2003/2004 FirstBank ANNUAL REPORT AND ACCOUNTS

Operating Environment
Operating Results
Board Changes
Outlook for 2004/2005

Fellow shareholders, invited guests, distinguished Ladies, and Gentlemen

It is my profound pleasure to welcome you to the 35th Annual General Meeting of our Bank. I am equally delighted to present to you an evaluation of our Bank's operating conditions in the financial year ended March 31 2004 and on this basis, to proffer our outlook for the 2004/2005 financial year.

We only recently concluded the 110th anniversary of the founding of our Bank, and we are grateful to God for our successes thus far. However, you would agree with me that the last couple of years have thrown up mammoth challenges for the Bank, and our success in weathering the storms is attributable to the glory of the Almighty God. The hallmark of our success lies in the recent raising of the largest rights issue proceeds by any financial institution in the history of the Nigerian Stock Exchange.
We envisage in the years ahead, a period of steady growth in our major indices. In this period, we shall be required to exert ourselves with the same singularity of purpose as we have demonstrated over the years. While thanking you for your past support, we count on your continued cooperation in the years ahead.

Back to Top

1. OPERATING ENVIRONMENT

1.1 The Global Economy

A number of encouraging developments in the outgoing year, including an upturn in global trade figures, recovering financial markets, and growth in the U.S. (3.1%) and Chinese .(9.1%) economies, helped strengthen global recovery, with growth in financial year 2003, estimated at 3.9%, compared with 3.0% in the preceding year. Although the balance of global risks in the past year improved considerably, the wide dispersal of the gains from this recovery were constrained by heightened geo-political risks from the United States of America's involvement in nation building in Iraq, and the volatility in crude oil prices that has resulted from this. All the same, a number of emerging market economies witnessed increases in their labour-intensive and primary commodities exports because of China's rapid growth.

1.1.1 United States of America

The U.S. economy grew by 3.1 % in 2003, largely led by increased government and consumer spending. With expansionary macroeconomic policy in the review period pushing the U.S. budget from a surplus of 2 1/2% of GDP in 2000, to an estimated deficit of 41/2% in 2003, a number of states faced major financing decisions, as they struggled to balance their budgets. While the dramatic recall vote in California was a key example of the problems faced by most state governments, invariably, social/welfare spending bore the brunt of spending cuts across the economy. With the Republican domination of both houses of congress, debate in 2003 shifted from the utility of tax cuts to how long the cuts should be allowed to hold. However, concerns grew in the review period, over the sustainability of current macroeconomic policy in the U.S., as domestic security-induced spending exacerbates the national debt. As investors re- balanced their portfolios to reflect these concerns, the dollar fell by nearly 20% over its 2002 peak. For the global economy, the positive effect on the U.S. current account deficit of the ensuing global shift in external demand to U.S. exports must be held against the likely deterioration in the net asset position of economies with large dollar holdings.

The U.S. economy continued to do well, in spite of government's expansionary fiscal policy. Private investment remained up beat partly buoyed by low interest rates, which with the federal funds rate at 1 %, are at their lowest level since 1958.

Overall, growth in the U.S. economy in the review period was sufficient to bolster the performance of the global economy.

1.1.2 Europe

After floundering in the first two quarters of 2003, the economies of the euro area and the European Union recovered in the second half of the year, with average growth rate for financial year 2003 estimated at 0.8% in the E.U. and 0.4% in the euro area. However, the growth pattern amongst E.U. Member States was unevenly distributed, with Belgium, Greece, Austria, and Portugal recording measurable improvements in their hourly labour productivity. Ireland, Finland, and Sweden on the other hand, combined increased labour productivity with relatively high labour utilisation rates. Owing to the underperformance of the larger E.U. economies, employment growth stalled in 2003, with France and Germany experiencing rising unemployment. Adjustment in corporate balance sheets and depressed profit margins remained a drag on economic activity, as much needed investment failed to materialise in significant proportions across the euro area. The mixed performance of economies across the euro area, and the difficulty of running a monetary policy appropriate to the different cycles of each euro area economy are major downside risks to the accession of ten (10) new countries to the E.U. in May 2004.

