2009 Annual Report and Financial Statements - UBA Plc

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Dear Sirs Report to the Directors of UBA Plc on the outcome of the Board Evaluation PricewaterhouseCoopers was engaged to carry out an evaluation of the Board of Directors of United Bank for Africa Plc (UBA) as required by Section 5.4.6 of the Central Bank of Nigeria (CBN) Code of Corporate Governance for Banks in Nigeria (the Code), covering all aspects of the Board’s structure and composition, responsibilities, processes and relationships for the period ended 31 December 2009. We conducted our work in accordance with the International Standard on Assurance Engagements (ISAE) 3000. This Standard requires that we comply with ethical requirements, plan and perform the assurance engagement to obtain limited assurance as to whether any matters come to our attention that cause us to believe that the requirements of the Code have not been complied with in all material aspects. The Board is responsible for the preparation and presentation of the information relevant to its performance. Our responsibility is to reach a conclusion on the Board’s performance based on work carried out within the scope of our engagement as contained in our letter of engagement of 5 February 2010. On the basis of our work, it is our conclusion that nothing has come to our attention which causes us to believe that the Board’s performance does not comply within any material respect with the criteria set out in the Code. We have recommended that there is a need to set and agree annual objectives for individual directors. Other recommendations are contained in our detailed report. Yours faithfully Ken Igbokwe Managing Partner Annual Report 2009 43 Financials
Report of the independent auditors To the Members of United Bank for Africa Plc REPORT ON THE FINANCIAL STATEMENTS We have audited the accompanying fi nancial statements of United Bank for Africa Plc and its subsidiary companies (the Group), which comprise the balance sheet as at 31 December 2009, the income statement, statement of cash fl ows for the period then ended, and signifi cant accounting policies and other fi nancial information set out on pages 45 to 83. DIRECTORS’ RESPONSIBILITY FOR THE FINANCIAL STATEMENTS The Directors are responsible for the preparation and fair presentation of these fi nancial statements in accordance with the Companies and Allied Matters Act, CAP C20, LFN 2004, and the Banks and Other Financial Institutions Act, CAP B3, LFN 2004, and for such internal controls as the Directors determine are necessary to enable the preparation of fi nancial statements that are free from material misstatement, whether due to fraud or error. AUDITORS’ RESPONSIBILITY Our responsibility is to express an opinion on these fi nancial 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 fi nancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eff ectiveness 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 the Directors, as well as evaluating the overall presentation of the fi nancial statements. We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion. OPINION In our opinion, the fi nancial statements present fairly, in all material respects, the fi nancial position of the Group and the Bank as at 31 December 2009, and of its fi nancial performance and its cash fl ows for the period then ended; the Group and the Bank has kept proper books of account, which are in agreement with the balance sheet and income statement, in the manner required by the Companies and Allied Matters Act, CAP C20, LFN 2004, and the Banks and Other Financial Institutions Act, CAP B3, LFN 2004, in accordance with the Statements of Accounting Standards issued by the Nigerian Accounting Standards Board. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS We confi rm that our examination of loans and advances was carried out in accordance with the Prudential Guidelines for licensed banks issued by the Central Bank of Nigeria. In accordance with circular BSD/1/2004 issued by the Central Bank of Nigeria, details of insider related credits are as disclosed in note 34. CONTRAVENTIONS No contravention of the provision of the Banks and Other Financial Institutions Act, CAP B3, LFN 2004, was brought to our attention during the audit of the fi nancial statements for the period ended 31 December 2009. Akintola Williams Deloitte Chartered Accountants 23 March 2010 44 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
Page 9 and 10: Board of directors (continued) 6 An
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Page 15 and 16: Chairman’s statement CHIEF FERDIN
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Page 19 and 20: Group Managing Director/Chief Execu
Page 25 and 26: Review of Group’s fi nancial perf
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Page 31 and 32: Corporate social responsibility rep
Page 37 and 38: Directors’ report for the period
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Page 49 and 50: Accounting policies for the period
Page 55 and 56: Consolidated profi t and loss accou
Page 57 and 58: Consolidated cash fl ow statement f
Page 59 and 60: Notes to the consolidated fi nancia
Page 87 and 88: Group fi ve-year fi nancial summary
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Shareholder information MARKET STAT
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Shareholder information (continued)
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Shareholder information (continued)
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Glossary AML Anti Money Laundering
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Corporate information (continued) N
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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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2009 Annual Report and Financial Statements - UBA Plc

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