UBA CONSOLIDATES ITS LEAD POSITION

The United Bank for Africa Plc recently made history by posting phenomenal results for financial year 2006 with a groundbreaking crossing of the N1 trillion mark in balance sheet size.
The results were cause for celebration at the Bank’s recent 45th Annual General Meeting, held at the Grand Hotel in Asaba, Delta State, where the mood was celebratory as delegates congratulated UBA for surpassing their expectations in growing shareholder value and wealth in the last financial year.
Following the AGM, UBA announced a restructuring of its board and executive team to inject fresh impetus into its march towards industry leadership in the financial services landscape of Africa.
The reorganisation includes the appointment of a new Chairman, one new Executive Director and four new non-Executive Directors to its board.
The distinguished Senior Advocate of Nigeria (SAN), Mr Kayode Sofola, hitherto Chairman of UBA has retired from the board to be replaced by Chief Ferdinand Alababra, formerly Vice-Chairman.
Chief Alababra, a renowned Chartered Surveyor and Chairman of the board of NITEL, was unanimously appointed by the UBA board as Chairman, effective 1st of February 2007.
At the Bank’s AGM, Mr Kayode received commendation for his able stewardship of the board during his tenure. In response, the amiable outgoing Chairman praised the UBA management team and staff for their sterling achievements and urged that they continue the march towards the Bank’s vision.
Changes at the executive management level were also announced as follows:
Ibrahim Jega, hitherto Regional Director of the North West Bank, has been elevated to Executive Director (subject to CBN’s approval). He takes over from Bello Garba, Executive Director and former Regional Head, North Bank, who has now retired.
In addition, UBA appointed the following four new non-executive Directors to its board, following clearance from apex regulator, the Central Bank of Nigeria (CBN):
Chief Kolawole B. Jamodu, OFR, an industrialist, chartered account and the first Nigerian Chairman/CEO of Paterson Zochonis Group of Companies, PZ. An alumnus of Harvard Business School, Chief Jamodu is also a fellow of several professional bodies.
Alhaji Garba S. Ruma, who brings to the board his experiences as former Controller & Area Administrator of the Bank of Industry (formerly NIDB), Director of Cooperatives, Federal Ministry of Labour & Productivity and Director of Personnel & Administration, Arewa Hotels, amongst other previous high level appointments.
Mr Adekunle Olumide , OON, a quintessential diplomat and accomplished technocrat in the organized private sector, who served as Director General of the Lagos Chamber of Commerce and Industry between 1991 and 2005 when he retired.
Mrs. Runa Alam, an accomplished investment banker and currently CEO of Kingdom Zephyr Africa Management, a multi-national investment corporation.
The reorganisation at UBA also involves the reassignment of existing Executive Directors and other senior executives.
Chika Mordi, formerly ED, Retail Banking, is now Executive Director, Investment Banking & Asset Management, with a portfolio that includes five subsidiaries of the UBA Group namely; UBA Global Markets, UBA Asset Management, UBA Trustees, UBA Registrars and UBA Stockbrokers.
Meanwhile, Phillips Oduoza, formerly ED, Operations & Technology, is now Executive Director, Electronic & Transaction Banking. He which includes the Cards Division, Funds Transfer, Transaction Services, Mortgages, amongst other units, which drive the Bank’s innovative retail product strategy.
Femi Olaloku is the new Head of Operations & Technology. Until this appointment he was the General Manager, Information Technology (IT). Olaloku joined UBA from Citigroup where he spent 17 years and rose to Sub-Saharan African Head of Operations, Control and Information Security.
UBA’s ascendancy towards industry leadership got a big boost when it posted the unprecedented balance sheet size of N1.05 trillion in its 2006 year end results, the first ever in the history of the Nigerian banking industry. The results also showed a deposit base of N776 billion, which alone is higher than the total balance sheet size of any Nigerian bank, marking UBA clearly the leader of the industry. Profit before tax was N12.8 billion and profit after tax was N11.6 billion up from N6.5 billion and N4.9 billion respectively. All other performance indices more than doubled, validating UBA’s retail strategy which combines innovative product development with consumer promotions, strategic alliances and other diversification initiatives that have characterized the Bank’s post-merger play.
For the shareholders of UBA it was a bumper harvest. The N1 per share dividend plus a bonus share of 1 for 5 was cause for celebration at the recent AGM, in addition to the exponential growth of the Bank’s share price from N10 per share as recently as August 2006 when UBA marked its post-merger one year, to as high as N34.44 when the Bank closed its register of shareholders on 22nd January 2007 in view of the AGM.
UBA has thus created immense value for its shareholders through huge capital appreciation. The Bank was the first to consolidate and carry out a successful integration process. For the CBN, UBA was a test case and confidence booster for the banking industry reform which had been given little chance of success by many industry operators.
UBA is also a practical demonstration of the incremental value that mergers and acquisitions can create. Whilst the pre-merger entities, legacy UBA and STB, were ranked 3rd and 5th in size, respectively, the consolidated UBA has emerged the clear number one in the industry today.
UBA boasts an impressive pedigree of executive management and a general management comprising a crop of highly competent professionals, drawn locally and from the Diaspora. The Bank has in its employment four ex-CEOs of banks who now head various arms of the UBA Group.
The award-winning Group Managing Director/CEO of UBA, Tony Elumelu, has become a celebrated figure in business, at home and abroad, for his mastery in turnaround management and for having a clear and audacious vision for his organization. He was recently elected the President of West African Bankers Association, WABA, and last November, bagged the 2006 African Business Leader of the Year Award at the Africa Investor Awards in Nairobi, Kenya.
On the calibre of the UBA management, Elumelu says, “It is a demonstration of the Bank’s significant contribution to the Nigerian economy and its commitment to harness and promote African excellence, at home and abroad