On the other hand, the rising euro exchange rate restricted export growth, with cheaper imports holding down domestic price levels. Nonetheless, lower prices failed significantly to boost private consumption. Consumption remained weak in part because of existing labour and product market rigidities, while the growth and stability pact strictures denied governments in the euro zone the flexibility required to implement counter-cyclical policies. Although fixed investment in the E.U. rose marginally in anticipation of growth remaining strong in the U.S., the euro's appreciation against the dollar was a major short-term threat throughout the review period. With consumer spending flaccid, the euro area's performance continued to depend on external demand.

Back to Top

1.1.3 Asia

The Severe Acute Respiratory Syndrome (SARS) epidemic, which ravaged much of Asia last year, dampened the region's exports capacity, as the operating capacity of most local factories dropped. Further downside pressures from the epidemic manifested in a reduction in tourist and business travellers, and a contraction in private consumption. However, with the epidemic in recession as at end- May 2003, business travel began to recover, and by year-end, most of the risk arising from the short-term contraction in domestic production had cleared. Regional exports on the other hand, received a boost from falling exchange rates, recovery in the IT manufacturing sector, and the strong pull of the rapidly expanding Chinese economy.

In response to accommodative macroeconomic policies, inflation remained low in the review period. However, despite favourable consumer price indices, the expected pick-up in consumer spending failed to materialise. Depressed consumer spending was particularly pronounced in Japan, where deflation and weaknesses in corporate and banking systems were major problems in the period under review. Further, in the last two quarters of 2003, the economies of Asia's newly industrialising countries (Korea, Taiwan, Hong Kong, and Singapore), and the Asean-4 countries (Indonesia, Malaysia, Philippines, and Thailand) experienced the impact of dropped orders and delayed investment. Thus, the regional growth rate in the 12 months to end-December 2003 closed at 4.8% as against the 5.9% recorded for the same period in 2002.

1.1.4 Africa

Africa had one of the fastest regional growth rates in the world last year. With average inflation in single digits in major economies on the continent, Africa recorded growth of 4.1% in the 12 months to end-December 2003. Strong exports, led by strengthening commodity prices, firm macroeconomic policies, and strong consumer spending were the main sources of growth. Buoyant revenues by the continent's oil exporting countries from rising oil prices were more than offset by the net accretion to the spending profiles of the continent's oil importing economies.

Nevertheless, the challenge of meeting the Millennium Development Goals (MDG) by 2015 remains for most economies in the continent, as the policy environment in most countries still do not conduce to the proper functioning of the private sector. Key medium-term challenges to the continent include improvement in the levels of governance, investment in functioning infrastructure, well thought out policy frameworks, and improved institutional climate for domestic and foreign investment. Although the strategic framework document for the New Partnership for Africa's Development (NEPAD) was formally adopted by the 37th Summit of the OAU in July 2001, specifically to tackle these goals, not much result were earned in this direction during the review period. The continent's short-term goals include significant concessions on national debts, increased foreign direct investments, and removal of developed countries' restrictions to African imports within the context of the ongoing Doha round of global trade negotiations.

The successful conduct of elections in South Africa, which saw the African National Congress party returned to office with much higher majorities, confirmed the maturity of that country's polity. These elections were significant in the extent to which South Africa has become an engine of growth in both the sub-region and continent. Noteworthy effort at regional integration were made during the review period, with the West African Monetary Zone (WAMZ) making considerable advances towards implementing a single currency zone amongst members. However, because of low incomes, long distances between markets, weak transport infrastructure, and political instability most regional integration agreements in the continent were unable to drive growth in intra- regional trade or promoted meaningful structural change during the review period.

In large measure, the continent benefited from the increased transparency, and citizen participation in governance, which resulted from the democratisation of most of its economies. Nonetheless, the HIV/AIDS epidemic, rising population figures/poor demographics, and instability in some sub-regions were major negatives to the region's performance during the year.

Back to Top

1.2 The Domestic Political Environment

Despite a couple of irregularities, the April 2003 elections marked the first civilian transfer of power in Nigeria's history. The successful conduct of the polls set the tone for consolidating the gains of the last four years of democratic rule. However, a number of opposition parties have gone to the courts with litigations against incumbents alleged to have obtained their mandates in violation of the provisions of the relative electoral statutes. With the successful organisation of the local government elections, the three tiers of government now have civilian leaders in place. These teething problems notwithstanding, it fair to presume that the foundations of democratic rule in the country are firmer today than they have ever been.

