In our enduring commitment to a strong compliance culture within the FirstBank Group, our relationship with the local regulators grew stronger during the year under review. We submitted all statutory reports in the required formats, as and when due to the regulator(s). All enquiries received from the regulators were handled with utmost professionalism and urgency. As we began to reap the benefits from our huge investment in the automation of our Anti Money Laundering/Know Your Customer reporting regimes, we continued to pursue aggressively our policy of zero tolerance to regulatory infractions. The Bank has maintained 0% sanctions and managed regulatory exposures.

The Board of Directors has been supportive of all compliance initiatives, especially as regards the capital-intensive investment in reporting tools and technologies, as well as staff training.

FirstBank has consistently complied with CBN's Code of Corporate Governance for banks and this was aptly attested to by the report of the external consultants on the appraisal of our compliance level with the code.

To further ensure the soundness of our business, corporate governance, disclosure and transparency, the position of the Chief Financial Officer (CFO) at an Executive Director (and Board) level was created during the review period, though it took effect on April 1, 2009. The impact of this development is already being felt in the areas of financial control, performance measurement, and investor relations, amongst others.

To maintain our high standards, the Board, Management and Staff are regularly updated on regulatory dynamics and responsibilities through focused training and publications, especially the Compliance Newsletter.

The Bank's Compliance function continued to be recognised within the industry. The Chief Compliance Officer (CCO) of the FirstBank Group is an active member of the Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN), a committee of CCOs of all banks in Nigeria dedicated to the promotion of a collaborative effort aimed at evolving a strong and sustainable compliance culture in the Nigerian financial landscape.