2009 Annual Report and Financial Statements - UBA Plc

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(ii) establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and (iii) prepares its fi nancial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates, that are consistently applied. The Directors accept responsibility for the annual fi nancial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with: – Nigerian Accounting Standards; – Prudential Guidelines for licensed Banks; – relevant circulars issued by the Central Bank of Nigeria; – the requirements of the Banks and Other Financial Institutions Act; and – the requirements of the Companies and Allied Matters Act. The Directors are of the opinion that the fi nancial statements give a true and fair view of the state of the fi nancial aff airs of the United Bank for Africa Plc and Group, and of the profi t for the year. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of fi nancial statements, as well as adequate systems of internal fi nancial control. Nothing has come to the attention of the Directors to indicate that the Bank will not remain a going concern for at least twelve months from the date of this statement. Ferdinand Alabraba Tony Elumelu Chairman Group Managing Director/CEO Annual Report 2009 41 Corporate governance report
Report of the Audit Committee To Members of United Bank for Africa Plc In accordance with the provision of section 359(6) of the Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria 2004, we the members of the Audit Committee hereby report as follows: • We confi rm that we have seen the audit plan and scope, and the Management Letter on the audit of the accounts of the Bank and the responses to the said letter. • In our opinion, the plan and scope of the audit for the period ended 31 December 2009 were adequate. We have reviewed the Auditors’ fi ndings and we are satisfi ed with the Management responses thereon. • We also confi rm that the accounting and reporting policies of the Bank are in accordance with legal requirements and ethical practices. • As required by the provisions of the Central Bank of Nigeria circular 85D/1//2004 dated 18 February 2004 on “Disclosure of Insider-Related Credits in Financial Statements” we reviewed the insider-related credits of the Bank and found them to be as analysed in the fi nancial statement as at 31 December 2009. In line with the provisions of the CBN Code of Corporate Governance and the Bank’s Code of Corporate Governance, the External Auditors of the Bank, having served the Bank for over ten years, will resign at the Annual General Meeting and will not seek re-appointment. The Audit Committee has made recommendations to the Board regarding the appointment of new External Auditors. Jonathan Anolu Chairman Audit Committee MEMBERS OF THE AUDIT COMMITTEE Jonathan Anolu Chairman/Shareholder Henry Laraiyetan Shareholder Alhaji Umar Al-Kassim Shareholder Alhaji Garba S Ruma Non-Executive Director Chief Israel C Ogbue Non-Executive Director Rose A Okwechime Non-Executive Director 42 Annual Report 2009
Page 1 and 2: United Bank for Africa Plc RC: 2457
Page 3 and 4: Deposits (N’Billion) 1500 1200 90
Page 5 and 6: Group at a glance Countries of oper
Page 7 and 8: Board of directors 4 Annual Report
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Page 25 and 26: Review of Group’s fi nancial perf
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Glossary AML Anti Money Laundering
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Notice of annual general meeting (c
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Notes 128 Annual Report 2009
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e-Dividend mandate form Dear Shareh
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Registrars UBA Registrars Limited R
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