Nonetheless, the spate of high-profile murders politicians in the review period was a serious negative to the democratisation process. Just as the ability of the incumbent administration to tackle the economy is material to the long-term prospects of the country, a redress of the lax security situation in the country is essential if the gains from the current democratic dispensation are to reach a larger number of Nigerians.

Two events of international significance, which both took place in the review period, marked the country's final return to the comity of nations. The hosting of the eighth All African Games in October 2003 was rivaled only by the hosting in November of the same year, of the Commonwealth Heads of Government Summit: (CHOGM), which brought together in Nigeria, for yet another time since 1966, leaders of the Commonwealth of Nations. As evidence of the final admission of the country to the comity of nations, no single event could have been more important than CHOGM. Besides which, CHOGM remarkably boosted the nation's diplomatic credentials as President Olusegun Obasanjo's conciliatory skills were brought to bear on the successful outcome of the summit several occasions.

1.3 The Domestic Economic Environment

The substantial reform of the economy begun by current civilian administration quickened in the year under review. Under the able leadership of the strong economic team assembled by the current administration in its second term, major milestones down this road include the restructuring of the public, sector's incentive structure through implementation of the monetisation policy; reform of the agricultural sector, as government tried to align the capacity of the largely subsistence sector with the needs of a rapidly growing population; and modernisation of the banking system with the introduction of the new clearing arrangement. Other reform initiatives embarked upon in the review period, include the design of the contributory pension scheme; infrastructure development; continuing privatisation; and reform of the education sector.

The deregulation of the downstream sector of the oil industry, although it promised a more transparent management of the sector, led to initial increases in the pump station prices of fuel products. The introduction of a N 1.50 fuel tax also had a similar effect. However, much earlier passage of the 2004 appropriations bill could help in the management of public expectation of government's goodwill. The market's response to the Federal Government's N150 billion bond issue in October 2003 (the first of its kind in the last 17 years) is a clear indication of popular support for the ongoing reform initiatives.

In spite of these initiatives, growth in real Gross Domestic Product (GDP) in 2003 stood at 3.5% compared with the budgeted 5.0%. Largely therefore, the broad objectives of fiscal policy in the review year, that of diversifying the productive base of the economy, were not met. In part, this is one consequence of the expansionary fiscal activities of the three tiers of government along with the continuing monetisation of crude oil receipts which together resulted in a 26.2% and 33.1 % growth in broad money (M2) and narrow money (M1) supply respectively, as against the relevant targets of 15.0% and 13.8%. The increase in monetary aggregates also led to severe imbalances in the consumer price index, with the rate of inflation, which had remained subdued for the larger part of the year, picking up in the final quarter, to end the year at 13.8%, having opened the year at 12.9%. The inflation rate currently stands at 15.3% as at end-February 2004.

Owing to increased receipts from the oil sector, due largely to higher oil prices in the international market, the nation's gross external reserves as at end- December 2003 stood at US$7,477.1 million, indicating a 2.65% decline over the opening balance for the year. However, the current reserves level can still finance about 8 months of imports, well within the convergence criteria required by the West African Monetary Zone (WAMZ). With the presidency's accent to budget 2004, the country is currently within three of the primary convergence criteria. The other targets achieved include maintenance of a deficit of less than 3% of GDP, and reduction in the Central Bank of Nigeria's (CBN) deficit financing to a ceiling of 10%.ln addition, capital market trends represented a major positive to the economy in the review period, with the value index rising from 13,238.0 in January 2003, to close March 2004 at 22,896.37.

The enhanced external reserve position, improved the CBN's ability to fund the Dutch Auction Session (DAS) foreign exchange sales to the market. However, demand pressure in the market pushed down the weighted average exchange rate of the naira against the dollar from N 127.32/US$1 in January 2003, to N137.44/US$1 as at end-December 2003. On the other hand, the premium between the bureaux de change and official market rates fell from 9.5% in January 2003 to 8.5% in January 2004. To stem demand pressure on the naira, the CBN during the review period, began demanding three years tax clearance certificates as a condition for companies' participating at the DAS.

