- Chairman's Statement
- GMD/CEO's Review
- Introduction
- Business Review
-
Financial Review
- Report of the Directors
- Corporate Governance
- Directors and Advisers
- Report of the External Consultant on the Board Appraisal
- Report of the Independent Joint Auditors
- Report of the Audit Committee
- Statement of Significant Accounting Policies
- Balance Sheet
- Profit and Loss Account
- Statement of Cash Flows
- Notes to the Financial Statements
- Group Statement of Value Added
- Bank Statement of Value Added
- Group Five-year Financial Summary
- Bank Five-year Financial Summary
- Company Information
- Shareholder Information
Strength & Stability in Uncertain Times
Annual Report & Accounts 2009
Financial Review
Notes to the Financial Statements
for the year ended March 31, 2009
1. The Bank
a) The Legal Form
The Bank which commenced operations in Nigeria in 1894 as a branch of Bank of British West Africa Limited (BBWA), was incorporated as a private limited liability company in Nigeria in 1969. It was converted to a public company in 1970. The Bank's shares are quoted on the Nigerian Stock Exchange.
b) Principal Activities
The Bank engages in the business of commercial banking whilst its subsidiaries, FBN Bank (UK) Limited, First Registrars Nigeria Limited, First Trustees Nigeria Limited, FBN Capital Limited, First Pension Custodian Nigeria Limited, FBN Mortgages Limited, FBN Insurance Brokers Limited and First Funds Limited carry on the business of commercial banking, registrars, trusteeship, capital market, pension fund custodian, mortgage financing, insurance brokerage and management of SMIEIS fund investments respectively.