. 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

34. EBI SA Representative Office2nd Floor, 20 Old Broad StreetLondon EC2N 1DP, United KingdomTel: +44 (0)20 3582 8820Fax: +44 (0)20 7382 0671

35. Ecobank Office in ChinaRepresentative 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

36. Ecobank Office in South AfricaRepresentative Office4 Sandown Valley Crescent4th Floor, Sandton 2196Johannesburg – South AfricaTel: (27) 11 783 6197 – 6431/6391Fax: (27) 11 783 6852

37. Ecobank Office in DubaiRepresentative OfficeLevel 26d, Jumeirah Emirates TowersShaikh Zayed Road, P.O. Box: 29926Dubai – UAETel: (971) 4 327 6996Fax: (971) 4 327 6990

38. Ecobank Office in AngolaRepresentative OfficeRua Joaquim Kapango Nº31Ingombota-LuandaC.P 25, Luanda – AngolaTel: (244) 938 910 345

39. Ecobank Office in EthiopiaGerdi Rd Yerer Ber Area, SAMI Building, 6th Floor 602AAddis Ababa, EthiopiaTel: (251) 934 169 784 (Cell) (251) 116 291 101Fax: (251) 116 291 425

40. eProcess International SA2365, Boulevard du MonoB.P. 4385, Lomé –TogoTel: (228) 22 22 23 70Fax: (228) 22 22 24 34

Holding company and subsidiaries

ecobank.com

Ecobank Nigeria LimitedRC No: 89773Plot 21, Ahmadu Bello WayP.O. : Box 72688, Victoria Island - Lagos – Nigeria

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