Responding to the mixed fortunes of the economy in the review period, government unveiled its draft National Economic Empowerment and Development Strategy (N.E.E.D.S) in September 2003. Expected to be completed in June 2004, NEEDS is designed to strengthen the nation's ability to meet the targets related to the achievement of the Millennium Development Goals (MDG). Essentially, these involve poverty reduction, employment generation, and wealth creation. As part of its development strategy, in November 2003, government inaugurated the board of the National Savings Certificate (NSC), a debt instrument designed to address the low growth trap into which the country has fallen because of its low savings and investment rates.
Despite these laudable initiatives, business investment remained low in the review period, with capacity utilisation in industry still below the levels needed to jumpstart the economy. Bright spots in the real sector include growth in the upstream oil and gas sector, and the fast moving consumer goods sector. The telecommunications sector continued to lead investment in the economy. With the coming on stream of Globacom Nigeria Limited, this scenario can only improve; more so as Globacom is licensed as the nation's second national carrier of telephone and data traffic.

Back to Top

1.4 The Banking Industry

Regulatory pressure to modernise the industry continued in the review period, as the CBN suspended three banks from participation in the clearing house. Further pressure on industry players arose from the apex bank's effort to address the threat posed by excess liquidity in the system. With the growth in monetary aggregates in the 12 months to end- December 2003, aggregate bank credit to the economy increased by 33.7% compared with the budgeted figure of 25.7% for financial year 2003. By August 2003, the CBN reduced the minimum rediscount rate (MRR) to 15% from the December 2003 position of 16.5%. To further stimulate money banks' lending to the real sector, the CBN agreed with banks to maintain lending rates at MRR+4. However, the efficacy of the CBN's intervention in the money market was muted, as approximately 16.16% of the currency in circulation in the review period was within the banking system.

Banks' interest rates trended downward during the year, with rates on deposit with various tenors falling from an 8.8 -14.4% bracket in January 2003, to a 6.05-12.01 %. Average savings deposit rate fell from 3.6% to 3.1 % over the same period. Banks average prime lending rate decreased from 21.9% to 19.1%, while the average maximum lending rate similarly fell from 25.7% to 21.3% over the period.
Because of the CBN's intervention and the downward trend of major financial sector indices, the industry's operating environment remained challenging. The pressure from reduced margins continued, even as banks were required to massively invest in new technologies and processes to render superior service to an increasingly demanding customer base. With the CBN's appointment of seven (7) settlement banks, and the take-off of the new clearing system, the reform of the industry gathered pace.

2. OPERATING RESULTS

Our operating results for the financial year ended March 2004, are a worthy testament to the Bank's resilience and inner strength. Despite the vagaries of our operating environment, our results bear further evidence to the correctness of the aims of our strategic growth initiatives. The gross balance sheet closed the year to end-March 2004 at N312. 5 billion, representing a marginal decline of 2.5% from the H320.6 billion closing figure for the corresponding period of last year. This decline, which is further evidence of our continued restructuring of the Bank for economic value, is the result of the net impact of the shake up in the balance sheet structure, which favoured earning assets over non-earning assets. Thus, the Bank's asset mix and structure are currently more efficient and profitable than they have been previously.

Gross earnings rose marginally from H45.06 billion in the twelve months to end-March 2003, to close the review period at H45.12 billion. In the same vein, the Bank recorded a 5.32% growth in profitability, with profit before tax rising from N13.39 billion in the year to end-March 2003 toN14.11 billion during the review period. Consequently, profit after tax grew by 749% from N10.32 billion in the preceding year to N11.10 billion in the year under review.

As a reflection of improved cost discipline within the Bank, operating cost for the year ended March 31 2004 represents a 2.04% decline as against the figure for the corresponding period of the preceding year. This translated to an improved cost-to-income ratio in the review year of 68.74% compared with the 70.27% recorded in the prior year. This gain in costs was in spite of the adverse movement in the domestic consumer price index, and the worsening state of public infrastructure, all of which represented a huge burden on the Bank's cost profile.

Our commitment to delivering superior shareholder value remains strong, as dividend per share increased from Hl.50 in the previous financial year, to N1.55 proposed in the review period. A bonus of one (1) ordinary share for every eight (8) held is recommended.

3. BOARD CHANGES

3.1 Appointments

There were no changes in the Board of Directors since the last financial year.

3.2 Retirement by Rotation

In accordance with the Company's Articles of Association, Messrs. Jacobs M. Ajekigbe, Oba Otudeko, OFR, Oye Hassan-Odukale, MFR, Dr. Udo Udo-Aka, MON, and Alhaji Ado Y. Wanka will retire by rotation and being eligible, offer themselves for re- election.

