UNION BANK OF NIGERIA PLC Union Bank of Nigeria Plc
Annual Report
31st December 2022
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Union Bank of Nigeria Plc | |
Annual Report | |
31st December 2022 | |
Table of Contents | Page |
Corporate Information | 03 |
Management Team | 04 |
Corporate Governance Report | 05 |
Directors' Report | 28 |
Statement of Directors' Responsibilities in relation to the preparation of the | 48 |
Consolidated and Separate Financial Statements | |
Statement of Corporate Responsibility for the | 49 |
Consolidated and Separate Financial Statements | |
Report of the Statutory Audit Committee | 50 |
Independent Board Evaluation Report | 51 |
Independent Auditor's Report | 52 |
Consolidated and Separate Statements of Profit and Loss and Other Comprehensive | 58 |
Income | |
Consolidated and Separate Statements of Financial Position | 60 |
Consolidated Statement of Changes in Equity | 61 |
Separate Statement of Changes in Equity | 63 |
Consolidated and Separate Statements of Cash Flows | 65 |
Notes to the Consolidated and Separate Financial Statements | 67 |
Other National Disclosures: | |
Value Added Statement | 199 |
Five-year Financial Summary | 200 |
Analysis of Shareholding and Free Float Status | 203 |
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Union Bank of Nigeria Plc | ||
Annual Report | ||
31st December 2022 | ||
CORPORATE INFORMATION | ||
Directors | ||
Farouk Gumel | - | Chairman |
Mudassir Amray | - | Managing Director/Chief Executive Officer |
Omolola Cardoso (Mrs.) 1 | - | Executive Director |
Joseph Mbulu- | Executive Director/Chief Financial Officer/Executive | |
Compliance Officer | ||
Abubakar Mohammed | - | Independent Non-Executive Director |
Aisha Abubakar (Ms.) | - | Independent Non-Executive Director |
Andrew Ojei | - | Non-Executive Director |
Mackombo Omoile | - | Independent Non-Executive Director |
1Retired with effect from 31st December 2022
Company Secretary
Somuyiwa Adedeji Sonubi
FRC/2013/NBA/00000002061
Registered office
Union Bank of Nigeria Plc
Stallion Plaza
36 Marina Lagos
Auditor
Ernst and Young
UBA House (10th & 13th Floors),
57 Marina,
Lagos.
Registrar & Transfer Office
CardinalStone Registrars Limited
335/337 Herbert Macaulay Way
Yaba
Lagos
Board Appraiser
DCSL Corporate Services Limited
235, Ikorodu Road
Ilupeju
Lagos
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Union Bank of Nigeria Plc
Annual Report
31st December 2022
Management Team | |||
1 | Mudassir Amray | Managing Director/Chief Executive Officer | Active |
Head, Retail Banking/Chief Digital and | |||
2 | Omolola Cardoso (Mrs.) 1 | Innovation Officer (Resign 31-December- | Ex- |
2022) | Director | ||
3 | Joseph Mbulu | Chief Financial Officer (CFO)/Executive | |
Compliance Officer (ECO) | Active | ||
4 | Abolade Jegede | Regional Executive | Active |
5 | Olusola Olubi | Head, Corporate Banking | Active |
6 | Abigail Duopama-Obomanu | Chief Compliance Officer | Active |
7 | Miyen Swomen | Chief Talent Officer | Active |
8 | Olajumoke Sherifat Odulaja | Chief Risk Officer | Active |
9 | Olatayo Baruwa | Chief Credit Officer | Active |
10 | Chidi Ileka | Regional Executive | Active |
11 | Ikechukwuka Emerole | Head, Treasury | Active |
12 | Gloria Omereonye | Area Business Executive | Active |
13 | Ali Kadiri | Head, CBG General | Active |
14 | Oluwagbenga Adeoye | Head, Financial Control | Active |
15 | Prince Akamadu | Chief Audit Executive | Active |
16 | Sesan Sobowale | Head, Legal | Active |
17 | Oluwayomi Ibosiola | Chief Data and Analytics Officer | Active |
18 | Somuyiwa Sonubi | Company Secretary | Active |
19 | Dupe Ogunbiyi | Head, Services | Active |
20 | Francis Mojoyinola | Head, Internal Control | Active |
21 | Ayotunde Ojo-Awosika | Area Business Executive | Active |
22 | Adebayo Kofoworola Anastasia | Head Talent Management | Active |
23 | Ogun Adekunle Michael | Value Chain Lead | Active |
24 | Ogunmekan Edward Adetola | Head Sales and Distribution Area I | Active |
25 | Imoh-Ita Vivian | Head, Retail Segments and Products | Active |
26 | Oguta Samuel Eniye | Head, IT Infrastructure Operations | Active |
27 | Williams Olawale Teslim | Chief Information Officer (CIO) | Active |
28 | Soladoye Toyese Idowu | Chief Technology Officer | Active |
29 | Ogochukwu Ekezie-Ekaidem | Chief Brand and Marketing Officer (Resign | |
31-December-2022) | Ex-Staff | ||
1Retired with effect from 30th December 2022
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Union Bank of Nigeria Plc
Annual Report
31st December 2022
CORPORATE GOVERNANCE REPORT
Corporate Governance practices in Union Bank of Nigeria Plc ("UBN" or "the Bank") are as codified in the Central Bank of Nigeria's ("CBN") Code of Corporate Governance of 2014, the Securities and Exchange Commission ("SEC") Code of Corporate Governance of 2011, the Nigerian Code of Corporate Governance of 2018 by the Financial Reporting Council of Nigeria ("FRCN"), the Banks and Other Financial Institutions Act of 2020 (as amended) and other relevant statutes. All these provide guidance for the governance of the Bank, compliance with regulatory requirements and form the basis of the core values upon which the Bank is run. These codes and statutes are geared towards ensuring the accountability of the Board of Directors ("the Board") and Management to the stakeholders of the Bank and emphasise the need to meet and address the interests of a range of stakeholders, to promote the long-term sustainability of the Bank.
UBN is committed to the best corporate governance practices and believes that adherence and commitment to high governance principles and standards are the panacea to effective control and management of the Bank. The principle of good corporate governance practices remains one of our core values and an important ingredient in creating, protecting, promoting, and sustaining shareholders' interests, rights and values, as well as delivering excellent service to our customers. The Bank is committed to the highest ethical standards and transparency in the conduct of its business.
In compliance with the requirements of the CBN, the Bank undertakes internal reviews of its compliance with defined corporate governance practices and submits periodic reports on the Bank's compliance status to the CBN. Also, an annual Board appraisal review is conducted by an independent consultant appointed by the Bank, DCSL Corporate Services Limited, whose report is submitted to the CBN and presented to shareholders at the Annual General Meeting (AGM) of the Bank, in compliance with the provisions of the CBN Code of Corporate Governance.
Securities Trading Policy
To further demonstrate its commitment to transparency and ensure compliance with regulatory requirements, the Bank has a Securities Trading Policy in line with the Codes of Corporate Governance of the CBN and SEC respectively, and Section 14 of the Amendment to the Listings Rules of the Nigerian Exchange Limited (NGX). The Policy sets out the process by which directors, staff, shareholders, key management personnel, third party service providers or any other connected persons who have direct or indirect access to the Bank's insider information can deal in the Bank's securities. It also prohibits the trading of the Bank's securities during 'Closed Periods'. The policy is designed to ensure that its compliance is monitored on an ongoing basis.
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Union Bank of Nigeria plc published this content on 19 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2023 14:19:01 UTC.