ACCESS BANK NIGERIA PLC
Nature of Business: Commercial banking.
Head Office Address: Plot 1665, Oyin Jolayemi street, Victoria Island, Lagos.
Telephone: 2341-2621027-28
Fax: N/A.
Email: acbank@accesbank.com.ng
Website: N/A.
Date Listed on the Lagos Stock Exchange: 18.11.98.
Auditors: KPMG Audit (Chartered Accountants), Lagos.
End of Accounting Year: 31st March.
5-Year Financial Summary
Access Bank Nigeria PLC 5Year Financial Summary 1994 - 1999
CAPITAL EMPLOYED 1999 1997 1996 1995 1994 N'000 N'000 N'000 N'000 N'000 Cash & Short Term Funds 1,757,692 590,236 422,040 1,487,954 586,100 Bills Discounted 1,292,000 222,567 159,000 247,000 333,000 Investments 0 167 833 1,000 1,000 Loans & Advances 1,259,680 719,377 327,666 240,813 244,801 Other Assets 374,059 176,256 194,361 288,897 116,990 Equipment on Lease 0 6,850 1,105 13,404 19,056 Fixed Assets 144,284 61,803 71,198 71,732 69,167 Total Assets 4,877,614 1,777,256 1,176,203 2,350,800 1,370,914
-------------------------------------------------------------------------------- LIABILITIES: Deposits & Current Accounts 2,732,604 1,014,681 667,167 852,166 624,473 Due to Other Banks 86,363 230,328 167,816 1,070,965 326,578 Tax Payable 30,492 12,104 9,420 12,151 11,579 Other Liabilities 1,172,379 313,509 168,449 263,393 320,644 Proposed Dividend 54,000 0 10,000 11,612 11,612 Deposit for Shares 105 22,368 1,878 43,620 180 4,075,943 1,592,990 1,024,730 2,253,907 1,295,066
-------------------------------------------------------------------------------- SHAREHOLDERS' FUNDS: Called-up Share Capital 600,000 100,000 100,000 58,058 58,058 Share Premium 115,882 150 150 150 150 Statutory Reserve 67,224 39,182 29,344 22,552 12,755 General Reserve 18,565 44,934 21,979 16,133 4,885 801,671 184,266 151,473 96,893 75,848 Total Assets 4,877,614 1,777,256 1,176,203 2,350,800 1,370,914 Gross Earnings 541,921 287,511 286,551 299,452 270,789 Profit before Tax 108,187 41,251 28,236 40,786 30,046 Profit after Tax 83,687 32,793 22,638 32,657 22,257 Dividend 54,000 0 10,000 11,612 11,612 Per 50kobo share data (adjusted) Earnings per Share (in kobo) 6.97 16.40 11.32 16.33 11.13 Dividend per Share (in kobo) 4.50 0 5.00 5.81 5.81 Dividend cover (Times) 1.55 2.26 2.81 1.92 1.55 Total Assets per Share (in Naira) 4.06 8.89 5.88 11.76 6.86 Net Assets per Share (in Naira) 0.66 0.87 0.76 0.49 0.38 1. Per 50kobo share data are based on the number of issued ordinary shares as at 31.3.97. 2. Earnings per share are based on the profit after tax.


Zenith Bank Plc

Zenith Bank Plc was incorporated (under the Companies and Allied Matters Act of 1990, as amended) on May 30, 1990 as a private company limited by shares. In July 2004, the Bank became a public company limited by shares and subsequently launched what still remains the most successful Initial Public Offering (IPO) in the history of the Nigerian Capital Market. It received an overwhelming investor affirmation by a subscription rate of 556% and about 289,489 subscribers.
The Bank’s 6,000,000,000 (six billion) ordinary shares of 50 kobo each were subsequently listed on the Nigerian Stock Exchange on October 21, 2004. Zenith Bank Plc achieved yet another milestone when it raised N53.63bn in February 2006 by a Public Offer of 3,000,000,000 (three billion shares), one of the largest amount in the history of the Nigerian Capital Market.

Zenith Franchise NetworkWith over one hundred and eighty (180) business offices, connected online-real time, the Zenith franchise covers all the state capitals, the Federal Capital Territory (FCT), and major towns and cities in Nigeria. The Bank’s wide area network facility is efficiently deployed and seamlessly integrated through a related communication company. The Bank’s business location strategy and infrastructure deployment reflect its commitment to customer enthusiasm at all times in all business offices nationwide. The same unique brand of financial services awaits customers in each location.
This has made the brand of first choice in banking to all the multinational companies in Nigeria and accounts for its wide customer base. Zenith Bank Plc has continued to pioneer the introduction of e-solutions products to meet and surpass customer needs, anchored on its in-depth knowledge and extensive financing experience of the public and private sectors in Nigeria.
From inception, Zenith Bank clearly set out to differentiate itself in the banking industry through its service quality, drive for a unique customer experience and the calibre of its client base. Today, it is easily associated with the following attributes in the Nigerian banking industry :• Innovation• Best risk assets portfolio• Consistent superior financial performance• High quality personnel• Leadership in the use of Information and Communication Technology (lCT)• Consistent in raising the bar of competition, and• Formidable marketing team
The overall vision of the bank is to make the Zenith brand a reputable international financial services network recognised for innovation, superior customer service and performance while creating premium value for all stakeholders.