Back to Top

4. OUTLOOK FOR 2004/2005

4.1. The Global Economy

Projections for the global economy in 2004 are upbeat. With continued growth expected in the United States of America, and China, further reforms in the E.U. and Japan should carry the world economy along at a brisk pace going forward. Spending in the United States should remain high in the quarters ahead, as domestic security concerns predominate. The balance of inflationary pressures will thus remain in favour of upward movement in the coming period. However, the falling dollar, and rising interest rates in the United States are strong risks to this outlook. Most economies will witness GDP growth in 2004. Turkey and Zimbabwe are the main exceptions to this outlook. However, without strong recoveries in domestic demand in other major economies, a fall in their exports because of a cheaper dollar would have adverse consequences on economic capacities. Similarly, increases in interest rates as the Federal Reserve tries to keep inflation under control would pressurise global current account balances, and national debt profiles.

Significant other downsides to this outlook include further terrorist outrages, currency shocks, and geopolitical imbalances in the Middle East. Emerging protectionism in the E.U. and U.S. will remain strong negatives to the outlook for emerging economies worldwide.

4.1.1 United States of America

With the recovery in the world's leading economy underway, business investment is expected to pick-up as the corporate sector rebounds. As capacity constraints begin to emerge, and labour conditions tighten, inflationary pressures are expected to begin to manifest in the next two quarters of 2004. Looking forward, monetary policy is expected to be less accommodative, as interest rates rise to offset lax fiscal conditions. The orderly unwinding of household debt and the public sector's imbalances remain serious risks going forward.

It is doubtful whether U.S. households can maintain current spending levels over the medium-term especially as household debts rise in proportion to their income. We strongly believe therefore, that the consumer-spending boost to the economy may very soon run out. This medium-term threat may yet be equalised by growing evidence of increasing workforce participation, and rising labour productivity. Geopolitical uncertainties, as the U.S. presence in Iraq; Govt. continues, will remain a major negative going forward. Successful transfer of power to an Iraqi government at the end of June thus remains a key positive to this outlook.
Nonetheless, the prospects of a rise in interest rates as the U.S Federal Reserve tries to mollify inflationary pressures, holds out real danger to the nascent recovery across the world. Major risks to the global economy, include the misalignment of the dollar exchange rate as investor concerns over the sustainability of the U.S. current account deficits force a realignment of portfolios; the transition to the higher interest rate regime required to keep the U.S. deficit in line; and the possibility of a disorderly unwinding of imbalances in other major economies. In the end, the way the major financial imbalances unwind may matter just as much as their dispersion within the economy.

4.1.2 Europe

The accession of ten (10) new countries to the E.U. in May (Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia) would determine the horizon for the E.U and Europe in the short- to medium-term. Close parallels exist with German unification in 1989. The E.U.'s ability to absorb the new accession countries will depend largely on the prompt elimination of structural rigidities, and the pursuit of much needed product and labour market reforms. We expect pressure on the E.U.'s budget as accession countries attempt to correct for the relatively difficult terms of their accession, and existing members seek to limit their exposure to the burden of integration. Consequently, the enlargement will bring to fore the sharp gap between the richest and poorest members of the E.U. leading to inevitable competition for common resources.

Unemployment is expected to be a major negative to the outlook for Europe in the next few months. The favourable growth dynamics unleashed in the accession countries is expected to carry into their formal accession by midyear. The accession of these ten countries, mainly from Central Europe, to the E.U. in May 2004 should improve the overall outlook for the region. However, baseline growth projections for Europe may have to be discounted by the anticipated costs of absorbing the accession countries.

Led by buoyant global grovvth and rise in investment expenditure, growth in the E.U. should further pick up by end-2004. The euro area and the E.U.'s improved outlook would continue to depend on progress in structural reforms, especially in the labour and product markets; and accommodative macroeconomic policies. Although strong global demand will continue to remain a source of growth, exchange rate misalignments, as the euro appreciates against the dollar and the yen, would remain serious downsides going forward.

The United Kingdom will again show the fastest pace among the big European economies. We expect this to impact on the direction of the forthcoming elections there.

