Annual Report & Accounts December 2009 – Charting new frontiers
Financial Statements

Audited

The information provided on this page was audited by Deloitte and Pannell Kerr Forster on 31 March 2010.

For further information see the report of the independent joint auditors.

Report of the External Consultant on the Board Appraisal

KPMG

We conducted the appraisal of the Board of Directors ("the Board") of First Bank of Nigeria Plc ("the Bank") for the period ended 31 December 2009 in accordance with the standards set by the Central Bank of Nigeria (CBN) Code of Corporate Governance for Banks in Nigeria Post Consolidation ("the CBN Code"). Corporate governance is the system by which business corporations are directed and controlled to enhance performance and long-term shareholder value.

We reviewed the Bank's corporate governance report of the Annual Report for the period ended 31 December 2009 as prepared by the Board, and assessed the level of compliance of the Board with the CBN Code.

The principal recommendations arising from our appraisal of the Board of the Bank, in accordance with the CBN Code, were in the following areas: Board and Board Committee composition, Directors' remuneration, Board Committee meetings and the process for monitoring related party transactions.

Olumide Olayinka
Partner, KPMG Professional Services
16 April 2010

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