4.1.3 Asia

India, the world's biggest democracy will complete its two-stage elections by May 2004. Successful elections in India should affect positively on domestic growth rates, as foreign capital responds to the recent spate of reforms there. Consequently, India may join China in the medium-term as an emerging economy giant. In the rest of Asia, GDP growth and increased current account surpluses are expected to continue, as further structural reforms to the Chinese economy increases its already large capacity to absorb exports from the region. With growth in the Japanese economy uncertain, as it battles to work out its corporate and banking sector crises, most Asian economies will need to pursue further economic reforms to increase the flexibility of their economies. With China's transition from labour-intensive manufactures to higher value- added economic activities, competitor economies in Asia would have to accelerate their integration into the global economy, if the positive outlook for this region is to hold.

Still, weak domestic demand, exchange rate misalignments, and competition from China all remain big negatives to this outlook.

Back to Top

4.1.4 Africa

As emerging oil producers, Chad and Equatorial Guinea are forecast to record the fastest growth among economies anywhere in the world this year. The short-term outlook for the rest of the continent is strongly positive, as commodity prices firm up under the pull of increased global trade. In addition, better weather conditions ought to improve the quality and quantity of trade primary produce from the region. In the medium-term, strong macroeconomic policies and further sectoral reforms would be necessary if the continent is to be flexible enough to weather the global economic storms and to leverage on opportunities as they unfold. Structural reforms become increasingly urgent moreover, if the continent is to attain the 2015 deadline for the achievement of the millennium development goals. The outlook for oil prices and regional instability remain important downsides to this outlook in the medium-term.

4.2 Domestic Economy

It is noteworthy that the economy responded favourably to the limited reform effort embarked on last year. The outlook for the economy in the short to medium-term is one of subdued growth, led by growing public spending. With the onset of inflationary pressures at the beginning of 2004, consumer spending may yet fail to provide the needed fillip to the economy. Business spending may well remain below the levels required to move capacity usage up, as structural restraints to investment spending persist. Redressing the public sector's rising domestic debt, restraining the fiscal deficit through the passing of fiscal responsibility pact, establishing an oil proceeds stabilisation fund, diversifying the tax base, and implementing a prudent public expenditure management framework, are all central to boosting business spending in the medium-term. Seeing as these are core aspects for achieving WAMZ convergence criteria, progress along these dimensions will be closely watched by the international community over the two-year period to end 2005.

Among other, key challenges hindering the economy going forward include low savings and investment rates, high incidence of poverty/income inequality, poor fiscal policy, weak public institutions; and inadequate infrastructure. The success of NEEDS is thus a major positive to this outlook.

4.3 The Bank

Despite the inclement operating environment, the Bank's future remains strongly positive, as we shall continue to respond to the increasing pressure from the under-performing national economy, and from a growing band of very nimble competitors, in our operating environment, by intensifying and broadening our offerings in depth and breadth. Although the strategic corridor for growth in the economy contracts daily, the opportunity for growth remains huge in the industry. Accordingly, we shall remain focused on our strategy of progressive internationalisation, to take full advantage of the burgeoning trade flows arising from the economy's growing integration with the global economy. We shall likewise ardently pursue a strategy, which combines strong organic growth and acquisition in order to take advantage of strategic growth opportunities, which may arise, in the domestic economy. Currently, we have the country's largest on-line real-time network in the financial services industry. Moreover, we intend to use this platform to deliver on a multi- channel service delivery architecture, which takes banking services along a vast continuum of market needs direct to our customers' delightful points.

Convinced of the validity of our strategy, we have no doubt that success in the long-term, and the delivery of long-term shareholder value, is achievable only through single purpose execution of the" clear leader" strategic plan and support from all the multi- dimensional stakeholders.

4.3.1 Appreciation

Distinguished ladies and gentlemen, as we rededicate ourselves to the business of a new financial year, I wish on behalf of the Board and Management of the Bank, to thank our customers, business partners, shareholders, regulators, and well-wishers for their inestimable contributions to the sundry successes that we celebrate today. We shall contir1ue to strengthen our processes, such that the Bank remains the number one source of value to all who regularly interact with it.

I wish to thank also the Bank's staff and management for their hard work, smart moves, dedication and commitment towards achieving the laudable goals we set ourselves. Finally, appreciation goes to my fellow board members for the vision and strategic direction without which none of these would have been possible.

Thank you distinguished ladies and gentlemen for your kind attention.




Alhaji (Dr.) Umaru Abdul Mutallab (CON)
CHAIRMAN

Back to Top